Document:

EXHIBIT 10.5

 

Environmental Indemnification and Release
Agreement

 

 

This Environmental Indemnification
and Release Agreement (this “Agreement”) is made as of the 23rd day of December 2013, by and among
IREIT OLIVE BRANCH WEDGEWOOD, L.L.C., a Delaware limited liability company (“Borrower”) and INLAND REAL ESTATE
INCOME TRUST, INC., a Maryland corporation qualified as a real estate investment trust (“Guarantor”; together
with the Borrower, jointly and severally or, the “Obligor”) and Bank
of America, N.A., a national banking association (together with its successors and assigns, “Lender”).

 

Recitals

 

Borrower has requested
that Lender make a loan (the “Loan”) to Borrower evidenced by a Promissory Note of even date herewith made by
Borrower payable to the order of Lender in the principal face amount of Sixteen Million Nine Hundred Thousand and No/100 Dollars
($16,900,000.00), which Loan is secured by a Deed of Trust, Assignment, Security Agreement and Fixture Filing (as the same may
be from time to time amended, restated, supplemented, extended or otherwise modified, the “Mortgage”) of even
date herewith conveying and encumbering certain real and personal property as therein described (collectively, the “Property”),
including the land described in Exhibit A which is attached hereto and made a part hereof. Guarantor has conditionally guaranteed
the obligations of the Borrower with respect to the Loan pursuant to the terms of that certain Guaranty Agreement dated as of the
date hereof (as the same may be from time to time amended, restated, supplemented, extended or otherwise modified, the “Guaranty”).
As a condition precedent to making the Loan, Lender has required that Obligor execute and deliver this Agreement to Lender. The
term “Loan Documents” is used herein as defined in the Mortgage.

 

Agreements

 

Section 1Definitions.

 

As used in this Agreement,
the terms defined in the Preamble and in the Recitals hereto shall have the respective meanings specified therein, and the following
additional terms shall have the meanings specified:

 

“Acceptable ESA”
means an environmental site assessment and compliance audit with respect to the entirety of the Property, performed to the reasonable
satisfaction of Lender, in accordance with good environmental engineering practices and by a consulting firm reasonably acceptable
to Lender, and showing, in a manner reasonably satisfactory to Lender, no violations of any Environmental Requirements with respect
to the Property as of a date which is following the Transition Date.

 

“At”
or “at,” when used with respect to the Property or any property adjacent to the Property, means “on, at,
in, under, above or about.”

 

“Environmental
Claim” means any complaint, action, notice, order, claim, investigation, judicial or administrative proceeding or action,
or other similar claims or communications from any Person (defined below) involving or alleging any non-compliance with any Environmental
Requirement (defined below) or the existence of any unsafe or hazardous condition resulting from or related to the Release (defined
below) of any Hazardous Material (defined below).

 

“Environmental
Law” means any and all applicable federal, state or local laws, statutes, ordinances, rules, regulations, orders, principles
of common law, judgments, permits, licenses or other determinations of any judicial or regulatory authority, now or hereafter in
effect, imposing liability, establishing standards of conduct or otherwise relating to protection of the environment (including
natural resources, surface water, groundwater, soils, and indoor and ambient air), health and safety, land use matters or the presence,
generation, treatment, storage, disposal, Release or threatened Release, transport or handling of any Hazardous Material.

 

“Environmental
Requirement” means any Environmental Law, or any other applicable agreement or restriction (including any condition or
requirement imposed by any third party or insurance or surety company), now or hereafter in effect, which relates to any matters
addressed by any Environmental Law, Hazardous Material, or the prevention of any unsafe or hazardous condition resulting from or
related to the Release of any Hazardous Material.

 

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“Hazardous Material”
means any substance, material, element, compound, waste or chemical, whether solid, liquid or gaseous, which is defined, listed,
classified or otherwise regulated in any way under any Environmental Laws, or any other such substances or conditions (including
mold and other mycotoxins or fungi) which may create any unsafe or hazardous condition or pose any threat to health and safety.

 

“Indemnified Party”
means and includes Lender, any Persons owned or controlled by, owning or controlling, or under common control or affiliated with
Lender, any participants in the Loan, the directors, officers, partners, employees and agents of Lender and/or such Persons, and
the successors and assigns of each of the foregoing Persons.

 

“Person”
means an individual, a corporation, a partnership, a joint venture, a limited liability company, a trust, an unincorporated association,
any governmental authority or any other entity.

 

“Release”
means the presence of or any spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching,
seeping, migrating, dumping or disposing of any Hazardous Material (including the abandonment or discarding of barrels, drums,
tanks, and other similar containers, containing any Hazardous Material) into the indoor or outdoor environment.

 

“Transition Date”
means the earlier of the following dates: (a) the date on which the indebtedness and obligations secured by the Mortgage have been
paid, performed and finally discharged in full (without possibility for disgorgement), and the Mortgage has been released or satisfied;
(b) Lender enters onto and obtains exclusive control of the Property; or (c) the date on which the lien of the Mortgage is fully
and finally foreclosed or a conveyance by deed in lieu of such foreclosure is fully and finally effective and possession of the
Property has been given to and accepted by Lender or any other purchaser or grantee free of occupancy and claims to occupancy by
Borrower and its heirs, devisees, representatives, successors and assigns; provided that, if such payment, performance, release,
foreclosure or conveyance is challenged, in bankruptcy proceedings or otherwise, the Transition Date shall be deemed not to have
occurred until such challenge is validly released, dismissed with prejudice or otherwise barred by law from further assertion.

 

Section 2Representations
and Warranties.

 

Except as explicitly set
forth in Exhibit B which is attached hereto and made a part hereof, Obligor hereby represents and warrants to, and covenants
with, Lender as of the date hereof, without regard to whether Lender has or hereafter obtains any knowledge or information related
to these matters, as follows:

 

(a)Use of the Property.
During the period of Borrower’s ownership or operation of the Property, and, to the best of Obligor’s knowledge, during
the period prior to Borrower’s ownership or operation of the Property, (i) the Property
has not been used as a treatment, storage or disposal site for any Hazardous Material, for any other waste disposal activities,
for industrial or manufacturing purposes or for any other use which could give rise
to the Release of any Hazardous Material at the Property or which could create any unsafe or hazardous condition resulting from
or related to the Release of any Hazardous Material, and to the best of Obligor’s knowledge, no such use on any adjacent
property has occurred at any time prior to the date hereof; (ii) there
has been no Release at or from the Property or, to Obligor’s knowledge, at or from any disposal or treatment facility which
received Hazardous Materials generated by Borrower or at the Property; and (iii) no active, inactive or abandoned under-ground
or above-ground storage tanks or similar containers, or any groundwater or monitoring wells of any kind, are or have been located
at the Property. 

 

(b)Environmental
Claims. No Environmental Claim has been asserted against Borrower or with respect to the
Property. Obligor does not have knowledge of any threatened or pending Environmental
Claim against Borrower, the Property or any facility that may have received Hazardous Material generated by Borrower or at the.
To Obligor’s knowledge, no Environmental Claim has been filed against any adjacent property.

 

 

 

 

 

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(c)Compliance with
Laws. During the period of Borrower’s ownership or operation of the Property, and, to the Obligor’s knowledge,
during the period prior to Borrower’s ownership or operation of the Property, the past and present conditions, uses and activities
at the Property have complied with all Environmental Requirements. Borrower holds and has
held all licenses, permits and approvals required by any governmental authority under any Environmental Requirement
in connection with the ownership or operation of the business at the Property and has timely prepared, submitted and made all filings,
reports, plans and notifications required under any Environmental Requirement. Obligor
has furnished to Lender a copy of all reports, permits, assessments, investigations, correspondence
and other documents and information in Obligor’s possession which relate to environmental
conditions at the Property and any other matters addressed by or relating to compliance with any Environmental Requirement.

 

(d)Environmental
Insurance. Borrower has never applied for and been denied environmental impairment liability insurance coverage relating to
the Property. Obligor has furnished to Lender a copy of all such environmental insurance policies,
and all applications (whether denied, accepted or pending), related to Borrower or the Property. At Lender’s request, Borrower
shall cause Lender to be named as an additional insured on any such policy currently in effect.

 

Section 3Covenants
and Agreements.

 

(a)Compliance with
Environmental Requirements. Obligor will not cause, commit, permit or allow to continue: (i) any non-compliance with any Environmental
Requirement by Borrower, any tenant or any other Person, by or with respect to the Property or any use of or condition or activity
at the Property; (ii) the generation, storage or use of any Hazardous Material at the Property, except for Hazardous Materials
that are commonly legally used, stored or generated (and in such amounts commonly legally used, stored or generated) as a consequence
of using the Property for its permitted business purposes, but only so long as the use, storage or generation of such Hazardous
Materials is in full compliance with all Environmental Requirements; (iii) the treatment, disposal or unauthorized Release of any
Hazardous Material at the Property in any manner; (iv) the installation of any above-ground or below-ground storage tanks or other
containers containing Hazardous Materials at the Property; (v) any other activity which could create any unsafe or hazardous condition
resulting from or related to Hazardous Materials at the Property; or (vi) the attachment of any environmental lien to the Property.
Obligor acknowledges that Hazardous Materials may permanently and materially impair the value and use of the Property and shall
perform all actions necessary to protect the fair market value of the Property from impairment as a result of Hazardous Materials.

 

(b)Notice to Lender.
If, at any time, Obligor becomes aware, or has cause to believe, that any Release or threatened Release of any Hazardous Material
has occurred or will occur at the Property, or if Obligor identifies or otherwise becomes aware of any noncompliance or alleged
non-compliance with any Environmental Requirement by Borrower or at the Property, any threatened or pending Environmental Claim
related to the Property or any event or condition which could result in an Environmental Claim, Obligor shall notify Lender immediately
in writing of such circumstance and shall include a full description of all relevant information. Obligor shall, upon receipt,
promptly deliver to Lender a copy of any report, audit, summary or investigation, of any kind or character, whether prepared by
or on behalf of Obligor or by any other Person, related to environmental conditions at the Property or the compliance status of
the Property with respect to any Environmental Requirement.

 

(c)Site Assessments
and Information. If Lender shall ever have reasonable reason to believe that any Release or threatened Release of a Hazardous
Material or any non-compliance with any Environmental Requirement has occurred with respect to the Property, or if any Environmental
Claim is made or threatened with respect to the Property, or if an Event of Default (as defined in the Mortgage) occurs, or following
the completion of any corrective action pursuant to Subsection (d) of Section 3, Borrower shall, within thirty (30)
days of written request by Lender and at Borrower’s expense, provide to Lender an environmental site assessment and compliance
audit of the Property which addresses such conditions. Such environmental site assessment and compliance audit shall be performed
to the reasonable satisfaction of Lender, in accordance with good environmental engineering practices and by a consulting firm
reasonably acceptable to Lender. Each report shall be addressed to Lender. A copy of each report and all supporting documents shall
be promptly furnished to Lender.

 

 

 

 

 

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(d)Response to Releases,
Non-Compliance and Environmental Claims. Borrower shall, in compliance with all Environmental Requirements, promptly undertake
and complete (subject to force majeure) any and all investigations, testing, abatement, clean up, remediation, response or other
corrective action necessary or recommended to: (i) remove, remediate, clean up or abate any Release or threatened Release of any
Hazardous Material at or from the Property; (ii) correct any non-compliance with any Environmental Requirement by Borrower or at
the Property; (iii) address any unsafe or hazardous condition at the Property resulting from or related to any Hazardous Material;
or (iv) make an appropriate response to any threatened or pending Environmental Claim related to Borrower or the Property. Any
report or other document prepared in response to any of these events shall be addressed to Lender. A copy of any such report or
other document (and all supporting documents) shall be promptly furnished to Lender. If requested by Lender, Borrower shall provide
to Lender, within thirty (30) days of Lender’s request, a bond, letter of credit or other financial assurance evidencing
to Lender’s satisfaction that all necessary funds are readily available to pay the costs and expenses of the required actions
and to discharge any liens established against the Property.

 

(e)Lender’s
Rights. Subject to the rights of tenants under valid leases, Lender shall have the right, but not the obligation, without limitation
of Lender’s rights under the other Loan Documents, and at Obligor’s sole risk and expense, to enter onto the Property
and/or to take, or cause to be taken, such actions as Lender deems necessary or advisable to investigate, clean up, remediate or
otherwise respond to, address or correct any of the issues addressed in this Agreement. Obligor shall reimburse Lender on demand
for the costs of any such action. Lender agrees, however, that, except in the case of an emergency, Lender will take such action
only after written notice to Obligor of the circumstances and the failure by Borrower, within a reasonable period of time following
receipt of such notice, to commence or diligently pursue to completion the appropriate corrective action. Lender owes no duty of
care to protect Obligor or any other Person against, or to inform Obligor or any other Person of, any Hazardous Material or other
environmental condition affecting the Property.

 

Section 4Indemnification.

 

(a)Indemnified Matters.
Obligor hereby agrees to protect, indemnify, defend, release and hold each Indemnified Party harmless from and against, and reimburse
each Indemnified Party on demand for, any and all losses, costs, liabilities (including strict liabilities), claims (including
Environmental Claims), damages, expenses (including reasonable attorneys’ fees incurred in connection with enforcing this
provision), penalties or fines of any kind whatsoever paid, incurred or suffered by, or asserted against, any Indemnified Party
by any Person in connection with, arising out of or resulting in any way whatsoever from:

 

(i)the presence,
Release or threatened Release of any Hazardous Material at or from the Property, on or before the Transition Date; or

 

(ii)the breach
of any representation, warranty, covenant or agreement contained in this Agreement because of any act, omission, event or condition
existing or occurring on or before the Transition Date; or

 

(iii)any
violation or potential violation, on or before the Transition Date, of any Environmental Requirement in effect on or before the
Transition Date, regardless of whether any act, omission, event or circumstance giving rise to the violation constituted a violation
at the time of the occurrence or inception of such act, omission, event or circumstance; or

 

(iv)any Environmental
Claim related to any, act, omission, event or condition existing or occurring in connection with the use or occupancy of the Property
at any time on or before the Transition Date; or

 

(v)the filing
or imposition of any environmental lien against the Property;

 

and regardless of whether any matter set forth
in the foregoing Subsections (i) through (v) was caused by any Obligor, a prior owner of the Property, or any other Person
whatsoever. Such indemnity shall not apply, however, to a particular Indemnified Party to the extent that the subject of the indemnification
is or was caused by or arises out of the sole or gross negligence or willful misconduct of that particular Indemnified Party.

 

 

 

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(b)Defense of Claims.
Upon demand by an Indemnified Party, Obligor shall diligently defend any Environmental Claim which relates to the Property or is
threatened or commenced against such Indemnified Party, all at Obligor’s own cost and expense and by counsel to be approved
by Lender in the exercise of its reasonable judgment. In the alternative, Lender may elect, at any time and for any reason, to
conduct its own defense through counsel selected by Lender and at the sole cost and expense of Obligor.

 

Section 5Release.

