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                                                                  Exhibit 10.219

                             SECURED PROMISSORY NOTE
                                 LOAN NO. 753948

$20,150,000.00                                                      July 2, 2004

1.     FOR VALUE RECEIVED, INLAND WESTERN KANSAS CITY, L.L.C., a Delaware
limited liability company, as "Borrower" ("BORROWER" to be construed as
"Borrowers" if the context so requires), hereby promises to pay to the order of
PRINCIPAL LIFE INSURANCE COMPANY, an Iowa corporation (as "LENDER"), having a
principal place of business and post office address at c/o Principal Real Estate
Investors, LLC, 801 Grand Avenue, Des Moines, Iowa 50392-1450, or at such other
place as Lender may designate, the principal sum of Twenty Million One Hundred
Fifty Thousand and No/100 Dollars ($20,150,000.00) (the "LOAN AMOUNT") or so
much thereof as shall from time to time have been advanced, together with
interest on the unpaid balance of said sum from July 2, 2004 (the "CLOSING
DATE"), at the rate of four and 13/100 percent (4.13) per annum.

       A payment of interest from the Closing Date to and including July 31,
2004 shall be paid on the Closing Date calculated by multiplying the actual
number of days elapsed in the period for which interest is being calculated by a
daily rate based on the foregoing annual interest rate and a 360-day year.
Thereafter, interest shall be computed on the unpaid balance on the basis of a
360-day year composed of twelve 30-day months. Beginning on September 1, 2004,
interest shall be due and payable in installments of Sixty Nine Thousand Three
Hundred Forty Nine and 58/100 Dollars ($69,349.58), with an installment in a
like amount due and payable on the same day of each month thereafter, except
that all remaining principal and interest to and including the date of payment
and other Indebtedness shall be due and payable on August 1, 2009 or such
earlier date resulting from the acceleration of the Indebtedness by Lender
("MATURITY DATE"). All principal and interest shall be paid in lawful money of
the United States of America by wire transfer of immediately available funds to
Lender at Wells Fargo Bank, Iowa, N.A., 7th and Walnut Streets, Des Moines, Iowa
50304, for credit to Principal Life Insurance Company, Account No. 0000014752,
RE: Loan No. 753948 with reference to Borrower. In the event Borrower fails to
make any monthly payment under this Note on or before the due date thereof,
Borrower agrees to make all subsequent payments by automated clearing house
transfer through such bank or financial institution as shall be approved in
writing by Lender, shall be made to an account designated by Lender, and shall
be initiated by Lender or shall be made in such other manner as Lender may
direct from time to time. Any other monthly deposits or payments Borrower is
required to make to Lender under the terms of the Loan Documents shall be made
by the same payment method and on the same date as the installments of interest
due under this Note.

2.     No privilege is reserved by Borrower to prepay any principal of this Note
prior to the Maturity Date, except on or after the date hereof, privilege is
reserved, after giving thirty (30) days' prior written notice to Lender, to
prepay in full, but not in part, all principal and interest to and including the
date on which payment is made, along with all sums, amounts, advances, or

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charges due under any instrument or agreement by which this Note is secured,
upon the payment of a "MAKE WHOLE PREMIUM." The Make Whole Premium shall be the
greater of one percent (1%) of the principal amount to be prepaid or a premium
calculated as provided in subparagraphs (a) through (c) below:

       (a)   Determine the "REINVESTMENT YIELD." The Reinvestment Yield will be
             equal to the yield on the U.S. Treasury Issue ("PRIMARY ISSUE") *
             published one week prior to the date of prepayment and converted to
             an equivalent monthly compounded nominal yield.

             *At this time there is not a U.S. Treasury Issue for this
             prepayment period. At the time of prepayment, Lender shall select
             in its sole and absolute discretion a U.S. Treasury Issue with
             similar remaining time to maturity as this Note.

       (b)   Calculate the "PRESENT VALUE OF THE LOAN." The Present Value of the
             Loan is the present value of the payments to be made in accordance
             with this Note (all installment payments and any remaining payment
             due on the Maturity Date) discounted at the Reinvestment Yield for
             the number of months remaining from the date of prepayment to the
             Maturity Date.

       (c)   Subtract the amount of the prepaid proceeds from the Present Value
             of the Loan as of the date of prepayment. Any resulting positive
             differential shall be the premium.

If Borrower has otherwise fully complied with the preceding paragraphs, then,
during the last 90 days prior to the Maturity Date, provided no Event of Default
exists, no Make Whole Premium shall be payable.

3.     Borrower agrees that if Lender accelerates the whole or any part of the
principal sum evidenced hereby, after the occurrence of an Event of Default or
applies any proceeds pursuant to the provisions of the Loan Documents, Borrower
waives any right to prepay said principal sum in whole or in part without
premium and agrees to pay, as yield maintenance protection and not as a penalty,
the Make Whole Premium.

Notwithstanding the above, in the event any proceeds from a casualty or Taking
of the Premises are applied to reduce the principal balance hereof, such
reduction shall be made without a Make Whole Premium, provided no Event of
Default then exists under the Loan Documents.

4.     If any payment of principal, interest, Make Whole Premium, or other
Indebtedness is not made when due, damages will be incurred by Lender, including
additional expense in handling overdue payments, the amount of which is
difficult and impractical to ascertain. Borrower therefore agrees to pay, upon
demand, the sum of four cents ($.04) for each one dollar ($1.00) of

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each said payment which becomes overdue ("LATE CHARGE") as a reasonable estimate
of the amount of said damages, subject, however, to the limitations contained in
paragraph 6 hereof.

Notwithstanding anything hereinabove to the contrary, the Late Charge assessed
on any amount due on the Maturity Date but not then paid, whether or not by
acceleration, shall not be four cents for each one dollar as described above,
but shall instead be a sum equal to the interest which would have accrued on the
principal balance then outstanding from the date the payment is made to the end
of the month in which the Maturity Date occurs. Such Late Charge shall be in
addition to interest otherwise accruing under this Note.

5.     If any Event of Default has occurred and is continuing under the Loan
Documents, the entire principal balance of the Loan, interest then accrued, and
Make Whole Premium, and all other Indebtedness whether or not otherwise then
due, shall at the option of Lender, become immediately due and payable without
demand or notice, and whether or not Lender has exercised said option, interest
shall accrue on the entire principal balance, interest then accrued, Make Whole
Premium and any other Indebtedness then due, at a rate equal to the Default Rate
until fully paid.

6.     Notwithstanding anything herein or in any of the other Loan Documents to
the contrary, no provision contained herein or therein which purports to
obligate Borrower to pay any amount of interest or any fees, costs or expenses
which are in excess of the maximum permitted by applicable law, shall be
effective to the extent it calls for the payment of any interest or other amount
in excess of such maximum. All agreements between Borrower and Lender, whether
now existing or hereafter arising and whether written or oral, are hereby
limited so that in no contingency, whether by reason of demand for payment or
acceleration of the maturity hereof or otherwise, shall the interest contracted
for, charged or received by Lender exceed the maximum amount permissible under
applicable law. If, from any circumstance whatsoever, interest would otherwise
be payable to Lender in excess of the maximum lawful amount, the interest
payable to Lender shall be reduced to the maximum amount permitted under
applicable law; and if from any circumstance Lender shall ever receive anything
of value deemed interest by applicable law in excess of the maximum lawful
amount, an amount equal to any excessive interest shall, at the option of
Lender, be refunded to Borrower or be applied to the reduction of the principal
hereof, without a Make Whole Premium and not to the payment of interest or, if
such excessive interest exceeds the unpaid balance of principal hereof such
excess shall be refunded to Borrower. This paragraph shall control all
agreements between Borrower and Lender.

7.     Borrower and any endorsers or guarantors waive presentment, protest and
demand, notice of protest, demand and dishonor and nonpayment, and agree the
Maturity Date of this Note or any installment may be extended without affecting
any liability hereunder, and further promise to pay all reasonable costs and
expenses, including but not limited to, reasonable attorney's fees incurred by
Lender in connection with any default or in any proceeding to interpret and/or
enforce any provision of the Loan Documents. No release of Borrower from
liability hereunder shall release any other maker, endorser or guarantor hereof.

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8.     This Note is secured by the Loan Documents creating among other things
legal and valid encumbrances on and an assignment of all of Borrower's interest
in any Leases of the Premises located in the county of Platte, state of
Missouri. Capitalized terms used herein and not otherwise defined shall have
those meanings given to them in the Loan Documents. In no event shall such
documents be construed inconsistently with the terms of this Note, and in the
event of any discrepancy between any such documents and this Note, the terms
hereof shall govern. The proceeds of this Note are to be used for business,
commercial, investment or other similar purposes, and no portion thereof will be
used for any personal, family or household use. This Note shall be governed by
and construed in accordance with the laws of the State where the Premises is
located, without regard to its conflict of law principles.

9.     Notwithstanding any provision to the contrary in this Note or the Loan
Documents and except as otherwise provided for below, the liability of Borrower
under the Loan Documents shall be limited to the interest of Borrower in the
Premises and the Rents. In the event of foreclosure of the liens evidenced by
the Loan Documents, no judgment for any deficiency upon the Indebtedness
evidenced by the Loan Documents shall be sought or obtained by Lender against
Borrower. Nothing herein shall in any manner limit or impair (i) the lien or
enforcement of the Loan Documents pursuant to the terms thereof or (ii) the
obligations of any indemnitor or guarantor, if any.

       Notwithstanding any provision hereinabove to the contrary, Borrower shall
be personally liable to Lender for:

       (a)   any loss or damage to Lender arising from (i) the sale or
             forfeiture of the Premises resulting from Borrower's failure to pay
             any of the taxes, assessments or charges specified in the Loan
             Documents or (ii) Borrower's failure to insure the Premises in
             compliance with the provisions of the Loan Documents;

       (b)   any event or circumstance for which Borrower indemnifies Lender
             under the Environmental Indemnity;

       (c)   nonpayment of taxes, assessments, insurance premiums and utilities
             for the Premises and any penalty or late charge associated with
             nonpayment thereof;

       (d)   material failure to manage, operate, and maintain the Premises in a
             commercially reasonable manner for similar property types in the
             surrounding geographic area;

       (e)   any sums expended by Lender in fulfilling the obligations of
             Borrower as lessor under any Lease of the Premises prior to a sale
             of the Premises pursuant to foreclosure or power of sale, a bona
             fide sale (permitted by the terms of paragraph 2(f) of the Mortgage
             (it being agreed that "Mortgage" as used herein shall be construed
             to mean "mortgage" or "deed of trust" or "trust deed" as the
             context so

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             requires) or consented to in writing by Lender) to an unrelated
             third party or upon conveyance to Lender of the Premises by a deed
             acceptable to Lender in form and content (each of which shall be
             referred to as a "Sale" for purposes of this paragraph) or expended
             by Lender after a Sale of the Premises for obligations of Borrower
             which arose prior to a Sale of the Premises;

             Borrower's personal liability for items specified in (c), (d) and
             (e) above shall be limited to the amount of rents, issues, proceeds
             and profits from the Premises ("Rents and Profits") received by
             Borrower for the twenty-four (24) months preceding an Event of
             Default and thereafter; but less any such Rents and Profits applied
             to (A) payment of principal, interest and other charges when due
             under the Loan Documents, or (B) payment of expenses for the
             operation, maintenance, taxes, assessments, utility charges and
             insurance of the Premises including sufficient reserves for the
             same or replacements or renewals thereof ("Operation Expense(s)")
             provided that (x) Borrower has furnished Lender with evidence
             reasonably satisfactory to Lender of the Operation Expenses and
             payment thereof, and (y) any payments to parties related to
             Borrower shall be considered an Operation Expense only to the
             extent that the amount expended for the Operation Expense does not
             exceed the then current market rate for such Operation Expense.

       (f)   any rents or other income regardless of type or source of payment
             or other considerations in lieu thereof (including, but not limited
             to, common area maintenance charges, lease termination payments,
             refunds of any type, prepayment of rents, settlements of
             litigation, or settlements of past due rents) from the Premises
             which Borrower has received or will receive after an Event of
             Default under the Loan Documents which are not applied to (A)
             payment of principal, interest and other charges when due under the
             Loan Documents or (B) payment of Operation Expenses provided that
             (x) Borrower has furnished Lender with evidence reasonably
             satisfactory to Lender of the Operation Expenses and payment
             thereof, and (y) any payments to parties related to Borrower shall
             be considered an Operation Expense only to the extent that the
             amount expended for the Operation Expense does not exceed the then
             current market rate for such Operation Expense;

       (g)   any security deposits of tenants not otherwise applied in
             accordance with the terms of the Lease(s), together with any
             interest on such security deposits required by law or the leases,
             not turned over to Lender upon conveyance of the Premises to Lender
             pursuant to foreclosure or power of sale or by a deed acceptable to
             Lender in form and content;

       (h)   misapplication or misappropriation of tax reserve accounts, tenant
             improvement reserve accounts, security deposits, prepaid rents or
             other similar sums paid to or

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             held by Borrower or any other entity or person in connection with
             the operation of the Premises;

       (i)   any insurance or condemnation proceeds or other similar funds or
             payments applied by Borrower in a manner other than as expressly
             provided in the Loan Documents;

       (j)   any loss or damage to Lender arising from any fraud or willful
             misrepresentation by or on behalf of Borrower, Interest Owner or
             any guarantor regarding the Premises, the making or delivery of any
             of the Loan Documents or in any materials or information provided
             by or on behalf of Borrower, Interest Owner or guarantor, if any,
             in connection with the Loan; and

       (k)   any and all amounts to which Borrower is entitled under the Escrow
             Agreement (as such term is defined in the Property Reserves
             Agreement dated as of this date between Borrower and Lender) which
             (x) are not withdrawn in accordance with the terms of the Escrow
             Agreement, and/or (y) are not deposited in escrow with Lender
             immediately upon receipt thereof.

             Notwithstanding anything contained in paragraphs 9(a)(i) and 9(c)
             hereinabove as it relates solely to taxes, assessments and
             insurance premiums, to the extent Lender is impounding for taxes,
             assessments and insurance premiums in accordance with the Loan
             Documents and Borrower has fully complied with all terms and
             conditions of the Loan Documents relating to impounding for the
             same, then Borrower shall not be personally liable for Lender's
             failure to apply any of said impound amounts held by Lender in
             accordance with the Loan Documents.

             Notwithstanding anything to the contrary in the Loan Documents, the
             limitation on liability contained in the first paragraph of this
             paragraph 9 SHALL BECOME NULL AND VOID and shall be of no further
             force and effect in the event of any breach or violation of
             paragraph 2(f) (due on sale or encumbrance) of the Mortgage, other
             than (i) the filing of a nonmaterial mechanic's lien affecting the
             Premises or a mechanic's lien affecting the Premises for which
             Borrower has complied with the provisions of paragraph 1(e) of the
             Mortgage, or (ii) the granting of any utility or other nonmaterial
             easement or servitude burdening the Premises, or (iii) any transfer
             or encumbrance of a nonmaterial economic interest in the Premises
             not otherwise set forth in (i) or (ii).

