Document:

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                                                                  EXHIBIT 10.356

                                  MASTER LEASE

                                ESCROW AGREEMENT

     This ESCROW AGREEMENT is made and entered into as of August 17, 2004, by
and among KIMCO GOVERNORS MARKETPLACE LTD., a Florida Limited Partnership
("Seller"), and INLAND WESTERN TALLAHASSEE GOVERNOR'S L.L.C., a Delaware limited
liability company ("Purchaser"), and CHICAGO TITLE INSURANCE COMPANY
(hereinafter referred to as "Escrow Agent") having as its address - attention:
Nancy Castro, Division II, 171 North Clark Street, Chicago, Illinois 60601.

                                   WITNESSETH:

     WHEREAS, pursuant to that certain Agreement of Sale, dated as of May 6,
2004 (the "Contract"), Purchaser acquired on and as of the date hereof from
Seller a portion of that certain real property known as Governor's Marketplace
shopping center located in Tallahassee, Florida (the "Property"); and

     WHEREAS, Seller has agreed to deposit with Escrow Agent the sum of Two
Hundred Twenty Two Thousand Seven Hundred Forty and 60/100 Dollars ($222,740.60)
(the "Master Lease Deposit") with respect to Seller's obligation to pay certain
lease commissions, landlord's share of tenant build out, free rent periods, and
rent payable to Purchaser, and other charges, for the Vacant Space (as defined
below), and as itemized on EXHIBIT A attached hereto and made a part hereof by
this reference (the "Deposit Breakdown"); and

     WHEREAS, the Master Lease Deposit is hereafter sometimes referred to as the
Escrow Deposit.

     WHEREAS, Escrow Agent is willing to accept the Escrow Deposit and hold and
disburse same in accordance with the terms and conditions set forth below.

     NOW, THEREFORE, for and in consideration of the premises hereto, the
covenants and agreements hereinafter made, and for Ten Dollars ($10.00) in hand
paid to Escrow Agent, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

     1.   Seller hereby deposits with Escrow Agent, and Escrow Agent hereby
acknowledges receipt of the Master Lease Deposit. Escrow Agent hereby agrees to
deposit the Escrow Deposit into an interest bearing account with a bank, savings
and loan institution, money market account, or other depository reasonably
satisfactory to Purchaser, Seller and Escrow Agent, with interest accruing for
the benefit of Seller. The federal taxpayer identification of Seller is as
follows:_________and the FEIN of Seller's general partner is 86-1011235.

     2.   Escrow Agent shall retain the Escrow Deposit in the account, and shall
cause the same to be disbursed therefrom as follows:

               (i)    Subject to the terms hereof, the Escrow Deposit shall be
held and disbursed by Escrow Agent and used to fund to Purchaser the items set
forth on the Deposit Breakdown.

               (ii)   For purposes hereof, the term "Vacant Space" shall mean
the 8013 square feet of tenant floor area at the Property that, as of the date
of Closing, for which the Tenant Conditions as hereinafter defined are not
satisfied. For the purposes hereof, the Tenant Conditions for any Property
vacant space gross leasable area are hereby defined as (i) a signed lease, and
(ii) with Tenant either paying full rent and reimbursements or the all
conditions precedent to Rent Commencement Date (as defined in such tenant lease)
shall have occurred or been satisfied and (iii) with all the leasing commissions
and tenant improvement allowances either paid for by Seller or credited to Buyer
and (iv) with a certificate of occupancy or its equivalent occupancy permit
issued by the local governmental authorities, for such tenant's respective
demised premises and (v) Tenant shall have open and operated for its permitted
use for at least one day. Purchaser shall receive a prorated credit from the
Master Lease Deposit on the date of Closing (as defined in the Contract) for the
rent and reimbursable expenses attributable to the New Vacant Space, as defined
in the contract and also referenced herein as Vacant Space from the date of
Closing through the end of the month in which Closing occurs in accordance with
the terms of Exhibit "A" attached hereto and made a part hereof. Thereafter,
through the date upon which all Tenant Conditions are satisfied with respect to
all or any portion of the Vacant Space, Escrow Agent shall pay to Purchaser (and
Escrow Agent is hereby authorized to pay to Purchaser without further direction
from Seller) from the Master Lease Deposit, on the first day of each month, the
amount of rent and other reimburseable expenses and other charges (in accordance
with the terms of Exhibit A) which would be due on a monthly basis from tenants
of the Vacant Space as if the Tenant Conditions were satisfied (prorated for any
partial month) (the "Master Lease Deposit Monthly Payment"). The Master Lease
Deposit Monthly Payment shall be made by Escrow Agent to Purchaser until such
time as the respective tenant(s) for the

