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                                                                  EXHIBIT 10.318

                         ESCROW AND GUARANTEE AGREEMENT

     This ESCROW AND GUARANTEE AGREEMENT is made and entered into as of the
_______, day of August, 2004, by and among Manchester-Mason Limited Partnership,
a Missouri limited partnership, (hereinafter referred to as "Seller"), Inland
Western Town and Country Manchester, L.L.C., a Delaware limited liability
company, (hereinafter referred to as "Buyer"), and Chicago Title and Trust
Company, (hereinafter referred to as "Escrow Agent") having as its address 171
N. Clark Street, Chicago, Illinois 60601.

                                   W I T N E S S E T H:

     WHEREAS, pursuant to that certain Purchase and Sale Agreement dated as of
the 13th day of July, 2004 (the "Contract"), Buyer acquired on and as of the
date hereof from Seller certain real property commonly known as Manchester
Meadows located in Town and Country, Missouri (the "Property"); and

     WHEREAS, pursuant to the terms of the Contract, Seller has agreed to
deposit with Escrow Agent the sum of Six Hundred Twenty-Five Thousand Six
Hundred and Two Dollars ($625,602.00) (the "Escrow Deposit") with respect to
Seller's obligation to pay rent and reimbursable expenses to Buyer; and

     WHEREAS, Escrow Agent is willing to accept the Escrow Deposit and hold and
disburse same in accordance with the terms and conditions set forth below.

     NOW, THEREFORE, for and in consideration of the premises hereto, the
covenants and agreements hereinafter made, and for Ten and 00/100 Dollars
($10.00) in hand paid to Escrow Agent, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

     1.   ESCROW DEPOSIT. Seller hereby deposits with Escrow Agent, and Escrow
Agent hereby acknowledges receipt of the Escrow Deposit. Escrow Agent hereby
agrees to deposit the Escrow Deposit into an interest bearing account with a
bank, savings and loan institution, money market account, or other depository
reasonably satisfactory to Buyer, Seller and Escrow Agent with interest accruing
for the benefit of Seller. The federal taxpayer identification of Seller is as
follows 43-1724460.

     2.   ESCROW DISBURSEMENTS. The Escrow Deposit is comprised of three (3)
components representing the aggregate of minimum rent, common area maintenance,
taxes and insurance payments for a thirty (30) month period computed in
accordance with leases with Payless Shoes ("Payless"), 3 Day Blinds ("3 Day")
and Hobby Town ("Hobby Town") and allocable as follows:

     (a)  $169,875 allocable to Payless (the "Payless Deposit");

     (b)  $319,445 allocable to 3 Day (the "3 Day Deposit"); and

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     (c)  $136,282 allocable to Hobby Town (the "Hobby Town Deposit").

     The Payless Deposit, the 3 Day Deposit and the Hobby Town Deposit are
sometimes hereinafter referred to individually as a "Deposit".

     The Payless Deposit, 3 Day Deposit and Hobby Town Deposit shall be held in
escrow by Escrow Agent subject to the terms and conditions of this Agreement and
shall be disbursed as hereinafter provided.

     (a)      If either of Payless, 3 Day or Hobby Town renews its respective
              lease for a period of five (5) years or greater on or before the
              expiration of the current term thereof at no expense to Buyer,
              upon terms (i) for Payless and 3 Day at least as favorable as set
              forth in such lease with respect to its renewal option, and (ii)
              for Hobby Town, $19.00 per square foot, net, (the "Renewal
              Terms"), then the portion of the Total Deposit allocable to such
              tenant shall be disbursed to Seller upon the joint direction of
              Buyer and Seller delivered to Escrow Agent within ten (10) days of
              such renewal.

