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                                                                     EXHIBIT 4.2

                            SHARE REPURCHASE PROGRAM

     The Board of Directors (the "Board") of Inland American Real Estate Trust,
Inc., a Maryland corporation (the "Company"), has adopted this Share Repurchase
Program (this "Repurchase Program") to permit and authorize the Company to
repurchase shares of its common stock, par value $0.001 per share (the
"Shares"), from its stockholders, in all cases subject to the terms, conditions
and limitations set forth herein. The effective date of this Repurchase Program
is [____________], 2005.

     1. REPURCHASE PRICE.

          (a) The Company is authorized to repurchase Shares from its
     stockholders at the following prices per Share:

          (i)    if the Shares are beneficially owned by the requesting
                 stockholder continuously for at least one (1) year, the
                 repurchase price shall be equal to $9.25 per Share;

          (ii)   if the Shares are beneficially owned by the requesting
                 stockholder continuously for at least two (2) years, the
                 repurchase price shall be equal to $9.50 per Share;

          (iii)  if the Shares are beneficially owned by the requesting
                 stockholder continuously for at least three (3) years, the
                 repurchase price shall be equal to $9.75 per Share; or

          (iv)   if the Shares are beneficially owned by the requesting
                 stockholder continuously for at least four (4) years, the
                 repurchase price per Share shall be determined by the Board in
                 its sole and absolute discretion, but in no event less than
                 $10.00 per Share.

          (b) Notwithstanding SECTION 1(a) above, during periods when the
     Company is engaged in a public offering of its Shares, the repurchase price
     per Share under this Repurchase Program shall be less than the per share
     price of the Shares offered in the public offering.

     2. TREATMENT OF REPURCHASED SHARES. All Shares repurchased by the Company
pursuant to this Repurchase Program shall be canceled and shall have the status
of authorized but unissued shares. The Company shall not reissue any Shares
repurchased by it pursuant to this Repurchase Program unless those Shares are
first registered with the Securities and Exchange Commission under the
Securities Act of 1933, as amended, and under appropriate state securities laws
or otherwise issued in compliance with these laws.

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     3. TIME OF REPURCHASE; FUNDING; REPURCHASE LIMITATIONS.

          (a) TIME OF REPURCHASE. Except as otherwise provided from time to time
     by the Board, the Company shall make repurchases of Shares under this
     Repurchase Program on or about the last business day of each calendar
     month. As soon as reasonably practicable following the date of each monthly
     repurchase hereunder, the Company shall send to the applicable stockholder
     all cash proceeds resulting from the repurchase of the stockholder's
     Shares.

          (b) FUNDING. The Company is authorized, for the purpose of
     repurchasing Shares under this Repurchase Program in a particular calendar
     month, to use (i) offering proceeds from any public offerings of its
     Shares, (ii) proceeds from its Distribution Reinvestment Plan
     ("Reinvestment Plan") or (iii) any operating funds that the Board in its
     sole discretion may reserve for this purpose (collectively, the "Available
     Funds").

          (c) EXCESS AVAILABLE FUNDS. In any calendar month, if the aggregate
     amount of Available Funds exceeds the aggregate amount needed to repurchase
     all Shares for which repurchase requests have been received by the Company,
     the Company may, but shall not be obligated to, carry over the excess
     amount of Available Funds to a subsequent calendar month(s) for use in
     addition to the amount of Available Funds otherwise available for
     repurchases during that subsequent calendar month(s).

          (d) INSUFFICIENT AVAILABLE FUNDS; OTHER LIMITATIONS. The Company
     cannot guarantee that it will be able to repurchase all Shares for which a
     repurchase request is received. In any calendar month, if the aggregate
     amount of Available Funds (including any excess amount carried over
     pursuant to SECTION 3(c) above) is less than the aggregate amount needed to
     repurchase all Shares for which repurchase requests have been received by
     the Company, the Company shall repurchase Shares on a PRO RATA basis up to,
     but not in excess of, the aggregate amount of Available Funds (including
     any excess amount carried over pursuant to SECTION 3(c) above). In any
     calendar month, if repurchasing all Shares for which repurchase requests
     have been received by the Company would exceed the Aggregate Number of
     Shares Limit (as defined below), the Company shall, to the extent it has
     Available Funds (including any excess amount carried over pursuant to
     SECTION 3(c) above), repurchase Shares on a PRO RATA basis up to, but not
     in excess of, the Aggregate Number of Shares Limit. Any stockholder whose
     repurchase request has been partially accepted by the Company in a
     particular calendar month shall have the remainder of his or her request
     included with all new repurchase requests received by the Company in the
     immediately following calendar month.

          (e) PERCENTAGE LIMITATION. Notwithstanding anything to the contrary
     herein, at no time during any consecutive twelve (12) calendar month period
     shall the number of Shares repurchased by the Company under this Repurchase
     Program exceed five percent (5.0%) of the number of outstanding Shares at
     the beginning of the twelve (12) calendar month period (the "Aggregate
     Number of Shares Limit").

          (f) INEFFECTIVE WITHDRAWAL. In the event the Company receives a
     written notice of withdrawal, as described in SECTION 4(e) below, from a
     stockholder after the

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     Company has repurchased all or a portion of the stockholder's Shares, the
     notice of withdrawal shall not be effective with respect to the Shares
     repurchased, but shall be effective with respect to any of that
     stockholder's Shares not repurchased. The Company shall provide the
     stockholder with prompt written notice of the ineffectiveness or partial
     ineffectiveness of the written notice of withdrawal.

     4. STOCKHOLDER REQUIREMENTS.

          (a) GENERAL. Any stockholder may elect to participate in the
     Repurchase Program with respect to all or a designated portion of the
     stockholder's whole Shares; PROVIDED, HOWEVER, Shares must be beneficially
     owned by the presenting stockholder continuously for at least one (1) year
     to be eligible for repurchase by the Company under this Repurchase Program.
     If a stockholder dies prior to beneficially owning Shares for at least one
     (1) year, the Board may, in its sole discretion, waive the holding period
     for the stockholder's beneficiaries or heirs, as applicable. Fractional
     Shares, if any, shall not be accepted by the Company for repurchase under
     this Repurchase Program.

          (b) WRITTEN REQUESTS. A stockholder may request that the Company
     repurchase the stockholder's Shares by submitting a written repurchase
     request to: Ms. Roberta S. Matlin, Vice President of Administration, Inland
     American Real Estate Trust, Inc., 2901 Butterfield Road, Oak Brook,
     Illinois 60523. The written repurchase request must state the name of the
     person/entity who beneficially owns the Shares, the date of purchase of the
     Shares and the number of Shares requested to be repurchased. Written
     repurchase requests will be accepted by the Company on a calendar month
     basis, subject to the terms, conditions and other limitations set forth in
     this Repurchase Program. To be effective in a particular calendar month,
     the Company must receive a stockholder's written repurchase request prior
     to the date that the Company repurchases Shares in that calendar month. No
     written repurchase request shall be given preference over any other written
     repurchase request.

          (c) ASSIGNMENT FORM. As soon as reasonably practicable following
     receipt of a written repurchase request, the Company shall send an
     assignment form to the applicable stockholder. The assignment form must be
     properly executed by the beneficial owner of the Shares and returned to the
     Company before the Company may repurchase any Shares.

