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                                                                   Exhibit 10.26

                                                 Allstate Life Insurance Company
                                                                 Loan No. 122393

                                  MORTGAGE NOTE

                                                               Chicago, Illinois
$6,500,000                                                     December 19, 2003

     1.   PAYMENT OF PRINCIPAL AND INTEREST. FOR VALUE RECEIVED, INLAND
SOUTHEAST DARIEN, L.L.C., a Delaware limited liability company (the "Maker"),
hereby promises to pay to the order of ALLSTATE LIFE INSURANCE COMPANY, and any
subsequent holder of this Note ("Holder" or "Holders") in the manner hereinafter
provided, the principal amount of SIX MILLION FIVE HUNDRED THOUSAND DOLLARS
($6,500,000), together with interest on the outstanding principal balance from
the date of the initial disbursement (for purposes of this Note, "disbursement"
means the date funds are wire transferred from Holder's account) of all or a
part of the principal of this Note ("Disbursement Date") until maturity at the
rate of four and 65/100 percent (4.65%) per annum ("Contract Rate") as follows:

     (a)  on the Disbursement Date, interest only, in advance, accruing from the
Disbursement Date to the last day of December, 2003, both inclusive; and

     (b)  interest only, in arrears, in the amount of TWENTY FIVE THOUSAND ONE
HUNDRED EIGHTY SEVEN AND 50/100 DOLLARS ($25,187.50) on the first day of
February, 2004, and on the first day of each month thereafter until this Note is
fully paid (the initial payment and each subsequent payment under this
subparagraph (b) shall each hereinafter be referred to as "Monthly Payment");
and

     (c)  on June 1, 2010, the entire unpaid principal amount and any interest
accrued but remaining unpaid and all other sums due under this Note.

     Except for the interest payable under paragraph (a) above, interest shall
be payable in arrears and calculated on the basis of a 360 day year containing
twelve 30 day months. All such payments on account of the indebtedness evidenced
by this Note shall be first applied to interest accrued on the unpaid principal
amount and the remainder toward reduction of the unpaid principal amount.

     2.   PAYMENT INFORMATION. All payments required to be made hereunder shall
be made during regular business hours to Holder at its office c/o Commercial
Mortgage Division, Allstate Plaza South, Suite G5C, 3075 Sanders Road,
Northbrook, Illinois 60062, Attention: Servicing Manager, with sufficient
information to identify the source and application of such payment to Holder's
Loan #122393, or at such other place as Holder may from time to time designate
in writing. All payments shall be made in currency of the United States of
America without presentment or surrender of this Note. Payments to Holder shall
be made by transferring immediately available federal funds by bank wire or
interbank transfer for the account of Holder. Any payment of principal or
interest received after 1:00 p.m. Chicago time shall be deemed to have been
received by Holder on the next business day and shall bear interest accordingly.
If and so long as Holder directs Maker to make payments to a servicing agent,
then payments may

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be made by check. Payments made by check will not be deemed made until good
funds for such check are received by Holder or the servicing agent.

     3.   SECURITY FOR NOTE. The payment of this Note and all other sums due
Holder is secured by (a) a Mortgage, Assignment of Leases, Rents and Contracts,
Security Agreement and Fixture Filing ("Mortgage") of even date herewith,
granted by Maker, as mortgagor, to Holder and ALLSTATE INSURANCE COMPANY, an
Illinois insurance company ("AIC"), as mortgagee, covering certain real
property, the improvements thereon and certain personal property situated in the
County of DuPage, State of Illinois and described in the Mortgage ("Property"),
and (b) those certain instruments of indebtedness and security described as
"Related Agreements" in the Mortgage. Except as otherwise defined herein, all of
the defined terms contained in the Mortgage and the Related Agreements are
hereby incorporated herein by express reference.

     4.   LATE CHARGES. If any Monthly Payment required under this Note not be
paid in full on or before the fifth (5th) day of the month in which such payment
is due, Maker acknowledges that the Holder will incur extra expenses for the
handling of the delinquent payment and servicing the indebtedness evidenced
hereby, and that the exact amount of these extra expenses is extremely difficult
and impractical to ascertain, but that a charge of five percent (5%) of the
amount of the delinquent payment ("Late Charge") would be a fair approximation
of the expense so incurred by Holder. If applicable law requires a lesser
charge, however, then the maximum charge permitted by such law may be charged by
Holder for said purpose. Therefore, Maker shall, in such event, without further
notice, and without prejudice to the right of Holder to collect any other
amounts provided to be paid hereunder or under the Mortgage, the Related
Agreements or any other instrument executed for purposes of further securing
payment of the obligations evidenced by this Note, or to declare an Event of
Default, as defined below, pay to Holder immediately upon demand the Late Charge
to compensate Holder for expenses incurred in handling delinquent payments.

     5.   INTEREST PAYABLE UPON DEFAULT. If there occurs an Event of Default
under this Note or the Mortgage or under any Related Agreement, then the unpaid
principal amount of this Note, and all accrued and unpaid interest thereon shall
bear interest at the Contract Rate plus five percent (5%) per annum compounded
monthly ("Default Rate") from the date of expiration of any applicable cure or
grace period until such time, if any, as the Event of Default is cured and the
Mortgage and this Note are reinstated as permitted by applicable law, or
otherwise until such time as the unpaid principal amount of this Note and all
other indebtedness evidenced by this Note are fully repaid, whichever is
earlier.

     6.   EVENTS OF DEFAULT. An "Event of Default" shall exist under this Note:

     (a)  in the event Maker shall fail to make any payment due under this Note,
other than the final payment and Prepayment Premium, on or before the fifth
(5th) day of the month in which such payment is due;

     (b)  in the event Maker shall fail to make the final payment or the
Prepayment Premium when such payment is due; or

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     (c)  if there shall exist an Event of Default under the Mortgage, the AIC
Note (as defined in the Mortgage), or in any of the Related Agreements.

     7.   ADDITIONAL PAYMENTS. The additional payments called for under
Paragraphs 4 and 5 shall be in addition to, and shall in no way limit, any other
rights and remedies provided for in this Note, the Mortgage, the AIC Note, any
Related Agreements, or otherwise provided by law.

     8.   PAYMENT OF TAXES AND EXPENSES. Maker further promises to pay to
Holder, immediately upon written notice from Holder: (i) all recordation,
transfer, stamp, documentary or other fees or taxes levied on Holder (exclusive
of Holder's income taxes) by reason of the making or recording of this Note, the
Mortgage or any of the Related Agreements, and (ii) all intangible property
taxes levied upon any Holder of this Note or mortgagee under the Mortgage or
secured party under the Related Agreements.

     Maker further promises to pay to Holder, immediately upon written notice
from Holder, all actual costs, expenses, disbursements, escrow fees, title
charges and reasonable legal fees and expenses actually incurred by Holder and
its counsel in (i) the collection, attempted collection, or negotiation and
documentation of any settlement or workout of the principal amount of this Note,
the interest thereon or any installment or other payment due hereunder, and (ii)
any suit or proceeding whatsoever at all trial and appellate levels in regard to
this Note or to protect, sustain or enforce the lien of any instrument securing
this Note, including, without limitation, in any bankruptcy proceeding or
judicial or nonjudicial foreclosure proceeding. It is the intent of the parties
that Maker pay all expenses and reasonable attorneys' and paralegals' fees
incurred by Holder as a result of or in connection with (A) matters described in
clauses (i) and (ii) above, (B) the negotiation and closing of the loan
transaction evidenced by this Note and the AIC Note, and any supplements or
amendments thereto, (C) the protection of property given as security for the
indebtedness evidenced hereby, and (D) responding to requests from Maker that
Holder take certain actions, and as may otherwise be reasonably incurred by
Holder as a result of or in connection with entering into the loan transaction
evidenced by this Note and the AIC Note.

     9.   PREPAYMENT. Maker is prohibited from prepaying this Note until January
1, 2006 (the "No-Prepayment Period"). Subsequent to the No-Prepayment Period, at
any time with thirty (30) days prior written notice to Holder, specifying the
date of prepayment, Maker will have the privilege of prepaying the outstanding
principal amount together with any accrued but unpaid interest, any other sums
secured by the Mortgage and the Related Agreements, and a prepayment premium
("Prepayment Premium") equal to the greater of:

     (a)  one percent of the principal amount prepaid, or

     (b)  the yield maintenance payment calculated as follows:

          If the Prevailing Interest Rate is less than the Contract Rate, the
          yield maintenance payment shall be the remainder of (x) minus (y)
          where "(x)" is the present value of all unpaid installments of
          principal and interest due under this Note from the date of prepayment
          to and including the original maturity date of this Note, discounted
          at the Prevailing Interest Rate, plus 0.50 percent (50 basis points),
          and "(y)" is the outstanding principal balance of this Note as of the
          prepayment date.

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          The term "Prevailing Interest Rate" as used herein shall mean the
          yield to maturity on a United States Treasury Bond or Treasury Note
          selected by Holder having a maturity date as near as possible to the
          original maturity date of this Note and an "ask" price, as close as
          possible to par (as published two weeks prior to the specified date of
          prepayment in THE WALL STREET JOURNAL or similar publication or
          available from the Federal Reserve Bank of New York), less the Basis
          Point Adjustment as computed in accordance with EXHIBIT A attached
          hereto to convert the monthly payments to a semi-annual equivalent.

     No Prepayment Premium shall be due on the principal balance prepaid within
the ninety (90) day period prior to the Maturity Date of this Note.

     Written notice of Maker's election to make a prepayment in full of this
Note shall be given in the manner provided for notices under the Mortgage.
Partial prepayment of the outstanding principal amount of this Note shall not be
permitted except in accordance with the terms of the Mortgage. In the event of
such a permitted partial prepayment, the Prepayment Premium calculated in this
Paragraph 9 shall be prorated based on the amount of the partial prepayment
relative to the then current outstanding principal balance of this Note.

     Maker acknowledges that Holder:

     (a)  has advanced the amounts evidenced by this Note with the expectation
that such amounts would be outstanding for a period at least equal to the
No-Prepayment Period;

     (b)  would not have been willing to advance such amounts on these terms for
a shorter period of time;

     (c)  in making the loan evidenced by this Note, is relying on Maker's
creditworthiness and its agreement to pay in strict accordance with the terms
set forth in the Note; and

     (d)  would not make the loan evidenced by this Note without full and
complete assurance by Maker of its agreement not to prepay all or a part of the
principal of this Note except as expressly permitted herein and in the Mortgage.

     Maker has been advised and acknowledges that Holder is relying on the
receipt of payments under this Note to, among other things, match and support
its obligations under contracts entered into by Holder with third parties and
that in the event of a prepayment, Holder could suffer loss and additional
expenses which are extremely difficult and impractical to ascertain.
Accordingly, it is the express intent of Maker and Holder that: (a) Maker shall
have no right to prepay this Note during the No-Prepayment Period; (b) any
prepayment of this Note during the No-Prepayment Period shall only occur in the
event Holder accelerates payment under this Note or as otherwise set forth in
the Mortgage; (c) any prepayment described in foregoing clause (b) shall (unless
otherwise expressly permitted in the Mortgage) require the payment of the
Prepayment Premium; and (d) to the extent permitted by applicable law, Maker has
waived, and hereby waives, any right to prepay this Note except as expressly
provided in the Mortgage or this Note during the No-Prepayment Period. In the
event, notwithstanding the foregoing express intent of Maker and Holder and the
express waiver by Maker of any right to prepay this Note during the
No-Prepayment Period, that the applicable law of the jurisdiction in which the

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Property is located permits the Maker to prepay this Note during the
No-Prepayment Period, then the applicable Prepayment Premium described in clause
(c) in the third sentence of this grammatical paragraph shall be paid to Holder
as a condition to any such prepayment.

     Maker expressly acknowledges that, pursuant to the provisions of this Note
and except as otherwise provided in this Note or the Mortgage, Maker has no
right to prepay this Note in whole or in part during the No-Prepayment Period.
In the event any prepayment is required or expressly permitted, Maker shall be
liable for the payment of the Prepayment Premium unless expressly stated
otherwise in this Note or in the Mortgage. Furthermore, Maker waives any rights
it may have under any applicable state laws as they relate to any prepayment
restrictions contained in this Paragraph 9 or otherwise contained in this Note
and expressly acknowledges that Holder has made the loan evidenced by this Note
in reliance upon such agreement and waiver of Maker and that Holder would not
have made the loan evidenced by this Note without such agreement and waiver of
Maker. Maker acknowledges that specific weight has been given to the
consideration given for such agreement, which consideration is the granting of
the loan.

     10.  EVASION OF PREPAYMENT PREMIUM. Maker acknowledges that in the event of
an acceleration of payment of this Note following an Event of Default by Maker,
a tender of payment of an amount necessary to satisfy the indebtedness evidenced
hereby, but not including the Prepayment Premium, made at any time prior to a
foreclosure sale by Maker, its successors or assigns or by anyone on behalf of
Maker, or by a buyer upon foreclosure or power of sale, shall constitute a
prepayment hereunder and shall be presumed to be and conclusively deemed to
constitute a deliberate evasion of the prepayment provisions hereof and shall
therefore be subject to the Prepayment Premium in accordance with this Note with
the date of prepayment being deemed the date of occurrence of the foreclosure
sale or the tender of payment of the amount necessary to pay the entire
indebtedness evidenced hereby in full, including the Prepayment Premium.

     11.  MAKER'S COVENANTS. Maker agrees that:

     (a)  this instrument and the rights and obligations of all parties
hereunder shall be governed by and construed under the laws of the state or
commonwealth in which the Property is located;

     (b)  the obligation evidenced by this Note is an exempted transaction under
the Truth-in-Lending Act, 15 U.S.C Section 1601, ET SEQ. (1982);

     (c)  said obligation constitutes a business loan for the purpose of the
application of any laws that distinguish between consumer loans and business
loans and that have as their purpose the protection of consumers in the state or
commonwealth in which the Property is located;

     (d)  at the option of the Holder, the United States District Court for the
district in which the Property is located and any court of competent
jurisdiction of the state or commonwealth in which the Property is located shall
have jurisdiction in any action, suit or other proceeding arising out of or
relating to any act taken or omitted hereunder or the enforcement of this Note,
the Mortgage and the Related Agreements and Maker shall not assert in any such

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action, suit or other proceeding that it is not personally subject to the
jurisdiction of such courts, that the action, suit or other proceeding is
brought in an inconvenient forum or that the venue of the action, suit or other
proceeding is improper;

     (e)  it hereby waives any objections to venue; and

     (f)  it hereby waives its right to a trial by jury.

     12.  SEVERABILITY. The parties hereto intend and believe that each
provision of this Note comports with all applicable local, state and federal
laws and judicial decisions. However, if any provision or any portion of any
provision contained in this Note is held by a court of law to be invalid,
illegal, unlawful, void or unenforceable as written in any respect, then it is
the intent of all parties hereto that such portion or provision shall be given
force to the fullest possible extent that it is legal, valid and enforceable,
that the remainder of the Note shall be construed as if such illegal, invalid,
unlawful, void or unenforceable portion or provision was not contained therein,
and the rights, obligations and interests of Maker and Holder under the
remainder of this Note shall continue in full force and effect.

     13.  USURY LAWS. It is the intention of Maker and Holder to conform
strictly to the usury laws now or hereafter in force in the state or
commonwealth in which the Property is located, and any interest payable under
this Note, the Mortgage, or any Related Agreement shall be subject to reduction
to an amount not to exceed the maximum non-usurious amount for commercial loans
allowed under the usury laws of the state or commonwealth in which the Property
is located as now or hereafter construed by the courts having jurisdiction over
such matters. In the event such interest (whether designated as interest,
service charges, points, or otherwise) does exceed the maximum legal rate, it
shall be:

     (a)  cancelled automatically to the extent that such interest exceeds the
maximum legal rate;

     (b)  if already paid, at the option of the Holder, either be rebated to
Maker or credited on the principal amount of the Note; and

     (c)  if the Note has been prepaid in full, then such excess shall be
rebated to Maker.

     14.  ACCELERATION. Upon an Event of Default, Holder shall have the right,
without further demand or notice, to declare the entire principal amount of this
Note and/or any Future Advance (as defined in the Mortgage) then outstanding,
all accrued and unpaid interest thereon and all other further sums payable under
this Note, which shall include the Prepayment Premium (calculated as provided in
Paragraph 9 above), the Mortgage or any note evidencing any Future Advance, to
be immediately due and payable and, notwithstanding the stated maturity in this
Note or any note evidencing any Future Advance, all such sums declared due and
payable shall thereupon become immediately due and payable. During the existence
of such Event of Default, Holder may apply payments received on any amounts due
under the Note, the Mortgage, any Related Agreement or any note evidencing any
Future Advance as Holder may determine in its sole discretion.

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     15.  WAIVERS BY MAKER. As to this Note, the Mortgage, the Related
Agreements and any other instruments securing the indebtedness, Maker and all
guarantors, sureties and endorsers, severally waive all applicable exemption
rights, whether under any state constitution, homestead laws or otherwise, and
also severally waive diligence, valuation and appraisement, presentment for
payment, protest and demand, notice of protest, demand and dishonor and
diligence in collection and nonpayment of this Note and all other notices in
connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note (except notice of default specifically provided for
in the Mortgage and the Related Agreements). To the extent permitted by law,
Maker further waives all benefit that might accrue to Maker by virtue of any
present or future laws exempting the Property, or any other property, real or
personal, or the proceeds arising from any sale of any such property, from
attachment, levy, or sale under execution, or providing for any stay of
execution to be issued on any judgment recovered on this Note or in any action
to foreclose the Mortgage, injunction against sale pursuant to power of sale,
exemption from civil process or extension of time for payment. Maker agrees that
any real estate or any personalty that may be levied upon pursuant to a judgment
obtained by virtue of this Note, or any writ of execution issued thereon, may be
sold upon any such writ in whole or in part in any order desired by Holder.

     16.  MAKER NOT RELEASED. No delay or omission of Holder to exercise any of
its rights and remedies under this Note, the Mortgage or any Related Agreements
at any time following the happening of an Event of Default shall constitute a
waiver of the right of Holder to exercise such rights and remedies at a later
time by reason of such Event of Default or by reason of any subsequently
occurring Event of Default. The acceptance by Holder of payment of any sum
payable hereunder after the due date of such payment shall not be a waiver of
Holder's right to either require prompt payment when due of all other sums
payable hereunder or to declare a default for failure to make prompt payment.
This Note, or any payment hereunder, may be extended from time to time by
agreement in writing between Maker and Holder without in any other way affecting
the liability and obligations of Maker and endorsers, if any.

     17.  NONRECOURSE. Except as otherwise set forth in this Paragraph, Holder's
recourse under this Note, the Mortgage and the Related Agreements shall be
limited to and satisfied from the Property and the proceeds thereof, the rents
and all other income arising therefrom during and after the month in which an
Event of Default has occurred, the other assets of Maker arising out of the
Property which are given as collateral for this Note or the AIC Note, and any
other collateral given in writing to Holder as security for repayment of this
Note or the AIC Note (all of the foregoing are collectively referred to as the
"Loan Collateral"). Notwithstanding the preceding sentence:

     (a)  Holder may, in accordance with the terms of this Note, the AIC Note,
the Mortgage or any Related Agreement: (i) foreclose the lien of the Mortgage;
(ii) take appropriate action to enforce this Note, the AIC Note, the Mortgage
and the Related Agreements to realize upon and/or protect the Loan Collateral;
(iii) name Maker as a party defendant in any action brought under this Note, the
AIC Note, the Mortgage or the Related Agreements so long as the exercise of any
remedy is limited to the Loan Collateral; (iv) pursue all of its rights and
remedies against any guarantor or surety or master tenant whether or not a
partner, member or other owner of Maker; and (v) pursue all of its rights and
remedies against Maker and the indemnitors under

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that certain Environmental Indemnity Agreement of even date herewith and that
certain Terrorism Insurance Indemnity Agreement of even date herewith;

     (b)  Holder may seek damages or other monetary relief, to the extent of
actual monetary loss, or any other remedy at law or in equity against Maker, and
the indemnitors/guarantors, if any, under any nonrecourse exception indemnity
agreements ("Nonrecourse Indemnitors") by reason of or in connection with: (i)
the failure of Maker to pay to Holder, upon demand, all rents, issues and
profits of the Property to which Holder is entitled pursuant to this Note, the
AIC Note, the Mortgage or the Related Agreements following an Event of Default;
(ii) any waste of the Property or any willful act or omission by Maker which
damages or materially reduces the value of the Property; (iii) the distribution
of rents, issues and profits from the Property prior to the payment of operating
expenses or the provision for reserves, if any, to be made pursuant to this
Note, the AIC Note, the Mortgage or the Related Agreement prior to any other
expenditure or distribution by Maker; (iv) the failure to account for and to
turn over security deposits (and interest required by law or agreement to be
paid thereon) or prepaid rents following the occurrence of an Event of Default
under this Note, the Mortgage or any Related Agreements; (v) the failure to
timely pay all real estate taxes or any regular or special assessments affecting
the Property; (vi) the failure to account for and to turn over real estate tax
accruals following the occurrence of an Event of Default under this Note, the
Mortgage or any Related Agreements; (vii) the failure to maintain casualty and
liability insurance as required under the Mortgage or the Related Agreements or
to apply insurance proceeds or condemnation awards relating to the Property or
other collateral in the manner required under applicable provisions of this
Note, the AIC Note, the Mortgage or any Related Agreements; (viii) any
modification, termination or cancellation of any lease of all or any portion of
the Property without Holder's prior written consent, if and to the extent such
consent is required under the Mortgage or the Related Agreements and if and to
the extent such modification, termination or cancellation has a material adverse
affect on the value of the Property; (ix) a default by Maker under any lease of
all or any portion of the Property; or (x) costs and expenses, including,
without limitation, attorney's fees and transfer taxes, incurred by Holder in
connection with the enforcement of this Note, the AIC Note, the Mortgage or the
Related Agreements or in connection with a deed-in-lieu of foreclosure if the
Event of Default giving rise to the enforcement action is one described in
subsections (b) or (c) as an exception to the nonrecourse provisions, or if the
Maker or any principal of Maker objects to any actions taken by Holder to
exercise its remedies under the Loan Documents; Maker or principal of Maker
commences any lawsuit to enjoin or delay a foreclosure of the Property by
Holder, or raises defenses or counterclaims to a foreclosure action; Maker
applies for the appointment of a receiver, trustee or liquidator for it or for
any of its property, or, as a debtor, files a voluntary petition in bankruptcy,
or petition or answer seeking reorganization or an arrangement with creditors or
takes advantage of any bankruptcy, reorganization, insolvency, readjustment of
debt, dissolution or liquidation law or statute, or makes a general assignment
for the benefit of creditors; or in the event any bankruptcy or reorganization
proceedings (voluntary or involuntary), the Maker or any principal of Maker
opposes any motion by Holder for relief from the Automatic Stay; and

     (c)  Maker, any general partners of Maker and the Nonrecourse
Indemnitor(s), if any, shall become personally liable for payment of all the
indebtedness evidenced by this Note or the AIC Note and performance of all other
obligations of Maker under this Note, the AIC Note, the Mortgage and Related
Agreements upon the occurrence of any of the following: (i) fraud or

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willful misrepresentation of a material fact by Maker, any general partners of
Maker, or Nonrecourse Indemnitor(s), if any, in connection with this Note, the
AIC Note, the Mortgage, the Related Agreements or any request for any action or
consent by Holder; (ii) a Transfer of any interest in Maker or all or any
portion of the Property or any interest therein in violation of the terms of
this Note, the AIC Note, the Mortgage or the Related Agreements; or (iii) the
incurrence by Maker of any indebtedness in violation of the terms of this Note,
the AIC Note, the Mortgage or Related Agreements (whether secured or unsecured,
direct or contingent), other than unsecured debt or routine trade payables
incurred in the ordinary course of business in connection with the operation of
the Property.

