Document:

EXHIBIT 10.3 

 

ASSIGNMENT AND ASSUMPTION OF LEASES

 

THIS ASSIGNMENT AND ASSUMPTION
OF LEASES (the “Assignment”) is made this 23rd day of December, 2013, by and between SCD#1, LLC,
a Mississippi limited liability company (“Assignor”), and IREIT OLIVE BRANCH WEDGEWOOD, L.L.C., a Delaware limited
liability company (“Assignee”).

 

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

 

1.Assignment of Leases. Assignor
hereby assigns, transfers, sets over and conveys to Assignees all of its right, title and interest as landlord under all leases
(“Leases”) pertaining to the real property described on Exhibit “A” hereto. A list of the tenants
(which may be under their trade name or fictitious name) for the Leases is attached to this Assignment as Exhibit “B.”
In addition, if and to the extent required by applicable law, Assignor does hereby quitclaim unto Assignee all of Assignor’s
right, title, and interest in and to any and all refundable tenant deposits (and required interest thereon, if any) in Assignor’s
possession with respect to the Leases as of the date of this Assignment (collectively, the “Tenants’
Deposits”).

 

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

 

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

 

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

 

(Signatures and acknowledgments begin
on following pages)

 

    	 

    	 

    

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

 

ASSIGNOR:

 

SCD#1, LLC,

a Mississippi limited liability company

 

By:       /s Bradley
D. Smith

Name: Bradley
D. Smith

Its:       Chief Manager

 

 

ASSIGNEE:

 

 

IREIT OLIVE BRANCH WEDGEWOOD, L.L.C.,

a Delaware limited liability company

 

By:      Inland Real Estate Income Trust, Inc.,

           a Maryland corporation, its sole member

 

    By:     /s
Marcia L. Grant

    Name:Marcia
L. Grant

    Its:      Assistant
Secretary

 

 

 

    	 

    	 

    

 

EXHIBIT “A”

 

to

 

Assignment
of Leases

 

 

Description
of Real Property

 

Land situated in DeSoto County, Mississippi:

 

PARCEL 1, Lot 2:

 

Being located in the Southwest Quarter of section
25, Township 1 South, Range 7 West in the City of Olive Branch, DeSoto County, Mississippi, and being Lot 2 of Wedgewood Commons
as recorded in Plat Book 97, Page 24 at the Chancery Clerk's Office of said County and being more particularly described as Follows:

 

Commencing at the southwest comer of Section
25, Township 1 South, Range 7 West, said point being the intersection of the old centerline of Goodman Road (Hwy. #302) and the
old centerline of Pleasant Hill Road per Mississippi Department of Transportation Right-Of-Way Plat, Federal Aid Project Number
19-0021-01018-10; thence N21 °36'05" E a distance of 279.61 feet to a found right-of-way monument at the southwest corner
of Lot 1 of Wedgewood Commons (Plat Book 95, Page 48), said point being in the east right-of-way line of Pleasant Hill Road (public
R.O.W. varies); thence S63°14'15" E a distance of 196.00 feet to a point in the north right-of-way line of Goodman Road
(Hwy. #302) (public R.O.W. varies); thence with said north right-of-way line, S89°57'21" E a distance of 65.14 feet to
a point at the southeast comer of said Lot 1; thence with the east line of said Lot 1, N00°04'06" E a distance of 77 .09
feet to a set 1/2" rebar (with I.D. Cap stamped "Reaves Firm" and typical of all rebar referred to herein as set)
for the Point Of Beginning; thence continuing with said East line of Lot 1, N00°04'06" E a distance of 227.95 feet to
a found iron pipe at the northeast corner of said Lot 1, said point being in the south line of Lot 4 of Wedgewood Commons (Plat
Book 104, Page 43); thence with said south line of Lot 4, N89°36'51" E a distance of 363.48 feet to a set 1/2" rebar;
thence S45°23'09" E a distance of 48.89 feet to a set 1/2" rebar in a west line of said Lot 4; thence with the said
west line of Lot 4, S00°23'09" E a distance of 193.3 7 feet to a set 1/2" rebar in a north line of said Lot 4; thence
with said north line of Lot 4, S89°36'50' W a distance of 399.86 feet to the Point of Beginning.

 

PARCEL 2, Lot 3:

 

Being located in the southwest quarter of Section
25, Township 1 South, Range 7 West in the City of Olive Branch, DeSoto County, Mississippi, and being a portion of the GPHI, LLC
property as recorded in Book 471, Page 696 at the Chancery Clerk's Office of said County and being further referenced as Lot 3
of Wedgewood Commons Development as recorded in Plat Book 104, Page 41, at said Chancer Clerk's Office and being more particularly
described as follows:

 

Exhibit A to Assignment of Leases

    	 

    	 

    

 

Commencing at the southwest comer of Section
25, township I South, Range 7 west, said point being the intersection of the old centerline of Goodman Road (Hwy. #302) and the
old centerline of Pleasant Hill Road per Mississippi Department of Transportation Right-Of-Way Plat, Federal Aid Project Number
19- 0021-01-018-10; thence N21°36'05" E a distance of 279.61 feet to a found right-of-way monument at the southwest comer
of Lot 1 of Wedgewood Commons(Plat Book 95, Page 48), said point being in the east right-of-way line of Pleasant Hill Road (public
R.O.W. varies); thence S63°14'15" E a distance of 196.00 feet to a point in the north right-of-way line of Goodman Road
(Hwy. #302) (public R.O.W. varies); thence with said north right-of-way line, S89°57'21" E a Distance of 167.79 feet to
a found right-of-way monument; thence a distance of 305.38 feet to a found right-of-way monument; thence S80°39'05" E
a distance of 28.74 feet to a set 1/2" rebar (with I.D. Cap stamped "Reaves Firm" and typical of all rebar referred
to herein as set) at ta southeast comer of Lot 5 of Wedgewood Commons (Plat Book 104, Page 45) and being the Point of Beginning;
thence with an east line of said Lot 5, N00°23'09" W a distance of 301.19 feet to a set 1/2" rebar; thence N42°49'OO"
E a distance of 40.47 feet to a set 1/2" Rebar in a south line of said Lot 5; thence with said south line of Lot 5 N00°00'00"
E a distance of 289.29 feet to a set 1/2" rebar; thence S42°49'00" E a distance of 39.32 feet to a set rebar; thence
with an east line of said Lot 5 S00°00’00" E a distance of 342.65 feet to a set 1/2" rebar in the said north
right-of-way line of Goodman Road; thence with said north right-of-way line of Goodman Road, N85°26'59" W a distance of
l83.93 feet to a found right-of-way monument thence N80°39'05" W a distance of 160.27 feet to the Point of Beginning.

 

PARCEL 3, Lot 4

 

Being located in the southwest quarter of Section
25, Township 1 South, Range 7 West in the City of Olive Branch, DeSoto County, Mississippi, and being the GPHI, LLC property as
recorded in Book 471, Page 696 and the GPHI, LLC property as recorded in Book 471, Page 708 at the Chancery Clerk's Office of said
County and being further referenced as Lot 4 of Wedgewood Commons Development as recorded in Plat Book 104, Page 43 of said Chancery
Clerk's Office and being more particularly described as follows:

 

