Document:

Exhibit 10.18

MEZZANINE PLEDGE AND SECURITY AGREEMENT

THIS MEZZANINE
PLEDGE AND SECURITY AGREEMENT (this “Pledge Agreement”) is entered into in as of December 28, 2012,
between IREIT DG SPE II MEMBER, L.L.C., a Delaware limited liability company, having its principal place of business at
2901 Butterfield Road, Oak Brook, Illinois 60523 (referred to herein as “Pledgor”) and JPMORGAN CHASE BANK,
NATIONAL ASSOCIATION, a national banking association chartered under the laws of the United States of America, having an address
at 383 Madison Avenue, New York, New York 10179 (“Lender”).

Pledgor is the owner
of one hundred percent (100%) of the outstanding limited liability company interests in the entities listed on Exhibit A
hereto, each a Delaware limited liability company (individually or collectively, as the context requires, “Pledged Entity”).

Pledgor is borrowing
the sum of Two Million Four Hundred Eighty Thousand and No/100 Dollars ($2,480,000) from Lender pursuant to the terms of that certain
Mezzanine Promissory Note of even date herewith executed by Pledgor (the “Note”), which Note is to be secured by this
Pledge Agreement and by other instruments (“Other Security Documents”). The loan represented by the Note shall
be referred to herein as the “Loan”. Pledgor expects to derive economic benefit from the Loan.

To induce Lender
to make the Loan, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Pledgor and Lender agree as follows:

		1.	Defined Terms. As used in this Pledge Agreement, the following terms shall have the following
meanings:

“Business Day”
shall mean any day other than a Saturday, Sunday or any other day on which national banks in New York, New York are not open for
business.

“Collateral”
shall have the meaning assigned to it in Section 2 of this Pledge Agreement.

“Event of Default”
shall mean the occurrence of any of the following: (i) any principal amount of, or interest on, the Note shall not be paid when
due; or (ii) Pledgor shall breach any representation hereunder, or shall fail to perform any covenant, agreement or other obligation
under this Pledge Agreement or under any of the Other Security Documents and such failure shall continue beyond any applicable
grace or cure period; or (iii) Pledgor shall commence a voluntary case under Title 11 of the United States Code entitled “Bankruptcy”
as now or hereafter in effect, or any successor thereto (the “Bankruptcy Code”); or an involuntary case is commenced
against the Pledgor under the Bankruptcy Code and relief shall be ordered against the Pledgor or the petition is controverted but
is not dismissed within sixty (60) days after the commencement of the case; or Pledgor shall be not generally paying its debts
as such debts become due; or a custodian (as defined in the Bankruptcy Code) shall be appointed for, or take

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charge of, all or substantially
all of the property of the Pledgor; or the Pledgor shall commence any other proceeding under any reorganization, arrangement, readjustment
of debt, relief or debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter
in effect relating to Pledgor or there shall be commenced against the Pledgor any such proceeding which remains undismissed for
a period of sixty (60) days or the Pledgor shall be adjudicated insolvent or bankrupt; or the Pledgor shall fail to controvert
in a timely manner any such case under the Bankruptcy Code or any such proceeding, or any order of relief or other order approving
any such case or proceeding is entered; or the Pledgor by any act or failure to act indicates its consent to, approval of, or acquiescence
in any such case or proceeding or in the appointment of any custodian, or the like of, or for it, or any substantial part of its
property or shall suffer any such appointment to continue undischarged or unstayed for a period of sixty (60) days; or the Pledgor
makes a general assignment for the benefit of creditors; or any action is taken by the Pledgor for the purpose of affecting any
of the foregoing; (iv) any provision of the Note, this Pledge Agreement or any other document delivered by or on behalf of Pledgor
in connection with the Loan, shall at any time for any reason fail or cease to be valid and binding on Pledgor, respectively or
shall fail or cease to create a valid and perfected first priority security interest in any of the Collateral, or Pledgor shall
so state in writing, or the validity or enforceability thereof shall be contested by Pledgor or a proceeding shall be commenced
by any governmental agency or authority having jurisdiction over Pledgor seeking to establish the invalidity or unenforceability
thereof, or Pledgor shall deny that they have any or further liability or obligations under the instrument delivered by each in
connection with the Loan; or (v) an Event of Default by any Pledged Entity shall have occurred under, and not have been cured in
accordance with, any mortgage loan documents executed by Pledged Entity and encumbering the Property (the “Mortgage Loan
Documents”).

“Interests” shall
mean Pledgor’s Shares, together with all proceeds, rents, income, increases, profits and related rights, all sums or distributions
(whether made in cash, tangible or intangible property of any kind or character, or otherwise) due or to become due to Pledgor
including all profits and income, and the accounts thereof, all surplus and capital, and the accounts thereof, all rights (if and
to the extent provided in the Pledged Entity Operating Agreement) in specific property, including the right to participate in the
management and administration of any Pledged Entity’s business and affairs, to require any information and account of transactions
and all other matters relating to the business and financial condition of any Pledged Entity, to inspect the books and records,
including federal, state and local income tax returns, and to receive all allocations of loss, deduction, credit and other tax
benefits allocable to Pledgor from any Pledged Entity, and any and all other rights, title and interest of Pledgor in Pledged Entity
and under the Pledged Entity Operating Agreement of Pledged Entity, whether now existing or hereafter acquired or created, together
with all products, proceeds, substitutions and additions of or to any of the foregoing.

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“Note” shall
mean that certain Mezzanine Promissory Note of even date herewith in the principal amount of Two Million Four Hundred EightyThousand
and No/100 Dollars ($2,480,000), made by Pledgor in favor of Lender, as the same may be amended, restated, replaced, supplemented
or otherwise modified from time to time.

“Obligations”
shall mean (i) all of the unpaid principal amount of, and accrued interest on, the Note, and (ii) all other indebtedness, liabilities
and obligations of Pledgor to Lender, whether now existing or hereafter incurred, created under, arising out of or in connection
with the Loan, the Note, this Pledge Agreement or the Other Security Documents, including all costs and expenses incurred by Lender
in the collection of any of the obligations of indebtedness described in (i) and (ii) above, including without limitation reasonable
attorney’s fees and legal expenses.

“Operating Agreement”
shall mean that certain Limited Liability Company Agreement of Pledgor, dated December 10, 2012 (as the foregoing may have been
amended or may hereafter be amended from time to time).

“Pledged Entity Operating
Agreement” shall mean, individually or collectively as the context requires, the Limited Liability Company Agreement
of each Pledged Entity, each dated December 10, 2012 (as each of the foregoing may have been amended or may hereafter be amended
from time to time).

“Proceeds” shall
mean “proceeds,” as such term is defined in the UCC (as hereinafter defined) and also, to the extent not included in
the foregoing, (i) any and all distributions of cash or property from any Pledged Entity to Pledgor when Shares are sold, exchanged,
collected or otherwise disposed of, both cash and non-cash, and all payments or distributions paid or payable on account of the
Shares; and (ii) any and all other amounts from time to time payable to Pledgor under or in connection with any of the Collateral.

“Property” shall
mean those certain properties described on Exhibit B hereto, in which Pledged Entity owns, on the date hereof, a 100% undivided
fee interest.

“Shares” shall
have the meaning assigned to it in Section 2 of this Pledge Agreement.

“Special Purpose Entity”
shall mean an entity formed for the sole purpose of owning the Interests, and whose organizational documents prohibit it from (i)
engaging in any activity other than owning the Interests and matters related thereto, (ii) incurring no debt other than the Obligations
and trade payables in the ordinary course of business not to exceed two percent (2%) of the amount of the Loan which are not evidence
by a note, are not secured, and are paid when due.

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		2.	Grant of Security Interest. As security for the prompt and complete payment and performance
when due of all the Obligations and to induce Lender to make the Loan, Pledgor hereby grants, pledges and assigns to Lender a first
priority security interest in all of Pledgor’s right, title and interest in, to, and under, whether now existing or hereafter
arising and agrees to deliver and pledge to Lender pursuant to this Pledge Agreement, the following (all of which being herein
collectively called the “Collateral”):

		(a)	One hundred percent (100%) of the limited liability company interests of Pledgor in Pledged Entity
(the “Shares”);

		(b)	all Proceeds of the foregoing.

