SW8150310_HISTORICAL FILE_20200604

STORMWATER DIVISION CODING SHEET
POST-CONSTRUCTION PERMITS
PERMIT NO. SW8 {.J
DOC TYPE ❑ CURRENT PERMIT
❑ APPROVED PLANS
HISTORICAL FILE
❑ COMPLIANCE EVALUATION INSPECTION
DOC DATE O
YYYYMMDD

. �.w SEW
ROY COOPER , -
Governor
MICHAEL S.REGAN
secretary 4v
BRIAN WRENN NORTH CAROLINA
Acting Director Environmental Quality
June 4, 2020
AEI Fund Management, Inc. (Developer)
Attn: Ms. Rona Newtson, Executive Vice President
30 East 7' Street, Suite 1300
St. Paul, MN 55101
AND
AEI Net Lease Portfolio IV, DST, a Delaware Statutory Trust(Property Owner)
Attn: Ms. Rona Newtson, Executive Vice President
30 East 7' Street, Suite 1300
St. Paul, MN 55101
Subject: Permit Transfer
State Stormwater Management Permit No. SW8 150310
Tractor Supply - Shallotte
Brunswick County
Dear Ms. Newtson:
On May 28, 2020, the Wilmington Regional Office received a Permit Transfer Application Form for the
subject project. DEMLR staff have conducted a site inspection on May 6, 2020, determined that the
documentation is in order, and that the project is currently in compliance with the terms and conditions of
the current state stormwater permit.
As indicated on the Permit Transfer Application Form, you have acknowledged receipt of a copy of the
permit(which includes the application and supplement forms), a copy of the certifications, a copy of the
recorded documents, a copy of the approved plans, a copy of the approved Operation and Maintenance
agreement from the previous permittee, a copy of the past maintenance records, and a copy of the latest
inspection report. By acknowledging receipt of the permit, and by signing the Name/Ownership Transfer
form and Operation and Maintenance Agreement, you have accepted the responsibility for complying
with the terms and conditions outlined in this permit. The Division is hereby notifying you that the
subject permit has been transferred on June 4, 2020 and reminding you that this permit shall be effective
until March 27,2023. A copy of the transferred and updated permit and associated documents are
enclosed. Please note that this transferred, updated, and re-issued permit does not impose new or
different terms; it merely restates and clarifies some of the previous terms to provide you with a better
understanding of your obligations under the permit. As the identified developer of the project, AEI Fund
Management, Inc. ("Developer") shall be the designated permit holder and responsible for meeting the
conditions and limitations specified therein. The property owner, AEI Net Lease Portfolio IV, DST, a
Delaware Statutory Trust("Property Owner"), will be responsible for recording the necessary deed
restrictions.
Please be aware that it is the responsibility of the permit holders, the Developer and Property Owner, to
notify the Division of any changes in ownership and request an ownership/name change for the
stormwater permit. However, if the development agreement between the Developer and the Property
Owner is dissolved, cancelled or defaults, and the Division is not notified by the Developer to transfer the
permit, then the responsibility for permit compliance reverts back to the Property Owner. A complete
transfer request must be submitted to the Division within 30 days as described below otherwise the
Developer and Property Owner will be operating a stormwater treatment facility without a valid permit
which is a violation of NC General Statue 143-215.1. Failure to transfer the permit may result in
appropriate enforcement action in accordance with North Carolina General Statute §143-215.6A through
§143-215.6C being taken against the Property Owner.
North Carolina Department of Environmental Quality I Division of Energy.Mineral and Land Resources
J Wilmington Regional Office 1 127 Cardinal Drive Extension I Wilmington.North Carolina 28405
wmX cnrmuru
�+��+v 910.796.7215

State Stormwater Permit No. S W 8 1503 10
Page 2 of 2
This permit is subject to the conditions and limitations as specified in the updated permit. Please pay
special attention to the conditions listed in this permit regarding the Operation and Maintenance of the
SCM(s), recordation of deed restrictions, procedures for changing ownership, transferring the permit, and
renewing the permit. Failure to establish an adequate system for operation and maintenance of the
stormwater management system, to record deed restrictions, to transfer the permit, or to renew the permit,
will result in future compliance problems.
If you have any questions, need additional copies of the permit or approved plans, please contact Kelly
Johnson with DEMLR in the Wilmington Regional Office at(910) 796-7215.
Sincerely,
,_
Brian Wrenn, Acting D rector
Division of Energy, Mineral and Land Resources
Enclosures: Attachment C—Permitting History
copy of the Permit Transfer Application Form
copy of the signed and approved Operation&Maintenance Agreement
copy of the certification
copy of the latest inspection report
copy of the latest application documents
DES/kpj:\\\Sto=vvater\Permits& Projects\2015\150310 HD\2020 06 permit 150310
cc:
1300 Wells Fargo Place,30 East 71 St., St. Paul, MN 55101
Wilmington Regional Office Stormwater File
a

State Stormwater Management Systems
Permit No. SW8 150310
STATE OF NORTH CAROLINA
DEPARTMENT OF ENVIRONMENTAL QUALITY
DIVISION OF ENERGY, MINERAL AND LAND RESOURCES
STATE STORMWATER MANAGEMENT PERMIT
HIGH DENSITY DEVELOPMENT
In accordance with the provisions of Article 21 of Chapter 143, General Statutes of North
Carolina as amended, and other applicable Laws, Rules, and Regulations
PERMISSION IS HEREBY GRANTED TO
AEI Fund Management, Inc. and
AEI Net Lease Portfolio IV, DST, a Delaware Statutory Trust
Tractor Supply Company
5100 Main Street, Shallotte, Brunswick County
FOR THE
construction, operation and maintenance of one (1) wet detention pond in compliance with
the provisions of 15A NCAC 2H .1000 and Session Law 2008-211 (hereafter referred to as
the "stormwater rules') the approved stormwater management plans and specifications and
other supporting data as attached and on file with and approved by the Division of Energy,
Mineral and Land Resources (the "Division" or "DEMLR") and considered an enforceable part
of this permit.
This permit shall be effective from the date of issuance until March 27, 2023, and shall be
subject to the following specified conditions and limitations:
I. DESIGN STANDARDS
1. This permit is effective only with respect to the nature and volume of stormwater
described in the application and other supporting data.
2. This stormwater system has been approved for the management of stormwater runoff
as described in Section 1.7 of this permit. The runoff from all built-upon area within the
permitted drainage area of this project must be directed into the permitted stormwater
control system. The stormwater control has been designed to handle the runoff from
111,211 square feet of impervious area.
3. The maximum built-upon area allowed for the entire project is 111,211 square feet.
4. The drainage area(s) will be limited to the amount(s) of built-upon area indicated in
Sections 1.2 and 1.7 of this permit, and per approved plans. The built-upon area for the
future development is limited to 5,000 square feet.
5. A 50' wide vegetative buffer must be provided and maintained adjacent surface
waters, measured horizontally from and perpendicular to the normal pool of
impounded structures, the top of bank of both sides of streams and rivers and the
mean high water line of tidal waters. All runoff directed into and through the vegetative
buffer must flow through the buffer in a diffuse manner.
Page 3 of 8

State Stormwater Management Systems
Permit No. SW8 150310
6. Stormwater runoff that is directed to flow through any wetlands shall flow into and
through these wetlands at a non-erosive velocity.
7. A vegetated filter strip is not required for this pond as it has been designed for a 90%
total suspended solids removal efficiency.
8. The following design criteria have been provided in the wet detention pond and must
be maintained at design condition:
a. Drainage Area, acres: 7.93
Onsite, ft2: 345,505
Offsite, ft2: 0
b. Total Impervious Surfaces, ft2: 111 ,211
Onsite, ft2: 111 ,211
Offsite, ft2: 0
c. Average Pond Design Depth, feet: 4.0
d. TSS removal efficiency: 90%
e. Design Storm: 1.5
f. Permanent Pool Elevation, FMSL: 16.25
g. Permitted Surface Area @PP, ft2: 10,414
h. Permitted Temporary Storage Volume, ft3: 14,927
i. Temporary Storage Elevation, FMSL: 17.44
j. Predevelopment 1 yr-24 hr. discharge rate, cfs: 11.3
k. Controlling Orifice: 2.05"0 pipe
I. Orifice Flowrate, cfs : 0.05
m. Permanent Pool Volume, ft3 : 28,322
n. Forebay Volume, ft3: 5,317
0. Maximum Fountain Horsepower: n/a
p. Receiving Stream / River Basin: Shallotte River/ Lumber
q. Stream Index Number 15-25-2-(1)
r. Classification of Water Body: "C, SW, HQW"
II. SCHEDULE OF COMPLIANCE
1. No person or entity, including the permittee, shall alter any component of the approved
stormwater system shown on the approved plans unless and until the Division has
approved of the revised plan.
2. The stormwater management system shall be constructed in its entirety, vegetated
and operational for its intended use prior to the construction of any built-upon surface.
3. During construction, erosion shall be kept to a minimum and any eroded areas of the
system will be repaired immediately.
4. The permittee shall at all times provide the operation and maintenance necessary to
assure that all components of the permitted stormwater system function at design
condition. The approved Operation and Maintenance Agreement is incorporated by
reference into this permit and must be followed in its entirety and maintenance must
occur at the scheduled intervals.
5. Records of maintenance activities must be kept and made available upon request to
authorized personnel of the Division. The records will indicate the date, activity, name
of person performing the work and what actions were taken.
Page 4 of 8

State Stormwater Management Systems
Permit No. SW8 150310
6. Decorative spray fountains will not be allowed in the stormwater treatment system as
the permanent pool volume is less than 30,000 cubic feet.
7. The facilities shall be constructed, operated and maintained in accordance with the
provisions of this permit, the approved plans and specifications, and the supporting
documents attached to this permit and on file with the Division.
8. Upon completion of construction, prior to issuance of a Certificate of Occupancy, and
prior to operation of this permitted facility, the permittee shall cause a certification from
an appropriate designer for the system installed to be submitted, certifying that the
permitted facility has been installed in accordance with this permit, the approved plans
and specifications, and other supporting documentation. Any deviations from the
approved plans and specifications must be noted on the Certification. A modification
may be required for those deviations.
9. If the stormwater system is used as an Erosion Control device, it must be restored to
design condition prior to operation as a stormwater treatment device, and prior to
occupancy of the facility.
10. All stormwater collection and treatment systems must be located in either public
rights-of-way, dedicated common areas or recorded easements. The final plats for the
project will be recorded showing all such rights-of-way, common areas and
easements, in accordance with the approved plans. Access to the stormwater facilities
for inspection and maintenance shall be maintained via appropriate recorded
easements at all times.
11. The permittee shall submit to the Director and shall have received approval for revised
plans, specifications, and calculations prior to construction, for any modification to the
approved plans, including, but not limited to, those listed below:
a. Any revision to any item shown on the approved plans, including the
stormwater management measures, built-upon area, details, etc.
b. Redesign or addition to the approved amount of built-upon area or to the
drainage area.
C. Further development, subdivision, acquisition, lease or sale of any, all or part of
the project area. The project area is defined as all property owned by the
permittee, for which Sedimentation and Erosion Control Plan approval or a
CAMA Major permit was sought.
d. Filling in, altering, or piping of any vegetative conveyance shown on the
approved plan.
e. The construction of any future BUA listed on the application.
12. Prior to transfer of the permit, the stormwater facilities will be inspected by Division
personnel. The project and the stormwater facility must be in substantial compliance
with all permit conditions. Any items not in substantial compliance must be repaired,
replaced or restored to design condition prior to the transfer. Records of maintenance
activities performed to date will be required.
13. The Director may notify the permittee when the permitted site does not meet one or
more of the minimum requirements of the permit. Within the time frame specified in
the notice, the permittee shall submit a written time schedule to the Director for
modifying the site to meet minimum requirements. The permittee shall provide copies
of revised plans and certification in writing to the Director that the changes have been
made.
Page 5 of 8

State Stormwater Management Systems
Permit No. SW8 150310
14. AEI Net Lease Portfolio IV, DST, a Delaware Statutory Trust (property owner) must
submit a copy of the recorded deed restrictions to the Division within 30 days of the
date of recording the plat and prior to selling lots. The recorded copy must contain all
of the statements above, the signature of the Permittee, the deed book number and
page, and the stamp/signature of the Register of Deeds.
15. It is the responsibility of the permit holders, AEI Fund Management, Inc. ("Developer")
and Property Owner, to notify the Division of any changes in ownership and request
an ownership/name change for the stormwater permit. However, if the development
agreement between the Developer and Property Owner is dissolved, cancelled or
defaults, and the Division is not notified by the Developer to transfer the permit, then
the responsibility for permit compliance reverts back to the Property Owner. A
complete transfer request must be submitted to the Division within 30 days as
described below otherwise the Developer and Property Owner will be operating a
stormwater treatment facility without a valid permit which is a violation of NC General
Statue 143-215.1 . Failure to transfer the permit may result in appropriate enforcement
action in accordance with North Carolina General Statute §143-215.6A through §143-
215.6C being taken against the Property Owner.
16. No person or entity, including the permittee, shall alter any component shown in the
approved plans and specifications. Prior to the construction of any modification to the
approved plans, the permittee shall submit to the Director, and shall have received
approval for modified plans, specifications, and calculations including, but not limited
to, those listed below. For changes to the project or SCM that impact the
certifications, a new or updated certification(s), as applicable, will be required and a
copy must be submitted to the appropriate DEQ regional office upon completion of the
modification.
a. Any modification to the approved plans and specifications, regardless of size
including the SCM(s), BUA, details, etc.
b. Redesign or addition to the approved amount of BUA or to the drainage area.
c. Further development, subdivision, acquisition, lease or sale of any, all or part of
the project and/or property area as reported in the approved plans and
specifications.
d. Altering, modifying, removing, relocating, redirecting, regrading, or resizing of
any component of the approved SCM(s), the stormwater collection system
and/or vegetative conveyance shown on the approved plan.
e. The construction of any allocated future BUA.
f. The construction of any permeable pavement, #57 stone area, public trails, or
landscaping material to be considered a permeable surface that were not
included in the approved plans and specifications.
g. Other modifications as determined by the Director.
III. GENERAL CONDITIONS
1. Any individual or entity found to be in noncompliance with the provisions of a
stormwater management permit or the Stormwater rules is subject to enforcement
procedures as set forth in NCGS 143 Article 21.
2. The issuance of this permit does not preclude the Permittee from complying with any
and all statutes, rules, regulations, or ordinances, which may be imposed by other
government agencies (local, state, and federal) having jurisdiction.
Page 6 of 8

State Stormwater Management Systems
Permit No. SW8 150310
3. In the event that the facilities fail to perform satisfactorily the Permittee shall take
immediate corrective action, including those as may be required by this Division, such
as the construction of additional or replacement stormwater management systems.
Additional or replacement stormwater management systems shall receive a permit
from the Division prior to construction.
4. This permit is not transferable to any person or entity except after notice to and
approval by the Director. The permittee shall submit a completed and signed "Permit
Transfer Application Form" (available on the Division website) accompanied by the
required fee and supporting documentation as listed on the form, to the Division at
least 60 days prior to any one or more of the following events:
a. The sale or conveyance of the project area in whole or in part, except in the
case of an individual lot sale that is made subject to the recorded deed
restrictions and protective covenants;
b. The assignment or conveyance of declarant rights to another individual or
entity;
C. The sale or conveyance of the common areas to a Homeowner's or Property
Owner's Association, subject to the requirements of NCGS 143-214.7(c2);
d. Dissolution of the partnership, corporate, or LLC entity, subject to NCGS 55-14-
05 or NCGS 57D-6-07 and 08;
e. Bankruptcy;
f. Foreclosure, subject to the requirements of Session Law 2013-121;
5. The permittee is responsible for compliance with all permit conditions until such time
as the Division approves the transfer request. Neither the sale of the project, in whole
or in part, nor the conveyance of common area to a third party constitutes an
approved transfer of the stormwater permit.
6. The permittee is responsible for compliance with all permit conditions until such time
as the Division approves the transfer request. Neither the sale of the project, in whole
or in part, nor the conveyance of common area to a third party constitutes an
approved transfer of the stormwater permit.
7. The permittee grants DEQ Staff permission to enter the property during normal
business hours for the purpose of inspecting all components of the permitted
stormwater management facility.
8. The permit issued shall continue in force and effect until the permittee files a request
with the Division for a permit modification, transfer, renewal, or rescission; however,
these actions do not stay any permit conditions.
9. Approved plans and specifications for this project are incorporated by reference and
are enforceable parts of the permit. The permittee shall maintain a copy of the permit,
O&M agreements, and the approved plans at all times.
10. Unless specified elsewhere, permanent seeding requirements for the stormwater
control must follow the guidelines established in the North Carolina Erosion and
Sediment Control Planning and Design Manual.
11. The issuance of this permit does not prohibit the Director from reopening and
modifying the permit, revoking and reissuing the permit, or terminating the permit as
allowed by the laws, rules and regulations contained in Session Law 2006-246, Title
15A NCAC 2H.1000, and NCGS 143-215.1 et.al.
12. The permittee shall submit a permit renewal application request at least 180 days prior
to the expiration date of this permit. The renewal request must include the appropriate
application, documentation and the processing fee.
Page 7 of 8

State Stormwater Management Systems
Permit No. SW8 150310
13. Current Permittee Name or Address Changes: The permittee shall submit a
completed "Permit Information Update Application Form" (available on the Division
website) to the Division within 30 days to making any one or more of the following
changes:
a. A name change of the current permittee;
b. A name change of the project;
c. A mailing address change of the permittee,
Permit transferred and reissued this the 4th day of June 2020
NORTH CAROLINA ENVIRONMENTAL MANAGEMENT COMMISSION
Brian Wrenn, Ab4nTUiriectUr
Division of Energy, Mineral and Land Resources
By Authority of the Environmental Management Commission
Permit Number SW8 150310
Page 8 of 8

Johnson, Kelly Nj Q
From: Matthew Swartzer <[e-mail]>
Sent: Thursday, May 28, 2020 11:02 AM
To: Johnson, Kelly
Subject: RE: [External] NC Stormwater Permit Transfer for a Tractor Supply (SW8 150310)
Company in Shallotte, NC
Attachments: AEI Fund Management Inc. Signature Authority.pdf; ATA Signatory Authority
2-2019.pdf; ATM Signatory Authority 2-2019.pdf
Extern fl email.Do not click links or open attachments unless you verify.Send all suspicious email as an attachment to
Good morning Kelly,
Attached are the resolutions that allow Rona to sign for both of the entities. This should satisfy your below email
question/requirements. Can you let me know the status of the application? We've been informed that we've passed one
of the inspections.
Please let me know if I can be of any more assistance.
Sincerely,
Matthew Swartzer
Real Estate Closing Specialist
Direct: 651-225-7723
AEI Capital Corporation
1300 Wells Fargo Place•30 East Seventh Street•St.
Paul,MN 55101
(P)800-328-3519•(F)651-227-7705
aeifunds.com faeifunds.coml
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL ENTITY TO WHICH IT IS ADDRESSED
AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE.
If the reader of this message is not the intended recipient or an employee or agent responsible for delivering the message
to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is
strictly prohibited and may be a violation of federal law_ If you have received this communication in error, please notify us
immediately.
From:Johnson, Kelly<[e-mail]>
Sent: Tuesday, May 19, 2020 5:03 PM
To: Matthew Swartzer<[e-mail]>
Subject: RE: [External] NC Stormwater Permit Transfer for a Tractor Supply (SW8 150310) Company in Shallotte, NC
Thanks! If you could just send everything at one time that would be appreciated.
Thanks,
Kelly
1

From: Matthew Swartzer [mailto:[e-mail]]
Sent:Tuesday, May 19, 2020 5:22 PM
To:Johnson, Kelly<[e-mail]>
Subject: RE: [External] NC Stormwater Permit Transfer for a Tractor Supply (SW8 150310) Company in Shallotte, NC
10 • Extemat email.Do not click tinks or open attachments unless you verify Send all suspicious email as an attachment to
Kelly,
Attached are the authority documents that allow Rona Newtson to sign on behalf of the DST. I will send over the ones
that allow her to sign on behalf of the corporation next week when she is back in the office.
Thank you for reaching out!
Sincerely,
Matthew Swartzer
Real Estate Closing Specialist
Direct: 651-225-7723
AEI Capital Corporation
1300 Wells Fargo Place•30 East Seventh Street•St.
(90 Paul, MN 55101
(P)800-328-3519•(F)651-227-7705
aeifunds.com [aeifunds.coml
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL ENTITY TO WHICH IT IS ADDRESSED
AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE.
If the reader of this message is not the intended recipient or an employee or agent responsible for delivering the message
to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is
strictly prohibited and may be a violation of federal law. If you have received this communication in error, please notify us
immediately.
From:Johnson, Kelly<[e-mail]>
Sent:Thursday, May 14, 2020 4:08 PM
To: Matthew Swartzer<[e-mail]>
Subject: RE: [External] NC Stormwater Permit Transfer for a Tractor Supply (SW8 150310) Company in Shallotte, NC
Hi Matthew,
I went through this,and everything looks good. I just have one question. The application indicates the Rona Newtson is
the Executive Vice President of AEI Fund Management, Inc., but the attached filing with the NC Secretary of State does
not list her name? The application documents have to be signed by someone listed in the filing. Or, if that is difficult,
then someone that is listed in the filing at a level of VP or higher can submit a letter transferring their signature authority
to her. Similarly, AEI Net Lease Portfolio IV, DST also lists Ms. Newston as Executive VP. Can you please submit
documentation for the file that she officially holds this title?
Thanks,
Kelly
From: Matthew Swartzer [mailto:[e-mail]]
Sent: Monday, May 4, 2020 12:59 PM
2

To:Johnson, Kelly<[e-mail]>
Subject: RE: [External] NC Stormwater Permit Transfer for a Tractor Supply(SW8 150310) Company in Shallotte, NC
CAUTION:
External email.Do rtot click links or open tachments unless you ver fy.Send all suspicious email as an attachment to
Hi Kelly,
I'm guessing you are busy and just wanted to know if you've gotten a chance to review our permit?
Sincerely,
Matthew Swartzer
Real Estate Closing Specialist
Direct: 651-225-7723
AEI Capital Corporation
1300 Wells Fargo Place•30 East Seventh Street•St.
' Paul,MN 55101
(P)800-328-3519•(F)651-227-7705
aeifunds.com (aelfunds.com]
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL ENTITY TO WHICH IT IS ADDRESSED
AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE.
If the reader of this message is not the intended recipient or an employee or agent responsible for delivering the message
to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is
strictly prohibited and may be a violation of federal law. If you have received this communication in error, please notify us
immediately.
From: Matthew Swartzer
Sent: Monday,April 20, 2020 12:34 PM
To: 'Johnson, Kelly' <[e-mail]>
Subject: RE: [External] NC Stormwater Permit Transfer for a Tractor Supply (SW8 150310) Company in Shallotte, NC
No worries, Kelly. I know we both have more important things to handle in the meantime. I just wanted to let you know
that I will be the AEI contact handling any issues that arise.
Sincerely,
Matthew Swartzer
From:Johnson, Kelly <[e-mail]>
Sent: Monday, April 20, 2020 11:25 AM
To: Matthew Swartzer<[e-mail]>
Subject: RE: [External] NC Stormwater Permit Transfer for a Tractor Supply (SW8 150310) Company in Shallotte, NC
Thanks. I have not got to this on the list. I will go through it as soon as I can.
Kelly
From: Matthew Swartzer [mailto:[e-mail]]
Sent: Monday, April 20, 2020 11:58 AM
To:Johnson, Kelly <[e-mail]>
3

