Document:

Exhibit 10.3

TERM LOAN A NOTE

August 1, 2018

Inland Real
Estate Income Trust, Inc., a corporation organized under the laws of the State of Maryland (the “Borrower”), promises
to pay to the order of KeyBank National Association (the “Lender”) the aggregate unpaid principal amount of all Term
Loan A Loans made by the Lender to the Borrower pursuant to Article II of the Credit Agreement (as the same may be amended or modified,
the “Agreement”) hereinafter referred to, in immediately available funds at the main office of KeyBank National Association
in Cleveland, Ohio, as Administrative Agent, together with interest on the unpaid principal amount hereof at the rates and on the
dates set forth in the Agreement. The Borrower shall pay remaining unpaid principal of and accrued and unpaid interest on the Loans
in full on the Term Loan A Maturity Date or such earlier date as may be required under the Agreement.

The Lender shall,
and is hereby authorized to, record on the schedule attached hereto, or otherwise record in accordance with its usual practice,
the date and amount of each Loan and the date and amount of each principal payment hereunder.

This
Note is one of the Notes issued pursuant to, and is entitled to the benefits of, the Amended and Restated Credit Agreement, dated
as of August 1, 2018 among the Borrower, KeyBank National Association individually and as
Administrative Agent, and the other Lenders named therein, to which Agreement, as it may be amended from time to time, reference
is hereby made for a statement of the terms and conditions governing this Note, including the terms and conditions under which
this Note may be prepaid or its maturity date accelerated. Capitalized terms used herein and not otherwise defined herein are used
with the meanings attributed to them in the Agreement.

If there is
a Default under the Agreement or any other Loan Document and Administrative Agent exercises the remedies provided under the Agreement
and/or any of the Loan Documents for the Lenders, then in addition to all amounts recoverable by the Administrative Agent and the
Lenders under such documents, the Administrative Agent and the Lenders shall be entitled to receive, in each case to the extent
set forth in, and otherwise in accordance with, Section 9.7 of the Agreement, reasonable and documented out-of-pocket attorneys’
fees and expenses incurred by the Administrative Agent and the Lenders, taken as a whole, in connection with the exercise of such
remedies.

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Borrower and
all endorsers severally waive presentment, protest and demand, notice of protest, demand and of dishonor and nonpayment of this
Note, and any and all lack of diligence or delays in collection or enforcement of this Note, and expressly agree that this Note,
or any payment hereunder, may be extended from time to time, and expressly consent to the release of any party liable for the obligation
secured by this Note, the release of any of the security for this Note, the acceptance of any other security therefor, or any other
indulgence or forbearance whatsoever, all without notice to any party and without affecting the liability of the Borrower and any
endorsers hereof.

This Note shall
be governed and construed under the internal laws of the State of Illinois.

BORROWER
AND LENDER, BY ITS ACCEPTANCE HEREOF, EACH HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR
DEFEND ANY RIGHT UNDER THIS NOTE OR ANY OTHER LOAN DOCUMENT OR RELATING THERETO OR ARISING FROM THE LENDING RELATIONSHIP WHICH
IS THE SUBJECT OF THIS NOTE AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A JUDGE AND NOT BEFORE A JURY.

 

	 	
        INLAND REAL ESTATE INCOME
        TRUST, INC.,

        a Maryland corporation

	 	 	 
	 	By:	/s/ Catherine L. Lynch
	 	Name:	Catherine L. Lynch
	 	Title:	CFO

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SCHEDULE OF TERM LOAN A LOANS AND PAYMENTS
OF PRINCIPAL

TO

NOTE OF INLAND REAL ESTATE INCOME TRUST,
INC.,

DATED AUGUST 1, 2018

 

 

	Date	 	
        Principal

        Amount of Loan
	 	
        Maturity of

        Interest Period
	 	
        Maturity

        Principal

        Amount Paid
	 	Unpaid Balance
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

 

3Exhibit 10.4

SUBSIDIARY GUARANTY

This Subsidiary
Guaranty (the “Subsidiary Guaranty”) is made as of August 1, 2018 by the parties identified in the signature
pages hereto, and any Joinder to Subsidiary Guaranty hereafter delivered (collectively, the “Subsidiary Guarantors”),
to and for the benefit of KeyBank National Association (“KeyBank”) as administrative agent (“Administrative
Agent”) for itself and the lenders under the Credit Agreement (as defined below) and their respective successors and
assigns (collectively, the “Lenders”).

