Document:

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                                                                   Exhibit 10.38

                                                      Allstate Insurance Company
                                                                 Loan No. 122397

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

                                      FROM

               INLAND SOUTHEAST STONY CREEK, L.L.C., AS MORTGAGOR

                                       TO

                    ALLSTATE INSURANCE COMPANY, AS MORTGAGEE

                             DATED: January 5, 2004

                            LOAN AMOUNT: $14,162,000

                                PROPERTY ADDRESS:
                            STONEY CREEK MARKETPLACE
                           17130 MERCANTILE BOULEVARD
                              NOBLESVILLE, INDIANA

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                                TABLE OF CONTENTS

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

          1.01.     Performance of Obligations Secured............................5
          1.02.     Insurance.....................................................5
          1.03.     Condemnation..................................................7
          1.04.     Damage to property............................................8
          1.05.     Escrow Fund for Condemnation and Insurance Proceeds..........10
          1.06.     Taxes, Liens and other Items.................................11
          1.07.     Assignment of Leases, Contracts, Rents and profits...........12
          1.08.     Due on Sale or Encumbrance...................................16
          1.09.     Preservation and Maintenance of property.....................16
          1.10.     Use of property..............................................17
          1.11.     Alterations and Additions....................................17
          1.12.     Offset Certificates..........................................18
          1.13.     Mortgagee's Costs and Expenses...............................18
          1.14.     Protection of Security; Costs and Expenses...................19
          1.15.     Mortgagor's Covenants Respecting Collateral..................20
          1.16.     Covenants Regarding Financial Statements.....................23
          1.17.     Environmental Covenants......................................24
          1.18.     Further Assurances...........................................25
          1.19.     Mortgagor's Continued Existence..............................26

   II.              EVENTS OF DEFAULT............................................26

          2.01.     Monetary and Performance Defaults............................26
          2.02.     Bankruptcy, Insolvency, Dissolution..........................27
          2.03.     Misrepresentation............................................27
          2.04.     Default under Subordinate Loans..............................27
          2.05.     Liens........................................................27
          2.06.     Judgments....................................................27
          2.07.     Leases.......................................................28
          2.08.     Mortgagor's Continued Existence..............................28
          2.09.     Breach of Due on Sale or Encumbrance Provision...............28
          2.10.     Default under Related Agreements.............................28

   III.             REMEDIES.....................................................28

          3.01.     Acceleration.................................................28
          3.02.     Entry........................................................28
          3.03.     Judicial Action..............................................30
          3.04.     Foreclosure..................................................30
          3.05.     Rescission of Notice of Default..............................33
          3.06.     Mortgagee's Remedies Respecting Collateral...................33
          3.07.     Proceeds of Sales........................................... 33
          3.08.     Condemnation and Insurance Proceeds..........................34
</Table>

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<Table>
<Caption>
ARTICLE   SECTION   DESCRIPTION                                              PAGE NUMBER
-------   -------   -----------                                              -----------
   <S>    <C>       <C>                                                          <C>

          3.09.     Waiver of Marshalling, Rights of Redemption, Homestead
                      and Valuation..............................................34
          3.10.     Remedies Cumulative..........................................35
          3.11.     Nonrecourse..................................................35
          3.12.     Evasion of Prepayment Premium................................37

   IV.              MISCELLANEOUS................................................37

          4.01.     Severability.................................................37
          4.02.     Certain Charges and Brokerage Fees...........................37
          4.03.     Notices......................................................38
          4.04.     Mortgagor Not Released; Certain Mortgagee Acts...............39
          4.05.     Inspection...................................................40
          4.06.     Release or Reconveyance or Cancellation......................40
          4.07.     Statute of Limitations.......................................40
          4.08.     Interpretation.............................................. 40
          4.09.     Captions.....................................................41
          4.10.     Consent......................................................41
          4.11.     Delegation to Subagents .....................................41
          4.12.     Successors and Assigns.......................................41
          4.13.     Governing Law................................................41
          4.14.     Changes in Taxation .........................................41
          4.15.     Maximum Interest Rate........................................41
          4.16.     Time of Essence..............................................42
          4.17.     Reproduction of Documents....................................42
          4.18.     No Oral Modifications........................................42
          4.19.     Further Assurance............................................42
</Table>

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

     THIS MORTGAGE, ASSIGNMENT OF LEASES, RENTS AND CONTRACTS, SECURITY
AGREEMENT AND FIXTURE FILING is made as of January 5, 2004, from INLAND
SOUTHEAST STONY CREEK, L.L.C., a Delaware limited liability company
("Mortgagor"), whose mailing address is 2901 Butterfield Road, Oakbrook,
Illinois 60523, in favor of ALLSTATE INSURANCE COMPANY, an Illinois insurance
corporation ("Mortgagee") whose mailing address is c/o Allstate Investments,
LLC, Allstate Plaza South, Suite G5C, 3075 Sanders Road, Northbrook,
Illinois, 60062.

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

     TOGETHER with all of Mortgagor's now or hereafter acquired estate, right,
title and interest in, to and under all buildings, structures, improvements and
fixtures now existing or hereafter erected on the Land and all right, title and
interest, if any, of Mortgagor in and to the streets and roads, opened or
proposed, abutting the Land to the center lines thereof, all rights of reversion
(including, without limitation, the right of reversion retained in that certain
Limited Warranty Deed recorded with the Hamilton County Recorder of Deeds as
Instrument No. 2000-57951 and re-recorded as Instrument No. 2001-25776), and
strips within or adjoining the Land, the air space and right to use said air
space above the Land, all rights of ingress and egress on or within the Land,
all easements, rights and appurtenances thereto or used in connection with the
Land, including without limitation, all lateral support, alley and drainage
rights, all revenues, income, rents, cash or security deposits, advance rental
deposits, profits, royalties, and other benefits thereof or arising from the use
or enjoyment of all or any portion thereof (subject however to the rights and
authorities given herein to Mortgagor to collect and apply such revenues, and
other benefits), all interests in and rights, royalties and profits in
connection with all minerals, oil and gas and other hydrocarbon substances
thereon or therein, and water stock, all options to purchase or lease, all
development or other rights relating to the Land or the operation thereof or
used in connection therewith (including, without limitation, all concurrency
rights, permits, prepaid utilities and impact fees of any nature, storm water
drainage rights and reservations, sanitary sewer rights and reservations,
potable water rights and reservations, allocations of traffic trips, use, rights
and reservations, law enforcement, library, park and educational fees, uses,
rights and reservations, and any tax and utility refunds and rebates,
irrespective of the time period to which such refunds and rebates relate),
including all Mortgagor's right, title and interest in all fixtures,
attachments, partitions, machinery, equipment, building materials, appliances
and goods of every nature whatever, whether now or hereafter located on, or
attached to, the Land, all of which, including replacements and additions
thereto, shall to the fullest extent permitted by law and for the purposes of
this Mortgage, be deemed to

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be real property and, whether affixed or annexed thereto or not, be deemed
conclusively to be real property; and Mortgagor agrees to execute and deliver,
from time to time, such further instruments and documents as may be required by
Mortgagee to confirm the legal operation and effect of this Mortgage on any of
the foregoing. All of the foregoing property described in this Section (the
"Improvements") together with the Land and the hereinafter defined Collateral,
shall be hereinafter referred to as the "Property").

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

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

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

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

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

                                        2
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bonds now or anytime hereafter arising from construction on the Land or the use
or enjoyment of the Property to the extent such are assignable;

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

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

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

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

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

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

     Organizational Number
     of Debtor                    3733893

     Address of Debtor:           See Section 4.03 hereof

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

     Address of Secured Party:    See Section 4.03 hereof.

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     Mortgagor hereby represents, warrants and agrees that at the time of
execution of this Mortgage and so long as any payments or performance obligation
of the Mortgage, Note (as defined herein) or the Related Agreements (as defined
herein) shall remain outstanding, (i) there is not and will not be any financing
statement other than those granting a security interest in favor of Mortgagee
covering the Collateral, the Property, or any part thereof, on file in any
public office, including, without limitation, the office of the Secretary of
State of the State of Delaware, the Secretary of State of the State of Indiana,
or the clerks office in any county in which the Property or Collateral are
located; (ii) that none of the Collateral is in the possession of anyone other
than Mortgagor; and (iii) that all of the Collateral has been in continuous,
exclusive possession of Mortgagor.

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

     (A)    The repayment of the indebtedness evidenced by that certain Mortgage
Note (the "Note") of even date herewith with a maturity date of January 1, 2011,
executed by Mortgagor and payable to the order of Mortgagee, in the principal
sum of FOURTEEN MILLION ONE HUNDRED SIXTY TWO THOUSAND DOLLARS ($14,162,000),
with interest thereon as provided therein and all late charges, loan fees,
commitment fees, Prepayment Premium (as described in the Note), and all
extensions, renewals, modifications, amendments and replacements of the Note;

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

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

     (D)    All costs, expenses, losses, damages and other charges sustained or
incurred by Mortgagee because of: (1) Mortgagor's default in payment or
performance, as the case may be,

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

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

     (F)    The repayment of any other loans or advances, with interest thereon,
hereafter made to Mortgagor (or any successor in interest to Mortgagor as the
owner of the Property or any part thereof) by Mortgagee when the promissory note
evidencing the loan or advance specifically states that said note is secured by
this Mortgage, together with all extensions, renewals, modifications, amendments
and replacements thereof (herein and in the Related Agreements "Future
Advance"), provided that notwithstanding anything herein to the contrary, the
total amount secured by this Mortgage, including the amounts due under the Note
and capitalized interest, costs and impositions, shall not exceed in the
aggregate $100,000,000. The parties hereby acknowledge and intend that all such
advances, including Future Advances whenever hereafter made, shall be a lien
from the time this Mortgage is recorded.

                                    ARTICLE I

                             COVENANTS OF MORTGAGOR

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

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

     1.02   INSURANCE. For all times during the period there remains any
indebtedness under the Note, or any and all other indebtedness (including
without limitation Future Advances) secured by this Mortgage, Mortgagor shall
keep the Property insured against all risks or hazards as Mortgagee may
reasonably require. Such insurance shall be in policy form, amount and coverage
reasonably satisfactory to Mortgagee, including, but not limited to:

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

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

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

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

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

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

     (G)    Earthquake insurance if Mortgagee requires such insurance.

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

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     1.03.  CONDEMNATION.

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

     (B)    Except as expressly provided in Section 1.03(C), if all or part of
the Property is taken by Condemnation and Mortgagee in its reasonable judgment
determines that the remainder of the Property, if any, cannot be operated as an
economically viable entity at substantially the same level of operations as
immediately prior to such Condemnation, then all proceeds of the Condemnation
("Condemnation Proceeds") shall be paid over to Mortgagee and shall be applied
first toward reimbursement of the costs and expenses (including reasonable
attorneys' and paralegals' fees) of Mortgagee, if any, in connection with the
recovery of such Condemnation Proceeds, and then, in the sole and absolute
discretion of Mortgagee and without regard to the adequacy of its security under
this Mortgage, shall be applied against all amounts due hereunder or under the
Note and any remaining Condemnation Proceeds shall be released to Mortgagor.
Partial prepayment of the Note under this Section 1.03(B) with Condemnation
Proceeds shall not be subject to the Prepayment Premium; however, such partial
prepayment shall not entitle Mortgagor to prepay the portion of the Note
remaining unpaid after application of the Condemnation Proceeds. Full or partial
prepayment of the balance shall continue to be subject to the terms and
conditions of the Note, including the No-Prepayment Period and the Prepayment
Premium described therein.

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

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be obligated to pay the difference toward the restoration of the Property, prior
to the disbursement of any Condemnation Proceeds to, or for the account of,
Mortgagor.

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

     1.04.  DAMAGE TO PROPERTY.

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

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

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

                                        8
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     As used in this Mortgage, "Net Operating Income" shall mean:

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

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

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

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

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

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<Page>

     1.05.  ESCROW FUND FOR CONDEMNATION AND INSURANCE PROCEEDS.

     (A)    In the circumstances indicated above in subsections 1.03(C) and
1.04(C), all Condemnation Proceeds and Insurance Proceeds ("Proceeds") shall be
deposited in an interest bearing escrow fund ("Escrow Fund"). The escrow agent
and the form of the escrow agreement shall be reasonably satisfactory to
Mortgagee and Mortgagor. The costs and fees of such escrow agent shall be paid
by Mortgagor. If the amount of the Proceeds is not sufficient to restore the
Property based on an independent contractor's or engineer's opinion obtained by
Mortgagee at Mortgagor's expense, subject to revision as restorations are made,
Mortgagor shall be obligated to deposit in the Escrow Fund the difference
between the contractor's or engineer's estimate and the amount of the Proceeds
or deliver to the escrow agent an irrevocable, unconditional letter of credit
issued in the amount of such difference in a form and by a financial institution
acceptable to Mortgagee or other cash equivalent acceptable to Mortgagee.
Mortgagor's funds, if necessary, and the Proceeds shall be deposited into the
Escrow Fund and shall not be released by the escrow agent unless used to restore
the Property to its original condition and unless a disbursement agent
satisfactory to Mortgagee and Mortgagor approves such disbursements from time to
time. The escrow agreement shall provide that the escrow agent shall only
disburse funds to Mortgagor so long as the restoration work is being diligently
performed by Mortgagor and only after (1) Mortgagor has delivered to Mortgagee
and Mortgagee has approved the plans and specifications for the restoration of
the Property; (2) Mortgagor has executed a contract acceptable to Mortgagee with
a general contractor acceptable to Mortgagee for the restoration of the
Property; (3) the general contractor has submitted lien waivers and/or releases,
executed by the general contractor and all subcontractors and suppliers which
may be partial to the extent of partial payments and which, in the case of
releases, may be contingent upon payment if the escrow agent makes payment
directly to such contractor, subcontractor or supplier; (4) Mortgagor has
furnished Mortgagee with an endorsement to its title policy showing no
additional exceptions; and (5) Mortgagor has deposited its funds in the Escrow
Fund as provided in this Section and has submitted such other documents and
information as may be reasonably requested by Mortgagee to determine that the
work to be paid for has been performed in accordance with the plans and
specifications reasonably approved by Mortgagee. If any requisition for payment
of work performed is for an amount which would result in the remaining balance
of the Escrow Fund to be insufficient to complete the remainder of the
restoration, Mortgagor shall advance the requisite amount in cash to the Escrow
Fund immediately upon written request from the disbursement agent or Mortgagee.
Any failure by Mortgagor to satisfy any of the conditions to the disbursement of
Proceeds set forth in this Section upon demand by Mortgagee shall constitute a
Performance Default, as hereinafter defined.

     (B)    Any Condemnation Proceeds and any interest thereon remaining in the
Escrow Fund after payment of the costs to complete the restoration of the
Property pursuant to the approved plans and specifications and the costs of the
escrow agent and other costs described in Section 1.05(A) shall be paid first,
to Mortgagor to the extent of any funds of Mortgagor's contributed to the
restoration pursuant to Section 1.05(A) (so long as there is no Event of Default
or an event which with notice, the passage of time, or both, could become an
Event of Default); thereafter any remaining Condemnation Proceeds shall be
returned to Mortgagor (i) if in Mortgagee's sole discretion (reasonably
exercised) the restoration of the Property has been completed in a satisfactory
manner and with satisfactory results and (ii) so long as there is no Event of
Default or an event which with notice, the passage of time, or both, could
become an

                                       10
<Page>

Event of Default. If the conditions of Section 1.05(B)(i) are not satisfied,
then any remaining Condemnation Proceeds shall be applied to the partial payment
or prepayment of the Note without payment of any Prepayment Premium; provided,
however, that any such partial prepayment shall not entitle Mortgagor to prepay
the portion of the Note remaining unpaid after application of the Proceeds.
Prepayment of the balance shall continue to be subject to the terms and
conditions of the Note, including the No-Prepayment Period and the Prepayment
Premium described therein. If an Event of Default exists, the use of the
Condemnation Proceeds shall be governed by Article III below. If, however, an
event exists which with notice, the passage of time, or both, could become an
Event of Default, the remaining balance in the Escrow Fund shall be held by the
escrow agent pending cure of the event prior to the expiration of any applicable
cure or grace period.

     (C)    Any Insurance Proceeds and any interest thereon remaining in the
Escrow Fund after payment of the costs to complete the restoration of the
Property pursuant to the approved plans and specifications and the costs of the
escrow agent and other costs described in Section 1.05(A) shall be paid first,
to Mortgagor to the extent of any funds of Mortgagor's contributed to the
restoration pursuant to Section 105)(A) (so long as there is no Event of Default
or an event which with notice, the passage of time, or both, could become an
Event of Default); thereafter any remaining Insurance Proceeds shall be returned
to Mortgagor (i) if in Mortgagee's sole discretion (reasonably exercised) the
restoration of the Property has been completed in a satisfactory manner and with
satisfactory results and (ii) so long as there is no Event of Default or an
event which with notice, the passage of time, or both, could become an Event of
Default. If the conditions of Section 1.05(C)(i) are not satisfied, then any
remaining Insurance Proceeds shall be applied to the partial payment or
prepayment of the Note without payment of any Prepayment Premium; provided,
however, that any such partial prepayment shall not entitle Mortgagor to prepay
the portion of the Note remaining unpaid after application of the Proceeds.
Prepayment of the balance shall continue to be subject to the terms and
conditions of the Note, including the No-Prepayment Period and the Prepayment
Premium described therein. If an Event of Default exists, the use of the
Insurance Proceeds shall be governed by Article III below. If, however, an event
exists which with notice, the passage of time, or both, could become an Event of
Default, the remaining balance in the Escrow Fund shall be held by the escrow
agent pending cure of the event prior to the expiration of any applicable cure
or grace period.

     1.06.  TAXES, LIENS AND OTHER ITEMS.

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

                                       11
<Page>

adversely affected and that Mortgagor shall have furnished Mortgagee or the
taxing authority such security as may be required.

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

     (C)    Mortgagee expressly disclaims any obligation to pay the aforesaid
items unless and until Mortgagor complies with all of the provisions set forth
in subsections 1.06(A) and (B). Mortgagor hereby pledges and grants a security
interest in any and all monies now or hereafter deposited pursuant to subsection
1.06(B) as additional security for the Note and Related Agreements. If any Event
of Default shall have occurred, or if the Note shall be accelerated as herein
provided, all funds so deposited may, at Mortgagee's option, be applied as
determined solely by Mortgagee or to cure said Event of Default or as provided
in this Section 1.06. In no event shall Mortgagor claim any credit against the
principal and interest due hereunder for any payment or deposit for any of the
aforesaid items.

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

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

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

                                       12
<Page>

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

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

     (B)    Notwithstanding the provisions of subsection 1.07(A), so long as no
Event of Default has occurred and is continuing hereunder, and, subject to
subsection 1.07(F) and Article III, Mortgagor shall have a license to manage the
Property; to collect, receive and use all Rents and Profits in accordance with
the terms of the Leases; to let the Property subject to the terms hereof and to
take all actions which a reasonable and prudent landlord would take in enforcing
the provisions of the Leases and Contracts; provided, however, that all amounts
so collected shall be applied toward operating expenses, real estate taxes and
insurance relating to the Property, capital repair items necessary to the
operation of the Property on a current basis, and the payment of sums due and
owing under the Note and this Mortgage prior to any other expenditure or
distribution by Mortgagor. From and after the occurrence of an Event of Default
(whether or not Mortgagee shall have exercised Mortgagee's option to declare the
Note immediately due and payable), such license shall be automatically revoked
without any action required by Mortgagee. Any amounts received by Mortgagor or
its agents in the performance of any acts prohibited by the terms of this
Mortgage, including but not limited to any amounts received in connection with
any cancellation, modification or amendment of any of the Leases prohibited by
the terms of this Mortgage and any amounts received by Mortgagor as rents,
income, issues or profits from the Property from and after the occurrence of an
Event of Default under this Mortgage, the Note, or any of the other Related
Agreements, shall be held by Mortgagor as trustee for Mortgagee and all such
amounts shall be accounted for to Mortgagee and shall not be commingled with
other funds of the Mortgagor. Any person acquiring or receiving all or any
portion of such trust funds shall acquire or receive the same in trust for
Mortgagee as if such person had actual or constructive notice that such funds
were impressed with a trust in accordance herewith.

     (C)    Upon the occurrence of an Event of Default, Mortgagee shall have the
right but not the obligation to perform as landlord under the Leases and as a
party under the Contracts. The assignment of Rents and Profits set forth herein
constitutes an irrevocable direction and authorization to all tenants under the
Leases to pay all Rents and Profits to Mortgagee upon demand and without further
consent or other action by Mortgagor. Mortgagor irrevocably appoints Mortgagee
its true and lawful attorney, at the option of Mortgagee at any time after the

                                       13
<Page>

occurrence of an Event of Default, to demand, receive and enforce payment, to
give receipts, releases and satisfactions, and to sue, either in the name of
Mortgagor or in the name of Mortgagee, for all such Rents and Profits and apply
the same to the indebtedness secured by this Mortgage.

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

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

     (F)    Mortgagor shall not, without the prior written consent of Mortgagee,
(1) enter into any lease, extend or renew any Lease (other than extensions or
renewals in accordance with the terms of a lease approved by Mortgagee), or
consent to or permit the assignment or subletting of any Leases (other than
assignments or subleases in accordance with the terms of a lease approved by
Mortgagee), or amend or terminate any Lease; (2) alter, modify, change or
terminate the terms of any guaranties of any Leases; (3) create or permit any
lien or encumbrance which, upon foreclosure, would be superior to any such
Leases or in any other manner impair Mortgagee's rights and interest with
respect to the Rents and Profits; (4) pledge, transfer, mortgage or otherwise
encumber or assign the Leases, the Contracts or the Rents and Profits; or (5)
collect rents more than 30 days prior to their due date. Notwithstanding the
foregoing, so long as no Event of Default has occurred and is continuing
hereunder, Mortgagor may enter into Leases, extend or renew Leases, and permit
the assignment or sublease of Leases which demise 10,000 rentable square feet or
less for a term of five years or less ("Non-material Leases"), provided they are
on rental rates, including rental concessions, at least equal to that charged
for comparable properties within the Property's submarket area, have been
negotiated at arm's length, and do not contain material modifications to the
form of lease previously approved by Mortgagee. Mortgagor may also amend
Non-material Leases without Mortgagee's prior written consent if, in Mortgagor's
prudent business judgment, such amendments are necessary and do not impair the
value of the Property. Mortgagee will not unreasonably withhold or delay its
consent to any item submitted to it for approval pursuant to subsections
1.07(F)(1) or (2) above. Any lease submitted for Mortgagee's consent shall, at
Mortgagee's option, be accompanied by a Subordination, Nondisturbance and
Attornment Agreement in Mortgagee's then current form or another form reasonably
acceptable to Mortgagee.

     (G)    Mortgagor shall promptly give notice to Mortgagee of any default
under any of the Leases meeting the criteria of a lease for which Mortgagee's
consent would have been required pursuant to Section 1.07(F) regardless of
whether such Leases were executed before or after the date of this Mortgage,
together with a complete copy of any notices delivered to or by

                                       14
<Page>

the tenant as a result of such default. Mortgagee shall have the right, but not
the obligation, to cure any default of Mortgagor under any of the Leases and all
amounts disbursed in connection with said cure shall be deemed to be
indebtedness secured hereby.

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

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

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

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

     (J)    Mortgagee shall not be obligated to perform or discharge, nor does
it hereby undertake to perform or discharge, any obligation, duty or liability
under the Leases or under or by reason of this assignment. Mortgagor shall and
does hereby agree to indemnify Mortgagee for and to defend and hold Mortgagee
harmless from any and all liability, loss or damage which Mortgagee may or might
incur under the Leases or under or by reason of this assignment, and from any
and all claims whatsoever which may be asserted against Mortgagee by reason of
any alleged obligations or undertakings on Mortgagee's part to perform or
discharge any of the terms, covenants or agreements contained in the Leases;
provided, however, that the foregoing indemnity shall not apply to the extent
any of the foregoing arises wholly or in substantial part from the gross
negligence or willful misconduct of Mortgagee. Should Mortgagee incur any
liability, loss or damage under the Leases or under or by reason of this
assignment, or in the defense of any of such claims or demands, the amount
thereof, including costs, expenses and attorneys' and paralegals' fees at all
trial and appellate levels and whether suit be brought or not, shall be secured
by this Mortgage; and Mortgagor shall reimburse Mortgagee therefor immediately
upon demand, and upon failure of Mortgagor to do so, Mortgagee may declare all
sums so secured to be immediately due and payable.

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

     (L)    Nothing herein contained and no act done or omitted by Mortgagee
pursuant to the powers and rights granted it herein shall be deemed to be a
waiver by Mortgagee of its other rights and remedies under the Note, this
Mortgage and the Related Agreements, and this assignment is made and accepted
without prejudice to any of the other rights and remedies possessed by Mortgagee
under the terms thereof. The right of Mortgagee to collect said indebtedness and
to enforce any other security therefor held by it may be exercised by Mortgagee
either prior to, simultaneously with, or subsequent to any action taken by it

                                       15
<Page>

hereunder. It is the intent of both Mortgagor and Mortgagee that this assignment
be supplementary to, and not in substitution or derogation of, any other
provision contained in this Mortgage giving Mortgagee any interest in or rights
with respect to the Leases or Rents and Profits.

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

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

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

     1.09.  PRESERVATION AND MAINTENANCE OF PROPERTY. Mortgagor shall hire
competent and responsible property managers who shall be reasonably acceptable
to Mortgagee. Mortgagor, at its sole cost and expense, shall keep the Property
and every part thereof in good condition and repair, in accordance with sound
and prudent property management practices, and shall promptly and faithfully
comply with and obey all laws, ordinances, rules, regulations, requirements and
orders of every duly constituted governmental authority or agent having
jurisdiction with respect to the Property. All repairs, replacements and
renewals shall be at least equal in quality to the original Improvements.
Mortgagor shall not permit or commit any waste, impairment, or deterioration of
the Property, nor commit, suffer or permit any act upon or use of the Property
in

                                       16
<Page>

violation of law or applicable order of any governmental authority, whether now
existing or hereafter enacted, or in violation of any covenants, conditions or
restrictions affecting the Property or bring or keep any article in the Property
or cause or permit any condition to exist thereon which would be prohibited by
or invalidate the insurance coverage required to be maintained hereunder.
Mortgagor shall promptly bond or discharge any mechanics' liens against the
Property.

     1.10   USE OF PROPERTY. Except as may have been previously agreed in
writing by Mortgagee, Mortgagor shall continue to operate the Property for the
purposes for which it was used on the date hereof and for no other purpose.
Mortgagor shall not make or suffer any improper or offensive use of the Property
or any part thereof and will not use or permit to be used any part of the
Property for any dangerous, noxious, offensive or unlawful trade or business or
for any purpose which will reduce the value of the Property in any respect or
will cause the Property or any part thereof or interest therein to be subject to
forfeiture. Mortgagor at its expense will promptly comply with all rights of way
or use, privileges, franchises, servitudes, licenses, easements, tenements,
hereditaments and appurtenances forming a part of the Property and all
instruments relating or evidencing the same, in each case, to the extent
compliance therewith is required of Mortgagor under the terms thereof. Mortgagor
will not take any action which results in a forfeiture or termination of the
rights afforded to Mortgagor under any such instruments and will not, without
the prior written consent of Mortgagee, amend in any material respect any of
such instruments. Mortgagor shall at all times comply with all laws affecting
the Property and comply with any instruments of record at the time in force
affecting the Property or any part thereof and shall procure, maintain and
comply with all permits, licenses, and other authorizations required for any use
of the Property or any part thereof then being made, and for the proper
erection, installation, operation and maintenance of the Improvements or any
part thereof. Mortgagor shall not initiate, join in, acquiesce in, or consent to
any change in any private restrictive covenant, zoning law or other public or
private restriction, limiting or defining the uses which may be made of the
Property or any part thereof. In furtherance of the foregoing sentence,
Mortgagor will not, by act or omission: (i) impair the integrity of the Property
as a single zoning lot separate and apart from all other premises; or (ii)
permit or suffer to permit the Property to be used by the public or any party in
such manner as might make possible a claim of adverse usage or possession or any
implied dedication or easement. If under applicable zoning provisions the use of
all or any portion of the Property is or shall become a nonconforming use,
Mortgagor will not cause or permit such nonconforming use to be discontinued or
abandoned, if such discontinuance or abandonment would prevent the same or
similar nonconforming use in the future, without the express written consent of
Mortgagee (except that a nonconforming use that results from a tenant's use may
be discontinued without Mortgagee's consent if such tenant's lease terminates or
expires by its terms).

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

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

                                       17
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     (A)    Any material alterations of the Property except (1) as required by
any law, statute, ordinance, order, rule, regulation, decree or other
requirement of the United States, the applicable state or county in which the
Property is located or any political subdivision of any of the foregoing, or any
agency, department, commission, board, court, bureau or instrumentality of any
of them ("Governmental Authority") or by any condition of any approval, consent,
registration, franchise, permit, license, variance, certificate of occupancy or
other authorization with regard to zoning, landmark, ecological, environmental,
air quality, subdivision, planning, building or land use required by any
Governmental Authority for the construction, lawful occupancy and operation of
the Property and the actual and contemplated uses thereof, or (2) as permitted
or required to be made by the terms of any Leases approved by Mortgagee (with
respect to work in any space demised thereunder);

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

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

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

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

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

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

     1.13.  MORTGAGEE'S COSTS AND EXPENSES. Mortgagor shall pay all costs, fees
and expenses of Mortgagee, its agents and counsel, in connection with the
performance of Mortgagee's obligations, duties, rights, options and permitted
actions hereunder. Mortgagor will pay or reimburse Mortgagee upon demand for all
reasonable attorney's and paralegals' fees, costs and expenses, including those
in connection with appellate proceedings, incurred by Mortgagee in any
proceedings involving the estate of a decedent or an insolvent, or in any
action, legal proceeding or dispute of any kind in which Mortgagee is a
plaintiff or defendant, affecting the indebtedness secured hereby or the
Property or Collateral, this Mortgage or the interest created herein, any
condemnation action involving the Property or any action to protect the

                                       18
<Page>

security hereof; and any such amounts paid by Mortgagee shall be secured by this
Mortgage. If Mortgagor shall default in the payment of any tax, lien, assessment
or charge levied or assessed against the Property; in the payment of any utility
charge, whether public or private; in the payment of any insurance premium; in
the procurement of insurance coverage and the delivery of the insurance policies
required hereunder; in the performance of any covenant, term or condition of any
leases affecting all or any part of the Property; or in the performance or
observance of any covenant, condition or term of this Mortgage; then Mortgagee,
at its option, may perform or observe the same, and all payments made or costs
incurred by Mortgagee in connection therewith, shall be secured hereby and shall
be, without demand, immediately repaid by Mortgagor to Mortgagee with interest
thereon at the Default Rate as described in the Note. Mortgagee shall be the
sole judge of the legality, validity and priority of any such tax, lien,
assessment, charge, claim, premium and obligation, of the necessity for any such
actions and of the amount necessary to be paid in satisfaction thereof.
Mortgagee is hereby empowered to enter and to authorize others to enter upon the
Property or any part thereof for the purpose of performing or observing any such
defaulted covenant, condition or term, without thereby becoming liable to
Mortgagor or any other person in possession holding under Mortgagor. All rights
of Mortgagee as set forth herein are rights to be exercised at the sole option
and discretion of Mortgagee and Mortgagee shall have no duty to Mortgagor or any
other person or entity to perform any acts authorized by this Section or to
incur any expense, make any appearance or take any other action. As used herein,
the term "reasonable attorney's fees" shall include support staff costs, and the
term "costs and expenses" shall include, without limitation, the amounts
expended in litigation preparation and computerized research, telephone and
telefax expenses, mileage, depositions, postage, photocopies, process service,
videotapes and the like.

     1.14.  PROTECTION OF SECURITY; COSTS AND EXPENSES.

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

     (B)    Mortgagor and its property manager, if applicable, shall appear in
and defend any action or proceeding purporting to affect the security of this
Mortgage or any additional or other security for the obligations secured hereby,
or the rights or powers of the Mortgagee, and shall

                                       19
<Page>

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

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

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

     1.15   MORTGAGOR'S COVENANTS RESPECTING COLLATERAL.

     (A)    This instrument also creates a security interest in the Collateral,
the Contracts and in any sums held by Mortgagee, its servicing agent or any
escrow agent appointed under the terms of this Mortgage, which security interest
Mortgagor hereby grants in favor of Mortgagee under the Indiana Uniform
Commercial Code, and Mortgagee shall also have all the rights and remedies of a
secured party under the Indiana Uniform Commercial Code, and without limitation
upon or in derogation of the rights and remedies created and accorded to
Mortgagee by this Mortgage pursuant to the common law or any other laws of the
State of Indiana or any other jurisdiction, it being understood that the rights
and remedies of Mortgagee under the Indiana Uniform Commercial Code shall be
cumulative and in addition to all other rights and remedies of Mortgagee arising
under the Mortgage, the Note, the Related Agreements, the common law or

                                       20
<Page>

any other laws of the State of Indiana or any other jurisdiction. The security
interest granted by this Mortgage is for the purpose of securing all obligations
of Mortgagor as set forth in this Mortgage, the Note and the Related Agreements.
Mortgagor acknowledges that this Mortgage shall constitute a Security Agreement
as that term is used under the laws of the State of Indiana in favor of
Mortgagee. To the extent a security interest cannot be granted or perfected
under the applicable Uniform Commercial Code provisions in any personal property
in which Mortgagor has any right, title or interest, Mortgagor hereby pledges to
Mortgagee all of its right, title and interest in all such personal property
including, but not limited to, deposit accounts, escrowed funds, cash and cash
receipts, as the same shall relate to the Property or the Collateral or the
conduct of business on the Property, now existing, hereafter acquired, wherever
located and however held. Any person holding property in which Mortgagor has any
interest shall be deemed to be holding such property in trust for Mortgagee.

