Document:

Exhibit 10.53

REAL ESTATE
PURCHASE AND SALE AGREEMENT

This Real Estate Purchase and Sale Agreement (“Agreement”)
is entered into as of January __, 2006 by and between Maple Leaf Expansion,
Inc. 3055 Belmont Avenue, Youngstown, OH 44505 (“Seller”) and Inland Real
Estate Acquisitions, Inc. 1175 Peachtree Street, NE 100 Colony Square, Suite
840 Atlanta, GA 30361 (“Purchaser”).

Article I.  Purchase and Sale

1.1                    In
consideration of the mutual covenants set forth in this Agreement, Seller
agrees to sell to Purchaser and Purchaser agrees to purchase from Seller, for
the Purchase Price (as hereinafter defined) and on the terms and conditions set
forth herein:

(a)                    All of the
land situated in Canfield, Ohio described in Exhibit A attached hereto and made
a part hereof, consisting of approximately 14.48 acres and commonly known as
Canfield Colonial Plaza (“Property”).

(b)                   All right,
title, and interest of Seller in and to all appurtenances benefiting or
belonging to the Property and all open or proposed highways, streets, roads,
avenues, alleys, privileges, licenses, easements, strips, gores and
rights-of-way in, on, contiguous to, abutting or adjoining the Property (“Appurtenances”).

(c)                    All right,
title, and interest of Seller in and to all structures, buildings (containing
approximately 100,992 rentable square feet of retail space), landscaping,
improvements and fixtures located on and/or forming a part of the Property,
including all machinery, equipment, and appliances used in connection with the
ownership, operation, maintenance or occupancy thereof, such as heating and
air-conditioning and ventilation systems and facilities used to provide any
utility services (“Improvements”).

(d)                   All right,
title, and interest of Seller in and to the leases and other agreements to occupy
the Property (“Leases”) and all guarantees thereof (“Guarantees”) related to
the performance of the obligations of a tenant under a Lease (“Tenant”) and all
security deposits or similar deposits made by Tenants under the Leases (“Security
Deposits”). (See Exhibit A-1.)

(e)                    All right,
title, and interest of Seller in and to all service, maintenance, utility and
other contracts related to the management, maintenance, or operation of the
Property (“Service Contracts”) in

 

 

 

effect at Closing (as hereinafter defined) and which
are not terminated as hereinafter provided. (See Exhibit A-2.)

(f)                      All right,
title, and interest of Seller in and to all licenses, permits, contracts,
approvals and certificates from any governmental unit or agency used in or relating
to the construction, ownership, operation, maintenance or occupancy of any part
of the Property or Improvements (“Permits”).

(g)                   All right,
title and interest of Seller in and to all site plans and studies related to
the Property or Improvements (“Plans and Specifications”).

(h)                   Any and all
warranties, guarantees or construction related contracts and claims or causes
of action associated therewith pertaining to the construction, operation or
maintenance of the Property or Improvements (“Warranties”).

The properties and assets listed above in this Section 1.1 are
collectively called the “Property Rights.”

Article II.  Purchase Price;
Earnest Money

2.1                    The
Purchase Price of the Property is Thirteen Million Seven Hundred Seventy Five
Thousand Dollars ($13,775,000.00) payable by Purchaser to Seller at closing by
Purchaser in cash, bank or cashier’s check, wire transfer, after taking into
consideration adjustments for the Deposit, closing costs and prorations.

2.2                    Purchaser
shall deliver to Chicago Title and Trust Company Chicago, Illinois with Nancy
Castro as Escrowee (“Escrow Agent”) within one (1) Business Day of Purchaser’s
execution of this Agreement the sum of Five Hundred Thousand Dollars
($500,000.00) (the “Deposit”). The Deposit shall be applicable to the Purchase
Price and non-refundable, except as otherwise herein expressly provided, after
the Contingency Period (as hereinafter defined). “Business Day” shall mean any
day other than a Saturday or Sunday on which national banks in Chicago,
Illinois are not authorized to close.

2.3                    Seller
desires to exchange the Property for property of like-kind in a transaction
that qualifies under Section 1031 of the Internal Revenue Code of 1986.

(a)                    Purchaser
agrees to cooperate with Seller to effect said exchange; provided, however,
that the Closing Date not be delayed and that Purchaser shall not be required
to pay or expend any funds greater

 

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than the Purchase Price specified herein. Purchaser
agrees that Seller may contract with a third party (referred to herein as the “Qualified
Intermediary”) to effect said exchange, and in such event Purchaser agrees that
(i) Purchaser’s direct transferor of the
Property may be either Seller or the Qualified Intermediary, and (ii) the
transferee of the proceeds of the sale of the Property may be either Seller or
the Qualified Intermediary, dependent upon the terms of any written agreement
between Seller and the Qualified Intermediary (“the Exchange Agreement”).
Seller agrees that any such Exchange Agreement will qualify under the so-called
Safe Harbor Rules of Treas. Reg. Section 1.1031 (k)-1 (g). Purchaser agrees
that the Qualified Intermediary may be substituted for or may act in lieu of
Seller under this Agreement and that any transfer of the Property to Purchaser
by or through the Qualified Intermediary will be acceptable to Purchaser so
long as the transfer satisfies all of the Seller’s obligations under this
Agreement; provided however, nothing herein shall relieve Seller of its
obligations hereunder nor any liability for any of its representations,
warranties or covenants hereunder.

(b)                   Purchaser makes
no representation to Seller regarding the tax consequences of Seller’s
transactions with the Qualified Intermediary, and the conveyance of replacement
property by the Qualified Intermediary to Seller, and particularly, but without
limitation thereto, whether such conveyance qualifies under Section 1031 of the
Internal Revenue Code of 1986, as amended, provided, however, that Purchaser
agrees, upon Seller’s request, to take no action that Purchaser knows would
prevent Seller from effecting or qualifying said exchange nor omit to take any
action that Purchaser knows is necessary for Seller’s qualification of such an
exchange, as long as such action or inaction shall not harm Purchaser or result
in any potential cost or liability of Purchaser.

(c)                    It is the
intention of the parties that Seller be permitted to qualify the sale of the
Property for tax-deferred treatment under Section 1031 of the Internal Revenue
Code of 1986, as amended, and therefore, notwithstanding any other provision in
the Agreement, no funds shall be paid or distributed from the net proceeds by
the Qualified Intermediary to (or for the benefit of) Seller, and Seller shall
not have the right to pledge, borrow or otherwise obtain the benefits of the
net proceeds of the sale of the Property before the earlier of Seller’s written
notice to the Qualified Intermediary that it waives its right to receive
replacement property in lieu of the proceeds of the Purchase Price hereunder,
or (ii) the earlier of (A) the passage of one hundred eighty days after the
Closing of the transfer of Property by Seller, or (B) the due date for Seller’s
tax return for the

 

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                                year
of Seller’s sale of the Property. In that event, the Qualified Intermediary
shall pay and distribute to Seller the balance of the funds then in escrow.

