Document:

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                                                                  Exhibit 10.221

                                    GUARANTY
                                 LOAN NO. 753948

     THIS GUARANTY (as the same may from time to time hereafter be modified,
supplemented or amended, the "GUARANTY") is made as of July 2, 2004 by INLAND
WESTERN RETAIL REAL ESTATE TRUST, INC., a Maryland corporation, having an office
at 2901 Butterfield Road, Oak Brook, Illinois 60523 ("GUARANTOR"), in favor of
PRINCIPAL LIFE INSURANCE COMPANY, an Iowa corporation, having a principal place
of business and post office address at c/o Principal Real Estate Investors, LLC,
801 Grand Avenue, Des Moines, Iowa 50392-1450 ("LENDER").

                                    RECITALS:

     Lender has agreed to make a loan (the "LOAN") in the original principal sum
of Twenty Million One Hundred Fifty Thousand and No/100 Dollars ($20,150,000.00)
(the "LOAN AMOUNT") to INLAND WESTERN KANSAS CITY, L.L.C., a Delaware limited
liability company ("Borrower"); and

     The Loan is evidenced by Borrower's secured promissory note made payable
and delivered to Lender (as the same may from time to time hereafter be
modified, amended, supplemented, extended or consolidated in writing, and any
note(s) issued in exchange therefor or replacement thereof, the "NOTE") and
further evidenced and secured by a "MORTGAGE" (it being agreed that "Mortgage"
as hereinafter used shall be construed to mean "mortgage" or "deed of trust" or
"trust deed" or "deed to secure debt" as the context so requires) on certain
real estate located in Platte County, Missouri, together with all existing
improvements constructed thereon, said Premises being more particularly
described in said Mortgage, and an Assignment of Leases ("ASSIGNMENT OF
LEASES"); and

     In connection with the Loan, the Borrower has also executed that certain
Environmental Indemnity ("ENVIRONMENTAL INDEMNITY") for the benefit of Lender
(the Note, Environmental Indemnity, Mortgage and Assignment of Leases and all
other instruments or agreements by which the Loan is evidenced or secured are
hereinafter collectively referred to as the "UNDERLYING INSTRUMENTS"); and

     It is a condition of Lender's agreement to make the Loan that Guarantor be
unconditionally liable for and personally guarantee the payment and performance
of certain liabilities and obligations of the Borrower under the Underlying
Instruments upon the terms and conditions as are hereinafter set forth; and

     WHEREAS, Guarantor is financially interested in Borrower and is materially
benefited by the consummation of the Loan and has agreed to unconditionally and
personally guarantee the payment and performance of certain liabilities and
obligations of Borrower under the Underlying Instruments upon the terms and
conditions as are hereinafter set forth.

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     NOW, THEREFORE, in order to induce Lender to make the Loan to Borrower,
Guarantor intending to be legally bound, hereby makes the following
representations and warranties to the Lender and hereby covenants and agrees
with the Lender as follows:

1.   Guarantor absolutely, irrevocably and unconditionally guarantees to the
     Lender payment and the full, faithful and timely performance of any and all
     liabilities and obligations of Borrower whether now existing or hereafter
     incurred under the Environmental Indemnity and paragraph 9 of the Note (all
     of which payments, liabilities and obligations are hereinafter collectively
     referred to as the "Guaranteed Obligations").

2.   Guarantor absolutely, irrevocably and unconditionally waives notice of
     acceptance of this Guaranty and notice of any payment, liability or
     obligation to which it may apply, and waives presentment, demand of
     payment, protest, notice of dishonor or nonpayment of such liabilities
     under this Guaranty or any of the Underlying Instruments creating the
     Guaranteed Obligations and any suit or taking other action by the Lender
     against, and any other notice to, any party liable thereon or any property
     which may be security therefor.

