Exhibit 10.16


 





ASSIGNMENT
AND ASSUMPTION


OF
LEASE AND SECURITY DEPOSIT


 


COPP’S
GROCERY STORE AT STEVENS POINT – STEVENS POINT, WISCONSIN


 


THIS ASSIGNMENT AND ASSUMPTION
OF LEASE AND SECURITY DEPOSIT (“Assignment”) is entered into as of the 15th day of December, 2014, by and between
KRG STEVENS POINT PINECREST, LLC, a Delaware limited liability company (“Assignor”), and IREIT STEVENS POINT
PINECREST, L.L.C., a Delaware limited liability company (“Assignee”). Reference is hereby made to that certain
Purchase and Sale Agreement, dated September 16, 2014, by and among Assignor, certain affiliates of Assignor, and Inland Real Estate
Income Trust, Inc., a Maryland corporation, as predecessor-in-interest to Assignee (the “Agreement”). Capitalized
terms used herein but not defined herein shall have the meaning ascribed to them in the Agreement.


 


1.Property. The “Property”
means the real property located in Stevens Point, Wisconsin, commonly known as the Copp’s Grocery Store at Stevens Point,
and more particularly described in Exhibit A attached hereto and incorporated herein.


 


2.Lease. The “Lease”
means that lease and any other agreements affecting the Property for the tenant identified in the rent roll attached to this Assignment
as Exhibit B.


 


3.Security Deposit. “Security
Deposit” means that certain refundable security deposit held by or for Assignor on account of the tenant under the Lease
as such deposit and with respect to which Assignee received a credit at the closing of the transaction with respect to which this
Assignment has been executed and delivered.


 


4.Assignment. For good and valuable
consideration received by Assignor, the receipt and sufficiency of which are hereby acknowledged, Assignor hereby grants, transfers
and assigns to Assignee the entire right, title and interest of Assignor in and to the Lease and the Security Deposit, and all
of Assignor's right, title and interest in and to all of the Actions (as such term is defined in the Agreement) listed on Exhibit
E of the Agreement relating to the Property (subject to any modifications of or supplements to Exhibit E of the Agreement
based upon any disclosures provided to Assignee by Assignor since the date of the Agreement), but reserving unto Assignor all uncollected
rent attributable to the period prior to the date hereof pursuant to Section 3.4(b)(viii) of the Agreement.




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5.Assumption. Assignee hereby
assumes the covenants, agreements and obligations of Assignor as landlord or lessor under the Lease as of the date of this Assignment,
and assumes the obligations under the Actions listed on Exhibit E to the Agreement relating to the Property (subject to
any modifications of or supplements to Exhibit E of the Agreement based upon any disclosures provided to Assignee by Assignor
since the date of the Agreement). Assignee further assumes all liability of Assignor for the proper refund or return of the Security
Deposit if, when and as required by the Lease.


 


6.Attorneys’ Fees. If
any action, suit, arbitration or other proceeding is instituted by any party to this Assignment for the purpose of interpreting
any of the terms hereof or to prevent or remedy a default hereunder by any other party, the prevailing party shall be reimbursed
by the non-prevailing party for all of such prevailing party’s reasonable attorneys’ fees incurred in each and
every such action, suit, arbitration or other proceeding, including any and all appeals or petitions therefrom. As used in this
paragraph, attorneys’ fees shall be deemed to mean the reasonable, actual costs of any legal services actually performed
in connection with the matters involved, calculated on the basis of the usual fee charged by the attorney and any paralegals and
legal staff performing such service.


 


7.Successors and Assigns. This
Assignment shall be binding upon and inure to the benefit of Assignor and Assignee and their respective successors and assigns.


 


8.Limited Liability. By accepting
this Assignment, but subject to Section 8(e) of the Agreement, Assignee agrees that it will look only to the proceeds of
the Property for the performance or liability for nonperformance of any and all obligations of Assignor hereunder, it being expressly
understood and agreed that no constituent member, manager or partner in or agent of Assignor,
nor any advisor, trustee, director, officer, employee, beneficiary, shareholder, participant, representative or agent of any corporation
or trust that is or becomes a constituent member in Assignor shall have any personal liability, directly or indirectly, under or
in connection with this Assignment, or any amendment or amendments hereto made at any time or times, heretofore or hereafter, and
Assignee and its successors and assigns and, without limitation, all other persons and entities, shall look solely to the proceeds
of the Property for the payment of any claim or for any performance, and Assignee, on behalf of itself and its successors and assigns,
hereby waives any and all such personal liability. This Section 8 is subject to, and not in limitation of, the limitations
on liability provided in Section 8(e) of the Agreement.


 


9.Counterparts. This Assignment
may be signed in any number of counterparts each of which shall be deemed to be an original and all of which taken together shall
constitute one and the same instrument.


 


[Signature Page Follows]




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IN WITNESS WHEREOF, Assignor
and Assignee have executed and delivered this Assignment the day and year first above written.


 


	 	ASSIGNOR:
	`	 	 	 
	 	
        KRG STEVENS POINT PINECREST, LLC,

        a Delaware limited liability company

	 	 	 	 
	 	By:	 	/s/ Daniel R. Sink
	 	 	 	
        Daniel R. Sink, Executive Vice President

        and Chief Financial Officer

	 	 	 	 
	 	ASSIGNEE:
	 	 	 	 
	 	
        IREIT STEVENS POINT PINECREST, L.L.C.,

        a Delaware limited liability company

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

        Maryland corporation, its sole member

	 	 	 	 
	 	 	By:	/s/ David Z. Lichterman
	 	 	 	 
	 	 	Name:	David Z. Lichterman
	 	 	 	 
	 	 	Title:	Vice President, Treasurer & CAO 




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Exhibit
A


 


Legal
Description


 


Lot 1 in Certified Survey Map
No. 10205-45-85, as recorded in Volume 45 of Survey Maps, Page 85, as Document No. 765887, being a part of Copps Addition and part
of Lot 1 of Certified Survey Map No. 288-1-288, Part of Parcel Lettered "B", all of Parcel Lettered "C", and
part of Parcel Lettered "D", Certified Survey Map No. 437-2-97, all of Lot 1 of Certified Survey Map No. 933-3-291, and
part of Parcel Lettered "B", all of Parcel Lettered "C", and part of Parcel Lettered "D", Certified
Survey Map No. 1452-5-210, all of Lot 2, and part of Lot 3 of Certified Survey Map No. 6752-24-275, and all of Lot 1 of Certified
Survey Map No. 7247-26-177, located in the Southeast 1/4 of the Northeast 1/4 of Section 33, Town 24 North, Range 8 East, in the
City of Stevens Point, County of Portage, State of Wisconsin.