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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt"><B>As filed with the Securities and Exchange Commission on December&nbsp;21, 2004.</B>
</DIV>


<DIV align="right" style="font-size: 10pt"><B>Registration No.&nbsp;333-</B>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</DIV>


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<DIV align="center" style="font-size: 14pt">SECURITIES AND EXCHANGE
COMMISSION</DIV>

<DIV align="center" style="font-size: 12pt">Washington, DC 20549
</DIV>

<DIV align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="25%"></DIV>

<DIV align="center" style="font-size: 18pt"><B>FORM S-8</B></DIV>

<DIV align="center" style="font-size: 12pt"><B>REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933</B></DIV>


<DIV align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="25%"></DIV>

<DIV align="center" style="font-size: 24pt"><B>Agree Realty
Corporation</B></DIV>

<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in its Charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="65%">
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<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Maryland</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>38-3148187</B></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">(State of Other Jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">Incorporation or Organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification Number)</TD>

</TR>

<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><B>31850 Northwestern Highway</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>48334</B></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><B>Farmington Hills, Michigan</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>

</TR>

<TR valign="bottom">
    <TD align="center" valign="top">(Address of Principal Executive Offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

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</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="25%"></DIV>

<DIV align="center" style="font-size: 10pt"><B>1994 Stock Incentive Plan</B><BR>
(Full Title of the Plan)</DIV>


<DIV align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="25%"></DIV>


<DIV align="center" style="font-size: 10pt"><B>Richard Agree<BR>
President and Chief Executive Officer<BR>
Agree Realty Corporation<BR>
31850 Northwestern Highway<BR>
Farmington Hills, Michigan 48334</B><BR>
(Name and Address of Agent for Service)

</DIV>

<P align="center" style="font-size: 10pt"><B>(248)&nbsp;737-4190</B><BR>
(Telephone Number, Including Area Code, of Agent for Service)


<DIV align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="25%"></DIV>


<DIV align="center" style="font-size: 10pt"><I>Copy to</I>:</DIV>



<P align="center" style="font-size: 10pt"><B>Kenneth L. Betts<BR>
Locke Liddell &#038; Sapp LLP<BR>
2200 Ross Avenue, Suite&nbsp;2200<BR>
Dallas, Texas 75201<BR>
(214)&nbsp;740-8000</B>



<DIV align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="25%"></DIV>


<DIV align="center" style="font-size: 10pt"><B>CALCULATION OF
REGISTRATION FEE</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Title of Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering Price per</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>to be Registered</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount to be Registered</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Share(1)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price(1)</B><HR size="1" noshade></TD>

    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registration Fee(2)</B><HR size="1" noshade></TD>
</TR>

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<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Common Stock,
$0.0001 par value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,275</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">30.73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">715,241</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">85.00</TD>
    <TD>&nbsp;</TD>
</TR>

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</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Estimated solely for the purpose of calculating the registration fee.
This fee was calculated pursuant to Rule 457(h) under the Securities Act
of 1933, as amended, (the &#147;Securities Act&#148;) on the basis of the average of
the high and low prices for the Common Stock on the New York Stock
Exchange on December&nbsp;14, 2004.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Calculated pursuant to Section 6(b) of the Securities Act.</TD>
</TR>

</TABLE>

<P>
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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
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<TR><TD colspan="9"><A HREF="#000">PART I INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;1. Plan Information</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;2. Registrant Information and Employee Plan Annual Information</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;4. Description of Securities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;7. Exemption From Registration Claimed</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#009">Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#010">Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#012">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="k90657exv5w1.htm">Opinion of Locke Liddell & Sapp LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="k90657exv23w1.htm">Consent of BDO Seidman, LLP</A></TD></TR>
</TABLE>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




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<DIV align="left"><A NAME="000"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PART I<BR>
INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS</B>


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<DIV align="left"><A NAME="001"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;1.<I> Plan
Information</I>.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information specified by Item&nbsp;1 of Part&nbsp;I of Form S-8 is omitted from
this Registration Statement in accordance with Rule&nbsp;428 under the Securities
Act of 1933, as amended, and the introductory note to Part&nbsp;I of Form S-8.

<!-- link2 "Item&nbsp;2. Registrant Information and Employee Plan Annual Information" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;2.<I> Registrant
Information and Employee Plan Annual Information</I>.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information specified by Item&nbsp;2 of Part&nbsp;I of Form S-8 is omitted from
this Registration Statement in accordance with Rule&nbsp;428 under the Securities
Act and the introductory note to Part&nbsp;I of Form S-8.

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<DIV align="left"><A NAME="003"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PART II</B>



<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>


<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference" -->
<DIV align="left"><A NAME="004"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;3.<I>
Incorporation of Documents by Reference</I>.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents set forth below are hereby incorporated by reference in this
Registration Statement.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Our Annual Report on Form 10-K for the fiscal year ended
December&nbsp;31, 2003.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Our Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31, 2004.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Our Quarterly Report on Form 10-Q for the quarter ended June&nbsp;30, 2004.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Our Quarterly Report for the quarter ended September&nbsp;30, 2004.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) All other reports filed pursuant to Section 13(a) or
15(d) of the Securities Exchange Act of 1934, as amended, since
the end of the fiscal year covered by the 2004 Form 10-K.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The description of our Common Stock, par value $0.00010
per share, set forth in our Form 8-A filed March&nbsp;18, 1994.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by us pursuant to Sections&nbsp;13(a), 13(c),
14 and 15(d) of the Securities Exchange Act of 1934, as amended, prior to the
filing of a post-effective amendment which indicates that all securities
offered hereby have been sold or which deregisters the securities offered
hereby then remaining unsold, shall be deemed to be incorporated by reference
in this Registration Statement and to be a part hereof commencing on the
respective dates on which such documents are filed. Any statement contained in
a document incorporated or deemed to be incorporated by reference in this
Registration Statement shall be deemed to be modified or superseded for
purposes of this Registration Statement to the extent that a statement
contained in this Registration Statement or in any other subsequently filed
document which also is or is deemed to be incorporated by reference in this
Registration Statement modifies or supersedes such statement. Any such
statement so modified or superseded shall not be deemed to constitute a part of
this Registration Statement, except as such statement is so modified or
superceded.

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<DIV align="left"><A NAME="005"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;4.<I>
Description of Securities</I>.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.


