Document:

Exhibit
10.9

PROMISSORY
NOTE

U.S. $20,725,000.00                                                                                                               June
26, 2014

FOR VALUE RECEIVED,
IREIT LITTLE ROCK MIDTOWNE, L.L.C., a Delaware limited liability company (“Borrower”), hereby unconditionally
promises to pay to the order of JPMORGAN CHASE BANK, N.A., a national banking association (“Lender”), at 10
South Dearborn, 19th Floor, Chicago, Illinois 60603, or at such other place as the holder hereof may from time to time designate
in writing, the principal sum of TWENTY MILLION SEVEN HUNDRED TWENTY-FIVE THOUSAND AND NO/100 DOLLARS ($20,725,000.00) (the “Loan”),
or so much thereof as has been advanced from time to time, in lawful money of the United States of America, with interest thereon
to be computed on the outstanding balance from time to time under this Promissory Note (this “Note”) at the
applicable interest rate set forth below, and to be paid in accordance with the terms of this Note.

The proceeds of
the loan evidenced by this Note shall be advanced pursuant to the terms and conditions of that certain Loan and Security Agreement
dated as of even date herewith (as the same may be amended, supplemented, extended, modified, substituted or consolidated, the
“Loan Agreement”) by and between Borrower and Lender. This Note evidences the Loan. Payment of this Note is
governed by the Loan Agreement, the terms of which are incorporated herein by express reference as if fully set forth herein. Capitalized
terms used and not otherwise defined herein shall have the meaning given to them in the Loan Agreement.

1.              
Interest. The principal amount hereof outstanding from time to time shall bear interest until paid in full at the
Floating Rate, Eurodollar Rate, or the rate to apply upon the occurrence of a default per Section 3.06(c) of the Loan Agreement
(the “Default Rate”). Interest shall be computed based on a 360-day year and charged for the actual number
of days elapsed.

2.              
Monthly Payments. Commencing on August 5, 2014, and on the fifth (5th) day of each month thereafter until
the Loan has been repaid in full, interest on the Loan shall be payable monthly in arrears in the amount of all interest accrued
and unpaid. All payments on account of the indebtedness evidenced by this Note shall be made to Lender not later than 2:00 p.m.
Central time on the day when due in lawful money of the United States and shall be first applied to late charges, costs of collection
or enforcement and other similar amounts due, if any, under this Note and any of the other Loan Documents, then to interest due
and payable hereunder and the remainder to principal due and payable hereunder.

3.              
Principal Payments. Borrower shall also make partial principal payments, if applicable, at such times and in such
amounts as are set forth in Section 3.13 of the Loan Agreement. Borrower hereby acknowledges and agrees that if such
principal payments will not be sufficient to repay the Loan by the Maturity Date, a balloon payment of all outstanding principal,
together with accrued and unpaid interest will be due upon maturity of this Note, whether by acceleration or otherwise.

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4.              
Maturity Date. The indebtedness evidenced hereby shall mature on the Maturity Date. On the Maturity Date, the entire
outstanding principal balance hereof, together with accrued and unpaid interest and all other sums evidenced by this Note, shall,
if not sooner paid, become immediately due and payable.

5.              
Default. Upon the occurrence of any of the following events, at the election of Lender, the entire unpaid principal
balance of this Note, together with all accrued but unpaid interest thereon and all other sums or charges due hereunder or secured
by or required to be paid by Borrower under any of the Loan Documents, shall become immediately due and payable:

(a)            
If Borrower fails to pay in full any principal of the Loan when due; or

(b)           
If Borrower fails to pay in full any interest on the Loan or any fees or any other amounts due under the Loan Documents
(other than principal) when due and such failure continues unremedied for a period of five (5) days after the due date thereof;
or

(c)            
If Borrower fails make any other payment or deposit required hereunder or under any of the other Loan Documents within the
period set forth in Loan Documents, or if no period is set forth in the Loan Documents, then within ten (10) Business Days after
demand therefor; or

(d)           
If an Event of Default occurs under the Loan Agreement or any of the other Loan Documents which is not cured within any
applicable cure period.

Except as otherwise
provided in the Loan Documents and to the extent permitted by applicable law, notice of such election by Lender is hereby expressly
waived as part of the consideration for this Loan. Nothing contained herein shall be construed to restrict the exercise of any
other rights or remedies granted to Lender hereunder or under any of the other Loan Documents upon the failure of Borrower to perform
any provision hereof or of any of the other Loan Documents.