This Pledge Agreement shall constitute
a Security Agreement under the Uniform Commercial Code of the State of Delaware (the “UCC”), and Pledgor hereby
authorizes Lender to file UCC-1 financing statements with respect to the Collateral. Pledgor may not further assign, pledge, transfer,
hypothecate, distribute or sell any of the Collateral without Lender’s prior written consent first had and obtained.

		3.	Distributions. If during the time this Pledge Agreement is effective Pledgor, by reason
of its ownership of the Shares, shall become entitled to receive, or shall receive any distributions of cash or property directly
or indirectly from any Pledged Entity, Pledgor agrees that it shall accept the same as Lender’s agent and hold the same in
trust for Lender until all of the Obligations have been repaid in full. Any sums or property paid upon or in respect of the Shares
upon the reorganization, liquidation, or dissolution of any Pledged Entity shall immediately be paid over to Lender to be held
by Lender as additional collateral security for the Obligations. Pledgor agrees to give Lender immediate notice of any such distribution
upon the reorganization, liquidation, or dissolution of any Pledged Entity.

		4.	Representations and Warranties. Pledgor hereby represents, warrants and agrees that:

		(a)	Each of the Recitals in this Pledge Agreement is true, correct and complete in all material respects.

		(b)	Pledgor’s exact name is as set forth above. Pledgor is a valid and subsisting limited liability
company and is duly organized and existing under the laws of the State of Delaware, that its Operating Agreement is and remains
in full force and effect, and that a true and correct copy of the Operating Agreement has been delivered to Lender.

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		(c)	Pledgor has full power and authority to execute, deliver and perform its covenants, agreements
and obligations under this Pledge Agreement. All necessary actions have been taken and all necessary consents and approvals received
so that upon the execution and delivery to Lender of this Pledge Agreement by Pledgor, the execution, delivery and performance
of this Pledge Agreement will have been duly authorized.

		(d)	Pledgor’s principal place of business and the place where its records concerning the Collateral
are kept is 2901 Butterfield Road, Oak Brook, Illinois 60523, and Pledgor will promptly notify Lender of any change of such principal
place of business and at request of Lender take such action as is necessary to cause the security interest of Lender in the Collateral
to continue to be perfected.

		(e)	Pledgor is the legal record and beneficial owner of the Shares and is entitled to the Proceeds,
having good and marketable title thereto, free and clear of any and all liens except the security interest granted to Lender under
this Pledge Agreement.

		(f)	No security agreement, financing statement, equivalent security or lien instrument, or continuation
statement covering any of the Shares is on file or of record in any public office.

		(g)	There is no agreement in effect with respect to either Pledgor or Pledged Entity, other than any
agreement with Lender, which would in any manner impair or prohibit the terms of this Pledge Agreement or the assignment of the
Collateral as provided hereunder.

		(h)	Neither the execution or the delivery of this Pledge Agreement nor compliance with the terms and
provisions hereof on the part of Pledgor will violate any statute, license or regulation of any governmental authority or will
breach, conflict with or result in a breach of any of the terms, conditions or provisions of any agreement or instrument, other
than any agreement with Lender, to which Pledgor or Pledged Entity is or may be bound, or constitute a default thereunder, or result
in the creation or imposition of any lien, charge or encumbrance of any nature whatsoever upon or give to others any interest or
rights, including rights of termination or cancellation, in or with respect to, any of Pledgor’s or Pledged Entity’s
property, assets, contracts, licenses or business.

		(i)	Pledgor owns, directly or indirectly, a 100% undivided interest in each Pledged Entity, and Pledged
Entity owns at 100% undivided fee interest in the Property as of the date hereof.

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		(j)	Pledgor hereby represents and warrants that as of the date hereof there exists no certificates,
instruments or writings representing the Collateral, provided, however, if in the future there exists any such certificates, instruments
or writings, Pledgor shall deliver all such certificates, instruments or writings to Lender.

		(k)	Upon the filing of UCC-1 financing statements in proper form with the Delaware Secretary of State,
the security interest granted pursuant to this Pledge Agreement will constitute a valid, perfected first priority security interest
in the Collateral, enforceable as such against all creditors of Pledgor and any Persons purporting to purchase any Collateral from
Pledgor.

The representations and warranties
set forth in this Section 4 shall survive the execution, delivery and performance of this Pledge Agreement.

		5.	Covenants. Pledgor covenants and agrees with Lender that from and after the date of this
Pledge Agreement and until the Obligations are fully satisfied:

		(a)	Pledgor will take all acts reasonably requested by Lender to allow Lender to perfect and maintain
its perfected security interest in the Collateral, including delivery, upon receipt, of any certificates evidencing ownership of
any such Shares. Pledgor shall record the pledge reflected herein on the books and records of each Pledged Entity.

		(b)	Pledgor will not create, permit or suffer to exist, and will defend the Collateral against and
take such other action as is necessary to remove, any lien on the Collateral (other than liens in favor of Lender) and will defend
the right, title and interest of Lender in and to any of Pledgor’s right, title and interest in and to the Collateral and
to any Proceeds thereof against the claims and demands of all other persons whomsoever.

		(c)	At any time and from time to time, upon the written request of Lender, and at the sole expense
of Pledgor, Pledgor will promptly and duly execute and deliver any and all such further instruments and documents and take such
further actions as tender may reasonably deem necessary to obtain the full benefits of this Pledge Agreement and of the rights
and powers herein granted.

		(d)	Pledgor shall keep accurate and complete books and records concerning the Collateral owned by it
in accordance with generally accepted accounting principles or other accounting standards acceptable to Lender, consistently applied,
and upon request, shall furnish to Lender copies of such financial reports as Lender shall reasonably request.

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		(e)	Lender shall have the right to review the books and records of Pledgor pertaining to the Collateral
and to copy the same and make excerpts therefrom all at such reasonable times and as often as Lender may reasonably request.

		(f)	Pledgor shall maintain and keep its principal place of business at 2901 Butterfield Road, Oak Brook,
Illinois 60523 and at no other location without giving Lender thirty (30) days prior written notice of any address change.

		(g)	Prior to the occurrence of any Event of Default, Pledgor shall have the right to exercise all voting
and other rights under or pertaining to the Collateral so long as such rights and privileges are exercised in a manner which does
not cause a violation of or default hereunder, or the Other Security Documents.

		(h)	Pledgor shall at all times be a Special Purpose Entity, and will not authorize or consent to any
amendment, revision or modification of the Operating Agreement or the Pledged Entity Operating Agreement without the prior written
consent of Lender.

		(i)	Pledgor shall not permit, without the prior written consent of Lender, any transaction which would
have the effect of diluting Pledgor’s Interest. Pledgor shall at all times own 100% of the direct or indirect interests in
each Pledged Entity. Any violation of the terms hereof shall, at the option of Lender, constitute a default hereunder, and Lender
shall have no obligation to allege or show any impairment of its security thereby and may pursue any legal or equitable remedies
for default without such allegation or showing.

		(j)	Pledgor will not, without the prior written consent of Lender, (i) borrow against the Collateral
from any person, fine or corporation other than Lender, (ii) create, incur, assume or suffer to exist any mortgage, lien, charge
or encumbrances on, or security interest in, or pledge of conditional sale or other title retention agreement with respect to any
of the Collateral, except the security interest created hereunder, or sell or transfer any of the Collateral, (iii) permit any
levy or attachment to be made against any of the Collateral except any levy or attachment relating to the Pledge Agreement, (iv)
permit any financing statement to be on file with respect to any of the Collateral, except financing statements in favor of Lender,
or (v) transfer or convey, or permit a transfer or conveyance of, any interest in the Collateral.

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		6.	Lender’s Appointment as Attorney-in-Fact.