     (B)    Mortgagor shall execute and deliver financing and continuation
statements covering the Collateral from time to time and in such form as
Mortgagee may require to perfect and continue the perfection of Mortgagee's
security interest with respect to such property, and Mortgagor shall pay all
reasonable costs and expenses of any record searches for financing statements
Mortgagee may require. Mortgagor hereby authorizes and empowers Mortgagee to
file (and hereby irrevocably appoints Mortgagee its agent and attorney-in-fact,
which shall be coupled with an interest, to execute and file, on Mortgagor's
behalf) at any time and from time to time any initial financing statements,
amendments thereto and continuation statements with or without signature of
Mortgagor as authorized by applicable law, as applicable to the Collateral. For
purposes of such filings, Mortgagor agrees to furnish any information requested
by Mortgagee promptly upon request by Mortgagee describing the Collateral.
Mortgagor hereby ratifies and approves all filings of financing statements,
amendments and continuations applicable to the Collateral made or filed by
Mortgagee prior to the date of this Mortgage.

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

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

     (E)    Mortgagor shall (1) upon reasonable notice (unless an emergency or
Event of Default exists) permit Mortgagee and its representatives to enter upon
the Property to inspect the Collateral and Mortgagor's books and records
relating to the Collateral and make extracts therefrom and to arrange for
verification of the amount of Collateral, under procedures acceptable to
Mortgagee, directly with Mortgagor's debtors or otherwise at Mortgagor's
expense; (2) promptly notify Mortgagee of any attachment or other legal process
levied against any of the Collateral and any information received by Mortgagor
relative to the Collateral, Mortgagor's debtors or other persons obligated in
connection therewith, which may in any way affect the value of the Collateral or
the rights and remedies of Mortgagee in respect thereto; (3)

                                       21
<Page>

reimburse Mortgagee upon demand for any and all costs actually incurred,
including, without limitation, reasonable and actual attorneys', paralegals' and
accountants' fees, and other expenses incurred in collecting any sums payable by
Mortgagor under any obligation secured hereby, or in the checking, handling and
collection of the Collateral and the preparation and enforcement of any
agreement relating thereto; (4) notify Mortgagee of each location at which the
Collateral is or will be kept, other than for temporary processing, storage or
similar purposes, and of any removal thereof to a new location, including,
without limitation, each office of Mortgagor at which records relating to the
Collateral are kept; (5) provide, maintain and deliver to Mortgagee originals or
certified copies of the policies of insurance and certificates of insurance
insuring the Collateral against loss or damage by such risks and in such
amounts, form and by such companies as Mortgagee may require and with loss
payable to Mortgagee, and in the event Mortgagee takes possession of the
Collateral, the insurance policy or policies and any unearned or returned
premium thereon shall at the option of Mortgagee become the sole property of
Mortgagee; and (6) do all acts necessary to maintain, preserve and protect all
Collateral, keep all Collateral in good condition and repair and prevent any
waste or unusual or unreasonable depreciation thereof.

     (F)    Until Mortgagee exercises its right to collect proceeds of the
Collateral pursuant hereto, Mortgagor will collect with diligence any and all
proceeds of the Collateral. If an Event of Default exists, any proceeds received
by Mortgagor shall be held in trust for Mortgagee, and Mortgagor shall keep all
such collections separate and apart from all other funds and property so as to
be capable of identification as the property of Mortgagee and shall deliver to
Mortgagee such collections at such time as Mortgagee may request in the
identical form received, properly endorsed or assigned when required to enable
Mortgagee to complete collection thereof.

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

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

                                       22
<Page>

Mortgagee actually incurred in retaking, holding, preparing for sale, or selling
the Collateral or similar matters, including reasonable and actual attorneys'
and paralegals' fees, and then, as Mortgagee shall solely determine.

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

     1.16   COVENANTS REGARDING FINANCIAL STATEMENTS.

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

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

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

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

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

                                       23
<Page>

     (3)    All reports covering the financial condition of Mortgagor or
Mortgagor's sole member shall include, without limitation, balance sheets and
statements of income and of partner's equity, if applicable, setting forth in
each case in comparative form the figures for the previous fiscal quarter or
year, as the case may be. All interim quarterly reports shall also include a
breakdown of all categories of revenues and expenses, and any supporting
schedules and data requested by Mortgagee. Each set of annual or quarterly
financial reports or quarterly rent rolls delivered to Mortgagee pursuant to
this Section shall also be accompanied by a certificate of the chief financial
officer, the managing general partner or the manager of the party whom the
report concerns, stating whether any condition or event exists or has existed
during the period covered by the annual or quarterly reports which then
constituted or now constitutes an Event of Default under the Note or this
Mortgage, or which if continued or not cured would, after passage of time,
constitute an Event of Default, and if any such condition or event then existed
or now exists, specifying its nature and period of existence and what Mortgagor
did or proposes to do with respect to such condition or event.

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

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

     1.17.  ENVIRONMENTAL COVENANTS.

     Mortgagor covenants:

     (A)    That no Hazardous Materials (as defined below) are currently on or
in the Property (except as expressly described in the Phase I Environmental Site
Assessment of the Property prepared by ATC Associates, Inc., dated November 18,
2003) or shall be installed, used, generated, manufactured, treated, handled,
refined, produced, processed, stored or disposed of, in, on or under the
Property other than Hazardous Materials in quantities and of types reasonably
and customarily associated with general office use which have been and are
stored, used and disposed of in compliance with Hazardous Material Laws (as
defined below) and the presence of which do not require compliance with any
reporting requirements under any Hazardous Material Laws;

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

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

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

                                       24
<Page>

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

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

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

     1.18.  FURTHER ASSURANCES. Mortgagor, from time to time, will execute,
acknowledge, subscribe and deliver to or at the direction of Mortgagee such
documents and further assurance as Mortgagee may reasonably require for the
purpose of evidencing, perfecting or confirming the lien and security interest
created by this Mortgage or the security to be afforded by the Related
Agreements, or both. Without limiting the foregoing and notwithstanding anything
in this Mortgage or the Related Agreements to the contrary, Mortgagor will
defend, indemnify and hold Mortgagee harmless with respect to any suit or
proceeding in which the validity, enforceability or priority of any such lien or
security interest, or both, is endangered or contested, directly or indirectly.
If Mortgagor fails to undertake the defense of any such claim in a timely
manner, or, in Mortgagee's sole determination, fails to prosecute such defense
with due diligence, then

                                       25
<Page>

Mortgagee is authorized to take, at the sole expense of Mortgagor, all necessary
and proper action in defense of any such claim, including, without limitation,
the retention of legal counsel, the prosecution or defense of litigation and the
compromise or discharge of claims, including payment of all costs and reasonable
attorneys' and paralegals' fees. All costs, expenses and losses, if any, so
incurred by Mortgagee, including all attorneys' and paralegals' fees regardless
of whether suit is brought, for all administrative, trial and appellate
proceedings, if any, will constitute advances by Mortgagee as provided in
Section 1.14 hereinabove.

     1.19.  MORTGAGOR'S CONTINUED EXISTENCE. Mortgagor shall at all times during
the term of the Loan maintain its legal existence and qualification to do or
transact business in the state in which the Property or any of the Collateral is
located. Mortgagor's exact legal name, state of organization and chief executive
office are as set forth respectively in the initial paragraph of this Mortgage.
So long as any of the indebtedness secured hereby remains outstanding, Mortgagor
will provide Mortgagee with thirty (30) days prior written notice of any change
in Mortgagor's name, organizational identification number, state of organization
or, if any individual, principal residence.

                                   ARTICLE II

                                EVENTS OF DEFAULT

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

     2.01.  MONETARY AND PERFORMANCE DEFAULTS.

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

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

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

                                       26
<Page>

this Article II or in the default definition of any Related Agreement, then
Mortgagor shall not be entitled to any notice or cure period upon the occurrence
of such breach or default except for such notice and cure periods, if any, as
may be expressly granted in such other defined Event of Default.

     2.02.  BANKRUPTCY, INSOLVENCY, DISSOLUTION.

     (A)    Any court of competent jurisdiction shall sign an order (1)
adjudicating Mortgagor, its sole member, or any Guarantor (which term when used
in this Mortgage shall mean any guarantor of payment of the indebtedness)
bankrupt or insolvent, (2) appointing a receiver, trustee or liquidator of the
Property or Collateral or of a substantial part of the property of Mortgagor,
its sole member, or any Guarantor, or (3) approving a petition for, or effecting
an arrangement in bankruptcy, or any other judicial modification or alteration
of the rights of Mortgagee or of other creditors of Mortgagor, its sole member,
or any Guarantor; or

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

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

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

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

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

     2.06.  JUDGMENTS. (A)    A final judgment, other than a final judgment in
connection with any condemnation, is entered against Mortgagor that (1)
materially and adversely affects the value, use or operation of the Property or
other Collateral, or (2) adversely affects, or reasonably

                                       27
<Page>

may adversely affect, the validity or enforceability of this Mortgage, any of
the Related Agreements or the Note or priority of the liens or security
interests created by this Mortgage or any of the Related Agreements; or (B)
execution or other final process issues thereon with respect to the Property or
other Collateral; and (C) Mortgagor does not discharge the same or provide for
its discharge in accordance with its terms, or procure a stay of execution
thereon, in any event within thirty (30) days from entry, or Mortgagor shall
not, within such period or such longer period during which execution on such
judgment shall have been stayed, appeal therefrom or from the order, decree or
process upon or pursuant to which such judgment shall have been entered, and
cause its execution to be stayed during such appeal, or if on appeal such order,
decree or process shall be affirmed and Mortgagor shall not discharge such
judgment or provide for its discharge in accordance with its terms within sixty
(60) days after the entry of such order or decree or affirmance, or if any stay
of execution on appeal is released or otherwise discharged.

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

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

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

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

                                   ARTICLE III

                                    REMEDIES

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

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

     3.02.  ENTRY. Irrespective of whether Mortgagee exercises the option
provided in section 3.01 above, Mortgagee in person or by agent or by
court-appointed receiver (and Mortgagee shall have the right to the immediate
appointment of such a receiver without regard to the adequacy of the security
and Mortgagor hereby irrevocably consents to such appointment and

                                       28
<Page>

waives notice of any application therefor) may, at its option, without any
action on its part being required, without in any way waiving such Event of
Default, with or without the appointment of a receiver, or an application
therefor:

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

     (B)    With or without taking possession of the Property, collect and
receive all Rents and Profits, notify tenants under the Leases or any other
parties in possession of the Property to pay Rents and Profits directly to
Mortgagee, its agent or a court-appointed receiver and apply such Rents and
Profits to the payment of:

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

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

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

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

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

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

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

     Mortgagee, as a matter of right without notice to Mortgagor or anyone
claiming under it and without regard to the then value of the Property or the
interest of Mortgagor therein, shall have the right to apply to any court having
jurisdiction to appoint a receiver or receivers to take charge of the Property
or any portion thereof. Any such receiver or receivers shall have all of the
usual and customary powers and duties of receivers in like or similar cases and
all of the powers and duties of Mortgagee in case of entry as provided
hereinabove, including without limitation, the right to collect and receive
Rents and Profits. All such Rents and Profits Paid to Mortgagee

                                       29
<Page>

or collected by such receiver shall be applied as provided for in subsection
3.02(B) above. Mortgagor for itself and any subsequent owner of the Property
hereby waives any and all defenses to the application for such receiver and
hereby irrevocably consents to such appointment without notice of any
application therefore.

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

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

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

                                       30
<Page>

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

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

     (A)    all advances by Mortgagee in accordance with the terms of this
Mortgage to: (i) preserve, maintain, repair, restore or rebuild the improvements
upon the Property; (ii) preserve the lien of the Mortgage or the priority
thereof; or (iii) enforce this Mortgage;

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

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

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

     (E)    Mortgagee's fees and costs, including reasonable and actual
attorneys' and paralegals' fees, arising between the entry of judgment of
foreclosure and the confirmation hearing;

     (F)    expenses deductible from proceeds of sale; and

                                       31
<Page>

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

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

     This Mortgage shall be a lien for all Protective Advances as to subsequent
purchasers and judgment creditors from the time this Mortgage is recorded.

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

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

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

            (3)  if right of redemption has not been waived by this Mortgage,
     computation of amounts required to redeem;

            (4)  determination of amounts deductible from sale proceeds;

                                       32
<Page>

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

            (6)  computation of any deficiency judgment.

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

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

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

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

     (B)    To the payment of any and all sums expended by Mortgagee under the
terms hereof, not then repaid, with accrued interest at the Default Rate set
forth in the Note, and all other sums (except advances of principal and interest
thereon) required to be paid by Mortgagor pursuant to any provisions of this
Mortgage, or the Note, or any note evidencing any Future Advance, or any of the
Related Agreements, including, without limitation, all expenses,

                                       33
<Page>

liabilities and advances made or incurred by Mortgagee under this Mortgage or in
connection with the enforcement thereof, together with interest thereon as
herein provided; and

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

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

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

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

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

     (B)    To the fullest extent permitted by law, Mortgagor, for itself and
all who may at any time claim through or under it, hereby expressly waives,
releases and renounces all rights of redemption from any foreclosure sale, all
rights of homestead, exception, monitoring reinstatements, forbearance,
appraisement, valuation, stay and all rights under any other laws which may be
enacted extending the time for or otherwise affecting enforcement or collection
of the Note, the debt evidenced thereby, or this Mortgage.

                                       34
<Page>

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

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

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

     (B)    Mortgagee may seek damages or other monetary relief, to the extent
of actual monetary loss, or any other remedy at law or in equity against
Mortgagor, and the indemnitors/guarantors, if any, under any nonrecourse
exception indemnity agreements ("Nonrecourse Indemnitors") by reason of or in
connection with: (1) the failure of Mortgagor to pay to Mortgagee, upon demand,
all rents, issues and profits of the Property to which Mortgagee is entitled
pursuant to this Mortgage, the Note or the Related Agreements following an Event
of Default; (2) any waste of the Property or any willful act or omission by
Mortgagor which

                                       35
<Page>

damages or materially reduces the value of the Property; (3) the distribution of
rents, issues and profits from the Property prior to the payment of operating
expenses or the provision for reserves, if any, to be made pursuant to this
Mortgage, the Note or the Related Agreement prior to any other expenditure or
distribution by Mortgagor; (4) the failure to account for and to turn over
security deposits (and interest required by law or agreement to be paid thereon)
or prepaid rents following the occurrence of an Event of Default under this
Mortgage, the Note or any Related Agreements; (5) the failure to timely pay all
real estate taxes or any regular or special assessments affecting the Property;
(6) the failure to account for and to turn over real estate tax accruals
following the occurrence of an Event of Default under this Mortgage, the Note or
any Related Agreements; (7) the failure to maintain casualty and liability
insurance as required under the Note or the Related Agreements or to apply
insurance proceeds or condemnation awards relating to the Property or other
collateral in the manner required under applicable provisions of this Mortgage,
the Note or any Related Agreements; (8) any modification, termination or
cancellation of any lease of all or any portion of the Property without
Mortgagee's prior written consent, if and to the extent such consent is
required under the Note or the Related Agreements and if and to the extent such
modification, termination or cancellation has a material adverse affect on the
value of the Property; (9) a default by Mortgagor under any lease of all or any
portion of the Property; or (10) costs and expenses, including, without
limitation, attorneys' and paralegals' fees and transfer taxes, incurred by
Mortgagee in connection with the enforcement of this Mortgage, the Note or the
Related Agreements or in connection with a deed-in-lieu of foreclosure if the
Event of Default giving rise to the enforcement action is one described in
subsections (B) or (C) as an exception to the nonrecourse provisions, or if the
Mortgagor or any principal of Mortgagor objects to any actions taken by
Mortgagee to exercise its remedies under this Mortgage, the Note or the Related
Agreements; Mortgagor or principal of Mortgagor commences any lawsuit to enjoin
or delay a foreclosure of the Property by Mortgagee, or raises defenses or
counterclaims to a foreclosure action; Mortgagor applies for the appointment of
a receiver, trustee or liquidator for it or for any of its property, or, as a
debtor, files a voluntary petition in bankruptcy, or petition or answer seeking
reorganization or an arrangement with creditors or takes advantage of any
bankruptcy, reorganization, insolvency, readjustment of debt, dissolution or
liquidation law or statute, or makes a general assignment for the benefit of
creditors; or in the event any bankruptcy or reorganization proceedings
(voluntary or involuntary), the Mortgagor or any principal of Mortgagor opposes
any motion by Mortgagee for relief from the Automatic Stay; and

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

                                       36
<Page>

payables incurred in the ordinary course of business in connection with the
operation of the Property.

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

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

                                   ARTICLE IV

                                  MISCELLANEOUS

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

     4.02.  CERTAIN CHARGES AND BROKERAGE FEES.

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

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

                                       37
<Page>

taken by Mortgagor. It is understood that any such commission charge or
brokerage fees shall be paid directly by Mortgagor to the entitled parties.

     4.03.  NOTICES.

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

                                       38
<Page>

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

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

     With a copy to:

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

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

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

     With a copy to:

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

     4.04.  MORTGAGOR NOT RELEASED: CERTAIN MORTGAGEE ACTS.

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

                                       39
<Page>

of any kind as security therefor, whether evidenced by deeds of trust,
mortgages, security agreements or any other instruments of security; or (4)
alter, substitute or release any property securing the indebtedness.

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

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

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

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

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

                                       40
<Page>

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

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

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

     4.12.  SUCCESSORS AND ASSIGNS. All of the grants, obligations, covenants,
agreements, terms, provisions and conditions herein shall run with the land and
shall apply to, bind and inure to the benefit of, the heirs, administrators,
executors, legal representatives, successors and assigns of Mortgagor (but this
shall not permit any assignment prohibited hereby) and the endorsees,
transferees, successors and assigns of Mortgagee. In the event Mortgagor is
composed of more than one party, the obligations, covenants, agreements, and
warranties contained herein and in the Related Agreements as well as the
obligations arising therefrom are and shall be joint and several as to each such
party.

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

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

     4.15.  MAXIMUM INTEREST RATE. No provision of this Mortgage or of the Note
or of any note evidencing a Future Advance shall require the payment or permit
the collection of interest in excess of the maximum non-usurious rate permitted
by applicable law. In the event such interest does exceed the maximum legal
rate, it shall be canceled automatically to the extent that such interest
exceeds the maximum legal rate and if theretofore paid, credited on the
principal amount of the Note or, if the Note has been prepaid, then such excess
shall be rebated to

                                       41
<Page>

Mortgagor. It is the intent of Mortgagor and Mortgagee that the interest rate
charged under the Note, this Mortgage any note representing any Future Advance
and any of the Related Agreements shall comply with all applicable law and not
exceed the maximum rate allowed by law.

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

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

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

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

                                    * * * * *

                            [Signature Page Follows]

                                       42
<Page>

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

                                       MORTGAGOR AND "DEBTOR"

                                       INLAND SOUTHEAST STONY CREEK, L.L.C.,
                                       a Delaware limited liability company

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

                                            By: /s/ Debra A. Palmer
                                               --------------------------
                                            Its: Asst Secretary
                                                -------------------------

                                       43
<Page>

STATE OF Illinois )
                  )  SS.
COUNTY OF Cook    )

     I, the undersigned, a Notary Public, in and for the County and State
aforesaid, DO HEREBY CERTIFY, that Debra A. Palmer, the Asst. Secretary of
INLAND WESTERN RETAIL REAL ESTATE TRUST, INC., a Maryland corporation, the sole
member of INLAND SOUTHEAST STONY CREEK, L.L.C., a Delaware limited liability
company, personally known to me to be the same person whose name is subscribed
to the foregoing instrument, appeared before me this day in person and
acknowledged that as such officer he/she signed and delivered the said
instrument as his/her free and voluntary act and deed and as the free and
voluntary act and deed of said entities, for the uses and purposes therein set
forth.

     GIVEN under my hand and notarial seal this 14th day of January, 2004.

(SEAL)

                                       /s/ Elizabeth Ann Irving
                                       ------------------------
                                             Notary Public

My commission expires:
                                             "OFFICIAL SEAL"
11-14-2004                                 ELIZABETH ANN IRVING
                                     NOTARY PUBLIC STATE OF ILLINOIS
                                     My Commission Expires 11/14/2004

This document prepared by,
and after recording return to:

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

<Page>

                                    EXHIBIT A

                               Legal Description:

Lots numbered 2,3,5, and 7A and Blocks "A", "B", and "C" as shown on the plat of
Stony Creek Marketplace Lots 2, 3, 4, 5, 7, and Blocks A, B, and C Corrective
Plat recorded January 16, 2004 in Plat Cabinet 3, Slide 328 as Instrument No.
2004-00003598 in the Office of the Recorder of Hamilton County, Indiana.

Together with easements created by that certain Declaration of Development
Standards, Covenants and Restrictions dated June 14, 2001, recorded on July 3,
2001 as instrument No. 200100040592, as amended by that certain First Amendment
to Declaration of Development Standards, Covenants and Restrictions dated
January 24, 2003, recorded January 28, 2003 as Instrument No. 200300010148.

<Page>

                                    EXHIBIT B

                                (Fixture Filing)

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

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

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

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

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

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

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

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

<Page>

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

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

            4.   NAME AND ADDRESS OF MORTGAGEE:

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

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

<Page>

                                    EXHIBIT C

                             (Permitted Exceptions)

1.   Taxes for the year 2003 and subsequent years, a lien but not yet due and
     payable.

2.   Easement of necessity for access for the adjoiner to the east across the
     insured real estate.

3.   Terms and provisions of a Road Easement Agreement dated October 10, 2000
     and recorded November 17, 2000 as Instrument No. 2000-57955.

4.   Rights of Reversion as set out in a Limited Warranty Deed with Right of
     Reversion dated October 17, 2000 and recorded November 17, 2000 as
     Instrument No. 2000-57951, as amended by Amended Limited Warranty Deed with
     Right of Reversion dated April 23, 2001 and recorded May 8, 2001 as
     Instrument No. 2001-25776.

5.   Memorandum of Development Agreement by and between Duke Construction
     Limited Partnership and Meijer Stores Limited Partnership dated June 15,
     2001 and recorded July 3, 2001 as Instrument No. 2001-40593.

6.   Terms and provisions of a Taxpayer Agreement and Consent to Real
     Property Tax Lien dated June 15, 2001 and recorded December 26, 2001 as
     Instrument No. 2001-85653.

7.   Terms and provisions of an Use Restriction Agreement by and between Duke
     Construction Limited Partnership and First Indiana Bank, N.A. dated January
     27, 2003 and recorded February 5, 2003 as Instrument No. 2003-12444.

8.   Easement in favor of: all utility companies and their agents and employees
     Type of easement: Utility
     Dated: March 20, 2002
     Recorded: May 2, 2002
     Instrument No.: 2002-32599
     Subject to the terms and conditions thereof.

9.   Limited Access Fence Removal Covenant recorded November 20, 2002 as
     Instrument No. 2002-89080.

10.  Terms and provisions of a Nonexclusive Parking Easement Agreement by and
     between Duke Construction Limited Partnership and Meijer Stores Limited
     Partnership dated February 28, 2003 and recorded March 12, 2003 as
     Instrument No. 2003-25008.

11.  Terms and provisions of an Ordinance Vacating Right of Way for Cumberland
     Road dated August 13, 2002 and recorded September 26, 2002 as Instrument
     No. 2002-70245.

<Page>

12.  Convenants, conditions, restrictions, setback lines, utility easements and
     any amendments thereto contained in the plat of Stony Creek Marketplace,
     Lots 2, 3, 4, 5, 7 & Blocks A, B, & C, Secondary Plat recorded October 22,
     2002 in Plat Cabinet 3, Slide 74 as Instrument No. 2002-79217. A violation
     of the covenants, conditions, and restrictions will not result in
     forfeiture or reversion of title. We delete any covenant, condition, or
     restriction indicating a preference, limitation or discrimination based on
     race, color, religion, sex, handicap, familial status or national origin to
     the extent such covenants, conditions or restrictions violate 42 USC 3604
     (c).

13.  Declaration of Development Standards, Covenants and Restrictions dated June
     14, 2001 and recorded July 3, 2001 as Instrument No. 2001-40592, as amended
     by First American to Declaration of Development Standards, Covenants, and
     Restrictions dated January 24, 2003 and recorded January 28, 2003 as
     Instrument No. 2003-10148. The Declaration provides for regular and special
     assessments which shall constitute a lien upon the land. The Declaration
     also provides that the lien of any assessment shall be subordinate to the
     lien of any first mortgage. A violation of the covenants, conditions, and
     restrictions will not result in forfeiture or reversion of title. We delete
     any covenant, condition, or restriction indicating a preference, limitation
     or discrimination based on race, color, religion, sex, handicap, familial
     status or national origin to the extent such covenants, conditions, or
     restrictions violate 42 USC 3604 (c).<Page>

                                                                   Exhibit 10.39

                       THIRD AMENDMENT TO CONTRACT OF SALE

          THIS THIRD AMENDMENT (this "THIRD AMENDMENT") dated as of January 16,
2004 by and between DDRA COMMUNITY CENTERS FOUR, L.P., having an address c/o DRA
Advisors LLC, 220 East 42nd Street, 27th Floor, New York, New York 10017
("SELLER") and INLAND REAL ESTATE ACQUISITIONS, INC., 2901 Butterfield Road, Oak
Brook, Illinois 60523 ("PURCHASER").

                              W I T N E S S E T H :

          WHEREAS, Seller and Purchaser have entered into a Contract of Sale,
dated December 23, 2003 as amended by a First Amendment to Contract dated as of
December 26, 2003, as amended by a Second Amendment to Contract dated as of
January 6, 2004 (as amended, the "CONTRACT") with respect to the Premises (as
defined in the Contract); and

          WHEREAS, the parties wish to amend the Contract.

          NOW, THEREFORE, for good and valuable consideration, the sufficiency
of which the parties hereby acknowledge, the parties agree as follows:

          1.   All capitalized terms set forth herein shall have the meanings
ascribed to such terms in the Contract unless otherwise defined herein.

          2.   The following shall be inserted as Article 15 of the Contract:

               15.1   At Closing, Seller shall deposit in escrow with Escrowee
the aggregate rent (including expense recovery charges) set forth on Schedule H
annexed hereto (except as may be reduced pursuant to Section 15.3 below) ("PAD
ESCROW") payable by the Space Tenants listed on Schedule H (each, and, if
applicable, their replacements, individually, a "PAD TENANT" and, collectively,
the "PAD TENANTS") for the first twelve (12) months (the "INITIAL PERIOD") of
the twenty four (24) month period commencing as of the Closing Date (such 24
month period, the "PAD TERM" and the second twelve (12) months of the Pad Term
(the "SECOND PERIOD"). The Pad Escrow shall be held in an interest bearing
account pursuant to the escrow instructions set forth on EXHIBIT 14 (as amended
in this Third Amendment). If, during the Pad Term, any Pad Tenant shall make a
monthly rent payment to Purchaser which is less than the monthly amount
corresponding to such Pad Tenant on Schedule H and such reduction in rent is due
directly to the Proceeding, Purchaser shall be entitled to withdraw, at any time
after the fifteenth (15th) day (the "WITHDRAWAL DATE") of the applicable month,
from the Pad Escrow the monthly rental payment for such Pad Tenant as set forth
on Schedule H less any amount received by Purchaser allocable to the Pad Tenant
(and if Purchaser thereafter receives any amount allocable to the Pad Tenant
whether during the Pad Term or after the expiration of the Pad Term, which is
attributable to the month for which Purchaser received an escrow withdrawal,
Purchaser shall promptly remit such amount to Escrowee if received during the
Initial Period and to Seller if received during the Second Period). Commencing
on the first anniversary of the Closing Date, Escrowee shall distribute to
Seller the balance of the Pad Escrow attributable to a particular month in the
Second Period immediately after the earlier of (i) Purchaser's Pad Escrow
withdrawal for such month or (ii) ten (10) days after the applicable Withdrawal
Date. Upon the expiration of the Pad Term, Escrowee shall distribute to Seller
the balance of the Pad Escrow, if any, and Seller shall be released from all
liability to Purchaser under this Article 15.

<Page>

Notwithstanding the foregoing, to the extent any Pad Tenant delivers a "not
sufficient funds" check to Purchaser, and a corresponding sum is released to
Seller during the Second Period, pursuant to the terms of this paragraph, Seller
agrees to reimburse Purchaser therefor within thirty (30) days after receipt of
notice from Purchaser.

               15.2   During the Pad Term, Purchaser shall: (i) use best efforts
to enforce the provisions of all space leases at the Premises, (ii) take
commercially reasonable actions so as to mitigate the likelihood of a Pad Tenant
reducing its monthly rental payments or terminating its space lease, (iii) in
the event a Pad Tenant (A) vacates its premises and is in default under its
space lease for the nonpayment of rent or (B) terminates its space lease, use
best efforts to enter into new space leases for such premises consistent with
market standards and (iv) not enter into any agreement with a Pad Tenant
regarding its waiver or reduction of rent under its space lease, without
Seller's prior written consent.

               15.3   Notwithstanding anything contained herein to the contrary,
in the event that, as of the Closing Date, any Pad Tenant is deemed to occupy
Future Master Lease Space, Seller's obligations with respect to such Pad Tenant
under this Article 15 shall be null and void and of no further force and effect,
including without limitation, Seller's obligation to post the applicable Pad
Escrow.

               15.4   Seller shall have no obligation or liability to Purchaser,
pursuant to this Article 15, in excess of the amounts set forth on Schedule H
(as reduced pursuant to Section 15.1 and 15.3 above).

               15.5   The provisions of Article 15 shall survive Closing.

          3.   The following shall be inserted as Article 16 of the Contract:

               "Notwithstanding anything contained in the Contract to the
contrary, in consideration for the provisions set forth in Articles 15 and 19,
Purchaser hereby agrees to release, pay, indemnify, defend, exonerate, protect
and save Seller harmless against and from any and all costs, damages, losses,
liabilities, liens, encumbrances, judgments, obligations, penalties, claims,
disbursements or expenses of any kind or nature whatsoever, whether direct or
contingent, including, without limitation, reasonable attorneys' fees and
disbursements which may at any time be imposed upon, incurred by or asserted or
awarded against Purchaser, Seller or the Premises, and arising from, out of,
under, or in any way relating to the Proceeding or any work performed in
connection therewith except to the extent of Seller's obligations in Article 15,
provided that Purchaser's indemnity shall not include consequential damages.
Purchaser hereby acknowledges that Seller has filed a Motion to Withdraw the
Award (the "Award") of Special Commissioners in connection with the Proceeding
and Purchaser shall not object to or interfere with same. Notwithstanding the
foregoing, Purchaser agrees to use commercially reasonable efforts (at Seller's
sole cost and expense) to assist Seller in its collection of the Award in the
event Seller requests same. It is understood that the amount of the Award in
excess of Six Hundred Thousand and 00/100 Dollars ($600,000.00) shall belong to
Purchaser. The provisions of this Article 16 shall survive Closing."

          4.   The following shall be inserted as Article 17 of the Contract:

               "Notwithstanding anything contained in the contract to the
contrary, in consideration for the provisions set forth in Article 15, Seller
hereby agrees to release, pay,

<Page>

indemnify, defend, exonerate, protect and save Purchaser harmless against and
from any and all costs, damages, losses, liabilities, liens, encumbrances,
judgments, obligations, penalties, claims, disbursements or expenses of any kind
or nature whatsoever, whether direct or contingent, including, without
limitation, reasonable attorneys' fees and disbursements which may at any time
be imposed upon, incurred by or asserted or awarded against Purchaser, Seller or
the Premises, and arising from, out of, under, or in any way relating to that
certain Petition titled ISO Group, Inc. d/b/a Successories of Texas, Plaintiff
v. DDRA Community Centers Four, L.P., Defendant, in the District Court of the
407th Judicial District, Bexar County, Texas, Case No. 2003C119672 (the
"Petition"), provided that Seller's indemnity shall not include consequential
damages. Seller may in connection with any settlement of the Petition, agree to
allow the Successories of Texas Space Tenant to reduce or abate the rental
payments under the Successories of Texas Space Lease affecting a period of time
not to exceed the Pad Term Purchaser agrees to reasonably cooperate with Seller
in the defense or settlement of the Petition and agrees not to adversely affect
Seller's defense of same in any manner, and Purchase agrees to execute an
amendment to such Space Lease reflecting any such rent reduction or abatement or
other reasonable provision. The provisions of this Article 17 shall survive
Closing."

          5.   The following shall be inserted as Article 18 of the Contract:

               "Seller agrees to endeavor to repair the roofs at the Premises as
set forth in Schedule I annexed hereto (the "Roof Repairs") on or prior to
Closing but if not so fully repaired Purchaser shall, as its sole remedy,
receive a credit equal to the difference between (i) Thirty-five Thousand and
00/100 Dollars ($35,000.00) and (ii) the amount expended by Seller (as evidenced
by copies of invoices and paid receipts) in connection with the Roof Repairs
from the date hereof through and including the date of Closing, whereupon
Purchaser shall be responsible for completing any such incomplete repairs.
Notwithstanding the foregoing, in no event shall Seller be obligated to expend
more than Thirty-five Thousand and 00/100 Dollars ($35,000.00) on the Roof
Repairs."

          6.   The Escrow Agreement annexed to the Contract as EXHIBIT 14 shall
be deleted and the annexed EXHIBIT 14 inserted in lieu thereof.

          7.   Purchaser hereby acknowledges and agrees that (i) the Contract is
in full force and effect and (ii) Purchaser shall have no right to cancel the
Contract pursuant to Sections 9.3(a)(xii) and 12 of the Contract.

          8.   Section 9.4(a)(ii) of the Contract shall be amended to insert the
words ", provided, that, Purchaser shall have no obligation to collect
Additional Rent payable under the Ross Dress for Less Space Lease that relates
to 2003 and prior calendar years." after the word "Closing" at the end of the
third (3rd) sentence.

          9.   Section 14.2 of the Contract shall be amended to insert the words
"or any termination fee" after the word "rent" in the following parenthetical
"(and if Purchaser receives any rent from Space Tenants allocable to Master
Lease Space after the expiration of the Master Lease term attributable to the
Master Lease term, Purchaser shall promptly remit such amounts to Seller)."

          10.  The following shall be inserted as Article 19 of the Contract:

<Page>

               "Seller agrees to credit Purchaser, at Closing, Twenty-five
Thousand and 00/100 Dollars ($25,000.00) in connection with Purchaser's
relocation after the Closing of the West pylon sign, whereupon Purchaser shall
be responsible for all costs and expenses arising out of such relocation. Seller
agrees to credit Purchaser, at Closing, Forty-three Thousand Three Hundred
Twenty-seven and 00/100 Dollars ($43,327.00) in consideration of additional work
necessary to be performed by reason of the Proceeding."

