Document:

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                                                                   Exhibit 10.20

                           PURCHASE AND SALE AGREEMENT

                               Darien Towne Centre
                                Darien, Illinois

                                 by and between

                           75TH AND LYMAN CORPORATION,
                             a Delaware corporation,

                                     SELLER

                                       and

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

                                    PURCHASER

                            DATED: November 12, 2003

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                                TABLE OF CONTENTS

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1.      DEFINITIONS......................................................................1

2.      SALE; PURCHASE PRICE.............................................................4

2.1     Purchase and Sale................................................................4

2.2     Purchase Price...................................................................5

3.      DUE DILIGENCE AND TENANT ESTOPPELS...............................................5

3.1     Seller's Deliveries; Work Product................................................5

3.2     Due Diligence....................................................................7

3.3     Title and Survey................................................................10

3.4     Tenant Estoppels................................................................11

3.5     Bulk Sales......................................................................12

4.      CLOSING; ADDITIONAL CONDITIONS; DELIVERIES......................................12

4.1     Time, Place and Manner of Closing...............................................12

4.2     Condition to Parties' Obligation to Close.......................................13

4.3     Deliveries......................................................................13

4.4     Permitted Termination...........................................................15

5.      PRORATIONS......................................................................15

5.1     Post-Closing Tenant Contributions and Security Deposits.........................15

5.2     Prorations for Closing Month....................................................16

5.3     Percentage Rent.................................................................16

5.4     Order of Application............................................................16

5.5     Operating Expenses..............................................................16

5.6     Real Estate Taxes...............................................................17

5.7     Utilities.......................................................................17
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5.8     Leasing Costs...................................................................17

5.9     Insurance Policies and Property Management Agreements...........................18

5.10        Other Proration Matters.....................................................18

5.11        Survival....................................................................18

6.      SELLER'S REPRESENTATIONS, WARRANTIES AND COVENANTS..............................18

6.1     Power...........................................................................18

6.2     Requisite Action................................................................18

6.3     Authority.......................................................................18

6.4     Conflicts.......................................................................19

6.5     Leases..........................................................................19

6.6     Service Contracts...............................................................19

6.7     Violation Notices...............................................................19

6.8     Litigation......................................................................19

6.9     Lease Brokerage.................................................................20

6.10        Environmental Matters.......................................................20

6.11        Licenses and Permits........................................................20

6.12        Employment..................................................................20

6.13        Limitations on Seller's Representations and Warranties......................20

7.      PURCHASE AS-IS..................................................................21

7.1     Waiver of Contribution and Disclaimer Concerning Perchloroethylene..............22

8.      PURCHASER'S REPRESENTATIONS, WARRANTIES AND COVENANTS...........................23

8.1     Power...........................................................................23

8.2     Requisite Action................................................................23

8.3     Authority.......................................................................23

8.4     Conflicts.......................................................................23

8.5     Litigation......................................................................24
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8.6     ERISA...........................................................................24

8.7     Survival of Purchaser's Warranties..............................................24

9.      CLOSING COSTS...................................................................24

10.         COMMISSIONS.................................................................24

11.         POSSESSION..................................................................25

12.         ATTORNEYS' FEES AND COSTS...................................................25

13.         NOTICES.....................................................................25

14.         FIRE OR OTHER CASUALTY; CONDEMNATION........................................26

14.1        Casualty....................................................................26

14.2        Eminent Domain..............................................................26

15.         OPERATIONS AFTER DATE OF THIS AGREEMENT.....................................27

16.         ASSIGNMENT..................................................................28

17.         REMEDIES....................................................................29

17.1        Purchaser's Remedies........................................................29

17.2        Seller's Remedies...........................................................29

17.3        Survival....................................................................30

18.         MISCELLANEOUS...............................................................31

18.1        Entire Agreement............................................................31

18.2        Time........................................................................31

18.3        Counterpart Execution.......................................................31

18.4        Governing Law...............................................................31

18.5        Confidentiality.............................................................31

18.6        Recordation.................................................................32
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18.7        Benefit.....................................................................32

18.8        Section Headings............................................................32

18.9        Further Assurances..........................................................32

18.10       Severability................................................................33

18.11       Waiver of Trial by Jury.....................................................33

18.12       Independent Counsel.........................................................33

18.13       Governmental Approval.......................................................33

18.14       No Waiver...................................................................33

18.15       Discharge and Survival......................................................34

18.16       Designation of Reporting Person.............................................34

19.         EXCULPATION OF SELLER AND RELATED PARTIES...................................34

20.......................................................................................I

21.     IRV'S MENSWEAR...................................................................I
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                           PURCHASE AND SALE AGREEMENT

      THIS PURCHASE AND SALE AGREEMENT (this "AGREEMENT") is made and entered
into as of the 12th day of November, 2003, by and between 75TH AND LYMAN
CORPORATION, a Delaware corporation ("SELLER"), and INLAND RETAIL REAL ESTATE
TRUST, INC., a Maryland corporation ("PURCHASER").

      Seller desires to sell and Purchaser desires to purchase the Property (as
defined below) commonly known as the Darien Towne Centre in the City of Darien,
County of DuPage and State of Illinois, subject to and on the terms and
provisions of and for the considerations set forth in this Agreement.

      NOW, THEREFORE, the parties hereto hereby agree as follows:

1.    DEFINITIONS.

      As used in this Agreement, the following terms have the following
meanings:

            "ADDITIONAL TITLE REVIEW DATE" has the meaning assigned to that term
      in SECTION 3.3.

            "AFFIDAVIT" has the meaning assigned to that term in SECTION 4.3.

            "ASSIGNMENT OF CONTRACTS" has the meaning assigned to that term in
      SECTION 4.3.

            "ASSIGNMENT OF LEASES" has the meaning assigned to that term in
      SECTION 4.3.

            "CASH BALANCE" has the meaning assigned to that term in SECTION 2.2.

            "CASUALTY ELECTION DATE" has the meaning assigned to that term in
      SECTION 14.1.

            "CB" means Seller's investment manager, CBRE Investors LLC.

            "CLOSING" has the meaning assigned to that term in SECTION 4.1.

            "CLOSING DATE" means ten (10) calendar days following the Due
      Diligence Expiration Date or such other date as is agreed by Seller and
      Purchaser.

            "CONDEMNATION ELECTION DATE" has the meaning assigned to that term
      in SECTION 14.2.

            "CRITICAL TENANTS" has the meaning assigned to that term in SECTION
      3.4.

            "DEED" has the meaning assigned to that term in SECTION 4.3.

            "DUE DILIGENCE" has the meaning assigned to that term in SECTION
      3.2.

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            "DUE DILIGENCE EXPIRATION DATE" means 5:00 p.m. Chicago Time on the
      date that is thirty (30) days following the date of this Agreement.

            "EARNEST MONEY" has the meaning assigned to that term in
      SECTION 2.2.

            "ENVIRONMENTAL DUE DILIGENCE EXPIRATION DATE" means 5:00 p.m.
      Chicago Time on the date that is fourteen (14) calendar days following the
      date of this Agreement.

            "ENVIRONMENTAL LAWS" means all federal, state and local
      environmental laws, rules, statutes, directives, ordinances and
      regulations issued by any governmental entity and in effect as of the date
      of this Agreement which regulate Hazardous Materials affecting the Real
      Property, or any portion thereof, and as same have been amended, modified
      or supplemented from time to time prior to the date of this Agreement,
      including but not limited to the Comprehensive Environmental Response,
      Compensation and Liability Act of 1980 (42 U.S.C. Section 9601 et seq.),
      the Hazardous Substances Transportation Act (49 U.S.C. Section 1802 et
      seq.), the Resource Conservation and Recovery Act (42 U.S.C. Section 6901
      et seq.), the Water Pollution Control Act (33 U.S.C. Section 1251 et
      seq.), the Safe Drinking Water Act (42 U.S.C. Section 300f et seq.), the
      Clean Air Act (42 U.S.C. Section 7401 et seq.), the Solid Waste Disposal
      Act (42 U.S.C. Section 6901 et seq.), the Toxic Substances Control Act (15
      U.S.C. Section 2601 et seq.), the Emergency Planning and Community
      Right-to-Know Act of 1986 (42 U.S.C. Section 11001 et seq.), the Radon and
      Indoor Air Quality Research Act (42 U.S.C. Section 7401 note, et seq.),
      the Superfund Amendment Reauthorization Act of 1986 (42 U.S.C. Section
      9601 et seq.), comparable state and local laws, and any and all rules and
      regulations which have become effective prior to the date of this
      Agreement under any and all of the aforementioned laws.

            "ESCROW COMPANY" means Chicago Title Insurance Company, 171 N. Clark
      Street, Chicago, IL 60601-3294, Attention: Nancy Castro, Senior Escrow
      Officer.

            "HAZARDOUS MATERIALS" means any substance which is designated,
      defined, classified or regulated as a hazardous or toxic substance,
      hazardous material, hazardous waste, pollutant or contaminant (including
      petroleum, petroleum by-products, radon, asbestos and asbestos containing
      materials, polychlorinated biphenyls, radioactive elements, infectious
      agents, and urea formaldehyde), as such terms are used in any
      Environmental Laws.

            "INDEMNIFIED PARTIES" has the meaning assigned to that term in
      SECTION 3.2.

            "INTANGIBLE PROPERTY" means, to the extent freely transferable by
      Seller, all right, title and interest, if any, of Seller in: (a) any and
      all permits, entitlements, filings, building plans, specifications and
      working drawings, certificates of occupancy, operating permits, sign
      permits, development rights and approvals, certificates, licenses,
      warranties and guarantees; (b) all trade names, service marks,
      designations and logos, and all tenant lists, advertising materials and
      telephone exchange numbers identified with the Property; and (c) all other
      intangible property, miscellaneous rights, benefits or privileges of any
      kind or character relating solely to the Property, to the extent such
      right, title and interest is

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      transferable by Seller to Purchaser without violating any legal
      obligation; PROVIDED, HOWEVER, that the Intangible Property shall not
      include claims, actions, causes of action, judgments, receivables, cash,
      securities, cash equivalents, or the name of Seller.

            "LAND" means the real property legally described on the attached
      SCHEDULE 1.

            "LATER DATE DEFECTS" has the meaning assigned to that term in
      SECTION 3.3.

            "LEASES" means all unexpired leases, subleases, occupancy
      agreements, and any other agreements for the use, possession, or occupancy
      of any portion of the Real Property as of the Closing Date listed on
      SCHEDULE 6.5 and any tenant guaranties delivered in connection with any of
      the foregoing.

            "LEASING COSTS" has the meaning assigned to that term in SECTION
      5.8.

            "LEASING STATUS REPORT" has the meaning assigned to that term in
      SECTION 15(b).

            "NOTICE" has the meaning assigned to that term in SECTION 13.

            "NOTICE DATE" has the meaning assigned to that term in SECTION 15.

            "PERMITTED EXCEPTIONS" has the meaning assigned to that term in
      SECTION 3.3.

            "PERSONAL PROPERTY" means all of the right, title, and interest of
      Seller in and to the tangible personal property, which is located at and
      used in connection with any of the Real Property and identified on
      SCHEDULE 4.3, but specifically excluding: (a) any personal property owned,
      financed or leased by the tenants under the Leases; (b) any computer
      software which either is licensed to Seller or Seller deems proprietary;
      (c) any tangible personal property owned by any unaffiliated on-site
      property manager; (d) internal memoranda, correspondence, analyses,
      documents or reports prepared by or for Seller, its shareholders, Property
      Manager, CB, or their agents in connection with this Agreement, the sale
      of the Property, the acquisition of the Property by Seller (other than
      environmental, structural and other reports, if any, prepared by third
      parties relating to the physical condition of the Property); (e)
      communications between Seller, its shareholders, Property Manager, CB,
      and/or their agents; (f) appraisals, assessments or other valuations of
      the Property in the possession of Seller, its shareholders, Property
      Manager, CB, or their agents; (g) offers or inquiries from third parties
      relating to the purchase of the Property; (h) organizational documents of
      Seller; (i) personnel records of Seller; and (j) communications or other
      internal memoranda, correspondence, analyses, documents or reports that
      are subject to an attorney-client or other evidentiary privilege.

            "PROPERTY" means the Real Property, the Personal Property, the
      Service Contracts, the Leases and the Intangible Property.

            "PROPERTY MANAGER" means Seller's property manager, the Trammell
      Crow Company.

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            "PROPERTY MANAGER'S OFFICE" means the Property Manager's office at
      1375 East Woodfield Road, Suite 750, Schaumburg, Illinois 60173.

            "PROPOSAL" has the meaning assigned to that term in SECTION 15(b).

            "PRORATION DATE" has the meaning assigned to that term in SECTION 5.

            "PURCHASE DOCUMENTS" has the meaning assigned to that term in
      SECTION 19.

            "PURCHASE PRICE" has the meaning assigned to that term in SECTION
      2.2.

            "REAL PROPERTY" means the Land, together with any improvements
      thereon and appurtenances thereto, including, but not limited to, all
      buildings and structures located on the Land.

            "REPORTING PERSON" has the meaning assigned to that term in SECTION
      18.16.

            "SELLER'S DEFAULT" has the meaning assigned to that term in SECTION
      17.

            "SELLER'S UNDERTAKINGS" has the meaning assigned to that term in
      SECTION 19.

            "SERVICE CONTRACTS" means all service contracts, equipment leases
      and other agreement relating to the Property listed on SCHEDULE 6.6.

            "SURVEY" has the meaning assigned to that term in SECTION 3.3.

            "SURVIVING OBLIGATIONS" means the provisions in this Agreement
      designated as surviving Closing or any termination of this Agreement.

            "TENANT CONTRIBUTIONS" has the meaning assigned to that term in
      SECTION 5.1.

            "TITLE COMMITMENT" has the meaning assigned to that term in SECTION
      3.3.

            "TITLE COMPANY" means Chicago Title Insurance Company which has a
      mailing address at 171 N. Clark Street, Chicago, IL 60601-3294, Attention:
      Robert Strybel, Esq.

            "TITLE POLICY" has the meaning assigned to that term in SECTION 3.3.

            "TITLE AND SURVEY REVIEW DATE" has the meaning assigned to that term
      in SECTION 3.3.

2.    SALE: PURCHASE PRICE.

      2.1   PURCHASE AND SALE.

      Subject to the terms and provisions of this Agreement, Seller agrees to
sell and convey to Purchaser, and Purchaser agrees to purchase from Seller the
Property.

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      2.2   PURCHASE PRICE.

      The total purchase price (hereinafter called the "PURCHASE PRICE") to be
paid by Purchaser to Seller for the Property shall be Thirty Million and 00/100
Dollars ($30,000,000.00). The Purchase Price shall be payable in the following
manner:

            (a)   Earnest Money.

      Purchaser shall, within five (5) business days after the date of this
Agreement, deposit with the Escrow Company, as escrow agent, the amount of One
Million Dollars ($1,000,000) (the "EARNEST MONEY"). All Earnest Money shall be
non-refundable, except as otherwise provided in this Agreement. All Earnest
Money shall be in the form of a wire transfer of immediately available United
States of America funds. The Earnest Money shall be held and disbursed by the
Escrow Company acting as escrow agent. The Earnest Money shall be invested in an
interest bearing account at a federally insured institution. Any interest
accruing on the Earnest Money shall be deemed part of the Earnest Money and paid
to the party to which the Earnest Money is distributed or credited pursuant to
the provisions of this Agreement. Purchaser shall provide its federal taxpayer
identification number to Escrow Company upon the opening of escrow. If the sale
is consummated in accordance with the terms of this Agreement, the Earnest Money
and any interest thereon shall be applied to the Purchase Price to be paid by
Purchaser at the Closing. If Purchaser fails to timely deliver the Earnest
Money, it shall be a material default and Seller may terminate the Agreement. If
this Agreement is terminated by either party pursuant to a right to do so
provided herein (other than a termination by Seller pursuant to SECTION 17 on
account of a breach of Purchaser's obligations hereunder), then the Earnest
Money shall be refunded to Purchaser.

            (b)   Cash Balance.

      Subject to the satisfaction or waiver of all conditions precedent to
Purchaser's obligations to consummate the transactions contemplated by this
Agreement, Purchaser shall pay to Seller the balance of the Purchase Price,
subject to the prorations described in SECTION 5 below, in cash (the "CASH
BALANCE"), by wire transfer, no later than noon (Chicago Time) on the Closing
Date, of immediately available United States of America funds to the Escrow
Company for payment to Seller, in accordance with the terms and conditions of
this Agreement.

3.    DUE DILIGENCE AND TENANT ESTOPPELS.

      3.1   SELLER'S DELIVERIES; WORK PRODUCT.

      Within five (5) days after the date of this Agreement, Seller shall (i)
deliver to Purchaser, for Purchaser's inspection items enumerated (a), (b), (c),
(d), (e), (f), (g) and (h) below and (ii) make available to Purchaser, for
Purchaser's inspection and copying, the files containing the items enumerated
(i), (j) and (k) below, which are in Seller's actual possession or maintained by
the Property Manager at the Property Manager's Office and which relate solely to
the Property:

            (a)   all Leases;

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            (b)   all Service Contracts entered into by Seller;

            (c)   copies of the real estate tax bills for the current year and
      two prior years, if available;

            (d)   any existing third party environmental reports, including any
      Phase I environmental reports, structural, roof and engineering reports,
      and architectural plans, specifications and drawings relating to the
      physical condition of the Property;

            (e)   annual operating statements for the Property for the last
      three calendar years and monthly operating statements for the months in
      the current year prepared by the Property Manager;

            (f)   a copy of the most current rent roll prepared by or for Seller
      in the ordinary course of its business;

            (g)   copies of all Proposals presently outstanding;

            (h)   certificates of occupancy and zoning letters pertaining to the
      Property (in either case, to the extent available in files maintained in
      the Property Manager's Office);

            (i)   tenant's insurance certificates; and

            (j)   all existing contracts and work orders for pending repairs or
      capital improvements to be performed at the Property, and all contracts
      for such work performed during the twelve (12) months immediately
      preceding the date of this Agreement for a contract price in excess of Ten
      Thousand Dollars ($10,000); and

            (k)   all other documents maintained in the ordinary course of
      business in the tenant files maintained in the Property Manager's Office,
      including without limitation lease abstracts (if any), existing estoppel
      certificates (if any) and tenant financial statements.

      Notwithstanding the foregoing, in no event shall Seller be required to
deliver or make available to Purchaser any items specifically excluded from the
definition of "Personal Property" set forth in SECTION 1.

      Seller shall deliver to Purchaser any documents described in clauses (a)
through (j) of this SECTION 3.1 and first coming into Seller's actual possession
or produced by Seller after the initial delivery and shall continue to make
available the same and any other documents described in this SECTION 3.1 during
the pendency of this Agreement.

      For purposes of this Agreement, references to "Seller's actual
possession," "Seller's possession," or to terms of similar import shall mean
only those items which are in the actual physical possession or under the actual
control of Property Manager, Seller or CB at CB's Bellevue, Washington office,
and expressly excludes any duty of inquiry or investigation and any constructive
or imputed possession or control. Seller shall instruct Seller's Property
Manager to make available any of the documents described in SECTION 3.1(a)-(k)
and located at the Property

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Manager's Office for Purchaser's inspection and copying at [Property Manager's
Office]. The information and documents provided under this SECTION 3.1 are
subject to the obligation of confidentiality in SECTION 18.5 below and to the
limitations and disclaimers in SECTION 7 below.

      In the event this Agreement terminates for any reason, Purchaser shall
promptly, but in no event later than five (5) business days after such
termination, deliver to Seller (i) all information delivered by Seller or
representatives of Seller to Purchaser or Purchaser's representatives and any
copies or compilations thereof, including without limitation, the materials
described in this SECTION 3.1; and (ii) subject to limitations on distribution
of any materials by the preparer thereof, copies of all surveys, environmental
audits, engineering studies, drawings, blueprints, soil reports, maps, master
plans, feasibility studies, and other similar reports and studies prepared by or
for Purchaser or its representatives by third parties that pertain to the
Property, without representation or warranty. Upon termination of this
Agreement, Purchaser will assign to Seller any agreements with third parties and
rights relating to studies, reports, plans, drawings or other work related to
the Property, including without limitation architectural and engineering work
product, to the extent assignable. The terms of this SECTION 3.1 shall survive
the termination of this Agreement.

      3.2   DUE DILIGENCE.

      Purchaser and its representatives shall be permitted to enter upon the
Property at any reasonable time and from time to time before the Closing Date to
examine, inspect and investigate the Property as well as all records and other
documentation made available by Seller in accordance with this Agreement
(collectively, "DUE DILIGENCE"). The Due Diligence shall be subject to the
terms, conditions and limitations set forth in this SECTION 3.2.

            (a)   Purchaser shall have a right to enter upon the Property for
      the purpose of conducting its Due Diligence provided that in each such
      instance (i) Purchaser notifies CB of its intent to enter the Property to
      conduct its Due Diligence not less than forty-eight (48) hours prior to
      such entry; (ii) the date and approximate time period are scheduled with
      Seller; and (iii) Purchaser and its representatives, agents, employees and
      contractors are in full compliance with the insurance requirements set
      forth in SECTION 3.2. At Seller's election, a representative of Seller
      shall be present during any entry by Purchaser or its representatives upon
      the Property for conducting its Due Diligence. Purchaser shall take all
      necessary actions to insure that neither it nor any of its
      representatives, representatives, agents, employees and contractors
      interfere with the tenants or ongoing operations occurring at the
      Property. Purchaser shall not cause or permit any mechanic liens,
      materialmen's liens or other liens to be filed against the Property as a
      result of it Due Diligence or other activities prior to Closing.

            (b)   From and after the date of this Agreement through and
      including the Closing Date, Purchaser may communicate with tenants in the
      Property, provided that (i) Purchaser notifies Seller, not less than
      forty-eight (48) hours prior to each such proposed communication of the
      desired date and time of such communication and the names of the tenants
      with which it wishes to communicate, and Purchaser shall use its best
      efforts to consolidate its communications with tenants so that such
      communications will occur

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      consecutively on no more than one (1) day in any calendar week; (ii)
      Seller or an authorized representative of the Property Manager (and not
      Purchaser) shall contact the tenants to arrange each such communication
      giving due consideration to Purchaser's requested date and time; (iii) a
      representative of CB must participate in any such communications, at
      Seller's election; and (iv) each such communication shall be limited to a
      general discussion of that tenant's lease and shall specifically exclude
      the making of any proposals to amend, buy out, relocate, or otherwise deal
      with such tenant's lease. Purchaser shall specifically notify all existing
      or prospective tenants with whom it or any of its representatives
      communicates that Purchaser has no authority to speak for or otherwise
      bind Seller and that any proposal proffered by Purchaser with respect to
      the Property shall be contingent upon sale of the Property by Seller to
      Purchaser.

            (c)   If prior to the Due Diligence Expiration Date, Purchaser
      becomes aware of any problem or defect in the Property or any other aspect
      of the Property which Purchaser in its sole discretion determines makes
      the Property unsuitable to Purchaser, Purchaser may (for any reason or no
      reason) terminate this Agreement by giving notice of termination to Seller
      on or before the Due Diligence Expiration Date. In the event of such
      termination, all of the Earnest Money shall be returned to Purchaser and
      neither party shall have any further obligations to the other party,
      except for the Surviving Obligations. If Purchaser does not timely give
      notice of such termination, Purchaser shall be deemed to have waived the
      right to terminate provided for in this SECTION 3.2(c) and this Agreement
      shall continue in full force and effect. Notwithstanding the foregoing,
      (i) Purchaser shall have until the Environmental Due Diligence Expiration
      Date to determine, whether the environmental condition of the Property is
      acceptable to Purchaser in Purchaser's sole discretion, and (ii) if
      Purchaser does not terminate this Agreement by the Environmental Due
      Diligence Expiration Date, Purchaser shall be deemed to have accepted the
      environmental condition of the Property and Purchaser thereafter shall not
      be entitled to conduct environmental due diligence prior to the Due
      Diligence Expiration Date.

            (d)   From the Due Diligence Expiration Date and until five (5) days
      prior to the Closing Date, Purchaser may give notice to Seller requesting
      termination of any or all of the Service Contracts which are noted on
      SCHEDULE 6.6 as being terminable upon notice by Seller. Seller will
      deliver notice to terminate such Service Contracts within three (3)
      business days following receipt of Purchaser's notice identifying the
      Service Contracts to be terminated. Purchaser agrees to and shall assume
      all Service Contracts not terminated prior to Closing (including each and
      every Services Contract as to which a termination notice was sent pursuant
      to the foregoing but for which the requisite notice period for termination
      of such Service Contract has not yet expired).

            (e)   Purchaser shall have the right to conduct, at its sole cost
      and expense, any reasonable inspections, studies or tests appropriate in
      determining the condition of the Property, provided, however, Purchaser is
      not permitted to perform any intrusive testing, including, without
      limitation, a Phase II environmental assessment or boring, without first
      (i) submitting to Seller the scope and inspections for such testing; and
      (ii) obtaining the prior written consent of Seller, which consent shall
      not be unreasonably withheld or delayed.

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            (f)   Purchaser agrees to indemnify, defend and hold Seller and its
      partners, trustees, beneficiaries, shareholders, members, managers,
      advisors and other agents and their respective partners, trustees,
      beneficiaries, employees, officers, directors and shareholders (the
      "INDEMNIFIED PARTIES") harmless from and against any and all claims,
      losses, damages, costs and expense (including, without limitation
      reasonable attorneys' fees and court costs) suffered or incurred by any of
      the Indemnified Parties as a result of or in connection with any
      activities of Purchaser (including activities of any of Purchaser's
      employees, consultants, contractors or other agents) relating to the
      Property, including, without limitation, mechanics' liens, damage to the
      Property, injury to persons or property resulting from such activities in
      connection therewith; except to the extent caused by the negligence or
      willful misconduct of any of the Indemnified Parties. In the event that
      the Property is disturbed or altered in any way as a result of such
      activities, Purchaser shall promptly restore the Property to its condition
      existing prior to the commencement of such activities which disturbed or
      altered the Property.

            (g)   Furthermore, Purchaser agrees to maintain and cause any of its
      employees, representatives, agents and contractors conducting any Due
      Diligence to maintain and have in effect commercial general liability
      insurance on an occurrence basis, covering activities on or about the
      Property, including (i) all risk coverage; (ii) contractual liability
      (which includes, without limitation, coverage for the indemnity and hold
      harmless agreement set forth in SECTION 3.2(f)), against claims for bodily
      injury, personal injury (with employee and contractual exclusions
      deleted), property damage and death; (iii) waiver of subrogation; and (iv)
      combined single limit of not less than One Million Dollars ($1,000,000)
      per occurrence and in the aggregate. Prior to entering the Property,
      Purchaser shall furnish Seller with certificates showing that all
      insurance is being maintained as required herein and endorsements naming
      Seller and its shareholders, officers, and directors as additional
      insureds under such policies. Each such certificate of insurance shall
      contain a provision that the coverage afforded under such policies will
      not be canceled or modified until at least thirty (30) days prior written
      notice has been given to Seller. If any such insurance policy expires
      before the termination of this Agreement, Seller shall be provided with
      renewal certificates or binders not less than thirty (30) days prior to
      such expiration together with evidence of the payment of premiums thereon.
      This SECTION 3.2(g) shall survive Closing or any termination of this
      Agreement.

            (h)   Purchaser acknowledges and agrees that it shall have no right
      to review or inspect any of the following: (i) internal memoranda,
      correspondence, analyses, documents or reports prepared by or for Seller,
      its shareholders, Property Manager, CB, or their agents in connection with
      this Agreement, the sale of the Property, the acquisition of the Property
      by Seller (other than environmental, structural and other reports, if any,
      prepared by third parties relating to the physical condition of the
      Property); (ii) communications between Seller, its shareholders, Property
      Manager, CB, and/or their agents; (iii) appraisals, assessments or other
      valuations of the Property in the possession of Seller, its shareholders,
      Property Manager, CB, or their agents; (iv) offers or inquiries from third
      parties relating to the purchase of the Property; (v) organizational
      documents of Seller; (vi) personnel records of Seller; and (vii)
      communications or other internal memoranda,

                                      - 9 -
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      correspondence, analyses, documents or reports that are subject to an
      attorney-client or other evidentiary privilege.

      3.3   TITLE AND SURVEY.

            (a)   Within ten (10) days after the date of this Agreement, Seller
      shall obtain and deliver to Purchaser for Purchaser's review a commitment
      for extended coverage owner's policy of title insurance, on the Real
      Property issued by the Title Company, along with a copy of each instrument
      listed as an exception thereon (the "TITLE COMMITMENT"). Seller shall also
      obtain and deliver an as-built survey of the Property, certified to the
      Purchaser, Purchaser's assigns under this Agreement and the Title Company
      as of a date not earlier than thirty (30) days prior to the date of this
      Agreement, and reflecting all special exceptions on the Title Commitment
      and apparent improvements, utility lines, easements, encroachments and
      parking spaces (including handicap parking spaces) on the Property and
      containing Table A Optional Survey Responsibilities and Specifications 1,
      2, 3, 4, 6, 7(a), (b)(1) and (2), (c), 8, 9, 10, 11, 12, 13, 14, 15 and 16
      (the "SURVEY"). Seller shall pay the costs relating to the Survey and the
      premium for a standard coverage owner's policy of title insurance.
      Purchaser shall pay all additional premiums associated with an extended
      coverage owner's policy of title insurance. Purchaser may obtain, at its
      sole cost and expense, any desired endorsements to the extent available.

            (b)   Purchaser shall have until the later of the Due Diligence
      Expiration Date or the date which is ten (10) days after receipt of the
      last of (i) the Title Commitment, (ii) the Survey and (iii) all title
      exception documents (such date being referred to as the "TITLE AND SURVEY
      REVIEW DATE"), to examine the Title Commitment or Survey and make any
      objections thereto, said objections to be made by notice to Seller given
      on or before the Title and Survey Review Date. If Purchaser shall fail to
      give notice of its objection to any exception to the Title Commitment or
      any matter shown on the Survey on or before the Title and Survey Review
      Date, Purchaser shall be deemed to have accepted such exception to the
      Title Commitment and such matter shown on the Survey.

            (c)   If the Title Company issues a supplemental Title Commitment,
      Purchaser shall have until the Due Diligence Expiration Date or the date
      which is five (5) days after receipt of the supplemental Title Commitment
      along with a copy of any document relating to matters shown therein (the
      "LATER DATE DEFECTS") and a revised Survey reflecting the Later Date
      Defects, whichever is later, but in no event later than the Closing Date
      (the "ADDITIONAL TITLE REVIEW DATE"), to object to Later Date Defects that
      were not shown on the Title Commitment (as previously updated), such
      objections to be made by notice to Seller given on or before the
      Additional Title Review Date. If Purchaser shall fail to give notice of
      its objection to any Later Date Defect on or before the Additional Title
      Review Date, Purchaser shall be deemed to have accepted such Later Date
      Defect. For the purpose of this Agreement, the following shall be
      permitted exceptions to title: all exceptions and matters approved by
      Purchaser, all exceptions and matters which Purchaser is deemed to have
      accepted, and all exceptions or matters caused by or through Purchaser
      (collectively, the "PERMITTED EXCEPTIONS")

                                     - 10 -
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            (d)   If Purchaser gives timely notice of objection to any matter in
      the Title Commitment or Survey or any Later Date Defect (in each case
      other than a matter caused by or through Purchaser), by the respective
      deadline for giving such notice, then Seller shall have the right, but not
      the obligation, to cure (by removal or other action, including obtaining a
      endorsement reasonably acceptable to Purchaser) such objection on or
      before the Closing Date; provided, however, that Seller shall have the
      obligation to remove all monetary liens and other matters objected to by
      Purchaser which were caused by Seller's intentional actions after the date
      of this Agreement. If Seller gives notice to Purchaser that Seller will
      not cure or remove any such matter to which Purchase has timely objected,
      then Purchaser may, at any time within five (5) days of the giving of such
      notice by Seller, or prior to the Closing Date, whichever is earlier, give
      Seller notice of Purchaser's election to terminate this Agreement, in
      which event all of the Earnest Money shall be returned to Purchaser and
      neither party shall have any further obligations to the other party except
      for the Surviving Obligations and except that Seller shall be deemed in
      default of this Agreement for failure to remove all monetary liens and
      other matters objected to by Purchaser which were caused by Seller's
      intentional actions after the date of this Agreement. If Purchaser shall
      fail to give such notice of termination within the time period prescribed
      in the preceding sentence, the Purchaser shall be deemed irrevocably to
      have elected to waive such objection and to have accepted such matter, in
      which event the matter shall be a Permitted Exception.

            (e)   It shall be a condition precedent to Purchaser's obligation to
      proceed to Closing that the Title Company shall issue to Purchaser or be
      irrevocably committed to issue to Purchaser an extended coverage ALTA
      owner's form title policy (the "TITLE POLICY"), in the full amount of the
      Purchase Price, insuring that fee simple title to the Property is vested
      in Purchaser subject only to the Permitted Exceptions and including the
      following endorsements: 3.1 zoning, comprehensive, single tax lot,
      subdivision, survey, access, utility facility, contiguity, environmental
      lien, removal of creditors' rights and removal of arbitration clause.
      [Note: Checking with Chicago Title to confirm availability of all
      identified endorsements.]

      3.4   TENANT ESTOPPELS.

      It shall be a condition to Purchaser's obligation to purchase the Property
that Seller shall have delivered to Purchaser estoppel certificates, dated not
more than thirty (30) days prior to the Closing Date, that (a) are substantially
in the form of EXHIBIT A attached hereto or (b) in substantially the form
required under such tenant's lease, and that in either case are consistent with
the economic terms applicable to the tenancy as described in the rent roll
delivered to Purchaser as part of the Due Diligence items in SECTION 3.1, as
follows: (1) estoppel certificates signed by the following tenants: (i) Home
Depot, Circuit City, PetsMart and T.G.I. Friday's (the "CRITICAL TENANTS") and
(ii) other retail tenants that, together with the Critical Tenants, account for
at least eighty-five percent (85%) of the rentable square footage of the
Property currently occupied by tenants or subject to leases but not yet occupied
by tenants other than the square footage of tenants whose leases may be
terminated upon thirty days notice or by their terms expire prior to the Closing
Date; and (2) estoppel certificates signed by Seller relating to all leases with
tenants (other than tenants whose leases may be terminated upon thirty days
notice) from

                                     - 11 -
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which estoppel certificates are not obtained directly pursuant to clause (1)
above. Any estoppel certificate signed by Seller pursuant to clause (2) above
may be given to Seller's knowledge (as defined in the first sentence of SECTION
6.13 hereof), and the last sentence of paragraph 4 thereof may state the
Percentage Rent paid by the tenant for the calendar year ended December 31,
2002. Seller shall use commercially reasonable efforts to obtain an estoppel
certificate from each tenant and to resolve any inconsistency or discrepancy
between the estoppel certificate and (i) the economic terms applicable to the
tenancy as set forth on the rent roll made available to Purchaser by Seller and
(ii) any landlord default alleged by the tenant.

      If Purchaser shall fail to give Seller notice, on or before the earlier of
the Closing or the fifth (5th) business day after delivery of an estoppel
certificate to Purchaser, that Purchaser believes such estoppel certificate does
not satisfy the requirements of clause (a) or (b) of this Section (which notice
of disapproval shall specify with particularity the reasons on which Purchaser
bases its disapproval), Purchaser shall be conclusively deemed to have accepted
such estoppel certificate. If the number of estoppel certificates specified
above is not obtained on or before the Closing Date, then Purchaser may, as its
only option and remedy, elect to either (x) waive such condition and consummate
the transaction contemplated by this Agreement or (y) terminate this Agreement,
in which event all of the Earnest Money shall be refunded to Purchaser and
neither party shall have any further obligations to the other party except for
the Surviving Obligations.

      3.5   BULK SALES.

      On or before Due Diligence Expiration Date, Seller shall file a Notice of
Sale/Purchase of Business Assets with the Illinois Department of Revenue ("IDR")
in connection with the requirements of the Illinois Income Tax Act, 35 ILCS
5/902(d) (the "ILLINOIS TAX ACT"). Purchaser agrees to provide such information
regarding Purchaser as Seller may reasonably request to enable Seller to file
such notice. If the IDR issues a certificate(s) requiring withholding under the
Illinois Tax Act with respect to the Closing contemplated hereunder, then
Purchaser shall be entitled to withhold the applicable required amounts (the
"WITHHOLDING AMOUNTS") from the payment of the Purchase Price, which Withholding
Amounts shall be deposited at Closing with the Escrow Company, as escrow agent,
pursuant to escrow instructions reasonably acceptable to Seller and Purchaser
that shall provide for the release of the Withholding Amounts (including,
without limitation, all earnings thereon) to Seller upon the furnishing of a
bulk sales stop order or other evidence that no further sums are required to be
withheld by the IDR under the Illinois Tax Act. Seller and Purchaser shall
reasonably cooperate in obtaining any such evidence and in causing the
Withholding Amounts to be paid by the Escrow Company, as escrow agent, to Seller
upon the furnishing of such evidence. The provisions of this Section shall
survive the Closing.

4.    CLOSING; ADDITIONAL CONDITIONS; DELIVERIES.

      4.1   TIME, PLACE AND MANNER OF CLOSING.

      The closing of the transactions contemplated by this Agreement (the
"CLOSING") shall be held on the Closing Date through an escrow at the offices of
the Escrow Company.

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      4.2   CONDITION TO PARTIES' OBLIGATION TO CLOSE.

            (a)   In addition to all other conditions set forth herein, the
      obligation of Seller, on the one hand, and Purchaser, on the other hand,
      to consummate the transaction contemplated hereunder shall be contingent
      upon the following:

                  (i)     The other party's representations and warranties
            contained in this Agreement shall be true and correct in all
            material respects as of the date of this Agreement and the Closing
            Date;

                  (ii)    As of the Closing Date, the other party shall have
            performed its obligations under this Agreement in all material
            respects and all deliveries to be made at Closing have been
            tendered; and

                  (iii)   As of the Closing Date, there shall exist no pending
            action, suit or proceeding with respect to the other party before or
            by any court or administrative agency which seeks to restrain or
            prohibit, or to obtain damages or a discovery order with respect to,
            this Agreement or the consummation of the transactions contemplated
            hereby.

            (b)   In addition to all other conditions set forth herein, the
      obligation of Purchaser to consummate the transaction contemplated
      hereunder shall be contingent upon the physical condition of the Property
      being substantially the same on the Closing Date as it was on the Due
      Diligence Expiration Date, reasonable wear and tear and condemnation and
      casualty excepted.

      4.3   DELIVERIES.

      At Closing the following documents shall be delivered:

            (a)   Seller shall deliver or cause to be delivered to Purchaser or
      the Escrow Company:

                  (i)     a special warranty deed (the "DEED") to the Property
            in recordable form, duly executed by Seller and acknowledged and in
            substantially the same form as set forth in the attached EXHIBIT B,
            conveying to Purchaser title to the Real Property, subject to the
            Permitted Exceptions;

                  (ii)    a bill of sale duly executed by Seller and in
            substantially the same form as set forth in the attached EXHIBIT C,
            conveying to Purchaser title to all Personal Property listed in
            SCHEDULE 4.3 that is owned by Seller and located at the Real
            Property;

                  (iii)   an assignment to Purchaser of the Leases duly executed
            by Seller and in substantially the same form as set forth in the
            attached EXHIBIT D (the "ASSIGNMENT OF LEASES");

                                     - 13 -
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                  (iv)    an assignment to Purchaser of the Service Contracts
            and other third party contracts being assumed as provided in this
            Agreement, and all licenses, warranties, guarantees, permits and
            other Intangible Property affecting the Property duly executed by
            Seller and in substantially the same form as set forth in the
            attached EXHIBIT E (the "ASSIGNMENT OF CONTRACTS");

                  (v)     a non-foreign transferor certification pursuant to
            Section 1445 of the Internal Revenue Code and any similar provisions
            of applicable state law, in substantially the same form as set forth
            on the attached EXHIBIT F (the "AFFIDAVIT");

                  (vi)    the Leases;

                  (vii)   keys to the Property in Seller's or Property Manager's
            possession or control;

                  (viii)  a lien waiver from Colliers Bennett & Kahnweiler;

                  (ix)    a certificate of Seller substantially in the form of
            EXHIBIT I attached hereto;

                  (x)     such other documents as shall reasonably be required
            by the Escrow Company to close the transaction set forth in this
            Agreement and issue the Title Policy, including without limitation
            evidence of the authority of the person or persons who are executing
            the various documents on behalf of Seller in connection with this
            Agreement; and

                  (xi)    such other documents as shall reasonably be requested
            by Purchaser and which are not in conflict with the terms of this
            Agreement.

            (b)   Purchaser shall deliver or cause to be delivered to Seller or
      the Escrow Company:

                  (i)     the Cash Balance, by wire transfer, as provided in
            SECTION 2.2 hereof;

                  (ii)    the Assignment of Leases duly executed by Purchaser;

                  (iii)   the Assignment of Contracts duly executed by
            Purchaser;

                  (iv)    such other documents as shall reasonably be required
            by the Escrow Company in order to close the transaction set forth in
            this Agreement and issue the Title Policy, including without
            limitation evidence of the status and capacity of Purchaser and the
            authority of the person or persons who are executing the various
            documents on behalf of Purchaser in connection with this Agreement;

                                     - 14 -
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                  (v)     a certificate of Purchaser substantially in the form
            of EXHIBIT J attached hereto; and

                  (vi)    such other documents as shall reasonably be requested
            by Seller and which are not in conflict with the terms of this
            Agreement.

            (c)   Seller and Purchaser shall jointly deliver to the Escrow
      Company:

                  (i)     a closing statement;

                  (ii)    all transfer declarations or similar documentation
            required by law;

                  (iii)   letters to the tenants of the Property in the form of
            attached EXHIBIT G; and

                  (iv)    notices in substantially the form attached as EXHIBIT
            H to the other party to each Service Contract assumed by Purchaser
            pursuant to this Agreement.