Commencing at the southwest corner of Section
25, Township 1 South, Range 7 West, said point being the intersection of the old centerline of Goodman Road (Hwy. 302) and the
old centerline of Pleasant Hill Road per Mississippi Department of Transportation Right-Of-Way Plat, Federal Aid Project Number
19- 0021-01-018-10; thence N21°36'05" E a distance of 279.61 feet to a found right-of-way monument at the southwest corner
of Lot 1 of Wedgewood Commons (Plat Book 95, Page 48), said point being in the east right-of-way line of Pleasant Hill Road (public
R.O.W. varies); thence with said east right-of-way line of Pleasant Hill Road, N00°07'23" E a distance of 215.12 feet
to a set 1/2" rebar (with I.D". Cap stamped 'Reaves Firm' and typical of all rebar referred to herein as set) at the
northwest comer of said Lot 1 of Wedge wood Commons and being the Point of Beginning; thence with the said east right-of-way line
of said Pleasant Hill Road, N00°07'23" E a distance of 44.71 feet to a point; thence N09°57'34" W a distance
of 117.62 feet to a found right-of-way monument; thence continuing N09°57'34" W a distance of 229.47 feet to a set 1/2"
rebar; thence with a non-tangent curve to the right, having a radius of 490.00 feet and an arc length of 27.07 feet (chord N02°18'22"
W - 27.07 feet) to a point of tangency; thence N00°43'24" W a distance of 411.25 feet to a set 1/2" rebar in the
south line of the GPHI, LLC property (Book 471, Page 711); thence with said south line of the GPHI, LLC property, N89°38'26"
E a distance of 616.04 feet to a set 1/2" rebar at the northwest comer of Lot 5 of Wedgewood Commons (Plat Book 104, Page
45); thence with the west line of said Lot 5, S00°21'34" E a distance of 59.70 feet to a set 1/2" rebar; thence S40°42'01"
E a distance of 126.S9 feet to a set 1/2" rebar; thence S00°00'00" E a distance of 44.37 feet to a set 1/2"
rebar; thence S90°00'00'' E a distance of 12.83 feet to a set 1/2" rebar; thence S00°00'00" E a distance of 294.59
feet to a set 1/2" rebar; thence N90°00'00'' W a distance of 191.25 feet to a set 1/2" rebar; thence S00°00'00"
E a distance of 312.54 feet to a set 1/2" rebar; thence S90°00'00'' E a distance of 200.96 feet to a set 1/2" rebar;
thence S00°23'09" E a distance of 347.79 feet to a set 1/2" rebar in the north right-of- way line of said Goodman
Road; thence with said north right-of-way line of Goodman Road, N80°39'05" W a distance of 10.98 feet to a found right-of-way
monument; thence N86°01'19" W a distance of 305.38 feet to a found right-of-way monument; thence N89°57'21" W
a distance of 102.65 feet to a set 1/2" rebar at the southeast corner of said Lot 1 of Wedgewood Commons; thence with the
east line of said Lot 1, N00°04'06" E a distance of 77.09 feet to a set 1/2" rebar at the southwest corner of Lot
2 of Wedgewood Commons (Plat Book 97, Page 24); thence with the south line of said Lot 2, N89°36'50" E a distance of 399.86
feet to a set 1/2" rebar at the southwest corner of said Lot 2; thence with the east line of said Lot 2, N00°23'09"
W a distance of 193.37 feet to a set 1/2" rebar; thence N45°23'09" W a distance of 48.89 feet to a set 1/2"
rebar; thence with the north line of said Lot 2, S89°36'51 "W a distance of 603.53 feet to the Point of Beginning.

 

Exhibit A to Assignment of Leases

    	 

    	 

    

PARCEL 4, Lot 6:

 

Being located in the Southwest Quarter of Section
25, Township 1 South, Range 7 West in the City of Olive Branch, DeSoto County, Mississippi, and being a portion of Parcel "C"
of the Lot 6 SCD #1, LLC property as recorded in Book 564, Page 496 at the Chancery Clerk's Office of said county and being more
particularly described as follows:

 

Commencing at the southwest comer of Section
25, Township 1 South, Range 7 West, said point being the intersection of the old centerline of Goodman Road (Hwy. #302) and the
old centerline of Pleasant Hill Road per Mississippi Department of Transportation Right-of-Way Plat, Federal Aid Project Number
19-0021-01-018-10; thence N21°36'05" E a distance of 279.61 feet to a found right-of-way monument at the southwest corner
of Lot 1 of Wedge wood Commons (Plat Book 95, Page 48), said point being in the east right-of-way line of Pleasant Hill Road (public
R.O.W. varies), thence S63°14'15" E a distance of 196.00 feet to a point in the north right-of-way line of Goodman Road
(Hwy #302) (public R.O.W. varies); thence with said north right-of-way line S89°57'21" E a distance of 167.79 feet to
a found rightof-way monument; thence S86°01'19" E a distance of 305.38 feet to a found right-of-way monument, thence S80°39'05"
E a distance of 189.01 feet to a found right-of-way monument, thence S85°26'59" E a distance of 249.13 feet to a point
at the southeast corner of Lot 5 of Wedgewood Commons (Plat Book 104, Page 45) for the POINT OF BEGINNING: thence N00°00'00"
W a distance of 378.39 feet to a point; thence S90°00'00" E a distance of 27.94 feet of a point; thence N00°00'00"
W a distance of 828.98 feet to a point in the south line of the Pleasant Hill Holdings, LLC property (Book 592, Page 16); thence
with the south line of the Pleasant Hill Holdings, LLC property, N89°38'26" E a distance of 71.03 feet to a found steel
fencepost at the northwest comer of Lot 12 of South branch Subdivision (PB. 26, PG. 37); thence with the west line of said Lot
12 and the west lines of Lots 11, 10, and 9 of said Southbranch Subdivision, S01 °03'07" E a distance of 847.18 feet to
a point at the southwest corner of Lot 8 of said Southbranch Subdivision; thence with the south line of said Lot 8 of said Southbranch
Subdivision, S89°36'02" E a distance of 284.35 feet to a found iron pin; thence S00°00'00" W a distance of 389.64
feet to a point in the north right-of-way line of said Goodman Road; thence N85°10'14" W along said north line a distance
of 151.11 feet to a found right-of-way monument; thence N86°10'41" W a distance of 128.33 feet to a point; thence N85°26'59"
W a distance of 120.64 feet to the POINT OF BEGINNING.

 

PARCEL 5: Easement

 

TOGETHER WITH A RECIPROCAL EASEMENT FOR ACCESS,
INGRESS AND EGRESS of record in Operation and Easement Agreement by and between Target Corporation and SCD#I, LLC, recorded in
Book 565, Page 141, in the Office of the Chancery Court Clerk, DeSoto County, Mississippi.

 

FOR INFORMATIONAL PURPOSES ONLY: The tax parcel
number is 1077 25000 00002.00

 

 

Exhibit
A to Assignment of Leases 

 

    	 

    	 

    

EXHIBIT “B”

 

TO

 

ASIGNMENT OF LEASES

 

 

list
of leases

 

(see
attached)

 

    	 

    	 

    

 

Exhibit B – to Exhibit 10.4

Wedgewood
Commons

5036 - 5150
Goodman Rd.

Olive Branch,
MS 38654

 

Presentation
Rent Roll & Current Term Tenant Summary

As
of Jan-2013 for 170,096 Square Feet

	
        Tenant Name

        Type & Suite Number

        Lease Dates & Term
	
        Floor

        SqFt

        Bldg Share
	
        Rate &
        Amount

        per Year

        per Month
	
        Changes

        on
	
        Changes

        to

	TJ Maxx	 	$-	-	-
	Retail, Suite: 5050	24,000	$-	 	 
	 	 	$-	 	 
	 	 	$-	 	 
	Ross	 	$-	-	-
	Retail, Suite: 5040	22,000	$-	 	 
	 	 	$-	 	 
	 	 	$-	 	 
	Michaels	 	$-	-	-
	Retail, Suite: 5030	21,360	$-	 	 
	 	 	$-	 	 
	 	 	$-	 	 
	Home Goods	 	$-	-	-
	Retail, Suite: 5020	24,000	$-	 	 
	 	 	$-	 	 
	 	 	$-	 	 

    	B-1

    	 

    

 

	
        Tenant Name

        Type & Suite Number

        Lease Dates & Term
	
        Floor

        SqFt

        Bldg Share
	
        Rate &
        Amount

        per Year

        per Month
	
        Changes

        on
	
        Changes

        to

	 	 	 	 	 
	Rack Room Shoes	 	$-	-	-
	Retail, Suite: 5060	5,500	$-	 	 
	 	 	$-	 	 
	 	 	$-	 	 
	Proposed Jr. Anchor	 	$-	 	 
	Retail	7,838	$-	 	 
	 	 	$-	 	 
	 	 	$-	 	 
	Spec Retail	 	$-	 	 
	Retail	3,000	$-	 	 
	 	 	$-	 	 
	 	 	$-	 	 
	BUILDING A	 	 	 	 
	Hollywood Feed	 	$-	-	-
	Retail, Suite: 5070-101	3,373	$-	 	 
	 	 	$-	 	 
	 	 	$-	 	 
	AT&T	 	$-	-	-
	Retail, Suite: 5070-115	3,562	$-	 	 
	 	 	$-	 	 
	 	 	$-	 	 

