Document:

EX-10.3

 Exhibit 10.3 
  

 
  

					
		  	COCA-COLA PLAZA	  	
		  	ATLANTA, GEORGIA	  	
	STEPHEN J. JONES	  		  	P. O. BOX 1734
	SENIOR VICE PRESIDENT	  		  	ATLANTA, GA 30301
	SYSTEM EVOLUTION	  		  	
		  		  	404 676-2805
		  		  	FAX 404-598-2805

 May 23, 2014 

Henry W. Flint 
 President and Chief Operating Officer 

Coca-Cola Bottling Co. Consolidated 
 4100 Coca-Cola Plaza 

Charlotte, NC 28211 
 Re: CCBCC’s Request
for Certain Advance Waivers for Ancillary Businesses under the Comprehensive Beverage Agreement 
 Dear Hank: 

In light of the specific facts and circumstances related to its corporate structure, Coca-Cola Bottling Co Consolidated
(“CCBCC”) has asked that The Coca-Cola Company (“TCCC”) provide certain advance waivers under the Comprehensive Beverage Agreement, as may be amended from time to time (“CBA”) with respect to
CCBCC’s acquisition or development of certain lines of business involving beverage activity that would otherwise be prohibited under the CBA. Defined terms used in this Letter Agreement have the meaning specified in the CBA, unless otherwise
noted. 
 We have agreed that the provision or sale of Beverages, Beverage Components and other beverage products not authorized or
permitted by the CBA will be permitted if provided or sold solely for internal consumption by employees and guests of CCBCC and its Affiliates. Generally, CCBCC and its Affiliates would intend and anticipate that Covered Beverages would be offered
in every beverage category in which TCCC participates. 
 In connection with the territory expansion contemplated for CCBCC by that certain
Letter of Intent dated April 15, 2013 between CCBCC and TCCC (the “LOI”), and as a condition to the prior consent of TCCC to the potential acquisition or development of certain lines of business identified in Section 2 of
this Letter Agreement, CCBCC hereby agrees to a “Focus Period.” The Focus Period will begin upon execution of the CBA for Johnson City, TN and Morristown TN territories, and will continue until January 1, 2017. If, however,
TCCC or CCBCC provides written notice to the other (a) that it is terminating discussions regarding the 

  
 Classified - Confidential

 
territory and asset transactions identified on Attachment A (as amended from time to time by agreement of the parties) to this Letter Agreement (the “Contemplated
Transactions”), or (b) if all of the Contemplated Transactions are consummated, that it does not intend to pursue any other transactions that would result in additional territory expansion by CCBCC, the Focus Period will expire on
the date of such notice, and this Letter Agreement will apply only to the CBA(s) governing territory granted to CCBCC in connection with any of the Contemplated Transactions that were consummated prior to such date. 

1. During the Focus Period, CCBCC and its Affiliates will not acquire or develop any line of business without TCCC prior written consent, which
consent will not be unreasonably withheld. However, during the Focus Period, CCBCC or any of its Affiliates may continue to: 
  

	 	A.	develop the lines of business listed on Attachment B to this Letter Agreement (the “Existing Lines of Business”) and, upon advance written notice to TCCC, may acquire a “bolt on” (i.e.,
acquisition of a business in the same line of business) to any Existing Line of Business, so long as, (i) in the case of any business other than Red Classic Services LLC, any such development or acquisition refrains from using any delivery
vehicles, cases, cartons, coolers, vending machines or other equipment bearing TCCC’s Trademarks and assigning personnel or management whose primary duties relate to delivery or sales of Covered Beverages or Related Products in the Territory
(other than executive officers of CCBCC), and (ii) in the case of Red Classic Services LLC, CCBCC and its Affiliates comply with the conditions set forth in Attachment B; and 

 

	 	B.	to the extent not prohibited under CCBCC’s Master Bottle Contract and other preexisting contracts with TCCC and its Affiliates, provide, outside of the Territory (as defined in the CBA), contract manufacturing
services for Beverages, Beverage Products and other beverage products that may be distributed, sold, marketed, dealt in or otherwise used or handled by third parties. 