6.              
Default Rate; Late Charge. Regardless of the interest rate then in effect under the Loan Agreement, in the event
(i) the principal balance hereof is not paid when due whether by acceleration or upon the Maturity Date, or (ii) an Event
of Default occurs, then the principal balance hereof shall bear interest from and thereafter at the Default Rate. In addition,
for any installment of principal and/or interest (exclusive of the payment due upon the Maturity Date) which is not paid on or
before ten (10) days following the due date thereof, the late payment charge described in Section 3.11(c) of the Loan Agreement
shall be due and payable to the holder of this Note upon written demand to cover the extra expense involved in handling delinquent
payments.

7.              
Binding Effect. This Note shall be binding upon Borrower, its successors and permitted assigns, whether expressed
or not, and each owner and holder from time to time of this Note.

8.              
Time is of the Essence. Time is of the essence as to Borrower’s performance and observances of all obligations
and time periods applicable to Borrower pursuant to this Note.

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9.              
Borrower Waivers. To the extent permitted by applicable law, Borrower hereby waives demand, presentment for payment,
protest, notice of protest, notice of nonpayment and any and all lack of diligence or delays in collection or enforcement of this
Note or the other Loan Documents, except as may be expressly set forth in the Loan Documents, and expressly consents to any extension
of time of payment hereof, or waivers that may be granted by Lender with respect to the payment or other provisions of this Note,
and to any substitution, exchange or release of the collateral, or any part thereof, with or without substitution, and agrees to
the addition or release of any party primarily or secondarily liable hereunder or of any of the security for this Note, acceptance
of other parties to be liable for any of the indebtedness evidenced hereby or under the other Loan Documents or of other security
therefor, or any other indulgence or forbearance which may be made, without notice to any party and without in any way affecting
the liability of any party.

Borrower hereby
waives and renounces for itself, its successors and assigns, all rights to the benefits of any statute of limitations and any moratorium,
reinstatement, marshalling, forbearance, valuation, stay, extension, redemption, appraisement, or exemption and homestead laws
now provided, or which may hereafter be provided, by the laws of the United States and of any state thereof against the enforcement
and collection of the obligations evidenced by this Note.

10.           
Cumulative Rights. No delay on the part of the holder of this Note in the exercise of any power or right under this
Note, or any of the other Loan Documents, shall operate as a waiver thereof, nor shall a single or partial exercise of any other
power or right. Enforcement by the holder of this Note or any security for the payment thereof shall not constitute any election
by it of remedies so as to preclude the exercise of any other remedy available to it.

11.           
Governing Law. This Note shall be construed and enforced in accordance with the Laws of the State of Illinois without
reference to the choice of law or conflicts of law principles of that State.

12.           
Lender’s Costs. If this Note is not paid when due, whether at maturity or by acceleration or otherwise, or
if an Event of Default occurs under any of the Loan Documents, Borrower promises to pay all actual costs of collection incurred
by Lender, including without limitation reasonable attorneys’ fees to the fullest extent not prohibited by applicable law,
and all third party out-of-pocket expenses incurred in connection with the protection or realization of any collateral, whether
or not suit is filed hereon or on any instrument granting a security interest.

13.           
Compliance with Applicable Law. The parties hereto intend and believe that each provision in this Note 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 Note is found by a court of law to be in violation of any applicable Laws or public policy,
and if such court should declare such portion, provision or provisions of this Note 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 Note shall be construed as if such
illegal, invalid, unlawful, void or unenforceable portion, provision or provisions were not contained herein, and that the rights,
obligations and interest of Borrower and the holder or holders hereof under the remainder of this Note shall continue in full force
and effect.

