Document:

107ReformationandThirdModificationofUnsecuredLoanAgreement

REFORMATION AND 
THIRD MODIFICATION OF UNSECURED LOAN AGREEMENT
This REFORMATION AND THIRD MODIFICATION OF UNSECURED LOAN AGREEMENT (the “Reformation”) is made and entered into as of April 12, 2013, but effective as of November 15, 2011 (the “Effective Date”), by and between Inland Real Estate Corporation, a Maryland corporation (“Borrower”) and Wells Fargo Bank, National Association (“Lender”), under the following circumstances.
R E C I T A L S:
A.    Borrower and Lender entered into an Unsecured Loan Agreement as of November 15, 2011 (as previously amended, the “Loan Agreement”).  Capitalized terms used herein without definition shall have the meanings assigned to them in the Loan Agreement.
B.    Pursuant to a Second Modification Agreement dated July 31, 2012 (the “Second Modification Agreement”), the Borrower and Lender provided that the Indebtedness due from IN Retail Fund Algonquin Commons L.L.C., an Illinois limited liability company, under loans made by Teachers Insurance and Annuity Association of America with respect to the Algonquin Projects (as herein defined) (the “Algonquin Indebtedness”), shall not constitute “Material Indebtedness” for purposes of the cross default provisions of Section 7.1(d) of the Loan Agreement.
C.    The parties intent, as evidenced by the Second Modification, was to provide exceptions under the Loan Agreement from certain covenants, representations and default provisions with respect to the projects commonly known as Algonquin Commons and The Exchange at Algonquin Commons, each located in Algonquin, Illinois (the “Algonquin Projects”).
D.    The Borrower and Lender desire to reform and amend the Loan Agreement to more clearly reflect their intent to exclude the Algonquin Projects from the scope of such covenants, representations and default provisions.
NOW, THEREFORE, the Loan Agreement shall be reformed and amended, effective as of the Effective Date, as follows:
1.Reformation of Loan Agreement.  Notwithstanding anything in the Loan Agreement to the contrary: (i) IN Retail Fund Algonquin Commons L.L.C., an Illinois limited liability company (“IN Retail Fund Algonquin Commons”) shall not constitute a “Subsidiary”; (ii) no agreement, guaranty, indemnity or other obligation of IN Retail Fund Algonquin Commons shall constitute “Indebtedness” or a “Guarantee Obligation”; (iii) no agreement, guaranty, indemnity or other obligation of IN Retail Fund, L.L.C., a Delaware limited liability company, with respect to the Algonquin Indebtedness and in effect as of the date of this Reformation shall constitute “Indebtedness” or a “Guarantee Obligation”; and (iv) that certain guarantee by the Borrower in the amount of approximately $18,600,000 of the Algonquin Indebtedness, which guarantee is described in the Borrower’s Form 10-K for the year ended December 31, 2012, shall not constitute “Indebtedness” or a “Guarantee Obligation.”

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2.    Additional Modifications of Loan Agreement.
		
	2.1
	The following new Section 4.33 is hereby added to the Loan Agreement immediately following Section 4.32 thereof:

		
	4.33
	ALGONQUIN COMMONS.  The only assets of IN Retail Fund Algonquin Commons, L.L.C. are the Projects known as Algonquin Commons and The Exchange at Algonquin Commons, each located in Algonquin, Illinois, and personal property incidental thereto.

		
	2.2
	The following new Section 5.27 is hereby added to the Loan Agreement immediately following Section 5.26 thereof:

		
	5.27
	ALGONQUIN COMMONS.  Borrower shall not, and Borrower shall not permit any of its Subsidiaries or any of the Guarantors to, transfer any assets to IN Retail Fund Algonquin Commons, L.L.C.

3.    Representations and Warranties.  As a material inducement to Lender's entry into this Reformation, Borrower represents and warrants to Lender as of the Effective Date:

		
	2.3
	Full Force and Effect.  The Note and other Loan Documents, as heretofore amended, are in full force and effect without any defense, counterclaim, right or claim of set-off; Borrower has no claim against Lender as of the date hereof; all necessary action to authorize the execution and delivery of this Agreement has been taken; and this Agreement is a modification of an existing obligation and is not a novation.

