Document:

<Page>

                                                                  Exhibit 10.273

[INLAND(R) LOGO]

Inland Real Estate Acquisitions, Inc.

<Table>
<S>                       <C>                      <C>                      <C>
2901 Butterfield Road                              200 Waymont Court        1955 Lake Park Drive
Oak Brook, IL 60523       501 Manatee Ave, West    Suite 126, Unit 10       Suite 300
630-218-4948 Fax: 4935    Holmes Beach, FL 34217   Lake Mary, FL 32746      Smyrna, GA 30080
www.inlandgroup.com       941-779-1000 Fax: 2000   407-688-6540 Fax: 6543   678-996-2131 Fax: 2140
</Table>

                                  May 20, 2004

Lincoln Southlake, Ltd. ("Seller")
3300 Lincoln Plaza
500 N. Akard
Dallas, Texas 75201
Attn: Robert Dozier

     Re: GATEWAY PLAZA SHOPPING CENTER; SOUTHLAKE, TEXAS

Dear Mr. Dozier:

     This letter represents the offer of Inland Real Estate Acquisition, Inc.
("Purchaser") to purchase the Gateway Plaza Shopping Center (the "Property")
with approximately 358,195 net rentable square feet, situated on approximately
42 acres of land, located at the corner of State Highway 114 and Southlake
Boulevard (See EXHIBIT A attached).

     The Property shall include all the land and buildings and common
facilities, as well as Seller's right, title and interest in all personalty
within the buildings and common areas, supplies, landscaping equipment, and any
other items presently used on the site and belonging to Seller, and all of
Seller's right, title and interest in and to all intangible rights relating to
the Property.

     This corporation or its nominee will consummate this transaction on the
following basis:

1.   The total purchase price (the "Purchase Price") shall be $33,025,276.00
     all cash, plus or minus prorations, with no MORTGAGE CONTINGENCIES, to be
     paid at CLOSING 45 CALENDAR DAYS following the acceptance of this agreement
     (see Paragraph 10). Concurrently with the execution of this letter,
     Purchaser has provided a $500,000 earnest money deposit with the Title
     Company designated in Section 10. If, following 45 calendar days after the
     acceptance of this letter, Purchaser has not terminated this letter, the
     $500,000 earnest money shall be deemed non-refundable to Purchaser and
     payable to Seller. Said money shall be applied to the Purchase Price at the
     closing.

     It is understood and agreed that the purchaser may automatically and
     immediately receive its earnest money deposit back if it terminates this

<Page>

Lincoln Southlake, Ltd.
May 20, 2004                                                              Page 2

     agreement for any reason or no reason on or before 45 calender days
     following the acceptance of this agreement.

2.   Seller represents and warrants (TO SELLER'S CURRENT, ACTUAL KNOWLEDGE),
     that, except as provided in the applicable lease documents (the "Leases")
     for the Property, the Property is leased to the tenants described on
     EXHIBIT B on triple net leases covering the buildings and all of the land,
     parking areas, reciprocal easements and REA/OEA agreements (if any), for
     the entire terms and option periods. Any unearned, free rent concessions
     given to any tenants (other than those concessions, if any, described in
     the Leases) that extend beyond the Closing Date (hereinafter defined) shall
     be settled at closing by Seller giving a full cash credit to Purchaser for
     any and all of those concessions.

3.   Seller warrants and represents (TO SELLER'S CURRENT, ACTUAL KNOWLEDGE),
     that the property is free of violations, and the interior and exterior
     structures are in a good state of repair, free of leaks, structural
     problems, and mold, and the property is in full compliance with Federal,
     State, City and County ordinances, environmental laws and concerns, and no
     one has a lease that exceeds the lease term stated in said leases, nor does
     anyone have an option or right of first refusal to purchase or extend, nor
     is there any contemplated condemnation of any part of the property, nor are
     there any current or contemplated assessments.

4.   Seller warrants and represents (to Seller's current, actual knowledge),
     that, except as provided in the Leases, during the term of the Leases, the
     tenants and guarantors are responsible for and obligated to pay all
     operating expenses relating to the Property on a prorata basis, including
     but not limited to, real estate taxes, REA/OEA agreements, utilities,
     insurance and all common area maintenance.

