Common use of Subscription Documents Clause in Contracts

Subscription Documents. Each Person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to UMB BANK, N.A., ESCROW AGENT FOR ARC REALTY FINANCE TRUST, INC.” During such time, the Soliciting Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Shares, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of $2,000,000 in 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB BANKBank, N.A., ESCROW AGENT FOR ARC REALTY FINANCE TRUST, INC.” Escrow Agent for Lightstone III”. During such time, the Dealer Manager or any Selected Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) at the address provided in the Subscription Agreement. When the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, the final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward the Subscription Agreement and check to the Escrow Agent or Company, as applicable. If any Subscription Agreement solicited by a Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone III”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent Company at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Shares, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to UMB BANK, N.A., ESCROW AGENT FOR ARC AMERICAN REALTY FINANCE CAPITAL GLOBAL TRUST, INC.” During such time, the Soliciting Selected Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Sharescheck, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 2,500,000 in Shares has been sold, payments for Shares shall be made by checks payable to UMB “W▇▇▇▇ FARGO BANK, N.A.NA, ESCROW AGENT FOR ARC REALTY FINANCE TRUST, INC.BUSINESS DEVELOPMENT CORPORATION OF AMERICA” During such time, the Soliciting Selected Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Sharescheck, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to UMB BANK, N.A., ESCROW AGENT FOR ARC AMERICAN REALTY FINANCE TRUSTCAPITAL TRUST IV, INC.” During such time, the Soliciting Selected Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Sharescheck, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to UMB BANK, N.A., ESCROW AGENT FOR ARC AMERICAN REALTY FINANCE TRUSTCAPITAL HEALTHCARE TRUST II, INC.” During such time, the Soliciting Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Shares, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Selected Broker-Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to “UMB BANKBank, N.A., ESCROW AGENT FOR ARC REALTY FINANCE TRUSTas Escrow Agent for Terra Income Fund 6, INC.Inc.” During such time, the Soliciting a Selected Broker-Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent Agent”) at the address provided in the Subscription Agreement. . When a Soliciting Selected Broker-Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Selected Broker-Dealer from the subscriber, the Soliciting Selected Broker-Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting the Selected Broker-Dealer’s internal supervisory procedures, the Soliciting Selected Broker-Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Selected Broker-Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Selected Broker-Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Sharescheck, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Selected Broker-Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) 10 business days from the date of rejection. Once the minimum offering of $2,000,000 in Shares has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Shares shall be made payable to “Terra Income Fund 6, Inc.” At such time, the Selected Broker-Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to Terra Income Fund 6, Inc., c/o ACS Securities Services, Inc., at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Shares Units through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in and included with the Prospectus. Until the minimum offering of $2,000,000 1,000,000 in Shares any combination of Class A and Class T Units has been sold, payments for Shares Units shall be made by checks payable to “UMB BANK, N.A., ESCROW AGENT FOR ARC REALTY FINANCE TRUSTATLAS GROWTH PARTNERS, INC.L.P.” During such time, the Soliciting Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares Units were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares Units and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of SharesUnits, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the CompanyPartnership, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Selected Broker-Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until Checks for the minimum offering purchase of $2,000,000 Shares will be made payable to Terra Income Fund 6, Inc. and deposited in Shares has been solda designated deposit account (the “Deposit Account”) of UMB Bank, N.A., as agent for the Company (the “Escrow Agent”). When a Selected Broker-Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and check were initially received by the Selected Broker-Dealer from the subscriber, the Selected Broker-Dealer shall transmit the Subscription Agreement and check to DST Systems, Inc. (the “Transfer Agent”) by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to the Selected Broker-Dealer’s internal supervisory procedures, the Selected Broker-Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Selected Broker-Dealer shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following the Selected Broker-Dealer’s receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward both the Subscription Agreement and check to