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                                                                  Exhibit 10.348

                                                 Allstate Life Insurance Company
                                                                 Loan No. 122520

                               DEED OF TRUST NOTE

$18,163,000                                                    Chicago, Illinois
                                                                 August 19, 2004

       1.     PAYMENT OF PRINCIPAL AND INTEREST. FOR VALUE RECEIVED, INLAND
WESTERN SOUTHLAKE LIMITED PARTNERSHIP, an Illinois limited partnership (the
"Maker"), hereby promises to pay to the order of ALLSTATE LIFE INSURANCE
COMPANY, and any subsequent holder of this Note ("Holder" or "Holders") in the
manner hereinafter provided, the principal amount of EIGHTEEN MILLION ONE
HUNDRED SIXTY THREE THOUSAND DOLLARS ($18,163,000), together with interest on
the outstanding principal balance from the date of the initial disbursement (for
purposes of this Note, "disbursement" means the date funds are wire transferred
from Holder's account) of all or a part of the principal of this Note
("Disbursement Date") until maturity at the rate of five and 10/100 percent
(5.10%) per annum ("Contract Rate") as follows:

       (a)    interest only, in arrears, in the amount of SEVENTY SEVEN THOUSAND
ONE HUNDRED NINETY TWO AND 75/100 DOLLARS ($77,192,75) on the first day of
October, 2004, and on the first day of each month thereafter until this Note is
fully paid (the initial payment and each subsequent payment under this
subparagraph (b) shall each hereinafter be referred to as "Monthly Payment");
and

       (b)    on August 1, 2009, the entire unpaid principal amount and any
interest accrued but remaining unpaid and all other sums due under this Note.

       Except for the interest payable under paragraph (a) above, interest shall
be payable in arrears and calculated on the basis of a 360 day year containing
twelve 30 day months. All such payments on account of the indebtedness evidenced
by this Note shall be first applied to interest accrued on the unpaid principal
amount and the remainder toward reduction of the unpaid principal amount.

       2.     PAYMENT INFORMATION. All payments required to be made hereunder
shall be made during regular business hours to Holder at its office c/o
Commercial Mortgage Division, Allstate Plaza South, Suite G5C, 3075 Sanders
Road, Northbrook, Illinois 60062, Attention: Servicing Manager, with sufficient
information to identify the source and application of such payment to Holder's
Loan #122520, or at such other place as Holder may from time to time designate
in writing. All payments shall be made in currency of the United States of
America without presentment or surrender of this Note. Payments to Holder shall
be made by transferring immediately available federal funds by bank wire or
interbank transfer for the account of Holder. Any payment of principal or
interest received after 1:00 p.m. Chicago time shall be deemed to have been
received by Holder on the next business day and shall bear interest accordingly.
If and so long as Holder directs Maker to make payments to a servicing agent,
then payments may be made by check. Payments made by check will not be deemed
made until good funds for such check are received by Holder or the servicing
agent.

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       3.     SECURITY FOR NOTE. The payment of this Note and all other sums due
Holder is secured by (a) a Leasehold Deed of Trust, Assignment of Leases, Rents
and Contracts, Security Agreement and Fixture Filing ("Deed of Trust") of even
date herewith, granted by Maker, as grantor, to the Trustee therein named, for
the benefit of Holder, as beneficiary, covering Maker's interest in certain real
property, the improvements thereon and certain personal property situated in the
County of Tarrant, State of Texas and described in the Deed of Trust
("Property"), and (b) those certain instruments of indebtedness and security
described as "Related Agreements" in the Deed of Trust. Except as otherwise
defined herein, all of the defined terms contained in the Deed of Trust and the
Related Agreements are hereby incorporated herein by express reference.

       4.     LATE CHARGES. If any Monthly Payment required under this Note not
be paid in full on or before the fifth (5th) day of the month in which such
payment is due, Maker acknowledges that the Holder will incur extra expenses for
the handling of the delinquent payment and servicing the indebtedness evidenced
hereby, and that the exact amount of these extra expenses is extremely difficult
and impractical to ascertain, but that a charge of five percent (5%) of the
amount of the delinquent payment ("Late Charge") would be a fair approximation
of the expense so incurred by Holder. If applicable law requires a lesser
charge, however, then the maximum charge permitted by such law may be charged by
Holder for said purpose. Therefore, Maker shall, in such event, without further
notice, and without prejudice to the right of Holder to collect any other
amounts provided to be paid hereunder or under the Deed of Trust, the Related
Agreements or any other instrument executed for purposes of further securing
payment of the obligations evidenced by this Note, or to declare an Event of
Default, as defined below, pay to Holder immediately upon demand the Late Charge
to compensate Holder for expenses incurred in handling delinquent payments.

       5.     INTEREST PAYABLE UPON DEFAULT. If there occurs an Event of Default
under this Note or the Deed of Trust or under any Related Agreement, then the
unpaid principal amount of this Note, and all accrued and unpaid interest
thereon shall bear interest at the lesser of (a) the maximum rate permitted by
applicable law, or (b) the Contract Rate plus five percent (5%) per annum
compounded monthly ("Default Rate") from the date of expiration of any
applicable cure or grace period until such time, if any, as the Event of Default
is cured and the Deed of Trust and this Note are reinstated as permitted by
applicable law, or otherwise until such time as the unpaid principal amount of
this Note and all other indebtedness evidenced by this Note are fully repaid,
whichever is earlier.

       6.     EVENTS OF DEFAULT. An "Event of Default" shall exist under this
Note:

       (a)    in the event Maker shall fail to make any payment due under this
Note, other than the final payment and Prepayment Premium, on or before the
fifth (5th) day of the month in which such payment is due;

       (b)    in the event Maker shall fail to make the final payment or the
Prepayment Premium when such payment is due; or

       (c)    if there shall exist an Event of Default under the Deed of Trust,
or in any of the Related Agreements.

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       7.     ADDITIONAL PAYMENTS. The additional payments called for under
Paragraphs 4 and 5 shall be in addition to, and shall in no way limit, any other
rights and remedies provided for in this Note, the Deed of Trust, any Related
Agreements, or otherwise provided by law.

       8.     PAYMENT OF TAXES AND EXPENSES. Maker further promises to pay to
Holder, immediately upon written notice from Holder: (i) all recordation,
transfer, stamp, documentary or other fees or taxes levied on Holder (exclusive
of Holder's income taxes) by reason of the making or recording of this Note, the
Deed of Trust or any of the Related Agreements (if any) and (ii) all intangible
property taxes (if any) levied upon any Holder of this Note or beneficiary under
the Deed of Trust or secured party under the Related Agreements.

       Maker further promises to pay to Holder, immediately upon written notice
from Holder, all actual costs, expenses, disbursements, escrow fees, title
charges and reasonable legal fees and expenses actually incurred by Holder and
its counsel in (i) the collection, attempted collection, or negotiation and
documentation of any settlement or workout of the principal amount of this Note,
the interest thereon or any installment or other payment due hereunder, and (ii)
any suit or proceeding whatsoever at all trial and appellate levels in regard to
this Note or to protect, sustain or enforce the lien of any instrument securing
this Note, including, without limitation, in any bankruptcy proceeding or
judicial or nonjudicial foreclosure proceeding. It is the intent of the parties
that Maker pay all expenses and reasonable attorneys' and paralegals' fees
incurred by Holder as a result of or in connection with (A) matters described in
clauses (i) and (ii) above, (B) the negotiation and closing of the loan
transaction evidenced by this Note, and any supplements or amendments thereto,
(C) the protection of property given as security for the indebtedness evidenced
hereby, and (D) responding to requests from Maker that Holder take certain
actions, and as may otherwise be reasonably incurred by Holder as a result of or
in connection with entering into the loan transaction evidenced by this Note.

       9.     PREPAYMENT. Maker is prohibited from prepaying this Note until
September 1, 2005 (the "No-Prepayment Period"). Subsequent to the No-Prepayment
Period, at any time with thirty (30) days prior written notice to Holder,
specifying the date of prepayment, Maker will have the privilege of prepaying
the outstanding principal amount together with any accrued but unpaid interest,
any other sums secured by the Deed of Trust and the Related Agreements, and a
prepayment premium ("Prepayment Premium") equal to the greater of:

       (a)    one percent of the principal amount prepaid, or

       (b)    the yield maintenance payment calculated as follows:

              If the Prevailing Interest Rate is less than the Contract Rate,
              the yield maintenance payment shall be the remainder of (x) minus
              (y) where "(x)" is the present value of all unpaid installments of
              principal and interest due under this Note from the date of
              prepayment to and including the original maturity date of this
              Note, discounted at the Prevailing Interest Rate, plus 0.50
              percent (50 basis points), and "(y)" is the outstanding principal
              balance of this Note as of the prepayment date. The term
              "Prevailing Interest Rate" as used herein shall mean the yield to
              maturity on a United States Treasury Bond or Treasury Note
              selected by Holder having a maturity date as near as possible to
              the original maturity date of this

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              Note and an "ask" price, as close as possible to par (as published
              two weeks prior to the specified date of prepayment in THE WALL
              STREET JOURNAL or similar publication or available from the
              Federal Reserve Bank of New York), less the Basis Point Adjustment
              as computed in accordance with EXHIBIT A attached hereto to
              convert the monthly payments to a semi-annual equivalent.

