Document:

Exhibit 10.9

 

LOAN NO: 94-0960131

 

ENVIRONMENTAL
INDEMNITY AGREEMENT

 

(HARVEST
SQUARE)

 

THIS
ENVIRONMENTAL INDEMNITY AGREEMENT (as the same may be amended, restated, replaced, supplemented or otherwise modified from time
to time, this "Agreement") made as of the 15th day of December, 2014, IREIT HARVEST SQUARE,
L.L.C., a Delaware limited liability company, having an office at 2901 Butterfield Road, Oak Brook, IL 60523 ("Borrower"),
INLAND REAL ESTATE INCOME TRUST, INC., a Maryland corporation, having an office at 2901 Butterfield Road, Oak Brook, IL 60523
("Guarantor"; Borrower and Guarantor hereinafter referred to, individually and collectively, as the context may
require, as "Indemnitor"), in favor of PNC BANK, NATIONAL ASSOCIATION, a national banking association,
having an address at 10851 Mastin, Overland Park, KS 66210 (together with its successors and/or assigns, "Lender").
Capitalized terms used in this Agreement and not specifically defined herein shall have the meaning provided in the Loan Agreement
(defined below).

 

RECITALS:

 

Contemporaneously
herewith, Borrower will become the owner of the Property (as defined in the Loan Agreement (defined below)).

 

Also contemporaneously
herewith, Borrower is assuming a loan ("Loan") in the maximum principal amount of $6,800,000.00 which Loan
is evidenced by, among other documents, that certain Loan Agreement, dated December 12, 2011, made by KRG HARVEST SQUARE, LLC,
a Delaware limited liability company f/k/a INLAND DIVERSIFIED HARVEST SQUARE, L.L.C., a Delaware limited liability company
("Original Borrower"), and Lender (together with all renewals, modifications, and amendments thereof in a writing
between the parties thereto, the "Loan Agreement"), which Loan is evidenced by the Note and secured by, among
other things, the Security Instrument.

 

Borrower
is assuming the Loan pursuant to that certain Consent and Assumption Agreement with Limited Release, dated as of even date herewith,
by and among Original Borrower, Kite Realty Group, L.P., Borrower, Guarantor, and Lender (the "Assumption Agreement").
The term "Loan Documents" shall have the meaning set forth in the Assumption Agreement and shall include,
without limitation, the Assumption Agreement and the other New Loan Documents (as defined in the Assumption Agreement).

 

Lender
is not willing to consent to Borrower's assumption of the Loan unless Indemnitor agrees jointly and severally to provide the indemnification,
representations, warranties, covenants and other matters described in this Agreement for the benefit of Lender.

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Indemnitor
is entering into this Agreement to induce Lender to consent to Borrower's assumption of the Loan.

 

NOW,
THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, and intending to be legally bound, Indemnitor hereby covenants, warrants, represents and agrees as follows:

 

1.             
Lender Rights Under the Agreement. Lender's rights and remedies under this Agreement shall be in addition to and
not in limitation of all rights and remedies of Lender under the other Loan Documents. Payments, if any, by Indemnitor as required
under this Agreement shall not reduce Indemnitor's obligations and liabilities under any of the Loan Documents. Any default by
Indemnitor under this Agreement (including any breach of any representation or warranty made by Indemnitor) shall, at Lender's
option, constitute a default and an Event of Default ("Event of Default") under the Loan Agreement after the expiration
of any applicable cure period.

 

2.              
Definitions. For purposes of this Agreement, the following terms shall have the following meanings:

 

(a)            
"Environmental Damages" shall mean all claims, judgments, damages (including consequential damages), losses,
penalties, fines, liabilities (including strict liability), obligations, encumbrances, liens, costs and expenses (including costs
and expenses of investigation and defense of any claim, whether or not such claim is ultimately defeated, and of any good faith
settlement), of whatever kind or nature, contingent or otherwise, matured or unmatured, foreseeable or unforeseeable, including
reasonable attorneys' fees and disbursements and consultants' fees, any of which are incurred at any time, and including:

 

(i)            
damages, losses or costs for personal injury, or injury to property or natural resources (including costs of assessment),
occurring upon or off of the Property, including lost profits, consequential damages, punitive damages, the cost of demolition
and rebuilding of any improvements on real property, interest and penalties;

 

(ii)           
fees incurred for the services of attorneys, consultants, contractors, experts, laboratories and all other costs and expenses
incurred in connection with investigation, removal, remediation or post-remediation monitoring, operation and maintenance, of any
Hazardous Materials or Release or in connection with the actual or alleged violation of any Environmental Law, including the preparation
of any feasibility studies or reports or the performance of any cleanup, remediation, removal, response, abatement, containment,
closure, restoration, treatment, investigation work or monitoring work, in each case as required by any Environmental Law, or required
to settle or otherwise respond to any third-party claim, or reasonably necessary to make and secure the full economic use and value
of the Property or any other property, or otherwise expended in connection with such conditions, including any and all Corrective
Work under Section 7 hereof, and further including any attorneys' fees, costs and expenses incurred in enforcing this Agreement
or collecting any sums due hereunder;

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(iii)         
any additional costs required to take necessary precautions to protect against a Release of Hazardous Materials at, on,
in, under migrating from, migrating to, or affecting the Property, whether into the subsurface, air, any body of water, any building
or structure on or near the Property, any other public domain or any surrounding or adjoining areas;

 

(iv)          
any costs incurred to comply, in connection with the Property or any area surrounding or adjoining the Property, with Environmental
Law;

 

(v)           
liability to any third Persons or Governmental Authority for costs expended in connection with the items referenced in clause
(ii) above; and

 

(vi)         
diminution in the value of the Property, and damages for the loss of business and restriction on the use or adverse impact
on the marketing of rentable or usable space or of any amenity of the Property.

 

(b)           
"Environmental Law" shall mean all federal, state or commonwealth and local laws, regulations, statutes,
codes, rules, resolutions, directives, orders, executive orders, consent orders, guidance and policy statements from regulatory
agencies, judicial decrees, standards, permits, licenses and ordinances, or any judicial or administrative interpretation of any
of the foregoing, pertaining to the protection of land, water, air, health, safety or the environment, whether now or in the future
enacted, promulgated or issued, including the laws of the State where the Property is located.

 

(c)             
"Guarantor Claims" shall mean all debts and liabilities of Borrower to any Guarantor, together with interest
thereon, whether such debts and liabilities now exist or are hereafter incurred or arise, or whether such obligations of Borrower
thereon be direct, contingent, primary, secondary, several, joint and several, or otherwise, and irrespective of whether such debts
or liabilities be evidenced by note, contract, open account, or otherwise, and irrespective of the Person in whose favor such debts
and liabilities may, at their inception, have been, or may hereafter be created, or the manner in which they have been or may hereafter
be created. Guarantor Claims shall include without limitation all rights and claims of any Guarantor against Borrower (arising
as a result of subrogation or otherwise) as a result of Guarantor's payment of all or any portion of the Environmental Damages.

 

(d)           
"Hazardous Materials" shall mean any substances, chemicals, materials, or elements in any physical state
(liquid, solid, gaseous/vapor, etc.) that are prohibited, limited or regulated by the Environmental Laws, or any other substances,
chemicals, materials, or elements that are defined as "hazardous" or "toxic," or a "pollutant" or
"contaminant", or otherwise regulated, under the Environmental Laws, or that are known or considered to be potentially
harmful, hazardous or injurious to human health, the safety of occupants or users of the Property or the environment. The term
Hazardous Materials shall also include any substance, chemical, material, or element in any physical state (liquid, solid, gaseous/vapor,
etc.) (i) defined as a "hazardous substance" under the Comprehensive Environmental Response, Compensation and Liability
Act of 1980 ("CERCLA") (42 U.S.C. Sections 9601, et.), as amended by the Superfund Amendments and Reauthorization
Act of 1986, and as further amended from time to

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time, and regulations promulgated
thereunder; (ii) defined as a "regulated substance" within the meaning of Subtitle I of the Resource Conservation and
Recovery Act (42 U.S.C. Sections 6991- 6991i), as amended from time to time, and regulations promulgated thereunder; (iii) designated
as a "hazardous substance" pursuant to Section 311 of the Clean Water Act (33 U.S.C. Section 1321), as amended from time
to time, and the regulations promulgated thereunder, or listed pursuant to Section 307 of the Clean Water Act (33 U.S.C. Section
1317), as amended from time to time, and the regulations promulgated thereunder; (iv) defined as "hazardous", "toxic",
or a "pollutant", or "contaminant" or otherwise regulated, under any Environmental Laws adopted by the State
in which the Property is located, or its agencies or political subdivisions; (v) which is petroleum, petroleum products, ethanol,
methyl tertiary butyl ether or derivatives or constituents of or vapors from any of the foregoing; (vi) which is asbestos or asbestos-containing
materials; (vii) the presence of which requires notification, investigation or remediation under any Environmental Laws or common
law; (viii) the presence of which on the Property causes or threatens to cause a nuisance upon the Property or to adjacent properties
or poses or threatens to pose a hazard to the health or safety of persons on or about the Property; (ix) the presence of which
on adjacent properties would constitute a trespass by Borrower or any Guarantor; (x) which is urea formaldehyde foam insulation
or urea formaldehyde foam insulation-containing materials; (xi) which is lead based paint or lead based paint-containing materials;
(xii) which are polychlorinated biphenyls or polychlorinated biphenyl-containing materials; (xiii) which is radon or radon-containing
or producing materials; (xiv) which is or contains excessive moisture, mildew, mold, microbial contamination, microbial growth
or other fungi, or biological agents that can or are known to produce mycotoxins or other bioaerosols, such as antigens, bacteria,
amoebae and microbial organic compounds or other similar matter, in each case that poses a risk to human health or the environment,
or negatively impacts the value of the Property (herein referred to as "toxic mold"); (xv) which is a vapor from volatile
chemicals or any other toxic or hazardous materials, including petroleum hydrocarbons, from a subsurface soil, groundwater or other
source, or (xvi) which by any laws of any Governmental Authority requires special handling in its collection, storage, treatment,
or disposal.

 

(e)            
"Release" means the seeping, spilling, leaking, pumping, pouring, emitting, using, emptying, discharging,
injecting, escaping, leaching, dumping, disposing, releasing, depositing, migrating, vaporizing or the presence of Hazardous Materials
at, under or upon the Property or into the environment, or arising from the Property or migrating or vaporizing to or from the
Property, whether or not the presence of such Hazardous Materials or such Release may require notification, treatment, response
or removal action or remediation under any Environmental Law.

 

3.              
Representations and Warranties. Indemnitor hereby represents and warrants that, except as is otherwise set forth
on Schedule I attached hereto or otherwise disclosed in that certain Phase 1 Environmental Site Assessment dated October
17, 2011:

 

(a)            
no Hazardous Material is present at, on or under the Property, has been Released, or threatens to be Released, at, on or
under the Property, or is migrating to or from the Property other than substances of kinds and in amounts ordinarily and customarily
used or stored

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in
similar properties for the purposes of cleaning or other maintenance or operations, provided the same (i) have been and continue
to be used and stored in compliance with all Environmental Law, (ii) have not and do not result in contamination of the Property,
(iii) have not had and do not otherwise have a material adverse effect on the Property and (iv) not known or considered to be potentially
harmful, hazardous or injurious to human health, the safety of occupants or users of the Property or the environment;

 

(b)           
all activities and operations at the Property have been and are being conducted in compliance with Environmental Law, and
Indemnitor has obtained all permits, licenses, consents and approvals required under Environmental Law for the conduct of operations
and activities at the Property, and all such permits, licenses, consents and approvals are in full force and effect;

 

(c)           
the Property has never been used to generate, manufacture, refine, transport, handle, transfer, produce, treat, store, dispose
of, or process any Hazardous Materials, except in compliance with Environmental Law and in such a manner that there has been no
Release;

 

(d)           
no underground or aboveground storage tanks are, or to the best of Indemnitor's knowledge after due inquiry and investigation,
have been, located on or under the Property;

 

(e)            
no measurable levels of radon or radon containing or producing products are present in the existing structures on the Property,
except as permitted by all applicable Environmental Law;

 

(f)            
no civil, administrative or criminal proceeding is pending or, to the best of Indemnitor's knowledge, threatened against
Indemnitor or any other Person relating to Indemnitor's compliance with Environmental Law, the environmental condition of or activities
at the Property, or the presence, Release or threatened Release of Hazardous Materials at, on, under, migrating from or migrating
to the Property, nor has any notice of any violation or potential liability under any Environmental Law been received, nor has
Indemnitor reason to believe such notice will be received or proceedings initiated, nor has Indemnitor, or to Indemnitor' s knowledge,
any other Person entered into any consent decree, judicial order or settlement affecting the Property, nor has Indemnitor or the
Property been the subject of any other administrative or judicial order or decree;

 

(g)           
the Property is not listed or proposed for listing on the National Priorities List pursuant to Section 9605 of CERCLA, on
the Comprehensive Environmental Response, Compensation and Liability Information System, on any leaking underground storage tank
listing, or any list of sites at which a Release of Hazardous Materials has or is suspected to have occurred, or on any list of
sites involving the establishment and/or maintenance of an engineering or institutional control to limit exposure to or migration
of a Hazardous Material, or on any other environmental list, remedial action list, regulatory database or the like including, without
limitation, any state or local list of environmentally problematic and/or regulated sites;

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(h)
no portion of the Property constitutes wetland or other "water of the United States", flood plain or flood hazard area,
or coastal zone, as defined by Environmental Law;

 

(i) no Lien
has been attached to any revenues or any real or personal property owned by Indemnitor and located in the state where the Property
is located, including the Property, for damages or cleanup, response or removal costs, under any Environmental Law, or arising
from an intentional or unintentional act or omission in violation thereof by Indemnitor, or any previous owner or operator of the
Property;

 

