Document:

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                                                                  Exhibit 10.237

                                 PROMISSORY NOTE

$1,650,000.00                                                 New York, New York
                                                                   July 21, 2004

          FOR VALUE RECEIVED, INLAND WESTERN GREER WADE HAMPTON, L.L.C., a
Delaware limited liability company having its principal place of business at
2901 Butterfield Road, Oak Brook, Illinois 60523, a maker hereunder (referred to
herein as "BORROWER"), hereby unconditionally promises to pay to the order of
BEAR STEARNS COMMERCIAL MORTGAGE, INC., a New York corporation, as payee, having
an address at 383 Madison Avenue, New York, New York 10179 ("LENDER"), or at
such other place as the holder hereof may from time to time designate in
writing, the principal sum of ONE MILLION SIX HUNDRED FIFTY THOUSAND AND NO/100
DOLLARS ($1,650,000.00), in lawful money of the United States of America with
interest thereon to be computed from the date of this Note at the Interest Rate,
and to be paid in accordance with the terms of this Note and that certain Loan
Agreement, dated as of the date hereof, by and among Borrower and certain
affiliates of Borrower and Lender (the "LOAN AGREEMENT"). All capitalized terms
not defined herein shall have the respective meanings set forth in the Loan
Agreement.

                                    ARTICLE 1

                                  PAYMENT TERMS

          Borrower agrees to pay interest on the unpaid principal sum of this
Note from time to time outstanding at the rates and at the times specified in
the Loan Agreement and the outstanding balance of the principal sum of this Note
and all accrued and unpaid interest thereon shall be due and payable on the
Maturity Date. This Note shall be the "Note" as defined in the Loan Agreement.

                                    ARTICLE 2

                            DEFAULT AND ACCELERATION

          The Debt shall without notice become immediately due and payable at
the option of Lender if any payment required in this Note is not paid on or
prior to the date when due or if not paid on the Maturity Date or on the
happening of any other Event of Default.

                                    ARTICLE 3

                                 LOAN DOCUMENTS

          This Note is secured by the Mortgage and the other Loan Documents. All
of the terms, covenants and conditions contained in the Loan Agreement, the
Mortgage and the other Loan Documents are hereby made part of this Note to the
same extent and with the same force as if they were fully set forth herein. In
the event of a conflict or inconsistency between the terms of this Note and the
Loan Agreement, the terms and provisions of the Loan Agreement shall govern.

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                                    ARTICLE 4

                                 SAVINGS CLAUSE

          Notwithstanding anything to the contrary, (a) all agreements and
communications between Borrower and Lender are hereby and shall automatically be
limited so that, after taking into account all amounts deemed interest, the
interest contracted for, charged or received by Lender shall never exceed the
maximum lawful rate or amount, (b) in calculating whether any interest exceeds
the lawful maximum, all such interest shall be amortized, prorated, allocated
and spread over the full amount and term of all principal indebtedness of
Borrower to Lender, and (c) if through any contingency or event, Lender receives
or is deemed to receive interest in excess of the lawful maximum, any such
excess shall be deemed to have been applied toward payment of the principal of
any and all then outstanding indebtedness of Borrower to Lender, or if there is
no such indebtedness, shall immediately be returned to Borrower.

                                    ARTICLE 5

                                 NO ORAL CHANGE

          This Note may not be modified, amended, waived, extended, changed,
discharged or terminated orally or by any act or failure to act on the part of
Borrower or Lender, but only by an agreement in writing signed by the party
against whom enforcement of any modification, amendment, waiver, extension,
change, discharge or termination is sought.

                                    ARTICLE 6

                                     WAIVERS

          Borrower and all others who may become liable for the payment of all
or any part of the Debt do hereby severally waive presentment and demand for
payment, notice of dishonor, notice of intention to accelerate, notice of
acceleration, protest and notice of protest and non-payment and all other
notices of any kind. No release of any security for the Debt or extension of
time for payment of this Note or any installment hereof, and no alteration,
amendment or waiver of any provision of this Note, the Loan Agreement or the
other Loan Documents made by agreement between Lender or any other Person shall
release, modify, amend, waive, extend, change, discharge, terminate or affect
the liability of Borrower, and any other Person who may become liable for the
payment of all or any part of the Debt, under this Note, the Loan Agreement or
the other Loan Documents. No notice to or demand on Borrower shall be deemed to
be a waiver of the obligation of Borrower or of the right of Lender to take
further action without further notice or demand as provided for in this Note,
the Loan Agreement or the other Loan Documents. If Borrower is a partnership,
the agreements herein contained shall remain in force and applicable,
notwithstanding any changes in the individuals comprising the partnership, and
the term "Borrower," 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 Borrower is a limited liability
company, the agreements herein contained shall remain in force and applicable,
notwithstanding any changes in the members comprising the company, and the term
"Borrower," as used herein, shall include any alternate or successor company,
but any

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predecessor company shall not thereby be released from any liability. If
Borrower is a corporation, the agreements contained herein shall remain in full
force and applicable notwithstanding any changes in the shareholders comprising,
or the officers and directors relating to, the corporation, and the term
"Borrower" as used herein, shall include any alternative or successor
corporation, but any predecessor corporation shall not be relieved of liability
hereunder. (Nothing in the foregoing sentence shall be construed as a consent
to, or a waiver of, any prohibition or restriction on transfers of interests in
such entity which may be set forth in the Loan Agreement, the Mortgage or any
other Loan Document.)