       No Prepayment Premium shall be due on the principal balance prepaid
within the thirty (30) day period prior to the Maturity Date of this Note.

       Written notice of Maker's election to make a prepayment in full of this
Note shall be given in the manner provided for notices under the Deed of Trust.
Partial prepayment of the outstanding principal amount of this Note shall not be
permitted except in accordance with the terms of the Deed of Trust. In the event
of such a permitted partial prepayment, the Prepayment Premium calculated in
this Paragraph 9 shall be prorated based on the amount of the partial prepayment
relative to the then current outstanding principal balance of this Note.

       Maker acknowledges that Holder:

       (a)    has advanced the amounts evidenced by this Note with the
expectation that such amounts would be outstanding for a period at least equal
to the No-Prepayment Period;

       (b)    would not have been willing to advance such amounts on these terms
for a shorter period of time;

       (c)    in making the loan evidenced by this Note, is relying on Maker's
creditworthiness and its agreement to pay in strict accordance with the terms
set forth in the Note; and

       (d)    would not make the loan evidenced by this Note without full and
complete assurance by Maker of its agreement not to prepay all or a part of the
principal of this Note except as expressly permitted herein and in the Deed of
Trust.

       Maker has been advised and acknowledges that Holder is relying on the
receipt of payments under this Note to, among other things, match and support
its obligations under contracts entered into by Holder with third parties and
that in the event of a prepayment, Holder could suffer loss and additional
expenses which are extremely difficult and impractical to ascertain.
Accordingly, it is the express intent of Maker and Holder that: (a) Maker shall
have no right to prepay this Note during the No-Prepayment Period; (b) any
prepayment of this Note during the No-Prepayment Period shall only occur in the
event Holder accelerates payment under this Note or as otherwise set forth in
the Deed of Trust; (c) any prepayment described in foregoing clause (b) shall
(unless otherwise expressly permitted in the Deed of Trust) require the payment
of the Prepayment Premium; and (d) to the extent permitted by applicable law,
Maker has waived, and hereby waives, any right to prepay this Note except as
expressly provided in the Deed of Trust or this Note during the No-Prepayment
Period. In the event, notwithstanding the foregoing express intent of Maker and
Holder and the express waiver by Maker of any right to prepay this Note during
the No-Prepayment Period, that the applicable law of the jurisdiction in which
the Property is located permits the Maker to prepay this Note during the
No-Prepayment Period, then the applicable Prepayment Premium described in clause
(c) in the second sentence of this grammatical paragraph shall be paid to Holder
as a condition to any such prepayment.

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       Maker expressly acknowledges that, pursuant to the provisions of this
Note and except as otherwise provided in this Note or the Deed of Trust, Maker
has no right to prepay this Note in whole or in part during the No-Prepayment
Period. In the event any prepayment is required or expressly permitted, Maker
shall be liable for the payment of the Prepayment Premium unless expressly
stated otherwise in this Note or in the Deed of Trust. Furthermore, Maker waives
any rights it may have under any applicable state laws as they relate to any
prepayment restrictions contained in this Paragraph 9 or otherwise contained in
this Note and expressly acknowledges that Holder has made the loan evidenced by
this Note in reliance upon such agreement and waiver of Maker and that Holder
would not have made the loan evidenced by this Note without such agreement and
waiver of Maker. Maker acknowledges that specific weight has been given to the
consideration given for such agreement, which consideration is the granting of
the loan.

       10.    EVASION OF PREPAYMENT PREMIUM. Maker acknowledges that in the
event of an acceleration of payment of this Note following an Event of Default
by Maker, a tender of payment of an amount necessary to satisfy the indebtedness
evidenced hereby, but not including the Prepayment Premium, made at any time
prior to a foreclosure sale by Maker, its successors or assigns or by anyone on
behalf of Maker, or by a buyer upon foreclosure or power of sale, shall
constitute a prepayment hereunder and shall be presumed to be and conclusively
deemed to constitute a deliberate evasion of the prepayment provisions hereof
and shall therefore be subject to the Prepayment Premium in accordance with this
Note with the date of prepayment being deemed the date of occurrence of the
foreclosure sale or the tender of payment of the amount necessary to pay the
entire indebtedness evidenced hereby in full, including the Prepayment Premium.

       11.    MAKER'S COVENANTS. Maker agrees that:

       (a)    this instrument and the rights and obligations of all parties
hereunder shall be governed by and construed under the laws of the state or
commonwealth in which the Property is located;

       (b)    the obligation evidenced by this Note is an exempted transaction
under the Truth-in-Lending Act, 15 U.S.C Section 1601, ET SEQ. (1982);

       (c)    said obligation constitutes a business loan for the purpose of the
application of any laws that distinguish between consumer loans and business
loans and that have as their purpose the protection of consumers in the state or
commonwealth in which the Property is located;

       (d)    at the option of the Holder, the United States District Court for
the district in which the Property is located and any court of competent
jurisdiction of the state or commonwealth in which the Property is located shall
have jurisdiction in any action, suit or other proceeding arising out of or
relating to any act taken or omitted hereunder or the enforcement of this Note,
the Deed of Trust and the Related Agreements and Maker shall not assert in any
such action, suit or other proceeding that it is not personally subject to the
jurisdiction of such courts, that the action, suit or other proceeding is
brought in an inconvenient forum or that the venue of the action, suit or other
proceeding is improper;

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       (e)    it hereby waives any objections to venue; and

       (f)    it hereby waives its right to a trial by jury.

       12.    SEVERABILITY. The parties hereto intend and believe that each
provision of this Note comports with all applicable local, state and federal
laws and judicial decisions. However, if any provision or any portion of any
provision contained in this Note is held by a court of law to be invalid,
illegal, unlawful, void or unenforceable as written in any respect, then it is
the intent of all parties hereto that such portion or provision shall be given
force to the fullest possible extent that it is legal, valid and enforceable,
that the remainder of the Note shall be construed as if such illegal, invalid,
unlawful, void or unenforceable portion or provision was not contained therein,
and the rights, obligations and interests of Maker and Holder under the
remainder of this Note shall continue in full force and effect.

       13.    USURY LAWS. It is the intention of Maker and Holder to conform
strictly to the usury laws now or hereafter in force in the state or
commonwealth in which the Property is located, and any interest payable under
this Note, the Deed of Trust, or any Related Agreement shall be subject to
reduction to an amount not to exceed the maximum non-usurious amount for
commercial loans allowed under the usury laws of the state or commonwealth in
which the Property is located as now or hereafter construed by the courts having
jurisdiction over such matters. In the event such interest (whether designated
as interest, service charges, points, or otherwise) does exceed the maximum
legal rate, it shall be:

       (a)    cancelled automatically to the extent that such interest exceeds
the maximum legal rate;

       (b)    if already paid, at the option of the Holder, either be rebated to
Maker or credited on the principal amount of the Note (without a Prepayment
Premium and not to the payment of interest); and

       (c)    if the Note has been prepaid in full, then such excess shall be
rebated to Maker.

       All amounts paid or agreed to be paid which would under applicable law be
deemed "interest" shall, to the extent permitted by such applicable law, be
amortized, prorated, allocated and spread throughout the stated term of the
Note. The term "applicable law" as used in this paragraph shall mean the law in
effect from time to time which lawfully permits the charging and collection of
the highest permissible, lawful, nonusurious rate of interest on the
transactions herein contemplated, including laws of the State of Texas and the
United States of America; and the term "maximum legal rate" as used in this
paragraph shall mean, with respect to each portion of the indebtedness evidenced
hereby, the maximum, lawful, nonusurious rate of interest (if any) which under
applicable law Holder is permitted to charge from time to time with respect to
such portion of the indebtedness evidenced hereby. This paragraph shall control
all agreements entered into between Maker and Holder in connection with this
Loan.

