Document:

EXHIBIT
10.3.1

FIRST
AMENDED AND RESTATED

PROPERTY
ACQUISITION AGREEMENT

THIS FIRST AMENDED AND RESTATED PROPERTY ACQUISITION
AGREEMENT (this “Agreement”) is entered into as of July 30, 2007 by and between
INLAND REAL ESTATE ACQUISITIONS, INC., an
Illinois corporation (“Acquisitions”), and INLAND
AMERICAN REAL ESTATE TRUST, INC., a Maryland corporation (the “Company”).  Acquisitions and the Company are sometimes
referred to herein individually as a “Party” and collectively as the “Parties.”

WHEREAS, the Company is in the business of, among
other things, acquiring and managing real estate, primarily retail properties
and multi-family, office and industrial buildings located in the United States
and Canada, and other Real Estate Assets (as defined below);

WHEREAS, Acquisitions is in the business of acquiring
and assisting certain third parties in acquiring assets, such as the Real
Estate Assets (as defined below);

WHEREAS, Acquisitions is an indirect wholly-owned
subsidiary of The Inland Group, Inc., an Illinois corporation (“The Inland
Group”);

WHEREAS, Robert D. Parks is an officer and director of
the Company and a stockholder and director of The Inland Group;

WHEREAS, the Company and Acquisitions previously
entered into that certain Property Acquisition Agreement, dated August 31, 2005
(the “Original Property Acquisition Agreement”), and it is intended that this
Agreement amend and restate the Original Property Acquisition Agreement
effective as of and for all periods after the date hereof;

WHEREAS, concurrently with entering into the Original
Property Acquisition Agreement, the Company entered into that certain Business
Management Agreement, dated August 31, 2005, with an affiliate of Acquisitions;

WHEREAS, concurrent herewith, the Company is entering
into the First Amended and Restated Business Management Agreement (as defined
below) with an affiliate of Acquisitions; and

WHEREAS, Acquisitions is willing to grant the Company
certain rights to acquire Real Estate Assets identified by Acquisitions.

NOW, THEREFORE, in consideration of the mutual
promises and covenants contained herein, and in consideration of the amounts
payable to affiliates of Acquisition under the Business Management Agreement,
the Parties agree as follows:

1.             Incorporation of Recitals.  By this reference,
the recitals set forth above are hereby incorporated into this Agreement as if
fully set forth herein.

2.             Definitions.  The following capitalized terms used in this
Agreement shall have the following meanings:

(a)           “Business Manager”
means Inland American Business Manager & Advisor, Inc., an Illinois
corporation.

(b)           “Business Management
Agreement” means that certain First Amended and Restated Business Management
Agreement of even date herewith by and between the Company and the Business
Manager.

(c)           “Community Center”
means real estate improved for use as a multi-tenant shopping center with gross
leasable retail area exceeding 150,000 square feet but less than 300,000 square
feet.

(d)           “Covered Property”
means a Community Center, Neighborhood Retail Facility or Single User Property.

(e)           “Exchange Act” means
the Securities Exchange Act of 1934, as amended.

(f)            “Market Area” means
the United States and Canada.

(g)           “Neighborhood Retail
Facility” means real estate improved for use as a multi-tenant shopping center
with gross leasable retail area of not less than 5,000 square feet and not more
than 150,000 square feet.

(h)           “Real Estate Asset”
means a Covered Property, Subject Property or Real Estate Operating Company.

(i)            “Real Estate Operating
Company” means:  (i) any entity that has
equity securities registered under Section 12(b) or 12(g) of 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:

(i)            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;

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

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

(iv)          either: (A) has its own
officers and employees that, on a daily basis, actively operate the entity and
its subsidiaries and businesses; or (B) has retained the services of an
affiliate or sponsor of, or advisor to, the entity to, on a daily basis,
actively operate the entity and its subsidiaries and businesses.

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(j)            “Single User Property”
means real estate improved for use as a single tenant or commercial property.

(k)           “Subject Property”
means any commercial real estate located in the Market Area but excluding
Covered Properties.