		
	2.4
	No Default.  No Default, breach or failure of condition has occurred, or would exist with notice or the lapse of time or both, under any of the Loan Documents (as modified by this Agreement) and that all representations and warranties herein, in the Loan Agreement (as modified hereby) and in the other Loan Documents are true and correct, and shall survive execution of this Agreement.

4.    Non-Impairment.  Except as expressly provided herein, nothing in this Reformation shall alter or affect any provision, condition, or covenant contained in the Loan Agreement or any of the Loan Documents (as defined in the Loan Agreement) or affect or impair any rights, powers, or remedies of Lender, it being the intent of the parties hereto that the provisions of the Loan Documents shall continue in full force and effect except as expressly reformed and modified hereby; provided, that for purposes of avoiding ambiguity, Lender acknowledges and agrees that to the extent a breach of a Loan Document, a Default or an Unmatured Default would have occurred prior to the date of entry into this Reformation but for the corrections and modifications contained in, or otherwise effected by, this Reformation, no such breach, Default or Unmatured Default has occurred.
5.    Counterparts.  This Reformation may be executed in one or more counterparts, each of which shall be deemed an original.

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6.    Lender’s Costs.  Borrower shall reimburse Lender for all of Lender's costs and expenses incurred in connection with this Reformation and the transactions contemplated hereby, whether such services are furnished by Lender's employees or agents or by independent contractors, including, without limitation, reasonable attorneys' fees, documentation costs and charges.
[SIGNATURE PAGE FOLLOWS]
7.    

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Loan No. 1005936

IN WITNESS WHEREOF, the parties have executed this Reformation as of the date first set forth above.
	
							
	BORROWER:
	 
	LENDER:

	 
	 
	 
	 
	 

	Inland Real Estate Corporation
	 
	Wells Fargo Bank, National Association

	 
	 
	 
	 
	 

	By:
	/s/ BRETT A. BROWN
	 
	By:
	/s/ SCOTT S. SOLIS

	Name:
	Brett A. Brown
	 
	Name:
	Scott S. Solis

	Title:
	Executive Vice President
	 
	Title:
	Senior Vice President

	 
	Chief Financial Officer
	 
	 
	 

(Signature Page to Reformation and
Third Modification of Unsecured Loan Agreement)

GUARANTOR CONSENT

Each of the undersigned (collectively, the "Guarantors") consents to the foregoing Third Modification Agreement and the transactions contemplated thereby and reaffirms its obligations under that certain Repayment Guaranty, dated November 15, 2011 (as it heretofore may have been amended or otherwise modified from time to time, the "Guaranty"), guarantying the Loan.

Each Guarantor reaffirms that its obligations under the Guaranty are separate and distinct from Borrower's obligations and reaffirms its waivers, as set forth in the Guaranty, of each and every one of the possible defenses to such obligations.

Agreed and Acknowledged:

Dated as of:  April __, 2013
"GUARANTORS" 

Inland Skokie Fashion Square II, L.L.C., a Delaware limited liability company

By: Inland Real Estate – Illinois, L.L.C., a Delaware limited liability company, its sole member

By: Inland Real Estate Corporation, a Maryland corporation, its sole member
	
		
	By:
	/s/ BRETT A. BROWN

	Name:
	Brett A. Brown

	Title:
	Executive Vice President

	 
	Chief Financial Officer

Inland Real Estate LB I LLC, a Delaware limited liability company

By: Inland Real Estate LB I Corporation, a Delaware corporation, its sole member

	
		
	By:
	/s/ BRETT A. BROWN

	Name:
	Brett A. Brown

	Title:
	Executive Vice President

	 
	Chief Financial Officer

S-1
(Signature Page to Guarantor Consent)

