Document:

<Page>

                                                                  Exhibit 10.314

[INLAND(R) LOGO]

<Table>
<S>                                     <C>                       <C>                           <C>
Inland Real Estate Acquisitions, Inc.
2901 Butterfield Road                                             200 Waymont Court             1955 Lake Park Drive
Oak Brook, IL 60523                     501 Manatee Ave, West     Suite 126, Unit 10            Suite 300
630-218-4948 Fax: 4935                  Holmes Beach, FL 34217    Lake Mary, FL 32746           Smyrna, GA 30080
www.inlandgroup.com                     941-779-1000 Fax: 2000    407-688-6540 Fax: 6543        678-996-2131 Fax: 2140
</Table>

                                                        REVISED - APRIL 30, 2004

(SELLER)
c/o Advantis (Broker)
Attn: Brad C. Luger
4300 W. Cypress Street, Suite 1000
Tampa, Florida 33607
(813) 342-4000

       RE:  THE VILLAGE SHOPPES AT SIMONTON
            LAWRENCEVILLE, GEORGIA

Dear Mr. Luger:

     This letter represents this corporation's offer to purchase The Village
Shoppes at Simonton Shopping Center with 66,415 net rentable square feet,
situated on approximately 9.5 acres of land, located at the southeast corner of
New Hope Road and Simonton Road, Lawrenceville, Georgia.

     The above properties shall include all the land and buildings and common
facilities, as well as all personalty within the buildings and common areas,
supplies, landscaping equipment, and any other items presently used on the site
and belonging to owner, and all intangible rights relating to the properties.

     This corporation or its nominee will consummate this transaction on the
following basis:

     1.   The total purchase price shall be $13,750,000.00 all cash, plus or
          minus prorations, WITH NO MORTGAGE CONTINGENCIES, to be paid at
          CLOSING 30 BUSINESS DAYS following the acceptance of this agreement
          (see Paragraph 10).

          Purchaser shall allocate the land, building and depreciable
          improvements prior to closing.

     2.   Seller represents and warrants (TO THE BEST OF THE SELLER'S
          KNOWLEDGE), that the above referenced property is leased to the
          tenants described on Exhibit A on triple net leases covering the
          building and all of the land, not including outparcels parking areas,
          reciprocal easements and REA/OEA agreements (if any), for the entire
          terms and option periods. Any concessions given to any tenants that
          extend beyond the closing day shall be settled with a master lease for
          12 months to a by Seller.

     3.   Seller warrants and represents (TO THE BEST OF THE SELLER'S
          KNOWLEDGE), that the property is free of violations, and the interior
          and exterior structures are in a good state of repair, free of leaks,
          structural problems, and mold, and the property is in full compliance
          with Federal, State, City and County ordinances, environmental laws
          and concerns, and no one has a lease that exceeds the lease term
          stated in said leases, nor does anyone have an option or right of
          first refusal to purchase or extend (EXCEPT SUCH EXTENSIONS PROVIDED
          IN THE LEASES), nor is there any contemplated condemnation of any part
          of the property, nor are there any current or contemplated
          assessments.

     4.   Seller warrants and represents (TO THE BEST OF THE SELLER'S
          KNOWLEDGE), that during the term of the leases the tenants and
          guarantors are responsible for and pay all operating expenses relating
          to the property on a prorata basis, including but not limited to, real
          estate taxes, REA/OEA agreements, utilities, insurance, all common
          area maintenance, parking lot and the building, etc.

<Page>

VILLAGE SHOPPES AT SIMONTON, LAWRENCEVILLE, GA          REVISED - APRIL 30, 2004
PAGE 2

          Prior to closing, Seller shall not enter into or extend any agreements
          without Purchaser's approval and any contract presently in existence
          not accepted by Purchaser shall be terminated by Seller. Any work
          presently in progress on the property shall be completed by Seller
          prior to closing or, at Purchaser's option, Seller may credit
          Purchaser in cash with an amount required to finish said work.

     5.   Ten (10) days prior to closing Seller shall furnish Purchaser with
          estoppel letters acceptable to Purchaser from all tenants, guarantors,
          and parties to reciprocal and/or operating easement agreements, if
          applicable.