3.             Right of
Refusal.  For and during
the term of this Agreement, and until the occurrence of a Right of First
Refusal Termination Event (as defined below) with respect to the subject Real
Estate Asset, Acquisitions hereby grants to the Company: (i) an exclusive right
of first refusal to acquire each and every Subject Property or Real Estate
Operating Company identified by Acquisitions; and (ii) subject to the exercise
of any prior rights vested in third parties and previously granted by
Acquisitions, a right of first refusal to acquire each and every Covered
Property.

4.             During the pendency
of a right of first refusal granted under Section 3 above, Acquisitions
covenants and agrees that it shall not (a) present or offer for sale the
subject Real Estate Asset to, (b) forward any information regarding the subject
Real Estate Asset to, or (c) pursue the acquisition of the subject Real Estate
Asset on behalf or for the benefit of any other person, entity or client except
the Company.

5.             Upon identifying a
Real Estate Asset subject to the provisions of Section 3 above,
Acquisitions shall deliver written notice to the Company (in form and substance
attached hereto as Exhibit A, each an “Acquisition Notice”) that
Acquisitions has identified, or entered into a letter of intent or acquisition
agreement with respect to, the applicable Real Estate Asset.  The Company shall have ten (10) business days
after the date of its receipt of an Acquisition Notice (the “Notice Period”) to
inform Acquisitions in writing (a “Company Notice”) whether the Company desires
to acquire the subject Real Estate Asset. 
Upon the occurrence of a Right of First Refusal Termination Event with
respect to the subject Real Estate Asset, the Company shall be deemed to have
waived any and all rights to acquire the subject Real Estate Asset, including
any corporate opportunity with respect thereto. 
If the Company delivers a Company Notice electing to pursue the
acquisition, but thereafter the Company determines not to pursue the
acquisition, then the Company shall deliver to Acquisitions written notice of
termination (each, a “Property Termination Notice”).  The Company shall, upon request, provide
Acquisitions with evidence setting forth the authority of the designated
officers of the Company to cause the Company to send a Company Notice or a
Property Termination Notice.

The Company’s election,
whether in response to, or at any time after, its receipt of an Acquisition
Notice, not to pursue the acquisition of a particular Real Estate Asset shall
not affect or impair any of the Company’s rights set forth in this Agreement
with respect to any other Real Estate Asset.

For the purposes hereof,
the term “Right of First Refusal Termination Event” means the first to occur
of: (i) the Company’s failure to deliver to Acquisitions a Company Notice with
respect to the subject Real Estate Asset prior to the expiration of the Notice
Period; (ii) delivery by the Company of a Company Notice with respect to the
subject Real Estate Asset; and (iii) failure of the Company to diligently
pursue acquisition of the subject Real Estate Asset or delivery by the Company
of a Property Termination Notice.

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6.             Acquisition
Agreements.  Acquisitions
may, from time to time, enter into a letter of intent or other acquisition
agreement with respect to a subject Real Estate Asset in its own name to
facilitate, among other things, the offer to, and possible purchase by, the
Company of the subject Real Estate Asset. 
In any such case, if the Company exercises its right of first refusal
with respect to, and elects to pursue the acquisition of, the subject Real
Estate Asset, and the Company is willing to enter into an agreement to acquire
the subject Real Estate Asset, then upon the Company’s request Acquisitions
shall assign the letter of intent or other acquisition agreement to the Company
or its designee.

7.             Reimbursements.  Section 9(b)(ii) of the Business
Management Agreement shall be, and hereby is, incorporated into this Agreement
by reference with the same force and effect as if set forth herein.  Notwithstanding the earlier termination, if
any, of the Business Management Agreement, the Company hereby agrees to
reimburse Acquisitions in accordance with Section 9 of the Business
Management Agreement in the manner specified thereunder.  The Parties agree that there shall be no
duplication of payment for any services rendered with respect to any subject
Real Estate Asset under this Agreement and the Business Management Agreement.

8.             No
Partnership or Joint Venture. 
The Parties to this Agreement are independent contractors.  Nothing in this Agreement is intended or shall
be deemed to constitute a partnership, agency, franchise or joint venture
relationship between the Parties.