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14.           
WAIVER OF JURY TRIAL; JURISDICTION, VENUE, SERVICE. BORROWER HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH
AND UPON THE ADVICE OF COMPETENT COUNSEL, AND LENDER BY ITS ACCEPTANCE HEREOF, EACH WAIVES THE RIGHT OF A JURY TRIAL IN EACH AND
EVERY ACTION ON THIS NOTE OR ANY OF THE OTHER LOAN DOCUMENTS, IT BEING ACKNOWLEDGED AND AGREED THAT ANY ISSUES OF FACT IN ANY SUCH
ACTION ARE MORE APPROPRIATELY DETERMINED BY THE COURTS. WITH RESPECT TO ANY SUIT, ACTION OR PROCEEDINGS RELATING TO THIS NOTE (EACH,
A “PROCEEDING”), BORROWER AND LENDER IRREVOCABLY (A) SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE STATE
AND FEDERAL COURTS HAVING JURISDICTION IN THE COUNTY OF COOK, AND STATE OF ILLINOIS, AND (B) WAIVE ANY OBJECTION WHICH SUCH
PARTY MAY HAVE AT ANY TIME TO THE LAYING OF VENUE OF ANY PROCEEDING BROUGHT IN ANY SUCH COURT, WAIVES ANY CLAIM THAT ANY PROCEEDING
HAS BEEN BROUGHT IN AN INCONVENIENT FORUM AND FURTHER WAIVE THE RIGHT TO OBJECT, WITH RESPECT TO SUCH PROCEEDING, THAT SUCH COURT
DOES NOT HAVE JURISDICTION OVER SUCH PARTY, PROVIDED THAT LENDER SHALL ALSO HAVE THE RIGHT TO BRING AN ACTION IN SUCH OTHER JURISDICTION
AS SHALL BE REQUIRED TO ENFORCE THE LOAN DOCUMENTS OR THE LIENS OR SECURITY THEREUNDER. NOTHING IN THIS NOTE SHALL PRECLUDE LENDER
FROM BRINGING A PROCEEDING IN ANY OTHER JURISDICTION NOR WILL THE BRINGING OF A PROCEEDING IN ANY ONE OR MORE JURISDICTIONS PRECLUDE
THE BRINGING OF A PROCEEDING IN ANY OTHER JURISDICTION. BORROWER FURTHER AGREES AND CONSENTS THAT, IN ADDITION TO ANY METHODS OF
SERVICE OF PROCESS PROVIDED FOR UNDER APPLICABLE LAW, ALL SERVICE OF PROCESS IN ANY PROCEEDING IN ANY ILLINOIS STATE OR UNITED
STATES COURT MAY BE MADE BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, DIRECTED TO BORROWER AT THE ADDRESS INDICATED
SET FORTH IN THE LOAN AGREEMENT, AND SERVICE SO MADE SHALL BE COMPLETE UPON RECEIPT; EXCEPT THAT IF BORROWER SHALL REFUSE TO ACCEPT
DELIVERY, SERVICE SHALL BE DEEMED COMPLETE FIVE (5) DAYS AFTER THE SAME SHALL HAVE BEEN SO MAILED.

15.           
Miscellaneous.

(a)If
Borrower consists of more than one person, each shall be jointly and severally liable to perform the obligations of Borrower under
this Note.

(b)All
personal pronouns used herein, whether used in the masculine, feminine or neuter gender, shall include all other genders; the singular
shall include the plural and vice versa.

(c)Titles
of articles and sections are for convenience only and in no way define, limit, amplify or describe the scope or intent of any provisions
hereof.

[Signature Page to
Follow]

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Borrower has executed
and delivered this Note as of the day and year first set forth above.

	 	BORROWER:
	 	IREIT LITTLE ROCK MIDTOWNE, L.L.C., a Delaware limited liability company
	 	By:  Inland Real Estate Income Trust, Inc., a Maryland corporation, its sole member
	 	 
	 	By:  /s/ David Z. Lichterman
	 	Name:  David Z. Lichterman
	 	Title:  Vice President, Treasurer & CAO

 

 

 

5Exhibit 10.10

 

GUARANTY

 

 

THIS GUARANTY (“Guaranty”)
is executed as of June 26, 2014, by INLAND REAL ESTATE INCOME TRUST, INC., a Maryland corporation (“Guarantor”),
for the benefit of JPMORGAN CHASE BANK, N.A., (“Bank”).

 

RECITALS

 

A.IREIT LITTLE ROCK
MIDTOWNE, L.L.C., a Delaware limited liability company (“Borrower”), and the Bank have entered into that certain
Construction Loan and Security Agreement of even date herewith (the “Loan Agreement”), pursuant to which the
Bank has agreed to make disbursements in an amount not to exceed TWENTY MILLION SEVEN HUNDRED TWENTY-FIVE THOUSAND AND NO/100 DOLLARS
($20,725,000.00) (the “Loan”), for the purpose of financing the Midtowne Little Rock shopping center located
in the City of Little Rock, County of Pulaski and State of Arkansas. All capitalized terms used herein but not defined herein shall
have the meanings ascribed to them in the Loan Agreement.

 

B.The Bank is not willing
to make the Loan, or otherwise extend credit, to Borrower unless Guarantor unconditionally guarantees payment and performance to
the Bank, of the Obligations as defined in the Loan Agreement; and

 

C.Guarantor is the
owner of a direct or indirect interest in Borrower, and Guarantor will directly benefit from the Bank making the Loan to Borrower.

 

AGREEMENT

 

NOW, THEREFORE, as an inducement
to the Bank to make the Loan to Borrower, and for other good and valuable consideration, the receipt and legal sufficiency of which
are hereby acknowledged, Guarantor agrees with Bank, as follows:

 

Section 1. Guaranty
of Obligations. 

