Document:

<Page>

                                                                  Exhibit 10.380

================================================================================

                                AGREEMENT OF SALE

                                     Between

                            UTF WINSTON-SALEM L.L.C.

                                    as Seller

                                       and

                     INLAND REAL ESTATE ACQUISITIONS, INC.

                                  as Purchaser

                             August__________, 2004

================================================================================

<Page>

                                AGREEMENT OF SALE

      THIS AGREEMENT OF SALE ("Agreement") is made this _______ day of August,
2004 by and between UTF WINSTON-SALEM L.L.C., a Delaware limited liability
company ("Seller") and INLAND REAL ESTATE ACQUISITIONS, INC. ("Purchaser").

                                   WITNESSETH:

      WHEREAS, GMAC Insurance Management Corp. ("Lessee") is the current owner
of a fee simple interest in and to the land located at 500 W. Fifth Street, more
particularly described on Exhibit "A" attached to this Agreement and made part
of this Agreement (the "Land") together with the Improvements (as described in
Section 1 below) located thereon;

      WHEREAS, Seller has the right to acquire the Premises (as defined herein)
from Lessee and the Lessee has agreed to convey the Premises to Seller;

      WHEREAS, Lessee and Seller have agreed to enter into a Lease Agreement in
the form attached hereto as Exhibit "C" (the "Lease") upon conveyance of the
Premises by Lessee to Seller. Lessee has indicated that, at Closing (as such
term is defined in Section 7), Lessee's obligations under the Lease will be
guaranteed pursuant to a Guaranty (the "Guaranty) from GMAC Insurance Holdings,
Inc. ("Guarantor"); and

      WHEREAS, Seller is desirous of selling to Purchaser, and Purchaser is
desirous of purchasing from Seller, a fee simple interest in and to the
Premises, upon the terms and conditions hereinafter stated.

      NOW, THEREFORE, for good and valuable consideration, the receipt of which
is hereby acknowledged, the parties hereto agree as follows:

      SECTION 1. PURCHASE AND SALE. Seller hereby agrees to sell to Purchaser
and Purchaser hereby agrees to purchase from Seller, for the Purchase Price (as
defined in Section 2(b) hereof) and subject to the encumbrances set forth on
Exhibit "B" or such other encumbrances that Purchaser may approve pursuant to
the terms of this Agreement (the "Permitted Encumbrances") and subject to and
upon each and every of the terms and conditions hereinafter set forth, the
following-described property (all of which are collectively referred to as the
"Premises"):

            (a)   a fee simple interest in and to the Land;

            (b)   all of Seller's right, title and interest in and to all of the
      buildings, structures, fixtures, facilities, installations and other
      improvements of every kind and description now in, on, over and under the
      Land, and all plumbing, gas, electrical, ventilating, lighting and other
      utility systems, ducts, hot water heaters, oil burners, domestic water
      systems, elevators, escalators, canopies, air conditioning systems and all
      other building systems and fixtures attached to or comprising a part of
      the buildings, but excluding those items deemed to be Severable Property
      pursuant to the Lease (collectively, the "Improvements"). Lessee is the
      owner of the land upon which the parking garage improvements serving the
      Premises are located, but Seller and Purchaser

<Page>

      acknowledge that the parking garage improvements are subject to certain
      financing documents and are owned by the City of Winston-Salem (the
      "City"). Lessee manages and operates the parking garage improvements on
      the City's behalf. Lessee intends to acquire the parking garage
      improvements from the City prior to its conveyance of the Premises to
      Seller. Lessee has agreed that, upon Lessee's acquisition of the parking
      garage improvements prior to the conveyance of the Premises to Seller,
      Lessee will convey title to such parking garage improvements to Seller. If
      Lessee is unable to acquire the parking garage improvements on or before
      Closing, Lessee will convey to Seller only the land on which the parking
      garage improvements are located. Accordingly, if Seller does not receive a
      conveyance by Lessee of title to the parking garage improvements prior to
      Closing, the term "Improvements" shall not include the parking garage
      improvements; and

            (c)   all of the Seller's right, title and interest, if any, in and
      to all easements, rights-of-way, appurtenances and other rights and
      benefits thereunto belonging, and to all public or private streets, roads,
      avenues, alleys or pass ways, open or proposed, on or abutting the Land,
      and to any award made to or to be made in lieu thereof, and in and to any
      award for damage to the land or any part thereof by reason of a change of
      grade in any street, alley, road or avenue, as aforesaid (all of the
      foregoing being included within the term "Land").

      SECTION 2. EARNEST MONEY AND PURCHASE PRICE.

            (a)   Purchaser has delivered Chicago Title Insurance Company,
      National Business Unit, 171 N. Clark St., Chicago, IL 60601-3294,
      Attention: Nancy Castro (the "Escrow Agent"), the sum of Five Hundred
      Thousand Dollars ($500,000) (the "Earnest Money"), to be held in an
      interest bearing escrow account with interest to be credited to Purchaser
      The Earnest Money shall be applied as set forth in Section 14 hereof.

            (b)   The purchase price for the Premises (the "Purchase Price")
      shall be Sixty Million Dollars ($60,000,000) less any charges or
      prorations provided for herein in cash or by bank wire transfer in
      immediately available funds at Closing.

      SECTION 3. WARRANTIES AND REPRESENTATIONS

            (a)   Except as specifically set forth in Section 3(b), Purchaser
      hereby acknowledges that Seller is conveying the Premises in their present
      "AS IS" condition and has not made, does not make and will not make any
      warranties or representations, whether express or implied, with respect to
      the Premises or the value or marketability thereof or any of the
      appurtenances, facilities or equipment thereof or of the financial
      condition or accuracy of the financial information provided by or with
      respect to Lessee. Further, Purchaser acknowledges that Seller has not
      made, does not make and will not make any warranties, whether express or
      implied, of habitability, merchantability or fitness for a particular
      purpose unless specifically set forth herein. Purchaser further
      acknowledges that, by its consummating the transactions contemplated by
      this Agreement, it will have made such legal, factual, financial and other
      inquiries and investigations as it deems necessary, desirable or
      appropriate with respect to Lessee, the

                                        2
<Page>

      Premises and the value thereof and the appurtenances, facilities and
      equipment thereof, and that it will be relying solely thereon (except for
      the representations and warranties of Seller pursuant to Section 3(b)
      hereof).