2. After the expiration of the Focus Period, 
  

	 	A.	Consent of TCCC (which consent will not be unreasonably withheld) will only be required for acquisition or development by CCBCC or its Affiliates in the Territory of: 

 

	 	i.	any grocery, quick service restaurant, or convenience and petroleum store business engaged in the sale of Beverages, Beverage Components and other beverage products not otherwise authorized or permitted by the CBA
(“Prohibited Beverages”); or 

  
 Classified - Confidential

	 	ii.	any other line of business engaged in the preparation, distribution, sale, dealing in or otherwise using or handling (collectively, “Beverage Activities”) of Prohibited Beverages in which all Beverage
Activities constitute in the aggregate more than ten percent (10%) of the net sales of such ancillary business provided such consent will not be required for any bolt on acquisition or development by Red Classic Services LLC provided the
conditions set forth in Attachment B to this Letter Agreement will continue to apply to any such acquisition or development. 

  

	 	B.	In all other cases, CCBCC or its Affiliates may develop or acquire any line of business in the Territory without prior consent of TCCC, so long as CCBCC and its Affiliates refrain from using any delivery vehicles,
cases, cartons, coolers, vending machines or other equipment bearing TCCC’s Trademarks and assigning personnel or management whose primary duties relate to delivery or sales of Covered Beverages or Related Products in the Territory (other than
executive officers of CCBCC) with respect to such line of business in the Territory and provide TCCC with at least 30 days prior written notice of the proposed line of business. If requested by TCCC within five business days of TCCC’s receipt
of such notice, the two most senior executive officers of CCBCC will discuss the proposed line of business with representatives of TCCC. 

As used herein “CBA” means the Comprehensive Beverage Agreement being entered into on the date hereof in connection with the Johnson
City, TN and Morristown, TN territories and, except as otherwise provided in the third paragraph of this Letter Agreement, any other Comprehensive Beverage Agreement, or similar agreement, entered into between the parties or their affiliates for
other territories subsequent to the date of this Letter Agreement, as any of such agreements may be amended or restated from time to time. This Letter Agreement will apply to each CBA or amended CBA entered into by CCBCC, including those entered
into after the date of this Letter Agreement. 
 Except as expressly set forth in this Letter Agreement, as applied solely to CCBCC, TCCC
expressly reserves and does not waive hereunder any and all rights under the CBA or any other agreement. TCCC and CCBCC agree that the contents of this Letter Agreement are confidential and that none of the parties may discuss or disclose any of the
provisions herein without the express written permission of the other parties, except (i) as required under applicable securities laws, legal process or other laws, (ii) that each party may disclose the contents of this Letter Agreement to
those of its directors, officers, employees, lenders, potential financing sources and representatives of its legal, accounting and financial advisors (the persons to whom such disclosure is permissible being collectively referred to herein as
“Representatives”) who have a need to know such information as long as such Representatives are informed of the confidential and proprietary nature of the information. The parties agree that the merger, integration and similar provisions
in each CBA stating that such CBA encompasses all agreements between the parties and supersedes all prior agreements will not have any effect on the validity and continuance of the provisions of this Letter Agreement, and TCCC and CCBCC agree never
to assert that this Letter Agreement has been superseded by a merger, integration or similar provision of any CBA unless the parties specifically state in such CBA that they intend to modify or supersede this Letter Agreement by making specific
reference to this Letter Agreement. 
 [Remainder of page intentionally left blank; signature page follows] 

  
 Classified - Confidential

 
	
	Sincerely,
	
	/s/ Stephen Jones
	Stephen Jones
	Senior Vice President
	System Evolution
	Coca-Cola North America

  

			
	Accepted and Agreed to:
	
	COCA-COLA BOTTLING CO. CONSOLIDATED
		
	By:	 	/s/ Henry W. Flint
		 	Henry W. Flint
		 	President and Chief Operating Officer
		 	Coca-Cola Bottling Co. Consolidated

 Signature Page to Letter Agreement Regarding CCBCC’s for Certain Advance Waivers 

for Ancillary Businesses under the Comprehensive Beverage Agreement 

 Attachment A 

Contemplated Transactions 
 1. Johnson
City/Morristown 
 2. Cookeville/Pikeville/Paducah 
 3.
Knoxville/Cleveland 
 4. Louisville/Lexington/Evansville 

  
 Classified - Confidential

 Attachment B 

Existing Lines of Business 
  

	1.	BYB Brands, Inc. 

  

	2.	Red Classic Services LLC — An over-the-road transportation and freight brokerage business, as described and conditioned in Schedule 14A Part 2 of the CBA for Johnson City, TN and Morristown, TN, executed at the
same time as this Letter Agreement, which description and conditions may be amended by agreement of the parties in future CBAs. 