3.   The Lender may at any time and from time to time without the consent of, or
     notice to, Guarantor, without incurring any responsibility to Guarantor and
     without impairing or releasing any of the obligations of Guarantor
     hereunder, upon or without any terms or conditions and in whole or in part:

     (a)    renew, alter or change the interest rate, manner, time, place or
            terms of payment or performance of any of the Guaranteed
            Obligations, or any liability incurred directly or indirectly in
            respect thereof, whereupon the guaranty herein made shall apply to
            the Guaranteed Obligations as so changed, extended, renewed or
            altered;

     (b)    sell, exchange, release, surrender, and in any manner and in any
            order realize upon or otherwise deal with any property at any time
            directly and absolutely assigned or pledged or mortgaged to secure
            the Guaranteed Obligations or any liabilities (including any of
            those hereunder) incurred directly or indirectly in respect thereof;

     (c)    exercise or refrain from exercising any rights against Borrower or
            any other person (including Guarantor) or otherwise act or refrain
            from acting with regard to the Underlying Instruments, Guaranteed
            Obligations or this Guaranty;

     (d)    settle or compromise any of the Guaranteed Obligations, any security
            therefor or any liability (including any of those hereunder)
            incurred directly or indirectly in respect thereof or hereof, and/or
            subordinate the payment of all or any part thereof to the payment of
            any liability of Borrower (whether or not then due) to creditors of
            Borrower other than the Lender and Guarantor;

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     (e)    apply any sums in whatever manner paid or realized to any liability
            or liabilities of Borrower to the Lender regardless of what
            liability or liabilities of Borrower remain unpaid;

     (f)    consent to or waive any breach of or any act, omission or default
            under the Underlying Instruments or otherwise amend, modify or
            supplement any of such instruments or agreements; and/or

     (g)    sell, convey or assign, whether into a securitized transaction or
            otherwise, all or any part of Lender's interest in this Guaranty and
            the Underlying Instruments.

4.   (a)    No invalidity, irregularity or unenforceability of all or any part
            of the Underlying Instruments, the Guaranteed Obligations or this
            Guaranty, or of any security therefor, shall affect, impair or
            constitute a defense to this Guaranty. This Guaranty is a direct and
            primary obligation of Guarantor, and Guarantor's obligations
            hereunder are not as a surety. This is a guaranty of payment and
            performance, and not merely a guaranty of collection.

     (b)    Guarantor acknowledges and agrees that this Guaranty and Guarantor's
            obligations with respect to payments and performance under the
            Environmental Indemnity shall remain in full force and effect,
            notwithstanding the fact that the Note and payments due under the
            other Underlying Instruments have been paid in full.

5.   (a)    Notwithstanding any payment or payments made by Guarantor hereunder,
            Guarantor will not assert or exercise any right of the Lender or of
            such Guarantor against Borrower to recover the amount of any payment
            made by such Guarantor to the Lender by way of subrogation,
            reimbursement, contribution, indemnity or otherwise arising by
            contract or operation of law, and Guarantor shall not have any right
            of recourse to or any claim against assets or property of Borrower,
            whether or not the obligations of Borrower have been satisfied, all
            of such rights being herein expressly waived by Guarantor. The
            provisions of this paragraph shall survive the termination of this
            Guaranty, and any satisfaction and discharge of Borrower by virtue
            of any payment, court order or any applicable law.

     (b)    Notwithstanding the provisions of Section 5(a), Guarantor shall have
            and be entitled to all rights of subrogation otherwise provided by
            applicable law in respect of any payment Guarantor may make or be
            obligated to make under this Guaranty, and to assert and enforce the
            same, in each case on and after, but at no time prior to, the date
            (the "SUBROGATION TRIGGER DATE") which is 91 days after the date on
            which all obligations under the Underlying Instruments shall have
            been paid or performed in full, if and only if the existence of
            Guarantor's rights under this Section 5(b) would not make Guarantor
            a creditor (as defined in the Bankruptcy Reform Act of 1978, an
            amended, 11 U.S.C. Sections 101 et seq., and

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            the regulations adopted and promulgated pursuant thereto) of
            Borrower in any insolvency bankruptcy, reorganization or similar
            proceeding commenced on or prior to the Subrogation Trigger Date.

     (c)    In the event that Guarantor shall advance or become obligated to pay
            any sums with respect to any obligation hereby guaranteed or in the
            event that for any reason whatsoever the Borrower or any subsequent
            owner of the collateral securing the Loan is now, or shall hereafter
            become, indebted to Guarantor, Guarantor agrees that the amount of
            such sums and of such Indebtedness together with all interest
            thereon, shall at all times be subordinate as to the lien, time of
            payment and in all other respects, to all sums, including principal,
            interest and other Indebtedness, at any time owing to the Lender
            under any of the Underlying Instruments. Nothing herein contained is
            intended or shall be construed to give to Guarantor any right to
            participate in any way in the right, title or interest of the Lender
            in or to the collateral securing the Loan, notwithstanding any
            payments made by Guarantor under this Guaranty, all such rights of
            participation being hereby expressly waived and released.