       14.    ACCELERATION. Upon an Event of Default, Holder shall have the
right, without further demand or notice, to declare the entire principal amount
of this Note and/or any Future Advance (as defined in the Deed of Trust) then
outstanding, all accrued and unpaid interest thereon and all other further sums
payable under this Note, which shall include the Prepayment

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Premium (calculated as provided in Paragraph 9 above), the Deed of Trust or any
note evidencing any Future Advance, to be immediately due and payable and,
notwithstanding the stated maturity in this Note or any note evidencing any
Future Advance, all such sums declared due and payable shall thereupon become
immediately due and payable. During the existence of such Event of Default,
Holder may apply payments received on any amounts due under the Note, the Deed
of Trust, any Related Agreement or any note evidencing any Future Advance as
Holder may determine in its sole discretion.

       15.    WAIVERS BY MAKER. As to this Note, the Deed of Trust, the Related
Agreements and any other instruments securing the indebtedness, Maker and all
guarantors, sureties and endorsers, severally waive all applicable exemption
rights, whether under any state constitution, homestead laws or otherwise, and
also severally waive diligence, valuation and appraisement, presentment for
payment, protest and demand, notice of protest, demand and dishonor and
diligence in collection and nonpayment of this Note and all other notices in
connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note (except notice of default specifically provided for
in the Deed of Trust and the Related Agreements). To the extent permitted by
law, Maker further waives all benefit that might accrue to Maker by virtue of
any present or future laws exempting the Property, or any other property, real
or personal, or the proceeds arising from any sale of any such property, from
attachment, levy, or sale under execution, or providing for any stay of
execution to be issued on any judgment recovered on this Note or in any action
to foreclose the Deed of Trust, injunction against sale pursuant to power of
sale, exemption from civil process or extension of time for payment. Maker
agrees that any real estate or any personality that may be levied upon pursuant
to a judgment obtained by virtue of this Note, or any writ of execution issued
thereon, may be sold upon any such writ in whole or in part in any order desired
by Holder.

       16.    MAKER NOT RELEASED. No delay or omission of Holder to exercise any
of its rights and remedies under this Note, the Deed of Trust or any Related
Agreements at any time following the happening of an Event of Default shall
constitute a waiver of the right of Holder to exercise such rights and remedies
at a later time by reason of such Event of Default or by reason of any
subsequently occurring Event of Default. The acceptance by Holder of payment of
any sum payable hereunder after the due date of such payment shall not be a
waiver of Holder's right to either require prompt payment when due of all other
sums payable hereunder or to declare a default for failure to make prompt
payment. This Note, or any payment hereunder, may be extended from time to time
by agreement in writing between Maker and Holder without in any other way
affecting the liability and obligations of Maker and endorsers, if any.

       17.    NONRECOURSE. Except as otherwise set forth in this Paragraph,
Holder's recourse under this Note, the Deed of Trust and the Related Agreements
shall be limited to and satisfied from the Property and the proceeds thereof,
the rents and all other income arising therefrom during and after the month in
which an Event of Default has occurred, the other assets of Maker arising out of
the Property which are given as collateral for this Note, and any other
collateral given in writing to Holder as security for repayment of this Note
(all of the foregoing are collectively referred to as the "Loan Collateral").
Notwithstanding the preceding sentence:

       (a)    Holder may, in accordance with the terms of this Note, the Deed of
Trust or any Related Agreement: (i) foreclose the lien of the Deed of Trust;
(ii) take appropriate action to

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enforce this Note, the Deed of Trust and the Related Agreements to realize upon
and/or protect the Loan Collateral; (iii) name Maker as a party defendant in any
action brought under this Note, the Deed of Trust or the Related Agreements so
long as the exercise of any remedy is limited to the Loan Collateral; (iv)
pursue all of its rights and remedies against any guarantor or surety or master
tenant whether or not a partner, member or other owner of Maker; and (v) pursue
all of its rights and remedies against Maker and the indemnitors under that
certain Environmental Indemnity Agreement of even date herewith and that certain
Terrorism Insurance Indemnity Agreement of even date herewith;

       (b)    Holder may seek damages or other monetary relief, to the extent of
actual monetary loss, or any other remedy at law or in equity against Maker, and
the indemnitors/guarantors, if any, under any nonrecourse exception indemnity
agreements ("Nonrecourse Indemnitors") by reason of or in connection with: (i)
the failure of Maker to pay to Holder, upon demand, all rents, issues and
profits of the Property to which Holder is entitled pursuant to this Note, the
Deed of Trust or the Related Agreements following an Event of Default; (ii) any
waste of the Property or any willful act or omission by Maker which damages or
materially reduces the value of the Property; (iii) the distribution of rents,
issues and profits from the Property prior to the payment of operating expenses
or the provision for reserves, if any, to be made pursuant to this Note, the
Deed of Trust or the Related Agreement prior to any other expenditure or
distribution by Maker; (iv) the failure to account for and to turn over security
deposits (and interest required by law or agreement to be paid thereon) or
prepaid rents following the occurrence of an Event of Default under this Note,
the Deed of Trust or any Related Agreements; (v) the failure to timely pay all
real estate taxes or any regular or special assessments affecting the Property;
(vi) the failure to account for and to turn over real estate tax accruals
following the occurrence of an Event of Default under this Note, the Deed of
Trust or any Related Agreements; (vii) the failure to maintain casualty and
liability insurance as required under the Deed of Trust or the Related
Agreements or to apply insurance proceeds or condemnation awards relating to the
Property or other collateral in the manner required under applicable provisions
of this Note, the Deed of Trust or any Related Agreements; (viii) any
modification, termination or cancellation of any lease of all or any portion of
the Property without Holder's prior written consent, if and to the extent such
consent is required under the Deed of Trust or the Related Agreements and if and
to the extent such modification, termination or cancellation has a material
adverse affect on the value of the Property; (ix) a default by Maker under any
lease of all or any portion of the Property; or (x) costs and expenses,
including, without limitation, attorney's fees and transfer taxes, incurred by
Holder in connection with the enforcement of this Note, the Deed of Trust or
the Related Agreements or in connection with a deed-in-lieu of foreclosure if
the Event of Default giving rise to the enforcement action is one described in
subsections (b) or (c) as an exception to the nonrecourse provisions, or if the
Maker or any principal of Maker objects to any actions taken by Holder to
exercise its remedies under the Loan Documents; Maker or principal of Maker
commences any lawsuit to enjoin or delay a foreclosure of the Property by
Holder, or raises defenses or counterclaims to a foreclosure action; Maker
applies for the appointment of a receiver, trustee or liquidator for it or for
any of its property, or, as a debtor, files a voluntary petition in bankruptcy,
or petition or answer seeking reorganization or an arrangement with creditors or
takes advantage of any bankruptcy, reorganization, insolvency, readjustment of
debt, dissolution or liquidation law or statute, or makes a general assignment
for the benefit of creditors; or in the event any bankruptcy or

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reorganization proceedings (voluntary or involuntary), the Maker or any
principal of Maker opposes any motion by Holder for relief from the Automatic
Stay; and

       (c)    Maker, any general partners of Maker and the Nonrecourse
Indemnitor(s), if any, shall become personally liable for payment of all the
indebtedness evidenced by this Note and performance of all other obligations of
Maker under this Note, the Deed of Trust and Related Agreements upon the
occurrence of any of the following: (i) fraud or willful misrepresentation of a
material fact by Maker, any general partners of Maker, or Nonrecourse
Indemnitor(s), if any, in connection with this Note, the Deed of Trust, the
Related Agreements or any request for any action or consent by Holder; (ii) a
Transfer of any interest in Maker or all or any portion of the Property or any
interest therein in violation of the terms of this Note, the Deed of Trust or
the Related Agreements; or (iii) the incurrence by Maker of any indebtedness in
violation of the terms of this Note, the Deed of Trust or Related Agreements
(whether secured or unsecured, direct or contingent), other than unsecured debt
or routine trade payables incurred in the ordinary course of business in
connection with the operation of the Property.

       In addition, Maker, any general partners of Maker and the Nonrecourse
Indemnitors, if any, shall be responsible for any costs and expenses incurred by
Holder in connection with the collection of any amounts for which Maker, its
general partners, if any, and the Nonrecourse Indemnitors, if any, are
personally liable under this Paragraph 17, including attorneys' fees and
expenses, court costs, filing fees and all other costs and expenses incurred in
connection therewith.

       18.    SUCCESSORS AND ASSIGNS. The provisions of this Note shall be
binding upon Maker and its legal representatives, successors and assigns and
shall inure to the benefit of any Holder and its successors and assigns. In the
event Maker is composed of more than one party, obligations arising from this
Note are and shall be joint and several as to each such party.