<P align="center" style="font-size: 10pt">1
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel" -->
<DIV align="left"><A NAME="006"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;5.<I> Interests
of Named Experts and Counsel</I>.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

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<DIV align="left"><A NAME="007"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;6.<I> Indemnification of Directors and Officers</I>.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are a Maryland corporation. Our officers and directors are and will be
indemnified under Maryland law and our articles of incorporation, as amended,
against certain liabilities. Our charter requires us to indemnify our directors
and officers to the fullest extent permitted from time to time by the laws of
the State of Maryland. The Maryland General Corporation Law permits a
corporation to indemnify its directors and officers (i)&nbsp;against judgments,
penalties, fines, settlements, and reasonable expenses actually incurred in
connection with any proceeding to which they are made a party by reason of
their service in those capacities, unless it is established that the act or
omission of the director or officer was material to the matter giving rise to
the proceeding and (a)&nbsp;was committed in bad faith or (b)&nbsp;was the result of
active and deliberate dishonesty, (ii)&nbsp;the director or officer actually
received an improper personal benefit in money, property or services, or (iii)
in the case of any criminal proceeding, the director or officer had reasonable
cause to believe that the act or omission was unlawful.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Maryland General Corporation Law permits the charter of a Maryland
corporation to include a provision limiting the liability of its directors and
officers to the corporation and its stockholders for money damages, subject to
specified restrictions. Our charter contains such a provision. The law does
not, however, permit the liability of directors and officers to the corporation
or its stockholders to be limited to the extent that (1)&nbsp;it is proved that the
person actually received an improper personal benefit or (2)&nbsp;a judgment or
other final adjudication is entered in a proceeding based on a finding that the
person&#146;s action, or failure to act was material to the cause of action
adjudicated in the proceeding; and was (a)&nbsp;committed in bad faith or (b)&nbsp;the
result of active and deliberate dishonesty.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We maintain liability insurance for each director and officer for certain
losses arising from claims or charges made against them while acting in their
capacities as our directors or officers.

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<DIV align="left"><A NAME="008"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;7. <I>Exemption From Registration Claimed</I>.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

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<DIV align="left"><A NAME="009"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;8.<I> Exhibits</I>.</B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="5"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="5"><B>Number</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles of Incorporation and Articles of Amendment of the Company
(incorporated by reference to Exhibit&nbsp;3.1 to the Company&#146;s Registration
Statement on Form&nbsp;S-11 (Registration Statement No.&nbsp;33-73858, as amended
(&#147;Agree S-11&#148;))</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bylaws of the Company (incorporated by reference to Exhibit&nbsp;3.3 to Agree S-11)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights Agreement by and between Agree Realty Corporation and BankBoston, N.A.
as Rights Agent Dated as of December&nbsp;7, 1998 (incorporated by reference to
Exhibit&nbsp;4.1 to the Company&#146;s Form&nbsp;8-K filed on December&nbsp;7, 1998)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Locke Liddell &#038; Sapp LLP*</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Loan Modification Agreement, dated April&nbsp;22, 1994, by and among Shawano
Plaza, Plymouth Commons, Chippewa Commons and Nationwide Life Insurance
Company (incorporated by reference to Exhibit&nbsp;10.1 to the Company&#146;s Annual
Report on Form&nbsp;10-K for the year ended December&nbsp;31, 1996 (the &#147;1996 Form
10-K&#148;))</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Loan Modification Agreement, dated April&nbsp;22, 1994, by and among Rapids
Associates, Marshall Plaza Phase Two, Petoskey Town Center, Charlevoix
Commons and Nationwide Life Insurance Company (incorporated by reference to
Exhibit&nbsp;10.2 to the 1996 Form&nbsp;10-K)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First Amended and Restated Agreement of Limited Partnership of Agree Limited
Partnership,</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="5"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="5"><B>Number</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">dated as of April&nbsp;22, 1994, by and among the Company, Richard
Agree, Edward Rosenberg and Joel Weiner (incorporated by reference to Exhibit
10.6 to the 1996 Form&nbsp;10-K)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Registration Rights Agreement, dated July&nbsp;8, 1994 by and
among the Company, Richard Agree, Edward Rosenberg and Joel Weiner
(incorporated by reference to Exhibit&nbsp;10.2 to the Company&#146;s Annual Report on
Form&nbsp;10-K for the year ended December&nbsp;31, 1994)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1994 Stock Incentive Plan of the Company (incorporated by reference to
Exhibit&nbsp;10.8 to the 1996 Form&nbsp;10-K)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Management Agreement, dated April&nbsp;22, 1994, by and among Mt Pleasant Shopping
Center, Angola Plaza, Shiloh Plaza and the Company (incorporated by reference
to Exhibit&nbsp;10.9 to the 1996 Form&nbsp;10-K)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Contribution Agreement, dated as of April&nbsp;21, 1994, by and among the Company,
Richard Agree, Edward Rosenberg and the co-partnerships named therein
(incorporated by reference to Exhibit&nbsp;10.10 to the 1996 Form&nbsp;10-K)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agree Realty Corporation Profit Sharing Plan (incorporated by reference to
Exhibit&nbsp;10.13 to the 1996 Form&nbsp;10-K)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.9</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Business Loan Agreement, dated as of September&nbsp;21, 1995, by and between Agree
Limited Partnership and Michigan National Bank (incorporated by reference to
Exhibit&nbsp;10.9 to the Company&#146;s Annual Report on Form&nbsp;10-K for the year ended
December&nbsp;31, 1995 (the &#147;1995 Form&nbsp;10-K&#148;))</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.10</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Line of Credit Agreement by and among Agree Limited Partnership, the Company,
the lenders parties thereto, and Michigan National Bank as Agent
(incorporated by reference to Exhibit&nbsp;10.10 to the 1995 Form&nbsp;10-K)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.11</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First amendment to $50&nbsp;million line-of-credit agreement dated August&nbsp;7, 1997
among Agree Realty Corporation and Michigan National Bank, as agent
(incorporated by reference to Exhibit&nbsp;10.1 to the Company&#146;s Quarterly Report
on Form&nbsp;10-Q for the period ending September&nbsp;30, 1997 (the &#147;September&nbsp;1997
Form&nbsp;10-Q&#148;))</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.12</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First amendment to $5&nbsp;million business loan agreement dated September&nbsp;21,
1997 between Agree Limited Partnership and Michigan National Bank
(incorporated by reference to Exhibit&nbsp;10.2 to the September&nbsp;1997 Form&nbsp;10-Q)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.13</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second amendment to $50&nbsp;million line-of-credit agreement dated November&nbsp;17,
1997 among Agree Realty Corporation and Michigan National Bank, as agent
(incorporated by reference to Exhibit&nbsp;10.19 to the Company&#146;s Annual Report on
Form&nbsp;10-K for the year ended December&nbsp;31, 1997)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.14</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second amendment to amended and restated $5&nbsp;million business Loan agreement