     In addition, Maker, any general partners of Maker and the Nonrecourse
Indemnitors, if any, shall be responsible for any costs and expenses incurred by
Holder in connection with the collection of any amounts for which Maker, its
general partners, if any, and the Nonrecourse Indemnitors, if any, are
personally liable under this Paragraph 17, including attorneys' fees and
expenses, court costs, filing fees and all other costs and expenses incurred in
connection therewith.

     18.  SUCCESSORS AND ASSIGNS. The provisions of this Note shall be binding
upon Maker and its legal representatives, successors and assigns and shall inure
to the benefit of any Holder and its successors and assigns. In the event Maker
is composed of more than one party, obligations arising from this Note are and
shall be joint and several as to each such party.

     19.  REMEDIES CUMULATIVE. The remedies of Holder as provided in this Note,
or in the AIC Note, the Mortgage or the Related Agreements, and the warranties
contained herein or therein shall be cumulative and concurrent, may be pursued
singly, successively or together at the sole discretion of Holder, may be
exercised as often as occasion for their exercise shall occur and in no event
shall the failure to exercise any such right or remedy be construed as a waiver
or release of such right or remedy. No remedy under this Note, conferred upon or
reserved to Holder is intended to be exclusive of any other remedy provided in
this Note, the AIC Note, the Mortgage or any of the Related Agreements or
provided by law, but each shall be cumulative and shall be in addition to every
other remedy given under the Mortgage or any of the Related Agreements or
hereunder or now or hereafter existing at law or in equity or by statute.

     20.  NOTICES. All notices, written confirmation of wire transfers and all
other communications with respect to this Note shall be directed as follows:

          If to Holder:

                 c/o Allstate Investments, LLC
                 Allstate Plaza South, Suite G5C
                 3075 Sanders Road
                 Northbrook, Illinois 60062
                 Attention:     Commercial Mortgage Division
                                Servicing Manager

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          With a copy to:

                 c/o Allstate Investments, LLC
                 Allstate Plaza South, Suite G5A
                 3075 Sanders Road
                 Northbrook, Illinois 60062
                 Attention:     Investment Law Division

          If to Maker:

                 Inland Southeast Darien, L.L.C.
                 2901 Butterfield Road
                 Oakbrook, Illinois 60523
                 Attention:     Roberta Matlin

          With a copy to:

                 The Inland Real Estate Group, Inc.
                 2901 Butterfield Road
                 Oakbrook, Illinois 60523
                 Attention:     General Counsel

or at such other place as Holder or Maker may from time to time designate in
writing. All notices shall be in writing and shall be (a) hand-delivered, (b)
sent by United States express mail or by private overnight courier, or (c)
served by certified mail postage prepaid, return receipt requested, to the
appropriate address set forth above. Notices served as provided in (a) and (b)
shall be deemed to be effective upon delivery. Any notice served by certified
mail shall be deposited in the United States mail with postage thereon fully
prepaid and shall be deemed effective on the day of actual delivery as shown by
the addressee's return receipt or the expiration of three business days after
the date of mailing, whichever is earlier in time.

     21.  NO ORAL MODIFICATION. This Note may not be modified or discharged
orally, but only by an agreement in writing signed by the party against whom
enforcement of any waiver, modification or discharge is sought.

     22.  TIME. Time is of the essence with regard to the performance of the
obligations of Maker in this Note and each and every term, covenant and
condition herein by or applicable to Maker.

     23.  CAPTIONS. The captions and headings of the paragraphs of this Note are
for convenience only and are not to be used to interpret, define or limit the
provisions hereof.

     24.  REPLACEMENT NOTE. Upon receipt of evidence reasonably satisfactory to
Maker of the loss, theft, destruction or mutilation of this Note, and in the
case of any such loss, theft or destruction, upon delivery of an indemnity
agreement reasonably satisfactory to Maker or, in the case of any such
mutilation, upon surrender and cancellation of this Note, Maker will execute and
deliver to Holder in lieu thereof, a replacement note dated as of the date of
this Note,

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identical in form and substance to this Note and upon such execution and
delivery all references in the Mortgage to this Note shall be deemed to refer to
such replacement note.

     25.  TRANSFER OF NOTE. Holder may, at any time, sell, transfer or assign
this Note, the Mortgage and the Related Agreements, and any or all servicing
rights with respect to this Note, or grant participations in this Note or issue
mortgage pass-through certificates or other securities evidencing a beneficial
interest in this Note. Holder may forward to any prospective purchaser or any
rating agency rating securities all documents and information Holder now has or
may acquire, as Holder determines necessary or desirable, including, without
limitation, financial information regarding Maker, its general partners,
shareholders, members or other principals.

                                *   *   *   *   *

                            [Signature Page Follows]

                                       11
<Page>

     IN WITNESS WHEREOF, Maker has caused this Mortgage Note to be duly executed
on the date first above written.

                              MAKER:

                              INLAND SOUTHEAST DARIEN, L.L.C.,
                              a Delaware limited liability company

                              By:  INLAND WESTERN RETAIL REAL ESTATE
                                   TRUST, INC., a Maryland corporation,
                                   Its sole member

                                   By:       /s/ [ILLEGIBLE]
                                      -----------------------------
                                   Its:      Asst. Secretary
                                       ----------------------------

                                       12
<Page>

                                    EXHIBIT A

                          BASIS POINT ADJUSTMENT TABLE

<Table>
<Caption>
U.S. Treasury                            U.S. Treasury
 Bond or Note        Basis Point          Bond or Note      Basis Point
    Yield             Adjustment             Yield          Adjustment
-------------        -----------         -------------      -----------
 <S>                     <C>              <C>                      <C>
  0.00-1.55              .00              14.07-14.24              .40
  1.56-2.69              .01              14.25-14.41              .41
  2.70-3.48              .02              14.42-14.59              .42
  3.49-4.12              .03              14.60-14.77              .43
  4.13-4.68              .04              14.78-14.94              .44
  4.69-5.17              .05              14.95-15.11              .45
  5.18-5.63              .06              15.12-15.28              .46
  5.64-6.05              .07              15.29-15.44              .47
  6.06-6.44              .08              15.45-15.61              .48
  6.45-6.82              .09              15.62-15.77              .49
  6.83-7.17              .10              15.78-15.94              .50
  7.18-7.51              .11              15.95-16.10              .51
  7.52-7.83              .12              16.11-16.26              .52
  7.84-8.14              .13              16.27-16.41              .53
  8.15-8.44              .14              16.42-16.57              .54
  8.45-8.73              .15              16.58-16.73              .55
  8.74-9.02              .16              16.74-16.88              .56
  9.03-9.29              .17              16.89-17.03              .57
  9.30-9.55              .18              17.04-17.18              .58
  9.56-9.81              .19              17.19-17.33              .59
  9.82-10.07             .20              17.34-17.48              .60
 10.08-10.31             .21              17.49-17.63              .61
 10.32-10.55             .22              17.64-17.78              .62
 10.56-10.79             .23              17.79-17.92              .63
 10.80-11.02             .24              17.93-18.07              .64
 11.03-11.25             .25              18.08-18.21              .65
 11.26-11.47             .26              18.22-18.35              .66
 11.48-11.69             .27              18.36-18.49              .67
 11.70-11.90             .28              18.50-18.63              .68
 11.91-12.11             .29              18.64-18.77              .69
 12.12-12.32             .30              18.78-18.91              .70
 12.33-12.52             .31              18.92-19.05              .71
 12.53-12.72             .32              19.06-19.18              .72
 12.73-12.92             .33              19.19-19.32              .73
 12.93-13.12             .34              19.33-19.45              .74
 13.13-13.31             .35              19.46-19.59              .75
 13.32-13.50             .36              19.60-19.72              .76
 13.51-13.69             .37              19.73-19.85              .77
 13.70-13.87             .38              19.86-19.99              .78
 13.88-14.06             .39              20.00-20.12              .79
</Table><Page>

                                                                   Exhibit 10.27

This document prepared by,
and after recording return to:

Sandra L. Waldier
Bell, Boyd & Lloyd LLC
70 West Madison Street
Suite 3300
Chicago, Illinois 60602

                                                 Allstate Life Insurance Company
                                                      Allstate Insurance Company
                                                                 Loan No. 122393

                         MORTGAGE, ASSIGNMENT OF LEASES,
                     RENTS AND CONTRACTS, SECURITY AGREEMENT
                               AND FIXTURE FILING

                                      FROM

                  INLAND SOUTHEAST DARIEN, L.L.C., AS MORTGAGOR

                                       TO

                       ALLSTATE LIFE INSURANCE COMPANY AND
                    ALLSTATE INSURANCE COMPANY, AS MORTGAGEE

                            DATED: DECEMBER 19, 2003

                            LOAN AMOUNT: $16,500,000

                                PROPERTY ADDRESS:
                               DARIEN TOWNE CENTER
                    2189 75TH STREET, DARIEN, ILLINOIS 60561

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
ARTICLE       SECTION       DESCRIPTION                                               PAGE NUMBER
-------       -------       -----------                                               -----------
   <S>        <C>           <C>                                                           <C>
   I.                       COVENANTS OF MORTGAGOR.........................................5

              1.01.         Performance of Obligations Secured.............................5
              1.02.         Insurance......................................................5
              1.03.         Condemnation...................................................7
              1.04.         Damage to Property.............................................8
              1.05.         Escrow Fund for Condemnation and Insurance Proceeds...........10
              1.06.         Taxes, Liens and other Items..................................12
              1.07.         Assignment of Leases, Contracts, Rents and Profits............13
              1.08.         Due on Sale or Encumbrance....................................17
              1.09.         Preservation and Maintenance of Property......................17
              1.10.         Use of Property...............................................17
              1.11.         Alterations and Additions.....................................18
              1.12.         Offset Certificates...........................................19
              1.13.         Mortgagee's Costs and Expenses................................19
              1.14.         Protection of Security; Costs and Expenses....................20
              1.15.         Mortgagor's Covenants Respecting Collateral...................21
              1.16.         Covenants Regarding Financial Statements......................24
              1.17.         Environmental Covenants.......................................25
              1.18.         Further Assurances............................................26
              1.19.         Mortgagor's Continued Existence...............................26

   II.                      EVENTS OF DEFAULT.............................................27

              2.01.         Monetary and Performance Defaults.............................27
              2.02.         Bankruptcy, Insolvency, Dissolution...........................27
              2.03.         Misrepresentation.............................................28
              2.04.         Default under Subordinate Loans...............................28
              2.05.         Liens.........................................................28
              2.06.         Judgments.....................................................28
              2.07.         Leases........................................................29
              2.08.         Mortgagor's Continued Existence...............................29
              2.09.         Breach of Due on Sale or Encumbrance Provision................29
              2.10.         Default under Related Agreements..............................29

   III.                     REMEDIES......................................................29

              3.01.         Acceleration..................................................29
              3.02.         Entry.........................................................29
              3.03.         Judicial Action...............................................31
              3.04.         Foreclosure...................................................31
              3.05.         Rescission of Notice of Default...............................34
              3.06.         Mortgagee's Remedies Respecting Collateral....................34
              3.07.         Proceeds of Sales.............................................34
              3.08.         Condemnation and Insurance Proceeds...........................35
</Table>

<Page>

<Table>
<Caption>
ARTICLE       SECTION       DESCRIPTION                                               PAGE NUMBER
-------       -------       -----------                                               -----------
   <S>        <C>           <C>                                                           <C>
              3.09.         Waiver of Marshalling, Rights of Redemption, Homestead
                               and Valuation..............................................36
              3.10.         Remedies Cumulative...........................................36
              3.11.         Nonrecourse...................................................36
              3.12.         Evasion of Prepayment Premium.................................38

   IV.                      MISCELLANEOUS.................................................38

              4.01.         Severability..................................................38
              4.02.         Certain Charges and Brokerage Fees............................39
              4.03.         Notices.......................................................39
              4.04.         Mortgagor Not Released; Certain Mortgagee Acts................41
              4.05.         Inspection....................................................41
              4.06.         Release or Reconveyance or Cancellation.......................42
              4.07.         Statute of Limitations........................................42
              4.08.         Interpretation................................................42
              4.09.         Captions......................................................42
              4.10.         Consent.......................................................42
              4.11.         Delegation to Subagents.......................................42
              4.12.         Successors and Assigns........................................42
              4.13.         Governing Law.................................................43
              4.14.         Changes in Taxation...........................................43
              4.15.         Maximum Interest Rate.........................................43
              4.16.         Time of Essence...............................................43
              4.17.         Reproduction of Documents.....................................43
              4.18.         No Oral Modifications.........................................44
              4.19.         Compliance With Illinois Mortgage Foreclosure Law.............44
              4.20.         Further Assurances............................................45
</Table>

                                       ii
<Page>

              MORTGAGE, ASSIGNMENT OF LEASES, RENTS AND CONTRACTS,
                      SECURITY AGREEMENT AND FIXTURE FILING

     THIS MORTGAGE, ASSIGNMENT OF LEASES, RENTS AND CONTRACTS, SECURITY
AGREEMENT AND FIXTURE FILING is made as of December 19, 2003, from INLAND
SOUTHEAST DARIEN, L.L.C., a Delaware limited liability company ("Mortgagor"),
whose mailing address is 2901 Butterfield Road, Oakbrook, Illinois 60523, in
favor of ALLSTATE LIFE INSURANCE COMPANY, an Illinois insurance corporation
("ALIC"), and ALLSTATE INSURANCE COMPANY, an Illinois insurance corporation
("AIC" and, together with ALIC, "Mortgagee") whose mailing address is c/o
Allstate Investments, LLC, Allstate Plaza South, Suite G5C, 3075 Sanders Road,
Northbrook, Illinois, 60062.

     In consideration of the indebtedness herein recited and as security for
payment and performance of the payment of both principal and interest and the
other obligations set forth below, Mortgagor has granted, conveyed, bargained,
sold, alienated, enfeoffed, released, confirmed, transferred, pledged, warranted
and mortgaged, and by these presents does hereby grant, convey, bargain, sell,
alien, enfeoff, release, confirm, transfer, pledge, warrant and mortgage unto
Mortgagee, all of Mortgagor's estate, right, title and interest in, to and under
that certain real property located in the Village of Darien, County of DuPage,
State of Illinois, more particularly described in EXHIBIT A attached hereto and
incorporated herein by this reference (the "Land");

     TOGETHER with all of Mortgagor's now or hereafter acquired estate, right,
title and interest in, to and under all buildings, structures, improvements and
fixtures now existing or hereafter erected on the Land and all right, title and
interest, if any, of Mortgagor in and to the streets and roads, opened or
proposed, abutting the Land to the center lines thereof, and strips within or
adjoining the Land, the air space and right to use said air space above the
Land, all rights of ingress and egress on or within the Land, all easements,
rights and appurtenances thereto or used in connection with the Land, including,
without limitation, all lateral support, alley and drainage rights, all
revenues, income, rents, cash or security deposits, advance rental deposits,
profits, royalties, and other benefits thereof or arising from the use or
enjoyment of all or any portion thereof (subject however to the rights and
authorities given herein to Mortgagor to collect and apply such revenues, and
other benefits), all interests in and rights, royalties and profits in
connection with all minerals, oil and gas and other hydrocarbon substances
thereon or therein, and water stock, all options to purchase or lease, all
development or other rights relating to the Land or the operation thereof or
used in connection therewith (including, without limitation, all concurrency
rights, permits, prepaid utilities and impact fees of any nature, storm water
drainage rights and reservations, sanitary sewer rights and reservations,
potable water rights and reservations, allocations of traffic trips, use, rights
and reservations, law enforcement, library, park and educational fees, uses,
rights and reservations), including all Mortgagor's right, title and interest in
all fixtures, attachments, partitions, machinery, equipment, building materials,
appliances and goods of every nature whatever, whether now or hereafter located
on, or attached to, the Land, all of which, including replacements and additions
thereto, shall, to the fullest extent permitted by law and for the purposes of
this Mortgage, be deemed to be real property and, whether affixed or annexed
thereto or not, be deemed conclusively to be real property; and Mortgagor agrees
to execute and deliver, from time to time, such further instruments and
documents as may be required by Mortgagee to confirm the legal operation and

                                        1
<Page>

effect of this Mortgage on any of the foregoing. All of the foregoing property
described in this Section (the "Improvements") together with the Land and the
hereinafter defined Collateral, shall be hereinafter referred to as the
"Property").

     MORTGAGOR HEREBY FURTHER GRANTS to Mortgagee a security interest in, and
assigns, all of Mortgagor's now existing or hereafter acquired right, title and
interest in the following with the understanding and intention that this
Mortgage shall also constitute a security agreement pursuant to the Uniform
Commercial Code of the State of Illinois.

     (A)    All equipment, fixtures, inventory, goods, farm goods, instruments,
appliances, furnishings, machinery, tools, raw materials, component parts, work
in progress and materials, and all other tangible personal property of
whatsoever kind, used or consumed in the improvement, use or enjoyment of the
Property now or any time hereafter owned or acquired by Mortgagor, wherever
located and all products thereof whether in possession of Mortgagor or whether
located on the Property or elsewhere;

     (B)    To the extent such general intangibles are assignable, all general
intangibles relating to the Property or the design, development, operation,
management and use of the Property (other than trademarks that contain the word
"Inland"), including, but not limited to, (1) all names under which or by which
the Property may at any time be owned and operated or any variant thereof, and
all goodwill in any way relating to the Property and all service marks and
logotypes used in connection therewith, (2) all permits, licenses,
authorizations, variances, land use entitlements, approvals, consents,
clearances, and rights obtained from governmental agencies issued or obtained in
connection with the Property, (3) all permits, licenses, approvals, consents,
authorizations, franchises and agreements issued or obtained in connection with
the construction, use, occupation or operation of the Property, (4) all
materials prepared for filing or filed with any governmental agency, and (5) all
of the books and records of Mortgagor in any way relating to construction or
operation of the Property;

     (C)    All shares of stock or partnership interest or other evidence of
ownership of any part of the Property that is owned by Mortgagor in common with
others, including all water stock relating to the Property, if any, and all
documents or rights of membership in any owners' or members' association or
similar group having responsibility for managing or operating any part of the
Property provided, however, that the foregoing shall not include any ownership
interests in Mortgagor;

     (D)    All accounts, deposit accounts, supporting obligations,
letter-of-credit rights, tax or insurance escrows or other escrows held pursuant
to or in connection with this Mortgage or otherwise in connection with the
Property, accounts receivable, instruments, documents, documents of title,
general intangibles, rights to payment and contract rights of every kind, all of
Mortgagor's rights, direct or indirect, under or pursuant to any and all
construction, development, financing, guaranty, indemnity, maintenance,
management, service, supply and warranty agreements, commitments, contracts,
subcontracts, insurance policies, licenses and bonds now or anytime hereafter
arising from construction on the Land or the use or enjoyment of the Property to
the extent such are assignable;

                                        2
<Page>

     (E)    All condemnation and eminent domain proceeds (including payments in
lieu thereof) and insurance proceeds related to the Property;

     TOGETHER with all additions to, substitutions for and the products of all
of the above, and all proceeds therefrom, whether cash proceeds or noncash
proceeds, received when any such property (or the proceeds thereof) is sold,
used, exchanged, leased, licensed, or otherwise disposed of, whether voluntarily
or involuntarily. Such proceeds shall include any of the foregoing specifically
described property of Mortgagor acquired with cash proceeds. Together with, and
without limiting the above items, all Goods, Accounts, Documents, Instruments,
Money, Chattel Paper, Deposit Accounts, Letter-of-Credit Rights, Investment
Property, Equipment and General Intangibles arising from or used in connection
with the Property, as those terms are defined in the Uniform Commercial Code
from time to time in effect in the state in which the Property is located. (All
of the foregoing including such products and proceeds thereof, are collectively
referred to as "Collateral".)

     To the extent any of the Collateral described herein is personal property
owned by a tenant of the Property, then the security interest therein granted by
this Mortgage shall extend only to the reversionary interest of Mortgagor, if
any, to such personal property.

     MORTGAGOR HEREBY WARRANTS AND REPRESENTS that it is the owner in fee title
to the Property (and the Collateral) free and clear of all liens and
encumbrances except for: the lien for current real estate taxes not yet due and
payable; and such other encumbrances as are set forth in EXHIBIT C attached
hereto and incorporated herein by this reference.

     The personal property in which Mortgagee has a security interest includes
goods which are or shall become fixtures on the Property. This Mortgage is
intended to serve as a fixture filing pursuant to the terms of the applicable
provisions of the Uniform Commercial Code of the State of Illinois and the
provisions of Exhibit B are, for that purpose, incorporated herein. This filing
is to be recorded in the real estate records of the appropriate city, town or
county in which the Property is located. In that regard, the following
information is provided:

     Names of Debtor:             Inland Southeast Darien, L.L.C.,
                                  a Delaware limited liability company

     Organizational Number
     of Debtor                    30750417

     Address of Debtor:           See Section 4.03 hereof

     Name of Secured Party:       Allstate Life Insurance Company and Allstate
                                  Insurance Company, each an Illinois insurance
                                  corporation

     Address of Secured Party:    See Section 4.03 hereof.

     Mortgagor hereby represents, warrants and agrees that at the time of
execution of this Mortgage and so long as any payments or performance obligation
of the Mortgage, Note (as defined herein) or the Related Agreements (as defined
herein) shall remain outstanding, (i) there is not and will not be any financing
statement other than those granting a security interest in

                                        3
<Page>

favor of Mortgagee covering the Collateral, the Property, or any part thereof,
on file in any public office, including, without limitation, the office of the
Secretary of State of the State of Delaware, the Secretary of State of the State
of Illinois, or the clerks office in any county in which the Property or
Collateral are located; (ii) that none of the Collateral is in the possession of
anyone other than Mortgagor; and (iii) that all of the Collateral has been in
continuous, exclusive possession of Mortgagor.