    	B-2

    	 

    

 

	
        Tenant Name

        Type & Suite Number

        Lease Dates & Term
	
        Floor

        SqFt

        Bldg Share
	
        Rate &
        Amount

        per Year

        per Month
	
        Changes

        on
	
        Changes

        to

	 	 	 	 	 
	Sport Clips	 	$-	-	-
	Retail, Suite: 5070-113	1,335	$-	 	 
	 	 	$-	 	 
	 	 	$-	 	 
	Goulds Day Spa	 	$-	 	 
	Retail, Suite: 5070-109	5,522	$-	 	 
	 	 	$-	 	 
	 	 	$-	 	 
	TCBY	 	$-	 	 
	Retail, Suite: 5070-111	1,921	$-	 	 
	 	 	$-	 	 
	 	 	$-	 	 
	Lindy Lou’s Boutique	 	$-	 	 
	Retail, Suite: 5070-105	1,335	$-	 	 
	 	 	$-	 	 
	 	 	$-	 	 
	Master Jeweler	 	$-	 	 
	Retail, Suite: 5070-103	1,841	$-	 	 
	 	 	$-	 	 
	 	 	$-	 	 

    	B-3

    	 

    

 

	
        Tenant Name

        Type & Suite Number

        Lease Dates & Term
	
        Floor

        SqFt

        Bldg Share
	
        Rate &
        Amount

        per Year

        per Month
	
        Changes

        on
	
        Changes

        to

	 	 	 	 	 
	BUILDING B	 	 	 	 
	Back on Track Chiropratic	 	$-	 	 
	Retail, Suite: 5036-110	1,888	$-	 	 
	 	 	$-	 	 
	 	 	$-	 	 
	Desoto Laser	 	$-	 	 
	Retail, Suite: 5036-116	3,070	$-	 	 
	 	 	$-	 	 
	 	 	$-	 	 
	Richard Williams, DDS	 	$-	 	 
	Retail, Suite: 5036-118	1,572	$-	 	 
	 	 	$-	 	 
	 	 	$-	 	 
	The Courtyard	 	$-	 	 
	Retail, Suite: 5036-120	1,696	$-	 	 
	 	 	$-	 	 
	 	 	$-	 	 
	Simply Uniform	 	$-	 	 
	Retail, Suite: 5036-112	1,611	$-	 	 
	 	 	$-	 	 
	 	 	$-	 	 

    	B-4

    	 

    

 

	
        Tenant Name

        Type & Suite Number

        Lease Dates & Term
	
        Floor

        SqFt

        Bldg Share
	
        Rate &
        Amount

        per Year

        per Month
	
        Changes

        on
	
        Changes

        to

	 	 	 	 	 
	BUILDING C	 	 	 	 
	Sweet Peppers Deli	 	$-	 	 
	Retail, Suite: 5218-101	3,619	$-	 	 
	 	 	$-	 	 
	 	 	$-	 	 
	Batteries Plus	 	$-	 	 
	Retail, Suite: 5218-103	1,606	$-	 	 
	 	 	$-	 	 
	 	 	$-	 	 
	C Spire	 	$-	 	 
	Retail, Suite: 5218-113	3,038	$-	 	 
	 	 	$-	 	 
	 	 	$-	 	 
	Urban Fusion	 	$-	 	 
	Retail, Suite: 5218-111	2,753	$-	 	 
	 	 	$-	 	 
	 	 	$-	 	 
	American Dental	 	$-	 	 
	Retail, Suite: 5218-109	3,233	$-	 	 
	 	 	$-	 	 
	 	 	$-	 	 

    	B-5

    	 

    

 

	
        Tenant Name

        Type & Suite Number

        Lease Dates & Term
	
        Floor

        SqFt

        Bldg Share
	
        Rate &
        Amount

        per Year

        per Month
	
        Changes

        on
	
        Changes

        to

	 	 	 	 	 
	Leslie Pools	 	$-	 	 
	Retail, Suite: 5218-107	3,019	$-	 	 
	 	 	$-	 	 
	 	 	$-	 	 
	The Wine Cellar	 	$-	 	 
	Retail	2,216	$-	 	 
	 	 	$-	 	 
	 	 	$-	 	 
	BUILDING D	 	 	 	 
	GNC	 	$-	 	 
	Retail, Suite: 5142-105	1,338	$-	 	 
	 	 	$-	 	 
	 	 	$-	 	 
	Mattress Firm	 	$-	 	 
	Retail, Suite: 5142-101	4,178	$-	 	 
	 	 	$-	 	 
	 	 	$-	 	 
	Pink Coconut	5,082	$-	 	 
	Retail, Suite: 5142-113	 	$-	 	 
	 	 	$-	 	 
	 	 	$-	 	 

    	B-6

    	 

    

 

	
        Tenant Name

        Type & Suite Number

        Lease Dates & Term
	
        Floor

        SqFt

        Bldg Share
	
        Rate &
        Amount

        per Year

        per Month
	
        Changes

        on
	
        Changes

        to

	 	 	 	 	 
	Urgent Care	 	$-	 	 
	Retail, Suite: 5142-107	3,590	$-	 	 
	 	 	$-	 	 
	 	 	$-	 	 
	Total Occupied SqFt	170,096	 	 	 
	Total Available SqFt	0	 	 	 

 

 

B-7EXHIBIT
10.4

ASSIGNMENT
AND SUBORDINATION OF MANAGEMENT AGREEMENT

[Wedgewood
Commons Shopping Center]

THIS
ASSIGNMENT AND SUBORDINATION OF MANAGEMENT AGREEMENT (“Assignment”) is made this 23rd day of December,
2013, by and among IREIT OLIVE BRANCH WEDGEWOOD, L.L.C., a Delaware limited liability company (“Borrower”), BANK OF
AMERICA, N.A., a national banking association (including its successors, transferees and assigns, “Lender”), and INLAND
NATIONAL REAL ESTATE SERVICES, LLC, a Delaware limited liability company (“Manager”).

RECITALS:

A.     
This Assignment is being executed in connection with the Lender’s making a mortgage loan to the Borrower in the original
principal amount of Sixteen Million Nine Hundred Thousand and No/100 Dollars ($16,900,000.00) (the “Loan”) secured
primarily by the real and personal property and improvements generally known as Wedgewood Commons located at 5036 Goodman Road,
Olive Branch, MS (the “Premises”).

B.                 
The Loan is evidenced by a promissory note (together with all amendments or modifications thereto or restatements thereof,
the “Note”), dated the date of this Assignment, made by the Borrower, and a Loan Agreement (together with all amendments
or modifications thereto or restatements thereof, the “Loan Agreement”), and is secured by, among other things, a
mortgage, deed of trust or deed to secure debt (together with all amendments or modifications thereto or restatements thereof,
the “Security Instrument”), dated the date of this Assignment, granting a first lien on the Premises (this Assignment,
the Note, the Security Instrument and all other documents executed in connection with the Loan are collectively referred to as
the “Loan Documents”).

C.                 
Pursuant to a certain management agreement between the Borrower and the Manager (including any amendments or modifications
thereto or restatements thereof, the “Management Agreement”), a true and correct copy of which is attached
hereto as Exhibit A, the Borrower employed the Manager exclusively to operate and manage the Premises.

D.                 
The Lender requires as a condition to the making of the Loan that the Borrower assign the Management Agreement as set forth
below.

NOW,
THEREFORE, in consideration of the above and the mutual promises contained in this Assignment, the receipt and sufficiency of
which are acknowledged, the parties hereto agree as follows:

1.                 
Definitions. All capitalized terms used herein and not otherwise defined shall have the meanings set forth for such
terms in the Loan Agreement.

2.                 
Assignment of Management Agreement. The Borrower hereby absolutely and unconditionally transfers, sets over and
assigns to the Lender all of the Borrower’s rights, title, interests and benefits in and to the Management Agreement. This
is an absolute assignment, not an assignment for security only; provided, however, until the occurrence of an Event of Default
(as defined in the Loan Agreement), the Borrower shall have a license to retain all rights, title, interests and benefits under
the Management Agreement. Upon the occurrence of any such Event of Default, such license shall be deemed immediately revoked.

