Document:

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                                                                   EXHIBIT 10.83

                                LOAN TERMS TABLE

Note Date: April 8, 2004
Borrower: INLAND WESTERN ST. GEORGE, L.L.C., a Delaware limited liability
company
Original Principal Amount: $10,590,000.00           Loan No.: 57968
Note Rate: 4.29%                                    Servicing No.:   3179553
                                                    Borrower's TIN: 20-0819988
Monthly Payment Amount: As defined in Article l(a)  Maturity Date: May 1, 2009
Lockout Period: From the date hereof through and including April 30, 2007

                                 PROMISSORY NOTE

     FOR VALUE RECEIVED Borrower, having its principal place of business at 2901
Butterfield Road, Oak Brook, IL 60523, hereby unconditionally promises to pay to
the order of BANK OF AMERICA, N.A., a national banking association, having an
address at Hearst Tower, 214 North Tryon Street, Charlotte, North Carolina
NC1-027-20-03 ("LENDER"), the Original Principal Amount, in lawful money of the
United States of America with interest thereon to be computed from the date of
this Note at the Note Rate, and to be paid in accordance with the terms set
forth below. The Loan Terms Table set forth above is a part of this Note and all
terms used in this Note which are defined in the Loan Terms Table shall have the
meaning set forth therein. All capitalized terms not defined herein shall have
the respective meanings set forth in that certain Loan Agreement dated the date
hereof between Lender and Borrower (the "Loan Agreement").

                  ARTICLE 1 - PAYMENT TERMS; MANNER OF PAYMENT

     (a)  Borrower hereby agrees to pay sums due under this Note as follows: an
initial payment is due on the Closing Date for interest from the Closing Date
through and including the last day of the calendar month in which the Closing
Date occurs; and thereafter, consecutive monthly installments of interest only
in an amount calculated in accordance with Article 2 below (such amount, the
"MONTHLY PAYMENT AMOUNT") shall be payable pursuant to the terms hereof on the
first (1st) day of each month beginning on June 1, 2004 (each such date through
and including the Maturity Date, a "SCHEDULED PAYMENT DATE") through and
including the Scheduled Payment Date occurring immediately prior to the Maturity
Date, except that any remaining indebtedness, if not sooner paid, shall be due
and payable on the Maturity Date.

     (b)  Each payment by Borrower hereunder shall be made to P.O. Box 515228,
Los Angeles, CA 90051-6528, or at such other place as Lender may designate from
time to time in writing. Whenever any payment hereunder shall be stated to be
due on a day which is not a Business Day, such payment shall be made on the
first Business Day preceding such scheduled due date. All payments made by
Borrower hereunder or under the other Loan Documents shall be made irrespective
of, and without any deduction for, any setoff, defense or counterclaims.

     (c)  Prior to the occurrence of an Event of Default, all monthly payments
made as scheduled on this Note shall be applied to the payment of interest
computed at the Note Rate.

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All voluntary and involuntary prepayments on this Note shall be applied, to the
extent thereof, to accrued but unpaid interest on the amount prepaid, to the
remaining Principal Amount, and any other sums due and unpaid to the Lender in
connection with the Loan, in such manner and order as Lender may elect in its
sole and absolute discretion, including, but not limited to, application to
principal installments in inverse order of maturity. Following the occurrence
of an Event of Default, any payment made on this Note shall be applied to
accrued but unpaid interest, late charges, accrued fees, the unpaid principal
amount of this Note, and any other sums due and unpaid to Lender in connection
with the Loan, in such manner and order as Lender may elect in its sole and
absolute discretion.

     (d)  Remittances in payment of any part of the indebtedness other than in
the required amount in immediately available U.S. funds shall not, regardless of
any receipt or credit issued therefor, constitute payment until the required
amount is actually received by the holder hereof in immediately available U.S.
funds and shall be made and accepted subject to the condition that any check or
draft may be handled for collection in accordance with the practices of the
collecting bank or banks.

                              ARTICLE 2 - INTEREST

     The Loan shall bear interest at a fixed rate per annum equal to the Note
Rate. Interest shall be computed on the basis of a three hundred sixty (360) day
year consisting of twelve (12) months of thirty (30) days each. Except as
otherwise set forth herein or in the other Loan Documents, interest shall be
paid in arrears.

                      ARTICLE 3 - DEFAULT AND ACCELERATION

     The Debt shall without notice become immediately due and payable at the
option of Lender if any payment required in this Note is not paid prior to the
tenth day following the date when due or if not paid on the Maturity Date or on
the happening of any other Event of Default.

