Document:

Exhibit 10.3

 

ASSIGNMENT OF LEASES

 

For and in consideration
of Ten Dollars ($10.00) in hand paid, and other good and valuable considerations, the receipt and sufficiency of which are hereby
acknowledged, LAKESIDE CROSSING LYNCHBURG, LLC, a Georgia limited liability company (“Assignor”), hereby
assigns to IREIT LYNCHBURG LAKESIDE, L.L.C., a Delaware limited liability company (“Assignee”), and its
successors or assigns, all of Assignor's right, title and interest in, to and under those certain leases described on Exhibit
“B” attached hereto and made a part hereof (the “Leases”), which Leases relate to that certain
real property legally described on Exhibit “A” attached hereto and made a part hereof (the “Property”).
Assignor shall remain responsible and liable for all liabilities and expenses and landlord obligations relating to the Leases which
occurred and accrued prior to the date of this Assignment. From and after the date hereof, (a) Assignor agrees to indemnify, protect,
defend and hold Assignee, its respective directors, officers, employees, partners, lenders and agents harmless from and against
all claims, actions, losses, damages, costs and expenses, including, but not limited to, reasonable attorney’s fees and court
costs and liabilities (except those caused solely by the willful misconduct or negligent acts or omissions of Assignee or its respective
directors, officers, employees, partners, lenders and agents), arising out of the ownership and operation of the Property prior
to the date of Closing, whether arising in contract, tort, or related to the actual or alleged injury to, or death of, any person
or loss of or damage to property in or upon the Property; and (b) Assignee agrees to indemnify, protect, defend and hold Assignor,
its directors, officers, partners, employees, lenders and agents harmless from and against all claims, actions, losses, damages,
costs and expenses, including, but not limited to, reasonable attorney’s fees and court costs and liabilities (except those
caused solely by the willful misconduct or negligent acts or omissions of Assignor or its directors, officers, partners, employees,
lenders and agents), arising out of the ownership and operation of the Property by Assignee from and after the date of Closing,
whether arising in contract, tort, or related to the actual or alleged injury to, or death of, any person or loss of or damage
to property in or upon the Property.

 

 

 

[Signatures commence on the following page]

 

 

 

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IN WITNESS WHEREOF, Assignor
has executed and delivered this Assignment of Leases as of the 23rd day of May, 2014.

 

 

	 	ASSIGNOR:
	 	 	 	 
	 	
        LAKESIDE CROSSING LYNCHBURG, LLC,

        a Georgia limited liability company

	 	 	 	 
	 	By:	
        Lakeside Crossing Manager, a Georgia

        limited liability company, its manager

	 	 	 	 
	 	 	By:	/s/ Stephen J. Collins    (SEAL)
	 	 	Name:	
        Stephen J.
        Collins

	 	 	Title:	Manager

 

 

[Signatures continue on the following page]

 

 

 

 

 

 

 

 

 

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[Signatures continued from the preceding
page]

 

 

ACCEPTANCE AND ASSUMPTION

 

The undersigned, IREIT
LYNCHBURG LAKESIDE, L.L.C., a Delaware limited liability company, and its successors or assigns, and the Assignee under the
foregoing Assignment of Leases, hereby accepts such assignment and assumes all obligations of the landlord under the Leases arising
on or after the date of this Acceptance and Assumption.

 

The undersigned represents
and warrants to the Assignor under the foregoing Assignment of Leases that it is authorized to execute this Acceptance and Assumption
and that this Acceptance and Assumption shall be binding upon, and shall constitute the enforceable obligation of IREIT Lynchburg
Lakeside, L.L.C., and its successors or assigns.

 

IN WITNESS WHEREOF, the
undersigned Assignee has executed and delivered this Acceptance and Assumption as of the 23rd day of May, 2014.