      4.4   PERMITTED TERMINATION.

      So long as a party is not in default hereunder, if any condition to such
party's obligation to proceed with the Closing has not been satisfied or waived
(other than due to the intentional act of the party for whose benefit such
condition exists) as of the Closing Date or such earlier date as provided
herein, such party may, in its sole discretion, terminate this Agreement by
giving notice of termination to the other party before the Closing Date, or
elect to close, notwithstanding the non-satisfaction of such condition, in which
event such party shall be deemed to have waived such condition. In the event
Purchaser or Seller terminates this Agreement pursuant to the provisions of this
SECTION 4.4, the Earnest Money shall be refunded to Purchaser and neither party
shall have any further obligations to the other party except for the Surviving
Obligations.

5.    PRORATIONS.

      All items of income and expense attributable to the Property shall be
paid, prorated or adjusted as of the close of business on the day prior to the
Closing Date (the "PRORATION DATE") in the following manner:

      5.1   POST-CLOSING TENANT CONTRIBUTIONS AND SECURITY DEPOSITS.

      Purchaser shall receive a credit against the Purchase Price for (i) the
amount of all expense contributions, real estate tax contributions, and other
contributions or reimbursements actually received by Seller from tenants
("TENANT CONTRIBUTIONS") to the extent the aggregate amount of such Tenant
Contributions exceeds the aggregate amount actually disbursed by Seller in
payment of expenses with respect to periods prior to the Closing Date for which
such Tenant Contributions were made, and (iii) all other rents, if any, actually
received by Seller and attributable to any period on or after the Closing Date,
and (iv) all unapplied cash security deposits, if any, actually held by Seller
and which were made by tenants under Leases of the Real Property in effect as of
the Closing Date.

                                     - 15 -
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      5.2   PRORATIONS FOR CLOSING MONTH.

      All rents (excluding Tenant Contributions) attributable to the month of
Closing shall be prorated between Purchaser and Seller based upon their
respective days of ownership for such month in which the Closing occurs;
provided that neither Purchaser nor Seller shall receive credit at Closing for
any payments of rent, due but not paid, as of the Proration Date, except as
specifically provided in this SECTION 5. All prorations under this SECTION 5.2
and SECTION 5.1 shall be final and not subject to any reproration,
reconciliation or other adjustment.

      5.3   PERCENTAGE RENT.

      Percentage rent shall not be prorated at Closing. Rather percentage rent
shall be prorated immediately after the receipt of any percentage rent payments
made by the respective tenants. Any amounts due to Seller shall be remitted to
Seller within five (5) business days after the end of each month in which
Purchaser receives such payment. The percentage rent shall be prorated between
Purchaser and Seller utilizing the percentage rent payable for such lease year
based upon their respective days of ownership of the Property for the year in
which the Closing occurs (e.g. percentage rent paid by tenant x number of days
up to and including Proration Date/365 or 366).

      5.4   ORDER OF APPLICATION.

      At Closing, Seller shall not receive a credit for any unpaid Tenant
Contributions or rent receivables. Any amounts received from tenants after
Closing shall be applied on a tenant-by-tenant basis in the following order: (i)
first, to amounts owed by such tenant for the month in which Closing occurs,
(ii) second, to any amounts owed by such tenant to Purchaser for the period
after the month in which Closing occurs and through the month in which such
payment is received, and (iii) third, to any amounts owed by such tenant to
Seller for the period prior to the month in which Closing occurs. Any money due
to Seller or Purchaser shall be remitted to such party within five (5) business
days after the end of each month in which such money is received. Seller retains
the right to pursue its remedies against tenants after Closing for any
delinquent payments or other amounts owed to Seller; provided, however, that
Seller shall not exercise any such rights or remedies unless such delinquent
Tenant Contributions or rents have not been collected by Purchaser and paid to
Seller within forty five (45) days after the Closing Date and Seller shall not
be permitted to commence or pursue any legal proceedings against any tenant
seeking eviction or otherwise affecting possession of the Property by such
tenant.

      5.5   OPERATING EXPENSES.

      Seller shall receive a credit for any and all prepaid operating expenses
(but excluding real estate taxes which shall be prorated pursuant to SECTION 5.6
below), including, without limitation, permit fees, license fees, membership
dues, assessments, governmental charges and any other prepaid expenses, if any
attributable to the month or other period in which Closing occurs, or any
subsequent period thereto, prorated based upon the respective days of ownership
of the Property by Seller and Purchaser, during the period to which such
expenses relate, utilizing the actual expenses or reasonable estimates for such
periods.

                                     - 16 -
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      5.6   REAL ESTATE TAXES.

      Real estate taxes due in the year in which Closing occurs shall
(regardless of when such taxes actually accrued) be prorated between Seller and
Purchaser based upon the actual days of ownership of the Real Property by the
parties for the year in which Closing occurs utilizing the most recent
ascertainable tax bills.

            (a)   The proration in this SECTION 5.6 shall be final and not
      subject to any reproration, reconciliation or other adjustment between
      Purchaser and Seller and no other real estate taxes, assessments,
      governmental charges shall be prorated, reconciled or otherwise adjusted
      between Purchaser and Seller. Purchaser shall be responsible for and cause
      to be timely paid in full any and all real estate taxes, assessments,
      governmental charges which are due or payable subsequent to the Closing
      Date, notwithstanding that such taxes may have accrued with respect to the
      calendar year in which Closing occurs (including portions of that year
      prior to the Closing Date).

            (b)   Seller shall retain all rights with respect to any refund of
      taxes attributable to taxes due prior to the Proration Date, if any,
      except to the extent such amounts are required to be refunded to tenants
      under the terms of any Leases. If Purchaser receives any refund owing to
      Seller under this Section, Purchaser shall pay to Seller, in current
      funds, an amount equal to such refund within thirty (30) days after the
      date Purchaser receives such refund. Without limiting the generality of
      the foregoing, if any such refund owing to Seller is effected by reduction
      of any taxes due prior to the Proration Date, then Purchaser shall pay to
      Seller, in current funds, an amount equal to such refund, within thirty
      (30) days after the date Purchaser first receives the credit for said
      reduction.

      5.7   UTILITIES.

      Except for utilities billed directly to Tenants, utilities shall be
prorated as of the Proration Date based upon either meter readings on the
Proration Date or the prior month's actual invoices.

      5.8   LEASING COSTS.

      Buyer shall receive a credit at closing of up to $174,000 ("LEASING
CREDIT") which consists of: (a) the estimated cost of dividing an existing
space currently consisting of 9,348 rentable square feet into four separate
spaces (as contemplated by the Leasing Status Report) ("DEMISING COSTS"), up to
an aggregate maximum of $75,000, and (b) all leasing commissions, space planning
and legal costs or other tenant incentives relating to new leases at the
Property or the renewal of existing leases at the Property ("LEASING COSTS"), up
to an aggregate amount not to exceed $99,000. To the extent that the Demising
Costs are estimated to be less that $75,000 due to the configuration of tenant
spaces leased between the date of this agreement and the Closing Date, then the
Leasing Credit shall be reduced by the difference. To the extent that Seller has
paid Leasing Costs for new or renewal leases entered into between the date of
this agreement and the Closing Date, then the Leasing Credit shall be reduced by
those costs.

                                     - 17 -
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      5.9   INSURANCE POLICIES AND PROPERTY MANAGEMENT AGREEMENTS.

      All insurance policies and property management agreements shall be
terminated as of the Closing Date and there shall be no proration with respect
to these items.

      5.10  OTHER PRORATION MATTERS.

      All other items which are customarily prorated in transactions similar to
the transaction contemplated hereby and which were not otherwise dealt with
above, will be prorated as of the Proration Date. In the event any prorations or
computations made under this Section are based on estimates or prove to be
incorrect, then either party shall be entitled to an adjustment to correct the
same, provided that it makes written demand on the party from whom it is
entitled to such adjustment within one hundred twenty days (120) after the end
of the calendar year in which the Closing takes place. Purchaser shall indemnify
and hold Seller harmless from and against any and all claims and costs (i) in
connection with Purchaser's assumption of responsibility for real estate taxes,
Leasing Costs and other items, if any, as provided in SECTIONS 5.6 AND 5.8, (ii)
in connection with all obligations under third party contracts assumed by
Purchaser as provided by SECTION 3.2(d); and (iii) for which Purchaser received
credits pursuant to this SECTION 5.

      5.11  SURVIVAL.

      This SECTION 5 shall survive Closing.

6.    SELLER'S REPRESENTATIONS, WARRANTIES AND COVENANTS.

      Seller represents, warrants and covenants to Purchaser as follows:

      6.1   POWER.

      Seller has the legal power, right and authority to enter into this
Agreement and the instruments referenced herein and to consummate the
transactions contemplated by this Agreement.

      6.2   REQUISITE ACTION.

      All requisite action has been taken by Seller to authorize Seller to enter
into this Agreement and the instruments referenced herein and to consummate the
transactions contemplated hereby. No consent of any partner, shareholder,
member, creditor, investor, judicial or administrative body, authority or other
party is required which has not been obtained to permit Seller to enter into
this Agreement and consummate the transaction contemplated hereby.

      6.3   AUTHORITY.

      The individuals executing this Agreement and the instruments referenced in
this Agreement on behalf of Seller have the legal power, right and actual
authority to bind Seller to the terms and conditions hereof and thereof.

                                     - 18 -
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      6.4   CONFLICTS.

      None of the execution and delivery of this Agreement and documents
referenced herein, the incurrence of the obligations set forth herein, the
consummation of the transactions contemplated or referenced herein conflicts
with or results in the material breach of any terms, conditions or provisions of
or constitutes a default under, any bond, note, or other evidence of
indebtedness or any contract, lease or other agreements or instruments to which
Seller is a party and which default could reasonably affect the business or
operations of the Property or the consummation of the transactions contemplated
by this Agreement.

      6.5   LEASES.

      Attached hereto as SCHEDULE 6.5 is a complete list of the leases,
occupancy agreements and amendments thereto relating to the Property, which
shall be updated by Seller prior to Closing, if necessary. There have been no
amendments or modifications to such leases other than as disclosed on SCHEDULE
6.5, and to Seller's knowledge, each lease is in full force and effect, and no
tenant or lease guarantor is in default (or would be in default but for
application of any security deposit) thereunder (except for defaults less than
20 days old in the payment of rent by tenants other than Critical Tenants, which
defaults have been disclosed by Seller to Purchaser). Seller has received no
notice from a tenant alleging a default by Seller which remains uncured. None of
the leases grants any tenant the right to purchase the Property.

      6.6   SERVICE CONTRACTS.

      Attached hereto as SCHEDULE 6.6 is, to Seller's knowledge, a complete and
accurate list of the service contracts, equipment leases and other agreements
relating to the Property which shall be updated by Seller prior to Closing, if
necessary.

      6.7   VIOLATION NOTICES.

      Seller has not received any written notice of any uncorrected violation of
any applicable building, use, occupancy, safety, fire, zoning or land use laws
with respect to the Property or the present use or operation thereof, and to
Seller's knowledge, no such violations exist at the Property.

      6.8   LITIGATION.

      Except as set forth on SCHEDULE 6.8 and except for matters covered by
insurance, there is no action, suit or proceeding served upon Seller, nor to the
best of Seller's knowledge, pending or threatened against Seller in any court or
by or before any other governmental agency or instrumentality which would
materially and adversely affect the ability of Seller to carry out the
transactions contemplated by this Agreement. SCHEDULE 6.8 shall be updated by
Seller prior to Closing, if necessary.

                                     - 19 -
<Page>

      6.9   LEASE BROKERAGE.

      Seller has not entered into any agreements to pay commissions or other
agreements providing for payments of any amounts for leasing activities or
procuring tenants with respect to the Property other than as disclosed in the
Leases or on SCHEDULE 6.9.

      6.10  ENVIRONMENTAL MATTERS.

      Except as disclosed in the Due Diligence items delivered or made available
to Purchaser, to Seller's knowledge:

            (a)   Seller has not received written notice of any threatened
      actions or proceedings by any governmental entity or any other party
      regarding the disposal or presence of Hazardous Materials at the Property
      or regarding any violation of Environmental Laws at the Property.

            (b)   Seller has not placed, used, generated, stored, or disposed of
      on or under the Property, or transported to or from it, any Hazardous
      Material except in the ordinary and normal course of business and in
      compliance with Environmental Laws.

      6.11  LICENSES AND PERMITS.

      Neither Seller nor Property Manager has received written notice of any
intention on the part of the issuing authority to cancel, suspend or modify any
material license or permit presently issued to Seller as owner of the Property
with respect to the occupancy, operation, maintenance and ownership of the
Property or to take any action or institute any proceeding to effect such
cancellation, suspension or modification.

      6.12  EMPLOYMENT.

      There are no persons employed by Seller at or used in the operation of the
Property.

      6.13  LIMITATIONS ON SELLER'S REPRESENTATIONS AND WARRANTIES.

      As used in this SECTION 6, the term "to Seller's knowledge" "actual
knowledge" or "best of Sellers knowledge" shall mean and apply to the actual
knowledge of Paul C. Chapman, without any investigation or inquiry of any kind,
and shall not include constructive, imputed or inquiry knowledge and shall not
mean such individuals are charged with knowledge of the acts, omissions and/or
knowledge of Seller's agents or employees or any other person or entity,
including, without limitation, any other principal or employee of CB. Seller
hereby represents that Paul C. Chapman, as Managing Director of CB and Executive
Vice President of Seller, is responsible for the asset management of the
Property. Seller further represents that CB is the investment manager of Seller
with respect to the Property. Seller will request and will use reasonable
efforts to cause its Property Manager to sign and deliver to Purchaser a
certificate stating that, to such Property Manager's knowledge, the
representations and warranties in SECTION 6 of this Agreement are true in all
material respects; provided that (i) any failure of the Property Manager to
provide such certificate shall not be deemed a breach of this Agreement or
failure of a

                                     - 20 -
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condition to Purchaser's obligations under this Agreement and (ii) Property
Manager shall have no liability to Purchaser under such certificate or this
Agreement.

      Notwithstanding anything contained in this Agreement to the contrary,
Seller shall have no liability for breaches of any representations, warranties
and certifications which are made by Seller in this Agreement or in any of the
documents or instruments required to be delivered by Seller in connection with
this Agreement if Purchaser, its officers, employees, shareholders, members,
partners, or agents had actual knowledge of such breach by Seller at Closing and
Purchaser shall not have the right to bring any lawsuit or other legal action
against Seller, nor pursue any other remedies against Seller, as a result of the
breach of such Representation caused thereby, but Purchaser's sole right shall
be to terminate this Agreement in which event, the Earnest Money shall be
returned to Purchaser and neither party shall have any further rights or
obligations hereunder, except for the Surviving Obligations.

      The representations and warranties set forth in this SECTION 6, in the
certificate of Seller described in SECTION 4.3(a)(ix) and in any Seller estoppel
delivered pursuant to SECTION 3.4 shall survive Closing, and shall be deemed
Surviving Obligations but will expire, and Purchaser shall have deemed to have
waived any claim thereunder, except to the extent Purchaser has filed suit on
such claim prior to the date which is (9) months after the Closing Date. The
terms of this SECTION 6 shall survive Closing of this Agreement to the extent
provided in the preceding sentence.

7.    PURCHASE AS-IS.

      EXCEPT FOR THE REPRESENTATIONS OF SELLER EXPRESSLY SET FORTH IN SECTION 6
OF THIS AGREEMENT, PURCHASER ACKNOWLEDGES AND AGREES WITH SELLER THAT PURCHASER
IS PURCHASING THE PROPERTY IN ITS "AS-IS, WHERE IS" CONDITION "WITH ALL FAULTS"
AS OF THE CLOSING DATE AND SPECIFICALLY AND EXPRESSLY WITHOUT ANY WARRANTIES,
REPRESENTATIONS OR GUARANTEES, EITHER EXPRESS OR IMPLIED, AS TO ITS CONDITION,
FITNESS FOR ANY PARTICULAR PURPOSE, MERCHANTABILITY, OR ANY OTHER WARRANTY OF
ANY KIND, NATURE, OR TYPE WHATSOEVER FROM OR ON BEHALF OF SELLER.

      EXCEPT FOR THE REPRESENTATIONS OF SELLER EXPRESSLY SET FORTH IN SECTION 6
OF THIS AGREEMENT, SELLER SPECIFICALLY DISCLAIMS ANY WARRANTY, GUARANTY OR
REPRESENTATION, ORAL OR WRITTEN, PAST OR PRESENT, EXPRESS OR IMPLIED, CONCERNING
(A) THE VALUE, NATURE, QUALITY OR CONDITION OF THE PROPERTY, INCLUDING, WITHOUT
LIMITATION, THE WATER, STRUCTURAL INTEGRITY, SOIL AND GEOLOGY; (B) THE INCOME TO
BE DERIVED FROM THE PROPERTY; (C) THE SUITABILITY OF THE PROPERTY FOR ANY
ACTIVITIES AND USES WHICH PURCHASER MAY CONDUCT, INCLUDING THE POSSIBILITIES FOR
FUTURE DEVELOPMENT OF THE PROPERTY; (D) THE COMPLIANCE OF OR BY THE PROPERTY OR
ITS OPERATION WITH ANY LAWS, RULES, ORDINANCES OR REGULATIONS OF ANY APPLICABLE
GOVERNMENTAL AUTHORITY OR BODY; (E) THE HABITABILITY, MERCHANTABILITY,
MARKETABILITY, PROFITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF

                                     - 21 -
<Page>

THE PROPERTY; (F) THE MANNER OR QUALITY OF THE CONSTRUCTION OR MATERIALS, IF
ANY, INCORPORATED INTO THE PROPERTY; (G) THE MANNER, QUALITY, STATE OF REPAIR OR
LACK OF REPAIR OF THE PROPERTY; (H) THE PRESENCE OR ABSENCE OF HAZARDOUS
MATERIALS AT, ON, UNDER, OR ADJACENT TO THE PROPERTY OR ANY OTHER ENVIRONMENTAL
MATTER OR CONDITION OF THE PROPERTY; OR (I) ANY OTHER MATTER WITH RESPECT TO THE
PROPERTY.

      PURCHASER ACKNOWLEDGES AND AGREES THAT, EXCEPT FOR THE REPRESENTATIONS AND
WARRANTIES OF SELLER CONTAINED IN SECTION 6 OF THIS AGREEMENT, ANY INFORMATION
PROVIDED BY OR ON BEHALF OF SELLER WITH RESPECT TO THE PROPERTY WAS OBTAINED
FROM A VARIETY OF SOURCES AND THAT SELLER HAS NOT MADE ANY INDEPENDENT
INVESTIGATION OR VERIFICATION OF SUCH INFORMATION AND MAKES NO REPRESENTATION OR
WARRANTIES AS TO THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION. SELLER IS NOT
LIABLE OR BOUND IN ANY MANNER BY ANY ORAL OR WRITTEN STATEMENTS, REPRESENTATIONS
OR INFORMATION PERTAINING TO THE PROPERTY, OR THE OPERATION THEREOF, FURNISHED
BY ANY REAL ESTATE BROKER, AGENT, EMPLOYEE, SERVANT OR OTHER PERSON EXCEPT FOR
THE EXPRESS REPRESENTATIONS SET FORTH IN SECTION 6 OF THIS AGREEMENT.

      PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT PURCHASER IS A
SOPHISTICATED AND EXPERIENCED PURCHASER OF PROPERTIES SUCH AS THE PROPERTY AND
HAS BEEN DULY REPRESENTED BY COUNSEL IN CONNECTION WITH THE NEGOTIATION OF THIS
AGREEMENT, AND SELLER HAS MADE NO AGREEMENT TO ALTER, REPAIR OR IMPROVE ANY OF
THE PROPERTY.

      7.1   WAIVER OF CONTRIBUTION AND DISCLAIMER CONCERNING PERCHLOROETHYLENE.

      Purchaser acknowledges that Seller has advised Purchaser of the possible
use or presence of perchloroethylene and other chlorinated solvents in or on the
Property. Purchaser further acknowledges that it has been provided the
opportunity to conduct a Phase II environmental study regarding the Property and
either (i) has conducted a Phase II environmental study and is satisfied with
the findings of the study or (ii) has determined that a Phase II environmental
study is not necessary. Without limiting the generality of the preceding
Section, SELLER MAKES NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, WITH
RESPECT TO THE USE, PRESENCE, ABSENCE OR EFFECT OF PERCHLOROETHYLENE IN OR ON
THE PROPERTY, INCLUDING BUT NOT LIMITED TO VIOLATION OR COMPLIANCE OR
NONCOMPLIANCE WITH ENVIRONMENTAL, HEALTH, SAFETY OR OTHER LAWS, RULES,
REGULATIONS, ORDINANCES OR ORDERS OF THE UNITED STATES OR ANY AGENCY OR
DEPARTMENT THEREOF OR OF ANY STATE, LOCAL OR OTHER POLITICAL SUBDIVISION THEREOF
OR ANY AGENCY OR DEPARTMENT OR OTHER BODY ORGANIZED UNDER ANY OF THE FOREGOING.
PURCHASER AGREES THAT SELLER SHALL HAVE NO LIABILITY OR RESPONSIBILITY TO TAKE
OR FOR FAILURE TO TAKE ANY ACTION TO COMPLY WITH SUCH LAWS, RULES,

                                     - 22 -
<Page>

REGULATIONS, ORDINANCES OR ORDERS, SHALL HAVE NO LIABILITY TO PURCHASER FOR
CLAIMS OR CAUSES OF ACTION ASSERTED BY THIRD PARTIES AGAINST PURCHASER IN ANY
WAY ARISING OUT OF OR RELATING TO THE USE OR PRESENCE OF PERCHLOROETHYLENE AND
OTHER CHLORINATED SOLVENTS IN OR ON THE PROPERTY PRIOR TO, ON OR AFTER THE
CLOSING DATE, AND PURCHASER HEREBY AGREES TO DEFEND AND INDEMNIFY SELLER AND CB,
THEIR RESPECTIVE PARTNERS, TRUSTEES, BENEFICIARIES, SHAREHOLDERS, MEMBERS,
MANAGERS, ADVISORS AND OTHER AGENTS AND THEIR RESPECTIVE PARTNERS, TRUSTEES,
BENEFICIARIES, EMPLOYEES, OFFICERS, DIRECTORS AND SHAREHOLDERS AGAINST ANY
CLAIMS OR CAUSES OF ACTION ASSERTED BY THIRD PARTIES AGAINST SELLER IN ANY WAY
ARISING OUT OF OR RELATING TO THE USE OR PRESENCE OF PERCHLOROETHYLENE AND OTHER
CHLORINATED SOLVENTS IN OR ON THE PROPERTY PRIOR TO, ON OR AFTER THE CLOSING
DATE. The terms and provisions of this SECTION 7.1 are in addition to and not in
derogation of the other terms and provisions of this Agreement.

      This SECTION 7 shall survive termination or Closing of this Agreement.

8.    PURCHASER'S REPRESENTATIONS, WARRANTIES AND COVENANTS.

      Purchaser hereby represents, warrants and covenants to Seller as follows:

      8.1   POWER.

      Purchaser has the legal power, right and authority to enter into this
Agreement and the instruments referenced herein and to consummate the
transactions contemplated hereby.

      8.2   REQUISITE ACTION.

      All requisite action (corporate, trust, partnership or otherwise) has been
taken by Purchaser to authorize Purchaser to enter into this Agreement and the
instruments referenced herein and to consummate the transactions contemplated
hereby. No consent of any partner, shareholder, member, creditor, investor,
judicial or administrative body, authority or other party is required which has
not been obtained to permit Purchaser to enter into this Agreement and
consummate the transaction contemplated hereby.

      8.3   AUTHORITY.

      The individuals executing this Agreement and the instruments referenced
herein on behalf of Purchaser have the legal power, right and actual authority
to bind Purchaser to the terms and conditions hereof and thereof.

      8.4   CONFLICTS.

      Neither the execution and delivery of this Agreement and documents
referenced herein, nor the incurrence of the obligations set forth herein, nor
the consummation of the transactions herein contemplated, nor referenced herein
conflict with or result in the material breach of any

                                     - 23 -
<Page>

terms, conditions or provisions of or constitute a default under, any bond,
note, or other evidence of indebtedness or any contract, lease or other
agreements or instruments to which Purchaser is a party which could reasonably
affect the consummation of the transactions contemplated by this Agreement.

      8.5   LITIGATION.

      There is no action, suit or proceeding served upon Purchaser, nor to the
best of Purchaser's knowledge, pending or threatened against Purchaser in any
court or by or before any other governmental agency or instrumentality which
would materially and adversely affect the ability of Purchaser to carry out the
transactions contemplated by this Agreement.

      8.6   ERISA.

      Purchaser is not using assets that would be subject to the Employee
Retirement Income Security Act of 1974, as amended, or Section 4975(c)(1)(A)
through (D) of the Internal Revenue Code of 1986, as amended ("Code"), to
purchase the Property.

      8.7   SURVIVAL OF PURCHASER'S WARRANTIES.

      The warranties, representations and indemnities set forth in this SECTION
8 shall be deemed remade as of Closing and shall survive termination or Closing
of this Agreement.

9.    CLOSING COSTS.

      Seller shall pay the following expenses: (i) one-half of all escrow fees;
(ii) Seller's legal fees and expenses; (iii) the state and county real estate
transfer taxes; (iv) the title insurance premium for an standard coverage
owner's title insurance policy; (v) the costs to obtain the Survey; and (vi) the
recording fees for items clearing Seller's title. Purchaser shall pay the
following expenses: (a) one-half of all escrow fees; (b) Purchaser's legal fees
and expenses; (c) all local transfer taxes, if any; (d) all title insurance
premiums (to the extent they exceed the premium that would be payable for a
standard coverage owner's policy of title insurance) and any endorsements to the
Title Policy; (e) all recording fees except those recording fees for items
clearing Seller's title; (f) all costs and expenses incurred in connection with
the transfer of any transferable permits, warranties or licenses in connection
with the ownership or operation of the Property; and (g) all costs and expenses
associated with Purchaser's financing, if any. All transfer and use taxes, if
any, arising from the transfer of any personal property shall be paid in
accordance with applicable law. The provisions of this SECTION 9 shall survive
termination or Closing of this Agreement.

10.   COMMISSIONS.

      Seller shall be solely responsible for the payment of the commission to
Colliers Bennett & Kahnweiler. Seller and Purchaser each warrant and represent
to the other that (other than Colliers Bennett & Kahnweiler) neither has had any
dealings with any broker, agent, or finder relating to the sale of the Property
or the transactions contemplated hereby, and each agrees to indemnify and hold
the other harmless against any claim for brokerage commissions,

                                     - 24 -
<Page>

compensation or fees by any broker, agent, or finder in connection the sale of
the Property or the transactions contemplated hereby resulting from the acts of
the indemnifying party. The provisions of this SECTION 10 shall survive Closing.

11.   POSSESSION.

      Subject to existing tenancies and all other occupancies permitted under
this Agreement, Purchaser shall be entitled to possession of the Property on
Closing.

12.   ATTORNEYS' FEES AND COSTS.

      In the event suit or action is instituted to interpret or enforce the
terms of this Agreement, or in connection with any arbitration or mediation of
any dispute, the prevailing party shall be entitled to recover from the other
party such sum as the court, arbitrator or mediator may adjudge reasonable as
such party's costs and attorney's fees, including such costs and fees as are
incurred in any trial, on any appeal, in any bankruptcy proceeding (including
the adjudication of issues peculiar to bankruptcy law) and in any petition for
review. Each party shall also have the right to recover its reasonable costs and
attorney's fees incurred in collecting any sum or debt owed to it by the other
party, with or without litigation, if such sum or debt is not paid within
fifteen (15) days following written demand therefor.

13.   NOTICES.

      All notices, demands, deliveries and communications (a "NOTICE") under
this Agreement shall be in writing and shall be delivered or sent by: (i) first
class, registered or certified mail, postage prepaid, return receipt requested,
(ii) nationally recognized overnight carrier, or (iii) facsimile (provided the
original Notice is also sent via a nationally recognized overnight carrier on
the next business day) and shall be addressed to the address of the party set
forth below with copies to the parties designated below or to such other address
as either party may designate by Notice pursuant to this Section. Any Notice
transmitted in the manner described above shall be deemed given when personally
delivered, upon receipt of facsimile transmission, upon delivery by the
designated carrier, or on the third (3rd) business day after mailing, whichever
occurs first.

      Seller:             75TH AND LYMAN CORPORATION
                          c/o CB Richard Ellis Investors
                          601 108th Avenue, N.E. #1900
                          Bellevue, WA 98004
                          Attention: Paul Chapman
                          Facsimile no. (425-943-6801)

      With copy to:       Heller Ehrman White & McAuliffe LLP
                          701 Fifth Avenue, Suite 6100
                          Seattle, WA 98104-7098
                          Attention: Donald E. Percival
                          Facsimile no. (206) 447-0849

                                     - 25 -
<Page>

      Purchaser:          Inland Retail Real Estate Trust, Inc.
                          2901 Butterfield Road
                          Oak Brook, IL. 60523
                          Attn: G. Joseph Cosenza, Authorized Representative
                          Telephone: (630) 218-4948
                          Facsimile: (630) 218-49

14.   FIRE OR OTHER CASUALTY; CONDEMNATION.

      14.1  CASUALTY.

      If the Property or any part thereof is damaged by fire or other casualty
prior to the Closing Date which would cost in excess of $300,000 to repair (as
determined by an insurance adjuster selected by the insurance carriers),
Purchaser may terminate this Agreement by notice to Seller given on or before
the earlier of (i) ten (10) days following Purchaser's receipt of notice of such
casualty stating the estimated cost of such repair or (ii) the Closing Date (the
"CASUALTY ELECTION DATE"). In the event of such termination, this Agreement
shall be of no further force and effect and, except for the Surviving
Obligations, neither party shall thereafter have any further obligation under
this Agreement, and Seller shall direct the Escrow Company to promptly return
all Earnest Money to Purchaser. If Purchaser does not elect to terminate this
Agreement or the cost of repair is determined by said adjuster to be less than
$300,000, then the Closing shall take place as herein provided without abatement
of the Purchase Price, and Seller shall assign and transfer to Purchaser on the
Closing Date, without warranty or recourse, all of Seller's right, title and
interest to the balance of insurance proceeds paid or payable to Seller on
account of such fire or casualty remaining after reimbursement to Seller for the
total amount of all costs and expenses incurred by Seller in connection
therewith including but not limited to making emergency repairs, securing the
Property and complying with applicable governmental requirements. Seller shall
pay to Purchaser (a) the amount of the deductible of any of Seller's applicable
insurance policies and, if Seller and Purchaser are required to proceed with the
purchase because repair costs do not exceed $300,000, the amount by which the
cost of the repairs exceeds the sum of (1) the insurance proceeds received by
Purchaser and (2) the payment made by Seller to Purchaser pursuant to clause (a)
of this sentence.

      14.2  EMINENT DOMAIN.

      If any portion of the Property exceeding $300,000 in value is taken in
eminent domain proceedings prior to Closing, Purchaser may terminate this
Agreement by notice to Seller given on or before the earlier of (i) ten (10)
days after Seller gives notice, or Purchaser otherwise learns, of such taking or
(ii) the Closing Date (the "CONDEMNATION ELECTION DATE"), and, in the event of
such termination, this Agreement shall be of no further force and effect and,
except for the Surviving Obligations, neither party shall thereafter have any
further obligation under this Agreement, and Seller shall direct the Escrow
Company to promptly return all Earnest Money to Purchaser. If Purchaser does not
so elect to terminate or if the portion of Property affected by the taking us
less than $300,000 in value, then the Closing shall take place as herein
provided without abatement of the Purchase Price, and Seller shall deliver or
assign to Purchaser on the Closing

                                     - 26 -
<Page>

Date, without warranty or recourse, all of Seller's right, title and interest in
and to all condemnation awards paid or payable to Seller.

15.   OPERATIONS AFTER DATE OF THIS AGREEMENT.

      Seller covenants and agrees with Purchaser as follows:

            (a)   After the date of this Agreement through the Closing, Seller
      will (except as specifically provided to the contrary herein):

                  (i)     Refrain from transferring any of the Property (except
            personal property in the ordinary course of business) or creating on
            the Property any easements, liens, mortgages, encumbrances, or other
            interests which will survive Closing (other than mechanic's,
            materialman's, broker's or similar liens, provided that the same
            shall be subject to Purchaser's title review contingency in SECTION
            3.3) or causing any changes to the zoning classification of the Real
            Property;

                  (ii)    Refrain from entering into or amending any contracts,
            or other agreements regarding the Property (other than contracts in
            the ordinary and usual course of business and which are cancelable
            by the owner of the Property without penalty within thirty (30) days
            after giving notice thereof);

                  (iii)   Continue to operate, maintain, and repair (except for
            damage caused by fire or other casualty provided in SECTION 14) the
            Property in a manner consistent with Seller's current practices;

                  (iv)    Comply with the terms of the Leases and any licenses
            and permits relating to the Property;

                  (v)     Deliver to Purchaser copies of all leases entered into
            after the date hereof and copies of all Proposals (as defined in
            SECTION 15(b) below) with respect to which no lease has been
            executed and which has not expired or been withdrawn, except as
            provided otherwise in SECTION 15(b) below; and

                  (vi)    Maintain fire and extended coverage insurance on the
            Property that is at least equivalent in all material respects to the
            insurance policies covering the Properties as of the date of this
            Agreement, with limits of coverage not less than the Purchase Price.

            (b)   After the date of this Agreement and before the fifth (5th)
      business day prior to the Due Diligence Expiration Date (the "NOTICE
      DATE"), Seller, in its sole discretion, and without Purchaser's consent,
      shall have the right to amend, modify, expand, terminate or renew any
      existing Lease or enter into any new Lease it deems advisable. Seller
      shall provide Purchaser with an executed copy of any such amendment,
      modification, expansion or renewal or new Lease. After the Notice Date
      through the Closing, Seller will, except as specifically provided to the
      contrary herein, refrain from (i) amending or canceling any Leases of any
      portion of the Property without Purchaser's

                                     - 27 -
<Page>

      consent, which consent may be withheld in Purchaser's sole discretion; or
      (ii) executing any new leases without Purchaser's consent, which consent
      may be withheld in Purchaser's sole discretion. After the Notice Date,
      Purchaser shall have five (5) business days from its receipt of a Proposal
      to give notice to Seller of its approval or rejection of any such
      Proposal. If no such notice is given to Seller within such period then
      Purchaser shall be deemed to have approved and consented to such Proposal.
      If Purchaser shall give Seller notice of Purchaser's disapproval of a
      Proposal within such period, then except as specifically provided in the
      last sentence of this paragraph, Seller shall not enter into the lease
      contemplated by such Proposal after the Notice Date. As used herein,
      "PROPOSAL" shall mean a description of the economic terms of any proposed
      new lease, lease amendment, modification, expansion, termination or
      renewal (other than those already contemplated by then-existing Leases) or
      cancellation along with any pertinent financial information on the tenant
      in Seller's possession. Notwithstanding the foregoing, Purchaser's consent
      shall not be required to enforce or comply with any provisions of an
      existing Lease, including without limitation, termination or eviction of a
      tenant upon default. Seller shall have the right to execute lease
      documents evidencing a Proposal approved or deemed approved by Purchaser.
      Purchaser approves the financial terms and tenants listed on the Leasing
      Status Report and attached hereto as SCHEDULE 15 (the "LEASING STATUS
      REPORT"), and hereby consents to Seller's entering into Leases on the
      financial terms listed on the Leasing Status Report and such other terms
      as are substantially similar to those contained in such standard lease
      form of Seller as may be approved by Purchaser, which approval shall not
      be unreasonably withheld, conditioned or delayed.

            (c)   Until the Due Diligence Expiration Date, Seller may engage in
      or conduct negotiations for back up offers which are contingent on the
      termination of this Agreement. From the Due Diligence Expiration Date
      until the Closing Date or earlier termination of the Agreement, Seller
      agrees not to engage in or conduct negotiations for the sale of the
      Property.

16.   ASSIGNMENT.

      Purchaser shall not assign this Agreement without Seller's prior written
consent which consent may be withheld or conditioned for any reason or no
reason. For purposes of this Section, any transfer, whether occurring directly
or through one or more other entities, on or before the Closing Date, of more
than fifty percent (50%) of the equity or voting interests in Purchaser, whether
in a single transaction or series of transactions, shall be deemed to constitute
an assignment of Purchaser's rights under this Agreement. Notwithstanding the
foregoing, Purchaser may, without Seller's consent, assign Purchaser's rights
under this Agreement to an entity all of the interests in which are wholly
owned, directly or indirectly, by Purchaser or Inland Real Estate Corporation, a
Maryland corporation; provided, however, that such assignment shall not relieve
Purchaser of its obligations hereunder and Purchaser shall unconditionally
guaranty the obligations of such assignee under any document delivered by such
assignee as successor to Purchaser, at Closing.

                                     - 28 -
<Page>

      Subject to the foregoing, this Agreement shall be binding upon and inure
to the benefit of the respective legal representatives, successors, assigns,
heirs, and devisees of the parties. No assignment hereunder, whether consented
to or not, shall be deemed to relieve the assigning party from any liability or
obligation under this Agreement and the assigning party and assignee shall
remain jointly and severally liable for all of the assigning party's liabilities
and obligations under this Agreement. Any assignee shall be deemed to have made
all representation and warranties made by Purchaser hereunder, as if the
assignee were the original signatory thereto. The giving of consent to any
assignment hereunder shall not release any party from obtaining consent to any
other assignment hereunder.

17.   REMEDIES.

      17.1  PURCHASER'S REMEDIES.

            (a)   In the event of the breach of any representation or warranty
      by Seller prior to Closing, or if Seller shall fail to perform any
      covenant of Seller hereunder or to consummate the transaction contemplated
      by this Agreement and such breach or failure is not a result of
      Purchaser's default or a termination of this Agreement by Purchaser or
      Seller pursuant to a right to do so under the provisions hereof,
      Purchaser, in the case where such breach or failure is based upon a breach
      by Seller ("SELLER'S DEFAULT"), shall be entitled at its election to: (i)
      seek specific performance of Seller's obligation to consummate the
      transaction contemplated by this Agreement, (ii) terminate this Agreement
      by giving notice of termination to Seller, in which event all of the
      Earnest Money shall be refunded to Purchaser and neither party shall have
      any further obligations to the other party except for the Surviving
      Obligations; or (iii) seek damages in an amount not to exceed Three
      Hundred Thousand Dollars ($300,000) in the aggregate under the Purchase
      Documents. In no event shall Seller be liable to Purchaser for any
      punitive, speculative or consequential damages. Except as set forth in
      this SECTION 17 or in SECTION 19, nothing contained herein shall limit any
      right of Purchaser to pursue and recover a claim with respect to any
      Surviving Obligation or indemnification under this Agreement.

            (b)   Purchaser shall (i) give notice to Seller of Purchaser's
      election to seek the remedy of specific performance on or before the date
      that is forty five (45) days after the date of a Seller's Default and (ii)
      institute proceedings seeking such remedy on or before the date that is
      thirty (30) days after the date of Purchaser's notice. Purchaser shall be
      deemed to have waived its election to seek the remedy of specific
      performance if purchaser does not (x) give notice to Seller of such
      election as provided in SECTION 17.1(b)(i) above, or (y) institute
      proceedings seeking such remedy as provided in SECTION 17.1(b)(ii) above.

      17.2  SELLER'S REMEDIES.

            (a)   In the event that Purchaser should fail to consummate this
      Agreement for any reason, except Seller's Default or the termination of
      this Agreement by Purchaser or Seller pursuant to a right to do so under
      the terms and provisions hereof (other than the provisions of this SECTION
      17), then Seller, as its sole and exclusive remedy may terminate

                                     - 29 -
<Page>

      this Agreement by giving notice of termination to Purchaser, in which
      event all of the Earnest Money shall be paid to Seller and neither party
      shall have any further obligations to the other party except for the
      Surviving Obligations; provided that nothing contained herein shall limit
      any right of Seller to pursue and recover on a claim with respect to any
      Surviving Obligations or indemnification under this Agreement. The parties
      agree that Seller will suffer damages in the event of Purchaser's default
      on its obligations. Although the amount of such damages is difficult or
      impossible to determine, the parties agree that the amount of the Earnest
      Money (including interest thereon) is a reasonable estimate of Seller's
      loss in the event of Purchaser's default on its obligations. Thus, Seller
      shall accept and retain the damages described above as liquidated damages
      but not as a penalty. Except as otherwise set forth in this SECTION 17.2,
      such liquidated damages shall constitute Seller's sole and exclusive
      remedy. In the event Seller is entitled to the Earnest Money as liquidated
      damages and to the extent Seller has not already received the Earnest
      Money, Seller shall provide notice to Purchaser and Escrow Company that
      Seller is entitled to the Earnest Money. Unless Purchaser provides notice
      to Seller and Escrow Company that Purchaser is entitled to such Earnest
      Money within two (2) business days after receipt of Seller's notice, the
      Earnest Money and interest thereon shall be immediately paid to Seller by
      the Escrow Company and Purchaser agrees to take all such actions and
      execute and deliver all such documents necessary or appropriate to effect
      such payment.

      17.3  SURVIVAL.

      The terms of this SECTION 17 shall survive termination or Closing of this
Agreement.

      Seller and Purchaser acknowledge that they have read and understand the
provisions of the foregoing liquidated damages provision and by their signatures
or initials immediately below agree to be bound by its terms.

SELLER:                                   PURCHASER:

75TH AND LYMAN CORPORATION,               INLAND RETAIL REAL ESTATE TRUST,
a Delaware corporation                    INC.,
                                          a Maryland corporation

By:   /s/ Paul C. Chapman                 By    /s/ G. Joe Cosenza
      -----------------------------             -----------------------------
      Paul C. Chapman                           Name:  G. Joe Cosenza
      Executive Vice President                        -----------------------
                                                Title:  Authorized Agent
                                                       ----------------------

                                     - 30 -
<Page>

18.   MISCELLANEOUS.

      18.1  ENTIRE AGREEMENT.

      This Agreement, together with the exhibits attached hereto, constitute the
entire agreement of the parties hereto regarding the purchase and sale of the
Property, and all prior agreements, understandings, representations and
statements, oral or written, are hereby merged herein. In the event of a
conflict between the terms of this Agreement and any prior written agreements,
the terms of this Agreement shall prevail. This Agreement may only be amended or
modified by an instrument in writing, signed by the party intended to be bound
thereby.