          11.  Developers Diversified Realty Corporation agrees to use good
faith efforts to deliver to Purchaser's auditor an audit letter substantially in
the form annexed hereto as EXHIBIT A.

          12.  Except as modified by this Third Amendment, the Contract shall
remain unmodified and in full force and effect and is hereby ratified and
confirmed in all respects by Seller and Purchaser.

          13.  This Third Amendment may be executed in two or more counterparts
and each of such counterparts, for all purposes, shall be deemed to be an
original but all of such counterparts together shall constitute but one and the
same instrument, binding upon all parties hereto, notwithstanding that all of
such parties may not have executed the same counterpart. Facsimile signatures
shall be binding.

                         [SIGNATURES ON FOLLOWING PAGE]

<Page>

     IN WITNESS WHEREOF, the parties hereto have duly executed this Third
Amendment the day and year first above written.

                              SELLER:

                              DDRA COMMUNITY CENTERS FOUR, L.P., a Texas
                              limited partnership
                              By:  DRDI SAN ANTONIO LLC, a Delaware limited
                                   liability company, its general partner

                                   By:  DD SAN PEDRO CORP., a Texas
                                        corporation, its member

                                        By:  /s/ David Luski
                                             -----------------------------------
                                             Name:  David Luski
                                             Title: Vice President

                              By:  PEDRO COMMUNITY CENTERS, INC., an Ohio
                                   corporation, its general partner

                              By:  /s/ David Luski
                                   ---------------------------------------------
                                   Name:  David Luski
                                   Title: Authorized Person

                              PURCHASER:
                              INLAND REAL ESTATE ACQUISITIONS, INC.

                              By: /s/ G. Joseph Cosenza
                                  --------------------------
                                  Name: G. Joseph Cosenza
                                  Title: President

As to Sections 4 and 14 of the Contract:
HERITAGE TITLE COMPANY, Escrowee

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

As to Section 4 of the Contract:
CHICAGO TITLE INSURANCE COMPANY, Initial Escrowee

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

As to Section 11 of this Third Amendment:
DEVELOPERS DIVERSIFIED REALTY CORPORATION

          /s/ David Luski
-----------------------------------------
          David Luski, Authorized Person

<Page>

                                   SCHEDULE H

<Table>
<Caption>
TENANT:                      PEARLE VISION   ALL BATTERY   SUCCESSORIES   SUPERCUTS
SPACE:                            401            420            425          430
SQUARE FEET:                     3,500          1,600          1,200        1,295       TOTAL
                             ------------------------------------------------------------------
<S>                          <C>             <C>           <C>            <C>         <C>
BASE RENT/SQ. FT             $       34.50   $     23.00   $      22.00   $   26.00
EXPENSE RECOVERY/SQ. FT      $        5.54   $      5.76   $       5.76   $    5.76
                             ------------------------------------------------------
TOTAL RENT/SQ. FT            $       40.04   $     28.76   $      27.76   $   31.76
                             ------------------------------------------------------------------
ANNUAL RENTAL PAYMENT        $     140,140   $    46,016   $     33,312   $  47,129   $ 260,597
                             ------------------------------------------------------------------

                             ------------------------------------------------------------------
  Monthly Rental Payment     $      11,678   $     3,835   $      2,776   $   3,427   $  21,716
                             ==================================================================
</Table>

<Page>

                                   SCHEDULE I

1.   Replace the stained ceiling tiles at tenant space Pearle Vision.
2.   Repair transition control joints at tilt walls at tenant spaces Lifeway
     Christian and GameStop.
3.   Repair transition control joints and perimeter flashing at tilt walls at
     tenant space Petco.
4.   Repair hole in roof membrane at roof scupper at tenant space Designer Shoe
     Warehouse.
5.   Repair transition control joints at tilt walls at tenant space Designer
     Shoe Warehouse.
6.   Repair transition control joints at tilt walls and roof scuppers at rear of
     tenant space Ross Dress for Less.

<Page>

                                    EXHIBIT A

                              FORM OF AUDIT LETTER

[DATE]

KPMG LLP
Peat Marwick Plaza
303 E. Wacker
Chicago, Illinois 60601

Ladies and Gentlemen:

We are writing you at your request to confirm our understanding that your audit
of the Historical Summary of Gross Income and Direct Operating Expenses
(Historical Summary) of DDRA Community Centers Four, L.P. (the "Partnership'),
owner of La Plaza Del Norte located in San Antonio, TX (the "Property") for the
twelve months ended December 31, 2003 was made for the purpose of expressing an
opinion as to whether the Historical Summary presents fairly, in all material
respects, the gross income and direct operating expenses in conformity with
accrual basis of accounting. In connection with your audit we confirm, to the
best of our knowledge and belief, the following representations during your
audit:

     We have made available to you:

       1.  All financial records and related data.

     There have been no:

       2a. Meetings of the board of directors.

       2b. Instances of fraud involving any member of management or employees
       who have significant roles in internal control.

       2c. Instances of fraud involving others that could have a material effect
       on the Historical Summary.

       2d. Violations or possible violations of laws or regulations, the effects
       of which should be considered for disclosure in the Historical Summary or
       as a basis for recording a loss contingency.

       2e. Communications from regulatory agencies concerning non-compliance
       with, or deficiencies in, financial reporting practices that could have a
       material effect on the Historical Summary.

     There are no:

       3a. Unasserted claims or assessments that our lawyer(s) has (have)
       advised us are probable of assertion and must be disclosed in accordance
       with Statement of Financial

                                       -8-
<Page>

       Accounting Standards (SFAS) No. 5, Accounting for Contingencies.

       3b. Material liabilities or gain or loss contingencies that are required
       to be accrued or disclosed by SFAS No. 5.

       3c. Material transactions that have not been properly recorded in the
       accounting records underlying the Historical Summary.

       3d. Events, other than the sale to Inland Western San Antonio Limited
       Partnership and as otherwise disclosed in the audited financial
       statements for the Partnership for the year ended December 31, 2003, that
       have occurred subsequent to the balance sheet date and through the date
       of this letter that would require adjustment to or disclosure in the
       Historical Summary.

       4. The Property has complied with all aspects of contractual agreements
       that would have a material effect on the Historical Summary in the event
       of noncompliance.

Further, we confirm that we are responsible for the fair presentation in the
Historical Summary of Gross Income and Direct Operating Expenses in conformity
with the accrual basis of accounting.

Sincerely,

DEVELOPERS DIVERSIFIED REALTY CORPORATION

                                       -9-
<Page>

                                   EXHIBIT 14

              ATTACHED TO AND FORMING PART OF THE CONTRACT BETWEEN
                  DDRA COMMUNITY CENTERS FOUR, L.P., AS SELLER
                                       AND
               INLAND REAL ESTATE ACQUISITIONS, INC., AS PURCHASER

                                ESCROW AGREEMENT

          This Escrow Agreement (this "AGREEMENT") is entered into as of January
__, 2004 by and between DDRA Community Centers Four, L.P. ("DDRA"),
[______________] ("Purchaser") and Heritage Title Company ("ESCROWEE").

                                    RECITALS:

          A.   DDRA and Purchaser entered into a contract of sale dated as of
December 23, 2003, as amended by a First Amendment to Contract dated as of
December 26, 2003, as amended by a Second Amendment to Contract dated as of
January 6, 2004 as amended by a Third Amendment to Contract dated as of January
___, 2004, (as amended, the "Contract") with respect to the sale of La Plaza Del
Norte located in San Antonio, Texas (the "PROPERTY").

          B.   Pursuant to Article 14 of the Contract, at Closing (as defined in
the Contract), DDRA has agreed to enter into master leases (each a "MASTER
LEASE" and collectively, the "MASTER LEASES") with Purchaser for the space set
forth on Exhibit A annexed hereto existing at the Property.

          C.   Pursuant to Article 15 of the Contract, DDRA has agreed to be
responsible for certain rent payments (the "RENT PAYMENT") for the Space Tenants
set forth on Exhibit B annexed hereto.

          NOW THEREFORE, for good and valuable consideration, the parties hereby
agree as follows:

          1.   All capitalized terms set forth herein shall have the meanings
ascribed to such terms in the Contract unless otherwise defined herein.

          2.   To fund DDRA's Master Lease obligations as to rent, leasing
commissions and tenant improvements, all as set forth in Section 14 of the
Contract, DDRA has on the date hereof deposited in escrow (the "MASTER LEASE
ESCROW") with Escrowee the amount (the "MASTER LEASE ESCROW AMOUNT") set forth
on Exhibit A annexed hereto. The Master Lease Escrow Amount shall be disbursed
by Escrowee subject to, and in accordance with, the terms and provisions of this
Paragraph 2.

               A.  The portion of the Master Lease Escrow Amount identified as
the sum of [_____________________] ($____________) is hereby referred to as the
Master Lease Rent Escrow. Purchaser shall receive a prorated credit from the
Master Lease Rent

                                      -10-
<Page>

Escrow on the date of Closing for the rent attributable to the Master Lease
Space from the date of Closing through the end of the month in which Closing
occurs. Thereafter, Purchaser shall receive (and Escrow Agent is hereby
authorized to pay to Purchaser (subject to the terms of this Section 2(A)
without further direction from DDRA) monthly payments, on the fifth (5th) day of
each month (the "MONTHLY PAYMENT DATE"), for the applicable month's rent, from
the Master Lease Rent Escrow, in the sum of [_____] (prorated for any partial
months) (the "Rent Escrow Monthly Payment"). DDRA shall have the right to object
to any Rent Escrow Monthly Payment provided that DDRA sends written notice of
such objection to Purchaser and Escrowee on or before the third (3rd) day prior
to the applicable Monthly Payment Date ("RENTAL PAYMENT OBJECTION"). If Escrowee
does receive such Rental Payment Objection on or before the third (3rd) day
prior to the applicable Monthly Payment Date or if for any other reason Escrowee
in good faith shall elect not to make such payment, Escrowee shall forward a
copy of the Rental Payment Objection, if any, to Purchaser, and continue to hold
the applicable Rent Escrow Monthly Payment unless otherwise directed by written
instructions from the parties to this Agreement or by a judgment of a court of
competent jurisdiction. In any event, Escrowee shall have the right to refrain
from taking any further action with respect to the Master Lease Rent Escrow
until it is reasonably satisfied that such dispute is resolved or action by
Escrowee is required by an order or judgment of a court of competent
jurisdiction. Escrowee, by signing this Agreement at the end hereof where
indicated, signifies its agreement to hold the Master Lease Rent Escrow for the
purposes as provided in this Agreement.

               B.  (I) Beginning on the date hereof and continuing through and
including the date on which the term of the Master Leases expire pursuant to
Section 14 of the Contract (such period is hereinafter referred to as the
"MASTER LEASE ESCROW PERIOD"), Purchaser and/or DDRA may request (each such
request, a "DISBURSEMENT REQUEST", each such requesting party the "REQUESTING
PARTY" each such non-requesting party, the "NON-REQUESTING PARTY") by written
notice to Escrowee (with a copy of such request to the Non-Requesting Party),
that Escrowee disburse (each a "DISBURSEMENT") a portion of the Master Lease
Escrow Amount to the Requesting Party. Each such Disbursement Request shall
certify that the amount being requested is due to the Requested Party pursuant
to Article 14 of the Contract and shall include a reasonably detailed
description for which the Disbursement Request is being made, including a
stipulation as to the specific purpose of the Disbursement, being either rent,
leasing commissions or tenant improvements. On each Master Lease Rent
Termination Event, after receiving DDRA's Disbursement Request and subject to
Sections 2(B)(II) below, Escrowee is authorized and directed to deliver to DDRA
any unused portion of the Master Lease Escrow Amount (including any interest
earned thereon) allocable to the applicable space and DDRA shall be released
from all liability to Purchaser under Article 14 of the Contract and this
Agreement with respect to such space. Notwithstanding anything contained herein
to the contrary, Purchaser shall not be permitted to make a Disbursement Request
(pursuant to this Section 2(B)) with respect to the Master Lease Rent Escrow;
Section A above shall govern Purchaser's rights with respect to same.

                   (II) If Escrowee does not receive a written objection from
the Non-Requesting party to the proposed Disbursement within five (5) business
days after such demand is received by Escrowee and the Non-Requesting Party,
Escrowee is hereby authorized and directed to pay such Disbursement to the
Requesting Party. If Escrowee does receive such written objection within such
five (5) business day period or if for any other reason Escrowee in

                                      -11-
<Page>

good faith shall elect not to make such payment, Escrowee shall forward a copy
of the objections, if any, to the Requesting Party, and continue to hold the
Disbursement unless otherwise directed by written instructions from the parties
to this Agreement or by a judgment of a court of competent jurisdiction. In any
event, Escrowee shall have the right to refrain from taking any further action
with respect to the Master Lease Escrow until it is reasonably satisfied that
such dispute is resolved or action by Escrowee is required by an order or
judgment of a court of competent jurisdiction. Escrowee, by signing this
Agreement at the end hereof where indicated, signifies its agreement to hold the
Master Lease Escrow Amount for the purposes as provided in this Agreement.

          3.   To fund DDRA's Rent Payment obligations, as set forth in Section
15 of the Contract, DDRA has on the date hereof deposited in escrow the Pad
Escrow with Escrowee the amount (the "PAD ESCROW AMOUNT") set forth on Exhibit B
annexed hereto. The Pad Escrow Amount shall be disbursed by Escrowee subject to,
and in accordance with, the terms and provisions of this Paragraph 3.

               A.  (I) Beginning after _______ [the fifteenth (15) day of the
first full month of the Pad Term] and continuing through and including _________
[the date on which the Pad Term expires pursuant to Section 15 of the Contract]
(such period is hereinafter referred to as the "PAD ESCROW PERIOD"), Purchaser
may make a Rent Payment request (each such request, a "RENT PAYMENT REQUEST") by
written notice to Escrowee (with a copy of such request to DDRA), that Escrowee
pay (each a "PAYOUT") a portion of the Pad Escrow Amount to Purchaser. Each such
Rent Payment Request shall certify that the amount being requested is due to
Purchaser pursuant to Article 15 of the Contract and shall include a reasonably
detailed description of all rent received (as of such date) by Purchaser for or
from such Pad Tenant. During the Second Period, Escrowee is authorized and
directed to deliver to DDRA the balance of the Pad Escrow Amount (including any
interest earned thereon) for a particular month and Pad Tenant immediately after
the earlier of (i) Purchaser's Pad Escrow withdrawal for such month and Pad
Tenant or (ii) ten (10) days after the applicable Withdrawal Date. Upon the
expiration of the Pad Escrow Period, Escrowee shall distribute to Seller the
balance of the Pad Escrow, if any, and Seller shall be released from all
liability to Purchaser under Article 15 of the Contract and this Agreement.

                   (II) If Escrowee does not receive a written objection from
DDRA to the proposed Payout within five (5) business days after such demand is
received by Escrowee and DDRA, Escrowee is hereby authorized and directed to pay
such Payout to the Purchaser. If Escrowee does receive such written objection
within such five (5) business day period or if for any other reason Escrowee in
good faith shall elect not to make such payment, Escrowee shall forward a copy
of the objections, if any, to the Purchaser, and continue to hold the Payout
unless otherwise directed by written instructions from the parties to this
Agreement or by a judgment of a court of competent jurisdiction. In any event,
Escrowee shall have the right to refrain from taking any further action with
respect to the Pad Escrow until it is reasonably satisfied that such dispute is
resolved or action by Escrowee is required by an order or judgment of a court of
competent jurisdiction. Escrowee, by signing this Agreement at the end hereof
where indicated, signifies its agreement to hold the Pad Escrow Amount for the
purposes as provided in this Agreement.

                                      -12-
<Page>

          4.   In the event of any dispute, Escrowee shall have the right to
deposit the Master Lease Escrow Amount and/or the Pad Escrow Amount in court to
await the resolution of such dispute. Escrowee shall not incur any liability by
reason of any action or non-action taken by it in good faith or pursuant to the
judgment or order of a court of competent jurisdiction. Escrowee shall have the
right to rely upon the genuineness of all certificates, notices and instruments
delivered to it pursuant hereto, and all the signatures thereto or to any other
writing received by Escrowee purporting to be signed by any party hereto, and
upon the truth of the contents thereof.

          5.   On or before the tenth (10th) day of each calendar month during
the Master Lease Escrow Period and/or the Pad Escrow Period, Escrowee shall
provide Purchaser and DDRA with a written report of the Master Lease Escrow and
the Pad Escrow, showing (i) Disbursements and Payouts from the Master Lease
Escrow and Pad Escrow made in the prior calendar month, (ii) the balance
remaining in the Master Lease Escrow and Pad Escrow as of the date of the
report, and (iii) interest accrued on the Master Lease Escrow Amount and Pad
Escrow Amount during the prior calendar month.

          6.   Escrowee shall invest and reinvest the proceeds of the Master
Lease Escrow Amount and the Pad Escrow Amount and any interest earned thereon,
in an interest bearing bank money market account(s) as Purchaser shall direct
and as is reasonably acceptable to DDRA. The Master Lease Escrow Amount and Pad
Escrow Amount shall be held with the national bank of either J.P. Morgan Chase
Bank or Bank of America.

          7.   Escrowee shall be entitled to consult with counsel in connection
with its duties hereunder. Purchaser and DDRA, jointly and severally, agree to
reimburse Escrowee, upon demand, for the reasonable costs and expenses, and in
the event of a dispute, attorneys' fees incurred by Escrowee in connection with
its acting in its capacity as Escrowee. Escrowee shall not be liable for its
actions that may result in errors except for its own gross negligence or willful
misconduct. This Agreement shall terminate and be of no further force or effect
upon the full and final disbursement of the funds held hereby.

          8.   In the event of a breach by Purchaser or DDRA of any of the
provisions of this Agreement, the non-breaching party shall have all remedies
available to it at all law or in equity based on such default other than
consequential or punitive damages.

          9.   All notices hereunder shall be sent by certified or registered
mail, return receipt requested, or may be sent by Federal Express or other
national overnight courier which obtains a signature upon delivery, or may be
delivered by hand delivery addressed to the notice parties identified below for
such party or at such other addresses as such party shall designate from time to
time by notice:

                                      -13-
<Page>

DDRA:

c/o DRA Advisors LLC
220 East 42nd Street
New York, New York 10017
Attention: Janine Roberts

with a copy to:

Blank Rome LLP
405 Lexington Avenue
New York, New York 10174
Attention: Martin Luskin, Esq.

with a copy to:

Developers Diversified Realty Corporation
3300 Enterprise Parkway
Beachwood, Ohio 44122
Attention: [__________________]

with a copy to:

Developers Diversified Realty Corporation
3300 Enterprise Parkway
Beachwood, Ohio 44122
Attention: Cheryl O'Connor, Esq.

PURCHASER:

Inland [__________,_____]
2901 Butterfield Road
Oak Brook, IL 60523
Attention: Rob Barg
Facsimile: 630-218-4928 and 630-218-4935

with a copy to:

The Inland Group, Inc.
2901 Butterfield Road
Oak Brook, IL 60523
Attention: Robert Baum, General Counsel
Facsimile: 630-218-4900 and 630-571-2360

                                      -14-
<Page>

ESCROWEE:

Heritage Title Company
__________________
__________________
__________________
Attention: ___________

Notices shall be deemed served three (3) days after mailing, and in the case of
overnight courier on the date actually delivered to or rejected by the intended
recipient, except for notice(s) which advise the other party of a change of
address of the party sending such notice, which notice shall not be deemed
served until actually received by the party to whom such notice is addressed or
delivery is refused by such party. Notices served by hand delivery shall be
deemed served on the date actually delivered to or rejected by the intended
recipient if delivered or rejected at or prior to 5:00 P.M. Eastern Time on a
business day and on the next business day if delivered or rejected after 5:00
P.M. Eastern Time on a business day or at any time on a non -business day.
Notices on behalf of the respective parties may be given by their attorneys and
such notices shall have the same effect as if in fact subscribed by the party on
whose behalf it is given.

          10.  This Agreement may not be assigned by either party without the
written consent of the other party. Any purported assignment of this Agreement
in violation of this paragraph shall be null and void.

          11.  This Agreement shall be binding upon and shall inure to the
benefit of the parties hereto and their respective heirs, executors,
administrators, successors and permitted assigns. None of the provisions of this
Agreement are intended to be, nor shall they construed to be, for the benefit of
any third party.

          12.  This Agreement, the Exhibits annexed hereto and the Contract
shall constitute the entire agreement between the parties hereto with respect to
the subject matter hereof, and all understandings and agreements heretofore or
simultaneously had between the parties hereto are merged in and are contained in
this Agreement, the Exhibits annexed hereto and the Contract.

          13.  The provisions of this Agreement may not be waived, changed,
modified or discharged orally, but only by an agreement in writing signed by the
party against which any waiver, change, modification or discharge is sought.

          14.  If a party is required to perform an act or give a notice on a
date that is a Saturday, Sunday or national holiday, the date such performance
or notice is due shall be deemed to be the next business day.

          15.  This Agreement is to be governed and construed in accordance with
the laws of the State of New York. Purchaser, DDRA and Escrowee hereby submit to
the jurisdiction of the State and United States District courts located within
New York in respect of any suit or other proceeding brought in connection with
or arising out of this Agreement. Any

                                      -15-
<Page>

legal suit, action or proceeding arising out of or relating to this Agreement
may be instituted in any federal or state court in the City of New York, County
of New York pursuant to Section 5-1402 of the New York General Obligations Law
and Purchaser, DDRA and Escrowee waive any objection which they may now or
hereafter have based on venue and/or forum non conveniens of any such suit
action or proceeding, and Purchaser, DDRA and Escrowee hereby irrevocably submit
to the jurisdiction of any such court in any suit, action or proceeding.

          16.  This Agreement may be executed in two or more counterparts and
each of such counterparts, for all purposes, shall be deemed to be an original
but all of such counterparts together shall constitute but one and the same
instrument, binding upon all parties hereto, notwithstanding that all of such
parties may not have executed the same counterpart.

          17.  If any provision of this Agreement is determined by a court of
competent jurisdiction to be invalid or unenforceable, such determination will
not effect the remaining provisions of this Agreement, all of which will remain
in full force and effect.

                         [SIGNATURES ON FOLLOWING PAGE]

                                      -16-
<Page>

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

                       DDRA:

                       DDRA COMMUNITY CENTERS FOUR, L.P., a Texas limited
                       partnership
                       By:  DRDI SAN ANTONIO LLC, a Delaware limited liability
                            company, its general partner

                            By:   DD SAN PEDRO CORP., a Texas corporation, its
                                  member

                                  By:
                                       -----------------------------------
                                       Name:
                                       Title:

                       PURCHASER:

                       By:
                          ---------------------------------
                            Name:
                            Title:

                       ESCROWEE:
                       HERITAGE TITLE COMPANY, AS AGENT FOR CHICAGO
                       TITLE INSURANCE COMPANY

                       By:
                          ------------------
                       Name:
                       Title:

<Page>

                                    EXHIBIT A

                         MASTER LEASE TENANTS AND ESCROW

<Page>

                                    EXHIBIT B

                             PAD TENANTS AND ESCROW

<Page>

                      SECOND AMENDMENT TO CONTRACT OF SALE

          THIS SECOND AMENDMENT (this "SECOND AMENDMENT") dated as of January
__, 2004 by and between DDRA COMMUNITY CENTERS FOUR, L.P., having an address c/o
DRA Advisors LLC, 220 East 42nd Street, 27th Floor, New York, New York 10017
("SELLER") and INLAND REAL ESTATE ACQUISITION, INC., 2901 Butterfield Road, Oak
(Brook, Illinois 60523 ("PURCHASER").

                              W I T N E S S E T H:

          WHEREAS, Seller and Purchaser have entered into a Contract of Sale,
dated December 23, 2003, as amended by a First Amendment to Contract dated as of
December 26, 2003 (as amended, the "CONTRACT") with respect to the Premises (as
defined in the Contract); and

          WHEREAS, the parties wish to amend the Contact.

          NOW, THEREFORE, for good and valuable consideration, the sufficiency
of which the parties hereby acknowledge, the parties agree as follows:

          1.   All capitalized terms set forth herein shall have the meanings
ascribed to such terms in the Contract unless otherwise defined herein.

          2.   The Outside Termination Date is hereby extended to January 15,
2004, time being of the essence.

          3.   The first sentence of Section 9.1 of the Contract is hereby
deleted and the following inserted in lieu thereof:

               "Subject to the adjournments expressly allowed elsewhere in this
Contract, the closing of title (the "CLOSING") shall take place, time being of
the essence at 9:30 AM Eastern Time, on January 22, 2004."

          4.   Except as modified by this Second Amendment, the Contract shall
remain unmodified and in full force and effect and is hereby ratified and
confirmed in all respects by Seller and Purchaser.

          5.   This Second Amendment may be executed in two or more counterparts
and each of such counterparts, for all purposes, shall be deemed to be an
original but all of such counterparts together shall constitute but one and the
same instrument, binding upon all parties hereto, notwithstanding that all of
such parties may not have executed the same counterpart. Facsimile signatures
shall be binding.

                         [SIGNATURES ON FOLLOWING PAGE]

<Page>

     IN WITNESS WHEREOF, the parties hereto have duly executed this Second
Amendment the day and year first above written.

                              SELLER:

                              DDRA COMMUNITY CENTERS FOUR, L.P., a Texas
                              limited partnership
                              By:  DRDI SAN ANTONIO LLC, a Delaware limited
                                   liability company, its general partner

                                   By:  DD SAN PEDRO CORP., a Texas
                                        corporation, its member

                                        By:  /s/ David Luski
                                             -----------------------------------
                                             Name:  David Luski
                                             Title: Vice President

                              By:  PEDRO COMMUNITY CENTERS, INC., an Ohio
                                   corporation, its general partner

                              By:  /s/ David Luski
                                   ---------------------------------------------
                                   Name: David Luski
                                   Title: Authorized Person

                              PURCHASER:
                              INLAND REAL ESTATE ACQUISITIONS, INC.

                              By: /s/ Karen M Kautz
                                  ----------------------
                                  Name:  Karen M. Kautz
                                  Title: Vice President

As to Sections 4 and 14 of the Contract:
HERITAGE TITLE COMPANY, Escrowee

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

As to Section 4 of the Contract:
CHICAGO TITLE INSURANCE COMPANY, Initial Escrowee

/s/ Kimberly Kimmers
------------------------------------------

<Page>

                       FIRST AMENDMENT TO CONTRACT OF SALE

          THIS FIRST AMENDMENT (this "FIRST AMENDMENT") dated as of December __,
2003 by and between DDRA COMMUNITY CENTERS FOUR, L.P., having an address c/o DRA
Advisors LLC, 220 East 42nd Street 27th Floor, New York, New York 10017
("SELLER") and INLAND REAL ESTATE ACQUISITION, INC., 2901 Butterfield Road, Oak
Brook, Illinois 60523 ("PURCHASER").

                              W I T N E S S E T H:

          WHEREAS, Seller and Purchaser have entered into a Contract of Sale,
dated December 23, 2003 (the "CONTRACT") with respect to the Premises (as
defined in the Contract); and

          WHEREAS, the parties wish to amend the Contract.

          NOW, THEREFORE, for good and valuable consideration, the sufficiency
of which the parties hereby acknowledge, the parties agree as follows:

          1.   All capitalized terms set forth herein shall have the meanings
ascribed to such terms in the Contract unless otherwise defined herein.

          2.   The Outside Termination Date is hereby extended to January 8,
2004, time being of the essence.

          3.   Except as modified by this First Amendment, the Contract shall
remain unmodified and in full force and effect and is hereby ratified and
confirmed in all respects by Seller and Purchaser.

          4.   This First Amendment may be executed in two or more counterparts
and each of such counterparts, for all purposes, shall be deemed to be an
original but all of such counterparts together shall constitute but one and the
same instrument, binding upon all parties hereto, notwithstanding that all of
such parties may not have executed the same counterpart Facsimile signatures
shall be binding.

                         [SIGNATURES ON FOLLOWING PAGE]

<Page>

     IN WITNESS WHEREOF, the parties hereto have duly executed this First
Amendment the day and year first above written.

                              SELLER:

                              DDRA COMMUNITY CENTERS FOUR, L.P., a Texas
                              limited partnership
                              By:  DRDI SAN ANTONIO LLC, a Delaware limited
                                   liability company, its general partner

                                   By:  DD SAN PEDRO CORP., a Texas
                                        corporation, its member

                                        By:  /s/ Francis X. Tansey
                                             -----------------------------------
                                             Name:  Francis X. Tansey
                                             Title: President

                              By:  PEDRO COMMUNITY CENTERS, INC., an Ohio
                                   corporation, its general partner

                              By:  /s/ Francis X. Tansey
                                   ---------------------------------------------
                                   Name:  Francis X. Tansey
                                   Title: Authorized Person

                              PURCHASER:
                              INLAND REAL ESTATE ACQUISITIONS, INC.

                              By: /s/ G. Joseph Cosenza
                                  ------------------------
                                  Name: G. Joseph Consenza
                                  Title: President

As to Sections 4 and 14:
HERITAGE TITLE COMPANY, Escrowee

        /s/ Brenda Ko Hindsman
---------------------------------------------------
              [ILLEGIBLE] Sr, V.P.

As to Section 4:
CHICAGO TITLE INSURANCE COMPANY, Initial Escrowee

/s/ Nancy Ro Castro
---------------------------------------------------

<Page>

                                CONTRACT OF SALE

                                     BETWEEN

                        DDRA COMMUNITY CENTERS FOUR, L.P.

================================================================================

                                     SELLER

                                       AND

                      INLAND REAL ESTATE ACQUISITIONS, INC.

                                    PURCHASER

                  PREMISES: LA PLAZA DEL NORTE SHOPPING CENTER

                               SAN ANTONIO, TEXAS

                            DATED: DECEMBER 23, 2003

================================================================================

<Page>

                            INDEX TO CONTRACT OF SALE
                                     BETWEEN
                  DDRA COMMUNITY CENTERS FOUR, L.P., AS SELLER
                                       AND
               INLAND REAL ESTATE ACQUISITIONS, INC., AS PURCHASER

<Table>
<Caption>
                                                                             PAGE
<S>    <C>                                                                     <C>
1.     Definitions..............................................................1

2.     Subject of Sale..........................................................5

3.     Purchase Price...........................................................5

4.     Deposit Provisions.......................................................6

5.     "As-Is" "Where Is".......................................................7

6.     Representations..........................................................8

       6.1     Seller's Representations.........................................8
       6.2     Knowledge........................................................9
       6.3     Update and Survival.............................................10
       6.4     Liability for Misrepresentations................................10
       6.5     Purchaser's Representations.....................................11

7.     Ongoing Operations......................................................11

       7.1     Leasing Practice................................................11
       7.2     Personal Property and Equipment.................................13
       7.3     Employees.......................................................13
       7.4     Development Rights..............................................13
       7.5     Tax Protest Proceedings.........................................13
       7.6     Operation and Maintenance.......................................13
       7.7     Accounting......................................................13

8.     Title   ................................................................13

       8.1     Title Commitment................................................13
       8.2     Status of Title.................................................14
       8.3     Non-Permitted Title Objections..................................14

9.     Closing ................................................................15

       9.1     Closing Date and Location.......................................15
       9.2     Closing Expenses................................................15
       9.3     Closing Deliveries..............................................16
       9.4     Apportionments and Reimbursements...............................19
       9.5     Closing Condition...............................................23

10.    Default ................................................................23

       10.1    Purchaser's Default.............................................23
       10.2    Seller's Default................................................24
</Table>

<Page>

                            INDEX TO CONTRACT OF SALE
                                     BETWEEN
                  DDRA COMMUNITY CENTERS FOUR, L.P., AS SELLER
                                       AND
               INLAND REAL ESTATE ACQUISITIONS, INC., AS PURCHASER
                                    CONTINUED

<Table>
<Caption>
                                                                             PAGE
<S>    <C>                                                                    <C>
11.    Risk of Loss............................................................24

       11.1    Condemnation....................................................24
       11.2    Destruction or Damage...........................................24

12.    Purchaser's Review Period...............................................25

13.    Miscellaneous...........................................................26

       13.1    Broker..........................................................26
       13.2    Assignment of this Contract.....................................26
       13.3    Attorneys' Fees.................................................27
       13.4    Notices.........................................................27
       13.5    Further Assurances..............................................28
       13.6    Confidentiality.................................................28
       13.7    Survival and Merger.............................................29
       13.8    Recording.......................................................29
       13.9    Successors and Assigns..........................................29
       13.10   Entire Agreement................................................29
       13.11   Waiver and Modifications........................................30
       13.12   Captions and Titles.............................................30
       13.13   Construction....................................................30
       13.14   Non-Business Days...............................................30
       13.15   Governing Law and Jurisdiction..................................30
       13.16   Counterparts....................................................30
       13.17   No Third Party Benefits.........................................30
       13.18   Submission not an Offer.........................................30
       13.19   Severability....................................................30

14.    Master Lease............................................................30

Schedule A    Description of Property
Schedule B    "Subject To" Provisions
Schedule C    List of Space Leases
Schedule D    Service Contracts
Schedule E    Pending Litigation
Schedule F    Master Lease Guidelines
Schedule G    Leasing Parameters
</Table>

                                      -ii-
<Page>

                            INDEX TO CONTRACT OF SALE
                                     BETWEEN
                  DDRA COMMUNITY CENTERS FOUR, L.P., AS SELLER
                                       AND
               INLAND REAL ESTATE ACQUISITIONS, INC., AS PURCHASER
                                    CONTINUED

<Table>
<Caption>
                                                                                   PAGE
<S>                                                                                 <C>
Exhibit 1   Form of Deed to the Premises
Exhibit 2   Form of Assignment of the Space Leases
Exhibit 3   Form of Assignment of the Service Contracts
Exhibit 4   Form of Assignment of Licenses, Permits, Guarantees and Warranties
Exhibit 5   Form of Notice to the Space Tenants
Exhibit 6   Form of Notice of Assignment of the Service Contracts
Exhibit 7   Form of Tenant Estoppel Certificate
Exhibit 8   Form of Bill of Sale
Exhibit 9   Intentionally Deleted
Exhibit 10  Form of Title Certificate
Exhibit 11  Form of Seller's Estoppel Certificate
Exhibit 12  REA Estoppel Certificate
Exhibit 13  Guarantor Estoppel Certificate
Exhibit 14  Escrow Agreement
</Table>

                                      -iii-
<Page>

          CONTRACT (this "CONTRACT") made this 23rd day of December   , 2003 by
and between DDRA COMMUNITY CENTERS FOUR, L.P., c/o DRA Advisors LLC, having an
address at 220 East 42nd Street, New York, New York 10017 ("SELLER") and INLAND
REAL ESTATE ACQUISITIONS, INC. having an address at 2901 Butterfield Road, Oak
Brook, Illinois 60523 ("PURCHASER").

