EXHIBIT
10.4


ENVIRONMENTAL INDEMNITY AGREEMENT


THIS ENVIRONMENTAL
INDEMNITY AGREEMENT is executed as of May 7, 2014, by IREIT MANSFIELD POINTE, L.L.C, a Delaware limited liability company (“Borrower”),
and INLAND REAL ESTATE INCOME TRUST, INC., a Maryland corporation (“Guarantor”; Borrower and Guarantor are sometimes
hereinafter referred to, individually and collectively, as “Indemnitor”), to and for the benefit of JPMORGAN
CHASE BANK, N.A., a national banking association ("Lender").


RECITALS


A. Borrower
and Lender have entered into that certain Loan Agreement of even date herewith (the “Loan Agreement”), pursuant
to which Lender has agreed to make disbursements to Borrower in an amount not to exceed FOURTEEN MILLION TWO HUNDRED THOUSAND AND
NO/100 DOLLARS ($14,200,000.00) (the “Loan”), for the purpose of the finance of a shopping center located at
the southwest quadrant of Highway 287 and Debbie Lane in the City of Mansfield, County of Tarrant and State of Texas, and certain
expenditures with respect thereto, which Loan is evidenced by a promissory note of even date herewith (as amended, restated or
replaced from time to time, the “Note”), and is secured in part by a deed of trust of even date herewith (as
amended, restated or replaced from time to time, the “Instrument”) encumbering the property described in the
Instrument (the “Property”).


B. Lender is
not willing to make the Loan, or otherwise extend credit, to Borrower unless Indemnitor executes and delivers this Agreement (as
hereinafter defined) and Lender is relying on the statements and agreements contained herein in making the Loan.


C.Guarantor
is the owner of a direct or indirect interest in Borrower, and Guarantor will directly benefit from Lender making the Loan to Borrower.


AGREEMENT


NOW, THEREFORE,
as an inducement to Lender to make the Loan to Borrower, and for other good and valuable consideration, the receipt and legal sufficiency
of which are hereby acknowledged, Indemnitor hereby certifies, represents, and warrants to Lender, and agrees as follows:


1.              
Definitions. As used herein,
the following terms shall have the meaning specified below:


1.1           
The term “Agreement” shall mean this Environmental Indemnity Agreement
and all modifications, supplements, and amendments thereto.




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1.2           
The term “Applicable Rate” shall mean at any given time, (a) the rate per
annum equal to the prime rate of interest (the “Prime Rate”) announced from time to time by Lender or its parent
(which is not necessarily the lowest rate charged to any customer) changing when and as said prime rate changes, or, (b) if the
Note is in default, the default rate of interest under the Note. If the Note has been paid in full, the Applicable Rate shall mean
the Prime Rate.


1.3           
The term “De Minimis Amounts” shall mean any Hazardous Substance either
(a) being transported on or from the Property or being stored for use by Borrower or its tenants on the Property within a
year from original arrival on the Property in connection with Borrower’s current operations or (b) being currently used by
Borrower or its tenants on the Property, in either case in such quantities and in a manner that both (i) does not constitute a
violation or threatened violation of any Environmental Law or require any reporting or disclosure under any Environmental Law and
(ii) is consistent with customary business practice for such operations in the state where the Property is located.


1.4           
The term “Environmental Claim” shall mean any and all actual or threatened
liabilities, claims, actions, causes of action, judgments, orders, inquiries, investigations, studies or notices relating to any
Hazardous Substance or any Environmental Law including without limitation those arising as a result of strict liability, whether
under Environmental Law or otherwise, and those arising out of the negligence of the Indemnified Party.


1.5           
The term “Environmental Law” shall mean any federal, state or local law,
whether common law, statute, ordinance, rule, regulation, or judicial or administrative decision or policy or guideline, pertaining
to Hazardous Substances, health, industrial hygiene, environmental conditions, or the regulation or protection of the environment,
and all amendments thereto as of this date and to be added in the future and any successor statute or rule or regulation promulgated
thereto.