Inland Ryan, LLC, a Delaware limited liability company

By: Inland Real Estate Corporation, a Maryland corporation, its managing member

	
		
	By:
	/s/ BRETT A. BROWN

	Name:
	Brett A. Brown

	Title:
	Executive Vice President

	 
	Chief Financial Officer

Inland 1290 Chicago Avenue, L.L.C., a Delaware limited liability company
Inland Nantucket Square, L.L.C., a Delaware limited liability company
Inland Hartford Plaza, L.L.C., a Delaware limited liability company
Inland Real Estate-Illinois, L.L.C, a Delaware limited liability company
Inland Six Corners, L.L.C., a Delaware limited liability company
Inland Lansing Square, L.L.C., a Delaware limited liability company
Inland Maple Park Place, L.L.C., a Delaware limited liability company
Inland River Square, L.L.C., a Delaware limited liability company
Inland Rivertree Court, L.L.C., a Delaware limited liability company
Inland Elmhurst City Centre, L.L.C., a Delaware limited liability company
Inland St. James Crossing, L.L.C., a Delaware limited liability company
Inland Chestnut Court, L.L.C., a Delaware limited liability company
Inland Freeport Southwest Avenue, L.L.C., a Delaware limited liability company
Inland Wauconda Shopping Center, L.L.C., a Delaware limited liability company
Inland Berwyn Plaza, L.L.C., a Delaware limited liability company
Inland Winnetka Commons, L.L.C., a Delaware limited liability company
Inland Eastgate Shopping Center, L.L.C., a Delaware limited liability company
Inland West River Crossings, L.L.C., a Delaware limited liability company
Inland Hickory Creek, L.L.C., a Delaware limited liability company
Inland Orland Greens, L.L.C., a Delaware limited liability company
Inland Two Rivers Plaza, L.L.C., a Delaware limited liability company
Inland Riverplace Centre, L.L.C., a Delaware limited liability company
Inland Elmwood Park, L.L.C., a Delaware limited liability company
Inland 250 Golf Road Schaumburg, L.L.C., a Delaware limited liability company
Inland Park Center Plaza, L.L.C., a Delaware limited liability company
Inland 1738 Hammond, L.L.C., a Delaware limited liability company
Inland Plymouth Collection, L.L.C., a Delaware limited liability company 
Inland Traverse City, L.L.C., a Delaware limited liability company
Inland V. Richards Plaza, L.L.C., a Delaware limited liability company
Inland Baytowne Square, L.L.C., a Delaware limited liability company
Inland Gateway Square, L.L.C., a Delaware limited liability company
Inland Schaumburg Promenade, L.L.C, a Delaware limited liability company
Inland Real Estate Hamilton, L.L.C., a Delaware limited liability company

S-2
(Signature Page to Guarantor Consent)

Inland Brunswick Marketplace, L.L.C., a Delaware limited liability company
Inland Medina Marketplace, L.L.C., a Delaware limited liability company
Inland Hutchinson, L.L.C., a Delaware limited liability company
Inland Mankato Heights, L.L.C., a Delaware limited liability company
Inland Rochester Marketplace, L.L.C., a Delaware limited liability company
Inland Real Estate University Crossings, L.L.C., a Delaware limited liability company
Inland Real Estate Highway 41, L.L.C., a Delaware limited liability company
Inland Wauconda Crossings, L.L.C., a Delaware limited liability company
Inland Apache Shoppes, L.L.C., a Delaware limited liability company
Inland Bergen Plaza, L.L.C., a Delaware limited liability company

		
	By:
	INLAND REAL ESTATE CORPORATION, a Maryland corporation, as the sole member of each of the foregoing limited liability companies

	
		
	By:
	/s/ BRETT A. BROWN

	Name:
	Brett A. Brown

	Title:
	Executive Vice President

	 
	Chief Financial Officer

Inland 200 Celebration Place Delaware Business Trust

By: Inland Real Estate Corporation, a Maryland corporation, as signatory trustee

	
		
