Exhibit 10.3


GUARANTY OF PAYMENT, RECOURSE OBLIGATIONS
AND COMPLETION


GUARANTY OF PAYMENT
AND RECOURSE OBLIGATIONS dated as of July 31, 2014 (this “Guaranty”), is executed by INLAND
REAL ESTATE INCOME TRUST, INC., a Maryland corporation (“Guarantor”), to and for the benefit of PNC BANK,
NATIONAL ASSOCIATION, a national banking association (the “Lender”).


R E C I T A L S:


A.The Lender
has agreed to loan the principal amount of up to ELEVEN MILLION SIX HUNDRED FIFTY THOUSAND
AND NO/100 DOLLARS ($11,650,000.00) (the “Loan”) to IREIT WEST BEND MAIN, L.L.C., a Delaware
limited liability company (the “Borrower”) pursuant to the terms and conditions of that certain Loan Agreement
dated of even date herewith between Borrower and the Lender (as the same may be amended, modified, restated or replaced from time
to time, the “Loan Agreement”). All capitalized terms not otherwise defined herein shall have the meanings set
forth in the Loan Agreement.


B.As a condition
precedent to the Lender’s extension of the Loan to the Borrower and in consideration therefor, the Lender has required the
execution and delivery of: (i) this Guaranty by the Guarantor; (ii) that certain Promissory Note of even date herewith executed
by Borrower made payable to the order of Lender in the maximum principal amount of ELEVEN MILLION
SIX HUNDRED FIFTY THOUSAND AND NO/100 DOLLARS ($11,650,000.00) (as the same may be amended, modified, restated or replaced
from time to time, collectively, the “Note”); (iii) that certain Mortgage, Security Agreement, Assignment of
Rents and Leases and Fixture Filing dated as of even date herewith, executed by the Borrower for the benefit of Lender (the “Mortgage”)
encumbering the real property, improvements and personalty described therein (the “Premises”) and (iv) the other
Loan Documents.


C.Guarantor
is the sole member of Borrower and, having a financial interest in the Premises, has agreed to execute and deliver this Guaranty
to the Lender.


NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the Guarantor hereby agrees
as follows:




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AGREEMENTS:


1.              
Guaranty of Payment and Recourse Obligations. The Guarantor hereby unconditionally, absolutely and irrevocably guaranties
to Lender, the punctual payment and performance when due, whether at stated maturity or by acceleration or otherwise, of the: (a) Payment
Obligations (as such term is hereinafter defined) and (b) Recourse Obligations (as such term is hereinafter defined).


As used herein,
the term, the “Payment Obligations” shall mean the indebtedness and other obligations of the Borrower to the
Lender: (i) evidenced by the Note and any other amounts that may become owing by the Borrower under the Loan Agreement and the
other Loan Documents and (ii) any and all obligations and liabilities of Borrower to Lender or to any affiliate of Lender, whether
now owing or existing or later arising or created, owed absolutely or contingently, whether evidenced or acquired (including all
renewals, extensions and modifications thereof or substitutions) under: (a) any Interest Rate Agreement (as such term is defined
in the Loan Agreement and incorporated herein by this reference); (b) any other interest rate hedging transactions, such as, but
not limited to, managing the Borrower’s interest rate risk associated with any pending or potential capital market transactions
such as fixed rate bond issues and (c) any and all cancellations, buybacks, reversals, terminations or assignments of any of the
foregoing.


As used herein,
the term, the “Recourse Obligations” shall mean:


(a)            
All expenses and costs incurred by or on behalf of Lender (including, without limitation, expenses and reasonable attorneys’
fees) in enforcing the rights and remedies of Lender under this Guaranty and/or the other Loan Documents, together with all interest
calculated at the Default Rate (as such term is defined in the Loan Agreement and incorporated herein by this reference) until
paid on all amounts owed by Guarantor which accrues from and after Lender’s demand for payment is delivered to Guarantor;


(b)           
all loss, damages, expenses, costs, liability, claim or other obligation suffered or incurred by the Lender (including,
without limitation, reasonable attorneys’ fees and reasonable third party out-of-pocket costs) as a result of Borrower’s
failure to pay charges for labor or materials or other charges that can create liens on the Premises;


(c)            
all loss, damages, expenses, costs, liability, claim or other obligation suffered or incurred by the Lender (including,
without limitation, reasonable attorneys’ fees and reasonable third party out-of-pocket costs) as a result of any act of
physical waste with respect to any portion of the Premises;


(d)           
all loss, damages, expenses, costs, liability, claim or other obligation suffered or incurred by the Lender (including,
without limitation, reasonable attorneys’ fees and reasonable third party out-of-pocket costs) as a result of the removal
or disposal of any property in which the Lender has a security interest in violation of the terms and conditions of the Loan Documents;




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(e)            
all loss, damages, expenses, costs, liability, claim or other obligation suffered or incurred by the Lender (including,
without limitation, reasonable attorneys’ fees and reasonable third party out-of-pocket costs) as a result of claims for
compensation asserted by any real estate broker not employed by the Lender or as a result of any such broker’s liens on the
Premises or mechanic’s or materialmen’s liens not expressly permitted or contested under the Mortgage;