dated October&nbsp;19, 1998 between Agree Limited Partnership and Michigan
National Bank (incorporated by reference to Exhibit&nbsp;10.17 to the Company&#146;s
Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 1998)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.15</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Employment Agreement, dated July&nbsp;1, 2004, by and between the Company, and
Richard Agree (incorporated by reference to exhibit 10.1 to the Company&#146;s
Quarterly Report on Form&nbsp;10-Q for the period ending June&nbsp;30, 2004 (the &#147;June
2004 Form&nbsp;10-Q&#148;))</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.16</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Employment Agreement, dated July&nbsp;1, 2004, by and between the Company, and
Kenneth R. Howe (incorporated by reference to exhibit 10.2 to the June&nbsp;2004
Form&nbsp;10-Q)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.17</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third amendment to amended and restated $5&nbsp;million business Loan agreement
dated December&nbsp;19, 1999 between Agree Limited Partnership and Michigan
National Bank (incorporated by reference to exhibit 10.17 to the 1999 Form
10-K)</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">3
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="5"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="5"><B>Number</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.18</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assumption Agreement, Mortgage Modification and Amended and Restated Mortgage
and Security Agreement, dated as of March&nbsp;31, 1999 by Agree Limited
Partnership to and in favor of Nationwide Life Insurance Company
(incorporated by reference to exhibit 10.1 to the June&nbsp;1999 Form&nbsp;10-Q)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.19</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Project Loan Agreement dated as of April&nbsp;30, 1999 between Wilmington Trust
Company not in its individual capacity, but solely as Owner Trustee and Agree
- Columbia Crossing Project L.L.C. (incorporated by reference to exhibit 10.2
to the June&nbsp;1999 Form&nbsp;10-Q)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.20</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Project Loan Agreement dated as of June&nbsp;11, 1999 between Wilmington Trust
Company not in its individual capacity, but solely as Owner Trustee and Agree
- Milestone Center Project L.L.C. (incorporated by reference to exhibit 10.3
to the June&nbsp;1999 Form&nbsp;10-Q)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.21</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trust Mortgage dated as of June&nbsp;27, 1999 from Agree Facility No.&nbsp;1, L.L.C. as
Grantor to Manufacturers and Traders Trust Company (incorporated by reference
to exhibit 10.4 to the June&nbsp;1999 Form&nbsp;10-Q)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.22</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Employment Agreement, dated January&nbsp;10, 2000, by and between the Company, and
David J. Prueter (incorporated by reference to exhibit 10.1 to the Company&#146;s
Quarterly Report on Form&nbsp;10-Q for the period ended March&nbsp;31, 2000</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.23</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third amendment to $50&nbsp;million line-of-credit agreement dated August&nbsp;7, 2000
among Agree Realty Corporation and Michigan National Bank, as agent
(incorporated by reference to exhibit 10.1 to the Company&#146;s Quarterly report
on Form&nbsp;10-Q for the period ended September&nbsp;30, 2000)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.24</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fourth amendment to amended and restated $5&nbsp;million business Loan agreement
dated February&nbsp;19, 2001 between Agree Limited Partnership and Michigan
National Bank (incorporated by reference to exhibit 10.23 to the Company&#146;s
Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2000 (the &#147;2000
Form&nbsp;10-K&#148;))</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.25</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mortgage dated as of December&nbsp;20, 2001, by Agree Limited Partnership to and
in favor of Nationwide Life Insurance Company (incorporated by reference to
exhibit 10.25 to the Company&#146;s Annual Report on Form&nbsp;10-K for the year ended
December&nbsp;31, 2001 (the &#147;2001 from 10-K))</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.26</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fifth amendment to amended and restated $5&nbsp;million business Loan agreement
dated April&nbsp;30, 2002 between Agree Limited Partnership and Standard Federal
Bank (incorporated by reference to exhibit 10.1 to the Company&#146;s Quarterly
Report on Form&nbsp;10-Q for the period ended June&nbsp;30, 2002 (the &#147;June&nbsp;2002 Form
10-Q&#148;))</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.27</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Project Loan Agreement dated as of April&nbsp;30, 2002 between Royal Identify
Company (together with its successors and assigns) and Lawrence Store No.&nbsp;203
L.L.C. (together with its permitted successors and assigns) (incorporated by
reference to exhibit 10.2 to the June&nbsp;2002 Form&nbsp;10-Q)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.28</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Project Loan Agreement dated as of November&nbsp;25, 2002 between Wilmington Trust
Company, not in its individual capacity, but solely as Owner Trustee, and
Indianapolis Store No.&nbsp;16 L.L.C. (incorporated by reference to exhibit 10.28
to the Company&#146;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31,
2003 (the &#147;2003 Form&nbsp;10-K&#148;))</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">21.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subsidiaries of Agree Realty Corporation (incorporated by reference to
exhibit 21 to the 2003 Form&nbsp;10-K)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of BDO Seidman, LLP*</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">*</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Filed herewith.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">4
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<!-- link2 "Item&nbsp;9. Undertakings" -->
<DIV align="left"><A NAME="010"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;9.<I> Undertakings</I>.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;to file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;to include any prospectus required by Section&nbsp;10(a)(3) of the
Securities Act;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;to reflect in the prospectus any facts or events arising after the
effective date of this registration statement (or the most recent
post-effective amendment hereof) which, individually or in the aggregate,
represent a fundamental change in the information set forth in this
registration statement; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;to include any material information with respect to the plan of
distribution not previously disclosed in this registration statement or any
material change to such information in this registration statement;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provided, however, that paragraphs (i)&nbsp;and (ii)&nbsp;do not apply if the
information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed with or furnished to the
Commission by the registrant pursuant to Section&nbsp;13 or Section 15(d) of the
Exchange Act that are incorporated by reference in this registration statement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered herein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective amendment
any of the securities being registered that remain unsold at the termination of
the offering.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;That, for purposes of determining any liability under the Securities
Act, each filing of the registrant&#146;s annual report pursuant to Section 13(a) or
Section 15(d) of the Exchange Act that is incorporated by reference in this
registration statement shall be deemed to be a new registration statement
relating to the securities offered herein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling persons
of the registrant pursuant to the foregoing provisions, or otherwise, the
registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Securities Act and
is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities
being registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Securities Act and will be governed
by the final adjudication of such issue.