            (b)   Seller hereby covenants, represents and warrants to Purchaser
      that:

                  (i)     Seller has the right to receive a conveyance of the
            Premises from Lessee pursuant to a Purchase and Sale Agreement dated
            June 21, 2004 by and between Purchaser and Lessee (the "Underlying
            Agreement"). Seller hereby agrees to complete the acquisition of the
            Premises from Lessee, provided that (A) the Due Diligence Deadline
            has passed without Purchaser having delivered a Notice of
            Termination (as such term is defined in Section 6 hereof), (B)
            Seller has not elected to terminate the Underlying Agreement prior
            to the Due Diligence Deadline and (C) Lessee complies with its
            obligations under the Underlying Agreement including, but not
            limited to, its obligation to convey the Premises to Seller. The
            Premises are free of liens and encumbrances except for Permitted
            Encumbrances.

                  (ii)    Seller has no knowledge and has not been notified of
            any condemnation proceedings or any annexation proceedings having
            been instituted or threatened against the Premises.

                  (iii)   Seller is a duly and validly formed Delaware limited
            liability company in good standing and has obtained authority to
            transact business in North Carolina.

                  (iv)    Seller has full power and authority to enter into this
            Agreement and to carry out the transactions contemplated hereby.
            Neither the entering into of this Agreement nor the consummation of
            the transactions described herein has or will constitute a violation
            or breach of any of the terms of any contract or other instrument to
            which Seller is a party or by which any of Seller's assets or
            property may be affected.

                  (v)     (A)   At Closing, the Lease and Guaranty shall be in
            full force and effect in accordance with their respective terms, and
            no Event of Default (as defined in the Lease) shall exist under the
            Lease. At Closing, there will be no claims, credits or offsets in
            favor of Lessee.

                          (B)   At Closing, the Lease will be in the form
                  attached hereto as Exhibit "C". Furthermore, at Closing:

                                (1)    Lessee will not be entitled to and will
                          not have received rental concessions or abatements;

                                (2)    No action or proceeding will have been
                          instituted against Seller by Lessee in any court;

                                        3
<Page>

                                (3)    There will be no security deposit on
                          deposit with Seller or otherwise chargeable to
                          Seller's account by any party under the Lease;

                                (4)    No rental payments thereunder will have
                          been received by Seller more than one month in advance
                          of the date such payments are due under the terms of
                          the Lease;

                                (5)    Prior to the Due Diligence Deadline,
                          Seller shall provide Purchaser with copies of any
                          amendments or modifications to the form of Lease.
                          Following the Due Diligence Deadline, Seller shall
                          make no amendments or modifications to the form of
                          Lease or Guaranty without first obtaining Purchaser's
                          prior written consent;

                                (6)    The form of Guaranty, which is attached
                          hereto as Exhibit "G", is a preliminary draft of the
                          Guaranty. Prior to the Due Diligence Deadline, Seller
                          shall promptly provide Purchaser with the final form
                          of Lease and Guaranty that has been agreed upon by
                          Seller and Guarantor, Seller shall promptly provide
                          Purchaser with any interim drafts of the Lease and
                          Guaranty reflecting changes to the drafts previously
                          delivered to Purchaser. Purchaser shall have 2
                          business days to review and approve any changes to the
                          Lease and Guaranty. If the 2 business days afforded to
                          Purchaser hereunder shall extend beyond the Due
                          Diligence Deadline, then Seller shall request an
                          extension of its due diligence period ("Seller's
                          Feasibility. Period") under the agreement between
                          Seller and Lessee with respect to the acquisition of
                          the Premises (the "Underlying Agreement"). If Lessee
                          agrees to amend the Underlying Agreement to provide
                          for an extension of Seller's Feasibility Period, the
                          Due Diligence Deadline on this Agreement shall be
                          extended for an additional 2 business days.. Following
                          the Due Diligence Deadline, Seller shall make no
                          amendments or modifications to the form of Guaranty
                          without first obtaining Purchaser's prior written
                          consent; and

                                (7)    There will be no agreements or
                          understandings regarding the Lease that are not
                          included in the Lease. Lessee will have no right or
                          option to purchase the Premises except as may be
                          specifically set forth in the Lease.

                  (vi)    Seller is not required to perform any work for Lessee.

                  (vii)   To the best of Seller's knowledge, no work has been
            performed or is in progress at, and no materials have been furnished
            to, the Premises which, though not presently the subject of, might
            give rise to mechanic's, materialmen's or other liens against the
            Premises or any portion thereof for which Lessee is not required to
            pay.

                                        4
<Page>

                  (viii)  There are no leasing commissions or other compensation
            due and payable to any person, firm or entity with respect to or on
            account of the Lease, and no leasing commissions or other
            compensation which would be payable by the lessor under the Lease
            shall become due and payable solely as a result of the exercise by
            Lessee of any renewal options contained in the Lease.

                  (ix)    At Closing, Seller will not have entered into any
            service and maintenance contracts relating to or affecting the use,
            operation or management of the Premises, and Seller will not employ
            any person to service or manage the Premises.

                  (x)     There are no actions or proceedings pending or, to the
            best of Seller's knowledge, threatened against or involving the
            Premises, the Seller or the Lease.

                  (xi)    Seller has not received written notice from the Lessee
            of any violations of environmental, health, safety, clean air, clean
            water, federal, state, county or municipal law, ordinance, order,
            regulation or requirement affecting the Premises.

                  (xii)   Seller has not received written notice from any
            governmental authority of any violation of the building code or
            zoning code affecting the Premises.

            (c)   Purchaser hereby covenants, represents and warrants to Seller
      that:

                  (i)     Purchaser has all requisite power and authority to
            acquire the Premises and to carry out the transactions contemplated
            hereby.

                  (ii)    Purchaser and any principal(s) of Purchaser shall keep
            in confidence, and not disclose to any third party (exclusive of
            Purchaser's counsel and other representatives and the principal(s)
            counsel, all of which shall hold the same in confidence) prior to
            Closing without the express written consent of Seller, any
            information or documentation provided to Purchaser by or on behalf
            of Seller (the "Confidential Information") which is not otherwise
            available to the public, and such confidentiality obligation shall
            survive if the transaction contemplated by this Agreement is not
            consummated, Notwithstanding anything herein to the contrary,
            following the Due Diligence Deadline (or Purchaser's waiver of its
            right to terminate this Agreement prior to the Due Diligence
            Deadline), Purchaser may disclose the Confidential Information to
            (a) potential investors in Purchaser's Section 1031 funds (so long
            as management of the Property shall be maintained by Purchaser or an
            affiliate) and (b) potential lenders in connection with the purchase
            of the Premises by Purchaser.

