Exhibit 10.18


MEZZANINE PLEDGE AND SECURITY AGREEMENT


THIS MEZZANINE
PLEDGE AND SECURITY AGREEMENT (this “Pledge Agreement”) is entered into in as of December 28, 2012,
between IREIT DG SPE II MEMBER, L.L.C., a Delaware limited liability company, having its principal place of business at
2901 Butterfield Road, Oak Brook, Illinois 60523 (referred to herein as “Pledgor”) and JPMORGAN CHASE BANK,
NATIONAL ASSOCIATION, a national banking association chartered under the laws of the United States of America, having an address
at 383 Madison Avenue, New York, New York 10179 (“Lender”).


Pledgor is the owner
of one hundred percent (100%) of the outstanding limited liability company interests in the entities listed on Exhibit A
hereto, each a Delaware limited liability company (individually or collectively, as the context requires, “Pledged Entity”).


Pledgor is borrowing
the sum of Two Million Four Hundred Eighty Thousand and No/100 Dollars ($2,480,000) from Lender pursuant to the terms of that certain
Mezzanine Promissory Note of even date herewith executed by Pledgor (the “Note”), which Note is to be secured by this
Pledge Agreement and by other instruments (“Other Security Documents”). The loan represented by the Note shall
be referred to herein as the “Loan”. Pledgor expects to derive economic benefit from the Loan.


To induce Lender
to make the Loan, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Pledgor and Lender agree as follows:


		1.	Defined Terms. As used in this Pledge Agreement, the following terms shall have the following
meanings:



“Business Day”
shall mean any day other than a Saturday, Sunday or any other day on which national banks in New York, New York are not open for
business.


“Collateral”
shall have the meaning assigned to it in Section 2 of this Pledge Agreement.


“Event of Default”
shall mean the occurrence of any of the following: (i) any principal amount of, or interest on, the Note shall not be paid when
due; or (ii) Pledgor shall breach any representation hereunder, or shall fail to perform any covenant, agreement or other obligation
under this Pledge Agreement or under any of the Other Security Documents and such failure shall continue beyond any applicable
grace or cure period; or (iii) Pledgor shall commence a voluntary case under Title 11 of the United States Code entitled “Bankruptcy”
as now or hereafter in effect, or any successor thereto (the “Bankruptcy Code”); or an involuntary case is commenced
against the Pledgor under the Bankruptcy Code and relief shall be ordered against the Pledgor or the petition is controverted but
is not dismissed within sixty (60) days after the commencement of the case; or Pledgor shall be not generally paying its debts
as such debts become due; or a custodian (as defined in the Bankruptcy Code) shall be appointed for, or take



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charge of, all or substantially
all of the property of the Pledgor; or the Pledgor shall commence any other proceeding under any reorganization, arrangement, readjustment
of debt, relief or debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter
in effect relating to Pledgor or there shall be commenced against the Pledgor any such proceeding which remains undismissed for
a period of sixty (60) days or the Pledgor shall be adjudicated insolvent or bankrupt; or the Pledgor shall fail to controvert
in a timely manner any such case under the Bankruptcy Code or any such proceeding, or any order of relief or other order approving
any such case or proceeding is entered; or the Pledgor by any act or failure to act indicates its consent to, approval of, or acquiescence
in any such case or proceeding or in the appointment of any custodian, or the like of, or for it, or any substantial part of its
property or shall suffer any such appointment to continue undischarged or unstayed for a period of sixty (60) days; or the Pledgor
makes a general assignment for the benefit of creditors; or any action is taken by the Pledgor for the purpose of affecting any
of the foregoing; (iv) any provision of the Note, this Pledge Agreement or any other document delivered by or on behalf of Pledgor
in connection with the Loan, shall at any time for any reason fail or cease to be valid and binding on Pledgor, respectively or
shall fail or cease to create a valid and perfected first priority security interest in any of the Collateral, or Pledgor shall
so state in writing, or the validity or enforceability thereof shall be contested by Pledgor or a proceeding shall be commenced
by any governmental agency or authority having jurisdiction over Pledgor seeking to establish the invalidity or unenforceability
thereof, or Pledgor shall deny that they have any or further liability or obligations under the instrument delivered by each in
connection with the Loan; or (v) an Event of Default by any Pledged Entity shall have occurred under, and not have been cured in
accordance with, any mortgage loan documents executed by Pledged Entity and encumbering the Property (the “Mortgage Loan
Documents”).