 

(a)Subject to the limitations
set forth in this Agreement, Guarantor hereby absolutely, irrevocably and unconditionally guarantees to Bank, the payment and performance
of the Obligations as and when the same shall be due and payable, whether by lapse of time, by acceleration of maturity or otherwise.
Guarantor hereby absolutely, irrevocably and unconditionally covenants and agrees that it is liable, jointly and severally, for
the Obligations as a primary obligor, subject to the limitations set forth in subsection (b) below, and that Guarantor shall fully
perform each and every term and provision hereof. This Guaranty is a guaranty of payment and not of collection only. Bank shall
not be required to exhaust any right or remedy or take any action against Borrower or any other person or entity or any collateral.
Guarantor

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agrees that, as between Guarantor and Bank,
the Obligations may be declared to be due and payable for the purposes of this Guaranty notwithstanding any stay, injunction or
other prohibition which may prevent, delay or vitiate any declaration as regards Borrower and that in the event of a declaration
or attempted declaration, the Obligations shall immediately become due and payable by Guarantor for the purposes of this Guaranty.

 

(b)Notwithstanding anything herein
to the contrary, at all times prior to the payment in full of the Obligations, Borrower and Guarantor shall have unlimited liability
for the payment and performance of the Obligations if:

 

		1.	there is a transfer or encumbrance or other action involving interests
in the Mortgaged Property or the Borrower that is a Default under Section 8.01(g) (Transfer or Encumbrance of Interest in Mortgage
Property or Borrower) of the Loan Agreement, except for Liens securing (a) claims of Persons supplying labor or materials to
the Mortgaged Property, or (b) unpaid taxes, assessments and governmental charges levied upon, assessed or charged against the
Mortgaged Property (together, “Mechanics and Tax Liens”); or

 

		2.	Borrower or Guarantor voluntarily takes any of the actions described
in Section 8.01(c) (Voluntary Proceedings) of the Loan Agreement; or

 

		3.	any involuntary proceeding or other action described in Section
8.01(b) (Involuntary Proceeding) of the Loan Agreement is taken against Borrower or Guarantor.

 

(c)In addition,
notwithstanding anything herein to the contrary, at all times prior to the payment in full of the Obligations, the Guarantor guaranties
to the Bank, the full and prompt payment of, and agrees to pay protect, guarantee, indemnify, defend and hold harmless the Bank
from and against, any liability, loss, damage, costs and expenses (including reasonable legal fees and disbursements) suffered
by the Bank, and caused by or related to or as a result of the following:

 

		1.	any willful misconduct, fraud or material misrepresentation in any
of the Loan Documents by Borrower, Guarantor, or any Affiliate, or any of their respective partners, shareholders owning more than
nine percent (9%) of the ownership interest in Borrower, Guarantor, or any Affiliate, members, officers, or directors;

 

		2.	physical waste with respect to any portion of the Mortgaged Property;

 

		3.	the removal or disposal of any property in which the Bank has a Lien,
in violation of the terms of the Loan Documents;

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		4.	the failure of Borrower to maintain the insurance coverages required
under the Loan Documents, or the application, misapplication or misappropriation of any insurance proceeds or condemnation awards
in a manner not permitted by the Loan Documents;

 

		5.	the failure by Borrower to pay to Bank all revenues received by or
on behalf of Borrower from the operation or ownership of the Mortgaged Property after Bank has notified Borrower of a Default,
less only that portion of such revenues which is actually used by Borrower to operate the Mortgaged Property in the ordinary course
of business;

 

		6.	Mechanics and Tax Liens in violation of Section 4.01 of the
Loan Agreement; 

 

		7.	obligations covered under the Environmental Indemnity; 

 

		8.	the failure of the Property or any part thereof to comply with applicable
zoning requirements and parking requirements; 

 

		9.	the termination of the Ground Lease (as such term is defined in the
Mortgage).

 

(e)These
provisions are in addition to, and not in limitation of, the obligations of the Guarantor under the Environmental Indemnity.

 

(f)It is understood
that the obligations of Borrower to Bank may at any time and from time to time exceed the liability of Guarantor hereunder without
impairing this Guaranty and Guarantor and Bank, agree, as between themselves, that regardless of the manner of application of payments
made by Borrower to Bank, all such payments shall be deemed to be applied first to the portion of the obligations of Borrower which
are not guaranteed hereunder and last to the portion of the such obligations which are guaranteed hereunder.

