Document:

Exhibit 10.16

ENVIRONMENTAL INDEMNITY AGREEMENT

THIS ENVIRONMENTAL
INDEMNITY AGREEMENT (this “Agreement”) is made as of the 28th day of December, 2012, by THE
ENTITIES SET FORTH ON SCHEDULE A ATTACHED HERETO, each having an office at 2901 Butterfield Road, Oak Brook, Illinois 60523
(individually and collectively, as the context requires, “Borrower”), and INLAND
REAL ESTATE INVESTMENT CORPORATION, a Delaware corporation (“IREIC”), and INLAND
REAL ESTATE INCOME TRUST, INC., a Maryland corporation (“IREIT”; together with IREIC, individually
or collectively as the context may require, “Guarantor”), each having an address at 2901 Butterfield Road, Oak
Brook, Illinois 60523 (Borrower and Guarantor hereinafter referred to, individually and collectively, as the context may require,
as “Indemnitor”), in favor of JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a banking association chartered
under the laws of the United States of America, having an address at 383 Madison Avenue, New York, New York 10179 (together with
its successors and assigns, “Indemnitee”) and the other Indemnified Parties (defined below).

RECITALS:

A.               
Indemnitee is prepared to make a loan (the “Loan”) to Borrower in the original principal amount of Four
Million One Hundred Forty Thousand and No/100 Dollars ($4,140,000.00) pursuant to a Loan Agreement of even date herewith between
Borrower and Indemnitee (as the same may hereafter be amended, restated, replaced, supplemented, renewed, extended or otherwise
modified from time to time, the “Loan Agreement”), which Loan shall be evidenced by that certain Promissory
Note of even date herewith given by Borrower in favor of Indemnitee in the original principal amount of Four Million Six Hundred
Seventy Thousand and No/100 Dollars ($4,670,000.00) (such Promissory Note, together with all extensions, renewals, replacements,
restatements or modifications thereof, the “Note”).

B.                
The Loan is secured by, among other things, those certain mortgages, deeds to secure debt and deeds of trust, each dated
as of the date hereof, given by Borrower to Indemnitee and encumbering the Property (such mortgages, deeds to secured debt and
deeds of trust, as the same may hereafter be amended, restated, replaced, supplemented, renewed, extended or otherwise modified
from time to time, collectively, the “Mortgages”), which Mortgages encumber each of the real properties described
in Exhibit A attached hereto (collectively referred to as the “Land”; the Land, together with all structures,
buildings and improvements now or hereafter located on the Land, collectively referred to as the “Property”).
Capitalized terms not otherwise defined herein shall have the meaning set forth in the Loan Agreement.

C.                
Indemnitee is unwilling to make the Loan unless Indemnitor agrees to provide the indemnification, representations, warranties,
covenants and other matters described in this Agreement for the benefit of the Indemnified Parties.

D.               
Indemnitor is entering into this Agreement to induce Indemnitee to make the Loan.

    	1

    	 

    

 

AGREEMENT:

NOW THEREFORE,
in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Indemnitor hereby agrees for the benefit of the Indemnified Parties as follows:

1.                 
Indemnification. INDEMNITOR COVENANTS AND AGREES, AT ITS SOLE COST AND EXPENSE, TO PROTECT, DEFEND, INDEMNIFY,
RELEASE AND HOLD THE INDEMNIFIED PARTIES HARMLESS FROM AND AGAINST ANY AND ALL LOSSES (DEFINED BELOW) IMPOSED UPON OR INCURRED
BY OR ASSERTED AGAINST ANY INDEMNIFIED PARTIES AND DIRECTLY OR INDIRECTLY ARISING OUT OF OR IN ANY WAY RELATING TO ANY ONE OR MORE
OF THE FOLLOWING: (A) ANY PRESENCE OF ANY HAZARDOUS SUBSTANCES IN, ON, ABOVE, OR UNDER THE PROPERTY; (B) ANY PAST, PRESENT OR THREATENED
RELEASE OF HAZARDOUS SUBSTANCES IN, ON, ABOVE, UNDER OR FROM THE PROPERTY; (C) ANY ACTIVITY BY INDEMNITOR, ANY PERSON AFFILIATED
WITH INDEMNITOR, AND ANY TENANT OR OTHER USER OF THE PROPERTY IN CONNECTION WITH ANY ACTUAL, PROPOSED OR THREATENED USE, TREATMENT,
STORAGE, HOLDING, EXISTENCE, DISPOSITION OR OTHER RELEASE, GENERATION, PRODUCTION, MANUFACTURING, PROCESSING, REFINING, CONTROL,
MANAGEMENT, ABATEMENT, REMOVAL, HANDLING, TRANSFER OR TRANSPORTATION TO OR FROM THE PROPERTY OF ANY HAZARDOUS SUBSTANCES AT ANY
TIME LOCATED IN, UNDER, ON OR ABOVE THE PROPERTY; (D) ANY ACTIVITY BY INDEMNITOR, ANY PERSON AFFILIATED WITH INDEMNITOR, AND ANY
TENANT OR OTHER USER OF THE PROPERTY IN CONNECTION WITH ANY ACTUAL OR PROPOSED REMEDIATION OF ANY HAZARDOUS SUBSTANCES AT ANY TIME
LOCATED IN, UNDER, ON OR ABOVE THE PROPERTY, WHETHER OR NOT SUCH REMEDIATION IS VOLUNTARY OR PURSUANT TO COURT OR ADMINISTRATIVE
ORDER, INCLUDING BUT NOT LIMITED TO ANY REMOVAL, REMEDIAL OR CORRECTIVE ACTION; (E) ANY PAST, PRESENT OR THREATENED NON-COMPLIANCE
OR VIOLATIONS OF ANY ENVIRONMENTAL LAW (OR PERMITS ISSUED PURSUANT TO ANY ENVIRONMENTAL LAW) IN CONNECTION WITH THE PROPERTY OR
OPERATIONS THEREON, INCLUDING BUT NOT LIMITED TO ANY FAILURE BY INDEMNITOR, ANY PERSON AFFILIATED WITH INDEMNITOR, AND ANY TENANT
OR OTHER USER OF THE PROPERTY TO COMPLY WITH ANY ORDER OF ANY GOVERNMENTAL AUTHORITY IN CONNECTION WITH ANY ENVIRONMENTAL LAW;
(F) THE IMPOSITION, RECORDING OR FILING OR THE THREATENED IMPOSITION, RECORDING OR FILING OF ANY ENVIRONMENTAL LIEN ENCUMBERING
THE PROPERTY; (G) ANY ADMINISTRATIVE PROCESSES OR PROCEEDINGS OR JUDICIAL PROCEEDINGS IN ANY WAY CONNECTED WITH ANY MATTER ADDRESSED
IN THIS AGREEMENT; (H) ANY PAST, PRESENT OR THREATENED INJURY TO, 

    	2

    	 

    