     Prior to closing, Seller shall not enter into or extend any agreements
     without Purchaser's approval, which approval shall not be unreasonably
     withheld or delayed, and any contract presently in existence not accepted
     by Purchaser shall be terminated by Seller, but only to the extent Seller
     has the right to do so prior to closing and can do so without cost to
     Seller. Seller shall use good faith efforts to cause any work presently in
     progress on the Property to be completed by Seller prior to closing.

5.   Seller shall use good faith efforts to obtain and furnish Purchaser no
     later than ten (10) days prior to the Closing Date with estoppel letters
     acceptable to Purchaser (form to be attached to this document) from 90%
     (based on square footage) of tenants, guarantors, and parties to reciprocal
     and/or operating easement agreements. Purchaser's obligations under this
     letter are conditional

<Page>

Lincoln Southlake, Ltd.
May 20, 2004                                                              Page 3

     upon Purchaser receiving estoppels from Kohl's, TJMaxx, Old Navy, Bed Bath
     & Beyond, Michaels, Bank of America and Starbucks.

6.   Seller is responsible for payment of any leasing brokerage fees or
     commissions which are due any leasing brokers for the existing leases
     stated above or for the renewal of same leases whereby renewal occurs prior
     to the Closing Date. Purchaser shall be responsible for all other leasing
     brokerage fees and commissions.

7.   Purchaser's obligations hereunder are conditioned upon Seller supplying to
     Purchaser prior to closing a certificate of insurance from the tenants and
     guarantors in the form and coverage required under the Leases.

8.   Purchaser's obligations hereunder are conditioned upon Seller supplying to
     Purchaser 10 days prior to closing, at Seller's expense, a certificate
     which must be acceptable to Purchaser from a certified hygienist for
     environmental concerns that there is no asbestos, PCBs, or hazardous
     substance in the buildings and on the property in violation of applicable
     law; in other words, a Level 1 environmental audit (and Level 1 audit, if
     required).

9.   The above sale of the real estate shall be consummated by conveyance of a
     special warranty deed in a form reasonably acceptable to Seller and
     Purchaser from Seller to Purchaser's designee, with Seller paying any city,
     state or county transfer taxes for the closing, and Seller agrees to
     cooperate with Purchaser's lender, if any, and the money lender's escrow,
     at no expense to Seller and without liability to Seller. Seller and
     Purchaser shall also execute and deliver at the closing such other
     documents, each in a form reasonably acceptable to Seller and Purchaser, as
     are customary in sales of properties similar to the Property, including an
     assignment and assumption of lease agreements and a bill of sale.

10.  The closing shall occur through Republic Title of Texas, Inc., with Laura
     Worral, as Escrowee, on the date (the "Closing Date") that is 45 calendar
     days following acceptance of this agreement, at which time title to the
     above property shall be indefeasible; i.e., free and clear of all liens,
     encroachments and encumbrances, except as may be shown on the Survey
     (hereinafter defined), and a Texas Form T-1 owner's title policy, the basic
     premium (but not endorsement premiums) for which shall be paid by Seller,
     shall be issued, with all warranties and representations being true now and
     at closing and surviving the closing for a period of twelve (12) months,
     and each party shall be paid in cash their respective credits, including,
     but not limited to, security deposits, rent and expenses, with a proration
     of real estate taxes based on the greater of 110% of

<Page>

Lincoln Southlake, Ltd.
May 20, 2004                                                              Page 4

     the most recent bill or latest assessment of the estimated assessments for
     2003 and 2004 using the Assessor's formula for these sales transactions,
     with a later reproration of taxes when the actual bills are received. At
     closing, rents and expenses of the Property shall be prorated, however, no
     credit will be given to Seller for any past due, unpaid or delinquent
     rents, provided that Seller reserves the right to seek to collect all such
     rents from the tenants owing same, and Purchaser shall deliver all such
     rents to Seller if and when received in accordance with the terms of the
     Leases by Purchaser.

