Exhibit 10.3


 


ASSIGNMENT AND ASSUMPTION OF PURCHASE
AND SALE CONTRACT


 


For good and valuable consideration
the receipt and sufficiency of which is hereby acknowledged, the undersigned, Inland Real Estate Acquisitions, Inc., an
Illinois corporation, (“Assignor”), hereby assigns to IRESI Vernon Hills Commons, L.L.C., a Delaware limited
liability company (“Assignee”), all of Assignor’s right, title and interest as a party to that certain Agreement
of Purchase and Sale dated February 9, 2017, as amended by that certain First Amendment to Agreement of Purchase and Sale dated
April 17, 2017 (collectively, the “Purchase Agreement”) by and between Assignor, as Purchaser, and VHTC Lot 10 LLC
(“Seller”), with respect to the purchase and sale of certain real property and improvements listed on Exhibit A attached
hereto and as further described in the Purchase Agreement.


 


By execution hereof by
Assignee, Assignee for itself and its successors and assigns hereby accepts the assignment and assumes all of the obligations of
Assignor under the Purchase Agreement with respect to the Property.


 


This Assignment is effective
as of the 3rd day of May, 2017.


 





	 	ASSIGNOR:	 	
        Inland Real Estate Acquisitions, Inc.,

        an Illinois corporation

	 	 	 	 	 	 	 
	 	 	 	By:	/s/ G. Joseph Cosenza
	 	 	 	Name:	G. Joseph Cosenza
	 	 	 	Its:	President
	 	 	 	 	 	 	 
	 	ASSIGNEE:	 	
        IRESI Vernon Hills Commons, L.L.C.,

        a Delaware limited liability company

	 	 	 	 	 	 	 
	 	 	 	By:	
        Inland Residential Operating Partnership, L.P.,

        a Delaware limited partnership, its sole member

	 	 	 	 	 	 	 
	 	 	 	 	By:	
        Inland Residential Properties Trust, Inc.,

        a Maryland corporation, its general partner

	 	 	 	 	 	 	 
	 	 	 	 	 	By:	/s/ David Z. Lichterman
	 	 	 	 	 	Name:	David Z. Lichterman
	 	 	 	 	 	Its:	Vice President, Treasurer & CAO







 





 




    	 



    	 



    

EXHIBIT A


 


LEGAL DESCRIPTION


 


 


PARCEL 1


LOT 10 IN THE FIRST RESUBDIVISION OF VERNON
HILLS TOWN CENTER, BEING A RESUBDIVISION OF PART OF THE SOUTH HALF OF SECTION 15, TOWNSHIP 43 NORTH, RANGE 11, EAST OF THE THIRD
PRINCIPAL MERIDIAN, ACCORDING TO THE FINAL PLAT OF SUBDIVISION RECORDED FEBRUARY 2, 2011 AS DOCUMENT NUMBER  6705452, IN LAKE
COUNTY, ILLINOIS.


 


PARCEL 2:


NON-EXCLUSIVE EASEMENT FOR THE BENEFIT OF PARCEL
1 AS CREATED BY THE DECLARATION OF EASEMENTS AND OPERATING AGREEMENT DATED APRIL 1, 2009 AND RECORDED JUNE 22, 2009 AS DOCUMENT
NUMBER 6488478 MADE AND ENTERED INTO BY VHTC, LLC, AN ILLINOIS LIMITED LIABILITY COMPANY AND PTD PROPERTIES, LLC, AN ILLINOIS LIMITED
LIABILITY COMPANY, FOR THE PURPOSE OF (I) INGRESS, EGRESS AND PARKING BY VEHICULAR TRAFFIC, (II) THE PASSAGE AND ACCOMMODATION
OF PEDESTRIANS, (III) INSTALLATION, OPERATION, MAINTENANCE, REPAIR AND REPLACEMENT OF THE COMMON UTILITY LINES AND (IV) THE INSTALLATION,
REPAIR, REPLACEMENT AND MAINTENANCE OF AN IRRIGATION SYSTEM AND GRASS LANDSCAPING, AMENDED BY AMENDED AND RESTATED DECLARATION
OF EASEMENTS AND OPERATING AGREEMENT DATED NOVEMBER 1, 2010 AND RECORDED FEBRUARY 2, 2011 AS DOCUMENT NUMBER 6705457 MADE AND ENTERED
INTO BY VHTC, LLC, AN ILLINOIS LIMITED LIABILITY COMPANY, VHTC LOT 3 LLC, AN ILLINOIS LIMITED LIABILITY COMPANY, AND PTD PROPERTIES,
LLC, AN ILLINOIS LIMITED LIABILITY COMPANY.


 


 


Property Address: 1255 Town Center Road, Vernon Hills,
Illinois


 


PIN(s): 15-15-313-003