<P align="center" style="font-size: 10pt">5
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="011"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, Agree Realty
Corporation certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Farmington Hills, State of Michigan, on the
20th day of December, 2004.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">AGREE REALTY CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">/s/ Richard Agree
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">Richard Agree&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt"><B>POWER OF ATTORNEY</B>




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities and on the dates indicated. Each of the undersigned officers and
directors of the registrant hereby constitutes Richard Agree and Kenneth R.
Howe, either of whom may act, his true and lawful attorneys-in-fact with full
power to sign for him and in his name in the capacities indicated below and to
file any and all amendments to the registration statement filed herewith,
making such changes in the registration statement as the registrant deems
appropriate, and generally to do all such things in his name and behalf in his
capacity as an officer and director to enable the registrant to comply with the
provisions of the Securities Act of 1933 and all requirements of the Securities
and Exchange Commission and any state or other securities authority.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Signature</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Title</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Date</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" nowrap valign="top">/s/ Richard Agree<BR>
<HR size="1" noshade>
Richard Agree</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
President, Chief Executive
Officer, Chairman of the
Board, and Director
(Principal Executive Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="middle">December 20, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Farris G. Kalil<BR>
<HR size="1" noshade>
Farris G. Kalil</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December 20, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Michael Rotchford<BR>
<HR size="1" noshade>
Michael Rotchford</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December 20, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Leon M. Schurgin<BR>
<HR size="1" noshade>
Leon M. Schurgin</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December 20, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Gene Silverman<BR>
<HR size="1" noshade>
Gene Silvermann</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December 20, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Ellis G. Wachs<BR>
<HR size="1" noshade>
Ellis G. Wachs</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December 20, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" nowrap valign="top">/s/ Kenneth R. Howe<BR>
<HR size="1" noshade>
Kenneth R. Howe</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Vice President, Finance and
Secretary (Principal
Financial/Accounting Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="middle">December 20, 2004</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">6
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="012"></A></DIV>