		(a)	Upon the occurrence and continuance of any Event of Default, Pledgor hereby irrevocably constitutes
and appoints Lender and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact
with full irrevocable power and authority in the place and stead of Pledgor and in the name of Pledgor or in its own name, from
time to time in Lender’s discretion, for the purpose of carrying out the terms of this Pledge Agreement, to take any and
all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the
purposes of this Pledge Agreement. Without limiting the generality of the foregoing, Pledgor hereby gives Lender and any officer
or agent thereof, as such attorney-in-fact, the power and right, on behalf of Pledgor, without notice to or assent by Pledgor,
to do the following: (A) to direct any party liable for any payment under any of the Collateral to make payment of any and all
monies due and to become due thereunder directly to Lender or as Lender shall direct; (B) to receive payment of and receipt for
any and all monies, claims and other amounts due and to become due at any time in respect of or arising out of any Collateral;
(C) to endorse and collect any checks, drafts, notes, acceptances or other instruments for the payment of monies due under any
Collateral; (D) to commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction
to collect the Collateral or any portion thereof and to enforce any other right in respect of the Collateral; (E) to defend any
suit, action or proceeding brought against Pledgor with respect to any Collateral; (F) to pay or discharge taxes, liens, security
interests or other encumbrances levied or placed on or threatened against the Collateral; (G) to settle, compromise or adjust any
suit, action or proceeding described above and, in connection therewith, to give such discharges or releases as Lender may deem
appropriate; and (H) generally to sell, transfer, pledge, vote, make any agreement with respect to or otherwise deal with any of
the Collateral, in accordance with Section 9 hereof, as fully and completely as though Lender were the absolute owner thereof for
all purposes, and to do, at Lender’s option and Pledgor’s expense, at any time, or from time to time, all acts and
things which Lender reasonably deems necessary to protect, preserve or realize upon the Collateral and Lender’s security
interest therein, in order to effect the intent of this Pledge Agreement, all as fully and effectively as Pledgor might do.

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Any and all such amounts received
by Lender as attorney-in-fact for Pledgor shall be held by Lender as Collateral pursuant to this Pledge Agreement or, at Lender’s
election shall be applied to the reduction of any Obligation then outstanding, in such order as Lender may elect. Pledgor hereby
ratifies, to the extent permitted by law, all that said attorneys shall lawfully do or cause to be done by virtue hereof. This
power of attorney is a power coupled with an interest and shall be irrevocable.

		(b)	The powers conferred on Lender hereunder are solely to protect Lender’s interests in the
Collateral and shall not impose any duty upon it to exercise any such powers. Lender shall be accountable only for amounts that
it actually receives as a result of the exercise of such powers and neither it nor any of its officers, directors, employees or
agents shall be responsible to Pledgor for any act or failure to act, except for its own gross negligence or willful misconduct.

		(c)	Pledgor also authorizes Lender, at any time and from time to time upon the occurrence and during
the continuance of any Event of Default, to execute, in connection with the sale provided for in Section 9 of this Pledge Agreement,
any endorsements, assignments or other instruments of conveyance or transfer with respect to the Collateral.

		7.	Performance by Lender of Pledgor’s Obligations. If Pledgor fails to perform or comply
with any of its agreements contained herein and Lender, as provided for by the terms of this Pledge Agreement, shall itself perform
or comply, or otherwise cause performance or compliance, with such agreement, the reasonable expenses of Lender incurred in connection
with such performance or compliance, together with interest thereon at the Default Rate shall be payable by Pledgor to Lender on
demand and shall constitute Obligations secured hereby.

		8.	Intentionally Omitted.

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		9.	Remedies, Rights Upon Default.

		(a)	If any Event of Default shall occur and be continuing, Lender may exercise, in addition to all
other rights and remedies granted to it in this Pledge Agreement and in any other instrument or agreement securing, evidencing
or relating to the Obligations, all rights and remedies of a secured party under the UCC. Without limiting the generality of the
foregoing, Pledgor expressly agrees, to the extent permitted by law, that in any such event Lender, upon ten (10) Business Days
prior written notice to Pledgor may forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof,
and/or may forthwith sell, lease, assign, give option or options to purchase, or sell or otherwise dispose of and deliver said
Collateral (or contract to do so), or any part thereof, in one or more parcels at public or private sale or sales, at any of Lender’s
offices or elsewhere at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any
credit risk. Lender shall apply the net proceeds of any such collection, recovery, receipt, appropriation, realization or sale,
as provided in Section 9(d) hereof, and only after so paying over such net proceeds and after the payment by Lender of any other
amount required by any provision of law, including Section 9¬504 (1)(c) of the UCC, need Lender account for the surplus, if
any, to Pledgor. To the extent permitted by applicable law, Pledgor waives all claims, damages, and demands against Lender arising
out of the repossession, retention or sale of the Collateral except such as arise out of the gross negligence or willful misconduct
of Lender. Pledgor agrees that Lender need not give more than ten (10) Business Days’ notice of the time and place of any
public sale or of the time after which a private sale may take place and that such notice is reasonable notification of such matters.
Notice of a potential sale or disposition of the Collateral under this Section 9(a) may be combined with a notice of default in
which case the notice period shall be concurrent with and not in additional to any applicable grace period. Pledgor agrees that
the sale of the Collateral by either a public or private sale shall be deemed commercially reasonable. LENDER MAY ENFORCE ITS RIGHTS
HEREUNDER WITHOUT RESORT TO PRIOR JUDICIAL PROCESS OR JUDICIAL HEARING AND PLEDGOR EXPRESSLY WAIVES, RENOUNCES, AND KNOWINGLY RELINQUISHES
ANY LEGAL RIGHT WHICH MIGHT OTHERWISE REQUIRE LENDER TO ENFORCE ITS RIGHTS BY JUDICIAL PROCESS. IN SO PROVIDING FOR A NONJUDICIAL
REMEDY, PLEDGOR REPRESENTS THAT SUCH A REMEDY IS RESPONSIVE TO COMMERCIAL NECESSITY AND IS THE RESULT OF BARGAIN AT ARM’S
LENGTH. NOTHING HEREIN IS INTENDED TO PREVENT LENDER FROM RESORTING TO JUDICIAL PROCESS AT SUCH PARTY’S OPTION.

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		(b)	Pledgor agrees to pay all costs of Lender, including reasonable attorneys’ fees, incurred
with respect to the collection of any of the Obligations and the enforcement of any of Lender’s rights hereunder.

		(c)	Pledgor hereby waives presentment, demand, protest or any notice (to the extent permitted by applicable
law) of any kind in connection with this Pledge Agreement or any Collateral except as provided in Section 9(a) of this Pledge Agreement.

		(d)	The proceeds of any sale, disposition or other realization upon all or any part of the Collateral
shall be distributed by Lender in the following order of priorities:

first,
to Lender in an amount sufficient to pay in full the expenses of Lender in connection with such sale, disposition or other realization,
incurred or made by Lender in connection therewith, including reasonable attorneys’ fees;

second,
to Lender in an amount equal to any late charges or other fees and charges due on the Obligations;

third,
to Lender in an amount equal to the then accrued and unpaid interest, if any, on the Obligations (with such amount being first
applied to interest determined at the Default Rate, as defined in the Note);

fourth,
to Lender in an amount equal to any other Obligations which are then unpaid; and,

fifth,
to Lender in an amount equal to the then unpaid principal of the Obligations;

finally,
upon payment in full of all of the Obligations, to Pledgor, or its representative or as a court of competent jurisdiction may direct,
any surplus then remaining from such proceeds.

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		(e)	Pledgor agrees that in any sale of any of the Shares hereunder, Lender is authorized to comply
with any limitation or restriction in connection with such sale which it is advised by its counsel is appropriate (i) in order
to avoid violation of applicable law, including, without limitation, procedures restricting the number of prospective bidders and
purchasers, requiring that prospective bidders and purchasers have certain qualifications, and restricting prospective bidders
and purchasers to persons who will represent and agree that they are purchasing for their own account for investment and not with
a view to the distribution or resale of any Shares they purchase, or (ii) in order to obtain any required approval of such sale
or of a purchaser at such sale by any governmental regulatory authority or official. Pledgor further agrees that such compliance
shall not result in any such sale being deemed not to have been made in a commercially reasonable manner, nor shall Lender be liable
or accountable to Pledgor for any discount allowed by reason of the fact that any Shares are sold in compliance with any such limitation
or restriction.

		(f)	The remedies of Lender hereunder are cumulative and the exercise of any one or more of the remedies
provided for herein or under the UCC shall not be construed as a waiver of any of the other remedies of Lender. Amongst its remedies,
Lender has the right to require specific performance of the terms and provisions of this Pledge Agreement and may obtain injunctive
relief from any court of competent jurisdiction.

		(g)	It is agreed that no waiver by Lender of any Event of Default shall operate as a waiver of any
other default or of the same default on a future occasion. All the rights of Lender hereunder shall inure to the benefit of its
successors and assigns and all obligations of Pledgor shall bind its successors and assigns.