 

Obligor hereby releases
and forever discharges, and covenants not to sue, each Indemnified Party from any and all claims, injuries, demands, costs, penalties,
attorneys’ fees, costs of litigation and causes of action of any kind whatsoever, now or hereafter in existence, known or
unknown, which Obligor may have against any Indemnified Party and which are related to events, omissions or circumstances arising
from or related to the Property or matters addressed in this Agreement, including any actions taken pursuant to Subsection (e)
of Section 3 or any events described in Subsection (a) of Section 4. The release set forth in this Section
5 shall not apply, however, to a particular Indemnified Party to the extent that the subject of the release is or was caused
by or arises out of the sole or gross negligence or willful misconduct of that particular Indemnified Party.

 

Section 6Notices.

 

All notices, requests,
consents, demands and other communications required or which any party desires to give hereunder or under any other Loan Document
shall be in writing and, unless otherwise specifically provided in such other Loan Document, shall be deemed sufficiently given
or furnished if delivered by personal delivery, by nationally recognized overnight courier service or by certified United States
mail, postage prepaid, addressed to the party to whom directed at the addresses specified at the end of this Agreement (unless
changed by similar notice in writing given by the particular party whose address is to be changed) or by facsimile. Any such notice
or communication shall be deemed to have been given either at the time of personal delivery or, in the case of courier or mail,
as of the date of first attempted delivery at the address and in the manner provided herein, or, in the case of facsimile, upon
receipt. Notwithstanding the foregoing, no notice of change of address shall be effective except upon actual receipt; provided
that service of a notice or communication required by any applicable statute shall be considered complete when the requirements
of that statute are met. This Section shall not be construed in any way to affect or impair any waiver of notice or demand provided
in any Loan Document or to require giving of notice or demand to or upon any Person in any situation or for any reason.

 

Section 7Miscellaneous.

 

(a)Consideration.
Obligor acknowledges that Lender has relied and will rely on the representations, warranties, covenants and agreements herein in
closing and funding the Loan and that the execution and delivery of this Agreement is an essential condition but for which Lender
would not close or fund the Loan.

 

(b)Survival.
The representations, warranties, covenants and agreements in this Agreement shall be binding upon each Obligor and their respective
successors, assigns and legal representatives and shall inure to the benefit of Lender and its successors, assigns and legal representatives
and participants in the Loan; and shall not terminate on the Transition Date or upon the release, foreclosure or other termination
of the Mortgage, but will survive the Transition Date, the payment in full of the indebtedness secured by the Mortgage, foreclosure
of the Mortgage or conveyance in lieu of foreclosure, the release or termination of the Mortgage and any or all of the other Loan
Documents, any investigation by or on behalf of Lender, any bankruptcy or other debtor relief proceeding, or any other event whatsoever;
provided, however, that, notwithstanding the foregoing, to the extent Obligors cause to be delivered to Lender, following the Transition
Date, an Acceptable ESA, no additional claims may be made by Lender (or any party acting through Lender’s rights hereunder)
pursuant to the terms of this Agreement and this Agreement shall be deemed terminated with respect to any such additional claims
as of the date which is the later of (i) two (2) years following the Transition Date and (ii) the date on which such Acceptable
ESA is received and reviewed by Lender.

 

 

 

 

 

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(c)Rights Cumulative.
Lender’s rights under this Agreement shall be in addition to all rights of Lender under the other Loan Documents or at law
or in equity, and payments by Obligor under this Agreement shall not reduce any Obligor‘s obligations and liabilities under
any of the other Loan Documents. The liability of Obligor or any other Person under this Agreement shall not be limited or impaired
in any way by any provision in the other Loan Documents or applicable law limiting Obligor’s or such other Person’s
liability or Lender’s recourse or rights to a deficiency judgment. The liability of such other Person, if applicable, under
this Agreement shall not be limited or impaired in any way by any change, extension, release, inaccuracy, breach or failure to
perform by any party under the Loan Documents, such other Person’s liability hereunder being direct and primary and not as
a guarantor or surety.

 

(d)Rights Under
Environmental Requirements. Nothing in this Agreement or in any other Loan Document shall limit or impair any rights or remedies
of Lender or any other Indemnified Party against Obligor or any other Person under any Environmental Requirement or otherwise at
law or in equity, including any rights of contribution or indemnification.

 

(e)No Waiver.
No delay or omission by Lender to exercise any right under this Agreement shall impair any such right nor shall it be construed
to be a waiver thereof. No waiver of any single breach or default under this Agreement shall be deemed a waiver of any other breach
or default. Any waiver, consent or approval under this Agreement must be in writing to be effective.

 

(f)Invalid Provisions.
A determination that any provision of this Agreement is unenforceable or invalid shall not affect the enforceability or validity
of any other provision and a determination that the application of any provision of this Agreement to any Person or circumstance
is illegal or unenforceable shall not affect the enforceability or validity of such provision as it may apply to other Persons
or circumstances.

 

(g)Construction.
Whenever in this Agreement the singular number is used, the same shall include plural where appropriate, and vice versa; and words
of any gender in this Agreement shall include each other gender where appropriate. The headings in this Agreement are for convenience
only and shall be disregarded in the interpretation hereof. The words “include” and “including” shall be
interpreted as if followed by the words “without limitation.”

 

(h)Applicable Law;
Forum. This Agreement is performable in Charlotte, North Carolina, and the laws of the State of North Carolina and applicable
United States federal law shall govern the rights and duties of the parties hereto and the validity, enforcement and interpretation
hereof. Obligor hereby irrevocably submits generally and unconditionally for itself and in respect of its property to the jurisdiction
of any state court or any United States federal court, sitting in the State of North Carolina and to the jurisdiction of any state
court or any United States federal court, sitting in the state in which any of the Property is located, over any suit, action or
proceeding arising out of or relating to this Agreement or the Loan. Obligor hereby irrevocably waives, to the fullest extent permitted
by law, any objection that Obligor may now or hereafter have to the laying of venue in any such court and any claim that any such
court is an inconvenient forum. Obligor hereby agrees and consents that, in addition to any methods of service or process provided
for under applicable law, all service of process in any such suit, action or proceeding in any state court or any United States
federal court sitting in the state(s) specified above may be made by certified or registered mail, return receipt requested, directed
to Obligor at the address for notice to Obligor stated below, or at a subsequent address of which Lender received actual notice
from Obligor in accordance with the Loan Documents, and service so made shall be complete five (5) days after the same shall have
been so mailed. Nothing herein shall affect the right of Lender to serve process in any manner permitted by law or limit the right
of Lender to bring proceedings against Obligor in any other court or jurisdiction.

 

(i)Modification.
This Agreement may be amended only by an instrument in writing intended for that purpose executed jointly by an authorized representative
of each party hereto.

 

 

 

 

 

 

 

 

 

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Section 8Right
of Setoff.

Borrower hereby
grants to Lender, a continuing lien, security interest and right of setoff as security for all liabilities and obligations to Lender
whether now existing or hereafter arising, upon and against all deposits, credits, collateral and property (in all cases relating
to the Property or the Loan), now or hereafter in the possession, custody, safekeeping or control of Lender or any entity under
the control of Bank of America Corporation and its successors and/or assigns or in transit to any of them. At any time, without
demand or notice (any such notice being expressly waived by Borrower), Lender may setoff the same or any part thereof and apply
the same to any liability or obligation of Borrower even though unmatured and regardless of the adequacy of any other collateral
security for the Loan. ANY AND ALL RIGHTS TO REQUIRE LENDER TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL
WHICH SECURES THE LOAN WHICH IS EVIDENCED BY THE NOTE PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS
OR OTHER PROPERTY OF THE OBLIGORS OR ANY OBLIGORS, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED.

Section 9Intentionally
Omitted.

Section 10Additional
Obligor Representations and Covenants.

As of the date hereof,
each Obligor represents and covenants to the Lender that:

(a)it
is duly organized, validly existing and in good standing under the laws of the state of its formation and has full power and authority
to execute, deliver and perform this Agreement; and it will preserve and maintain such legal existence and good standing;

(b)except
as disclosed in the Guarantor’s 10-Q filings (as applicable), there are no actions, suits or proceedings pending or, to its
actual knowledge, threatened in writing against or affecting Obligor, at law, in equity or before or by any governmental authorities
except actions, suits or proceedings which are fully covered by insurance or have been disclosed in writing to you or would, if
adversely determined, not be likely to have a material adverse effect on Obligor’s ability to perform its obligations hereunder;
Obligor is not in material default with respect to any order, writ, injunction, decree or demand of any court or governmental authorities;

(c)the
consummation of the transactions contemplated hereby and the performance of this Agreement have not resulted and will not result
in any breach of, or constitute a default under, any mortgage, deed of trust, lease, bank loan or credit agreement, corporate charter,
by-laws, partnership agreement or other instrument to which it is a party or by which it may be bound or affected; and

(d)to
its knowledge, it is in compliance with, and the transactions contemplated by this Agreement do not and will not violate any provision
of, or require any filing, registration, consent or approval under, any federal, state or local law, rule, regulation, ordinance,
order, writ, judgment, injunction, decree, determination or award (hereinafter, "Laws") presently in effect having
applicability to it; and it will comply promptly with all Laws now or hereafter in effect having applicability to it, the violation
of which would have a material adverse effect on the Obligor’s ability to perform its obligations hereunder.

 

 

 

 

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Section 11Entire
Agreement; Counterparts; Construction.

This Agreement embodies
the entire agreement between Lender and Obligor with respect to the environmental indemnification by Obligor. This Agreement supersedes
all prior agreements and understandings, if any, with respect to this environmental indemnification by Obligor. This Agreement
shall be effective upon execution by Obligor and delivery to Lender. This Agreement may not be modified, amended or superseded
except in a writing signed by Lender and Obligor referencing this Agreement by its date and specifically identifying the portions
that are to be modified, amended or superseded. This Agreement has been executed in a number of identical counterparts, each of
which shall be deemed an original for all purposes and all of which constitute, collectively, one agreement. As used herein, the
words "include" and "including" shall be interpreted as if followed by the words "without limitation."

Section 12Arbitration.

Any controversy,
claim or dispute between or among the parties hereto shall be subject to the provisions of Section 8.16 of the Loan Agreement.

Section 13No
Limitation of Liability.

The liability of
the Obligor hereunder shall in no way be limited or impaired by, and Obligor hereby consents to and agrees to be bound by (a) any
amendment or modification of the Loan Documents; (b) any extensions of time for performance required by any of the Loan Documents,
including, but not limited to, any extension of the maturity date of any promissory note; (c) any sale (in full or any interest
therein), assignment or foreclosure pursuant to the Loan Documents or any sale or transfer of all or any part of the Property;
(d) any exculpatory provision in any of the Loan Documents limiting Lender's recourse to the Property or to any other security,
or limiting Lender's rights to a deficiency judgment against Obligor; (e) the accuracy or inaccuracy of the representations and
warranties made by Obligor or any guarantor under the Loan Documents; (f) the release of Obligor or any other person from performance
or observance of any of the agreements, covenants, terms or conditions contained in any of the Loan Documents by operation of law,
your voluntary act, or otherwise; (g) the release or substitution, in whole or in part, of any security for the note or other evidence
of debt issued pursuant to the Loan Documents, (h) failure to record or file any of the Loan Documents (or improper recording or
filing of any thereof) or to otherwise perfect, protect, secure or insure any security interest or lien given as security for the
note or other evidence of indebtedness under the Loan Documents (i) the invalidity, irregularity or unenforceability, in whole
or in part, of any of the Loan Documents; and in any of such cases, whether with or without notice to Obligor and with or without
consideration.

Section 14Continuation
of Indemnity.

This Agreement shall
continue to be effective, or be reinstated automatically, as the case may be, if at any time payment, in whole or in part, of any
of the obligations indemnified against hereby is rescinded or otherwise must be restored or returned by Lender (whether as a preference,
fraudulent conveyance or otherwise) upon or in connection with the insolvency, bankruptcy, dissolution, liquidation or reorganization
of Obligor or any other person, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee
or similar officer for, Obligor or any other person or for a substantial part of Obligor’s, any of the undersigned’s
or any of such other person’s property, as the case may be, or otherwise, all as though such payment had not been made. Obligor
further agrees that in the event any such payment is rescinded or must be restored or returned, all reasonable costs and expenses
(including, without limitation, legal fees and expenses) incurred by (you) or on (your) behalf in defending or enforcing such continuance
or reinstatement, as the case may be, shall constitute costs of enforcement which are covered by each of the undersigned’s
indemnification obligations under this Agreement.

 

 

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Section 15Waiver.

Obligor (a) waives
any right or claim of right to cause a marshalling of assets or to cause you to proceed against any of the security for the Loan
Documents before proceeding under this Agreement against the Borrower or Gaurantor in any particular order; (b) agrees that any
payments required to be made hereunder shall become due on demand; and (c) waives and relinquishes all rights and remedies accorded
by applicable law to indemnitors or guarantors.

 

 

 

 

 

 

[Signatures appear on the following page]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page 9

    	 

    	 

    

IN WITNESS WHEREOF, Borrower and Lender have
caused this Agreement to be executed under seal as of the date first written above.

 

BORROWER:

IREIT OLIVE BRANCH WEDGEWOOD, L.L.C., a Delaware limited
liability company

 

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

 

 

By:         /s/ David Z. Lichterman

Name:   David Z. Lichterman

Its:         Treasurer and Chief Accounting
Officer

                                      [SEAL]

 

Borrower’s Address:

c/o Inland Real Estate Income Trust, Inc.

2901 Butterfield Road

Oak Brook, IL 60523

Attn: President

Fax – 630-368-2218

 

Copy to :

The Inland Real Estate Group, Inc.

2901 Butterfield Road

Oak Brook, IL 60523

Attn: General Counsel

Fax – 630-218-4900

 

GUARANTOR:

 

INLAND REAL ESTATE INCOME TRUST, INC., a Maryland corporation
qualified as a real estate investment trust

 

By:        /s/ David Z. Lichterman

Name:   David Z. Lichterman

Its:         Treasurer and Chief Accounting Officer

                   [SEAL]

 

Guarantor’s Address:

2901 Butterfield Road

Oak Brook, IL 60523

Attn: President

Fax: 630-368-2218

 

Copy to :

The Inland Real Estate Group, Inc.

2901 Butterfield Road

Oak Brook, IL 60523

Attn: General Counsel

Fax – 630-218-4900

Page 10

    	 

    	 

    

 

LENDER:

 

BANK OF AMERICA, N.A.

By:        /s/ Patricia Gardenhire 

Name:   Patricia Gardenhire 

Title:     Vice President

[SEAL]

 

Address of Lender:

Bank of America, N.A.

