Document:

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                                                                  Exhibit 10.267

                                                 Allstate Life Insurance Company
                                                Loan No. 122493, 122494, 122495,
                                                               122496 and 122497

                         POST CLOSING DELIVERY COVENANT

        THIS POST CLOSING DELIVERY COVENANT (the "Covenant") is executed and
delivered as of July 21, 2004, by INLAND GATEWAY SPE, L.L.C., a Delaware limited
liability company ("Gateway Borrower"), GATEWAY VILLAGE LLC, a Maryland limited
liability company ("Gateway Guarantor"), INLAND TOWSON SPE, L.L.C., a Delaware
limited liability company ("Towson Borrower"), TOWSON CIRCLE LLC, a Maryland
limited liability company ("Towson Guarantor"), INLAND BEL AIR SPE, L.L.C., a
Delaware limited liability company ("Tollgate Borrower", and together with
Gateway Borrower and Towson Borrower, collectively, the "Borrower") and BEL AIR
SQUARE LLC, a Maryland limited liability company ("Tollgate Guarantor", and
together with Gateway Guarantor and Towson Guarantor, collectively, the
"Guarantor"), for the benefit of ALLSTATE LIFE INSURANCE COMPANY, an Illinois
insurance corporation ("Lender").

                                    RECITALS

        A.      Pursuant to Lender's commitment letter dated June 23, 2004 (as
amended, the "Gateway Commitment"), Gateway Borrower has executed and delivered
to Lender two Mortgage Notes of even date herewith, both payable to Lender, one
in the principal amount of $27,233,000 and the other in the principal amount of
$4,225,000 (collectively, the "Gateway Note"), to evidence a loan in the
aggregate principal sum of $31,458,000 (the "Gateway Loan"). The Gateway Loan is
secured by an Indemnity Deed of Trust, Assignment of Leases, Rents and
Contracts, Security Agreement and Fixture Filing (the "Gateway Deed of Trust")
on the Property (as defined in the Gateway Deed of Trust) and the Related
Agreements (as defined in the Gateway Deed of Trust) (all of the foregoing being
collectively referred to herein as the "Gateway Loan Documents"). Pursuant to
Lender's commitment letter dated June 23, 2004 (as amended, the "Tollgate
Commitment"), Tollgate Borrower has executed and delivered to Lender a Mortgage
Note (the "Tollgate Note") of even date herewith, payable to Lender, in the
principal amount of $39,765,000 (the "Tollgate Loan"). The Tollgate Loan is
secured by an Indemnity Deed of Trust, Assignment of Leases, Rents and
Contracts, Security Agreement and Fixture Filing (the "Tollgate Deed of Trust")
on the Property (as defined in the Tollgate Deed of Trust) and the Related
Agreements (as defined in the Tollgate Deed of Trust) (all of the foregoing
being collectively referred to herein as the "Tollgate Loan Documents")
Pursuant to Lender's commitment letter dated July 7, 2004 (as amended, the
"Towson Commitment", and together with the Gateway Commitment and the Tollgate
Commitment, the "Commitment"), Towson Borrower has executed and delivered to
Lender two Mortgage Notes of even date herewith, both payable to Lender, one in
the principal amount of $16,362,500 and the other in the principal amount of
$3,550,000 (collectively, the "Towson Note", and together with the Gateway Note
and the Tollgate Note, the "Note"), to evidence a loan in the aggregate
principal sum of $19,912,500 (the "Towson Loan", and together with the Gateway
Loan and the Tollgate Loan, the "Loan"). The Towson Loan is secured by an
Indemnity Deed of Trust, Assignment of Leases, Rents and Contracts, Security
Agreement and Fixture Filing (the "Towson Deed of Trust", and together with the
Gateway Deed of Trust and the Tollgate Deed of Trust, the "Deed

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of Trust") on the Property (as defined in the Towson Deed of Trust) and the
Related Agreements (as defined in the Towson Deed of Trust) (all of the
foregoing being collectively referred to herein as the "Towson Loan Documents",
and together with the Gateway Loan Documents and the Towson Loan Documents, the
"Loan Documents").

        B.      Pursuant to the Commitment, Borrower agreed to provide Lender on
or before the Disbursement Date a Subordination, Nondisturbance and Attornment
Agreement on Lender's form ("SNDA") from certain tenants of the Property as
listed on the attached Exhibit A ("Major Tenants").