                              W I T N E S S E T H :
                              - - - - - - - - - - -

          WHEREAS, upon the terms and conditions hereinafter set forth, Seller
agrees to sell and convey fee title to that certain parcel of land described on
Schedule A annexed hereto with the improvements erected thereon (which parcel of
land and the improvements erected thereon are herein referred to collectively as
the "PROPERTY") to Purchaser and Purchaser agrees to purchase the Property.

          NOW, THEREFORE, intending to be legally bound hereby, the parties
agree as follows:

          1.   DEFINITIONS. The terms defined in this Article shall for all
purposes of this Contract have the meanings herein specified unless the context
requires otherwise.

               1.1    "Access Agreement" shall have the meaning ascribed to it
in Section 12.1.

               1.2    "Additional Rents" shall have the meaning ascribed to it
in Section 9.4(a).

               1.3    "Broker" shall have the meaning ascribed to it in Section
13.1.

               1.4    "Business Day" shall mean any day other than a Saturday,
Sunday or day on which the banks in New York are authorized or permitted to be
closed.

               1.5    "Casualty" shall have the meaning ascribed to it in
Section 11.2.

               1.6    "Casualty Termination Event" shall have the meaning
ascribed to it in Section 11.2.

               1.7    "Claims & Liabilities" shall have the meaning ascribed to
it in Section 5.2.

               1.8    "Closing" shall have the meaning ascribed to it in Section
9.1.

               1.9    "Closing Date" shall have the meaning ascribed to it in
Section 9.1.

               1.10   "Contract" shall have the meaning ascribed to it in the
introductory paragraph.

               1.11   "Current Master Lease Space" shall have the meaning
ascribed to it in Section 14.1.

<Page>

               1.12   "Deposit" shall have the meaning ascribed to it in Section
3.1(a).

               1.13   "Escrowee" shall have the meaning ascribed to it in
Section 3.1(b).

               1.14   "Estoppel Certificate(s)" shall have the meaning ascribed
to it in Section 9.3(a)(xii).

               1.15   "Estoppel Default" shall have the meaning ascribed to it
in Section 9.3(a)(xii).

               1.16   "Estoppel Tenants" shall have the meaning ascribed to it
in Section 9.3(a)(xii).

               1.17   "Evaluation Material" shall have the meaning ascribed to
it in Section 13.6(a).

               1.18   "Excess Rent" shall have the meaning ascribed to it in
Section 9.4(a)(i)(G).

               1.19   "Existing Space Leases" shall have the meaning ascribed
to it in Section 6.1(d).

               1.20   "Existing Space Tenants" shall have the meaning ascribed
to it in Section 6.1(d).

               1.21   "Future Master Lease Space" shall mean any space at the
Premises occupied, as of the date hereof, by a Space Tenant which is less than
12,000 square feet and, which has, as of the Closing Date,: (i) commenced a case
under Title 11 USC section 101, et. sec., as now constituted and hereafter
amended which is not dismissed prior to the date scheduled for Closing (unless
the Space Tenant assumes its Space Lease); (ii) (A) defaulted under its Space
Lease for nonpayment of rent (which default continues beyond any applicable
grace period) and (B) vacated its premises or (iii) terminated its Space Lease
pursuant to its terms.

               1.22   "Guarantor Estoppel Certificate" shall have the meaning
ascribed to it in Section 9.3(a)(xii).

               1.23   "Initial Escrowee" shall have the meaning ascribed to it
in Section 3.1(a).

               1.24   "Leasing Escrow" shall have the meaning ascribed to it in
Section 14.2

               1.25   "Master Lease" shall have the meaning ascribed to it in
Section 14.1.

               1.26   "Master Lease Escrows" shall have the meaning ascribed to
it in Section 14.2.

                                       -2-
<Page>

               1.27   "Master Lease Landlord" shall have the meaning ascribed to
it in Section 14.1.

               1.28   "Master Lease Rent Escrow" shall have the meaning ascribed
to it in Section 14.2.

               1.29   "Master Lease Rent Payment" shall have the meaning
ascribed to it in Section 14.2.

               1.30   "Master Lease Rent Termination Event" shall have the
meaning ascribed to it in Section 14.3.

               1.31   "Master Lease Spaces" shall have the meaning ascribed to
it in Section 14.1.

               1.32   "Master Lease Tenant" shall have the meaning ascribed to
it in Section 14.1.

               1.33   "Maximum Representation Expense" shall have the meaning
ascribed to it in Section 6.4(b).

               1.34   "Maximum Title Expense" shall have the meaning ascribed to
it in Section 8.3(b).

               1.35   "New Leases" shall have the meaning ascribed to it in
Section 7.1(a).

               1.36   "Non-Permitted Title Objections" shall have the meaning
ascribed to it in Section 8.3(a).

               1.37   "Outside Termination Date" shall have the meaning ascribed
to it in Section 12.1.

               1.38   "Permitted Exceptions" shall have the meaning ascribed to
it in Section 8.2.

               1.39   "Preliminary Proration Statement" shall have the meaning
ascribed to it in Section 9.4(a)(i).

               1.40   "Premises" shall have the meaning ascribed it in Section
2.2.

               1.41   "Proceeding" shall have the meaning ascribed to it in
Section 5.1.

               1.42   "Property" shall have the meaning ascribed to it in the
"WHEREAS" paragraph in this Contract.

               1.43   "Purchase Price" shall have the meaning ascribed to it in
Section 3.

                                       -3-
<Page>

               1.44   "Purchaser" shall have the meaning ascribed to it in the
introductory paragraph.

               1.45   "Purchaser's Review Period" shall have the meaning
ascribed to it in Section 12.1.

               1.46   "Related Parties" shall have the meaning ascribed to it in
Section 13.6(b).

               1.47   "Released Parties" shall have the meaning ascribed to it
in Section 5.2.

               1.48   "Seller" shall have the meaning ascribed to it in the
introductory paragraph.

               1.49   "Seller's Estoppel" shall have the meaning ascribed to it
in Section 9.3(a)(xii).

               1.50   "Seller's 2004 Actual Operating Expenses" shall have the
meaning ascribed to it in Section 9.4(b).

               1.51   "Service Contracts" shall have the meaning ascribed to it
in Section 6.1(g).

               1.52   "Space Leases" shall have the meaning ascribed to it in
Section 7.1.(a).

               1.53   "Space Tenants" shall have the meaning ascribed to it in
Section 7.1(a).

               1.54   "Substantial Portion" shall have the meaning ascribed to
it in Section 11.1(b).

               1.55   "Supplemental Proration Statement" shall have the meaning
ascribed to it in Section 9.4(b).

               1.56   "Survey" shall have the meaning ascribed to it in Section
8.1.

               1.57   "Taking" shall have the meaning ascribed to it in Section
11.1(a).

               1.58   "Tenant Improvement Escrow" shall have the meaning
ascribed to it in Section 14.2.

               1.59   "Title Commitment" shall have the meaning ascribed to it
in Section 8.1.

               1.60   "Title Company" shall have the meaning ascribed to it in
Section 8.1.

                                       -4-
<Page>

               1.61   "Title Objection Date" shall have the meaning ascribed to
it in Section 8.1.

               1.62   "Transfer Tax" shall have the meaning ascribed to it in
Section 9.2(a).

               1.63   "Violations" shall have the meaning ascribed to it in
Section 5.1.

          2.   SUBJECT OF SALE.

               2.1    Seller agrees to sell and convey to Purchaser the Premises
and Purchaser agrees to purchase from Seller the Premises subject to the terms
and conditions contained in this Contract.

               2.2    This sale includes all right, title and interest, if any,
of Seller in and to: (a) the Property; (b) any land lying in the bed of any
street, road or avenue opened or proposed, adjacent to the Property, to the
center line thereof; and Seller will execute and deliver to the Purchaser at the
Closing, or thereafter, on demand, all proper instruments for the conveyance to
such title; (c) fixtures, equipment and other personal property attached to or
beneath the Property and not owned by the Space Tenants or a governmental
entity, if any, but no part of the Purchase Price shall be deemed to be paid for
such fixtures, equipment or personal property; (d) rights of way, appurtenances,
easements, sidewalks, alleys, gores or strips of land adjoining or appurtenant
to the Property and used in connection therewith; (e) trade names (including the
name "La Plaza Del Norte") and any other intangible personal property used in
connection with the operation of the Property; and (f) the interest of landlord
in the Space Leases ((a) through (f) herein referred to collectively as the
"PREMISES").

          3.   PURCHASE PRICE.

               3.1    The purchase price (the "PURCHASE PRICE") for the Premises
is the sum of FIFTY-NINE MILLION ONE HUNDRED FORTY-THREE THOUSAND TWO HUNDRED
DOLLARS AND 00/100 ($59,143,200.00) payable by Purchaser to Seller as follows:

                      (a) On the signing of this Contract, ONE MILLION TWO
HUNDRED THOUSAND DOLLARS AND 00/100 ($1,200,000.00) (said sum together with
interest earned thereon is hereinafter called the "DEPOSIT"). The Deposit shall
be made by electronic wire transfer of immediately available federal funds to an
account designated by Chicago Title Insurance Company, attention: Nancy Castro,
Senior Escrow Officer, 171 North Clark Street, Chicago, Illinois 60601 ("INITIAL
ESCROWEE") or by certified check of Purchaser or bank teller's check to the
order of Initial Escrowee. In the event any check in payment of the Deposit is
cancelled or returned uncollected, Seller, at its sole option, may cancel this
Contract and/or pursue any legal remedies Seller may have against Purchaser on
such check at the sole expense of Purchaser, such remedies being cumulative and
not exclusive. Purchaser acknowledges and agrees that, unless it terminates this
Contract in accordance with Section 12.1, on the first Business Day following
the Outside Termination Date, the Deposit shall be transferred to an account
designated by Escrowee and Escrowee shall, from and after the Outside
Termination Date, hold the Deposit in accordance with the terms of this
Contract.

                                       -5-
<Page>

                      (b) On the Closing Date, the sum of FIFTY-SEVEN MILLION
NINE HUNDRED FORTY-THREE THOUSAND TWO HUNDRED DOLLARS AND 00/100
($57,943,200.00) subject to adjustment pursuant to Sections 9.4, to be paid by
electronic wire transfer of immediately available federal funds pursuant to
wiring instructions to be given by Heritage Title Company ("ESCROWEE") or as
Escrowee may direct to Purchaser prior to the Closing and Purchaser shall cause
Escrowee to distribute such funds to Seller in accordance with this Contract.

          4.   DEPOSIT PROVISIONS.

               4.1    Unless Purchaser terminates this Contract in accordance
with Section 12.1, on the first Business Day following the Outside Termination
Date, Initial Escrowee is authorized and directed to pay the Deposit to
Escrowee. Upon the Closing, Escrowee is authorized and directed to pay the
Deposit to Seller (or as Seller may direct) upon payment of the Purchase Price
by Purchaser to Seller or Escrowee on behalf of Seller.

               4.2    In the event Purchaser should default under this Contract,
Initial Escrowee or Escrowee (as applicable) shall pay the Deposit to Seller,
who shall retain the Deposit in accordance with Section 10.1 below.

               4.3    In the event this Contract is terminated by reason other
than Purchaser's default, Initial Escrowee or Escrowee (as applicable) shall pay
the Deposit to Purchaser.

               4.4    Initial Escrowee and Escrowee (as applicable) shall invest
and reinvest the proceeds of the Deposit, and any interest earned thereon, in
United States Government Treasury Bills or Certificate(s) of Deposit or bank
money market account(s) as Purchaser shall direct and as is reasonably
acceptable to Seller. The party entitled to receive the interest earned on the
Deposit shall pay all income taxes owed in connection therewith. The employer
identification numbers of Seller and Purchaser are respectively set forth on the
signature page hereof.

               4.5    Initial Escrowee and Escrowee, by signing this Contract at
the end hereof where indicated, signifies its agreement to hold the Deposit for
the purposes as provided in this Contract. In the event of any dispute, Initial
Escrowee and Escrowee (as applicable) shall have the right to deposit the
Deposit in court to await the resolution of such dispute. Initial Escrowee and
Escrowee shall not incur any liability by reason of any action or non-action
taken by it in good faith or pursuant to the judgment or order of a court of
competent jurisdiction. Initial Escrowee and Escrowee shall have the right to
rely upon the genuineness of all certificates, notices and instruments delivered
to it pursuant hereto, and all the signatures thereto or to any other writing
received by Initial Escrowee and Escrowee purporting to be signed by any party
hereto, and upon the truth of the contents thereof.

               4.6    Except as otherwise provided for in Sections 4.1 and 12.1,
Initial Escrowee and Escrowee (as applicable) shall not pay or deliver the
Deposit to any party unless written demand is made therefor by (i) joint order
of Purchaser and Seller or (ii) an order or judgment of a court of competent
jurisdiction and a copy of such written demand is delivered to Initial Escrowee
or Escrowee (as applicable).

                                       -6-
<Page>

               4.7    Initial Escrowee and Escrowee shall be entitled to consult
with counsel in connection with its duties hereunder. Seller and Purchaser,
jointly and severally, agree to reimburse Initial Escrowee and Escrowee, upon
demand, for the reasonable costs and expenses including attorneys' fees incurred
by Initial Escrowee and Escrowee in connection with its acting in its capacity
as Initial Escrowee and Escrowee (as applicable). In the event of litigation
relating to the subject matter of the escrow, whichever of Seller or Purchaser
is not the prevailing party shall reimburse the prevailing party for any costs
and fees paid by the prevailing party or paid from the escrowed funds to Initial
Escrowee or Escrowee (as applicable).

          5.   "AS-IS". "WHERE IS".

               5.1    Purchaser acknowledges and agrees that (a) Purchaser has,
or will have prior to the expiration of Purchaser's Review Period, independently
examined, inspected, and investigated to the full satisfaction of Purchaser, the
physical nature and condition of the Premises, including, without limitation the
pending condemnation suits under Case Numbers 2002ED0005, 2002ED0028 and
2002ED0053 (collectively, the "Proceeding") and its environmental condition, and
the income, operating expenses and carrying charges affecting the Premises, (b)
except as expressly set forth in this Contract, neither Seller nor any agent,
officer, employee, or representative of Seller has made any representation
whatsoever regarding the subject matter of this Contract or any part thereof,
including (without limiting the generality of the foregoing) representations as
to the physical nature or environmental condition of the Premises, the existence
or non-existence of petroleum, asbestos, lead paint, fungi, including mold, or
other microbial contamination, hazardous substances or wastes, underground or
above ground storage tanks or any other environmental hazards on, under or about
the Property, the Space Leases, operating expenses or carrying charges affecting
the Premises, the compliance of the Premises or its operation with any laws,
rules, ordinances or regulations of any applicable governmental or
quasi-governmental authority or the habitability, merchantability,
marketability, profitability or fitness of the Premises for any purpose and (c)
except as expressly set forth in this Contract, Purchaser, in executing,
delivering and performing this Contract, does not rely upon any statement,
offering material, operating statement, historical budget, engineering
structural report, any environmental reports, information, or representation to
whomsoever made or given, whether to Purchaser or others, and whether directly
or indirectly, orally or in writing, made by any person, firm or corporation
except as expressly set forth herein, and Purchaser acknowledges that any such
statement, information, offering material, operating statement, historical
budget, report or representation, if any, does not represent or guarantee future
performance of the Premises. Without limiting the foregoing, but in addition
thereto, except as otherwise expressly set forth in Section 6.1 of this
Contract, Seller shall deliver, and Purchaser shall take, subject to Purchaser's
right to cancel this Contract on or before the Outside Termination Date as set
forth in Section 12.1, the Premises in its "as is" "where is" condition and with
all faults on the Closing Date, including without limitation, the Proceeding and
any notes or notices or violations of law or municipal ordinances, orders or
requirements imposed or issued by any governmental or quasi-governmental
authority having or asserting jurisdiction, against or affecting the Premises
and any conditions which may result in violations (collectively, "Violations").
The provisions of this Section shall survive the Closing or the earlier
termination of this Contract.

               5.2    Except as set forth in this Contract and except for Claims
& Liabilities resulting solely from a misrepresentation by Seller under Section
6.1 of this Contract

                                       -7-
<Page>

(to the extent same survives the Closing), Purchaser hereby waives, releases and
forever discharges Seller, its affiliates, subsidiaries, officers, directors,
shareholders, employees, independent contractors, partners, representatives,
agents, successors and assigns (collectively the "Released Parties"), and each
of them, from any and all causes of action, claims, assessments, losses, damages
(compensatory, punitive or other), liabilities, obligations, reimbursements,
costs and expenses of any kind or nature, actual contingent, present, future,
known or unknown, suspected or unsuspected, including, without limitation,
interest, penalties, fines, and attorneys' and experts' fees and expenses
(collectively, "Claims & Liabilities"), whether caused by, arising from, or
premised, in whole or in part, upon Seller's acts or omissions, and
notwithstanding that such acts or omissions are negligent or intentional, or
premised in whole or in part of any theory of strict or absolute liability,
which Purchaser, its successors or assigns or any subsequent purchaser of the
Premises may have or incur in any manner or way connected with, arising from, or
related to the Premises, including without limitation (i) the environmental
condition of the Premises, or (ii) actual or alleged violations of environmental
laws or regulations in connection with the Premises and/or any property
conditions. Purchaser agrees, represents and warrants that the matters released
herein are not limited to matters which are known, disclosed, suspected or
foreseeable, and Purchaser hereby waives any and all rights and benefits which
it now has, or in the future may have, conferred upon Purchaser by virtue of the
provisions of any law which would limit or detract from the foregoing general
release of known and unknown claims.

          6.   REPRESENTATIONS.

               6.1    SELLER'S REPRESENTATIONS. Seller represents that as of the
date hereof:

                      (a) Seller is, and at the Closing shall be, a limited
partnership under the laws of the State of Texas. Seller has the right, power
and authority to make and perform its obligations under this Contract without
the need for governmental approval, consent or filing.

                      (b) (i)The execution, delivery and performance of this
Contract in accordance with its terms, do not violate the limited partnership
agreement of Seller, or any contract, agreement, commitment, order, judgment or
decree to which Seller is a party or by which it is bound; (ii) Seller has the
right, power and authority to make and perform its obligations under this
Contract; and (iii) this Contract is a valid and binding obligation of Seller
enforceable against Seller in accordance with its terms.

                      (c) Seller is not a "foreign person" within the meaning of
Section 1445 of the Internal Revenue Code of 1986, as amended.

                      (d) The leases described on Schedule C annexed hereto
(such leases are herein called the "EXISTING SPACE LEASES" and the lessees
thereunder are herein called the "EXISTING SPACE TENANTS"), true, correct and
complete copies of which have been delivered or made available to Purchaser,
constitute the only leases, licenses or other written agreements for the use or
occupancy of the Premises to which Seller is a party and which will be binding
on Purchaser following the Closing, except as may otherwise be set forth in the
Permitted

                                       -8-
<Page>

Exceptions. Except as set may be forth in Schedule C annexed hereto, the
Existing Space Leases are in full force and effect.

                      (e) The information on the rent roll attached hereto as
Schedule C is true and correct in all material respects.

                      (f) Except as may be set forth in its Space Lease, no
Existing Space Tenant has made rent payments to Seller in advance for more than
one (1) month (exclusive of security deposits).

                      (g) Set forth on Schedule D is a true, correct and
complete list of the service contracts (the "SERVICE CONTRACTS") which may be
binding on Purchaser or the Property after the Closing. Seller does not
guarantee or undertake that any of the Service Contracts will be in effect as of
the Closing. Seller reserves the right to modify, terminate or enter into new
Service Contracts prior to Closing provided such new service contracts are
terminable on not more than thirty (30) days prior notice without payment of any
premium or penalty (unless Seller agrees to pay the premium or penalty).
Notwithstanding anything contained herein to the contrary, Purchaser hereby
agrees to accept and assume in accordance with Exhibit 3 all Service Contracts
which cannot be terminated by Seller (i) without cause, (ii) upon less than
thirty (30) days' notice, or (iii) without payment of a premium or penalty.

                      (h) There are no persons employed by Seller at the
Premises in connection with the operation or maintenance of the Premises who
will be binding upon Purchaser after the Closing.

                      (i) Except for the Proceeding, there is no pending or
overtly threatened condemnation proceeding against the Premises or any portion
thereof.

                      (j) Except as set forth on Schedule C or in the tenant
files delivered or made available to Purchaser, Seller has not sent to or
received a written notice of default from a Space Tenant under the Space Leases
in the past six (6) months which has not been cured or waived.

                      (k) Except as set forth on Schedule E annexed hereto or
matters fully covered (excluding deductibles) by one or more insurance policies,
there is no litigation pending against the Premises.

                      (l) Except in connection with the Proceeding, Seller has
not received written notice from a governmental authority of a Violation against
Seller within the past twelve (12) months which has not been cured or waived.

                      (m) Except as set forth in this Contract and except for
the Service Contracts, the Space Leases and the Permitted Exceptions, there are
no service contracts, management agreements or other written agreements relating
to the operation or use of the Premises to which Seller is a party and which
will be binding upon Purchaser after the Closing.

               6.2    KNOWLEDGE. The representations of Seller set forth in
Section 6.1 are made to the actual knowledge of David Morrow. Any reference to
Seller's "receipt" or

                                       -9-
<Page>

language similar thereto of notices or other written documents shall mean the
actual receipt of the same by David Morrow. In no event shall Purchaser be
entitled to assert any cause of action against David Morrow nor shall David
Morrow have any personal liability whatsoever for any matter under or related to
this Contract.

               6.3    UPDATE AND SURVIVAL. At Closing, Seller shall update the
representations made in Section 6.1 above as the facts then exist. The
representations made in Section 6.1 and any update of such representations shall
survive the Closing through the period ending August 31, 2004; provided,
however, any representation which results in a reduction of the Purchase Price
pursuant to Section 6.4 shall not survive the Closing. In any event, except in
the case of fraud, Seller's maximum liability after Closing for representations
that survive Closing shall be equal to the Maximum Representation Expense.

               6.4    LIABILITY FOR MISREPRESENTATIONS.

                      (a) Subject to the provisions of Section 6.4(b) below, if
any representation of Seller shall fail to be true in any adverse respect and
such failure is (i) not due to Seller's fraud, Purchaser's sole remedy prior to
Closing shall be to terminate this Contract and receive the return of the
Deposit (ii) due to Seller's fraud, Purchaser shall be permitted to terminate
this Contract and receive a return of the Deposit and Purchaser's actual
damages, and upon the receipt of same, this Contract shall be null and void and
of no further force or effect and, except for those provisions expressly stated
to survive the termination of this Contract, neither party shall have any rights
or obligations against or to the other. Seller shall have the option to rescind
Purchaser's termination of this Contract and adjourn the Closing for a period
not to exceed thirty (30) days beyond the date scheduled for the Closing in
order to make such representation true. If the Closing shall take place without
Purchaser making an objection to an untrue representation of which Purchaser
shall have knowledge, Purchaser shall be deemed to have waived all liability of
Seller by reason of such untrue representation. Upon delivery of any Estoppel
Certificates, Seller shall be entirely released from any liability under
Seller's representations (including, without limitation, any update of the
representations) concerning the information contained in such Estoppel
Certificates to the extent the same is consistent with, or more favorable than,
the information contained in Seller's representations. The provisions of this
Section 6.4 shall survive the Closing or termination of the Contract.

                      (b) The provisions of Section 6.4(a) above to the contrary
notwithstanding, if any representation(s) shall fail to be true and such
representation(s) can be made true by the payment of a liquidated sum of money
only, and if both (a) such representation(s) can reasonably be expected to be
made true within a period of thirty (30) days beyond the date scheduled for
Closing and (b) the sum of money required to make such representation(s) true
shall not exceed Seventy-five Thousand and 00/100 ($75,000.00) Dollars in the
aggregate (the "MAXIMUM REPRESENTATION EXPENSE"), in such event, Seller agrees
to adjourn the Closing for the period required to make such representation(s)
true, but not to exceed thirty (30) days beyond the date scheduled for the
Closing and to expend (or, at Seller's election, to obligate itself to expend by
indemnity agreement, bond or any other manner) an amount not to exceed the
Maximum Representation Expense. If there shall be any untrue representation(s)
which can be made true by the payment of a sum of money only which exceeds the
Maximum Representation Expense, or which can be made true by the payment of not
more than the Maximum Representation Expense but not within the available time,
and Seller notifies

                                      -10-
<Page>

Purchaser that Seller elects not to, or cannot, make such representation(s) true
within the available time, Purchaser may elect to (i) cancel this Contract by
notice to Seller given within five (5) Business Days after receipt of Seller's
notice and receive the return of the Deposit or (ii) close with a credit from
Seller equal to the lesser of the amount required to make the representation
true or the Maximum Representation Expense. If Purchaser fails to timely cancel
this Contract as provided in the preceding sentence, Purchaser shall
nevertheless proceed to Closing and the Purchase Price shall be reduced by the
lesser of the sum of money required to make such representations true or the
Maximum Representation Expense. Anything in this Section to the contrary
notwithstanding, an attempt by Seller to make any untrue representation to be
true shall not be deemed to be or create an obligation of Seller to make the
same true.

               6.5    PURCHASER'S REPRESENTATIONS. Purchaser represents that:

                      (a) Purchaser is an Illinois corporation. The execution,
delivery and performance of this Contract in accordance with its terms, do not
violate the partnership agreement, corporate charter, by-laws, certificate of
incorporation or operating agreement of Purchaser, or any contract, agreement,
commitment, order, judgment or decree to which Purchaser is a party or by which
it is bound;

                      (b) Purchaser has the right, power and authority to make
and perform its obligations under this Contract; and

                      (c) This Contract is a valid and binding obligation of
Purchaser enforceable against Purchaser in accordance with its terms. Purchaser
covenants and warrants that the representations in the preceding sentences of
this Section 6.5 will be true on the Closing with respect to Purchaser or any
permitted assignee of Purchaser and Purchaser or such assignee shall deliver to
Seller at Closing copies of Purchaser's organizational documents and resolutions
and/or consents and certificates as necessary to substantiate that such
representations of Purchaser are true as of the Closing.

          7.   ONGOING OPERATIONS.

               7.1    LEASING PRACTICE.

                      (a) The Existing Space Leases, together with any
modifications, renewals and new leases made after the date hereof in accordance
with this Section 7.1 hereof are herein called the "SPACE LEASES" and the
tenants thereunder are herein called the "SPACE TENANTS". During the period
ending five (5) days before the Outside Termination Date (and provided Purchaser
receives a copy of the applicable New Lease on or prior to such date), Seller
may enter into new leases or renew and/or make modifications to the Space Leases
(collectively, "NEW LEASE(S)") without the approval of Purchaser. Beginning with
the fifth (5th) day before the Outside Termination Date, provided Purchaser is
not in default under this Contract, Seller shall not enter into New Leases
without the prior approval of Purchaser, which approval shall not be
unreasonably withheld, conditioned or delayed. Purchaser agrees to grant or deny
consent in writing (and provide, in reasonable detail, the reasons for any
denial) within three (3) Business Days after Purchaser's receipt of Seller's
request, which request shall contain copies of all material information related
to such request and a summary of the material terms of the proposed New Lease.
Purchaser's failure to timely

                                      -11-
<Page>

respond in writing to Seller's request shall be deemed a consent to the proposed
New Lease. Seller shall, from time to time, inform (orally or in writing)
Purchaser of any new lease negotiations and promptly give notice to Purchaser of
any New Lease and a copy of any instruments executed and any material
information delivered in connection with the New Lease. Notwithstanding anything
contained in this Section 7.1(a) to the contrary, at any time on or before the
Closing Date, Seller may enter into New Leases without Purchaser's prior
approval provided such New Leases are on terms no less favorable than those set
forth on SCHEDULE F annexed hereto.

                      (b) Following the Outside Termination Date, Seller may
continue to grant consent or approval to a request made by a Space Tenant if
such consent or approval is required to be granted pursuant to the applicable
provisions of the Space Lease or if Seller is required to exercise reasonable
judgment or discretion in determining whether to grant the consent or approval.

                      (c) Following the Outside Termination Date, if Seller is
not obligated to grant, or exercise reasonable judgment or discretion in
determining whether to grant, consent or approval to a request made by a Space
Tenant, then, provided Purchaser is not in default under this Contract, Seller
shall, prior to granting such consent or approval, notify Purchaser of the
request made by a Space Tenant, which notice shall contain copies of all
documents, if any, submitted by such Space Tenant in connection with the
request. Purchaser agrees to advise Seller in writing, within five (5) Business
Days after Purchaser's receipt of Seller's notice, whether Purchaser elects that
the Space Tenant's request be granted or denied (and provide, in reasonable
detail, the reasons for any denial), which election shall be made in Purchaser's
reasonable judgment. Purchaser's failure to timely respond in writing to
Seller's notice shall be deemed an election to consent to the proposed request.

                      (d) Purchaser acknowledges and agrees that no
representation has been made and no responsibility has been assumed by Seller
with respect to the continued occupancy of the Premises, or any part thereof, by
the Space Tenants following Closing. Seller does not undertake or guarantee that
the Space Tenants will be in occupancy at the Closing. Prior to the Closing,
Seller shall have the right, but not the obligation, to enforce its rights
against the Space Tenants by summary proceeding, drawing down or application of
security deposits or in any other manner. Except as provided in this Section 7.1
above and provided Purchaser is not in default under this Contract, Seller shall
not terminate any Space Lease without the prior consent of Purchaser except in
the event of a default by a Space Tenant under its Space Lease. Notwithstanding
anything contained herein to the contrary, it shall be a condition to
Purchaser's obligation to close title to the Premises if at any time after the
Outside Termination Date any of the following shall have occurred with respect
to a Space Tenant occupying space equal to or greater than 12,000 square feet at
the Premises: (i) the commencement of a case under Title 11 USC section 101, et.
sec., as now constituted and hereafter amended which is not dismissed prior to
the date scheduled for Closing; (ii) (A) a default by a Space Tenant under its
Space Lease for nonpayment of rent (which default continues beyond any
applicable grace period) and (B) the vacation of its premises or (iii) the
termination of its Space Lease; provided, however, that Purchaser shall be
deemed to have waived the provisions in this subsection 7.1(d) if Purchaser
expressly consents to or causes any such Space Tenant's vacation or termination
in accordance with this Section 7.1. If on the date scheduled for Closing the
foregoing condition is not

                                      -12-
<Page>

satisfied, Purchaser's sole remedy shall be to terminate this Contract and
receive the return of the Deposit and upon the receipt of same, this Contract
shall be null and void and of no further force or effect and, except for those
provisions expressly stated to survive the termination of this Contract, neither
party shall have any rights or obligations against or to the other.

               7.2    PERSONAL PROPERTY AND EQUIPMENT. During the pendency of
this Contract, Seller agrees not to transfer to any third party or remove any
personal property or equipment owned by Seller used in connection with the
operation or maintenance of the Premises and located in the Premises unless such
personal property or equipment is obsolete or replaced with a substantially
similar item.

               7.3    EMPLOYEES. During the pendency of this Contract, Seller
shall not hire any employees for whom Purchaser will have liability following
the Closing.

               7.4    DEVELOPMENT RIGHTS. Except in connection with the
Proceeding, during the pendency of this Contract, Seller shall not sell, lease,
transfer or otherwise encumber any development rights appurtenant to the
Premises that would materially and adversely affect the Premises.

               7.5    TAX PROTEST PROCEEDINGS. Seller shall have sole authority
to prosecute, settle and withdraw proceedings to review any real estate tax
assessment for the Premises covering the fiscal years prior to and in which the
Closing occurs. Purchaser acknowledges that it has no interest in any
proceedings or refunds applicable to any fiscal tax year prior to the year in
which the Closing occurs. The provisions of this Section shall survive the
Closing.

               7.6    OPERATION AND MAINTENANCE. From and after the date hereof
until the date and time of the Closing, Seller shall operate and maintain the
Premises in the usual course of business and consistent with past practices,
excepting normal wear and tear and loss or Casualty, except that Seller shall
have no obligation whatsoever to make any capital expenditures.

               7.7    ACCOUNTING. Subject to the provisions of Section 13.6,
during the pendency of this Contract, Seller, at Purchaser's sole cost and
expense, shall reasonably cooperate with the public accounting firm KPMG in its
audit of the Premises' books and records, provided, that, such reasonable
cooperation does not increase Seller's liability in any manner. Purchaser
acknowledges and agrees that Seller shall not be obligated to devote (other than
de minimus) time and resources to KPMG's audit.

          8.   TITLE.

               8.1    TITLE COMMITMENT. Seller has (i) caused to be issued and
delivered to Purchaser a title commitment (the "TITLE COMMITMENT") issued by
Heritage Title Company (the "TITLE COMPANY"), accompanied by a copy of all
recorded documents affecting the Property and listed as exceptions in Schedule B
of the Title Commitment and (ii) delivered to Purchaser a copy of the existing
ALTA survey of the Premises prepared by Pape Dawson Engineers, dated September
16, 2003 as updated on November 19, 2003 (the "Survey"). At least ten (10) days
prior to the Outside Termination Date, Purchaser shall furnish Seller with
notice of any

                                      -13-
<Page>

objections Purchaser has to the Title Commitment and Survey (collectively, the
"TITLE OBJECTION DATE"); provided, however, Seller shall have no obligation to
cure any such objections. Any matters existing as of the Title Objection Date to
which Purchaser does not object, shall be deemed Permitted Exceptions. All
defects, encumbrances, encroachments or other objections to title that exist as
of the Outside Termination Date and which Seller has not in this Contract or in
a separate writing expressly agreed to remove, shall be deemed Permitted
Exceptions. Following the Outside Termination Date, Purchaser shall notify
Seller within five (5) days of becoming aware of any other defects,
encumbrances, encroachments or other objections to title that are not Permitted
Exceptions. Any defects, encumbrances, encroachments or other objections to
title that are not Permitted Exceptions that are not timely objected to in
accordance with this Section 8.1 shall be deemed Permitted Exceptions.

