Document:

Exhibit 10.6

ENVIRONMENTAL INDEMNITY AGREEMENT

THIS ENVIRONMENTAL
INDEMNITY AGREEMENT (this “Agreement”) is made as of April 7, 2015 by IREIT SHREWSBURY WHITE CITY, L.L.C.,
a Delaware limited liability company with offices located at c/o Inland Real Estate Income Trust, Inc., 2901 Butterfield Road,
Oak Brook, IL 60523 ("Borrower"), INLAND REAL ESTATE INCOME TRUST, INC. (“Guarantor” and together with Borrower
sometimes referred to herein as “Indemnitor”), in favor of SANTANDER BANK, N.A. with offices at 75 State Street, Boston,
MA 02109 (“Lender”).

RECITALS

A.The
Borrower is the present owner of certain real property located at 20-50, 70, 84, 88-120 Boston Turnpike and 21 South Quinsigamond
Avenue, Shrewsbury, MA (the “Property”);

B.Borrower
has executed and delivered to Lender a certain Term Note of even date herewith (the “Note”) in the original stated
principal sum of FORTY-NINE MILLION FOUR HUNDRED THOUSAND AND 00/100 ($49,400,000.00) DOLLARS, payable to Lender, evidencing a
loan (the “Loan”) from Lender to Borrower, which is secured or evidenced by, inter alia (i) a Mortgage and Security
Agreement and Financing Statement (the “Mortgage”) of even date, (ii) a Collateral Assignment of Lessor’s
Interest in Leases, Rents and Profits of even date, (iii) a Loan Agreement of even date, and (iv) a Collateral Assignment
of Interest Rate Agreement. Such documents, together with any other documents, instruments and agreements entered into in connection
with the Loan shall hereinafter be referred to collectively as the “Loan Documents.”

C.The Guarantor
is an affiliate and/or has an ownership interest directly or indirectly in Borrower, or will otherwise recognize an economic benefit
from the Loan.

D.As a condition
precedent to funding the Loan, Lender requires the execution of this Agreement.

AGREEMENT

NOW THEREFORE,
in order to induce Lender to enter into the Loan and to disburse the proceeds of the Loan, and in consideration of the matters
described in the foregoing recitals, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the undersigned agree with Lender as follows:

1.              
Recitals. The Recitals are incorporated into the body of this Agreement by this reference, as if set forth herein
in full.

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2.              
Definitions. For purposes of this Agreement, “Hazardous Materials” means and includes those substances
deemed hazardous, toxic or a pollutant under any “Environmental Law” (defined below), including without limitation,
asbestos or any substance containing asbestos, the group of organic compounds known as polychlorinated biphenyls, petroleum, including
crude oil and fractions thereof, flammable explosives, radioactive materials, chemicals known or believed to cause cancer or reproductive
toxicity, pollutants, effluents, contaminants, emissions or related materials and any items included in the definition of hazardous
or toxic waste, materials or substances under any Environmental Law. “Environmental Laws” collectively means
and includes any present and future local, state and federal law relating to the environment and environmental conditions including
without limitation, the Resource Conservation and Recovery Act of 1986 (“RCRA”), 42 U.S.C. 6901 et seq.,
the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (“CERCLA”), 42 U.S.C. 9601-9657,
as amended by the Superfund Amendments and Reauthorization Act of 1986 (“SARA”); the Hazardous Materials Transportation
Act, 49 U.C.S. 6901, et seq.; the Federal Water Pollution Control Act, 33 U.S.C. 1251 et seq.; the Clean Air Act,
42 U.S.C. 7410 et seq.; the Clean Water Act, 33 U.S.C. 7101, et seq.; the Toxic Substances Control Act, 15 U.S.C.
2601 et seq.; and their local analogs; all as amended, and any regulations promulgated under any of the foregoing statutes,
or any similar state law or local ordinance.

