Document:

Exhibit 10.6

SECURED PROMISSORY NOTE

$13,800,000.00                                                                                                                    May
3, 2017

1.       FOR
VALUE RECEIVED, IRESI VERNON HILLS COMMONS, L.L.C., a Delaware limited liability company (“Borrower”), hereby
promises to pay, to the order of PARKWAY BANK AND TRUST COMPANY, an Illinois banking corporation (“Lender”),
having a principal place of business and post office address at 4800 N. Harlem Avenue, Harwood Heights, IL 60706, or at such other
place as Lender may designate, the principal sum of THIRTEEN mILLION EIGHT hundred Thousand
and 00/100 Dollars ($13,800,000.00) (the “Loan Amount”) or so much thereof as shall from time to time
have been advanced, together with interest on the unpaid balance of said sum from May 3, 2017 (the “Closing Date”),
at the fixed rate of three and 69/100ths percent (3.69%) per annum from the Closing Date through and including May 3, 2022, and
the fixed rate of four percent (4.00%) per annum from May 4, 2022 through and including the Maturity Date, as defined below (the
“Interest Rate”). Any amount payable hereunder which is not paid when due shall, at Lender’s election,
bear interest at a rate equal to the Interest Rate plus three percent (3%) per annum (the “Default Rate”).

 

2.       Interest
on this Secured Promissory Note (this “Note”) shall be calculated in arrears on the basis of a 360-day year
and the actual number of days elapsed in any portion of a month in which interest is due. Beginning on June 3, 2017, and continuing
on the 3rd day of each successive month thereafter until the Maturity Date (as defined below), Borrower shall pay to Lender monthly
payments of interest only. All outstanding principal of and accrued and unpaid interest to and including the date of payment and
other Indebtedness shall be due and payable in full on May 3, 2024, or such earlier date resulting from the acceleration of the
Indebtedness by Lender (“Maturity Date”). All principal and interest shall be paid without setoff, counterclaim,
or deduction of any kind, in lawful money of the United States of America by automated clearinghouse transfer through such bank
or financial institution as shall be approved in writing by Lender, shall be made to an account designated by Lender, and shall
be initiated by Lender or shall be made in such other manner as Lender may direct from time to time. Any other monthly deposits
or payments Borrower is required to make to Lender under the terms of the Loan Documents (as defined in the Loan Agreement defined
below) shall be made by the same payment method and on the same date as the installments of interest due under this Note. This
Note is the Note referred to in that certain Loan Agreement of even date herewith (as amended form time to time the “Loan
Agreement”), by and between Lender and Borrower. Capitalized terms used and not otherwise defined herein shall have the
meanings ascribed to them in the Loan Agreement.

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3.       Borrower
may prepay the principal of this Note in whole or part prior to the Maturity Date without premium or penalty in accordance with
the provisions of the Loan Agreement. Time is of the essence with respect to the payment of this Note.

4.       If
any payment of principal, interest, or other Indebtedness is not made when due, damages will be incurred by Lender, including additional
expense in handling overdue payments, the amount of which is difficult and impractical to ascertain. Borrower therefore agrees
to pay, upon demand, to the extent permitted by law, the sum of five cents ($.05) for each one dollar ($1.00) of each said payment
that becomes overdue (“Late Charge”) as a reasonable estimate of the amount of said damages, subject, however,
to the limitations contained in Paragraph 5 hereof, and provided that no late charge shall be assessed for any payment due on or
after the Maturity Date.

Further, notwithstanding
the hereinabove or anything in the Loan Documents to the contrary, no Late Charge shall be incurred by or assessed against Borrower
with respect to amounts as to which interest at the Default Rate accrues.

5.       If
any Event of Default has occurred and is continuing under the Loan Documents, the entire principal balance of the Loan, interest
then accrued, and all other Indebtedness whether or not otherwise then due, shall, at Lender’s option, become immediately
due and payable without demand or notice, and whether or not Lender has exercised said option, interest shall accrue on the entire
principal balance, interest then accrued, and any other Indebtedness then due, at a rate equal to the Default Rate until fully
paid. Notwithstanding the foregoing, in the case of any Event of Default specified in Section 4.1(B) of the Loan Agreement
with respect to the Borrower or any guarantor, including the Guarantor, without any notice to Borrower or any other act by Lender,
the entire principal balance of the Loan, interest then accrued, and all other Indebtedness whether or not otherwise then due,
shall become immediately and automatically due and payable without presentment, demand, protest or other notice of any kind, all
of which are hereby waived by Borrower, and Borrower will pay the same.

6.       Borrower
agrees that Lender has all rights of set-off and bankers’ lien provided by applicable law, and, in addition thereto, Borrower
agrees that at any time any Event of Default exists, Lender may apply to the payment of any obligations of Borrower, whether or
not then due, any and all balances, credits, deposits, accounts or moneys of Borrower then or thereafter with Lender.

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7.       Notwithstanding
anything herein or in any of the other Loan Documents to the contrary, no provision contained herein or therein that purports to
obligate Borrower to pay any amount of interest or any fees, costs or expenses that are in excess of the maximum permitted by applicable
law shall be effective to the extent it calls for the payment of any interest or other amount in excess of such maximum. All agreements
between Borrower and Lender, whether now existing or hereafter arising and whether written or oral, are hereby limited so that
in no contingency, whether by reason of demand for payment or acceleration of the maturity hereof or otherwise, shall the interest
contracted for, charged or received by Lender exceed the maximum amount permissible under applicable law. If, from any circumstance
whatsoever, interest would otherwise be payable to Lender in excess of the maximum lawful amount, the interest payable to Lender
shall be reduced to the maximum amount permitted under applicable law; and if from any circumstance Lender shall ever receive anything
of value deemed interest by applicable law in excess of the maximum lawful amount, an amount equal to any excessive interest shall,
at Lender’s option, be refunded to Borrower or be applied to the reduction of the principal hereof, and not to the payment
of interest or, if such excessive interest exceeds the unpaid balance of principal hereof such excess shall be refunded to Borrower.
This paragraph shall control all agreements between Borrower and Lender.

8.       Borrower
and any endorsers or guarantors waive presentment, protest and demand, notice of protest, demand and dishonor and nonpayment, and
agree the Maturity Date of this Note or any installment may be extended without affecting any liability hereunder, and further
promise to pay all reasonable costs and expenses, including but not limited to, reasonable attorney’s and paralegal’s
fees incurred by Lender in connection with any default or in any proceeding (whether incurred in any trial, appellate, bankruptcy,
condemnation or any other proceeding) to interpret and/or enforce any provision of the Loan Documents. No release of Borrower from
liability hereunder shall release any other maker, endorser or guarantor hereof.

9.       This
Note is secured by the Loan Documents, including, without limitation, the instruments described on Schedule I attached hereto and
made a part of this Note. In no event shall such documents be construed inconsistently with the terms of this Note, and in the
event of any discrepancy between any such documents and this Note, the terms of this Note shall govern. The proceeds of this Note
are to be used for business, commercial, investment or other similar purposes, and no portion thereof will be used for any personal,
family, or household use. This Note shall be governed by and construed in accordance with the laws of the State of Illinois,
without regard to its conflict of law principles.

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10.       Except
as permitted pursuant to the Mortgage described in Schedule I, and as permitted by the Loan Agreement, any sale, conveyance or
transfer of any right, title or interest in the Premises or any portion thereof, or any other violation of any provisions of the
Loan Agreement or the Mortgage with respect to any transfers of the Premises without the prior written consent of Lender, shall,
at the option of Lender, constitute an Event of Default hereunder and upon any such Event of Default Lender may declare the entire
indebtedness evidenced by this Note to be immediately due and payable and foreclose the Mortgage securing this Note immediately
or at any time after such Event of Default occurs. The acceptance of any payment due hereunder after any sale, transfer or assignment
shall not be deemed as the consent of Lender to a sale, transfer or assignment.

11.       If
this Note is executed by more than one party, all references herein to Borrower shall be deemed to each such party, individually
and collectively, and the obligations and liabilities of each Borrower under this Note shall be joint and several and shall be
binding upon and enforceable against each Borrower and their respective successors and assigns. This Note shall inure to the benefit
of and may be enforced by Lender and its successors and assigns.

12.       This
Note may not be changed or terminated orally, but only by an agreement in writing and signed by both the Borrower and the Lender.
All of the rights, privileges, and obligations hereunder shall inure to the benefit of Lender’s successors, and assigns and
shall bind Borrower’s permitted successors and assigns.

13.       TO
INDUCE LENDER TO ACCEPT THIS NOTE, BORROWER IRREVOCABLY AGREES THAT, SUBJECT TO LENDER’S SOLE AND ABSOLUTE ELECTION, ALL
ACTIONS OR PROCEEDINGS IN ANY WAY ARISING OUT OF OR RELATED TO THIS NOTE WILL BE LITIGATED IN COURTS HAVING SITUS IN CHICAGO, ILLINOIS.
BORROWER HEREBY CONSENTS AND SUBMITS TO THE JURISDICTION OF ANY COURT LOCATED WITHIN CHICAGO, ILLINOIS, WAIVES PERSONAL SERVICE
OF PROCESS UPON BORROWER, AND AGREES THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE BY REGISTERED MAIL DIRECTED TO BORROWER AT THE
ADDRESS STATED IN THE DEED OF TRUST AND SERVICE SO MADE WILL BE DEEMED TO BE COMPLETED UPON ACTUAL RECEIPT.

14.       The
parties hereto intend and believe that each provision of this Note comports with all applicable law. However, if any provision
in this Note is found by a court of law to be in violation of any applicable law, and if such court should declare such provision
of this Note to be unlawful, void or unenforceable as written, then it is the intent of all parties hereto that such provision
shall be given full force and effect to the fullest possible extent that it is legal, valid and enforceable, that the remainder
of this Note shall be construed as if such unlawful, void or unenforceable provision were not contained herein, and that the rights,
obligations and interests of Borrower and Lender under the remainder of this Note shall continue in full force and effect.