10.    If more than one, all obligations and agreements of Borrower are joint
and several.

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11.    This Note may not be changed or terminated orally, but only by an
agreement in writing and signed by the party against whom enforcement of any
waiver, change, modification or discharge is sought. All of the rights,
privileges and obligations hereunder shall inure to the benefit of the heirs,
successors and assigns of Lender and shall bind the heirs and permitted
successors and assigns of Borrower.

12.    If any provision of this Note shall, for any reason, be held to be
invalid or unenforceable, such invalidity or unenforceability shall not affect
any other provision hereof, but this Note shall be construed as if such invalid
or unenforceable provision had never been contained herein.

       This Note may be executed in counterparts, each of which shall be deemed
an original; and such counterparts when taken together shall constitute but one
agreement.

                      REMAINDER OF PAGE INTENTIONALLY BLANK

                            (Signatures on next page)

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       IN WITNESS WHEREOF, Borrower has caused this Note to be duly executed and
delivered as of the date first set forth above.

                                           INLAND WESTERN KANSAS CITY, L.L.C., a
                                           Delaware limited liability company

                                           By:  INLAND WESTERN RETAIL REAL
                                                ESTATE TRUST, INC., a Maryland
                                                corporation, Member

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

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                                                                  Exhibit 10.220

TITLE OF DOCUMENT:                DEED OF TRUST, SECURITY AGREEMENT AND
                                  ASSIGNMENT OF RENTS

DATE OF DOCUMENT:                 JULY 2, 2004

*GRANTOR(S):                      INLAND WESTERN KANSAS CITY, L.L.C., A
                                  DELAWARE LIMITED LIABILITY COMPANY

*GRANTEE(S):                      PRINCIPAL LIFE INSURANCE COMPANY, AN IOWA
                                  CORPORATION

GRANTEE(S) MAILING ADDRESS:       C/O PRINCIPAL REAL ESTATE INVESTORS, LLC AT
                                  801 GRAND AVENUE, DES MOINES, IOWA 50392-1450

LEGAL DESCRIPTION:                SEE EXHIBIT A ATTACHED HERETO

REFERENCE BOOK AND PAGE(S)        NOT APPLICABLE

                           *FOR INDEXING PURPOSES ONLY

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                        DEED OF TRUST, SECURITY AGREEMENT
                             AND ASSIGNMENT OF RENTS
                                 LOAN NO. 753948

     THIS INSTRUMENT SECURES, AMONG OTHER THINGS, FUTURE ADVANCES AND FUTURE
  OBLIGATIONS PURSUANT TO, AND IS TO BE GOVERNED BY THE PROVISIONS OF, SECTION
 443.055 OF THE REVISED STATUTES OF MISSOURI. THE TOTAL PRINCIPAL AMOUNT OF THE
      FUTURE ADVANCES AND FUTURE OBLIGATIONS THAT MAY BE SECURED HEREBY IS
                                  $40,300,000.

A.   THIS DEED OF TRUST (as the same may from time to time hereafter be
modified, supplemented or amended, this "DEED OF TRUST") is made as of July 2,
2004, by and between INLAND WESTERN KANSAS CITY, L.L.C., a Delaware limited
liability company, having its principal place of business and post office
address at 2901 Butterfield Road, Oak Brook, Illinois 60523, as "BORROWER"
("Borrower" to be construed as "Borrowers" if the context so requires), BRIAN D.
HABERT, whose address is Lewis, Rice & Fingersh, L.C., 1010 Walnut, Suite 500,
Kansas City, Missouri 64106, as "TRUSTEE", and PRINCIPAL LIFE INSURANCE COMPANY,
an Iowa corporation, having a principal place of business and post office
address c/o Principal Real Estate Investors, LLC at 801 Grand Avenue, Des
Moines, Iowa 50392-1450, as "LENDER".

                                   WITNESSETH:

B.   Borrower is justly indebted to Lender for money borrowed (the "LOAN") in
the original principal sum of Twenty Million One Hundred Fifty Thousand and
No/100 Dollars ($20,150,000.00) (the "LOAN AMOUNT") evidenced by Borrower's
secured promissory note of even date herewith, made payable and delivered to
Lender, (as may be modified, amended, supplemented, extended or consolidated in
writing and any note(s) issued in exchange therefor or replacement thereof) (the
"NOTE") in which Note Borrower promises to pay to Lender the Loan Amount,
together with all accrued and unpaid interest thereon, interest accrued at the
Default Rate (if any), Late Charges (if any), the Make Whole Premium (if any),
and all other obligations and liabilities due or to become due to Lender
pursuant to the Loan Documents and all other amounts, sums and expenses paid by
or payable to Lender pursuant to the Loan Documents and the Environmental
Indemnity (collectively the "INDEBTEDNESS") until the Indebtedness has been
paid, but in any event, the unpaid balance (if any) remaining due on the Note
shall be due and payable on August 1, 2009 or such earlier date resulting from
the acceleration of the Indebtedness by Lender (the "MATURITY DATE").
Capitalized terms used herein and not otherwise defined shall have those
meanings given to them in the other Loan Documents.

C.   NOW, THEREFORE, to secure the payment of the Indebtedness in accordance
with the terms and conditions of the Loan Documents, and all extensions,
modifications, and renewals

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thereof and the performance of the covenants and agreements contained therein,
and also to secure the payment of any and all other Indebtedness, direct or
contingent, that may now or hereafter become owing from Borrower to Lender in
connection with the Loan Documents, and in consideration of the Loan Amount in
hand paid, receipt of which is hereby acknowledged, Borrower does by these
presents GRANT, BARGAIN AND SELL, CONVEY, CONFIRM AND WARRANT, IN TRUST WITH
POWER OF SALE unto Trustee, its successors and assigns forever, that certain
real estate and all of Borrower's estate, right, title and interest therein,
located in the county of Platte, state of Missouri, more particularly described
in EXHIBIT A attached hereto and made a part hereof (the "LAND"), which Land,
together with the following described property, rights and interests, is
collectively referred to herein as the "PREMISES".

D.   Together with Borrower's interest as lessor in and to all Leases and all
Rents, which are pledged primarily and on a parity with the Land and not
secondarily.

E.   Together with all and singular the tenements, hereditaments, easements,
appurtenances, passages, waters, water courses, riparian rights, sewer rights,
rights in trade names, licenses, permits and contracts and all other rights,
liberties and privileges of any kind or character in any way now or hereafter
appertaining to the Land, including but not limited to, homestead and any other
claim at law or in equity as well as any after-acquired title, franchise or
license and the reversion and reversions and remainder and remainders thereof.

F.   Together with the right in the case of foreclosure hereunder of the
encumbered property for Lender to take and use the name by which the buildings
and all other improvements situated on the Premises are commonly known and the
right to manage and operate the said buildings under any such name and variants
thereof.

G.   Together with all right, title and interest of Borrower in any and all
buildings and improvements of every kind and description now or hereafter
erected or placed on the said Land and all materials intended for construction,
reconstruction, alteration and repairs of such buildings and improvements now or
hereafter erected thereon, all of which materials shall be deemed to be included
within the Premises immediately upon the delivery thereof to the Premises, and
all fixtures now or hereafter owned by Borrower and attached to or contained in
and used in connection with the Premises including, but not limited to, all
machinery, motors, elevators, fittings, radiators, awnings, shades, screens, and
all plumbing, heating, lighting, ventilating, refrigerating, incinerating,
air-conditioning and sprinkler equipment and fixtures and appurtenances thereto;
and all items of furniture, furnishings, equipment and personal property owned
by Borrower used or useful in the operation of the Premises; and all renewals or
replacements of all of the aforesaid property owned by Borrower or articles in
substitution therefor, whether or not the same are or shall be attached to said
buildings or improvements in any manner (collectively, the "IMPROVEMENTS"); it
being mutually agreed, intended and declared that all the aforesaid property
owned by Borrower and placed by it on the Land or used in connection with the
operation or maintenance of the Premises shall, so far as permitted by law, be
deemed to form a part and parcel of the Land and for the purpose of this Deed of
Trust to be Land and covered by this Deed of Trust, and as to any of the
property aforesaid which does not

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form a part and parcel of the Land or does not constitute a "fixture" (as such
term is defined in the Uniform Commercial Code) this Deed of Trust is hereby
deemed to be, as well, a security agreement under the Uniform Commercial Code
for the purpose of creating hereby a security interest in such property which
Borrower hereby grants to Lender as secured party. Borrower authorizes Lender at
any time until the Indebtedness is paid in full, to prepare and file any and all
Uniform Commercial Code financing statements, amendments, assignments,
terminations and the like, necessary to create and/or maintain a prior security
interest in such property all without Borrower's execution of the same.

H.   Together with all right, title and interest of Borrower, now or hereafter
acquired, in and to any and all strips and gores of land adjacent to and used in
connection with the Premises and all right, title and interest of Borrower, now
owned or hereafter acquired, in, to, over and under the ways, streets, sidewalks
and alleys adjoining the Premises.

I.   Together with all funds now or hereafter held by Lender under any escrow
security agreement or under any of the terms hereof, including but not limited
to funds held under the provisions of paragraph 5 hereof, insurance proceeds
from all insurance policies required to be maintained by Borrower under the Loan
Documents (subject to the balance of the terms contained in this Deed of Trust)
and all awards, decrees, proceeds, settlements or claims for damage now or
hereafter made to or for the benefit of Borrower by reason of any damage to,
destruction of or taking of the Premises or any part thereof, whether the same
shall be made by reason of the exercise of the right of eminent domain or by
condemnation or otherwise (a "TAKING").

J.   TO HAVE AND TO HOLD the same unto Trustee, Trustee's successors and
assigns, upon the trusts, covenants and agreements herein expressed.

K.   Borrower represents that it is the absolute owner in fee simple of the
Premises described in Exhibit A, which Premises are free and clear of any liens
or encumbrances except as set out in Exhibit B attached hereto, and except for
taxes which are not yet due or delinquent. Borrower shall forever warrant and
defend the title to the Premises against all claims and demands of all persons
whomsoever and will on demand execute any additional instrument which may be
required to give Trustee a valid first lien on all of the Premises, subject to
the "PERMITTED ENCUMBRANCES" set forth in Exhibit B.

L.   Borrower further represents that (i) the Premises is not subject to any
casualty damage; (ii) Borrower has not received any written notice of any
eminent domain or condemnation proceeding affecting the Premises; and (iii) to
the best of Borrower's knowledge following due and diligent inquiry, there are
no actions, suits or proceedings pending, completed or threatened against or
affecting Borrower or any person or entity owning an interest (directly or
indirectly) in Borrower ("INTEREST OWNER(S)") or any property of Borrower or any
Interest Owner in any court or before any arbitrator of any kind or before or by
any governmental authority (whether local, state, federal or foreign) that,
individually or in the aggregate, could reasonably be expected by Lender to be
material to the transaction contemplated hereby.

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M.   Borrower further represents and warrants that as of the date hereof and
until the Indebtedness is paid in full: (i) Borrower is not and will not be an
"employee benefit plan" as defined in Section 3(3) of the Employee Retirement
Income Security Act of 1974, as amended ("ERISA"), which is subject to Title I
of ERISA; (ii) the assets of Borrower do not and will not constitute "plan
assets" of one or more such plans for purposes of Title I of ERISA; (iii)
Borrower is not and will not be a "governmental plan" within the meaning of
Section 3(32) of ERISA; (iv) transactions by or with Borrower are not and will
not be subject to state statutes applicable to Borrower regulating investments
of and fiduciary obligations with respect to governmental plans; (v) Borrower
has made and will continue to make all required contributions to all employee
benefit plans, if any, established for or on behalf of Borrower or to which
Borrower is required to contribute; (vi) Borrower has and will continue to
administer each such plan, if any, in accordance with its terms and the
applicable provisions of ERISA and any other federal or state law; and (vii)
Borrower has not and will not permit any liability under Sections 4201, 4243,
4062 or 4069 of Title IV of ERISA or taxes or penalties relating to any employee
benefit plan or multi-employer plan to become delinquent or assessed,
respectively, which would have a material adverse effect upon (i) the business
or the financial position or results of operation of Borrower, (ii) the ability
of Borrower to perform, or of Lender to enforce, any of the Loan Documents or
Environmental Indemnity or (iii) the value of the Premises.

     BORROWER COVENANTS AND AGREES AS FOLLOWS:

     1.     Borrower shall

            (a)    pay each item of Indebtedness secured by this Deed of Trust
                   when due according to the terms of the Loan Documents;

            (b)    pay a Late Charge on any payment of principal, interest, Make
                   Whole Premium or Indebtedness which is not paid on or before
                   the due date thereof to cover the expense involved in
                   handling such late payment;

            (c)    pay on or before the due date thereof any indebtedness
                   permitted to be incurred by Borrower pursuant to the Loan
                   Documents and any other claims which could become a lien on
                   the Premises (unless otherwise specifically addressed in
                   paragraph 1(e) hereof), and upon request of Lender exhibit
                   satisfactory evidence of the discharge thereof;

            (d)    complete within a reasonable time, the construction of any
                   Improvements now or at any time in process of construction
                   upon the Land which are required to be performed by Borrower;

            (e)    manage, operate and maintain the Premises and keep the
                   Premises, including but not limited to, the Improvements, in
                   good condition and repair and free from mechanics' liens or
                   other liens or claims for liens,

                                        4
<Page>

                   provided however, that Borrower may in good faith, with
                   reasonable diligence and upon written Notice to Lender within
                   twenty (20) days after Borrower has knowledge of such lien or
                   claim, contest the validity or amount of any such lien or
                   claim and defer payment and discharge thereof during the
                   pendency of such contest in the manner provided by law,
                   provided that (i) such contest may be made without the
                   payment thereof; (ii) such contest shall prevent the sale or
                   forfeiture of the Premises or any part thereof, or any
                   interest therein, to satisfy such lien or claim; (iii)
                   Borrower shall have obtained a bond over such lien or claim
                   from a bonding company acceptable to Lender which has the
                   effect of removing such lien or collection of the claim or
                   lien so contested; and (iv) Borrower shall pay all costs and
                   expenses incidental to such contest; and further provided,
                   that in the event of a final, non-appealable ruling or
                   adjudication adverse to Borrower and provided the court of
                   jurisdiction has not granted a stay of the enforcement of the
                   ruling or judgment, Borrower shall promptly pay such claim or
                   lien, shall indemnify and hold Lender and the Premises
                   harmless from any loss for damage arising from such contest
                   and shall take whatever action necessary to prevent sale,
                   forfeiture or any other loss or damage to the Premises or to
                   the Lender;

            (f)    comply, and cause each lessee or other user of the Premises
                   to comply, with all requirements of law and ordinance, and
                   all rules and regulations, now or hereafter enacted, by
                   authorities having jurisdiction of the Premises and the use
                   thereof, including but not limited to all covenants,
                   conditions and restrictions of record pertaining to the
                   Premises, the Improvements, and the use thereof
                   (collectively, "LEGAL REQUIREMENTS");