(j)             
there has been no Release of Hazardous Materials from the Property into waters on, under or adjacent to the Property, or
onto lands from which Hazardous Materials might seep, flow or drain into such waters;

 

(k)           
to the best of Indemnitor's knowledge, after due inquiry and investigation, no report, analysis, study or other document
prepared by or for any Person exists identifying that any Release of Hazardous Materials has occurred, is likely to have occurred
or is threatened at the Property;

 

(l) no
toxic mold or vapors from volatile Hazardous Materials is present in any building or structure on the Property;

 

(m)         
no deed restrictions, activity and/or use limitations, environmental covenants or other types of engineering or institutional
controls, whether recorded or unrecorded, relating to environmental matters that exist on or with respect to the Property and,
to the best of Indemnitor's knowledge after due inquiry and investigation, have ever existed on or with respect to the Property;

 

(n)           
no asbestos or asbestos containing materials are present in any building or structure on the Property;

 

(o)           
neither the transaction contemplated by the Loan Documents nor any other transaction involving the sale, transfer or exchange
of the Property will trigger or has triggered any obligation under Environmental Law to make a filing, provide a deed notice, provide
disclosure or take any other action, or in the event that any such transaction-triggered obligation does arise or has arisen under
any Environmental Law, all such actions required thereby have been taken;

 

(p)           
the execution, delivery and performance by each Indemnitor of this Agreement does not and will not (i) violate such Indemnitor's
organizational documents, if such Indemnitor is not an individual, (ii) result in a breach of, or conflict with, or result in the
acceleration of, any obligation under any guaranty, indenture, credit facility or other instrument to which such Indemnitor or
any of its assets may be subject, or (iii) violate any order, judgment or decree to which such Indemnitor or any of its assets
is subject, or (iv) contravene any (A) law or governmental rule, regulation or order which is applicable to such Indemnitor and
no

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authorization,
approval or other action by, and no notice to or filing with, any Governmental Authority is required for the due execution, delivery
and performance by such Indemnitor of this Agreement, or (B) any other contractual restriction which is binding upon or which affects
such Indemnitor, and does not and will not result in or require the creation of any lien, security interest or other charge or
encumbrance upon or with respect to any property of such Indemnitor, including the Property;

 

(q)           
each Indemnitor has the full power and authority to execute and deliver this Agreement and to perform its obligations hereunder.
If any Indemnitor is not an individual: (i) such Indemnitor is duly organized, validly existing and in good standing under the
laws of the state of its formation, and (ii) the execution, delivery and performance of this Agreement by such Indemnitor has been
duly and validly authorized and each person signing this Agreement on such Indemnitor's behalf has been validly authorized and
directed to sign this Agreement;

 

(r)            
this Agreement is a legal, valid and binding obligation of each Indemnitor, enforceable against each Indemnitor in accordance
with its terms, except to the extent enforceability may be limited under applicable Creditors Rights Laws affecting creditors generally
and by general principles of equity;

 

(s)            
no action, suit, proceeding or investigation, judicial, administrative or otherwise (including without limitation any Bankruptcy
Action), currently is pending or, to the best of each Indemnitor's knowledge, threatened against any Indemnitor which, either in
any one instance or in the aggregate, may have a material, adverse effect on such Indemnitor's ability to perform its obligations
under this Agreement;

 

(t)            
Guarantor owns a direct or indirect interest in Borrower and will derive substantial benefit from the assumption of the
Loan to Borrower;

 

(u)           
each Indemnitor currently is solvent and will not be rendered insolvent by providing this Agreement and has delivered to
Lender true and correct copies of such Indemnitor's financial statements as of the date hereof;

 

(v)           
each Indemnitor is familiar with, and has independently reviewed, books and records regarding the financial condition of
Borrower and is familiar with the value of any and all Collateral intended to be given as security for the payment of the Debt;
provided, however, no Indemnitor is relying on such financial condition or the Collateral as an inducement to enter into this Agreement;
and

 

(w)          
neither Lender nor any other Person has made any representation, warranty, or statement to any Indemnitor in order to induce
any Indemnitor to execute this Agreement.

 

		4.	Environmental Covenants. Each Indemnitor hereby covenants and agrees:

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(a)           
to cause all activities at the Property during the term of the Loan to be conducted in compliance with Environmental Law;

 

(b)           
to promptly provide Lender with copies of all: (i) correspondence, notices of violation, summons, orders, complaints or
other documents received by Indemnitor, its lessees, sublessees, occupants or assigns, pertaining to compliance with any Environmental
Law and/or the Release or threatened Release of Hazardous Materials at, on, under, migrating from or migrating to the Property;
(ii) reports of or information from previous environmental investigations undertaken at the Property which Indemnitor knows of,
or has or can obtain possession; (iii) any reports of or information from environmental investigations undertaken at the Property
by any Person or entity after the date of this Agreement; (iv) licenses, certificates and permits required by Environmental Law;
(v) a description of the operations and processes of Indemnitor; and (vi) any other information that Lender may reasonably request
from time to time;

 

(c)           
not to generate, manufacture, refine, transport, transfer, produce, store, use, process, treat, dispose of, handle, permit
to exist, be present, or in any manner deal with, any Hazardous Materials on any part of the Property, nor permit others to engage
in any such activity on the Property, except for (i) those Hazardous Materials which are used or present in the ordinary course
of Indemnitor's business in compliance with Environmental Law, are listed on Schedule I attached hereto and
have not been Released into the environment; and (ii) those Hazardous Materials which are naturally occurring on the Property,
but only in such naturally occurring form and only in such quantities that are known not to be harmful, hazardous or injurious
to the health or safety of occupants or users of the Property;

 

(d)           
not to cause or permit, as a result of any intentional or unintentional act or omission on the part of Indemnitor or any
tenant, subtenant, occupant or assigns, the presence or Release of Hazardous Materials on the Property, except for (i) those Hazardous
Materials which are used or present in the ordinary course of Indemnitor's business in compliance with Environmental Law, are listed
on Schedule I attached hereto and have not been Released into the environment, and (ii) those Hazardous Materials which
are naturally occurring on the Property, but only in such naturally occurring form and only in such quantities that are known not
to be harmful, hazardous or injurious to the health or safety of occupants or users of the Property;

 

(e)           
to give notice and a full description to Lender immediately upon Indemnitor's acquiring knowledge of (i) any and all enforcement,
clean-up, removal or other regulatory actions threatened, instituted or completed by any Governmental Authority with respect to
Indemnitor or the Property; (ii) all complaints and claims made or threatened by any third party against Indemnitor or the Property
relating to damage, contribution, compensation, loss or injury resulting from any Hazardous Materials or Release; (iii) any complaint
made or threatened by any third party against Indemnitor or the Property relating to damage, contribution, compensation, loss or
injury resulting from any Hazardous Materials or Release; (iv) the presence of any Hazardous Material at, on, under, migrating
from or migrating to the Property;

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(v)
any Release or threatened Release of Hazardous Materials at, on, under, migrating from or migrating to or from the Property that
must be reported to any Governmental Authority under Environmental Law or that could reasonably be expected to result in concentrations
of Hazardous Materials above applicable clean-up standards; (vi) Indemnitor's violation of any Environmental Law or any allegation
of same from any other Person; (vii) the imposition, attachment or recording of any lien, deed restriction, activity and use limitations,
environmental covenant, institutional control or encumbrance under Environmental Law against the Property and/or any personal or
other real property owned by Indemnitor; and (viii) the inability to obtain or renew any environmental permit or a notice from
a Governmental Authority that it has revoked or suspended, or otherwise intends to revoke or suspend, whether in whole or in part,
any permit for the Property, which permit relates, in any way, to any Environmental Law (ix) any matters relating to Hazardous
Materials, Release or Environmental Law that would give a reasonably prudent lender cause to be concerned that the value of their
security interest in the Property may be reduced or threatened or that may impair or threaten to impair Indemnitor's ability to
perform any of its obligations under this Agreement or the Loan Documents;

 

(f) to
timely comply with any Environmental Law requiring the removal, treatment, storage, processing, handling, transportation or disposal
of Hazardous Materials and provide Lender with satisfactory evidence of such compliance;

 

(g)           
to conduct and complete all investigations, studies, sampling and testing, as well as all remedial, removal and other actions
necessary to clean up and remove all Releases at, on, under, migrating from or migrating to the Property, all in accordance with
Environmental Law;

 

(h)           
to continue to have and maintain all necessary licenses, certificates and permits required under Environmental Law relating
to Indemnitor and its Property, facilities, assets and business;

 

(i)            
to remediate or cause to be remediated, at its sole cost and expense, any Hazardous Material which is or contains toxic
mold;

 

G) to investigate,
and as necessary, remediate or cause to be remediated, at its sole cost and expense, any vapor intrusion or vapor encroachment
conditions at, on, under, migrating from or migrating to the Property from Hazardous Materials;

 

(k)           
to take all actions necessary to reduce measurable amounts of radon gas detected in any building or structure on the Property
to acceptable levels which are permissible under Environmental Law and protective of human health; and

 

(I)             
to take all actions necessary to remove asbestos or asbestos containing materials from any building or structure on the
Property.

 

		5.	Lender's Right to Conduct an Investigation.

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(a)            
Lender may, at any time and at its sole discretion, commission an investigation into the presence of Hazardous Materials
or Release on, from or affecting the Property, or the compliance with Environmental Law at, or relating to, the Property. Such
an investigation performed by Lender shall be at Indemnitor's expense if the performance of the investigation is commenced (i)
upon the occurrence of a default hereunder or of a default or "Event of Default" under the Note, the Loan Agreement,
the Security Instrument or any other Loan Document; or (ii) because Lender has a reasonable belief that Indemnitor has violated
any provision of this Agreement (including any representation, warranty or covenant). All other investigations performed by Lender
shall be at Lender's expense. Unless an Event of Default or an emergency exists, any such investigation shall be conducted after
five (5) days prior notice and during normal business hours. In connection with any investigation under this paragraph, Indemnitor,
its tenants, subtenants, occupants and assigns, shall comply with all reasonable requests for information made by Lender or its
agents and Indemnitor represents, warrants and covenants that all responses to any such requests for information will be correct
and complete. Indemnitor shall provide Lender and its agents with rights of access to all areas of the Property and permit Lender
and its agents to perform testing (including any invasive testing) necessary or appropriate, in Lender's reasonable judgment, to
perform such investigation.

 

(b)           
Lender is under no duty, however, to conduct such investigations of the Property and any such investigations by Lender shall
be solely for the purposes of protecting Lender's security interest in the Property and preserving its rights under the Loan Documents.
No site visit, observation, or testing by Lender shall constitute a waiver of any default of Indemnitor or be characterized as
a representation regarding the presence or absence of Hazardous Materials or Release at the Property. Lender owes no duty of care
to protect Indemnitor or any third party from the presence of Hazardous Materials or Release or any other adverse condition affecting
the Property nor shall Lender be obligated to disclose to Indemnitor or any third party any report or findings made in connection
with any investigation done on behalf of Lender.

 

		6.	Indemnification.

 

(a)            
Indemnitor covenants and agrees, at its sole cost and expense, to indemnify, defend, protect, save and defend and hold harmless
the Indemnified Parties against and from any and all Environmental Damages, which may at any time be imposed upon, threatened against,
incurred by or asserted or awarded against any Indemnified Party (whether before or after the release, satisfaction or extinguishment
of the Security Instrument) and arising directly or indirectly from or out of:

 

(i)             
Indemnitor's failure to comply with any of the provisions of this Agreement, including Indemnitor's breach of any covenant,
representation or warranty contained in this Agreement; or

 

(ii)           
the presence, Release or threatened Release of Hazardous Materials at, on, in, under, affecting or migrating or threatening
to migrate to or from all or any portion of the Property, any surrounding areas or other property or any persons; or

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(iii)         
any violation of, or noncompliance with, or alleged violation of, or noncompliance with, Environmental Law (and/or any permit
relating to any Environmental Law) by the Property or Indemnitor, or its agents, employees, contractors, and the like, including,
without limitation, costs and fees of lawyers, environmental consultants and the like incurred to remove any environmentally related
lien imposed upon the Property; or

 

(iv)          
the willful misconduct, error or omission or negligent act or omission of lndemnitor, or its agents, employees, contractors,
and the like; or

 

(v)           
any judgment, lien, order, complaint, claim, notice, citation, action, proceeding or investigation pending or threatened
by or before any Governmental Authority or any private party litigant, including any environmental regulatory body, or before any
court of law (including any private civil litigation) with respect to Indemnitor's business, assets, property or facilities, or
the Property, in connection with any Hazardous Materials, or any Environmental Law (including the assertion that any lien existing
or arising pursuant to any Environmental Law takes priority over the lien of the Security Instrument); or

 

(vi)         
the enforcement of this Agreement or the assertion by Indemnitor of any defense to its obligations hereunder.

 

Indemnitor's
indemnification obligations set forth in this Section 6 shall be in effect and enforceable regardless of whether any such
indemnification obligations arise before, on or after foreclosure of the Security Instrument or other taking of title to all or
any portion of the Property by Lender or any affiliate of Lender or any assignee of Lender's interest, and whether the underlying
basis of any claim arose from events prior to Indemnitor acquiring ownership of the Property.

 

Notwithstanding
anything to the contrary contained herein, Indemnitors shall have no duty to indemnify the Indemnified Parties for any Losses (i)
arising solely and directly out of the willful misconduct or gross negligence of the Indemnified Parties or (ii) if Indemnitors
prove that the Release or other environmental matter giving rise to the same shall first occur on, at or under the Property subsequent
to the time that Lender, its affiliate, assignee, transferee or nominee acquired title to or possession of the Property (whether
by foreclosure, exercise of power of sale or the delivery by Borrower to Lender of a deed in lieu of foreclosure to the Property
and the acceptance thereof by Lender) to the exclusion of Indemnitors and their affiliates, and such Release or other environmental
condition was not caused by Indemnitors or any of their affiliates. Indemnitor shall have the burden of proof as to the first occurrence
of any such act or occurrence.