     6.   Seller is responsible for payment of any LEASING BROKERAGE FEES or
          commissions which are due any leasing brokers for the existing leases
          stated above or for the renewal of same.

     7.   This offer is subject to Seller supplying to Purchaser prior to
          closing a certificate of insurance from the tenants and guarantors in
          the form and coverage acceptable to Purchaser for the closing.

     8.   Seller shall supply to Purchaser 10 days prior to closing, and Seller
          shall pay for at closing, a certificate which must be acceptable to
          Purchaser from a certified hygienist for environmental concerns that
          there is no asbestos, PCBs, or hazardous substance in the buildings
          and on the property; in other words, a Level 1 environmental audit
          (and Level 2 audit, if required).

     9.   The above sale of the real estate shall be consummated by conveyance
          of a full warranty deed from Seller to Purchaser's designee, with the
          Seller paying its customary share of city, state, or county transfer
          taxes for the closing, and Seller agrees to cooperate with Purchaser's
          lender, if any, and the money lender's escrow.

     10.  The closing shall occur through Chicago Title & Trust Company, in
          Chicago, Illinois with Nancy Castro as Escrowee, 30 business days
          following acceptance of this agreement, at which time title to the
          above property shall be marketable; i.e., free and clear of all liens,
          encroachments and encumbrances, and an ALTA form B owner's title
          policy with complete extended coverage and required endorsements,
          waiving of all NEW construction, including 3.1 zoning including
          parking and loading docks, and insuring all improvements as legally
          conforming uses and not as non-conforming or conditional uses, paid by
          Seller, shall be issued, with all warranties and representations being
          true now and at closing and surviving the closing, and each party
          shall be paid in cash their respective credits, including, but not
          limited to, security deposits, rent and expenses, with a proration of
          real estate taxes based (at Purchaser's option) on the greater of 110%
          of the most recent bill or latest assessment, or the estimated
          assessments for 2003 and 2004 using the Assessor's formula for these
          sales transactions, with a later reproration of taxes when the actual
          bills are received. At closing, no credit will be given to Sellers for
          any past due, unpaid or delinquent rents.

     11.  This offer is not subject to the property being 100% occupied at the
          time of closing. In the event that it is less than 100% occupied and
          100% gross rent collected, the Seller shall escrow an amount equal to
          the rent and all reimbursable expenses for any vacancy and any tenant
          not paying full rent current based on the attached rent roll. The
          amount of the escrow shall be equal to one year of these payments. As
          an example, if 1,000 square feet were vacant or not paying rent at
          closing and the rent for the space was $10.00 per square foot and the
          CAM, tax and insurance were an additional $2.00 per square foot, then
          the escrow would be equivalent to $12.00 x 1,000 square feet x, or
          $12,000. Seller shall be responsible for leasing all space involved
          with the above escrow and shall be responsible for all leasing
          commissions, tenant improvements and all other costs associated with
          placing a third party tenant into said space. Once a tenant acceptable
          to Purchaser is placed into said space and is paying full rent
          current, then the Seller shall be paid from the escrow any amount of
          funds unused for that space.

<Page>

VILLAGE SHOPPES AT SIMONTON, LAWRENCEVILLE, GA          REVISED - APRIL 30, 2004
PAGE 3

     12.

     13.  Neither Seller (Landlord) or any tenant and guarantor shall be in
          default on any lease or agreement at closing, nor is there any
          threatened or pending litigation.

     14.

     15.  Prior to closing, Seller shall furnish to Purchaser copies of all
          guarantees and warranties which Seller received from any and all
          contractors and sub-contractors pertaining to the property. This offer
          is subject to Purchaser's satisfaction that all guarantees and
          warranties survive the closing and are assignable and transferable to
          any titleholder now and in the future.

     16.  Seller shall be responsible for payment of a real estate brokerage
          commission, as per their agreement, to Advantis. Said commission shall
          be paid through the closing escrow.

     17.  Fifteen (15) days prior to closing, Seller must provide the title as
          stated above and a current Urban ALTA/ACSM spotted survey in
          accordance with the minimum standard detail requirements for ALTA/ACSM
          Land Title surveys jointly established and adopted by ALTA and ACSM in
          1999 and includes all Table A optional survey responsibilities and
          acceptable to Purchaser and the title company.