6.   Guarantor agrees that to the extent that Borrower makes a payment or
     payments to Lender, which payment or payments or any part thereof are
     subsequently invalidated, declared to be fraudulent or preferential, set
     aside or required, for any of the foregoing reasons or for any other
     reasons, to be repaid or paid over to a custodian, trustee, receiver or any
     other party under any bankruptcy act, state or federal law, common law or
     equitable cause, then to the extent of such payment or repayment, the
     obligation or part thereof intended to be satisfied shall be revived and
     continued in full force and effect as if such payment had not been made.

7.   Guarantor makes the following representations and warranties which shall
     survive the execution and delivery of this Guaranty:

     (a)    Guarantor is and, until the Indebtedness is paid in full, will
            continue to (i) be a duly organized and validly existing entity in
            good standing under the laws of the state of its formation, (ii) be
            duly qualified as a foreign entity in each jurisdiction in which the
            nature of its business makes such qualification necessary or
            desirable, (iii) have the requisite power and authority to carry on
            its business as now being conducted, (iv) have the requisite power
            to execute, deliver and perform its obligations under this Guaranty,
            and (v) comply with the provisions of all of its organizational
            documents, and the Legal Requirements of the state of its formation.

     (b)    The execution, delivery and performance of this Guaranty (i) are
            within the applicable powers of Guarantor; (ii) have been authorized
            by all requisite action; (iii) have received all necessary approvals
            and consents, corporate, governmental or otherwise; (iv) does not
            and will not violate, conflict with, result in a breach of

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            or constitute (with notice or lapse of time, or both) a default
            under any provision of law, any order or judgment of any court or
            governmental authority, the articles of incorporation, by-laws,
            partnership, operating or trust agreement, or other governing
            instrument of Guarantor, or any indenture, agreement or other
            instrument to which Guarantor is a party or by which Guarantor or
            any of Guarantor's assets is or may be bound or affected; (v) does
            not and will not result in the creation or imposition of any lien,
            charge or encumbrance whatsoever upon any of Guarantor's assets; and
            (vi) does not and will not require any authorization or license
            from, or any filing with, any governmental authority or other body.

     (c)    This Guaranty constitutes the legal, valid and binding obligations
            of Guarantor, enforceable against Guarantor in accordance with its
            terms, except as may be limited by (i) bankruptcy, insolvency,
            reorganization or other similar laws affecting the rights of
            creditors generally, and (ii) general principles of equity
            (regardless of whether considered in a proceeding in equity or at
            law).

8.   Guarantor and Borrower are separate and distinct entities with no identity
     of interest with respect to any Indebtedness which may become owed or any
     payments which may be made hereunder. Borrower is not contractually bound
     to Guarantor with respect to any payments hereafter made under this
     Guaranty in any manner which would have the effect of imputing the
     liability of Guarantor hereunder to Borrower.

9.   Guarantor is related and/or affiliated with Borrower, has personal
     knowledge of and is familiar with Borrower's business affairs, books and
     records and has the ability to influence Borrower's financial decisions.
     Guarantor represents that Borrower is in sound financial condition as of
     the date of this Guaranty.

10.  Nothing herein contained shall in any manner affect the lien or priority of
     the Mortgage, and upon the occurrence of an Event of a Default, the Lender
     may invoke any remedies it may have under the Underlying Instruments, or
     this Guaranty, either concurrently or successively and the exercise of any
     one or more of such remedies shall not be deemed an exhaustion of such
     remedy or remedies or a waiver of any other remedy or remedies and shall
     not be deemed an election of remedies. Guarantor hereby specifically waives
     any defense to its performance under this Guaranty based upon an election
     of remedies by Lender, including but not limited to an election to
     foreclose by nonjudicial sale under any deed of trust, or security
     agreement and pursue any other remedy which destroys, lessens or otherwise
     affects Guarantor's subrogation rights and/or its rights to reimbursement
     from or to proceed against Borrower or any other person, when resulting
     from the judicial or nonjudicial foreclosure (under any deed of trust, or
     security agreement) or the selling or otherwise disposing of or collecting
     or applying any property, real or personal, securing the Note, or
     otherwise. The exercise by the Lender of any such remedies shall not
     release or discharge Guarantor from its obligations hereunder unless and
     until the full amount of the Indebtedness evidenced by the Note and secured
     as aforesaid has been fully paid and

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     satisfied, and any such release or discharge shall be subject to the
     provisions of paragraph 4(b) hereof.

