Exhibit 10.20


REPLACEMENT GUARANTY OF PAYMENT
AND RECOURSE OBLIGATIONS


 


REPLACEMENT GUARANTY
OF PAYMENT AND RECOURSE OBLIGATIONS dated as of December 15, 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 previously extended a loan in the principal amount of TEN MILLION EIGHT HUNDRED THIRTY-SIX
THOUSAND FIVE HUNDRED THIRTY AND NO/100 DOLLARS ($10,836,530.00) (the “Loan”) to KRG NEENAH FOX POINT,
LLC, a Delaware limited liability company, formerly known as Inland Diversified Neenah Fox Point, L.L.C. (the “Original
Borrower”) pursuant to the terms and conditions of that certain Loan Agreement dated as of October 21, 2011 between the
Original Borrower and the Lender, as amended by that certain Consent to Merger, Assumption and First Loan Modification Agreement
executed by and among the Original Borrower, Inland Diversified Real Estate Trust Inc., a Maryland corporation (“Original
Guarantor”), Kite Realty Group, L.P., a Delaware limited partnership (“Existing Guarantor”) and Lender
(the “Consent to Merger, Assumption and First Loan Modification”) and by that certain Consent to Sale, Assumptions
and Second Loan Modification (as defined in Recital Paragraph C hereof) (as amended aforesaid and as the same may be amended, modified,
restated or replaced from time to time collectively, 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 Original Borrower and in consideration therefor, the Lender required
the execution and delivery of (i) that certain Guaranty of Payment and Recourse Obligations dated as of October 21, 2011 executed
by the Original Guarantor, as amended by and as assumed by the Existing Guarantor pursuant to the Consent to Merger, Assumption
and First Loan Modification (collectively, the “Original Guaranty”), (ii) that certain Promissory Note dated
as of October 21, 2011 executed by the Original Borrower made payable to the order of Lender in the principal amount of TEN
MILLION EIGHT HUNDRED THIRTY-SIX THOUSAND FIVE HUNDRED THIRTY AND NO/100 DOLLARS ($10,836,530.00), (as the same may be amended,
modified, restated or replaced from time to time, collectively, the “Original Note”), (iii) that certain
Mortgage Security Agreement, Assignment of Leases and Rents and Fixture Filing dated as of October 21, 2011, executed by the Original
Borrower for the benefit of Lender, as amended by that certain First Mortgage Modification Agreement made effective as of July
1, 2014 executed by Original Borrower and Lender which amended the Permitted Transfer language contained in the Mortgage as requested
by Original Borrower, Existing Guarantor, the Merger Sub and KRG,




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which was recorded
on July 8, 2014 in the Office of the Register of Deeds for Winnebago County, Wisconsin as Instrument No. 1667203 (the “First
Mortgage Modification”) (as amended aforesaid and as the same may be amended, modified, restated or replaced from time
to time collectively, the “Mortgage”) encumbering the real property, improvements and personalty described therein
(the “Premises”), and (iv) the other Loan Documents.


C.Contemporaneous
with the execution of this Guaranty, the Guarantor, the Existing Guarantor, the Original Borrower, IREIT Neenah at Fox Point, L.L.C.,
a Delaware limited liability company (the “Replacement Borrower”) and Lender are entering into that certain
Consent to Sale, Assumptions and Second Loan Modification Agreement dated as of even date herewith (the “Consent to Sale,
Assumptions and Second Loan Modification”) which provides for the sale of the Premises to the Replacement Borrower subject
to the Mortgage, the Assignment of Rents and Leases and the Lender’s security interests therein in consideration of the Replacement
Borrower’s assumption of the Loan, the Debt, the Obligations and all of the Original Borrower’s liabilities and obligations
under the Loan Documents as and to the extent provided in Paragraph 5 of the Consent to Sale, Assumptions and Second Loan Modification
and the assumption by Guarantor of all of the Existing Guarantor’s liabilities and obligations under the Environmental Indemnity
commencing on the Effective Date and continuing for all times thereafter and the Guarantor’s execution of this Guaranty in
order to guarantee the Obligation (as such term is defined in this Guaranty) commencing on the Effective Date and continuing for
all times thereafter.