                                    ARTICLE 7

                                    TRANSFER

          Upon the transfer of this Note, Borrower hereby waiving notice of any
such transfer except as provided in the Loan Agreement, Lender may deliver all
the collateral mortgaged, granted, pledged or assigned pursuant to the Loan
Documents, or any part thereof, to the transferee who shall thereupon become
vested with all the rights herein or under applicable law given to Lender with
respect thereto, and Lender shall from that date forward forever be relieved and
fully discharged from any liability or responsibility in the matter; but Lender
shall retain all rights hereby given to it with respect to any liabilities and
the collateral not so transferred.

                                    ARTICLE 8

                                   EXCULPATION

          The provisions of Section 9.4 of the Loan Agreement are hereby
incorporated by reference into this Note to the same extent and with the same
force as if fully set forth herein.

                                    ARTICLE 9

                                  GOVERNING LAW

          THIS NOTE SHALL BE DEEMED TO BE A CONTRACT ENTERED INTO PURSUANT TO
THE LAWS OF THE STATE IN WHICH THE PROPERTY IS LOCATED AND SHALL IN ALL RESPECTS
BE GOVERNED, APPLIED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE IN
WHICH THE PROPERTY IS LOCATED AND APPLICABLE FEDERAL LAWS.

                                   ARTICLE 10

                                     NOTICES

          All notices or other written communications hereunder shall be
delivered in accordance with Section 10.6 of the Loan Agreement.

                         [NO FURTHER TEXT ON THIS PAGE]

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          IN WITNESS WHEREOF, Borrower has duly executed this Note as of the day
and year first above written.

                                BORROWER:

                                INLAND WESTERN GREER WADE
                                HAMPTON, L.L.C., a Delaware limited liability
                                company

                                      By:   Inland Western Retail Real Estate
                                            Trust, Inc., a Maryland corporation,
                                            its sole member

                                            By:  /s/ Valerie Medina
                                                 ----------------------
                                                 Name: Valerie Medina
                                                 Title: Asst. Secretary

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                                 ACKNOWLEDGMENT

STATE OF Illinois
COUNTY OF DuPage

          The foregoing instrument was acknowledged before me this 19th day of
July, 2004 by Valerie Medina as Assistant Secretary of INLAND WESTERN RETAIL
REAL ESTATE TRUST, INC., a Maryland corporation, which is the sole member and
manager of INLAND WESTERN GREER WADE HAMPTON, L.L.C., a Delaware limited
liability company, who executed the foregoing instrument, and acknowledged the
execution thereof to be her free act and deed as such officer on behalf of said
corporation in its capacity as sole member and manager of said limited liability
company for the use and purposes therein mentioned, and the said instrument is
the act and deed of said corporation and limited liability company. She is
personally known to me.

          My commission expires: 10/18/07

[Notarial Seal]                       /s/ Mary V. Cooper
                                      ------------------------------------------
                                      Print Name:
                                      Notary Public
                                      Serial Number:
                                                    ----------------------------
          OFFICIAL SEAL
         MARY V. COOPER
NOTARY PUBLIC - STATE OF ILLINOIS
 MY COMMISSION EXPIRES: 10/18/07

                                        5<Page>

                                                                  Exhibit 10.238

              GUARANTY AGREEMENT REGARDING CROSS-COLLATERALIZATION

     THIS GUARANTY AGREEMENT REGARDING CROSS-COLLATERALIZATION (this
"GUARANTY") is made as of the 21st day of July, 2004, by INLAND WESTERN GREER
WADE HAMPTON, L.L.C., a Delaware limited liability company, having an address at
2901 Butterfield Road, Oak Brook, Illinois 60523 ("GUARANTOR"), in favor of BEAR
STEARNS COMMERCIAL MORTGAGE, INC., a New York corporation, having an address at
383 Madison Avenue, New York, New York 10179 ("LENDER").

                                    RECITALS:

     A.   Pursuant to that certain Loan Agreement dated as of the date hereof by
and among Guarantor, Inland Western Crossville Main, L.L.C., a Delaware limited
liability company ("CROSSVILLE MAIN"), Inland Western Kill Devil Hills Croatan,
L.L.C., a Delaware limited liability company ("DEVIL HILLS"), Inland Western
Columbia Broad River, L.L.C., a Delaware limited liability company ("BROAD
RIVER"; Crossville Main, Devil Hills and Broad River are collectively referred
to herein as "OTHER BORROWER"), and Lender (as the same may be amended,
restated, replaced, supplemented or otherwise modified from time to time, the
"LOAN AGREEMENT"), Guarantor has agreed to borrow from Lender the sum of ONE
MILLION SIX HUNDRED FIFTY THOUSAND AND NO/100 DOLLARS ($1,650,000.00) (the
"LOAN") as evidenced by that certain Promissory Note dated the date hereof made
by Guarantor to Lender (such Note, together with all extensions, renewals,
replacements, restatements or modifications thereof being hereinafter referred
to as the "NOTE"). All capitalized terms not defined herein shall have the same
meaning ascribed to such terms in the Loan agreement.

     B.   The aggregate principal amount set forth in the Loan Agreement and
evidenced by the Note, the Inland Western Crossville Main Note (as defined in
the Loan Agreement), the Inland Western Kill Devil Hills Croatan Note (as
defined in the Loan Agreement) and the Inland Western Broad River Note (as
defined in the Loan Agreement) is SIX MILLION EIGHT HUNDRED THOUSAND AND NO/100
DOLLARS ($6,800,000.00) (the "ENTIRE LOAN"). The Inland Western Crossville Main
Note, the Inland Western Kill Devil Hills Croatan Note and the Inland Western
Columbia Broad River Note are hereinafter referred to as the "OTHER NOTE".