“Interests” shall
mean Pledgor’s Shares, together with all proceeds, rents, income, increases, profits and related rights, all sums or distributions
(whether made in cash, tangible or intangible property of any kind or character, or otherwise) due or to become due to Pledgor
including all profits and income, and the accounts thereof, all surplus and capital, and the accounts thereof, all rights (if and
to the extent provided in the Pledged Entity Operating Agreement) in specific property, including the right to participate in the
management and administration of any Pledged Entity’s business and affairs, to require any information and account of transactions
and all other matters relating to the business and financial condition of any Pledged Entity, to inspect the books and records,
including federal, state and local income tax returns, and to receive all allocations of loss, deduction, credit and other tax
benefits allocable to Pledgor from any Pledged Entity, and any and all other rights, title and interest of Pledgor in Pledged Entity
and under the Pledged Entity Operating Agreement of Pledged Entity, whether now existing or hereafter acquired or created, together
with all products, proceeds, substitutions and additions of or to any of the foregoing.



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“Note” shall
mean that certain Mezzanine Promissory Note of even date herewith in the principal amount of Two Million Four Hundred EightyThousand
and No/100 Dollars ($2,480,000), made by Pledgor in favor of Lender, as the same may be amended, restated, replaced, supplemented
or otherwise modified from time to time.


“Obligations”
shall mean (i) all of the unpaid principal amount of, and accrued interest on, the Note, and (ii) all other indebtedness, liabilities
and obligations of Pledgor to Lender, whether now existing or hereafter incurred, created under, arising out of or in connection
with the Loan, the Note, this Pledge Agreement or the Other Security Documents, including all costs and expenses incurred by Lender
in the collection of any of the obligations of indebtedness described in (i) and (ii) above, including without limitation reasonable
attorney’s fees and legal expenses.


“Operating Agreement”
shall mean that certain Limited Liability Company Agreement of Pledgor, dated December 10, 2012 (as the foregoing may have been
amended or may hereafter be amended from time to time).


“Pledged Entity Operating
Agreement” shall mean, individually or collectively as the context requires, the Limited Liability Company Agreement
of each Pledged Entity, each dated December 10, 2012 (as each of the foregoing may have been amended or may hereafter be amended
from time to time).


“Proceeds” shall
mean “proceeds,” as such term is defined in the UCC (as hereinafter defined) and also, to the extent not included in
the foregoing, (i) any and all distributions of cash or property from any Pledged Entity to Pledgor when Shares are sold, exchanged,
collected or otherwise disposed of, both cash and non-cash, and all payments or distributions paid or payable on account of the
Shares; and (ii) any and all other amounts from time to time payable to Pledgor under or in connection with any of the Collateral.


“Property” shall
mean those certain properties described on Exhibit B hereto, in which Pledged Entity owns, on the date hereof, a 100% undivided
fee interest.


“Shares” shall
have the meaning assigned to it in Section 2 of this Pledge Agreement.


“Special Purpose Entity”
shall mean an entity formed for the sole purpose of owning the Interests, and whose organizational documents prohibit it from (i)
engaging in any activity other than owning the Interests and matters related thereto, (ii) incurring no debt other than the Obligations
and trade payables in the ordinary course of business not to exceed two percent (2%) of the amount of the Loan which are not evidence
by a note, are not secured, and are paid when due.



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		2.	Grant of Security Interest. As security for the prompt and complete payment and performance
when due of all the Obligations and to induce Lender to make the Loan, Pledgor hereby grants, pledges and assigns to Lender a first
priority security interest in all of Pledgor’s right, title and interest in, to, and under, whether now existing or hereafter
arising and agrees to deliver and pledge to Lender pursuant to this Pledge Agreement, the following (all of which being herein
collectively called the “Collateral”):



		(a)	One hundred percent (100%) of the limited liability company interests of Pledgor in Pledged Entity
(the “Shares”);



		(b)	all Proceeds of the foregoing.