(d)                   Seller agrees
that Purchaser may also conduct a like-kind exchange as part of this
transaction and the parties agree that the rights and obligations set forth in
paragraphs (a) through (c) above will apply in reciprocal fashion for purposes
of completing Purchaser’s like-kind exchange.

Article III.  Contingency Period

3.1                    Purchaser
shall have thirty (30) Business Days from the Effective Date as defined in
Section 12.5 of this Agreement (“Contingency Period”) to enter upon the
Property for the making of any soil tests, inspections, surveys, topographical
drawings, and other purposes deemed necessary by Purchaser with 24 hour advance
notice to Seller. Purchaser shall conduct such inspections in a manner not
disruptive to the Tenants (and in accordance with any limitations set forth in
the Leases) and at Purchaser’s sole cost and expense. Purchaser hereby agrees
to indemnify Seller and to hold Seller, Seller’s agents and employees and the
Property harmless from and against any and all losses, mechanic’s and
materialmen’s liens and attorneys fees, arising out of or in connection with
Purchaser’s access to or entry upon the Property under this Section 3.1.
Purchaser’s indemnity and hold harmless obligations pursuant to this Section
3.1 shall survive the termination or expiration of this Agreement by Closing or
otherwise. Purchaser agrees that if Closing shall not occur, Purchaser shall
provide Seller with copies of any reports or test results received.

3.2                    Within
five (5) days of the Effective Date, Seller shall provide to Purchaser the
following items, to the extent in Seller’s possession or control:

(a)                    Copies of all
Leases and Guarantees, including amendments and option exercises;

(b)                   Copies of all
Warranties relating to any personal property, fixtures, equipment or
appurtenances included in the Property, all Service Contracts relating to the
Property, and all leases of personal property used in the operation or
maintenance of the Property, together with a list thereof specifying all
amendments thereto;

(c)                    True and
accurate statements of the operations of the Property reflecting all expenses
and income from the Property for the one-year period ended December 31, 2003,
the one-year period ended December 31, 2004, and the one year period ended
December 31, 2005, together with the current rent roll of the Property.

 

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(d)                   Copies of all
real estate tax bills and utility bills in connection with the Property;

(e)                    Copies of
percentage rent/sales figure letters, for the previous three years, from all
Tenants who report sales;

(f)                      Copies of:
any existing plans for the buildings on the Property; any existing survey of
the land and building, most recent title policies covering the Property;
certificates of occupancy for all spaces within the Improvements in Seller’s
possession; permits, authorizations, approvals and licenses issued by any
governmental or quasi governmental authority relating to the Property (“Permits”);
any existing environmental assessment reports for the Property; any existing
appraisals for the Property and any existing engineering/architectural reports
on the buildings;

(g)                   A copy of a
certificate of the casualty and liability insurance currently covering the
Property; and

(h)                   Those
additional documents and items listed on Schedule 1 attached hereto.

If Purchaser shall not close on this transaction, Purchaser agrees to
return all such material to Seller.

3.3                    Purchaser’s
Satisfaction. The obligation of Purchaser to close the transaction
contemplated hereby is subject, at Purchaser’s option, to Purchaser’s review
and approval prior to expiration of the Contingency Period of (i) the financial
data and information respecting the operation of the Property, (ii) the
feasibility of Purchaser’s acquisition of the Property, (iii) the physical and
structural condition of the Property, (iv) the Leases and Service Contracts,
and (v) all other documents and items to be delivered to or made available to
Purchaser pursuant to Section 3.2 above. If, for any reason whatsoever,
or no reason at all, Purchaser, in its sole and absolute discretion, is not
satisfied with any of the foregoing at any time on or before the expiration of
the Contingency Period, then Purchaser may elect, at its option, to terminate
this Agreement by delivering notice of termination to Seller prior to the
expiration of the Contingency Period, in which event the Deposit shall
forthwith be returned to Purchaser, and thereafter neither Seller nor Purchaser
shall have any further obligations or rights under this Agreement except those
that specifically survive a termination as provided in this Agreement. If
Purchaser fails to timely give notice of termination, Purchaser shall be deemed
to be satisfied with such matters, and the conditions precedent in this Section
3.3 shall be deemed to be satisfied.

 

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Article IV.  Survey and Title
Insurance

4.1                    Seller
shall deliver to Purchaser any existing survey or title insurance guaranty or
commitment of the Property in Seller’s possession or control. In addition upon
mutual execution of this Agreement Seller shall at Seller’s expense order an
ALTA/ACSM survey (the “Updated Survey”) in accordance with the survey
requirements set forth on Schedule II attached hereto.

4.2                    Upon
mutual execution of this Agreement, Purchaser shall order a title commitment
for an owner’s title insurance policy (form B) (the “Owner’s Title Insurance
Policy”) to be issued in the name of Purchaser by Chicago Title Insurance
Company (“Title Company”). The title commitment or Owner’s Title Insurance
Policy shall provide for (i) deletion of the standard exceptions and Seller
hereby agrees to cooperate and execute all documents reasonably required to
delete such standard exceptions, and (ii) the following special endorsements
(collectively, the “Special Title Endorsements”):
Zoning Endorsement 3.1 (amended to include parking and loading dock coverage),
owner’s comprehensive, access, survey (legal description equivalency), P.I.N.,
contiguity (if applicable), encroachment (if applicable), utility facility,
subdivision, location, environmental lien and deletion of the arbitration
provision and creditors’ rights provision.

4.3                    Purchaser
shall notify Seller of any objections to the title commitment, survey, and/or
Schedule B documents within ten (10) days following the receipt of the title
commitment and Schedule B documents and the Updated Survey and any such item or
matter to which Purchaser has not objected to shall be deemed to be a “Permitted
Exception”. Regarding any such objections to the title commitments, Schedule B
documents, or Updated Survey Seller shall have until prior to Closing to remove
or cause the title insurance company to insure against such objectionable
exceptions and provide Purchaser with reasonable evidence of such removal or
that said matters will be cured, removed, or insured against before Closing. If
Seller fails to cure, Purchaser may either accept title as is and proceed to
Closing or elect to terminate the agreement with no further obligation or
liabilities to either Seller or Purchaser and Purchaser shall be entitled to a
refund of the Deposit.

Article V.  Conditions
Precedent to Closing

5.1                    Purchaser’s
obligation to purchase the Property is subject to the satisfaction or written
waiver by Purchaser, of the following conditions prior to Closing:

 

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(a)                    Seller is able
to convey to Purchaser good and marketable title to the Property and the
Improvements by good and sufficient general warranty deed (the “Deed”)
satisfactory to Purchaser, subject to the Permitted Exceptions.

