Exhibit 10.3


SECOND AMENDMENT TO

PURCHASE AND SALE AGREEMENT


THIS SECOND AMENDMENT
TO PURCHASE AND SALE AGREEMENT (this “Second Amendment”) is made and entered into as of July 6, 2017
(the “Amendment Effective Date”), by and between Verandas at Mitylene, LLC, a Delaware limited
liability company ("Seller"), and Inland Real Estate Acquisitions, Inc., an Illinois corporation
("Purchaser").


WITNESSETH THAT:


WHEREAS, Purchaser
and Seller entered into that certain Purchase and Sale Agreement, dated May 30, 2017, as amended by that certain First Amendment
to Purchase and Sale Agreement dated June 12, 2017 (collectively, the "Contract"), with respect to
certain real property located in Montgomery County, Alabama, and being more particularly described in the Contract; and


WHEREAS, Purchaser
and Seller desire to amend the Contract as hereinafter set forth.


NOW, THEREFORE,
for and in consideration of the mutual covenants contained herein, the sum of Ten Dollars ($10.00) and other good and valuable
consideration, paid by each of the parties hereto to the other, the receipt and sufficiency of which are hereby acknowledged, Purchaser
and Seller hereby agree as follows:


1.                 
Definitions. Capitalized terms used herein and not otherwise defined
herein shall have the meanings respectively ascribed to them in the Contract. 


2.                 
Section 5.8 of the Contract is hereby amended to add the following provision as Section 5.8(e)
thereof:


5.8(e)Purchaser’s
lender (the “Lender”) shall have no obligation to indemnify, hold harmless and defend the Indemnified Parties
in accordance with the terms of this Section 5.8 for any period following Closing that Purchaser owns the Property. The
Lender shall have an obligation to indemnify, hold harmless and defend the Indemnified Parties in accordance with the terms of
this Section 5.8 if Lender acquires fee title to the Property following Closing; provided, however, Lender’s liability
shall be limited solely to its interest in the Property and such liability shall be terminated if Lender sells the Property. Notwithstanding
anything to the contrary contained herein, Lender (including its affiliates) shall not have any liability to the Indemnified Parties
due to Lender’s consenting to a condominium conversion action requested by Purchaser or any other party.


 


3.                 
Ratification. Except as amended hereinabove, the Contract remains unmodified
and is hereby ratified and confirmed for all purposes and in all respects. 


4.                 
Counterparts. This Second Amendment may be executed in multiple, telecopied
counterparts, all of which shall constitute one and the same instrument. 




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5.                 
Entire Agreement. The Contract, as amended by this Second Amendment, constitutes
the entire agreement of the parties with respect to the subject matter thereof and fully supersedes any and all prior or contemporaneous
written or oral agreements and understandings between the parties pertaining to such subject matter.


6.                 
Time of the Essence. Time is of the essence with respect to the Contract and
this Second Amendment. 


[Signature pages
follow]




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IN WITNESS WHEREOF,
Purchaser and Seller have executed this Second Amendment as of the Amendment Effective Date.


 


	 	
        SELLER:

         

        VERANDAS AT MITYLENE, LLC,

        a Delaware limited liability company

	 	 	 	 	 
	 	By:	
        FDC Development JV, LLC,

        a Delaware limited liability company, its sole
        Member

	 	 	 	 	 
	 	 	By:	
        Flournoy Development Company, LLC,

        a Georgia limited liability company, its Manager

	 	 	 	 	 
	 	 	 	By:	/s/ Thomas H. Flournoy
	 	 	 	Name:	Thomas H. Flournoy
	 	 	 	Its:	President


 


 


[Signatures continued on following page]


 




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[Signatures continued from preceding
page]


 


	 	
        PURCHASER:

         

        Inland
        Real Estate Acquisitions, Inc.,

        an Illinois corporation

	 	 	 
	 	By:	/s/ Mark J. Cosenza
	 	Name:	Mark J. Cosenza
	 	Title:	Senior Vice President


 


 


 


[End of signatures]


 


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