                       ARTICLE 4 - PAYMENTS AFTER DEFAULT

     Upon the occurrence and during the continuance of an Event of Default,
interest on the outstanding principal balance of the Loan and, to the extent
permitted by law, overdue interest and other amounts due in respect of the Loan
shall accrue at a rate per annum equal to the lesser of (a) the maximum rate
permitted by applicable law, or (b) four percent (4%) above the Note Rate (such
rate, the "DEFAULT RATE"). Interest at the Default Rate shall be computed from
the occurrence of the Event of Default until the earlier of (i) the actual
receipt and collection of the Debt (or that portion thereof that is then due)
and (ii) the cure of such Event of Default. To the extent permitted by
applicable law, interest at the Default Rate shall be added to the Debt, shall
itself accrue interest at the same rate as the Loan and shall be secured by the
Mortgage. This Article shall not be construed as an agreement or privilege to
extend the date of the payment of the Debt, nor as a waiver of any other right
or remedy accruing to Lender by reason of the occurrence of any Event of
Default; the acceptance of any payment from Borrower shall not be deemed to cure
or constitute a waiver of any Event of Default; and Lender retains its rights
under this Note, the Loan Agreement and the other Loan Documents to accelerate
and to continue to

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demand payment of the Debt upon the happening of and during the continuance any
Event of Default, despite any payment by Borrower to Lender.

                             ARTICLE 5 -- PREPAYMENT

     Except as otherwise expressly permitted by this Article 5, no voluntary
prepayments, whether in whole or in part, of the Loan or any other amount at any
time due and owing under this Note can be made by Borrower or any other Person
without the express written consent of Lender.

     (a)  LOCKOUT PERIOD. Borrower shall have no right to make, and Lender shall
have no obligation to accept, any voluntary prepayment, whether in whole or in
part, of the Loan, or any other amount under this Note or the other Loan
Documents, at any time during the Lockout Period. At any time following the
expiration of the Lockout Period, the principal balance of this Note may be
voluntarily prepaid in whole, but not in part, upon the satisfaction of the
following conditions:

          (i)   no Default shall exist under any of the Loan Documents;

          (ii)  not less than sixty (60) (but not more than ninety (90)) days
     prior written notice shall be given to Lender specifying a date on which
     the prepayment shall occur such date being a Scheduled Payment Date (the
     "Prepayment Date");

          (iii) Borrower has paid to Lender all accrued and unpaid interest on
     the Loan through and including the Prepayment Date together with all other
     sums due under this Note and the other Loan Documents; and

          (iv)  Borrower has paid to Lender a prepayment premium in an amount
     equal to Yield Maintenance (as defined and calculated in accordance with
     Section 5(b) below).

     (b)  INVOLUNTARY PREPAYMENT. In the event of any involuntary prepayment of
the Loan or any other amount under this Note, whether in whole or in part, in
connection with or following Lender's acceleration of this Note or otherwise,
and whether the Mortgage is satisfied or released by foreclosure (whether by
power of sale or judicial proceeding), deed in lieu of foreclosure or by any
other means, including, without limitation, repayment of the Loan by Borrower or
any other Person pursuant to any statutory or common law right of redemption,
Borrower shall, in addition to any portion of the principal balance of the Loan
prepaid (together with all interest accrued and unpaid thereon and in the event
the prepayment is made on a date other than a Scheduled Payment Date, a sum
equal to the amount of interest which would have accrued under this Note on the
amount of such prepayment if such prepayment had occurred on the next Scheduled
Payment Date), pay to Lender a prepayment premium in an amount equal to Yield
Maintenance together with, if such involuntary prepayment occurs during the
Lockout Period, an amount equal to one percent (1%) of the portion of the Loan
being prepaid,

As used herein, "Yield Maintenance" means a prepayment premium in an amount
equal to the greater of:

          (i)   1% of the portion of the Loan being prepaid; or

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          (ii)  the product obtained by multiplying;

                (A)  the portion of the Loan being prepaid, times;

                (B)  the difference obtained by subtracting (I) the Yield Rate
          from (II) the Note Rate, times;

                (C)  the present value factor calculated using the following
          formula:

                     1-(1+r)(TO THE POWER OF -n)
                     --------------------------
                                 r

                     r =   Yield Rate

                     n =   the number of years and any fraction thereof,
                           remaining between the date the prepayment is made and
                           the Maturity Date of this Note.