(f)            
all loss, damages, expenses, costs, liability, claim or other obligation suffered or incurred by the Lender (including,
without limitation, reasonable attorneys’ fees and reasonable third party out-of-pocket costs) as a result of the application
of any reserves or any insurance proceeds or condemnation awards (to the full extent of such proceeds or awards) not permitted
by the Mortgage or the Loan Agreement or the failure of the Borrower to: (A) obtain and maintain the insurance coverages required
by the Loan Agreement and the Mortgage (collectively, the “Insurance Policies”); (B) pay insurance premiums
when the same become due and payable, in accordance with the terms of the Loan Agreement and the Mortgage or (C) pay the deductible
amount of any Insurance Policy;


(g)           
all revenues received by or on behalf of the Borrower from the operation or ownership of the Premises after the Lender has
notified the Borrower of an Event of Default under any of the provisions of the Loan Documents, less only that portion of such
revenues which is: (A) actually used by the Borrower to operate the Premises in the ordinary course of business and such use is
approved in writing by the Lender or (B) paid to the Lender;


(h)           
all security deposits provided for in any Leases for any part of the Premises (together with interest thereon to the extent
that interest is payable under such Leases) which are not used in the ordinary course of business to cure defaults by tenants depositing
the same, are not returned to tenants in accordance with the terms of their Leases or are not paid over to the Lender and all lease
termination fees payable for terminating any such Leases which are not paid jointly to the Borrower and the Lender;


(i)             
all loss, damages, expenses, costs, liability, claim or other obligation suffered or incurred by the Lender (including,
without limitation, reasonable attorneys’ fees and reasonable third party out-of-pocket costs) as a result of criminal acts
of Borrower, any Guarantor, any Affiliate of Borrower or any Guarantor, or any of their respective agents or representatives resulting
in the seizure, forfeiture or loss of the Premises;


(j)             
all loss, damages, expenses, costs, liability, claim or other obligation suffered or incurred by the Lender (including,
without limitation, reasonable attorneys’ fees and reasonable third party out-of-pocket costs) as a result of Borrower’s
failure to pay Taxes and Other Charges (as defined in the Loan Agreement) when the same become due and payable, in accordance with
the terms of the Loan Agreement;




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(k)           
all loss, damages, expenses, costs, liability, claim or other obligation suffered or incurred by the Lender (including,
without limitation, reasonable attorneys’ fees and reasonable third party out-of-pocket costs) as a result of any fees or
commissions being paid by Borrower to any Guarantor, or any Affiliate of Borrower or any Guarantor in violation of the terms of
the Loan Agreement or the other Loan Documents;


(l)             
all loss, damages, expenses, costs, liability, claim or other obligation suffered or incurred by the Lender (including,
without limitation, reasonable attorneys’ fees and reasonable third party out-of-pocket costs) as a result of Borrower’s
failure to comply with the terms and provisions of Section 5.9(b) of the Loan Agreement regarding financial reporting requirements
for the Loan which continues beyond any applicable notice and cure period as provided in Section 5.9(b) of the Loan Agreement;


(m)         
all loss, damages, expenses, costs, liability, claim or other obligation suffered or incurred by the Lender (including,
without limitation, reasonable attorneys’ fees and reasonable third party out-of-pocket costs) as a result of Borrower’s
failure to pay all transfer and recording taxes due to any Governmental Authority in the event of a foreclosure of the Premises,
deed in lieu or other transfer of the Premises to the Lender or the Lender’s designee;


(n)           
all loss, damages, expenses, costs, liability, claim or other obligation suffered or incurred by the Lender (including,
without limitation, reasonable attorneys’ fees and reasonable third party out-of-pocket costs) as a result of the breach
of any representation, warranty, covenant or indemnification provision in the Environmental Indemnity Agreement.


As used herein,
the Payment Obligations, the Recourse Obligations, the Seller Earnout Obligations (as such term is defined in Paragraph 3
of this Guaranty), the Construction Obligations (as such term is defined in Paragraph 4 of this Guaranty) together with
all other payment and performance obligations of the Guarantor hereunder, are collectively referred to herein as, the “Obligations.”
Obligations shall include the liabilities to Lender with respect to any Swap Obligation (as such term is defined in the Loan Agreement)
in connection with the Loan, however, notwithstanding anything to the contrary contained herein, the Obligations shall not include
any Excluded Hedge Liabilities (as such term is defined in the Loan Agreement and incorporated herein by this reference).


This Guaranty is
a present and continuing guaranty of payment and not of collectability, and Lender shall not be required to prosecute collection,
enforcement or other remedies against Borrower or any other guarantor of the Obligations, or to enforce or resort to any collateral
for the repayment of the Obligations or other rights or remedies pertaining thereto, before calling on the Guarantor for payment.
If for any reason the Borrower shall fail or be unable to pay, punctually and fully, any of the Obligations, the Guarantor shall
pay such obligations to Lender in full immediately upon demand. One or more successive actions may be brought against the Guarantor,
as often as Lender deems advisable, until all of the Obligations are paid and performed in full.