            (d)   The following representations and warranties related to
      restrictions on uses of or at the Premises shall be included in: (i) any
      agreement transferring complete or partial possession or ownership of the
      Premises through sale, lease, or otherwise to any successor, assign,
      purchaser, or tenant, and (ii) any deed of conveyance transferring

                                        5
<Page>

      complete or partial ownership of the Premises as restrictions which will
      run with the Premises and be binding upon all subsequent owners, tenants,
      and users, and shall be enforceable against Purchaser, its successors, and
      assigns and inure to the benefit of and be enforceable by Seller, its
      successors and assigns:

                  (i)     Purchaser warrants and agrees that it shall not
            "treat," "store" or "dispose" of any "hazardous substances,"
            "hazardous wastes" or "toxic substances" as those terms are defined
            under CERCLA, 42 U.S.C. 9601 ET. SEQ., RCRA, 42 U.S.C. 6901 ET.
            SEQ., or TSCA, 15 U.S.C. 2601 ET. SEQ., or under similar North
            Carolina law, statute, or regulation, on, at, or below the Premises,
            and shall maintain generator-only status; provided, however, that
            Purchaser may (A) accumulate such substances or wastes as allowed
            under applicable Environmental Laws for off-site treatment, off-site
            storage, or off-site disposal, and (B) use commercial products
            on-site which may contain such substances.

                  (ii)    Purchaser acknowledges and agrees that the Premises
            may only be used by Purchaser, its successors, assigns, and tenants
            for industrial uses and the following commercial uses; office
            buildings. Purchaser further acknowledges and agrees that any site
            modifications required at, in, on, or below the Premises to
            accommodate such uses is the sole obligation and liability of
            Purchaser (or the owner of the Premises at the time of such
            activities) and will be conducted at Purchaser's sole expense.

                  (iii)   The obligations and use restrictions set forth in this
            Section 3(d) shall survive the Closing.

      SECTION 4. ITEMS DELIVERED BY SELLER. Within one (1) business day after
Seller's receipt thereof, Seller shall deliver the following to Purchaser:

            (a)   one copy of the "as-built" Survey for the Premises dated July
      7, 2004, prepared by The Matthews Company (the "Survey"); and

            (b)   one (1) copy of a Property Condition Assessment prepared by
      Criterium Engineers; and

            (c)   one (1) copy of a Phase I Environmental Site Assessment
      ("Phase I") prepared by Criterium Engineers.

      In the event that the Purchaser shall require a re-certified, updated or
otherwise revised version of the Survey described in this Section 4 ("Revised
Survey"), Purchaser may, at its own cost and expense obtain such a Revised
Survey. In the event that the Purchaser shall require an update or a reliance
letter with respect to the Phase I described in this Section 4, Purchaser may,
at its own cost and expense obtain such items. Seller and Purchaser agree that
Seller shall not be responsible for ordering a Revised Survey, updated Phase I,
or a reliance letter with respect to the Phase I, but agrees that it shall
provide any necessary authorizations and otherwise cooperate with Purchaser.
Purchaser's receipt of a Revised Survey, updated Phase I, or a reliance letter
with respect to the Phase I prior to Closing shall not be deemed to be a
condition to Closing.

                                        6
<Page>

      SECTION 5. TITLE REPORT. Upon the execution hereof by Purchaser and
Seller, Seller shall order a preliminary title commitment (including copies of
all documents described therein as exceptions to coverage) with respect to the
Premises from Chicago Title Insurance Company, National Business Unit, 1129-20th
Street NW, Suite 300, Washington, D.C. 20036, Attention: Angela Rice (the "Title
Company") for delivery to Purchaser. To the extent such title commitment
discloses matters not shown as Permitted Encumbrances, Purchaser shall have
until the earlier of the Due Diligence Deadline or 20 days following receipt by
Purchaser of the last of the title commitment, title exception documents and
Survey within which to object in writing to the substantive matters reflected
therein. Seller shall, within three business days following the receipt by
Seller of such objection by Purchaser, inform Purchaser whether or not Seller
shall undertake to remove or cure the matter or matters objected to by
Purchaser. If Seller undertakes to remove or cure such matters, Seller shall
proceed with all diligence to do so, and the parties shall proceed toward
Closing, with the Closing Date being extended for such a reasonable time as may
be necessary to remove or cure those matters to which Purchaser has objected but
in no event shall any extension be more than 30 days without the written consent
of both parties. If Seller is unwilling or unable to remove or cure some or all
of those matters to which Purchaser has objected, Purchaser shall, within five
business days of receiving notice that Seller is either unwilling or unable to
so remove or cure: (1) waive its objection to those matters not removed or cured
(whereby such matters shall be deemed to be included within the definition of
Permitted Encumbrances) and proceed to Closing; or (2) terminate this
transaction, in which event the Earnest Money shall promptly be returned to
Purchaser, any information and documents supplied by Seller to Purchaser shall
promptly be returned to Seller, and Seller and Purchaser shall be relieved and
discharged of any further liability or obligation under this Agreement except as
may have accrued pursuant to Section 6 hereof. Notwithstanding anything herein
to the contrary, as long as Purchaser has provided its objections to the title
commitment to Seller within the time period prescribed in this Section 5, Seller
shall be obligated to cure any matter or matters (which are not set forth as
Permitted Encumbrances on Exhibit "B") that are objected to by Purchaser in the
event that (A) Seller has caused the matter or matters objected to by Purchaser,
and (B) the matter or matters objected to by Purchaser may be cured by Seller's
payment of an amount up to $100,000. Seller and Purchaser hereby agree that
Seller will be under no obligation to cure any objection by Purchaser with
respect to any restrictive covenants similar to those described in Section 3(d)
of this Agreement.