Cc: Mark Estlund <MEstlund(nlaeifunds.com>; Brian Schulz<[e-mail]>
Subject: RE: [External] NC Stormwater Permit Transfer for a Tractor Supply (SW8 150310) Company in Shallotte, NC
External email. Do not click links or open attachments unless you verify.Send atl suspicious email as an attachment to
4
Good morning Kelly,
I hope you and your family are well. I was informed that you will be processing/handling our stormwater application and
wanted to let you know that I will be handling the application and permit on our end. If you need any additional
information, feel free to reach out to me.
Sincerely,
Matthew Swartzer
Real Estate Closing Specialist
Direct: 651-225-7723
AEI Capital Corporation
1300 Wells Fargo Place•30 East Seventh Street•St.
Paul, MN 55101
(P)800-328-3519•(F)651-227-7705
aeifunds.com faeifunds.coml
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL ENTITY TO WHICH IT IS ADDRESSED
AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE.
If the reader of this message is not the intended recipient or an employee or agent responsible for delivering the message
to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is
strictly prohibited and may be a violation of federal law. If you have received this communication in error, please notify us
immediately.
From:Johnson, Kelly <[e-mail]>
Sent: Wednesday, January 8, 2020 12:21 PM
To: Matthew Swartzer<[e-mail]>
Cc: Mark Estlund <[e-mail]>; Pusey,Steven <[e-mail]>; Musial, Connor E
<connor.m usia I @ ncdenr.gov>
Subject: RE: [External] NC Stormwater Permit Transfer for a Tractor Supply(SW8 150310) Company in Shallotte, NC
Matthew,
It isn't that DEMLR doesn't recognize trusts. We have issued permits to trusts, such as family trusts, that are simple and
are written up like a partnership. Honestly, I do not what a "Delaware Statutory Trust" is, and so I am not sure what to
do with that. Here is the official regulatory requirements for signatures:
15A NCAC 02N.1040 PERrtIT ADMMSTRAMN
This Rule applies to the permitting processes set forth in Rules.1041 through.1045 of this Section.
(1) SIGNATURES ON PER.WT APPLICATION FORMS. Application fortes shalt have an original
signature by one of the following entities unless the application is accompanied by a letter of
authorization signed by the appropriate authority as designated in Sub-Items(a)through(d)of this
Item authorizing the signature of another entity:
(a) in the case of a corporation-by a principal executive officer of the level of vice-president
or his authorized representative. In the case of a limited liability corporation(LLC),by a
manager or company official as those terns are defined in G.S. 57D 'North Carolina
Limited Liability Company Act;"
(b) in the case of a partnership,by a general partner or a managing partner. In the case of a
limited partnership,by a general partner;
(c) in the case of a proprietorship,by the propriemr(s);or
(d) in the case of a municipal, state,or other public entity, by either a principal executive
officer,mtddng official,or other duly authorized employee.
4

I think the easiest thing to do is to get the new corporation in INC as you have suggested. The permittee will be the
corporation, and so the permittee's relationship to the property owner isn't any of these options (owner, HOA; lessee,
purchaser or developer). The form just can't cover every circumstance. In this case I would choose developer. Then
submit the agreement between the permittee/corporation and the owner/trust. Both of those entities will be listed on
the permit as co-permittees.
Thanks,
Kelly
From: Matthew Swartzer [mailto:[e-mail]]
Sent: Wednesday,January 8, 2020 11:58 AM
To:Johnson, Kelly<[e-mail]>
Cc: Mark Estlund <[e-mail]>; Pusey, Steven <[e-mail]>; Musial, Connor E
<connor,m usial @ ncdenr.aov>
Subject: RE: [External] NC Stormwater Permit Transfer for a Tractor Supply (SW8 150310) Company in Shallotte, NC
External email.Do not cPtek links or open attachments unless you verify.Send all suspicious email as an attachment to
Kelly,
Our plan is to get an authorization for the Corporation (Permit Holder) to conduct business in INC and have an
agreement between stating the duties between Owner(the Trust) and the Permit Holder (the Corporation). We are
doing this because the NCDENR doesn't recognize the Trust as an entity (#1 from the denial letter attached).
The last question I have before I register the Corporation in INC, is which box should I check below? Should I check
property owner and then write in that"the Property Owner ("Trust") has an Agreement with the Corporation ("Permit
Holder") to act as Permit Holder because the Property Owner ("Trust ") is not recognized as a business entity by the
NCDENR"?
I just want to make to do my work on the front end so there aren't any hiccups down the line.
Thank you for all of your time.
E. PROPOSED PERMITTEE INFORMATION
1. The proposed permittee is the:
❑ Property owner(Also complete Part F.)
Home Owners Association(HOA),Property Owners Association(PDA),or Unit Owner Association
(UOA)(Also complete Part F.)
El Lessee-Attach a copy of the lease agreement.Both the lessee and the property owner will appear on
the permit as co-pennittees.If the lease is terminated,responsibility for the permit reverts to the property
owner.(Also complete Parts F&G.)
❑ Purchaser-Attach a copy of the pending sales agreement. The permit will require submission of a copy
of the recorded deed after the purchase has taken place.If the purchase agreement is cancelled the
permit reverts to the property owner.(Also complete Parts F&G.)
❑ Developer-Attach a copy of the development agreement.Both the developer and the property owner
will appear on the permit as cc-pennittees.N the development agreement is terminated,responsibility for
the permit reverts to the property owner. (Also complete Parts F&G.)
Sincerely,
Matthew Swartzer
Real Estate Closing Specialist
Direct: 651-225-7723
s

AEI Capital Corporation
1300 Wells Fargo Place+30 East Seventh Street*St.Paul,MN 55101
(P)[phone]♦(F)[phone]
WW&AEIFUNDS.COM faeifunds.com]
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL ENTITY TO WHICH IT IS ADDRESSED
AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE.
If the reader of this message is not the intended recipient or an employee or agent responsible for delivering the message
to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is
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immediately.
From:Johnson, Kelly<[e-mail]>
Sent: Friday, January 3, 2020 11:40 AM
To: Matthew Swartzer<[e-mail]>
Cc: Mark Estlund <[e-mail]>; Pusey,Steven <Steven.pusey@ ncdenr.gov>
Subject: RE: [External] INC Stormwater Permit Transfer for a Tractor Supply (SW8 150310) Company in Shallotte, NC
Matthew,
You could register the owner in NC. Or, I have also seen some companies get some sort of authorization to conduct
business in NC. (That is unusual, and that might not be the exact term. But, it is something like that.) There is a section
of the application that asks what role the proposed permittee plays; owner, lessee, purchaser or developer. In any case
if the permit is written to someone other than the owner, there is language that essentially says that if the permittee
doesn't do what they are supposed to do that the responsibility falls to the land owner. So,the owner also has to be in
compliance with G.S. 57D "North Carolina Limited Liability Company Act;", which generally says that any permitted
corporation has to be in good standing with the NC Secretary of State.
Kelly
E. PROPOSED PERMITTEE INFORMATION
1. The proposed pennittee is the:
❑ Property owner(Also complete Part F.)
❑ Home Owners Association(HOA),Property Owners Association(PDA),or Unit Owner Association
(UOA)(Also complete Part F.)
❑ Lessee-Attach a copy of the lease agreement.Both the lessee and the property owner will appear on
the permit as ca-perrnl if the lease is terminated,responsibility for the permit reverts to the property
owner.(Also complete Parts F B G.)
Purchaser-Attach a copy of the pending sales agreement. The permit will require submission of a copy
of the recorded deed after the purchase has taken place.If the purchase agreement is cancelled the -
permit reverts to the property owner.(Also complete Parts F B G.)
❑ Developer-Attach a copy of the development agreement Both the developer and the property owner
will appear on the permit as cc permihees.If the development agreement is terminated,responsibility for
the permit reverts to the property owner. (Also complete Parts F&G.)
From: Matthew Swartzer [mailto:[e-mail]]
Sent: Thursday,January 2, 2020 5:29 PM
To:Johnson, Kelly<[e-mail]>
Cc: Mark Estlund <[e-mail]>; Pusey,Steven <[e-mail]>
Subject: RE: [External] NC Stormwater Permit Transfer for a Tractor Supply(SW8 150310) Company in Shallotte, NC
EMemal email.Do not dick links or open attachments unless you verify.Send all suspicious emal as an attachment to
6

Good afternoon Kelly and Steve,
Thank you for your response. I am still unclear if my plan below will suffice. We are fully prepared to register another
entity(the "Corporation") with NC in order to allow that entity to hold the permit.Then we would have a written
agreement between the Corporation and the Trust that owns the land. I just want to make sure it will pass before we
register the entity and reapply for the permit as there is the issue below that I highlighted.
I hope jury duty went quick and your New Years are off to a great start.
Sincerely,
Matthew Swartzer
Real Estate Closing Specialist
Direct: 651-225-7723
AEI Capital Corporation
1300 Wells Fargo Place*30 East Seventh Street+St.Paul,MN 55101
(P)[phone]*(F)[phone]
N .AEIFUNDSZOM laelfunds.coml
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL ENTITY TO WHICH IT IS ADDRESSED
AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE.
If the reader of this message is not the intended recipient or an employee or agent responsible for delivering the message
to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is
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immediately.
From:Johnson, Kelly<[e-mail]>
Sent: Thursday,January 2, 2020 12:46 PM
To: Matthew Swartzer<[e-mail]>
Cc: Mark Estlund <[e-mail]>; Pusey, Steven <[e-mail]>
Subject: RE: [External] NC Stormwater Permit Transfer for a Tractor Supply (SW8 150310) Company in Shallotte, NC
Matthew,
I have cc'd my coworker, Steve Pusey, on this. He wrote the return letter, but it has been quite a while so he may or
may not remember the details. But, it sounds like the current permittee is Shallotte Development Group, LLC. That
entity sold the property to AEI Net Lease Portfolio IV DST, a Delaware Statutory Trust. In reading through the return
letter it seems that the issue is that the new owner isn't registered through the NC Secretary of State's office as a NC
Corporation. The Delaware corporation may own the land, but we can only issue a permit to an NC Corporation. It is
true that they also have to do the things that are highlighted in your email per that other regulation. But, I think the
holdup is that the permittee has to be registered in NC.
Kelly
15A NCAC 02H .1040 PERMIT ADMINISTRATION
This Rule applies to the permitting processes set forth in Rules .1041 through .1045 of this Section.
(1) SIGNATURES ON PERMIT APPLICATION FORMS. Application forms shall have an original signature by one of
the following entities unless the application is accompanied by a letter of authorization signed by the appropriate
authority as designated in Sub-Items(a)through(d)of this Item authorizing the signature of another entity:
(a) in the case of a corporation, by a principal executive officer of the level of vice-president or his authorized
representative. In the case of a limited liability corporation(LLC),by a manager or company official as those
terms are defined in G.S. 57D "North Carolina Limited Liability Company Act;"
(b) in the case of a partnership, by a general partner or a managing partner. In the case of a limited partnership,
by a general partner;
(c) in the case of a proprietorship,by the proprietor(s);or
7

(d) in the case of a municipal,state,or other public entity,by either a principal executive officer,ranking official,
or other duly authorized employee.
(2) PERMIT PROCESSING TIMES. The Division shall process permit applications and additional or amended
information pursuant to G.S. 143-215.1.
(3) DELEGATION. For permits issued by the Division,the Director shall be authorized to delegate to Division staff any
of the functions contained in these Rules,except the following:
(a) denying a permit application;
(b) revoking a permit if such revocation is not requested by the permittee;
(c) modifying a permit not requested by the permittee; and
(d) calling for a public notice or meeting.
(4) PERMIT ISSUANCE. The following shall apply to stormwater management permits issued by the Division:
(a) stormwater management permits issued for low density projects shall not require permit renewal;
(b) stormwater management permits issued for projects that require the construction of engineered stormwater
control measures shall be issued for a period not to exceed 8 years; and
(c) stormwater management permits shall be issued to the property owner or to a lessee, purchaser, or developer
with the written permission of the property owner, and shall cover the entire project.
(5) PERMIT DENIAL. If the Director denies a permit, the letter of denial shall state the reason(s) for denial and the
Director's estimate of the changes in the applicant's proposed activities or plans that would be required in order that
the applicant may obtain a permit. Permit applications may be denied where the proposed project results in
noncompliance with:
(a) the purposes of G.S. 143, Article 21;
(b) the purposes of G.S. 143-215.67(a);
(c) rules governing coastal waste treatment or disposal, found in Section .0400 of this Subchapter;
(d) rules governing "subsurface disposal systems," found in 15A NCAC 18A .1900. Copies of these Rules are
available from the North Carolina Division of Public Health, 1632 Mail Service Center, Raleigh, North
Carolina 27699-1632,or
(e) rules governing groundwater quality standards found in Subchapter 2L of this Chapter.
(6) PERMIT REVOCATION OR MODIFICATION. Permits issued pursuant to these Rules are subject to revocation,
or modification by the Director upon 60 days' written notice by the Director in whole or in part for good cause
including the following:
(a) violation of any terms or conditions of the permit,
(b) obtaining a permit by misrepresentation or failure to disclose all relevant facts;or
(c) refusal of the permittee to allow authorized employees of the Department of Environmental Quality, upon
presentation of credentials:
(i) to enter upon permittee's premises in which any records are required to be kept under terms and
conditions of the permit;
(ii) to have access to any and all records required to be kept under terms and conditions of the permit;
(iii) to inspect any monitoring equipment or method required in the permit; or
(iv) to sample any discharge of pollutants.
(7) DIRECTOR'S CERTIFICATION. With the exception of the fast track permitting as set forth in Rules .1043 and
.1044 of this Section, projects that do not comply with the requirements of this Section may be approved on a case-
by-case basis if the project is certified by the Director that water quality standards and best usages will not be
threatened. Approval of alternative designs for SCMs that do not meet all the MDC shall be in accordance with Rule
.1003(6)ofthis Section. Approval of new stormwater technologies shall be in accordance with Rule.1050(15)of this
Section. The applicant shall provide information that demonstrates to the Director that:
(a) there are practical difficulties or hardships due to the physical nature of the project such as its size, shape, or
topography that prevent strict compliance with this Section; and
(b) water quality standards and best usages will be protected, including development plans and specifications for
SCMs that will be installed in lieu of the requirements of this Section or information that demonstrates that
the project is located such that impacts to surface waters from pollutants present in stormwater from the site
will be mitigated.
(8) PUBLIC NOTICE. The Director is authorized to call for a public notice or hearing to solicit and receive comments
from other regulatory agencies and the public to obtain additional information needed to complete the review of either
the stormwater permit application or the stormwater conditions. If comments are solicited, notice shall be posted on
the Division's website and shall provide the public at least 30 days after publication to submit comments to the
Director. The permit application shall be included in the notice published on the Division's website.
(9) CONTESTED CASE HEARING. An applicant whose application is denied or who is issued a permit subject to
conditions that are not acceptable to the applicant may seek a contested case hearing pursuant to G.S. I50B-23.
(10) COMPLIANCE. Any individual or entity found to be in noncompliance with the provisions of a stormwater
management permit or the requirements of this Section shall be subject to enforcement procedures as set forth in G.S.
143, Article 21.
8

History Note: Authority G.S. 143-214.1; 143-214.7, 143-215.1; 143-215.3(a); 143-21 S.3D; 143-215.6A; 143-215.6B; 143-215.6C;
Eff. January 1, 2017(portions of this rule previously codified in 15A NCAC 02H.1003, .1010, .1011, and.1012).
From: Matthew Swartzer [mailto:[e-mail]]
Sent: Friday, December 13, 2019 2:41 PM
To:Johnson, Kelly<[e-mail]>
Cc: Mark Estlund <[e-mail]>
Subject: [External] NC Stormwater Permit Transfer for a Tractor Supply Company in Shallotte, NC
• Exteraral email.Da not dick lin or open attachments unless you verify.Send all suspicious email as an attachment.to
Good afternoon Kelly,
As I stated on the phone, we've had some turnaround in our department and I am picking up where my colleague left off
and I was hoping to have your opinion on the below. I've also attached the denial letter from the NCDENR. The below
might get a little technical, I apologize for that.
As a recap,the Property where the Stormwater System was purchased on October 19, 2015 from Shallotte Development
Group, LLC, a North Carolina limited liability company("Former Owner"),to AEI Net Lease Portfolio IV DST, a Delaware
Statutory Trust ("Current Owner"). AEI submitted a permit transfer on July 27, 2017 to the Wilmington Regional Office
which was denied because the provisions of SL 2013-121 were not met—AEI Net Lease Portfolio IV DST, a Delaware
Statutory Trust is not a partnership, LLC, or corporation. AEI is now submitting the application through another one of its
entities that will manage the stormwater permit—AEI Fund Management, Inc., a Minnesota corporation.
I am letting you know my plan so you can advise if any of it seems mistaken. AEI is going to register a Certificate of
Authority to allow AEI Fund Management, Inc., a Minnesota corporation,to do business and hold the permit in North
Carolina. I am currently:
1) submitting the Certificate of Authority; and
2) drafting the Agreement between AEI Net Lease Portfolio IV DST, a Delaware Statutory Trust ( the "Trust") and AEI
Fund Management, Inc., a Minnesota corporation (the "Corporation")which will show that that the Corporation is the
proposed permittee and the sole claimant of the right to engage in the permitted activity of managing the Stormwater
System.
I would like your feedback because the Permittee would not be the successor-owner which holds title to the property
which seems to violate the highlighted 2 & 3 below. There would, however, be an agreement between the two parties. I
highlighted the sections of the statute that I am concerned about.
(c5) The Department may transfer a permit issued pursuant to this section without the consent ofthe permit holder to a successor-
owner of the property on which the permitted activity is occurring or will occur as provided in this subsection:
(1) The Department may transfer a permit if all of the following conditions are met:
a. The successor-owner of the property submits to the Department a written request for the transfer of the
permit.
b. The Department finds ail of the following:
I. The permit holder is one of the following:
1. A natural person who is deceased.
IL A partnership, limited liability corporation, corporation, or any other business
association that has been dissolved.
IIL A person who has been lawfully and finally divested of title to the property on which
the permitted activity is occurring or will occur.
IV. A person who has sold the property on which the permitted activity is occurring or will
occur.
9

2. e successor-owner holds title to the property on which the petrained activity is occurring or
will occur.
3. The successor-owner is the sole claimant of the right to engage in the permitted activity,
4. There will be no substantial change in the permitted activity.
(2) The permit holder shall comply with all terms and conditions of the permit until such time as the permit is
transferred.
(3) The successor-owner shall comply with all terms and conditions of the permit once the permit has been transferred.
(4) Notwithstanding changes to law made after the original issuance of the permit, the Department may not impose
new or different terms and conditions in the permit without the prior express consent of the successor-owner.
I've also included the SSW-Permit Transfer Application Form and our plan does not seem to fit into Section E as there is
only a Property Owner or Purchaser section and neither are really who will be holding the permit.
This has been lingering for quite some time and it is my hope to have it resolved as soon as possible. Please let me know
if I should direct my questions elsewhere.
Sincerely,
Matthew Swartzer
Real Estate Closing Specialist
Direct: 651-225-7723
- AEI Capital Corporation
1300 Wells Fargo Place*30 East Seventh Street♦St.Paul,MN 55101
(P)[phone]*(F)[phone]
W .AEIFUNDS.DOM faelfunds.coml
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL ENTITY TO WHICH IT IS ADDRESSED
AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE.
If the reader of this message is not the intended recipient or an employee or agent responsible for delivering the message
to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is
strictly prohibited and may be a violation of federal law. If you have received this communication in error, please notify us
immediately.
10

RECORD OF WRITTEN ACTION BY CONSENT
OF SOLE SHAREHOLDER AND DIRECTOR
OF
AEI TRUST ADVISORS, INC.
THE UNDERSIGNED, being the sole Director of AEI Capital Corporation, a corporation
duly organized and existing under the laws of the State of Delaware, which is the sole
shareholder of AEI Trust Advisors, Inc., a corporation duly organized and existing under the laws
of the State of Delaware, hereinafter referred to as the "Corporation', hereby consent to the
taking of the following actions without the formality of a meeting and hereby waive any notice
required to be given in connection therewith, and hereby unanimously adopt by written action the
following corporate resolutions:
NOW, THEREFORE, BE IT RESOLVED, as of this date, and until further notice, that
only in the event of temporary absence or unavailability, travel, sickness, total disability or death
of Robert P. Johnson, it is directed that Patrick W. Keene, or Rona L. Newtson; or Marni L.
J
Nygard, or either of them, are hereby authorized to execute any and all documentation on behalf
of said corporation as may be necessary to continue all business practices, and to carry out the
intents and purposes of the by-laws, minutes and resolutions of this corporation.
BE IT FURTHER RESOLVED, as of this date, and until further notice, that only in the
event of temporary absence or unavailability, travel, sickness, total disability or death of Robert
P. Johnson, it is directed that Patrick W. Keene, or Rona L. Newtson, or Maori L. Nygard, or
either of them, are hereby authorized to execute any and all documentation on behalf of said
corporation, to include documentation as may be necessary to effect the purchase and/or sale of
any pending or existing property transaction, including transactions for which two or more
signatures on behalf of the corporation may be contractually required.
It is also noted that no other representatives of the corporation may execute
documentation for the intents and purposes of binding contracts.
IN WITNESS WHEREOF, the undersigned Director has evidenced his approval of the
above as of the 13th day of February 2019.
obert ohnson, Director

RECORD OF WRITTEN ACTION BY CONSENT
OF SOLE SHAREHOLDER AND DIRECTOR
OF
`AEI FUND MANAGEMENT, INC.
THE UNDERSIGNED, being the sole Director of AEI Fund Management, Inc., a
corporation duly organized and existing under the laws of the State of Minnesota, hereinafter
referred to as the "Corporation", hereby consent to the taking of the following actions without the
formality of a meeting pursuant to Minnesota Statutes Section 302A.441 and 302A.239, and
hereby waive any notice required to be given in connection therewith, and hereby unanimously
adopt by written action the following corporate resolutions:
NOW, THEREFORE, BE IT RESOLVED, as of this date, and until further notice, that
only in the event of temporary absence or unavailability, travel, sickness, total disability or death
of Robert P. Johnson, it is directed that Patrick W. Keene, or Rona L. Newtson, or Marni L.
Nygard, or either of them, are hereby authorized to execute any and all documentation on behalf
of said corporation as may be necessary-to continue all business practices, and to carry out the
intents and purposes of the by-laws, minutes and resolutions of this corporation.
BE IT FURTHER RESOLVED, as of this date, and until further notice, that only in the
event of temporary absence or unavailability, travel, sickness, total disability or death of Robert
P. Johnson, it is directed that Patrick W. Keene, or Rona L. Newtson, or Marni L. Nygard, or
either of them, are hereby authorized to execute any and all documentation on behalf of said
corporation, to include documentation as may be necessary to effect the purchase and/or sale of
any pending or existing property transaction, including transactions for which two or more
signatures on behalf of the corporation may be contractually required.
It is also noted that no other representatives of the corporation may execute
documentation for the intents and purposes of binding contracts.
IN.WITNESS WHEREOF, the undersigned Director has evidenced his approval of the
above as of the 13th day of February 2019.
ob . Johnson, Director

RECORD OF WRITTEN ACTION BY CONSENT
OF SOLE SHAREHOLDER AND DIRECTOR
OF
AEI TRUST MANAGER, LLC
THE UNDERSIGNED, being the sole Director of AEI Capital Corporation, a corporation
duly organized and existing under the laws of the State of Delaware, which is the sole
shareholder of AEI TRUST MANAGER, LLC, a corporation duly organized and existing under
the laws of the State of Delaware, hereinafter referred to as the "Corporation", hereby consent to
the taking of the following actions without the formality of a meeting and hereby waive any
notice required to be given in connection therewith, and hereby unanimously adopt by written
action the following corporate resolutions:
NOW, THEREFORE, BE IT RESOLVED, as of this date, and until further notice, that
only in the event of temporary absence or unavailability, travel, sickness, total disability or death
of Robert P. Johnson, it is directed that Patrick W. Keene, or Rona L. Newtson, or Mami L.
Nygard, or either of them, are hereby authorized to execute any and all documentation on behalf
of said corporation as may be necessary to continue all business practices, and to carry out the
intents and purposes of the by-laws, minutes and resolutions of this corporation.
BE IT FURTHER RESOLVED, as of this date, and until further notice, that only in the
event of temporary absence or unavailability, travel, sickness, total disability or death of Robert
P. Johnson, it is directed that Patrick W. Keene, or Rona L. Newtson, or Mami L. Nygard, or
either of them, are hereby authorized to execute any and all documentation on behalf of said
corporation, to include documentation as may be necessary to effect the purchase and/or sale of
any pending or existing property transaction, including transactions for which two or more
signatures on behalf of the corporation may be contractually required.
It is also noted that no other representatives of the corporation may execute
documentation for the intents and purposes of binding contracts.
IN WITNESS WHEREOF, the undersigned Director has evidenced his approval of the
above as of the 13th day of February, 2019.
Johnson, Director
S taz ) Doan