       19.    REMEDIES CUMULATIVE. The remedies of Holder as provided in this
Note, or in the Deed of Trust or the Related Agreements, and the warranties
contained herein or therein shall be cumulative and concurrent, may be pursued
singly, successively or together at the sole discretion of Holder, may be
exercised as often as occasion for their exercise shall occur and in no event
shall the failure to exercise any such right or remedy be construed as a waiver
or release of such right or remedy. No remedy under this Note, conferred upon or
reserved to Holder is intended to be exclusive of any other remedy provided in
this Note, the Deed of Trust or any of the Related Agreements or provided by
law, but each shall be cumulative and shall be in addition to every other remedy
given under the Deed of Trust or any of the Related Agreements or hereunder or
now or hereafter existing at law or in equity or by statute.

       20.    NOTICES. All notices, written confirmation of wire transfers and
all other communications with respect to this Note shall be directed as follows:

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              If to Holder:

                       c/o Allstate Investments, LLC
                       Allstate Plaza South, Suite G5C
                       3075 Sanders Road
                       Northbrook, Illinois 60062
                       Attention:     Commercial Mortgage Division
                                      Servicing Manager

              With a copy to:

                       c/o Allstate Investments, LLC
                       Allstate Plaza South, Suite G5A
                       3075 Sanders Road
                       Northbrook, Illinois 60062
                       Attention:     Investment Law Division

              If to Maker:

                       Inland Western Southlake Limited Partnership
                       2901 Butterfield Road
                       Oakbrook, Illinois 60523
                       Attention:     Roberta Matlin

              With a copy to:

                       The Inland Real Estate Group, Inc.
                       2901 Butterfield Road
                       Oakbrook, Illinois 60523
                       Attention:     General Counsel

or at such other place as Holder or Maker may from time to time designate in
writing. All notices shall be in writing and shall be (a) hand-delivered, (b)
sent by United States express mail or by private overnight courier, or (c)
served by certified mail postage prepaid, return receipt requested, to the
appropriate address set forth above. Notices served as provided in (a) and (b)
shall be deemed to be effective upon delivery. Any notice served by certified
mail shall be deposited in the United States mail with postage thereon fully
prepaid and shall be deemed effective on the day of actual delivery as shown by
the addressee's return receipt or the expiration of three business days after
the date of mailing, whichever is earlier in time.

       21.    NO ORAL MODIFICATION. This Note may not be modified or discharged
orally, but only by an agreement in writing signed by the party against whom
enforcement of any waiver, modification or discharge is sought.

       22.    TIME. Time is of the essence with regard to the performance of the
obligations of Maker in this Note and each and every term, covenant and
condition herein by or applicable to Maker.

                                       10
<Page>

       23.    CAPTIONS. The captions and headings of the paragraphs of this Note
are for convenience only and are not to be used to interpret, define or limit
the provisions hereof.

       24.    REPLACEMENT NOTE. Upon receipt of evidence reasonably satisfactory
to Maker of the loss, theft, destruction or mutilation of this Note, and in the
case of any such loss, theft or destruction, upon delivery of an indemnity
agreement reasonably satisfactory to Maker or, in the case of any such
mutilation, upon surrender and cancellation of this Note, Maker will execute and
deliver to Holder in lieu thereof, a replacement note dated as of the date of
this Note, identical in form and substance to this Note and upon such execution
and delivery all references in the Deed of Trust to this Note shall be deemed to
refer to such replacement note.

       25.    TRANSFER OF NOTE. Holder may, at any time, sell, transfer or
assign this Note, the Deed of Trust and the Related Agreements, and any or all
servicing rights with respect to this Note, or grant participations in this Note
or issue mortgage pass-through certificates or other securities evidencing a
beneficial interest in this Note. Holder may forward to any prospective
purchaser or any rating agency rating securities all documents and information
Holder now has or may acquire, as Holder determines necessary or desirable,
including, without limitation, financial information regarding Maker, its
general partners, shareholders, members or other principals.

       IN WITNESS WHEREOF, Maker has caused this Deed of Trust Note to be duly
executed on the date first above written.

                           MAKER:

                           INLAND WESTERN SOUTHLAKE LIMITED
                           PARTNERSHIP, an Illinois limited liability company

                           By:   INLAND WESTERN SOUTHLAKE GP, L.L.C.,
                                 a Delaware limited liability company,
                                 Its general partner

                                 By:   INLAND WESTERN RETAIL REAL ESTATE
                                       TRUST, INC., a Maryland corporation,
                                       Its sole member

                                       By: /s/ [ILLEGIBLE]
                                           ----------------------------------
                                       Its: Asst Secretary
                                           ----------------------------------

                                       11
<Page>

                                    EXHIBIT A

                          BASIS POINT ADJUSTMENT TABLE

<Table>
<Caption>
U.S. Treasury
Bond or Note                Basis Point
    Yield                   Adjustment
-------------               -----------
 <S>                            <C>
  0.00-1.55                     .00
  1.56-2.69                     .01
  2.70-3.48                     .02
  3.49-4.12                     .03
  4.13-4.68                     .04
  4.69-5.17                     .05
  5.18-5.63                     .06
  5.64-6.05                     .07
  6.06-6.44                     .08
  6.45-6.82                     .09
  6.83-7.17                     .10
  7.18-7.51                     .11
  7.52-7.83                     .12
  7.84-8.14                     .13
  8.15-8.44                     .14
  8.45-8.73                     .15
  8.74-9.02                     .16
  9.03-9.29                     .17
  9.30-9.55                     .18
  9.56-9.81                     .19
  9.82-10.07                    .20
 10.08-10.31                    .21
 10.32-10.55                    .22
 10.56-10.79                    .23
 10.80-11.02                    .24
 11.03-11.25                    .25
 11.26-11.47                    .26
 11.48-11.69                    .27
 11.70-11.90                    .28
 11.91-12.11                    .29
 12.12-12.32                    .30
 12.33-12.52                    .31
 12.53-12.72                    .32
 12.73-12.92                    .33
 12.93-13.12                    .34
 13.13-13.31                    .35
 13.32-13.50                    .36
 13.51-13.69                    .37
 13.70-13.87                    .38
 13.88-14.06                    .39
 14.07-14.24                    .40
 14.25-14.41                    .41
 14.42-14.59                    .42
 14.60-14.77                    .43
 14.78-14.94                    .44
 14.95-15.11                    .45
 15.12-15.28                    .46
 15.29-15.44                    .47
 15.45-15.61                    .48
 15.62-15.77                    .49
 15.78-15.94                    .50
 15.95-16.10                    .51
 16.11-16.26                    .52
 16.27-16.41                    .53
 16.42-16.57                    .54
 16.58-16.73                    .55
 16.74-16.88                    .56
 16.89-17.03                    .57
 17.04-17.18                    .58
 17.19-17.33                    .59
 17.34-17.48                    .60
 17.49-17.63                    .61
 17.64-17.78                    .62
 17.79-17.92                    .63
 17.93-18.07                    .64
 18.08-18.21                    .65
 18.22-18.35                    .66
 18.36-18.49                    .67
 18.50-18.63                    .68
 18.64-18.77                    .69
 18.78-18.91                    .70
 18.92-19.05                    .71
 19.06-19.18                    .72
 19.19-19.32                    .73
 19.33-19.45                    .74
 19.46-19.59                    .75
 19.60-19.72                    .76
 19.73-19.85                    .77
 19.86-19.99                    .78
 20.00-20.12                    .79
</Table><Page>

                                                                  Exhibit 10.349

                                                 Allstate Life Insurance Company
                                                                 Loan No. 122520

                            LIMITED PAYMENT GUARANTY

          THIS LIMITED PAYMENT GUARANTY (the "Guaranty") is made as of August
19, 2004, by INLAND WESTERN SOUTHLAKE LIMITED PARTNERSHIP, an Illinois limited
partnership ("Borrower") and INLAND WESTERN RETAIL REAL ESTATE TRUST, INC., a
Maryland corporation ("Guarantor"), a Maryland corporation, to and for the
benefit of ALLSTATE LIFE INSURANCE COMPANY, an Illinois corporation ("Lender").

                                    RECITALS

          A.     Borrower is the present ground lessee of the real and personal
property commonly known as Gateway Plaza Shopping Center, State Highway 114 &
Southlake Boulevard, Southlake, Texas, and legally described in EXHIBIT A
attached hereto (the "Property").

