Document:

Exhibit 10.10

GUARANTY

 

THIS GUARANTY (this
“Guaranty”) is dated as of May 3, 2017, and is given by INLAND RESIDENTIAL PROPERTIES TRUST, INC., a Maryland
corporation (“Guarantor”) in favor of PARKWAY BANK AND TRUST COMPANY, an Illinois banking corporation (“Bank”),
with respect to certain indebtedness and liabilities of IRESI VERNON HILLS COMMONS, L.L.C., a Delaware limited liability company
(“Borrower”), as set forth below.

RECITALS:

A.          
Bank has agreed to make a loan to Borrower (the “Loan”) in the principal amount of Thirteen Million Eight
Hundred Thousand and 00/100 Dollars ($13,800,000.00), which Loan is secured by, among other things, that certain Mortgage, Security
Agreement, Assignment of Rents and Fixture Filing of even date herewith, encumbering the property commonly known as 1255 Town Center
Road, Vernon Hills, Illinois and legally described therein (the “Property”).

B.          
Guarantor has a financial interest in the Borrower and has determined that it is in its own best interest to execute and
deliver this Guaranty to Bank.

AGREEMENTS:

NOW THEREFORE, for
good and valuable consideration, the value of which is hereby acknowledged, the undersigned agree as follows:

1.           
Definitions. Capitalized terms used but not otherwise defined herein shall have the same meaning ascribed to them
in the Loan Agreement (as such term is hereinafter defined). As used herein, the following terms have the following meanings unless
otherwise defined:

(a)         
“Guaranteed Obligations” means those obligations of Guarantor set forth in Section 2 hereof.

(b)         
“Indebtedness” means the Loan and all indebtedness of Borrower evidenced by the Note, and whether such
indebtedness is from time to time extended, modified, revised or reduced and thereafter increased or entirely extinguished and
thereafter reincurred together with all accrued unpaid interest thereon and all costs and expenses incurred in connection therewith.

(c)         
“Loan Agreement” means that certain Loan Agreement of even date herewith by and between the Borrower
and Bank.

(d)         
“Note” shall mean that certain Secured Promissory Note of even date herewith, in the original principal
amount of $13,800,000.00 given by Borrower in favor of Bank, as may be renewed, modified, extended, amended and restated and/or
replaced from time to time.

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2.           
Guaranteed Obligations. In consideration of any extension of credit whether heretofore or hereafter made by Bank
to Borrower, any forbearance of demand or suit, or agreement for such forbearance with respect to any Indebtedness or otherwise,
or cancellation of any existing guaranty, or any other valuable consideration, Guarantor hereby guarantees the full and prompt
payment to Bank when due, whether by acceleration or otherwise, of: (i) all real estate taxes on the Property which accrue or become
due during the term of the Loan, plus (ii) all Costs and Expenses (as defined in Section 15 hereof), plus (iii) any
and all losses, damages, costs or expenses of Bank, which arise in consequence of any of the following:

(a)       Borrower’s
failure to insure the Property in compliance with the provisions of the Loan Documents;

(b)       nonpayment
of taxes and assessments, for the Property and any penalty or late charge associated with nonpayment thereof;

(c)       application
of any rents or other income regardless of type or source of payment or other considerations in lieu thereof (including, but not
limited to, common area maintenance charges, lease termination payments, refunds of any type, prepayment of rents, settlements
of litigation, or settlements of past due rents) from the Property that Borrower has received or will receive after an Event of
Default under the Loan Documents other than to (A) payment of principal, interest and other charges when due under the Loan Documents
or (B) payment of expenses for the operation, maintenance, taxes, assessments, utility charges and insurance of the Property,
including payment of ordinary course management fees in arrears, and including sufficient reserves for the same or replacements
or renewals thereof (“Operation Expense(s)”) provided that (x) Borrower has furnished Bank with evidence
reasonably satisfactory to Bank of the Operation Expenses and payment thereof, and (y) any payments to parties related to
Borrower shall be considered an Operation Expense only to the extent that the amount expended for the Operation Expense does not
exceed the then current market rate for such Operation Expense;

(d)       application
of any security deposits of tenants not in accordance with the terms of the Leases, together with any interest on such security
deposits required by law or the Leases, and any security deposits which are not turned over to Bank upon conveyance of the Premises
to Bank pursuant to foreclosure or power of sale or by a deed acceptable to Bank in form and content;

(e)       misapplication
or misappropriation of tax reserve accounts, tenant improvement reserve accounts, security deposits, prepaid rents or other similar
sums paid to or held by Borrower or any other entity or person in connection with the operation of the Property;

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(f)       failure
to pay for labor and materials provided for or to the Property;

(g)       removal
or disposal of any property which is part of the Property or is otherwise property of Borrower following an Event of Default;

(h)       transfer
of the Property or any direct or indirect interest in the Premises (except for those Permitted Transfers described in Section 6.19
of the Loan Agreement) or entering into subordinate financing in violation of the Loan Documents;

(i)       failure
of Borrower to be and remain a Limited-Asset Entity or comply with any of the Limited-Asset Entity covenants in the Loan Documents;

(j)       the
occurrence of any Event of Default arising under Section 4.1(B) or 4.1(C) of the Loan Agreement;

(k)       application
of any insurance or condemnation proceeds or other similar funds or payments by Borrower in a manner other than as expressly provided
in the Loan Documents; and

(l)       any
fraud or willful misrepresentation by or on behalf of Borrower or any guarantor regarding the Property, the making or delivery
of any of the Loan Documents or in any materials or information provided by or on behalf of Borrower or any guarantor, if any,
in connection with the Loan.