     As used herein, "YIELD RATE" means the yield rate for the 2.625% U.S.
Treasury Security due March, 2009, as reported in THE WALL STREET JOURNAL on the
fifth Business Day preceding the Prepayment Calculation Date. If the Yield Rate
is not published for such U.S. Treasury Security, then the "Yield Rate" shall
mean the yield rate for the nearest equivalent U.S. Treasury Security (as
selected at Lender's sole and absolute discretion) as reported in THE WALL
STREET JOURNAL on the fifth Business Day preceding the Prepayment Calculation
Date. If the publication of such Yield Rate in THE WALL STREET JOURNAL is
discontinued, Lender shall determine such Yield Rate from another source
selected by Lender in Lender's sole and absolute discretion. The "PREPAYMENT
CALCULATION DATE" shall mean, as applicable, the date on which (i) Lender
applies any prepayment to the reduction of the outstanding principal amount this
Note, (ii) Lender accelerates the Loan, in the case of a prepayment resulting
from acceleration, (iii) Lender applies funds held under any Reserve Account, in
the case of a prepayment resulting from such an application (other than in
connection with acceleration of the Loan), or (iv) with respect to a voluntary
prepayment pursuant under Section 5(a) two (2) Business Days prior to the
Prepayment Date.

     (c)  INSURANCE PROCEEDS AND AWARDS; EXCESS INTEREST. Notwithstanding any
other provision herein to the contrary, and provided no Default exists, Borrower
shall not be required to pay any prepayment premium in connection with any
prepayment occurring solely as a result of (i) the application of Insurance
Proceeds or Awards pursuant to the terms of the Loan Documents, or (ii) the
application of any interest in excess of the maximum rate permitted by
applicable law to the reduction of the Loan.

     (d)  OPEN PREPAYMENT PERIOD. During the two (2) months prior to the
Maturity Date, upon giving Lender at least sixty (60) days (but not more than
ninety (90) days) prior written notice, Borrower may voluntarily prepay
(without premium) this Note in whole (but not in part) on a Scheduled Payment
Date. Lender shall accept a prepayment pursuant to this Section 5(d) on a day
other than a Scheduled Payment Date provided that, in addition to payment of the
full outstanding principal balance of this Note, Borrower pays to Lender a sum
equal to the amount

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of interest which would have accrued on this Note if such prepayment occurred
on the next Scheduled Payment Date,

     (e)  LIMITATION ON PARTIAL PREPAYMENTS. In no event shall Lender have any
obligation to accept a partial prepayment.

                              ARTICLE 6 - SECURITY

     This Note is secured by the Mortgage and the other Loan Documents. All of
the terms, covenants and conditions contained in the Loan Agreement, the
Mortgage and the other Loan Documents are hereby made part of this Note to the
same extent and with the same force as if they were fully set forth herein.

                            ARTICLE 7 - USURY SAVINGS

     This Note is subject to the express condition that at no time shall
Borrower be obligated or required to pay interest on the principal balance of
the Loan at a rate which could subject Lender to either civil or criminal
liability as a result of being in excess of the maximum nonusurious interest
rate, if any, that at any time or from time to time may be contracted for,
taken, reserved, charged or received on the indebtedness evidenced by this Note
and as provided for herein or in the other Loan Documents, under the laws of
such state or states whose laws are held by any court of competent jurisdiction
to govern the interest rate provisions of the Loan (such rate, the "MAXIMUM
LEGAL RATE"). If, by the terms of this Note or the other Loan Documents,
Borrower is at any time required or obligated to pay interest on the principal
balance due hereunder at a rate in excess of the Maximum Legal Rate, the Note
Rate or the Default Rate, as the case may be, shall be deemed to be immediately
reduced to the Maximum Legal Rate and all previous payments in excess of the
Maximum Legal Rate shall be deemed to have been payments in reduction of
principal and not on account of the interest due hereunder. All sums paid or
agreed to be paid to Lender for the use, forbearance, or detention of the sums
due under the Loan, shall, to the extent permitted by applicable law, be
amortized, prorated, allocated, and spread throughout the full stated term of
the Loan until payment in full so that the rate or amount of interest on account
of the Loan does not exceed the Maximum Legal Rate of interest from time to time
in effect and applicable to the Loan for so long as the Loan is outstanding.

                         ARTICLE 8 - LATE PAYMENT CHARGE

     If any principal or interest payment is not paid by Borrower before the
tenth (10th) day after the date the same is due (or such greater period, if any,
required by applicable law), Borrower shall pay to Lender upon demand an amount
equal to the lesser of four percent (4%) of such unpaid sum or the maximum
amount permitted by applicable law in order to defray the expense incurred by
Lender in handling and processing such delinquent payment and to compensate
Lender for the loss of the use of such delinquent payment, provided however,
Borrower shall not be required to pay Lender a late charge in connection with
the final payment under the loan. Any such amount shall be secured by the
Mortgage and the other Loan Documents to the extent permitted by applicable law.

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                           ARTICLE 9 - NO ORAL CHANGE

     This Note may not be modified, amended, waived, extended, changed,
discharged or terminated orally or by any act or failure to act on the part of
Borrower or Lender, but only by an agreement in writing signed by the party
against whom enforcement of any modification, amendment, waiver, extension,
change, discharge or termination is sought.

