Document:

EXHIBIT
4.3

 

STATEMENT
REGARDING RESTRICTIONS ON

TRANSFERABILITY
OF SHARES OF COMMON STOCK

 

(To
Appear on Stock Certificate or to Be Sent upon Request

and
without Charge to Stockholders Issued Shares without Certificates)

 

The shares of Equity Stock Inland Diversified Real Estate Trust, Inc.
are subject to restrictions on Beneficial Ownership and Constructive Ownership
and Transfer for the purpose of the Company’s maintenance of its status as a
Real Estate Investment Trust under the Internal Revenue Code of 1986, as
amended (the “Code”).  Subject to certain
further restrictions and except as expressly provided in the Company’s
Articles:  (i) no Person may
Beneficially Own or Constructively Own shares of the Company’s Common Stock in
excess of 9.8% (in value or number of shares) of the outstanding shares of
Common Stock of the Company unless such Person is an Excepted Holder (in which
case the Excepted Holder Limit shall be applicable); (ii) no Person may
Beneficially Own or Constructively Own shares of Equity Stock of the Company in
excess of 9.8% of the value of the total outstanding shares of Equity Stock of
the Company, unless such Person is an Excepted Holder (in which case the
Excepted Holder Limit shall be applicable); (iii) no Person may
Beneficially Own or Constructively Own Equity Stock that would result in the
Company being “closely held” under Section 856(h) of the Code or
otherwise cause the Company to fail to qualify as a REIT; and (iv) no
Person may Transfer shares of Equity Stock if such Transfer would result in the
Equity Stock of the Company being owned by fewer than one hundred (100)
Persons.  Any Person who Beneficially
Owns or Constructively Owns or attempts to Beneficially Own or Constructively
Own shares of Equity Stock that causes or will cause a Person to Beneficially
or Constructively Own shares of Equity Stock in excess or in violation of the
above limitations must immediately notify the Company.  If any of the restrictions on transfer or
ownership are violated, the shares of Equity Stock represented hereby will be
automatically transferred to a Trustee of a Trust for the benefit of one or
more Charitable Beneficiaries.  In
addition, upon the occurrence of certain events, attempted Transfers in violation
of the restrictions described above may be void ab initio.  All capitalized terms in this legend have the
meanings defined in the Articles of the Company, as the same may be amended
from time to time, a copy of which, including the restrictions on transfer and
ownership, will be furnished to each holder of Equity Stock of the Company on
request and without charge.

 

Any Person purchasing shares of Equity Stock shall have (i) a
minimum annual gross income of $70,000 and a minimum net worth of $70,000, or (ii) a
minimum net worth of $250,000 at the time they make an investment in the
Company.  Net worth shall be determined
by excluding the value of home, home furnishings and automobiles.  In the case of sales to fiduciary accounts,
these minimum standards shall be met by the beneficiary, the fiduciary account,
or by the donor or grantor who directly or indirectly supplies the funds to
purchase the shares of Equity Stock if the donor or grantor is the fiduciary

 

All capitalized terms in this notice have the meanings defined in the
articles of incorporation of the Company, as the same may be amended from time
to time, a copy of which, including the restrictions on transfer and ownership,
will be furnished to each holder of Equity Stock of the Company on request and
without charge.

 

Note: Instead of the foregoing legend, the
certificate may state that state that the Company will furnish information
about the restrictions on transfer to the Stockholder on request and without
charge.EXHIBIT 10.1

 

FORM OF

BUSINESS MANAGEMENT AGREEMENT

 

THIS BUSINESS
MANAGEMENT AGREEMENT (this “Agreement”), dated as of                     ,
2008, is entered into by and between INLAND DIVERSIFIED REAL ESTATE TRUST, INC.,
a Maryland corporation (the “Company”), and INLAND DIVERSIFIED BUSINESS MANAGER &
ADVISOR INC., an Illinois corporation (the “Business Manager”).

 

WITNESSETH:

 

WHEREAS, the
Company has registered with the Securities and Exchange Commission to issue Shares
(as defined in Section 1 below) in a public offering and may
subsequently issue securities other than these Shares (“Securities”);

 

WHEREAS, the
Company intends to qualify to be taxed as a REIT (as defined in Section 1
below), and intends to make investments permitted by the terms of the Articles
of Incorporation (as defined below) and Sections 856 through 860 of the Code
(as defined in Section 1 below);

 

WHEREAS, the
Company desires to avail itself of the experience, sources of information, advice,
assistance and facilities available to the Business Manager and to have the Business
Manager undertake the duties and responsibilities hereinafter set forth, on
behalf of, and subject to the supervision of, the Board of Directors (as
defined in Section 1 below), all as provided herein; and

 

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

 

NOW,
THEREFORE, in consideration of the mutual covenants set forth herein, the
parties hereto agree as follows:

 

1.                                       Definitions.
As used herein, the following capitalized terms shall have the meanings set
forth below:

 

“Acquisition Co.” means Inland Real Estate Acquisitions, Inc.,
an Illinois corporation.

 

“Acquisition Expenses” means any and all
expenses incurred by the Company, the Business Manager or any Affiliate of
either in connection with selecting, evaluating or acquiring any investment in
Real Estate Assets, including but not limited to legal fees and expenses,
travel and communication, appraisals and surveys, nonrefundable option payments
regardless of whether the Real Estate Asset is acquired, accounting fees and
expenses, computer related expenses, architectural and engineering reports,
environmental and asbestos audits and surveys, title insurance and escrow fees,
and personal and miscellaneous expenses.

 

 

“Acquisition Fees” means the total of all
fees and commissions, excluding Acquisition Expenses, paid by any Person to any
other Person (including any fees or commissions paid by or to the Company, the
Business Manager or any Affiliate of either) in connection with an investment
in Real Estate Assets or purchasing, developing or constructing a property by
the Company.  For these purposes, the
fees or commissions shall include any real estate commission, selection fee,
development fee, construction fee, nonrecurring management fee, loan fee (including
points), or any fee of a similar nature, however designated, except for
development fees and construction fees paid to any Person not Affiliated with
the Sponsor or Business Manager in connection with the development and
construction of a project, or fees in connection with temporary short-term
investments acquired for purposes of cash management.