          B.     Guarantor is the sole member of Inland Western Southlake GP,
L.L.C., the general partner of Borrower.

          C.     Pursuant to Lender's commitment letter dated August 13, 2004,
as amended, Lender made a loan to Borrower in the aggregate original principal
amount of $18,163,000 (the "Loan") evidenced by that certain Deed of Trust Note
(the "Note") of even date herewith in the amount of the Loan, and secured by a
Leasehold Deed of Trust, Assignment of Leases, Rents and Contracts, Security
Agreement and Fixture Filing (the "Deed of Trust") on the Property.

          D.     The Guarantor will benefit from the disbursement of the Loan
evidenced by the Note and secured by the Deed of Trust and the Related
Agreements (as defined in the Deed of Trust). The Note, Deed of Trust, Related
Agreements and other documents, instruments, certificates and agreements
executed or delivered by or on behalf of Borrower in connection with the Loan
are collectively referred to as the "Loan Documents."

          E.     The assumption by Guarantor of the obligations under this
Guaranty will result in an indirect financial benefit to Guarantor and in a
direct financial benefit to the Borrower, thereby enhancing each Guarantor's
financial interest in Borrower and in the Property.

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

                                   AGREEMENTS

          NOW THEREFORE, for and in consideration of the above Recitals, which
are incorporated herein by reference, the mutual covenants contained herein and
in the Loan Documents, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Guarantor hereby agree
as follows:

<Page>

          1.     Guarantor absolutely, unconditionally and irrevocably
guarantees to Lender:

          (a)    subject to Section 12 hereof, the payment of all sums due
Lender under the Loan Documents, including the payment of the principal balance
of the Loan, together with all interest accrued thereon; and

          (b)    the payment of all Enforcement Costs (as hereinafter defined in
Paragraph 7 hereof).

          All amounts due, debts, liabilities, and payment obligations of
Guarantor described in this Paragraph 1 are referred to herein as the
"Indebtedness."

          2.     (a)     Guarantor agrees, on written demand therefore by Lender
or the holder of the Note, as applicable, to pay all Indebtedness as is then or
thereafter becomes due and owing under the terms of this Guaranty, regardless of
any defense, right of setoff or claims which Borrower or Guarantor may have
against Lender or the holder of the Note.

          (b)    If Guarantor fails to perform its obligations hereunder after
demand by Lender in accordance with Paragraph 2(a) hereof, Lender shall have an
immediate right to collect from Guarantor, as damages or otherwise, an amount
equal to such unpaid Indebtedness, and Lender may exercise all remedies
available under the laws of the State of Texas for action on a matured
contractual indebtedness.

          3.     Guarantor hereby waives as to Lender (i) notice of acceptance
of this Guaranty by Lender and any and all notices and demands of every kind
which may be required to be given by any statute, rule or law, (ii) any defense,
right of setoff or other claim which Guarantor may have against the Borrower or
which Guarantor or Borrower may have against Lender or the holder of the Note,
as applicable, (iii) presentment for payment, demand for payment (other than as
provided for in Paragraph 2 above), notice of nonpayment or dishonor, protest
and notice of protest, diligence in collection and any and all formalities which
otherwise might be legally required to charge Guarantor with liability, and (iv)
any failure by Lender to inform Guarantor of any facts Lender may now or
hereafter know about Borrower, the Property, the Loan, or the transactions
contemplated by the Loan, it being understood and agreed that Lender has no duty
so to inform and that the Guarantor is fully responsible for being and remaining
informed by the Borrower of all circumstances bearing on the existence or
creation, or the risk of nonpayment of the Indebtedness. Credit may be granted
or continued from time to time by Lender to Borrower without notice to or
authorization from Guarantor, regardless of the financial or other condition of
the Borrower at the time of any such grant or continuation. Lender shall have no
obligation to disclose or discuss with Guarantor its assessment of the financial
condition of Borrower. No modification or waiver of any of the provisions of
this Guaranty shall be binding upon Lender except as expressly set forth in a
writing duly signed and delivered on behalf of Lender.

          4.     Guarantor further agrees that its liability as guarantor shall
not be impaired or affected by any renewals or extensions which may be made from
time to time, with or without the knowledge or consent of Guarantor of the time
for payment of interest or principal under the

                                        2
<Page>

Note or by any forbearance or delay in collecting interest or principal under
the Note, or by any waiver by Lender under the Deed of Trust or any other Loan
Documents, or by Lender's failure or election not to pursue any other remedies
it may have against Borrower, or by any change or modification in the Note, Deed
of Trust or any other Loan Documents, or by the acceptance by Lender of any
additional security or any increase, substitution or change therein, or by the
release by Lender of any security or any withdrawal thereof or decrease therein,
or by the application of payments received from any source to the payment of any
obligation other than the Indebtedness, even though Lender might lawfully have
elected to apply such payments to any part or all of the Indebtedness, it being
the intent hereof that Guarantor shall remain liable as principal for payment of
the Indebtedness until all Indebtedness has been paid in full and the other
terms, covenants and conditions of this Guaranty have been performed,
notwithstanding any act or thing which might otherwise operate as a legal or
equitable discharge of a surety. Guarantor further understands and agrees that
Lender may at any time enter into agreements with Borrower to amend and modify
the Note, Deed of Trust or other Loan Documents, or any thereof, and may waive
or release any provision or provisions of the Note, Deed of Trust and other Loan
Documents or any thereof, and, with reference to such instruments, may make and
enter into any such agreement or agreements as Lender and Borrower may deem
proper and desirable, without in any manner impairing or affecting this Guaranty
or any of Lender's rights hereunder or any of Guarantor's obligations hereunder.

          5.     This is an absolute, present and continuing guaranty of payment
and not of collection. Guarantor agrees that this Guaranty may be enforced by
Lender without the necessity at any time of resorting to or exhausting any other
security or collateral given in connection herewith or with the Note, the Deed
of Trust or any of the other Loan Documents through foreclosure proceedings
under the Deed of Trust or otherwise, or resorting to any other guaranties, and
Guarantor hereby waives the right to require Lender to join Borrower in any
action brought hereunder or to commence any action against or obtain any
judgment against Borrower or to pursue any other remedy or enforce any other
right. Guarantor further agrees that nothing contained herein or otherwise shall
prevent Lender from pursuing concurrently or successively all rights and
remedies available to it at law or in equity or under the Note, Deed of Trust or
any other Loan Documents, and the exercise of any of its rights or the
completion of any of its remedies shall not constitute a discharge of any of
Guarantor's obligations hereunder, it being the purpose and intent of Guarantor
that its obligations hereunder shall be absolute, independent and unconditional
under any and all circumstances whatsoever. Neither Guarantor's obligations
under this Guaranty nor any remedy for the enforcement thereof shall be
impaired, modified, changed or released in any manner whatsoever by any
impairment, modification, change, release or limitation of the liability of
Borrower under the Note, Deed of Trust or other Loan Documents or by reason of
Borrower's bankruptcy or by reason of any creditor or bankruptcy proceeding
instituted by or against Borrower or Guarantor. This Guaranty shall continue to
be effective or be reinstated (as the case may be) if at any time payment of all
or any part of any sum payable pursuant to the Note, Deed of Trust or any other
Loan Document is rescinded or otherwise required to be returned by the payee
upon the insolvency, bankruptcy, or reorganization of the Borrower or Guarantor,
or Lender is required to reconvey title to the Property upon the insolvency,
bankruptcy or reorganization of the Borrower or Guarantor, all as though such
payment to Lender had not been made, regardless of whether Lender contested the
order requiring the return of such payment or the reconveyance.

                                        3
<Page>

          6.     In the event Lender or the holder of the Note shall assign the
Note to any bank or other entity to secure a loan from such bank or other entity
to Lender or such holder for an amount not in excess of the amount which will be
due, from time to time, from Borrower to Lender under the Note with interest not
in excess of the rate of interest which is payable by Borrower to Lender under
the Note, Guarantor will accord full recognition thereto and agrees that all
rights and remedies of Lender or such holder hereunder shall be enforceable
against Guarantor by such bank or other entity with the same force and effect
and to the same extent as would have been enforceable by Lender or such holder
but for such assignment; provided, however, that unless Lender shall otherwise
consent in writing, the Lender shall have an unimpaired right, prior and
superior to that of its assignee or transferee, to enforce this Guaranty for
Lender's benefit as to such portions of the Indebtedness or interest therein not
assigned or transferred.