This Pledge Agreement shall constitute
a Security Agreement under the Uniform Commercial Code of the State of Delaware (the “UCC”), and Pledgor hereby
authorizes Lender to file UCC-1 financing statements with respect to the Collateral. Pledgor may not further assign, pledge, transfer,
hypothecate, distribute or sell any of the Collateral without Lender’s prior written consent first had and obtained.


		3.	Distributions. If during the time this Pledge Agreement is effective Pledgor, by reason
of its ownership of the Shares, shall become entitled to receive, or shall receive any distributions of cash or property directly
or indirectly from any Pledged Entity, Pledgor agrees that it shall accept the same as Lender’s agent and hold the same in
trust for Lender until all of the Obligations have been repaid in full. Any sums or property paid upon or in respect of the Shares
upon the reorganization, liquidation, or dissolution of any Pledged Entity shall immediately be paid over to Lender to be held
by Lender as additional collateral security for the Obligations. Pledgor agrees to give Lender immediate notice of any such distribution
upon the reorganization, liquidation, or dissolution of any Pledged Entity.



		4.	Representations and Warranties. Pledgor hereby represents, warrants and agrees that:



		(a)	Each of the Recitals in this Pledge Agreement is true, correct and complete in all material respects.



		(b)	Pledgor’s exact name is as set forth above. Pledgor is a valid and subsisting limited liability
company and is duly organized and existing under the laws of the State of Delaware, that its Operating Agreement is and remains
in full force and effect, and that a true and correct copy of the Operating Agreement has been delivered to Lender.




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		(c)	Pledgor has full power and authority to execute, deliver and perform its covenants, agreements
and obligations under this Pledge Agreement. All necessary actions have been taken and all necessary consents and approvals received
so that upon the execution and delivery to Lender of this Pledge Agreement by Pledgor, the execution, delivery and performance
of this Pledge Agreement will have been duly authorized.



		(d)	Pledgor’s principal place of business and the place where its records concerning the Collateral
are kept is 2901 Butterfield Road, Oak Brook, Illinois 60523, and Pledgor will promptly notify Lender of any change of such principal
place of business and at request of Lender take such action as is necessary to cause the security interest of Lender in the Collateral
to continue to be perfected.



		(e)	Pledgor is the legal record and beneficial owner of the Shares and is entitled to the Proceeds,
having good and marketable title thereto, free and clear of any and all liens except the security interest granted to Lender under
this Pledge Agreement.



		(f)	No security agreement, financing statement, equivalent security or lien instrument, or continuation
statement covering any of the Shares is on file or of record in any public office.



		(g)	There is no agreement in effect with respect to either Pledgor or Pledged Entity, other than any
agreement with Lender, which would in any manner impair or prohibit the terms of this Pledge Agreement or the assignment of the
Collateral as provided hereunder.



		(h)	Neither the execution or the delivery of this Pledge Agreement nor compliance with the terms and
provisions hereof on the part of Pledgor will violate any statute, license or regulation of any governmental authority or will
breach, conflict with or result in a breach of any of the terms, conditions or provisions of any agreement or instrument, other
than any agreement with Lender, to which Pledgor or Pledged Entity is or may be bound, or constitute a default thereunder, or result
in the creation or imposition of any lien, charge or encumbrance of any nature whatsoever upon or give to others any interest or
rights, including rights of termination or cancellation, in or with respect to, any of Pledgor’s or Pledged Entity’s
property, assets, contracts, licenses or business.



		(i)	Pledgor owns, directly or indirectly, a 100% undivided interest in each Pledged Entity, and Pledged
Entity owns at 100% undivided fee interest in the Property as of the date hereof.




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		(j)	Pledgor hereby represents and warrants that as of the date hereof there exists no certificates,
instruments or writings representing the Collateral, provided, however, if in the future there exists any such certificates, instruments
or writings, Pledgor shall deliver all such certificates, instruments or writings to Lender.



		(k)	Upon the filing of UCC-1 financing statements in proper form with the Delaware Secretary of State,
the security interest granted pursuant to this Pledge Agreement will constitute a valid, perfected first priority security interest
in the Collateral, enforceable as such against all creditors of Pledgor and any Persons purporting to purchase any Collateral from
Pledgor.