1.6           
The term “Hazardous Substance” shall mean all of the following:


(a)            
Any substance, material, or waste that is included within the definitions of “hazardous
substances,” “hazardous materials,” “hazardous waste,” “toxic substances,” “toxic
materials,” “toxic waste,” or words of similar import in any Environmental Law;


(b)           
Those substances listed as hazardous substances by the United States Department of Transportation
(or any successor agency) (49 C.F.R. 172.101 and amendments thereto) or by the Environmental Protection Agency (or any successor
agency) (40 C.F.R. Part 302 and amendments thereto); and


(c)            
Any substance, material, or waste that is petroleum, petroleum-related, or a petroleum by-product,
asbestos or asbestos-containing material, polychlorinated biphenyls, flammable, explosive, radioactive, freon gas, radon, or a
pesticide, herbicide, or any other agricultural chemical.




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1.7           
The term “Indemnified Parties” shall mean and includes Lender, any parent,
subsidiary, or affiliated company of Lender, any assignee or successor in interest of all or part of Lender’s interest in
the Loan or the Loan Documents, any owner of a participation interest in the Loan or the Loan Documents, any purchaser who acquires
all or part of the Property from Lender, its parent, or any of its subsidiaries or affiliates, any recipient of a deed or assignment
in lieu of foreclosure of all or part of the Property, any court appointed receiver, and the officers, directors, employees and
agents of each of them.


1.8           
The term “Loan Documents” shall mean the Loan Agreement, the Note, the
Instrument and any other documents evidencing, securing or otherwise relating to the Loan, as such documents may be amended, modified,
supplemented or restated from time to time. Any default or failure in performance of any provision of this Agreement, after
written notice to Indemnitor and an opportunity to cure, shall, at the option of the Indemnified Parties, constitute a Default
under the Loan Documents. 


1.9           
The term “Property” shall mean all property that is or was at any time
affected by the Instrument, which may later include any and all property previously released from the Instrument.


1.10        
The term “Release” shall mean any releasing, spilling, leaking, pumping,
pouring, emitting, emptying, discharging, injecting, escaping, leaching, migrating, disposing, or dumping of any substance into
the environment.


2.              
Representations and Warranties.


(a)            
Except as disclosed in Phase I Environmental Site Assessment prepared by CBRE, Inc. and dated
March 14, 2014, Borrower represents and warrants to the Indemnified Parties that neither the Property nor Borrower nor, to Borrower’s
knowledge, any tenant are in violation of any Environmental Law applicable to the Property, and neither the Property nor Borrower
nor, to Borrower’s knowledge, any tenant are subject to any existing, pending or threatened investigation pertaining to the
Property by any federal, state or local governmental authority or are subject to any remedial obligation or lien under or in connection
with any Environmental Law.


(b)           
Indemnitor represents and warrants to the Indemnified Parties that Indemnitor, including,
without limitation, any officer, director, employee, agent, affiliate, tenant, joint venture or partner of Indemnitor, has no actual
knowledge or notice of the actual, alleged or threatened presence or Release of Hazardous Substances in, on, around or potentially
affecting any part of the Property or the soil, groundwater or soil vapor on or under the Property, or the migration of any Hazardous
Substance, from or to any other property adjacent to or in the vicinity of the Property, provided that the foregoing representation
and warranty does not apply to De Minimis Amounts. 




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(c)            
Borrower has undertaken an appropriate inquiry into the previous ownership and uses of the
Property consistent with good commercial practice. If any environmental questionnaire is executed by Borrower and delivered to
Lender, Borrower represents and warrants to the Indemnified Parties that, to Borrower’s knowledge, the information disclosed
in any such environmental questionnaire is true, complete and correct.


(d)           
Borrower’s intended future use of Property will not result in the Release of any Hazardous
Substance other than De Minimis Amounts, in, on, around or potentially affecting any part of the Property or in the soil, groundwater
or soil vapor on or under the Property, or the migration of any Hazardous Substance from or to any other property adjacent to or
in the vicinity of the Property.


(e)            
Each Indemnitor represents and warrants that this Agreement (i) has been authorized by all
necessary action; (ii) does not violate any agreement, instrument, law, regulation or order applicable to such Indemnitor; (iii)
does not require the consent or approval of any person or entity, including but not limited to any governmental authority, or any
filing or registration of any kind; and (iv) is the legal, valid and binding obligation of such Indemnitor enforceable against
such Indemnitor in accordance with its terms, except to the extent that enforcement may be limited by applicable bankruptcy, insolvency
and other similar laws affecting creditors' rights generally. 


