Document:

EX-10.2

 Exhibit 10.2 

MASTER REAL ESTATE MANAGEMENT AGREEMENT 

THIS MASTER REAL ESTATE MANAGEMENT AGREEMENT (this “Agreement”), dated as of February 17, 2015, is entered into by and
between INLAND RESIDENTIAL PROPERTIES TRUST, INC., a Maryland corporation (“the Company”), and INLAND RESIDENTIAL
REAL ESTATE SERVICES LLC, a Delaware limited liability company (“the Manager”). 

WITNESSETH: 
 WHEREAS, the
Company desires to avail itself of the experience, sources of information, advice, assistance and facilities available to the Manager and to have the Manager be responsible, subject to the supervision of the Board of Directors (as defined herein),
for, among other things, managing or overseeing management of certain Properties (as defined herein); and 
 WHEREAS, the Manager is willing
to undertake to render these services, subject to the supervision of the Board of Directors, on the terms and conditions hereinafter set forth. 

NOW THEREFORE, in consideration of the mutual covenants and conditions herein set forth, the parties hereto agree as follows: 

1. Definitions. As used herein, the following capitalized terms shall have the meanings set forth below: 

 

	 	a.	“Affiliate” means, with respect to any other Person: (i) any Person directly or indirectly owning, controlling or holding, with the power to vote, ten percent (10.0%) or more of the
outstanding voting securities of such other Person; (ii) any Person ten percent (10.0%) or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person;
(iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (iv) any executive officer, director, trustee, general partner or manager of such other Person; and (v) any legal
entity for which such Person acts as an executive officer, director, trustee, general partner or manager. 

  

	 	b.	“Board of Directors” means the Persons holding the office of director of the Company as of any particular time under the Charter. 

 

	 	c.	“Business Day” means any day other than Saturday, Sunday or any other day on which national banks are required or are authorized to be closed in Chicago, Illinois. 

 

	 	d.	“Charter” means the articles of incorporation of the Company, as amended or restated from time to time. 

  

	 	e.	“Equity Stock” means all classes or series of capital stock of the Company authorized under the Charter, including, without limit, its common stock, $.001 par value per share, and preferred stock, $.001
par value per share. 

	 	f.	“Indemnitee” has the meaning ascribed to that term in Section 5(a) hereof. 

  

	 	g.	“Initial Term” has the meaning ascribed to that term in Section 4(a) hereof. 

  

	 	h.	“Management Agreement” has the meaning ascribed to that term in Section 3 hereof. 

  

	 	i.	“Notice” has the meaning ascribed to that term in Section 7 hereof. 

  

	 	j.	“Person” means any individual, corporation, business trust, estate, trust, partnership, limited liability company, association, two or more Persons having a joint or common interest or any other legal
or commercial entity. 

  

	 	k.	“Property” or “Properties” means interests in (1) Real Property, (2) long-term ground leases or (3) any buildings, structures, improvements, furnishings, fixtures and
equipment, whether or not located on the Real Property, in each case owned or to be owned by the Company either directly or indirectly through one or more Affiliates, joint ventures, partnerships or other legal entities. 

 

	 	l.	“Real Property” means land, rights or interests in land (including, but not limited to, leasehold interests), and any buildings, structures, improvements, furnishings, fixtures and equipment located on,
or used in connection with, land and rights or interest in land. 

  

	 	m.	“Renewal Term” has the meaning ascribed to that term in Section 4(a) hereof. 

  

	 	n.	“Securities Claims” has the meaning ascribed to that term in Section 5(b) hereof. 

  

	 	o.	“Stockholders” means holders of any class of shares of the Company’s common stock, $.001 par value per share, or any other share of Equity Stock having the right to elect directors of the Company.

 2. Effective Date. Effective as of the date hereof, the Company hereby retains the Manager to manage certain
Properties to be acquired by the Company or by various entities owned or controlled by the Company. This Agreement is not an exclusive management agreement and the Manager acknowledges and agrees that the Company may engage other management
companies to manage Properties not being managed by the Manager. 
 3. Terms and Conditions. With respect to each individual Property
subject to this Agreement, the Manager and the Company or any Affiliate thereof holding title to such Property shall enter into a Real Estate Management Agreement in form and substance as attached hereto as Exhibit A (the “Management
Agreement”). The initial term of each Management Agreement shall commence on the date of acquisition by the Company or its Affiliate of the Property and shall end December 31 of the year in which the Property was acquired, with renewal
periods as described in the Management Agreement. 

  
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 4. Term and Termination. 

a. Term. The term of this Agreement shall begin on February 17, 2015 and end on December 31, 2015 (the
“Initial Term”). Unless terminated as provided in Section 4(b) below, the term shall thereafter automatically renew for successive one-year periods (each, a “Renewal Term”), with the first such one-year
renewal period commencing on January 1, 2016, and ending on December 31, 2016. 
 b. Termination. This Agreement
may be terminated as follows: 
 i. Either party hereto may terminate this Agreement, effective upon the expiration of the
Initial Term or the current Renewal Term, as applicable, if the terminating party gives written notice of its election to terminate this Agreement to the other party not less than sixty (60) days prior to the expiration of the Initial Term or
the current Renewal Term as the case may be. The Manager, between ninety (90) and sixty (60) days prior to the expiration of the Initial Term and each Renewal Term, shall notify the independent directors of the Board of Directors, of the
Company’s right to terminate this Agreement, and each Management Agreement with a term that expires concurrent with the expiration of the Initial term or the applicable Renewal Term, pursuant to this Section 4(b)(i). 

ii. This Agreement may be terminated by the Company immediately upon written notice of termination from the Company to the
Manager if any of the following events occur: 
  

	 	(A)	the Manager violates any provision of this Agreement and fails to cure such violation on or before thirty (30) days after receipt of written notice of such violation from the Company; 

 

	 	(B)	a court of competent jurisdiction enters a decree or order for relief in respect of the Manager in any involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or
appoints a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Manager or for any substantial part of its property or orders the winding up or liquidation of the Manager’s affairs; or 

 

	 	(C)	the Manager commences a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary case under any such
law, or consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Manager or for any substantial part of its property, or makes any general assignment for
the benefit of creditors, or fails generally to pay its debts, as they become due; 

  
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 provided, that the Manager agrees that if any of the events specified in subsections (B) and
(C) of this Section 4(b)(ii) occur, it will give written notice thereof to the Company within seven (7) days after the occurrence of any such event. 

c. Effect of Termination. Upon termination of this Agreement, all Management Agreements entered into among the Company
or its Affiliates and the Manager shall automatically terminate. In addition, in connection with the termination of this Agreement, the Manager shall cooperate with the Company and take all reasonable steps requested by the Company to assist it in
making an orderly transition of the functions performed by the Manager. 
 5. Indemnification. 

a. The Company shall indemnify the Manager and its officers, directors, members, managers, employees and agents (individually
an “Indemnitee,” collectively the “Indemnitees”) for any losses, liability or expense incurred by an Indemnitee and arising from this Agreement or any Management Agreement, to the same extent as the Company may
indemnify its officers, directors and employees under its Charter and bylaws so long as: 
 i. the Board of Directors has
determined, in good faith, that the course of conduct that caused the loss, liability or expense was in the best interests of the Company; 

ii. the Indemnitee was acting on behalf of, or performing services on the part of, the Company; 

iii. the liability or loss was not the result of negligence or misconduct on the part of the Indemnitee; and 

iv. any amounts payable to the Indemnitee are paid only out of the Company’s net assets and not from any personal assets
of any Stockholder. 
 b. The Company shall not indemnify any Person seeking indemnification for losses, liabilities or
expenses arising from, or out of, an alleged violation of federal or state securities laws (“Securities Claims”) unless one or more of the following conditions are met: 

i. there has been a successful adjudication for the Indemnitee on the merits of each count involving alleged material
Securities Claims as to such Indemnitee; 
 ii. the Securities Claims have been dismissed with prejudice on the merits by a
court of competent jurisdiction as to such Indemnitee; or 

  
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 iii. a court of competent jurisdiction approves a settlement of the Securities
Claims and finds that indemnification for the costs of settlement and related costs should be made and the court considering the request has been advised of the position of the Securities and Exchange Commission and of the published opinions of any
state securities regulatory authority in which securities of the Company were offered and sold as to indemnification for Securities Claims. 

c. The Company shall advance amounts to Indemnitees for legal and other expenses and costs incurred as a result of any legal
action for which indemnification is being sought only if all of the following conditions are satisfied: 
 i. the legal
action relates to acts or omissions with respect to the performance of duties or services by the Indemnitee for or on behalf of the Company; 

ii. the legal action is initiated by a third party who is not a Stockholder or the legal action is initiated by a Stockholder
acting in his or her capacity as such and a court of competent jurisdiction specifically approves advancement; and 
 iii.
the Indemnitee receiving advances undertakes in writing to repay the advanced funds to the Company, together with the applicable legal rate of interest thereon, in cases in which the party is found not to be entitled to indemnification. 

6. Non-Solicitation. During the period commencing on the date on which this Agreement is entered into and ending one year following the
termination of this Agreement, the Company shall not, without the Manager’s prior written consent, directly or indirectly: (i) solicit, induce, or encourage any person to leave the employment or other service of the Manager or any of its
Affiliates to become employed by the Company or any of its subsidiaries; or (ii) hire or offer to hire, on behalf of the Company or any other Person, firm, corporation or other business organization, any employee of the Manager or any of its
Affiliates. Further, with respect to any person who left the employment of the Manager or any of its Affiliates (a) during the term of this Agreement or (b) within six months immediately after the termination of this Agreement, the Company
shall not, without the Manager’s prior written consent, directly or indirectly hire or offer to hire on behalf of the Company or any other Person, firm, corporation or other business organization, that person during the six months immediately
following his or her cessation of employment. 
 7. Notices. All notices, requests or demands to be given under this Agreement from
one party to the other (collectively, “Notices” and individually a “Notice”) shall be in writing and shall be given by personal delivery, or by overnight courier service for next Business Day delivery at the other
party’s address set forth below, or by telecopy transmission at the other party’s facsimile telephone number set forth below. Notices given by personal delivery (i.e., by the sending party or a messenger) shall be deemed given on
the date of delivery. Notices given by overnight courier service shall be deemed given upon deposit with the overnight courier service and Notices given by telecopy transmission shall be deemed given on the date of transmission provided such
transmission is completed by 5:00 p.m. (sending party’s local time) on a Business Day, otherwise delivery by transmission shall be deemed to occur on the next succeeding 

  
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Business Day. If any party’s address is a business, receipt, or the refusal to accept delivery, by a receptionist or by any Person in the employ of such party, shall be deemed actual receipt
by the party of Notices. Notices may be issued by an attorney for a party and in such case such Notices shall be deemed given by such party. The parties’ addresses are as follows: 

 

			
	If to the Company, to:	  	 Inland Residential Properties Trust, Inc.
 2901
Butterfield Road
 Oak Brook, IL 60523
 Attention:
      Mr. Mitchell Sabshon, President
 Telephone:     (630) 218-8000

Facsimile:      (630) 218-4955

		
	With a copy to:	  	 Inland Residential Business Manager & Advisor, Inc.

