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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; margin-top: 18pt"><B>As filed with the Securities and Exchange Commission on March&nbsp;21, 2007.</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 0pt"><B>Registration No.&nbsp;333-</B>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

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

<DIV align="center" style="font-size: 12pt"><B><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><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: 12pt"><B><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><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="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<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"><!-- Blank Space -->
    <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<br>
Farmington Hills, Michigan</B><br>
(Address of Principal Executive Offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>48334</B><BR>
(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>2005 Agree Realty Corporation Equity Incentive Plan</B><BR>
(Full Title of the Plan)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><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>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>(248)&nbsp;737-4190</B><BR>
(Telephone Number, Including Area Code, of Agent for Service)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><I>Copy to</I>:</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Gina E. 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>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>CALCULATION OF REGISTRATION FEE</B></DIV>

<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="32%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">

<TD nowrap align="left" colspan="15" style="border-bottom: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of Securities</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Offering Price per</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Aggregate Offering</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>to be Registered</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount to be Registered</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Share(1)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Price(1)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Registration Fee(2)</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

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    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock,
$0.0001 par value</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">1,000,000</TD>
    <TD style="border-right: 1px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$32.86</TD>
    <TD style="border-right: 1px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$32,860,000</TD>
    <TD style="border-right: 1px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$1,009.00</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 2px solid  #000000">&nbsp;</TD>
</TR>

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


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 3pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&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 March&nbsp;14, 2007.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Calculated pursuant to Section 6(b) of the Securities Act.</TD>
</TR>

</TABLE>



<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





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

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












<!-- TOC -->
<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>
<TR><TD colspan="9"><A HREF="#000">PART I</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</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="k13520exv5w1.htm">Opinion of Locke Liddell & Sapp LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="k13520exv23w1.htm">Consent of Virchow, Krause & Company, LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="k13520exv23w2.htm">Consent of BDO Seidman, LLP</A></TD></TR>
</TABLE>
</CENTER>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link1 "PART I" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B>
</DIV>

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


<!-- link2 "Item&nbsp;1. Plan Information" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1. Plan Information.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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.
</DIV>
<!-- link2 "Item&nbsp;2. Registrant Information and Employee Plan Annual Information" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;2. Registrant Information and Employee Plan Annual Information.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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.
</DIV>
<!-- link1 "PART II" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents set forth below are hereby incorporated by reference in this Registration
Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Our Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2006.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 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 2005 Form 10-K.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The description of our Common Stock, par value $0.00010 per share, set
forth in our Form 8-A filed March&nbsp;18, 1994.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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.
</DIV>
<!-- link2 "Item&nbsp;4. Description of Securities" -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Description of Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel" -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers" -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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
</DIV>