          (d) NO ENCUMBRANCES. All Shares requested to be repurchased under this
     Repurchase Program must be (i) beneficially owned by the stockholder(s) of
     record making the presentment, or the party presenting the Shares must be
     authorized to do so by the owner(s) of record of the Shares, and (ii) fully
     transferable and not be subject to any liens or other encumbrances. In
     certain cases, the Company may ask the requesting stockholder to provide
     evidence satisfactory to the Company, in its sole discretion, that the
     Shares requested for repurchase are free from liens and other encumbrances.
     If the Company determines that a lien or other encumbrance exists against
     the Shares, the Company shall have no obligation to repurchase, and shall
     not repurchase, any of the Shares subject to the lien or other encumbrance.

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          (e) WITHDRAWAL OF WRITTEN REPURCHASE REQUEST. In the event a
     stockholder wishes to withdraw his, her or its written repurchase request
     to have Shares repurchased under this Repurchase Program, the stockholder
     shall provide the Company with a written request of withdrawal. The Company
     will not repurchase a stockholder's Shares so long as the Company receives
     the written request of withdrawal prior to the time payment is sent to the
     applicable stockholder.

     5. TERMINATION OF REPURCHASE PROGRAM. This Repurchase Program shall be
suspended or terminated, as the case may be, and the Company shall not accept
Shares for repurchase upon the occurrence of any of the following:

          (a) This Repurchase Program shall immediately terminate, without
     further action by the Board or any notice to the Company's stockholders, in
     the event the Shares are listed on any national securities exchange, or are
     subject to BONA FIDE quotes on any inter-dealer quotation system or
     electronic communications network, or are subject to BONA FIDE quotes in
     the pink sheets; or

          (b) Subject to complying with the notice provisions set forth in
     SECTION 7(a) below, this Repurchase Program may be suspended or terminated
     in the event the Board determines that it is in the best interests of the
     Company to suspend or terminate the Repurchase Program.

     6. AMENDMENT. Notwithstanding anything to the contrary herein, this
Repurchase Program may be amended, in whole or in part, by the Board, in its
sole discretion, at any time or from time to time.

     7. MISCELLANEOUS.

          (a) NOTICE. In the event of any amendment, suspension or termination
     of this Repurchase Program pursuant to SECTION 6 or SECTION 5(b) hereof, as
     the case may be, the Company shall provide written notice to its
     stockholders at least thirty (30) days prior to the effective date of the
     amendment, suspension or termination. In addition, the Company shall
     disclose the amendment, suspension or termination in a report filed by the
     Company with the Securities and Exchange Commission on either Form 8-K,
     Form 10-Q or Form 10-K, or any successor forms, as appropriate.

          (b) LIABILITY. Neither the Company nor the Repurchase Agent (as
     defined below) shall have any liability to any stockholder for the value of
     the stockholder's Shares, the repurchase price of the stockholder's Shares
     or for any damages resulting from the stockholder's presentation of Shares
     for repurchase or the repurchase of Shares under this Repurchase Program or
     from the Company's determination not to repurchase Shares under the
     Repurchase Program, except as a result of the Company's or the Repurchase
     Agent's gross negligence, recklessness or violation of applicable law;
     PROVIDED, HOWEVER, that nothing contained herein shall constitute a waiver
     or limitation of any rights or claims that a stockholder may have under
     federal or state securities laws.

          (c) TAXES. Stockholders shall have sole responsibility and liability
     for the payment of all taxes, assessments and other applicable obligations
     resulting from the

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     repurchase of Shares pursuant to this Repurchase Program and neither the
     Company nor the Repurchase Agent shall have any such responsibility or
     liability.

          (d) REPURCHASE AGENT. The Company may appoint a repurchase agent as
     the Company's agent under this Repurchase Program (a "Repurchase Agent"),
     to effect all repurchases of Shares and to disburse funds to the respective
     stockholders in accordance with the terms, conditions and limitations set
     forth herein. The Repurchase Agent shall at all times be a member in good
     standing of the National Association of Securities Dealers, Inc. Initially,
     the Repurchase Agent shall be Inland Securities Corporation, a Delaware
     corporation.

          (e) ADMINISTRATION AND COSTS. The Repurchase Agent shall perform all
     recordkeeping and other administrative functions involved in operating and
     maintaining the Repurchase Program. The Company shall bear all costs
     involved in organizing, administering and maintaining the Repurchase
     Program.

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                                                                    EXHIBIT 10.1

                          BUSINESS MANAGEMENT AGREEMENT

     THIS BUSINESS MANAGEMENT AGREEMENT (this "Agreement"), dated as of
[__________], 2005, is entered into by and between INLAND AMERICAN REAL ESTATE
TRUST, INC., a Maryland corporation (the "Company"), and INLAND AMERICAN
BUSINESS MANAGER & ADVISOR INC., an Illinois corporation (the "Business
Manager").

                                   WITNESSETH:

     WHEREAS, the Company has registered with the Securities and Exchange
Commission to issue Shares (as defined in SECTION 1 below) in a public offering
and may subsequently issue securities other than these Shares ("Securities");

     WHEREAS, the Company intends to qualify as a REIT (as defined in SECTION 1
below), and to make investments permitted by the terms of the Articles of
Incorporation (as defined below) and Sections 856 through 860 of the Code (as
defined in SECTION 1 below);

     WHEREAS, the Company desires to avail itself of the experience, sources of
information, advice, assistance and facilities available to the Business Manager
and to have the Business Manager undertake the duties and responsibilities
hereinafter set forth, on behalf of, and subject to the supervision of, the
Board of Directors (as defined in SECTION 1 below), all as provided herein; and

     WHEREAS, the Business Manager is willing to undertake to render these
services, subject to the supervision of the Board of Directors, on the terms and
conditions hereinafter set forth.

     NOW, THEREFORE, in consideration of the mutual covenants set forth herein,
the parties hereto agree as follows:

     1. DEFINITIONS. As used herein, the following capitalized terms shall have
the meanings set forth below:

     "ACQUISITION CO." means Inland Real Estate Acquisitions, Inc., an Illinois
Corporation.

     "ACQUISITION EXPENSES" means any and all expenses incurred by the Company,
the Business Manager or any Affiliate of either in connection with selecting,
evaluating or acquiring any investment in Real Estate Assets, including but not
limited to legal fees and expenses, travel and communication, appraisals and
surveys, nonrefundable option payments regardless of whether the Real Estate
Asset is acquired, accounting fees and expenses, computer related expenses,
architectural and engineering reports, environmental and asbestos audits and
surveys, title insurance and escrow fees, and personal and miscellaneous
expenses.

     "ACQUISITION FEES" means the total of all fees and commissions, excluding
Acquisition Expenses, paid by any Person to any other Person (including any fees
or

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commissions paid by or to the Company, the Business Manager or any Affiliate of
either) in connection with an investment in Real Estate Assets or purchasing,
developing or constructing a property by the Company. For these purposes, the
fees or commissions shall include any real estate commission, selection fee,
development fee, construction fee, nonrecurring management fee, loan fee,
including points, or any fee of a similar nature, however designated, except for
development fees and construction fees paid to any Person not Affiliated with
the Sponsor or Business Manager in connection with the actual development and
construction of a project, or fees in connection with temporary short-term
investments acquired for purposes of cash management.