DESTRUCTION
OF OR LOSS OF NATURAL RESOURCES IN ANY WAY CONNECTED WITH THE PROPERTY, INCLUDING BUT NOT LIMITED TO COSTS TO INVESTIGATE AND ASSESS
SUCH INJURY, DESTRUCTION OR LOSS; (I) ANY ACTS OF INDEMNITOR, ANY PERSON AFFILIATED WITH INDEMNITOR, AND ANY TENANT OR OTHER USER
OF THE PROPERTY IN ARRANGING FOR DISPOSAL OR TREATMENT, OR ARRANGING WITH A TRANSPORTER FOR TRANSPORT FOR DISPOSAL OR TREATMENT,
OF HAZARDOUS SUBSTANCES AT ANY FACILITY OR INCINERATION VESSEL CONTAINING SUCH OR SIMILAR HAZARDOUS SUBSTANCES; (J) ANY ACTS OF
INDEMNITOR, ANY PERSON AFFILIATED WITH ANY INDEMNITOR, AND ANY TENANT OR OTHER USER OF THE PROPERTY IN ACCEPTING ANY HAZARDOUS
SUBSTANCES FOR TRANSPORT TO DISPOSAL OR TREATMENT FACILITIES, INCINERATION VESSELS OR SITES FROM WHICH THERE IS A RELEASE, OR A
THREATENED RELEASE OF ANY HAZARDOUS SUBSTANCE WHICH CAUSES THE INCURRENCE OF COSTS FOR REMEDIATION; (K) ANY PERSONAL INJURY, WRONGFUL
DEATH, OR PROPERTY OR OTHER DAMAGE ARISING UNDER ANY STATUTORY OR COMMON LAW OR TORT LAW THEORY, INCLUDING BUT NOT LIMITED TO DAMAGES
ASSESSED FOR PRIVATE OR PUBLIC NUISANCE OR FOR THE CONDUCTING OF AN ABNORMALLY DANGEROUS ACTIVITY ON OR NEAR THE PROPERTY; AND
(L) ANY MISREPRESENTATION OR INACCURACY IN ANY REPRESENTATION OR WARRANTY OR MATERIAL BREACH OR FAILURE TO PERFORM ANY COVENANTS
OR OTHER OBLIGATIONS PURSUANT TO THIS AGREEMENT, THE LOAN AGREEMENT OR THE MORTGAGE.

2.                 
Duty to Defend and Attorneys and Other Fees and Expenses. Upon written request by any Indemnified Party, Indemnitor
shall defend same (if requested by any Indemnified Party, in the name of the Indemnified Party) by attorneys and other professionals
approved by the Indemnified Parties. Notwithstanding the foregoing, any Indemnified Parties may, in their sole and absolute discretion,
engage their own attorneys and other professionals to defend or assist them, and, at the option of such Indemnified Parties, their
attorneys shall control the resolution of any claim or proceeding, provided that no compromise or settlement shall be entered without
Indemnitor’s consent, which consent shall not be unreasonably withheld. Upon demand, Indemnitor shall pay or, in the sole
and absolute discretion of the Indemnified Parties, reimburse, the Indemnified Parties for the payment of reasonable fees and disbursements
of attorneys, engineers, environmental consultants, laboratories and other professionals in connection therewith.

3.                 
Definitions. Capitalized terms used herein and not specifically defined herein shall have the respective meanings
ascribed to such terms in the Loan Agreement. As used in this Agreement, the following terms shall have the following meanings:

The term “Investors”
means collectively, any purchaser, transferee, assignee, servicer, participant or investor of or in the Loan or the Securities.

The term “Legal
Action” means any claim, suit or proceeding, whether administrative or judicial in nature.

    	3

    	 

    

The term “Losses”
includes any losses, damages, costs, fees, expenses, claims, suits, judgments, awards, liabilities (including but not limited to
strict liabilities), obligations, debts, diminutions in value, fines, penalties, charges, costs of Remediation (whether or not
performed voluntarily), amounts paid in settlement, foreseeable and unforeseeable consequential damages, litigation costs, reasonable
attorneys’ fees, engineers’ fees, environmental consultants’ fees, and investigation costs (including but not
limited to costs for sampling, testing and analysis of soil, water, air, building materials, and other materials and substances
whether solid, liquid or gas), of whatever kind or nature, and whether or not incurred in connection with any judicial or administrative
proceedings, actions, claims, suits, judgments or awards.

4.                 
Unimpaired Liability. The liability of Indemnitor under this Agreement shall in no way be limited or impaired
by, and Indemnitor hereby consents to and agrees to be bound by, any amendment or modification of the provisions of the Note, the
Loan Agreement, the Mortgages or any other Loan Document to or with Indemnitee by Indemnitor or any Person who succeeds Indemnitor
or any Person as owner of the Property. In addition, the liability of Indemnitor under this Agreement shall in no way be limited
or impaired by (i) any extensions of time for performance required by the Note, the Loan Agreement, the Mortgages or any of the
other Loan Documents, (ii) any sale or transfer of all or part of the Property, (iii) except as provided herein, any exculpatory
provision in the Note, the Loan Agreement, the Mortgages, or any of the other Loan Documents limiting Indemnitee’s recourse
to the Property or to any other security for the Note, or limiting Indemnitee’s rights to a deficiency judgment against Indemnitor,
(iv) the accuracy or inaccuracy of the representations and warranties made by Indemnitor under the Note, the Loan Agreement, the
Mortgages or any of the other Loan Documents or herein, (v) the release of Indemnitor or any other Person from performance or observance
of any of the agreements, covenants, terms or conditions contained in any of the other Loan Documents by operation of law, Indemnitee’s
voluntary act, or otherwise, (vi) the release or substitution in whole or in part of any security for the Loan, or (vii) Indemnitee’s
failure to record the Mortgages or file any UCC financing statements (or Indemnitee’s improper recording or filing of any
thereof) or to otherwise perfect, protect, secure or insure any security interest or lien given as security for the Loan; and,
in any such case, whether with or without notice to Indemnitor and with or without consideration.

5.                 
Enforcement. The Indemnified Parties may enforce the obligations of Indemnitor without first resorting to
or exhausting any security or collateral or without first having recourse to the Note, the Loan Agreement, the Mortgages, or any
other Loan Documents or any of the Property, through foreclosure proceedings or otherwise, provided, however, that nothing herein
shall inhibit or prevent Indemnitee from suing on the Note, foreclosing, or exercising any power of sale under, the Mortgages,
or exercising any other rights and remedies thereunder. This Agreement is not collateral or security for the Debt, unless Indemnitee
expressly elects in writing to make this Agreement additional collateral or security for the Debt, which Indemnitee is entitled
to do in its sole and absolute discretion. It is not necessary for an Event of Default to have occurred for the Indemnified Parties
to exercise their rights pursuant to this Agreement. Notwithstanding any provision of the Loan Agreement, the obligations pursuant
to this Agreement are exceptions to any non-recourse or exculpation provision of the Loan Agreement; Indemnitor is fully and personally
liable for such obligations, and such liability is not limited to the original or amortized principal balance of the Loan or the
value of the Property.