      18.2  TIME.

      All parties hereto agree that time is of the essence in this transaction.
If the time for performance of any obligation hereunder shall fall on a
Saturday, Sunday or holiday (national or the state in which the Property is
located) such that the transaction contemplated hereby can not be performed, the
time for performance shall be extended to the next such succeeding day where
performance is possible.

      18.3  COUNTERPART EXECUTION.

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

      18.4  GOVERNING LAW.

      THIS AGREEMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE
STATE OF ILLINOIS AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND INTERPRETED IN
ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF ILLINOIS.

      ANY DISPUTE ARISING UNDER OR IN ANY WAY RELATED TO THIS AGREEMENT SHALL BE
ADJUDICATED BY ANY STATE OR FEDERAL COURT LOCATED WITHIN DUPAGE COUNTY, ILLINOIS
(OR IN THE CASE OF FEDERAL COURT, ANY FEDERAL COURT IN THE STATE OF ILLINOIS)
AND EACH OF THE PARTIES HEREBY CONSENTS TO THE EXCLUSIVE JURISDICTION OF SAID
COURT WITH RESPECT TO SUCH DISPUTE.

      18.5  CONFIDENTIALITY.

      Purchaser agrees and covenants with Seller not to disclose to any third
party (other than mortgage brokers, bankers, lenders, accountants, attorneys and
other professionals and consultants in connection with the transaction
contemplated herein) without Seller's prior written consent, unless Purchaser is
obligated by law to make such disclosure, any of the reports or any other
documentation or information obtained by Purchaser which relates to the Property
or Seller in any way, all of which shall be used by Purchaser and its agents
solely in connection with the transaction contemplated by this Agreement. In the
event that this Agreement is terminated,

                                     - 31 -
<Page>

Purchaser agrees that all such information will be held in strict confidence and
Purchaser shall immediately, but in no event later than five (5) days after such
termination, deliver to Seller (i) all information delivered by Seller or
Seller's consultants, contractors or other agents to Purchaser or Purchaser's
employees, consultants, contractors or other agents and any copies or
compilations thereof, and (ii) copies of all surveys, environmental reports,
feasibility studies and other reports and studies prepared by or for Purchaser
that pertain to the Property. Purchaser and Seller agree to cooperate with one
another in good faith regarding any public communications or mandatory
disclosures of either of them. The Parties agree to issue a joint press release
regarding the execution of this Agreement at such time as they mutually
determine to be appropriate.

      Notwithstanding the foregoing, either Seller or Purchaser (and any
employee, representative or other agent of Seller or Purchaser) may disclose to
any and all persons, without limitation of any kind, the tax treatment and tax
structure of the transactions contemplated by this Agreement and all materials
of any kind (including opinions or other tax analyses) that are provided to
Seller or Purchaser relating to such tax treatment and tax structure; provided,
however, that any such information and materials shall be kept confidential to
the extent necessary to comply with any applicable securities laws. For purposes
of the exceptions set out in the preceding sentence to the general
confidentiality provisions set forth above, the tax treatment and tax structure
of the transactions contemplated by this Agreement shall not be deemed to
include the location of the Property, the identity of the parties hereto or the
Purchase Price.

      The terms of this SECTION 18.5 shall survive Closing.

      18.6  RECORDATION.

      Purchaser shall not record this Agreement or a memorandum or other notice
thereof in any public office without the express written consent of Seller. A
breach by Purchaser of this covenant shall constitute a material default by
Purchaser under this Agreement.

      18.7  BENEFIT.

      This Agreement is for the benefit of Purchaser and Seller, and except as
provided in the indemnity granted by Purchaser under SECTION 3.2 with respect to
the Indemnified Parties listed therein and in the exculpation provisions of
SECTION 19 with respect to the parties benefiting from such exculpation
provisions, no other person or entity will be entitled to rely on this
Agreement, receive any benefit from it or enforce any provisions of it against
Purchaser or Seller.

      18.8  SECTION HEADINGS.

      The Section headings contained in this Agreement are for convenience only
and shall in no way enlarge or limit the scope or meaning of the various and
several Sections hereof.

      18.9  FURTHER ASSURANCES.

      Purchaser and Seller agree to execute all documents and instruments
reasonably required in order to consummate the purchase and sale herein
contemplated.

                                     - 32 -
<Page>

      18.10 SEVERABILITY.

      If any portion of this Agreement is held to be unenforceable by a court of
competent jurisdiction, the remainder of this Agreement shall remain in full
force and effect.

      18.11 WAIVER OF TRIAL BY JURY.

      Seller and Purchaser, to the extent they may legally do so, hereby
expressly waive any right to trial by jury of any claim; demand, action, cause
of action, or proceeding arising under or with respect to this Agreement, or in
any way connected with, or related to, or incidental to, the dealings of the
parties hereto with respect to this Agreement or the transactions related hereto
or thereto, in each case whether now existing or hereafter arising, and
irrespective of whether sounding in contract, tort, or otherwise. To the extent
they may legally do so, Seller and Purchaser hereby agree that any such claim,
demand, action, cause of action, or proceeding shall be decided by a court trial
without a jury and that any party hereto may file an original counterpart or a
copy of this Section with any court as written evidence of the consent of the
other party or parties hereto to waiver of its or their right to trial by jury.

      18.12 INDEPENDENT COUNSEL.

      Purchaser and Seller each acknowledge that: (i) they have been represented
by independent counsel in connection with this Agreement; (ii) they have
executed this Agreement with the advice of such counsel; and (iii) this
Agreement is the result of negotiations between the parties hereto and the
advice and assistance of their respective counsel. The fact that this Agreement
was prepared by Seller's counsel as a matter of convenience shall have no import
or significance. Any uncertainty or ambiguity in this Agreement shall not be
construed against Seller because Seller's counsel prepared this Agreement in its
final form.

      18.13 GOVERNMENTAL APPROVAL.

      Nothing contained in this Agreement shall be construed as authorizing
Purchaser to apply for a zoning change, variance, subdivision maps, lot line
adjustment, or other discretionary governmental act, approval or permit with
respect to the Property prior to the Closing, and Purchaser agrees not to do so.
Purchaser agrees not to submit any reports, studies or other documents,
including, without limitation, plans and specifications, impact statements for
water, sewage, drainage or traffic, environmental review forms, or energy
conservation checklists to any governmental agency, or any amendment or
modification to any such instruments or documents prior to the Closing.
Purchaser's obligation to purchase the Property shall not be subject to or
conditioned upon Purchaser's obtaining any variances, zoning amendments,
subdivision maps, lot line adjustment or other discretionary governmental act
approval or permit.

      18.14 NO WAIVER.

      No covenant, term or condition of this Agreement other than as expressly
set forth herein shall be deemed to be have been waived by Seller or Purchaser
unless such waiver is in writing and executed by Seller or Purchaser, as the
case may be.

                                     - 33 -
<Page>

      18.15 DISCHARGE AND SURVIVAL.

      The delivery of the Deed by Seller, and the acceptance thereof by
Purchaser shall be deemed to be the full performance and discharge of every
representation, warranty, covenant and obligation on the part of Seller
hereunder except the Surviving Obligations. No action shall be commenced after
the Closing on any representation, warranty, covenant or obligation except the
Surviving Obligations.

      18.16 DESIGNATION OF REPORTING PERSON.

      In order to assure compliance with the requirements of Section 6045 of the
Internal Revenue Code of 1986, as amended, and any related reporting
requirements of the Code, the parties hereto agree as follows:

            (a)   Provided the Escrow Company shall execute a statement in
      writing (in form and substance reasonably acceptable to the parties
      hereunder) pursuant to which it agrees to assume all responsibilities for
      information reporting required under Section 6045(e) of the Code, Seller
      and Purchaser shall designate the Escrow Company as the person to be
      responsible for all information reporting under Section 6045(e) of the
      Code (the "REPORTING PERSON"). If the Escrow Company refuses to execute a
      statement pursuant to which it agrees to be the Reporting Person, Seller
      and Purchaser shall agree to appoint another third party as the Reporting
      Person.

            (b)   Seller and Purchaser hereby agree:

                  (i)     to provide to the Reporting Person all information and
            certifications regarding such party, as reasonably requested by the
            Reporting Person or otherwise required to be provided by a party to
            the transaction described herein under Section 6045 of the Code; and

                  (ii)    to provide to the Reporting Person such party's
            taxpayer identification number and a statement (on Internal Revenue
            Service Form W-9 or an acceptable substitute form, or on any other
            form the applicable current or future Code sections and regulations
            might require and/or any form requested by the Reporting Person),
            signed under penalties of perjury, stating that the taxpayer
            identification number supplied by such party to the Reporting Person
            is correct.

            (c)   Each party hereto agrees to retain this Agreement for not less
      than four years from the end of the calendar year in which the Closing
      occurred, and to produce it to the Internal Revenue Service upon a valid
      request therefor.

19.   EXCULPATION OF SELLER AND RELATED PARTIES.

      Notwithstanding anything to the contrary contained in this Agreement or in
any exhibits attached hereto or in any documents executed in connection herewith
(collectively, including this Agreement, said exhibits and any such document the
"PURCHASE DOCUMENTS"), it is expressly understood and agreed by and between the
parties hereto that: (i) the recourse of Purchaser or its

                                     - 34 -
<Page>

successors or assigns against Seller with respect to the alleged breach by or on
the part of Seller of any representation, warranty, covenant, undertaking,
indemnity or agreement contained in any of the Purchase Documents (collectively,
"SELLER'S UNDERTAKINGS") shall be limited to an amount not to exceed Three
Hundred Thousand Dollars ($300,000) in the aggregate under the Purchase
Documents, and (ii) no personal liability or personal responsibility of any sort
with respect to any of Seller's Undertakings or any alleged breach thereof is
assumed by, or shall at any time be asserted or enforceable against any of
Seller's shareholders, directors, officers, employees, agents, beneficiaries,
trustees or their representatives, agents or affiliates. On or before the
Closing Date, Seller shall establish a minimum balance of Three Hundred Thousand
Dollars ($300,000) in cash or marketable securities in one or more of its bank
accounts, and shall keep such accounts free from liens other than banker's liens
and rights of set-off. On the date which is nine (9) months after the Closing
Date or upon the earlier termination of this Agreement, Seller may withdraw any
and all funds in such accounts; provided, however, that if Purchaser has filed
suit prior to the date which is nine (9) months after the Closing Date for any
alleged breach by or on the part of Seller of Seller's Undertakings, Seller may
not on such date make any withdrawal reducing the balance in such account below
Three Hundred Thousand Dollars ($300,000) and shall not make any further
voluntary withdrawals therefrom until such has been dismissed, settled or fully
adjudicated, including all appeals. This SECTION 19 shall survive termination or
Closing of this Agreement.

                                     - 35 -
<Page>

              SIGNATURE PAGE TO PURCHASE AND SALE AGREEMENT BETWEEN
                    75TH & LYMAN CORPORATION, AS SELLER, AND
               INLAND RETAIL REAL ESTATE TRUST, INC., AS PURCHASER

      IN WITNESS WHEREOF, each of the parties has caused this Agreement to be
executed on the date set forth below its respective signature.

                                 SELLER:

                                 75TH AND LYMAN CORPORATION,
                                 a Delaware corporation

                                 By:   /s/ Paul C. Chapman
                                       -----------------------------------------
                                       Paul C. Chapman
                                       Executive Vice President

                                 NOTE SIGNATURE BLOCK FOLLOWING SECTION 17.

                                 PURCHASER:

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

                                 By:   /s/ G. Joe Cosenza
                                       -----------------------------------------
                                 Name: G. Joe Cosenza
                                       -----------------------------------------
                                 Its:  Authorized Agent
                                       -----------------------------------------

                                 NOTE SIGNATURE BLOCK FOLLOWING SECTION 17.

<Page>

                         LIST OF EXHIBITS AND SCHEDULES

Exhibit A   -   Form of Tenant Estoppel Certificate
Exhibit B   -   Form of Deed
Exhibit C   -   Form of Bill of Sale
Exhibit D   -   Form of Assignment and Assumption of Leases
Exhibit E   -   Form of Assignment and Assumption of Contracts, Licenses and
                Permits
Exhibit F   -   Form of Non-Foreign Affidavit
Exhibit G   -   Form of Tenant Notification Letter
Exhibit H   -   Form of Vendor Notification Letter
Exhibit I   -   Certificate of Seller
Exhibit J       Certificate of Purchaser
Schedule 1      Land
Schedule 4.3    Personal Property
Schedule 6.5    Leases
Schedule 6.6    Service Contracts
Schedule 6.8    Claims
Schedule 6.9    Leasing Brokerage Agreements
Schedule 15     Leasing Status Report

<Page>

                                    EXHIBIT A

                             FORM OF TENANT ESTOPPEL

TO:   _______________________                75TH AND LYMAN CORPORATION
      _______________________                c/o CB Richard Ellis Investors
      _______________________                601 108th Avenue N.E., Suite 1900
      _______________________                Bellevue, Washington 98004
      _______________________                Attn: Paul C. Chapman

      Re:   The Daien Towne Centre
            Darien, Illinois (the "Property")

Gentlemen:

      The following statements are made with the knowledge that the addressees
and their respective successors and assigns are relying on them in connection
with the purchase and sale of the Property and the assignment to ____________, a
____________ ("Purchaser") of the Lease (defined below) in connection therewith,
and the addressees' and their respective lenders, successors and assigns and
successor owners of the Property may rely on them for that purpose.

      The undersigned ("Tenant"), being the Tenant under the Lease covering
certain premises ("Leased Premises") in the Property, hereby certifies to the
addressees and their respective lenders, successors and assigns that the
following statements are true, correct and complete as of the date hereof:

      1.    Tenant is the tenant under a lease with _______________ ("Landlord")
dated ____________ [INSERT THE TITLE AND DATE OF ALL AMENDMENTS, MODIFICATIONS
AND ANY OTHER AGREEMENTS RELATING TO THE LEASE, E.G., "AS AMENDED BY THAT
CERTAIN FIRST AMENDMENT, DATED MARCH 18, 1962," . . .], ([COLLECTIVELY,] the
"Lease"). The Lease demises to Tenant approximately ________________ (______)
square feet commonly known as _________ in the Property. The Property contains
an aggregate of ________ square feet. The initial term of the Lease commenced on
_______________, _____, and will expire on ____________________, ______,
exclusive of unexercised renewal options and extension options contained in the
Lease. There have been no [OTHER] amendments, modifications or revisions to the
lease, and there are no other agreements of any kind between Landlord and Tenant
regarding the Leased Premises.

      2.    The Lease has been duly authorized and executed by Tenant and is in
good standing and in full force and effect.

      3.    Tenant is presently occupying the Leased Premises. The Lease has not
been assigned by Tenant and no sublease, concession agreement or license
covering the Lease Premises, or any portion of the Leased Premises, has been
entered into by Tenant.

                                      A - 1
<Page>

      4.    Tenant is currently obligated to pay fixed or base rent under the
Lease in the annual amount of _____________ Dollars ($_________), payable in
monthly installments of _____________________ Dollars ($_____). Fixed or base
rent has been paid under the Lease through _________________, _______. No rent
under the Lease has been paid more than one (1) month in advance, and no other
sums have been deposited with Landlord other than _______________ Dollars
($_________) deposited as security under the Lease. The security deposit is not
subject to any set-off or reduction or any increase for interest or other credit
due to tenant. Except as specifically stated in the Lease, Tenant is entitled to
no rent concessions, free rent, allowances or other similar compensation in
connection with renting the Leased Premises. Percentage Rent for the last fiscal
year of Tenant ending _________________, ___ in the amount of ________ Dollars
($__________) has been paid by Tenant to Landlord.

      5.    To Tenant's knowledge, neither Landlord nor Tenant is in default
under the Lease and, to Tenant's knowledge, no event has occurred with, with the
giving of notice or passage of time, or both, could result in such a default.

      6.    Except as specifically stated in the Lease, Tenant has not been
granted (a) any option to extend the term of the Lease, (b) any option to expand
the Leased Premises or to lease additional space within the Property, (c) any
right of first refusal on any space at the Property, (d) any option or right of
first refusal to purchase the Leased Premises or the Property or any part
thereof, or (e) any option to terminate the Lease prior to its stated
expiration.

      7.    All obligations and conditions under the Lease to be performed to
date by Landlord have been satisfied, free of defenses and set-offs, including
all construction work in the Leased Premises.

      8.    The Landlord has not rebated, reduced or waived any amounts due from
Tenant under the Lease, nor has Landlord provided financing for, made loans or
advances to, or invested in Tenant's business.

      9.    Tenant has not received any notice of any present violation of any
federal, state, county or municipal laws, regulations, ordinances, order or
directives relating to use, operation or condition of the Leased Premises.

      EXECUTED as of the _______ day of _________________________, ____________.

TENANT

______________________________, dba ______________________________________
(Name of Tenant and d/b/a/, if any)

By:
   ---------------------------------
Name:
     -------------------------------
Title:
      ------------------------------

                                      A - 2
<Page>

                                    EXHIBIT B

                                      DEED

SPECIAL WARRANTY DEED
     (ILLINOIS)

PREPARED BY:

_____________________
_____________________
_____________________
_____________________
Attn:________________

AFTER RECORDING RETURN TO:

                                       Space Above For Recorder's Use Only

_____________________
_____________________
_____________________
Attn:________________

      This DEED, made and entered into as of this _______ day of _____________,
2003 (the "Transfer Date"), by and between 75TH AND LYMAN CORPORATION, a
Delaware corporation ("Grantor") with its principal office address at
____________________________, and _______________, a _______________________
("Grantee") with its principal office address at ______________________________.

      WITNESSETH, that Grantor, for the consideration of One Dollar ($1.00) and
other good and valuable consideration in hand paid, by these presents does
hereby GRANT, BARGAIN and SELL unto Grantee the following described real estate
(the "Property"), situated in the City of Darien, County of DuPage, State of
Illinois, more particularly described as follows, to wit:

      See legal description set forth on SCHEDULE 1, attached hereto and
incorporated herein;

      Address of Real Estate:               [___________________]
      Tax Identification Number(s): [___________________]

      TO HAVE AND TO HOLD the Property as above described, together with all
rights and appurtenances to the same belonging, unto the Grantee, and to the
successors and assigns of Grantee forever, subject to the exceptions identified
in SCHEDULE 1 attached hereto.

      Grantor hereby covenants that Grantor and its successors and assigns,
shall and will warrant and defend the title to the said Property unto Grantee,
against the lawful claims of all

                                      B - 1
<Page>

persons claiming by and through Grantor and none other, excepting however: real
estate taxes and assessments not yet due and payable; acts or omissions of the
Grantee or anyone acting by, through or under Grantee; leases and other
occupancy agreements assigned to Grantee; and all other matters set forth on
SCHEDULE 2 attached hereto and incorporated by reference [insert Permitted
Exceptions at Closing]

      IN WITNESS WHEREOF, said Grantor has caused this Special Warranty Deed to
be executed by an authorized representative of Grantor this _______ day of
__________, 2003.

75TH AND LYMAN CORPORATION,
a Delaware corporation

By:
   ---------------------------------
        Paul C. Chapman,
        Executive Vice President

STATE OF _________________)
                          )SS
COUNTY OF ________________)

Be it remembered that on this _______ day of ____________________, 2003, before
me, personally appeared Paul C. Chapman is personally known to me to be the
Executive Vice President of 75TH AND LYMAN CORPORATION, a Delaware corporation,
and the same person who executed the foregoing instrument and duly acknowledged
the execution of the same for and on behalf of and as the act and deed of said
corporation.

In witness whereof, I have hereunto set my hand and fixed my seal the day and
year above written.

                                        ----------------------------
                                        Notary Public

Seal

SENT FUTURE TAX BILLS TO:
______________________________
______________________________
______________________________
______________________________

SCHEDULE 1 - LEGAL DESCRIPTION
SCHEDULE 2 - PERMITTED EXCEPTIONS

                                      B - 2
<Page>

                                    EXHIBIT C

                                  BILL OF SALE

      KNOW ALL MEN BY THESE PRESENTS, that 75TH AND LYMAN CORPORATION, a
Delaware corporation ("Seller"), in consideration of Ten and 00/00 Dollars
($10.00), the receipt and sufficiency of which is hereby acknowledged, does
hereby sell, assign, transfer, quit claim and set over unto __________,a
______________ ("Purchaser") all furniture, furnishings, fixtures, equipment and
other personal property set forth on the attached SCHEDULE 2 (the "Personal
Property") located at, on and about the real estate commonly known as the Darien
Towne Centre and legally described on the attached SCHEDULE 1 (the "Premises").

      TO HAVE AND TO HOLD the Personal Property unto Purchaser and Purchaser's
heirs, legal representatives, successors and assigns forever.

      ALL WARRANTIES OF QUALITY OF FITNESS FOR A PARTICULAR PURPOSE AND
MERCHANTABILITY ARE EXPRESSLY EXCLUDED. THE PERSONAL PROPERTY SOLD HEREUNDER IS
SOLD IN "AS IS" CONDITION WITHOUT ANY REPRESENTATION OR WARRANTY BY SELLER.

      Any liability of Seller shall be limited as set forth in SECTIONS 6, 17.1
and 19 of that certain Purchase and Sale Agreement between Seller and Purchaser
dated November 12, 2003.

      IN WITNESS WHEREOF, Seller has signed this Bill of Sale this _______ day
of _______________,2003.

                                       SELLER:

                                       75TH AND LYMAN CORPORATION,
                                       a Delaware corporation

                                       By:
                                             -------------------------------
                                             Paul C. Chapman
                                             Executive Vice President

SCHEDULE 1 - LEGAL DESCRIPTION
SCHEDULE 2 - LIST OF TANGIBLE PERSONAL PROPERTY

                                      C - 1
<Page>

                                    EXHIBIT D

                       ASSIGNMENT AND ASSUMPTION OF LEASES

      FOR AND IN CONSIDERATION of the sum of Ten Dollars ($10.00) and for other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, 75TH AND LYMAN CORPORATION, a Delaware corporation, having its
principal office at c/o CB Richard Ellis Investors, 601 108th Avenue N.E. #1900,
Bellevue, WA 98004 ("Assignor"), hereby sells, transfers, assigns and sets over
unto _________________, a _________________ ("Assignee"), its legal
representatives, successors and assigns all of Assignor's right, title and
interest in, to and under (a) those certain leases referred to on SCHEDULE 2
attached hereto and made a part hereof (the "Leases") affecting the real estate
legally described on SCHEDULE 1 attached hereto and made a part hereof and
commonly known as the Darien Towne Centre (the "Property") and, to the extent
assignable, any guaranties made in connection with such Leases, (b) the security
deposits set forth in SCHEDULE 3 attached hereto, and (c) the rent due under
such Leases except, however, that portion of said rent attributable to periods
of time prior to the Closing Date (as defined in that certain Purchase and Sale
Agreement by and between Assignor and Assignee, dated as of November 12, 2003
(the "Agreement")).

      Assignee does hereby accept the foregoing Assignment and Assumption of
Leases subject to the terms and conditions herein and in the Leases, and does
hereby assume, without exculpation, as of the date hereof, and become
responsible for and agree to perform, discharge, fulfill and observe all of the
obligations, terms, covenants, provisions and conditions under the Leases
arising from and after the Closing Date, and Assignee agrees to be liable for
the observance and performance thereof as fully as though Assignee was the
original landlord or lessor thereunder, including without limitation the cost of
all tenant improvements, leasing commissions, and space planning and legal costs
which accrue or are incurred on or after the Closing Date or which Assignee is
obligated to pay pursuant to the Agreement. Notwithstanding the immediately
preceding sentence, Assignor shall remain liable for those obligations of
Assignor under the Leases to the extent they arise out of events occurring prior
to the Closing Date, except for those obligations for which Assignee is liable
pursuant to the Agreement. Assignor shall retain the obligation to reconcile
operating expenses, real estate taxes and insurance with the tenants under the
Leases with respect to all calendar years prior to the year in which the Closing
Date occurs.

      Assignee agrees to protect, defend, indemnify and hold harmless Assignor,
its legal representatives, successors and assigns from any and all losses,
damages, expenses, fees (including without limitation reasonable attorneys'
fees), court costs, suits, judgments, liability, claims and demands whatsoever
in law or in equity, incurred or suffered by Assignor, its legal
representatives, successors and assigns or any of them arising out of or in
connection with the Leases as to events occurring from and after the Closing
Date or which Assignee is obligated to pay pursuant to the Agreement, except for
those obligations which Assignor is liable for pursuant to the Agreement.
Assignor agrees to protect, defend, indemnify and hold harmless Assignee, its
legal representatives, successors and assigns from any and all losses, damages,
expenses, fees (including, without limitation, reasonable attorneys' fees),
court costs, suits, judgments, liability,

                                      D - 1
<Page>

claims and demands whatsoever in law or in equity, incurred or suffered by
Assignee, its legal representatives, successors and assigns or any of them
arising out of or in connection with the Leases as to events occurring prior to
the Closing Date, except for those matters covered in a tenant estoppel
certificate to Assignee and those obligations which Assignee is liable for
pursuant to the Agreement; provided, however, that any claim made by Assignee
hereunder shall be deemed waived unless Assignee has filed suit prior to the
date which is nine (9) months after the Closing Date.

      Notwithstanding anything to the contrary contained in this Assignment and
Assumption of Leases, it is expressly understood and agreed by and between the
parties hereto that: (i) the recourse of Assignee or its successors or assigns
against Assignor with respect to this Assignment and Assumption of Leases shall
be limited as set forth in SECTIONS 6, 17.1 AND 19 of the Agreement, and (ii) no
personal liability or personal responsibility of any sort with respect to the
indemnity obligations of Assignor above is assumed by, or shall at any time be
asserted or enforceable against, Assignor or against any of Assignor's
shareholders, directors, officers, employees, agents, constituent partners,
members, beneficiaries, trustees or representatives except as provided in (i)
above with respect to Assignor.

      This Assignment and Assumption of Leases shall be binding upon and shall
inure to the benefit of Assignor and Assignee and their respective
beneficiaries, legal representatives, heirs, successors and assigns.

      THIS ASSIGNMENT AND ASSUMPTION OF LEASES IS FOR THE BENEFIT OF ASSIGNOR
AND ASSIGNEE, AND EXCEPT AS PROVIDED IN THE INDEMNIFICATION PROVISIONS AND THE
EXCULPATION PROVISIONS OF SECTION 19 OF THE AGREEMENT, NO OTHER PERSON OR ENTITY
WILL BE ENTITLED TO RELY ON THIS ASSIGNMENT AND ASSUMPTION OF LEASES.

      This Assignment and Assumption of Leases may be executed in counterparts,
and as so executed shall constitute one and the same agreement.

      IN WITNESS WHEREOF, the parties hereto have executed this Assignment and
Assumption of Leases this day of _____________________________, 2003.

                                       ASSIGNOR:

                                       75TH AND LYMAN CORPORATION,
                                       a Delaware corporation

                                       By:
                                             -------------------------------
                                             Paul C. Chapman
                                             Executive Vice President

                                      D - 2
<Page>

                                       ASSIGNEE:

                                       _____________________________________,
                                       a _____________________________

                                       By:
                                             -------------------------------
                                             Name:
                                                   -------------------------
                                             Its:
                                                  --------------------------

SCHEDULE 1  -  LEGAL DESCRIPTION
SCHEDULE 2  -  LEASES

                                      D - 3
<Page>

                                    EXHIBIT E

                     ASSIGNMENT AND ASSUMPTION OF CONTRACTS,
                              LICENSES AND PERMITS

      FOR AND IN CONSIDERATION of the sum of Ten Dollars ($10.00) and for other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, 75TH AND LYMAN CORPORATION, a Delaware corporation, having its
principal office at c/o CB Richard Ellis Investors, 601 108th Avenue N.E. #1900,
Bellevue, WA 98004 ("Assignor"), hereby sells, transfers, assigns and sets over
unto __________________, a __________________ ("Assignee"), its legal
representatives, successors and assigns, effective as of the Closing Date (as
defined in that certain Purchase and Sale Agreement by and between Assignor and
Assignee, dated as of November 12, 2003 (the "Agreement")), all of Assignor's
right, title and interest in, to and under the following to the extent freely
assignable by Assignor: (a) those agreements referred to on SCHEDULE 2 attached
hereto and made a part hereof (the "Contracts") affecting the real estate
legally described on SCHEDULE 1 attached hereto and made a part hereof and
commonly known as the Darien Towne Centre, (the "Property") and (b) all
licenses, warranties, guarantees, permits and Intangible Property (as defined in
the Agreement) relating to the construction, use and operation of the Property.

      Assignee does hereby accept the foregoing Assignment and Assumption of
Contracts, Licenses and Permits and does hereby assume, without exculpation, as
of the Closing Date, and become responsible for and agree to perform, discharge,
fulfill and observe all of the obligations, terms, covenants, provisions and
conditions under the Contracts arising from and after the date hereof or which
Assignee is responsible for pursuant to the Agreement, and Assignee agrees to be
liable for the observance and performance thereof as fully as though Assignee
was the original party thereunder. Notwithstanding the immediately preceding
sentence, Assignor shall remain liable for those obligations of Assignor under
the Contracts to the extent they arise out of events occurring prior to the
Closing Date, except for those obligations which Assignee is responsible for
pursuant to the Agreement.

      Assignee agrees to protect, defend, indemnify and hold harmless Assignor,
its legal representatives, successors and assigns from any and all losses,
damages, expenses, fees (including without limitation reasonable attorneys'
fees), court costs, suits, judgments, liability, claims and demands whatsoever
in law or in equity, incurred or suffered by Assignor, its legal
representatives, successors and assigns or any of them arising out of or in
connection with the Contracts, as to events occurring from and after the Closing
Date or which Assignee is responsible for pursuant to the Agreement, except for
those obligations which Assignor is responsible for pursuant to the Agreement.
Assignor agrees to protect, defend, indemnify and hold harmless Assignee, its
legal representatives, successors and assigns from any and all losses, damages,
expenses, fees (including, without limitation, reasonable attorneys' fees),
court costs, suits, judgments, liability, claims and demands whatsoever in law
or in equity, incurred or suffered by Assignee, its legal representatives,
successors and assigns or any of them arising out of or in connection with the
Contracts, as to events occurring prior to the Closing Date, except for those
obligations which Assignee is responsible for pursuant to the Agreement;
provided, however, that any claim made by Assignee hereunder shall be deemed
waived unless Assignee has given

                                      E - 1
<Page>

Assignor written notice of such claim prior to the date which is nine (9) months
after the Closing Date.

      Notwithstanding anything to the contrary contained in this Assignment and
Assumption of Contracts, Licenses and Permits, it is expressly understood and
agreed by and between the parties hereto that: (i) the recourse of Assignee or
its successors or assigns against Assignor with respect to this Assignment and
Assumption of Contracts, Licenses and Permits shall be limited as set forth in
SECTIONS 6, 17.1 AND 19 of the Agreement, and (ii) no personal liability or
personal responsibility of any sort with respect to the indemnity obligations of
Assignor above is assumed by, or shall at any time be asserted or enforceable
against, Assignor, or against any of Assignor's shareholders, directors,
officers, employees, agents, constituent partners, members, beneficiaries,
trustees or representatives except as provided in (i) above with respect to
Assignor.

      This Assignment and Assumption of Contracts, Licenses and Permits shall be
binding upon and shall inure to the benefit of Assignor and Assignee and their
respective beneficiaries, legal representatives, heirs, successors and assigns.

      THIS ASSIGNMENT AND ASSUMPTION OF CONTRACTS, LICENSES AND PERMITS IS FOR
THE BENEFIT OF ASSIGNOR AND ASSIGNEE, AND EXCEPT AS PROVIDED IN THE
INDEMNIFICATION PROVISIONS AND THE EXCULPATION PROVISIONS OF SECTION 19 OF THE
AGREEMENT, NO OTHER PERSON OR ENTITY WILL BE ENTITLED TO RELY ON THIS ASSIGNMENT
AND ASSUMPTION OF CONTRACTS, LICENSES AND PERMITS.

      This Assignment and Assumption of Contracts, Licenses and Permits may be
executed in counterparts, and as so executed shall constitute one and the same
agreement.

      IN WITNESS WHEREOF, the parties hereto have executed this Assignment and
Assumption of Contracts, Licenses and Permits this _______ day of
______________________, 2003.

                                       ASSIGNOR:

                                       75TH AND LYMAN CORPORATION,
                                       a Delaware corporation

                                       By:
                                             --------------------------------
                                             Paul C. Chapman
                                             Executive Vice President

                                      E - 2
<Page>

                                       ASSIGNEE:

                                       _____________________________________,
                                       a _____________________________

                                       By:
                                             -------------------------------
                                             Name:
                                                   -------------------------
                                             Its:
                                                  --------------------------

SCHEDULE 1  -  LEGAL DESCRIPTION
SCHEDULE 2  -  LIST OF CONTRACTS

                                      E - 3
<Page>

                                    EXHIBIT F

                              NON-FOREIGN AFFIDAVIT

      Section 1445 of the Internal Revenue Code provides that a transferee of a
U.S. real property interest must withhold tax if the transferor is a foreign
person. To inform the transferee that withholding of tax is not required upon
the disposition of a U.S. real property interest by 75TH AND LYMAN CORPORATION,
a Delaware corporation, ("Seller"), the undersigned hereby certifies the
following on behalf of Seller:

      1.    Seller is not a foreign corporation (as this term is defined in the
            Internal Revenue Code and Income Tax Regulations);

      2.    Seller's U.S. employer identification number is __________________
            and

      3.    Seller's address is __________________________________________.

      Seller understands that this certification may be disclosed to the
Internal Revenue Service by the transferee and that any false statement
contained herein could be punished by fine, imprisonment, or both.

      Under penalties of perjury the undersigned declares that it has examined
this certification and to the best of its knowledge and belief it is true,
correct and complete, and it further declares that it has authority to sign this
document on behalf of Seller.

Dated: ________________, 2003.

                                       Seller:

                                       75TH AND LYMAN CORPORATION,
                                       a Delaware corporation

                                       By:
                                             --------------------------------
                                             Paul C. Chapman
                                             Executive Vice President

                                      F - 1
<Page>

                                    EXHIBIT G

                       FORM OF TENANT NOTIFICATION LETTER

                             ____________, _______

VIA CERTIFIED MAIL - RETURN RECEIPT REQUESTED

[Tenant]

_____________________________
_____________________________
_____________________________

      RE:   THE DARIEN TOWNE CENTRE, DARIEN, ILLINOIS

Dear [Tenant]:

You are hereby advised that the above referenced property in which you are a
tenant was sold and your lease was assigned and transferred effective as of the
date of this letter to _________________________, a _______________________
("Purchaser"). Your security deposit and advance rental, if any, has transferred
to Purchaser, whose address is set forth below. The above referenced property
will be managed by [MANAGEMENT COMPANY] and all checks for rent and other
charges should be made payable to [_______________________] and forwarded to:
[MANAGEMENT COMPANY][PROPERTY ADDRESS].

In accordance with the terms of your lease, copies of all future notices to
landlord should be sent to: [PURCHASER ENTITY].

If you have any questions or need any additional information, please feel free
to contact the management office at [Telephone Number].

Sincerely,

SELLER:                                PURCHASER:

75TH AND LYMAN CORPORATION,            _________________________________,
a Delaware corporation                 a ____________________________

By:                                    By:
      --------------------------             ----------------------------
      Paul C. Chapman,                       Name:
      Executive Vice President                     ----------------------
                                             Its:
                                                  -----------------------

                                      G - 1
<Page>

                                    EXHIBIT H

                       FORM OF VENDOR NOTIFICATION LETTER

___________________, _______

VIA CERTIFIED MAIL - RETURN RECEIPT REQUESTED

[Vendor]

________________________________
________________________________
________________________________

      RE:   THE DARIEN TOWNE CENTRE, DARIEN, ILLINOIS

Gentlemen:

      This is to advise you that the above reference property was sold to
____________________________________________, a ______________ ("Purchaser"). As
part of the sale, your contract has been assigned to Purchaser, and any goods,
services or utilities supplied to the property subsequent to the date of this
letter shall be for its account. The above referenced property will be managed
by [Management Company] and all future invoices and correspondence and any and
all notices to Purchaser should be sent to:

            _________________________________
            _________________________________

Sincerely,

SELLER:                                PURCHASER:

75TH AND LYMAN CORPORATION,            __________________________________,
a Delaware corporation                 a ______________________________

By:                                    By:
      ---------------------------            ----------------------------
      Paul C. Chapman,                       Name:
      Executive Vice President                    -----------------------
                                             Its:
                                                  -----------------------

                                      H - 1
<Page>

                                    EXHIBIT I

                              CERTIFICATE OF SELLER

      I, Paul C. Chapman, the Executive Vice President of 75TH AND LYMAN
CORPORATION, a Delaware corporation (the "COMPANY"), hereby certify that, except
as set forth on SCHEDULE 1 attached hereto, as of the date hereof the
representations and warranties set forth in SECTION 6 of the Purchase and Sale
Agreement dated November 12, 2003, by and between the Company and INLAND RETAIL
REAL ESTATE TRUST, INC., a Maryland corporation, are true and correct.

      This certificate is delivered pursuant to SECTION 4.3(a)(ix) of the
Agreement.

      IN WITNESS WHEREOF, I have hereunto signed my name for and on behalf of
the Company this ____ day of ________________________, 2003.

                                       75TH AND LYMAN CORPORATION,
                                       a Delaware corporation

                                       By:
                                             -----------------------------------
                                             Paul C. Chapman,
                                             Executive Vice President

      SCHEDULE 1 - Exceptions

                                      I - 1
<Page>

                                    EXHIBIT J

                            CERTIFICATE OF PURCHASER

      I, ______________________________________________ of INLAND RETAIL REAL
ESTATE TRUST, INC., a Maryland corporation (the "COMPANY"), hereby certify that,
except as set forth on SCHEDULE 1 attached hereto, as of the date hereof the
representations and warranties set forth in SECTION 8 of the Purchase and Sale
Agreement dated November 12, 2003, by and between the Company and 75TH & LYMAN
CORPORATION, a Delaware corporation, are true and correct.

      This certificate is delivered pursuant to SECTION 4.3(b)(v) of the
Agreement.

      IN WITNESS WHEREOF, I have hereunto signed my name for and on behalf of
the Company this ______ day of __________________________, 2003.

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

                                       By:
                                             -----------------------------------

                                             -----------------------,
                                             Title:
                                                    ---------------

      SCHEDULE 1 - Exceptions

                                      J - 1
<Page>

                                   SCHEDULE 1

                                LEGAL DESCRIPTION

PARCEL 1:   Lots 2, 9 and 10 in Darien Towne Centre, being a subdivision of
            part of the Southeast Quarter of Section 29, Township 38 North,
            Range 11 East of the Third Principal Meridian, recorded August 17,
            1993 as Document Number R93-183593, in DuPage County, Illinois;

PARCEL 2:   A non-exclusive easement for the benefit of Parcel 1 as created
            by the Declaration dated August 5, 1993 and recorded August 17, 1993
            as Document R93-183596 by American National Bank and Trust Company
            of Chicago, as Trustee under Trust dated June 4, 1991 and known as
            Trust Number 113974-03 and Wal-Mart Stores, Inc. for the purpose of
            ingress and egress, utilities, signage and stormwater retention.

                                      - i -
<Page>

                                  SCHEDULE 4.3

                                PERSONAL PROPERTY

                                      None.

                                      - i -
<Page>

                                  SCHEDULE 6.5

                                     LEASES

<Table>
<Caption>
                                                                     [ILLEGIBLE]
              Tenant                            Document                Dated
--------------------------------------------------------------------------------
<S>                                   <C>                              <C>
Aldi's                                REA Agreement                     8/5/93
--------------------------------------------------------------------------------
Circuit City                          Shopping Center Lease             7/22/93
--------------------------------------------------------------------------------
Coldwell Banker- Gladstone Realtors   Shopping Center Lease             3/01/00
--------------------------------------------------------------------------------
Citibank Darien                       REA Agreement                    12/15/94
--------------------------------------------------------------------------------
Deals-Nothing Over a Dollar           Shopping Center Lease             4/10/02
--------------------------------------------------------------------------------
Gingiss Formalwear Store              Shopping Center Lease            11/26/96
--------------------------------------------------------------------------------
Great Clips                           Shopping Center Lease            10/13/99
--------------------------------------------------------------------------------
Harris Bank                           REA Agreement                     2/22/94
--------------------------------------------------------------------------------
Home Depot                            Shopping Center Lease             7/15/93
--------------------------------------------------------------------------------
Jenny Craig                           Shopping Center Lease             2/09/99
--------------------------------------------------------------------------------
PetsMart                              Shopping Center Lease             7/17/93
--------------------------------------------------------------------------------
Murray's Discount Auto                Shopping Center Lease             4/22/94
--------------------------------------------------------------------------------
Panera Bread                          Shopping Center Lease             4/07/03
--------------------------------------------------------------------------------
Signature Cleaners                    Shopping Center Lease             4/14/94
--------------------------------------------------------------------------------
Payless Shoe Source                   Shopping Center Lease             7/8/94
--------------------------------------------------------------------------------
TGI Fridays                           Ground Lease                      7/26/93
--------------------------------------------------------------------------------
Walmart                               REA Agreement                     8/05/93
--------------------------------------------------------------------------------
</Table>

*If Seller or its property manager does not have the original lease document,
Seller may deliver a tenant estoppel certificate or other certification
certifying a copy of the lease document in lieu of delivering an original lease
document at Closing.

                                      - i -
<Page>

                                  SCHEDULE 6.6

                                SERVICE CONTRACTS

<Table>
<Caption>
                                          Agreement                                       Execution     Rennuable On
     Contractor Name                     Description                Documentation            Date      30 Days Notice
---------------------------------------------------------------------------------------------------------------------
<S>                               <C>                          <C>                         <C>              <C>
Clo Marketing                     Marketing                    Letter Agreement            1/30/03          Yes
---------------------------------------------------------------------------------------------------------------------
                                  Backflow Device
Chicago Backflow                  Inspection                   Agreement                   7/24/02          Yes
---------------------------------------------------------------------------------------------------------------------
Simplex Grinnell                  Alarm Inspection             Agreement                   8/20/02          Yes
---------------------------------------------------------------------------------------------------------------------
                                                               Service and Maintenance
Fire & Security Systems           Alarm Monitoring             Agreement                   8/23/99          Yes
---------------------------------------------------------------------------------------------------------------------
Four Seasons Lawncare             Landscaping                  Service Agreement           3/31/03          Yes
---------------------------------------------------------------------------------------------------------------------
Ace of Spray                      Pressure Washing             Service Agreement           6/16/03          Yes
---------------------------------------------------------------------------------------------------------------------
Snow Systems                      Snow Removal                 Service Agreement           10/02/03         Yes
---------------------------------------------------------------------------------------------------------------------
4 Season Commercial
Maintenance                       Lot Sweeping                 Service Agreement           7/01/96          Yes
---------------------------------------------------------------------------------------------------------------------
Temple Display                    Holiday Decorations          Agreement                   10/28/03         Yes
---------------------------------------------------------------------------------------------------------------------
</Table>

                                      - i -
<Page>

                                  SCHEDULE 6.8

                                     CLAIMS

                                      None.