9.             Term.  This term of this Agreement shall commence on
the date hereof and shall continue until the date that none of the directors
affiliated with The Inland Group, Inc., Acquisitions, the Business Manager or
their affiliates are then serving as officers and directors of the Company.

10.           Assignments.  This Agreement may not be assigned except
with the written consent of each Party hereto, except in the case of assignment
by a Party to a corporation, trust or other organization which is a successor
to such Party.  Any assignment of this
Agreement shall bind the assignee hereunder in the same manner as the assignor
is bound hereunder.

11.           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 each Party hereto or their respective successors or
assigns.

12.           Successors
and Assigns.  This
Agreement shall bind any successors or assigns of the Parties hereto as herein
provided.

13.           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.

14.           Notices.  All notices or other communications required
or permitted hereunder shall be in writing and shall be deemed given or
delivered:  (i) when delivered personally
or by commercial messenger; (ii) one business day following deposit with a
recognized overnight courier service, provided the deposit occurs prior to the
deadline imposed by the overnight courier service for overnight delivery; (iii)
when transmitted, if sent by facsimile copy, provided confirmation of receipt
is received by sender and is sent by an additional method provided 

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hereunder, in each case
above provided the notice of communication is addressed to the intended
recipient thereof as set forth below:

	
  If to Acquisitions: 

  Inland Real Estate Acquisitions, Inc. 

  2901 Butterfield Road 

  Oak Brook, IL 60523 

  	
   

  	
   

  
	
  Attention:

  	
  G. Joseph Cosenza 

  	
   

  	
   

  
	
  Telephone:

  	
  (630) 218-8000 

  	
   

  	
   

  
	
  Facsimile:

  	
  (630) 218-4955

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  If to the Company:
  

  Inland American Real Estate Trust, Inc.

  2901 Butterfield Road 

  Oak Brook, IL 60523 

  	
   

  	
  with a copy to:
  

  Shefsky & Froelich Ltd. 

  111 E. Wacker Drive, Suite 2800 

  Chicago, IL 60601 

  
	
  Attention:

  	
  Robert D. Parks 

  	
   

  	
  Attention:

  	
  Michael J. Choate 

  
	
  Telephone:

  	
  (630) 218-8000 

  	
   

  	
  Telephone:

  	
  (312) 836-4066 

  
	
  Facsimile:

  	
  (630) 218-4955

  	
   

  	
  Facsimile:

  	
  (312) 275-7554

  

 

Any 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
14.

15.           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.

16.           Equitable
Relief.  Each Party hereto
recognizes and acknowledges that a breach by the other party of this Agreement
will cause irreparable damage to the non-breaching party which cannot be
readily remedied in monetary damages in an action at law.  In the event of any default or breach by
either party, the non-breaching party shall be entitled to seek immediate injunctive
relief to prevent such irreparable harm or loss, in addition to any other
remedies available at law and in equity.

[THE REMAINDER
OF THIS PAGE INTENTIONALLY BLANK]

 5

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

	
  INLAND REAL ESTATE ACQUISITIONS, INC.

  	
   

  	
  INLAND AMERICAN REAL ESTATE TRUST, 

  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ G. Joseph Cosenza

  	
   

  	
  By:

  	
  /s/ Brenda Gail Gujral

  
	
  Name:

  	
  G. Joseph Cosenza

  	
   

  	
  Name:

  	
  Brenda Gail Gujral

  
	
  Its:

  	
  President

  	
   

  	
  Its:

  	
  President

  

 

EXHIBIT
A

FORM OF ACQUISITION NOTICE

ACQUISITION NOTICE

[NAME OF SUBJECT REAL ESTATE ASSET]

[GENERAL LOCATION]

[CITY, STATE]

[DATE OF ACQUISITION NOTICE]

Inland American Real Estate Trust, Inc.

2901 Butterfield Road

Oak Brook, IL 
60523

Attention:              Robert D. Parks

Reference is made to that certain First Amended and
Restated Property Acquisition Agreement, dated as of July 30, 2007 (the “Agreement”),
by and between Inland Real Estate Acquisitions, Inc., an Illinois corporation (“Acquisitions”),
and Inland American Real Estate Trust, Inc., a Maryland corporation (the “Company”).  Capitalized terms used in this Acquisition
Notice but not defined herein shall have the meanings ascribed to such terms in
the Agreement.