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		(h)	Pledgor agrees to indemnify and hold harmless Lender, its directors, officers, employees, agents
and parent and subsidiary corporations, and each of them, from and against any and all liabilities, obligations, claims, damages,
or expenses incurred by any of them arising out of or by reason of entering into this Pledge Agreement or the consummation of the
transactions contemplated by this Pledge Agreement (unless caused solely by the gross negligence or willful misconduct of such
indemnified parties) and to pay or reimburse Lender for the reasonable fees and disbursements of counsel incurred in connection
with any investigation, litigation or other proceedings (whether or not Lender is a party thereto) arising out of or by reason
of any of the aforesaid. Lender will promptly give Pledgor written notice of the assertion of any claim which it believes is subject
to the indemnity set forth in this Section 9 and will upon the request of Pledgor promptly furnish Pledgor with all material in
its possession relating to such claim or the defense thereof to the extent that the Lender may do so without breach of duty to
others. Any amounts properly due under this Section 9 shall be payable to Lender immediately upon demand.

		10.	Limitations on Lender’s Obligations Under the Pledged Entity Operating Agreement.
Pledgor acknowledges and agrees that this Pledge Agreement shall not in any way obligate Lender or any of its successors and assigns
to perform any of the now existing or hereafter accruing, or any of its successors and assigns to perform any of the now existing
or hereafter accruing, obligations of Pledgor under the Pledged Entity Operating Agreement and Pledgor agrees to perform any and
all obligations (including the payment of any and all liabilities or assessments) of Pledgor under the Pledged Entity Operating
Agreement, whether heretofore or hereafter accruing or arising, all with the same effect as though this Pledge Agreement had not
been executed or delivered by Pledgor.

		11.	Limitation on Lender’s Duty in Respect of Collateral. Lender shall use reasonable
care with respect to the Collateral in its possession or under its control. Upon request of Pledgor, Lender shall account for any
money received by it in respect of any foreclosure on or disposition of the Collateral.

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		12.	Notices. Notices to the parties hereto shall be in writing and be personally delivered,
mailed by certified mail return receipt requested or delivered by overnight courier, addressed as follows:

If to Pledgor:              c/o
Inland Real Estate Income Trust, Inc.

2901 Butterfield Road

Oak Brook, IL 60523

Attention: JoAnne McGuinness

Facsimile No.: (630) 368-2218

With a copy
to:          The Inland Real Estate Group, Inc./Law Department.

2901 Butterfield Road

Oak Brook, IL 60523

Attention: General Counsel

Facsimile No.: (630) 218-4900

If to Lender:               JPMorgan
Chase Bank, National Association

383 Madison Avenue

New York, New York 10179

Attention: Joseph E. Geoghan

Facsimile No.: (212) 834-6029

with a copy
to:            JPMorgan Chase Bank, National Association

Four New York Plaza, 20th Floor

New York, NY 10004

Attention: Nancy Alto

Facsimile No.: (212) 623-4779

with an additional copy to:     Katten
Muchin Rosenman LLP

550 South Tryon Street, Ste. 2900

Charlotte, North Carolina 28202-4213

Attention: Daniel S. Huffenus, Esq.

Facsimile No.: (704) 344-3056

 

Notices or other communications
served by personal delivery shall be deemed effective upon receipt, notices or other communications served by overnight courier
shall be deemed effective the first business day after deposit with the courier and notices or other communications served by mail,
shall be deemed effective two (2) days after mailing as required above.

    	14

    	 

    

 

		13.	Severability. Upon payment in full or other satisfaction of the Obligations, this Pledge
Agreement shall terminate and be of no further force or effect; provided, however, that any indemnity provided hereunder shall
survive such payment. Until such time, however, this Pledge Agreement shall remain in full force and effect as security for all
of the Obligations and shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns. The satisfaction, or discharge, of any part of the Obligations hereby secured shall not in any way satisfy or discharge
this Pledge Agreement. Any provision of this Pledge Agreement which is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

		14.	No Waiver-Cumulative Remedies. Lender shall not by any act, delay, omission or otherwise
be deemed to have waived any of its rights or remedies hereunder, and no waiver shall be valid unless in writing, signed by Lender,
and then only to the extent therein set forth. A waiver by Lender of any right or remedy hereunder on any one occasion shall not
be construed as a bar to any right or remedy which Lender would otherwise have had on any future occasion. No failure to exercise
nor any delay in exercising on the part of Lender any right, power or privilege hereunder, shall operate as a waiver thereof, nor
shall any single or partial exercise of any right, power or privilege hereunder preclude any other or future exercise thereof or
the exercise of any other right, power or privilege. The rights and remedies hereunder provided are cumulative and may be exercised
singly or concurrently and not exclusive of any rights and remedies provided by law. None of the terms or provisions of this Pledge
Agreement may be waived, altered, modified or amended except by an instrument in writing, duly executed by Pledgor and Lender.

		15.	Successor and Assigns. This Pledge Agreement and all obligations of Pledgor hereunder shall
be binding upon the respective heirs, personal representatives, successors and assigns of Pledgor (subject to any release given
by Lender pursuant to Section 8 above) and shall together with the rights and remedies of Lender hereunder, inure to the benefit
of Lender and its successors and assigns.

    	15

    	 

    

 

		16.	Governing Law, Consent to Jurisdiction and Venue, Waiver of Jury Trial. THIS PLEDGE AGREEMENT
SHALL BE GOVERNED BY, AND BE CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS, OF THE STATE OF NEW YORK. ANY LEGAL SUIT,
ACTION OR PROCEEDING AGAINST LENDER OR PLEDGOR ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS MAY AT
LENDER’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION
5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND PLEDGOR WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE
AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND PLEDGOR HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION
OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDINGPLEDGOR HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS PLEDGE AGREEMENT.

 

[remainder of page intentionally left
blank]

 

    	16

    	 

    

IN WITNESS WHEREOF,
each of the parties hereto has executed and delivered this Pledge Agreement on the date first set forth above before the notary
public acknowledging their respective signatures on the next successive pages.

PLEDGOR:

IREIT DG SPE II MEMBER, 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

Title: Treasurer/Chief Accounting Officer

 

 

ACKNOWLEDGMENT

 

STATE OF ILLINOIS)

                                        )ss

COUNTY OF DUPAGE)

On December 26,
2012 before me, Laura Razo, personally appeared David Z. Lichterman, personally known to me (or proved to me on the basis of satisfactory
evidence) to be the person(s) whose name is subscribed to the within instrument and acknowledged to me that he executed the same
in his authorized capacity and that by his signature on the instrument the person, or the entity upon behalf of which the person
acted, executed the instrument.

WITNESS my hand and official seal.

_/s/ Laura Razo_

Notary Public

 

    	17

    	 

    

EXHIBIT A

Pledged Entity

 

		1.	IREIT Mobile Moffett DG, L.L.C., a Delaware limited liability company

		2.	IREIT Daleville DG, L.L.C., a Delaware limited liability company

		3.	IREIT Valley DG, L.L.C., a Delaware limited liability company

		4.	IREIT Maryville DG, L.L.C., a Delaware limited liability company

		5.	IREIT LaGrange Hamilton DG, L.L.C., a Delaware limited liability company

		6.	IREIT LaGrange Wares Cross DG, L.L.C., a Delaware limited liability company

		7.	IREIT Brooks DG, L.L.C., a Delaware limited liability company

    	18

    	 

    

EXHIBIT B

PROPERTIES

1.Dollar General, 5475 Moffett Road, Mobile,
Alabama 36618

2.Dollar General, 501 East Main Street,
Daleville, Alabama 36322

3.Dollar General, 4919 Lee Road 270, Valley,
Alabama 36854

4.Dollar General, 109 Sam Houston School
Road, Maryville, Tennessee 37804

5.Dollar General, 3425 Waterlevel Highway
Cleveland, Tennessee 37323

6.Dollar General, 2956 Hamilton Road, Lagrange,
Georgia 30240

7.Dollar General, 112 Wares Cross Road,
Lagrange, Georgia 30240

8.Dollar General, 7768 Georgia Highway
16 West, Brooks, Georgia 30205

 

 

19Exhibit
10.19

GUARANTY AGREEMENT

THIS GUARANTY
AGREEMENT (this “Guaranty”) is executed as of December 28, 2012, by INLAND
REAL ESTATE INVESTMENT CORPORATION, a Delaware corporation (“IREIC”), and INLAND
REAL ESTATE INCOME TRUST, INC., a Maryland corporation (“IREIT”), each having an address at 2901
Butterfield Road, Oak Brook, Illinois 60523 (individually and collectively, as the context may require, “Guarantor”),
for the benefit of JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a banking association chartered under the laws of the United
States of America, having an address at 383 Madison Avenue, New York, New York 10179 (“Lender”).