11.  This offer is subject to Seller delivering to Purchaser, prior to closing,
     an appraisal of the property prepared by an MAI or other qualified
     appraiser, acceptable to Purchaser or Purchaser's lender, if any, all at
     Seller's cost.

12.  Purchaser's obligations hereunder are conditioned upon neither Seller
     (Landlord) or any tenant and guarantor being in default on any lease or
     agreement at closing, nor there being any threatened or pending litigation.

13.  Seller warrants and represents that it has paid all unemployment taxes to
     date.

14.  Prior to closing, Seller shall furnish to Purchaser copies of all
     guarantees and warranties which Seller received from any and all
     contractors and Subordination, Attornment and Non-Disturbance Agreement
     pertaining to the Property. This offer is subject to Purchaser's
     satisfaction that all guarantees and warranties survive the closing and are
     assignable and transferable to any titleholder now and in the future.

15.  Except with respect to the Vacant Space described below, this offer is
     subject to the Property being 100% occupied at the time of closing, with
     all tenants occupying their space, open for business, and paying full rent
     in accordance with the terms of the Leases, including CAM, tax and
     insurance current, as shown on EXHIBIT B attached.

16.  If, as and when the closing occurs, but not otherwise, Seller shall be
     responsible for payment of a real estate brokerage commission of $326,983
     to Venture Commercial pursuant to a separate written agreement between
     Seller and such broker. Said commission shall be paid through the closing
     escrow as follows: 100% to Venture Commercial, Inc. or its nominee.

17.  Not less than fifteen (15) days prior to closing, Seller must provide the
     title commitment as stated above and a current Urban ALTA/ACSM spotted
     survey in accordance with the minimum standard detail requirements for
     ALTA/ACSM Land Title surveys jointly established and adopted by ALTA and
     ACSM in 1999

<Page>

Lincoln Southlake, Ltd.                                                   Page 5
May 20, 2004

     and includes all Table A optional survey responsibilities and acceptable to
     Purchaser and the title company.

18.  Seller agrees that prior to closing it shall put all vacant spaces (the
     "Vacant Space") into rentable condition (white box-drywall, plumbed for
     sewer and water, air conditioner and heating system in place) and ready for
     a new tenant to occupy immediately in accordance with all applicable laws,
     codes, etc., including all requirements for a certificate of occupancy for
     said space.

19.  Seller agrees to promptly make available and disclose, to the extent not
     otherwise reflected in the Leases, all inducements, abatements, concessions
     or cash payments given to tenants, and for CAM, copies of the bills. Seller
     agrees to cooperate fully, at no expense to Seller, with Purchaser and
     Purchaser's representatives to facilitate Purchaser's evaluations and
     reports, including at least a one-year audit of the books and records of
     the Property to be made upon three (3) business days prior written notice
     to Seller and during Seller's normal business hours.

20.  Purchaser acknowledges that, except only for the representations and
     warranties of Seller expressly made in this letter, the Property is being
     sold by Seller to Purchaser on an "as is, where is" basis, with all faults,
     such that in no event shall Seller be deemed to have made any
     representations, warranties or assurances of or with respect to the
     Property, except as expressly provided in this letter.

21.  In no event shall Purchaser assign or transfer its rights or obligations
     under this letter without the prior written consent of Seller, excluding
     transfers to purchasers affiliates.

22.  In the event of a default by Seller under this letter, Purchaser's sole
     remedies shall be to terminate this letter by written notice to Seller and
     the title company or seek specific performance of Seller's obligations
     hereunder and simultaneously purchaser shall receive back its earnest
     money. In the event of a default by Purchaser under this letter, following
     the 45 calender days after acceptance of this agreement, Seller's sole
     remedy shall be to terminate this letter by written notice to Purchaser and
     the title company and receive the $500,000 earnest money deposit as
     liquidated damages.

23.  Buyer agrees to hire Lincoln Property Company Commercial, Inc. as leasing
     agent for a term of one year following closing (agreement to be discussed)
     and property manager (role to be discussed) for six months following close.