    	4

    	 

    

 

6.                 
Survival. The obligations and liabilities of Indemnitor under this Agreement shall fully survive indefinitely
notwithstanding any termination, satisfaction, assignment, entry of a judgment of foreclosure, exercise of any power of sale, or
delivery of a deed in lieu of foreclosure of the Mortgages. Notwithstanding the provisions of this Agreement to the contrary, the
liabilities and obligations of Indemnitor hereunder shall not apply to the extent that Indemnitor can prove that such liabilities
and obligations arose solely from Hazardous Substances that: (a) were not present on or a threat to the Property prior to the date
that Indemnitee or its nominee acquired title to the Property, whether by foreclosure, exercise of power of sale or otherwise and
(b) were not the result of any act or negligence of Indemnitor or any of Indemnitor’s affiliates, agents or contractors.
Additionally, the obligations and liabilities of Indemnitor under this Agreement shall terminate and be of no further force and
effect with respect to any unasserted claim when all of the following conditions are satisfied in full: (i) the Loan shall have
been paid in full on or prior to the Maturity Date and Indemnitee has not foreclosed or otherwise taken possession of any Property,
(ii) there has been no material change, between the date hereof and the date the Loan is paid in full, in any Environmental Law,
the effect of which change would make a lender or mortgagee liable in respect to any matter for which the Indemnified Parties are
entitled to indemnification pursuant to this Agreement, notwithstanding the fact that the Loan is paid in full, (iii) Indemnitee
shall have received, at Indemnitor's expense, an updated environmental report dated within sixty (60) days of the requested release
showing, to the reasonable satisfaction of Indemnitee, that there exists no matter for which the Indemnified Parties are entitled
to indemnification pursuant to this Agreement, and (iv) two (2) years have passed since date that the Loan has been paid in full.

7.                 
Interest. Any amounts payable to any Indemnified Parties under this Agreement shall become immediately due
and payable on demand and, if not paid within thirty (30) days of such demand therefor, shall bear interest at the lesser of (a)
the Default Rate or (b) the maximum interest rate which Indemnitor may by law pay or the Indemnified Parties may charge and collect,
from the date payment was due, provided that the foregoing shall be subject to the provisions of Article 4 of the Note.

8.                 
Waivers.

(a)               
Indemnitor hereby waives (i) any right or claim of right to cause a marshaling of Indemnitor’s assets or to cause
Indemnitee or the other Indemnified Parties to proceed against any of the security for the Loan before proceeding under this Agreement
against Indemnitor; (ii) and relinquishes all rights and remedies accorded by applicable law to indemnitors or guarantors, except
any rights of subrogation which Indemnitor may have, provided that the indemnity provided for hereunder shall neither be contingent
upon the existence of any such rights of subrogation nor subject to any claims or defenses whatsoever which may be asserted in
connection with the enforcement or attempted enforcement of such subrogation rights including, without limitation, any claim that
such subrogation rights were abrogated by any acts of Indemnitee or the other Indemnified Parties; (iii) the right to assert a
counterclaim, other than a mandatory or compulsory counterclaim, in any action or proceeding brought against or by Indemnitee or
the other Indemnified Parties; (iv) notice of acceptance hereof and of any action

    	5

    	 

    

taken or omitted
in reliance hereon; (v) presentment for payment, demand of payment, protest or notice of nonpayment or failure to perform or observe,
or other proof, or notice or demand; and (vi) all homestead exemption rights against the obligations hereunder and the benefits
of any statutes of limitations or repose. Notwithstanding anything to the contrary contained herein, Indemnitor hereby agrees to
postpone the exercise of any rights of subrogation with respect to any collateral securing the Loan until the Loan shall have been
paid in full.

(b)              
INDEMNITOR AND INDEMNITEE HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THE LOAN EVIDENCED BY THE
NOTE, THE APPLICATION FOR THE LOAN EVIDENCED BY THE NOTE, THE NOTE, THE MORTGAGES, THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS OR
ANY ACTS OR OMISSIONS OF ANY INDEMNIFIED PARTIES IN CONNECTION THEREWITH.

9.                 
Subrogation. Indemnitor shall take any and all reasonable actions, including institution of legal action against
third parties, necessary or appropriate to obtain reimbursement, payment or compensation from such Person responsible for the presence
of any Hazardous Substances at, in, on, under or near the Property or otherwise obligated by law to bear the cost. The Indemnified
Parties shall be and hereby are subrogated to all of Indemnitor’s rights now or hereafter in such claims.

10.             
Indemnitor’s Representations and Warranties. Indemnitor represents and warrants that:

(a)               
if Indemnitor is a corporation, a limited liability company, a statutory trust or partnership, it has the full corporate/
limited liability company/ partnership/ trust power and authority to execute and deliver this Agreement and to perform its obligations
hereunder; the execution, delivery and performance of this Agreement by Indemnitor has been duly and validly authorized; and all
requisite corporate/ limited liability company/ partnership/ trust action has been taken by Indemnitor to make this Agreement valid
and binding upon Indemnitor, enforceable in accordance with its terms;

(b)              
if Indemnitor is a corporation, a limited liability company, a statutory trust or a partnership, its execution of, and compliance
with, this Agreement is in the ordinary course of business of Indemnitor and will not result in the breach of any term or provision
of the charter, by-laws, partnership, operating or trust agreement, or other governing instrument of Indemnitor or result in the
breach of any term or provision of, or conflict with or constitute a default under, or result in the acceleration of any obligation
under, any agreement, indenture or loan or credit agreement or other instrument to which Indemnitor or the Property is subject,
or result in the violation of any law, rule, regulation, order, judgment or decree to which Indemnitor or the Property is subject;

 

(c)               
to the best of Indemnitor’s knowledge, there is no action, suit, proceeding or investigation pending or threatened
against it which, either in any one instance or in the aggregate, may result in any material adverse change in the business, operations,
financial condition, properties or assets of Indemnitor, or in any material impairment of the right or ability of Indemnitor to
carry on its business substantially as now conducted, or in any material liability on the part of Indemnitor, or which would draw
into question the validity of this Agreement or of any action taken or to be taken in connection with the obligations of Indemnitor
contemplated herein, or which would be likely to impair materially the ability of Indemnitor to perform under the terms of this
Agreement;

(d)              
it does not believe, nor does it have any reason or cause to believe, that it cannot perform each and every covenant contained
in this Agreement;

(e)               
to the best of Indemnitor’s knowledge, no approval, authorization, order, license or consent of, or registration or
filing with, any governmental authority or other person, and no approval, authorization or consent of any other party is required
in connection with this Agreement; and

(f)               
this Agreement constitutes a valid, legal and binding obligation of Indemnitor, enforceable against it in accordance with
the terms hereof.

11.             
No Waiver. No delay by any Indemnified Party in exercising any right, power or privilege under this Agreement
shall operate as a waiver of any such privilege, power or right.

12.             
Notice of Legal Actions. Each party hereto shall, within five (5) business days of receipt thereof, give written
notice to the other party hereto of (i) any notice, advice or other communication from any Governmental Authority or any source
whatsoever with respect to Hazardous Substances on, from or affecting the Property, and (ii) any legal action brought against such
party or related to the Property, with respect to which Indemnitor may have liability under this Agreement. Such notice shall comply
with the provisions of Section 15 hereof.