            (g)    subject to the provisions of paragraph 6 hereof, promptly
                   repair, restore or rebuild any Improvements now or hereafter
                   a part of the Premises which may become damaged or be
                   destroyed by any cause whatsoever, so that upon completion of
                   the repair, restoration and rebuilding of such Improvements,
                   there will be no liens of any nature arising out of the
                   construction and the Premises will be of substantially the
                   same character and quality as it was prior to the damage or
                   destruction;

            (h)    if other than a natural person, do all things necessary to
                   preserve and keep in full force and effect its existence,
                   franchises, rights and privileges under the laws of the state
                   of its formation and, if other than its state of formation,
                   the state where the Premises is located. Borrower shall
                   notify Lender at least thirty (30) days prior to (i) any
                   relocation of Borrower's principal place of business to a
                   different state or any change in Borrower's state of
                   formation, and/or (ii) if Borrower is an individual, any
                   relocation of Borrower's principal residence to a different
                   state;

                                        5
<Page>

            (i)    do all things necessary to preserve and keep in full force
                   and effect Lender's title insurance coverage insuring the
                   lien of this Deed of Trust as a first and prior lien, subject
                   only to the Permitted Encumbrances stated in Exhibit B and
                   any other exceptions after the date of this Deed of Trust
                   approved in writing by Lender, including without limitation,
                   delivering to Lender not less than 30 days prior to the
                   effective date of any rate adjustment, modification or
                   extension of the Note or any other Loan Document, any new
                   policy or endorsement which may be reasonably required to
                   assure Lender of such continuing coverage;

            (j)    execute any and all documents which may be required to
                   perfect the security interest granted by this Deed of Trust;

            (k)    remain a Single-Purpose Entity;

            (l)    It is understood and agreed that this Deed of Trust secures
                   future advances and future obligations. The total amount of
                   obligations and advances secured hereby may decrease or
                   increase from time to time, but at no time shall the total
                   principal amount of obligations and advances secured hereby,
                   not including sums expended or incurred for the reasonable
                   protection of the security interest created in the Premises
                   or for other purposes specified in Section 443.055(3) of the
                   Missouri Revised Statutes, exceed the principal amount of
                   $40,300,000.00. This Deed of Trust is governed by Section
                   443.055 of the Missouri Revised Statutes; and

            (m)    timely perform all of its obligations under the Escrow
                   Agreement (as such term is defined in the Property Reserves
                   Agreement [herein so called] dated as of this date between
                   Borrower and Lender) and will timely exercise all of its
                   rights and remedies under the Escrow Agreement. Borrower
                   hereby authorizes Lender to exercise the rights and remedies
                   of Borrower under the Escrow Agreement if Borrower timely
                   fails to do so. All amounts to which Borrower is entitled
                   under the Escrow Agreement, shall be timely withdrawn and
                   deposited by Borrower immediately upon receipt thereof with
                   Lender to be held and disbursed in accordance with the terms
                   of the Property Reserves Agreement.

            As used herein, the term "SINGLE PURPOSE ENTITY" means: a
            corporation, limited or general partnership, limited liability
            company, or business trust which, at all times until the
            Indebtedness is paid in full (i) will be organized solely for the
            purpose of owning the Premises, (ii) will not engage in any business
            unrelated to the ownership of the Premises, (iii) will not have any
            assets other than those related to the Premises, (iv) will not
            engage in, seek or consent to any dissolution, winding up,
            liquidation, consolidation or merger, and, except as otherwise
            expressly permitted by the Loan Documents, will not engage in, seek
            or consent to

                                        6
<Page>

            any asset sale, transfer of partnership, membership, shareholder,
            beneficial interests, or amendment of its limited partnership
            agreement, articles of incorporation, articles of organization,
            certificate of formation, operating agreement, trust agreement, or
            trust certificate (as applicable), (v) will not fail to correct any
            known misunderstanding regarding the separate identity of such
            Entity, (vi) without the unanimous consent of all of the partners,
            directors, members, beneficial owners and trustees, as applicable,
            will not with respect to itself or to any other Entity in which it
            has a direct or indirect legal or beneficial ownership interest (a)
            file a bankruptcy, insolvency or reorganization petition or
            otherwise institute insolvency proceedings or otherwise seek any
            relief under any laws relating to the relief from debts or the
            protection of debtors generally; (b) seek or consent to the
            appointment of a receiver, liquidator, assignee, trustee,
            sequestrator, custodian or any similar official for such Entity or
            all or any portion of such Entity's properties; (c) make any
            assignment for the benefit of such Entity's creditors; or (d) take
            any action that might cause such Entity to become insolvent, (vii)
            will maintain its accounts, books and records separate from any
            other person or Entity, (viii) will maintain its books, records,
            resolutions and agreements as official records, (ix) has not
            commingled and will not commingle its funds or assets with those of
            any other person or Entity, (x) has held and will hold its assets in
            its own name, (xi) will conduct its business in its name, (xii) will
            maintain its financial statements, accounting records and other
            Entity documents separate from any other person or Entity, (xiii)
            will pay its own liabilities out of its own funds and assets, (xiv)
            will observe all corporate, limited liability company and
            partnership formalities, as applicable, (xv) has maintained and will
            maintain an arms-length relationship with its Affiliates, (xvi) if
            such Entity owns the Premises, will have no indebtedness other than
            the Indebtedness and commercially reasonable unsecured trade
            payables in the ordinary course of business relating to the
            ownership and operation of the Premises which are paid within sixty
            (60) days of the date incurred, (xvii) will not assume or guarantee
            or become obligated for the debts of any other person or Entity or
            hold out its credit as being available to satisfy the obligations of
            any other person or Entity, except for the Indebtedness, (xviii)
            will not acquire obligations or securities of its partners, members,
            trustees, beneficial owners or shareholders, (xix) will allocate
            fairly and reasonably shared expenses, including, without
            limitation, shared office space and uses separate stationery,
            invoices and checks, (xx) will not pledge its assets for the benefit
            of any other person or Entity, (xxi) will hold itself out and
            identify itself as a separate and distinct Entity under its own name
            and not as a division or part of any other person or Entity, (xxii)
            will not make loans to any person or Entity, (xxiii) will not
            identify its partners, members, shareholders, trustees,
            beneficiaries or any Affiliates of any of them as a division or part
            of it, (xxiv) will not enter into or be a party to, any transaction
            with its partners, members, shareholders, beneficiaries, trustees or
            its Affiliates except in the ordinary course of its business and on
            terms which are intrinsically fair and are no less favorable to it
            than would be obtained in a comparable arms-length

                                        7
<Page>

            transaction with an unrelated third party, (xxv) will pay the
            salaries of its own employees from its own funds, (xxvi) will
            maintain adequate capital in light of its contemplated business
            operations, (xxvii) if such Entity is a limited liability company,
            limited partnership, or business trust then such Entity shall
            continue and not dissolve whether as a consequence of bankruptcy or
            insolvency of one or more of the members, general partners, or
            trustees, as applicable, or otherwise, for so long as a solvent
            managing member, general partner, or trustee, as applicable, exists
            and, subject to applicable law, dissolution of the entity shall not
            occur so long as the entity remains owner of the Premises subject to
            the Deed of Trust. Such entity's organizational documents shall
            contain such provision.

     2.     Borrower shall not:

            (a)    except as required by applicable Legal Requirements,
                   construct any building or structure nor make any alteration
                   or addition (other than normal repair and maintenance) to (i)
                   the roof or any structural component of any Improvements on
                   the Premises, or (ii) the building operating systems,
                   including but not limited to, the mechanical, electrical,
                   heating, cooling, or ventilation systems (other than
                   replacement with equal or better quality and capacity),
                   without the prior written consent of Lender not to be
                   unreasonably withheld;

            (b)    remove or demolish any material Improvements, or any portion
                   thereof, which at any time constitutes a part of the
                   Premises.

                   Notwithstanding anything hereinabove to the contrary,
                   Borrower may construct, remove or demolish tenant
                   improvements within the then existing building(s) or other
                   structures to the extent such work is required solely under
                   the terms of any Leases approved by Lender provided (i) no
                   Event of Default exists under the Loan Documents; (ii) the
                   work is completed on a timely basis, in a good, workmanlike,
                   lien-free manner and in accordance with all Legal
                   Requirements, and (iii) such work does not negatively affect
                   the structural integrity of the Improvements or the value of
                   the Premises;

            (c)    cause or permit any change to be made in the general use of
                   the Premises without Lender's prior written consent;

            (d)    initiate any or acquiesce to a zoning reclassification or
                   material change in zoning without Lender's prior written
                   consent. Borrower shall use all reasonable efforts to contest
                   any such zoning reclassification or change;

            (e)    make or permit any use of the Premises that could with the
                   passage of time result in the creation of any right of use,
                   or any claim of adverse

                                        8
<Page>

                   possession or easement on, to or against any part of the
                   Premises in favor of any person or entity or the public;

            (f)    allow any of the following to occur (unless a Permitted
                   Transfer):

                   (i)    a Transfer of all or any portion of the Premises or
                          any interest in the Premises;

                   (ii)   a Transfer of any ownership interest in Borrower or
                          any entity which owns, directly or indirectly, an
                          interest in Borrower at any level of the ownership
                          structure; or

                   (iii)  in addition to (i) and (ii) above, if the Borrower is
                          a trust, or if a trust owns an interest, directly or
                          indirectly, in any entity which owns an interest in
                          Borrower at any level of the ownership structure, the
                          addition, deletion or substitution of a trustee of
                          such trust.

                   If any of such events occur, it shall be null and void and
                   shall constitute an Event of Default under the Loan
                   Documents.

                   It is understood and agreed that the Indebtedness evidenced
                   by the Note is personal to Borrower and in accepting the same
                   Lender has relied upon what it perceived as the willingness
                   and ability of Borrower to perform its obligations under the
                   Loan Documents and the Environmental Indemnity and as lessor
                   under the Leases of the Premises. Furthermore, Lender may
                   consent to a Transfer and expressly waive Borrower's
                   covenants contained in this paragraph 2(f), in writing to
                   Borrower; however any such consent and waiver shall not
                   constitute any consent or waiver of such covenants as to any
                   Transfer other than that for which the consent and waiver was
                   expressly granted. Furthermore, Lender's willingness to
                   consent to any Transfer and waive Borrower's covenants
                   contained in this paragraph 2(f), implies no standard of
                   reasonableness in determining whether or not such consent
                   shall be granted and the same may be based upon what Lender
                   solely deems to be in its best interest.

                   For purposes of the Loan Documents, the following terms shall
                   have the respective meanings set forth below:

                   "TRANSFER" or "TRANSFERRED" shall mean with respect to the
                   Premises, an interest in the Premises, or an ownership
                   interest or interest therein:

                   (i)    a sale, assignment, transfer, conveyance or other
                          disposition (whether voluntary, involuntary or by
                          operation of law);

                                        9
<Page>

                   (ii)   the creation, sufferance or granting of any lien,
                          encumbrance, security interest or collateral
                          assignment (whether voluntarily, involuntarily or by
                          operation of law), other than the lien hereof, the
                          leases of the Premises assigned to Lender, the
                          Permitted Encumbrances, the granting of a lien on a
                          tenant's interest under any Lease in accordance with
                          the terms specifically set forth therein, and those
                          liens which Borrower is contesting in accordance with
                          the provisions of paragraph 1(e);
                   (iii)  the issuance or other creation of ownership interests
                          in an entity;
                   (iv)   the reconstitution or conversion from one entity to
                          another type of entity;
                   (v)    a merger, consolidation, reorganization or any other
                          business combination; or
                   (vi)   a conversion to or operation of all or any portion of
                          the Premises as a cooperative or condominium form of
                          ownership.

                   "PERMITTED TRANSFER" shall mean:

                   (i)    a minor (as determined by Lender) conveyance of an
                          interest in the Premises by Borrower, such as a
                          utility easement, and for which Lender has given its
                          prior written consent and imposed such conditions as
                          Lender deems advisable and appropriate;
                   (ii)   a sale, assignment, transfer or conveyance of all or
                          any portion of the Premises or an interest in the
                          Premises for which Borrower has complied with all of
                          the Property Transfer Requirements; or
                   (iii)  any of the following Transfers for which Borrower has
                          complied with all of the Ownership Transfer
                          Requirements as applicable and Lender has given its
                          prior written consent (and in connection with such
                          consent, Lender may impose any conditions it wishes in
                          its sole discretion);
                          (A)   a sale, assignment, transfer, or conveyance of
                                an ownership interest or interest therein;
                          (B)   the issuance or other creation of ownership
                                interests in an entity;
                          (C)   a reconstitution or conversion from one entity
                                to another type of entity;
                          (D)   a merger, consolidation, reorganization or any
                                other business combination;

                   (iv)   with at least thirty (30) days advance written notice,
                          transfers of ownership interests in Borrower and
                          entities owning interests in Borrower between Inland
                          Western Retail Real Estate Trust, Inc., a Maryland
                          corporation ("IWRRET"), and its wholly owned

                                       10
<Page>

                          affiliates for which Borrower has complied with all of
                          the Specific Transfer Requirements - 1;
                   (v)    with at least thirty (30) days advance written notice,
                          transfers of ownership interests in Borrower and/or
                          shares in entities owning interests in Borrower to
                          Qualified New Members (hereinafter defined), for which
                          Borrower has complied with all of the Specific
                          Transfer Requirements - 2 (for purposes of this
                          Permitted Transfer, a "Qualified New Member" shall be
                          defined as an institutional investor or fund managed
                          by an institutional investor having assets of
                          $100,000,000 or more;
                   (vi)   with at least thirty (30) days advance written notice,
                          transfers of direct or indirect ownership interests in
                          Borrower and entities owning interests in Borrower and
                          IWRRET, and its wholly owned affiliates to a Qualified
                          Successor) (hereinafter defined) and/or its wholly
                          owned affiliates for which Borrower has complied with
                          all of the Specific Transfer Requirements - 3 (for
                          purposes of this Permitted Transfer, a "Qualified
                          Successor" shall be defined as an entity with a
                          tangible net worth of $200,000,000 or more); a debt to
                          equity ratio of 1.5 or less; and management personnel
                          experienced in the ownership and management of retail
                          properties similar to the Premises; or
                   (vii)  transfers of ownership interests in IWRRET.

