Document:

EXHIBIT
10.3.1

FORM OF

FIRST AMENDED AND RESTATED

PROPERTY ACQUISITION AGREEMENT

THIS FIRST AMENDED AND
RESTATED PROPERTY ACQUISITION AGREEMENT (this “Agreement”) is entered into as
of [                 ]
[  ], 2007 by and between Inland
Real Estate Acquisitions, Inc., an Illinois corporation (“Acquisitions”),
and Inland American Real Estate Trust,
Inc., a Maryland corporation (the “Company”).  Acquisitions and the Company are sometimes
referred to herein individually as a “Party” and collectively as the “Parties.”

WHEREAS, the Company is
in the business of, among other things, acquiring and managing real estate,
primarily retail properties and multi-family, office and industrial buildings
located in the United States and Canada, and other Real Estate Assets (as
defined below);

WHEREAS, Acquisitions is
in the business of acquiring and assisting certain third parties in acquiring
assets, such as the Real Estate Assets (as defined below);

WHEREAS, Acquisitions is
an indirect wholly-owned subsidiary of The Inland Group, Inc., an Illinois
corporation (“The Inland Group”);

WHEREAS, Robert D. Parks
is an officer and director of the Company and a stockholder and director of The
Inland Group;

WHEREAS, the Company and
Acquisitions previously entered into that certain Property Acquisition
Agreement, dated August 31, 2005 (the “Original Property Acquisition Agreement”),
and it is intended that this Agreement amend and restate the Original Property
Acquisition Agreement effective as of and for all periods after the date hereof;

WHEREAS, concurrently
with entering into the Original Property Acquisition Agreement, the Company
entered into that certain Business Management Agreement, dated August 31, 2005,
with an affiliate of Acquisitions;

WHEREAS, concurrent
herewith, the Company is entering into the First Amended and Restated Business
Management Agreement (as defined below) with an affiliate of Acquisitions; and

WHEREAS, Acquisitions is
willing to grant the Company certain rights to acquire Real Estate Assets
identified by Acquisitions.

NOW, THEREFORE, in
consideration of the mutual promises and covenants contained herein, and in
consideration of the amounts payable to affiliates of Acquisition under the
Business Management Agreement, the Parties agree as follows:

1.             Incorporation of Recitals.  By this reference,
the recitals set forth above are hereby incorporated into this Agreement as if
fully set forth herein.

 

2.             Definitions.  The following capitalized terms used in this
Agreement shall have the following meanings:

(a)           “Business
Manager” means Inland American Business Manager & Advisor, Inc., an
Illinois corporation.

(b)           “Business
Management Agreement” means that certain First Amended and Restated Business
Management Agreement of even date herewith by and between the Company and the
Business Manager.

(c)           “Community
Center” means real estate improved for use as a multi-tenant shopping center
with gross leasable retail area exceeding 150,000 square feet but less than
300,000 square feet.

(d)           “Covered
Property” means a Community Center, Neighborhood Retail Facility or Single User
Property.

(e)           “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

(f)            “Market
Area” means the United States and Canada.

(g)           “Neighborhood
Retail Facility” means real estate improved for use as a multi-tenant shopping
center with gross leasable retail area of not less than 5,000 square feet and
not more than 150,000 square feet.

(h)           “Real
Estate Asset” means a Covered Property, Subject Property or Real Estate
Operating Company.

(i)            “Real
Estate Operating Company” means:  (i) any
entity that has equity securities registered under Section 12(b) or 12(g) of
the Exchange Act; (ii) any entity that files periodic reports under Sections 13
or 15(d) of the Exchange Act; or (iii) any entity that, either itself or
through its subsidiaries:

(i)            owns
and operates interests in real estate on a going concern basis rather than as a
conduit vehicle for investors to participate in the ownership of assets for a
limited period of time;

(ii)           has
a policy or purpose of reinvesting sale, financing or refinancing proceeds or
cash from operations;

(iii)          has
its own directors, managers or managing general partners, as applicable; and

(iv)          either:
(A) has its own officers and employees that, on a daily basis, actively operate
the entity and its subsidiaries and businesses; or (B) has retained the
services of an affiliate or sponsor of, or advisor to, the entity to, on a
daily basis, actively operate the entity and its subsidiaries and businesses.

