Document:

Exhibit 10.1

  

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

    	 

    	 

    

 

 

 

 

    	 

    	 

    

 

 

 

    	 

    	 

    

FIRST AMENDMENT TO AGREEMENT

 

 

This FIRST AMENDMENT
TO AGREEMENT (this "Amendment") is made and entered into as of the 31st day of July, 2014, by and between
LAYTON POINTE, L.C., a Utah limited liability company ("Seller"), and INLAND REAL ESTATE ACQUISITIONS, INC.,
an Illinois corporation ("Purchaser").

 

Preliminary Statements:

 

The following Preliminary
Statements are a material part of this Amendment:

A.Seller and Purchaser
entered into that certain letter of intent agreement, dated as of June 24, 2014 attached hereto as Exhibit A and made a
part hereof (the "Agreement"), relating to certain premises located in Layton, Utah as more particularly described in
the Agreement (the “Property”).

B.Seller and Purchaser
desire to amend the terms of the Agreement as set forth in this Amendment.

NOW, THEREFORE,
for and in consideration of the covenants and premises contained in this Amendment, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged by Seller and Purchaser, Seller and Purchaser agree as follows:

Agreements:

 

1.Closing Date.
Notwithstanding anything to the contrary in the Agreement, including, but not limited to, Paragraphs 1 and 11 of the Agreement,
the closing date shall be August 4, 2014.

 

2.Defined Terms.
All undefined capitalized terms in this Amendment shall have the same meanings as in the Agreement, unless otherwise defined herein.

 

3.Counterparts.
This Amendment may be executed in any number of counterparts, each of which shall be deemed an original. Facsimile or electronic
(email) copies of the signature pages to this Amendment shall be deemed to be originals for all purposes of this Amendment.

 

4.Effect of Amendment.
Except as specifically modified by this Amendment, all of the terms and conditions of the Agreement remain in full force and effect,
and are hereby ratified and confirmed by Seller and Purchaser. Notwithstanding the foregoing, in the event there is any conflict
between the terms and provisions of the Agreement and this Amendment, the terms and provisions of this Amendment shall control.

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5.Modifications.
This Amendment and the Agreement cannot be modified in any manner other than by written modification executed by Seller and Purchaser.

 

6.Successors and
Assigns. This Amendment is binding upon and inures to the benefit of Seller and Purchaser and their respective successors and
assigns.

 

7.Representations
and Warranties. Seller and Purchaser represent and warrant to each other respectively that they have the requisite power and
authority to enter into this Amendment; that all necessary and appropriate approvals, authorizations and other steps have been
taken to effect the legality of this Amendment; that the signatories executing this Amendment on behalf of Seller and Purchaser
have been duly authorized and empowered to execute this Amendment on behalf of Seller and Purchaser, respectively; and that this
Amendment is valid and shall be binding upon and enforceable against Seller and Purchaser and their respective successors and assigns
and shall inure to the benefit of Seller and Purchaser and their respective successors and assigns.

 

[signature page follows]

 

 

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IN WITNESS WHEREOF,
Seller and Purchaser have duly executed this Amendment as of the day and year first written above.

 

	 	Seller:
	 	 	 
	 	
        LAYTON POINTE, L.C., a Utah limited
        liability company,

        Eagle Pointe Financial Group, Inc.

	 	 	 
	 	 	 
	 	By:	/s/ Gary L. Howland
	 	Name:	Gary L. Howland
	 	Its:	CEO of Eagle Pointe Financial Group, Inc.
	 	 	 
	 	 	 
	 	Purchaser:
	 	 	 
	 	
        INLAND REAL ESTATE ACQUISITIONS, INC.

        an Illinois corporation

	 	 	 
	 	 	 
	 	By:	/s/ Lou Quilici
	 	Name:	Lou Quilici
	 	Its:	Authorized Representative

 

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EXHIBIT A

 

JUNE 24, 2014 LETTER AGREEMENT

 

(see attached)

 

 

 

 

 

 

 

4Exhibit 10.2

 

ASSIGNMENT AND ASSUMPTION OF LETTER AGREEMENT

 

For good and valuable consideration
the receipt and sufficiency of which is hereby acknowledged, the undersigned, Inland Real Estate Acquisitions, Inc., an
Illinois corporation, (“Assignor”), hereby assigns to IREIT Layton Pointe, L.L.C., a Delaware limited liability
company (“Assignee”), all of Assignor’s right, title and interest as a party to that certain Letter Agreement
dated June 24, 2014 (as amended, the “Purchase Agreement”) by and between Assignor, as the buyer, and Layton Pointe,
L.C., a Utah limited liability company, and Eagle Pointe Financial Group, Inc., a Utah corporation, collectively as the seller,
with respect to the purchase and sale of certain real property and improvements listed on Exhibit A attached hereto and
as further described in the Purchase Agreement (“Property”).