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2.              
Guarantor’s Liability for Payment Obligations. Notwithstanding anything contained herein to the contrary or
anything inconsistent contained herein, Guarantor shall only be liable under this Guaranty for the Payment Obligations if any of
the following events shall occur:


(a)            
Borrower, any Guarantor, any Affiliate of any of the foregoing, or any of their respective managers, officers, directors,
agents or representatives, engages in any action constituting fraud, intentional misrepresentation or willful misconduct in connection
with the Loan, the Obligations or the Premises;


(b)           
A Prohibited Transfer (as defined in the Loan Agreement) occurs;


(c)            
(A) Borrower files a voluntary petition under the Bankruptcy Code or any other creditors rights laws; (B) an Affiliate,
officer, director or representative (including, without limitation, an accountant or attorney) which controls Borrower directly
or indirectly, files, or joins in the filing of, an involuntary petition against Borrower under the Bankruptcy Code or any other
creditors rights laws, or solicits or causes to be solicited petitioning creditors for any involuntary petition against Borrower
from any Person; (C) Borrower files an answer consenting to, or otherwise acquiescing in, or joining in, any involuntary petition
filed against it, by any other Person under the Bankruptcy Code or any other creditors rights laws, or solicits or causes to be
solicited petitioning creditors for any involuntary petition from any Person; (D) any Affiliate, officer, director, or representative
which controls Borrower consents to, or acquiesces in, or joins in, an application for the appointment of a custodian, receiver,
trustee, or examiner for Borrower or the Premises; (E) Borrower makes an assignment for the benefit of creditors, or admits, in
writing or in any legal proceeding, its insolvency or inability to pay its debts as they become due; (F) any Loan Party contests
or opposes any motion made by the Lender to obtain relief from the automatic stay or seeking to reinstate the automatic stay in
the event of any proceeding under the Bankruptcy Code or any other creditors rights laws involving any Guarantor or its subsidiaries
and (G) in the event the Lender receives less than the full value of its claim in any proceeding under the Bankruptcy Code or any
other creditors rights laws, any Guarantor or any of its Affiliates receives an equity interest or other financial benefit of any
kind as a result of a “new value” plan or equity contribution; or


(d)           
Borrower, any Guarantor, or any Affiliate of Borrower or any Guarantor contests, delays, interferes with, or fails to cooperate
with, the Lender’s exercise of remedies provided under the Loan Documents after the occurrence of an Event of Default, including,
without limitation, the appointment of a receiver for the Premises or the foreclosure of the liens, mortgages or other security
interests created by any of the Loan Documents (except to the extent that a court of competent jurisdiction makes a final determination
that Borrower, any Guarantor or any Affiliate of Borrower or any Guarantor had a valid legal basis for any such action).


Guarantor’s
liability for the Payment Obligations upon the occurrence of any of the foregoing events contained in this Paragraph 2 shall
be unlimited.




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3.              
Guaranty of Payment and Performance of the Amount of the Borrower Earnout Payment due to Seller under the Post Closing
and Indemnity Agreement and the Earnout Purchase Price Escrow Agreement.


(a)            
The Guarantor absolutely, unconditionally and irrevocably undertakes and guaranties, for the benefit of the Lender and each
and every present and future holder or holders of the Note or assignee or assignees of the Loan Documents, the complete, satisfactory
and punctual payment and performance by Borrower of fifty percent (50%) of the first $4,177,440.00 of the Seller Earnout and one
hundred percent (100%) of all remaining Seller Earnout due to the Seller in excess of $4,177,440.00 (collectively, the “Borrower
Earnout Payment”) when the same is due to the Seller pursuant to Paragraph 2 of the Post Closing and Indemnity Agreement
and Paragraph 3 of the Earnout Purchase Price Escrow Agreement in the aggregate amount of TWO MILLION SEVEN HUNDRED EIGHTY-SIX
THOUSAND SIX AND NO/100 DOLLARS ($2,786,006.00) plus all damages incurred by Borrower or Lender as a result of Guarantor’s
failure to timely pay the Seller Earnout when due to Seller pursuant to Paragraph 2 of the Post Closing and Indemnity Agreement
and Paragraph 3 of the Earnout Purchase Price Escrow Agreement (collectively, the “Seller Earnout Obligations”).


(b)           
This Guaranty is a present and continuing guaranty of payment and not of collectability, and the Lender shall not be required
to prosecute collection, enforcement or other remedies against the Borrower, or to enforce or resort to any collateral for the
repayment of the Seller Earnout Obligations or other rights or remedies pertaining thereto, before calling on the Guarantor for
payment of the Seller Earnout Obligations to be paid to Seller when due under the Post Closing and Indemnity Agreement and the
Earnout Purchase Price Escrow Agreement.