 

“Acquisition of a Real Estate Operating Company” means the
acquisition of a Real Estate Operating Company by the Company or a wholly-owned
subsidiary of the Company: (i) by purchasing at least fifty and one-tenth
percent (50.1%) of the capital stock or other equity interest in a Real Estate
Operating Company, or by merger or other business combination, reorganization or
tender offer or (ii) by acquiring all or substantially all of a Real
Estate Operating Company’s assets in a single purchase or series of purchases.

 

“Affiliate” means, with respect to any other Person:

 

(a)                                  any
Person directly or indirectly owning, controlling or holding, with the power to
vote, ten percent (10%) or more of the outstanding voting securities of such
other Person;

 

(b)                                 any
Person ten percent (10%) or more of whose outstanding voting securities are
directly or indirectly owned, controlled or held, with the power to vote, by
such other Person;

 

(c)                                  any
Person directly or indirectly controlling, controlled by or under common control
with such other Person;

 

(d)                                 any
executive officer, director, trustee, general partner or manager of such other
Person; and

 

(e)                                  any
legal entity for which such Person acts as an executive officer, director,
trustee, general partner or manager.

 

“Affiliated Directors” means those directors of the Company
who are employed by the Sponsor or one of its direct or indirect subsidiaries.

 

“Articles of Incorporation” means the articles of incorporation
of the Company, as amended or restated from time to time.

 

“Average Invested Assets” means, for any period, the average
of the aggregate Book Value of the assets of the Company, including all
intangibles and goodwill, invested, directly or indirectly, in financial
instruments, debt and equity securities and equity interests in and loans secured
by Real Estate Assets including amounts invested in joint ventures, REITs and
other Real Estate Operating Companies, before reserves for amortization and depreciation
or bad 

 

2

 

debts or other similar non-cash reserves, computed by taking the
average of these values at the end of each month during the period.

 

“Board of Directors” means the persons holding the office of
director of the Company as of any particular time under the Articles of
Incorporation.

 

“Book Value” means the value of the particular asset on the
books and records of the Company, before any allowance for depreciation or
amortization.

 

“Code” means the Internal Revenue Code of 1986, as amended, and
the regulations promulgated thereunder or corresponding provisions of
subsequent revenue laws.

 

“Company Fixed Assets” means the Real Property, together with
the buildings, leasehold interests, improvements, equipment, furniture,
fixtures and personal property associated therewith, used by the Company in
conducting its business.

 

“Current Return” means a non-cumulative, non-compounded
return, equal to five percent (5%) per annum on Invested Capital, paid from
distributions from all sources.

 

“Equity Stock” means all classes or series of capital stock
of the Company, including, without limit, its common stock, $.001 par value per
share, and preferred stock, $.001 par value per share.

 

“Fiscal Year” means the calendar year ending December 31.

 

“GAAP” means United States generally accepted
accounting principles as in effect from time to time, consistently applied.

 

“Gross Offering Proceeds” means the total proceeds from the
sale of 700,000,000 Shares in the Offering before deducting Offering Expenses.
For purposes of calculating Gross Offering Proceeds, the selling price for all
Shares, including those for which volume discounts apply, shall be deemed to be
$10.00 per Share. Unless specifically included in a given calculation, Gross
Offering Proceeds does not include any proceeds from the sale of Shares under
the Company’s distribution reinvestment plan.

 

“Independent Director” means any director of the Company who:

 

(a)                                  is
not associated and has not been associated within the two years prior to
becoming an Independent Director, directly or indirectly, with the Company, the
Sponsor or the Business Manager, whether by ownership of, ownership interest
in, employment by, any material business or professional relationship with, or
as an officer or director of the Company, the Sponsor, the Business Manager or
any of their Affiliates;

 

(b)                                 does
not serve as a director for more than three REITs organized by the Sponsor or
advised by the Business Manager or any of its Affiliates; and

 

(c)                                  performs
no other services for the Company, except as a director.

 

3

 

For purposes
of this definition, a business or professional relationship will be considered
material if the gross revenue derived by the director exceeds five percent (5%)
of either the director’s annual gross revenue during either of the last two
years or the director’s net worth on a fair market value basis.  An indirect relationship shall include
circumstances in which a director’s spouse, parents, children, siblings,
mothers- or fathers-in-law, sons- or daughters-in-law or brothers- or
sisters-in-law is or has been associated with the Company, the Sponsor, the
Business Manager or any of their Affiliates during the last two years.

 

“Invested Capital” means the original issue price paid for
the Shares reduced by prior distributions, identified as special distributions,
from the sale or financing of the Company’s Real Estate Assets.

 

“Listing” means the filing of a Form 8-A (or any
successor form) to register the Shares, or the shares of common stock of any of
the Company’s subsidiaries, on a national securities exchange and the approval
of an original listing application related thereto by the applicable exchange; provided,
that the Company’s common stock, or the common stock of any of the Company’s
subsidiaries, shall not be deemed to be Listed until trading in the Shares, or
the shares of common stock of any of the Company’s subsidiaries, shall have
commenced on the relevant national securities exchange.  Upon a Listing, the Shares, or the shares of
common stock of the Company’s subsidiaries, shall be deemed Listed.  A Listing shall also be deemed to occur on
the effective date of a merger in which the consideration received by the
holders of the Shares is securities of another issuer that are listed on a national
securities exchange; provided, however, that if the merger is
effectuated through a wholly owned subsidiary of the Company, the consideration
received by the Company shall be distributed to the holders of the Shares.

 

“Market Value” means the aggregate market value of all of the
outstanding Shares, measured by taking the average closing price or average of
bid and asked price, as the case may be, during the consecutive thirty-day
period commencing on the first trading day following Listing.

 

“Marketing Contribution” means any and all compensation payable
to underwriters, dealer managers or other broker-dealers in connection with
marketing the sale of Shares, including, without limitation, compensation
payable to Inland Securities Corporation, and which may, in the Company’s
discretion, include reimbursement for any out-of-pocket, itemized and detailed
expenses incurred in connection with investigating the Company or any offering
of Securities made by the Company.

 

“Management Fee” means any fees payable to the Business
Manager under Section 8(a) or Section 10 of this
Agreement.

 

“Net Income” means, for any period, the aggregate amount of total
revenues applicable to the period less the expenses applicable to the
same period other than additions to, or allowances for, reserves for
depreciation, amortization or bad debts or other similar noncash reserves all
calculated in accordance with GAAP; provided, however, that Net
Income shall not include any gain recognized upon the sale of the Company’s
assets.