                                      - i -
<Page>

                                  SCHEDULE 6.9

                          LEASING BROKERAGE AGREEMENTS

Listing agreement with Edgemark Commercial Real Estate Services, LLC.

                                      - i -
<Page>

                                   SCHEDULE 15

                              LEASING STATUS REPORT

                            (as of November 11, 2003)

<Table>
<Caption>
                                             STARTING
                        SUITE       SIZE       BASE          RENT                       TI        LANDLORD     COMMIS-
TENANT NAME             NUMBER     SQ. FT.     RENT       ESCALATION       TERM     ALLOWANCE      COSTS        SION       STATUS
------------------------------------------------------------------------------------------------------------------------------------
<S>                    <C>            <C>    <C>       <C>                <C>       <C>           <C>        <C>         <C>
CHINA WOK              2121           1,500  $  20.00  3% per year        5 years   $7,500        0          $    6,000  Signed LOI
------------------------------------------------------------------------------------------------------------------------------------
RICOBENE'S ON
75TH LLC               2173 A         3,000  $  18.00  3% per year        10 years  $21,000 -     TBD        $   10,500  Negotiating
                                                                                    est'd. See                           lease
                                                                                    description
                                                                                    of work
------------------------------------------------------------------------------------------------------------------------------------
OPTIQUE BY             2173 B         1,800  $  24.00  N/A                5 years   $36,000       TBD        $    7,200  Negotiating
LENSCRAFTERS                                                                                                             LOI
------------------------------------------------------------------------------------------------------------------------------------
FRUITFUL YIELD         2173 C         4,548  $  18.00  3% per year after  5 years   0             TBD        $   15,918  Signed LOI
                                                       year 2
------------------------------------------------------------------------------------------------------------------------------------
JENNY CRAIG RENEWAL    2141           2,000  $  22.00  $0.50 per year     3 years   $4,000        0          $    4,000  Amendment
                                                                                                                         out for
                                                                                                                         Signature
------------------------------------------------------------------------------------------------------------------------------------
IRV'S MENSWEAR         2173 (all)     9,348  $  16.00  2.5% per year      5 Years   $93,480       0          $   42,066  Signed LOI
------------------------------------------------------------------------------------------------------------------------------------
VN NAILS               2121           1,500  $  20.00  3% per year        5 years   $7,500        0          $    6,000  Signed LOI
------------------------------------------------------------------------------------------------------------------------------------
</Table>

     LENSCRAFTERS COULD GO TO SUITE 2121 WHICH IS 1,500 SQ. FT.

     SOCCER POST, A TENANT OCCUPYING 2,968 SQUARE FEET, CEASED OPERATIONS
     EFFECTIVE JUNE 1, 2003. TENANT HAS CONFIRMED THAT THEY UNDERSTAND THEY ARE
     RESPONSIBLE FOR PAYING MONTHLY RENT PURSUANT TO THEIR SUB-LEASE WITH
     PAYLESS SHOESOURCE. THE SUB-LEASE EXPIRES ON JULY 31, 2004.

     JENNY CRAIG, A CURRENT TENANT WHOSE LEASE EXPIRES IN FEBRUARY 2004 HAS
     AGREED TO A LEASE RENEWAL PROPOSAL FOR AN ADDITIONAL THREE YEAR TERM AT
     YEARS 1-3 AT $22.00, $22.50 AND $23.00 PSF RESPECTIVELY, WITH A THREE YEAR
     OPTION AT FAIR MARKET RENT. AN AMENDMENT IS BEING PREPARED.

     RICOBENE'S A PIZZA/FAST FOOD RESTAURANT HAS AGREED TO LEASE 3,000 SF OF THE
     9,348 SF SPACE NEXT TO PANERA. THEY HAVE AGREED TO A TEN (10) YEAR TERM
     BEGINNING AT $18.00 NET PSF WITH THREE PERCENT (3%) ANNUAL INCREASES AND A
     LANDLORD CONTRIBUTION OF SEVEN DOLLARS ($7.00)PSF.

     LA TAN HAS AGREED TO LEASE 3,000SF OF THE 9,348 SF SPACE NEXT TO PANERA.
     THEY HAVE AGREED TO A TEN (10) YEAR TERM BEGINNING AT $19.00 PSF WITH A
     LANDLORD CONTRIBUTION OF EIGHT DOLLARS ($8.00) PSF.

     NEGOTIATIONS CONTINUE WITH OPTIQUE BY LENSCRAFTERS (1,800 SF) AND FRUITFUL
     YIELD (4,500 SF) FOR THE REMAINING PORTION OF THE 9,348 SF SPACE NEXT TO
     PANERA.

                                      - i -
<Page>

     NEGOTIATIONS CONTINUE WITH CHINA WOK AND A LOCAL NAIL SALON FOR SPACE 2121
     (1,500 SF). RENTS ARE ANTICIPATED TO BE IN THE UPPER TEENS TO LOWER
     TWENTIES.

                                     - ii -<Page>

                                                                   Exhibit 10.21

                           PURCHASE AND SALE AGREEMENT

Date:          November 20, 2003

Seller:        DESCO ASSOCIATES, a Connecticut limited partnership
               c/o John D. Scarritt
               P.O. Box 215
               225 Grove Street
               Bristol, Connecticut 06011-0215
               Telephone: 860-582-0244
               Telecopier: 702-543-5422
               Email:desco@snet.net

Buyer:         INLAND REAL ESTATE ACQUISITIONS, INC.
               2901 Butterfield Road
               Oak Brook, Illinois 60523
               Telephone: 630-218-4948
               Telecopier: 630-218-4935
               Email: jcosenza@inlandgroup.com

ESCROW AGENT
AND TITLE
INSURER:       CHICAGO TITLE INSURANCE COMPANY
               171 North Clark Street
               Chicago, Illinois 60601
               Attention: Nancy Castro
               Telephone:  312-223-3909
               Telecopier: 312-223-2108
               Escrow No.:___________________(the "ESCROW")

REAL
PROPERTY:      The Real Property is composed of two parcels (each, a "Parcel",
               and together, the "Parcels"), as follows:

               FIRST PARCEL: That certain real property located at 1045 West
               Main Street, New Britain, Connecticut, consisting of
               approximately 7.60 acres, together with (a) a building containing
               approximately 65,658 square feet and all other improvements
               located thereon (including all replacements or additions thereto
               between the date hereof and the Closing Date), (b) all systems,
               facilities, fixtures, machinery, equipment and conduits that
               provide fire protection, security, heat, exhaust, ventilation,
               air conditioning, electrical power, light, plumbing,
               refrigeration, gas, sewer and water thereto (including all
               replacements or additions thereto between the date hereof and the
               Closing Date), and (c) all easements, rights, tenements,
               hereditaments, privileges, and appurtenances, if any, held by
               Seller, which real property is more particularly described on
               Exhibit "A-1" attached hereto and by this reference included
               herein (the "NEW BRITAIN REAL PROPERTY"), and subject to that
               certain Lease Agreement, dated February 23, 1995, as amended (the
               "NEW BRITAIN LEASE"), between Seller as Landlord and SHAW'S
               SUPERMARKETS, INC. as tenant, a true, correct and complete copy
               of which (including any and all amendments

<Page>

               thereto and guaranties thereof) is attached hereto as Exhibit B
               and made a part hereof.

               SECOND PARCEL: That certain real property located at 325 Oakland
               Street, Bristol, Connecticut, consisting of approximately 5.35
               acres, together with (a) a building containing approximately
               54,661 square feet and all other improvements thereon (including
               all replacements or additions thereto between the date hereof and
               the Closing Date), (b) all systems, facilities, fixtures,
               machinery, equipment and conduits that provide fire protection,
               security, heat, exhaust, ventilation, air conditioning,
               electrical power, light, plumbing, refrigeration, gas, sewer and
               water thereto (including all replacements or additions thereto
               between the date hereof and the Closing Date), and (c) all
               easements, rights, tenements, hereditaments, privileges, and
               appurtenances, if any, held by Seller, which real property is
               more particularly described on Exhibit "A-2" attached hereto and
               by this reference included herein (the "BRISTOL REAL PROPERTY"),
               and subject to that certain Lease Agreement, dated August 1,
               1994, as amended (the "BRISTOL LEASE"), between Seller as
               Landlord and SHAW'S SUPERMARKETS, INC. as tenant ("TENANT"), a
               true, correct and complete copy of which (including all
               amendments thereto and guaranties thereof) is attached hereto as
               Exhibit C and made a part hereof. Said property shall be conveyed
               together with Seller's rights and obligations (but only those
               obligations required to be first performed after the Closing Date
               (as defined in Section 2.1 below)), as tenant, under a Lease and
               Agreement dated August 15, 1994 between Seller and Stephen Hutt
               (the "Hutt Lease") a true, correct and complete copy of which
               (including all amendments thereto and guaranties thereof) is
               attached hereto as Exhibit D and made a part hereof. The New
               Britain Lease and, the Bristol Lease hereinafter shall sometimes
               hereinafter be collectively referred to as the "Leases".

     FOR A VALUABLE CONSIDERATION, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree as follows:

1.   AGREEMENT.

     Subject to the terms and conditions of this Purchase and Sale Agreement
(together with all Exhibits and Schedules attached hereto, the "AGREEMENT"),
Seller agrees to sell and Buyer agrees to purchase the Property (as defined in
Schedule 1 attached hereto and made a part hereof).

2.   OPENING AND CLOSING; CONDITIONS TO CLOSING.

     2.1    As used herein, the term "OPENING OF ESCROW" shall mean the day on
which Escrow Agent receives a copy of this Agreement executed by both Buyer and
Seller together with the funds described in Subparagraph 3.1(a) below. Subject
to satisfaction of the terms, provisions and conditions contained in this
Agreement, consummation of the sale of the Property provided for herein (the
"CLOSING") shall take place five (5) days after the earlier of (i) Buyer's
waiver and/or satisfaction of the Inspections (hereinbelow defined), or (ii)
expiration of the Inspection Period (as defined below) without cancellation of
this Agreement by Buyer (the "CLOSING DATE") through the Escrow (as defined in
Section 4 below) at the offices of Escrow Agent identified above.

                                        2
<Page>

     2.2    CONDITIONS TO CLOSING.

            (a)   The obligation of Buyer to close the transaction contemplated
by this Agreement is subject to and conditioned upon, at Buyer's sole option,
the satisfaction of all of the following:

                  (i)    Seller's delivery to Buyer, not less than three (3)
days prior to the expiration of the Inspection Period, an original estoppel
certificate, in form and substance acceptable to Buyer, executed by each and all
tenants under the Leases (and, as applicable, all guarantors of the Leases) and
raising no matters that, in Buyer's sole and absolute discretion, could
adversely affect the ownership, operation, management, repair, use or
maintenance of the Property or any portion thereof, and otherwise confirming the
terms and provisions of the Leases. Seller shall use its best efforts to cause
the tenants to execute the form of estoppel certificate attached hereto as
Exhibit E. Such tenant estoppel certificates cannot be dated more than thirty
(30) days prior to the Closing Date;

                  (ii)   Seller's delivery to Buyer, not less than three(3) days
prior to the expiration of the Inspection Period, original estoppel certificates
executed by all parties whose property is currently subject to any and all
operating agreements, reciprocal easement agreements and/or similar agreements
(collectively, the "REAs") encumbering title to the Property, pursuant to which
estoppel certificates such parties shall confirm (a) the terms of the REAs, (b)
that there exist no defaults under the REAs and no event or circumstance has
occurred that, with the giving of notice or passage of time, could result in a
default under the REAs, (c) any and all assessments and other payments required
to be made on or before the Closing Date have been so paid, and (d) such other
matters as may be required by Buyer prior to the expiration of the Inspection
Period. The form and substance of such estoppel certificates shall be agreed to
by Seller and Buyer prior to the expiration of the Inspection Period. Such
estoppel certificates shall be certified to Buyer and its nominee, assignee
and/or the entities designated by Buyer as taking title to the Property and
Buyer's lender (and their respective successors and assigns), if any. Such REA
estoppel certificates cannot be dated more than thirty (30) days prior to the
Closing Date;

                  (iii)  Delivery, at Closing, of sole and exclusive possession
of the Property (including, with respect to the Second Parcel, the ground
lessee's interest in, to and under the Hutt Lease)) to Buyer, subject only to
the Leases and Permitted Title Exceptions (as defined in Schedule 1 attached
hereto) applicable to each Parcel of Real Property;

                  (iv)   All representations and warranties of Seller contained
in this Agreement being true and correct at and as of the Closing Date;

                  (v)    The issuance by the Title Insurer (as defined in
Schedule 1 hereto) of the Title Policies (as defined in Section 6 below)
applicable to each Parcel (including the removal of, or issuance of a title
endorsement over, any Title Survey Objection provided in Section 6 below);

                  (vi)   The due and timely performance, in all material
respects, by the Seller of all obligations and covenants of Seller to have been
performed on or prior to the Closing Date (including, without limitation,
delivery by Seller of all documents required under Section 5 below to be
delivered at Closing);

                  (vii)  That all rent and other amounts due and payable under
the Leases and the Hutt Lease as of the Closing Date have been paid, and the
tenants under of the Leases, and all guarantors under any guaranties of the
Leases, and the landlord/ground lessor under the

                                        3
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Hutt Lease, shall not be in default thereof and shall not have filed for
protection under any state or federal bankruptcy or similar code, law or
statute;

                  (viii) Seller's delivery to Buyer, not less than three (3)
days prior to the expiration of the Inspection Period, an original estoppel
certificate, in the form attached hereto as Exhibit "O", executed by the
landlord/ground lessor under the Hutt Lease and raising no matters that, in
Buyer's sole and absolute discretion, could adversely affect the ownership,
operation, repair, use or maintenance of the Property or any portion thereof,
and otherwise confirming the terms and provisions of the Hutt Lease;

                  (ix)   All of the leasable area of all buildings located upon
the Real Property shall be subject to the Leases, with the tenants thereunder
being in occupancy of their respective spaces and paying full rent thereunder
(including any and all common area maintenance, tax and insurance charges); and

                  (x)    All Licenses identified and disclosed by Buyer to
Seller prior to the expiration of the Inspection Period for the continued use
and occupancy of the Real Property by the tenants under the Leases shall be in
full force and effect.

            If any one or more of the conditions precedent set forth in this
Section 2.2(a) shall not be satisfied by the Closing Date, then Buyer, at its
option and by notice to Seller, may elect at any time thereafter to either
terminate this Agreement, without waiver or release of any of its remedies for
default by Seller under this Agreement, or to seek specific performance of this
Agreement. If this Agreement is terminated pursuant to this Section 2.2(a), then
the Deposit and any interest thereon shall forthwith be returned to Buyer, and
all other funds and documents theretofore delivered hereunder or deposited in
escrow by either party shall be forthwith returned to such party.

            (b)   The obligation of Seller to close the transaction contemplated
hereby is subject, at Seller's option, to all obligations of Buyer which were to
have been performed on or before the Closing Date having been timely and duly
performed in all material respects. If any condition precedent to closing of
Seller as set forth in this Section 2.2(b) has not been fulfilled and satisfied
on or before the Closing Date, then Seller may elect, by notice to Buyer, at any
time thereafter to terminate this Agreement, and if such termination is due to
Buyer's default under this Agreement, then Seller shall have the rights granted
to it pursuant to Section 14.1 below, and all other funds and documents
theretofore delivered hereunder or deposited in escrow by either party shall be
forthwith returned to such party.

3.   PURCHASE PRICE AND PAYMENT TERMS.

     3.1    PRICE. The total purchase price ("PRICE") to be paid for the
Property shall be TWENTY FIVE MILLION THREE HUNDRED SIXTY EIGHT THOUSAND AND
NO/100 ($25,368,000.00), and shall be payable as follows:

            (a)   Within one (1) business day after the day that Buyer receives
an original of this Agreement fully executed by Buyer and Seller, THREE HUNDRED
THOUSAND AND NO/100 ($300,000.00), as an earnest money deposit (the "DEPOSIT"),
shall be deposited by Buyer in cash or corporate check or by cashier's check or
wire transfer of cash credit with Escrow Agent. Upon the earlier of waiver of
all Inspections by Buyer or expiration of the Inspection Period and provided
this Agreement has not been cancelled or terminated, the Deposit plus all

                                        4
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interest earned thereon shall be non-refundable, except as otherwise provided in
Section 3.3 below. The Deposit shall be applicable to the Price at Closing, and
shall be paid to Seller at Closing subject to the terms of this Agreement.

            (b)   The remainder of the Price, subject to adjustment as may be
expressly contemplated herein, shall be paid by Buyer to Seller in cash or by
wire transfer of cash credit through Escrow at Closing.

     3.2    INVESTMENT OF DEPOSITED FUNDS. All funds deposited by Buyer with
Escrow Agent pursuant hereto shall be invested by Escrow Agent in such interest
bearing investments in federally insured institutions as may be directed from
time to time by Buyer and subject to immediate withdrawal. All earnings on such
invested funds shall belong to the party receiving said funds pursuant to the
terms of this Agreement (provided that if the sale of the Property is
consummated, Buyer shall receive payment of any accrued interest) and shall be
paid at such time as said party receives said funds. If Closing shall not occur,
then interest, if any, earned on the Deposit shall be paid to the party entitled
to receive the Deposit pursuant to the terms of this Agreement.

     3.3    DISPOSITION OF DEPOSIT. The Deposit shall be refundable to Buyer (i)
in the event Buyer terminates this Agreement in accordance with Section 8
hereinbelow on or prior to expiration of the Inspection Period, or (ii) after
expiration of the Inspection Period, to the extent provided in Sections 2.2(a),
6, 14.2 and 15 of this Agreement.

4.   ESCROW INSTRUCTIONS.

     Upon full execution of this Agreement, the parties, through their
respective attorneys, shall establish a modified joint order escrow with the
Escrow Agent through which the Deposit will be made, held and disbursed. Buyer
shall cause the Deposit to be deposited in said escrow. The escrow instructions
shall be in the form attached hereto as Exhibit N; provided, however, that such
escrow shall provide that Buyer shall have the unilateral right to direct and
require disbursement of the Deposit at any time prior to the expiration of the
Inspection Period, subject, however, to the condition that Buyer shall have
properly terminated this Agreement and provided notice thereof to the Escrow
Agent. Said escrow shall be auxiliary to this Agreement, and this Agreement
shall not be merged into or in any manner superseded by said escrow.
Additionally, the Closing of the transaction contemplated by this Agreement
shall occur pursuant to a customary deed and money escrow (the "ESCROW")
agreement to be agreed upon by Seller, Buyer and Title Insurer. All escrow costs
and fees shall be equally divided between Buyer and Seller.

5.   CLOSING DOCUMENTS.

     On or before the Closing Date, Seller and Buyer shall execute where
indicated (or obtain the execution of), have acknowledged as appropriate, and
deliver to Escrow Agent the following documents:

            (a)   Seller shall execute and deliver Special Warranty Deeds in the
form attached as Exhibit "F", pursuant to which each Parcel of the Real Property
shall be conveyed to Buyer or Buyer's assignee(s) or nominee(s) (the "DEED");

            (b)   Seller shall execute and deliver a Non-Foreign Affidavit in
the form attached as Exhibit "G";

            (c)   Seller and Buyer or Buyer's assignee(s) or nominee(s) shall
execute and deliver Assignments and Assumptions of Leases in form and content
attached hereto as Exhibit

                                        5
<Page>

"H" and by this reference included herein, a fully executed original of the
Leases and all amendments thereto and guaranties thereof;

            (d)   Seller and Buyer or Buyer's assignee(s) or nominee(s) shall
execute and deliver Assignments and Assumptions of Licenses, Permits,
Warranties, and Intangible Personal Property in the form attached hereto as
Exhibit I;

            (e)   Seller and Buyer or Buyer's assignee(s) or nominee(s) shall
execute and deliver an Assignment and Assumption of the Hutt Lease in a form to
be negotiated by Seller and Buyer (which form shall be (a) similar to the
Assignment and Assumption of Leases delivered pursuant to subsection (c) above,
and (b) in recordable form);

            (f)   Seller shall deliver originals (or, if originals are not
available, copies certified by Seller as being true and complete copies of the
originals) of the Hutt Lease;

            (g)   Seller shall deliver executed, original letters to all tenants
of the Property (pursuant to the notice provisions of the applicable Lease)
advising that the Property (and the landlord's interest under the applicable
Lease) has been sold and transferred to Buyer or Buyer's nominee or assignee, as
the case may be, and directing payment of rental in accordance with the
directions of Buyer and changing the landlord's address for notice purposes
under the Leases and related guaranties;

            (h)   Seller shall deliver an executed, original letter to the
landlord/ground lessor (pursuant to the notice provisions of the Hutt Lease)
under the Hutt Lease advising that the Second Parcel (and the tenant's/ground
lessee's interest under the Hutt Lease) has been sold and transferred to Buyer
or Buyer's nominee or assignee, as the case may be, and changing the
tenant's/ground lessee's address for notice purposes under the Hutt Lease;

            (i)   Seller shall execute and deliver two (2) original Seller's
certificates dated as of the Closing Date confirming that all of the
representations and warranties of Seller contained in this Agreement are true
and correct as of the Closing Date;

            (j)   Seller shall and execute and deliver an updated Rent Roll for
each Parcel certified by Seller as being true, correct and complete as of the
Closing Date;

            (k)   Seller shall execute and deliver an ALTA Statement/Owner's
Affidavit, GAP Indemnity and other affidavits in form and substance required by
the Title Insurer;

            (l)   Seller shall deliver an original, unconditional and
irrevocable Waiver of Lien executed by the Broker;

            (m)   Seller shall deliver all books, operating manuals, tenant
files and correspondence and other materials relating to the Property requested
by Buyer. Buyer acknowledges that Seller shall not be obligated to deliver any
information relating to any properties of Seller other than the Property. Also,
if Buyer shall terminate this Agreement prior to the expiration of the
Inspection Period, then Buyer shall return to Seller all such information
delivered to Buyer;

            (n)   Seller shall deliver certificates or declarations complying
with the provisions of state, county and local law applicable to the
determination of documentary and/or transfer taxes/stamps;

                                        6
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            (o)   Seller and Buyer shall execute and deliver the Preliminary
Closing Statement (as defined in Section 13.4 below);

            (p)   To the extent not delivered to Buyer prior to the Closing
Date, Seller shall deliver originals of all as-built plans and specifications
(to the extent in Seller's possession or control), surveys, site plans,
engineering plans and studies, utility plans and development plans related to
the Property;

            (q)   Fully executed original First Amendment to Lease and Agreement
(and Memorandum of First Amendment to Lease and Agreement) in substantially the
form attached hereto as Exhibit R, including subordination by all lenders, if
any, of their respective rights to such amendment;

            (r)   Seller and Buyer shall execute (as necessary) and deliver such
other documents as Buyer, Seller or Escrow Agent may reasonably request in
connection with this transaction, and in form and content reasonably acceptable
to Buyer and Seller.

6.   TITLE INSURANCE.

     No later than ten (10) days following the date of this Agreement, Seller
shall deliver, or cause to be delivered, to Buyer the Title Commitments (as
defined in Schedule 1 hereto), together with legible copies of any and all title
exception documents referenced therein, and the Surveys (as defined in Schedule
1 hereto). The Title Commitment shall be ordered through the Chicago office of
the Title Insurer, provided that the law firm of Murphy, Laudati & Kiel, 270
Farmington Avenue, Suite 360, Farmington, CT, shall be used as the local title
agent with respect to the preparation and issuance of the Title Commitment and
final Title Policy. Buyer shall be responsible for the costs and expenses of the
Title Commitment, title exam fees and Surveys. Within ten (10) days after
Buyer's receipt of the last of the Title Commitments, legible copies of all
title exception documents and the Surveys, Buyer may deliver to Seller a notice
(the "TITLE AND SURVEY NOTICE") identifying any matters contained in or
disclosed by the Title Commitments and/or the Surveys that are not acceptable to
Buyer in its sole and absolute discretion (each, a "TITLE/SURVEY OBJECTION", and
collectively, the "TITLE/SURVEY OBJECTIONS"). Buyer's failure to deliver the
Title and Survey Notice as aforesaid shall be deemed Buyer's approval and
acceptance of the Title Commitments and the Surveys, and all matters shown and
referenced thereon and therein shall be deemed Permitted Title Exceptions.
Additionally, Buyer's failure to object to any matters disclosed by the Title
Commitments and/or the Surveys in a Title and Survey Notice shall be deemed
Buyer's acceptance of such matters, and such matters shall be deemed Permitted
Title Exceptions. If Buyer shall deliver the Title and Survey Notice to Seller
as aforesaid, Seller shall, within five (5) days after receipt of the same,
notify Buyer in writing whether Seller intends to either (a) cause any
Title/Survey Objection to be removed, (b) have the Title Insurer issue a title
endorsement insuring against damage and loss caused by any Title/Survey
Objection (which endorsement shall be subject to the review and reasonable
approval of Buyer), or (c) take no further action regarding such Title/Survey
Objection in which event, subject to the immediately following sentence, such
Title/Survey Objection shall become a Permitted Title Exception. Notwithstanding
the foregoing, Seller shall, at its expense, remove (or cause to be removed) or
cause the Title Company to insure over any Title/Survey Objection appearing on
the Title Commitments that is any of the following: (1) judgments against
Seller, and/or (2) mortgages or monetary liens, defects, obligations or
exceptions of a definite and ascertainable amount that can be satisfied solely
by the payment of money (items (1) and (2) above to be hereinafter referred to
collectively as "MONETARY EXCEPTIONS"). If Seller elects, or is deemed to have
elected, item (c) above with respect to any or all of the Title/Survey
Objections, then Buyer shall have the right, by delivering notice to Seller

                                        7
<Page>

within three (3) business days after the expiration of the aforementioned five
(5) day period to either (i) terminate this Agreement in which event the Deposit
shall be immediately returned to Buyer and thereupon neither Seller nor Buyer
shall have any further rights, duties or obligations under this Agreement, or
(ii) waive its objection and accept title to the applicable Parcel subject to
such Title/Survey Objection, in which event this Agreement shall remain in full
force and effect. Seller's failure to notify Buyer within the aforementioned
five (5) day period of which foregoing course of action Seller elects to take
with respect to a Title/Survey Objection shall be deemed Seller's election of
item (c) above. With respect to any Title/Survey Objection that Seller has
elected or is deemed to have elected not to take any further action, Buyer's
failure to terminate this Agreement on or before the expiration of the
aforementioned three (3) business day period as aforesaid shall be deemed
Buyer's waiver of its objection as provided in (ii) above. If the Title
Commitments disclose judgments, bankruptcies or other matters against other
persons having names the same as or similar to that of Seller, Seller, on the
Title Insurer's request, shall deliver to the Title Insurer affidavits or other
evidence reasonably acceptable to the Title Insurer showing and/or confirming
that such judgments, bankruptcies or other matters are not against Seller, or
any affiliates.

     If Seller has elected or, with respect to Monetary Defects, is required, to
cure any Title/Survey Objection as provided above (whether by removal of, or
obtaining title insurance over, the same), but failed to cure any such matters
prior to the Closing Date, then Buyer may elect to either (i) terminate this
Agreement in which event the Deposit shall be immediately returned to Buyer and
thereupon neither Seller nor Buyer shall have any further rights, duties or
obligations under this Agreement, (ii) waive its objection and accept the
Property subject to such Title/Survey Objection, in which event this Agreement
shall remain in full force and effect; provided, however, that if the
Title/Survey Objection is a Monetary Exception, then Buyer shall have the right
to deduct from the Purchase Price the amount of such Monetary Exception, and any
amount so deducted from the Purchase Price shall be paid to the appropriate
party in exchange for the removal of such Monetary Exception; or (iii) sue
Seller for specific performance.

     At Closing, Escrow Agent shall deliver to Buyer an ALTA 1992 owner's (and
with respect to the Second Parcel, an owner's fee and leasehold) title insurance
policies for each of the Parcels (the "TITLE POLICIES") issued by the Title
Insurer, or the unconditional commitment of Title Insurer to issue such policies
(which commitment shall be deemed made upon the recordation of the Deeds by
Escrow Agent as agent for Title Insurer), in the amount of the Price allocated
to each Parcel as set forth on Exhibit L attached hereto, insuring fee simple
(and, with respect to the Second Parcel, fee and leasehold) title to the
applicable Parcel of the Real Property (including any easements and rights
appurtenant to such Parcel) in Buyer (or Buyer's nominee or assignee, as the
case may be), subject only to the Permitted Title Exceptions applicable to the
particular Parcel, and containing the Special Endorsements (as defined in
Schedule 1 hereto) and any other title endorsements providing insurance coverage
over any Title/Survey Objection. Buyer shall be responsible for payment of the
premium of the Title Policies and any Special Endorsements. Seller shall be
responsible for payment of the premium/cost of removing any Title/Survey
Objection and/or any endorsement providing title insurance over any Title/Survey
Objection.

7.   INSPECTION OF REAL PROPERTY.

     Buyer's obligation to close the transaction contemplated by this Agreement
hereby is subject, at Buyer's sole option, to Buyer's review and approval of (i)
any and all financial data and information relating to the Property, (ii) the
physical, structural and environmental condition of the Property, (iii) the
Leases and the Hutt Lease, (iv) any other documents and materials delivered or
made available to Buyer, and (v) any and all other aspects and elements of the

                                        8
<Page>

Property (collectively, "INSPECTIONS"). Buyer, its counsel, accountants, agents,
lenders and prospective lenders, appraisers, employees, managers, advisers,
directors, officers, consultants and other representatives shall be entitled to
enter the Real Property at reasonable times after the Opening of Escrow until
the earlier to occur of (a) the Closing Date and (b) the termination of this
Agreement pursuant to the terms hereof, and upon reasonable prior verbal or
written notice to Seller to conduct such inspections, tests, analyses,
examinations, studies and appraisals of the Real Property, all at Buyer's sole
expense, that Buyer shall require to determine if the Real Property is suitable
for Buyer's contemplated purposes. Seller shall make all books, records and
files relating to the Property (including, without limitation, all tenant files
and correspondence) available to Buyer for its review. Buyer shall have the
right to interview any and all tenants of the Property. Buyer shall maintain a
casualty and liability insurance policy with a combined single limit of
$1,000,000 naming Seller as an additional insured and issued by a reputable
national insurance company. In connection with the Inspections, Buyer shall,
prior to any entry onto the Real Property, provide Seller with reasonable
evidence of the existence of such insurance coverage such as a certificate as to
such insurance coverage. Buyer shall promptly restore the Real Property after
any such entry to substantially the condition that existed immediately prior to
such entry. In connection with such entry by Buyer upon the Real Property, Buyer
shall use commercially reasonable efforts to minimize any disturbance of
business operations conducted upon the Real Property by Tenant, and Buyer shall
indemnify, defend, and hold Seller harmless from and against any and all claims,
costs, liability, and/or expense arising from Buyer's entry onto the Real
Property. Such indemnity shall survive the cancellation, termination, or Closing
of this Agreement.

8.   INSPECTION PERIOD.

            If, by no later than thirty (30) days after the date of this
Agreement (the "INSPECTION PERIOD"), Buyer determines, in its sole and absolute
discretion and for any or no reason whatsoever, that the Property is not
suitable for Buyer's contemplated purposes, then the Buyer shall be entitled to
terminate this Agreement by written notice delivered to Seller and Escrow Agent
on or before the expiration of the Inspection Period. If Buyer fails to notify
Seller or Escrow Agent in writing on or prior to the expiration of the
Inspection Period that Buyer has approved or disapproved the Real Property then
Buyer shall be deemed to have elected to waive its right to terminate this
Agreement pursuant to this Section 8, and be deemed to have elected to continue
this Agreement to Closing pursuant and subject to the terms hereof. If Buyer
elects to terminate this Agreement as provided in this Section 8, then the
Deposit shall be immediately returned to Buyer, and neither Seller nor Buyer
shall have any further rights or obligations under this Agreement.

9.   PROPERTY CONDITION, LIMITED REPRESENTATIONS, SELLER'S LIMITED RIGHT TO
CANCEL.

     9.1    PROPERTY CONDITION. Buyer agrees that the Real Property shall be
purchased in an "as-is", "where is", "as shown" and "with all faults" condition,
with no representation or warranty whatsoever whether express or implied, and/or
of any type or nature being made by Seller other than as expressly and
specifically set forth in writing in this Agreement. Buyer acknowledges and
agrees that it is purchasing the Real Property solely upon the basis of its
investigation described above and not on the basis of any representation,
express or implied, written or oral, made by Seller and/or as applicable, by any
of Seller's agents, partners, coventurers, or employees, except as expressly and
specifically set forth in writing in this Agreement. Without limiting the
generality of the foregoing, except as otherwise expressly provided herein in
writing, Seller makes no warranty or representation whatsoever as to the

                                        9
<Page>

sufficiency of the Real Property and/or any improvements thereon for Buyer's
purposes, the square footage and/or acreage contained within the Real Property,
the condition, size or usefulness of any improvements on the Real Property, the
status of title to the Real Property and/or any environmental matters with
respect to the Real Property.

     9.2    REPRESENTATIONS OF SELLER.  Seller hereby represents and warrants to
Buyer that:

            (a)   Seller is, as applicable, duly organized, validly existing and
in good standing under the laws of the state of its organization and has the
legal right, power and authority to enter into this Agreement and to perform all
of its obligations hereunder, and this Agreement constitutes the legal, valid
and binding obligation of Seller, enforceable in accordance with its terms. The
individuals signing this Agreement and all other documents executed or to be
executed pursuant hereto on behalf of Seller are and shall be duly authorized to
sign the same on Seller's behalf and to bind Seller thereto.

            (b)   The execution by Seller and delivery of this Agreement, and
the performance by Seller of its obligations hereunder have been duly authorized
by all necessary action by and on behalf of Seller and will not, as applicable,
conflict with or result in a breach of, any of the terms, covenants and
provisions of the organizational documents of Seller as any of the same may have
been amended. The transaction contemplated by this Agreement will not result in
a breach of or constitute a default or permit acceleration of maturity under any
indenture, mortgage, deed of trust, loan agreement or other agreement to which
Seller or the Property is subject or by which Seller or the Property is bound.
Neither the entering into of this Agreement nor the conveyance of the Property
by Seller will constitute or result in a violation or breach by Seller of any
judgment, order, writ, injunction or decree issued against or imposed upon it,
or will result in a violation by Seller of any applicable law, order, rule or
regulation of any governmental authority.

            (c)   Seller is not a party to any pending or, to the best of
Seller's knowledge, threatened legal or administrative action arising from or
relating to the Property or to the past or present operations and activities
upon or relating to the Property, including, without limitation, any which (a)
would prevent the conveyance of the Property by Seller, or (b) would become a
cloud on the title to the Property or any portion thereof or which questions the
validity or enforceability of this Agreement or any action taken by Seller
pursuant to this Agreement. No approval, consent, order or authorization of, or
designation, registration or filing (other than for recording purposes) with any
governmental authority is required in connection with the due and valid
execution and delivery of this Agreement by Seller or Seller's performance under
this Agreement. No bankruptcy, insolvency, rearrangement or similar actions or
proceedings, whether voluntary or involuntary, are pending or threatened against
Seller, nor has Seller any intention of filing or commencing any such action or
proceeding, and Seller has not made a general assignment for the benefit of
creditors.

            (d)   To the best of Seller's knowledge, and except for the New
Britain Lease, the Bristol Lease and the Hutt Lease, there are no leases,
options, contracts or rights of first refusal, recorded or unrecorded, affecting
the Real Property and to which Seller is a party, except as may be shown in the
Title Commitment. Except for Seller and the tenants under the Leases, there are
no persons in possession or occupancy of the Real Property or any part thereof,
nor are there any persons who have any possessory rights in respect to the Real
Property or any part thereof. No person or party has or has been granted any
right or option to purchase or acquire the Property or any portion thereof.

            (e)   Seller has delivered to Buyer a true, correct and complete
copy of the Hutt Lease. The Hutt Lease has not been amended or modified in any
manner, and there exist no

                                       10
<Page>

agreements (other than the Hutt Lease) between (i) the lessor under the Hutt
Lease (the "Ground Lessor") and Seller, and/or (ii) any lender/mortgagee under a
loan secured by the fee interest in the property encumbered by the Hutt Lease
(the "Ground Lender") and Seller, in either case relating to the leasing of the
premises demised by the Hutt Lease; (b) the Hutt Lease is in good standing and
in full force and effect, and no rights or interests of the tenant/lessee
thereunder have been diminished, waived or released; (c) neither the Ground
Lessor nor Seller, as ground lessee, is in default under the Hutt Lease, and
Seller does not know of any event or occurrence that, with the giving of notice
or passage of time, or both, that could constitute a default under the Hutt
Lease; (d) there is no commission, leasing fee or other compensation now or
hereafter due or payable, or that could become due and payable, to any person,
firm, corporation or other part with respect to the Hutt Lease; (f) Seller owns
and controls all of the tenant's/ground lessee's interest in the Hutt Lease, and
Seller has not sold, transferred, conveyed, assigned, mortgaged, pledged,
hypothecated or otherwise encumbered the Hutt Lease or tenant's/ground lessee's
interest thereunder; (g) except as set forth on the Title Commitment relating to
the Second Parcel, the interest of the tenant/ground lessee under the Hutt Lease
is free and clear of all encumbrances and other matters; (h) except for Seller
and the owner of the ground lease parcel, there are no persons in possession or
occupancy of the premises demised under the Hutt Lease or any part thereof, nor
are there any persons who have any possessory rights in respect to the premises
demised under the Hutt Lease or any part thereof; (i) no person or party has or
has been granted any right or option to purchase or acquire the tenant's/ground
lessee's interest or any portion thereof; and (j) Seller has paid rent payable
under the Hutt Lease through February 29, 2004.

            (f)   Attached hereto as Exhibit J is a current Rent Roll for the
Property. The Leases have not been amended or modified in any manner, and there
exist no other agreements between the landlord under the Leases and the tenants
under the Leases. During the terms of the Leases, the tenants thereunder and
guarantors thereof are responsible for paying any and all operating expenses
(including, but not limited to, all common area maintenance expenses, real
estate taxes, insurance premiums, utilities and reciprocal easement agreement
charges) relating to the Property either on a pro rata basis or as a direct
obligation of such tenant under its Lease. The tenants under the Leases have
accepted and are occupying their respective leased premises. The Leases are in
good standing and in full force and effect, and no rights or interests of the
landlord thereunder have been diminished, waived or released. All of landlord's
obligations under the Leases, including, without limitation, the obligation to
finish or refinish space to the specifications provided in the Leases and/or to
provide or fund any tenant improvement allowance or other concession, have been
satisfied. Neither the landlord nor the tenant under the Leases is in default
under the Leases. The tenants under the Leases are not entitled to any rent
abatement, free rent period or other future tenant improvement allowance or
other concession. Seller has no actual knowledge (without investigation) of any
circumstances affecting the financial condition of the tenants of the Property,
which would prevent such tenants from fulfilling and complying with the
obligations under the Leases. There are no commissions, leasing fees or other
compensation now or hereafter due or payable, or that could become due and
payable, to any person, firm, corporation or other part with respect to any of
the Leases, including, without limitation, the exercise by any tenant under any
Lease of any right of first offer or refusal, expansion right or renewal right.
If and as applicable, the reconciliation of percentage rent, common area
maintenance expenses, taxes, insurance and other charges passed through to
tenants under the Leases (collectively, "PASS-THROUGH ITEMS") for calendar year
2002 and all prior calendar years have been completed and agreed to by the
landlord and the tenants under the Leases, and all amounts due and owing to
either the landlord or the tenants thereunder have been paid. There exist no
disputes between the landlord or the tenants under the Leases with respect to
Pass-Through Items for calendar year 2002 and/or any prior calendar year. No
security deposits have been paid or posted by the tenants under the Leases. No
rent or other

                                       11
<Page>

amounts payable under the Leases have been paid to landlord more than one (1)
month in advance.

            (g)   Except as set forth on Exhibit "P" attached hereto, there
exist no Licenses (as such term is defined in Schedule 1 hereto) relating to the
Property and/or binding upon the Property owner. To Seller's knowledge: (i) that
certain Reciprocal Easement Agreement dated as of August 14, 1994 and recorded
with the Bristol Land Records in Volume 1136, Page 794 (the "REA") has not been
modified or amended, and is in good standing and full force and effect; and (ii)
no parties to the REA (or properties benefited and/or burdened by the REA) are
in default under the REA beyond any applicable cure period, and no event has
occurred which, with the giving of notice or passage of time, or both, could
result in such default. There is no dispute or litigation between or among any
of the parties to the REA or properties benefited and/or burdened by the REA.

            (h)   There exist no verbal or written Contracts (as such term is
defined in Schedule 1 attached hereto) relating to or binding upon the Property
or Seller, except (a) as may be disclosed in the Title Commitments, and/or (b)
verbal property service contracts, all of which service contracts shall be
terminated as of the Closing Date. Seller shall provide Buyer with the names and
contract information of all parties providing services to and for the benefit of
the Property, and shall reasonably cooperate with Buyer in respect of the
continuation of such services from and after Closing.

            (i)   Seller owns no Tangible Personal Property (as defined in
Schedule 1 hereto).

            (j)   Any and all warranties and guaranties issued by any
contractors, subcontracrors, manufacturers and/or installers of furniture,
fixtures and equipment in, at and upon the Property (i.e., roof warranties,
structural warranties, HVAC warranties, plumbing warranties, electrical
warranties, etc.) are held by the tenants, in the tenant's names, under the
Leases, and no such warranties and/or guaranties have been issued in Seller's
name.