        C.      Pursuant to the Section 4(b) of the Tollgate Commitment,
Borrower delivered to Lender a Loan Deposit equal to one percent of the amount
of the Loan (the "Loan Deposit").

        D.      Borrower has not delivered the SNDAs, but Lender has agreed to
disburse the Loan, subject to Borrower's agreement to deliver the SNDAs as
hereinafter provided.

        E.      As a material inducement to making and as a condition precedent
to funding the Loan, Lender requires the execution of this Covenant.

                                   AGREEMENTS

        NOW THEREFORE, for and in consideration of the foregoing recitals and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Borrower hereby agrees as follows:

        1.      INCORPORATION OF RECITALS; DEFINED TERMS. The recitals are
hereby incorporated into this Covenant. Initially capitalized terms used but not
otherwise defined in this Covenant have the same meanings given them in the Loan
Documents.

        2.      SNDA DELIVERY. Borrower shall, within 60 days after the
Disbursement Date, deliver to Lender SNDAs for the Major Tenants, all of which
SNDAs shall be reasonably acceptable to Lender in form and substance, and which
shall be in the form attached as EXHIBIT B hereto or such other form as may be
reasonably acceptable to Lender from national tenants..

        3.      HOLDBACK. Borrower hereby authorizes Lender to retain $100,000
of the Loan Deposit (the "Holdback") unless and until Borrower delivers the
SNDAs to Lender as provided above. In furtherance of the foregoing, Borrower
hereby pledges to Lender and grants to Lender a security interest in the
Holdback as additional security for the Loan.

        4.      EVENT OF DEFAULT. An Event of Default shall be deemed to occur
under this Covenant and the Loan Documents in the event Borrower fails to
fulfill the covenants and agreements set forth in Section 2 above within the
time period allowed. Upon any Event of Default, the entire Holdback may be
applied by Lender in its sole discretion to any amounts due with respect to the
Loan.

        5.      RELATED AGREEMENT. This Covenant shall be deemed to be one of
the Related Agreements.

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        6.      NOTICES. All notices with respect to this Covenant shall be
given in the manner provided in each respective Deed of Trust.

                                 *  *  *  *  *

                            [SIGNATURE PAGE FOLLOWS]

                                        3
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        IN WITNESS WHEREOF, Borrower has executed and delivered this Covenant as
of the date and year first above written.

                                        BORROWER:

                                        INLAND GATEWAY SPE, L.L.C., a
                                        Delaware limited liability company

                                        By: /s/ Steven P. Grimes
                                           -------------------------------------
                                        Name:   Steven P. Grimes
                                              ----------------------------------
                                                    Authorized Person

                                        GATEWAY VILLAGE LLC,
                                        a Maryland limited liability company
                                        By: /s/ Steven P. Grimes
                                           -------------------------------------
                                        Name:   Steven P. Grimes
                                              ----------------------------------
                                                   Authorized Person

                                        INLAND BEL AIR SPE, L.L.C., a
                                        Delaware limited liability company

                                        By: /s/ Steven P. Grimes
                                           -------------------------------------
                                        Name:   Steven P. Grimes
                                              ----------------------------------
                                                   Authorized Person

                                        BEL AIR SQUARE LLC,
                                        a Maryland limited liability company
                                        By: /s/ Steven P. Grimes
                                           -------------------------------------
                                        Name:   Steven P. Grimes
                                              ----------------------------------
                                                   Authorized Person

                                        INLAND TOWSON SPE, L.L.C., a
                                        Delaware limited liability company

                                        By: /s/ Steven P. Grimes
                                           -------------------------------------
                                        Name:   Steven P. Grimes
                                              ----------------------------------
                                                   Authorized Person

                                        TOWSON CIRCLE LLC,
                                        a Maryland limited liability company
                                        By: /s/ Steven P. Grimes
                                           -------------------------------------
                                        Name:   Steven P. Grimes
                                              ----------------------------------
                                                   Authorized Person

                                        4
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                                    EXHIBIT a

                                  MAJOR TENANTS

GATEWAY

Safeway

Burlington Coat Factory

TOLLGATE

TJ Maxx

Staples

Toys R Us

Michaels

TOWSON

Trader Joe's

Pier One

Bally

                                       A-l
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                                    EXHIBIT B

                                    FORM SNDA

RECORDING REQUESTED BY
AND WHEN RECORDED MAIL TO:

[RETURN TO ALLSTATE'S OUTSIDE COUNSEL]

______________________________________
______________________________________
______________________________________
______________________________________

                           AGREEMENT OF SUBORDINATION
                          NONDISTURBANCE AND ATTORNMENT

        THIS AGREEMENT is dated the _____ day of _____________, between
_____________________________________________________________________________, a
____________________________________________________________________ ("Lender"),
_____________________________________________________________________________, a
______________________________("Tenant") and ___________________________________
________________________________________________________________________________
________,                                                                      a
___________________________________________________________________("Landlord").