     C.   The Note is secured by that certain Mortgage and Security Agreement of
even date herewith given by Guarantor to (or for the benefit of) Lender covering
the Property (as defined therein) and intended to be duly recorded (the
"MORTGAGE"). The Other Note is secured by that certain mortgage, deed of trust,
deed to secure debt or similar instrument, as applicable, of even date herewith,
given by the Other Borrower to (or for the benefit of) Lender (hereinafter
referred to as the "OTHER MORTGAGE").

     D.   Lender has agreed to make the Entire Loan, provided Guarantor agrees
to provide the guarantees, promises, indemnification, representations and
warranties and other matters described in this Guaranty for the benefit of
Lender, its successors and assigns.

     E.   Guarantor will benefit materially from Lender's agreement, and enters
into this Guaranty to induce Lender to so agree.

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                                    AGREEMENT

     NOW THEREFORE, in consideration of Ten Dollars ($10.00) and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Guarantor hereby guarantees to Lender the prompt and full payment
of the indebtedness described below in this Guaranty, this Guaranty being upon
the following terms and conditions:

     1.   GUARANTY OF PAYMENT AND PERFORMANCE.

     Guarantor hereby unconditionally and irrevocably guarantees to Lender the
punctual payment of all sums now or hereafter payable pursuant to the Other Note
and the Other Mortgage. The guaranty of Guarantor as set forth in this Section 1
is a continuing guaranty of payment and not merely a guaranty of collection.
Guarantor additionally unconditionally guarantees to Lender the timely
performance of all other obligations of the Other Borrower under the Other Note,
the Other Mortgage and the other Loan Documents (collectively, the "GUARANTEED
OBLIGATIONS").

     2.   PRIMARY LIABILITY OF GUARANTOR.

     This Guaranty is an absolute, irrevocable and unconditional guaranty of
payment and performance. Guarantor shall be liable for the payment and
performance of the Guaranteed Obligations, as set forth in this Guaranty, as a
primary obligor. This Guaranty shall be effective as a waiver of, and Guarantor
hereby expressly waives, any and all rights to which Guarantor may otherwise
have been entitled under any suretyship laws in effect from time to time, and
any right or privilege, whether existing under statute, at law or in equity, to
require Lender to take prior recourse or proceedings against any collateral,
security or other party whatsoever.

     Guarantor hereby agrees that upon the failure of the Other Borrower to pay
or perform the Guaranteed Obligations in accordance with the Other Note, the
Other Mortgage or the other Loan Documents, the Guaranteed Obligations, for
purposes of this Guaranty, shall be deemed immediately due and payable by
Guarantor at the election of Lender, and in addition Guarantor shall, on demand
and without presentment, protest, notice of protest, further notice of
nonpayment or of dishonor or of default or nonperformance, or notice of
acceleration or of intent to accelerate, or any other notice whatsoever, without
any notice having been given to Guarantor previous to such demand of the
acceptance by Lender of this Guaranty, all such notices being hereby waived by
Guarantor, pay to Lender or perform all of the Guaranteed Obligations. It shall
not be necessary for Lender, in order to enforce such payment or performance by
Guarantor, first to institute suit or pursue or exhaust any rights or remedies
against the Other Borrower or others liable for such performance, or to enforce
the rights against any of any security that shall ever have been given to secure
such Loan, or to join the Other Borrower or any others liable for the payment or
performance of the Guaranteed Obligations in any action to enforce this
Guaranty, or to resort to any other means of obtaining payment of the Guaranteed
Obligations.

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     Suit may be brought or demand may be made against all parties who have
signed this Guaranty or against any one or more of them, separately or together,
without impairing the rights of Lender against any party hereto.

     3.   CERTAIN AGREEMENTS AND WAIVERS BY GUARANTOR.

     Guarantor hereby agrees that neither Lender's rights or remedies nor
Guarantor's obligations under the terms of this Guaranty shall be released,
diminished, impaired, reduced or affected by any one or more of the following
events, actions, facts, or circumstances, and the liability of Guarantor under
this Guaranty shall be absolute and unconditional irrespective of:

          (i)       intentionally omitted;

          (ii)      any claim or defense that this Guaranty was made without
consideration or is not supported by adequate consideration;

          (iii)     the taking or accepting of any other security or guaranty
for, or right of recourse with respect to, any or all of the Guaranteed
Obligations;

          (iv)      any homestead exemption or any other exemption under
applicable law;

          (v)       any release, surrender, abandonment, exchange, alteration,
sale or other disposition, subordination, deterioration, waste, failure to
protect or preserve, impairment, or loss of, or any failure to create or perfect
any lien or security interest with respect to, or any other dealings with, any
collateral or security at any time existing or purported, believed or expected
to exist in connection with any or all of the Guaranteed Obligations, including
any impairment of Guarantor's recourse against any person or collateral;

          (vi)      whether express or by operation of law, any partial release
of the liability of Guarantor hereunder, or if one or more other guaranties are
now or hereafter obtained by Lender covering all or any part of the Guaranteed
Obligations, any complete or partial release of any one or more of such
guarantors under any such other guaranty, or any complete or partial release or
settlement of the Other Borrower or any other party liable, directly or
indirectly, for the payment or performance of any or all of the Guaranteed
Obligations;

          (vii)     the death, insolvency, bankruptcy, disability, dissolution,
liquidation, termination, receivership, reorganization, merger, consolidation,
change of form, structure or ownership, sale of all assets, or lack of
corporate, partnership or other power of the Other Borrower or any other party
at any time liable for the payment or performance of any or all of the
Guaranteed Obligations;