 

(b)            
This Agreement may not be revoked by Indemnitor and shall continue to be effective with respect to any Environmental Damages
arising after any attempted revocation by Indemnitor.

 

(c)            
Each Indemnified Party has the right to demand that Indemnitor pay, in lawful money of the United States of America, and
the right to require Indemnitor to comply

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with
and satisfy, its obligations and liabilities under this Agreement, and shall have the right to proceed immediately against any
Indemnitor with respect thereto, without being required to (i) attempt recovery first from Borrower or any other Person, (ii) first
sue Borrower or any other Person on the Note or any other Loan Document, or join Borrower or any other Person in any suit against
any other Indemnitor, (iii) demonstrate that the Collateral for the Debt is inadequate security or that any Indemnified Party has
exercised (to any degree) or exhausted any of such Indemnified Party's other rights and remedies with respect to Borrower, any
other Person, or any Collateral for the Debt, (iv) mitigate damages or take any action other action to reduce or collect the Environmental
Damages, or (v) resort to any other means of obtaining payment of the Environmental Damages. Any such demand may be made at any
time coincident with or after the time for payment of any of the Environmental Damages. No liability or obligation of Indemnitor
hereunder shall be reduced, discharged or released because or by reason of any existing or future offset, claim or defense of Borrower,
or any other Person, against any Indemnified Party or against payment of the Environmental Damages.

 

(d)           
Promptly after the receipt by any Indemnified Party of written notice of any demand or claim or the commencement of any
action, suit or proceeding concerning Indemnitor or any Indemnified Party in connection with the Property, Lender shall endeavor
to notify Indemnitor thereof in writing. The failure by Lender promptly to give such notice shall not relieve Indemnitor of any
liability to any Indemnified Party hereunder.

 

(e)           
Each Indemnified Party shall have the right, at the expense of Indemnitor (which expense shall be included in Environmental
Damages), to employ separate counsel in any such action and to participate in the defense thereof. In the event Indemnitor shall
fail to discharge or undertake to defend any Indemnified Party against any Environmental Damages, such Indemnified Party may, at
its sole option and election, defend or settle such Environmental Damages. The liability of Indemnitor to each Indemnified Party
hereunder shall be conclusively established by such settlement, provided such settlement is made in good faith, and the amount
of such liability shall include both the settlement consideration and the costs and expenses, including, without limitation, attorneys'
fees and disbursements, incurred by each Indemnified Party in effecting such settlement. In such event, such settlement consideration,
costs and expenses shall be included in Environmental Damages and Indemnitor shall pay the same as hereinafter provided. Each Indemnified
Party's good faith in any such settlement shall be conclusively established if the settlement is made on the advice of independent
legal counsel for such Indemnified Party.

 

(f) Indemnitor
shall not, without the prior written consent of all Indemnified Parties: (i) settle or compromise any action, suit, proceeding
or claim or consent to the entry of any judgment that does not include as an unconditional term thereof the delivery by the claimant
or plaintiff to each Indemnified Party of a full and complete written release of each Indemnified Party (in form, scope and substance
satisfactory to each Indemnified Party in its sole discretion) from all liability in respect of such action, suit, proceeding or
claim and a dismissal with prejudice of such action, suit, proceeding or claim; or (ii) settle or compromise any action, suit,
proceeding or claim in any manner that may adversely affect any Indemnified Party or obligate

    	12

    	 

    

 

 

any Indemnified Party to pay any sum or perform
any obligation as determined by each Indemnified Party in its sole discretion.

 

7.              
Indemnitor's Obligation to Perform Corrective Work.

 

(a)            
Indemnitor shall have the obligation to promptly commence and perform any cleanup, remediation, removal, response, abatement,
containment, closure, restoration, treatment, investigation, monitoring or corrective work required to address any actual or alleged
violation of Environmental Law, Release or threatened Release, and Environmental Damages, including any actions required by Indemnitor
under Section 6 ("Corrective Work") after the occurrence of any of the following: (i) Indemnitor obtains actual
knowledge of any such Release, threatened Release, violation or Environmental Damages on, in, under, affecting, or migrating to
or from the Property or any surrounding areas; or (ii) an event occurs for which any Indemnified Party can seek indemnification
from Indemnitor pursuant to Section 6 hereof.

 

(b)           
Indemnitor shall provide to Lender written notification at least twenty (20) days prior to the commencement of any such
Corrective Work, and shall give Lender a monthly report, during the performance of such Corrective Work, on Indemnitor's progress
with respect thereto, and shall promptly give Lender such other information with respect thereto as Lender shall reasonably request
from time to time. Such written notice shall contain the name of the Person performing such Corrective Work and shall be accompanied
by: (i) written evidence, satisfactory in form and content to Lender, showing that such Person is fully insured against any and
all injury and damages caused by or resulting from the performance of such Corrective Work; and (ii) copies of the plans for such
Corrective Work, approved in writing by the appropriate Governmental Authorities.

 

(c)           
Any Corrective Work conducted by Indemnitor shall be diligently performed to completion and shall comply with Environmental
Law and all other applicable laws to correct, contain, clean up, treat, remove, resolve, dispose of or minimize the impact of all
Hazardous Materials.

 

(d)           
Any failure by Lender to object to any actions taken by Indemnitor shall not be construed to be an approval by Lender of
such actions. This Agreement shall not be construed as creating any obligation for Lender to initiate any contests or to perform
or review Indemnitor's or any other party's performance of, any Corrective Work, or disburse any funds for any contests or the
performance of any Corrective Work.

 

8.              
Subrogation. Indemnitor shall take any and all reasonable actions, including institution of legal action against
third parties, necessary or appropriate to obtain reimbursement, payment or compensation from such Persons responsible for the
presence of any Hazardous Materials at, in, on, under, migrating from or migrating to or near the Property or otherwise obligated
by law to bear the cost. Lender shall be and hereby is subrogated to all of lndemnitor's rights now or hereafter in such claims.

    	13

    	 

    

 

9.             
Interest. All Environmental Damages shall be immediately reimbursable to each Indemnified Party when and as incurred
and, in the event of any litigation, claim or other proceeding, without any requirement of waiting for the ultimate outcome of
such litigation, claim or other proceeding. Any amounts payable to any Indemnified Party under this Agreement shall become immediately
due and payable on demand and, if not paid within thirty (30) days of such demand therefor, shall bear interest at a per annum
rate equal to the Default Rate from the date payment was due.

 

10. Survival.
The obligations and liabilities of lndemnitor under this Agreement shall fully survive indefinitely notwithstanding any termination,
satisfaction, assignment, entry of a judgment of foreclosure, exercise of any power of sale, delivery or acceptance of a deed in
lieu of foreclosure of the Security Instrument, transfer of the Property by Indemnitor or Lender and payment of the Debt in full.

 

11.          
Notice of Legal Actions. Each party hereto shall, within five (5) Business Days of receipt thereof, give written
notice to the other party hereto of any legal action brought against such party or related to the Property, with respect to which
any Indemnitor may have liability under this Agreement. Such notice shall comply with the provisions of Section 16 hereof.

 

12.          
Lender's Right to Select Engineers, Consultants and Attorneys. Without limiting the other provisions hereof,
in the event any claim (whether or not a judicial or administrative action is involved) is asserted against Lender with respect
to Hazardous Materials, any Release or Environmental Law, Lender shall have the right to select the engineers, other consultants
and attorneys for Lender's defense or guidance, determine the appropriate legal strategy for such defense, and compromise or settle
such claim, all in Lender's sole discretion, and Indemnitor shall be liable to Lender in accordance with the terms hereof for liabilities,
costs and expenses incurred by Lender in this regard.

 

13.          
Indemnitor's Obligation to Deliver Property. Indemnitor agrees that, in the event the Security Instrument
is foreclosed (whether judicially or by power of sale) or Indemnitor tenders a deed in lieu of foreclosure, Indemnitor shall deliver
the Property to Lender free of any and all Hazardous Materials, (except for (a) those Hazardous Materials which are used or present
in the ordinary course of Indemnitor's business in compliance with Environmental Law, are listed on Schedule I hereto and
have not been released into the environment in such a manner as to constitute Release hereunder and (b) those Hazardous Materials
which are naturally occurring on the Property, but only in such naturally occurring form and only in such quantities that are known
not to be harmful, hazardous or injurious to the health or safety of occupants or users of the Property) or Release in a condition
such that the Property conforms with Environmental Law and such that no remedial or removal action or other Corrective Work will
be required with respect to the Property. Indemnitor's obligations as set forth in this Section 13 are strictly for
the benefit of Lender and any successors and assigns of Lender as holder of any portion of the Loan and shall not in any way impair
or affect Lender's right to foreclose against the Property.

    	14

    	 

    

  

14.          
Lender's Right to Cure. In addition to the other remedies provided to Lender in the Security Instrument and
the other Loan Documents, should Indemnitor fail to abide by any provisions of this Agreement, Lender may, should it elect to do
so, perform any Corrective Work and any other such actions as it, in its sole discretion, deems necessary to repair, respond to
and remedy any damage to the Property caused by Hazardous Materials or Release or any such Corrective Work. In such event, all
funds expended by Lender in connection with the performance of any Corrective Work, including all contractor charges, attorneys'
fees, engineering fees, consultant fees and similar charges, shall become a part of the obligation secured by the Security Instrument
and shall be due and payable by Indemnitor on demand. Each disbursement made by Lender pursuant to this provision shall bear interest
at the lower of the Default Rate or the highest rate allowable under applicable laws from the date Indemnitor shall have received
written notice that the funds have been advanced by Lender until paid in full.

 

15.          
Unimpaired Liability. Indemnitor acknowledges and agrees that all obligations hereunder are and shall be absolute
and unconditional under any and all circumstances without regard to the validity, regularity or enforceability of any or all of
the Loan Documents or the existence of any other circumstance which might otherwise constitute a legal or equitable discharge or
defense of a guarantor or surety. Without limiting the foregoing, Indemnitor acknowledges and agrees that its liability hereunder
shall in no way be released, diminished, terminated, discharged, limited, reduced, impaired or otherwise adversely affected by
reason of any of the following (whether or not Indemnitor has any knowledge or notice thereof), and waives any common law, equitable,
statutory or other rights (including, without limitation, rights to notice) which Indemnitor might otherwise have as a result of
or in connection with any of the following:

 

(a)           
Borrower's lack of authority or lawful right to enter into any of the Loan Documents, or the invalidity of all or any part
of the Debt, or any of the Loan Documents, for any reason whatsoever, including, without limitation, the fact that (i) the Debt,
or any part thereof, exceed the amount permitted by law, (ii) the Debt violates applicable usury laws, (iii) Borrower has valid
defenses, claims or offsets (whether at law, in equity or by agreement) which render the Debt wholly or partially uncollectible
from Borrower other than payments made on the Debt by Borrower, (iv) the creation, performance or repayment of the Debt (or the
execution, delivery and performance of any of the Loan Documents) is illegal, uncollectible or unenforceable, or (v) the Note,
the Loan Agreement or any of the other Loan Documents have been forged or otherwise are irregular or not genuine or authentic,
it being agreed that Indemnitor shall remain liable hereon regardless of whether Borrower or any other Person be found not liable
on the Debt or any part thereof for any reason;

 

(b)           
any renewal, modification, alteration, supplement, extension, increase, consolidation, restatement, rearrangement, adjustment,
indulgence, forbearance or compromise, waiver or consent provided by Lender with respect to any of the Loan Documents including,
without limitation, approval of a Transfer or the grant of extensions of time for payment or performance;

    	15

    	 

    

  

(c)           
failure to record any Loan Document or to perfect any security interest intended to be provided thereby or otherwise to
protect, secure or insure any Collateral for the Debt;

 

(d)           
Lender's failure to exercise, or delay in exercising, any rights or remedies Lender may have under the Loan Documents or
under this Agreement;

 

(e)           
the release, surrender, exchange, substitution, subordination, deterioration, waste, loss or impairment (including, without
limitation, negligent, willful, unreasonable or unjustifiable impairment), in whole or in part, of any Collateral for the Debt
or acceptance of additional Collateral or any additional guaranty or other assurance for all or any part of the Debt;

 

(f) any
full or partial release of the liability of Borrower on the Debt, or any part thereof, or of any co-guarantors, or any other Person
now or hereafter liable on the Debt or for the Environmental Damages, in each case whether by operation of law, Lender's voluntary
act, or otherwise, whether directly or indirectly, jointly, severally, or jointly and severally, to pay, perform, guarantee or
assure the payment or performance of the Debt or the Environmental Damages, or any part thereof, it being recognized, acknowledged
and agreed by Indemnitor that Indemnitor may be required to pay and perform under this Agreement in full without assistance or
support of any other Person, and Indemnitor has not been induced to enter into this Agreement on the basis of a contemplation,
belief, understanding or agreement that other persons will be liable to pay the Environmental Damages, or that any Indemnified
Party will look to any other Person to pay or perform the Environmental Damages;

 

(g)           
the failure of Lender or any other Person to exercise diligence or reasonable care in the preservation, protection, enforcement,
sale or other handling or treatment of all or any part of the Collateral, including any neglect, delay, omission, failure or refusal
of Lender (i) to take or prosecute any action for the collection of the Debt or any of the Environmental Damages. or (ii) to foreclose,
or initiate any action to foreclosure, or, once commenced, prosecute to completion any action to foreclose upon any Collateral,
or (iii) to take or prosecute any action in connection with any instrument or agreement evidencing or securing all or any part
of the Debt;

 

(h)           
the fact that any Collateral, security interest or Lien contemplated or intended to be given, created or granted as security
for the payment or performance of the Debt, or any part thereof, shall not be properly perfected or created, or shall prove to
be unenforceable or subordinate to any other security interest or Lien, it being recognized and agreed by Indemnitor that Indemnitor
is not entering into this Agreement in reliance on, or in contemplation of the benefits of, the validity, enforceability, collectability
or value of any Collateral for the Debt;

 

(i)             
any Bankruptcy Action involving or affecting Borrower, a SPC Party, any other guarantor under the Loan Documents, if any,
or Lender;

    	16

    	 

    

 

(j)
the termination or discharge of the Security Instrument or the exercise of any power of sale or any foreclosure (judicial or otherwise)
or delivery or acceptance of a deed in-lieu of foreclosure;

 

(k) any
existing or future right of offset, claim, counterclaim, defense or other rights which Guarantor may have against Borrower, any
SPC Party, any other guarantor under the Loan Documents, if any, or Lender, whether in connection with the Loan or any other transaction;

 

(l) any
existing or future right of offset, claim, counterclaim, defense or other rights of Borrower against Lender or any other Person,
or against payment of the Debt or the Environmental Damages, whether such rights arise in connection with the Debt (or the transactions
creating the Debt) or otherwise, other than the payment of the Environmental Damages;

 

(m) the reorganization, merger or
consolidation of Borrower into or with any other Person;

 

(n)           
any payment by Borrower to Lender is held to constitute a preference under any Creditors Rights Law, or for any reason Lender
is required to refund such payment or pay such amount to Borrower or any other Person; or

 

(o)           
the accuracy or inaccuracy of the representations and warranties made by Borrower in any of the Loan Documents; and any
other action taken or omitted to be taken with respect to the Loan Documents, the Debt, the Environmental Damages, or the Collateral
therefor, whether or not such action or omission prejudices Indemnitor or increases the likelihood that Indemnitor will be required
to pay the Environmental Damages pursuant to the terms hereof, it being the unambiguous and unequivocal intention of Indemnitor
that Indemnitor shall be obligated to pay the Environmental Damages when due, notwithstanding any occurrence, circumstance, event,
action, or omission whatsoever, whether contemplated or uncontemplated, and whether or not otherwise particularly described herein
which obligation shall be deemed satisfied only upon the full and final payment and performance of the Environmental Damages.