 

4

 

“Net Sales Proceeds” means the proceeds from
the sale, grant or conveyance of any Real Estate Assets, including assets owned
by a Real Estate Operating Company that is acquired by the Company and operated
as one of its subsidiaries, less any costs incurred in selling the asset
including, but not limited to, legal fees and selling commissions and further
reduced by the amount of any indebtedness encumbering the asset and any amounts
reinvested in one or more Real Estate Assets or set aside as a reserve within
one hundred eighty (180) days of closing of sale, grant or conveyance.

 

“Offering” means the initial public offering of Shares on a “best
efforts” basis pursuant to the Prospectus, as amended and supplemented from
time to time.

 

“Offering Expenses” means all expenses incurred by, and to be
paid from, the assets of the Company in connection with and in preparing the
Company for registration and offering its Shares to the public, including, but
not limited to, total underwriting and brokerage discounts and commissions
(including fees and expenses of underwriters’ attorneys paid by the Company),
expenses for printing, engraving, mailing, salaries of the Company’s employees
while engaged in sales activity, charges of transfer agents, registrars,
trustees, escrow holders, depositaries, experts, expenses of qualifying the
sale of the securities under federal and state laws, including taxes and fees
and accountants’ and attorneys’ fees and expenses, and which may, in the
Company’s discretion, include reimbursement for any out-of-pocket, itemized and
detailed expenses incurred in connection with investigating the Company or any
offering of Securities made by the Company.

 

“Organization Expenses” means the
aggregate of all Offering Expenses, including Selling Commissions and the
Marketing Contribution.

 

“Permitted Investment”
means any investment that the Company may acquire pursuant to the Articles of
Incorporation or its bylaws, including any investment in collateralized
mortgage-backed securities and any investment or purchase of interests in a
Real Estate Operating Company or other entity owning Properties or loans.

 

“Person” means any individual, corporation, business trust,
estate, trust, partnership, limited liability company, association, two or more
persons having a joint or common interest or any other legal or commercial
entity.

 

“Property” or “Properties”
means interests in (i) Real Property or (ii) any buildings,
structures, improvements, furnishings, fixtures and equipment, whether or not
located on the Real Property, in each case owned or to be owned by the Company
either directly or indirectly through one or more Affiliates, joint ventures,
partnerships or other legal entities.

 

“Real Estate Manager” means any of Inland Diversified Real
Estate Services LLC, Inland Diversified Asset Services LLC, Inland Diversified
Leasing Services LLC, Inland Diversified Development Services LLC and Inland
Diversified Global Services LLC, each a Delaware limited liability company, or
any of their successors or assigns, and any other entities owned or controlled
by the Sponsor and engaged by the Company to manage a Property or Properties.

 

5

 

“Prospectus” has the meaning set forth in Section 2(10) of
the Securities Act of 1933, as amended (the “Securities Act”), including a
preliminary prospectus, an offering circular as described in Rule 253 of
the General Rules and Regulations under the Securities Act, or, in the
case of an intrastate offering, any document by whatever name known, utilized
for the purpose of offering and selling the Shares to the public.

 

“Real Estate Assets” means any and all
investments in: (i) Properties; (ii) loans, or other evidence of indebtedness
secured, directly or indirectly, by interests in Real Property; or (iii) other
Permitted Investments (including all rents, income profits and gains
therefrom), in each case whether real, personal or otherwise, tangible or
intangible, that are transferred or conveyed to, or owned or held by, or for
the account of, the Company or any of its subsidiaries.

 

“Real Estate Operating Company” means: (i) any
entity that has equity securities registered under Section 12(b) or
12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”); (ii) any entity that files periodic reports under Sections 13 or 15(d) of
the Exchange Act; or (iii) any entity that, either itself or through its
subsidiaries:

 

(a) owns
and operates interests in real estate on a going concern basis rather than as a
conduit vehicle for investors to participate in the ownership of assets for a
limited period of time;

 

(b) has a
policy or purpose of reinvesting sale, financing or refinancing proceeds or
cash from operations;

 

(c) has
its own directors, managers or managing general partners, as applicable; and

 

(d) either
(1) has its own officers and employees that, on a daily basis, actively
operate the entity and its subsidiaries and businesses, or (2) has
retained the services of an affiliate or sponsor of, or advisor to, the entity
to, on a daily basis, actively operate the entity and its subsidiaries and
businesses.

 

“Real Property” means land, rights or interests in land
(including, but not limited to, leasehold interests), and any buildings, structures,
improvements, furnishings, fixtures and equipment located on, or used in
connection with, land and rights or interest in land.

 

“REIT” means a real estate investment trust as defined in
Sections 856 through 860 of the Code.

 

“Shares” means the shares of common stock, par
value $.001 per share, of the Company, and “Share” means one of those Shares.

 

“Selling Commissions” means any and all commissions, not to
exceed seven and one-half percent (7.5%) of the gross offering price of any
Shares, payable to underwriters, dealer managers or other broker-dealers in
connection with the sale of Shares.

 

“Sponsor” means Inland Real Estate Investment Corporation, a
Delaware corporation.

 

6

 

“Stockholders” means holders of shares of Equity Stock.

 

“Total Operating Expenses” means the aggregate expenses of
every character paid or incurred by the Company as determined under GAAP,
including the Management Fee and other fees payable hereunder, but excluding:

 

(a)                                  the
expenses of raising capital such as Offering Expenses, Organization Expenses,
legal, audit, accounting, underwriting, brokerage, listing, registration and
other fees, printing and other expenses and taxes incurred in connection with
the issuance, distribution, transfer, registration and listing of any shares of
the Equity Stock;

 

(b)                                 property
expenses incurred on an individual Property level;

 

(c)                                  interest
payments;

 

(d)                                 taxes;

 

(e)                                  non-cash
charges such as depreciation, amortization and bad debt reserves;

 

(f)                                    any
incentive fees payable hereunder; and

 

(g)                                 Acquisition
Fees, Acquisition Expenses, real estate commissions on resale of property and
other expenses connected with acquiring, disposing and owning real estate
interests, mortgage loans, or other property (such as the costs of foreclosure,
insurance premiums, legal services, maintenance, repair and property improvements).