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Vacant Space, and Seller, have satisfied the Tenant Conditions. Purchaser shall
promptly notify Seller and Escrow Agent of the date any tenant satisfies its
Tenant Conditions. The Vacant Space may be subdivided and leased to more than
one tenant in Seller's commercially reasonable discretion. As all or any portion
of the Vacant Space is leased during the 12-month period following the date of
Closing, with the Tenant Conditions having then been satisfied for such Vacant
Space so leased, the balance of the Master Lease Deposit remaining to the end of
the Escrow Term (as hereinafter defined)(measured as the number of days
remaining from the date the Tenant Conditions for such leased portion of the
Vacant Space are met through the last day of the Escrow Term), attributable to
rent, reimbursable expenses, taxes, other charges and Excess Leasing Costs
(defined as those costs stated on Exhibit "A" for such expense less the actual
cost incurred for such expense) for such leased portion of the Vacant Space,
shall be released to Seller upon the joint direction of Seller and Purchaser.
The approval of a disbursement requested by either party will be deemed approved
if the non-requesting party does not object to the disbursement request within
five (5)-business days of receipt of such request. That portion of the Master
Lease Deposit attributable to tenant improvement allowances, free rent, and
broker or consultant fees and commissions (collectively, the "Leasing Costs"),
shall be released for payment (either to Seller or third parties, as the case
may be) upon presentment of the required lien waivers and related documentation
required by any governing lease or commission agreement. The balance of the
Master Lease Deposit attributable to the Leasing Costs, if any, after
satisfaction of the Tenant Conditions with respect to all or any portion of the
Vacant Space within the 12-month period following the date of Closing, shall be
released to Seller in accordance with the terms of Exhibit A. However, if the
Tenant Conditions have not been satisfied within 12-months of the date of
Closing for any portion of the Vacant Space to achieve the Lease-up Deficiency
as defined in 11(B)(d) of the Agreement of Sale on the first day of the
nineteenth month after date of Closing, all remaining sums then remaining of the
Master Lease Deposit attributable to such Leasing Costs (to the portion of
vacant space necessary to achieve the Lease-up Deficiency) shall be released to
Purchaser. Purchaser shall promptly notify Seller and Escrow Agent of the date
any tenant opens for business as provided under any lease. Any interest on the
Escrow Deposit shall be the property of Seller and in all events shall be
disbursed to Seller no later than the final disbursement made pursuant hereto.
The term of this Escrow Agreement (the "Escrow Term") shall be from the date
hereof until the first to occur of: (a) 12-months from the date of Closing; or
(b) such date as Seller leases the New Vacant Space (or equivalent of such by
leasing all or a portion or Retail K).

               (iii)  In the event either party objects to the disbursement of
the Escrow Deposit, the Escrow Agent shall have the right, at its option, either
(a) to hold the Escrow Deposit in escrow pending resolution of such objection by
mutual agreement of the parties or by judicial resolution of same or (b) to
disburse the Escrow Deposit into the court having jurisdiction over such
objection. After any disbursement of the Escrow Deposit under the terms of this
Escrow Agreement, Escrow Agent's duties and obligations hereunder shall cease.
In the event of any dispute regarding disbursement of the Escrow Deposit, the
party ultimately receiving the Escrow Deposit after resolution of such dispute
shall be entitled to receive from the other party all the prevailing party's
costs and expenses incurred in connection with the resolution of such dispute
including, without limitation, all court costs and reasonable attorney's fees.

     3.   This Escrow Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective heirs, principals, successors and
assigns and shall be governed and construed in accordance with the laws of the
State of Arizona. No modification, amendment or waiver of the terms hereof shall
be valid or effective unless in writing and signed by all of the parties hereto.
This Escrow Agreement may be executed in multiple counterpart originals, each of
which shall be deemed to be and shall constitute an original. This Escrow
Agreement constitutes the entire agreement between the parties hereto with
respect to this Escrow, and it supersedes all prior understandings or agreements
of the parties with respect thereto.