3.              
Indemnities. The undersigned hereby unconditionally jointly and severally agree to indemnify, defend and hold Lender
harmless from and against any and all losses, liabilities, damages, injuries, reasonable costs, expenses and claims of any and
every kind whatsoever, including, without limitation, any claim arising under any Environmental Law, paid, incurred or suffered
by, or asserted against, the Lender for, with respect to, or as a direct or indirect result of the presence on or under, or the
escape, seepage, leakage, spillage, discharge, emission, discharging or release from, the Property of any Hazardous Material (including,
without limitation, the cost of removal of any asbestos from the Property) regardless of whether or not caused by, or within the
control of, Indemnitor (unless caused by Lender’s gross negligence or willful misconduct). Such indemnity shall include,
without limitation, the following: (a) claims of third parties (including governmental agencies) for damages, penalties, response
costs, administrative costs, injunctive, declaratory or other relief; (b) expenses, including reasonable fees of attorneys
and experts, of reporting or investigating the existence on or beneath the Property of any release from the property; and (c) expenses
or obligations incurred at, before and after any trial or appeal or administrative proceeding brought under the Environmental Laws,
including, without limitation, reasonable attorneys’ fees, witness fees (expert and otherwise), deposition costs, consultant
costs, copying and telephone charges and other expenses, all of which shall be paid by Indemnitor promptly upon written demand
therefor. In the event that such payment is not made, Lender, in its sole discretion, may proceed to file suit against Indemnitor
to compel such payment.

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4.              
Covenants of Borrower. Borrower covenants and agrees that:

a.               
Borrower shall keep, and shall use commercially reasonable efforts to enforce the obligations of all operators, tenants,
subtenants, licensees and occupants of the Property to keep the Property free of all Hazardous Materials (except to the extent
permitted by Environmental Laws) and shall not cause or permit the Property or any part thereof to be used for the storage, treatment,
generation, transportation, processing, handling, production or disposal of any Hazardous Materials (except to the extent permitted
by Environmental Laws).

b.              
Borrower shall comply with, and shall use commercially reasonable efforts to enforce the obligations of all operators, tenants,
subtenants, licensees and occupants of the Property to comply with all applicable Environmental Laws, and shall obtain and comply
with, and shall use commercially reasonable efforts to cause all operators, tenants, subtenants, licensees and occupants of the
Premises to obtain and comply with, all permits, licenses, approvals, authorizations, consents or registrations required by any
Environmental Law in connection with the ownership, use or operation of the Property for the storage, treatment, generation, transportation,
processing, handling, production or disposal of Hazardous Materials or the sale, transfer or conveyance of the Property (collectively,
the “Environmental Permits”).

c.               
Borrower shall at all reasonable times upon prior notice (except in the event of an emergency) allow Lender and its officers,
employees, agents, representatives, contractors and subcontractors reasonable access to the Property for the purpose of ascertaining
site conditions, including, but not limited to, subsurface conditions, subject to the rights of tenants under leases.

5.              
Duration of Indemnity and Covenants. The indemnification and covenants provided by this Agreement shall survive any
payment in full of the Note and/or release of the Property. Notwithstanding any other provision of this Agreement, the undersigned
shall have no liability for any claim (a) arising from any violation of Environmental Law which first occurs following the date
the Lender or any affiliate takes title to the Property, unless such claim or violation relates to the existence of Hazardous Materials
on the Property predating the date the Lender takes title to the Property, or (b) arising solely as a result of the Lender’s
gross negligence or willful misconduct. The burden of proof with regard to establishing the date upon which Hazardous Materials
were placed or appeared in, on or under the Premises shall be upon the undersigned. Additionally, the obligations and liabilities
of Indemnitor under this Agreement shall terminate and be of no further force and effect with respect to any unasserted claim when
all of the following conditions are satisfied in full: (i) the Loan shall have been indefeasibly paid in full on or prior to the
Maturity Date, ii) Indemnitee shall have received, at Indemnitor’s expense, an updated environmental report dated within
sixty (60) days of the requested release showing that there exists no matter for which the Indemnified Parties are entitled to
indemnification pursuant to this Agreement and (iii) two (2) years have passed since the date that the Loan has been paid in full.

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6.              
Notices from Borrower. The Borrower shall, promptly after obtaining knowledge thereof, advise Lender in writing of
(a) any governmental or regulatory actions instituted or threatened in writing under any Environmental Law affecting the Property
including, without limitation, any notice of inspection, abatement, noncompliance or potential liability; (b) all claims made
or threatened in writing by any third party against the Borrower or the Property relating to any Hazardous Material or a violation
of a Environmental Law; and (c) Indemnitor’s discovery of any occurrence or condition on or under the Property or on
or under any real property adjoining or in the vicinity of the Property which could subject the Borrower or the Property to a claim
under any Environmental Law. The Borrower shall deliver to Lender any documentation or records as Lender may reasonably request
relating to such actions, claims or discovery and which are susceptible of being obtained by Borrower without undue cost or expense
and without the necessity for initiating legal proceedings to obtain the same.