Commercial Real Estate Banking

100 North Tryon Street

NC1-007-11-15

Charlotte, NC 28255

(Attn: Real Estate Loan Administration)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page 11

 

    	 

    	 

    

EXHIBIT A

 

(Description of Land)

 

Land situated in DeSoto County, Mississippi:

 

PARCEL 1, Lot 2:

 

Being located in the Southwest Quarter of section
25, Township 1 South, Range 7 West in the City of Olive Branch, DeSoto County, Mississippi, and being Lot 2 of Wedgewood Commons
as recorded in Plat Book 97, Page 24 at the Chancery Clerk's Office of said County and being more particularly described as Follows:

 

Commencing
at the southwest comer of Section 25, Township 1 South, Range 7 West, said point being the intersection of the old centerline of
Goodman Road (Hwy. #302) and the old centerline of Pleasant Hill Road per Mississippi Department of Transportation Right-Of-Way
Plat, Federal Aid Project Number 19-0021-01018-10; thence N21 °36'05" E a distance of 279.61 feet to a found right-of-way
monument at the southwest corner of Lot 1 of Wedgewood Commons (Plat Book 95, Page 48), said point being in the east right-of-way
line of Pleasant Hill Road (public R.O.W. varies); thence S63°14'15" E a distance of 196.00 feet to a point in the north
right-of-way line of Goodman Road (Hwy. #302) (public R.O.W.  varies);
thence with said north right-of-way line, S89°57'21" E a distance of 65.14 feet to a point at the southeast comer of said
Lot 1; thence with the east line of said Lot 1, N00°04'06" E a distance of 77 .09 feet to a set 1/2" rebar (with
I.D. Cap stamped "Reaves Firm" and typical of all rebar referred to herein as set) for the Point Of Beginning; thence
continuing with said East line of Lot 1, N00°04'06" E a distance of 227.95 feet to a found iron pipe at the northeast
corner of said Lot 1, said point being in the south line of Lot 4 of Wedgewood Commons (Plat Book 104, Page 43); thence with said
south line of Lot 4,  N89°36'51" E a distance of 363.48
feet to a set 1/2" rebar; thence S45°23'09" E a distance of 48.89 feet to a set 1/2" rebar in a west line of
said Lot 4; thence with the said west line of Lot 4, S00°23'09" E a distance of 193.3 7 feet to a set 1/2" rebar
in a north line of said Lot 4; thence with said north line of Lot 4, S89°36'50' W a distance of 399.86 feet to the Point of
Beginning.

 

PARCEL 2, Lot 3:

 

Being located in the southwest quarter of Section
25, Township 1 South, Range 7 West in the City of Olive Branch, DeSoto County, Mississippi, and being a portion of the GPHI, LLC
property as recorded in Book 471, Page 696 at the Chancery Clerk's Office of said County and being further referenced as Lot 3
of Wedgewood Commons Development as recorded in Plat Book 104, Page 41, at said Chancer Clerk's Office and being more particularly
described as follows:

 

Commencing at the southwest comer of Section
25, township I South, Range 7 west, said point being the intersection of the old centerline of Goodman Road (Hwy. #302) and the
old centerline of Pleasant Hill Road per Mississippi Department of Transportation Right-Of-Way Plat, Federal Aid Project Number
19- 0021-01-018-10; thence N21°36'05" E a distance of 279.61 feet to a found right-of-way monument at the southwest comer
of Lot 1 of Wedgewood Commons(Plat Book 95, Page 48), said point being in the east right-of-way line of Pleasant Hill Road (public
R.O.W. varies); thence S63°14'15" E a distance of 196.00 feet to a point in the north right-of-way line of Goodman Road
(Hwy. #302) (public R.O.W. varies); thence with said north right-of-way line, S89°57'21" E a Distance of 167.79 feet to
a found right-of-way monument; thence a distance of 305.38 feet to a found right-of-way monument; thence S80°39'05" E
a distance of 28.74 feet to a set 1/2" rebar (with I.D. Cap stamped "Reaves Firm" and typical of all rebar referred
to herein as set) at ta southeast comer of Lot 5 of Wedgewood Commons (Plat Book 104, Page 45) and being the Point of Beginning;
thence with an east line of said Lot 5, N00°23'09" W a distance of 301.19 feet to a set 1/2" rebar; thence N42°49'OO"
E a distance of 40.47 feet to a set 1/2" Rebar in a south line of said Lot 5; thence with said south line of Lot 5 N00°00'00"
E a distance of 289.29 feet to a set 1/2" rebar; thence S42°49'00" E a distance of 39.32 feet to a set rebar; thence
with an east line of said Lot 5 S00°00’00" E a distance of 342.65 feet to a set 1/2" rebar in the said north
right-of-way line of Goodman Road; thence with said north right-of-way line of Goodman Road, N85°26'59" W a distance of
l83.93 feet to a found right-of-way monument thence N80°39'05" W a distance of 160.27 feet to the Point of Beginning.

 

 

EXHIBIT A

    	 

    	 

    

 

PARCEL 3, Lot 4

 

Being
located in the southwest quarter of Section 25, Township 1 South, Range 7 West in the City of Olive Branch, DeSoto County, Mississippi,
and being the GPHI, LLC property as recorded in Book 471,  Page
696 and the GPHI, LLC property as recorded in Book 471, Page 708 at the Chancery Clerk's Office of said County and being further
referenced as Lot 4 of Wedgewood Commons Development as recorded in Plat Book 104, Page 43 of said Chancery Clerk's Office and
being more particularly described as follows:

 

Commencing
at the southwest corner of Section 25, Township 1 South, Range 7 West, said point being the intersection of the old centerline
of Goodman Road (Hwy. 302) and the old centerline of Pleasant Hill Road per Mississippi Department of Transportation Right-Of-Way
Plat, Federal Aid Project Number 19- 0021-01-018-10; thence N21°36'05" E a distance of 279.61 feet to a found right-of-way
monument at the southwest corner of Lot 1 of Wedgewood Commons (Plat Book 95, Page 48), said point being in the east right-of-way
line of Pleasant Hill Road (public R.O.W. varies); thence with said east right-of-way line of Pleasant Hill Road, N00°07'23"
E a distance of 215.12 feet to a set 1/2" rebar (with I.D". Cap stamped 'Reaves Firm' and typical of all rebar referred
to herein as set) at the northwest comer of said Lot 1 of Wedge wood Commons and being the Point of Beginning; thence with the
said east right-of-way line of said Pleasant Hill Road, N00°07'23" E a distance of 44.71 feet to a point; thence N09°57'34"
W a distance of 117.62 feet to a found right-of-way monument; thence continuing N09°57'34" W a distance of 229.47 feet
to a set 1/2" rebar; thence with a non-tangent curve to the right, having a radius of 490.00 feet and an arc length of 27.07
feet (chord N02°18'22" W - 27.07 feet) to a point of tangency; thence N00°43'24" W a distance of 411.25 feet
to a set 1/2" rebar in the south line of the GPHI, LLC property (Book 471, Page 711); thence with said south line of the GPHI,
LLC property, N89°38'26" E a distance of 616.04 feet to a set 1/2" rebar at the northwest comer of Lot 5 of Wedgewood
Commons (Plat Book 104, Page 45); thence with the west line of said Lot 5, S00°21'34" E a distance of 59.70 feet to a
set 1/2" rebar; thence S40°42'01" E a distance of 126.S9 feet to a set 1/2" rebar; thence S00°00'00"
E a distance of 44.37 feet to a set 1/2" rebar; thence S90°00'00'' E a distance of 12.83 feet to a set 1/2" rebar;
thence S00°00'00" E a distance of 294.59 feet to a set 1/2" rebar; thence N90°00'00'' W a distance of 191.25
feet to a set 1/2" rebar; thence S00°00'00" E a distance of 312.54 feet to a set 1/2" rebar; thence S90°00'00''
E a distance of 200.96 feet to a set 1/2" rebar; thence S00°23'09" E a distance of 347.79 feet to a set 1/2"
rebar in the north right-of- way line of said Goodman Road; thence with said north right-of-way line of Goodman Road, N80°39'05"
W a distance of 10.98 feet to a found right-of-way monument; thence N86°01'19" W a distance of 305.38 feet to a found
right-of-way monument; thence N89°57'21" W a distance of 102.65 feet to a set 1/2" rebar at the southeast corner
of said Lot 1 of Wedgewood Commons; thence with the east line of said Lot 1, N00°04'06" E a distance of 77.09 feet to
a set 1/2" rebar at the southwest corner of Lot 2 of Wedgewood Commons (Plat Book 97, Page 24); thence with the south line
of said Lot 2,  N89°36'50" E a distance of 399.86 feet
to a set 1/2" rebar at the southwest corner of said Lot 2; thence with the east line of said Lot 2, N00°23'09" W
a distance of 193.37 feet to a set 1/2" rebar; thence N45°23'09" W a distance of 48.89 feet to a set 1/2" rebar;
thence with the north line of said Lot 2,  S89°36'51 "W
a distance of 603.53 feet to the Point of Beginning.

 

PARCEL 4, Lot 6:

 

Being located in the Southwest Quarter of Section
25, Township 1 South, Range 7 West in the City of Olive Branch, DeSoto County, Mississippi, and being a portion of Parcel "C"
of the Lot 6 SCD #1, LLC property as recorded in Book 564, Page 496 at the Chancery Clerk's Office of said county and being more
particularly described as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT A

    	 

    	 

    

 

Commencing
at the southwest comer of Section 25, Township 1 South, Range 7 West, said point being the intersection of the old centerline of
Goodman Road (Hwy. #302) and the old centerline of Pleasant Hill Road per Mississippi Department of Transportation Right-of-Way
Plat, Federal Aid Project Number 19-0021-01-018-10; thence N21°36'05" E a distance of 279.61 feet to a found right-of-way
monument at the southwest corner of Lot 1 of Wedge wood Commons (Plat Book 95, Page 48), said point being in the east right-of-way
line of Pleasant Hill Road (public R.O.W. varies), thence S63°14'15" E a distance of 196.00 feet to a point in the north
right-of-way line of Goodman Road (Hwy #302) (public R.O.W.  varies);
thence with said north right-of-way line S89°57'21" E a distance of 167.79 feet to a found rightof-way monument; thence
S86°01'19" E a distance of 305.38 feet to a found right-of-way monument, thence S80°39'05" E a distance of 189.01
feet to a found right-of-way monument, thence S85°26'59" E a distance of 249.13 feet to a point at the southeast corner
of Lot 5 of Wedgewood Commons (Plat Book 104, Page 45) for the POINT OF BEGINNING: thence N00°00'00" W a distance of 378.39
feet to a point; thence S90°00'00" E a distance of 27.94 feet of a point; thence N00°00'00" W a distance of 828.98
feet to a point in the south line of the Pleasant Hill Holdings, LLC property (Book 592, Page 16); thence with the south line of
the Pleasant Hill Holdings, LLC property, N89°38'26" E a distance of 71.03 feet to a found steel fencepost at the northwest
comer of Lot 12 of South branch Subdivision (PB. 26, PG. 37);  thence
with the west line of said Lot 12 and the west lines of Lots 11, 10, and 9 of said Southbranch Subdivision, S01 °03'07"
E a distance of 847.18 feet to a point at the southwest corner of Lot 8 of said Southbranch Subdivision; thence with the south
line of said Lot 8 of said Southbranch Subdivision,  S89°36'02"
E a distance of 284.35 feet to a found iron pin; thence S00°00'00" W a distance of 389.64 feet to a point in the north
right-of-way line of said Goodman Road; thence N85°10'14" W along said north line a distance of 151.11 feet to a found
right-of-way monument; thence N86°10'41" W a distance of 128.33 feet to a point; thence N85°26'59" W a distance
of 120.64 feet to the POINT OF BEGINNING. 

 

PARCEL 5: Easement

 

TOGETHER
WITH A RECIPROCAL EASEMENT FOR ACCESS, INGRESS AND EGRESS of record in Operation and Easement Agreement by and between Target Corporation
and SCD#I, LLC, recorded in Book 565, Page 141, in the Office of the Chancery Court Clerk, DeSoto County, Mississippi. 

 

FOR INFORMATIONAL PURPOSES ONLY: The tax parcel
number is 1077 25000 00002.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT A

    	 

    	 

    

EXHIBIT B

 

Specific Exceptions to Representations and
Warranties

 

None.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT BEXHIBIT 10.6

 

	
        Prepared By/Return To:

         

        Keith A. Mrochek

        Nexsen Pruet, LLC 

        227 West Trade Street, Suite
        1550

        Charlotte, North Carolina,
        28202

        704-338-5353 (office)

        704-805-4732 (fax)

        KMrochek@nexsenpruet.com

         
	
        Indexing Instructions:

        To the Chancery Clerk of DeSoto County, Mississippi, the real property
        described herein is located in the City of Olive Branch, DeSoto County, Mississippi.

	
        Reviewed for Compliance with Mississippi
        Law:

        Ann Corso Taylor, Esq. (MSB #6534)

        Jones Walker LLP

        190 East Capitol Street, Suite 800

        Jackson, Mississippi 39201

        Telephone: 601-949-4900

         
	 
	
        Grantor:

        IREIT Olive Branch Wedgewood, L.L.C.

        c/o Inland Real Estate Income Trust, Inc.

        2901 Butterfield Road

        Oak Brook, IL 60523

        Residence Phone No.: N/A

        Business Phone No.: __________
	
        Initial Trustee:

        PRLAP, INC.

        c/o Bank of America, N.A.

        100 North Tryon Street

        NC1-007-11-15

        Charlotte, NC 28255

        Residence Phone No.: N/A

        Business Phone No.: __________
	
        Lender:

        Bank of America, N.A.

        100 North Tryon Street

        NC1-007-11-15

        Charlotte, NC 28255

        Residence Phone No.: N/A

        Business Phone No.: __________

	 	 	 	 

 

DEED OF TRUST, ASSIGNMENT,

SECURITY AGREEMENT AND

FIXTURE FILING

by

IREIT OLIVE BRANCH WEDGEWOOD, L.L.C.,

a Delaware limited liability company,

as Grantor,

to and in favor of

PRLAP, INC.,

a North Carolina corporation,

as Trustee,

and

BANK OF AMERICA, N.A.,

a national banking association,

as Beneficiary

This document serves as a Fixture Filing under
the Mississippi Uniform Commercial Code

GRANTOR IS THE RECORD OWNER OF THE REAL PROPERTY.

    	 

    	 

    

Deed of Trust, Assignment, Security
Agreement and Fixture Filing

 

This Deed of Trust, Assignment,
Security Agreement and Fixture Filing is made as of the 23rd day of December, 2013, by IREIT OLIVE BRANCH WEDGEWOOD,
L.L.C., a Delaware limited liability company (herein referred to as “Grantor”), whose organization identification
number is: 5423281 and whose address is c/o Inland Real Estate Income Trust, Inc., 2901 Butterfield Road, Oak Brook, IL 60523,
Attn: President, to PRLAP, INC., a North Carolina corporation (“Initial Trustee”), whose address is c/o Bank
of America, N.A., 100 North Tryon Street, NC1-007-11-15, Charlotte, NC 28255, Attention: Commercial Real Estate Banking Group,
and BANK OF AMERICA, N.A., a national banking association, as Mortgagee (“Lender”), whose address is Bank of
America, N.A., 100 North Tryon Street, NC1-007-11-15, Charlotte, NC 28255, Attention: Commercial Real Estate Banking Group.

Recitals

A.Grantor has requested
that Lender make the Loan (as hereinafter defined) to Grantor.