     "ACQUISITION OF A REAL ESTATE OPERATING COMPANY" means the acquisition of a
Real Estate Operating Company by the Company or a wholly-owned subsidiary of the
Company: (i) by purchasing at least fifty and one-tenth percent (50.1%) of the
capital stock or other equity interest in a Real Estate Operating Company, or by
merger or other business combination, reorganization or tender offer or (ii) by
acquiring all or substantially all of a Real Estate Operating Company's assets
in a single or series of purchases.

     "AFFILIATE" means, with respect to any other Person:

          (a) any Person directly or indirectly owning, controlling or holding,
     with the power to vote, ten percent (10.0%) or more of the outstanding
     voting securities of such other Person;

          (b) any Person ten percent (10.0%) or more of whose outstanding voting
     securities are directly or indirectly owned, controlled or held, with the
     power to vote, by such other Person;

          (c) any Person directly or indirectly controlling, controlled by or
     under common control with such other Person;

          (d) any executive officer, director, trustee, general partner or
     manager of such other Person; and

          (e) any legal entity for which such Person acts as an executive
     officer, director, trustee, general partner or manager.

     "AFFILIATED DIRECTORS" means those directors of the Company who are
Affiliated with the Sponsor.

     "ARTICLES OF INCORPORATION" means the articles of incorporation of the
Company, as amended or restated from time to time.

     "AVERAGE INVESTED ASSETS" means, for any period, the average of the
aggregate Book Value of the assets of the Company, including lease intangibles,
invested, directly or indirectly, in financial instruments, debt and equity
securities and equity interests in and loans secured by Real Estate Assets
including amounts invested in Real Estate Operating Companies, before reserves
for depreciation or bad debts or other similar non-cash reserves, computed by
taking the average of these values at the end of each month during the period.

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     "BOARD OF DIRECTORS" means the persons holding the office of director of
the Company as of any particular time under the Articles of Incorporation.

     "BOOK VALUE" means the value of the particular asset on the books and
records of the Company, before any allowance for depreciation or amortization.

     "CODE" means the Internal Revenue Code of 1986, as amended, and the
regulations promulgated thereunder or corresponding provisions of subsequent
revenue laws.

     "COMPANY FIXED ASSETS" means the Real Property, together with the
buildings, leasehold interests, improvements, equipment, furniture, fixtures and
personal property associated therewith, used by the Company in conducting its
business.

     "CURRENT RETURN" means a non-cumulative, non-compounded return, equal to
five percent (5.0%) per annum on Invested Capital.

     "DUE DILIGENCE EXPENSE ALLOWANCE" means any and all BONA FIDE amounts
reimbursed for expenses incurred by any underwriters, dealer managers or other
broker-dealers in connection with investigating the Company or any offering of
Securities made by the Company.

     "EQUITY STOCK" means all classes or series of capital stock of the Company,
including, without limit, its common stock, $.001 par value per share, and
preferred stock, $.001 par value per share.

     "FISCAL YEAR" means the calendar year ending December 31.

     "GAAP" means United States generally accepted accounting principles as in
effect from time to time, consistently applied.

     "GROSS OFFERING PROCEEDS" means the total proceeds from the sale of
500,000,000 Shares in the Offering before deducting Offering Expenses. For
purposes of calculating Gross Offering Proceeds, the selling price for all
Shares, including those for which volume discounts apply, shall be deemed to be
$10.00 per Share. Unless specifically included in a given calculation, Gross
Offering Proceeds does not include any proceeds from the sale of Shares under
the Company's distribution reinvestment plan.

     "INDEMNITEE" OR "INDEMNITEES" means any person(s), entity or entities
seeking indemnity under SECTION 23 hereof.

     "INDEPENDENT DIRECTOR" means any director of the Company who:

          (a) is not associated and has not been associated within the two years
     prior to becoming an Independent Director, directly or indirectly, with the
     Company, the Sponsor or the Business Manager, whether by ownership of,
     ownership interest in, employment by, any material business or professional
     relationship with, or as an officer or director of the Company, the
     Sponsor, the Business Manager or any of their Affiliates;

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          (b) does not serve as a director for more than two other REITs
     organized by the Sponsor or advised by the Business Manager or any of its
     Affiliates; and

          (c) performs no other services for the Company, except as a director.

For purposes of this definition, a business or professional relationship will be
considered material if the gross revenue derived by the director exceeds five
percent (5.0%) of either the director's annual gross revenue during either of
the last two years or the director's net worth on a fair market value basis. An
indirect relationship shall include circumstances in which a director's spouse,
parents, children, siblings, mothers- or fathers-in-law, sons- or
daughters-in-law or brothers- or sisters-in-law is or has been associated with
the Company, the Sponsor, the Business Manager or any of their Affiliates during
the last two years.

     "INVESTED CAPITAL" means the original issue price paid for the Shares
reduced by prior distributions from the sale or financing of the Company's
Properties.

     "MARKETING CONTRIBUTION" means any and all compensation payable to
underwriters, dealer managers or other broker-dealers for expenses in connection
with marketing the sale of Shares, including, without limitation, compensation
payable to Inland Securities Corporation.

     "MANAGEMENT FEE" means any fees payable to the Business Manager under
SECTION 8(A) or SECTION 10 of this Agreement.

     "NET INCOME" means, for any period, the aggregate amount of total revenues
applicable to the period LESS the expenses applicable to the same period other
than additions to, or allowances for, reserves for depreciation, amortization or
bad debts or other similar noncash reserves all calculated in accordance with
GAAP; PROVIDED, HOWEVER, that Net Income shall not include any gain recognized
upon the sale of the Company's assets.

     "NET SALES PROCEEDS" means the proceeds from the sale, grant or conveyance
of any Real Estate Assets, including assets owned by a Real Estate Operating
Company that is acquired by the Company and operated as one of its subsidiaries,
LESS any costs incurred in selling the asset including, but not limited to,
legal fees and selling commissions and further reduced by the amount of any
indebtedness encumbering the asset and any amounts reinvested in one or more
Real Estate Assets or set aside as a reserve within one hundred eighty (180)
days of closing of sale, grant or conveyance.

     "OFFERING" means the initial public offering of Shares on a "best efforts"
basis pursuant to the Prospectus dated [__________], 2005.

     "OFFERING EXPENSES" means all expenses incurred by, and to be paid from,
the assets of the Company in connection with and in preparing the Company for
registration and offering its Shares to the public, including, but not limited
to, total underwriting and brokerage discounts and commissions (including fees
and expenses of underwriters' attorneys paid by the Company), expenses for
printing, engraving, mailing, salaries of the Company's employees while engaged
in sales activity, charges of transfer agents, registrars, trustees, escrow
holders,

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depositaries, experts, expenses of qualification of the sale of the securities
under federal and state laws, including taxes and fees and accountants' and
attorneys' fees and expenses.