<Page>

Lincoln Southlake, Ltd.
May 20, 2004                                                              Page 6

         This offer is, of course, predicated upon the Purchaser's review and
written approval of the existing leases, new leases, lease modifications (if
any), all tenant correspondence, REA/OEA agreements, tenants' and guarantors'
financial statements, sales figures, representations of income and expenses made
by Seller, site inspection, environmental, appraisal, and at least one year of
audited operating statements on said property is required that qualify, comply
with and can be used in a public offering.

         If this offer is acceptable, please sign the original of this letter
and initial each page, keeping copies for your files and returning the original
to me by May 21, 2004.

                                                Sincerely,

ACCEPTED:

LINCOLN SOUTHLAKE, LTD.                         INLAND REAL ESTATE ACQUISITIONS,
                                                INC., or nominee

By:   Akard Ervay, Inc.,
      general partner

                                                /s/ Matthew Tice
                                                --------------------------------
                                                Matthew Tice

      By: /s/ Robert Dozier
         -----------------------------
      Name:  ROBERT DOZIER                      /s/ G. Joseph Cosenza
          ----------------------------          --------------------------------
      Title: Executive Vice President           G. Joseph Cosenza
            --------------------------          Vice Chairman

Date:  5-21-04
     ---------------------------------

<Page>

                       ACKNOWLEDGMENT BY THE TITLE COMPANY

     Republic Title of Texas, Inc. hereby acknowledges receipt of an executed
copy of this letter and agrees to hold and distribute the $500,000 earnest money
referenced above in accordance with the terms of this letter.

                                        REPUBLIC TITLE OF TEXAS, INC.

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

<Page>

                                    EXHIBIT A

[GRAPHIC]

<Page>

                                    EXHIBIT B

<Table>
<Caption>
                                                 GATEWAY PLAZA - SOUTHLAKE, TEXAS
                             ---------------------------------------------------------------------
                                                                                                         LEASE             LEASE
                                                      ANNUAL                                          COMMENCEMENT      EXPIRATION
        TENANTS                        S.F.          BASE RENT          MONTHLY         RENT             DATE              DATE
------------------------------------------------------------------------------------------------------------------------------------
<S>                                  <C>          <C>                  <C>         <C>                <C>               <C>
Kohl's                                87,423        502,187.00         41,848.92   $          5.74    September-00       January-21
T.J. Maxx                             30,600        267,750.00         22,312.50   $          8.75    September-00      September-10
Bed Bath and Beyond                   30,000        330,000.00         27,500.00   $         11.00     October-00        January-11
Old Navy                              25,000        225,000.00         18,750.00   $          9.00    September-00      September-05
Officemax                             23,801        261,335.00         21,777.92   $         10.98      August-00        January-16
Michael's                             23,428        257,708.00         21,475.67   $         11.00     October-00        February-10
Bank of America                        5,430        190,000.00         15,833.33   $         34.99     January-01        December-20
Starbucks                              1,830         54,900.00          4,575.00   $         30.00      April-01          March-11
Thomasville Home Furn                 18,615        252,792.00         21,066.00   $         13.58     January-01        December-10
Ultra Cosmetics & Salon               11,250        202,500.00         16,875.00   $         18.00     November-00       October-10
Dress Barn                             8,127        142,223.00         11,851.92   $         17.50     November-00       October-05
Rack Room                              7,996        147,926.00         12,327.17   $         18.50    September-00      September-05
Aaron Brothers Art & Frame             6,500        143,000.00         11,916.67   $         22.00     November-00       February-11
Home Theather Store                    6,100        152,500.00         12,708.33   $         25.00     January-01        February-08
Calico Corners                         5,278        126,672.00         10,556.00   $         24.00     January-01        December-05
Anamia's Retail                        5,058        126,450.00         10,537.50   $         25.00      March-01         February-11
* Dami Japanese                        4,253        114,831.00          9,569.25   $         27.00     December-03       November-08
Mattress Firm                          4,008         88,176.00          7,348.00   $         22.00    September-00      September-05
Zales                                  3,587         60,979.00          5,081.58   $         17.00     December-03       November-13
Carpet Mills of America                3,493         76,846.00          6,403.83   $         22.00     November-00       November-05
Pearle Vision                          3,027         71,437.00          5,953.08   $         23.60     November-02       October-12
Baker Brothers                         3,000         75,000.00          6,250.00   $         25.00     January-01        December-05
Fitness Headquarters                   2,500         57,500.00          4,781.67   $         23.00     February-01       January-06
Chipotle Mexican Grill                 2,432         59,025.00          4,918.75   $         24.27     December-00       December-05
Cool Cuts for Kids                     1,194         28,656.00          2,388.00   $         24.00     October-00       September-05
Bassel Furniture                      10,202         98,143.00          8,178.58   $          9.62     October-04       September-09
Vacant                                10,000        100,000.00          8,333.33   $         10.00
Vacant                                 5,021         70,294.00          5,857.23   $         14.00
Vacant                                 3,059         61,180.00          5,098.33   $         20.00
Vacant                                 2,725         64,600.00          4,541.67   $         20.00
Vacant                                 2,200         44,000.00          3,666.67   $         20.00
Vacant                                 1,056         23,232.00          1,936.00   $         22.00
Vacant Ground Lease                        1         85,000.00          5,416.67   $     85,000.00
Vacant Ground Lease                        1         80,000.00          6,666.67   $     80,000.00
Totals                               358,195      4,611,742.00
</Table>
----------
*   Currently under negotiations to be assigned to a new owner/operator under
    same terms of Dami lease.

