Document:

Exhibit 10.12

 

This document was prepared by: 

 

Cori Leonard Young

Polsinelli PC

900 W. 48th Place, Suite 000

Kansas City, Missouri 64112

 

and after recording should

be returned to:

 

Polsinelli
PC

900 W. 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Cora Blackwell

 

Loan No. 10061067

______________________________________________________________________________

(space above reserved for Recorder’s use)

 

ASSUMPTION AGREEMENT

 

Dated March 16,  2015

 

By and Among

 

KRG HOT SPRINGS FAIRGROUNDS, LLC

Original Borrower

 

IREIT HOT SPRINGS FAIRGROUNDS, L.L.C.

New Borrower

 

KITE REALTY GROUP, L.P.

Current Guarantor

 

INLAND REAL ESTATE INCOME TRUST, INC.

New Guarantor

 

And

 

WELLS FARGO BANK, NATIONAL ASSOCIATION, AS
TRUSTEE FOR THE REGISTERED HOLDERS OF GS MORTGAGE SECURITIES CORPORATION II, COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES
2012-GC6

Lender

    	 

    	 

    

ASSUMPTION AGREEMENT

 

THIS ASSUMPTION AGREEMENT
(“Agreement”) is made as of the 16th  day of March, 2015 (“Effective Date”), by and
among IREIT HOT SPRINGS FAIRGROUNDS, L.L.C., a Delaware limited liability company (“New
Borrower”), whose address is 2901 Butterfield Road, Oak Brook, Illinois 60523; KRG HOT SPRINGS FAIRGROUNDS,
LLC, a Delaware limited liability company (“Original Borrower”), whose address is 30 S. Meridian
Street, Indianapolis, Indiana 46204; WELLS FARGO BANK, NATIONAL ASSOCIATION, AS TRUSTEE FOR THE REGISTERED HOLDERS OF GS
MORTGAGE SECURITIES CORPORATION II, COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2012-GC6 (“Lender”),
whose address is c/o KeyBank National Association, 11501 Outlook, Suite #300, Overland Park, Kansas 66211; KITE REALTY
GROUP, L.P., a Delaware limited partnership, whose address is 30 S. Meridian Street, Indianapolis, Indiana 46204
(hereinafter individually, collectively and jointly and severally, “Current Guarantor”); and INLAND
REAL ESTATE INCOME TRUST, INC., a Maryland corporation, whose address is 2901 Butterfield Road, Oak Brook, Illinois 60523
(hereinafter individually, collectively and jointly and severally, “New Guarantor”; and collectively
New Borrower, Original Borrower, New Guarantor and Current Guarantor, are the “Borrower Parties,” and
collectively, the Borrower Parties and Lender are the “Parties”).

 

RECITALS:

A.Pursuant to that certain Loan Agreement dated September
21, 2011 ( the “Loan Agreement”) Original Borrower borrowed from Goldman Sachs Commercial Mortgage Capital,
L.P., a Delaware limited partnership (“Original Lender”), the principal sum of $13,453,000 (the “Loan”)
for the financing of certain property located in Garland County, Arkansas, legally described on Exhibit A attached
hereto and by this reference made a part hereof (such real estate, together with all improvements thereon and personal property
associated therewith, is hereinafter collectively called the “Property”). Lender is the current owner and holder
of all right, title and interest in the Loan and the Loan Documents (as hereinafter defined).

B.As security for the Loan, Original Borrower executed
and delivered to Original Lender a Mortgage, Assignment of Rents and Leases, Collateral Assignment of Property Agreements, Security
Agreement and Fixture Filing, dated September 21, 2011, and recorded in the real estate records of Garland County, Arkansas, on
September 23, 2011, Book 3288, Page 761, in the Real Estate Records of Garland County, Arkansas (“Security Instrument”).
The Loan Agreement, the Security Instrument, the Promissory Note dated September 21, 2011, evidencing the Loan (“Note”),
the Guaranty Agreement (“Guaranty”) executed by Inland Diversified Real Estate Trust, Inc., a Maryland corporation
(“Original Guarantor”), the Environmental Indemnity Agreement (“Indemnity”) executed by Original
Borrower and Original Guarantor, and all other documents and instruments evidencing and/or securing the Note which have been executed
on or before the Effective Date by Original Borrower or others in connection with or related to the Loan, including this Agreement,
any assignments of leases and rents, other assignments, security agreements, financing statements, guaranties, indemnity agreements,
cash management agreements, letters of credit, escrow agreements or escrow/holdback arrangements, together with all amendments,
modifications, substitutions or

    	 

    	 

    

replacements thereof, are sometimes herein collectively referred
to as the “Loan Documents.” The Loan Documents are hereby incorporated by this reference as if fully set forth
in this Agreement.

C.Lender and KeyBank National Association (“KeyBank”)
entered into a certain Pooling and Servicing Agreement pursuant to which Lender, among other things, authorized KeyBank to act
on Lender’s behalf and as Lender’s agent with respect to the subject matter hereof.

D.Pursuant to that certain Consent Agreement dated
July 1, 2014 (the “Consent Agreement”), Current Guarantor assumed the obligations of Original Guarantor under
the Guaranty and Indemnity; interests in Original Borrower were transferred by merger and Original Borrower’s name was changed;
and certain modifications were made to the Loan Agreement.

E.Original Borrower desires to transfer all of its
right, title and interest in and to the Property to New Borrower. Pursuant to Article II of the Loan Agreement, Original Borrower
has requested that Lender consent to such transfer and permit New Borrower to assume the Loan. Subject to the terms and conditions
of this Agreement, Lender is willing to consent to the transfer of the Property to New Borrower, the assumption of the Loan by
New Borrower and the assumption by New Guarantor of all obligations of Current Guarantor under the Loan Documents.

Agreement

NOW, THEREFORE, in consideration of Ten
Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
agree as follows:

1.              
Assumption.

(a)New Borrower hereby (i) assumes and agrees to
pay the unpaid balance due and owing under the Loan Documents, together with interest thereon, all in accordance with the terms
of the Loan Documents, and (ii) agrees to perform all of the other obligations of Original Borrower under the Note, Security Instrument
and other Loan Documents and be bound by, comply with and perform each and every other covenant, condition, agreement, representation,
warranty, waiver, consent, acknowledgment and obligation of Original Borrower under the Loan Documents with the same force and
effect as if New Borrower itself had executed and delivered each and every Loan Document. New Borrower shall henceforth be deemed
to be the “Mortgagor,” “Assignor,” “Trustor,” “Grantor,” “Indemnitor”
and/or “Borrower” under each of the Loan Documents. Without limiting the generality of the foregoing, New Borrower’s
assumption includes the assumption of all obligations, liabilities, and waivers of Original Borrower set forth in the Note, including,
without limitation, the liabilities of Original Borrower under Section 9.19 of the Loan Agreement thereof. The foregoing assumption
by New Borrower is absolute and unconditional.