3.           
Nature of Guaranty: Continuing, Absolute and Unconditional. This Guaranty is, and is intended to be, a continuing
guaranty of the Guaranteed Obligations and is independent of, and in addition to, any other guaranty, endorsement, collateral or
agreement held by Bank therefor or with respect thereto whether or not furnished by Guarantor. This Guaranty is absolute and unconditional
and shall not be changed or affected by any representation, oral agreement, act or thing whatsoever, except as herein provided.
This Guaranty is intended by Guarantor to be the final, complete and exclusive expression of the agreement between Guarantor and
Bank. Guarantor waives any claim or other right which Guarantor may now have or hereafter acquire against Borrower or any other
obligor primarily or secondarily obligated with respect to any of the indebtedness that arises from the existence or performance
of the obligations of Guarantor under this Guaranty, including, without limitation, any right of subrogation, reimbursement, exoneration,
contribution, indemnification, or any right to participate in any claim or remedy of Bank against Borrower or any property securing
any of the Indebtedness, which Bank now has or hereafter acquires, whether or not such claim, right or remedy arises in equity
or under contract, statute or common law. The provisions of this sentence are for the express benefit of Borrower and each other
obligor primarily or secondarily obligated with respect to any of the Indebtedness as well as Bank and may be enforced independently
by Borrower and each such other obligor.

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4.           
Payment Upon Event of Default. If any Event of Default (as defined in the Note) shall occur in the payment of any
Indebtedness, Guarantor hereby agrees to pay any and all Guaranteed Obligations: (a) without deduction by reason of any set-off,
defense or counterclaim of Borrower; (b) without requiring protest or notice of non-payment or notice of such default to Guarantor,
to Borrower or to any other person; (c) without demand for payment or proof of such demand; (d) without requiring Bank to resort
first to Borrower (this being a guaranty of payment and not of collection) or to any other guaranty or any collateral which Bank
may hold; (e) without requiring notice of acceptance hereof or assent hereto by Bank; and (f) without requiring notice that any
Indebtedness has been incurred or of the reliance by Bank upon this Guaranty, all of which Guarantor hereby waives.

5.           
Certain Rights and Obligations.

(a)         
Guarantor authorizes Bank, without notice, demand or any reservation of rights against Guarantor and without affecting Guarantor’s
obligations hereunder, from time to time: (i) to renew, extend, increase, accelerate or otherwise change the time for payment of,
the terms of or the interest on the Indebtedness or any part thereof in accordance with the Loan Agreement and the Loan Documents
(as defined therein); (ii) to accept from any person or entity and hold collateral for the payment of the Indebtedness or any part
thereof, and to exchange, enforce or refrain from enforcing, or release such collateral or any part thereof; (iii) to accept and
hold any endorsement or guaranty of payment of the Indebtedness or any part thereof, and to discharge, release or substitute any
such obligation of any such endorser or guarantor, or any person or entity who has given any security interest in any collateral
as security for the payment of the Indebtedness or any part thereof, or any other person or entity in any way obligated to pay
the Indebtedness or any part thereof or performance of Borrower’s obligations, and to enforce or refrain from enforcing,
or compromise or modify, the terms of any obligation of any such endorser, guarantor, person or entity; (iv) to dispose of any
and all collateral securing the Indebtedness in any manner permitted by applicable law as Bank, in its sole discretion, may deem
appropriate, and to direct the order or manner of such disposition and the enforcement of any and all endorsements and guaranties
relating to the Indebtedness or any part thereof as Bank, in its sole discretion may determine; and (v) to determine the manner,
amount and time of application of payments and credits, if any, to be made on all or any part of any component or components of
the Indebtedness (whether principal, interest, costs and expenses, or otherwise).

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(b)         
Guarantor’s obligations hereunder shall not be affected by any of the following, all of which Guarantor hereby waives:
(i) any failure to perfect or continue the perfection of any security interest in or other lien on any collateral securing payment
of any Indebtedness or Guarantor’s obligation hereunder; (ii) the invalidity, unenforceability, propriety of manner of enforcement
of, or loss or change in priority of, any such security interest or other lien; (iii) any failure to protect, preserve or insure
any such collateral; (iv) failure of Guarantor to receive notice of any intended disposition of such collateral; (v) any defense
arising by reason of the cessation from any cause whatsoever of the liability of Borrower, including, without limitation, any failure,
negligence or omission by Bank in enforcing its claims against Borrower; (vi) any release, settlement or compromise of any obligation
of Borrower; or (vii) the invalidity or unenforceability of any of the Indebtedness caused by any of Borrower’s acts or omissions.