the Transfer Agent. If any Subscription Agreement solicited by the Selected Broker-Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Shares shall be made by checks payable to UMB BANK“Terra Income Fund 6, N.A., ESCROW AGENT FOR ARC REALTY FINANCE TRUST, INC.Inc.” During At such time, the Soliciting Selected Broker-Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent Terra Income Fund 6, Inc., c/o DST Systems, Inc., at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Shares, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to UMB BANK, N.A., ESCROW AGENT FOR ARC AMERICAN REALTY FINANCE CAPITAL GLOBAL DAILY NET ASSET VALUE TRUST, INC.” During such time, the Soliciting Selected Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Sharescheck, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to UMB BANK, N.A., ESCROW AGENT FOR ARC AMERICAN REALTY FINANCE TRUSTCAPITAL GLOBAL TRUST II, INC.” During such time, the Soliciting Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Shares, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, the subscription documents described in the Prospectus. If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Until the minimum offering of $2,000,000 in 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, payments for Common Shares shall be made by checks payable to “UMB BANKBank, N.A., ESCROW AGENT FOR ARC REALTY FINANCE TRUST, INC.” Escrow Agent for Lightstone Real Estate Income Trust”. During such time, the Dealer Manager or any Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initiated by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent”) at the address provided in the Subscription Agreement. When the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and check were initially received by the Dealer Manager or Soliciting Dealer, as applicable, from the subscriber, the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and the Subscription Agreement to the Escrow Agent or Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, the final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward the Subscription Agreement and check to the Escrow Agent or Company, as applicable. If any Subscription Agreement solicited by a Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. Once the minimum offering of 200,000 Common Shares (excluding Common Shares sold to New York, Tennessee and Pennsylvania investors) has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Common Shares shall be made payable to “Lightstone Real Estate Income Trust”. At such time, the Dealer Manager or Soliciting Dealer, as applicable, shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent Company at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Shares, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to UMB BANK, N.A., ESCROW AGENT FOR ARC AMERICAN REALTY FINANCE TRUSTCAPITAL TRUST V, INC.” During such time, the Soliciting Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Shares, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to UMB BANK, N.A., ESCROW AGENT FOR ARC REALTY FINANCE TRUST, INC.” During such time, the Soliciting Selected Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Sharescheck, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to UMB BANK, N.A., ESCROW AGENT FOR ARC AMERICAN REALTY FINANCE CAPITAL HOSPITALITY TRUST, INC.” During such time, the Soliciting Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Shares, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Selected Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to “UMB BANKBank, N.A., ESCROW AGENT FOR ARC REALTY FINANCE TRUST, INC.as Escrow Agent for Corporate Property Associates 18 — Global Incorporated” During such time, the Soliciting a Selected Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent Agent”) at the address provided in the Subscription Agreement. When a Soliciting Selected Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Selected Dealer from the subscriber, the Soliciting Selected Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting the Selected Dealer’s internal supervisory procedures, the Soliciting Selected Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Selected Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Selected Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Sharescheck, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Selected Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) 10 business days from the date of rejection. Once the minimum offering of $2,000,000 in Shares has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Shares shall be made payable to “Corporate Property Associates 18 - Global Incorporated.” At such time, the Selected Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to Corporate Property Associates 18 - Global Incorporated, c/o DST Systems, Inc., at the address provided in the Subscription Agreement. If the minimum offering of $2,000,000 in Shares has not been obtained within six months from the Effective Date, which the Company may elect to extend to a date no later than one year from the Effective Date (the “Closing Date”), pursuant to the Escrow Agreement, the Escrow Agent shall, promptly following the Closing Date, refund to each investor by check funds deposited in the escrow account or shall return the instruments of payment delivered to the Escrow Agent if such instruments have not been processed for collection prior to such time, directly to each investor at the address provided in the list of investors.