2901 Butterfield Road
 Oak Brook, IL 60523

Attention:       Ms. Roberta S. Matlin, Vice President

Telephone:     (630) 218-8000

Facsimile:      (630) 218-4955

		
	With a copy to:	  	 Inland Residential Properties Trust, Inc.
 2901
Butterfield Road
 Oak Brook, IL 60523
 Attention:
      Chairman of Audit Committee
 Telephone:     (630) 218-8000

Facsimile:      (630) 218-4955

		
	If to the Manager, to:	  	 Inland Residential Real Estate Services LLC

2901 Butterfield Road
 Oak Brook, IL 60523

Attention:       Ms. JoAnn McGuinness

Telephone:     (630) 954-5685

Facsimile:      (630) 368-2277

 A party’s address for Notice may be changed from time to time by notice given to the other party in the manner
herein provided for giving Notice. Copies of Notices are for informational purposes only, and a failure to give or receive copies of any Notice shall not be deemed a failure to give notice, and shall in no way adversely affect the effectiveness of
such Notice given to the addressee party. 
 8. Miscellaneous. 

a. Nothing contained herein shall be construed as creating any rights in Persons or entities who are not the parties to this
Agreement. The Manager and the Company shall not be construed as joint venturers or partners of each other pursuant to this Agreement, and neither shall have the power to bind or obligate the other except as set forth herein. In all respects, the
status of the Manager to the Company under this Agreement is that of an independent contractor. 
 b. If any provisions of
this Agreement, or the application of any such provisions to parties hereto or any third party beneficiaries of this Agreement, shall be held by a court of competent jurisdiction to be unlawful or unenforceable, the remaining provisions of this
Agreement shall nevertheless be valid, enforceable and shall remain in full force and effect, and shall not be affected, impaired or invalidated in any manner. This Agreement, its validity, performance and enforcement shall be construed in
accordance with, and governed by, the internal laws of the State of Illinois without regard to conflicts of law principles. 

  
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 c. This Agreement shall be binding upon the successors and assigns of the Manager
and the successors and assigns of the Company. This Agreement contains the entire Agreement of the parties relating to the subject matter hereof, and there are no understandings, representations or undertakings by either party except as herein
contained. This Agreement may be modified solely by a written agreement executed by both parties hereto. 
 d. If any party
hereto is found by a non-appealable order of a court of competent jurisdiction to have defaulted on the terms or conditions of this Agreement, the defaulting party shall pay the non-defaulting party’s court costs and reasonable attorneys’
fees incurred in the enforcement of any provision of this Agreement. 
 e. Either party’s failure to exercise any right
under this Agreement shall neither constitute a waiver of any other terms or conditions of this Agreement with respect to any other or subsequent breach, nor a waiver by that party of its right at any time thereafter to require exact and strict
compliance with the terms of this Agreement. 
 f. All exhibits attached to this Agreement are hereby incorporated by
reference. In an event of a conflict between the exhibits and the text of this Agreement preceding this Section, the text of this Agreement preceding this Section shall control. 

[THE REMAINDER OF THIS PAGE INTENTIONALLY BLANK] 

  
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 WHEREFORE, the undersigned have executed this Agreement by their duly authorized officers or
representatives as of the date first above written. 
  

									
	COMPANY:				MANAGER:
			
	INLAND RESIDENTIAL PROPERTIES TRUST, INC.				INLAND RESIDENTIAL REAL ESTATE SERVICES LLC
					
	By:		/s/ Mitchell A. Sabshon				By:		/s/ JoAnn M. McGuinness
	Name:		Mitchell A. Sabshon				Name:		JoAnn M. McGuinness
	Its:		President				Its:		Chief Executive Officer

 Signature Page — Master Management Agreement 

 EXHIBIT A 

FORM OF MANAGEMENT AGREEMENT 

THIS REAL ESTATE MANAGEMENT AGREEMENT (this “Agreement”), dated as of
[            ] [    ], 20[    ], is entered into by and between [SINGLE MEMBER LLC] (“Owner”), and
INLAND RESIDENTIAL REAL ESTATE SERVICES LLC, a Delaware limited liability company (the “Manager”). 

WHEREAS, Owner desires to avail itself of the experience, sources of information, advice, assistance and facilities available to the Manager
and to have the Manager undertake the duties and responsibilities hereinafter set forth; and 
 WHEREAS, the Manager is willing to undertake
to render these services, subject to the supervision of the Board of Directors, on the terms and conditions hereinafter set forth. 
 NOW,
THEREFORE, in consideration of the mutual covenants and conditions herein contained, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

1. Exclusive Management. Owner hereby engages Manager exclusively, to perform or cause to be performed the services described herein for
the property legally described on Exhibit A attached hereto and made a part hereof (the “Premises”), upon the terms and conditions hereinafter set forth herein and Manager accepts such exclusive engagement. 

2. Term and Termination. 

(a) Term. The term of this Agreement shall begin on
[            ] [    ], 20[    ] and end on December 31, 20[    ] (the “Initial Term”). Unless terminated as
provided in Section 2(b) below, the term shall thereafter automatically renew for successive one-year periods (each, a “Renewal Term”), with the first such one-year renewal period commencing on January 1,
20[    ], and ending on December 31, 20[    ]. 
 (b) Termination. This
Agreement shall automatically terminate upon the termination of that certain Master Management Agreement, dated February 17, 2015 (the “Master Agreement”), by and between Manager and Inland Residential Properties Trust, Inc.
(“Parent Company”). In addition, this Agreement may be terminated prior to the expiration of the Initial Term or the then current Renewal Term, as follows: 

i. Either party hereto may terminate this Agreement, effective upon the expiration of the Initial Term or the current Renewal
Term, as applicable, if the terminating party gives written notice of its election to terminate this Agreement to the other party not less than sixty (60) days prior to the expiration of the Initial Term or the current Renewal Term as the case
may be. 
 ii. Manager shall have the right to terminate this Agreement upon sixty (60) days written notice to Owner in
the event that the Premises is no longer generating Gross Income (as hereinafter defined). 

 iii. This Agreement may be terminated by the Owner immediately upon written
notice of termination from the Owner to Manager if any of the following events occur: 
 (A) Manager violates any provision of this
Agreement and fails to cure such violation on or before thirty (30) days after receipt of written notice of such violation from Owner; 

(B) a court of competent jurisdiction enters a decree or order for relief in respect of Manager in any involuntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect, or appoints a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Manager or for any substantial part of its property or orders the winding
up or liquidation of Manager’s affairs; or 
 (C) Manager commences a voluntary case under any applicable bankruptcy, insolvency or
other similar law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary case under any such law, or consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee,
sequestrator (or similar official) of Manager or for any substantial part of its property, or makes any general assignment for the benefit of creditors, or fails generally to pay its debts, as they become due; 

provided, that Manager agrees that if any of the events specified in subsections (B) and (C) of Section 3(b)(iii) occur, it will give
written notice thereof to Owner within seven (7) days after the occurrence of any such event. 
 3. Manager Duties. Owner hereby
gives Manager the exclusive authority and power, as agent for Owner, to provide the services listed in this Section 3 and elsewhere in this Agreement and Owner agrees to reimburse Manager and its affiliates for all expenses paid or
incurred in connection therewith. For the avoidance of doubt, unless otherwise stated in this Agreement that such expenses are to be borne by Manager, all expenses related to the duties performed or caused to be performed by Manager herein with
respect to the Premises shall be the responsibility of the Owner and reimbursed to Manager upon billing therefor if initially paid for by Manager. Manager shall be entitled at all times to manage the Premises in accordance with Manager’s
standard operating policies and procedures all in accordance with the budget approved by Owner, except to the extent that any specific provisions contained herein are to the contrary, in which case Manager shall manage the Premises consistent with
such specific provisions of this Agreement. 

  
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 (a) Collection of Gross Income. 

i. Manager shall collect all rents and assessments and other monies due Owner from tenants related to the Premises (all such
items being referred to herein as “Gross Income”) accounting for the same. Manager shall give Owner receipts therefor and deposit all such Gross Income collected hereunder in Manager’s custodial account established for the Premises
using Owner-approved software which Manager will open and maintain, in a state or national bank of Manager’s choice and whose deposits are insured by the Federal Deposit Insurance Corporation to the maximum extent available, exclusively for the
Premises and any other properties owned by Owner (or any entity that is owned or controlled by Parent Company) and managed by Manager. Unless otherwise required by Owner, Manager shall be permitted to comingle the funds in such custodial account
with funds attributable to any other properties owned by Owner or entities owned or controlled by Parent Company and managed by Manager. Owner agrees that Manager shall be authorized to maintain a reasonable minimum balance (to be determined jointly
from time to time) in the custodial account. Manager may endorse any and all checks received in connection with the operation of the Premises and drawn to the order of Owner, and Owner upon request, shall furnish Manager’s depository with an
appropriate authorization for Manager to make the endorsement. 
 ii. When applicable, Manager shall collect and bill for
security deposits or assessments and other items, including but not limited to calculating, preparing and mailing all invoices for tenant payments for real estate taxes, property liability and other insurance, damages and repairs, common area
maintenance, tax reduction fees and all other tenant reimbursements, administrative charges, proceeds of rental interruption insurance, parking fees, income from coin operated machines and other miscellaneous income as stipulated in the leases. At
the request of Owner, Manager will administer, and create if necessary, a bill-back program for tenant utility consumption unless prohibited by local law. 

(b) Payment of Expenses. From the custodial account described above, Manager shall pay all expenses of Owner with
respect to the Premises from the Gross Income collected in accordance with Section 3(a)(i) hereof. In the event that expenses paid pursuant to this Section 3(b) exceed Gross Income for any monthly period, Manager shall notify
Owner of same. Owner shall pay the excess amount immediately upon request from Manager. Nothing herein contained shall obligate Manager to advance its own funds on behalf of Owner. 