Johnson, Kelly
From: Johnson, Kelly
Sent: Thursday, May 14, 2020 5:08 PM
To: 'Matthew Swartzer'
Subject: RE: [External] NC Stormwater Permit Transfer for a Tractor Supply (SW8 150310)
Company in Shallotte, NC
Attachments: AEI Fund Management.pdf
Hi Matthew,
I went through this, and everything looks good. I just have one question. The application indicates the Rona Newtson is
the Executive Vice President of AEI Fund Management, Inc., but the attached filing with the NC Secretary of State does
not list her name? The application documents have to be signed by someone listed in the filing. Or, if that is difficult,
then someone that is listed in the filing at a level of VP or higher can submit a letter transferring their signature authority
to her. Similarly,AEI Net Lease Portfolio IV, DST also lists Ms. Newtton as Executive VP. Can you please submit
documentation for the file that she officially holds this title?
Thanks,
Kelly
From: Matthew Swartzer [mailto:[e-mail]]
Sent: Monday, May 4, 2020 12:59 PM
To:Johnson, Kelly<[e-mail]>
Subject: RE: [External] NC Stormwater Permit Transfer for a Tractor Supply(SW8 150310)Company in Shallotte, NC
� External email. Do not click links or open attachments unless you verify. Send all suspicious email as an attachment to
Hi Kelly,
I'm guessing you are busy and just wanted to know if you've gotten a chance to review our permit?
Sincerely,
Matthew Swartzer
Real Estate Closing Specialist
Direct: 651-225-7723
AEI Capital Corporation
1300 Wells Fargo Place•30 East Seventh Street•St.
Paul, MN 55101
(P)800-328-3519•(F)651-227-7705
aeifunds.com [aeifunds.coml
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL ENTITY TO WHICH IT IS ADDRESSED
AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE.
If the reader of this message is not the intended recipient or an employee or agent responsible for delivering the message
to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is
strictly prohibited and may be a violation of federal law. If you have received this communication in error, please notify us
immediately.
J

From: Matthew Swartzer
Sent: Monday, April 20, 2020 12:34 PM
To: 'Johnson, Kelly'<[e-mail]>
Subject: RE: [External] NC Stormwater Permit Transfer for a Tractor Supply (SW8 150310) Company in Shallotte, NC
No worries, Kelly. I know we both have more important things to handle in the meantime. 1 just wanted to let you know
that I will be the AEI contact handling any issues that arise.
Sincerely,
Matthew Swartzer
From:Johnson, Kelly<[e-mail]>
Sent: Monday, April 20, 2020 11:25 AM
To: Matthew Swartzer<[e-mail]>
Subject: RE: [External] NC Stormwater Permit Transfer for a Tractor Supply (SW8 150310) Company in Shallotte, NC
Thanks. I have not got to this on the list. I will go through it as soon as I can.
Kelly
From: Matthew Swartzer [mailto:[e-mail]]
Sent: Monday, April 20, 2020 11:58 AM
To:Johnson, Kelly<[e-mail]>
Cc: Mark Estlund <[e-mail]>; Brian Schulz<[e-mail]>
Subject: RE: [External] NC Stormwater Permit Transfer for a Tractor Supply (SW8 150310) Company in Shallotte, NC
CAUTION:
Ext:ernal email. Do not click links or open a4taehments unless you verify.Send all suspicious email as an attachment to
Good morning Kelly,
I hope you and your family are well. I was informed that you will be processing/handling our stormwater application and
wanted to let you know that I will be handling the application and permit on our end. If you need any additional
information,feel free to reach out to me.
Sincerely,
Matthew Swartzer
Real Estate Closing Specialist
Direct: 651-225-7723
AEI Capital Corporation
1300 Wells Fargo Place•30 East Seventh Street•St.
Paul.MN 55101
(P)800-0-328-3513519•(F)651-227-7705
aeifunds.com [aeifunds.coml
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL ENTITY TO WHICH IT IS ADDRESSED
AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE.
If the reader of this message is not the intended recipient or an employee or agent responsible for delivering the message
to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is
strictly prohibited and may be a violation of federal law. If you have received this communication in error, please notify us
immediately.
2

From:Johnson, Kelly<[e-mail]>
Sent: Wednesday,January 8, 2020 12:21 PM
To: Matthew Swartzer<[e-mail]>
Cc: Mark Estlund <[e-mail]>; Pusey, Steven <[e-mail]>; Musial, Connor E
<connor.musial@ ncdenr.gov>
Subject: RE: [External] NC Stormwater Permit Transfer for a Tractor Supply (SW8 150310) Company in Shallotte, NC
Matthew,
It isn't that DEMLR doesn't recognize trusts. We have issued permits to trusts, such as family trusts, that are simple and
are written up like a partnership. Honestly, I do not what a "Delaware Statutory Trust" is, and so I am not sure what to
do with that. Here is the official regulatory requirements for signatures:
ISA NCAC 02H.1040 PERMIT ADMINISTRATION
This Rule applies to the pennining processes set forth in Rules.1041 through.I045 of this Section.
(I1 SIGNATUPES ON PERMIT APPLICATION FORMS. Application fornns shall bare an original
signature by one of the following entities unless the application is accompanied by a letter of
authorization signed by the appropriate authority as designated in Sub-Items(n)through(d)of this
Item authorizing the signature of ytother entity:
(a) in the case of a corporation.by a principal executive officer of tine level of vice-president
or his authorized representative In the case of a limited liability corporation(LLQ.by a
manager or company official as those terms are defined in G.S. 57D "North Carolina
Limited Liability Conpany ACC"
(b) in the case of a partnership. by a general partner or a managing partner. In the case of a
limited partnership.by a general partner.
(c) in the case of a proprietorship.by the proprietor(s):or
(d) in the case of a municipal, state, or other public entity, by either a principal executive
officer,mtil:ing official,or other duly authorized cmployee.
I think the easiest thing to do is to get the new corporation in NC as you have suggested. The permittee will be the
corporation, and so the permittee's relationship to the property owner isn't any of these options (owner, HOA, lessee,
purchaser or developer). The form just can't cover every circumstance. In this case I would choose developer. Then
submit the agreement between the permittee/corporation and the owner/trust. Both of those entities will be listed on
the permit as co-permittees.
Thanks,
Kelly
From: Matthew Swartzer [mailto:[e-mail]]
Sent:Wednesday,January 8, 2020 11:58 AM
To:Johnson, Kelly<keIIy.p.iohnson([e-mail]>
Cc: Mark Estlund <[e-mail]>; Pusey, Steven <[e-mail]>; Musial, Connor E
<[e-mail]>
Subject: RE: [External] NC Stormwater Permit Transfer for a Tractor Supply (SW8 150310)Company in Shallotte, NC
CAOTION: External email. Do not click links or open attachments unless you verify. Send all suspicious email as an attachment to
Kelly,
Our plan is to get an authorization for the Corporation (Permit Holder) to conduct business in NC and have an
agreement between stating the duties between Owner(the Trust) and the Permit Holder(the Corporation). We are
doing this because the NCDENR doesn't recognize the Trust as an entity (#1 from the denial letter attached).
The last question I have before I register the Corporation in NC, is which box should I check below?Should I check
property owner and then write in that "the Property Owner("Trust") has an Agreement with the Corporation ("Permit
3

Holder") to act as Permit Holder because the Property Owner("Trust") is not recognized as a business entity by the
NCDENR"?
I just want to make to do my work on the front end so there aren't any hiccups down the line.
Thank you for all of your time.
E. PROPOSED PERMITTEE INFORMATION
1. The proposed permittee is the:
❑ Property owner(Also complete Part F.)
❑ Home Owners Association(HOA),Property Owners Association(POA),or Unit Owner Association
(UOA)(Also complete Part F.)
❑ Lessee-Attach a copy of the lease agreement.Both the lessee and the property owner will appearon
the permit as co-permittees.If the lease is terminated,responsibility for the permit reverts to the property
owner.(Also complete Parts F&G.)
❑ Purchaser-Attach a copy of the pending sales agreement. The permit will require submission of a copy
of the recorded deed after the purchase has taken place.If the purchase agreement is cancelled the
permit reverts to the property owner.(Also complete Parts F&G.)
❑ Developer-Attach a copy o1 the development agreement.Both the developer and the property owner
will appear on the permit as co-permittees.If the development agreement is terminated,responsibility for
the permit reverts to the property owner. (Also complete Parts F&G.)
Sincerely,
Matthew Swartzer
Real Estate Closing Specialist
Direct. 651-225-7723
AEI Capital Corporation
1300 wells Fargo Place*30 East Seventh Street*St.Paul,MN 55101
(P)[phone]*(F)[phone]
WWW.AEIFUNDS.COM )aelfunds.com)
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL ENTITY TO WHICH IT IS ADDRESSED
AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE.
If the reader of this message is not the intended recipient or an employee or agent responsible for delivering the message
to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is
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immediately.
From:Johnson, Kelly<[e-mail]>
Sent: Friday,January 3, 2020 11:40 AM
To: Matthew Swartzer<[e-mail]>
Cc: Mark Estlund <[e-mail]>; Pusey, Steven <[e-mail]>
Subject: RE: [External] NC Stormwater Permit Transfer for a Tractor Supply (SW8 150310) Company in Shallotte, NC
Matthew,
You could register the owner in NC. Or, I have also seen some companies get some sort of authorization to conduct
business in NC. (That is unusual, and that might not be the exact term. But, it is something like that.) There is a section
of the application that asks what role the proposed permittee plays; owner, lessee, purchaser or developer. In any case
if the permit is written to someone other than the owner, there is language that essentially says that if the permittee
doesn't do what they are supposed to do that the responsibility falls to the land owner. So,the owner also has to be in
compliance with G.S. 57D "North Carolina Limited Liability Company Act;", which generally says that any permitted
corporation has to be in good standing with the NC Secretary of State.
Kelly
4

E. PROPOSED PERMITTEE INFORMATION
1. The proposed permittee is the:
❑ Property owner(Also complete Part F.)
❑ Home Owners Association(HOA),Property Owners Association(POA),or Unit Owner Association
(UOA)(Also complete Part F.)
❑ Lessee-Attach a copy of the lease agreement.Both the lessee and the property owner will appear on
the permit as co-permittees.If the lease is terminated,responsibility for permit reverts to the property
owner.(Also complete Parts F&G.) .
❑ Purchaser-Attach a copy of the pending sales agreement. The permit will require submission of a copy
of the recorded deed after the purchase has taken place.If the purchase agreement is cancelled the
permit reverts to the property owner.(Also complete Parts F&G.)
❑ Developer-Attach a copy of the development agreement.Both the developer and the property owner
will appear on the permit as co-permittees.If the development agreement is terminated,responsibility for
the permit reverts to the property owner. (Also complete Parts F&G.)
From: Matthew Swartzer [mailto:[e-mail]]
Sent:Thursday,January 2, 2020 5:29 PM
To:Johnson, Kelly<kellv.D.iohnson([e-mail]>
Cc: Mark Estlund <[e-mail]>; Pusey,Steven <[e-mail]>
Subject: RE: [External] NC Stormwater Permit Transfer for a Tractor Supply(SW8 150310)Company in Shallotte, NC
CAUTION:
External email. Do not slick links or open attachments unless you verify.Send all suspicious email as an athachment to
Good afternoon Kelly and Steve,
Thank you for your response. I am still unclear if my plan below will suffice.We are fully prepared to register another
entity(the "Corporation")with NC in order to allow that entity to hold the permit.Then we would have a written
agreement between the Corporation and the Trust that owns the land. I just want to make sure it will pass before we
register the entity and reapply for the permit as there is the issue below that I highlighted.
I hope jury duty went quick and your New Years are off to a great start.
Sincerely,
Matthew Swartzer
Real Estate Closing Specialist
Direct: 651-225-7723
AEI Capital Corporation
1300 Wells Fargo Place•30 East Seventh Street•St.Paul,MN 55101
(P)[phone] x(F)[phone]
WW&AMFUNDS.COM faeifunds.coml
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL ENTITY TO WHICH IT IS ADDRESSED
AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE.
If the reader of this message is not the intended recipient or an employee or agent responsible for delivering the message
to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is
strictly prohibited and may be a violation of federal law. If you have received this communication in error, please notify us
immediately.
From:Johnson, Kelly<[e-mail]>
Sent:Thursday, January 2, 2020 12:46 PM
5

To: Matthew Swartzer<[e-mail]>
Cc: Mark Estlund <[e-mail]>; Pusey, Steven <[e-mail]>
Subject: RE: [External] NC Stormwater Permit Transfer for a Tractor Supply (SW8 150310) Company in Shallotte, NC
Matthew,
I have cc'd my coworker, Steve Pusey, on this. He wrote the return letter, but it has been quite a while so he may or
may not remember the details. But, it sounds like the current permittee is Shallotte Development Group, I.I.C. That
entity sold the property to AEI Net Lease Portfolio IV DST, a Delaware Statutory Trust. In reading through the return
letter it seems that the issue is that the new owner isn't registered through the NC Secretary of State's office as a NC
Corporation. The Delaware corporation may own the land, but we can only issue a permit to an NC Corporation. It is
true that they also have to do the things that are highlighted in your email per that other regulation. But, I think the
holdup is that the permittee has to be registered in NC.
Kelly
15A NCAC 02H .1040 PERMIT ADMINISTRATION
This Rule applies to the permitting processes set forth in Rules .1041 through .1045 of this Section.
(1) SIGNATURES ON PERMIT APPLICATION FORMS. Application forms shall have an original signature by one of
the following entities unless the application is accompanied by a letter of authorization signed by the appropriate
authority as designated in Sub-Items(a)through(d)of this Item authorizing the signature of another entity:
(a) in the case of a corporation, by a principal executive officer of the level of vice-president or his authorized
representative. In the case ofa limited liability corporation(LLC),by a manager or company official as those
terms are defined in G.S. 57D "North Carolina Limited Liability Company Act;"
(b) in the case of a partnership, by a general partner or a managing partner. In the case of a limited partnership,
by a general partner;
(c) in the case of a proprietorship,by the proprietor(s); or
(d) in the case of a municipal,state,or other public entity,by either a principal executive officer,ranking official,
or other duly authorized employee.
(2) PERMIT PROCESSING TIMES. The Division shall process permit applications and additional or amended
information pursuant to G.S. 143-215.1.
(3) DELEGATION. For permits issued by the Division,the Director shall be authorized to delegate to Division staff any
of the functions contained in these Rules, except the following:
(a) denying a permit application;
(b) revoking a permit if such revocation is not requested by the permittee,-
(c) modifying a permit not requested by the permittee; and
(d) calling for a public notice or meeting.
(4) PERMIT ISSUANCE. The following shall apply to stormwater management permits issued by the Division:
(a) stormwater management permits issued for low density projects shall not require permit renewal;
(b) stormwater management permits issued for projects that require the construction of engineered stormwater
control measures shall be issued for a period not to exceed 8 years;and
(c) stormwater management permits shall be issued to the property owner or to a lessee, purchaser,or developer
with the written permission of the property owner,and shall cover the entire project.
(5) PERMIT DENIAL. If the Director denies a permit, the letter of denial shall state the reason(s) for denial and the
Director's estimate of the changes in the applicant's proposed activities or plans that would be required in order that
the applicant may obtain a permit. Permit applications may be denied where the proposed project results in
noncompliance with:
(a) the purposes of G.S. 143, Article 21;
(b) the purposes of G.S. 143-215.67(a);
(c) rules governing coastal waste treatment or disposal, found in Section .0400 of this Subchapter;
(d) rules governing "subsurface disposal systems," found in 15A NCAC 18A .1900. Copies of these Rules are
available from the North Carolina Division of Public Health, 1632 Mail Service Center, Raleigh, North
Carolina 27699-1632;or
(e) rules goveming groundwater quality standards found in Subchapter 2L of this Chapter.
(6) PERMIT REVOCATION OR MODIFICATION. Permits issued pursuant to these Rules are subject to revocation,
or modification by the Director upon 60 days' written notice by the Director in whole or in part for good cause
including the following:
(a) violation of any terms or conditions of the permit;
(b) obtaining a permit by misrepresentation or failure to disclose all relevant facts;or
6

(c) refusal of the permittee to allow authorized employees of the Department of Environmental Quality, upon
presentation of credentials:
(i) to enter upon permittee's premises in which any records are required to be kept under terms and
conditions of the permit;
(ii) to have access to any and all records required to be kept under terms and conditions of the permit;
(iii) to inspect any monitoring equipment or method required in the permit;or
(iv) to sample any discharge of pollutants.
(7) DIRECTOR'S CERTIFICATION. With the exception of the fast track permitting as set forth in Rules .1043 and
.1044 of this Section, projects that do not comply with the requirements of this Section may be approved on a case-
by-case basis if the project is certified by the Director that water quality standards and best usages will not be
threatened. Approval of alternative designs for SCMs that do not meet all the MDC shall be in accordance with Rule
.1003(6)of this Section. Approval of new stormwater technologies shall be in accordance with Rule .1050(15)of this
Section.The applicant shall provide information that demonstrates to the Director that:
(a) there are practical difficulties or hardships due to the physical nature of the project such as its size,shape,or
topography that prevent strict compliance with this Section; and
(b) water quality standards and best usages will be protected, including development plans and specifications for
SCMs that will be installed in lieu of the requirements of this Section or information that demonstrates that
the project is located such that impacts to surface waters from pollutants present in stormwater from the site
will be mitigated.
(8) PUBLIC NOTICE. The Director is authorized to call for a public notice or hearing to solicit and receive comments
from other regulatory agencies and the public to obtain additional information needed to complete the review of either
the stormwater permit application or the stormwater conditions. If comments are solicited, notice shall be posted on
the Division's website and shall provide the public at least 30 days after publication to submit comments to the
Director. The permit application shall be included in the notice published on the Division's website.
(9) CONTESTED CASE HEARING. An applicant whose application is denied or who is issued a permit subject to
conditions that are not acceptable to the applicant may seek a contested case hearing pursuant to G.S. 15013-23,
(10) COMPLIANCE. Any individual or entity found to be in noncompliance with the provisions of a stormwater
management permit or the requirements of this Section shall be subject to enforcement procedures as set forth in G.S.
143, Article 21.
History Note: Authority G.S. 143-214.1; 143-214.7; 143-215.1; 143-215.3(a); I43-215.3D; 143-215.6A; 143-215.6B; 143-215.6C;
Eff. January 1, 2017(portions of this rule previously codified in 15A NCAC 02H.1003, .10/0, .1011, and.1012).
From: Matthew Swartzer [mailto:[e-mail]]
Sent: Friday, December 13, 2019 2:41 PM
To:Johnson, Kelly<[e-mail]>
Cc: Mark Estlund <[e-mail]>
Subject: [External] NC Stormwater Permit Transfer for a Tractor Supply Company in Shallotte, NC
External email. Do not click links or open attachments unless you verify.Send all suspicious email as an athaehment to
Good afternoon Kelly,
As I stated on the phone,we've had some turnaround in our department and I am picking up where my colleague left off
and I was hoping to have your opinion on the below. I've also attached the denial letter from the NCDENR.The below
might get a little technical, I apologize for that.
As a recap,the Property where the Stormwater System was purchased on October 19, 2015 from Shallotte Development
Group, LLC, a North Carolina limited liability company("Former Owner"), to AEI Net Lease Portfolio IV DST, a Delaware
Statutory Trust ("Current Owner"). AEI submitted a permit transfer on July 27, 2017 to the Wilmington Regional Office
which was denied because the provisions of SL 2013-121 were not met—AEI Net Lease Portfolio IV DST, a Delaware
Statutory Trust is not a partnership, LLC, or corporation.AEI is now submitting the application through another one of its
entities that will manage the stormwater permit—AEI Fund Management, Inc., a Minnesota corporation.
7

I am letting you know my plan so you can advise if any of it seems mistaken. AEI is going to register a Certificate of
Authority to allow AEI Fund Management, Inc., a Minnesota corporation,to do business and hold the permit in North
Carolina. I am currently:
1) submitting the Certificate of Authority; and
2) drafting the Agreement between AEI Net Lease Portfolio IV DST, a Delaware Statutory Trust ( the "Trust")and AEI
Fund Management, Inc., a Minnesota corporation (the "Corporation") which will show that that the Corporation is the
proposed permittee and the sole claimant of the right to engage in the permitted activity of managing the Stormwater
System.
I would like your feedback because the Permittee would not be the successor-owner which holds title to the property
which seems to violate the highlighted 2 & 3 below. There would, however, be an agreement between the two parties. I
highlighted the sections of the statute that I am concerned about.
(0) The Department may transfer a permit issued pursuant to this section without the consent of the permit holder to a successor-
owner of the property on which the permitted activity is occurring or will occur as provided in this subsection:
(1) The Department may transfer a permit if all of the following conditions are met:
a. The successor-owner of the property submits to the Department a written request for the transfer of the
permit.
b. The Department finds all of the following:
I. The permit holder is one of the following:
I. A natural person who is deceased.
IL A partnership, limited liability corporation, corporation, or any other business
association that has been dissolved.
111. A person who has been lawfully and finally divested of title to the property on which
the permitted activity is occurring or will occur.
IV. A person who has sold the property on which the permitted activity is occurring or will
occur.
2. The successor-owner holds title to the property on which the permitted activity is occurring or
will occur.
3. The successor-owner is the sole claimant of the right to engage in the permitted activity.
4. There will be no substantial change in the permitted activity.
(2) The permit holder shall comply with all terms and conditions of the permit until such time as the permit is
transferred.
(3) The successor-owner shall comply with all terms and conditions of the permit once the permit has been transferred.
(4) Notwithstanding changes to law made after the original issuance of the permit, the Department may not impose
new or different terms and conditions in the permit without the prior express consent of the successor-owner.
I've also included the SSW-Permit Transfer Application Form and our plan does not seem to fit into Section E as there is
only a Property Owner or Purchaser section and neither are really who will be holding the permit.
This has been lingering for quite some time and it is my hope to have it resolved as soon as possible. Please let me know
if I should direct my questions elsewhere.
Sincerely,
Matthew Swartzer
Real Estate Closing Specialist
Direct: 651-225-7723
AEI Capital Corporation
�+ 1300 Wells Fargo Place*30 East Seventh Street*St.Paul,MN 55101
(P)[phone]+IF)[phone]
WWW.AEIFUNDS.COM faelfunds.coml
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL ENTITY TO WHICH IT IS ADDRESSED
AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE.
If the reader of this message is not the intended recipient or an employee or agent responsible for delivering the message
8

to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is
strictly prohibited and may be a violation of federal law. If you have received this communication in error, please notify us
immediately.
9

Johnson, Kelly
From: Hall, Christine
Sent: Wednesday, May 13, 2020 3:10 PM
To: Johnson, Kelly
Subject: RE: Legal Agreement Question - Tractor Supply - SW8 150310
I don't know about you—but I'm really missing having folks working around the corner to ask questions like these.
I see you added a note to the trust section in the clarifications document that it applies more to family trusts instead of
business trusts. That is not 100%true. The trust I am most familiar with is the Wal-Mart Real Estate Business Trust
formed in Arkansas and who is the permittee for many of the Walmarts. I probably went through these same questions
as I tried to figure out how to handle that one since it is also not registered in NC.
I would issue the permit to both the developer who is registered in NC and the property owner, the trust organized in
Delaware. I hope the example developer language for the permit would work to cover the agreement you provided or it
could be beefed up slightly. I wouldn't require the agreement to be recorded, as I've wondered why the St.James one
was recorded.
If Raleigh is truly heading toward electronic permitting, I've been trying to paying attention to the unique conditions and
language I come across to see how common it is to add special conditions to the permit and if they need to be added to
the templates/additional language folder.
**Please note the change to my direct phone number`*
Christine Hall
Wilmington Regional Stormwater Program Supervisor
Division of Energy, Mineral and Land Resources—State Stormwater Program
North Carolina Department of Environmental Quality
Office: 910 796 7215
Direct: 910 796 7339
Email: christine.hall(obncdenr.gov
Address: 127 Cardinal Drive Ext.
Wilmington, NC 28405
Email correspondence to and from this address is subject to the
North Carolina Public Records Law and may be disclosed to third parties.
From:Johnson, Kelly
Sent: Wednesday, May 13, 2020 2:36 PM
To: Hall, Christine <[e-mail]>
Subject: Legal Agreement Question -Tractor Supply -SW8 150310
Christine,
I have a transfer from a dissolved corporation to a new entity. They have applied once before but it was returned
because at the time the corporation they applied to put it under wasn't an NC Corporation and they couldn't get it
worked out. They have reapplied. The proposed permittee (a developer) is now an NC Corporation. (There is also a
signature issue, but that seems to be a simple issue comparatively and can likely be worked out.) The property owner is
NOT an NC Corporation. In other situations we have asked that both the developer and the property owner be NC
corporations since they both go on the permit.
t