B.As one of the
conditions precedent to making the Loan, Lender has required that Grantor execute and deliver this Deed of Trust, Assignment, Security
Agreement and Fixture Filing to Trustee and Lender

Grants and Agreements

Now, therefore, in order
to induce Lender to make the Loan to Grantor, Grantor agrees as follows:

Article I

Definitions.

As used in this Deed
of Trust, the terms defined in the Preamble hereto shall have the respective meanings specified therein, and the following additional
terms shall have the meanings specified:

“Accessories”
means all fixtures, equipment, systems, machinery, furniture, furnishings, appliances, inventory, goods, building and construction
materials, supplies and other articles of personal property, of every kind and character, tangible and intangible (including software
embedded therein), now owned or hereafter acquired by Grantor, which are now or hereafter attached to or situated in, on or about
the Land or Improvements, or used in or necessary to the complete and proper planning, development, use, occupancy or operation
thereof, or acquired (whether delivered to the Land or stored elsewhere) for use or installation in or on the Land or Improvements,
and all Additions to the foregoing, all of which are hereby declared to be permanent accessions to the Land.

“Accounts”
means all accounts of Grantor within the meaning of the Uniform Commercial Code of the State, derived from or arising out of the
use, occupancy or enjoyment of the Property or for services rendered therein or thereon.

“Additions”
means any and all alterations, additions, accessions and improvements to property, substitutions therefor, and renewals and replacements
thereof.

“Beneficiary”
means Lender and its successors and assigns.

“Claim”
means any liability, suit, action, claim, demand, loss, expense, penalty, fine, judgment or other cost of any kind or nature whatsoever,
including fees, costs and expenses of attorneys, consultants, contractors and experts.

“Condemnation”
means any taking of title to, use of, or any other interest in the Property under the exercise of the power of condemnation or
eminent domain, whether temporarily or permanently, by any Governmental Authority or by any other Person acting under or for the
benefit of a Governmental Authority.

“Condemnation
Awards” means any and all judgments, awards of damages (including severance and consequential damages), payments, proceeds,
settlements, amounts paid for a taking in lieu of Condemnation, or other compensation heretofore or hereafter made, including interest
thereon, and the right to receive the same, as a result of, or in connection with, any Condemnation or threatened Condemnation.

    	Page-1

    	 

    

“Contract
of Sale” means any contract for the sale of all or any part of the Property or any interest therein, whether now in existence
or hereafter executed.

“Deed of Trust”
means this Deed of Trust, Assignment, Security Agreement and Fixture Filing, as the same may from time to time be extended, amended,
restated, supplemented or otherwise modified.

“Default”
means an event or circumstance which, with the giving of Notice or lapse of time, or both, would constitute an Event of Default
under the provisions of this Deed of Trust.

“Design and
Construction Documents” means, collectively, (a) all contracts for services to be rendered, work to be performed or materials
to be supplied in the development of the Land or the construction or repair of Improvements, including all agreements with architects,
engineers or contractors for such services, work or materials; (b) all plans, drawings and specifications for the development of
the Land or the construction or repair of Improvements; (c) all permits, licenses, variances and other rights or approvals issued
by or obtained from any Governmental Authority or other Person in connection with the development of the Land or the construction
or repair of Improvements; and (d) all amendments of or supplements to any of the foregoing.

“Encumbrance”
means any Lien, easement, right of way, roadway (public or private), condominium regime, cooperative housing regime, condition,
covenant or restriction (including any condition, covenant or restriction in connection with any condominium development or cooperative
housing development), Lease or other matter of any nature that would affect title to the Property.

“Environmental
Agreement” means the Environmental Indemnity Agreement of even date herewith by and between Grantor and Lender pertaining
to the Property, as the same may from time to time be extended, amended, restated or otherwise modified.

“Event of
Default” means an event or circumstance specified in Article VI and the continuance of such event or circumstance
beyond the applicable grace and/or cure periods therefor, if any, set forth in Article VI.

“Expenses”
means all fees, charges, costs and expenses of any nature whatsoever incurred at any time and from time to time (whether before
or after an Event of Default) by Beneficiary or Trustee in making, funding, administering or modifying the Loan, in negotiating
or entering into any “workout” of the Loan, or in exercising or enforcing any rights, powers and remedies provided
in this Deed of Trust or any of the other Loan Documents, including reasonable attorneys’ fees, court costs, receiver’s
fees, management fees and costs, insurance fees, inspection and testing fees, leasing and sales commissions, advertising costs
and expenses, taxes and assessments, costs for surveys, costs for engineering studies and reports, engineering fees and expenses,
costs for soils tests, space planning costs and expenses, contractors fees, and all other costs incurred by Lender to maintain,
preserve and protect the Property, or incurred in the repair, maintenance and operation of, or taking possession of, or selling,
the Property.

“Governmental
Authority” means any governmental or quasi-governmental entity, including any court, department, commission, board, bureau,
agency, administration, service, district or other instrumentality of any governmental entity.

“Hedge Agreement”
means any agreement, whether or not in writing, relating to any transaction that is a rate swap, basis swap transaction, forward
rate transaction, commodity swap, commodity option, equity or equity index swap or option, bond option, note or bill option, interest
rate option, forward foreign exchange transaction, cap transaction, spot or floor transaction, collar transaction, currency swap
transaction, cross-currency rate swap transaction, swap option, currency option, credit swap or default transaction, T-lock, or
any other similar transaction (including any option to enter into any of the foregoing) or any combination of the foregoing, and,
unless the context otherwise clearly requires, any agreement or contract that constitutes a “swap” within the
meaning of Section 1a(47) of the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor
statute, and CFTC Regulation 1.3(xxx), any form of master agreement published by the International Swaps and Derivatives Association,
Inc., and any other master agreement, entered into by Grantor, together with any related schedules and confirmations, as the same
may be amended, restated, replaced, supplemented, superseded or otherwise modified from time to time in accordance with its terms,
relating to or governing any or all of the foregoing.

“Improvements”
means all buildings, structures and other improvements now or hereafter existing, erected or placed on the Land, together with
any on-site improvements and off-site improvements in any way used or to be used in connection with the use, enjoyment, occupancy
or operation of the Land.

    	Page-2

    	 

    

“Insurance
Proceeds” means the insurance claims under and the proceeds of any and all policies of insurance covering the Property
or any part thereof, including all returned and unearned premiums with respect to any insurance relating to such Property, in each
case whether now or hereafter existing or arising.

“Land”
means the real property described in Exhibit A attached hereto and made a part hereof.

“Laws”
means all federal, state and local laws, statutes, rules, ordinances, regulations, codes, licenses, authorizations, decisions,
injunctions, interpretations, orders or decrees of any court or other Governmental Authority having jurisdiction as may be in effect
from time to time.

“Leases”
means all leases, license agreements and other occupancy or use agreements (whether oral or written), now or hereafter existing,
which cover or relate to the Property or any part thereof, together with all options therefor, amendments thereto and renewals,
modifications and guaranties thereof, including any cash or security deposited under the Leases to secure performance by the tenants
of their obligations under the Leases, whether such cash or security is to be held until the expiration of the terms of the Leases
or applied to one or more of the installments of rent coming due thereunder.

“Letter of
Credit” means any letter of credit issued by Beneficiary for the account of Grantor or any of its nominees in connection
with the development of the Land or the construction of the Improvements, together with any and all extensions, renewals or modifications
thereof, substitutions therefor or replacements thereof.

“Lien”
means any mortgage, deed of trust, pledge, security interest, assignment, judgment, lien or charge of any kind, including any conditional
sale or other title retention agreement, any lease in the nature thereof, and the filing of, or agreement to give, any financing
statement under the Uniform Commercial Code of any jurisdiction.

“Loan”
means the loan from Beneficiary to Grantor, the repayment obligations in connection with which are evidenced by the Note.

“Loan Agreement”
means the Term Loan Agreement of even date herewith between Grantor and Lender which sets forth, among other things, the terms
and conditions upon which the proceeds of the Loan will be disbursed, as the same may from time to time be extended, amended, restated,
supplemented or otherwise modified. 

“Loan Documents”
means this Deed of Trust, the Note, the Guaranty, the Environmental Agreement, the Loan Agreement, any Hedge Agreement,
any application or reimbursement agreement executed in connection with any Letter of Credit, and any and all other documents which
Grantor, Guarantor (as defined in the Loan Agreement) or any other party or parties have executed and delivered, or may hereafter
execute and deliver, to evidence, secure or guarantee the Obligations, or any part thereof, as the same may from time to time be
extended, amended, restated, supplemented or otherwise modified.

“Note”
means the Promissory Note of even date herewith in the original principal amount of $16,900,000.00, having a stated maturity date
of December 23, 2018, made by Grantor to the order of Lender, as the same may from time to time be extended, amended, restated,
supplemented or otherwise modified.

“Notice”
means a notice, request, consent, demand or other communication given in accordance with the provisions of Section 9.8 of
this Deed of Trust.

“Obligations”
means all present and future debts, obligations and liabilities of Grantor to Beneficiary and/or Trustee arising pursuant to, and/or
on account of, the provisions of this Deed of Trust, the Note or any of the other Loan Documents, including the obligations: (a) to
pay all principal, interest, late charges, prepayment premiums (if any) and other amounts due at any time under the Note; (b) to
pay all Expenses, indemnification payments, fees and other amounts due at any time under this Deed of Trust or any of the other
Loan Documents, together with interest thereon as herein or therein provided; (c) to pay and perform all obligations of Grantor
under any Hedge Agreement; (d) to perform, observe and comply with all of the other terms, covenants and conditions, expressed
or implied, which Grantor is required to perform, observe or comply with pursuant to this Deed of Trust or any of the other Loan
Documents; and (e) to pay and perform all future advances and other obligations that Grantor or any successor in ownership
of all or part of the Property may agree to pay and/or perform (whether as principal, surety or guarantor) for the benefit of Beneficiary,
when a writing evidences the parties’ agreement that the advance or obligation be secured by this Deed of Trust.

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“Permitted
Encumbrances” means (a) any matters set forth in any policy of title insurance issued to Beneficiary and insuring Beneficiary’s
interest in the Property which are acceptable to Beneficiary as of the date hereof, (b) the Liens and interests of this Deed of
Trust, (c) routine easements entered into in the ordinary course of business that do not adversely affect the operation, management
or any of Grantor’s or Operating Lessee’s activities on the Property and (d) any other Encumbrance that Beneficiary
shall expressly approve in its sole and absolute discretion, as evidenced by a “marked-up” commitment for title insurance
initialed on behalf of Beneficiary.

“Person”
means an individual, a corporation, a partnership, a joint venture, a limited liability company, a trust, an unincorporated association,
any Governmental Authority or any other entity.

“Personalty”
means all personal property of any kind or nature whatsoever, whether tangible or intangible and whether now owned or hereafter
acquired, in which Grantor now has or hereafter acquires an interest and which is used in the construction of, or is placed upon,
or is derived from or used in connection with the maintenance, use, occupancy or enjoyment of, the Property, including (a) the
Accessories; (b) the Accounts; (c) all franchise, license, management or other agreements with respect to the operation
of the Real Property or the business conducted therein (provided all of such agreements shall be subordinate to this Deed of Trust,
and Beneficiary shall have no responsibility for the performance of Grantor’s obligations thereunder) and all general intangibles
(including payment intangibles, trademarks, trade names (other than names involving reference to “Inland”), goodwill,
software and symbols) related to the Real Property or the operation thereof; (d) all sewer and water taps, appurtenant water
stock or water rights, allocations and agreements for utilities, bonds, letters of credit, permits, certificates, licenses, guaranties,
warranties, causes of action, judgments, Claims, profits, security deposits, utility deposits, and all rebates or refunds of fees,
Taxes, assessments, charges or deposits paid to any Governmental Authority related to the Real Property or the operation thereof;
(e) all of Grantor’s rights and interests under all Hedge Agreements, including all rights to the payment of money from
Beneficiary under any Hedge Agreement and all accounts, deposit accounts and general intangibles, including payment intangibles,
described in any Hedge Agreement; (f) all insurance policies held by Grantor with respect to the Property or Grantor’s operation
thereof; and (g) all money, instruments and documents (whether tangible or electronic) arising from or by virtue of any transactions
related to the Property, and all deposits and deposit accounts of Grantor with Beneficiary related to the Property, including any
such deposit account from which Grantor may from time to time authorize Beneficiary to debit and/or credit payments due with respect
to the Loan; together with all Additions to and Proceeds of all of the foregoing.

“Proceeds,”
when used with respect to any of the Property, means all proceeds of such Property, including all Insurance Proceeds and all other
proceeds within the meaning of that term as defined in the Uniform Commercial Code of the State.

“Property”
means the Real Property and the Personalty and all other rights, interests and benefits of every kind and character which Grantor
now has or hereafter acquires in, to or for the benefit of the Real Property and/or the Personalty and all other property and rights
used or useful in connection therewith, including all Leases, all Rents, all Condemnation Awards, all Proceeds, and all of Grantor’s
right, title and interest in and to all Design and Construction Contracts, all Contracts of Sale and all Refinancing Commitments.

“Property
Assessments” means all Taxes, payments in lieu of taxes, water rents, sewer rents, assessments, condominium and owner’s
association assessments and charges, maintenance charges and other governmental or municipal or public or private dues, charges
and levies and any Liens (including federal tax liens) which are or may be levied, imposed or assessed upon the Property or any
part thereof, or upon any Leases or any Rents, whether levied directly or indirectly or as excise taxes, as income taxes, or otherwise.

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“Real Property”
means the Land and Improvements, together with (a) all estates, title interests, title reversion rights, remainders, increases,
issues, profits, rights of way or uses, additions, accretions, servitudes, strips, gaps, gores, liberties, privileges, water rights,
water courses, ditches and ditch rights, reservoirs, reservoir rights and storage rights, wells and well rights, well permits,
springs and spring rights, groundwater rights (whether tributary, nontributary or not-nontributary), water contracts, water allotments,
water taps, stock certificates, shares in ditch or reservoir or water companies, and all other rights of any kind or nature in
or to the use of water, whether or not adjudicated, which are appurtenant to, historically used on or in connection with, or located
on or under the Land (collectively, "Water Rights"), together with any and all associated structures and facilities
for the diversion, carriage, transmission, conveyance, measurement, storage or use of said Water Rights, and any and all easements,
rights of way, fixtures, personal property, contract rights, licenses, permits or decrees associated with or used in connection
with any such Water Rights or which may be necessary for the development, operation or maintenance of such Water Rights; and alleys,
passages, ways, vaults, licenses, tenements, franchises, hereditaments, appurtenances, easements, rights-of-way, rights of ingress
or egress, parking rights, timber, crops, mineral interests and other rights, now or hereafter owned by Grantor and belonging or
appertaining to the Land or Improvements; (b) all Claims whatsoever of Grantor with respect to the Land or Improvements, either
in Law or in equity, in possession or in expectancy; (c) all estate, right, title and interest of Grantor in and to all streets,
roads and public places, opened or proposed, now or hereafter adjoining or appertaining to the Land or Improvements; and (d) all
options to purchase the Land or Improvements, or any portion thereof or interest therein, and any greater estate in the Land or
Improvements, and all Additions to and Proceeds of the foregoing.