(c) Annual Budgets. Manager shall prepare an annualized budget for the operation of the Premises and submit the same to
Owner for approval (the “Annualized Budget”). Manager will use its commercially reasonable efforts to operate the Premises pursuant to the Annualized Budget; provided, however, Manager shall have no liability to Owner for failure to meet
such Annualized Budget. The Annualized Budget shall include a comparison back to the original underwriting performed at the time of Owner’s acquisition of the Premises and prior year performance. The first Annualized Budget has been prepared
and approved for the year commencing [            ], [    ] 20[    ] and ending on December 31, 20[    ]. Notwithstanding
the period covered by the first Annualized Budget, all subsequent Annualized Budgets shall cover the period from January 1st of each year through December 31st of the same year. The proposed

  
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Annualized Budget for each calendar year shall be submitted by Manager to Owner by December 1st of the year preceding the year for which it applies, and Owner shall notify Manager within
fifteen (15) days of receipt of such Annualized Budget as to whether Owner has or has not approved the proposed Annualized Budget. If Owner does not approve the proposed Annualized Budget, Owner shall notify Manager of the specifics of such
disapproval within such fifteen (15) day period and Manager shall make the necessary amendments to the Annualized Budget. During the time Manager is preparing these amendments, Manager will continue to operate the Premises according to the last
approved Annualized Budget. Owner’s approval of the Annualized Budget shall constitute approval for Manager to expend sums for all budgeted expenditures, without the necessity to obtain additional approval of Owner under any other expenditure
limitations as set forth elsewhere in this Agreement. 
 (d) Non-Budgeted Expenses over $25,000. Manager shall secure
the approval of, and execution of appropriate agreements by, Owner for any non-budgeted and non-emergency/contingency capital items, alterations or other expenditures in excess of Twenty-Five Thousand Dollars ($25,000.00) for any one item, securing
for each item at least three (3) written bids, if practicable, or providing evidence satisfactory to Owner that the agreed amount is lower than industry standard pricing, from responsible contractors. Manager shall have the right from time to
time during the term hereof, to contract with and make purchases from entities or affiliates of such entities providing services to the Parent Company and third party agents; provided that contract rates and prices are competitive with other
available sources. Manager, at any time, and from time to time, may request and receive the prior written authorization of Owner for any one or more purchases or other expenditures, notwithstanding that Manager may otherwise be authorized hereunder
to make such purchases or expenditures. 
 (e) Third-Party Agreements. Owner hereby appoints Manager as Owner’s
authorized agent for the purpose of executing, as agent for Owner, any agreements with third-parties necessary for operation of the Premises. For example, and not in limitation of the foregoing, Manager shall negotiate and enter into contracts for
services and items in the Annualized Budget relating to the Premises. 
 (f) Manager Employees. Manager shall hire,
supervise, discharge and pay salary and benefit expenses for all employees of Manager or Manager’s sole member, as Manager determines necessary to perform Manager’s duties described in this Agreement including, but not limited to managers,
operations managers, senior managers, assistant managers, leasing consultants, engineers, janitors and maintenance personnel and marketing staff. All expenses of such employment, including but not limited to, wages, salaries, insurance, benefits,
employment related taxes, overhead and other governmental charges, shall be deemed operational expenses of the Premises and Owner shall reimburse Manager for such expenses which may be charged to Owner on a per unit basis or a pro rata expense to
the Premises, as applicable. Notwithstanding the foregoing, salaries and benefits of Manager’s employees who also serve as the one of the Parent Company’s executive officers or as an executive officer of the Manager shall not be reimbursed
by the Owner. The number and classification of employees serving the Premises shall be as determined by Manager to be appropriate for the proper operation of the Premises; provided that Owner may request

  
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changes in the number or classification of employees, and Manager shall make all requested changes unless in its judgment the resulting level of operation or maintenance of the Premises will be
inadequate. Manager shall honor any collective bargaining contract covering employment at the Premises which is in effect upon the date of execution of this Agreement; provided that Manager shall not assume or otherwise become a party
to any collective bargaining contract for any purpose whatsoever and all personnel subject to a collective bargaining contract shall be considered the employees of the Owner and not Manager. 

(g) Insured Losses. 

i. Manager shall be responsible for taking all steps necessary to file any claim for insured losses or damages; provided that
Manager will not make any adjustments or settlements in excess of $50,000.00 without Owner’s prior written consent. 

ii. Manager shall coordinate with the appropriate insurance company or companies, if applicable, to process claims. 

iii. Manager shall administer compliance of insurance provisions of tenant leases for all vendors and commercial tenants,
including confirming insurance requirements for any special events at the Premises and obtaining certificates of insurance. 

iv. At the request of Owner, Manager shall assist Owner’s insurance consultants with any necessary insurance matters. 

v. Manager shall attend Owner’s meetings regarding loss control and claims. 

(h) Monthly Remittance. Manager shall remit to Owner the excess of Gross Income over expenses paid pursuant to
Section 3(b) hereof (“Net Proceeds”) for each month as directed by Owner at the address as stated in Section 7 hereof. 

(i) Reporting. Upon the request of Owner, Manager shall render reports for the Premises. Such reports may include
specific and detailed line item information for budget comparison, expense detail, payables and receivables information, leasing progress, marketing information, peer comparison, capital plans and all other measurements of the key performance
indications of the Premises. 
 (j) Litigation. Manager shall institute and prosecute actions to evict tenants and to
recover possession of the Premises or portions thereof, and in the name of Owner to sue for and recover rent and other sums due; and to settle, compromise and release such actions or suits, or reinstate such tenancies; provided, however, if the
tenancy subject to such proceedings is of a term greater than thirty-six (36) months, Manager shall obtain Owner’s consent prior to instituting any such proceedings. Manager and Owner shall concur on the selection of the attorney to handle
any such litigation. 

  
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 (k) Replacements and Repairs. Pursuant to the Annualized Budget and at
Owner’s cost, and when required, Manager shall make or cause to be made all ordinary repairs and replacements necessary to preserve the Premises in its present condition, in all material respects, and for the operating efficiency thereof.
Manager shall also perform all alterations required to comply with any lease requirements, work with municipalities to comply with any code or lender requirements, attend lender inspections and assist with the lender reserve requirement processes.

 (l) Leasing Services. 

i. Manager shall perform leasing services for the Premises, including, but not limited to, hiring all third-party referral
services, negotiating contracts with such companies and tracking leasing and marketing progress on all assets. Commissions paid to third-party referral services shall be an expense of the Premises and charged to Owner. 

ii. Manager shall establish a leasing and marketing committee comprised of Manager employees to oversee the leasing and
marketing services rendered to Owner under this Agreement (the “Leasing and Marketing Committee”). The Leasing Committee shall hold monthly meetings to which Owner may attend (the “Leasing and Marketing Committee Meetings”). 

iii. Manager shall monitor current market conditions and visit competitive properties in the surrounding area. Manager shall
report findings at the Leasing Committee Meetings. 
 iv. From time to time, Manager shall attend conferences related to the
asset class of the Premises, including, but not limited to, ICSC, NAREIT, NAA, and NMHC, as applicable. If requested by Owner, Manager shall appropriately staff booths for Owner at such conferences to represent Owner’s interests and coordinate
all necessary marketing materials and events to maximize Owner’s exposure at such conferences. 
 v. Manager shall
negotiate new leases and administer existing leases, including, but not limited to, processing assignments, renewal agreements, lease amendments and terminations. Manager shall have the authority to enter into, on behalf of Owner, all documents
related to leasing including, but not limited to: leases, assignments, amendments, riders, addendums and memorandums of leases. 

vi. Manager shall evaluate leasing activity of Premises and identify potential re-developments or re-configurations, including,
but not limited to, a discussion of all proposals regarding the same. 
 vii. Manager shall track all leasing calls and
inquiries. 

  
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 viii. Manager shall prepare and maintain leasing reports as required by Owner
which shall track performance of leasing activity. 
 ix. Manager shall review tenant credit reports for new tenants and
assignments and subleases. When applicable, such review may include, but not be limited to, preparing full financial packages of review of both corporate and individual financial investigations, net worth analysis, net present value calculations and
any other financial measures requested by the Owner. Manager shall be entitled to charge tenant for credit check fees and lease assignment and sublet fees (if provided by applicable lease) and shall not be required to remit such fees to Owner but
may retain such fees. 
 x. If a proposed new lease for the Premises is outside the parameters set by the Annualized Budget,
Manager shall complete analysis of credit and financials of the tenant under such proposed lease for the Leasing and Marketing Committee’s review and approval at the Leasing and Marketing Committee Meeting. 

xi. With respect to replacing tenants, Manager shall provide consultation to Owner, market analysis, comparison information and
site visits for leasing potential. 

  
 7 

 (m) Operations. 

i. As requested by Owner and if available for the Premises, Manager shall obtain and administer bulk purchasing and cost
efficiency programs for utilities. 
 ii. Manager shall create preventative maintenance programs for the Premises and oversee
crisis management for flood, fire, and hurricanes, etc. 
 (n) Marketing. 

i. At the request of Owner, Manager shall create a marketing program for the Premises, including, but not limited to, preparing
and maintaining a website, social media and mobile phone apps. 
 ii. If the Premises is a multi-family property, at the
request of Owner, Manager shall: 
  

	 	A.	Advertise the Premises, including, but not limited to advertising through signage, on websites, in local newspapers and rental guides, and with area referral services. 

 

	 	B.	Prepare weekly status reports that will summarize the rental activity of the Premises for the previous week. 

  
 8 

 (o) Real Estate Consultative Services. 

i. Upon request of Owner, Manager shall explore strategic alternatives for the Premises. In addition, Manager shall use a
budget and forecasting tool, e.g., Cougar software or ARGUS, to assist in continuous review of Premises performance. 
 ii.
Manager shall attend committee meetings at the request of Owner. 
 iii. Manager shall provide oversight and management for
the disposition of the Premises if requested by Owner. 
 iv. At the request of Owner, Manager shall perform additional tasks
such as evaluating best use; taking calls for offers to purchase the Premises, determining potential out-parcel development, and reviewing additional GLA capabilities. 

v. Manager shall assist Owner in analyzing the Premises for potential asset impairment issues. 

vi. If applicable, Manager shall work with Owner on CAM payment best-practice compliance and review of business intelligence
and information management systems. 
 (p) Electronic Document Management. Manager shall organize all documents
related to the Premises, including, but not limited to leases, contracts, invoices checks and receipts, in an electronic format with constant real time information for Owner’s access. 