      SECTION 6. INSPECTION; DUE DILIGENCE DEADLINE; TERMINATION NOTICE. From
and after the date of the execution hereof until Closing, upon reasonable notice
and subject to Lessee's rights under the Lease to be executed, Purchaser and its
agents shall be permitted to further inspect the Premises, at Purchaser's sole
cost and expense, in any reasonable manner desired by Purchaser. Seller and
Purchaser agree that Seller shall arrange any and all inspections, and that
Purchaser shall not make any contact with the Lessee prior to Closing. Seller
shall not be responsible for and Purchaser indemnifies Seller against any claim
for injury or damage caused or incurred by Purchaser, its authorized agents or
representatives conducting the inspection.

      Purchaser shall have until 5:00 p.m., New York time, on August 17, 2004
(the "Due Diligence Deadline") to deliver written notice to Seller of its
intention to terminate this Agreement ("Termination Notice"). If Purchaser
elects to terminate this Agreement by sending the Termination Notice prior to
the Due Diligence Deadline, the Earnest Money, together with interest thereon,
shall be returned to Purchaser and neither party shall have any further
liability or

                                       7
<Page>

obligation under this Agreement. If Purchaser does not elect to terminate this
Agreement by delivery of the Termination Notice prior to the Due Diligence
Deadline, the Earnest Money shall become nonrefundable and be applied pursuant
to this Agreement except in the event of a default by Seller under this
Agreement whereby Purchaser is entitled to a refund of the Earnest Money or the
failure of a condition to Purchaser's obligation to consummate the acquisition
of the Premises. Seller and Purchaser acknowledge and agree that Purchaser may
exercise its right to terminate the Agreement prior to the Due Diligence
Deadline for any reason whatsoever including, but not limited to, Purchaser not
having approved of the credit of Lessee or Guarantor.

      Purchaser hereby acknowledges that, except as may be contained in Section
3(b) hereof, Seller has not made any representations upon which Purchaser has
relied with respect to the physical condition of the Premises and that the
Premises are being purchased in their "AS IS" condition.

      SECTION 7. CLOSING.

            (a)   The closing hereunder ("Closing") shall take place at the
      offices of Escrow Agent or at such place as may be mutually agreed in
      writing by Purchaser and Seller. The date of Closing shall be the later of
      September 16, 2004 (the "Projected Closing Date") or 10 days after Lessee
      has conveyed the Premises to Seller.

            (b)   At Closing, following satisfaction of all requirements and
      conditions specified in Section 8 hereof, (i) Purchaser shall release such
      of the documents received from Seller, as Purchaser or Seller reasonably
      desires to have recorded, to Escrow Agent, and Purchaser shall
      concurrently instruct Escrow Agent to record such documents necessary to
      consummate this transaction and simultaneously transfer the Purchase Price
      to such account as Seller may have designated; and (ii) Seller shall
      release such of the documents received from Purchaser as Seller or
      Purchaser reasonably desires to have recorded to Escrow Agent. Escrow
      Agent shall not be authorized to record any deed or other documents until
      it or Seller has in its possession the Purchase Price and is prepared to
      deliver same to Seller in immediately available funds. Escrow Agent will
      not be authorized to deliver the Purchase Price until Title Company and
      Escrow Agent are prepared to record such documents necessary to consummate
      this transaction and deliver the title policy referred to in Section
      8(a)(i)(C) hereof.

      SECTION 8. CONDITIONS TO CLOSING.

            (a)   Purchaser shall not be obligated to close the purchase and
      sale transaction contemplated by this Agreement until all of the following
      conditions have been satisfied:

                  (i)     Seller shall have delivered or caused to be delivered
            to Purchaser, at Seller's cost and expense, each of the following
            items:

                          (A)   A limited warranty deed for the Premises, duly
                  executed and acknowledged, conveying the Premises to
                  Purchaser, subject to Permitted Encumbrances;

                                        8
<Page>

                          (B)   An assignment of the Lease in the form attached
                  hereto as Exhibit "E";

                          (C)   An owner's policy of title insurance from Title
                  Company subject only to Permitted Encumbrances, in an amount
                  not less than the Purchase Price, or, at Seller's election, a
                  signed pro forma policy from the Title Company dated as of the
                  date and time of the Closing for the issuance of such policy.
                  If the Title Company refuses to issue such signed pro forma
                  policy, then Seller must provide an irrevocable written
                  commitment from Title Company dated as of the date and time of
                  the Closing for the issuance of such policy showing that all
                  requirements for issuance have been satisfied;

                          (D)   Such evidence or documents as may be reasonably
                  required by Purchaser or Title Company evidencing the status
                  and capacity of Seller and the authority of the person or
                  persons who are executing the various documents on behalf of
                  Seller in connection with the sale hereunder;

                          (E)   A certificate or certificates of insurance,
                  relating to the insurance carried by Lessee for the additional
                  benefit of the lessor under the Lease;

                          (F)   An original executed copy of the Lease and the
                  Guaranty;

                          (G)   Full and complete possession of the Premises
                  subject to the rights of parties in possession pursuant to or
                  as permitted by the Lease;

                          (H)   A nonforeign status affidavit in substantially
                  the form of Exhibit "D" attached hereto;

                          (I)   An assignment of intangible rights or contract
                  rights, if any, that Seller may have with respect to the
                  Premises;

                          (J)   A bring down letter confirming that all of the
                  representations or warranties set forth in this Agreement
                  remain true as of the date of Closing signed by the Seller;
                  and

                          (K)   Lessee's estoppel certificate in the form
                  required of Lessee under the Lease, signed by an authorized
                  representative of Lessee. In the event that Lessee has not
                  executed and delivered such estoppel certificate prior to
                  Closing, Purchaser may elect to postpone Closing to the date
                  on which the estoppel certificate is received by Purchaser.

                          (L)   There has been no default claimed under any
                  estoppel certificate delivered pursuant to the terms of this
                  Agreement

                          (M)   A Quitclaim Bill of Sale.

                                        9
<Page>

                          (N)   In the event that the Lessee does not acquire
                  the parking garage improvements from the City prior to its
                  conveyance of the Premises to Seller, Purchaser must have
                  delivered an estoppel certificate or non-disturbance agreement
                  in form reasonably acceptable to Purchaser to Seller to
                  confirm Lessee's right to use and operate the parking garage
                  during the entire term of the Lease.