RECITALS

A.       Inland
Real Estate Income Trust, Inc., a corporation organized under the laws of the State of Maryland (“Borrower”),
and Subsidiary Guarantors have requested that the Lenders make a credit facility available to Borrower in an aggregate principal
amount of up to $350,000,000, subject to possible future increase to an aggregate of up to $700,000,000 (the “Facility”).

B.       The
Lenders have agreed to make available the Facility to Borrower pursuant to the terms and conditions set forth in an Amended and
Restated Credit Agreement of even date herewith among Borrower, KeyBank, as Administrative Agent, and the Lenders named therein
(as amended, modified or restated from time to time, the “Credit Agreement”). All capitalized terms used herein
and not otherwise defined shall have the meanings ascribed to such terms in the Credit Agreement.

C.       To
the extent required by the Credit Agreement, Borrower has executed and delivered or will execute and deliver to the Lenders promissory
notes in the principal amount of each Lender’s Commitment and promissory notes in the principal amount, if any, of each Lender’s
Loan as evidence of Borrower’s indebtedness to each such Lender with respect to the Facility (the promissory notes described
above, together with any amendments or allonges thereto, or restatements, replacements or renewals thereof, and/or new promissory
notes to new Lenders under the Credit Agreement, are collectively referred to herein as the “Notes”).

D.       Subsidiary
Guarantors are subsidiaries of Borrower. Subsidiary Guarantors acknowledge that the extension of credit by the Administrative Agent
and the Lenders to Borrower pursuant to the Credit Agreement will benefit Subsidiary Guarantors by making funds available to Subsidiary
Guarantors through Borrower and by enhancing the financial strength of the consolidated group of which Subsidiary Guarantors and
Borrower are members. The execution and delivery of this Subsidiary Guaranty by Subsidiary Guarantors are conditions precedent
to the performance by the Lenders of their obligations under the Credit Agreement.

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AGREEMENTS

NOW, THEREFORE,
Subsidiary Guarantors, in consideration of the matters described in the foregoing Recitals, which Recitals are incorporated herein
and made a part hereof, and for other good and valuable consideration, hereby agree as follows:

1.       Subsidiary
Guarantors, jointly and severally, absolutely, unconditionally, and irrevocably guaranty to each of the Lenders and shall be surety
for:

(a)       the
full and prompt payment of the principal of and interest on the Notes when due, whether at stated maturity, upon acceleration or
otherwise, and at all times thereafter, and the prompt payment of all sums which may now be or may hereafter become due and owing
under the Notes, the Credit Agreement, and the other Loan Documents;

(b)       the
payment of all Enforcement Costs (as hereinafter defined in Paragraph 7 hereof); and

(c)       the
full, complete, and punctual observance, performance, and satisfaction of all of the obligations, duties, covenants, and agreements
of Borrower under the Credit Agreement and the Loan Documents.

All amounts due, debts, liabilities,
and payment obligations described in subparagraphs (a) and (b) of this Paragraph 1 are referred to herein as the “Facility
Indebtedness.” All obligations described in subparagraph (c) of this Paragraph 1 are referred to herein
as the “Obligations.” Notwithstanding the foregoing, Subsidiary Guarantors and Lenders agree that each Subsidiary
Guarantor’s obligations hereunder shall not exceed the greater of: (i) the aggregate amount of all monies received,
directly or indirectly, by such Subsidiary Guarantor from Borrower after the date hereof (whether by loan, capital infusion or
other means), and (ii) the maximum amount of the Facility Indebtedness not subject to avoidance under Title 11 of the United States
Code, as same may be amended from time to time, or any applicable state law (the “Bankruptcy Code”). To that
end, to the extent such obligations would otherwise be subject to avoidance under the Bankruptcy Code if Subsidiary Guarantors
are not deemed to have received valuable consideration, fair value or reasonably equivalent value for its obligations hereunder,
each Subsidiary Guarantor’s obligations hereunder shall be reduced to that amount which, after giving effect thereto, would
not render such Subsidiary Guarantor insolvent, or leave such Subsidiary Guarantor with an unreasonably small capital to conduct
its business, or cause such Subsidiary Guarantor to have incurred debts (or intended to have incurred debts) beyond its ability
to pay such debts as they mature, as such terms are determined, and at the time such obligations are deemed to have been incurred,
under the Bankruptcy Code. In the event a Subsidiary Guarantor shall make any payment or payments under this Subsidiary Guaranty,
each other Subsidiary Guarantor of the Facility Indebtedness shall contribute to such Subsidiary Guarantor an amount equal to such
non-paying Subsidiary Guarantor’s pro rata share (based

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on their respective maximum liabilities
hereunder) of such payment or payments made by such Subsidiary Guarantor, provided that such contribution right shall be subordinate
and junior in right of payment to the payment in full of the Facility Indebtedness (other than with respect to (x) Letters
of Credit that have been back-stopped or cash collateralized in accordance with Section 2A.2 of the Credit Agreement and
(y) contingent obligations under indemnification and expense reimbursement provisions as to which no claim is pending) to
Lenders.