<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="5"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="5"><B>Number</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.1 </TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles of Incorporation and Articles of Amendment of the Company
(incorporated by reference to Exhibit&nbsp;3.1 to the Company&#146;s Registration
Statement on Form&nbsp;S-11 (Registration Statement No.&nbsp;33-73858, as amended
(&#147;Agree S-11&#148;))</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bylaws of the Company (incorporated by reference to Exhibit&nbsp;3.3 to Agree S-11)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights Agreement by and between Agree Realty Corporation and BankBoston, N.A.
as Rights Agent Dated as of December&nbsp;7, 1998 (incorporated by reference to
Exhibit&nbsp;4.1 to the Company&#146;s Form&nbsp;8-K filed on December&nbsp;7, 1998)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Locke Liddell &#038; Sapp LLP*</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Loan Modification Agreement, dated April&nbsp;22, 1994, by and among Shawano
Plaza, Plymouth Commons, Chippewa Commons and Nationwide Life Insurance
Company (incorporated by reference to Exhibit&nbsp;10.1 to the Company&#146;s Annual
Report on Form&nbsp;10-K for the year ended December&nbsp;31, 1996 (the &#147;1996 Form
10-K&#148;))</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Loan Modification Agreement, dated April&nbsp;22, 1994, by and among Rapids
Associates, Marshall Plaza Phase Two, Petoskey Town Center, Charlevoix
Commons and Nationwide Life Insurance Company (incorporated by reference to
Exhibit&nbsp;10.2 to the 1996 Form&nbsp;10-K)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First Amended and Restated Agreement of Limited Partnership of Agree Limited
Partnership, dated as of April&nbsp;22, 1994, by and among the Company, Richard
Agree, Edward Rosenberg and Joel Weiner (incorporated by reference to Exhibit
10.6 to the 1996 Form&nbsp;10-K)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Registration Rights Agreement, dated July&nbsp;8, 1994 by and
among the Company, Richard Agree, Edward Rosenberg and Joel Weiner
(incorporated by reference to Exhibit&nbsp;10.2 to the Company&#146;s Annual Report on
Form&nbsp;10-K for the year ended December&nbsp;31, 1994)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1994 Stock Incentive Plan of the Company (incorporated by reference to
Exhibit&nbsp;10.8 to the 1996 Form&nbsp;10-K)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Management Agreement, dated April&nbsp;22, 1994, by and among Mt Pleasant Shopping
Center, Angola Plaza, Shiloh Plaza and the Company (incorporated by reference
to Exhibit&nbsp;10.9 to the 1996 Form&nbsp;10-K)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Contribution Agreement, dated as of April&nbsp;21, 1994, by and among the Company,
Richard Agree, Edward Rosenberg and the co-partnerships named therein
(incorporated by reference to Exhibit&nbsp;10.10 to the 1996 Form&nbsp;10-K)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agree Realty Corporation Profit Sharing Plan (incorporated by reference to
Exhibit&nbsp;10.13 to the 1996 Form&nbsp;10-K)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.9</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Business Loan Agreement, dated as of September&nbsp;21, 1995, by and between Agree
Limited Partnership and Michigan National Bank (incorporated by reference to
Exhibit&nbsp;10.9 to the Company&#146;s Annual Report on Form&nbsp;10-K for the year ended
December&nbsp;31, 1995 (the &#147;1995 Form&nbsp;10-K&#148;))</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.10</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Line of Credit Agreement by and among Agree Limited Partnership, the Company,
the lenders parties thereto, and Michigan National Bank as Agent
(incorporated by reference to Exhibit&nbsp;10.10 to the 1995 Form&nbsp;10-K)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.11</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First amendment to $50&nbsp;million line-of-credit agreement dated August&nbsp;7, 1997
among Agree Realty Corporation and Michigan National Bank, as agent
(incorporated by reference to Exhibit&nbsp;10.1 to the Company&#146;s Quarterly Report
on Form&nbsp;10-Q for the period ending September&nbsp;30, 1997 (the &#147;September&nbsp;1997
Form&nbsp;10-Q&#148;))</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">7
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="5"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="5"><B>Number</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.12</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First amendment to $5&nbsp;million business loan agreement dated September&nbsp;21,
1997 between Agree Limited Partnership and Michigan National Bank
(incorporated by reference to Exhibit&nbsp;10.2 to the September&nbsp;1997 Form&nbsp;10-Q)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.13</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second amendment to $50&nbsp;million line-of-credit agreement dated November&nbsp;17,
1997 among Agree Realty Corporation and Michigan National Bank, as agent
(incorporated by reference to Exhibit&nbsp;10.19 to the Company&#146;s Annual Report on
Form&nbsp;10-K for the year ended December&nbsp;31, 1997)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.14</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second amendment to amended and restated $5&nbsp;million business Loan agreement
dated October&nbsp;19, 1998 between Agree Limited Partnership and Michigan
National Bank (incorporated by reference to Exhibit&nbsp;10.17 to the Company&#146;s
Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 1998)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.15</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Employment Agreement, dated July&nbsp;1, 2004, by and between the Company, and
Richard Agree (incorporated by reference to exhibit 10.1 to the Company&#146;s
Quarterly Report on Form&nbsp;10-Q for the period ending June&nbsp;30, 2004 (the &#147;June
2004 Form&nbsp;10-Q&#148;))</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.16</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Employment Agreement, dated July&nbsp;1, 2004, by and between the Company, and
Kenneth R. Howe (incorporated by reference to exhibit 10.2 to the June&nbsp;2004
Form&nbsp;10-Q)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.17</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third amendment to amended and restated $5&nbsp;million business Loan agreement
dated December&nbsp;19, 1999 between Agree Limited Partnership and Michigan
National Bank (incorporated by reference to exhibit 10.17 to the 1999 Form
10-K)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.18</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assumption Agreement, Mortgage Modification and Amended and Restated Mortgage
and Security Agreement, dated as of March&nbsp;31, 1999 by Agree Limited
Partnership to and in favor of Nationwide Life Insurance Company
(incorporated by reference to exhibit 10.1 to the June&nbsp;1999 Form&nbsp;10-Q)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.19</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Project Loan Agreement dated as of April&nbsp;30, 1999 between Wilmington Trust
Company not in its individual capacity, but solely as Owner Trustee and Agree
- Columbia Crossing Project L.L.C. (incorporated by reference to exhibit 10.2
to the June&nbsp;1999 Form&nbsp;10-Q)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.20</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Project Loan Agreement dated as of June&nbsp;11, 1999 between Wilmington Trust
Company not in its individual capacity, but solely as Owner Trustee and Agree
- Milestone Center Project L.L.C. (incorporated by reference to exhibit 10.3
to the June&nbsp;1999 Form&nbsp;10-Q)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.21</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trust Mortgage dated as of June&nbsp;27, 1999 from Agree Facility No.&nbsp;1, L.L.C. as
Grantor to Manufacturers and Traders Trust Company (incorporated by reference
to exhibit 10.4 to the June&nbsp;1999 Form&nbsp;10-Q)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.22</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Employment Agreement, dated January&nbsp;10, 2000, by and between the Company, and
David J. Prueter (incorporated by reference to exhibit 10.1 to the Company&#146;s
Quarterly Report on Form&nbsp;10-Q for the period ended March&nbsp;31, 2000</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.23</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third amendment to $50&nbsp;million line-of-credit agreement dated August&nbsp;7, 2000
among Agree Realty Corporation and Michigan National Bank, as agent
(incorporated by reference to exhibit 10.1 to the Company&#146;s Quarterly report
on Form&nbsp;10-Q for the period ended September&nbsp;30, 2000)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.24</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fourth amendment to amended and restated $5&nbsp;million business Loan agreement
dated February&nbsp;19, 2001 between Agree Limited Partnership and Michigan
National Bank (incorporated by reference to exhibit 10.23 to the Company&#146;s
Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2000 (the &#147;2000
Form&nbsp;10-K&#148;))</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">8
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="5"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="5"><B>Number</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.25</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mortgage dated as of December&nbsp;20, 2001, by Agree Limited Partnership to and
in favor of Nationwide Life Insurance Company (incorporated by reference to
exhibit 10.25 to the Company&#146;s Annual Report on Form&nbsp;10-K for the year ended
December&nbsp;31, 2001 (the &#147;2001 from 10-K))</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.26</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fifth amendment to amended and restated $5&nbsp;million business Loan agreement
dated April&nbsp;30, 2002 between Agree Limited Partnership and Standard Federal
Bank (incorporated by reference to exhibit 10.1 to the Company&#146;s Quarterly
Report on Form&nbsp;10-Q for the period ended June&nbsp;30, 2002 (the &#147;June&nbsp;2002 Form
10-Q&#148;))</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.27</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Project Loan Agreement dated as of April&nbsp;30, 2002 between Royal Identify
Company (together with its successors and assigns) and Lawrence Store No.&nbsp;203
L.L.C. (together with its permitted successors and assigns) (incorporated by
reference to exhibit 10.2 to the June&nbsp;2002 Form&nbsp;10-Q)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.28</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Project Loan Agreement dated as of November&nbsp;25, 2002 between Wilmington Trust
Company, not in its individual capacity, but solely as Owner Trustee, and
Indianapolis Store No.&nbsp;16 L.L.C. (incorporated by reference to exhibit 10.28
to the Company&#146;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31,
2003 (the &#147;2003 Form&nbsp;10-K&#148;))</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">21.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subsidiaries of Agree Realty Corporation (incorporated by reference to
exhibit 21 to the 2003 Form&nbsp;10-K)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of BDO Seidman, LLP*</TD>
</TR>