7.              
Payment of Lender’s Expenses. If Lender retains counsel for advice or other representation in any litigation,
contest, dispute, suit or proceeding (whether instituted by Lender, the undersigned, or other party, including any governmental
agency charged with enforcement of any Environmental Law) in any way relating to this Agreement and the indemnity described herein,
or to enforce the indemnity hereunder, then all of the reasonable attorneys’ fees arising from such services and all related
expenses and court costs shall be payable by the undersigned within thirty (30) days of demand therefor.

8.              
Obligations Absolute and Waivers. The obligations of the undersigned hereunder shall remain in full force without
regard to, and shall not be impaired by the following, any of which may be taken in such manner, upon such terms and at such times
as Lender, in its sole discretion, deem advisable without the consent of, or notice to, the undersigned, nor shall any of the following
give the undersigned any recourse or right of action against Lender: (1) any express or implied amendment, modification, renewal,
addition, supplement, extension or acceleration of or to the Note, all of the loan documents executed by the undersigned or any
other party in connection with the Loan and all environmental indemnity agreements executed by the undersigned or any other party
including without limitation this Agreement (collectively, the “Documents”); (2) any exercise or non-exercise
by Lender of any right or privilege under any of the Documents; (3) any bankruptcy, insolvency, reorganization, composition, adjustment,
dissolution, liquidation or other like proceeding relating to any of the undersigned, or any affiliate of any of the undersigned
or any guarantor, or any action taken with respect to this Agreement by and trustee or receiver, or by any court, in any such proceeding,
whether or not the undersigned shall have had notice or knowledge of any of the foregoing; (4) any release, waiver or discharge
of any of the undersigned or any endorser or guarantor from liability under any of the Documents or any undersigned's grant to
Lender of a security interest, lien or encumbrance in any of such undersigned's property; (5) any subordination, compromise, settlement,
release (by operation of law or otherwise), discharge, compound, collection, or liquidation of any of the Documents or any collateral
described in any of the Documents or otherwise, or any substitution with respect thereto; (6) any assignment or other transfer
of any of the Documents, in whole or in part; (7) any acceptance of partial performance of any of the obligations of the undersigned
under the Documents; or (8) any consent to the transfer of any collateral described in the Documents or otherwise.

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9.              
No Waiver. The undersigned’s obligations hereunder shall in no way be impaired, reduced or released by reason
of Lender’s omission or delay to exercise any right described herein or in connection with any notice (except for notices
required of Lender pursuant to this Agreement), demand, warning or claim regarding violations of any Environmental Laws governing
the Property.

10.           
Recourse. The undersigned’s liability hereunder shall not be subject to, limited by or affected in any way
by any “non-recourse” provisions contained in the Note, the Guaranty or any other documents executed and delivered
in connection with the Loan. The undersigned agrees that the indemnity provided herein is separate, independent of and in addition
to the undersigned's undertakings under the Note or the Guaranty. The undersigned agree that a separate action may be brought to
enforce the provisions of this Agreement which shall in no way be deemed to be an action on the Note or the Guaranty.

The undersigned
waive any right to require that any action be brought by Lender against any other person before any other remedy under the Note
or Guaranty or any of the Documents may be exercised. Lender may, at its option, proceed against Indemnitor in the first instance
to collect monies when due or to obtain performance under this Agreement, without first resorting to the Note, the Guaranty, or
any other of the Documents or any other remedy under the Note, the Guaranty, or any other of the Documents.

11.           
Successors and Assigns. Subject to the provisions of Section 5, this Agreement and the indemnity contained in this
Agreement shall be continuing, irrevocable and binding on the undersigned and their successors and assigns, and this Agreement
shall be binding upon Borrower and Guarantor and their successors and assigns shall inure to the benefit of Lender and Lender’s
successors and assigns. The dissolution of any of the undersigned shall not affect this Agreement or any of the undersigned’s
obligations hereunder. It is agreed by the undersigned that their liabilities are not contingent on the signature of any other
party.

12.           
Notices. Any notice, request, demand, consent, approval, or other communication provided or permitted under this
Agreement shall be in writing and given in accordance with the terms of the Loan Agreement

 

13.           
Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject
matter hereof and supersedes all prior agreements and understandings, both written and oral, between the parties with respect to
the subject matter contained in this Agreement.