13.             
Examination of Books and Records. The Indemnified Parties and their accountants shall have the right to examine
the records, books, management and other papers of Indemnitor which reflect upon its financial condition, at the Property or at
the office regularly maintained by Indemnitor where the books and records are located. The Indemnified Parties and their accountants
shall have the right to make copies and extracts from the foregoing records and other papers. In addition, at reasonable times
and upon reasonable notice, the Indemnified Parties and their accountants shall have the right to examine and audit the books and
records of Indemnitor pertaining to the income, expenses and operation of the Property during reasonable business hours at the
office of Indemnitor where the books and records are located.

14.             
Taxes. Indemnitor has filed all federal, state, county, municipal, and city income and other tax returns required
to have been filed by it and has paid all taxes and related liabilities which have become due pursuant to such returns or pursuant
to any assessments received by it. Indemnitor has no knowledge of any basis for any additional assessment in respect of any such
taxes and related liabilities for prior years.

    	6

    	 

    

 

15.             
Notices. All notices or other written communications hereunder shall be made in accordance with Section 10.6
of the Loan Agreement. Notices to Guarantor shall be addressed as follows:

Inland Real Estate
Investment Corporation

2901 Butterfield Road

Oak Brook, IL 60523

Attention: Catherine Lynch

Facsimile No.: (630) 645-2082

 

Inland Real Estate
Income Trust, Inc.

2901 Butterfield Road

Oak Brook, IL 60523

Attention: JoAnne McGuinness

Facsimile No.: (630) 368-2218

 

With a copy to:

The Inland
Real Estate Group, Inc./Law Department.

2901 Butterfield Road

Oak Brook, IL 60523

Attention: General Counsel

Facsimile No.: (630) 218-4900

16.             
Duplicate Originals; Counterparts. This Agreement may be executed in any number of duplicate originals and
each duplicate original shall be deemed to be an original. This Agreement may be executed in several counterparts, each of which
counterparts shall be deemed an original instrument and all of which together shall constitute a single Agreement. The failure
of any party hereto to execute this Agreement, or any counterpart hereof, shall not relieve the other signatories from their obligations
hereunder.

17.             
No Oral Change. This Agreement, and any provisions hereof, may not be modified, amended, waived, extended,
changed, discharged or terminated orally or by any act or failure to act on the part of Indemnitor or any Indemnified Party, but
only by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver, extension,
change, discharge or termination is sought.

18.             
Headings, Etc. The headings and captions of various paragraphs of this Agreement are for convenience of reference
only and are not to be construed as defining or limiting, in any way, the scope or intent of the provisions hereof.

    	7

    	 

    

 

19.             
Number and Gender/Successors and Assigns. All pronouns and any variations thereof shall be deemed to refer
to the masculine, feminine, neuter, singular or plural as the identity of the Person referred to may require. Without limiting
the effect of specific references in any provision of this Agreement, the term “Indemnitor” shall be deemed
to refer to each and every Person comprising an Indemnitor from time to time, as the sense of a particular provision may require,
and to include the heirs, executors, administrators, legal representatives, successors and assigns of Indemnitor, all of whom shall
be bound by the provisions of this Agreement, provided that no obligation of Indemnitor may be assigned except with the written
consent of Indemnitee. Each reference herein to Indemnitee shall be deemed to include its successors and assigns. This Agreement
shall inure to the benefit of Indemnified Parties and their respective successors and assigns forever.

20.             
Release of Liability. Any one or more parties liable upon or in respect of this Agreement may be released
without affecting the liability of any party not so released.

21.             
Rights Cumulative. The rights and remedies herein provided are cumulative and not exclusive of any rights
or remedies which Indemnitee has under the Note, the Mortgages, the Loan Agreement or the other Loan Documents or would otherwise
have at law or in equity.

22.             
Inapplicable Provisions. If any term, condition or covenant of this Agreement shall be held to be invalid,
illegal or unenforceable in any respect, this Agreement shall be construed without such provision.

23.             
Governing Law.

(a)               
THIS AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY INDEMNITOR AND ACCEPTED BY INDEMNITEE IN THE STATE
OF NEW YORK, AND THE PROCEEDS OF THE NOTE SECURED HEREBY WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE
HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING,
WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT AND THE OBLIGATIONS
ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS
MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF
AMERICA, EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE CREATION, PERFECTION, AND ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS
CREATED PURSUANT HERETO AND PURSUANT TO THE OTHER LOAN DOCUMENTS WITH RESPECT TO THE PROPERTY SHALL BE GOVERNED BY AND CONSTRUED
ACCORDING TO THE LAW OF THE STATE IN WHICH THE PROPERTY IS 

    	8

    	 

    

LOCATED,
IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK SHALL GOVERN
THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF ALL LOAN DOCUMENTS AND ALL OF THE OBLIGATIONS ARISING HEREUNDER OR THEREUNDER.
TO THE FULLEST EXTENT PERMITTED BY LAW, INDEMNITOR HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW
OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT AND THE NOTE, AND THIS AGREEMENT AND THE NOTE SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

(b)              
ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST INDEMNITEE OR INDEMNITOR ARISING OUT OF OR RELATING TO THIS AGREEMENT MAY
AT INDEMNITEE’S OPTION 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 INDEMNITOR WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE
BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND INDEMNITOR HEREBY IRREVOCABLY SUBMITS TO
THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. INDEMNITOR DOES HEREBY DESIGNATE AND APPOINT:

The Corporation Trust Company

Corporation Trust Center

1209 Orange Street

Wilmington, Delaware 19801

 

AS ITS AUTHORIZED AGENT
TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING
IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN
NOTICE OF SAID SERVICE MAILED OR DELIVERED TO INDEMNITOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE
SERVICE OF PROCESS UPON INDEMNITOR IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. INDEMNITOR (I) SHALL GIVE PROMPT
NOTICE TO INDEMNITEE OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE
A SUBSTITUTE AUTHORIZED AGENT (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS),
AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT IS DISSOLVED WITHOUT LEAVING A SUCCESSOR.

    	9

    	 

    

 

24.             
Miscellaneous.

(a)               
Wherever pursuant to this Agreement (i) Indemnitee exercises any right given to it to approve or disapprove, (ii) any arrangement
or term is to be satisfactory to Indemnitee, or (iii) any other decision or determination is to be made by Indemnitee, the decision
of Indemnitee to approve or disapprove, all decisions that arrangements or terms are satisfactory or not satisfactory and all other
decisions and determinations made by Indemnitee, shall be in the sole and absolute discretion of Indemnitee and shall be final
and conclusive, except as may be otherwise expressly and specifically provided herein.

(b)              
Wherever pursuant to this Agreement it is provided that Indemnitor pay any costs and expenses, such costs and expenses shall
include, but not be limited to, legal fees and disbursements of Indemnitee, whether retained firms, the reimbursements for the
expenses of the in-house staff or otherwise.