          7.     If: (i) this Guaranty or any of the other Loan Documents is
placed in the hands of an attorney for collection or is collected through any
legal proceeding; (ii) an attorney is retained to represent Lender in any
bankruptcy, reorganization, receivership, or other proceedings affecting
creditors' rights and involving a claim under this Guaranty or any of the other
Loan Documents; (iii) an attorney is retained to protect or enforce this
Guaranty or any of the other Loan Documents or to provide advice or other
representation with respect hereto or to any of the other Loan Documents; or
(iv) an attorney is retained to represent Lender in any other proceedings
whatsoever in connection with the enforcement or protection of this Guaranty or
any of the other Loan Documents, then Guarantor shall pay to Lender upon demand
all reasonable attorneys' fees, costs and expenses, including, without
limitation, court costs, filing fees, recording costs, expenses of foreclosure,
title insurance premiums, survey costs, minutes of foreclosure, and all other
costs and expenses, incurred in connection therewith (all of which are referred
to herein as "Enforcement Costs"), in addition to all other amounts due
hereunder or under any of the other Loan Documents.

          8.     The parties hereto intend and believe that each provision in
this Guaranty comports with all applicable local, state and federal laws and
judicial decisions. However, if any provision or provisions, or if any portion
of any provision or provisions, in this Guaranty is found by a court of law to
be in violation of any applicable local, state or federal ordinance, statute,
law, administrative or judicial decision, or public policy, and if such court
should declare such portion, provision or provisions of this Guaranty to be
illegal, invalid, unlawful, void or unenforceable as written, then it is the
intent of all parties hereto that such portion, provision or provisions shall be
given force to the fullest possible extent that they are legal, valid and
enforceable, that the remainder of this Guaranty shall be construed as if such
illegal, invalid, unlawful, void or unenforceable portion, provision or
provisions were not contained therein, and that the rights, obligations and
interest of Lender or the holder of the Note under the remainder of this
Guaranty shall continue in full force and effect.

          9.     Any indebtedness of Borrower to Guarantor now or hereafter
existing (the "Subordinated Debt") is hereby subordinated to the Indebtedness.
Guarantor hereby irrevocably waives all legal and equitable rights to recover
from Borrower any sums paid by Guarantor under the terms of this Guaranty until
such time as the Loan has been paid in full, including without limitation all
rights of subrogation and all other rights that would result in Guarantor being
deemed a creditor of Borrower under the Federal Bankruptcy Code or any other
law.

                                        4
<Page>

          10.    Any amounts received by Lender from any source on account of
any Indebtedness may be applied by Lender toward the payment of such
Indebtedness, and in such order of application, as Lender may from time to time
elect, or as otherwise provided in the Loan Documents.

          11.    Guarantor hereby submits to personal jurisdiction in the State
of Illinois for the enforcement of this Guaranty and waives any and all personal
rights to object to such jurisdiction for the purposes of litigation to enforce
this Guaranty. In the event such litigation is commenced at any time when
Guarantor is not permanently domiciled in the State of Illinois, Guarantor
agrees that service of process may be made and personal jurisdiction over
Guarantor obtained, by service of a copy of the summons, complaint, and other
pleadings required to commence such litigation upon an appointed Agent for
Service of Process in the State of Illinois, which Agent each Guarantor hereby
designates to be:

                 The Inland Real Estate Group, Inc.
                 2901 Butterfield Road
                 Oakbrook, Illinois 60523
                 Attention:     General Counsel

          11.    All notices, waivers, demands, requests or other communications
required or permitted hereunder shall, unless otherwise expressly provided, be
in writing and shall be (a) hand-delivered, effective upon receipt, (b) sent by
United States Express Mail or by private overnight courier, effective upon
receipt, or (c) served by certified mail, to the appropriate address set forth
below, or at such other place as a party may from time to time designate in
writing by ten (10) days prior written notice thereof. Any such notice or demand
served by certified mail, return receipt requested, shall be deposited in the
United States mail, with postage thereon fully prepaid and addressed to the
party so to be served at its address stated below or at such other address of
which said party shall have theretofore notified in writing, as provided above,
the party giving such notice. Service of any such notice or demand so made shall
be deemed effective on the day of actual delivery as shown by the addressee's
return receipt or the expiration of three (3) business days after the date of
mailing, whichever is the earlier in time. Any notice required to be given by
Lender shall be equally effective if given by Lender's agent, if any. Notices to
the parties shall be addressed as follows:

          If to Guarantor:

          Inland Western Retail Real Estate Trust, Inc.
          2901 Butterfield Road
          Oakbrook, Illinois 60523
          Attention:     Roberta Matlin

          with a copy to:

          The Inland Real Estate Group, Inc.
          2901 Butterfield Road
          Oakbrook, Illinois 60523
          Attention:     General Counsel

                                        5
<Page>

          In the case of Lender, to:

          Allstate Life Insurance Company
          Allstate Plaza South, Suite G5C
          3075 Sanders Road
          Northbrook, Illinois 60062
          Attention:     Commercial Mortgage Division
                         Servicing Manager

          with a copy to:

          Allstate Life Insurance Company
          Allstate Plaza South, Suite G5A
          3075 Sanders Road
          Northbrook, Illinois 60062
          Attention:     Investment Law Division

          12.    Guarantor's liability hereunder shall:

          (a)    be limited to an amount equal to (i) $8,177 per month from the
date hereof, which monthly sum and liability to Lender shall accrue and
accumulate commencing September 1, 2004 to and including the date this Guaranty
terminates (prorated for partial months), plus (ii) all costs, liabilities and
expenses associated with the ownership, operation, maintenance, repair and
management of the Bassett Space (as defined herein), such as, without
limitation, real estate and personal property taxes, common area maintenance
expenses, and insurance, plus (iii) Enforcement Costs; and

          (b)    shall commence only upon an Event of Default by Borrower under
the Loan Documents unless one of the events set forth in 12(c) below has
occurred prior to such date; and

          (c)    terminate upon the first to occur of the following:

          (i)    the date Borrower delivers an estoppel certificate from Bassett
(as defined herein) acceptable to Lender confirming that Bassett has accepted
the Bassett Space and commenced payment of rent, or

          (ii)   if Bassett for any reason does not accept the Bassett Space,
the date Borrower delivers an estoppel certificate(s) from alternative tenant(s)
acceptable to Lender confirming that such tenant(s) have accepted the Bassett
Space, opened for business from the Bassett Space and commenced the payment of
rent under terms at least as favorable to the landlord as those presently set
forth in the Bassett Lease (as defined herein); or

          (iii)  the payment in full to Lender of all amounts due under or in
connection with the Loan and the Loan Documents.

          As used herein, the following terms have the following meanings:

                                        6
<Page>

          "Bassett" means BDP, L.L.C., a ___________________________ limited
liability company, doing business as Bassett Furniture.

          "Bassett Lease" means that certain Lease dated April 26, 2004, between
Lincoln Southlake, LTD., as lessor, and Bassett, as tenant.

          "Bassett Space" means the space demised under the Bassett Lease.

          13.    In order to induce Lender to make the Loan, each makes the
representations and warranties to Lender set forth in this Paragraph 13.
Guarantor acknowledges that but for the truth and accuracy of the matters
covered by the following representations and warranties, the Lender would not
have agreed to make the Loan.

          Guarantor represents and warrants to Lender that:

          (a)    Guarantor has all requisite corporate power and authority to
execute and deliver this Guaranty and to perform its obligations hereunder. This
Guaranty has been properly authorized, executed and delivered by or on behalf of
Guarantor, and constitutes the legal, valid and binding obligation of Guarantor,
enforceable against it in accordance with its terms.

          (b)    The execution, delivery, and performance by Guarantor of this
Guaranty does not and will not contravene or conflict with (i) any law, order,
rule, regulation, writ, injunction, or decree now in effect of any government,
governmental instrumentality or court having jurisdiction over Guarantor, or
(ii) any contractual restriction binding on or affecting Guarantor or its
property or assets.

          (c)    Except as disclosed in writing to Lender, there is no action,
proceeding, or investigation pending or, to the knowledge of Guarantor,
threatened or affecting Guarantor, which may materially adversely affect
Guarantor's ability to fulfill its obligations under this Guaranty. There are no
judgments or orders for the payment of money rendered against Guarantor which
has been undischarged for a period of ten or more consecutive days and the
enforcement of which is not stayed by reason of a pending appeal or otherwise.
Guarantor is not in default under any agreements to which Guarantor is a party.

          (d)    Any and all balance sheets, net worth statements, and other
financial data with respect to Guarantor which have heretofore been given to
Lender by or on behalf of Guarantor fairly and accurately present, in all
material respects, the financial condition of Guarantor as of the respective
dates thereof, and, since the respective dates thereof, there has been no
material adverse change in the financial condition of Guarantor.

