Document:

<Page>

                                                                  Exhibit 10.149

                            VACANCY ESCROW AGREEMENT

     THIS VACANCY ESCROW AGREEMENT (this "Escrow Agreement") is made as of this
___ day of May, 2004, by and among NORTHPOINTE DELAWARE, LLC, a Delaware limited
liability company, and CHULA VISTA PLAZA, LLC, a California limited liability
company (collectively, "Seller"); INLAND WESTERN SPOKANE NORTHPOINTE, L.L.C., a
Delaware limited liability company ("Inland"); and CHICAGO TITLE INSURANCE
COMPANY ("Escrow Agent").

                                    RECITALS:

     A.   Seller and Inland Real Estate Acquisitions, Inc. previously entered
into an Agreement of Purchase and Sale, dated as of March 23, 2004 (as amended
and reinstated, the "Agreement"), a copy of which Agreement has been delivered
to Escrow Agent and is incorporated by reference herein. Inland Real Estate
Acquisitions, Inc. subsequently assigned its interest in the Agreement to Inland
by Assignment and Assumption of Agreement of Purchase and Sale effective May 27,
2004.

     B.   Capitalized terms used herein and not defined herein shall have the
meanings ascribed to those terms in the Agreement.

     C.   Pursuant to Section 11.9 of the Agreement, Seller has agreed to
establish an escrow for the Vacant Space (the "Vacant Space Escrow").

     D.   Seller and Inland have agreed that Seller will deposit with Escrow
Agent the sum of ONE HUNDRED SIXTY THREE THOUSAND FIVE HUNDRED SIXTY-FIVE AND
33/100 DOLLARS ($163,565.33) in the Vacant Space Escrow (the "Vacant Space
Escrowed Funds"), which funds shall be held, administered and disbursed pursuant
to the terms of this Escrow Agreement.

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

     1.   (a)    Simultaneously with the execution of this Escrow Agreement,
Seller will deposit, in cash, with the Escrow Agent the Vacant Space Escrowed
Funds.

          (b)    The parties agree that to the extent there are inconsistencies
between the requirements set forth in Section 11.9 of the Agreement and this
Escrow Agreement, the terms of this Escrow Agreement shall control. Nothing in
this Escrow Agreement shall be deemed to amend the terms of the Agreement with
respect to the amounts that are due to either party as calculated by the terms
of the Agreement.

     2.   (a)    The Escrow Agent agrees to invest the Vacant Space Escrowed
Funds in Permitted Investments, as hereinafter defined. The Escrow Agent shall
not invest the Vacant Space Escrowed Funds in any investment that would require
the Escrow Agent to pay a penalty for early withdrawal to pay a monthly
disbursement. Interest earned on the Vacant Space Escrowed Funds shall accrue to
such funds and be paid out in accordance with the Agreement. For tax purposes,
interest earned on the escrowed funds shall be for the account of Seller.
Seller's tax identification numbers are:_________.

          (b)    The term "Permitted Investments" means:

                                       1

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                 (i)    Government Obligations as hereinafter defined;

                 (ii)   Negotiable or non-negotiable certificates of deposit
                        and time deposits (including Eurodollar certificates of
                        deposit), maturing within ninety (90) days from the
                        date of acquisition, issued by a federally chartered
                        bank having at least $10 billion in total assets (an
                        "Approved Bank"); and

                 (iii)  money market funds of Chase Manhattan Bank or Bank of
                        America, N.A.

                             The term "Government Obligations" means (a) direct
                        obligations of the United States of America for the
                        payment of which the full faith and credit of the United
                        States of America is pledged, or (b) obligations issued
                        by a person controlled or supervised by and acting as an
                        instrumentality of the United States of America, the
                        payment of the principal of, premium, if any, and
                        interest on which is fully guaranteed as a full faith
                        and credit obligation of the United States of America
                        (including any securities described in (a) or (b) above
                        in this sentence issued or held in book-entry form on
                        the books of the Department of the Treasury of the
                        United States of America), which obligations, in either
                        case, are not subject to redemption prior to maturity at
                        less than par by anyone other than the owner.

     3.   (a)    (i)    Not less than ten (10) days before the end of each
calendar month, Inland may submit a written request for payment to the Escrow
Agent and Seller that certifies the amount of funds from the Vacant Space Escrow
that are due to Inland for Vacant Space for the following calendar month (the
"Payment Certification") pursuant to Section 11.9 of the Agreement. A basic
example of the Payment Certification is attached hereto as SCHEDULE A. If Inland
fails to send a Payment Certification for a given month, and Inland was due to
receive a disbursement for such month, then Inland shall not waive its right to
receive such disbursement because it failed to send such Payment Certification,
and Inland shall have the right to add the overdue disbursement to a future
Payment Certification for disbursement.