14.           
Amendment and Waiver. This Agreement may not be amended except by a writing signed by both parties nor shall observance
of any term of this Agreement be waived except with the written consent of Lender.

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15.           
Governing Law. This Agreement shall be governed and construed as to interpretation, enforcement, validity, construction,
effect and in all other respects by the laws, statutes and decisions of the Commonwealth of Massachusetts, without reference to
the conflicts of law or choice of laws provisions thereof.

16.           
Severability. All provisions contained in this Agreement are severable and the invalidity or unenforceability of
any provision shall not affect or impair the validity or enforceability of the remaining provisions of this Agreement.

17.           
Headings. The descriptive headings of the paragraphs of this Agreement are inserted for convenience only and do not
constitute a part of this Agreement.

 

[next page is signature page]

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IN WITNESS WHEREOF,
the undersigned have duly executed and delivered this Environmental Indemnity Agreement UNDER SEAL to be effective as of the date
first set forth above.

 

	
        WITNESS:

         

         

         

         

         

         

         

         

        _/s/ Judy L. Millette__________
	
        BORROWER:

         

        IREIT SHREWSBURY WHITE CITY, L.L.C.

         

        By:  INLAND
        REAL ESTATE INCOME TRUST, INC.

        Its: Sole Member

         

         

        By: _/s/ Marcia Grant______________

        Marcia Grant

        Its: Assistant Secretary

         

	
        WITNESS:

         

         

         

         

         

         

        _/s/ Vivian L. Brown_________
	
        GUARANTOR:

         

        INLAND REAL ESTATE INCOME TRUST, INC.

         

         

         

        By: _/s/ Marcia Grant__________________

        Marcia Grant

        Its: Assistant Secretary

         

         

         

 

 

 

 

[Signature page for Environmental Indemnity
Agreement]Exhibit
10.7

TERM
NOTE

 

	
        SANTANDER BANK, N.A.

        75 State Street

        Boston, MA 02109

         
	
        April 7, 2015

         

         

	
        BORROWER:

         
	IREIT SHREWSBURY WHITE CITY, L.L.C.
	
        PRINCIPAL AMOUNT:

         
	$49,400,000.00
	 	 	 

 

INTEREST
RATE:This Note shall bear interest at an adjustable annual rate equal to one hundred fifty (150) Basis Points (the "Margin")
above the one month ("Interest Period") LIBOR.  Such adjustments shall become effective on the 7th day
of each month (the “Reset Date”). Lender shall not be required to notify Borrower of adjustments in said interest rate.

“LIBOR” shall mean,
as applicable to any LIBOR Advance (the London Interbank Offered Rate), the rate of interest in U.S. Dollars equal to the Intercontinental
Exchange Benchmark Administration Ltd. (“ICE, ”or the successor thereto if ICE is no longer making a London Interbank
Offered Rate available) for the applicable Interest Period which appears on the Reuters Screen LIBOR01 Page (or any successor page)
as of 11:00 a.m. London time on the day that is two (2) London Banking Days prior to the Reset Date (or if not reported thereon,
then as reasonably determined by Lender from another recognized source or interbank quotation). In the event that the Board of
Governors of the Federal Reserve System shall impose a Reserve Percentage with respect to LIBOR deposits of Lender, then for any
period during which such Reserve Percentage shall apply, LIBOR shall be equal to the amount determined above divided by an amount
equal to 1 minus the Reserve Percentage. To the extent LIBOR is no longer available, then the Interest Rate shall be adjustable
at Lender's Base Rate plus the Margin.

 

“Banking
Day” shall mean, with respect to a LIBOR Advance, a London Banking Day and with respect to all other advances, any day other
than a day on which commercial banks in Massachusetts are required or permitted by law to close.

“London
Banking Day” shall mean, with respect to LIBOR Advances, any day on which commercial banks are open for international business
(including dealings in U.S. Dollar ($) deposits) in London, England and Massachusetts.

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“LIBOR
Advance” shall mean, any advance hereunder (or any portion of the outstanding principal balance hereof) that the parties
have agreed shall bear interest at a rate, which refers to LIBOR.

“Reserve
Percentage” shall mean, the maximum aggregate reserve requirement (including all basic, supplemental, marginal and other
reserves), which is imposed on member Banks of the Federal Reserve System against “Euro-currency Liabilities” as defined
in Regulation D.