          (viii)    either with or without notice to or consent of Guarantor:
any renewal, extension, modification or rearrangement of the terms of any or all
of the Guaranteed Obligations and/or any of the Loan Documents, including,
without limitation, material alterations of the terms of payment (including
changes in maturity date(s) and interest rate(s)) or performance or any other
terms thereof, or any waiver, termination, or release of, or consent to
departure from, any of the Loan Documents or any other guaranty of any or all of
the Guaranteed

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Obligations, or any adjustment, indulgence, forbearance, or compromise that may
be granted from time to time by Lender to the Other Borrower, Guarantor, and/or
any other person at any time liable for the payment or performance of any or all
of the Guaranteed Obligations;

          (ix)      any neglect, lack of diligence, delay, omission, failure, or
refusal of Lender to enforce of any of the Guaranteed Obligations, or to
foreclose or take or prosecute any action to foreclose (or in foreclosing or
taking or prosecuting any action to foreclose) exercise (or in exercising) any
other right or power with respect to any security for the Guaranteed
Obligations, or to take or prosecute (or in taking or prosecuting) any action in
connection with any Loan Document, or any failure to sell or otherwise dispose
of in a commercially reasonable manner any collateral now or hereafter securing
any or all of the Guaranteed Obligations;

          (x)       any failure of Lender to notify Guarantor of any creation,
renewal, extension, rearrangement, modification, supplement, subordination, or
assignment of the Guaranteed Obligations or any part thereof, or of any Loan
Document, or of any release of or change in any security, or of any other action
taken or refrained from being taken by Lender against the Other Borrower or any
security or other recourse, or of any new agreement between Lender, and the
Other Borrower, it being understood that Lender shall not be required to give
Guarantor any notice of any kind under any circumstances with respect to or in
connection with the Guaranteed Obligations, any and all rights to notice
Guarantor may have otherwise had being hereby waived by Guarantor, and the
Guarantor shall be responsible for obtaining for itself information regarding
the Other Borrower and the property secured by the Other Mortgage (the "OTHER
PROPERTY"), including, but not limited to, any changes in the business or
financial condition of the Other Borrower or the Other Property, and the
Guarantor acknowledges and agrees that the Lender shall have no duty to notify
the Guarantor of any information which the Lender may have concerning the Other
Borrower.

          (xi)      the making of advances by Lender to protect its interest in
the Property generally the Other Mortgage, preserve the value of such Property
or for the purpose of performing any term or covenant contained in any of the
Loan Documents;

          (xii)     the existence of any claim, counterclaim, set-off,
recoupment, reduction or defense based upon any claim or other right that
Guarantor may at any time have against the Other Borrower, Lender, or any other
party, whether or not arising in connection with this Guaranty, the Note, the
Mortgage, or any other Loan Document;

          (xiii)    the unenforceability of all or any part of the Guaranteed
Obligations against the Other Borrower, whether because the Guaranteed
Obligations exceed the amount permitted by law or violate any usury law, or
because the act of creating the Guaranteed Obligations, or any part thereof, is
ULTRA VIRES, or because the officers or members creating same acted in excess of
their authority, or because of a lack of validity or enforceability of or defect
or deficiency in any of the Loan Documents, or because any of the Other Borrower
has any valid defense, claim or offset with respect thereto, or because the
Other Borrower's obligation ceases to exist by operation of law, or because of
any other reason or circumstance, it being agreed that Guarantor shall remain
liable hereon regardless of whether the Other Borrower or any other Person be
found not liable on the Guaranteed Obligations, or any part thereof, for any
reason

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(and regardless of any joinder of Other Borrower or any other party in any
action to obtain payment or performance of any or all of the Guaranteed
Obligations); or

          (xiv)     any order, ruling or plan of reorganization emanating from
proceedings under Title 11 of the United States Code with respect to the Other
Borrower or any member or manager of the Other Borrower, including any
extension, reduction, composition, or other alteration of the Guaranteed
Obligations, whether or not consented to by Lender.

     In the event any payment to Lender by the Other Borrower or any other party
under the Other Note, the Other Mortgage or the other Loan Documents is held to
constitute a preference, fraudulent transfer or other voidable payment under any
bankruptcy, insolvency or similar law, or if for any other reason Lender is
required to refund such payment or pay the amount thereof to any other party,
such payment by the Other Borrower or any other party to Lender shall not
constitute a release of Guarantor from any liability hereunder, and this
Guaranty shall continue to be effective or shall be reinstated (notwithstanding
any prior release, surrender or discharge by Lender of this Guaranty or of
Guarantor), as the case may be, with respect to, and this Guaranty shall apply
to, any and all amounts so refunded by Lender or paid by Lender to another party
(which amounts shall constitute part of the Guaranteed Obligations), and any
interest paid by Lender and any attorneys' fees, costs and expenses paid or
incurred by Lender in connection with any such event. It is the intent of
Guarantor and Lender that the obligations and liabilities of Guarantor hereunder
are absolute and unconditional under any and all circumstances and that until
the Guaranteed Obligations are fully and finally paid or defeased, and not
subject to refund or disgorgement, the obligations and liabilities of Guarantor
hereunder shall not be discharged or released, in whole or in part, by any act
or occurrence that might, but for the provisions of this Guaranty, be deemed a
legal or equitable discharge or release of a guarantor.

     If the time for payment of any amount payable by the Other Borrower of the
Guaranteed Obligations is stayed or delayed by any law or tribunal, all such
amounts shall nonetheless be payable by Guarantor on demand by Lender.