6.           
Release of Guarantor. Bank shall have the right to discharge or release Guarantor from any obligation, in whole or
in part, without in any way releasing, impairing or affecting its rights against any other guarantor of the Guaranteed Obligations.
The failure of any guarantor of the Guaranteed Obligations to sign this Guaranty or any other guaranty shall not release or affect
the obligations or liability of any other guarantor.

7.           
Delay. No course of dealing among Borrower or Guarantor and Bank and no act, delay or omission by Bank in exercising
any right or remedy hereunder or with respect to any Indebtedness shall operate as a waiver thereof or of any other right or remedy,
and no single or partial exercise thereof shall preclude any other or further exercise thereof or the exercise of any other right
or remedy. Bank may remedy any default by Borrower under any agreement with Borrower or with respect to any Indebtedness in any
reasonable manner without waiving the default remedied and without waiving any other prior or subsequent default by Borrower. All
rights and remedies of Bank hereunder are cumulative.

8.           
Waiver of Defenses. This Guaranty is absolute and unconditional and shall not be affected by any act or thing whatsoever,
except as herein provided. Accordingly, Guarantor unconditionally and irrevocably waives all defenses, except payment in full,
which, under principles of guaranty or suretyship law, may otherwise operate to impair or diminish the liability of Guarantor hereunder.

9.           
Modification. No modification or amendment of any provision of this Guaranty shall be effective unless in writing
and subscribed by a duly authorized officer of Bank and by Guarantor, which writing shall make specific reference hereto.

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10.        
Successors and Assigns. Borrower, Guarantor and Bank as used in this Guaranty shall include: (a) any successor, individual
or individuals, association, trust partnership, limited liability company or corporation to which all or a substantial part of
the business or assets of Borrower or Guarantor or Bank (as the case may be) shall have been transferred; (b) in the case of a
corporate or limited liability company Borrower or Guarantor, any other corporation or limited liability company into or with which
Borrower or Guarantor shall have been merged, consolidated, reorganized, or absorbed; and (c) the heirs, executors, administrators,
successors or assigns of Borrower, Guarantor or Bank, respectively.

11.        
Termination. This Guaranty shall remain in full force and effect as to Guarantor until all Indebtedness outstanding,
or contracted or committed for (whether or not outstanding) shall be finally and irrevocably paid in full. Discontinuance of this
Guaranty as to Guarantor shall not operate as a discontinuance hereof as to any other guarantor of the Guaranteed Obligations.
If after receipt of any payment of all or any part of the Indebtedness, Bank is for any reason compelled to surrender such payment
to any person or entity, because such payment is determined to be void or voidable as a preference, impermissible set-off, or a
diversion of trust funds, or for any reason, this Guaranty shall continue in full force notwithstanding any contrary action which
may have been taken by Bank in reliance upon such payment, and any such contrary action so taken shall be without prejudice to
Bank’s rights under this Guaranty and shall be deemed to have been conditioned upon such payment having become final and
irrevocable. Notwithstanding anything to the contrary in this Guaranty, this Guaranty shall terminate and be null and void upon
Borrower’s exercise of the Extension Option set forth in Section 2(b) of the Note.

12.        
Bankruptcy. Guarantor’s obligation is to pay the Indebtedness in full in accordance with the terms hereof and
Guarantor acknowledges that this Guaranty shall continue in full force and effect notwithstanding the filing by or against Borrower
of a request or a petition for liquidation, reorganization, adjustment of debts, arrangement or similar relief under any bankruptcy,
insolvency or similar laws of the United States or any state or territory thereof. Guarantor shall not, and shall not cause Borrower
to, seek any relief or order from any bankruptcy or other court of any jurisdiction the effect of which is to enjoin, postpone,
delay or otherwise prevent or hinder the enforcement of Bank’s rights under this Guaranty.

13.        
Interest in the Indebtedness. The rights and benefits of Bank hereunder shall, if Bank so directs, inure to any party
acquiring any interest in the Indebtedness or any part thereof. If any right of Bank hereunder is construed to be a power of attorney,
such power of attorney shall not be affected by the subsequent disability or incompetence of Borrower.

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14.        
Costs and Expenses. Guarantor agrees to pay on demand all costs and expenses of every kind incurred by Bank: (a)
in enforcing this Guaranty; (b) in collecting any Indebtedness from Guarantor; and (c) for any other purpose related to this Guaranty.
“Costs and Expenses” as used in this Guaranty shall include, without limitation, the actual reasonable attorneys’
fees incurred by Bank in retaining counsel for advice, enforcement, suit, defense, appeal, and/or any insolvency or other proceedings
under the Federal Bankruptcy Code or otherwise, or for any purpose specified in the preceding sentence.