     4.   NOTICES. All notices, requests, consents and other communications
hereunder shall be sent to each of the following parties and be in writing and
shall be personally delivered, sent by Federal Express or other overnight or
same day courier service providing a return receipt, to the following addresses:

If to Purchaser:
                                    Inland Real Estate Acquisitions, Inc.
                                    2901 Butterfield Road
                                    Oakbrook, IL 60523
                                    Attention: G. Joseph Cosenza

                                          with a copy to:

                                    The Inland Group, Inc.
                                    2901 Butterfield Road\
                                    Oak Brook, IL 60523
                                    Attn: Robert Baum, General Counsel
                                    Facsimile: (630) 218-4900

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                                          with a copy to:

                                    Mr. Charles J. Benvenuto, Esq.
                                    2901 Butterfield Road, 3rd Floor
                                    Oak Brook, Illinois 60523
                                    Telephone: 630-571-2331
                                    Facsimile: 630-571-2360

If to Seller:                       8383 Wilshire Boulevard
                                    Suite 950
                                    Beverly Hills, CA 90211
                                    Attn: Jerald Friedman
                                    Phone: (323) 866-3500
                                    Fax: (323) 866-3511

with a copy to:
                                    3333 New Hyde Park Road
                                    Suite 100
                                    New Hyde Park, New York 11042
                                    Attn: Barbara E. Briamonte, Esq.
                                    Phone: (516) 869-7257
                                    Fax: (516) 869-7201

     5.   COUNTERPARTS. This Escrow Agreement may be executed in counterparts
and shall constitute an agreement binding on all parties notwithstanding that
all parties are not signatories of the original or the same counterpart.
Furthermore, the signatures from one counterpart may be attached to another to
constitute a fully executed original. The Escrow Agreement may be executed by
facsimile.

     6.   SELLER'S FORM LEASE AND LEASING PARAMETERS. Purchaser has approved of
Seller's form tenant lease and agrees to reasonably approve of variations
negotiated in good faith by Seller with prospective tenants in the ordinary
course of business. Seller and Purchaser further agree that attached hereto as
Exhibit B, and made a part hereof, is the agreed-to Leasing Parameters
applicable to the lease-up of the Vacant Space. Purchaser shall be obligated to
accept a prospective tenant and its prospective lease so long as the terms of
this paragraph 6 and Exhibit B are adhered-to. Notwithstanding the foregoing, in
the event there is a conflict between an actual lease approved by Purchaser and
the terms of the Leasing Parameters, the actual, approved lease shall control in
regard to Seller's adherence to the Leasing Parameters.

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         IN WITNESS WHEREOF, each of the parties hereto has caused this Escrow
Agreement to be signed and delivered as of the day and year first above written.

                                   PURCHASER:

                                   INLAND WESTERN TALLAHASSEE GOVERNOR'S,
                                   L.L.C., a Delaware limited liability company

                                   By:   /s/ [ILLEGIBLE]
                                         -------------------------------
                                   Name: [ILLEGIBLE]
                                   Title: Acquisition Officer

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                                   SELLER:

                                   KIMCO GOVERNORS MARKETPLACE LTD.
                                   a Florida limited partnership

                                   By:    Kimco Governors Marketplace 317, Inc.,
                                          its general partner

                                   By:    /s/ [ILLEGIBLE]
                                          ----------------------------
                                          Name:
                                          As Its

                                   ESCROW AGENT:

                                   CHICAGO TITLE INSURANCE COMPANY

                                   By: ----------------------------------
                                   Nancy Castro, Senior Escrow Officer
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                                    EXHIBIT A

Rent per square foot for Vacant Space as set forth on the Rent Roll for twelve
(12) months (Escrow Term)...$124,982 $10,415.17 per month

Reimbursable expenses (CAM, insurance) at $ 1.60 psf of Vacant Space, for twelve
(12) months ..................$12,820.80 $ 1.068.40 per month

Real Estate Taxes at $1.40 psf of Vacant
Space, for twelve (12) months .........$12,820.80 $ 1,068.40 per month

Tenant Improvements: (a) $ 5.00 psf for vacant space $ 40,065

Leasing Commissions at $4.00 psf - total: $ 32,052.00
                                              $ 222,740.60

To be a credit to Seller and a reduction in amount calculated above as total
escrow

Note: As the Tenant Conditions are met for any part of the Vacant Space, rent,
CAM and real estate tax deposits into the Escrow shall be released to Seller at
the rate of $ 17.70 psf of Vacant Space for the period (if any) remaining to the
end of the Escrow Term, measured as the number of days remaining from the date
the Tenant Conditions for any part of the Vacant Space are met through the last
day of the Escrow Term. In the event the Tenant Conditions are not met for any
part of the Vacant Space necessary to achieve the Lease-up Deficiency Income
Threshold within the Escrow Term, the amount of Tenant Improvements deposit and
Leasing Commissions deposit then remaining in the Escrow and attributable to
such Vacant Space, shall be released to Purchaser upon the expiration of the
Escrow Term.