                                    RECITALS:

        A.      Tenant has executed that certain lease dated ___________________
_____________ (the                "Lease")                                  with
________________________________________________________________________________
_____________ as lessor covering the premises described in the Lease
("Premises") in that certain building located                                 at
________________________________________________________________________________
______ (the "Property") and more particularly described in Exhibit A attached
hereto and made a part hereof, by this reference; and

        B.      Lender has made or has agreed to make a mortgage loan to
Landlord secured by a mortgage or deed of trust encumbering the Property which
includes an assignment of Landlord's interest in the Lease (the "Deed of
Trust"); and

        C.      Tenant and Lender desire to confirm their understanding with
respect to the Lease and the Deed of Trust.

                                       B-l
<Page>

        NOW, THEREFORE, in consideration of the covenants, terms, conditions,
agreements contained herein, the parties hereto agree as follows:

        1.      The Lease and any extensions, modifications or renewals thereof,
including but not limited to any option to purchase or right of first refusal to
purchase the Property or any portion thereof, if any, is and shall continue to
be subject and subordinate in all respects to the Deed of Trust and the lien
created thereby, and to any advancements made thereunder and to any
consolidations, extensions, modifications or renewals thereof.

        2.      Tenant agrees to deliver to Lender, in the manner set forth in
Paragraph 7, a copy of any notice of default sent to Landlord by Tenant. If
Landlord fails to cure such default within the time provided in the Lease,
Lender shall have the right, but not the obligation to cure such default on
behalf of Landlord within thirty (30) calendar days after the time provided for
Landlord to cure such default in the Lease or within a reasonable period if such
default cannot be cured within that time, provided Lender is proceeding with due
diligence to cure such default. In such event Tenant shall not terminate the
Lease while such remedies are being diligently pursued by Lender. Further,
Tenant shall not terminate the Lease on the basis of any default by Landlord
which is incurable by Lender (such as, for example, the bankruptcy of Landlord
or breach of any representation by Landlord), provided Lender is proceeding with
due diligence to commence an action to appoint a receiver or to obtain the right
to possession of the Property by foreclosure, deed in lieu of foreclosure, or
otherwise ("Foreclosure"). Tenant hereby agrees that no action taken by Lender
to enforce any rights under the Deed of Trust or related security documents, by
reason of any default thereunder (including without limitation, the appointment
of a receiver, any Foreclosure or any demand for rent under any assignment of
rents or leases) shall give rise to any right of Tenant to terminate the Lease
nor shall such action invalidate or constitute a breach of any of the terms of
the Lease.

        3.      So long as Tenant is not in default under the Lease, Tenant's
possession and occupancy of the Premises shall not be disturbed by Lender during
the term of the Lease or any extension thereof.

        4.      If Lender succeeds to the interest of Landlord under the Lease,
subject to Tenant's performance of its obligations under the Lease, the Lease
will continue in full force and effect. Thereupon, Lender shall recognize the
Lease and Tenant's rights thereunder and Tenant shall make full and complete
attornment to Lender as substitute Landlord upon the same terms, covenants and
conditions as provided in the Lease, except for any option to purchase or right
of first refusal to purchase the Property as may be provided in the Lease.
Further, Tenant, agrees that any such option or right of first refusal to
purchase the Property or any portion thereof, as may be provided in the Lease
shall not apply to and shall not in any way impair or delay any Foreclosure, as
defined herein.