     TO HAVE AND TO HOLD the Property hereby conveyed or mentioned and intended
so to be, unto Mortgagee, its successors and assigns, forever subject to and for
the purposes and uses herein set forth. This Mortgage secures:

     (A)    The repayment of the indebtedness evidenced by (1) that certain
Mortgage Note (the "ALIC Note") of even date herewith with a maturity date of
June 1, 2010, executed by Mortgagor and payable to the order of ALIC, in the
principal sum of SIX MILLION FIVE HUNDRED THOUSAND DOLLARS ($6,500,000), with
interest thereon as provided therein and all late charges, loan fees, commitment
fees, Prepayment Premium (as described in the ALIC Note), and all extensions,
renewals, modifications, amendments and replacements of the ALIC Note, and (2)
that certain Mortgage Note (the "AIC Note" and, together with the ALIC Note, the
"Note" or the "Notes") of even date herewith with a maturity date of May 1,
2010, executed by Mortgagor and payable to the order of AIC, in the principal
sum of TEN MILLION DOLLARS ($10,000,000), with interest thereon as provided
therein and all late charges, loan fees, commitment fees, Prepayment Premium (as
described in the AIC Note), and all extensions, renewals, modifications,
amendments and replacements of the AIC Note;

     (B)    The payment of all other sums which may be advanced by or otherwise
be due to Mortgagee under any provision of this Mortgage or under any other
instrument or document referred to in clause (C) below or otherwise, with
interest thereon at the rate provided herein or therein;

     (C)    The performance of each and every covenant and agreement of
Mortgagor contained (1) herein, in the Note, or in any note evidencing a Future
Advance (as hereinafter defined), and (2) in the obligations of Mortgagor upon
any and all pledge or other security agreements, loan agreements, disbursement
agreements, supplemental agreements, environmental indemnity agreements (the
foregoing shall not include the Commitment Letter between Mortgagor and
Mortgagee), assignments (both present and collateral) and all instruments of
indebtedness or security now or hereafter executed by Mortgagor in connection
with any indebtedness referred to in clauses (A), (B), (D), (E) or (F) of this
Section (including but not limited to the Assignment of Leases and Rents of even
date herewith from Mortgagor to Mortgagee (the "Assignment of Leases and Rents")
or for the purpose of supplementing or amending this Mortgage or any instrument
secured hereby (all of the foregoing in this clause (C), as the same may be
amended, modified or supplemented from time to time, together with the Note and
this Mortgage, being referred to hereinafter as "Related Agreements") and all
costs and expenses, including reasonable attorneys' and paralegals' fees with
respect to all such documents, including, without limitation, the negotiation
and drafting of any loan settlement or workout agreement;

                                        4
<Page>

     (D)    All costs, expenses, losses, damages and other charges sustained or
incurred by Mortgagee because of: (1) Mortgagor's default in payment or
performance, as the case may be, of any provision contained in this Mortgage or
in any Related Agreement; (2) defense of actions instituted by Mortgagor or a
third party against Mortgagee arising out of or related to the loan evidenced by
the Note (the "Loan"), or in the realizing upon, protecting, perfecting or
defending the Property or the Collateral; or (3) actions brought or defended by
Mortgagee in enforcing Mortgagee's security interest in the Property or the
Collateral. All of these costs and expenses include reasonable attorneys' fees
and paralegals' fees, whether incurred with respect to collection, litigation,
bankruptcy proceedings, interpretation, dispute, negotiation, trial, appeal,
defensive actions instituted by a third party against mortgagee, or enforcement
or any judgment based upon the Note, this Mortgage, or any of the Related
Agreements, whether or not suit is brought to collect such amounts or to enforce
such rights or, if brought, is prosecuted to judgment;

     (E)    All costs, expenses, and amounts arising under or pursuant to any
indemnity contained within the Note, this Mortgage, or in any of the Related
Agreements, or in any separate agreement executed by Mortgagor in favor of
Mortgagee; and

     (F)    The repayment of any other loans or advances, with interest thereon,
hereafter made to Mortgagor (or any successor in interest to Mortgagor as the
owner of the Property or any part thereof) by Mortgagee when the promissory note
evidencing the loan or advance specifically states that said note is secured by
this Mortgage, together with all extensions, renewals, modifications, amendments
and replacements thereof (herein and in the Related Agreements "Future
Advance"), provided that notwithstanding anything herein to the contrary, the
total amount secured by this Mortgage, including the amounts due under the Note,
shall not exceed in the aggregate $100,000,000. The parties hereby acknowledge
and intend that all such advances, including Future Advances whenever hereafter
made, shall be a lien from the time this Mortgage is recorded, as provided in
Section 15-1302(b)(1) of the Illinois Mortgage Foreclosure Law (as the same may
be amended from time to time, the "Act"). Illinois Code of Civil Procedure, 735
ILCS 5/15-1101 et seq.

                                    ARTICLE I

                             COVENANTS OF MORTGAGOR

     To protect the security of this Mortgage, and as additional consideration
to Mortgagee, Mortgagor covenants, warrants and agrees as follows:

     1.01.  PERFORMANCE OF OBLIGATIONS SECURED. Mortgagor shall promptly pay
when due the principal of and interest on the indebtedness evidenced by the
Note, the principal of and interest on any Future Advance, any Prepayment
Premium and late charges provided for in the Note or in any note evidencing a
Future Advance, and shall further perform fully and in a timely manner all other
obligations of Mortgagor contained herein or in the Note or in any note
evidencing a Future Advance or in any of the Related Agreements.

     1.02.  INSURANCE. For all times during the period there remains any
indebtedness under the Note, or any and all other indebtedness (including
without limitation Future Advances)

                                        5
<Page>

secured by this Mortgage, Mortgagor shall keep the Property insured against all
risks or hazards as Mortgagee may reasonably require. Such insurance shall be in
policy form, amount and coverage reasonably satisfactory to Mortgagee,
including, but not limited to:

     (A)    Fire and extended coverage on an "all risk" replacement cost basis,
in an amount equal to the insurable value of the Improvements, without
coinsurance or deducting for depreciation, containing a waiver of subrogation
clause and a deductible amount acceptable to Mortgagee;

     (B)    General public liability insurance, in such form, amount and
deductible satisfactory to Mortgagee, and naming Mortgagee c/o Mortgagee's
servicing agent, if any, as additional insured covering Mortgagee's interest in
the Property;

     (C)    Business interruption or rent loss insurance endorsement in an
amount at least equal to 100 percent of the sum of: annual debt service on the
Note, the annual debt service on any other financing permitted by Mortgagee,
ground rents, if any, and operating expenses (without contribution from
Mortgagor for a period of 12 months), including, without limitation, real estate
taxes and assessments and insurance, for the Property;

     (D)    Flood insurance (whether or not available through the National Flood
Insurance Program) sufficient to cover any damage which may be anticipated in
the event of flood unless Mortgagor has provided Mortgagee evidence satisfactory
to Mortgagee that no portion of the Property is located within the boundaries of
the 100 year flood plain (Flood Zone A);

     (E)    "Dram shop" insurance if alcoholic beverages are sold on the
Property;

     (F)    Boiler and machinery insurance when risks covered thereby are
present and Mortgagee requires such insurance; and

     (G)    Earthquake insurance if Mortgagee requires such insurance.

     The insurance coverages described in subsections (A), (C), (D), (F), and
(G) above shall name Mortgagee c/o Mortgagee's servicing agent, if any, under a
standard noncontributory mortgagee loss payable clause (and naming Mortgagee as
loss payee for rent loss coverage) or otherwise directly insure Mortgagee's
interest in the Property. All losses under said insurance shall be payable to
Mortgagee in the manner provided in Sections 1.04 and 1.05 hereof. All policies
of insurance required under this Section 1.02 shall be with a company or
companies with a policy rating of A and financial rating of at least Class X in
the most current edition of Best's Key Rating Guide and authorized to do
business in the state in which the Property is located. All policies of
insurance shall provide that they will not be canceled or modified without 30
days' prior written notice to Mortgagee. True copies of the above mentioned
insurance policies or evidence of such insurance (in the form of Accord Form 27)
satisfactory to Mortgagee shall be delivered to and held by Mortgagee. True
copies of all renewal and replacement policies or evidences of such insurance
forms (Accord Form 27) thereof shall be delivered to Mortgagee at least 30 days
before the expiration of the expiring policies. If any renewal or replacement
policy is not obtained as required herein, Mortgagee is authorized to obtain the
same in Mortgagor's name and at Mortgagor's expense. Mortgagee shall not by the
fact of failing to obtain any

                                        6
<Page>

insurance, incur any liability for or with respect to the amount of insurance
carried, the form or legal sufficiency of insurance contracts, solvency of
insurance companies, or payment or defense of lawsuits, and Mortgagor hereby
expressly assumes full responsibility therefor and all liability, if any, with
respect thereto.

     If Mortgagor fails to procure and maintain any insurance required under
this Mortgage, Mortgagee may (but shall not be obligated to) procure and
maintain such insurance, at Mortgagor's expense, in the amounts required herein
or in such lesser amounts as Mortgagee may deem appropriate, in order to protect
Mortgagee's interest in the Property. Such insurance may, but need not, protect
Mortgagor's interest in the Property. Such insurance purchased by Mortgagee may
not pay any claim that Mortgagor makes or any claim that is made against
Mortgagor in connection with the Property. Mortgagor may later cancel any
insurance purchased by Mortgagee, but only after providing Mortgagee with
evidence acceptable to Mortgagee that Mortgagor has obtained and paid for such
insurance as required under this Mortgage. If Mortgagee procures and maintain
such insurance, Mortgagor shall be responsible for the costs of such insurance,
including interest thereon as provided herein and any other charges Mortgagee
may impose in connection with the placement of such insurance, until the
effective date of the cancellation or expiration of such insurance. All such
costs, interest and charges shall become immediately due and payable by
Mortgagor and shall be secured by this Mortgage. Such costs may be more than the
cost of insurance Mortgagor may be able to obtain on its own.

     1.03.  CONDEMNATION.

     (A)    Immediately upon obtaining knowledge of the commencement or threat
of any action in connection with (1) any condemnation, (2) any other taking of
the Property or any part thereof by any public authority or private entity
having the power of eminent domain, or (3) any conveyance in lieu of such
condemnation or taking of the Property or any part thereof ("Condemnation"),
Mortgagor shall notify Mortgagee in writing but in no event later than ten (10)
days after Mortgagor obtains knowledge of the commencement of or threat or
likelihood of a Condemnation. Mortgagee shall have the right, but not the
obligation, to participate in any proceedings relating to any Condemnation and
may, in its sole discretion, consent or withhold its consent to any settlement,
adjustment, or compromise of any claims arising from the Condemnation and no
such settlement, adjustment or compromise shall be final or binding upon
Mortgagee without Mortgagee's prior consent.

     (B)    Except as expressly provided in Section 1.03(C), if all or part of
the Property is taken by Condemnation and Mortgagee in its reasonable judgment
determines that the remainder of the Property, if any, cannot be operated as an
economically viable entity at substantially the same level of operations as
immediately prior to such Condemnation, then all proceeds of the Condemnation
("Condemnation Proceeds") shall be paid over to Mortgagee and shall be applied
first toward reimbursement of the costs and expenses (including reasonable
attorneys' and paralegals' fees) of Mortgagee, if any, in connection with the
recovery of such Condemnation Proceeds, and then, in the sole and absolute
discretion of Mortgagee and without regard to the adequacy of its security under
this Mortgage, shall be applied against all amounts due hereunder or under the
Note and any remaining Condemnation Proceeds shall be released to Mortgagor.
Partial prepayment of the Note under this Section 1.03(B) with Condemnation
Proceeds shall not

                                        7
<Page>

be subject to the Prepayment Premium; however, such partial prepayment shall not
entitle Mortgagor to prepay the portion of the Note remaining unpaid after
application of the Condemnation Proceeds. Full or partial prepayment of the
balance shall continue to be subject to the terms and conditions of the Note,
including the No-Prepayment Period and the Prepayment Premium described therein.

     (C)    If less than all of the Property is taken by Condemnation and
Mortgagee in its reasonable judgment determines that the remainder of the
Property can be operated as an economically viable entity at substantially the
same level of operations as immediately prior to such Condemnation, then
Mortgagor shall diligently restore the Property to a condition and use as close
as possible to its condition immediately prior to the Condemnation and all
Condemnation Proceeds shall be made available to Mortgagor for such restoration.
If the estimated cost of restoration, as reasonably determined by Mortgagee, is
equal to or less than One Hundred Fifty Thousand Dollars ($150,000), all
Condemnation Proceeds shall be released directly to Mortgagor for restoration of
the Property. If the estimated cost of restoration exceeds One Hundred Fifty
Thousand Dollars ($150,000), all Condemnation Proceeds shall be deposited into
an escrow fund in accordance with Section 1.05 below. Mortgagee shall have the
right to obtain an opinion of an independent contractor or engineer satisfactory
to Mortgagee, at Mortgagor's expense, to estimate the cost to restore the
remaining portion of the Property. If the amount of the Condemnation Proceeds is
not sufficient to restore the Property based on the opinion of an independent
contractor or engineer, subject to revision as restorations are made, Mortgagor
shall be obligated to pay the difference toward the restoration of the Property,
prior to the disbursement of any Condemnation Proceeds to, or for the account
of, Mortgagor.

     (D)    If an Event of Default exists at any time from the time of a
Condemnation through the completion of restoration and payment of any
Condemnation Proceeds, the use of the Condemnation Proceeds shall be governed by
the remedies set forth in Article III below. If an event has occurred which with
notice, the passage of time, or both, could become an Event of Default, then,
the Condemnation Proceeds shall be held by Mortgagee or in the Escrow Fund (as
defined below), as applicable, pending cure of such event prior to the
expiration of any applicable cure or grace period. The application of any
Condemnation Proceeds to the indebtedness secured hereby shall not cure or waive
any Event of Default hereunder, or invalidate any act done pursuant to any
notice thereof.

     1.04.  DAMAGE TO PROPERTY.

     (A)    Promptly upon obtaining knowledge of any damage to the Property or
any part thereof with an estimated cost of restoration in excess of Fifty
Thousand Dollars ($50,000), but in no event later than ten (10) days after
Mortgagor obtains such knowledge, Mortgagor shall notify Mortgagee of such
damage in writing. Mortgagor shall diligently restore the Property to the same
condition that existed immediately prior to the damage whether or not insurance
proceeds are sufficient for such restoration. All proceeds of any insurance on
the Property ("Insurance Proceeds") received by Mortgagor shall be applied to
such restoration. Mortgagee shall have the right to obtain an opinion of an
independent contractor or engineer satisfactory to Mortgagee, at Mortgagor's
expense, to estimate the cost to restore the Property to its original condition,
which opinion may be revised as restorations are made. If the amount of the
Insurance Proceeds is not sufficient to restore the Property based on an
independent contractor's

                                        8
<Page>

or engineer's opinion, subject to revision as restorations are made, Mortgagor
shall be obligated to pay the difference toward the restoration of the Property,
prior to the application of any Insurance Proceeds to such restoration as
provided herein.

     (B)    If the estimated cost of restoration is equal to or less than One
Hundred Fifty Thousand Dollars ($150,000), Mortgagor shall promptly settle and
adjust any claims under the insurance policies which insure against such risks
and, upon receipt of the Insurance Proceeds, Mortgagee shall deliver such to
Mortgagor for use in restoration of the Property.

     (C)    If the estimated cost of restoration is greater than One Hundred
Fifty Thousand Dollars ($150,000), Mortgagee shall have the right, but not the
obligation, to participate in the settlement of the insurance claims and may, in
its sole discretion, consent or withhold its consent to any settlement,
adjustment, or compromise of such insurance claims and no such settlement,
adjustment, or compromise shall be final or binding upon Mortgagee without its
prior consent. Upon settlement of insurance claims, and if Mortgagor can
demonstrate to the reasonable satisfaction of Mortgagee that the projected ratio
of Net Operating Income, as defined below, to annual debt service due under the
Notes and any other notes secured by the Property ("Debt Coverage Ratio") will
be at least one hundred five percent (105%) for the twelve (12) months
immediately following reconstruction of the Property, the Insurance Proceeds
shall be deposited into an escrow fund in accordance with Section 1.05 below.

     As used in this Mortgage, "Net Operating Income" shall mean:

     (i)    all gross operating revenues anticipated to be received during the
following twelve-month period based on leases in effect as of the date of
calculation and only for such time as those leases are contracted to remain in
effect without expiration by their terms or optional termination by the tenant
(unless the tenant has waived its termination rights in writing or the term of
the lease has been extended in writing), including without limitation all
amounts to be received from tenants as payment of operating expenses (including
real estate taxes and insurance and/or other operating expenses reimbursed by
tenants) but not including refundable deposits, lease termination payments,
excess tenant improvement and leasing commission payments included as additional
rent, principal or interest payments received by Mortgagor on loans to tenants
and fees and reimbursements for work performed for tenants by Mortgagor, LESS;

     (ii)   all amounts, calculated on a pro forma basis, for the operation or
maintenance of the Property for the following 12 month period, including ground
rents, the cost of property management (which shall be no less than four percent
of gross revenues), maintenance, cleaning, security, landscaping, parking
maintenance and utilities, and other costs and expenses approved in writing by
Mortgagee and amounts reasonably estimated by Mortgagee for the payment of real
estate taxes and assessments and other taxes related to the operation of the
Property, insurance premiums, necessary repairs and future replacements of
equipment; payments under the Note shall not be included in Net Operating
Income.

     Notwithstanding the foregoing, if any of the Related Agreements require a
historical calculation of Net Operating Income, it shall be calculated on a cash
basis for the previous twelve-month period as of the date of such calculation.

                                        9
<Page>

     (D)    If in the reasonable judgment of Mortgagee the conditions of Section
1.04(C) cannot be satisfied, then at any time from and after the occurrence of
the damage, upon written notice to Mortgagor, Mortgagee may declare the entire
balance of the Note and/or any Future Advances then outstanding and accrued and
unpaid interest thereon, and all other sums or payments required thereunder or
under this Mortgage, without any Prepayment Premium (provided there is no Event
of Default hereunder), to be immediately due and payable, and all Insurance
Proceeds shall be applied by Mortgagee first to the reimbursement of any costs
or expenses incurred by Mortgagee in connection with the damage or the
determination to be made hereunder, and then to the payment of the indebtedness
secured by this Mortgage in such order as Mortgagee may determine in its sole
discretion.

     (E)    Notwithstanding any provision herein to the contrary, if an Event of
Default exists at any time from the time of damage through the completion of
restoration and the final release of any Insurance Proceeds to Mortgagor, the
use of the Insurance Proceeds shall be governed by the remedies set forth in
Article III below. If an event has occurred which with notice, the passage of
time, or both, could become an Event of Default, then the Insurance Proceeds
shall be held by Mortgagee or in the Escrow Fund, as applicable, pending cure of
such event prior to the expiration of any applicable cure or grace period. The
application of any Insurance Proceeds to the indebtedness secured hereby shall
not cure or waive any Event of Default hereunder or invalidate any act done
pursuant to any notice thereof.

     1.05.  ESCROW FUND FOR CONDEMNATION AND INSURANCE PROCEEDS.

     (A)    In the circumstances indicated above in subsections 1.03(C) and
1.04(C), all Condemnation Proceeds and Insurance Proceeds ("Proceeds") shall be
deposited in an interest bearing escrow fund ("Escrow Fund"). The escrow agent
and the form of the escrow agreement shall be reasonably satisfactory to
Mortgagee and Mortgagor. The costs and fees of such escrow agent shall be paid
by Mortgagor. If the amount of the Proceeds is not sufficient to restore the
Property based on an independent contractor's or engineer's opinion obtained by
Mortgagee at Mortgagor's expense, subject to revision as restorations are made,
Mortgagor shall be obligated to deposit in the Escrow Fund the difference
between the contractor's or engineer's estimate and the amount of the Proceeds
or deliver to the escrow agent an irrevocable, unconditional letter of credit
issued in the amount of such difference in a form and by a financial institution
acceptable to Mortgagee or other cash equivalent acceptable to Mortgagee.
Mortgagor's funds, if necessary, and the Proceeds shall be deposited into the
Escrow Fund and shall not be released by the escrow agent unless used to restore
the Property to its original condition and unless a disbursement agent
satisfactory to Mortgagee and Mortgagor approves such disbursements from time to
time. The escrow agreement shall provide that the escrow agent shall only
disburse funds to Mortgagor so long as the restoration work is being diligently
performed by Mortgagor and only after (1) Mortgagor has delivered to Mortgagee
and Mortgagee has approved the plans and specifications for the restoration of
the Property; (2) Mortgagor has executed a contract acceptable to Mortgagee with
a general contractor acceptable to Mortgagee for the restoration of the
Property; (3) the general contractor has submitted lien waivers and/or releases,
executed by the general contractor and all subcontractors and suppliers which
may be partial to the extent of partial payments and which, in the case of
releases, may be contingent upon payment if the escrow agent makes payment
directly to such contractor, subcontractor or supplier; (4) Mortgagor has
furnished Mortgagee with an endorsement to its title policy showing no
additional exceptions;

                                       10
<Page>

and (5) Mortgagor has deposited its funds in the Escrow Fund as provided in this
Section and has submitted such other documents and information as may be
reasonably requested by Mortgagee to determine that the work to be paid for has
been performed in accordance with the plans and specifications reasonably
approved by Mortgagee. If any requisition for payment of work performed is for
an amount which would result in the remaining balance of the Escrow Fund to be
insufficient to complete the remainder of the restoration, Mortgagor shall
advance the requisite amount in cash to the Escrow Fund immediately upon written
request from the disbursement agent or Mortgagee. Any failure by Mortgagor to
satisfy any of the conditions to the disbursement of Proceeds set forth in this
Section upon demand by Mortgagee shall constitute a Performance Default, as
hereinafter defined.

     (B)    Any Condemnation Proceeds and any interest thereon remaining in the
Escrow Fund after payment of the costs to complete the restoration of the
Property pursuant to the approved plans and specifications and the costs of the
escrow agent and other costs described in Section 1.05(A) shall be paid first,
to Mortgagor to the extent of any funds of Mortgagor's contributed to the
restoration pursuant to Section 1.05(A) (so long as there is no Event of Default
or an event which with notice, the passage of time, or both, could become an
Event of Default); thereafter any remaining Condemnation Proceeds shall be
returned to Mortgagor (i) if in Mortgagee's sole discretion (reasonably
exercised) the restoration of the Property has been completed in a satisfactory
manner and with satisfactory results and (ii) so long as there is no Event of
Default or an event which with notice, the passage of time, or both, could
become an Event of Default. If the conditions of Section 1.05(B)(i) are not
satisfied, then any remaining Condemnation Proceeds shall be applied to the
partial payment or prepayment of the Note without payment of any Prepayment
Premium; provided, however, that any such partial prepayment shall not entitle
Mortgagor to prepay the portion of the Note remaining unpaid after application
of the Proceeds. Prepayment of the balance shall continue to be subject to the
terms and conditions of the Note, including the No-Prepayment Period and the
Prepayment Premium described therein. If an Event of Default exists, the use of
the Condemnation Proceeds shall be governed by Article III below. If, however,
an event exists which with notice, the passage of time, or both, could become an
Event of Default, the remaining balance in the Escrow Fund shall be held by the
escrow agent pending cure of the event prior to the expiration of any applicable
cure or grace period.