<Page>

LINCOLN PROPERTY COMPANY

May 17, 2004

Mr. Matthew Tice
INLAND
505 Camrose Lane
Murphy, Texas 75094

RE:  GATEWAY PLAZA
     SOUTHLAKE, TEXAS

Dear Matt:

Per our conversation to date, please let this letter confirm that Akard Ervay,
Inc., the general partner, recommends approval of Inland's acquisition under the
agreed terms and conditions.

Sincerely,

LINCOLN PROPERTY COMPANY COMMERCIAL INC.

/s/ Robert Dozier
Robert Dozier
Executive Vice President

LINCOLN PROPERTY COMPANY
3300 LINCOLN PLAZA
500 N. AKARD STREET
DALLAS TX 75201-3394
(214)740-3300

<Page>

                   TENANT ESTOPPEL CERTIFICATE FORM - GENERAL

To:

Inland Real Estate Acquisitions, Inc., and
Inland Southeast ___________________, L.L.C. (insert Inland nominee entity),
and its lenders, successors and assigns ("Purchaser")
2901 Butterfield Road
Oak Brook, Illinois 60523
Attention: Karen Kautz

     Re:  Lease Agreement dated __________________ and amended _______________
          ____ (collectively, the "Lease"), between Lincoln Southlake, Ltd., as
          "Landlord", and ______________________________________________________
          __________________________________________, as "Tenant", guaranteed by
          _________________________________ ("Guarantor") for leased premises
          containing approximately _________________ square feet of space (the
          "Premises") situated in that certain property commonly known as the
          Gateway Plaza Shopping Center, Southlake, Texas (the "Property")

1.   Tenant hereby certifies that the following representations with respect to
     the Lease are accurate and complete as of the date hereof.

     (a)  Dates of all amendments, letter agreements, modifications and waivers
          related to the Lease: ________________________________________________
          ______________________________________________________________________

     (b)  Commencement Date: ___________________________________________________

     (c)  Expiration Date: _____________________________________________________

     (d)  Current Annual Base Rent: ____________________________________________
          Adjustment Date: _____________________________________________________
          Rental Amount: _______________________________________________________

     (e)  Fixed or CPI Rent Increases: _________________________________________

     (f)  Square Footage of the Premises: ______________________________________

     (g)  Security Deposit paid to Landlord: ___________________________________

     (h)  Renewal Options: ___________ Additional Terms for ______________ years
          at $__________ per year

     (i)  Termination Options: Termination Date ________________________________
          Fees Payable _________________________________________________________