    	 

    	 

    

(b)New Guarantor hereby assumes and agrees to perform
all of the obligations of Current Guarantor under the Guaranty and the Indemnity, copies of which New Guarantor hereby acknowledges
having received, and to be bound by, comply with and perform each and every covenant, condition, agreement, representation, warranty,
waiver, consent, acknowledgment and obligation of Current Guarantor under the Guaranty and the Indemnity with the same force and
effect as if New Guarantor itself had executed and delivered each of the Guaranty and the Indemnity. New Guarantor shall henceforth
be deemed to be the Guarantor under the Guaranty, the Indemnitor under the Indemnity, and the Guarantor under each of the other
Loan Documents. Without limiting the generality of the foregoing, New Guarantor’s assumption includes the assumption of all
obligations, liabilities, and waivers of Current Guarantor set forth in the Guaranty and the Indemnity. The foregoing assumption
by New Guarantor is absolute and unconditional.

2.Consent. Effective upon
the satisfaction of, and subject to, all the terms and conditions set forth in this Agreement, Lender consents to: (a) the conveyance
by Original Borrower to New Borrower of all of Original Borrower’s rights, title, and interest in and to the Property; (b)
the assumption by New Borrower of all of Original Borrower’s obligations and liabilities under the Loan Documents upon the
terms and conditions set forth herein; (c) the assumption by New Guarantor of all of Current Guarantor’s obligations and
liabilities under the Loan Documents; and (d) the replacement of the existing property manager with Inland National Real Estate
Services, LLC (“New Property Manager”) as the new property manager of the Property. Lender further represents
and warrants that there is no Event of Default or event which with the giving of Notice or passage of time or both would be an
Event of Default has occurred and is continuing under the Loan Documents.

3.Release of Original Borrower.
Effective upon the recordation of this Agreement, Original Borrower shall be released from: (i) all liability and obligation for
repayment of the Loan; and (ii) all other liabilities and obligations under the Note and all Loan Documents as to acts, events
or omissions occurring or obligations arising after the Effective Date; provided, however, such release shall not apply
to any acts, events or omissions of Original Borrower which occurred prior to the Effective Date, whether or not the effects of
or damages from such acts, events or omissions are apparent or ascertainable as of the Effective Date.

4.Release of Current Guarantor.
Effective upon the recordation of this Agreement, Current Guarantor shall be released from all liabilities and obligations under
the Guaranty and the Indemnity as to acts, events or omissions occurring or obligations arising after the Effective Date; provided,
however, such release shall not apply to any acts, events or omissions of Current Guarantor which occurred prior to the Effective
Date, whether or not the effects of or damages from such acts, events or omissions are apparent or ascertainable as of the Effective
Date.

    	 

    	 

    

5.Ratification, Estoppel and Release.

(a)New Borrower hereby
ratifies and reaffirms (i) each grant, pledge, assignment and conveyance to Lender of, and New Borrower grants, pledges, assigns
and conveys to Lender a lien on, pledge of, and security interest in, the Property pursuant to the terms of the Security Instrument,
including all rights, interests and property hereafter acquired, and all products and proceeds thereof and additions and accessions
thereto, and (ii) that as of the Effective Date, all of the terms, representations, warranties, covenants and provisions
of the Loan Documents remain in full force and effect, without modification, except as necessary to implement the terms and provisions
of this Agreement and except for those representations, warranties, covenants and provisions that specifically apply to Original
Borrower.

(b)           
Original Borrower ratifies and reaffirms that as of the Effective Date, all of the terms, representations, warranties, covenants
and provisions of the Loan Documents remain in full force and effect, and are true and correct in all material respects with respect
to Original Borrower, without modification, except as necessary to implement the terms and provisions of this Agreement.

(c)Current Guarantor
hereby ratifies and reaffirms that as of the Effective Date, all of the terms, representations, warranties, covenants and provisions
of the Guaranty and Indemnity remain in full force and effect, and are true and correct in all material respects with respect to
Current Guarantor as “Guarantor” and/or “Indemnitor” thereunder, without modification, except as necessary
to implement the terms and provisions hereof and except for those representations, warranties, covenants and provisions that specifically
apply to Current Guarantor.

(d)The Parties acknowledge
that as of March 5, 2015, the outstanding principal amount of $13,453,000.00 was justly owing on account of the Note and interest
has been paid through February 5, 2015.

(e)Original Borrower
hereby assigns to New Borrower all of Original Borrower’s right, title and interest in and to any escrow and/or reserve funds
or accounts held by Lender. New Borrower hereby ratifies and confirms its obligations to continue to deposit the required deposits
into such escrow and/or reserve funds or accounts as required under the Loan Documents. The parties hereto hereby acknowledge and
confirm that the balance of each of the escrow and/or reserve accounts held by Lender as of March 5, 2015, was as follows:

Insurance Escrow:$0.00

 

Tax Escrow:$0.00

 

 

    	 

    	 

    

 

(f)Each Borrower Party hereby remises,
releases and forever discharges Lender and all of Lender’s officers, directors, agents, loan servicing agents, special servicing
agents, employees, attorneys, subsidiaries, affiliates, successors, assigns and any other person or entity acting for or on behalf
of Lender (collectively, the “Released Lender Parties”), of and from any and all actions, causes of action,
damages, demands, costs, expenses, claims, indebtedness, liabilities and obligations, and further waives any and all defenses and
setoffs, whether such claims, defenses and setoffs are known or unknown, disclosed or undisclosed, whether in law or in equity,
and relating, in any manner whatsoever, to this Agreement, the Loan, the Note or any of the other Loan Documents or the Property
in connection with any matter arising prior to the Effective Date. Each Borrower Party acknowledges that, subsequent to the execution
of this Agreement, it may discover claims that are unknown or unanticipated at the time this Agreement was executed, including
unknown or unanticipated claims that arose from, are based upon, or relate to, matters arising prior to the Effective Date for
which the release is given the Released Lender Parties in this subparagraph, and that, if known on the date it executed this Agreement,
may have materially affected its decision to execute this Agreement. Each Borrower Party acknowledges that it is assuming the risk
of such unknown or unanticipated claims and agrees that this Agreement applies thereto. Each Borrower Party expressly waives the
benefits of any applicable statutory provision prohibiting, conditioning or restricting the release of unknown or future claims
or any of the claims being released pursuant to this Agreement.