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15.       Borrower
hereby waives and renounces for itself, its legal representatives, and its successors and assigns, all rights to the benefits of
any appraisement, exemption and homestead now provided or that may hereafter be provided by the Constitution and laws of the United
States of America and of any state thereof to and in all its property, real and personal, against the enforcement and collection
of the obligations evidenced by this Note.

16.       Borrower
hereby transfers, conveys and assigns to Lender a sufficient amount of such homestead or exemption as may be set apart in bankruptcy,
to pay this Note in full, with all costs of collection, and does hereby direct any trustee in bankruptcy having possession of such
homestead or exemption to deliver to Lender a sufficient amount of property or money set apart as exempt to pay the Indebtedness
evidenced hereby, or any renewal thereof, and does hereby appoint Lender the attorney-in-fact for Borrower to claim any and all
such homestead or exemptions allowed by law.

17.       AFTER
CONSULTING WITH COUNSEL AND CAREFUL CONSIDERATION, BORROWER 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 NOTE OR ANY OTHER
INSTRUMENT OR AGREEMENT BY WHICH THIS NOTE IS, OR MAY HEREAFTER BE, SECURED, OR OUT OF ANY COURSE OF CONDUCT, COURSE OF DEALING,
STATEMENTS (ORAL OR WRITTEN), OR ACTIONS OF BORROWER OR LENDER. THIS WAIVER IS A MATERIAL INDUCEMENT TO LENDER'S ACCEPTANCE OF
THIS NOTE.

18.       Lender
may at any time assign its rights in this Note and the Loan Documents, or any part thereof and transfer its rights in any or all
of the Collateral, and Lender thereafter shall be relieved from all liability with respect to such Collateral. In addition, Lender
may at any time sell one or more participations in the Note. Lender may at any time pledge or assign a security interest in all
or any portion of its rights under this Note to secure obligations of Lender, including any pledge or assignment to secure obligations
to a Federal Reserve Bank; provided that no such pledge or assignment of a security interest shall release Lender from any of its
obligations hereunder or substitute any such pledgee or assignee for Lender as a party hereto. Except as otherwise permitted in
the Loan Documents, Borrower may not assign its interest in this Note, or any other agreement with Lender or any portion thereof,
either voluntarily or by operation of law, without the prior written consent of Lender.

19.       The
Loan is a business loan which comes within the purview of Section 205/4, paragraph (1)(c) of Chapter 815 of the Illinois Compiled
Statutes, as amended. Borrower agrees that the Loan evidenced by this Note is an exempted transaction under the Truth In Lending
Act, 15 U.S.C., §1601, et seq.

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20.       Lender
hereby notifies Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56, signed into law
October 26, 2001) (the “Act”), and Lender’s policies and practices, Lender is required to obtain, verify
and record certain information and documentation that identifies Borrower, which information includes the name and address of Borrower
and such other information that will allow Lender to identify Borrower in accordance with the Act. In addition, Borrower shall
(a) ensure that no person who owns a controlling interest in or otherwise controls Borrower or any subsidiary of Borrower is or
shall be listed on the Specially Designated Nationals and Blocked Person List or other similar lists maintained by the Office of
Foreign Assets Control (“OFAC”), the Department of the Treasury or included in any Executive Orders, (b) not
use or permit the use of the proceeds of the Loan to violate any of the foreign asset control regulations of OFAC or any enabling
statute or Executive Order relating thereto, and (c) comply, and cause any of its subsidiaries to comply, with all applicable Bank
Secrecy Act (“BSA”) laws and regulations, as amended.

[Remainder of page intentionally
blank; signatures follow]

 

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IN WITNESS WHEREOF,
Borrower has caused this Secured Promissory Note to be duly executed and delivered to Lender as of the date first set forth above.

 

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

 

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SCHEDULE I

A.       MORTGAGE:

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

 

		B.	ASSIGNMENTS OF LEASES AND RENTS:

Assignment of Leases and Rents executed
by IRESI Vernon Hills Commons, L.L.C. encumbering certain real estate located at 1255 Town Center Road, Vernon Hills, Illinois.

 

C.       SECURITY AGREEMENT:

 

Security Agreement executed by IRESI
Vernon Hills Commons, L.L.C.

 

D.       GUARANTY:

 

Guaranty executed by Inland Residential
Properties Trust, Inc.Exhibit 10.7

PREPARED BY AND WHEN 

RECORDED RETURN TO:

 

LATIMER LEVAY FYOCK LLC

55 W. Monroe Street, Suite 1100

Chicago, IL 60603

Attn.: Janet Wagner, Esq.

LLF File No.: 72001-381

 

Parcel/ID: 15-15-313-003

 

Property Address:

1255 Town Center Road

Vernon Hills, Illinois

(Lake County)

 

MORTGAGE, SECURITY AGREEMENT,

ASSIGNMENT OF RENTS AND FIXTURE FILING

(Illinois)

 

THIS MORTGAGE, SECURITY
AGREEMENT, ASSIGNMENT OF RENTS AND FIXTURE FILING (as the same may from time to time hereafter be modified, supplemented or amended,
this “Mortgage”) is made as of May 3, 2017, by IRESI VERNON HILLS COMMONS, L.L.C., a Delaware limited liability
company (“Mortgagor”), having its principal place of business and mailing address at 2901 Butterfield Road,
Oak Brook, Illinois 60523, to and for the benefit of PARKWAY BANK AND TRUST COMPANY, an Illinois banking corporation, having a
principal place of business and mailing address at 4800 N. Harlem Avenue, Harwood Heights, IL 60706, as “Lender”.

 

WITNESSETH:

 

Mortgagor is justly indebted
to Lender for money borrowed (the “Loan”) in the original principal sum of Thirteen Million Eight Hundred Thousand
and 00/100 Dollars ($13,800,000.00) (the “Loan Amount”) made pursuant to the Loan Agreement of even date herewith
(as amended, restated or otherwise modified from time to time, the “Loan Agreement”) and evidenced by a Secured
Promissory Note of even date herewith executed by Mortgagor, made payable and delivered to Lender (as may be modified, amended,
supplemented, extended or consolidated in writing and any note(s) issued in exchange therefor or replacement thereof, the “Note”),
in which Note the Mortgagor

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promises to pay to Lender the Loan Amount, together
with all accrued and unpaid interest thereon, interest accrued at the Default Rate (if any), Late Charges (if any) and all other
obligations and liabilities due or to become due to Lender pursuant to the Loan Documents and all other amounts, sums and expenses
paid by or payable to Lender pursuant to the Loan Documents (as defined in the Loan Agreement) (collectively the “Indebtedness”)
until the Indebtedness has been paid in accordance with the Note and other Loan Documents. Capitalized terms used herein and not
otherwise defined shall have those meanings given to them in the other Loan Documents.

 

The Note is in the original
principal amount of $13,800,000.00 and matures May 3, 2024.

 

NOW, THEREFORE, to secure
the payment of the Indebtedness in accordance with the terms and conditions of the Loan Documents, and all extensions, modifications,
and renewals thereof and the performance of the covenants and agreements contained therein, and also to secure the payment of any
and all other Indebtedness, direct or contingent, that may now or hereafter become owing from Mortgagor to Lender in connection
with the Loan Documents, and in consideration of the Loan Amount in hand paid, receipt of which is hereby acknowledged, Mortgagor
does by these presents hereby grant, bargain, sell, alien, convey, mortgage, warrant, assign, transfer, hypothecate, pledge, deliver,
set over and confirm, remise and release unto Lender, its successors and assigns forever, with power of sale, that certain real
estate and all of Mortgagor’s estate, right, title and interest therein, located in the County of Lake, State of Illinois,
more particularly described in Exhibit ”A” attached hereto and made a part hereof (the “Land”),
which Land, together with the following described property, rights and interests, is collectively referred to herein as the “Premises,”
together with:

 

		A.	Mortgagor’s interest as lessor in
and to all Leases and all Rents, which are pledged primarily and on a parity with the Land and not secondarily; and

 

		B.	All and singular the tenements, hereditaments,
easements, appurtenances, passages, waters, water courses, riparian rights, direct flow, ditch, reservoir, well and other water
rights, whether or not adjudicated, whether tributary or nontributary and whether evidenced by deed, water stock, permit or otherwise,
sewer rights, rights in trade names (excluding however, the “Inland” name and logo), licenses, permits and contracts,
and all other rights, liberties and privileges of any kind or character in any way now or hereafter appertaining to the Land, including
but not limited to, homestead and any other claim at law or in equity as well as any after-acquired title, franchise or license
and the reversion and reversions and remainder and remainders thereof; and the right in the case of foreclosure hereunder of the
encumbered property for Lender to take and use the name by which the buildings and all other improvements situated on the Premises
are commonly known and the right to manage and operate the said buildings under any such name and variants thereof; and