                  (ii)    Lessee must have conveyed title to the Premises to
            Seller prior to or concurrently with the Closing. If Lessee has not
            conveyed title to the Premises to Seller within sixty (60) days
            after the Projected Closing Date, then either Purchaser or Seller
            (but only if Lessee's failure to convey the Premises to Seller is
            not due to a default by Seller under the Underlying Agreement) may
            terminate the Agreement and Escrow Agent shall return the Earnest
            Money to Purchaser; and

                  (iii)   Basic Rent (as defined in the Lease) under the Lease
            shall be in amounts that are not less than those amounts set forth
            on Exhibit "F" attached hereto.

                  (iv)    Seller shall have delivered, at Closing, an estoppel
            certificate signed by an authorized representative of Guarantor
            confirming its obligations under the Guaranty.

                  (v)     Seller shall have delivered to Purchaser such further
            documents as reasonably may be required in order to fully and
            legally close this transaction.

            (b)   Seller shall not be obligated to close the purchase and sale
      transaction contemplated by this Agreement until all of the following
      conditions have been satisfied:

                  (i)     The Purchase Price shall have been placed in escrow
            with Escrow Agent for release to Seller upon Seller's satisfaction
            of the requirements of Section 8(a);

                  (ii)    Lessee must have conveyed title to the Premises to
            Seller prior to or concurrently with the Closing. If Lessee has not
            conveyed title to the Premises to Seller within sixty (60) days
            after the Projected Closing Date, then either Purchaser or Seller
            (but only if Lessee's failure to convey the Premises to Seller is
            not due to a default by Seller under the Underlying Agreement) may
            terminate the Agreement and Escrow Agent shall return the Earnest
            Money to Purchaser; and

                  (iii)   Purchaser shall have delivered to Seller such further
            documents as reasonably may be required in order to fully and
            legally close this transaction.

            (c)   If any of the foregoing conditions to Purchaser's or Seller's
      obligation shall fail to be satisfied or waived on or before the date of
      Closing and the transaction does not close on the date of Closing as a
      result of such failure or lack of waiver (with the exception of the
      delivery of the estoppel certificate described in Section 8(a)(i)(K) and
      as

                                       10
<Page>

      otherwise set forth in the following sentence), all items delivered shall
      immediately be returned, and all such prior deliveries shall be deemed to
      have been of no force or effect whatsoever and the parties shall have the
      remedies provided in Section 14. Notwithstanding anything herein to the
      contrary, the failure of the conditions set forth in Section 8(a)(ii) and
      8(b)(ii) to be satisfied shall not be deemed to be a default by either
      party and Section 14 shall not be applicable.

      SECTION 9. PRORATIONS. Lessee pays all taxes, operating expenses and
insurance premiums with respect to the Premises. Seller and Purchaser shall
prorate at Closing the Basic Rent (as defined in the Lease) payable in the month
of Closing so that Purchaser receives a credit for the date of Closing until the
end of the month in which the Closing occurs.

      SECTION 10. REAL ESTATE COMMISSION. Neither Purchaser nor Seller has used
a broker to negotiate this transaction. Purchaser and Seller hereby indemnify,
defend and hold the other harmless from and against any and all claims, losses,
costs and expenses, including reasonable counsel fees, resulting from any claims
that may be made through that party against the other by any other broker
claiming a commission.

      SECTION 11. EXPENSES. Seller shall pay the cost of a standard coverage
owner's title insurance policy, and if requested by Purchaser, Purchaser shall
pay the cost of an extended coverage owner's title insurance policy and any
endorsements. At Closing, all fees and expenses with respect to transfer of
title and recordation of the deed, including but not limited to, recording
charges, taxes or document stamps with respect to the recording of the deed, and
escrow fees of the Escrow Agent shall be paid by Seller. Each party shall pay
its own legal fees and expenses, if any, and its due diligence fees and
expenses, if any. Notwithstanding anything herein to the contrary, Seller shall
provide Purchaser with a credit at Closing in the amount of $3,000 that may be
applied by Purchaser to pay any of its costs at Closing.

      SECTION 12. OPERATION OF PREMISES. Upon commencement of the Lease until
Closing, Seller will enforce the terms of the Lease regarding operation of the
Premises by Lessee and will not take or omit to take any action which reasonably
could be expected to have a materially adverse effect on Seller's title to the
Premises or the condition of the Premises.

      SECTION 13. CONDEMNATION AND CASUALTY. In case any material portion of the
Premises shall have been condemned or shall be in the process of condemnation on
the date of Closing or shall then have been damaged by reason of public or
quasi-public improvements, or in case a portion of the Premises shall be damaged
or destroyed by fire or other casualty which will cost more than $100,000 to
restore and which Lessee is required to restore, or if Lessee has the right to
abate rent or terminate the Lease, Purchaser shall have the right (a) to cancel
this Agreement by written notice to Seller within 30 business days after notice
of any such event or (b) to proceed to Closing according to the terms hereof
without any reduction of the Purchase Price but with all insurance proceeds,
together with any deductible amount, or condemnation awards payable to Seller
and not required to be applied to restoration pursuant to the Lease with respect
to such casualty or condemnation assigned or paid to Purchaser through escrow.

      SECTION 14. REMEDIES. In the event of a default by Seller under this
Agreement, at Purchaser's option, either (i) the Earnest Money shall be returned
to Purchaser, and Seller will

                                       11
<Page>

not have any further liability to Purchaser and Seller shall reimburse Purchaser
for all of Purchaser's actual third party costs, which were incurred in
connection with the transaction described herein, but in no event shall Seller
be required to pay more than $100,000 in the aggregate, or (ii) if Seller is the
fee simple owner of the Premises, Purchaser shall have the right of specific
enforcement of this Agreement. Notwithstanding the foregoing, Seller shall
remain liable for a year after the date of Closing for any breach of a
representation and warranty of which Purchaser is unaware until after Closing.
IN THE EVENT OF A DEFAULT BY PURCHASER, SELLER MAY RETAIN THE EARNEST MONEY AS
LIQUIDATED DAMAGES, IT BEING ACKNOWLEDGED BY PURCHASER AND SELLER THAT ACTUAL
DAMAGES SUFFERED BY SELLER IN SUCH EVENT WILL BE DIFFICULT OR IMPOSSIBLE TO
MEASURE AND THAT THE EARNEST MONEY REPRESENTS GOOD FAITH ESTIMATE THEREOF, WHICH
RECEIPT OF LIQUIDATED DAMAGES SHALL BE SELLER'S SOLE REMEDY HEREUNDER.