3.              
Covenants of Indemnitor.


(a)            
Borrower shall neither use nor permit any third party to use, generate, manufacture, produce,
store, or Release, on, under or about the Property, or transfer to or from the Property, any Hazardous Substance except De Minimis
Amounts in compliance with all applicable Environmental Laws, provided that if any third party, by act or omission or by intent
or accident, allows any foregoing action to occur, Borrower shall promptly remedy such condition, at its sole expense and responsibility,
in accordance with Paragraph 5 below. Furthermore, Borrower shall not permit any liens under any Environmental Law to be placed
on any portion of the Property.


(b)           
Borrower has complied, and shall comply and require all occupants of the Property, regardless
of length of occupancy, to comply, at Borrower’s sole expense and responsibility, with all Environmental Laws governing or
applicable to Hazardous Substances, including those requiring disclosures to prospective and actual buyers of all or any portion
of the Property. 




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(c)            
Indemnitor shall promptly notify Lender in writing if Indemnitor, including, without limitation,
any officer, director, employee, agent, affiliate, joint venture, or partner of Indemnitor, has any actual knowledge or notice
of the following: (i) that any statement in Paragraph 2 of this Agreement is no longer accurate, (ii) any lien, action or notice
affecting the Property or Indemnitor resulting from any violation or alleged violation of the Environmental Law, (iii) the institution
of any investigation, inquiry or proceeding concerning Indemnitor or the Property pursuant to any Environmental Law or otherwise
relating to Hazardous Substances (except for De Minimis Amounts), or (iv) the discovery of any occurrence, condition or state of
facts which would render any representation or warranty contained in this Agreement incorrect in any respect if made at the time
of such discovery.


(d)           
Indemnitor’s obligations under this Agreement shall not be diminished or affected in
any respect as a result of any notice, disclosure or knowledge, if any, to or by any of the Indemnified Parties of the Release,
presence, existence or threatened Release of Hazardous Substances in, on, around, or potentially affecting the Property or the
soil, groundwater or soil vapor on or under the Property, or of any matter covered by Indemnitor’s obligations hereunder.
No Indemnified Party shall be deemed to have permitted, caused, contributed to or acquiesced in any such Release, presence, existence
or threatened Release of Hazardous Substances or any other matter covered by Indemnitor’s obligations hereunder solely because
Lender or any other Indemnified Party had notice, disclosure or knowledge thereof, whether at the time this Agreement is delivered
or at any other time.


(e)            
Indemnitor shall conduct and complete, to Lender’s satisfaction, all remedial, removal,
and other actions necessary to clean up and remove Hazardous Substances (other than De Minimis Amounts) in, on, or materially affecting
the Property: (i) in accordance with all applicable Environmental Laws; and (ii) in accordance with all applicable orders and directives
of all governmental authorities. Indemnitor shall provide to Lender copies of all results and reports relating to such remedial,
removal, and other actions.




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4.              
Lender Rights.


(a)            
Lender shall have the right, but not the obligation, without in any way limiting Lender’s
other rights and remedies under the Loan Documents, with the prior written consent of Indemnitor, to enter onto the Property, take
and remove soil or groundwater samples, conduct tests and/or site assessments on any part of the Property or to take such other
actions as it deems necessary or advisable to clean up, remove, resolve, or minimize the impact of, or otherwise deal with, any
Hazardous Substances on or affecting the Property following receipt of any written notice from any person or entity asserting the
existence or possible existence of any Hazardous Substances pertaining to the Property or any part thereof that, if true, could
result in an Environmental Claim, order, notice, suit, imposition of a lien on the Property, or other action and/or that, in Lender’s
reasonable opinion, could jeopardize Lender’s security under the Loan Documents. All reasonable third party out of pocket
costs and expenses paid or incurred by Lender in the exercise of any such rights shall be payable by Indemnitor upon demand.