(c)               
If Indemnitor consists of more than one person or party, the obligations and liabilities of each such person or party hereunder
shall be joint and several.

25.             
Release of IREIC. Provided that no Event of Default shall then exist, IREIC shall be deemed released as indemnitor
hereunder, as guarantor under the Guaranty Agreement and as Joinder Party under the Joinder Agreement upon IREIT delivering to
Lender copies of the Form 10-K and/or Form 10-Q filings of IREIT, which show to Lender’s reasonable satisfaction that IREIT
has maintained a Net Worth of not less than $25,000,000.00 during the two (2) consecutive calendar quarters immediately preceding
such release (the “IREIC Release Event”). Upon the occurrence of the IREIC Release Event, IREIC shall be deemed
released automatically from all liability under this Guaranty, the Environmental Indemnity and the Joinder Agreement and all references
to “Guarantor” in this Guaranty and the other Loan Documents shall be solely a reference to IREIT, and IREIC shall
have no further obligations hereunder or under the other Loan Documents. As used in this Section 5.16, “GAAP”
shall mean generally accepted accounting principles, consistently applied, and “Net Worth” shall mean, as of
a given date, (i) IREIT’s total assets as of such date less (ii) IREIT’s total liabilities as of such date, determined
in accordance with GAAP.

 

[NO FURTHER TEXT ON THIS PAGE]

    	10

    	 

    

IN WITNESS WHEREOF,
this Agreement has been executed by Borrower and Guarantor and is effective as of the day and year first above written.

BORROWER:

IREIT Mobile
Moffett DG, L.L.C., a Delaware limited liability company

		By:	IREIT DG SPE II Member, L.L.C., a Delaware limited liability company, its sole member

		By:	Inland Real Estate Income Trust, Inc., a Maryland corporation, its sole member

		By:	/s David Z. Lichterman

Name: David Z. Lichterman

Title: Treasurer/Chief Accounting Officer

 

IREIT Daleville
DG, L.L.C., a Delaware limited liability company

		By:	IREIT DG SPE II Member, L.L.C., a Delaware limited liability company, its sole member

		By:	Inland Real Estate Income Trust, Inc., a Maryland corporation, its sole member

		By:	/s David Z. Lichterman

Name: David Z. Lichterman

Title: Treasurer/Chief Accounting Officer

    	11

    	 

    

IREIT Valley
DG, L.L.C., a Delaware limited liability company

		By:	IREIT DG SPE II Member, L.L.C., a Delaware limited liability company, its sole member

		By:	Inland Real Estate Income Trust, Inc., a Maryland corporation, its sole member

		By:	/s David Z. Lichterman

Name: David Z. Lichterman

Title: Treasurer/Chief Accounting Officer

IREIT Maryville
DG, L.L.C., a Delaware limited liability company

		By:	IREIT DG SPE II Member, L.L.C., a Delaware limited liability company, its sole member

		By:	Inland Real Estate Income Trust, Inc., a Maryland corporation, its sole member

		By:	/s David Z. Lichterman

Name: David Z. Lichterman

Title: Treasurer/Chief Accounting Officer

    	12

    	 

    

 

IREIT LaGrange
Hamilton DG, L.L.C., a Delaware limited liability company

		By:	IREIT DG SPE II Member, L.L.C., a Delaware limited liability company, its sole member

		By:	Inland Real Estate Income Trust, Inc., a Maryland corporation, its sole member

		By:	/s David Z. Lichterman

Name: David Z. Lichterman

Title: Treasurer/Chief Accounting Officer

IREIT LaGrange
Wares Cross DG, L.L.C., a Delaware limited liability company

		By:	IREIT DG SPE II Member, L.L.C., a Delaware limited liability company, its sole member

		By:	Inland Real Estate Income Trust, Inc., a Maryland corporation, its sole member

		By:	/s David Z. Lichterman

Name: David Z. Lichterman

Title: Treasurer/Chief Accounting Officer

    	13

    	 

    

 

IREIT Brooks
DG, L.L.C., a Delaware limited liability company

		By:	IREIT DG SPE II Member, L.L.C., a Delaware limited liability company, its sole member

		By:	Inland Real Estate Income Trust, Inc., a Maryland corporation, its sole member

		By:	/s David Z. Lichterman

Name: David Z. Lichterman

Title: Treasurer/Chief Accounting Officer

    	14

    	 

    

GUARANTOR:

 

INLAND
REAL ESTATE INVESTMENT CORPORATION, a Delaware corporation

 

 

By:/s Catherine L. Lynch

Name:Catherine
L. Lynch

Title:CFO

 

INLAND
REAL ESTATE INCOME TRUST, INC., a Maryland corporation

By:/s David Z. Lichterman

Name: David Z. Lichterman

Title: Treasurer/Chief Accounting Officer

    	15

    	 

    

SCHEDULE A

BORROWER

 

		1.	IREIT Mobile Moffett DG, L.L.C., a Delaware limited liability company

		2.	IREIT Daleville DG, L.L.C., a Delaware limited liability company

		3.	IREIT Valley DG, L.L.C., a Delaware limited liability company

		4.	IREIT Maryville DG, L.L.C., a Delaware limited liability company

		5.	IREIT LaGrange Hamilton DG, L.L.C., a Delaware limited liability company

		6.	IREIT LaGrange Wares Cross DG, L.L.C., a Delaware limited liability company

		7.	IREIT Brooks DG, L.L.C., a Delaware limited liability company

 

    	16

    	 

    

EXHIBIT A

PROPERTIES

	1.	5475 Moffett Road, Mobile, Alabama 36618
	2.	501 East Main Street, Daleville, Alabama 36322
	3.	4919 Lee Road 270, Valley, Alabama 36854
	4.	109 Sam Houston School Road, Maryville, Tennessee 37804
	5.	2956 Hamilton Road, Lagrange, Georgia 30240
	6.	112 Wares Cross Road, Lagrange, Georgia 30240
	7.	7768 Georgia Highway 16 West, Brooks, Georgia 30205

 

17Exhibit 10.17

MEZZANINE PROMISSORY NOTE

$2,480,000.00

New York, New York

December 28, 2012

FOR VALUE RECEIVED, IREIT
DG SPE II MEMBER, L.L.C., a Delaware limited liability company, having its principal place of business at 2901 Butterfield
Road, Oak Brook, Illinois 60523 (“Borrower”), hereby unconditionally promises to pay to the order of JPMORGAN CHASE
BANK, NATIONAL ASSOCIATION, a banking association chartered under the laws of the United States of America, as payee, having
an address at 383 Madison Avenue, New York, New York 10179 (“Lender”), or at such other place as the holder hereof
may from time to time designate in writing, the principal sum of Two Million Four Hundred Eighty Thousand and No/100 Dollars ($2,480,000),
in lawful money of the United States of America with interest thereon to be computed from the date of this Note at the Applicable
Interest Rate (defined below), and to be paid in accordance with the terms of this Note.

I.                  
DEFINED TERMS

For all purposes of this Note, except
as otherwise expressly required or unless the context clearly indicates a contrary intent:

“Anticipated Repayment Date”
shall mean January 1, 2014.