  

	3.	Swift Water Logistics, Inc. — A broad array of logistical supply chain products and services. This business includes (i) assessing supply chain systems, (ii) advising regarding potential solutions,
(iii) developing, manufacturing, integrating and implementing processes, tools and solutions across the supply chain, and (iv) providing supply chain and operational services, including supply chain management, project management, network
strategy planning, territory planning and dispatch management, warehouse management and delivery and merchandising. 

  

	4.	Data Ventures Inc.—Develops and provides analytics product suites, analytics services and consulting services for a wide variety of industries. These product suites and services include data warehousing and access
solutions, shopper segmentation/clustering analytics, out of stock/shelf analytics, shopper behavior analytics, pricing and promotion analytics and product assortment analytics. 

 

	5.	Equipment Reutilization Solutions LLC—Provides manufacturing and maintenance services for heating, ventilation and air conditioning systems, including equipment employing refrigeration systems. These services
include manufacturing, installation, periodic maintenance service, and repair of mechanical and fluid systems employed in the beverage business, such as fountain dispenser equipment, vending equipment, and fast lane/cold carton merchandizing
equipment used in the beverage and other businesses. 

  

	6.	Third-party logistics services (“3PL Services”) and fourth-party logistics services (“4PL Services”). 3PL Services include the performance of outsourced logistics activities, such as warehousing,
inventory management, pick and pack services, and other value added services including those that have been performed traditionally within an organization itself. 4PL Services include acting as an integrator that assembles the resources,
capabilities and technology to design and build, execute and manage comprehensive supply chain solutions. 

  

	7.	Management services and shared services to third parties such as cooperatives, joint ventures and other entities engaged in bottling, beverage and/or other businesses that produce or distribute beverage products under
license from TCCC. 

  
 Classified - ConfidentialExhibit 10.8 Term Loan Amendment

REFORMATION AND
FOURTH MODIFICATION OF UNSECURED LOAN AGREEMENT

This REFORMATION AND FOURTH MODIFICATION OF UNSECURED LOAN AGREEMENT (the “Reformation”) is made and entered into as of June 20, 2014, but effective as of November 15, 2011 (the “Effective Date”), by and between Inland Real Estate Corporation, a Maryland corporation (“Borrower”) and Wells Fargo Bank, National Association (“Lender”), under the following circumstances.
RECITALS:
A.    Borrower and Lender entered into an Unsecured Loan Agreement as of November 15, 2011 (as previously amended, the “Loan Agreement”).  Capitalized terms used herein without definition shall have the meanings assigned to them in the Loan Agreement.
B.    In Article I of the Loan Agreement, the Borrower and Lenders provided that the definition of “Indebtedness” of a Person includes, among other things, “(f) all Guarantee Obligations of such Person (excluding in any calculation of consolidated Indebtedness of the Consolidated Group, Guarantee Obligations of one member of the Consolidated Group in respect of primary obligations of any other member of the Consolidated Group).”  
C.    The parties’ intent, as evidenced by their use of the defined term “Consolidated Outstanding Indebtedness” elsewhere in the Loan Agreement, was to reference “Consolidated Outstanding Indebtedness” to encompass the concept of the “consolidated Indebtedness of the Consolidated Group” in the definition of “Indebtedness.”
D.    In Article I of the Loan Agreement, the Borrower and Lenders provided in the definition of “Qualifying Unencumbered Property” that “[n]o asset shall be deemed to be unencumbered unless both such asset and all Capital Stock of the Subsidiary Guarantor owning such asset is unencumbered and neither such Subsidiary Guarantor nor any other intervening Subsidiary between Borrower and such Subsidiary Guarantor has any Indebtedness for borrowed money (other than Indebtedness due to Borrower).”  
E.    The parties’ intent in the Loan Agreement, as evidenced by Schedules 5 and 7 to the Existing Term Loan Agreement; Schedules 5 and 7 to the Existing Revolving Credit Agreement; and Schedules 1.1 and 4.26 to the Loan Agreement, was to permit Subsidiaries to guarantee the obligations of the Borrower as borrower under the Existing Revolving Credit Agreement and Wells Fargo Term Loan without such Guarantee Obligations causing any of the respective assets of these Subsidiaries to fail to be Qualifying Unencumbered Property.
F.    The Borrower and Lenders desire to reform and amend the Loan Agreement to more clearly reflect their intent and ensure that certain Guarantee Obligations of Subsidiaries not cause any of the respective assets of these Subsidiaries to fail to be Qualifying Unencumbered Property.
NOW, THEREFORE, the Loan Agreement shall be reformed and amended, effective as of the Effective Date, as follows:
1.Reformation of Loan Agreement.  Article I, titled Definitions, of the Loan Agreement is hereby reformed and amended by deleting the existing versions of the defined terms “Indebtedness” and “Qualifying Unencumbered Property” and replacing them with the following, respectively:  