(g)The Borrower Parties acknowledge
and agree that all waivers, discharges and releases herein contained are a material inducement for Lender entering into this Agreement,
and constitute an essential part of the consideration bargained for and received by Lender under this Agreement.

6.Covenants.

(a)If Original Borrower has not provided
the Financial Reports (as hereinafter defined) to Lender on or before the closing of the purchase of the Property by New Borrower
from Original Borrower, then at said closing, Original Borrower shall deposit the sum of $5,000.00 (the “Last Report Fee”)
with the title company or escrow company that is utilized by Lender in connection with consummating the assumption transaction
described in this Agreement (the “Escrow Company”). Original Borrower agrees that within thirty (30) days after
the Effective Date as first set forth above, Original Borrower will deliver to Lender a copy of all required operating statements
and rent rolls with respect to the Property, certified in each case by Original Borrower as being true and correct (including,
without limitation, for the period beginning on the first day of the year of this Agreement and ending on the last day of the calendar
month which immediately precedes the Effective Date and for the partial calendar month ending on the Effective Date with respect
to Operating Statements, and for the calendar month of the Effective Date with respect to rent rolls), and all other financial
statements and other reports that Original Borrower is required to deliver to Lender under and in accordance with the provisions
of this Agreement and the other Loan Documents and in such form and detail

    	 

    	 

    

as is required under the Loan Documents, in each case for
all periods that precede the Effective Date and that have not been previously provided to Lender (hereinafter, collectively, the
“Financial Reports”). Time is of the essence of the foregoing covenant and if Lender does not receive all of
the foregoing documentation within the time period as hereinabove set forth, then the Last Report Fee shall be forfeited by Original
Borrower to Lender and the same shall be promptly paid by the Escrow Company to Lender upon Lender’s demand for the same,
and, in addition, Original Borrower shall pay to Lender, upon demand, all costs and expenses (including, without limitation, attorneys’
fees) incurred by Lender in connection with obtaining the Last Report Fee and the above-described operating statements and rent
rolls. Original Borrower agrees to execute and deliver such documentation addressed to the Escrow Company as Lender may reasonably
require to evidence the above-described agreement of Original Borrower with respect to the Last Report Fee. If Original Borrower
timely performs its obligations under this subparagraph of this Agreement, then Lender shall promptly instruct the Escrow Company
to return the Last Report Fee to Original Borrower. New Borrower hereby acknowledges that it shall have no interest in any of the
Last Report Fee and Lender shall have no obligation to apply the same against any of the monies that may now or at any time hereafter
be owed by New Borrower to Lender under the Loan Documents.

(b)New Borrower and New Guarantor hereby
jointly and severally covenant to Lender that the Property will be managed by New Property Manager pursuant to the property management
agreement approved by Lender and in accordance with the Loan Documents. New Borrower acknowledges and agrees that all property
management fees and compensation payable to New Property Manager are subordinate to Lender’s rights under the Loan Documents
in accordance with and to the extent provided in the Assignment and Subordination of Management Agreement of even date herewith
among New Borrower, Lender and New Property Manager, and, in connection therewith, New Borrower and New Property Manager will deliver
to Lender an Assignment and Subordination of Management Agreement dated as of the Effective Date and satisfactory to Lender in
form and substance.

7.Representations and Warranties.

(a)In addition to all representations
and warranties in the Loan Documents, the Borrower Parties each represent and warrant as to themselves that (i) it has full power,
authority, legal right and capacity to execute, deliver and perform their respective obligations under this Agreement and the other
Loan Documents; (ii) the Loan Documents, including, without limitation, this Agreement, constitute valid, enforceable and binding
obligations of such party except as may be limited by (A) bankruptcy, insolvency or other similar rights affecting the rights of
creditors generally and (B) general principles of equity (regardless of whether considered in a proceeding in equity or at law),
and have not been modified either orally or in writing; and (iii) as of the Effective Date, there are no counterclaims, defenses
or offsets of any nature whatsoever to any of its respective obligations under the Loan Documents.

(b)The Borrower Parties represent and
warrant as to themselves that it (i) is duly organized, validly existing and in good standing under the laws of its state of organization;
and (ii) is duly qualified to transact business and is in good standing in the State where the Property is located, if required
by applicable law.

    	 

    	 

    

(c)New Borrower further represents
and warrants that any funds used by New Borrower for its acquisition of the Property have been contributed as capital contributions
and are not secured directly or indirectly by an interest in New Borrower or any other collateral that has been assigned to Lender
under the Loan.

(d)Original Borrower and Current Guarantor
hereby represent and warrant to Lender, New Borrower and New Guarantor that, as of the Effective Date, to Original Borrower’s
and Current Guarantor’s knowledge, no Default, Event of Default or default (as any of such terms may be defined in
any of the Loan Documents), nor any event which, with the passage of time or the giving of notice (or both) would constitute a
Default, Event of Default or default has occurred and is continuing under any of the Loan Documents.

(e)New Guarantor further represents
and warrants that the financial position of New Guarantor as of the Effective Date has not significantly deteriorated from the
financial position of New Guarantor as reflected on financial statements previously provided to Lender.

8.Further Documents, Etc.
The Borrower Parties each hereby agree to execute and deliver to Lender, and authorize the filing and/or recording by Lender of,
any and all further documents and instruments reasonably required by Lender to effectuate the transaction contemplated by this
Agreement, to create, perfect and/or modify the liens and security interests granted to Lender under the Loan Documents and/or
to give effect to the terms and provisions of this Agreement, including, without limitation, appropriate UCC financing statements
or amendments. Without limiting the generality of the foregoing, on or before the Effective Date, Lender shall be furnished with
the following: (i) certified copies of all documents relating to the organization and formation of New Borrower and New Guarantor,
together with all appropriate original documentation evidencing New Borrower’s and New Guarantor’s capacity and good
standing; (ii) appropriate documentation evidencing the qualification of the signers to execute this Agreement; (iii) such legal
opinions as may be required by Lender; (iv) title endorsements to Lender’s title insurance policy or a replacement Lender’s
title insurance policy providing the equivalent coverage; (v) evidence that all insurance required under the Loan Documents is
current; (vi) all documentation relating to the management of the Property and the assignment and subordination of any management
agreement to Lender; and (vii) evidence of payment of all fees, costs and expenses required by Section 9 hereof. All of
the foregoing shall be in form and substance satisfactory to Lender in its reasonable discretion.