            (k)   Seller owns fee simple title to the Real Property free and
clear of liens, encumbrances, options and restrictions of every kind and
description, except as may be shown on the Title Commitment.

            (l)   Seller owns all of the landlord's interest in the Leases and
Intangible Personal Property. The interest of Seller in the Leases and
Intangible Personal Property is free and clear of all encumbrances and has not
been assigned to any other person, except as reflected in the Title Commitments.

            (m)   To the best of Seller's knowledge, the improvements on the
Real Property have been constructed and are presently used and operated in
compliance with all Legal Requirements (as defined in Schedule 1 hereto) and all
covenants, easements and restrictions affecting the Property, and all
obligations of Seller or the Property with regard to the Legal Requirements,
covenants, easements and restrictions have been and are being performed in a
proper and timely manner. To the best of Seller's knowledge, the interior and
exterior structures of the Property are in a good state of repair, free of
leaks, structural defects and mold.

            (n)   Seller has not received any notice of any violations of Legal
Requirements in respect to the Property which have not been entirely corrected.

            (o)   There is no existing, pending or, to the best of Seller's
knowledge, contemplated, threatened or anticipated (i) condemnation of any part
of the Real Property, (ii) widening, change of grade or limitation on use of
streets abutting the Real Property,

                                       12
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(iii) special tax or assessment to be levied against the Real Property, (iv)
change in the zoning classification of the Real Property, or (v) change in the
tax assessment of the Real Property.

            (p)   To the best of Seller's knowledge, prior to and during
Seller's ownership of the Property, (i) no Hazardous Materials, as defined
below, have been located on the Property or have been released into the
environment, or discharged, placed or disposed of at, on or under the Property;
(ii) no underground storage tanks have been located on the Property; (iii) the
Property has never been used as a dump for waste material; and (iv) the Property
and its prior uses comply with and at all times have complied with, any
applicable governmental law, regulation or requirement relating to environmental
and occupational health and safety matters and Hazardous Materials.

            The term "Hazardous Materials" shall mean any substance, material,
waste, gas or particulate matter which is regulated by any governmental
authority, including, but not limited to, any material or substance which is (i)
defined as a "hazardous waste," "hazardous material," "hazardous substance,"
"extremely hazardous waste," or "restricted hazardous waste" under any Legal
Requirements, (ii) petroleum, (iii) asbestos, (iv) polychlorinated biphenyl, (v)
radioactive material, (vi) designated as a "hazardous substance" pursuant to
Section 311 of the Clean Water Act, 33 U.S.C. Section 1251 ET SEQ. (33 U.S.C.
Section 1317), (vii) defined as a "hazardous waste" pursuant to Section 1004 of
the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901 ET SEQ. (42
U.S.C. Section 6903), or (viii) defined as a "hazardous substance" pursuant to
Section 101 of the Comprehensive Environmental Response, Compensation, and
Liability Act, 42 U.S.C. Section 9601 ET SEQ. (42 U.S.C. Section 9601).

            (q)   Seller is not a "foreign person" within the meaning of the
Internal Revenue Code of 1986, as amended (the "CODE"), the transaction
contemplated hereby does not constitute a disposition of a U.S. real property
interest by a foreign person, and at closing no person, including without
limitation, Buyer and its counsel and the Title Company, will be subject to the
withholding requirements of Section 1445 of the Code.

            (r)   There exist no employment, employee benefit or collective
bargaining contracts affecting the Property, including, without limitation,
pension or profit sharing plans, agreements or trusts and medical, dental,
hospital, life or other insurance plans (except as provided in Section 15.02 of
the Hutt Lease).

            (s)   Neither Seller nor the Property has any employees. There are
no property management, leasing, brokerage or similar agreements or contracts
relating to the Property, and no persons or parties are entitled to receive any
commissions, fees or other compensation in any way relating to the management
and/or leasing of the Property or any portion thereof.

            (t)   Seller does not possess, hold or own any keys, keycard
passes, security cards, security codes, entrance cards and/or other devices or
mechanisms used for entry to any entrances, doors or other portions of, in or at
any of the Property.

     9.3    COVENANTS OF SELLER.

            (a)   Seller represents and warrants that the tenants under the
Leases are required, pursuant to the terms of the Leases, to maintain their
store located upon the Property. Seller covenants that it shall not interfere
with, frustrate or otherwise affect the ability of the tenants to continue
maintaining their stores in the same manner as heretofore maintained and
otherwise in compliance with the terms and provisions of the Leases. Seller, at
Seller's sole cost and expense, shall maintain or cause to be maintained the
Property (other than the tenant's store thereon) free from waste and neglect and
in as good order and repair as of the date hereof and

                                       13
<Page>

shall keep and perform or cause to be performed all obligations of the lessor
under the Leases and all obligations of the Property owner or its agents
required under any Legal Requirements, to and including the Closing Date or
termination of this Agreement, whichever shall occur. Subject to closing and
Section 15 below, on the Closing Date, Seller shall tender possession of the
Property to Buyer in the same condition the Property was in when last inspected
by Buyer, except for ordinary wear and tear, casualty loss and condemnation.

            (b)   From the date of this Agreement to the Closing Date, Seller
shall maintain or cause to be maintained in full force and effect liability,
casualty and other insurance upon and in respect to the Property against such
hazards and in such amounts as are currently maintained.

            (c)   From the date of this Agreement to the Closing Date or earlier
termination of this Agreement, Seller shall operate and manage the Property in
the same manner as it has been operated and managed heretofore, provided that
during said period, without the prior written consent of Buyer, Seller shall not
do, suffer or permit, or agree to do, any of the following:

                  (i)    enter into any transaction in respect to or affecting
the Property out of the ordinary course of business;

                  (ii)   sell, encumber, create or grant any interest in the
Property or any part thereof in any form or manner whatsoever, or otherwise
perform or permit any act which will diminish or otherwise affect Buyer's
interest under this Agreement or in or to the Property or which will prevent
Seller's full performance of its obligations hereunder; or

                  (iii)  enter into, amend, waive or diminish any rights under,
or terminate or extend the Hutt Lease, any Contract or any Lease relating to the
Property, or take any action that could affect the title to the Property.

            (d)   Seller shall deliver to Buyer not later than three (3) days
following the date of this Agreement true, correct and complete copies of the
materials and information set forth on the Due Diligence Checklist attached
hereto as Exhibit K and made a part hereof.

            (e)   From the date of this Agreement to the Closing Date, Buyer
may, but shall have no obligation to, order environmental reports (i.e., a Phase
I, and, if appropriate a Phase II) to be conducted by an environmental
engineering firm selected by Buyer (the "ENVIRONMENTAL STUDY") and MAI
appraisals of the Property prepared by a firm selected by Buyer (the
"APPRAISAL"). Buyer shall pay all costs and expenses relating to such new
Environmental Study and Appraisal. Seller shall cooperate with Buyer and its
agents in arranging or conducting the Environmental Study and the Appraisal.
Additionally, Seller shall, within ten (10) days after the date of this
Agreement and at its sole cost and expense, deliver or cause to be delivered, to
the extent in Seller's possession or readily available to Seller, to Buyer true,
correct and complete copies of any and all environmental reports, studies, tests
and assessments (Phase I, Phase II or otherwise), and any and all appraisals of
the Property prepared by an MAI appraiser (collectively, the "EXISTING PROPERTY
REPORTS").

            (f)   Seller shall notify Buyer promptly if Seller becomes aware of
any transaction or occurrence prior to the Closing Date which would make any of
the representations or warranties of Seller contained in this Agreement not true
in any material respect.

            (g)   Seller shall promptly deliver to Buyer any and all notices
and/or other written communications delivered to or received from (for the past
eight (8) years and for any

                                       14
<Page>

period from and after the date of this Agreement) (i) any tenant of the
Property, (ii) the landlord/ground lessor under the Hutt Lease, and/or (iii) any
governmental authority. Seller shall deliver to Buyer prompt notice of the
conduct or occurrence of any inspections of the Property by any governmental
authority.

10.  REPRESENTATIONS OF BUYER.

     Buyer hereby represents and warrants to Seller that:

            (a)   Buyer is duly organized, validly existing and in good standing
under the laws of the state of its organization and has the legal right, power
and authority to enter into this Agreement and to perform all of its obligations
hereunder, and this Agreement constitutes the legal, valid and binding
obligation of Buyer, enforceable in accordance with its terms.

            (b)   The execution by Buyer and delivery of this Agreement, and the
performance by Buyer of its obligations hereunder have been duly authorized by
all necessary action by and on behalf of Buyer and will not conflict with or
result in a breach of, any of the terms, covenants and provisions of the
organizational documents of Buyer as any of the same may have been amended.

            (c)   The representations and warranties set forth in Sections 10.2
(a) and (b) hereinabove shall be true and correct on and as of the Closing Date
with the same force and effect as if made at that time.

11.  COMMISSIONS.

     If and only if this Agreement actually closes in accordance with the terms
hereof, then Seller shall be solely responsible to pay all real estate brokerage
commissions to Holliday Fenoglio Fowler, L.P. ("HFF"), as Seller's broker
("SELLER'S BROKER"). Buyer represents that no person or entity has served as
Buyer's broker. Each party hereto represents and warrants to the other that it
has not employed any other broker or finder in connection with the transaction
contemplated by this Agreement. Each party shall indemnify, defend and hold the
other harmless from all liability and expense including, without limitation,
reasonable attorneys' fees and costs and expert witness fees and costs arising
from any claim by any broker, agent or finder (other than Broker) for
commissions, finder's fees or similar charges, because of any act of such party.
Seller shall indemnify, defend and hold Buyer harmless from all liability and
expense including, without limitation, reasonable attorney's fees and costs and
expert witness fees and costs arising from any claim by Seller's Broker.
Notwithstanding any provision herein to the contrary, the obligations of the
parties pursuant to this Section shall survive the Closing and any termination
hereof. Such commissions due from Seller to Seller's broker shall be paid to
Seller's broker pursuant to a separate agreement between Seller and such broker.

12.  RISK OF LOSS.

     Subject to the terms hereof regarding Buyer's entry upon the Real Property,
and subject to Section 15 hereinbelow, risk of loss of the Real Property until
the Closing shall be borne by Seller.

13.  PRORATIONS; CLOSING COSTS.

     13.1   PRORATIONS.

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<Page>

            (a)   The items set forth below in this subsection (a) shall be
prorated and apportioned, without duplication, as of 11:59 p.m. of the day
immediately preceding the Closing Date, with Seller bearing all expenses with
respect to the Property and receiving the benefit of all income with respect to
the Property through and including the day immediately preceding the Closing
Date, and Buyer receiving the benefit of all income from the Property and being
charged with all expenses with respect to the Property on and after the Closing
Date. If, at Closing, Buyer is entitled to a net credit as a consequence of
prorations or adjustments pursuant to this subsection (a), then the net credit
shall be offset against the Purchase Price. The items to be prorated and, in
certain instances, the method for determining such prorations are as follows:

                  (i)    All rent and other amounts payable under the Leases
(whether or not paid as of the Closing Date) for the calendar month in which the
Closing occurs shall be prorated, on a per diem basis, as of 11:59 p.m. of the
day immediately preceding the Closing Date, with Buyer receiving a credit in an
amount equal to the product of (1) the per diem amount of such rent and other
charges, and (2) the number of days from and including the Closing Date until
the last day of the month in which Closing occurs. Rents and other sums in
arrears as of the Closing Date will be paid to Seller by Buyer if, as and when
collected by Buyer; provided, however, that Buyer shall have no affirmative
obligation to collect such delinquent rent or other sums in arrears for the
benefit of Seller but shall reasonably cooperate with Seller (at Seller's cost
and expense) in its efforts to collect such sums, provided, further, however,
that Buyer shall have no obligation to sue or file suit against (or participate
in any suit against) any tenant for delinquent rent. The first monies received
after Closing by Buyer from each tenant of the Property who is in arrears at
Closing as to rent or other charges shall be applied (1) first to current rent
and other charges and obligations of such tenant arising from and after the
Closing Date, and (2) then to rent or other charges which were in arrears on the
Closing Date. Buyer shall promptly remit to Seller, and Seller shall promptly
remit to Buyer, all sums received after Closing from tenants to which the other
party is entitled pursuant to the provisions hereof. Seller shall have no right
to seek eviction of any tenant or the termination of any tenant's Lease on
account of such delinquency.

                  (ii)   Percentage rent, if any, payable under each Lease for
the percentage rent year, or other applicable time period, in which the Closing
occurs, shall be prorated as of 11:59 p.m. of the day immediately preceding the
Closing Date on a per diem basis as and when such percentage rent is collected.

                  (iii)  Certain of the Leases may contain tenant obligations to
pay for taxes, common area expenses, operating expenses and/or additional
charges of any other nature relating to the Property and/or certain portions
thereof (collectively, the "CAM CHARGES"). Tenants that are obligated to
reimburse for CAM Charges pay one-twelfth (1/12) of an annually budgeted amount
per month (each a "MONTHLY CAM REIMBURSEMENT PAYMENT") during each calendar
year. In the month in which the Closing occurs, any of the Monthly CAM
Reimbursement Payments payable to Seller from such tenants for CAM Charges
(whether or not paid as of the Closing Date) shall be pro-rated between Seller
and Buyer, on a per diem basis, with Seller providing a credit to Buyer at
Closing for its share of those Monthly CAM Reimbursement Payments based on the
number of days from and including the Closing Date to the end of the month.

                  (iv)   With respect to the period from January 1, 2003 to the
Closing Date, Seller and Buyer shall work together in good faith after Closing
to compare on a tenant-by-tenant basis the actual CAM Charges incurred by Seller
from such tenant and the actual Monthly CAM Reimbursement Payments received by
Seller up to the Closing Date. By no later than sixty (60) days after the
Closing Date, Seller and Buyer shall mutually agree upon and sign a schedule
that sets forth on a tenant-by-tenant basis a reconciliation based upon those
actual

                                       16
<Page>

expenses incurred by Seller and reimbursements received by Seller (each a
"RECONCILIATION"). If a Reconciliation with respect to a tenant shows that
Seller has received more Monthly CAM Reimbursement Payments than CAM Charges
have been incurred over such time period, then Seller shall pay to Buyer any
such overage within ten (10) days after Seller and Buyer have signed the
Reconciliation schedule, at which time Buyer shall then be responsible for
reimbursing any tenant for any overages for their Monthly CAM Reimbursement
Payments incurred for the entire 2003 calendar year, if any. In the event that
the Reconciliation schedule shows any cases where Seller has incurred a greater
amount in CAM Charges than Monthly CAM Reimbursement Payments received for any
tenant, then Buyer agrees to promptly pay to Seller such overpayment within ten
(10) days after Buyer shall receive such amount from the applicable tenants.
Seller and Buyer agree to cooperate with each other in connection with the
reconciliation of percentage rent, CAM Charges and other charges passed through
to tenants under the Leases for calendar year 2003.

                  (v)    Real estate taxes (including personal property taxes on
personal property included in this sale), stormwater charges, water charges and
sewer rents (including, without limitation, any and all real estate taxes
(including personal property taxes on personal property included in this sale),
stormwater charges, water charges and sewer rents attributable to the premises
demised by the Hutt Lease and payable by the tenant/ground lessee), if any,
shall be apportioned on a per diem basis, with Buyer receiving a credit at
Closing for any such amounts levied or assessed during, or attributable to, any
period of time prior to the Closing Date that have not been paid as of the
Closing Date, and Seller receiving a credit for any such amounts attributable to
any period of time from and after the Closing Date that have been paid as of the
Closing Date. Any apportionment of real estate taxes and/or stormwater charges
to be made with respect to a tax or other applicable year for which either the
tax rate or assessed valuation or both or stormwater rate have not yet been
fixed, shall be estimated based upon one hundred ten percent (110%) of the most
recent tax bill or stormwater rate relating to the Property. Any unfixed gas,
electrical, water meter charges, if any, sewer rent and other utility charges in
connection therewith, shall be estimated on the basis of the last meter reading
to occur on or as close in time as possible to the Closing Date. Seller agrees
to use its best efforts to have all such utilities meters read as of the Closing
Date and the utilities transferred to Buyer.

                  (vi)   Notwithstanding anything contained in subsections
(iii), (iv) and/or (v) above, any and all charges, costs, expenses, taxes or
other amounts that are either (1) payable by a tenant directly (and not to the
landlord under its Lease as a so-called "pass-through" item or as so-called
"additional rent"), or (2) related to any repair, maintenance, replacement or
service obligations that are the sole responsibility of a tenant under its Lease
(and the landlord under such Lease has no obligation to perform any such
obligations), shall not be apportioned or prorated hereunder, and Buyer shall
accept title to the Property subject to any of such charges unpaid and Buyer
shall look solely to the tenant responsible therefor for the payment of the
same.

                  (vii)  All special assessments applicable to the Real Property
for any period of time prior to the Closing Date shall be prorated at Closing
such that Buyer receives a credit against the Purchase Price in the amount of
such special assessment applicable to the period of time prior to the Closing
Date.

                  (viii) All alterations, installations, decorations and other
tenant improvement work required to be performed prior to the Closing Date by
the landlord under the Leases and all tenant improvement allowances and other
concessions which the landlord under the Leases is obligated to pay to tenants
of the Property prior to the Closing Date, including, without limitation, the
allowances, matters and costs described on Exhibit M attached hereto, have been,
or by the Closing Date will be, completed and are, or by the Closing Date will
be,

                                       17
<Page>

paid in full by Seller. At Closing, Seller shall give Buyer a credit against the
Purchase Price for the aggregate amount of all alterations, installations,
decorations and other tenant improvement work required to be performed by the
landlord under the Leases after the Closing Date and all tenant improvement
allowances and other concessions which the landlord under the Leases is
obligated to pay to tenants after the Closing Date, including, without
limitation, those costs described on Exhibit M attached hereto.

                  (ix)   Other items customarily prorated.

     (b)    The Deposit shall be paid to Seller and Buyer shall receive a credit
against the Price in the amount of the Deposit.

     13.2   CLOSING COSTS. Seller shall pay for all of the following costs and
expenses relating to the transaction contemplated by this Agreement: (i)
one-half of the closing escrow fee of the Escrow Agent (provided that Seller's
total liability for such closing escrow fee shall not exceed $3,000); (ii) costs
to remove any and all Title/Survey Objections and all premiums for any title
endorsements providing insurance over any Title/Survey Objection, (iii) all
state, county and local transfer taxes/transfer stamps; and (iv) any other
charges customarily attributable to sellers of property in the Bristol and New
Britain, Connecticut area. Buyer shall pay (a) all lender's title insurance and
money lender's escrow charges incurred in connection with any mortgage loans
obtained by Buyer, (b) one-half of the closing escrow fee of the Escrow Agent
(and any amounts in excess of Seller's $3,000 escrow fee cap), (c) the costs of
the Title Commitments, title examination and Surveys, (d) the premiums for the
Title Policies and Special Endorsements, (e) the costs to record the Deeds, and
(f) all other charges customarily attributable to Buyers of property in the
Bristol and New Britain, Connecticut area. Each party shall bear its own legal
expenses subject, however, to the terms of Section 14.3 hereinbelow.

     13.3   POSSESSION. Subject to the rights of the tenants under the Leases,
the Permitted Title Exceptions and the CCRs, Seller shall deliver exclusive
possession of the Real Property (including the ground lessee's right, title and
interest in, to and under the Hutt Lease) to Buyer (or Buyer's assignee or
nominee, as the case may be) upon the Closing Date.

     13.4   CLOSING STATEMENT. Seller and Buyer shall jointly prepare a
preliminary closing statement (the "PRELIMINARY CLOSING STATEMENT") on the basis
of the Leases, real estate taxes and other sources of income and expense for the
month in which the Closing occurs (including CAM Charges), and shall deliver
such Preliminary Closing Statement to the Escrow Agent on or prior to the
Closing Date. The Preliminary Closing Statement and the apportionments and/or
prorations reflected therein shall be based upon actual figures to the extent
available. If any of the apportionments and/or prorations cannot be calculated
accurately based on actual figures on the Closing Date, then (other than with
respect to determination of real estate taxes that shall be computed as set
forth in subsection (a) (v) above) the same shall be calculated based on
Seller's and Buyer's good faith estimates thereof, subject to reconciliation as
hereinafter provided. If there is an error on the Preliminary Closing Statement
discovered within one (1) year after the Closing Date, or, if after the actual
figures are available as to any items that were estimated on the Preliminary
Closing Statement (including, without limitation, real estate taxes that were
computed in accordance with subsection (a)(v) above), it is determined that any
actual proration or apportionment varies from the amount thereof reflected on
the Preliminary Closing Statement, then the proration or apportionment shall be
adjusted based on the actual figures within sixty (60) days after discovery of
such error or determination of such actual figures, as the case may be. Either
party owing the other party a sum of money based on such subsequent proration(s)
shall promptly pay said sum to the other party. The provisions of Section 13.1
above shall survive Closing and delivery of the Deed.

                                       18
<Page>

     14.    REMEDIES.

            14.1  DEFAULT BY BUYER. If Buyer fails to perform when due any
obligation required by this Agreement and/or defaults under this Agreement,
Seller's sole and exclusive remedy under this Agreement, at law and in equity
shall be to cancel this Agreement and the Escrow, such cancellation to be
effective immediately upon Seller giving written notice of cancellation to Buyer
and Escrow Agent. Upon such cancellation, Escrow Agent shall deliver to Seller
the Deposit as liquidated damages, as consideration for acceptance of this
Agreement and for taking the Real Property off the market, and not as a penalty,
the parties agreeing and hereby stipulating that the exact amount of damages
would be extremely difficult to ascertain and that the Deposit constitutes a
reasonable and fair approximation of such damages. Nothing herein shall limit,
in any way, Seller's rights and remedies under Section 7 hereinabove regarding
Buyer's inspection of the Real Property, or the indemnity provisions relating to
Brokers set forth under Section 11 above.

            14.2  DEFAULT BY SELLER. If Seller fails to perform when due any
obligation required by this Agreement and/or defaults under this Agreement, or
if Seller shall violate any covenant or breach any representation or warranty
contained in this Agreement, then Buyer shall have the right to either (i)
terminate this Agreement and the Escrow, such termination to be effective
immediately upon Buyer giving written notice thereof to Escrow Agent, and upon
such termination and without further instructions from Seller, Escrow Agent
shall return the Deposit immediately to Buyer, or (ii) sue Seller for specific
performance of the Agreement. Notwithstanding the foregoing, in the event that
Seller's default, failure to comply or breach shall be due to or on account of
any intentional act of Seller or any of its employees, agents, representatives,
shareholders, members or partners, or if Seller makes any intentional
misrepresentation under this Agreement, then, in addition to the other rights
and remedies available to Buyer (including the right to pursue specific
performance which shall not be limited or restricted by this grammatical
sentence), Seller shall, immediately upon demand, reimburse Buyer for any and
all out-of-pocket costs and expenses (not to exceed Twenty-Five Thousand and
No/100 Dollars ($25,000.00)) suffered or incurred by Buyer in connection with
the transaction contemplated under this Agreement, including without limitation,
all costs and expenses incurred by Buyer in connection with its due diligence
review of the Property. Nothing herein shall limit Buyer's rights with respect
to the indemnity provisions relating to brokers set forth under Section 11
above.

            14.3  ATTORNEYS FEES AND COSTS. If either party hereto institutes an
action to enforce this Agreement the prevailing party shall be entitled to
receive its reasonable attorneys' fees and costs and expert witness fees and
costs from the non-prevailing party, the amount to be set by a court and not a
jury.

            14.4  WAIVER. Excuse or waiver of the performance by the other party
of any obligation under this Agreement shall only be effective if evidenced by a
written statement signed by the party so excusing. No delay in exercising any
right or remedy shall constitute a waiver thereof, and no waiver by Seller or
Buyer of the breach of any covenant of this Agreement shall be construed as a
waiver of any preceding or succeeding breach of the same or any other covenant
or condition of this Agreement.

            14.5  NOTICE. No event or action shall be deemed a default hereunder
until ten (10) days after receipt by the other party of written notice of such
alleged default from the party alleging such default and failure to cure such
alleged default within such time period.

                                       19
<Page>

15.  CONDEMNATION AND/OR CASUALTY.

            15.1  NOTICE. Seller shall notify Buyer and Escrow Agent in the
event Seller becomes aware of condemnation, taking or other similar proceeding,
or notice of condemnation taking or other similar proceeding, of any portion of
the Real Property (individually, a "TAKING" and collectively, "Takings") or any
damage, destruction or casualty (including without limitation, vandalism or
fire) of or to any portion of the Real Property (individually, a "CASUALTY" and
collectively, "Casualties") prior to Closing.

            15.2  ELECTION. In the event that either (a) any Takings affecting
any portion of the Real Property (or any right of access to the Real Property),
or (b) any Casualties to the Real Property or any portion thereof prior to
Closing and such Takings and/or Casualties (in the aggregate) affect a
"substantial portion" (as hereinafter described) of the Property, then Buyer
shall have the right to terminate this Agreement by written notice delivered to
Seller and Escrow Agent not later than ten (10) business days after the date
Seller notifies Buyer of such Takings and/or Casualties (except that if the
Closing Date is less than ten (10) business days following Buyer's receipt of
such notice, Closing shall be delayed until Buyer makes such election). Takings
and/or Casualties shall be deemed to affect a "substantial portion" of the
Property if any of the following are true: (A) In the event of Casualties, (i)
the estimated cost (as determined by Buyer's contractor, architect or engineer
in good faith) to repair or restore any damage resulting from such Casualties
exceeds $250,000 (in the aggregate), (ii) any tenant of the Property shall have
the right to abate, offset or reduce any portion of the amount of rent payable
under its lease, or (iii) any tenant of the Property shall have the right to
terminate its lease in whole or in part, and (B) In the event of Takings, (i)
such Takings relate to the taking or closing of any right of access to any
portion of the Real Property, (ii) such Takings involve more than the equivalent
of Two Hundred Fifty Thousand Dollars ($250,000) in value (in the aggregate),
(iii) such Takings give any tenant of the Property the right to cause the
termination of its Lease in whole or in part, (iv) such Takings involve the
relocation of utility facilities serving any portion of the Real Property, or
(v) such Takings give any tenant of the Property the right to abate, offset or
reduce any portion of the amount of rent payable under its Lease.

            15.3  TERMINATION. If Buyer elects to terminate this Agreement
pursuant to Section 15.2, then the Deposit shall be refunded to Buyer and all
documents shall be returned to the party that has delivered the same and the
parties shall have no further obligations to each other under this Agreement,
except as specifically set forth in this Agreement.

            15.4  CONTINUATION. If Buyer elects not to terminate this Agreement
pursuant to Section 15.2, then (a) Buyer shall have the right to participate,
subject to the right of the tenants under the Leases, in the adjustment and
settlement of any insurance claim relating to said Casualties and any award
relating to said Takings (and Seller shall not settle any such claim or award
without Buyer's prior written consent), and (b) the parties shall proceed to
Closing with no reduction in the Price and at Closing, and Seller shall (i) pay
to Buyer through escrow (1) any award or other compensation relating to such
Takings and/or casualty insurance proceeds received by Seller with respect to
the Real Property, less reasonable and actual out-of-pocket fees, costs and
expenses incurred by Seller in connection with the collection thereof, plus (2)
the amount of any deductible or self-insured amount, and (ii) assign to Buyer
all of Seller's right, title and interest in and to any award or other
compensation relating to such Takings and/or casualty insurance proceeds with
respect to the Real Property, less reasonable and actual out-of-pocket fees,
costs and expenses incurred by Seller in connection with the collection thereof
prior to Closing, any pay to Buyer the amount of any deductible or self-insured
amount.

            15.5  MINOR CASUALTY OR CONDEMNATION. If a Taking and/or Casualty to
the Real Property does not affect a "substantial portion" of the Real Property,
then Buyer shall not have

                                       20
<Page>

the right to cancel this Agreement and this Agreement shall proceed to Closing
with no reduction in the Price and otherwise the parties shall proceed in
accordance with paragraph 15.4 above as if Buyer elected not to terminate this
Agreement on account of a "substantial" Taking or Casualty.

16.  MISCELLANEOUS.

     16.1   NOTICES. No notice, consent, approval or other communication
provided for herein or given in connection herewith shall be validly given,
made, delivered or served unless it is in writing and delivered personally, sent
by nationally-recognized overnight courier, or sent by registered or certified
United States mail, postage prepaid, with return receipt requested, to the
addresses set forth for each party on page one hereinabove. Any notice required
hereunder may also be given by telecopier to the telecopier number set forth on
page one hereinabove provided that a "hard copy" of such notice also be sent
within one (1) business day after such telecopier transmission in any other
manner of delivery above set forth; and in the case of notice by telecopier
(with confirmation sent as aforesaid), notice shall be deemed given upon
electronic confirmation of receipt. Any party hereto may from time to time
change its address by notice to the other parties given in the manner provided
herein. Notices, consents, approvals, and communications given by
nationally-recognized overnight courier shall be deemed delivered on the next
business day after being deposited with such courier. Notices, consents,
approvals and communications (a) given personally shall be deemed delivered upon
receipt or rejection of attempted personal delivery, and (b) given by registered
or certified United States mail, postage prepaid, with return receipt requested,
shall be deemed delivered on the second (2nd) business day after deposit in the
mail. Copies of all notices, consents, approvals and other communications sent
to Buyer shall also be simultaneously sent (by the same means of transmittal as
the original notice, consent, approval or other communication is sent) to The
Inland Real Estate Group, Inc., 2901 Butterfield Road, Oak Brook, Illinois
60523, Attn: Michael J. Moran (facsimile: 630/218-4900). Copies of all notices,
consents, approvals and other communications sent to Seller shall also be
simultaneously sent (by the same means of transmittal as the original notice,
consent, approval or other communication) to Lawrence J. Kiel, Murphy, Laudati &
Kiel, P.C., 270 Farmington Avenue, Suite 360, Farmington, CT 06032 (facsimile:
(860) 674-0850).

     16.2   INTERPRETATION, TIME. The captions of the Sections of this Agreement
are for convenience only and shall not govern or influence the interpretation
hereof. This Agreement is the result of negotiations between the parties and,
accordingly, shall not be construed for or against either party regardless of
which party drafted this Agreement or any portion thereof. Time is of the
essence of this Agreement. As used herein, the term "BUSINESS DAY" means any
calendar day which is not a Saturday, Sunday or federal or local holiday. If the
time for the performance of any action or expiration of any period of time falls
on a day other than a business day, then the time for such performance and/or
the expiration of any such period shall be automatically extended to occur on
the next business day.

     16.3   SUCCESSORS AND ASSIGNS.

                  (i)    BINDING EFFECT; SURVIVAL. All of the provisions hereof
shall inure to the benefit of and be binding upon the personal representatives,
heirs, successors and assigns of Seller and Buyer. All representations,
warranties, agreements, obligations and indemnities of the parties,
notwithstanding any investigation made by any party hereto, shall survive
closing and shall not be merged into the Deed.

                  (ii)   SELLER ASSIGNMENT. Anything herein to the contrary
notwithstanding, Seller shall have the right to assign its entire right, title
and interest in and to this Agreement, including its rights to the Deposit to a
qualified exchange or accommodation

                                       21
<Page>

titleholder or qualified intermediary identified by Seller. Buyer agrees to
reasonably cooperate with Seller to permit the conveyance of the Real Property
to be consummated as part of a transaction intended by Seller to qualify as a
taxfree exchange under Section 1031 of the United States Internal Revenue Code
and in conjunction therewith to execute such documents as Seller may reasonably
request. In no event, however, shall (i) Buyer bear any expense associated with
the exchange transaction, (ii) Buyer be obligated to take title to Seller's
exchange property or any other property, (iii) the consummation of such taxfree
exchange be a condition of the conveyance of the Real Property by Seller in
accordance with the terms of this Agreement, and (iv) Buyer have any liability
to Seller or to any other party for the qualification of the exchange
transaction for taxfree exchange treatment under Section 1031 of the United
States Internal Revenue Code or under any other provision. Furthermore, it is
Seller's bonafide intent that the Real Property be held by the qualified
exchange accommodation titleholder or qualified intermediary referenced above as
relinquished property and the exchange is intended to qualify for nonrecognition
of gain (in whole or in part) or loss under said Section 1031. Seller shall
indemnify and hold Buyer (and its successors and assigns) harmless from and
against any and all damages, claims, losses, liabilities, suits, costs and
expenses (including, without limitation, court costs and reasonable attorney's
fees) suffered or incurred by Buyer with respect to or in connection with any of
the foregoing.

                  (iii)  BUYER'S ASSIGNMENT. This Agreement may not be assigned
by Buyer, in whole and/or in part, either directly and/or indirectly, to any
person, partnership, corporation, limited liability company and/or other person
or entity without the prior written approval from Seller, which approval may be
given or withheld in Seller's sole discretion; provided, however, that Buyer
shall have the right, without obtaining Seller's approval or consent, to assign
this Agreement to Inland Retail Real Estate Trust, Inc., (the "TRUST"), Inland
Retail Real Estate Limited Partnership (the "PARTNERSHIP") or any affiliate of
Buyer, the Trust or the Partnership (a "PERMITTED ASSIGNEE"). Seller
acknowledges and agrees that Buyer shall have the right to assign its rights and
obligations under this Agreement with respect to each Parcel to two (2)
different Permitted Assignees. In such event, Seller agrees that (a) all of
Seller's representations, warranties, covenants and agreements contained in this
Agreement shall run to and for the benefit of the applicable Permitted Assignee,
(b) Seller shall perform its obligations under this Agreement with respect to
the particular Parcel to and for the benefit of the applicable Permitted
Assignee as if such Permitted Assignee was a party to this Agreement in respect
of the particular Parcel, (c) Seller shall accept, with respect to the
particular Parcel, performance of Buyer's obligations under this Agreement by
the applicable Permitted Assignee, (d) the closing documents to be executed and
delivered by Buyer pursuant to Section 5 above with respect to the particular
Parcel shall be executed and delivered by the applicable Permitted Assignee, and
(e) the closing documents to be executed and delivered by Seller pursuant to
Section 5 above with respect to the particular Parcel shall be executed and
delivered in the name of and to the applicable Permitted Assignee. Except to the
extent expressly provided in subsection (ii) above, Seller may not assign this
Agreement or any of its rights hereunder, in whole or in part, to any party. Any
assignment consented to by Seller shall not relieve Inland Real Estate
Acquisitions, Inc. of any liability and/or obligations hereunder.

            16.4  NO PARTNERSHIP, THIRD PERSONS. It is not intended by this
Agreement to, and nothing contained in this Agreement shall, create any
partnership, joint venture or other similar arrangement between Seller and
Buyer. No term or provision of this Agreement is intended to, or shall, be for
the benefit of any person, firm, corporation or other entity not a party hereto
(including, without limitation, any broker), and no such party shall have any
right or cause of action hereunder.

            16.5  ENTIRE AGREEMENT. This Agreement and all Exhibits and
Schedules attached hereto constitute the entire agreement between and reflect
the reasonable expectations of the

                                       22
<Page>

parties pertaining to the subject matter hereof. All prior and contemporaneous
agreements, representations and understandings of the parties, oral or written
regarding the transaction contemplated in this Agreement are hereby superseded
and merged herein. No change or addition is to be made to this Agreement except
by a written agreement executed by all of the parties.

            16.6  FURTHER DOCUMENTS. Buyer and Seller shall execute and deliver
all such documents and perform all such acts as reasonably requested by the
other party from time to time, prior to and following the Closing, to carry out
the matters contemplated by this Agreement.

            16.7  INCORPORATION OF EXHIBITS; INTERPRETATION. All exhibits
attached to this Agreement are by this reference incorporated herein. The terms
"include," "including" and similar terms shall be construed as if followed by
the phrase "without being limited to." The terms "hereby", "hereof", "hereto",
"herein", "hereunder", "hereinabove" and any similar terms shall refer to this
Agreement as a whole.

            16.8  CONNECTICUT LAW. This Agreement shall be governed by the laws
of the State of Connecticut.

            16.9  NONPUBLICITY. Unless such disclosure is required by court
order of a court of competent authority or otherwise as may be required by law
(including, without limitation securities law), neither Seller, Buyer nor Escrow
Agent shall make, authorize, consent to or confirm any public announcement of
the transaction evidenced hereby at and/or prior to the Closing and/or following
any termination of this Agreement without the prior written consent of Buyer and
Seller, which consent shall not be unreasonably withheld or delayed.
Notwithstanding the foregoing, Buyer shall have the right to disclose the
transaction contemplated by this Agreement, and the terms hereof, to its, the
Partnership's and the Trust's directors, officers, members, partners, agents,
employees, accountants, attorneys, consultants, advisers, lenders and potential
lenders and analysts. The terms of this Section 16.9 shall not apply from and
after the Closing.

            16.10 COUNTERPARTS. This Agreement may be executed in any number of
counterparts. Each such counterpart hereof shall be deemed an original, but all
counterparts shall constitute but one agreement.

            16.11 ACCEPTANCE PERIOD. This offer from Buyer to purchase the Real
Property on the terms set forth herein shall be deemed irrevocable until 5:00
p.m., Eastern Standard Time, on November 21, 2003, and can be accepted by Seller
by delivering to Escrow Agent's address above a fully executed counterpart
original of this Agreement. If Buyer has not received a fully executed original
of this Agreement by 5:00 p.m., Eastern Standard Time, on November 21, 2003,
then Buyer shall be deemed to have revoked its offer to acquire the Property
pursuant to this Agreement and this Agreement (other than this Section 16.11)
shall be of no force or effect.

            16.12 RETENTION BY SELLER OF THE CONTINENTAL PARCEL. The Buyer
acknowledges that with regard to the Bristol Real Property, the Seller is
retaining the fee title to the real property currently leased to the Continental
Corporation (the "CONTINENTAL PROPERTY") pursuant to a Ground Lease to Mutual
Development Corporation dated May 18, 1962 and recorded with the Bristol Land
Records in Volume 447, Page 449 and assigned to Continental Corporation by
assignment dated March 19, 1972 and recorded with the Bristol Land Records in
Volume 596, Page 723. The parcel being retained is located adjacent to the
Bristol Real Property and is more particularly described on a certain map or
plan entitled "TO BE PROVIDED a copy of which is attached hereto and made a part
hereof. Seller and Buyer agree that, to the extent that any

                                       23
<Page>

portion of the Continental Property and any portion of the Bristol Real Property
comprise the same or parts of the same legal and/or real estate tax parcel,
Seller shall, prior to Closing, cause such properties to be subdivided such that
all portions of the Bristol Real Property and the Continental Property shall be
separate and distinct legal parcels and separate and distinct real estate tax
parcels (with their own parcel identification numbers). Seller shall be
obligated to pay for any and all costs associated with such subdivision,
including, without limitation, the costs to prepare, file and record any
subdivision plat. The configuration of the subdivided parcels are generally
depicted on Exhibit "Q" hereto. Such subdivision shall be pursued and completed
in accordance and compliance with all applicable laws, statutes, codes,
ordinances, rules and regulations, including, without limitation, all zoning and
parking requirements. Not less than five (5) business days prior to the filing
thereof, Seller shall deliver to Buyer, for Buyer's review, comment and
approval, copies of all plans, plats, applications and other submissions (and
any amendments thereto and supplements thereof) required for the subdivision.
Promptly after the filing thereof, Seller shall deliver to Buyer copies of all
submitted plans, plats, applications and other materials (and any amendments
thereto and supplements thereof) required for the subdivision. Additionally,
Seller shall notify Buyer of any meetings of or hearings with any applicable
governmental entities, agencies or boards regarding the subdivision not less
than three (3) business days prior thereto. Buyer shall have the right to attend
any such meetings and/or hearings. Any and all mortgagees, trustees, lenders
and/or holders of interests in any loans encumbering the Continental Parcel
shall, as a condition to Closing, subject and subordinate, by appropriate
documentation approved by Seller and Buyer and recorded against the Continental
Property, all of their right, title and interest (including, without limitation,
any lien rights) in and to the Continental Property to any subdivision plat
recorded pursuant to this Section 16.12 and all matters set forth therein.

            16.13 RESERVATION OF RECIPROCAL EASEMENT RIGHTS. Prior to Closing,
Buyer and Seller shall negotiate a form of Declaration of Covenants, Conditions,
Restrictions and Easements (the "CCRs") to be executed, entered into and
recorded at the closing of the transaction contemplated by this Agreement, which
CCRs (a) shall contain rights similar to those granted by Seller to the
Continental Corporation as contained in that certain Reciprocal Easement
Agreement dated August 14, 1994 and recorded in Volume 1136 at Page 794 of the
Bristol Land Records, (b) shall run with the land and not be subject to
termination upon the termination of the Lease relating to the Bristol Real
Property, and (c) shall impose upon the Bristol Real Property and the
Continental Property certain other reciprocal easements, covenants, use
restrictions and other matters to be negotiated. It shall be a condition to
Seller's and Buyer's obligation to close the transaction contemplated by this
Agreement that, at Seller's cost, (i) the CCRs agreed to by Seller and Buyer be
executed by Seller and Buyer and recorded against the Bristol Real Property and
the Continental Property, (ii) any and all mortgagees, trustees and/or other
lenders with any interest in either the Bristol Real Property and/or the
Continental Property subject and subordinate, by appropriate documentation
approved by Seller and Buyer and recorded against the applicable property, all
of their right, title and interest (including, without limitation, any lien
rights) in and to the Bristol Real Property and the Continental Property, as the
case may be, to the CCRs and all matters set forth therein, and (iii) the tenant
under the Lease relating to the Bristol Real Property shall consent to and
approve the CCRs. If the aforementioned conditions shall not have been satisfied
as of the Closing Date, then Buyer and Seller each shall have the right,
provided that the party exercising such right shall not be the sole reason for
such failure, by delivering notice thereof to the other at any time after the
initially scheduled Closing Date, to terminate this Agreement in which event the
Deposit shall be returned to Buyer and neither Buyer nor Seller shall have any
further rights, duties or obligations under this Agreement. Seller and Buyer
shall negotiate the CCRs in good faith.