     4.   SUBORDINATION. If, for any reason whatsoever, the Other Borrower is
now or hereafter becomes indebted to Guarantor:

     such indebtedness and all interest thereon and all liens, security
interests and rights now or hereafter existing with respect to property of the
Other Borrower securing same shall, at all times, be subordinate in all respects
to the Guaranteed Obligations and to all liens, security interests and rights
now or hereafter existing to secure the Guaranteed Obligations;

     Guarantor shall not be entitled to enforce or receive payment, directly or
indirectly, of any such indebtedness of the Other Borrower to Guarantor until
the Guaranteed Obligations have been fully and finally paid and performed;

     Guarantor hereby assigns and grants to Lender a security interest in all
such indebtedness and security therefor, if any, of the Other Borrower to
Guarantor now existing or hereafter arising, including any dividends and
payments pursuant to debtor relief or insolvency proceedings referred to below.
In the event of receivership, bankruptcy, reorganization,

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arrangement or other debtor relief or insolvency proceedings involving the Other
Borrower as debtor, Lender shall have the right to prove its claim in any such
proceeding so as to establish its rights hereunder and shall have the right to
receive directly from the receiver, trustee or other custodian (whether or not
an Event of Default shall have occurred under any of the Loan Documents),
dividends and payments that are payable upon any obligation of the Other
Borrower to Guarantor now existing or hereafter arising, and to have all
benefits of any security therefor, until the Guaranteed Obligations have been
fully and finally paid and performed. If, notwithstanding the foregoing
provisions, Guarantor should receive any payment, claim or distribution that is
prohibited as provided above in this Section 4, Guarantor shall pay the same to
Lender immediately, Guarantor hereby agreeing that it shall receive the payment,
claim or distribution in trust for Lender and shall have absolutely no dominion
over the same except to pay it immediately to Lender; and

     Guarantor shall promptly upon request of Lender from time to time execute
such documents and perform such acts as Lender may require to evidence and
perfect its interest and to permit or facilitate exercise of its rights under
this Section 4, including, but not limited to, execution and delivery of
financing statements, proofs of claim, further assignments and security
agreements, and delivery to Lender of any promissory notes or other instruments
evidencing indebtedness of the Other Borrower to Guarantor. All promissory
notes, accounts receivable ledgers or other evidences, now or hereafter held by
Guarantor, of obligations of the Other Borrower to Guarantor shall contain a
specific written notice thereon that the indebtedness evidenced thereby is
subordinated under and is subject to the terms of this Guaranty.

     5.   OTHER LIABILITY OF GUARANTOR OR OTHER BORROWER. If Guarantor is or
becomes liable, by endorsement or otherwise, for any indebtedness owing by the
Other Borrower to Lender other than under this Guaranty, such liability shall
not be in any manner impaired or affected hereby, and the rights of Lender
hereunder shall be cumulative of any and all other rights that Lender may have
against Guarantor. If the Other Borrower is or becomes indebted to Lender for
any indebtedness other than or in excess of the Indebtedness for which Guarantor
is liable under this Guaranty, any payment received or recovery realized upon
any such indebtedness of the Other Borrower to Lender may, except to the extent
paid by Guarantor on the Indebtedness for which Guarantor is liable under this
Guaranty or specifically required by law or agreement of Lender to be applied to
the Indebtedness for which Guarantor is liable under this Guaranty, in Lender's
sole discretion, be applied upon indebtedness of the Other Borrower to Lender
other than the Indebtedness for which Guarantor is liable under this Guaranty.
This Guaranty is independent of (and shall not be limited by) any other guaranty
now existing or hereafter given. Further, Guarantor's liability under this
Guaranty is in addition to any and all other liability Guarantor may have in any
other capacity, including without limitation, its capacity as an Indemnitor
under the Indemnity Agreement.

     6.   LENDER ASSIGNS. Each reference herein to Lender shall be deemed to
include its successors and assigns. This Guaranty shall inure to the benefit of
Lender and its respective successors and assigns forever.

     7.   BINDING EFFECT. This Guaranty is binding not only on Guarantor, but
also on Guarantor's successors and assigns. Upon the death of Guarantor, if
Guarantor is a natural

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person, this Guaranty shall continue against Guarantor's estate as to all of the
Guaranteed Obligations, including that portion incurred or arising after the
death of Guarantor and shall be provable in full against Guarantor's estate,
whether or not the Guaranteed Obligations are then due and payable. If this
Guaranty is signed now or hereafter by more than one party, then all of the
obligations of Guarantor arising hereunder shall be jointly and severally
binding on each such party, and their respective heirs, personal
representatives, successors and assigns, and the term "GUARANTOR" shall mean all
of such parties and each of them individually.

     8.   GOVERNING LAW; FORUM.

     This Guaranty shall be deemed to be a contract entered into pursuant to the
laws of the state where the Property is located and shall in all respects be
governed, construed, applied and enforced in accordance with the laws of the
state where the Property is located.

     With respect to any claim or action arising hereunder, Guarantor (i)
irrevocably submits to the nonexclusive jurisdiction of the courts of the State
of New York and any United States District Court located in the City of New
York, and appellate courts from any thereof, and (ii) irrevocably waives any
objection which it may have at any time to the laying on venue of any suit,
action or proceeding arising out of or relating to this Guaranty brought in any
such court, and (iii) irrevocably waives any claim that any such suit, action or
proceeding brought in any such court has been brought in an inconvenient forum.

     9.   INAPPLICABLE PROVISIONS. If any term, condition or covenant of this
Guaranty shall be held to be invalid, illegal or unenforceable in any respect,
this Guaranty shall be construed without such provision.