                              ARTICLE 10 - WAIVERS

     Borrower and all others who may become liable for the payment of all or any
part of the Debt do hereby severally waive presentment and demand for payment,
notice of dishonor, notice of intention to accelerate, notice of acceleration,
protest and notice of protest and non-payment and all other notices of any kind
except as provided in the Loan Agreement. No release of any security for the
Debt or extension of time for payment of this Note or any installment hereof,
and no alteration, amendment or waiver of any provision of this Note, the Loan
Agreement or the other Loan Documents made by agreement between Lender or any
other Person shall release, modify, amend, waive, extend, change, discharge,
terminate or affect the liability of Borrower, and any other Person who may
become liable for the payment of all or any part of the Debt, under this Note,
the Loan Agreement or the other Loan Documents. No notice to or demand on
Borrower shall be deemed to be a waiver of the obligation of Borrower or of the
right of Lender to take further action without further notice or demand as
provided for in this Note, the Loan Agreement or the other Loan Documents. If
Borrower is a limited liability company, the agreements herein contained shall
remain in force and be applicable, notwithstanding any changes in the
individuals comprising the limited liability company, and the term "Borrower,"
as used herein, shall include any alternate or successor limited liability
company, but any predecessor limited liability company and its members shall not
thereby be released from any liability. If Borrower is a partnership, the
agreements herein contained shall remain in force and be applicable,
notwithstanding any changes in the individuals comprising the partnership, and
the term "Borrower," as used herein, shall include any alternate or successor
partnership, but any predecessor partnership and their partners shall not
thereby be released from any liability. If Borrower is a corporation, the
agreements contained herein shall remain in full force and be applicable
notwithstanding any changes in the shareholders comprising, or the officers and
directors relating to, the corporation, and the term "Borrower" as used herein,
shall include any alternative or successor corporation, but any predecessor
corporation shall not be relieved of liability hereunder. (Nothing in the
foregoing sentence shall be construed as a consent to, or a waiver of, any
prohibition or restriction on transfers of interests in such borrowing entity
which may be set forth in the Loan Agreement, the Mortgage or any other Loan
Documents.) If Borrower consists of more than one person or party, the
obligations and liabilities of each person or party shall be joint and several.

                           ARTICLE 11 - TRIAL BY JURY

     BORROWER AND LENDER EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY
ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO
THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS
NOTE, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION

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THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND
VOLUNTARILY BY BORROWER AND LENDER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY
EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD
OTHERWISE ACCRUE. EACH OF LENDER AND BORROWER IS HEREBY AUTHORIZED TO FILE A
COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER
BY BORROWER AND LENDER.

                              ARTICLE 12 - TRANSFER

     Upon the transfer of this Note, Borrower hereby waiving notice of any such
transfer, Lender may deliver all the collateral mortgaged, granted, pledged or
assigned pursuant to the Loan Documents, or any part thereof, to the transferee
who shall thereupon become vested with all the rights herein or under applicable
law given to Lender with respect thereto, and Lender shall thereafter forever be
relieved and fully discharged from any liability or responsibility in the matter
arising from events thereafter occurring; but Lender shall retain all rights
hereby given to it with respect to any liabilities and the collateral not so
transferred.

                            ARTICLE 13 - EXCULPATION

     The provisions of Article 15 of the Loan Agreement are hereby incorporated
by reference into this Note to the same extent and with the same force as if
fully set forth herein.

                           ARTICLE 14 - GOVERNING LAW

     This Note shall be governed, construed, applied and enforced in accordance
with the laws of the state in which the Property is located and applicable
federal laws of the United States of America.

                              ARTICLE 15 - NOTICES

     All notices or other written communications hereunder shall be delivered in
accordance with Article 16 of the Loan Agreement.

                   ARTICLE 16 - TAXPAYER IDENTIFICATION NUMBER

     This Note provides for the Borrower's federal taxpayer identification
number to be inserted in the Loan Terms Table on the first page of this Note. If
such number is not available at the time of execution of this Note or is not
inserted by the Borrower, the Borrower hereby authorizes and directs the Lender
to fill in such number on the first page of this Note when the Borrower provides
to Lender, advises the Lender of, or the Lender otherwise obtains, such number.

                          ARTICLE 17 - ATTORNEYS' FEES

     Any provisions in this Note or elsewhere in the Loan Documents providing
for the payment of "attorneys' fees," "reasonable attorneys' fees" or words of
similar import, shall mean actual attorneys' fees and paralegal fees incurred
based upon the usual and customary fees or

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hourly rates of the attorneys and paralegals involved without giving effect to
any statutory presumption that may then be in effect.

                         [NO FURTHER TEXT ON THIS PAGE]

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     IN WITNESS WHEREOF, Borrower has duly executed this Note as of the day and
year first above written.