W I T N E S S E T H:

WHEREAS,
pursuant to that certain Promissory Note, dated of even date herewith, executed by the entities set forth on Schedule A
attached hereto (each an “Individual Borrower” and collectively, “Borrower”), and payable
to the order of Lender in the original principal amount of FOUR MILLION ONE HUNDRED FORTY THOUSAND AND NO/100 DOLLARS ($4,140,000.00)
(as the same may hereafter be amended, restated, renewed, supplemented, replaced, extended or otherwise modified from time to time,
the “Note”), Borrower has become indebted, and may from time to time be further indebted, to Lender with respect
to a loan (“Loan”) made pursuant to that certain Loan Agreement, of even date herewith, between Borrower and
Lender (as the same may hereinafter be amended, modified, restated, renewed or replaced, the “Loan Agreement”);

WHEREAS,
the Loan is secured by, among other things, the lien and security interest of those certain mortgages, deeds to secured debt and/or
deeds of trust, each dated as of the date hereof, given by Borrower to or for the benefit of Lender and encumbering the Property
(such mortgages, deeds to secure debt and deeds of trust, as the same may hereafter be amended, restated, renewed, supplemented,
replaced, extended or otherwise modified from time to time, each, a “Mortgage” and collectively, the “Mortgages”),
and is further evidenced, secured or governed by such other instruments and documents executed in connection with the Loan (together
with the Note, the Loan Agreement and the Mortgages are hereinafter collectively referred to as the “Loan Documents”);

WHEREAS,
Lender is not willing to make the Loan, or otherwise extend credit, to Borrower unless Guarantor unconditionally guarantees payment
and performance to Lender of the Guaranteed Obligations (as herein defined);

WHEREAS,
IREIC is an affiliate of Borrower, and IREIC will benefit from Lender’s making the Loan to Borrower; and

WHEREAS,
IREIT is the owner of a direct or indirect interest in Borrower, and IREIT will directly benefit from Lender’s making the
Loan to Borrower.

    	1

    	 

    

 

NOW, THEREFORE,
as an inducement to Lender to make the Loan to Borrower, and to extend such additional credit as Lender may from time to time agree
to extend under the Loan Documents, and for other good and valuable consideration, the receipt and legal sufficiency of which are
hereby acknowledged, the parties do hereby agree as follows:

ARTICLE
1

NATURE AND SCOPE OF GUARANTY

1.1             
Guaranty of Obligation. Guarantor hereby irrevocably and unconditionally guarantees to Lender and its
successors and assigns the payment and performance of the Guaranteed Obligations as and when the same shall be due and payable,
whether by lapse of time, by acceleration of maturity or otherwise. Guarantor hereby irrevocably and unconditionally covenants
and agrees that it is liable for the Guaranteed Obligations as a primary obligor.

1.2             
Definition of Guaranteed Obligations. As used herein, the term “Guaranteed Obligations”
means all obligations and liabilities of Borrower pursuant to Section 9.3 of the Loan Agreement.

1.3             
Nature of Guaranty. This Guaranty is an irrevocable, absolute, continuing guaranty of payment and performance
and not a guaranty of collection. This Guaranty may not be revoked by Guarantor and shall continue to be effective with respect
to any Guaranteed Obligations arising or created after any attempted revocation by Guarantor and after (if Guarantor is a natural
person) Guarantor’s death (in which event this Guaranty shall be binding upon Guarantor’s estate and Guarantor’s
legal representatives and heirs). The fact that at any time or from time to time the Guaranteed Obligations may be increased or
reduced shall not release or discharge the obligation of Guarantor to Lender with respect to the Guaranteed Obligations. This Guaranty
may be enforced by Lender and any subsequent holder of the Note and shall not be discharged by the assignment or negotiation of
all or part of the Note.

1.4             
Guaranteed Obligations Not Reduced by Offset. The Guaranteed Obligations and the liabilities and obligations
of Guarantor to Lender hereunder, shall not be reduced, discharged or released because or by reason of any existing or future offset,
claim or defense of Borrower, or any other party, against Lender or against payment of the Guaranteed Obligations, whether such
offset, claim or defense arises in connection with the Guaranteed Obligations (or the transactions creating the Guaranteed Obligations)
or otherwise.

1.5             
Payment By Guarantor. If all or any part of the Guaranteed Obligations shall not be punctually paid when
due, whether at demand, maturity, acceleration or otherwise, Guarantor shall, immediately upon demand by Lender, and without presentment,
protest, notice of protest, notice of non-payment, notice of intention to accelerate the maturity, notice of acceleration of the
maturity, or any other notice whatsoever, pay in lawful money of the United States of America, the amount due on the Guaranteed
Obligations to Lender at Lender’s address as set forth herein. Such demand(s) may be made at any time coincident with or
after the time

    	2

    	 

    

for payment of all or part of the Guaranteed Obligations, and may
be made from time to time with respect to the same or different items of Guaranteed Obligations. Such demand shall be deemed made,
given and received in accordance with the notice provisions hereof.

 

1.6             
No Duty To Pursue Others. It shall not be necessary for Lender (and Guarantor hereby waives any rights
which Guarantor may have to require Lender), in order to enforce the obligations of Guarantor hereunder, first to (i) institute
suit or exhaust its remedies against Borrower or others liable on the Loan or the Guaranteed Obligations or any other person, (ii)
enforce Lender’s rights against any collateral which shall ever have been given to secure the Loan, (iii) enforce Lender’s
rights against any other guarantors of the Guaranteed Obligations, (iv) join Borrower or any others liable on the Guaranteed Obligations
in any action seeking to enforce this Guaranty, (v) exhaust any remedies available to Lender against any collateral which shall
ever have been given to secure the Loan, or (vi) resort to any other means of obtaining payment of the Guaranteed Obligations.
To the extent permitted by applicable law, Lender shall not be required to mitigate damages or take any other action to reduce,
collect or enforce the Guaranteed Obligations.

1.7             
Waivers. Guarantor agrees to the provisions of the Loan Documents, and to the extent permitted by applicable
law, hereby waives notice of (i) any loans or advances made by Lender to Borrower, (ii) acceptance of this Guaranty, (iii) any
amendment or extension of the Note, the Mortgages, the Loan Agreement or of any other Loan Documents, (iv) the execution and delivery
by Borrower and Lender of any other loan or credit agreement or of Borrower’s execution and delivery of any promissory notes
or other documents arising under the Loan Documents or in connection with any Individual Property, (v) the occurrence of any breach
by Borrower or an Event of Default, (vi) Lender’s transfer or disposition of the Guaranteed Obligations, or any part thereof,
(vii) sale or foreclosure (or posting or advertising for sale or foreclosure) of any collateral for the Guaranteed Obligations,
(viii) protest, proof of non-payment or default by Borrower, or (ix) any other action at any time taken or omitted by Lender, and,
generally, all demands and notices of every kind in connection with this Guaranty, the Loan Documents, any documents or agreements
evidencing, securing or relating to any of the Guaranteed Obligations and the obligations hereby guaranteed.

1.8             
Payment of Expenses. In the event that Guarantor should breach or fail to timely perform any provisions
of this Guaranty, Guarantor shall, immediately upon demand by Lender, pay Lender all costs and expenses (including court costs
and attorneys’ fees) incurred by Lender in the enforcement hereof or the preservation of Lender’s rights hereunder.
The covenant contained in this Section shall survive the payment and performance of the Guaranteed Obligations.

1.9             
Effect of Bankruptcy. In the event that, pursuant to any insolvency, bankruptcy, reorganization, receivership
or other debtor relief law, or any judgment, order or decision thereunder, Lender must rescind or restore any payment, or any part
thereof, received by Lender in satisfaction of the Guaranteed Obligations, as set forth herein, any prior release or discharge
from the terms of this Guaranty given to Guarantor by Lender shall be without effect, and this Guaranty shall remain in full force
and effect. It is the intention of Borrower and Guarantor that Guarantor’s obligations hereunder shall not be discharged
except by Guarantor’s performance of such obligations and then only to the extent of such performance.

    	3

    	 

    

 

1.10         
Waiver of Subrogation, Reimbursement and Contribution. Notwithstanding anything to the contrary contained
in this Guaranty, Guarantor hereby unconditionally and irrevocably waives, releases and abrogates any and all rights it may now
or hereafter have under any agreement, at law or in equity (including, without limitation, any law subrogating the Guarantor to
the rights of Lender), to assert any claim against or seek contribution, indemnification or any other form of reimbursement from
Borrower or any other party liable for payment of any or all of the Guaranteed Obligations for any payment made by Guarantor under
or in connection with this Guaranty or otherwise.