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    <TD width="1%" nowrap align="right">*</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Filed herewith.</TD>
</TR>

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sv8
Table of Contents
As filed with the Securities and Exchange Commission on December 21, 2004.
Registration No. 333-
SECURITIES AND EXCHANGE
COMMISSION
Washington, DC 20549
FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
Agree Realty
Corporation
(Exact Name of Registrant as Specified in its Charter)
Maryland
38-3148187
(State of Other Jurisdiction of
(I.R.S. Employer
Incorporation or Organization)
Identification Number)
31850 Northwestern Highway
48334
Farmington Hills, Michigan
(Zip Code)
(Address of Principal Executive Offices)
1994 Stock Incentive Plan
(Full Title of the Plan)
Richard Agree
President and Chief Executive Officer
Agree Realty Corporation
31850 Northwestern Highway
Farmington Hills, Michigan 48334
(Name and Address of Agent for Service)
(248) 737-4190
(Telephone Number, Including Area Code, of Agent for Service)
Copy to
:
Kenneth L. Betts
Locke Liddell & Sapp LLP
2200 Ross Avenue, Suite 2200
Dallas, Texas 75201
(214) 740-8000
CALCULATION OF
REGISTRATION FEE
Proposed Maximum
Proposed Maximum
Title of Securities
Offering Price per
Aggregate Offering
Amount of
to be Registered
Amount to be Registered
Share(1)
Price(1)
Registration Fee(2)
Common Stock,
$0.0001 par value
23,275
$
30.73
$
715,241
$
85.00
(1)
Estimated solely for the purpose of calculating the registration fee.
This fee was calculated pursuant to Rule 457(h) under the Securities Act
of 1933, as amended, (the "Securities Act") on the basis of the average of
the high and low prices for the Common Stock on the New York Stock
Exchange on December 14, 2004.
(2)
Calculated pursuant to Section 6(b) of the Securities Act.
TABLE OF CONTENTS
PART I INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS
Item 1. Plan Information
Item 2. Registrant Information and Employee Plan Annual Information
PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference
Item 4. Description of Securities
Item 5. Interests of Named Experts and Counsel
Item 6. Indemnification of Directors and Officers
Item 7. Exemption From Registration Claimed
Item 8. Exhibits
Item 9. Undertakings
SIGNATURES
EXHIBIT INDEX
Opinion of Locke Liddell & Sapp LLP
Consent of BDO Seidman, LLP
Table of Contents
PART I
INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS
Item 1.
Plan
Information
.
The information specified by Item 1 of Part I of Form S-8 is omitted from
this Registration Statement in accordance with Rule 428 under the Securities
Act of 1933, as amended, and the introductory note to Part I of Form S-8.
Item 2.
Registrant
Information and Employee Plan Annual Information
.
The information specified by Item 2 of Part I of Form S-8 is omitted from
this Registration Statement in accordance with Rule 428 under the Securities
Act and the introductory note to Part I of Form S-8.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by Reference
.
The documents set forth below are hereby incorporated by reference in this
Registration Statement.
(i) Our Annual Report on Form 10-K for the fiscal year ended
December 31, 2003.
(ii) Our Quarterly Report on Form 10-Q for the quarter ended March 31, 2004.
(iii) Our Quarterly Report on Form 10-Q for the quarter ended June 30, 2004.
(iv) Our Quarterly Report for the quarter ended September 30, 2004.
(v) All other reports filed pursuant to Section 13(a) or
15(d) of the Securities Exchange Act of 1934, as amended, since
the end of the fiscal year covered by the 2004 Form 10-K.
(vi) The description of our Common Stock, par value $0.00010
per share, set forth in our Form 8-A filed March 18, 1994.
All documents subsequently filed by us pursuant to Sections 13(a), 13(c),
14 and 15(d) of the Securities Exchange Act of 1934, as amended, prior to the
filing of a post-effective amendment which indicates that all securities
offered hereby have been sold or which deregisters the securities offered
hereby then remaining unsold, shall be deemed to be incorporated by reference
in this Registration Statement and to be a part hereof commencing on the
respective dates on which such documents are filed. Any statement contained in
a document incorporated or deemed to be incorporated by reference in this
Registration Statement shall be deemed to be modified or superseded for
purposes of this Registration Statement to the extent that a statement
contained in this Registration Statement or in any other subsequently filed
document which also is or is deemed to be incorporated by reference in this
Registration Statement modifies or supersedes such statement. Any such
statement so modified or superseded shall not be deemed to constitute a part of
this Registration Statement, except as such statement is so modified or
superceded.
Item 4.
Description of Securities
.
Not applicable.
1
Table of Contents
Item 5.
Interests
of Named Experts and Counsel
.
Not applicable.
Item 6.
Indemnification of Directors and Officers
.
We are a Maryland corporation. Our officers and directors are and will be
indemnified under Maryland law and our articles of incorporation, as amended,
against certain liabilities. Our charter requires us to indemnify our directors
and officers to the fullest extent permitted from time to time by the laws of
the State of Maryland. The Maryland General Corporation Law permits a
corporation to indemnify its directors and officers (i) against judgments,
penalties, fines, settlements, and reasonable expenses actually incurred in
connection with any proceeding to which they are made a party by reason of
their service in those capacities, unless it is established that the act or
omission of the director or officer was material to the matter giving rise to
the proceeding and (a) was committed in bad faith or (b) was the result of
active and deliberate dishonesty, (ii) the director or officer actually
received an improper personal benefit in money, property or services, or (iii)
in the case of any criminal proceeding, the director or officer had reasonable
cause to believe that the act or omission was unlawful.
The Maryland General Corporation Law permits the charter of a Maryland
corporation to include a provision limiting the liability of its directors and
officers to the corporation and its stockholders for money damages, subject to
specified restrictions. Our charter contains such a provision. The law does
not, however, permit the liability of directors and officers to the corporation
or its stockholders to be limited to the extent that (1) it is proved that the
person actually received an improper personal benefit or (2) a judgment or
other final adjudication is entered in a proceeding based on a finding that the
person's action, or failure to act was material to the cause of action
adjudicated in the proceeding; and was (a) committed in bad faith or (b) the
result of active and deliberate dishonesty.
We maintain liability insurance for each director and officer for certain
losses arising from claims or charges made against them while acting in their
capacities as our directors or officers.
Item 7.
Exemption From Registration Claimed
.
Not applicable.
Item 8.
Exhibits
.
Exhibit
Number
Description
3.1
Articles of Incorporation and Articles of Amendment of the Company
(incorporated by reference to Exhibit 3.1 to the Company's Registration
Statement on Form S-11 (Registration Statement No. 33-73858, as amended
("Agree S-11"))
3.2
Bylaws of the Company (incorporated by reference to Exhibit 3.3 to Agree S-11)
4.1
Rights Agreement by and between Agree Realty Corporation and BankBoston, N.A.
as Rights Agent Dated as of December 7, 1998 (incorporated by reference to
Exhibit 4.1 to the Company's Form 8-K filed on December 7, 1998)
5.1
Opinion of Locke Liddell & Sapp LLP*
10.1
Loan Modification Agreement, dated April 22, 1994, by and among Shawano
Plaza, Plymouth Commons, Chippewa Commons and Nationwide Life Insurance
Company (incorporated by reference to Exhibit 10.1 to the Company's Annual
Report on Form 10-K for the year ended December 31, 1996 (the "1996 Form
10-K"))
10.2
Loan Modification Agreement, dated April 22, 1994, by and among Rapids
Associates, Marshall Plaza Phase Two, Petoskey Town Center, Charlevoix
Commons and Nationwide Life Insurance Company (incorporated by reference to
Exhibit 10.2 to the 1996 Form 10-K)
10.3
First Amended and Restated Agreement of Limited Partnership of Agree Limited
Partnership,
2
Table of Contents
Exhibit
Number
Description
dated as of April 22, 1994, by and among the Company, Richard
Agree, Edward Rosenberg and Joel Weiner (incorporated by reference to Exhibit
10.6 to the 1996 Form 10-K)
10.4
Amended and Restated Registration Rights Agreement, dated July 8, 1994 by and
among the Company, Richard Agree, Edward Rosenberg and Joel Weiner
(incorporated by reference to Exhibit 10.2 to the Company's Annual Report on
Form 10-K for the year ended December 31, 1994)