 

 

	 	ASSIGNEE:
	 	 	 	 
	 	
        IREIT LYNCHBURG LAKESIDE, L.L.C.,

        a Delaware limited liability company

	 	 	 	 
	 	By:	
        Inland Real Estate Income Trust, Inc.,

        a Maryland corporation, its sole member

	 	 	 	 
	 	 	By:	/s/ Mary J. Pechous
	 	 	Name:	
        Mary J. Pechous

	 	 	Title:	Assistant Secretary
	 	 	 	(CORPORATE SEAL)

 

 

 

 

 

 

 

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EXHIBIT “A”

 

All that certain lot or parcel of land together
with all improvements thereon located and being in the City of Lynchburg, Virginia and being more particularly described as follows:

 

Beginning at a Virginia Department of Highways
and Transportation concrete monument found, said monument being located at the intersection of the easterly right of way line of
Old Forest Road and the southerly right of way line of Whitehall road, thence along the southerly right of way line of Whitehall
Road the following courses, North 61 degrees 45 minutes 36 seconds East 22.16 feet to a Virginia Department of Transportation concrete
monument found, North 82 degrees 34 minutes 23 seconds East 21.33 feet to a 5/8 inch rebar found, South 71 degrees 46 minutes 14
seconds East 147.22 feet to a 5/8 inch rebar found; thence leaving southerly right of way line of Whitehall Road South 22 degrees
39 minutes 36 seconds West 100.47 feet to a 1/2 inch rebar found, said rebar being at a 3/4 inch pipe found; thence South 71 degrees
52 minutes 35 seconds East 79.74 feet to a 1/2 inch rebar found, said rebar being at a 5/8 inch pipe found; thence North 17 degrees
12 minutes 40 seconds East 35.37 feet to a Virginia Department of Highways concrete monument found; thence North 25 degrees 24
minutes 55 seconds East 64.89 feet to a 1/2 inch rebar set; thence South 71 degrees 08 minutes 22 seconds East 483.21 feet to a
1⁄2 inch rebar set; thence South 07 degrees 44 minutes 41 seconds East 166.65 feet to a 1/2 inch rebar set; thence South 30
degrees 40 minutes 32 seconds West 46.62 feet to a 1/2 inch rebar set; thence South 75 degrees 40 minutes 32 seconds West 660.72
feet to a mag nail set in concrete ditch; thence North 59 degrees 52 minutes 13 seconds West 51.22 feet to a mag nail set in pavement;
thence North 67 degrees 45 minutes 03 seconds East 93.40 feet to a mag nail set in pavement; North 11 degrees 56 minutes 57 seconds
East 117.47 feet to a Virginia Department of Highways concrete monument found, said monument having a broken top; thence North
17 degrees 12 minutes 40 seconds East 8.91 feet to a 1⁄2 inch rebar set; thence North 72 degrees 04 minutes 21 seconds West
177.67 feet to a 5/8 inch rebar found in the easterly right of way of Old Forest Road; thence along said line along a curve to
the right having a central angle of 19 degrees 01 minutes 59 seconds, a length of 272.01 feet, a radius of 818.83, a chord of 270.76
and a chord bearing of North 02 degrees 04 minutes 00 seconds East to a 1/2 inch rebar set; thence along a curve to the right having
a central angle of 5 degrees 16 minutes 31 seconds, a length of 75.39 feet, a radius of 818.83, a chord of 75.36 feet and a chord
bearing of North 14 degrees 13 minutes 15 seconds East to the point of beginning and containing approximately 6.371 acres, more
or less.