D.One of Lender’s
Conditions Precedent for consenting to the Sale and the assumption by the Replacement Borrower of the Loan, the Debt, the Obligations
and all of Original Borrower’s obligations and liabilities under the Loan Documents as and to the extent provided in Paragraph
5 of the Consent to Sale, Assumptions and Second Loan Modification is the Replacement Borrower’s execution and delivery to
Lender of that certain First Amended and Restated Promissory Note dated of even date herewith executed by the Replacement Borrower
and made payable to the order of Lender in the principal amount of TEN MILLION EIGHT HUNDRED THIRTY-SIX THOUSAND FIVE HUNDRED THIRTY
AND NO/100 DOLLARS ($10,836,530.00) (the “First Amended and Restated Note”), which amends, restates and replaces
the Original Note in its entirety hereunder (hereinafter, the First Amended and Restated Note, as the same may be amended, modified,
restated or replaced from time to time, is collectively referred to herein as, the “Note”).


E.Upon the Sale
of the Premises to the Replacement Borrower and the execution of the transactions provided for in the Consent to Sale, Assumptions
and Second Loan Modification, the Guarantor shall own one hundred percent (100%) of the membership interests of the Replacement
Borrower, and thereby having a financial interest in the Premises, has agreed to execute and deliver this Guaranty to the Lender
in satisfaction of one of Lender’s Conditions Precedent to consenting to the Loan Parties’ Request (as such term is
defined in the Consent to Sale, Assumptions and Second Loan Modification).




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


AGREEMENTS:


1.              
Definitions. All terms defined in the foregoing Recitals are incorporated into and made a part of this Guaranty as
if set forth herein. In this Guaranty, all capitalized terms used and not otherwise expressly defined herein shall have the meaning
ascribed to such terms in the Loan Agreement.


2.              
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 agreement, device or arrangement designed to protect
Borrower from fluctuations of interest rates, exchange rates or forward rates, including, but not limited to, dollar-denominated
or cross-currency exchange agreements, forward currency exchange agreements, interest rate caps, collars or floors, forward rate
currency or interest rate options, puts, warrants, swaps, swaptions, U.S. Treasury locks and U.S. Treasury options, (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) until paid on all amounts owed by Guarantor which
accrue from and after Lender's demand for payment is delivered to Guarantor;


(b)           
All damages, expenses or costs suffered or incurred by Lender as a result of any intentional material misrepresentation
in any of the Loan Documents;




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(c)            
All damages, expenses or costs suffered or incurred by Lender as a result of physical waste with respect to any portion
of the Premises;


(d)           
All damages, expenses or costs suffered or incurred by Lender as a result of the removal or disposal of any property in
which Lender has a security interest in violation of the terms and conditions of the Loan Documents;


(e)            
All damages, expenses or costs suffered or incurred by Lender as a result of claims for compensation asserted by any real
estate broker not employed by 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 damages, expenses or costs suffered or incurred by Lender as a result of the application of any insurance proceeds or
condemnation awards (to the full extent of such proceeds or awards) not permitted by the Mortgage or the failure of Borrower to
maintain the insurance coverages required by the Loan Agreement;


(g)           
All revenues received by or on behalf of Borrower from the operation or ownership of the Premises after the occurrence of
an Event of Default less only that portion of such revenues which is (A) actually used by 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 Lender; and


(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, returned to tenants in accordance with the terms of their Leases or paid over to Lender and all lease termination fees
payable for terminating any such Leases which are not paid jointly to Borrower and Lender.


As used herein,
the Payment Obligations, the Recourse Obligations 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).




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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.