10.5
1994 Stock Incentive Plan of the Company (incorporated by reference to
Exhibit 10.8 to the 1996 Form 10-K)
10.6
Management Agreement, dated April 22, 1994, by and among Mt Pleasant Shopping
Center, Angola Plaza, Shiloh Plaza and the Company (incorporated by reference
to Exhibit 10.9 to the 1996 Form 10-K)
10.7
Contribution Agreement, dated as of April 21, 1994, by and among the Company,
Richard Agree, Edward Rosenberg and the co-partnerships named therein
(incorporated by reference to Exhibit 10.10 to the 1996 Form 10-K)
10.8
Agree Realty Corporation Profit Sharing Plan (incorporated by reference to
Exhibit 10.13 to the 1996 Form 10-K)
10.9
Business Loan Agreement, dated as of September 21, 1995, by and between Agree
Limited Partnership and Michigan National Bank (incorporated by reference to
Exhibit 10.9 to the Company's Annual Report on Form 10-K for the year ended
December 31, 1995 (the "1995 Form 10-K"))
10.10
Line of Credit Agreement by and among Agree Limited Partnership, the Company,
the lenders parties thereto, and Michigan National Bank as Agent
(incorporated by reference to Exhibit 10.10 to the 1995 Form 10-K)
10.11
First amendment to $50 million line-of-credit agreement dated August 7, 1997
among Agree Realty Corporation and Michigan National Bank, as agent
(incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report
on Form 10-Q for the period ending September 30, 1997 (the "September 1997
Form 10-Q"))
10.12
First amendment to $5 million business loan agreement dated September 21,
1997 between Agree Limited Partnership and Michigan National Bank
(incorporated by reference to Exhibit 10.2 to the September 1997 Form 10-Q)
10.13
Second amendment to $50 million line-of-credit agreement dated November 17,
1997 among Agree Realty Corporation and Michigan National Bank, as agent
(incorporated by reference to Exhibit 10.19 to the Company's Annual Report on
Form 10-K for the year ended December 31, 1997)
10.14
Second amendment to amended and restated $5 million business Loan agreement
dated October 19, 1998 between Agree Limited Partnership and Michigan
National Bank (incorporated by reference to Exhibit 10.17 to the Company's
Annual Report on Form 10-K for the year ended December 31, 1998)
10.15
Employment Agreement, dated July 1, 2004, by and between the Company, and
Richard Agree (incorporated by reference to exhibit 10.1 to the Company's
Quarterly Report on Form 10-Q for the period ending June 30, 2004 (the "June
2004 Form 10-Q"))
10.16
Employment Agreement, dated July 1, 2004, by and between the Company, and
Kenneth R. Howe (incorporated by reference to exhibit 10.2 to the June 2004
Form 10-Q)
10.17
Third amendment to amended and restated $5 million business Loan agreement
dated December 19, 1999 between Agree Limited Partnership and Michigan
National Bank (incorporated by reference to exhibit 10.17 to the 1999 Form
10-K)
3
Table of Contents
Exhibit
Number
Description
10.18
Assumption Agreement, Mortgage Modification and Amended and Restated Mortgage
and Security Agreement, dated as of March 31, 1999 by Agree Limited
Partnership to and in favor of Nationwide Life Insurance Company
(incorporated by reference to exhibit 10.1 to the June 1999 Form 10-Q)
10.19
Project Loan Agreement dated as of April 30, 1999 between Wilmington Trust
Company not in its individual capacity, but solely as Owner Trustee and Agree
- Columbia Crossing Project L.L.C. (incorporated by reference to exhibit 10.2
to the June 1999 Form 10-Q)
10.20
Project Loan Agreement dated as of June 11, 1999 between Wilmington Trust
Company not in its individual capacity, but solely as Owner Trustee and Agree
- Milestone Center Project L.L.C. (incorporated by reference to exhibit 10.3
to the June 1999 Form 10-Q)
10.21
Trust Mortgage dated as of June 27, 1999 from Agree Facility No. 1, L.L.C. as
Grantor to Manufacturers and Traders Trust Company (incorporated by reference
to exhibit 10.4 to the June 1999 Form 10-Q)
10.22
Employment Agreement, dated January 10, 2000, by and between the Company, and
David J. Prueter (incorporated by reference to exhibit 10.1 to the Company's
Quarterly Report on Form 10-Q for the period ended March 31, 2000
10.23
Third amendment to $50 million line-of-credit agreement dated August 7, 2000
among Agree Realty Corporation and Michigan National Bank, as agent
(incorporated by reference to exhibit 10.1 to the Company's Quarterly report
on Form 10-Q for the period ended September 30, 2000)
10.24
Fourth amendment to amended and restated $5 million business Loan agreement
dated February 19, 2001 between Agree Limited Partnership and Michigan
National Bank (incorporated by reference to exhibit 10.23 to the Company's
Annual Report on Form 10-K for the year ended December 31, 2000 (the "2000
Form 10-K"))
10.25
Mortgage dated as of December 20, 2001, by Agree Limited Partnership to and
in favor of Nationwide Life Insurance Company (incorporated by reference to
exhibit 10.25 to the Company's Annual Report on Form 10-K for the year ended
December 31, 2001 (the "2001 from 10-K))
10.26
Fifth amendment to amended and restated $5 million business Loan agreement
dated April 30, 2002 between Agree Limited Partnership and Standard Federal
Bank (incorporated by reference to exhibit 10.1 to the Company's Quarterly
Report on Form 10-Q for the period ended June 30, 2002 (the "June 2002 Form
10-Q"))
10.27
Project Loan Agreement dated as of April 30, 2002 between Royal Identify
Company (together with its successors and assigns) and Lawrence Store No. 203
L.L.C. (together with its permitted successors and assigns) (incorporated by
reference to exhibit 10.2 to the June 2002 Form 10-Q)
10.28
Project Loan Agreement dated as of November 25, 2002 between Wilmington Trust
Company, not in its individual capacity, but solely as Owner Trustee, and
Indianapolis Store No. 16 L.L.C. (incorporated by reference to exhibit 10.28
to the Company's Annual Report on Form 10-K for the year ended December 31,
2003 (the "2003 Form 10-K"))
21.1
Subsidiaries of Agree Realty Corporation (incorporated by reference to
exhibit 21 to the 2003 Form 10-K)
23.1
Consent of BDO Seidman, LLP*
*
Filed herewith.
4
Table of Contents
Item 9.
Undertakings
.
The undersigned registrant hereby undertakes:
(1) to file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
(i) to include any prospectus required by Section 10(a)(3) of the
Securities Act;
(ii) to reflect in the prospectus any facts or events arising after the
effective date of this registration statement (or the most recent
post-effective amendment hereof) which, individually or in the aggregate,
represent a fundamental change in the information set forth in this
registration statement; and
(iii) to include any material information with respect to the plan of
distribution not previously disclosed in this registration statement or any
material change to such information in this registration statement;
provided, however, that paragraphs (i) and (ii) do not apply if the
information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed with or furnished to the
Commission by the registrant pursuant to Section 13 or Section 15(d) of the
Exchange Act that are incorporated by reference in this registration statement.
(2) That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered herein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(3) To remove from registration by means of a post-effective amendment
any of the securities being registered that remain unsold at the termination of
the offering.
(4) That, for purposes of determining any liability under the Securities
Act, each filing of the registrant's annual report pursuant to Section 13(a) or
Section 15(d) of the Exchange Act that is incorporated by reference in this
registration statement shall be deemed to be a new registration statement
relating to the securities offered herein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
(5) Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling persons
of the registrant pursuant to the foregoing provisions, or otherwise, the
registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Securities Act and
is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities
being registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Securities Act and will be governed
by the final adjudication of such issue.
5
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act, Agree Realty
Corporation certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Farmington Hills, State of Michigan, on the
20th day of December, 2004.
AGREE REALTY CORPORATION
By:
/s/ Richard Agree
Richard Agree
President and Chief Executive Officer
POWER OF ATTORNEY
Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities and on the dates indicated. Each of the undersigned officers and
directors of the registrant hereby constitutes Richard Agree and Kenneth R.
Howe, either of whom may act, his true and lawful attorneys-in-fact with full
power to sign for him and in his name in the capacities indicated below and to