                                         INLAND WESTERN ST. GEORGE, 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
                                                   ---------------------

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                                ADDENDUM TO NOTE
                                     (Utah)

     BY INITIALING BELOW, THE BORROWER EXPRESSLY ACKNOWLEDGES AND UNDERSTANDS
THAT, PURSUANT TO THE TERMS OF THIS NOTE, IT HAS AGREED THAT IT HAS NO RIGHT TO
PREPAY THIS NOTE PRIOR TO THE END OF THE LOCKOUT PERIOD AND THAT IT SHALL BE
LIABLE FOR THE PAYMENT 0F THE PREPAYMENT CHARGES FOR PREPAYMENT OF THIS NOTE
UPON ACCELERATION OF THIS NOTE IN ACCORDANCE WITH ITS TERMS. FURTHER, BY
INITIALING BELOW, THE BORROWER WAIVES ANY RIGHTS IT MAY HAVE UNDER UTAH LAW TO
PREPAY THIS NOTE AND EXPRESSLY ACKNOWLEDGES AND UNDERSTANDS THAT THE LENDER HAS
MADE THE LOAN IN RELIANCE ON THE AGREEMENTS AND WAIVER OF THE BORROWER AND THAT
THE LENDER WOULD NOT HAVE MADE THE LOAN WITHOUT SUCH AGREEMENTS AND WAIVER OF
THE BORROWER.

                                         INLAND WESTERN ST. GEORGE, 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
                                                   ---------------------<Page>

                                                                   EXHIBIT 10.84

                                                                 Loan No.: 57968
                                                          Servicing No.: 3179553

                       EXCEPTIONS TO NON-RECOURSE GUARANTY

     This Exceptions To Non-Recourse Guaranty (the "Guaranty") is entered into
as of April 8, 2004, by the undersigned (collectively, the "Borrower Principal"
whether one or more), in order to induce BANK OF AMERICA, N.A., a national
banking association, together with its successors and assigns (the "Lender"), to
make a loan to INLAND WESTERN ST. GEORGE, L.L.C., a Delaware limited liability
company (the "Borrower"), in the amount of $10,590,000.00 (the "Loan").

                                    RECITALS

     A.   The Loan is evidenced by a Promissory Note from the Borrower to the
Lender of even date herewith (as amended, modified, renewed, extended, restated,
supplemented, reissued and/or substituted from time to time, the "Note") in the
original principal amount of the Loan, and is secured by, among other things, a
Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture
Filing of even date herewith (as amended, modified, renewed, extended, restated,
supplemented, reissued and/or substituted from time to time, the "Security
Instrument"), covering the property described in the Security Instrument and
located at 245 Red Cliffs Drive, St. George, Utah (the "Property").

     B.   The term "Loan Documents," when used in this Guaranty, shall mean,
collectively, the Note, the Security Instrument, and all other documents or
agreements executed in connection with the Loan, whether presently existing or
hereinafter entered into, as amended, modified, renewed, extended, restated,
supplemented, reissued and/or substituted from time to time.

     C.   The Lender is unwilling to make the Loan unless the Borrower Principal
executes this Guaranty.

     NOW, THEREFORE, in order to induce the Lender to make the Loan evidenced by
the Note and secured by the Security Instrument, and in consideration thereof,
the Borrower Principal hereby (i) irrevocably and unconditionally guarantees the
full and prompt payment to the Lender of all amounts which may from time to time
while the Note is outstanding and unpaid become due and owing by the Borrower,
whether principal, interest or other sums, for which the Borrower may from time
to time, or at any time, be personally liable to the Lender under the provisions
of the Note due to the applicability of the exceptions to non-recourse liability
provisions contained in Article 15 of the Loan Agreement (the "Guaranteed
Obligations"), and (ii) agrees to pay, on demand, all costs and expenses,
including reasonable attorneys' fees and disbursements, incurred by the Lender
in enforcing its rights under this Guaranty. All obligations of the Borrower
Principal under this Guaranty shall be joint and several among all persons (if
more than one) included as the Borrower Principal. This Guaranty is an
unconditional guaranty of payment, and not a guaranty of collection, and may be
enforced by the Lender directly against the Borrower Principal without any
requirement that the Lender must

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first exercise its rights against the Borrower or any general partner or member
of the Borrower or any other party or any collateral or other security for
payment of the Note, if any of the exceptions to non-recourse liability
provisions contained in Article 15 of the Loan Agreement shall apply.