(b)                   The
representations, warranties and covenants of Seller herein shall be true and
correct in all material respects on the date of this Agreement and on the
Closing Date as if each were made again at such time, subject to 6.3, and Seller
shall have complied fully with all agreements to be performed by it at or prior
to the Closing Date.

(c)                    No suit,
action or proceeding shall have been instituted to restrain or prohibit the
acquisition by Purchaser or the transfer by Seller of the Property Rights in
accordance with the terms of this Agreement, nor shall any action, suit or
proceeding have been instituted or be pending against or affecting Purchaser,
Seller, or the Property Rights.

(d)                   The Property
shall be in the same condition and repair, less ordinary wear and tear, as it
was on the date of this Agreement, except for matters related to condemnation
and/or casualty, which shall be governed by Article X of this Agreement.

(e)                    Seller shall
have furnished to Purchaser or Title Company the Deed and all other documents
to be executed and/or delivered by Seller under this Agreement and shall have
observed and performed all other material obligations of Seller under this
Agreement.

(f)                      Seller shall
have furnished to Purchaser, Title Company, or Lender, in a form reasonably
acceptable to Purchaser, such other commercially reasonable documents as are
necessary for Closing or assuming the Loan.

(g)                   Estoppel
certificates, in the form of Exhibit C, or in such other form as may be
required by a particular Lease, executed by each Tenant under the Leases (the “Estoppel
Certificates”) shall be delivered to Purchaser at least five (5) days prior to
the Closing Date.

(h)                   The Title
Company irrevocably commits to issue the Owner’s Policy subject only to the
Permitted Exceptions and containing the Special endorsements.

(i)                       All
Certificates of Occupancy for spaces within the Improvements have been issued.

 

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(j)                       Purchaser
shall have received an REA Estoppel (the “REA Estoppel”) in the form and
substance reasonably acceptable to Purchaser from all parties to all
restrictions and easements agreements, operating and easement agreements, and
other similar agreements of record with respect to the Property (collectively
the “REA’s”).

(k)                    The Leases
shall be in full force and effect and there shall be no default thereunder.

(l)                       There shall
be no material adverse change after the Effective Date in the financial
condition of the Tenants nor shall have any of the Tenants closed or vacated
their premises.

(m)                 At least
eighty-five percent (85%) of the gross leaseable area of the Improvements shall
be leased to Tenants under Leases which Tenants are in occupancy, paying full
rent, open for business and hold a valid certificate of occupancy for such
space.

Article VI.  Closing

6.1                    Closing
and settlement (“Closing”) shall occur at the offices of the Escrow Agent on
the last day of the Contingency Period or via mail. The date of the Closing is
the “Closing Date.” Time is of the essence with respect to the Closing Date.

6.2                    At
Closing, Seller shall convey to Purchaser good and marketable title to the
Property and the Improvements by good and sufficient general warranty deed
satisfactory to Purchaser, subject only to the Permitted Exceptions.

6.3                    Seller
shall pay one-half (1/2) the full cost of the conveyance fee or transfer tax,
one-half (1/2) of any escrow fee and all of Sellers incurred legal fees, Seller
shall pay for the costs of the survey, phase one environmental report, and appraisal.
Any and all other third party reports to be paid for by Purchaser. Purchaser
shall pay for all Purchaser’s legal fees, the Owner’s Title policy and all
endorsements, examination and commitment fees, escrow fees, recording fees of
the deed and any mortgage granted to Purchaser. Purchaser shall pay one-half
(1/2) the full cost of conveyance fee or transfer tax, and one-half (1/2) of
any escrow fee.

6.4                    Purchaser
and Seller shall prorate and apportion, as of the Closing Date, real estate
taxes and general assessments which are due for the period of time in which
Closing occurs, or which are a lien but not yet due and payable, using the
rates and valuations shown on the latest available tax bills.

 

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6.5                    Seller
shall execute any and all documents and perform any and all acts proper,
customary or reasonably necessary to consummate this transaction and vest in
Purchaser absolute title to the Property. Likewise Purchaser shall execute any
and all documents and perform any and all acts proper, customary or reasonably
necessary to consummate this transaction and vest in Purchaser absolute title
to the Property. Seller shall deliver to Purchaser original letters in the form
of Exhibit D, executed by Seller, advising Tenants of the sale of the Property
and directing that rents and other payments thereafter be sent to Purchaser or
as Purchaser may direct.

6.6                    Full
and exclusive possession of the Property shall be given to Purchaser as of the
Closing Date, subject to the existing Leases and rights of others pursuant to
Permitted Exceptions.

6.7                    Seller
shall convey all right, title and interest to Purchaser in and to all licenses,
Permits, Plans and Specifications, Warranties (together with the issuer’s
consent thereto if required by the terms thereof) contracts, approvals and
certificates from any governmental unit or agency used in or relating to the
construction, ownership, operation or occupancy of the Property.

6.8                    On
the Closing Date or as soon as practical thereafter, Seller shall deliver to
Purchaser all non-proprietary files and documents related in any manner
whatsoever to the Property, to the extent in Seller’s possession or subject to
Seller’s control, and to the extent not subject to any obligation of confidentiality.

6.9                    Seller
shall convey all right, title and interest to Purchaser in and to all Service
Contracts as to which Purchaser has not notified Seller of Purchaser’s desire
not to assume the same.

6.10              Seller
shall deliver:

(a)                    An assignment
of leases properly executed by Seller to Purchaser granting the landlord’s
interest in, to and under the Leases and Guarantees, and containing an
assumption by Purchaser of Seller’s obligations under the Leases from and after
the Closing Date.

(b)                   Four (4) copies
of a closing settlement statement between Seller and Purchaser, duly executed
by Seller, setting forth the prorations and adjustments to the Purchase Price
in accordance with this Agreement; it being agreed that such settlement shall
be mutually approved by Seller and Purchaser at least 48 hours prior to Closing
(the “Settlement Statement”).

 

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(c)                    An assignment,
in recordable form, of all of Seller’s rights and interests in, to and under
the REA if applicable.

(d)                   A recertified
rent roll dated as of the Closing Date.

(e)                    A certificate
executed by Seller stating that the representations and warranties set forth in
Section 4.6 hereof are true and correct as of the Closing Date.

(f)                      All other
documents reasonably determined by Purchaser or Title Company to be necessary
to transfer the Property to Purchaser free and clear of all encumbrances,
except for the Permitted Exceptions, including without limitation the
following:

(1)                     Copies of
notices terminating and canceling any and all Service Contracts not assumed by
Purchaser at Closing, including in particular any management contracts and/or
brokerage listing and leasing agreements;

(2)                     All records
and files (or certified copies thereof) relating to the operation and maintenance
of the Property; and

(3)                     To the extent
in Seller’s possession or control, plans and specifications, engineering plans
and studies, and other similar documents relating to the Property, Real Estate
or Improvements.