1.11         
Borrower. The term “Individual Borrower” or “Borrower” as used herein
shall include any new or successor corporation, association, partnership (general or limited), limited liability company, joint
venture, trust, statutory trust or other individual or organization formed as a result of any merger, reorganization, sale, transfer,
devise, gift or bequest of Borrower or any Individual Borrower or any interest in Borrower or any Individual Borrower.

ARTICLE
2

EVENTS AND CIRCUMSTANCES NOT REDUCING OR

DISCHARGING GUARANTOR’S OBLIGATIONS

Guarantor hereby
consents and agrees to each of the following, and agrees that Guarantor’s obligations under this Guaranty shall not be released,
diminished, impaired, reduced or adversely affected by any of the following, and waives any common law, equitable, statutory or
other rights (including without limitation rights to notice) which Guarantor might otherwise have as a result of or in connection
with any of the following:

2.1             
Modifications. Any renewal, extension, increase, modification, alteration or rearrangement of all or any
part of the Guaranteed Obligations, the Note, the Mortgages, the Loan Agreement, the other Loan Documents, or any other document,
instrument, contract or understanding between Borrower and Lender, or any other parties, pertaining to the Guaranteed Obligations
or any failure of Lender to notify Guarantor of any such action.

2.2             
Adjustment. Any adjustment, indulgence, forbearance or compromise that might be granted or given by Lender
to Borrower or any Guarantor.

2.3             
Condition of Borrower or Guarantor. The insolvency, bankruptcy, arrangement, adjustment, composition,
liquidation, disability, dissolution or lack of power of Borrower, Guarantor or any other party at any time liable for the payment
of all or part of the Guaranteed Obligations; or any dissolution of Borrower or Guarantor, or any sale, lease or transfer of any
or all of the assets of Borrower or Guarantor, or any changes in the shareholders, partners or members of Borrower or Guarantor;
or any reorganization of Borrower or Guarantor.

    	4

    	 

    

 

2.4             
Invalidity of Guaranteed Obligations. The invalidity, illegality or unenforceability of all or any part
of the Guaranteed Obligations, or any document or agreement executed in connection with the Guaranteed Obligations, for any reason
whatsoever, including without limitation the fact that (i) the Guaranteed Obligations, or any part thereof, exceeds the amount
permitted by law, (ii) the act of creating the Guaranteed Obligations or any part thereof is ultra vires, (iii) the officers or
representatives executing the Note, the Mortgages, the Loan Agreement or the other Loan Documents or otherwise creating the Guaranteed
Obligations acted in excess of their authority, (iv) the Guaranteed Obligations violate applicable usury laws, (v) Borrower has
valid defenses, claims or offsets (whether at law, in equity or by agreement) which render the Guaranteed Obligations wholly or
partially uncollectible from Borrower, (vi) the creation, performance or repayment of the Guaranteed Obligations (or the execution,
delivery and performance of any document or instrument representing part of the Guaranteed Obligations or executed in connection
with the Guaranteed Obligations, or given to secure the repayment of the Guaranteed Obligations) is illegal, uncollectible or unenforceable,
or (vii) the Note, the Mortgages, the Loan Agreement or any of the other Loan Documents have been forged or otherwise are irregular
or not genuine or authentic, it being agreed that Guarantor shall, to the extent permitted by applicable law, remain liable hereon
regardless of whether Borrower or any other person be found not liable on the Guaranteed Obligations or any part thereof for any
reason.

2.5             
Release of Obligors. Any full or partial release of the liability of Borrower on the Guaranteed Obligations,
or any part thereof, or of any co-guarantors, or any other Person now or hereafter liable, whether directly or indirectly, jointly,
severally, or jointly and severally, to pay, perform, guarantee or assure the payment of the Guaranteed Obligations, or any part
thereof, it being recognized, acknowledged and agreed by Guarantor that Guarantor may be required to pay the Guaranteed Obligations
in full without assistance or support of any other party, and Guarantor has not been induced to enter into this Guaranty on the
basis of a contemplation, belief, understanding or agreement that other parties will be liable to pay or perform the Guaranteed
Obligations, or that Lender will look to other parties to pay or perform the Guaranteed Obligations.

2.6             
Other Collateral. The taking or accepting of any other security, collateral or guaranty, or other assurance
of payment, for all or any part of the Guaranteed Obligations.

2.7             
Release of Collateral. Any release, surrender, exchange, subordination, deterioration, waste, loss or
impairment (including without limitation negligent, willful, unreasonable or unjustifiable impairment) of any collateral, property
or security at any time existing in connection with, or assuring or securing payment of, all or any part of the Guaranteed Obligations.

    	5

    	 

    

 

2.8             
Care and Diligence. The failure of Lender or any other party to exercise diligence or reasonable care
in the preservation, protection, enforcement, sale or other handling or treatment of all or any part of any collateral, property
or security, including but not limited to any neglect, delay, omission, failure or refusal of Lender (i) to take or prosecute any
action for the collection of any of the Guaranteed Obligations or (ii) to foreclose, or initiate any action to foreclose, or, once
commenced, prosecute to completion any action to foreclose upon any security therefor, or (iii) to take or prosecute any action
in connection with any instrument or agreement evidencing or securing all or any part of the Guaranteed Obligations.

2.9             
Unenforceability. The fact that any collateral, security, security interest or lien contemplated or intended
to be given, created or granted as security for the repayment of the Guaranteed Obligations, or any part thereof, shall not be
properly perfected or created, or shall prove to be unenforceable or subordinate to any other security interest or lien, it being
recognized and agreed by Guarantor that Guarantor is not entering into this Guaranty in reliance on, or in contemplation of the
benefits of, the validity, enforceability, collectability or value of any of the collateral for the Guaranteed Obligations.

2.10         
Offset. The Note, the Loan Agreement, the Guaranteed Obligations and the liabilities and obligations of
the Guarantor to Lender hereunder shall not be reduced, discharged or released because of or by reason of any existing or future
right of offset, claim or defense of Borrower against Lender, or any other party, or against payment of the Guaranteed Obligations,
whether such right of offset, claim or defense arises in connection with the Guaranteed Obligations (or the transactions creating
the Guaranteed Obligations) or otherwise.

2.11         
Merger. The reorganization, merger or consolidation of Borrower into or with any other Person.

2.12         
Preference. Any payment by Borrower to Lender is held to constitute a preference under bankruptcy laws,
or for any reason Lender is required to refund such payment or pay such amount to Borrower or someone else.

2.13         
Other Actions Taken or Omitted. Any other action taken or omitted to be taken with respect to the Loan
Documents, the Guaranteed Obligations, or the security and collateral therefor, whether or not such action or omission prejudices
Guarantor or increases the likelihood that Guarantor will be required to pay the Guaranteed Obligations pursuant to the terms hereof,
it is the unambiguous and unequivocal intention of Guarantor that Guarantor shall be obligated to pay the Guaranteed Obligations
when due, notwithstanding any occurrence, circumstance, event, action, or omission whatsoever, whether contemplated or uncontemplated,
and whether or not otherwise or particularly described herein, which obligation shall be deemed satisfied only upon the full and
final payment and satisfaction of the Guaranteed Obligations.

    	6

    	 

    

 

ARTICLE
3

REPRESENTATIONS AND WARRANTIES

To induce Lender
to enter into the Loan Documents and extend credit to Borrower, Guarantor represents and warrants to Lender as follows:

3.1             
Benefit. Guarantor is an affiliate of Borrower, is the owner of a direct or indirect interest in Borrower,
and has received, or will receive, direct or indirect benefit from the making of this Guaranty with respect to the Guaranteed Obligations.

3.2             
Familiarity and Reliance. Guarantor is familiar with, and has independently reviewed books and records
regarding, the financial condition of Borrower and is familiar with the value of any and all collateral intended to be created
as security for the payment of the Note or Guaranteed Obligations; however, Guarantor is not relying on such financial condition
or the collateral as an inducement to enter into this Guaranty.

3.3             
No Representation By Lender. Neither Lender nor any other party has made any representation, warranty
or statement to Guarantor in order to induce the Guarantor to execute this Guaranty.