file any and all amendments to the registration statement filed herewith,
making such changes in the registration statement as the registrant deems
appropriate, and generally to do all such things in his name and behalf in his
capacity as an officer and director to enable the registrant to comply with the
provisions of the Securities Act of 1933 and all requirements of the Securities
and Exchange Commission and any state or other securities authority.
Signature
Title
Date
/s/ Richard Agree
Richard Agree
President, Chief Executive
Officer, Chairman of the
Board, and Director
(Principal Executive Officer)
December 20, 2004
/s/ Farris G. Kalil
Farris G. Kalil
Director
December 20, 2004
/s/ Michael Rotchford
Michael Rotchford
Director
December 20, 2004
/s/ Leon M. Schurgin
Leon M. Schurgin
Director
December 20, 2004
/s/ Gene Silverman
Gene Silvermann
Director
December 20, 2004
/s/ Ellis G. Wachs
Ellis G. Wachs
Director
December 20, 2004
/s/ Kenneth R. Howe
Kenneth R. Howe
Vice President, Finance and
Secretary (Principal
Financial/Accounting Officer)
December 20, 2004
6
Table of Contents
EXHIBIT INDEX
Exhibit
Number
Description
3.1
Articles of Incorporation and Articles of Amendment of the Company
(incorporated by reference to Exhibit 3.1 to the Company's Registration
Statement on Form S-11 (Registration Statement No. 33-73858, as amended
("Agree S-11"))
3.2
Bylaws of the Company (incorporated by reference to Exhibit 3.3 to Agree S-11)
4.1
Rights Agreement by and between Agree Realty Corporation and BankBoston, N.A.
as Rights Agent Dated as of December 7, 1998 (incorporated by reference to
Exhibit 4.1 to the Company's Form 8-K filed on December 7, 1998)
5.1
Opinion of Locke Liddell & Sapp LLP*
10.1
Loan Modification Agreement, dated April 22, 1994, by and among Shawano
Plaza, Plymouth Commons, Chippewa Commons and Nationwide Life Insurance
Company (incorporated by reference to Exhibit 10.1 to the Company's Annual
Report on Form 10-K for the year ended December 31, 1996 (the "1996 Form
10-K"))
10.2
Loan Modification Agreement, dated April 22, 1994, by and among Rapids
Associates, Marshall Plaza Phase Two, Petoskey Town Center, Charlevoix
Commons and Nationwide Life Insurance Company (incorporated by reference to
Exhibit 10.2 to the 1996 Form 10-K)
10.3
First Amended and Restated Agreement of Limited Partnership of Agree Limited
Partnership, dated as of April 22, 1994, by and among the Company, Richard
Agree, Edward Rosenberg and Joel Weiner (incorporated by reference to Exhibit
10.6 to the 1996 Form 10-K)
10.4
Amended and Restated Registration Rights Agreement, dated July 8, 1994 by and
among the Company, Richard Agree, Edward Rosenberg and Joel Weiner
(incorporated by reference to Exhibit 10.2 to the Company's Annual Report on
Form 10-K for the year ended December 31, 1994)
10.5
1994 Stock Incentive Plan of the Company (incorporated by reference to
Exhibit 10.8 to the 1996 Form 10-K)
10.6
Management Agreement, dated April 22, 1994, by and among Mt Pleasant Shopping
Center, Angola Plaza, Shiloh Plaza and the Company (incorporated by reference
to Exhibit 10.9 to the 1996 Form 10-K)
10.7
Contribution Agreement, dated as of April 21, 1994, by and among the Company,
Richard Agree, Edward Rosenberg and the co-partnerships named therein
(incorporated by reference to Exhibit 10.10 to the 1996 Form 10-K)
10.8
Agree Realty Corporation Profit Sharing Plan (incorporated by reference to
Exhibit 10.13 to the 1996 Form 10-K)
10.9
Business Loan Agreement, dated as of September 21, 1995, by and between Agree
Limited Partnership and Michigan National Bank (incorporated by reference to
Exhibit 10.9 to the Company's Annual Report on Form 10-K for the year ended
December 31, 1995 (the "1995 Form 10-K"))
10.10
Line of Credit Agreement by and among Agree Limited Partnership, the Company,
the lenders parties thereto, and Michigan National Bank as Agent
(incorporated by reference to Exhibit 10.10 to the 1995 Form 10-K)
10.11
First amendment to $50 million line-of-credit agreement dated August 7, 1997
among Agree Realty Corporation and Michigan National Bank, as agent
(incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report
on Form 10-Q for the period ending September 30, 1997 (the "September 1997
Form 10-Q"))
7
Table of Contents
Exhibit
Number
Description
10.12
First amendment to $5 million business loan agreement dated September 21,
1997 between Agree Limited Partnership and Michigan National Bank
(incorporated by reference to Exhibit 10.2 to the September 1997 Form 10-Q)
10.13
Second amendment to $50 million line-of-credit agreement dated November 17,
1997 among Agree Realty Corporation and Michigan National Bank, as agent
(incorporated by reference to Exhibit 10.19 to the Company's Annual Report on
Form 10-K for the year ended December 31, 1997)
10.14
Second amendment to amended and restated $5 million business Loan agreement
dated October 19, 1998 between Agree Limited Partnership and Michigan
National Bank (incorporated by reference to Exhibit 10.17 to the Company's
Annual Report on Form 10-K for the year ended December 31, 1998)
10.15
Employment Agreement, dated July 1, 2004, by and between the Company, and
Richard Agree (incorporated by reference to exhibit 10.1 to the Company's
Quarterly Report on Form 10-Q for the period ending June 30, 2004 (the "June
2004 Form 10-Q"))
10.16
Employment Agreement, dated July 1, 2004, by and between the Company, and
Kenneth R. Howe (incorporated by reference to exhibit 10.2 to the June 2004
Form 10-Q)
10.17
Third amendment to amended and restated $5 million business Loan agreement
dated December 19, 1999 between Agree Limited Partnership and Michigan
National Bank (incorporated by reference to exhibit 10.17 to the 1999 Form
10-K)
10.18
Assumption Agreement, Mortgage Modification and Amended and Restated Mortgage
and Security Agreement, dated as of March 31, 1999 by Agree Limited
Partnership to and in favor of Nationwide Life Insurance Company
(incorporated by reference to exhibit 10.1 to the June 1999 Form 10-Q)
10.19
Project Loan Agreement dated as of April 30, 1999 between Wilmington Trust
Company not in its individual capacity, but solely as Owner Trustee and Agree
- Columbia Crossing Project L.L.C. (incorporated by reference to exhibit 10.2
to the June 1999 Form 10-Q)
10.20
Project Loan Agreement dated as of June 11, 1999 between Wilmington Trust
Company not in its individual capacity, but solely as Owner Trustee and Agree
- Milestone Center Project L.L.C. (incorporated by reference to exhibit 10.3
to the June 1999 Form 10-Q)
10.21
Trust Mortgage dated as of June 27, 1999 from Agree Facility No. 1, L.L.C. as
Grantor to Manufacturers and Traders Trust Company (incorporated by reference
to exhibit 10.4 to the June 1999 Form 10-Q)
10.22
Employment Agreement, dated January 10, 2000, by and between the Company, and
David J. Prueter (incorporated by reference to exhibit 10.1 to the Company's
Quarterly Report on Form 10-Q for the period ended March 31, 2000
10.23
Third amendment to $50 million line-of-credit agreement dated August 7, 2000
among Agree Realty Corporation and Michigan National Bank, as agent
(incorporated by reference to exhibit 10.1 to the Company's Quarterly report
on Form 10-Q for the period ended September 30, 2000)
10.24
Fourth amendment to amended and restated $5 million business Loan agreement
dated February 19, 2001 between Agree Limited Partnership and Michigan
National Bank (incorporated by reference to exhibit 10.23 to the Company's
Annual Report on Form 10-K for the year ended December 31, 2000 (the "2000
Form 10-K"))
8
Table of Contents
Exhibit
Number
Description
10.25
Mortgage dated as of December 20, 2001, by Agree Limited Partnership to and
in favor of Nationwide Life Insurance Company (incorporated by reference to
exhibit 10.25 to the Company's Annual Report on Form 10-K for the year ended
December 31, 2001 (the "2001 from 10-K))
10.26
Fifth amendment to amended and restated $5 million business Loan agreement
dated April 30, 2002 between Agree Limited Partnership and Standard Federal
Bank (incorporated by reference to exhibit 10.1 to the Company's Quarterly
Report on Form 10-Q for the period ended June 30, 2002 (the "June 2002 Form
10-Q"))
10.27
Project Loan Agreement dated as of April 30, 2002 between Royal Identify
Company (together with its successors and assigns) and Lawrence Store No. 203
L.L.C. (together with its permitted successors and assigns) (incorporated by
reference to exhibit 10.2 to the June 2002 Form 10-Q)
10.28
Project Loan Agreement dated as of November 25, 2002 between Wilmington Trust
Company, not in its individual capacity, but solely as Owner Trustee, and
Indianapolis Store No. 16 L.L.C. (incorporated by reference to exhibit 10.28
to the Company's Annual Report on Form 10-K for the year ended December 31,
2003 (the "2003 Form 10-K"))
21.1
Subsidiaries of Agree Realty Corporation (incorporated by reference to
exhibit 21 to the 2003 Form 10-K)
23.1
Consent of BDO Seidman, LLP*
*
Filed herewith.
9