15.        
Captions. Captions of the paragraphs of this Guaranty are solely for the convenience of Bank and Guarantors, and
are not an aid in the interpretation of this Guaranty.

16.        
Unenforceability. If any provision of this Guaranty is unenforceable in whole or in part for any reason, the remaining
provisions shall continue to be effective.

17.        
Applicable Law; Venue. This Guaranty and the transactions evidenced thereby is governed by and is to be construed
under the laws of the State of Illinois, where all funds secured hereby will be advanced. All payments pursuant hereto shall be
in lawful money of the United States. The parties agree that any action or proceeding arising out of or relating to this Guaranty
shall be commenced: (a) in any court of competent jurisdiction in the State of Illinois; or (b) in the District Court of the United
States in the Northern District of Illinois and each party agrees that a summons and complaint commencing an action or proceeding
in any such Court shall be properly served and shall confer personal jurisdiction if served personally or by certified mail to
the undersigned at its address set forth below or as it may provide in writing from time to time, or as otherwise provided under
the laws of the State of Illinois. The execution and delivery of this Guaranty shall be deemed the transaction of business within
the State of Illinois (where all funds secured hereby will be advanced) for purposes of conferring jurisdiction upon the courts
located within such State.

18.        
Additional Waivers. Guarantor expressly and unconditionally waives, in connection with any suit, action or proceeding
brought by Bank on this Guaranty, any and every right it may have to (i) injunctive relief; (ii) a trial by jury; (iii) interpose
any counterclaim therein; and (iv) have the same consolidated with any other or separate suit, action or proceeding.

19.        
Notices. Each notice, consent, request, report or other communication hereunder (each, a “Notice”)
that any party hereto may desire or be required to give to the other shall be deemed to be an adequate and sufficient notice if
given in writing and service is made by either (i) personal delivery; or (ii) nationally recognized overnight air courier,
next day delivery, prepaid, in which case such notice shall be deemed to have been received 1 business day following delivery to
such nationally recognized overnight air courier. All Notices shall be addressed as follows:

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To Bank:                     Parkway Bank and Trust Company

4800 North Harlem Avenue

Harwood Heights, Illinois 60706

Attn: Gregory T. Bear, Executive Vice President

 

with a copy to:            Latimer LeVay Fyock LLC

55 W. Monroe St., Ste. 1100

Chicago, Illinois 60603

Attn: Sheryl A. Fyock, Esq.

 

If to Guarantor:           Inland Residential Properties Trust, Inc.

2901 Butterfield Rd.

Oak Brook, Illinois 60523

Attn: President

 

with a copy to:                The Inland Real Estate Group, Inc.

2901 Butterfield Road

Oak Brook, Illinois 60523

Attention: General Counsel

 

or to such other place as any party may
by written notice to the other parties hereafter designate as a place for service of Notice. Guarantor shall not be permitted to
designate more than one place for service of Notice concurrently.

20.        
Financial Information. Promptly when available, and in any event within one hundred eighty (180) days after the end
of each fiscal year, Guarantor shall provide to Bank financial statements, prepared in accordance with the Approved Accounting
Method (as defined in the Loan Agreement), including, without limitation, a balance sheet, income and expense statements, prepared
and audited by an accountant or accountants acceptable to Bank in the exercise of reasonable discretion, and accompanied by an
unqualified audit opinion. Notwithstanding anything to the contrary set forth herein, provided the Guarantor’s Form 10-K
is timely filed with the Securities and Exchange Commission, the requirement set forth in this Section 20 shall be deemed satisfied.

21.        
Joint and Several Obligations. To the extent from time to time that more than one party may guaranty some or all
of the Guaranteed Obligations, such obligation and the obligations of Guarantor hereunder shall be joint and several. It is agreed
that Guarantor’s liability hereunder is joint and several and is independent of any other guaranties at any time in effect
with respect to all or any part of the Indebtedness and that Guarantor’s liability hereunder may be enforced regardless of
the existence of any such other guaranties.

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22.        
Dissolution of Guarantor. In the event of dissolution of Guarantor, Bank shall have the right to accelerate the Indebtedness
unless replaced by a guarantor acceptable to Bank, in its sole discretion, within sixty (60) days.

23.        
Time is of the Essence. Time is of the essence of this Guaranty as to the performance of Guarantor and Borrower.

24.        
Counterparts. This Guaranty may be executed in two or more counterparts, each of which shall be deemed an original
and all of which taken together shall constitute one and the same instrument.