 

Section 2. Guaranty
Absolute. Guarantor absolutely, unconditionally, and irrevocably guarantees that the Obligations shall be paid strictly in
accordance with the terms of the Loan Documents. The liability of Guarantor under this Guaranty is absolute and unconditional irrespective
of: (a) any change in the time, manner or place of payment of, or in any other term of, all or any of the Obligations, or any other
amendment or waiver of or any consent to departure from any of the terms of any Loan Document, including any increase or decrease
in the rate of interest thereon; (b) any release or amendment or waiver of, or consent to departure from, or failure to act by
Bank with respect to, any other guaranty or support document, or any exchange, release or non-perfection of, or failure to act
by Bank with respect to, any collateral, for all or any of the Obligations; (c) any present or future law, regulation or order
of any jurisdiction (whether of right or in fact) or of any agency thereof purporting to reduce, amend, restructure or otherwise
affect any term of the Obligations or any Loan Document; (d) any change in the corporate existence, structure, or ownership of
Borrower; (e) without being limited

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by the foregoing, any lack of validity or enforceability
of any Loan Document; and (f) any other setoff, recoupment, defense or counterclaim whatsoever (in any case, whether based on contract,
tort or any other theory) with respect to the Loan Documents or the transactions contemplated thereby which might constitute a
legal or equitable defense available to, or discharge of, Borrower or a guarantor.

 

Section 3. Guaranty
Irrevocable. This Guaranty is a continuing guaranty of the payment of all Obligations now or hereafter existing and shall remain
in full force and effect until payment in full of all Obligations and other amounts payable under this Guaranty and the Loan Documents
are no longer in effect.

 

Section 4. Waiver of
Certain Rights and Notices.  To the fullest extent not prohibited by applicable law, except as specifically provided
herein, Guarantor hereby waives and agrees not to assert or take advantage of (a) any right to require Bank to proceed against
or exhaust its recourse against Borrower, any other guarantor or endorser, or any security or collateral held by the Bank at any
time or to pursue any other remedy in its power before proceeding against Guarantor hereunder; (b) the defense of the statute of
limitations in any action hereunder; (c) any defense that may arise by reason of (i) the incapacity, lack of authority, death or
disability of Borrower, Guarantor or any other or others, (ii) the revocation or repudiation hereof by Guarantor or the revocation
or repudiation of any of the Loan Documents by Borrower or any other or others, (iii) the failure of the Bank to file or enforce
a claim against the estate (either in administration, bankruptcy or any other proceeding) of Borrower or any other or others, (iv)
the unenforceability in whole or in part of any Loan Document, (v) Bank’s election in any proceeding instituted under the
federal Bankruptcy Code, of the application of Section 1111(b)(2) of the federal Bankruptcy Code, or (vi) any borrowing or grant
of a security interest under Section 364 of the federal Bankruptcy Code; (d) presentment, demand for payment, protest, notice of
discharge, notice of acceptance of this Guaranty, and indulgences and notices of any other kind whatsoever; (e) any defense based
upon an election of remedies by Bank which destroys or otherwise impairs the subrogation rights of Guarantor or the right of Guarantor
to proceed against Borrower for reimbursement, or both; (f) any defense based upon any taking, modification or release of any collateral
or guarantees for any of the Obligations, or any failure to perfect any security interest in, or the taking of or failure to take
any other action with respect to any collateral securing payment or performance of the Obligations; (g) any right to require marshaling
of assets and liabilities, sale in inverse order of alienation, notice of acceptance of this Guaranty and of any obligations to
which it applies or may apply; and (h) any rights or defenses based upon an offset by Guarantor against any obligation now or hereafter
owed to Guarantor by Borrower; it being the intention hereof that Guarantor shall remain liable hereunder to the extent set forth
herein, notwithstanding any act, omission or thing which might otherwise operate as a legal or equitable discharge of Guarantor,
until the termination of this Guaranty under Section 3. Guarantor waives presentment, demand, notice of dishonor, protest, notice
of acceptance of this Guaranty or incurrence of any of the Obligations and any other formality with respect to any of the Obligations
or this Guaranty.

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Section 5. Reinstatement.
This Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Obligations
is rescinded or must otherwise be returned by the Lenders on the insolvency, bankruptcy or reorganization of Borrower or otherwise,
all as though the payment had not been made, whether or not Bank is in possession of the Guaranty.

 

Section 6. Subrogation.
Guarantor shall not exercise any rights which it may acquire by way of subrogation, by any payment made under this Guaranty or
otherwise, until all the Obligations have been paid in full and the Loan Documents are no longer in effect. If any amount is paid
to Guarantor on account of subrogation rights under this Guaranty at any time when all the Obligations have not been paid in full,
the amount shall be held in trust for the benefit of the Bank and shall be promptly paid to Bank, to be credited and applied to
the Obligations, whether matured or unmatured or absolute or contingent, in accordance with the terms of the Loan Documents. If
Guarantor makes payment to Bank, of all or any part of the Obligations and all the Obligations are paid in full and the Loan Documents
are no longer in effect, Bank shall, at Guarantor's request, execute and deliver to Guarantor appropriate documents, without recourse
and without representation or warranty, necessary to evidence the transfer by subrogation to Guarantor of the interest in the Obligations
resulting from the payment.