     (C)    Any Insurance Proceeds and any interest thereon remaining in the
Escrow Fund after payment of the costs to complete the restoration of the
Property pursuant to the approved plans and specifications and the costs of the
escrow agent and other costs described in Section 1.05(A) shall be paid first,
to Mortgagor to the extent of any funds of Mortgagor's contributed to the
restoration pursuant to Section 1.05)(A) (so long as there is no Event of
Default or an event which with notice, the passage of time, or both, could
become an Event of Default); thereafter any remaining Insurance Proceeds shall
be returned to Mortgagor (i) if in Mortgagee's sole discretion (reasonably
exercised) the restoration of the Property has been completed in a satisfactory
manner and with satisfactory results and (ii) so long as there is no Event of
Default or an event which with notice, the passage of time, or both, could
become an Event of Default. If the conditions of Section 1.05(C)(i) are not
satisfied, then any remaining Insurance Proceeds shall be applied to the partial
payment or prepayment of the Note without payment of any Prepayment Premium;
provided, however, that any such partial prepayment shall not entitle Mortgagor
to prepay the portion of the Note remaining unpaid after application of the
Proceeds.

                                       11
<Page>

Prepayment of the balance shall continue to be subject to the terms and
conditions of the Note, including the No-Prepayment Period and the Prepayment
Premium described therein. If an Event of Default exists, the use of the
Insurance Proceeds shall be governed by Article III below. If, however, an event
exists which with notice, the passage of time, or both, could become an Event of
Default, the remaining balance in the Escrow Fund shall be held by the escrow
agent pending cure of the event prior to the expiration of any applicable cure
or grace period.

     1.06.  TAXES, LIENS AND OTHER ITEMS.

     (A)    Mortgagor shall pay or cause to be paid any and all taxes, bonds,
assessments, fees, liens, charges, fines, impositions and any accrued interest
or penalty thereon, and any and all other items which are attributable to or
affect the Property (collectively, "Impositions") by making payment prior to
delinquency directly to the payee thereof and promptly furnish copies of paid
receipts for these to Mortgagee. Mortgagor shall promptly discharge or bond any
lien or encumbrance on the Property whether or not said lien or encumbrance has
or may attain priority over this Mortgage. This Mortgage shall be the sole
encumbrance on the Property and, if with the consent of Mortgagee it is not the
sole encumbrance, then it shall be prior to any and all other liens or
encumbrances on the Property. Mortgagor may in good faith and with due diligence
protest the payment of any Imposition which it believes unwarranted or excessive
and may defer payment of such Imposition pending conclusion of such contest if
legally permitted to do so, provided that the priority of this Mortgage and
Mortgagee's security is not materially and adversely affected and that Mortgagor
shall have furnished Mortgagee or the taxing authority such security as may be
required.

     (B)    As further security for the payment of the Note and the payment of
real estate taxes, regular or special assessments and insurance premiums,
Mortgagor shall be required to deposit one-twelfth (1/12) of the annual amounts
of such items as estimated by Mortgagee, with each monthly payment on the Note,
so that Mortgagee will hold a sufficient amount to pay all such charges not less
than thirty (30) days prior to the date on which such items become due and
payable. Mortgagee shall be furnished evidence to allow it to estimate such
amounts, including paid receipts or annual insurance premium statements,
assessment notices and tax receipts. All funds so deposited shall, until applied
to the payment of the aforesaid items, as hereinafter provided, be held by
Mortgagee without interest (except to the extent required under applicable law)
and may be commingled with other funds of Mortgagee. All funds so deposited
shall be applied to the payment of the aforesaid items only upon the
satisfaction of the following conditions: (1) no Event of Default or event,
which with notice or the passage of time or both could become an Event of
Default, shall have occurred; (2) Mortgagee shall have sufficient funds to pay
the full amounts of such items (which funds may include amounts paid solely for
such purpose by Mortgagor in addition to the escrowed funds); and (3) Mortgagor
shall have furnished Mortgagee with prior written notification that such items
are due and with the bills and invoices therefor in sufficient time to pay the
same before any penalty or interest attaches and before policies of insurance
lapse, as the case may be, and shall have deposited any additional funds as
Mortgagee may determine as necessary to pay such items.

     (C)    Mortgagee expressly disclaims any obligation to pay the aforesaid
items unless and until Mortgagor complies with all of the provisions set forth
in subsections 1.06(A) and (B). Mortgagor hereby pledges and grants a security
interest in any and all monies now or hereafter

                                       12
<Page>

deposited pursuant to subsection 1.06(B) as additional security for the Note and
Related Agreements. If any Event of Default shall have occurred, or if the Note
shall be accelerated as herein provided, all funds so deposited may, at
Mortgagee's option, be applied as determined solely by Mortgagee or to cure said
Event of Default or as provided in this Section 1.06. In no event shall
Mortgagor claim any credit against the principal and interest due hereunder for
any payment or deposit for any of the aforesaid items.

     1.07.  ASSIGNMENT OF LEASES, CONTRACTS, RENTS AND PROFITS.

     (A)    Mortgagor hereby absolutely, presently and unconditionally grants,
assigns, transfers, conveys and sets over to Mortgagee, subject to all of the
terms, covenants and conditions set forth herein, all of Mortgagor's right,
title and interest in and to the following whether arising under the Leases (as
defined herein), by statute, at law, in equity, or in any other way:

            (1)    All of the leases of the Property which are in effect on the
     date hereof and all leases entered into or in effect from time to time
     after the date hereof, including, without limitation, all amendments,
     extensions, replacements, modifications and renewals thereof and all
     subleases, concession agreements, any ground leases or ground subleases and
     all other agreements affecting the same (the "Leases") and all guaranties
     thereunder;

            (2)    All of the rents, income, profits, revenue, security
     deposits, judgments, Condemnation Proceeds, Insurance Proceeds, unearned
     insurance premiums, all termination and/or cancellation payments received
     by Mortgagor in connection with any Lease, proceeds from the surrender,
     sale or other disposition of any Lease, any other fees or sums payable to
     Mortgagor or any other person as landlord and any award or payment in
     connection with any enforcement action of any Lease, including, without
     limitation, any award to Mortgagor made hereafter in any court involving
     any of the tenants under the Leases in any bankruptcy, insolvency, or
     reorganization proceeding in any state or federal court, and Mortgagor's
     right to appear in any action and/or to collect any such award or payment,
     and all payments by any tenant in lieu of rent (collectively, "Rents and
     Profits"); and

            (3)    All contracts, agreements, management, operating and
     maintenance agreements, warranties, licenses, permits, guaranties and sales
     contracts relating to the Property and the Collateral entered into by, or
     inuring to the benefit of, Mortgagor (the "Contracts").

     (B)    Notwithstanding the provisions of subsection 1.07(A), so long as no
Event of Default has occurred and is continuing hereunder, and, subject to
subsection 1.07(F) and Article III, Mortgagor shall have a license to manage the
Property; to collect, receive and use all Rents and Profits in accordance with
the terms of the Leases; to let the Property subject to the terms hereof and to
take all actions which a reasonable and prudent landlord would take in enforcing
the provisions of the Leases and Contracts; provided, however, that all amounts
so collected shall be applied toward operating expenses, real estate taxes and
insurance relating to the Property,

                                       13
<Page>

capital repair items necessary to the operation of the Property on a current
basis, and the payment of sums due and owing under the Note and this Mortgage
prior to any other expenditure or distribution by Mortgagor. From and after the
occurrence of an Event of Default (whether or not Mortgagee shall have exercised
Mortgagee's option to declare the Note immediately due and payable), such
license shall be automatically revoked without any action required by Mortgagee.
Any amounts received by Mortgagor or its agents in the performance of any acts
prohibited by the terms of this Mortgage, including but not limited to any
amounts received in connection with any cancellation, modification or amendment
of any of the Leases prohibited by the terms of this Mortgage and any amounts
received by Mortgagor as rents, income, issues or profits from the Property from
and after the occurrence of an Event of Default under this Mortgage, the Note,
or any of the other Related Agreements, shall be held by Mortgagor as trustee
for Mortgagee and all such amounts shall be accounted for to Mortgagee and shall
not be commingled with other funds of the Mortgagor. Any person acquiring or
receiving all or any portion of such trust funds shall acquire or receive the
same in trust for Mortgagee as if such person had actual or constructive notice
that such funds were impressed with a trust in accordance herewith.

     (C)    Upon the occurrence of an Event of Default, Mortgagee shall have the
right but not the obligation to perform as landlord under the Leases and as a
party under the Contracts. The assignment of Rents and Profits set forth herein
constitutes an irrevocable direction and authorization to all tenants under the
Leases to pay all Rents and Profits to Mortgagee upon demand and without further
consent or other action by Mortgagor. Mortgagor irrevocably appoints Mortgagee
its true and lawful attorney, at the option of Mortgagee at any time after the
occurrence of an Event of Default, to demand, receive and enforce payment, to
give receipts, releases and satisfactions, and to sue, either in the name of
Mortgagor or in the name of Mortgagee, for all such Rents and Profits and apply
the same to the indebtedness secured by this Mortgage.

     (D)    Neither the foregoing assignment of Rents and Profits, Leases and
Contracts to Mortgagee nor the exercise by Mortgagee of any of its rights or
remedies under Article III shall be deemed to make Mortgagee a
"mortgagee-in-possession" or otherwise liable in any manner with respect to the
Property, unless Mortgagee, in person or by agent, assumes actual possession
thereof. Nor shall appointment of a receiver for the Property by any court at
the request of Mortgagee or by agreement with Mortgagor, or the entering into
possession of the Property by such receiver, be deemed to make Mortgagee a
"mortgagee-in-possession" or otherwise liable in any manner with respect to the
Property, Collateral or any of the Rents and Profits.

     (E)    In the event Mortgagee collects and receives any Rents and Profits
under this Section 1.07 pursuant to any Monetary or Performance Default as
defined in Section 2.01 hereof, such collection or receipt shall in no way
constitute a curing of the Monetary or Performance Default.

     (F)    Mortgagor shall not, without the prior written consent of Mortgagee,
(1) enter into any lease, extend or renew any Lease (other than extensions or
renewals in accordance with the terms of a lease approved by Mortgagee), or
consent to or permit the assignment or subletting of any Leases (other than
assignments or subleases in accordance with the terms of a lease approved by
Mortgagee), or amend or terminate any Lease; (2) alter, modify, change or
terminate the terms of any guaranties of any Leases; (3) create or permit any
lien or encumbrance

                                       14
<Page>

which, upon foreclosure, would be superior to any such Leases or in any other
manner impair Mortgagee's rights and interest with respect to the Rents and
Profits; (4) pledge, transfer, mortgage or otherwise encumber or assign the
Leases, the Contracts or the Rents and Profits; or (5) collect rents more than
30 days prior to their due date. Notwithstanding the foregoing, so long as no
Event of Default has occurred and is continuing hereunder, Mortgagor may enter
into Leases, extend or renew Leases, and permit the assignment or sublease of
Leases which demise 10,000 rentable square feet or less for a term of five years
or less ("Non-material Leases"), provided they are on rental rates, including
rental concessions, at least equal to that charged for comparable properties
within the Property's submarket area, have been negotiated at arm's length, and
do not contain material modifications to the form of lease previously approved
by Mortgagee. Mortgagor may also amend Non-material Leases without Mortgagee's
prior written consent if, in Mortgagor's prudent business judgment, such
amendments are necessary and do not impair the value of the Property. Mortgagee
will not unreasonably withhold or delay its consent to any item submitted to it
for approval pursuant to subsections 1.07(F)(1) or (2) above. Any lease
submitted for Mortgagee's consent shall, at Mortgagee's option, be accompanied
by a Subordination, Nondisturbance and Attornment Agreement in Mortgagee's then
current form or another form reasonably acceptable to Mortgagee.

     (G)    Mortgagor shall promptly give notice to Mortgagee of any default
under any of the Leases meeting the criteria of a lease for which Mortgagee's
consent would have been required pursuant to Section 1.07(F) regardless of
whether such Leases were executed before or after the date of this Mortgage,
together with a complete copy of any notices delivered to or by the tenant as a
result of such default. Mortgagee shall have the right, but not the obligation,
to cure any default of Mortgagor under any of the Leases and all amounts
disbursed in connection with said cure shall be deemed to be indebtedness
secured hereby.

     (H)    Mortgagee shall have the right to approve any lease forms used by
Mortgagor for lease of space in the Property.

     (I)    Mortgagor hereby represents, warrants and agrees that:

     (1)    Mortgagor has the right, power and capacity to make this assignment
and that no person, firm or corporation or other entity other than Mortgagor has
or will have any right, title or interest in or to the Leases or the Rents and
Profits.

     (2)    Mortgagor shall, at its sole cost and expense, perform and discharge
all of the obligations and undertakings of the landlord under the Leases.
Mortgagor shall enforce the performance of each obligation of the tenants under
the Leases and will appear in and prosecute or defend any action connected with
the Leases or the obligations of the tenants thereunder.

     (J)    Mortgagee shall not be obligated to perform or discharge, nor does
it hereby undertake to perform or discharge, any obligation, duty or liability
under the Leases or under or by reason of this assignment. Mortgagor shall and
does hereby agree to indemnify Mortgagee for and to defend and hold Mortgagee
harmless from any and all liability, loss or damage which Mortgagee may or might
incur under the Leases or under or by reason of this assignment, and from any
and all claims whatsoever which may be asserted against Mortgagee by reason of
any alleged obligations or undertakings on Mortgagee's part to perform or
discharge any of the

                                       15
<Page>

terms, covenants or agreements contained in the Leases; provided, however, that
the foregoing indemnity shall not apply to the extent any of the foregoing
arises wholly or in substantial part from the gross negligence or willful
misconduct of Mortgagee. Should Mortgagee incur any liability, loss or damage
under the Leases or under or by reason of this assignment, or in the defense of
any of such claims or demands, the amount thereof, including costs, expenses and
attorneys' and paralegals' fees at all trial and appellate levels and whether
suit be brought or not, shall be secured by this Mortgage; and Mortgagor shall
reimburse Mortgagee therefor immediately upon demand, and upon failure of
Mortgagor to do so, Mortgagee may declare all sums so secured to be immediately
due and payable.

     (K)    Mortgagee may take or release other security, may release any party
primarily or secondarily liable for any indebtedness secured hereby, may grant
extensions, renewals or indulgences with respect to such indebtedness, and may
apply any other security therefor held by it to the satisfaction of such
indebtedness, without prejudice to any of its rights hereunder.

     (L)    Nothing herein contained and no act done or omitted by Mortgagee
pursuant to the powers and rights granted it herein shall be deemed to be a
waiver by Mortgagee of its other rights and remedies under the Note, this
Mortgage and the Related Agreements, and this assignment is made and accepted
without prejudice to any of the other rights and remedies possessed by Mortgagee
under the terms thereof. The right of Mortgagee to collect said indebtedness and
to enforce any other security therefor held by it may be exercised by Mortgagee
either prior to, simultaneously with, or subsequent to any action taken by it
hereunder. It is the intent of both Mortgagor and Mortgagee that this assignment
be supplementary to, and not in substitution or derogation of, any other
provision contained in this Mortgage giving Mortgagee any interest in or rights
with respect to the Leases or Rents and Profits.

     (M)    Neither this assignment nor pursuit of any remedy hereunder by
Mortgagee shall cause or constitute a merger of the interests of the tenant and
Mortgagor under any of the Leases such that any of the Leases hereby assigned
are no longer valid and binding legal obligations of the parties executing the
same.

     (N)    Mortgagor agrees, from time to time, to execute and deliver, upon
demand, all assignments and any and all other writings as Mortgagee may
reasonably deem necessary or desirable to carry out the purpose and intent
hereof, or to enable Mortgagee to enforce any right or rights hereunder.

                                       16
<Page>

     1.08.  DUE ON SALE OR ENCUMBRANCE. Neither Mortgagor nor its sole member
shall, without the prior written consent of Mortgagee: (i) create, effect,
consent to, suffer to exist, assume, incur, permit (voluntarily or
involuntarily, by operation of law or otherwise) any direct or indirect
conveyance, sale, assignment, transfer, grant, lien, pledge, mortgage, security
interest or other encumbrance or disposition (each of the foregoing defined as
"Transfer") of the Property or an interest therein; (ii) be divested of its
title to the Property or any interest therein; (iii) enter into a contract to
sell or grant any option to purchase that results in a transfer of possession or
equitable title to the Property or any portion thereof prior to the payment of
the Note in accordance with its terms; (iv) enter into any lease giving the
tenant any option to purchase the Property or any portion thereof; (v) permit or
suffer any Transfer of any direct or indirect ownership interest in the
Mortgagor or any indemnitor or guarantor under this Mortgage or any Related
Agreement; (vi) permit or suffer any Transfer of any ownership interest in any
direct or indirect owner of a legal or beneficial interest in the Mortgagor
(including, without limitation its partners, members, trustees, beneficiaries or
shareholders); (vii) permit or suffer the merger, dissolution, liquidation, or
consolidation of the Mortgagor or any of the direct or indirect owners of
Mortgagor or the conversion of one type of legal entity into another type of
legal entity. Except as expressly consented to in writing by Mortgagee,
Mortgagor shall not incur any additional indebtedness (secured or unsecured,
direct or contingent) other than unsecured debt or trade payables incurred in
the ordinary course of business in connection with the operation of the
Property. Upon the occurrence of any of the prohibited actions specified herein,
then Mortgagee shall have the right, at its option, to declare the indebtedness
secured by this Mortgage immediately due and payable, irrespective of the
maturity date specified in the Note.

     1.09.  PRESERVATION AND MAINTENANCE OF PROPERTY. Mortgagor shall hire
competent and responsible property managers who shall be reasonably acceptable
to Mortgagee. Mortgagor, at its sole cost and expense, shall keep the Property
and every part thereof in good condition and repair, in accordance with sound
and prudent property management practices, and shall promptly and faithfully
comply with and obey all laws, ordinances, rules, regulations, requirements and
orders of every duly constituted governmental authority or agent having
jurisdiction with respect to the Property. All repairs, replacements and
renewals shall be at least equal in quality to the original Improvements.
Mortgagor shall not permit or commit any waste, impairment, or deterioration of
the Property, nor commit, suffer or permit any act upon or use of the Property
in violation of law or applicable order of any governmental authority, whether
now existing or hereafter enacted, or in violation of any covenants, conditions
or restrictions affecting the Property or bring or keep any article in the
Property or cause or permit any condition to exist thereon which would be
prohibited by or invalidate the insurance coverage required to be maintained
hereunder. Mortgagor shall promptly bond or discharge any mechanics' liens
against the Property.

     1.10.  USE OF PROPERTY. Except as may have been previously agreed in
writing by Mortgagee, Mortgagor shall continue to operate the Property for the
purposes for which it was used on the date hereof and for no other purpose.
Mortgagor shall not make or suffer any improper or offensive use of the Property
or any part thereof and will not use or permit to be used any part of the
Property for any dangerous, noxious, offensive or unlawful trade or business or
for any purpose which will reduce the value of the Property in any respect or
will cause the Property or any part thereof or interest therein to be subject to
forfeiture. Mortgagor at its expense will promptly comply with all rights of way
or use, privileges, franchises, servitudes,

                                       17
<Page>

licenses, easements, tenements, hereditaments and appurtenances forming a part
of the Property and all instruments relating or evidencing the same, in each
case, to the extent compliance therewith is required of Mortgagor under the
terms thereof. Mortgagor will not take any action which results in a forfeiture
or termination of the rights afforded to Mortgagor under any such instruments
and will not, without the prior written consent of Mortgagee, amend in any
material respect any of such instruments. Mortgagor shall at all times comply
with all laws affecting the Property and comply with any instruments of record
at the time in force affecting the Property or any part thereof and shall
procure, maintain and comply with all permits, licenses, and other
authorizations required for any use of the Property or any part thereof then
being made, and for the proper erection, installation, operation and maintenance
of the Improvements or any part thereof. Mortgagor shall not initiate, join in,
acquiesce in, or consent to any change in any private restrictive covenant,
zoning law or other public or private restriction, limiting or defining the uses
which may be made of the Property or any part thereof. In furtherance of the
foregoing sentence, Mortgagor will not, by act or omission: (i) impair the
integrity of the Property as a single zoning lot separate and apart from all
other premises; or (ii) permit or suffer to permit the Property to be used by
the public or any party in such manner as might make possible a claim of adverse
usage or possession or any implied dedication or easement. If under applicable
zoning provisions the use of all or any portion of the Property is or shall
become a nonconforming use, Mortgagor will not cause or permit such
nonconforming use to be discontinued or abandoned, if such discontinuance or
abandonment would prevent the same or similar nonconforming use in the future,
without the express written consent of Mortgagee (except that a nonconforming
use that results from a tenant's use may be discontinued without Mortgagee's
consent if such tenant's lease terminates or expires by its terms).

     Mortgagor shall not conduct or permit or allow to be conducted on the
Property any dry cleaning plant or facility or similar operation, provided that
Mortgagor may conduct or permit or allow to be conducted on the Property a dry
cleaning drop-off establishment, so long as no dry cleaning is performed
therein.

     1.11.  ALTERATIONS AND ADDITIONS. Mortgagor shall not cause, suffer or
permit:

     (A)    Any material alterations of the Property except (1) as required by
any law, statute, ordinance, order, rule, regulation, decree or other
requirement of the United States, the applicable state or county in which the
Property is located or any political subdivision of any of the foregoing, or any
agency, department, commission, board, court, bureau or instrumentality of any
of them ("Governmental Authority") or by any condition of any approval, consent,
registration, franchise, permit, license, variance, certificate of occupancy or
other authorization with regard to zoning, landmark, ecological, environmental,
air quality, subdivision, planning, building or land use required by any
Governmental Authority for the construction, lawful occupancy and operation of
the Property and the actual and contemplated uses thereof, or (2) as permitted
or required to be made by the terms of any Leases approved by Mortgagee (with
respect to work in any space demised thereunder);

     (B)    Any demolition or removal of any portion of the Property;

     (C)    Any change which would increase the risk of fire or other hazard;

                                       18
<Page>

     (D)    Any zoning, reclassification with respect to the Property; or

     (E)    Any unlawful use of, or nuisance to exist upon, the Property.

     As used herein, the term "material alteration" shall mean any alteration,
improvement or replacement (i) the cost of which (including any related
alteration, improvement or replacement) shall exceed two percent of the
principal amount of the indebtedness secured by this Mortgage (excluding tenant
improvement work pursuant to Leases), or (ii) which materially and adversely
affects the mechanical, electrical, heating, ventilating, air-conditioning or
other building or operating systems of any of the Improvements, or materially
and adversely affects the cost of operation or maintenance of any such building
or operating systems, affects the structure or structural soundness of any of
the improvements of the Property, or the exterior or appearance of the Property,
or otherwise has a material adverse effect on the Property including the use
and/or value thereof.