Here is the tricky part. They have submitted an agreement. I attached the 5 pages (unfortunately as 5 jogs since I do
not have a scanner.)
1. Here are the players:
a. Developer/Proposed Permittee/"Corporation' in the Agreement: AEI Fund Management, Inc.
b. Land Owner/ "Trust" in the Agreement: AEI Net Lease Portfolio IV DST., A Delaware Statutory Trust
2. Agreement: The lawyer has called several times with detailed questions about who can get permits. I told him
that I didn't not know what a Delaware Statutory Trust was and that he would essentially have to make his case
upon submittal because I didn't have the details in front of me. He had lots of questions about agreements and I
gave him the same answer.
a. Item D: "NCDEQ allows corporations that are registered with the NC SoS to hold the stormwater
permit." That is correct, but that does not seem to be the complete application of.1042(2)(b). It says
the "applicant is a corporation" which is vague. Since the permit is issued to both the developer and
owner are they both "applicants"? Could there be situations when that is not the case?
b. Item F: "The purpose of this agreement is to create a binding contract to officiate Corporation managing
the Stormwater System, create a mechanism to recover any sums from the Trust imposed on the
Corporation through the normal management of the Stormwater System, and limit any liability of the
Corporation through the normal management of the Stormwater System." This essentially says that the
developer can get money from the property owner if things go bad. That is essentially the purpose of
putting them both on the permit, but again,the property owner isn't an NC Corporation. Does the
property owner have to be an "active corporation in good standing" with NC SoS if there is an
agreement to get the money? Does this agreement have to be recorded? In others such as St. James it
was recorded so that it would run with the land upon sale. If this land is sold, then the agreement
doesn't matter because they have to transfer the permit per the permit's requirements.
I know that they have made significant efforts to get this worked out since it didn't work out the previous time. I'm
inclined to allow it and reference the agreement in the permit text, and maybe make it a permit condition that the
agreement not be modified. If this were to work out, would I put only the developer on the permit since they are the NC
Corporation?
I don't like that the property owner isn't an NC Corporation, though... Do you see other paths forward?
Thanks,
Kelly
KtU,� J D h Vt SOI�t
Kelly Johnson
Environmental Engineer
INC Division of Energy, Mineral and Land Resources
Stormwater Permitting
127 Cardinal Drive Extension
Wilmington, NC 28405-3845
Phone: [phone]
DFmQ��
2

Compliance Inspection Report
Permit: SW8150310 Effective:08/14/15 Expiration: 03/27/23
Project: Tractor Supply Company Shallotte
Owner: Shallotte Development Group LLC
County: Brunswick Adress: 5100 Main St
Region: Wilmington
City/State/Zip: Shallotte NC 28470
Contact Person:William C Ronalter Title: Managing Member Phone:[phone]
Directions to Project:
From the south of intersection of US17 bypass& US17 business in Shallotte,go north approx. 1.25 miles site on left.
Type of Project: State Stormwater-HD-Detention Pond
Drain Areas: 1 -(Shallotte River) (03-07-59)(C;Sw,HQW)
On-Site Representative(s):
Related Permits:
Inspection Date: 05/06/2020 Entry Time 12:OOPM Exit Time: 12:15PM
Primary Inspector: Connor Musial Phone:
Secondary Inspector(s):
Kelly Johnson
Reason for Inspection: Routine Inspection Type: Transfer Renewal
Permit Inspection Type: State Stormwater
Facility Status: E Compliant ❑ Not Compliant
Question Areas:
N State Stormwater
(See attachment summary)
page 1

Permit: SW8150310 Owner-Project: Shallotte Development Group LLC
Inspection Date: 05/06/2020 Inspection Type Transfer Renewal Reason for Visit: Routine
File Review Yes No NA NE
Is the permit active? ■ ❑ ❑ ❑
Signed copy of the Engineer's certification is in the file? ■ ❑ ❑ ❑
Signed copy of the Operation&Maintenance Agreement is in the file? E ❑ ❑ ❑
Copy of the recorded deed restrictions is in the file? ❑ ❑ ❑
Comment:
Built Upon Area Yes No NA NE
Is the site BUA constructed as per the permit and approval plans? ❑ ❑ ❑
Is the drainage area as per the permit and approved plans? ■ ❑ ❑ ❑
Is the BUA(as permitted)graded such that the runoff drains to the system? E ❑ ❑ ❑
Comment:
SW Measures Yes No NA NE
Are the SW measures constructed as per the approved plans? E ❑ ❑ ❑
Are the inlets located per the approved plans? ! ❑ ❑ ❑
Are the outlet structures located per the approved plans? 0 ❑ ❑ ❑
Comment:
Operation and Maintenance Yes No NA NE
Are the SW measures being maintained and operated as per the permit requirements? 0 ❑ ❑ ❑
Are the SW BMP inspection and maintenance records complete and available for review or provided to ❑ ❑ ❑
DWQ upon request?
Comment:
page 2

State Stormwater Inspection Report on �I �
General
Project Name: Permit No: SW8 )100ko Expiration Date:
Contact Person: Phone Number: Inspection Type:
Inspection Date: G, Z�Z� Timeln: JZ:cC),, Time Out: IZ 15,
Current Weather: Recent Rain(Date)? Rain— in
Location
Facility Address/Location:
City: Zip: County: Lat I "N Long: - ° "W
Permit Information
Rule Subject to (circle one): 1988 Coastal Rule 1995 Coastal Rule 2008 Coastal Rule Session Law 2006-246
Goose Creek High Quality Waters Outstanding Resource Waters
Density (circle one): High (HD) Low(LD)
Stormwater Best Management Practices(BMPs) (insert number of each):
_Wet Ponds Infiltration Basins Infiltration Trenches LD Swales Stormwater Wetlands
Dry Ponds Bioretention Permeable Pavement Sand filters (circle one) Open Closed
Cistern _Level Spreader/Filter Strip Other (specify):
File Review ; Yes No N/A N/E
1. Is the ermit a e?
2. Signed Enginee s Certification on file? ✓
3. Signed Operation and Maintenance agreement on file? V
4. Recorded Deed Restrictions on file? I
Site Visit: Built Upon Area BUA Yes No N/A N/E
5. BUA is constructed and consistent with the permit requirements?
6. BUA (aspermitted) is graded such that the runoff drains to the system?(high density only)
7. Drainage area is consistent withpermit?(i.e. no un ermitted drainage to the SW BMPs) /
8. Drains a area is stabilized? to reduce risk of sedimentation to the SW BMPs
limpfi Yes No NIA NIE
r9. Stormwater BMPs are located er the a roved tans?
water BMPs have dimensions(e . len th, width, area)matchin the a roved tans?
water BMPs are constructed per the approvedplans?
Site Visit: Operation and Maintenance Yes No N/A N/E
12. Access points to the site are clear and well maintained?
13. Trash has been removed as needed? /
14. Excessive landscape debris Crass clippings, leaves, etc)is controlled?
15. Stormwater BMPs being operated and maintained as per the permit requirements? /
16. Inspection and Maintenance records are available for inspection? (high density only, 1995—present only)
Site Visit: Other Permit Conditions Yes No N/A N/E
17. Is the site compliant with other conditions of thepermit?
Site Visit: Other Water Quality Issues Yes No N/A N/E
18. Is the site compliant with other water quality issues as noted during the inspection?
State Stoonwater Inspection Report,Version 3.0_3-09 Page I of 2

State Stormwater Inspection Report
Comments
SI IS 11 z2t{' .
Inspection Pictures (some of the pictures taken during the site visit)
Compliance Status Compliant ❑ Non-Compliant
Letter Sent (circle one): Yes No Letter type: CEI NOV NOVRE Other
Date Sent: Reference Number: /l/f
Inspector Name and Signature: Date:
State Stormwater Inspection Report,Version 3.0_3-09 Page 2 of 2

Permit Transfer Checklist
Option#3: Only the Proposed Permittee Signed the Application (Current Permittee is Missing)
K. Johnson—5/13/2020
1. Permit Number: SW8150310
2. Project Name: Tractor Supply- Shallotte
3. Most Recent Issue Date: 8/14/15
4. Expiration Date: 3/27/23 .
5. Session Law Extension Previously Issued (Y/N): Y
6. Proposed Permittee: AEI Fund Management, Inc. a Minnesota Corporation
a. Secretary of State(SoS) is Active: Y
b. SoS Current Person's Name/Title: Rona Newtson, Executive VP(not listed on NC SoS)
a. Signature Authority:
i. Marni Nygard, President
b. Potential Others if at Least VP Level:
i. CEO: Robert Johnson
ii. CFO: Patrick Keene
c. Original Signature w/Signature Authority(Y/N): Y, If Rona Newtson gets transferred authority
d. Deed Submitted Showing Owner(Y/N): Y, AEI Net Lease Portfolio, IV, DST.
e. Permittee is Developer?: Y
a. Deed showing Property Owner(Y/N): Y
b. If Developer, Development Agreement(Y/N):Y
f. Want to Accept"As-Is"(Y/N):
a. Plan of Action on File(Y/N):
b. Schedule for Plan of Action (Y/N):
7. Property Owner: AEI Net Lease Portflio IV, DST.
a. SoS is Active(Y/N): N—Not Registered with NC
b. SoS Current Person: N/A
c. Original Signature w/Signature Authority(Y/N): No Signature Authority
8. Current Permittee: Shallotte Development Group, LLC
a. SoS is Active(Y/N): N, Dissolved
b. SoS Current Person's Name/Title: N/A
c. Was foreclosed on (Y/N): If yes: Unknown
a. Need the current deed showing new owner. Y
b. Is this permit expired? N
i. Yes: Do not transfer. The new owner/permittee gets a new permit under the new rules.
ii. No: Transfer the permit,or have new owner get a permit under the new rules.
d. Went Bankrupt/Chapter 11 (Y/N): Unknown
a. Is Deceased (Y/N): Unknown
b. Cannot be located (Y/N): Y
9. Missing Permittees: Session Law 2013-121: Can give the permit to another permittee if all of the following are true:
a. Project meets two conditions:
i. New permittee requests transfer(Y/N): Y
ii. All of following are true:
1. Current permittee(is) (Y/N):
a. Dead
b. Dissolved: Y
c. Lost the property:
d. Sold the property:
2. New permittee has the deed (Y/N): Y
3. New permittee rightful user(Y/N): Y
4. Building similar(Y/N): Y
b. New permittee follows permit until transferred (YIN): Y
c. New permittee follows permit once transferred (Y/N): Y
d. No new permit constraints(Y/N): Y
10. Compliance:
a. File Review Inspection Documents:

a. Deed for Common Areas(Y/N): Y
b. Recorded Deed Restrictions(Y/N): N/A(2008 Rules)
c. 0&M (Y/N): Y—If Rona Newtson has Signature Authority
d. PE Certification: Y
e. BUA/Lot Summary: N/A
b. Field Inspection:
i. Inspector: Connor Musial
ii. Date: 5/6/2020
iii. Issues/Actions Needed: Compliant

Johnson, Kelly
From: Burd, Tina J
Sent: Wednesday,April 1, 2020 1:56 PM
To: Johnson, Kelly
Subject: FW: [External] RE: SW8 150310 -Tractor Supply Company- Shallotte
I told Brian I would forward this email to you...
From: Brian Schulz [rriailto:[e-mail]]
Sent: Wednesday,April 1, 20201:55 PM
To: Burd,Tina J<[e-mail]>
Cc: Matthew Swartzer<[e-mail]>
Subject: [External] RE:SW8 150310-Tractor Supply Company-Shallotte
External email. Do not click links or open attachments unless you verify.Send all suspicious email as an attachment to
Tina.
Thank you for the update.
Please also include Matt Swartzer, copied here,on future a-mails about this property.
Brian.
From: Burd,Tina J < >
Sent:Wednesday,April 1,2020 12:22 PM
To: Brian Schulz< >
Subject:SW8 150310-Tractor Supply Company-Shallotte
The Wilmington Regional Office of the Division of Energy, Mineral and Land Resources (Stormwater Section)accepted
the Stormwater Permit Transfer Application and$505.00 fee for the subject project on March 27,2020. The project has
been assigned to Kelly Johnson and you will be notified if additional information is needed.
Best Regards,
Tina Burd
Administrative Associate II
Wilmington Regional Office
Division of Environmental Assistance &Customer Service
Phone [phone]
NCDEQ
Wilmington Regional Office
127 Cardinal Drive Ext.
Wilmington, NC 28405
1

Burd, Tina J
From: Burd, Tina J
Sent: Wednesday, April 1, 2020 1:22 PM
To: [e-mail]
Subject: SW8 150310 - Tractor Supply Company - Shallotte
The Wilmington Regional Office of the Division of Energy, Mineral and land Resources (Stormwater Section) accepted
the Stormwater Permit Transfer Application and $505.00 fee for the subject project on March 27, 2020. The project has
been assigned to Kelly Johnson and you will be notified if additional information is needed.
Best Regards,,
Tina Burd
Administrative Associate II
Wilmington Regional Office
Division of Environmental Assistance & Customer Service
Phone [phone]
NCDEQ
Wilmington Regional Office
127 Cardinal Drive Ext.
Wilmington, NC 28405
Ernail correspondence to and from this address is subject to the
North Carolina Public Records taw and may be disclosed to third parties.
;f
I
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r 182397
AEI FUND MANAGEMENT,INC. Emmna M M o N
N..aA�..
1300 WELLS FARGO PLACE ssa3s
30 EAST 7TH STREET seals �zmraw°
ST PAUL,MN 55101 ' - 75-1492/910 -
PHONE:[phone] or(800)328-3519
Pay: **********************************Five hundred five dollars and no cents
CHECK NO. DATE PAY EXACTLY
182397 3-13-2020 $******505 . 00TO 0
NORTH CAROLINA DIV OF ENERGY
MINERAL & LAND RESOURCES �
THE �_'I :�L l
ORDER 217 WEST JONES STREET LW 9_.C,
oP RALEIGH, NC 27603 P rD
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PAYEE1 CHECK NO. I DATE
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/ Transfer Application Completeness Review Checklist-Short Version
/Project Name: l(ZF1 Go(L S�f�Pe.Y �nl04 fJ�( ),�F}llO Date Delivered to WIRO: e3 2p20
Permit#: ��t�Fj+ j 5a 3 1 p BIMS Received/Accepted Date: oZJ
Project County/Location: C( O/)5f.Jt C-K cj LLA(re BIMS Acknowledged Date':
.Permit Expriation Date: 3 1 2 7 ZD 2 3 If w/in 6 mo, stop-needs renewal UNLESS only
Proposed Permittee Type&Documents Needed: new permittee is submitting
®Property Owner(s) Purchaser Lessee EIHOA Developer
Viable? Viable? ID Viable? Viable? Viable?
Deed Purchase Agmt Lease Election Minutes
C> )33-,b4
Not Subdivided: Deed �50%Sold List(only if HOA doesn't sign)
Subdivision: Common.Area Deed Common Area Deed in HOA's Name
Po794 Deed Restrictions Recorded
Current Permittee Signed Application? Y ALN-) F-JPE Certification
If not, Dissolved/No Lo�noe_n�. Y / N F-TUA/Lot Summary
Propert Not Living EJO&M(If HOA Signed Application)
Proposed Permittee Signed Application? O/ N
Paperwork
Application
®Fee:
E]$505(within 6mo) Check#(s): Z3 g 7
Deed Restrictions,if subdivided:
MPE Certification
Project Narrative
Easements, Recorded(2017 Rules)
120&M on File(unless new one from HOA)
Electronic Copies
NOTES:
'Enter BIMS Acknowledged Date on this Sheet
EMAILED ENGINEER DATE:
REVIEWER NAME: (,L�/ n G:Wq\\\Reference library\Procedures\Checklists\Completeness Review Checklist_202001 31 i��n C•^ lJ.rr�m,7�� 2
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` ULMLK UJt UNLY
Date R ceiv Fee Paid Permit Number
3 a� � 8 7 WF� D310
NC DEQ Division of Energy, Mineral and Land Resources
STATE STORMWATER:
PERMIT TRANSFER APPLICATION FORM
Pursuant to 15A NCAC 02H.1045 and other applicable statues as reference within
Only complete applications packages will be accepted and reviewed. This form and the required items (with
original signatures) must be sent to the appropriate DEMLR Regional Office, which can be determined by locating
the project on the interactive online map at: http://deo.nc.gov/contact/reoional-offices.
After this application is accepted, DEMLR will conduct a compliance inspection and report any deficiencies to the
current permittee and/or the proposed permittee. Per the state stormwater rules and the state stormwater permit
conditions, the permit shall not be transferred until.'
1. the current permittee resolves all non-compliance issues identified in the inspection report;
2, the current permittee negotiates a resolution with the proposed permittee (in writing and signed by both
entities. The negotiated resolution must identify the necessary actions, the responsible party(ies), and the
timelines to correct the deficiencies. The site must either be found in compliance or a copy of the
negotiated resolution must be submitted prior to the transfer of the permit.), or
3. in the case where a transfer falls under G.S. 143-214.7(c2) (see also SL 2011-256), the proposed
permittee resolves all non-compliance issues upon acquiring the permit.
Signature requirements for the named signing official (for current and proposed permittee) must meet the following:
• Corporation -a principal executive officer of at least the level of vice-president;
• Limited Liability Company(LLC) -the designated manager, (Documentation from the NC Secretary of
State or other official documentation must be provided that states the titles and positions held by the
person who signed the application (pursuant to 02H.1040) that shows they have legal authority to sign for
the LLC)
• Municipality- a ranking official or duly authorized employee;
• Partnership or limited partnership- the general partner,
• Sole proprietor,
• The signature of the consultant or other agent shall be accepted on this permit transfer application only if
accompanied by a letter of authorization signed by one of the signatories noted in a-e above, as
applicable.
A. GENERAL INFORMATION
1. State Stormwater Permit Number: SW8150310
2. Project name: Tractor Supply Company - Shallotte
Is this an updated project name from the current permit? ❑ Yes ® No
3. Reason for the permit transfer request:
Property was conveyed via Special Warranty Deed on October 19, 2015 from Shallotte Development
Group. LLC, a North Carolina limited liability company ("Former Owner") to AEI Net Lease Portfolio IV
DST, a Delaware Statutory Trust ("Owner" and "Trust"). AEI submitted a permit transfer on July 27 2017 to
the Wilmington Regional Office which was denied because the provisions of SL 2013-121 were not met—
AEI was not a partnership, LLC, or corporation. AEI now has an agreement in place for AEI Fund
Management Inc a Minnesota corporation ("Corporation") to manage the permit as it is a corporation and
able to hold the Stormwater Permit in its name. This is the second time the Owner has applied for the
Stormwater Permit.
ECEO E
MAR 2 2020
r
BY:�
Stormwater Permit Transfer Application Form Page 1 of 7 April 27, 2018

B. PERSON(S) WHO HAVE SIGNED THIS FORM (select only one response below)
❑ 1. Both the current and proposed permittees
❑ 2. Only the current permittee of a condominium or planned community (skip Part F& G).
In accordance with G.S. 143-214.7(c2) (see also SL 2011-,256), this type of transfer is allowed only
when all of the following items can be truthfully checked:
❑ Any common areas related to the operation and maintenance of the stormwater management
system have been conveyed to the unit owners' association or owners' association in
accordance with the declaration,
❑ The declarant has conveyed at least fifty percent(50%) of the units or lots to owners other than
a declarant(provide documentation per submittal requirements below),
❑ The stormwater management system is in compliance with the stormwater permit.
NOTE: If subdivision was built prior to 1999, the Declarant's Attorney can make a determination that
the elements of the Planned Community Act (see §47F) have been met by the Declarant for the
subdivision. If the Declarant chooses to use this type of transfer, the determination must be in
writing, signed by the attorney, and submitted to DEMLR with this form.
® 3. Only the proposed permittee (skip Part D below).
In accordance with G.S. 143-214.7(c5) (see also SL 2013-121), this type of transfer is allowed only
when all of the following items can be truthfully checked:
❑ a. The proposed permittee is either (select one of the following):
❑ The successor-owner who holds title to the property on which the permitted activity is
occurring or will occur;
® The successor-owner who is the sole claimant of the right to engage in the permitted
activity. The Proposed Permittee has a contract in place with the Owner/Trust to
manage all aspects of the Stormwater Permit.
® b. The current permittee is (select at least one of the following, but all that apply):
❑ A natural person who is deceased.
❑ A partnership, Limited Liability Corporation, corporation, or any other business
association that has been dissolved
❑ A person who has been lawfully and finally divested of title to the property on which the
permitted activity is occurring or will occur.
® A person who sold the property on October 19, 2015 which the permitted activity has
been occurring.
❑ Other (please explain):
® c. The proposed permittee agrees to the following requirements (all must be selected):
® There will be no substantial change in the permitted activity.
® The permit holder shall comply with all terms and conditions of the permit until such
time as the permit is transferred.
® The successor-owner shall comply with all terms and conditions of the permit once the
permit has been transferred.
GCEI P9 E
MAR 2 7 2020
BY:
Stormwater Permit Transfer Application Form Page 2 of 7 April 27, 2018

C. SUBMITTAL REQUIREMENTS
Please mark "Y"to confirm the items are included with this form. Please mark 'Y'if previously provided. If not
applicable or not available, please mark N/A.:
Y 1. A processing fee of five hundred and five dollars ($505.00) per G.S. 143-215.3D(e)(2).
Y 2. Two hard copies (with original signatures) and one electronic copy of this completed form and the
required items.
Y 3. For proposed permittees that are corporations or LLC's, documentation from the NC Secretary of
State demonstrating that the proposed permittee is a legal and viable entity able to conduct
business in North Carolina.
Y 4. If Part B, Items 1 or 3 of this form is selected, the signed and notarized
applicable O&M agreement(s) from the proposed permittee, as required by the permit.
Y 5. Legal documentation that the property has transferred to the proposed permittee (such as a
recorded deed for the property, uncompleted development and/or common areas) or legal
documentation demonstrating that the proposed permittee is the sole claimant of the right to
engage in the permitted activity.
Y 6. If required by the permit and if the project has been built, a signed, sealed and dated certification
document from a licensed professional stating that the stormwater management system has been
inspected and that it has been built and maintained in accordance with the approved plans.
Y 7. A copy of the recorded covenants and deed restrictions, if required by the permit. If the project has
been built, documentation that the maximum allowed per lot built-upon area or the maximum
allowed total built-upon area has not been exceeded. If the project has not been built, the new
owner shall provide a signed agreement to submit final recorded deed restrictions and protective
covenants.
NIA 8. If transferring under G.S. 143-214.7(c2) (i.e., Part 8, Item 2 of this form is selected),
documentation verifying that 50% or more of the lots have been conveyed to individuals (not
builders). Copies of the deeds of conveyance or a chart listing the lot number, lot address,
owner's name, conveyance date and deed book and page number are acceptable.
Y 9. If transferring under G.S. 143-214.7(c5) (i.e., Part B, Item 3 of this form is selected), provide legal
documentation supporting the dissolution of the corporation or documentation supporting the
current permittee was lawfully and finally divested of title of the property.
N/A 10. A copy of the lease agreement if the proposed permittee is the lessee.
N/A 11. A copy of the pending sales agreement if the proposed permittee is the purchaser.
Y 12. A copy of the development agreement if the proposed permittee is the developer. However, it is a
Stormwater Agreement, not a Development Agreement, that will be provided with this form.
SCENE
MAR 2 7 2020
BY:
Stormwater Permit Transfer Application Form Page 3 of 7 April 27, 2018

E. PROPOSED PERMITTEE INFORMATION
1. The proposed permittee is the:
❑ Property owner (Also complete Part F.)
❑ Home Owners Association (HOA), Property Owners Association (PDA), or Unit Owner Association
(UOA) (Also complete Part F.)
❑ Lessee-Attach a copy of the lease agreement. Both the lessee and the property owner will appear on
the permit as co-permittees. If the lease is terminated, responsibility for the permit reverts to the property
owner. (Also complete Parts F& G.)
❑ Purchaser-Attach a copy of the pending sales agreement. The permit will require submission of a copy
of the recorded deed after the purchase has taken place. If the purchase agreement is cancelled the
permit reverts to the property owner. (Also complete Parts F & G.)
® Developer-Attach a copy of the development agreement. Both the developer and the property owner
will appear on the permit as co-permittees. If the development agreement is terminated, responsibility for
the permit reverts to the property owner. (Also complete Parts F & G.)
The Trust has an Agreement with the Corporation to hold the permit while the Trust will remain owner of
the Property housing the Stormwater System.
2. Proposed permittee name (check one of the following and provide the name):
® Corporation, LLC, Partnership, Municipality name: AEI Fund Management, Inc., a Minnesota corporation
❑ HOA/ POA/ UOA name:
❑ Sole Proprietor
3. Proposed permittee contact information:
Please be sure to provide Email.
a. Signing Official's Name: Rona Newtson
b. Signing Official's Title: Executive Vice President
c. Mailing Address: 30 East 711 Street, Suite 1300
City: St. Paul State: MN ZIP : 55101
d. Street Address: 30 East 711 Street, Suite 1300
City: St. Paul State: MN ZIP : 55101
e. Phone: [phone] Email: BSchulz(c)aeifunds.com
4. If there is a Management Entity that manages the property for an HOA, PDA or UOA, please provide:
Please be sure to provide Email.
a. Management Company or Business name:
b. Contact Name: Title:
c. Mailing Address:
d. City: State: ZIP:
e. Phone: (_) Email:
,zPECEIVE-,
MAR 2 l 2020
6•
BY:___----._
Stormwater Permit Transfer Application Form Page 5 of 7 April 27, 2018