 

2.                                       Duties
of the Business Manager. The Business Manager shall consult with the
Company and furnish advice and recommendations with respect to all aspects of
the business and affairs of the Company. 
The Business Manager shall inform the Board of Directors of factors that
come to the Business Manager’s attention that may, in its opinion, influence
the policies of the Company.  Subject to
the supervision of the Board of Directors and consistent with the provisions of
the Articles of Incorporation, the Business Manager shall use its commercially
reasonable best efforts to:

 

(a)                                  identify
potential investment opportunities in Real Estate Assets located both in and
outside of the United States, and consistent with the Company’s investment
objectives and policies; including but not limited to:

 

(i)                                     locating,
analyzing and selecting potential investments in Real Estate Assets;

 

(ii)                                  structuring
and negotiating the terms and conditions of acquisition and disposition
transactions;

 

(iii)                               arranging
for financing and refinancing and making other changes in the asset or capital
structure of the Company and disposing of and reinvesting the proceeds from the
sale of, or otherwise deal with the investments in, Real Estate Assets; and

 

7

 

(iv)                              entering
into leases and service contracts, on the Company’s behalf, for Real Estate
Assets and, to the extent necessary, performing all functions necessary to maintain
and administer the Company’s assets.

 

(b)                                 assist
the Board of Directors in evaluating these investment opportunities;

 

(c)                                  provide
the Board of Directors with research and other statistical data and analysis in
connection with the Company’s assets, operations and investment policies;

 

(d)                                 manage
the Company’s day-to-day operations, consistent with the investment objectives
and policies established by the Board of Directors from time to time;

 

(e)                                  investigate,
select and conduct relations with lenders, consultants, accountants, brokers, real
estate managers, attorneys, underwriters, appraisers, insurers, corporate
fiduciaries, banks, builders and developers, sellers and buyers of investments
and persons acting in any other capacity specified by the Company from time to
time, and enter into contracts in the Company’s name with, and retaining and
supervising services performed by, such parties in connection with investments that
have been or may be acquired or disposed of by the Company;

 

(f)                                    cooperate
with the Real Estate Managers in connection with real estate management
services and other activities relating to the Company’s assets, subject to any
requirement under the laws, rules and regulations affecting REITs that own
Real Property that the Business Manager or the applicable Real Estate Manager,
as the case may be, qualifies as an “independent contractor” as that phrase is
used in connection with applicable laws, rules and regulations affecting
REITs that own Real Property;

 

(g)                                 upon
request of the Company, act, or obtain the services of others to act, as
attorney-in-fact or agent of the Company in making, acquiring and disposing of
investments, disbursing and collecting the funds, paying the debts and fulfilling
the obligations of the Company and handling, prosecuting and settling any
claims of the Company, including foreclosing and otherwise enforcing mortgage
and other liens and security interests securing investments;

 

(h)                                 assist
in negotiations on behalf of the Company with investment banking firms and
other institutions or investors for public or private sales of Securities of
the Company or for other financing on behalf of the Company, provided that in
no event may the Business Manager act as a broker, dealer, underwriter or
investment advisor of, or for, the Company;

 

(i)                                     maintain,
with respect to any Real Property and to the extent available, title insurance
or other assurance of title and customary fire, casualty and public liability
insurance;

 

(j)                                     supervise
the preparation and filing and distribution of returns and reports to
governmental agencies and to investors and act on behalf of the Company in
connection with investor relations;

 

8

 

(k)                                  subject
to the reimbursement of costs associated therewith, provide office space,
equipment and personnel as required for the performance of the foregoing
services as Business Manager;

 

(l)                                     advise
the Board of Directors, from time to time, of the Company’s operating results and
coordinate preparation, with each Real Estate Manager, of an operating budget
including one, three and five year projections of operating results and such
other reports as may be appropriate for each Real Estate Asset;

 

(m)                               prepare,
on behalf of the Company, all reports and returns required by the Securities
and Exchange Commission, Internal Revenue Service and other state or federal
governmental agencies relating to the Company and its operations;

 

(n)                                 undertake
and perform all services or other activities necessary and proper to carry out
the Company’s investment objectives;

 

(o)                                 provide
the Company with, or arrange for, all necessary cash management services;

 

(p)                                 maintain
the Company’s books and records including, but not limited to, appraisals or
fairness opinions obtained in connection with acquiring or disposing Real
Estate Assets; and

 

(q)                                 enter
into ancillary agreements with the Sponsor and its Affiliates to arrange for
the services and licenses to be provided by the Business Manager hereunder, as
summarized on Schedule 2.9(q) hereto.

 

3.                                       No
Partnership or Joint Venture. The Company and the Business Manager are not,
and shall not be deemed to be, partners or joint venturers with each other.

 

4.                                       REIT
Qualifications. Notwithstanding any other provision of this Agreement to
the contrary, the Business Manager shall refrain from taking any action that,
in its reasonable judgment or in any judgment of the Board of Directors of
which the Business Manager has written notice, would adversely affect the
qualification of the Company as a REIT under the Code or that would violate any
law, rule or regulation of any governmental body or agency having
jurisdiction over the Company or its Securities, or that would otherwise not be
permitted by the Articles of Incorporation. If any such action is ordered by
the Board of Directors, the Business Manager shall promptly notify the Board of
Directors that, in the Business Manager’s judgment, the action would adversely
affect the Company’s status as a REIT or violate a law, rule or regulation
or the Articles of Incorporation and shall refrain from taking such action
pending further clarification or instruction from the Board of Directors.

 

5.                                       Bank
Accounts. At the direction of the Board of Directors or the officers of the
Company, the Business Manager shall establish and maintain bank accounts in the
name of the Company, and shall collect and deposit into and disburse from such
accounts moneys on behalf of the Company, upon such terms and conditions as the
Board of Directors may approve, provided that no funds in any such account
shall be commingled with funds of the Business Manager. The Business Manager
shall, from time to time, as the Board of Directors or the 

 

9

 

officers of
the Company may require, render appropriate accountings of such collections,
deposits and disbursements to the Board of Directors and to the Company’s auditors.

 

6.                                       Fidelity
Bond. The Business Manager shall not be required to obtain or maintain a fidelity
bond in connection with performing its services hereunder.

 

7.                                       Information
Furnished to the Business Manager. The Board of Directors will keep the Business
Manager informed in writing concerning the investment and financing policies of
the Company. The Board of Directors shall notify the Business Manager promptly
in writing of the Board of Director’s intention to make any investments or to
sell or dispose of any existing investments.