9.Costs and Expenses. Original
Borrower and/or New Borrower hereby agree to pay any and all fees, costs and expenses, including but not limited to attorneys’
fees and the premium for endorsements to Lender’s title insurance policy or a replacement Lender’s title insurance
policy, incurred by Lender in connection with the negotiation, preparation, filing and/or recording of this Agreement and all other
documents and instruments executed pursuant to this Agreement and/or to create, perfect or modify the liens, security interests,
assignments and/or pledges contemplated hereunder. Concurrently with the execution of this Agreement, New Borrower and/or Original
Borrower shall pay Lender an assumption fee of one percent (1%) of the outstanding principal balance of the Note as of the Effective
Date as required under Section 2.2 (viii) of the Security Instrument, in addition to all other costs and expenses incurred by Lender
in connection with the transfer of the Property and the assumption of the Loan.

    	 

    	 

    

10.No Reliance. New Borrower
acknowledges that in consummation of this assumption, New Borrower has not relied on any representations by Lender regarding the
Property, the title thereto or any other matter.

11.Miscellaneous.

(a)This Agreement shall be binding upon the parties
hereto and their respective heirs, executors, personal and legal representatives, successors and assigns.

(b)Wherever Lender’s judgment, consent or approval
is required under this Agreement, or Lender shall have an option, election or right of determination under this Agreement that
something is satisfactory or not (“Decision Power”), such Decision Power shall be exercised in the sole and
absolute discretion of Lender unless otherwise expressly stated to be reasonably exercised.

(c)If any term, covenant or condition of this Agreement
shall be held to be invalid, illegal or unenforceable in any respect, the validity or enforceability of the remaining provisions
shall not in any way be affected.

(d)This Agreement, and any provisions
hereof, may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act
on the part of any Party, but only by an agreement in writing signed by the Party against whom enforcement of any modification,
amendment, waiver, extension, change, discharge or termination is sought.

(e)The following rules of construction
are applicable for the purposes of this Agreement and all documents and instruments supplemental hereto unless the context clearly
requires otherwise: All references herein to numbered or lettered Sections or to numbered or lettered Schedules or Exhibits are
references to the Sections hereof and the Schedules and Exhibits annexed hereto or otherwise identified in connection herewith.
The terms “include,” “including,” and similar terms shall be construed as if followed by the phrase “without
being limited to.” Words of masculine, feminine or neuter gender shall mean and include the correlative words of the other
genders, and words importing the singular number shall mean and include the plural, and vice versa. The term “person,”
when used herein, means any natural person, corporation, general or limited partnership, limited liability company, association,
joint venture, trust, estate, governmental authority or other legal entity, in each case whether in its own or a representative
capacity. No inference in favor of or against any party hereto shall be drawn from the fact that such party has drafted any portion
of this Agreement.

12.Governing Law. This Agreement
shall be governed by the law of the state in which that portion of the Property which constitutes real property is located (“Governing
State”).

    	 

    	 

    

13.Venue. THE BORROWER PARTIES
EACH HEREBY CONSENT TO PERSONAL JURISDICTION IN THE GOVERNING STATE. JURISDICTION AND VENUE OF ANY ACTION BROUGHT TO ENFORCE THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT OR ANY ACTION RELATING TO THE LOAN OR THE RELATIONSHIPS CREATED BY OR UNDER THE LOAN DOCUMENTS
(“ACTION”) SHALL, AT THE ELECTION OF LENDER, BE IN (AND IF ANY ACTION IS ORIGINALLY BROUGHT IN ANOTHER VENUE,
THE ACTION SHALL AT THE ELECTION OF LENDER BE TRANSFERRED TO) A STATE OR FEDERAL COURT OF APPROPRIATE JURISDICTION LOCATED IN THE
GOVERNING STATE. THE BORROWER PARTIES EACH HEREBY CONSENT AND SUBMIT TO THE PERSONAL JURISDICTION OF THE STATE COURTS OF THE GOVERNING
STATE AND OF FEDERAL COURTS LOCATED IN THE GOVERNING STATE IN CONNECTION WITH ANY ACTION AND HEREBY WAIVE ANY AND ALL PERSONAL
RIGHTS UNDER THE LAWS OF ANY OTHER STATE TO OBJECT TO JURISDICTION WITHIN THE GOVERNING STATE FOR PURPOSES OF ANY ACTION. The Borrower
Parties each hereby waive and agree not to assert, as a defense to any Action or a motion to transfer venue of any Action, (i)
any claim that it is not subject to such jurisdiction; (ii) any claim that any Action may not be brought against it or is not maintainable
in those courts or that this Agreement may not be enforced in or by those courts, or that it is exempt or immune from execution;
(iii) that the Action is brought in an inconvenient forum; or (iv) that the venue for the Action is in any way improper.

14.Counterparts. This Agreement
may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

15.No Impairment. All of the
Property described in the Security Instrument and the other Loan Documents shall remain in all respects subject to the lien, charge
and encumbrance of the Security Instrument and the other Loan Documents. Nothing in this Agreement shall be deemed to or shall
in any manner prejudice or impair any of the Loan Documents or any security granted or held by Lender for the Loan or the original
priority of the Security Instrument or any of the other Loan Documents. This Agreement shall not be deemed to be nor shall it constitute
any alteration, waiver, annulment or variation of the lien and encumbrance of the Security Instrument or any of the other Loan
Documents or the terms and conditions of or any rights, powers or remedies under such documents, except as expressly set forth
herein.