     "ORGANIZATION EXPENSES" means the aggregate of all Offering Expenses,
including Selling Commissions, the Marketing Contribution and the Due Diligence
Expense Allowance.

     "PERSON" means any individual, corporation, business trust, estate, trust,
partnership, limited liability company, association, two or more persons having
a joint or common interest or any other legal or commercial entity.

     "PRIMARY GEOGRAPHICAL AREA OF INVESTMENT" means, with respect to the
Company, the United States and Canada.

     "PROPERTY" or "PROPERTIES" means interests in (i) Real Property or (ii) any
buildings, structures, improvements, furnishings, fixtures and equipment,
whether or not located on the Real Property, in each case owned or to be owned
by the Company either directly or indirectly through one or more Affiliates,
joint ventures, partnerships or other legal entities.

     "PROPERTY MANAGER" means Inland North American Property Management Corp., a
Delaware corporation, and any of its successors and assigns.

     "PROSPECTUS" means the final prospectus of the Company in connection with
the registration of Shares filed with the Securities and Exchange Commission on
Form S-11, as amended and supplemented.

     "REAL ESTATE ASSETS" means any and all investments in: (i) Real Property
whether directly or indirectly through owned or controlled subsidiaries or a
Real Estate Operating Company and including amounts invested in joint ventures;
(ii) loans, or other evidence of indebtedness secured, directly or indirectly,
by interests in Real Property; (iii) mortgage backed securities; and (iv) "Real
Estate Assets" as that term is defined in the Articles of Incorporation.

     "REAL ESTATE OPERATING COMPANY" means: (i) any entity that has equity
securities registered under Section 12(b) or 12(g) of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"); (ii) any entity that files
periodic reports under Sections 13 or 15(d) of the Exchange Act; or (iii) any
entity that, either itself or through its subsidiaries:

          (a) owns and operates interests in real estate on a going concern
     basis rather than as a conduit vehicle for investors to participate in the
     ownership of assets for a limited period of time;

          (b) has a policy or purpose of reinvesting sale, financing or
     refinancing proceeds or cash from operations;

          (c) has its own directors, managers or managing general partners, as
     applicable; and

          (d) either (1) has its own officers and employees that, on a daily
     basis, actively operate the entity and its subsidiaries and businesses, or
     (2) has retained the services of an

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     affiliate or sponsor of, or advisor to, the entity to, on a daily basis,
     actively operate the entity and its subsidiaries and businesses.

     "REAL PROPERTY" means land, rights or interests in land (including, but not
limited to, leasehold interests), and any buildings, structures, improvements,
furnishings, fixtures and equipment located on, or used in connection with, land
and rights or interest in land.

     "REIT" means a real estate investment trust as defined in Sections 856
through 860 of the Code.

     "SHARES" means the shares of common stock, par value $.001 per share, of
the Company, and "Share" means one of those Shares.

     "SELLING COMMISSIONS" means any and all commissions, not to exceed seven
and one-half percent (7.5%) of the gross offering price of any Shares, payable
to underwriters, dealer managers or other broker-dealers in connection with the
sale of Shares, including, without limitation, commissions payable to Inland
Securities Corporation.

     "SPONSOR" means Inland Real Estate Investment Corporation, a Delaware
corporation.

     "STOCKHOLDERS" means holders of shares of Equity Stock.

     "TOTAL OPERATING EXPENSES" means the aggregate expenses of every character
paid or incurred by the Company as determined under GAAP, including the
Management Fee and other fees payable hereunder, but excluding:

          (a) the expenses of raising capital such as Offering Expenses,
     Organization Expenses, legal, audit, accounting, underwriting, brokerage,
     listing, registration and other fees, printing and other expenses and taxes
     incurred in connection with the issuance, distribution, transfer,
     registration and listing of any shares of the Equity Stock;

          (b) property expenses;

          (c) interest payments;

          (d) taxes;

          (e) non-cash charges such as depreciation, amortization and bad debt
     reserves;

          (f) any incentive fees payable hereunder; and

          (g) Acquisition Fees, Acquisition Expenses, real estate commissions on
     resale of property and other expenses connected with acquiring, disposing
     and owning real estate interests, mortgage loans, or other property (such
     as the costs of foreclosure, insurance premiums, legal services,
     maintenance, repair and property improvements).

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     2. DUTIES OF THE BUSINESS MANAGER. The Business Manager shall consult with
the Company and shall, at the request of the Board of Directors or the officers
of the Company, furnish advice and recommendations with respect to all aspects
of the business and affairs of the Company. The Business Manager shall inform
the Board of Directors of factors that come to the Business Manager's attention
that may, in its opinion, influence the policies of the Company. Subject to the
supervision of the Board of Directors and consistent with the provisions of the
Articles of Incorporation, the Business Manager shall use its best efforts to:

          (a) subject to the terms and conditions set forth in that certain
     Property Acquisition Agreement by and between the Company and Acquisition
     Co., of even date herewith, use commercially reasonable efforts to identify
     potential investment opportunities in Real Estate Assets located in the
     Primary Geographical Area of Investment and consistent with the Company's
     investment objectives and policies; including but not limited to:

               (i) locating, analyzing and selecting potential investments in
          Real Estate Assets;

               (ii) structuring and negotiating the terms and conditions of
          acquisition and disposition transactions;

               (iii) arranging for financing and refinancing and making other
          changes in the asset or capital structure of the Company and disposing
          of and reinvesting the proceeds from the sale of, or otherwise deal
          with the investments in, Real Estate Assets; and

               (iv) entering into leases and service contracts, on the Company's
          behalf, for Real Estate Assets and, to the extent necessary,
          performing all functions necessary to maintain and administer the
          Company's assets.

          (b) assist the Board of Directors in evaluating these investment
     opportunities;

          (c) provide the Board of Directors with research and other statistical
     data and analysis in connection with the Company's assets, operations and
     investment policies;

          (d) manage the Company's day-to-day operations, consistent with the
     investment objectives and policies established by the Board of Directors
     from time to time;

          (e) investigate, select and conduct relations with lenders,
     consultants, accountants, brokers, property managers, attorneys,
     underwriters, appraisers, insurers, corporate fiduciaries, banks, builders
     and developers, sellers and buyers of investments and persons acting in any
     other capacity specified by the Company from time to time, and enter into
     contracts in the Company's name with, and retaining and supervising
     services performed by, such parties in connection with investments that
     have been or may be acquired or disposed of by the Company;

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          (f) cooperate with the Property Manager in connection with property
     management services and other activities relating to the Company's assets,
     subject to the requirement that the Business Manager or the Property
     Manager, as the case may be, qualifies as an "independent contractor" as
     that phrase is used in connection with applicable laws, rules and
     regulations affecting REITs that own Real Property;

          (g) upon request of the Company, act, or obtain the services of others
     to act, as attorney-in-fact or agent of the Company in making, acquiring
     and disposing of investments, disbursing and collecting the funds, paying
     the debts and fulfilling the obligations of the Company and handling,
     prosecuting and settling any claims of the Company, including foreclosing
     and otherwise enforcing mortgage and other liens and security interests
     securing investments;