    	 

    	 

    

 

The above property is now more particularly
described by metes and bounds as follows:

 

BEGINNING AT A 1/2 INCH REBAR SET, SAID REBAR
BEING LOCATED AT THE INTERSECTION OF THE EASTERLY RIGHT OF WAY LINE OF OLD FOREST ROAD AND THE SOUTHERLY RIGHT OF WAY LINE OF WHITEHALL
ROAD, THENCE ALONG THE SOUTHERLY RIGHT OF WAY LINE OF WHITEHALL ROAD THE FOLLOWING COURSES, NORTH 61 DEGREES 45 MINUTES 36 SECONDS
EAST 22.16 FEET 1/2 INCH REBAR SET, NORTH 82 DEGREES 34 MINUTES 23 SECONDS EAST 21.33 FEET TO A 1/2 INCH REBAR SET, SOUTH 71 DEGREES
46 MINUTES 14 SECONDS EAST 147.22 FEET TO A 1/2 INCH REBAR FOUND; THENCE LEAVING THE SOUTHERLY RIGHT OF WAY LINE OF WHITEHALL ROAD
SOUTH 22 DEGREES 39 MINUTES 36 SECONDS WEST 100.47 FEET TO A 1/2 INCH REBAR FOUND; THENCE SOUTH 71 DEGREES 52 MINUTES 35 SECONDS
EAST 79.74 FEET TO A 1/2 INCH REBAR FOUND; THENCE NORTH 17 DEGREES 12 MINUTES 40 SECONDS EAST 35.37 FEET TO A VIRGINIA DEPARTMENT
OF HIGHWAYS CONCRETE MONUMENT FOUND; THENCE NORTH 25 DEGREES 24 MINUTES 55 SECONDS EAST 64.89 FEET TO A 1/2 INCH REBAR FOUND; THENCE
SOUTH 71 DEGREES 08 MINUTES 22 SECONDS EAST 483.21 FEET TO A 1/2 INCH REBAR FOUND; THENCE SOUTH 07 DEGREES 44 MINUTES 41 SECONDS
EAST 166.65 FEET TO A 1/2 INCH REBAR FOUND; THENCE SOUTH 30 DEGREES 40 MINUTES 32 SECONDS WEST 46.62 FEET TO A 1/2 INCH REBAR FOUND
ON THE NORTHERLY RIGHT OF WAY LINE OF LAKESIDE DRIVE; THENCE ALONG SAID LINE SOUTH 75 DEGREES 40 MINUTES 32 SECONDS WEST 660.72
FEET TO A MAG NAIL FOUND IN CONCRETE DITCH; SAID POINT BEING ON THE EASTERLY RIGHT OF WAY LINE OF OLD FOREST ROAD; THENCE ALONG
SAID LINE NORTH 59 DEGREES 52 MINUTES 13 SECONDS WEST 51.22 FEET TO A MAG NAIL FOUND IN PAVEMENT; THENCE LEAVING SAID LINE AND
ALONG A COMMON LINE WITH W. EARLE BETTS, III THE FOLLOWING COURSES, NORTH 67 DEGREES 45 MINUTES 03 SECONDS EAST 93.40 FEET TO A
MAG NAIL FOUND IN PAVEMENT, NORTH 11 DEGREES 56 MINUTES 57 SECONDS EAST 117.47 FEET TO A MAG NAIL FOUND IN CONCRETE CURB, PASSING
A MAG NAIL FOUND IN CONCRETE CURB AT 70.80 FEET, NORTH 17 DEGREES 12 MINUTES 40 SECONDS EAST 8.91 FEET TO A 1/2 INCH REBAR FOUND,
NORTH 72 DEGREES 04 MINUTES 21 SECONDS WEST 177.67 FEET TO A MAG NAIL FOUND IN CONCRETE WALK IN THE EASTERLY RIGHT OF WAY LINE
OF OLD FOREST ROAD; THENCE ALONG SAID LINE ALONG A CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 24 DEGREES 18 MINUTES 30 SECONDS,
A LENGTH OF 347.40 FEET, A RADIUS OF 818.83, A CHORD OF 344.80 FEET AND A CHORD BEARING OF NORTH 04 DEGREES 42 MINUTES 16 SECONDS
EAST TO THE POINT OF BEGINNING AND CONTAINING APPROXIMATELY 6.371 ACRES, MORE OR LESS.