               8.2    STATUS OF TITLE. Subject to the terms of this Contract,
Seller shall deliver and Purchaser shall accept title to the Premises and
consummate the transaction contemplated by this Contract subject to (a) the
title exceptions set forth in Schedule B to this Contract and (b) title
exceptions created or suffered by Purchaser or mechanics' liens created or
suffered by Purchaser and (c) the title exceptions deemed Permitted Exceptions
under Section 8.1 above and (d) any items or exceptions to title set forth on
the Survey and (e) such other title exceptions which Seller may, in accordance
with the provisions of this Contract, cause the Title Company to omit from
Purchaser's title policy or affirmatively insure, without additional premium
(unless paid by Seller) (the title exceptions [whether liens, encumbrances,
defects, encroachments or other objections] described in (a), (b), (c), (d) and
(e) herein sometimes referred to collectively as "PERMITTED EXCEPTIONS").

               8.3    NON-PERMITTED TITLE OBJECTIONS.

                      (a) If on the Closing it should appear that the Premises
is affected by any lien, encumbrance, defect, encroachment or objection which is
not a Permitted Exception (collectively, "NON-PERMITTED TITLE OBJECTIONS"), then
in such event, Seller, at Seller's election, shall have the privilege to remove
or satisfy the same, and shall, for that purpose, be entitled to one or more
adjournments of the Closing for a period not to exceed (in the aggregate) thirty
(30) days beyond the date scheduled for Closing.

                      (b) Seller shall not be required to bring any action or
proceeding or to otherwise incur any expense to remove or discharge any
Non-Permitted Title Objection unless such Non-Permitted Title Objection(s) can
be removed or discharged by payment of a liquidated sum of money only, and if
both (1) such removal or discharge can reasonably be expected to be accomplished
within a period of thirty (30) days beyond the date scheduled for the Closing
and (2) the sum of money required to accomplish such removal or discharge does
not exceed Seventy-five Thousand and 00/100 ($75,000.00) Dollars in the
aggregate (the "MAXIMUM TITLE EXPENSE"). In such event, Seller agrees to adjourn
the Closing for the period required to remove or discharge such Non-Permitted
Title Objections, but not to exceed thirty (30) days beyond the date scheduled
for the Closing, and to expend (or at Seller's election, to obligate itself to
expend by indemnity agreement, bond or any other manner) an amount not to exceed
the Maximum Title Expense to remove or discharge such Non-Permitted Title
Objections. If there shall be any Non-Permitted Title Objections that can be
removed or discharged by the payment of a sum of money only which exceeds the
Maximum Title Expense, or that can be removed by the payment of not more than
the Maximum Title Expense but not

                                      -14-
<Page>

within thirty (30) days and Seller notifies Purchaser that Seller elects not to,
or cannot, remove or discharge such Non-Permitted Title Objections, Purchaser
may elect to (i) terminate this Contract by notice given within five (5)
Business Days after receipt of Seller's notice and receive the return of the
Deposit or (ii) close with a credit from Seller equal to the lesser of the
amount required to remove or discharge such Non-Permitted Title Objection or the
Maximum Title Expense. If Purchaser fails to timely cancel this Contract as
provided in the preceding sentence, Purchaser shall accept such title as Seller
can convey and the Purchase Price shall be reduced by the lesser of the Maximum
Title Expense or the amount required to remove or discharge said Non-Permitted
Title Objection. Anything in this Section to the contrary notwithstanding, an
attempt by Seller to remove or discharge any Non-Permitted Title Objection shall
not be deemed to be or create an obligation of Seller to remove or discharge the
same.

                      (c) The foregoing provisions of this Section to the
contrary notwithstanding, Seller agrees to remove or discharge any monetary lien
voluntarily created by Seller and any Non-Permitted Title Objections voluntarily
created by Seller after the date hereof; provided, however, that Seller shall in
no event be deemed to have voluntarily created (nor shall Seller be liable for)
any monetary lien or Non-Permitted Title Objections if caused or created by an
act or omission of Purchaser or by an act or omission of a Space Tenant.

          9.   CLOSING.

               9.1    CLOSING DATE AND LOCATION. Subject to the adjournments
expressly allowed elsewhere in this Contract, the closing of title (the
"CLOSING") shall take place, time being of the essence at 9:30 AM, on January
15, 2004. The Closing shall take place by escrow deliveries to the Escrowee (the
actual date of closing is herein referred to as the "CLOSING DATE") pursuant to
reasonably acceptable escrow instructions that will provide, among other things,
that the transfer documents will be released only upon Escrowee, on behalf of
Seller, being unconditionally and irrevocably authorized to disburse the
Purchase Price to Seller or as Seller may direct.

               9.2    CLOSING EXPENSES.

                      (a) SELLER'S EXPENSES. Seller shall pay (i) one-half of
any escrow or closing charge of the Title Company; (ii) the base premium for a
basic Standard Coverage Owner's Policy (without endorsements or extended
coverage (which includes, without limitation, shortage in area coverage)); (iii)
one-half of any real property transfer, conveyance, grantor, grantee or
recording taxes imposed by any applicable governmental authority by reason of
the transfer of the Premises ("TRANSFER TAX"); (iv) the Survey (for expenses
incurred through November 19, 2003); and (v) any sales tax payable on the sale
of any personal property to Purchaser. Seller and Purchaser shall each execute
(and swear to where required) any returns and statements required in connection
with the Transfer Tax, if any. Payment of the Transfer Tax shall be made to the
Title Company.

                      (b) PURCHASER'S EXPENSES. Purchaser shall pay (i) one-half
of any escrow or closing charge of the Title Company; (ii) one-half of the
Transfer Tax (if any); (iii) the per page cost of recording the deed; (iv) all
expenses relating to its inspection of the Premises including, but not limited
to, engineering, environmental and property condition surveys including the
costs of the Survey first incurred from and after November 20, 2003; (v)

                                      -15-
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the cost of the premium for extended title policy coverage and the costs of any
endorsements (other than endorsements which Seller elects to obtain to cure any
Non-Permitted Title Exception); and (vi) any cost incurred in connection with
any financing obtained by Purchaser including, without limitation, mortgage
recording tax and title insurance premiums.

                      (c) The provisions of this Section 9.2 shall survive the
Closing.

               9.3    CLOSING DELIVERIES.

                      (a) At Closing Seller shall deliver to Purchaser or
Escrowee:

                          (i)     the Deed executed by Seller and acknowledged
in the form annexed hereto as Exhibit 1;

                          (ii)    the Assignment of the Space Leases executed by
Seller in the form annexed hereto as Exhibit 2;

                          (iii)   the Assignment of the Service Contracts (and
any permitted replacements or renewals thereof) executed by Seller in the form
annexed hereto as Exhibit 3;

                          (iv)    the Assignment of Licenses, Permits,
Guarantees and Warranties executed by Seller in the form annexed hereto as
Exhibit 4;

                          (v)     notice to the Space Tenants executed by Seller
in the form annexed hereto as Exhibit 5 (which will be delivered to the Space
Tenants by Seller or its property manager unless otherwise mutually agreed to by
Seller and Purchaser);

                          (vi)    originals, or if originals are not available,
copies of the Space Leases;

                          (vii)   notice to the service contractors executed by
Seller in the form annexed hereto as Exhibit 6;

                          (viii)  originals, or if originals are not available,
copies of the Service Contracts;

                          (ix)    to the extent in Seller's possession, the real
estate tax bills for the Premises for the then current real estate tax year;

                          (x)     to the extent they are in Seller's possession
(a) unless posted at the Property, all licenses and permits, authorizations and
approvals pertaining to the Premises and (b) all guarantees and warranties which
Seller has received in connection with any work or services performed or
equipment installed in and improvements erected on the Premises (Seller agrees
to use commercially reasonable efforts to obtain an acknowledgment from the roof
warranty material and/or service provider of the assignment of the roof warranty
to Purchaser (at the sole cost and expense of Seller) but failure to obtain same
shall not be a condition to Purchaser's obligation to complete Closing not give
rise to any liability or obligation on the part of Seller to Purchaser or
otherwise);

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                          (xi)    duly executed certificate of Seller in the
applicable form set forth in Treasury Regulations Section 1.1445-2(b)(2); and

                          (xii)   estoppel certificates (each an "ESTOPPEL
CERTIFICATE" and collectively the "ESTOPPEL CERTIFICATES") from Space Tenants
representing ninety-five (95%) percent of the leased area of the Premises,
provided that Seller shall deliver estoppel certificates from one hundred (100%)
percent of Space Tenants equal to or greater than 8,000 square feet occupying
space at the Premises (collectively, "ESTOPPEL TENANTS"), in form and substance
which do not vary materially from the form annexed hereto as Exhibit 7 (unless
such variance benefits Purchaser), provided, however, that any Space Tenant may
delete or modify paragraphs m, n and o of the Estoppel Certificate, or, as to
any Space Tenant and/or Space Lease providing for or allowing a different form
of estoppel certificate, the form provided or allowed by such Space Tenant
and/or Space Lease. Seller will request, where appropriate, an estoppel
certificate, in the form annexed hereto as EXHIBIT 13, from all guarantors
("GUARANTOR ESTOPPEL CERTIFICATE") of Space Leases at the Premises but failure
to obtain an executed Guarantor Estoppel Certificate shall not be a condition to
Purchaser's obligation to complete Closing nor give rise to any liability or
obligation on the part of Seller to Purchaser or otherwise. Notwithstanding the
foregoing to the contrary, if the Estoppel Certificates cannot be timely
delivered, Seller may, but shall not be obligated to, adjourn the Closing for a
period not to exceed thirty (30) days, to (i) obtain the Estoppel Certificates
or (ii) for Space Tenants occupying less than 8,000 square feet at the Premises,
elect to deliver Seller's Estoppels in lieu thereof if such estoppels are not
delivered, or as a supplement thereto, if such estoppels do not cover all of the
required matters as set forth on EXHIBIT 7 or in the form provided for or
allowed pursuant to such Space Tenant's Space Lease, as applicable, in the form
attached hereto as EXHIBIT 11 (each a "SELLER'S ESTOPPEL" and collectively
"SELLER'S ESTOPPELS") which Seller's Estoppels shall be deemed to comply with
this Section 9.3(a)(xii) and shall satisfy Seller's obligation with respect to
such Space Tenant. Seller shall be entirely released from liability under a
Seller Estoppel upon delivery to Purchaser of an Estoppel Certificate from the
corresponding Space Tenant to the extent such replacement Estoppel Certificate
is in a form and substance which complies with this Section 9.3(a)(xii). If
Seller, after exercising or waiving in writing its adjournment right set forth
in this Section 9.3(a)(xii), does not or cannot deliver the required Estoppel
Certificates, Purchaser's sole remedy shall be to terminate this Contract and
receive the return of the Deposit or to close notwithstanding the lack of the
Estoppel Certificate(s) without any reduction of the Purchase Price and without
any liability of Seller relative thereto. In the event any Estoppel Certificate
shall claim a default or other failure of an obligation (a claim of default or
failure of an obligation by Seller or a Space Tenant which arises out of or
results from information disclosed to or known by Purchaser prior to the Outside
Termination Date shall not be deemed an Estoppel Default) by Seller under a
Space Lease (such default or failure hereinafter being referred to as an
"ESTOPPEL DEFAULT"), then Seller may, but shall not be obligated to, elect to
cure any such Estoppel Default and shall, for that purpose, be entitled to
adjourn the Closing for a period not to exceed thirty (30) days, provided,
however, that in the event Seller elects not to cure such Estoppel Default or is
unable to cure such Estoppel Default within such period of time, Purchaser's
sole remedy shall be to terminate this Contract and receive the return of the
Deposit. In the event Purchaser is permitted to terminate this Contract pursuant
to the preceding sentence and if Purchaser fails to terminate this Contract as
provided for above then, the rights and obligations of the parties hereto shall
not be affected thereby, this Contract shall remain in full force and effect and
Purchaser shall, at the Closing, accept such Estoppel Certificate subject to

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such Estoppel Default without any reduction of the Purchase Price.
Notwithstanding anything contained herein to the contrary, Purchaser shall
notify Seller upon the date which is the earlier of (i) three (3) Business Days
following Purchaser's receipt of an executed Estoppel Certificate and (ii) one
(1) Business Day prior to Closing, of Purchaser's permitted objections to any
such Estoppel Certificate. Purchaser's failure to timely respond to Seller in
accordance with the preceding sentence shall be deemed its approval of the
Estoppel Certificate.

                          (xiii)  the Bill of Sale, executed by Seller in the
form of Exhibit 8 annexed hereto;

                          (xiv)   keys, combinations and codes to all locks and
security devices to the Premises in Seller's possession;

                          (xv)    an update of Seller's representations executed
by Seller in accordance with Section 6.3 above;

                          (xvi)   a Seller's non-resident withholding affidavit
executed by Seller;

                          (xvii)  the Transfer Tax return(s) executed by Seller
(if applicable); and

                          (xviii) Seller shall request from BB Fonds
International 1 USA, L.P., as a party to certain easement agreements on SCHEDULE
B (items 10 (o) and (q)), an estoppel certificate in a form attached hereto as
EXHIBIT 12 and promptly upon receipt agrees to deliver the same to Purchaser,
but the failure to obtain an estoppel certificate from BB Fonds International 1
USA shall not be a condition to Purchaser's obligation to complete Closing nor
give rise to any liability or obligation on the part of Seller to Purchaser or
otherwise.

                          (xix)   a title certificate in form attached hereto as
Exhibit 10; and

                          (xx)    evidence of Seller's organizational authority.

                      (b) At Closing Purchaser shall deliver to Seller or
Escrowee:

                          (i)     the balance of the Purchase Price as provided
in Section 3 hereof;

                          (ii)    the Assignment of the Space Lease executed by
Purchaser in the form annexed hereto as Exhibit 2;

                          (iii)   the Assignment of the Service Contracts (and
any replacements or renewals thereof) executed by Purchaser in the form annexed
hereto as Exhibit 3;

                          (iv)    notice to the Space Tenants executed by
Purchaser in the form annexed hereto as Exhibit 5;

                                      -18-
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                          (v)     Transfer Tax return(s) executed by Purchaser
(if applicable);

                          (vi)    notice to the service contractors executed by
Purchaser in the form annexed hereto as Exhibit 6; and

                          (vii)   evidence of Purchaser's organizational
authority.

               9.4.   APPORTIONMENTS AND REIMBURSEMENTS. The following
adjustments shall be made with respect to the Premises, and the following
procedures shall be followed:

                      (a) General.

                          (i)     PREPARATION OF PRORATIONS. At least five (5)
days before the Closing Date, Seller shall prepare and deliver, or cause
Escrowee to prepare and deliver, the Purchaser an unaudited statement for the
Premises (the "Preliminary Proration Statement") showing prorations for the
items set forth below, calculated as of 11:59 p.m. on the day preceding the
Closing Date, on the basis of a 365-day year. Notwithstanding the foregoing in
the event Seller (or its designee) does not receive the funds to be wired
pursuant to Section 3 above by 1:00 P.M. Eastern Time on the Closing Date, then
in such event, the items set forth in this Section shall be apportioned as of
11:59 P.M. on the Closing Date based upon the respective party's period of
ownership for the item being apportioned. Purchaser and its representatives
shall be afforded reasonable access to Seller's books and records with respect
to the Premises and Seller's work papers pertaining to the Preliminary Proration
Statement to confirm the accuracy of the Preliminary Proration Statement.
Purchaser and Seller shall agree upon any adjustments to be made to the
Preliminary Proration Statement before the Closing, and at the Closing,
Purchaser or Seller, as applicable, shall receive a credit equal to the net
amount due Purchaser or Seller, as applicable, pursuant to the Preliminary
Proration Statement as finally agreed upon by Purchaser and Seller. The items to
be covered by the Preliminary Proration Statement are as follows:

                                  A. rents, including percentage rents,
escalation charges for real estate taxes, parking charges, marketing fund
charges, operating expense prepayments and reimbursements from Space Tenants,
maintenance escalation rents or charges, costs-of-living increases or other
charges of a similar nature, if any, and any additional charges, and expenses
(collectively, "ADDITIONAL RENTS") payable under the Space Leases for the month
in which Closing occurs; provided that if any of the foregoing are not finally
adjusted between Seller and a Space Tenant, as applicable until after the
preparation of the Preliminary Proration Statement then proration of such items
shall be subject to adjustment pursuant to Section 9.4(b);

                                  B. non-delinquent real property taxes and
assessments except to the extent paid directly to the taxing authority by any
Space Tenants under its Space Leases (real property taxes and assessments due
and payable prior to the date of Closing shall be fully discharged and paid by
Seller); provided that if the real property tax assessment for the fiscal year
in which the Closing occurs has not been issued as of the Closing Date, real
property taxes shall be prorated based on the most recent assessed value of the
Premises, multiplied by the current tax rate, and such tax proration shall be
subject to adjustment pursuant to subparagraph (iv) of this Section 9.4(a);

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<Page>

                                  C. Intentionally Deleted;

                                  D. water, sewer and utility charges not
payable by a Space Tenant;

                                  E. amounts payable under the Service
Contracts;

                                  F. permits, licenses and/or inspection fees
(calculated on the basis of the period covered), but only to the extent
transferred to Purchaser;

                                  G. prior to Closing, if (i) any Existing Space
Tenant vacates the Premises and (ii) Seller replaces its Existing Space Lease
with a New Lease under which the replacement Space Tenant's net effective rent
payable after the Closing is greater than that of the vacating Space Tenant (the
difference between the replacement Space Tenant's net effective rent and the
vacating Space Tenant's net effective rent, the "EXCESS RENT"), Seller and
Purchaser shall apportion leasing commissions, landlord's work and tenant
improvement allowances incurred in connection with such New Lease made in
accordance with the provisions of Section 7.1 above (which shall be apportioned
based on the proportion of base rent payable over the initial lease term
occurring during each party's respective period of ownership); provided,
however, that the amount payable by Purchaser pursuant to this subsection
9.4(a)(i)(G) shall not be greater than the Excess Rent;

                                  H. Intentionally Deleted; and

                                  I. any other expenses normal to the operation
and maintenance of the Premises.

                          (ii)    PRINCIPLES OF PRORATIONS; COLLECTIONS AND
PAYMENTS. Subject to the prorations to be made pursuant to this Section 9.4,
after the Closing Purchaser shall collect all revenues and pay all expenses with
respect to the Premises, even if such revenues and expenses relate to periods
before the Closing. Seller agrees to cooperate with Purchaser by endorsing
(without recourse) in favor of Purchaser any checks which may be received after
the Closing, but which are made payable to Seller (or its affiliates). Purchaser
shall use reasonable efforts consistent with prudent business practices to
collect rents or other amounts payable under the Space Leases that were
delinquent as of the Closing Date and that relate to a period before the
Closing. To the extent such delinquent rents and other amounts are collected by
Purchaser by judicial process, Purchaser may deduct from the amount owed to
Seller an amount equal to the attorneys' fees and costs actually incurred by
Purchaser in collecting such rents and other amounts due to Seller. Subject to
the foregoing sentence, any rent or other payment collected after the Closing
from any Space Tenant which owed a payment that was delinquent as of the Closing
Date shall be applied first, to the applicable party's unpaid monetary
obligations with respect to any periods from the Closing Date through the end of
the month in which such payment is made, in such order as Purchaser may elect,
until such monetary obligations have been paid in full; any remaining amount of
such payment shall be paid over to Seller, for application against such party's
delinquent monetary obligations with respect to any periods before the Closing
Date, in such order as Seller may elect, until such delinquent monetary
obligations have been paid in full; and any remaining amount of such payment
shall be retained

                                      -20-
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by Purchaser for application against such party's future obligations.
Notwithstanding anything contained herein to the contrary, after the Closing
Date Seller shall retain the right to (i) bring or continue actions or
proceedings against Space Tenants to collect any delinquencies to which Seller
is entitled to receive and Purchaser shall be deemed to have assigned to Seller
the exclusive right to file proofs of claim and to commence or continue any
actions or proceedings to collect any pre-petition rent, pre-petition additional
rent, pre-petition rejection damages under Section 365 of the Bankruptcy Code,
and/or post petition administration expense claims, for any and all damages
which arise or accrue prior to the Closing Date, and to retain any sums
collected in connection therewith; provided, however, Seller shall not sue to
terminate a Space Tenant's Space Lease or right to possession of its premises
and (ii) receive and Purchaser shall be deemed to have assigned to Seller the
exclusive right to collect any and all amounts due in connection with the
Proceeding. In addition, in calculating the prorations pursuant to this Section
9.4, Seller shall receive a credit in the amount of any utility, municipality or
other deposits relating to the Premises made by Seller and which are assigned to
Purchaser at the Closing. Seller shall be entitled to a refund of any deposits
not assigned to Purchaser.

                          (iii)   SECURITY DEPOSITS. At the Closing, Seller
shall assign and deliver to Purchaser all prepaid rent, security deposits,
letters of credit and other collateral actually received by Seller pursuant to
any of the Space Leases.

                          (iv)    POST-CLOSING ADJUSTMENTS. Notwithstanding
anything to the contrary contained in this Section 9.4, (A) if the amount of the
real property taxes and assessments payable with respect to the Premises for any
period before Closing is determined to be more than the amount of such real
property taxes and assessments that is prorated herein (in the case of the
current year) or that was paid by Seller (in the case of any prior year), due to
a reassessment of the value of the Premises or otherwise, Seller and Purchaser
shall promptly adjust the proration of such real property taxes and assessments
after the determination of such amounts, and Seller shall pay to Purchaser any
increase in the amount of such real property taxes and assessments applicable to
any period before Closing; provided, however, that Seller shall not be required
to pay to Purchaser any portion of such increase that is payable by Space
Tenants; and (B) if the amount of the real property taxes and assessments
payable with respect to the Premises for any period before Closing is determined
to be less than the amount of such real property taxes and assessments that is
prorated herein (in the case of the current year) or that was paid by Seller (in
the case of any prior year), due to an appeal of the taxes by Seller, a
reassessment of the value of the Premises or otherwise, Seller and Purchaser
shall promptly adjust the proration of such real property taxes and assessments
after the determination of such amounts, and (1) Purchaser shall pay to Seller
any refund received by Purchaser representing such a decrease in the amount of
such real property taxes and assessments applicable to any period before
Closing; provided, however, the Purchaser shall not be required to pay to Seller
any portion of such refund which is payable to Space Tenants; and (2) Seller
shall be entitled to retain any refund received by Seller representing such a
decrease in the amount of such real property taxes and assessments applicable to
any period before Closing; provided, however, that Seller shall pay to Purchaser
that portion of any such refund that is payable to Space Tenants. Each party
shall give notice to the other party of any adjustment of the amount of the real
property taxes and assessments payable with respect to the Premises for any
period before Closing within thirty (30) days after receiving notice of any such
adjustment.

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                      (b) POST CLOSING RECONCILIATION.

                          (i)     CERTAIN DELAYED PRORATIONS. If any Space
Tenants are required to pay Additional Rents, then, with respect to those
Additional Rents which are not finally adjusted until after the preparation of
the Preliminary Proration Statement pursuant to Section 9.4(a) above, Purchaser
shall submit to Seller, no later than March 31, 2005, an unaudited statement for
the Premises (a "SUPPLEMENTAL PRORATION STATEMENT") covering any such Additional
Rents or any other items which have been finally adjusted between Purchaser and
the applicable party for the 2004 calendar year (or if the applicable fiscal
year is other than a calendar year, within ninety (90) days after the end of the
applicable fiscal year), containing a calculation of the prorations of such
Additional Rents and such other items, prepared based on the principles set
forth in Section 9.4(a) above, provided that in making such adjustment, the
parties shall exclude any Additional Rents arising from increased real property
taxes for the Premises to the extent such increase results from Purchaser's
purchase of the Premises. In order to enable Purchaser to make any year-end
reconciliations of Additional Rents, within ninety (90) days after the Closing,
Seller shall deliver to Purchaser a final statement of (i) all operating
expenses for the Premises which are actually paid by Seller and permitted to be
passed through to Space Tenants, as applicable, with respect to the portion of
the 2004 calendar year occurring prior to the Closing ("SELLER'S 2004 ACTUAL
OPERATING EXPENSES"), together with copies of all documentation evidencing
Seller's 2004 Actual Operating Expenses, including copies of third-party
invoices and copies of Seller's books and records applicable thereto, and (ii)
all estimated payments of Additional Rents received by Seller with respect to
the portion of the 2004 calendar year occurring prior to the Closing. If
Additional Rents for the 2003 calendar year have not been finally adjusted
between Seller and a Space Tenant, as applicable, as of the Closing, Seller
shall retain all rights and obligations with respect to the adjustment thereof
directly with the applicable party following the Closing, subject to the
provisions of Section 9.4(a)(iv) above. Without limiting the generality of the
foregoing, but subject to the provisions of Section 9.4(a)(iv) above, Seller
shall retain all rights to bill and collect any additional amounts owing with
respect to Additional Rents for the 2003 calendar year, and shall remain
obligated to pay any refund owing to any party for overpayment of Additional
Rents for the 2003 calendar year.

                          (ii)    AUDIT RIGHTS FOR SUPPLEMENTAL PRORATION
STATEMENTS. Seller and its representatives shall be afforded the opportunity to
review all underlying financial records and work papers pertaining to the
preparation of all Supplemental Proration Statements, and Purchaser shall permit
Seller and its representatives to have full access to the books and records in
the possession of Purchaser or any party to whom Purchaser has given custody of
the same relating to the Premises to permit Seller to review the Supplemental
Proration Statements. Any Supplemental Proration Statement prepared by Purchaser
shall be final and binding for purposes of this Agreement unless Seller shall
give written notice to Purchaser of disagreement with the prorations contained
therein within sixty (60) days following Seller's receipt of such Supplemental
Proration Statement, specifying in reasonable detail the nature and extent of
such disagreement. If Purchaser and Seller are unable to resolve any
disagreement with respect to any Supplemental Proration Statement within ten
(10) Business Days following receipt by Purchaser of the notice referred to
above, either party may pursue any remedy available for the resolution of such
dispute.

                                      -22-
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                          (iii)   PAYMENTS FOR ADJUSTMENTS. Any net credit due
Seller or Purchaser, as the case may be, shall be paid to Seller or Purchaser,
as the case may be, within seventy-five (75) days after the delivery of a
Supplemental Proration Statement to Seller, or unless Seller notifies Purchaser
of a disagreement with respect to any such statement as provided in Section
9.4(b)(ii) above, in which case such payment (less a hold back sufficient to
cover the amount of the disagreement) shall be made within fifteen (15) days
after Seller notifies Purchaser of such disagreement, and any further payment
due after such disagreement is resolved shall be paid within fifteen (15) days
after the resolution of such disagreement.

                      (c) SURVIVAL. The obligations of Seller and Purchaser
under this Section 9.4 shall survive the Closing.

               9.5    CLOSING CONDITION. This Contract and all obligations of
Purchaser hereunder are expressly conditioned on the following condition
precedent being complied with as of the Closing Date: Seller shall (i) have
delivered to Purchaser all written notices of Violations from governmental
authorities which Seller receives from and after the date hereof which have not
been cured or waived and (ii) not have received any written notices of
Violations which would materially and adversely affect the Premises other than
written notices of Violations (A) of which Seller notifies Purchaser no later
than two (2) days prior to the Outside Termination Date, (B) which arise out of
conditions known to Purchaser as of the Outside Termination Date, including,
without limitation, those arising out of the Proceeding, (C) which are
specifically disclosed in Purchaser's engineering reports as of the Outside
Termination Date, (D) which are caused by Purchaser's acts or omissions or (E)
which a Space Tenant is obligated to cure pursuant to its Space Lease. If Seller
notifies Purchaser that the condition set forth in this Section 9.5 cannot be
met, Purchaser shall have five (5) days from receipt of Seller's notice to elect
to (i) cancel this Contract and receive the return of the Deposit or (ii) waive
compliance with the aforesaid condition. If Purchaser elects to cancel this
Contract pursuant to the preceding sentence, Seller shall have the option to
rescind Purchaser's cancellation of this Contract and adjourn the Closing for a
period not to exceed thirty (30) days beyond the date scheduled for Closing in
order to cure the condition causing such Violations, provided Seller notifies
Purchaser of such election within five (5) days after receipt of Purchaser's
cancellation notice. In the event Purchaser is permitted to cancel this Contract
in accordance with the foregoing, if Purchaser fails to cancel this Contract as
provided for above, then, the rights and obligations of the parties hereto shall
not be affected thereby, this Contract shall remain in full force and effect and
Purchaser shall, at the Closing, accept the Premises subject to any such written
notices of Violations without any reduction of the Purchase Price.

          10.  DEFAULT.

               10.1   PURCHASER'S DEFAULT. If Purchaser should default under
this Contract, the parties hereto agree that the damages that Seller will
sustain as a result thereof will be substantial but will be difficult to
ascertain. Accordingly, the parties agree that in the event of such default,
Escrowee is hereby directed to pay the Deposit to Seller, who shall retain the
Deposit as and for its liquidated damages and sole remedy hereunder, in which
event this Contract shall be null and void and of no further force and effect
except for those provisions expressly stated to survive the termination of the
Contract.

                                      -23-
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               10.2   SELLER'S DEFAULT. If, for any reason whatsoever other than
upon Seller's willful (i) default or (ii) wrongful failure or refusal to adhere
to the terms of this Contract, Seller shall be unable to convey title subject
to, and in accordance with, the terms of this Contract, the sole obligation of
Seller shall be to cause the refund of the Deposit to Purchaser and upon the
making of such refund, this Contract shall be null and void and of no further
force or effect except for those provisions expressly stated to survive the
termination of this Contract and the lien, if any, of Purchaser against the
Premises shall wholly cease. Purchaser's sole remedy for Seller's willful (i)
default and (ii) wrongful failure or refusal to adhere to the terms of this
Contract, shall be to elect to cancel this Contract and receive the Deposit, or
to commence an action for specific performance. Purchaser hereby waives all
other rights and remedies that it might have, including but not limited to, the
right to sue for damages.

          11.  RISK OF LOSS.

               11.1   CONDEMNATION.

                      (a) If, at any time prior to the Closing Date, all or
a Substantial Portion of the Property shall be taken in the exercise of the
power of condemnation or eminent domain by any sovereign, municipality or other
public or private authority or shall be the subject of a duly noticed hearing
held by any such authority relating to a pending taking in the exercise of the
power of condemnation or eminent domain (a "TAKING"), then this Contract shall
be deemed cancelled and of no force and effect and neither party shall have any
further obligations or liabilities against or to the other, except that Seller
shall cause the return of the Deposit to Purchaser. In case of a Taking of less
than a Substantial Portion of the Property or if Purchaser or Seller do not
elect to terminate this Contract, however, then this Contract shall remain in
full force and effect and on the Closing either (A) Purchaser shall be entitled
to any condemnation award to be granted and Seller shall assign all of its
right, title and interest to such award to Purchaser, less such sums, if any,
actually and reasonably expended by Seller to prosecute such claim and restore
the Premises, or (B) if such award shall have been paid to Seller, the Purchase
Price shall be reduced by the amount thereof, less such sums, if any, actually
and reasonably expended by Seller to prosecute such claim and restore the
Premises. Seller agrees to deliver promptly after receipt thereof any and all
written notices of a Taking received by Seller after the date hereof.

                      (b) As used herein, a Taking of a "SUBSTANTIAL PORTION" of
the Property shall mean a Taking, which (i) materially and adversely affects
access to or from the Premises on a permanent basis or (ii) will result in the
termination of any Space Lease in excess of 15,000 leaseable square feet or
(iii) results in the permanent loss of parking spaces such that the Premises
then fail to comply with applicable zoning or any parking requirement contained
in a Space Lease or recorded reciprocal easement agreement affecting the
Premises and such non-compliance is not cured prior to the Closing. Subject to
Purchaser's right to cancel this Contract on or before the Outside Termination
Date as set forth in Section 12.1, Purchaser acknowledges and agrees that the
Proceeding shall not constitute a Taking under this Contract.

               11.2   DESTRUCTION OR DAMAGE. In the event that the Property, or
any part thereof, shall be damaged or destroyed by fire or any other casualty
("CASUALTY") prior to the Closing Date, Seller shall give Purchaser prompt
written notice of such event together with an estimate of the cost and time to
restore prepared by an independent insurance examiner or

                                      -24-
<Page>

engineer selected by Seller. If the Casualty will (a) require more than
$500,000.00 to repair, or (b) result in the termination of any Space Lease (each
event described in (a) or (b) herein called a "CASUALTY TERMINATION EVENT"),
Purchaser may cancel this Contract by notice to Seller within ten (10) days
after receipt of notice from Seller (i) of the cost and time to restore or (ii)
that a Space Tenant has terminated its Space Lease pursuant to its terms, in
which event this Contract shall be deemed terminated and of no force and effect
and neither party shall have any further rights or liabilities against or to the
other except for those provisions expressly stated to survive the termination of
this Contract and Seller shall cause the return of the Deposit to Purchaser.
Notwithstanding anything contained herein to the contrary, in the event of a
Casualty Termination Event, Seller may cancel this Contract by notice to
Purchaser, in which event this Contract shall be deemed terminated and of no
force and effect and neither party shall have any further rights or liabilities
against or to the other except for those provisions expressly stated to survive
the termination of this Contract and Seller shall cause the return of the
Deposit to Purchaser. If there is no Casualty Termination Event or if Purchaser
or Seller do not timely elect to cancel the Contract in the event of a Casualty
Termination Event, this Contract shall remain in full force and effect and, on
the Closing, Seller shall transfer and/or assign to Purchaser any and all monies
and claims received by and/or accrued to Seller on account of such Casualty (and
shall pay Purchaser the amount of any deductible payable under Seller's
insurance policy), less such sums, if any, as shall have been actually and
reasonably expended by Seller in connection with the repair or restoration of
such Casualty or the prosecution of such claim.