     (b)      In the event that either of Payless, 3 Day or Hobby Town does not
              renew its lease at such time and upon terms set forth in
              sub-paragraph (a) above, then upon notice from Buyer, Escrow Agent
              shall (without the requirement of any direction from Seller)
              disburse one-thirtieth (1/30) of either or all of the Payless
              Deposit, the 3 Day Deposit, and/or the Hobby Town Deposit, as
              applicable, on the first day of each month (with the initial
              payment being prorated appropriately if made on a day other than
              the first day of the month) until the earlier of the date the
              applicable Deposit has been disbursed in full or such time as
              Buyer notifies Escrow Agent of the occurrence of a Lease Up Event
              (hereinafter defined) with respect thereto. "Lease Up Event" is
              defined (with respect to the applicable space) as the date that a
              replacement tenant reasonably satisfactory to Buyer as to use and
              financial condition is in occupancy, open for business and paying
              full minimum rent, common area maintenance, taxes and insurance
              pursuant to an executed lease with a term of at least five (5)
              years upon terms at least as favorable as the Renewal Terms
              applicable with respect to such space, all leasing commissions and
              tenant improvement costs and expenses have been paid in full by
              Seller and a Certificate of Occupancy has been issued. Buyer shall
              notify Escrow Agent within five (5) business days of the
              occurrence of a Lease Up Event. Upon receipt of such notice, the
              Escrow Agent shall disburse the balance of either the Payless
              Deposit, the 3 Day Deposit, or the Hobby Town Deposit, as
              applicable, to Seller. For the purpose of this sub-paragraph,
              "reasonably satisfactory" with respect to "use" shall mean a use
              fitting with and not inconsistent with existing tenants at the
              Property.

     3.   LEASING. Seller shall market and lease any space vacated by either of
Payless, 3 Day or Hobby Town at no expense to Buyer. Seller shall pay all
brokerage commissions, tenant build-out

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and leasing commissions. Buyer shall execute such leases, provided such leases
are in conformity with the terms of this Agreement or have otherwise been
approved by Buyer, promptly upon Seller's request.

     4.   ESCROW ADMINISTRATION. The costs of administration of this Escrow
Agreement by Escrow Agent in the sum of Five Hundred and 00/100 Dollars
($500.00) shall be shared equally by Seller and Buyer. This Escrow Agreement
shall be binding upon and inure to the benefit of the parties hereto and their
respective heirs, principals, successors and assigns and shall be governed and
construed in accordance with the laws of the State of Illinois. No modification,
amendment or waiver of the terms hereof shall be valid or effective unless in
writing and signed by all of the parties hereto. This Escrow Agreement may be
executed in multiple counterpart originals, each of which shall be deemed to be
and shall constitute an original. If there is any conflict between the terms of
this Escrow Agreement and the terms of the Contract, the terms of this Escrow
Agreement shall control.

     5.   NOTICES. All notices, requests, consents and other communications
hereunder shall be sent to each of the following parties and be in writing and
shall either be: (i) delivered by facsimile transmission, or (ii) personally
delivered, or (iii) sent by Federal Express or other overnight or same day
courier service providing a return receipt, (and shall be effective when
received, when refused or when the same cannot be delivered, as evidenced on the
return receipt) to the following addresses:

          If to Seller:            Manchester-Mason Limited Partnership
                                   Attention: Stephen M. Notestine
                                   c/o Quadrant Properties, L.L.C.
                                   16253 Swingley Ridge Road, Suite 220
                                   Chesterfield, Missouri 63017
                                   Telephone: (636) 530-6050
                                   Facsimile: (636) 530-6075

          With a copy to           Christopher M. Blanton
          Seller's Counsel:        The Stolar Partnership LLP
                                   911 Washington Avenue, 7th Floor
                                   St. Louis, Missouri 63101
                                   Telephone: (314) 231-2800
                                   Facsimile: (314) 436-8400

          With a copy to:          NEBF Investments
                                   Attention: Jeffrey J. Kanne,
                                   Managing Director of Real Estate
                                   1125 15th Street, NW, Suite 401
                                   Washington, DC 20005
                                   Telephone: (202) 496-1267
                                   Facsimile: (202) 467-0903