16.Notice. Any notice required
or permitted to be given under this Agreement or under any of the other Loan Documents must be in writing and given (a) by depositing
the same in the United States mail, addressed to the Party to be notified, postage prepaid and registered or certified with return
receipt requested; (b) by delivering the same in person to such party; (c) by transmitting a facsimile copy to the correct facsimile
phone number of the intended recipient; or (d) by depositing the same into the custody of a nationally recognized overnight delivery
service addressed to the Party to be notified. In the event of mailing, notices shall be deemed effective three (3) days after
posting; in the event of overnight delivery, notices shall be deemed effective on the next business day following deposit with
the delivery service; and in the event of personal

    	 

    	 

    

service or facsimile transmissions, notices shall be deemed
effective when delivered. For purposes of notice, the addresses of the Parties shall be as follows, and the Loan Documents are
hereby amended to include the addresses set forth below:

Original Borrower:

			KRG Hot Springs Fairgrounds, LLC

                                                            30 S. Meridian Street

			Indianapolis, Indiana 46204

			Facsimile: 317-577-5605

			Attn: Daniel R. Sink, Executive Vice President and Chief Financial Officer

 

With a copy of any notice to Original
Borrower to:

			April Pyatt

                                                            Ice Miller LLP

			One American Square, Suite 2900

			Indianapolis, Indiana 46282

			Facsimile: 317-592-4275

 

New Borrower:

			IREIT Hot Springs, Fairgrounds, L.L.C.

                                                            c/o Inland Real Estate Income Trust, Inc.

			2901 Butterfield Road

			Oak Brook, Illinois 60523

			Facsimile: 630-586-6590

			Attn: Chief Financial Officer

 

With a copy of any notice
to New Borrower to:

			The Inland Real Estate Group, Inc.

                                                               2901 Butterfield Road

			Oak Brook, Illinois, 60523

			Facsimile: 630-218-4900

			Attn: General Counsel

 

		Lender:	KeyBank National Association

			11501 Outlook, Suite #300

			Overland Park, Kansas 66211

			Facsimile: 877-379-1625

 

With a copy of any notice
to Lender to:

			Daniel Flanigan, Esq.

                                                               Polsinelli PC

			900 W. 48th Place, Suite 900

			Kansas City, Missouri 64112

			Facsimile: 816-753-1536

    	 

    	 

    

Original Guarantor:

			Kite Realty Group, L.P.

                                                            30 S. Meridian Street

			Indianapolis, Indiana 46204

			Facsimile: 317-577-5605

			Attn: Daniel R. Sink, Executive Vice President and Chief Financial Officer

 

With a copy of any notice to Original Guarantor to:

			April Pyatt

                                                            Ice Miller LLP

			One American Square, Suite 2900

			Indianapolis, Indiana 46282

			Facsimile: 317-592-4275

 

New Guarantor:

			Inland Real Estate Income Trust, Inc.

                                                            2901 Butterfield Road

			Oak Brook, Illinois 60523

			Facsimile: 630-586-6590

 

With a copy of any notice to New
Guarantor to:

			Inland Real Estate Group, Inc.

                                                            2901 Butterfield Road

			Oak Brook, Illinois, 60523

			Facsimile: 630-218-4900

			Attn: General Counsel

 

17.WAIVER OF TRIAL BY JURY.
THE PARTIES EACH HEREBY AGREE NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVE ANY RIGHT TO TRIAL
BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS AGREEMENT, THE SECURITY INSTRUMENT,
THE NOTE 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 THE PARTIES, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE
AND EACH ISSUE AS TO WHICH RIGHT TO TRIAL BY JURY WOULD OTHERWISE ACCRUE. THE PARTIES EACH ARE HEREBY AUTHORIZED TO FILE A COPY
OF THIS SECTION IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY EACH OTHER.

    	 

    	 

    

18.Modifications to Loan Agreement.

(a)The definition of Sponsor found in the first section
of the Loan Agreement is amended by deleting “Kite Realty Group Trust, a Maryland Real Estate Investment Trust” and
inserting “Inland Real Estate Income Trust, Inc., a Maryland corporation.”

(b)Section 2.4 of the Loan Agreement is amended by
deleting the entire Section and inserting the following in its place:

2.4Additional Permitted Transfers. Notwithstanding
anything to the contrary contained in the Loan Documents (including, without limitation, Sections 2.2 and 2.3 above), any Transfers
or transfers of direct or indirect equity interests in Borrower completed in strict compliance with the following subsections shall
be permitted under the Loan Documents, provided in conjunction with any Transfers or transfers permitted under this Section 2.4,
(i) Borrower shall have paid the costs and expenses (if any) of the Rating Agencies and Servicers and reimbursed Lender for its
reasonable out-of-pocket costs and expenses (including reasonable attorney’s fees) incurred in connection with any such conveyance
or transfer, and (ii) no Prohibited Change of Control or Prohibited Pledge shall occur as a result thereof;

 

(a)Any issuance, hypothecation, sale or transfer of equity
interests in Sponsor;

 

(b) Acquisition by Sponsor of a separate legal entity whether
by merger, stock purchase, asset purchase or any other manner;

 

(c) The conveyance of 100% of the membership interests in
Borrower to an entity (the “Substitute Member”), provided the following condition precedents are satisfied:

 

(i)Lender shall have received ten (10) days advance written
notice of such conveyance or transfer;

 

(ii)Sponsor affirms the entirety of its obligations
as guarantor and indemnitor under the Guaranty, Environmental Indemnity Agreement and Cooperation Agreement pursuant to the terms
of an affirmation agreement reasonably acceptable to Lender, and Sponsor continues to satisfy any net worth and liquidity requirements
of Guarantor which may be set forth in the Guaranty and Environmental Indemnity Agreement;

 

(iii)Sponsor, or a wholly-owned (direct or indirect)
subsidiary of Sponsor, retains not less than ten percent (10%) of the beneficial interests in the Substitute Member (such entity,
the “Inland Member”);

    	 

    	 

    

(iv)The Inland Member is appointed to serve, and
does serve, as the manager/managing member/general partner as the case may be, of the Substitute Member and maintains the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of Borrower, whether through
the ability to exercise voting power, by contract or otherwise;

 

(v)no Event of Default or monetary Default shall
be continuing at the time of such conveyance or transfer;

 

(vi)Borrower shall have delivered to Lender legal
opinions of counsel reasonably acceptable to Lender that are equivalent to the opinions delivered to Lender on the Closing Date,
including, one or more Delaware legal opinion(s) regarding matters related to Single Member LLC’s and to the extent necessary
to satisfy a Rating Condition, nonconsolidation opinions that are reasonably satisfactory to Lender and satisfactory to each of
the Rating Agencies; and Borrower, Substitute Member and Inland Member shall have delivered such other documents, certificates
and legal opinions, including relating to REMIC matters, as Lender shall reasonably request;