     10.  ATTORNEYS' FEES AND COSTS OF COLLECTION. Guarantor shall pay on demand
all attorneys' fees and all other costs and expenses incurred by Lender in the
enforcement of or preservation of Lender's rights under this Guaranty including,
without limitation, all reasonable attorneys' fees and expenses, investigation
costs, and all court costs, whether or not suit is filed herein, or whether at
maturity or by acceleration, or whether before or after maturity, or whether in
connection with bankruptcy, insolvency or appeal, or whether in connection with
the collection and enforcement of this Guaranty against any other Guarantor, if
there be more than one. Guarantor agrees to pay interest on any expenses or
other sums due to Lender under this Section 10 that are not paid when due, at a
rate per annum equal to the interest rate provided for in the Note. Guarantor's
obligations and liabilities under this Section 10 shall survive any payment or
discharge in full of the Guaranteed Obligations.

     11.  PAYMENTS. All sums payable under this Guaranty shall be paid in lawful
money of the United States of America that at the time of payment is legal
tender for the payment of public and private debts.

     12.  USURY LAWS. This Guaranty is subject to the express condition that at
no time shall Guarantor be obligated or required to pay interest on the
Guaranteed Obligations at a rate which could subject the holder of this Guaranty
to either civil or criminal liability as a result of being in excess of the
maximum interest rate which Guarantor is permitted by applicable law to

<Page>

contract or agree to pay. If by the terms of this Guaranty, Guarantor is at any
time required or obligated to pay interest on the Guaranteed Obligations at a
rate in excess of such maximum rate, the rate of interest under this Guaranty
shall be deemed to be immediately reduced to such maximum rate and the interest
payable shall be computed at such maximum rate and all prior interest payments
in excess of such maximum rate shall be applied and shall be deemed to have been
payments in reduction of the balance of the Guaranteed Obligations.

     13.  REPRESENTATIONS, WARRANTIES, AND COVENANTS OF GUARANTOR. Guarantor
hereby represents, warrants, and covenants that (a) Guarantor has a financial
interest in the Other Borrower and will derive a material and substantial
benefit, directly or indirectly, from the making of the Loan to the Other
Borrower; (b) this Guaranty is duly authorized and valid, and is binding upon
and enforceable against Guarantor; (c) Guarantor is not, and the execution,
delivery and performance by Guarantor of this Guaranty will not cause Guarantor
to be, in violation of or in default with respect to any law or in default (or
at risk of acceleration of indebtedness) under any agreement or restriction by
which Guarantor is bound or affected; (d) the Guarantor will indemnify the
Lender from any loss, cost or expense as a result of any representation or
warranty of the Guarantor being false, incorrect, incomplete or misleading in
any material respect; (e) there is no litigation pending or, to the knowledge of
Guarantor, threatened before or by any tribunal against or affecting Guarantor
which, if adversely determined, would materially affect the ability of Guarantor
to perform its obligations hereunder; (f) all financial statements and
information heretofore furnished to Lender by Guarantor do, and all financial
statements and information hereafter furnished to Lender by Guarantor will,
fully and accurately present the condition (financial or otherwise) of Guarantor
as of their dates and the results of Guarantor's operations for the periods
therein specified, and, since the date of the most recent financial statements
of Guarantor heretofore furnished to Lender, no material adverse change has
occurred in the financial condition of Guarantor, nor, except as heretofore
disclosed in writing to Lender, has Guarantor incurred any material liability,
direct or indirect, fixed or contingent; (g) after giving effect to this
Guaranty, Guarantor is solvent, and does not intend to incur or believe that it
will incur debts that will be beyond its ability to pay as such debts mature;
(h) Lender has no duty at any time to investigate or inform Guarantor of the
financial or business condition or affairs of the Other Borrower or any change
therein, and Guarantor will keep fully appraised of the Other Borrower'
financial and business condition; (i) Guarantor acknowledges and agrees that
Guarantor may be required to pay and perform the Guaranteed Obligations in full
without assistance or support from the Other Borrower or any other party; (j)
Intentionally deleted; and (k) Guarantor has read and fully understands the
provisions contained in the Loan Documents. Guarantor's representations,
warranties and covenants are a material inducement to Lender to make the Loan
and enter into the Loan Documents, and shall survive the execution hereof and
any bankruptcy, foreclosure, transfer of security or other event affecting the
Other Borrower, Guarantor, any other party, or any security for all or any part
of the Guaranteed Obligations.

     14.  NOTICES. All notices or other written communications hereunder shall
be deemed to have been properly given (i) upon delivery, if delivered in person
with receipt acknowledged by the recipient thereof, (ii) one (1) Business Day
(hereinafter defined) after having been deposited for overnight delivery with
any reputable overnight courier service, or (iii) three (3) Business Days after
having been deposited in any post office or mail depository regularly

<Page>

maintained by the U.S. Postal Service and sent by registered or certified mail,
postage prepaid, return receipt requested, addressed as follows:

          If to Guarantor:     2901 Butterfield Road
                               Oak Brook, Illinois 60523
                               Attention: General Counsel

          If to Lender:        383 Madison Avenue
                               New York, New York 10179
                               Attention: Christopher Hoeffel

or addressed as such party may from time to time designate by written notice to
the other parties. For purposes of this Guaranty, the term "BUSINESS DAY" shall
mean any day other than Saturday, Sunday or any other day on which banks are
required or authorized to close in New York, New York.

Any party by notice to the others may designate additional or different
addresses for subsequent notices or communications.