4.              
Guaranty of Performance and Completion.


(a)            
Guarantor absolutely, unconditionally and irrevocably undertakes and guarantees, for the benefit of Lender and each and
every present and future holder or holders of the Note or assignee of assignees of the Loan Documents, that in the event Seller
commences construction of a New Building (either the New Construction or the Vacant Building Reconstruction, as such terms are
defined in the Construction Management Agreement) and the Seller defaults on its obligations to complete the construction of the
subject New Building in accordance with the terms of the Construction Management Agreement, then all obligations of Seller to construct
the applicable New Building in accordance with the plans and specifications approved by Borrower in writing in accordance with
the Construction Management Agreement (the “Plans and Specifications”) and to complete the Work (as such term
is defined in the Construction Management Agreement) (all of the foregoing collectively, the “Construction Obligations”)
shall be performed in accordance with the applicable Plans and Specifications and the terms and conditions contained in the Construction
Management Agreement. Guarantor shall cause the Construction Obligations to be performed and completed and paid for in the manner
and at the applicable times required to be so performed, completed and paid for by Seller under the Construction Management Agreement,
the applicable Plans and Specifications, all Work for the subject New Building and Applicable Law and in no event later than one
hundred eighty (180) days



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after the Earnout Period, except
if extended for any Force Majeure Delay in accordance with the terms of Section 24 of the Construction Management Agreement, to
the extent that Seller fails to do so at any and all applicable times.


(b)           
Upon the occurrence of any default by Seller under the Construction Management Agreement with respect to the Construction
Obligations following the expiration of any applicable notice and cure periods afforded Seller, or if Borrower elects to terminate
the Construction Management Agreement for any of the grounds as provided in the second paragraph of Section 6 of the Construction
Management Agreement, Guarantor agrees within seven (7) Business Days after written demand by the Lender (“Demand Notice”)
to commence, or cause to be commenced, performance of the Construction Obligations and to diligently pursue performance thereof
to New Building Completion (as hereinafter defined). Guarantor shall indemnify, defend and hold Lender harmless from and against
any and all loss, damage, cost, expense, injury or liability Lender may suffer or incur in connection with third party claims brought
as a result of Guarantor’s performance of the Construction Obligations. If Guarantor fails to commence and pursue diligently
the performance of the Construction Obligations within seven (7) Business Days after its receipt of a Demand Notice, then either
before or after pursuing any other remedy of Lender against Guarantor or Borrower, and regardless of whether Lender shall ever
pursue any such other remedy, Lender shall have the right to complete the Construction Obligations or call upon any other reputable
parties to complete the Construction Obligations, and shall have the right to expend such sums as Lender in its discretion deems
proper in order so to complete the Construction Obligations. During the course of any construction undertaken by Lender or by any
other party on behalf of Lender, Guarantor shall pay on demand any amounts due to any contractor party and other material suppliers
and for permits and licenses necessary to complete the Construction Obligations. Lender at any time may require Guarantor to perform
or supervise the performance of such work in lieu of Lender or any party engaged by Lender. Guarantor’s Obligations in connection
with such work shall not be affected by any errors or omissions of Seller, Borrower, any contractor party, the architect or any
agent or employee of the architect or any contractor party in design, supervision or performance of the Work, it being understood
that such risk is assumed by Guarantor. Upon New Building Completion, Guarantor shall be released from the Construction Obligations;
provided, however, that New Building Completion shall not relieve Guarantor of any of the other liabilities under this Guaranty,
including without limitation, the Payment Obligations, the Recourse Obligations and the Seller Earnout Obligations.




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(c)            
“New Building Completion” means the completion of the applicable New Building in accordance with the
Plans and Specifications for the subject New Building and the completion of the Work for such New Building, free of all liens and
claims from contractors, subcontractors and materialmen and in accordance with Applicable Law, as evidenced by Lender’s receipt
of: (i) a final and unconditional Certificate of Occupancy issued by the City of West Bend, Wisconsin for the New Building, (ii)
a current as-built ALTA Survey of the Premises plotting the applicable New Building certified to Lender and its successors and/or
assigns and containing the Survey requirements as required under the Survey definition contained in Exhibit A of the Loan Agreement,
(iii) copies of the final as built Plans and Specifications and any construction warranties for the New Building if obtained by
Borrower or Guarantor for the applicable New Building; and (iv) title date-down and interim mechanics’ lien endorsements
to the Title Policy, insuring the continuing validity and priority of the Mortgage for the full amount of the Loan theretofore
disbursed, excepting only such items as otherwise permitted under the Loan Agreement, and insuring over mechanics’ and materialmen’s
liens arising (or which may arise) from work performed and materials supplied in connection with the construction of the New Building
prior to the date of receipt of the items described in clauses (i), (ii) (iii) and (iv) of this definition.


(d)           
Guarantor hereby covenants and agrees that its guaranty of the Construction Obligations pursuant to this Paragraph 4
is enforceable by Lender as and when provided in this Paragraph 4 irrespective of any cure period afforded to Borrower under
Section 5.15 of the Loan Agreement to complete construction of any New Building following Seller’s default.


5.              
Representations and Warranties. The following shall constitute representations and warranties of Guarantor, and Guarantor
hereby acknowledges that Lender intends to make the Loan in reliance thereon:


(a)            
The Guarantor is not in default, and no event has occurred which, with the passage of time and/or the giving of notice,
would constitute a default, under any agreement to which Guarantor is a party (beyond applicable notice and/or cure periods), the
effect of which will impair performance by Guarantor of its obligations under this Guaranty. Neither the execution and delivery
of this Guaranty nor compliance with the terms and provisions hereof will violate any applicable law, rule, regulation, judgment,
decree or order, or will conflict with or result in any breach of any of the terms, covenants, conditions or provisions of any
indenture, mortgage, deed of trust, instrument, document, agreement or contract of any kind that creates, represents, evidences
or provides for any lien, charge or encumbrance upon any of the property or assets of Guarantor, or any other indenture, mortgage,
deed of trust, instrument, document, agreement or contract of any kind to which Guarantor is a party or to which Guarantor or the
property of Guarantor may be subject.