        5.      Tenant agrees that, if Lender shall succeed to the interest, of
Landlord under the Lease, Lender, its successors and assigns, shall not be:

        (a)     liable for any prior act or omission of Landlord or any prior
                landlord or consequential damages arising therefrom; or

                                       B-2
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        (b)     subject to any offsets or defenses which Tenant might have as to
                Landlord or any prior landlord; or

        (c)     required or obligated to credit Tenant with any rent or
                additional rent for any rental period beyond the then current
                month which Tenant might have paid Landlord; or

        (d)     bound by any cancellation or termination of the Lease (other
                than a unilateral termination made by Tenant pursuant to the
                terms of the Lease) or any material amendments or modifications
                of the Lease such as those affecting rent, term or permitted use
                made without Lender's prior written consent; or

        (e)     liable for refund of all or any part of any security deposit
                unless such security deposit shall have been actually received
                by Lender.

The foregoing shall not, however: (i) relieve Lender or any other party
succeeding to the interests of Landlord as a result of any foreclosure of the
obligation to remedy or cure conditions at the Premises which constitute a
landlord default under the Lease and which continue at the time of such
succession or acquisition, and (ii) constitute a waiver by Tenant of any claims
or causes of action it may have against Landlord as a result of conditions or
events which occurred prior to the succession by Lender to the interests of
Landlord.

        6.      The provisions of this Agreement shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and
assigns. The words, "Lender," "Landlord" and "Tenant" shall include their
respective heirs, legatees, executors, administrators, beneficiaries, successors
and assigns.

        7.      All notices, and all other communication with respect to this
Agreement, shall be directed as follows: if to Lender, c/o Commercial Mortgage
Division, 3075 Sanders Road, Suite G5C, Northbrook, IL 60062-7127, Attention:
Servicing Manager or such other address as Lender may designate in writing to
Tenant and, if to Tenant, at the address set forth in the Lease or at such other
address as Tenant may designate in writing to Lender. All notices shall be in
writing and shall be: (a) hand-delivered; (b) sent by United States express mail
or by private overnight courier; or (c) served by certified mail postage
prepaid, return receipt requested, to the appropriate address set forth above.
Notices served as provided in (a) and (b) shall be deemed to be effective upon
delivery. Any notice served by certified mail shall be deposited in the United
States mail with postage thereon fully prepaid and shall be deemed effective on
the day of actual delivery as shown by the addressee's return receipt or the
expiration of three business days after the date of mailing, whichever is
earlier in time.

        8.      Landlord has agreed under the Deed of Trust and other loan
documents that rentals payable under the Lease shall be paid directly by Tenant
to Lender upon any default by Landlord under the Deed of Trust. After receipt of
notice from Lender to Tenant, at the address set forth above or at such other
address as to which Lender has been notified in writing, that rentals under the
Lease should be paid to Lender, Tenant shall pay to Lender, or at the direction
of Lender, all monies due or to become due to Landlord under the Lease. Tenant
shall have no responsibility to ascertain whether such demand by Lender is
permitted under the Deed of Trust,

                                       B-3
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or to inquire into the existence of a default. Landlord hereby waives any right,
claim, or demand it may now or hereafter have against Tenant by reason of such
payment to Lender, and any such payment shall discharge the obligations of
Tenant to make such payment to Landlord.

        9.      This Agreement contains the entire agreement between the parties
and no modifications shall be binding upon any party hereto unless set forth in
a document duly executed by or on behalf of such party.

        10.     This Agreement may be executed in multiple counterparts, all of
which shall be deemed originals and with the same effect as if all parties had
signed the same document. All of such counterparts shall be construed together
and shall constitute one instrument.

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

LENDER:                                 TENANT:

ALLSTATE INVESTMENTS, LLC

BY:_____________________________        _____________________________

Its:____________________________

BORROWER:

________________________________

By:_____________________________

Its:____________________________

                                       B-4
<Page>

STATE OF _______________)
                        ) SS.
COUNTY OF ______________)

        I, the undersigned, a Notary Public, in and for the County and State
aforesaid, DO HEREBY CERTIFY, that __________________________, the
________________ of _______________________, a(n) ____________________________,
personally known to me to be the same person whose name is subscribed to the
foregoing instrument, appeared before me this day in person and acknowledged
that as such officer he/she signed and delivered the said instrument as his/her
free and voluntary act and deed and as the free and voluntary act and deed of
said entity(ies), for the uses and purposes therein set forth.

        GIVEN under my hand and notarial seal this ____ day of ________,
_______.