3.                 
Termination. At such time as the Loan is paid in full and the Security Instrument is released of record, this Assignment
and all of the Lender’s right, title and interest hereunder with respect to the Management Agreement shall terminate.

    	-1-

    	 

    

4.                 
Borrower’s Covenants. The Borrower hereby covenants with the Lender that during the term of this Assignment(a)
the Borrower shall not transfer the responsibility for the management of the Premises from the Manager to any other Person without
the prior written consent of the Lender, which consent may be withheld by the Lender in the Lender’s sole discretion; (b)
the Borrower shall not terminate or amend any of the terms or provisions of the Management Agreement in any material manner without
the prior written consent of the Lender, which consent may be withheld by the Lender in the Lender’s sole discretion; and
(c) the Borrower shall, in the manner provided for in this Assignment, give notice to the Lender of any notice or information
that the Borrower receives which indicates that the Manager is terminating the Management Agreement or that the Manager is otherwise
discontinuing its management of the Premises.

5.                 
Agreement by Borrower and Manager. The Borrower and the Manager hereby agree that upon the occurrence of any Event
of Default, at the option of the Lender exercised by written notice to the Borrower and the Manager (a) all rents, security deposits,
issues, revenues, income, proceeds and profits of the Premises collected by the Manager, after payment of all costs and expenses
of operating the Premises (including, without limitation, Operating Expenses, real estate taxes, insurance premiums, repairs and
maintenance and the fees and commissions payable under the Management Agreement), shall be applied in accordance with the Lender’s
written directions to the Manager; and (b) the Lender may exercise its rights under this Assignment and any of the other Loan
Documents, and may immediately terminate the Management Agreement and require the Manager to transfer its responsibility for the
management of the Premises to another Person selected by the Lender in the Lender’s sole and absolute discretion. In no
event shall the Lender be liable for any termination, severance or other fees to the Manager or others resulting from any such
termination.

6.                 
Lender’s Succession to Borrower’s Interest. To the extent Lender succeeds to the interests of Borrower
under the Management Agreement and does not terminate the Management Agreement in accordance with the terms hereof, Manager shall
not be required to provide services thereunder except to the extent Lender makes all payments required under the Management Agreement
to the Manager in accordance with the terms thereof; provided, that (a) Lender shall only be required to make such payments to
the extent arising as a result of services provided on or following the date on which Lender succeeds to the interests of Borrower
under the Management Agreement and Lender shall not be responsible for obligations of Borrower under the Management Agreement
arising prior to such date; and (b) to the extent of any continuing default under the Management Agreement arising as a result
of the Borrower’s failure to perform thereunder during any period prior to Lender’s succession to the Borrower’s
interests thereunder, Manager shall retain all of its rights against or with respect to the Borrower and shall retain any right
under the Management Agreement to terminate same as a result of such failure to the extent not cured by Borrower or Lender (though,
as noted above, Lender shall not be required to cure any such failure).

7.                 
Subordination of Management Agreement and Management Fees. The Borrower and the Manager hereby agree that at all
times prior to the termination of this Assignment, the Management Agreement shall be subordinate, inferior and subject to the
Security Instrument and the other Loan Documents. The Borrower and the Manager further agree that, subject to Section 5(a) of
this Assignment, the Manager shall not be entitled to receive any fee, commission or other amount payable to the Manager under
the Management Agreement (including, without limitation, incentive management fees, if any) for and during any period of time
that any amount due and owing the Lender under the Note and the other Loan Documents is not paid when due; provided, however,
that the Manager shall not be obligated to return or refund to the Lender any fee, commission or other amount already received
by the Manager, and to which the Manager was entitled under this Assignment. In no event shall incentive management fees, if any,
be paid to the Manager more frequently than annually.

    	-2-

    	 

    

8.                 
Consent and Agreement by Manager. The Manager hereby acknowledges and consents to this Assignment and agrees that
the Manager will act in conformity with the provisions of this Assignment and the Lender’s rights hereunder or otherwise
related to the Management Agreement. In the event that the responsibility for the management of the Premises is transferred from
the Manager in accordance with the provisions hereof, the Manager shall fully cooperate in transferring its responsibility to
a Person acceptable to the Lender and agrees to effectuate such transfer no later than thirty (30) days after notice from the
Lender requiring such transfer. Further, the Manager hereby agrees (a) not to contest or impede the exercise by the Lender of
any right it has under or in connection with this Assignment or any of the other Loan Documents; and (b) that it shall, in the
manner provided for in this Assignment, give to the Lender at least thirty (30) days written notice of and opportunity to cure
any default by the Borrower under the Management Agreement or prior to any termination of the Management Agreement or discontinuance
of its management of the Premises.

9.                 
Lender’s Agreement. So long as there exists no Event of Default, the Lender agrees to permit any sums due
to the Borrower under the Management Agreement to be paid directly to the Borrower.

10.             
Notice. All notices given hereunder shall be in writing to the other party at the address, and in the manner set
forth in the Loan Agreement, and in the case of the Manager to the address below:

		To Manager:	Inland National Real Estate
                                         Services, LLC
	 	 	2901 Butterfield Road

			Oak Brook, IL 60523

11.             
Binding Nature of Assignment. This Assignment shall be binding upon and shall inure to the benefit of the parties
hereto and their respective successors and assigns.

12.             
Counterparts. This Assignment may be executed in any number of counterparts all of which taken together shall constitute
one and the same instrument.

13.             
Governing Law: Recourse. This Assignment shall be governed by the laws of the jurisdiction in which the Premises
is located, and applicable federal law. This Agreement is being executed in connection with the making of the Loan pursuant to
the terms of the Note. The Borrower’s liability hereunder shall be limited to the same extent provided in the Note.

[signature
page follows]

    	-3-

    	 

    

IN
WITNESS WHEREOF, the undersigned have executed this Assignment on the date first written above.

 

BORROWER:

IREIT OLIVE BRANCH WEDGEWOOD,
L.L.C., a Delaware limited liability company

 

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

 

 

By:         /s/
David Z. Lichterman

Name:   David
Z. Lichterman

Its:       
Treasurer and Chief Accounting Officer

                                 [SEAL]

 

 

Borrower’s
Address:

c/o Inland Real Estate Income
Trust, Inc.

2901 Butterfield Road

Oak Brook, IL 60523

Attn: President

Fax: 630-368-2218

 

Copy to :

The Inland Real Estate Group,
Inc.

2901 Butterfield Road

Oak Brook, IL 60523

Attn: General Counsel

Fax – 630-218-4900

 

 

MANAGER:

INLAND NATIONAL REAL ESTATE
SERVICES, LLC, a Delaware limited liability company

 

 

By:        /s/
Beth McNeeley 

Name:   Beth
McNeeley 

Title:     Senior
Vice President

 

 

Address of Manager:

2901 Butterfield Road

Oak Brook, IL 60523

 

    	-4-

    	 

    

LENDER:

BANK
OF AMERICA, N.A.

By:        
/s/ Patricia Gardenhire 

Name:  
Patricia Gardenhire

Title:     Vice
President

 

Lender’s
Address:

Bank of America, N.A.

Commercial
Real Estate Banking

100
North Tryon Street

NC1-007-11-15

Charlotte,
NC 28255

(Attn:
Real Estate Loan Administration)

 

 

 

 

 

    	-5-

    	 

    

EXHIBIT
A

MANAGEMENT
AGREEMENT

This
real estate Management Agreement (this “Agreement”), dated as of December __, 2013, is entered into by and between
IREIT Olive Branch Wedgewood LLC (“Owner”), and Inland
National Real Estate Services, LLC, a Delaware limited liability company (the “Manager”).

 

WHEREAS, Owner desires
to avail itself of the experience, sources of information, advice, assistance and facilities available to the Manager and to have
the Manager undertake the duties and responsibilities hereinafter set forth; and

WHEREAS, the Manager
is willing to undertake to render these services, subject to the supervision of the Board of Directors, on the terms and conditions
hereinafter set forth.