 

(vii)Substitute Member and Inland Member shall
have delivered to Lender all documents reasonably requested by it relating to the existence and due authorization of such Substitute
Member and Inland Member, each in form and substance reasonably satisfactory to Lender, including a certified copy of the applicable
resolutions from all appropriate Persons, certified copies of the organizational documents of the Substitute Member and Inland
Member, together with all amendments thereto, and certificates of good standing or existence for the Substitute Member and Inland
Member issued as of a recent date by its state of organization and each other state where such entity, by the nature of its business,
is required to qualify or register;

 

(viii)Lender has received satisfactory evidence
that Borrower, Substitute Member and Inland Member, as required by Lender, shall be a Single-Purpose Entity; and

 

(ix)Lender has received payment by Borrower of
a fee equal to Five Thousand and No/100 Dollars ($5,000.00).

 

(d)Either (a) an Assumption or (b) a transfer of the entire
membership in the Borrower to a wholly owned subsidiary of Sponsor (the “Permitted Affiliate Transferee”) provided
the following condition precedents are satisfied:

 

(i)Lender has received thirty (30) days advance
written notice from Borrower;

    	 

    	 

    

(ii)no Event of Default or monetary Default shall
be continuing at the time of such conveyance or transfer;

 

(iii)in regards to an Assumption to a Permitted
Affiliate Transferee, the condition precedents set forth in Section 2.2 shall be Satisfied in their entirety other than the requirement
to pay the assumption fee set forth in Section 2.2(vii) above (provided, Borrower shall have reimbursed Lender for its reasonable
out-of-pocket costs and expenses incurred in connection with such Transfer);

 

(iv)the credit worthiness of Sponsor has not materially
deteriorated in the reasonable discretion of Lender from the date Sponsor assumed the obligations under the Guaranty and the Environmental
Indemnity Agreement to the date of the proposed Assumption or transfer of membership interests, Sponsor affirms the entirety of
its obligations as guarantor and indemnitor under the Guaranty, Environmental Indemnity Agreement and Cooperation Agreement pursuant
to the terms of an affirmation agreement reasonably acceptable to Lender, and Guarantor continues to satisfy any net worth and
liquidity requirements of Guarantor which may be set forth in the Guaranty and Environmental Indemnity Agreement;

 

(v)in conjunction with an Assumption, the Permitted
Affiliate Transferee and its managing member or general partner, as required by Lender, shall be a Single-Purpose Entity;

 

(vi)in the case of a transfer of the membership
interest in Borrower, (a) Borrower shall continue to be a Single-Purpose Entity; (b) Borrower shall have delivered to Lender legal
opinions of counsel reasonably acceptable to Lender that are equivalent to the opinions delivered to Lender on the Closing Date,
including, one or more Delaware legal opinion(s) regarding matters related to Single Member LLC’s and to the extent necessary
to satisfy a Rating Condition, nonconsolidation opinions that are reasonably satisfactory to Lender and satisfactory to each of
the Rating Agencies; and (c) Borrower and the Permitted Affiliate Transferee shall have delivered such other documents, certificates
and legal opinions, including relating to REMIC matters, as Lender shall reasonably request;

 

(vii)Permitted Affiliate Transferee hall have
delivered to Lender all documents reasonably requested by it relating to the existence and due authorization of such Permitted
Affiliate Transferee, each in form and substance reasonably satisfactory to Lender, including a certified copy of the applicable
resolutions from all appropriate Persons, certified copies of the organizational documents of the Permitted Affiliate Transferee,
together with all amendments thereto, and certificates of good standing or existence for the Permitted Affiliate Transferee issued
as of a recent date by its state of organization and each other state where such entity, by the nature of its business, is required
to qualify or register; and

    	 

    	 

    

(viii)Lender has received payment by Borrower
of a fee equal to Five Thousand and No/100 Dollars ($5,000.00).

 

(e)Either (a) an Assumption or (b) a transfer of the entire
membership in the Borrower to a Permitted Affiliate REIT (as hereinafter defined) or a Single-Purpose Entity which is a wholly
owned subsidiary of a Permitted Affiliate REIT (the “Affiliate REIT Transferee”), provided the following condition
precedents are satisfied:

 

(i)Lender receives thirty (30) days advance written
notice from Borrower;

 

(ii)no Event of Default or monetary Default shall
be continuing at the time of such conveyance or transfer;

 

(iii)in regards to an Assumption, the condition
precedents set forth in Section 2.2 shall be satisfied in their entirety other than the requirement to pay the assumption fee set
forth in Section 2.2(vii) above (provided, Borrower shall have reimbursed Lender for its reasonable out-of-pocket costs and expenses
incurred in connection with such Transfer);

 

(iv)the net worth of the Permitted Affiliate REIT
is no less than Seventy Five Million and No/100 Dollars ($75,000,000),

 

(v)the Permitted Transferee REIT shall assume
all obligations, liabilities, guarantees and indemnities of Sponsor and any other guarantor under the Loan Documents pursuant to
documentation satisfactory to Lender; and

 

(vi)the Permitted Transferee REIT and Affiliate
REIT Transferee shall have delivered to Lender legal opinions of counsel reasonably acceptable to Lender that are equivalent to
the opinions delivered to Lender on the Closing Date, including, to the extent necessary to satisfy a Rating Condition, nonconsolidation
opinions that are reasonably satisfactory to Lender and satisfactory to each of the Rating Agencies; and Borrower, the Permitted
Transferee REIT and Affiliate REIT Transferee shall have delivered such other documents, certificates and legal opinions, including
relating to REMIC matters, as Lender shall reasonably request;

 

(vii)such Permitted Transferee REIT and Affiliate
REIT Transferee shall have delivered to Lender all documents reasonably requested by it relating to the existence of such Permitted
Transferee REIT and Affiliate REIT Transferee and the due authorization of the Permitted Transferee REIT and Affiliate REIT Transferee,
each in form and substance reasonably satisfactory to Lender, including a certified copy of the applicable resolutions from all
appropriate Persons, certified copies of the organizational documents of the Permitted Transferee REIT and Affiliate REIT Transferee,
together with all amendments thereto, and certificates of good standing or existence for the Permitted Transferee REIT and Affiliate
REIT Transferee issued as of a recent date by its state of organization and each other state where such entity, by the nature of
its business, is required to qualify or register; and

    	 

    	 

    

(viii)Lender has received payment by Borrower
of a fee equal to Five Thousand and No/100 Dollars ($5,000.00).