2.       In
the event of any Default by Borrower in making payment of the Facility Indebtedness, or in performance of the Obligations, as aforesaid,
in each case beyond the expiration of any applicable grace period, Subsidiary Guarantors agree, on demand by the Administrative
Agent or the holder of a Note, to pay all the Facility Indebtedness and to perform all the Obligations (in each case, other than
with respect to (x) Letters of Credit that have been back-stopped or cash collateralized in accordance with Section 2A.2
of the Credit Agreement and (y) contingent obligations under indemnification and expense reimbursement provisions as to which no
claim is pending) as are then or thereafter become due and owing or are to be performed under the terms of the Notes, the Credit
Agreement, and the other Loan Documents.

3.       Subsidiary
Guarantors do hereby waive (i) notice of acceptance of this Subsidiary Guaranty by the Administrative Agent and the Lenders
and any and all notices and demands of every kind which may be required to be given by any statute, rule or law, (ii) any
defense, right of set-off or other claim which Subsidiary Guarantors may have against Borrower or which Subsidiary Guarantors or
Borrower may have against the Administrative Agent or the Lenders or the holder of a Note, (iii) presentment for payment,
demand for payment (other than as provided for in Paragraph 2 above), notice of nonpayment (other than as provided
for in Paragraph 2 above) or dishonor, protest and notice of protest, diligence in collection and any and all formalities
which otherwise might be legally required to charge Subsidiary Guarantors with liability, (iv) any failure by the Administrative
Agent and the Lenders to inform Subsidiary Guarantors of any facts the Administrative Agent and the Lenders may now or hereafter
know about Borrower, the Facility, or the transactions contemplated by the Credit Agreement, it being understood and agreed that
the Administrative Agent and the Lenders have no duty so to inform and that Subsidiary Guarantors are fully responsible for being
and remaining informed by Borrower of all circumstances bearing on the existence or creation, or the risk of nonpayment of the
Facility Indebtedness or the risk of nonperformance of the Obligations, (v) any and all right to cause a marshalling of assets
of Borrower or any other action by any court or governmental body with respect thereto, or to cause the Administrative Agent and
the Lenders to proceed against any other security given to a Lender in connection with the Facility Indebtedness or the Obligations
and (vi) any defense which Subsidiary Guarantors may have against the Administrative Agent or the Lenders or the holder of a Note
arising from or based in any way upon any invalidity or unenforceability of the Credit Agreement or any other Loan Documents or
any provision or provisions therein (other than the defense of payment in full of the Facility Indebtedness (other than with respect
to (x) Letters of Credit that have been back-stopped or cash collateralized in accordance with Section 2A.2 of the Credit
Agreement and (y) contingent

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obligations under
indemnification and expense reimbursement provisions as to which no claim is pending)). Credit may be granted or continued from
time to time by the Lenders to Borrower without notice to or authorization from Subsidiary Guarantors, regardless of the financial
or other condition of Borrower at the time of any such grant or continuation. The Administrative Agent and the Lenders shall have
no obligation to disclose or discuss with Subsidiary Guarantors the Lenders’ assessment of the financial condition of Borrower.
Subsidiary Guarantors acknowledge that no representations of any kind whatsoever have been made by the Administrative Agent and
the Lenders to Subsidiary Guarantors. No modification or waiver of any of the provisions of this Subsidiary Guaranty shall be binding
upon the Administrative Agent and the Lenders except as expressly set forth in a writing duly signed and delivered on behalf of
the Administrative Agent, the Lenders (to the extent consent of any such Lender is required pursuant to the Credit Agreement) and
the Borrower and the Subsidiary Guarantors.