11.  This Guaranty shall remain in full force and effect until all obligations
     of the Borrower under the Underlying Instruments have been satisfied in
     full and are no longer subject to disgorgement under any applicable state
     or federal creditor rights or bankruptcy laws. No delay on the part of the
     Lender in exercising any options, powers or rights, or the partial or
     single exercise thereof, shall constitute a waiver thereof. No waiver of
     any rights hereunder, and no modification or amendment of this Guaranty,
     shall be deemed to be made by the Lender unless the same shall be in
     writing, duly signed on behalf of the Lender, and each such waiver (if any)
     shall apply only with respect to the specific instance involved and shall
     in no way impair the rights of the Lender or the obligations of Guarantor
     to the Lender in any other respect at any other time. This Guaranty and the
     rights and obligations of the Lender and of Guarantor hereunder shall be
     governed and construed in accordance with the laws of the state of
     Missouri, without regard to its conflicts of law principles and this
     Guaranty is binding upon Guarantor, Guarantor's heirs, personal
     representatives and permitted successors or assigns, and shall inure to the
     benefit of the Lender and its successors or assigns.

12.  Guarantor acknowledges that copies of the Underlying Instruments have been
     made available to Guarantor and that Guarantor is familiar with their
     contents. Guarantor affirmatively agrees that upon any Permitted Transfer
     effected in accordance with the provisions of the Underlying Instruments,
     it shall not be necessary for Guarantor to reaffirm its continuing
     obligations under this Guaranty, but Guarantor will do so upon request by
     Lender; provided, however, in the event a Permitted Transfer under items
     (ii) or (vi) of the Permitted Transfers occurs in compliance with the terms
     and conditions stated in the Mortgage, then Borrower may provide a
     substitute guarantor, acceptable to Lender in Lender's sole discretion, to
     assume the obligations of Guarantor under terms and conditions acceptable
     to Lender. Lender's approval of the substitute guarantor shall be deemed
     granted so long as such substitute guarantor is a Qualified Successor.

13.  GUARANTOR AND LENDER EACH KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE,
     TO THE EXTENT PERMITTED BY LAW, TRIAL BY JURY IN ANY ACTIONS BROUGHT BY
     GUARANTOR OR LENDER IN CONNECTION WITH THIS GUARANTY, ANY OF THE LOAN
     DOCUMENTS, THE INDEBTEDNESS SECURED HEREBY, OR ANY OTHER STATEMENTS OR
     ACTIONS OF LENDER.

14.  Each notice, consent, request or other communication under this Guaranty
     (each a "Notice") which any party hereto may desire or be required to give
     to the other shall be deemed to be adequate and sufficient notice if given
     in writing and service is made by either (i) registered or certified mail,
     postage prepaid, in which case such notice shall be deemed to have been
     received three (3) business days following deposit to U.S. mail; or (ii)
     nationally recognized overnight air courier, next day delivery, prepaid, in
     which case

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     such notice shall be deemed to have been received one (1) business day
     following delivery to such nationally recognized overnight air courier. All
     Notices shall be addressed to Guarantor at its address given on the first
     page hereof, or to Lender at c/o Principal Real Estate Investors, LLC, 801
     Grand Avenue, Des Moines, Iowa 50392-1450, Attn: Commercial Real Estate
     Servicing, Loan No. 753948, or to such other place as any party may by
     notice in writing to the other parties designate as a place for service of
     notice.