“Refinancing
Commitment” means any commitment from or other agreement with any Person providing for the financing of the Property,
some or all of the proceeds of which are intended to be used for the repayment of all or a portion of the Loan.

“Rents”
means all of the rents, royalties, issues, profits, revenues, earnings, income and other benefits of the Property, or arising from
the use or enjoyment of the Property, including all such amounts paid under or arising from any of the Leases and all fees, charges,
accounts or other payments for the use or occupancy of rooms or other public facilities within the Real Property.

“State”
means the state in which the Land is located.

“Taxes”
means all taxes and assessments, whether general or special, ordinary or extraordinary, or foreseen or unforeseen, which at any
time may be assessed, levied, confirmed or imposed by any Governmental Authority or any community facilities or other private district
on Grantor or on any of its properties or assets or any part thereof or in respect of any of its franchises, businesses, income
or profits.

“Transfer”
means any direct or indirect sale, assignment, conveyance or transfer, including any Contract of Sale and any other contract or
agreement to sell, assign, convey or transfer, whether made voluntarily or by operation of Law or otherwise, and whether made with
or without consideration.

“Trustee”
means the Initial Trustee or its successor in trust who may be acting under and pursuant to this Deed of Trust from time to time.

Capitalized terms used
herein and not otherwise defined shall have the meanings assigned thereto in the Loan Agreement.

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Article II

Granting Clauses; Condition of Grant.

Section 2.1            
Conveyances and Security Interests.

In order to secure
the prompt payment and performance of the Obligations, Grantor (a) hereby irrevocably and unconditionally grants, conveys, bargains,
transfers and assigns to Trustee, in trust, for the benefit of Beneficiary, with power of sale and right of entry and possession,
all estate, right, title and interest that Grantor now has or may later acquire in and to the Real Property; (b) grants to
Beneficiary a security interest in the Personalty; (c) assigns to Beneficiary, and grants to Beneficiary a security interest
in, all Condemnation Awards and all Insurance Proceeds; and (d) assigns to Beneficiary, and grants to Beneficiary a security interest
in, all of Grantor’s right, title and interest in, but not any of Grantor’s obligations or liabilities under, all Design
and Construction Documents, all Contracts of Sale and all Refinancing Commitments. All Persons who may have or acquire an interest
in all or any part of the Property will be deemed to have notice of, and will be bound by, the terms of the Obligations and each
other agreement or instrument made or entered into in connection with each of the Obligations. Such terms include any provisions
in the Note, the Loan Agreement or any Hedge Agreement which provide that the interest rate on one or more of the Obligations may
vary from time to time. This Deed of Trust secures all present and future advances and/or future obligations, and all other sums
from time to time owing to the Lender by the Grantor under the Loan Documents (including without limitation any existing Obligations
incurred or any advances made at or prior to the filing of this Deed of Trust of record in the real estate records of the county
where the Property is situated). The maximum principal amount that may be secured by this Deed of Trust at any one time is Thirty
Million and No/100 Dollars ($30,000,000.00). The time period within which any future advances may be made and future obligations
may be incurred is the period between the date hereof and the date thirty (30) years from the date hereof.

Section 2.2            
Absolute Assignment of Leases and Rents.

In consideration of
the making of the Loan by Beneficiary to Grantor, the sum of Ten and No/100 Dollars ($10.00) and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Grantor absolutely and unconditionally assigns the Leases and Rents
to Beneficiary. This assignment is, and is intended to be, an unconditional, absolute and present assignment from Grantor to Beneficiary
of all of Grantor’s right, title and interest in and to the Leases and the Rents and not an assignment in the nature of a
pledge of the Leases and Rents or the mere grant of a security interest therein. So long as no Event of Default shall exist, however,
and so long as Grantor is not in default in the performance of any obligation, covenant or agreement contained in the Leases, Grantor
shall have a license (which license shall terminate automatically and without notice upon the occurrence of an Event of Default
or a default by Grantor under the Leases) to collect, but not prior to accrual, all Rents. Provided no Event of Default has occurred
and is continuing, Grantor agrees to collect and hold all Rents in trust for Beneficiary and to use the Rents for first, the payment
of principal and interest and all other sums due and payable hereunder and under the Loan Documents and thereafter the payment
of the cost of operating and maintaining the Property and for the payment of the other Obligations before using the Rents for any
other purpose.

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Section 2.3            
Security Agreement, Fixture Filing and Financing Statement.

This Deed of Trust
creates a security interest in the Personalty, and, to the extent the Personalty is not real property, this Deed of Trust constitutes
a security agreement from Grantor to Beneficiary under the Uniform Commercial Code of the State. In addition to all of its other
rights under this Deed of Trust and otherwise, Beneficiary shall have all of the rights of a secured party under the Uniform Commercial
Code of the State, as in effect from time to time, or under the Uniform Commercial Code in force from time to time in any other
state to the extent the same is applicable Law. This Deed of Trust shall be effective as a financing statement filed as a fixture
filing with respect to all fixtures included within the Property and is to be filed for record in the real estate records of each
county where any part of the Property (including such fixtures) is situated. This Deed of Trust shall also be effective as a financing
statement with respect to any other Property as to which a security interest may be perfected by the filing of a financing statement
and may be filed as such in any appropriate filing or recording office. The respective mailing addresses of Grantor and Beneficiary
are set forth in the opening paragraph of this Deed of Trust. A carbon, photographic or other reproduction of this Deed of Trust
or any other financing statement relating to this Deed of Trust shall be sufficient as a financing statement for any of the purposes
referred to in this Section. Grantor hereby irrevocably authorizes Beneficiary at any time and from time to time to file any initial
financing statements, amendments thereto and continuation statements as authorized by applicable Law, reasonably required by Beneficiary
to establish or maintain the validity, perfection and priority of the security interests granted in this Deed of Trust. The foregoing
authorization includes Grantor’s irrevocable authorization for Beneficiary at any time and from time to time to file any
initial financing statements and amendments thereto that indicate the Personalty (a) as “all assets” of Grantor or
words of similar effect, regardless of whether any particular asset comprised in the Personalty falls within the scope of the Uniform
Commercial Code of the State or the jurisdiction where the initial financing statement or amendment is filed, or (b) as being of
an equal or lesser scope or with greater detail.

Section 2.4            
Release of Deed of Trust and Termination of Assignments and Financing Statements.

If and when Grantor
has paid and performed all of the Obligations, and no further advances are to be made under the Loan Agreement, Trustee, upon request
by Beneficiary, will provide a release of the Property from the lien of this Deed of Trust and termination statements for filed
financing statements, if any, to Grantor. Grantor shall be responsible for the recordation of such release and the payment
of any recording and filing costs. Upon the recording of such release and the filing of such termination statements, the absolute
assignments set forth in Section 2.2 shall automatically terminate and become null and void.

Article III

Representations and Warranties.

Grantor makes the following
representations and warranties to Beneficiary:

Section 3.1            
Title to Real Property.

Grantor hereby warrants
that Grantor (a) owns fee simple title to the Real Property, (b) owns all of the beneficial and equitable interest in and to the
Real Property, and (c) is lawfully seized and possessed of the Real Property. Grantor has the right and authority to convey the
Real Property and Grantor shall and will warrant and forever defend the title thereto, subject to no Encumbrances other than the
Permitted Encumbrances, and the quiet use and enjoyment thereof, unto the Trustee and the Beneficiary, their respective heirs,
successors and assigns, against the lawful claims of all persons whatsoever.

Section 3.2            
Title to Other Property.

Grantor has good title
to the Personalty, and the Personalty is not subject to any Encumbrance other than the Permitted Encumbrances. None of the Leases,
Rents, Design and Construction Documents, Contracts of Sale or Refinancing Commitments are subject to any Encumbrance other than
the Permitted Encumbrances.

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Section 3.3            
Property Assessments.

The Real Property is
assessed for purposes of Property Assessments as a separate and distinct parcel from any other property, such that the Real Property
shall never become subject to the Lien of any Property Assessments levied or assessed against any property other than the Real
Property.

Section 3.4            
Independence of the Real Property.

No buildings or other
improvements on property not covered by this Deed of Trust rely on the Real Property or any interest therein to fulfill any requirement
of any Governmental Authority for the existence of such property, building or improvements; and none of the Real Property relies,
or will rely, on any property not covered by this Deed of Trust or any interest therein to fulfill any requirement of any Governmental
Authority. The Real Property has been properly subdivided from all other property in accordance with the requirements of any applicable
Governmental Authorities.

Section 3.5            
Existing Improvements.

The
existing Improvements, if any, were constructed, and are being used and maintained, in accordance with all applicable Laws, including
zoning Laws, except as set forth on the survey delivered to Lender in connection with the
closing of the Loan.

Section 3.6            
Leases and Tenants.

The Leases are valid
and are in full force and effect, and Grantor is not in default under any of the terms thereof. Except as expressly permitted in
the Loan Agreement, Grantor has not accepted any Rents in advance of the time the same became due under the Leases and has not
forgiven, compromised or discounted any of the Rents. Grantor has title to and the right to assign the Leases and Rents to Beneficiary,
and no other assignment of the Leases or Rents has been granted. To the best of Grantor’s knowledge and belief, no tenant
or tenants occupying, individually or in the aggregate, more than five percent (5%) of the net rentable area of the Improvements
are in default under their Lease(s) or are the subject of any bankruptcy, insolvency or similar proceeding.

Article IV

Affirmative Covenants.

Section 4.1            
Obligations.

Grantor agrees to promptly
pay and perform (or cause to be paid and performed) all of the Obligations, time being of the essence in each case.

Section 4.2            
Property Assessments; Documentary Taxes.

Grantor (a) will
promptly pay in full and discharge all Property Assessments, and (b) will furnish to Beneficiary, upon demand, the receipted
bills for such Property Assessments prior to the day upon which the same shall become delinquent. Property Assessments shall be
considered delinquent as of the first day any interest or penalty commences to accrue thereon. Grantor will promptly pay all stamp,
documentary, recordation, transfer and intangible taxes and all other taxes that may from time to time be required to be paid with
respect to the Loan, the Note, this Deed of Trust or any of the other Loan Documents.

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Section 4.3            
Permitted Contests.

Grantor shall not be
required to pay any of the Property Assessments, or to comply with any Law, so long as Grantor shall in good faith, and at its
cost and expense, contest the amount or validity thereof, or take other appropriate action with respect thereto, in good faith
and in an appropriate manner or by appropriate proceedings; provided that (a) such proceedings operate to prevent the collection
of, or other realization upon, such Property Assessments or enforcement of the Law so contested, (b) there will be no sale,
forfeiture or loss of the Property during the contest, (c) neither Beneficiary nor Trustee is subjected to any Claim as a
result of such contest, and (d) Grantor provides assurances satisfactory to Beneficiary (including the establishment of an
appropriate reserve account with Beneficiary) of its ability to pay such Property Assessments or comply with such Law in the event
Grantor is unsuccessful in its contest. Each such contest shall be promptly prosecuted to final conclusion or settlement, and Grantor
shall indemnify and save Beneficiary and Trustee harmless against all Claims in connection therewith. Promptly after the settlement
or conclusion of such contest or action, Grantor shall comply with such Law and/or pay and discharge the amounts which shall be
levied, assessed or imposed or determined to be payable, together with all penalties, fines, interests, costs and expenses in connection
therewith.

Section 4.4            
Compliance with Laws.

Grantor will comply
with and not violate, and cause to be complied with and not violated, all present and future Laws applicable to the Property and
its use and operation.

Section 4.5            
Maintenance and Repair of the Property.

Grantor, at Grantor’s
sole expense, will (a) keep and maintain Improvements and Accessories in good condition, working order and repair, and (b) make
all necessary or appropriate repairs and Additions to Improvements and Accessories, so that each part of the Improvements and all
of the Accessories shall at all times be in good condition and fit and proper for the respective purposes for which they were originally
intended, erected, or installed.

Section 4.6            
Additions to Security.

All right, title and
interest of Grantor in and to all Improvements and Additions hereafter constructed or placed on the Property and in and to any
Accessories hereafter acquired shall, without any further mortgage, deed of trust, conveyance, assignment or other act by Grantor,
become subject to the Lien of this Deed of Trust as fully and completely, and with the same effect, as though now owned by Grantor
and specifically described in the granting clauses hereof. Grantor agrees, however, to execute and deliver to Trustee and/or Beneficiary
such further documents as may be required by the terms of the Loan Agreement and the other Loan Documents.

Section 4.7            
Subrogation.

To the extent permitted
by Law, Beneficiary shall be subrogated, notwithstanding its release of record, to any Lien now or hereafter existing on the Property
to the extent that such Lien is paid or discharged by Beneficiary whether or not from the proceeds of the Loan. This Section shall
not be deemed or construed, however, to obligate Beneficiary to pay or discharge any Lien.

Section 4.8            
Leases.

(a)               
Except as expressly permitted in the Loan Agreement, Grantor shall not enter into any
Lease with respect to all or any portion of the Property without the prior written consent of Beneficiary. 

(b)              
Neither Trustee nor Beneficiary shall be obligated to perform or discharge any obligation
of Grantor under any Lease. The assignment of Leases provided for in this Deed of Trust in no manner places on Beneficiary or Trustee
any responsibility for (i) the control, care, management or repair of the Property, (ii) the carrying out of any of the
terms and conditions of the Leases, (iii) any waste committed on the Property, or (iv) any dangerous or defective condition
on the Property (whether known or unknown). 

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(c)               
No approval of any Lease by Beneficiary shall be for any purpose other than to protect Beneficiary’s
security and to preserve Beneficiary’s rights under the Loan Documents, and no such approval shall result in a waiver of
a Default or Event of Default.

Article V

Negative Covenants.

Section 5.1            
Encumbrances.

Grantor will not permit
any of the Property to become subject to any Encumbrance other than the Permitted Encumbrances. Within thirty (30) days after the
filing and receipt of notice of any mechanic’s lien or other Lien or Encumbrance against the Property, Grantor will promptly
discharge the same by payment or filing a bond or otherwise as permitted by Law. So long as Beneficiary’s security has been
protected by the filing of a bond or otherwise in a manner satisfactory to Beneficiary in its sole and absolute discretion, Grantor
shall have the right to contest in good faith any Claim, Lien or Encumbrance, provided that Grantor does so diligently and without
prejudice to Beneficiary or delay in completing construction of the Improvements. Grantor shall give Beneficiary Notice of any
default under any Lien and Notice of any foreclosure or threat of foreclosure with respect to any of the Property.

Section 5.2            
Transfer of the Property.

Grantor will not Transfer,
or contract to Transfer, all or any part of the Property or any legal or beneficial interest therein (except for certain Transfers
of the Accessories expressly permitted in this Deed of Trust). The Transfer of more than 20% of the membership interests in Grantor
(whether in one or more transactions during the term of the Loan) shall be deemed to be a prohibited Transfer of the Property,
except to the extent contemplated in the Loan Agreement and completed in accordance therewith.