     The obligations of the Borrower Principal under this Guaranty shall be
performed without demand by the Lender and shall be unconditional irrespective
of the genuineness, validity, regularity or enforceability of the Note, the Loan
Documents, or any other circumstance which might otherwise constitute a legal or
equitable discharge of a surety or a guarantor. The Borrower Principal hereby
waives the benefit of all principles or provisions of law, statutory or
otherwise, which are or might be in conflict with the terms of this Guaranty,
and agrees that the obligations of the Borrower Principal shall not be affected
by any circumstances, whether or not referred to in this Guaranty, which might
otherwise constitute a legal or equitable discharge of a surety or guarantor.
The Borrower Principal hereby waives the benefits of any right of discharge
under any and all statutes or other laws relating to guarantors or sureties and
any other rights of sureties and guarantors thereunder. Without limiting the
generality of the foregoing, the Borrower Principal hereby waives diligence,
presentment, demand for payment, protest, and all notices which may be required
by statute, rule of law or otherwise to preserve intact the Lender's rights
against the Borrower Principal under this Guaranty, including, but not limited
to, notice of acceptance, notice of any amendment of the Loan Documents, notice
of the occurrence of any default, notice of intent to accelerate, notice of
acceleration, notice of dishonor, notice of foreclosure, notice of protest,
notice of the incurring by the Borrower of any of the Guaranteed Obligations,
and, generally, all demands, notices and other formalities of every kind in
connection with this Guaranty, and all rights to require the Lender to (a)
proceed against the Borrower or, if the Borrower is a partnership or limited
liability company, any general partner or member of the Borrower, as applicable,
(b) proceed against or exhaust any collateral held by the Lender to secure the
payment of the Loan, or (c) pursue any other remedy it may now or hereafter have
against the Borrower, or, if the Borrower is a partnership or limited liability
company, any general partner or member of the Borrower, as applicable.

     Without limiting the generality of the foregoing:

     The Borrower Principal hereby agrees that the Borrower Principal's
liability shall continue even if the Lender alters any obligations under the
Loan Documents in any respect or the Lender's remedies or rights against the
Borrower are in any way impaired or suspended without the Borrower Principal's
consent.

     The Borrower Principal hereby agrees that the Borrower Principal is liable
even if the Borrower had no liability at the time of execution of the Note or
thereafter ceased to be liable. The Borrower Principal hereby agrees that the
Borrower Principal's liability may be larger in amount and more burdensome than
that of the Borrower.

     The Borrower Principal hereby waives any and all benefits and defenses
under Utah law including, without limitation, the right to require the Lender to
(i) proceed against the Borrower or any other guarantor or pledger, (ii) proceed
against or exhaust any security or collateral the Lender may hold, or (iii)
pursue any other right or remedy for the Borrower Principal's benefit,

                                        2
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and agrees that the Lender may proceed against the Borrower Principal for the
Guaranteed Obligations without taking any action against the Borrower or any
other guarantor or pledgor and without proceeding against or exhausting any
security or collateral the Lender holds. The Borrower Principal agrees that the
Lender may unqualifiedly exercise in its sole and absolute discretion, any or
all rights and remedies available to it against the Borrower or any other
guarantor or pledgor without impairing the Lender's rights and remedies in
enforcing this Guaranty, under which the Borrower Principal's liabilities shall
remain independent and unconditional. The Borrower Principal agrees that the
Lender's exercise of certain of such rights or remedies may affect or eliminate
the Borrower Principal's right of subrogation or recovery against the Borrower
and that the Borrower Principal may incur partially or totally non-reimbursable
liability under this Guaranty. Without limiting the generality of the foregoing,
the Borrower Principal expressly waives any and all benefits and defenses under
or based upon any Utah statute which would otherwise limit the Borrower
Principal's liability after a non-judicial or judicial foreclosure sale to the
difference between the obligations guaranteed herein and the fair market value
or fair value, respectively, of the Property or interests sold at such
non-judicial or judicial foreclosure sale, or which would otherwise limit the
Lender's right to recover a deficiency judgment after a non-judicial or judicial
foreclosure sale, or would otherwise require the Lender to exhaust all of its
security before a personal judgment may be obtained for a deficiency.

     The Borrower Principal hereby agrees that the Borrower Principal shall have
no right of subrogation or reimbursement against the Borrower, no right of
subrogation against any collateral or security provided for in the Loan
Documents and no right of contribution against any other guarantor or pledgor
unless and until all amounts due under the Loan Documents have been paid in full
and the Lender has released, transferred or disposed of all of its right, title
and interest in any collateral or security. To the extent the Borrower
Principal's waiver of these rights of subrogation, reimbursement or contribution
as set forth herein is found by a court of competent jurisdiction to be void or
voidable for any reason, the Borrower Principal agrees that the Borrower
Principal's rights of subrogation and reimbursement against the Borrower and the
Borrower Principal's right of subrogation against any collateral or security
shall be unconditionally junior and subordinate to the Lender's rights against
the Borrower and to the Lender's right, title and interest in such collateral or
security, and the Borrower Principal's right of contribution against any other
guarantor or pledgor shall be unconditionally junior and subordinate to the
Lender's rights against such other guarantor or pledgor.