     18.  Seller agrees that prior to closing it shall put all vacant spaces
          into rentable condition and ready for a new tenant to occupy
          immediately in accordance with all applicable laws, codes, etc.,
          including all requirements for a certificate of occupancy for said
          space/or escrow funds, an amount equal to said work, acceptable to
          Seller and Buyer.

     19.  Seller agrees to immediately make available and disclose all
          information that Purchaser needs to evaluate the above property,
          including all inducements, abatements, concessions or cash payments
          given to tenants, and for CAM, copies of the bills. Seller agrees to
          cooperate fully with Purchaser and Purchaser's representatives to
          facilitate Purchaser's evaluations and reports, including at least
          one-year audit of the books and records of the property.

     This offer is, of course, predicated upon the Purchaser's review and
written approval of the existing leases, new leases, lease modifications (if
any), all tenant correspondence, REA/OEA agreements, tenants' and guarantors'
financial statements, sales figures, representations of income and expenses made
by Seller, site inspection, environmental, appraisal, etc., and at least one
year of audited operating statements on said property is required that qualify,
comply with and can be used in a public offering.

     If this offer is acceptable, please HAVE THE SELLER sign the original of
this letter and initial each page, keeping copies for your files and returning
the original to me by May 7, 2004.

                                          Sincerely,

ACCEPTED:                                 INLAND REAL ESTATE ACQUISITIONS, INC.
                                          or nominee
By:        /s/ [ILLEGIBLE]
      -------------------------
Date:          5/5/04                     /s/ Steven D. Sanders
      -------------------------           Steven D. Sanders
                                          Sr. Vice President

                                          /s/ G. Joseph Cosenza
                                          G. Joseph Cosenza
                                          Vice Chairman

<Page>

                                    EXHIBIT A

                                                 THE VILLAGE SHOPPES AT SIMONTON

<Table>
<Caption>
                              TERMS                        RENT      RENT                   FYE 2005
                      SQUARE   IN     LEASE      LEASE    [ILLEGIBLE] PER    [ILLEGIBLE]    SCHEDULED
TENANT    [ILLEGIBLE] FEET   YEARS   BEGINS*    ENDS*     DATE     SQ.FT.       RENT         RENT     [ILLEGIBLE]  [ILLEGIBLE]
<S>             <C>   <C>     <C>    <C>       <C>        <C>       <C>      <C>          <C>          <C>      <C>
Cummings Nails   5     1,200      5  7/1/2004  6/30/2009  7/1/2004  $ 25.00  $ 30,000.00  $ 30,000.00  Pro-Rata - One @ five years
and Tanning                                               7/1/2005  $ 25.50  $ 30,600.00                          with rent at the
                                                          7/1/2006  $ 26.00  $ 31,200.00                          then current
                                                          7/1/2007  $ 26.50  $ 31,800.00                          market rate.
                                                          7/1/2008  $ 27.00  $ 32,400.00                        - See Rent Roll
                                                                                                                  Notes

Dollar Store    10     2,644      5  7/1/2004  6/30/2009  7/1/2004  $ 23.00  $ 60,812.00  $ 60,812.00  Pro-Rata - One @ five years
                                                          7/1/2007  $ 23.50  $ 62,134.00                          with rent at the
                                                          7/1/2008  $ 24.00  $ 63,456.00                          then current
                                                                                                                  market rate.
                                                                                                                - See Rent Roll
                                                                                                                  Notes

PakMail         11     1,400      5  7/1/2004  6/30/2009  7/1/2004  $ 25.00  $ 35,000.00  $ 35,000.00  Pro-Rata - One @ five years
                                                          7/1/2006  $ 25.50  $ 35,700.00                          with rent as
                                                          7/1/2007  $ 26.00  $ 36,400.00                          follows:
                                                          7/1/2008  $ 27.00  $ 37,800.00                          Year 1: $27.50 psf
                                                                                                                  Year 2: $28.00 psf
                                                                                                                  Year 3: $28.50 psf
                                                                                                                  Year 4: $29.00 psf
                                                                                                                  Year 5: $29.50 psf
                                                                                                                - See Rent Roll
                                                                                                                  Notes