 

16.          
Notices. All notices, consents, approvals and requests required or permitted hereunder shall be given, and shall
become effective, as provided in Section 13.6 of the Loan Agreement. Notices to Guarantor shall be addressed as follows:

 

Inland Real Estate Income Trust,
Inc. 2901 Butterfield Road

Oak Brook, IL 60523

Attn: Chief Financial
Officer Fax: 630-586-6590

 

With a copy to:

    	17

    	 

    

  

The Inland Real Estate
Group, Inc. 2901 Butterfield Road

Oak Brook, IL 60523 Attn: General Counsel Fax:
(630) 218-4900

 

17.          
Entire Agreement; Modifications. This Agreement contains the entire agreement of the parties hereto with respect
to the subject matter hereof, and all prior agreements among or between such parties, whether oral or written, are superseded by
the terms of this Agreement. This Agreement may not be modified, amended, extended, discharged, terminated, changed, and no provision
hereof may be waived, orally or by any act or failure to act on the part of Indemnitor or Lender, and no consent to any departure
by Indemnitor therefrom shall be effective, except by a writing signed by the party against whom enforcement is sought, and then
such modification, amendment, extension, discharge, termination, change, waiver or consent shall be effective only in the specific
instance, and for the purpose, for which given. Except as otherwise expressly provided herein, no notice to, or demand on any Indemnitor,
shall entitle any Indemnitor to any other or future notice or demand in the same, similar or other circumstances.

 

18.          
Binding Effect; Joint and Several Obligations. Whenever in this Agreement any of the parties hereto is referred
to, such reference shall be deemed to include the heirs, executors, legal representatives, administrators, successors and assigns
of such party. All covenants, promises and agreements in this Agreement, by or on behalf of any Indemnitor, shall inure to the
benefit of the legal representatives, successors and assigns of Lender as well as any Persons who acquire title to or ownership
of the Property from, or through action by, Lender (including at a foreclosure, sheriff's or judicial sale). No Indemnitor may
delegate or transfer this Agreement or any of its respective rights or obligations hereunder without the prior written consent
of Lender. Each Person constituting Indemnitor shall be jointly and severally liable hereunder. If any Indemnitor is a partnership,
the agreements contained in this Agreement shall remain in force and be applicable, notwithstanding any changes in the individuals
or entities comprising the partnership, and the term "Indemnitor," as used herein, shall include any alternate or successor
partnership, but any predecessor partnership and their partners shall not thereby be released from any liability. If any Indemnitor
is a corporation, the agreements contained in this Agreement shall remain in full force and be applicable notwithstanding any changes
in the shareholders comprising, or the officers and directors relating to, the corporation, and the term "Indemnitor"
as used herein, shall include any alternate or successor corporation, but any predecessor corporation shall not be relieved of
liability hereunder. If any Indemnitor is a limited liability company, the agreements contained in this Agreement shall remain
in force and be applicable, notwithstanding any changes in the members comprising the limited liability company, and the term "Indemnitor"
as used herein, shall include any alternate or successor limited liability company, but any predecessor limited liability company
and their members shall not thereby be released from any liability. (Nothing in the foregoing sentences shall be construed as a
consent to, or a waiver of, any prohibition or restriction on transfers of interests in such partnership, corporation or limited
liability company which may be set forth in the Loan Agreement or the other Loan Documents.)

    	18

    	 

    

 

 

19.          
Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to
be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable
law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of
such provision or the remaining provisions of this Agreement.

 

20.           
Duplicate Originals; Counterparts. This Agreement may be executed in any number of duplicate originals, and each
duplicate original shall be deemed to be an original. This Agreement (and each duplicate original) also may be executed in any
number of counterparts, each of which shall be deemed an original and all of which together constitute a fully executed Agreement
even though all signatures do not appear on the same page. The failure of any party hereto to execute this Agreement, or any counterpart
hereof, shall not relieve the other signatories from their obligations hereunder.

 

21.           
Principles of Construction. All references to sections and exhibits, if any, are to sections and exhibits
in or to this Agreement unless otherwise specified. Article and section headings are for convenience only and shall not be used
in interpretation of this Agreement. All uses of the word "including" shall mean "including, without limitation"
unless the context shall indicate otherwise. Unless otherwise specified, the words "hereof," "herein" and "hereunder"
and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision
of this Agreement; the word "section" refers to the entire section and not to any particular subsection, paragraph or
other subdivision; the word "or" shall be deemed to include "and/or"; and "Agreement" and each of
the Loan Documents referred to herein mean each such agreement as originally executed and as hereafter amended, restated, replaced,
supplemented or otherwise modified from time to time, but only to the extent such modifications are not prohibited by the terms
hereof or by the terms of any of the other Loan Documents. References to statutes are to be construed as including all statutory
provisions consolidating, amending or replacing the statute referenced. Unless otherwise specified, all meanings attributed to
defined terms herein shall be equally applicable to both the singular and plural forms of the terms so defined, and pronouns shall
be construed to cover all genders.

 

22.           
Lender's Discretion. Whenever pursuant to this Agreement, Lender exercises any right given to it to approve or disapprove,
or any arrangement or term is to be satisfactory to Lender, the decision of Lender to approve or disapprove or to decide whether
arrangements or terms are satisfactory or not satisfactory shall (except as is otherwise specifically herein provided) be in the
sole and absolute discretion of Lender and shall be final and conclusive. Prior to a Securitization, whenever pursuant to the Loan
Agreement the Rating Agencies are given any right to approve or disapprove any matter relating to any Indemnitor, or any arrangement
or term relating to any Indemnitor is to be satisfactory to the Rating Agencies, the decision of Lender to approve or disapprove
or to decide whether arrangements or terms are satisfactory or not satisfactory, based upon Lender's determination of Rating Agency
criteria, shall be substituted therefor.

    	19

    	 

    

23.           
Preservation of Rights. Neither any failure nor any delay on the part of Lender in insisting upon strict performance
of any term, condition, covenant or agreement, or exercising any right, power, remedy or privilege hereunder shall operate as or
constitute a waiver thereof, nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise
of any other right, power, remedy or privilege. All rights and remedies of Lender are cumulative and concurrent and may be exercised
separately and independently, singly, successively, together or otherwise, in Lender's sole discretion and as often as occasion
therefor shall arise. Any representations, warranties, covenants or indemnification liabilities for breach thereof contained in
this Agreement shall not be affected by any knowledge of, or investigations performed by; Lender. Any one or more Persons comprising
Indemnitor, or any other party liable upon or in respect of this Agreement or the Loan, may be released without affecting the liability
of any party not so released.

 

24.           
Costs and Expenses. Wherever pursuant to this Agreement it is provided that Indemnitor pay any costs and expenses, such
costs and expenses shall include, but not be limited to, legal fees and disbursements of Lender, whether with respect to retained
firms, the reimbursement for the expenses of in-house staff or otherwise.

 

25.           
Servicer. Pursuant to Section 11.4 of the Loan Agreement, the Loan may be serviced by a Servicer. All references
to Lender herein shall refer to and include any such Servicer to the extent applicable.

 

		26.	Governing Law; Service of Process.

 

(a)           
THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE WHERE AND IS LOCATED WITHOUT REGARD
TO PRINCIPLES OF CONFLICTS OF LAWS, PROVIDED THAT TO THE EXTENT ANY OF SUCH LAWS MAY NOW OR HEREAFTER BE PREEMPTED BY FEDERAL LAW,
IN WHICH CASE SUCH FEDERAL LAW SHALL SO GOVERN AND BE CONTROLLING. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH INDEMNITOR HEREBY
UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT.

 

(b)           
ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR INDEMNITOR ARISING OUT OF OR RELATING TO THIS AGREEMENT MAY AT LENDER'S
OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN OR FOR THE COUNTY WHERE THE PROPERTY IS LOCATED AND EACH INDEMNITOR WAIVES
ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING,
AND EACH INDEMNITOR HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. EACH INDEMNITOR
DOES HEREBY DESIGNATE AND APPOINT:

    	20

    	 

    

  

CT Representative

2000 Interstate Park Drive, Suite 204

Montgomery, AL 36109

 

AS ITS AUTHORIZED
AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING
IN ANY FEDERAL OR STATE COURT IN OR FOR THE COUNTY WHERE THE PROPERTY IS LOCATED, AND AGREES THAT SERVICE OF PROCESS UPON SAID
AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO EACH INDEMNITOR IN THE MANNER PROVIDED HEREIN SHALL
BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON EACH INDEMNITOR IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE
WHERE THE PROPERTY IS LOCATED. EACH INDEMNITOR (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED
AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN OR FOR THE
COUNTY WHERE THE PROPERTY IS LOCATED (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE
OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN OR FOR THE
COUNTY WHERE THE PROPERTY IS LOCATED OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR.

 

27.          
Lender Transferees; Secondary Market Activities. Indemnitor acknowledges and agrees that Lender, without notice to Indemnitor
or Indemnitor's prior consent, may assign all or any portion of its rights hereunder in connection with any sale or assignment
of the Loan or servicing rights related to the Loan, each grant of participations in or syndications of the Loan, a transfer of
the Loan as part of a Securitization in which Lender assigns its rights to a securitization trustee, or a contract for the servicing
of the Loan, and that each such assignee, participant or servicer shall be entitled to exercise all of Lender's rights and remedies
hereunder. Indemnitor further acknowledges that Lender may provide to third parties with an existing or prospective interest in
the servicing, enforcement, ownership, purchase, participation or Securitization of the Loan, including, without limitation, any
Rating Agency rating the securities issued in respect of a Securitization or participation of the Loan, and any entity maintaining
databases on the underwriting and performance of commercial mortgage loans, any and all information which Lender now has or may
hereafter acquire relating to the Loan, the Property or with respect to Borrower or Indemnitor, as Lender determines necessary
or desirable. Indemnitor irrevocably waives all rights it may have under applicable law, if any, to prohibit such disclosure, including,
without limitation, any right of privacy.

 

28.           
Further Assurances. Indemnitor will, at the cost of Indemnitor, upon Lender's request, execute, acknowledge and deliver
to Lender such further documents and statements and do or cause to be done such acts or things as Lender may deem necessary or
appropriate to effect the transactions contemplated hereby or to confirm the assumption of and agreement to pay,

    	21

    	 

    

 

perform and discharge the liabilities and obligations
hereby assumed and agreed to be paid, performed or discharged, or intended so to be.

 

29.          
Bankruptcy Actions. Guarantor covenants and agrees that it will not at any time institute any Bankruptcy Action against
Borrower, or join in the institution of any Bankruptcy Action against Borrower. Upon the commencement of any Bankruptcy Action
by or against Borrower, Guarantor shall not seek or cause Borrower to seek a supplemental stay or other relief, whether injunctive
or otherwise, pursuant to 11 U.S.C. §105 or any other provision of the Bankruptcy Code or any other Creditors Rights Law,
to stay, interdict, condition, reduce or inhibit the ability of Lender to enforce any rights of Lender against Guarantor by virtue
of this Agreement or otherwise.

 

30.          
Reservation of Rights. Nothing contained in this Agreement shall prevent in any way, diminish or interfere with any
rights or remedies, including, without limitation, the right to contribution, which Lender may have against Indemnitor or any other
Person under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (codified at Title 42 U.S.C. §
9601 et seq.), as it may be amended from time to time, or any other applicable federal, state or local laws, all such
rights being hereby expressly reserved.