“Applicable Interest Rate”
shall mean (i) from and including the Closing Date through but excluding the Maturity Date, an interest rate per annum equal
to the Initial Rate; and (ii) at any time from and after the occurrence of an Event of Default, the Default Rate, to the extent
provided in accordance with Article V.

“Business Day” shall
mean a day on which commercial banks are not authorized or required by law to close in the State of New York.

“Closing Date” shall
mean the date of this Note.

“Event of Default”
shall have the meaning set forth in Article IV.

“Governmental Authority”
shall mean any court, board, agency, commission, office or authority of any nature whatsoever for any governmental unit (federal,
state, county, district, municipal, city or otherwise) whether now or hereafter in existence.

“Initial Rate” shall
mean Nine and No/100 Percent (9.0%).

“Interest Period”
shall mean, in connection with the calculation of interest accrued with respect to any specified Payment Date, the period commencing
on the first day of the prior calendar month and ending on the last day of such prior calendar month.

    	1

    	 

    

“Loan” shall mean
the loan made by Lender to Borrower in the original principal amount set forth in, and evidenced by, this Note.

“Loan Documents”
shall mean this Note, the Security Instrument, and all other agreements, instruments, or documents executed by Borrower or others
and evidencing, securing, guaranteeing, or supporting the Loan.

“Maturity Date” shall
have the meaning set forth in Article II.

“Other Security Documents”
shall have the meaning set forth in Article VII hereof

“Payment Date” shall
mean the first (1st) day of each calendar month during the term of the Loan

“Pledged Entity”
shall mean the entities listed on Exhibit A hereto, each a Delaware limited liability company, in which Borrower owns, directly
or indirectly, 100% of the outstanding membership interests.

“Prepayment Rate”
shall mean the bond equivalent yield (in the secondary market) on the United States Treasury Security that as of the Prepayment
Rate Determination Date has a remaining term to maturity closest to, but not exceeding, the remaining term to the Maturity Date
as most recently published in “Statistical Release H.15 (519), Selected Interest Rates,” or any successor publication,
published by the Board of Governors of the Federal Reserve System, or on the basis of such other publication or statistical guide
as Lender may reasonably select.

“Prepayment Rate Determination
Date” shall mean the date which is five (5) Business Days prior to the date that such prepayment shall be applied in
accordance with the terms and provisions of Article VI hereof.

“Property” shall
mean those certain properties described on Exhibit B hereto, in which Pledged Entity owns, on the date hereof, a 100% undivided
fee interest.

“Security Instrument”
shall have the meaning set forth in Article VII hereof

“Solvent” as used
herein shall mean both (a) that the financial condition of Borrower is such that the sum of the Borrower’s debts is less
than the aggregate of, at fair valuation, all of the Borrower’s property (exclusive of property transferred, canceled or
removed with intent to hinder, delay or defraud the Borrower’s creditors) and (b) that the Borrower is paying its debts as
such debts become due, unless such debts are the subject of a bona fide dispute.

“Yield Maintenance Premium”
shall mean an amount equal to the greater of (a) one percent (1%) of the outstanding principal of the Loan to be prepaid or satisfied
and (b) the excess, if any, of (i) the sum of the present values of all then-scheduled payments of principal and interest under
the Note assuming that all scheduled payments are made timely and that the remaining outstanding principal and interest on the
Loan is paid on the Maturity Date (with each such payment and assumed payment discounted to its present value at the date of prepayment
at the rate which, when compounded monthly, is equivalent to the Prepayment Rate when compounded semi-annually and deducting from
the sum of such present values any short-term

    	2

    	 

    

interest paid from the date of prepayment
to the next succeeding Payment Date in the event such payment is not made on a Payment Date), over (ii) the principal amount being
prepaid.

II.               
PAYMENT TERMS

A.               
Borrower agrees to pay sums under this Note in installments as follows:

1.                 
A payment on the date hereof of all interest that will accrue on the principal amount of this Note from and after the Closing
Date through and including the last day of the month in which the Closing Date occurs;

2.                 
A payment of interest only for the related Interest Period on each Payment Date through and including the Maturity Date;
and

3.                 
The outstanding principal sum and all interest thereon, shall be due and payable on January 1, 2020 (the “Maturity
Date”).

B.                
Interest on the principal sum of this Note shall be calculated at the Applicable Interest Rate on the basis of a three hundred
sixty (360) day year based on the actual number of days elapsed.

III.            
CASH MANAGEMENT

Pledged Entity
has borrowed, on the date hereof, the principal amount of Four Million One Hundred Forty Thousand and No/100 Dollars ($4,140,000.00)
(the “Mortgage Loan”) which Mortgage Loan is evidenced by that certain Promissory Note, dated as of the date hereof
made by Pledged Entity in favor of Lender (the “Mortgage Note”) and that certain Loan Agreement between Pledged Entity
and Lender dated as of the date hereof (the “Mortgage Loan Agreement”; and together with the Mortgage Note and all
other documents evidencing or securing the Mortgage Loan, the “Mortgage Loan Documents”). Pursuant to the Mortgage
Loan Documents, if Borrower does not repay the Loan in full on or before the Anticipated Repayment Date, Pledged Entity shall execute
a Cash Management Agreement pursuant to which (provided no other Cash Sweep Event [as defined in the Mortgage Loan Agreement] then
exists) all Excess Cash Flow (as defined in the Mortgage Loan Agreement) shall be delivered to Lender. All such funds received
by Lender shall be applied to the outstanding principal balance of this Note pursuant to Section VI(C) below.

    	3

    	 

    

 

IV.            
DEFAULT AND ACCELERATION

A.               
The whole of the principal sum of this Note, (b) interest, default interest, late charges and other sums, as provided in
this Note, the Security Instrument or the Other Security Documents, (c) all other monies agreed or provided to be paid by Borrower
in this Note, the Security Instrument or the Other Security Documents, (d) all sums advanced pursuant to the Security Instrument
to protect and preserve the Collateral (defined below) and the lien and the security interest created thereby, and (e) all sums
advanced and costs and expenses incurred by Lender in connection with the Debt (defined below) or any part thereof, any renewal,
extension, or change of or substitution for the Debt or any part thereof, or the acquisition or perfection of the security therefor,
whether made or incurred at the request of Borrower or Lender (all the sums referred to in (a) through (e) above shall collectively
be referred to as the “Debt”) shall without notice become immediately due and payable at the option of Lender if any
payment required in this Note is not paid on or prior to the date the same is due or on the happening of any other default, after
the expiration of any applicable notice and grace periods, herein or under the terms of the Security Instrument or any of the Other
Security Documents (collectively, an “Event of Default”).

V.               
DEFAULT INTEREST

Borrower does hereby agree that upon
the occurrence of an Event of Default, Lender shall be entitled to receive and Borrower shall pay interest on the entire unpaid
principal sum at a rate equal to the lesser of (a) five percent (5%) plus the Applicable Interest Rate and (b) the maximum interest
rate which Borrower may by law pay (the “Default Rate”). The Default Rate shall be computed from the occurrence of
the Event of Default until the earlier of the date upon which the Event of Default is cured or the date upon which the Debt is
paid in full. Interest calculated at the Default Rate shall be added to the Debt, and shall be deemed secured by the Security Instrument.
This clause, however, shall not be construed as an agreement or privilege to extend the date of the payment of the Debt, nor as
a waiver of any other right or remedy accruing to Lender by reason of the occurrence of any Event of Default.