Section 5.3            
Removal, Demolition or Alteration of Accessories and Improvements.

Except to the extent
permitted by the following sentence, no Improvements or Accessories shall be removed, demolished or materially altered without
the prior written consent of Beneficiary. Grantor may remove and dispose of (or permit the removal and disposal of), free from
the Lien of this Deed of Trust, such Accessories as from time to time become worn out or obsolete, provided that, either (a) at
the time of, or prior to, such removal, any such Accessories are replaced with other Accessories which are free from Liens other
than Permitted Encumbrances and have a value at least equal to that of the replaced Accessories (and by such removal and replacement
Grantor shall be deemed to have subjected such Accessories to the Lien of this Deed of Trust), or (b) so long as a prepayment may
be made without the imposition of any premium pursuant to the Note, such Accessories are sold at fair market value for cash and
the net cash proceeds received from such disposition are paid over promptly to Beneficiary to be applied to the prepayment of the
principal of the Loan.

Section 5.4            
Additional Improvements.

Grantor will not construct
(or permit to be constructed) any Improvements other than those presently on the Land and those described in the Loan Agreement
without the prior written consent of Beneficiary. Grantor will complete and pay for (or cause to be completed and paid for), within
a reasonable time, any Improvements which Grantor is permitted to construct on the Land. Grantor will construct and erect (or cause
to be constructed and erected) any permitted Improvements (a) strictly in accordance with all applicable Laws and any private restrictive
covenants, (b) entirely on lots or parcels of the Land, (c) so as not to encroach upon any easement or right of way or upon the
land of others, and (d) wholly within any building restriction and setback lines applicable to the Land.

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Section 5.5            
Restrictive Covenants, Zoning, etc.

Without the prior written
consent of Beneficiary, Grantor will not initiate, join in, or consent to any change in, any restrictive covenant, easement, zoning
ordinance, or other public or private restrictions limiting or defining the uses which may be made of the Property. Grantor will
and will cause Operating Lessee to (a) promptly perform and observe, and cause to be performed and observed, all of the terms and
conditions of all agreements affecting the Property, and (b) do or cause to be done all things necessary to preserve intact and
unimpaired any and all easements, appurtenances and other interests and rights in favor of, or constituting any portion of, the
Property.

Article VI

Events of Default.

The occurrence or happening,
from time to time, of any one or more of the following shall constitute an Event of Default under this Deed of Trust:

Section 6.1            
Payment Obligations.

Grantor fails to pay
any of the Obligations when due, whether on the scheduled due date or upon acceleration, maturity or otherwise.

Section 6.2            
Transfers.

Grantor Transfers,
or contracts to Transfer, all or any part of the Property or any legal or beneficial interest therein (except for Transfers of
the Accessories expressly permitted under this Deed of Trust) in violation of the terms of Section 5.2 hereof, except to the extent
contemplated in the Loan Agreement and completed in accordance therewith.

Section 6.3            
Other Obligations.

Grantor fails to promptly
perform or comply with any of the Obligations set forth in this Deed of Trust (other than those expressly described in other Sections
of this Article VI), and such failure continues uncured for a period of thirty (30) days after Notice from Beneficiary to
Grantor, unless (a) such failure, by its nature, is not capable of being cured within such period, and (b) within such
period, Grantor commences to cure such failure and thereafter diligently prosecutes the cure thereof, and (c) Grantor causes
such failure to be cured no later than ninety (90) days after the date of such Notice from Beneficiary.

Section 6.4            
Event of Default Under Other Loan Documents.

An Event of Default
(as defined therein) occurs under the Note or the Loan Agreement, or Grantor or Guarantor fails to promptly pay, perform, observe
or comply with any obligation or agreement contained in any of the other Loan Documents (within any applicable grace or cure period).

Section 6.5            
Change in Zoning or Public Restriction.

Any change in any zoning
ordinance or regulation or any other public restriction is enacted, adopted or implemented that limits or defines the uses which
may be made of the Property such that the present or intended use of the Property, as specified in the Loan Documents, would be
in violation of such zoning ordinance or regulation or public restriction, as changed.

Section 6.6            
Default Under Leases.

Grantor fails duly
to perform its obligations under any Lease, and such failure is not cured within the grace period, if any, provided in the Lease.

Section 6.7            
Default Under Other Lien Documents.

A default occurs under
any other mortgage, deed of trust or security agreement covering the Property, including any Permitted Encumbrances.

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Section 6.8            
Execution; Attachment.

Any execution or attachment
is levied against any of the Property, and such execution or attachment is not set aside, discharged or stayed within thirty (30)
days after the same is levied.

Article VII

Rights and Remedies.

Upon the happening
of any Event of Default, Beneficiary, or Trustee at the direction of Beneficiary, shall have the right, in addition to any other
rights or remedies available to Beneficiary under any of the Loan Documents or applicable Law, to exercise any one or more of the
following rights, powers or remedies:

Section 7.1            
Acceleration.

Beneficiary may accelerate
all Obligations under the Loan Documents whereupon such Obligations shall become immediately due and payable, without notice of
default, notice of acceleration or intention to accelerate, presentment or demand for payment, protest, notice of protest, notice
of nonpayment or dishonor, or notices or demands of any kind or character (all of which are hereby waived by Grantor).

Section 7.2            
Foreclosure; Power of Sale.

Trustee, if and as
directed by Beneficiary, shall have all of the rights and may exercise all of the powers set forth in applicable Law of the State.
This Deed of Trust may be foreclosed by judicial proceedings, or Beneficiary shall have the right forthwith, at Beneficiary's election,
by and through the Trustee or otherwise, to sell or offer for sale the property in such portions, order and parcels as Beneficiary
may determine, with or without having first taken possession of same, at public auction for cash or cash equivalent, including,
without limitation, for certified checks, bank drafts, wire transfer funds, cashier checks and any other method of payment which,
in the sole discretion of Beneficiary, is "cash equivalent", to the highest and best bidder during legal hours, at any
front door of the county courthouse of the county in which the Land is situated after having advertised and given notice of said
sale by publication once each week for three consecutive weeks preceding the date of sale, giving the time, place and terms thereof,
together with a description of the land according to the laws of the State of Mississippi governing sales of land under deeds of
trust in force at the time the publication of said notice has begun, all in accordance with Section 89-1-55 of the Mississippi
Code of 1972, as amended from time to time. If the Land is situated in two or more counties or in two judicial districts of the
same county, then the Trustee shall have power, in case the Trustee is directed to foreclose under this Deed of Trust, to select
in which county, or judicial district, the sale of all the property shall be made, and the selection shall be binding upon the
Grantor and Beneficiary and all persons claiming through or under them, whether by contract or by law. The Trustee shall have full
power to fix the day, time and place of sale, and may sell the property in parcels or as a whole as the Trustee may deem best.
The Trustee shall have full power to conduct any sale through an agent appointed by the Trustee for the purpose, but said appointment
of agent need not be recorded. At any such sale: (i) the Trustee shall not be required to have physically present, or to have
constructive possession of, the property (the Grantor hereby covenanting and agreeing to deliver to the Trustee any portion of
the property not actually or constructively possessed by the Trustee immediately upon demand by the Trustee) and the title to and
right of possession of any such property shall pass to the purchaser thereof as completely as if the same had been actually present
and delivered to purchaser at such sale; (ii) the Trustee may, from time to time, adjourn said sale to a later date without
readvertising, by giving notice of the time and place of such continued sale at the time when and where the Trustee shall make
such adjournment; (iii) each and every recital contained in any instrument of conveyance made by the Trustee shall conclusively
establish the truth and accuracy of the matters recited therein, including, without limitation, nonpayment of the indebtedness
secured by this Deed of Trust, advertisement and conduct of such sale in the manner provided herein and otherwise by law and by
appointment of any successor Trustee hereunder; (iv) any and all prerequisites to the validity of such sale shall be conclusively
presumed to have been performed; (v) the receipt of the Trustee or of such other party making the sale shall be a sufficient
discharge to the purchaser for its or his purchase money and no such purchaser, or its or his assigns, successors or personal representatives,
shall thereafter be obligated to see to the application of such purchase money or be in any way answerable for any loss, misapplication
or non-application thereof; (vi) the Grantor shall be completely and irrevocably divested of all of the Grantor's right, title,
interest, claim and demand whatsoever, either at law or in equity, in and to the property sold and such sale shall be a perpetual
bar both at law

    	Page-12

    	 

    

and in equity against
the Grantor, and against any and all other persons claiming or to claim the property sold or any part thereof; and (vii) and
the Trustee, in Beneficiary's own name or as the attorney of the Grantor (the Trustee being for that purpose by this Deed of Trust
duly and irrevocably authorized and appointed as the Grantor's agent and attorney in fact, coupled with an interest and with full
power of substitution, delegation and revocation) to make, execute, acknowledge and deliver to the purchaser or purchasers thereof
a good and sufficient deed or deeds of the property in fee simple and to receive the proceeds of such sale or sales. After retaining
a reasonable fee for actual costs incurred, not to exceed five percent (5%) of the gross proceeds of sale, as compensation to Trustee,
Trustee shall apply the proceeds of the sale (1) first to pay all reasonable fees, charges and costs of conducting the sale
and advertising the property, and to pay any prior liens or encumbrances unless such sale is made subject thereto, and to pay necessary
costs, or reimburse Beneficiary for advances, to protect and maintain the property, and pay taxes, insurance premiums, reasonable
accountants’ fees, reasonable appraisers’ fees, reasonable environmental engineers’ fees, court costs, and reasonable
attorneys’ fees and other reasonable costs, with interest on Beneficiary’s advances at the highest default rate provided
under the Loan Documents, (2) second to pay Beneficiary all amounts due under the Loan Documents, and (3) third, the
remainder of the proceeds, if any, to Grantor, but only upon delivery and surrender of possession of the property sold and conveyed
together with all records and materials relating thereto. The purchaser at the sale shall not be responsible for the application
of the proceeds. Nothing herein dealing with foreclosure procedures which specifies any particular actions to be taken by Trustee
or Beneficiary shall be deemed to contradict the requirements and procedures (now or hereafter existing) of Mississippi law, and
any such contradiction shall be resolved in favor of Mississippi law applicable at the time of foreclosure. In the event that any
provision in this Deed of Trust shall be inconsistent with any provision of the statutes or common law of the State of Mississippi
governing the foreclosure of this Deed of Trust (collectively, the “Foreclosure Laws”), the provisions of the
Foreclosure Laws shall take precedence over the provisions of this Deed of Trust, but shall not invalidate or render unenforceable
any other provision of this Deed of Trust that can be construed in a manner consistent with the Foreclosure Laws. In addition to
the foregoing, Beneficiary may sell any fixtures of Grantor encumbered hereunder or under any security agreement of Grantor in
favor of Beneficiary in whole or part and in any order, together with the real property and improvements or separately, and such
fixtures may be assembled for such sale by Beneficiary on the real property or elsewhere, in Beneficiary’s reasonable discretion.
Beneficiary may bid and become the purchaser at any sale under this Deed of Trust, and may apply against the purchase price all
or a portion of the balance of the indebtedness secured hereby.

Section 7.3            
Judicial Action.

In addition to actions
for judicial foreclosure, as noted above, Beneficiary shall have the right from time to time to sue Grantor for any sums (whether
interest, damages for failure to pay principal or any installments thereof, taxes, or any other sums required to be paid under
the terms of this Deed of Trust, as the same become due), without regard to whether or not any of the other Obligations shall be
due, and without prejudice to the right of Beneficiary thereafter to enforce any appropriate remedy against Grantor, including
an action of foreclosure or an action for specific performance, for a Default or Event of Default existing at the time such earlier
action was commenced.

Section 7.4            
Collection of Rents.

Upon the occurrence
and continuance of an Event of Default, the license granted to Grantor to collect the Rents shall be automatically and immediately
revoked, without further notice to or demand upon Grantor. Beneficiary may, but shall not be obligated to, perform any or all obligations
of the landlord under any or all of the Leases, and Beneficiary may, but shall not be obligated to, exercise and enforce any or
all of Grantor’s rights under the Leases. Without limitation to the generality of the foregoing, Beneficiary may notify the
tenants under the Leases that all Rents are to be paid to Beneficiary, and following such notice all Rents shall be paid directly
to Beneficiary and not to Grantor or any other Person other than as directed by Beneficiary, it being understood that a demand
by Beneficiary on any tenant under the Leases for the payment of Rent shall be sufficient to warrant payment by such tenant of
Rent to Beneficiary without the necessity of further consent by Grantor. Grantor hereby irrevocably authorizes and directs the
tenants under the Leases to pay all Rents to Beneficiary instead of to Grantor, upon receipt of written notice from Beneficiary,
without the necessity of any inquiry of Grantor and without the necessity of determining the existence or non-existence of an Event
of Default. Grantor hereby appoints Beneficiary as Grantor’s attorney-in-fact with full power of substitution, which appointment
shall take effect upon the occurrence and continuance of an Event of Default and is coupled with an interest and is irrevocable
prior to the full and final payment and performance of the Obligations, in Grantor’s name or in Beneficiary’s name:
(a) to endorse all checks and other instruments received in payment of Rents and to deposit the same in any account selected by

    	Page-13

    	 

    

Beneficiary; (b) to give
receipts and releases in relation thereto; (c) to institute, prosecute and/or settle actions for the recovery of Rents; (d) to
modify the terms of any Leases including terms relating to the Rents payable thereunder; (e) to cancel any Leases; (f) to enter
into new Leases; and (g) to do all other acts and things with respect to the Leases and Rents which Beneficiary may deem necessary
or desirable to protect the security for the Obligations. Any Rents received shall be applied first to pay all Expenses and next
in reduction of the other Obligations. Grantor shall pay, on demand, to Beneficiary, the amount of any deficiency between (i) the
Rents received by Beneficiary, and (ii) all Expenses incurred together with interest thereon as provided in the Loan Agreement
and the other Loan Documents.

Section 7.5            
Taking Possession or Control of the Property.

As a matter of right
without regard to the adequacy of the security, and to the extent permitted by Law without notice to Grantor, Beneficiary shall
be entitled, upon application to a court of competent jurisdiction, to the immediate appointment of a receiver for all or any part
of the Property and the Rents, whether such receivership may be incidental to a proposed sale of the Property or otherwise, and
Grantor hereby consents to the appointment of such a receiver and agrees that such receiver shall have all of the rights and powers
granted to Beneficiary pursuant to Section 7.4. In addition, to the extent permitted by Law, and with or without the appointment
of a receiver, or an application therefor, Beneficiary may (a) enter upon, and take possession of (and Grantor shall surrender
actual possession of), the Property or any part thereof, without notice to Grantor and without bringing any legal action or proceeding,
or, if necessary by force, legal proceedings, ejectment or otherwise, and (b) remove and exclude Grantor and its agents and employees
therefrom.

Section 7.6            
Management of the Property.