Subscription Documents. Each Person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to “UMB BANK, N.A.NA, ESCROW AGENT FOR ARC AMERICAN REALTY FINANCE TRUSTCAPITAL – RETAIL CENTERS OF AMERICA, INC.” During such time, the a Soliciting Dealer shall forward original checks together with an original Subscription Agreementsubscription agreement, executed and initialed by the subscriber as provided for in the Subscription Agreementsubscription agreement, to the Escrow Agent at the address provided in the Subscription Agreementsubscription agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement subscription agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement subscription agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreementsubscription agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement subscription agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement subscription agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement subscription agreement and the check for the purchase of Sharescheck, forward both the Subscription Agreement subscription agreement and such check to the Escrow Agent. If any Subscription Agreement subscription agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement subscription agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Primary Shares through the a Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 Subject to certain limited exceptions as set forth in Shares has been soldSection 6(h), payments for Primary Shares shall be made by checks payable to “UMB BANK, N.A.NATIONAL ASSOCIATION, ESCROW AGENT FOR ARC AMERICAN REALTY FINANCE TRUSTCAPITAL PROPERTIES, INC.” During such timeEach Dealer Manager or a Soliciting Dealer, the Soliciting Dealer as applicable, shall forward the original checks for the purchase of Primary Shares, together with an original Subscription Agreementsubscription agreement, completed and executed and initialed by the subscriber as provided for in the Subscription Agreementsubscription agreement, to the Escrow Agent at the address provided in the Subscription Agreementsubscription agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement subscription agreement and the check for the purchase of Primary Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement subscription agreement and such the check for the purchase of Primary Shares to the Escrow Agent by the end of the next business day Business Day following receipt of the check for the purchase of Primary Shares and Subscription Agreementthe subscription agreement. When, pursuant to the Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Primary Shares and Subscription Agreement the subscription agreement to the Final Review Office by the end of the next business day Business Day following the Soliciting Dealer’s receipt of the Subscription Agreement subscription agreement and such checkthe check for the purchase of Primary Shares. The Final Review Office willshall, by the end of the next business day Business Day following its receipt of the Subscription Agreement subscription agreement and the check for the purchase of Primary Shares, forward both the Subscription Agreement subscription agreement and such the check for the purchase of Primary Shares to the Escrow Agent. If any Subscription Agreement subscription agreement solicited by the Soliciting Dealer is rejected by the a Dealer Manager or the Company, then the Subscription Agreement subscription agreement and such the check for the purchase of Primary Shares will be returned to the rejected subscriber within ten (10) business days Business Days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to “UMB BANK, N.A., ESCROW AGENT FOR ARC AMERICAN REALTY FINANCE TRUSTCAPITAL NEW YORK CITY REIT II, INC.” During such time, the Soliciting Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Shares, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares Minimum Offering has been soldobtained, payments for Shares shall be made by checks payable to “UMB BANK, N.A., ESCROW AGENT FOR ARC AMERICAN REALTY FINANCE CAPITAL DAILY NET ASSET VALUE TRUST, INC.” During such time, the Soliciting Selected Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the ““ Final Review OfficeOffice ”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Sharescheck, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten thirty (1030) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to “UMB BANK, N.A., ESCROW AGENT FOR ARC AMERICAN REALTY FINANCE TRUSTCAPITAL – RETAIL CENTERS OF AMERICA II, INC.” During such time, the Soliciting Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Shares, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Participating Broker-Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 3,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to “UMB BANKBank, N.A., ESCROW AGENT FOR ARC REALTY FINANCE TRUSTas Escrow Agent for Terra Secured Income Trust, INC.Inc.” During such time, the Soliciting a Participating Broker-Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent Agent”) at the address provided in the Subscription Agreement. When a Soliciting Participating Broker-Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Participating Broker-Dealer from the subscriber, the Soliciting Participating Broker-Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting the Participating Broker-Dealer’s internal supervisory procedures, the Soliciting Participating Broker-Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Participating Broker-Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Participating Broker-Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Sharescheck, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Participating Broker-Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) 10 business days from the date of rejection. Once the minimum offering of $3,000,000 in Shares has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Shares shall be made payable to “Terra Secured Income Trust, Inc.” At such time, the Participating Broker-Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to Terra Secured Income Trust, Inc., c/o ACS