(g)                   All keys to the
Property in Seller’s possession.

(h)                   An audit letter
executed by Seller in the form of Exhibit E attached hereto (Purchaser shall be
responsible for all fees of auditors in connection with any audit.).

(i)                       A FIRPTA
Affidavit.

6.11              In addition to the items set forth in Section
6.4, the following adjustments shall be made to the amount to be paid by
Purchaser and received by Seller at Closing:

(a)                    Seller shall cause all utility meters to be
read as of the Closing Date, and Seller shall pay at Closing all utility bills
and charges accruing up to the Closing Date. If a final bill for the utilities
cannot be obtained at the time of Closing, then a proration shall be made using
the most recent utility bills; provided, however, when the

 

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actual
bills are available a correct proration of utility charges shall be made.

(b)                   Periodic payments due under any Service
Contracts assumed by Purchaser will be prorated.

6.12              Payments to be received from Tenants will be
allocated between Seller and Purchaser as follows:

(a)                    Minimum rent (base or fixed rent), additional
rents and other charges, for operating and maintenance costs, real estate
taxes, insurance and the like, due and accrued as of the Closing Date under the
Leases will be prorated as of the Closing Date, and Purchaser shall be entitled
to a credit at Closing for Purchaser’s prorated share of all such amounts.
Seller and Purchaser shall provide to each other copies of all reports relating
to the aforementioned which it has received from or sent to Tenants and/or
subtenants, so that each party may have the full lease year information
necessary to ascertain and confirm that amount to which it is entitled. In the
event that after receiving any credit for accrued and unpaid rent from the
month in which closing occurs, Purchaser receives such rent, Purchaser shall
remit such rental payment to Seller.

(b)                   Tenant charges accrued but not yet due on the
Closing Date and real estate tax payments shall be prorated when received. The
first of any such items received by Purchaser from such Tenants or other
sources subsequent to the Closing Date shall be retained by Purchaser on
account of rents or other charges coming due for periods from and after the
Closing Date, and any excess received by Purchaser shall be promptly remitted
to Seller on account of such delinquencies existing prior to Closing.

(c)                    The Security Deposits, if any, shall be
transferred or credited to Purchaser at Closing.

(d)                   Notwithstanding the provisions of this Article
to the contrary, the apportionment of percentage rent, and the amounts due by
Purchaser to Seller, respectively, under each of the Leases for percentage rent
shall be made or paid on or before the thirtieth (30th) day following the date when the last amount
due on account of such percentage rent has been paid by the Tenant under its
Lease with respect to the percentage rent lease year (as defined in such Lease)
in which the Closing Date falls. The amount to be apportioned shall be the
total of the amounts collected by both Purchaser and Seller as percentage rent
for such percentage rent

 

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lease
year. Seller’s portion thereof shall be an amount which bears the same ratio to
the total percentage rent for the applicable percentage rent lease year as the
number of days up to but excluding the Closing Date in such percentage rent
lease year shall bear to the full number of days in such percentage rent lease
year; and Purchaser shall be entitled to retain the remaining portion.

(e)                    In the event that at Closing hereunder, there
are any vacant spaces (individually a “Vacant Space” and collectively “Vacant
Spaces”) at the Property, then, at Closing, Seller shall deposit with Escrow
Agent an amount (the “Leasing Deposit”) equal to one hundred percent
(100%) of the sum of the following products for all of the vacant spaces, as to
each vacant space, (a) the sum of (i) the per square foot annual base rent set
forth on Exhibit [A-1] for such Vacant Space or in the lease for an unoccupied,
but leased, Vacant Space plus (ii) $1.85 per square foot, multiplied by
(iii) the amount of the square footage of such Vacant Space, multiplied by (b)
2. The Leasing Deposit shall be held in escrow by Escrow Agent, subject to the
terms and conditions of this Agreement, and shall be disbursed as hereinafter
provided.

The Leasing Deposit shall
be held in escrow by Escrow Agent, subject to the terms and conditions of this
Agreement, and shall be disbursed as hereinafter provided. Commencing on the
date of Closing, and continuing on the first (1st)
day of each calendar month thereafter until the twenty-fifth (25th) month after
the Closing Date, Purchaser shall be entitled to receive, from the Leasing
Deposit, an amount equal to one-twenty-fifth (1/25th)
of the initial balance in the Leasing Deposit, which monthly payment shall
continue until the earlier of (i) the date the Leasing Deposit has been
disbursed in full or (ii) with respect to any portion of the Vacant Space, the
date that such portion has been leased to a third party tenant and such tenant
has satisfied the Occupancy Condition (the “Lease-Up Event”). At such
time as the Lease-Up Event has occurred and Purchaser has received all
requisite payments then-due hereunder for such Vacant Space, the balance of the
Leasing Deposit, if any, for that Vacant Space, shall be released to Seller.
Purchaser shall notify Escrowee within two (2) days following the Lease-Up
Event. On the date following the satisfaction of the Occupancy Condition by any
tenant leasing any Vacant Space at the Property, Seller shall be entitled to
receive from the Leasing Deposit the remaining amount still being held in
escrow for that particular Vacant Space and the monthly payment from the
Leasing Deposit that Purchaser is entitled to receive pursuant to this
paragraph.

 

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For purposes hereof, “Occupancy
Condition” shall mean that (i) the tenant under the applicable Lease has taken
occupancy of the premises demised under such Lease, has accepted the
improvements being constructed by the landlord under such Lease, has opened for
business and has commenced paying rent under such Lease, all of which shall be
evidenced in an estoppel certificate in the form required under such Lease (or
if no form is required, then in the form set forth in Exhibit “C”
attached hereto) and (ii) the Improvements (including interior tenant
improvements) under the applicable Lease have been completed in accordance with
the terms of such Lease, except for any mechanical adjustments or minor details
of construction or decoration or other items commonly recognized in the
construction industry as “punch list” items, and a certificate of occupancy has
been issued for each such tenant improvements.

In the event that,
despite the Occupancy Condition not having been met with respect to a tenant
under an executed lease, Purchaser receives a rental payment from such tenant,
Purchaser shall not withdraw such amount from the Leasing Deposit, or if
already withdrawn shall redeposit the lesser amount in the Leasing Deposit.