(SEAL)

                                                ________________________________
                                                          Notary Public

My commission expires:

_________________________________

STATE OF _______________)
                        ) SS.
COUNTY OF ______________)

        I, the undersigned, a Notary Public, in and for the County and State
aforesaid, DO HEREBY CERTIFY, that ______________, the authorized signatory of
Allstate Investments, LLC, personally known to me to be the same person whose
name is subscribed to the foregoing instrument, appeared before me this day in
person and acknowledged that as such officer he/she signed and delivered the
said instrument as his/her free and voluntary act and deed and as the free and
voluntary act and deed of said entity(ies), for the uses and purposes therein
set forth.

        GIVEN under my hand and notarial seal this ____ day of ________,
_______.

(SEAL)

                                                ________________________________
                                                          Notary Public

My commission expires:

_________________________________

                                       B-5
<Page>

STATE OF _______________)
                        ) SS.
COUNTY OF ______________)

        I, the undersigned, a Notary Public, in and for the County and State
aforesaid, DO HEREBY CERTIFY, that __________________________, the
________________ of _______________________, a(n) ____________________________,
personally known to me to be the same person whose name is subscribed to the
foregoing instrument, appeared before me this day in person and acknowledged
that as such officer he/she signed and delivered the said instrument as his/her
free and voluntary act and deed and as the free and voluntary act and deed of
said entity(ies), for the uses and purposes therein set forth.

        GIVEN under my hand and notarial seal this ____ day of ________,
_______.

(SEAL)

                                                ________________________________
                                                          Notary Public

My commission expires:

_________________________________

                                       B-6
<Page>

                                EXHIBIT A TO SNDA

                                LEGAL DESCRIPTION

                                       B-7<Page>

                                                                  Exhibit 10.268

                         ALLSTATE LIFE INSURANCE COMPANY
                         ALLSTATE PLAZA SOUTH, SUITE G5C
                           NORTHBROOK, ILLINOIS 60062

                                  July 21, 2004

Towson Circle LLC
2901 Butterfield Road
Oakbrook, Illinois 60523

                Re:     Allstate Life Insurance Company
                        Loan No. 122495 and 122496
                        Towson Circle
                        Dulaney Valley & Joppa Roads
                        Towson, Maryland (the "Property")

Ladies and Gentlemen:

        Reference is made to our Commitment Letter dated July 7, 2004, as
amended (the "Commitment") with respect to a $19,197,500 Loan (the "Loan") to
INLAND TOWSON SPE, L.L.C., a Delaware limited liability company, to be evidenced
by a Mortgage Note A ("Note A") of even date herewith in the amount of
$15,647,500 and a Mortgage Note B ("Note B", and together with Note A, either
the "Note" or the "Notes") of even date herewith in the amount of $3,550,000,
guaranteed by an Indemnity Guaranty from TOWSON CIRCLE LLC, a Maryland limited
liability company ("Towson"), which in turn is secured by a Fee and Leasehold
Indemnity Deed of Trust, Assignment of Leases, Rents and Contracts, Security
Agreement and Fixture Filing of even date herewith (the "Deed of Trust")
encumbering the Property. Initially capitalized terms used but not otherwise
defined in this letter agreement (the "Letter Agreement") have the same meanings
given them in the Deed of Trust.

        In consideration of the execution and delivery of the documents
evidencing, securing or otherwise pertaining to the Loan (the "Loan Documents"),
Towson and we ("Lender") hereby agree as follows:

        1.      RELATED AGREEMENT. This Letter Agreement shall constitute a
Related Agreement.

        2.      IMPOUNDS. With regard to the provisions contained in Section
1.06 of the Deed of Trust requiring Towson to deposit 1/12 of the annual amounts
of real estate taxes, regular and special assessments and insurance premiums,
Lender hereby agrees to defer collection of such monthly deposits for so long as
(i) Towson is the sole fee simple owner of the Property; (ii) no Event of
Default exists under the Loan Documents and no condition or event exists which
with notice, the passage of time, or both, would constitute an Event of Default;
(ii) at Lender's election, Towson either pays for a tax reporting service or
Towson promptly and consistently furnishes evidence that taxes are being
currently paid; and (iv) Towson promptly and consistently furnishes evidence
that insurance premiums are being currently paid.

<Page>

        3.      EARTHQUAKE INSURANCE. With regard to the provisions contained in
Section 1.02 of the Deed of Trust requiring Towson obtain earthquake insurance
coverage on the Property, Lender hereby agrees to waive such requirement until
such time as such coverage is available at commercially reasonable rates and in
Lender's reasonable opinion such coverage is generally required by other
institutional lenders.