 2
 

 

(j)            “Single
User Property” means real estate improved for use as a single tenant or
commercial property.

(k)           “Subject
Property” means any commercial real estate located in the Market Area but
excluding Covered Properties.

3.             Right of Refusal.  For and during the term of this Agreement,
and until the occurrence of a Right of First Refusal Termination Event (as
defined below) with respect to the subject Real Estate Asset, Acquisitions
hereby grants to the Company: (i) an exclusive right of first refusal to
acquire each and every Subject Property or Real Estate Operating Company
identified by Acquisitions; and (ii) subject to the exercise of any prior
rights vested in third parties and previously granted by Acquisitions, a right
of first refusal to acquire each and every Covered Property.

4.             During
the pendency of a right of first refusal granted under Section 3 above,
Acquisitions covenants and agrees that it shall not (a) present or offer for
sale the subject Real Estate Asset to, (b) forward any information regarding
the subject Real Estate Asset to, or (c) pursue the acquisition of the subject
Real Estate Asset on behalf or for the benefit of any other person, entity or
client except the Company.

5.             Upon
identifying a Real Estate Asset subject to the provisions of Section 3
above, Acquisitions shall deliver written notice to the Company (in form and
substance attached hereto as Exhibit A, each an “Acquisition Notice”)
that Acquisitions has identified, or entered into a letter of intent or
acquisition agreement with respect to, the applicable Real Estate Asset.  The Company shall have ten (10) business days
after the date of its receipt of an Acquisition Notice (the “Notice Period”) to
inform Acquisitions in writing (a “Company Notice”) whether the Company desires
to acquire the subject Real Estate Asset. 
Upon the occurrence of a Right of First Refusal Termination Event with
respect to the subject Real Estate Asset, the Company shall be deemed to have
waived any and all rights to acquire the subject Real Estate Asset, including
any corporate opportunity with respect thereto. 
If the Company delivers a Company Notice electing to pursue the
acquisition, but thereafter the Company determines not to pursue the
acquisition, then the Company shall deliver to Acquisitions written notice of termination
(each, a “Property Termination Notice”). 
The Company shall, upon request, provide Acquisitions with evidence
setting forth the authority of the designated officers of the Company to cause
the Company to send a Company Notice or a Property Termination Notice.

The Company’s election, whether in response to, or at
any time after, its receipt of an Acquisition Notice, not to pursue the
acquisition of a particular Real Estate Asset shall not affect or impair any of
the Company’s rights set forth in this Agreement with respect to any other Real
Estate Asset.

For the purposes hereof, the term “Right of First Refusal
Termination Event” means the first to occur of: (i) the Company’s failure to
deliver to Acquisitions a Company Notice with respect to the subject Real
Estate Asset prior to the expiration of the Notice Period; (ii) delivery by the
Company of a Company Notice with respect to the subject Real Estate Asset; and
(iii) failure of the Company to diligently pursue acquisition of the subject
Real Estate Asset or delivery by the Company of a Property Termination Notice.

 3
 

 

6.             Acquisition Agreements.  Acquisitions may, from time to time, enter
into a letter of intent or other acquisition agreement with respect to a subject
Real Estate Asset in its own name to facilitate, among other things, the offer
to, and possible purchase by, the Company of the subject Real Estate Asset.  In any such case, if the Company exercises
its right of first refusal with respect to, and elects to pursue the
acquisition of, the subject Real Estate Asset, and the Company is willing to
enter into an agreement to acquire the subject Real Estate Asset, then upon the
Company’s request Acquisitions shall assign the letter of intent or other
acquisition agreement to the Company or its designee.

7.             Reimbursements.  Section 9(b)(ii) of the Business
Management Agreement shall be, and hereby is, incorporated into this Agreement
by reference with the same force and effect as if set forth herein.  Notwithstanding the earlier termination, if
any, of the Business Management Agreement, the Company hereby agrees to
reimburse Acquisitions in accordance with Section 9 of the Business
Management Agreement in the manner specified thereunder.  The Parties agree that there shall be no
duplication of payment for any services rendered with respect to any subject Real
Estate Asset under this Agreement and the Business Management Agreement.