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          With a copy to:          Potts-Dupre, Difede & Hawkins
                                   Attention: James R. Difede
                                   1125 15th Street, NW, Suite 444
                                   Washington, DC 20005

          If to Buyer:             Inland Real Estate Acquisitions, Inc.
                                   Attention: G. Joseph Cosenza
                                   2901 Butterfield Road
                                   Oak Brook, Illinois 60523
                                   Telephone: (630) 218-4948
                                   Facsimile: (630) 218-4935

          With a copy to:          The Inland Real Estate Group, Inc.
                                   Attn: Dennis K. Holland, Esq.
                                   2901 Butterfield Road
                                   Oak Brook, Illinois 60523
                                   Telephone: (630) 218-8000
                                   Facsimile: (630) 218-4900

          With a copy to           Chicago Title Insurance Company
          Escrow Agent:            Attention: Nancy Castro
                                   171 North Clark Street
                                   Chicago, Illinois 60601
                                   Telephone: (312) 223-3909
                                   Facsimile: (312) 223-2108

     6.   COUNTERPARTS. This Escrow Agreement may be executed in counterparts
and shall constitute an agreement binding on all parties notwithstanding that
all parties are not signatories of the original or the same counterpart.
Furthermore, the signatures from one counterpart may be attached to another to
constitute a fully executed original. The Escrow Agreement may be executed by
facsimile.

     7.   REPORTING. Escrow Agent agrees to deliver to Buyer, on a monthly
basis, a copy of the bank statement of account of the Escrow Deposit. Such
monthly statements shall be delivered to: Buyer at the above address.

                         (SIGNATURES ON FOLLOWING PAGE)

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     IN WITNESS WHEREOF, each of the parties hereto has caused this Escrow
Agreement to be signed and delivered as of the day and year first above written.

BUYER:                               INLAND WESTERN TOWN AND COUNTRY MANCHESTER,
                                     L.L.C., a Delaware limited liability
                                     company

                                     By:  Inland Western Retail Real Estate
                                          Trust, Inc., A Maryland corporation,
                                          its sole member

                                          By:     /s/ Debra A Palmer
                                                -------------------------------
                                          Name:   Debra A Palmer
                                                -------------------------------
                                          Title:  Asst Secretary
                                                -------------------------------

SELLER:                              MANCHESTER-MASON LIMITED PARTNERSHIP,
                                     a Delaware limited partnership

                                     By: MANCHESTER MEADOWS LIMITED PARTNERSHIP,
                                     a Missouri limited partnership,
                                     General Partner

                                     By: MIDLAND TC, INC., a Missouri
                                     corporation, General Partner

                                     By:  /s/ Stephen M. Notestine
                                        ----------------------------------
                                     Name: STEPHEN M. NOTESTINE
                                     -------------------------------------
                                     Title: VICE PRESIDENT
                                     -------------------------------------

ESCROW AGENT:                        CHICAGO TITLE AND TRUST COMPANY

                                     By:
                                         -----------------------------------<Page>

                                                                  Exhibit 10.319

               ST. LOUIS PLAYSCAPES ESCROW AND GUARANTEE AGREEMENT

     This ST. LOUIS PLAYSCAPES ESCROW AND GUARANTEE AGREEMENT is made and
entered into as of the _________ day of August, 2004, by and among Manchester
Meadows Limited Partnership, a Missouri limited partnership, (hereinafter
referred to as "Seller"), Inland Western Town and Country Manchester, L.L.C., a
Delaware limited liability company, (hereinafter referred to as "Buyer"), and
Chicago Title and Trust Company, (hereinafter referred to as "Escrow Agent")
having as its address 171 N. Clark Street, Chicago, Illinois 60601.