     1.12.  OFFSET CERTIFICATES. Mortgagor, within five days upon request in
person or within ten days upon request by mail, shall furnish a written
statement duly acknowledged and notarized, of all amounts due on any
indebtedness secured hereby or secured by any of the Related Agreements, whether
for principal or interest on the Note or otherwise, and stating whether any
offsets or defenses exist against the indebtedness secured hereby and covering
such other matters with respect to any such indebtedness as Mortgagee may
reasonably require.

     1.13.  MORTGAGEE'S COSTS AND EXPENSES. Mortgagor shall pay all costs, fees
and expenses of Mortgagee, its agents and counsel, in connection with the
performance of Mortgagee's obligations, duties, rights, options and permitted
actions hereunder. Mortgagor will pay or reimburse Mortgagee upon demand for all
reasonable attorney's and paralegals' fees, costs and expenses, including those
in connection with appellate proceedings, incurred by Mortgagee in any
proceedings involving the estate of a decedent or an insolvent, or in any
action, legal proceeding or dispute of any kind in which Mortgagee is a
plaintiff or defendant, affecting the indebtedness secured hereby or the
Property or Collateral, this Mortgage or the interest created herein, any
condemnation action involving the Property or any action to protect the security
hereof; and any such amounts paid by Mortgagee shall be secured by this
Mortgage. If Mortgagor shall default in the payment of any tax, lien, assessment
or charge levied or assessed against the Property; in the payment of any utility
charge, whether public or private; in the payment of any insurance premium; in
the procurement of insurance coverage and the delivery of the insurance policies
required hereunder; in the performance of any covenant, term or condition of any
leases affecting all or any part of the Property; or in the performance or
observance of any covenant, condition or term of this Mortgage; then Mortgagee,
at its option, may perform or observe the same, and all payments made or costs
incurred by Mortgagee in connection therewith, shall be secured hereby and shall
be, without demand, immediately repaid by Mortgagor to Mortgagee with interest
thereon at the Default Rate as described in the Note. Mortgagee shall be the
sole judge of the legality, validity and priority of any such tax, lien,
assessment, charge, claim, premium and obligation, of the necessity for any such
actions and of the amount necessary to be paid in satisfaction thereof.
Mortgagee is hereby empowered to enter and to authorize others to enter upon the
Property or any part thereof for the purpose of performing or observing any such
defaulted covenant, condition or term, without thereby becoming liable to
Mortgagor or any other person in possession holding under Mortgagor. All

                                       19
<Page>

rights of Mortgagee as set forth herein are rights to be exercised at the sole
option and discretion of Mortgagee and Mortgagee shall have no duty to Mortgagor
or any other person or entity to perform any acts authorized by this Section or
to incur any expense, make any appearance or take any other action.

     1.14.  PROTECTION OF SECURITY; COSTS AND EXPENSES.

     (A)    In addition to any other rights or remedies of Mortgagee hereunder,
under any of the Related Agreements, or in law or in equity, upon the occurrence
and during the continuance of an Event of Default (or prior thereto after notice
to Mortgagor, when possible, if Mortgagor is not paying or performing the act
itself and Mortgagee determines in its sole good faith judgment that the same is
appropriate to preserve the Property or the lien of this Mortgage or any other
collateral securing the indebtedness evidenced by the Note, either before or
after acceleration of the indebtedness) Mortgagee may, but shall not be required
to, make any payment or perform any act required to be performed by Mortgagor
hereunder or under any of the Related Agreements in any form and manner deemed
expedient to Mortgagee, including, without limitation, if applicable: (1)
paying any Impositions which remain unpaid; (2) procuring the release,
discharge, compromise or settlement of any lien filed or otherwise asserted
against the Property which has not been discharged by Mortgagor in accordance
with the provisions of this Mortgage or any of the Related Agreements, and (3)
obtaining insurance policies where insurance coverage was required to be
obtained hereunder and the required evidence that Mortgagor had obtained the
same has not been delivered to Mortgagee as required hereunder. Nothing herein
shall be construed to require Mortgagee to advance or expend monies for any
purpose mentioned herein, or for any other purpose.

     (B)    Mortgagor and its property manager, if applicable, shall appear in
and defend any action or proceeding purporting to affect the security of this
Mortgage or any additional or other security for the obligations secured hereby,
or the rights or powers of the Mortgagee, and shall pay all costs and expenses
actually incurred, including, without limitation, cost of evidence of title and
actual attorneys' and paralegals' fees, in any such action or proceeding in
which Mortgagee may appear, and in any suit brought by Mortgagee to foreclose
this Mortgage or to enforce or establish any other rights or remedies of
Mortgagee hereunder or under any other security for the obligations secured
hereby. If Mortgagor fails to perform any of the covenants or agreements
contained in this Mortgage, or if any action or proceeding is commenced which
affects Mortgagee's interest in the Property or any part thereof, including,
eminent domain, code enforcement, or proceedings of any nature whatsoever under
any federal or state law, whether now existing or hereafter enacted or amended,
relating to bankruptcy, insolvency, arrangement, reorganization or other form of
debtor relief, or to a decedent, then Mortgagee may, but without obligation to
do so and without notice to or demand upon Mortgagor, perform such covenant or
agreement and compromise any encumbrance, charge or lien which in the judgment
of Mortgagee appears to be prior or superior hereto. Mortgagor shall further pay
all expenses of Mortgagee actually incurred (including reasonable and actual
fees and disbursements of counsel) incident to the protection or enforcement of
the rights of Mortgagee hereunder, and enforcement or collection of payment of
the Note or any Future Advance whether by judicial or nonjudicial proceedings,
or in connection with any bankruptcy, insolvency, arrangement, reorganization or
other debtor relief proceeding of Mortgagor, or otherwise.

                                       20
<Page>

     (C)    Mortgagor shall pay to Mortgagee, immediately upon written notice
from Mortgagee: (i) all recordation, transfer, stamp, documentary or other fees
or taxes levied on Mortgagee (exclusive of Mortgagee's income taxes) by reason
of the making or recording of the Note, this Mortgage or any Related Agreement,
and (ii) all intangible property taxes levied upon any holder of the Note or
Mortgagee under this Mortgage or secured party under the Related Agreements.

     Any amounts disbursed by Mortgagee pursuant to this Section or Section
1.13, including, without limitation, reasonable attorneys' and paralegals' fees,
whether or not the indebtedness as a result thereof shall exceed the face amount
of the Note, shall be additional indebtedness of Mortgagor secured by this
Mortgage and each of the Related Agreements as of the date of disbursement shall
become immediately due and payable on demand and shall bear interest at the
Default Rate set forth in the Note, from demand until paid. All such amounts
shall be payable by Mortgagor immediately upon demand. Nothing contained in this
section shall be construed to require Mortgagee to incur any expense, make any
appearance, or take any other action.

     1.15.  MORTGAGOR'S COVENANTS RESPECTING COLLATERAL.

     (A)    This instrument also creates a security interest in the Collateral,
the Contracts and in any sums held by Mortgagee, its servicing agent or any
escrow agent appointed under the terms of this Mortgage, which security interest
Mortgagor hereby grants in favor of Mortgagee under the Illinois Uniform
Commercial Code, and Mortgagee shall also have all the rights and remedies of a
secured party under the Illinois Uniform Commercial Code, and without limitation
upon or in derogation of the rights and remedies created and accorded to
Mortgagee by this Mortgage pursuant to the common law or any other laws of the
State of Illinois or any other jurisdiction, it being understood that the rights
and remedies of Mortgagee under the Illinois Uniform Commercial Code shall be
cumulative and in addition to all other rights and remedies of Mortgagee arising
under the Mortgage, the Note, the Related Agreements, the common law or any
other laws of the State of Illinois or any other jurisdiction. The security
interest granted by this Mortgage is for the purpose of securing all obligations
of Mortgagor as set forth in this Mortgage, the Note and the Related Agreements.
Mortgagor acknowledges that this Mortgage shall constitute a Security Agreement
as that term is used under the laws of the State of Illinois in favor of
Mortgagee. To the extent a security interest cannot be granted or perfected
under the applicable Uniform Commercial Code provisions in any personal property
in which Mortgagor has any right, title or interest, Mortgagor hereby pledges to
Mortgagee all of its right, title and interest in all such personal property
including, but not limited to, deposit accounts, escrowed funds, cash and cash
receipts, as the same shall relate to the Property or the Collateral or the
conduct of business on the Property, now existing, hereafter acquired, wherever
located and however held. Any person holding property in which Mortgagor has any
interest shall be deemed to be holding such property in trust for Mortgagee.

     (B)    Mortgagor shall execute and deliver financing and continuation
statements covering the Collateral from time to time and in such form as
Mortgagee may require to perfect and continue the perfection of Mortgagee's
security interest with respect to such property, and Mortgagor shall pay all
reasonable costs and expenses of any record searches for financing statements
Mortgagee may require. Mortgagor hereby authorizes and empowers Mortgagee to
file (and hereby irrevocably appoints Mortgagee its agent and attorney-in-fact,
which shall be

                                       21
<Page>

coupled with an interest, to execute and file, on Mortgagor's behalf) at any
time and from time to time any initial financing statements, amendments thereto
and continuation statements with or without signature of Mortgagor as authorized
by applicable law, as applicable to the Collateral. For purposes of such
filings, Mortgagor agrees to furnish any information requested by Mortgagee
promptly upon request by Mortgagee describing the Collateral. Mortgagor hereby
ratifies and approves all filings of financing statements, amendments and
continuations applicable to the Collateral made or filed by Mortgagee prior to
the date of this Mortgage.

     (C)    Without the prior written consent of Mortgagee, Mortgagor shall not
create or suffer to be created any other security interest in or lien or
encumbrance on the Collateral, including replacements and additions thereto.

     (D)    Without the prior written consent of Mortgagee or except in the
ordinary course of business, Mortgagor shall not sell, transfer or encumber any
of the Collateral, or remove any of the Collateral from the Property unless
Mortgagor shall promptly substitute and replace the property removed with
similar property of at least equivalent value on which Mortgagee shall have a
continuing security interest ranking at least equal in priority to Mortgagee's
security interest in the property removed.

     (E)    Mortgagor shall (1) upon reasonable notice (unless an emergency or
Event of Default exists) permit Mortgagee and its representatives to enter upon
the Property to inspect the Collateral and Mortgagor's books and records
relating to the Collateral and make extracts therefrom and to arrange for
verification of the amount of Collateral, under procedures acceptable to
Mortgagee, directly with Mortgagor's debtors or otherwise at Mortgagor's
expense; (2) promptly notify Mortgagee of any attachment or other legal process
levied against any of the Collateral and any information received by Mortgagor
relative to the Collateral, Mortgagor's debtors or other persons obligated in
connection therewith, which may in any way affect the value of the Collateral or
the rights and remedies of Mortgagee in respect thereto; (3) reimburse Mortgagee
upon demand for any and all costs actually incurred, including, without
limitation, reasonable and actual attorneys', paralegals' and accountants' fees,
and other expenses incurred in collecting any sums payable by Mortgagor under
any obligation secured hereby, or in the checking, handling and collection of
the Collateral and the preparation and enforcement of any agreement relating
thereto; (4) notify Mortgagee of each location at which the Collateral is or
will be kept, other than for temporary processing, storage or similar purposes,
and of any removal thereof to a new location, including, without limitation,
each office of Mortgagor at which records relating to the Collateral are kept;
(5) provide, maintain and deliver to Mortgagee originals or certified copies of
the policies of insurance and certificates of insurance insuring the Collateral
against loss or damage by such risks and in such amounts, form and by such
companies as Mortgagee may require and with loss payable to Mortgagee, and in
the event Mortgagee takes possession of the Collateral, the insurance policy or
policies and any unearned or returned premium thereon shall at the option of
Mortgagee become the sole property of Mortgagee; and (6) do all acts necessary
to maintain, preserve and protect all Collateral, keep all Collateral in good
condition and repair and prevent any waste or unusual or unreasonable
depreciation thereof.

     (F)    Until Mortgagee exercises its right to collect proceeds of the
Collateral pursuant hereto, Mortgagor will collect with diligence any and all
proceeds of the Collateral. If an Event

                                       22
<Page>

of Default exists, any proceeds received by Mortgagor shall be held in trust for
Mortgagee, and Mortgagor shall keep all such collections separate and apart from
all other funds and property so as to be capable of identification as the
property of Mortgagee and shall deliver to Mortgagee such collections at such
time as Mortgagee may request in the identical form received, properly endorsed
or assigned when required to enable Mortgagee to complete collection thereof.

     (G)    Mortgagee shall have all of the rights and remedies granted to a
secured party under the Uniform Commercial Code of the state in which the
Collateral is located, as well as all other rights and remedies available at law
or in equity. During the continuance of any Event of Default hereunder or under
the Note, Mortgagee shall have the right to take possession of all or any part
of the Collateral, to receive directly or through its agent(s) collections of
proceeds of the Collateral (including notification of the persons obligated to
make payments to Mortgagor in respect of the Collateral), to release persons
liable on the Collateral and compromise disputes in connection therewith, to
exercise all rights, powers and remedies which Mortgagor would have, but for the
security agreement contained herein, to all of the Collateral and proceeds
thereof, and to do all other acts and things and execute all documents in the
name of Mortgagor or otherwise, deemed by Mortgagee as necessary, proper and
convenient in connection with the preservation, perfection or enforcement of its
rights hereunder; and

     (H)    After any Event of Default hereunder or under the Note, Mortgagor
shall, at the request of Mortgagee, assemble and deliver the Collateral and
books and records pertaining to the Property at a place designated by Mortgagee,
and Mortgagee may, with reasonable notice to Mortgagor (unless an emergency
exists), enter onto the Property and take possession of the Collateral. It is
agreed that public or private sales, for cash or on credit to a wholesaler or
retailer or investor, or user of collateral of the types subject to the security
agreement, or public auction, are all commercially reasonable since differences
in the sales prices generally realized in the different kinds of sales are
ordinarily offset by the differences in the costs and credit risks of such
sales. The proceeds of any sale of the Collateral shall be applied first to the
expenses of Mortgagee actually incurred in retaking, holding, preparing for
sale, or selling the Collateral or similar matters, including reasonable and
actual attorneys' and paralegals' fees, and then, as Mortgagee shall solely
determine.

     (I)    Upon the request of Mortgagee, Mortgagor will cooperate with
Mortgagee in obtaining control with respect to those items of Collateral
consisting of deposit accounts, investment property, letter-of-credit rights or
any other Collateral as to which "control" is required under the applicable
Uniform Commercial Code for perfection of a security interest.

                                       23
<Page>

     1.16.  COVENANTS REGARDING FINANCIAL STATEMENTS.

     (A)    Mortgagor shall keep true books of record and account in which full,
true and correct entries in accordance with sound accounting practice and
principles applied on a consistent basis from year to year shall be made of all
dealings or transactions with respect to the Property.

     (B)    (1) Mortgagor shall deliver to Mortgagee:

     (a)    Within one hundred twenty (120) days after the last day of each
fiscal year of Mortgagor and Mortgagor's sole member during the term of the
Note, unaudited financial reports prepared on a cash basis, including income
statements and cash flow statements covering the operation of the Property and
unaudited annual financial reports prepared on a cash basis, including balance
sheets, income statements and cash flow statements covering the financial
condition of Mortgagor and Mortgagor's sole member for the previous fiscal year,
all certified to Mortgagee to be complete, correct and accurate by the
individual, managing general partner, manager or chief financial officer of the
party whom the report concerns; and

     (b)    If available, within thirty (30) days after receipt by Mortgagor,
original annual audit reports of an independent certified public accountant
prepared in accordance with generally accepted accounting principles containing
an unqualified opinion, including balance sheets, income statements and cash
flow statements covering the operation of the Property and the financial
condition of Mortgagor and Mortgagor's sole member for the previous fiscal year.

     (2)    At the request of Mortgagee from time to time (but no more often
than once in each fiscal quarter of Mortgagor during the term of the Note),
Mortgagor shall also deliver to Mortgagee unaudited financial reports prepared
on a cash basis, including income statements and cash flow statements covering
the operation of the Property and unaudited financial reports prepared on a cash
basis, including balance sheets, income statements and cash flow statements
covering the financial condition of Mortgagor and Mortgagor's sole member for
the previous fiscal quarter, a portfolio analysis report covering the operation
of all properties of which Mortgagor or Mortgagor's sole member is the owner
(direct or indirect) or a general partner of the owner (direct or indirect),
setting out a cash flow statement (including debt service payments) for each
such property, and a current rent roll of the Property, all certified to
Mortgagee to be complete, correct and accurate by the individual, managing
general partner, manager or chief financial officer of the party whom the report
concerns.

     (3)    All reports covering the financial condition of Mortgagor or
Mortgagor's sole member shall include, without limitation, balance sheets and
statements of income and of partner's equity, if applicable, setting forth in
each case in comparative form the figures for the previous fiscal quarter or
year, as the case may be. All interim quarterly reports shall also include a
breakdown of all categories of revenues and expenses, and any supporting
schedules and data requested by Mortgagee. Each set of annual or quarterly
financial reports or quarterly rent rolls delivered to Mortgagee pursuant to
this Section shall also be accompanied by a certificate of the chief financial
officer, the managing general partner or the manager of the party whom the
report concerns, stating whether any condition or event exists or has existed
during the period covered by the annual or quarterly reports which then
constituted or now constitutes an

                                       24
<Page>

Event of Default under the Note or this Mortgage, or which if continued or not
cured would, after passage of time, constitute an Event of Default, and if any
such condition or event then existed or now exists, specifying its nature and
period of existence and what Mortgagor did or proposes to do with respect to
such condition or event.

     (C)    In the event such statements are not in a form reasonably acceptable
to Mortgagee or Mortgagor fails to furnish such statements and reports, then
Mortgagee shall have the immediate and absolute right to audit the respective
books and records of the Property and Mortgagor or Mortgagor's sole member, as
applicable, at the expense of Mortgagor.

     (D)    Notwithstanding the foregoing, Mortgagor shall not be required to
deliver financial reports covering the financial condition of Mortgagor if and
so long as (1) the Property is Mortgagor's only asset, and (2) Mortgagor
delivers the unaudited financial reports covering the operation of the Property
when and as described above.

     1.17.  ENVIRONMENTAL COVENANTS.

     Mortgagor covenants:

     (A)    That no Hazardous Materials (as defined below) are currently on or
in the Property (except as expressly described in the Phase I Environmental Site
Assessment of the Property prepared by Phase I Environmental Site Assessment,
dated September 26, 2003) or shall be installed, used, generated, manufactured,
treated, handled, refined, produced, processed, stored or disposed of, in, on or
under the Property other than Hazardous Materials in quantities and of types
reasonably and customarily associated with general office use which have been
and are stored, used and disposed of in compliance with Hazardous Material Laws
(as defined below) and the presence of which do not require compliance with any
reporting requirements under any Hazardous Material Laws;

     (B)    That no activity shall be undertaken on the Property which would
cause:

            (1)    the Property to become a hazardous waste treatment, storage
     or disposal facility under any Hazardous Material Law,

            (2)    a release or threatened release of Hazardous Material from
     the Property in violation of any Hazardous Material Law, or

            (3)    the discharge of Hazardous Material into any watercourse,
     body of surface or subsurface water or wetland, or the discharge into the
     atmosphere of any Hazardous Material which would require a permit under any
     Hazardous Material Law and for which no such permit has been issued;

     (C)    That no activity shall be undertaken or permitted to be undertaken,
by the Mortgagor on the Property which would result in a violation under any
Hazardous Material Law; and

     (D)    To obtain and deliver to Mortgagee, within a reasonable time
following completion of actions required by an appropriate governmental agency,
certifications of

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<Page>

engineers or other professionals reasonably acceptable to Mortgagee, in form and
substance satisfactory to Mortgagee, certifying that all necessary and required
actions to clean up, remove, contain, prevent and eliminate all releases or
threats of release of Hazardous Materials on or about the Property to the levels
required by the appropriate governmental agencies have been taken and, to the
knowledge of such professional, the Property is then in compliance with
applicable Hazardous Material Laws as then in effect and applicable to such
actions. For purposes of this Mortgage, "Hazardous Materials" means and includes
asbestos or any substance containing asbestos, polychlorinated biphenyls, any
explosives, radioactive materials, chemicals known or suspected to cause cancer
or reproductive toxicity, pollutants, effluents, contaminants, emissions,
infectious wastes, any petroleum or petroleum-derived waste or product or
related materials and any items defined as hazardous, special or toxic
materials, substances or waste under any Hazardous Material Law, or any material
which shall be removed from the Property pursuant to any administrative order or
enforcement proceeding or in order to place the Property in a condition that is
suitable for ordinary use. "Hazardous Material Laws" means all federal, state
and local laws (whether under common law, statute or otherwise), ordinances,
rules, regulations and guidance documents now in force, as amended from time to
time, in any way relating to or regulating human health or safety, industrial
hygiene or environmental conditions, protection of the environment, pollution or
contamination of the air, soil, surface water or groundwater, and includes,
without limitation, the Comprehensive Environmental Response, Compensation, and
Liability Act of 1980, 42 U.S.C. Section 9601, et seq., the Resource
Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., the Clean Water
Act, 33 U.S.C. Section 1251 et seq., the Clean Air Act, as amended, 42 U.S.C.
Section 7401 et seq., the Occupational Safety and Health Act, 29 U.S.C. Section
651 et seq., the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801
et seq., the Federal Water Pollution Control Act, 33 U.S.C. Section 1321 et
seq., and the Toxic Substances Control Act, 15 U.S.C. Section 2601 et seq.

     1.18.  FURTHER ASSURANCES. Mortgagor, from time to time, will execute,
acknowledge, subscribe and deliver to or at the direction of Mortgagee such
documents and further assurance as Mortgagee may reasonably require for the
purpose of evidencing, perfecting or confirming the lien and security interest
created by this Mortgage or the security to be afforded by the Related
Agreements, or both. Without limiting the foregoing and notwithstanding anything
in this Mortgage or the Related Agreements to the contrary, Mortgagor will
defend, indemnify and hold Mortgagee harmless with respect to any suit or
proceeding in which the validity, enforceability or priority of any such lien or
security interest, or both, is endangered or contested, directly or indirectly.
If Mortgagor fails to undertake the defense of any such claim in a timely
manner, or, in Mortgagee's sole determination, fails to prosecute such defense
with due diligence, then Mortgagee is authorized to take, at the sole expense of
Mortgagor, all necessary and proper action in defense of any such claim,
including, without limitation, the retention of legal counsel, the prosecution
or defense of litigation and the compromise or discharge of claims, including
payment of all costs and reasonable attorneys' and paralegals' fees. All costs,
expenses and losses, if any, so incurred by Mortgagee, including all attorneys'
and paralegals' fees, regardless of whether suit is brought, for all
administrative, trial and appellate proceedings, if any, will constitute
advances by Mortgagee as provided in Section 1.14 hereinabove.