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		C.	All right, title and interest of
                                                                                                                             Mortgagor in any and all buildings and improvements of every kind and description now or hereafter erected or placed on the
                                                                                                                             said Land and all materials intended for construction, reconstruction, alteration and repairs of such buildings and
                                                                                                                             improvements now or hereafter erected thereon, all of which materials shall be deemed to be included within the Premises
                                                                                                                             immediately upon the delivery thereof to the Premises, and a security interest in all fixtures now or hereafter owned by
                                                                                                                             Mortgagor and attached to or contained in and used in connection with the Premises including, but not limited to, all
                                                                                                                             machinery, motors, elevators, fittings, radiators, awnings, shades, screens, and all plumbing, heating, lighting,
                                                                                                                             ventilating, refrigerating, incinerating, air-conditioning and sprinkler equipment and fixtures and appurtenances thereto;
                                                                                                                             all items of furniture, furnishings, equipment and personal property owned by Mortgagor used or useful in the operation of
                                                                                                                             the Premises; and all renewals or replacements of all of the aforesaid property owned by Mortgagor or articles in
                                                                                                                             substitution therefor, whether or not the same are or shall be attached to said buildings or improvements in any manner
                                                                                                                             (collectively, the “Improvements”). Mortgagor and Lender mutually agree, intend and declare that all the
                                                                                                                             Improvements owned by Mortgagor and placed by it on the Land or used in connection with the operation or maintenance of the
                                                                                                                             Premises shall, so far as permitted by law, be deemed to form a part and parcel of the Land and, for the purpose of this
                                                                                                                             Mortgage, to be Land and covered by this Mortgage, and as to any of the Improvements which do not form a part and parcel of
                                                                                                                             the Land or do not constitute a “fixture” (as such term is defined in the Uniform Commercial Code in
                                                                                                                             effect in the state where the Premises is located, as amended, modified and/or recodified from time to time, the
                                                                                                                             “UCC”), this Mortgage and the other Loan Documents (the terms of which grant a security interest in
                                                                                                                             personal property or real property, the proceeds of which may become personal property) are each hereby deemed to be, as
                                                                                                                             well, a security agreement under the UCC for the purpose of creating a security interest in all items, including, but not
                                                                                                                             limited to all property and rights which Mortgagor may grant, assign, bargain, sell, transfer, set over, deliver, or
                                                                                                                             otherwise convey to Lender, as secured party, under the terms of this Mortgage or any of the other Loan Documents, including
                                                                                                                             any and all proceeds thereof. Mortgagor hereby appoints Lender as its attorney-in-fact, effective upon the occurrence of any
                                                                                                                             Event of Default, to execute such documents necessary to perfect Lender’s security interest and authorizes Lender at
                                                                                                                             any time until the Indebtedness is paid in full, to prepare and file, at Mortgagor’s expense, any and all UCC
                                                                                                                             financing
                                                                                                                             statements, amendments, assignments, terminations and the like, reasonably necessary to create and/or maintain a prior
                                                                                                                             security interest in such property all without Mortgagor’s execution of the same. Furthermore, upon the occurrence of
                                                                                                                             any Event of Default under the Loan Documents, Lender will, in addition to all other remedies provided for in the Loan
                                                                                                                             Documents, have the

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remedies provided for under the UCC. Mortgagor warrants that, to its knowledge, the location of such property is upon
the real estate. Mortgagor covenants and agrees that Mortgagor will furnish Lender with notice of any change in Mortgagor’s
name, identity, entity, structure, organization identification number and residence or principal place of business within thirty
(30) days of the effective date of any such change. Mortgagor, as debtor, hereby grants to Lender, as secured party, a security
interest in all Improvements (to the extent Improvements include any personal property pursuant to the UCC) as security for the
Loan and Indebtedness and Borrower hereby authorizes Lender to file any financing statements as Lender may reasonably require in
order to perfect such grant of security interest. This Mortgage is being recorded as a Fixture Filing (as defined in the UCC),
and for this purpose, the name and address of the debtor is the name and address of Mortgagor as set forth in this Mortgage, and
the name and address of the secured party is the name and address of Lender as set forth in this Mortgage; and

 

		D.	All right, title and interest of Mortgagor,
now or hereafter acquired, in and to any and all strips and gores of land adjacent to and used in connection with the Premises
and all right, title and interest of Mortgagor, now owned or hereafter acquired, in, to, over and under the ways, streets, sidewalks
and alleys adjoining the Premises; and 

 

		E.	All funds now or hereafter held by Lender
under any property reserves agreement (including any proceeds derived from any letter of credit) or escrow security agreement or
under any of the terms hereof or of the Loan Documents, including but not limited to funds held under the provisions of the Loan
Agreement; and

 

		F.	All of Mortgagor’s payment intangibles,
letter of credit rights, interest rate cap agreements, tenant in common agreement rights, and any other contract rights of Mortgagor
related in any manner to the ownership, operation, or management of the Premises, as well as any and all supporting obligations,
and all proceeds, renewals, replacements and substitutions thereof; and

 

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		G.	All funds, accounts and proceeds thereof
relating to the Premises whether or not such funds, accounts or proceeds thereof are held by Lender under the terms of any of the
Loan Documents, including, but not limited to bankruptcy claims of Mortgagor against any tenant at the Premises, and any proceeds
thereof; proceeds of any Rents, insurance proceeds from all insurance policies required to be maintained by Mortgagor under the
Loan Documents (subject to the balance of the terms of this Mortgage); all refunds and rebates with respect to any tax or utility
payments; and all awards, decrees, proceeds, settlements or claims for damage now or hereafter made to or for the benefit of Mortgagor
by reason of any damage to, destruction of or taking of the Premises or any part thereof, whether the same shall be made by reason
of the exercise of the right of eminent domain or by condemnation or otherwise (a “Taking”).

 

TO HAVE AND TO HOLD the same unto Lender, its
successors and assigns, upon the uses, covenants and agreements herein expressed; PROVIDED, HOWEVER, that should the Indebtedness
be paid according to the tenor and effect thereof when the same shall become due and payable as provided for in the Loan Documents,
and should Mortgagor perform all covenants contained in the Loan Documents in a timely manner, then this Mortgage shall be cancelled
and released.

 

Mortgagor represents that
it shall forever warrant and defend the title to the Premises against all claims and demands of all persons whomsoever and will
on demand execute any additional instrument which may be required to give Lender a valid first lien on all of the Premises, subject
to the Permitted Encumbrances.

 

Mortgagor further represents
that (i) the Premises is not subject to any casualty damage; (ii) Mortgagor has not received any written notice of any eminent
domain or condemnation proceeding affecting the Premises; (iii) all leasing broker fees and commissions payable by Mortgagor with
respect to the Lease(s) have been paid in full, in cash or other form of immediately available funds; and (iv) to the best of Mortgagor’s
knowledge, following due and diligent inquiry, there are no actions, suits or proceedings pending, completed or threatened against
or affecting Mortgagor or any Person owning an interest (directly or indirectly) in Mortgagor (“Interest Owner(s)”)
or any property of Mortgagor or any Interest Owner in any court or before any arbitrator of any kind or before or by any governmental
authority (whether local, state, federal or foreign) that, individually or in the aggregate, could reasonably be expected by Lender
to be material to the transaction contemplated hereby. Notwithstanding the foregoing, no representation is made concerning holders
of interests in Mortgagor who are Interest Owners solely by virtue of their ownership interest in the Mortgagor.

 

 

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Mortgagor further represents,
warrants and covenants that as of the date hereof and until the Indebtedness is paid in full:

 

		(a)	Mortgagor and each Person owning an interest
in Mortgagor and/or any guarantor is not (i) identified on the Specially Designated Nationals and Blocked Persons List maintained
by the Office of Foreign Assets Control, Department of the Treasury (“OFAC”) and/or on any other similar list
maintained by OFAC pursuant to any authorizing statute, executive order or regulation (collectively, the “List”),
(ii) a Person with whom a citizen of the United States is prohibited to engage in transactions by any trade embargo, economic sanction,
or other prohibition of the laws and regulations of the United States of America or any Executive Order of the President of the
United States of America; 

 

		(b)	none of the funds or other assets of Mortgagor
constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person (as hereinafter defined); 

 

		(c)	no Embargoed Person has any interest of
any nature whatsoever in Mortgagor (whether directly or indirectly); 

 

		(d)	none of the funds of Mortgagor have been
derived from any unlawful activity with the result that the investment in Mortgagor is prohibited by law or that the Loan Documents
are in or will be in violation of law,

 

		(e)	Mortgagor has and will continue to implement
procedures, and has consistently and will continue to consistently apply those procedures, to ensure the foregoing representations
and warranties remain true and correct at all times. The term “Embargoed Person” means any person, entity or
government subject to trade restrictions under the laws of the United States of America, including but not limited to, the International
Emergency Economic Powers Act, 50 U.S.C. §1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any
Executive Orders or regulations promulgated thereunder with the result that the investment in Mortgagor is prohibited by law or
Mortgagor is in violation of law;

 

		(f)	Mortgagor has complied and will continue
to comply with all requirements of law relating to money laundering, anti-terrorism, trade embargos and economic sanctions, now
or hereafter in effect; and

    6 

     

    

		(g)	Mortgagor has not and will not use funds
from any “Prohibited Person” (as such term is defined in the September 24, 2001, Executive Order Blocking Property
and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism) to make any payment due to Lender
under the Loan Documents. 

 

Mortgagor will immediately notify Lender in
writing if any of the representations, warranties or covenants in this Mortgage are no longer true or have been breached or if
Mortgagor has a reasonable basis to believe that they may no longer be true or have been breached. In addition, Mortgagor will,
at the request of Lender, provide such information as may be requested by Lender to determine Mortgagor’s compliance with
the terms hereof.

 

Mortgagor
COVENANTS AND AGREES AS FOLLOWS:

 

1.       Mortgagor
shall:

 

(a)       pay
each item of Indebtedness secured by this Mortgage when due according to the terms of the Loan Documents;

 

(b)       pay,
to the extent permitted by law, a Late Charge on any payment of principal, interest or Indebtedness which is not paid on or before
the due date as required under the Note;

 

(c)       pay,
on or before the due date thereof any indebtedness permitted to be incurred by Mortgagor pursuant to the Loan Documents and any
other claims which could become a lien on the Premises (unless otherwise specifically addressed in paragraph 1(e) hereof), and
upon request of Lender exhibit satisfactory evidence of the discharge thereof;

 

(d)       complete
within a reasonable time, the construction of any Improvements now or at any time in process of construction upon the Land which
are required to be performed by Mortgagor;

 

 

    7 

     

    

(e)       manage,
operate and maintain the Premises and keep the Premises, including, but not limited to, the Improvements, in good condition and
repair and free from mechanics liens or other liens or claims for liens, provided, however, that Mortgagor may in
good faith, with reasonable diligence and upon written Notice to Lender within thirty (30) days after Mortgagor has knowledge of
such lien or claim, contest the validity or amount of any such lien or claim and defer payment and discharge thereof during the
pendency of such contest in the manner provided by law, provided that (i) such contest may be made without the payment thereof;
(ii) such contest shall prevent the sale or forfeiture of the Premises or any part thereof, or any interest therein, to satisfy
such lien or claim; (iii) Mortgagor shall have obtained a bond over such lien or claim from a bonding company acceptable to Lender
which has the effect of removing such lien or collection of the claim or lien so contested; (iv) Mortgagor shall pay all costs
and expenses incidental to such contest; and (v) in the event of a final, non-appealable ruling or adjudication adverse to Mortgagor
or the Premises and provided the court of jurisdiction has not granted a stay of the enforcement of the ruling or judgment, Mortgagor
shall promptly pay such claim or lien, shall indemnify and hold Lender and the Premises harmless from any loss or damage arising
from such contest and shall take whatever action necessary to prevent sale, forfeiture or any other loss or damage to the Premises
or to Lender.