Seller shall be
responsible for the Lease-Up of the Vacant space at terms negotiated by Seller
but not be obligated to do so. Though not obligated, Seller shall use best
efforts to do so. In lieu of the foregoing, Seller has provided for the Escrow
monies as enumerated in this Section. Seller shall not be obligated to pay for any Tenant Improvements Tenant
Allowance, Leasing commission or any third party fees for any tenant procured
by Purchaser during or after the two (2) year escrow period. Notwithstanding
anything to the contrary herein Seller shall be responsible for any Tenant
Improvement Allowance or Leasing commission due and payable in connection with
any lease procured by Seller during the two (2) year escrow period, only. In
the event Seller neglects to do what is stated above and a lien appears on
title because of Seller’s neglect and lien holder can produce written
verification that Seller has agreed to a dollar amount owed (i.e. contract,
work order, etc.) then Seller will immediately pay lien holder so lien will be
removed. In the event that Purchaser incurs any loss or expense in connection
with any claim for lien as enumerated above or payment due resulting from
Seller in the scenario herein failing to pay Contractor any money due for a
claim for TI verifiable in writing signed by Seller whereby Contractor seeks
payment via litigation as opposed to filing a lien, Seller shall pay such loss
or expense to Purchaser.

 

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All leases procured by
Seller shall be submitted to Purchaser for review and approval which approval
shall not be unreasonably withheld. If Seller should submit a Lease with a bona
fide Lessee which complies with the Leasing Parameters set forth on Exhibit F,
and the rental rates set forth on Exhibit A-1, and Purchaser should not approve
said deal, Purchaser shall notify Seller in writing as to the bona fide
reason(s) Purchaser is objecting. Seller shall have the right to in good faith dispute
Purchaser objection(s) other than for obvious issues such as bad credit or an
undesirable use which would devalue the premises. If the Purchaser’s objection
is in legitimate dispute by Seller, Seller shall be entitled to the release of
the escrow funds equal to the amount of the rent to be paid by the unapproved
Lessee.

6.13              Prior
to Closing:

(a)                    Seller shall
promptly notify Purchaser of any suit, action or other proceeding before any
court or governmental body, authority or agency and any cause of action of
which Seller has knowledge that relates to the Property or that might result in
impairment or loss of Seller’s
title to the Property, the value thereof or that might interfere Purchaser’s
intended use of the Property.

(b)                   Seller shall
use commercially reasonable efforts to comply in all material respects with all
laws, rules, regulations, ordinances and orders of all local, state and federal
governmental bodies, authorities and agencies having jurisdiction over the
Property.

(c)                    Seller shall
use commercially reasonable efforts to take or cause to be taken all such
actions as may be necessary or advisable to consummate and make effective the
sale of the Property as contemplated by this Agreement, except as otherwise
provided herein.

(d)                   Seller shall
promptly notify Purchaser if Seller fails to perform or comply with any
covenant or agreement contained in this Agreement.

Article VII.  Purchaser’s
Warranties and Representations.

7.1                    Purchaser
represents and warrants to Seller that:

(a)                    Except as
expressly set forth herein, neither Seller nor any agent or other
representative of Seller has made any representations or warranties whatsoever
and Purchaser has not relied on any such

 

14

 

statements pertaining to
the Property regarding this transaction or any fact relating thereto, including
but not limited to, any representations or warranties concerning the physical
condition of the Property, access, zoning laws, environmental matters,
utilities, or any other matter affecting the Property or the use thereof;

(b)                   Purchaser
acknowledges that Purchaser has had the opportunity to inspect the Property
including environmental conditions. Except as otherwise specifically stated in
this Agreement. Seller hereby disclaims any warranty, guaranty or
representations, oral or written, past, present or future, of, as to, or
concerning the nature and condition of the Property or the compliance of the
Property with any laws, ordinances, regulations of any governmental or other body.
The sale of the Property as provided for herein is made on an “as is, where is”
basis and Purchaser accepts said Property with all existing liabilities and
obligations, unless otherwise specifically stated in this Agreement. Purchaser
has the organizational power and authority to purchase the Property as provided
in this Agreement and to carry out Purchaser’s obligations hereunder, and all
requisite organizational action necessary to authorize Purchaser to enter into
this Agreement and carry out Purchaser’s obligations hereunder has been, or on
the Closing Date will be, taken.

(c)                    Purchaser will
indemnify, defend and hold harmless Seller and its officers, employees,
contractors, agents, representatives, successors and assigns from and against
any losses arising out of or relating to Hazardous Materials placed upon the
Property by Purchaser or its agents or invitees on or after the Closing Date.

Article VIII.  Seller’s
Warranties and Representations 

8.1                    Seller
hereby covenants, warrants, and represents:

(a)                    As of the date
Seller executed this Agreement, there is no current, or to the best of Seller’s
knowledge threatened, litigation, condemnation, foreclosure action, or other
proceeding affecting the Property, or any part thereof.

(b)                   As of the date
Seller executed this Agreement, there are no agreements to which Seller is a
party or otherwise bound (whether oral or written) to the best knowledge and
belief of Seller restricting development, construction, or operation of the
Property as a retail shopping center.

 

15

 

(c)                    To Seller’s
knowledge, no improvements made to adjoining property encroaches upon said
Property.

(d)                   The Property
has not been classified under any designation authorized by law to obtain a
special low ad valorem tax rate or receive either an abatement or deferment of
ad valorem taxes which, in such case, will result in additional, catch-up, or
adjustment in future ad valorem taxes in order to recover the amounts
previously abated or deferred; and all improvements made by any local
governmental authority that now benefit or will benefit the Property upon
completion have been assessed against the Property as of the Effective Date.

(e)                    The Leases and
Guarantees, including amendments thereto and, to Seller’s knowledge, all other
documents delivered or to be delivered to Purchaser pursuant to this Agreement
are true and correct copies of originals and any and all information supplied
to Purchaser by Seller is and will be true, complete and accurate.

(f)                      To Seller’s
knowledge as of the date Seller executed this Agreement, unless revealed in the
documents delivered by Seller to Purchaser, there are no Hazardous Materials or
Solid Wastes or underground storage tanks, nor have been nor are there any
currently, on, under or about the Property. The term “Hazardous Materials” as
used in this Agreement shall mean unlawful quantities of hazardous substances,
hazardous waste, hazardous materials, pollutants, contaminants, or toxic
substances within the meaning of the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et
seq.; the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et
seq.; the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901 et
seq.; The Toxic Substances Control Act, 15 U.S.C. Section 2601, et seq.:
hazardous chemicals, as defined under OSHA’s hazard communication standard, 29
C.F.R. , Section 1910.1200; and those substances defined as hazardous wastes or
as hazardous substances under the laws of the State of Ohio; and in the
regulations adopted, published and/or promulgated pursuant to such laws or in
substitution or amendment of such laws. The term “Solid Wastes” as used in this
Agreement shall mean “Solid Wastes” as defined in the Resource Conservation and
Recovery Act or under the laws of the State of Ohio. Seller has not received
any written notice from any governmental agency or private or public entity
advising that Seller is responsible for or potentially responsible for response
costs or response actions with respect to a release, a threatened release or
clean-up of substances produced by, or resulting from, any business, commercial
or industrial activities,

 

16

 

operations or processes related to the Property of
Seller or predecessors of Seller. Seller will indemnify, defend and hold
harmless Purchaser and its officers, employees, contractors, agents, members,
representatives, successors and assigns from and against any losses arising out
of or relating to Hazardous Materials placed upon the Property by Seller on or
prior to the Closing Date.