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                                   -EXHIBIT B-

                               LEASING PARAMETERS

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

2.   The proposed use does not violate any exclusions existing in any other
     tenant's lease or covenants existing in any other documents of record.

3.   The lease is for an original term of not less than 5 years, nor more than
     10 years.

4.   No concessions shall be provided to the tenant which would be at
     Purchaser's expense.

5.   All leases shall be prepared substantially in accordance with the small
     shop tenant lease form approved by Purchaser (the "SST Lease")during the
     Due Diligence Period subject to commercially reasonable variances and
     prevailing market parameters.

6.   The proposed tenant has retail and/or business and/or management operating
     experience including, but not limited to, eighteen months in the type of
     business to be operated at the leased premises. In the absence of three
     years experience, the prospective tenant must be an approved franchise or a
     recognized regional or national franchiser.

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

8.   Said leases shall average comparable revenue at least 2% increases per year
     or 7.5% aggregate increase over the 5 year term over the primary term of
     the lease as current space leases.

9.   The tenant's lease will not include rent reductions or early termination
     clauses of any kind (excluding typical casualty/condemnation provisions and
     landlord not reconstructing the demised premises, and as otherwise
     described by the SST Lease).

10.  In addition to tenant's base rent, the leases will include reimbursement
     for taxes, insurance and common area maintenance, including either a 10%
     administrative charge for CAM or no less than a 4% management fee for all
     tenancies or as otherwise described by the SST Lease.

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

12.  The lease renewals, if any, will not be less than the primary term amounts
     without tenant improvements, free rent, or leasing commissions paid for by
     Purchaser.

13.  No lease shall contain representations or warranties in regard to the
     condition of any demised premises, each being delivered in its as-is,
     where-is condition, subject to the terms of the SST Lease.

14.  Purchaser shall act in a commercially reasonable manner and in good faith
     during its review and approval of a proposed lease pursuant to this Master
     Lease. Also, Purchaser agrees to respond to Seller deliveries of leases for
     approval and/or execution within ten (10) business days after its receipt
     by Purchaser, otherwise said lease shall be deemed approved.

               If Purchaser fails to execute the lease (after having had the
opportunity to review same as provided herein) in said time period then same
shall be treated as a completed lease and Seller shall be given credit for
Leasing such vacant space pursuant to the terms contained therein and Tenant
Conditions shall be satisfied.

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Kimco Governors Marketplace
Master Lease

<Table>
<Caption>
                                                               CAM       TAX ESCROW
             TENANT                   SF          RENT      ESCROW (1)      (1)          TI          LC         TOTAL
             PER SF                                            1.60         1.60        5.00        4.00
<S>                                    <C>     <C>           <C>         <C>          <C>         <C>         <C>
Vacancy (Best Price Fashions)          6,413    89,782.00    10,260.80   10,260.80    32,065.00   25,652.00   168,020.00
Vacancy (Ujaama)                       1,600    35,200.00     2,560.00    2,560.00     8,000.00    6,400.00    54,720.00
                                ----------------------------------------------------------------------------------------
                                       8,013   124,982.00    12,820.80   12,820.80    40,065.00   32,052.00   222,740.60
</Table>

(1) To be reconciled in computing actual billings for the master lease period<Page>

                                                                  Exhibit 10.357

                             SECURED PROMISSORY NOTE
                                 LOAN NO. 754065

$18,700,000.00                                                 September 2, 2004

1.   FOR VALUE RECEIVED, INLAND WESTERN NEW PORT RICHEY MITCHELL, L.L.C., a
Delaware limited liability company, as "Borrower" ("BORROWER" to be construed as
"Borrowers" if the context so requires), hereby promises to pay to the order of
PRINCIPAL LIFE INSURANCE COMPANY, an Iowa corporation (as "LENDER"), having a
principal place of business and post office address at c/o Principal Real Estate
Investors, LLC, 801 Grand Avenue, Des Moines, Iowa 50392-1450, or at such other
place as Lender may designate, the principal sum of Eighteen Million Seven
Hundred Thousand and No/100 Dollars ($18,700,000.00) (the "LOAN AMOUNT") or so
much thereof as shall from time to time have been advanced, together with
interest on the unpaid balance of said sum from September 2, 2004 (the "CLOSING
DATE"), at the rate of four and 53/100 percent (4.53%) per annum.