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

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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)&nbsp;in the case of any
criminal proceeding, the director or officer had reasonable cause to believe that the act or
omission was unlawful.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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.
</DIV>
<!-- link2 "Item&nbsp;7. Exemption From Registration Claimed" -->
<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. Exemption From Registration Claimed.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<!-- link2 "Item&nbsp;8. Exhibits" -->
<DIV align="left"><A NAME="009"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. Exhibits.</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.1
</DIV></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"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.2
</DIV></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"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></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"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Locke Liddell &#038; Sapp LLP*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></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 Company&#146;s Form&nbsp;10-K for the year ended December&nbsp;31, 1996 (the
&#147;1996 Form&nbsp;10-K&#148;)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.2
</DIV></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"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.3
</DIV></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"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.4
</DIV></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"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Line of Credit Agreement by and among Agree Limited Partnership, the Company,
the lender parties thereto, and Michigan National Bank as Agent (incorporated
by reference to Exhibit&nbsp;10.10 to the Company&#146;s Form&nbsp;10-K for the year ended
December&nbsp;31, 1995)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</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="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.6
</DIV></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"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.7
</DIV></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"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.8
</DIV></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"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.9
</DIV></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"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.10
</DIV></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 Company&#146;s
Form&nbsp;10-K for the year ended December&nbsp;31, 1999)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.11
</DIV></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"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.12
</DIV></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"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.13
</DIV></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"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.14
</DIV></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"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.15
</DIV></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"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.16
</DIV></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"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.17
</DIV></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"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.18
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Project Loan Agreement dated as of January&nbsp;30, 2003 between Modern Woodman of
America and Phoenix Drive L.L.C. (incorporated by reference to exhibit 10.1
to the March&nbsp;31, 2003 Form&nbsp;10-Q)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</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="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.19
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sixth amendment to amended and restated $5&nbsp;million business loan agreement
dated April&nbsp;30, 2003, between Agree Limited Partnership and Standard Federal
Bank (incorporated by reference to exhibit 10.1 to the June 30, 2003 Form
10-Q)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.20
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated $50&nbsp;million Line of Credit agreement dated November&nbsp;5,
2003, among Agree Realty Corporation, Standard Federal Bank and Bank One
(incorporated by reference to exhibit 10.1 to the Sept. 30, 2003 Form&nbsp;10-Q)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.21
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indemnity Deed of Trust and Security Agreement dated October&nbsp;31, 2003, by
Agree &#150; Columbia Crossing Project, L.L.C., and Nationwide Life Insurance
Company (incorporated by reference to exhibit 10.33 to the December&nbsp;31, 2003
Form&nbsp;10-K)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.22
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indemnity Deed of Trust and Security Agreement dated October&nbsp;31, 2003, by
Agree-Milestone Center Project, L.L.C., and Nationwide Life Insurance Company
(incorporated by reference to exhibit 10.34 to the December&nbsp;31, 2003 Form
10-K)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.23
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mortgage and Security Agreement dated October&nbsp;31, 2003, by Oklahoma Store No.
151, L.L.C. and Nationwide Life Insurance Company (incorporated by reference
to exhibit 10.35 to the December&nbsp;31, 2003 Form&nbsp;10-K)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deed of Trust and Security Agreement dated October&nbsp;31, 2003, by Omaha Store
No.&nbsp;166, L.L.C. and Nationwide Life Insurance Company (incorporated by
reference to exhibit 10.36 to the December&nbsp;31, 2003 Form&nbsp;10-K)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.25
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Company&#146;s 2005 Equity Incentive Plan</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.26
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Employment Agreement, dated August&nbsp;1, 2005, by and between the Company, and
Charles Carter (incorporated by reference to exhibit 10.1 to the September
2005 Form&nbsp;10-Q)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.27
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Employment Agreement, dated September&nbsp;1, 2005, by and between the Company,
and Vicky Umphryes (incorporated by reference to exhibit 10.2 to the
September&nbsp;2005 Form&nbsp;10-Q)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.28
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third Amended and Restated Line of Credit Agreement by and between the
Company and LaSalle Bank Midwest National Association, Individually and as
Agent for the Lenders and together with Fifth Third Bank (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, 2006 (the &#147;2006 Form&nbsp;10-K&#148;))</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.29
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment No.&nbsp;10 to Business Loan Agreement, Amendment No.&nbsp;2 to Ninth Amended
and Restated Promissory Note ($5&nbsp;million Line of Credit) (incorporated by
references to exhibit 10.29 to the 2006 Form&nbsp;10-K)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">21.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subsidiaries of Agree Realty Corporation (incorporated by reference to
exhibit 21 to the Company&#146;s Form&nbsp;10-K for the year ended December&nbsp;31, 2005)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Virchow, Krause &#038; Company, LLP*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of BDO Seidman, LLP*</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Filed herewith.</TD>
</TR>

</TABLE>


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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Undertakings.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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:
</DIV>

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

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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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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.
</DIV>

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

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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">
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="011"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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 21st day of
March, 2007.
</DIV>

<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" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">AGREE REALTY CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Richard Agree
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Richard Agree&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">POWER OF ATTORNEY
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Richard Agree
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Richard Agree
</DIV></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="top">March&nbsp;21, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Farris G. Kalil
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Farris G. Kalil
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;21, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Michael Rotchford
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Michael Rotchford
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;21, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Leon M. Schurgin
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Leon M. Schurgin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;21, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Gene Silverman
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Gene Silvermann
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;21, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Ellis G. Wachs
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Ellis G. Wachs
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;21, 2007</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Kenneth R. Howe
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Kenneth R. Howe
</DIV></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="top">March&nbsp;21, 2007</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

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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">