          12.  PURCHASER'S REVIEW PERIOD.

               12.1   Purchaser shall have the right to cancel this Contract for
any reason in Purchaser's sole discretion, or for no reason, on or before
December 29, 2003 (the "OUTSIDE TERMINATION DATE") by notice to Seller to be
received by Seller on or before 3:00 P.M. EASTERN TIME on the Outside
Termination Date (the period of time from the date hereof through and including
the Outside Termination Date is herein referred to as "PURCHASER'S REVIEW
PERIOD"). If Purchaser duly cancels this Contract in accordance with this
Section 12.1, this Contract shall be deemed terminated and of no further force
or effect, except for the provisions expressly stated to survive the Closing,
and the Deposit shall be returned to Purchaser. If Purchaser does not duly
cancel this Contract in accordance with this subparagraph or if Purchaser waives
its right to cancel this Contract, (i) this Contract shall remain in full force
and effect and Purchaser shall have no further right to cancel this Contract
under this Section and (ii) Purchaser shall be deemed to have waived any
liability of Seller and any right to refuse to consummate the Closing by reason
of a misrepresentation, Non-Permitted Title Objection, the Proceeding or other
condition actually known to Purchaser as of the Outside Termination Date. During
Purchaser's Review Period, Purchaser may perform non-intrusive inspections of
the Premises at reasonable times (at least two (2) Business Days prior written
notice to Seller), subject to the rights of the Space Tenants and Seller's prior
consent, which consent shall not be unreasonably withheld. At least two (2)
Business Days prior to performing such inspections, Purchaser shall comply with
the applicable requirements of the Access Agreement dated December 3, 2003
executed by and between Seller and Purchaser (the "Access Agreement"). After
making such inspections, Purchaser, at Purchaser's sole expense, shall restore
the Premises to its condition prior to such inspections. Purchaser may not
conduct any intrusive inspections or borings without the prior written approval
of Seller, which approval may be withheld, granted or granted upon conditions,
in Seller's sole and absolute discretion. Purchaser may only

                                      -25-
<Page>

communicate with the Space Tenants or employees of Seller or its property
manager in the presence of an agent or representative of Seller. Purchaser
acknowledges and agrees that Seller (but not Seller's property manager) shall be
the only party authorized to furnish Purchaser with any documents reasonably
requested by Purchaser in connection with the performance of its inspections
pursuant to this Section 12.1. Purchaser shall indemnify and hold Seller and
Seller's property manager free and harmless from and against any and all costs,
expenses, claims, losses or damages, liabilities and judgments (including
reasonable attorneys' fees and disbursements) arising out of Purchaser's
inspection of the Premises, including without limitation with respect to the
Premises, whether caused by Purchaser or its contractors, agents or employees or
anyone acting by, through, under, or at the direction, of the foregoing. Without
limiting the generality of the foregoing indemnity, Purchaser shall (i) remove
any mechanics' or other lien which may be recorded against the Premises by any
party providing labor, materials or services at the request of Purchaser and
(ii) not file or cause to be filed any application or make any request with any
governmental or quasi-governmental agency prior to Closing which would or could
lead to a hearing before any governmental or quasi-governmental agency or which
would or could lead to a Violation or any change in zoning, parcelization,
licenses, permits or other entitlements or any investigation or restriction on
the use of the Property, or any part thereof.

               12.2   Time shall be of the essence with respect to the dates in
this Article 12 for the Outside Termination Date and the giving of Purchaser's
cancellation notice. The provisions of this Article 12 shall survive the Closing
or termination of this Contract.

          13.  MISCELLANEOUS.

               13.1   BROKER. Seller and Purchaser represent to each other that
neither party has dealt with any broker or real estate consultant other than
Holliday Fenoglio Fowler, L.P. ("Broker") in connection with the transaction
contemplated by this Contract. Seller agrees to pay all fees, commissions or
other charges due to Broker, if, as and when there is a Closing hereunder,
pursuant to Seller's separate agreement with Broker. Seller and Purchaser shall
indemnify and hold the other free and harmless from and against any liabilities,
damages, costs or expenses (including, but not limited to, reasonable attorneys'
fees and disbursements) suffered by the indemnified party arising from a
misrepresentation or a breach of any covenant made by the Indemnifying party
pursuant to this Section. The provisions of this Section shall survive the
Closing or termination of this Contract.

               13.2   ASSIGNMENT OF THIS CONTRACT. This Contract may not be
assigned by Purchaser without the consent of Seller. A direct or indirect
transfer, sale or assignment of the majority stock interest in a corporate
purchaser or the majority membership interest in a limited liability company
purchaser or the majority or any general partnership interest of a partnership
purchaser shall constitute an assignment of this Contract, which assignment or
attempted assignment shall be void if made without the written consent of
Seller. Notwithstanding the foregoing, Purchaser may assign its rights under
this Contract, without the consent of Seller, to an affiliate, corporation,
partnership or other entity in which either Inland Retail Real Estate Trust,
Inc. or Inland Western Retail Real Estate Trust, Inc. owns and controls a
greater than 50% economic and managerial interest, provided assignee assumes in
writing all of the obligations of Purchaser to be performed under this Contract
in a form reasonably acceptable to Seller and an original of such fully executed
assignment and assumption agreement is delivered to Seller at least five (5)
Business Days prior to the Closing. No assignment of this Contract shall relieve

                                      -26-
<Page>

Purchaser from any of its obligations set forth herein arising prior to or after
the effective date of the assignment.

               13.3   ATTORNEYS' FEES. If either party institutes a legal
proceeding against the other party in connection with this Contract, the losing
party in such proceeding shall reimburse the prevailing party all reasonable
attorneys' fees and court costs paid by the prevailing party in connection with
such proceeding.

               13.4   NOTICES. All notices hereunder to Seller or Purchaser
shall be sent by Federal Express or other overnight courier which obtains a
signature upon delivery, or may be sent via facsimile, or may be delivered by
hand delivery addressed to such party at the address of such party set forth
below or at such other address as such party shall designate from time to time
by notice:

SELLER:

DDRA Community Centers Four, L.P.
c/o DRA Advisors LLC
220 East 42nd Street
New York, New York 10017
Attention: Janine Roberts
Facsimile: (212) 697-7403

and:

Developers Diversified Realty Corporation
3300 Enterprise Parkway
Beachwood, Ohio 44122
Attention: Joseph G. Padanilam
Facsimile: (216) 755-1782

with a copy to:

Blank Rome LLP
405 Lexington Avenue
New York, New York 10174
Attention: Martin Luskin, Esq.
Facsimile: (212) 885-5003

and:

Developers Diversified Realty Corporation
3300 Enterprise Parkway
Beachwood, Ohio 44122
Attention: David Weiss, Esq.
Facsimile: (216) 755-1650

                                      -27-
<Page>

PURCHASER:

Inland Real Estate Acquisitions, Inc.
2901 Butterfield Road
Oak Brook, Illinois 60523
Attention: G. Joseph Cosenza, President
Facsimile: (630) 218-4935

with a copy to:

Inland Real Estate Group, Inc.
2901 Butterfield Road
Oak Brook, Illinois 60523
Attention: Robert Baurn, General Counsel
Facsimile: (630) 218-4900 and (630) 571-2360

          Notices shall be deemed served in the case of overnight courier or
hand delivery, on the date actually delivered to or rejected by the intended
recipient, except for notice(s) which advise the other party of a change of
address of the party sending such notice or of such party's attorney, which
notice shall not be deemed served until actually received by the party to whom
such notice is addressed or delivery is refused by such party. Notices on behalf
of the respective parties may be given by their attorneys and such notices shall
have the same effect as if in fact subscribed by the party on whose behalf it is
given. Notwithstanding the foregoing provisions of this Section, notices served
by hand delivery shall be deemed served on the date of delivery if delivered at
or prior to 5:00 P.M. Eastern Time on a Business Day and on the next Business
Day if delivered after 5:00 P.M. Eastern Time on a Business Day or at any time
on a non-Business Day. Notwithstanding the foregoing provisions of this Section,
notices served by facsimile shall be deemed given upon receipt if received at or
prior to 4:00 P.M. Eastern Time on a Business Day and on the next Business Day
if received after 4:00 P.M. Eastern Time on a Business Day or at any time on a
non-Business Day.

               13.5   FURTHER ASSURANCES. The parties each agree to do such
other and further acts and things, and to execute and deliver such instruments
and documents (not creating any obligations additional to those otherwise
imposed by this Contract), as either may reasonably request from time to time,
whether at or after the Closing, in furtherance of the purposes of this
Contract, including, without limitation in connection with the Proceeding. The
provisions of this Section shall survive the Closing through the period ending
August 31, 2004.

               13.6   CONFIDENTIALITY.

                      (a) Purchaser agrees that all written documentation
furnished to Purchaser by Seller concerning the Premises, including, without
limitation, the Space Leases, Service Contracts and rent roll (all of the
aforementioned information is collectively referred to as "EVALUATION MATERIAL")
shall be treated confidentially as hereinafter provided.

                      (b) All Evaluation Material shall not be used or
duplicated by Purchaser in any way detrimental to Seller, or for any purpose
other than evaluating a possible

                                      -28-
<Page>

purchase of the Premises by Purchaser. Purchaser agrees to keep all Evaluation
Material (other than information which is a matter of public record or is
provided in other sources readily available to the public other than as a result
of disclosure thereof by Purchaser or Related Parties) strictly confidential;
provided, however, that the Evaluation Material may be disclosed to the
directors, officers, employees and partners of Purchaser, and to Purchaser's
lender, attorneys and accounting firm (all of whom are collectively referred to
as "RELATED PARTIES") who need to know such information for the purpose of
evaluating a possible purchase of the Premises. The Related Parties shall be
informed of the confidential nature of the Evaluation Material and shall be
directed in writing to keep all such information in the strictest confidence and
use such information only for the purpose of evaluating a possible purchase by
Purchaser. Purchaser will promptly, upon request of Seller following the
termination of this Contract, deliver to Seller all Evaluation Material
furnished by Seller, whether furnished before or after the date hereof, without
retaining copies thereof. Purchaser will direct Related Parties to whom
Evaluation Material is made available not to make similar disclosures and any
such disclosure shall be deemed made by and be the responsibility of Purchaser.

                      (c) Prior to the Closing, Purchaser shall keep strictly
confidential and shall cause the Related Parties to keep strictly confidential
the provisions of this Contract and the transactions contemplated thereunder.
After the Closing Purchaser shall not make any public disclosures and shall
cause the Related Parties not to make any public disclosures mentioning Seller
or regarding the provisions of this Contract or the transactions accomplished at
the Closing without the prior written consent of Seller.

                      (d) The provisions of this Section 13.6 shall survive the
Closing or termination of this Contract.

               13.7   SURVIVAL AND MERGER. The acceptance of the Deed by
Purchaser shall be deemed to be a full performance and discharge of every
agreement and obligation on the part of the Seller to be performed pursuant to
the provisions of this Contract, except those which are herein specifically
stated to survive the Closing, and Seller shall have no further liability with
respect to any such agreement or obligation of Seller.

               13.8   RECORDING. Purchaser shall not record this Contract or any
memorandum thereof and any such recording shall be null and void and shall
constitute a default hereunder.

               13.9   SUCCESSORS AND ASSIGNS. This Contract shall be binding
upon and shall inure to the benefit of the parties hereto and their respective
heirs, executors, administrators, successors and permitted assigns, if any, but
nothing contained herein shall be deemed a waiver of the provisions of Section
13.2 hereof.

               13.10  ENTIRE AGREEMENT. This Contract and the Schedules and
Exhibits annexed hereto, together with the Access Agreement, constitute the
entire agreement between the parties hereto with respect to the subject matter
hereof, and all understandings and agreements heretofore or simultaneously had
between the parties hereto are merged in and are contained in this Contract and
said Schedules and Exhibits.

                                      -29-
<Page>

               13.11  WAIVER AND MODIFICATIONS. The provisions of this Contract
may not be waived, changed, modified or discharged orally, but only by an
agreement in writing signed by the party against which any waiver, change,
modification or discharge is sought.

               13.12  CAPTIONS AND TITLES. The captions or section titles
contained in this Contract and the Index, if any, are for convenience and
reference only and shall not be deemed a part of the text of this Contract.

               13.13  CONSTRUCTION. The terms "hereof," "herein," and
"hereunder," and words of similar import, shall be construed to refer to this
Contract as a whole, and not to any particular article or provision, unless
expressly so stated. All words or terms used in this Contract, regardless of the
number or gender in which they are used, shall be deemed to include any other
number and any other gender as the context may require.

               13.14  NON-BUSINESS DAYS. If a party is required to perform an
act or give a notice on a date that is a Saturday, Sunday or national holiday,
the date such performance or notice is due shall be deemed to be the next
Business Day.

               13.15  GOVERNING LAW AND JURISDICTION. This Contract is to be
governed and construed in accordance with the laws of the State of Texas.
Purchaser and Seller hereby submit to the jurisdiction of the State and United
States District courts located within Texas in respect of any suit or other
proceeding brought in connection with or arising out of this Contract. The
provisions of this subsection shall survive the Closing or earlier termination
of this Contract.

               13.16  COUNTERPARTS. This Contract may be executed in two or more
counterparts and each of such counterparts, for all purposes, shall be deemed to
be an original but all of such counterparts together shall constitute but one
and the same instrument, binding upon all parties hereto, notwithstanding that
all of such parties may not have executed the same counterpart.

               13.17  NO THIRD PARTY BENEFITS. This Contract is made for the
sole benefit of Seller and Purchaser and their respective successors and assigns
(subject to Section 13.2 above) and no other person shall have any right, remedy
or legal interest of any kind by reason of this Contract.

               13.18  SUBMISSION NOT AN OFFER. The submission of this Contract
to any party by Seller shall not be construed as an offer, nor shall Purchaser
have any rights with respect thereto, unless and until Seller shall execute a
copy of this Contract and deliver the same to Purchaser.

               13.19  SEVERABILITY. If any provision of this Contract is
determined by a court of competent jurisdiction to be invalid or unenforceable,
such determination will not effect the remaining provisions of this Contract,
all of which will remain in full force and effect.

          14.  MASTER LEASE.

               14.1   From and after the Closing, Seller (the "MASTER LEASE
TENANT") and Purchaser (the "MASTER LEASE LANDLORD") shall master lease ( each,
a "MASTER LEASE" and

                                      -30-
<Page>

collectively, the "MASTER LEASES") each space identified on SCHEDULE F annexed
hereto ("CURRENT MASTER LEASE SPACE") and any Future Master Lease Space as
reduced pursuant to Section 14.4 below (Current Master Lease Space and Future
Master Lease Space, as reduced, is herein referred to collectively as, the
"MASTER LEASED SPACES" and individually, the "MASTER LEASED SPACE") pursuant to
the terms and conditions set forth in this Article 14 and on SCHEDULE F for a
(i) twenty-four (24) month term for the Current Master Lease Space and (ii) a
twelve (12) month term for the Future Master Lease Space, commencing on the
Closing Date.

               14.2   Except as set forth in Section 14.4, at the Closing,
Master Lease Tenant shall deposit in escrow with Escrowee the (i) aggregate rent
(including expense recovery charges) payable by the Master Lease Tenant to
Master Lease Landlord during the term of the Master Leases for the Master Leased
Spaces (the "MASTER LEASE RENT ESCROW") set forth in SCHEDULE F, (ii) leasing
commissions ("LEASING ESCROW") set forth in SCHEDULE F and (iii) an amount for
tenant improvement allowances ("TENANT IMPROVEMENT ESCROW") set forth on
SCHEDULE F (the Master Lease Rent Escrow, Leasing Escrow and Tenant Improvement
Escrow are herein collectively referred to as the "MASTER LEASE ESCROWS"). The
Master Lease Escrows shall be held in an interest bearing account pursuant to
mutually agreeable escrow instructions set forth on EXHIBIT 14. Subject to
Section 14.3 and 14.4, commencing on the Closing Date (in a prorated amount) and
on the first day of each successive month thereafter (the final month being
prorated) occurring during the term of the Master Leases, Master Lease Landlord
shall be entitled to withdraw from the Master Lease Rent Escrow the monthly
rental payment for each Master Leased Space in accordance with SCHEDULE F
annexed hereto (each such amount is herein referred to as a "MASTER LEASE RENT
PAYMENT") less any amounts received by Purchaser from Space Tenants allocable to
Master Lease Space (and if Purchaser receives any rent from Space Tenants
allocable to the Master Lease Space after the expiration of the Master Lease
term attributable to the Master Lease term, Purchaser shall promptly remit such
amounts to Seller). If, on the expiration of the term of a Master Lease,
Purchaser had not (subject to Section 14.3(ii) below) previously entered into a
lease with a tenant for the applicable Master Leased Space, Purchaser shall be
entitled to withdraw the unapplied Master Lease Escrows (for the applicable
Master Leased Space). If, on or prior to the expiration of the term of a Master
Lease, Purchaser does enter into a lease with a tenant for the applicable Master
Leased Space, Purchaser shall be entitled to withdraw from the Leasing Escrow
and the Tenant Improvement Escrow an amount equal to the bona-fide costs
incurred by Purchaser for tenant improvements and leasing commissions with
respect to the tenant lease at the applicable Master Lease Space (not to exceed
the amounts allocated to such space set forth in SCHEDULE F). Provided, that,
any Master Lease Escrows allocable to a Master Lease Space that is leased to a
tenant during the term of the Master Lease but not utilized by Purchaser in
accordance with the preceding sentence shall be released to Seller upon a Master
Lease Termination Event.

               14.3   Except as set forth in Section 14.4, the Master Lease term
(with respect to the Master Leased Space) shall terminate on the earliest to
occur of the date that (i)(A) Purchaser shall have entered into a lease with a
tenant for the applicable Master Lease Space and (B) such tenant's rental
obligations under its space lease have commenced, (ii) is thirty (30) days
following the date on which Seller delivers to Purchaser a term sheet executed
by a tenant containing terms at least as favorable to Purchaser as those set
forth on SCHEDULES F AND G if Purchaser fails to enter into a lease with such
tenant due to its refusal or failure, at any time, to conduct good faith
negotiations with such tenant or (iii) is, (A) for Future Master Lease Space,

                                      -31-
<Page>

the earlier of (I) twelve (12) months following the date of Closing or (II) the
date a Space Tenant assumes its Space Lease in a bankruptcy proceeding and (B)
for Current Master Lease Space, twenty four (24) months following the date of
Closing (each such event in this Section 14.3(i)-(iii) is referred to as a
"MASTER LEASE RENT TERMINATION EVENT"). Upon the occurrence of a Master Lease
Rent Termination Event (A) the Escrowee shall distribute to Seller from the
Master Lease Escrows an amount equal to the Master Lease Escrows allocable to
the applicable Master Lease Space which exceeds the amount to which Purchaser is
entitled pursuant to Section 14.2 and (B) Master Lease Landlord's right to
withdraw the Master Lease Rent Payment for the applicable Master Leased Space as
set forth in Section 14.2 shall terminate and (C) Master Lease Tenant shall be
released from all liability to Master Lease Landlord under the Master Lease with
respect to such Master Leased Space.

               14.4   If, prior to the Closing, Seller enters into a New Lease
in accordance with the provisions of Section 7.1 for any of the space set forth
on SCHEDULE F and the tenant's rental obligations under such New Lease have
commenced, then Seller shall have no obligation to Master Lease such space nor
any obligation to post the Master Lease Escrows set forth on SCHEDULE F for the
applicable space. In the event that the tenant's rental obligations under such
New Lease have not commenced as of the Closing Date (i) the premises demised
pursuant to the New Lease will be deemed Master Lease Space, (ii) the Master
Lease Rent Termination Event shall occur upon such tenant's rent commencement
date and (iii) any amounts incurred by Seller prior to Closing for tenant
improvements and leasing commissions in connection with such New Lease shall
reduce Seller's escrow obligations set forth on SCHEDULE F and pursuant to
Section 14.2 (with Seller being entitled to receive the balance of any Master
Lease Escrows allocable to the premises demised pursuant to such New Lease upon
the Master Lease Rent Termination Event).

               14.5   Notwithstanding anything contained in this Section 14 to
the contrary, following the Closing, Purchaser shall use best efforts to enter
into tenant leases consistent with market standards for the Master Lease Spaces
and, for the Future Master Lease Space, Purchaser shall enforce any applicable
Space Leases and its remedies thereunder. Purchaser shall deliver to Seller
bi-monthly updates on the status of leasing the Master Lease Spaces and
Purchaser shall promptly respond to all written requests by Seller regarding the
leasing activity of same. Purchaser agrees to market and show the Master Leased
Spaces to proposed tenants, provided same is at a cost to Purchaser which is not
materially greater than the marketing costs of other landlords similarly
situated. Master Lease Landlord shall (i) promptly notify Master Lease Tenant of
its negotiations with a tenant for any of the Master Leased Space and (ii)
provide Master Lease Tenant with at lease five (5) Business Days prior written
notice before executing a lease for any of the Master Leased Space.

               14.6   Notwithstanding anything contained in herein to the
contrary, Seller or Master Lease Tenant shall have no obligation or liability to
Purchaser or Master Lease Landlord or otherwise, pursuant to this Section 14, in
excess of the amounts set forth on SCHEDULE F.

               14.7   The provisions of this Article 14 shall survive the
Closing.

                           [SIGNATURE PAGE TO FOLLOW]

                                      -32-
<Page>

          IN WITNESS WHEREOF, the parties hereto have duly executed this
Contract the day and year first above written.

I.D. No: 13-3923870       DDRA COMMUNITY CENTERS FOUR, L.P., a Texas limited
                          partnership
                          By:  DRDISAN ANTONIO LLC, a Delaware limited liability
                               company, its general partner

                               By:  DD SAN PEDRO CORP., a Texas corporation, its
                                    member

                                    By:  /s/ Francis X. Tansey
                                         ----------------------------
                                         Name:  Francis X. Tansey
                                         Title: President

                          By:  PEDRO COMMUNITY CENTERS, INC., an Ohio
                               corporation, its general partner

                               By:  /s/ Francis X. Tansey
                                    -------------------------
                                    Name:  Francis X. Tansey
                                    Title: Authorized Person

I.D. No.: ________             INLAND REAL ESTATE ACQUISITIONS, INC.

                               By:  /s/ G. Joseph Cosenza
                                    ----------------------------
                                    Name: G. Joseph Cosenza
                                    Title: President

As to Sections 4 and 14:
HERITAGE TITLE COMPANY, Escrowee

/s/ Brenda K. Hindsman      Brenda K. Hindsman
----------------------------------------------------
                            Senior Vice President

As to Section 4:
CHICAGO TITLE INSURANCE COMPANY, Initial Escrowee

/s/ Nancy Ro Castro
--------------------------------------------

                                      -33-

<Page>

                                   SCHEDULE A

              ATTACHED TO AND FORMING PART OF THE CONTRACT BETWEEN
                  DDRA COMMUNITY CENTERS FOUR, L.P., AS SELLER
                                       AND
               INLAND REAL ESTATE ACQUISITIONS, INC., AS PURCHASER

                             DESCRIPTION OF PROPERTY

Tract I

A 26.260 acre tract of land comprised of the remaining portion of Lot 22 a
portion of Lot 23, N.C.B. 12050, Joe J. Barshop Subdivision as recorded in
Volume 5700, Pages 150-152, and Lots 26 and 27, N.C.B. 12050, Joe J. Barshop
Subdivision as recorded in Volume 6800, Page 250. Said 26.260 acres being more
particularly described as follows:

BEGINNING: At a found 1/2" iron rod in the north right-of-way line of Interstate
           Highway Loop 410 at the southwest corner of said Lot 22 of said Joe
           J. Barshop Subdivision and the southeast corner of Lot 21 of San
           Pedro/Loop 410 Subdivision as recorded in Volume 4400, Pages 187-190
           of the Plat Records of Bexar County, Texas for the southwest corner
           of this tract:

THENCE:    N 00 DEG. 00'00" E, along the west line of said Barshop Subdivision
           and the east line of said San Pedro/Loop 410 Subdivision a distance
           of 1556.13 feet to a found 1/2" iron rod with an MBC cap in the
           southeasterly right-of-way line of Isom Road, from which a found "+"
           in concrete at the northeast corner of San Pedro/Loop 410 Subdivision
           bears N 00 DEG. 00'00" E, 7.66 feet;

THENCE:    N 42 DEG. 33'39" E, along the southeasterly right-of-way line of
           Isom Road, a distance of 422.73 feet to a set 1/2" iron rod with
           yellow cap market "Pape Dawson";

THENCE:    N 42 DEG. 49' 52" E, continuing along said right-of-way, a distance
           of 41.92 feet to a set 1/2" iron rod with yellow cap marked "Pape
           Dawson" at the west corner of a City of San Antonio Drainage
           right-of-way, recorded in Volume 4910, Page 2024;

THENCE:    Departing said right-of-way line S 44 DEG. 31'23" E, a distance of
           20.02 feet to a set 1/2" iron rod with yellow cap marked "Pape
           Dawson" at the south corner of said drainage right-of-way, on a
           southwest line of a 3.187 acre tract, the remaining north portion of
           the said Lot 23;

THENCE:    S 47 DEG. 26'21" E, along and with the southwest line of said 3.187
           acre tract a distance of 485.96 feet to a set 1/2" iron rod with
           yellow cap marked "Pape Dawson" in the west line of Crownhill Park
           Subdivision, Unit 6, Volume 4700, Page 62;

THENCE:    S 00 DEG. 03'59" W, along the east line of Lot 23 and said west
           line of Crownhill Park Subdivision and the west line of Lot 28 The
           Pavilions Subdivision, Volume 9521, Page 221, a distance of 1565.67
           feet to a found 1/2" iron rod with an MBC cap in the

<Page>

           north right-of-way line of Interstate Highway Loop 410 at the
           southeast corner of Lot 27 of said Barshop Subdivision and the
           southwest corner of said Lot 28;

THENCE:    N 89 DEG. 07'50" W, along the north right-of-way Loop 410, a distance
           of 464.26 feet to a found 1/2" iron rod at the southwest corner of
           Lot 26 and the southeast corner of Lot 24, Texaco Subdivision as
           recorded in Volume 4960, Page 122;

THENCE:    N 00 DEG. 01' 41" W, along the east time of said Lot 24 and along
           the west line of Lot 26, a distance of 218.41 feet to a set "+" in
           concrete at the northeast corner of Lot 24;

THENCE:    N 89 DEG. 50' 48" W, along the north line of said Lot 24, a distance
           of 200.01 feet to a set 1/2" iron rod with yellow cap marked "Pape
           Dawson" in asphalt at the northwest corner of Lot 24;

THENCE:    S 00 DEG. 01' 40" E, along the west line of Lot 24, a distance of
           215.91 feet to a found 1/2" iron rod in the north right-of-way line
           of Interstate Highway Loop 410;

THENCE:    N 89 DEG. 07' 50" W, along said right-of-way line, a distance of
           20.37 feet to the POINT OF BEGINNING and containing 26.260 acres of
           land in the City of San Antonio, Bexar County, Texas. Said tract
           being described in accordance with a survey prepared by Pape-Dawson
           Consulting Engineers Inc.

EXCEPTING THEREFROM ALL THAT PART THEREOF DESCRIBED AS FOLLOWS:

                            FIELD NOTES FOR PARCEL 6

           BEING 543.3 square meters (5847 square feet) of land, more or lees,
           in the City of San Antonio, Bexar County, Texas. Said 543.3 square
           meters (5847 square feet) of land lying in the Wilson Simpson Survey
           no. 148, Abstract 705, County Block no. 5009, Bexar County, Texas,
           same being a portion of Lot 22, New City Block 12050, of the Joe J.
           Barshop Subdivision as recorded in volume 5700, page 150, and a
           portion of Lots 26 and 27 of the Joe J. Barshop Subdivision as
           recorded in volume 6800, page 2.50, Map and Plat Records of Bexar
           County, Texas, same also being a portion of a 26.260 acre tract of
           land as described in an instrument to DDRA Community Centers Four,
           L.P., recorded January 27, 1997 in volume 6989, page 1554, Real
           Property Records of Bexar County, Texas, which 543.3 square meters
           (5847 square feet) of land, more or less, being more particularly
           described by metes and bounds as follows:

           PART 1
           Being 48.9 square meters (526 square feet) of land, more or less;

           BEGINNING at a 1/2" iron rod found marking the most westerly
           southwest center of the aforementioned 26.260 acres and the southeast
           corner of Lot 21 of the San Pedro Loop Subdivision as recorded in
           volume 4400, page 187, Map and Plat Records of Bexar County, Texas,
           same being the southeast corner of a 17.74 acre tract of land as
           described in volume 7107, page 1096,

<Page>

           Real Property Records of Bexar County, Texas, same also lying in the
           existing north right-of-way line (91.440 meters (300.00 feet) wide
           right-of-way) of Interstate Highway 410;

           (1) THENCE NORTH 00 DEG. 13' 52" West, along the west line of the
           aforementioned 26.260 acres and the east line of the aforementioned
           17.74 acres, a distance of 8.091 meters (26.54 feet) to a 1/2" iron
           rod set with plastic cap stamped "CDS- SA, TX." for the northwest
           corner of this parcel, same lying 53.810 meters (176.54 feet) left of
           and at right angle to Interstate Highway 410 centerline station
           81+051.568, from which a 1/2" iron rod found marking the northwest
           angle corner of the said 26.260 acres bears NORTH 00 DEG. 13' 52"
           West a distance of 466.318 meters (1529.91 feet);

           (2) THENCE SOUTH 85 DEG. 46' 44" East a distance at 6.213 meters
           (20.38 feet) to a 1/2" iron rod set with plastic cap stamped "CDS -
           SA, TX." in an interior line of the aforementioned 26.260 acres for
           the northeast corner of this parcel, same lying in the west line of
           Lot 24 of the Texaco Subdivision as recorded in volume 4960, Page
           122, Map and Plat Records of Bexar County, Texas, and the west line
           of a 0.999 acre tract of land as described in volume 4153, page 2060,
           Real Property Records of Bexar County, Texas, same also lying 53.420
           meters (175.26 feet) left of and at right angle to Interstate Highway
           410 centerline station 81+057.769;

           (3) THENCE SOUTH 00 DEG. 14' 31" East, along an interior line of
           the aforementioned 26.260 acres and the west line of the
           aforementioned 0.999 acres, a distance of 7.700 meters (25.26 feet)
           to a 1/2" iron rod found in the existing north right-of-way line of
           Interstate Highway 410 for the southeast corner of this parcel;

           (4) THENCE NORTH 89 DEG. 22'51" West, along the existing north
           right-of-way line at the aforementioned Interstate Highway 410 and a
           south line of the aforementioned 26.260 acres, a distance of 6.197
           meters (20.33 feet) to the PLACE OF BEGINNING containing 48.9 square
           meters (526 square feet) of land, more or less.

           PART 2
           Being 494.4 square meters (5321 square feet) of land, more or less;

           BEGINNING at a 1/2" iron rod found marking the southeast corner of
           the aforementioned Lot 27 and the southwest corner of Lot 28 of The
           Pavilions subdivision as recorded in volume 9521, page 221, Map and
           Plat Records of Bexar County, Texas, same lying in the existing north
           right-of-way line (91.440 meters (300.00 feet) wide right-of-way) of
           Interstate Highway 410, same also being the most easterly southeast
           corner of the aforementioned 26.260 acres and the southwest corner of
           a 13.089 acre tract of land as described in volume 6544, page 1311,
           Real Property Records of Bexar County, Texas;

           (5) THENCE NORTH 89 DEG. 22'51" West, along the existing north
           right-of-way line of the aforementioned Interstate Highway 410 and a
           south line of the aforementioned 26.260 acres, a distance of 141.498
           meters (464.23 feet) to a 1/2" iron rod found for the southwest
           corner of this parcel, same being the southeast corner of Lot 24 of
           the Texaco Subdivision as recorded in volume 4960, page 122, Map and
           Plat Records of Bexar County, Texas, same also

<Page>

           being the southeast corner of a 0.999 acre tract of land as described
           in volume 4153, page 2060, Real Property Records of Bexar County,
           Texas;

           (6) THENCE NORTH 00 DEG. 14'31" West, along an interior line of the
           aforementioned 26.260 acres, the west line of the aforementioned Lot
           26, and the east line of the aforementioned 0.999 acres, a distance
           of 4.991 meters (16.37 feet) to a 1/2" iron rod set with Texas
           Department of Transportation cap for the northwest corner of this
           parcel, same lying 50.710 meters (166.37 feet) left of and at right
           angle to Interstate Highway 410 centerline station 81+118.800, from
           which a 1/2" iron rod found marking an interior corner of the
           aforementioned 26.260 acres and the northeast corner of the said
           0.999 acres bears NORTH 00 DEG. 14'31" West a distance of 61.614
           meters (202.15 feet);

           (7) THENCE SOUTH 88 DEG. 08'13" East a distance of 85.824 meters
           (281.57 feet) to a 1/2" iron rod set with Texas Department of
           Transportation cap for an angle corner of this parcel, same lying
           48.847 meters (160.26 feet) left of and at right angle to Interstate
           Highway 410 centerline station 81+204.604;

           (8) THENCE SOUTH 88 DEG. 20'45" East a distance of 55.752 meters
           (182.91 feet) to a 1/2" iron rod set with plastic cap stamped
           "CDS - SA, TX." in an east line of the aforementioned 26.260 acres,
           and the west line of the aforementioned 13.089 acres for the
           northeast corner of this parcel, from which a 1/2" iron rod found
           marking the northwest corner of the said 13.089 acres bears NORTH
           00 DEG. 06'08" West a distance of 236.600 meters (776.25 feet), same
           also lying 47.840 meters (156.96 feet) left of and at right angle to
           Interstate Highway 410 centerline station 81+260.346;

           (9) THENCE SOUTH 00 DEG. 06'08" East, along an east line of the
           aforementioned 26.260 acres and the west line of the aforementioned
           13.089 acres, a distance of 2.120 meters (6.96 feet) to the PLACE OF
           BEGINNING containing 494.4 square meters (5321 square feet) of land,
           more or less;

           Note: 1/2" iron rod with Texas Department of Transportation cap set
           at proposed right-of-way angle points to be replaced at conveyance
           with type II monuments (disc set in concrete).