                   "PROPERTY TRANSFER REQUIREMENTS" are all of the following:

                   1.     Prior review and approval of the proposed purchaser or
                          other transferee and the subject transaction by
                          Lender, at Lender's sole discretion. Review of the
                          proposed purchaser or other transferee and the subject
                          transaction shall encompass various factors,
                          including, but not limited to, the proposed
                          purchaser's or other transferee's creditworthiness,
                          financial strength, and real estate management and
                          leasing expertise as well as the proposed
                          transaction's effect on the Premises, the Borrower,
                          and other security for the Loan;

                   2.     Payment to Lender of an assumption fee equal to the
                          greater of: (a) one half of one percent (0.5%) of the
                          principal balance of the Note; or (b) $15,000.00;
                          provided, however, that Lender will require $15,000.00
                          of such fee to be paid at the beginning of Lender's
                          review process, and such sum shall be nonrefundable
                          and earned upon receipt by Lender whether or not the
                          transaction is ultimately completed or Lender
                          ultimately approves the proposed purchaser or other
                          transferee;

                                       11
<Page>

                   3.     Receipt, at Borrower's expense, of either (at Lender's
                          discretion) a new ALTA standard loan policy or an
                          endorsement updating the Lender's existing loan policy
                          in the full amount of the Loan, in form and by an
                          issuer satisfactory to Lender, and which insures this
                          Deed of Trust to be a first and prior lien subject
                          only to those exceptions which were previously
                          approved by Lender and provides coverage against usury
                          and mechanic's liens;

                   4.     Receipt by Lender of copies of all relevant
                          information and documentation relating to or required
                          by Lender in connection with the proposed transfer
                          including but not limited to (a) the organizational
                          documents of the proposed transferee and an opinion of
                          counsel satisfactory to Lender as to its due
                          formation, valid existence and authority to enter into
                          and carry out the proposed transaction as well as the
                          proposed transferee's compliance with its status as a
                          Single Purpose Entity; (b) the deeds or other
                          instruments of transfer and documents relating to the
                          assignment and assumption of Leases; (c) evidence of
                          compliance with the insurance requirements contained
                          in the Loan Documents; and (d) compliance with such
                          other closing requirements as are customarily imposed
                          by Lender in connection with such transactions;

                   5.     Execution, delivery, acknowledgment and recordation,
                          as applicable, of new, revised and/or replacement
                          assumption agreements, loan modification agreements,
                          indemnification agreements, escrow security or
                          property reserves agreements, security instruments,
                          financing statements, UCCs, new or revised letters of
                          credit and/or guarantees in form and substance
                          satisfactory to Lender;

                   6.     Payment of outside counsel fees and costs, other
                          applicable professional's fees and costs, taxes,
                          recording fees and the like, and any other fees and
                          costs incurred;

                   7.     Receipt by Lender of 60 days advance written notice of
                          the proposed Transfer in question;

                   8.     Receipt by Lender of a waiver from any tenant having a
                          right or option to purchase the Premises or any
                          portion thereof, waiving such right or option in form
                          and substance acceptable to Lender; and

                                       12
<Page>

                   9.     At Lender's option, and if required by the procedures
                          promulgated by any rating agency(ies) associated with
                          a securitization transaction with respect to the Loan,
                          receipt by Lender of written evidence from such
                          agency(ies) to the effect that the proposed transfer
                          will not result in a re-qualification, reduction or
                          withdrawal of any rating in effect immediately prior
                          to such transfer issued in connection with the
                          securitization transaction.

                   "OWNERSHIP TRANSFER REQUIREMENTS" are all of the Property
                   Transfer Requirements which Lender deems appropriate in its
                   discretion, as well as a reasonable processing fee to be
                   determined by Lender; provided, however, that (i) with
                   respect to item 2 of the Property Transfer Requirements, the
                   0.5% component of the fee shall be prorated (subject,
                   however, to the $15,000 minimum) based on Lender's
                   calculation of the effective percentage interest in Borrower
                   transferred, and (ii) item 3 of the Property Transfer
                   Requirements shall be required, at Lender's discretion, only
                   in the event of (A) a merger, consolidation, reorganization
                   or any other business combination, or (B) a reconstitution or
                   conversion from one entity to another type of entity.

            "SPECIFIC TRANSFER REQUIREMENTS -1" are all of the following which
            Borrower agrees to provide to Lender prior to each proposed
            transfer: (i) a transfer fee of $2,000.00; (ii) all relevant
            documentation and information related to the organization,
            authority, and validity of the proposed ownership interest
            purchaser, transferee and the transaction in general; (iii) all
            documents and instruments of conveyance, transfer and assignment;
            (iv) at Lender's discretion, a reaffirmation of the obligations of
            the Guarantor(s) under the Guaranty; and (v) evidence of payment of
            all outside counsel fees, professional fees, title insurance fees,
            if any, and any and all other fees, costs and expenses related to
            the proposed transfer (provided that no assumption or transfer fee
            other than the $2,000 fee stated in (i) above shall be required).

            "SPECIFIC TRANSFER REQUIREMENTS - 2" are all of the following which
            Borrower agrees to provide to Lender prior to each proposed
            transfer: IWRRET or a wholly owned affiliate thereof (i) (a) retains
            51% or more of the ownership interest in the Borrower, or (b)
            retains ownership of 20% to 50% of the ownership interest in the
            Borrower subject to Lender's review and approval in each instance of
            the proposed transferee and the subject transaction; Lender's review
            of the proposed transferee and the subject transaction shall
            encompass various factors, including but not limited to,
            transferee's creditworthiness, financial strength, and real estate
            management expertise, as well as the proposed transaction's effect
            on the Premises, Borrower and the other security for the Loan, and
            (ii) otherwise retains operational and management control of
            Borrower as determined by Lender, and further provided Borrower
            provides Lender each of the following items prior to

                                       13
<Page>

            each proposed transfer: (a) a transfer fee equal to the greater of
            $5,000.00 or the product of the percentage ownership interest in
            Borrower to be transferred multiplied by one percent (1%) of the
            outstanding principal balance of the Loan; (b) all relevant
            documentation and information related to the organization,
            authority, and validity of the proposed ownership interest
            purchaser, transferee and the transaction in general; (c) all
            documents and instruments of conveyance, transfer and assignment;
            (d) a reaffirmation of the obligations of the Guarantor(s) under the
            Guaranty; and (e) evidence of payment of all outside counsel fees,
            professional fees, title insurance fees and any and all other fees,
            costs and expenses related to the proposed transfer (provided that
            no assumption or transfer fee other than the $5,000.00 fee stated in
            (a) above shall be required).

            "SPECIFIC TRANSFER REQUIREMENTS - 3" are all of the following which
            Borrower agrees to provide to Lender prior to each proposed
            transfer: (i) said transfers are made to accommodate either the
            merger of IWRRET with the Qualified Successor or the sale of a
            majority of IWRRET's assets to the Qualified Successor; and (ii) the
            Qualified Successor retains direct or indirect ownership of 51% or
            more of the ownership interests in the Borrower and (iv) the
            Qualified Successor otherwise retains operational and management
            control of Borrower as determined by Lender, and further provided,
            Borrower provides Lender with each of the following items prior to
            the proposed transfer: (a) a transfer fee of $10,000.00; (b) all
            relevant documentation and information related to the organization,
            authority, and validity of the proposed ownership interest
            purchaser, transferee and the transaction in general; (c) all
            documents and instruments of conveyance, transfer and assignment;
            (d) a reaffirmation of the obligations of the Guarantor(s) under the
            Guaranty or assumption thereof by an individual(s) or entity(ies)
            acceptable to Lender in its sole discretion; and (e) evidence of
            payment of all outside counsel fees, professional fees, title
            insurance fees and any and all other fees, costs and expenses
            related to the proposed transfer (provided that no assumption or
            transfer fee other than the $10,000.00 fee stated in (a) above shall
            be required).

     3.     (a)    Borrower shall pay or cause to be paid when due and before
                   any penalty attaches or interest accrues all general taxes,
                   special taxes, assessments (including assessments for
                   benefits from public works or improvements whenever begun or
                   completed), utility charges, water charges, sewer service
                   charges, common area maintenance charges, if any, vault or
                   space charges and all other like charges against or affecting
                   the Premises or against any property or equipment located on
                   the Premises, or which might become a lien on the Premises,
                   and shall, within 10 days following Lender's request, furnish
                   to Lender a duplicate receipt of such payment. If any such
                   tax, assessment or charge may legally be paid in
                   installments, Borrower may, at its option, pay such tax,
                   assessment or charge in installments.

                                       14
<Page>

            (b)    If Borrower desires to contest any tax, assessment or charge
                   relating to the Premises, Borrower may do so by paying the
                   same in full, under protest, in the manner provided by law;
                   provided, however, that

                   (i)    if contest of any tax, assessment or charge may be
                          made without the payment thereof, and

                   (ii)   such contest shall have the effect of preventing the
                          collection of the tax, assessment or charge so
                          contested and the sale or forfeiture of the Premises
                          or any part thereof or any interest therein to satisfy
                          the same,

                   then Borrower may in its discretion and upon the giving of
                   written notice to Lender of its intended action and upon the
                   furnishing to Lender of such security or bond as Lender may
                   require, contest any such tax, assessment or charge in good
                   faith and in the manner provided by law. All costs and
                   expenses incidental to such contest shall be paid by
                   Borrower. In the event of a ruling or adjudication adverse to
                   Borrower, Borrower shall promptly pay such tax, assessment or
                   charge. Borrower shall indemnify and save harmless the Lender
                   and the Premises from any loss or damage arising from any
                   such contest and shall, if necessary to prevent sale,
                   forfeiture or any other loss or damage to the Premises or to
                   Lender, pay such tax, assessment or charge or take whatever
                   action is necessary to prevent any sale, forfeiture or loss.

     4.     (a)    Borrower shall at all times keep or cause to be kept in force
                   (i) property insurance insuring all Improvements which now
                   are or hereafter become a part of the Premises for perils
                   covered by a causes of loss-special form insurance policy,
                   including coverage against terrorism containing both
                   replacement cost and agreed amount endorsements or equivalent
                   coverage; (ii) commercial general liability insurance naming
                   Lender as an additional insured protecting Borrower and
                   Lender against liability for bodily injury or property damage
                   occurring in, on or adjacent to the Premises in commercially
                   reasonable amounts; (iii) boiler and machinery insurance if
                   the property has a boiler or is an office building; (iv)
                   rental value insurance for the perils specified herein for
                   one hundred percent (100%) of the Rents (including operating
                   expenses, real estate taxes, assessments and insurance costs
                   which are lessee's liability) for a period of twelve (12)
                   months; (v) builders risk insurance during all periods of
                   construction; and (vi) insurance against all other hazards as
                   may be reasonably required by Lender, including, without
                   limitation, insurance against loss or damage by flood.
                   Notwithstanding anything herein above to the contrary, if
                   neither: (i) property insurance without an exclusion for
                   terrorism, terrorist acts or similar perils ("Terrorism")
                   nor; (ii) a separate policy insuring specifically

                                       15
<Page>

                   against Terrorism is available at a cost which is in Lender's
                   opinion is commercially reasonable, taking into
                   consideration, among other things: (a) how properties similar
                   in type, size, quality and location are insured with respect
                   to Terrorism; and (b) the amount of coverage, premium and
                   deductible applicable to such insurance, then Lender agrees
                   to waive the requirement to provide insurance covering
                   Terrorism until such coverage again becomes available at a
                   cost, which in Lender's opinion is commercially reasonable.

            (b)    All insurance (including deductibles and exclusions) shall be
                   in form, content and amounts approved by Lender and written
                   by an insurance company or companies approved by Lender and
                   rated A-, class size VIII or better in the most current issue
                   of Best's Insurance Reports and which is licensed to do
                   business in the state in which the Premises are located or a
                   governmental agency or instrumentality approved by Lender.
                   The policies for such insurance shall have attached thereto
                   standard mortgagee clauses in favor of and permitting Lender
                   to collect any and all proceeds payable thereunder and shall
                   include a 30 day (except for nonpayment of premium, in which
                   case, a 10 day) notice of cancellation clause in favor of
                   Lender. All certificates of insurance (or policies if
                   requested by Lender) shall be delivered to and held by Lender
                   as further security for the payment of the Note and any other
                   obligations arising under the Loan Documents, with evidence
                   of renewal coverage delivered to Lender at least 30 days
                   before the expiration date of any policy. Borrower shall not
                   carry or permit to be carried separate insurance, concurrent
                   in kind or form and contributing in the event of loss, with
                   any insurance required in the Loan Documents.

            (c)    Unless Borrower provides evidence of the insurance coverage
                   required by this Deed of Trust, Lender may purchase insurance
                   at Borrower's expense to protect Lender's interests in
                   Borrower's collateral. This insurance may, but need not,
                   protect Borrower's interests. The coverage that Lender
                   purchases may not pay any claim that Borrower makes or any
                   claim that is made against Borrower in connection with the
                   collateral. Borrower may later cancel any insurance purchased
                   by Lender, but only after providing evidence that Borrower
                   has obtained insurance as required by this Deed of Trust. If
                   Lender purchases insurance for the collateral, Borrower will
                   be responsible for the costs of that insurance, including the
                   insurance premium, interest and any other charges Lender may
                   impose in connection with the placement of the insurance,
                   until the effective date of the cancellation or expiration of
                   the insurance. The costs of the insurance may be added to
                   Borrower's total outstanding balance or obligation. The costs
                   of the insurance may be more than the cost of insurance
                   Borrower may be able to obtain on its own.

                                       16
<Page>

     5.     (a)    Upon the occurrence of an Event of Default and upon request
                   of Lender, Borrower shall deposit with and pay to Lender, on
                   the Closing Date and/or on each payment date specified in the
                   Note, sums calculated by Lender for payment of the following
                   as they become due and payable: (i) the estimated taxes and
                   assessments assessed or levied against the Premises, and (ii)
                   the estimated premiums for insurance required by the Loan
                   Documents, excluding commercial general liability insurance.
                   Lender shall use such deposits to pay the taxes, assessments
                   and premiums when the same become due. Borrower shall procure
                   and deliver to Lender, in advance, statements for such
                   charges. If the total payments made by Borrower under this
                   paragraph exceed the amount of payments actually made by
                   Lender for taxes, assessments and insurance premiums, such
                   excess shall be credited by Lender on subsequent deposits to
                   be made by Borrower. If, however, the deposits are
                   insufficient to pay the taxes, assessments and insurance
                   premiums when the same shall be due and payable, Borrower
                   will pay to Lender any amount necessary to make up the
                   deficiency, five (5) business days before the date when
                   payment of such taxes, assessments and insurance premiums
                   shall be due. If at any time Borrower shall tender to Lender,
                   in accordance with the provisions of the Note secured by this
                   Deed of Trust, full payment of the entire Indebtedness
                   represented thereby, Lender shall, in computing the amount of
                   such Indebtedness, credit to the account of Borrower any
                   balance remaining in the funds accumulated and held by Lender
                   under the provisions of this paragraph. If there is an Event
                   of Default resulting in a public sale of the Premises, or if
                   Lender otherwise acquires the Premises after an Event of
                   Default, Lender shall apply, at the time of commencement of
                   such proceedings, or at the time the Premises is otherwise
                   acquired, the balance then remaining in the funds accumulated
                   under this paragraph as a credit toward any delinquent or
                   accrued taxes and then in such priority as Lender elects to
                   the other Indebtedness.