          (e)    Guarantor has disclosed all events, conditions, and facts known
to Guarantor which could have any material adverse effect on the financial
condition of Guarantor. No representation or warranty by Guarantor contained
herein, nor any schedule, certificate, or other document furnished by Guarantor
to Lender in connection with this Guaranty or the Loan Documents contains any
material misstatement of fact or omits to state a material fact or any fact
necessary to make the statements contained therein not misleading.

                                        7
<Page>

          (f)    There are no facts or circumstances of any kind or nature
whatsoever of which Guarantor is aware which could in any way materially impair
or prevent Guarantor from performing its obligations under this Guaranty in any
material respect.

          (g)    Guarantor is to the best of its knowledge not insolvent (as
such term is defined in Section 101(29) of the Bankruptcy Code) and will not be
rendered insolvent (as so defined) by executing this Guaranty or by the
consummation of the transactions described herein.

          (h)    All statements set forth in the Recitals are true and correct
in all material respects.

          Guarantor hereby agrees to indemnify, defend, protect and hold forever
free and harmless Lender of, from and against all loss, cost, damage, and
expense, including reasonable attorneys' fees and expenses, which Lender may
sustain by reason of the inaccuracy or breach of any of the foregoing
representations and warranties as of the date the foregoing representations and
warranties are made and are deemed remade.

          14.    Guarantor's liability hereunder shall not be subject to,
limited by or affected in any way by any "non-recourse" provisions contained in
the Note, the Deed of Trust or any other documents executed and delivered in
connection with the Loan, including without limitation Paragraph 17 of the Note
and Section 3.14 of the Deed of Trust. Guarantor agrees that the obligations
contained herein are separate, independent of and in addition to Borrower's
undertakings under the Note. Guarantor agrees that a separate action may be
brought to enforce the provisions of this Guaranty which shall in no way be
deemed to be an action on the Note, whether or not Lender would be entitled to a
deficiency judgment following a judicial foreclosure or sale under the Deed of
Trust.

          15.    This Guaranty shall be binding upon the successors and assigns
of Guarantor.

          16.    Guarantor shall, within three days after receipt thereof,
deliver to Lender copies of any notices of default served on it pursuant to the
terms of any other agreement to which it is a party, the breach of which may
have a material affect on its ability to perform its obligation hereunder.

          17.    Guarantor's obligations hereunder shall be joint and several
with any other guarantor or surety obligated to Lender in respect of the Loan.

          18.    This Guaranty shall be construed governed by, interpreted and
enforced under the internal laws of the State of Texas without regard to Texas
choice of law principles.

                                        8
<Page>

          IN WITNESS WHEREOF, Guarantor has executed and delivered this Guaranty
as of the date first above written.

                              INLAND WESTERN SOUTHLAKE LIMITED
                              PARTNERSHIP, an Illinois limited partnership

                              By:   INLAND WESTERN SOUTHLAKE GP, L.L.C.
                                    a Delaware limited liability company
                                    Its general partner

                                    By:   INLAND WESTERN RETAIL REAL ESTATE
                                          TRUST, INC., a Maryland corporation,
                                          Its sole member

                                          By: /s/ Dapal
                                              -----------------------------
                                          Its: Asst Secretary
                                              -----------------------------

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

                                    By: /s/ Dapal
                                        -----------------------------
                                    Its: Asst Secretary
                                        -----------------------------

                                        9
<Page>

                                    EXHIBIT A

                             (Property Description)

Being a LEASEHOLD ESTATE as created by lease dated 06/30/1998, between Wyndham
Properties, Ltd., as landlord, and Lincoln Southlake, Ltd., as tenant, as
amended and as evidenced by memorandum filed 07/12/1999, recorded in Volume
13906, Page 496, Deed Records of Tarrant County, Texas, and first amendment
filed 10/26/1999, recorded in Volume 14068, Page 502, Deed Records, Tarrant
County, Texas, in and to the property more particularly described as follows:

TRACT A:

Being a tract or parcel of land in the Thomas Easter Survey, Abstract No. 458
and the Thomas Easter Survey, Abstract No. 474 situated in the City of
Southlake, Tarrant County, Texas, and being all of Lots 1 through 4, Block 1 of
Gateway Plaza Addition, an addition to the City of Southlake as recorded in
Cabinet A, Slide 5365 and Cabinet A, Slide 5366, Map Records, Tarrant County,
Texas and being more particularly described as follows:

BEGINNING at a 1/2" iron rod with yellow plastic cap stamped RLG set for corner
at the intersection of the north line of East Southlake Boulevard (formerly
Grapevine-Keller Road a variable width R.O.W.) with the west line of Gateway
Drive (a 70' right-of-way) said rod being the southeast corner of said Lot 3;

THENCE South 81 degrees 52 minutes 13 seconds West along the north line of said
East Southlake Boulevard for a distance of 35.51 feet to a 1/2" iron rod with
yellow plastic cap stamped RLG set for an angle point;

THENCE South 82 degrees 11 minutes 37 seconds West continuing along the north
line of said East Southlake Boulevard for a distance of 250.12 feet to a 1/2"
iron rod with yellow plastic cap stamped RLG set for the beginning of a curve to
the right;

THENCE westerly continuing along the north line of said East Southlake Boulevard
and along said curve to the right having a radius of 691.20 feet, a central
angle of 25 degrees 01 minutes 05 seconds and a chord bearing North 85 degrees
43 minutes 08 seconds West a distance of 299.42 feet, for an arc distance of
301.81 feet to a 1/2" iron rod found for the end of said curve to the right;

THENCE North 72 degrees 45 minutes 41 seconds West continuing along the north
line of said East Southlake Boulevard for a distance of 220.54 feet to a TXDOT
monument found for an angle point;

THENCE North 73 degrees 04 minutes 12 seconds West continuing along the north
line of said East Southlake Boulevard for a distance of 167.36 feet to a 1/2"
iron rod with yellow plastic cap stamped RLG set for corner, said rod being in
the east line of a tract of land conveyed to Wyndham Properties, LTD. by deed
recorded in Volume 14578, Page 197, Deed Records, Tarrant County, Texas;

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THENCE North 00 degrees 23 minutes 40 seconds West along the east line of said
Windham tract and continuing along the east line of a tract of land conveyed to
Wyndham Properties, LTD. by deed recorded in Volume 14650, Page 527, Deed
Records, Tarrant County, Texas for a distance of 541.05 feet to a 1/2" iron rod
with yellow plastic cap stamped RLG set for corner, said rod set being in the
south line of a tract of land conveyed to Gateway Phase II, J.V. by deed
recorded in Volume 14142, Page 229, Deed Records, Tarranty County, Texas;

THENCE South 87 degrees 27 minutes 56 seconds East along the south line of said
Gateway Phase II tract for a distance of 73.94 feet to a 1/2" iron rod found for
corner, said rod being the southerly common corner of said Gateway Phase II
tract;

THENCE North 01 degrees 27 minutes 06 seconds West along the common line with
said Gateway Phase II tract for a distance of 530.07 feet to a 1/2" iron rod
with yellow plastic cap stamped RLG set for angle point, said rod being the
easterly common corner between said Gateway Phase II tract and a tract of
land conveyed to Wyndham Properties, LTD. by deed recorded in Volume 14632,
Page 399, Deed Records, Tarrant County, Texas;

THENCE North 08 degrees 13 minutes 02 seconds West along the common line with
said Wyndahm tract for a distance of 260.23 feet to a 1/2" iron rod with yellow
plastic cap stamped RLG set for corner in the southerly line of State Highway
No. 114 (a variable width right-of-way);

THENCE South 78 degrees 59 minutes 15 seconds East along the south line of said
State Highway No. 114 for a distance of 15.07 feet to a 1/2" iron rod with
yellow plastic cap stamped RLG set for an angle point;

THENCE South 76 degrees 59 minutes 42 seconds East continuing along the south
line of said State Highway No. 114 for a distance of 248.48 feet to a 1/2" iron
rod with yellow plastic cap stamped RLG set for an angle point;

THENCE South 37 degrees 15 minutes 11 seconds East continuing along the south
line of said State Highway No. 114 for a distance of 103.10 feet to a 1/2" iron
rod with yellow plastic cap stamped RLG set for an angle point;

THENCE South 74 degrees 46 minutes 25 seconds East continuing along the south
line of said State Highway No. 114 for a distance of 182.72 feet to a 1/2" iron
rod with yellow plastic cap stamped RLG set for an angle point.