The representations and warranties
set forth in this Section 4 shall survive the execution, delivery and performance of this Pledge Agreement.


		5.	Covenants. Pledgor covenants and agrees with Lender that from and after the date of this
Pledge Agreement and until the Obligations are fully satisfied:



		(a)	Pledgor will take all acts reasonably requested by Lender to allow Lender to perfect and maintain
its perfected security interest in the Collateral, including delivery, upon receipt, of any certificates evidencing ownership of
any such Shares. Pledgor shall record the pledge reflected herein on the books and records of each Pledged Entity.



		(b)	Pledgor will not create, permit or suffer to exist, and will defend the Collateral against and
take such other action as is necessary to remove, any lien on the Collateral (other than liens in favor of Lender) and will defend
the right, title and interest of Lender in and to any of Pledgor’s right, title and interest in and to the Collateral and
to any Proceeds thereof against the claims and demands of all other persons whomsoever.



		(c)	At any time and from time to time, upon the written request of Lender, and at the sole expense
of Pledgor, Pledgor will promptly and duly execute and deliver any and all such further instruments and documents and take such
further actions as tender may reasonably deem necessary to obtain the full benefits of this Pledge Agreement and of the rights
and powers herein granted.



		(d)	Pledgor shall keep accurate and complete books and records concerning the Collateral owned by it
in accordance with generally accepted accounting principles or other accounting standards acceptable to Lender, consistently applied,
and upon request, shall furnish to Lender copies of such financial reports as Lender shall reasonably request.




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		(e)	Lender shall have the right to review the books and records of Pledgor pertaining to the Collateral
and to copy the same and make excerpts therefrom all at such reasonable times and as often as Lender may reasonably request.



		(f)	Pledgor shall maintain and keep its principal place of business at 2901 Butterfield Road, Oak Brook,
Illinois 60523 and at no other location without giving Lender thirty (30) days prior written notice of any address change.



		(g)	Prior to the occurrence of any Event of Default, Pledgor shall have the right to exercise all voting
and other rights under or pertaining to the Collateral so long as such rights and privileges are exercised in a manner which does
not cause a violation of or default hereunder, or the Other Security Documents.



		(h)	Pledgor shall at all times be a Special Purpose Entity, and will not authorize or consent to any
amendment, revision or modification of the Operating Agreement or the Pledged Entity Operating Agreement without the prior written
consent of Lender.



		(i)	Pledgor shall not permit, without the prior written consent of Lender, any transaction which would
have the effect of diluting Pledgor’s Interest. Pledgor shall at all times own 100% of the direct or indirect interests in
each Pledged Entity. Any violation of the terms hereof shall, at the option of Lender, constitute a default hereunder, and Lender
shall have no obligation to allege or show any impairment of its security thereby and may pursue any legal or equitable remedies
for default without such allegation or showing.



		(j)	Pledgor will not, without the prior written consent of Lender, (i) borrow against the Collateral
from any person, fine or corporation other than Lender, (ii) create, incur, assume or suffer to exist any mortgage, lien, charge
or encumbrances on, or security interest in, or pledge of conditional sale or other title retention agreement with respect to any
of the Collateral, except the security interest created hereunder, or sell or transfer any of the Collateral, (iii) permit any
levy or attachment to be made against any of the Collateral except any levy or attachment relating to the Pledge Agreement, (iv)
permit any financing statement to be on file with respect to any of the Collateral, except financing statements in favor of Lender,
or (v) transfer or convey, or permit a transfer or conveyance of, any interest in the Collateral.




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		6.	Lender’s Appointment as Attorney-in-Fact.