      SECTION 15. NOTICES All notices, demands or other communications of any
type (herein collectively referred to as "Notices") given by Seller to Purchaser
or by Purchaser to Seller, whether required by this Agreement or in any way
related to the transaction contracted for herein, shall be void and of no effect
unless given in accordance with the provisions of this Section 15. All Notices
shall be in writing and delivered to the person to whom the Notice is directed,
either in person, or by United States mail as a registered or certified item,
return receipt requested, or by overnight courier, or by telephone facsimile
(telecopier) transmission, and shall (except as limited below) be effective upon
receipt. Notices shall be provided to the parties and addresses (or facsimile
numbers, as applicable) specified below.

      If to Seller:

            c/o United Trust Fund, Inc.
            Suite 1300
            701 Brickell Avenue
            Miami, Florida 33131
            Attention: Fred Berliner
            Telephone: (305)358-7711
            Facsimile: (305)358-4002

      with a copy to:

            Kutak Rock LLP
            1650 Farnam Street
            Omaha, NE 68102
            Attention: Walter Griffiths, Esq.
            Telephone: (402)346-6000
            Facsimile: (402)346-1148

                                       12
<Page>

      If to Purchaser:

            Inland Real Estate Acquisitions, Inc.
            2901 Butterfield Road
            Oak Brook, IL 60523
            Attention: G. Joseph Cosenza

      If to Escrow Agent:

            Chicago Title Insurance Company
            171 N. Clark St.
            Chicago, IL 60601-3294
            Attention: Nancy Castro
            Telephone: (312)223-2709
            Facsimile: (312)223-2108

Facsimile transmissions shall be effective upon receipt thereof so long as
receipt of the transmission is confirmed by telephone call and an original copy
of the correspondence is posted by mail or sent by overnight courier as provided
above.

      SECTION 16. INDEMNITY

            (a)   Seller hereby agrees to indemnify and hold harmless Purchaser,
      its partners and their officers, directors, shareholders and partners from
      and against any and all liabilities, losses, damages, costs, expenses
      (including, without limitation, reasonable attorneys' fees and expenses),
      causes of action, suits, claims, demands or judgments of any nature
      arising from or connected with the ownership of the Premises to the date
      of Closing, except as the same may be caused by any negligence or willful
      misconduct of Purchaser or may arise pursuant to an inspection of the
      Premises by Purchaser pursuant to Section 6 hereof.

            (b)   Purchaser hereby agrees to indemnify and hold harmless Seller,
      its partners and their officers, directors, shareholders and partners from
      and against any and all liabilities, losses, damages, costs, expenses
      (including, without limitation, reasonable attorneys' fees and expenses),
      causes of action, suits, claims, demands or judgments of any nature
      arising from or connected with the ownership of the Premises on and after
      the date of Closing except as the same may be caused by any negligence or
      willful misconduct of Seller.

      SECTION 17. ASSIGNMENT. The rights and obligations of Purchaser arising
under this Agreement may not be assigned without the prior written consent of
Seller. Notwithstanding anything herein to the contrary, the rights and
obligations of Purchaser under this Agreement may be assigned, without the prior
written consent of Seller, to (a) an entity owned or controlled by Purchaser and
formed for the sole purpose of entering into the transaction contemplated by
this Agreement, or (b) a qualified intermediary retained by Purchaser in
connection with an exchange of the Premises pursuant to Section 1031 of the
Internal Revenue Code of 1986, as amended, or (c) an affiliate or subsidiary of
Purchaser or a part of the same group of entities

                                       13
<Page>

which contain a parent entity. In any assignment which may be made by Purchaser
of its rights and obligations under this Agreement, Purchaser shall remain
primarily liable under this Agreement.

      SECTION 18. MISCELLANEOUS

            (a)   This Agreement shall be construed and interpreted in
      accordance with the laws of North Carolina. Where required for proper
      interpretation, words in the singular shall include the plural, the
      masculine gender shall include the neuter and the feminine, and vice
      versa. Periods of time shall be measured in calendar days unless otherwise
      stated. If any performance is required on a Saturday, a Sunday or any
      holiday, such performance will be due on the next succeeding day which is
      not a Saturday, a Sunday or a holiday.

            (b)   This Agreement may not be modified or amended except by an
      agreement in writing signed by Seller and Purchaser. The parties may waive
      any of the conditions contained herein or any of the obligations of the
      other party hereunder, but any such waiver shall be effective only if in
      writing and signed by the party waiving such conditions or obligations.

            (c)   This Agreement shall be binding upon and inure to the benefit
      of all successors and permitted assigns of the parties hereto.

            (d)   This Agreement shall not create any third party beneficiary
      rights.

            (e)   Each party executing this Agreement warrants and represents
      that it is fully authorized to do so.

            (f)   The descriptive headings of the several sections contained in
      this Agreement are inserted for convenience only and shall not control or
      affect the meaning or construction of any of the provisions hereof.

            (g)   This Agreement, including the Exhibits hereto, constitutes the
      entire agreement among the parties pertaining to the subject matter hereof
      and supersedes all prior and contemporaneous agreements and
      understandings of the parties in connection therewith.

            (h)   This Agreement may be executed in any number of counterparts,
      each of which, when executed and delivered, shall be an original, but all
      counterparts shall together constitute one and the same instrument.

            (i)   In the event of any litigation between Seller and Purchaser
      with respect to the Premises or this Agreement, subject to Section 16
      hereof the prevailing party shall be entitled to collect its reasonable
      attorneys' fees and expenses from the losing party.

            (j)   This Agreement shall not be recorded by either party in any
      office or place of public record, and, if Purchaser shall record this
      Agreement or cause or permit same to

                                       14
<Page>

      be recorded, Seller may, at its option, elect to treat such act as a
      breach of this Agreement.

                                       15
<Page>

      IN WITNESS WHEREOF, Seller and Purchaser have caused this Agreement to be
executed by their duly authorized representatives as of the date first above
written.

                                UTF WINSTON-SALEM L.L.C.