 

(f)Provided the condition precedents outlined below are
satisfied, the merger of Sponsor with any of the following entities: (a) Inland Real Estate Corporation, a Maryland corporation,
(b) Inland Real Estate Investment Corporation, a Delaware corporation, (c) Retail Properties of America, Inc., formerly known as
Inland Western Retail Real Estate Trust, Inc., a Maryland corporation, (d) Inland American Real Estate Trust, Inc., (e) any other
real estate investment trust sponsored by Inland Real Estate Investment Corporation, or (f) any other entity composed entirely
of any of the foregoing, by merger or other business combination (the entities listed in (a) - (f) are each hereinafter referred
to as a “Permitted Affiliate REIT”),

 

(i)Lender receives thirty (30) days advance written
notice from Borrower;

 

(ii)the net worth and liquidity of the entity
which survives the merger with the Permitted Affiliate REIT shall equal or exceed the net worth of Sponsor immediately prior to
such merger and in any event the surviving entity shall continue to satisfy any net worth and liquidity requirements set forth
in the Guaranty and the Environmental Indemnity Agreement;

 

(iii)if the entity which survives the merger is
not Sponsor, the successor entity shall assume all obligations, liabilities, guarantees and indemnities of Sponsor and any other
guarantor under the Loan Documents pursuant to documentation satisfactory to Lender;

 

(iv)if the entity which survives the merger is
Sponsor, Sponsor shall affirm the entirety of its obligations as guarantor and indemnitor under the Guaranty, Environmental Indemnity
Agreement and Cooperation Agreement pursuant to the terms of an affirmation agreement reasonably acceptable to Lender; and

 

(v)the satisfaction of the conditions outlined
in Sections 2.4(e)(vi) and (vii) but as they relate to the Sponsor and the Permitted Affiliate REIT.

 

(g)The reconstitution or conversion of Sponsor from one
legal entity type to another entity type, provided the following condition precedents are satisfied:

 

(i)Lender receives thirty (30) days advance written
notice from Borrower;

 

(ii)the net worth and liquidity of the reconstituted
entity shall equal or exceed the net worth of Sponsor immediately, prior to such reconstitution and in any event the surviving
entity shall continue to satisfy any net worth and liquidity requirements set forth in the Guaranty and the Environmental Indemnity
Agreement;

 

(iii)the reconstituted entity shall assume all
obligations, liabilities, guarantees and indemnities of Sponsor and any other guarantor under the Loan Documents pursuant to documentation
satisfactory to Lender;

    	 

    	 

    

(iv)the satisfaction of the conditions outlined
in Sections 2.4(e)(vi) and (vii) but as they relate to the reconstituted entity; and

 

(v)immediately following such reconstitution,
the surviving entity shall be a public (but not necessarily listed on an exchange) entity.

 

(REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK)

    	 

    	 

    

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

Original Borrower: 

KRG HOT SPRINGS FAIRGROUNDS, LLC,

a Delaware limited liability company

 

 

By:

Name:

Title:

 

 

STATE OF )

)SS

COUNTY OF )

 

The foregoing instrument was acknowledged before me this 
day of March, 2015, by

of KRG HOT SPRINGS FAIRGROUNDS, LLC, a Delaware
limited liability company, on behalf of the company, and has produced

as identification.

 

 

 

Notary Public

 

    	 

    	 

    

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

New Borrower: 

IREIT HOT SPRINGS FAIRGROUNDS, L.L.C.,

a Delaware limited liability company

 

By:Inland Real Estate Income Trust, Inc.,

a Maryland corporation,

its sole member

 

 

 

By:

Name:

Title:

 

STATE OF )

)SS

COUNTY OF )

The foregoing instrument was acknowledged before me this 
day of March, 2015, by

of Inland Real Estate Income Trust Inc., a
Maryland corporation, the sole member of IREIT HOT SPRINGS FAIRGROUNDS, L.L.C., a Delaware limited liability company, on behalf
of the company, and has produced as identification.

 

 

 

Notary Public

 

    	 

    	 

    

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

Original Guarantor: 

KITE REALTY GROUP, L.P., 

a Delaware limited partnership

 

By:Kite Realty Group Trust,

a Maryland Real Estate Investment
Trust,

its General Partner

 

 

By:

Name:

Title:

 

STATE OF )

)SS

COUNTY OF )

 

The foregoing instrument was acknowledged before me
this _____ day of March, 2015, by _____of Kite Realty Group Trust, the general partner of KITE REALTY GROUP, L.P., a
Delaware limited partnership, on behalf of the partnership, and has produced  _____  as identification.

 

 

Notary Public

 

 

    	 

    	 

    

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

New Guarantor:

INLAND REAL ESTATE INCOME TRUST, INC.,

a Maryland corporation

 

 

 

By:

Name:

Title:

 

 

STATE OF )

)SS

COUNTY OF )

 

The foregoing instrument was acknowledged before me this 
day of March, 2015, by

 of INLAND REAL ESTATE INCOME TRUST INC., a Maryland corporation, on behalf of the corporation, and has produced 
as identification.

 

 

Notary Public

 

 

    	 

    	 

    

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

Lender:

WELLS FARGO BANK, NATIONAL ASSOCIATION, AS TRUSTEE
FOR THE REGISTERED HOLDERS OF GS MORTGAGE SECURITIES CORPORATION II, COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2012-GC6

 

 

		By:	KeyBank National Association,                                           

			a national banking association,                                             

			as Authorized Agent                                                            

 

 

By:

Name:

Title:

 

STATE OF KANSAS )

 ) ss.

COUNTY OF JOHNSON )

 

On this _______ day of March, 2015, before me,
the undersigned notary public, personally appeared _____________________________, the ____________________ of KeyBank National
Association, a national banking association, the authorized agent for WELLS FARGO BANK, NATIONAL ASSOCIATION, AS TRUSTEE FOR
THE REGISTERED HOLDERS OF GS MORTGAGE SECURITIES CORPORATION II, COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2012-GC6,
known to me to be the person who executed the document on behalf of WELLS FARGO BANK, NATIONAL ASSOCIATION, AS TRUSTEE FOR
THE REGISTERED HOLDERS OF GS MORTGAGE SECURITIES CORPORATION II, COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2012-GC6
and acknowledged to me that s/he executed the same for the purposes therein stated.