		(a)	Upon the occurrence and continuance of any Event of Default, Pledgor hereby irrevocably constitutes
and appoints Lender and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact
with full irrevocable power and authority in the place and stead of Pledgor and in the name of Pledgor or in its own name, from
time to time in Lender’s discretion, for the purpose of carrying out the terms of this Pledge Agreement, to take any and
all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the
purposes of this Pledge Agreement. Without limiting the generality of the foregoing, Pledgor hereby gives Lender and any officer
or agent thereof, as such attorney-in-fact, the power and right, on behalf of Pledgor, without notice to or assent by Pledgor,
to do the following: (A) to direct any party liable for any payment under any of the Collateral to make payment of any and all
monies due and to become due thereunder directly to Lender or as Lender shall direct; (B) to receive payment of and receipt for
any and all monies, claims and other amounts due and to become due at any time in respect of or arising out of any Collateral;
(C) to endorse and collect any checks, drafts, notes, acceptances or other instruments for the payment of monies due under any
Collateral; (D) to commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction
to collect the Collateral or any portion thereof and to enforce any other right in respect of the Collateral; (E) to defend any
suit, action or proceeding brought against Pledgor with respect to any Collateral; (F) to pay or discharge taxes, liens, security
interests or other encumbrances levied or placed on or threatened against the Collateral; (G) to settle, compromise or adjust any
suit, action or proceeding described above and, in connection therewith, to give such discharges or releases as Lender may deem
appropriate; and (H) generally to sell, transfer, pledge, vote, make any agreement with respect to or otherwise deal with any of
the Collateral, in accordance with Section 9 hereof, as fully and completely as though Lender were the absolute owner thereof for
all purposes, and to do, at Lender’s option and Pledgor’s expense, at any time, or from time to time, all acts and
things which Lender reasonably deems necessary to protect, preserve or realize upon the Collateral and Lender’s security
interest therein, in order to effect the intent of this Pledge Agreement, all as fully and effectively as Pledgor might do.




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Any and all such amounts received
by Lender as attorney-in-fact for Pledgor shall be held by Lender as Collateral pursuant to this Pledge Agreement or, at Lender’s
election shall be applied to the reduction of any Obligation then outstanding, in such order as Lender may elect. Pledgor hereby
ratifies, to the extent permitted by law, all that said attorneys shall lawfully do or cause to be done by virtue hereof. This
power of attorney is a power coupled with an interest and shall be irrevocable.


		(b)	The powers conferred on Lender hereunder are solely to protect Lender’s interests in the
Collateral and shall not impose any duty upon it to exercise any such powers. Lender shall be accountable only for amounts that
it actually receives as a result of the exercise of such powers and neither it nor any of its officers, directors, employees or
agents shall be responsible to Pledgor for any act or failure to act, except for its own gross negligence or willful misconduct.



		(c)	Pledgor also authorizes Lender, at any time and from time to time upon the occurrence and during
the continuance of any Event of Default, to execute, in connection with the sale provided for in Section 9 of this Pledge Agreement,
any endorsements, assignments or other instruments of conveyance or transfer with respect to the Collateral.



		7.	Performance by Lender of Pledgor’s Obligations. If Pledgor fails to perform or comply
with any of its agreements contained herein and Lender, as provided for by the terms of this Pledge Agreement, shall itself perform
or comply, or otherwise cause performance or compliance, with such agreement, the reasonable expenses of Lender incurred in connection
with such performance or compliance, together with interest thereon at the Default Rate shall be payable by Pledgor to Lender on
demand and shall constitute Obligations secured hereby.



		8.	Intentionally Omitted.




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		9.	Remedies, Rights Upon Default.