     The Borrower Principal shall not be released or discharged, in whole or in
part, by (i) the Lender's failure to perfect or continue the perfection of any
lien or security interest in collateral which secures the obligations of the
Borrower, (ii) the Lender's failure to protect the Property covered by such lien
or security interest, or (iii) any consent by the Lender to the transfer,
subordination, release, substitution or liquidation of any portion of the
collateral which secures the obligations of the Borrower.

     So long as any of the obligations guaranteed hereunder shall remain owing
to the Lender, the Borrower Principal shall not, without the prior written
consent of the Lender, commence or join with any other party in commencing any
bankruptcy, reorganization or insolvency proceedings of or against the Borrower.

                                        3
<Page>

     Any married person executing this Guaranty agrees that recourse may be had
against community assets and against such person's separate property for the
satisfaction of the obligations hereby guaranteed.

     The Borrower Principal's waivers in this Guaranty are made knowing that
their intent is to deprive the Borrower Principal of the benefits and defenses
that would or could otherwise be available to the Borrower Principal under the
statutory provisions and case law referenced herein.

     The Borrower Principal hereby agrees that, at any time or from time to
time and any number or times, without notice to the Borrower Principal and
without affecting the liability of the Borrower Principal hereunder: (a) the
time for payment of the principal of or interest on the Note may be extended or
the Note may be renewed in whole or in part one or more times; (b) the time for
the Borrower's performance of or compliance with any covenant or agreement
contained in the Note, the Security Instrument or any other Loan Document
evidencing, securing or governing the Loan, whether presently existing or
hereafter entered into, may be extended or such performance compliance may be
waived; (c) the maturity of the Note may be accelerated as provided therein or
in the Security Instrument or any other Loan Document; (d) the Note, the
Security Instrument or any other Loan Document may be modified or amended by the
Lender and the Borrower in any respect, including, but not limited to, an
increase in the principal amount; and (e) any security for the Loan may be
modified, exchanged, surrendered or otherwise dealt with or additional security
may be pledged or mortgaged for the Loan.

     If any payment by the Borrower is held to constitute a preference under any
applicable bankruptcy or similar laws, or if for any reason the Lender is
required to refund any sums to the Borrower, such amounts shall not constitute a
release of any liability of the Borrower Principal hereunder for the Guaranteed
Obligations. It is the intention of the Lender and the Borrower Principal that
the Borrower Principal's obligations hereunder shall not be discharged except by
the Borrower Principal's performance of such obligations and then only to the
extent of such performance.

     The Borrower Principal agrees that any indebtedness of the Borrower now or
hereafter held by the Borrower Principal is hereby and shall be unconditionally
subordinated to all indebtedness of the Borrower to the Lender and any such
indebtedness of the Borrower shall be collected, enforced and received by the
Borrower Principal, as trustee for the Lender, but without reducing or affecting
in any manner the liability of the Borrower Principal under the other provisions
of this Guaranty.

     The Borrower Principal agrees that the Lender, in its sole and absolute
discretion, any without notice to or consent of the Borrower Principal, may: (a)
bring suit against the Borrower Principal, or any one or more of the individuals
constituting the Borrower Principal, and any other guarantor of the Note,
jointly or severally, or against any one or more of them; (b) compromise or
settle with any one or more of the individuals constituting the Borrower
Principal for such consideration as the Lender may deem proper; (c) release one
or more of the individuals constituting the Borrower Principal, or any other
guarantors of the Note, from

                                        4
<Page>

liability thereunder; and (d) otherwise deal with the Borrower Principal and any
other guarantor of the Note, or any one or more of them, in any manner
whatsoever, and that no such action shall impair the rights of the Lender to
collect the Guaranteed Obligations from the Borrower Principal. Nothing
contained in this paragraph shall in any way affect or impair the rights or
obligations of the Borrower Principal with respect to any other guarantor of the
Note.

     The Lender may assign its rights under this Guaranty in whole or in part
and, upon any such assignment, all the terms and provisions of this Guaranty
shall inure to the benefit of such assignee to the extent so assigned. Without
limiting the foregoing, it is further expressly recognized that the Lender
intends to sell, transfer, deliver and assign the Loan in the secondary mortgage
market. By its execution of this Guaranty, the Borrower Principal understands
and agrees that any financial statement, operating statement, rent roll and
other information delivered to the Lender by the Borrower Principal, the
Borrower, or any other person or entity, may be delivered to any secondary
mortgage market participant in connection with the sale or assignment of the
Loan or any security backed by the Loan in whole or in part. The terms used to
designate any of the parties herein shall be deemed to include the heirs, legal
representatives, successors and assigns of such parties; and the term "the
Lender" shall include, in addition to the Lender, any lawful owner, holder or
pledgee of the Note. The terms used to designate any of the parties herein shall
be deemed to include the heirs, legal representatives, successors and assigns of
such parties; and the term "the Lender" shall include, in addition to the
Lender, any lawful owner, holder or pledgee of the Note.