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(b)           
There are no litigation, arbitration, governmental or administrative proceedings, actions, examinations, claims or demands
pending, or to the knowledge of Guarantor, threatened that could adversely affect in any material respect performance by Guarantor
of its obligations under this Guaranty.


(c)            
Neither this Guaranty nor any statement or certification as to facts previously furnished or required herein to be furnished
to Lender by Guarantor, contains any material inaccuracy or material untruth in any representation, covenant or warranty or omits
to state a fact material to this Guaranty.


6.              
Continuing Guaranty. The Guarantor agrees that performance of the Obligations by Guarantor shall be a primary obligation,
shall not be subject to any counterclaim (other than a mandatory counterclaim), set-off, abatement, deferment or defense (other
than the defense of payment) based upon any claim that Guarantor may have against the Lender, the Borrower, any other guarantor
of the Obligations or any other person or entity, and shall remain in full force and effect without regard to, and shall not be
released, discharged or affected in any way by, any circumstance or condition (whether or not Guarantor shall have any knowledge
thereof):


(a)            
any lack of validity or enforceability of any of the Loan Documents;


(b)           
any termination, amendment, modification or other change in any of the Loan Documents, including, without limitation, any
modification of the interest rate(s) described therein;


(c)            
any furnishing, exchange, substitution or release of any collateral securing repayment of the Loan, or any failure to perfect
any lien in such collateral;


(d)           
any failure, omission or delay on the part of the Borrower, the Guarantor, any other guarantor of the Obligations or the
Lender to conform or comply with any term of any of the Loan Documents or any failure of the Lender to give notice of any Event
of Default (as such term is defined in the Loan Agreement);


(e)            
any waiver, compromise, release, settlement or extension of time of payment or performance or observance of any of the obligations
or agreements contained in any of the Loan Documents;


(f)            
any action or inaction by the Lender under or in respect of any of the Loan Documents, any failure, lack of diligence, omission
or delay on the part of the Lender to perfect, enforce, assert or exercise any lien, security interest, right, power or remedy
conferred on it in any of the Loan Documents, or any other action or inaction on the part of the Lender;




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(g)           
any voluntary or involuntary bankruptcy, insolvency, reorganization, arrangement, readjustment, assignment for the benefit
of creditors, composition, receivership, liquidation, marshaling of assets and liabilities or similar events or proceedings with
respect to the Borrower, the Guarantor or any other guarantor of the Obligations, as applicable, or any of their respective property
or creditors, or any action taken by any trustee or receiver or by any court in any such proceeding;


(h)           
any merger or consolidation of the Borrower into or with any entity, or any sale, lease or transfer of any of the assets
of the Borrower, the Guarantor or any other guarantor of the Obligations to any other person or entity;


(i)             
any change in the ownership of the Borrower or any change in the relationship between the Borrower, the Guarantor, or any
other guarantor of the Obligations, or any termination of any such relationship;


(j)             
any release or discharge by operation of law of the Borrower, the Guarantor or any other guarantor of the Obligations from
any obligation or agreement contained in any of the Loan Documents; or


(k)           
any other occurrence, circumstance, happening or event, whether similar or dissimilar to the foregoing and whether foreseen
or unforeseen, which otherwise might constitute a legal or equitable defense or discharge of the liabilities of a guarantor or
surety or which otherwise might limit recourse against the Borrower or the Guarantor to the fullest extent permitted by law.


7.              
Waivers. The Guarantor expressly and unconditionally waives: (i) notice of any of the matters referred to in Paragraph
6 above; (ii) all notices which may be required by statute, rule of law or otherwise, now or hereafter in effect, to preserve
intact any rights against the Guarantor, including, without limitation, any demand, presentment and protest, proof of notice of
nonpayment under any of the Loan Documents and notice of any Event of Default or any failure on the part of Borrower, Guarantor
or any other guarantor of the Obligations to perform or comply with any covenant, agreement, term or condition of any of the Loan
Documents; (iii) any right to the enforcement, assertion or exercise against the Borrower, the Guarantor or any other guarantor
of the Obligations of any right or remedy conferred under any of the Loan Documents; (iv) any requirement of diligence on the part
of any person or entity; (v) any requirement on the part of Lender to exhaust any remedies or to mitigate the damages resulting
from any default under any of the Loan Documents and (vi) any notice of any sale, transfer or other disposition of any right, title
or interest of the Lender under any of the Loan Documents.


8.              
Subordination. The Guarantor agrees that any and all present and future debts and obligations of Borrower to Guarantor
are hereby subordinated to the claims of the Lender and are hereby assigned by Guarantor to the Lender as security for the Obligations
and the obligations of Guarantor under this Guaranty.