     A payment of interest from the Closing Date to and including September
30, 2004 shall be paid on the Closing Date calculated by multiplying the actual
number of days elapsed in the period for which interest is being calculated by a
daily rate based on the foregoing annual interest rate and a 360-day year.
Thereafter, interest shall be computed on the unpaid balance on the basis of a
360-day year composed of twelve 30-day months. Beginning on November 1, 2004,
interest shall be due and payable in installments of Seventy Thousand Five
Hundred Ninety Two and 50/100 Dollars ($70,592.50), with an installment in a
like amount due and payable on the same day of each month thereafter, except
that all remaining principal and interest to and including the date of payment
and other Indebtedness shall be due and payable on October 1, 2007 or such
earlier date resulting from the acceleration of the Indebtedness by Lender
("MATURITY DATE"). All principal and interest shall be paid in lawful money of
the United States of America by wire transfer of immediately available funds to
Lender at Wells Fargo Bank, Iowa, N.A., 7th and Walnut Streets, Des Moines, Iowa
50304, for credit to Principal Life Insurance Company, Account No. 0000014752,
RE: Loan No. 754065 with reference to Borrower. In the event Borrower fails to
make any monthly payment under this Note on or before the due date thereof,
Borrower agrees to make all subsequent payments by automated clearing house
transfer through such bank or financial institution as shall be approved in
writing by Lender, shall be made to an account designated by Lender, and shall
be initiated by Lender or shall be made in such other manner as Lender may
direct from time to time. Any other monthly deposits or payments Borrower is
required to make to Lender under the terms of the Loan Documents shall be made
by the same payment method and on the same date as the installments of interest
due under this Note.

DOCUMENTARY STAMP TAX IN THE AMOUNT OF $___________________ HAS BEEN PAID UPON
RECORDATION OF THE MORTGAGE AND SECURITY AGREEMENT SECURING THIS SECURED
PROMISSORY NOTE.

                                        1
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2.   No privilege is reserved by Borrower to prepay any principal of this Note
prior to the Maturity Date, except on or after the date hereof, privilege is
reserved, after giving thirty (30) days' prior written notice to Lender, to
prepay in full, but not in part, all principal and interest to and including the
date on which payment is made, along with all sums, amounts, advances, or
charges due under any instrument or agreement by which this Note is secured,
upon the payment of a "MAKE WHOLE PREMIUM." The Make Whole Premium shall be the
greater of one percent (1%) of the principal amount to be prepaid or a premium
calculated as provided in subparagraphs (a) through (c) below:

     (a)  Determine the "REINVESTMENT YIELD." The Reinvestment Yield will be
          equal to the yield on the U.S. Treasury Issue ("PRIMARY ISSUE") *
          published one week prior to the date of prepayment and converted to an
          equivalent monthly compounded nominal yield.

          *At this time there is not a U.S. Treasury Issue for this prepayment
          period. At the time of prepayment, Lender shall select in its sole and
          absolute discretion a U.S. Treasury Issue with similar remaining time
          to maturity as this Note.

     (b)  Calculate the "PRESENT VALUE OF THE LOAN. " The Present Value of the
          Loan is the present value of the payments to be made in accordance
          with this Note (all installment payments and any remaining payment due
          on the Maturity Date) discounted at the Reinvestment Yield for the
          number of months remaining from the date of prepayment to the Maturity
          Date.

     (c)  Subtract the amount of the prepaid proceeds from the Present Value of
          the Loan as of the date of prepayment. Any resulting positive
          differential shall be the premium.

If Borrower has otherwise fully complied with the preceding paragraphs, then,
during the last 90 days prior to the Maturity Date, provided no Event of Default
exists, no Make Whole Premium shall be payable.

Time is of the essence with respect to the payment of this Note.

3.   Borrower agrees that if Lender accelerates the whole or any part of the
principal sum evidenced hereby, after the occurrence of an Event of Default or
applies any proceeds pursuant to the provisions of the Loan Documents, Borrower
waives any right to prepay said principal sum in whole or in part without
premium and agrees to pay, as yield maintenance protection and not as a penalty,
the Make Whole Premium.