	By:
	/s/ BRETT A. BROWN

	Name:
	Brett A. Brown

	Title:
	Executive Vice President

	 
	Chief Financial Officer

S-3
(Signature Page to Guarantor Consent)108ReformationandModificationofSecondAmendedandRestatedTermLoan

REFORMATION AND MODIFICATION OF SECOND  
AMENDED AND RESTATED TERM LOAN AGREEMENT
This REFORMATION AND MODIFICATION OF SECOND AMENDED AND RESTATED TERM LOAN AGREEMENT (the “Reformation”) is made and entered into as of April 23, 2013, but effective as of August 21, 2012, by and among Inland Real Estate Corporation, a Maryland corporation (“Borrower”), KeyBank National Association, a national banking association, both individually as a “Lender” and as “Administrative Agent” under the ‘Loan Agreement” (as defined below) and the other Lenders under such Loan Agreement.
RECITALS:
A.    Borrower and Lenders entered into a Second Amended and Restated Term Loan Agreement, dated as of August 21, 2012 (the “Loan Agreement”). All capitalized terms used herein and not otherwise defined shall have the meanings given to them in the Loan Agreement.
B.    In Section 7.6 of the Loan Agreement, the Borrower and Lenders provided that the Indebtedness due from IN Retail Fund Algonquin Commons L.L.C., an Illinois limited liability company, under loans made by Teachers Insurance and Annuity Association of America with respect to the Algonquin Projects (as herein defined) (the “Algonquin Indebtedness”), and related Recourse Indebtedness shall not constitute “Material Indebtedness” for purposes of the cross default provisions of Section 7.6 of the Loan Agreement.
C.    The parties’ intent, as evidenced by Section 7.6, was to provide exceptions under the Loan Agreement from certain covenants, representations and default provisions with respect to the projects commonly known as Algonquin Commons and The Exchange at Algonquin Commons, each located in Algonquin, Illinois (the “Algonquin Projects”).
D.    The Borrower and Lenders desire to reform and amend the Loan Agreement to more clearly reflect their intent to exclude the Algonquin Projects from the scope of such covenants, representations and default provisions.
NOW, THEREFORE, the Loan Agreement shall be reformed and amended, effective as of the Agreement Execution Date, as follows:
1.Reformation of Loan Agreement.  Notwithstanding anything in the Loan Agreement to the contrary: (i) IN Retail Fund Algonquin Commons L.L.C., an Illinois limited liability company (“IN Retail Fund Algonquin Commons”) shall not constitute a Subsidiary; (ii) no agreement, guaranty, indemnity or other obligation of IN Retail Fund Algonquin Commons shall constitute Indebtedness or a Guarantee Obligation; and (iii) no agreement, guaranty, indemnity or other obligation of IN Retail Fund, L.L.C., a Delaware limited liability company (“IN Retail Fund JV”) with respect to the Algonquin Indebtedness or of the Borrower with respect to the Algonquin Indebtedness shall constitute Indebtedness or a Guarantee Obligation.
2.    Non-Impairment.  Except as expressly provided herein, nothing in this Reformation shall alter or affect any provision, condition, or covenant contained in the Loan Agreement or any of the Loan Documents or affect or impair any rights, powers, or remedies of Lenders, it being the intent of the parties hereto that the provisions of the Loan Documents shall continue in full force and effect except as expressly reformed and modified hereby; provided, that for purposes of avoiding ambiguity, Lenders acknowledge and agree that to the extent a breach of a Loan Document, a Default or an Unmatured Default would have occurred prior to the date of entry into 

this Reformation but for the corrections and modifications contained in, or otherwise effected by, this Reformation, no such breach, Default or Unmatured Default has occurred.
3.    Counterparts.  This Reformation may be executed in one or more counterparts, each of which shall be deemed an original.
IN WITNESS WHEREOF, the Borrower and the Lenders, individually and in their respective capacities as Agents, as applicable, have executed this Agreement as of the date first above written.
INLAND REAL ESTATE CORPORATION,  
a Maryland corporation

	
		