 

Section 7. Subordination.
Without limiting Bank’s rights under any other agreement, any liabilities owed by Borrower to Guarantor in connection with
any extension of credit or financial accommodation by Guarantor to or for the account of Borrower, including but not limited to
interest accruing at the agreed contract rate after the commencement of a bankruptcy or similar proceeding, are hereby subordinated
to the Obligations, and such liabilities of Borrower to Guarantor, if Bank so requests, shall be collected, enforced and received
by Guarantor as trustee for Bank and shall be paid over to Bank, on account of the Obligations but without reducing or affecting
in any manner the liability of Guarantor under the other provisions of this Guaranty.

 

Section 8. Certain Taxes.
The Guarantor further agrees that all payments to be made hereunder shall be made without setoff or counterclaim and free and clear
of, and without deduction for, any taxes, levies, imposts, duties, charges, fees, deductions, withholdings or restrictions or conditions
of any nature whatsoever now or hereafter imposed, levied, collected, withheld or assessed by any country or by any political subdivision
or taxing authority thereof or therein (“Taxes”). If any Taxes are required to be withheld from any amounts
payable to Bank, hereunder, the amounts so payable to Bank, shall be increased to the extent necessary to yield to Bank (after
payment of all Taxes) the amounts payable hereunder in the full amounts so to be paid. Whenever any Tax is paid by the Guarantor,
as promptly as possible thereafter, the Guarantor shall send the Bank an official receipt showing payment thereof, together with
such additional documentary evidence as may be required from time to time by the Bank.

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Section 9. Representations
and Warranties. Guarantor represents and warrants that: (a) this Guaranty (i) has been authorized by all necessary action;
(ii) does not violate any agreement, instrument, law, regulation or order applicable to Guarantor; (iii) does not require the consent
or approval of any person or entity, including but not limited to any governmental authority, or any filing or registration of
any kind; and (iv) is the legal, valid and binding obligation of Guarantor enforceable against Guarantor in accordance with its
terms, except to the extent that enforcement may be limited by applicable bankruptcy, insolvency and other similar laws affecting
creditors' rights generally; and (b) in executing and delivering this Guaranty, Guarantor has (i) without reliance on any Lender
or any information received from any Lender and based upon such documents and information it deems appropriate, made an independent
investigation of the transactions contemplated hereby and Borrower, Borrower’s business, assets, operations, prospects and
condition, financial or otherwise, and any circumstances which may bear upon such transactions, Borrower or the obligations and
risks undertaken herein with respect to the Obligations; (ii) adequate means to obtain from Borrower on a continuing basis information
concerning Borrower; (iii) full and complete access to the Loan Documents and any other documents executed in connection with the
Loan Documents; and (iv) not relied and will not rely upon any representations or warranties of Bank not embodied herein or any
acts heretofore or hereafter taken by Bank (including but not limited to any review by Bank of the affairs of Borrower).

 

Section 10. Financial
Reports and Covenants.

 

(a)Guarantor shall
keep adequate books and records of account in accordance with methods acceptable to Bank, consistently applied and furnish to Bank
the financial statements described in Section 4.08 of the Loan Agreement as required by said Section 4.08.

 

(b)Bank and its accountants
shall have the right to examine the records, books, management and other papers of Guarantor which reflect upon its financial condition,
at the Mortgaged Property or at any office regularly maintained by Guarantor where the books and records are located. Bank and
its accountants shall have the right to make copies and extracts from the foregoing records and other papers with prior written
notice to and at no cost to Guarantor. In addition, Bank and its accountants shall have the right to examine and audit the books
and records of Guarantor pertaining to the income, expenses and operation of the Mortgaged Property during reasonable business
hours at any office of Guarantor where the books and records are located.

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(c)
Guarantor hereby covenants and agrees with Bank as follows:

 

(i)Throughout the term
of the Loan, and until this Guaranty is released in accordance with the terms hereof, Guarantor shall maintain at all times a minimum
tangible Net Worth of not less than $25,000,000.00. As used herein “Net Worth” means, as of the date of any determination
thereof, the amount of all assets of Guarantor, less all outstanding indebtedness and all other liabilities, including, without
limitation, deferred income taxes, and deferred investment tax credits. Bank may, in its discretion, from time to time, verify
Guarantor’s compliance with such Net Worth requirement.