THENCE South 74 degrees 17 minutes 25 seconds East continuing along the south
line of said State Highway No. 114 for a distance of 257.66 feet to a 1/2" iron
rod with yellow plastic cap stamped RLG set for an angle point;

THENCE South 71 degrees 26 minutes 21 seconds East continuing along the south
line of said State Highway No. 114 for a distance of 215.50 feet to a 1/2" iron
rod with yellow plastic cap stamped RLG set for corner;

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THENCE South 12 degrees 55 minutes 27 seconds West continuing along the south
line of said State Highway No. 114 for a distance of 11.75 feet to a 1/2" iron
rod with yellow plastic cap stamped RLG set for corner;

THENCE South 68 degrees 28 minutes 18 seconds East continuing along the south
line of said State Highway No. 114 for a distance of 155.91 feet to a 1/2" iron
rod with yellow plastic cap stamped RLG set for corner;

THENCE North 13 degrees 43 minutes 40 seconds East continuing along the south
line of said State Highway No. 114 for a distance of 18.54 feet to a 1/2" iron
rod with yellow plastic cap stamped RLG set for corner;

THENCE South 66 degrees 52 minutes 40 seconds East continuing along the south
line of said State Highway No. 114 for a distance of 143.19 feet to a 1/2" iron
rod with yellow plastic cap stamped RLG set for an angle point;

THENCE South 62 degrees 14 minutes 46 seconds East continuing along the south
line of said State Highway No. 114 for a distance of 221.23 feet to a 1/2" iron
rod with yellow plastic cap stamped RLG set for an angle point;

THENCE South 46 degrees 03 minutes 38 seconds East continuing along the south
line of said State Highway No. 114 for a distance of 112.64 feet to a 1/2" iron
rod with yellow plastic cap stamped RLG set for an angle point;

THENCE South 27 degrees 03 minutes 58 seconds East continuing along the south
line of said State Highway No. 114 for a distance of 100.29 feet to a 1/2" iron
rod with yellow plastic cap stamped RLG set for corner, said rod being in the
northwesterly line of Lot 5, Block 1, of said Gateway Plaza Addition and at the
northeasterly corner of said Lot 3;

THENCE South 60 degrees 17 minutes 52 seconds West along the common line between
said Lots 3 and 5 for a distance of 74.07 feet to a 1/2" iron rod with yellow
plastic cap stamped RLG set for corner, said rod being the common corner between
said Lots 3 and 5;

THENCE South 16 degrees 57 minutes 31 seconds East along the common line between
said Lots 3 and 5 a distance of 211.86 feet to a 1/2" iron rod with yellow
plastic cap stamped RLG set for corner at the common corner between said Lots 3
and 5;

THENCE South 59 degrees 27 minutes 51 seconds East continuing along the common
line between said Lots. 3 and 5 a distance of 20.86 feet to a 1/2" iron rod with
yellow plastic cap stamped RLG set for corner at the most southerly common
corner between said Lots 3 and 5, said rod being in the north line of said
Gateway Drive;

THENCE South 78 degrees 09 minutes 15 seconds West along the northerly line of
said Gateway Drive a distance of 428.51 feet to a 1/2" iron rod with yellow
plastic cap stamped RLG set for corner at the beginning of a curve to the left;

THENCE in a westerly, southwesterly and southerly direction along the northerly,
northwesterly and westerly line of said Gateway Drive and along said curve to
the left whose chord bears South

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33 degrees 38 minutes 10 seconds West a distance of 399.65 feet and having a
radius of 285.00 feet, a central angle of 89 degrees 02 minutes 10 seconds and
an arc length of 442.88 feet to a 1/2" iron rod with yellow plastic cap stamped
RLG set for corner at the end of said curve to the left;

THENCE South 10 degrees 52 minutes 55 seconds East along the westerly line of
said Gateway Drive a distance of 4.32 feet to the PLACE OF BEGINNING and
containing 1,505,419 square feet, or 34.5597 acres of land, more or less.

TRACT B:

Being a tract or parcel of land in the Thomas Easter Survey, Abstract No.. 474,
situated in the City of Southlake, Tarrant County, Texas, and being all of Lots
1, 2, & 3, Block 2 of Gateway Plaza Addition, an addition to the City of
Southlake as recorded in Cabinet A, Slide 5365-5366, Map Records, Tarrant
County, Texas and being more particularly described as follows:

BEGINNING at a 1/2" iron rod with yellow plastic cap stamped RLG set for corner
at the intersection of the north line of East Southlake Boulevard (formerly
Grapevine-Keller Road a variable width R.O.W.) with the west line of Norcross
Road (a 60' right-of-way) as dedicated by the plat of Oak Knolls Lakeview
Addition as recorded in Volume 388-W, Page 51, Plat Records, Tarrant County,
Texas, said monument also being the southeast corner of said Lot 3;

THENCE North 87 degrees 26 minutes 13 seconds West along the north line of said
East Southlake Boulevard for a distance of 27.92 feet to a 1/2" iron rod with
yellow plastic cap stamped RLG set for an angle point;

THENCE South 84 degrees 00 minutes 58 seconds West continuing along the north
line of said East Southlake Boulevard for a distance of 213.04 feet to a 1/2"
iron rod with yellow plastic cap stamped RLG set for an angle point;

THENCE South 64 degrees 35 minutes 05 seconds West continuing along the north
line of said East Southlake Boulevard for a distance of 203.05 feet to a 1/2"
iron rod with plastic cap stamped RLG set for an angle point

THENCE South 74 degrees 28 minutes 38 seconds West continuing along the north
line of said East Southlake Boulevard for a distance of 221.40 feet to a
chiseled "X" set for an angle point;

THENCE South 74 degrees 49 minutes 46 seconds West continuing along the north
line of said East Southlake Boulevard for a distance of 192.65 feet to chiseled
"X" set for an angle point;

THENCE South 81 degrees 52 minutes 13 seconds West continuing along the north
line of said East Southlake Boulevard for a distance of 147.88 feet to a 1/2"
iron rod with yellow plastic cap stamped RLG set for corner at the intersection
of the northerly line of said East Southlake Boulevard and the easterly line of
Gateway Drive (a 70 foot wide right-of-way);

THENCE North 10 degrees 52 minutes 55 seconds West along the easterly line of
said Gateway Drive a distance of 51.68 feet to a 1/2" iron rod with yellow
plastic cap stamped RLG set for corner at the beginning of a curve to the right;

<Page>

THENCE in a northerly, northeasterly and easterly direction along the easterly,
southeasterly and southerly line of said Gateway Drive and along said curve to
the right whose chord bears North 33 degrees 38 minutes 10 seconds East a
distance of 301.49 feet and having a radius of 215.00 feet, a central angle of
89 degrees 02 minutes 10 seconds and an arc length of 334.10 feet to a 1/2" iron
rod with yellow plastic cap stamped RLG set for corner at the end of said curve
to the right;

THENCE North 78 degrees 09 minutes 15 seconds East continuing along the
southerly line of said Gateway Drive a distance of 547.06 feet to a 1/2" iron
rod with yellow plastic cap stamped RLG set for corner at the beginning of a
curve to the left;

THENCE in an easterly and northeasterly direction continuing along the southerly
and southeasterly line of said Gateway Drive and along said curve to the left
whose chord bears North 61 degrees 07 minutes 58 seconds East a distance of
166.85 feet and having a radius of 285.00 feet, a central angle of 34 degrees 02
minutes 33 seconds and an arc length of 169.33 feet to a 1/2" iron with yellow
plastic cap stamped RLG set for corner at the end of said curve to the left;

THENCE North 44 degrees 06 minutes 42 seconds East continuing along the
southeasterly line of said Gateway Drive a distance of 30.02 feet to a 1/2" iron
rod with yellow plastic cap stamped RLG set for corner at intersection of the
southeasterly line of said Gateway Drive and the cut-off line between the
southeasterly line of said State Highway 114 (variable width R.O.W.) and the
westerly line of said Norcross Drive;

THENCE North 89 degrees 05 minutes 36 seconds East along said cut-off line a
distance of 28.29 feet to a 1/2" iron rod with yellow plastic cap stamped RLG
set for corner at the intersection of said cut-off line with the westerly line
of said State Highway 114;

THENCE South 45 degrees 55 minutes 29 seconds East along the south line of said
State Highway No. 114 for a distance of 38.04 feet to a 1/2" iron rod with
yellow plastic cap stamped RLG set for the intersection of the south line of
said State Highway No. 114 with the west line of said Norcross Road, said rod
being the beginning of a non-tangent curve to the right;

THENCE southerly along the west line of said Norcross Road and along said curve
to the right having a radius of 986.12 feet, a central angle of 14 degrees 58
minutes 54 seconds and a chord bearing South 12 degrees 00 minutes 57 seconds
East a distance of 257.11 feet, for an arc distance of 257.85 feet to the POINT
OF BEGINNING and containing 239,759 square feet or 5.5041 acres, more or less.

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