NOW, THEREFORE,
in consideration of the mutual covenants and conditions herein contained, and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

1.                 
Exclusive Management. Owner hereby engages Manager exclusively, to perform or cause to be performed the services
described herein for the property legally described on Exhibit A attached hereto and made a part hereof (the “Premises”),
upon the terms and conditions hereinafter set forth herein and Manager accepts such exclusive engagement.

2.                 
Term and Termination.

(a)         
Term. The term of this Agreement shall begin on December __, 2013 and end on December 31, 2013 (the “Initial
Term”). Unless terminated as provided in Section 2(b) below, the term shall thereafter automatically renew for successive
one-year periods (each, a “Renewal Term”), with the first such one-year renewal period commencing on January 1, 2014,
and ending on December 31, 2014.

(b)        
Termination. This Agreement shall automatically terminate upon the termination of that certain Master Management
Agreement, dated October 18, 2012 (the “Master Agreement”), by and between Manager and Inland Real Estate Income Trust,
Inc. (“Parent Company”). In addition, this Agreement may be terminated prior to the expiration of the Initial Term
or the then current Renewal Term, as follows:

.1    
Either party hereto may terminate this Agreement, effective upon the expiration of the Initial Term or the current Renewal
Term, as applicable, if the terminating party gives written notice of its election to terminate this Agreement to the other party
not less than sixty (60) days prior to the expiration of the Initial Term or the current Renewal Term as the case may be.

    	S-1

    	 

    

 

.2    
Manager shall have the right to terminate this Agreement upon sixty (60) days written notice to Owner in the event that
the Premises is no longer generating Gross Income (as hereinafter defined).

.3    
This Agreement may be terminated by the Owner immediately upon written notice of termination from the Owner to Manager if
any of the following events occur:

.A    
Manager violates any provision of this Agreement and fails to cure such violation on or before thirty (30) days after receipt
of written notice of such violation from Owner;

.B    
a court of competent jurisdiction enters a decree or order for relief in respect of Manager in any involuntary case under
any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appoints a receiver, liquidator, assignee,
custodian, trustee, sequestrator (or similar official) of Manager or for any substantial part of its property or orders the winding
up or liquidation of Manager’s affairs; or

.C    
Manager commences a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in
effect, or consents to the entry of an order for relief in an involuntary case under any such law, or consents to the appointment
of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Manager
or for any substantial part of its property, or makes any general assignment for the benefit of creditors, or fails generally to
pay its debts, as they become due;

provided, that Manager agrees that if any of
the events specified in subsections (B) and (C) of Section 3(b)(iii) occur, it will give written notice thereof to
Owner within seven (7) days after the occurrence of any such event.

 

3.                 
Manager Duties. Owner hereby gives Manager the exclusive authority and power, as agent for Owner, to provide the
services listed in this Section 3 and elsewhere in this Agreement and Owner agrees to reimburse Manager and its affiliates
for all expenses paid or incurred in connection therewith. For the avoidance of doubt, unless otherwise stated in this Agreement
that such expenses are to be borne by Manager, all expenses related to the duties performed or caused to be performed by Manager
herein with respect to the Premises shall be the responsibility of the Owner and reimbursed to Manager upon billing therefor if
initially paid for by Manager. Manager shall be entitled at all times to manage the Premises in accordance with Manager’s
standard operating policies and procedures all in accordance with the budget approved by Owner, except to the extent that any specific
provisions contained herein are to the contrary, in which case Manager shall manage the Premises consistent with such specific
provisions of this Agreement.

    	S-2

    	 

    

 

(a)         
Collection of Gross Income.

                                                                   
i.           
Manager shall collect all rents and assessments and other monies due Owner related to the Premises (all such items being
referred to herein as “Gross Income”) accounting for the same. Manager shall give Owner receipts therefor and deposit
all such Gross Income collected hereunder in Manager’s custodial account established for the Premises using Owner-approved
software which Manager will open and maintain, in a state or national bank of Manager’s choice and whose deposits are insured
by the Federal Deposit Insurance Corporation to the maximum extent available, exclusively for the Premises and any other properties
owned by Owner (or any entity that is owned or controlled by Parent Company) and managed by Manager. Unless otherwise required
by Owner, Manager shall be permitted to comingle the funds in such custodial account with funds attributable to any other properties
owned by Owner or entities owned or controlled by Parent Company and managed by Manager. Owner agrees that Manager shall be authorized
to maintain a reasonable minimum balance (to be determined jointly from time to time) in the custodial account. Manager may endorse
any and all checks received in connection with the operation of the Premises and drawn to the order of Owner, and Owner upon request,
shall furnish Manager’s depository with an appropriate authorization for Manager to make the endorsement.

                                                                 
ii.           
When applicable, Manager shall collect and bill for security deposits or assessments and other items, including but not
limited to calculating, preparing and mailing all invoices for tenant payments for real estate taxes, property liability and other
insurance, damages and repairs, common area maintenance, tax reduction fees and all other tenant reimbursements, administrative
charges, proceeds of rental interruption insurance, parking fees, income from coin operated machines and other miscellaneous income
as stipulated in the leases. At the request of Owner, Manager will administer, and create if necessary, a bill-back program for
tenant utility consumption unless prohibited by local law.

(b)        
Payment of Expenses. From the custodial account described above, Manager shall pay all expenses of Owner with respect
to the Premises from the Gross Income collected in accordance with Section 3(a)(i) hereof. In the event that expenses
paid pursuant to this Section 3(b) exceed Gross Income for any monthly period, Manager shall notify Owner of same. Owner
shall pay the excess amount immediately upon request from Manager. Nothing herein contained shall obligate Manager to advance its
own funds on behalf of Owner.

    	S-3

    	 

    

 

(c)         
Annual Budgets. Manager shall prepare an annualized budget for the operation of the Premises and submit the same
to Owner for approval (the “Annualized Budget”). Manager will use its commercially reasonable efforts to operate the
Premises pursuant to the Annualized Budget; provided, however, Manager shall have no liability to Owner for failure to meet such
Annualized Budget. The Annualized Budget shall include a comparison back to the original underwriting performed at the time of
Owner’s acquisition of the Premises and prior year performance. The first Annualized Budget has been prepared and approved
for the year commencing [__________], [__] 20[__] and ending on December 31, 20[__]. Notwithstanding the period covered by the
first Annualized Budget, all subsequent Annualized Budgets shall cover the period from January 1st of each year through December
31st of the same year. The proposed Annualized Budget for each calendar year shall be submitted by Manager to Owner by December
1st of the year preceding the year for which it applies, and Owner shall notify Manager within fifteen (15) days of receipt of
such Annualized Budget as to whether Owner has or has not approved the proposed Annualized Budget. If Owner does not approve the
proposed Annualized Budget, Owner shall notify Manager of the specifics of such disapproval within such fifteen (15) day period
and Manager shall make the necessary amendments to the Annualized Budget. During the time Manager is preparing these amendments,
Manager will continue to operate the Premises according to the last approved Annualized Budget. Owner’s approval of the Annualized
Budget shall constitute approval for Manager to expend sums for all budgeted expenditures, without the necessity to obtain additional
approval of Owner under any other expenditure limitations as set forth elsewhere in this Agreement.

(d)        
Non-Budgeted Expenses over $25,000. Manager shall secure the approval of, and execution of appropriate agreements
by, Owner for any non-budgeted and non-emergency/contingency capital items, alterations or other expenditures in excess of Twenty-Five
Thousand Dollars ($25,000.00) for any one item, securing for each item at least three (3) written bids, if practicable, or providing
evidence satisfactory to Owner that the agreed amount is lower than industry standard pricing, from responsible contractors. Manager
shall have the right from time to time during the term hereof, to contract with and make purchases from entities or affiliates
of such entities providing services to the Parent Company and third party agents; provided that contract rates and prices
are competitive with other available sources. Manager, at any time, and from time to time, may request and receive the prior written
authorization of Owner for any one or more purchases or other expenditures, notwithstanding that Manager may otherwise be authorized
hereunder to make such purchases or expenditures.

    	S-4

    	 

    

 

(e)         
Third-Party Agreements. Owner hereby appoints Manager as Owner’s authorized agent for the purpose of executing,
as agent for Owner, any agreements with third-parties necessary for operation of the Premises. For example, and not in limitation
of the foregoing, Manager shall negotiate and enter into contracts for services and items in the Annualized Budget relating to
the Premises.