(q) Internal Controls/Sarbanes-Oxley Compliance. If requested by Owner, Manager shall: 

i. Dedicate staff to monitor and review all incoming invoices, leases, and other control points and procedures according to
Owner’s internal control matrix (the “Internal Control Matrix”) as updated from time to time by Owner. 
 ii.
Attend bi-weekly meetings with Owner to review Internal Control Matrix. 
 iii. Coordinate audits of leases. 

iv. Travel to satellite offices to insure internal control compliance and perform random spot checking. 

v. Adhere to all policies stated in Internal Control Matrix. 

  
 9 

 (r) Tenant Credit Monitoring. Where applicable, Manager shall: 

i. Perform tenant surveys to foster tenant retention and identify problems. 

ii. Dedicate staff to pursue difficult collection accounts, monitor bankruptcies and resolve material disputes. 

(s) Master Leases and Earnouts. If the Premises is subject to a so-called Master Lease or Earnout arrangement, Manager
shall dedicate a staff member to monitor and invoice all of the Master Leases. Such staff member shall resolve issues concerning monthly billings, track new tenant move-in dates and authorize release and close-out of Master Lease escrows. In
addition, Manager shall reconcile all Master Lease accounts on a monthly basis. Manager shall also coordinate and assist Owner with Earnouts. 

(t) Post-Closing and New Building/Tenant Set-Up Duties. Manager shall coordinate any existing post-closing items
including, but not limited to, the transfer of all utilities from the previous owner of the Premises, CAM reconciliations and prorations, if applicable, and bringing tenants into Owner’s software system. In addition, Manager shall send tenants
welcoming letters which include, the direction to pay all future rents to Manager, wiring instructions, a form W-9, notification from the previous owner about the sale, a letter of introduction to property management and lease assignment and related
documents, as requested. 
 4. SubManager. Notwithstanding anything to the contrary contained in this Agreement, Owner acknowledges
and agrees that any of the duties of Manager as contained herein may be delegated by Manager and performed by an affiliate of Manager or third-party agent (a “SubManager”) with whom Manager contracts in writing for the purpose of
performing such duties. Owner specifically grants Manager the authority to enter into management agreements with any SubManager; provided that Owner shall have no liability or responsibility to any SubManager for the payment of the
SubManager’s fee or for reimbursement to the SubManager of its expenses or to indemnify the SubManager in any manner for any matter; and provided further that Manager shall require such Sub-Manager, in the written agreement
setting forth the duties and obligations of such SubManager, to indemnify Owner for all loss, liability, damage or claims incurred by Owner as a result of the delegation of duties by Manager to SubManager; provided further that Manager shall remain
liable to Owner for performance of the duties of Manager contained in this Agreement. Owner further acknowledges and agrees that Manager may assign this Agreement and all of Manager’s rights and obligations hereunder, to another management
entity that is then managing other property for Owner or the Parent Company (“Successor Manager”). Owner specifically grants Manager the authority to make such an assignment of this Agreement to a Successor Manager. 

  
 10 

 5. Indemnification. Under the Master Agreement, the Parent Company has agreed to
indemnify the Manager and its officers, directors, members, managers, employees and agents in certain instances and against certain liabilities, including for any losses arising from this Agreement, as set forth in the Master Agreement. 

6. Management Fees. For the services other than those described in Section 3(l) (Leasing Services), Owner agrees to pay
Manager, monthly, a management fee hereunder for the services provided by Manager hereunder performed, directly or through its affiliates, agents or Sub-Managers, in an amount equal to up to: four percent (4.0%) for multi-tenant properties
– unless otherwise approved by Parent Company’s Board of Directors including a majority of Parent Company’s independent directors of the Gross Income for the month in which the management fee is paid (the “Management Fee”),
which shall be deducted monthly by Manager and retained by Manager from Gross Income prior to payment to Owner of Net Proceeds; provided, however, Owner shall authorize the payment and amount of the monthly fee to Manager prior to the remittance of
Net Proceeds to Owner. For purposes of calculating the Management Fee, Gross Income shall not include security deposits. Owner agrees to pay additional fees for services rendered under 3(l)(Leasing Services), such additional fees are hereinafter
referred to as the “Leasing Services Fees.” The Leasing Services Fees shall be based upon prevailing market rates applicable to the geographic market of the Premises or part of the site and support staff employee incentive bonus plan for
renewals and occupancy goals. Owner acknowledges and agrees that Manager may pay or assign all or any portion of its Management Fee to a SubManager as described in Section 4 hereof. 

7. Intentionally Omitted. 

8. No Structural Alterations. Owner expressly withholds from Manager any power or authority to make any structural changes to any
building on the Premises or to make any other major alterations or additions in or to any such building or equipment therein. Without the prior written direction from Owner, Manager shall not incur any expense chargeable to Owner, other than
expenses its duties under this Agreement, except in the event where Manager makes all emergency repairs as may be required to ensure the safety of persons or property which are immediately necessary for the preservation and safety of the Premises or
the safety of the tenants and occupants thereof or are required to avoid the suspension of any necessary services to the Premises. 
 9.
Notice of Non-Compliance with Laws. Manager shall be responsible for notifying Owner in the event Manager receives a material written notice that any building on the Premises or any equipment therein does not comply with the requirements of
any constitutional provision, statute, ordinance, law or regulation of any governmental body or any order or ruling of any public authority or official thereof having or claiming to have jurisdiction thereover (collectively, “Governmental
Requirements”). Manager shall promptly forward to Owner any material written complaints, warnings, notices or summonses received by the Manager relating to these matters. Owner represents to Manager that to the best of Owner’s knowledge
the Premises, 

  
 11 

 
the structures thereon and all equipment servicing the Premises and structures thereon are in current compliance with all Governmental Requirements. In connection with any inquiry by any public
authority or official, Manager is authorized to disclose name and address of the Owner. In the event it is alleged or charged that any building on the Premises or any equipment therein or any act or failure to act by Owner with respect to the
Premises or the sale, rental, or other disposition thereof fails to comply with, or is in violation of any Governmental Requirements, and the Manager, in its sole and absolute discretion, considers that the action or position of Owner with respect
thereto may result in damages, fines, prosecutions or other liabilities to the Manager, Manager shall have the right to terminate this Agreement at any time by written notice to Owner of its election to do so, which termination shall be effective
upon delivery of the notice to Owner. Manager’s termination of this Agreement pursuant to this Section 9 shall not release the indemnities of Owner set forth in this Agreement and shall not terminate any liability or obligation of
Owner to Manager for any payment, reimbursement, or other sum of money then due and payable to the Manager hereunder, which shall be paid by Owner to Manager forthwith or by Manager’s deduction thereof from Gross Income. 

10. Payment of Fees and Actions upon Termination.  

(a) The Manager shall not be entitled to compensation after the date of termination of this Agreement for further services
hereunder, but shall be paid all compensation accruing to the date of termination. In connection with the termination of this Agreement, the Manager shall: 

i. pay over to Owner all monies collected and held for the account of Owner pursuant to this Agreement, after deducting any
accrued compensation and reimbursement for expenses to which the Manager is entitled; 
 ii. deliver to Owner a full
accounting, including a statement showing all payments collected by the Manager and a statement of all money held by the Manager, covering the period following the date of the last accounting furnished to Owner; 

iii. deliver to Owner all property and documents of Owner or Parent Company then in the custody of the Manager; and 

iv. cooperate with Owner and take all reasonable steps requested by Owner to assist it in making an orderly transition of the
functions performed by the Manager. 
 (b) Upon termination, Owner shall specifically assume in writing all obligations under
any third-party agreements entered into by Manager pursuant to Section 3(e) on behalf of Owner. 
 (c)
Notwithstanding the foregoing, the Owner shall reimburse the Manager for all costs and expenses (including, without limitation, reimbursement for salaries, bonuses, benefits and severance payments but not for salaries, bonuses, benefits and
severance payments to executive officers of the Manager) incurred by Manager for the time spent by Manager providing the transition services required in Section 10(a) above. Such reimbursements shall continue for so long a period of time
as Owner avails itself of such transitions services and shall be paid by Owner upon receipt of an invoice from Manager. 

  
 12 

 11. Survival. All provisions of this Agreement that require Owner or Parent Company to
have insured, or to protect, defend, save, hold and indemnify Indemnified Parties or to compensate or reimburse Manager shall survive any expiration or termination of this Agreement and if Manager is or becomes involved in any claim, proceeding or
litigation by reason of having been Manager of Owner, such provisions shall apply as if this Agreement were still in effect. 
 12.
Insurance. Owner agrees that Manager shall be listed as an additional insured on all insurance policies related to the Premises. Owner hereby authorizes Manager to take all steps necessary to cause Manager to be named as an additional insured
including, but not limited to, obtaining evidence of such additional insured status from Inland Insurance and Risk Management Services, Inc. 

13. Notices. All notices, requests or demands to be given under this Agreement from one party to the other (collectively,
“Notices” and individually a “Notice”) shall be in writing and shall be given by personal delivery, or by overnight courier service for next Business Day delivery at the other party’s address set forth below, or by telecopy
transmission at the other party’s facsimile telephone number set forth below. Notices given by personal delivery (i.e., by the sending party or a messenger) shall be deemed given on the date of delivery. Notices given by overnight
courier service shall be deemed given upon deposit with the overnight courier service and Notices given by telecopy transmission shall be deemed given on the date of transmission provided such transmission is completed by 5:00 p.m. (sending
party’s local time) on a Business Day, otherwise delivery by transmission shall be deemed to occur on the next succeeding Business Day. If any party’s address is a business, receipt, or the refusal to accept delivery, by a receptionist or
by any person in the employ of such party, shall be deemed actual receipt by the party of Notices. The term, Business Day, means any day other than Saturday, Sunday or any other day on which national banks are required or are authorized to be closed
in Chicago, Illinois. Notices may be issued by an attorney for a party and in such case such Notices shall be deemed given by such party. The parties’ addresses are as follows 

 

			
	If to the Company, to:	  	 Inland Residential Properties Trust, Inc.
 2901
Butterfield Road
 Oak Brook, IL 60523
 Attention:
      Mr. Mitchell Sabshon, President
 Telephone:     (630) 218-8000

Facsimile:      (630) 218-4955

		
	With a copy to:	  	 Inland Residential Business Manager & Advisor, Inc.