3.              
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 Payment Obligations if: (a) there
is fraud by Borrower or Guarantor with respect to the Loan; (b) a Prohibited Transfer occurs; (c) Borrower contests, delays or
otherwise hinders any action taken by Lender in good faith following an Event of Default in connection with the appointment of
a receiver for the Premises or the foreclosure of the liens, the Mortgage or other security interests created by any of the Loan
Documents; (d) Borrower voluntarily files for bankruptcy or an involuntarily bankruptcy or insolvency proceeding is commenced against
Borrower by any person (other than Lender) and such involuntary bankruptcy or proceedings is not dismissed within sixty (60) days
after the filing thereof; or (e) the Debt Service Coverage Ratio for the Property falls below 1:15:1.00 as determined under Section
5.15 of the Loan Agreement (each, a “DSC Deficiency”) and Guarantor notifies Lender in writing within twenty
(20) Business Days of Lender’s written notice to Borrower and Guarantor of the occurrence of a DSC Deficiency that Guarantor
agrees to have full recourse liability for the Payment Obligations solely as a result of the DSC Deficiency in order to cure such
DSC Deficiency in accordance with Section 5.16(b) of the Loan Agreement. Notwithstanding anything to the contrary or inconsistent
herein, provided no Event of Default exists, Guarantor’s liability for the Payment Obligations pursuant to clause (e) above
shall terminate if the Debt Service Coverage Ratio for the Property exceeds 1.15:1.00 as reasonably determined by Lender for two
(2) consecutive calendar quarters. Guarantor’s liability for the Payment Obligations shall be subsequently reinstated if,
at any time thereafter, the Debt Service Coverage Ratio for the Property falls below 1.15:1.00 and Guarantor notifies Lender in
writing within twenty (20) Business Days of Lender’s written notice to Borrower and Guarantor of the occurrence of a DSC
Deficiency that Guarantor agrees to have full recourse liability for the Payment Obligations pursuant to Section 3(e) of this Guaranty
in order to cure the subject DSC Deficiency in accordance with Section 5.16(b) of the Loan Agreement.


4.              
Guarantor Covenants.  In the event Guarantor becomes liable for the Payment Obligations pursuant to the application
of Section 3(e) of this Guaranty, then Guarantor hereby covenants and agrees with Lender that Guarantor will satisfy each of the
following covenants at all times so long as this Guaranty remains in effect:




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(a)            
Maximum Corporate Leverage. The ratio of Total Indebtedness to Gross Asset Value shall at no time be greater than
60%, except that once during the term of the Loan, leverage will be permitted to increase to 65% for two consecutive fiscal quarters
(the “Surge Provision”). Such covenant shall be tested as of the last day of each fiscal quarter if and when
this covenant is in effect based upon Guarantor’s compliance certificate for such quarter.


(b)           
Consolidated Minimum Tangible Net Worth. Consolidated Tangible Net Worth shall at no time be less than (i) 85% of
the Guarantor’s actual Consolidated Tangible Net Worth at the closing of the transactions provided for in the Consent to
Sale, Assumptions and Second Loan Modification, plus 75% of the equity contributions or sales of treasury stock received by the
Guarantor after such closing. Such covenant shall be tested as of the last day of each fiscal quarter if and when this covenant
is in effect based upon Guarantor’s compliance certificate for such quarter.


(c)            
All Borrowings Duly Authorized. Guarantor covenants that its aggregate borrowings owed to all Persons shall not exceed
the amount authorized by the Guarantor’s Board of Directors from time to time.


All capitalized
terms used in Sections 4(a) and 4(b) of this Guaranty shall have the same definitions as contained in that certain
Summary of Terms and Conditions - October 2014 issued to Guarantor by Key Banc Markets Capital for a revolving line of credit facility.


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 Section 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.




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29.           
Replacement Guaranty and Liability under this Guaranty. This Guaranty is executed and delivered as a replacement
guaranty for the Original Guaranty to be effective as of the date of this Guaranty. Guarantor shall be fully liable for the Obligations
commencing on the date of this Guaranty and for all times continuing thereafter until satisfied pursuant to the terms hereof.


 


[REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK;

SIGNATURE PAGE IMMEDIATELY FOLLOWS]




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


 


GUARANTOR:


 


INLAND REAL ESTATE INCOME TRUST,
INC., a Maryland corporation


 


By: /s/ David Z. Lichterman


 


Print Name: David Z. Lichterman


 


Title: Vice President, Treasurer
& CAO