                 (ii)   Escrow Agent shall disburse to Inland the amount
certified for such payment in the Payment Certification on the first business
day of the following calendar month after Escrow Agent and Seller have received
the Payment Certification, unless Escrow Agent receives a written notice from
Seller objecting to a release from the Vacant Space Escrow of all or part of the
amount certified for payment in the Payment Certification within five (5)
business days after Seller's and Escrow Agent's receipt of the Payment
Certification. Any such objection must set forth the basis on which such
objection is made and the amount to which such objection is made. In such event,
Escrow Agent shall release only such amount certified for payment in the Payment
Certification that Seller does not object to, if any, and Escrow Agent shall
continue to hold the portion of the amount certified for payment in the Payment
Certification Seller objects to until directed to do otherwise by joint written
instruction from the parties or a decision by the Consulting Broker (as defined
below) pursuant to (iii) below directing the disposition of such portion of the
amount certified for payment in the Payment Certification objected to by Seller.

                 (iii)  In the event Seller objects to the release of Vacant
Space Escrowed Funds for payment of an amount certified for payment in the
Payment Certification, and the parties cannot resolve such disagreement or
dispute, then either party shall have the right, upon ten (10) days

                                       2

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notice to the other party, to have the disagreement or dispute submitted to the
Consulting Broker, for decision, whose decision shall be binding on Seller and
Inland. Seller or Inland shall have the right to propose to the other the name
of a third-party commercial real estate broker with at least ten (10) years
experience in the shopping center field to resolve such disagreement or dispute
(the "Consulting Broker"). If the parties cannot agree on such proposed
Consulting Broker, either one shall have the right to refer the selection of the
Consulting Broker to the president of a commercial real estate brokerage
association that serves the area in which the Property is located and is
qualified with ten years experience in the shopping center field, except if the
president is not an independent party or otherwise qualified as provided above,
in which case the matter shall be submitted to the next senior officer of such
association who is independent of both parties and has the requisite experience
qualification, who shall make such designation within ten (10) business days
after request therefor by either party, in which event such designated broker
shall be deemed the "Consulting Broker". With regard to any disagreement or
dispute referred to the Consulting Broker pursuant to this subparagraph (iii),
such Consulting Broker shall review the matter and render a decision within
thirty (30) days after referral of the matter for a decision. Seller and Inland
shall each be responsible for and pay one-half (1/2) of the Consulting Broker's
reasonable fees and expenses incurred in connection with rendering its decision
pursuant to this subparagraph (iii), and have the right to exercise all rights
and remedies available to it to enforce the Consulting Broker's decision.

          (b)    (i)    Upon consummation of a Qualified Replacement Lease for
any of the Vacant Space, Seller may submit a written request to Escrow Agent and
to Inland that shall certify the portion of the Vacant Space Escrowed Funds
remaining in the Vacant Space Escrow with respect to such space that is to be
released to Seller (the "Release Certification") pursuant to Section 11.9 of the
Agreement. A basic example of the Release Certification is attached hereto as
SCHEDULE B.

                 (ii)   Escrow Agent shall disburse to Seller the amount
certified for such payment in the Release Certification on the tenth (10th) day
after Escrow Agent and Inland received the Release Certification unless Escrow
Agent receives a written notice from Inland objecting to a release from the
Vacant Space Escrow of all or part of the amount certified for payment in the
Release Certification within five (5) business days after Inland's and Escrow
Agent's receipt of the Release Certification. Any such objection must set forth
the basis on which such objection is made and the amount to which such objection
is made. In such event, Escrow Agent shall release only such amount certified
for payment in the Release Certification that Inland does not object to, if any,
and Escrow Agent shall continue to hold the portion of the amount certified for
payment in the Release Certification Inland objects to until directed to do
otherwise by joint written instruction from the parties or a decision by the
Consulting Broker pursuant to Paragraph 3(a)(iii) above directing the
disposition of such portion of the amount certified for payment in the Release
Certification objected to by Inland.

                 (iii)  In the event Inland objects to the release of Vacant
Space Escrowed Funds for payment of an amount certified for payment in the
Release Certification, and the parties cannot resolve such disagreement or
dispute, the disagreement or dispute shall be submitted to the Consulting
Broker, for decision, whose decision shall be binding on Seller and Inland.

          (c)    All funds remaining in the Vacant Space Escrow as of the date
that is twenty-four (24) months after the date of this Escrow Agreement (the
"Expiration Date") shall be immediately disbursed to Inland.

          (d)    Except as expressly provided herein, neither Seller nor Inland
shall have any right or power to withdraw Vacant Space Escrowed Funds.