            16.14 HUTT LEASE. The Buyer acknowledges that it is taking the
Bristol Property subject to the rights and obligations (but only those
obligations required to be first performed after the Closing Date) contained in
that certain Lease and Agreement by and between Seller and

                                       24
<Page>

Stephen Hutt dated August 15, 1994, a copy of which is attached hereto and made
a part hereof. Seller acknowledges that Buyer has not had the opportunity to
review the Hutt Lease in detail. Accordingly, Buyer shall have the right to
object to the Hutt Lease, and any provisions thereof, prior to the expiration of
the Inspection Period.

            16.15 SEVERABILITY. If any provision or provisions in this Agreement
are 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 Agreement to be illegal, invalid, unlawful, void or unenforceable as
written, then it is the intent both of Seller and Buyer 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 Agreement 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 Buyer and Seller under the remainder of this
Agreement shall continue in full force and effect.

                         [SIGNATURES ON FOLLOWING PAGE]

                                       25
<Page>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date written above.

                                           DESCO ASSOCIATES

                                           By /s/ John D. Scarritt
                                             -----------------------------------
                                           Name:   John D. Scarritt
                                           Title:  General Partner

                                                                        "SELLER"

                                           INLAND REAL ESTATE ACQUISITIONS, INC.

                                           By /s/ G. Joseph Cosenza
                                             -----------------------------------
                                           Name:   G. Joseph Cosenza
                                           Title:  President

                                                                         "BUYER"

                                       26
<Page>

                            APPROVAL BY ESCROW AGENT

     Escrow Agent hereby (1) acknowledges receipt of fully executed originals or
counterpart originals of the foregoing Purchase and Sale Agreement on this
_______ day of November, 2003, which date is hereby designated as the "OPENING
OF ESCROW" date, and (2) agrees to establish an escrow (Escrow No.
____________________) in accordance therewith, and act in accordance with the
provisions of this escrow.

                                                 CHICAGO TITLE INSURANCE COMPANY

                                                 By
                                                   -----------------------------
                                                 Name
                                                     ---------------------------
                                                 Title
                                                      --------------------------

                                                                  "ESCROW AGENT"

<Page>

                                   EXHIBIT "A"

                       LEGAL DESCRIPTION OF REAL PROPERTY

                                 [SEE ATTACHED]

The legal description attached hereto for the Bristol Real Property includes the
Continental Property. Seller and Buyer acknowledge that Seller is retaining
title to the Continental Property. During the Inspection Period, the Surveyor
will create separate, new legal descriptions for the Bristol Real Property and
the Continental Property (which shall be subject to the review and approval of
Buyer and Seller), and Seller and Buyer will amend this Agreement to replace the
attached legal description of the Bristol Real Property with the new legal
description of the Bristol Real Property.

<Page>

                              BRISTOL REAL PROPERTY

                  177 Farmington Avenue and 325 Oakland Street
                              Bristol, Connecticut

PARCEL A

A certain piece or parcel of land situated on the northwesterly side of
Farmington Avenue, the westerly side of Oakland Street and the southerly side of
Lewis Street in the City of Bristol, County of Hartford and State of Connecticut
and depicted on map entitled: "ALTA/ACSM Land Title Survey prepared for DESCO
Associates 177 Farmington Ave. & 325 Oakland St. Bristol, Connecticut Date:
10-19-95 scale 1"-40' sheet 1 of 1 Job no: 93147 F.A. Hesketh & Associates,
Inc." which is to be filed in the Bristol Town Clerks office, and being more
particularly bounded and described as follows:

Beginning at a point in the southerly street line of Lewis Street as shown on
said map which point marks the northwesterly corner of land now or formerly of
the City of Bristol "North Cemetery";

thence, S16 DEG. 28'24"E a distance of 145.97 feet to a point of curvature;

thence, along a curve to the left having radius of 62.00 feet an are length of
97.03 feet and a central angle of 89 DEG. 39'55" to a point, said point being
S61 DEG. 18 '22"E a chord distance of 87.42 feet from said point of curvature;

thence, N73 DEG. 51'41"E a distance of 129.82 feet to a point;

thence, N46 DEG. 26'40"E a distance of 93.27 feet to a point;

thence, N20 DEG. 31'16"E a distance of 212.20 feet to a point;

thence, N18 DEG. 13'56"W a distance of 27.43 feet to a point in the southerly
street line of Lewis Street, the last six courses being along land now or
formerly of the City of Bristol;

thence, N71 DEG. 46'04"E a distance of 89.42 feet along the southerly street
line of Lewis Street;

thence, N68 DEG. 30'30"E a distance of 65.06 feet to a point;

thence, N71 DEG. 56'42"E a distance of 11.21 feet to a point of curvature;

thence, along a curve to the right having a radius of 383.08 feet, an arc length
of 163.95 feet and a central angle of 24 DEG. 31'18" to a point of compound
curvature, said point of compound curvature being N84 DEG. 12'21"E a chord
distance of 162.70 feet from said point of curvature;

thence, along a curve to the right having a radius of 35.00 feet, an arc length
of 47.74 feet and a central angle of 78 DEG. 09'34" to a point, said point being
S44 DEG. 27'13"E a chord distance of 44.13 feet from said point of compound
curvature;

<Page>

PARCEL A (CONT.)

thence, S05 DEG. 22'26"E a distance of 233.66 feet to a point;

thence, S00 DEG. 59'18"W a distance of 117.31 feet to a point;

thence, S05 DEG. 22'26"E a distance of 160.64 feet to a point of curvature;

thence, along a curve to the right having a radius of 35.00 feet, an arc length
of 30.66 feet and a central angle of 50 DEG. 11'51" to a point in the
northwesterly street line of Farmington Avenue, said point being
S19 DEG. 43 '29"W a chord distance of 29.69 feet from said point of curvature,
the last five courses being along the westerly street line of Oakland Street
as depicted on said map;

thence, S44 DEG. 49'25"W a distance of 44.17 feet to a point;

thence, S44 DEG. 49'00"W a distance of 180.00 feet to a point marking the
easterly corner of land now or formerly of Stephen J. Hutt, the last two courses
being along the northwesterly street line of Farmington Avenue;

thence, N45 DEG. 11'00"W a distance of 200.00 feet to the northerly corner of
land now or formerly of Stephen J. Hutt;

thence, S44 DEG. 49'00"W a distance of 202.20 feet along land now or formerly of
Stephen J. Hutt and now or formerly of Elais Kalimian, partly by each to a
point;

thence, S32 DEG. 24'21"W a distance of 116.54 feet to a point;

thence, S79 DEG. 47'40"W a distance of 31.00 feet to a point;

thence, S60 DEG. 08'30"W a distance of 142.42 feet to a point;

thence, N09 DEG. 19'30"E a distance of 281.33 feet to a point;

thence, N23 DEG. 26'00"W a distance of 203.75 feet to a point marking the
northeasterly corner of land now or formerly of Elais Kalimian and the
southeasterly corner of land now or formerly of Jenny K. Rogers, the last five
courses being along land now or formerly of Elais Kalimian;

thence, N18 DEG. 46'00"W a distance of 231.03 feet to the southerly street line
of Lewis Street;

thence, N68 DEG. 28'00"E a distance of 20.08 feet along the southerly street
line of Lewis Street to the point and place of beginning.

<Page>

PARCEL B

The land affected by that certain Lease and Agreement from Stephen Hutt to Desco
Associates dated August 15, 1994 and recorded in Volume 1167 at Page 303 of the
Bristol Land Records, which demises a certain thirty foot (30') wide right of
way which was granted to Irwin Hutt from Desco Associates by Warranty Deed dated
October 5, 1972 and recorded in Volume 605 at Page 767 of the Bristol Land
Records and shown on the easterly side of a certain "Parcel D" on a map or plan
entitled "Plan Showing Land of David J. Scaritt, Farmington Avenue & Lewis
Street, Bristol, Conn, Scale 1" = 40' Date Dec. 18, 1969 Augustine F. Lepore,
Jr., C.E. & L.S." on file in the Bristol Town Clerk's Office in book of maps,
Volume 566, Page 27.

PARCEL C

The respective land affected by that certain fifteen foot (15') right of way and
those two (2) certain twenty foot (20') rights of way which were granted to
David J. Scaritt by The Sessions Foundry Company by Warranty Deed dated December
1, 1953 and recorded in Volume 294 at Page 221 of the Bristol Land Records, each
of which is more particularly described in said deed.

PARCEL D

The land affected by the rights and easements granted to Desco Associates by and
under that certain Reciprocal Easement Agreement made as of the 15th day of
August, 1994 among Desco Associates, Continental Corporation and Shaw's
Supermarkets, Inc., recorded in Volume 1136 at Page 794 of the Bristol Land
Records.

<Page>

1025-1055 W. Main St.,
New Britain, CT

PARCEL ONE

                            NEW BRITAIN REAL PROPERTY

     A certaitn piece or parcel of land; with the buildings and all other
improvements now or hereafter placed thereon situated on the northerly side of
West Main Street, in the Town of New Britain, County of Hartford, and State of
Connecticut, and more particularly bounded and described as follows, to wit;

     Beginning at a point in the northerly line of West Main Street, which point
is five hundred forty-three and six one-hundredths (543.06) feet westerly, as
measured in said northerly line of West Main Street from the intersection of the
westerly line of Stanwood Drive with the northerly line of West Main Street;

     Thence running northerly and northwesterly is a curve to the right having a
radius of twenty-five (25) feet, a distance of thirty-eight and ninety-one
one-hundredths (38.91) feet to a point in the easterly line of North Mountain
Road;

     Thence northeasterly along said North Mountain Road, a distance of one
hundred twenty-six and eighty-eight one-hundredths (126.88) feet to a point;

     Thence running northerly and northwesterly is a curve to the left having a
radius of three hundred eighty-nine and fifteen one-hundredths (389.15) feet and
an angle of 47 DEG. 31' and still along said North Mountain Road, a distance of
three hundred twenty-four and ninety-nine one-hundredths (324.99) feet to a
point;

     Thence running northwesterly and still along North Mountain Road, one
hundred twenty-six (126) feet, more or less, to an iron pin;

     Thence running easterly in a line forming an interior angle of 50 DEG. 19'
with the last described line, two hundred ninety-three and eighty-five
one-hundredths (293.85) feet to a point;

<Page>

PARCEL ONE CONTINUED

     Thence running southerly in a line forming an interior angle of 101 DEG.
16' with the last described line, fifty-two and sixty-three one-hundredths
(52.63) feet to a point;

     Thence running easterly in a line forming an interior angle of 270 DEG.
with the last described line, one hundred thirty-six and three-tenths (136.3)
feet to a point;

     Thence running northerly in a line forming an interior angle of 270 DEG.
with the last described line, twenty-five and forty-five one-hundredths (25.45)
feet to a point;

     Thence running easterly in a line forming an interior angle of 78 DEG. 44'
with the last described line, two hundred forty-one and sixty-one one-hundredths
(241.61) feet to a point;

     Thence running southerly in a line forming an interior angle of 89 DEG. 41'
30" with the last described line, ninety-two (92) feet to a point;

     Thence continuing southerly in a line forming an interior angle of 193 DEG.
58' with the last described line, sixty (60) feet to a point;

     Thence running southeasterly in a line forming an interior angle of
212 DEG. 55' 30" with the last described line, one hundred seventy-eight and
sixty-seven one-hundredths (178.67) feet to a point in the northwesterly line of
Stanwood Drive;

     Thence running southwesterly in the northwesterly line of Stanwood Drive in
a curve to the left having a radius of three hundred ninety-four and
eighty-seven one-hundredths (394.87) feet and an angle of 32 DEG. 14' 08" a
distance of two hundred twenty-two and fifteen one hundredths (222.15) feet to a
point;

     Thence continuing southwesterly in said northwesterly line of Stanwood
Drive, twenty-four and fifty-three one-hundredths (24.53) feet to a point;

     Thence running westerly in a line forming an interior angle of 98 DEG. 06'
10" with the said northwesterly line of Stanwood Drive, one hundred fifty
(150) feet to a point;

<Page>

PARCEL ONE CONTINUED

     Thence runing southerly in a line forming an interior angle of 261 DEG. 53'
50" with the last described line, one hundred (100) feet to a point in the
northerly line of West Main Street;

     Thence running westerly along the northerly line of West Main Street in a
line forming an interior angle of 38 DEG. ?6' 10" with the last described line,
one hundred sixty-four and forty-two one-hundredths (164.42) feet to a C.?.D.
Monument;

     Thence continuing westerly in the northerly line of West Main Street in a
line forming an interior angle of 175 DEG. 20' 30" with the last described line,
one hundred twenty-nine and forty-five one-hundredths (129.45) feet to a C.?.D.
Monument;

     Thence continuing westerly in the northerly line of West Main Street in a
line forming an interior angle of 175 DEG. 15' with the last described line,
ninety-nine and nineteen one-hundredths (99.19) feet to the point and place of
beginning.

<Page>

                                   EXHIBIT "B"

                                NEW BRITAIN LEASE

                                 [SEE ATTACHED]

                                        3
<Page>

                                   EXHIBIT "C"

                                  BRISTOL LEASE

                                 [SEE ATTACHED]

                                        4
<Page>

                                   EXHIBIT "D"

                                   HUTT LEASE

                                 [SEE ATTACHED]

                                        5
<Page>

                               LEASE AND AGREEMENT

     THIS LEASE AND AGREEMENT made this 15th day of August, 1994, by and between
STEPHEN HUTT, having a principal place of business at 757 First Avenue, in the
Town of West Haven, County of New Haven and State of Connecticut, hereinafter
referred to as the "LANDLORD", and DESCO ASSOCIATES, a Connecticut Limited
Partnership, JOHN D. SCARRITT, General Partner, having a principal place of
business in the Town of Bristol, County of Hartford and State of Connecticut,
hereinafter referred to as the "TENANT";

                              W I T N E S S E T H :

                            ARTICLE I. GRANT AND TERM

     1.01 LEASED PREMISES. Landlord hereby demises and leases to Tenant and the
Tenant hereby hires and rents from Landlord, Landlord's rights to use a certain
right of way 30 feet in width originally granted in a deed from DESCO Associates
to Irwin Hutt dated October 5, 1972 and recorded in Volume 605 at Page 767 of
the Bristol, Connecticut Land Records, in accordance with the terms and
provisions of this Agreement. The right of way is shown on the easterly side of
Parcel D on a map or plan entitled, "Plan showing Land of David J. Scarritt,
Farmington Avenue & Lewis Street, Bristol, Conn. Scale 1"-40' Date Dec. 18, 1969
Augustine F. Lepore, Jr., C.E. & L.S." on file in the Bristol Town Clerk's
Office in book of maps, volume 566 at page 27, which map or plan is referred to
in said deed. The right of way is hereinafter referred to as the "LEASED
PREMISES". The Leased Premises are further described on Exhibit A annexed
hereto.

     1.02 COMMENCEMENT OF TERM. The effective date of this Lease under which
Tenant shall be obligated to commence payment of rental, hereinafter referred to
as the "COMMENCEMENT DATE", shall be January 1, 1995 or upon

<Page>

the completion by Tenant of the "Shaw's Plaza" project, whichever shall first
occur.

     1.03 LENGTH OF TERM. The term of this Lease shall be for ninety-nine (99)
years following the commencement of the term as provided in Section 1.02 hereof.
Notwithstanding the foregoing, Tenant shall be bound by all of the provisions of
this Lease, except for the payment of rent, from the date of the first
construction work upon the Leased Premises by Tenant or its agents, in
accordance with the terms and provisions of this Agreement, prior to the
Commencement Date.

            ARTICLE II. CONSTRUCTION UPON AND USE OF LEASED PREMISES

     2.01 Tenant is accepting the Leased Premises in "as is" condition. Tenant
agrees that it has inspected the Leased Premises and that no representations
have been made by Landlord as to the condition thereof except as are expressly
set forth in this Lease. Any improvements upon or alterations to the Leased
Premises are to be made by Tenant at its sole cost and expense and shall be
subject to the provisions of this Lease as appertain. Tenant warrants that all
work done by it to and upon the Leased Premises will be performed in a good and
workmanlike manner, using first class materials, and in strict accordance with
applicable law.

     2.02 During the term of this Lease, Tenant may alter and utilize the Leased
Premises for a parking area in accordance with the plans, surveys and renditions
from time to time filed with the municipal agencies of the Town of Bristol,
Connecticut, or other State or Federal agencies with jurisdiction. No other
alterations or usage is permitted hereunder without consent of Landlord, which
consent shall not be unreasonably withheld or delayed. The easement granted
hereby and herein shall be for the benefit of, but not

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<Page>

restricted solely to, the tenant and the sub-tenants of the parcel, including
but not limited to Shaw's and Continental Corporation and the other tenants and
occupants of Shaw's and the Continental Corporation and/or their successors and
assigns, and to the customers, employees, agents, and business invitees thereof.

     2.03 Tenant shall occupy and use the Leased Premises for the above stated
purpose continuously during the term of this Lease. Tenant shall not use or
permit or suffer the use of the Leased Premises for any other purpose without
the express written consent of the Landlord, which shall not be unreasonably
withheld or delayed.

                       ARTICLE III. TENANTS'S IMPROVEMENTS

     3.01 In accordance with the terms and provisions of this Lease, the Tenant
may, at its own cost, make such alterations and improvements to the Leased
premises as shall be reasonably required to adapt the same for the authorized
use thereof as provided in Article II hereof.

             ARTICLE IV. MAINTENANCE AND REPAIRS OF LEASED PREMISES

     4.01 MAINTENANCE BY TENANT. Tenant shall at all times keep in good order,
condition and repair the entire Leased Premises.

     4.02 As hereinabove provided, at the expiration or termination of the
tenancy hereby created, Tenant shall surrender the Leased Premises in the same
condition as the Leased Premises were in upon delivery of possession thereto
under this Lease (excepting the construction and alterations by Tenant
hereunder).

                       ARTICLE V. INSURANCE AND INDEMNITY

     5.01 LIABILITY INSURANCE. Tenant shall, during the entire term hereof, keep
in full force and effect a policy of public liability and insurance with

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respect to the Leased Premises and the business operated by Tenant and any
subtenants of Tenant on the premises within which the Leased Premises are a
part, in which the limits of public liability shall be equivalent to that
maintained by similar "shopping centers" in the region. A copy of the current
policy or a certificate of insurance shall be delivered to Landlord.

     5.02 INDEMNIFICATION OF LANDLORD. Tenant will indemnify Landlord and save
it harmless from and against any and all claims, actions, damages, liability and
expense in connection with loss of life, personal injury and/or damage to
property arising from or out of any occurrence in, upon or at the Leased
Premises, or the occupancy or use by Tenant of the Leased Premises or any part
thereof, or occasioned wholly or in part by the default under this Lease or any
act or omission of Tenant, its agents, contractors, employees, servants,
lessees, or concessionaires, licensees or invitees. In case Landlord shall,
without fault on its part, be made a party to any litigation commenced by or
against Tenant, then Tenant shall protect and hold Landlord harmless from fees
incurred or paid by Landlord in connection with such litigation. Tenant shall
also pay all costs, expenses and reasonable attorney's fees that may be incurred
or paid by Landlord in enforcing the covenants and agreements in this Lease.

                      ARTICLE VI. ASSIGNMENT AND SUBLETTING

     6.01 CONSENT REQUIRED. Provided Tenant is not in default hereunder, Tenant
may assign this Lease in whole or in part, and/or sublet all or any part of the
Leased Premises, without the prior consent of Landlord. If this Lease be
assigned, or if the Leased Premises or any part thereof be underlet or occupied
by anybody other than Tenant, Landlord may collect rent from the assignee,
under-tenant or occupant, and apply the net amount collected to the

                                        4
<Page>

rent herein reserved, but no such assignment and/or sublet shall release Tenant
from further performance by Tenant of covenants on the part of Tenant herein
contained. Notwithstanding any assignment or sublease, Tenant shall remain
primarily liable on this Lease during the term of this Lease and any extensions
thereof and shall not be released form performing any of the terms, covenants
and conditions of this Lease, but Tenant and such assignee shall thereafter be
jointly and severally liable for the full and faithful performance of the
obligations of Tenant under this Lease.

                  ARTICLE VII. WASTE, GOVERNMENTAL REGULATIONS

     7.01 NUISANCE OR WASTE. Tenant shall not commit or suffer to be committed
any waste upon the Leased Premises or any nuisance.

     7.02 COMPLIANCE WITH LAWS. Tenant shall, at Tenant's sole cost and expense,
comply with all of the requirements of all county, municipal, state, federal and
other applicable governmental authorities, now in force, or which may hereafter
be in force, pertaining to the Leased Premises, and shall faithfully observe in
the Leased Premises, all municipal and county ordinances and state and federal
statutes now in force or which may hereafter be in force.

         ARTICLE VIII. INSERTED FOR CONSECUTIVE NUMBERING PURPOSES ONLY

                        ARTICLE IX. DEFAULT OF THE TENANT

     9.01 RIGHT TO RE-ENTER. In the event of any failure of Tenant to pay any
rental due hereunder within thirty (30) days after written notice of default, or
any failure to commence and diligently pursue the performance of any other of
the terms, conditions or covenants of this Lease to be observed or performed by
Tenant for more than sixty (60) days after written notice of such default shall
have been mailed to Tenant, or if Tenant shall become

                                        5
<Page>

bankrupt or insolvent, or file any debtor proceedings, or take or have taken
against Tenant in any court pursuant to any statute either of the United States
or of any state a petition in bankruptcy or insolvency or for reorganization or
for the appointment of a receiver or trustee of all or a portion of Tenant's
property, or if Tenant makes an assignment for the benefit of creditors or
petitions for or enters into an arrangement, or if Tenant shall abandon said
premises, or suffer this Lease to be taken under any writ of execution, then
Landlord besides other rights or remedies it may have, shall have the immediate
right to terminate this Lease and Agreement upon written notice to Tenant.

     9.02 RIGHT TO RELET. Should Landlord elect to terminate this Lease and
Agreement as herein provided, for any breach, in addition to any other remedies
it may have, it may recover from Tenant all damages it may incur by reason of
such breach, including reasonable attorney's fees, and including the amount of
rent and charges equivalent to rent reserved in this Lease for the remainder of
the stated term, all of which amounts shall be immediately due and payable from
Tenant to Landlord.

     9.03 LEGAL EXPENSES. In case suit shall be brought for recovery of rent or
any other amount due under the provisions of this Lease, or because of the
breach of any other covenant herein contained on the part of Tenant to be kept
or performed, and a breach shall be established, Tenant shall pay to Landlord
all expenses incurred therefor, including a reasonable attorney's fee.

     9.04 WAIVER OF JURY TRIAL. The parties hereto shall and they hereby do
waive trial by jury in any action, proceeding or counterclaim brought by either
of the parties hereto against the other on any matters whatsoever

                                        6
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arising out of or in any way connected with this Lease, the relationship of
Landlord and Tenant, Tenant's use or occupancy of the Leased Premises and/or any
claim of injury or damage.

     9.05 PAST DUE RENT. If Tenant shall fail to pay, when the same is due and
payable, any rent, such unpaid amounts shall bear interest from the due date
thereof to the date of payment, at the prime interest rate of the Chase
Manhattan Bank, N.A. as of such due date, plus three (3%) percent.

                          ARTICLE X. TENANT'S PROPERTY

     10.01 LOSS AND DAMAGE. As Landlord is not the owner of the fee simple
interest of the lands within which the Leased Premises are a part and is leasing
to Tenant only Landlord's rights and interest in the right of way comprising the
Leased Premises, Landlord shall not be liable for any damage to property of
Tenant or of others located on the Leased Premises, nor for the loss of or
damage to any property of Tenant or of others by theft or otherwise. Landlord
shall not be liable for any injury or damage to persons or property resulting
from fire, explosion, gas, electricity, water, rain, or snow from any part of
the Leased Premises or from any other place or by dampness or by any other cause
of whatsoever nature. Landlord shall not be liable for any such damage caused by
occupants of adjacent property, or the public, or caused by operation in
construction of any private, public or quasi-public work. Landlord shall not be
liable for any latent defect in the Leased Premises.

                       ARTICLE XI. HOLDING OVER SUCCESSORS

     11.01 HOLDING OVER. Any holding over after the expiration of the term
hereof, shall be construed to be a tenancy from month to month on the terms and
conditions herein specified, so far as applicable, except that during any

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such holdover period, the rent in effect at the expiration of the term hereof
shall be increased proportionately with the aggregate increase during the term
of this Lease in the Consumer Price Index, as hereinafter defined.

     11.02 SUCCESSORS. All rights and liabilities herein given to, or imposed
upon, the respective parties hereto shall extend to and bind the several
respective heirs, executors, administrators, successors, and assigns of the said
parties: and if there shall be more than one tenant, they shall all be bound
jointly and severally by the terms, covenants and agreements herein.

                          ARTICLE XXII. QUIET ENJOYMENT

     12.01 LANDLORD'S COVENANT. Upon payment by the Tenant of the rents herein
provided, and upon the observance and performance of all the covenants, terms
and conditions on Tenant's part to be observed and performed, Tenant shall
peaceably and quietly hold and enjoy the rights leased hereunder for the term
hereby demised without hindrance or interruption by Landlord or any other person
or persons lawfully or equitably claiming by, through or under the Landlord,
subject, nevertheless to the terms and conditions of this Lease.

                          ARTICLE XXIII. MISCELLANEOUS

     13.01 WAIVER. The waiver by Landlord of any breach of any term, covenant or
condition herein contained shall not be deemed to be a waiver of such term,
covenant or condition or any subsequent breach of the same or any other term,
covenant or condition herein contained. No covenant, term or condition of this
Lease shall be deemed to have been waived by Landlord unless such waiver be in
writing by Landlord.

     13.02 ACCORD AND SATISFACTION. No payment by Tenant or receipt by Landlord
of a lesser amount than the annual rent herein stipulated shall be

                                        8
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deemed to be other than on account of the earliest stipulated rent, nor shall
any endorsement or statement on any check or any letter accompanying any check
or payment as rent be deemed an accord and satisfaction, and Landlord may accept
such check or payment without prejudice to Landlord's right to recover the
balance of such rent or pursue any other remedy in this Lease provided.

     13.03 ENTIRE AGREEMENT. This Lease set forth all the covenants, promises,
agreements, conditions and understandings between Landlord and Tenant concerning
the Leased Premises and supercede any and all prior agreements and
understandings between Landlord and Tenant, and there are no covenants,
promises, agreements, conditions or understandings, either oral or written,
between them other than as herein set forth. Except as herein otherwise
provided, no subsequent alteration, amendment, change or addition to this Lease
shall be binding upon Landlord or Tenant unless reduced to writing and signed by
them.

     13.04 NO PARTNERSHIP. Landlord does not, in any way or for any purpose,
become a partner of Tenant in the conduct of its business, or otherwise, or
joint adventurer or a member of a joint enterprise with Tenant.

     13.05 FORCE MAJEURE. In the event that either party hereto shall be delayed
or hindered in or prevented from the performance of any act required hereunder
by reason of strikes, lockouts, labor troubles, inability to procure materials,
failure of power, restrictive governmental laws or regulations, riots,
insurrection, war or other reason of a like nature not the fault of the party
delayed in performing work or doing acts required under the terms of this Lease,
than performance of such act shall be excused for the period of the delay and
the period for the performance of any such act

                                        9
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shall be extended for a period equivalent to the period of such delay. The
provisions of this Section shall not operate to excuse the Tenant from the
prompt payment of rent.

     13.06 NOTICES. Any notice by Tenant to Landlord must be served by certified
or registered mail, postage prepaid, addressed to Landlord at 757 First Avenue,
West Haven, Connecticut, 06516 or at such other address as Landlord may
designate by written notice.

     13.07 Any notice by Landlord to Tenant must be served by certified or
registered mail, postage prepaid, addressed to Tenant at: Attention: John D.
Scarritt, General Partner, P.O. Box 215, Bristol, CT 06011-0215.

     13.08 CAPTIONS AND SECTIONS. The captions, section numbers, article
numbers, and index appearing in the Lease are inserted only as a matter of
convenience and in no way define, limit, construe, or describe the scope or
intent of such sections or articles of this Lease, nor in any way affect this
Lease.

     13.09 TENANT DEFINED, USE OF PRONOUNS. The word "Tenant" shall be deemed
and taken to mean each and every person or party mentioned as a Tenant herein,
be the same one or more; and if there shall be more than one Tenant, any notice
required or permitted by the terms of this Lease may be given by or to any one
thereof, and shall have the same force and effect as if given by or to all
thereof. The use of the neuter singular pronoun to refer to Landlord or Tenant
shall be deemed a proper reference even though Landlord or Tenant may be an
individual, a partnership, a corporation, or a group of two or more individuals
or corporations. The necessary grammatical changes required to make the
provisions of this Lease apply in the plural sense where

                                       10
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there is more than one Landlord or Tenant and to either corporations,
associations, partnerships, or individuals, males or females, shall in all
instances be assumed as though in each case fully expressed.

     13.10 PARTIAL INVALIDITY. If any term, covenant or condition of this Lease
or the application thereof to any person or circumstance shall, to any extent,
be invalid or unenforceable, the remainder of this Lease, or the application of
such term, covenant or condition to persons or circumstances other than those as
to which it is held invalid or unenforceable, shall not be affected thereby and
each term, covenant or condition of this Lease shall be valid and be enforced to
the fullest extent permitted by law.

     13.11 NO OPTION. The submission of this Lease for examination does not
constitute a reservation of or option for the Leased Premises and this Lease
becomes effective as a Lease only upon execution and delivery thereof by
Landlord and Tenant.

     13.12 A copy of this Lease and Agreement shall be recorded on the Bristol,
Connecticut Land Records, at Tenant's expense.

                                ARTICLE XIV. RENT

     14.01 (a) The annual rent during the first year of this Lease shall be ONE
THOUSAND EIGHT HUNDRED ($1,800.00) DOLLARS, payable in one installment annually
on or before the first day of March, of each lease year in advance at the
address of the Landlord hereinbefore stated (757 First Avenue, West Haven,
Connecticut 06516), or at such other place designated by Landlord.

     14.02 The annual rent during the second through ninety-ninth years of this
Lease shall be computed as follows:

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          (a) The Consumer Price Index for Urban Consumers as published by the
Bureau of Labor Statistics of the United States Department of Labor at the time
of execution of this Lease being known and designated as the "new" "CPI-U"
(hereinafter "CPI"), as the same may from time to time be revised, updated or
replaced, shall be used to determine the annual rent payable to Landlord during
the second through ninety-ninth year.

          (b) In calculating the annual rent during the second year of this
Lease, the "CPI" in effect during the month of January of the first year of this
Lease shall be used as a denominator; the "CPI" in effect during the month of
December of the first year of this Lease shall be used a numerator; this
fraction shall be multiplied by the sum $1,800.00. The resulting amount shall be
the annual rent during the second year of this Lease except that it shall not be
less than the annual rent during the first year. Said annual rent shall be
payable on or before the first day of March of the second lease year in advance,
at the office of the Landlord or at such other place designated by Landlord.

          (c) In calculating the annual rent during the third year of this
Lease, and during each of the subsequent lease years, the "CPI" in effect during
the month of January of the prior year of this Lease shall be used as a
denominator; the "CPI" in effect during the month of December of the prior year
of this Lease shall be used as a numerator; this fraction shall be multiplied by
the sum representing the annual rent in effect during the prior year of this
Lease. The resulting amount shall be the annual rent during the lease year in
question except that it shall not be less than the annual rent in effect during
the prior year of this Lease. The annual rent for each lease year shall be
payable on the first day of March of each lease year, in

                                       12
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advance, at the office of the Landlord or at such other place designated by
Landlord.

                 ARTICLE XV. SECURITY FOR TENANT'S OBLIGATIONS.
                        ACCOUNTING & WHOLE LIFE INSURANCE

     15.01 CONDITIONAL ASSIGNMENT OF RENTALS. Tenant hereby conditionally
assigns and pledges the rents, income and profits of all and every part of the
premises within which the Leased Premises are a part, to the payment of the
rental and performance of the obligations on the Tenant's part to be performed
hereunder, by Tenant. If Tenant shall default in the payment of rental or in any
of its obligations to be performed (and fail to cure such default after notice
thereof as hereinabove provided), Landlord shall have the right forthwith and
without further notice to enter upon the premises within which the Leased
Premises are a part, and collect said rents, income and profits with or without
the appointment of a receiver. All such net income after payment of the
reasonable costs of collection thereof and attorneys' fees, shall be applied
toward the costs incurred due to the default of Tenant including payment of
rental due hereunder, and the remainder of such net income, if any, shall be
paid over to Tenant.

     15.02 WHOLE LIFE INSURANCE. To secure the payment of rental and the
performance of the Tenant's obligations hereunder, and as a condition to and in
consideration of Landlord's entering into this Lease and Agreement, Tenant shall
purchase from the CNA Insurance Company (or other insurer acceptable to
Landlord), a $45,000.00 whole life insurance policy on the life of John D.
Scarritt, with a death benefit of $250,000.00. The Landlord, Stephen Hutt, shall
irrevocably, be the owner of the policy and the beneficiary thereunder. The
policy shall be delivered to Landlord upon the execution of this Lease

                                       13
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and Agreement, and shall be fully paid for at such time. The income or dividends
of the policy will serve to pay directly, the rental due from the twenty-first
year through ninety-ninth year of the Lease. To assure adequate security, the
income or dividends generated by the policy will be assessed on the first day of
the fifteenth year of the Lease. If the income or dividends shall be
insufficient to fund the rental due, Tenant shall forthwith, pay monies into the
policy to achieve a policy value sufficient to fund the required lease payments.
If the policy provides income greater than the rental due in any lease year
after the twenty-first year, then, in such event, this excess, if any, shall be
credited to the rental to be due in succeeding lease years. The rental payments
shall be made directly by Tenant and not from the policy during the first twenty
lease years. Provided, however, there shall be no credit due Tenant for any such
accumulated excess at the end of this Lease.

     In the event of the death of John D. Scarritt at any time during the term
of the Lease, it will be assumed that the $250,000.00 death benefit (or actual
death benefit) paid to the Landlord, Stephen Hutt, will earn interest at the
"prime lending rate" that the United States Federal Reserve Board charges its
member institutions. These assumed earnings will be applied toward the rent and
any earnings in excess of the rental due shall be credited to the rental due in
succeeding lease years. If these assumed earnings shall be insufficient to cover
the actual lease rental payments due, than Tenant's successor or successors
shall directly pay the amounts above the assumed earnings of the death benefit
to meet the required rental payments. Tenant's heirs and successors shall have
no claim or receive credit for any assumed earnings above the rental due at the
end of the lease

                                       14
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or against or for any part of the death benefit paid to Stephen Hutt. Tenant
acknowledges that Stephen Hutt shall be the irrevocable owner and beneficiary of
the whole life insurance policy purchased. Upon a business failure or insolvency
of the CNA Insurance Company, which renders the policy worthless, the policy
shall be replaced forthwith by Tenant at an insurance company acceptable to
Landlord.

     15.03 TENANT'S LIABILITY. Notwithstanding any provision of this Article,
Tenant and Tenant's heirs and successors shall be personally liable for the
rental due hereunder whether the rental is paid directly by them, from the value
of the insurance policy or by the assumed earnings of the death benefit in the
event of the death of John D. Scarritt.

     15.04 CALCULATIONS AND ACCOUNTING. All rental calculations under Article
XIV and calculations and accounting required under Article XV shall be performed
by Tenant at Tenant's expense. Tenant shall furnish written notice of and an
explanation of these calculations and accounting to Landlord by the first day of
March of each lease year, as applicable.

     15.05 BORROWING AGAINST WHOLE LIFE POLICY. In the event Landlord takes
loans against the Life insurance policy referred to hereinabove and/or cashes in
the policy, then any rent payments due from Tenant shall immediately cease and
Landlord's use of the life insurance policy shall be deemed as sufficient
consideration for the balance of the Lease. Provided, however, the Landlord may
exercise other rights of ownership including the use of the policy as collateral
which the parties agree and acknowledge shall not affect the Tenant's obligation
to pay rental hereunder.

                                       15
<Page>

                      ARTICLE XVI. MISCELLANEOUS PROVISIONS

     16.01 PROTECTION OF LANDLORD'S PREMISES. The parties acknowledge Landlord's
real property and improvements located at 167 Farmington Avenue, Bristol,
Connecticut, which premises is adjacent to the Leased Premises. The parties
further acknowledge that the Leased Premises, being the right of way subject of
this Lease and Agreement, is located within real property owned by Tenant or
Tenant's assignee. Any use, work or construction upon the right of way
comprising the Leased Premises or upon the premises within which the Leased
Premises are a part, shall take into account proper and adequate drainage and
shall include drainage systems to protect Landlord's adjacent property from
damage.

     16.02 UTILITIES. Public utilities shall not be placed under or upon the
right of way comprising the Leased Premises. Provided, however, Landlord
acknowledges that a utility easement is depicted on the site plan filed with the
Town of Bristol and the State Traffic Commissioner.

     16.03 NEW SIGNS, BARRIERS AND BUILDINGS. In conjunction with Tenant's use,
work or construction upon the right of way comprising the Lease Premises or upon
the premises within which the Leased Premises are a part, Tenant shall not,
during the term of this Lease, erect any new sign, barriers or buildings within
fifty (50) feet of any boundary line of Landlord's premises. This restriction
shall not apply to the property boundary line between the rear of Landlord's
aforesaid premises located at 167 Farmington Avenue and Tenant's premises within
which the Leased Premises are a part, provided Tenant produces for legal review
by Landlord at the time this Lease and Agreement is executed, a ground lease
encumbering Tenant's said premises prohibiting such a restriction.

                                       16
<Page>

     16.04 Tenant shall pay, at the time this Lease and Agreement is executed,
Landlord's legal fees concerning same up to the sum of $1,500.00.

     16.05 ASSIGNMENT BY LANDLORD. Landlord may assign its rights under this
Lease and Agreement at any time.

                             ARTICLE XVII. NET LEASE

     17.01 This Lease shall be deemed and construed to be a net Lease and,
except as herein otherwise expressly provided, the Landlord shall receive the
annual rent and additional rent and all other payments hereunder to be made by
the Tenant absolutely free from any charges, assessments, impositions, expenses
or deductions of any and every kind or nature whatsoever.

     IN WITNESS WHEREOF, the parties have hereunto set their hands and seals the
day and year first above written.

Signed, Sealed and Delivered
    in the Presence of:

 /s/ [ILLEGIBLE]                           LANDLORD:   STEPHEN HUTT
------------------------
WITNESS

/s/ [ILLEGIBLE]                            /s/ Stephen Hutt        L.S.
------------------------                   ------------------------
WITNESS                                    STEPHEN HUTT

/s/ [ILLEGIBLE]                            TENANT: DESCO ASSOCIATES, a
------------------------                   Connecticut Limited Partnership
WITNESS

/s/ [ILLEGIBLE]                            By: /s/ John D. Scarritt        L.S.
------------------------                       ----------------------------
WITNESS                                    JOHN D. SCARRITT, General Partner
    [ILLEGIBLE]

                                       17
<Page>

STATE OF CONNECTICUT      :
                          :   ss. North Haven
COUNTY OF New Haven       :

     On this the 1st day of August, 1994, before me, the undersigned officer,
personally appeared STEPHEN HUTT, known to me or satisfactorily proven to be the
person whose name is subscribed to the within instrument and acknowledged that
he executed the same for the purposes therein contained.

     IN WITNESS WHEREOF, I hereunto set my hand and seal.

                                              /s/ [ILLEGIBLE]
                                              ----------------------------------
                                              Commissioner of the Superior Court

STATE OF CONNECTICUT           :
                               :   ss. Bristol
COUNTY OF Hartford             :

     On this the 15th day of August, 1994, before me, the undersigned officer,
personally appeared JOHN D. SCARRITT, General Partner of DESCO ASSOCIATES, a
Connecticut Limited Partnership, known to me or satisfactorily proven to be the
person whose name is subscribed to the within instrument and acknowledged that
he executed the same for the purposes therein contained.

     IN WITNESS WHEREOF, I hereunto set my hand and seal.

                                              /s/ [ILLEGIBLE]
                                              ----------------------------------
                                              Commissioner of the Superior Court
                                              Notary Public

                                       18
<Page>

                                   EXHIBIT "E"

                       FORM OF TENANT ESTOPPEL CERTIFICATE

TO:  Inland Real Estate Acquisitions, Inc., and its successors and assigns
     [Name of Prospective Property Owner], and its successors and assigns
     2901 Butterfield Road
     Oak Brook, Illinois 60523

RE:  [ADDRESS OF THE PROPERTY] (the "Property")

Ladies and Gentlemen:

     The following statements are made with the knowledge that Inland Real
Estate Acquisitions, Inc., [Name of Prospective Property Owner], and their
respective successors and assigns (individually and collectively, as applicable,
"Purchaser"), and their respective lenders and/or investors, are relying on them
in connection with the acquisition and financing of the Property by Purchaser
and, in connection therewith, the assignment of the Lease (defined below) to
Purchaser, and Purchaser and its respective lenders, successors, assigns and
successor owners of the Property may rely on such statements for that purpose.

     The undersigned ("Tenant"), being the Tenant under the Lease covering
certain premises in the Property, hereby certifies, represents, warrants,
covenants and agrees as follows:

     1.   Tenant is the tenant under a Lease with ____________ ("Landlord")
dated _______________ [INSERT THE TITLE AND DATE OF, AND DATE OF ALL AMENDMENTS,
MODIFICATIONS AND ANY OTHER AGREEMENTS RELATING TO, THE LEASE (INCLUDING
GUARANTIES, i.e...., "as amended by that certain First Amendment, dated
______________"...] (collectively, the "Lease"). The Lease demises to Tenant
approximately ___________ (________________) square feet in the Property known
as Unit __ (the "Leased Premises"). The initial term of the Lease commenced on
_____________, 20____, and will expire on ___________, _________, exclusive of
unexercised renewal options and extension options contained in the Lease. Tenant
has ____ options to extend the term of the Lease for _____ years. There have
been no other amendments, modifications, revisions or supplements to the Lease,
and there are no other agreements of any kind between Landlord and Tenant
regarding the Leased Premises.