4.       Subsidiary
Guarantors further agree that Subsidiary Guarantors’ liability as guarantor shall in no way be impaired by any renewals or
extensions which may be made from time to time, with or without the knowledge or consent of Subsidiary Guarantors of the time for
payment of interest or principal under a Note or by any forbearance or delay in collecting interest or principal under a Note,
or by any waiver by the Administrative Agent and the Lenders under the Credit Agreement, or any other Loan Documents, or by the
Administrative Agent or the Lenders’ failure or election not to pursue any other remedies they may have against Borrower,
or by any change or modification in a Note, the Credit Agreement, or any other Loan Documents, or by the acceptance by the Administrative
Agent or the Lenders of any security or any increase, substitution or change therein, or by the release by the Administrative Agent
and the Lenders of any security or any withdrawal thereof or decrease therein, or by the application of payments received from
any source to the payment of any obligation other than the Facility Indebtedness, even though a Lender might lawfully have elected
to apply such payments to any part or all of the Facility Indebtedness, it being the intent hereof that Subsidiary Guarantors shall
remain liable as principal for payment of the Facility Indebtedness and performance of the Obligations until all indebtedness has
been paid in full and the other terms, covenants and conditions of the Credit Agreement, and other Loan Documents and this Subsidiary
Guaranty have been performed (other than with respect to (x) Letters of Credit that have been back-stopped or cash collateralized
in accordance with Section 2A.2 of the Credit Agreement and (y) contingent obligations under indemnification and expense
reimbursement provisions as to which no claim is pending), notwithstanding any act or thing which might otherwise operate as a
legal or equitable discharge of a surety. Subsidiary Guarantors further understand and agree that the Administrative Agent and
the Lenders may at any time enter into agreements with Borrower to amend and modify a Note, the Credit Agreement or any of the
other Loan Documents, or any thereof, and may waive or release any provision or provisions of a Note, the Credit Agreement, or
any other Loan Document and, with reference to such instruments, may make and enter into any such agreement or agreements as the
Administrative Agent, the Lenders and Borrower may deem proper and desirable, without in any manner impairing this Subsidiary Guaranty
or any of the Administrative Agent and the Lenders’ rights hereunder or any of Subsidiary Guarantors’ obligations hereunder.

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5.       This
is an absolute, unconditional, complete, present and continuing guaranty of payment and performance and not of collection. Subsidiary
Guarantors agree that their obligations hereunder shall be joint and several with each other and with any and all other guarantees
given in connection with the Facility from time to time. Subsidiary Guarantors agree that this Subsidiary Guaranty may be enforced
by the Administrative Agent and the Lenders without the necessity at any time of resorting to or exhausting any security or collateral,
if any, given in connection herewith or with a Note, the Credit Agreement, or any of the other Loan Documents or by or resorting
to any other guaranties, and Subsidiary Guarantors hereby waive the right to require the Administrative Agent and the Lenders to
join Borrower in any action brought hereunder or to commence any action against or obtain any judgment against Borrower or to pursue
any other remedy or enforce any other right. Subsidiary Guarantors further agree that nothing contained herein or otherwise shall
prevent the Administrative Agent and the Lenders from pursuing concurrently or successively all rights and remedies available to
them at law and/or in equity or under a Note, the Credit Agreement or any other Loan Documents, and the exercise of any of their
rights or the completion of any of their remedies shall not constitute a discharge of any of Subsidiary Guarantors’ obligations
hereunder, it being the purpose and intent of Subsidiary Guarantors that the obligations of such Subsidiary Guarantors hereunder
shall be primary, absolute, independent and unconditional under any and all circumstances whatsoever. Neither Subsidiary Guarantors’
obligations under this Subsidiary Guaranty nor any remedy for the enforcement thereof shall be impaired, modified, changed or released
in any manner whatsoever by any impairment, modification, change, release or limitation of the liability of Borrower under a Note,
the Credit Agreement or any other Loan Document or by reason of Borrower’s bankruptcy or by reason of any creditor or bankruptcy
proceeding instituted by or against Borrower. This Subsidiary Guaranty shall continue to be effective and be deemed to have continued
in existence or be reinstated (as the case may be) if at any time payment of all or any part of any sum payable pursuant to a Note,
the Credit Agreement or any other Loan Document is rescinded or otherwise required to be returned by the payee upon the insolvency,
bankruptcy, or reorganization of the payor, all as though such payment to such Lender had not been made, regardless of whether
such Lender contested the order requiring the return of such payment. The obligations of each of the Subsidiary Guarantors pursuant
to the preceding sentence shall survive any termination, cancellation, or release (other than any release pursuant to Section 18)
of this Subsidiary Guaranty.

6.       This
Subsidiary Guaranty shall be assignable by a Lender, as to such Lender’s interest herein, to any assignee of all or a portion
of such Lender’s rights under the Loan Documents.