 

(ii)A default by Guarantor
under any or all of Subsection 10(c)(i) shall be an immediate default under this Guaranty and an Event of Default under the Loan
Agreement, entitling Bank to exercise any rights and remedies available under this Guaranty or the other Loan Documents.

 

Section 11. Remedies
Generally. The remedies provided in this Guaranty are cumulative and not exclusive of any remedies provided by law.

 

Section 12. Setoff.
If a Default shall have occurred and be continuing, Bank and each of its Affiliates is hereby authorized at any time and from time
to time, to the fullest extent permitted by law, and to the extent permitted under Section 10.08 of the Loan Agreement,
to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other
obligations at any time owing by Bank or Affiliate to or for the credit or the account of Guarantor against any of and all the
Obligations held by Bank, irrespective of whether or not Bank shall have made any demand under this Guaranty and although such
Obligations may be unmatured. The rights of Bank under this Section are in addition to other rights and remedies (including other
rights of setoff) which Bank may have.

 

Section 13. Formalities.
Guarantor waives presentment, demand, notice of dishonor, protest, notice of acceptance of this Guaranty or incurrence of any of
the Obligations and any other formality with respect to any of the Obligations or this Guaranty.

 

Section 14. Amendments
and Waivers. No amendment or waiver of any provision of this Guaranty, nor consent to any departure by Guarantor therefrom,
shall be effective unless it is in writing and signed by Bank, and then the waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given. No failure on the part of Bank to exercise, and no delay in exercising,
any right under this Guaranty shall operate as a waiver or preclude any other or further exercise thereof or the exercise of any
other right.

 

Section 15. Expenses.
Guarantor shall reimburse Bank on demand for all third party out of pocket costs, expenses and charges (including without limitation
reasonable fees and charges of external legal counsel for Bank ) incurred by Bank in connection with the performance or enforcement
of this Guaranty. The obligations of Guarantor under this Section shall survive the termination of this Guaranty.

    	7

    	 

    

 

 

Section 16. Assignment.
This Guaranty shall be binding on, and shall inure to the benefit of Guarantor, Bank and their respective successors and assigns;
provided that Guarantor may not assign or transfer its rights or obligations under this Guaranty. Without limiting the generality
of the foregoing: (a) the obligations of Guarantor under this Guaranty shall continue in full force and effect and shall be binding
on any successor partnership and on previous partners and their respective estates if Guarantor is a partnership, regardless of
any change in the partnership as a result of death, retirement or otherwise; and (b) Bank may assign, sell participations in or
otherwise transfer its rights under the Loan Documents to any other person or entity in accordance with the terms of the Loan Agreement,
and the other person or entity shall then become vested with all the rights granted to Bank, as applicable, in this Guaranty or
otherwise.

 

Section 17. Captions.
The headings and captions in this Guaranty are for convenience only and shall not affect the interpretation or construction of
this Guaranty.

 

Section 18. Notices.
All notices or other written communications hereunder shall be in writing and shall be delivered by hand or overnight courier service,
mailed by certified or registered mail or sent by telecopy or email, as follows:

 

(a)if to Guarantor,
to it at 2901 Butterfield Road, Oak Brook, Illinois 60523, Attention of JoAnn McGuinness (Telecopy No. (630) 368-2218), (Email
Address: joannmcguinness@inlandgroup.com); and

 

(b)if to Bank, to it
at JPMorgan Chase Bank, N.A., Real Estate Bank, 10 South Dearborn Street, 19th Floor, Chicago, Illinois 60603, Attention of Carrie
A. Reichert (Telecopy No. (312) 325-5172); (Email address: carrie.a.reichert@chase.com).

 

Guarantor and Bank may change its address or
telecopy number or email address for notices and other communications hereunder by notice to the other party. All notices and other
communications given to Guarantor or Bank in accordance with the provisions of this Guaranty shall be deemed to have been given
on the date of receipt, in the case of email notices, as evidenced by sender’s receipt of an acknowledgement from the intended
recipient (such as by the “return receipt function”).

 

Section 19. Governing
Law; Jurisdiction; Consent to Service of Process.

 

(a)This Guaranty shall
be construed in accordance with and governed by the law of the State of Illinois.

    	8

    	 

    

 

 

(b)Guarantor hereby
irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any United States Federal
or Illinois State court sitting in Chicago, Illinois, and any appellate court from any thereof, in any action or proceeding arising
out of or relating to this Guaranty, or for recognition or enforcement of any judgment, and Guarantor hereby irrevocably and unconditionally
agrees that all claims in respect of any such action or proceeding may be heard and determined in such Illinois State or, to the
extent permitted by law, in such Federal court. Guarantor hereto agrees that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
Nothing in this Guaranty shall affect any right that any Lender may otherwise have to bring any action or proceeding relating to
this Guaranty against Guarantor or its properties in the courts of any jurisdiction.