Pursuant to Section 3 of the Agreement,
Acquisitions has identified the following Real Estate Asset: [DESCRIBE REAL ESTATE ASSET].

Attached hereto for your review is our standard,
preliminary “deal sheet” for the subject Real Estate Asset.

This letter constitutes the Acquisition Notice under
and pursuant to the Agreement with respect to the subject Real Estate Asset.

Please direct all correspondence with respect to the
subject Real Estate Asset to Acquisitions as follows:

Inland Real Estate
Acquisitions, Inc.

2901 Butterfield Road

Oak Brook, IL  60523

Attention:              G. Joseph Cosenza

Telephone:            (630) 218-8000

Facsimile:               (630)
218-4955

	
  

  	
   

  	
  Sincerely,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  INLAND REAL ESTATE ACQUISITIONS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Its:EXHIBIT 10.4

ESCROW
AGREEMENT

THIS ESCROW AGREEMENT (this “Agreement”) is made and
entered into as of the 30th day of July, 2007, by and among INLAND AMERICAN REAL ESTATE TRUST, INC.,
a Maryland corporation (the “Company”), INLAND
SECURITIES CORPORATION, a Delaware corporation (the “Dealer Manager”)
and LASALLE BANK NATIONAL ASSOCIATION,
a national banking association (the “Escrow Agent”).

1.             The Company does
hereby open this escrow and Escrow Agent’s sole concern and duties shall be as
specifically set forth herein:  From time
to time during the course of this escrow, in connection with the Company’s
follow-on offering (the “Offering”) of up to 500,000,000 shares of common stock
on a “best efforts” basis (the “Shares”) (exclusive of Shares offered and sold pursuant
to the Company’s distribution reinvestment plan), Escrow Agent will receive
from subscribers deposits to be held in escrow in accordance with the terms
hereof.  All such funds received by
Escrow Agent shall be placed into an interest-bearing account entitled “Inland
American Real Estate Trust, Inc. Subscription Account – Follow-On” (the “Escrow
Account”).

2.             All deposits from
each subscriber shall be accompanied by the subscriber name, social security
number, current address and investment amount.

3.             Checks deposited in
the Escrow Account from the various subscribers shall be made payable to “LBNA/Escrow
Agent for IARETI.”

4.             All parties
understand and are aware that all funds received during the course of the
escrow and deposited in the Escrow Account must clear the normal banking
channels prior to the release of any funds.

5.             The Company
understands that it is not entitled to any funds received into escrow in the
event of cancellation of the Offering and in such event, deposits shall be
returned to the subscribers.

6.             The parties agree
that this is an impound escrow between the Company, the Dealer Manager and the
Escrow Agent.  The Company and the Dealer
Manager agree that the subscribers who deposit into the Escrow Account are not
a party to this escrow.

7.             All documents,
including any instrument necessary for the negotiation or other transfer of
escrow assets, deposited simultaneously with the execution of this Agreement
are approved by the Company, and the Escrow Agent shall not be obligated to inquire
as to the form, manner of execution or validity of these documents or any
document hereafter deposited pursuant to the provisions hereof, nor shall the
Escrow Agent be obligated to inquire as to the identity, authority or rights of
the persons executing the same.  The
Escrow Agent shall be liable under this Agreement only for its gross negligence
or willful misconduct in the performance of its duties expressly set forth in
this Agreement.  The Escrow Agent shall
have a lien on all securities, monies and documents deposited in this escrow by
each subscriber to secure Escrow Agent’s reasonable compensation and expenses
and for judgments, attorneys’ fees and other 

liabilities which the Escrow Agent may incur or
sustain by reason of this escrow, and the undersigned agrees to pay to Escrow
Agent, upon demand, amounts to satisfy all such liabilities, fees and
expenses.  In case of conflicting demands
upon it, the Escrow Agent may withhold performance of this escrow until such
time as the conflicting demands shall have been withdrawn or the rights of the
respective parties shall have been settled by court adjudication, arbitration,
joint order or otherwise.