 

[SIGNATURE PAGES FOLLOW]

 

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

 

INLAND RESIDENTIAL PROPERTIES
TRUST, INC.,

a Maryland corporation

 

By:            /s/
David Z. Lichterman                                                          

Name:      David Z. Lichterman

Its:            Chief
Accounting Officer, Treasurer and Vice President

 

 

 

State of Illinois         }

DuPage County           }

 

I, Susan Metlzer, a Notary
Public in and for said County in said State, hereby certify that David Z. Lichterman, whose name as Chief Accounting Officer, Treasurer
and Vice President of Inland Residential Properties Trust, Inc., a Maryland corporation, is signed to the foregoing conveyance
and who is known to me, acknowledged before me on this day that, being informed of the contents of the conveyance, he/she, as such
officer and with full authority, executed the same voluntarily for and as the act of said corporation.

 

Given under my
hand this 25th day of April, 2017.

 

/s/ Susan Metzler

Notary Public

 

My Commission Expires:

5/5/19

 

 

 

10Exhibit 10.11

 

ENVIRONMENTAL INDEMNITY AGREEMENT

 

THIS ENVIRONMENTAL
INDEMNITY AGREEMENT (as the same may from time to time hereafter be modified, supplemented or amended, this “Environmental
Indemnity”) is made as of May 3, 2017, by and among IRESI VERNON HILLS COMMONS, L.L.C., a Delaware limited liability
company (“Borrower”), INLAND RESIDENTIAL PROPERTIES TRUST, INC., a Maryland corporation (“Guarantor”,
and together with Borrower referred to herein, individually, as an “Indemnitor” and, collectively, the “Indemnitors”),
and PARKWAY BANK AND TRUST COMPANY, an Illinois banking corporation (“Lender”).

Lender has agreed
to make a loan (the “Loan”) in the original principal sum of Thirteen Million Eight Hundred Thousand and 00/100
Dollars ($13,800,000.00) (the “Loan Amount”) to Borrower, pursuant to the terms and conditions set forth in
the Loan Agreement (the “Loan Agreement”) of even date herewith by and between Borrower and Lender (capitalized terms
used herein and not otherwise defined will have the meanings given to them in the Loan Agreement); and

The Loan is evidenced by
Borrower’s secured promissory note of even date herewith made payable and delivered to Lender (as the same may be modified,
amended, supplemented, extended or consolidated in writing, and any note(s) issued in exchange therefor or replacement thereof,
the “Note”) in the Loan Amount and further evidenced and secured by, among other things, the Mortgage more particularly
described on Schedule I attached to and made a part of this Environmental Indemnity (the “Mortgage”)
creating a lien on the interest of the Borrower in certain real estate located in the County of Lake, State of Illinois, together
with all existing improvements constructed on and forming a part of such certain real estate, said Premises being more particularly
described in said Mortgage (the “Premises”).

 

In order to induce
Lender to make the Loan and in consideration of the substantial benefit Indemnitors will derive from the Loan, Indemnitors have
agreed to execute and deliver this Environmental Indemnity;

NOW, THEREFORE, in
consideration of the making of the Loan and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Indemnitors, intending to be legally bound, hereby jointly and severally agree and covenant for the benefit of Lender
and Indemnified Parties (as hereinafter defined) as follows:

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		1.	As used herein, the following terms shall have the following meanings:

		a.	“Environmental Law(s)” means any federal, state or local law whether common
law, court or administrative decision, ordinance, regulation, rule, court order or decree, or administrative order or any administrative
policy or guideline concerning action levels of a governmental authority relating to the environment, public health, any Hazardous
Material (as hereinafter defined) or any Environmental Activity or Condition (as hereinafter defined) on, under or about the Premises,
in effect from time to time, including, but not limited to (i) the Federal Water Pollution Control Act, as amended (33 U.S.C. §1251
et seq.); (ii) the Resource Conservation and Recovery Act, as amended (42 U.S.C. §6901 et seq.); (iii) the Comprehensive
Environmental Response, Compensation and Liability Act, as amended (42 U.S.C. §9601 et seq.); (iv) the Federal Clean
Air Act, as amended (42 U.S.C. §7401 et seq.); (v) the Federal Insecticide, Fungicide, and Rodenticide Act, as amended
(7 U.S.C. §136 et seq.); (vi) the Toxic Substances Control Act, as amended (15 U.S.C. §2601 et seq.); (vii) the
Emergency Planning and Community Right-to-Know Act, as amended (42 U.S.C. §11001 et seq.); (viii) the Occupational Safety
and Health Act, as amended (29 U.S.C. §650 et seq.); and (ix) all regulations or guidelines promulgated pursuant to all
of the foregoing, as same may be amended from time to time.

		b.	“Environmental Activity or Condition” means the presence, use, generation, manufacture,
production, processing, storage, release, threatened release, discharge, disposal, treatment or transportation of any Hazardous
Material on, onto, in (or within), under, over or from the Premises, or within any Improvement on the Premises, or the violation
of any Environmental Law because of the condition of, or activity on, the Premises.