 

31.          
Waivers.(a)To the fullest extent permitted by Law, each Indemnitor hereby waives (i) any right or claim of
right to cause a marshalling of any Indemnitor's assets or to cause Lender to proceed against any of the Collateral for the Debt
before proceeding under this Agreement against any Indemnitor; (ii) and relinquishes all rights and remedies accorded by applicable
law to indemnitors or guarantors, except any rights of subrogation which any Indemnitor may have (the exercise of which are subject
to the terms of this Agreement), provided that the indemnity provided for hereunder shall neither be contingent upon the existence
of any such rights of subrogation nor subject to any claims or defenses whatsoever which may be asserted in connection with the
enforcement or attempted enforcement of such subrogation rights including, without limitation, any claim that such subrogation
rights were abrogated by any acts of Lender; (iii) the right to assert a counterclaim, other than a mandatory or compulsory counterclaim,
in any action or proceeding brought by or against it; (iv) notice of acceptance of this Agreement and of any action taken or omitted
in reliance hereon; (v) presentment for payment, demand, protest, notice of nonpayment or failure to perform or observe, or other
proof, or notice or demand to which it might otherwise be entitled with respect to its obligations hereunder; (vi) all homestead
or exemption rights against the obligations hereunder and the benefits of any statutes of limitations or repose, (vii) any duty
on the part of Lender to disclose to Indemnitor any facts Lender may now or hereafter know about the Property, regardless of whether
Lender has reason to believe that any such facts materially increase the risk beyond that which Indemnitor intends to assume or
has reason to believe such facts are unknown to Indemnitor or has a reasonable opportunity to communicate such facts to Indemnitor,
it being understood and agreed that Indemnitor is fully responsible for being and keeping informed of the condition of the Property
and of any and all circumstances bearing on the risk that liability may be incurred by Indemnitor hereunder.

    	22

    	 

    

  

(b)
WAIVER OF JURY TRIAL. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH INDEMNITOR HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY
ISSUE TRIABLE OF RIGHT BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM OF ANY NATURE, WHETHER IN CONTRACT OR TORT OR OTHERWISE,
RELATING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS, OR ANY ACTS OR OMISSIONS OF LENDER, OR ANY OF ITS
OFFICERS, EMPLOYEES, DIRECTORS OR AGENTS, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW
OR HEREAFTER EXIST WITH RESPECT TO ANY OF THE FOREGOING. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY
BY EACH INDEMNITOR, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY
JURY WOULD OTHERWISE ACCRUE. LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY SUCH ACTION, PROCEEDING, CLAIM
OR COUNTERCLAIM AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY EACH INDEMNITOR.

 

		32.	Guarantor Claims.

 

(a)          
Until payment in full of the Debt (including interest accruing on the Note after the commencement of a proceeding by or
against Borrower under any Creditors Rights Law, which interest the parties agree remains a claim that is prior and superior to
any claim of any Guarantor notwithstanding any contrary practice, custom or ruling in cases under the Bankruptcy Code or other
Creditors Rights Law generally), each Guarantor agrees not to accept any payment or satisfaction of any Guarantor Claims and hereby
assigns all such Guarantor Claims to Lender, including the right (but not the obligation) to file proof of claim and to vote in
any Bankruptcy Action, including the right to vote on any plan of reorganization, liquidation or other proposal for debt adjustment
under any Creditors Rights Law.

 

(b)           
Each Guarantor agrees that no payment by it under this Indemnity shall give rise to (a) any rights of subrogation against
Borrower or the Collateral for the Debt, or (b) any rights of contribution against any other Person, in each case unless and until
Lender has received full and indefeasible payment of the Debt and performance of the Other Obligations. If the deferral of such
rights shall be unenforceable for any reason, each Guarantor agrees that (a) its rights of subrogation shall be junior and subordinate
to Lender's rights against Borrower and the Collateral for the Debt, and (b) its rights of contribution against any other Person
shall be junior and subordinate to Lender's rights against any other Person.

 

(c)            
Any Guarantor Claim shall be and hereby is deferred, postponed and subordinated to the prior payment in full of the Debt.
Further, each Guarantor agrees that should such Guarantor receive any funds, payment, claim, distribution, satisfaction or security
for any Guarantor Claim, the same shall be delivered to Lender in the form received (endorsed or assigned as may be appropriate)
for application on account of, or as security for, the Debt and

    	23

    	 

    

 

 until so delivered to Lender, shall be held in trust for
Lender as security for the Debt, and agrees that it shall have absolutely no dominion over the amount of such funds, payments,
claim, distribution, satisfaction or security except to pay or deliver the same to Lender, and each Guarantor covenants to promptly
pay or deliver the same to Lender.

 

(d)           
Each Guarantor agrees that it shall have no Liens or security interests upon Borrower's assets to secure any Guarantor Claim
and, to the extent that any such Lien or security interest in Borrower's assets exists or shall hereafter be created or attach
for any reason, such Liens and security interests are and shall remain inferior and subordinate to the Liens and security interests
of Lender securing the Debt. Without the prior written consent of Lender, no Guarantor shall (i) exercise or enforce any creditor's
rights it may have against Borrower, or (ii) foreclose, repossess, sequester or otherwise take steps to institute any action or
proceedings to enforce any Liens or security interests on any asset of Borrower.

 

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

 

[Remainder of page left intentionally blank]

 

    	24

    	 

    

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed by their duly authorized representatives, all as of the day and year
first above written.

 

	 	
        BORROWER:

         

        IREIT HARVEST SQUARE, 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
	 	 	 	 
	 	 	 	 
	 	
        GUARANTOR:

         

        INLAND REAL ESTATE INCOME TRUST, INC.,

        a Maryland corporation

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

 

 

 

 

    	25

    	 

    

 

 

 

 

SCHEDULE I

LIST OF EXCEPTIONS

 

Section 3. Exceptions to
Representations and Warranties.

 

None

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sections 4(c) and (d). Exceptions
to Environmental Covenants Relating to Hazardous Materials Used in the Ordinary Course of Indemnitor's Business.Exhibit 10.10

 

Loan
No: 94-0960131

GUARANTY OF
RECOURSE OBLIGATIONS OF BORROWER

(HARVEST
SQUARE)

 

THIS
GUARANTY OF RECOURSE OBLIGATIONS
OF BORROWER (as the same may be amended, restated,
replaced, supplemented or otherwise modified from time to time, this (“Guaranty”) is made as of this 15th
day of December, 2014 in favor of PNC BANK NATIONAL ASSOCIAITON, a national banking association, having an address at 10851 Mastin,
Overland Park, KS
66210 (together with
its successors and/or
assigns, "Lender") by INLAND
REAL ESTATE INCOME
TRUST, INC., a Maryland corporation, having its principal place of business
at 2901 Butterfield Road, Oak Brook, IL 60523 ("Guarantor").

 

BACKGROUND

 

A.             
Contemporaneously herewith, IREIT
HARVEST SQUARE, L.L.C.,
a Delaware limited liability
company ("Borrower") is
assuming a loan
("Loan") in the
maximum principal amount of $6,800,000.00,
which Loan is evidenced by, among other documents, that certain Loan Agreement dated December 12, 2011, made by KRG HARVEST SQUARE,
LLC, a Delaware limited liability company
f/k/a INLAND DIVERSIFIED HARVEST SQUARE, L.L.C., a Delaware limited liability company
("Original Borrower"), and Lender (together with all renewals,
modifications, and amendments thereof in
writing between the parties thereto, the
"Loan Agreement"). The Loan will be evidenced by, inter alia,
the Note and the Security Instrument

 

B.             
Borrower is assuming
the Loan pursuant
to that certain
Consent and Assumption Agreement
with Limited Release,
dated as of
even date herewith,
by and among Original Borrower, Inland Diversified
Real Estate Trust, Inc., Borrower, Guarantor,
and Lender (the "Assumption Agreement"). The term "Loan Documents"
shall have the meaning set forth in the Assumption Agreement and shall include, without
limitation, the Assumption Agreement and
the other New Loan Documents (as defined in
the Assumption Agreement).

 

C.             
Lender is not
willing to consent
to Borrower's assumption
of the Loan
unless Guarantor unconditionally guarantees
for the benefit
of Lender all obligations and liabilities
of Borrower with respect to the Loan arising from and after the date hereof for which Borrower
is personally liable.

 

D.            
Guarantor owns a
direct or indirect
interest in Borrower
and will derive substantial
benefit from Lender's
consenting to the
assumption of the Loan.

 

NOW,
THEREFORE, to induce
Lender to consent
to the assumption
of the Loan,
and in consideration of
the substantial benefit Guarantor will
derive from the assumption of the Loan,
and other good and valuable consideration,
the receipt and sufficiency of which are acknowledged,
and intending to be legally bound
hereby, Guarantor hereby agrees as
follows:

 

    	1

    	 

    

 

ARTICLE
1. DEFINED TERMS

 

1.01.
Defined Terms. Capitalized
terms used in
this Guaranty and not specifically
defined in this
Guaranty have the
meaning provided in the
Loan Agreement. As used herein,
the following terms shall have the
following meanings:

 

"Guaranteed
Obligations" shall mean
(i) all obligations
and liabilities of
Borrower to Lender for any
loss, damage, cost,
expense, liability, claim or other obligation incurred by Lender
(including attorneys' fees and costs
reasonably incurred) arising out of
or in connection with any of the matters set
forth in Section 11.3(a) of the Loan Agreement based
on any act or omission occurring
from and after the date
hereof, (ii) the entire amount of the Debt
upon the occurrence after the date hereof
of any of the matters or events specified
in Section 11.3(b) of the Loan Agreement, and
(iii) all amounts due under
Section 3.03 of this Guaranty.

 

"Guarantor
Claims" shall mean
all debts and
liabilities of Borrower
to any Guarantor, together
with interest thereon,
whether such debts and liabilities now
exist or are hereafter incurred or arise, or whether such obligations of Borrower
thereon be direct, contingent, primary, secondary,
several, joint and several, or otherwise, and irrespective of whether such debts or
liabilities be evidenced by note, contract, open account, or otherwise, and irrespective of the Person
in whose favor such debts and liabilities may, at their inception, have been,
or may hereafter be created, or the manner
in which they have
been or may hereafter be created.
Guarantor Claims shall include without limitation all
rights and claims of any
Guarantor against Borrower (arising as a result of subrogation or
otherwise) as a result of Guarantor's payment of all or any portion
of the Guaranteed Obligations.

 

ARTICLE 2.
OBLIGATION GUARANTEED

 

2.1.         
Guaranty of Guaranteed
Obligations. Each Guarantor absolutely,
irrevocably and unconditionally, guarantees
to Lender the
prompt and unconditional payment
and performance of the Guaranteed
Obligations as and when
the same shall be due and payable, whether by lapse of time,
by acceleration of maturity
or otherwise. Each Guarantor
hereby irrevocably and unconditionally covenants and agrees that it is liable for
the Guaranteed Obligations as a primary
obligor.

 

2.2.         
Nature of Guaranty.
This Guaranty is
an irrevocable, absolute
and continuing guaranty of
payment and performance,
and not a
guaranty of collection.
This Guaranty may not be revoked by
any Guarantor and shall continue to be
effective with respect to any Guaranteed Obligations arising or
created after any attempted revocation by any
Guarantor. This Guaranty may be
enforced by Lender and any subsequent holder of the
Note (or any part thereof or interest therein) and shall not be discharged by
the assignment or negotiation of all or part of
the Note or the other Loan Documents. This
Guaranty shall remain in full force and effect
and will be discharged only
if and when
the Debt has been paid
in full, and the Other Obligations have been fully performed, without
regard to the validity, regularity or enforceability of
the Note, the Loan Agreement, or the other Loan
Documents; provided, however,
that notwithstanding any of the foregoing to the
contrary, this Guaranty
shall remain in full force and effect
for so long as any

 

 

    	2

    	 

    

 

payment
hereunder may be
voided in bankruptcy
proceedings as a
preference or for
any other reason. Nothing
herein shall waive any right which Lender may have under Section 506(a), 506(b),
1111(b) or any other provisions of the Bankruptcy
Code to file a claim for the full amount of
the Debt or to require that
all Collateral shall continue to secure all of the
Debt in accordance with the Loan Documents.

 

2.3.         
Direct Action Against Guarantor.
Lender has the
right to demand
that each Guarantor pay,
in lawful money
of the United States of America, and
the right to require each Guarantor to comply with
and satisfy, its obligations and liabilities under this Guaranty, and shall have the right to proceed immediately
against any Guarantor with respect thereto, without being required
to (i) attempt recovery first from Borrower or any other Person, (ii) first
sue Borrower or any other
Person on the Note
or any other Loan Document,
or join Borrower or any other Person in any suit against any Guarantor, (iii)
demonstrate that the Collateral
for the Debt is inadequate security or that Lender has exercised (to any
degree) or exhausted
any of Lender's other rights and remedies
with respect to Borrower, any other Person, or any Collateral for
the Debt, (iv) mitigate damages
or take any action other action to reduce,
collect or enforce the Guaranteed Obligations, or (v) resort to any
other means of obtaining payment or performance of the Guaranteed Obligations.
Any such demand may be made at any time coincident with or after the time for
payment or performance of any of the Guaranteed Obligations. No liability
or obligation of any Guarantor hereunder
shall be reduced, discharged or released
because or by reason of any existing or
future offset, claim or defense of Borrower, or any other Person, against Lender or
against payment of the Guaranteed Obligations,
whether such offset, claim or defense arises in
connection with the Guaranteed
Obligations (or the transactions creating such obligations) or otherwise.

 

ARTICLE 3.

GENERAL
TERMS AND CONDITIONS

 

3.1.         
Payments; Interest on
Amounts Payable Hereunder.
Amounts payable to Lender
under this Guaranty
shall be immediately
due and payable on
Lender's written demand and
shall be paid without
reduction by set-off,
defense, counterclaim or cross-claim. Interest at the Default Rate shall accrue
on any judgment obtained by Lender in connection with the enforcement
or collection of amounts due under this Guaranty until such judgment is paid
in full. Lender may apply all money received by Lender to payment or reduction
of the Debt or reimbursement of Lender's expenses,
in such priority and proportions, and
at such time or times as Lender may elect.