                                By United Trust Fund Limited Partnership, its
                                   sole member

                                   By United Trust Fund, Inc., its sole general
                                      partner

                                      By  /s/ [ILLEGIBLE]
                                        ----------------------------------------
                                      Its  Sr Vice President
                                         ---------------------------------------

                                INLAND REAL ESTATE ACQUISITIONS, INC.

                                By  /s/ [ILLEGIBLE]
                                    --------------------------------------------
                                Its  PRESIDENT
                                    --------------------------------------------

                                       16
<Page>

                                    EXHIBIT A

                                LEGAL DESCRIPTION

<Page>

                                    EXHIBIT B

                             PERMITTED ENCUMBRANCES

1.    Taxes, due and assessments for the year 2004, and subsequent years, not
      yet due and payable.

2.    Easement(s) to Southern Bell Telephone and Telegraph Company recorded in
      Book 449, page 241, Forsyth County Registry.

3.    Lease to North Carolina Municipal Leasing Corporation, memorandum of which
      is recorded in Book 1718, page 862, Forsyth County Registry.

4.    Easement(s) to Southern Bell Telephone and Telegraph Company recorded in
      Book 1712, page 1418, Forsyth County Registry.

5.    Access alley and easement and proposed access described in Deed recorded
      in Book 1769, page 628 and Dedication recorded in Book 1769, page 625,
      Forsyth County Registry.

6.    Reservation of easements by the City of Winston-Salem contained in
      Resolution recorded in Book 1811, page 3368, Forsyth County Registry.

7.    Easements, setback lines and any other matters shown on plat recorded in
      Plat Book 8, page 66, Forsyth County Registry.

8.    Rights of others entitled thereto in and to the use of that portion of
      insured premises within the bounds of sidewalk and concrete walk.

<Page>

                                    EXHIBIT C

                                      LEASE

<Page>

                                    EXHIBIT D

                       CERTIFICATION OF NONFOREIGN STATUS
               (Entity-Corporation, Partnership, Trust of Estate)

      Section 1445 of the Internal Revenue Code provides that a transferee of a
U.S. real property interest must withhold tax if the transferor is a foreign
person. To inform the transferee that withholding of tax is not required upon
the disposition of a U.S. real property interest by UTF Winston-Salem L.L.C.,
the undersigned hereby certifies the following on behalf of UTF Winston-Salem
L.L.C.:

            1.    UTF Winston-Salem L.L.C. is not a foreign corporation, foreign
      partnership, foreign trust, or foreign estate (as those terms are defined
      in the Internal Revenue Code and Income Tax Regulations).

            2.    UTF Winston-Salem L.L.C.'s office address is Suite 1300, 701
      Brickell Avenue, Miami, Florida 33131 and its Federal Employer
      Identification Number is ______________.

      UTF Winston-Salem L.L.C. understands that this certification may be
disclosed to the Internal Revenue Service by transferee and that any false
statement contained herein could be punished by fine, imprisonment or both.

      Under penalties of perjury, I declare that I have examined this
certification and to the best of my knowledge and belief it is true, correct and
complete, and I further declare that I have authority to sign this document on
behalf of UTF Winston-Salem L.L.C.

      Dated:                     UTF WINSTON-SALEM L.L.C.
             --------------
                                 By United Trust Fund Limited Partnership, its
                                    sole member

                                    By United Trust Fund, Inc., its sole general
                                       partner

                                       By
                                         ---------------------------------------
                                       Its
                                          --------------------------------------

<Page>

                                   EXHIBIT "E"

                       ASSIGNMENT AND ASSUMPTION OF LEASE

      THIS ASSIGNMENT AND ASSUMPTION OF LEASE, dated __________________  ____,
2002, by and among UTF WINSTON-SALEM L.L.C., a Delaware limited liability
company ("Assignor"), [Assignee], a ___________ (collectively, the "Assignee").

                                   WITNESSETH:

      WHEREAS, Assignor, as lessor, and GMAC Insurance Management Corp.
("Lessee"), pursuant to that certain Lease Agreement between Seller and Lessee
dated as of__________ _____, 2004, demising certain premises located in
Winston-Salem, North Carolina and legally described on Exhibit "A", which is
attached hereto and incorporated herein by this reference (the "Lease"); and

      WHEREAS, Assignor desires to assign the Lease to Assignee and Assignee
desires to accept such assignment and assume the obligations of the lessor under
the Lease.

                                    AGREEMENT

      NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and intending to be legally bound,
the parties agree as follows:

      1.    ASSIGNMENT. Assignor hereby assigns, transfers, and conveys to
Assignee all of Assignor's right, title and interest as lessor in and to the
Lease, including without limitation all of Assignor's right, title and interest
in and to all security deposits and rentals thereunder.

      2.    ASSUMPTION. Assignee hereby assumes all liabilities and obligations
of Assignor under the Lease which arise on or after the date hereof and agrees
to perform all obligations of Assignor under the Lease which are to be performed
or which become due on or after the date hereof ("Assumed Obligations").

      3.    INDEMNITY BY ASSIGNOR. Assignor shall indemnify and hold Assignee
harmless from any and all cost, liability, damage, or expense, including,
without limitation, reasonable attorneys' fees and disbursements, accruing or
arising out of any obligations of Assignor under the Lease, other than the
Assumed Obligations.

      4.    INDEMNITY BY ASSIGNEE. Assignee shall indemnify and hold Assignor
harmless from any claim, liability, cost or expense (including without
limitation reasonable attorneys' fees) arising out of Assignee's failure to
perform any of the Assumed Obligations.

      5.    BINDING EFFECT. This Assignment shall be binding upon and inure to
the benefit of Assignor, Assignee and their respective successors and assigns.

      6.    COUNTERPARTS. This Assignment may be executed in two or more
counterparts.

<Page>

      IN WITNESS WHEREOF, this Assignment and Assumption of Lease has been
executed on the date and year first above written.

                           ASSIGNOR:

                           UTF Winston-Salem L.L.C., a Delaware limited
                           liability company.