		(a)	If any Event of Default shall occur and be continuing, Lender may exercise, in addition to all
other rights and remedies granted to it in this Pledge Agreement and in any other instrument or agreement securing, evidencing
or relating to the Obligations, all rights and remedies of a secured party under the UCC. Without limiting the generality of the
foregoing, Pledgor expressly agrees, to the extent permitted by law, that in any such event Lender, upon ten (10) Business Days
prior written notice to Pledgor may forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof,
and/or may forthwith sell, lease, assign, give option or options to purchase, or sell or otherwise dispose of and deliver said
Collateral (or contract to do so), or any part thereof, in one or more parcels at public or private sale or sales, at any of Lender’s
offices or elsewhere at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any
credit risk. Lender shall apply the net proceeds of any such collection, recovery, receipt, appropriation, realization or sale,
as provided in Section 9(d) hereof, and only after so paying over such net proceeds and after the payment by Lender of any other
amount required by any provision of law, including Section 9¬504 (1)(c) of the UCC, need Lender account for the surplus, if
any, to Pledgor. To the extent permitted by applicable law, Pledgor waives all claims, damages, and demands against Lender arising
out of the repossession, retention or sale of the Collateral except such as arise out of the gross negligence or willful misconduct
of Lender. Pledgor agrees that Lender need not give more than ten (10) Business Days’ notice of the time and place of any
public sale or of the time after which a private sale may take place and that such notice is reasonable notification of such matters.
Notice of a potential sale or disposition of the Collateral under this Section 9(a) may be combined with a notice of default in
which case the notice period shall be concurrent with and not in additional to any applicable grace period. Pledgor agrees that
the sale of the Collateral by either a public or private sale shall be deemed commercially reasonable. LENDER MAY ENFORCE ITS RIGHTS
HEREUNDER WITHOUT RESORT TO PRIOR JUDICIAL PROCESS OR JUDICIAL HEARING AND PLEDGOR EXPRESSLY WAIVES, RENOUNCES, AND KNOWINGLY RELINQUISHES
ANY LEGAL RIGHT WHICH MIGHT OTHERWISE REQUIRE LENDER TO ENFORCE ITS RIGHTS BY JUDICIAL PROCESS. IN SO PROVIDING FOR A NONJUDICIAL
REMEDY, PLEDGOR REPRESENTS THAT SUCH A REMEDY IS RESPONSIVE TO COMMERCIAL NECESSITY AND IS THE RESULT OF BARGAIN AT ARM’S
LENGTH. NOTHING HEREIN IS INTENDED TO PREVENT LENDER FROM RESORTING TO JUDICIAL PROCESS AT SUCH PARTY’S OPTION.




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		(b)	Pledgor agrees to pay all costs of Lender, including reasonable attorneys’ fees, incurred
with respect to the collection of any of the Obligations and the enforcement of any of Lender’s rights hereunder.



		(c)	Pledgor hereby waives presentment, demand, protest or any notice (to the extent permitted by applicable
law) of any kind in connection with this Pledge Agreement or any Collateral except as provided in Section 9(a) of this Pledge Agreement.



		(d)	The proceeds of any sale, disposition or other realization upon all or any part of the Collateral
shall be distributed by Lender in the following order of priorities:



first,
to Lender in an amount sufficient to pay in full the expenses of Lender in connection with such sale, disposition or other realization,
incurred or made by Lender in connection therewith, including reasonable attorneys’ fees;


second,
to Lender in an amount equal to any late charges or other fees and charges due on the Obligations;


third,
to Lender in an amount equal to the then accrued and unpaid interest, if any, on the Obligations (with such amount being first
applied to interest determined at the Default Rate, as defined in the Note);


fourth,
to Lender in an amount equal to any other Obligations which are then unpaid; and,


fifth,
to Lender in an amount equal to the then unpaid principal of the Obligations;


finally,
upon payment in full of all of the Obligations, to Pledgor, or its representative or as a court of competent jurisdiction may direct,
any surplus then remaining from such proceeds.



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		(e)	Pledgor agrees that in any sale of any of the Shares hereunder, Lender is authorized to comply
with any limitation or restriction in connection with such sale which it is advised by its counsel is appropriate (i) in order
to avoid violation of applicable law, including, without limitation, procedures restricting the number of prospective bidders and
purchasers, requiring that prospective bidders and purchasers have certain qualifications, and restricting prospective bidders
and purchasers to persons who will represent and agree that they are purchasing for their own account for investment and not with
a view to the distribution or resale of any Shares they purchase, or (ii) in order to obtain any required approval of such sale
or of a purchaser at such sale by any governmental regulatory authority or official. Pledgor further agrees that such compliance
shall not result in any such sale being deemed not to have been made in a commercially reasonable manner, nor shall Lender be liable
or accountable to Pledgor for any discount allowed by reason of the fact that any Shares are sold in compliance with any such limitation
or restriction.



		(f)	The remedies of Lender hereunder are cumulative and the exercise of any one or more of the remedies
provided for herein or under the UCC shall not be construed as a waiver of any of the other remedies of Lender. Amongst its remedies,
Lender has the right to require specific performance of the terms and provisions of this Pledge Agreement and may obtain injunctive
relief from any court of competent jurisdiction.



		(g)	It is agreed that no waiver by Lender of any Event of Default shall operate as a waiver of any
other default or of the same default on a future occasion. All the rights of Lender hereunder shall inure to the benefit of its
successors and assigns and all obligations of Pledgor shall bind its successors and assigns.