 

3.2.         
Cumulative Remedies. Each
Guarantor hereby acknowledges
that, following the occurrence
and during the
continuance of an
Event of Default,
Lender is entitled to accelerate the Debt and exercise all other rights and
remedies as have been provided
to Lender under the other Loan Documents, by law or in
equity, including, without limitation enforcement of
this Guaranty. All rights and remedies
of Lender are cumulative and concurrent
and may be exercised separately and independently, concurrently or successively, or
together, in Lender's sole discretion and as
often as occasion therefor
shall arise. Lender's delay or failure
to accelerate the Debt or exercise any
other remedy upon
the occurrence of an Event
of Default shall not be deemed a
waiver of such right or remedy. No
partial exercise by Lender of any right or remedy will
preclude further exercise thereof. Notice or demand
given to any Guarantor in any instance

 

    	3

    	 

    

 

will
not entitle any
Guarantor to notice
or demand in
similar or other
circumstances nor constitute Lender's
waiver of its right to take any future action in any circumstance without notice or
demand. Lender may release other
security for the Debt, may
release any party liable for the Debt, may grant extensions, renewals
or forbearances with respect thereto,
may accept a partial or past due payment or grant other
indulgences, or may apply any other security held by it to payment of the Debt,
in each case without prejudice to its rights under this Guaranty and without such action being
deemed an accord and satisfaction or a reinstatement of
the Debt. Lender will not be deemed as a
consequence of its delay or failure to act,
or any forbearances granted, to have
waived or be estopped from exercising any of its rights
or remedies.

 

3.3.         
Enforcement Costs. Each
Guarantor hereby agrees
to pay, with
or without notice or
demand, all costs
incurred by Lender in
collecting any amount payable under
this Guaranty or enforcing or
protecting its rights under this Guaranty, in each case
whether or not legal proceedings are
commenced. Such fees and expenses include, without limitation,
reasonable attorney's fees, fees for other hired
professionals, a reasonable assessment of the cost
of services performed by Lender's default management staff,
court fees, costs incurred in connection with pre-trial, trial and appellate
level proceedings (including discovery and expert
witnesses), costs incurred in post-judgment collection efforts or
in any bankruptcy proceeding. Amounts incurred by
Lender shall be immediately due
and payable, and shall bear
interest at the Default Rate
from the date of disbursement until
paid in full, if not paid in full
within five (5) Business Days after Lender's written demand for payment.

 

3.4.         
Unimpaired Liability. Each
Guarantor acknowledges and
agrees that all obligations
hereunder are and
shall be absolute
and unconditional under any
and all circumstances without regard to
the validity, regularity or enforceability
of any or all of the Loan Documents or the
existence of any other circumstance which
might otherwise constitute a legal or equitable discharge or defense of a guarantor
or surety. Without limiting the foregoing, each Guarantor acknowledges and agrees that
its liability hereunder shall
in no way be released, diminished,
terminated, discharged, limited, reduced, impaired or otherwise adversely affected by
reason of any of the following (whether or not such
Guarantor has any knowledge or notice thereof),
and waives any common law, equitable,
statutory or other rights (including, without limitation, rights to notice)
which each Guarantor might otherwise
have as a result of or in connection
with any of the following:

 

(a)           
Borrower's lack of
authority or lawful
right to enter
into any of
the Loan Documents, or
the invalidity of
all or any part
of the Guaranteed Obligations, or any
of the Loan Documents, for any reason whatsoever, including, without
limitation, the fact that (i) the
Guaranteed Obligations, or any part thereof,
exceed the amount
permitted by law, (ii) the Guaranteed Obligations violate applicable
usury laws, (iii) Borrower has valid
defenses, claims or offsets (whether at law, in
equity or by agreement) which render the Guaranteed Obligations wholly
or partially uncollectible from Borrower other than payments made on the
Debt by Borrower, (iv) the creation, performance or repayment of the Guaranteed
Obligations (or the execution, delivery and performance
of any document or instrument representing part of the Guaranteed Obligations
or executed in connection with the Guaranteed
Obligations, or given to secure the repayment of
the Guaranteed Obligations) is illegal, uncollectible or unenforceable,
or (v) the Note, the Loan Agreement or any
of the other Loan Documents have
been forged or otherwise are irregular
or not genuine or authentic, it being agreed that each Guarantor shall

 

 

    	4

    	 

    

 

remain
liable hereon regardless
of whether Borrower
or any other
Person be found
not liable on the
Guaranteed Obligations or any part thereof for any reason;

 

(b)            
any renewal, modification,
alteration, supplement, extension,
increase, consolidation, restatement, rearrangement,
adjustment, indulgence, forbearance
or compromise, waiver or
consent provided by
Lender with respect
to any of the Loan Documents
including, without limitation, approval of
a Transfer or the grant of extensions of
time for payment or performance;

 

(c)            
failure to record
any Loan Document
or to perfect
any security interest intended
to be provided
thereby or otherwise
to protect, secure or insure any Collateral for the Debt;

 

(d)           
Lender's failure to
exercise, or delay
in exercising, any
rights or remedies Lender
may have under
the Loan Documents
or under this
Guaranty;

 

(e)            
the release, surrender,
exchange, substitution, subordination,
deterioration, waste, loss or
impairment (including, without
limitation, negligent, willful,
unreasonable or unjustifiable impairment),
in whole or in
part, of any Collateral for the Debt or acceptance of additional
Collateral or any additional
guaranty or other assurance for all or
any part of the Debt or
the Guaranteed Obligations;

 

(f)            
any full or
partial release of the
liability of Borrower
on the Guaranteed Obligations,
or any part
thereof, or of any co-guarantors,
or any other Person now
or hereafter liable, in each case
whether by operation of
law, Lender's voluntary act, or
otherwise, whether directly or indirectly,
jointly, severally, or jointly and severally, to
pay, perform, guarantee or assure the payment or performance of the
Guaranteed Obligations, or any part
thereof, it being recognized, acknowledged
and agreed by each Guarantor that each Guarantor may be required to pay
and perform the Guaranteed Obligations in full
without assistance or support of
any other Person, and no Guarantor has been induced to enter into this Guaranty on the basis
of a contemplation, belief, understanding or agreement that other persons will
be liable to pay or perform the Guaranteed Obligations, or that
any Indemnified Party will look to any other Person to pay or perform the Guaranteed Obligations;

 

(g)           
the failure of
Lender or any
other Person to
exercise diligence or reasonable care
in the preservation,
protection, enforcement, sale
or other handling or treatment of all
or any part of the Collateral,
including any neglect, delay, omission,
failure or refusal of Lender (i) to take or prosecute any action for the collection
of any of the Guaranteed Obligations, or (ii) to foreclose, or initiate any action to foreclose, or, once commenced, prosecute
to completion any action to foreclose
upon any Collateral, or (ii) to take or prosecute
any action in connection with any instrument or agreement evidencing or securing
all or any part of the Guaranteed Obligations;

 

(h)           
the fact that
any Collateral, security
interest or Lien
contemplated or intended to
be given, created
or granted as security for the payment
or performance of the Guaranteed
Obligations, or any part thereof, shall
not be properly perfected or
created, or shall prove to be unenforceable or subordinate to any other security
interest or Lien, it being

 

 

 

    	5

    	 

    

 

recognized
and agreed by
each Guarantor that
no Guarantor is
entering into this
Guaranty in reliance on,
or in contemplation of the benefits of, the validity,
enforceability, collectibility or value of any Collateral for the Guaranteed Obligations;

 

(i)             
any Bankruptcy Action
involving or affecting
Borrower, a SPC
Party, any other guarantor
under the Loan
Documents, if any,
or Lender;

 

(j)
 the termination
or discharge of
the Security Instrument
or the exercise
of any power of
sale or any
foreclosure (judicial or otherwise) or
delivery or acceptance
of a deed in-lieu
of foreclosure;

 

(k)           
any existing or
future right of
offset, claim, counterclaim,
defense or other rights
which any Guarantor
may have against Borrower, any SPC Party, any
other guarantor under the Loan Documents,
if any, or Lender, whether in connection with the
Loan or any other transaction;

 

(I)             
any existing or
future right of
offset, claim, counterclaim,
defense or other rights
of Borrower against Lender
or any other Person, or against
payment of the Guaranteed Obligations, whether such rights arise in connection
with the Guaranteed Obligations (or the transactions
creating the Guaranteed Obligations) or otherwise, other than the payment of the Guaranteed
Obligations;

  

(m)         
the reorganization, merger or
consolidation of Borrower into
or with any other Person;

 

(n)           
any payment by
Borrower to Lender
is held to
constitute a preference under any
Creditors Rights Law,
or for any
reason Lender is required to refund
such payment or pay such amount to Borrower or any other
Person; or

 

(o)           
the accuracy or
inaccuracy of the
representations and warranties
made by Borrower in
any of the
Loan Documents; and any other action
taken or omitted to be taken with respect to the
Loan Documents, the Guaranteed Obligations, or the Collateral therefor, whether
or not such action or omission prejudices
any Guarantor or increases the likelihood that any Guarantor will be required to
pay the Guaranteed Obligations pursuant to
the terms hereof, it being the unambiguous
and unequivocal intention of each Guarantor
that each Guarantor shall be obligated to
pay the Guaranteed Obligations when due, notwithstanding any occurrence, circumstance,
event, action, or omission whatsoever, whether
contemplated or uncontemplated, and whether or not otherwise particularly described herein which obligation shall be deemed satisfied
only upon the full and final payment and performance of the Guaranteed
Obligations.

 

3.5.         
Waivers. To the
fullest extent permitted
by law, each
Guarantor hereby waives and
relinquishes: (a) all
rights or claims of
right to cause
a marshalling of assets or to
cause Lender to proceed against any of the Collateral for the Debt before proceeding
under this Guaranty against it or any other guarantor
under the Loan Documents, if any; (b) all rights and remedies
accorded by applicable law to sureties or guarantors,
except any rights of subrogation and contribution (the exercise of which are
subject to the terms of this Guaranty); (c) the
right to assert a counterclaim, other than
a mandatory or compulsory counterclaim, in
any action or proceeding brought by or against
it; (d) notice of acceptance of this Guaranty
and of any action

 

 

    	6

    	 

    

 

taken
or omitted in
reliance hereon; (e)
presentment for payment,
demand, protest, notice
of nonpayment or failure
to perform or observe, notice of intention to accelerate
the maturity of the Debt, notice of
acceleration of the maturity of the
Debt, or any other
proof, notice or demand to which it might otherwise be entitled with respect
to its obligations hereunder; and (t) all homestead or exemption
rights against the obligations hereunder and the benefits of any statutes of
limitation or repose.

 

3.6.         
Guarantor Bound by Judgment Against Borrower.
Each Guarantor agrees that it
shall be bound
conclusively, in any
jurisdiction, by the
judgment in any
action by Lender against Borrower
in connection with the Loan Documents (wherever
instituted) as if each Guarantor were a
party to such action even
if not so joined as a party.

 

3.7.               
Certain Consequences of
Borrower's Bankruptcy.

 

(a)                 
If Borrower shall be
subject to the
protection of any Creditors
Rights Law the effect
of which is to
prevent or delay Lender from taking
any remedial action against Borrower,
including the exercise of any option Lender has to accelerate and
declare the Debt immediately due and payable, Lender may, as against each Guarantor,
nevertheless declare the Debt due and payable and
enforce any or all
of its rights and remedies against
each Guarantor as provided herein.

 

(b)                 
Any payment made
on the Debt,
whether made by
Borrower or any Guarantor
or any other
Person, that is required to be refunded
or recovered from Lender as a preference or
a fraudulent transfer or is otherwise set-aside pursuant to
any Creditors Rights Law shall not be considered as a payment made on the Debt
or under this
Guaranty. Each Guarantor's liability under this Guaranty shall continue with
respect to any such payment, or be deemed
reinstated, with the same effect as
if such payment had
not been received by Lender, notwithstanding any notice of revocation of this
Guaranty prior to such
avoidance or recovery or payment
in full of the Debt, until such time as
all periods have expired within which Lender
could be required to return any amount paid at any time on account of the Guaranteed
Obligations.

 

(c)                  
Until payment in full
of the Debt
(including interest accruing
on the Note after
the commencement of
a proceeding by or against Borrower
under any Creditors Rights Law, which interest the parties agree remains
a claim that is prior and superior to
any claim of any Guarantor notwithstanding
any contrary practice, custom or ruling
in cases under the Bankruptcy Code or other
Creditors Rights Law generally), each Guarantor agrees
not to accept any payment or satisfaction of any Guarantor Claims
and hereby assigns all such Guarantor Claims to Lender,
including the right (but not the obligation) to
file proof of claim and to vote in any Bankruptcy Action, including the right
to vote on any plan of reorganization, liquidation
or other proposal for debt adjustment under any Creditors Rights
Law.

 

3.8.               
Subrogation and Contribution.
Each Guarantor agrees
that no payment
by it under this Guaranty
shall give rise
to (a) any rights
of subrogation against Borrower or
the Collateral for the Debt, or (b) any
rights of contribution against any other Person,
in each case unless and until Lender has received full
and indefeasible payment of the Debt and performance of
the Other Obligations. If the
deferral of such rights
shall be unenforceable for any
reason, each

 

    	7

    	 

    

 

Guarantor
agrees that (a)
its rights of
subrogation shall be
junior and subordinate to
Lender's rights against Borrower
and the Collateral
for the Debt,
and (b) its rights of contribution against any other Person
shall be junior and subordinate
to Lender's rights against any other Person.

 

3.9.         
Subordination of Guarantor
Claims.

 

(a)            
Any Guarantor Claim
shall be and
hereby is deferred,
postponed and subordinated to
the prior payment
in full of
the Debt. Further,
each Guarantor agrees that should
such Guarantor receive any funds, payment,
claim, distribution, satisfaction or security for any Guarantor
Claim, the same shall
be delivered to Lender in
the form received (endorsed or assigned as may be appropriate) for
application on account of, or as security for, the Debt and until so delivered
to Lender, shall be held in trust for Lender
as security for the Debt, and agrees that
it shall have absolutely no dominion over the amount
of such funds, payments, claim, distribution,
satisfaction or security except
to pay or deliver the same to Lender,
and each Guarantor covenants to
promptly pay or
deliver the same to Lender.