F. PROPOSED PERMITTEE CERTIFICATION
I, AEI Fund Management Inc. a Minnesota corporation, hereby notify the DEMLR that I have acquired through
sale, lease, development agreement, or other legal transfer, the project/property covered by the stormwater
management permit and/or the responsibility for constructing and/or operating and maintaining the permitted
stormwater management system. I acknowledge and attest that I have received a copy of: (select all that apply):
® the most recent permit;
® the designer's certification for each SCM;
® any recorded deed restrictions, covenants, common areas, drainage easements or plats;
❑ the approved plans and/or approved as-built plans;
® the approved operation and maintenance agreement;
❑ past maintenance records from the previous permittee (where required);
® a copy of the most recent inspection report;
® Check here if the proposed permittee agrees to be the entity responsible for addressing any compliance
issues outlined in the Compliance Inspection Report. If checked, the proposed permittee must provide a
written document statement, with a "plan of action and schedule"addressed to this office stating that they will
bring the project into compliance upon receipt of the transferred permit. This written "plan of action and
schedule"must be received by the Division before the Division will transfer the permit.
I have reviewed the permit, approved plans and other documents listed above, and I acknowledge that I will
comply with the terms and conditions of the permit., and I will, operate and maintain the approved stormwater
management system pursuant to the requirements listed in the permit and in the operation and maintenance
agreement.
AEI FUND MANAGEMENT, INC.,
a MyiAeset corporation
By:
Name:'Rona Newtson
Title: E ecutive Vice President
Date: _ 1. 400 Zoof y
al�nl�a,
I, _ , i � -,\\,Z- C SYN a Notary Public for the State of Minnesota, County of Renisey, do
hereby certify that Rona Newtson personally appeared before me this the �00'- day of March, 2020, and
acknowledge the due execution of the forgoing instrument. Witness my hand and official seal,
(Notary Seal)
e (� MICHELLE M.GABRYSH
Notary Signature �e ._ X�.� wJ�s-� �� NOTARY PUBLIC-MINNESOTA
s, �— My Commission Expires
My commission expires Sr-nv c ry 3\, aoa y January 31,2024
VVV
ECEIVIE
MAR 2 7 2_0
BY:
Stormwaler Permit Transfer Application Form Page 6 of 7 April 27, 2018

G. PROPERTY OWNER INFORMATION AND CERTIFICATION
Fill out this section only if the property owner is different from the proposed permittee. The permit will revert to
the property owner if the purchase agreement, development agreement or lease expires or is terminated.
Company Name/Organization: AEI Net Lease Portfolio IV. DST, a Delaware statutory trust
Signing Official's Printed Name: Rona Newtson
Signing Official's Title: Executive Vice President
Mailing Address: 30 East 711 Street, Suite 1300
City: St. Paul State: MN ZIP : 55101
Phone: [phone] Ernail: BSchulz(o)aeifunds.com
I, AEI Net Lease Portfolio IV. DST, a Delaware statutory trust, hereby certify that I currently own the property
identified in this permit transfer document and acknowledge that the Proposed Permittee listed in Part F will be
purchasing the property, developing the property on my behalf, and/or leasing the property from me. A copy of
the purchase agreement, development agreement or the lease agreement, which names the party responsible for
the construction and/or operation and maintenance of the stormwater system, has been provided with the permit
transfer request.
I agree to notify DEMLR within 30 days if there are any changes to the purchase, developer or lease agreements
and will submit the applicable completed and signed Permit Information Update Form, or Permit Transfer
Application Form to address these changes. As the legal property owner. I acknowledge, understand, and agree
by my signature below, that the permit will revert to me and I will be responsible for complying with the DEMLR
Stormwater permit if the property purchase, lease or developer agreement/contract is cancelled or defaults. I
understand that any individual or entity found to be in noncompliance with the provisions of the stormwater
management permit or the stormwater rules, is subject to enforcement action as set forth in NC General Statute
(NCGS) 143, Article 21.
AEI NET LEASE PORTFOLIO IV DST,
a Delaware statutory trust
By: AEI Trust Manager, LLC,
a Delaware limited liability company
Its: Manager
By: AEI Trust Advisors, Inc., ��
a Minnesota corporation ie®IfIF
Its: So ember
MAR 2 71010
By:
Name: Rona Newtson By'
Title: Executive Vice President
Date: & 2,0
I, &0�0"SXn a Notary Public for the State of Minnesota, County of Ramsey,
do hereby certify that Rona Newtson as Executive Vice President personally appeared before me this the
\(� day of March 2020, and acknowledge the due execution of the forgoing instrument. Witness my
hand and official seal,
(Notary Seat)
MICHELLE M.©ABRYSH
NOTARY y Comm�Islal Exp ae
Notary Signature ^`.`_-'�� January 31,2024
s1-
My commission expires
Stormwater Permit Transfer Application Form Page 7 of 7 April 27, 2018

PermilNumber: ;SLtin 1 0N0
(to be provided by D1VQ)
Drainage Area Number:
Wet Detention Basin Operation and Maintenance Agreement
I will keep a maintenance record on this BMP. This maintenance record will be kept in a
login a known set location. Any deficient BMP elements noted in the inspection will be
corrected, repaired or replaced immediately. These deficiencies can affect the integrity
of structures, safety of the public, and the removal efficiency of the BMP.
The wet detention basin system is defined as the wet detention basin,
pretreatment including forebays and the vegetated filter if one is provided.
This system (check one):
does ® does not incorporate a vegetated filter at the outlet.
This system (check one):
❑ does ® does not incorporate pretreatment other than a forebay.
Important maintenance procedures:
— Immediately after the wet detention basin is established, the plants on the
vegetated shelf and perimeter of the basin should be watered twice weekly if
needed,until the plants become established (commonly six weeks).
— No portion of the wet detention pond should be fertilized after the first initial
fertilization that is required to establish the plants on the vegetated shelf.
— Stable groundcover should be maintained in the drainage area to reduce the
sediment load to the wet detention basin.
— If the basin must be drained for an emergency or to perform maintenance, the
flushing of sediment through the emergency drain should be minimized to the
maximum extent practical.
— Once a year, a dam safety expert should inspect the embankment.
After the wet detention pond is established, it should be inspected once a month and
within 24 hours after every storm event greater than 1.0 inches (or 1.5 inches if in a
Coastal County). Records of operation and maintenance should be kept in a known set
location and must be available upon request.
Inspection activities shall be performed as follows. Any problems that are found shall
be repaired immediately.
BMP element: Potentialproblem: How I will remediate theproblem:
The entire BMP Trash/debris is present. Remove the trash/debris.
The perimeter of the wet Areas of bare soil and/or Regrade the soil if necessary to
detention basin erosive gullies have formed. remove the gully, and then plant a
ground cover and water until it is
established. Provide time and a
one-time fertilizer application.
Vegetation is too short or too Maintain vegetation at a height of
long. a r �tp�t ches.
20
Form SW401-Wet Detention Basin O&M-Rev.4 MAR 2 7 Page 1 of 4
BY:

Permit Number:
(io be provided by D6FQ)
Drainage Area Number:
BMP element: Potentialproblem: How I will remediate the roblem:
The inlet device: pipe or The pipe is clogged. Unclog the pipe. Dispose of the
swale sediment off-site.
The pipe is cracked or Replace the pipe.
otherwise damaged.
Erosion is occurring in the Regrade the swale if necessary to
Swale. smooth it over and provide erosion
control devices such as reinforced
turf matting or riprap to avoid
future problems with erosion.
The forebay Sediment has accumulated to Search for the source of the
a depth greater than the sediment and remedy the problem if
original design depth for possible. Remove the sediment and
sediment storage. dispose of it in a location where it
will not cause impacts to streams or
the BMP.
Erosion has occurred. Provide additional erosion
protection such as reinforced turf
matting or riprap if needed to
prevent future erosion problems.
Weeds are present. Remove the weeds, preferably by
hand. If pesticide is used, wipe it on
the plants rather than s ra in .
The vegetated shelf Best professional practices Prune according to best professional
show that pruning is needed practices
to maintain optimal plant
health.
Plants are dead, diseased or Determine the source of the
dying. problem: soils,hydrology,disease,
etc. Remedy the problem and
replace plants. Provide a one-time
fertilizer application to establish the
ground cover if a soil test indicates
it is necessary.
Weeds are present. Remove the weeds, preferably by
hand. If pesticide is used, wipe it on
the plants rather than spraying.
The main treatment area Sediment has accumulated to Search for the source of the
a depth greater than the sediment and remedy the problem if
original design sediment possible. Remove the sediment and
storage depth. dispose of it in a location where it
will not cause impacts to streams or
the BMP.
Algal growth covers over Consult a professional to remove
50% of the area. and control the algal growth.
Cattails, phragmites or other Remove the plants by wiping them
invasive plants cover 50% of with pesticide (do not spray).
the basin surface. �s r
2 7
Form SW401-We[ Detention Basin O&M-Rev.4 MAR 2020 Page 2 Of 4
BY:-------,

Permit Number:
(to be provided by DWQ)
Drainage Area Number:
BMP element: Potentialproblem: How I will remediate theproblem:
The embankment Shrubs have started to grow Remove shrubs immediately.
on the embankment.
Evidence of muskrat or Use traps to remove muskrats and'
beaver activity is present. consult a professional to remove
beavers.
A tree has started to grow on Consult a dam safety specialist to
the embankment. remove the tree.
An annual inspection by an Make all needed repairs.
appropriate professional
shows that the embankment
needs repair. if applicable)
The outlet device Clogging has occurred. Clean out the outlet device. Dispose
of the sediment off-site.
The outlet device is damaged Repair or replace the outlet device.
The receiving water Erosion or other signs of Contact the local NC Division of
damage have occurred at the Water Quality Regional Office,or
outlet. the 401 Oversight Unit at 919-733-
1786.
The measuring device used to determine the sediment elevation shall be such
that it will give an accurate depth reading and not readily penetrate into
accumulated sediments.
When the permanent pool depth reads 77:0 feet in the main pond, the sediment
shall be removed.
When the permanent pool depth reads 5.0 feet in the forebay, the sediment
shall be removed.
BASIN DIAGRAM
ill in the blanks)
17 Permanent Pool Elevation
Sediment Removal
Volume Sediment Removal Elevation Q.- ---
Volume
Bottom Elevatio 10.7.5 ft Min.
--------------- ------ -------- ------
Sediment Bottom Elevation S'•o•LS I-ft ut.
Storage Sediment
Storage
FOREBAY MAIN POND
ECEI E
Form SW401-Wet Detention Basin O&M-Rev.4 MAR 2 7 MC Page 3 of
BY:

` Permit Number:
(to be provided by DWQ)
I acknowledge and agree by my signature below that 1 am responsible for the
performance of the maintenance procedures listed above. I agree to notify DWQ of any
problems with the system or prior to any changes to the system or responsible party.
Project name:TRACTOR SUPPLY COMPANY
BMP drainage area number:I
Print name:AEl Fund Management, Inc., a Minnesota corporation - Rona Newtson
Title:Executive Vice President
Address:30 East 7°i Street, Suite 1300, St. Paul, MN 55101
Phone: 800 19
Signat re:
Date:
Note: The legally responsible party should not be a homeowners association unless more than 50%of
the lots have been sold and a resident of the subdivision has been named the president.
a Notary Public for the State of
ihinne5o?a County of do hereby certify that
Q%Gno, Qwi!tOn, $.AeC'VV%W_ VR,e Qtts't&,crlpersonally appeared before me this
day of Matt,Ng. , aoao , and acknowledge the due execution of the
forgoing wet detention basin maintenance requirements. Witness my hand and official
seal,
RMIC" LE M,GABRYBH
NGTARY PUBLIC•MINNESOTA
My Commission Expires
January 31,2024
ECEI /!E
SEAL MAR 2 7 2020
My commission expires Jo c r l ��s r �Oa y
Form SW401-Wet Detention Basin O&M-Rev.4 Page 4 Of 4

a'JEL09 YIENn AfItZEE'r►'lEAFF
ECEIVE
MAR 2 7 2020
STORMWATER SYSTEM AGREEMENT
BY:
THIS STORMWATER SYSTEM AGREEMENT (this "Agreement") is made and entered into
effective as of March AS__,,2020, by and between AEI NET LEASE PORTFOLIO IV DST, a
Delaware statutory trust (the "Trust'), and AEI FUND_ MANAGEMENT, INC a Minnesota
corporation (the "Corporation").
RECITALS:
A. The Trust purchased the real property and improvements known commonly as 5100 Main
Street, Shallotte, NC 28740 and more particularly described as Exhibit A, attached hereto
and incorporated herein, as evidenced by that certain Special Warranty Deed dated October
19, 2015 from Shallotte Development Group, LLC, a North Carolina limited liability
company ("Former Landlord"), recorded on October 30, 2015 in Deed Book 3704 on Page
0794 in the Brunswick County Register of Deeds.
B. The property includes a wet detention basin which is managed by the North Carolina
Department of Environmental Quality ("NCDEQ") through Stormwater Permit
#SW8150310 ("Stormwater Permit"), a Financial Responsibility/Ownership Form of the
Sedimentation Pollution Control Act, and various other documents required by the
NCDEQ (collectively, "Stormwater System Documents").
C. When purchasing the property, the Trust applied for, and was subsequently denied, a State
Stormwater Permit Name/Ownership Change which would have transferred interest from
the Former Landlord to the Trust for Permit #SW8150310 because NCDEQ does not
recognize a Delaware Statutory Trust as a type of legal entity that can be permitted to
manage the stormwater system at the property.
D. NCDEQ allows corporations that are registered with the North Carolina Secretary of State
to hold the Stormwater Permit.
E. The Corporation has registered with the North Carolina Secretary of State in order to hold
any Stormwater System Documents related to the Stormwater System for the Trust.
F. The purpose of this agreement is to create a binding contract to officiate Corporation
managing the Stormwater System, create a mechanism to recover any sums from the Trust
imposed on the Corporation through the normal management of the Stormwater System,
and limit any liability of the Corporation through the normal management of the
Stormwater System.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged by the parties, Trust and Corporation hereby agree as follows:
1. The Trust and the Corporation agree that the Corporation will hold the permit and all fees,
liabilities, and monetary sums incurred as a direct result of applying for, holding, managing,

maintaining, repairing, replacing, defending, or any other duty involved with the detention
pond will be reimbursed in full by the Trust in a timely manner.
2. The Corporation will act as the permit holder for any Stormwater System Documents until
documents and permits are no longer necessary or the property is sold, whichever occurs first.
3. Each of the parties represents and warrants that it has the full capacity, right, power and
authority to execute, deliver and perform this Agreement, and all required actions, consents
and approvals therefor have been duly taken and obtained.
4. This Agreement constitutes the entire agreement between the parties with respect to the subject
matter hereof and supersedes any prior written or oral agreements pertaining thereto.
5. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
and their respective legal representatives, successors and assigns.No amendment,modification
or supplement to this Agreement shall be binding upon the parties unless in writing and
executed by both parties.
6. The Trust agrees to indemnify and hold the Corporation harmless from and against all damage,
costs, claims and expenses arising from the performance of its duties and against any and all
third parties or any party claiming to have had any dealings, negotiations or consultations with
the Corporation in connection with this Agreement.
7. This Agreement shall be interpreted and construed in accordance with the laws of the State of
Minnesota.
8. The invalidity or unenforceability of any particular provision of this Agreement shall not affect
the other provisions, and this Agreement shall be construed in all respects as if such invalid or
unenforceable provisions were omitted.
[SIGNATURE PAGES FOLLOW1

IN WITNESS WHEREOF, Trust and Corporation have executed this Agreement
effective as of the day and year first above written.
Trust:
AEI NET LEASE PORTFOLIO IV DST,
a Delaware statutory trust
By: AEI Trust Manager, LLC,
a Delaware limited liability company
Its: Manager
By: AEI Trust Advisors, Inc.,
a Minnesota corporation
Its: Sol nber
Bv:
Name: Rona Newtson
Title: Executive Vice President
STATE OF MINNESOTA
COUNTY OF RAMSEY
On this kc1 day of March, 2020, before me, a Notary Public, personally appeared Rona
Newtson, the Executive Vice President of AEI Trust Advisors, Inc., the Sole Member of AEI Trust
Manager, LLC, a Delaware limited liability company, the Manager of AEI Net Lease Portfolio IV
DST, a Delaware statutory trust, personally known to me (or proved to me on the basis of
satisfactory evidence) to be the person whose name is subscribed to this instrument and
acknowledged that he (she or they) executed it on behalf of the company.
saws°
MICHELLE M.GABRYSH Notary Public �—
NOTARY PUBLIC•MINNESOTA Name:
My Commisslon ExPlres
January st,2024 My Commission Expires:
[SIGNATURES FOLLOW ON NEXT PAGE]

Corporation:
AEI FUND MANAGEMENT, INC.,
a Minnesota corporation
By
Name: Rona Newtson
Title: Executive Vice President
STATE OF MINNESOTA
COUNTY OF RAMSEY 1 + x9 3� q�Z1.oa•o
- - Marc..h
On this kq day of+ebRiaty, 2020, before me a Notary Public personally appeared Rona
Newtson, the Executive Vice President of AEI Fund Management, Inc., a Minnesota corporation,
personally known to me (or proved to me on the basis of satisfactory evidence) to be the person
whose name is subscribed to this instrument and acknowledged that he (she or they) executed it
on behalf of the company.
kA
MICHELLE M.GABRYSH Notary Public
Name:', [_fie ��Q Czo oa --li
NOTARY PUBLIC•MINNESOTA
My Commission Expires My Commission Expires:
January 37,2024 'So�unry .3�st a,o a y

EXHIBIT "A"
Legal Descriplion of the properly
Being all that certain Tract or Parcel of land lying and being located in the Town of Shallotte,
Shallotte Township, Brunswick County, State of North Carolina; Being bounded on the North
by the Shallotte River; on the South by US 17 Business (Main Street - 100' R/W); bounded
on the East by the lands claimed by Dianne O. Baxley as recorded In Deed Book 1544, Page
912 and Deed Book 2733, Page 475 and also bounded on the East by the lands claimed by
Newbridge Bank as recorded In Deed Book 1209, Page 1032; bounded on the West by the
lands claimed by Alvin Bryan Willis as recorded In Deed Book 2186, Page 848; and being
more particularly described as follows:
Beginning at a existing concrete monument in the northern right of way line of U.S. 17
Business, said beginning point having NC grid coordinates of N=78503.04 feet,
E=2182866.58 feet (NAD 83-2011), said beginning monument also being tied to the NC
Grid System as follows: from N.C.G.S. Monument "Security" (N=82,111.26, E _
2,186,656.66, NAD 83/2011) to N.C.G.S. Monument "Urban" (N=80,902.65, E _
2,185,254.91, NAD 83/2011), S49°13'54"W, 1850.65 feet; thence from N.C.G.S. Monument
"Urban" to the Beginning Point, S440S1'54"W, 3385.17 feet. (All distances are horizontal
ground)
Thence from the Beginning Point and with the northerly right of way line of U.S. 17 Business
(100' right of way width), with a curve to the right, having a radius of 2543,98 feet, and a
chord bearing and distance of 549°28'04" W, 403.78 feet to an iron rod set; thence
continuing with said northerly right of way line, S53014'14"W, 108.56 feet to a 1/2" Iron
pipe found; thence leaving said right of way line, N15057'13"W, 73.49 feet to 1/2" Iron pipe
found; thence N30020'39"W, 238.13 feet to a 1/2" iron pipe found; thence N31008'02"W,
196.29 feet to a 1/2" iron pipe found: thence N09027'10"E, 152.20 feet to a 1/2" iron pipe
found; thence N11023'44"E, 204.09 feet to a 1/2" iron pipe found; thence N16042'01"E,
121.87 feet to a 1/2" Iron pipe found; thence N16°29'08"W, 121.65 feet to a 1/2" iron pipe
found; thence N26018'08W, 407.11 feet to a point in the Shallotte River (inaccessible);
thence S35009'57"E, 33.83 feet to an existing concrete monument; thence S35009'57"E,
724.03 feet to a 1/2" rebar found; thence S35009'07"E, 189.57 feet to a 1/2" rebar found;
thence S35009'12"E, 355.68 feet to the place and Point of Beginning.
Containing 7.93 acres (345,505 square feet) to which reference is hereby made for a more
full and accurate description.

State Stormwater Management Systems
I Permit No. SW8 150310
Tractor Supply Company - Shallotte
Stormwater Permit No. SW8 150310
Brunswick County
Designer's Certification
J. Christian Russell as a duly registered Engineer in the State
of North Carolina, having been authorized to observe (periodically/weekly/full time) the
construction of the project,
Tractor Supply Company in Shallotte, NC
(Project)
for Shallotte Development Group, LLC (Project Owner) hereby state that, to the best
j of my abilities, due care and diligence was used in the observation of the project construction
such that the construction was observed to be built within substantial compliance and intent
of the approved plans and specifications.
I
The checklist of items on page 2 of this form is included in the Certification.
Noted deviations from approved plans and specifications:
O��N ws �/
j = 35054 =
Signature F
Registration Number 035054 yRiS......TIAN `CI
Date 9/14/2015
Page 7 of 8

State Stormwater Management Systems
Permit No. SW8 150310
Certification Requirements:
1. The drainage area to the system contains approximately the permitted acreage.
2. The drainage area to the system contains no more than the permitted amount
of built-upon area.
3. All the built-upon area associated with the project is graded such that the runoff
drains to the system.
V 4. All roof drains are located such that the runoff is directed into the system.
5. The outlet structure elevations are per the approved plan.
6. The outlet structure is located per the approved plans.
7. Trash rack is provided on the outlet structure.
8. All slopes are grassed with permanent vegetation.
9. Vegetated slopes are no steeper than 3:1.
10. The inlets are located per the approved plans and do not cause short-circuiting
of the system.
11. The permitted amounts of surface area and/or volume have been provided.
12. Required drawdown devices are correctly sized and located per the approved
plans.
V 13. All required design depths are provided.
14. All required parts of the system are provided, such as a vegetated shelf, and a
forebay.
15. The required system dimensions are provided per the approved plans.
_V 16. All components of the stormwater BMP are located in either recorded common
areas, or recorded easements.
cc: NCDENR-DEMLR Wilmington Regional Office
Brunswick County Building Inspections
Page 8 of 8

East Coast Engine�ng & Surveying, P.C.
ENGINEERS•P NNERS-SURVEYORS
September 14,2015
Ms. Georgette D. Scott
Stormwater Supervisor
NCDENR Surface Water Protection Section
127 Cardinal Drive Extension
Wilmington,North Carolina 28405-3845
Subject: Tractor Supply Company
Shallotte,North Carolina
Stormwater Permit No. SW8 150310
High Density Stormwater Certification
Dear Ms. Scott:
On behalf of our Client, Shallotte Development Group, LLC, please find enclosed the required
Designer's Certification form and checklist for the subject project. The construction of this project
was recently completed and found to be built within substantial compliance and intent of the
approved plans and specifications.
By copy of this letter,we are forwarding a copy of the enclosed Designer's Certification form and
checklist to Mr. David Bowman, P.E., Town of Shallotte Stormwater Engineer. We are also
forwarding a copy of this information to Mr. Ralph Ronaltcr for his files.
Should you have any questions or require any additional information, please contact our office at
your convenience.
Sincerely,
J. Christian Russell,P.E.
Enclosures
PC: Mr. Ralph Ronalter(Shallotte Development Group,LLC)
Mr.David Bowman,P.E. (Town SW Engineer)
File: 1445 (Tractor Supply Company)
4918 MAIN STREET•POST OFFICE BOX 2469•SHALLOTTE,NORTH CAROLINA 28459•TEL:[phone]•Fax:[phone]
FIRM LICENSE NUMBER: C-3014