(g)                   Seller is not a
“non resident alien”, foreign corporation, foreign partnership, foreign trust
or foreign estate within the meaning of the Internal Revenue Code and Income
Tax Regulations.

(h)                   Seller has the
authority and power to enter into this Agreement and to complete the Closing,
Neither the execution and delivery of this Agreement, nor Seller’s performance
of this Agreement, are restricted by, or violate, any contractual or other
obligations of Seller.

(i)                       Seller
shall continue to maintain the Property in accordance with Seller’s customary
practices pending Closing.

(j)                       As of the
date Seller executed this Agreement, Seller has received no notice from any
governmental authority having jurisdiction over any part of the Property
requiring or calling attention to the need for any work, repairs, construction,
alterations or installations on or in connection with any part of the Property
because of uncorrected violations of any applicable building, safety or fire
ordinances.

(k)                    Seller has
paid all unemployment taxes to date.

8.2                    Intentionally
Deleted.

8.3                    To the extent
that Purchaser knows or is deemed to know prior to the expiration of the
Contingency Period that Seller’s representations and warranties are inaccurate,
untrue or incorrect in any way, such representations and warranties shall be
deemed modified to reflect Purchaser’s knowledge or deemed knowledge, as the case
may be. For purposes of this Agreement, Purchaser shall be “deemed to know” of
the existence of a fact or circumstance to the extent that such fact or
circumstance is disclosed by this Agreement, the Leases, any estoppel
certificate executed by any tenant of the Property and delivered to Purchaser,
or any studies, tests, reports, or analyses prepared by or for Purchaser or any
of its employees, agents, representatives or attorneys (all of the foregoing
being herein collectively called the “Purchaser’s Representatives”) or
otherwise obtained by Purchaser or Purchaser’s Representatives discloses such
fact or circumstance; and Purchaser shall

 

17

 

be “deemed to know” that a representation or warranty
was untrue, inaccurate or incorrect to the extent that this Agreement, any of
the Leases, any estoppel certificate executed by any tenant of the Property and
delivered to Purchaser or any Purchaser’s Representative, or otherwise obtained
by Purchaser or any Purchasers Representative, contains information which is
inconsistent with such representation or warranty. All of Seller’s
representations and warranties contained in this Agreement shall be true and
accurate at and as of the Closing Date in all material respects as though such
representations, warranties and covenants were made at and as of the Closing
Date, except to the extent such representations, warranties and covenants
relate to an earlier date and except for the Authorized Changes. For purposes
hereof, “Authorized Changes” shall mean any matters to which Purchaser has
given its written consent.

8.4                    If
at or prior to the Closing, Purchaser or any Purchaser’s Representative obtains
actual knowledge that any of the representations or warranties made herein by Seller
are untrue, inaccurate or incorrect in any material respect. Purchaser shall
give Seller written notice thereof within five (5) business days of obtaining
such knowledge (but, in any event, prior to the Closing). If at or prior to the
Closing, Seller obtains actual knowledge that any of the representations or
warranties made herein by Seller are untrue, inaccurate or incorrect in any
material respect. Seller shall give Purchaser written notice thereof within
five (5) business days of obtaining such knowledge (but, in any event, prior to
the Closing). In either such event, Seller shall have the right to cure such
misrepresentation or breach and shall be entitled to a reasonable adjournment
of the Closing (not to exceed thirty (30) days) for the purpose of such cure.
If Seller does not cure any such misrepresentation or breach of warranty, then
Purchaser, as its sole remedy for any and all such materially untrue,
inaccurate or incorrect material representations or warranties, shall elect
either (a) to waive such misrepresentations or breaches of warranties and
consummate the transaction without any reduction of or credit against the
Purchase Price, or (b) to terminate this Agreement by written notice given to
Seller on or prior to the Closing Date in which event this Agreement shall be
terminated, the Deposit shall be returned to Purchaser and, thereafter, neither
party shall have any further rights or obligations hereunder.

Article IX.  Default

9.1.                 If,
on or prior to the Closing Date, (a) Purchaser is in default of any of its
obligations hereunder, and such default continues for ten (10) days after
notice from Seller, but in no event beyond the Closing Date, or (b) any of
Purchaser’s representations or warranties is untrue, inaccurate or incorrect in
any material respect, or (c) the Closing otherwise fails to occur by reason of
Purchaser’s failure or refusal to perform its obligations

 

18

 

hereunder in a prompt and timely manner, then Seller
shall be entitled to receive the Deposit as liquidated damages, and thereafter
neither party to this Agreement shall have any further rights or obligations
hereunder other than any arising under any Section herein which expressly
provides that it survives the termination of this Agreement.

9.2.                 If,
on or prior to the Closing Date, (a) Seller is in default of any of its
obligations hereunder, and such default continues for ten (10) days after
notice from Purchaser, but in no event beyond the Closing Date, or (b) any of
Seller’s representations or warranties are untrue, inaccurate or incorrect in
any material respect, or (c) the Closing otherwise fails to occur by reason of
Seller’s failure or refusal to perform its obligations hereunder in a prompt
and timely manner, or (d) any condition precedent to Purchaser’s obligation to
close the transaction has failed to occur, then Purchaser shall have the right,
to elect, as its sole and exclusive remedy, to (i) terminate this Agreement by
written notice to Seller, promptly after which the Deposit shall be returned to
Purchaser, or (ii) waive the condition and proceed to close the transaction, or
(iii) in the case of clauses (a), (b) or (c) of this Section 9.2 (but not in
the case where clause (d) applies) seek specific performance of this Agreement
by Seller (and receive reasonable out of pocket costs (including, without
limitation, reasonable attorneys’ fees) in successfully seeking specific
performance), or (iv) in the case of (A) any fraudulent misrepresentation or
actual fraud committed by Seller or (B) an intentional and deliberate act or
omission that causes specific performance not to be a viable remedy, pursue a
claim for damages (but excluding consequential damages). As a condition
precedent to Purchaser exercising any right it may have to bring an action for
specific performance hereunder, Purchaser must commence such an action within
one hundred eighty (180) days after the occurrence of Seller’s default.
Purchaser agrees that its failure to timely commence such an action for specific
performance within such one hundred eighty (180) day period shall be deemed a
waiver by it of its right to commence an action for specific performance as
well as a waiver by it of any right it may have to file or record a notice of lis pendens or
notice of pendency of action or similar notice against any portion of the
Property. For a period of not
less than six (6) months following Closing, Seller shall maintain a net worth
of at least $720,000.00.