     15.  CUMULATIVE RIGHTS. The exercise by Lender of any right or remedy
hereunder or under any other Loan Document, or at law or in equity, shall not
preclude the concurrent or subsequent exercise of any other right or remedy.
Lender shall have all rights, remedies and recourses afforded to Lender by
reason of this Guaranty or any other Loan Document or by law or equity or
otherwise, and the same (a) shall be cumulative and concurrent, (b) may be
pursued separately, successively or concurrently against Guarantor or others
obligated for the Guaranteed Obligations, or any part thereof, or against any
one or more of them, or against any security or otherwise, at the sole
discretion of Lender, (c) may be exercised as often as occasion therefor shall
arise, it being agreed by Guarantor that the exercise of, discontinuance of the
exercise of or failure to exercise any of such rights, remedies, or recourses
shall in no event be construed as a waiver or release thereof or of any other
right, remedy, or recourse, and (d) are intended to be, and shall be,
nonexclusive. No waiver of any default on the part of Guarantor or of any breach
of any of the provisions of this Guaranty or of any other document shall be
considered a waiver of any other or subsequent default or breach, and no delay
or omission in exercising or enforcing the rights and powers granted herein or
in any other document shall be construed as a waiver of such rights and powers,
and no exercise or enforcement of any rights or powers hereunder or under any
other document shall be held to exhaust such rights and powers, and every such
right and power may be exercised from time to time. The granting of any consent,
approval or waiver by Lender shall be limited to the specific instance and
purpose therefor and shall not constitute consent or approval in any other
instance or for any other purpose. No notice to or demand on Guarantor in any
case shall of itself entitle Guarantor to any other or further notice or demand
in similar or other circumstances. No provision of this Guaranty or any right,
remedy or recourse of Lender with respect hereto, or any default or breach, can
be waived, nor can this Guaranty or Guarantor be released or discharged in any
way or to any extent, except specifically in each case by a writing intended for
that purpose (and which refers specifically to this Guaranty) executed, and
delivered to Guarantor, by Lender.

<Page>

     16.  EXCULPATION. Guarantor's obligations hereunder shall be subject to the
provisions of Section 9.4 of the Loan Agreement, which provisions are expressly
incorporated herein.

     17.  TERM OF GUARANTY. This Guaranty shall continue in effect until (i) all
of the obligations to Lender under the Other Note are fully and finally paid or
defeased (even if ownership of the Other Property changes or ownership and/or
structure of the Other Borrower changes), and discharged, or (ii) repayment in
full of the Note and release of Guarantor's Property from the lien of its
Mortgage.

     18.  TRANSFER OF LOAN.

     Lender may, at any time, sell, transfer or assign the Note, the Mortgage,
this Guaranty and the other Loan Documents, and any or all servicing rights with
respect thereto, or grant participations therein or issue mortgage pass-through
certificates or other securities evidencing a beneficial interest in a rated or
unrated public offering or private placement (the "SECURITIES"). Lender may
forward to each purchaser, transferee, assignee, servicer, participant or
investor in such Securities or any credit rating agency rating such Securities
(the foregoing entities hereinafter collectively referred to as the "INVESTOR")
and each prospective Investor, all documents and information (including, but not
limited to, financial information) which Lender now has or may hereafter acquire
relating to Guarantor and the Property, whether furnished by any Guarantor or
otherwise, as Lender determines necessary or desirable, subject to any
confidentiality agreement executed by Lender prior to the receipt of such
information.

     Upon any transfer or proposed transfer contemplated above and by the Loan
Agreement, at Lender's request, Guarantor shall provide an estoppel certificate
to the Investor or any prospective Investor in such form, substance and detail
as Lender, such Investor or prospective Investor may reasonably require.

     19.  RIGHT OF SET-OFF. Lender is hereby authorized at any time and from
time to time, to the fullest extent permitted by applicable law, without notice
(any such notice being expressly waived by Guarantor to the fullest extent
permitted by applicable law), to set off and apply any and all deposits, funds,
or assets at any time held and other indebtedness at any time owing by Lender to
or for the credit or the account of Guarantor against any and all of the
obligations of Guarantor now or hereafter existing under this Guaranty, whether
or not Lender shall have made any demand under this Guaranty or exercised any
other right or remedy hereunder. Lender will promptly notify Guarantor after any
such set-off and application made by Lender, provided that the failure to give
such notice shall not affect the validity of such set-off and application. The
rights of Lender under this Section 19 are in addition to the other rights and
remedies (including other rights of set-off) that Lender may have and every
right of setoff and lien shall continue in full force and effect until such
right of setoff or lien is specifically waived or released by an instrument in
writing executed by Lender.

     20.  SUBROGATION. Notwithstanding anything to the contrary contained
herein, (a) Guarantor shall not have any right of subrogation in or under any of
the Loan Documents or to participate in any way therein, or in any right, title
or interest in and to any security or right of recourse for the Indebtedness,
until the Indebtedness has been fully and finally paid, and (b) if

<Page>

the Guarantor is or becomes an "insider" (as defined in Section 101 of the
United States Bankruptcy Code) with respect to the Other Borrower, then
Guarantor hereby irrevocably and absolutely waives any and all rights of
contribution, indemnification, reimbursement or any similar rights against the
Other Borrower with respect to this Guaranty (including any right of
subrogation, except to the extent of collateral held by Lender), whether such
rights arise under an express or implied contract or by operation of law. It is
the intention of the parties that the Guarantor shall not be deemed to be a
"creditor" (as defined in Section 101 of the United States Bankruptcy Code) of
the Other Borrower by reason of the existence of this Guaranty in the event that
the Other Borrower or the Guarantor becomes a debtor in any proceeding under the
United States Bankruptcy code. This waiver is given to induce Lender to make the
Loan as evidenced by the Other Note to the Other Borrower.