(b)           
Lender shall have the right at any time to appear in and to participate in, as a party if
it elects, and be represented by counsel of its own choice in, any action or proceeding in connection with any Environmental Law
that affects the Property. Upon demand by any Indemnified Party, Indemnitor shall defend any investigation, action or proceeding
involving any matter covered by Indemnitor’s obligations hereunder which is brought or commenced against any Indemnified
Party, whether alone or together with Borrower or any other person, all at Indemnitor’s own cost and by counsel to be approved
by the Indemnified Party in the exercise of its reasonable judgment. In the alternative, any Indemnified Party may elect to conduct
its own defense at the expense of Indemnitor. Indemnitor shall not, without the prior written consent of Lender: (a) settle or
compromise any action, suit, proceeding or claim or consent to the entry of any judgment that does not include as an unconditional
term thereof the delivery by the claimant or plaintiff to Lender of a full and complete written release of the Indemnified Parties
(in form, scope and substance satisfactory to Lender in its sole discretion) from all liability in respect of such action, suit,
proceeding or claim; or (b) settle or compromise any action, suit, proceeding or claim in any manner that may adversely affect
the Indemnified Parties or obligate the Indemnified Parties to pay any sum or perform any obligation as determined by Lender in
its sole discretion.




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5.              
Indemnification. Indemnitor
shall jointly and severally indemnify and hold the Indemnified Parties harmless from, for and against any and all Environmental
Claims, liabilities, damages (including foreseeable and unforeseeable damages), losses, fines, penalties, judgments, awards, settlements,
and costs and expenses (including, without limitation, reasonable attorneys’ fees, experts’, engineers’ and consultants’
fees, and costs and expenses of investigation, testing, remediation and dispute resolution) (collectively referred to as “Environmental
Costs”) that directly or indirectly arise out of or relate in any way to:


(a)            
Any investigation, cleanup, remediation, removal, or restoration work of site conditions of
the Property relating to Hazardous Substances (whether on the Property or any other property); 


(b)           
Any resulting damages, harm, or injuries to the person or property of any third parties or
to any natural resources involving Hazardous Substances relating to the Property; 


(c)            
Any actual or alleged past or present disposal, generation, manufacture, presence, processing,
production, Release, storage, transportation, treatment, or use of or presence of any Hazardous Substance on, under, or about the
Property; 


(d)           
Any actual or alleged presence of Hazardous Substances on the Property; 


(e)            
Any actual or alleged past or present violation of any Environmental Law relating to the Property;


(f)            
Any actual or alleged past or present migration of any Hazardous Substance from the Property
to any other property, whether adjoining, in the vicinity, or otherwise, or migration of any Hazardous Substance onto the Property
from any other property, whether adjoining, in the vicinity, or otherwise; 


(g)           
Any lien on any part of the Property under any Environmental Law; 


(h)           
Any Environmental Claim by any federal, state, or local governmental agency and any claim
that any Indemnified Party is liable for any such asserted Environmental Claim allegedly because it is an “owner” or
“operator” of the Property under any Environmental Law; 




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(i)             
Any Environmental Claim asserted against any Indemnified Party by any person other than a
governmental agency, including any person who may purchase or lease all or any portion of the Property from Borrower, from any
Indemnified Party, or from any other purchaser or lessee; any person who may at any time have any interest in all or any portion
of the Property; any person who may at any time be responsible for any cleanup costs or other Environmental Claims relating to
the Property; and any person claiming to have been injured in any way as a result of exposure to any Hazardous Substance relating
to the Property; 


(j)             
Any Environmental Claim which any Indemnified Party reasonably believes at any time may be
incurred to comply with any law, judgment, order, regulation, or regulatory directive relating to Hazardous Substances and the
Property, or which any Indemnified Party reasonably believes at any time may be incurred to protect the public health or safety;



(k)           
Any Environmental Claim resulting from currently existing conditions in, on, around, or materially
affecting the Property, whether known or unknown by Borrower or the Indemnified Parties at the time this Agreement is executed,
and any such Environmental Claim resulting from the activities of Borrower, Borrower’s tenants, or any other person, in,
on, around, or materially affecting the Property; or


(l)             
Breach of any representation or warranty by or covenant of Indemnitor in this Agreement.