Supercuts       12     1,400      5  7/1/2004  6/30/2009     N/A    $ 24.00  $ 33,600.00  $ 33,600.00  Pro-Rata - One @ five years
                                                                                                                  upon same terms.
                                                                                                                - See Rent Roll
                                                                                                                  Notes

Vacant           6     1,400
Vacant           7     1,400
Vacant           8     1,400
Vacant           9     1,400
Vacant          13     1,400
Vacant          14     1,400
Vacant          15     1,400

Total Leased          56,615  85.24%
Total Vacant           9,800  14.76%
                      ------  -----
Total Gross
Leasable              66,415    100%
</Table>

* All dates are approximate and subject to change due to potential delays in
  construction.

[ADVANTIS(SM) GVA LOGO]
    a STJOE Company
INVESTMENT SERVICES GROUP   24                                Tenant Information<Page>

                                                                  Exhibit 10.315

                             SECURED PROMISSORY NOTE
                                 LOAN NO. 754044

$31,064,550.00                                                   August 24, 2004

1.   FOR VALUE RECEIVED, INLAND WESTERN TOWN AND COUNTRY MANCHESTER, L.L.C., a
Delaware limited liability company, as "Borrower" ("BORROWER" to be construed as
"Borrowers" if the context so requires), hereby promises to pay to the order of
PRINCIPAL LIFE INSURANCE COMPANY, an Iowa corporation (as "LENDER"), having a
principal place of business and post office address at c/o Principal Real Estate
Investors, LLC, 801 Grand Avenue, Des Moines, Iowa 50392-1450, or at such other
place as Lender may designate, the principal sum of Thirty One Million Sixty
Four Thousand Five Hundred Fifty and No/100 Dollars ($31,064,550.00) (the "LOAN
AMOUNT") or so much thereof as shall from time to time have been advanced,
together with interest on the unpaid balance of said sum from August 24, 2004
(the "CLOSING DATE"), at the rate of four and 48/100 percent (4.48%) per annum.

     A payment of interest from the Closing Date to and including August 31,
2004 shall be paid on the Closing Date calculated by multiplying the actual
number of days elapsed in the period for which interest is being calculated by a
daily rate based on the foregoing annual interest rate and a 360-day year.
Thereafter, interest shall be computed on the unpaid balance on the basis of a
360-day year composed of twelve 30-day months. Beginning on October 1, 2004,
interest shall be due and payable in installments of One Hundred Fifteen
Thousand Nine Hundred Seventy Four and 32/100 Dollars ($115,974.32), with an
installment in a like amount due and payable on the same day of each month
thereafter, except that all remaining principal and interest to and including
the date of payment and other Indebtedness shall be due and payable on September
1, 2007 or such earlier date resulting from the acceleration of the Indebtedness
by Lender ("MATURITY DATE"). All principal and interest shall be paid in lawful
money of the United States of America by wire transfer of immediately available
funds to Lender at Wells Fargo Bank, Iowa, N.A., 7th and Walnut Streets, Des
Moines, Iowa 50304, for credit to Principal Life Insurance Company, Account No.
0000014752, RE: Loan No. 754044 with reference to Borrower. In the event
Borrower fails to make any monthly payment under this Note on or before the due
date thereof, Borrower agrees to make all subsequent payments by automated
clearing house transfer through such bank or financial institution as shall be
approved in writing by Lender, shall be made to an account designated by Lender,
and shall be initiated by Lender or shall be made in such other manner as Lender
may direct from time to time. Any other monthly deposits or payments Borrower is
required to make to Lender under the terms of the Loan Documents shall be made
by the same payment method and on the same date as the installments of interest
due under this Note.

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

                                        1
<Page>

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

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

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

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

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

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

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

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

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

                                        2
<Page>

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

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

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

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

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

                                        3
<Page>

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

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

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

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

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

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

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

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

                                        4
<Page>

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

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

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

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

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

                                        5
<Page>

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

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

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

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

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

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

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

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

                                        6
<Page>

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

                     REMAINDER OF PAGE INTENTIONALLY BLANK

                           (Signatures on next page)

                                        7
<Page>

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

                                        INLAND WESTERN TOWN AND COUNTRY
                                        MANCHESTER, L.L.C., a Delaware limited
                                        liability company

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

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

                                        8

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