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9.              
Subrogation Waiver. Until the Obligations are paid in full and all periods under applicable bankruptcy law for the
contest of any payment by Guarantor or Borrower as a preferential or fraudulent payment have expired, the Guarantor knowingly,
and with advice of counsel, waives, relinquishes, releases and abandons all rights and claims to indemnification, contribution,
reimbursement, subrogation and payment which the Guarantor may now or hereafter have by and from Borrower and the successors and
assigns of Borrower, for any payments made by Guarantor to the Lender, including, without limitation, any rights which might allow
Borrower, the Borrower’s successors, a creditor of Borrower, or a trustee in bankruptcy of Borrower to claim in bankruptcy
or any other similar proceedings that any payment made by Borrower or the Borrower’s successors and assigns to the Lender
was on behalf of or for the benefit of Guarantor and that such payment is recoverable by Borrower, a creditor or trustee in bankruptcy
of the Borrower as a preferential payment, fraudulent conveyance, payment of an insider or any other classification of payment
which may otherwise be recoverable from the Lender.


10.           
Reinstatement. The obligations of the Guarantor pursuant to this Guaranty shall continue to be effective or automatically
be reinstated, as the case may be, if at any time payment of any of the Obligations or the obligations of the Guarantor under this
Guaranty is rescinded or otherwise must be restored or returned by Lender upon the insolvency, bankruptcy, dissolution, liquidation
or reorganization of Guarantor or Borrower or otherwise, all as though such payment had not been made.


11.           
Financial Statements. The Guarantor represents and warrants to Lender that: (a) the financial statements of the Guarantor
previously submitted to Lender are true, complete and correct in all material respects, disclose all actual and contingent liabilities,
and fairly present the financial condition of Guarantor, and do not contain any untrue statement of a material fact or omit to
state a fact material to the financial statements submitted or this Guaranty and (b) no Material Adverse Change has occurred in
the financial statements from the dates thereof until the date hereof. So long as this Guaranty remains in effect, the Guarantor
covenants and agrees to deliver to Lender or its authorized representatives the financial statements and other information regarding
Guarantor as required under Section 5.9 of the Loan Agreement which is incorporated herein by this reference.


12.           
Transfers; Sales. Etc. The Guarantor shall not sell, lease, transfer, convey or assign any of its assets, unless
such sale, lease, transfer, conveyance or assignment is performed in the ordinary course of its business consistent with past practices,
and will not have a material adverse effect on the business or financial condition of Guarantor or its ability to perform its obligations
hereunder. In addition, Guarantor shall neither become a party to any merger or consolidation, nor, except in the ordinary course
of its business consistent with past practices, acquire all or substantially all of the assets of, a controlling interest in the
stock of, or a partnership or joint venture interest in, any other entity. Notwithstanding anything contained herein to the contrary,
Guarantor may engage in those transfers and transactions to the extent they are permitted in accordance with the terms of the Mortgage.




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13.           
Enforcement Costs. If: (a) this Guaranty, is placed in the hands of one or more attorneys for collection or is collected
through any legal proceeding; (b) one or more attorneys is retained to represent the Lender in any bankruptcy, reorganization,
receivership or other proceedings affecting creditors’ rights and involving a claim under this Guaranty or (c) one or more
attorneys is retained to represent the Lender in any other proceedings whatsoever in connection with this Guaranty, then the Guarantor
shall pay to the Lender upon demand all fees, costs and expenses incurred by the Lender in connection therewith, including, without
limitation, reasonable attorney’s fees, court costs and filing fees (all of which are referred to herein as, the “Enforcement
Costs”), in addition to all other amounts due hereunder.


14.           
Successors and Assigns; Joint and Several Liability. This Guaranty shall inure to the benefit of the Lender and its
successors and assigns. This Guaranty shall be binding on Guarantor and the successors and assigns of Guarantor. It is agreed that
the liability of Guarantor hereunder is several and independent of any other guarantees or other obligations at any time in effect
with respect to the Obligations or any part thereof and that the liability of Guarantor hereunder may be enforced regardless of
the existence, validity, enforcement or nonenforcement of any such other guarantees or other obligations.


15.           
No Waiver of Rights. No delay or failure on the part of Lender to exercise any right, power or privilege under this
Guaranty or any of the other Loan Documents shall operate as a waiver thereof, and no single or partial exercise of any right,
power or privilege shall preclude any other or further exercise thereof or the exercise of any other power or right, or be deemed
to establish a custom or course of dealing or performance between the parties hereto. The rights and remedies herein provided are
cumulative and not exclusive of any rights or remedies provided by law. No notice to or demand on Guarantor in any case shall entitle
Guarantor to any other or further notice or demand in the same, similar or other circumstance.


16.           
Modification. The terms of this Guaranty may be waived, discharged, or terminated only by an instrument in writing
signed by the party against which enforcement of the change, waiver, discharge or termination is sought. No amendment, modification,
waiver or other change of any of the terms of this Guaranty shall be effective without the prior written consent of the Lender.


17.           
Joinder. Any action to enforce this Guaranty may be brought against Guarantor without any reimbursement or joinder
of Borrower or any other guarantor of the Obligations in such action.


18.           
Severability. If any term, covenant or provision of this Guaranty shall be held to be invalid, illegal or unenforceable
in any respect, the remainder of this Guaranty shall remain in full force and effect and shall be construed without such term,
covenant or provision.