                                       3
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     4.   Escrow Agent acknowledges that it has received compensation for its
services performed pursuant to this Escrow Agreement; PROVIDED, HOWEVER, in the
event of a dispute between Seller and Inland concerning disbursement of the
Vacant Space Escrowed Funds or as a result of interpleader, Seller and Inland
shall each pay one-half (1/2) of Escrow Agent's reasonable attorneys' fees and
cost.

     5.   All notices, requests and other communications to any party hereunder
and all notices to the Escrow Agent required under this Escrow Agreement shall
be in writing (including telecopies, facsimile transmissions, and similar
writings) and shall be given to such party at its address, telecopier or
facsimile number set forth below or such other address, telecopier or facsimile
number as such party may hereafter specify for that purpose by notice to the
other party. If a party sends notice by facsimile, then it shall also send a
duplicate copy by hand, U.S. Mail, overnight mail or other means; provided,
however, that notice shall be deemed given upon the confirmed transmission of
the facsimile copy.

TO SELLER:

Barclays Realty and Management Co.
9777 Wilshire Boulevard, Suite 1009
Beverly Hills, California 90212
Attn: Ruben Poplawski
Facsimile: (310) 276-0878

With copy to:

Perkins Coie
10885 N.E. Fourth Street, Suite
Bellevue, Washington 98004
Attn: Craig Gilbert, Esq.
Facsimile: ________________________

TO INLAND:

Inland Real Estate Acquisitions, Inc.
501 Manatee Avenue West
Holmes, Florida 34217
Attn: Steve D. Sanders
Facsimile (941) 779-2000

With copy to:

2901 Butterfield Road
Oak Brook, IL 60523
Facsimile: (630) 218-4900
Attention: Michael J. Moran

                                       4
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TO THE ESCROW AGENT:

Chicago Title Insurance Company
171 North Clark Street
Chicago, IL
Attention: Nancy Castro
Facsimile: (312) 223-2108

Each such notice, request or other communication shall be effective and shall be
deemed received (a) if given by telecopier or facsimile transmission, when such
telecommunication is transmitted and confirmation of receipt obtained (provided,
however, that a duplicate copy shall also be sent to the same party by hand,
U.S. Mail, overnight mail or other means), (b) if given by mail, three days
after such communication is so deposited, postage prepaid, by registered or
certified mail, return receipt requested, in the U.S. Mail, (c) if given by
overnight mail, then on the next business day after deposit with a nationally
recognized overnight mail service, or (d) if given by any other means, when
delivered at the address specified in this Section.

     6.   No amendment or modification of this Escrow Agreement shall be
effective unless in writing, signed by all of the parties hereto.

     7.   Escrow Agent hereby accepts the duties imposed upon it by this Escrow
Agreement and agrees to perform such duties subject to the following terms and
conditions:

          (a)    The Escrow Agent undertakes to perform such duties and only
such duties as are specifically set forth in this Escrow Agreement.

          (b)    In the absence of bad faith, the Escrow Agent may conclusively
rely upon written notices and statements or documents received from a party to
this Escrow Agreement or from a duly authorized representative of a party to
this Escrow Agreement, as Escrow Agent reasonably believes to be genuine, and
shall incur no liability on account of such reliance.

          (c)    Except where it shall be determined that the Escrow Agent is
liable for gross negligence or willful misconduct:

                 (1)    The Escrow Agent shall not be liable for any error of
judgment; and

                 (2)    The Escrow Agent shall not be liable with respect to any
action taken or omitted to be taken by the Escrow Agent in accordance with this
Escrow Agreement.

          (d)    No provision of this Escrow Agreement shall be construed to
require the Escrow Agent to expend or risk the Escrow Agent's own funds or
otherwise incur any financial liability in the performance of any of the duties
hereunder.

          (e)    Escrow Agent shall not be responsible for the validity or the
execution of this Escrow Agreement.

          (f)    The parties shall indemnify and hold Escrow Agent harmless from
and against any and all loss, liability, claim, damage or expense (hereinafter
collectively "Damages"), including reasonable attorney's fees, (I) which Escrow
Agent may incur or suffer by reason of its performance under this Escrow
Agreement (except Escrow Agent's gross negligence or willful misconduct) for
which

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such party is responsible, and (2) which arise from or relate to any action by
or failure of such party related to the subject matter of this Escrow Agreement.

     8.   This document may be executed in as many counterparts as may be
required; and it shall not be necessary that the signature of, or on behalf of,
each party, or that the signatures of all persons required to bind any party,
appear on each counterpart; but it shall be sufficient that the signature of, or
on behalf of, each party, or that the signatures of the persons required to bind
any party, appear on one or more of such counterparts. All counterparts shall
collectively constitute a single document.