            (b)    Any funds held under this paragraph shall not constitute any
                   deposit or account of the Borrower or moneys to which the
                   Borrower is entitled upon demand, or upon the mere passage of
                   time, or stuns to which Borrower is entitled to any interest
                   or crediting of interest by virtue of Lender's mere
                   possession of such deposits. Lender shall not be required to
                   segregate such deposits and may hold such deposits in its
                   general account or any other account and may commingle such
                   deposits with any other moneys of Lender or moneys which
                   Lender is holding on behalf of any other person or entity.

                                       17
<Page>

     6.     In the event of any damage to or destruction of the Premises, or any
            part thereof:

            (a)    Borrower will immediately notify Lender thereof in the manner
                   provided in this Deed of Trust for the giving of notices.
                   Lender shall have the right (which may be waived by Lender in
                   writing) to settle and adjust any claim under such insurance
                   policies required to be maintained by Borrower. In all
                   circumstances, the proceeds thereof shall be paid to Lender
                   and Lender is authorized to collect and to give receipts
                   therefor. Borrower agrees and acknowledges that such proceeds
                   shall be held by Lender without any allowance of interest and
                   that in any bankruptcy proceeding of Borrower, all such
                   proceeds shall be deemed to be "Cash Collateral" as that term
                   is defined in Section 363 of the Bankruptcy Code. Provided
                   that no Event of Default exists, Borrower shall have the
                   right to participate in any settlement or adjustment;
                   provided, however, that any settlement or adjustment shall be
                   subject to the written approval of Lender, not to be
                   unreasonably withheld.

            (b)    Such proceeds, after deducting therefrom any reasonable
                   expenses incurred by Lender in the collection thereof
                   (including but not limited to reasonable attorneys' fees and
                   costs), shall be applied by Lender to pay the Indebtedness
                   secured hereby including, but not limited to the Make Whole
                   Premium, whether or not then due and payable, provided,
                   however, that if no Event of Default exists at the time of
                   such application, no Make Whole Premium shall be due.

                   Notwithstanding anything hereinabove to the contrary,

                   (i)    in the event the casualty occurs more than six (6)
                          months prior to the Maturity Date and no Event of
                          Default exists, Lender shall apply such proceeds as
                          outlined below; provided, further, that Lender's
                          rights in this subparagraph are subject to Borrower's
                          rights to use such proceeds for rebuilding and
                          restoring the buildings and improvements as may be
                          required or permitted by law in effect at the time of
                          the loss.

                          (A)   If the aggregate amount of such proceeds is less
                                than $250,000, Lender shall pay such proceeds
                                directly to Borrower, to be held in trust for
                                Lender and applied to the cost of rebuilding and
                                restoring the Premises.

                          (B)   If the aggregate amount of such proceeds equals
                                or exceeds $250,000 Lender shall disburse such
                                amounts of the proceeds as Lender reasonably
                                deems necessary for the

                                       18
<Page>

                                repair or replacement of the Premises, subject
                                to the conditions set forth in paragraph 6(c)
                                below.

                   (ii)   in the event (x) an Event of Default exists, or (y)
                          the casualty occurs during the last six (6) months
                          prior to the Maturity Date and Lender determines that
                          the repair and restoration of such casualty cannot be
                          completed prior to the Maturity Date, or (z) the
                          conditions set forth in paragraph 6(c) are not met,
                          then Lender, in its sole and absolute discretion may
                          either:

                          (A)   declare the entire Indebtedness to be
                                immediately due and payable, provided, however,
                                that if no Event of Default exists, no Make
                                Whole Premium shall be due. All proceeds shall
                                be applied toward payment of the Indebtedness in
                                such priority as Lender elects; or

                          (B)   disburse such proceeds as Lender reasonably
                                deems necessary for the repair or replacement of
                                the Premises subject to those conditions set
                                forth in paragraph 6(c) which Lender in its sole
                                and absolute discretion may require.

            (c)    (i)    In the event that Borrower is to be reimbursed out of
                          the insurance proceeds or out of any award or payment
                          received with respect to a Taking, Lender shall from
                          time to time make available such proceeds, subject to
                          the following conditions: (a) there continues to exist
                          no Event of Default; (b) the delivery to Lender of
                          satisfactory evidence of the estimated cost of
                          completion of such repair and restoration work and
                          any architect's certificates, waivers of lien,
                          contractor's sworn statements, and other evidence of
                          cost and of payment and of the continued priority of
                          the lien hereof over any potential liens of mechanics
                          and materialmen (including, without limitation, title
                          policy endorsements) as Lender may reasonably require
                          and approve; (c) the time required to complete the
                          repair and restoration work and for the income from
                          the Premises to return to the level it was prior to
                          the loss will not exceed the coverage period of the
                          rental value insurance required hereunder; (d) the
                          annual net cash flow (annual net operating income
                          after deduction for tenant improvements, leasing
                          commissions, annual replacement reserves, and a
                          management fee) shall equal or exceed 1.5 times the
                          annual debt service on the Note. Only net operating
                          income from approved executed Leases in effect on the
                          Premises, having at least three (3) years remaining
                          prior to the expiration of their term, with no uncured
                          defaults, shall be used in Lender's determination of
                          the annual net cash flow; (e) Lender approves the

                                       19
<Page>

                          plans and specifications of such work before such work
                          is commenced if the estimated cost of rebuilding and
                          restoration exceeds 25% of the Indebtedness or
                          involves any structural changes or modifications. If
                          said plans and specifications substantially comply
                          with those previously approved by Lender, Lender's
                          approval shall not be unreasonably withheld; (f) if
                          the amount of any insurance proceeds, award or other
                          payment is insufficient to cover the cost of restoring
                          and rebuilding the Premises, Borrower shall pay such
                          cost in excess of such proceeds, award or other
                          payment before being entitled to reimbursement out of
                          such funds; (g) Borrower pays to Lender a
                          non-refundable processing fee equal to the greater of
                          $5,000.00 or .25% of the amount of such proceeds
                          within sixty (60) days of the occurrence of any such
                          damage or destruction and before Lender disburses any
                          proceeds; and (h) such other conditions to such
                          disbursements, in Lender's reasonable discretion, as
                          would be customarily required by a construction lender
                          doing business in the area where the Premises is
                          located or which are otherwise required by any rating
                          agency rating a securitization transaction with
                          respect to the Loan.

                   (ii)   No payment made by Lender prior to the final
                          completion of the repair or restoration work shall,
                          together with all payments theretofore made, exceed
                          90% of the cost of such work performed to the time of
                          payment, and at all times the undisbursed balance of
                          said proceeds shall be at least sufficient to pay for
                          the cost of completion of such work free and clear of
                          all liens. Any proceeds remaining after payment of the
                          cost of rebuilding and restoration shall, at the
                          option of Lender, either be (a) applied in reduction
                          of the Indebtedness secured hereby, provided, however,
                          that if no Event of Default exists at the time of such
                          application, no Make Whole Premium shall be due, or
                          (b) paid to Borrower.

                   (iii)  Repair and restoration of the Premises shall be
                          commenced promptly after the occurrence of the loss
                          and shall be prosecuted to completion diligently, and
                          the Premises shall be so restored and rebuilt to
                          substantially the same character and quality as prior
                          to such damage and destruction and shall comply with
                          all Legal Requirements.

            (d)    Should such damage or destruction occur after foreclosure or
                   sale proceedings have been instituted, the proceeds of any
                   such Insurance policy or policies, if not applied in
                   rebuilding or restoration of the Improvements, shall be used
                   to pay (i) the Indebtedness then due and owing in the event
                   of a non-judicial sale in such priority as Lender elects,

                                       20
<Page>

                   or (ii) the amount due in accordance with any decree of
                   foreclosure or deficiency judgment that may be entered in
                   connection with such proceedings, and the balance, if any,
                   shall be paid to the owner of the equity of redemption if it
                   shall then be entitled to the same, or otherwise as any court
                   having jurisdiction may direct.

     7.     In the event of the commencement of a Taking affecting the Premises:

            (a)    Borrower shall notify Lender thereof in the manner provided
                   in this Deed of Trust for the giving of notices. Lender may
                   participate in such proceeding, and Borrower shall deliver to
                   Lender all documents requested by it to permit such
                   participation.

            (b)    Borrower shall cause the proceeds of any award or other
                   payment made relating to a Taking, to be paid directly to
                   Lender. Lender, in its sole and absolute discretion: (i) may
                   apply all such proceeds to pay the Indebtedness in such
                   priority as Lender elects, provided however, that if no Event
                   of Default exists at the time of such application no Make
                   Whole Premium shall be due; or (ii) subject to and in
                   accordance with the provisions set forth in paragraph 6(c)
                   above, may disburse such amounts of the proceeds as Lender
                   reasonably deems necessary for the repair or replacement of
                   the Premises.

            Notwithstanding anything herein above to the contrary, provided no
            Event of Default exists, Lender agrees to disburse the proceeds
            received from any Inconsequential Taking, as hereinafter defined, to
            Borrower for the repair and/or replacement of the Premises. An
            Inconsequential Taking shall be a Taking which (i) results in less
            than $250,000 in proceeds; (ii) does not, in Lender's determination,
            materially or adversely affect the Improvements, parking, access,
            ingress, egress or use of the Premises; and (iii) does not trigger
            any rights or options of tenants under the Leases.

     8.     If by the laws of the United States of America or of any state or
            governmental subdivision having jurisdiction over Borrower or of the
            Premises or of the Loan evidenced by the Loan Documents or any
            amendments or modifications thereof, any tax or fee is due or
            becomes due or is imposed upon Lender in respect of the issuance of
            the Note hereby secured or the making, recording and registration of
            this Deed of Trust or otherwise in connection with the Loan
            Documents, the Environmental Indemnity or the Loan, except for
            Lender's income or franchise tax, Borrower covenants and agrees to
            pay such tax or fee in the manner required by such law and to hold
            harmless and indemnify Trustee and Lender, their successors and
            assigns, against any liability incurred by reason of the imposition
            of any such tax or fee.

                                       21
<Page>

     9.     (a)    Upon the occurrence of any Event of Default, Lender may, but
                   need not, make any payment or perform any act herein required
                   of Borrower, in any form and manner deemed expedient and may,
                   but need not, make full or partial payments of principal or
                   interest on prior encumbrances, if any, and purchase,
                   discharge, compromise or settle any tax lien or other prior
                   lien or title or claim thereof, or redeem from any tax sale
                   or forfeiture affecting said Premises, or contest any tax or
                   assessment. All moneys paid for any of the purposes herein
                   authorized and all reasonable expenses paid or incurred in
                   connection therewith, including but not limited to,
                   reasonable attorneys' fees and costs and reasonable
                   attorneys' fees and costs on appeal, and any other money
                   advanced by Lender to protect the Premises and the lien
                   hereof, shall be so much additional Indebtedness secured
                   hereby and shall become immediately due and payable without
                   notice and with interest thereon at the Default Rate from the
                   date of expenditure or advance until paid.

            (b)    In making any payment hereby authorized relating to taxes or
                   assessments or for the purchase, discharge, compromise or
                   settlement of any prior lien, Lender may make such payment
                   according to any bill, statement or estimate secured from the
                   appropriate public office without inquiry into the accuracy
                   thereof or into the validity of any tax, assessment, sale,
                   forfeiture, tax lien or title or claim thereof or without
                   inquiry as to the validity or amount of any claim for lien
                   which may be asserted.

     10.    If one or more of the following events (herein called an "EVENT OF
            DEFAULT" or "EVENTS OF DEFAULT" as the context so requires) shall
            have occurred:

            (a)    failure to pay when due any principal, interest, Make Whole
                   Premium or other Indebtedness, utilities, taxes or
                   assessments or insurance premiums required pursuant to the
                   Loan Documents or the Environmental Indemnity, and such
                   failure shall have continued for 5 days as to payment of any
                   principal, interest or taxes or assessments, or insurance
                   premiums or for 5 days after written notice specifying such
                   default is given by Lender to Borrower as to payment of any
                   Make Whole Premium; or

            (b)    Borrower, Interest Owner or any guarantor voluntarily brings
                   or acquiesces to any of the following: (A) any action for
                   dissolution, act of dissolution or dissolution or the like of
                   Borrower, Interest Owner or any guarantor under the Federal
                   Bankruptcy Code as now or hereafter constituted; (B) the
                   filing of a petition or answer proposing the adjudication of
                   Borrower, Interest Owner or any guarantor as a bankrupt or
                   its reorganization or arrangement, or any composition,
                   readjustment, liquidation, dissolution or similar relief with
                   respect to it pursuant to any present or future federal or
                   state bankruptcy or similar law; or (C) the appointment by
                   order of a court

                                       22
<Page>

                   of competent jurisdiction of a receiver, trustee or
                   liquidator of the Premises or any part thereof or of
                   Borrower, Interest Owner or any guarantor or of substantially
                   all of the assets of Borrower, Interest Owner or any
                   guarantor; or

            (c)    one or more of the items set forth in paragraph 10(b) above
                   occur which were either not (i) voluntarily brought by
                   Borrower, Interest Owner or any guarantor or (ii) acquiesced
                   in by Borrower, Interest Owner or any guarantor, and which
                   are not discharged or dismissed within 90 days after the
                   action, filing or appointment, as the case may be; or

                   With respect to the matters in (b) and (c) above for an
                   Interest Owner only, no Event of Default shall occur until an
                   interested party or Interest Owner asserts a claim or right
                   against Borrower or the Premises which delays or otherwise
                   affects Lender's rights, remedies, or interests granted under
                   the Loan Documents (whether or not such assertion is
                   successful).

            (d)    with respect to the matters not described in the other
                   subparagraphs of this paragraph 10, failure to duly observe
                   or perform any covenant, condition or agreement of the
                   Borrower or any guarantor contained in this Deed of Trust,
                   the Guaranty, the Note or the Assignment of Leases from
                   Borrower to Lender or in any other instrument or agreement
                   which evidences or secures the Loan (the "LOAN DOCUMENTS"),
                   or in the Environmental Indemnity and such failure shall have
                   continued for 30 days after Notice specifying such failure is
                   given by Lender to Borrower; or

                   If any failure to observe or perform under (d) above shall be
                   of such nature that it cannot be cured or remedied within 30
                   days, Borrower shall be entitled to a reasonable period of
                   time to cure or remedy such failure (not to exceed 90 days
                   following the giving of Notice), provided Borrower commences
                   the cure or remedy thereof within the 30 day period following
                   the giving of Notice and thereafter proceeds with diligence,
                   as determined by Lender, to complete such cure or remedy.