<Page>

2.   Tenant further certifies to Purchaser that:

     (a)  the Lease is presently in full force and effect and represents the
          entire agreement between Tenant and Landlord with respect to the
          Premises;

     (b)  the Lease has not been assigned and the Premises have not been sublet
          by Tenant;

     (c)  Tenant has accepted and is occupying the Premises, all construction
          required by the Lease has been completed and any payments, credits or
          abatements required to be given by Landlord to Tenant have been given;

     (d)  Tenant is open for business or is operating its business at the
          Premises;

     (e)  no installment of rent or other charges under the Lease other than
          current monthly rent has been paid more than 30 days in advance and
          Tenant is not in arrears on any rental payment or other charges;

     (f)  Landlord has no obligation to segregate the security deposit or to pay
          interest thereon;

     (g)  to Tenant's knowledge, Landlord is not in default under the Lease and
          no event has occurred which, with the giving of notice or passage of
          time, or both, could result in a default by Landlord;

     (h)  to Tenant's knowledge, Tenant has no existing defenses, offsets,
          liens, claims or credits against the payment obligations under the
          Lease;

     (i)  Tenant has not been granted any options or rights to terminate the
          Lease earlier than the Expiration Date (except as stated in paragraph
          1(i));

     (j)  Tenant has not been granted any options or rights of first refusal to
          purchase the Premises or the Property;

     (k)  Tenant has not received notice of violation of any federal, state,
          county or municipal laws, regulations, ordinances, orders or
          directives relating to the use or condition of the Premises or the
          Property;

     (l)  no hazardous wastes or toxic substances, as defined by all applicable
          federal, state or local statutes, rules or regulations have been
          disposed, stored or treated on or about the Premises or the Property
          by Tenant;

     (m)  Tenant has not received any notice of a prior sale, transfer,
          assignment, pledge or other hypothecation of the Premises or the Lease
          or of the rents provided for therein other than the existing financing
          obtained by Landlord and currently encumbering the Property;

<Page>

                         GUARANTOR ESTOPPEL CERTIFICATE

Date: _____________, 2004

To: ________________

Inland Red Estate Acquisitions, Inc., and
Inland Southeast ____________, L.L.C. (insert Inland nominee entity),
and its lenders, successors and assigns ("Purchaser")
2901 Butterfield Road
Oak Brook, Illinois 60523
Attention: Robert Brinkman

     Re:  Guaranty Agreement dated _______________ ("Guaranty of Lease")
          pertaining to that certain lease dated _______________________ between
          Lincoln Southlake, Ltd., as Landlord, and ______________ as Tenant for
          approximately ______________________ of space (the "Premises") located
          at the property commonly known as the Gateway Plaza Shopping Center,
          Southlake, Texas (the "Property").

1.   Guarantor certifies to Purchaser and Purchaser's lender that: (a) the
     Guaranty of Lease has been properly executed by Guarantor and is presently
     in full force and effect without amendment or modification except as noted
     above; (b) to Guarantor's knowledge, Guarantor has no existing defenses,
     offsets, liens, claims or credits against the obligations under the
     Guaranty of Lease.

2.   This certification is made with the knowledge that Purchaser is about to
     acquire title to the Property and a lender is about to provide Purchaser
     with financing which shall be secured by a deed of trust (or mortgage),
     security agreement and assignment of rents, leases and contracts upon the
     Property. Guarantor further acknowledges and agrees that Purchaser and its
     lender and their respective successors and assigns shall have the right to
     rely on the information contained in this Certificate.

3.   The undersigned is authorized to execute this Guarantor Estoppel
     Certificate on behalf of Guarantor.

                                           [GUARANTOR]

                                           By:
                                              ----------------------------------
                                           Name:
                                                --------------------------------
                                           Title:
                                                 -------------------------------<Page>

                                                                  Exhibit 10.274

                                 PROMISSORY NOTE

$11,300,000.00                                                New York, New York
                                                                   July 26, 2004