3.4             
Guarantor’s Financial Condition. As of the date hereof, and after giving effect to this Guaranty
and the contingent obligation evidenced hereby, Guarantor is solvent, and has assets which, fairly valued, exceed its obligations,
liabilities (including contingent liabilities) and debts, and has property and assets sufficient to satisfy and repay its obligations
and liabilities.

3.5             
Legality. The execution, delivery and performance by Guarantor of this Guaranty and the consummation of
the transactions contemplated hereunder do not, and will not, contravene or conflict with any law, statute or regulation whatsoever
to which Guarantor is subject or constitute a default (or an event which with notice or lapse of time or both would constitute
a default) under, or result in the breach of, any indenture, mortgage, deed of trust, charge, lien, or any contract, agreement
or other instrument to which Guarantor is a party or which may be applicable to Guarantor. This Guaranty is a legal and binding
obligation of Guarantor and is enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other laws
of general application relating to the enforcement of creditors’ rights.

3.6             
Litigation. There are no actions, suits or proceedings at law or in equity by or before any Governmental
Authority or other agency now pending or, to Guarantor’s knowledge, threatened against or affecting Guarantor which actions,
suits or proceedings may (a) result in any material adverse change in the business, operations, condition (financial or otherwise),
properties or assets of Guarantor, (b) result in any material impairment of the rights or ability of Guarantor to carry on its
business substantially as now conducted, (c) result in any material liability on the part of Guarantor, (d) draw into question
the validity of this Agreement or of any action taken or to be taken in connection with the obligations of Guarantor contemplated
herein, and/or (e) materially impact the ability of Guarantor to perform under the terms of this Guaranty.

3.7             
Survival. All representations and warranties made by Guarantor herein shall survive the execution hereof.

    	7

    	 

    

 

ARTICLE
4

SUBORDINATION OF CERTAIN INDEBTEDNESS

4.1             
Subordination of All Guarantor Claims. As used herein, the term “Guarantor Claims”
shall mean all debts and liabilities of Borrower to Guarantor, whether such debts and liabilities now exist or are hereafter incurred
or arise, or whether the obligations of Borrower thereon be direct, contingent, primary, secondary, several, joint and several,
or otherwise, and irrespective of whether such debts or liabilities be evidenced by note, contract, open account, or otherwise,
and irrespective of the person or persons in whose favor such debts or liabilities may, at their inception, have been, or may hereafter
be created, or the manner in which they have been or may hereafter be acquired by Guarantor. The Guarantor Claims shall include
without limitation all rights and claims of Guarantor against Borrower (arising as a result of subrogation or otherwise) as a result
of Guarantor’s payment of all or a portion of the Guaranteed Obligations. Upon the occurrence of an Event of Default or the
occurrence of an event which would, with the giving of notice or the passage of time, or both, constitute an Event of Default,
Guarantor shall not receive or collect, directly or indirectly, from Borrower or any other party any amount upon the Guarantor
Claims.

4.2             
Claims in Bankruptcy. In the event of receivership, bankruptcy, reorganization, arrangement, debtor’s
relief, or other insolvency proceedings involving Guarantor as debtor, Lender shall have the right to prove its claim in any such
proceeding so as to establish its rights hereunder and receive directly from the receiver, trustee or other court custodian dividends
and payments which would otherwise be payable upon Guarantor Claims. Guarantor hereby assigns such dividends and payments to Lender.
Should Lender receive, for application against the Guaranteed Obligations, any such dividend or payment which is otherwise payable
to Guarantor, and which, as between Borrower and Guarantor, shall constitute a credit against the Guarantor Claims, then upon payment
to Lender in full of the Guaranteed Obligations, Guarantor shall become subrogated to the rights of Lender to the extent that such
payments to Lender on the Guarantor Claims have contributed toward the liquidation of the Guaranteed Obligations, and such subrogation
shall be with respect to that proportion of the Guaranteed Obligations which would have been unpaid if Lender had not received
dividends or payments upon the Guarantor Claims.

4.3             
Payments Held in Trust. In the event that, notwithstanding anything to the contrary in this Guaranty,
Guarantor should receive any funds, payment, claim or distribution which is prohibited by this Guaranty, Guarantor agrees to hold
in trust for Lender an amount equal to the amount of all funds, payments, claims or distributions so received, and agrees that
it shall have absolutely no dominion over the amount of such funds, payments, claims or distributions so received except to pay
them promptly to Lender, and Guarantor covenants promptly to pay the same to Lender.

    	8

    	 

    

 

4.4             
Liens Subordinate. Guarantor agrees that any liens, security interests, judgment liens, charges or other
encumbrances upon Borrower’s assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate
to any liens, security interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing payment of
the Guaranteed Obligations, regardless of whether such encumbrances in favor of Guarantor or Lender presently exist or are hereafter
created or attach. Without the prior written consent of Lender, Guarantor shall not (i) exercise or enforce any creditor’s
right it may have against Borrower, or (ii) foreclose, repossess, sequester or otherwise take steps or institute any action or
proceedings (judicial or otherwise, including without limitation the commencement of, or joinder in, any liquidation, bankruptcy,
rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, mortgage, deeds of trust, security interests,
collateral rights, judgments or other encumbrances on assets of Borrower held by Guarantor.

ARTICLE
5

MISCELLANEOUS

5.1             
Waiver. No failure to exercise, and no delay in exercising, on the part of Lender, any right hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof
or the exercise of any other right. The rights of Lender hereunder shall be in addition to all other rights provided by law. No
modification or waiver of any provision of this Guaranty, nor consent to departure therefrom, shall be effective unless in writing
and no such consent or waiver shall extend beyond the particular case and purpose involved. No notice or demand given in any case
shall constitute a waiver of the right to take other action in the same, similar or other instances without such notice or demand.

5.2             
Notices. Any notice, demand, statement, request or consent made hereunder shall be in writing and shall
be deemed to be received by the addressee on (a) the third day following the day such notice is deposited with the United States
Postal Service first class certified mail, return receipt requested (b) expedited, prepaid delivery service, either commercial
or United States Postal Service, with proof of attempted delivery and by telecopier (with answer back acknowledged), addressed
to the address, as set forth below, of the party to whom such notice is to be given, or to such other address as either party shall
in like manner designate in writing. The addresses of the parties hereto are as follows:

Guarantor:

Inland Real
Estate Investment Corporation

2901 Butterfield Road

Oak Brook, Illinois 60523

Attention: Catherine Lynch

Facsimile No.: (630) 645-2082

    	9

    	 

    

 

Inland Real Estate Income Trust, Inc.

2901 Butterfield Road

Oak Brook, Illinois 60523

Attention: JoAnne McGuinness

Facsimile No.: (630) 368-2218

with a copy to:

The Inland Real
Estate Group, Inc./Law Department

2901 Butterfield Road

Oak Brook, Illinois 60523

Attention: General Counsel

Facsimile No.: (630) 218-4900

Lender:

JPMorgan Chase
Bank National Association

383 Madison Avenue

New York, New York 10179

Attention: Joseph E. Geoghan

Facsimile No.: (212) 834-6029

with a copy to:

JPMorgan Chase
Bank, National Association

Four New York Plaza, 20th Floor

New York, NY 10004

Attention: Nancy Alto

Facsimile No.: (212) 623-4779

with an additional copy to:

Katten Muchin Rosenman LLP

550 South Tryon Street, Suite 2900

Charlotte, North Carolina 28202

Attention: Daniel S. Huffenus, Esq.

Facsimile No.: (704) 344-3056

    	10

    	 

    

 

5.3             
Governing Law. THIS GUARANTY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK AND THE APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER
OR GUARANTOR ARISING OUT OF OR RELATING TO THIS GUARANTY MAY AT LENDER’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT
IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND GUARANTOR
WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR
PROCEEDING, AND GUARANTOR AND HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING.
GUARANTOR DOES HEREBY DESIGNATE AND APPOINT:

The Corporation Trust Company

Corporation Trust Center

1209 Orange Street

Wilmington, Delaware 19801

 

AS ITS AUTHORIZED AGENT TO ACCEPT
AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY
FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE
OF SAID SERVICE MAILED OR DELIVERED TO GUARANTOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE
OF PROCESS UPON GUARANTOR IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK.