 

8.                                       Compensation.
Subject to the provisions of Section 12 hereof, for services
rendered hereunder the Company shall pay to the Business Manager or its
designee the following:

 

(a)                                A
Management Fee of not more than one percent (1%) of the Average Invested Assets,
payable quarterly in an amount equal to one-quarter of one percent (0.25%) of
the Average Invested Assets of the Company as of the last day of the
immediately preceding quarter; provided that in no event shall the
Company be obligated to pay a Management Fee unless and until all of its Stockholders
have received the Current Return.  The
Business Manager will determine, in its sole discretion and on a quarterly
basis, the amount of the fee, subject to the limits set forth in this Section 8(a).  The obligation to pay this fee terminates if
the Company acquires the Business Manager.

 

(b)                               An
Acquisition Fee, equal to two and one-half percent (2.5%) of the aggregate
purchase price paid upon Acquisition of a Real Estate Operating Company; provided,
however, that Acquisition Fees shall not be paid for acquisitions solely
of a fee interest in Property or for minority or non-controlling interests in
REITs or other Real Estate Operating Companies. 
The Company shall pay, at the Business Manager’s option, Acquisition
Fees either in cash or by issuing Shares at a per share value equal to the
greater of (i) the per share offering price of common stock in the Company’s
most recent public offering; (ii) if applicable, the per share price
ascribed to shares of common stock used in the Company’s most recent
Acquisition of a Real Estate Operating Company; and (iii) $10.00 per share.  Any Shares issued will be subject to
restrictions on transfer agreed upon by the Business Manager and the Company as
well as any transfer restrictions included in the Articles of Incorporation.  If the issuance of Shares to pay an
Acquisition Fee would result in more than 9.8% of the Company’s common stock
being held by The Inland Group, Inc., a Delaware corporation, and its
Affiliates including the Business Manager, the Board of Directors may waive the
ownership restrictions set forth in the Articles of Incorporation to permit the
issuance of the additional Shares and the payment of the Acquisition Fee in
that instance.  Any waiver by the Board
of Directors shall, as a consequence, reduce the aggregate number of Shares of
the Company’s common stock that may be held by individuals and entities other
than the Business Manager.  If the Board
of Directors does not waive the ownership restrictions, the Company shall pay
any excess fee in cash.  The obligation to
pay this fee terminates if the Company acquires the Business Manager.

 

10

 

(c)                                An
incentive fee equal to fifteen percent (15%) of the Net Sales Proceeds; provided
that in no event shall the Company be obligated to pay an incentive fee unless
and until all of its Stockholders have first received a ten percent (10%)
cumulative, non-compounded return on, plus return of, their Invested
Capital.  The obligation to pay this fee
terminates if the Company acquires the Business Manager.

 

(d)                               Upon
a Listing the Company shall pay the Business Manager an amount equal to fifteen
percent (15%) of the amount by which its Market Value plus distributions paid
to the date of Listing exceeds the aggregate capital contributed by
Stockholders plus an amount equal to a 6% cumulative, non-compounded annual
return to Stockholders.  In the event
that, at the time of Listing, Stockholders have not received a six percent (6%)
cumulative, non-compounded annual return on their investment, this fee may be
paid at the time that the return is paid; provided, however, that
the fee shall be calculated as described in this Section 8(d), as
if the return would have been satisfied at the time of Listing.  The obligation to pay this fee terminates if
the Company acquires the Business Manager.

 

9.                                       Expenses.

 

(a)                                In
addition to the compensation paid to the Business Manager pursuant to Section 8
or Section 10 hereof, and subject to the limits herein, the Company
shall reimburse the Business Manager, the Sponsor and its Affiliates for all expenses
paid or incurred by the Business Manager, the Sponsor or its Affiliates to
provide certain services and licenses hereunder, including all direct expenses
and the costs of salaries and benefits of persons employed by the Business
Manager, the Sponsor and its Affiliates and performing services for the Company,
except for the salaries and benefits of persons who also serve as one of the
Company’s executive officers or as an executive officer of the Business Manager.

 

(b)                               Direct
expenses that the Company shall reimburse pursuant to Section 9(a) hereof
include, but are not limited to:

 

(i)                                     any
Offering Expenses;

 

(ii)                                  Acquisition
Expenses incurred in connection with selecting and acquiring Real Estate
Assets;

 

(iii)                               the
actual cost of goods and services purchased for and used by the Company and
obtained from entities not affiliated with the Business Manager;

 

(iv)                              interest
and other costs for borrowed money, including points and other similar fees;

 

(v)                                 taxes
and assessments on income or Real Property and taxes;

 

(vi)                              premiums
and other associated fees for insurance policies including director and officer
liability insurance;

 

11

 

(vii)                           expenses
of managing and operating Real Estate Assets owned by the Company, whether
payable to an Affiliate of the Company or a non-affiliated Person;

 

(viii)                        all fees
and expenses paid to members of the Board of Directors and the fees and costs
of any meetings of the Board of Directors or Stockholders;

 

(ix)                                expenses
associated with listing or with issuing Shares and Securities, including advertising
expenses, taxes, legal and accounting fees, listing and registration fees and
other Organization Expenses and Offering Expenses except for Selling Commissions
or other fees and expenses paid by the Dealer Manager to any Soliciting Dealer
(as those terms are defined in the Dealer Manager Agreement) pursuant to that
certain Dealer Manager Agreement dated                     ,
2008 by and between the Company and Inland Securities Corporation;

 

(x)                                   expenses
associated with dividends or distributions paid in cash or otherwise made or
caused to be made by the Company to Stockholders;

 

(xi)                                expenses
of organizing the Company and filing, revising, amending, converting or modifying
the Articles of Incorporation or the bylaws;

 

(xii)                             all expenses
associated with Stockholder communications including the cost of preparing, printing
and mailing annual reports, proxy statements and other reports required by governmental
entities;

 

(xiii)                          administrative
service expenses including personnel costs in accordance with Section 9(f);
provided, however, that no reimbursement shall be made for costs
of personnel to the extent that such personnel perform services in transactions
for which the Business Manager receives a separate fee; provided, further,
that any reimbursement of personnel costs shall be subject to the restrictions
set forth in Section 9(a);

 

(xiv)                         audit,
accounting and legal fees;

 

(xv)                            transfer
agent and registrar’s fees and charges; and

 

(xvi)                         expenses
relating to any offices or office facilities maintained solely for the benefit
of the Company that are separate and distinct from the Company’s executive
offices.