Securities Services, Inc., at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Shares through the a Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 Subject to certain limited exceptions as set forth in Shares has been soldSection 5(h), payments for Shares shall be made by checks payable to “UMB BANK, N.A.NATIONAL ASSOCIATION, ESCROW AGENT FOR ARC AMERICAN REALTY FINANCE TRUSTCAPITAL PROPERTIES, INC.” During such timeEach Dealer Manager or a Soliciting Dealer, the Soliciting Dealer as applicable, shall forward the original checks for the purchase of Shares, together with an original Subscription Agreementsubscription agreement, completed and executed and initialed by the subscriber as provided for in the Subscription Agreementsubscription agreement, to the Escrow Agent at the address provided in the Subscription Agreementsubscription agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement subscription agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement subscription agreement and such the check for the purchase of Shares to the Escrow Agent by the end of the next business day Business Day following receipt of the check for the purchase of Shares and Subscription Agreementthe subscription agreement. When, pursuant to the Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement the subscription agreement to the Final Review Office by the end of the next business day Business Day following the Soliciting Dealer’s receipt of the Subscription Agreement subscription agreement and such checkthe check for the purchase of Shares. The Final Review Office willshall, by the end of the next business day Business Day following its receipt of the Subscription Agreement subscription agreement and the check for the purchase of Shares, forward both the Subscription Agreement subscription agreement and such the check for the purchase of Shares to the Escrow Agent. If any Subscription Agreement subscription agreement solicited by the Soliciting Dealer is rejected by the a Dealer Manager or the Company, then the Subscription Agreement subscription agreement and such the check for the purchase of Shares will be returned to the rejected subscriber within ten (10) business days Business Days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to UMB BANK, N.A., ESCROW AGENT FOR ARC AMERICAN REALTY FINANCE TRUSTCAPITAL NEW YORK CITY REIT, INC.” During such time, the Soliciting Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Shares, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Participating Broker-Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been soldIn connection with Direct Registration System (“DRS”) Settlement, payments for Shares shall be made by checks payable to UMB BANK, N.A., ESCROW AGENT FOR ARC REALTY FINANCE TRUST, INC.” During such time, the Soliciting Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When when a Soliciting Participating Broker-Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Participating Broker-Dealer from the subscriber, the Soliciting Participating Broker-Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting the Participating Broker-Dealer’s internal supervisory procedures, the Soliciting Participating Broker-Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Participating Broker-Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Participating Broker-Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Sharescheck, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Participating Broker-Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) 10 business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to “UMB BANK, N.A., ESCROW AGENT FOR ARC AMERICAN REALTY FINANCE TRUSTCAPITAL HEALTHCARE TRUST III, INC.” During such time, the Soliciting Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Shares, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to UMB BANK, N.A., ESCROW AGENT FOR ARC AMERICAN REALTY FINANCE TRUSTCAPITAL – RETAIL CENTERS OF AMERICA II, INC.” During such time, the Soliciting Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Shares, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Selected Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to “UMB BANKBank, N.A., ESCROW AGENT FOR ARC REALTY FINANCE TRUST, INC.as Escrow Agent for Corporate Property Associates 18 – Global Incorporated” During such time, the Soliciting a Selected Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent Agent”) at the address provided in the Subscription Agreement. When a Soliciting Selected Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Selected Dealer from the subscriber, the Soliciting Selected Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting the Selected Dealer’s internal supervisory procedures, the Soliciting Selected Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Selected Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Selected Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Sharescheck, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Selected Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) 10 business days from the date of rejection. Once the minimum offering of $2,000,000 in Shares has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Shares shall be made payable to “Corporate Property Associates 18 - Global Incorporated.” At such time, the Selected Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to Corporate Property Associates 18 - Global Incorporated, c/o DST Systems, Inc., at the address provided in the Subscription Agreement. If the minimum offering of $2,000,000 in Shares has not been obtained within six months from the Effective Date, which the Company may elect to extend to a date no later than one year from the Effective Date (the “Closing Date”), pursuant to the Escrow Agreement, the Escrow Agent shall, promptly following the Closing Date, refund to each investor by check funds deposited in the escrow account or shall return the instruments of payment delivered to the Escrow Agent if such instruments have not been processed for collection prior to such time, directly to each investor at the address provided in the list of investors.