		c.	“Hazardous Material(s)” means any petroleum or petroleum products and any hazardous
or toxic material, substance, pollutant, allergen, irritant, mold, fungus, bacteria, contaminant, waste, or terms similar to the
forgoing, any of which are (a) defined by or regulated as such under any Environmental Laws, or (b) determined by a final
court ruling or order to be hazardous or toxic, excluding (i) supplies for cleaning and maintenance in commercially reasonable
amounts required for use in the ordinary course of business, provided such items are incidental to the use of the Premises and
are stored and used in compliance with all Environmental Laws, (ii) standard office supplies in commercially reasonable amounts
required for use in the ordinary course of business, provided such items are incidental to the use of the Premises and are stored
and used in compliance with all Environmental Laws, or (iii) retail tenants’ inventory generally held for resale in typical
shopping centers, provided such inventory is stored and sold in compliance with Environmental Laws.

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		d.	“Indemnified Parties” means Lender and its officers, directors, shareholders,
employees, agents, and their successors and assigns (including a purchaser of any interest in the Loan).

		2.	Each Indemnitor makes the following representations and warranties to the Indemnified Parties:

		a.	Except as disclosed in the Phase I Environmental Reports described on Schedule II attached
hereto and made a part hereof (the “Reports”), to each Indemnitor’s knowledge after due and diligent inquiry
and investigation, there is no Hazardous Material at, on or in the Premises, or within any Improvement on the Premises, nor, to
each Indemnitor’s knowledge after due and diligent inquiry and investigation, has any Hazardous Material been discharged
from the Premises or penetrated any surface or subsurface rivers or streams crossing or adjoining the Premises or the aquifer underlying
the Premises;

		b.	To its knowledge after due and diligent inquiry and investigation, each Indemnitor has complied
and caused the Premises to comply with all Environmental Laws relating to the Premises and neither Indemnitor shall take any action
that would cause the Premises not to comply with all Environmental Laws in the future; and

		c.	Neither Indemnitor has received any written notices of non-compliance or alleged non-compliance
with respect to Hazardous Material from any authority having jurisdiction over the Premises.

		3.	Each Indemnitor at all times covenants and agrees:

		a.	that, other than Hazardous Material specifically disclosed in the Reports, it shall not cause or
permit any Hazardous Material to exist at, on or in the Premises, or within any Improvement on the Premises, nor shall it cause
or permit any Hazardous Material to discharge from the Premises;

		b.	to comply and cause the Premises to comply with all Environmental Laws;

		c.	to promptly pay any claim and remove any charge or lien upon the Premises due to an Environmental
Activity or Condition;

		d.	that it shall not cause or permit any Hazardous Material to exist on or discharge from any property
owned or used by Indemnitors that would result in any charge or lien upon the Premises;

		e.	to notify Lender of any Environmental Activity or Condition within 10 days after such Indemnitor
first has knowledge of such Environmental Activity or Condition;

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		f.	not to cause or permit, without Lender’s prior written consent, any change in the general
use of the Premises that increases the risk for: (i) Environmental Activity or Condition; or (ii) Hazardous Materials
to exist at, on or in the Premises or within any Improvement on the Premises, or to discharge from the Premises without Lender’s
prior written consent; and

		g.	upon demand of the Indemnified Parties and at the sole cost and expense of Indemnitors to promptly
take all actions to remediate the Premises that are required by any federal, state or local entity or agency with jurisdiction
under Environmental Laws or that are reasonably necessary to mitigate any Environmental Activity or Condition in order to allow
full economic use of the Premises.

		4.	Each Indemnitor hereby agrees, at its sole cost and expense, to indemnify, protect, hold harmless
and defend the Indemnified Parties (with counsel selected by such Indemnitor, provided such counsel is subject to Lender’s
prior written approval in its sole discretion and shall otherwise be competent and experienced in litigating matters relating to
Hazardous Materials) from and against any and all claims, demands, damages, losses, liabilities, obligations, penalties, fines,
actions, causes of action, judgments, suits, proceedings, costs, disbursements and expenses (including, without limitation, fees,
disbursements and reasonable cost of attorneys, environmental consultants and experts), and all consequential damages of any kind
or nature whatsoever (collectively “Losses”) that may at any time be imposed upon, incurred, or suffered by,
or asserted or awarded against, any Indemnified Party directly or indirectly relating to or arising from any of the following:

		a.	any past, present or future Environmental Activity or Condition affecting all or any portion of
the Premises, provided, however, that this indemnity shall not apply to any future Environmental Activity or Condition
resulting solely from any act or omission for which neither Indemnitor bears any responsibility and which occurs after Indemnitors
or any person or entity in any way related to either Indemnitor no longer holds the title to or has any interest in the Premises
and provided further that, notwithstanding anything to the contrary contained in this Environmental Indemnity, Indemnitors’
obligations under this Environmental Indemnity shall terminate and be of no further force and effect as of the fifth (5th) anniversary
of the payment in full of the Indebtedness not through any foreclosure or enforcement process and provided that Lender has never
been in title to or had actual or constructive possession of the Property, to the extent Indemnitors provide to Lender immediately
prior to such date a current environmental site assessment related to the property prepared by a licensed consultant reasonably
acceptable to Lender which verifies no Hazardous Substances in violation of applicable Environmental Laws exist on the Property.
The limitation on survivability noted in the immediately preceding sentence shall not apply to any matters related to Hazardous
Substances of which Lender has provided Indemnitors notice prior to such five (5) year anniversary;

    4 

     

    
		b.	the inaccuracy of any of the representations and warranties set forth herein; or

		c.	any failure of either Indemnitor to perform
any covenant set forth herein.