 

(f)       comply,
and cause each lessee or other user of the Premises to comply, with all requirements of law and ordinance, and all rules and regulations,
now or hereafter enacted, by authorities having jurisdiction of the Premises and the use thereof, including but not limited to
all covenants, conditions and restrictions of record pertaining to the Premises, the Improvements, and the use thereof (collectively,
“Legal Requirements”);

 

(g)       subject
to the provisions of Paragraph 5 hereof, promptly repair, restore or rebuild any Improvements now or hereafter a part of the Premises
which may become damaged or be destroyed by any cause whatsoever, so that upon completion of the repair, restoration and rebuilding
of such Improvements, there will be no liens of any nature arising out of the construction and the Premises will be of substantially
the same character and quality as it was prior to the damage or destruction;

 

(h)       if
other than a natural person, do all things necessary to preserve and keep in full force and effect its existence, franchises, rights
and privileges under the laws of the state of its formation and, if other than its state of formation, the state where the Premises
is located. Mortgagor shall notify Lender at least thirty (30) days prior to any relocation of Mortgagor’s principal place
of business to a different state or any change in Mortgagor’s state of formation;

 

 

    8 

     

    

(i)       do
all things necessary to preserve and keep in full force and effect Lender’s title insurance coverage insuring the lien of
this Mortgage as a first and prior lien, subject only to the Permitted Encumbrances and any other exceptions after the date of
this Mortgage approved in writing by Lender, including without limitation, delivering to Lender not less than 30 days prior to
the effective date of any rate adjustment, modification or extension of the Note or any other Loan Document, any new policy or
endorsement which may be reasonably required to assure Lender of such continuing coverage;

 

(j)       execute
any and all documents which may be required to perfect the security interest granted by this Mortgage; and

 

(k)       remain
a Limited-Asset Entity.

 

2.        Mortgagor
shall not:

 

(a)       construct
any building or structure nor make any alteration or addition (other than normal repair and maintenance) to (i) the roof or any
structural component of any Improvements on the Premises or (ii) the building operating systems, including, but not limited to,
the mechanical, electrical, heating, cooling, or ventilation systems (other than replacement with equal or better quality and capacity),
in each case except to the extent that such activity is required by applicable Legal Requirements;

 

Notwithstanding anything
hereinabove to the contrary, the restrictions set forth in this Paragraph 2(a) shall not be applicable if such activity is (i)
required by applicable Legal Requirements or (ii) specifically provided for in a Lease approved by Lender prior to closing of the
Loan or thereafter, in which a tenant has the right to complete any of the above without Mortgagor’s prior consent in its
capacity as landlord under such Lease. With respect to any Lease in which the above activities require Mortgagor’s prior
consent (in its capacity as landlord under such Lease), Mortgagor shall also obtain Lender’s prior written consent, not to
be unreasonably withheld;

 

(b)       remove
or demolish any material Improvements, or any portion thereof, which at any time constitute a part of the Premises;

 

 

    9 

     

    

Notwithstanding anything
hereinabove to the contrary, Mortgagor may construct, remove or demolish tenant improvements within the then-existing building(s)
or other structures to the extent such work is required solely under the terms of any Leases approved by Lender provided (i) no
Event of Default exists under the Loan Documents; (ii) the work is completed on a timely basis, in a good, workmanlike, lien-free
manner and in accordance with all Legal Requirements; and (iii) such work does not negatively affect the structural integrity of
the Improvements or the value of the Premises.

 

(c)       cause
or permit any change to be made in the general use of the Premises without Lender’s prior written consent;

 

(d)       initiate
any or acquiesce to a zoning reclassification or material change in zoning of the Premises without Lender’s prior written
consent. Mortgagor shall use all reasonable efforts to contest any such zoning reclassification or change;

 

(e)       make
or permit any use of the Premises that could with the passage of time result in the creation of any right of use, or any claim
of adverse possession or easement on, to or against any part of the Premises in favor of any Person or the public;

 

(f)       except
for the Permitted Transfers described in Section 6.19 of the Loan Agreement, Leases permitted by the terms of the Assignment of
Leases or to the extent permitted elsewhere in the Loan Documents, permit, acquiesce to or allow any of the following to occur:
(i) a sale, conveyance, assignment, transfer, encumbrance (other than the lien hereof, the Lease(s), the Permitted Encumbrances
and those liens which Mortgagor is contesting in accordance with this Mortgage), alienation, pledge or other disposition (whether
directly or indirectly, voluntary or involuntary, or by operation of law) of all or any portion of the Premises or an interest
in the Premises or direct or indirect ownership interests in the Mortgagor; (ii) the reconstitution or conversion of Mortgagor
and/or any Interest Owner from one entity to another type of entity except in connection with a Permitted Transfer; (iii) the issuance
or other creation of ownership interests in the Mortgagor and/or any Interest Owner, except as otherwise expressly permitted by
the Loan Agreement; (iv) a merger, consolidation, reorganization or any other business combination with respect to Mortgagor and/or
any Interest Owner that is not an Interest Owner solely by virtue of its ownership interest in the Mortgagor; (v) a conversion
to or operation of all or any portion of the Premises as a cooperative or condominium form of ownership; or (vi) if Mortgagor is
a trust, the addition, deletion or substitution of a signatory trustee of such trust. For the purposes of this provision, any of
the events described above shall be defined as a “Transfer”. If any such Transfer occurs without the prior written
consent of Lender, it shall be null and void and shall constitute an immediate Event of Default under the Loan Documents. Lender
may, in its commercially reasonable discretion, consent to a Transfer (not otherwise expressly permitted by the terms hereof),
and any such consent shall not constitute a consent as to any other Transfer;

    10 

     

    

(g)cause,
permit or allow: (i) any Person to own an interest in Mortgagor who is (A) identified on the Specially Designated Nationals and
Blocked Persons List maintained by OFAC and/or on any other similar list maintained by OFAC, or (B) a party with whom a citizen
of the United States is prohibited to engage in transactions by any trade embargo, economic sanction, or other prohibition of United
States law, regulation, or Executive Order of the President of the United States; (ii)any of the funds or other assets of Mortgagor
to constitute property of, or be beneficially owned, directly or indirectly, by any Embargoed Person; (iii) an Embargoed Person
to have any interest of any nature whatsoever in Mortgagor (whether directly or indirectly); or (iv) any of its funds to be derived
from any unlawful activity with the result that the investment in Mortgagor is prohibited by law or that the Loan Documents are
in or will be in violation of law.

 

3. (a)Mortgagor shall pay, or cause
to be paid when due, and before any penalty attaches or interest accrues, all general taxes, special taxes, assessments (including
assessments for benefits from public works or improvements whenever begun or completed), utility charges, water charges, sewer
service charges, common area maintenance charges, if any, vault or space charges and all other like charges against or affecting
the Premises or against any property or equipment located on the Premises, or which might become a lien on the Premises, and shall,
within ten (10) days following Lender’s request, furnish to Lender a duplicate receipt of such payment. If any such tax,
assessment or charge may legally be paid in installments, Mortgagor may, at its option, pay such tax, assessment or charge in installments.

 

(b)       If
Mortgagor desires to contest any tax, assessment or charge relating to the Premises, Mortgagor may do so by paying the same in
full, under protest, in the manner provided by law; provided, however, that (i) if contest of any tax, assessment
or charge may be made without the payment thereof, and (ii) such contest shall have the effect of preventing the collection of
the tax, assessment or charge so contested and the sale or forfeiture of the Premises or any part thereof or any interest therein
to satisfy the same, then Mortgagor may, in its discretion and upon the giving of Notice to Lender of its intended action and upon
the furnishing to Lender of such security or bond as Lender may require, contest any such tax, assessment or charge in good faith
and in the manner provided by law. All costs and expenses incidental to such contest shall be paid by Mortgagor. In the event of
a ruling or adjudication adverse to Mortgagor, Mortgagor shall promptly pay such tax, assessment or charge. Mortgagor shall indemnify
and save harmless the Lender and the Premises from any loss or damage arising from any such contest and shall, if necessary to
prevent sale, forfeiture or any other loss or damage to the Premises or to Lender, pay such tax, assessment or charge or take whatever
action is necessary to prevent any sale, forfeiture or loss.

 

 

    11 

     

    

4.(a)Mortgagor
shall at all times keep or cause to be kept in force (i) property insurance insuring all Improvements which now are or hereafter
become a part of the Premises for perils covered by a Standard “All Risk” insurance policy (to include Basic and Broad
Form causes of loss), including coverage against terrorism containing both replacement cost and agreed amount endorsements or equivalent
coverage; (ii) commercial general liability insurance naming Lender as an additional insured protecting Mortgagor and Lender against
liability for bodily injury or property damage occurring in, on or adjacent to the Premises in commercially reasonable amounts;
(iii) boiler and machinery insurance if the property has a boiler or is an office building; (iv) rental value insurance for the
perils specified herein for one hundred percent (100%) of the Rents (including operating expenses, real estate taxes, assessments
and insurance costs which are lessee’s liability) for a period of twelve (12) months; (v) builders risk insurance during
all periods of construction; and (vi) insurance against all other hazards as may be reasonably required by Lender, including,
without limitation, insurance against loss or damage by flood, hurricane and windstorm. Notwithstanding anything herein above to
the contrary, if neither: (i) property insurance without an exclusion for terrorism, terrorist acts or similar perils (“Terrorism”)
nor (ii) a separate policy insuring specifically against Terrorism is available at a cost which is in Lender’s opinion commercially
reasonable, taking into consideration, among other things, (A) how properties similar in type, size, quality and location are insured
with respect to Terrorism and (B) the amount of coverage, premium and deductible applicable to such insurance, then Lender agrees
to waive the requirement to provide insurance covering Terrorism until such coverage again becomes available at a cost that is
commercially reasonable in Lender’s opinion.