2901 Butterfield Road
 Oak Brook, IL 60523

Attention:       Ms. Roberta S. Matlin, Vice President

Telephone:     (630) 218-8000

Facsimile:      (630) 218-4955

		
	With a copy to:	  	 Inland Residential Properties Trust, Inc.
 2901
Butterfield Road
 Oak Brook, IL 60523
 Attention:
      Chairman of Audit Committee
 Telephone:     (630) 218-8000

Facsimile:      (630) 218-4955

  
 13 

			
		
	If to the Manager, to:	  	 Inland Residential Real Estate Services LLC

2901 Butterfield Road
 Oak Brook, IL 60523

Attention:       Ms. JoAnn McGuinness

Telephone:     (630) 954-5685

Facsimile:      (630) 368-2277

 A party’s address for Notice may be changed from time to time by notice given to the other party in
the manner herein provided for giving Notice. Copies of Notices are for informational purposes only, and a failure to give or receive copies of any Notice shall not be deemed a failure to give notice, and shall in no way adversely affect the
effectiveness of such Notice given to the addressee party. 
 14. Miscellaneous.  

a. Nothing contained herein shall be construed as creating any rights in persons or entities who are not the parties to this
Agreement. Manager and Owner shall not be construed as joint venturers or partners of each other pursuant to this Agreement, and neither shall have the power to bind or obligate the other except as set forth herein. In all respects, the status of
Manager to Owner under this Agreement is that of an independent contractor. 
 b. If any provisions of this Agreement, or the
application of any such provisions to parties hereto, shall be held by a court of competent jurisdiction to be unlawful or unenforceable, the remaining provisions of this Agreement shall nevertheless be valid, enforceable and shall remain in full
force and effect, and shall not be affected, impaired or invalidated in any manner. This Agreement, its validity, performance and enforcement shall be construed in accordance with, and governed by, the internal laws of the State of Illinois without
regard to conflicts of law principles. 
 c. This Agreement shall be binding upon the successors and assigns of Manager and
the successors and assigns of Owner and the successors and assigns of Parent Company if and only if the Parent Company is the parent company of the successor or assign of Owner. Except as otherwise noted herein, this Agreement contains the entire
Agreement of the parties relating to the subject matter hereof, and there are no understandings, representations or undertakings by either party except as herein contained. This Agreement may be modified solely by a written agreement executed by
both parties hereto. 
 d. If any party hereto defaults under the terms or conditions of this Agreement, the defaulting party
shall pay the non-defaulting party’s court costs and reasonable attorneys’ fees incurred in the enforcement of any provision of this Agreement. 

  
 14 

 e. Either party’s failure to exercise any right under this Agreement shall
neither constitute a waiver of any other terms or conditions of this Agreement with respect to any other or subsequent breach, nor a waiver by that party of its right at any time thereafter to require exact and strict compliance with the terms of
this Agreement. 
 f. All exhibits attached to this Agreement are hereby incorporated by reference. 

[THE REMAINDER OF THIS PAGE INTENTIONALLY BLANK] 

  
 15 

 WHEREFORE, the undersigned have executed this Agreement by their duly authorized officers or
representatives as of the date first above written. 
  

									
	MANAGER:	 		 	OWNER:
			
	INLAND RESIDENTIAL REAL ESTATE SERVICES LLC, a Delaware limited liability company	 		 	[SINGLE MEMBER LLC]
					
	By:	 	 	 		 	By:	 	 
	Name:	 	 	 		 	Name:	 	 
	Its:	 	 	 		 	Its:	 	 

 Exhibit A 

Legal Description 
 See attached.EX-10.3

 Exhibit 10.3 

ESCROW AGREEMENT 

THIS ESCROW AGREEMENT (this “Agreement”) is made and entered into as of this    day of
February 17, 2015 by and among Inland Residential Properties Trust, Inc., a Maryland corporation (the “Company”), Inland Securities Corporation, a Delaware corporation (the “Dealer Manager”), and UMB Bank,
N.A., as escrow agent, a national banking association organized and existing under the laws of the United States of America (the “Escrow Agent”). 

RECITALS 

WHEREAS, the Company will issue in a public offering up to $1 billion of its shares of common stock (the “Shares”), in
any combination of its two classes of Shares, the Class A Shares and the Class T Shares, on a best efforts basis (excluding the shares of its common stock to be offered and sold pursuant to the Company’s distribution reinvestment plan), at
an initial purchase price of $25.00 per Class A Share and $23.95 per Class T Share (the “Offering”) to investors pursuant to the Company’s Registration Statement on Form S-11 (File No. 333-199129), as amended or
supplemented from time to time (the “Offering Document”); 
 WHEREAS, the Dealer Manager has been engaged by the
Company to offer and sell the Shares on a “best efforts” basis through a network of participating broker-dealers (the “Dealers”); 

WHEREAS, the Company is entering into this Agreement to set forth the terms on which the Escrow Agent will, except as otherwise
provided herein, hold and disburse the proceeds from subscriptions for the purchase of the Shares in the Offering until such time as: (1) in the case of subscriptions received from residents of Washington (“Washington
Subscribers”), the Company has received subscriptions for Shares resulting in gross offering proceeds of $50,000,000, excluding subscriptions from the Pennsylvania Subscribers until the Pennsylvania Minimum has been met (the
“Washington Minimum”); (2) in the case of subscriptions received from residents of Pennsylvania (the “Pennsylvania Subscribers”), the Company has received subscriptions for Shares from persons who are not
affiliated with the Company, the Dealer Manager, any Dealer or Inland Residential Business Manager & Advisor, Inc. (the “Affiliated Persons”), resulting in gross offering proceeds of $50,000,000 (the “Pennsylvania
Minimum”); (3) in the case of subscriptions received from residents of Tennessee (“Tennessee Subscribers”), the Company has received subscriptions for Shares resulting in gross offering proceeds of $20,000,000,
excluding subscriptions from the Pennsylvania Subscribers and the Washington Subscribers until the Pennsylvania Minimum and the Washington Minimum have been met, respectively (the “Tennessee Minimum”); (4) in the case of
subscriptions received from residents of Ohio (“Ohio Subscribers”), the Company has received subscriptions for Shares, resulting in gross offering proceeds of $20,000,000, excluding subscriptions from the Pennsylvania Subscribers
and the Washington Subscribers until the Pennsylvania Minimum and the Washington Minimum have been met, respectively (the “Ohio Minimum”); (5) in the case of all other subscriptions, the Company has received subscriptions for
Shares, excluding subscriptions from the Pennsylvania Subscribers, the Washington Subscribers, the Tennessee Subscribers and the Ohio Subscribers until the Pennsylvania Minimum, the Washington Minimum, the Tennessee Minimum and the Ohio Minimum have
been met, respectively (the “Primary Subscribers” and, together with the Washington Subscribers, the Pennsylvania Subscribers, the Tennessee Subscribers and the Ohio Subscribers, the “Subscribers”) resulting in
gross offering proceeds of $2,000,000 (the “Primary Minimum”); 

 WHEREAS, the Dealer Manager and the Company desire to establish an escrow account, as
further described herein, in which funds received from Subscribers will be deposited, and the Company desires that UMB Bank, N.A. act as escrow agent to the escrow account and Escrow Agent is willing to act in such capacity; and 

WHEREAS, the Escrow Agent has engaged DST Systems, Inc. (the “Processing Agent”) to receive, examine for “good
order” and facilitate subscriptions into the escrow account as further described herein and to act as record keeper, maintaining on behalf of the Escrow Agent the ownership records for the escrow account. In so acting, the Processing Agent will
act solely in the capacity of agent for the Escrow Agent and not in any capacity on behalf of the Company or the Dealer Manager, nor shall they have any interest other than that provided in this Agreement in assets in Processing Agent’s
possession as the agent of the Escrow Agent. 
 AGREEMENT 

NOW, THEREFORE, the Company, the Dealer Manager and the Escrow Agent agree to the terms of this Agreement as follows: 

1. Appointment and Commencement of Duties. The Company hereby appoints the Escrow Agent for purposes of holding the proceeds from the
subscriptions for Shares on the terms and conditions set forth herein. On or prior to the commencement of the Offering, the Company shall establish the Escrow Account (as hereinafter defined). This Agreement shall be effective on the date on which
the Offering Document is declared effective by the Securities and Exchange Commission. 
  

	 	2.	Subscription Agreements and Subscriber Funds. 

 (a) Prior to the time the
Company has received subscriptions for the Primary Minimum with respect to the Primary Subscribers, the Pennsylvania Minimum with respect to the Pennsylvania Subscribers, the Ohio Minimum with respect to the Ohio Subscribers, the Tennessee Minimum
with respect to the Tennessee Subscribers and the Washington Minimum with respect to the Washington Subscribers, respectively: 

(1) Those persons desiring to purchase Shares shall be instructed by the Dealer Manager or the Dealer to make their checks
payable to “UMB Bank, Escrow Agent for Inland Residential Properties Trust, Inc.” or a recognizable contraction or abbreviation thereof. 

(2) If the Dealer conducts its internal supervisory procedures at the location where subscription agreements for the Offering
(each a “Subscription Agreement”) and checks are initially received, the Dealer shall conduct its suitability review of each transaction and, if the transaction is suitable and the paperwork is in good order, forward the
Subscription Agreement to the Dealer Manager and forward the check to the Escrow Agent, by the end of the next business day following the Dealer’s receipt of the Subscription Agreement and the check. 

  
 2 

 (3) If the Dealer’s internal supervisory procedures are performed at a
different location (the “Final Review Office”), the Dealer shall transmit each Subscription Agreement and check to the Final Review Office by the end of the next business day following the Dealer’s receipt of the Subscription
Agreement and check. The Final Review Office must, by the end of the next business day following its receipt of the Subscription Agreement and check, conduct its suitability review of the transaction and, if the transaction is suitable and the
paperwork is in good order, forward the Subscription Agreement to the Dealer Manager and forward the check to the Escrow Agent. 