<Page>

Together with all of Seller's right, title and interest in and to the:

                                 EASEMENT TRACT

Tract II

A 0.190 acre, or 8,273 square feet, tract of land out of (i) Lot 21, N.C.B.
12050 of the San Pedro Loop Subdivision recorded in Volume 4400, Pages 187-190
(ii) and a replat of a portion of the said Lot 21 in the San Pedro/Loop 410
Subdivision recorded in Volume 9532, Pages 166-167 of the Deed and Plat Records
of Bexar County, Texas, consisting of a 26-foot easement and a 25.50-foot
drainage easement, being a joint driveway easement agreement as shown on exhibit
C-1 of an Amendment to Easement Agreement as recorded in Volume 6256, Page
1984-1998 and further described in Volume 6665, Page 892-909 of the Real
Property Records of Bexar County, Texas. Said 0.190 acre tract being more
particularly described as follows:

COMMENCING: At a found 1/2" iron rod at the southwest corner of the
         Joe J. Barshop Subdivision as recorded in Volume 5700, Pages 150, and
         the southeast corner of the said remainder of Lot 21 in the San Pedro
         Loop Subdivision and being on the north right-of-way line of Interstate
         Highway Loop 410, a 300-foot right-of-way,

THENCE:  N 89 DEG. 07' 50" W, along said right-of-way a distance of 20.97 feet
         to the POINT OF BEGINNING;

THENCE:  N 89 DEG. 07' 50" W, continuing along said right-of-way a distance of
         31.50 feet to a point;

THENCE:  Generally along a curb and the west side of a driveway:

         Along a nontangent curve with a central angle of 28 DEG. 45' 17", a
         radius of 30.00 feet, a chord that bears N 14 DEG. 22' 33" E 14.90
         feet, a total arc length of 15.06 feet to the point of tangency,

         N 00 DEG. 00'00" E, continuing with said curb and drive a distance
         of 185.47 feet to the beginning of a curve to the right;

THENCE:  Along the arc of the said curve, with a central angle of
         90 DEG. 00'00" a radius of 40.00 feet, a chord that bears N
         45 DEG. 00'00" E 56.57 feet, a total arc length of 62.83 feet to a
         point;

THENCE:  S 90 DEG. 0'00" E 8.76 feet to a point in the east line of the said
         San Pedro Loop Subdivision and the west line of the said Joe J. Barshop
         Subdivision;

THENCE:  S 00 DEG. 00'00" W along the east line of the said San Pedro Loop
         Subdivision a distance of 26.77 feet to a point in a curve to the left,
         from which the POINT OF COMMENCING bears S 00 DEG. 00'00" W 213.92
         feet;

THENCE:  Along the arc of the said curve, and the east side of a curb and
         driveway with a central angle of 65 DEG. 40' 58", a radius of 20.00
         feet, a chord that bears S 32 DEG. 50' 25" W 21.69 feet, a total arc
         length of 22.93 feet;

THENCE:  Generally along a concrete curb:

                               SCHEDULE A: PAGE 1

<Page>

         S 00 DEG. 00'00" W a distance of 105.00 feet to the beginning of a
         curve to the right,

         Along the arc of the said curve, with a central angle of 19 DEG. 56'
         56", a radius of 100.00 feet, a chord that bears S 09 DEG. 58' 27" W
         34.64 feet, a total arc length of 34.82 feet to a point of reverse
         curve,

         Along the arc of the said curve, with a central angle of 19 DEG. 56'
         54", a radius of 100.00 feet, a chord that bears S 09 DEG. 58' 28" W
         34.64 feet, a total arc length of 34.82 feet to the point of tangency,

         S 00 DEG. 00'00" W a distance of 12.35 feet to the beginning of a curve
         to the left,

         Along the arc of the said curve, with a central angle of 19 DEG. 32'
         06", a radius of 30.00 feet, a chord that bears S 15 DEG. 56' 57" E
         10.18 feet, a total arc length of 10.23 feet to the POINT OF BEGINNING
         and containing 0.190 acres in the City of San Antonio, Bexar County,
         Texas. Said tract being described in accordance with a survey prepared
         by Pape-Dawson Consulting Engineers Inc..

TRACT III: (Easement)

Appurtenant non-exclusive easements, for the benefit of Tract I, for ingress,
egress, utilities, parking and other matters as identified in the Mutual Cross
Access Easement Agreement described below, over, upon, across and under the land
described above as Tract I, as granted and/or purported to be granted in Mutual
Cross Access Easement Agreement executed by Circuit City Store, Inc., dated June
22, 1996, filed for record June 22, 1996, and recorded in Volume 6821, Page 1457
of the Real Property Records of Bexar County, Texas.

                               SCHEDULE A: PAGE 2

<Page>

                                   SCHEDULE B

              ATTACHED TO AND FORMING PART OF THE CONTRACT BETWEEN
                  DDRA COMMUNITY CENTERS FOUR, L.P., AS SELLER
                                       AND
               INLAND REAL ESTATE ACQUISITIONS, INC., AS PURCHASER

                             "SUBJECT TO" PROVISIONS

           SUBJECT TO PURCHASER'S RIGHT TO CANCEL THIS CONTRACT ON OR
        BEFORE THE OUTSIDE TERMINATION DATE AS SET FORTH IN SECTION 12.1

1.   Any laws, regulations or ordinances presently in effect or which will be in
     effect on the Closing (including, but not limited to, zoning, building and
     environmental protection) as to the use, occupancy, subdivision or
     improvement of the Premises adopted or imposed by any governmental body or
     the effect of any noncompliance with or any violation thereof.
2.   State of facts a physical inspection of the Property would reveal.
3.   State of facts shown on survey prepared by Pape Dawson Engineers dated
     September 16, 2003 and as updated on November 19, 2003, and any subsequent
     state of facts a survey or inspection may reveal.
4.   Water rights, claims or title to water, whether or not shown by the public
     records.
5.   Rights or claims of parties in actual possession of any or all of the
     property.
6.   Any discrepancies, conflicts, or shortages in area or boundary lines, or
     any encroachments, or protrusions or any overlapping of improvements.
7.   Homestead or community property or survivorship rights, if any, of any
     spouse of any insured.
8.   Any titles or rights asserted by anyone, including, but not limited to,
     persons, the public, corporations, governments or other entities,

     a.  to tidelands, or lands comprising the shores or beds of navigable or
         perennial rivers and streams, lakes, bays, gulfs or oceans, or

     b.  to lands beyond the line of the harbor or bulkhead lines as established
         or changed by any government, or

     c.  to filled-in lands, or artificial islands, or

     d.  to statutory water rights, including riparian rights, or

     e.  to the area extending from the line of mean low tide to the line
         vegetation, or the right of access to that area or easement along and
         across the area.

                               SCHEDULE C: PAGE 1

<Page>

9.   Standby fees, taxes and assessments by any taxing authority for the year
     2003, and subsequent years, and subsequent taxes and assessments by any
     taxing authority for prior years due to change in land usage or ownership.
10.  The following matters and all terms of the documents creating or offering
     evidence of the matters:

     a.   The following easements, rights-of-way and setback lines established
by and shown on plat recorded in Volume 5700, Pages 150-152, Deed and Plat
Records of Bexar County, Texas. (Affects Tract I):

          1. Twenty (20) foot utility easement along the westerly property line;
          2. Sixteen (16) foot utility easement along western portion of south
          property line; 3. Dedicated drainage right-of-way traversing southern
          portion of property; 4. Dedicated drainage right-of-way traversing
          northeasterly portion of property; 5. portion of a fifty (50) foot
          building setback line; and 6. Twenty-five (25) foot building setback
          line along northerly property line.

     b.   The following easements and setback lines established by and shown on
plat recorded in Volume 6800, Page 250 Deed and Plat Records of Bexar County,
Texas. (Affects Tract I):

          1. Fifty (50) foot roadway (ingress-egress) easement; 2. Ten (10) foot
          sanitary sewer easement along southerly property line; 3. Twenty-five
          (25) foot building setback line along southerly property line; 4.
          Twenty (20) foot drainage easement traversing southerly portion of
          property; and 5. Sixteen (16) foot utility easement along southerly
          property line.

     c.  The following easements as established by and shown on plat recorded in
         Volume 9542, Page 30, Deed and Plat Records of Bexar County, Texas.
         (Affects Tract I)

          1. Thirty (30) foot water, gas, electric, telephone, cable TV and
          sanitary sewer easement; 2. Eight (8) foot by fifteen and fifty-six
          hundredths (15.56) water easement; 3. Sixteen (16) foot water, gas,
          electric, telephone, cable TV and sanitary sewer easement; 4. Eighteen
          (18) foot water and drainage easement; and 5. Variable width water and
          drainage easement.

     d.  The following easement as established by and shown on plat recorded in
         Volume 4400, Pages 187-190, Deed and Plat Records of Bexar County,
         Texas. (Affects Tract 1):

          1. Twenty (20) foot utility easement; and 2. Sixteen (16) foot utility
          easement.

     e.  The following easements as established by and shown on plat recorded in
         Volume 9536, Pages 3-4, Deed and Plat Records of Bexar County, Texas.
         (Affects Tract I).

                               SCHEDULE C: PAGE 2

<Page>

          1. Variable width drainage, water, gas, electric, telephone, sanitary
             sewer and cable TV easement; 2. Variable width water, gas,
             electric, telephone, sanitary sewer and cable TV easement; 3.
             variable width drainage, water, gas, electric, telephone and cable
             TV easement; 4. Variable width drainage easements; 5. Fourteen (14)
             foot electric and gas easement; 6. Proposed twenty-four (24) foot
             sanitary sewer and telephone easement; and 7. Eighteen (18) foot
             drainage easement.

     f.  The following easement as established by and shown on plat recorded in
Volume 4960, Page 122, Deed and Plat Records of Bexar County, Texas. (Affects
Tract I).

          1. Sixteen (16) foot utility easement.

     g.   Water Line Easement, 20 feet wide, along the south 870 feet of the
west property line, as granted by instrument recorded in Volume 4477, Page 280,
Deed Records of Bexar County, Texas. (Affects Tract I).

     h.   Sanitary Sewer Easement, 10 feet wide, as granted by instruments
recorded in Volume 5455, Page 509 and Volume 7367, Page 236, Deed Records of
Bexar County, Texas. (Affects Tract I)

     i.   Electric Line Right-of-Way Agreement, 14 feet wide, as granted by
instrument recorded in Volume 6618, Page 1904, Real Property Records of Bexar
County, Texas. (Affects Tract I).

     j.   Sewer Line Easement Agreement recorded in Volume 4919, Page 1223, Real
Property Records of Bexar County, Texas. (Affects Tract I).

     k.   Electric Line Right-of-Way Agreement, adjacent to fifty (50) foot
roadway easement, granted by instrument recorded in Volume 7513, Page 446, Deed
Records of Bexar County, Texas. (Affects Tract I).

     l.   Lease Agreement by and between S.A.P. Associates, LLC, Landlord, and
Ross Stores, Inc., Tenant, as evidenced by that Memorandum of Lease dated June
4, 1996, recorded in Volume 6866, Page 2052, Real Property Records of Bexar
County, Texas. (Affects Tract I).

     m.   Lease Agreement by and between S.A.P. Associates, LLC, Landlord, and
Cost Plus, Inc., Tenant, as evidenced by that certain Memorandum of Lease dated
November 6, 1995, recorded in Volume 6772, Page 568, Real Property Records of
Bexar County, Texas. (Affects Tract I).

     n.   The following easements as established by and shown on plat recorded
in Volume 9532, Pages 166-167, Deed and Plat Records of Bexar County, Texas.
(Affects Tract II):

          1.   Twenty-six (26) foot water, sewer, electric, gas, telephone and
cable TV

                               SCHEDULE C: PAGE 3

<Page>

easement; and

          2.   Twenty-five and one-half (25.5) foot drainage easement.

     o.   Terms, conditions, stipulations and provisions of Easement Agreement
created in instrument recorded in Volume 5335, Page 709, amended by instrument
recorded in Volume 6256, Page 1984, Volume 6665, Page 892 and Volume 7445, Page
724, Real Property Records of Bexar County, Texas. (Affects Tract II).

     p.   All easements affecting access drive and common areas as established
by and shown on plat recorded in Volume 9532, Pages 166-167, Deed and Plat
Records of Bexar County, Texas. (Affects Tract III).

     q.   Terms, conditions, stipulations and provisions of Mutual Cross Access
Agreement recorded in Volume 6821, Page 1457, Real Property Records of Bexar
County, Texas, as amended and recorded in Volume 7445, Page 717, Real Property
Records of Bexar County, Texas. (Affects Tract III).

     r.   Lis pendens notices filed in Volume 9263, Page 112, Volume 9413, Page
1456 and Volume 9558, Page 2082, Real Property Records of Bexar County, Texas,
by the State of Texas, which deal with pending condemnation suits under Cause
Numbers 2002ED0005, 2002ED0028 and 2002ED0053, involving the possible widening
of Loop 410 along parts of subject property.

                               SCHEDULE C: PAGE 4

<Page>

                                   SCHEDULE C

              ATTACHED TO AND FORMING PART OF THE CONTRACT BETWEEN
                  DDRA COMMUNITY CENTERS FOUR, L.P., AS SELLER
                                       AND
               INLAND REAL ESTATE ACQUISITIONS, INC., AS PURCHASER

                      SPACE LEASES AS OF DECEMBER 22, 2003

<Table>
<Caption>
                              SQUARE                                      SECURITY
TENANT                         FEET     START      EXPIRE    BASE RENT    DEPOSIT                         NOTES
------                         ----     -----      ------    ---------    -------                         -----
<S>                           <C>      <C>        <C>        <C>         <C>          <C>
Half Price Books               8,000   10/22/99   10/31/04   $  84,000
Game Stop                      2,006   01/01/99   12/31/08   $  46,640
PT's                           9,875   12/14/73   12/31/12   $ 161,600
Cost Plus                     18,900   09/11/96   01/31/12   $ 302,400
Ross Dress for Less           28,438   01/12/97   01/31/07   $ 288,640
Designer Shoe Warehouse       22,000   04/24/97   04/30/07   $ 374,000
Best Buy                      58,000   09/16/96   01/31/12   $ 855,500
Oshman's                      65,017   09/21/96   01/31/17   $ 754,650
OfficeMax                     23,229   11/17/02   11/30/12   $ 261,326
Beall's                       29,847   03/20/03   01/31/14   $ 194,006
Lifeway Christian              6,000   11/14/96   11/13/06   $ 132,000
Petco                         13,650   11/10/96   11/30/11   $ 278,187
Pearle Vision                  3,500   12/16/96   12/31/06   $ 120,750
All Battery Center             1,600   05/08/02   05/31/07   $  36,800
Successories of Texas          1,200   09/02/03   09/30/08   $  26,400   $ 2,800.00   See #4 on Schedule E Tenant Estoppel dated
                                                                                      December 19, 2003 contains handwritten
                                                                                      comments from Supercuts that Supercuts plans
                                                                                      to vacate its premises in January 2004.
Supercuts                      1,295   11/22/96   11/30/06   $  33,670
David's Bridal                12,000   11/04/99   11/30/09   $ 186,240
</Table>

                               SCHEDULE D: PAGE 1

<Page>

                                   SCHEDULE D
              ATTACHED TO AND FORMING PART OF THE CONTRACT BETWEEN
                  DDRA COMMUNITY CENTERS FOUR, L.P., AS SELLER
                                       AND
               INLAND REAL ESTATE ACQUISITIONS, INC., AS PURCHASER

                     SERVICE CONTRACTS AS OF DECEMBER ____, 2003

           SUBJECT TO PURCHASER'S RIGHT TO CANCEL THIS CONTRACT ON OR
        BEFORE THE OUTSIDE TERMINATION DATE AS SET FORTH IN SECTION 12.1

  1.   Service/Material Agreement dated March 28, 2003 with JSMA Enterprises,
       Inc. for pressure washing services which expires 3/31/04. This Agreement
       can be terminated with 1 day notice.

  2.   Service/Material Agreement dated March 4, 2003 with MLC Landscaping Co.,
       Inc. for landscaping maintenance and service which expires February 29,
       2004. This Agreement can be terminated with 1 day notice.

  3.   Service/Material Agreement dated October 1, 2003 with Price Protective
       Services, Inc. for security services which expires September 30, 2004.
       This Agreement can be terminated with 1 day notice.

                               SCHEDULE D: PAGE 1

<Page>

                                   SCHEDULE E

              ATTACHED TO AND FORMING PART OF THE CONTRACT BETWEEN
                  DDRA COMMUNITY CENTERS FOUR, L.P., AS SELLER
                                       AND
               INLAND REAL ESTATE ACQUISITIONS, INC., AS PURCHASER

                               PENDING LITIGATION

           SUBJECT TO PURCHASER'S RIGHT TO CANCEL THIS CONTRACT ON OR
        BEFORE THE OUTSIDE TERMINATION DATE AS SET FORTH IN SECTION 12.1

              1.  The Proceeding
              2.  Peter McKee as claimant pursuant to a incident on November 5,
                  2000 (covered by insurance).
              3.  Proceeding by Seller against Tri-R LLC (doing business as
                  Jazzy Beans Cafe) to gain legal possession of premises and for
                  collection of delinquencies.
              4.  Letter from ISO Group, Inc. d/b/a Successories dated December
                  10, 2003 regarding its pylon sign. Seller does not believe
                  this letter has merit. See notice to Successories from
                  Landlord dated December 19, 2003.

                               SCHEDULE D: PAGE 1

<Page>

                                   SCHEDULE F

              ATTACHED TO AND FORMING PART OF THE CONTRACT BETWEEN
                  DDRA COMMUNITY CENTERS FOUR, L.P., AS SELLER
                                       AND
               INLAND REAL ESTATE ACQUISITIONS, INC., AS PURCHASER

                             MASTER LEASE GUIDELINES

MASTER LEASE

<Table>
<Caption>
SPACE:                               530         520         426         440
SQUARE FEET:                        7,200       4,800       1,200       2,605       TOTAL
                                  ---------------------------------------------------------
<S>                               <C>         <C>         <C>         <C>         <C>
BASE RENT/SQ. FT.                 $   18.00   $   23.00   $   23.00   $   20.00
EXPENSE RECOVERY/SQ. FT.          $    5.76   $    5.76   $    5.76   $    5.76
                                  ---------------------------------------------
TOTAL RENT/SQ. FT.                $   23.76   $   28.76   $   28.76   $   25.76
ANNUAL MASTERLEASE PAYMENT        $ 171,072   $ 138,048   $  34,512   $  67,105
                                  ---------------------------------------------------------
  2 YEAR MASTERLEASE PAYMENT      $ 342,144   $ 276,096   $  69,024   $ 134,210   $ 821,474
                                  =========================================================

                                  ---------------------------------------------------------
 MONTHLY MASTERLEASE PAYMENT      $  14,256   $  11,504   $   2,876   $   5,592   $  34,228
                                  =========================================================

TENANT IMPROVEMENTS ($15.00/SF)   $ 108,000   $  72,000   $  18,000   $  39,075   $ 237,075
                                  =========================================================

LEASING COMMISSIONS ($3.00/SF)    $  21,600   $  14,400   $   3,600   $   7,815   $  47,415
                                  =========================================================
</Table>

     Pro forma rents for the Future Master Lease Space shall be equal to the
     minimum annual base rent payable (as set forth on Schedule C) for the
     applicable Future Master Lease Space as of the date hereof.

                               SCHEDULE D: PAGE 1

<Page>

                                   SCHEDULE G

              ATTACHED TO AND FORMING PART OF THE CONTRACT BETWEEN
                  DDRA COMMUNITY CENTERS FOUR, L.P., AS SELLER
                                       AND
               INLAND REAL ESTATE ACQUISITIONS, INC., AS PURCHASER

                               LEASING PARAMETERS

1.  The proposed use shall be a use typically found in retail centers of this
    type.

2.  The proposed use does not violate any exclusions or restrictions existing in
    any other Space Tenant's lease or covenants existing in any other documents
    of record unless such use is consented to by the appropriate Space Tenant.

3.  The lease is for an original term of not less than 3 years, nor more than 10
    years.

4.  Tenant will not be provided concessions which exceed current market
    standards for same.

5.  All leases shall be prepared substantially in accordance with the small shop
    Space Tenant lease form reviewed by Purchaser prior to the Outside
    Termination Date subject to commercially reasonable variances and prevailing
    market parameters, provided, that, for tenants occupying 7,000 square feet
    or greater of space at the Premises, Seller shall be permitted to use such
    tenant's lease form.

6.  The proposed tenant (or its principals) has successful retail and/or
    business operating experience including, but not limited to, three years in
    the type of business to be operated at the leased premises. In the absence
    of three years experience, the prospective tenant must be an approved
    franchisee or a recognized franchisor.

7.  The proposed tenant (or the franchisor, if applicable) shall have at least
    one other location.

8.  The proposed tenant and/or lease guarantor has an aggregate net worth of at
    least two years of the total aggregate annualized rent, including all
    expenses, for any tenant of the leased premises up to 7,000 square feet.

9.  The leases for tenants occupying less than 7,000 square feet of space at the
    Premises will not include rent reductions, co-tenancies, or early
    termination clauses of any kind. The leases for tenants occupying 7,000
    square feet or greater of space at the Premises may, at Seller's sole
    election, include co-tenancies but will not include rent reductions or early
    termination clauses without Purchaser's prior consent to such reductions or
    termination clauses.

10. In addition to tenant's base rent, the leases will include 100%
    reimbursement for taxes,

                               SCHEDULE D: PAGE 1

<Page>

    insurance and common area maintenance, including a 10% administrative charge
    for CAM (or, in the alternative, providing for a 2-1/2% management fee).

11. Purchaser shall act in a commercially reasonable manner and in good faith
    during its review and determination of the credit worthiness of any tenant
    and/or guarantor. Also, Purchaser agrees to respond to Seller deliveries of
    tenant/guarantor credit information within 5 business days after its receipt
    by Purchaser, otherwise said tenant/guarantor credit worthiness shall be
    deemed approved by Purchaser.

12. Any lease renewals will be at rental rates greater than the current market
    rate.

                               SCHEDULE D: PAGE 2

<Page>

                                    EXHIBIT 1

              ATTACHED TO AND FORMING PART OF THE CONTRACT BETWEEN
                  DDRA COMMUNITY CENTERS FOUR, L.P., AS SELLER
                                       AND
               INLAND REAL ESTATE ACQUISITIONS, INC., AS PURCHASER

                          FORM OF DEED TO THE PREMISES

                              SPECIAL WARRANTY DEED

     THAT THE UNDERSIGNED, _______________________, a __________________
("Grantor"), for and in consideration of the sum of TEN DOLLARS ($10.00) cash,
and other good and valuable consideration in hand paid by the Grantee, herein
named, the receipt and sufficiency of which is hereby fully acknowledged and
confessed, has GRANTED, SOLD and CONVEYED, and by these presents does hereby
GRANT, SELL and CONVEY unto ______________________ ("Grantee") whose current
address is ________________________, all of that certain real property situated
in _______ County, Texas, more particularly described in EXHIBIT A attached
hereto and incorporated herein by reference, together with all buildings,
improvements and fixtures located thereon, and all rights, ways, privileges and
appurtenances pertaining thereto (collectively, the "Property")

     This conveyance, however, is made and accepted subject to all matters of
record (the "Permitted Exceptions").

     TO HAVE AND TO HOLD the Property, together with all and singular the rights
and appurtenances belonging in any way to the Property, subject to the Permitted
Exceptions and other provisions expressly stated herein, unto Grantee and
Grantees successors and assigns, forever, and Grantor does hereby bind Grantor
and Grantor's successors and/or assigns, to WARRANT and FOREVER DEFEND all and
singular the Property unto Grantee, and Grantee's successors and/or assigns,
against every person whomsoever claiming or to claim the same or any part
thereof, by, through or under Grantor, but not otherwise.

     Current ad valorem taxes on the Property having been prorated, the payment
thereof is assumed by Grantee.

     EXECUTED this  day of ____, 20____.

                                   -------------------------,
                                   By:
                                        --------------------,
                                        its
                                           -------

                                EXHIBIT 1: PAGE 3

<Page>

                                              By:
                                                 --------------------------
                                                   Name:
                                                   Title:

State of_____________       Section
                            Section
County of____________       Section

     The foregoing was acknowledged before me on the ____ day of ___________,
200___, by ______________________, of _______________________, the
_____________________ of ___________________, a _____________________on behalf
of said ________________________.

Given under my hand and seal of office on ______________, 20______.

                                              ---------------------------
                                              NOTARY PUBLIC, STATE OF____

                                              ---------------------------
                                              PRINTED NAME OF NOTARY

MY COMMISSION EXPIRES:

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

                                EXHIBIT 1: PAGE 4

<Page>

                                    EXHIBIT 2

              ATTACHED TO AND FORMING PART OF THE CONTRACT BETWEEN
                  DDRA COMMUNITY CENTERS FOUR, L.P., AS SELLER
                                       AND
               INLAND REAL ESTATE ACQUISITIONS, INC., AS PURCHASER

                     FORM OF ASSIGNMENT OF THE SPACE LEASES

          KNOW ALL MEN that DDRA COMMUNITY CENTERS FOUR, L.P. ("Assignor"), in
consideration of Ten ($10.00) Dollars and other good and valuable consideration,
received from [_________________]("Assignee"), does hereby assign, transfer and
deliver unto Assignee, all of its right, title and interest in and to those
certain leases for space at the premises known as La Plaza del Norte Shopping
Center, San Antonio, Texas (the "Leases") listed on Schedule A annexed hereto
including any security deposits held by Assignor as of the date hereof, subject
to the rights Assignor has retained under Section 9.4 of that certain Contract
of Sale (the "Contract") dated _______, 2003, between Assignor and Assignee for
the Premises.

          TO HAVE AND TO HOLD the same unto Assignee, its successors and
assigns, forever, from and after the date hereof, subject to the terms,
covenants, conditions and provisions of the Leases and subject as aforesaid.

          AND Assignee does hereby acknowledge receipt of the Leases and
security deposits so delivered, and does hereby (a) accept the within assignment
and (b) assume the performance of all the terms, covenants and conditions of the
Leases on the part of the lessor which are to be performed or which arise from
and after the date hereof.

          This assignment and assumption agreement shall inure to the benefit of
Assignee and Assignor and their respective successors and assigns, and shall be
governed by the laws of the State of Texas. This assignment and assumption
agreement may not be modified, altered or amended, or its terms waived, except
by an instrument in writing signed by the parties hereto.

          None of the provisions of this instrument are intended to be, nor
shall they be construed to be, for the benefit of any third party.

                         [SIGNATURES ON FOLLOWING PAGE]

                                EXHIBIT 2: PAGE 1

<Page>

          IN WITNESS WHEREOF, Assignor and Assignee have executed this agreement
this ________ day of _____________2003.

                              ASSIGNOR

                              DDRA COMMUNITY CENTERS FOUR, L.P., a Texas
                              limited partnership
                              By:  DRDI SAN ANTONIO LLC, a Delaware limited
                                   liability company, its general partner

                                   By:  DD SAN PEDRO CORP., a Texas
                                        corporation, its member

                                        By:
                                             -------------------------
                                             Name:
                                             Title:

                                   By:  PEDRO COMMUNITY CENTERS, INC.,
                                        an Ohio corporation, its general partner

                                        By:
                                             ------------------
                                           Name:
                                           Title:

                              ASSIGNEE:

                              [_______________________________]

                              By:
                                  -----------------------------------------
                                  Name:
                                  Title:

                                EXHIBIT 2: PAGE 2

<Page>

                                    EXHIBIT 3

              ATTACHED TO AND FORMING PART OF THE CONTRACT BETWEEN
                  DDRA COMMUNITY CENTERS FOUR, L.P., AS SELLER
                                       AND
               INLAND REAL ESTATE ACQUISITIONS, INC., AS PURCHASER

                     FORM OF ASSIGNMENT OF SERVICE CONTRACTS

          KNOW ALL MEN that DDRA COMMUNITY CENTERS FOUR, L.P. ("Assignor"), in
consideration of Ten and 00/100 ($10.00) Dollars and other good and valuable
consideration, received from [_________________________________] ("Assignee"),
does hereby assign, transfer and deliver onto Assignee, all of its right, title
and interest in and to those certain service contracts relating to the operation
or maintenance of the premises known as La Plaza del Norte Shopping Center, San
Antonio, Texas, which service contracts are listed in Schedule A annexed hereto
(the "Contracts").

          TO HAVE AND TO HOLD the same unto Assignee, its successors and
assigns, forever, from and after the date hereof, subject to the terms,
covenants, conditions and provisions contained.

          AND Assignee does hereby acknowledge receipt of the Contracts so
delivered, and does hereby (a) accept the within assignment and (b) assume the
performance of all the terms, covenants and conditions of the Contracts on the
Assignor's part to be performed thereunder from and after the date hereof.

          This assignment is made without warranty or representation by Assignor
and without recourse to assignor in any manner whatsoever, express or implied.

          This assignment and assumption agreement shall inure to the benefit of
Assignee and Assignor and their respective successors and assigns, and shall be
governed by the laws of the State of Texas. This assignment and assumption
agreement may not be modified, altered or amended, or its terms waived, except
by an instrument in writing signed by the parties hereto.
          None of the provisions of this instrument are intended to be, nor
shall they be construed to be, for the benefit of any third party.

                         [SIGNATURES ON FOLLOWING PAGE]

                                EXHIBIT 3: PAGE 1

<Page>

IN WITNESS WHEREOF, Assignor and Assignee have executed this agreement this
_______day of ________________2003.

                              ASSIGNOR

                              DDRA COMMUNITY CENTERS FOUR, L.P., a Texas
                              limited partnership
                              By:  DRDI SAN ANTONIO LLC, a Delaware limited
                                   liability company, its general partner

                                   By:  DD SAN PEDRO CORP., a Texas
                                        corporation, its member

                                        By:
                                             -------------------------
                                             Name:
                                             Title:

                                   By:  PEDRO COMMUNITY CENTERS, INC.,
                                        an Ohio corporation, its general partner

                                        By:
                                             -----------------
                                            Name:
                                            Title:

                              ASSIGNEE:

                              [_______________________________]

                              By:
                                  -----------------------------------------
                                  Name:
                                  Title:

                                EXHIBIT 3: PAGE 2

<Page>

                                    EXHIBIT 4

              ATTACHED TO AND FORMING PART OF THE CONTRACT BETWEEN
                  DDRA COMMUNITY CENTERS FOUR, L.P., AS SELLER
                                       AND
               INLAND REAL ESTATE ACQUISITIONS, INC., AS PURCHASER

                    FORM OF ASSIGNMENT OF LICENSES, PERMITS,
                            GUARANTEES AND WARRANTIES

          KNOW ALL MEN that DDRA COMMUNITY CENTERS FOUR, L.P. ("Assignor"), in
consideration of Ten ($10.00) Dollars and other good and valuable consideration,
receipt whereof is hereby acknowledged from [_________________________________]
("Assignee"), does hereby assign, transfer and deliver unto Assignee, all of its
right, title and interest in and to any and all existing licenses and permits
presently held by Assignor affecting the premises known as La Plaza del Norte
Shopping Center, San Antonio, Texas (the "Premises") and any and all guarantees
and warranties in connection with any work or services performed or equipment
installed in and improvements erected on the Premises (collectively, the
"Licenses and Guarantees").

          TO HAVE AND TO HOLD the same unto Assignee, its successors and
assigns, forever, from and after the date hereof, subject to the terms,
covenants, conditions and provisions of the Licenses and Guarantees.

          This assignment is made without warranty or representation by the
Assignor, including, without limitation, any warranty or representation that
Assignor has any right in the Licenses and Guarantees or that the Licenses and
Guarantees are transferable, and without recourse to Assignor in any manner
whatsoever.

          This assignment agreement shall inure to the benefit of Assignee and
its successors and assigns and shall be governed by the laws of the State of
Texas. This assignment agreement may not be modified, altered or amended, or its
terms waived, except by an instrument in writing signed by the parties hereto.

          None of the provisions of this instrument are intended to be, nor
shall they be construed to be, for the benefit of any third party.

                         [SIGNATURES ON FOLLOWING PAGE]

                                EXHIBIT 4: PAGE 1

<Page>

IN WITNESS WHEREOF, Assignor has executed this agreement this _______ day of
________________ 2003.

                              ASSIGNOR:

                              DDRA COMMUNITY CENTERS FOUR, L.P., a Texas
                              limited partnership
                              By:  DRDI SAN ANTONIO LLC, a Delaware limited
                                   liability company, its general partner

                                   By:  DD SAN PEDRO CORP., a Texas
                                        corporation, its member

                                        By:
                                             -------------------------
                                             Name:
                                             Title:

                                   By:  PEDRO COMMUNITY CENTERS, INC.,
                                        an Ohio corporation, its general partner

                                        By:
                                             --------------------
                                            Name:
                                            Title:

                                EXHIBIT 4: PAGE 2

<Page>

                                    EXHIBIT 5

              ATTACHED TO AND FORMING PART OF THE CONTRACT BETWEEN
                  DDRA COMMUNITY CENTERS FOUR, L.P., AS SELLER
                                       AND
               INLAND REAL ESTATE ACQUISITIONS, INC., AS PURCHASER

                                NOTICE TO TENANTS
                                       OF
                       LA PLAZA DEL NORTE SHOPPING CENTER
                                (THE "PREMISES")

Dear Tenant:

          Please be advised that the Premises have this day been conveyed and
your lease (the "Lease") has been assigned by DDRA COMMUNITY CENTERS FOUR, L.P.
("Prior Owner"), to [________________________________________] a [_________]
("New Owner").

          New Owner has assumed all of the obligations under your Lease accruing
from and after this day, including any obligations to return your security
deposit (in the amount of $________) in accordance with the terms of your Lease.
Notwithstanding anything contained herein to the contrary, Seller retains the
right to collect any delinquent rents pertaining to the period prior to
________________________ [CLOSING DATE] as well as the right to collect rent and
reconcile operating expenses (and percentage rent) under your Lease for the 2003
calendar year and prior periods.

          Until further notice, all correspondence and notices shall be
directed, and all rents, additional rents and other charges under the Lease
shall be paid to New Owner at the addresses attached hereto as Exhibit A.

          You are hereby requested to have the insurance policies required under
the Lease amended to add New Owner, as additional insured thereunder, and have
the certificate of insurance indicating such amendment forwarded to the New
Owner.

                                EXHIBIT 5: PAGE 1

<Page>

          Your security deposit, if any, under the Lease has been transferred to
New Owner.

Dated:_________, 2003.