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		(h)	Pledgor agrees to indemnify and hold harmless Lender, its directors, officers, employees, agents
and parent and subsidiary corporations, and each of them, from and against any and all liabilities, obligations, claims, damages,
or expenses incurred by any of them arising out of or by reason of entering into this Pledge Agreement or the consummation of the
transactions contemplated by this Pledge Agreement (unless caused solely by the gross negligence or willful misconduct of such
indemnified parties) and to pay or reimburse Lender for the reasonable fees and disbursements of counsel incurred in connection
with any investigation, litigation or other proceedings (whether or not Lender is a party thereto) arising out of or by reason
of any of the aforesaid. Lender will promptly give Pledgor written notice of the assertion of any claim which it believes is subject
to the indemnity set forth in this Section 9 and will upon the request of Pledgor promptly furnish Pledgor with all material in
its possession relating to such claim or the defense thereof to the extent that the Lender may do so without breach of duty to
others. Any amounts properly due under this Section 9 shall be payable to Lender immediately upon demand.



		10.	Limitations on Lender’s Obligations Under the Pledged Entity Operating Agreement.
Pledgor acknowledges and agrees that this Pledge Agreement shall not in any way obligate Lender or any of its successors and assigns
to perform any of the now existing or hereafter accruing, or any of its successors and assigns to perform any of the now existing
or hereafter accruing, obligations of Pledgor under the Pledged Entity Operating Agreement and Pledgor agrees to perform any and
all obligations (including the payment of any and all liabilities or assessments) of Pledgor under the Pledged Entity Operating
Agreement, whether heretofore or hereafter accruing or arising, all with the same effect as though this Pledge Agreement had not
been executed or delivered by Pledgor.



		11.	Limitation on Lender’s Duty in Respect of Collateral. Lender shall use reasonable
care with respect to the Collateral in its possession or under its control. Upon request of Pledgor, Lender shall account for any
money received by it in respect of any foreclosure on or disposition of the Collateral.




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		12.	Notices. Notices to the parties hereto shall be in writing and be personally delivered,
mailed by certified mail return receipt requested or delivered by overnight courier, addressed as follows:



If to Pledgor:              c/o
Inland Real Estate Income Trust, Inc.

2901 Butterfield Road

Oak Brook, IL 60523

Attention: JoAnne McGuinness


Facsimile No.: (630) 368-2218


With a copy
to:          The Inland Real Estate Group, Inc./Law Department.

2901 Butterfield Road

Oak Brook, IL 60523

Attention: General Counsel

Facsimile No.: (630) 218-4900


If to Lender:               JPMorgan
Chase Bank, National Association

383 Madison Avenue

New York, New York 10179

Attention: Joseph E. Geoghan

Facsimile No.: (212) 834-6029


with a copy
to:            JPMorgan Chase Bank, National Association

Four New York Plaza, 20th Floor

New York, NY 10004

Attention: Nancy Alto

Facsimile No.: (212) 623-4779


with an additional copy to:     Katten
Muchin Rosenman LLP

550 South Tryon Street, Ste. 2900

Charlotte, North Carolina 28202-4213

Attention: Daniel S. Huffenus, Esq.

Facsimile No.: (704) 344-3056


 


Notices or other communications
served by personal delivery shall be deemed effective upon receipt, notices or other communications served by overnight courier
shall be deemed effective the first business day after deposit with the courier and notices or other communications served by mail,
shall be deemed effective two (2) days after mailing as required above.



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		13.	Severability. Upon payment in full or other satisfaction of the Obligations, this Pledge
Agreement shall terminate and be of no further force or effect; provided, however, that any indemnity provided hereunder shall
survive such payment. Until such time, however, this Pledge Agreement shall remain in full force and effect as security for all
of the Obligations and shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns. The satisfaction, or discharge, of any part of the Obligations hereby secured shall not in any way satisfy or discharge
this Pledge Agreement. Any provision of this Pledge Agreement which is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.