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After Recording Mall To:
��eamryt,c»:w;o uxs
i National Title Ins.Co.
421 Fayetteville St.,Suite 215 1
Raleigh,NC 29fi01 ti,c °
NORTH CAROLINA SPECIAL WARRANTY DEED
Excise Tex:S7,091i
rI Idcfmi Ne.19r0006201 Vcrificd by County m dw_day of
20
Mavis.to:Grantee �����'� N Oa.(y00 0 1
Thu instrument was prepared by IIfoQ4.AAd..and Rene LLP.P.O.Box 2205,Columbia SC 292D2;
reviewed for compliance of North farolim law by Weatherspoon 4 Volta,LLP(EW V)
BriefdescripGon for the Index:9.93 acres one or less
TNISDEEDmadedlis 11 dayof Ocmber,2015,byevdbetween
GIUMR GRANTEE
Shallone Development Group,U.C. ollgi llease•Partfullo W 0-ST_:
a North Caroliru Wnited babity embpan, ry�ro �(y 1nav re mnotery&use
155 Wert New York Avenues Suitelj00. °t}9U ll� 13M Well,Fargo Place
Southern No..North fdro16u 28111T 30 Fist Seventy St
St.Paul.MN 55101
The clud,natlon Grantor and Grantee as used herein shall Inc ide said parches their helm,sueeemors,and
asslpis,anJ shall include slagular.plural,masculine.feminine or nomeran ree,utred by cone
WFI`3ES E K then the Groner.for s valuable comiderseim paid by the G meee,he sacilel of which u hereby
seknowtol has sod these presents don y�-aTtF�a aIDry Y w�io Wr Greece m[runpk,W tbn
gad, by D P�n,r l'3ttaa,-
conen Mt or ylcel of land simuelf luwmhip, of SShWutte.Drumwick County,North Carolina and male
pertkod rly desaRseE as follows:
1
°arr".ar��o°w
�,;, °prre�c„gdc�°�Q�y
ECEIVE
MAR 2 7 2020
BY:

m'";,
IaY ^ty,tY. x .stator er aaam vaY a r s
Ser EahWH A atbchN 6erdo nod mad,.part harts!.
The property hereinabove described was aryuired by Grantor by loserumeat retarded In Bonk 302 at Page
0615:
None ofthe property herein mnvryed fueled.the primary resid,me of n!
tee Groat.,
TO HAVE AND TO HOLD the aforesaid lot or pal of total @t�llT,9 t ell.end ap,orteiumes tharetn
Moral".the Gran to fee slmple l>
And the Cromer covenants with tte(ZQft,that Cramer has dense nothing to Impair such tide as Granter
receded,and Grantor will warrant and defend the tide agalm the lawful clalms of all persons daimlal;by,
under or through Grantor,other than the fallowing exceptions:
See Eabibll U attarbad bards and made a part harm[
rip c ° °
v05(f,00 One
(Sfgaatnre w the fsuowng peel
pp�
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TO6 �2unt(z °ooc�
IN W11NIM WHEREOF,the Cramer has duly uaauted the foregoing as orthe day and year first above ;
wdnen des
Shahan,Development Gruop,LLC III�IIIIIIsIIIIIIIIII�llllll�ll Ill' PLO4 PVIA:^ '�
uy: adi Nco ,- r . ,Q-O°Gu0�s G
Primed Nome:
Moore County,JNorth Carolina
I, the undersigned Notary Public of the County of Seotla �d� Snte aforesaid, certlty that
�'\b.—a Puas-rt. personally ame before rr0.c4�t }I}y'J4N �3cbiowledgrd that he Is the
.aawaas. of Shallatte Devel4qppm((bb�� {pEG:,'3 N rtN Carolina limited liability rnmpany,and
Natbyauthority duly given end a�fl:f'�htldf stiu entity,he signed the foregoing Instrument in Its name on its
behalf as its an and deM Witness my hand and Notarial stamp or seal dais n day of 00^lpa.
2015.
l
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a
O -

PERMITTED EXCEPTIONS
I. The lien of all taxes for the year 2016 and thereafter,which are not yet due and
payable.
2. Rights of Tractor Supply Company,as tenant in%xLsVtam lease dated April 6,
2015,which lease contains a oMl�;(�4,f&�fi 9t tdlpurehasc the property.
3. Accretion,erosion,rcl�tion,�and avulsion associated with,and riparian rights of
nthens incidental to,any creeks,streams,branches,or rivers coursing or farming
any boundary to the Land.
4. The following matter(s)as shown on survey by Jimmy F.Cain,dated September
14,2015.last revised October 20,2015 and an)'eastspuo(s)or right(s)-of-wsy
associated therewith: �'(�°l�
a. Telcphoncpedesml/ nh&�Ld]itil
c. Bobbies Pike Br"Vamvcrses the westerly boundary line,also shown on
Map Book 14,Page 42,in Brunswick County Registry: S
d. Shallome River transverses the most northerly tip of subject property,also
shown on Map Book 14,Page 42,in the aforesaid Registry's office.
5. 'Terms and conditions of that Lease as es'idcnted�t¢j�t�Memornndum of Isau,
executed by end bmwee�n,a'1'te�ScF�p�fg�o(irpan ("Tenant")and Shallotte
Developm"t Group;'Sr,I'UAdford")recorded in Book 3632,Page 637,in the
aforesaid Registry's Office,affected by that Assignment of I,euse executed by and
between Shallotte Development Group,LLC("Assignor')and AEI Net Lease '
Portfolio 1V DST,("Assignee')recorded concurrently herewith.
6. Permit recorded in Book 3 63 7,Page 630,affected by that Affidavit recorded in
Book 3637,Page 1296,in the aforesaid Registry's�OfTtef
„cci a0° ( S
7. Easement(s)or ngh�Qs3 p;, jV= Bmawick Electric Membership
Corporation recordtd't�rk 3673.Page 656,in the aforesaid Registry's OIL'ce.
pO�nbp`�r�6�0 nGuC�i'u`'

NORTH CAROLINA
: t Department of the Secretary of State
CERTIFICATE OF AUTHORITY
1, Elaine F. Marshall, Secretary of State of the State of North Carolina, do hereby certify
that
(AEI FUND MANAGEMENT, INC.-
having filed on this date an application conforming to the requirements of the General
Statutes of North Carolina, a copy of which is hereto attached, is hereby granted
authority to transact business in the State ofNorth Carolina.
�CEIVE
MAR 2 7 20'!0
BY•
oFp^RTM6yp . - 0 IN WITNESS WHEREOF, I have hereunto set
e ' 01 my hand and affixed my official seal at the City
�g of Raleigh, this 5th day of February, 2020.
Scan to veri fy online.
Document Id:C202002701760 Secretary of State
Verify this certificate online at http://www.sosno.gov/verification

Action ID Number: SAW-2015-00346 County: Brunswick EC E I M
j Permittee: William Ronalter,Shallote Development Group,LLC MAR 2 7 2020
I
Project Name: Tractor Supply Store,Shallotte
BY:
Date Verification Issued: 2/19/2015
Project Manager: Kyle Dahl
Upon completion of the activity authorized by this permit and any mitigation required by the permit,
sign this certification and return it to the following address:
US ARMY CORPS OF ENGINEERS
WILMINGTON DISTRICT
Attn: Kyle Dahl
i
Please note that your permitted activity is subject to a compliance inspection by a U. S.Army Corps of
Engineers representative. If you fail to comply with this permit you are subject to permit suspension,
modification,or revocation.
I
I hereby certify that the work authorized by the above referenced permit has been completed in j
accordance with the terms and condition of the said permit,and required mitigation was completed in
accordance with the permit conditions.
8 a 7 I is
Signature of Permittee Date
I

U.S. ARMY CORPS OF ENGINEERS
WILMTNGTON DISTRICT
Action Id: SAW-2015-00346 County: Brunswick U.S.G.S. Quad: NC-Shallotte
GENERAL, PERMIT (REGIONAL AND NATIONWIDE) VERIFICATION
Permittee: William Ronaltcr
Shallotte Development Croup, LLC
155%Ve%t New York Avenue,Salle 200
Southern pines, North Carolina 28387
Agent: Kim Williams
Land Management Group,Inc.
3805 Wrightsville Avenue,Suite 15
Wilmington,North Carolina 28403
Size(acres) 7.93 Acres Nearest Town Shallotte
Nearest Waterway UT to Shallotte River River Hasin Carolina Coastal-Sampit
j USGS I IUC 03040207 Coordinates Latitude:33.964824 N
Longitude: -78.398252 W
Location description: The properly is located 4111 the ur rah side I'1: S Ifuciness Roule 17 approsimalel 1).111 miles north of(he
intersection of Willie Drive(par•el 11)- 1418705284752) in (he (own of Shallotte Brunswick Count, North Carolina.
Description of projects area and activity: The in- feel will yernrmcutl' Once fill material within 41.095 acre of jurisdictional
wetlands for the puourpose of constructing•1 conmtercial retail facility placement of fill material is required to construct a
building pad and associated or the re(•ail facility. The prolcet shall be constructed in accordance with the enclosed plans and
drawings tilled "'Ira•tor Suppl'Company; ShAlotte N( " included will (hc olhnd(t•l fron the agent dated February Ill,
2015.
Applicable Law: ® Section 404 (Clean Water Act,33 USC 1344)
❑ Section 10(Rivers and Harbors Act,33 USC 403)
Authorization: Regional General permit Number or Nationwide 1'ermit Number: NWP 39—Commercial and Institutional
Development
SEE ATTACHED NWP GENERAL and REGIONAL SPECIAL CONDITIONS
Your work is authorized by the above referenced permit provided it is accomplished in strict accordance with the attached
conditions and your submitted application and attached information dated February 10,2015, specifically, the enclosed plans
and drawings titled "Tractor Supply Company; Shallotte, NC." Any violation of the attached conditions or deviation from
your submitted plans may subject the permittee to a stop work order,a restoration order and/or appropriate legal action.
This verification will remain valid until the expiration date identified below unless the nationwide authorization is modified,
suspended or revoked. If, prior to the expiration date identified below, the nationwide permit authorization is reissued and/or
modified, this verification will remain valid until the expiration date identified below, provided it complies with all requirements of
the modified nationwide permit. If the nationwide permit authorization expires or is suspended, revoked, or is modified,such that the
activity would no longer comply with the terms and conditions of the nationwide permit, activities which have commenced (i.e., are
under construc(ion) or are under contract to commence in reliance upon the nationwide permit, will remain authorized provided the
activity is completed within twelve months of the date of the nationwide permit's expiration, modification or revocation, unless
discretionary authority has been exercised on a case-by-case basis to modity,suspend or revoke the authorization.
Activities subject to Section 404 (as indicated above) may also require an individual Section 401 Water Quality Certification. You
should contact the NC Division of Water Resources(telephone [phone])to determine Section 401 requirements.
For activities occurring within the twenty coastal counties subject to regulation under the Coastal Area Management Act (CAMA),
prior to beginning work you must contact the N.C. Division of Coastal Management in Morehead City,NC,at(252)808-2808.

Johnson, Kelly
From: Johnson, Kelly
Sent: Wednesday, January 8, 2020 1:21 PM
To: Matthew Swartzer
Cc: Mark Estlund; Pusey, Steven; Musial, Connor E
Subject: RE: [External] NC Stormwater Permit Transfer for a Tractor Supply (SW8 150310)
Company in Shallotte, NC
Matthew,
It isn't that DEMLR doesn't recognize trusts. We have issued permits to trusts, such as family trusts, that are simple and
are written up like a partnership. Honestly, I do not what a "Delaware Statutory Trust" is, and so I am not sure what to
do with that. Here is the official regulatory requirements for signatures:
15A NCAC 02H.1040. PERMIT ADN%N1STRA770N
This Rule applies to the permitting processes set forth in Rules.1041 through.I045.of this Section.
(1) SIGNAT'URES ON PERMT17 APPLICATION FORMS.Application forms shall have an original.
signature by one of the following entities unless the application is accompanied by a letter of
authorisation signed by the appropriate authority as designated in Sub-Items(a)through(d)of this
Item authorizing the signature of another entity:,
(a) in the case of a corporation.by a principal executive officer of the level of vice-president
or his authorized representative. In the case of a limited liability corporation(LLC).by a
manager"or compday official as those terms are defined in.G.S. 57D 'North Carolina
Limited Liability Company Act;"
(b) in the case of a pumership,by a.general.partner or a managing partner. In the case of a
limited partnership,by a general partner:
(c) in t4e.case of a proprietorship,.by the proprietor(s):.or
(d) in;the case of municipal, state, or other public entity, by either.a principal executive
officer,ranking official,or other duly authorized employee.
I think the easiest thing to do is to get the new corporation in NC as you have suggested. The permittee will be the
corporation, and so the permittee's relationship to the property owner isn't any of these options (owner, HOA, lessee,
purchaser or developer). The form just can't cover every circumstance. In this case I would choose developer. Then
submit the agreement between the permittee/corporation and the owner/trust. Both of those entities will be listed on
the permit as co-permittees.
Thanks,
Kelly
From: Matthew Swartzer [mailto:[e-mail]]
Sent: Wednesday,January 8, 2020 11:58 AM
To:Johnson, Kelly<[e-mail]>
Cc: Mark Estlund <[e-mail]>; Pusey,Steven <[e-mail]>; Musial, Connor E
<[e-mail]>
Subject: RE: [External] NC Stormwater Permit Transfer for a Tractor Supply (SW8 150310) Company in Shallotte, NC
a Ex:ermal email.Do not click links or open attachments unless you verify.Send all suspicious email as an attachment to
Kelly,
Our plan is to get an authorization for the Corporation (Permit Holder) to conduct business in NC and have an
agreement between stating the duties between Owner (the Trust) and the Permit Holder(the Corporation). We are
doing this because the NCDENR doesn't recognize the Trust as an entity (#1 from the denial letter attached).
1

The last question I have before I register the Corporation in NC, is which box should I check below? Should I check
property owner and then write in that "the Property Owner("Trust") has an Agreement with the Corporation ("Permit
Holder") to act as Permit Holder because the Property Owner("Trust") is not recognized as a business entity by the
NCDENR"?
I just want to make to do my work on the front end so there aren't any hiccups down the line.
Thank you for all of your time.
E. PROPOSED PERMITTEE INFORMATION
1. the:proposed permittee is the;
Q Property owner(Also complete Part F.J
Q Home Owners Association,(HOA);Property Owners Association(POA),or Unit Owner Association
(UOA)(Also complete Part F.)
Q Lessees-Attach a copy of the lease agreeriront.Both the,lessee and the property owner will appear on
the permit as co-peimittees.If the lease is terminated;iespontubitRyfor Me permit reverts to the property
owner.(Also complete Parts F B.Gf -
Q Purchaser-Attach a copy of the pending sales agreement. .-The permit wig reqube submission of a copy
of the recorded deed after the purchase has taken.place.If the purchase agreement is cancelled the
pennil reverts to&;a property owner...(Also complete Parts F 6 G.)
Q Developer-Attach acopy of the development agreement Both the developer and the property owner
will appear on the permit as co-permitfees.If the development agreement is terminated,responsibility for
the permit reverts to the property owner. (Also complete Parts 8 G.).
Sincerely,
Matthew Swartzer
Real Estate Closing Specialist
Direct: 651-225-7723
AEI Capital Corporation
e 1300 Wells Fargo Place+30 East Seventh Street*Sl.Paul,MN 55101
(P)[phone]+(F)[phone]
w .AEIFUNDS.COM
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL ENTITY TO WHICH IT IS ADDRESSED
AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE.
If the reader of this message is not the intended recipient or an employee or agent responsible for delivering the message
to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is
strictly prohibited and may be a violation of federal law. If you have received this communication in error, please notify us
immediately.
From:Johnson, Kelly<kelly.p.iohnson([e-mail]>
Sent: Friday, January 3, 2020 11:40 AM
To: Matthew Swartzer<[e-mail]>
Cc: Mark Estlund <[e-mail]>; Pusey, Steven <[e-mail]>
Subject: RE: [External] NC Stormwater Permit Transfer for a Tractor Supply (SW8 150310) Company in Shallotte, NC
Matthew,
You could register the owner in NC. Or, I have also seen some companies get some sort of authorization to conduct
business in NC. (That is unusual, and that might not be the exact term. But, it is something like that.) There is a section
of the application that asks what role the proposed permittee plays; owner, lessee, purchaser or developer. In any case
if the permit is written to someone other than the owner, there is language that essentially says that if the permittee
doesn't do what they are supposed to do that the responsibility falls to the land owner. So,the owner also has to be in
compliance with G.S. 57D "North Carolina Limited Liability Company Act;",which generally says that any permitted
corporation has to be in good standing with the NC Secretary of State.
2

Kelly
E. PROPOSED PERMITTEE INFORMATION
1. The proposed permittee is t6:
Q Pioperly.owner(Also complete Part F.)
Q Home Owners Association(HOA);Property Owners Association(POA),or Unit Owner Association
(UOA)(Also complete Part F.).
❑ Lessee-Attach a copy of the lease agreement.Both the lessee and the property owner will appear on
the permit as co-pennittaes.If the lease is terminated;responsbifrty for tie permit reverts to the property
owner.(Also complete Parts F 8 G.)
• Purchaser-Attach a copy of the pending sales agreement. The permit will require submission of a copy
of the recorded deed after the purchase has taken place.If the purchase agreement is cancelled the
permit reverts to the property owner.(Also complete Parts F&G.)
❑ Developer-Attach a copy of the development agreement.Both the developer and the property owner
will appear on the permit as co-permittaes.If the development agreement�s terminated,'responsibility for
the pemut'ie-vets to the property owner. (Also complete Parts &G)
From: Matthew Swartzer [mailto:[e-mail]]
Sent: Thursday,January 2, 2020 5:29 PM
To:Johnson, Kelly<[e-mail]>
Cc: Mark Estlund <[e-mail]>; Pusey,Steven <[e-mail]>
Subject: RE: [External] NC Stormwater Permit Transfer for a Tractor Supply (SW8 150310) Company in Shallotte, NC
• Extern I email.Do not click links or open attachments unless you verify.Send all suspicious email as an attachment to
Good afternoon Kelly and Steve,
Thank you for your response. I am still unclear if my plan below will suffice. We are fully prepared to register another
entity(the "Corporation")with NC in order to allow that entity to hold the permit.Then we would have a written
agreement between the Corporation and the Trust that owns the land. I just want to make sure it will pass before we
register the entity and reapply for the permit as there is the issue below that I highlighted.
I hope jury duty went quick and your New Years are off to a great start.
Sincerely,
Matthew Swartzer
Real Estate Closing Specialist
Direct: 651-225-7723
AEI Capital Corporation
1300 Wells Fargo Place+30 East Seventh Street*St.Paul,MN 55101
(P)[phone]+(F)[phone]
P .AEJFUNDS.COM
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL ENTITY TO WHICH IT IS ADDRESSED
AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE.
If the reader of this message is not the intended recipient or an employee or agent responsible for delivering the message
to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is
strictly prohibited and may be a violation of federal law. If you have received this communication in error, please notify us
immediately.
3

From:Johnson, Kelly<[e-mail]>
Sent: Thursday,January 2, 2020 12:46 PM
To: Matthew Swartzer<MSwartzer(aaeifunds.com>
Cc: Mark Estlund <[e-mail]>; Pusey,Steven <[e-mail]>
Subject: RE: [External] NC Stormwater Permit Transfer for a Tractor Supply (SW8 150310)Company in Shallotte, NC
Matthew,
I have cc'd my coworker, Steve Pusey, on this. He wrote the return letter, but it has been quite a while so he may or
may not remember the details. But, it sounds like the current permittee is Shallotte Development Group, LLC. That
entity sold the property to AEI Net Lease Portfolio IV DST, a Delaware Statutory Trust. In reading through the return
letter it seems that the issue is that the new owner isn't registered through the NC Secretary of State's office as a NC
Corporation. The Delaware corporation may own the land, but we can only issue a permit to an NC Corporation. It is
true that they also have to do the things that are highlighted in your email per that other regulation. But, I think the
holdup is that the permittee has to be registered in NC.
Kelly
15A NCAC 02H .1040 PERMIT ADMINISTRATION
This Rule applies to the permitting processes set forth in Rules .1041 through .1045 of this Section.
(1) SIGNATURES ON PERMIT APPLICATION FORMS. Application forms shall have an original signature by one of
the following entities unless the application is accompanied by a letter of authorization signed by the appropriate
authority as designated in Sub-Items(a)through (d)of this Item authorizing the signature of another entity:
(a) in the case of a corporation, by a principal executive officer of the level of vice-president or his authorized
representative. In the case of limited liability corporation(LLC),by a manager or company official as those
terms are defined in G.S. 57D "North Carolina Limited Liability Company Act"
(b) in the case of a partnership, by a general partner or a managing partner. In the case of a limited partnership,
by a general partner;
(c) in the case of a proprietorship, by the proprietor(s);or
(d) in the case of a municipal,state,or other public entity,by either a principal executive officer,ranking official,
or other duly authorized employee.
(2) PERMIT PROCESSING TIMES. The Division shall process permit applications and additional or amended
information pursuant to G.S. 143-215.1.
(3) DELEGATION. For permits issued by the Division,the Director shall be authorized to delegate to Division staff any
of the functions contained in these Rules,except the following:
(a) denying a permit application;
(b) revoking a permit if such revocation is not requested by the permittee;
(c) modifying a permit not requested by the permittee; and
(d) calling for a public notice or meeting.
(4) PERMIT ISSUANCE.The following shall apply to stormwater management permits issued by the Division:
(a) stormwater management permits issued for low density projects shall not require permit renewal;
(b) stormwater management permits issued for projects that require the construction of engineered stormwater
control measures shall be issued for a period not to exceed 8 years; and
(c) stormwater management permits shall be issued to the property owner or to a lessee,purchaser, or developer
with the written permission of the property owner, and shall cover the entire project.
(5) PERMIT DENIAL. If the Director denies a permit, the letter of denial shall state the reason(s) for denial and the
Director's estimate of the changes in the applicant's proposed activities or plans that would be required in order that
the applicant may obtain a permit. Permit applications may be denied where the proposed project results in
noncompliance with:
(a) the purposes of G.S. 143, Article 21;
(b) the purposes of G.S. 143-215.67(a);
(c) rules governing coastal waste treatment or disposal, found in Section .0400 of this Subchapter;
(d) rules governing "subsurface disposal systems," found in 15A NCAC 18A .1900. Copies of these Rules are
available from the North Carolina Division of Public Health, 1632 Mail Service Center, Raleigh, North
Carolina 27699-1632:or
(e) rules governing groundwater quality standards found in Subchapter 21,of this Chapter.
(6) PERMIT REVOCATION OR MODIFICATION. Permits issued pursuant to these Rules are subject to revocation,
or modification by the Director upon 60 days' written notice by the Director in whole or in part for good cause
including the following:
4

(a) violation of any terms or conditions of the permit;
(b) obtaining a permit by misrepresentation or failure to disclose all relevant facts; or
(c) refusal of the pernittee to allow authorized employees of the Department of Environmental Quality, upon
presentation of credentials:
(i) to enter upon permittee's premises in which any records are required to be kept under terms and
conditions of the permit;
(ii) to have access to any and all records required to be kept under terms and conditions of the permit;
(iii) to inspect any monitoring equipment or method required in the permit; or
(iv) to sample any discharge of pollutants.
(7) DIRECTOR'S CERTIFICATION. With the exception of the fast track permitting as set forth in Rules .1043 and
.1044 of this Section, projects that do not comply with the requirements of this Section may be approved on a case-
by-case basis if the project is certified by the Director that water quality standards and best usages will not be
threatened. Approval of alternative designs for SCMs that do not meet all the MDC shall be in accordance with Rule
.1003(6)of this Section. Approval of new stormwater technologies shall be in accordance with Rule .1050(15)of this
Section. The applicant shall provide information that demonstrates to the Director that
(a) there are practical difficulties or hardships due to the physical nature of the project such as its size,shape, or
topography that prevent strict compliance with this Section; and
(b) water quality standards and best usages will be protected, including development plans and specifications for
SCMs that will be installed in lieu of the requirements of this Section or information that demonstrates that
the project is located such that impacts to surface waters from pollutants present in stormwater from the site
will be mitigated.
(8) PUBLIC NOTICE. The Director is authorized to call for a public notice or hearing to solicit and receive comments
from other regulatory agencies and the public to obtain additional information needed to complete the review of either
the stormwater permit application or the stormwater conditions. If comments are solicited, notice shall be posted on
the Division's website and shall provide the public at least 30 days after publication to submit comments to the
Director. The permit application shall be included in the notice published on the Division's website.
(9) CONTESTED CASE HEARING. An applicant whose application is denied or who is issued a permit subject to
conditions that are not acceptable to the applicant may seek a contested case hearing pursuant to G.S. 150B-23.
(10) COMPLIANCE. Any individual or entity found to be in noncompliance with the provisions of a stormwater
management permit or the requirements of this Section shall be subject to enforcement procedures as set forth in G.S.
143, Article 21.
History Nate: Authority G.S. 143-214.1; 143-214.7; 143-215.1; 143-215.3(a); 143-215.3D; 143-215.6A; 143-215.6B; 143-215.6C;
Eff. January 1, 2017(portions of this rule previously codified in 15A NCAC 02H.1003, .1010, .1011, and.1012).
From: Matthew Swartzer [mailto:[e-mail]]
Sent: Friday, December 13, 2019 2:41 PM
To:Johnson, Kelly<kelly.o.iohnson(@ncdenr.gov>
Cc: Mark Estlund <[e-mail]>
Subject: [External] NC stormwater Permit Transfer for a Tractor Supply Company in Shallotte, NC
WIMWJIExternal email. Do not click links or open attachments unless you verify.Send all suspicious email as an attachment to
Good afternoon Kelly,
As I stated on the phone,we've had some turnaround in our department and I am picking up where my colleague left off
and 1 was hoping to have your opinion on the below. I've also attached the denial letter from the NCDENR. The below
might get a little technical, 1 apologize for that.
As a recap,the Property where the Stormwater System was purchased on October 19, 2015 from Shallotte Development
Group, LLC, a North Carolina limited liability company("Former Owner"), to AEI Net Lease Portfolio IV DST, a Delaware
Statutory Trust ("Current Owner"). AEI submitted a permit transfer on July 27, 2017 to the Wilmington Regional Office
which was denied because the provisions of SL 2013-121 were not met—AEI Net Lease Portfolio IV DST, a Delaware
Statutory Trust is not a partnership, LLC, or corporation. AEI is now submitting the application through another one of its
entities that will manage the stormwater permit—AEI Fund Management, Inc., a Minnesota corporation.
5

I am letting you know my plan so you can advise if any of it seems mistaken. AEI is going to register a Certificate of
Authority to allow AEI Fund Management, Inc., a Minnesota corporation, to do business and hold the permit in North
Carolina. I am currently:
1) submitting the Certificate of Authority; and
2) drafting the Agreement between AEI Net Lease Portfolio IV DST, a Delaware Statutory Trust(the "Trust")and AEI
Fund Management, Inc., a Minnesota corporation (the "Corporation") which will show that that the Corporation is the
proposed permittee and the sole claimant of the right to engage in the permitted activity of managing the Stormwater
System.
I would like your feedback because the Permittee would not be the successor-owner which holds title to the property
which seems to violate the highlighted 2 & 3 below. There would, however, be an agreement between the two parties. I
highlighted the sections of the statute that I am concerned about.
(c5) The Department may transfer a permit issued pursuant to this section without the consent of the permit holder to a successor-
owner of the property on which the permitted activity is occurring or will occur as provided in this subsection:
(1) The Department may transfer a permit if all of the following conditions are met:
a. The successor-owner of the property submits to the Department a written request for the transfer of the
permit.
b. The Department finds all of the following:
I. The permit holder is one of the following:
1. A natural person who is deceased.
11. A partnership, limited liability corporation, corporation, or any other business
association that has been dissolved.
111. A person who has been lawfully and finally divested of title to the property on which
the permitted activity is occurring or will occur.
IV. A person who has sold the property on which the permitted activity is occurring or will
occur.
2. e successor-owner holds title to the property on which the permitted activity is occurring or
will occur.
3. The successor-owner is the sole claimant of the right to engage in the permitted activity_
4. There will be no substantial change in the permitted activity.
(2) The permit holder shall comply with all terms and conditions of the permit until such time as the permit is
transferred.
(3) The successor-owner shall comply with all terms and conditions of the permit once the permit has been transferred.
(4) Notwithstanding changes to law made after the original issuance of the permit, the Department may not impose
new or different terms and conditions in the permit without the prior express consent of the successor-owner.
I've also included the SSW-Permit Transfer Application Form and our plan does not seem to fit into Section E as there is
only a Property Owner or Purchaser section and neither are really who will be holding the permit.
This has been lingering for quite some time and it is my hope to have it resolved as soon as possible. Please let me know
if I should direct my questions elsewhere.
Sincerely,
Matthew Swartzer
Real Estate Closing Specialist
Direct: 651-225-7723
AEI Capital Corporation
¢ 1300 Wells Fargo Place•30 East Seventh Street*St.Paul,MN 55101
(P)[phone]*(F)[phone]
W W W.AEIFUNDS.COM
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL ENTITY TO WHICH IT IS ADDRESSED
AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE.
6

If the reader of this message is not the intended recipient or an employee or agent responsible for delivering the message
to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is
strictly prohibited and may be a violation of federal law. If you have received this communication in error, please notify us
immediately.