Upon obtaining possession
of the Property or upon the appointment of a receiver as described in Section 7.5, Beneficiary, Trustee or the receiver,
as the case may be, may, at its sole option, (a) make all necessary or proper repairs and Additions to or upon the Property, (b)
operate, maintain, control, make secure and preserve the Property, and (c) complete the construction of any unfinished Improvements
on the Property and, in connection therewith, continue any and all outstanding contracts for the erection and completion of such
Improvements and make and enter into any further contracts which may be necessary, either in their or its own name or in the name
of Grantor (the costs of completing such Improvements shall be Expenses secured by this Deed of Trust and shall accrue interest
as provided in the Loan Agreement and the other Loan Documents). Beneficiary, Trustee or such receiver shall be under no liability
for, or by reason of, any such taking of possession, entry, holding, removal, maintaining, operation or management, except for
gross negligence or willful misconduct. The exercise of the remedies provided in this Section shall not cure or waive any Event
of Default, and the enforcement of such remedies, once commenced, shall continue for so long as Beneficiary shall elect, notwithstanding
the fact that the exercise of such remedies may have, for a time, cured the original Event of Default.

Section 7.7            
Uniform Commercial Code.

Beneficiary may proceed
under the Uniform Commercial Code as to all or any part of the Personalty, and in conjunction therewith may exercise all of the
rights, remedies and powers of a secured creditor under the Uniform Commercial Code. Upon the occurrence and continuance of any
Event of Default, Grantor shall assemble all of the Accessories and make the same available within the Improvements. Any notification
required by the Uniform Commercial Code shall be deemed reasonably and properly given if sent in accordance with the Notice provisions
of this Deed of Trust at least ten (10) days before any sale or other disposition of the Personalty. Disposition of the Personalty
shall be deemed commercially reasonable if made pursuant to a public sale advertised at least twice in a newspaper of general circulation
in the community where the Property is located. It shall be deemed commercially reasonable for the Trustee to dispose of the Personalty
without giving any warranties as to the Personalty and specifically disclaiming all disposition warranties.

Section 7.8            
Application of Proceeds.

Unless otherwise provided
by applicable Law, all proceeds from the sale of the Property or any part thereof pursuant to the rights and remedies set forth
in this Article VII and any other proceeds received by Beneficiary from the exercise of any of its other rights and remedies
hereunder or under the other Loan Documents shall be applied first to pay all Expenses and next in reduction of the other Obligations,
in such manner and order as Beneficiary may elect.

    	Page-14

    	 

    

 

Section 7.9            
Other Remedies.

Beneficiary shall have
the right from time to time to protect, exercise and enforce any legal or equitable remedy against Grantor provided under the Loan
Documents or by applicable Laws.

Article VIII

Trustee.

Section 8.1            
Liability of Trustee.

Trustee shall have
no liability or responsibility for, and make no warranties in connection with, the validity or enforceability of any of the Loan
Documents or the description, value or status of title to the Property. Trustee shall be protected in acting upon any notice, request,
consent, demand, statement, note or other paper or document believed by Trustee to be genuine and to have been signed by the party
or parties purporting to sign the same. Trustee shall not be liable for any error of judgment, nor for any act done or step taken
or omitted, nor for any mistakes of law or fact, nor for anything which Trustee may do or refrain from doing in good faith, nor
generally shall Trustee have any accountability hereunder except for willful misconduct or gross negligence. The powers and duties
of Trustee hereunder may be exercised through such attorneys, agents or servants as Trustee may appoint, and Trustee shall have
no liability or responsibility for any act, failure to act, negligence or willful conduct of such attorney, agent or servant, so
long as the selection was made with reasonable care. In addition, Trustee may consult with legal counsel selected by Trustee, and
Trustee shall have no liability or responsibility by reason of any act or failure to act in accordance with the opinions of such
counsel. Trustee may act hereunder and may sell or otherwise dispose of the Property or any part thereof as herein provided, although
Trustee has been, may now be or may hereafter be, an attorney, officer, agent or employee of Beneficiary, in respect of any matter
or business whatsoever. Trustee, however, shall have no obligation to sell all or any part of the Property following an Event of
Default or to take any other action authorized to be taken by Trustee hereunder except upon the demand of Beneficiary.

Section 8.2            
Indemnification of Trustee.

Grantor agrees to indemnify
Trustee and to hold Trustee harmless from and against any and all Claims and Expenses directly or indirectly arising out of or
resulting from any transaction, act, omission, event or circumstance in any way connected with the Property or the Loan, including
but not limited to any Claim arising out of or resulting from any assertion or allegation that Trustee is liable for any act or
omission of Grantor or any other Person in connection with the ownership, development, financing, operation or sale of the Property;
provided, however, that Grantor shall not be obligated to indemnify Trustee with respect to any Claim arising solely
from the gross negligence or willful misconduct of Trustee. The agreements and indemnifications contained in this Section shall
apply to Claims arising both before and after the repayment of the Loan and shall survive the repayment of the Loan, any foreclosure
or deed in lieu thereof and any other action by Trustee to enforce the rights and remedies of Beneficiary or Trustee hereunder
or under the other Loan Documents.

Section 8.3            
Substitution of Trustee; Multiple Trustees.

Beneficiary shall have,
and is hereby granted with warranty of further assurances, the irrevocable power to appoint a new or replacement or substitute
Trustee. Such power may be exercised at any time without notice, without cause and without specifying any reason therefor, by filing
for record in the office where this Deed of Trust is recorded a Substitution of Trustee. The power of appointment of a successor
Trustee may be exercised as often as and whenever Beneficiary may choose, and the exercise of the power of appointment, no matter
how often, shall not be an exhaustion thereof. Upon the recordation of such Deed or Substitution of Trustee, the Trustee so appointed
shall thereupon, without any further act or deed of conveyance, become fully vested with identically the same title and estate
in and to the Property and with all the rights, powers, trusts and duties of its predecessor in the trust hereunder with like effect
as if originally named as Trustee hereunder. Whenever in this Deed of Trust reference is made to Trustee, it shall be construed
to mean each Person appointed as Trustee for the time being, whether original or successor in trust. All title, estate, rights,
powers, trusts and duties granted to Trustee shall be in each Person appointed as Trustee so that any action hereunder by any Person
appointed as Trustee shall for all purposes be deemed to be, and as effective as, the action of all Trustees.

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Article IX

Miscellaneous.

Section 9.1            
Rights, Powers and Remedies Cumulative.

Each right, power and
remedy of Beneficiary or Trustee as provided for in this Deed of Trust, or in any of the other Loan Documents or now or hereafter
existing by Law, shall be cumulative and concurrent and shall be in addition to every other right, power or remedy provided for
in this Deed of Trust, or in any of the other Loan Documents or now or hereafter existing by Law, and the exercise or beginning
of the exercise by Beneficiary or Trustee of any one or more of such rights, powers or remedies shall not preclude the simultaneous
or later exercise by Beneficiary or Trustee of any or all such other rights, powers or remedies. . In the event a foreclosure hereunder
shall be commenced by Trustee, Beneficiary may at any time before the sale of the Property direct Trustee to abandon the sale,
and may then institute suit for the collection of the Note and/or any other secured indebtedness, and for the foreclosure of this
Deed of Trust. It is agreed that if Beneficiary should institute a suit for the collection of the Note or any other secured indebtedness
and for the foreclosure of this Deed of Trust, Beneficiary may at any time before the entry of a final judgment in said suit dismiss
the same, and require Trustee, to sell the Property in accordance with the provisions of this Deed of Trust.

Section 9.2            
No Waiver by Beneficiary or Trustee.

No course of dealing
or conduct by or among Beneficiary, Trustee and Grantor shall be effective to amend, modify or change any provisions of this Deed
of Trust or the other Loan Documents. No failure or delay by Beneficiary or Trustee to insist upon the strict performance of any
term, covenant or agreement of this Deed of Trust or of any of the other Loan Documents, or to exercise any right, power or remedy
consequent upon a breach thereof, shall constitute a waiver of any such term, covenant or agreement or of any such breach, or preclude
Beneficiary or Trustee from exercising any such right, power or remedy at any later time or times. By accepting payment after the
due date of any of the Obligations, neither Beneficiary nor Trustee shall be deemed to waive the right either to require prompt
payment when due of all other Obligations, or to declare an Event of Default for failure to make prompt payment of any such other
Obligations. Neither Grantor nor any other Person now or hereafter obligated for the payment of the whole or any part of the Obligations
shall be relieved of such liability by reason of (a) the failure of Beneficiary to comply with any request of Grantor or of any
other Person to take action to foreclose this Deed of Trust or otherwise enforce any of the provisions of this Deed of Trust, or
(b) any agreement or stipulation between any subsequent owner or owners of the Property and Beneficiary, or (c) Beneficiary’s
extending the time of payment or modifying the terms of this Deed of Trust or any of the other Loan Documents without first having
obtained the consent of Grantor or such other Person. Regardless of consideration, and without the necessity for any notice to
or consent by the holder of any subordinate Lien on the Property, Beneficiary may release any Person at any time liable for any
of the Obligations or any part of the security for the Obligations and may extend the time of payment or otherwise modify the terms
of this Deed of Trust or any of the other Loan Documents without in any way impairing or affecting the Lien of this Deed of Trust
or the priority of this Deed of Trust over any subordinate Lien. The holder of any subordinate Lien shall have no right to terminate
any Lease regardless of whether or not such Lease is subordinate to this Deed of Trust. Beneficiary may resort to the security
or collateral described in this Deed of Trust or any of the other Loan Documents in such order and manner as Beneficiary may elect
in its sole discretion.

Section 9.3            
Waivers and Agreements Regarding Remedies.

To the full extent
Grantor may do so, Grantor hereby:

(a)               
agrees that it will not at any time plead, claim or take advantage of any Laws now or hereafter
in force providing for any appraisement, valuation, stay, extension or redemption, and waives and releases all rights of redemption,
valuation, appraisement, stay of execution, extension and notice of election to accelerate the Obligations;

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(b)              
waives all rights to a marshalling of the assets of Grantor, including the Property, or to
a sale in the inverse order of alienation in the event of a foreclosure of the Property, and agrees not to assert any right under
any Law pertaining to the marshalling of assets, the sale in inverse order of alienation, the exemption of homestead, the administration
of estates of decedents, or other matters whatsoever to defeat, reduce or affect the right of Beneficiary under the terms of this
Deed of Trust to a sale of the Property without any prior or different resort for collection, or the right of Beneficiary to the
payment of the Obligations out of the proceeds of sale of the Property in preference to every other claimant whatsoever;

(c)               
waives any right to bring or utilize any defense, counterclaim or setoff, other than one which
denies the existence or sufficiency of the facts upon which any foreclosure action is grounded. If any defense, counterclaim or
setoff, other than one permitted by the preceding clause, is timely raised in a foreclosure action, such defense, counterclaim
or setoff shall be dismissed. If such defense, counterclaim or setoff is based on a Claim which could be tried in an action for
money damages, such Claim may be brought in a separate action which shall not thereafter be consolidated with the foreclosure action.
The bringing of such separate action for money damages shall not be deemed to afford any grounds for staying the foreclosure action;
and

(d)              
waives and relinquishes any and all rights and remedies which Grantor may have or be able
to assert by reason of the provisions of any Laws pertaining to the rights and remedies of sureties. 

(e)               
waives the requirements of Section 89-1-55 of the Mississippi Code of 1972, as amended, if
any, so far as the same restricts the right of the Trustee to offer at sale more than one hundred sixty (160) acres at a time.

Section 9.4            
Successors and Assigns.

All of the grants,
covenants, terms, provisions and conditions of this Deed of Trust shall run with the Land and shall apply to and bind the successors
and assigns of Grantor (including any permitted subsequent owner of the Property), and inure to the benefit of Beneficiary, its
successors and assigns and to the successors in trust of Trustee.

Section 9.5            
No Warranty by Beneficiary or Trustee.

By inspecting the Property
or by accepting or approving anything required to be observed, performed or fulfilled by Grantor or to be given to Beneficiary
or Trustee pursuant to this Deed of Trust or any of the other Loan Documents, Beneficiary and Trustee shall not be deemed to have
warranted or represented the condition, sufficiency, legality, effectiveness or legal effect of the same, and such acceptance or
approval shall not constitute any warranty or representation with respect thereto by Beneficiary or Trustee.

Section 9.6            
Amendments.

This Deed of Trust
may not be modified or amended except by an agreement in writing, signed by the party against whom enforcement of the change is
sought.

Section 9.7            
Severability.

In the event any one
or more of the provisions of this Deed of Trust or any of the other Loan Documents shall for any reason be held to be invalid,
illegal or unenforceable, in whole or in part or in any other respect, or in the event any one or more of the provisions of the
Loan Documents operates or would prospectively operate to invalidate this Deed of Trust or any of the other Loan Documents, then
and in either of those events, at the option of Beneficiary, such provision or provisions only shall be deemed null and void and
shall not affect the validity of the remaining Obligations, and the remaining provisions of the Loan Documents shall remain operative
and in full force and effect and shall in no way be affected, prejudiced or disturbed thereby.

    	Page-17

    	 

    

 

Section 9.8            
Notices.

All Notices required
or which any party desires to give hereunder or under any other Loan Document shall be in writing and, unless otherwise specifically
provided in such other Loan Document, shall be deemed sufficiently given or furnished if delivered by personal delivery, by nationally
recognized overnight courier service or by certified United States mail, postage prepaid, addressed to the party to whom directed
at the applicable address specified in the Preamble to this Deed of Trust (unless changed by similar notice in writing given by
the particular party whose address is to be changed) or by facsimile. Any Notice shall be deemed to have been given either at the
time of personal delivery or, in the case of courier or mail, as of the date of first attempted delivery at the address and in
the manner provided herein, or, in the case of facsimile, upon receipt; provided that service of a Notice required by any applicable
statute shall be considered complete when the requirements of that statute are met. Notwithstanding the foregoing, no notice of
change of address shall be effective except upon actual receipt. This Section shall not be construed in any way to affect or impair
any waiver of notice or demand provided in this Deed of Trust or in any other Loan Document or to require giving of notice or demand
to or upon any Person in any situation or for any reason.

Section 9.9            
Joint and Several Liability.

If Grantor consists
of two (2) or more Persons, the term “Grantor” shall also refer to all Persons signing this Deed of Trust as Grantor,
and to each of them, and all of them are jointly and severally bound, obligated and liable hereunder. Trustee or Beneficiary may
release, compromise, modify or settle with any of Grantor, in whole or in part, without impairing, lessening or affecting the obligations
and liabilities of the others of Grantor hereunder or under the Note. Any of the acts mentioned aforesaid may be done without the
approval or consent of, or notice to, any of Grantor.

Section 9.10        
Rules of Construction.