15.  Each Guarantor (if more than one) whose signature appears below shall be
     deemed to be bound by the provisions of this Guaranty and the Guaranteed
     Obligations, whether each signature was affixed at the same or different
     times, and the term "Guarantor" as used herein shall be deemed to refer to
     each individually, as well as collectively, and each of the undersigned
     shall be jointly and severally liable for the Guaranteed Obligations
     hereunder, both personally and with recourse, irrespective of the recourse
     or non-recourse nature of the Underlying Instruments. Guarantor agrees that
     if this Guaranty is placed in the hands of an attorney for enforcement,
     Guarantor will reimburse Lender all expenses incurred, including attorney's
     fees.

16.  This Guaranty may be executed in counterparts, each of which shall be
     deemed an original; and such counterparts when taken together shall
     constitute but one agreement.

17.  Capitalized terms used herein and not otherwise defined shall have the
     meanings given to them in the Underlying Instruments.

     IN WITNESS WHEREOF, Guarantor has caused this Guaranty to be duly executed
and delivered as of the date first set forth above.

                     (REMAINDER OF PAGE INTENTIONALLY BLANK
                            SIGNATURES ON NEXT PAGE)

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                           SIGNATURE PAGE OF GUARANTOR
                                   TO GUARANTY

42-1579325
(Guarantor's Identification Number)

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

                                             By:   /s/ Valerie Medina
                                                   ------------------------
                                                   Name:  Valerie Medina
                                                       --------------------
                                                   Title: Asst. Secretary
                                                         ------------------

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                                                                  Exhibit 10.222

                           PROPERTY RESERVES AGREEMENT
                                 Loan No. 753948

     THIS PROPERTY RESERVES AGREEMENT (as the same may from time to time
hereafter be modified, supplemented or amended, this "AGREEMENT") is made as of
July 2, 2004, by INLAND WESTERN KANSAS CITY, L.L.C., a Delaware limited
liability company, having an office at 2901 Butterfield Road, Oak Brook,
Illinois 60523 ("BORROWER"), and PRINCIPAL LIFE INSURANCE COMPANY, an Iowa
corporation, having a principal place of business and post office address at c/o
Principal Real Estate Investors, LLC, 801 Grand Avenue, Des Moines, Iowa
50392-1450 ("LENDER").

                                    RECITALS

     Lender has agreed to make a loan (the "LOAN") in the original principal
amount of Twenty Million One Hundred Fifty Thousand and No/100 Dollars
($20,150,000.00) (the "LOAN AMOUNT") to Borrower as set forth in the Loan
Documents, executed by and between Lender and Borrower (capitalized terms used
herein and not otherwise defined will have the meanings given to them in the
Loan Documents); and

     The Loan is evidenced by Borrower's secured promissory note delivered to
Lender (as may be modified, amended, supplemented, extended or consolidated in
writing, and any note(s) issued in exchange therefore or in replacement thereof,
the "NOTE"), in the Loan Amount, bearing interest at the rate and being payable
in the manner provided therein and further evidenced and secured by, among other
things, a "MORTGAGE" (it being agreed that Mortgage as hereinafter used shall be
construed to mean "mortgage" or "deed of trust" or "trust deed" or "deed to
secure debt" as the context so requires) bearing the aforesaid date to secure
the Note and creating a lien on Borrower's interest in certain real estate in
the county of Platte, state of Missouri, together with all existing improvements
constructed thereon, said Premises being more particularly described in said
Mortgage; and

     Borrower has agreed to deposit with Lender certain funds to be held by
Lender to reimburse Borrower for the costs of certain tenant improvements which
are to be borne by Borrower in accordance with approved Leases of space at the
Premises ("TENANT IMPROVEMENTS") and certain reasonable leasing commissions to
be paid to third party brokers pursuant to written agreements covering leasing
activities at the Premises ("LEASING COMMISSIONS"); and

     The funds shall be held by Lender as additional security for the Loan and
are hereafter referred to as the "Property Reserves"; and

     Lender and Borrower desire to set forth the terms and conditions for
placing the Property Reserves with Lender and the terms and conditions upon
which said Property Reserves shall be held, disbursed or applied as contemplated
by the parties hereto.