8.             Until the termination
of the Offering, the Company shall notify the Escrow Agent of the Company’s acceptance
or rejection of each subscription agreement as promptly as practicable, but in
any event within ten (10) days of its receipt, and of any subscription which is
rescinded within five (5) days of such rescission.  If the Escrow Agent receives notice that a
subscription is rejected by the Company, the subscriber’s deposit will be
returned by the Escrow Agent to the subscriber, without interest or deduction,
as promptly as practicable, but in any event within ten (10) days after its
receipt of notice from the Company that the subscription has been
rejected.  If a subscription is
rescinded, the Escrow Agent shall return to the subscriber the subscriber’s
deposit, without interest or deduction, within seven (7) days of being notified
by the Company of such rescission.  In
the event the check of a subscriber whose subscription has been rescinded has
been negotiated (and if the funds represented thereby have been disbursed to
the Company), the Company shall deposit with the Escrow Agent an amount of
funds equal to the amount necessary to be returned to the subscriber (or the
Escrow Agent may deduct such amount from any funds due to the Company under
this Agreement).  The Escrow Agent shall
not be liable for the failure to return a rejected or rescinded subscription if
the Company fails to notify the Escrow Agent of the rejection of rescission of
the corresponding subscription agreement.

9.             Commencing with the
original effective date of the Company’s prospectus (the “Effective Date”) and
ending on the Termination Date (the “Offering Period”), the Escrow Agent shall:

(a)           disburse to the Company
on a weekly basis any funds received by the Escrow Agent for accepted
subscriptions (but not those funds of a subscriber whose subscription has been
rejected or rescinded of which the Escrow Agent has been notified by the
Company, or otherwise in accordance with the Company’s written request, and

(b)           subject to Section 10
hereof, invest any funds held in the escrow in such instruments as the Company
may direct.

Upon termination of the Offering (the “Termination
Date”), all amounts theretofore undistributed shall be distributed to the
Company, and this escrow shall close and be consummated in its entirety.

 2
 

10.           The funds deposited
herein shall be invested in federally insured bank accounts (e.g., savings accounts), short-term
certificates of deposit issued by a bank, short-term securities issued or
guaranteed by the United States government and any other investments permitted
under Rule 15c2-4 of the Securities Exchange Act of 1934, as amended, at the
direction of the Company.  The interest
on such investments shall, on a monthly basis while subscribers’ deposits
remain in escrow and, if all conditions herein are met, when such deposits are
disbursed to the Company, be disbursed by the Escrow Agent to the Company in
accordance with Section 9 hereof.

11.           The Company agrees to
disburse to the Dealer Manager any funds due to it for the Offering in
accordance with the terms and conditions of the Dealer Manager Agreement dated
July 30, 2007 between the Company and the Dealer Manager, provided that the
Escrow Agent has disbursed to the Company the funds due to the Company for the
related subscriptions.  The Dealer
Manager shall assist the Company in connection with the Company’s compliance
with this Agreement.  The Dealer Manager
shall not have any lien on or security interest in any securities, monies or
documents deposited in this escrow.

12.           Any notices which are
required or desired to be given hereunder to the parties hereto shall be in
writing and may be given by mailing the same to the address indicated below (or
to such other address as either of the parties may have theretofore substituted
therefor by written notification to the other party hereto), by registered or
certified United States mail, postage prepaid. 
For all purposes hereof, any notice so mailed by the Escrow Agent shall
be treated as though served upon the party to whom it was mailed at the time it
is deposited in the United States mail by the Escrow Agent whether or not such
party thereafter actually receives such notice. 
Notices to the Escrow Agent shall be in writing and shall not be deemed
to be given until actually received by the Escrow Agent’s trust
department.  Whenever under the terms
hereof the time for giving a notice or performing an act falls upon a Saturday,
Sunday or bank holiday, such time shall be extended to the Escrow Agent’s next
business day.