 

(b)       All
insurance (including deductibles and exclusions) shall be in form, content and amounts approved by Lender and written by an insurance
company or companies approved by Lender and rated A-, class size VIII or better in the most current issue of Best’s Insurance
Reports and which is licensed to do business in the state in which the Premises are located or a governmental agency or instrumentality
approved by Lender. The policies for such insurance shall have attached thereto standard mortgagee clauses in favor of and permitting
Lender to collect any and all proceeds payable thereunder and shall include a thirty (30) day (except for nonpayment of premium,
in which case, a ten (10) day) notice of cancellation clause in favor of Lender. All certificates of insurance (or policies if
requested by Lender) shall be delivered to and held by Lender as further security for the payment of the Note and any other obligations
arising under the Loan Documents, with evidence of renewal coverage delivered to Lender at least thirty (30) days before the expiration
date of any policy. Mortgagor shall not carry or permit to be carried separate insurance, concurrent in kind or form and contributing
in the event of loss, with any insurance required in the Loan Documents.

 

    12 

     

    

5.       In
the event of any damage to or destruction of the Premises, or any part thereof (and subject to the provisions of Paragraph 5(e)
below):

 

(a)       Mortgagor
shall immediately give Lender Notice thereof. Lender shall have the right (which may be waived by Lender in writing) to settle
and adjust any claim in excess of $100,000 under such insurance policies required to be maintained by Mortgagor. In all circumstances,
the proceeds thereof shall be paid to Lender and Lender is authorized to collect and to give receipts therefor; provided that proceeds
of claims not exceeding $100,000 shall be paid to Mortgagor so long as there is no then existing Event of Default. Mortgagor agrees
and acknowledges that such proceeds shall be held by Lender without any allowance of interest and that in any bankruptcy proceeding
of Mortgagor, all such proceeds shall be deemed to be “Cash Collateral” as that term is defined in Section 363
of the Bankruptcy Code. Provided that no Event of Default exists, Mortgagor shall have the right to participate in any settlement
or adjustment; provided, however, that any settlement or adjustment shall be subject to the written approval of Lender, not to
be unreasonably withheld, conditioned or delayed.

 

(b)       Such
proceeds, after deducting therefrom any reasonable expenses incurred by Lender in the collection thereof (including but not limited
to reasonable attorneys’ fees and costs), shall be applied by Lender to pay the Indebtedness secured hereby, whether or not
then due and payable, without prepayment penalty.

 

Notwithstanding anything
hereinabove to the contrary (but subject to the provisions of Paragraph 5(e) below),

 

(i)       in
the event the casualty occurs more than six (6) months prior to the maturity date of the Note and no Event of Default exists, Lender
shall apply such proceeds as follows:

 

(A)       If
the aggregate amount of such proceeds is less than $100,000, Lender shall pay such proceeds directly to Mortgagor, to be held in
trust for Lender and applied to the cost of rebuilding and restoring the Premises. If there is an existing Event of Default, such
proceeds shall be paid to Lender.

 

(B)       If
the aggregate amount of such proceeds equals or exceeds $100,000, such proceeds shall be paid to Lender, and Lender shall disburse
such amounts of the proceeds as Lender reasonably deems necessary for the repair or replacement of the Premises, subject to the
conditions set forth in paragraph 5(c) below.

    13 

     

    

 

(ii)       in
the event (x) an Event of Default exists, or (y) the casualty occurs during the last six (6) months prior to the maturity date
of the Note and Lender determines that the repair and restoration of such casualty cannot be completed prior to the maturity date
of the Note, or (z) the conditions set forth in paragraph 5(c) are not met, then Lender, in its sole and absolute discretion may
either:

 

(A)       declare
the entire Indebtedness to be immediately due and payable without prepayment penalty. In such event, all proceeds shall be applied
toward payment of the Indebtedness in such priority as Lender elects; or

 

(B)       disburse
such proceeds as Lender reasonably deems necessary for the repair or replacement of the Premises subject to those conditions set
forth in paragraph 5(c) which Lender in its sole and absolute discretion may require.

 

(c)(i)In the event that
Mortgagor is to be reimbursed out of the insurance proceeds or out of any award or payment received with respect to a Taking,
Lender shall from time to time make available such proceeds, subject to the following conditions: (A) there continues to
exist no Event of Default; (B) the delivery to Lender of satisfactory evidence of the estimated cost of completion of such
repair and restoration work and any architect’s certificates, waivers of lien, contractor’s sworn statements, and
other evidence of cost and of payment and of the continued priority of the lien hereof over any potential liens of mechanics
and materialmen (including, without limitation, title policy endorsements) as Lender may reasonably require and approve; (C)
the time required to complete the repair and restoration work and for the income from the Premises to return to the level it
was prior to the loss will not exceed the coverage period of the rental value insurance required hereunder; (D) Lender
approves the plans and specifications of such work before such work is commenced if the estimated cost of rebuilding and
restoration exceeds 25% of the Indebtedness or involves any structural changes or modifications (if said plans and
specifications substantially comply with those previously approved by Lender, Lender’s approval shall not be
unreasonably withheld); (E) if the amount of any insurance proceeds, award or other payment is insufficient to cover the cost
of restoring and rebuilding the Premises, Mortgagor shall pay such cost in excess of such proceeds, award or other payment
before being entitled to reimbursement out of such funds; (F) Mortgagor pays to Lender a non-refundable processing fee equal
to the greater of $5,000.00 or .25% of the amount of such proceeds within sixty (60) days of the occurrence of any such damage

    14 

     

    

or destruction and before Lender disburses any proceeds; and (G) such other conditions to such disbursements that, in Lender’s
reasonable discretion, would be customarily required by a construction lender doing business in the area where the Premises is
located or which are otherwise required by any rating agency rating a Securitization Transaction.

 

(ii)       No
payment made by Lender prior to the final completion of the repair or restoration work shall, together with all payments theretofore
made, exceed 90% of the cost of such work performed to the time of payment, and at all times the undisbursed balance of said proceeds
shall be at least sufficient to pay for the cost of completion of such work free and clear of all liens. Any proceeds remaining
after payment of the cost of rebuilding and restoration shall, at the option of Lender, either be (a) applied in reduction of the
Indebtedness secured hereby, or (b) paid to Mortgagor.

 

(iii)       Repair
and restoration of the Premises shall be commenced promptly after the occurrence of the loss and shall be prosecuted to completion
diligently, and the Premises shall be so restored and rebuilt to substantially the same character and quality as prior to such
damage and destruction and shall comply with all Legal Requirements.

 

(d)       Should
such damage or destruction occur after foreclosure or sale proceedings have been instituted, the proceeds of any such insurance
policy or policies, if not applied in rebuilding or restoration of the Improvements, shall be used to pay (i) the Indebtedness
then due and owing in the event of a non-judicial sale in such priority as Lender elects, or (ii) the amount due in accordance
with any decree of foreclosure or deficiency judgment that may be entered in connection with such proceedings, and the balance,
if any, shall be paid to the owner of the equity of redemption if it shall then be entitled to the same, or otherwise as any court
having jurisdiction may direct.

 

6.       In
the event of the commencement of a Taking affecting the Premises:

 

(a)       Mortgagor
shall give Lender Notice thereof. Lender may participate in such proceeding, and Mortgagor shall deliver to Lender all documents
requested by it to permit such participation.

    15 

     

    

 

(b)       Mortgagor
shall cause the proceeds of any award or other payment made relating to a Taking, to be paid directly to Lender. Lender, in its
sole and absolute discretion: (i) may apply all such proceeds to pay the Indebtedness in such priority as Lender elects without
prepayment penalty; or (ii) subject to and in accordance with the provisions set forth in paragraph 5(c) above, may disburse such
amounts of the proceeds as Lender reasonably deems necessary for the repair or replacement of the Premises.

 

(c)       Notwithstanding
anything herein above to the contrary, provided no Event of Default exists, Lender agrees to disburse the proceeds received from
any Inconsequential Taking, as hereinafter defined, to Mortgagor for the repair and/or replacement of the Premises. An “Inconsequential
Taking” shall be a Taking which (i) results in less than $100,000 in proceeds; (ii) does not, in Lender’s determination,
materially or adversely affect the Improvements, parking, access, ingress, egress or use of the Premises; and (iii) does not trigger
any rights or options of tenants under the Leases.

 

7.     If
by the laws of the United States of America or of any state or governmental subdivision having jurisdiction over Mortgagor or of
the Premises or of the Loan evidenced by the Loan Documents or any amendments or modifications thereof, any tax or fee is due or
becomes due or is imposed upon Lender or Mortgagor in respect of the issuance or the making, executing, delivering, recording and/or
registration of this Mortgage or the Note or otherwise in connection with the Loan Documents or the Loan, except for Lender’s
income or franchise tax, Mortgagor covenants and agrees to pay such tax or fee in the manner required by such law and to hold harmless
and indemnify Lender, its successors and assigns, against any liability incurred by reason of the imposition of any such tax or
fee, and any and all penalties, interest, attorneys’ fees or other costs due in connection therewith. In the event of a failure
by Mortgagor to pay any such tax or fee, or applicable penalties, interest, attorneys’ fees or other costs, as set forth
herein, the same shall, without limitation of any other remedies herein, constitute an Event of Default under this Mortgage, and,
should Lender elect to pay the same, all such taxes, fees, penalties, interest, attorneys’ fees or other charges, in addition
to being due and owing to Lender upon demand, shall be secured by the lien of this Mortgage and shall bear interest at the Default
Rate as hereinafter provided from the date of advance by Lender until paid by Mortgagor. Notwithstanding anything to the contrary
in this Mortgage, the Note or any of the Loan Documents, this paragraph 7 shall survive repayment of the Note and satisfaction
of this Mortgage.