     1.19.  MORTGAGOR'S CONTINUED EXISTENCE. Mortgagor shall at all times during
the term of the Loan maintain its legal existence and qualification to do or
transact business in the state in which the Property or any of the Collateral is
located. Mortgagor's exact legal name, state of

                                       26
<Page>

organization and chief executive office are as set forth respectively in the
initial paragraph of this Mortgage. So long as any of the indebtedness secured
hereby remains outstanding, Mortgagor will provide Mortgagee with thirty (30)
days prior written notice of any change in Mortgagor's name, organizational
identification number, state of organization or, if any individual, principal
residence.

                                   ARTICLE II

                                EVENTS OF DEFAULT

     Each of the following shall constitute an event of default ("Event of
Default") hereunder:

     2.01.  MONETARY AND PERFORMANCE DEFAULTS.

     (A)    Failure to make any payment due under any one or more of the ALIC
Note or the AIC Note or any note evidencing a Future Advance, other than the
final payment and Prepayment Premium, or to make any payment due under this
Mortgage to Mortgagee or any other party, including without limitation, payment
of escrow deposits, real estate taxes, insurance premiums and ground rents, if
any, on or before the fourth (4th) day after such payment is due; or

     (B)    Failure to make the final payment or the Prepayment Premium due
under any one or more of the ALIC Note or the AIC Note or any note evidencing a
Future Advance when such payment is due whether at maturity, by reason of
acceleration, as part of a prepayment or otherwise (the defaults in (A) and (B)
hereinafter "Monetary Default"); or

     (C)    Breach or default in the performance of any of the covenants or
agreements of Mortgagor contained herein, in any one or more of the ALIC Note or
the AIC Note or in any Related Agreement ("Performance Default"), if such
Performance Default shall continue for thirty (30) days or more after written
notice to Mortgagor from Mortgagee specifying the nature of the Performance
Default; provided, however, that if such Performance Default is of a nature that
it cannot be cured within the thirty (30) day period, then Mortgagor shall not
be in default if it commences good faith efforts to cure the Performance Default
within the thirty (30) day period, demonstrates continuous diligent efforts to
cure the Performance Default in a manner reasonably satisfactory to Mortgagee
and, within a reasonable period, not to exceed one hundred eighty (180) days
after the date of the original written notice of the Performance Default,
completes the cure of such Performance Default. Notwithstanding the foregoing,
if the breach or default is one which is defined as an Event of Default
elsewhere in this Article II or in the default definition of any Related
Agreement, then Mortgagor shall not be entitled to any notice or cure period
upon the occurrence of such breach or default except for such notice and cure
periods, if any, as may be expressly granted in such other defined Event of
Default.

     2.02.  BANKRUPTCY, INSOLVENCY, DISSOLUTION.

     (A)    Any court of competent jurisdiction shall sign an order (1)
adjudicating Mortgagor, its sole member, its sole member, or any Guarantor
(which term when used in this Mortgage shall mean any guarantor of payment of
the indebtedness) bankrupt or insolvent, (2) appointing a receiver, trustee or
liquidator of the Property or Collateral or of a substantial part of

                                       27
<Page>

the property of Mortgagor, its sole member, its sole member, or any Guarantor,
or (3) approving a petition for, or effecting an arrangement in bankruptcy, or
any other judicial modification or alteration of the rights of Mortgagee or of
other creditors of Mortgagor, its sole member, or any Guarantor; or

     (B)    Mortgagor, its sole member, or any Guarantor shall (1) apply for or
consent to the appointment of a receiver, trustee or liquidator for it or for
any of its property, (2) as debtor, file a voluntary petition in bankruptcy, or
petition or answer seeking reorganization or an arrangement with creditors or to
take advantage of any bankruptcy, reorganization, insolvency, readjustment of
debt, dissolution or liquidation law or statute, or an answer admitting the
material allegations of a petition filed against it and any proceeding under
such law, (3) admit in writing an inability to pay its debts as they mature, or
(4) make a general assignment for the benefit of creditors; or

     (C)    An involuntary petition in bankruptcy is filed against Mortgagor,
its sole member, or any Guarantor and the same is not vacated or stayed within
90 days of the filing date.

     2.03.  MISREPRESENTATION. Mortgagor makes or furnishes a representation,
warranty, statement, certificate, schedule and/or report to Mortgagee in or
pursuant to this Mortgage or any of the Related Agreements which is false or
misleading in any material respect as of the date made or furnished, or becomes
false or breached in any material respect upon or after execution of this
Mortgage.

     2.04.  DEFAULT UNDER SUBORDINATE LOANS. An occurrence of a default under
any loan subordinate to this Mortgage which is not an independent default under
this Mortgage which results in the commencement of foreclosure proceedings or
the taking of any other remedial action under such subordinate loan.

     2.05.  LIENS. Any federal, state or local tax lien or any claim of lien for
labor or materials or any other lien or encumbrance of any nature whatsoever is
recorded against Mortgagor or any of the Property or Collateral and is not
removed by payment or transferred to substitute security in the manner provided
by law, within thirty (30) days after it is recorded in accordance with
applicable law.

     2.06.  JUDGMENTS. (A)     A final judgment, other than a final judgment in
connection with any condemnation, is entered against Mortgagor that (1)
materially and adversely affects the value, use or operation of the Property or
other Collateral, or (2) adversely affects, or reasonably may adversely affect,
the validity or enforceability of this Mortgage, any of the Related Agreements
or the Note or priority of the liens or security interests created by this
Mortgage or any of the Related Agreements; or (B) execution or other final
process issues thereon with respect to the Property or other Collateral; and (C)
Mortgagor does not discharge the same or provide for its discharge in accordance
with its terms, or procure a stay of execution thereon, in any event within
thirty (30) days from entry, or Mortgagor shall not, within such period or such
longer period during which execution on such judgment shall have been stayed,
appeal therefrom or from the order, decree or process upon or pursuant to which
such judgment shall have been entered, and cause its execution to be stayed
during such appeal, or if on appeal such order, decree or process shall be
affirmed and Mortgagor shall not discharge such judgment or provide

                                       28
<Page>

for its discharge in accordance with its terms within sixty (60) days after the
entry of such order or decree or affirmance, or if any stay of execution on
appeal is released or otherwise discharged.

     2.07.  LEASES. Mortgagor's default in the performance of its obligations as
lessor under any Lease of 10,000 square feet or more, which default could
result, in Mortgagee's judgment, in the termination of said Lease.

     2.08.  MORTGAGOR'S CONTINUED EXISTENCE. Mortgagor ceases to exist or to be
qualified to do or transact business in the state in which the Property or any
of the Collateral is located or is dissolved or is a party to a merger,
consolidation or reorganization, or sells all or substantially all of its
assets.

     2.09.  BREACH OF DUE ON SALE OR ENCUMBRANCE PROVISION. Any occurrence of a
prohibited Transfer under Section 1.08 hereof.

     2.10.  DEFAULT UNDER RELATED AGREEMENTS. A "Default" or "Event of Default"
shall have occurred under or as defined in any of the Note, the Assignment of
Leases and Rents or any other Related Agreement.

                                   ARTICLE III

                                    REMEDIES

     Upon the occurrence of any Event of Default, Mortgagee shall have the
following rights and remedies set forth in Sections 3.01 through 3.08:

     3.01.  ACCELERATION. Notwithstanding the stated maturity date in the Note,
or any note evidencing any Future Advance, Mortgagee may without notice or
demand, declare the entire principal amount of the Note and/or any Future
Advances then outstanding and accrued and unpaid interest thereon, and all other
sums or payments required thereunder or under this Mortgage or the Related
Agreements including, but not limited to the Prepayment Premium described in the
Note, to be due and payable immediately.

     3.02.  ENTRY. Irrespective of whether Mortgagee exercises the option
provided in section 3.01 above, Mortgagee in person or by agent or by
court-appointed receiver (and Mortgagee shall have the right to the immediate
appointment of such a receiver without regard to the adequacy of the security
and Mortgagor hereby irrevocably consents to such appointment and waives notice
of any application therefor) may, at its option, without any action on its part
being required, without in any way waiving such Event of Default, with or
without the appointment of a receiver, or an application therefor:

     (A)    Take possession of the Property and conduct tests of, manage or hire
a manager to manage, lease and operate the Property or any part thereof, on such
terms and for such period of time as Mortgagee may deem proper, with full power
to make, from time to time, all alterations, renovations, repairs or
replacements thereto as may seem proper to Mortgagee;

     (B)    With or without taking possession of the Property, collect and
receive all Rents and Profits, notify tenants under the Leases or any other
parties in possession of the Property to

                                       29
<Page>

pay Rents and Profits directly to Mortgagee, its agent or a court-appointed
receiver and apply such Rents and Profits to the payment of:

            (1)    all costs and expenses incident to taking and retaining
     possession of the Property (including the cost of any receivership),
     management and operation of the Property, keeping the Property properly
     insured and all alterations, renovations, repairs and replacements to the
     Property;

            (2)    all taxes, charges, claims, assessments, and any other liens
     which may be prior in lien or payment to this Mortgage or the Note, and
     premiums for insurance, with interest on all such items; and

            (3)    the indebtedness secured hereby together with all costs and
     attorney's and paralegals' fees, in such order or priority as to any of
     such items as Mortgagee in its sole discretion may determine, any statute,
     law, custom or use to the contrary notwithstanding;

     (C)    Exclude Mortgagor, its agents and servants, wholly from the
Property;

     (D)    Have joint access with Mortgagor to the books, papers and accounts
of Mortgagor relating to the Property, at the expense of Mortgagor;

     (E)    Commence, appear in and/or defend any action or proceedings
purporting to affect the interests, rights, powers and/or duties of Mortgagee
hereunder, whether brought by or against Mortgagor or Mortgagee; and

     (F)    Pay, purchase, contest or compromise any claim, debt, lien, charge
or encumbrance which in the judgment of Mortgagee may affect or appear to affect
the interest of Mortgagee or the rights, powers and/or duties of Mortgagee
hereunder.

     Subject to the Act, Mortgagee, as a matter of right without notice to
Mortgagor or anyone claiming under it and without regard to the then value of
the Property or the interest of Mortgagor therein, shall have the right to apply
to any court having jurisdiction to appoint a receiver or receivers to take
charge of the Property or any portion thereof. Any such receiver or receivers
shall have all of the usual and customary powers and duties of receivers in like
or similar cases and all of the powers and duties of Mortgagee in case of entry
as provided hereinabove, including without limitation, the right to collect and
receive Rents and Profits. All such Rents and Profits paid to Mortgagee or
collected by such receiver shall be applied as provided for in subsection
3.02(B) above. Mortgagor for itself and any subsequent owner of the Property
hereby waives any and all defenses to the application for such receiver and
hereby irrevocably consents to such appointment without notice of any
application therefore.

     In addition to any provision of this Mortgage authorizing Mortgagee to take
or be placed in possession of the Property, or for the appointment of a
receiver, Mortgagee shall have the right, in accordance with Sections 15-1701
and 15-1702 of the Act, to be placed in possession of the Property or at its
request to have a receiver appointed, and such receiver, or Mortgagee, if and
when placed in possession, shall have, in addition to any other powers provided
in this

                                       30
<Page>

Mortgage, all rights, powers, immunities, and duties as provided for in Sections
15-1701 and 15-1703 of the Act.

     The receipt by Mortgagee of any Rents and Profits pursuant to this Mortgage
after the institution of foreclosure or other proceedings under the Mortgage
shall not cure any such Event of Default or affect such proceedings or any sale
pursuant thereto. After deducting the expenses and amounts set forth above in
this section 3.02, as well as just and reasonable compensation for all
Mortgagee's employees and other agents (including, without limitation,
reasonable and actual attorneys' and paralegals' fees and management and rental
commissions) engaged and employed, the moneys remaining, at the option of
Mortgagee, may be applied to the indebtedness secured hereby. Whenever all
amounts due on the Note and under this Mortgage shall have been paid and all
Events of Default have been cured and any such cure has been accepted by
Mortgagee, Mortgagee shall surrender possession to Mortgagor. The same right of
entry, however, shall exist if any subsequent Event of Default shall occur;
provided, however, Mortgagee shall not be under any obligation to make any of
the payments or do any of the acts referred to in this section 3.02.

     3.03.  JUDICIAL ACTION. Mortgagee may bring an action in any court of
competent jurisdiction to foreclose this instrument or to enforce any of the
covenants and agreements hereof. The Property may be foreclosed in parts or as
an entirety.

     3.04.  FORECLOSURE. Mortgagee may institute an action of mortgage
foreclosure against the Property, or take such other action at law or in equity
for the enforcement of this Mortgage and realization on the mortgage security or
any other security herein or elsewhere provided for, as the law may allow, and
may proceed therein to final judgment and execution for the entire unpaid
balance of the principal debt and the Prepayment Premium, with interest thereon
at the rate stipulated in the Note to the date of default, and thereafter at the
Default Rate specified in the Note, together with all other sums due by
Mortgagor in accordance with the provisions of the Note and this Mortgage,
including any sums which may have been advanced or loaned by Mortgagee to
Mortgagor after the date of this Mortgage, including Future Advances, and all
sums which may have been advanced by Mortgagee for taxes, water or sewer rents,
charges or claims, payments on prior liens, insurance, utilities or repairs to
the Property, all costs of suit, together with interest at the Default Rate on
any judgment obtained by Mortgagee from and after the date of any sheriff or
other judicial sale until actual payment is made of the full amount due
Mortgagee. In addition, as an alternative to the right of foreclosure for the
full amount secured hereby after acceleration thereof, Mortgagee shall have the
right, to the extent permitted by law, to institute partial foreclosure
proceedings with respect to the portion of said indebtedness so in default, as
if under a full foreclosure, and without declaring the entire secured
indebtedness due, and provided that if foreclosure sale is made because of
default of a part of the secured indebtedness, such sale may be made subject to
the continuing lien of this Mortgage for the unmatured part of the secured
indebtedness, and it is agreed that such sale pursuant to a partial foreclosure,
if so made, shall not in any manner affect the unmatured part of the secured
indebtedness, but as to such unmatured part this Mortgage and the lien thereof
shall remain in full force and effect just as though no foreclosure sale had
been made under the provisions of this section. Notwithstanding the filing of
any partial foreclosure or entry of a decree of sale therein, Mortgagee may
elect at any time prior to a foreclosure sale pursuant to such decree, to
discontinue such partial foreclosure and to accelerate the secured indebtedness
by reason of any

                                       31
<Page>

uncured default or defaults upon which such partial foreclosure was predicated
or by reason of any other defaults, and proceed with full foreclosure
proceedings. It is further agreed that several foreclosure sales may be made
pursuant to partial foreclosures without exhausting the right of full or partial
foreclosure sale for any unmatured part of the secured indebtedness, it being
the purpose to provide for a partial foreclosure sale of the secured
indebtedness without exhausting the power to foreclose and to sell the Property
pursuant to any such partial foreclosure for any other part of the secured
indebtedness whether matured at the time or subsequently maturing, and without
exhausting any right of acceleration and full foreclosure.

     All advances, disbursements and expenditures made or incurred by Mortgagee
before and during a foreclosure, and before and after judgment of foreclosure,
and at any time prior to sale, and, where applicable, after sale, and during the
pendency of any related proceedings, for the following purposes, in addition to
those otherwise authorized by this Mortgage or by the Act (collectively
"Protective Advances"), shall have the benefit of all applicable provisions of
the Act, including those provisions of the Act hereinbelow referred to:

     (A)    all advances by Mortgagee in accordance with the terms of this
Mortgage to: (i) preserve, maintain, repair, restore or rebuild the improvements
upon the Property; (ii) preserve the lien of the Mortgage or the priority
thereof; or (iii) enforce this Mortgage, as referred to in Section 15-1302(b)(5)
of the Act;

     (B)    payments by Mortgagee of: (i) principal, interest or other
obligations in accordance with the terms of any senior mortgage or other prior
lien or encumbrance; (ii) real estate taxes and assessments, general and special
and all other taxes and assessments of any kind or nature whatsoever which are
assessed or imposed upon the Property or any part thereof; (iii) other
obligations authorized by this Mortgage; or (iv) with court approval, any other
amounts in connection with other liens, encumbrances or interests reasonably
necessary to preserve the status of title, as referred to in Section 15-1505 of
the Act;

     (C)    advances by Mortgagee in settlement or compromise of any claims
asserted by claimants under senior mortgages or any other prior liens;

     (D)    reasonable and actual attorneys' and paralegals' fees and other
costs incurred: (i) in connection with the foreclosure of this Mortgage as
referred to in Sections 15-1504(d)(2) and 15-1510 of the Act; (ii) in connection
with any action, suit or proceeding brought by or against Mortgagee for the
enforcement of this Mortgage or arising from the interest of Mortgagee
hereunder; or (iii) in preparation for or in connection with the commencement,
prosecution or defense of any other action related to the Mortgage or the
Property;

     (E)    Mortgagee's fees and costs, including reasonable and actual
attorneys' and paralegals' fees, arising between the entry of judgment of
foreclosure and the confirmation hearing as referred to in Section 15-1508(b)(1)
of the Act;

     (F)    expenses deductible from proceeds of sale as referred to in Sections
15-1512(a) and (b) of the Act; and

                                       32
<Page>

     (G)    expenses incurred and expenditures made by Mortgagee for any one or
more of the following: (i) if the Property or any portion thereof constitutes
one or more units under a condominium declaration, assessments imposed upon the
unit owner thereof; (ii) if Mortgagor's interest in the Property is a leasehold
estate under a lease or sublease, rentals or other payments required to be made
by the lessee under the terms of the lease or sublease; (iii) premiums for
casualty and liability insurance paid by Mortgagee whether or not Mortgagee or a
receiver is in possession, if reasonably required, in reasonable amounts, and
all renewals thereof, without regard to the limitation to maintaining of
existing insurance in effect at the time any receiver or mortgagee takes
possession of the Property imposed by of Section 15-1704(c)(1) of the Act; (iv)
repair or restoration of damage or destruction in excess of available insurance
proceeds or condemnation awards; (v) payments deemed by Mortgagee to be required
for the benefit of the Property or required to be made by the owner of the
Property under any grant or declaration of easement, easement agreement,
agreement with any adjoining land owners or instruments creating covenants or
restrictions for the benefit of or affecting the Property; (vi) shared or common
expense assessments payable to any association or corporation in which the owner
of the Property is a member in any way affecting the Property; (vii) if the loan
secured hereby is a construction loan, costs incurred by Mortgagee for
demolition, preparation for and completion of construction, as may be authorized
by the applicable commitment, loan agreement or other agreement; (viii) payments
required to be paid by Mortgagor or Mortgagee pursuant to any lease or other
agreement for occupancy of the Property; and (ix) if this Mortgage is insured,
payments of FHA or private mortgage insurance required to keep such insurance in
force.

     All Protective Advances shall be so much additional indebtedness secured by
this Mortgage, and shall become immediately due and payable without notice and
with interest thereon from the date of the advances until paid at the rate of
interest payable after default under the terms of the Note.

     This Mortgage shall be a lien for all Protective Advances as to subsequent
purchasers and judgment creditors from the time this Mortgage is recorded
pursuant to Section 15-1302(b)(5) of the Act.

     All Protective Advances shall, except to the extent, if any, that any of
the same is clearly contrary to or inconsistent with the provisions of the Act,
apply to and be included in:

            (1)    any determination of the amount of indebtedness secured by
     this Mortgage at any time;

            (2)    the indebtedness found due and owing to the Mortgagee in the
     judgment of foreclosure and any subsequent supplemental judgments, orders,
     adjudications or findings by the court of any additional indebtedness
     becoming due after such entry of judgment, it being agreed that in any
     foreclosure judgment, the court may reserve jurisdiction for such purpose;

            (3)    if right of redemption has not been waived by this Mortgage,
     computation of amounts required to redeem, pursuant to Sections
     15-1603(d)(2) and 15-1603(e) of the Act;

                                       33
<Page>

            (4)    determination of amounts deductible from sale proceeds
     pursuant to Section 15-1512 of the Act;

            (5)    application of income in the hands of any receiver or
     mortgagee in possession; and

            (6)    computation of any deficiency judgment pursuant to Sections
15-1508(b)(2), 15-1508(e) and 15-1511 of the Act.

     3.05.  RESCISSION OF NOTICE OF DEFAULT. Mortgagee, from time to time before
any foreclosure sale, public sale or deed in lieu of foreclosure, may rescind
any such notice of breach or default and of election to cause the Property to be
sold by executing and delivering to Mortgagor a written notice of such
rescission, which notice, when recorded, shall also constitute a cancellation of
any prior declaration of default and demand for sale or such documents as may be
required by the laws of the state in which the Property is located to effect
such rescission. The exercise by Mortgagee of such right of rescission shall not
constitute a waiver of any breach or Event of Default then existing or
subsequently occurring, or impair the right of Mortgagee to execute and deliver
to Mortgagor, as above provided, other declarations of default and demand for
sale, and notices of breach or default, and of election to cause the Property to
be sold to satisfy the obligations hereof, nor otherwise affect any provision,
agreement, covenant or condition of the Related Agreements, the Note or of this
Mortgage or any of the rights, obligations or remedies of the parties
thereunder.

     3.06.  MORTGAGEE'S REMEDIES RESPECTING COLLATERAL. Mortgagee may realize
upon the Collateral, enforce and exercise all of Mortgagor's rights, powers,
privileges and remedies in respect of the Collateral, dispose of or otherwise
deal with the Collateral in such order as Mortgagee may in its discretion
determine, and exercise any and all other rights, powers, privileges and
remedies afforded to a secured party under the laws of the state in which the
Property is located as well as all other rights and remedies available at law or
in equity.

     3.07.  PROCEEDS OF SALES. The proceeds of any sale made under or by virtue
of this Article III, together with all other sums which then may be held by
Mortgagee under this Mortgage, whether under the provisions of this Article III
or otherwise, shall be applied as follows:

     (A)    To the payment of the costs, fees and expenses of sale and of any
judicial proceedings (including reasonable attorneys' and paralegals' fees and
costs, whether incurred before, during or after such proceedings, in any
appellate proceedings, before during or after sale of the Property or the
Collateral, or otherwise incurred) wherein the same may be made, including the
cost of evidence of title in connection with the sale, compensation to
Mortgagee, and to the payment of all expenses, liabilities and advances made or
incurred by Mortgagee under this Mortgage, together with interest on all
advances made by Mortgagee at the interest rate applicable under the Note, but
limited to any maximum rate permitted by law to be charged by Mortgagee;

     (B)    To the payment of any and all sums expended by Mortgagee under the
terms hereof, not then repaid, with accrued interest at the Default Rate set
forth in the Note, and all

                                       34
<Page>

other sums (except advances of principal and interest thereon) required to be
paid by Mortgagor pursuant to any provisions of this Mortgage, or the Note, or
any note evidencing any Future Advance, or any of the Related Agreements,
including, without limitation, all expenses, liabilities and advances made or
incurred by Mortgagee under this Mortgage or in connection with the enforcement
thereof, together with interest thereon as herein provided; and

     (C)    To the payment of the entire amount then due, owing or unpaid for
principal and interest upon the Note, any notes evidencing any Future Advance,
and any other obligation secured hereby, with interest on the unpaid principal
at the rate set forth therein from the date of advancement thereof until the
same is paid in full; and then

     (D)    The remainder, if any, to the person or persons, including
Mortgagor, legally entitled thereto.