 

By execution hereof by
Assignee, Assignee for itself and its successors and assigns hereby accepts the assignment and assumes all of the obligations of
Assignor under the Purchase Agreement with respect to the Property; provided, however, Assignor agrees to remain liable under the
Purchase Agreement as if Assignor is still a party to such Purchase Agreement.

 

This Assignment is effective
as of the 4th day of August, 2014.

 

	ASSIGNOR:	 	
        Inland Real Estate Acquisitions, Inc.,

        an Illinois corporation

	 	 	 	 	 
	 	 	By:	/s/ Lou Quilici
	 	 	Name:	Lou Quilici
	 	 	Its:	SRVP
	 	 	 	 	 
	ASSIGNEE:	 	
        IREIT Layton Pointe, L.L.C., a Delaware

        Limited liability company

	 	 	 	 	 
	 	 	By:	
        Inland Real Estate Income Trust, Inc.,

        a Maryland corporation, its sole member

	 	 	 	 	 
	 	 	 	By:	/s/ Marcia L. Grant
	 	 	 	Name:	Marcia L. Grant
	 	 	 	Its:	Assistant Secretary

 

    	 

    	 

    

EXHIBIT A

 

LEGAL DESCRIPTION

 

PARCEL 1

 

All of Lot 1, HARRIS POINTE SUBDIVISION, LAYTON
CITY, according to the Official Plat thereof, recorded in the Office of the County Recorder of DAVIS County, State of Utah.

 

Tax Parcel No. 09-371-0001

 

 

PARCEL 5

 

BEGINNING ON THE NORTH LINE OF ANTELOPE DRIVE
AT A POINT THAT IS NORTH 89o55'10" EAST 1851.10 FEET AND NORTH 00o10'30" EAST 46.67 FEET FROM THE SOUTHWEST
CORNER OF SECTION 8, TOWNSHIP 4 NORTH, RANGE 1 WEST, SALT LAKE BASE AND MERIDIAN; AND RUNNING THENCE NORTH 00o10'30"
EAST 211.92 FEET; THENCE NORTH 89o55'10" EAST 148.06 FEET; THENCE SOUTH 00o10'30" WEST 211.92 FEET TO SAID
NORTH LINE OF ANTELOPE DRIVE; THENCE SOUTH 89o55'10" WEST 148.06 FEET ALONG SAID NORTH LINE TO THE POINT OF BEGINNING.

 

Tax Parcel No. 09-036-0061

 

 

PARCEL 6

 

BEGINNING ON THE NORTH LINE OF ANTELOPE DRIVE
AT A POINT THAT IS NORTH 89o55'10" EAST 1832.60 FEET AND NORTH 00o10'30" EAST 46.67 FEET FROM THE SOUTHWEST
CORNER OF SECTION 8, TOWNSHIP 4 NORTH, RANGE 1 WEST, SALT LAKE BASE AND MERIDIAN; THENCE NORTH 00o10'30" EAST 70.00 FEET;
THENCE SOUTH 89o49'30" EAST 18.50 FEET; THENCE SOUTH 00o10'30" WEST 69.92 FEET TO THE NORTH LINE OF SAID ANTELOPE
DRIVE; THENCE SOUTH 89o55'10" WEST 18.50 FEET ALONG SAID NORTH LINE TO THE POINT OF BEGINNING.

 

Tax Parcel No. 09-036-0062Exhibit 10.3

 

ASSIGNMENT AND ASSUMPTION OF LEASES

 

THIS ASSIGNMENT AND ASSUMPTION
OF LEASES (the “Assignment”) is made this 4th day of August, 2014, by and between LAYTON POINTE, L.C., a Utah
limited liability company, and EAGLE POINTE FINANCIAL GROUP, INC., a Utah corporation (collectively, “Assignor”),
and IREIT LAYTON POINTE, L.L.C., a Delaware limited liability company (“Assignee”).

 

For good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Assignor hereby agrees as follows:

 

1.Assignment of Leases. Assignor
hereby assigns, transfers, sets over and conveys to Assignees all of its right, title and interest as landlord under all leases
(“Leases”) pertaining to the real property described on Exhibit “A” hereto. A list of the tenants
(which may be under their trade name or fictitious name) for the Leases is attached to this Assignment as Exhibit “B.”

 

2.Acceptance of Assignment of Lease.
Assignee accepts the assignment of the Leases, assumes the obligations of landlord or lessor arising under the Leases on or after
the date of this Assignment, and agrees to perform all obligations of landlord under the Leases.