VI.            
PREPAYMENT

A.               
Provided no Event of Default exists, the principal balance of this Note may be prepaid, in whole or in part, upon (i) written
notice to Lender specifying the date of prepayment and the amount being prepaid, (ii) payment of all other sums then due under
this Note, the Security Instrument and the Other Security Documents, (iii) if the prepayment occurs on a date other than a Payment
Date, payment of interest through the end of the Interest Period in which such prepayment occurs, and (iv) if the prepayment occurs
after the Anticipated Repayment Date, the Yield Maintenance Premium ((ii), (iii) and (iv) collectively, the “Prepayment Consideration”).
If a notice of prepayment is given by Borrower to Lender pursuant to this Article VI (excluding any prepayment pursuant to clauses
(C) or (D) below), the amount designated for prepayment and the other sums required under this Article VI shall be due and
payable on the proposed prepayment date.

 

B.                
Following an Event of Default and acceleration of this Note, if Borrower or anyone on Borrower's behalf makes a tender of
payment of the amount necessary to satisfy the indebtedness evidenced by this Note and secured by the Security Instrument at any
time prior to foreclosure sale (including, but not limited to, sale under power of sale under the Security Instrument), or during
any redemption period after foreclosure, the tender of payment shall constitute an evasion of Borrower's obligation to pay any
Prepayment Consideration due under this Note and such payment shall, therefore, to the maximum extent permitted by law, include
a premium equal to the Prepayment Consideration that would have been payable on the date of such tender had this Note not been
so accelerated.

C.                
If this Note has not been repaid on or before the Anticipated Repayment Date, all Excess Cash Flow received by Lender shall
be applied first to all accrued but unpaid interest and any other sums then due hereunder, then to the outstanding principal balance
of this Note, together with the Prepayment Consideration due in connection therewith. If such Excess Cash Flow is not received
on a Payment Date, at Borrower’s option, such Excess Cash Flow may be held in escrow by Lender and applied on the next occurring
Payment Date.

VII.         
SECURITY

This Note is secured by the Security
Instrument and the Other Security Documents. The term “Security Instrument” as used in this Note shall mean the Mezzanine
Pledge and Security Agreement dated as of the date hereof given by Borrower to Lender encumbering all of Borrower’s interest
in Pledged Entity, as more particularly described therein (collectively, the “Collateral”). This Note shall be the
“Note” as described in the Security Instrument. The term “Other Security Documents” as used in this Note
shall mean all and any of the documents other than this Note or the Security Instrument now or hereafter executed by Borrower and/or
others and by or in favor of Lender, which wholly or partially secure or guarantee payment of this Note.

All of the terms, covenants and conditions
contained in the Security Instrument and the Other Security Documents are hereby made part of this Note to the same extent and
with the same force as if they were fully set forth herein.

VIII.      
SAVINGS CLAUSE

This Note is subject to the express
condition that at no time shall Borrower be obligated or required to pay interest on the principal balance due hereunder at a rate
which could subject Lender to either civil or criminal liability as a result of being in excess of the maximum interest rate which
Borrower is permitted by applicable law to contract or agree to pay. If by the terms of this Note, Borrower is at any time required
or obligated to pay interest on the principal balance due hereunder at a rate in excess of such maximum rate, the Applicable Interest
Rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to such maximum rate and all previous payments
in excess of the maximum rate shall be deemed to have been payments in reduction of principal and not on account of the interest
due hereunder. All sums paid or agreed to be paid to Lender for the use, forbearance, or detention of the Debt, shall, to the

    	4

    	 

    

extent permitted by applicable law,
be amortized, prorated, allocated, and spread throughout the full stated term of the Note until payment in full so that the rate
or amount of interest on account of the Debt does not exceed the maximum lawful rate of interest from time to time in effect and
applicable to the Debt for so long as the Debt is outstanding.

IX.            
LATE CHARGE

If any sum payable under this Note is
not paid on or prior to the date on which it is due, Borrower shall pay to Lender upon demand an amount equal to the lesser of
five percent (5%) of the unpaid sum or the maximum amount permitted by applicable law to defray the expenses incurred by Lender
in handling and processing the delinquent payment and to compensate Lender for the loss of the use of the delinquent payment and
the amount shall be secured by the Security Instrument and the Other Security Documents.

X.               
NO ORAL CHANGE

This Note may not be modified, amended,
waived, extended, changed, discharged or terminated orally or by any act or failure to act on the part of Borrower or Lender, but
only by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver, extension,
change, discharge or termination is sought.

XI.            
JOINT AND SEVERAL LIABILITY

If Borrower consists of more than one
person or party, the obligations and liabilities of each person or party shall be joint and several.

XII.         
WAIVERS

Borrower and all others who may become
liable for the payment of all or any part of the Debt do hereby severally waive presentment and demand for payment, notice of dishonor,
protest and notice of protest and nonpayment and all other notices of any kind. No release of any security for the Debt or extension
of time for payment of this Note or any installment hereof, and no alteration, amendment or waiver of any provision of this Note,
the Security Instrument or the Other Security Documents made by agreement between Lender or any other person or party shall release,
modify, amend, waive, extend, change, discharge, terminate or affect the liability of Borrower, and any other person or entity
who may become liable for the payment of all or any part of the Debt, under this Note, the Security Instrument or the Other Security
Documents. No notice to or demand on Borrower shall be deemed to be a waiver of the obligation of Borrower or of the right of Lender
to take further action without further notice or demand as provided for in this Note, the Security Instrument or the Other Security
Documents. If Borrower is a partnership, the agreements herein contained shall remain in force and applicable, notwithstanding
any changes in the individuals comprising the partnership. If Borrower is a corporation, the agreements contained herein shall
remain in full force and applicable notwithstanding any changes in the shareholders comprising, or the officers and directors relating
to, the corporation. If Borrower is a limited liability company, the agreements contained herein shall remain in full force and
applicable notwithstanding any changes in the members comprising, or the managers, officers or agents relating to, the limited
liability company. The

    	5

    	 

    

term “Borrower”, as used
herein, shall include any alternate or successor partnership, corporation, limited liability company or other entity or person
to the Borrower named herein, but any predecessor partnership (and their partners), corporation, limited liability company, other
entity or person shall not thereby be released from any liability. Nothing in this Article XII shall be construed as a consent
to, or a waiver of, any prohibition or restriction on transfers of interests in such entities which may be set forth in the Security
Instrument or any Other Security Document.