          (h) assist in negotiations on behalf of the Company with investment
     banking firms and other institutions or investors for public or private
     sales of Securities of the Company or for other financing on behalf of the
     Company, provided that in no event may the Business Manager act as a
     broker, dealer, underwriter or investment advisor of, or for, the Company;

          (i) maintain, with respect to any Real Property and to the extent
     available, title insurance or other assurance of title and customary fire,
     casualty and public liability insurance;

          (j) supervise the preparation and filing and distribution of returns
     and reports to governmental agencies and to investors and act on behalf of
     the Company in connection with investor relations;

          (k) provide office space, equipment and personnel as required for the
     performance of the foregoing services as Business Manager;

          (l) advise the Board of Directors, from time to time, of the Company's
     operating results and coordinating preparation, with each property manager,
     of an operating budget including one, three and five year projections of
     operating results and such other reports as may be appropriate for each
     Real Estate Asset;

          (m) prepare, on behalf of the Company, all reports and returns
     required by the Securities and Exchange Commission, Internal Revenue
     Service and other state or federal governmental agencies relating to the
     Company and its operations;

          (n) undertake and perform all services or other activities necessary
     and proper to carry out the Company's investment objectives;

          (o) provide the Company with all necessary cash management services;

          (p) maintain the Company's books and records including, but not
     limited to, appraisals or fairness opinions obtained in connection with
     acquiring or disposing Real Estate Assets; and

                                       8
<Page>

          (q) enter into ancillary agreements with the Sponsor and its
     Affiliates to arrange for the services and licenses to be provided by the
     Business Manager hereunder.

     3. NO PARTNERSHIP OR JOINT VENTURE. The Company and the Business Manager
are not, and shall not be deemed to be, partners or joint venturers with each
other.

     4. REIT QUALIFICATIONS. Notwithstanding any other provision of this
Agreement to the contrary, the Business Manager shall refrain from taking any
action that, in its reasonable judgment or in any judgment of the Board of
Directors of which the Business Manager has written notice, would adversely
affect the qualification of the Company as a REIT under the Code or that would
violate any law, rule or regulation of any governmental body or agency having
jurisdiction over the Company or its Securities, or that would otherwise not be
permitted by the Articles of Incorporation. If any such action is ordered by the
Board of Directors, the Business Manager shall promptly notify the Board of
Directors that, in the Business Manager's judgment, the action would adversely
affect the Company's status as a REIT or violate any law, rule or regulation or
the Articles of Incorporation and shall refrain from taking such action pending
further clarification or instruction from the Board of Directors.

     5. BANK ACCOUNTS. At the direction of the Board of Directors or the
officers of the Company, the Business Manager shall establish and maintain bank
accounts in the name of the Company, and shall collect and deposit into and
disburse from such accounts moneys on behalf of the Company, upon such terms and
conditions as the Board of Directors may approve, provided that no funds in any
such account shall be commingled with funds of the Business Manager. The
Business Manager shall, from time to time, as the Board of Directors or the
officers of the Company may require, render appropriate accountings of such
collections, deposits and disbursements to the Board of Directors and to the
Company's auditors.

     6. FIDELITY BOND. The Business Manager shall not be required to obtain or
maintain a fidelity bond in connection with performing its services hereunder.

     7. INFORMATION FURNISHED TO THE BUSINESS MANAGER. The Board of Directors
will keep the Business Manager informed in writing concerning the investment and
financing policies of the Company. The Board of Directors shall notify the
Business Manager promptly in writing of the Board of Director's intention to
make any investments or to sell or dispose of any existing investments. The
Company shall furnish the Business Manager with a certified copy of all
financial statements, a signed copy of each report prepared by independent
certified public accountants and such other information with regard to its
affairs as the Business Manager may reasonably request.

                                       9
<Page>

     8. COMPENSATION. Subject to the provisions of SECTION 13 hereof, for
services rendered hereunder the Company shall pay to the Business Manager or its
designee the following:

          (a) A Management Fee of not more than one percent (1.0%) of the
     Average Invested Assets, payable quarterly in an amount equal to
     one-quarter of one percent (0.25%) of the Average Invested Assets of the
     Company as of the last day of the immediately preceding quarter; PROVIDED
     that in no event shall the Company be obligated to pay a Management Fee
     unless and until all of its Stockholders have received the Current Return.
     This fee terminates if the Company acquires the Business Manager.

          (b) An Acquisition Fee, equal to two and one-half percent (2.5%) of
     the aggregate purchase price paid upon Acquisition of a Real Estate
     Operating Company; PROVIDED, HOWEVER, that Acquisition Fees shall not be
     paid for acquisitions solely of a fee interest in Property. The Company
     shall pay Acquisition Fees either in cash or by issuing Shares valued per
     share at the greater of (i) the per share offering price of common stock in
     the Company's most recent public offering; (ii) if applicable, the per
     share price ascribed to shares of common stock used in the Company's most
     recent Acquisition of a Real Estate Operating Company; and (iii) $10.00 per
     share. Any Shares issued will be subject to restrictions on transfer. If
     the issuance of Shares to pay an Acquisition Fee would result in more than
     9.8% of the Company's common stock being held by The Inland Group, Inc., a
     Delaware corporation, and its Affiliates including the Business Manager,
     the Board of Directors may waive the ownership restrictions set forth in
     the Articles of Incorporation to permit the issuance of the additional
     Shares and the payment of the Acquisition Fee in that instance. Any waiver
     by the Board of Directors shall, as a consequence, reduce the aggregate
     number of Shares of the Company's common stock that may be held by
     individuals and entities other than the Business Manager. If the Board of
     Directors does not waive the ownership restrictions, the Company shall pay
     any excess fee in cash. This fee terminates if the Company acquires the
     Business Manager.

          (c) An incentive fee equal to fifteen percent (15.0%) of the Net Sales
     Proceeds; PROVIDED that in no event shall the Company be obligated to pay
     an incentive fee unless and until all of its Stockholders have first
     received a ten percent (10.0%) cumulative, non-compounded return on, plus
     return of, their Invested Capital. This fee terminates if the Company
     acquires the Business Manager.

     9. EXPENSES.

          (a) In addition to the compensation paid to the Business Manager
     pursuant to SECTION 8 or SECTION 10 hereof, and subject to the limits
     herein, the Company shall reimburse the Business Manager, the Sponsor and
     its Affiliates for all expenses paid or incurred by the Business Manager,
     the Sponsor or its Affiliates to provide certain services and licenses
     hereunder, including all direct expenses and the costs of salaries and
     benefits of persons employed by the Business Manager, the Sponsor and its
     Affiliates and performing services for the Company.