 

(c)Guarantor hereby
irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may
now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Guaranty in any
court referred to in subsection (b) above. Guarantor hereby irrevocably waives, to the fullest extent permitted by law, the defense
of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

(d)Guarantor irrevocably
consents to service of process in the manner provided for notices herein. Nothing in this Guaranty will affect the right of Bank
to serve process in any other manner permitted by law.

 

Section 20. ECP RULES.
No Guarantor hereunder shall be deemed to be a guarantor of any Swap Obligations if such Guarantor is not an “Eligible Contract
Participant” as defined in § 1(a)(18) of the Commodity Exchange Act and the applicable rules issued by the Commodity
Futures Trading Commission and/or the Securities and Exchange Commission (collectively, and as now or hereafter in effect, “the
ECP Rules”) to the extent that the providing of such guaranty by such Guarantor would violate the ECP Rules or any other
applicable law or regulation. This paragraph shall not affect any Guarantied Obligations of a Loan Guarantor other than Swap Obligations,
nor shall it affect the Obligations of any Guarantor who qualifies as an “Eligible Contract Participant”.

 

Section 21. Invalid
Provisions. If any provision of this Guaranty is held to be illegal, invalid, or unenforceable under present or future laws
effective during the term of this Guaranty, such provision shall be fully severable and this Guaranty shall be construed and enforced
as if such illegal, invalid or unenforceable provision had never comprised a part of this Guaranty, and the remaining provisions
of this Guaranty shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision
or by its severance from this Guaranty, unless such continued effectiveness of this Guaranty, as modified, would be contrary to
the basic understandings and intentions of the parties as expressed herein.

    	9

    	 

    

 

 

Section 22. ENTIRETY.
THIS GUARANTY AND THE OTHER LOAN DOCUMENTS EXECUTED BY GUARANTOR EMBODY THE FINAL, ENTIRE AGREEMENT OF GUARANTOR AND BANK WITH
RESPECT TO THE SUBJECT MATTER HEREOF AND THEREOF AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND
UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF. THIS GUARANTY AND THE OTHER LOAN DOCUMENTS
EXECUTED BY GUARANTOR ARE INTENDED BY GUARANTOR AND BANK AS A FINAL AND COMPLETE EXPRESSION OF THE TERMS HEREOF AND THEREOF, AND
NO COURSE OF DEALING AMONG GUARANTOR AND BANK, NO COURSE OF PERFORMANCE, NO TRADE PRACTICES, AND NO EVIDENCE OF PRIOR, CONTEMPORANEOUS
OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE USED TO CONTRADICT, VARY, SUPPLEMENT
OR MODIFY ANY TERM OF THIS GUARANTY OR ANY OTHER LOAN DOCUMENT EXECUTED BY GUARANTOR. THERE ARE NO ORAL AGREEMENTS BETWEEN GUARANTOR
AND BANK.

 

Section 23. WAIVER
OF RIGHT TO TRIAL BY JURY. GUARANTOR AND, BY ITS ACCEPTANCE HEREOF, BANK, EACH HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO THIS GUARANTY OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). GUARANTOR AND,
BY ITS ACCEPTANCE HEREOF, ADMINSTRATIVE AGENT, ON BEHALF OF THE LENDERS, EACH (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT
OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND SUCH OTHER PARTY HAVE BEEN INDUCED TO EXECUTE OR ACCEPT
THIS GUARANTY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

[SIGNATURE PAGE FOLLOWS]

    	10

    	 

    

IN WITNESS WHEREOF, Guarantor has caused
this Guaranty to be duly executed and delivered by its duly authorized officer as of the date first above written.

 

	 	
        INLAND REAL ESTATE INCOME TRUST, INC.,

        a Maryland corporation

	 	 	 
	 	 	 
	 	By:	/s/ David Z. Lichterman
	 	Name:	David Z. Lichterman
	 	Title:	Vice President, Treasurer & CAO

 

 

 

 

State of Illinois         )

County of DuPage   )

 

On June 25, 2014, before me, Susan
Metzler, a Notary Public, personally appeared David Z. Lichterman, who proved to me on the basis of satisfactory evidence
to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the
same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the
entity upon behalf of which the person(s) acted, executed the instrument.

 

I certify under PENALTY OF PERJURY under the
laws of the State of Illinois that the foregoing paragraph is true and correct.

 

WITNESS my hand and official seal.

 

 

/s/ Susan Metzler 

Signature

 

(Affix Seal)

 

11

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