Notwithstanding the above, in the event any proceeds from a casualty or Taking
of the Premises are applied to reduce the principal balance hereof, such
reduction shall be made without a Make Whole Premium, provided no Event of
Default then exists under the Loan Documents.

                                       2
<Page>

4.   If any payment of principal, interest, Make Whole Premium, or other
Indebtedness is not made when due, damages will be incurred by Lender, including
additional expense in handling overdue payments, the amount of which is
difficult and impractical to ascertain. Borrower therefor agrees to pay, upon
demand, the sum of four cents ($.04) for each one dollar ($1.00) of each said
payment which becomes overdue ("LATE CHARGE") as a reasonable estimate of the
amount of said damages, subject, however, to the limitations contained in
paragraph 6 hereof.

Notwithstanding anything hereinabove to the contrary, the Late Charge assessed
on any amount due on the Maturity Date but not then paid, whether or not by
acceleration, shall not be four cents for each one dollar as described above,
but shall instead be a sum equal to the interest which would have accrued on the
principal balance then outstanding from the date the payment is made to the end
of the month in which the Maturity Date occurs. Such Late Charge shall be in
addition to interest otherwise accruing under this Note.

5.   If any Event of Default has occurred and is continuing under the Loan
Documents, the entire principal balance of the Loan, interest then accrued, and
Make Whole Premium, and all other Indebtedness whether or not otherwise then
due, shall at the option of Lender, become immediately due and payable without
demand or notice, and whether or not Lender has exercised said option, interest
shall accrue on the entire principal balance, interest then accrued, Make Whole
Premium and any other Indebtedness then due, at a rate equal to the Default Rate
until fully paid.

6.   Notwithstanding anything herein or in any of the other Loan Documents to
the contrary, no provision contained herein or therein which purports to
obligate Borrower to pay any amount of interest or any fees, costs or expenses
which are in excess of the maximum permitted by applicable law, shall be
effective to the extent it calls for the payment of any interest or other amount
in excess of such maximum. All agreements between Borrower and Lender, whether
now existing or hereafter arising and whether written or oral, are hereby
limited so that in no contingency, whether by reason of demand for payment or
acceleration of the maturity hereof or otherwise, shall the interest contracted
for, charged or received by Lender exceed the maximum amount permissible under
applicable law. If, from any circumstance whatsoever, interest would otherwise
be payable to Lender in excess of the maximum lawful amount, the interest
payable to Lender shall be reduced to the maximum amount permitted under
applicable law; and if from any circumstance Lender shall ever receive anything
of value deemed interest by applicable law in excess of the maximum lawful
amount, an amount equal to any excessive interest shall, at the option of
Lender, be refunded to Borrower or be applied to the reduction of the principal
hereof, without a Make Whole Premium and not to the payment of interest or, if
such excessive interest exceeds the unpaid balance of principal hereof such
excess shall be refunded to Borrower. This paragraph shall control all
agreements between Borrower and Lender.

7.   Borrower and any endorsers or guarantors waive presentment, protest and
demand, notice of protest, demand and dishonor and nonpayment, and agree the
Maturity Date of this Note or

                                       3
<Page>

any installment may be extended without affecting any liability hereunder, and
further promise to pay all reasonable costs and expenses, including but not
limited to, reasonable attorney's and paralegal's fees incurred by Lender in
connection with any default or in any proceeding (whether incurred in any trial,
appellate, bankruptcy, condemnation or any other proceeding) to interpret and/or
enforce any provision of the Loan Documents. No release of Borrower from
liability hereunder shall release any other maker, endorser or guarantor hereof.

8.   This Note is secured by the Loan Documents creating among other things
legal and valid encumbrances on and an assignment of all of Borrower's interest
in any Leases of the Premises located in the county of Pasco, state of Florida.
Capitalized terms used herein and not otherwise defined shall have those
meanings given to them in the Loan Documents. In no event shall such documents
be construed inconsistently with the terms of this Note, and in the event of any
discrepancy between any such documents and this Note, the terms hereof shall
govern. The proceeds of this Note are to be used for business, commercial,
investment or other similar purposes, and no portion thereof will be used for
any personal, family or household use. This Note shall be governed by and
construed in accordance with the laws of the State where the Premises is
located, without regard to its conflict of law principles.