8.             No Partnership or Joint Venture.  The Parties to this Agreement are independent
contractors.  Nothing in this Agreement
is intended or shall be deemed to constitute a partnership, agency, franchise
or joint venture relationship between the Parties.

9.             Term.  This term of this Agreement shall commence on
the date hereof and shall continue until the date that none of the directors
affiliated with The Inland Group, Inc., Acquisitions, the Business Manager or
their affiliates are then serving as officers and directors of the Company.

10.           Assignments.  This Agreement may not be assigned except
with the written consent of each Party hereto, except in the case of assignment
by a Party to a corporation, trust or other organization which is a successor
to such Party.  Any assignment of this
Agreement shall bind the assignee hereunder in the same manner as the assignor
is bound hereunder.

11.           Amendments.  This Agreement shall not be amended, changed,
modified, terminated or discharged in whole or in part except by an instrument
in writing signed by each Party hereto or their respective successors or
assigns.

12.           Successors and Assigns.  This Agreement shall bind any successors or
assigns of the Parties hereto as herein provided.

13.           Governing Law.  The provisions of this Agreement shall be
governed, construed and interpreted in accordance with the internal laws of the
State of Illinois without regard to its conflicts of law principles.

14.           Notices.  All notices or other communications required
or permitted hereunder shall be in writing and shall be deemed given or
delivered:  (i) when delivered personally
or by commercial messenger; (ii) one business day following deposit with a
recognized overnight courier service, provided the deposit occurs prior to the
deadline imposed by the overnight courier service for overnight delivery; (iii)
when transmitted, if sent by facsimile copy, provided confirmation of receipt
is received by sender and is sent by an additional method provided 

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hereunder, in each case above provided the notice of communication is
addressed to the intended recipient thereof as set forth below:

	
  If to Acquisitions:

  
	
  Inland Real
  Estate Acquisitions, Inc.

  
	
  2901 Butterfield
  Road

  
	
  Oak Brook, IL
  60523

  
	
  Attention:

  	
  G. Joseph Cosenza

  
	
  Telephone:

  	
  (630) 218-8000

  
	
  Facsimile:

  	
  (630) 218-4955

  
	
   

  
	
  If
  to the Company:

  	
  with
  a copy to:

  
	
  Inland American
  Real Estate Trust, Inc.

  	
  Shefsky &
  Froelich Ltd.

  
	
  2901 Butterfield
  Road

  	
  111 E. Wacker
  Drive, Suite 2800

  
	
  Oak Brook, IL
  60523

  	
  Chicago, IL
  60601

  
	
  Attention:

  	
  Robert D. Parks

  	
  Attention:

  	
  Michael J. Choate

  
	
  Telephone:

  	
  (630) 218-8000

  	
  Telephone:

  	
  (312) 836-4066

  
	
  Facsimile:

  	
  (630) 218-4955

  	
  Facsimile:

  	
  (312) 275-7554

  

 

Any Party may at any time
give notice in writing to the other Party of a change of its address for the
purpose of this Section 14.

15.           Headings.  The section headings hereof have been
inserted for convenience of reference only and shall not be construed to affect
the meaning, construction or effect of this Agreement.

16.           Equitable Relief.  Each Party hereto recognizes and acknowledges
that a breach by the other party of this Agreement will cause irreparable
damage to the non-breaching party which cannot be readily remedied in monetary
damages in an action at law.  In the
event of any default or breach by either party, the non-breaching party shall
be entitled to seek immediate injunctive relief to prevent such irreparable
harm or loss, in addition to any other remedies available at law and in equity.

[THE REMAINDER OF THIS PAGE INTENTIONALLY BLANK]

 5

 

 

IN WITNESS WHEREOF, the
undersigned have executed this Agreement as of the date first above written.

	
  Inland Real Estate Acquisitions, Inc.

  	
  Inland American Real Estate
  Trust,

  Inc.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
  Its:

  	
   

  	
   

  	
  Its:

  	
   

  	
   

  

 

 

EXHIBIT A

FORM OF ACQUISITION NOTICE

ACQUISITION
NOTICE

[NAME
OF SUBJECT REAL ESTATE ASSET]

[GENERAL LOCATION]

[CITY, STATE]

[DATE OF ACQUISITION NOTICE]

Inland American Real
Estate Trust, Inc.