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     NOW THEREFORE, in consideration of the making of the Loan, the mutual
promises and agreements contained herein and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged,
Lender and Borrower, intending to be legally bound, agree as follows:

     1.   PROPERTY RESERVES. The following Property Reserves shall be held by
Lender as additional security for the Loan and disbursed or applied as
hereinafter provided:

          a.    All funds to which Borrower is entitled under the Escrow
                Agreement shall be deposited with Lender immediately upon
                receipt thereof by Borrower. Property Reserves deposited as a
                result of monies withdrawn under Sections 2(c) and 2(d) of the
                Escrow Agreement are sometimes referred to herein as the "RENT
                RESERVES". Property Reserves deposited as a result of
                monies withdrawn under Sections 2(a) and 2(b) of the Escrow
                Agreement are sometimes referred to herein as the "TI/LC
                RESERVES".

          b.    The term "ESCROW AGREEMENT" as used herein means the Escrow
                Agreement dated June 30, 2004 among Borrower, Red Boardwalk,
                LLC, Redbarry, L.L.C. ("Sellers") and Chicago Title Insurance
                Company ("Escrow Agent"), a copy of which is attached hereto as
                Exhibit A and made a part hereof.

     Notwithstanding the foregoing, provided no Event of Default has occurred
under the Loan Documents, prior to the Termination Date (as defined in the
Escrow Agreement) Borrower shall not be obligated to deposit funds from monthly
draws with Lender pursuant to this Agreement but may receive monthly
disbursements of such funds directly from Escrow Agent. Borrower shall provide
Lender with copies of each draw request submitted under the Escrow Agreement.
Upon the occurrence of an Event of Default under the Loan Documents, Lender may
direct Escrow Agent to deliver all funds due to Borrower directly to Lender and
all funds thereafter received by Borrower pursuant to the Escrow Agreement shall
be immediately remitted to Lender to be applied by Lender in accordance with the
terms of the Loan Documents. All funds received by Borrower as of the
Termination Date shall be immediately deposited with Lender and shall be
disbursed by Lender in accordance with the terms and provisions of this
Agreement.

     2.   TENANT IMPROVEMENTS AND LEASING COMMISSIONS.

          a.    Except as hereinafter provided and so long as no Event of
     Default has occurred under the Loan Documents, Lender shall from time to
     time disburse the funds constituting TI/LC Reserves in the amounts
     hereinafter specified in accordance with the following terms and
     conditions:

                (i)   Disbursements for Tenant Improvements and Leasing
          Commissions shall be for an amount equal to the actual costs and
          expenses incurred by Borrower, not to exceed a combined rate of $18.00
          per square foot of net rentable area leased;

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                (ii)  Borrower shall submit written requests to Lender to
          disburse funds for Tenant Improvements and Leasing Commissions no more
          than once per calendar quarter and each such request shall be for an
          aggregate amount of not less than $50,000;

                (iii) Disbursements shall be conditioned upon Borrower
          furnishing to Lender with its written request, at Lender's discretion:

                      (A)  copies of unconditional lien waivers for completed
                Tenant Improvements;

                      (B)  a title search in form and substance acceptable to
                Lender and if such search discloses conditions unacceptable to
                Lender or Lender deems it reasonably necessary, then such
                endorsements or other assurances reasonably satisfactory to
                Lender from the title insurance company insuring the continued
                first lien priority of the Mortgage, without exception for
                mechanics' or materialmen's liens and subject only to those
                exceptions previously approved by Lender and any other
                exceptions approved in writing by Lender subsequent to the date
                hereof;

                      (C)  evidence that Borrower has completed and performed
                the Tenant Improvements and has paid for and obtained all
                permits, bonds, licenses and approvals required by all
                applicable laws for the same, whether necessary for
                commencement, performance, completion, occupancy, use or
                otherwise;

                      (D)  to the extent Lender deems reasonably necessary,
                either of the following at Lender's discretion: (i) a statement
                from an architect, contractor or engineering consultant, in
                Lender's reasonable discretion, as to the extent and cost of the
                Tenant Improvements; or (ii) a copy of the construction contract
                and any change orders and addenda thereto;

                      (E)  fully executed lease(s) or fully executed amendments
                extending upcoming term expirations of previously approved
                existing leases, as the case may be, all in form and substance
                acceptable to Lender to creditworthy lessees (other than
                Borrower or any person or entity affiliated with Borrower);

                      (F)  lessee's estoppel certificate(s) for the improved
                space in form and substance acceptable to Lender indicating,
                among other things, the lessee's occupancy and unconditional
                acceptance of the improvements and the commencement of
                consecutive monthly rental payments, all rental concessions and
                deferments having expired;