            (e)    the failure of Borrower to duly observe or perform any of the
                   covenants, conditions and agreements of the Borrower
                   contained in paragraph 2(f) of this Deed of Trust; or

            (f)    any representation when made by or on behalf of Borrower,
                   Interest Owner or any guarantor regarding the Premises, the
                   making or delivery of any of the Loan Documents or the
                   Environmental Indemnity or in any material written
                   information provided by or on behalf of Borrower, Interest
                   Owner or any guarantor in connection with the Loan shall
                   prove to be untrue or Inaccurate in any material respect; or

                                       23
<Page>

            (g)    the failure of Borrower to give Notice to Lender within 90
                   days after the death of any individual who is personally
                   liable for any obligation under the Loan Documents or the
                   Environmental Indemnity, as Borrower, indemnitor or
                   guarantor, whether or not such individual had executed the
                   Note or this Deed of Trust; or

            (h)    subject to the provisions of paragraph 2(f), the failure of
                   Borrower to provide Lender with an assumption agreement in
                   form and substance and executed by a person(s) or entity(ies)
                   acceptable to Lender in its sole discretion to assume the
                   obligations of any deceased individual who is personally
                   liable for any obligation under the Loan Documents or the
                   Environmental Indemnity, as Borrower, indemnitor or
                   guarantor, whether or not such individual had executed the
                   Note or this Deed of Trust, and such failure shall have
                   continued for 90 days after the death of such individual; or

            (i)    the failure of Borrower to remain a Single-Purpose Entity; or

            (j)    notification of Lender by Borrower of Borrower's election
                   pursuant to Mo. Rev. Stat. Section 443.055 to terminate the
                   operation of this Deed of Trust as security for future
                   advances or future obligations; or

            (k)    the failure of Borrower to duly observe or perform any of the
                   covenants, conditions and agreements of Borrower contained in
                   paragraph 1(m) of this Deed of Trust;

            then, in each and every such case, the whole of said principal sum
            hereby secured shall, at the option of the Lender and without
            further notice to Borrower, become immediately due and payable
            together with accrued interest thereon, a Make Whole Premium
            calculated in accordance with the provisions of the Loan Documents
            and all other Indebtedness, and whether or not Lender has exercised
            said option, interest shall accrue on the entire principal balance
            and any interest or Make Whole Premium or other Indebtedness then
            due, at the Default Rate until fully paid or if Lender has not
            exercised said option, for the duration of any Event of Default

     11.    Borrower agrees that if Lender accelerates the whole or any part of
            the principal sum hereby secured after the occurrence of an Event of
            Default, or applies any proceeds pursuant to the provisions hereof,
            Borrower waives any right to prepay the principal sum hereby secured
            in whole or in part without premium and agrees to pay, as yield
            maintenance protection and not as a penalty, a "MAKE WHOLE PREMIUM".
            However, in the event any proceeds from a casualty or Taking of the
            Premises are applied to reduce the principal balance under the Note,
            no Make

                                       24
<Page>

            Whole Premium shall be due so long as no Event of Default exists at
            the time of such application. The Make Whole Premium shall be the
            greater of one percent (1%) of the principal amount to be prepaid or
            a premium calculated as follows:

            (a)    Determine the "REINVESTMENT YIELD." The Reinvestment Yield
                   will be equal to the yield on the U.S. Treasury Issue
                   ("PRIMARY ISSUE")* published one week prior to the date of
                   prepayment and converted to an equivalent monthly compounded
                   nominal yield.

            *At this time there is not a U.S. Treasury Issue for this prepayment
            period. At the time of prepayment, Lender shall select in its sole
            and absolute discretion a U.S. Treasury Issue with similar remaining
            time to the Maturity Date.

            (b)    Calculate the "PRESENT VALUE OF THE LOAN." The Present Value
                   of the Loan is the present value of the payments to be made
                   in accordance with the Note (all installment payments and any
                   remaining payment due on the Maturity Date) discounted at the
                   Reinvestment Yield for the number of months remaining from
                   the date of prepayment to the Maturity Date. In the event of
                   a partial prepayment as a result of the aforementioned
                   application of proceeds, the Present Value of the Loan shall
                   be calculated in accordance with the preceding sentence
                   multiplied by the fraction which results from dividing the
                   amount of the prepaid proceeds by the principal balance
                   immediately prior to prepayment.

            (c)    Subtract the amount of the prepaid proceeds from the Present
                   Value of the Loan as of the date of prepayment. Any resulting
                   positive differential shall be the premium.

            Notwithstanding anything herein to the contrary, during the last 90
            days prior to the Maturity Date, the Make Whole Premium shall not be
            subject to the one percent (1%) minimum and shall be calculated only
            as provided in (a) through (c) above.

     12.    Upon the occurrence of any Event of Default, in addition to any
            other rights or remedies granted or available to Lender hereunder or
            under the other Loan Documents, at law, in equity or otherwise,
            Lender may declare all sums secured hereby immediately due and
            payable by delivery to Trustee of written declaration of default and
            demand for sale and this Deed of Trust shall remain in force; and
            said Trustee or its successor or successors as hereinafter provided
            for, at the request of the legal holder of the aforesaid Note, may
            proceed to sell the Premises hereinbefore conveyed, or any part
            thereof, at public vendue or outcry at the place then customarily
            employed for that purpose in the county where the Premises are
            located (or, if located in the City of St. Louis, then the said
            City) to the highest bidder for cash, first giving the public notice
            as required by law of the time, terms

                                       25
<Page>

            and place of sale and description of the property to be sold, by
            advertisement published as is provided by the laws of the State of
            Missouri then in effect, and on such sale Trustee shall receive the
            proceeds thereof and shall execute a deed or deeds, in fee simple to
            the property sold, to the purchaser or purchasers thereof, and any
            deed made by Trustee in pursuance of the power herein granted and
            all recitals therein contained shall be conclusive proof of the
            facts therein set forth. At such sale, Lender shall be entitled to
            bid for or purchase the mortgaged Premises, the same as any third
            person might do. Trustee shall pay out the proceeds of such sale,
            first, the cost and expense of executing this trust, including
            attorneys fees of the Trustee and lawful compensation to the Trustee
            for its services as provided by statute, next, it shall repay any
            money advanced for taxes, insurance or other advances or charges
            with interest thereon, as above provided, next, the amount unpaid on
            said Note together with the interest accrued thereon and all overdue
            payments and charges provided for herein and all other sums or
            amounts due under the terms of any of the Loan Documents, and, the
            remainder, if any, shall be paid to such parties as may legally be
            entitled thereto.

     13.    Notwithstanding anything to the contrary in paragraph 12 or any
            other provision hereof, all rights of the Lender or any other legal
            holder of the Note, including without limitation, to commence a
            lawsuit for payment of the Note, to foreclose this Deed of Trust by
            judicial action or to take any other legal action to enforce this
            Deed of Trust by judicial action or to take any other legal action
            to enforce payment of said Indebtedness, by court proceedings for
            legal or equitable relief, or otherwise, shall remain intact and
            may be pursued by Lender or such other legal holder at its option
            and in its sole discretion.

     14.    (a)    In the event of such a sale of the Premises or any part
                   thereof and the execution of a deed or deeds therefor under
                   these trusts, any recital therein of the occurrence of an
                   Event of Default or of the giving or recording of any notice
                   or demand by Trustee or Lender regarding such sale shall be
                   conclusive proof thereof, and the receipt of the purchase
                   money recited therein shall fully discharge the purchaser
                   from any obligation for the proper application of the
                   proceeds of sale in accordance with these trusts.

            (b)    No Trustee shall be disqualified from acting as Trustee
                   hereunder, or from performing any of the duties as Trustee or
                   from exercising the rights, powers, and remedies herein
                   granted by reason of the fact such Trustee is an officer,
                   employer or stockholder of the Lender, or is interested,
                   directly or indirectly, as the holder of the Note hereby
                   secured, Borrower hereby expressly consenting to Trustee
                   acting as such Trustee irrespective of the fact that Trustee
                   might otherwise be disqualified for any of the foregoing
                   reasons, and that any Interest which such Trustee or any
                   successor shall have or may acquire in the debt hereby
                   secured, or the Premises hereby conveyed, shall neither
                   interfere with nor prevent their acting as Trustee or

                                       26
<Page>

                   from purchasing the Premises at the sale, and all parties
                   waive any objection to Trustee or from purchasing the
                   Premises at the sale, and all parties waive any objection to
                   Trustee having acquiring any such interest in the debt or
                   property aforesaid and continuing to act as such Trustee.

     15.    Following the occurrence of an Event of Default, unless the same has
            been specifically waived in writing, Borrower shall forthwith upon
            demand of Trustee or Lender surrender to Lender possession of the
            Premises, and Lender shall be entitled to take actual possession of
            the Premises or any part thereof personally or by its agents or
            attorneys, and Lender in its discretion may, with or without force
            and with or without process of law, enter upon and take and maintain
            possession of all or any part of the Premises together with all
            documents, books, records, papers and accounts of the Borrower or
            the then owner of the Premises relating thereto, and may exclude
            Borrower, its agents or assigns wholly therefrom, and may as
            attorney-in-fact or agent of the Borrower, or in its own name as
            Lender and under the powers herein granted:

            (a)    hold, operate, maintain, repair, rebuild, replace, alter,
                   improve, manage or control the Premises as it deems
                   judicious, insure and reinsure the same and any risks related
                   to Lender's possession, operation and management thereof and
                   receive all Rents, either personally or by its agents, and
                   with full power to use such measures, legal or equitable, as
                   in its discretion it deems proper or necessary to enforce the
                   payment or security of the Rents, including actions for the
                   recovery of Rent, actions in forcible detainer and actions in
                   distress for Rents, hereby granting full power and authority
                   to exercise each and every of the rights, privileges and
                   powers herein granted at any and all times hereafter, without
                   notice to Borrower; and

            (b)    conduct leasing activity pursuant to the provisions of the
                   Assignment of Leases.

            Neither Trustee nor Lender shall be obligated to perform or
            discharge, nor does either hereby undertake to perform or discharge,
            any obligation, duty or liability under any Lease. Except to the
            extent that the same is caused solely by Lender's gross negligence
            or willful misconduct, should Trustee or Lender incur any liability,
            loss or damage under any Leases, or under or by reason of the
            Assignment of Leases, or in the defense of any claims or demands
            whatsoever which may be asserted against Lender or Trustee by reason
            of any alleged obligations or undertakings on its part to perform or
            discharge any of the terms, covenants or agreements in any Lease,
            the amount thereof, including costs, expenses and reasonable
            attorneys' fees and costs, including reasonable attorneys' fees and
            costs on appeal, shall be added to the Indebtedness and secured
            hereby.

                                       27
<Page>

     16.    Upon the occurrence of an Event of Default, Trustee and Lender in
            the exercise of the rights and powers conferred upon them shall have
            the full power to use and apply the Rents, less costs and expenses
            of collection to the payment of or on account of the items listed in
            (a) - (c) below, at the election of Lender and in such order as
            Lender may determine as follows:

            (a)    to the payment of (i) the expenses of operating and
                   maintaining the Premises, including, but not limited to the
                   cost of management, leasing (which shall include reasonable
                   compensation to Trustee, Lender and their respective agent or
                   agents if management and/or leasing is delegated to an agent
                   or agents), repairing, rebuilding, replacing, altering and
                   improving the Premises, (ii) premiums on insurance as
                   hereinabove authorized, (iii) taxes and special assessments
                   now due or which may hereafter become due on the Premises,
                   and (iv) expenses of placing the Premises in such condition
                   as will, in the sole judgment of Lender, make it readily
                   rentable;

            (b)    to the payment of any principal, interest or any other
                   Indebtedness secured hereby or any deficiency which may
                   result from any foreclosure sale;

            (c)    to the payment of established claims for damages, if any,
                   reasonable attorneys' fees and costs and reasonable
                   attorneys' fees and costs on appeal.

            The manner of the application of Rents, the reasonableness of the
            costs and charges to which such Rents are applied and the item or
            items which shall be credited thereby shall be within the sole and
            unlimited discretion of Lender. To the extent that the costs and
            expenses in (a) and (c) above exceed the amounts collected, the
            excess shall be added to the Indebtedness and secured hereby.

     17.    Upon the occurrence of any Event of Default, unless the same has
            been specifically waived in writing, Lender may apply to any court
            having jurisdiction for the appointment of a receiver of the
            Premises. Such appointment may be made either before or after sale,
            without notice, without regard to the solvency or insolvency of
            Borrower at the time of application for such receiver and without
            regard to the then value of the Premises or the adequacy of Lender's
            security. Lender may be appointed as such receiver. The receiver
            shall have power to collect the Rents during the pendency of any
            foreclosure proceedings and, in case of a sale, during the full
            statutory period of redemption, if any, as well as during any
            further times when Borrower, except for the intervention of such
            receiver, would be entitled to collect such Rents. In addition, the
            receiver shall have all other powers which shall be necessary or are
            usual in such cases for the protection, possession, control,
            management and operation of the Premises during the whole of said
            period. The court from time to time may authorize the receiver to
            apply the net income in its possession at Lender's election and in
            such order as

                                       28
<Page>

            Lender may determine in payment in full or in part of those items
            listed in paragraph 16.

     18.    (a)    Borrower agrees that all reasonable costs, charges and
                   expenses, including but not limited to, reasonable attorneys'
                   fees and costs, incurred or expended by Trustee or Lender
                   arising out of or in connection with any action, proceeding
                   or hearing, legal, equitable or quasi-legal, including the
                   preparation therefor and any appeal therefrom, in any way
                   affecting or pertaining to the Loan Documents, the
                   Environmental Indemnity, or the Premises, shall be promptly
                   paid by Borrower. All such sums not promptly paid by Borrower
                   shall be added to the Indebtedness secured hereby and shall
                   bear interest at the Default Rate from the date of such
                   advance and shall be due and payable on demand.

            (b)    Borrower hereby agrees that upon the occurrence of an Event
                   of Default and the acceleration of the principal sum secured
                   hereby pursuant to this Deed of Trust, to the full extent
                   that such rights can be lawfully waived, Borrower hereby
                   waives and agrees not to insist upon, plead, or in any manner
                   take advantage of, any notice of acceleration, any stay,
                   extension, exemption, homestead, marshaling or moratorium law
                   or any law providing for the valuation or appraisement of all
                   or any part of the Premises prior to any sale or sales
                   thereof under any provision of this Deed of Trust or before
                   or after any decree, judgment or order of any court or
                   confirmation thereof, or claim or exercise any right to
                   redeem all or any part of the Premises so sold and hereby
                   expressly waives to the full extent permitted by applicable
                   law on behalf of itself and each and every person or entity
                   acquiring any right, title or interest in or to all or any
                   part of the Premises, all benefit and advantage of any such
                   laws which would otherwise be available to Borrower or any
                   such person or entity, and agrees that neither Borrower nor
                   any such person or entity will invoke or utilize any such law
                   to otherwise hinder, delay or impede the exercise of any
                   remedy granted or delegated to Lender herein but will permit
                   the exercise of such remedy as though any such laws had not
                   been enacted. Borrower hereby further expressly waives to the
                   full extent permitted by applicable law on behalf of itself
                   and each and every person or entity acquiring any right,
                   title or interest in or to all or any part of the Premises
                   any and all rights of redemption from any sale or any order
                   or decree of foreclosure obtained pursuant to provisions of
                   this Deed of Trust.