     9.   This Escrow Agreement may be executed and delivered by exchange of
facsimile copies showing the signatures of Seller, Inland and Escrow Agent and
those signatures need not be affixed to the same copy. The facsimile copies
showing the signatures of Seller, Inland and Escrow Agent will constitute
originally signed copies of the same agreement requiring no further execution.

     10.  Time is of the essence of this Escrow Agreement and the terms hereof.

     11.  The liability of each Seller under this Escrow Agreement is and shall
be joint and several.

                      [THIS SPACE INTENTIONALLY LEFT BLANK]
              [See following pages for counterpart signature pages]

                                       6
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                     SELLER'S COUNTERPART SIGNATURE PAGE TO
                                ESCROW AGREEMENT

     IN WITNESS WHEREOF, the parties hereto have executed this Escrow Agreement
as of the ___ day of May, 2004 as to Seller.

SELLER:

NORTHPOINTE DELAWARE, LLC, a
Delaware limited liability company

By:
   ------------------------------------
      Ruben Poplawski
      Sole Manager

CHULA VISTA PLAZA, LLC, a
California limited liability company

By:
   ------------------------------------
      Ruben Poplawski
      Sole Manager

                                       7
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                     INLAND'S COUNTERPART SIGNATURE PAGE TO
                                ESCROW AGREEMENT

     IN WITNESS WHEREOF, the parties hereto have executed this Escrow Agreement
as of the ____ day of May, 2004 as to Inland.

INLAND:

INLAND WESTERN SPOKANE
NORTHPOINTE, L.L.C., a Delaware
limited liability company

By:   INLAND WESTERN RETAIL
      REAL ESTATE TRUST, INC.,
      a Maryland corporation, its sole member

      By: /s/ [ILLEGIBLE]
         ------------------------------------
             Name:
                  ---------------------------
             Its: [ILLEGIBLE]
                 ----------------------------

                                       8
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                   ESCROW AGENT'S COUNTERPART SIGNATURE PAGE TO
                                ESCROW AGREEMENT

     IN WITNESS WHEREOF, the parties hereto have executed this Escrow Agreement
as of the ___ day of May, 2004 as to Escrow Agent.

                                             ESCROW AGENT:

                                             CHICAGO TITLE INSURANCE COMPANY

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

                                       9
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                                   SCHEDULE A

                              Payment Certification

                               LETTER OF DIRECTION

TO:       Chicago Title Insurance Company
          171 North Clark Street
          Chicago, Illinois 60601
          Attn: Nancy Castro

RE:       Escrow No. _________________________ (the "Escrow")

DATED:    ______________

Dear Nancy:

     With respect to the above-referenced Escrow and pursuant to that certain
Vacancy Escrow Agreement dated as of ______________, 2004, among Northpointe
Delaware, LLC, and Chula Vista Plaza, LLC (collectively, "Seller"), and Chicago
Title Insurance Company ("CTIC") and the undersigned, CTIC is hereby directed to
disburse to the undersigned the sum of $_____________________ from the Escrow.

     All disbursements should be made on ______________, 2004.

     If you have any questions or comments, or receive any objection from Seller
to the disbursement of any funds from the Escrow as directed in this letter,
please call us as soon as possible.

                        Very Truly Yours,

                        INLAND WESTERN SPOKANE NORTHPOINTE, L.L.C.,
                        a Delaware limited liability company

                        By: INLAND WESTERN RETAIL REAL ESTATE
                            TRUST, INC., a Maryland corporation, its sole member

                            By:
                               ------------------------------------
                                   Name:
                                        ---------------------------
                                   Its:
                                       ----------------------------

     cc:  Ruben Poplawski
          Eric Diamond
          Craig Gilbert, Esq.

                                       10
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                                   SCHEDULE B

                              Release Certification

                               LETTER OF DIRECTION

TO:       Chicago Title Insurance Company
          171 North Clark Street
          Chicago, Illinois 60601
          Attn: Nancy Castro

RE:       Escrow No. ________________________ (the "Escrow")

DATED:    ______________

Dear Nancy:

With respect to the above-referenced Escrow and pursuant to that certain
Vacancy Escrow Agreement dated as of ___________________, 2004, among Inland
Western Spokane Northpointe, L.L.C. ("Inland"), Chicago Title Insurance Company
("CTIC") and the undersigned, CTIC is hereby directed to disburse to the
undersigned the sum of $_______________________ from the Escrow.

     All disbursements should be made on ____________________________, 2004.

     If you have any questions or comments, or receive any objection from
Inland to the disbursement of any funds from the Escrow as directed in this
letter, please call us as soon as possible.

Very Truly Yours,

NORTHPOINTE DELAWARE, LLC, a
Delaware limited liability company

By:
   ------------------------------------
      Ruben Poplawski
      Sole Manager

CHULA VISTA PLAZA, LLC, a
California limited liability company

By:
   ------------------------------------
      Ruben Poplawski
      Sole Manager

cc:   Steven D. Sanders
      Michael Moran, Esq.