     3.08.  CONDEMNATION AND INSURANCE PROCEEDS. All Condemnation Proceeds,
Insurance Proceeds and any interest earned thereon shall be paid over either by
the condemning authority, insurance company or escrow agent to Mortgagee and
shall be applied first toward reimbursement of the costs and expenses of
Mortgagee (including reasonable attorneys' and paralegals' fees), if any, in
connection with the recovery of such Proceeds, and then shall be applied in the
sole and absolute discretion of Mortgagee and without regard to the adequacy of
its security under this Mortgage (A) to the payment or prepayment of all or any
portion of the Note including the Prepayment Premium described in the Note; (B)
to the reimbursement of expenses incurred by Mortgagee in connection with the
restoration of the Property or Collateral; or (C) to the performance of any of
the covenants contained in this Mortgage as Mortgagee may determine. Any
prepayment of the Note or portion thereof pursuant to Mortgagee's election under
this Section shall be subject to the Prepayment Premium described in the Note.
Upon any Event of Default by Mortgagor under this Mortgage, all right, title and
interest of Mortgagor in and to all any and all insurance policies then in
force, including any and all unearned premiums and existing claims, will inure
to Mortgagee, which, at its sole option, and as attorney-in-fact for Mortgagor,
may then make, settle and give binding acquittances for claims under all such
policies, and may assign and transfer such policies or cancel or surrender them,
applying any unearned premium in such manner as Mortgagee may elect. The
foregoing appointment of Mortgagee as attorney-in-fact for Mortgagor is coupled
with an interest, and is irrevocable.

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     3.09.  WAIVER OF MARSHALLING, RIGHTS OF REDEMPTION, HOMESTEAD AND
VALUATION.

     (A)    Mortgagor, for itself and for all persons hereafter claiming through
or under it or who may at any time hereafter become holders of liens junior to
the lien of this Mortgage, hereby expressly waives and releases all rights to
direct the order in which any of the Property or Collateral shall be sold in the
event of any sale or sales pursuant hereto and to have any of the Property
and/or any other property now or hereafter constituting security for any of the
indebtedness secured hereby marshalled upon any foreclosure of this Mortgage or
of any other security for any of said indebtedness.

     (B)    To the fullest extent permitted by law, Mortgagor, for itself and
all who may at any time claim through or under it, hereby expressly waives,
releases and renounces all rights of redemption from any foreclosure sale, all
rights of homestead, exception, monitoring reinstatements, forbearance,
appraisement, valuation, stay and all rights under any other laws which may be
enacted extending the time for or otherwise affecting enforcement or collection
of the Note, the debt evidenced thereby, or this Mortgage. The foregoing waiver
of right of redemption shall be deemed to have been made pursuant to Paragraph
15-1601 of the Act; Mortgagor hereby acknowledging that the Property does not
constitute agricultural real estate, as said term is defined in Section 15-1201
of the Act or residential real estate as defined in Section 15-1219 of the Act.

     3.10.  REMEDIES CUMULATIVE. No remedy herein conferred upon or reserved to
Mortgagee is intended to be exclusive of any other remedy herein or by law or
equity provided, but each shall be cumulative and shall be in addition to every
other remedy given hereunder or now or hereafter existing at law or in equity or
by statute. No delay or omission of Mortgagee to exercise any right or power
accruing upon any Event of Default shall impair any right or power or shall be
construed to be a waiver of any Event of Default or any acquiescence therein.
Every power and remedy given by this Mortgage to Mortgagee may be exercised
separately, successively or concurrently from time to time as often as may be
deemed expedient by Mortgagee. If there exists additional security for the
performance of the obligations secured hereby, Mortgagee, at its sole option,
and without limiting or affecting any of its rights or remedies hereunder, may
exercise any of the rights and remedies to which it may be entitled hereunder
either concurrently with whatever rights and remedies it may have in connection
with such other security or in such order as it may determine. Any application
of any amounts or any portion thereof held by Mortgagee at any time as
additional security or otherwise, to any indebtedness secured hereby shall not
extend or postpone the due dates of any payments due from Mortgagor to Mortgagee
hereunder or under the Note, any Future Advance, or under any of the Related
Agreements, or change the amounts of any such payments or otherwise be construed
to cure or waive any default or notice of default hereunder or invalidate any
act done pursuant to any such default or notice.

     3.11.  NONRECOURSE. Except as otherwise set forth in this Section, and
subject to Section 3.12 hereof, Mortgagee's recourse under this Mortgage, the
Note and the Related Agreements shall be limited to and satisfied from the
Property and the proceeds thereof, the rents and all other income arising
therefrom during and after the month in which an Event of Default has occurred,
the other assets of Mortgagor arising out of the Property which are given as
collateral for the Note, and any other collateral given in writing to Mortgagee
as security for repayment of

                                       36
<Page>

the Note (all of the foregoing are collectively referred to as the "Loan
Collateral"). Notwithstanding the preceding sentence:

     (A)    Mortgagee may, in accordance with the terms of this Mortgage, the
Note or any Related Agreement: (1) foreclose the lien of this Mortgage; (2) take
appropriate action to enforce this Mortgage, the Note and the Related Agreements
to realize upon and/or protect the Loan Collateral; (3) name Mortgagor as a
party defendant in any action brought under this Mortgage, the Note or the
Related Agreements so long as the exercise of any remedy is limited to the Loan
Collateral; (4) pursue all of its rights and remedies against any guarantor or
surety or master tenant whether or not a partner, member or other owner of
Mortgagor; and (5) pursue all of its rights and remedies against Mortgagor and
the indemnitors under that certain Environmental Indemnity Agreement of even
date herewith and that certain Terrorism Insurance Indemnity Agreement of even
date herewith;

     (B)    Mortgagee may seek damages or other monetary relief, to the extent
of actual monetary loss, or any other remedy at law or in equity against
Mortgagor, and the indemnitors/guarantors, if any, under any nonrecourse
exception indemnity agreements ("Nonrecourse Indemnitors") by reason of or in
connection with: (1) the failure of Mortgagor to pay to Mortgagee, upon demand,
all rents, issues and profits of the Property to which Mortgagee is entitled
pursuant to this Mortgage, the Note or the Related Agreements following an Event
of Default; (2) any waste of the Property or any willful act or omission by
Mortgagor which damages or materially reduces the value of the Property; (3) the
distribution of rents, issues and profits from the Property prior to the payment
of operating expenses or the provision for reserves, if any, to be made pursuant
to this Mortgage, the Note or the Related Agreement prior to any other
expenditure or distribution by Mortgagor; (4) the failure to account for and to
turn over security deposits (and interest required by law or agreement to be
paid thereon) or prepaid rents following the occurrence of an Event of Default
under this Mortgage, the Note or any Related Agreements; (5) the failure to
timely pay all real estate taxes or any regular or special assessments affecting
the Property; (6) the failure to account for and to turn over real estate tax
accruals following the occurrence of an Event of Default under this Mortgage,
the Note or any Related Agreements; (7) the failure to maintain casualty and
liability insurance as required under the Note or the Related Agreements or to
apply insurance proceeds or condemnation awards relating to the Property or
other collateral in the manner required under applicable provisions of this
Mortgage, the Note or any Related Agreements; (8) any modification, termination
or cancellation of any lease of all or any portion of the Property without
Mortgagee's prior written consent, if and to the extent such consent is required
under the Note or the Related Agreements and if and to the extent such
modification, termination or cancellation has a material adverse affect on the
value of the Property; (9) a default by Mortgagor under any lease of all or any
portion of the Property; or (10) costs and expenses, including, without
limitation, attorneys' and paralegals' fees and transfer taxes, incurred by
Mortgagee in connection with the enforcement of this Mortgage, the Note or the
Related Agreements or in connection with a deed-in-lieu of foreclosure if the
Event of Default giving rise to the enforcement action is one described in
subsections (B) or (C) as an exception to the nonrecourse provisions, or if the
Mortgagor or any principal of Mortgagor objects to any actions taken by
Mortgagee to exercise its remedies under this Mortgage, the Note or the Related
Agreements; Mortgagor or principal of Mortgagor commences any lawsuit to enjoin
or delay a foreclosure of the Property by Mortgagee, or raises defenses or
counterclaims to a foreclosure action; Mortgagor applies for the appointment of
a

                                       37
<Page>

receiver, trustee or liquidator for it or for any of its property, or, as a
debtor, files a voluntary petition in bankruptcy, or petition or answer seeking
reorganization or an arrangement with creditors or takes advantage of any
bankruptcy, reorganization, insolvency, readjustment of debt, dissolution or
liquidation law or statute, or makes a general assignment for the benefit of
creditors; or in the event any bankruptcy or reorganization proceedings
(voluntary or involuntary), the Mortgagor or any principal of Mortgagor opposes
any motion by Mortgagee for relief from the Automatic Stay; and

     (C)    Mortgagor, any general partners of Mortgagor and the Nonrecourse
Indemnitor(s), if any, shall become personally liable for payment of all the
indebtedness evidenced by the Note and performance of all other obligations of
Mortgagor under this Mortgage, the Note and Related Agreements upon the
occurrence of any: (i) fraud or willful misrepresentation of a material fact by
Mortgagor, any general partners of Mortgagor, or Nonrecourse Indemnitor(s), if
any, in connection with this Mortgage, the Note, the Related Agreements or any
request for any action or consent by Mortgagee; (ii) a Transfer of any interest
in Mortgagor or all or any portion of the Property or any interest therein in
violation of the terms of this Mortgage, the Note or the Related Agreements; or
(iii) the incurrence by Mortgagor of any indebtedness in violation of the terms
of this Mortgage, the Note or Related Agreements (whether secured or unsecured,
direct or contingent), other than unsecured debt or routine trade payables
incurred in the ordinary course of business in connection with the operation of
the Property.

     In addition, Mortgagor, any general partners of Mortgagor and the
Nonrecourse Indemnitors, if any, shall be responsible for any costs and expenses
incurred by Mortgagee in connection with the collection of any amounts for which
Mortgagor, its general partners, if any, and the Nonrecourse Indemnitors, if
any, are personally liable under this Section 3.11, including attorneys' and
paralegals' fees and expenses, court costs, filing fees and all other costs and
expenses incurred in connection therewith.

     3.12.  EVASION OF PREPAYMENT PREMIUM. Mortgagor agrees that in the event
Mortgagee exercises its right to accelerate the maturity date of the Note
following an Event of Default, a tender of payment of an amount necessary to
satisfy the entire indebtedness evidenced by the Note, but without including the
Prepayment Premium described in the Note, made at any time prior to foreclosure
sale either by Mortgagor, its successors and assigns or by anyone on behalf of
Mortgagor, shall be deemed to constitute an evasion of the prepayment provisions
of the Note and such payment shall therefore be deemed to be a prepayment under
the Note, and to the extent permitted by law, shall include the Prepayment
Premium described in the Note.

                                   ARTICLE IV

                                  MISCELLANEOUS

     4.01.  SEVERABILITY. In the event any one or more of the provisions
contained in this Mortgage shall for any reason be held to be invalid, illegal
or unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provision of this Mortgage, but this Mortgage shall
be construed as if such invalid, illegal or unenforceable provision had never
been contained herein, but only to the extent that it is invalid, illegal or
unenforceable.

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     4.02.  CERTAIN CHARGES AND BROKERAGE FEES.

     (A)    Mortgagor agrees to pay Mortgagee its standard charge (or if there
is no standard charge, then Mortgagor shall reimburse Mortgagee for its
reasonable expenses) for each written statement requested of Mortgagee as to the
obligations secured hereby, furnished at Mortgagor's request. Mortgagor further
agrees to pay the charges of Mortgagee for any other service rendered Mortgagor,
or on its behalf, connected with this Mortgage or the indebtedness secured
hereby, including, without limitation, the delivery to an escrow holder of a
request for full or partial release or satisfaction of this Mortgage,
transmittal to an escrow holder of moneys secured hereby, changing its records
pertaining to this Mortgage and indebtedness secured hereby to show a new owner
of the Property, and replacing an existing policy of insurance held hereunder
with another such policy.

     (B)    Mortgagor agrees to indemnify and hold Mortgagee harmless from any
responsibility and/or liability for the payment of any commission charge or
brokerage fees to anyone which may be payable in connection with the funding of
the loan evidenced by the Note and this Mortgage or refinancing of any prior
indebtedness, if applicable, based upon any action taken by Mortgagor. It is
understood that any such commission charge or brokerage fees shall be paid
directly by Mortgagor to the entitled parties.

     4.03.  NOTICES.

     (A)    All notices expressly provided hereunder to be given by Mortgagee to
Mortgagor and all notices, demands and other communications of any kind or
nature whatever which Mortgagor may be required or may desire to give to or
serve on Mortgagee shall be in writing and shall be (1) hand-delivered,
effective upon receipt, (2) sent by United States Express Mail or by private
overnight courier, effective upon receipt, or (3) served by certified mail, to
the appropriate address set forth below, or at such other place as Mortgagor or
Mortgagee, as the case may be, may from time to time designate in writing by ten
(10) days prior written notice thereof. Any such notice or demand served by
certified mail, return receipt requested, shall be deposited in the United
States mail, with postage thereon fully prepaid and addressed to the party so to
be served at its address stated below or at such other address of which said
party shall have theretofore notified in writing, as provided above, the party
giving such notice. Service of any such notice or demand so made shall be deemed
effective on the day of actual delivery as shown by the addressee's return
receipt or the expiration of three (3) business days after the date of mailing,
whichever is the earlier in time. Any notice required to be given by Mortgagee
shall be equally effective if given by Mortgagee's agent, if any.

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<Page>

     (B)    Mortgagor hereby requests that any notice, demand, request or other
communication (including any notice of an Event of Default and notice of sale as
may be required by law) desired to be given or required pursuant to the terms
hereof be addressed to Mortgagor as follows:

            Inland Southeast Darien, L.L.C.
            2901 Butterfield Road
            Oakbrook, Illinois 60523
            Attention:    Roberta Matlin

     With a copy to:

            The Inland Real Estate Group, Inc.
            2901 Butterfield Road
            Oakbrook, Illinois 60523
            Attention:    General Counsel

     All notices and other communications to Mortgagee shall be addressed as
follows:

            c/o Allstate Investments, LLC
            Allstate Plaza South, Suite G5C
            3075 Sanders Road
            Northbrook, Illinois 60062
            Attention:    Commercial Mortgage Division
                          Servicing Manager

     With a copy to:

            Allstate Life Insurance Company
            Investment Law Division
            Allstate Plaza South, Suite G5A
            3075 Sanders Road
            Northbrook, Illinois 60062

     By acceptance of this Mortgage, Mortgagee collectively represent and
warrant to Mortgagor that they have appointed Allstate Investments, LLC as their
agent, investment advisor and manager of their investment assets, including this
Loan. Notwithstanding any contrary term or provision in this Mortgage or in any
Related Agreement, and until Mortgagor receives written notice signed by
Allstate Investments, LLC, (i) Mortgagor will communicate only to Allstate
Investments, LLC with respect to any and all notices, consents, approvals,
requests, modifications and agreements required or otherwise relating to this
Mortgage or the Loan (collectively, "Approvals and Requests") and Allstate
Investments, LLC shall communicate and act on behalf of Mortgagee with respect
to all Approvals and Requests, and (ii) Mortgagor shall be entitled to rely on
any communications from or actions by Allstate Investments, LLC with respect to
Mortgagee and all Approvals and Requests made by Allstate Investments, LLC shall
be deemed to be made by and binding upon Mortgagee. In the event Allstate
Investments, LLC ceases to be the agent, investment advisor and investment
manager for one or more of the

                                       40
<Page>

companies comprising Mortgagee, Mortgagee collectively agree that they shall
appoint another agent or shall designate one of the companies comprising
Mortgagee to communicate and act on behalf of Mortgagee. Additionally, Mortgagee
collectively represent and warrant that: (i) there will always be one loan
servicer in connection with the Loan; (ii) Mortgagor shall be consistently
directed to make all payments due under the Notes to a single loan servicer;
(iii) Mortgagor shall have no responsibility for allocating any such payments
among the holders of the Notes. The Notes shall be pari passu and interests of
each entity comprising Mortgagee in and to the Related Agreements and all Loan
Collateral shall be co-equal without any preference or priority over the
interests of any other entity comprising Mortgagee.

     4.04.  MORTGAGOR NOT RELEASED; CERTAIN MORTGAGEE ACTS.

     (A)    Extension of the time for payment or modification of the terms of
payment of any sums secured by this Mortgage granted by Mortgagee to any
successor in interest of Mortgagor shall not operate to release, in any manner,
the liability of Mortgagor. Mortgagee shall not be required to: commence
proceedings against such successor or refuse to extend time for payment or
otherwise modify the terms of payment of the sums secured by this Mortgage, by
reason of any demand made by Mortgagor. Without affecting the liability of any
person, including Mortgagor, but subject to the terms and provisions of Section
3.11, for the payment of any indebtedness secured hereby, or the legal operation
and effect of this Mortgage on the remainder of the Property for the full amount
of any such indebtedness and liability unpaid, Mortgagee is empowered as
follows: Mortgagee may from time to time and without notice (1) release any
person liable for the payment of any of the indebtedness; (2) extend the time or
otherwise alter the terms of payment of any of the indebtedness; (3) accept
additional real or personal property of any kind as security therefor, whether
evidenced by deeds of trust, mortgages, security agreements or any other
instruments of security; or (4) alter, substitute or release any property
securing the indebtedness.

     (B)    Mortgagee may at its sole option and without any duty to do so, at
any time, and from time to time, (1) consent to the making of any map or plan of
the Property or any part thereof; (2) join in granting any easement or creating
any restriction thereon; (3) join in any subordination or other agreement
affecting this Mortgage or the legal operation and effect or charge hereof; or
(4) release or reconvey, without any warranty, all or part of the Property from
the lien of this Mortgage.

     4.05.  INSPECTION. Upon reasonable prior notice and subject to the rights
of tenants under the Leases, Mortgagee may at any reasonable time make or cause
to be made entry upon and make inspections, reappraisals, surveys, construction
and environmental testing of the Property or any part thereof in person or by
agent, and if Mortgagee has a reasonable basis to believe that Mortgagor is in
breach of any covenant of this Mortgage in regard to the Property, the cost of
any such inspection shall be borne by the Mortgagor.

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<Page>

     4.06.  RELEASE OR RECONVEYANCE OR CANCELLATION. Upon the payment in full of
all sums secured by this Mortgage, Mortgagee shall cancel and release this
Mortgage and shall surrender this Mortgage and all notes evidencing indebtedness
secured by this Mortgage to Mortgagor. Upon payment of its fees and any other
sums owing to it under this Mortgage, Mortgagee shall release this Mortgage or
reconvey the Property without warranty to the person or persons legally entitled
thereto. The duly recorded release or reconveyance of the Property shall
constitute a reassignment of the Leases by the Mortgagee to the Mortgagor. Such
person or persons shall pay all fees of Mortgagee and costs of recordation, if
any. The recitals in such release or reconveyance of any matters or facts shall
be conclusive proof of the truthfulness thereof.

     4.07.  STATUTE OF LIMITATIONS. Mortgagor hereby expressly waives and
releases to the fullest extent permitted by law, the pleading of any statute of
limitations as a defense to any and all obligations secured by this Mortgage.

     4.08.  INTERPRETATION. Wherever used in this Mortgage, unless the context
otherwise indicates a contrary intent, or unless otherwise specifically provided
herein, the word "Mortgagor" shall mean and include both Mortgagor and any
subsequent owner or owners of the Property, and the word "Mortgagee" shall mean
and include not only the original Mortgagee hereunder but also any future owner
and holder, including pledgees, of the Note or other obligations secured hereby.
In this Mortgage, the Note and the Related Agreements, whenever the context so
requires, the masculine gender includes the feminine and/or neuter, and the
neuter includes the feminine and/or masculine, and the singular number includes
the plural. In this Mortgage, the Note and the Related Agreements, the use of
the word "including" shall not be deemed to limit the generality of the term or
clause to which it has reference, whether or not non-limiting language (such as
"without limitation," or "but not limited to," or words of similar import) is
used with reference thereto.

     4.09.  CAPTIONS. The captions and headings of the Articles and Sections of
this Mortgage, the Note and the Related Agreements are for convenience only and
are not to be used to interpret, define or limit the provisions hereof.

     4.10.  CONSENT. The granting or withholding of consent by Mortgagee to any
transaction as required by the terms hereof shall not be deemed a waiver of the
right to require consent to future or successive transactions. Mortgagor
covenants and agrees to reimburse Mortgagee promptly on demand for all legal and
other expenses incurred by Mortgagee or its servicing agent in connection with
all requests by Mortgagor for consent or approval under this Mortgage.

     4.11.  DELEGATION TO SUBAGENTS. Wherever a power of attorney is conferred
upon Mortgagee hereunder or under the Related Agreements, it is understood and
agreed that such power is conferred with full power of substitution, and
Mortgagee may elect in its sole discretion to exercise such power itself or to
delegate such power, or any part thereof, to one or more subagents and such
power shall be deemed to be coupled with an interest and irrevocable so long as
this Mortgage has not been cancelled.

     4.12.  SUCCESSORS AND ASSIGNS. All of the grants, obligations, covenants,
agreements, terms, provisions and conditions herein shall run with the land and
shall apply to, bind and inure to the benefit of, the heirs, administrators,
executors, legal representatives, successors and

                                       42
<Page>

assigns of Mortgagor (but this shall not permit any assignment prohibited
hereby) and the endorsees, transferees, successors and assigns of Mortgagee. In
the event Mortgagor is composed of more than one party, the obligations,
covenants, agreements, and warranties contained herein and in the Related
Agreements as well as the obligations arising therefrom are and shall be joint
and several as to each such party.

     4.13.  GOVERNING LAW. THIS MORTGAGE IS INTENDED TO BE GOVERNED BY AND
CONSTRUED UNDER THE LAWS OF THE STATE IN WHICH THE PROPERTY IS LOCATED.
MORTGAGOR HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY.

     4.14.  CHANGES IN TAXATION. If, after the date of this Mortgage, any law is
passed by the state in which the Property is located or by any other governing
entity, imposing upon Mortgagee any tax against the Property, or changing in any
way the laws for the taxation of mortgages or deeds of trust or debts secured by
mortgages or deeds of trust so that an additional or substitute tax is imposed
on Mortgagee or the holder of the Note, Mortgagor shall reimburse Mortgagee for
the amount of such taxes immediately upon receipt of written notice from
Mortgagee. Provided, however, that such requirement of payment shall be
ineffective if Mortgagor is permitted by law to pay the whole of such tax in
addition to all other payments required hereunder, without any penalty or charge
thereby accruing to Mortgagee and if Mortgagor in fact pays such tax prior to
the date upon which payment is required by such notice.