     2.   The Lease has been duly authorized and executed by Tenant and is in
good standing and in full force and effect.

                                        6
<Page>

     3.   Tenant has accepted, is in sole possession of, and is presently
occupying the Leased Premises. The Lease has not been hypothecated or assigned
by operation of law or otherwise by Tenant, and no sublease, concession
agreement, license, use or other occupancy agreement covering the Leased
Premises, or any portion of the Leased Premises, has been entered into by Tenant
except _______________________.

     4.   Tenant commenced paying rent on _____________, 20______. Tenant is
currently obligated to pay fixed or base rent under the Lease in the annual
amount of __________ Dollars ($_______), payable in advance, in equal monthly
installments of ____________ Dollars ($________). The Lease provides for Tenant
to pay to Landlord as additional rent ______ percent (________%) of operating
expenses, common area maintenance charges, insurance premiums and real property
taxes ("Tenant's Share"). Tenant currently is paying, monthly, in advance, as
additional rent under the Lease, equal installments (as estimated by Landlord
pursuant to the Lease) of the Tenant's Share in the amount of $______________.
Percentage Rent for the last fiscal year of Tenant ending ______________,
20_____ in the amount of ___________ Dollars ($________), based on Tenant's
gross receipts (as defined in the Lease) of ($_________), has been paid by
Tenant to Landlord. All rent has been paid under the Lease through
______________, 20_____. No rent under the Lease has been paid more than (1)
month in advance, and no other sums have been deposited with Landlord other than
________________ Dollars ($_______) deposited as security under the Lease. Such
security deposit is not subject to any set-off or reduction or any increase for
interest or other credit due to Tenant. Tenant is entitled to no rent abatement,
concessions, free rent, allowances for improvements, refurbishment or otherwise
or other similar compensation in connection with renting the Leased Premises
except as follows: ________________. Tenant has no setoffs, claims or defenses
to the enforcement of the Lease by Landlord and no deductions or credits against
rent under the Leases except as follows: _____________________. Landlord has not
rebated, reduced or waived any amounts due from Tenant under the Lease, nor has
Landlord provided financing for, made loans or advances to, or invested in
Tenant's business.

     5.   Neither Landlord nor Tenant is in default under the Lease beyond any
applicable cure period and no event has occurred which, with the giving of
notice or passage of time, or both, could result in such default. As of the date
of this estoppel certificate, there is no dispute between Landlord and Tenant,
and there is no litigation between Landlord and Tenant with respect to the Lease
or the Leased Premises, and there has been no litigation between Landlord (or
any predecessor landlord) and Tenant with respect to the Lease or the Leased
Premises or Tenant's use and occupancy thereof. Tenant has not received any
notice of any present violation of any federal, state, county or municipal laws,
regulations, ordinances, order or directives relating to use, operation or
condition of the Leased Premises or the Property.

     6.   Except as specifically stated in the Lease, Tenant has not been
granted (a) any option to extend the term of the Lease, (b) any option to expand
the Leased Premises or to lease additional space within the Property, (c) any
right of first refusal on any space at the Property, or (d) any option or right
of first refusal to purchase the Leased Premises or the Building or any part
thereof. Tenant has no option to terminate the Lease as to the Leased Premises
or any part or portion thereof prior to its stated expiration except as follows:
___________________________.

     7.   All obligations and conditions under the Lease to be performed to date
by Landlord have been satisfied, free of defenses and set-offs, including all
construction work and tenant improvements in the Leased Premises, and Landlord
has made all contributions, if any, required of Landlord under the Leases.
Landlord is not obligated to provide or construct any further tenant
improvements or other tenant allowances except as follows:
______________________________________.

<Page>

     8.   Tenant has not received any notice of a prior sale, transfer,
assignment, pledge or other hypothecation of the Leased Premises or the Leases
or the rents thereunder except ________________. Tenant has not (a) applied for
the appointment of, or the taking of possession by, a receiver, custodian,
trustee or liquidator of itself or of all or a substantial part of the Property,
(b) admitted in writing its inability to pay its debts as they become due, (c)
made a general assignment for the benefit of its creditors, (d) filed a
voluntary petition or commenced a voluntary case or proceeding under the Federal
Bankruptcy Code, (e) been adjudicated a bankrupt or insolvent, (f) filed a
petition seeking to take advantage of any other law relating to bankruptcy,
insolvency, reorganization, winding-up or composition or adjustment of debts,
(g) received any notice of any petition filed against it in an involuntary case
or proceeding under the Federal Bankruptcy Code, or (h) taken any corporate,
partnership, limited liability company or other action for the purpose of
effecting any of the foregoing.

     EXECUTED as of the _________ day of ________________, 2003.

TENANT

________________, d/b/a ________________

________________,

By:
Name:
Title:

     The undersigned Guarantor of the Lease hereby certifies as of the date
hereof to Purchaser and its successors and assigns, and their lenders and/or
investors, and their successors and assigns, that that certain Guaranty of Lease
made by Guarantor for the benefit of Landlord and dated ________________, is in
full force and effect and has not been amended or modified and that the
undersigned Guarantor has no claims or defenses under such Guaranty of Lease or
otherwise is respect to their performance in full of all terms, covenants,
conditions and agreements of such Guaranty of Lease.

                                                        ________________________

<Page>

                                   EXHIBIT "F"

When recorded, return to:

__________________________________
__________________________________
__________________________________
__________________________________

                              SPECIAL WARRANTY DEED

     For Ten Dollars ($10.00) and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, DESCO ASSOCIATES, a
Connecticut limited partnership ("GRANTOR"), hereby grants, sells, remises and
conveys to ________________________________, a Delaware limited liability
company ("GRANTEE"), that real property located in Hartford County, Connecticut,
and legally described on Exhibit "A" attached hereto and incorporated herein by
this reference (the "PROPERTY").

     Together with all and singular the hereditaments and appurtenances
thereunto belonging, or in anywise appertaining, and the reversions, remainder
and remainders, rents, issues and profits thereof, and all the estate, right,
title, interest, claim or demand whatsoever of Grantor, either in law or equity,
of, in and to the Property with the hereditaments and appurtenances: TO HAVE AND
TO HOLD the said Property with the appurtenances, unto Grantee and its
successors and assigns forever.

     Subject to all matters set forth on Exhibit B attached hereto, and Grantor,
for itself, and its successors, does hereby warrant title to the Property
against and with respect to its own acts and the acts of all persons claiming
by, through or under Grantor, but not the acts of any others.

     RECIPROCAL EASEMENT AGREEMENT LANGUAGE INSERTED HERE FOR BRISTOL DEED.

     SUBJECT TO HUTT LEASE AND SHAW'S LEASE

     WITNESSED AND DATED as of this __ day of 200_.

                                            DESCO ASSOCIATES, a Connecticut
                                            limited partnership.

-----------------------------------
                     , Witness              By:
---------------------                           --------------------------------
                                            Name:
                                                  ------------------------------
                                            Title:
------------------------------------               -----------------------------
                     , Witness                                         "GRANTOR"
---------------------

<Page>

STATE OF CONNECTICUT      )
                          ) ss.
COUNTY OF HARTFORD        )

     The foregoing document was acknowledged before me this _____ day of
_____________, 200__, by ________________________________, the ________________
of DESCO ASSOCIATES, a Connecticut limited partnership, on behalf of said
corporation.

     IN WITNESS WHEREOF, I have set my hand and official seal the day and year
first above written.

                                            ------------------------------------
                                            Notary Public

My Commission expires:

---------------------------

<Page>

                       EXHIBIT A TO SPECIAL WARRANTY DEED

                          LEGAL DESCRIPTION OF PROPERTY

<Page>

                                   EXHIBIT "G"

                              NON-FOREIGN AFFIDAVIT

     Section 1445 of the Internal Revenue Service Code of 1986 provides that a
transferee of a United States real property interest must withhold tax if the
transferor is a foreign person. To inform the transferee that withholding tax is
not required upon disposition of a U.S. real property interest by DESCO
ASSOCIATES ("TRANSFEROR"), to ________________________________, ("TRANSFEREE"),
the undersigned hereby certifies the following on behalf of the Transferor:

          (q)  Transferor is not a foreign corporation, partnership, trust,
estate, or individual as those terms are defined in the Internal Revenue Code
and Income Tax Regulations;

          (r)  Transferor's U.S. Employer Identification Number is______________
___________________ and

          (s)  Transferor's principal office is________________________________,
Bristol, Connecticut

     Transferor understands that this certification may be disclosed to the
Internal Revenue Service by the Transferee and that any false statement made
herein could be punished by fine, imprisonment, or both.

     Under the penalties of perjury the undersigned, has examined this
certification and to its knowledge and belief it is true, correct and complete.

     DATED this _____ day of ___________________________, 2003.

                                     DESCO ASSOCIATES, a Connecticut limited
                                     partnership

                                     By
                                       -----------------------------------------
                                     Name
                                         ---------------------------------------
                                     Title
                                          --------------------------------------

                                                                    "TRANSFEROR"

     THIS AFFIDAVIT must be retained until the end of the fifth (5th) taxable
year following the taxable year in which the transfer referred to above takes
place.

<Page>

STATE OF CONNECTICUT       )
                           ) SS.
COUNTY OF HARTFORD         )

     The foregoing document was acknowledged before me this _____ day of
__________, 2003, by ________________________________, the ________________ of
_______________________________________________________________________________,
on behalf of said __________________.

     IN WITNESS WHEREOF, I have set my hand and official seal the day and year
first above written.

                                         ---------------------------------------
                                         Notary Public

My Commission expires:

----------------------

<Page>

                                   EXHIBIT "H"

                       ASSIGNMENT AND ASSUMPTION OF LEASE

     DESCO ASSOCIATES, an Connecticut limited partnership ("ASSIGNOR"), for good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, has assigned and does by these presents assign, to________________
____________________, a Delaware limited liability company ("ASSIGNEE"),
all of Assignor's right, title and interest in and to that certain Lease
Agreement dated ______________, as amended (the "LEASE"), between Assignor as
landlord and SHAW'S SUPERMARKETS, INC. as tenant, regarding certain real
property located at ______, (NEW BRITAIN/BRISTOL), Connecticut, and more
particularly described on Exhibit "A" attached hereto (the "PROPERTY").

     Assignor and Assignee further agree as follows:

     1.   ACCEPTANCE OF ASSIGNMENT, RELATED MATTERS.

          (a)  Assignee accepts the aforesaid assignment and Assignee assumes
     and agrees to be bound by and timely perform, observe, discharge, and
     otherwise comply with each and every one of the agreements, duties,
     obligations, covenants and undertakings upon the landlord's part to be kept
     and performed under and/or pursuant to the Lease first arising and accruing
     after the date of this Assignment and Assumption of Lease.

          (b)  This Agreement shall bind and inure to the benefit of the parties
     hereto and their respective successors, legal representatives and assigns.

          (c)  Neither this Agreement nor any term, provision, or condition
     hereof may be changed, amended or modified, and no obligation, duty or
     liability of any party hereto may be released, discharged or waived, except
     in a writing signed by all parties hereto.

     2.   INDEMNIFICATION. Assignee hereby indemnifies Assignor and agrees to
hold Assignor harmless and defend Assignor for, from and against all liability,
cost, damage or expense, including reasonable attorneys' fees and costs and
expert witness fees and costs, suffered or incurred by Assignor as a result of
any failure or alleged failure of Assignee to perform any covenants or
obligations of the Lease first arising or accruing subsequent to the date
hereof. Assignor hereby indemnifies Assignee and agrees to hold Assignee
harmless and defend Assignee for, from and against all liability, cost, damage
or expense, including reasonable attorneys' fees and costs and expert witness
fees and costs, suffered or incurred by Assignee as a result of any failure or
alleged failure of Assignor to perform any covenants or obligations arising or
related to the Lease on or prior to the date hereof.

     3.   COUNTERPART EXECUTION. This document may be executed in counterpart
and all such counterparts shall constitute one and the same document.

     4.   DISPUTE. In the event of any dispute between Assignor and Assignee
arising out of the obligations of the parties under this Assignment or
concerning the meaning or interpretation of any provision contained herein, the
losing party shall pay the sole prevailing party's costs and expenses of such
dispute, including, without limitation, reasonable attorney's fees and costs.

<Page>

                                   EXHIBIT "I"

                          ASSIGNMENT AND ASSUMPTION OF
                          INTANGIBLE PERSONAL PROPERTY

     This ASSIGNMENT AND ASSUMPTION OF INTANGIBLE PERSONA? PROPERTY (the
"ASSIGNMENT") is made and entered into this _____ day of ___________ 200__ by
_______________, a Delaware limited liability company ("ASSIGNOR") and
_______________________, a ________________________ ("ASSIGNEE").

                                    RECITALS:

     A.   Assignor and Assignee (as successor-in-interest to Inland Real Estate
Acquisitions, Inc.) have entered into that certain Purchase and Sale Agreement
dated as of _________, 2003 (the "PURCHASE AGREEMENT") relating to the sale of
that certain tract of land together with the improvements thereon (the
"PROPERTY") located a? ________________________________, and being legally
described in EXHIBIT A, attache? hereto and made a part hereof.

     B.   In connection with the conveyance of the Property to Assignee,
Assignor and Assignee desire to execute and deliver this general Assignment
assigning all of Assignor's right title and interest in and to the items
identified below to Assignee.

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

     1.   RECITALS; DEFINED TERMS. The foregoing recitals are acknowledged to be
accura? and are incorporated herein by reference. Capitalized terms used in
this Assignment and ?? defined herein but defined in the Purchase Agreement
shall have the meanings given to su?? terms in the Purchase Agreement.

     2.   ASSIGNMENT BY ASSIGNOR. Assignor hereby transfers and assigns to
Assignee a? right, title and interest of Assignor in and to any and all of
Assignor's right, title and interest and to all logos, designs, trade names,
trademarks, service marks, copyrights and other intangible personal property
relating to the Property (collectively, the "Assigned Property").

     3.   INDEMNITY BY ASSIGNOR. Assignor does hereby agree to indemnify, hold
harmle? and defend Assignee harmless from and against all claims, damages,
losses, liabilities, costs a? expenses (including but not limited to reasonable
attorneys' fees and expenses) arising out of a? failure by Assignor to perform
or observe the obligations, covenants, terms and conditions of under the
Assigned Property, to the extent arising on or prior to the date hereof.

     4.   ASSUMPTION BY ASSIGNEE. Assignee hereby accepts the foregoing
assignment a? assumes and agrees to perform all obligations of the owner under
the Assigned Property arisi? after the date hereof.

     5.   INDEMNITY BY ASSIGNEE. Assignee does hereby agree to indemnify, hold
harmle? and defend Assignor from and against all claims, damages, losses,
liabilities, costs and expenses (including but not limited to reasonable
attorneys' fees and expenses) arising out of any fail? of Assignee to perform
or observe, and Assignee's performance and observance of, t? obligations,
duties, covenants, terms and conditions assumed by Assignee hereunder, to t?
extent arising after the date hereof.

<Page>

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

     7.   DISPUTE. In the event of any dispute between Assignor and Assignee
arising out of the obligations of the parties under this Assignment or
concerning the meaning or interpretation of any provision contained herein, the
losing party shall pay the sole prevailing party's costs and expenses of such
dispute, including, without limitation, reasonable attorneys' fees and costs.

     8.   SUCCESSORS. This Assignment shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns.

                            (SIGNATURE PAGE FOLLOWS)

<Page>

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

                          ASSIGNOR:

                          ----------------------------------------
                               By:
                                  --------------------------------
                               Name:
                                    ------------------------------
                               Title:
                                     -----------------------------

                          ASSIGNEE:

                          ----------------------------------------
                               By:
                                  --------------------------------
                               Name:
                                    ------------------------------
                               Title:
                                     -----------------------------

<Page>

                                   EXHIBIT "J"

                                    RENT ROLL

                                 [SEE ATTACHED]

<Page>

                                DESCO ASSOCIATES
                                   PO BOX 215
                             BRISTOL, CT 06011-0215

PREPARED FOR INLAND GROUP

                              RENT ROLL AS OF               14-Nov-03     SQ.FT.

DESCO ASSOCIATES                      GROSS LEASABLE AREA                 54661
SHAW'S SUPERMARKET, OAKLAND COMMONS
BRISTOL, CT                           NET LEASABLE AREA                   54661

<Table>
<Caption>
TENANT                       SQ FEET   ANNUAL RENT  COMMENCEMENT  TERMINATION    RENEWAL OPTIONS    LANDLORD EXP  TENANT EXP
----------------------------------------------------------------------------------------------------------------------------
<S>                           <C>     <C>             <C>          <C>         <C>                    <C>          <C>
SHAW'S SUPERMARKETS, INC
FIRST LEASE YEAR PLUS FIRST
FIVE YEAR TERM OF INITIAL
20 YEAR TERM                  54661   $  901,906.56   10/8/1995    2/28/2016   SIX FIVE YEAR TERMS       ROOF      ALL OTHER
SECOND FIVE YEAR TERM OF                                                                              STRUCTURAL
INITIAL 20 YEAR TERM          54661   $  929,237.00   3/1/2001     4/30/2016
THIRD FIVE YEAR TERM OF
INITIAL 20 YEAR TERM          54661   $  956,567.50   3/1/2006     4/30/2016
FOURTH FIVE YEAR TERM OF
INITIAL 20 YEAR TERM          54661   $  983,898.00   3/1/2011     4/30/2016
</Table>

              I HEREBY CERTIFY THE ABOVE INFORMATION TO BE CORRECT

              SIGNED
                     -----------------------------
                      JOHN D SCARRITT, GENERAL PARTNER                11/14/2003
                      DESCO ASSOCIATES

<Page>

PREPARED FOR INLAND GROUP
                                              RENT ROLL AS OF 11/14/2003  SQ.FT.

DESCO ASSOCIATES                              GROSS LEASABLE AREA         65658
SHAWS PLAZA
NEW BRITAIN, CT                               NET LEASABLE ARE            65658

<Table>
<Caption>
TENANT                       SQ FEET    ANNUAL RENT   COMMENCEMENT  TERMINATION  OPTIONS     LANDLORD EXP  TENANT EXP
---------------------------------------------------------------------------------------------------------------------
<S>                           <C>     <C>               <C>          <C>         <C>          <C>          <C>
SHAW'S SUPERMARKETS, INC
FIRST LEASE YEAR PLUS FIRST   65658   $  1,017,699.00   12/8/1995    4/30/2016   SIX FIVE        ROOF      ALL OTHER
FIVE YEAR TERM OF INITIAL                                                        YEAR TERMS   STRUCTURAL
20 YEAR TERM
SECOND FIVE YEAR TERM OF
INITIAL 20 YEAR TERM          65658   $  1,083,357.00   3/1/2001     4/30/2016
THIRD FIVE YEAR TERM OF
INITIAL 20 YEAR TERM          65658   $  1,149,015.00   3/1/2006     4/30/2016
FOURTH FIVE YEAR TERM OF
INITIAL 20 YEAR TERM          65658   $  1,181,844.00   3/1/2011     4/30/2016
</Table>

              I HEREBY CERTIFY THE ABOVE INFORMATION TO BE CORRECT

              SIGNED John D. Scarritt
                     -------------------------------------
                     JOHN D. SCARRITT, GENERAL PARTNER          DATE: 11/14/2003
                     DESCO ASSOCIATES

<Page>

                                   EXHIBIT "K"

                             DUE DILIGENCE CHECKLIST

DOCUMENTS TO BE PROVIDED BY SELLER

A.   LEASING/OPERATING INFORMATION
          -    Rent Roll
          -    Current Year Operating Budget - Seller represents and warrants
               that there is no current year operating budget.
          -    YTD Operating Statements
          -    Prior years CAM and Tax reconciliations
          -    Copies of last year's tax bills
          -    Copies of last years insurance invoices
          -    All current Leases and Amendments
          -    Tenant correspondence during Prior Year
          -    Copy of any pending litigation
          -    Copy of Tenant sales reports received from Tenants

B.   TITLE, SURVEY, SITE CONDITIONS
          -    To the extent in Seller's possession or readily available to
               Seller, Surveys, Site Plans and elevations
          -    Current Title Insurance Policy
          -    Copies of recorded title exception documents, including any REA's
               or condominium documents
          -    As-Built Plans for all improvements and as-built drawings of
               underground utilities (including sewer, gas, water, telephone and
               electrical service cables) located under the Property

C.   ENVIRONMENTAL
          -    Environmental hazardous materials reports
          -    Underground storage tank removal reports
          -    Asbestos Surveys

D.   PERMITS AND APPROVALS - Seller represents and warrants that it does not
     possess any of the following:
          -    Certificates of Occupancy, including Tenant c/o's
          -    Variances, Special permits, site plan approvals
          -    Sewer connection permits
          -    Orders of condition/wetlands permits
          -    Building permits, approvals, etc.

<Page>

                                   EXHIBIT "L"

                                PRICE ALLOCATION

New Britain Property (First Parcel) - $13,656,060.00

Bristol Property (Second Parcel) - $11,711,940.00

<Page>

                                   EXHIBIT "M"

                        TENANT ALLOWANCE AND CONCESSIONS

                                      NONE

<Page>

                                   EXHIBIT "N"

                          SUPPLEMENTAL ESCROW AGREEMENT

     This agreement (the "SUPPLEMENT") relates to a purchase money deposit (the
"DEPOSIT") in the amount of $300,000.00 as set forth in an agreement entitled
"Purchase and Sale Agreement", dated November __, 2003 (as may be amended from
time to time, the "AGREEMENT") by and between DESCO ASSOCIATES ("SELLER") and
INLAND REAL ESTATE ACQUISITIONS, INC. ("BUYER") pertaining to real property
commonly known as 1045 West Main Street, New Britain, Connecticut and 325
Oakland Street, Bristol, Connecticut (collectively the "PROPERTY"), which sum
has been deposited in Escrow Number ____________ (the "ESCROW") with Chicago
Title Insurance Company ("CTIC") in accordance with the Agreement.

     We, the undersigned, do hereby jointly and severally agree that except as
expressly provided herein, CTIC ("ESCROW AGENT") shall incur no liability in
connection with its good faith performance under the Agreement, and do hereby
jointly and severally release and waive any claims we may have against CTIC
which may result from its performance in good faith of its function as Escrow
Agent, including but not limited to a delay in the transfer of funds. CTIC shall
be liable only for the loss or damage caused directly by its acts of gross
negligence or willfull misconduct while performing as Escrow Agent under this
Escrow Agreement.

     The Escrow Agent shall be entitled to rely upon the authenticity of any
signature and upon the genuineness and validity of any writing (including
writings received by facsimile or electronic mail) received by Escrow Agent
relating to this Supplement. Escrow Agent may rely upon any oral identification
of a party notifying Escrow Agent orally as to matters relating to the Agreement
and/or this Supplement if such oral notification is permitted thereunder. Escrow
Agent is not responsible for the nature, content, validity, or enforceability of
any of the escrow documents not produced by Escrow Agent. NOTWITHSTANDING
ANYTHING TO THE CONTRARY CONTAINED IN THE AGREEMENT, CTIC, BUYER AND SELLER
AGREE THAT ESCROW AGENT SHALL HAVE NO OBLIGATION TO AND SHALL NOT RELEASE ANY
FUNDS IN THE ESCROW UNLESS AND UNTIL WRITTEN NOTICE HAS BEEN RECEIVED BY ESCROW
AGENT AND EXECUTED BY BOTH BUYER AND SELLER, AUTHORIZING THE RELEASE OF THE
FUNDS, PROVIDED, HOWEVER, THAT BUYER SHALL HAVE THE UNILATERAL RIGHT TO DIRECT
ESCROW AGENT TO RETURN (AND ESCROW AGENT SHALL RETURN) THE DEPOSIT TO BUYER AT
ANY TIME PRIOR TO THE EXPIRATION OF THE INSPECTION PERIOD (AS DEFINED IN THE
AGREEMENT), SUBJECT, HOWEVER, TO THE CONDITION THAT, AT THE TIME BUYER DIRECTS
DISBURSEMENT, BUYER NOTIFIES CTIC THAT BUYER HAS TERMINATED THE AGREEMENT. SAID
NOTICE TO ESCROW AGENT SHALL SET FORTH THE AMOUNT TO BE RELEASED AND THE PARTY
TO WHOM PAYMENT IS TO BE MADE.

     In the event of any disagreement between the parties hereto resulting in
conflicting instructions to, or adverse claims or demands upon the Escrow Agent
with respect to the release of the Deposit, other funds in Escrow or documents
delivered into Escrow, the Escrow Agent may refuse to comply with any such
instruction, claim or demand so long as such disagreement shall continue, and in
so refusing the Escrow Agent shall not further release such funds or documents.
The Escrow Agent shall not be, or become liable in any way for its failure or
refusal to comply with any such conflicting instructions or adverse claims or
demands, and it shall be entitled to continue to refrain from acting until such
conflicting instructions or adverse claims or

<Page>

demands (a) shall have been reconciled by agreement and Escrow Agent shall have
been notified in writing thereof by the Seller and Buyer; or (b) shall have
finally been determined in a court of competent jurisdiction.

     The Escrow Agent may, at its sole discretion, resign by giving (30) days
written notice hereof to the parties hereto. The parties shall furnish to the
Escrow Agent written instructions for the release of such funds and documents in
Escrow. If the Escrow Agent shall not have received such written instructions
within the thirty (30) days, the Escrow Agent may petition any court of
competent jurisdiction for the appointment of a successor Escrow Agent and upon
such appointment deliver such funds and documents to such successor. Costs and
fees incurred by the Escrow Agent may, at the option of the Escrow Agent, be
deducted from any funds held pursuant hereto.

     None of the provisions of this Supplement shall prohibit Escrow Agent from
bringing an interpleader action or from exercising any rights that might be
afforded by statutory or common law to resolve any disagreements, uncertainties,
conflicts, or disputes as to the administration by Escrow Agent of its duties
and obligations hereunder.

     The parties hereto do hereby agree that they are aware that the Federal
Deposit Insurance Corporation (FDIC) coverage applies only to a maximum amount
of $100,000 for each individual depositor and that they are aware that CTIC
assumes no responsibility for, nor will they hold CTIC liable for any loss
occurring which arises from the fact that the amount held by the Escrow Agent in
any account may cause the aggregate amount of any individual depositor's
accounts to exceed $100,000 and that the excess amount is not insured by the
FDIC.

Dated this 20th day of November, 2003.

(Seller)
DESCO ASSOCIATES, a Connecticut limited partnership

By: /s/ John D. Scarritt
   ----------------------------------------
Name:     John D. Scarritt, General Partner
Address:  c/o John D. Scarritt
          P.O. Box 215
          225 Grove Street
          Bristol, Connecticut 06011-0215
          Telephone: 860-582-0244
          Telecopier: 860-543-5422
          Email:desco@snet.net

<Page>

(Buyer)
INLAND REAL ESTATE ACQUISITIONS, INC.

By: /s/ [ILLEGIBLE]
   ----------------------------------------
Name:  [ILLEGIBLE]
Address:    2901 Butterfield Road
            Oak Brook, Illinois 60523
            Telephone: 630-218-4948
            Telecopier: 630-218-4900
            Email: inlandgroup.com

(Escrow Agent)
CHICAGO TITLE INSURANCE COMPANY

By:
   ----------------------------------------
Name:
Address:    Division 2 Escrow, 3rd Floor
            171 North Clark Street
            Chicago, IL 60601
            Attention: Nancy Castro
            Telephone:   312-223-3909
            Telecopier:  312-223-2108
            Escrow No.: __________________ (the "ESCROW")

<Page>

                                   EXHIBIT "O"

                         FORM OF GROUND LESSOR ESTOPPEL

TO: ________________________
    ________________________
    ________________________

RE:  [ADDRESS OF THE PROPERTY] (the "PROPERTY")

Ladies and Gentlemen:

     The following statements are made with the knowledge that Inland Real
Estate Acquisitions, Inc., an Illinois corporation, and ____________________,
L.L.C., a Delaware limited liability company, and their respective successors
and assigns (individually and collectively, as applicable, "PURCHASER"), and
their respective lenders and/or investors are relying on them in connection with
the acquisition and financing of the Property by Purchaser and, in connection
therewith, the assignment of the Lease (defined below) to Purchaser.
Accordingly, Purchaser and its respective lenders, successors, assigns and
successor owners of the Property may rely on such statements for that purpose.

     The undersigned ("GROUND LESSOR"), being the lessor under the Lease
covering the Property, hereby certifies, represents, warrants, covenants and
agrees as follows:

     1.   Ground Lessor is the lessor under a lease with ____________________
("LESSEE") dated ___________________ [INSERT THE TITLE AND DATE OF, AND DATE OF
ALL AMENDMENTS, MODIFICATIONS AND ANY OTHER AGREEMENTS RELATING TO, THE GROUND
LEASE, I.E...., "AS AMENDED BY THAT CERTAIN FIRST AMENDMENT, DATED _________,"
....] (collectively, the "LEASE"). The Lease demises to Lessee the Property. The
initial term of the Lease commenced on____________, 200_, and will expire
on_____________, ______________, exclusive of unexercised renewal options and
extension options contained in the Lease. There have been no other amendments,
modifications, revisions or supplements to the Lease, and there are no other
agreements of any kind between Ground Lessor and Lessee regarding the Property.
Ground Lessor has not assigned or transferred its right, title and interest in,
to and under the Lease or the Property.

     2.   The Lease has been duly authorized and executed by Ground Lessor and
is in good standing and in full force and effect. Attached is a true, correct
and complete copy of the Lease.

     3.   Ground Lessor hereby consents to the assignment of Lessee's interest
in, to and under the Lease to Purchaser. Ground Lessor, for itself, its
successors and assigns, hereby confirms that (a) it has no right to consent to
or approve of, or to require any third party to consent to or approve of, the
renovation, remodelling, rebuilding, maintenance and repair of any of the
improvements and other structures located upon the Property, and (b) until the
expiration or earlier termination of the Lease, Ground Lessor has no right,
title or interest in or to any improvements or other structures located on the
Property.

<Page>

     4.   Lessee is currently obligated to pay rent under the Lease in the
annual amount of ___________ Dollars ($_______), payable in advance, in equal
monthly installments of ___________________ Dollars ($_______). All rent has
been paid under the Lease through __________, 200_. No rent under the Lease has
been paid more than (1) month in advance, and no other sums have been deposited
with Landlord other than ______________ Dollars ($_______) deposited as security
under the Lease. Such security deposit is not subject to any set-off or
reduction or any increase for interest or other credit due to Ground Lessor.
Ground Lessor has no claims or defenses to the enforcement of the Lease by
Lessee. Ground Lessor has not rebated, reduced or waived any amounts due from
Lessee under the Lease.

     5.   Neither Ground Lessor nor Lessee is in default under the Lease beyond
any applicable cure period and no event has occurred which, with the giving of
notice or passage of time, or both, could result in such default. As of the date
of this estoppel certificate, there is no dispute between Ground Lessor and
Lessee, and there is no litigation between Ground Lessor and Lessee with respect
to the Lease or the Property. Ground Lessor has not received any notice of any
present violation of any federal, state, county or municipal laws, regulations,
ordinances, order or directives relating to use, operation or condition of the
Property. The Property is assessed as a separate parcel for real estate tax
purposes.

     6.   All obligations and conditions under the Lease to be performed to date
by Ground Lessor and Lessee (including, without limitation, Lessee's obligations
under Sections 3 and 6 of the Lease) have been satisfied, free of defenses and
set-offs, including all construction work at the Property.

     7.   If so requested by Purchaser, Ground Lessor shall send to any lender
of Purchaser copies of all notices sent by Ground Lessor under and pursuant to
the Lease.

     8.   Ground Lessor has not received any notice of a prior sale, transfer,
assignment, pledge or other hypothecation of Lessee's interest in the Lease.
Ground Lessor has not (a) applied for the appointment of, or the taking of
possession by, a receiver, custodian, trustee or liquidator of itself or of all
or a substantial part of the Property, (b) admitted in writing its inability to
pay its debts as they become due, (c) made a general assignment for the benefit
of its creditors, (d) filed a voluntary petition or commenced a voluntary case
or proceeding under the Federal Bankruptcy Code, (e) been adjudicated a bankrupt
or insolvent, (f) filed a petition seeking to take advantage of any other law
relating to bankruptcy, insolvency, reorganization, winding-up or composition or
adjustment of debts, (g) received any notice of any petition filed against it in
an involuntary case or proceeding under the Federal Bankruptcy Code, or (h)
taken any corporate, partnership, limited liability company or other action for
the purpose of effecting any of the foregoing.

EXECUTED as of the ______ day of ___________, 2003.

GROUND LESSOR:

________________________
________________________
________________________
________________________

<Page>

                                   EXHIBIT "P"

                                    LICENSES

1.   Storm Water Drainage Permit (No. GSC00019) dated 12/23/02, issued by The
Connecticut Department of Environmental Protection relating to the Bristol Real
Property.

2.   Storm Water Drainage Permit (No. GSC00020) dated 12/23/02, issued by The
Connecticut Department of Environmental Protection relating to the New Britain
Real Property.

3.   Access Permit (No. 1213), issued by the State of Connecticut Department of
Transportation relating to the Bristol Real Property, and recorded in Volume
1126, Page 137.

4.   Access Permit (No. 1271) dated 5/16/95, issued by the State of Connecticut
Department of Transportation relating to the New Britain Real Property, and
recorded in Volume 1199, Page 847.

<Page>

                                   EXHIBIT "Q"

                       CONFIGURATION OF SUBDIVIDED PARCELS

The final configuration of the subdivided parcels currently is being completed.
During the Inspection Period, Seller and Buyer shall finalize the plat of
subdivision separating the Continental Property from the Bristol Real Property.
Such plat shall be subject to the review and approval of Buyer and Seller (not
to be unreasonably withheld or delayed). Neither Seller nor Buyer will submit,
record or file any plat of subdivision or similar document unless and until the
other party shall have approved the same. Upon completion of the plat of
subdivision, Seller and Buyer shall amend this Agreement to attach such plat as
this Exhibit Q.

<Page>

                                   EXHIBIT "R"

                        FORM OF FIRST AMENDMENT TO LEASE,
                       AND AGREEMENTAND MEMORANDUM THERETO

                                 [SEE ATTACHED]

<Page>

                     FIRST AMENDMENT TO LEASE AND AGREEMENT

     THIS FIRST AMENDMENT TO LEASE AND AGREEMENT (this "FIRST AMENDMENT") is
made and entered into as of this ___ day of November 2003, by and among THE
ESTATE OF STEPHEN HUTT, as successor-in-interest to Stephen Hutt ("LANDLORD"),
and DESCO ASSOCIATES, a Connecticut limited partnership, and JOHN D. SCARRITT,
an individual (collectively, "TENANT").

                                    RECITALS:

     A.   Stephen Hutt and Tenant previously have executed and entered into that
certain Lease and Agreement dated as of August 15, 1994 (the "LEASE"), pursuant
to which the Tenant leases from Landlord the Leased Premises (as defined in the
Lease).

     B.   Landlord is the successor-in-interest to the landlord's right, title
and interest inand to the Lease.

     C.   Landlord and Tenant desire to amend the Lease to (a) grant to Tenant
the right to encumber its right, title and interest in, to and under the Lease
with a leasehold mortgage, (b) provide for Landlord's execution and delivery,
from time to time, of certain estoppel certificates and agreements, and (c)
amend certain other terms, provisions and conditions of the Lease, all as
hereinafter more particularly set forth.

                                   AGREEMENT:

     NOW THEREFORE, in consideration of the premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree and amend the Lease in the following respects only:

     1.   INTEGRATION OF THIS FIRST AMENDMENT; DEFINED TERMS. This First
Amendment and the Lease shall, for all purposes, be deemed to be one (1)
instrument. In the event there arises a conflict or inconsistency between the
terms and provisions of this First Amendment and the terms and provisions of the
Lease, the terms and provisions of this First Amendment shall, in all incidents,
control, govern and prevail. Capitalized terms used in this First Amendment and
not defined herein, but defined in the Lease, shall have the same meaning as
given in the Lease. The Lease and this First Amendment collectively shall
sometimes be referred to herein as the "AMENDED LEASE".

     2.   LANDLORD UNDER THE LEASE. Landlord represents and warrants that, as
successor to Stephen Hutt, it holds, owns and controls all of the landlord's
right, title and interest in, to and under the Lease, and that the Lease and
this First Amendment is binding upon and enforceable against Landlord.

     3.   LEASEHOLD MORTGAGE PROVISIONS. The following provisions are hereby
inserted as Section 6.01 of the Lease:

          "6.01 LEASEHOLD MORTGAGES. Notwithstanding anything to the contrary
     contained in this Lease, Tenant, or any sublessee, shall have the right to
     assign, pledge and/or transfer its right, title and interest in and to, and
     to grant security interests in, its leasehold or subleasehold estate as
     security and collateral for a loan made to Tenant or such subleasee. Tenant
     or any sublessee is hereby given the right by Landlord, in addition to any
     other rights

<Page>

     herein granted, without Landlord's prior written consent, to (i) mortgage,
     encumber, pledge, assign, or grant a security interest in the Leasehold
     Estate (hereinafter defined) or any part or parts thereof, and (ii) assign
     this Lease, or any part or parts thereof, as collateral security for a
     Leasehold Mortgage(s) (hereinafter defined), upon the following terms,
     provisions and conditions:

          (i)     DEFINITIONS.

                  a.   The term "Leasehold Estate" as used in this Section 6.02
          shall mean Tenant's leasehold estate created by this Lease.

                  b.   The term "Leasehold Mortgage" as used in this Section
          6.02 shall include a mortgage, deed of trust, deed to secure debt, or
          other security instrument by which the Leasehold Estate is mortgaged,
          conveyed, assigned or otherwise transferred to secure indebtedness for
          borrowed money. The term "Leasehold Mortgage", whenever used herein,
          shall further include whatever security instruments are or may
          hereafter be used in the locale of the Leased Premises, such as,
          without limitation, deeds of trust, security deeds and conditional
          deeds, as well as financing statements, security agreements and other
          documentation required pursuant to the Uniform Commercial Code or
          other applicable law. The term "Leasehold Mortgage" whenever used
          herein shall also include any instruments required in connection with
          a sale-leaseback transaction with a Leasehold Mortgage.
          Notwithstanding the foregoing, there shall be no more than two (2)
          Leasehold Mortgages at any time.

                  c.   The term "Leasehold Mortgagee" as used in this Lease
          shall mean a holder or beneficiary of a Leasehold Mortgage.

          (ii)    Tenant shall notify Landlord of the identity and notice
     address for any Leasehold Mortgagee promptly after the closing of any loan
     secured by Tenant's Leasehold Estate. No surrender, termination, amendment
     or modification of this Lease by Tenant shall be effective as to any
     Leasehold Mortgagee unless consented to in writing by such Leasehold
     Mortgagee of which Landlord has been notified in writing. This provision
     shall not apply with respect to Tenant's surrender of this Lease, or the
     termination of this Lease, upon the expiration of the term set forth in
     Section 1.03 hereof.

          (iii)   Upon providing Tenant any notice of: (1) default under this
     Lease, (2) a termination of this Lease, or (3) any matter on which Landlord
     may predicate or claim a default, Landlord shall at the same time provide a
     copy of such notice to every Leasehold Mortgagee. A Leasehold Mortgagee
     shall have the right, but not the obligation, after its receipt of such
     notice, to cure any such default and such Leasehold Mortgagee shall be
     afforded (a) sixty (60) days to cure any such default or (b) if any such
     default is not curable within sixty (60) days, such longer period as may be
     required to complete such cure, including, without limitation, such time as
     may be required by such Leasehold Mortgagee to gain possession of Tenant's
     interest under this Lease, provided that such Leasehold Mortgagee notifies
     Landlord of its intention to cure such default and such Leasehold Mortgagee
     promptly commences and diligently pursues such cure to completion. Landlord
     shall accept such performance by or at the instigation of such Leasehold
     Mortgagee to take any such action at such Leasehold Mortgagee's option and
     does hereby authorize entry upon the Leased Premises by the Leasehold
     Mortgagee for such purpose, subject, however, to the

                                        2
<Page>

     terms and provisions of this Lease.

          (iv)    If a Leasehold Mortgagee remedies, or causes to be remedied,
     the default or act or omissions specified in a default notice, then this
     Lease shall continue in full force and effect as if Tenant had not
     defaulted under this Lease. If such default, act or omission is not
     remedied prior to the expiration of any applicable cure period set forth in
     this Lease, then Landlord shall have all rights and remedies available to
     it under this Lease, at law and in equity.

          (v)     For the purposes of this Lease, the making of a Leasehold
     Mortgage shall not be deemed to constitute an assignment or transfer of
     this Lease or of the Leasehold Estate hereby created, nor shall any
     Leasehold Mortgagee, as such, be deemed to be an assignee or transferee of
     this Lease or of the Leasehold Estate hereby created so as to require such
     Leasehold Mortgagee, as such, to assume the performance of any of the
     terms, covenants or conditions on the part of the Tenant to be performed
     hereunder, but the purchaser at any sale of this Lease and of the Leasehold
     Mortgage, or the assignee or transferee of this Lease and of the Leasehold
     Estate hereby created in any proceedings for the Leasehold Mortgage shall
     be deemed to be an assignee or transferee of this Lease, and such party
     shall be deemed to have agreed to perform all of the terms, covenants and
     conditions on the part of the Tenant to be performed hereunder from and
     after the date of such purchase and assignment, but only for so long as
     such purchaser or assignee is the owner of the Leasehold Estate.

          (vi)    Any Leasehold Mortgagee or other acquirer of the Leasehold
     Estate of Tenant pursuant to foreclosure, assignment in lieu of foreclosure
     or other proceedings may, upon acquiring Tenant's Leasehold Estate, sell
     and assign the Leasehold Estate on such terms and to such persons and
     organizations as are acceptable to such Leasehold Mortgagee or acquirer and
     thereafter be relieved of all obligations under this Lease.