 

 

 

 

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EXHIBIT “B”

 

 

	1.	Deed of Lease dated August 9, 2012 between Assignor and The Fresh Market, Inc.
	 	 
	2.	Lease dated September 21, 2012 between Assignor and Petco Animal Supplies Stores, Inc.
	 	 
	3.	Deed of Lease dated January 25, 2013 between Assignor and MW of Lynchburg Lakeside LLC, d/b/a Mattress Warehouse.
	 	 
	4.	Deed of Lease dated December 27, 2012 between Assignor and Supercuts, Inc.; as amended by First Amendment to Deed of Lease between the same parties, dated February 26, 2013.
	 	 
	5.	Deed of Lease dated November 26, 2012 between Assignor and S. Buckner, Inc., d/b/a Jersey Mike’s Subs; as amended by First Amendment to Deed of Lease between the same parties, dated February 12, 2013.
	 	 
	6.	Deed of Lease dated April 29, 2013 between Assignor and Member One Federal Credit Union.
	 	 
	7.	Lease Agreement dated October 15, 2012 between Assignor and Blue Ridge Bread, Inc., d/b/a Panera Bread.
	 	 
	8.	Deed of Lease dated May 29, 2013 between Assignor and Zoe’s Virginia, LLC; as amended by First Amendment to Lease Agreement between the same parties, dated August 5, 2013; as further amended by Second Amendment to Lease Agreement between the same parties, dated December 12, 2013.
	 	 
	9.	Deed of Lease Agreement dated October 16, 2013 between Assignor and USCOC of Virginia RSA #3, Inc.
	 	 
	10.	Deed of Lease dated June 6, 2013 between Assignor and NVUS, LLC, d/b/a Massage Envy.
	 	 
	11.	Deed of Lease dated March 25, 2013 between Assignor and Virginia PCS Alliance, L.C., d/b/a nTelos Wireless.
	 	 
	12.	Deed of ATM Lease Agreement dated as of March 18, 2013 between Assignor and Central Virginia Federal Credit Union.
	 	 
	13.	Deed of Sign Location Lease between Assignor and The Lamar Companies, dated March 11, 2013.Exhibit 10.4

 

POST CLOSING AGREEMENT

THIS
POST CLOSING AGREEMENT (this "Agreement”) is executed as of the 23rd day of May, 2014, by and among LAKESIDE
CROSSING LYNCHBURG, LLC, a Georgia limited liability company(“Seller”) and IREIT Lynchburg Lakeside,
L.L.C., a Delaware limited liability company (“Buyer”).

RECITALS

		A.	Seller
                                         and Buyer entered into that certain Real Estate Sale Contract dated October 4, 2014,
                                         as amended (the "Sale Contract") with regard to the property described
                                         therein.

		B.	The
                                         purchase and sale transaction under the Sale Contract is to close on or about May 23,
                                         2014 (“Closing”).

		C.	As
                                         of the date of Closing, there remain certain obligations to be completed as between Buyer
                                         and Seller, as set forth in this Agreement and if not for the agreements of Seller described
                                         herein, Buyer would not close upon the acquisition of the Property at this time. 

 

NOW, THEREFORE, in consideration of the premises,
the terms and conditions set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties agree as follows:

 

1.              
Seller and Buyer, as applicable, agree to use commercially reasonable efforts to complete
the items listed at Exhibit “A” (“Post Closing Obligations”) within the time frame
provided for each item, as applicable and any detailed specific information instructions listed below the chart, see corresponding
item list and specific instructions and obligations of Seller. 

2.              
If any item listed at Exhibit “A” is not completed by Seller and/or Buyer,
as applicable, nor waived in writing by the other party within the time period specified, then such other party shall have the
right, without further notice, to complete that item of Post Closing Obligations, and the responsible party shall pay for or reimburse
such performing party for its reasonable costs in so completing the item.

3.              
Except to the extent specifically provided in this Agreement, the terms and provisions
of the Sale Contract shall remain in full force and effect. In the event of any inconsistency between the Sale Contract and this
Agreement, the terms of this Agreement shall control.