2901 Butterfield Road

Oak Brook, IL  60523

Attention:         Robert D. Parks

Reference is made to that
certain First Amended and Restated Property Acquisition Agreement, dated as of [        ],
2007 (the “Agreement”), by and between Inland Real Estate Acquisitions, Inc.,
an Illinois corporation (“Acquisitions”), and Inland American Real Estate Trust,
Inc., a Maryland corporation (the “Company”). 
Capitalized terms used in this Acquisition Notice but not defined herein
shall have the meanings ascribed to such terms in the Agreement.

Pursuant to Section 3
of the Agreement, Acquisitions has identified the following Real Estate Asset: [DESCRIBE REAL ESTATE ASSET].

Attached hereto for your
review is our standard, preliminary “deal sheet” for the subject Real Estate
Asset.

This letter constitutes
the Acquisition Notice under and pursuant to the Agreement with respect to the subject
Real Estate Asset.

Please direct all
correspondence with respect to the subject Real Estate Asset to Acquisitions as
follows:

	
  Inland Real Estate
  Acquisitions, Inc.

  	
   

  
	
  2901 Butterfield
  Road

  	
   

  
	
  Oak Brook, IL
  60523

  	
   

  
	
  Attention:

  	
  G. Joseph Cosenza

  	
   

  
	
  Telephone:

  	
  (630) 218-8000

  	
   

  
	
  Facsimile:

  	
  (630) 218-4955

  	
   

  

 

	
  

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
  Inland Real Estate
  Acquisitions, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Its:EXHIBIT 10.4

FORM OF ESCROW AGREEMENT

THIS ESCROW AGREEMENT (this
“Agreement”) is made and entered into as of the [  ]th day of [       ],
2007, by and among Inland American Real
Estate Trust, Inc., a Maryland corporation (the “Company”), Inland Securities Corporation, a Delaware
corporation (the “Dealer Manager”) and LaSalle
Bank National Association, a national banking association (the “Escrow
Agent”).

1.             The
Company does hereby open this escrow and Escrow Agent’s sole concern and duties
shall be as specifically set forth herein: 
From time to time during the course of this escrow, in connection with
the Company’s follow-on offering (the “Offering”) of up to 500,000,000 shares
of common stock on a “best efforts” basis (the “Shares”) (exclusive of Shares
offered and sold pursuant to the Company’s distribution reinvestment plan),
Escrow Agent will receive from subscribers deposits to be held in escrow in
accordance with the terms hereof.  All
such funds received by Escrow Agent shall be placed into an interest-bearing
account entitled “Inland American Real Estate Trust, Inc. Subscription Account —
Follow-On” (the “Escrow Account”).

2.             All
deposits from each subscriber shall be accompanied by the subscriber name,
social security number, current address and investment amount.

3.             Checks
deposited in the Escrow Account from the various subscribers shall be made
payable to “LBNA/Escrow Agent for IARETI.”

4.             All
parties understand and are aware that all funds received during the course of
the escrow and deposited in the Escrow Account must clear the normal banking
channels prior to the release of any funds.

5.             The
Company understands that it is not entitled to any funds received into escrow
in the event of cancellation of the Offering and in such event, deposits shall
be returned to the subscribers.

6.             The
parties agree that this is an impound escrow between the Company, the Dealer
Manager and the Escrow Agent.  The
Company and the Dealer Manager agree that the subscribers who deposit into the
Escrow Account are not a party to this escrow.

7.             All
documents, including any instrument necessary for the negotiation or other
transfer of escrow assets, deposited simultaneously with the execution of this
Agreement are approved by the Company, and the Escrow Agent shall not be obligated
to inquire as to the form, manner of execution or validity of these documents
or any document hereafter deposited pursuant to the provisions hereof, nor
shall the Escrow Agent be obligated to inquire as to the identity, authority or
rights of the persons executing the same.  The Escrow Agent shall be liable under this
Agreement only for its gross negligence or willful misconduct in the
performance of its duties expressly set forth in this Agreement.  The Escrow Agent shall have a lien on all
securities, monies and documents deposited in this escrow by each subscriber to
secure Escrow Agent’s reasonable compensation and expenses and for judgments,
attorneys’ fees and other 

 

liabilities which
the Escrow Agent may incur or sustain by reason of this escrow, and the
undersigned agrees to pay to Escrow Agent, upon demand, amounts to satisfy all
such liabilities, fees and expenses.  In
case of conflicting demands upon it, the Escrow Agent may withhold performance
of this escrow until such time as the conflicting demands shall have been
withdrawn or the rights of the respective parties shall have been settled by
court adjudication, arbitration, joint order or otherwise.