     4.15.  MAXIMUM INTEREST RATE. No provision of this Mortgage or of the Note
or of any note evidencing a Future Advance shall require the payment or permit
the collection of interest in excess of the maximum non-usurious rate permitted
by applicable law. In the event such interest does exceed the maximum legal
rate, it shall be canceled automatically to the extent that such interest
exceeds the maximum legal rate and if theretofore paid, credited on the
principal amount of the Note or, if the Note has been prepaid, then such excess
shall be rebated to Mortgagor. It is the intent of Mortgagor and Mortgagee that
the interest rate charged under the Note, this Mortgage, any note representing
any Future Advance and any of the Related Agreements shall comply with all
applicable law and not exceed the maximum rate allowed by law.

     4.16.  TIME OF ESSENCE. Time is of the essence of the obligations of
Mortgagor in this Mortgage and the Related Agreements and each and every term,
covenant and condition made herein by or applicable to Mortgagor.

     4.17.  REPRODUCTION OF DOCUMENTS. This Mortgage and all documents relating
thereto, specifically excluding the Note but including, without limitation,
consents, waivers and modifications which may hereafter be executed, financial
and operating statements, certificates and other information previously or
hereafter furnished to Mortgagee, may be reproduced by Mortgagee by any
photographic, photostatic, microfilm, micro-card, miniature photographic or
other similar process and Mortgagee may destroy any original document ("Master")
so reproduced, Mortgagor agrees and stipulates that any such reproduction is an
original and shall be admissible in evidence as the Master in any judicial or
administrative proceeding (whether or not the Master is in existence and whether
or not such reproduction was made or preserved by Mortgagee in the regular
course of business) and any enlargement, facsimile or further reproduction of
such a reproduction shall be no less admissible.

                                       43
<Page>

     4.18.  NO ORAL MODIFICATIONS. This Mortgage may not be amended or modified
orally, but only by an agreement in writing signed by the party against whom
enforcement of any amendment or modification is sought.

     4.19.  COMPLIANCE WITH ILLINOIS MORTGAGE FORECLOSURE LAW.

     (A)    In the event that any provisions in this Mortgage shall be
inconsistent with any provision of the Act, the provisions of the Act shall take
precedence over the provisions of this Mortgage, but shall not invalidate or
render unenforceable any other provision of this Mortgage that can be construed
in a manner consistent with Act.

     (B)    If any provision of this Mortgage shall grant to Mortgagee any
rights or remedies upon default of the Mortgagor which are more limited than the
rights that would otherwise be vested in Mortgagee under the Act in the absence
of said provision, Mortgagee shall be vested with the rights granted in the Act
to the full extent permitted by law.

     (C)    Without limiting the generality of the foregoing, all expenses
incurred by Mortgagee to the extent reimbursable under Sections 15-1510 and
15-1512 of the Act, whether incurred before or after any decree or judgment of
foreclosure, and whether enumerated in Article III of this Mortgage, shall be
added to the indebtedness secured by this Mortgage or by the judgment of
foreclosure.

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<Page>

     4.20.  FURTHER ASSURANCES. Mortgagor, from time to time, will execute,
acknowledge, subscribe and deliver to or at the direction of Mortgagee such
documents and further assurances as Mortgagee may reasonably require for the
purpose of evidencing, perfecting or confirming the lien and security interest
created by this Mortgage or the security to be afforded by the Related
Agreements, or both. Without limiting the foregoing and notwithstanding anything
in this Mortgage or the Related Agreements to the contrary, Mortgagor will
defend, indemnify and hold Mortgagee harmless with respect to any suit or
proceeding in which the validity, enforceability or priority of any such lien or
security interest, or both, is endangered or contested, directly or indirectly.
If Mortgagor fails to undertake the defense of any such claim in a timely
manner, or, in Mortgagee's sole determination, fails to prosecute such defense
with due diligence, then Mortgagee is authorized to take, at the sole expense of
Mortgagor, all necessary and proper action in defense of any such claim,
including, without limitation, the retention of legal counsel, the prosecution
or defense of litigation and the compromise or discharge of claims, including
payment of all costs and reasonable attorneys' and paralegals' fees. All costs,
expenses and losses, if any, so incurred by Mortgagee, including all reasonable
attorneys' and paralegals' fees, regardless of whether suit is brought, for all
administrative, trial and appellate proceedings, if any, will constitute
advances by Mortgagee as provided herein.

                               *   *   *   *   *

                            [Signature Page Follows]

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<Page>

     IN WITNESS WHEREOF, the undersigned has executed and delivered this
Mortgage as of the day and year first hereinabove written.

                                       MORTGAGOR AND "DEBTOR"

                                       INLAND SOUTHEAST DARIEN, L.L.C.,
                                       a Delaware limited liability company

                                       By: INLAND WESTERN RETAIL REAL ESTATE
                                           TRUST, INC., a Maryland corporation,
                                           Its sole member

                                           By: /s/ Valerie Medina
                                              ----------------------------
                                           Its: Asst. Secretary
                                               ---------------------------

                                       46
<Page>

STATE OF Illinois  )
                   ) SS.
COUNTY OF DuPage   )

     I, the undersigned, a Notary Public, in and for the County and State
aforesaid, DO HEREBY CERTIFY, that Valerie Medina, the Ass't Sec of INLAND
WESTERN RETAIL REAL ESTATE TRUST, INC., a Maryland corporation, the sole
member of INLAND SOUTHEAST DARIEN, L.L.C., a Delaware limited liability
company, personally known to me to be the same person whose name is
subscribed to the foregoing instrument, appeared before me this day in person
and acknowledged that as such officer he/she signed and delivered the said
instrument as his/her free and voluntary act and deed and as the free and
voluntary act and deed of said entities, for the uses and purposes therein
set forth.

     GIVEN under my hand and notarial seal this 18th day of Dec., 2003.

(SEAL)

                                                       /s/ Nancy C Phillips
                                                       -----------------------
                                                            Notary Public

My commission expires:

---------------------------

                                                     OFFICE SEAL
                                                  NANCY C PHILLIPS
                                          NOTARY PUBLIC, STATE OF ILLINOIS
                                           MY COMMISSION EXPIRES: 06/30/04

<Page>

                                    EXHIBIT A

                             (Property Description)

PARCEL 1:

LOTS 2, 9 AND 10 IN DARIEN TOWNE CENTRE, BEING A SUBDIVISION OF PART OF THE
SOUTHEAST 1/4 OF SECTION 29, TOWNSHIP 38 NORTH, RANGE 11 EAST OF THE THIRD
PRINCIPAL MERIDIAN ACCORDING TO THE PLAT THEREOF RECORDED AUGUST 17, 1993 AS
DOCUMENT R93-183593, IN DUPAGE COUNTY, ILLINOIS.

PARCEL 2:

A NON-EXCLUSIVE EASEMENT FOR THE BENEFIT OF PARCEL 1 AS CREATED BY THE
DECLARATION DATED AUGUST 5, 1993 AND RECORDED AUGUST 17, 1993 AS DOCUMENT
R93-183596 BY AMERICAN NATIONAL BANK AND TRUST COMPANY OF CHICAGO AS TRUSTEE
UNDER TRUST NUMBER JUNE 4, 1991 AND KNOWN AS TRUST NUMBER 113974-03 AND WAL-MART
STORES, INC. FOR THE PURPOSE OF INGRESS AND EGRESS, UTILITIES, SIGNAGE AND STORM
WATER RETENTION.

PARCEL 3:

AN EASEMENT FOR THE BENEFIT OF LOT 2 OF PARCEL 1 AS CREATED BY THE PLAT OF
DARIEN TOWNE CENTRE RECORDED AUGUST 17, 1993 AS DOCUMENT R93-183593 FOR THE
PURPOSE OF CONSTRUCTING, INSTALLING, MAINTAINING, REPAIRING AND REPLACING A SIGN
ON THE NORTH 25 FEET OF THE EAST 25 FEET OF LOT 8 IN DARIEN TOWNE CENTRE, BEING
A SUBDIVISION OF PART OF THE SOUTHEAST 1/4 OF SECTION 29, TOWNSHIP 38 NORTH,
RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN IN DUPAGE COUNTY, ILLINOIS.

P.I.N.: 09-29-400-019; 09-29-400-026; 09-29-400-027

Address:  2189 75th Street, Darien, Illinois 60561

                                       A-1
<Page>

                                    EXHIBIT B

                                (Fixture Filing)

     Pursuant to the security agreement contained in this Mortgage ("Security
Agreement") and the appropriate Uniform Commercial Code ("UCC") sections in the
State in which the Fixtures are located, as amended and recodified from time to
time, this Mortgage shall constitute a Fixture Filing.

     1.     DESCRIPTION OF FIXTURES. "Fixtures" shall include all articles of
personal property now or hereafter attached to, placed upon for an indefinite
term or used in connection with said real property, appurtenances and
improvements together with all goods and other property which are or at any time
become so related to the Property that an interest in them arises under real
estate law.

     2.     DESCRIPTION OF COLLATERAL. The Collateral, as defined in the
Security Agreement, includes, without limitation, the following items and types
of Collateral as well as certain other items and types of Collateral:

     All equipment, fixtures, goods, inventory and all present and future
accessions and products thereof and thereto as defined in the UCC, now or at any
time acquired, used, or to be used for or in connection with the construction,
use or enjoyment of the Property by Mortgagor, whether in the possession of
Mortgagor, warehousemen, bailees or any other person and whether located at the
Property or elsewhere, including without limitation:

     (A)    all building, maintenance or service equipment; building,
maintenance or raw materials or supplies; component parts or work in process;
appliances; furnishings; machinery; and tools; and

     (B)    all goods and property covered by any warehouse receipts, bills of
lading and other documents evidencing any goods or other tangible personal
property of any kind (including any Collateral) in which Mortgagor now or at any
time hereafter has any interest in connection with any or all of the Property or
Collateral; and

     (C)    any and all products of any accessions to any such Collateral which
may exist at any time.

     Part of the above described goods are or are to become Fixtures on the
Property. As used in this Exhibit to qualify the scope of Mortgagee's security
interest in any of the Collateral, the phrase "in connection with any or all of
the Property or Collateral" shall be used in its broadest and most comprehensive
sense and shall include without limitation property used or acquired (or to be
used or acquired) in connection with the improvement, development, construction,
repair or remodeling of any or all of the Property, property arising from or in
connection with the operation, use, maintenance, occupancy, sale, lease or
disposition of any or all of the Property or Collateral, property used or
acquired (or to be used or acquired) in connection with Mortgagor's performance
of any of its obligations to Mortgagee, and property acquired with any loan
proceeds. If any property is used (or to be used) for multiple or different
purposes, and one such purpose relates to any aspect of the Property or
collateral, such property shall constitute

                                       B-1
<Page>

Collateral hereunder, unless Mortgagee shall release such property from this
Fixture Filing and Mortgagee's security interest in a duly executed written
instrument.

     3.     RELATION OF FIXTURE FILING TO MORTGAGE. Some or all of the
Collateral described in Section 2 above may be or become Fixtures in which
Mortgagee has a security interest under the Security Agreement. However, nothing
herein shall be deemed to create any lien or interest in favor of Mortgagee
under this Mortgage in any such Collateral which is not a fixture, and the
purpose of this Exhibit B is to create a fixture filing under the appropriate
Uniform Commercial Code sections in the State in which the Fixtures are located,
as amended or recodified from time to time. the rights, remedies and interests
of Mortgagee under this Mortgage are independent and cumulative, and there shall
be no merger of any lien hereunder with any security interest created by the
Security Agreement. Mortgagee may elect to exercise or enforce any of its
rights, remedies, or interests under this Mortgage as Mortgagee may from time to
time deem appropriate.

            4.     NAME AND ADDRESS OF MORTGAGEE:

                   Allstate Life Insurance Company and
                   Allstate Insurance Company
                   Allstate Plaza South, Suite G5C
                   3075 Sanders Road
                   Northbrook, Illinois 60062
                   Attention:    Commercial Mortgage Division
                                 Servicing Manager

     5.     OTHER FIXTURE FINANCING AND REMOVAL OF FIXTURES. (A) Mortgagee has
not consented to any other security interest of any other person in any Fixtures
and has not disclaimed any interest in any Fixtures; and (B) Mortgagee has not
agreed or consented to the removal of any Fixtures from the Property, and any
such consent by Mortgagor shall not be binding on Mortgagee. Mortgagee reserves
the right to prohibit the removal of any Fixtures by any person with the legal
right to remove any Fixtures from the Property unless and until such person
makes arrangements with (and satisfactory to) Mortgagee for the payment to
Mortgagee of all costs of repairing any physical injury to the Property which
may be caused by the removal of such Fixtures. Any such payment shall be made
directly to Mortgagee at its request, and Mortgagee may hold such payment as
additional collateral under this Mortgage. Failure by Mortgagor to cause the
delivery to Mortgagee of any such payment shall constitute both: (1) waste under
(and breach of) this Mortgage; and (2) conversion of Collateral under (and a
breach of) the Security Agreement.

                                       B-2
<Page>

                                    EXHIBIT C

                             (Permitted Exceptions)

1.   General real estate taxes for the year 2003 and each year thereafter not
     yet due and payable.

2.   DECLARATION OF RESTRICTIONS AND GRANT OF EASEMENTS BY AMERICAN NATIONAL
     BANK AND TRUST COMPANY OF CHICAGO, AS TRUSTEE UNDER TRUST AGREEMENT DATED
     JUNE 4, 1991 AND KNOWN AS TRUST NUMBER 113974-03 AND BY WAL-MART STORES,
     INC. DATED AUGUST 5, 1993 AS DOCUMENT R93-183596

3.   MODIFICATION TO DECLARATION RECORDED SEPTEMBER 9, 1994 AS DOCUMENT
     R94-186274 AND RE-RECORDED OCTOBER 31, 1994 AS DOCUMENT R94-213935.

4.   NOTE SET FORTH IN THE CERTIFICATE ON THE PLAT OF DARIEN TOWNE CENTRE
     RECORDED AUGUST 17, 1993 AS DOCUMENT R93-183593 AS FOLLOWS: LOT 10 SHALL BE
     OWNED BY THE OWNER OF LOT 2 AND SAID OWNER OF LOT 10 AND LOT 2 SHALL BE
     RESPONSIBLE FOR THE MAINTENANCE AND PRESERVATION OF THE WETLANDS AREA,
     DRAINAGE AREAS AND THE DETENTION FACILITIES THEREON, INCLUDING, BUT NOT
     LIMITED TO, ALL STORM WATER IMPROVEMENTS AND APPURTENANCES, AERATOR
     EQUIPMENT, WETLAND PLANTINGS, GRADING AND FUNCTIONALITY OF THE DETENTION
     FACILITY AND SECURITY FENCING.(AFFECTS LOTS 2 AND 10)

5.   BUILDING LINE AS SHOWN ON THE PLAT OF DARIEN TOWNE CENTRE, AFORESAID, AS
     FOLLOWS: 50 FEET ALONG THE NORTH LINE OF LOT 2 and 50 FEET ALONG THE NORTH
     AND 10 FEET ALONG THE SOUTH AND WEST LINE OF LOT 9

6.   PARKING SETBACK LINE AS SHOWN ON THE PLAT OF DARIEN TOWNE CENTRE,
     AFORESAID, AS FOLLOWS: 30 FEET ALONG THE NORTH LINE OF LOT 2 and 30 FEET
     ALONG THE NORTH LINE OF LOT 9

7.   STORM SEWER EASEMENT, AS SHOWN ON THE PLAT AND SET FORTH IN THE CERTIFICATE
     ON THE PLAT OF DARIEN TOWNE CENTRE, AFORESAID, AS FOLLOWS: 10 FEET IN WIDTH
     ON VARIOUS PORTIONS OF LOT 2; and 10 FEET IN WIDTH IN VARIOUS PORTIONS OF
     LOT 10

8.   SANITARY SEWER EASEMENT, AS SHOWN ON THE PLAT AND SET FORTH IN THE
     CERTIFICATE ON THE PLAT OF DARIEN TOWNE CENTRE, AFORESAID, AS FOLLOWS: 20
     FEET IN WIDTH IN VARIOUS LOCATIONS OF LOT 2; and 20 FEET RUNNING IN A
     SOUTHWESTERLY AND NORTHEASTERLY DIRECTION ALONG THE SOUTHWEST CORNER AND
     15.02 FEET IN THE NORTHEAST CORNER OF LOT 10

9.   WATERMAIN EASEMENT, AS SHOWN ON THE PLAT AND SET FORTH IN THE CERTIFICATE
     ON THE PLAT OF DARIEN TOWNE CENTRE, AFORESAID, AS FOLLOWS: 20 FEET IN WIDTH
     IN VARIOUS LOCATIONS OF LOT 2; 11.80 FEET APPROXIMATELY 142 FEET EAST FROM
     THE WEST LINE AS MEASURED ALONG THE SOUTH LINE THEREOF, OF LOT 9; 20 FEET
     ALONG THE NORTH LINE AND CUTTING ACROSS THE NORTHEAST CORNER AND 20 FEET
     ALONG THE EAST LINE OF LOT 10

10.  PUBLIC UTILITIES EASEMENT, AS SHOWN ON THE PLAT AND SET FORTH IN THE
     CERTIFICATE ON THE PLAT OF DARIEN TOWNE CENTRE, AFORESAID, AS FOLLOWS: 10
     FEET IN WIDTH IN VARIOUS LOCATIONS OF LOT 2

11.  TERMS, PROVISIONS, CONDITIONS AND RESTRICTIONS AS CONTAINED IN THE
     ASSIGNMENT AND ASSUMPTION OF LEASES DATED SEPTEMBER 8, 1994 AND RECORDED
     SEPTEMBER 9, 1994 AS DOCUMENT R94-186276 MADE BY AND BETWEEN INTERCAPITAL

<Page>

     PORTFOLIO X LIMITED PARTNERSHIP, AN ILLINOIS LIMITED PARTNERSHIP AND
     AMERICAN NATIONAL BANK AND TRUST COMPANY OF CHICAGO AS TRUSTEE UNDER TRUST
     AGREEMENT DATED JUNE 4, 1991 AND KNOWN AS TRUST NUMBER 113974-03 AND 75TH
     AND LYMAN CORPORATION, A DELAWARE CORPORATION.

12.  TERMS, PROVISIONS, CONDITIONS AND RESTRICTIONS AS CONTAINED IN THE
     ASSIGNMENT AND ASSUMPTION OF REA'S DATED SEPTEMBER 8, 1994 AND RECORDED
     SEPTEMBER 9, 1994 AS DOCUMENT R94-186277 MADE BY AND BETWEEN INTERCAPITAL
     PORTFOLIO X LIMITED PARTNERSHIP, AN ILLINOIS LIMITED PARTNERSHIP AND
     AMERICAN NATIONAL BANK AND TRUST COMPANY OF CHICAGO AS TRUSTEE UNDER TRUST
     AGREEMENT DATED JUNE 4, 1991 AND KNOWN AS TRUST POLICY NO.: 1401 008168779
     D1 CHICAGO TITLE INSURANCE COMPANY NUMBER 113974-03 AND 75TH AND LYMAN
     CORPORATION, A DELAWARE CORPORATION.

13.  POSSIBLE SANITARY SEWER EASEMENT DISCLOSED BY STATEMENT RECORDED AS
     DOCUMENT R94-235991 " .. WITHIN THE SUBDIVISION OF DARIEN TOWNE CENTER, A
     COMMERCIAL SHOPPING CENTER AT THE SOUTHEAST CORNER OF 75TH STREET AND LYMAN
     AVENUE, DARIEN, ILLINOIS."

14.  COVENANTS AND RESTRICTIONS CONTAINED IN THE DOCUMENT RECORDED DECEMBER 22,
     1994 AS DOCUMENT NO. R94240804 WHICH DOES NOT CONTAIN A REVERSIONARY OR
     FORFEITURE CLAUSE. (AFFECTS LAND AND OTHER PROPERTY)

15.  TERMS, PROVISIONS, CONDITIONS, RESTRICTIONS AND EASEMENTS AS CONTAINED IN
     THE AGREEMENT FOR REGULATION OF PARKING OR MOTOR VEHICLES, ENFORCEMENT OF
     TRAFFIC PROVISIONS AND THE FURNISHING OF GENERAL POLICE SERVICES AT DARIEN
     TOWNE CENTER SHOPPING CENTER DATED JULY 28, 1995 RECORDED AUGUST 11, 1995
     AS DOCUMENT R95-105152. (AFFECTS LAND AND OTHER PROPERTY)

16.  EASEMENT IN FAVOR OF THE CITY OF DARIEN, AND ITS/THEIR RESPECTIVE
     SUCCESSORS AND ASSIGNS, TO INSTALL, OPERATE AND MAINTAIN ALL EQUIPMENT
     NECESSARY FOR THE PURPOSE OF SERVING THE LAND AND OTHER PROPERTY, TOGETHER
     WITH THE RIGHT OF ACCESS TO SAID EQUIPMENT, AND THE PROVISIONS RELATING
     THERETO CONTAINED IN THE PLAT RECORDED/FILED AS DOCUMENT NO. R94-213933.

17.  WE HAVE EXAMINED THE PLAT OF SURVEY OF THE BALSAMO/OLSON ENGINEERING
     COMPANY ORDER NO. 03-1106-400 DATED NOVEMBER 26, 2003 AND NOTE THE
     FOLLOWING: (A) SURVEYOR'S NOTE NUMBER 6 STATES: A PORTION OF THE PROPERTY
     IS LOCATED IN A 100-YEAR FLOOD PLAIN OR IN AN IDENTIFIED "FLOOD PRONE AREA"
     AS DEFINED BY THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT.
     PURSUANT TO THE FLOOD DISASTER PROTECTION ACT OF 1973, AS AMENDED, AS
     REFLECTED BY FLOOD INSURANCE RATE MAP PANEL NUMBER 170197 0060B, DATED
     APRIL 15, 1982. (AFFECTS LOT 10); (B) DRAINAGE EASEMENT OVER AN IRREGULAR
     SHAPED PARCEL OF LAND ALONG THE EAST 55 FEET, MORE OR LESS, OF LOT 10 AND
     THE SOUTHERLY 435 FEET, MORE OR LESS, OF SAID LOT 10.

18.  A 20 FOOT PUBLIC UTILITY EASEMENT, INCLUDING BUT NOT LIMITED TO A STORM
     SEWER EASEMENT, OVER THE SOUTHEAST CORNER OF LOT 10 RUNNING IN A
     NORTHWESTERLY AND SOUTHEASTERLY DIRECTION ALONG THE SOUTHEAST CORNER
     DISCLOSED BY PLAT OF SURVEY OF THE BALSAMO/OLSON ENGINEERING COMPANY ORDER
     NO. 03-1106-400 DATED NOVEMBER 26, 2003 PER DOCUMENT R94-087369.

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