Notwithstanding anything contained herein
to the contrary, the foregoing indemnity shall not apply to (i) matters resulting solely from the gross negligence or willful
misconduct of any Indemnified Party, or (ii) matters resulting solely from the actions of Indemnified Parties taken after
such parties have taken title to, or exclusive possession of the Property, provided that, in both cases, such matters shall not
arise from or be accumulated with any condition of the Property, which condition was not caused by an Indemnified Party. The
foregoing indemnity is expressly intended to include, and does include, any Environmental Costs arising as a result of any strict
liability imposed or threatened to be imposed on an Indemnified Party in connection with any of the indemnified matters described
in this Paragraph 5 or arising as a result of the negligence of an Indemnified Party in connection with such matters.


6.              
Reinstatement of Obligations.
If at any time all or any part of any payment made by Indemnitor or received by an Indemnified Party from Indemnitor under or with
respect to this Agreement is or must be rescinded or returned for any reason whatsoever (including, but not limited to, the insolvency,
bankruptcy or reorganization of Indemnitor), then the obligations of Indemnitor hereunder shall, to the extent of the payment rescinded
or returned, be deemed to have continued in existence, notwithstanding such previous payment made by Indemnitor, or receipt of
payment by an Indemnified Party, and the obligations of Indemnitor hereunder shall continue to be effective or be reinstated, as
the case may be, as to such payment, all as though such previous payment by Indemnitor had never been made.




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7.              
Reservation of Rights. Nothing
in this Agreement shall be construed to limit any claim or right which any Indemnified Party may otherwise have at any time against
Indemnitor or any other person arising from any source other than this Agreement, including any claim for fraud, misrepresentation,
waste, or breach of contract other than this Agreement, and any rights of contribution or indemnity under federal, state or local
environmental law or other applicable law, regulation or ordinance.


8.              
No Waiver; Rights Cumulative.
If any Indemnified Party delays or fails to exercise any right or remedy against Indemnitor, that alone shall not be construed
as a waiver of that right or remedy. All remedies of any Indemnified Party against Indemnitor are cumulative.


9.              
Successors and Assigns. This
Agreement shall be binding upon Indemnitor and its successors and shall inure to the benefit of the Indemnified Parties, and the
successors and assigns of the Indemnified Parties. Indemnitor shall not have any right to assign its obligations under this Agreement.
This Agreement is assignable by Lender, and any full or partial assignment hereof by Lender shall operate to vest in the assignee
all rights and powers herein conferred upon and granted to Lender and so assigned by Lender. Indemnitor expressly waives notice
of transfer or assignment of this Agreement and acknowledges that the failure by Lender to give any such notice shall not affect
the liabilities of Indemnitor hereunder.


10.           
Termination. The indemnity
obligations of Indemnitor pursuant to Paragraph 5 of this Agreement and all other obligations of Indemnitor hereunder shall survive
until terminated in accordance with this Paragraph 10, which termination shall occur upon the full satisfaction of either
of the following conditions: 


(a)            
The Loan shall have been repaid in full and in accordance with its terms, any lending commitment
shall have expired or been terminated, and all obligations of the Borrower under the Loan Documents have been performed in full
in accordance with their terms; provided, however that the obligations of Indemnitor under this Agreement shall not terminate until
(x) one (1) year has passed from the date the conditions set forth above have been satisfied, and (y) Lender has not received notice
of any Environmental Claim relating to the Property that has not been fully satisfied or settled to the Lender’s satisfaction;
or 




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(b)           
The Loan shall not have been repaid in full and in accordance with its terms and (x) one or
more of the following events have occurred: (i) the acceptance by Lender of the surrender of the Note and reconveyance of the Instrument,
(ii) the foreclosure of the Instrument, (iii) the extinguishment of the Instrument by any means, including deed or assignment in
lieu of foreclosure, (iv) the acquisition of the Property or any portion of it by any of the Indemnified Parties, and (v) the transfer
of all of Lender’s rights in the Loan Documents, or through the exercise of any other rights and remedies by Lender (including,
without limitation, foreclosure, trustee’s sale or actions on promissory notes, guaranties or other obligations); (y) two
(2) years have elapsed from the date which is the date of the occurrence of the latest to occur of the events described in (i)-(v)
of this subparagraph and (z) Lender has received a Phase I or similar investigative report (at Indemnitor’s sole cost and
expense) in form and substances satisfactory to Lender.