(b) At and after the Company has received subscriptions for the Primary Minimum with respect to the Primary Subscribers, the
Pennsylvania Minimum with respect to the Pennsylvania Subscribers, the Ohio Minimum with respect to the Ohio Subscribers, the Tennessee Minimum with respect to the Tennessee Subscribers and the Washington Minimum with respect to the Washington
Subscribers, respectively: 
 (1) Those persons desiring to purchase Shares shall be instructed by the Dealer Manager or the
Dealer to make their checks payable to “Inland Residential Properties Trust, Inc.” 
 (2) If the Dealer conducts
its internal supervisory procedures at the location where Subscription Agreements and checks are initially received, the Dealer shall conduct its suitability review of each transaction and, if the transaction is suitable and the paperwork is in good
order, forward the Subscription Agreement to the Dealer Manager and forward the check to the Company, by the end of the next business day following the Dealer’s receipt of the Subscription Agreement and the check. 

(3) If the internal supervisory procedures are performed at the Final Review Office, the Dealer shall transmit each
Subscription Agreement and check to the Final Review Office by the end of the next business day following the Dealer’s receipt of the Subscription Agreement and check. The Final Review Office must, by the end of the next business day following
its receipt of the Subscription Agreement and check, conduct its suitability review of the transaction and, if the transaction is suitable and the paperwork is in good order, forward the Subscription Agreement to the Dealer Manager and forward the
check to the Company. 
 (4) If the Dealer Manager or any Dealer receives a check that is made payable to the Escrow Agent,
the Dealer Manager shall deposit such check with the Escrow Agent for payment to the Company at its request. 
 (c) The
Company reserves the unconditional right to reject any Subscription Agreement. The Company will promptly notify the Dealer Manager or the Dealer, as appropriate, of any rejection, and the Dealer Manager shall direct the Escrow Agent to promptly
return the check to the rejected subscriber. 

  
 3 

	 	3.	Operation of the Escrow Account. 

  

	 	(a)	Deposits in the Escrow Account. 

 (1) Until such time as the Company has
received the Primary Minimum, the Primary Subscribers will be instructed by the Company, the Dealer Manager and the Dealers to make checks for subscriptions payable to the order of “UMB Bank, Escrow Agent for Inland Residential Properties
Trust, Inc.” or a recognizable contraction or abbreviation thereof. Checks or money orders in payment for the purchase price of Shares shall be remitted to the P.O. Box designated within the Subscription Agreement for the receipt of such funds,
and drafts, wires, or Automated ClearingHouse (ACH) payments shall be transmitted directly to the Escrow Account. The Processing Agent will, except as otherwise specified herein, promptly deliver all monies received in good order from Primary
Subscribers (or from the Dealer Manager or Dealers transmitting monies from Primary Subscribers) for the payment of Shares to the Escrow Agent for deposit into a single interest-bearing account entitled “ESCROW ACCOUNT FOR THE BENEFIT OF
SUBSCRIBERS FOR COMMON STOCK OF INLAND RESIDENTIAL PROPERTIES TRUST, INC.” or such similar designation as the parties may agree (the “Escrow Account”). Further, to the extent that payments are remitted by the Processing Agent,
the Processing Agent will promptly furnish to the Escrow Agent a list detailing information regarding those subscriptions as set forth in Exhibit B. 

(2) Until such time as the Company has received the Tennessee Minimum, the Tennessee Subscribers will be instructed by the
Company, the Dealer Manager and the Dealers to make checks for subscriptions payable to the order of “UMB Bank, Escrow Agent for Inland Residential Properties Trust, Inc.” The Processing Agent will, except as otherwise specified herein,
promptly deliver all monies received in good order from Tennessee Subscribers (or from the Dealer Manager or Dealers transmitting monies from Tennessee Subscribers) for the payment of Shares to the Escrow Agent for deposit into the Escrow Account.

 (3) Until such time as the Company has received the Ohio Minimum, the Ohio Subscribers will be instructed by the Company,
the Dealer Manager and the Dealers to make checks for subscriptions payable to the order of “UMB Bank, Escrow Agent for Inland Residential Properties Trust, Inc.” The Processing Agent will, except as otherwise specified herein, promptly
deliver all monies received in good order from Ohio Subscribers (or from the Dealer Manager or Dealers transmitting monies from Ohio Subscribers) for the payment of Shares to the Escrow Agent for deposit into the Escrow Account. 

(4) Until such time as the Company has received the Pennsylvania Minimum, Pennsylvania Subscribers will be instructed by the
Company, the Dealer Manager and the Dealers to make checks for subscriptions payable to the order of “UMB Bank, as Escrow Agent for Inland Residential Properties Trust, Inc.” The Processing Agent will, except as otherwise specified herein,
promptly deliver all monies received in good order from Pennsylvania Subscribers (or from the Dealer Manager or Dealers transmitting monies from Pennsylvania Subscribers) for the payment of Shares to the Escrow Agent for deposit into the Escrow
Account. 

  
 4 

 (5) Until such time as the Company has received the Washington Minimum,
Washington Subscribers will be instructed by the Company, the Dealer Manager and the Dealers to make checks for subscriptions payable to the order of “UMB Bank, as Escrow Agent for Inland Residential Properties Trust, Inc.” The Processing
Agent will, except as otherwise specified herein, promptly deliver all monies received in good order from Washington Subscribers (or from the Dealer Manager or Dealers transmitting monies from Washington Subscribers) for the payment of Shares to the
Escrow Agent for deposit into the Escrow Account. 
 (6) Deposits shall be held in the Escrow Account until the funds are
disbursed in accordance with Section 3(b). Prior to disbursement of the funds deposited in the Escrow Account, the funds shall not be subject to claims by creditors of the Company or any of its affiliates. If any of the instruments of
payment are returned to the Escrow Agent for nonpayment prior to the funds being disbursed in accordance with Section 3(b), the Escrow Agent shall promptly notify the Processing Agent and the Company in writing via mail, electronic mail
or facsimile of such nonpayment, and the Escrow Agent shall be authorized to debit the Escrow Account, as applicable, in the amount of the returned payment as well as any interest earned on the amount of such payment and the Processing Agent will
delete the appropriate account from the records maintained by the Processing Agent. The Processing Agent will maintain a written account of each sale, which account shall set forth, among other things, the following information: (i) the
Subscriber’s name and address, (ii) the number of Shares purchased by such Subscriber, and (iii) the amount paid by such Subscriber for the Shares. Until the funds are distributed in accordance with Section 3(b), neither
the Company nor the Dealer Manager will be entitled to any principal funds received into the Escrow Account. 
  

	 	(b)	Distribution of the Escrowed Funds. 

 (1) In the event that, at any time
on or prior to the close of business on the date that is one year following the commencement of the Offering (the “Closing Date”), the Company has received the Primary Minimum, the Escrow Agent shall promptly notify the Company.
Upon receiving written confirmation from the Company that the Primary Minimum has been received, the Escrow Agent shall promptly disburse to the Company, by check or wire transfer, the funds in the Escrow Account representing the gross purchase
price for the Shares received from the Primary Subscribers, (the “Primary Funds”), and any interest earned thereon, and any subscription proceeds thereafter received from the Primary Subscribers shall no longer be subject to the
escrow provisions of this Agreement. 
 If the Primary Minimum has not been received on or prior to the Closing Date, the
Processing Agent shall promptly provide the Escrow Agent the information needed to return to the Primary Subscribers the Primary Funds, together with any interest earned thereon, and the Escrow Agent shall promptly create and dispatch checks and
wires drawn on the Escrow Account to return the 

  
 5 

 
Primary Funds, together with any interest thereon and IRS Forms 1099, without deduction, penalty or expense, to the respective Primary Subscribers, and the Escrow Agent shall promptly notify the
Company and the Dealer Manager of its distribution of the Primary Funds. 
 (2) Notwithstanding any disbursements in
accordance with this Section 3(b), in the event that, at any time on or prior to the Closing Date, the Company has received the Tennessee Minimum, the Escrow Agent shall promptly notify the Company. Upon receiving written confirmation
from the Company that the Tennessee Minimum had been received, the Escrow Agent shall promptly disburse to the Company, by check or wire transfer, the funds in the Escrow Account representing the gross purchase price for the Shares received from the
Tennessee Subscribers (the “TN Funds”), and any interest earned thereon, and any subscription proceeds thereafter received from the Tennessee Subscribers shall no longer be subject to the escrow provisions of this Agreement. 

If the Tennessee Minimum has not been received on or prior to the Closing Date, the Processing Agent shall promptly provide the
Escrow Agent the information needed to return to the Tennessee Subscribers the TN Funds, together with any interest thereon, and the Escrow Agent shall promptly create and dispatch checks and wires drawn on the Escrow Account to return the TN Funds,
together with any interest earned thereon and IRS Forms 1099, without deduction, penalty or expense, to the respective Tennessee Subscribers, and the Escrow Agent shall promptly notify the Company and the Dealer Manager of its distribution of the TN
Funds. 
 (3) Notwithstanding any disbursements in accordance with this Section 3(b), in the event that, at any
time on or prior to the termination of the Offering, the Company has received the Pennsylvania Minimum, the Escrow Agent shall promptly notify the Company. Upon receiving written confirmation from the Company that the Company has received the
Pennsylvania Minimum, the Escrow Agent shall promptly disburse to the Company, by check or wire transfer, the funds in the Escrow Account representing the gross purchase price for the Shares received from the Pennsylvania Subscribers (the
“Pennsylvania Funds”), and any interest earned thereon, and any subscription proceeds thereafter received from the Pennsylvania Subscribers shall no longer be subject to the escrow provisions of this Agreement. 