In the event any
such claim is made against any of the Indemnified Parties, Lender shall have the right to select the engineers and consultants
in connection with the defense of the Indemnified Parties, to determine the appropriate legal strategy for such defense and to
compromise or settle such claims, all in Lender’s discretion, and Indemnitors shall be liable to Lender in accordance with
the terms hereof for all Losses suffered or incurred by Lender in this regard.

 

The term “Losses”
shall exclude any Losses resulting solely from the gross negligence or willful misconduct of Lender or its agents.

		5.	This Environmental Indemnity is given solely to protect the Indemnified Parties against the Losses
and not as additional security for, or as a means of repayment of the Loan.

		a.	Indemnitors’ obligations under this Environmental Indemnity are independent of and shall
not be measured or affected by the (i) modification, expiration, release or termination of the Loan Documents, (ii) the discharge
or repayment in full of the Loan (including, without limitation, by amounts paid or credit bid at a foreclosure sale or by discharge
in connection with a deed in lieu of foreclosure), (iii) the receivership, bankruptcy, insolvency or dissolution of either Indemnitor,
or (iv) the sufficiency of any collateral (including, without limitation, the Premises) given to Lender to secure repayment of
the Loan.

		b.	Notwithstanding any provision in this Environmental Indemnity or any other Loan Document to the
contrary, Indemnitors acknowledge and agree that this Environmental Indemnity shall supersede any provision in any other Loan Document
that in any way limits either Indemnitor’s liability under such Loan Document for any obligations arising under this Environmental
Indemnity and that Indemnitors shall be liable for any obligations arising under this Environmental Indemnity, even if the amount
of the obligations exceeds the amount of the Loan.

    5 

     

    

		6.	Without limiting any of the other provisions hereof, if Lender acquires legal possession and/or
title to the Premises and becomes aware of any Environmental Activity or Condition for which Indemnitors may have liability in
accordance with the other provisions of this Environmental Indemnity, whether or not a claim is asserted against Lender or any
of the other Indemnified Parties, Lender shall have the right to take such action as it shall deem reasonably necessary, in its
discretion, to protect health, safety and Premises values and to minimize the probability or extent of liability to Lender and
the other Indemnified Parties, including, without limitation, investigation and/or cleanup, and Indemnitors shall be liable to
Lender in accordance with the terms hereof for all Losses suffered or incurred by Lender in this regard. The foregoing is intended
to be a further means of protecting the Indemnified Parties against the Losses and not as participation in the management of the
Premises.

		7.	If remediation is required, actions to remediate the Premises shall include, but not be limited
to, the investigation of the Environmental Activity or Condition of the Premises, the preparation of any feasibility studies, reports
or remedial plans, and the performance of any cleanup, remediation, containment, operation, maintenance, monitoring or restoration
work, whether on or off of the Premises. All such work shall be performed by one or more contractors, selected by Indemnitors and,
at the option of Lender, approved in advance in writing by Lender. Indemnitors shall proceed continuously and diligently with such
investigatory and remedial actions, provided that in all cases such actions shall be in accordance with all applicable Environmental
Laws. Any such actions shall be performed in a good, safe and workmanlike manner and shall minimize any impact on the business
conducted at the Premises. Indemnitors shall pay all costs in connection with such investigatory and remedial activities, including,
but not limited to, all power and utility costs, and any and all taxes or fees that may be applicable to such activities. Indemnitors
shall promptly provide to Lender copies of testing reports and results generated in connection with such activities. Promptly upon
completion of such investigation and remediation, Indemnitors shall permanently seal or cap all monitoring wells and test holes
to industrial standards in compliance with applicable federal, state and local laws and regulations, remove all associated equipment,
and restore the Premises to the maximum extent possible, which shall include, without limitation, the repair of any surface damage,
including paving, and the repair, restoration or re-construction of any damaged improvements caused by such investigation or remediation.
Within 30 days of demand therefor, Indemnitors shall provide the Indemnified Parties with a bond, letter of credit or similar financial
assurance satisfactory to Lender evidencing that the necessary funds are available to perform the obligations established by this
paragraph. The foregoing is intended to be a further means of protecting the Indemnified Parties against the Losses and not as
participation in the management of the Premises.