11.           
Full Recourse. The indemnity
contained herein shall not be subject to any non-recourse or other limitation of liability provisions contained in any of the Loan
Documents executed and delivered in connection with the Loan and the liability of Indemnitor under this Agreement shall not be
limited by any such non-recourse or similar limitation of liability provisions.


12.           
Misrepresentation. If any
material warranty, representation or statement contained herein shall be or shall prove to have been false when made or if Indemnitor
shall fail or neglect to perform or observe any of the terms, provisions or covenants contained herein, the same shall constitute
a Default (as defined in the Loan Agreement) under the Loan Documents.


13.           
Notices. Any notice required
or permitted in connection herewith shall be given in the manner provided in any Loan Document.


14.           
Reliance; Separate Action.
Indemnitor acknowledges that Lender has and will rely upon the representations, warranties and agreements herein set forth in closing
and funding (or modifying as the case may be) the Loan and that the execution and delivery of this Agreement is an essential condition
but for which Lender would not close or fund (or modify) the Loan. Indemnitor agrees that this Agreement and the indemnity contained
herein is separate, independent and in addition to the undertakings of Indemnitor under the Loan Documents. Indemnitor agrees that
a separate action may be brought to enforce the provisions of this Agreement which shall in no way be deemed to be an action on
the Note, whether or not the Indemnified Parties would be entitled to a deficiency judgment following a judicial foreclosure or
sale under the Instrument. 




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15.           
Waiver. Indemnitor waives
any right or claim of right to cause a marshaling of the assets of Indemnitor or to cause Lender to proceed against any of the
security for the Loan before proceeding under this Agreement against Indemnitor. Indemnitor agrees that any payments required to
be made hereunder shall become due on demand. Indemnitor expressly waives and relinquishes all rights, remedies and defenses accorded
by applicable law to sureties, indemnitors or guarantors, except any rights of subrogation that Indemnitor may have, provided that
the indemnity provided for hereunder shall neither be contingent upon the existence of any such rights of subrogation nor subject
to any claims or defenses whatsoever that may be asserted in connection with the enforcement or attempted enforcement of such subrogation
rights, including, without limitation, any claim that such subrogation rights were abrogated by any acts or omissions of Lender.


16.           
Successive Actions. Notwithstanding
any law to the contrary, the parties expressly agree that a separate right of action hereunder shall arise each time Lender acquires
knowledge of any matter indemnified by Indemnitor under this Agreement. Separate and successive actions may be brought hereunder
to enforce any of the provisions hereof at any time and from time to time. No action hereunder shall preclude any subsequent action,
and Indemnitor hereby waives and covenants not to assert any defense in the nature of splitting of causes of action or merger of
judgments.


17.           
Construction. In this Agreement,
the word “person” includes any individual, company, trust or other legal entity of any kind. If this Agreement is executed
by more than one person, the words “Indemnitor”, “Guarantor” and “Borrower” include all such
persons. The word “include(s)” means “include(s), without limitation,” and the word “including”
means “including, but not limited to.” When the context and construction so require, all words used in the singular
shall be deemed to have been used in the plural and vice versa.


18.           
Severability. Every provision
of this Agreement is intended to be severable. If any term, provision, section or subsection of this Agreement is declared to be
illegal or invalid, for any reason whatsoever, by a court of competent jurisdiction, such illegality or invalidity shall not affect
the other terms, provisions, sections or subsections of this Agreement, which shall remain binding and enforceable. To the extent
there is any conflict between this Agreement and the terms and provisions of any of the other Loan Documents, the terms and provisions
of this Agreement shall control.


19.           
Cost and Expenses. On demand,
Indemnitor agrees to pay all of the Indemnified Parties’ costs and expenses, including attorneys’ fees, which may be
incurred in any effort to enforce any term of this Agreement, including all such costs and expenses which may be incurred by any
Indemnified Party in any legal action, reference, mediation or arbitration proceeding. From the time(s) incurred until paid in
full to the Indemnified Party, those sums shall bear interest at the Applicable Rate.