               FOR VALUE RECEIVED, INLAND WESTERN EL PASO ROJAS LIMITED
PARTNERSHIP, an Illinois limited partnership having its principal place of
business at 2901 Butterfield Road, Oak Brook, Illinois 60523, a maker hereunder
(referred to herein as "BORROWER"), hereby unconditionally promises to pay to
the order of BEAR STEARNS COMMERCIAL MORTGAGE, INC., a New York corporation, as
payee, having an address at 383 Madison Avenue, New York, New York 10179
("LENDER"), or at such other place as the holder hereof may from time to time
designate in writing, the principal sum of ELEVEN MILLION THREE HUNDRED THOUSAND
AND NO/100 DOLLARS ($11,300,000.00), in lawful money of the United States of
America with interest thereon to be computed from the date of this Note at the
Interest Rate, and to be paid in accordance with the terms of this Note and that
certain Loan Agreement, dated as of the date hereof, between Borrower and Lender
(the "LOAN AGREEMENT"). All capitalized terms not defined herein shall have the
respective meanings set forth in the Loan Agreement.

                                    ARTICLE 1

                                  PAYMENT TERMS

               Borrower agrees to pay interest on the unpaid principal sum of
this Note from time to time outstanding at the rates and at the times specified
in the Loan Agreement and the outstanding balance of the principal sum of this
Note and all accrued and unpaid interest thereon shall be due and payable on the
Maturity Date.

                                    ARTICLE 2

                            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 on or
prior to the date when due or if not paid on the Maturity Date or on the
happening of any other Event of Default.

                                    ARTICLE 3

                                 LOAN DOCUMENTS

               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. In the event of a conflict or inconsistency between the terms of
this Note and the Loan Agreement, the terms and provisions of the Loan Agreement
shall govern.

<Page>

                                    ARTICLE 4

                                 SAVINGS CLAUSE

               Notwithstanding anything to the contrary contained in this Note
or the Mortgage, neither the Applicable Interest Rate nor the Default Rate shall
at any time exceed the Maximum Rate. The term "Maximum Rate," as used herein,
shall mean, on any day, the highest nonusurious rate of interest (if any)
permitted by applicable law on such day. For purposes of Chapter 303 of the
Texas Finance Code, as it may from time to time be amended, the Maximum Rate
shall be the "weekly ceiling" as defined in Section 303.002 of said Code and as
computed in accordance with Section 303.003 of said Code, from time to time in
effect; provided, however, that to the extent permitted by applicable law,
Lender reserves the right to change, from time to time by further notice and
disclosure to Borrower, the ceiling on which the Maximum Rate is based under
Chapter 303 of said Code; and, provided further, that the "highest nonusurious
rate of interest permitted by applicable law" for purposes of this Note or the
Mortgage shall not be limited to the applicable rate ceiling under Chapter 303
of said Code if federal laws or other state laws now or hereafter in effect and
applicable to this Note or the Mortgage (and the interest contracted for,
charged and collected hereunder) shall permit a higher rate of interest. In no
event shall the Loan be considered a revolving credit account as defined in
Chapter 346 of the Texas Finance Code, as may be hereafter amended or
recodified.

               It is the intention of the parties hereto to comply with the
usury laws of the State of Texas and the United States of America. The parties
hereto do not intend to contract for, charge or receive any interest or other
charge which is usurious, and by execution of this Note or the Mortgage,
Borrower agrees that Lender has no such intent. This Note, the Mortgage, the
other Loan Documents and all other agreements between Borrower and Lender or any
other holder hereof, which are now existing or hereafter arising, whether
written or oral, are hereby expressly limited so that in no event whatsoever,
whether by reason of acceleration of maturity hereof, or otherwise, shall the
amount paid, or agreed to be paid, to Lender or any other holder hereof for the
use, forbearance or detention of the money to be due hereunder or otherwise, or
for the payment or performance of any covenant or obligation contained herein or
in any other document evidencing, securing or pertaining to the Debt, exceed the
Maximum Rate. If from any circumstance whatsoever fulfillment of any provisions
hereof or other document, at the time performance of such provisions shall be
due, shall involve transcending the valid limits prescribed by law, then ipso
facto, the obligation to be fulfilled shall be reduced to the Maximum Rate, and
if from any such circumstance Lender or any other holder shall ever receive as
interest or otherwise an amount which will exceed the Maximum Rate, such amount
which would be excessive interest shall be applied to the reduction of the
principal amount owing hereunder (without prepayment premium or penalty) or on
account of any other principal indebtedness of Borrower to the holder and not to
the payment of interest, or if such excessive interest exceeds the unpaid
balance of principal hereof and such other indebtedness, such excess shall be
refunded to Borrower. All sums paid and agreed to be paid to Lender or any other
holder for use, forbearance or detention of the indebtedness of Borrower shall,
to the extent permitted by applicable law, be amortized, prorated, allocated,
and spread throughout the period until payment in full on the Note (or any
renewals, extensions and rearrangement thereof) so that the actual rate of
interest on account of the Debt is uniform throughout the term of this Note (and
all renewals, extensions and rearrangements hereof) and does not exceed the
Maximum Rate, The terms and