 

    16 

     

    

8.(a)       Upon
the occurrence of any Event of Default, Lender may, but need not, make any payment or perform any act herein required of Mortgagor,
in any form and manner deemed expedient and may, but need not, make full or partial payments of principal or interest on prior
encumbrances, if any, and purchase, discharge, compromise or settle any tax lien or other prior lien or title or claim thereof,
or redeem from any tax sale or forfeiture affecting said Premises, or contest any tax or assessment. All moneys paid for any of
the purposes herein authorized and all reasonable expenses paid or incurred in connection therewith, including but not limited
to, reasonable attorneys’ fees and costs and reasonable attorneys’ fees and costs on appeal, and any other money advanced
by Lender to protect the Premises and the lien hereof, shall be so much additional Indebtedness secured hereby and shall become
immediately due and payable without notice and with interest thereon at the Default Rate from the date of expenditure or advance
until paid.

 

(b)       In
making any payment hereby authorized relating to taxes or assessments or for the purchase, discharge, compromise or settlement
of any prior lien, Lender may make such payment according to any bill, statement or estimate secured from the appropriate public
office without inquiry into the accuracy thereof or into the validity of any tax, assessment, sale, forfeiture, tax lien or title
or claim thereof or without inquiry as to the validity or amount of any claim for lien which may be asserted.

 

9.     If
one or more of the following events (herein called an “Event of Default” or “Events of Default”
as the context so requires) shall have occurred:

 

(a)       failure
to pay when due any principal of or interest on the Note or any other Indebtedness, utilities, taxes or assessments or insurance
premiums required pursuant to the Loan Documents and continuance of such failure for five (5) days after payment of any such amount
is due; or

 

(b)       the
failure of Mortgagor to duly observe or perform any of the covenants, conditions and agreements of the Mortgagor contained in paragraph
2(f) of this Mortgage; or,

 

    17 

     

    

(c)       with
respect to matters not described in the other subsections of this Section 9, failure to duly observe or perform any covenant, condition
or agreement of the Mortgagor contained in this Mortgage, and such failure shall have continued for thirty (30) days after Notice
specifying such failure is given by Lender to Mortgagor; provided that if any such failure to observe or perform shall be of such
nature that it can be cured, but cannot be cured or remedied within thirty (30) days, Mortgagor shall be entitled to a reasonable
period of time to cure or remedy such failure (not to exceed ninety (90) days following the giving of Notice), provided Mortgagor
commences the cure or remedy thereof within the thirty (30) day period following the giving of Notice and thereafter proceeds with
diligence, as determined by Lender, to complete such cure or remedy; or

 

(d)       with
respect to matters not described in the other subsections of this Section 9, failure to duly observe or perform any covenant, condition
or agreement of the Mortgagor contained in any of the Loan Documents which continues beyond any applicable grace of cure period;

 

then, in each and every such case, the whole
of said principal sum hereby secured shall, at the option of the Lender and without further notice to Mortgagor, become immediately
due and payable together with accrued interest thereon and all other Indebtedness, and whether or not Lender has exercised said
option, interest shall accrue on the entire principal balance and any interest or other Indebtedness then due, at the Default Rate
until fully paid or, if Lender has not exercised said option, for the duration of any Event of Default.

 

10.     Upon
the occurrence of any Event of Default, whether or not such Event of Default has been subsequently remedied by Mortgagor or
others, but such remedy, if any, has not been accepted by Lender in writing, Lender may elect to declare, without notice, all
sums secured hereby immediately due and payable, including any charge provided for herein or in the Note, whereupon interest
shall accrue on all such sums at the Default Rate. Lender is authorized and empowered to exercise any remedy available to it
under applicable law, including, without limitation, filing of a foreclosure action under applicable law, and, to the extent
permitted by applicable law, is authorized and empowered without oath or bond to enter upon and take possession of the
Premises, and before or after such entry, pursuant to power of sale or otherwise, sell the Premises (or such part or parts
thereof or leasehold, subleasehold or other interest therein encumbered hereby as the Lender may from time to time elect to
sell), in the manner provided under applicable law. Mortgagor, in case of any sale under this Mortgage, or upon default in
any interest or principal payment, or breach of any covenant contained herein, will, upon demand, surrender possession of the
Premises and will from that moment become and be a tenant holding over, removable by process as upon a forcible and unlawful
detainer and will pay the said purchaser or Lender the reasonable rental value of the

    18 

     

    

Premises from
and after said sale or after such default or breach of covenant. Lender may become the purchaser at any sale hereunder and may
bid at said sale in the form of cash, cash equivalents and/or cancellation of all or any part of the Indebtedness or any combination
thereof. The Lender may, to the extent permitted by law, act either in person or through the agency of an auctioneer. In the event
of any sale under this Mortgage by virtue of the exercise of the powers herein granted, or pursuant to any order in any judicial
proceedings or otherwise, the Premises may be sold as an entirety or in separate parcels and in such manner or order as Lender
in its sole discretion may elect, and if Lender so elects, Lender may sell the personal property covered by this Mortgage at one
or more separate sales in any manner permitted by the UCC, and one or more exercises of the powers herein granted shall not extinguish
or exhaust such powers, until the entire Premises is sold or the Indebtedness is paid in full.

 

11.       Upon
such sale, Lender shall make, execute, and after due payment is made, deliver to the purchaser or purchasers a deed or deeds for
the Premises or part thereof sold and shall apply the proceeds of the sale, at the election of Lender first, to all of the expenses
of such sale including the reasonable expenses of Lender and the reasonable fees and costs of any attorneys for Lender, all of
which shall accrue and become due from and after any Event of Default, together with any sums which Lender shall have paid for
procuring any abstract, certificate or report of title to the Premises and, second, to principal, interest and any other Indebtedness
and all other sums or amounts due under the Note or agreed or provided to be paid by Mortgagor herein or by Mortgagor in any other
Loan Documents, all in such order as Lender may determine. The remainder of such proceeds, if any, shall be paid to Mortgagor or
Mortgagor’s successors or assigns, as their rights may appear.

 

12.       In
the event of such a sale of the Premises or any part thereof and the execution of a deed or deeds therefore under this Mortgage,
any recital therein of the occurrence of an Event of Default or of the giving or recording of any notice or demand by Lender regarding
such sale shall be conclusive proof thereof, and the receipt of the purchase money recited therein shall fully discharge the purchaser
from any obligation for the proper application of the proceeds of sale in accordance with these trusts.

 

    19 

     

    

13.       Following
the occurrence of an Event of Default, unless the same has been specifically waived in writing, subject to the rights of tenants
under Leases then in effect, Mortgagor shall forthwith upon demand of Lender surrender to Lender possession of the Premises, and
Lender shall be entitled to take actual possession of the Premises or any part thereof personally or by its agents or attorneys,
and Lender in its discretion may, with or without force and with or without process of law, enter upon and take and maintain possession
of all or any part of the Premises together with all documents, books, records, papers and accounts of the Mortgagor or the then
owner of the Premises relating thereto, and may exclude Mortgagor, its agents or assigns wholly therefrom, and may as attorney-in-fact
or agent of the Mortgagor, or in its own name as Lender and under the powers herein granted:

 

(a)       hold,
operate, maintain, repair, rebuild, replace, alter, improve, manage or control the Premises as it deems judicious, insure and reinsure
the same and any risks related to Lender’s possession, operation and management thereof and receive all Rents, either personally
or by its agents, and with full power to use such measures, legal or equitable, as in its discretion it deems proper or necessary
to enforce the payment or security of the Rents, including actions for the recovery of Rent, actions in forcible detainer and actions
in distress for Rents, hereby granting full power and authority to exercise each and every of the rights, privileges and powers
herein granted at any and all times hereafter, without notice to Mortgagor; and

 

(b)       conduct
any leasing activity pursuant to the provisions of the Assignment of Leases.

 

Lender shall not be obligated to perform or
discharge, nor does it hereby undertake to perform or discharge, any obligation, duty or liability under any Lease. Except to the
extent that the same is caused solely by Lender’s gross negligence or willful misconduct, should Lender incur any liability,
loss or damage under any Lease, or under or by reason of the Assignment of Leases, or in the defense of any claims or demands whatsoever
which may be asserted against Lender by reason of any alleged obligations or undertakings on its part to perform or discharge any
of the terms, covenants or agreements in any Lease, the amount thereof, including costs, expenses and reasonable attorneys’
fees and costs, including reasonable attorneys’ fees and costs on appeal, shall be added to the Indebtedness and secured
hereby.

 

14.       Upon
the occurrence of an Event of Default, Lender, in the exercise of the rights and powers conferred upon it, shall have the full
power to use and apply the Rents, less costs and expenses of collection to the payment of or on account of the items listed in
(a) - (c) below, at the election of Lender and in such order as Lender may determine as follows:

 

    20 

     

    

(a)       to
the payment of (i) the expenses of operating and maintaining the Premises, including, but not limited to, the cost of management,
leasing (which shall include reasonable compensation to Lender and its respective agent or agents if management and/or leasing
is delegated to an agent or agents), repairing, rebuilding, replacing, altering and improving the Premises, (ii) premiums on insurance
as hereinabove authorized, (iii) taxes and special assessments now due or which may hereafter become due on the Premises, and (iv)
expenses of placing the Premises in such condition as will, in the sole judgment of Lender, make it readily rentable;

 

(b)       to
the payment of any principal, interest or any other Indebtedness secured hereby or any deficiency which may result from any foreclosure
sale;

 

(c)       to
the payment of established claims for damages, if any, reasonable attorneys’ fees and costs and reasonable attorneys’
fees and costs on appeal.