 

(c)                                  The
Company shall also reimburse the Business Manager, the Sponsor and its
Affiliates pursuant to Section 9(a) hereof for the salaries
and benefits of persons employed by the Business Manager, the Sponsor or its Affiliates
and performing services for the Company.

 

(i)                                     In
the case of the Sponsor, whose employees also provide services for other
entities sponsored by, or affiliated with, the Sponsor, the Company shall 

 

12

 

reimburse only a pro rata
portion of the salary and benefits of these persons based on the amount of time
spent by that person on matters for the Company compared to the time spent by
that same person on all matters including the Company’s matters.

 

(ii)                                  Except
as otherwise agreed in writing by the Company or the Business Manager, the
Company shall also reimburse Affiliates of the Sponsor for the salaries and
benefits of persons employed by these Affiliates.  The salary and benefit costs for each Affiliate
shall be determined by multiplying (A) the number of hours spent by all
employees of the Affiliate in providing services for the Company by (B) that
Affiliate’s “hourly billing rate.”  For
these purposes, the “hourly billing rate” will approximate the hourly cost to
the Affiliate to provide services to the Company based on:

 

(1)                                  the
average amount of all salaries and bonuses paid to the employees of the Affiliate;
and

 

(2)                                  an
allocation for overhead including employee benefits, rent, materials, fees,
taxes, and other operating expenses incurred by the Affiliate in operating its
business except for direct expenses reimbursed by the Company pursuant to Section 9(b) hereof.

 

(d)                                 The
Business Manager shall prepare a statement documenting the expenses paid or
incurred by the Business Manager, the Sponsor and its Affiliates for the
Company on a quarterly basis.  The
Company shall reimburse the Business Manager, the Sponsor and its Affiliates
for these expenses within forty-five (45) days after the end of each calendar
quarter.

 

(e)                                  The
Business Manager shall direct its employees, and shall cause the Sponsor and
its Affiliates to direct their employees, who perform services for the Company
to keep time sheets or other appropriate billing records and receipts in
connection with any reimbursement of expenses made by the Company pursuant to
this Section 9.  All time
sheets or other appropriate billing records or receipts shall be made available
to the Company upon reasonable request to the Business Manager.

 

(f)                                    Permitted
reimbursements shall include salaries and related salary expenses for nonsupervisory
services that could be performed directly for the Company by independent,
non-affiliated third parties such as legal, accounting, transfer agent, data
processing and duplication. The Business Manager believes that the employees of
the Business Manager, the Sponsor and its Affiliates who may perform services
for the Company for which reimbursement is allowed, will have the experience
and educational background, in their respective fields of expertise,
appropriate for the performance of any such services.

 

10.                                 Compensation
for Additional Services, Certain Limitations.

 

(a)                                  The
Company and the Business Manager will separately negotiate and agree on the
fees for any additional services that the Company asks the Business Manager or
its Affiliates to render in addition to those set forth in Section 2
hereof.  Any additional fees or
reimbursements to be paid by the Company in connection with the additional
services must be fair and reasonable and shall be approved by a majority of the
Board of Directors, including a majority of the Independent Directors.

 

(b)                                 In
extraordinary circumstances fully justified to the official or agency
administering the appropriate state securities laws, the Business Manager and
its Affiliates may provide other goods and services to the Company if all of
the following criteria are met:

 

13

 

(i)                                     the
goods or services must be necessary to the prudent operation of the Company;

 

(ii)                                  the
compensation, price or fee must be equal to the lesser of ninety percent (90%)
of the compensation, price or fee the Company would be required to pay to
independent, non-affiliated third parties who are rendering comparable services
or selling or leasing comparable goods on competitive terms in the same geographic
location, or ninety percent (90%) of the compensation, price or fee charged by
the Business Manager or its Affiliates for rendering comparable services or
selling or leasing comparable goods on competitive terms; and

 

(iii)                               if
at least ninety-five percent (95%) of gross revenues attributable to the
business of rendering such services or selling or leasing such goods are
derived from persons other than Affiliates, the compensation, price or fee
charged by an unaffiliated person who is rendering comparable services or
selling or leasing comparable goods must be on competitive terms in the same
geographic location. Extraordinary circumstances shall be presumed to exist only
when there is an emergency situation requiring immediate action by the Business
Manager or its Affiliates and the goods or services are not immediately
available from unaffiliated parties. Services that may be performed in
extraordinary circumstances include emergency maintenance of Company
properties, janitorial and other related services due to strikes or lockouts,
emergency tenant evictions and repair services that require immediate action,
as well as operating and releasing properties with respect to which the leases
are in default or have been terminated.

 

11.                                 Statements.
 The Business Manager shall furnish to
the Company, not later than the tenth (10th)
day of each calendar quarter, beginning with the second calendar quarter of the
term of this Agreement, a statement computing any Management Fee, Acquisition
Fee or incentive fee payable hereunder. The Business Manager shall also furnish
to the Company, not later than the thirtieth (30th) day following the end of each Fiscal Year, a statement computing
the fees payable to the Business Manager, the Sponsor or its Affiliates for the
just completed Fiscal Year; provided that any compensation payable hereunder
shall be subject to adjustments in accordance with, and upon completion of, the
annual audit of the Company’s financial statements.

 

14

 

12.                                 Reimbursement
by Business Manager. The Business Manager shall be obligated to reimburse
the Company in the following circumstances:

 

(a)                                  On
or before the fifteenth (15th)
day after the completion of the annual audit of the Company’s financial statements
for each Fiscal Year, the Business Manager shall reimburse the Company for the
amounts, if any by which the Total Operating Expenses (including the Management
Fee and other fees payable hereunder) of the Company for the Fiscal Year just
ended exceeded the greater of:

 

(i)                                     two
percent (2%) of the total of the Average Invested Assets for the just ended Fiscal
Year; or

 

(ii)                                  twenty-five
percent (25%) of the Net Income for the just ended Fiscal Year;

 

                                                provided,
however, that the Business Manager may satisfy any obligation under this
Section 12(a) by reducing the amount to be paid the Business
Manager under Section 8 or Section 10 hereunder until
the Business Manager has satisfied its obligations under this Section 12(a);
provided, further, that the Board of Directors, including a
majority of the Independent Directors of the Company, may reduce the amount due
under this Section 12(a) upon a finding that the increased
expenses were caused by unusual or nonrecurring factors.