 

(b)           
Each Guarantor agrees
that it shall
have no Liens
or security interests
upon Borrower's assets to
secure any Guarantor
Claim and, to the extent
that any such Lien or security interest
in Borrower's assets exists or shall hereafter be created or
attach for any reason, such Liens and security
interests are and shall
remain inferior and subordinate to the Liens and security interests of Lender
securing the Debt. Without the prior written consent of Lender, no Guarantor shall (i)
exercise or enforce any creditor's rights it
may have against Borrower, or (ii) foreclose, repossess, sequester or otherwise
take steps to institute any action or proceedings to enforce any
Liens or security interests on any
asset of Borrower.

 

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

 

3.10.      
Lender Transferees; Secondary Market
Activities. Each Guarantor acknowledges
and agrees that
Lender, without notice
to any Guarantor
or any Guarantor's
prior consent, may assign all or any portion of
its rights hereunder in connection with any
sale or assignment of the Loan or
servicing rights related to the Loan, each
grant of participations in or syndication of the Loan, a transfer
of the Loan as
part of a Securitization in which
Lender assigns its rights to a securitization trustee, or a contract for the servicing of the Loan, and that each
such assignee, participant or servicer
shall be entitled to exercise all
of Lender's rights and remedies
hereunder. Each Guarantor further acknowledges
that Lender may provide to third parties with

 

    	8

    	 

    

 

an
existing or prospective
interest in the
servicing, enforcement, ownership, purchase, participation
or Securitization of
the Loan, including,
without limitation, any Rating Agency
rating the Securities issued in respect
of a Securitization or participation of
the Loan, and any entity maintaining databases on the underwriting and
performance of commercial mortgage loans, any and all information which
Lender now has or may hereafter acquire
relating to the Loan, the Property or
with respect to Borrower or any Guarantor, as Lender determines necessary or
desirable. Each Guarantor irrevocably waives all rights
it may have under applicable law, if
any, to prohibit such disclosure,
including, without limitation, any
right of privacy.

 

3.11.      
Financial Reports, Inspection
of Records. Each
Guarantor agrees to
furnish to Lender all
financial reports required
to be provided
by Borrower and any Guarantor
to Lender in accordance with, and at
the times specified in, Section 5.10 of the Loan Agreement.

 

3.12.      
ERISA. (a)No Guarantor
shall engage in
any Prohibited Transaction
or Prohibited Governmental Transaction
subjecting Lender to
liability for a
violation of ERISA, the Code a state
statue or other similar law.

 

(b)        
Each Guarantor further
covenants and agrees
to deliver to
Lender such certifications or
other evidence from
time to time throughout
the term of the Loan, as requested by Lender,
that (i) such Guarantor is not and
does not maintain a Plan or a Governmental Plan; (ii)
such Guarantor is not engaging in a Prohibited Transaction or
any Prohibited Governmental Transaction;
and (iii) one or
more of the following circumstances is true:

 

(A)          
Equity interests in
such Guarantor are
publicly offered securities, within
the meaning of
29 C.F.R.
§ 2510.3-101 (b)(2);

 

(B)          
Less than twenty-five
percent (25%) of
each outstanding class of equity
interests in such
Guarantor are held
by "benefit plan
investors" within the meaning of 29 C.F.R.
§ 2510.3-101(f)(2); or

 

(C)           
Such Guarantor qualifies
as an "operating company"
or a "real estate
operating company" within
the meaning of 29
C.F.R. § 2510.3-101(c) or (e).

 

3.13.      
Bankruptcy Actions against
Borrower. Each Guarantor covenants
and agrees that it
will not at
any time institute
any Bankruptcy Action
against Borrower, or
join in the institution of any Bankruptcy Action against Borrower. Upon the
commencement of any Bankruptcy Action by or against Borrower, no Guarantor shall seek or cause
Borrower to seek a supplemental stay or other relief,
whether injunctive or otherwise, pursuant to 11
U.S.C. §105 or any other
provision of the Bankruptcy Code or any other Creditors
Rights Law, to stay, interdict, condition, reduce or inhibit
the ability of Lender to
enforce any rights of Lender against any Guarantor or the Collateral by
virtue of this Guaranty or otherwise.

 

		3.14.	Intentionally Deleted.

    	9

    	 

    

 

ARTICLE 4.
REPRESENTATIONS AND WARRANTIES

 

4.1.               
Guarantor Due Diligence
and Benefit. Each
Guarantor represents and
warrants to Lender that
(a) the Loan
and this Guaranty are for commercial purposes, (b) it has had adequate opportunity
to review the Loan Documents,
(c) it is fully aware of obligations
of Borrower thereunder and of the financial
condition, assets and prospects of Borrower, and (d) it is executing
and delivering this Guaranty based solely upon such Guarantor's own independent
investigation of the matters contemplated
by clauses (a)-(c) above and in
no part upon any representation, warranty
or statement of Lender with respect
thereto.

 

		4.2.	General. Each Guarantor
hereby represents and
warrants as follows:

 

(a)           
Authority. Each Guarantor
has the full
power and authority to execute and
deliver this Guaranty
and to perform
its obligations hereunder.
If any Guarantor is not an individual: (i)
such Guarantor is duly organized, validly existing and in good standing under
the laws of the state of its formation, and (ii) the execution, delivery and
performance of this Guaranty by such Guarantor has been duly and validly authorized
and the person(s) signing this Guaranty on such Guarantor's behalf
has been validly authorized and directed to sign
this Guaranty.

 

(b)           
Valid and Binding Obligation. This Guaranty constitutes each Guarantor's legal,
valid and binding
obligation, enforceable against
it in accordance with its terms, except
to the extent
enforceability may be
limited under applicable Creditors Rights Laws affecting
creditors' rights generally and by general principles of equity.

 

(c)               
No Conflict with Other Agreement. Each Guarantor's execution, delivery and
performance of this Guaranty
will not (i)
violate such Guarantor's organizational
documents if such
Guarantor is not
an individual, (ii) result in the
breach of, or conflict with, or
result in the acceleration of, any obligation under any guaranty,
indenture, credit facility or other instrument to which such Guarantor or any
of its assets may be subject, or (iii) violate
any order, judgment or decree to
which such Guarantor or any of its assets is subject,
or (iv) contravene any (A) law or governmental
rule, regulation or order which is
applicable to such Guarantor and no authorization,
approval or other action by, and
no notice to or filing with,
any Governmental Authority is required
for the due execution, delivery and performance
by such Guarantor of this Guaranty,
or (B) any other contractual restriction
which is binding upon or which affects such
Guarantor, and does not and will not result in or require the creation of any lien,
security interest or other charge or encumbrance upon or with respect to any
property of such Guarantor.

 

(d)           
No Bankruptcy or
Felony Conviction. Guarantor
(a) is not
the subject of a
Bankruptcy Action, (b)
has no prior
record of having been the subject
of a Bankruptcy Action, and (c) has never been
convicted of a felony.

 

(e)            
No Pending Litigation.
There is no
pending, filed or
threatened action, suit or
proceeding, arbitration or
governmental investigation, at
law or in equity
or by or before any Governmental
Authority or other agency, involving Guarantor,
an adverse outcome of which

    	10

    	 

    

 

would
reasonably be expected
to materially and
adversely affect Guarantor's ability
to perform under this
Guaranty.

 

(f)            
Consideration. Upon consummation
of the assumption of
the Loan, each Guarantor
owns a direct
or indirect interest
in Borrower and will derive
substantial benefit from the assumption of the Loan
by Borrower.

 

(g)           
Financial Condition. Each
Guarantor currently is
solvent and will
not be rendered insolvent
by providing this
Guaranty and has
delivered to Lender true and correct copies of such
Guarantor's financial statements as of
the date hereof.

 

(h)           
Familiarity and Reliance.
Each Guarantor is
familiar with, and
has independently reviewed, books
and records regarding
the financial condition
of Borrower and
is familiar with the value of any
and all Collateral intended to be
given as security for the payment of the
Debt or the Guaranteed Obligations;
provided, however, no Guarantor is relying
on such financial condition or the Collateral as an inducement
to enter into this Guaranty.

 

(i)             
No Representation by
Lender. Neither Lender
nor any other
Person has made any
representation, warranty, or
statement to any Guarantor in order
to induce any Guarantor to execute
this Guaranty.

 

(j)ERISA.
(a)(i) No Guarantor
is a Plan,
(ii) none of the
assets of any Guarantor constitute
or will constitute Plan
Assets and (iii)
no Guarantor is engaging in
any transaction which would cause any
obligation, or action taken or to be taken, hereunder (or the exercise by
Lender of any of its
rights under the other Loan Documents) to be a Prohibited Transaction.

 

(b)
(i) No Guarantor
is a Governmental
Plan and (ii) no transactions
by or with
any Guarantor are
subject to state statutes regulating
investment of, and fiduciary obligations with respect to, governmental
plans similar to the provisions of Section 406 of ERISA or Section 4975 of the
Code currently in effect, which prohibit or otherwise restrict the transactions
contemplated by this Agreement or the other Loan Documents.

 

(k)
Compliance. Guarantor is in compliance
with all applicable Legal Requirements. Guarantor
is not in
default or violation
of any order, writ,
injunction, decree or
demand of any Governmental
Authority. There has
not been committed by Guarantor or any other Person
in occupancy of or involved with the operation or use of the Property any act or omission affording the federal
government or any
other Governmental Authority
the right of
forfeiture as against the Property or any
monies paid in performance of Borrower's
obligations under any of the Loan Documents.

 

(l)
 Financial Information.
All financial information
submitted by Guarantor to
Lender including but
not limited to
all financial statements,
statements of cash flow and income and operating statements,
rent rolls, reports, certificates
and other documents submitted in connection with the Loan (including
the application therefor) or in satisfaction of the
terms thereof and all statements of fact made
by Guarantor in this Guaranty or in any other Loan Document, are (a) true, complete and correct, and (b) to the
extent prepared or audited by an independent certified public
accounting firm, have been
prepared in accordance with GAAP throughout the
periods covered, except as expressly disclosed therein.

    	11

    	 

    

 

(m)         
Loan Assumption Information.
All information provided
to Lender or Servicer
by Guarantor, or
any of its
employees, officers, directors,
partners, members, managers or representatives, in
connection with or relating to (i) the assumption of the Loan, the Assumption
Agreement or the transactions contemplated thereby or
(ii) the Property contains no untrue
statement of material fact and does
not omit a material fact necessary
in order to make such information
not misleading.

 

(n)           
Full and Accurate
Disclosure. No statement
of fact made
by Guarantor in this
Agreement or in
any of the
other Loan Documents contains any untrue statement of a material fact or
omits to state any material fact necessary to
make statements contained herein or
therein not misleading. There is no material
fact presently known to Guarantor which has not been disclosed to Lender
which adversely affects, nor as far as Guarantor
can foresee, might adversely affect, the
use, value or operation of the Property or
the business, operations or condition (financial
or otherwise) of Borrower or Guarantor. There
has been no material adverse change in any condition, fact,
circumstance or event that would make any such information inaccurate,
incomplete or otherwise misleading in any material respect or that otherwise
materially and adversely affects or might materially and adversely affect the Property
or the business operations or the
financial condition of Borrower or Guarantor. Guarantor has disclosed to Lender
all material facts and
has not failed to disclose any material fact
that could cause any representation or
warranty made herein to be materially misleading.

 

ARTICLES.
MISCELLANEOUS

 

5.1.         
Notices. All notices,
consents, approvals and
requests required or
permitted hereunder shall be
given and shall
become effective as
provided in Section 13.6 of the Loan
Agreement. Notices to Guarantor shall be addressed as follows:

 

Inland
Real Estate Income
Trust, Inc. 2901 Butterfield
Road

Oak Brook,
IL  60523

Attn: 
Chief Financial Officer Fax: 
(630) 586-6590

 

With a
copy to:

 

The
Inland Group of
Companies 2901 Butterfield Road

Oak
Brook, IL  65203 Attn: 
General Counsel Fax:  (630)
218-4900

 

5.2.         
Entire Agreement; Modification. This Guaranty
contains the entire agreement of the
parties hereto with
respect to the
subject matter hereof,
and all prior
agreements among or between
such parties, whether oral or written, are
superseded by the terms of this Guaranty.
This Guaranty may not be modified,
amended, extended, discharged, terminated,
changed, and no provision hereof may
be waived, orally or by
any act or failure to act on the
part of Guarantor or

    	12

    	 

    

 

Lender,
and no consent
to any departure
by Guarantor therefrom
shall be effective,
except by a writing
signed by the
party against whom enforcement is
sought, and then
such modification, amendment, extension,
discharge, termination, change, waiver or consent
shall be effective only in
the specific instance, and for the
purpose, for which given. Except as
otherwise expressly provided herein, no notice to, or demand on any
Guarantor, shall entitle any Guarantor
to any other or future notice or demand in the same, similar or other circumstances.