13.           The Escrow Agent, when
acting as the Escrow Agent hereunder, undertakes to perform only such duties as
are expressly set forth herein and the Escrow Agent shall not be subject to,
nor obliged to recognize, any other agreement between, or direction or
instruction of, the Company even though reference thereto may be made herein;
provided, however, this Agreement may be amended at any time or times by an
instrument in writing signed by the Company, the Dealer Manager and Escrow
Agent.  In the event the Escrow Agent
becomes involved in or is threatened with litigation by reason hereof, it is
hereby authorized to and may deposit with the clerk of a court of competent
jurisdiction any and all funds held by it pursuant hereto, and thereupon the
Escrow Agent shall stand fully relieved and discharged of any further duties
hereunder.

14.           If any property subject
hereto is at any time attached, garnished or levied upon, under any court
order, or in case the payment, assignment, transfer, conveyance or delivery of
any such property shall be stayed or enjoined by any court order, or in any
case any order, judgment or decree shall be made or entered by any court
affecting such property, or any part thereof, then in any of such events, the
Escrow Agent is authorized, in its sole discretion, to rely upon and comply
with any such order, writ, 

 3
 

judgment or decree, which it is advised by legal
counsel of its own choosing is binding upon it, and if it complies with any
such order, writ, judgment or decree, it shall not be liable to any of the
parties hereto or to any other person, firm or corporation by reason of such
compliance, even though such order, writ, judgment or decree may be
subsequently reversed, modified, annulled, set aside or vacated.

15.           This Agreement shall be
construed, enforced and administered in accordance with the internal laws, as
opposed to the conflicts of laws provisions, of the State of Illinois.

16.           The Escrow Agent shall
be entitled to reasonable fees in connection with this Escrow, which fees shall
be payable by the Company.

17.           The Escrow Agent may
resign at any time upon giving at least thirty (30) days’ prior written notice
to the Company; provided, however, that no such resignation shall become
effective until the appointment of a successor escrow agent which shall be
accomplished as follows: The Company shall use its best efforts to select a
successor escrow agent within thirty (30) days after receiving such
notice.  If the Company fails to appoint
a successor escrow agent within such time, the Escrow Agent shall have the
right to appoint a successor escrow agent. 
The successor escrow agent shall execute and deliver an instrument
accepting such appointment and it shall, without further acts, be vested with
all the estates, properties, rights, powers, and duties of the predecessor
escrow agent as if originally named as escrow agent.  Upon delivery of such instrument, the Escrow
Agent shall be discharged from any further duties and liability under this
Agreement.  The Escrow Agent shall be
paid any outstanding fees and expenses prior to transferring assets to a successor
escrow agent.

18.           Any notice required to
be given hereunder by any of the parties hereto shall be addressed as follows:

	
  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 Dealer Manager:

  	
   

  	
  Inland Securities Corporation

  
	
   

  	
   

  	
  2901 Butterfield Road

  
	
   

  	
   

  	
  Oak Brook, IL 60523

  
	
   

  	
   

  	
  Attention:

  	
  Ms. Brenda G. Gujral

  
	
   

  	
   

  	
  Telephone:

  	
  (630) 218-8000

  
	
   

  	
   

  	
  Facsimile:

  	
  (630) 218-4955

  
	
   

  	
   

  	
   

  
	
  If to
  Escrow Agent:

  	
   

  	
  LaSalle Bank National Association

  
	
   

  	
   

  	
  Global Escrow Services

  
	
   

  	
   

  	
  135 South LaSalle Street, Suite 1560

  
	
   

  	
   

  	
  Chicago, IL 60603

  
	
   

  	
   

  	
  Attention:

  	
  Mark T. LoIacono

  
	
   

  	
   

  	
  Telephone:

  	
  (312) 904-6836

  
	
   

  	
   

  	
  Facsimile:

  	
  (312) 904-4019

  

 

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19.           The foregoing is
subject to the following conditions:

(a)           The obligations and duties of the Escrow
Agent are confined to those specifically enumerated in the escrow
instructions.  The Escrow Agent shall not
be subject to, nor be under any obligation to ascertain or construe the terms
and conditions of any other instrument, whether or not now or hereafter
deposited with or delivered to the Escrow Agent or referred to in the escrow
instructions, nor shall the Escrow Agent be obligated to inquire as to the
form, execution, sufficiency, or validity of any such instrument nor to inquire
as to the identity, authority, or rights of the person or persons executing or
delivering the same.