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.1
</DIV></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"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">3.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bylaws of the Company (incorporated by reference to Exhibit
3.3 to Agree S-11)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">4.1
</DIV></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
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"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Locke Liddell &#038; Sapp LLP*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">10.1
</DIV></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&nbsp;10.6
to the Company&#146;s Form&nbsp;10-K for the year ended December&nbsp;31,
1996 (the &#147;1996 Form&nbsp;10-K&#148;)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">10.2
</DIV></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"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">10.3
</DIV></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"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">10.4
</DIV></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"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">10.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Line of Credit Agreement by and among Agree Limited
Partnership, the Company, the lender parties thereto, and
Michigan National Bank as Agent (incorporated by reference
to Exhibit&nbsp;10.10 to the Company&#146;s Form&nbsp;10-K for the year
ended December&nbsp;31, 1995)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">10.6
</DIV></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"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">10.7
</DIV></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"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">10.8
</DIV></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"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">10.9
</DIV></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"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">10.10
</DIV></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
Company&#146;s Form&nbsp;10-K for the year ended December&nbsp;31, 1999)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">10.11
</DIV></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>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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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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    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.12
</DIV></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"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">10.13
</DIV></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"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">10.14
</DIV></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"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">10.15
</DIV></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&nbsp;10-Q&#148;))</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">10.16
</DIV></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"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">10.17
</DIV></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"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">10.18
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Project Loan Agreement dated as of January&nbsp;30, 2003
between Modern Woodman of America and Phoenix Drive L.L.C.
(incorporated by reference to exhibit 10.1 to the March&nbsp;31,
2003 Form&nbsp;10-Q)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">10.19
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sixth amendment to amended and restated $5&nbsp;million
business loan agreement dated April&nbsp;30, 2003, between Agree
Limited Partnership and Standard Federal Bank (incorporated
by reference to exhibit 10.1 to the June 30, 2003 Form
10-Q)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">10.20
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated $50&nbsp;million Line of Credit
agreement dated November&nbsp;5, 2003, among Agree Realty
Corporation, Standard Federal Bank and Bank One
(incorporated by reference to exhibit 10.1 to the Sept. 30,
2003 Form&nbsp;10-Q)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">10.21
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indemnity Deed of Trust and Security Agreement dated
October&nbsp;31, 2003, by Agree &#150; Columbia Crossing Project,
L.L.C., and Nationwide Life Insurance Company (incorporated
by reference to exhibit 10.33 to the December&nbsp;31, 2003 Form
10-K)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">10.22
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indemnity Deed of Trust and Security Agreement dated
October&nbsp;31, 2003, by Agree-Milestone Center Project,
L.L.C., and Nationwide Life Insurance Company (incorporated
by reference to exhibit 10.34 to the December&nbsp;31, 2003 Form
10-K)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">10.23
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mortgage and Security Agreement dated October&nbsp;31,
2003, by Oklahoma Store No.&nbsp;151, L.L.C. and Nationwide Life
Insurance Company (incorporated by reference to exhibit
10.35 to the December&nbsp;31, 2003 Form&nbsp;10-K)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">10.24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deed of Trust and Security Agreement dated October&nbsp;31,
2003, by Omaha Store No.&nbsp;166, L.L.C. and Nationwide Life
Insurance Company (incorporated by reference to exhibit
10.36 to the December&nbsp;31, 2003 Form&nbsp;10-K)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">10.25
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Company&#146;s 2005 Equity Incentive Plan</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">10.26
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Employment Agreement, dated August&nbsp;1, 2005, by and
between the Company, and Charles Carter (incorporated by
reference to exhibit 10.1 to the September&nbsp;2005 Form&nbsp;10-Q)</TD>
</TR>
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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">