          (vii)   In the event of the termination of this Lease as a result of
     Tenant's default or the rejection hereof by a trustee in bankruptcy for or
     by Tenant pursuant to any state or federal bankruptcy or similar law or
     code, Landlord shall, in addition to providing the notices of default and
     termination as required by subsection (ii) above of this Section 6.02,
     provide each Leasehold Mortgagee with written notice that the Lease has
     been terminated (the "Notice of Termination"), together with a statement of
     all sums which would at that time be due under this Lease but for such
     termination, and of all other defaults, if any, then known to Landlord.
     Landlord agrees to enter into a new lease ("New Lease") of the Leased
     Premises with such Leasehold Mortgagee or its designee for the remainder of
     the term of this Lease, effective as of the date of termination, at the
     rent and additional rent, and upon the terms, covenants and conditions
     (including all options to renew but excluding requirements which are not
     applicable or which have already been fulfilled) of this Lease, provided
     that the following requirements are satisfied:

                  a.   Such Leasehold Mortgagee shall make written request upon
          Landlord for such New Lease within sixty (60) days after the date such
          Leasehold Mortgagee receives the Notice of Termination of this Lease;
          and Leasehold Mortgagee's failure to so notify Landlord shall be
          deemed Leasehold Mortgagee's waiver of its rights under this
          subsection (vii).

                                        3
<Page>

                  b.   Such Leasehold Mortgagee or its designee shall pay or
          cause to be paid to Landlord at the time of the execution and delivery
          of such New Lease, any and all sums which would at the time of
          execution and delivery thereof be due pursuant to this Lease but for
          such termination and, in addition thereto, all reasonable expenses,
          including reasonable attorney's fees, which Landlord shall have
          incurred by reason of such termination and the execution and delivery
          of the New Lease and which have not otherwise been received by
          Landlord from Tenant or other party in interest under Tenant. Upon the
          execution of such New Lease, Landlord shall allow to the tenant named
          therein as an offset against the sums otherwise due under this
          subsection (vii) or under the New Lease, an amount equal to the net
          income, if any, derived by Landlord from the Leased Premises during
          the period from the date of termination of this Lease to the date of
          the beginning of the term of such New Lease. In the event of a
          controversy as to the amount to be paid to Landlord pursuant to this
          subsection (vii), the payment obligation shall be satisfied if
          Landlord shall be paid the amount not in controversy, and the
          Leasehold Mortgagee or its designee shall agree to pay any additional
          sum ultimately determined to be due.

                  c.   Such Leasehold Mortgagee or its designee shall agree to
          attempt to remedy any of Tenant's defaults of which said Leasehold
          Mortgagee was notified.

                  d.   Landlord shall use commercially reasonable efforts to
          obtain a subordination, non-disturbance and attornment agreement from
          the holder of any mortgage, deed of trust or other security instrument
          encumbering fee title to the Leased Premises.

          (viii)  A standard clause naming Leasehold Mortgagee may be added to
     any and all insurance policies required to be carried by Tenant under this
     Lease.

          (ix)    So long as any Leasehold Mortgage is in existence, unless all
     Leasehold Mortgagees shall otherwise expressly consent in writing, fee
     title to the Leased Premises and the Leasehold Estate of Tenant therein
     created by this Lease shall not merge but shall remain separate and
     distinct, notwithstanding the acquisition of said fee title and said
     Leasehold Estate by Landlord or by Tenant or by a third party, by purchase
     or otherwise.

          (x)     Notices from Landlord to the Leasehold Mortgagee shall be
     mailed to the address furnished Landlord pursuant to subsection (ii) of
     this Section 6.02, and those from the Leasehold Mortgagee to Landlord shall
     be mailed to the address designated in Section 13.06 below. Such notices,
     demands and requests shall be given by the means set forth in, and shall be
     deemed delivered at the times provided in, Section 13.06 below. No notice
     of default, alleged default or potential default delivered by Landlord to
     Tenant shall be effective unless and until a copy thereof shall be
     delivered to all Leasehold Mortgagees of which Landlord has been notified.

          (xi)    No payment made to Landlord by a Leasehold Mortgagee shall
     constitute agreement that such payment was, in fact, due under the terms of
     this Lease; and a Leasehold Mortgagee having made any payment to Landlord
     pursuant to Landlord's wrongful, improper or mistaken notice or demand
     shall be entitled to the return of any such payment or portion thereof
     provided he shall have made demand therefor not later than six (6) months
     after the date of its payment.

                                        4
<Page>

          (xii)   Landlord covenants and agrees that Tenant alone shall be
     entitled to all proceeds of, from and under any Leasehold Mortgage at any
     time and from time to time effected pursuant to this Lease, and Landlord
     shall not be entitled to, and shall not receive or have an interest in,
     such proceeds or any part thereof, and hereby directs lender under such
     Leasehold Mortgage to pay the aforesaid proceeds directly to Tenant and
     hereby covenants to execute any further documents which may be required by
     the aforesaid Leasehold Mortgagee for such purpose. If, nevertheless, the
     aforesaid Leasehold Mortgagee shall refuse to pay the proceeds of such
     Leasehold Mortgage to a party other than Landlord, or Landlord and Tenant
     jointly, then Landlord agrees to hold all checks (or other orders for the
     payment of money) or cash proceeds received by it from the said Leasehold
     Mortgagee, in trust, and to forthwith endorse (if necessary, but without
     recourse or warranty) and turn same over to Tenant."

     4.   CERTIFICATIONS AND ESTOPPEL CERTIFICATES AND AGREEMENTS. The following
is hereby inserted as Section 16.06 of the Lease:

          "16.06 ESTOPPEL CERTIFICATES. Landlord shall, from time to time,
     within fifteen (15) days after written request from Tenant, execute and
     deliver to Tenant or any proposed assignee, grantee, mortgagee, trustee or
     lender of Tenant, as applicable, the Form of Ground Lessor Estoppel
     Certificate attached hereto as Exhibit B and made a part hereof.
     Additionally, Landlord shall, within fifteen (15) days after written
     request from Tenant, execute and deliver to Tenant and any proposed
     mortgagee, trustee or lender of Tenant, as applicable, the Form of Ground
     Lessor Estoppel and Agreement attached hereto as Exhibit C and made a part
     hereof."

     5.   CONDITIONAL ASSIGNMENT OF RENTALS. Landlord hereby confirms,
acknowledges and agrees that the conditional assignment of rents, income and
profits contained in Section 15.01 of the Lease (a) relates only to rents,
income and/or profits received by Tenant exclusively in connection with the
operation and rental of the Leased Premises (and not of any other portion of the
shopping center of which the Leased Premises may be a part, including, without
limitation, the portion of the shopping center currently leased by Shaw's
Supermarkets, Inc.), and (b) does not constitute an assignment or pledge of any
rents, income or profits relating to Tenant's ownership, operation, management,
leasing or rental of any property other than the Leased Premises.

     6.   BROKERS. Landlord and Tenant each represent and warrant to the other
that they have not dealt with any brokers in connection with this First
Amendment. Landlord and Tenant each agree to defend, indemnify and hold the
other harmless from and against any and all claims by any broker or for fees,
commissions or other compensation to the extent such broker alleges to have been
retained by the indemnifying party in connection with the negotiation, execution
and delivery of this First Amendment. The provisions of this Section 6 shall
survive the expiration or other termination of the Amended Lease.

     7.   SEVERABILITY. If any provision of this First Amendment or the
application thereof to any person or circumstance is or shall be deemed illegal,
invalid or unenforceable, the remaining provisions of this First Amendment shall
remain in full force and effect and this First Amendment shall be interpreted as
if such illegal, invalid or unenforceable provision did not exist.

     8.   FULL FORCE AND EFFECT; BINDING EFFECT. Except to the extent expressly
stated or modified in this First Amendment, all other terms, provisions,
covenants and conditions of the Lease

                                        5
<Page>

shall remain and continue in full force and effect as originally written and
shall apply to this First Amendment as if set forth in their entirety herein.
Each provision of the Amended Lease, including this First Amendment, shall
extend to and shall bind and inure to the benefit of Landlord and Tenant and
their respective heirs, legal representatives, successors and assigns.

     9.   TIME OF ESSENCE. Time is of the essence of this First Amendment.

     10.  ENTIRE AGREEMENT. This First Amendment and the Lease contain the
entire agreement between Landlord and Tenant with respect to Tenant's leasing of
the Leased Premises.

     11.  COUNTERPARTS. This First Amendment may be executed in separate
counterparts, each of which shall constitute an original copy hereof, but all of
which shall constitute but one and the same agreement.

                         [SIGNATURES ON FOLLOWING PAGE]

                                        6
<Page>

     IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to
be executed and delivered as of the date and year first above written.

                             LANDLORD:

                             THE ESTATE OF STEPHEN HUTT, successor-in-
                             interest to Stephen Hutt

------------------
Witness
                             By:
                                ------------------------------------------------
------------------                 Earl Temchim
Witness                            Executor

                             TENANT:

                             DESCO ASSOCIATES, a Connecticut limited partnership

------------------
Witness
                             By:
                                ------------------------------------------------
------------------                 John D. Scarritt
Witness                            General Partner

------------------           ---------------------------------------------------
Witness                      JOHN D. SCARRITT, an individual

------------------
Witness

                                        7
<Page>

STATE OF _______      )
                      )SS
COUNTY OF_______      )

     The undersigned, a Notary Public within and for said County, in the State
aforesaid, duly commissioned and acting, do hereby certify that Earl Temchim,
the Executor of The Estate of Stephen Hutt (the "Estate"), to me personally well
known and known to be the person who signed the foregoing instrument, and who,
being duly sworn, stated and acknowledged that he is the Executor of The Estate,
and that he signed and delivered the same on behalf of the Estate, with
authority, as his and its free and voluntary act and deed, and as the free and
voluntary act of the Estate, for the uses and purposes therein mentioned and set
forth.

     GIVEN under my hand and notarial seal this _____ day of __________, 2003.

                                        -----------------------------------
                                        Notary Public

My Commission Expires:

<Page>

STATE OF _______      )
                      )SS
COUNTY OF_______      )

     The undersigned, a Notary Public within and for said County, in the State
aforesaid, duly commissioned and acting, do hereby certify that
John D. Scarritt, the sole General Partner of Desco Associates, a Connecticut
limited partnership (the "Company"), to me personally well known and known to be
the person who signed the foregoing instrument, and who, being duly sworn,
stated and acknowledged that he is the sole General Partner of the Company, and
that he signed and delivered the same on behalf of the Company, with authority,
as his and its free and voluntary act and deed, and as the free and voluntary
act of the Company, for the uses and purposes therein mentioned and set forth.

     GIVEN under my hand and notarial seal this _____ day of __________, 2003.

                                        -----------------------------------
                                        Notary Public

My Commission Expires:

<Page>

STATE OF _______            )
                            )SS
COUNTY OF_____              )

     The undersigned, a Notary Public within and for said County, in the State
aforesaid, duly commissioned and acting, do hereby certify that
John D. Scarritt, an individual, to me personally well known and known to be the
person who signed the foregoing instrument, and who, being duly sworn, stated
and acknowledged that he signed and delivered the same on his own behalf and as
his and its free and voluntary act and deed, for the uses and purposes therein
mentioned and set forth.

     GIVEN under my hand and notarial seal this _____ day of __________, 2003.

                                        -----------------------------------
                                        Notary Public

My Commission Expires:

<Page>

                               EXHIBIT B TO LEASE

                   FORM OF GROUND LESSOR ESTOPPEL CERTIFICATE

TO:
     ________________________

     ________________________

     ________________________

RE:  30 foot right of way, Farmington Avenue & Lewis Street originally granted
     in a deed from DESCO Associates to Irwin Hutt dated October 5, 1972 and
     recorded in Volume 605 at Page 767 of the Bristol Land Records (the
     "Property")

Ladies and Gentlemen:

     The following statements are made with the knowledge that ________________,
and their respective successors and assigns (individually and collectively, as
applicable, "Purchaser"), and their respective lenders and/or investors are
relying on them in connection with the acquisition and financing of the Property
by Purchaser and, in connection therewith, the assignment of the Lease (defined
below) to Purchaser. Accordingly, Purchaser and its respective lenders,
successors, assigns and successor owners of the Property may rely on such
statements for that purpose.

     The undersigned ("Ground Lessor"), being the legal successor in interest to
the original lessor under the Lease covering the Property, hereby certifies,
represents, warrants, covenants and agrees as follows:

     1.   Ground Lessor is the lessor under a lease with _____________("Lessee")
dated August 15, 1994 (the "Lease"). The Lease demises to Lessee the exclusive
use of the Property. The initial term of the Lease commenced on or about January
1, 1995, and will expire on December 31, 2093. There have been no amendments,
modifications, revisions or supplements to the Lease, and there are no other
agreements of any kind between Ground Lessor and Lessee regarding the Property.
Ground Lessor has not assigned or transferred its right, title and interest in,
to and under the Lease or the Property.

     2.   The Lease has been duly authorized and executed by Ground Lessor's
predecessor-in-interest, is binding upon and enforceable against Ground Lessor,
and is in good standing and in full force and effect. Attached is a true,
correct and complete copy of the Lease.

     3.   Ground Lessor hereby consents to the assignment of Lessee's interest
in, to and under the Lease to Purchaser. Ground Lessor, for itself, its
successors and assigns, hereby confirms that (a) it has no right to consent to
or approve of, or to require any third party to consent to or approve of, the
renovation, remodelling, rebuilding, maintenance and repair of any of the
improvements and other structures located upon the Property, and (b) until the
expiration or earlier termination of the Lease, Ground Lessor has no right,
title or interest in or to any improvements or other structures located on the
Property.

     4.   Lessee is currently obligated to pay rent under the Lease in the
annual amount of _____________ Dollars ($_______), payable, in advance, on the
first day of March of each calendar

<Page>

year. All rent has been paid under the Lease through ______________. No rent
under the Lease has been paid more than (1) year in advance, and no other sums
have been deposited with Landlord as security under the Lease. Notwithstanding
the foregoing, the Lease provides for the assignment of a whole life insurance
policy on the life of John D. Scarritt, with a death benefit of $250,000.00,
which policy was heretofore delivered from Lessee to Ground Lessor and the
income or dividends of the policy will serve to pay directly, all or as the case
may be, a portion of the rental due from the twenty-first year through the
ninety-ninth year of the Lease, all as provided in the Lease. Ground Lessor has
no claims or defenses to the enforcement of the Lease by Lessee. Ground Lessor
has not rebated, reduced or waived any amounts due from Lessee under the Lease.
Ground Lessor confirms that Ground Lessor, and not Lessee, is responsible for
the payment of any and all general and/or special real estate, ad valorem and
other taxes and assessments attributable to or levied or assessed against the
Property.

     5.   Neither Ground Lessor nor Lessee is in default under the Lease beyond
any applicable cure period and no event has occurred which, with the giving of
notice or passage of time, or both, could result in such default. As of the date
of this estoppel certificate, there is no dispute between Ground Lessor and
Lessee, and there is no litigation between Ground Lessor and Lessee with respect
to the Lease or the Property. Ground Lessor has not received any notice of any
present violation of any federal, state, county or municipal laws, regulations,
ordinances, order or directives relating to use, operation or condition of the
Property. The Property is assessed as a separate parcel for real estate tax
purposes.

     6.   All obligations and conditions under the Lease to be performed to date
by Ground Lessor and Lessee have been satisfied, free of defenses and set-offs,
including all construction work at the Property.

     7.   If so requested by Purchaser, Ground Lessor shall send to any lender
of Purchaser copies of all notices sent by Ground Lessor under and pursuant to
the Lease.

     8.   Ground Lessor has not received any notice of a prior sale, transfer,
assignment, pledge or other hypothecation of Lessee's interest in the Lease.
Ground Lessor has not (a) applied for the appointment of, or the taking of
possession by, a receiver, custodian, trustee or liquidator of itself or of all
or a substantial part of the Property, (b) admitted in writing its inability to
pay its debts as they become due, (c) made a general assignment for the benefit
of its creditors, (d) filed a voluntary petition or commenced a voluntary case
or proceeding under the Federal Bankruptcy Code, (e) been adjudicated a bankrupt
or insolvent, (f) filed a petition seeking to take advantage of any other law
relating to bankruptcy, insolvency, reorganization, winding-up or composition or
adjustment of debts, (g) received any notice of any petition filed against it in
an involuntary case or proceeding under the Federal Bankruptcy Code, or (h)
taken any corporate, partnership, limited liability company or other action for
the purpose of effecting any of the foregoing.

                                       12
<Page>

EXECUTED as of the _____ day of __________________, 20__.

GROUND LESSOR:

____________________________________

____________________________________

____________________________________

By:
   ---------------------------------
       Name:
            ------------------------
       Its:
           -------------------------

<Page>

                               EXHIBIT C TO LEASE

                  FORM OF GROUND LESSOR ESTOPPEL AND AGREEMENT

     WHEREAS, ________________ (hereinafter "Landlord"), or its predecessor in
interest, has heretofore leased certain lands described on Exhibit A attached
hereto (hereinafter the "Premises") to _____________, as assigned by assignment
dated ____________ to ____________________ (hereinafter "Tenant"), or its
predecessor in interest, pursuant to an agreement of lease, as more particularly
described on Exhibit B, (as same may have been amended, modified, substituted or
extended, hereinafter the "Lease");

     WHEREAS, Tenant seeks to obtain from ___________________, having an office
at _____________________ (hereinafter "Lender") a loan in the approximate amount
of $ _____________ (hereinafter the "Loan") secured by a first leasehold
mortgage upon Tenant's interest as tenant under the Lease in the Premises (the
"Leasehold Mortgage");

     WHEREAS, the Lease provides that the Landlord will, from time to time at
the request of the Tenant, consent to leasehold mortgages and issue estoppel
certificates and modifications to the Lease subject to certain conditions; and

     WHEREAS, Lender is unwilling to make the Loan unless Landlord reaffirms to
Lender that the provisions of the Lease respecting leasehold mortgages are
restated and confirmed for Lender's benefit and certain modifications are made
with Lender with respect to Lender's rights as the holder of the Leasehold
Mortgage.

     NOW THEREFORE, in consideration of ten dollars ($10.00) and other good and
valuable consideration the receipt and sufficiency of which are hereby
acknowledged, Landlord hereby certifies to and agrees with Lender as follows:

     1.   Landlord hereby consents to the granting by Tenant of a mortgage on
Tenant's interest pursuant to the Lease to Lender. Notwithstanding anything in
the Lease to the contrary, Landlord hereby agrees that any involuntary transfer
of Tenant's interest in the Lease to Lender, its successors or assigns shall not
constitute an event that terminates the Lease or entitles Landlord to terminate
the Lease.

     2.   All of the leasehold mortgagee protection provisions contained in the
Lease that inure to the benefit of leasehold mortgagees or their successors and
assigns are hereby incorporated into this agreement by reference and restated
and confirmed by Landlord for the benefit of Lender, its successors and assigns.

     3.   Landlord hereby agrees that the Lease shall not be modified,
terminated, amended, altered or cancelled, nor shall a surrender of the Premises
be accepted by Landlord, without the prior written consent of Lender, and that
any such action taken without Lender's consent shall not be binding on Tenant or
Lender.

     4.   Landlord hereby covenants and agrees that, in the event that (i) the
Lease is terminated for any reason including, without limitation, as a result of
a rejection of the Lease in a bankruptcy proceeding, upon Lender's request, or
(ii) Lender affects a foreclosure of Tenant's interest in the lease, or accepts
a deed in lieu of such foreclosure, Landlord shall enter into a new ground lease
with Lender and such new ground lease shall be upon the same terms and
conditions of

<Page>

the unexpired term of the Lease immediately prior to such termination.

     5.   Landlord hereby confirms with respect to the new ground lease referred
to in paragraph 4 above that, should Lender become the tenant under a new lease:

          (a)  title to all improvements now owned by Tenant, situate on the
     Premises shall automatically vest in Lender; and

          (b)  Landlord shall promptly assign to Lender all space leases and
     subleases under which the tenants have attorned, with consent of Lender, to
     Landlord.

     6.   Notwithstanding anything to the contrary in the Lease, in connection
with any new lease entered into with Lender pursuant to paragraph 4 above, (i)
Landlord shall guarantee possession of the Premises to Lender or its successors
and assigns provided that any such party shall comply with the terms and
provisions of the Lease, and (ii) Landlord shall not disturb the possession of
any subtenants.

     7.   Landlord hereby covenants and agrees that the Leasehold Mortgage shall
not be subject or subordinate to any mortgage encumbering the fee estate of the
Premises.

     8.   Landlord hereby covenants and agrees that Landlord shall deliver to
Lender written notice of any default by Tenant under the Lease simultaneously
with sending such notice to Tenant and that no notice of default given to
Tenant, and no exercise of any remedy by Landlord as a result of any such
default, shall be effective unless such notice shall have been delivered to
Lender. Landlord hereby further covenants and agrees that Lender shall have the
right, but not the obligation, to cure any default by Tenant under the Lease and
Lender shall be afforded (a) 60 days to cure any such default or (b) in the
event that any such default cannot, with reasonable diligence, be cured within
60 days, such longer period as may be required to complete such cure including,
without limitation, such time as may be required for Lender to gain possession
of Tenant's interest under the Lease, provided that Lender notifies Landlord of
its intention to cure such default and Lender promptly commences and diligently
pursues such cure to completion.

     9.   Landlord hereby agrees that Tenant shall have the right to assign or
sublet Tenant's interest under the Lease to Lender, its successor or assign
without the consent of Landlord.

     10.  Landlord hereby covenants and agrees (i) that Lender shall be entitled
to participate in any settlement regarding insurance or condemnation proceeds or
awards, to collect and hold any such proceeds or awards and to determine and
direct whether any such proceeds or awards are made available for the
restoration of the Premises or are applied to the repayment of the Loan, and
(ii) following a casualty or condemnation, the Lease may not be cancelled,
terminated or modified without Lender's consent (except for an abatement of
ground rent pursuant to the Lease).

     11.  Landlord hereby agrees that Lender shall have the right to exercise
any option to renew the term of the Lease if the Tenant shall fail to exercise
any such option.

     12.  Landlord hereby covenants and agrees that Lender shall be entitled to
participate in any arbitration proceeding pursuant to the Lease.

     13.  Landlord hereby certifies as follows:

<Page>

          (a)  Landlord is the owner of the fee simple estate in the Premises
     and is the landlord under the Lease.

          (b)  Tenant is the owner of the leasehold estate in the Premises and
     is the tenant under the Lease.

          (c)  The Lease is in full force and effect and in accordance with its
     terms and has not been further assigned, supplemented, modified or
     otherwise amended except as set forth in Exhibit B attached hereto.

          (d)  To the best of Landlord's knowledge, no default has occurred on
     Tenant's part under the Lease or under any other agreement described in
     Exhibit B attached hereto nor is there any existing condition that could
     give rise to such a default after notice and/or failure to cure.

          (e)  To the best of Landlord's knowledge, Tenant has no offsets,
     counterclaims, defenses, deductions or credits whatsoever with respect to
     the Lease, or any amounts owing under any other agreement described in
     Exhibit B attached hereto, except as set forth in Exhibit B attached
     hereto.

          (f)  None of the matters set forth in Exhibit B attached hereto are
     untrue or incorrect and, without limitation on the foregoing, there are,
     with respect to the Lease, no options to renew or extend, and no security
     deposits or prepaid rent or liens, except as set forth therein.

          (g)  Except as set forth in Exhibit B attached hereto, there do not
     exist any other agreements (including Subordination, Non-Disturbance and
     Attornment Agreements) concerning the Premises, whether oral or written
     between Landlord and Tenant (or their respective predecessors or
     successors) under the Lease.

          (h)  As of date hereof, no basic rent or additional rent is due from
     Tenant under the Lease, except as set forth in Exhibit B attached hereto.
     The basic rent currently payable by Tenant under the Lease is $_______ per
     annum. Basic rent due under the Lease has been paid through ______________.

          (i)  The term commencement date of the Lease was _________________,
     and the term of the Lease shall expire on __________________ (if not
     extended).

          (j)  Landlord has not assigned, conveyed, transferred, sold,
     encumbered or mortgaged its interest in the Lease or the Premises and there
     are currently no mortgages, deeds of trust or other security interests
     encumbering Landlord's fee interest in the Premises and no third party has
     an option or preferential right to purchase all or any part of the
     Premises.

          (k)  Landlord has not received written notice of any pending eminent
     domain proceedings or other governmental actions or any judicial actions of
     any kind against the Landlord's interest in the Premises.

          (l)  Landlord has not received written notice that it is in violation
     of any governmental law or regulation applicable to its interest in the
     Premises and its operation

<Page>

     thereon, including, without limitation, any environmental laws or the
     Americans with Disabilities Act, and has no reason to believe that there
     are grounds for any claim or such violation.

     This Estoppel and Agreement and the representations and agreements made
herein are given with the understanding that this Estoppel and Agreement
constitutes a material inducement for Lender in making that Loan to Tenant and
that Lender shall rely hereon in making the Loan to Tenant. This Estoppel and
Agreement and the representations and agreements made herein shall inure to the
benefit of Lender, its successors and assigns and shall be binding on Landlord,
its heirs, legal representatives, successors and assigns. In the event of a
conflict between the terms and provisions of this Estoppel and Agreement and the
terms and provisions of the Lease, the terms and provisions of this Estoppel and
Agreement shall control. To the extent that this Estoppel and Agreement modifies
the terms and provisions of the Lease, such modification shall be deemed to be
an amendment of the Lease and the parties hereto shall be estopped from denying
the effectiveness of the modifications effected hereby.

     This Estoppel and Agreement may be executed in any number of counterparts,
each of which shall be effective only upon delivery and thereafter shall be
deemed an original, and all of which shall be taken to be one and the same
instrument, for the same effect as if all parties hereto had signed the same
signature page. Any signature page of this Estoppel and Agreement may be
detached from any counterpart of this Estoppel and Agreement without impairing
the legal effect of any signatures thereon and may be attached to another
counterpart of this Estoppel and Agreement identical in form hereto but having
attached to it one or more additional signature pages.

     Executed this _____ day of ___________, 20__.

                                            LANDLORD:

                                            ----------------------------------
                                            By:
                                                ------------------------------

                                            TENANT:

                                            ----------------------------------
                                            By:
                                                ------------------------------

<Page>

                           EXHIBIT A TO FORM OF GROUND
                          LESSOR ESTOPPEL AND AGREEMENT

<Page>

                           EXHIBIT B TO FORM OF GROUND
                          LESSOR ESTOPPEL AND AGREEMENT

<Page>

THIS DOCUMENTS WAS
PREPARED BY AND WHEN
RECORDED RETURNED TO:

Michael J. Moran, Esq.
The Inland Real Estate Group, Inc.
2901 Butterfield Road
Oak Brook, Illinois 60523

              MEMORANDUM OF FIRST AMENDMENT TO LEASE AND AGREEMENT

     THIS MEMORANDUM FIRST AMENDMENT TO LEASE AND AGREEMENT (this "MEMORANDUM")
is made and entered into as of this _____ day of November, 2003, by and among
THE ESTATE OF STEPHEN HUTT, as successor-in-interest to Stephen Hutt
("LANDLORD"), and DESCO ASSOCIATES, a Connecticut limited partnership ("DESCO"),
and JOHN D. SCARRITT, an individual (collectively with DESCO, "TENANT").

                                 R E C I T A L S

     A.   Landlord owns fee title to that certain property legally described on
Exhibit A attached hereto and made a part hereof (the "Landlord Parcel").

     B.   DESCO owns fee title to that certain property legally described in
Exhibit B attached hereto and made a part hereof.

     C.   Stephen Hutt and Tenant previously have executed and entered into that
certain Lease and Agreement dated as of August 15, 1994 (the "LEASE"), pursuant
to which the Tenant leases from Landlord the Leased Premises (as defined in the
Lease).

     D.   The Leased Premises comprise a part of the Landlord Parcel.

     E.   Landlord is the successor-in-interest to the landlord's right, title
and interest in and to the Lease.

     F.   Landlord and Tenant amended the Lease pursuant to that certain First
Amendment to Lease and Agreement (the "AMENDMENT") dated as of November _____,
2003.

     G.   Landlord and Tenant have entered into this Memorandum for recording
purposes.

     NOW THEREFORE, for and in consideration of the premises and the mutual
promises hereinafter set forth and set forth in the Amendment, Landlord and
Tenant do hereby covenant, promise and agree as follows:

<Page>

     1.   DEFINITIONS. Capitalized terms used but not otherwise defined herein
shall have the respective meanings ascribed to them in the Lease and the
Amendment.

     2.   NOTICE OF AMENDMENT. Landlord and Tenant have executed and entered
into the Amendment. Reference is hereby made to the Amendment for all terms and
provisions thereof.

     3.   SEVERABILITY. If any provision of this Memorandum or the application
thereof to any person or circumstance is or shall be deemed illegal, invalid or
unenforceable, the remaining provisions of this Memorandum shall remain in full
force and effect and this Memorandum shall be interpreted as if such illegal,
invalid or unenforceable provision did not exist.

     4.   FULL FORCE AND EFFECT; BINDING EFFECT. Nothing contained in this
Memorandum is intended to or shall amend or modify any of the terms or
provisions of the Amendment. In the event of a conflict between the terms and
provisions of this Memorandum and the terms and provisions of the Amendment, the
terms and provisions of the Amendment shall, in all incidents, control, govern
and prevail. Except to the extent expressly stated or modified in the Amendment,
all terms, provisions, covenants and conditions of the Lease shall remain and
continue in full force and effect as originally written. All rights, covenants,
conditions, agreements, restrictions and reservations contained in this
Memorandum shall run with the land and shall inure to the benefit of and shall
be binding upon Landlord and Tenant and their respective heirs, legal
representatives, successors and assigns.

     5.   ENTIRE AGREEMENT. This Memorandum, the Amendment and the Lease contain
the entire agreement of Landlord and Tenant with respect to Tenant's leasing of
the Leased Premises.

     6.   COUNTERPARTS. This Memorandum may be executed in separate
counterparts, each of which shall constitute an original copy hereof, but all of
which shall constitute but one and the same agreement.

                         [SIGNATURES ON FOLLOWING PAGE]

                                        2
<Page>

     IN WITNESS WHEREOF, Landlord and Tenant have executed this Memorandum as of
the day and year first above-written.

                             LANDLORD:

                             THE ESTATE OF STEPHEN HUTT, successor-in-
                             interest to Stephen Hutt

-----------------
Witness

                             By:
                                ------------------------------------------------
-----------------                   Earl Temchim
Witness                             Executor

                             TENANT:

                             DESCO ASSOCIATES, a Connecticut limited partnership

-----------------
Witness

                             By:
                                ------------------------------------------------
-----------------                   John D. Scarritt
Witness                             General Partner

-----------------            ---------------------------------------------------
Witness                      JOHN D. SCARRITT, an individual

-----------------
Witness

                                        3
<Page>

STATE OF ________    )
                     )SS
COUNTY OF _______    )

     The undersigned, a Notary Public within and for said County, in the State
aforesaid, duly commissioned and acting, do hereby certify that Earl Temchim,
the Executor of The Estate of Stephen Hutt (the "Estate"), to me personally well
known and known to be the person who signed the foregoing instrument, and who,
being duly sworn, stated and acknowledged that he is the Executor of The Estate,
and that he signed and delivered the same on behalf of the Estate, with
authority, as his and its free and voluntary act and deed, and as the free and
voluntary act of the Estate, for the uses and purposes therein mentioned and set
forth.

     GIVEN under my hand and notarial seal this ______ day of _____________,
2003.

                                          -----------------------------------
                                          Notary Public

My Commission Expires:

<Page>

STATE OF ________    )
                     )SS
COUNTY OF _______    )

     The undersigned, a Notary Public within and for said County, in the State
aforesaid, duly commissioned and acting, do hereby certify that John
D. Scarritt, the sole General Partner of Desco Associates, a Connecticut limited
partnership (the "Company"), to me personally well known and known to be the
person who signed the foregoing instrument, and who, being duly sworn, stated
and acknowledged that he is the sole General Partner of the Company, and that he
signed and delivered the same on behalf of the Company, with authority, as his
and its free and voluntary act and deed, and as the free and voluntary act of
the Company, for the uses and purposes therein mentioned and set forth.

     GIVEN under my hand and notarial seal this ______ day of _____________,
2003.

                                          -----------------------------------
                                          Notary Public

My Commission Expires:

<Page>

STATE OF ________    )
                     )SS
COUNTY OF _______    )

     The undersigned, a Notary Public within and for said County, in the State
aforesaid, duly commissioned and acting, do hereby certify that John
D. Scarritt, an individual, to me personally well known and known to be the
person who signed the foregoing instrument, and who, being duly sworn, stated
and acknowledged that he signed and delivered the same on his own behalf and as
his and its free and voluntary act and deed, for the uses and purposes therein
mentioned and set forth.

     GIVEN under my hand and notarial seal this ______ day of _____________,
2003.

                                          -----------------------------------
                                          Notary Public

My Commission Expires:

                                        6
<Page>

                                    EXHIBIT A

                    LEGAL DESCRIPTION OF THE LANDLORD PARCEL

<Page>

                                    EXHIBIT B

                    LEGAL DESCRIPTION OF THE TENANT PROPERTY

<Page>

                                   SCHEDULE 1

                                   DEFINITIONS

CONTRACTS:     Any and all written and oral: (i) management, leasing, service,
               construction, architect, development, maintenance, operating,
               repair and other contracts, agreements and commitments (excluding
               the Leases) in any way relating to the Property or any part
               thereof; (ii) equipment leases and all rights and options of
               Seller thereunder relating to equipment or property located in or
               upon the Real Property or used in connection therewith; and (iii)
               guarantees and warranties in effect with respect to the Property
               or any portion thereof.

INTANGIBLE
PERSONAL
PROPERTY:      Any and all logos, designs, trade names, trademarks, service
               marks, copyrights and other intellectual property, if any, owned
               and used by Seller in connection with the ownership and operation
               of the Property or any part thereof, together with the goodwill
               of the business appurtenant thereto and any name or names by
               which the Property is commonly known.

LEGAL
REQUIREMENTS:  Any and all laws, statutes, codes, acts, ordinances, orders,
               judgments, decrees, injunctions, rules, regulations, permits,
               licenses, authorizations, orders, directions and requirements of
               all governments and governmental authorities having jurisdiction
               of the Property (including, for purposes hereof, any local Board
               of Fire Underwriters), and the operation thereof.

LICENSES:      Any and all licenses, franchises, certifications, authorizations,
               approvals and permits, if any, issued or approved by any
               governmental authority and relating to Seller's operation,
               ownership and maintenance of the Property or any part thereof.

PERMITTED
TITLE
EXCEPTIONS:    With respect to each Parcel, the matters shown on the Survey of
               such Parcel and matters of record referenced in the Title
               Commitment for such Parcel and approved (or deemed approved) by
               Buyer as provided in Section 6 of the Purchase and Sale Agreement
               to which this Schedule 1 is attached.

PROPERTY:      Collectively, the Real Property, the Tangible Personal Property,
               the Intangible Personal Property, the Hutt Lease, the Contracts,
               the Leases and the Licenses.

SURVEY:        Separate, current as-built surveys of each Parcel of the Real
               Property (including the real property demised by the Hutt Lease)
               prepared by a surveyor licensed by the State of Connecticut and
               certified to Buyer,

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               Buyer's lender, if any, the Title Insurer and such other parties
               as Buyer shall designate, to be prepared in accordance with the
               Accuracy Standards and Minimum Standard Detail Requirements for
               ALTA-ACSM Land Title Surveys as adopted by the American Land
               Title Association, the American Congress on Surveying and Mapping
               and the National Society of Professional Surveyors in 1999, and
               prepared in accordance with the items set forth in the Surveyor's
               Certificate attached hereto as Schedule 1-A. The Surveys also
               shall include and depict the following matters: (a) zoning
               classification of the Real Property and all uses permitted under
               such zoning classification; (b) all zoning and recorded setback
               requirements and building height requirements; (c) zoning parking
               requirements (including handicapped requirements); (d) height and
               square footage of all buildings and structures located upon the
               Real Property (including the real property demised by the Hutt
               Lease); (e) the distances of all buildings and structures located
               upon the Property (including the real property demised by the
               Hutt Lease) to the property boundary lines; (f) the points at
               which all utilities enter the Property; (g) actual number and
               size of parking spaces (including handicapped), all of which must
               be shown on the plat as striped; (h) metes and bounds legal
               description of the Real Property (including the real property
               demised by the Hutt Lease); (i) list of all title exceptions
               referenced in the Title Commitment; (j) all matters referenced in
               the Title Commitment must be accurately depicted on the plat, or,
               if not plottable, the surveyor should indicate the same; (k) a
               statement from the surveyor that the Real Property has access to
               publicly dedicated roadways, and identifying such roadways by
               name; (l) a list of any encroachments from the Real Property onto
               adjacent property, from adjacent property onto the Real Property,
               and of any building or other structures on the Real Property onto
               or over any easements that encumber the Real Property or any
               building/setback lines; (m) a list of all tax parcel
               identification numbers relating to the Property (together with a
               statement that such parcel numbers constitute all of the parcel
               numbers related to the Property and such parcel numbers do not
               relate to any other property); and (n) a statement that the
               property depicted on the Survey is the same property described in
               the Title Commitment.

TANGIBLE
PERSONAL
PROPERTY:      Any and all machinery, equipment, fixtures, furnishings and other
               tangible personal property owned by Seller and situated in or
               upon or used in connection with the operation or maintenance of
               the Real Property or any part thereof, and all replacements,
               additions or accessories thereto between the date hereof and the
               Closing Date, but excluding personal property owned by the
               tenants under the Leases.

TITLE
COMMITMENT:    Separate commitments for 1992 ALTA Owner's (and, with respect to
               the Second Parcel, Leasehold) Title Insurance Policies for each
               Parcel of the Real Property issued by the Title Insurer in the
               amount of the Price allocated to each Parcel as set forth on
               Exhibit L to this Agreement,

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               covering title to each Parcel of the Real Property on or after
               the date hereof, showing Seller as owner of each Parcel of the
               Real Property in fee simple (and, with respect to the Second
               Parcel, as the owner of the ground lessee interest in, to and
               under the Hutt Lease), and providing for full extended coverage
               over all general title exceptions contained in such policies and
               containing the following special endorsements (collectively, the
               "Special Title Endorsements"): Zoning Endorsement 3.1 (amended to
               include parking), owner's comprehensive, access, survey (legal
               description equivalency), separate tax parcel, contiguity (if
               applicable), waiver of creditor's rights, environmental
               protection lien, encroachment (if applicable), utility facility,
               subdivision, location, deletion of the arbitration provision, and
               any other endorsements required by Buyer or Buyer's lender, if
               any.

TITLE INSURER: Chicago Title Insurance Company, 171 North Clark Street, Chicago,
               Illinois 60601.

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                                  SCHEDULE 1-A

                             SURVEYOR'S CERTIFICATE

CERTIFIED TO:  Inland Real Estate Acquisitions, Inc., its successors and assigns
               [Name of the individual property owner], its successors and
               assigns
               [Name of Title Company]
               [Name of Lender], its successors/assigns

The undersigned does hereby certify that (i) this survey was made upon the
ground of the property reflected hereon on _________, 2003 under my supervision,
for the benefit of and reliance by Inland Real Estate Acquisitions, Inc., its
successors and assigns, [Name of the individual property owner], its successors
and assigns, [Name of Title Insurance Company], and [Name of Lender], its
successors/assigns, and correctly shows and represents the property reflected
hereon (including the gross square footage thereof) and the locations of all
buildings, structures and other improvements (including the gross square footage
thereof) and visible items (including all parking spaces (and a count thereof)
located upon the property and the sizes of such parking spaces) and known
utilities located thereon, and the relation of all such buildings, structures
and other improvements to the property lines of the property reflected hereon;
(ii) the description of the property contained hereon is correct and the
physical evidence of boundary lines and lines of possession or occupancy have
been shown and proper notation made where in conflict with the legal
description, and such boundary lines "close" by engineering calculations; (iii)
the property reflected hereon has physical and legal access to and from a
dedicated public roadway, and the public roads, highways, streets and alleys
running adjacent to or upon the property reflected hereon are shown; (iv) except
as shown hereon, there are no discrepancies, conflicts, shortages in area,
encroachments (from the property reflected hereon onto any adjacent property,
including streets, roadways and alleys, and/or from any adjacent property,
including streets, roadways and alleys, onto the property reflected hereon),
visible improvements, overlapping of improvements, set-back and/or building
lines, easements (and no evidence on the ground of use of the property that
might suggest a possible claim of easement), rights-of-way, drainage ditches,
power lines or roadways that affect the property reflected hereon, or, to the
undersigned's knowledge, after diligent inquiry, platted utilities that affect
the property reflected hereon; (v) there are no gaps, gores, or overlaps between
parcels or roads, highways, streets, or alleys and all parcels that comprise the
property reflected hereon are contiguous; (vi) the property reflected hereon is
a separate tax lot; (vii) all utilities for the operation of the property
reflected hereon are available at the lot lines, enter said tract through said
tract at adjoining public streets and do not run through or under any buildings
or improvements not located on the property reflected hereon; (viii) there are
no violations of zoning ordinances, restriction or other regulations with
reference to the location of all buildings, structures and improvements situated
on the property reflected hereon and the number and configuration of parking
spaces; (ix) the gross and net areas (both acreage and square footage) shown
hereon are correct and there are no boundary line discrepancies and no
deficiencies in the quantity of the land described in the legal description of
the property reflected; (x) this property lies in Flood Zone ____ according to
Flood Insurance Rate Maps for the City of _____, Community Panel No. __________,
dated ___________________ and issued by the Federal Emergency Management, and
(xi) this survey conforms with the "Minimum Standard Detail Requirements of
ALTA/ACSM Land Title Surveys", jointly established and adopted by American Land
Title Association (AALTA@) and American Congress on Surveying and Mapping
("ACSM") in 1999, and includes Table "A" items 1, 2, 3, 4, 6, 7(a)-(c), 8, 9,
10, 11(a) and (b), 13, 14, 15 and 16 therein. This Survey correctly shows (i)

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the zoning classification of the Property, (ii) the permitted uses within such
classification, (iii) the parking requirements of the zoning code applicable to
the subject property, and (iv) the source of such information. Pursuant to the
Accuracy Standards as adopted by ALTA and ACSM and in effect on the date of this
certification, the undersigned further certifies that proper field procedures,
instrumentation and adequate survey personnel were employed in order to achieve
results comparable to those outlined in the "Minimum Angle, Distance and Closure
Requirements for Survey Measurements Which Control Land Boundaries for ALTA/ACSM
Land Title Surveys."

[Surveyor=s Name]

By:
    ------------------------------
Date:
      ----------------------------
Registered Land Surveyor No.
                            -------------
Date of Survey:
                -------------------------

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