PRIOR OWNER:                 DDRA COMMUNITY CENTERS FOUR, L.P.,
                             a Texas limited partnership
                             By:  DRDI SAN ANTONIO LLC, a Delaware
                                  limited liability company, its general partner

                                  By:  DD SAN PEDRO CORP., a Texas
                                       corporation, its member

                                       By:
                                            -------------------------
                                            Name:
                                            Title:

                                  By:  PEDRO COMMUNITY CENTERS, INC.,
                                       an Ohio corporation, its
                                       general partner

                                       By:
                                            --------------------
                                            Name:
                                            Title:

NEW OWNER:                   [_________________________________]

                             By:
                                --------------------------------
                             Name:
                             Title:

                                EXHIBIT 5: PAGE 2

<Page>

                                    EXHIBIT A

                                    ADDRESSES

For All Notices:
                       ______________________________
                       ______________________________
                       ______________________________
                       ______________________________
                       ______________________________
                       ______________________________
                       ______________________________

With a copy to:
                       ______________________________
                       C/O [PROPERTY MANAGER]

                       ______________________________
                       ______________________________
                       ______________________________
                       Attention: Property Manager - La Plaza del Norte Shopping
                       Center
                       Telephone: ____-_____-_____
                       Telecopy: ____- ____-_____

Payment Address:
                       ______________________________
                       c/o___________________________
                       ______________________________
                       ______________________________

                                EXHIBIT 5: PAGE 3

<Page>

                                    EXHIBIT 6

              ATTACHED TO AND FORMING PART OF THE CONTRACT BETWEEN
                  DDRA COMMUNITY CENTERS FOUR, L.P., AS SELLER
                                       AND
               INLAND REAL ESTATE ACQUISITIONS, INC., AS PURCHASER

                              NOTICE TO CONTRACTORS
                             UNDER SERVICE CONTRACTS
                                       OF
                       LA PLAZA DEL NORTE SHOPPING CENTER

                                (THE "PREMISES")

Dear Contractor:

          Please be advised that the Premises have this day been conveyed and
your service contract has been assigned from DDRA COMMUNITY CENTERS FOUR, L.P.
("Prior Owner"), to [___________________________________] a
[______________________] ("New Owner").

          Until further notice, all correspondence, notices and invoices shall
be directed to the New Owner at the following address:

                       ______________________________
                       ______________________________
                       ______________________________
                       ______________________________

Dated: ________, 2003

                                EXHIBIT 6: PAGE 1

<Page>

PRIOR OWNER:              DDRA COMMUNITY CENTERS FOUR, L.P.,
                          a Texas limited partnership
                          By:  DRDI SAN ANTONIO LLC, a Delaware limited
                               liability company, its general partner

                               By:  DD SAN PEDRO CORP., a Texas corporation, its
                                    member

                                    By:
                                         -----------------------
                                         Name:
                                         Title:

                               By:  PEDRO COMMUNITY CENTERS, INC., an Ohio
                                    corporation, its general partner

                                    By:
                                         ----------------
                                         Name:
                                         Title:

NEW OWNER:                     [___________________________________]

                               By:
                                   -------------------------
                                   Name:
                                   Title:

                                EXHIBIT 6: PAGE 2

<Page>

                                    EXHIBIT 7

              ATTACHED TO AND FORMING PART OF THE CONTRACT BETWEEN
                  DDRA COMMUNITY CENTERS FOUR, L.P., AS SELLER
                                       AND
               INLAND REAL ESTATE ACQUISITIONS, INC. AS PURCHASER

                           TENANT ESTOPPEL CERTIFICATE

TO:

     _____________________
     ___________________
     _____________________
                       ("Lender")

     Inland (entity),
     and its lenders, successors and assigns ("Purchaser")
     2901 Butterfield Road
     Oak Brook, Illinois 60523
     Attention: Karen Kautz

     DDRA Community Centers Four, L.P.
     c/o DRA Advisors LLC
     220 East 42nd Street
     New York, New York 10017
     Attention: Janine Roberts

     Developers Diversified Realty Corporation
     3300 Enterprise Parkway
     Beachwood, Ohio 44122
     Attention:  Joanne Prosser
     Facsimile: (216) 755-1630

Re:  Lease Agreement dated _____________________ as amended pursuant to Section
     1(a) below ("Lease"), between _________ as "Landlord", and _________, as
     "Tenant", guaranteed by ("Guarantor") for leased premises known as
     ____________ (the "Premises") of the property commonly                known
                as (the "Property").

1.   Tenant hereby certifies that the following information with respect to the
     Lease is accurate and complete as of the date hereof.

     a. Dates of all amendments, letter

                                EXHIBIT 7: PAGE 1

<Page>

        agreements, modifications and
        waivers related to the Lease

     b. Lease Commencement Date

     c. Expiration Date

     d. Current Annual Base Rent

                                           ADJUSTMENT DATE     RENTAL AMOUNT

     e. Fixed or CPI Rent Increases        _______________
                                           _______________

     f. Square Footage of Premises

     g. Security Deposit Paid to Landlord

     h. Renewal Options                    _______Additional Terms for _______
                                           years at $___________ per year

     i. Termination Options (excluding     Termination Date ________________
        any right of Tenant to terminate   Fees Payable     ________________
        pursuant to a casualty or
        condemnation)

2.   Tenant further certifies that:

     a. the Lease is presently in full force and effect and represents the
        entire agreement between Tenant and Landlord with respect to the
        Premises;
     b. the Lease has not been assigned and the Premises have not been sublet by
        Tenant except as otherwise stated in Section 1(a) above;
     c. Tenant has accepted and is occupying the Premises, all construction
        required by the Landlord pursuant to the Lease has been completed and
        any payments, credits or abatements required to be given by Landlord to
        Tenant have been given;
     d. Tenant is open for business or is operating its business at the
        Premises;
     e. no installment of rent or other charges under the Lease other than
        current monthly rent has been paid more than 30 days in advance and
        Tenant is not in arrears for more than 30 days on any base rent
        payments, except ___________________;
     f. To Tenant's knowledge, Landlord is not in default under the Lease and no
        event has occurred which, with the giving of notice or passage of time,
        or both, could result in a default by Landlord;
     g. To Tenant's knowledge, Tenant has no existing defenses, offsets, liens,
        claims or credits against the payment obligations under the Lease;
     h. Tenant has not been granted any options or rights to terminate the Lease
        earlier than the Expiration Date (except as stated in paragraph 1(i));
     i. Tenant has not been granted any options or rights of first refusal to
        purchase the

                                EXHIBIT 7: PAGE 2

<Page>

        Premises or the Property;
     j. Tenant has not received written notice of violation of any federal,
        state, county or municipal laws, regulations, ordinances, orders or
        directives relating to the use or condition of the Premises or the
        Property, except in connection with the condemnation affecting the
        Property and except: ______________;
     k. the Tenant has not been granted any operating exclusives for the
        Property except as set forth in the Lease; and
     l. Rent has been paid through __________, 2003.
     m. No hazardous waste or toxic substances, as defined by all applicable
        federal, state or local statutes, rules or regulations have been
        disposed, stored or treated on or about the Premises or the Property by
        Tenant;
     n. Tenant has not received any notice of a prior sale, transfer,
        assignment, pledge or other hypothecation of the Premises or the Lease
        or of the rents provided for therein except in connection with the
        existing loan with Wells Fargo Bank, National Association; and
     o. Tenant has not filed, and is not currently the subject of any filing,
        voluntary or involuntary, for bankruptcy or reorganization under any
        applicable bankruptcy or creditors rights laws, except:
        ___________________.

3.   This certification is made with the knowledge that Purchaser is about to
     acquire title to the Property and Lender is about to provide Purchaser with
     financing which shall be secured by a Deed of Trust (or Mortgage), Security
     Agreement and Assignment of Rents, Leases and Contracts ("Mortgage") upon
     the Property. Tenant acknowledges that Purchaser's interest in the Lease
     (as landlord) will be duly assigned to Lender as security for Lender's loan
     to Purchaser (as new landlord). From and after the date Tenant receives
     written notice from Landlord and Purchaser of the sale of the Property, all
     rent payments under the Lease shall be paid to Purchaser (as new landlord)
     and shall continue to be paid to Purchaser (as new landlord) in accordance
     with the terms of the Lease until Tenant is notified otherwise in writing
     by Lender or its successors and assigns. In the event that Lender succeeds
     to Purchaser's (as new landlord) interest under the Lease, Tenant agrees to
     attorn to Lender at Lender's request provided Lender agrees that unless
     Tenant is in default under the Lease (and any cure periods have expired
     after notice), the Lease will remain in full force and effect. Tenant
     further acknowledges and agrees that Landlord, Purchaser, Lender and their
     respective successors and assigns shall have the right to rely on the
     information contained in this Certificate. The undersigned is authorized to
     execute this Tenant Estoppel Certificate on behalf of Tenant.

                                                  [TENANT]
                                                  By:
                                                  Its:
                                                      --------------------------
                                                  Date:___________, 2003

                                EXHIBIT 7: PAGE 3

<Page>

                                    EXHIBIT 8

              ATTACHED TO AND FORMING PART OF THE CONTRACT BETWEEN
                  DDRA COMMUNITY CENTERS FOUR, L.P., AS SELLER
                                       AND
               INLAND REAL ESTATE ACQUISITIONS, INC., AS PURCHASER

                              FORM OF BILL OF SALE

     DDRA COMMUNITY CENTERS FOUR, L.P. ("Grantor") for good and valuable
consideration, the receipt and the sufficiency of which is hereby acknowledged,
by these presents, does, without representation by, or warranty or recourse
against, Grantor, convey, assign, transfer, sell, deliver and set over unto
____________________, its successors and assigns, all of Grantor's right, title
and interest in and to the personal property transferred pursuant to that
certain Contract of Sale between Grantor and [____________________________ ]
dated __________________, 2003 used in connection with the operation of the
shopping center known as La Plaza del Norte Shopping Center, San Antonio, Texas.

     IN WITNESS WHEREOF, Grantor has caused this Bill of Sale to be signed as of
this _____ day of ___________, 2003.

                         DDRA COMMUNITY CENTERS FOUR, L.P., a Texas limited
                         partnership
                         By:  DRDI SAN ANTONIO LLC, a Delaware limited liability
                              company, its general partner

                              By:  DD SAN PEDRO CORP., a Texas corporation, its
                                   member

                                   By:
                                        --------------------------------
                                        Name:
                                        Title:

                              By:  PEDRO COMMUNITY CENTERS, INC., an Ohio
                                   corporation, its general partner

                                   By:
                                        ----------------------
                                        Name:
                                        Title:

<Page>

                                    EXHIBIT 9

              ATTACHED TO AND FORMING PART OF THE CONTRACT BETWEEN
                  DDRA COMMUNITY CENTERS FOUR, L.P., AS SELLER
                                       AND
               INLAND REAL ESTATE ACQUISITIONS, INC., AS PURCHASER

                                ACCESS AGREEMENT

                              INTENTIONALLY DELETED

<Page>

                                   EXHIBIT 10

              ATTACHED TO AND FORMING PART OF THE CONTRACT BETWEEN
                  DDRA COMMUNITY CENTERS FOUR, L.P., AS SELLER
                                       AND
               INLAND REAL ESTATE ACQUISITIONS, INC., AS PURCHASER

                                TITLE CERTIFICATE

     The undersigned, a Delaware limited liability company, hereby certifies to
[____________] (the "Insurer") the following:

          1. The undersigned is the owner ("Owner") of certain property (the
"Property") situated in the City of San Antonio, State of Texas, described in
title commitment No._________ (the "Title Commitment") issued by Insurer.

          2. The only tenants of the undersigned are tenants under the leases
(the "Leases") set forth on the rent roll annexed hereto as Exhibit A (or
subleases thereunder).

          3. During the period of 120 days immediately preceding the date of
this certification no improvements or alterations have been made (other than
minor repairs) to the Property by or on behalf of Owner that have not been paid
for and that no claims against Owner of laborers or materialmen remain unpaid
(or if unpaid will be paid in the ordinary course of business) for work
performed by or on behalf of Owner and that no material incorporated into the
Property by Owner is subject to a security interest (other than in connection
with any mortgage described in the Title Commitment).

          4. No proceedings in bankruptcy or receivership have been instituted
by or against Owner which are now pending, nor has the Owner made any assignment
for the benefit of creditors which is in effect as to the Property.

          5. Owner agrees not to cause any lien or encumbrance to be filed
against the Property between the date hereof and the earlier of (a) the date the
documents creating the interest being insured pursuant to the Title Commitment
have been filed of record and (b) three (3) days following the date hereof.

          6. This certification is made for the purpose of inducing Insurer to
issue its title policy insuring the Property.

Dated this ____ day of _______, 2003.

[SIGNATURES ON THE FOLLOWING PAGE]

<Page>

                         DDRA COMMUNITY CENTERS FOUR, L.P., a Texas limited
                         partnership
                         By:  DRDI SAN ANTONIO LLC, a Delaware limited liability
                              company, its general partner

                              By:  DD SAN PEDRO CORP., a Texas corporation, its
                                   member

                                   By:
                                        --------------------------
                                        Name:
                                        Title:

                              By:  PEDRO COMMUNITY CENTERS, INC., an Ohio
                                   corporation, its general partner

                                   By:
                                        ------------------
                                        Name:
                                        Title:

<Page>

                                   SCHEDULE A

                                 LIST OF LEASES

<Page>

                                   EXHIBIT 11

              ATTACHED TO AND FORMING PART OF THE CONTRACT BETWEEN
                  DDRA COMMUNITY CENTERS FOUR, L.P., AS SELLER
                                       AND
               INLAND REAL ESTATE ACQUISITIONS, INC., AS PURCHASER

                          SELLER'S ESTOPPEL CERTIFICATE

TO:

     _____________________
     ___________________
     _____________________
                        ("Lender")

     Inland (entity),
     and its lenders, successors and assigns ("Purchaser")
     2901 Butterfield Road
     Oak Brook, Illinois 60523
     Attention: Karen Kautz

Re:  Lease Agreement dated ______________ as amended pursuant to Section 1(a)
     below ("Lease"), between ______________________ as "Landlord", and, as
     "Tenant", guaranteed by _____________________________ ("Guarantor") for
     leased premises known as (the "Premises") of the property commonly known as
     (the "Property").

1.   Landlord hereby certifies that the following information with respect to
     the Lease is accurate and complete as of the date hereof.

     a. Dates of all amendments, letter
        agreements, modifications and waivers
        related to the Lease

     b. Lease Commencement Date

     c. Expiration Date

     d. Current Annual Base Rent

                                           ADJUSTMENT DATE     RENTAL AMOUNT

     e. Fixed or CPI Rent Increases        _______________
                                           _______________

     f. Square Footage of Premises

<Page>

     g. Security Deposit Received by
        Landlord

     h. Renewal Options                    ______ Additional Terms for ______
                                           years at $_______ per year

 i.  Termination Options (excluding        Termination Date ____________
     any right of Tenant to terminate      Fees Payable     ____________
     pursuant to a casualty or
     condemnation)

2.   Landlord further certifies that:

     a. the Lease is presently in full force and effect and represents the
        entire agreement between Tenant and Landlord with respect to the
        Premises;
     b. to Landlord's knowledge, the Lease has not been assigned and the
        Premises have not been sublet by Tenant except as otherwise stated in
        Section 1(a) above;
     c. to Landlord's knowledge, Tenant has accepted and is occupying the
        Premises, all construction required by the Landlord pursuant to the
        Lease has been completed and any payments, credits or abatements
        required to be given by Landlord to Tenant have been given;
     d. To Landlord's knowledge, Tenant is [or is not] open for business or is
        operating its business at the Premises;
     e. no installment of rent or other charges under the Lease other than
        current monthly rent has been paid more than 30 days in advance;
     f. To Landlord's knowledge, Landlord is not in default under the Lease and
        no event has occurred which, with the giving of notice or passage of
        time, or both, could result in a default by Landlord;
     g. To Landlord's knowledge, Tenant has no existing defenses, offsets,
        liens, claims or credits against the payment obligations under the
        Lease;
     h. Tenant has not been granted any options or rights to terminate the Lease
        earlier than the Expiration Date (except as stated in paragraph 1(i));
     i. Tenant has not been granted any options or rights of first refusal to
        purchase the Premises or the Property;
     j. To Landlord's knowledge, Tenant has not received written notice of
        violation of any federal, state, county or municipal laws, regulations,
        ordinances, orders or directives relating to the use or condition of the
        Premises or the Property, except in connection with the condemnation
        affecting the Property and except: ______________;
     k. the Tenant has not been granted any operating exclusives for the
        Property except as set forth in the Lease; and
     l. Rent has been paid through _________, 2003.

3.   This certification is made with the knowledge that Purchaser is about to
     acquire title to the Property and Lender is about to provide Purchaser with
     financing which shall be secured by a Deed of Trust (or Mortgage), Security
     Agreement and Assignment of Rents, Leases and Contracts ("Mortgage") upon
     the Property. Landlord acknowledges and agrees that Purchaser and Lender
     and their respective successors and assigns shall have the right to rely

<Page>

     on the information contained in this Certificate. The undersigned is
     authorized to execute this Estoppel Certificate on behalf of Landlord.

                                                      [LANDLORD]
                                                      By:
                                                      Its:
                                                          ------------------
                                                      Date:_________, 2003

<Page>

                                   EXHIBIT 12

              ATTACHED TO AND FORMING PART OF THE CONTRACT BETWEEN
                  DDRA COMMUNITY CENTERS FOUR, L.P., AS SELLER
                                       AND
               INLAND REAL ESTATE ACQUISITIONS, INC., AS PURCHASER

                            REA ESTOPPEL CERTIFICATE

     The undersigned _________________, a ____________ corporation
("_________"), is a party to the ________________ (REA) recorded on
_______________________, _______ in Book _____, Page _____ of the Public Records
of ________ County, _____ (the "REA"), between and among _____,
___________________, ___________________, a ______________ ("Developer"), and
_____________________, a _____________ (corporation) ("___________"), with
respect to the ___________________ Shopping Center in _______, _______ (the
"Shopping Center"). ____________ has been advised that Developer is in process
of selling Developer's interest in the Shopping Center to INLAND (entity) having
a notice address of 2901 Butterfield Road, Oak Brook, Illinois 60523, Attention:
Vice Chairman (together with its lender, and successors and assigns,
collectively referred to herein as "Purchaser"). _________________ hereby states
to Purchaser and Developer as follows (without undertaking any investigation to
verify the accuracy of the statements made):

     1.   The REA has not been amended except: ________________.

     2.   The REA is presently in full force and effect according to its terms.

     3.   ________ has neither given nor received any written notice of default
          with respect to the REA. To the best of ________ 's knowledge (whereby
          knowledge shall be limited to the party signing this REA Estoppel
          Agreement on behalf of ________), neither _______ nor any other party
          is in default under the REA.

     This Statement does not (a) constitute a waiver of any rights ___________
may have under the REA, or (b) modify, alter, or change any of the terms or
conditions of the REA.

     No officer or employee signing this Statement on behalf of ___________
shall have any liability as a result of having given this statement.

     The statements contained in this Statement are not affirmative
representations, warranties, covenants or waivers, and _______ shall not be
liable to Developer, Purchaser or any third party on account of any information
herein contained, notwithstanding the failure, for any reason, to disclose
and/or correct relevant information. This Statement is given for Purchaser's and
Developer's information and may not be relied upon by anyone other than
Purchaser and Developer, or in connection with any transaction other than the
transaction described above. Capitalized terms used in this Statement, unless
otherwise defined, will have the meanings ascribed to such terms in the REA.

                                      -12-
<Page>

Dated as of ______________, 2003.

                          ------------------------------
                          a _________(CORPORATION)

                          By:
                              -----------------------------------
                          As Its:

                                      -13-
<Page>

                                   EXHIBIT 13

              ATTACHED TO AND FORMING PART OF THE CONTRACT BETWEEN
                  DDRA COMMUNITY CENTERS FOUR, L.P., AS SELLER
                                       AND
               INLAND REAL ESTATE ACQUISITIONS, INC., AS PURCHASER

                         GUARANTOR ESTOPPEL CERTIFICATE

Date: _________________, 2003

     To: ___________

     _________________________
     _________________________
     _________________________
                           ("Lender")

     Inland Real Estate Acquisitions, Inc., and

     Inland Southeast _______, L.L.C. (insert Inland nominee entity),
     and its lenders, successors and assigns ("Purchaser")
     2901 Butterfield Road
     Oak Brook, Illinois 60523
     Attention: Karen Kautz

     Re: Guaranty Agreement dated ___________ ("Guaranty of Lease") pertaining
     to that certain Lease dated _____________________ between as Landlord and
     _______________________________ as Tenant for leased premises known as
     ______________________________ (the "Premises") located at the property
     commonly known as (the "Property").

     1.   Guarantor certifies to Lender and Purchaser that: (a) the Guaranty of
          Lease has been properly executed by Guarantor and is presently in full
          force and effect without amendment or modification except as noted
          above; (b) Guarantor has no existing defenses, offsets, liens, claims
          or credits against the obligations under the Guaranty of Lease.

     2.   This certification is made with the knowledge that Purchaser is about
          to acquire title to the Property and a lender is about to provide
          Purchaser with financing which shall be secured by a deed of trust (or
          mortgage), security agreement and assignment of rents, leases and
          contracts upon the Property. Guarantor further acknowledges and agrees
          that Purchaser and its lender and their respective successors and
          assigns shall have the right to rely on the information contained in
          this Certificate.

<Page>

3.   The undersigned is authorized to execute this Guarantor Estoppel
     Certificate on behalf of Guarantor.

                                             [GUARANTOR]

                                             By:

                                      -15-
<Page>

                                   EXHIBIT 14

              ATTACHED TO AND FORMING PART OF THE CONTRACT BETWEEN
                  DDRA COMMUNITY CENTERS FOUR, L.P., AS SELLER
                                       AND
               INLAND REAL ESTATE ACQUISITIONS, INC., AS PURCHASER

                                ESCROW AGREEMENT

          This Escrow Agreement (this "AGREEMENT") is entered into as of January
___, 2004 by and between DDRA Community Centers Four, L.P. ("DDRA"),
[___________] ("Purchaser") and Heritage Title Company ("ESCROWEE").

                                    RECITALS:

          A.   DDRA and Purchaser entered into a contract of sale (the
"CONTRACT") dated as of [______________] with respect to the sale of La Plaza
Del Norte located in San Antonio, Texas (the "PARCEL").

          B.   Pursuant to Section 14 of the Contract, at Closing (as defined in
the Contract), DDRA has agreed to enter into master leases (each a "MASTER
LEASE" and collectively, the "MASTER LEASES") with Purchaser for the space set
forth on Exhibit A annexed hereto existing at the Parcel.

          NOW THEREFORE, for good and valuable consideration, the parties hereby
agree as follows:

          1.   All capitalized terms set forth herein shall have the meanings
ascribed to such terms in the Contract unless otherwise defined herein.

          2.   To fund DDRA's Master Lease obligations as to rent, leasing
commissions and tenant improvements, all as set forth in Section 14 of the
Contract, DDRA has on the date hereof deposited in escrow (the "MASTER LEASE
ESCROW") with Escrowee the amount (the "MASTER LEASE ESCROW AMOUNT") set forth
on Exhibit A annexed hereto. The Master Lease Escrow Amount shall be disbursed
by Escrowee subject to, and in accordance with, the terms and provisions of this
Paragraph 2.

               A.   The portion of the Master Lease Escrow Amount identified as
the sum of [_________________] ($__________ ) is hereby referred to as the
Master Lease Rent Escrow. Purchaser shall receive a prorated credit from the
Master Lease Rent Escrow on the date of Closing for the rent attributable to the
Master Lease Space from the date of Closing through the end of the month in
which Closing occurs. Thereafter, Purchaser shall receive (and Escrow Agent is
hereby authorized to pay to Purchaser ( subject to the terms of this Section
2(A) without further direction from DDRA) monthly payments, on the fifth (5th)
day of each month (the "MONTHLY PAYMENT DATE"), for the applicable month's rent,
from the Master Lease Rent Escrow, in the sum of [________] (prorated for any
partial months) (the "Rent Escrow Monthly Payment"). DDRA shall have the right
to object to any Rent Escrow Monthly Payment provided that DDRA sends written
notice of such objection to Purchaser and Escrowee on or

                                      -16-
<Page>

before the third (3rd) day prior to the applicable Monthly Payment Date ("RENTAL
PAYMENT OBJECTION"). If Escrowee does receive such Rental Payment Objection on
or before the third (3rd) day prior to the applicable Monthly Payment Date or if
for any other reason Escrowee in good faith shall elect not to make such
payment, Escrowee shall forward a copy of the Rental Payment Objection, if any,
to Purchaser, and continue to hold the applicable Rent Escrow Monthly Payment
unless otherwise directed by written instructions from the parties to this
Agreement or by a judgment of a court of competent jurisdiction In any event,
Escrowee shall have the right to refrain from taking any further action with
respect to the Master Lease Rent Escrow until it is reasonably satisfied that
such dispute is resolved or action by Escrowee is required by an order or
judgment of a court of competent jurisdiction. Escrowee, by signing this
Agreement at the end hereof where indicated, signifies its agreement to hold the
Master Lease Rent Escrow for the purposes as provided in this Agreement.

               B.   (I) Beginning on the date hereof and continuing through and
including the date on which the term of the Master Leases expire pursuant to
Section 14 of the Contract (such period is hereinafter referred to as the
"MASTER LEASE ESCROW PERIOD"), Purchaser and/or DDRA may request (each such
request, a "DISBURSEMENT REQUEST", each such requesting party the "REQUESTING
PARTY" and each such non-requesting party, the "NON-REQUESTING PARTY") by
written notice to Escrowee (with a copy of such request to the Non-Requesting
Party), that Escrowee disburse (each a "DISBURSEMENT") a portion of the Master
Lease Escrow Amount to the Requesting Party. Each such Disbursement Request
shall certify that the amount being requested is due to the Requested Party and
shall include a reasonably detailed description for which the Disbursement
Request is being made, including a stipulation as to the specific purpose of the
Disbursement, being either rent, leasing commissions or tenant improvements. On
each Master Lease Rent Termination Event, after receiving DDRA's Disbursement
Request and subject to Sections 2(B)(II) and (C)below, Escrowee is authorized
and directed to deliver to DDRA any unused portion of the Master Lease Escrow
Amount (including any interest earned thereon) allocable to the applicable
space. Notwithstanding anything contained herein to the contrary, Purchaser
shall not be permitted to make a Disbursement Request (pursuant to this Section
2 (B)) with respect to the Master Lease Rent Escrow; Section A above shall
govern Purchaser's rights with respect to same.

                    (II) If Escrowee does not receive a written objection from
the Non Requesting party to the proposed Disbursement within five (5) business
days after such demand is received by Escrowee and the Non-Requesting Party,
Escrowee is hereby authorized and directed to pay such Disbursement to the
Requesting Party. If Escrowee does receive such written objection within such
five (5) business day period or if for any other reason Escrowee in good faith
shall elect not to make such payment, Escrowee shall forward a copy of the
objections, if any, to the Requesting Party, and continue to hold the
Disbursement unless otherwise directed by written instructions from the parties
to this Agreement or by a judgment of a court of competent jurisdiction. In any
event, Escrowee shall have the right to refrain from taking any further action
with respect to the Master Lease Escrow until it is reasonably satisfied that
such dispute is resolved or action by Escrowee is required by an order or
judgment of a court of competent jurisdiction. Escrowee, by signing this
Agreement at the end hereof where indicated, signifies its agreement to hold the
Master Lease Escrow Amount for the purposes as provided in this Agreement.

                                      -17-
<Page>

               C.   In the event of any dispute, Escrowee shall have the right
to deposit the Master Lease Escrow Amount in court to await the resolution of
such dispute. Escrowee shall not incur any liability by reason of any action or
non-action taken by it in good faith or pursuant to the judgment or order of a
court of competent jurisdiction. Escrowee shall have the right to rely upon the
genuineness of all certificates, notices and instruments delivered to it
pursuant hereto, and all the signatures thereto or to any other writing received
by Escrowee purporting to be signed by any party hereto, and upon the truth of
the contents thereof.

               D.   On or before the tenth (10th)day of each calendar month
during the Master Lease Escrow Period, Escrowee shall provide Purchaser and DDRA
with a written report of the Master Lease Escrow, showing (i) Disbursements and
Rent Escrow Monthly Payments from the Master Lease Escrow made in the prior
calendar month, (ii) the balance remaining in the Master Lease Escrow as of the
date of the report, and (iii) interest accrued on the Master Lease Escrow Amount
during the prior calendar month.

               E.   Escrowee shall invest and reinvest the proceeds of the
Master Lease Escrow Amount and any interest earned thereon, in United States
Government Treasury Bills or Certificate(s) of Deposit or bank money market
account(s) as Purchaser shall direct and as is reasonably acceptable to DDRA.
The Master Lease Escrow Amount shall be held with the national bank of either
J.P. Morgan Chase Bank of America.

               F.   Escrowee shall be entitled to consult with counsel in
connection with its duties hereunder. Purchaser and DDRA, jointly and severally,
agree to reimburse Escrowee, upon demand, for the reasonable costs and expenses,
and in the event of a dispute, attorneys' fees incurred by Escrowee in
connection with its acting in its capacity as Escrowee. Escrowee shall not be
liable for its actions that may result in errors except for its own gross
negligence or willful misconduct. This Agreement shall terminate and be of no
further force or effect upon the full and final disbursement of the funds held
hereby.

          3.   In the event of a breach by Purchaser or DDRA of any of the
provisions of this Agreement, the non-breaching party shall have all remedies
available to it at all law or in equity based on such default other than
consequential or punitive damages.

          4.   All notices hereunder shall be sent by certified or registered
mail, return receipt requested, or may be sent by Federal Express or other
national overnight courier which obtains a signature upon delivery, or may be
delivered by hand delivery addressed to the notice parties identified below for
such party or at such other addresses as such party shall designate from time to
time by notice:

DDRA:

c/o DRA Advisors LLC
220 East 42nd Street
New York, New York 10017
Attention: Janine Roberts

                                      -18-
<Page>

with a copy to:

Blank Rome LLP
405 Lexington Avenue
New York, New York 10174
Attention: Martin Luskin, Esq.

with a copy to:

Developers Diversified Realty Corporation
3300 Enterprise Parkway
Beachwood, Ohio 44122
Attention: [____________________]

with a copy to:

Developers Diversified Realty Corporation
3300 Enterprise Parkway
Beachwood, Ohio 44122
Attention: Cheryl 0' Connor, Esq.

PURCHASER:

__________________
__________________
__________________
Attention:_____________

with a copy to:

__________________
__________________
__________________
Attention:_____________

ESCROWEE:

Heritage Title Company

__________________
__________________
__________________
Attention:_____________

               Notices shall be deemed served three (3) days after mailing, and
in the case of overnight courier on the date actually delivered to or rejected
by the rejected by the intended recipient, except

                                      -19-
<Page>

for notice(s) which advise the other party of a change of address of the party
sending such notice, which notice shall not be deemed served until actually
received by the party to whom such notice is addressed or delivery is refused by
such party. Notices served by hand delivery shall be deemed served on the date
actually delivered to or rejected by the intended recipient if delivered or
rejected at or prior to 5:00 P.M. Eastern Time on a business day and on the next
business day if delivered or rejected after 5:00 P.M. Eastern Time on a business
day or at any time on a non-business day. Notices on behalf of the respective
parties may be given by their attorneys and such notices shall have the same
effect as if in fact subscribed by the party on whose behalf it is given.

          5.   This Agreement may not be assigned by either party without the
written consent of the other party. Any purported assignment of this Agreement
in violation of this paragraph shall be null and void.

          6.   This Agreement shall be binding upon and shall inure to the
benefit of the parties hereto and their respective heirs, executors,
administrators, successors and permitted assigns. None of the provisions of this
Agreement are intended to be, nor shall they construed to be, for the benefit of
any third party.

          7.   This Agreement, the Exhibit annexed hereto and the Contract shall
constitute the entire agreement between the parties hereto with respect to the
subject matter hereof, and all understandings and agreements heretofore or
simultaneously had between the parties hereto are merged in and are contained in
this Agreement, the Exhibit annexed hereto and the Contract.

          8.   The provisions of this Agreement may not be waived, changed,
modified or discharged orally, but only by an agreement in writing signed by the
party against which any waiver, change, modification or discharge is sought.

          9.   If a party is required to perform an act or give a notice on a
date that is a Saturday, Sunday or national holiday, the date such performance
or notice is due shall be deemed to be the next business day.

          10.  This Agreement is to be governed and construed in accordance with
the laws of the State of New York. Purchaser, DDRA and Escrowee hereby submit to
the jurisdiction of the State and United States District courts located within
New York in respect of any suit or other proceeding brought in connection with
or arising out of this Agreement. Any legal suit, action or proceeding arising
out of or relating to this Agreement may be instituted in any federal or state
court in the City of New York, County of New York pursuant to Section 5-1402 of
the New York General Obligations Law and Purchaser, DDRA and Escrowee waive any
objection which they may now or hereafter have based on venue and/or forum non
conveniens of any such suit action or proceeding, and Purchaser, DDRA and
Escrowee hereby irrevocably submit to the jurisdiction of any such court in any
suit, action or proceeding.

          11.  This Agreement may be executed in two or more counterparts and
each of such counterparts, for all purposes, shall be deemed to be an original
but all of such counterparts

                                      -20-
<Page>

together shall constitute but one and the same instrument, binding upon all
parties hereto, notwithstanding that all of such parties may not have executed
the same counterpart.

          12.  If any provision of this Agreement is determined by a court of
competent jurisdiction to be invalid or unenforceable, such determination will
not effect the remaining provisions of this Agreement, all of which will remain
in full force and effect.

                         [SIGNATURES ON FOLLOWING PAGE]

                                      -21-
<Page>

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

                         DDRA:

                         DDRA COMMUNITY CENTERS FOUR, L.P., a Texas limited
                         partnership
                         BY:  DRDI SAN ANTONIO LLC, a Delaware limited liability
                              company, its general partner
                              By:  DD SAN PEDRO CORP., a Texas corporation, its
                                   member

                                   By:
                                        ------------------------------
                                        Name:
                                        Title:

                         PURCHASER:

                         By:
                             --------------------------
                         Name:
                         Title:

                         ESCROWEE:
                         HERITAGE TITLE COMPANY, as agent for CHICAGO
                         TITLE INSURANCE COMPANY

                         By:
                             ---------------------
                         Name:
                         Title:

<Page>

                                    EXHIBIT A

                                      -23-

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