                                       11<Page>

                                                                  Exhibit 10.150

                                LOAN TERMS TABLE

<Table>
<S>                         <C>                           <C>
Note Date:                  June 3, 2004
Borrower:                   INLAND WESTERN PHOENIX,
                            L.L.C., a Delaware limited
                            liability company             Loan No.:       58108
Original Principal Amount:  $15,680,500.00                Servicing No.:  3180932
Note Rate:                  4.552%                        Borrower's TIN: 20-0940580
Monthly Payment Amount:     As defined in Article 1(a)    Maturity Date:  July 1, 2009
Lockout Period:             From the date hereof through
                            and including June 30, 2006
</Table>

                                 PROMISSORY NOTE

     FOR VALUE RECEIVED Borrower, having its principal place of business at 2901
Butterfield Road, Oak Brook, IL 60523, hereby unconditionally promises to pay to
the order of BANK OF AMERICA, N.A., a national banking association, having an
address at Hearst Tower, 214 North Tryon Street, Charlotte, North Carolina
NC1-027-20-03 ("LENDER"), the Original Principal Amount, in lawful money of the
United States of America with interest thereon to be computed from the date of
this Note at the Note Rate, and to be paid in accordance with the terms set
forth below. The Loan Terms Table set forth above is a part of this Note and all
terms used in this Note which are defined in the Loan Terms Table shall have the
meaning set forth therein. All capitalized terms not defined herein shall have
the respective meanings set forth in that certain Loan Agreement dated the date
hereof between Lender and Borrower (the "LOAN AGREEMENT").

                                    ARTICLE 1
                        PAYMENT TERMS; MANNER OF PAYMENT

     (a)  Borrower hereby agrees to pay sums due under this Note as follows: an
initial payment is due on the Closing Date for interest from the Closing Date
through and including the last day of the calendar month in which the Closing
Date occurs; and thereafter, consecutive monthly installments of interest only
in an amount calculated in accordance with Article 2 below (such amount, the
"MONTHLY PAYMENT AMOUNT") shall be payable pursuant to the terms hereof on the
first (1st) day of each month beginning on August 1, 2004 (each such date
through and including the Maturity Date, a "SCHEDULED PAYMENT DATE") through and
including the Scheduled Payment Date occurring immediately prior to the Maturity
Date, except that any remaining indebtedness, if not sooner paid, shall be due
and payable on the Maturity Date.

     (b)  Each payment by Borrower hereunder shall be made to P.O. Box 515228,
Los Angeles, CA 90051-6528, or at such other place as Lender may designate from
time to time in writing. Whenever any payment hereunder shall be stated to be
due on a day which is not a Business Day, such payment shall be made on the
first Business Day preceding such scheduled due date. All payments made by
Borrower hereunder or under the other Loan Documents shall be made irrespective
of, and without any deduction for, any setoff, defense or counterclaims.

<Page>

     (c)  Prior to the occurrence of an Event of Default, all monthly payments
made as scheduled on this Note shall be applied to the payment of interest
computed at the Note Rate. All voluntary and involuntary prepayments on this
Note shall be applied, to the extent thereof, to accrued but unpaid interest on
the amount prepaid, to the remaining Principal Amount, and any other sums due
and unpaid to the Lender in connection with the Loan, in such manner and order
as Lender may elect in its sole and absolute discretion, including, but not
limited to, application to principal installments in inverse order of maturity.
Following the occurrence of an Event of Default, any payment made on this Note
shall be applied to accrued but unpaid interest, late charges, accrued fees,
the unpaid principal amount of this Note, and any other sums due and unpaid to
Lender in connection with the Loan, in such manner and order as Lender may elect
in its sole and absolute discretion.

     (d)  Remittances in payment of any part of the indebtedness other than in
the required amount in immediately available U.S. funds shall not, regardless of
any receipt or credit issued therefor, constitute payment until the required
amount is actually received by the holder hereof in immediately available U.S.
funds and shall be made and accepted subject to the condition that any check or
draft may be handled for collection in accordance with the practices of the
collecting bank or banks.

                                    ARTICLE 2
                                    INTEREST

     The Loan shall bear interest at a fixed rate per annum equal to the Note
Rate. Interest shall be computed on the basis of a three hundred sixty (360) day
year consisting of twelve (12) months of thirty (30) days each. Except as
otherwise set forth herein or in the other Loan Documents, interest shall be
paid in arrears.