The undersigned Borrower promises
(jointly and severally if more than one person has signed) to pay to SANTANDER BANK, N.A. (hereinafter “Lender,” which
term shall include its successors and assigns) or order the Principal Amount of FORTY-NINE MILLION FOUR HUNDRED THOUSAND AND 00/100
($49,400,000.00) DOLLARS with interest thereon at the Interest Rate hereinabove specified, interest only, monthly in arrears, commencing
May 7, 2015 and thereafter on the same day of each succeeding month and commencing May 7, 2020 and thereafter on the same day of
each succeeding month Borrower shall make payments of principal in an amount calculated by Lender to pay the entire principal amount
in the thirty (30) years as set forth on Schedule A attached hereto together with a payment of interest then accrued and the entire
unpaid Principal balance with interest then outstanding shall be due and payable on April 7, 2022 (the “Maturity Date”).
Payments made hereunder shall be applied first to Lender's costs and expenses, then to Interest then outstanding, and the remainder,
if any, to Principal. Interest shall be calculated on a 360-day year and the actual number of days elapsed. All Payments are subject
to the Following Business Day Convention.

The “Following Business Day
Convention” means the convention for adjusting any relevant date that would otherwise fall on a day that is not a Business
Day so that the date will be the first following day that is a Business Day. “Business Day” is a day which is (i) neither
Saturday or Sunday nor a legal holiday on which commercial banks are authorized to be closed in Boston, Massachusetts; and (ii)
a London Banking Day.

Any Event of Default under a certain
Loan Agreement of even date (the “Loan Agreement” which term shall include all modifications, extensions, renewals
and replacements thereof) shall be an Event of Default hereunder. All other capitalized terms not defined herein shall be given
the same meaning as set forth in the Loan Agreement.

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The Borrower has entered into an interest
rate hedge agreement with respect to this Note. Such interest rate hedge agreement is pursuant to an International Swap Dealers
Association Master Agreement in a form acceptable to Lender (the “Hedging Contract,” which term shall include
all documentation entered into in connection therewith and all schedules attached thereto). The Hedging Contract shall be for the
period commencing on or about the date hereof through the Maturity Date and shall, at all times, be in a notional amount sufficient
to cover all principal amounts outstanding from time to time, under this Note. As additional security, the economic benefits of
the Hedging Contract have been collaterally assigned to the Lender; provided however, notwithstanding any of the foregoing to the
contrary, the Lender shall not be deemed to have assumed any of the obligations or duties of the Borrower under the Hedging Contract.
All costs, expenses, and indemnity obligations that may be incurred by the Lender as a result of the Borrower’s default,
or termination of, the Hedging Contract shall be subject to immediate reimbursement by the Borrower. “Hedging Contract”
means any and all rate swap transactions, foreign exchange transactions, credit derivative transactions and commodity transactions,
including, but not limited to, basis swaps, forward rate transactions, commodity swaps, commodity options, forward commodity contracts,
equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price
or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions,
collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any
other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing),
whether or not any such transaction is governed by or subject to any master agreement.

Prepayment and the imposition of early
termination fees, breakage costs and the like shall be governed by the Hedging Contract.

Borrower and each
endorser and guarantor hereby jointly and severally agrees to pay all expenses including reasonable attorney’s fees, which
Lender may incur in effecting collection of this Note, upon default or at maturity.

Lender shall not, by any act, delay,
omission or otherwise be deemed to have waived any of its rights or remedies hereunder unless such waiver be in writing and signed
by Lender. A delay, omission or waiver on one occasion shall not be deemed a waiver or bar on any future occasion of the same or
any other right.

Borrower and each endorser and guarantor
of this Note or the obligation represented hereby, waives presentment, demand, notice, protest and all other demands and notices
in connection with the delivery, acceptance, performance, default or enforcement of this Note, except as specifically provided
herein with respect to notices of non-monetary default; assents to any extension or postponement of the time of payment or any
other indulgence and to the addition or release of any other party primarily or secondarily liable.

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THE BORROWER AND THE LENDER MUTUALLY
HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED HEREON, ARISING
OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE OR ANY OTHER DOCUMENTS CONTEMPLATED TO BE EXECUTED IN CONNECTION HEREWITH OR ANY
COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS WAIVER CONSTITUTES A
MATERIAL INDUCEMENT FOR THE LENDER TO ACCEPT THIS NOTE AND MAKE THE LOAN.