4.              
The terms of this Post Closing Agreement shall survive the Closing of the sale and purchase
of the Property.

 

IN WITNESS WHEREOF, the parties have duly executed
this Post Closing Agreement on this 23rd day of May, 2014.

 

 

(Signatures on following page)

    	 

    	 

    

Signature page: Post Closing

 

 

 

	Buyer:	 
	 	 	 	 
	
        IREIT Lynchburg Lakeside, L.L.C.,

        a Delaware limited liability company
	 
	 	 	 	 
	By:	
        Inland Real Estate Income Trust, Inc., a Maryland

        corporation, its sole member
	 
	 	 	 	 
	 	By:	/s/ Mary J. Pechous	 
	 	Its:	Assistant Secretary	 

 

 

 

	Seller:	 
	 	 	 	 
	
        Lakeside Crossing Lynchburg, LLC,

        a Georgia limited liability company, its Manager
	 
	 	 	 	 
	 	By:	/s/ Stephen J. Collins	 
	 	Name:	Stephen J. Collins	 
	 	Title:	Manager	 

 

 

 

 

 

 

 

    	 

    	 

    

 

 

Exhibit “A”

Post Closing Obligations

	ITEM	BY:	DUE:
	1.	Transfer warranties (Buildings A, B C, D (Panera), E and G to name of Buyer 	Seller	60 days 
	2.	Inspection Report items to be corrected by Seller	Seller	
        See section 15 (a)

        of Agreement

	3.	Massage Envy and US Cellular roof leaks	Seller	One year
	4.	Fresh Market Floor Defect and Indemnity	Seller/Buyer	60 days 

 

Item 1:
WARRANTY TRANSFERS

 

Seller, at its sole cost and expense of Seller, agrees
to (i) execute all documents and pay all inspection, transfer fees and perform all work, if any, necessary to transfer all warranties
(including roof) for the Property in to the name of the Buyer; and (ii) provide all transferred warranties written confirmation
to Buyer. Such obligations shall be completed no later than sixty (60) days from the date of this Agreement.

Item 2: INSPECTION REPORT ITEMS TO BE COMPLETED
BY SELLER

Seller, at its sole cost and expense, agrees to complete
all repair items as listed on the attached DuraSeal Report Exhibit “B. These repair items were identified by Buyer’s
inspection of the Property prior to the Closing date. The provisions in paragraph 15 (a) of the Agreement still survive the Closing
for the respective time periods as set forth in the Agreement.

Item 3: MASSAGE ENVY AND US CELLULAR
ROOF LEAK INDEMNITY 

 

Roof Leaks: The Massage Envy and US Cellular
tenant estoppels cites a Landlord default due to a roof leak. Seller previously contacted L.F. Jennings Company to resolve the
issue and letters were issued confirming on May 1, 2014 no leaks were present at either site. Notwithstanding the above, Seller
agrees to perform all roof repairs for roof defects that are claimed by the Tenant should Massage Envy and/or US Cellular make
such written claims or demands of Landlord. This indemnity survives the Closing date until the repairs have been completed to Buyer’s
satisfaction as well as Massage Envy and US Cellular tenants. The provisions in paragraph 15 (a) of the Agreement are applicable.

 

Item 4: FRESH MARKET (FLOOR DEFECT
AND FLOOR INDEMNITY)

 

Floor Defect: Seller acknowledges that in the
Fresh Market estoppel (see attached Exhibit “C”), Fresh Market advised Seller they are currently exploring the
cause of a certain floor tile cracking within the leases premises. Seller’s contractor has advised that the issue is related
to the tile floor installation and not the floor installation. The tile floor installation was performed by Fresh Market’s
flooring contractor. Notwithstanding the above, Seller agrees that Seller will perform or cause to be performed all work at Seller’s
sole cost and expense to correct any such floor installation defect should Fresh Market provide written notice to Buyer (as Landlord)
of a floor defect or requested repair within one year of the Closing date. Any such claim is also covered per section 15 (a) of
the Agreement.

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