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7.       If:
(i) this Subsidiary Guaranty, a Note, or any of the Loan Documents are placed in the hands of an attorney for collection or
is collected through any legal proceeding; (ii) an attorney is retained to represent the Administrative Agent or any Lender
in any bankruptcy, reorganization, receivership, or other proceedings affecting creditors’ rights and involving a claim under
this Subsidiary Guaranty, a Note, the Credit Agreement, or any Loan Document; (iii) an attorney is retained to enforce any
of the other Loan Documents or to provide advice or other representation with respect to the Loan Documents in connection with
an enforcement action or potential enforcement action; or (iv) an attorney is retained to represent the Administrative Agent
or any Lender in any other legal proceedings whatsoever in connection with this Subsidiary Guaranty, a Note, the Credit Agreement,
any of the Loan Documents, or any property securing the Facility Indebtedness (other than any action or proceeding brought by any
Lender or participant against the Administrative Agent alleging a breach by the Administrative Agent of its duties under the Loan
Documents), then Subsidiary Guarantors shall pay to the Administrative Agent or such Lender upon demand all reasonable and documented
out-of-pocket attorney’s fees, costs and expenses, including, without limitation, court costs, filing fees and all other
reasonable and documented out-of-pocket costs and expenses incurred in connection therewith (all of which are referred to herein
as “Enforcement Costs”), in addition to all other amounts due hereunder, in each case to the extent required
by Section 9.7 of the Credit Agreement.

8.       The
parties hereto intend that each provision in this Subsidiary Guaranty comports with all applicable local, state and federal laws
and judicial decisions. However, if any provision or provisions, or if any portion of any provision or provisions, in this Subsidiary
Guaranty is found by a court of law to be in violation of any applicable local, state or federal ordinance, statute, law, administrative
or judicial decision, or public policy, and if such court should declare such portion, provision or provisions of this Subsidiary
Guaranty to be illegal, invalid, unlawful, void or unenforceable as written, then it is the intent of all parties hereto that such
portion, provision or provisions shall be given force to the fullest possible extent that they are legal, valid and enforceable,
that the remainder of this Subsidiary Guaranty shall be construed as if such illegal, invalid, unlawful, void or unenforceable
portion, provision or provisions were not contained therein, and that the rights, obligations and interest of the Administrative
Agent and the Lender or the holder of a Note under the remainder of this Subsidiary Guaranty shall continue in full force and effect.

9.       Any
indebtedness of Borrower to Subsidiary Guarantors now or hereafter existing is hereby subordinated to the Facility Indebtedness.
 Subsidiary Guarantors will not seek, accept, or retain for Subsidiary Guarantors’ own account, any payment from Borrower
on account of such subordinated debt at any time when a Default exists under the Credit Agreement or the Loan Documents, and any
such payments to Subsidiary Guarantors made while any Default then exists under the Credit Agreement or the Loan Documents on account
of such subordinated debt shall be collected and received by Subsidiary Guarantors in trust for the Lenders and shall be paid over
to the Administrative Agent on behalf of the Lenders on account of the Facility Indebtedness without impairing or releasing the
obligations of Subsidiary Guarantors hereunder.

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10.       Subsidiary
Guarantors hereby subordinate to the Facility Indebtedness any and all claims and rights, including, without limitation, subrogation
rights, contribution rights, reimbursement rights and set-off rights, which Subsidiary Guarantors may have against Borrower arising
from a payment made by Subsidiary Guarantors under this Subsidiary Guaranty and agree, until the entire Facility Indebtedness is
paid in full (other than with respect to (x) Letters of Credit that have been back-stopped or cash collateralized in accordance
with Section 2A.2 of the Credit Agreement and (y) contingent obligations under indemnification and expense reimbursement
provisions as to which no claim is pending), not to assert or take advantage of any subrogation rights of Subsidiary Guarantors
or the Lenders or any right of Subsidiary Guarantors or the Lenders to proceed against (i) Borrower for reimbursement, or
(ii) any other guarantor or any collateral security or guaranty or right of offset held by the Lenders for the payment of
the Facility Indebtedness and performance of the Obligations, nor shall Subsidiary Guarantors seek or be entitled to seek any contribution
or reimbursement from Borrower or any other guarantor in respect of payments made by Subsidiary Guarantors hereunder. It is expressly
understood that the agreements of Subsidiary Guarantors set forth above constitute additional and cumulative benefits given to
the Lenders for their security and as an inducement for their extension of credit to Borrower.

11.       Any
amounts received by a Lender from any source on account of any indebtedness may be applied by such Lender toward the payment of
such indebtedness, and in such order of application, as a Lender may from time to time elect.