9.3                    No
waiver of any covenant or condition or the breach of any covenant or condition
of this Agreement shall be taken
to constitute a waiver of any subsequent breach of any such covenant or
condition, or to justify or authorize the non-observance on any other occasion
of the same of any other covenant or condition hereof.

Article X.  Condemnation;
Casualty

 

19

 

10.1           If
all or any portion of the Property is condemned prior to Closing and Purchaser
notifies Seller in writing of such conclusion (stating its reasons) within
fifteen (15) days after learning of such condemnation action, then Purchaser
may terminate this Agreement and be entitled to a refund of the Deposit. If
this Agreement is not terminated pursuant to the preceding sentence, the
Purchase Price of the Property shall not be
affected, it being agreed that if the award is paid prior to the
Closing, such amount shall be held in escrow and delivered to Purchaser at the
time of Closing, and if the award has not been paid prior to the Closing, then
at the Closing, Seller shall assign to Purchaser all of Seller’s right, title,
and interest with respect to such award and shall further execute any other
instrument requested by Purchaser to assure that such award is paid to
Purchaser. If this Agreement is not terminated pursuant to this Section 10.1,
Purchaser shall have the right to contest the condemnation of the Property
and/or the award resulting therefrom. The rights and obligations set forth in
this Section 10.1 are subject to the rights of the Lender under the Loan
Documents and the Tenants under the Leases.

10.2           Except
as otherwise provided in this Agreement, Seller assumes all risks and liability
for damage to or injury occurring to the Property by fire, storm, accident, or
any other casualty or cause until the Closing has been consummated. If the
Property, or any part thereof, suffers any damage in excess of One Hundred
Thousand and No/100 Dollars ($100,000.00) prior to the Closing from fire or
other casualty or as a result of any damage a tenant under a Lease elects to
terminate its Lease, Purchaser may either at or prior to Closing (a) terminate
this Agreement and receive a full refund of the Deposit, or (b) consummate the
Closing, in which latter event all of Seller’s right, title and interest in and
to the proceeds of any insurance covering such damage to the extent the amount
of such insurance does not exceed the Purchase Price, shall be assigned to
Purchaser at the Closing and Purchaser shall receive a credit for the
deductible. If the Property, or any part thereof, suffers any damage equal to
or less than One Hundred Thousand and No/100 Dollars ($100,000.00) prior to the
Closing and no tenant under a Lease has elected to terminate its Lease,
Purchaser agrees that it will consummate the Closing and accept the assignment
of the proceeds of any insurance covering such damage plus an amount equal to
Seller’s deductible under its insurance policy and there shall be no reduction
in the Purchase Price.

Article XI. Brokers

11.1           Except
for the payment at the Closing of a Broker’s fee by Seller to Marcus & Millichap pursuant to a
separate agreement with Seller, each party shall indemnify and hold harmless
the other with regard to any and all loss, claim, damages, liability, costs,
and expenses (including

 

20

 

reasonable attorney’s fees) that each other may suffer
as a result of any claims or suits brought by any broker or finder employed or
engaged by the party providing the indemnification in connection with this
transaction. This Section 11.1 shall survive the Closing.

Article XII. Miscellaneous Provisions

12.1           All
notices provided for herein shall be in writing and addressed as set forth
below. All notices shall be personally delivered, faxed, emailed or sent by
independent overnight delivery service such as Federal Express, United Parcel
Service, United States Postal Service Express Mail, or Airborne Express.
Notices shall be effective as follows: upon receipt, if personally delivered;
on the date faxed, if faxed on the date emailed, if emailed; or one (1) business
day after delivery to an independent overnight delivery service, if sent in
that manner. Either party shall have the right to designate a new address for
the receipt of notices by giving written notice as herein provided, but
notwithstanding the foregoing, such notice of a new address shall not be effective
until actually received by the other party.

 

	
  To Seller:

  	
   

  	
  Maple Leaf
  Expansion

  3055 Belmont Avenue

  Youngstown, OH 44505

  Telephone # (330) 759-0102:

  Facsimile # (330) 759-0199

  E-mail: petrarcaco@aol.com

  
	
   

  	
   

  	
   

  
	
  With a copy to:

  	
   

  	
  Victor C. Hull,
  Esq.

  3055 Belmont Avenue

  Youngstown, OH 44505

  Telephone # (330) 759-0102:

  Facsimile # (330) 759-0199

  E-mail: vhull@petrarcaco.com

  
	
   

  	
   

  	
   

  
	
  To Purchaser:

  	
   

  	
  Inland Real
  Estate Acquisitions, Inc.

  1175 Peachtree Street, NE

  100 Colony Square, Suite 840

  Atlanta, GA 30361

  Attn: Jason Lazarus

  E-mail: jlazarus@inlandgroup.com

  
	
   

  	
   

  	
   

  
	
  With a copy to:

  	
   

  	
  The Inland Real
  Estate Group, Inc.

  2901 Butterfield Road

  Oak Brook, IL 60523

  Telephone # (630) 218-8000

  Facsimile # (630) 218-4900

  

 

21

 

	
   

  	
   

  	
  Attn: Dennis K.
  Holland

  E-mail: dholland@inlandgroup.com

  

12.2           In
case any one or more of the provisions contained in this Agreement shall be for
any reason held to be invalid, illegal, or unenforceable in any respect, such
invalidity, illegality, or unenforceability shall not affect any other
provision hereof, and this Agreement shall be construed as if such invalid,
illegal, or unenforceable provision had never been contained herein.

12.3           Time
is of the essence in the fulfillment of each party’s respective covenants and
obligations. Any time period provided for herein which shall end on a Saturday,
Sunday, or legal holiday shall extend to 6:00 p.m. of the next business day. A
business day shall be defined as Monday thru Friday, not including legal holidays.

12.4           This
Agreement shall be construed in accordance with the laws of the State of Ohio.

12.5           This
document may be executed in a number of identical counterparts, each of which
shall be deemed an original and all of which, collectively, shall constitute one
agreement, it being understood and agreed that the signature pages may be
detached from one or more of such counterparts and combined with the signature
pages from any other identical counterparts in order that one or more fully
executed originals may be assembled. The “Effective Date” shall be the latter
date of execution hereof by Seller and Purchaser.

12.6           Seller
and Purchaser agree not to make any public announcement or disclosures
regarding this transaction, including but not limited to the agreed upon
Purchase Price, except as may be required for existing or prospective
mortgagees, title companies, or
governmental agencies or in connection with the performance of their respective
obligations hereunder.