Borrower
and each endorser and guarantor hereby assent to the release in whole or in part of any collateral held as security herefor, and
agrees that the Lender need not proceed against any collateral held as security herefor before proceeding directly against Borrower
or against any endorser or guarantor. The Borrower and any Guarantor hereby grant to the Lender a lien, security interest and a
right of setoff as security for all liabilities and obligations to the Lender, whether now existing or hereafter arising, upon
and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control
of the Lender or any entity under the control of the Lender, or in transit to any of them. At any time, without demand or notice,
the Lender may set off the same or any part thereof and apply the same to any liability or obligation of the Borrower and any Guarantor
even though unmatured and regardless of the adequacy of any other collateral securing the Loan. ANY AND ALL RIGHTS TO REQUIRE THE
LENDER TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE LOAN, PRIOR TO EXERCISING ITS
RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF THE BORROWER OR ANY GUARANTOR, ARE HEREBY KNOWINGLY,
VOLUNTARILY AND IRREVOCABLY WAIVED. The Lender shall not be required to marshal any present or future security for, or guarantees
of, the obligations or to resort to any such security or guarantee in any particular order and the Borrower and any Guarantor waive,
to the fullest extent that it lawfully can, (a) any right they might have to require the Lender to pursue any particular remedy
before proceeding against them and (b) any right to the benefit of, or to direct the application of the proceeds of any collateral
until the obligations are paid in full.

The proceeds of the loan evidenced
by this Note may be disbursed to any one or more Borrowers, if more than one.

Borrower shall pay to Lender a late
charge in the amount of five (5%) percent of each payment due hereunder (other than the balloon payment due at maturity) which
is more than ten (10) days in arrears to offset the additional expenses involved in processing delinquent payments. In addition,
from and after the date on which this Note becomes, or at Lender’s option, could become, due and payable (whether accelerated
or not), at maturity, upon default or otherwise, interest shall accrue and shall be immediately due and payable at a rate (the
“Default Rate”) which is five (5%) percent per annum higher than the Interest Rate hereinabove specified but in no
event higher than the maximum interest rate permitted by law.

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The Borrower shall not be obligated
to pay and the Lender shall not collect interest at a rate higher than the maximum permitted by law or the maximum that will not
subject the Lender to any civil or criminal penalties. If, because of the acceleration of maturity the payment of interest in advance
or any other reason, the Borrower is required, under the provisions of any Loan Document or otherwise, to pay interest at a rate
in excess of such maximum rate, the rate of interest under such provisions shall immediately and automatically be reduced to such
maximum rate and any payment made in excess of such maximum rate, together with interest thereon at the rate provided herein from
the date of such payment, shall be immediately and automatically applied to the reduction of the unpaid principal balance of this
Note as of the date on which such excess payment was made. If the amount to be so applied to reduction of the unpaid principal
balance exceeds the unpaid principal balance, the amount of such excess shall be refunded by the Lender to the Borrower.

Upon receipt of an affidavit
of an officer of the Lender as to the loss, theft, destruction or mutilation of the Note or any other security document(s) which
is not of public record and, in the case of any such destruction or mutilation, upon surrender and cancellation of such Note or
other document(s), the Borrower will issue, in lieu thereof, a replacement Note or other document(s) in the same principal amount
thereof and otherwise of like tenor.

This Note shall be deemed to
be a Massachusetts instrument, and all rights and obligations hereunder shall be governed by the laws of the Commonwealth of Massachusetts
and enforced in the courts of the Commonwealth of Massachusetts.

 

[next page
is signature page]

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IN WITNESS WHEREOF,
the undersigned has duly executed and delivered this Term Note UNDER SEAL to be effective as of the date first set forth above.

	
        WITNESS:

         

         

         

         

         

         

         

         

        _/s/ Judy L. Millette____________________
	
        BORROWER:

         

        IREIT SHREWSBURY WHITE CITY, L.L.C.

         

        By: INLAND REAL
        ESTATE INCOME TRUST, INC.

        Its: Sole Member

         

         

        By: __/s/ Marcia Grant_________________

        Marcia Grant

        Its: Assistant Secretary

         

 

 

 

 

 

 

[Signature page of Term Note]

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