8.             Until
the termination of the Offering, the Company shall notify the Escrow Agent of the
Company’s acceptance or rejection of each subscription agreement as promptly as
practicable, but in any event within ten (10) days of its receipt, and of any
subscription which is rescinded within five (5) days of such rescission.  If the Escrow Agent receives notice that a
subscription is rejected by the Company, the subscriber’s deposit will be
returned by the Escrow Agent to the subscriber, without interest or deduction,
as promptly as practicable, but in any event within ten (10) days after its
receipt of notice from the Company that the subscription has been rejected.  If a subscription is rescinded, the Escrow
Agent shall return to the subscriber the subscriber’s deposit, without interest
or deduction, within seven (7) days of being notified by the Company of such
rescission.  In the event the check of a
subscriber whose subscription has been rescinded has been negotiated (and if
the funds represented thereby have been disbursed to the Company), the Company
shall deposit with the Escrow Agent an amount of funds equal to the amount
necessary to be returned to the subscriber (or the Escrow Agent may deduct such
amount from any funds due to the Company under this Agreement).  The Escrow Agent shall not be liable for the
failure to return a rejected or rescinded subscription if the Company fails to
notify the Escrow Agent of the rejection of rescission of the corresponding
subscription agreement.

9.             Commencing
with the original effective date of the Company’s prospectus (the “Effective
Date”) and ending on the Termination Date (the “Offering Period”), the Escrow
Agent shall:

(a)           disburse
to the Company on a weekly basis any funds received by the Escrow Agent for
accepted subscriptions (but not those funds of a subscriber whose subscription
has been rejected or rescinded of which the Escrow Agent has been notified by
the Company, or otherwise in accordance with the Company’s written request, and

(b)           subject
to Section 10 hereof, invest any funds held in the escrow in such
instruments as the Company may direct.

Upon termination of the
Offering (the “Termination Date”), all amounts theretofore undistributed shall
be distributed to the Company, and this escrow shall close and be consummated
in its entirety.

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10.           The
funds deposited herein shall be invested in federally insured bank accounts (e.g., savings accounts), short-term
certificates of deposit issued by a bank, short-term securities issued or
guaranteed by the United States government and any other investments permitted
under Rule 15c2-4 of the Securities Exchange Act of 1934, as amended, at the
direction of the Company.  The interest
on such investments shall, on a monthly basis while subscribers’ deposits
remain in escrow and, if all conditions herein are met, when such deposits are
disbursed to the Company, be disbursed by the Escrow Agent to the Company in
accordance with Section 9 hereof.

11.           The
Company agrees to disburse to the Dealer Manager any funds due to it for the
Offering in accordance with the terms and conditions of the Dealer Manager Agreement
dated [        ] between the Company
and the Dealer Manager, provided that the Escrow Agent has disbursed to the
Company the funds due to the Company for the related subscriptions.  The Dealer Manager shall assist the Company in
connection with the Company’s compliance with this Agreement.  The Dealer Manager shall not have any lien on
or security interest in any securities, monies or documents deposited in this
escrow.

12.           Any
notices which are required or desired to be given hereunder to the parties hereto
shall be in writing and may be given by mailing the same to the address
indicated below (or to such other address as either of the parties may have
theretofore substituted therefor by written notification to the other party
hereto), by registered or certified United States mail, postage prepaid.  For all purposes hereof, any notice so mailed
by the Escrow Agent shall be treated as though served upon the party to whom it
was mailed at the time it is deposited in the United States mail by the Escrow
Agent whether or not such party thereafter actually receives such notice.  Notices to the Escrow Agent shall be in
writing and shall not be deemed to be given until actually received by the
Escrow Agent’s trust department.  Whenever
under the terms hereof the time for giving a notice or performing an act falls
upon a Saturday, Sunday or bank holiday, such time shall be extended to the
Escrow Agent’s next business day.