        4.      TOWSON'S RIGHT TO TRANSFER THE PROPERTY. Notwithstanding the
provisions contained in Section 1.08 and other applicable provisions of the Deed
of Trust, Towson shall have a one time right, provided there is no default or an
event which, with notice or the passage of time, or both, could result in a
default by Towson under the Loan Documents, to assign, sell or transfer all of
the Property (the "Permitted Transfer") to a party with experience, reasonably
satisfactory to Lender, in managing property similar to the Property and whose
financial condition is reasonably satisfactory to Lender ("Permitted
Transferee"). The Permitted Transfer shall be further conditioned upon:

        (a)     the payment by Towson to Lender of a transfer fee equal to one
percent of the outstanding principal balance of the Note (a nonrefundable $5,000
deposit toward such transfer fee shall be due at the time Towson initially
requests a Permitted Transfer, the balance of the transfer fee shall be due on
the closing of the transaction);

        (b)     the reimbursement of all of Lender's expenses, including legal
fees, incurred in connection with the Permitted Transfer;

        (c)     the Permitted Transferee and such general partners or principals
of Permitted Transferee as Lender may request, assuming, in form and substance
satisfactory to Lender, all obligations of Borrower and Towson under the Loan
Documents, including, without limitation, the Environmental Indemnity Agreement
and the Nonrecourse Exception. Indemnity Agreement, with the same degree of
recourse liability as Borrower and Towson and subject to the same exculpatory
provisions;

        (d)     Lender's receipt of a title policy complying with the
requirements of the Commitment, updated to the date of the Permitted Transfer,
evidencing that such Permitted Transfer will not adversely affect Lender's first
and prior lien on the Property or any other rights or interests granted to
Lender under the Loan Documents;

        (e)     Lender's receipt of opinions of counsel acceptable to Lender
that all previous opinions, pertaining to Towson and Borrower are true with
respect to the Permitted Transferee and the Permitted Transferee has duly
assumed the Loan Documents, and same are valid and enforceable against Permitted
Transferee and the Property; and that Towson has the requisite power and
authority to properly transfer the Property;

        (f)     the Property having maintained a Debt Coverage Ratio of not less
than 225 percent for the 12 month period ending 30 days before the date of the
Permitted Transfer and the Property having a projected Debt Coverage Ratio for
the next 12 months based on the most recently approved and certified financial
statements and annual rent roll of not less than 225 percent;

                                        2
<Page>

        (g)     the Permitted Transferee paying to Towson at least 40 percent
cash down payment on the date of the Permitted Transfer;

        (h)     Lender's receipt and approval of the purchase and sale contract
and copies of the proposed transfer documentation;

        (i)     Lender's receipt and approval of the Permitted Transferee's
resume and financial statements; and

        (j)     Lender's receipt and approval of an updated MAI appraisal by an
appraiser satisfactory to Lender (prepared at Towson's expense) specifically
confirming a loan to value ratio of no more than 60 percent; and

        (k)     Note B has been paid in full.

        In addition, Towson shall have the right, provided there is no default
or an event which, with notice or the passage of time, or both, could result in
a default by Towson under the Loan Documents, to make a Permitted Transfer to
Inland Western Retail Real Estate Trust, Inc. ("IWEST"), an indirect owner of
Towson, so long as (x) Towson pays to Lender a transfer fee equal to $5,000, (y)
IWEST, assuming, in form and substance satisfactory to Lender, all obligations
of Towson under the Loan Documents, including, without limitation, the
Environmental Indemnity Agreement, with the same degree of recourse liability as
Towson and subject to the same exculpatory provisions, and (z) the conditions
and requirements set forth in subparagraphs 4(b), (d) and (c) above are
satisfied.

        Net Operating Income shall be certified to be true and correct by the
managing general partner, manager or chief financial officer of Towson.

        5.      RIGHT TO CHANGE OWNERSHIP INTERESTS IN TOWSON. Notwithstanding
the provisions contained in Section 1.08 and other applicable provisions of the
Deed of Trust, so long as IWEST maintains its status as a Real Estate Investment
Trust (a "REIT"), any encumbrance, security interest or assignment or transfer
of ownership of all types and classes of the shares of IWEST shall not
constitute an improper encumbrance or transfer.