                                       10
<Page>

          (b) Direct expenses that the Company shall reimburse pursuant to
     SECTION 9(A) hereof include, but are not limited to:

               (i) any Offering Expenses;

               (ii) Acquisition Expenses incurred in connection with selecting
          and acquiring Real Estate Assets;

               (iii) the actual cost of goods and services purchased for and
          used by the Company and obtained from entities not affiliated with the
          Business Manager;

               (iv) interest and other costs for borrowed money, including
          points and other similar fees;

               (v) taxes and assessments on income or Real Property and taxes;

               (vi) premiums and other associated fees for insurance policies
          including director and officer liability insurance;

               (vii) expenses of managing and operating Real Estate Assets owned
          by the Company, whether payable to an Affiliate of the Company or a
          non-affiliated Person;

               (viii) all fees and expenses paid to members of the Board of
          Directors and the fees and costs of any meetings of the Board of
          Directors or Stockholders;

               (ix) expenses associated with listing or with issuing Shares and
          Securities, including Selling Commissions, advertising expenses,
          taxes, legal and accounting fees, listing and registration fees and
          other Organization Expenses and Offering Expenses except for Selling
          Commissions or other fees and expenses paid by the Dealer Manager to
          any Soliciting Dealer (as those terms are defined in the Dealer
          Manager Agreement) pursuant to that certain Dealer Manager Agreement
          dated [__________], 2005 by and between the Company and Inland
          Securities Corporation;

               (x) expenses associated with dividends or distributions paid in
          cash or otherwise made or caused to be made by the Company to
          Stockholders;

               (xi) expenses of organizing the Company and filing, revising,
          amending, converting or modifying the Articles of Incorporation or the
          bylaws;

               (xii) all expenses associated with Stockholder communications
          including the cost of preparing, printing and mailing annual reports,
          proxy statements and other reports required by governmental entities;

               (xiii) administrative service expenses including personnel costs;
          PROVIDED, HOWEVER, that no reimbursement shall be made for costs of
          personnel to

                                       11
<Page>

          the extent that such personnel perform services in transactions for
          which the Business Manager receives a separate fee;

               (xiv) audit, accounting and legal fees paid to third parties;

               (xv) transfer agent and registrar's fees and charges paid to
          third parties; and

               (xvi) expenses relating to any offices or office facilities
          maintained solely for the benefit of the Company that are separate and
          distinct from the Company's executive offices.

          (c) The Company shall also reimburse the Business Manager, the Sponsor
     and its Affiliates pursuant to SECTION 9(A) hereof for the salaries and
     benefits of persons employed by the Business Manager, the Sponsor or its
     Affiliates and performing services for the Company.

               (i) In the case of the Sponsor, whose employees also provide
          services for other entities sponsored by, or affiliated with, the
          Sponsor, the Company shall reimburse only A PRO RATA portion of the
          salary and benefits of these persons based on the amount of time spent
          by that person on matters for the Company compared to the time spent
          by that same person on all matters including the Company's matters.

               (ii) Except as otherwise agreed in writing by the Company or the
          Business Manager, the Company shall also reimburse Affiliates of the
          Sponsor for the salaries and benefits of persons employed by these
          Affiliates. The salary and benefit costs for each Affiliate shall be
          determined by multiplying (A) the number of hours spent by all
          employees of the Affiliate in providing services for the Company by
          (B) that Affiliate's "hourly billing rate." For these purposes, the
          "hourly billing rate" will approximate the hourly cost to the
          Affiliate to provide services to the Company based on:

               (1)  the average amount of all salaries and bonuses paid to the
                    employees of the Affiliate; and

               (2)  an allocation for overhead including employee benefits,
                    rent, materials, fees, taxes, and other operating expenses
                    incurred by the Affiliate in operating its business except
                    for direct expenses reimbursed by the Company pursuant to
                    SECTION 9(B) hereof.

          (d) The Business Manager shall prepare a statement documenting the
     expenses paid or incurred by the Business Manager, the Sponsor and its
     Affiliates for the Company on a quarterly basis. The Company shall
     reimburse the Business Manager, the Sponsor and its Affiliates for these
     expenses within forty-five (45) days after the end of each calendar
     quarter.

                                       12
<Page>

          (e) The Business Manager shall direct its employees, and shall cause
     the Sponsor and its Affiliates to direct their employees, who perform
     services for the Company to keep time sheets or other appropriate billing
     records and receipts in connection with any reimbursement of expenses made
     by the Company pursuant to this SECTION 9. All time sheets or other
     appropriate billing records or receipts shall be made available to the
     Company upon reasonable request to the Business Manager.

     10. COMPENSATION FOR ADDITIONAL SERVICES, CERTAIN LIMITATIONS.

          (a) The Company and the Business Manager will separately negotiate and
     agree on the fees for any additional services that the Company asks the
     Business Manager or its Affiliates to render in addition to those set forth
     in SECTION 2 hereof. Any additional fees or reimbursements to be paid by
     the Company in connection with the additional services must be fair and
     reasonable and shall be approved by a majority of the Board of Directors,
     including a majority of the Independent Directors.

          (b) In extraordinary circumstances fully justified to the official or
     agency administering the appropriate state securities laws, the Business
     Manager and its Affiliates may provide other goods and services to the
     Company if all of the following criteria are met:

               (i) the goods or services must be necessary to the prudent
          operation of the Company;

               (ii) the compensation, price or fee must be equal to the lesser
          of ninety percent (90.0%) of the compensation, price or fee the
          Company would be required to pay to independent, non-affiliated third
          parties who are rendering comparable services or selling or leasing
          comparable goods on competitive terms in the same geographic location,
          or ninety percent (90.0%) of the compensation, price or fee charged by
          the Business Manager or its Affiliates for rendering comparable
          services or selling or leasing comparable goods on competitive terms;
          and

               (iii) if at least ninety-five percent (95.0%) of gross revenues
          attributable to the business of rendering such services or selling or
          leasing such goods are derived from persons other than Affiliates, the
          compensation, price or fee charged by an unaffiliated person who is
          rendering comparable services or selling or leasing comparable goods
          must be on competitive terms in the same geographic location.
          Extraordinary circumstances shall be presumed to exist only when there
          is an emergency situation requiring immediate action by the Business
          Manager or its Affiliates and the goods or services are not
          immediately available from unaffiliated parties. Services that may be
          performed in extraordinary circumstances include emergency maintenance
          of Company properties, janitorial and other related services due to
          strikes or lockouts, emergency tenant evictions and repair services
          that require immediate action, as well as operating and releasing
          properties with respect to which the leases are in default or have
          been terminated.

                                       13
<Page>

          (c) Permitted reimbursements shall include salaries and related salary
     expenses for nonsupervisory services that could be performed directly for
     the Company by independent, non-affiliated third parties such as legal,
     accounting, transfer agent, data processing and duplication. The Business
     Manager believes that the employees of the Business Manager, the Sponsor
     and its Affiliates who may perform services for the Company for which
     reimbursement is allowed, will have the experience and educational
     background, in their respective fields of expertise, appropriate for the
     performance of any such services.

     11. STATEMENTS. The Business Manager shall furnish to the Company, not
later than the tenth (10th) day of each calendar quarter, beginning with the
second calendar quarter of the term of this Agreement, a statement computing any
Management Fee, Acquisition Fee or incentive fee payable hereunder. The Business
Manager shall also furnish to the Company, not later than the thirtieth (30th)
day following the end of each Fiscal Year, a statement computing the fees
payable to the Business Manager, the Sponsor or its Affiliates for the just
completed Fiscal Year; PROVIDED that any compensation payable hereunder shall be
subject to adjustments in accordance with, and upon completion of, the annual
audit of the Company's financial statements.