12.       Subsidiary
Guarantors hereby submit to personal jurisdiction in the State of Illinois for the enforcement of this Subsidiary Guaranty and
waive any and all personal rights to object to such jurisdiction for the purposes of litigation to enforce this Subsidiary Guaranty.
Subsidiary Guarantors hereby consent to the jurisdiction of either the Illinois Courts located in Chicago, Illinois, or the United
States District Court for the Northern District of Illinois, in any action, suit, or proceeding which the Administrative Agent
or a Lender may at any time wish to file in connection with this Subsidiary Guaranty or any related matter. Subsidiary Guarantors
hereby agree that an action, suit, or proceeding to enforce this Subsidiary Guaranty may be brought in such state or federal court
in the State of Illinois and hereby waives any objection which Subsidiary Guarantors may have to the laying of the venue of any
such action, suit, or proceeding in any such court; provided, however, that the provisions of this Paragraph shall not be deemed
to preclude the Administrative Agent or a Lender from filing any such action, suit, or proceeding in any other appropriate forum.

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13.       All
notices and other communications provided to any party hereto under this Subsidiary Guaranty or any other Loan Document shall be
in writing or by telex or by facsimile and addressed or delivered to such party at its address set forth below or at such other
address as may be designated by such party in a notice to the other parties. Any notice, if mailed and properly addressed with
postage prepaid, shall be deemed given when received; any notice, if transmitted by facsimile, shall be deemed given when transmitted.
Notice may be given as follows:

To Subsidiary Guarantors:

c/o Inland Real Estate Income Trust, Inc.

2901 Butterfield Road

Oak Brook, Illinois 60523

Attention: Chief Financial Officer

Phone: (630) 218-4903

Facsimile: (630) 645-2082

To KeyBank as Administrative Agent
and as a Lender:

KeyBank National Association

1200 Abernathy Road NE

Suite 1500

Atlanta, Georgia 30368

Attention: Kevin Murray

Telephone: (770) 510-2168

Facsimile: (770) 510-2195

With a copy to:

Dentons US LLP

233 South Wacker Drive

Suite 5900

Chicago, Illinois 60606

Attention: Patrick G. Moran, Esq.

Telephone: (312) 876-8132

Facsimile: (312) 876-7934

If to any other Lender, to its address set forth
in the Credit Agreement.

14.       This
Subsidiary Guaranty shall be binding upon the heirs, executors, legal and personal representatives, successors and assigns of Subsidiary
Guarantors and shall inure to the benefit of the Administrative Agent’s and the Lenders’ respective successors and
assigns.

15.       This
Subsidiary Guaranty shall be construed and enforced under the internal laws of the State of Illinois.

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16.       SUBSIDIARY
GUARANTORS, THE ADMINISTRATIVE AGENT AND THE LENDERS, BY THEIR ACCEPTANCE HEREOF, EACH HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY
IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHT UNDER THIS SUBSIDIARY GUARANTY OR ANY OTHER LOAN DOCUMENT OR RELATING
THERETO OR ARISING FROM THE LENDING RELATIONSHIP WHICH IS THE SUBJECT OF THIS SUBSIDIARY GUARANTY AND AGREE THAT ANY SUCH ACTION
OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

17.       From
time to time, additional parties may execute a joinder substantially in the form of Exhibit A hereto, and thereby become
a party to this Subsidiary Guaranty. From and after delivery of such joinder, the Subsidiary delivering such joinder shall be a
Subsidiary Guarantor, and be bound by all of the terms and provisions of this Subsidiary Guaranty.

18.       (a) From
time to time certain Subsidiary Guarantors shall be released from their obligations under this Subsidiary Guaranty by the Administrative
Agent upon satisfaction of the conditions to such release established pursuant to Section 2.24(c) of the Credit Agreement.
Notwithstanding the foregoing in this clause (a), the Administrative Agent shall not be obligated to release any such Subsidiary
from this Subsidiary Guaranty if (i) except as set forth in clause (b) below, such Subsidiary owns any other Unencumbered
Properties that are not being so released from such status or (ii) a Default or Unmatured Default has occurred and is then
continuing.

(b)       In
addition, effective as of the date on which Borrower receives an Investment Grade Rating or any date thereafter on which Borrower
maintains such an Investment Grade Rating, Borrower may request, upon not less than five (5) Business Days prior written notice
to the Administrative Agent, the release of all Subsidiary Guarantors from this Subsidiary Guaranty, which release shall be effected
by the Administrative Agent so long as no Default or Unmatured Default shall have occurred and be then continuing. Notwithstanding
the foregoing in this clause (b), if any such Subsidiary Guarantor shall then continue to have outstanding Recourse Indebtedness
or Guarantee Obligations to other creditors, the release of such Subsidiary Guarantor from this Subsidiary Guaranty pursuant to
this clause (b) shall be deferred until such Subsidiary Guarantor has been released from, or is simultaneously released from, such
other Recourse Indebtedness or Guarantee Obligations.