	By:
	/s/ BRETT A. BROWN

	Name:
	Brett A. Brown

	Title:
	Executive Vice President

	 
	Chief Financial Officer

2901 Butterfield Road
Oak Brook, IL  60523
Phone:  (630) 218-7351
Facsimile:  (630) 218-7350
Attention:  Mark E. Zalatoris
Email:  zalatoris@inlandrealestate.com

- 2 -

COMMITMENT:    KEYBANK NATIONAL ASSOCIATION,
$30,000,000    Individually and as Administrative Agent

	
		
	By:
	/s/ KEVIN P. MURRAY

	Name:
	Kevin P. Murray

	Title:
	Senior Vice President

1200 Abernathy Road NE, Suite 1550
Atlanta, GA  30328
Phone:  (216) 689-4660
Facsimile:  (216) 689-3566
Attention:  Kevin Murray
Email:  Kevin_P_Murray@KeyBank.com
 
With a copy to:

KeyBank National Association
KeyBank Real Estate Capital
Mailcode OH-01-49-0424
4900 Tiedeman Road, 4th Floor
Brooklyn, OH  44144
Phone:  (216) 813-1603
Facsimile:  (216) 370-6206
Attention:  John P. Hyland

- 3 -

COMMITMENT:    BANK OF AMERICA, N.A.,
$35,000,000    Individually and as Co-Syndication Agent

	
		
	By:
	/s/ TRENT A. DEGUZIS

	Name:
	Trest A. Deguzis

	Title:
	Senior Vice President

Bank of America, N.A.
101 South Tryon Street
NC1-007-11-15
Charlotte, NC  28255-0001
Phone:  (980) 386-7296
Facsimile:  (980) 386-6434
Attention:  Kay P. Ostwalt
Email:  kay.p.ostwalt@baml.com

- 4 -

COMMITMENT:    WELLS FARGO BANK, NATIONAL 
$35,000,000    ASSOCIATION, Individually and as
 Co-Syndication Agent

	
		
	By:
	/s/ SCOTT S. SOLIS

	Name:
	Scott S. Solis

	Title:
	Senior Vice President

Wells Fargo Bank
123 North Wacker Drive, Suite 1900
Chicago, IL  60606
Phone:  (312) 269-4809
Facsimile:  (312) 782-0969
Attention:  Karen Skutt
Email:  karen.t.skutt@wellsfargo.com

- 5 -

COMMITMENT:    RBS CITIZENS, NATIONAL ASSOCIATION,
$25,000,000    d/b/a CHARTER ONE, Individually and as 
Co-Documentation Agent

	
		
	By:
	/s/ MICHELLE DAWSON

	Name:
	Michelle Dawson

	Title:
	Vice President

RBS Citizens, d/b/a Charter One
1215 Superior Avenue, 6th Floor
Cleveland, OH  44114
Phone:  (216) 277-0199
Facsimile:  (216) 277-4607
Attention:  Donald W. Woods
Email:  donald.w.woods@rbscitizens.com

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COMMITMENT:    BANK OF MONTREAL,
$25,000,000    Individually and as Co-Documentation Agent

	
		
	By:
	/s/ LLOYD BARON

	Name:
	Lloyd Baron

	Title:
	Vice President

Bank of Montreal
115 South LaSalle Street, 5 East
Chicago, IL  60603
Phone:  (312) 461-6364
Facsimile:  (312) 461-2968
Attention:  Aaron Lanski
Email:  aaron.lanski@harrisbank.com

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COMMITMENT:    PNC BANK, NATIONAL ASSOCIATION
$25,000,000
	
		
	By:
	/s/ JOEL DALSON

	Name:
	Joel Dalson

	Title:
	Vice President

PNC Real Estate
One North Franklin Street, Suite 2150
C-L01-21
Chicago, IL  60606
Phone:  (312) 338-2226
Facsimile:  (312) 384-4623
Attention:  Joel G. Dalson
Email:  joel.dalson@pnc.co

- 8 -

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