 

(b)                                 If
the aggregate of all Organization Expenses exceeds fifteen percent (15%) of the
Gross Offering Proceeds or the aggregate of all Offering Expenses (excluding
any Selling Commissions and the Marketing Contribution) exceed five percent (5.0%)
of the Gross Offering Proceeds, the Business Manager or its Affiliates shall
reimburse the Company for, or pay directly, any excess Organization Expenses or
Offering Expenses incurred by the Company above these limits.

 

13.                                 Other
Activities of the Business Manager.  Nothing
contained herein shall prevent the Business Manager or an Affiliate of the Business
Manager from engaging in any other business or activity including rendering
services or advising on real estate investment opportunities to any other
person or entity.  Directors, officers,
employees and agents of the Business Manager or of Affiliates of the Business
Manager may serve as directors, trustees, officers, employees or agents of the
Company, but shall receive no compensation (other than reimbursement for
expenses) from the Company for this service.

 

14.                                 Term;
Termination of Agreement. This Agreement shall have an initial term of one
year and, thereafter, will continue in force for successive one year renewals
with the mutual consent of the parties including an affirmative vote of a majority
of the Independent Directors. Each extension shall be executed in writing by
both parties hereto prior to the expiration of this Agreement or of any
extension thereof.

 

Notwithstanding
any other provision of the Agreement to the contrary, this Agreement may be
terminated with the mutual consent of the parties.  The Company may terminate this Agreement without
cause or penalty upon a vote of a majority of the Independent Directors by
providing no less than sixty (60) days’ written notice to the Business Manager.
In the event of 

 

15

 

the termination of the Agreement, the Business Manager will cooperate
with the Company and take all reasonable steps requested to assist the Board of
Directors in making an orderly transition of the functions performed hereunder
by the Business Manager.

 

This Agreement
shall also terminate upon the closing of a business combination between the
Company and the Business Manager.

 

If this
Agreement is terminated pursuant to this Section 14, the parties
shall have no liability or obligation to each other including any obligations
imposed by Section 2(a) hereof, except as provided in Section 17.

 

15.                                 Assignments.
The Business Manager may not assign this Agreement except to a successor
organization that acquires substantially all of its property and carries on the
affairs of the Business Manager; provided that following the assignment,
the persons who controlled the operations of the Business Manager immediately
prior thereto, control the operations of the successor organization, including
the performance of duties under this Agreement; however, if at any time
subsequent to the assignment these persons cease to control the operations of
the successor organization, the Company may thereupon terminate this Agreement.
 This Agreement shall not be assignable
by the Company without the consent of the Business Manager, except to a
corporation, trust or other organization that is a successor to the Company.  Any assignment of this Agreement shall bind
the assignee hereunder in the same manner as the assignor is bound hereunder.

 

16.                                 Default,
Bankruptcy, etc. At the sole option of the Company, this Agreement shall be
terminated immediately upon written notice of termination from the Board of Directors
to the Business Manager if any of the following events occurs:

 

(a)                                  the
Business Manager violates any provisions of this Agreement and after notice of
the violation, the default is not cured within thirty (30) days; or

 

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

 

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

 

The Business
Manager agrees that if any of the events specified in subsections (b) and (c) of
this Section 17 occur, it will give written notice thereof to the
Company within seven (7) days after the occurrence of such event.

 

16

 

17.                                 Action
Upon Termination. The Business Manager shall not be entitled to
compensation after the date of termination of this Agreement for further
services hereunder, but shall be paid all compensation accruing to the date of
termination. Upon termination of this Agreement, the Business Manager shall:

 

(a)                                  pay
over to the Company all moneys collected and held for the account of the
Company pursuant to this Agreement, after deducting any accrued compensation
and reimbursement for expenses to which the Business Manager is entitled;

 

(b)                                 deliver
to the Board of Directors a full accounting, including a statement showing all
payments collected by the Business Manager and a statement of all money held by
the Business Manager, covering the period following the date of the last
accounting furnished to the Board of Directors;

 

(c)                                  deliver
to the Board of Directors all property and documents of the Company then in the
custody of the Business Manager; and

 

(d)                                 cooperate
with the Company and take all reasonable steps requested by the Company to
assist the Board of Directors in making an orderly transition of the functions
performed by the Business Manager.

 

18.                                 Non-Solicitation.  During the period commencing on the date on
which this Agreement is entered into and ending one year following the
termination of this Agreement, the Company shall not, without the Business
Manager’s prior written consent, directly or indirectly, (i) solicit or
encourage any person to leave the employment or other service of the Business
Manager or (ii) hire, on behalf of the Company or any other person or
entity, any person who has left the employment within the one year period
following the termination of that person’s employment the Business
Manager.  During the period commencing on
the date hereof through and ending one year following the termination of this
Agreement, the Company shall not, whether for its own account or for the
account of any other person, firm, corporation or other business organization,
intentionally interfere with the relationship of the Business Manager with, or
endeavor to entice away from the Business Manager, any person who during the
term of the Agreement is, or during the preceding one-year period, was a
customer of the Business Manager.

 

19.                                 Tradename
and Marks.  Concurrent with executing
this Agreement, the Company will enter into an agreement granting the Company
the right, subject to the terms and conditions of license agreement, to use the
“Inland” name and marks.

 

20.                                 Amendments.
This Agreement shall not be amended, changed, modified, terminated or
discharged in whole or in part except by an instrument in writing signed by
both parties hereto, or their respective successors or assigns, or otherwise
provided herein.

 

21.                                 Successors
and Assigns. This Agreement shall bind any successors or assigns of the
parties hereto as herein provided.

 

22.                                 Governing
Law. The provisions of this Agreement shall be governed, construed and
interpreted in accordance with the internal laws of the State of Illinois without
regard to its conflicts of law principles.

 

17

 

23.                                 Liability
and Indemnification.

 

(a)                                  The
Company shall indemnify the Business Manager and its officers, directors,
employees and agents (individually an “Indemnitee”, collectively the “Indemnitees”)
to the same extent as the Company may indemnify its officers, directors,
employees and agents under its Articles of Incorporation and bylaws so long as:

 

(i)                                     the
Indemnitee has determined, in good faith, that the course of conduct that
caused the loss, liability or expense was in the best interests of the Company;

 

(ii)                                  the
Indemnitee was acting on behalf of, or performing services for, the Company;

 

(iii)                               the
liability or loss was not the result of negligence or misconduct on the part of
the Indemnitee; and

 

(iv)                              any
amounts payable to the Indemnitee are paid only out of the Company’s net assets
and not from any personal assets of any Stockholder.