ROY COOPER
Governor
MICHAEL S. REGAN
ND Secretary
Energy,Mineral& TRACY DAVIS
and Resources November 21, 2017
Director
Efl'IQONMENThL OUPLITI
AEI Net Lease Portfolio IV, DST
Attu.: Patrick Keene, CPO
30 E. 7°i Street, Suite 1300
Saint Paul, iN4N 55101
Subject: Permit Transfer Application Return
State Stormwater Management Permit No. SWS 150310
Tractor Supply Company, Shallotte,NC
Brunswick Countv
Dear Mr. Keene:
On July 27, 2017, the Wilmington Regional Office received a request to transfer ownership of the subject
state stormwater management permit under the provisions of Session Law 2013-121, The Division has
determined that the provisions of SL 2013-121 haveNO'I'been met, as indicated by the supporting
documents and findines listed below:
1. We cannot transfer the subject permit to AEI Net Lease Portfolio IV, DST(a Delaware statuton'
trust). It must go to a corporation, partnership, ere. in accordance with State Stormwater Rules_
2. The signer for AEI, is the sole member ofA731 Trust Advisors, Inc. and manager of AI31 Trust
Manager, LLC. Neither of these companies is registered with the NC Secretary of State, which is
a requirement to transfer the permit to a valid entity.
3. As of this date, information requested on October 5, 2017,has not been received in this Office
within the stipulated timeframe.
Per the requirements of Section .1009(c) of the Stormwater Management Rules, this Office is hereby
returning the subject application as incomplete. The $505.00 application fee has been forfeited and a new
fee will need to be provided if you choose to resubmit this application in the future.
An inspection of the property may be conducted in the near future. N'ou are reminded that any
construction of impervious surfaces on the property or changes to the original approved permitted plan
design prior to receipt of a new or modified permit will constitute a violation of 15A NCAC 21-1.1000 and
may result in the assessment of civil penalties. By copy of this letter to the local Building Inspector, this
Office is requesting that they consider withholding the building permits and Certificates of Occupancy for
this project pending issuance of a Stormwater Management Permit.
If you have any questions concerning this matter, please don't hesitate to contact Steve Pusev or me at
[phone],
Sin�cerel ,
�',TracyDi is, P.E., Director
Division of Energy,Mineral and Land Resources
GDS/sgp: A\\Stormwater\Permits & Projects\2017\150310\2017 11 return project 150310
cc: J. Christian Russell, PE— East Coast Engineering, Shallotte
Ralph Bowman, PE—Town of Shallotte, Stormwater
Wilmington Regional Office
Stateof Norll'Carolina I Environmental Quality I Energy.Mineral and Land Resources
Wilmington Regional Office 1127Cardmal Drive Cxtcnslon I Wilmingtnn,NC 2,4405
910 796 7215

1015/2017 Business Registration Division
North Carolina
s o 'bi
r 1 ,X�L Elaine F. Marshall DEPARTMENT OFTHE
Secretary SECRETARY OF STATE
PO Box 29622 Raleigh,11C 27626-0622 [phone] Account
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beginning at 7:00 p.m. Friday, October 6th through 7:00 p.m. Saturday, October 7th. We apologize to
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Click Here To:
View Document Filings
Corporate Names
Legal: Aei Net Lease Income & Growth Fund Xx Limited Partnership
Limited Partnerships Information
Sosld: 0960244
Status: Current-Active
Annual Report Status: Not Applicable
Citizenship: Foreign
Date Formed: 9/2/1992
State of Incorporation: MN
Registered Agent: CT Corporation System
Corporate Addresses
Mailing: 1300 Minnesota World Trade Cenle 30 E. Seventh Street
St. Paul, MN 55101
Reg Office. 160 Mine Lake Cl Ste 200
Raleigh, INC 27615
Reg Mailing: 160 Mine Lake Cl Ste 200
Raleigh, NC 27615
https://www.sosnc.gov/Search/prolcorp/156226 1/1

1111412017 AEI Net Lease Income&Growth Fund XX LP:Private Company Information-Bloomberg
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Company Overview of AEI Net Lease Income & Growth Fund XX LP
Snapshot People
Company Overview Key Executives For AEI Net Lease Income&Growth Fund
AEI Net Lease Income& Growth Fund XX Limited XX LP
Partnership engages in the acquisition and lease of Mr. Patrick W. Keene CPA
commercial properties in the United States. Its CFO&Secretary&Treasurer of AEI Fund Mgmt XX
Inc
property portfolio comprises commercial single tenant Age: 57
buildings. The company leases properties to various
tenants under triple net leases. AEI Fund Compensation as of Fiscal Year 2017.
Management XX, Inc. serves as the managing
general partner of the company. AEI Net Lease
Income&Growth Fund was founded in 1992 and is
based in St. Paul, Minnesota.
Phone: [phone]
1300 Wells Fargo Place
Fax: [phone]
30 East Seventh Street
St. Paul, MN 55101-4939
United States
Founded in 1992
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SOSID: 0960244
Date Filed: 9/14/2016
Elaine F. Marshall
STATE OF NORTH CAROLINA North Carolina Secretary of State
Department of the Secretary of State C2016 258 35653
AGENT'S STATEMENT OF CHANGE OF REGISTERED OFFICE ADDRESS
Pursuant to§55D-31 of the General Statutes of North Carolina,the undersigned submits the following for the purpose of changing the
address of the registered office in the State of North Carolina of the entity named below:
I. The name of the entity is: Aei Net Lease Income&Growth Fund Xx Limited Partnership
Entity Type: Limited Partnerships
2. The street address and county of the current registered office of the entity is:
Number and Street: 150 Fayetteville Street,Box 1011
City,State,Zip Code: Raleigh,INC 27601 County:Wake
3. The mailing address if different from the street address of the current registered office is:
4. The street address and county of the new registered office of the entity is:
Number and Street: 160 MINE LAKE CT STE 200
City, State,Zip Code: RALEIGH,NC 27615-6417 County: Wake
5. The mailing address if different from the street address of the new registered office is:
6. The name of the current registered agent is:
C T Corporation System
7. The address of the entity's registered office and the address of the business office of its registered agent,as changed,will be
identical.
8. The undersigned certifies that the entity has been notified in writing of the change of address of the business office of
the registered agent.
9. This statement will be effective upon filing,unless a date and/or time is specified: September 14,2016
This is the 9111 day of September 20 16
C T Corporation System
(Name of Entity)
(Signature)
Marie Hauer,Asst.Secy.
(Type or Print Name and Title)
Notes: Filing Fee is S5.00. One executed statement must be filed with the Secretary of State.
CORPORATIONS DIVISION P.O. BOX 29622 RALEIGH,NC 27626-
0622
(Revised January 2002) (Form BF-12)

AGENT'S STATEMENT OF CHANGE OF REGISTERED OFFICE ADDRESS
INSTRUCTIONS FOR FILING
(Form BE-12)
Item 1 Enter the complete name of the entity exactly as it appears in the records of the Secretary of
State.
Item 2 Enter the complete street address and county of the current registered office exactly as it appears
in the records of the Secretary of State.
Item 3 Enter the complete mailing address of the registered office only if it is different from the street
address shown in Item 2.
Item 4 Enter the complete street address and county of the new registered office.
Item 5 Enter the complete mailing address of the new registered office only if it is different from the
street address shown in Item 4.
Item 6 Enter the name of the registered agent exactly as it appears in the records of the Secretary of
State.
Item 7 See form.
Item 8 See form.
Item 9 The document will be effective on the date and at the time of filing, unless a delayed date or an
effective time (on the day of filing) is specified. If a delayed effective date is specified without
a time, the document will be effective at 11:59:59 p.m. on the day specified. if a delayed
effective date is specified with a time, the document will be effective on the day and at the time
specified. A delayed effective date may be specified up to and including the 90'h day after the
day of filing.
Date and Execution
Enter the date the document was executed.
In the blanks provided enter:
• The name of the entity registered agent which is executing the statement; if the
registered agent is an individual, leave blank.
• The signature of the registered agent or of the representative of the entity which is
acting as the registered agent.
The name of the registered agent or the name and the title of the above-signed
representative.
CORPORATIONS DIVISION P.O. BOX 29622 RALEIGH,NC 27626-0622

Pusey, Steven
From: Chris Russell <[e-mail]>
Sent Thursday, October 05, 2017 3:26 PM
To: 'Ralph'
Cc: 'Alan Lewis'; 'Robert Tucker; 'Sabrina Babson (ECES)'; Pusey, Steven
Subject: [External] FW: SW8 150310 Tractor Supply in Shallotte
CAUTION:This email originated from outside of the organization. Do not click links or open attachments unless you verify that the
attachment and content are safe.Send all suspicious email as an attachment to [e-mail].
Mr. Ronalter,
I received this email today and we are unaware of any transfer action that has been initiated for the Tractor Supply in
Shallotte. I wanted you to be aware of this email so that you can take the appropriate action.
Please let me know if you have any questions.
Thank you.
Chris Russell, PE
East Coast Engineering & Surveying, PC
(o) 910-754-8029
(f) 910-754-8049
(m) 910-232-0692
From: Pusey,Steven (mailto:[e-mail]]
Sent:Thursday,October 05, 2017 11:06 AM
To: Russell,Chris([e-mail])<[e-mail]>
Cc:Scott, Georgette<[e-mail]>
Subject:SW8 150310 Tractor Supply in Shallotte
Chris,
I am sorry to inform you that I cannot transfer the subject permit to AEI Net Lease Portfolio IV, DST(a Delaware
statutory trust). It must go to a corporation, partnership,etc. I noticed that the signer for AEI,was the sole member of
AEI Trust Advisors, Inc. and manager of AEI Trust Manager, LLC. One of these companies needs to be registered with the
Secretary of State in order to make them a valid entity in NC.
Please advise your client, Mr. Ronalter, Manager of Shallotte Development Group, LLC and ask him to work with AEI to
fix this situation in short order. If not, I will have to return the transfer. I will be anxiously awaiting your response.
Thanks,
Steve Pusey, El
Environmental Engineer
Division of Energy, Mineral and Land Resources—State Stonnwater Program
Department of Environmental Quality
1

Casmer, Jo
From: Casmer, Jo
Sent: Tuesday, August 08, 2017 9:05 AM
To: '[e-mail]'; '[e-mail]'
Subject: Tractor Supply Company Shallotte; Stormwater Permit SW8 150310
The Wilmington Regional Office of the Division of Energy, Mineral, and Land Resources (Stormwater Section)
accepted the Stormwater Permit Ownership Transfer Application and $505.00 fee on August 8, 2017. The project
has been assigned to Steve Pusey and you will be notified if additional information is needed.
Jo Casmer
Administrative Assistant IV
North Carolina Department of Environmental Quality
Department of Environmental Assistance & Customer Service
910 796-7336 office
910 350-2004 fax
io.casmer(o)ncdenr.gov
127 Cardinal Drive Extension
Wilmington, NC 28405
-!/Nothtng Compares..
Email correspondence to and from this address is subject to the
North Carolina Public Records Law and may be disclosed to third parties.
t

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Completeness Review Checklist
Project Name: T{;ACTc�) 5 v�O� C��, (X yam, Received Date: Ju / 'z7 7 2-00
Project Location: �h�( (c�( � Tr Accepted Date:
Rule(s) 1:12008 Coastal 1995 Coastal Phase II (WiRO.) El Universal �1988 Coastal
Type of Permit: New or Mod or PR Existing Permit#(Mod or PR): /- D 3 r O nPE Cert on File?
Density: HD or LD Type: Commercial or Residential F�NCG:
%: ___D(%OK?) Stream Class: 1:1SA Map ElOffsite to SW8
Subdivided?: Subdivision or Single Lot ORW Map Exempt
Paperwork Emailed Engineer on:
F—lSupplement(s) (1 original per BMP) BMP Type(s):
11O&M with correct/original signatures (1 original per BMP except LS/VFS and swoles)
implication with correct/original signatures eed
Corp or LLC: Sig. Auth. per SoS or letter Email Address: Design Engineer
5 15 (within 6mo) ✓S/�i�$ti F z ` `�' Email Address: Owner
❑Soils Report with SHWT a„cloy«t Note to R e/wf Of:
Calculations (signed/sealed) Sfic�-
�No obvious errors 5 .S
Density includes common areas, etc
Deed Restrictions, if subdivided:
Signed & Notarized
Correct Template (Comm/Res & HD/LD) or Dec Covenants & Rest
Plans
F-12 Sets El Details (roads, cul-de-sacs, curbs, sidewalks, BMPs, Buildings, etc)
Grading F—lWetlands: Delineated or No Wetlands
Vicinity Map Layout(proposed BUA dimensions)
Legend �DA Maps Project Boundaries
Infiltration Wet Pond Offsite
Soils Report Soils Report �PE Cert for Master Lot#:
SHWT: SHWT: Deed Rest for Master EJ Lot # Matches Master
Bottom: PP: BUA Permitted (Master): sf
Visited: BUA Proposed (Offsite): sf
Additional Information:
Permitted Proposed: Proposed: Proposed:
BUA (sf)
DA (sf)
PP (el)
SHWT (el)
Depth (ft)
SA (sf)

July 24, 2017
Ms. Georgette Scott
NCDEQ
Wilmington Regional Office
127 Cardinal Drive Extension
Wilmington, NC 28405
Re: Stormwater Permit# S W8150310
Ms. Scott:
Enclosed you will find a completed State Stormwater Permit Name/Own ershi Chan
Permit# S W8150310. If you recall, we spoke on the phone a few weeks ago re r0 run
that we have an outdated form completed, but indicated this would be acceptable with the new
f or
fee of$505.00. Please ]et me g e with g the fact
know if there are any additional documents you need in order to
get this stormwater permit transferred into AEPs name. My contact information is below.
Thanks!
(* mac "' ` -
Lori Moldan, Esq.
For AEI Net Lease Portfolio IV, DST
lmoldannaeifunds com
651-225-7745
ECERVE
JUL 2 l 2017
BY:
1300 We1.I.s Fneco Pl tcr,30 EAST SEVENTH Si uEFT,Sr.PAuL,MN 55101
VOICE 800-328-35191 FAX [phone] WEBSITC www.ueifunds.com

State of North Carolina
Department of. Environment and Natural Resources
Division of Water Quality
STATE STORMWATER PERMIT NAME/OWNERSHIP CHANGE FORM
I: CURRENT PERMIT INFORMATION
1. Stormwater Management Permit Number: S v.($ IS03 t O
2. Project Name: 'if-Ac-cog- &�ITCo
3. Current Permit Holder's Company Name/Organization: 51-w\\o l'rc 0eyr soM-WA-r Ge U,C
4. Signing Official's Name: 01AL--At- Title: j..AA"AGLA.
5. Mailing Address: ISS v.f n(tw . Okk, AJL �6\., Av, c3oo
City: 'SOWArbtr 1 Rfrts State: cvc. Zip: d0317
6. Phone: 9,o &46 801 Fax: 5io L95- 3Go3
II. PROPOSED PERMITTEE / OWNER / PROJECT/ ADDRESS INFORMATION
This request is for: (please check all that apply)
❑ Name change of the owner (Please complete Items 1, 2 and 3 below)
❑ Name change of project (Please complete Item 5 below)
® Change in ownership of the property/company (Please complete Items 1, 2, 3, and 4 below)
❑ Mailing address/phone number change. (Please complete Item 4 below)
❑ Other (please explain):
1. Proposed permittee's company name/organization: AEI Nth Lease. Porgy obo N, D5T
2. Proposed permittee's signing official's name: Paf ri cVi Atccne,
3. Proposed permittee's title: Chic Finn n c i at O P-i c e r
4. Mailing Address: 30 6. ,7 *' 6Preef, 5W 1-e, 1300
City: 5a1'n{- Po" I State: MN Zip: 55101
Phone: b( 51 ) Z Z 7 - 7 3 33 Fax:
5. New Project Name to be placed on permit:
Please check the appropriate box. The proposed permittee listed above is:
❑ HOA or POA (Attach documentation showing that the HOA or POA owns, controls, or has a
recorded easement for all areas that contain stormwater system features. Print name of HOA or
POA in #1 above and provide name of HOA/POA's authorized representative in#2 above)
The property owner
❑ Lessee (Attach a copy of the lease agreement and complete Property Owner Information on
page 4)
❑ Purchaser (Attach a copy of the pending sales agreement. Final approval of this transfer will be
granted upon receipt of a copy of the recorded deed)
❑ Developer (Complete Property Owner Information on page 4) E C E I V E
Cark-
M €3--NU,1.4/ 69_/-2_2_s 7757] JUL 2 7 2017 F'du hke < BY: —
SSW N/O Change Rev24Sept2012 Page 1 of 4

III. REQUIRED ITEMS
A request to transfer a permit will not be approved by the Division of Water Quality (DWQ) unless all
of the applicable required items listed below are included with the submittal. Failure to provide the
listed items may result in processing delays or denial of the transfer.
This completed and signed form. This certification must be completed and signed by both the
current permit holder and the new applicant if this is a change of ownership.
Legal documentation of the property transfer to a new owner.
,,�,A copy of any recorded deed restrictions, covenants, or easements, if required by the permit.
A4 The designer's certification (DWQ Engineer and Designer Certification Forms are available from
each DWQ Regional office), if required by the permit and if not already submitted to DWQ.
If the proposed permittee is a firm, partnership, association, institution, corporation, limited liability
company, or other corporate entity, provide documentation showing the authority of the named
representative to act on behalf of the proposed permittee.
'6;The $40.00 processing fee. If this is an initial transfer from the original permittee the processing
fee is not required. Subsequent ownership transfers will require the $40.00 processing fee.
IV. CURRENT PERMITTEE'S CERTIFICATION
Please check one of the following statements and fill out the certification below that statement:
❑ Check here if the current permittee is only changing his/her/its name, the project name, or mailing
address, but will retain the permit. I, , the current
permittee, hereby notify the DWQ that I am changing my name and/or I am changing my mailing
address and/or I am changing the name of the permitted project. I further attest that this application
for a name/ownership change is accurate and complete to the best of my knowledge. I understand
that if all required parts of this application are not completed or if all required supporting information
and attachments listed above are not included, this application package will be returned as
incomplete.
Check here if current permittee is transferring the property to a new owner and will not retain
ownership of the permit. �-{
I, w 11 a•.c Raw n�{x the current permittee, am submitting this application
for a transfer of ownership for permit 15oa i o . I hereby notify DWQ of the sale or
other legal transfer of the stormwater system associated with this permit. I have provided a copy of
the most recent permit, the designer's certification for each BMP, any recorded deed restrictions,
covenants, or easements, the DWQ approved plans and/or approved as-built plans, the approved
operation and maintenance agreement, past maintenance records, and the most recent DWQ
stormwater inspection report to the proposed permittee named in Sections II and V of this form. I
further attest that this application for a name/ownership change is accurate and complete to the best
of my knowledge. I understand that if all required parts of this application are not completed or if all
required supporting information and attachments listed above are not included, this application
package will be returned as incomplete. I assign all rights and obligations as permittee to the
proposed permittee named in Sections II and V of this form. I understand that this transfer of
ownership cannot be approved by the DWQ unless and until the facility is in compliance with the
permit.
Signature:e G Date: '7- JQ -I{o
a Notary Public for the State of
I�fE�la1+ CGrn\.eva County of Sco-" and do hereby certify that
l fJ AN,.. y" C. '?lon.4LTU personally appeared before me this the
�?o da of 20 1(* , aAaokNVledge the due execution of the
'o°� LIND,q °0°°°O
for in 'nstrume t Witness my hand and official segt,' SGe (Notary Se
co 4/ <
No a Signature' n o AG OT9��
c sv:
SSW N/O Change Rev24Sept2012 Page 2 ofi,�U �1NTY,ti .°°
s � e
°paaeu°eeeeoc8

V. PROPOSED PERMITTEE CERTIFICATION: (This section must be completed by the
Proposed Permittee for all transfers of ownership)
I, See h4ached 91 rya fum , hereby notify the DWQ that I have acquired
through sale, lease or legal tra sfer, the regrWnsibility for operating and maintaining the permitted
stormwater management system, and, if applicable, constructing the permitted system. I
acknowledge and attest that I have received a copy of: (check all that apply to this permit)
Lam' most recent permit
the designer's certification for each BMP
❑ ny recorded deed restrictions, covenants, or easements
[ the DWQ approved plans and/or approved as-built plans
[tithe approved operation and maintenance agreement
ast maintenance records from the previous permittee (where required)
DWQ stormwater inspection report showing compliance within 90 days prior to this transfer
I have reviewed the permit, approved plans and other documents listed above, and I will comply with
the terms and conditions of the permit and approved plans. I acknowledge and agree that I will
operate and maintain the system pursuant to the requirements listed in the permit and in the
operation and maintenance agreement. I further attest that this application for a name/ownership
change is accurate and complete to the best of my knowledge. I understand that if all required parts
of this application are not completed or if all required supporting information and attachments listed
above are not included, this application package will be returned as incomplete.
Signature: Date:
I, , a Notary Public for the State of
County of , do hereby certify that
personally appeared before me this the
day of 20 , and acknowledge the due execution of the
forgoing instrument. Witness my hand and official seal,
(Notary Seal)
Notary Signature
Additional copies of the original permit and the approved Operation and Maintenance agreement can
be obtained from the appropriate Regional Office of the Division of Water Quality.
This completed form, including all supporting documents and Processing fee (if required), should be
sent to the appropriate Regional Office of the North Carolina Department of Environment and Natural
Resources, Division of Water Quality, as shown on the attached map.
Please note that if the Proposed Permittee listed above is not the property owner, the property owner
must complete and sign page 4 of this document. Both the lessee/devrjeUL',�7
owner will appear on the permit as permittees. 2017
BY:
SSW N/O Change Rev24Sept2012 Page 3 of 4