     19.    In accordance with and subject to the terms and conditions of the
            Assignment of Leases, Borrower hereby assigns to Lender directly and
            absolutely, and not merely collaterally, the interest of Borrower as
            lessor under the Leases of the Premises and the Rents payable under
            any Lease and/or with respect to the use of the Premises, or portion
            thereof, including any oil, gas or mineral lease, or any

                                       29
<Page>

            installments of money payable pursuant to any agreement or any sale
            of the Premises or any part thereof, subject only to a license, if
            any, granted by Lender to Borrower with respect thereto prior to the
            occurrence of an Event of Default. Borrower has executed and
            delivered the Assignment of Leases which grants to Lender specific
            rights and remedies in respect of said Leases and governs the
            collection of Rents thereunder and from the use of the Premises, and
            such rights and remedies so granted shall be cumulative of those
            granted herein.

            The collection of such Rents and the application thereof as
            aforesaid shall not cure or waive any Event of Default or notice of
            default hereunder or invalidate any act done pursuant to such
            notice, except to the extent any such Event of Default is fully
            cured. Failure or discontinuance of Lender at any time, or from time
            to time, to collect any such moneys shall not impair in any manner
            the subsequent enforcement by Lender of the right, power and
            authority herein conferred on Lender. Nothing contained herein,
            including the exercise of any right, power or authority herein
            granted to Lender, shall be, or be construed to be, an affirmation
            by Lender of any tenancy, Lease or option, or an assumption of
            liability under, or the subordination of the lien or charge of this
            Deed of Trust to any such tenancy, Lease or option. Borrower hereby
            agrees that, in the event Lender exercises its rights as provided
            for in this paragraph or in the Assignment of Leases, Borrower
            waives any right to compensation for the use of Borrower's
            furniture, furnishings or equipment in the Premises for the period
            such assignment of rents or receivership is in effect, it being
            understood that the Rents derived from the use of any such items
            shall be applied to Borrower's obligations hereunder as above
            provided.

     20.    All rights and remedies granted to Trustee or Lender in the Loan
            Documents shall be in addition to and not in limitation of any
            rights and remedies to which it is entitled in equity, at law or by
            statute, and the invalidity of any right or remedy herein provided
            by reason of its conflict with applicable law or statute shall not
            affect any other valid right or remedy afforded to Trustee or
            Lender. No waiver of any default or Event of Default under any of
            the Loan Documents shall at any time thereafter be held to be a
            waiver of any rights of the Trustee or Lender hereunder, nor shall
            any waiver of a prior Event of Default or default operate to waive
            any subsequent Event of Default or default. All remedies provided
            for in the Loan Documents are cumulative and may, at the election of
            Lender, be exercised alternatively, successively or concurrently. No
            act of Trustee or Lender shall be construed as an election to
            proceed under any one provision herein to the exclusion of any other
            provision or to proceed against one portion of the Premises to the
            exclusion of any other portion. Time is of the essence under this
            Deed of Trust and the Loan Documents.

     21.    By accepting payment of any sum secured hereby after its due date,
            Lender does not waive its right either to require prompt payment
            when due of all other sums or

                                       30
<Page>

            installments so secured or to declare a default for failure to pay
            such other sums or installments.

     22.    The usury provisions of paragraph 6 of the Note and the limitation
            of recourse liability provisions of paragraph 9 of the Note are
            fully incorporated herein by reference as if the same were
            specifically stated here.

     23.    In the event one or more provisions of the Loan Documents shall be
            held to be invalid, illegal or unenforceable in any respect, such
            invalidity, illegality or unenforceability shall not affect any
            other provision hereof, and the Loan Documents shall be construed as
            if any such provision had never been contained herein.

     24.    If the payment of the Indebtedness secured hereby or of any part
            thereof shall be extended or varied, or if any part of the security
            be released, all persons now or at any time hereafter liable
            therefor, or interested in said Premises, shall be held to assent to
            such extension, variation or release, and their liability and the
            lien and all provisions hereof shall continue in full force, the
            right of recourse against all such persons being expressly reserved
            by Lender notwithstanding such variation or release.

     25.    Upon payment in full of the principal sum, interest and other
            Indebtedness secured by the Loan Documents, these presents shall be
            null and void, and Trustee shall release this Deed of Trust and the
            lien hereof by proper instrument executed in recordable form.

     26.    (a)    Borrower hereby grants to Lender and its respective agents,
                   attorneys, employees, consultants, contractors and assigns an
                   irrevocable license and authorization to enter upon and
                   inspect the Premises and all facilities located thereon at
                   reasonable times, subject to the inspection rights provisions
                   afforded to Borrower under the Leases. Lender shall make
                   reasonable efforts to ensure that the operations of the
                   tenants are not disrupted.

            (b)    In connection with any sale or conveyance of this Deed of
                   Trust, Borrower grants to Lender and its respective agents,
                   attorneys, employees, consultants, contractors and assigns an
                   irrevocable license and authorization to conduct, at Lender's
                   expense, a Phase I environmental audit of the Premises,
                   subject to the inspection rights provisions afforded to
                   Borrower under the Leases.

            (c)    In the event there has been an Event of Default or in the
                   event Lender has formed a reasonable belief, based on its
                   inspection of the Premises or other factors known to it, that
                   Hazardous Materials may be present on the

                                       31
<Page>

                   Premises, then Borrower grants to Lender and its respective
                   agents, attorneys, employees, consultants, contractors and
                   assigns an irrevocable license and authorization to conduct,
                   at Borrower's expense using Engineering Consulting Services,
                   Ltd. or the firm of Borrower's choice, subject to Lender's
                   reasonable approval, environmental tests of the Premises,
                   including without limitation, a Phase I environmental audit,
                   subsurface testing, soil and ground water testing, and other
                   tests which may physically invade the Premises or facilities
                   (the "TESTS"). The scope of the Tests shall be such as
                   Lender, in its sole discretion, determines is necessary to
                   (i) investigate the condition of the Premises, (ii) protect
                   the security interests created under this Deed of Trust, or
                   (iii) determine compliance with Environmental Laws, the
                   provisions of the Loan Documents and the Environmental
                   Indemnity and other matters relating thereto. Lender shall
                   make reasonable efforts to ensure that the operations of the
                   tenants are not disrupted.

            (d)    Provided no Event of Default has occurred, Lender will
                   provide Borrower with reasonable notice of Lender's intent to
                   enter, inspect and conduct the Tests provided for in this
                   paragraph. In addition, Lender shall conduct such inspections
                   and Tests during normal business hours and use reasonable
                   efforts to minimize disruption of the lessees' business
                   operations.

                   The foregoing licenses and authorizations are intended to be
                   a means of protection of Lender's security interest in the
                   Premises and not as participation in the management of the
                   Premises.

     27.    Within 15 days after any written request by any party to this Deed
            of Trust, the requested party shall certify, by a written statement
            duly acknowledged, the amount of principal, interest and other
            Indebtedness then owing on the Note, the terms of payment, Maturity
            Date and the date to which interest has been paid. Borrower shall
            further certify whether any defaults, offsets or defenses exist
            against the Indebtedness secured hereby. Borrower shall also furnish
            to Lender, within 30 days of its request therefor, tenant estoppel
            letters from such tenants of the Premises as Lender may reasonably
            require; which Lender shall not request more than one (1) time per
            annum.

   28.  (a)     Borrower shall furnish to Lender within 90 days after the end of
                each fiscal year of Borrower, a detailed and analytical
                financial report prepared in accordance with generally accepted
                accounting principles consistently applied, certified in a
                manner and otherwise in form acceptable to Lender covering the
                full and complete operation of the Premises, including without
                limitation: (i) income and expense statements, and (ii) a report
                of the leasing status of the Premises as of the end of such
                period, identifying the lessee, square footage leased, rental

                                       32
<Page>

                amount, base rental increases, rental concessions and/or rental
                deferments, if any, and commencement and expiration dates under
                each Lease of the Premises and a listing of sales volumes
                attained by lessees of the Premises under percentage leases for
                the immediately preceding year, and (iii) within 15 days after
                written request by Lender, an aged accounts receivable report
                and an annual budget. Such reports shall be prepared by an
                accountant who may be an employee of Borrower, or of an
                affiliate of Borrower, acceptable to Lender. In addition to the
                reports referred to herein, Borrower shall promptly supply any
                additional information or records relating to the Premises or
                its operation as Lender may from time to time reasonably
                request.

          (b)   Within 15 days after any written request by Lender, Borrower
                shall furnish to Lender, for the most recently completed fiscal
                quarter of Borrower, the reports specified in (i) and (ii)
                above.

     (c)        Within 15 days after any written request by Lender, Borrower
                shall furnish to Lender, for the most recently completed fiscal
                year, a combined or consolidated federal income tax return filed
                by IWRRET. Said information shall be subject to Lender's review.

     29.    Each notice, consent, request, report or other communication under
            this Deed of Trust or any other Loan Document (each, a "NOTICE"),
            which any party hereto may desire or be required to give to the
            other shall be deemed to be an adequate and sufficient notice if
            given in writing and service is made by either (i) registered or
            certified mail, postage prepaid, in which case notice shall be
            deemed to have been received three (3) business days following
            deposit to U.S. mail; or (ii) nationally recognized overnight air
            courier, next day delivery, prepaid, in which case such notice shall
            be deemed to have been received one (1) business day following
            delivery to such nationally recognized overnight air courier. All
            Notices shall be addressed to Borrower at its address given on the
            first page hereof, or to Lender at c/o Principal Real Estate
            Investors, LLC, 801 Grand Avenue, Des Moines, Iowa 50392-1450, Attn:
            Commercial Real Estate Servicing, Loan No. 753948, or to such other
            place as any party may by written notice to the other parties
            designate as a place for service of notice. Borrower shall not be
            permitted to designate more than one place for service of Notice
            concurrently.

     30.    Lender, from time to time, may substitute another Trustee in place
            of the Trustee named herein, to execute the trusts hereby created;
            and upon such appointment, and without conveyance to the successor
            trustee, the successor trustee shall be vested with all the title,
            interest, powers, duties and trusts in the Premises hereby vested in
            or conferred upon Trustee herein named. Each such appointment and
            substitution shall be made by written instrument executed by the
            Lender containing reference to this Deed of Trust sufficient to
            identify it, which instrument, when recorded in the office of the
            County Recorder of the county or

                                       33
<Page>

            counties (or, in the case of the City of St. Louis, the Recorder of
            Deeds for such city) in which the Premises is situated, shall be
            conclusive proof of proper appointment of the successor trustee. The
            recital or statement, in any instrument executed by Trustee in
            pursuance of any of said trusts, of the due authorization of any
            agent of the Trustee executing the same shall for all purposes be
            conclusive proof of such authorization. In the event any foreclosure
            advertisement is running or has run at the time of an appointment of
            a substitute Trustee, the substitute Trustee may to the extent
            permitted by applicable law, consummate the advertised sale without
            the necessity of republishing such advertisement.

     31.    Trustee at any time, at Trustee's option, may commence and maintain
            suit in any court of competent jurisdiction and obtain the aid and
            direction of said court in the execution by it of the trusts or any
            of them, herein expressed or contained, and, in such suit, may
            obtain the orders or decrees, interlocutory or final of said court
            directing the execution of said trusts, and confirming and approving
            Trustee's acts, or any of them, or any sales or conveyances made by
            Trustee, and adjudging the validity thereof, and directing that the
            purchasers of the property sold and conveyed be let into immediate
            possession thereof, and providing for orders of court or other
            process requiring the Sheriff of the county in which said property
            is situated to place and maintain said purchasers in quiet and
            peaceable possession of the property so purchased by them, and the
            whole thereof.

     32.    Borrower has had the opportunity to fully negotiate the terms hereof
            and modify the draftsmanship of the Loan Documents and the
            Environmental Indemnity. Therefore, the terms of the Loan Documents
            and the Environmental Indemnity shall be construed and interpreted
            without any presumption, inference, or rule requiring construction
            or interpretation of any provision of the Loan Documents and the
            Environmental Indemnity against the interest of the party causing
            the Loan Documents and the Environmental Indemnity or any portion of
            it to be drafted. Borrower is entering into the Loan Documents and
            the Environmental Indemnity freely and voluntarily without any
            duress, economic or otherwise.

     33.    Borrower, forthwith upon request, at any and all times hereafter, at
            the expense of Borrower, will cause to be made, executed,
            acknowledged and delivered to Trustee, any and every deed or
            assurance in law which Trustee or counsel of Trustee shall
            reasonably advise or require for the more sure, effectual and
            satisfactory granting and confirming of said Premises unto Trustee.

     34.    The Trustee may resign at any time upon giving written notice to
            Borrower and Lender. Trustee shall not be liable or responsible for
            its acts or omissions hereunder, except for Trustee's own gross
            negligence or willful default, or be liable or responsible for any
            acts or omissions of any agent, attorneys or employee by him
            employed hereunder, if selected with reasonable care.

                                       34
<Page>

     35.    Trustee accepts this trust when this Deed of Trust executed and
            acknowledged is made a public record as provided by law. Trustee is
            not obligated to notify any party hereto of pending sale under any
            other deed of trust or of any action or proceeding in which
            Borrower, Lender, or Trustee shall be a party unless brought by
            Trustee.

            Trustee hereby lets the Premises to Borrower and assigns until this
            Deed of Trust is released and satisfied or until default is made
            under the covenants and agreements hereof, on the following terms:
            Borrower and all persons claiming or possessing the Premises or any
            part thereof shall pay rent therefore during the term at one cent
            (1CENTS) per month payable upon demand, and shall and will surrender
            peaceful possession of the Premises, and every part thereof, to
            Trustee immediately on such default and without notice or demand
            therefore, and thereupon Trustee shall be entitled to the Rents,
            revenues, incomes and profits therefrom as hereinabove provided;
            provided nothing in this Deed of Trust shall be construed to prevent
            Lender from having and taking every legal means to enforce payment
            of the Note, and each installment thereof, without having first
            enforced this Deed of Trust.

     36.    This Deed of Trust and all provisions hereof shall inure to the
            benefit of the heirs, successors and assigns of Lender and shall
            bind the heirs and permitted successors and assigns of Borrower.

     37.    This Deed of Trust shall be governed by, and construed in accordance
            with, the laws of the state of Missouri, without regard to its
            conflicts of law principles.

     38.    As used herein, the term "DEFAULT RATE" means a rate equal to the
            lesser of (i) four percent (4%) per annum above the then applicable
            interest rate payable under the Note or (ii) the maximum rate
            allowed by applicable law.

     39.    BORROWER AND LENDER EACH KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
            WAIVE, TO THE EXTENT PERMITTED BY LAW, TRIAL BY JURY IN ANY ACTIONS
            BROUGHT BY BORROWER, TRUSTEE OR LENDER IN CONNECTION WITH THIS DEED
            OF TRUST, ANY OF THE LOAN DOCUMENTS, THE INDEBTEDNESS SECURED
            HEREBY, OR ANY OTHER STATEMENTS OR ACTIONS OF LENDER.