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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.27
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Employment Agreement, dated September&nbsp;1, 2005, by and
between the Company, and Vicky Umphryes (incorporated by
reference to exhibit 10.2 to the September&nbsp;2005 Form&nbsp;10-Q)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">10.28
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third Amended and Restated Line of Credit Agreement by
and between the Company and LaSalle Bank Midwest National
Association, Individually and as Agent for the Lenders and
together with Fifth Third Bank (incorporated by reference
to exhibit 10.28 to the Company&#146;s Annual Report on Form
10-K for the year ended December&nbsp;31, 2006 (the &#147;2006 Form
10-K&#148;))</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">10.29
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment No.&nbsp;10 to Business Loan Agreement, Amendment
No.&nbsp;2 to Ninth Amended and Restated Promissory Note ($5
million Line of Credit) (incorporated by reference to
exhibit 10.29 to the 2006 Form&nbsp;10-K)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">21.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subsidiaries of Agree Realty Corporation (incorporated
by reference to exhibit 21 to the Company&#146;s Form&nbsp;10-K for
the year ended December&nbsp;31, 2005)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Virchow, Krause &#038; Company, LLP*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></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">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of BDO Seidman, LLP*</TD>
</TR>
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    <TD>&nbsp;</TD>
    <TD>Filed herewith.</TD>
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sv8
Table of Contents
As filed with the Securities and Exchange Commission on March 21, 2007.
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
Farmington Hills, Michigan
(Address of Principal Executive Offices)
48334
(Zip Code)
2005 Agree Realty Corporation Equity 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
:
Gina E. 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
1,000,000
$32.86
$32,860,000
$1,009.00
(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 March 14, 2007.
(2)
Calculated pursuant to Section 6(b) of the Securities Act.
TABLE OF CONTENTS
PART I
Item 1. Plan Information
Item 2. Registrant Information and Employee Plan Annual Information
PART II
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 Virchow, Krause & Company, 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, 2006.
(ii) 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 2005 Form 10-K.
(iii) 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.
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
1
Table of Contents
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
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 Company's Form 10-K for the year ended December 31, 1996 (the
"1996 Form 10-K")
10.2
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)
10.3
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)
10.4
Agree Realty Corporation Profit Sharing Plan (incorporated by reference to
Exhibit 10.13 to the 1996 Form 10-K)
10.5
Line of Credit Agreement by and among Agree Limited Partnership, the Company,
the lender parties thereto, and Michigan National Bank as Agent (incorporated
by reference to Exhibit 10.10 to the Company's Form 10-K for the year ended
December 31, 1995)
2
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Exhibit
Number
Description
10.6
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)
10.7
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)
10.8
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"))
10.9
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)
10.10
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 Company's
Form 10-K for the year ended December 31, 1999)
10.11
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)
10.12
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
10.13
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"))
10.14
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))
10.15
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"))
10.16
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)
10.17
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"))
10.18
Project Loan Agreement dated as of January 30, 2003 between Modern Woodman of
America and Phoenix Drive L.L.C. (incorporated by reference to exhibit 10.1
to the March 31, 2003 Form 10-Q)
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Exhibit
Number
Description
10.19
Sixth amendment to amended and restated $5 million business loan agreement
dated April 30, 2003, between Agree Limited Partnership and Standard Federal
Bank (incorporated by reference to exhibit 10.1 to the June 30, 2003 Form
10-Q)
10.20
Amended and Restated $50 million Line of Credit agreement dated November 5,
2003, among Agree Realty Corporation, Standard Federal Bank and Bank One
(incorporated by reference to exhibit 10.1 to the Sept. 30, 2003 Form 10-Q)
10.21
Indemnity Deed of Trust and Security Agreement dated October 31, 2003, by
Agree – Columbia Crossing Project, L.L.C., and Nationwide Life Insurance
Company (incorporated by reference to exhibit 10.33 to the December 31, 2003
Form 10-K)
10.22
Indemnity Deed of Trust and Security Agreement dated October 31, 2003, by
Agree-Milestone Center Project, L.L.C., and Nationwide Life Insurance Company
(incorporated by reference to exhibit 10.34 to the December 31, 2003 Form
10-K)
10.23
Mortgage and Security Agreement dated October 31, 2003, by Oklahoma Store No.
151, L.L.C. and Nationwide Life Insurance Company (incorporated by reference
to exhibit 10.35 to the December 31, 2003 Form 10-K)
10.24
Deed of Trust and Security Agreement dated October 31, 2003, by Omaha Store
No. 166, L.L.C. and Nationwide Life Insurance Company (incorporated by
reference to exhibit 10.36 to the December 31, 2003 Form 10-K)
10.25
The Company's 2005 Equity Incentive Plan
10.26
Employment Agreement, dated August 1, 2005, by and between the Company, and
Charles Carter (incorporated by reference to exhibit 10.1 to the September