9.   Notwithstanding any provision to the contrary in this Note or the Loan
Documents and except as otherwise provided for below, the liability of Borrower
under the Loan Documents shall be limited to the interest of Borrower in the
Premises and the Rents. In the event of foreclosure of the liens evidenced by
the Loan Documents, no judgment for any deficiency upon the Indebtedness
evidenced by the Loan Documents shall be sought or obtained by Lender against
Borrower. Nothing herein shall in any manner limit or impair (i) the lien or
enforcement of the Loan Documents pursuant to the terms thereof or (ii) the
obligations of any indemnitor or guarantor, if any.

     Notwithstanding any provision hereinabove to the contrary, Borrower shall
be personally liable to Lender for:

     (a)  any loss or damage to Lender arising from (i) the sale or forfeiture
          of the Premises resulting from Borrower's failure to pay any of the
          taxes, assessments or charges specified in the Loan Documents or (ii)
          Borrower's failure to insure the Premises in compliance with the
          provisions of the Loan Documents;

     (b)  any event or circumstance for which Borrower indemnifies Lender under
          the Environmental Indemnity;

     (c)  nonpayment of taxes, assessments, insurance premiums and utilities for
          the Premises and any penalty or late charge associated with nonpayment
          thereof;

     (d)  material failure to manage, operate, and maintain the Premises in a
          commercially reasonable manner for similar property types in the
          surrounding geographic area;

                                        4
<Page>

     (e)  any sums expended by Lender in fulfilling the obligations of Borrower
          as lessor under any Lease of the Premises prior to a sale of the
          Premises pursuant to foreclosure or power of sale, a bona fide sale
          (permitted by the terms of paragraph 2(f) of the Mortgage (it being
          agreed that "Mortgage" as used herein shall be construed to mean
          "mortgage" or "deed of trust" or "trust deed" as the context so
          requires) or consented to in writing by Lender) to an unrelated third
          party or upon conveyance to Lender of the Premises by a deed
          acceptable to Lender in form and content (each of which shall be
          referred to as a "Sale" for purposes of this paragraph) or expended by
          Lender after a Sale of the Premises for obligations of Borrower which
          arose prior to a Sale of the Premises;

          Borrower's personal liability for items specified in (c), (d) and (e)
          above shall be limited to the amount of rents, issues, proceeds and
          profits from the Premises ("Rents and Profits") received by Borrower
          for the twelve (12) months preceding an Event of Default and
          thereafter; but less any such Rents and Profits applied to (A) payment
          of principal, interest and other charges when due under the Loan
          Documents, or (B) payment of expenses for the operation, maintenance,
          taxes, assessments, utility charges and insurance of the Premises
          including sufficient reserves for the same or replacements or renewals
          thereof ("Operation Expense(s)") provided that (x) Borrower has
          furnished Lender with evidence reasonably satisfactory to Lender of
          the Operation Expenses and payment thereof, and (y) any payments to
          parties related to Borrower shall be considered an Operation Expense
          only to the extent that the amount expended for the Operation Expense
          does not exceed the then current market rate for such Operation
          Expense.

     (f)  any rents or other income regardless of type or source of payment or
          other considerations in lieu thereof (including, but not limited to,
          common area maintenance charges, lease termination payments, refunds
          of any type, prepayment of rents, settlements of litigation, or
          settlements of past due rents) from the Premises which Borrower has
          received or will receive after an Event of Default under the Loan
          Documents which are not applied to (A) payment of principal, interest
          and other charges when due under the Loan Documents or (B) payment of
          Operation Expenses provided that (x) Borrower has furnished Lender
          with evidence reasonably satisfactory to Lender of the Operation
          Expenses and payment thereof, and (y) any payments to parties related
          to Borrower shall be considered an Operation Expense only to the
          extent that the amount expended for the Operation Expense does not
          exceed the then current market rate for such Operation Expense;

     (g)  any security deposits of tenants not otherwise applied in accordance
          with the terms of the Lease(s), together with any interest on such
          security deposits required by law or the leases, not turned over to
          Lender upon conveyance of the Premises

                                        5
<Page>

          to Lender pursuant to foreclosure or power of sale or by a deed
          acceptable to Lender in form and content;

     (h)  misapplication or misappropriation of tax reserve accounts, tenant
          improvement reserve accounts, security deposits, prepaid rents or
          other similar sums paid to or held by Borrower or any other entity or
          person in connection with the operation of the Premises;

     (i)  any insurance or condemnation proceeds or other similar funds or
          payments applied by Borrower in a manner other than as expressly
          provided in the Loan Documents; and

     (j)  any loss or damage to Lender arising from any fraud or willful
          misrepresentation by or on behalf of Borrower, Interest Owner or any
          guarantor regarding the Premises, the making or delivery of any of the
          Loan Documents or in any materials or information provided by or on
          behalf of Borrower, Interest Owner or guarantor, if any, in connection
          with the Loan.