13.           The
Escrow Agent, when acting as the Escrow Agent hereunder, undertakes to perform
only such duties as are expressly set forth herein and the Escrow Agent shall
not be subject to, nor obliged to recognize, any other agreement between, or
direction or instruction of, the Company even though reference thereto may be
made herein; provided, however, this Agreement may be amended at any time or
times by an instrument in writing signed by the Company, the Dealer Manager and
Escrow Agent.  In the event the Escrow
Agent becomes involved in or is threatened with litigation by reason hereof, it
is hereby authorized to and may deposit with the clerk of a court of competent
jurisdiction any and all funds held by it pursuant hereto, and thereupon the
Escrow Agent shall stand fully relieved and discharged of any further duties
hereunder.

14.           If
any property subject hereto is at any time attached, garnished or levied upon,
under any court order, or in case the payment, assignment, transfer, conveyance
or delivery of any such property shall be stayed or enjoined by any court
order, or in any case any order, judgment or decree shall be made or entered by
any court affecting such property, or any part thereof, then in any of such
events, the Escrow Agent is authorized, in its sole discretion, to rely upon
and comply with any such order, writ, judgment or decree, which it is advised
by legal counsel of its own choosing is binding upon it, and if it complies
with any such order, writ, 

 3
 

 

judgment or
decree, it shall not be liable to any of the parties hereto or to any other
person, firm or corporation by reason of such compliance, even though such
order, writ, judgment or decree may be subsequently reversed, modified,
annulled, set aside or vacated.

15.           This
Agreement shall be construed, enforced and administered in accordance with the
internal laws, as opposed to the conflicts of laws provisions, of the State of
Illinois.

16.           The
Escrow Agent shall be entitled to reasonable fees in connection with this
Escrow, which fees shall be payable by the Company.

17.           The
Escrow Agent may resign at any time upon giving at least thirty (30) days’
prior written notice to the Company; provided, however, that no such
resignation shall become effective until the appointment of a successor escrow
agent which shall be accomplished as follows: The Company shall use its best
efforts to select a successor escrow agent within thirty (30) days after
receiving such notice.  If the Company
fails to appoint a successor escrow agent within such time, the Escrow Agent
shall have the right to appoint a successor escrow agent.  The successor escrow agent shall execute and
deliver an instrument accepting such appointment and it shall, without further
acts, be vested with all the estates, properties, rights, powers, and duties of
the predecessor escrow agent as if originally named as escrow agent.  Upon delivery of such instrument, the Escrow
Agent shall be discharged from any further duties and liability under this
Agreement.  The Escrow Agent shall be
paid any outstanding fees and expenses prior to transferring assets to a
successor escrow agent.

18.           Any
notice required to be given hereunder by any of the parties hereto shall be
addressed as follows:

	
  If to the Company:

  	
  Inland American Real Estate Trust, Inc.

  	
   

  
	
   

  	
  2901 Butterfield Road

  	
   

  
	
   

  	
  Oak Brook, IL 60523

  	
   

  
	
   

  	
  Attention:

  	
  Ms. Roberta S. Matlin

  	
   

  
	
   

  	
  Telephone:

  	
  (630) 218-8000

  	
   

  
	
   

  	
  Facsimile:

  	
  (630) 218-4955

  	
   

  
	
   

  	
   

  	
   

  
	
  If to
  the Dealer Manager:

  	
  Inland Securities Corporation

  	
   

  
	
   

  	
  2901 Butterfield Road

  	
   

  
	
   

  	
  Oak Brook, IL 60523

  	
   

  
	
   

  	
  Attention:

  	
  Ms. Brenda G. Gujral

  	
   

  
	
   

  	
  Telephone:

  	
  (630) 218-8000

  	
   

  
	
   

  	
  Facsimile:

  	
  (630) 218-4955

  	
   

  
	
   

  	
   

  	
   

  
	
  If to
  Escrow Agent:

  	
  LaSalle Bank National Association

  	
   