                                   WITNESSETH

     WHEREAS, pursuant to that certain Purchase and Sale Agreement dated as of
the 13th day of July, 2004 (the "Contract"), Buyer acquired on and as of the
date hereof from Seller certain real property commonly known as Manchester
Meadows located in Town and Country, Missouri (the "Property"); and

     WHEREAS, Seller has advised Buyer that St. Louis Playscapes ("Playscapes")
desires to relocate from the spaces it leases at the Property; and

     WHEREAS, Seller has agreed to deposit with Escrow Agent the sum of Six
Hundred Thirty-Six Thousand Five Hundred Sixty-Three Dollars ($636,563.00) (the
"Escrow Deposit") with respect to Seller's obligation to pay rent and
reimbursable expenses to Buyer in connection with spaces at the Property leased
to Playscapes (the "Playscapes Space"); and

     WHEREAS, Escrow Agent is willing to accept the Escrow Deposit and hold and
disburse same in accordance with the terms and conditions set forth below.

     NOW, THEREFORE, for and in consideration of the premises hereto, the
covenants and agreements hereinafter made, and for Ten and 00/100 Dollars
($10.00) in hand paid to Escrow Agent, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

     1.   ESCROW; DEPOSIT. Seller hereby deposits with Escrow Agent, and Escrow
Agent hereby acknowledges receipt of the Escrow Deposit. Escrow Agent hereby
agrees to deposit the Escrow Deposit into an interest bearing account with a
bank, savings and loan institution, money market account, or other depository
reasonably satisfactory to Buyer, Seller and Escrow Agent with interest accruing
for the benefit of Seller. The federal taxpayer identification of Seller is as
follows 43-1643824.

     2.   ESCROW DISBURSEMENTS. The Escrow Deposit shall be held in escrow by
Escrow Agent subject to the terms and condition of this Agreement and shall be
disbursed as hereinafter provided. Commencing on the date that Buyer notifies
Escrow Agent that Playscapes has not paid any amounts due pursuant to its lease,
and continuing on the first day of each calendar month thereafter for thirty
(30) months, Buyer shall be entitled to receive from the Escrow Deposit, an
amount equal to one thirtieth (1/30) of the initial balance-of the Escrow
Deposit, which monthly

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payment shall continue until the earlier of (x) the date the Escrow Deposit has
been disbursed in full or (y) the date that the Playscapes Space has been
leased, all leasing commissions and tenant improvements costs and expenses
incurred in connection therewith have been paid in full, the tenant has occupied
the space, is open for business, has commenced regularly scheduled monthly rent
payments, and a certificate of occupancy has been issued (the "Lease Up Event").
At such time as the Lease Up Event has occurred and Buyer has received all
requisite payments due hereunder, the balance of the Escrow Deposit, if any,
shall be released to Seller.

     3.   LEASING. Seller shall market and lease any space vacated by Playscapes
at no expense to Buyer. Seller shall pay all brokerage commissions, tenant
build-out and leasing commissions. Buyer shall execute such leases, provided
such leases are in conformity with the terms of this Agreement or have otherwise
been approved by Buyer, promptly upon Seller's request.

     4.   ESCROW ADMINISTRATION. The costs of administration of this Escrow
Agreement by Escrow Agent in the sum of Five Hundred and 00/100 Dollars
($500.00) shall be shared equally by Seller and Buyer. This Escrow Agreement
shall be binding upon and inure to the benefit of the parties hereto and their
respective heirs, principals, successors and assigns and shall be governed and
construed in accordance with the laws of the State of Illinois. No modification,
amendment or waiver of the terms hereof shall be valid or effective unless in
writing and signed by all of the parties hereto. This Escrow Agreement may be
executed in multiple counterpart originals, each of which shall be deemed to be
and shall constitute an original. If there is any conflict between the terms of
this Escrow Agreement and the terms of the Contract, the terms of this Escrow
Agreement shall control.