(f)         
Manager Employees. Manager shall hire, supervise, discharge and pay salary and benefit expenses for all employees
of Manager or Manager’s sole member, as Manager determines necessary to perform Manager’s duties described in this
Agreement including, but not limited to managers, operations managers, senior managers, assistant managers, leasing consultants,
engineers, janitors and maintenance supervisors. All expenses of such employment, including but not limited to, wages, salaries,
insurance, benefits, employment related taxes, overhead and other governmental charges, shall be deemed operational expenses of
the Premises and Owner shall reimburse Manager for such expenses which may be charged to Owner on a per square foot or per unit
basis, as applicable. Notwithstanding the foregoing, salaries and benefits of Manager’s employees who also serve as the one
of the Parent Company’s executive officers or as an executive officer of the Manager shall not be reimbursed by the Owner.
The number and classification of employees serving the Premises shall be as determined by Manager to be appropriate for the proper
operation of the Premises; provided that Owner may request changes in the number or classification of employees, and Manager
shall make all requested changes unless in its judgment the resulting level of operation or maintenance of the Premises will be
inadequate. [Manager shall honor any collective bargaining contract covering employment at the Premises which is in effect
upon the date of execution of this Agreement; provided that Manager shall not assume or otherwise become a party to any
collective bargaining contract for any purpose whatsoever and all personnel subject to a collective bargaining contract shall be
considered the employees of the Owner and not Manager (delete bracketed text if not applicable to Premises)].

(g)        
Insured Losses.

                                                                   
i.           
Manager shall be responsible for taking all steps necessary to file any claim for insured losses or damages; provided that
Manager will not make any adjustments or settlements in excess of $50,000.00 without Owner’s prior written consent.

                                                                 
ii.           
Manager shall coordinate with the appropriate insurance company or companies, if applicable, to process claims.

    	S-5

    	 

    

 

                                                               
iii.           
Manager shall administer compliance of insurance provisions of tenant leases for all vendors and commercial tenants, including
confirming insurance requirements for any special events at the Premises and obtaining certificates of insurance.

                                                               
iv.           
At the request of Owner, Manager shall assist Owner’s insurance consultants with any necessary insurance matters.

                                                                 
v.           
Manager shall attend Owner’s meetings regarding loss control and claims.

(h)        
Monthly Remittance. Manager shall remit to Owner the excess of Gross Income over expenses paid pursuant to Section
3(b) hereof (“Net Proceeds”) for each month as directed by Owner at the address as stated in Section 7 hereof.

(i)          
Reporting. Upon the request of Owner, Manager shall render reports for the Premises. Such reports may include specific
and detailed line item information for budget comparison, expense detail, payables and receivables information, leasing progress,
marketing information, peer comparison, capital plans and all other measurements of the key performance indications of the Premises.

(j)          
Litigation. Manager shall institute and prosecute actions to evict tenants and to recover possession of the Premises
or portions thereof, and in the name of Owner to sue for and recover rent and other sums due; and to settle, compromise and release
such actions or suits, or reinstate such tenancies; provided, however, if the tenancy subject to such proceedings is of a term
greater than thirty-six (36) months, Manager shall obtain Owner’s consent prior to instituting any such proceedings. Manager
and Owner shall concur on the selection of the attorney to handle any such litigation.

(k)        
Replacements and Repairs. Pursuant to the Annualized Budget and at Owner’s cost, and when required, Manager
shall make or cause to be made all ordinary repairs and replacements necessary to preserve the Premises in its present condition,
in all material respects, and for the operating efficiency thereof. Manager shall also perform all alterations required to comply
with any lease requirements, work with municipalities to comply with any code or lender requirements, attend lender inspections
and assist with the lender reserve requirement processes.

    	S-6

    	 

    

 

(l)          
Leasing Services.

                                                                   
i.           
Manager shall perform leasing services for the Premises, including, but not limited to, hiring all third-party brokers,
negotiating contracts with such brokers, tracking leasing progress on all assets and determining when to terminate and replace
third-party brokers. Commissions paid to third-party brokers shall be an expense of the Premises and charged to Owner.

                                                                 
ii.           
Manager shall establish a leasing committee comprised of Manager employees to oversee the leasing services rendered to Owner
under this Agreement (the “Leasing Committee”). The Leasing Committee shall hold monthly meetings to which Owner may
attend (the “Leasing Committee Meetings”).

                                                               
iii.           
Manager shall monitor current market conditions, meet with tenants, brokers and future prospects and visit competitive properties
in the surrounding area. Manager shall report findings at the Leasing Committee Meetings.

                                                               
iv.           
From time to time, Manager shall attend conferences related to the asset class of the Premises, including, but not limited
to, ICSC, BOMA, NAREIT, NAA, NMHC and NAIOP, as applicable. If requested by Owner, Manager shall appropriately staff booths for
Owner at such conferences to represent Owner’s interests and coordinate all necessary marketing materials and events to maximize
Owner’s exposure at such conferences.

                                                                 
v.           
Manager shall negotiate all letters of intent for new leases (when applicable) and administer existing leases, including,
but not limited to, processing assignments, renewal agreements, lease amendments and terminations.

                                                               
vi.           
Manager shall evaluate leasing activity of Premises and identify potential re-developments or re-configurations, including,
but not limited to, a discussion of all proposals that have been sent, targeted tenants, interested and uninterested party discussions
with the Leasing Committee.

                                                             
vii.           
Manager shall track all leasing calls and inquiries.

                                                           
viii.           
Manager shall prepare and maintain leasing reports as required by Owner which shall track performance of leasing activity.

    	S-7

    	 

    

 

                                                               
ix.           
Manager shall review tenant credit reports for new tenants and assignments and subleases. When applicable, such review may
include, but not be limited to, preparing full financial packages of review of both corporate and individual financial investigations,
net worth analysis, net present value calculations and any other financial measures requested by the Owner. Manager shall be entitled
to charge tenant for credit check fees and lease assignment and sublet fees (if provided by applicable lease) and shall not be
required to remit such fees to Owner but may retain such fees.

                                                                 
x.           
If a proposed new lease for the Premises is outside the parameters set by the Annualized Budget, Manager shall complete
analysis of credit and financials of the tenant under such proposed lease for the Leasing Committee’s review and approval
at the Leasing Committee Meeting.

                                                               
xi.           
If the Premises is a retail property, Manager shall review leases on an on-going basis for relocation clauses, co-tenancy
clauses, exclusives and building restrictions to determine and avoid any conflicts. Manager shall also monitor tenant progress
to make recommendations to Leasing Committee on renewal of tenants and proper tenant mix. Additionally, Manager shall perform an
on-going market review to determine market rates for leasing at Premises and make recommendations to Owner for changes in budgeted
lease rates.

                                                             
xii.           
With respect to replacing tenants, Manager shall provide consultation to Owner regarding tenant mix (if the Premises has
more than one tenant), market analysis, comparison information and site visits for leasing potential.

                                                           
xiii.           
If the Premises is a retail property, Manager shall schedule and attend meetings on a regular basis with all major retailers
for portfolio review and additional leasing opportunities. In preparation for such meetings, Manager shall perform a full analysis
of tenant performance on a site by site basis for sales, profitability, expansions, space modifications and tenant merchandising
assistance.

(m)      
Construction Management.

                                                                   
i.           
Manager shall oversee capital expenditure execution and projection.

                                                                 
ii.           
Manager shall oversee construction management of all new tenant build-outs and provide assistance with out-parcel development.

                                                               
iii.           
Manager shall review and approve architectural plans for space and signage on the Premises.

    	S-8

    	 

    

 

                                                               
iv.           
Manager shall monitor the environmental needs of the Premises including, but not limited to, the administration of operation
and maintenance programs. If applicable, Manager shall supervise any remediation projects.

(n)        
Operations.

                                                                   
i.           
As requested by Owner and if available for the Premises, Manager shall obtain and administer bulk purchasing and cost efficiency
programs for utilities.

                                                                 
ii.           
Manager shall create preventative maintenance programs for the Premises and oversee crisis management for flood, fire, and
hurricanes, etc.

(o)        
Marketing.