 

3.Indemnification.
Assignor shall indemnify, defend and hold harmless Assignee from and against all claims, liabilities, losses, damages, costs and
expenses (including, without limitation, reasonable attorneys’ fees) caused by the failure of Assignor to pay or perform
in a timely manner any obligation required to be paid or performed by the landlord under the Leases prior to the date of this Assignment,
including, without limitation, all reconciliation claims for calendar year 2013 and calendar years prior to the date of this Assignment;
and Assignee shall indemnify, defend and hold harmless Assignor from and against all claims, liabilities, losses, damages, costs
and expenses (including, without limitation, reasonable attorneys’ fees) caused by the failure of Assignee to pay or perform
in a timely manner any obligation required to be paid or performed by the landlord under the Leases on or after the date of this
Assignment, including, without limitation, all reconciliation claims for calendar year 2014 and subsequent years.

 

4.General Provisions.
This Assignment may be signed in one or more counterparts, each of which shall be deemed an original and together shall constitute
one and the same instrument. Facsimile copies of this Assignment shall have the same effect as originals. This Assignment shall
be governed in accordance with the laws of the State of Utah, without giving effect to the conflicts of laws principles thereunder.
Jurisdiction for any legal proceeding related to this Assignment shall lie only in the applicable State and Federal courts located
in Davis County, Utah. This Assignment shall bind and inure to the benefit of the parties hereto and their respective successors
and assignors.

 

(Signatures and acknowledgments begin
on following pages)

 

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IN WITNESS WHEREOF, the
parties have executed this Assignment effective as of the date first written above.

 

	ASSIGNOR:	 
	 	 	 	 
	
        LAYTON POINTE, L.C.,

        a Utah limited liability company
	 
	 	 	 	 
	By:	
        Eagle Pointe Financial Group, Inc.,

        a Utah corporation, its manager
	 
	 	 	 	 
	 	By:	/s/ Gary L. Howard	 
	 	Name:	Gary L. Howard	 
	 	Its:	CEO of Eagle Pointe Financial Group, Inc.	 
	 	 	 	 
	 	 	 	 
	
        EAGLE POINTE FINANCIAL GROUP, INC.,

        a Utah corporation
	 
	 	 	 	 
	By:	/s/ Gary L. Howard	 
	Name:	Gary L. Howard	 
	Its:	CEO	 
	 	 	 	 
	 	 	 	 
	ASSIGNEE:	 
	 	 	 	 
	
        IREIT LAYTON POINTE, L.L.C.

        a Delaware limited liability company
	 
	 	 	 	 
	By:	
        Inland Real Estate Income Trust, Inc.,

        a Maryland corporation, its sole member
	 
	 	 	 	 
	 	By:	/s/ Marcia L. Grant	 
	 	Name:	Marcia L. Grant	 
	 	Its:	Assistant Secretary	 

 

 

 

 

 

 

Signature Page to Assignment of Leases

 

 

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EXHIBIT “A”

 

to

 

Assignment
of Leases

 

Description
of Real Property

 

PARCEL 1

 

All of Lot 1, HARRIS POINTE SUBDIVISION, LAYTON
CITY, according to the Official Plat thereof, recorded in the Office of the County Recorder of DAVIS County, State of Utah.

 

Tax Parcel No. 09-371-0001

 

 

PARCEL 5

 

BEGINNING ON THE NORTH LINE OF ANTELOPE DRIVE
AT A POINT THAT IS NORTH 89o55'10" EAST 1851.10 FEET AND NORTH 00o10'30" EAST 46.67 FEET FROM THE SOUTHWEST
CORNER OF SECTION 8, TOWNSHIP 4 NORTH, RANGE 1 WEST, SALT LAKE BASE AND MERIDIAN; AND RUNNING THENCE NORTH 00o10'30"
EAST 211.92 FEET; THENCE NORTH 89o55'10" EAST 148.06 FEET; THENCE SOUTH 00o10'30" WEST 211.92 FEET TO SAID
NORTH LINE OF ANTELOPE DRIVE; THENCE SOUTH 89o55'10" WEST 148.06 FEET ALONG SAID NORTH LINE TO THE POINT OF BEGINNING.

 

Tax Parcel No. 09-036-0061

 

 

PARCEL 6

 

BEGINNING ON THE NORTH LINE OF ANTELOPE DRIVE
AT A POINT THAT IS NORTH 89o55'10" EAST 1832.60 FEET AND NORTH 00o10'30" EAST 46.67 FEET FROM THE SOUTHWEST
CORNER OF SECTION 8, TOWNSHIP 4 NORTH, RANGE 1 WEST, SALT LAKE BASE AND MERIDIAN; THENCE NORTH 00o10'30" EAST 70.00 FEET;
THENCE SOUTH 89o49'30" EAST 18.50 FEET; THENCE SOUTH 00o10'30" WEST 69.92 FEET TO THE NORTH LINE OF SAID ANTELOPE
DRIVE; THENCE SOUTH 89o55'10" WEST 18.50 FEET ALONG SAID NORTH LINE TO THE POINT OF BEGINNING.

 

Tax Parcel No. 09-036-0062

 

 

 

    	 

    	 

    

EXHIBIT “B”

 

TO

 

ASIGNMENT OF LEASES

 

list
of leases

 

(see
attached)

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