2005 Form 10-Q)
10.27
Employment Agreement, dated September 1, 2005, by and between the Company,
and Vicky Umphryes (incorporated by reference to exhibit 10.2 to the
September 2005 Form 10-Q)
10.28
Third Amended and Restated Line of Credit Agreement by and between the
Company and LaSalle Bank Midwest National Association, Individually and as
Agent for the Lenders and together with Fifth Third Bank (incorporated by
reference to exhibit 10.28 to the Company's Annual Report on Form 10-K for
the year ended December 31, 2006 (the "2006 Form 10-K"))
10.29
Amendment No. 10 to Business Loan Agreement, Amendment No. 2 to Ninth Amended
and Restated Promissory Note ($5 million Line of Credit) (incorporated by
references to exhibit 10.29 to the 2006 Form 10-K)
21.1
Subsidiaries of Agree Realty Corporation (incorporated by reference to
exhibit 21 to the Company's Form 10-K for the year ended December 31, 2005)
23.1
Consent of Virchow, Krause & Company, LLP*
23.2
Consent of BDO Seidman, LLP*
*
Filed herewith.
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:
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(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.
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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 21st day of
March, 2007.
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)
March 21, 2007
/s/ Farris G. Kalil
Farris G. Kalil
Director
March 21, 2007
/s/ Michael Rotchford
Michael Rotchford
Director
March 21, 2007
/s/ Leon M. Schurgin
Leon M. Schurgin
Director
March 21, 2007
/s/ Gene Silverman
Gene Silvermann
Director
March 21, 2007
/s/ Ellis G. Wachs
Ellis G. Wachs
Director
March 21, 2007
/s/ Kenneth R. Howe
Kenneth R. Howe
Vice President, Finance and
Secretary (Principal
Financial/Accounting Officer)
March 21, 2007
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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
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 Company's Form 10-K for the year ended December 31,
1996 (the "1996 Form 10-K")
10.2
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)
10.3
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)
10.4
Agree Realty Corporation Profit Sharing Plan
(incorporated by reference to Exhibit 10.13 to the 1996
Form 10-K)
10.5
Line of Credit Agreement by and among Agree Limited
Partnership, the Company, the lender parties thereto, and
Michigan National Bank as Agent (incorporated by reference
to Exhibit 10.10 to the Company's Form 10-K for the year
ended December 31, 1995)
10.6
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)
10.7
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)
10.8
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"))
10.9
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)
10.10
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
Company's Form 10-K for the year ended December 31, 1999)
10.11
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)
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Exhibit
Number
Description
10.12
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
10.13
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"))
10.14
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))
10.15
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"))
10.16
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)
10.17
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"))
10.18
Project Loan Agreement dated as of January 30, 2003
between Modern Woodman of America and Phoenix Drive L.L.C.
(incorporated by reference to exhibit 10.1 to the March 31,
2003 Form 10-Q)
10.19
Sixth amendment to amended and restated $5 million
business loan agreement dated April 30, 2003, between Agree
Limited Partnership and Standard Federal Bank (incorporated
by reference to exhibit 10.1 to the June 30, 2003 Form
10-Q)
10.20
Amended and Restated $50 million Line of Credit
agreement dated November 5, 2003, among Agree Realty
Corporation, Standard Federal Bank and Bank One
(incorporated by reference to exhibit 10.1 to the Sept. 30,
2003 Form 10-Q)
10.21
Indemnity Deed of Trust and Security Agreement dated
October 31, 2003, by Agree – Columbia Crossing Project,
L.L.C., and Nationwide Life Insurance Company (incorporated
by reference to exhibit 10.33 to the December 31, 2003 Form
10-K)
10.22
Indemnity Deed of Trust and Security Agreement dated
October 31, 2003, by Agree-Milestone Center Project,
L.L.C., and Nationwide Life Insurance Company (incorporated
by reference to exhibit 10.34 to the December 31, 2003 Form
10-K)
10.23
Mortgage and Security Agreement dated October 31,
2003, by Oklahoma Store No. 151, L.L.C. and Nationwide Life
Insurance Company (incorporated by reference to exhibit
10.35 to the December 31, 2003 Form 10-K)
10.24
Deed of Trust and Security Agreement dated October 31,
2003, by Omaha Store No. 166, L.L.C. and Nationwide Life
Insurance Company (incorporated by reference to exhibit
10.36 to the December 31, 2003 Form 10-K)
10.25
The Company's 2005 Equity Incentive Plan
10.26
Employment Agreement, dated August 1, 2005, by and
between the Company, and Charles Carter (incorporated by
reference to exhibit 10.1 to the September 2005 Form 10-Q)
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Exhibit
Number
Description
10.27
Employment Agreement, dated September 1, 2005, by and
between the Company, and Vicky Umphryes (incorporated by
reference to exhibit 10.2 to the September 2005 Form 10-Q)
10.28
Third Amended and Restated Line of Credit Agreement by
and between the Company and LaSalle Bank Midwest National
Association, Individually and as Agent for the Lenders and
together with Fifth Third Bank (incorporated by reference
to exhibit 10.28 to the Company's Annual Report on Form
10-K for the year ended December 31, 2006 (the "2006 Form
10-K"))
10.29
Amendment No. 10 to Business Loan Agreement, Amendment
No. 2 to Ninth Amended and Restated Promissory Note ($5
million Line of Credit) (incorporated by reference to
exhibit 10.29 to the 2006 Form 10-K)
21.1
Subsidiaries of Agree Realty Corporation (incorporated
by reference to exhibit 21 to the Company's Form 10-K for
the year ended December 31, 2005)
23.1
Consent of Virchow, Krause & Company, LLP*
23.2
Consent of BDO Seidman, LLP*
*
Filed herewith.
9