                                                                   
i.           
At the request of Owner, Manager shall create a marketing program for the Premises, including, but not limited to, preparing
and maintaining a website, social media and mobile
phone apps.

                                                                 
ii.           
If the Premises is a retail property, at the request of Owner, Manager shall:

		A.	Devote specialty leasing staff to Premises to generate additional revenue through seasonal, temporary
and kiosk leasing and finding and development of incubator tenants.

		B.	Organize events for charity programs as well as community events to increase traffic and sales.

		C.	Sponsor program and gift cards for the Premises where it is necessary to improve sales and revenue
for the Premises.

		D.	Advertise the Premises including, but not limited to, printing and sending coupons and mailers
for the Premises.

		E.	Organize tenant training through merchant or association meetings.

                                                               
iii.           
If the Premises is a multi-family property, at the request of Owner, Manager shall:

		A.	Advertise the Premises, including, but not limited to advertising through signage, on websites,
in local newspapers and rental guides, and with area referral services.

    	S-9

    	 

    

 

		B.	Establish a marketing committee comprised of Manager employees (the “Marketing Committee”)
who will meet monthly to discuss marketing strategy and implement such strategy.

		C.	Prepare weekly status reports that will summarize the rental activity of the Premises for the previous
week.

(p)        
Real Estate Consultative Services.

                                                                   
i.           
Upon request of Owner, Manager shall explore strategic alternatives for the Premises. In addition, Manager shall use a budget
and forecasting tool, e.g., Cougar software or ARGUS, to assist in continuous review of Premises performance.

                                                                 
ii.           
Manager shall attend committee meetings at the request of Owner.

                                                               
iii.           
Manager shall provide oversight and management for the disposition of the Premises if requested by Owner.

                                                               
iv.           
At the request of Owner, Manager shall perform additional tasks such as evaluating best use; taking calls for offers to
purchase the Premises, determining potential out-parcel development, and reviewing additional GLA capabilities.

                                                                 
v.           
Manager shall assist Owner in analyzing the Premises for potential asset impairment issues.

                                                               
vi.           
If applicable, Manager shall work with Owner on CAM payment best-practice compliance and review of business intelligence
and information management systems.

(q)        
Electronic Document Management. Manager shall organize all documents related to the Premises, including, but not
limited to leases, contracts, invoices checks and receipts, in an electronic format with constant real time information for Owner’s
access.

    	S-10

    	 

    

 

(r)          
Internal Controls/Sarbanes-Oxley Compliance. If requested by Owner, Manager shall:

                                                                   
i.           
Dedicate staff to monitor and review all incoming invoices, leases, and other control points and procedures according to
Owner’s internal control matrix (the “Internal Control Matrix”) as updated from time to time by Owner.

                                                                 
ii.           
Attend bi-weekly meetings with Owner to review Internal Control Matrix.

                                                               
iii.           
Coordinate audits of leases.

                                                               
iv.           
Travel to satellite offices to insure internal control compliance and perform random spot checking.

                                                                 
v.           
Adhere to all policies stated in Internal Control Matrix.

(s)         
Tenant Credit Monitoring. Where applicable, Manager shall:

                                                                   
i.           
Continuously monitor retailers of the Premises that are distressed, weak, or bankrupt and calculate Z-scores and Frisk scores
for all distressed tenants (which evaluate a publicly-traded company’s credit and anticipates bankruptcy).

                                                                 
ii.           
Monitor gross sales of retail tenants.

                                                               
iii.           
Perform tenant surveys to foster tenant retention and identify problems.

                                                               
iv.           
Dedicate staff to pursue difficult collection accounts, monitor bankruptcies and resolve material disputes.

    	S-11

    	 

    

 

(t)          
Master Leases and Earnouts. If the Premises is subject to a so-called Master Lease or Earnout arrangement, Manager
shall dedicate a staff member to monitor and invoice all of the Master Leases. Such staff member shall resolve issues concerning
monthly billings, track new tenant move-in dates and authorize release and close-out of Master Lease escrows. In addition, Manager
shall reconcile all Master Lease accounts on a monthly basis. Manager shall also coordinate and assist Owner with Earnouts.

(u)        
Post-Closing and New Building/Tenant Set-Up Duties. Manager shall coordinate any existing post-closing items including,
but not limited to, the transfer of all utilities from the previous owner of the Premises, CAM reconciliations and prorations,
if applicable, and bringing tenants into Owner’s software system. In addition, Manager shall send tenants welcoming letters
which include, the direction to pay all future rents to Manager, wiring instructions, a form W-9, notification from the previous
owner about the sale, a letter of introduction to property management and lease assignment and related documents, as requested.

4.                 
SubManager. Notwithstanding anything to the contrary contained in this Agreement, Owner acknowledges and agrees that
any of the duties of Manager as contained herein may be delegated by Manager and performed by an affiliate of Manager or third-party
agent (a “SubManager”) with whom Manager contracts in writing for the purpose of performing such duties. Owner specifically
grants Manager the authority to enter into management agreements with any SubManager; provided that Owner shall have no
liability or responsibility to any SubManager for the payment of the SubManager’s fee or for reimbursement to the SubManager
of its expenses or to indemnify the SubManager in any manner for any matter; and provided further that Manager shall
require such Sub-Manager, in the written agreement setting forth the duties and obligations of such SubManager, to indemnify Owner
for all loss, liability, damage or claims incurred by Owner as a result of the delegation of duties by Manager to SubManager. Owner
further acknowledges and agrees that Manager may assign this Agreement and all of Manager’s rights and obligations hereunder,
to another management entity that is then managing other property for Owner or the Parent Company (“Successor Manager”).
Owner specifically grants Manager the authority to make such an assignment of this Agreement to a Successor Manager.

5.                 
Indemnification. Under the Master Agreement, the Parent Company has agreed to indemnify the Manager and its officers,
directors, members, managers, employees and agents in certain instances and against certain liabilities, including for any losses
arising from this Agreement, as set forth in the Master Agreement.

    	S-12

    	 

    

 

6.                 
Management Fees. For the services other than those described in Section 3(l) (Leasing Services) and Section
3(m) (Construction Management), Owner agrees to pay Manager, monthly, a management fee hereunder for the services provided
by Manager hereunder performed, directly or through its affiliates, agents or Sub-Managers, in an amount equal three and nine-tenths
percent (3.9%) for multi-tenant properties of the Gross Income for the month in which the management fee is paid (the “Management
Fee”), which shall be deducted monthly by Manager and retained by Manager from Gross Income prior to payment to Owner of
Net Proceeds; provided, however, Owner shall authorize the payment and amount of the monthly fee to Manager prior to the remittance
of Net Proceeds to Owner. Owner agrees to pay additional fees for services rendered under 3(l)(Leasing Services) and 3(m)(Construction
Management), such additional fees are hereinafter referred to as the “Leasing Services Fees” and the “Construction
Management Fees”. The Leasing Services Fees and the Construction Management Fees shall be based upon prevailing market rates
applicable to the geographic market of the Premises. Manager shall charge Construction Services Fees only on projects having a
total project cost in excess of ten thousand dollars ($10,000). The Construction Management Fees shall be calculated on the total
project cost as budgeted by Owner and Manager and the start of such construction project. Owner acknowledges and agrees that Manager
may pay or assign all or any portion of its Management Fee to a SubManager as described in Section 4 hereof.

7.                 
Intentionally Omitted.

8.                 
No Structural Alterations. Owner expressly withholds from Manager any power or authority to make any structural changes
to any building on the Premises or to make any other major alterations or additions in or to any such building or equipment therein.
Without the prior written direction from Owner, Manager shall not incur any expense chargeable to Owner, other than expenses its
duties under this Agreement, except in the event where Manager makes all emergency repairs as may be required to ensure the safety
of persons or property which are immediately necessary for the preservation and safety of the Premises or the safety of the tenants
and occupants thereof or are required to avoid the suspension of any necessary services to the Premises.