                                    ARTICLE 3
                            DEFAULT AND ACCELERATION

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

                                    ARTICLE 4
                             PAYMENTS AFTER DEFAULT

     Upon the occurrence and during the continuance of an Event of Default,
interest on the outstanding principal balance of the Loan and, to the extent
permitted by law, overdue interest and other amounts due in respect of the Loan
shall accrue at a rate per annum equal to the lesser of (a) the maximum rate
permitted by applicable law, or (b) four percent (4%) above the Note Rate (such
rate, the "DEFAULT RATE"). Interest at the Default Rate shall be computed from
the occurrence of the Event of Default until the earlier of (i) the actual
receipt and collection of the Debt (or that portion thereof that is then due)
and (ii) the cure of such Event of Default. To the extent permitted by
applicable law, interest at the Default Rate shall be added to the Debt, shall
itself accrue interest at the same rate as the Loan and shall be secured by the
Mortgage. This Article shall not be construed as an agreement or privilege to
extend the date of the payment of

                                        2
<Page>

the Debt, nor as a waiver of any other right or remedy accruing to Lender by
reason of the occurrence of any Event of Default; the acceptance of any payment
from Borrower shall not be deemed to cure or constitute a waiver of any Event of
Default; and Lender retains its rights under this Note, the Loan Agreement and
the other Loan Documents to accelerate and to continue to demand payment of the
Debt upon the happening of and during the continuance any Event of Default,
despite any payment by Borrower to Lender.

                                    ARTICLE 5
                                   PREPAYMENT

     Except as otherwise expressly permitted by this Article 5, no voluntary
prepayments, whether in whole or in part, of the Loan or any other amount at any
time due and owing under this Note can be made by Borrower or any other Person
without the express written consent of Lender.

     (a)  LOCKOUT PERIOD. Borrower shall have no right to make, and Lender shall
have no obligation to accept, any voluntary prepayment, whether in whole or in
part, of the Loan, or any other amount under this Note or the other Loan
Documents, at any time during the Lockout Period. At any time following the
expiration of the Lockout Period, the principal balance of this Note may be
voluntarily prepaid in whole, but not in part, upon the satisfaction of the
following conditions:

          (i)    no Default shall exist under any of the Loan Documents;

          (ii)   not less than sixty (60) (but not more than ninety (90)) days
     prior written notice shall be given to Lender specifying a date on which
     the prepayment shall occur such date being a Scheduled Payment Date (the
     "Prepayment Date");

          (iii)  Borrower has paid to Lender all accrued and unpaid interest on
     the Loan through and including the Prepayment Date together with all other
     sums due under this Note and the other Loan Documents; and

          (iv)   Borrower has paid to Lender a prepayment premium in an amount
     equal to Yield Maintenance (as defined and calculated in accordance with
     Section 5(b) below).

     (b)  INVOLUNTARY PREPAYMENT. In the event of any involuntary prepayment of
the Loan or any other amount under this Note, whether in whole or in part, in
connection with or following Lender's acceleration of this Note or otherwise,
and whether the Mortgage is satisfied or released by foreclosure (whether by
power of sale or judicial proceeding), deed in lieu of foreclosure or by any
other means, including, without limitation, repayment of the Loan by Borrower or
any other Person pursuant to any statutory or common law right of redemption,
Borrower shall, in addition to any portion of the principal balance of the Loan
prepaid (together with all interest accrued and unpaid thereon and in the event
the prepayment is made on a date other than a Scheduled Payment Date, a sum
equal to the amount of interest which would have accrued under this Note on the
amount of such prepayment if such prepayment had occurred on the next Scheduled
Payment Date), pay to Lender a prepayment premium in an amount equal to Yield
Maintenance together with, if such involuntary prepayment occurs during the
Lockout Period, an amount equal to one percent (1%) of the portion of the Loan
being prepaid.

                                        3
<Page>

As used herein, "YIELD MAINTENANCE" means a prepayment premium in an amount
equal to the greater of:

          (i)    1% of the portion of the Loan being prepaid; or

          (ii)   the product obtained by multiplying:

                 (A)    the portion of the Loan being prepaid, times;

                 (B)    the difference obtained by subtracting (I) the Yield
          Rate from (II) the Note Rate, times;

                 (C)    the present value factor calculated using the following
          formula:

                        1-(1+r)(TO THE POWER OF -n)
                        ---------------------------
                                     r

                        r =  Yield Rate

                        n =  the number of years and any fraction thereof,
                             remaining between the date the prepayment is made
                             and the Maturity Date of this Note.