“Indebtedness” - of any Person at any date means without duplication, 
(a) all indebtedness of such Person for borrowed money including without limitation any repurchase obligation or liability of such Person with respect to securities, accounts or notes receivable sold by such Person, 
(b) all obligations of such Person for the deferred purchase price of property or services (other than current trade liabilities incurred in the ordinary course of business and payable in accordance with customary practices), to the extent such obligations constitute indebtedness for the purposes of GAAP, 
(c) any other indebtedness of such Person which is evidenced by a note, bond, debenture or similar instrument, 
(d) the attributable Indebtedness of such Person with respect all Capitalized Lease Obligations and Synthetic Lease Obligations, 
(e) all obligations of such Person in respect of acceptances issued or created for the account of such Person, 
(f) all Guarantee Obligations of such Person (excluding in any calculation of Consolidated Outstanding Indebtedness, Guarantee Obligations of one member of the Consolidated Group in respect of obligations of any other member of the Consolidated Group), 
(g) all reimbursement obligations of such Person for letters of credit and other contingent liabilities, 
(h) all net obligations of such Person under Swap Contracts, and 
(i) all liabilities secured by any lien (other than liens for taxes not yet due and payable) on any property owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof. 
The amount of any net obligations under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date.  
“Qualifying Unencumbered Properties” - means any Stabilized Retail Project which as of any date of determination, 
(a) is wholly owned by a Subsidiary Guarantor, in fee simple or under the terms of a Financeable Ground Lease, 
(b) is located in the United States,

(c) is not, nor is any interest of Borrower or any Subsidiary therein, subject to any lien (other than Permitted Liens set forth in Sections 5.9(i) through 5.9(v)) or to any Negative Pledge (other than Permitted Negative Pledges); 
(d) with respect to which 
(i) none of Borrower’s direct or indirect ownership interest in such Subsidiary Guarantor is subject to any lien, or agreement (including any agreement governing Indebtedness incurred in order to finance or refinance the acquisition of such Project), other than this Agreement, the Existing Line of Credit Agreement and the Existing Term Loan Agreement,  which prohibits or limits the ability of 

such Subsidiary Guarantor to create, incur, assume or suffer to exist any Lien upon any Projects or Capital Stock of such Subsidiary Guarantor or to a Negative Pledge other than Permitted Negative Pledges; and 
(ii) Borrower directly, or indirectly through a Subsidiary, has the right to take the following actions without the need to obtain the consent of any Person: (x) to sell, transfer or otherwise dispose of such Project and (y) to create a Lien on such Project as security for Indebtedness of Borrower or such Subsidiary Guarantor, as applicable, other than, with respect to this clause (y) only, the consent of the lenders under this Agreement, the Existing Revolving Credit Agreement or the Existing Term Loan Agreement, to the extent consent is required under such agreements; 
(e) is not subject to any agreement (including any agreement governing Indebtedness incurred in order to finance or refinance the acquisition of such Project) which entitles any Person to the benefit of any Lien (other than Permitted Liens set forth in Sections 5.9(i) through 5.9(iv)) on any Project or Capital Stock of such Subsidiary Guarantor or would entitle any Person to the benefit of any such Lien upon the occurrence of any contingency (including, without limitation, pursuant to an “equal and ratable” clause); 
(f) is free of all structural defects or major architectural deficiencies, title defects, environmental conditions or other adverse matters except for defects, deficiencies, conditions or other matters individually or collectively which are not material to the profitable operation of such Project as evidenced by a certification of Borrower; and 
(g) when aggregated with all other Qualifying Unencumbered Properties, results in the Qualifying Unencumbered Properties as a whole having at least eighty percent (80%) of their aggregate gross leasable area physically occupied. 
No asset shall be deemed to be unencumbered unless such asset, all Capital Stock of the Subsidiary Guarantor owning such asset, and all Capital Stock of each intervening Subsidiary between the Borrower and such Subsidiary Guarantor are unencumbered.
2.Representations and Warranties.  As a material inducement to Lender's entry into this Reformation, Borrower represents and warrants to Lender as of the Effective Date:

		
	2.1
	Full Force and Effect.  The Note and other Loan Documents, as heretofore amended, are in full force and effect without any defense, counterclaim, right or claim of set-off; Borrower has no claim against Lender as of the date hereof; all necessary action to authorize the execution and delivery of this Agreement has been taken; and this Agreement is a modification of an existing obligation and is not a novation.

		
	2.2
	No Default.  No Default, breach or failure of condition has occurred, or would exist with notice or the lapse of time or both, under any of the Loan Documents (as modified by this Agreement) and that all representations and warranties herein, in the Loan Agreement (as modified hereby) and in the other Loan Documents are true and correct, and shall survive execution of this Agreement.

3.Non-Impairment.  Except as expressly provided herein, nothing in this Reformation shall alter or affect any provision, condition, or covenant contained in the Loan Agreement or any of the Loan Documents (as defined in the Loan Agreement) or affect or impair any rights, powers, or remedies of Lender, it being the intent of the parties hereto that the provisions of the Loan Documents shall continue in full force and effect except as expressly reformed and modified hereby; provided, 

that for purposes of avoiding ambiguity, Lender acknowledges and agrees that to the extent a breach of a Loan Document, a Default or an Unmatured Default would have occurred prior to the date of entry into this Reformation but for the corrections and modifications contained in, or otherwise effected by, this Reformation, no such breach, Default or Unmatured Default has occurred.

4.Counterparts.  This Reformation may be executed in one or more counterparts, each of which shall be deemed an original.

5.Lender’s Costs.  Borrower shall reimburse Lender for all of Lender's costs and expenses incurred in connection with this Reformation and the transactions contemplated hereby, whether such services are furnished by Lender's employees or agents or by independent contractors, including, without limitation, reasonable attorneys' fees, documentation costs and charges.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the parties have executed this Reformation as of the date first set forth above.
	
							
	BORROWER:
	 
	LENDER:

	 
	 
	 
	 
	 

	Inland Real Estate Corporation
	 
	Wells Fargo Bank, National Association

	 
	 
	 
	 
	 

	By:
	/S/  BRETT A. BROWN
	 
	By:
	/S/ WINITA LAU

	Name:
	Brett A. Brown
	 
	Name:
	Winita Lau

	Title:
	Executive Vice President
	 
	Title:
	Vice President

	 
	Chief Financial Officer
	 
	 
	 
	 

GUARANTOR CONSENT

Each of the undersigned (collectively, the "Guarantors") consents to the foregoing Fourth Modification Agreement and the transactions contemplated thereby and reaffirms its obligations under that certain Repayment Guaranty, dated November 15, 2011 (as it heretofore may have been amended or otherwise modified from time to time, the "Guaranty"), guarantying the Loan.

Each Guarantor reaffirms that its obligations under the Guaranty are separate and distinct from Borrower's obligations and reaffirms its waivers, as set forth in the Guaranty, of each and every one of the possible defenses to such obligations.

Agreed and Acknowledged:

Dated as of:  June 20, 2014

"GUARANTORS" 

Inland Skokie Fashion Square II, L.L.C., a Delaware limited liability company

By: Inland Real Estate - Illinois, L.L.C., a Delaware limited liability company, its sole member

By: Inland Real Estate Corporation, a Maryland corporation, its sole member

By:    /S/ BRETT A. BROWN                
Name:    Brett A. Brown
Title:    Executive Vice President
Chief Financial Officer

Inland Ryan, LLC, a Delaware limited liability company

By: Inland Real Estate Corporation, a Maryland corporation, its managing member 

By:    /S/ BRETT A. BROWN                
Name:    Brett A. Brown
Title:    Executive Vice President
Chief Financial Officer