    	S-13

    	 

    

 

9.                 
Notice of Non-Compliance with Laws. Manager shall be responsible for notifying Owner in the event Manager receives
a material written notice that any building on the Premises or any equipment therein does not comply with the requirements of any
constitutional provision, statute, ordinance, law or regulation of any governmental body or any order or ruling of any public authority
or official thereof having or claiming to have jurisdiction thereover (collectively, “Governmental Requirements”).
Manager shall promptly forward to Owner any material written complaints, warnings, notices or summonses received by the Manager
relating to these matters. Owner represents to Manager that to the best of Owner’s knowledge the Premises, the structures
thereon and all equipment servicing the Premises and structures thereon are in current compliance with all Governmental Requirements.
In connection with any inquiry by any public authority or official, Manager is authorized to disclose name and address of the Owner.
In the event it is alleged or charged that any building on the Premises or any equipment therein or any act or failure to act by
Owner with respect to the Premises or the sale, rental, or other disposition thereof fails to comply with, or is in violation of
any Governmental Requirements, and the Manager, in its sole and absolute discretion, considers that the action or position of Owner
with respect thereto may result in damages, fines, prosecutions or other liabilities to the Manager, Manager shall have the right
to terminate this Agreement at any time by written notice to Owner of its election to do so, which termination shall be effective
upon delivery of the notice to Owner. Manager’s termination of this Agreement pursuant to this Section 9 shall not
release the indemnities of Owner set forth in this Agreement and shall not terminate any liability or obligation of Owner to Manager
for any payment, reimbursement, or other sum of money then due and payable to the Manager hereunder, which shall be paid by Owner
to Manager forthwith or by Manager’s deduction thereof from Gross Proceeds.

10.             
Payment of Fees and Actions upon Termination. 

(a)         
The Manager shall not be entitled to compensation after the date of termination of this Agreement for further services hereunder,
but shall be paid all compensation accruing to the date of termination. In connection with the termination of this Agreement, the
Manager shall:

                                                                   
i.           
pay over to Owner all monies collected and held for the account of Owner pursuant to this Agreement, after deducting any
accrued compensation and reimbursement for expenses to which the Manager is entitled;

                                                                 
ii.           
deliver to Owner a full accounting, including a statement showing all payments collected by the Manager and a statement
of all money held by the Manager, covering the period following the date of the last accounting furnished to Owner;

    	S-14

    	 

    

 

                                                               
iii.           
deliver to Owner all property and documents of Owner or Parent Company then in the custody of the Manager; and

                                                               
iv.           
cooperate with Owner and take all reasonable steps requested by Owner to assist it in making an orderly transition of the
functions performed by the Manager.

(b)        
Upon termination, Owner shall specifically assume in writing all obligations under any third-party agreements entered into
by Manager pursuant to Section 3(e) on behalf of Owner.

11.             
Survival. All provisions of this Agreement that require Owner or Parent Company to have insured, or to protect, defend,
save, hold and indemnify Indemnified Parties or to compensate or reimburse Manager shall survive any expiration or termination
of this Agreement and if Manager is or becomes involved in any claim, proceeding or litigation by reason of having been Manager
of Owner, such provisions shall apply as if this Agreement were still in effect.

12.             
Insurance. Owner agrees that Manager shall be listed as an additional insured on all insurance policies related to
the Premises. Owner hereby authorizes Manager to take all steps necessary to cause Manager to be named as an additional insured
including, but not limited to, obtaining evidence of such additional insured status from Inland Insurance and Risk Management Services,
Inc.

    	S-15

    	 

    

 

13.             
Notices. All notices, requests or demands to be given under this Agreement from one party to the other (collectively,
“Notices” and individually a “Notice”) shall be in writing and shall be given by personal delivery, or
by overnight courier service for next Business Day delivery at the other party’s address set forth below, or by telecopy
transmission at the other party’s facsimile telephone number set forth below. Notices given by personal delivery (i.e.,
by the sending party or a messenger) shall be deemed given on the date of delivery. Notices given by overnight courier service
shall be deemed given upon deposit with the overnight courier service and Notices given by telecopy transmission shall be deemed
given on the date of transmission provided such transmission is completed by 5:00 p.m. (sending party’s local time) on a
Business Day, otherwise such delivery shall be deemed to occur on the next succeeding Business Day. If any party’s address
is a business, receipt, or the refusal to accept delivery, by a receptionist or by any person in the employ of such party, shall
be deemed actual receipt by the party of Notices. The term, Business Day, means any day other than Saturday, Sunday or any other
day on which national banks are required or are authorized to be closed in Chicago, Illinois. Notices may be issued by an attorney
for a party and in such case such Notices shall be deemed given by such party. The parties’ addresses are as follows

	If to Owner, to:	
        Inland Real Estate Income Trust, Inc.

        2901 Butterfield Road

        Oak Brook, IL 60523

        Attention:Ms. JoAnn M. McGuinness, President

        Telephone:(630) 218-8000

        Facsimile:(630) 368-2218

	 	 
	With a copy to:	
        IREIT Business Manager & Advisor, Inc.

        2901 Butterfield Road

        Oak Brook, IL 60523

        Attention:Ms. Roberta S. Matlin, Vice President

        Telephone:(630) 218-8000

        Facsimile:(630) 218-4955

	 	 
	
        If to Manager, to:

         

         

         
	
        Inland National Real Estate Services, LLC

        2901 Butterfield Road

        Oak Brook, IL 60523

        Attention:Larry R. Sajdak

        Telephone:(630) 645-7258

        Facsimile:(630) 368-2218

 

A party’s
address for Notice may be changed from time to time by notice given to the other party in the manner herein provided for giving
Notice. Copies of Notices are for informational purposes only, and a failure to give or receive copies of any Notice shall not
be deemed a failure to give notice, and shall in no way adversely affect the effectiveness of such Notice given to the addressee
party.

 

14.             
Miscellaneous. 

a.                  
Nothing contained herein shall be construed as creating any rights in persons or entities who are not the parties to this
Agreement. Manager and Owner shall not be construed as joint venturers or partners of each other pursuant to this Agreement, and
neither shall have the power to bind or obligate the other except as set forth herein. In all respects, the status of Manager to
Owner under this Agreement is that of an independent contractor.

b.                 
If any provisions of this Agreement, or the application of any such provisions to parties hereto, shall be held by a court
of competent jurisdiction to be unlawful or unenforceable, the remaining provisions of this Agreement shall nevertheless be valid,
enforceable and shall remain in full force and effect, and shall not be affected, impaired or invalidated in any manner. This Agreement,
its validity, performance and enforcement shall be construed in accordance with, and governed by, the internal laws of the State
of Illinois without regard to conflicts of law principles.

c.                  
This Agreement shall be binding upon the successors and assigns of Manager and the successors and assigns of Owner and the
successors and assigns of Parent Company if and only if the Parent Company is the parent company of the successor or assign of
Owner. This Agreement contains the entire Agreement of the parties relating to the subject matter hereof, and there are no understandings,
representations or undertakings by either party except as herein contained. This Agreement may be modified solely by a written
agreement executed by both parties hereto.

d.                 
If any party hereto defaults under the terms or conditions of this Agreement, the defaulting party shall pay the non-defaulting
party’s court costs and reasonable attorneys’ fees incurred in the enforcement of any provision of this Agreement.

e.                  
Either party’s failure to exercise any right under this Agreement shall neither constitute a waiver of any other terms
or conditions of this Agreement with respect to any other or subsequent breach, nor a waiver by that party of its right at any
time thereafter to require exact and strict compliance with the terms of this Agreement.

f.                  
All exhibits attached to this Agreement are hereby incorporated by reference.

[THE REMAINDER OF THIS PAGE INTENTIONALLY
BLANK]

    	S-16

    	 

    

WHEREFORE, the undersigned
have executed this Agreement by their duly authorized officers or representatives as of the date first above written.

	MANAGER:	 	OWNER:
	 	 	 
	
        Inland National Real Estate
        Services, LLC, a Delaware limited liability company

         

        By:

        Name:

        Its:
	 	
        IREIT Olive Branch Wedgewood,
        L.L.C.,

        a Delaware limited liability company

         

        By:Inland Real Estate Income Trust, Inc.,

        a Maryland corporation,
        its sole member

         

        By:

        Name:

        Its:

	 	 	 
	 	 	 
	 	 
	 	 
	 	 	 	 

    	S-17

    	 

    

Exhibit A

Legal Description

 

See attached.

 

 

 

 

 

 

 

 

 

S-18

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