    6 

     

    

8.       Miscellaneous:

		a.	The covenants, agreements, indemnities, terms and conditions contained in this Environmental Indemnity
shall extend to and be binding upon Indemnitors, their heirs, executors, administrators, successors and assigns, and shall inure
to the benefit of, and may be enforced by Lender or any of the other Indemnified Parties and its and their successors and assigns.

		b.	No provision of this Environmental Indemnity may be changed, waived, discharged or terminated by
any means other than an instrument in writing signed by the party against whom the enforcement of the change, waiver, discharge
or termination is sought.

		c.	If more than one person executes this Environmental Indemnity as an Indemnitor, each of them shall
be jointly and severally liable and the term “Indemnitor” as used in this Environmental Indemnity shall mean and include
each of them, jointly and severally.

		d.	Every provision of this Environmental Indemnity is intended to be severable. If any provision hereof
or the application of any provision hereof to any party or circumstance is declared to be illegal, invalid or unenforceable for
any reason whatsoever by a court of competent jurisdiction, such invalidity shall not affect the balance of the terms and provisions
hereof or the application of the provision in question to any other party or circumstance, all of which shall continue in full
force and effect.

		e.	Indemnitors shall reimburse Lender and the other Indemnified Parties for all reasonable attorneys
fees and expenses incurred in connection with the enforcement of the Indemnified Parties’ rights under this Environmental
Indemnity, including those incurred in any case, action, proceeding or claim under the Federal Bankruptcy Code or any successor
statute.

		f.	No failure or delay on the part of any of the Indemnified Parties to exercise any right, power
or privilege under this Environmental Indemnity shall operate as a waiver thereof.

		g.	Reference is made to Section 6.7 of the Loan Agreement for terms and provisions regarding the law
governing this Environmental Indemnity.

		h.	Time is of the essence as to all of Indemnitors’ obligations under this Environmental Indemnity.

    7 

     

    

		i.	The provisions of this Environmental Indemnity shall govern and control over any inconsistent provision
in any of the Loan Documents.

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

		k.	Capitalized terms used herein and not otherwise defined shall have those meanings given to them
in the Loan Documents.

		l.	All notices given to Lender or Indemnitors
hereunder will be deemed to have been validly given when made in accordance with the provisions regarding notices in the Loan Agreement
of even date herewith between Indemnitors and Lender.

		m.	AFTER CONSULTING WITH COUNSEL AND CAREFUL CONSIDERATION, Indemnitors
AND LENDER (BY ITS ACCEPTANCE HEREOF) KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVE THE RIGHT EITHER OF THEM MAY HAVE TO A TRIAL
BY JURY WITH RESPECT TO ANY LITIGATION ARISING OUT OF THIS ENVIRONMENTAL INDEMNITY OR ANY OTHER INSTRUMENT OR AGREEMENT RELATED
TO THE LOAN, OR OUT OF ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (ORAL OR WRITTEN), OR ACTIONS OF IndemnitorS
OR LENDER. THIS WAIVER IS A MATERIAL INDUCEMENT TO LENDER'S ACCEPTANCE OF THIS ENVIRONMENTAL INDEMNITY.

[Remainder of page intentionally blank;
signatures follow]

    8 

     

    

IN WITNESS WHEREOF,
Indemnitors have caused this Environmental Indemnity Agreement to be duly executed and delivered to Lender as of the date first
written above.

 

INDEMNITORS:

 

IRESI VERNON HILLS COMMONS, L.L.C.,

a Delaware limited liability company

 

		By:	Inland Residential Operating Partnership, L.P.,

a Delaware limited partnership, its sole member

 

		By:	Inland Residential Properties Trust, Inc., a Maryland corporation, its general partner

 

 

By:          
/s/ David Z. Lichterman

Name:     David Z. Lichterman

Its:           Chief Accounting Officer, Treasurer

                and Vice President

 

 

INLAND RESIDENTIAL PROPERTIES
TRUST, INC.,

a Maryland corporation

 

By:            /s/ David Z. Lichterman

Name:      David Z. Lichterman

Its:            Chief Accounting Officer, Treasurer and Vice President

 

 

    9 

     

    

SCHEDULE I

 

Mortgage

 

		1)	Mortgage, Security Agreement, Assignment
of Rents and Fixture Filing dated as of May 3, 2017, executed by IRESI Vernon Hills Commons, L.L.C. encumbering certain real estate
located at 1255 Town Center Road, Vernon Hills, Illinois.

 

 

 

Schedule I

Page 1

     

     

    

SCHEDULE II

 

Report

 

 

	Environmental Consultant	Project No. 	Date of Report	Location of Premises
	KPRG and Associates, Inc.	12209.1	February 21, 2017	1255 Town Center Road

Vernon Hills, Illinois
	KPRG and Associates, Inc.	12209.1	Reliance Letter in favor of Lender dated February 22, 2017	1255 Town Center Road

Vernon Hills, Illinois

 

 

 

Schedule II

Page 1

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