5.4             
Invalid Provisions. If any provision of this Guaranty is held to be illegal, invalid, or unenforceable
under present or future laws effective during the term of this Guaranty, such provision shall be fully severable and this Guaranty
shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Guaranty,
and the remaining provisions of this Guaranty shall remain in full force and effect and shall not be affected by the illegal, invalid
or unenforceable provision or by its severance from this Guaranty, unless such continued effectiveness of this Guaranty, as modified,
would be contrary to the basic understandings and intentions of the parties as expressed herein.

5.5             
Amendments. This Guaranty may be amended only by an instrument in writing executed by the party or an
authorized representative of the party against whom such amendment is sought to be enforced.

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5.6             
Parties Bound; Assignment; Joint and Several. This Guaranty shall be binding upon and inure to the benefit
of the parties hereto and their respective successors, assigns and legal representatives; provided, however, that Guarantor may
not, without the prior written consent of Lender, assign any of its rights, powers, duties or obligations hereunder. If Guarantor
consists of more than one person or party, the obligations and liabilities of each such person or party shall be joint and several.

5.7             
Headings. Section headings are for convenience of reference only and shall in no way affect the interpretation
of this Guaranty.

5.8             
Recitals. The recital and introductory paragraphs hereof are a part hereof, form a basis for this Guaranty
and shall be considered prima facie evidence of the facts and documents referred to therein.

5.9             
Counterparts. To facilitate execution, this Guaranty may be executed in as many counterparts as may be
convenient or required. It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of
all persons required to bind any party, appear on each counterpart. All counterparts shall collectively constitute a single instrument.
It shall not be necessary in making proof of this Guaranty to produce or account for more than a single counterpart containing
the respective signatures of, or on behalf of, each of the parties hereto. Any signature page to any counterpart may be detached
from such counterpart without impairing the legal effect of the signatures thereon and thereafter attached to another counterpart
identical thereto except having attached to it additional signature pages.

5.10         
Rights and Remedies. If Guarantor becomes liable for any indebtedness owing by Borrower to Lender, by
endorsement or otherwise, other than under this Guaranty, such liability shall not be in any manner impaired or affected hereby
and the rights of Lender hereunder shall be cumulative of any and all other rights that Lender may ever have against Guarantor.
The exercise by Lender of any right or remedy hereunder or under any other instrument, or at law or in equity, shall not preclude
the concurrent or subsequent exercise of any other right or remedy.

5.11         
Other Defined Terms. Any capitalized term utilized herein shall have the meaning as specified in the Loan
Agreement, unless such term is otherwise specifically defined herein.

    	12

    	 

    

 

5.12         
Entirety. THIS GUARANTY EMBODIES THE FINAL, ENTIRE AGREEMENT OF GUARANTOR AND LENDER WITH RESPECT TO
GUARANTOR’S GUARANTY OF THE GUARANTEED OBLIGATIONS AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS,
AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF. THIS GUARANTY IS INTENDED BY GUARANTOR AND
LENDER AS A FINAL AND COMPLETE EXPRESSION OF THE TERMS OF THE GUARANTY, AND NO COURSE OF DEALING BETWEEN GUARANTOR AND LENDER,
NO COURSE OF PERFORMANCE, NO TRADE PRACTICES, AND NO EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS
OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE USED TO CONTRADICT, VARY, SUPPLEMENT OR MODIFY ANY TERM OF THIS GUARANTY AGREEMENT.
THERE ARE NO ORAL AGREEMENTS BETWEEN GUARANTOR AND LENDER.

5.13         
Waiver of Right To Trial By Jury. GUARANTOR HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE
TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER
EXIST WITH REGARD TO THIS GUARANTY, THE NOTE, THE LOAN AGREEMENT, THE MORTGAGES, OR THE OTHER LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM
OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY GUARANTOR,
AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE
ACCRUE. LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY
GUARANTOR.

5.14         
Cooperation. Guarantor acknowledges that Lender and its successors and assigns may (i) sell this Guaranty,
the Note and other Loan Documents to one or more investors as a whole loan, (ii) participate the Loan secured by this Guaranty
to one or more investors, (iii) deposit this Guaranty, the Note and other Loan Documents with a trust, which trust may sell certificates
to investors evidencing an ownership interest in the trust assets, or (iv) otherwise sell the Loan or interest therein to investors
(the transactions referred to in clauses (i) through (iv) are hereinafter each referred to as “Secondary Market Transaction”).
Guarantor shall cooperate with Lender in effecting any such Secondary Market Transaction and shall cooperate to implement all customary
and reasonable requirements imposed by any Rating Agency or potential investor involved in any Secondary Market Transaction. Guarantor
shall provide such information and documents relating to Guarantor as Lender may reasonably request in connection with such Secondary
Market Transaction. In addition, Guarantor shall make available to Lender all information concerning its business and operations
that Lender may reasonably request. Lender shall be permitted to share all such information with the investment banking firms (or
other potential investors), Rating Agencies, accounting firms, law firms and

    	13

    	 

    

other third-party advisory firms involved with
the Loan and the Loan Documents or the applicable Secondary Market Transaction. It is understood that the information provided
by Guarantor to Lender may ultimately be incorporated into the offering documents for the Secondary Market Transaction and thus
various investors may also see some or all of the information. Lender and all of the aforesaid third-party advisors and professional
firms shall be entitled to rely on the information supplied by, or on behalf of, Guarantor in the form as provided by Guarantor.
Lender may publicize the existence of the Loan in connection with its marketing for a Secondary Market Transaction or otherwise
as part of its business development. All reasonable third party costs and expenses incurred by Guarantor in connection with Guarantor
complying with requests made under this Section 5.14 shall be paid by Guarantor; provided, however, so long as no Event of Default
has occurred and is continuing, all such reasonable third party costs and expenses incurred by Guarantor in connection with Guarantor’s
complying with requests made under this Section 5.14 shall be paid by Lender.

 

5.15         
Reinstatement in Certain Circumstances. If at any time any payment of the principal of or interest under
the Note or any other amount payable by Borrower under the Loan Documents is rescinded or must be otherwise restored or returned
upon the insolvency, bankruptcy or reorganization of Borrower or otherwise, the Guarantor’s obligations hereunder with respect
to such payment shall be reinstated as though such payment has been due but not made at such time.

5.16         
Release of IREIC. Provided that no Event of Default shall then exist, IREIC shall be deemed released as
guarantor hereunder, as indemnitor under the Environmental Indemnity and as Joinder Party under the Joinder Agreement upon IREIT
delivering to Lender copies of the Form 10-K and/or Form 10-Q filings of IREIT, which show to Lender’s reasonable satisfaction
that IREIT has maintained a Net Worth of not less than $25,000,000.00 during the two (2) consecutive calendar quarters immediately
preceding such release (the “IREIC Release Event”). Upon the occurrence of the IREIC Release Event, IREIC shall
be deemed released automatically from all liability under this Guaranty, the Environmental Indemnity and the Joinder Agreement
and all references to “Guarantor” in this Guaranty and the other Loan Documents shall be solely a reference to IREIT,
and IREIC shall have no further obligations hereunder or under the other Loan Documents. As used in this Section 5.16, “GAAP”
shall mean generally accepted accounting principles, consistently applied, and “Net Worth” shall mean, as of
a given date, (i) IREIT’s total assets as of such date less (ii) IREIT’s total liabilities as of such date, determined
in accordance with GAAP.

 

 

[NO FURTHER TEXT ON THIS PAGE]

    	14

    	 

    

EXECUTED
as of the day and year first above written.

GUARANTOR:

INLAND
REAL ESTATE INVESTMENT CORPORATION, a Delaware corporation

By:/s/ Catherine L. Lynch

Name: Catherine
L. Lynch

Title: CFO

 

 

INLAND
REAL ESTATE INCOME TRUST, INC., a Maryland corporation

By:/s/ David Z. Lichterman

Name: David Z. Lichterman

Title: Treasurer/Chief Accounting Officer

    	15

    	 

    

SCHEDULE A

 

BORROWER

 

 

		1.	IREIT Mobile Moffett DG, L.L.C., a Delaware limited liability company

		2.	IREIT Daleville DG, L.L.C., a Delaware limited liability company

		3.	IREIT Valley DG, L.L.C., a Delaware limited liability company

		4.	IREIT Maryville DG, L.L.C., a Delaware limited liability company

		5.	IREIT LaGrange Hamilton DG, L.L.C., a Delaware limited liability company

		6.	IREIT LaGrange Wares Cross DG, L.L.C., a Delaware limited liability company

		7.	IREIT Brooks DG, L.L.C., a Delaware limited liability company

 

 

16

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