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                      (G)  a certificate of occupancy in a form and substance
                satisfactory to Lender for the improved space from the local
                authority responsible for issuing such certificate;

                      (H)  Lender having inspected, or having expressly waived
                in writing such inspection, and approved the completed Tenant
                Improvements which must have been completed in a good and
                workmanlike manner; and

                      (I)  Borrower having furnished to Lender in form and
                substance reasonably acceptable to Lender: (i) a true, correct
                and complete copy of the agreement, with the applicable broker
                or agent to which a commission is due; and (ii) one of the
                following, at Lender's discretion, (a) an estoppel certificate
                from the applicable broker or agent, or (b) such other written
                documentation either of which shall evidence payment in full of
                the commission.

     3.   RENT RESERVES. Upon deposit with Lender of the funds constituting Rent
Reserves, then except as hereinafter provided and so long as no Event of Default
has occurred under the Loan Documents, Lender will from time to time disburse
the funds constituting Rent Reserves in the amounts hereinafter specified in
accordance with the following terms and conditions:

          (i)   Disbursements will be made monthly using the formula set forth
     in Sections 2(c)(i) and 2(d) of the Escrow Agreement for monthly draws
     thereunder (e.g., if Borrower would have been entitled under the Escrow
     Agreement to make a draw of $100 for the month in question, Lender will
     disburse $100 of the Rent Reserves for such month).

          (ii)  Prior to requesting a disbursement, Borrower will present Lender
     an operating statement for the month in question, which statement will be
     subject to the reasonable approval of Lender.

          (iii) At such time as the operating statement indicates that base rent
     (when annualized) will be at least $2,612,010, Borrower shall be entitled
     to receive any portion of the remaining Rent Reserves in excess of
     $2,000,000. At such time as the operating statement indicates that base
     rent (when annualized) will be at least $2,649,710, Borrower shall be
     entitled to receive any portion of the remaining Rent Reserves in excess of
     $1,500,000. At such time as the operating statement indicates that base
     rent (when annualized) will be at least $2,687,410, Borrower shall be
     entitled to receive any portion of the remaining Rent Reserves in excess of
     $1,000,000. At such time as the operating statement indicates that base
     rent (when annualized) will be at least $2,725,110, Borrower shall be
     entitled to receive any portion of the remaining Rent Reserves in excess of
     $500,000. At such time as the operating statement indicates that base rent
     (when annualized) will be at least $2,763,000, then, provided no Event of
     Default has occurred, all remaining Rent Reserves shall be remitted to
     Borrower within thirty (30) days after request therefor.

                                        4
<Page>

     4.   INTEREST ON PROPERTY RESERVES. Borrower agrees that Lender shall not
be required to credit Borrower with interest on the Property Reserves or any
portion thereof.

     5.   ADMINISTRATION/INSPECTION FEE. Lender shall be entitled to charge
Borrower a reasonable processing fee for administering and reviewing any
disbursement of the Property Reserves. Additionally, Lender shall be entitled to
charge Borrower for any reasonable costs incurred by Lender in inspecting the
Premises.

     6.   SECURITY AGREEMENT. This Agreement and the escrow of the Property
Reserves under the terms hereof are intended to create a prior perfected
security interest in the funds comprising the Property Reserves. As more fully
described in the Loan Documents, Borrower has assigned, conveyed, pledged and
transferred to Lender and granted to Lender a first and continuing lien on and
security interest in and to, among other things, all of Borrower's right, title
and interest in and to the Property Reserves, which secure the full and punctual
payment and performance of all of the Indebtedness. The Property Reserves shall
not constitute any deposit or account of the Borrower or monies to which the
Borrower is entitled upon demand, or upon the mere passage of time, or sums to
which Borrower is entitled to interest by virtue of Lender's mere possession of
the same. Lender shall not be required to segregate the Property Reserves or
hold them in any separate account for the benefit of the Borrower. Lender may
hold the Property Reserves in its account or any other account and may commingle
the Property Reserves with any other monies of Lender or any other person or
entity. Upon the payment in full of all sums due to Lender under the Loan
Documents, Lender shall promptly deliver the then existing Property Reserves to
Borrower.