VI. PROPERTY OWNER CONTACT INFORMATION AND CERTIFICATION
If the Proposed Permittee listed in Sections ll and V of this form is not the Property Owner, the
Property Owner must provide his/her Contact Information below and sign this form:
Printed Name: <J 1A
Organization:
Title within the Organization:
Street Address:
City: State: Zip:
Mailing Address:
(if different from street address)
City: State: Zip:
Phone: Fax:
Email:
I certify that I own the property identified in this permit transfer document and have given permission
to the Proposed Permittee listed in Sections II and V to develop and/or, lease the property. A copy
of the lease agreement or other contract, which indicates the party responsible for the construction
and/or operation and maintenance of the stormwater system, has been provided with the submittal.
As the legal property owner I acknowledge, understand, and agree by my signature below, that I will
appear as a permittee along with the lessee/developer and I will therefore share responsibility for
compliance with the DWO Stormwater permit. As the property owner, it is my responsibility to notify
DWO by submitting a completed Name/Ownership Change Form within 30 days of procuring a
developer, lessee or purchaser for the property. I understand that failure to operate and maintain the
stormwater treatment facility in accordance with the permit is a violation of NC General Statute
(NCGS) 143-215.1, and may result in appropriate enforcement action including the assessment of
civil penalties of up to $25,000 per day, pursuant to NCGS 143-215.6.
Signature of the property owner Date:
I, a Notary Public for the State of
County of , do hereby certify that
personally appeared before me this the
day of 20 , and acknowledge the due execution of the
forgoing instrument. Witness my hand and official seal,
(Notary Seal)
Notary Signature
gY:
SSW N/O Change Rev24Sept2012 Page 4 of 4

Signature page to Stormwater Permit Name/Ownership Change Form
Tractor Supply—Shallotte, NC
AEI Net Lease Portfolio IV, DST,
a Delaware statutory trust
By: AEI Trust Manager, LLC,
a Delaware limited liability company
Its: Manager
By: ACI Trust Advisors, Inc.,
A Minnesota corporation
Its: e Me ber
By:
Patrick Keene, CA
Date: 7 1 t7
1, Lori Moldan, a Notary public for the State of Minnesota, County of Ramsey, do hereby certify
that Patrick Keene personally appeared before me this (pt'h day of July, 2017, and
acknowledged the due execution of the forgoing instrument. Witness my hand and official seal,
6 Y/) �W
ary Signature
LORI LEIGM MOLDAN
Notary Public
i3tl Minnesota
ffiv? My commission Expires
-- Jan 31.2020
ECEI V
JUL 2 7 2017

East Coast Engineering & Surveying, P.C.
ENGINEERS•PLAN NERS-SURVEYORS
September 14,2015 �`f1
Ms. Georgette D. Scott
Stormwater Supervisor
NCDENR Surface Water Protection Section
127 Cardinal Drive Extension
Wilmington,North Carolina 28405-3845
Subject: Tractor Supply Company
Shallotte,North Carolina
Stormwater Permit No. SW8 150310
High Density Stormwater Certification
Dear Ms. Scott:
On behalf of our Client, Shallotte Development Group, L C, please find enclosed the required
Designer's Certification form and checklist for the subject project. The construction of this project
was recently completed and found to be built within substantial compliance and intent of the
approved plans and specifications.
By copy of this letter, we are forwarding a copy of the enclosed Designer's Certification form and
checklist to Mr. David Bowman, P.E., Town of Shallotte Stormwater Engineer. We are also
forwarding a copy of this information to Mr. Ralph Ronalter for his files.
Should you have any questions or require any additional information, please contact our office at
your convenience.
Sincerely,
ECOVF—
J. Christian Russell,P.E. JUL 2 7 207
Enclosures
BY:r—
PC: Mr. Ralph Ronalter (Shallotte Development Group,LLC)
Mr. David Bowman,P.E. (Town SW Engineer)
File: 1445 (Tractor Supply Company)
4918 MAIN STREET•POST OFFICE BOX 2469•SHALLOTTE,NORTH CAROLINA 28459•TEL [phone]•Fax:91075"049
FIRM LICENSE NUMBER: C-3014

State Stormwater Management Systems
Permit No. SW8 150310
Tractor Supply Company - Shallotte
Stormwater Permit No. SW8 150310
Brunswick County
Designer's Certification
1 J. Christian Russell as a duly registered Engineer in the State
of North Carolina, having been authorized to observe (periodically/weekly/full time) the
construction of the project,
Tractor Supply Company in Shallotte, NC
(Project)
for Shallotte Development Group, LLC (Project Owner) hereby state that, to the best
of my abilities, due care and diligence was used in the observation of the project construction
such that the construction was observed to be built within substantial compliance and intent
of the approved plans and specifications.
The checklist of items on page 2 of this form is included in the Certification.
Noted deviations from approved plans and specifications:
.O9� ..CAROM
WA
35054
Signature '
Registration Number 035054 sTtAN ROCI
Date 9/14/2015
Page 7 of 8

State Stormwater Management Systems
Permit No. SW8 150310
Certification Requirements:
1. The drainage area to the system contains approximately the permitted acreage.
2. The drainage area to the system contains no more than the permitted amount
of built-upon area.
3. All the built-upon area associated with the project is graded such that the runoff
drains to the system.
4. All roof drains are located such that the runoff is directed into the system.
5. The outlet structure elevations are per the approved plan.
6. The outlet structure is located per the approved plans.
7. Trash rack is provided on the outlet structure.
8. All slopes are grassed with permanent vegetation.
i, 9. Vegetated slopes are no steeper than 3:1.
V 10. The inlets are located per the approved plans and do not cause short-circuiting
of the system.
v� 11. The permitted amounts of surface area and/or volume have been provided.
12. Required drawdown devices are correctly sized and located per the approved
plans.
13. All required design depths are provided.
lye 14. All required parts of the system are provided, such as a vegetated shelf, and a
forebay.
!� 15. The required system dimensions are provided per the approved plans.
16. All components of the stormwater BMP are located in either recorded common
areas, or recorded easements.
cc: NCDENR-DEMLR Wilmington Regional Office
Brunswick County Building Inspections
Page 8 of 8

RECORD OF WRITTEN ACTION BY CONSENT It-
all
SOLE SHAREHOLDER AND DIRECTOR.
AEI:TRUST' DVISORS, INC.
In
THE UNDERSIGNED, being the Sole Shareholder and all the members of the Board of
Directors of AEI Fund Management, Inc., a corporation duly organized and existing under the
laws of the State of Minnesota, hereinafter referred to as the "Corporation", hereby consent to the
taking of the following actions without the formality of a meeting pursuant to Minnesota Statutes
Section 302A.441 and 302A.239, and hereby waive any notice required to be given in connection
therewith, and hereby unanimously adopt by written action the following corporate resolutions:
NOW, THEREFORE, BE IT RESOLVED, as of this date, and until further notice, that
only in the event of temporary absence or unavailability, travel, sickness, total disability or death
of Robert P. Johnson, it is directed that Patrick W. Keene, or Rona L. Newtson, or Mami L.
Nygard, or either of them, are hereby authorized to execute any and all documentation on behalf
of said corporation as may be necessary to continue all business practices, and to carry out the
intents and purposes of the by-laws, minutes and resolutions of this corporation.
BE IT FURTFIER RESOLVED, as of this date, and until further notice, that only in the
event of temporary absence or unavailability, travel, sickness, total disability or death of Robert
P. Johnson, it is directed that Patrick W. Keene, or Rona L. Newtson, or Marni L. Nygard, or
either of them, are hereby authorized to execute any and all documentation on behalf of said
corporation, to include documentation as may be necessary to effect the purchase and/or sale of
any pending or existing property transaction, including transactions for which two or more
signatures on behalf of the corporation may be contractually required.
It is also noted that no other representatives of the corporation may execute
documentation for the intents and purposes of binding contracts.
IN WITNESS WHEREOF, the undersigned Director has evidenced his approval of the
above as of the 1 st day of January, 2015.
ARober/*oon, ector

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Fidelity National Title Ins.421
Ralefhetteville St.,Suite 215 NC Z2e p��l"1 i1a 1(I��cr(e+0o
NOR I'll CAROLINA SPECIAL WARRANTY DEED
I?xcix'fax:S).098.00
Pars I Idcntifim No.197W 01 Verified by County on the_dey of
By
SIMITh.in Gromce
Thia instrvmmtwas prepxred by::fo:fl R�n�e.Adams and Rccse Li I'.O.Box 2205.Columbla.5C 29202;
reviewed far compliance of North Until.hew by Wenhelspoan 6 Valm.LLP B WV7
Brief Jcanption ror the Index:7.93 acres nmre or 1...
THISDEEDmadetMn 11 dayof0cenbei,2015,byandbeneeen
GRANTOR GBANTEE
Shallotte Development Group.LlL Agf,pel7case Ponehl,IV DST,
a North Carolina limited habUby company, Ca300 Were Fatmory oust
IS"Vest New York Avenue.Sulte zp•a�J`�' n 100 Wells arga Place
Southemilres,Nunh Caroline203BT 30F tSeventh SC
Sit Paul.MN 55 10 1
The deslgnadan Grams,and Grantee as used herds shall Incl Me sold entica,their heirs,sumcssnrs,and
assig:m,aid,loll include siegi plural,mascmhinq feminine or neuceras required by when
WffNESSFTH.Wl me(ineeW,,for a valuable considermien paid by mt,Grree�otec,the receipt of which is hereby
n«
acknowleJgeQ by and by Ihae m«ots does 0tr,4n4 bi inee`Psi'la P nvey raw dre Granlce io Ice sbvpk,ell Wort
<mam Im nr pamel of IatM situal�iaNliow]ihip al SWllmte.Unwwiak Couty,NonM1 Carolina end mote
partialarly desmbcel as f llows: q
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�p VL�ua.lcktcounty, W Roatao .1�u.a MW z nl
See F.chibil A attached heron and made pn hereof.
The property hereinalawc described was aequ iced by Gmnmr by instrument recorded In Book 3632 at Page
0615:
Hornet the properly herein..eyed Incindea the primary residenti,of a Gmnmr.
TO HAVE AND TO HOLD the aforesaid Int ur parc.l of 1am1 Lid 9R)w24ges and appunenan[es therein
belonging mthe Grr annie In tee simple. ``'O TLt�1L( ss
And the Grantor covenants with C:e I}rm°t that Cramer tins nano nothing to impair such in,as Gmnmr
received,and Cramer will waraunt and defend the dde against the lawful claims of all persnttc claiming by
it nder or through Grantor,other than the following exceptions:
See Eahihd B attarAen barrio and made a part here.!.
r�
Tpd°
(Smi ature on the following Pagel
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N WITNESS WHEREOF,the Grantor has duly executed the foreguingas ufthe day and year Grstabuve
written.
Sh.1hute Oevelnpmnm Croup,I.LC Illlllllllllllllllll llllllilll II P704 P0796s;o-<�'
Can[y. rIC ReOlafar !a-da pap.a of 5
Printed Name: w,\1_n C_ KeTrc ND"
lee�a.,aq.. .1 nem'S41t�d'
Moore County.!North Carolina
I, the unJerti,ted Nut ry Public of the County of Srntlan nd Slue oforesold, rertlly that
1's\,._c(de.a.aw personally ame before met�tMr'iluyjl�,d cknowledged that he is the
�.r..aou al Shallaae OeveloPm((n li�(�iri,ilYGtt,�Worth Carolina mped liability company,and
ld thatby authority dulygiven and a thgkf,16 amity,hesignedthefnregnieg Instrument In its name um its
behalf as its an and deed.Witness my hand and Notarial stamp or seal this M day of 0�4. aU ,
2015.
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cPZ% ,loiapt
rys printed type name.Notary Public
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Curter Legal Oehnpen
Hi ell d The"
Numser Ore(II of Me 5 WLU YAh divOn d The am Beblm N Seth bno Trad Legalw of ta Rodllq
inn Mnp made oY W guru 0.Bun2,R.L.S.,1884,January 15,1974 andmn¢IPJ InMap Book Founden(Iq el
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Survoyed MMea BM Bounds t/gel OtILCtY]
Bing ad Nan..,.Thad a Par¢IVI IenJ IYlnO and Dmad Wad in the Tom d$laddle,Sleedb famous,
Bhdr,WUk County,SMte OI North Carolina;Bain,bounded on Me Ni by 0e Shallops,Rive,on Me South by US I]
Business(Nyn 5a'eel-100'RNC:peuMeo Od No E3s1 EY Bla IaMa tlemM by tiame 0.Batley as T'Grded In
Oaed Book 1541,Pap 912 dM Dead BOOk 2733.Page 475 eM also Eoultlod On Te E.b/IM Iw6s tlaned Dy
N W,WdW Bank of recb0ad In Doed Back 1200,Page 1032 Doubled M Me VIdel by Me Wntla tla4ned by NIMn
Bryan Vrtllis as ratoNM in Oeed BOO,21 ad.Page 048;and Icing Ime pa V.vlarfy doamMd a Idbrs'
adglnning at d esIs911g mlerele mpnumbY in the mlinem ngm of way 4re,\N�I/u.1]Mel 4'W bglnrdq Irmo
lavon,NC no Won iand.0N=]B5o3w Mi E=2182Ba50.501m1j1NLdQW1�011).a OE ginnlllg man .also
Sting BM IO Me NC Urid Syslbn as ldlwvs:llW4N.t,4^,,y.1,NdTYT0n1 Sed YK((Ni 11.R.E-2.198.05B.BB.
.0aw.")bN.C.G.S.MOnumeoCUBGJI'•(H�ad 96 BS,E=2,I B5,254.91,W1013 2011),S49.13 SPW,IBW 05
fee,thence ham N.C.0 S.MMurodi'Urta to the Beginning Piad,SN'S1 S4VJ,Mad 17 fmd.W dww sws
ftFUW el pound)
1Nrrn"m the Beginning Paul aM with the rolNenY ngnl of way Ike d Il.$.1]BuelMts(IIHI'opnl olwey MdN),
wiM a curve 10 Me nigh,having a mdim of 2543.90 feet.O d 8 Moro sodium and distanm of S4g'XW-W,40379
feel W an Iron had eeL 9fene WnWang mth hid nMheny nigh dwdy Bre.S53.14'I Ii 1dead IM M a 1?im
po,f WM;MOMa KMng dMd night 01 way line,1115-5]'13'W,7319 hat W 12 iron p(b loWd;gable
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n'tea nurnamdi t id.S3Y09]TE,IN 03 hen 10 0 f/2'header found;VEKB 535'O0'0]4,189 57 IGd W e lIr
mdlr lound;Men.S35-N 1rS,355 88 Met W Me gem wd PWA or Beganni
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BOO ° ° r. nll;rr.B,
PERMITI ED EXCEPTIONS
I. The lien of all taxes for the year 2016 and thereafter,which are not yet due and
payable.
2. Rights of Tractor Supply Company,as tenant in deitpi,tM n letuc dated April 6,
2015,which lease contains u i ant vUoJiftk l Ypnrehase the property.
I'�oLo �lf
3. secretion,erosion, tetron,and avulsion associated with,and riparian rights of
others incidental I,any creeks,streams,branches,or rivers coursing or forming
any boundary lu the Lund.
4. The following matter(s)as shown on survey by Jimnry F.Cain,dated Septeml er
14,2015.last revised October 20,2015 and any c scmant(s)or rights}af-way
associated therewith:
a. Telephonepedemidt,rgnhhtK 1Ll}t��J
c. Bobbies Pike Bring n nsverscs the westerly boundary line,also shorn on
N(ap Book 14.Page 42.in Brunswick County Registry; K
d. Shallotttc River transverses the most northerly tip of subject property,also
shown on Map Book 14,Page 42,in the aforesaid Registry's Office.
S. Terms and conditions of that Isase as cvidcn ed hy�tflg�Memomndum of Lease,
executed by and between 11'I'reclSc�s� .�:�igrFmy("fumm�")and ShAlotte
Development Crtotgs,�ro,S;,Q'�a,d(drd"J recorded in[took 3632,Page 637,in the
afinesad Registry's Office,affected by that Assignment of Lease executed by and
bchveen Shallave 1)evelopmnn Group,LLC("Assignor")mad ACI Net Lease
Portfolio IV DS I',("Assignee')recorded conaarzently herewith.
6. Permit recorded in Book 3637,Page 630,affected by that Affidavit recorded in
Book 3637,Page 1296,in the aforesaid Registry'safiv.
7. Easement(s)or right 0-f1-Ley'jan fi.lt tff Brunswick Electric Membership
Corporation recotd.'d'in f4oak 3673.Page 656,in the aforesaid Registry Office.
BOO d o 01p'Q]n5g@

Mark Estlund
From: Mark Estlund
Sent: Monday, May 08, 2017 9:39 AM
To: 'Linda'
Subject: RE:Tractor Supply Shallotte Weir warranty repair
Thanks Linda,
I am waiting for the authorized signatory on behalf of the owner entity to sign the transfer paperwork. In the meantime,
I have engaged a contractor to begin monthly monitoring and maintenance so we'll keep the pond in its current state to
ensure the transfer. Thanks very much for all of your help with this!
Best Regards,
Mark Estlund
Asset Management and
Facilities Maintenance Specialist
(P)651-225-7757
(F)651-227-7705
AEI Fund Management, Inc.
+ 1300 Wells Fargo Place+30 East Seventh Street+St.Paul,MN 55101
(P)[phone]�(F)[phone]
VJVJW.AEIFUNOS.COM
From: Linda [mailto:Linda @baselinedevelopment.com]
Sent: Monday, May 08, 2017 8:55 AM
To: Mark Estlund
Subject: RE: Tractor Supply Shallotte Weir warranty repair
Mark,
Here is the attached inspection report.
McLamb installed new vegetation that was a requirement. Gavin says that it will establish itself naturally over time. As
long as we continue to have the rain we are having, it should not take very long for this occur.
Linda Suydam
Managing Vice President
Baseline Construction, Inc
155 W New York Ave,Suite 200
Southern Pines, NC 28387
Office 910-695-3694
Cell910-528-6740
Fax [phone]
From: Mark Estlund Inlallto:[e-mail]]
Sent:Thursday, May 04, 2017 9:18 AM
To: Linda <[e-mail]>
Subject: RE:Tractor Supply Shallotte Weir warranty repair
1

Nvmivnnm 2 Nipv.unMwn W,s I of I01M
Retention Pond 5ervicee, Inc.
SyxbLafryl fn nOplum�fAbpmtk aml Y:et!>n.l Aletn[emPn:e
Stormwater Maintenance and Inspection Report
customer Name: Tractor Supply - Shallotte Facility#: NA
Weather Conditions: Sunny Date: 6/2/2017
SITE CONDITIONS COMMENTS
Yes No N/A
Are sediment and/or pond basin(s)stabilized and ❑ ❑
functioning properly?
Are diversion ditch(s)and swale(s)stabilized and ❑ ❑
functioning properly?
Are there any areas of erosion present in pond ❑ ❑ denuded area around wooded side of
area(s)? pond
Do any areas require re-vegetation? ❑ ❑
Is the forebay separator(s)functioning properly? ❑ ❑
Are all pipes and hard structures functioning ❑ ❑
properly?
Is there any sediment accumulation in the pond or ❑ ❑ at intake
outlet box?
Are there any items not mentioned above that ❑ ❑
need to be addressed?
MAINTENANCE PERFORMED COMMENTS
YES NO N/A
Are pond area(s)free of trash and debris? 1-1 El
Was the grass cut in all pond area(s)? ❑ ❑
Are the trash rack and draw down pipe on the ❑ ❑
outlet box clear?
Does the pond need to be treated for aquatic ❑ El
and/or algae?
Technician Signature: Techn ician Name(Print): Jessica Wyatt

Alimcmntt 6'Au�auen A�ui Paxelof l0.ryx
Retention Pond Services, Inc.
�ifrecializin�in,all irhtr5rcr ul Aquanic and IYr.rinnd A4:dn Genunee
WORK COMPLETION REPORT
Facility Number: NA Facility Name: Tractor Supply - Shallotte
Arrival Date: 5/31/2017 Arrival Time: 12:10 PM
Departure Date: 5/31/2017 DepartureTlme: 12:30 PM
Comm ents/Additional Information:
Contractor Team Lead Signature: C/v Date: 5/31/2017
Team Lead Printed Name: Jessica Wyatt
Facility Employee Signature: Date: 5/31/2017
Facility Employee Name:
Facility Employee Title:

• TOWN OF SHALLOTTE
PLANNING &ZONING DEPAR'1'MEN'I'
Post Office Box 2287 • Shallotte, North Carolina 28459
Telephone: [phone] • Facsimile: [phone]
September 2,2015
Eva Newton([e-mail])
Shallotte Development Group,LLC
155 W.New York Avenue: Suite 200
Southern Pines,NC 28387
RE: Conditional Use Standards
Tractor Supply Company Store
5100 Main Street
APN Number: 197-000-6201
Shallotte,NC 28459
Dear Ms. Newton,
This letter is regarding the conditional use standard that were stated with the conditional use permit
approved oil April 7'", 2015 by the Town of Shallotte Board of Aldermen and recorded with the
Brunswick County Register of Deeds and referenced as Book 3637, Page 0630, as well as Book 3637.
Listed below are the conditional use standards and the final zoning compliance certificate assuring that all
conditional use standards have been satisfied.
I. Any approval by the Board of Aldermen shall serve as approval of the building footprint as
illustrated on the site plans.
Approval of the sla rlalohe retail sh iclnre exceeding 15,000 SF has been approved by the Board
ofAldernren through issuance of a Conditional Use Permit. The final building footprint is 19,028
square feet and meets this condition of approval.
2. Outdoor Storage shall be permitted as indicated on the site plan.
This statement was recorded ivilh the Conditional Use Perunit. Torn of shallotle planning staff
inspected the property for final zoning compliance and found that the outdoor storage complies
with plait submitted.
3. Merchandise ill the Outdoor Display Areas is allowed to remain outside overnight.
This statement was recorded nrilh the Conditional Use Permit. Staff has issued the final zoning
compliance with the recorded statement on the conditional use permit that merchandise is
permitter)to remain outside overnight within the outdoor display area.
4. Approves the size and location of the Permanent Sidewalk Display Area as shown on the
Preliminary Site Plan.
This slaterhhemt ryas approved and eras a couhponemt ofsite plan approval. Stajfopproved the size
and location of the permanent sidewalk display area illustrated at) the site with the issuance of
the final zoning compliance certificate.

5. Utility plans shall be submitted and shall be approved by the Public Works department. The
Town of Shallotte Puhlie Works Departmmew has reviewed mul approved the tailily plans. Utility
work and hf-ostructure has been installed and completed to the satisfaction of the Town of
Shallotte Public Works Department. The ftHal zoning compliance certificate was issued per their
approval.
6. Permit is conditional upon compliance with approved site development plans.
final zoning compliance was based upon site development constructed per the site plans that
were approved as a condition of the conditional use permit.
7. All required state and local permits, including Town of Shallotte stormwater, NCDOT driveway,
and NCDENR stonnvater, and land disturbance, or documents indicating said permits have been
secured,either in the form of letter from the regulating agency or a sealed engineer's statement.
A Town of Shallotte slormwater and ArCDEAhR stornnvater permit have been oblaiued. A
NCDENR land disno•hatce permit has heen obtained. The A'CD07'driveway permit has been
issued Construction of the specifications included in each permit has been approved prior to
issuance offinal zoning approval.
8. Signs shall be permitted separately and shall comply with UDO Article 21.
All sigmage is coutplete and complies with UDO Article 21. Final zoning compliance was based
upon approval of this condition.
9. Outdoor lighting shall be permitted separately and shall comply with UDO Section 19-10.
Outdoor lighting complies with UDO Section 19. Final zoning compliance was based upon
approval of this condition.
The Tractor Supply project has met all the conditions for final certificate of zoning compliance with the
Town of Shallotte. Please do not hesitate to contact me with any questions that you may have. I cony be
reached at telephone number 910-7544032.
/BTROg"Cly,
R�ohert . .v. is
Town Planner
I

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STORMWATER COMPLIANCE OPERATIONS
WORK COMPLETION REPORT
Site Photos
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STORMWATER COMPLIANCEOPERATIONS
WOR • • • '
Site Photos
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STORMWATER COMPLIANCE OPERATIONS
WORK COMPLETION REPORT
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