 

The manner of the application of Rents, the
reasonableness of the costs and charges to which such Rents are applied and the item or items which shall be credited thereby shall
be within the sole and unlimited discretion of Lender. To the extent that the costs and expenses in (a) and (c) above exceed the
amounts collected, the excess shall be added to the Indebtedness and secured hereby.

 

15.       Upon
the occurrence of any Event of Default, unless the same has been specifically waived in writing, Lender may apply to any court
having jurisdiction for the appointment of a receiver of the Premises. Such appointment may be made either before or after sale,
without notice, without regard to the solvency or insolvency of Mortgagor at the time of application for such receiver and without
regard to the then value of the Premises or the adequacy of Lender’s security. Lender may be appointed as such receiver.
The receiver shall have power to collect the Rents during the pendency of any foreclosure proceedings and, in case of a sale, during
the full statutory period of redemption, if any, as well as during any further times when Mortgagor, except for the intervention
of such receiver, would be entitled to collect such Rents. In addition, the receiver shall have all other powers which shall be
necessary or are usual in such cases for the protection, possession, control, management and operation of the Premises during the
whole of said period. The court from time to time may authorize the receiver to apply the net income in its possession at Lender’s
election and in such order as Lender may determine in payment in full or in part of those items listed in Paragraph 14.

 

    21 

     

    

16.(a)Mortgagor
agrees that all reasonable costs, charges and expenses, including but not limited to reasonable attorneys’ fees and costs
incurred or expended by Lender arising out of or in connection with any action, proceeding or hearing, legal, equitable or quasi-legal,
including the preparation therefor and any appeal therefrom, in any way affecting or pertaining to the Loan Documents or the Premises,
shall be promptly paid by Mortgagor. All such sums not promptly paid by Mortgagor shall be added to the Indebtedness secured hereby
and shall bear interest at the Default Rate from the date of such advance and shall be due and payable on demand. 

 

(b)       Mortgagor
hereby agrees that upon the occurrence of an Event of Default and the acceleration of the principal sum secured hereby pursuant
to this Mortgage, to the full extent that such rights can be lawfully waived, Mortgagor hereby waives and agrees not to insist
upon, plead, or in any manner take advantage of, any notice of acceleration, any stay, extension, exemption, homestead, marshaling
or moratorium law or any law providing for the valuation or appraisement of all or any part of the Premises prior to any sale or
sales thereof under any provision of this Mortgage or before or after any decree, judgment or order of any court or confirmation
thereof, or claim or exercise any right to redeem all or any part of the Premises so sold and hereby expressly waives to the full
extent permitted by applicable law on behalf of itself and each and every Person acquiring any right, title or interest in or to
all or any part of the Premises, all benefit and advantage of any such laws which would otherwise be available to Mortgagor or
any such Person, and agrees that neither Mortgagor nor any such Person will invoke or utilize any such law to otherwise hinder,
delay or impede the exercise of any remedy granted or delegated to Lender herein but will permit the exercise of such remedy as
though any such laws had not been enacted.

 

17.       In
accordance with and subject to the terms and conditions of the Assignment of Leases, Mortgagor hereby assigns to Lender directly
and absolutely, and not merely collaterally, the interest of Mortgagor as lessor under the Leases of the Premises and the Rents
payable under any Lease and/or with respect to the use of the Premises, or portion thereof, including any oil, gas or mineral lease,
or any installments of money payable pursuant to any agreement or any sale of the Premises or any part thereof, subject only to
a license, if any, granted by Lender to Mortgagor with respect thereto prior to the occurrence of an Event of Default. Mortgagor
has executed and delivered the Assignment of Leases which grants to Lender specific rights and remedies in respect of said Leases
and governs the collection of Rents thereunder and from the use of the Premises, and such rights and remedies so granted shall
be cumulative of those granted herein.

 

    22 

     

    

The collection of such Rents
and the application thereof as aforesaid shall not cure or waive any Event of Default or notice of default hereunder or invalidate
any act done pursuant to such notice, except to the extent any such Event of Default is fully cured. Failure or discontinuance
of Lender at any time, or from time to time, to collect any such moneys shall not impair in any manner the subsequent enforcement
by Lender of the right, power and authority herein conferred on Lender. Nothing contained herein, including the exercise of any
right, power or authority herein granted to Lender, shall be, or be construed to be, an affirmation by Lender of any tenancy, Lease
or option, or an assumption of liability under, or the subordination of the lien or charge of this Mortgage to any such tenancy,
Lease or option. Mortgagor hereby agrees that, in the event Lender exercises its rights as provided for in this paragraph or in
the Assignment of Leases, Mortgagor waives any right to compensation for the use of Mortgagor’s furniture, furnishings or
equipment in the Premises for the period such assignment of rents or receivership is in effect, it being understood that the Rents
derived from the use of any such items shall be applied to Mortgagor’s obligations hereunder as above provided.

 

18.       All
rights and remedies granted to Lender in the Loan Documents shall be in addition to and not in limitation of any rights and remedies
to which it is entitled in equity, at law or by statute, and the invalidity of any right or remedy herein provided by reason of
its conflict with applicable law or statute shall not affect any other valid right or remedy afforded to Lender. No waiver of any
default or Event of Default under any of the Loan Documents shall at any time thereafter be held to be a waiver of any rights of
Lender hereunder, nor shall any waiver of a prior Event of Default or default operate to waive any subsequent Event of Default
or default. All remedies provided for in the Loan Documents are cumulative and may, at the election of Lender, be exercised alternatively,
successively or concurrently. No act of Lender shall be construed as an election to proceed under any one provision herein to the
exclusion of any other provision or to proceed against one portion of the Premises to the exclusion of any other portion. Time
is of the essence under this Mortgage and the Loan Documents.

 

19.       By
accepting payment of any sum secured hereby after its due date, Lender does not waive its right either to require prompt payment
when due of all other sums or installments so secured or to declare a default for failure to pay such other sums or installments.

 

20.       The
usury provisions of Paragraph 6 of the Note are fully incorporated herein by reference as if the same were specifically stated
herein.

 

21.       In
the event one or more provisions of the Loan Documents shall be held to be invalid, illegal or unenforceable in any respect, such
invalidity, illegality or unenforceability shall not affect any other provision hereof, and the Loan Documents shall be construed
as if any such provision had never been contained herein.

    23 

     

    

22.       If
the payment of the Indebtedness secured hereby or of any part thereof shall be extended or varied, or if any part of the security
be released, all persons now or at any time hereafter liable therefor, or interested in said Premises, shall be held to assent
to such extension, variation or release, and their liability and the lien and all provisions hereof shall continue in full force,
the right of recourse against all such persons being expressly reserved by Lender notwithstanding such variation or release.

 

23.       Upon
payment in full of the principal sum, interest and other Indebtedness secured by the Loan Documents (the “Secured Obligations”),
these presents shall be null and void, and Lender shall release this Mortgage and the lien hereof by proper instrument executed
in recordable form at the expense of the Mortgagor. The term “Secured Obligations” shall include, without limitation,
any judgment(s) or final decree(s) rendered to collect any money obligations of Mortgagor to Lender and/or to enforce the performance
or collection of all covenants, agreements, other obligations and liabilities of the Mortgagor under this Mortgage, the Note or
the other Loan Documents; provided, however, such Secured Obligations shall not include any judgment(s) or final decree(s) rendered
in another jurisdiction, which judgment(s) or final decree(s) would be unenforceable by an Indiana court pursuant to Indiana Code
34-54-3-4. The obtaining of any judgment by Lender (other than a judgment foreclosing this Mortgage) and any levy of any execution
under any such judgment upon the Premises shall not affect in any manner or to any extent the lien of this Mortgage upon the Premises
or any part thereof, or any liens, powers, rights and remedies of Lender, but such liens, powers, rights and remedies shall continue
unimpaired as before until the judgment or levy is satisfied.

 

24.(a)Mortgagor hereby grants to
Lender and its respective agents, attorneys, employees, consultants, contractors and assigns an irrevocable license and authorization
to enter upon and inspect the Premises and all facilities located thereon at reasonable times, subject to the inspection rights
provisions afforded to Mortgagor under the Leases. Lender shall make reasonable efforts to ensure that the tenants under any Leases
are not disturbed.

 

(b)       In
connection with any sale or conveyance of this Mortgage, Mortgagor grants to Lender and its respective agents, attorneys, employees,
consultants, contractors and assigns an irrevocable license and authorization to conduct, at Lender’s expense, a Phase I
environmental audit of the Premises, subject to the inspection rights provisions afforded to Mortgagor under the Leases.

 

    24 

     

    

(c)       In
the event there has been an Event of Default or in the event Lender has formed a reasonable belief, based on its inspection of
the Premises or other factors known to it, that Hazardous Materials may be present on the Premises, then, subject to the rights
of the lessees under any Leases, Mortgagor grants to Lender and its respective agents, attorneys, employees, consultants, contractors
and assigns an irrevocable license and authorization to conduct, at Mortgagor’s expense using the firm of Mortgagor’s
choice, subject to Lender’s reasonable approval, environmental tests of the Premises, including, without limitation, a Phase
I environmental audit, subsurface testing, soil and ground water testing, and other tests which may physically invade the Premises
or facilities (the “Tests”). The scope of the Tests shall be such as Lender, in its sole discretion, determines
is necessary to (i) investigate the condition of the Premises, (ii) protect the security interests created under this Mortgage,
or (iii) determine compliance with Environmental Laws, the provisions of the Loan Documents and other matters relating thereto.
Lender shall make reasonable efforts to ensure that the tenants under any Leases are not disturbed.

 

(d)       Provided
no Event of Default has occurred, Lender will provide Mortgagor with reasonable notice of Lender’s intent to enter, inspect
and conduct the Tests provided for in this Paragraph. In addition, Lender shall conduct such inspections and Tests during normal
business hours and use reasonable efforts to minimize disruption to any lessees.

 

The foregoing licenses and authorizations
are intended to be a means of protection of Lender’s security interest in the Premises and not as participation in the management
of the Premises.