     12. BUSINESS COMBINATION.

          (a) BUSINESS COMBINATIONS. The Company shall consider becoming a
     self-administered REIT once the Company's assets and income are, in the
     view of the Board of Directors, of sufficient size such that internalizing
     the management functions performed by the Business Manager and the Property
     Manager is in the best interests of the Stockholders.

          If the Board of Directors should make this determination in the
     future, the Company shall pay one-half of the costs, and the Business
     Manager and the Property Manager shall pay the other half, of an investment
     banking firm. This firm shall jointly advise the Company and the Sponsor on
     the value of the Business Manager and the Property Manager. After the
     investment banking firm completes its analyses, the Company shall require
     it to prepare a written report and make a formal presentation to the Board
     of Directors.

          Following the presentation by the investment banking firm, the Board
     of Directors shall form a special committee comprised entirely of
     Independent Directors to consider a possible business combination with the
     Business Manager and the Property Manager. The Board of Directors shall,
     subject to applicable law, delegate all of its decision-making power and
     authority to the special committee with respect to these matters. The
     special committee also shall be authorized to retain its own financial
     advisors and legal counsel to, among other things, negotiate with
     representatives of the Business Manager and the Property Manager regarding
     a possible business combination.

          (b) CONDITIONS TO COMPLETION OF BUSINESS COMBINATION. Before the
     Company may complete any business combination with either the Business
     Manager or the

                                       14
<Page>

     Property Manager in accordance with this SECTION 12, the following two
     conditions shall be satisfied:

               (i) the special committee formed in accordance with SECTION 12(A)
          hereof receives an opinion from a recognized investment banking firm,
          separate and distinct from the firm jointly retained to provide a
          valuation analysis in accordance with SECTION 12(A) hereof, concluding
          that the consideration to be paid to acquire the Business Manager or
          the Property Manager, as the case may be, is fair to the Stockholders
          from a financial point of view; and

               (ii) the holders of a majority of the votes cast at a meeting of
          the Stockholders called for such purpose (if a quorum is present at
          the meeting) approves the acquisition; PROVIDED that, for these
          purposes only, any shares held by The Inland Group, Inc., the Sponsor
          or any of their Affiliates will be counted for purposes of determining
          the presence of quorum but will not, however, initially constitute a
          vote cast for purposes of determining the number of votes necessary to
          approve the acquisition. If the proposal receives the necessary votes
          to approve the acquisition, all shares held by The Inland Group, Inc.,
          the Sponsor or any of their Affiliates may then be voted in favor of
          the transaction.

     13. REIMBURSEMENT BY BUSINESS MANAGER. The Business Manager shall be
obligated to reimburse the Company in the following circumstances:

          (a) On or before the fifteenth (15th) day after the completion of the
     annual audit of the Company's financial statements for each Fiscal Year,
     the Business Manager shall reimburse the Company for the amounts, if any by
     which the Total Operating Expenses (including the Management Fee and other
     fees payable hereunder) of the Company for the Fiscal Year just ended
     exceeded the greater of:

               (i) two percent (2.0%) of the total of the Average Invested
          Assets for the just ended Fiscal Year; or

               (ii) twenty-five percent (25.0%) of the Net Income for the just
          ended Fiscal Year;

     PROVIDED, HOWEVER, that the Business Manager may satisfy any obligation
     under this SECTION 13(A) by reducing the amount to be paid the Business
     Manager under SECTION 8 or SECTION 10 hereunder until the Business Manager
     has satisfied its obligations under this SECTION 13(A); PROVIDED, FURTHER,
     that the Board of Directors, including a majority of the Independent
     Directors of the Company, may reduce the amount due under this SECTION
     13(A) upon a finding that the increased expenses were caused by unusual or
     nonrecurring factors.

          (b) If the aggregate of all Organization Expenses exceeds fifteen
     percent (15.0%) of the Gross Offering Proceeds or the aggregate of all
     Offering Expenses (excluding any Selling Commissions, the Marketing
     Contribution and the Due Diligence Expense Allowance) exceed four and
     one-half percent (4.5%) of the Gross Offering Proceeds, the Business
     Manager or its Affiliates shall reimburse the Company for, or pay

                                       15
<Page>

     directly, any excess Organization Expenses or Offering Expenses incurred by
     the Company above the greater of these limits.

     14. OTHER ACTIVITIES OF THE BUSINESS MANAGER. Nothing contained herein
shall prevent the Business Manager or an Affiliate of the Business Manager from
engaging in any other business or activity including rendering services or
advising on real estate investment opportunities to any other person or entity.
Directors, officers, employees and agents of the Business Manager or of
Affiliates of the Business Manager may serve as directors, trustees, officers,
employees or agents of the Company, but shall receive no compensation (other
than reimbursement for expenses) from the Company for this service.

     15. TERM; TERMINATION OF AGREEMENT. This Agreement shall have an initial
term of one year and, thereafter, will continue in force for successive one year
renewals with the mutual consent of the parties including an affirmative vote of
a majority of the Independent Directors. Each extension shall be executed in
writing by both parties hereto prior to the expiration of this Agreement or of
any extension thereof.

     Notwithstanding any other provision of the Agreement to the contrary, this
Agreement may be terminated at the mutual consent of the parties. The Company
may terminate this Agreement without cause or penalty upon a vote of a majority
of the Independent Directors by providing no less than sixty (60) days' written
notice to the Business Manager. In the event of the termination of the
Agreement, the Business Manager will cooperate with the Company and take all
reasonable steps requested to assist the Board of Directors in making an orderly
transition of the functions performed hereunder by the Business Manager.

     This Agreement shall also terminate upon the closing of a business
combination between the Company and the Business Manager as described in SECTION
12 or as otherwise provided in SECTION 17 hereof.

     If this Agreement is terminated pursuant to this SECTION 15, the parties
shall have no liability or obligation to each other including any obligations
imposed by SECTION 2(A) hereof, except as provided in SECTION 18.

     16. ASSIGNMENTS. The Business Manager may not assign this Agreement except
to a successor organization that acquires substantially all of its property and
carries on the affairs of the Business Manager; PROVIDED that following the
assignment, the persons who controlled the operations of the Business Manager
immediately prior thereto, control the operations of the successor organization,
including the performance of duties under this Agreement; however, if at any
time subsequent to the assignment such persons cease to control the operations
of the successor organization, the Company may thereupon terminate this
Agreement. This Agreement shall not be assignable by the Company without the
consent of the Business Manager, except to a corporation, trust or other
organization that is a successor to the Company. Any assignment of this
Agreement shall bind the assignee hereunder in the same manner as the assignor
is bound hereunder.

                                       16
<Page>

     17. DEFAULT, BANKRUPTCY, ETC. At the sole option of the Company, this
Agreement shall be terminated immediately upon written notice of termination
from the Board of Directors to the Business Manager if any of the following
events occurs:

          (a) the Business Manager violates any provisions of this Agreement and
     after notice of such violation shall not cure such default within thirty
     (30) days; or

          (b) a court of competent jurisdiction enters a decree or order for
     relief in respect of the Business Manager in any involuntary case under the
     applicable bankruptcy, insolvency or other similar law now or hereafter in
     effect, or appoints a receiver liquidator, assignee, custodian, trustee,
     sequestrator (or similar official) of the Business Manager or for any
     substantial part of its property or orders the winding up or liquidation of
     the Business Manager's affairs; or

          (c) the Business Manager commences a voluntary case under any
     applicable bankruptcy, insolvency or other similar law now or hereafter in
     effect, or consents to the entry of an order for relief in an involuntary
     case under any such law, or consents to the appointment of or taking
     possession by a receiver, liquidator, assignee, custodian, trustee,
     sequestrator (or similar official) of the Business Manager or for any
     substantial part of its property, or makes any general assignment for the
     benefit of creditors, or fails generally to pay its debts, as they become
     due.