20.           
Time; No Course of Dealing.
Time is of the essence of this Agreement, and of each and every provision hereof. The waiver by Indemnified Party of any breach
or breaches hereof shall not be deemed, nor shall the same constitute, a waiver of any subsequent breach of breaches.




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21.           
Governing Law. This Agreement
and the transaction contemplated hereunder shall be governed by and construed in accordance with the laws of the State of Illinois,
without giving effect to conflict of laws principles.


22.           
Counterparts. This Agreement
may be executed in any number of counterparts each of which shall be deemed an original, but all such counterparts together shall
constitute but one Agreement.


23.           
Captions for Convenience.
The captions and headings of the paragraphs of this Agreement are for convenience of reference only and shall not be construed
in interpreting the provisions hereof.


24.           
Joint and Several Liability.
Each party executing this Agreement as an Indemnitor shall be jointly and severally liable for all obligations of Indemnitor hereunder.


25.           Subrogation.
Notwithstanding any payments made by any of the undersigned pursuant to the provisions of this Agreement, Guarantor irrevocably
waives all rights to enforce or collect upon any rights which it now has or may acquire against Borrower either by way of subrogation,
indemnity, reimbursement or contribution for any amount paid under this Agreement or by way of any other obligations whatsoever
of Borrower to Guarantor, nor shall Guarantor file, assert or receive payment on any claim, whether now existing or hereafter
arising, against Borrower in the event of the commencement of a case by or against Borrower under Title 11 of the United States
Code. In the event either a petition is filed under said Title 11 of the United States Code with regard to Borrower or an action
or proceeding is commenced for the benefit of the creditors of Borrower, this Agreement shall at all times thereafter remain effective
in regard to any payments or other transfers of assets to Lender received from or on behalf of Borrower prior to notice of termination
of this Agreement and which are or may be held voidable on the grounds of preference or fraud, whether or not the Loan has been
paid in full. Any payment on account of or reacknowledgment of the Loan by Borrower, or any other party liable therefor, or action
taken, or payment or reacknowledgment made, of any of the obligations of Borrower to take and complete the actions specified in
paragraph 3 of the Agreement shall serve to start anew the statutory period of limitations applicable to Borrower with respect
to said paragraph 3 and Guarantor.


26.           
WAIVER OF JURY TRIAL. INDEMNITOR
AND LENDER (BY ITS ACCEPTANCE HEREOF) HEREBY VOLUNTARILY, KNOWINGLY, IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT TO HAVE A
JURY PARTICIPATE IN RESOLVING ANY DISPUTE (WHETHER BASED ON CONTRACT, TORT, OR OTHERWISE) BETWEEN INDEMNITOR AND LENDER ARISING
OUT OF OR IN ANY WAY RELATED TO THIS AGREEMENT. THIS PROVISION IS A MATERIAL INDUCEMENT TO LENDER TO PROVIDE THE FINANCING DESCRIBED
IN THIS AGREEMENT.


[Remainder
of page intentionally left blank; signatures follow.]


 




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IN WITNESS WHEREOF,
Indemnitor has executed this Environmental Indemnity Agreement as of the date set forth herein.


 


	 	BORROWER
	 	 
	 	
        IREIT MANSFIELD POINTE, L.L.C., a

        Delaware limited liability company

	 	 	 	 	 
	 	By:	
        Inland Real Estate Income Trust, Inc., a

        Maryland corporation, its sole member

	 	 	 	 	 
	 	 	By:	/s/ Mary J. Pechous
	 	 	Name:	Mary J. Pechous
	 	 	Title:	Assistant Secretary
	 	 	 	 	 
	 	 	 	 	 
	 	GUARANTOR
	 	 	 	 	 
	 	
        INLAND REAL ESTATE INCOME TRUST,

        INC., a Maryland corporation

	 	 	 
	 	By:	
        /s/ Mary
        J. Pechous

	 	Name:	
        Mary J. Pechous

	 	Title:	Assistant Secretary


 


 


 




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