     7.   EVENT OF DEFAULT. Upon the occurrence of an Event of Default under
any of the Loan Documents, Lender may, with respect to the Property Reserves, or
any portion thereof, exercise all enforcement rights and remedies granted to
Lender under the Loan Documents and in addition to all other rights and remedies
granted to Lender under the Loan Documents, Lender may, at its option, use such
funds partially or in full, in such order and preference as Lender may
determine, to (1) cure or partially cure any Event of Default; (2) complete the
Tenant Improvements and/or pay the Leasing Commissions; (3) pay any interest
accrued under the terms of the Note; (4) pay any other Indebtedness; (5) pay the
Make Whole Premium, if any, due and payable; (6) prepay the principal amount of
the Loan or any part thereof; or (7) hold such funds in a non-interest bearing
account as additional security for the Loan. In the event the Property Reserves
or any portion thereof are applied to prepay the principal amount of the Loan or
any part thereof, Borrower waives any right to prepay the principal amount in
whole or in part without premium, and agrees to pay, as liquidated damages and
not as a penalty, a Make Whole Premium on any principal amount prepaid. The Make
Whole Premium on any principal amount prepaid shall be calculated in accordance
with the provisions of the Loan Documents. Notwithstanding anything contained
herein to the contrary, nothing shall be construed to (a) make Lender
responsible for performing or completing the Tenant Improvements or paying the
Leasing Commissions, as the case may be, (b) require Lender to expend sums to
complete the Tenant Improvements or pay the Leasing Commissions which are in
excess of such amounts then allocated by Lender for such items, or (c) obligate
Lender to demand from Borrower additional sums to complete the Tenant
Improvements or pay the Leasing Commissions.

                                        5
<Page>

     8.   COST OVERRUNS. In the event that the costs and expenses incurred by
Borrower in completing any Tenant Improvements or paying for any Leasing
Commissions exceed the respective amounts allocated by Lender for such items of
expense, Borrower shall be responsible for the payment (from sources other than
the Property Reserves) of such excess costs and expenses.

     9.   NOTICES. All notices required to be sent hereunder shall be deemed to
be an adequate and sufficient notice if given in accordance with the notice
provisions of the Mortgage.

     10.  GOVERNING LAW. This Agreement shall be governed, construed, and
enforced in accordance with the laws of the state in which the Premises is
located, without regard to its conflicts of law principles.

     11.  HEADINGS. The headings used herein are for convenience only and are
not to be used in interpreting this Agreement. Capitalized terms used herein and
not otherwise defined shall have those meanings given to them in the Loan
Documents.

     12.  AMENDMENTS. This Agreement, and any provisions hereof, 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 parties hereto.

     13.  COUNTERPARTS. This Agreement may be executed in counterparts, each of
which shall be deemed an original; and such counterparts when taken together
shall constitute but one agreement.

     14.  INAPPLICABLE PROVISIONS. If any term, covenant or condition of this
Agreement is held to be invalid, illegal or unenforceable in any respect, this
Agreement shall be construed without such provision.

     15.  SUCCESSORS AND ASSIGNS. This Agreement and all the provisions hereof
shall inure to the benefit of the heirs, successors and assigns of Lender and
shall bind the heirs, representatives, and permitted successors and assigns of
Borrower.

     IN WITNESS WHEREOF, Borrower and Lender have hereunto caused this Agreement
to be executed the date first above written.

                     (REMAINDER OF PAGE INTENTIONALLY BLANK
                            SIGNATURES ON NEXT PAGE)

                                        6
<Page>

                          SIGNATURE PAGE OF BORROWER TO
                           PROPERTY RESERVES AGREEMENT

                                      INLAND WESTERN KANSAS CITY, L.L.C., a
                                      Delaware limited liability company

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

                                            By:      /s/ Valerie Medina
                                                  ------------------------------
                                                  Name:  Valerie Medina
                                                       -------------------------
                                                  Title: Asst. Secretary
                                                        ------------------------

<Page>

                           SIGNATURE PAGE OF LENDER TO
                           PROPERTY RESERVES AGREEMENT

                                 PRINCIPAL LIFE INSURANCE COMPANY, an Iowa
                                 corporation

                                 By:   PRINCIPAL REAL ESTATE INVESTORS, LLC,
                                       a Delaware limited liability company, its
                                       authorized signatory

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

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

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