Notwithstanding the above, in the event that, on or prior to the close of business on the date that is 120 days after the
commencement of the Offering (the “Initial Pennsylvania Period”), the Company has not received the Pennsylvania Minimum, the Company shall send to each Pennsylvania Subscriber by certified mail within ten calendar days after the end
of the Initial Pennsylvania Period a notification of this fact. If, pursuant to the notification, a Pennsylvania Subscriber requests the return of his or her subscription funds within ten calendar days after receipt of the notification (the
“Pennsylvania Request”), the Company or its agent shall immediately provide to the Escrow Agent written direction to 

  
 6 

 
disburse to each Pennsylvania Subscriber the collected funds deposited in the Escrow Account on behalf of that Pennsylvania Subscriber. The Escrow Agent shall thereafter refund directly to each
Pennsylvania Subscriber the funds deposited in the Escrow Account on behalf of such Pennsylvania Subscriber, or shall return the instruments of payment delivered, but not yet processed for collection, together with any interest earned thereon and
IRS Forms 1099, without deduction, penalty or expense, to each Pennsylvania Subscriber, no later than fifteen calendar days after the date of the Pennsylvania Request. However, the Escrow Agent shall not be required to remit any payments until funds
represented by the payments have been collected by the Escrow Agent. 
 The subscription funds of Pennsylvania Subscribers
who do not request the return of their subscription funds within the 10-day request period described above shall remain in the Escrow Account for successive 120-day escrow periods (each, a “Successive Pennsylvania Period”), each
commencing automatically upon the termination of the prior Successive Pennsylvania Period, and the Company and Escrow Agent shall follow the notification and payment procedure set forth above with respect to the Initial Pennsylvania Period for each
Successive Pennsylvania Period until the occurrence of the earliest of the date that: (A) the Offering has terminated; (B) the Company has received the Pennsylvania Minimum; or (C) all funds held in the Escrow Account have been
returned to the Pennsylvania Subscribers in accordance with the provisions hereof. 
 (4) Notwithstanding any disbursements
in accordance with this Section 3(b), in the event that, at any time on or prior to the Closing Date, the Company has received the Washington Minimum, the Escrow Agent shall promptly notify the Company. Upon receiving written
confirmation from the Company that the Washington Minimum had been received, the Escrow Agent shall promptly disburse to the Company, by check or wire transfer, the funds in the Escrow Account representing the gross purchase price for the Shares
received from the Washington Subscribers (the “WA Funds”), and any interest earned thereon, and any subscription proceeds thereafter received from the Washington Subscribers shall no longer be subject to the escrow provisions of
this Agreement. 
 If the Washington Minimum has not been received on or prior to the Closing Date, the Processing Agent
shall promptly provide the Escrow Agent the information needed to return to the Washington Subscribers the WA Funds, together with any interest thereon, and the Escrow Agent shall promptly create and dispatch checks and wires drawn on the Escrow
Account to return the WA Funds, together with any interest earned thereon and IRS Forms 1099, without deduction, penalty or expense, to the respective Washington Subscribers, and the Escrow Agent shall promptly notify the Company and the Dealer
Manager of its distribution of the WA Funds. 

  
 7 

 (5) Notwithstanding any disbursements in accordance with this
Section 3(b), in the event that, at any time on or prior to the Closing Date, the Company has received the Ohio Minimum, the Escrow Agent shall promptly notify the Company. Upon receiving written confirmation from the Company that the
Ohio Minimum had been received, the Escrow Agent shall promptly disburse to the Company, by check or wire transfer, the funds in the Escrow Account representing the gross purchase price for the Shares received from the Ohio Subscribers (the
“OH Funds”), and any interest earned thereon, and any subscription proceeds thereafter received from the Ohio Subscribers shall no longer be subject to the escrow provisions of this Agreement. 

If the Ohio Minimum has not been received on or prior to the Closing Date, the Processing Agent shall promptly provide the
Escrow Agent the information needed to return to the Ohio Subscribers the OH Funds, together with any interest thereon, and the Escrow Agent shall promptly create and dispatch checks and wires drawn on the Escrow Account to return the OH Funds,
together with any interest earned thereon and IRS Forms 1099, without deduction, penalty or expense, to the respective Ohio Subscribers, and the Escrow Agent shall promptly notify the Company and the Dealer Manager of its distribution of the OH
Funds. 
 (6) After the satisfaction of the provisions of Sections 3(b)(1), 3(b)(2), 3(b)(3), 3(b)(4) and 3(b)(5), or
any of them, in the event the Company receives subscriptions made payable to the Escrow Agent with respect to a state as to which the applicable provision has been satisfied, subscription proceeds may continue to be received in this account
generally, but to the extent that the proceeds shall not be subject to escrow due to the satisfaction of the aforementioned provisions of this Section 3(b), the proceeds are not subject to the escrow provisions of this Agreement and at
the instruction of the Company to the Escrow Agent, shall be transferred from the Escrow Account or deposited directly, as the case may be, into a commercial deposit account in the name of the Company with the Processing Agent (the “Deposit
Account”) that has been previously established by the Company unless otherwise directed by the Company. The Company hereby covenants and agrees that it shall do all things necessary in order to establish the Deposit Account prior to its
use. No other provisions of this Agreement shall apply to the Deposit Account. 
 (7) If the Company rejects any subscription
for which the Escrow Agent has collected funds, the Escrow Agent shall, upon the written request of the Company, promptly issue a refund to the rejected Subscriber. If the Company rejects any subscription for which the Escrow Agent has not yet
collected funds but has submitted the Subscriber’s check for collection, the Escrow Agent shall promptly return the funds in the amount of the Subscriber’s check to the rejected Subscriber after such funds have been collected. If the
Escrow Agent has not yet submitted a rejected Subscriber’s check for collection, the Escrow Agent shall promptly remit the Subscriber’s check directly to the Subscriber. 

  
 8 

 4. Escrowed Funds. Upon receipt of the proceeds from the subscriptions for Shares (the
“Escrowed Funds”), the Escrow Agent shall hold the Escrowed Funds in escrow pursuant to the terms of this Agreement. Until such time as the Escrowed Funds shall be distributed by the Escrow Agent as provided herein, the Escrow Agent
shall invest all of the funds deposited as well as earnings and interest derived therefrom in the Escrow Account in the “Short-Term Investments” specified below at the written direction of the Company, unless the costs to the Company for
the making of such investment are reasonably expected to exceed the anticipated interest earnings from such investment in which case the funds and interest thereon shall remain in the Escrow Account until the balance in the Escrow Account reaches
the minimum amount necessary for the anticipated interest earnings from such investment to exceed the costs to the Company for the making of such investment, as determined by the Company based upon applicable interest rates. 

“Short-Term Investments” include obligations of, or obligations guaranteed by, the United States government or bank money-market
accounts or certificates of deposit of national or state banks that have deposits insured by the Federal Deposit Insurance Corporation (including certificates of deposit of any bank acting as a depository or custodian for any such funds) which
mature on or before the Closing Date, unless such instrument cannot be readily sold or otherwise disposed of for cash by the Closing Date without any dissipation of the offering proceeds invested. Without limiting the generality of the foregoing,
Exhibit C hereto sets forth specific Short-Term Investments that shall be deemed permissible investments hereunder. The following securities are not permissible investments: (a) money market funds; (b) corporate equity or debt
securities; (c) repurchase agreements; (d) bankers’ acceptances; (e) commercial paper; and (f) municipal securities. 

The Escrow Agent shall be entitled to sell or redeem any such investment as necessary to make any distributions required under this Agreement
and shall not be liable or responsible for any loss resulting from any such sale or redemption. Income resulting from the investment of the Escrowed Funds shall be retained by the Escrow Agent, and shall be distributed according to this Agreement.

 The Escrow Agent shall provide to the Company monthly statements (or more frequently as reasonably requested by the Company) on the
account balances in the Escrow Account and the activity in the account since the last report. 
 5. Duties of the Escrow Agent. The
Escrow Agent shall have no duties or responsibilities other than those expressly set forth in this Agreement, and no implied duties or obligations shall be read into this Agreement against the Escrow Agent. The Escrow Agent is not a party to, or
bound by, any other agreement among the other parties hereto, and the Escrow Agent’s duties shall be determined solely by reference to this Agreement. The Escrow Agent shall have no duty to enforce any obligation of any person, other than as
provided herein. The Escrow Agent shall be under no liability to anyone by reason of any failure on the part of any party hereto or any maker, endorser or other signatory of any document or any other person to perform such person’s obligations
under any such document. 
 6. Liability of the Escrow Agent; Indemnification. The Escrow Agent acts hereunder as a depository only.
The Escrow Agent shall not be liable for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith, and in the exercise of its own reasonable judgment, and may rely conclusively and shall be protected in

  
 9 

 
acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document (not only
as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is believed by the Escrow Agent to be genuine and to be signed or presented by the
proper person(s). The Escrow Agent shall not be held liable for any error in judgment made in good faith by an officer or employee of the Escrow Agent unless it shall be proved that the Escrow Agent was negligent or reckless in ascertaining the
pertinent facts or acted intentionally in bad faith. The Escrow Agent shall not be bound by any notice of demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a writing
delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless it shall give its prior written consent thereto. 

The Escrow Agent may consult legal counsel and shall exercise reasonable care in the selection of such counsel, in the event of any dispute or
question as to the construction of any provisions hereof or its duties hereunder, and it shall incur no liability and shall be fully protected in acting in accordance with the reasonable opinion or instructions of such counsel. 

The Escrow Agent shall not be responsible, may conclusively rely upon and shall be protected, indemnified and held harmless by the Company,
for the sufficiency or accuracy of the form of, or the execution, validity, value or genuineness of any document or property received, held or delivered by it hereunder, or of the signature or endorsement thereon, or for any description therein; nor
shall the Escrow Agent be responsible or liable in any respect on account of the identity, authority or rights of the persons executing or delivering or purporting to execute or deliver any document, property or this Agreement. 

The Company hereby agrees to indemnify the Escrow Agent for, and to hold it harmless against any loss, liability or expense incurred in
connection herewith without negligence, recklessness or misconduct on the part of the Escrow Agent, including without limitation legal or other fees arising out of or in connection with its entering into this Agreement and carrying out its duties
hereunder, including without limitation the costs and expenses of defending itself against any claim of liability in the premises or any action for interpleader. The Escrow Agent shall not be under any obligation to institute or defend any action,
suit, or legal proceeding in connection herewith, unless first indemnified and held harmless to its satisfaction in accordance with the foregoing, except that it shall not be indemnified against any loss resulting from its own negligence,
recklessness or misconduct. Subject to the applicable statute of limitations, such indemnity shall survive the termination or discharge of this Agreement or resignation of the Escrow Agent. 

7. The Escrow Agent’s Fee. Escrow Agent shall be entitled to fees and expenses for its regular services as Escrow Agent as set
forth in Exhibit A. 
 8. Security Interests. No party to this Agreement shall grant a security interest in any monies or
other property deposited with the Escrow Agent under this Agreement, or otherwise create a lien, encumbrance or other claim against such monies or borrow against the same. 