     As used herein, "YIELD RATE" means the yield rate for the 2.625% U.S.
Treasury Security due March, 2009, as reported in THE WALL STREET JOURNAL on the
fifth Business Day preceding the Prepayment Calculation Date. If the Yield Rate
is not published for such U.S. Treasury Security, then the "Yield Rate" shall
mean the yield rate for the nearest equivalent U.S. Treasury Security (as
selected at Lender's sole and absolute discretion) as reported in THE WALL
STREET JOURNAL on the fifth Business Day preceding the Prepayment Calculation
Date. If the publication of such Yield Rate in The Wall Street Journal is
discontinued, Lender shall determine such Yield Rate from another source
selected by Lender in Lender's sole and absolute discretion. The "PREPAYMENT
CALCULATION DATE" shall mean, as applicable, the date on which (i) Lender
applies any prepayment to the reduction of the outstanding principal amount this
Note, (ii) Lender accelerates the Loan, in the case of a prepayment resulting
from acceleration, (iii) Lender applies funds held under any Reserve Account, in
the case of a prepayment resulting from such an application (other than in
connection with acceleration of the Loan), or (iv) with respect to a voluntary
prepayment pursuant under Section 5(a) two (2) Business Days prior to the
Prepayment Date.

     (c)  INSURANCE PROCEEDS AND AWARDS; EXCESS INTEREST. Notwithstanding any
other provision herein to the contrary, and provided no Default exists, Borrower
shall not be required to pay any prepayment premium in connection with any
prepayment occurring solely as a result of (i) the application of Insurance
Proceeds or Awards pursuant to the terms of the Loan Documents, or (ii) the
application of any interest in excess of the maximum rate permitted by
applicable law to the reduction of the Loan.

     (d)  OPEN PREPAYMENT PERIOD. During the two (2) months prior to the
Maturity Date, upon giving Lender at least sixty (60) days (but not more than
ninety (90) days) prior written notice, Borrower may voluntarily prepay (without
premium) this Note in whole (but not in part)

                                        4
<Page>

on a Scheduled Payment Date. Lender shall accept a prepayment pursuant to this
Section 5(d) on a day other than a Scheduled Payment Date provided that, in
addition to payment of the full outstanding principal balance of this Note,
Borrower pays to Lender a sum equal to the amount of interest which would have
accrued on this Note if such prepayment occurred on the next Scheduled Payment
Date.

     (e)  LIMITATION ON PARTIAL PREPAYMENTS. In no event shall Lender have any
obligation to accept a partial prepayment.

                                    ARTICLE 6
                                    SECURITY

     This Note is secured by the Mortgage and the other Loan Documents. All of
the terms, covenants and conditions contained in the Loan Agreement, the
Mortgage and the other Loan Documents are hereby made part of this Note to the
same extent and with the same force as if they were fully set forth herein.

                                    ARTICLE 7
                                  USURY SAVINGS

     Borrower agrees to a "contracted for" rate of interest that is the rate
stated in this Note, plus any additional rate of interest resulting from any
other sums, amounts, and charges in the nature of interest paid or to be paid by
or on behalf of Borrower, or any benefit or value received or to be received by
the holder of this Note, in connection with this Note or the other Loan
Documents.

     This Note is subject to the express condition that at no time shall
Borrower be obligated or required to pay interest on the principal balance of
the Loan at a rate which could subject Lender to either civil or criminal
liability as a result of being in excess of the maximum nonusurious interest
rate, if any, that at any time or from time to time may be contracted for,
taken, reserved, charged or received on the indebtedness evidenced by this Note
and as provided for herein or in the other Loan Documents, under the laws of
such state or states whose laws are held by any court of competent jurisdiction
to govern the interest rate provisions of the Loan (such rate, the "MAXIMUM
LEGAL RATE"). If, by the terms of this Note or the other Loan Documents,
Borrower is at any time required or obligated to pay interest on the principal
balance due hereunder at a rate in excess of the Maximum Legal Rate, the Note
Rate or the Default Rate, as the case may be, shall be deemed to be immediately
reduced to the Maximum Legal Rate and all previous payments in excess of the
Maximum Legal Rate shall be deemed to have been payments in reduction of
principal and not on account of the interest due hereunder. All sums paid or
agreed to be paid to Lender for the use, forbearance, or detention of the sums
due under the Loan, shall, to the extent permitted by applicable law, be
amortized, prorated, allocated, and spread throughout the full stated term of
the Loan until payment in full so that the rate or amount of interest on account
of the Loan does not exceed the Maximum Legal Rate of interest from time to time
in effect and applicable to the Loan for so long as the Loan is outstanding.

                                        5
<Page>

                                    ARTICLE 8
                               LATE PAYMENT CHARGE

     If any principal or interest payment is not paid by Borrower before the
tenth (10th) day after the date the same is due (or such greater period, if any,
required by applicable law), Borrower shall pay to Lender upon demand an amount
equal to the lesser of four percent (4%) of such unpaid sum or the maximum
amount permitted by applicable law in order to defray the expense incurred by
Lender in handling and processing such delinquent payment and to compensate
Lender for the loss of the use of such delinquent payment, provided however,
Borrower shall not be required to pay Lender a late charge in connection with
the final payment under the loan. Any such amount shall be secured by the
Mortgage and the other Loan Documents to the extent permitted by applicable law.