                           By United Trust Fund Limited Partnership, a
                              Delaware limited partnership

                           By United Trust Fund, Inc., a Delaware corporation

                           By:
                                 ---------------------------------------
                           Name:
                                 ---------------------------------------
                           Title:
                                 ---------------------------------------

                           ASSIGNEE:

                           [ASSIGNEE]

                           By:
                                 ---------------------------------------
                           Name:
                                 ---------------------------------------
                           Title:
                                 ---------------------------------------

<Page>

                                    EXHIBIT F

                                   BASIC RENT

<Table>
<Caption>
            YEARS                  BASIC RENT
            -----                  ----------
            <S>                    <C>
            1-5                    $  5,164,449
             6                     $  5,266,828
             7                     $  5,369,206
             8                     $  5,475,680
             9                     $  5,582,154
            10                     $  5,692,722
</Table>

<Page>

                                    EXHIBIT G

                                FORM OF GUARANTY<Page>

                                                                  Exhibit 10.381

                                ESCROW AGREEMENT

      THIS ESCROW AGREEMENT (this "Agreement") is made and entered into as of
________________, 2004, by and among UTF WINSTON-SALEM L.L.C., a Delaware
limited liability company {"Seller"), INLAND WESTERN WINSTON-SALEM 5TH STREET,
L.L.C., a Delaware limited liability company ("Purchaser") and CHICAGO TITLE
INSURANCE COMPANY ("Escrow Agent").

                             PRELIMINARY STATEMENTS

      Seller and Purchaser are parties to that certain Agreement of Sale August
10, 2004 (as amended, the "Purchase Agreement"), regarding the purchase and sale
of certain real property located in the Winston-Salem, North Carolina (the
"Property"). In connection with the closing (the "Closing") of the transaction
contemplated by the Purchase Agreement, Seller and Purchaser desire certain
proceeds of the Closing be delivered into escrow, to be disbursed by Escrow
Agent in accordance with the terms and conditions of this Agreement and the
Purchase Agreement.

      NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by the parties, the parties hereby agree as follows:

                                    AGREEMENT

      1.    ESCROW PROCEEDS OF ESCROW PROCEEDS INTO ESCROW. Simultaneous with
the Closing, Seller shall deposit a portion of the Purchase Price proceeds
payable to Seller in the amount of $75,000 (the "Escrow Proceeds"). The Escrow
Proceeds shall be delivered to Escrow Agent in immediately available funds and
held by Escrow Agent as contemplated by the following provisions. The Escrow
Proceeds shall be held by Escrow Agent, pending disbursement as contemplated
herein, in a federally-insured interest bearing account with a commercial bank
or savings and loan institution. The earnings on such account shall be deemed
income of Seller.

      2.    RELEASE OF ESCROW PROCEEDS.

            (a)   Purchaser shall be pursuing the issuance of a "No Further
      Action" determination (a "No Further Action Determination") from the North
      Carolina Department of Environment and Natural Resources (the "NCDENR")
      with respect to certain environmental conditions on the Property as
      described in the Phase II Limited Site Assessment prepared by ATC
      Associates, Inc. ("ATC") dated September 2, 2004. The Escrow Proceeds
      shall be held by the Escrow Agent, in escrow, and shall be disbursed by
      the Escrow Agent in such sums as may be necessary to pay any direct third
      party costs and expenses incurred by Purchaser in connection with
      obtaining a No Further Action Determination; provided that Purchaser
      provides Escrow Agent with (i) a written request

<Page>

      for payment and (ii) evidence sufficient to substantiate such third party
      costs and expenses.

            (b)   If a No Further Action Determination is not received by June
      30, 2005, any undisbursed portion of the Escrow Proceeds shall be released
      to Purchaser.

            (c)   Upon the issuance of a No Further Action Determination by
      NCDENR, all amounts held by the Escrow Agent as the Escrow Proceeds, less
      any amounts required to pay expenses incurred by Purchaser as described
      above, shall be paid to Seller.

      3.    DUTIES OF ESCROW AGENT/INDEMNITY. Escrow Agent's sole function
hereunder shall be to receive and disburse funds in accordance with the terms
hereof and with notices received from Purchaser which Escrow Agent shall believe
to be genuine. Seller and Purchaser agree to indemnify and hold Escrow Agent
harmless from and against any liability resulting from the good faith exercise
of its rights and obligations hereunder. Escrow Proceeds, any withdrawals or
thereof and any interest earned thereon, and to provide copies of such records
to Purchaser or Seller from time to time upon either's written request, but not
more than once every 30 days.

      4.    ACCOUNTING RECORDS. Escrow Agent agrees to maintain consistent,
detailed and accurate accounting records of the Escrow Proceeds, any withdrawals
thereof and any interest earned thereon, and to provide copies of such records
to Purchaser or Seller from time to time upon either's written request, but not
more than once every 30 days.

      5.    COUNTERPART EXECUTION. This Agreement may be signed in counterparts.

      6.    SUCCESSORS AND ASSIGNS. All of the provisions herein contained shall
be binding upon and inure to the benefit of the respective successors and
assigns of the parties hereto, to the same extent as if each such successor and
assign were in each case named as a party to this Agreement.

      7.    DEFINED TERMS. Capitalized terms used in this Agreement but not
defined in this Agreement shall have the meanings assigned to them in the
Purchaser Agreement.

      8.    COUNTERPARTS. This Agreement may be executed by the parties hereto
in separate counterparts, each of which when so executed any delivered shall be
an original, but all such counterparts shall together constitute but one and the
same instrument.

                                        2
<Page>

      IN WITNESS WHEREOF, the parties hereto have entered into this Agreement as
of the date first above written.

                                   SELLER:

                                   UTF WINSTON-SALEM L.L.C.

                                   By United Trust Fund Limited Partnership, its
                                      sole member

                                      By United Trust Fund, Inc., its sole
                                         general partner

                                         By  /s/ Fred M. Berliner
                                           -------------------------------------
                                         Name:  Fred M. Berliner
                                         Title: Senior Vice President

                                   PURCHASER:

                                   INLAND WESTERN WINSTON-SALEM
                                   5TH STREET, L.L.C.

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

                                   By    /s/ Debra Palmer
                                      ------------------------------------------
                                   Name   Debra Palmer
                                        ----------------------------------------
                                   Title  Assistant Secretary
                                         ---------------------------------------

                                   ESCROW AGENT:

                                   CHICAGO TITLE INSURANCE
                                   COMPANY

                                   By: /s/ N. Eric Taylor
                                      ------------------------------------------
                                   Name:  N. Eric Taylor
                                        ----------------------------------------
                                   Title:   V.P. & Sr. Counsel
                                         ---------------------------------------

                                        3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}]]