     5.   NOTICES. All notices, requests, consents and other communications
hereunder shall be sent to each of the following parties and be in writing and
shall either be: (i) delivered by facsimile transmission, or (ii) personally
delivered, or (iii) sent by Federal Express or other overnight or same day
courier service providing a return receipt, (and shall be effective when
received, when refused or when the same cannot be delivered, as evidenced on the
return receipt) to the following addresses:

          If to Seller:                 Manchester Meadows Limited Partnership
                                        Attention: Stephen M. Notestine
                                        c/o Quadrant Properties, L.L.C.
                                        16253 Swingley Ridge Road, Suite 220
                                        Chesterfield, Missouri 63017
                                        Telephone: (636) 530-6050
                                        Facsimile: (636) 530-6075

          With a copy to                Christopher M. Blanton
          Seller's Counsel:             The Stolar Partnership LLP
                                        911 Washington Avenue, 7th Floor
                                        St. Louis, Missouri 63101
                                        Telephone: (314) 231-2800
                                        Facsimile: (314) 436-8400

<Page>

          With a copy to:               NEBF Investments
                                        Attention: Jeffrey J. Kanne,
                                        Managing Director of Real Estate
                                        1125 15th Street, NW, Suite 401
                                        Washington, DC 20005
                                        Telephone: (202) 496-1267
                                        Facsimile: (202) 467-0903

          With a copy to:               Potts-Dupre, Difede & Hawkins
                                        Attention: James R. Difede
                                        1125 15th Street, NW, Suite 444
                                        Washington, DC 20005

          If to Buyer:                  Inland Real Estate Acquisitions, Inc.
                                        Attention: G. Joseph Cosenza
                                        2901 Butterfield Road
                                        Oak Brook, Illinois 60523
                                        Telephone: (630) 218-4948
                                        Facsimile: (630) 218-4935

          With a copy to:               The Inland Real Estate Group, Inc.
                                        Attn: Dennis K. Holland, Esq.
                                        2901 Butterfield Road
                                        Oak Brook, Illinois 60523
                                        Telephone: (630) 218-8000
                                        Facsimile: (630) 218-4900

          With a copy to                Chicago Title Insurance Company
          Escrow Agent:                 Attention: Nancy Castro
                                        171 North Clark Street
                                        Chicago, Illinois 60601
                                        Telephone: (312) 223-3909
                                        Facsimile: (312) 223-2108

     6.   COUNTERPARTS. This Escrow Agreement may be executed in counterparts
and shall constitute an agreement binding on all parties notwithstanding that
all parties are not signatories of the original or the same counterpart.
Furthermore, the signatures from one counterpart may be attached to another to
constitute a fully executed original. The Escrow Agreement may be executed by
facsimile.

     7.   REPORTING. Escrow Agent agrees to deliver to Buyer, on a monthly
basis, a copy of the bank statement of account of the Escrow Deposit. Such
monthly statements shall be delivered to: Buyer at the above address.

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     IN WITNESS WHEREOF, each of the parties hereto has caused this Escrow
Agreement to be signed and delivered as of the day and year first above written.

BUYER:                               INLAND WESTERN TOWN AND COUNTRY MANCHESTER,
                                     L.L.C., a Delaware limited liability
                                     company

                                     By:  Inland Western Retail Real Estate
                                          Trust, Inc., A Maryland corporation,
                                          its sole member

                                          By:     /s/ Debra A Palmer
                                                -------------------------------
                                          Name:   Debra A Palmer
                                                -------------------------------
                                          Title:  Asst Secretary
                                                -------------------------------

SELLER:                              MANCHESTER MEADOWS LIMITED PARTNERSHIP,
                                     a Missouri limited partnership,

                                     By:  MIDLAND TC, INC., a Missouri
                                          corporation, General Partner

                                          By:     /s/ Stephen M. Notestine
                                                -------------------------------
                                          Name:   STEPHEN M. NOTESTINE
                                                -------------------------------
                                          Title:  V.P.
                                                -------------------------------

ESCROW AGENT:                        CHICAGO TITLE AND TRUST COMPANY

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

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