     The Business Manager agrees that if any of the events specified in
subsections (b) and (c) of this SECTION 17 occur, it will give written notice
thereof to the Company within seven (7) days after the occurrence of such event.

     18. ACTION UPON TERMINATION. The Business Manager shall not be entitled to
compensation after the date of termination of this Agreement for further
services hereunder, but shall be paid all compensation accruing to the date of
termination. Upon termination of this Agreement, the Business Manager shall:

          (a) pay over to the Company all moneys collected and held for the
     account of the Company pursuant to this Agreement, after deducting any
     accrued compensation and reimbursement for expenses to which the Business
     Manager is entitled;

          (b) deliver to the Board of Directors a full accounting, including a
     statement showing all payments collected by the Business Manager and a
     statement of all money held by the Business Manager, covering the period
     following the date of the last accounting furnished to the Board of
     Directors;

          (c) deliver to the Board of Directors all property and documents of
     the Company then in the custody of the Business Manager; and

          (d) cooperate with the Company and take all reasonable steps requested
     by the Company to assist the Board of Directors in making an orderly
     transition of the functions performed by the Business Manager.

                                       17
<Page>

     19. TRADENAME AND MARKS. Concurrent with executing this Agreement, the
Company will enter into an agreement granting the Company the right, subject to
the terms and conditions of license agreement, to use the "Inland" name and
marks.

     20. AMENDMENTS. This Agreement shall not be amended, changed, modified,
terminated or discharged in whole or in part except by an instrument in writing
signed by both parties hereto, or their respective successors or assigns, or
otherwise provided herein.

     21. SUCCESSORS AND ASSIGNS. This Agreement shall bind any successors or
assigns of the parties hereto as herein provided.

     22. GOVERNING LAW. The provisions of this Agreement shall be governed,
construed and interpreted in accordance with the internal laws of the State of
Illinois without regard to its conflicts of law principles.

     23. LIABILITY AND INDEMNIFICATION.

          (a) The Company shall indemnify the Business Manager and its officers,
     directors, employees and agents (individually an "Indemnitee", collectively
     the "Indemnitees") to the same extent as the Company may indemnify its
     officers, directors, employees and agents under its Articles of
     Incorporation and bylaws so long as:

               (i) the Indemnitee has determined, in good faith, that the course
          of conduct that caused the loss, liability or expense was in the best
          interests of the Company;

               (ii) the Indemnitee was acting on behalf of, or performing
          services for, the Company;

               (iii) the liability or loss was not the result of gross
          negligence or willful misconduct on the part of the Indemnitee; and

               (iv) any amounts payable to the Indemnitee are paid only out of
          the Company's assets and not from any personal assets of any
          Stockholder.

          (b) The Company shall not indemnify any person or entity for losses,
     liabilities or expenses arising from, or out of, an alleged violation of
     federal or state securities laws by any party seeking indemnity unless one
     or more of the following conditions are met:

               (i) there has been a successful adjudication on the merits of
          each count involving alleged securities law violations as to the
          particular person or entity;

               (ii) the claims have been dismissed with prejudice on the merits
          by a court of competent jurisdiction as to the particular person or
          entity; or

                                       18
<Page>

               (iii) a court of competent jurisdiction approves a settlement of
          the claims and finds that indemnification of the settlement and
          related costs should be made and the court considering the request has
          been advised of the position of the Securities and Exchange Commission
          and the published opinions of any state securities regulatory
          authority in which securities of the Company were offered and sold
          with respect to the availability or propriety of indemnification for
          securities law violations.

          (c) The Company shall advance amounts to persons entitled to
     indemnification hereunder for legal and other expenses and costs incurred
     as a result of any legal action for which indemnification is being sought
     only if all of the following conditions are satisfied:

               (i) the legal action relates to acts or omissions with respect to
          the performance of duties or services by the Indemnitee for or on
          behalf of the Company;

               (ii) the legal action is initiated by a third party and a court
          of competent jurisdiction specifically approves the advance; and

               (iii) the Indemnitee receiving the advances undertakes to repay
          any monies advanced by the Company, together with the applicable legal
          rate of interest thereon, in any case(s) in which a court of competent
          jurisdiction finds that the party is not entitled to be indemnified.

     24. NOTICES. Any notice, report or other communication required or
permitted to be given hereunder shall be in writing unless some other method of
giving such notice, report or other communication is accepted by the party to
whom it is given and shall be given by being delivered at the following
addresses of the parties hereto:

IF TO THE COMPANY:              Inland American Real Estate Trust, Inc.
                                2901 Butterfield Road
                                Oak Brook, IL  60523
                                Attention:     Ms. Roberta S. Matlin
                                Telephone:     630-218-8000
                                Facsimile:     630-218-4955

IF TO THE BUSINESS MANAGER:     Inland American Business Manager & Advisor Inc.
                                2901 Butterfield Road
                                Oak Brook, IL 60523
                                Attention:     Ms. Brenda Gujral
                                Telephone:     630-218-8000
                                Facsimile:     630-218-4955

Either party may at any time give notice in writing to the other party of a
change of its address for the purpose of this SECTION 24.

                                       19
<Page>

     25. CONFLICTS OF INTEREST AND FIDUCIARY DUTIES TO THE COMPANY AND TO THE
COMPANY'S STOCKHOLDERS. The Company and the Business Manager recognize that
their relationship is subject to various conflicts of interest such as set forth
in the Prospectus. The Business Manager, on behalf of itself and its Affiliates,
acknowledges that the Business Manager and its Affiliates have fiduciary duties
to the Company and to the Stockholders. The Business Manager, on behalf of
itself and its Affiliates, agrees, on the one hand, that the Business Manager
and its Affiliates will endeavor to balance the interests of the Company with
the interests of the Business Manager and its Affiliates in making any
determination where a conflict of interest exists between the Company and the
Business Manager or its Affiliates.

     26. HEADINGS. The section headings hereof have been inserted for
convenience of reference only and shall not be construed to affect the meaning,
construction or effect of this Agreement.

                [THE REMAINDER OF THIS PAGE INTENTIONALLY BLANK]

                                       20
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     IN WITNESS WHEREOF, the undersigned have executed this Business Management
Agreement as of the date first above written.

COMPANY:                         BUSINESS MANAGER:

INLAND AMERICAN REAL ESTATE      INLAND AMERICAN BUSINESS MANAGER &
TRUST, INC.                      ADVISOR INC.

By:                              By:
  --------------------------       ----------------------------------------
Name:                            Name:
  --------------------------       ----------------------------------------
Its:                             Its:
  --------------------------       ----------------------------------------

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}]]