  
	
   

  	
  Global Escrow Services

  	
   

  
	
   

  	
  135 South LaSalle Street, Suite 1560

  	
   

  
	
   

  	
  Chicago, IL 60603

  	
   

  
	
   

  	
  Attention:

  	
  Mark T. LoIacono

  	
   

  
	
   

  	
  Telephone:

  	
  (312) 904-6836

  	
   

  
	
   

  	
  Facsimile:

  	
  (312) 904-4019 

  	
   

  

 

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19.           The
foregoing is subject to the following conditions:

(a)           The
obligations and duties of the Escrow Agent are confined to those specifically
enumerated in the escrow instructions.  The Escrow Agent shall not be subject to, nor
be under any obligation to ascertain or construe the terms and conditions of
any other instrument, whether or not now or hereafter deposited with or
delivered to the Escrow Agent or referred to in the escrow instructions, nor
shall the Escrow Agent be obligated to inquire as to the form, execution,
sufficiency, or validity of any such instrument nor to inquire as to the
identity, authority, or rights of the person or persons executing or delivering
the same.

(b)           The
Escrow Agent shall not be personally liable for any act which it may do or omit
to do hereunder in good faith and in the exercise of its own best judgment.  Any act done or omitted by the Escrow Agent
pursuant to the advice of its attorneys shall be deemed conclusively to have been
performed or omitted in good faith by the Escrow Agent.

(c)           If
the Escrow Agent should receive or become aware of any conflicting demands or
claims with respect to this Agreement, or the rights of any of the parties
hereto, or any money, property, or instruments deposited herein or affected
hereby, the Escrow Agent shall have the right in its sole discretion, without
liability for interest or damages, to discontinue any or all further acts on
its part until such conflict is resolved to its satisfaction and/or to commence
or defend any action or proceeding for the determination of such conflict.  Notwithstanding any other provision hereof, in
the event of any dispute, disagreement or legal action relating to or arising
in connection with the escrow, the Escrow Fund, or the performance of the
Escrow Agent’s duties under this Agreement, the Escrow Agent will not be
required to determine the controversy or to take any action regarding it.  The Escrow Agent may hold all documents and
funds and may wait for settlement of any such controversy by final appropriate
legal proceedings, arbitration, or other means as, in the Escrow Agent’s
discretion, it may require.  In such
event, the Escrow Agent will not be liable for interest or damage.  Furthermore, the Escrow Agent may, at its
option, file an action of interpleader requiring the parties to answer and
litigate any claims and rights among themselves.  The Escrow Agent is authorized, at its option,
to deposit with the court in which such interpleader action is filed all
documents and funds held in escrow.  The
Escrow Agent is further authorized to withhold from such deposit for its own
account an amount sufficient to compensate itself for all costs, expenses,
charges, and reasonable attorneys’ fees incurred by it due to the interpleader
action.  Upon initiating such action, the
Escrow Agent shall be fully released and discharged of and from all obligations
and liability imposed by the terms of this Agreement.

(d)           The
Company and Dealer Manager agree, jointly and severally, to indemnify and hold
the Escrow Agent, its officers, directors and employees harmless from and
against all costs, damages, judgments, attorney’s fees (whether such attorneys
shall be regularly retained or specially employed), expenses, obligations and
liabilities of every kind and nature which the Escrow Agent may incur, sustain,
or be required to pay 

 5
 

 

in connection with or arising out of this Agreement, and to pay the
Escrow Agent on demand the amount of all such costs, damages, judgments,
attorney’s fees, expenses, obligations, and liabilities.  To secure said indemnification and to satisfy
its compensation hereunder, the Escrow Agent is hereby given a first lien upon
and the right to reimburse itself therefor out of, all of the rights, titles,
and interests of each of said parties in all money, property, and instruments
deposited hereunder, except for any money, property or instruments that relate
to money received that must be returned pursuant to the provisions of the last
sentence of Section 9.

[SIGNATURES ON THE FOLLOWING PAGE]

 6

 

 

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

	
  

  	
  Inland American Real Estate
  Trust, Inc.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
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  Inland Securities
  Corporation

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
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  LaSalle Bank National
  Association

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
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Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}]]