          Notwithstanding anything contained in paragraphs 9(a)(i) and 9(c)
          hereinabove as it relates solely to taxes, assessments and insurance
          premiums, to the extent Lender is impounding for taxes, assessments
          and insurance premiums in accordance with the Loan Documents and
          Borrower has fully complied with all terms and conditions of the Loan
          Documents relating to impounding for the same, then Borrower shall not
          be personally liable for Lender's failure to apply any of said impound
          amounts held by Lender in accordance with the Loan Documents.

          Notwithstanding anything to the contrary in the Loan Documents, the
          limitation on liability contained in the first paragraph of this
          paragraph 9 SHALL BECOME NULL AND VOID and shall be of no further
          force and effect in the event of any breach or violation of paragraph
          2(f) (due on sale or encumbrance) of the Mortgage, other than (i) the
          filing of a nonmaterial mechanic's lien affecting the Premises or a
          mechanic's lien affecting the Premises for which Borrower has complied
          with the provisions of paragraph 1(e) of the Mortgage, or (ii) the
          granting of any utility or other nonmaterial easement or servitude
          burdening the Premises, or (iii) any transfer or encumbrance of a
          nonmaterial economic interest in the Premises not otherwise set forth
          in (i) or (ii).

10.  If more than one, all obligations and agreements of Borrower are joint and
several.

11.  This Note may not be changed or terminated orally, but only by an agreement
in writing and signed by the party against whom enforcement of any waiver,
change, modification or discharge is sought. All of the rights, privileges and
obligations hereunder shall inure to the

                                        6
<Page>

benefit of the heirs, successors and assigns of Lender and shall bind the heirs
and permitted successors and assigns of Borrower.

12.  This Note may be executed in counterparts, each of which shall be deemed an
original; and such counterparts when taken together shall constitute but one
agreement.

13.  The parties hereto intend and believe that each provision of this Note
comports with all applicable law. However, if any provision in this Note is
found by a court of law to be in violation of any applicable law, and if such
court should declare such provision of this Note to be unlawful, void or
unenforceable as written, then it is the intent of all parties hereto that such
provision shall be given full force and effect to the fullest possible extent
that it is legal, valid and enforceable, that the remainder of this Note shall
be construed as if such unlawful, void or unenforceable provision were not
contained herein, and that the rights, obligations and interests of Borrower and
Lender under the remainder of this Note shall continue in full force and effect.

     AFTER CONSULTING WITH COUNSEL AND CAREFUL CONSIDERATION, BORROWER AND
LENDER (BY ITS ACCEPTANCE HEREOF) KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY
WAIVE THE RIGHT EITHER OF THEM MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY
LITIGATION ARISING OUT OF THIS NOTE OR ANY OTHER INSTRUMENT OR AGREEMENT BY
WHICH THIS NOTE IS, OR MAY HEREAFTER BE, SECURED, OR OUT OF ANY COURSE OF
CONDUCT, COURSE OF DEALING, STATEMENTS (ORAL OR WRITTEN), OR ACTIONS OF BORROWER
OR LENDER. THIS WAIVER IS A MATERIAL INDUCEMENT TO THE LENDER'S ACCEPTANCE OF
THIS NOTE.

                      REMAINDER OF PAGE INTENTIONALLY BLANK

                           (Signatures on next page)

                                        7
<Page>

     IN WITNESS WHEREOF, Borrower has caused this Note to be duly executed and
delivered as of the date first set forth above.

                                INLAND WESTERN NEW PORT RICHEY
                                MITCHELL, L.L.C., a Delaware limited liability
                                company

                                By:  INLAND WESTERN RETAIL REAL
                                     ESTATE TRUST, INC., a Maryland
                                     corporation, Member

                                     By:   /s/ Debra A Palmer
                                           -----------------------------
                                           Name:   Debra A Palmer
                                                ------------------------
                                           Title: Asst Secretary
                                                ------------------------

                                        8

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