 

25.       Within
fifteen (15) days after any written request by any party to this Mortgage, the requested party shall certify, by a written statement
duly acknowledged, the amount of principal, interest and other Indebtedness then owing on the Note, the terms of payment, maturity
date and the date to which interest has been paid. Mortgagor shall further certify whether any defaults, offsets or defenses exist
against the Indebtedness secured hereby. Mortgagor shall also furnish to Lender, within thirty (30) days of its request therefor,
tenant estoppel letters from such tenants of the Premises as Lender may reasonably require; which Lender shall not request more
than one (1) time per annum, nor more than one (1) time prior to the date of the Securitization Transaction.

 

26.       Each
notice, consent, request, report or other communication under this Mortgage shall be given in accordance with the provisions of
Section 6.18 of the Loan Agreement.

 

    25 

     

    

27.       Mortgagor
has had the opportunity to fully negotiate the terms hereof and modify the draftsmanship of the Loan Documents. Therefore, the
terms of the Loan Documents shall be construed and interpreted without any presumption, inference, or rule requiring construction
or interpretation of any provision of the Loan Documents against the interest of the party causing the Loan Documents or any portion
of it to be drafted. Mortgagor is entering into the Loan Documents freely and voluntarily without any duress, economic or otherwise.

 

28.       This
Mortgage and all provisions hereof shall inure to the benefit of the successors and assigns of Lender and shall bind the permitted
successors and assigns of Mortgagor.

 

29.       THE
LOAN DOCUMENTS AND THE PARTIES’ RIGHTS AND OBLIGATIONS THEREUNDER SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF ILLINOIS (WITHOUT GIVING EFFECT TO ILLINOIS’ PRINCIPLES OF CONFLICTS
OF LAW), EXCEPT TO THE EXTENT (A) OF PROCEDURAL AND SUBSTANTIVE MATTERS RELATING ONLY TO THE PERFECTION, FORECLOSURE AND ENFORCEMENT
OF RIGHTS AND REMEDIES AGAINST THE PREMISES, WHICH MATTERS SHALL BE GOVERNED BY THE LAWS OF THE STATE OF INDIANA, AND (B) THAT
THE LAWS OF THE UNITED STATES OF AMERICA AND ANY RULES, REGULATIONS, OR ORDERS ISSUED OR PROMULGATED THEREUNDER, APPLICABLE TO
THE AFFAIRS AND TRANSACTIONS ENTERED INTO BY LENDER, OTHERWISE PREEMPT THE LAW OF THE STATE WHERE THE PREMISES IS LOCATED OR ILLINOIS
LAW; IN WHICH EVENT SUCH FEDERAL LAW SHALL CONTROL.

 

30.       As
used herein, the term “Default Rate” means a rate equal to the lesser of (i) three percent (3%) per annum above
the then applicable interest rate payable under the Note or (ii) the maximum rate allowed by applicable law at the time of the
occurrence of an Event of Default.

 

31.       AFTER
CONSULTING WITH COUNSEL AND CAREFUL CONSIDERATION, Mortgagor 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 MORTGAGE OR ANY OTHER INSTRUMENT OR AGREEMENT BY WHICH THIS MORTGAGE IS, OR MAY HEREAFTER
BE, SECURED, OR OUT OF ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (ORAL OR WRITTEN), OR ACTIONS OF Mortgagor
OR LENDER. THIS WAIVER IS A MATERIAL INDUCEMENT TO THE LENDER’S ACCEPTANCE OF THIS MORTGAGE.

    26 

     

    

32.       This
Mortgage and the Indebtedness secured hereby is for the sole purpose of conducting or acquiring a lawful business, professional
or commercial activity or for the acquisition or management of real or personal property as a commercial investment, and all proceeds
of such Indebtedness shall be used for said business or commercial investment purpose. Such proceeds will not be used for the purchase
of any security within the meaning of the Securities Exchange Act of 1934, as amended, or any regulation issued pursuant thereto,
including without limitation, Regulations U, T and X of the Board of Governors of the Federal Reserve System. The Premises secured
hereby is not used for mining, grazing, agricultural, timber or farming purposes.

 

33.       Unless
Lender shall otherwise direct in writing, Mortgagor shall appear in and defend all actions or proceedings purporting to affect
the security hereunder, or any right or power of the Lender, excluding any federal regulatory proceedings against Lender that are
not instituted because of any act or omission by Mortgagor, any Interest Owner or which result from the Premises. The Lender shall
have the right to appear in such actions or proceedings. Mortgagor shall save Lender harmless from all reasonable costs and expenses,
including but not limited to, reasonable attorneys’ fees and costs and costs of a title search, continuation of abstract
and preparation of survey incurred by reason of any action, suit, proceeding, hearing, motion or application before any court or
administrative body in and to which Lender may be or become a party by reason hereof, excluding any federal regulatory proceedings
against Lender that are not instituted because of any act or omission by Mortgagor, any Interest Owner or which result from the
Premises. Such proceedings shall include but not be limited to condemnation, bankruptcy, probate and administration proceedings,
as well as any other action, suit, proceeding, right, motion or application wherein proof of claim is by law required to be filed
or in which it becomes necessary to defend or uphold the terms of this Mortgage or the Loan Documents or otherwise purporting to
affect the security hereof or the rights or powers of Lender. All money paid or expended by Lender in that regard, together with
interest thereon from date of such payment at the Default Rate shall be additional Indebtedness secured hereby and shall be immediately
due and payable by Mortgagor without notice.

 

34.       Upon
the occurrence of an Event of Default, unless the same has been specifically waived in writing, all Rents collected or received
by Mortgagor shall be accepted and held for Lender in trust and shall not be commingled with the funds and property of Mortgagor,
but shall be promptly paid over to Lender.

 

35.       Mortgagor
shall have the right, after giving thirty (30) days’ prior written notice to Lender, to prepay (without penalty or premium)
in whole or in part, principal owed under the Note together with interest thereon to the date on which payment is made, along with
all sums, amounts, advances, or charges then due under any instrument or agreement by which the Note is secured.

    27 

     

    

36.       Upon
request of Mortgagor, Lender, at Lender's option so long as this Mortgage secures indebtedness held by Lender, may make future
advances to Mortgagor. Such future advances, with interest thereon, shall be secured hereby if made under the terms of this Mortgage,
the Note or any other Loan Document, or if made pursuant to any other promissory note, instrument or agreement stating that sums
advanced thereunder are secured hereby.

 

37.       Notwithstanding
any other provision of this Mortgage, in no event shall this Mortgage secure more than Twenty-Seven Million Six Hundred Thousand
and no/100 Dollars ($27,600,000.00); provided, however, in no event shall Mortgagee have any obligation whatsoever to advance an
amount in excess of the principal amount of the Note.

REMAINDER OF PAGE INTENTIONALLY BLANK

(Signatures on next page)

    28 

     

    

IN
WITNESS WHEREOF, Mortgagor has caused this Mortgage, Security Agreement, Assignment of Rents and Fixture Filing to be duly executed
and delivered as of the date first hereinabove written.

 

	 	
        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

         

	 	 

 

State of Illinois       }

County of DuPage }

 

I, Susan Metzler, a Notary
Public in and for said County in said State, hereby certify that David Z. Lichterman, who is the Chief Accounting Officer, Treasurer
and Vice President of Inland Residential Properties Trust, Inc., a Maryland corporation, being the general partner of Inland Residential
Operating Partnership, L.P., a Delaware limited partnership, as the sole member of IRESI Vernon Hills Commons, L.L.C., a Delaware
limited liability company, who has signed 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 as the general partner of said limited partnership as the sole member of said limited liability
company.

 

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

 

/s/ Susan Metzler     

Notary Public

 

SEAL

Susan Metzler         

Printed Name

 

My Commission Expires:

 

          5/5/19           

    29 

     

    

EXHIBIT A

 

 

PARCEL 1

LOT 10 IN THE FIRST RESUBDIVISION OF VERNON
HILLS TOWN CENTER, BEING ARESUBDIVISION OF PART OF THE SOUTH HALF OF SECTION 15, TOWNSHIP 43 NORTH,RANGE11, EAST OF THE
THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE FINAL PLAT OFSUBDIVISION RECORDED FEBRUARY 2, 2011 AS DOCUMENT NUMBER 6705452, IN
LAKE COUNTY,ILLINOIS.

 

PARCEL 2:

NON-EXCLUSIVE EASEMENT FOR THE BENEFIT OF PARCEL
1 AS CREATED BY THE DECLARATIONOF EASEMENTS AND OPERATING AGREEMENT DATED APRIL 1, 2009 ANDRECORDED JUNE 22, 2009 AS DOCUMENT
NUMBER 6488478 MADE AND ENTERED INTO BY VHTC, LLC, AN ILLINOIS LIMITED LIABILITY COMPANY AND PTD PROPERTIES, LLC, AN ILLINOIS LIMITED
LIABILITY COMPANY, FOR THE PURPOSE OF (I) INGRESS, EGRESS AND PARKING BY VEHICULAR TRAFFIC, (II) THE PASSAGE AND ACCOMMODATION
OF PEDESTRIANS, (III) INSTALLATION, OPERATION, MAINTENANCE, REPAIR AND REPLACEMENT OF THE COMMON UTILITY LINES AND (IV) THE INSTALLATION,
REPAIR,REPLACEMENT AND MAINTENANCE OF AN IRRIGATION SYSTEM AND GRASS LANDSCAPING, AMENDED BY AMENDED AND RESTATED DECLARATION OF
EASEMENTS AND OPERATING AGREEMENT DATED NOVEMBER 1, 2010 AND RECORDED FEBRUARY 2, 2011 AS DOCUMENT NUMBER 6705457 MADE AND ENTERED
INTO BY VHTC, LLC, AN ILLINOIS LIMITED LIABILITY COMPANY, VHTC LOT 3 LLC, AN ILLINOIS LIMITED LIABILITY COMPANY, AND PTD PROPERTIES,
LLC, AN ILLINOIS LIMITED LIABILITY

 

 

Property Address: 1255 Town Center Road, Vernon Hills, Illinois

 

PIN(s): 15-15-313-003

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