 

 

Notary Public in and for Said County and State

 

 

(Type, print or stamp the Notary’s name below his

or her signature)

 

My Commission Expires:

 

____________________

 

    	 

    	 

    

EXHIBIT A

 

LEGAL DESCRIPTIONExhibit 10.13

 

ASSIGNMENT AND ASSUMPTION

OF
LEASES AND SECURITY DEPOSITS

 

HAWK
RIDGE – LAKE ST. LOUIS, MISSOURI

 

THIS ASSIGNMENT AND ASSUMPTION
OF LEASES AND SECURITY DEPOSITS (“Assignment”) is entered into as of the 16th day of March, 2015, by and between
KRG LAKE ST. LOUIS HAWK RIDGE, LLC, a Delaware limited liability company (“Assignor”), and IREIT LAKE ST. LOUIS
HAWK RIDGE, L.L.C., a Delaware limited liability company (“Assignee”). Reference is hereby made to that certain
Purchase and Sale Agreement, dated September 16, 2014, by and among Assignor, certain affiliates of Assignor, and Inland Real Estate
Income Trust, Inc., a Maryland corporation, as predecessor-in-interest to Assignee (the “Agreement”). Capitalized
terms used herein but not defined herein shall have the meaning ascribed to them in the Agreement.

 

1.Property. The “Property”
means the real property located in Lake St. Louis, Missouri, commonly known as Hawk Ridge, and more particularly described in Exhibit
A attached hereto and incorporated herein.

 

2.Leases. The “Leases”
means those leases, tenancies, rental agreements and occupancy agreements affecting the Property for the tenants identified in
the rent roll attached to this Assignment as Exhibit B.

 

3.Security Deposits. “Security
Deposits” means those certain refundable security deposits held by or for Assignor on account of tenants under the Leases
as such deposits and with respect to which Assignee received a credit at the closing of the transaction with respect to which this
Assignment has been executed and delivered.

 

4.Assignment. For good and valuable
consideration received by Assignor, the receipt and sufficiency of which are hereby acknowledged, Assignor hereby grants, transfers
and assigns to Assignee the entire right, title and interest of Assignor in and to the Leases and the Security Deposits, and all
of Assignor's right, title and interest in and to all of the Actions (as such term is defined in the Agreement) listed on Exhibit
E of the Agreement relating to the Property (subject to any modifications of or supplements to Exhibit E of the Agreement
based upon any disclosures provided to Assignee by Assignor since the date of the Agreement), but reserving unto Assignor all uncollected
rent attributable to the period prior to the date hereof pursuant to Section 3.4(b)(viii) of the Agreement.

 

5.Assumption. Assignee hereby
assumes the covenants, agreements and obligations of Assignor as landlord or lessor under the Leases as of the date of this Assignment,
and assumes the obligations under the Actions listed on Exhibit E to the Agreement relating to the Property (subject to
any modifications of or supplements to Exhibit E of the Agreement based upon any disclosures provided to Assignee by Assignor
since the date of the Agreement). Assignee further assumes all liability of Assignor for the proper refund or return of the Security
Deposits if, when and as required by the Leases.

    	 

    	 

    

 

6.Attorneys’ Fees. If
any action, suit, arbitration or other proceeding is instituted by any party to this Assignment for the purpose of interpreting
any of the terms hereof or to prevent or remedy a default hereunder by any other party, the prevailing party shall be reimbursed
by the non-prevailing party for all of such prevailing party’s reasonable attorneys’ fees incurred in each and
every such action, suit, arbitration or other proceeding, including any and all appeals or petitions therefrom. As used in this
paragraph, attorneys’ fees shall be deemed to mean the reasonable, actual costs of any legal services actually performed
in connection with the matters involved, calculated on the basis of the usual fee charged by the attorney and any paralegals and
legal staff performing such service.

 

7.Successors and Assigns. This
Assignment shall be binding upon and inure to the benefit of Assignor and Assignee and their respective successors and assigns.

 

8.Limited Liability. By accepting
this Assignment, but subject to Section 8(e) of the Agreement, Assignee agrees that it will look only to the proceeds of
the Property for the performance or liability for nonperformance of any and all obligations of Assignor hereunder, it being expressly
understood and agreed that no constituent member, manager or partner in or agent of Assignor,
nor any advisor, trustee, director, officer, employee, beneficiary, shareholder, participant, representative or agent of any corporation
or trust that is or becomes a constituent member in Assignor shall have any personal liability, directly or indirectly, under or
in connection with this Assignment, or any amendment or amendments hereto made at any time or times, heretofore or hereafter, and
Assignee and its successors and assigns and, without limitation, all other persons and entities, shall look solely to the proceeds
of the Property for the payment of any claim or for any performance, and Assignee, on behalf of itself and its successors and assigns,
hereby waives any and all such personal liability. This Section 8 is subject to, and not in limitation of, the limitations
on liability provided in Section 8(e) of the Agreement.

 

9.Counterparts. This Assignment
may be signed in any number of counterparts each of which shall be deemed to be an original and all of which taken together shall
constitute one and the same instrument.

 

 

[Signature Page Follows]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, Assignor
and Assignee have executed and delivered this Assignment the day and year first above written.

 

ASSIGNOR:

 

KRG LAKE ST. LOUIS HAWK RIDGE, LLC,

a Delaware limited liability company

 

By:

Daniel
R. Sink, Executive Vice President & 

Chief
Financial Officer

 

 

ASSIGNEE:

 

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:

 

Name:

 

Title:

    	 

    	 

    

 

Exhibit
A

 

Legal
Description

 

Lots 1 thru 4 inclusive of LAKE
ST. LOUIS PLAT 272, being a Resubdivision of Outlot C-1 of Lake St. Louis Plat 266, a Re-subdivision of Block C of The Shoppes
at Hawk Ridge, a Subdivision in St. Charles County, Missouri, as per plat thereof recorded in Plat Book 46, Page 331.

    	 

    	 

    

 

Exhibit
B

 

Rent
Roll

 

[See attached
pages.]

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