19.           
Applicable Law. This Guaranty is governed as to validity, interpretation, effect and in all other respects by laws
and decisions of the State of Illinois.




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20.           
Notices. All notices, communications and waivers under this Guaranty shall be in writing and shall be: (a) delivered
in person or (b) by overnight express carrier, addressed in each case as follows:


	 	To Lender:	
        PNC Bank, National Association

        One North Franklin Street, Suite 2150

        Chicago, Illinois 60606

        Attn: Joel G. Dalson, Senior Vice President

	 	 	 
	 	With a copy to:	
        Robbins, Salomon & Patt, Ltd.

        180 North LaSalle Street, Suite 3300

        Chicago, Illinois 60601

        Attn: Andrew M. Sachs, Esq.

	 	 	 
	 	To the Guarantor:	
        Inland Real Estate Income Trust, Inc.

        2901 Butterfield Road

        Oak Brook, Illinois 60523

        Attn: President

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

        Attn: General Counsel

        2901 Butterfield Road

        Oak Brook, Illinois 60523

        Attn: Robert Baum, Esq.,
        General Counsel



 


or to any other address as to any of
the parties hereto, as such party shall designate in a written notice to the other parties hereto. All notices sent pursuant to
the terms of this Paragraph shall be deemed received: (i) if personally delivered, then on the date of delivery; (ii) if sent by
overnight, express carrier, then on the next federal banking day immediately following the day sent or (iii) if sent by registered
or certified mail, then on the earlier of the third federal banking day following the day sent or when actually received.


21.           
CONSENT TO JURISDICTION. TO INDUCE LENDER TO ACCEPT THIS GUARANTY, GUARANTOR IRREVOCABLY AGREES THAT, SUBJECT TO
THE LENDER’S SOLE AND ABSOLUTE ELECTION, ALL ACTIONS OR PROCEEDINGS IN ANY WAY ARISING OUT OF OR RELATED TO THIS GUARANTY
WILL BE LITIGATED IN COURTS HAVING SITUS IN CHICAGO, ILLINOIS. THE GUARANTOR HEREBY CONSENTS AND SUBMITS TO THE JURISDICTION OF
ANY COURT LOCATED WITHIN CHICAGO, ILLINOIS.




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22.           
WAIVER OF DEFENSES. OTHER THAN CLAIMS BASED UPON THE FAILURE OF THE LENDER TO ACT IN A COMMERCIALLY REASONABLE MANNER,
GUARANTOR WAIVES EVERY PRESENT AND FUTURE DEFENSE (OTHER THAN THE DEFENSE OF PAYMENT IN FULL), CAUSE OF ACTION, COUNTERCLAIM OR
SETOFF WHICH GUARANTOR OR BORROWER MAY NOW HAVE OR HEREAFTER MAY HAVE TO ANY ACTION BY LENDER IN ENFORCING THIS GUARANTY OR ANY
OF THE LOAN DOCUMENTS. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE LENDER GRANTING ANY FINANCIAL ACCOMMODATION TO BORROWER.


23.           
WAIVER OF JURY TRIAL. THE GUARANTOR AND LENDER (BY ACCEPTANCE HEREOF), HAVING BEEN REPRESENTED BY COUNSEL, EACH KNOWINGLY
AND VOLUNTARILY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS GUARANTY
OR UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH
AND AGREES THAT ANY SUCH ACTION OR PROCEEDING WILL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. THE GUARANTOR AGREES THAT GUARANTOR
WILL NOT ASSERT ANY CLAIM AGAINST THE LENDER ON ANY THEORY OF LIABILITY FOR SPECIAL, INDIRECT, CONSEQUENTIAL, INCIDENTAL OR PUNITIVE
DAMAGES.


24.           
Keepwell. The Guarantor and each other Loan Party, if it is a Qualified ECP Loan Party, jointly and severally, hereby
absolutely unconditionally and irrevocably: (a) guarantees the prompt payment and performance of all Swap Obligations owing by
each Non-Qualifying Party (it being understood and agreed that this guarantee is a guaranty of payment and not of collection) and
(b) undertakes to provide such funds or other support as may be needed from time to time by any Non-Qualifying Party to honor all
of such Non Qualifying Party’s obligations under this Guaranty or any Loan Document in respect of Swap Obligations (provided,
however, that each Qualified ECP Loan Party shall only be liable under this Paragraph 24 for the maximum amount of such
liability that can be hereby incurred without rendering its obligations under this Paragraph 24, or otherwise under this
Guaranty or any Loan Document, voidable under applicable law, including applicable law relating to fraudulent conveyance or fraudulent
transfer, and not for any greater amount). The obligations of each Qualified ECP Loan Party under this Paragraph 24 shall
remain in full force and effect until payment in full of the Obligations and termination of this Guaranty and the Loan Documents.
Each Qualified ECP Loan Party intends that this Paragraph 24 constitute, and this Paragraph 24 shall be deemed to
constitute, a guarantee of the obligations of, and a “keepwell, support, or other agreement” for the benefit of each
other Borrower and Guarantor for all purposes of Section 1a(18)(A)(v)(II) of the CEA.