     40.    This Deed of Trust and the Indebtedness secured hereby is for the
            sole purpose of conducting or acquiring a lawful business,
            professional or commercial activity or for the acquisition or
            management of real or personal property as a commercial investment,
            and all proceeds of such Indebtedness shall be used for said
            business or commercial investment purpose. Such proceeds will not be
            used for the purchase of any security within the meaning of the
            Securities Exchange Act of 1934, as amended, or any regulation
            issued pursuant thereto, including without

                                       35
<Page>

            limitation, Regulations U, T and X of the Board of Governors of the
            Federal Reserve System. This is not a purchase money deed of trust
            where a seller is providing financing to a buyer for the payment of
            all or any portion of the purchase price and the Premises secured
            hereby is not a residence or homestead or used for mining, grazing,
            agriculture, timber or farming purposes.

     41.    Unless Lender shall otherwise direct in writing, Borrower shall
            appear in and defend all actions or proceedings purporting to affect
            the security hereunder, or any right or power of the Lender,
            excluding any Federal regulatory proceedings against Lender that are
            not instituted because of any act or omission by Borrower, any
            Interest Owner or which result from the Premises. The Lender shall
            have the right to appear in such actions or proceedings. Borrower
            shall save Lender harmless from all reasonable costs and expenses,
            including but not limited to, reasonable attorneys' fees and costs
            and costs of a title search, continuation of abstract and
            preparation of survey incurred by reason of any action, suit,
            proceeding, hearing, motion or application before any court or
            administrative body in and to which Lender may be or become a party
            by reason hereof, excluding any Federal regulatory proceedings
            against Lender that are not instituted because of any act or
            omission by Borrower, any Interest Owner or which result from the
            Premises. Such proceedings shall include but not be limited to
            condemnation, bankruptcy, probate and administration proceedings, as
            well as any other action, suit, proceeding, right, motion or
            application wherein proof of claim is by law required to be filed or
            in which it becomes necessary to defend or uphold the terms of this
            Deed of Trust or the Loan Documents or otherwise purporting to
            affect the security hereof or the rights or powers of Lender. All
            money paid or expended by Lender in that regard, together with
            interest thereon from date of such payment at the Default Rate shall
            be additional Indebtedness secured hereby and shall be immediately
            due and payable by Borrower without notice.

     42.    Upon the occurrence of an Event of Default, unless the same has been
            specifically waived in writing, all Rents collected or received by
            Borrower shall be accepted and held for Lender in trust and shall
            not be commingled with the funds and property of Borrower, but shall
            be promptly paid over to Lender.

     43.    If more than one, all obligations and agreements of Borrower are
            joint and several.

     44.    This Deed of Trust may be executed in counterparts, each of which
            shall be deemed an original; and such counterparts when taken
            together shall constitute but one agreement.

                                       36
<Page>

     45.    THE FOLLOWING NOTICE IS INCLUDED IN COMPLIANCE WITH MO. REV. STAT.
            SECTION 432.045: ORAL AGREEMENTS OR COMMITMENTS TO LOAN MONEY,
            EXTEND CREDIT OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT
            INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT ARE NOT ENFORCEABLE.
            TO PROTECT BORROWER AND LENDER FROM MISUNDERSTANDING OR
            DISAPPOINTMENT, ANY AGREEMENTS REACHED BY SUCH PARTIES COVERING SUCH
            MATTERS ARE CONTAINED IN THE LOAN DOCUMENTS, WHICH COLLECTIVELY ARE
            THE COMPLETE AND EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN THE
            PARTIES HERETO, EXCEPT AS THEY MAY LATER AGREE IN WRITING TO MODIFY
            SUCH DOCUMENTS.

                      REMAINDER OF PAGE INTENTIONALLY BLANK
                            (Signatures on next page)

                                       37
<Page>

     IN WITNESS WHEREOF, Borrower has caused this Deed of Trust, Security
Agreement and Assignment of Rents to be duly executed and delivered as of the
date first hereinabove written.

                                         INLAND WESTERN KANSAS CITY, L.L.C., a
                                         Delaware limited liability company

                                         By:  INLAND WESTERN RETAIL REAL
                                              ESTATE TRUST, INC., a Maryland
                                              corporation, Member

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

STATE OF ILLINOIS     )
                      )
COUNTY OF DuPage      )

     On this 29th day of June, in the year 2004, before me, Kimberly A.
Mitchell, a Notary Public in and for said state, personally appeared Valerie
Medina, Asst. Secretary of Inland Western Retail Real Estate Trust, Inc., a
Maryland corporation, Member of Inland Western Kansas City, L.L.C., a Delaware
limited liability company, known to me to be the person who executed the within
Deed of Trust on behalf of said corporation as Member of Inland Western Kansas
City, L.L.C., and acknowledged to me that he/she executed the same for the
purposes therein stated.

                              /s/ Kimberly A. Mitchell
                              ----------------------------------------------
                              Notary Public in and for said County and State

My Commission Expires:        ----------------------------------------------
                              Typed or Printed Name of Notary Public
---------------------

RECORDING REQUESTED BY AND                       OFFICIAL SEAL
WHEN RECORDED RETURN TO:                      KIMBERLY A MITCHELL
                                        NOTARY PUBLIC-STATE OF ILLINOIS
                                        MY COMMISSION EXPIRES: 03-12-07

THOMPSON & KNIGHT L.L.P.
1700 PACIFIC AVENUE, SUITE 3300
DALLAS, TEXAS 75201
ATTENTION: JEANNE M. BURTON

                                       38
<Page>

                                    EXHIBIT A

                               (Legal Description)

Address: 8628-8660 North Boardwalk Avenue, Kansas City, Missouri

Tax Parcel Nos.:

Lot 1  19-3.0-07-200-000-001-010
Lot 2  19-3.0-07-200-000-001-006
Lot A1 19-3.0-07-200-000-001-009

TRACT 1:

All of Lots 1 and 2 and Tract A1, THE SHOPS AT BOARDWALK, FIRST PLAT, a
subdivision in Kansas City, Platte County, Missouri, according to the plat
thereof recorded in Book 19, Page 325, Records of Platte County, Missouri.

TRACT 2:

Easement estate appurtenant to Tract 1 as created in Declaration of Easements
With Covenants and Restrictions Affecting Land ("ECR") Barry Commons Shopping
Center Kansas City, Missouri dated February 25, 2000, recorded in Book 0922,
Page 0087, Records of Platte County, Missouri, over and across the real property
more particularly described therein.

                                        1
<Page>

                                    EXHIBIT B

                             Permitted Encumbrances

                                 Loan No. 753948
                 (Inland Western Kansas City, L.L.C. - Boardwalk)

1.   Taxes for the year 2004 and subsequent years.

2.   Rights of tenants, as tenants only, under recorded tenant leases more
     particularly described in Exhibit B to the Assignment of Leases and Rents
     of even date herewith executed by Borrower in favor of Lender.

3.   Building setback lines; landscape easements; storm sewer easements; storm
     line easements; and water line easements as established by the recorded
     plat of THE SHOPS AT BOARDWALK, FIRST PLAT, RECORDED September 23, 2002, as
     Document No. 0018717, in Plat Book 19 at Page 325.

4.   The dedication of the plat of THE SHOPS AT BOARDWALK, FIRST PLAT recorded
     September 23, 2002, as Document No. 0018717, in Plat Book 19 at Page 325
     states "Vehicular access to 1-29 is not permitted from Lot 2. Vehicular
     access to Missouri Hwy. 152 is not permitted from Lot 1, 2 and Tract A1".
     "Also subject property is located within the Kansas City International
     Airport Heights Zone Map; Document No. 138-27, dated March 1982 and is
     within the transitional surface and ILS approach surface. The height of any
     structure shall not exceed elevation 1100 to 1140 (USGS Datum)".

5.   Lack of direct access to Highway Route 152 and 1-29 from the land, such
     right of access having been granted to the State of Missouri, acting by and
     through the State Highway Commission of Missouri by the deed recorded July
     28, 1977, as Document No. 25983, in Book 511 at Page 817. Terms and
     provisions of the Maintenance Agreement between the State Highway
     Commission of Missouri and the City of Kansas City, Missouri recorded April
     21, 1975, as Document No. 10351, in Book 463 at Page 489.

6.   Easement for drainage ditches as contained in the deed to the State of
     Missouri, acting by and through the State Highway Commission of Missouri,
     recorded July 28, 1977, as Document No. 25983, in Book 511 at Page 817.

7.   Aviation and Noise Easement granted to Kansas City, Missouri by the
     instrument recorded November 19, 1999, as Document No. 0019924, in Book 917
     at Page 741.

8.   Terms and provisions of the Covenant For Maintenance of Storm Water
     Detention Facility with the City of Kansas City, Missouri recorded February
     18, 2000, as Document No. 0002109, in Book 921 at Page 842 and amended by
     the instrument recorded September 23, 2002, as Document No. 0018715, in
     Book 980 at Page 686.

<Page>

9.   Terms and provisions of the Cooperative Agreement For Public Improvement
     For Signalization recorded February 18, 2000, as Document No. 0002110, in
     Book 921 at Page 843.

10.  Terms and provisions of the Deferral Agreement For the Public Improvements
     For N. Ambassador Drive, N. Boardwalk Drive and N.W. Barry Road, recorded
     February 18, 2000, as Document No. 0002111, in Book 921 at Page 844.

11.  Easement granted to Kansas City Power & Light Company by the instrument
     recorded May 15, 2001, as Document No. 0007989, in Book 945 at Page 717.

12.  Deed to the State of Missouri, acting by and through the Missouri Highways
     and Transportation Commission for additional right-of-way for Missouri
     Route 152 and Ambassador Drive, recorded March 12, 2002, as Document No.
     0004518, in Book 966 at Page 539, which also includes, all of abutter's
     rights of direct access onto Missouri Route 152.

13.  Deed to the City of Kansas City for additional right-of-way for N.
     Ambassador Drive recorded October 3, 2002, as Document No. 0019854, in Book
     981 at Page 823 together with easements on the abutting property for the
     location, construction and maintenance of an embankment or for sloping the
     sides of cuts back.

14.  Temporary Easement granted to the City of Kansas City by the instrument
     recorded October 3, 2002, as Document No. 0019855, in Book 981 at Page 824.

15.  Sanitary Sewer Easement granted to Kansas City Area Transportation
     Authority by the instrument recorded December 5, 2002, as Document No.
     0025721, in Book 987 at Page 671.

16.  Terms and provisions of the Driveway Easement Agreement dated November 1,
     2002, between Red Boardwalk, LLC, a Missouri limited liability company and
     Redbarry, L.L.C., a Missouri limited liability company and the Kansas City
     Area Transportation Authority recorded December 5, 2002, as Document No.
     0025722, in Book 987 at Page 672.

17.  Easement granted to Kansas City Power & Light Company by the instrument
     recorded March 5, 2003, as Document No. 0006232, in Book 996 at Page 150.

18.  Grant of Right of Way granted to Missouri Gas Energy, a Division of
     Southern Union Company by the instrument recorded May 13, 2003, as Document
     No. 0013147, in Book 1003 at Page 48.

19.  Declaration of Easements with Covenants and Restrictions recorded February
     25, 2000, as Document No. 0002355, in Book 922 at Page 87.

                                        2
<Page>

20.  Terms and provisions of the restrictions as contained in the warranty deed
     recorded July 26, 2002, as Document No. 0014262, in Book 976 at Page 245
     regarding Tax Increment Financing Obligations, etc.

21.  Terms and provisions of the restrictions as contained in the warranty deed
     recorded November 1, 2002, as Document No. 0022771, in Book 984 at Page
     728, regarding Tax Increment Financing Obligations, etc.

22.  Subject property lies within the KCI Corridor TIF Redevelopment Area and
     may be subject to assessments, by reason thereof.

23.  Terms and provisions of the Memorandum of Lease dated March 19, 2003, filed
     March 26, 2003, as Document No. 0008201, in Book 998 at Page 117, made by
     Red Boardwalk, LLC, a Missouri limited liability company, lessor, to The
     Birch Pond Group, Inc., a Massachusetts corporation, lessee.

24.  Terms and provisions of the Memorandum of Lease dated May 23, 2003,
     recorded June 11, 2003, as Document No. 0015934, in Book 1005 at Page 828,
     made by Red Boardwalk, LLC, a Missouri limited liability company and
     Redbarry, L.L.C., a Missouri limited liability company, lessors, to
     Maurices Incorporated, a Delaware corporation, lessee.

25.  Terms and provisions of the Memorandum of Lease dated July 28, 1003,
     recorded July 31, 2003, and Document No. 0021464, in Book 1011 at Page 356,
     made by Red Boardwalk, LLC, a Missouri limited liability company and
     Redbarry, L.L.C., a Missouri limited liability company, lessors to Noggin
     Noodle, LLC, a Missouri limited liability company, lessee.

26.  Terms and provisions of the Memorandum of Lease dated September 8, 2003,
     recorded September 26, 2003, as Document No. 0027677, in Book 1017 at Page
     540, made by Red Boardwalk, LLC, a Missouri limited liability company and
     Redbarry, L.L.C., a Missouri limited liability company, lessors to Select
     Comfort Retail Corporation, a Minnesota corporation, lessee.

27.  Terms and provisions of the Memorandum of Lease dated November 6, 2002,
     recorded October 7, 2003, as Document No. 0028598, in Book 1018 at page
     450, made by Red boardwalk, LLC, a Missouri limited liability company,
     lessor to Red Star North Kansas City, Inc., an Illinois corporation,
     lessee.

28.  Terms and provisions of the Memorandum of Lease dated December 30, 2002,
     recorded October 7, 2003, as Document No. 0028596, in Book 1018 at Page
     448, made by Red boardwalk, LLC, a Missouri limited liability company,
     lessor, to Coldwater Creek Inc., a Delaware corporation, lessee.

29.  Terms and provisions of the Memorandum of Lease dated October 9, 2002,
     recorded October 7, 2003, as Document No. 0028597, in Book 1018 at Page
     449, made by Red

                                        3
<Page>

     Boardwalk, LLC, a Missouri limited liability company, lessor, to Nextel
     Retail Stores, Inc., a Delaware corporation, lessee.

30.  Terms and provisions of the Memorandum of Lease dated November 3, 2003,
     recorded November 6, 2003, as Document No. 0031083, in Book 1020 at Page
     931, made by Red Boardwalk, LLC, a Missouri limited liability company and
     Redbarry, L.L.C., a Missouri limited liability company, lessors to Tomsten,
     Inc., a Minnesota corporation, lessee.

31.  Terms and provisions of the Memorandum of Lease dated November 25, 2003,
     recorded December 10, 2003, as Document No. 0033417, in Book 1023 at Page
     245, made by Red Boardwalk, LLC, a Missouri limited liability company and
     Redbarry, L.L.C., a Missouri limited liability company, lessors to Changs'
     Boardwalk Inc., a Missouri corporation, lessee.

                                        4

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