                                    ARTICLE 9
                                 NO ORAL CHANGE

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

                                   ARTICLE 10
                                     WAIVERS

     Borrower and all others who may become liable for the payment of all or any
part of the Debt do hereby severally waive presentment and demand for payment,
notice of dishonor, notice of intention to accelerate, notice of acceleration,
protest and notice of protest and non-payment and all other notices of any kind
except as provided in the Loan Agreement. No release of any security for the
Debt or extension of time for payment of this Note or any installment hereof,
and no alteration, amendment or waiver of any provision of this Note, the Loan
Agreement or the other Loan Documents made by agreement between Lender or any
other Person shall release, modify, amend, waive, extend, change, discharge,
terminate or affect the liability of Borrower, and any other Person who may
become liable for the payment of all or any part of the Debt, under this Note,
the Loan Agreement or the other Loan Documents. No notice to or demand on
Borrower shall be deemed to be a waiver of the obligation of Borrower or of the
right of Lender to take further action without further notice or demand as
provided for in this Note, the Loan Agreement or the other Loan Documents. If
Borrower is a limited liability company, the agreements herein contained shall
remain in force and be applicable, notwithstanding any changes in the
individuals comprising the limited liability company, and the term "Borrower,"
as used herein, shall include any alternate or successor limited liability
company, but any predecessor limited liability company and its members shall not
thereby be released from any liability. If Borrower is a partnership, the
agreements herein contained shall remain in force and be applicable,
notwithstanding any changes in the individuals comprising the partnership, and
the term "Borrower," as used herein, shall include any alternate or successor
partnership, but any predecessor partnership and their partners shall not
thereby be released from any liability. If Borrower is a corporation, the
agreements contained herein shall remain in full force and be applicable
notwithstanding any changes in the shareholders comprising, or the officers and

                                        6
<Page>

directors relating to, the corporation, and the term "Borrower" as used herein,
shall include any alternative or successor corporation, but any predecessor
corporation shall not be relieved of liability hereunder. (Nothing in the
foregoing sentence shall be construed as a consent to, or a waiver of, any
prohibition or restriction on transfers of interests in such borrowing entity
which may be set forth in the Loan Agreement, the Mortgage or any other Loan
Documents.) If Borrower consists of more than one person or party, the
obligations and liabilities of each person or party shall be joint and several.

                                   ARTICLE 11
                                  TRIAL BY JURY

     BORROWER AND LENDER EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY
ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO
THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS
NOTE, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION
THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND
VOLUNTARILY BY BORROWER AND LENDER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY
EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD
OTHERWISE ACCRUE. EACH OF LENDER AND BORROWER IS HEREBY AUTHORIZED TO FILE A
COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER
BY BORROWER AND LENDER.

                                   ARTICLE 12
                                    TRANSFER

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

                                   ARTICLE 13
                                   EXCULPATION

     The provisions of Article 15 of the Loan Agreement are hereby incorporated
by reference into this Note to the same extent and with the same force as if
fully set forth herein.

                                   ARTICLE 14
                                  GOVERNING LAW

     This Note shall be governed, construed, applied and enforced in accordance
with the laws of the state in which the Property is located and applicable
federal laws of the United States of America.

                                        7
<Page>

                                   ARTICLE 15
                                     NOTICES

     All notices or other written communications hereunder shall be delivered in
accordance with Article 16 of the Loan Agreement.

                                   ARTICLE 16
                         TAXPAYER IDENTIFICATION NUMBER

     This Note provides for the Borrower's federal taxpayer identification
number to be inserted in the Loan Terms Table on the first page of this Note. If
such number is not available at the time of execution of this Note or is not
inserted by the Borrower, the Borrower hereby authorizes and directs the Lender
to fill in such number on the first page of this Note when the Borrower provides
to Lender, advises the Lender of, or the Lender otherwise obtains, such number.

                                   ARTICLE 17
                                 ATTORNEYS' FEES

     Any provisions in this Note or elsewhere in the Loan Documents providing
for the payment of "attorneys' fees," "reasonable attorneys' fees" or words of
similar import, shall mean actual attorneys' fees and paralegal fees incurred
based upon the usual and customary fees or hourly rates of the attorneys and
paralegals involved without giving effect to any statutory presumption that may
then be in effect.

                         [NO FURTHER TEXT ON THIS PAGE]

                                        8
<Page>

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

                                        INLAND WESTERN PHOENIX, L.L.C.,
                                        a Delaware limited liability company

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

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

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