12.7           Subject
to Section 2.3, Purchaser shall not assign this Agreement or its rights
hereunder to any individual or entity without the prior written consent of
Seller, which consent Seller may grant or withhold in its sole discretion, and
any such assignment shall be null and void ab initio; provided, however,
Purchaser may, without the prior written consent of Seller, assign Purchaser’s
rights hereunder to any partnership, limited liability company or corporation
(including a corporation, limited liability company, partnership or other
entity to be formed hereafter) directly or indirectly controlling, controlled
by or under common control with either the party executing this Agreement as “Purchaser”
or Inland American Real Estate Trust, Inc. In the event of an assignment by
Purchaser pursuant to this Section 12.7, Purchaser shall deliver or cause to be
delivered at the

 

22

 

Closing all such documents reasonably required by
Seller evidencing the assignment and assumption of all of Purchaser’s
obligations under this Agreement and such assignment and assumption shall not
release the Purchaser named herein from Purchaser’s obligations hereunder.

12.8           This
Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective legal representatives, successors and assigns.

12.9           No
waiver, modification, amendment, discharge or change of this Agreement shall be
valid unless the same is in writing and signed by the party against which the
enforcement of such modification, waiver, amendment, discharge or change is
sought. No delay or omission in the exercise of any right or remedy accruing to
Seller or Purchaser upon any breach under this Agreement shall impair such
right or remedy or be construed as a waiver of any such breach theretofore or
thereafter occurring. The waiver by Seller or Purchaser of any breach of any
term, covenant, or condition herein stated shall not be deemed to be a waiver
of any other breach, or of a subsequent breach of the same or any other term,
covenant, or condition herein contained.

12.10    This Agreement contains the entire Agreement
between the parties relating to the transactions contemplated hereby and all
prior or contemporaneous agreements, understandings, representations or
statements, oral or written, are superseded hereby.

12.11    In connection with any litigation arising out of
this Agreement, the prevailing party shall be entitled to recover all costs
incurred, including reasonable attorney’s fees. The parties each waive trial by
jury in any legal action between the parties arising out of this Agreement.

SIGNATURES ON FOLLOWING PAGE

 

23

 

IN WITNESS WHEREOF, intending to be legally bound
hereby, Seller has hereunder set its hand on February 3, 2005.

 

	
   

  	
   

  	
   

  	
  SELLER:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  MAPLE LEAF EXPANSION, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Thomas W. Petrarca

  
	
   

  	
   

  	
   

  	
   

  	
  Thomas W. Petrarca, President

  

 

IN WITNESS WHEREOF, intending to be legally bound
hereby, Purchaser has hereunder set its hand on January 31, 2005.

 

	
   

  	
   

  	
   

  	
  PURCHASER:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  INLAND REAL ESTATE ACQUISITIONS, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Jason Lazarus

  
	
   

  	
   

  	
   

  	
   

  	
  Title: Vice President

  

 

24

 

Exhibits to be attached

 

	
  A

  	
   

  	
  Legal
  Description

  
	
  A-1

  	
   

  	
  Lease Schedule

  
	
  A-2

  	
   

  	
  Service
  Contracts

  
	
  B

  	
   

  	
  Intentionally Omitted

  
	
  C

  	
   

  	
  Tenant Estoppel
  Form

  
	
  D

  	
   

  	
  Form of Tenant
  Notice

  
	
  E

  	
   

  	
  Audit Letter

  
	
  F

  	
   

  	
  Leasing
  Parameters

  

 

Schedules to be attached

 

	
  Schedule I

  	
   

  	
  Due Diligence
  Checklist

  
	
  Schedule II

  	
   

  	
  Survey
  RequirementsExhibit
10.54

 

ASSIGNMENT AND ASSUMPTION

OF PURCHASE AND SALE AGREEMENT

 

                                                This ASSIGNMENT AND ASSUMPTION OF
PURCHASE AND SALE AGREEMENT (this “Assignment’’) is made and entered into this
5th day of April, 2006 by Inland Real Estate Acquisitions, Inc., an Illinois
Corporation, (“Assignor”), and MB Canfield Main, L.L.C., a Delaware limited
liability company, (“Assignee”).

 

RECITALS

 

                                                A.                                   Maple Leaf Expansion, Inc. (“Seller”) and
Assignor have previously entered into that certain Purchase and Sale Agreement
dated as of January, 2006 (the “Purchase Agreement”), relating to the sale of a
certain shopping center commonly known as Canfield Plaza located in the City of
Canfield, Ohio.

 

                                                B.                                     Assignor desires to assign its interest
in and to the Purchase Agreement to Assignee upon the terms and conditions
contained herein.

 

                                                NOW, THEREFORE, in consideration of the
receipt of ten and 00/100 Dollars ($10.00) and other good and valuable
consideration in hand paid by Assignee to Assignor, the receipt and sufficiency
of which are hereby acknowledged by Assignor, the parties hereby agree as
follows:

 

                                                1.                                       Recitals.  The foregoing
recitals are, by this reference, incorporated into the body of this Assignment
as if the same had been set forth in the body hereof in their entirety.

 

                                                2.                                       Assignment and Assumption. 
Assignor hereby assigns, conveys, transfers, and sets over to Assignee
all of Assignor’s right, title, and interest in and to the Purchase Agreement.
Assignee hereby accepts the foregoing Assignment and assumes, and agrees to
perform, all duties, obligatioins, liabilities, indemnities, covenants, and
agreements of Assignor set forth in the Purchase Agreement.

 

                                                3.                                       Counterparts. 
This document may be executed in any number of counterparts, each of
which may be executed by any one or more of the parties hereto, but all of
which must constitute and instrument and shall be binding and effective when
all parties hereto have executed at least one counterpart.

 

                                                4                                          Successors.  This
Assignment shall be binding upon and for the benefit of the parties hereto and
their respective Successors and Assigns.

 

1

 

                                                IN WITNESS WHEREOF, Assignor and Assignee
have caused this Assignment to be executed as of the day and year first written
above.

 

	
  ASSIGNOR:

  	
   

  
	
   

  	
   

  	
   

  
	
  INLAND REAL ESTATE ACQUISITIONS, INC.,

  
	
  An Illinois Corporation

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Karen M. Kantz

  	
   

  
	
  Name:

  	
  Karen M. Kantz

  	
   

  
	
  Title:

  	
  Sr. Vice President

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  ASSIGNEE:

  	
   

  
	
   

  	
   

  	
   

  
	
  MB Canfield Main, L.L.C.,

  
	
  a Delaware limited liability company

  
	
   

  	
   

  	
   

  
	
  By:

  	
  Minto Builders (Florida), Inc., a

  
	
   

  	
  Florida corporation, its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Valerie Medina

  	
   

  
	
   

  	
  Name:

  	
  Valerie Medina

  	
   

  
	
   

  	
  Title:

  	
  Assistant Secretary

  	
   

  
					

 

2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}]]