        6.      INSURANCE. Lender hereby approves the insurance evidenced by the
certificates attached as EXHIBIT A hereto.

        7.      PROPERTY MANAGER. Lender hereby approves Inland Northwest
Management Corp. as manager of the Property, subject to its execution of the
letter attached as EXHIBIT B hereto.

        8.      RIGHTS PERSONAL TO TOWSON. The rights granted to Towson in
paragraphs 2, 3, 4, 5, 6, and 7 of this Letter Agreement shall be personal to
Towson and shall not inure to the benefit of any subsequent owner of the
Property. In the event Lender transfers all or any part of the Loan or any
interest in the Loan Documents to any other person or entity, Lender agrees to
notify such transferee(s) of the existence of this Letter Agreement and the fact
that it is binding upon Lender's successors and assigns by delivering such
transferee(s) a true, correct and complete copy of this Letter Agreement
concurrently with such transfer accompanied by a letter of transmittal from
Lender advising such transferee(s) of the binding nature of the provisions of
this

                                        3
<Page>

Letter Agreement. Lender will send a copy of its letter of transmittal and the
enclosure to Towson, and Towson's name will be shown on the face of the original
letter of transmittal as an addressee thereof.

                                Very truly yours,

                                ALLSTATE LIFE INSURANCE COMPANY
                                an Illinois insurance corporation

                                By:
                                   ------------------------------------

                                By:
                                   ------------------------------------
                                     Its Authorized Signatories

                                Accepted and agreed:

                                TOWSON CIRCLE LLC,
                                a Maryland limited liability company

                                By: /s/ Steven P. Grimes
                                   -----------------------------
                                Name:   Steven P. Grimes
                                      --------------------------
                                        Authorized Person

Dated: July 21, 2004

                                        4
<Page>

                                    EXHIBIT A

                             INSURANCE CERTIFICATES

<Page>

                                    EXHIBIT B

                             PROPERTY MANAGER LETTER

                        INLAND NORTHWEST MANAGEMENT CORP.

                                  July 21, 2004

Allstate Life Insurance Company
c/o Allstate Investments, LLC
Allstate Plaza South, Suite G5C
3075 West Sanders Road
Northbrook, Illinois 60062
Attention: Commercial Mortgage Division

                Re:     Allstate Life Insurance Company
                        Loan No. 122495 and 122496
                        Towson Circle
                        Dulaney Valley & Joppa Roads
                        Towson, Maryland (the "Property")

Ladies and Gentlemen:

                The undersigned ("Manager") is the current property manager of
the Property pursuant to that certain Management Agreement (the "Agreement")
dated July 21, 2004, by and between TOWSON CIRCLE LLC, a Maryland limited
liability company ("Owner") and Manager. In consideration of your making the
Loan to Owner (Manager being an affiliate of Owner), Manager acknowledges and
agrees to the following:

        1.      Allstate, in its sole discretion, may terminate the Agreement by
                notice to Manager upon acquisition by Allstate of title to the
                Property by foreclosure, deed in lieu of foreclosure, or other
                transfer of the Property or upon Allstate otherwise obtaining
                possession of the Property by any lawful means. Upon the
                appointment of a receiver or court appointed officer, either
                Allstate or such receiver or officer may terminate the Agreement
                in its sole discretion by notice to Manager.

        2.      Manager waives any right to create a lien against the Property
                to secure payment of unpaid management fees.

        3.      Upon the occurrence of, and during the continuation of, a
                default under any of the documents evidencing the Loan which has
                not been cured in Allstate's sole judgment, all management fees
                paid or payable to Manager thereafter shall be subordinate to
                amounts owed to Allstate under such Loan documents.

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        4.      Upon the occurrence of, and during the continuation of, a
                default under any of the documents evidencing the Loan which has
                not been cured in Allstate's sole judgment, all management fees
                and other sums received by Manager thereafter in connection with
                management of the Property shall be held in trust for the
                benefit of Allstate.

        5.      Until Allstate elects to terminate the Agreement as provided
                herein, Manager will perform all of its obligations, covenants,
                conditions and agreements under the Agreement for the benefit of
                Allstate and its successors and assigns, so long as Allstate
                performs the duties and obligations of Owner under the Agreement
                accruing after the date Allstate exercises its rights under the
                Deed of Trust.

                                        INLAND NORTHWEST MANAGEMENT CORP.

                                        By:
                                           ---------------------------
                                             Its
                                                 ---------------------

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