(b)           The Escrow Agent shall
not be personally liable for any act which it may do or omit to do hereunder in
good faith and in the exercise of its own best judgment.  Any act done or omitted by the Escrow Agent
pursuant to the advice of its attorneys shall be deemed conclusively to have
been performed or omitted in good faith by the Escrow Agent.

(c)           If the Escrow Agent
should receive or become aware of any conflicting demands or claims with
respect to this Agreement, or the rights of any of the parties hereto, or any
money, property, or instruments deposited herein or affected hereby, the Escrow
Agent shall have the right in its sole discretion, without liability for
interest or damages, to discontinue any or all further acts on its part until
such conflict is resolved to its satisfaction and/or to commence or defend any
action or proceeding for the determination of such conflict.  Notwithstanding any other provision hereof,
in the event of any dispute, disagreement or legal action relating to or
arising in connection with the escrow, the Escrow Fund, or the performance of
the Escrow Agent’s duties under this Agreement, the Escrow Agent will not be
required to determine the controversy or to take any action regarding it.  The Escrow Agent may hold all documents and
funds and may wait for settlement of any such controversy by final appropriate
legal proceedings, arbitration, or other means as, in the Escrow Agent’s
discretion, it may require.  In such
event, the Escrow Agent will not be liable for interest or damage.  Furthermore, the Escrow Agent may, at its
option, file an action of interpleader requiring the parties to answer and
litigate any claims and rights among themselves.  The Escrow Agent is authorized, at its
option, to deposit with the court in which such interpleader action is filed
all documents and funds held in escrow. 
The Escrow Agent is further authorized to withhold from such deposit for
its own account an amount sufficient to compensate itself for all costs,
expenses, charges, and reasonable attorneys’ fees incurred by it due to the
interpleader action.  Upon initiating
such action, the Escrow Agent shall be fully released and discharged of and
from all obligations and liability imposed by the terms of this Agreement.

(d)           The Company and Dealer
Manager agree, jointly and severally, to indemnify and hold the Escrow Agent,
its officers, directors and employees harmless from and against all costs,
damages, judgments, attorney’s fees (whether such attorneys shall be regularly
retained or specially employed), expenses, obligations and liabilities of every
kind and nature which the Escrow Agent may incur, sustain, or be required to
pay 

 5
 

in connection with or arising out of this
Agreement, and to pay the Escrow Agent on demand the amount of all such costs,
damages, judgments, attorney’s fees, expenses, obligations, and
liabilities.  To secure said
indemnification and to satisfy its compensation hereunder, the Escrow Agent is
hereby given a first lien upon and the right to reimburse itself therefor out
of, all of the rights, titles, and interests of each of said parties in all
money, property, and instruments deposited hereunder, except for any money,
property or instruments that relate to money received that must be returned
pursuant to the provisions of the last sentence of Section 9.

[SIGNATURES
ON THE FOLLOWING PAGE]

 6

IN WITNESS WHEREOF, the parties hereto have executed
this Escrow Agreement as of the day and year first above written.

	
  

  	
   

  	
  INLAND AMERICAN REAL ESTATE TRUST, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
    /s/ Roberta S. Matlin

  
	
   

  	
   

  	
  Name:

  	
    Roberta S. Matlin

  
	
   

  	
   

  	
  Its:

  	
    Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  INLAND SECURITIES CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
    /s/ Catherine L. Lynch

  
	
   

  	
   

  	
  Name:

  	
    Catherine L. Lynch

  
	
   

  	
   

  	
  Its:

  	
    Treasurer/Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  LASALLE BANK NATIONAL ASSOCIATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
    /s/ Mark T. LoIacono

  
	
   

  	
   

  	
  Name:

  	
    Mark T. LoIacono

  
	
   

  	
   

  	
  Its:

  	
    Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00126-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00126-of-00352.parquet"}]]