 

5.3.              
Binding Effect; Joint and
Several Obligations. Whenever in this
Guaranty any of the parties
hereto is referred
to, such reference
shall be deemed
to include the
heirs, executors, legal representatives, administrators, successors and assigns
of such party. All covenants, promises and
agreements in this Guaranty, by or on behalf
of any Guarantor, shall inure to the
benefit of the legal representatives, successors
and assigns of Lender. No Guarantor may delegate or transfer this
Guaranty or any of its respective rights or
obligations hereunder without the prior
written consent of Lender. Each Person constituting Guarantor
shall be jointly and severally liable hereunder. If any Guarantor is a partnership,
the agreements contained in this Guaranty shall remain in force and
be applicable, notwithstanding any changes
in the individuals or entities comprising the partnership,
and the term "Guarantor," as used herein, shall include any alternate or successor partnership, but any predecessor
partnership and their partners shall
not thereby be released from any liability. If any
Guarantor is a corporation, the agreements contained in
this Guaranty shall remain in full force and be applicable notwithstanding any
changes in the shareholders comprising, or the officers and directors relating
to, the corporation, and the term "Guarantor" as used herein, shall
include any alternate or successor corporation, but any predecessor corporation
shall not be relieved of liability hereunder.
If any Guarantor is a limited liability company,
the agreements contained in this Guaranty
shall remain in force and
be applicable, notwithstanding any
changes in the members comprising the limited liability company, and the term "Guarantor"
as used herein, shall include
any alternate or successor limited liability company,
but any predecessor limited liability company
and their members shall not thereby be
released from any liability.
(Nothing in the foregoing sentences shall be construed as a consent
to, or a waiver of, any prohibition or restriction on transfers of interests
in such partnership, corporation or limited liability
company which may be set forth in the Loan Agreement or the
other Loan Documents.)

 

5.4.               
Severability. Wherever possible,
each provision of
this Guaranty shall
be interpreted in such
manner as to
be effective and valid
under applicable law, but if any
provision of this Guaranty shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to
the extent of such prohibition or invalidity, without invalidating the remainder of
such provision or the remaining provisions of this Guaranty.

 

5.5.              
Duplicate Originals; Counterparts.
This Guaranty may
be executed in any number
of duplicate originals,
and each duplicate
original shall be deemed to be
an original. This Guaranty (and each duplicate
original) also may be executed in any number of counterparts, each of which shall
be deemed an original and all of which together constitute a fully executed Guaranty
even though all signatures do not appear
on the same page. The failure of any party
hereto to execute this Guaranty, or any
counterpart hereof, shall not relieve the
other signatories from their obligations hereunder.

    	13

    	 

    

 

5.6.               
Principles of Construction.
All references to
sections and exhibits,
if any, are
to sections and exhibits
in or to this Guaranty
unless otherwise specified. Article
and section headings are for convenience only and shall not be used in interpretation of this
Guaranty. All uses of the word "including" shall mean "including, without
limitation" unless the context shall indicate
otherwise. Unless otherwise specified, the words "hereof," "herein" and "hereunder" and words
of similar import when used in this Guaranty shall refer to this
Guaranty as a whole and not to any
particular provision of this Guaranty; the word "section" refers to the entire
section and not to any particular subsection, paragraph or other
subdivision; the word "or" shall
be deemed to include "and/or"; and "Guaranty" and each of the Loan
Documents referred to herein mean each such
agreement as originally executed and as hereafter amended, restated, replaced, supplemented
or otherwise modified from time to time, but only to the extent such modifications are not
prohibited by the terms hereof or
by the terms of any of the other Loan
Documents. References to statutes are to be construed as including all statutory provisions
consolidating, amending or replacing the statute
referenced. Unless otherwise specified,
all meanings attributed to defined
terms herein shall be equally
applicable to both the singular and plural forms of the terms so defined,
and pronouns shall be construed to cover all
genders.

 

5.7.         
Lender's Discretion. Whenever
pursuant to this
Guaranty, Lender exercises
any right given to
it to approve
or disapprove, or
any arrangement or
term is to
be satisfactory to Lender, the decision
of Lender to approve or
disapprove or to decide whether arrangements
or terms are satisfactory or not satisfactory
shall (except as is
otherwise specifically herein provided)
be in the sole and absolute discretion of Lender and shall be final
and conclusive. Prior to a Securitization, whenever pursuant
to the Loan Agreement the Rating Agencies are given any right to approve or
disapprove any matter relating to any Guarantor, or any arrangement or term relating
to Guarantor is to be satisfactory to
the Rating Agencies, the decision of Lender to approve or disapprove or to decide
whether arrangements or
terms are satisfactory or not satisfactory, based upon Lender's determination
of Rating Agency criteria, shall be substituted
therefor.

 

5.8.         
Preservation of Rights.
Neither any failure nor
any delay on
the part of
Lender in insisting upon
strict performance of any term, condition,
covenant or agreement, or exercising any right,
power, remedy or privilege hereunder shall operate
as or constitute a waiver thereof, nor shall a single or partial exercise thereof preclude
any other future exercise, or the exercise of any other right, power,
remedy or privilege. Lender's rights
and remedies hereunder are cumulative and not exclusive of any other rights or remedies
which Lender may have under other agreements,
at law or in equity. Any representations,
warranties, covenants or indemnification liabilities for breach thereof contained in
this Agreement shall not be affected by any knowledge of, or
investigations performed by, Lender. Any
one or more Persons
comprising Guarantor, or any other party
liable upon or in respect of this Agreement
or the Debt, may be released without
affecting the liability of any party not so released.

 

5.9.         
Costs and Expenses.
Wherever pursuant to
this Guaranty it
is provided that Guarantor
pay any costs
and expenses, such costs
and expenses shall include, but
not be limited to, legal fees and disbursements
of Lender, whether with respect to retained firms, the reimbursement for the expenses of
in-house staff or otherwise.

    	14

    	 

    

 

5.10.      
Servicer. Pursuant
to Section 11.4
of the Loan
Agreement, the Loan
may be serviced by
a Servicer. All
references to Lender
herein shall refer to and include
any such Servicer to the extent applicable.

 

		5.11.	Governing Law; Service
of Process.

 

(a)           
THIS GUARANTY WILL
BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE
WITH THE LAWS
OF THE STATE
WHERE THE LAND IS LOCATED WITHOUT REGARD
TO PRINCIPLES OF
CONFLICTS OF LAWS, PROVIDED THAT TO THE EXTENT ANY OF SUCH LAWS MAY NOW OR HEREAFTER
BE PREEMPTED BY FEDERAL LAW, IN WHICH
CASE SUCH FEDERAL LAW SHALL SO GOVERN AND BE CONTROLLING.
TO THE FULLEST EXTENT PERMITTED BY LAW, EACH GUARANTOR HEREBY UNCONDITIONALLY
AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT
THAT THE LAW OF ANY OTHER
JURISDICTION GOVERNS THIS GUARANTY.

 

(b)           
ANY LEGAL SUIT,
ACTION OR PROCEEDING AGAINST
LENDER OR GUARANTOR ARISING
OUT OF OR
RELATING TO THIS
GUARANTY MAY, AT LENDER'S
OPTION, BE INSTITUTED IN ANY FEDERAL OR STATE COURT
IN OR FOR THE COUNTY WHERE THE PROPERTY
IS LOCATED AND EACH GUARANTOR WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE
BASED ON VENUE AND/OR FORUM NON
CONVENIENS OF ANY SUCH SUIT, ACTION
OR PROCEEDING, AND EACH GUARANTOR IRREVOCABLY SUBMITS TO
THE JURISDICTION OF ANY SUCH COURT.
EACH GUARANTOR DOES HEREBY DESIGNATE AND
APPOINT:

 

CT Representative

2000 Interstate
Park Drive, Suite
204

Montgomery,
AL  36109

 

AS
ITS AUTHORIZED AGENT
TO ACCEPT AND
ACKNOWLEDGE ON ITS BEHALF
SERVICE OF ANY
AND ALL PROCESS
WHICH MAY BE
SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING
IN ANY FEDERAL OR STATE COURT IN OR FOR THE COUNTY WHERE THE PROPERTY IS LOCATED, AND
AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID
ADDRESS AND WRITTEN NOTICE OF SAID
SERVICE MAILED OR DELIVERED TO EACH GUARANTOR IN THE MANNER PROVIDED
HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON
EACH GUARANTOR IN ANY SUCH SUIT, ACTION
OR PROCEEDING IN THE STATE WHERE THE PROPERTY IS LOCATED. EACH
GUARANTOR (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED
AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME
DESIGNATE A SUBSTITUTE AUTHORIZED AGENT
WITH AN OFFICE IN OR FOR THE COUNTY WHERE THE PROPERTY IS LOCATED (WHICH SUBSTITUTE
AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON
AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH
A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN OR FOR THE

    	15

    	 

    

 

COUNTY WHERE THE PROPERTY
IS LOCATED OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR.

 

5.12.      
WAIVER OF JURY
TRIAL. TO THE
FULLEST EXTENT PERMITTED BY
LAW, EACH GUARANTOR
HEREBY AGREES NOT
TO ELECT A
TRIAL BY JURY OF ANY
ISSUE TRIABLE OF RIGHT BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR
COUNTERCLAIM OF ANY NATURE, WHETHER IN CONTRACT OR TORT OR OTHERWISE, RELATING
DIRECTLY OR INDIRECTLY TO THIS GUARANTY
OR THE OTHER LOAN DOCUMENTS, OR ANY ACTS
OR OMISSIONS OF LENDER,
OR ANY OF ITS OFFICERS, EMPLOYEES,
DIRECTORS OR AGENTS, AND WAIVES ANY RIGHT TO TRIAL
BY JURY FULLY TO THE EXTENT
THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH RESPECT TO ANY OF THE
FOREGOING. THIS WAIVER OF RIGHT TO TRIAL
BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY EACH GUARANTOR, AND IS INTENDED TO
ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE
AS TO WHICH THE RIGHT
TO A TRIAL BY JURY WOULD OTHERWISE
ACCRUE. LENDER IS HEREBY AUTHORIZED TO FILE
A COPY OF THIS PARAGRAPH IN ANY SUCH ACTION,
PROCEEDING, CLAIM OR COUNTERCLAIM AS CONCLUSIVE EVIDENCE
OF THIS WAIVER BY EACH GUARANTOR.

 

		5.13.	Indemnity.

 

(a)                    
Each Guarantor agrees
to indemnify each
Indemnified Party and
to defend and hold
each Indemnified Party harmless
from and against,
any and all Liabilities which any
Indemnified Party may incur or which may be asserted
against any Indemnified Party by any
Person, entity or Governmental Authority (including
any Person or entity claiming derivatively on behalf of
any Guarantor), in connection with or arising out of or relating to the matters
referred to in this Guaranty,
whether (a) arising from or incurred
in connection with any breach of a representation, warranty or covenant by any
Guarantor, or (b) arising out of or resulting
from any suit, action, claim, proceeding or governmental
investigation, pending or threatened, whether based on statute, regulation or
order, or tort, or contract
or otherwise, before any court or
governmental authority; provided, however, that the foregoing indemnity
agreement shall not apply to any Liabilities attributable to an Indemnified Party's
gross negligence or willful misconduct. The indemnity agreement contained in
this Section 5.13(a) shall survive the termination of this Guaranty and assignment
of any rights hereunder. Each Guarantor
may participate at its expense in the defense
of any such claim.

 

(b)                   
If any action
shall be brought
against any Indemnified
Party based upon any of
the matters for
which such Indemnified Party is indemnified
hereunder, Lender shall endeavor to notify each Guarantor in writing thereof
and each Guarantor shall promptly assume the defense thereof, including,
without limitation, the employment of
counsel acceptable to such Indemnified Party, and the negotiation of any settlement;
provided, however, that any failure of Lender
to notify any Guarantor
of such matter shall not impair or reduce the obligations of Guarantor hereunder so long
as Guarantor is not materially prejudiced
by such failure. Each Indemnified Party shall have the right,
at the expense of each Guarantor (which expense shall be included
in Liabilities), to employ separate
counsel in any such action
and to participate in the

    	16

    	 

    

 

defense
thereof. In the
event any Guarantor
shall fail to
discharge or undertake
to defend any Indemnified
Party against any
Liabilities, such Indemnified Party may,
at its sole option and election, defend or
settle such Liabilities. The
liability of each Guarantor to each
Indemnified Party hereunder shall be conclusively
established by such settlement, provided such settlement is made in good faith,
and the amount of such liability
shall include both the settlement consideration
and the costs and expenses, including, without limitation, attorneys' fees and
disbursements, incurred by Lender
in effecting such settlement.
In such event,
such settlement consideration, costs
and expenses shall be included
in Liabilities and each Guarantor
shall pay the same as hereinafter
provided. Each Indemnified Party's good faith in any
such settlement shall be conclusively established if the
settlement is made on the advice of independent
legal counsel for such Indemnified Party.

 

(c)                   
No Guarantor shall,
without the prior
written consent of
all Indemnified Parties: (i)
settle or compromise
any action, suit,
proceeding or claim or consent to the entry
of any judgment that does not include as an unconditional term thereof the
delivery by the claimant or plaintiff to each Indemnified
Party of a full and complete written release of each Indemnified Party
(in form, scope and substance satisfactory to each Indemnified Party in its sole discretion) from all liability in
respect of such action,
suit, proceeding or claim and a
dismissal with prejudice of such action, suit, proceeding or claim;
or (ii) settle or compromise any action,
suit, proceeding or claim in any
manner that may adversely affect any Indemnified
Party or obligate any Indemnified Party to pay any sum or perform any obligation
as determined by each Indemnified
Party in its sole discretion.

 

(d)                   
All Liabilities shall
be immediately reimbursable
to each Indemnified Party when and
as incurred and,
in the event
of any litigation,
claim or other proceeding, without
any requirement of waiting
for the ultimate outcome of such litigation, claim or other proceeding,
and each Guarantor shall pay
to each Indemnified
Party any and all Liabilities within ten (10) days after written notice
from any Indemnified Party itemizing
the amounts thereof incurred to the date
of such notice. In addition to any
other remedy available for the failure
of any Guarantor to periodically pay such Liabilities, such Liabilities, if
not paid within said ten day period, shall
bear interest at the Default Rate.

    	17

    	 

    

 

 

 

 

IN WITNESS WHEREOF,
the parties hereto have caused this Guaranty to be duly executed by
their duly authorized
representatives, all as
of the day and
year first above
written.

 

 

	 	
        GUARANTOR:

         

        INLAND REAL ESTATE INCOME TRUST, INC.

        a Maryland corporation

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

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