     21.  FURTHER ASSURANCES. Guarantor at Guarantor's expense will promptly
execute and deliver to Lender upon Lender's request all such other and further
documents, agreements, and instruments in compliance with or accomplishment of
the agreements of Guarantor under this Guaranty.

     22.  NO FIDUCIARY RELATIONSHIP. The relationship between Lender and
Guarantor is solely that of lender and guarantor. Lender has no fiduciary or
other special relationship with or duty to Guarantor and none is created hereby
or may be inferred from any course of dealing or act or omission of Lender.

     23.  INTERPRETATION. If this Guaranty is signed by more than one party as
"Guarantor", then the term "Guarantor" as used in this Guaranty shall refer to
all such parties jointly and severally, and all promises, agreements, covenants,
waivers, consents, representations, warranties and other provisions in this
Guaranty are made by and shall be binding upon each and every such undersigned
party, jointly and severally and the Lender may pursue any Guarantor hereunder
without being required (i) to pursue any other Guarantor hereunder or (ii)
pursue rights and remedies under the Mortgage and/or applicable law with respect
to the Property or any other Loan Documents. The term "Lender" shall be deemed
to include any subsequent holder(s) of the Note. Whenever the context of any
provisions hereof shall require it, words in the singular shall include the
plural, words in the plural shall include the singular, and pronouns of any
gender shall include the other genders. Captions and headings in the Loan
Documents are for convenience only and shall not affect the construction of the
Loan Documents. All references in this Guaranty to Schedules, Articles,
Sections, Subsections, paragraphs and subparagraphs refer to the respective
subdivisions of this Guaranty, unless such reference specifically identifies
another document. The terms "herein", "hereof, "hereto", "hereunder" and similar
terms refer to this Guaranty and not to any particular Section or subsection of
this Guaranty. The terms "include" and "including" shall be interpreted as if
followed by the words "without limitation". All references in this Guaranty to
sums denominated in dollars or with the symbol "$" refer to the lawful currency
of the United States of America, unless such reference specifically identifies
another currency.

     24.  TIME OF ESSENCE. Time shall be of the essence in this Guaranty with
respect to all of Guarantor's obligations hereunder.

<Page>

     25.  EXECUTION. This Guaranty may be executed in multiple counterparts,
each of which, for all purposes, shall be deemed an original, and all of which
together shall constitute one and the same agreement.

     26.  ENTIRE AGREEMENT. This Guaranty embodies the entire agreement between
Lender and Guarantor with respect to the guaranty by Guarantor of the Guaranteed
Obligations. This Guaranty supersedes all prior agreements and understandings,
if any, with respect to guaranty by Guarantor of the Guaranteed Obligations. No
condition or conditions precedent to the effectiveness of this Guaranty exist.
This Guaranty shall be effective upon execution by Guarantor and delivery to
Lender. This Guaranty may not be modified, amended or superseded except in a
writing signed by Lender and Guarantor referencing this Guaranty by its date and
specifically identifying the portions hereof that are to be modified, amended or
superseded.

     27.  WAIVER OF JURY TRIAL. GUARANTOR AND LENDER EACH HEREBY WAIVE TRIAL BY
JURY IN ANY ACTION OR PROCEEDING TO WHICH GUARANTOR AND LENDER MAY BE PARTIES
ARISING OUT OF, IN CONNECTION WITH, OR IN ANY WAY PERTAINING TO, THIS GUARANTY,
THE NOTE, THE SECURITY INSTRUMENT AND ANY OTHER LOAN DOCUMENT. IT IS AGREED AND
UNDERSTOOD THAT THIS WAIVER CONSTITUTES A WAIVER OF TRIAL BY JURY OF ALL CLAIMS
AGAINST ALL PARTIES TO SUCH ACTIONS OR PROCEEDINGS, INCLUDING CLAIMS AGAINST
PARTIES WHO ARE NOT PARTIES TO THIS GUARANTY. THIS WAIVER IS KNOWINGLY,
WILLINGLY AND VOLUNTARILY MADE BY GUARANTOR AND LENDER, AND GUARANTOR AND LENDER
EACH HEREBY REPRESENT THAT NO REPRESENTATIONS OF FACT OR OPINION HAVE BEEN MADE
BY ANY INDIVIDUAL TO INDUCE THIS WAIVER OF TRIAL BY JURY OR TO IN ANY WAY MODIFY
OR NULLIFY ITS EFFECT. GUARANTOR FURTHER REPRESENTS AND WARRANTS THAT IT HAS
BEEN REPRESENTED IN THE SIGNING OF THIS GUARANTY AND IN THE MAKING OF THIS
WAIVER BY INDEPENDENT LEGAL COUNSEL, OR HAS HAD THE OPPORTUNITY TO BE
REPRESENTED BY INDEPENDENT LEGAL COUNSEL SELECTED OF ITS OWN FREE WILL, AND THAT
IT HAS HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL.

                  [Remainder of page intentionally left blank]

<Page>

     IN WITNESS WHEREOF, Guarantor duly executed this Guaranty under seal as of
the date first written above.

                                INLAND WESTERN GREER WADE
                                HAMPTON, L.L.C., a Delaware limited liability
                                company

                                      By:   Inland Western Retail Real Estate
                                            Trust, Inc., a Maryland corporation,
                                            its sole member

                                            By:   /s/ Valerie Medina
                                                  ----------------------
                                                  Name: Valerie Medina
                                                  Title: Asst. Secretary

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