    9 

     

    

IN WITNESS WHEREOF,
Subsidiary Guarantors have delivered this Subsidiary Guaranty as of the date first written above.

	 	
        IREIT Newington Fair,
        L.L.C.,

        a Delaware limited
        liability company

	 	 	 	 	 
	 	By:	
        Inland Real Estate
        Income Trust, Inc.,

        a Maryland corporation,
        its sole member

	 	 	 	 	 
	 	 	By:	/s/ Catherine L. Lynch
	 	 	Name:	Catherine L. Lynch
	 	 	Its:	Chief Financial Officer
	 	 	FEIN	 
	 	 	 	 	 

 

	 	
        IREIT Layton Pointe,
        L.L.C.,

        a Delaware limited
        liability company

	 	 	 	 	 
	 	By:	
        Inland Real Estate
        Income Trust, Inc.,

        a Maryland corporation,
        its sole member

	 	 	 	 	 
	 	 	By:	/s/ Catherine L. Lynch
	 	 	Name:	Catherine L. Lynch
	 	 	Its:	Chief Financial Officer
	 	 	FEIN	 
	 	 	 	 	 

 

	 	
        IREIT Ocean Isle Beach
        Landing, LLC.,

        a Delaware limited
        liability company

	 	 	 	 	 
	 	By:	
        Inland Real Estate
        Income Trust, Inc.,

        a Maryland corporation,
        its sole member

	 	 	 	 	 
	 	 	By:	/s/ Catherine L. Lynch
	 	 	Name:	Catherine L. Lynch
	 	 	Its:	Chief Financial Officer
	 	 	FEIN	 
	 	 	 	 	 

 

    10 

     

    

 

	 	
        IREIT Stevens Point
        Pinecrest, L.L.C.,

        a Delaware limited
        liability company

	 	 	 	 	 
	 	By:	
        Inland Real Estate
        Income Trust, Inc.,

        a Maryland corporation,
        its sole member

	 	 	 	 	 
	 	 	By:	/s/ Catherine L. Lynch
	 	 	Name:	Catherine L. Lynch
	 	 	Its:	Chief Financial Officer
	 	 	FEIN	 
	 	 	 	 	 

 

	 	
        IREIT Lake St. Louis
        Hawk Ridge, L.L.C.,

        a Delaware limited
        liability company

	 	 	 	 	 
	 	By:	
        Inland Real Estate
        Income Trust, Inc.,

        a Maryland corporation,
        its sole member

	 	 	 	 	 
	 	 	By:	/s/ Catherine L. Lynch
	 	 	Name:	Catherine L. Lynch
	 	 	Its:	Chief Financial Officer
	 	 	FEIN	 
	 	 	 	 	 

 

	 	
        RE Income Omaha Whispering
        Ridge, L.L.C.,

        a Delaware limited
        liability company

	 	 	 	 	 
	 	By:	
        Inland Real Estate
        Income Trust, Inc.,

        a Maryland corporation,
        its sole member

	 	 	 	 	 
	 	 	By:	/s/ Catherine L. Lynch
	 	 	Name:	Catherine L. Lynch
	 	 	Its:	Chief Financial Officer
	 	 	FEIN	 
	 	 	 	 	 

 

    11 

     

    

 

	 	
        IREIT West Valley City
        Lake Park, L.L.C.,

        a Delaware limited
        liability company

	 	 	 	 	 
	 	By:	
        Inland Real Estate
        Income Trust, Inc.,

        a Maryland corporation,
        its sole member

	 	 	 	 	 
	 	 	By:	/s/ Catherine L. Lynch
	 	 	Name:	Catherine L. Lynch
	 	 	Its:	Chief Financial Officer
	 	 	FEIN	 
	 	 	 	 	 

 

 

	 	
        IREIT Nampa Treasure
        Valley, L.L.C.,

        a Delaware limited
        liability company

	 	 	 	 	 
	 	By:	
        Inland Real Estate
        Income Trust, Inc.,

        a Maryland corporation,
        its sole member

	 	 	 	 	 
	 	 	By:	/s/ Catherine L. Lynch
	 	 	Name:	Catherine L. Lynch
	 	 	Its:	Chief Financial Officer
	 	 	FEIN	 
	 	 	 	 	 

 

	 	
        IREIT Pleasant Prairie
        Plaza, L.L.C.,

        a Delaware limited
        liability company

	 	 	 	 	 
	 	By:	
        Inland Real Estate
        Income Trust, Inc.,

        a Maryland corporation,
        its sole member

	 	 	 	 	 
	 	 	By:	/s/ Catherine L. Lynch
	 	 	Name:	Catherine L. Lynch
	 	 	Its:	Chief Financial Officer
	 	 	FEIN	 
	 	 	 	 	 