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25.           
Anti-Money Laundering/International Trade Law Compliance Representation and Warranty. The Guarantor herby represents
and warrants to Lender as of the date of this Guaranty as follows, and Guarantor hereby acknowledges that Lender intends to make
the Loan in reliance thereon: (a) no Covered Entity is a Sanctioned Person and (b) no Covered Entity, either in its own right or
through any third party: (i) has any of its assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned
Person in violation of any Anti-Terrorism Law; (ii) does business in or with, or derives any of its income from investments in
or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law or (iii) engages in any
dealings or transactions prohibited by any Anti-Terrorism Law.


It shall be an automatic
Event of Default under the Loan Agreement (without any notice, grace or cure period) if any representation or warranty contained
in this Paragraph 25 is or becomes false or misleading at any time.


26.           
Anti-Money Laundering/International Trade Law Compliance Covenant. The Guarantor covenants and agrees to all of the
covenants and obligations contained in this Paragraph 26. No Covered Entity will become a Sanctioned Person. No Covered
Entity, either in its own right or through any third party, will: (a) have any of its assets in a Sanctioned Country or in the
possession, custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (b) do business in or with, or derive
any of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism
Law; (c) engage in any dealings or transactions prohibited by any Anti-Terrorism Law or (d) use the Advances to fund any operations
in, finance any investments or activities in, or, make any payments to, a Sanctioned Country or Sanctioned Person in violation
of any Anti-Terrorism Law. The funds used to repay the Obligations will not be derived from any unlawful activity. Each Covered
Entity shall comply with all Anti-Terrorism Laws. The Guarantor shall promptly notify the Lender in writing upon the occurrence
of a Reportable Compliance Event.


Any default, breach
or violation of any covenant contained in this Paragraph 26 shall be an automatic Event of Default under the Loan Agreement
(without any notice, grace or cure period).


27.           
Definitions Regarding “Anti-Money Laundering”/International Trade Law Compliance. For purposes of Paragraphs
25 and 26 of this Guaranty, the following terms shall have the following meanings:


“Anti-Terrorism
Laws” shall mean any Laws relating to terrorism, trade sanctions programs and embargoes, import/export licensing, money
laundering or bribery, and any regulation, order, or directive promulgated, issued or enforced pursuant to such Laws, all as amended,
supplemented or replaced from time to time.




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“Covered
Entity” shall mean: (a) Borrower, each of Borrower’s Subsidiaries, the Guarantor, all guarantors of the Obligations
and all pledgors of Collateral and (b) each Person that, directly or indirectly, is in control of a Person described in clause
(a) above. For purposes of this definition, control of a Person shall mean the direct or indirect: (x) ownership of, or power to
vote, twenty-five percent (25%) or more of the issued and outstanding equity interests having ordinary voting power for the election
of directors of such Person or other Persons performing similar functions for such Person or (y) power to direct or cause the direction
of the management and policies of such Person whether by ownership of equity interests, contract or otherwise.


“Governmental
Body” shall mean any nation or government, any state or other political subdivision thereof or any entity, authority,
agency, division or department exercising the executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to a government (including any supra-national bodies such as the European Union or the European Central
Bank) and any group or body charged with setting financial accounting or regulatory capital rules or standards (including, without
limitation, the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking
Supervision or any successor or similar authority to any of the foregoing).


“Law”
shall mean any law(s) (including common law), constitution, statute, treaty, regulation, rule, ordinance, opinion, issued guidance,
release, ruling, order, executive order, injunction, writ, decree, bond, judgment, authorization or approval, lien or award of
or any settlement arrangement, by agreement, consent or otherwise, with any Governmental Body, foreign or domestic.


“Reportable
Compliance Event” shall mean that any Covered Entity becomes a Sanctioned Person, or is charged by indictment, criminal
complaint or similar charging instrument, arraigned, or custodially detained in connection with any Anti-Terrorism Law or any predicate
crime to any Anti-Terrorism Law, or has knowledge of facts or circumstances to the effect that it is reasonably likely that any
aspect of its operations is in actual or probable violation of any Anti-Terrorism Law.


“Sanctioned
Country” shall mean a country subject to a sanctions program maintained under any Anti-Terrorism Law.


“Sanctioned
Person” shall mean any individual person, group, regime, entity or thing listed or otherwise recognized as a specially
designated, prohibited, sanctioned or debarred person, group, regime, entity or thing, or subject to any limitations or prohibitions
(including but not limited to the blocking of property or rejection of transactions), under any Anti-Terrorism Law.


28.           
Facsimile Signatures. Receipt of an executed signature page to this Guaranty by facsimile or other electronic transmission
shall constitute effective delivery thereof.


[REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK;

SIGNATURE PAGE IMMEDIATELY FOLLOWS] 




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IN WITNESS WHEREOF,
Guarantor has executed this Guaranty of Payment, Recourse Obligations and Completion as of the date first above written.


 


	 	GUARANTOR:
	 	 	 
	 	
        INLAND REAL ESTATE INCOME
        TRUST, INC.,

        a Maryland corporation

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


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 





 


 


Execution Page to


Guaranty of Payment, Recourse Obligations and
Completion


 


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