 

(b)                                 The
Company shall not indemnify any person or entity for losses, liabilities or
expenses arising from, or out of, an alleged violation of federal or state
securities laws by any party seeking indemnity unless one or more of the
following conditions are met:

 

(i)                                     there
has been a successful adjudication on the merits of each count involving
alleged securities law violations as to the particular person or entity;

 

(ii)                                  the
claims have been dismissed with prejudice on the merits by a court of competent
jurisdiction as to the particular person or entity; or

 

(iii)                               a
court of competent jurisdiction approves a settlement of the claims and finds
that indemnification of the settlement and related costs should be made and the
court considering the request has been advised of the position of the
Securities and Exchange Commission and the published opinions of any state
securities regulatory authority in which securities of the Company were offered
and sold with respect to the availability or propriety of indemnification for
securities law violations.

 

(c)                                  The
Company shall advance amounts to persons entitled to indemnification hereunder
for legal and other expenses and costs incurred as a result of any legal action
for which indemnification is being sought only if all of the following
conditions are satisfied:

 

(i)                                     the
legal action relates to acts or omissions with respect to the performance of
duties or services by the Indemnitee for or on behalf of the Company;

 

18

 

(ii)                                  the
legal action is initiated by a third party and a court of competent
jurisdiction specifically approves the advance; and

 

(iii)                               the
Indemnitee receiving the advances undertakes to repay any monies advanced by
the Company, together with the applicable legal rate of interest thereon, in
any case(s) in which a court of competent jurisdiction finds that the
party is not entitled to be indemnified.

 

24.                                 Notices.
Any notice, report or other communication required or permitted to be given
hereunder shall be in writing unless some other method of giving such notice,
report or other communication is accepted by the party to whom it is given and
shall be given by being delivered at the following addresses of the parties
hereto:

 

	
  If to the Company:

  	
  Inland Diversified Real Estate Trust, Inc.

  2901 Butterfield Road

  Oak Brook, IL  60523

  Attention:                                         Ms. Roberta
  S. Matlin

  Telephone:                                    (630)
  218-8000

  Facsimile:                                          (630)
  218-4955

  
	
   

  	
   

  
	
  If to the Business Manager:

  	
  Inland Diversified Business Manager & Advisor Inc.

  2901 Butterfield Road

  Oak Brook, IL 60523

  Attention:                                         Ms. Brenda
  Gujral

  Telephone:                                    (630)
  218-8000

  Facsimile:                                          (630)
  218-4955

  

 

Either party
may at any time give notice in writing to the other party of a change of its
address for the purpose of this Section 24.

 

25.                                 Conflicts
of Interest and Fiduciary Duties to the Company and to the Company’s
Stockholders. The Company and the Business Manager recognize that their
relationship is subject to various conflicts of interest. The Business Manager,
on behalf of itself and its Affiliates, acknowledges that the Business Manager
and its Affiliates have fiduciary duties to the Company and to the
Stockholders. The Business Manager, on behalf of itself and its Affiliates, shall
endeavor to balance the interests of the Company with the interests of the Business
Manager and its Affiliates in making any determination where a conflict of
interest exists between the Company and the Business Manager or its Affiliates.

 

26.                               Headings.
The section headings hereof have been inserted for convenience of reference
only and shall not be construed to affect the meaning, construction or effect
of this Agreement.

 

19

 

IN WITNESS
WHEREOF, the undersigned have executed this Business Management Agreement as of
the date first above written.

 

	
  COMPANY:

  	
   

  	
  BUSINESS MANAGER:

  
	
   

  	
   

  	
   

  
	
  INLAND DIVERSIFIED REAL ESTATE TRUST,

  INC.

  	
   

  	
  INLAND DIVERSIFIED BUSINESS MANAGER &

  ADVISOR INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
   

  
	
  Its:

  	
   

  	
   

  	
  Its:

  	
   

  

 

 

Schedule
2.9

 

The Business
Manager shall enter into ancillary agreements with the Sponsor and its
Affiliates to arrange for the services and licenses to be provided by the
Business Manager under the Agreement, as summarized below.

 

·                                         Communications Services.  Inland Communications, Inc.
will provide marketing, communications and media relations services, including
designing and placing advertisements, editing marketing materials, preparing
and reviewing press releases, distributing certain stockholder communications
and maintaining branding standards.

 

·                                         Computer Services.   Inland Computer Services, Inc., or ICS,
will provide data processing, computer equipment and support services and other
information technology services, including custom application, development and
programming, support and troubleshooting, data storage and backup, email
services, printing services and networking services, including Internet access.

 

·                                         Insurance and Risk Management Services.  Inland Risk and Insurance
Management Services, Inc. will provide insurance and risk management
services, including negotiating and obtaining insurance policies, managing
sales contracts, leases and other real estate or corporate agreements and
documents and settling claims and reviewing and monitoring the Company’s
insurance policies.

 

·                                         Legal Services. 
The Inland Real Estate Group, Inc. will provide legal
services, including drafting and negotiating real estate purchase and,
performing due diligence and rendering legal opinions.

 

·                                         Office and Facilities Management Services.  Inland Office Services, Inc.
and Inland Facilities Management, Inc. will provide office and facilities
management services, including purchasing and maintaining office supplies and
furniture, installing telephones, maintaining security, providing mailroom,
courier and switchboard services and contracting with and supervising
housekeeping and other facilities maintenance service providers.

 

·                                         Personnel Services. 
Inland Human Resource Services, Inc. will provide
personnel services, including pre-employment services, new hire services, human
resources, benefit administration and payroll and tax administration.

 

·                                         Property Tax Services.  Investors Property Tax Services, Inc.
will provide property tax services, including tax reduction, such as monitoring
properties and seeking ways to lower assessed valuations, and tax
administration, such as coordinating payment of real estate taxes.

 

·                                         Software License.   ICS has granted the Business Manager a
non-exclusive and royalty-free right and license to use and copy software owned
by ICS and to use certain third party software according to the terms of the
applicable third party licenses to ICS, all in connection with the Business
Manager’s obligations under the Agreement. 
ICS provides the Business Manager with all upgrades to the licensed
software.

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