                                        2
<Page>

provisions of this Article 4 shall control and supersede any other provision of
this Note or the other Loan Documents.

                                    ARTICLE 5

                                 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 6

                                     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. 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 partnership,
the agreements herein contained shall remain in force and 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 limited liability
company, the agreements herein contained shall remain in force and applicable,
notwithstanding any changes in the members comprising the company, and the term
"Borrower," as used herein, shall include any alternate or successor company,
but any predecessor company shall not thereby be released from any liability. If
Borrower is a corporation, the agreements contained herein shall remain in full
force and 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 entity which may be set forth in the Loan Agreement, the Mortgage or any
other Loan Document.)

                                        3
<Page>

                                    ARTICLE 7

                                    TRANSFER

               Upon the transfer of this Note, Borrower hereby waiving notice of
any such transfer except as provided in the Loan Agreement, 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 from that date forward forever be relieved and
fully discharged from any liability or responsibility in the matter; but Lender
shall retain all rights hereby given to it with respect to any liabilities and
the collateral not so transferred.

                                    ARTICLE 8

                                   EXCULPATION

               The provisions of Section 9.4 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 9

                                  GOVERNING LAW

               THIS NOTE SHALL BE DEEMED TO BE A CONTRACT ENTERED INTO PURSUANT
TO THE LAWS OF THE STATE IN WHICH THE PROPERTY IS LOCATED AND SHALL IN ALL
RESPECTS BE GOVERNED, APPLIED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE
STATE IN WHICH THE PROPERTY IS LOCATED AND APPLICABLE FEDERAL LAWS.

                                   ARTICLE 10

                                     NOTICES

               All notices or other written communications hereunder shall be
delivered in accordance with Section 10.6 of the Loan Agreement.

                         [NO FURTHER TEXT ON THIS PAGE]

                                        4
<Page>

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

                                BORROWER:

                                INLAND WESTERN EL PASO ROJAS
                                LIMITED PARTNERSHIP, an Illinois limited
                                partnership.

                                By:  Inland Western El Paso Rojas GP, L.L.C., a
                                     Delaware limited liability company, its
                                     general partner

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

                                           By:       /s/ Valerie Medina
                                                  ------------------------------
                                                  Name: Valerie Medina
                                                  Its: Asst Secretary

                                        5
<Page>

                                 ACKNOWLEDGMENT

STATE OF Illinois

COUNTY OF DuPage

     This instrument was acknowledged before me on July 21, 2004, by Valerie
Medina, Asst. Secretary of Inland Western Retail Real Estate Trust, Inc., a
Maryland corporation, the sole member of Inland Western El Paso Rojas GP,
L.L.C., a Delaware limited liability company, the general partner of Inland
Western El Paso Rojas Limited Partnership, an Illinois limited partnership, on
behalf of said entities.

                                               /s/ Kimberly A Mitchell
                                               ---------------------------------
                                               Notary Public State of
                                                                     -----------

My Commission Expires:

                                                          OFFICIAL SEAL
-------------------------------                        KIMBERLY A MITCHELL
                                                 NOTARY PUBLIC-STATE OF ILLINOIS
                                                 MY COMMISSION EXPIRES: 03-12-07

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