     THE LENDER AND THE BORROWER PRINCIPAL EACH HEREBY WAIVE, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, THE RIGHT TO A TRIAL BY JURY IN ANY ACTION
OR PROCEEDING BASED UPON, OR RELATED TO, THE SUBJECT MATTER OF THIS GUARANTY.
THIS WAIVER IS KNOWINGLY, INTENTIONALLY, AND VOLUNTARILY MADE BY THE LENDER AND
THE BORROWER PRINCIPAL, AND THE LENDER AND THE BORROWER PRINCIPAL ACKNOWLEDGE
THAT NO PERSON ACTING ON BEHALF OF THE OTHER PARTY TO THIS GUARANTY HAS MADE ANY
REPRESENTATIONS OF FACT TO INDUCE THIS WAIVER OF TRIAL BY JURY OR IN ANY WAY TO
MODIFY OR NULLIFY ITS EFFECT. THE LENDER AND THE BORROWER PRINCIPAL FURTHER
ACKNOWLEDGE THAT THEY HAVE BEEN REPRESENTED (OR HAVE HAD THE OPPORTUNITY TO BE
REPRESENTED) IN THE SIGNING OF THIS GUARANTY AND IN THE MAKING OF THIS WAIVER BY
INDEPENDENT LEGAL COUNSEL, SELECTED OF THEIR OWN FREE WILL, AND THAT THEY HAVE
HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL.

     THIS GUARANTY AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT
BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENT. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS BETWEEN THE PARTIES. ALL PRIOR OR CONTEMPORANEOUS AGREEMENTS,
UNDERSTANDINGS, REPRESENTATIONS AND STATEMENTS, ORAL OR WRITTEN, ARE MERGED INTO
THIS GUARANTY AND THE OTHER LOAN DOCUMENTS. NEITHER THIS GUARANTY NOR ANY
PROVISION HEREOF MAY BE WAIVED, MODIFIED,

                                        5
<Page>

AMENDED, DISCHARGES, OR TERMINATED EXCEPT BY AN AGREEMENT IN WRITING SIGNED BY
THE PARTY AGAINST WHICH THE ENFORCEMENT OF SUCH WAIVER, MODIFICATION, AMENDMENT,
DISCHARGE, OR TERMINATION IS SOUGHT, AND THEN ONLY TO THE EXTENT SET FORTH IN
SUCH AGREEMENT.

     The Borrower Principal has received and approved copies of all of the Loan
Documents and has had the opportunity to review the matters discussed and
contemplated therein, including the remedies the Lender may pursue against the
Borrower in the event of a default under the Loan Documents, the value of the
security or collateral for the Loan, and the Borrower's financial condition and
ability to perform under the Loan. The Borrower Principal has established
adequate means of obtaining from the Borrower on an continuing basis,
information pertaining to, and is now and on a continuing basis will be
completely familiar with, the Borrower's financial condition, operations,
properties, prospects and the performance of the Borrower's obligations to the
Lender. The Lender shall have no duty to disclose to the Borrower Principal any
information pertaining to the Borrower or any security or collateral.

     Nothing herein shall be construed to relieve or release the Borrower
Principal of or from any obligation or liability of the Borrower Principal under
any of the Loan Documents in its, his or her capacity as a general partner or
member of the Borrower, and the Borrower Principal shall have and retain any
such obligation or liability in such capacity notwithstanding any limitation
upon the effectiveness or enforceability of this Guaranty.

     In the event of any litigation or other legal proceeding arising between
the parties to this Guaranty, whether relating to the enforcement of a party's
rights under this Guaranty or otherwise, the prevailing party shall be entitled
to receive its reasonable attorneys' fees and costs of suit from the
non-prevailing party in such amount as the court shall determine.

     Time is of the essence in the performance of the obligations of the
Borrower Principal under this Guaranty. This Guaranty shall be governed by the
laws of the state in which the Property is located, and by applicable federal
law.

     This Guaranty may be executed in any number of counterparts, all of which
when taken together shall constitute one and the same instrument.

                         [No Further Text on this Page]

                                        6
<Page>

     IN WITNESS WHEREOF, this Guaranty has been executed by the Borrower
Principal and is effective as of the day and year first above written.

                                     BORROWER PRINCIPAL:

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

                                     By: /s/ Debra A Palmer
                                        ------------------------------
                                     Name:   Debra A Palmer
                                          ----------------------------
                                     Title: asst secretary
                                            --------------------------

                                        7

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