Subscription Documents. Each Person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to UMB “▇▇▇▇▇ FARGO BANK, N.A.NA, ESCROW AGENT FOR ARC AMERICAN REALTY FINANCE CAPITAL HEALTHCARE TRUST, INC.” During such time, the Soliciting a Selected Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Sharescheck, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to UMB “▇▇▇▇▇ FARGO BANK, N.A.NA, ESCROW AGENT FOR ARC REALTY FINANCE TRUSTARC-NORTHCLIFFE INCOME PROPERTIES, INC.” During such time, the Soliciting Selected Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Sharescheck, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 2,500,000 in Shares has been sold, payments for Shares shall be made by checks payable to UMB “▇▇▇▇▇ FARGO BANK, N.A.NA, ESCROW AGENT FOR ARC REALTY FINANCE TRUST, INC.BUSINESS DEVELOPMENT CORPORATION OF AMERICA” During such time, the Soliciting Selected Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Sharescheck, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Selected Broker-Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to “UMB BANKBank, N.A., ESCROW AGENT FOR ARC REALTY FINANCE TRUSTas Escrow Agent for Terra Income Fund 6, INC.Inc.” During such time, the Soliciting a Selected Broker-Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent Agent”) at the address provided in the Subscription Agreement. . When a Soliciting Selected Broker-Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Selected Broker-Dealer from the subscriber, the Soliciting Selected Broker-Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting the Selected Broker-Dealer’s internal supervisory procedures, the Soliciting Selected Broker-Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Selected Broker-Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Selected Broker-Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Sharescheck, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Selected Broker-Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) 10 business days from the date of rejection. Once the minimum offering of $2,000,000 in Shares has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Shares shall be made payable to “Terra Income Fund 6, Inc.” At such time, the Selected Broker-Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to Terra Income Fund 6, Inc., c/o DST Systems, Inc., at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to UMB “▇▇▇▇▇ FARGO BANK, N.A.NA, ESCROW AGENT FOR ARC AMERICAN REALTY FINANCE TRUSTCAPITAL – RETAIL CENTERS OF AMERICA, INC.” During such time, the Soliciting Selected Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Sharescheck, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person person desiring to purchase Shares mShares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been soldIn connection with DRS Settlement, payments for Shares shall be made by checks payable to UMB BANK, N.A., ESCROW AGENT FOR ARC REALTY FINANCE TRUST, INC.” During such time, the Soliciting Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When when a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to the Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Sharescheck, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) 10 business days from the date of rejection.

Subscription Documents. Each Person person desiring to purchase Shares Units through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been soldIn connection with DRS Settlement, payments for Shares shall be made by checks payable to UMB BANK, N.A., ESCROW AGENT FOR ARC REALTY FINANCE TRUST, INC.” During such time, the Soliciting Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When when a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to the Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Sharescheck, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) 10 business days from the date of rejection.

Subscription Documents. Each Person person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Selected Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 10,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to “UMB BANKBank, N.A., ESCROW AGENT FOR ARC REALTY FINANCE TRUSTas Escrow Agent for ▇▇▇▇▇ Watermark Investors, INC.Inc.” During such time, the Soliciting a Selected Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent Agent”) at the address provided in the Subscription Agreement. When a Soliciting Selected Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Selected Dealer from the subscriber, the Soliciting Selected Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting the Selected Dealer’s internal supervisory procedures, the Soliciting Selected Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Selected Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Selected Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Sharescheck, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Selected Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) 10 business days from the date of rejection. Once the minimum offering of $10,000,000 in Shares has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Shares shall be made payable to “▇▇▇▇▇ Watermark Investors Incorporated.” At such time, the Selected Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to ▇▇▇▇▇ Watermark Investors Incorporated, c/o Phoenix American Financial Services Inc., at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Shares Units through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares Units has been sold, payments for Shares Units shall be made by checks payable to UMB BANK, N.A., ESCROW AGENT FOR ARC REALTY FINANCE TRUSTAMERICAN ENERGY CAPITAL PARTNERS, INCLP.” During such time, the Soliciting Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares Units were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares Units and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of SharesUnits, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to UMB BANK, N.A., ESCROW AGENT FOR ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ - ARC REALTY FINANCE TRUSTGROCERY CENTER REIT II, INC.” During such time, the Soliciting Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Shares, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Selected Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to “UMB BANKBank, N.A., ESCROW AGENT FOR ARC REALTY FINANCE TRUST, INC.as Escrow Agent for Corporate Property Associates 18 — Global Incorporated” During such time, the Soliciting a Selected Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent Agent”) at the address provided in the Subscription Agreement. When a Soliciting Selected Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Selected Dealer from the subscriber, the Soliciting Selected Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting the Selected Dealer’s internal supervisory procedures, the Soliciting Selected Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Selected Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Selected Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Sharescheck, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Selected Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) 10 business days from the date of rejection. Once the minimum offering of $2,000,000 in Shares has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Shares shall be made payable to “Corporate Property Associates 18 - Global Incorporated.” At such time, the Selected Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to Corporate Property Associates 18 - Global Incorporated, c/o DST Systems, Inc., at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to “UMB BANK, N.A., ESCROW AGENT FOR ARC AMERICAN REALTY FINANCE TRUSTCAPITAL TRUST III, INC.” During such time, the Soliciting Selected Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Sharescheck, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person person desiring to purchase Shares Preferred Stock through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the ProspectusProspectus if purchasing units using DRS Settlement, as described further in subsection (c), below. Until the minimum offering of $2,000,000 in Shares has been soldIn connection with DRS Settlement, payments for Shares shall be made by checks payable to UMB BANK, N.A., ESCROW AGENT FOR ARC REALTY FINANCE TRUST, INC.” During such time, the Soliciting Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When when a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to the Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Sharescheck, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) 10 business days from the date of rejection.