  
 10 

 9. Dispute. In the event of any disagreement between the undersigned or the person or
persons named in the instructions contained in this Agreement, or any other person, resulting in adverse claims and demands being made in connection with or for any papers, money or property involved herein, or affected hereby, the Escrow Agent
shall be entitled to refuse to comply with any demand or claim, as long as such disagreement shall continue, and in so refusing to make any delivery or other disposition of any money, papers or property involved or affected hereby, the Escrow Agent
shall not be or become liable to the undersigned or to any person named in such instructions for its refusal to comply with such conflicting or adverse demands, and the Escrow Agent shall be entitled to refuse and refrain to act until: (a) the
rights of the adverse claimants shall have been fully and finally adjudicated in a Court assuming and having jurisdiction of the parties and money, papers and property involved herein or affected hereby, or (b) all differences shall have been
adjusted by agreement and the Escrow Agent shall have been notified thereof in writing, signed by all the interested parties. 
 10.
Resignation or Removal of Escrow Agent. Escrow Agent may resign upon written notice to the Company and the Dealer Manager provided at least sixty days before the date specified for such resignation to take effect or be removed upon written
notice from the Company and the Dealer Manager to the Escrow Agent at any time for any reason. Written notice of the resignation or removal of the Escrow Agent shall be provided to the proper parties at their respective addresses as set forth
herein. Upon the effective date of such resignation or removal: 
 (a) all cash and other payments and all other property
then held by the Escrow Agent hereunder shall be delivered by it to such successor escrow agent as may be designated in writing by the Company, whereupon the Escrow Agent’s obligations hereunder shall cease and terminate; or 

(b) if no such successor escrow agent has been designated by such date: (i) all obligations of the Escrow Agent hereunder
shall, nevertheless, cease and terminate, and the Escrow Agent’s sole responsibility thereafter shall be to keep all property then held by it and to deliver the same to a person designated in writing by the Company or in accordance with the
directions of a final order or judgment of a court of competent jurisdiction; and (ii) the Escrow Agent may petition any court of competent jurisdiction for the appointment of a successor agent and may pay into court all monies and property
deposited with the Escrow Agent under this Agreement. 
 11. Notices. All notices, demands and requests required or permitted to be
given under the provisions hereof must be in writing and shall be deemed to have been sufficiently given, upon receipt, if (i) personally delivered, (ii) sent by telecopy and confirmed by phone or (iii) delivered by overnight courier
service, such as Federal Express or UPS, delivered to the addresses set forth below, or to such other address as a party shall have designated by notice in writing to the other parties in the manner provided by this paragraph: 

 

					
	(1)	  	If to Company:            	  	Inland Residential Properties Trust, Inc.
		  		  	2901 Butterfield Road
		  		  	Oak Brook, IL 60523
		  		  	Attention: Mr. Mitchell Sabshon
		  		  	Telephone: (630) 218-8000
		  		  	Facsimile: (630) 368-2277

  
 11 

					
			
					Company Wire Instructions:
			
					Inland Residential Properties Trust, Inc.
					ABA Routing Number: xxxxxxxxx
					Account Number: xxxxxxxxxx
					FFC Account Name: Inland Residential Properties Trust, Inc.
					FFC: xxxxxxxxxx
					Attn: xxxxxxxxx
			
	(2)		If to the Escrow Agent:		UMB Bank, N.A.
					1010 Grand Blvd., 4th Floor
					Mail Stop: 1020409
					Kansas City, Missouri 64106
					Attention: Lara Stevens, Corporate Trust
					Telephone: (816) 860-3017
					Facsimile: (816) 860-3029
			
					Escrow Agent Wiring Instructions:
			
					UMB Bank, N.A.
					ABA Routing Number: xxxxxxxxxxx
					Account Number: xxxxxxxxxxx
					 Account Name: UMB Bank, N.A., as Agent for Inland

Residential Properties Trust, Inc.

			
					Checks Payable Information:
			
					UMB Bank as Agent for Inland Residential Properties Trust, Inc.
					Attention: Lara Stevens, Corporate Trust
					1010 Grand Boulevard, 4th Floor
					M/S 1020409
					Kansas City, Missouri 64106
			
	(3)		If to Dealer Manager:		Inland Securities Corporation
					2901 Butterfield Road
					Oak Brook, IL 60523
					Attention: Sandra L. Perion
					Telephone: (630) 218-8000
					Facsimile: (630) 218-4957

 12. Governing Law. This Agreement shall be construed and enforced in accordance with the laws of the
State of Illinois without regard to the principles of conflicts of law. 

  
 12 

 13. Binding Effect; Benefit. This Agreement shall be binding upon and inure to the benefit
of the permitted successors and assigns of the parties hereto. 
 14. Modification. This Agreement may be amended, modified or
terminated at any time by a writing executed by the Dealer Manager, the Company and the Escrow Agent. 
 15. Assignability. This
Agreement shall not be assigned by the Escrow Agent without the Company’s prior written consent. 
 16. Counterparts. This
Agreement may be executed in one or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. Copies, telecopies, facsimiles, electronic files and other reproductions of
original executed documents shall be deemed to be authentic and valid counterparts of such original documents for all purposes, including the filing of any claim, action or suit in the appropriate court of law. 

17. Headings. The section headings contained in this Agreement are inserted for convenience only, and shall not affect in any way, the
meaning or interpretation of this Agreement. 
 18. Severability. This Agreement constitutes the entire agreement among the parties
and supersedes all prior and contemporaneous agreements and undertakings of the parties in connection herewith. No failure or delay of the Escrow Agent in exercising any right, power or remedy may be, or may be deemed to be, a waiver thereof; nor
may any single or partial exercise of any right, power or remedy preclude any other or further exercise of any right, power or remedy. In the event that any one or more of the provisions contained in this Agreement shall, for any reason, be held to
be invalid, illegal or unenforceable in any respect, then to the maximum extent permitted by law, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement. 

19. Earnings Allocation; Tax Matters; Patriot Act Compliance; OFAC Search Duties. The Company or its agent shall be responsible for all
tax reporting under this Agreement. The Company shall provide to Escrow Agent upon the execution of this Agreement any documentation requested and any information reasonably requested by the Escrow Agent to comply with the USA Patriot Act of 2001,
as amended from time to time. The Escrow Agent, or its agent, shall complete an OFAC search, in compliance with its policy and procedures, of each subscription check and shall inform the Company if a subscription check fails the OFAC search. The
Dealer Manager shall provide a copy of each subscription check in order that the Escrow Agent, or its agent, may perform such OFAC search. 

20. Miscellaneous. This Agreement shall not be construed against the party preparing it, and shall be construed without regard to the
identity of the person who drafted it or the party who caused it to be drafted and shall be construed as if all parties had jointly prepared this Agreement and it shall be deemed their joint work product, and each and every provision of this
Agreement shall be construed as though all of the parties hereto participated equally in the drafting hereof; and any uncertainty or ambiguity shall not be interpreted against any one party. As a result of the foregoing, any rule of construction
that a document is to be construed against the drafting party shall not be applicable. 

  
 13 

 21. Termination of the Agreement. This Agreement, except for Sections 6 and
10 hereof, which shall continue in effect, shall terminate upon written notice from the Company to the Escrow Agent. Unless otherwise provided, final termination of this Agreement shall occur on the date that all funds held in the Escrow
Account are distributed either (a) to the Company or to Subscribers in accordance with the terms and conditions of this Agreement and the Company has informed the Escrow Agent in writing to close the Escrow Account or (b) to a successor
escrow agent upon written instructions from the Company. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 14 

 IN WITNESS WHEREOF, the parties hereto have executed this Escrow Agreement as of the day and year
first above written. 
  

			
	COMPANY:
	
	INLAND RESIDENTIAL PROPERTIES TRUST, INC.
		
	By:		 /s/ Mitchell A. Sabshon

	Name:		Mitchell A. Sabshon
	Title:		President
	
	DEALER MANAGER:
	
	INLAND SECURITIES CORPORATION
		
	By:		 /s/ Sandra L. Perion

	Name:		Sandra L. Perion
	Title:		Vice President
	
	ESCROW AGENT:
	
	UMB BANK, N.A.
		
	By:		 /s/ Lara L. Stevens

	Name:		Lara L. Stevens
	Title:		Vice President

 Signature Page — Escrow Agreement 

 EXHIBIT A 

ESCROW FEES AND EXPENSES 
  

			
	 Acceptance Fee
	  	
	 Review escrow agreement and establish account
	  	$ 3,250
		
	 Annual Fee
	  	
	 Maintain account
	  	$ 3,000
		
	 Transaction Fees
	  	
	 (a) per outgoing wire transfer
	  	$ 35
	 (b) per Form 1099 (Int., B or Misc.)
	  	$ 50*
	 (c) BAI File to DST
	  	$ 2.50 per business day

  

	*	Not anticipated to be charged 

 Fees specified are for the regular, routine services contemplated by the
Agreement, and any additional or extraordinary services, including, but not limited to disbursements involving a dispute or arbitration, or administration while a dispute, controversy or adverse claim is in existence, will be charged based upon time
required at the then standard hourly rate. In addition to the specified fees, postage, shipping and courier costs will be reimbursable. Acceptance and first year annual fees will be payable at the initiation of the escrow and annual fees will be
payable in advance thereafter. Other fees and expenses will be billed as incurred. 

 EXHIBIT B 

Form of Subscriber List 

DST Systems, Inc. hereby notifies UMB Bank, N.A., as escrow agent, a national banking association organized and existing under the laws of the
United States of America (the “Escrow Agent”), that, as of the date set forth below, the following subscribers have submitted subscription funds for the purchase of shares of common stock of Inland Residential Properties Trust, Inc.
(the “Shares”), and such subscription funds have been deposited with Escrow Agent: 
  

	 	1.	Name of Subscriber 

	 	  	Address 

	 	  	Tax Identification Number 

	 	  	Number of Shares subscribed for 

	 	  	Amount of money paid and deposited with Escrow Agent 

  

	 	2.	Name of Subscriber 

	 	  	Address 

	 	  	Tax Identification Number 

	 	  	Number of Shares subscribed for 

	 	  	Amount of money paid and deposited with Escrow Agent 

  

	 	...	Name of Subscriber 

	 	  	Address 

	 	  	Tax Identification Number 

	 	  	Number of Shares subscribed for 

	 	  	Amount of money paid and deposited with Escrow Agent 

  

			
	
	
	
	By:	 	
	Name:	 	
	Title:	 	
	Date:	 	                                     
                                         
          , 20    

 EXHIBIT C 

Permissible Escrow Investments 
  

	(1)	Bank accounts; 

  

	(2)	Bank money-market accounts; 

  

	(3)	Short-term certificates of deposit issued by a bank; and 

  

	(4)	Short-term securities issued or guaranteed by the U.S. government

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