Inland Big Lake, L.L.C., a Delaware limited liability company
Inland Nantucket Square, L.L.C., a Delaware limited liability company
Inland Real Estate-Illinois, L.L.C, a Delaware limited liability company
Inland Six Corners, L.L.C., a Delaware limited liability company
Inland Lansing Square, L.L.C., a Delaware limited liability company
Inland Maple Park Place, L.L.C., a Delaware limited liability company
Inland Elmhurst City Centre, L.L.C., a Delaware limited liability company
Inland St. James Crossing, L.L.C., a Delaware limited liability company
Inland Chestnut Court, L.L.C., a Delaware limited liability company
Inland Freeport Southwest Avenue, L.L.C., a Delaware limited liability company
Inland Wauconda Shopping Center, L.L.C., a Delaware limited liability company
Inland Eastgate Shopping Center, L.L.C., a Delaware limited liability company
Inland West River Crossings, L.L.C., a Delaware limited liability company
Inland Hickory Creek, L.L.C., a Delaware limited liability company
Inland Two Rivers Plaza, L.L.C., a Delaware limited liability company
Inland Elmwood Park, L.L.C., a Delaware limited liability company
Inland 250 Golf Schaumburg, L.L.C., a Delaware limited liability company
Inland Park Center Plaza, L.L.C., a Delaware limited liability company
Inland 1738 Hammond, L.L.C., a Delaware limited liability company
Inland Plymouth Collection, L.L.C., a Delaware limited liability company 
Inland V. Richards Plaza, L.L.C., a Delaware limited liability company
Inland Baytowne Square, L.L.C., a Delaware limited liability company
Inland Schaumburg Promenade, L.L.C, a Delaware limited liability company
Inland Brunswick Marketplace, L.L.C., a Delaware limited liability company
Inland Medina Marketplace, L.L.C., a Delaware limited liability company
Inland Hutchinson, L.L.C., a Delaware limited liability company
Inland Mankato Heights, L.L.C., a Delaware limited liability company
Inland Rochester Marketplace, L.L.C., a Delaware limited liability company
Inland Real Estate University Crossings, L.L.C., a Delaware limited liability company
Inland Real Estate Highway 41, L.L.C., a Delaware limited liability company
Inland Wauconda Crossings, L.L.C., a Delaware limited liability company
Inland Apache Shoppes, L.L.C., a Delaware limited liability company
Inland Bergen Plaza, L.L.C., a Delaware limited liability company
Inland Downers Grove Marketplace, L.L.C, a Delaware limited liability company
Inland TFM Lincolnshire, L.L.C., a Delaware limited liability company
Inland Goldenrod Marketplace, L.L.C., a Delaware limited liability company

Inland Iroquois Center, L.L.C., a Delaware limited liability company
Inland Mokena Marketplace, L.L.C., a Delaware limited liability company
Inland Oak Forest Commons, L.L.C. a Delaware limited liability company
PTI Ft. Wayne, LLC, a Delaware limited liability company
Inland Orland LaGrange Rd. Outlot L.L.C., a Delaware limited liability company
Inland Real Estate Park Square, L.L.C., a Delaware limited liability company
Inland Grayhawk, L.L.C., a Delaware limited liability company
Inland Warsaw, L.L.C., a Delaware limited liability company

Inland Gateway Square, L.L.C., a Delaware limited liability company

		
	By:
	INLAND REAL ESTATE CORPORATION, a Maryland corporation, as the sole member of each of the foregoing limited liability companies

By:    /S/ BRETT A. BROWN                
Name:    Brett A. Brown
Title:    Executive Vice President
Chief Financial Officer

IN Retail Fund Greentree, L.L.C., a Delaware limited liability company
IN Retail Fund Greentree Outlot, L.L.C., a Delaware limited liability company
Inland Mapleview, L.L.C., a Delaware limited liability company
Inland Free MPV, L.L.C., a Delaware limited liability company
IN Retail Fund Ravinia, L.L.C., a Delaware limited liability company
Inland Showplace, L.L.C., a Delaware limited liability company
Inland J.8K, L.L.C., a Delaware limited liability company

By: IN Retail Fund, L.L.C., a Delaware limited liability company, manager of each of the foregoing limited liability companies

   By:  IN Retail Manager, L.L.C., a Delaware limited liability company, its manager

      By:  Inland Real Estate Corporation, a Maryland corporation, its sole member and manager

By:    /S/ BRETT A. BROWN                
Name:    Brett A. Brown
Title:    Executive Vice President
Chief Financial Officer

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