 

	 	
        IREIT Frisco Marketplace,
        L.L.C.,

        a Delaware limited
        liability company

	 	 	 	 	 
	 	By:	
        Inland Real Estate
        Income Trust, Inc.,

        a Maryland corporation,
        its sole member

	 	 	 	 	 
	 	 	By:	/s/ Catherine L. Lynch
	 	 	Name:	Catherine L. Lynch
	 	 	Its:	Chief Financial Officer
	 	 	FEIN	 
	 	 	 	 	 

 

    12 

     

    

 

	 	
        IREIT Yorkville Marketplace,
        L.L.C.,

        a Delaware limited
        liability company

	 	 	 	 	 
	 	By:	
        Inland Real Estate
        Income Trust, Inc.,

        a Maryland corporation,
        its sole member

	 	 	 	 	 
	 	 	By:	/s/ Catherine L. Lynch
	 	 	Name:	Catherine L. Lynch
	 	 	Its:	Chief Financial Officer
	 	 	FEIN	 
	 	 	 	 	 

 

	 	
        IREIT Lawrence Iowa
        Street, L.L.C.,

        a Delaware limited
        liability company

	 	 	 	 	 
	 	By:	
        Inland Real Estate
        Income Trust, Inc.,

        a Maryland corporation,
        its sole member

	 	 	 	 	 
	 	 	By:	/s/ Catherine L. Lynch
	 	 	Name:	Catherine L. Lynch
	 	 	Its:	Chief Financial Officer
	 	 	FEIN	 
	 	 	 	 	 

 

	 	
        IREIT Turlock Blossom
        Valley, L.L.C.,

        a Delaware limited
        liability company

	 	 	 	 	 
	 	By:	
        Inland Real Estate
        Income Trust, Inc.,

        a Maryland corporation,
        its sole member

	 	 	 	 	 
	 	 	By:	/s/ Catherine L. Lynch
	 	 	Name:	Catherine L. Lynch
	 	 	Its:	Chief Financial Officer
	 	 	FEIN	 
	 	 	 	 	 

 

    13 

     

    

 

	 	
        IREIT South Jordon
        Oquirrh Mountain, L.L.C.,

        a Delaware limited
        liability company

	 	 	 	 	 
	 	By:	
        Inland Real Estate
        Income Trust, Inc.,

        a Maryland corporation,
        its sole member

	 	 	 	 	 
	 	 	By:	/s/ Catherine L. Lynch
	 	 	Name:	Catherine L. Lynch
	 	 	Its:	Chief Financial Officer
	 	 	FEIN	 
	 	 	 	 	 

 

	 	
        IREIT Branson Hills
        Plaza – T, L.L.C.,

        a Delaware limited
        liability company

	 	 	 	 	 
	 	By:	
        Inland Real Estate
        Income Trust, Inc.,

        a Maryland corporation,
        its sole member

	 	 	 	 	 
	 	 	By:	/s/ Catherine L. Lynch
	 	 	Name:	Catherine L. Lynch
	 	 	Its:	Chief Financial Officer
	 	 	FEIN	 
	 	 	 	 	 

 

    14 

     

    

EXHIBIT A TO SUBSIDIARY GUARANTY

FORM OF JOINDER TO SUBSIDIARY
GUARANTY

THIS JOINDER
is executed as of ___________, 20__ by the undersigned, each of which hereby agrees as follows:

1.       All
capitalized terms used herein and not defined in this Joinder shall have the meanings provided in that certain Subsidiary Guaranty
(the “Guaranty”) dated as of [________, 2018] executed for the benefit of KeyBank National Association, as agent for
itself and certain other lenders, with respect to a loan from the Lenders to Inland Real Estate Income Trust, Inc. (“Borrower”).

2.       As
required by the Credit Agreement described in the Guaranty, each of the undersigned is executing this Joinder to become a party
to the Guaranty.

3.       Each
and every term, condition, representation, warranty, and other provision of the Guaranty, by this reference, is incorporated herein
as if set forth herein in full and the undersigned agrees to fully and timely perform each and every obligation of a Subsidiary
Guarantor under such Guaranty.

[INSERT SUBSIDIARY
GUARANTOR SIGNATURE BLOCKS AND FEIN]

	FEIN	 	 	 	 	 
	 	 	 	By:	 	 
	 	 	 	 	By:	 
	 	 	 	Its:	 	 

 

 

 

15

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