		14.	No Waiver-Cumulative Remedies. Lender shall not by any act, delay, omission or otherwise
be deemed to have waived any of its rights or remedies hereunder, and no waiver shall be valid unless in writing, signed by Lender,
and then only to the extent therein set forth. A waiver by Lender of any right or remedy hereunder on any one occasion shall not
be construed as a bar to any right or remedy which Lender would otherwise have had on any future occasion. No failure to exercise
nor any delay in exercising on the part of Lender any right, power or privilege hereunder, shall operate as a waiver thereof, nor
shall any single or partial exercise of any right, power or privilege hereunder preclude any other or future exercise thereof or
the exercise of any other right, power or privilege. The rights and remedies hereunder provided are cumulative and may be exercised
singly or concurrently and not exclusive of any rights and remedies provided by law. None of the terms or provisions of this Pledge
Agreement may be waived, altered, modified or amended except by an instrument in writing, duly executed by Pledgor and Lender.



		15.	Successor and Assigns. This Pledge Agreement and all obligations of Pledgor hereunder shall
be binding upon the respective heirs, personal representatives, successors and assigns of Pledgor (subject to any release given
by Lender pursuant to Section 8 above) and shall together with the rights and remedies of Lender hereunder, inure to the benefit
of Lender and its successors and assigns.




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		16.	Governing Law, Consent to Jurisdiction and Venue, Waiver of Jury Trial. THIS PLEDGE AGREEMENT
SHALL BE GOVERNED BY, AND BE CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS, OF THE STATE OF NEW YORK. ANY LEGAL SUIT,
ACTION OR PROCEEDING AGAINST LENDER OR PLEDGOR ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS MAY AT
LENDER’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION
5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND PLEDGOR WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE
AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND PLEDGOR HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION
OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDINGPLEDGOR HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS PLEDGE AGREEMENT.



 


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IN WITNESS WHEREOF,
each of the parties hereto has executed and delivered this Pledge Agreement on the date first set forth above before the notary
public acknowledging their respective signatures on the next successive pages.


PLEDGOR:


IREIT DG SPE II MEMBER, L.L.C.,
a Delaware limited liability company


		By:	Inland Real Estate Income Trust, Inc. a Maryland corporation, its sole member



		By:	/s/ David Z. Lichterman

Name: David Z. Lichterman

Title: Treasurer/Chief Accounting Officer



 


 


ACKNOWLEDGMENT


 


STATE OF ILLINOIS)

                                        )ss

COUNTY OF DUPAGE)


On December 26,
2012 before me, Laura Razo, personally appeared David Z. Lichterman, personally known to me (or proved to me on the basis of satisfactory
evidence) to be the person(s) whose name is subscribed to the within instrument and acknowledged to me that he executed the same
in his authorized capacity and that by his signature on the instrument the person, or the entity upon behalf of which the person
acted, executed the instrument.


WITNESS my hand and official seal.


_/s/ Laura Razo_

Notary Public


 



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EXHIBIT A


Pledged Entity


 


		1.	IREIT Mobile Moffett DG, L.L.C., a Delaware limited liability company



		2.	IREIT Daleville DG, L.L.C., a Delaware limited liability company



		3.	IREIT Valley DG, L.L.C., a Delaware limited liability company



		4.	IREIT Maryville DG, L.L.C., a Delaware limited liability company



		5.	IREIT LaGrange Hamilton DG, L.L.C., a Delaware limited liability company



		6.	IREIT LaGrange Wares Cross DG, L.L.C., a Delaware limited liability company



		7.	IREIT Brooks DG, L.L.C., a Delaware limited liability company




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EXHIBIT B


PROPERTIES


1.Dollar General, 5475 Moffett Road, Mobile,
Alabama 36618


2.Dollar General, 501 East Main Street,
Daleville, Alabama 36322


3.Dollar General, 4919 Lee Road 270, Valley,
Alabama 36854


4.Dollar General, 109 Sam Houston School
Road, Maryville, Tennessee 37804


5.Dollar General, 3425 Waterlevel Highway
Cleveland, Tennessee 37323


6.Dollar General, 2956 Hamilton Road, Lagrange,
Georgia 30240


7.Dollar General, 112 Wares Cross Road,
Lagrange, Georgia 30240


8.Dollar General, 7768 Georgia Highway
16 West, Brooks, Georgia 30205




 


 


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