XIII.      
TRANSFER

Lender may, at any time, sell, transfer
or assign this Note, the Security Instrument and the Other Security Documents, and any or all servicing rights with respect thereto,
or grant participations therein or issue mortgage pass-through certificates or other securities evidencing a beneficial interest
in a rated or unrated public offering or private placement (the “Securities”). Lender may forward to each purchaser,
transferee, assignee, servicer, participant, investor in such Securities or any Rating Agency rating such Securities (collectively,
the “Investor”) and each prospective Investor, all documents and information which Lender now has or may hereafter
acquire relating to the Debt and to Borrower, any guarantor and the Collateral, whether furnished by Borrower, any guarantor or
otherwise, as Lender determines necessary or desirable. Borrower and any guarantor agree to cooperate with Lender in connection
with any transfer made or any Securities, including, without limitation, the delivery of an estoppel certificate in accordance
therewith, and such other documents as may be reasonably requested by Lender. Borrower shall also furnish and Borrower and any
guarantor consent to Lender furnishing to such Investors or such prospective Investors any and all information concerning the Collateral,
the financial condition of Borrower and any guarantor as may be requested by Lender, any Investor or any prospective Investor in
connection with any sale, transfer or participation interest. Lender may retain or assign responsibility for servicing the Loan,
including the Note, the Security Instrument, the Security Instrument and the Other Security Documents, or may delegate some or
all of such responsibility and/or obligations to a servicer including, but not limited to, any subservicer or master servicer.
Lender may make such assignment or delegation on behalf of the Investors if the Note is sold or this Agreement or the Other Security
Documents are assigned. All references to Lender herein shall refer to and include any such servicer to the extent applicable.

XIV.      
WAIVER OF TRIAL BY JURY

BORROWER HEREBY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE,
RELATING DIRECTLY OR INDIRECTLY TO THE LOAN EVIDENCED BY THIS NOTE, THE APPLICATION FOR THE LOAN EVIDENCED BY THIS NOTE, THIS NOTE,
THE SECURITY INSTRUMENT OR THE OTHER SECURITY DOCUMENTS OR ANY ACTS OR OMISSIONS OF LENDER, ITS OFFICERS, EMPLOYEES, DIRECTORS
OR AGENTS IN CONNECTION THEREWITH.

    	6

    	 

    

 

XV.         
AUTHORITY

Borrower (and the undersigned representative
of Borrower, if any) represents that Borrower has full power, authority and legal right to execute and deliver this Note, the Security
Instrument and the Other Security Documents and that this Note, the Security Instrument and the Other Security Documents constitute
valid and binding obligations of Borrower.

XVI.      
APPLICABLE LAW

This Note shall be deemed to be a contract
entered into pursuant to the laws of the State of New York and shall in all respects be governed, construed, applied and enforced
in accordance with the laws of the State of New York.

XVII.   
COUNSEL FEES

In the event that it should become necessary
to employ counsel to collect the Debt or to protect or foreclose the security therefor, Borrower also agrees to pay all reasonable
fees and expenses of Lender, including, without limitation, reasonable attorney's fees for the services of such counsel whether
or not suit be brought.

XVIII.
NOTICES

All notices or other written communications
to Borrower or Lender hereunder shall be deemed to have been properly given (i) upon delivery, if delivered in person with receipt
acknowledged by the recipient thereof, (ii) one (1) Business Day after having been deposited for overnight delivery with any reputable
overnight courier service, or (iii) three (3) Business Days after having been deposited in any post office or mail depository regularly
maintained by the U.S. Postal Service and sent by registered or certified mail, postage prepaid, return receipt requested, addressed
to Borrower or Lender at their addresses set forth in the Security Instrument or addressed as such party may from time to time
designate by written notice to the other parties. Either party by notice to the other may designate additional or different addresses
for subsequent notices or communications.

XIX.      
MISCELLANEOUS

A.               
Wherever pursuant to this Note (i) Lender exercises any right given to it to approve or disapprove, (ii) any arrangement
or term is to be satisfactory to Lender, or (iii) any other decision or determination is to be made by Lender, the decision of
Lender to approve or disapprove, all decisions that arrangements or terms are satisfactory or not satisfactory and all other decisions
and determinations made by Lender, shall be in the sole and absolute discretion of Lender and shall be final and conclusive, except
as may be otherwise expressly and specifically provided herein.

B.                
Wherever pursuant to this Note it is provided that Borrower pay any costs and expenses, such costs and expenses shall include,
but not be limited to, reasonable legal fees and disbursements of Lender.

    	7

    	 

    

 

XX.         
DEFINITIONS

All capitalized terms not otherwise
defined herein shall have the meanings ascribed to such terms in the Security Instrument. Whenever used, the singular number shall
include the plural, the plural number shall include the singular, and the words “Lender” and “Borrower”
shall include their respective successors, assigns, heirs, executors and administrators.

[Remainder of page intentionally left
blank]

    	8

    	 

    

IN WITNESS WHEREOF, Borrower
has duly executed this Note as of the day and year first above written.

BORROWER:

IREIT DG SPE II MEMBER, L.L.C.,
a Delaware limited liability company

		By:	Inland Real Estate Income Trust, Inc. a Maryland corporation, its sole member

		By:	/s/ David Z. Lichterman

Name: David Z. Lichterman

Title: Treasurer/Chief Accounting Officer

 

 

 

 

 

ACKNOWLEDGMENT

 

STATE OF ILLINOIS)

                                        )ss

COUNTY OF DUPAGE)

On December 26,
2012 before me, Laura Razo, personally appeared David Z. Lichterman, personally known to me (or proved to me on the basis of satisfactory
evidence) to be the person(s) whose name is subscribed to the within instrument and acknowledged to me that he executed the same
in his authorized capacity and that by his signature on the instrument the person, or the entity upon behalf of which the person
acted, executed the instrument.

WITNESS my hand and official seal.

/s/ Laura Razo

Notary Public

    	9

    	 

    

Exhibit A

 

Pledged Entities

 

 

		1.	IREIT Mobile Moffett DG, L.L.C., a Delaware limited liability company

		2.	IREIT Daleville DG, L.L.C., a Delaware limited liability company

		3.	IREIT Valley DG, L.L.C., a Delaware limited liability company

		4.	IREIT Maryville DG, L.L.C., a Delaware limited liability company

		5.	IREIT LaGrange Hamilton DG, L.L.C., a Delaware limited liability company

		6.	IREIT LaGrange Wares Cross DG, L.L.C., a Delaware limited liability company

		7.	IREIT Brooks DG, L.L.C., a Delaware limited liability company

    	10

    	 

    

Exhibit B

 

Properties

 

1.Dollar General, 5475 Moffett Road, Mobile,
Alabama 36618

2.Dollar General, 501 East Main Street,
Daleville, Alabama 36322

3.Dollar General, 4919 Lee Road 270, Valley,
Alabama 36854

4.Dollar General, 109 Sam Houston School
Road, Maryville, Tennessee 37804

5.Dollar General, 2956 Hamilton Road, Lagrange,
Georgia 30240

6.Dollar General, 112 Wares Cross Road,
Lagrange, Georgia 30240

7.Dollar General, 7768 Georgia Highway
16 West, Brooks, Georgia 30205

 

 

 

11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00211-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00211-of-00352.parquet"}]]