The words “hereof,”
“herein,” “hereunder,” “hereto,” and other words of similar import refer to this Deed of Trust
in its entirety. The terms “agree” and “agreements” mean and include “covenant” and “covenants.”
The words “include” and “including” shall be interpreted as if followed by the words “without limitation.”
The headings of this Deed of Trust are for convenience of reference only and shall not be considered a part hereof and are not
in any way intended to define, limit or enlarge the terms hereof. All references (a) made in the neuter, masculine or feminine
gender shall be deemed to have been made in all such genders, (b) made in the singular or plural number shall be deemed to have
been made, respectively, in the plural or singular number as well, (c) to the Loan Documents are to the same as extended, amended,
restated, supplemented or otherwise modified from time to time unless expressly indicated otherwise, (d) to the Land, Improvements,
Personalty, Real Property or Property shall mean all or any portion of each of the foregoing, respectively, and (e) to Articles
or Sections are to the respective Articles or Sections contained in this Deed of Trust unless expressly indicated otherwise. Any
term used or defined in the Uniform Commercial Code of the State, as in effect from time to time, which is not defined in this
Deed of Trust shall have the meaning ascribed to that term in the Uniform Commercial Code of the State. If a term is defined in
Article 9 of the Uniform Commercial Code of the State differently than in another Article of the Uniform Commercial Code of the
State, the term shall have the meaning specified in Article 9.

Section 9.11        
Governing Law.

This Deed of Trust
shall be construed, governed and enforced in accordance with the Laws in effect from time to time in the State.

    	Page-18

    	 

    

 

Section 9.12        
Entire Agreement.

The Loan Documents
constitute the entire understanding and agreement between Grantor and Beneficiary with respect to the transactions arising in connection
with the Loan, and supersede all prior written or oral understandings and agreements between Grantor and Beneficiary with respect
to the matters addressed in the Loan Documents. In particular, and without limitation, the terms of any commitment by Beneficiary
to make the Loan are merged into the Loan Documents. Except as incorporated in writing into the Loan Documents, there are no representations,
understandings, stipulations, agreements or promises, oral or written, with respect to the matters addressed in the Loan Documents.

 

[remainder of page left
intentionally blank – signature page(s), acknowledgement(s) and exhibit(s) to follow]

    	Page-19

    	 

    

IN WITNESS WHEREOF, Grantor
has caused this Deed of Trust to be executed as of the day and year first written above.

	 	GRANTOR:
	 	 
	 	IREIT OLIVE BRANCH WEDGEWOOD, L.L.C., a Delaware limited liability company
	 	 
	 	By:     Inland Real Estate Income Trust, Inc., a Maryland            corporation, its sole member
	 	 
	 	By:       /s/ David Z. Lichterman

Name:  David Z. Lichterman

Its:       Treasurer and Chief Accounting Officer

 

 

 

STATE OF ________________:

:

COUNTY OF ______________:

 

Personally appeared before me, the undersigned
authority in and for the said county and state, on this 23rd day of December 2013, within my jurisdiction, the within named _________________________,
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) (is) (are) subscribed in the above and
foregoing instrument and acknowledged that (he) (she) (they) executed the same in (his) (her) (their) representative capacity(ies),
and that by (his) (her) (their) signature(s) on the instrument, and as the act and deed of the person(s) or entity(ies) upon behalf
of which (he) (she) (they) acted, executed the above and foregoing instrument, after first having been duly authorized so to do.

 

 

_______________________________________________

NOTARY PUBLIC

 

My Commission Expires:

 

____________________________________

[AFFIX NOTARIAL SEAL]

 

 

 

    	Page-20

    	 

    

Exhibit A

 

Legal Description

 

 

Land situated in DeSoto County, Mississippi:

 

PARCEL 1, Lot 2:

 

Being located in the Southwest Quarter of section
25, Township 1 South, Range 7 West in the City of Olive Branch, DeSoto County, Mississippi, and being Lot 2 of Wedgewood Commons
as recorded in Plat Book 97, Page 24 at the Chancery Clerk's Office of said County and being more particularly described as Follows:

 

Commencing at the southwest comer of Section
25, Township 1 South, Range 7 West, said point being the intersection of the old centerline of Goodman Road (Hwy. #302) and the
old centerline of Pleasant Hill Road per Mississippi Department of Transportation Right-Of-Way Plat, Federal Aid Project Number
19-0021-01018-10; thence N21 °36'05" E a distance of 279.61 feet to a found right-of-way monument at the southwest corner
of Lot 1 of Wedgewood Commons (Plat Book 95, Page 48), said point being in the east right-of-way line of Pleasant Hill Road (public
R.O.W. varies); thence S63°14'15" E a distance of 196.00 feet to a point in the north right-of-way line of Goodman Road
(Hwy. #302) (public R.O.W. varies); thence with said north right-of-way line, S89°57'21" E a distance of 65.14 feet to
a point at the southeast comer of said Lot 1; thence with the east line of said Lot 1, N00°04'06" E a distance of 77 .09
feet to a set 1/2" rebar (with I.D. Cap stamped "Reaves Firm" and typical of all rebar referred to herein as set)
for the Point Of Beginning; thence continuing with said East line of Lot 1, N00°04'06" E a distance of 227.95 feet to
a found iron pipe at the northeast corner of said Lot 1, said point being in the south line of Lot 4 of Wedgewood Commons (Plat
Book 104, Page 43); thence with said south line of Lot 4, N89°36'51" E a distance of 363.48 feet to a set 1/2" rebar;
thence S45°23'09" E a distance of 48.89 feet to a set 1/2" rebar in a west line of said Lot 4; thence with the said
west line of Lot 4, S00°23'09" E a distance of 193.3 7 feet to a set 1/2" rebar in a north line of said Lot 4; thence
with said north line of Lot 4, S89°36'50' W a distance of 399.86 feet to the Point of Beginning.

 

PARCEL 2, Lot 3:

 

Being located in the southwest quarter of Section
25, Township 1 South, Range 7 West in the City of Olive Branch, DeSoto County, Mississippi, and being a portion of the GPHI, LLC
property as recorded in Book 471, Page 696 at the Chancery Clerk's Office of said County and being further referenced as Lot 3
of Wedgewood Commons Development as recorded in Plat Book 104, Page 41, at said Chancer Clerk's Office and being more particularly
described as follows:

 

Commencing at the southwest comer of Section
25, township I South, Range 7 west, said point being the intersection of the old centerline of Goodman Road (Hwy. #302) and the
old centerline of Pleasant Hill Road per Mississippi Department of Transportation Right-Of-Way Plat, Federal Aid Project Number
19- 0021-01-018-10; thence N21°36'05" E a distance of 279.61 feet to a found right-of-way monument at the southwest comer
of Lot 1 of Wedgewood Commons(Plat Book 95, Page 48), said point being in the east right-of-way line of Pleasant Hill Road (public
R.O.W. varies); thence S63°14'15" E a distance of 196.00 feet to a point in the north right-of-way line of Goodman Road
(Hwy. #302) (public R.O.W. varies); thence with said north right-of-way line, S89°57'21" E a Distance of 167.79 feet to
a found right-of-way monument; thence a distance of 305.38 feet to a found right-of-way monument; thence S80°39'05" E
a distance of 28.74 feet to a set 1/2" rebar (with I.D. Cap stamped "Reaves Firm" and typical of all rebar referred
to herein as set) at ta southeast comer of Lot 5 of Wedgewood Commons (Plat Book 104, Page 45) and being the Point of Beginning;
thence with an east line of said Lot 5, N00°23'09" W a distance of 301.19 feet to a set 1/2" rebar; thence N42°49'OO"
E a distance of 40.47 feet to a set 1/2" Rebar in a south line of said Lot 5; thence with said south line of Lot 5 N00°00'00"
E a distance of 289.29 feet to a set 1/2" rebar; thence S42°49'00" E a distance of 39.32 feet to a set rebar; thence
with an east line of said Lot 5 S00°00’00" E a distance of 342.65 feet to a set 1/2" rebar in the said north
right-of-way line of Goodman Road; thence with said north right-of-way line of Goodman Road, N85°26'59" W a distance of
l83.93 feet to a found right-of-way monument thence N80°39'05" W a distance of 160.27 feet to the Point of Beginning.

    	Page-21

    	 

    

PARCEL 3, Lot 4

 

Being located in the southwest quarter of Section
25, Township 1 South, Range 7 West in the City of Olive Branch, DeSoto County, Mississippi, and being the GPHI, LLC property as
recorded in Book 471, Page 696 and the GPHI, LLC property as recorded in Book 471, Page 708 at the Chancery Clerk's Office of said
County and being further referenced as Lot 4 of Wedgewood Commons Development as recorded in Plat Book 104, Page 43 of said Chancery
Clerk's Office and being more particularly described as follows:

 

Commencing at the southwest corner of Section
25, Township 1 South, Range 7 West, said point being the intersection of the old centerline of Goodman Road (Hwy. 302) and the
old centerline of Pleasant Hill Road per Mississippi Department of Transportation Right-Of-Way Plat, Federal Aid Project Number
19- 0021-01-018-10; thence N21°36'05" E a distance of 279.61 feet to a found right-of-way monument at the southwest corner
of Lot 1 of Wedgewood Commons (Plat Book 95, Page 48), said point being in the east right-of-way line of Pleasant Hill Road (public
R.O.W. varies); thence with said east right-of-way line of Pleasant Hill Road, N00°07'23" E a distance of 215.12 feet
to a set 1/2" rebar (with I.D". Cap stamped 'Reaves Firm' and typical of all rebar referred to herein as set) at the
northwest comer of said Lot 1 of Wedge wood Commons and being the Point of Beginning; thence with the said east right-of-way line
of said Pleasant Hill Road, N00°07'23" E a distance of 44.71 feet to a point; thence N09°57'34" W a distance
of 117.62 feet to a found right-of-way monument; thence continuing N09°57'34" W a distance of 229.47 feet to a set 1/2"
rebar; thence with a non-tangent curve to the right, having a radius of 490.00 feet and an arc length of 27.07 feet (chord N02°18'22"
W - 27.07 feet) to a point of tangency; thence N00°43'24" W a distance of 411.25 feet to a set 1/2" rebar in the
south line of the GPHI, LLC property (Book 471, Page 711); thence with said south line of the GPHI, LLC property, N89°38'26"
E a distance of 616.04 feet to a set 1/2" rebar at the northwest comer of Lot 5 of Wedgewood Commons (Plat Book 104, Page
45); thence with the west line of said Lot 5, S00°21'34" E a distance of 59.70 feet to a set 1/2" rebar; thence S40°42'01"
E a distance of 126.S9 feet to a set 1/2" rebar; thence S00°00'00" E a distance of 44.37 feet to a set 1/2"
rebar; thence S90°00'00'' E a distance of 12.83 feet to a set 1/2" rebar; thence S00°00'00" E a distance of 294.59
feet to a set 1/2" rebar; thence N90°00'00'' W a distance of 191.25 feet to a set 1/2" rebar; thence S00°00'00"
E a distance of 312.54 feet to a set 1/2" rebar; thence S90°00'00'' E a distance of 200.96 feet to a set 1/2" rebar;
thence S00°23'09" E a distance of 347.79 feet to a set 1/2" rebar in the north right-of- way line of said Goodman
Road; thence with said north right-of-way line of Goodman Road, N80°39'05" W a distance of 10.98 feet to a found right-of-way
monument; thence N86°01'19" W a distance of 305.38 feet to a found right-of-way monument; thence N89°57'21" W
a distance of 102.65 feet to a set 1/2" rebar at the southeast corner of said Lot 1 of Wedgewood Commons; thence with the
east line of said Lot 1, N00°04'06" E a distance of 77.09 feet to a set 1/2" rebar at the southwest corner of Lot
2 of Wedgewood Commons (Plat Book 97, Page 24); thence with the south line of said Lot 2, N89°36'50" E a distance of 399.86
feet to a set 1/2" rebar at the southwest corner of said Lot 2; thence with the east line of said Lot 2, N00°23'09"
W a distance of 193.37 feet to a set 1/2" rebar; thence N45°23'09" W a distance of 48.89 feet to a set 1/2"
rebar; thence with the north line of said Lot 2, S89°36'51 "W a distance of 603.53 feet to the Point of Beginning.

 

PARCEL 4, Lot 6:

 

Being located in the Southwest Quarter of Section
25, Township 1 South, Range 7 West in the City of Olive Branch, DeSoto County, Mississippi, and being a portion of Parcel "C"
of the Lot 6 SCD #1, LLC property as recorded in Book 564, Page 496 at the Chancery Clerk's Office of said county and being more
particularly described as follows:

    	Page-22

    	 

    

Commencing at the southwest comer of Section
25, Township 1 South, Range 7 West, said point being the intersection of the old centerline of Goodman Road (Hwy. #302) and the
old centerline of Pleasant Hill Road per Mississippi Department of Transportation Right-of-Way Plat, Federal Aid Project Number
19-0021-01-018-10; thence N21°36'05" E a distance of 279.61 feet to a found right-of-way monument at the southwest corner
of Lot 1 of Wedge wood Commons (Plat Book 95, Page 48), said point being in the east right-of-way line of Pleasant Hill Road (public
R.O.W. varies), thence S63°14'15" E a distance of 196.00 feet to a point in the north right-of-way line of Goodman Road
(Hwy #302) (public R.O.W. varies); thence with said north right-of-way line S89°57'21" E a distance of 167.79 feet to
a found rightof-way monument; thence S86°01'19" E a distance of 305.38 feet to a found right-of-way monument, thence S80°39'05"
E a distance of 189.01 feet to a found right-of-way monument, thence S85°26'59" E a distance of 249.13 feet to a point
at the southeast corner of Lot 5 of Wedgewood Commons (Plat Book 104, Page 45) for the POINT OF BEGINNING: thence N00°00'00"
W a distance of 378.39 feet to a point; thence S90°00'00" E a distance of 27.94 feet of a point; thence N00°00'00"
W a distance of 828.98 feet to a point in the south line of the Pleasant Hill Holdings, LLC property (Book 592, Page 16); thence
with the south line of the Pleasant Hill Holdings, LLC property, N89°38'26" E a distance of 71.03 feet to a found steel
fencepost at the northwest comer of Lot 12 of South branch Subdivision (PB. 26, PG. 37); thence with the west line of said Lot
12 and the west lines of Lots 11, 10, and 9 of said Southbranch Subdivision, S01 °03'07" E a distance of 847.18 feet to
a point at the southwest corner of Lot 8 of said Southbranch Subdivision; thence with the south line of said Lot 8 of said Southbranch
Subdivision, S89°36'02" E a distance of 284.35 feet to a found iron pin; thence S00°00'00" W a distance of 389.64
feet to a point in the north right-of-way line of said Goodman Road; thence N85°10'14" W along said north line a distance
of 151.11 feet to a found right-of-way monument; thence N86°10'41" W a distance of 128.33 feet to a point; thence N85°26'59"
W a distance of 120.64 feet to the POINT OF BEGINNING.

 

PARCEL 5: Easement

 

TOGETHER WITH A RECIPROCAL EASEMENT FOR ACCESS,
INGRESS AND EGRESS of record in Operation and Easement Agreement by and between Target Corporation and SCD#I, LLC, recorded in
Book 565, Page 141, in the Office of the Chancery Court Clerk, DeSoto County, Mississippi.

 

FOR INFORMATIONAL PURPOSES ONLY: The tax parcel
number is 1077 25000 00002.00

 

Page-23

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