Subscription Documents. Each Person person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Selected Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 10,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to “UMB BANKBank, N.A., ESCROW AGENT FOR ARC REALTY FINANCE TRUSTas Escrow Agent for ▇▇▇▇▇ Watermark Investors, INC.Inc.” During such time, the Soliciting a Selected Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to UMB Bank, N.A. (the “Escrow Agent Agent”) at the address provided in the Subscription Agreement. When a Soliciting Selected Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Selected Dealer from the subscriber, the Soliciting Selected Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting the Selected Dealer’s internal supervisory procedures, the Soliciting Selected Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Selected Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Selected Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Sharescheck, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Selected Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) 10 business days from the date of rejection. Once the minimum offering of $10,000,000 in Shares has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, payments for Shares shall be made payable to “▇▇▇▇▇ Watermark Investors Incorporated.” At such time, the Selected Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to ▇▇▇▇▇ Watermark Investors Incorporated, c/o [ ], at the address provided in the Subscription Agreement.

Subscription Documents. Each Person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares Minimum Offering has been soldobtained, payments for Shares shall be made by checks payable to “UMB BANK, N.A., ESCROW AGENT FOR ARC AMERICAN REALTY FINANCE CAPITAL DAILY NET ASSET VALUE TRUST, INC.” During such time, the Soliciting Selected Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Sharescheck, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to UMB BANK, N.A., ESCROW AGENT FOR P▇▇▇▇▇▇▇ ▇▇▇▇▇▇ – ARC REALTY FINANCE TRUSTGROCERY CENTER REIT II, INC.” During such time, the Soliciting Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Shares, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, the subscription documents described in the Prospectus. Until If any Dealer Manager or any Soliciting Dealer receives a check not conforming to the minimum offering subscription instructions, it shall return such check directly to such subscriber not later than the end of $2,000,000 the next business day following its receipt. Subject to any continuing escrow obligations imposed by any states as described in Shares has been soldthe Prospectus, payments for Common Shares shall be made by checks payable to UMB BANK“United Realty Trust Incorporated,” and the Dealer Manager or any Selected Dealer, N.A.as applicable, ESCROW AGENT FOR ARC REALTY FINANCE TRUST, INC.” During such time, the Soliciting Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed initiated by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent United Realty Trust Incorporated New Business Team, c/o Phoenix American Financial Services, Inc., at the address provided in the Subscription Agreement. When a Soliciting Dealer’s the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Dealer Manager or Soliciting Dealer Dealer, as applicable, from the subscriber, the Dealer Manager or Soliciting Dealer Dealer, as applicable, shall transmit the Subscription Agreement and such check to UMB Bank, N.A. (the “Escrow Agent Agent”) (if any state has imposed continuing escrow obligations) or to the Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the internal supervisory procedures of the Dealer Manager or Soliciting Dealer’s internal supervisory procedures, as applicable, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Dealer Manager or Soliciting Dealer Dealer, as applicable, shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Sharescheck, forward both the Subscription Agreement and such check to the Escrow AgentAgent (if any state has imposed continuing escrow obligations) or to the Company, as applicable. If any Subscription Agreement solicited by the a Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) 10 business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to UMB “W▇▇▇▇ FARGO BANK, N.A.NA, ESCROW AGENT FOR ARC AMERICAN REALTY FINANCE CAPITAL HEALTHCARE TRUST, INC.” During such time, the Soliciting a Selected Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Sharescheck, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to UMB BANK, N.A., ESCROW AGENT FOR ARC AMERICAN REALTY FINANCE TRUSTCAPITAL HEALTHCARE TRUST II, INC.” During such time, the Soliciting Selected Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Sharescheck, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Common Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute execute, and deliver to the Dealer Manager or any Soliciting Dealer, as applicable, the subscription documents described in the Prospectus. Until If the minimum offering Dealer Manager or any Soliciting Dealer receives a check not conforming to the subscription instructions, it shall return such check directly to such subscriber not later than the end of $2,000,000 the next business day following its receipt. Subject to any continuing escrow obligations imposed by any states as described in Shares has been soldthe Prospectus, payments for Common Shares shall be made by checks payable to UMB BANK“United Realty Trust Incorporated,” and the Dealer Manager or any Soliciting Dealer, N.A.as applicable, ESCROW AGENT FOR ARC REALTY FINANCE TRUST, INC.” During such time, the Soliciting Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent United Realty Trust Incorporated New Business Team, c/o Phoenix American Financial Services, Inc., at the address provided in the Subscription Agreement. When a Soliciting Dealer’s the internal supervisory procedures of the Dealer Manager or Soliciting Dealer, as applicable, are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Dealer Manager or Soliciting Dealer Dealer, as applicable, from the subscriber, the Dealer Manager or Soliciting Dealer Dealer, as applicable, shall transmit the Subscription Agreement and such check to UMB Bank, N.A. (the “Escrow Agent Agent”) (if any state has imposed continuing escrow obligations) or to the Company, as applicable, by the end of the next business day following the receipt of the check and Subscription Agreement. When, pursuant to the internal supervisory procedures of the Dealer Manager or Soliciting Dealer’s internal supervisory procedures, as applicable, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Dealer Manager or Soliciting Dealer Dealer, as applicable, shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Sharescheck, forward both the Subscription Agreement and such check to the Escrow AgentAgent (if any state has imposed continuing escrow obligations) or to the Company, as applicable. If any Subscription Agreement solicited by the a Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) 10 business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to UMB BANK, N.A., ESCROW AGENT FOR ARC AMERICAN REALTY FINANCE CAPITAL DAILY NET ASSET VALUE TRUST, INC.” During such time, the Soliciting Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Shares, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Shares Units through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares Units has been sold, payments for Shares Units shall be made by checks payable to UMB BANK, N.A., ESCROW AGENT FOR ARC REALTY FINANCE TRUSTAMERICAN ENERGY CAPITAL PARTNERS, INC.LP” During such time, the Soliciting Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares Units were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares Units and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of SharesUnits, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.

Subscription Documents. Each Person desiring to purchase Shares through the Dealer Manager, or any other Soliciting Dealer, will be required to complete and execute the subscription documents described in the Prospectus. Until the minimum offering of $2,000,000 in Shares has been sold, payments for Shares shall be made by checks payable to UMB “▇▇▇▇▇ FARGO BANK, N.A.NA, ESCROW AGENT FOR ARC AMERICAN REALTY FINANCE TRUSTCAPITAL TRUST III, INC.” During such time, the Soliciting Selected Dealer shall forward original checks together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and the check for the purchase of Shares were initially received by the Soliciting Dealer from the subscriber, the Soliciting Dealer shall transmit the Subscription Agreement and such check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to Soliciting Dealer’s internal supervisory procedures, the Soliciting Dealer’s final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Soliciting Dealer shall transmit the check for the purchase of Shares and Subscription Agreement to the Final Review Office by the end of the next business day following the Soliciting Dealer’s receipt of the Subscription Agreement and such check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and the check for the purchase of Sharescheck, forward both the Subscription Agreement and such check to the Escrow Agent. If any Subscription Agreement solicited by the Soliciting Dealer is rejected by the Dealer Manager or the Company, then the Subscription Agreement and such check will be returned to the rejected subscriber within ten (10) business days from the date of rejection.