Document:

Exhibit 10.11

 

 

ASSIGNMENT AND ASSUMPTION OF PURCHASE
AND SALE AGREEMENT

AND ESCROW INSTRUCTIONS

 

For good and valuable consideration
the receipt and sufficiency of which is hereby acknowledged, the undersigned, Inland Real Estate Acquisitions, Inc., an
Illinois corporation, (“Assignor”), hereby assigns to IREIT Milford Marketplace, L.L.C.,  a Delaware limited
liability company (“Assignee”), all of Assignor’s right, title and interest as a party to that certain Purchase
and Sale Agreement and Escrow Instructions dated as of August 21, 2015 (as amended, the “Purchase Agreement”)
by and between Assignor, as the buyer, and O’Connor/Realvest Milford LLC, as the seller, but only with respect to the purchase
and sale of certain real property and improvements listed on Exhibit A attached hereto and commonly known as Milford Marketplace
(“Property”).

 

By execution hereof by
Assignee, Assignee for itself and its successors and assigns hereby accepts the assignment and assumes all of the obligations of
Assignor under the Purchase Agreement with respect to the Property; provided, however, Assignor agrees to remain liable under the
Purchase Agreement as if Assignor is still a party to such Purchase Agreement.

 

This Assignment is effective
as of the 1st day of October, 2015.

 

	 	ASSIGNOR:	
        Inland Real Estate Acquisitions, Inc.,

        an Illinois corporation

	 	 	 	 	 
	 	 	By:	/s/ Matthew Tice
	 	 	Name:	Matthew Tice
	 	 	Its:	Vice President
	 	 	 	 	 
	 	 	 	 	 
	 	ASSIGNEE:	
        IREIT Milford Marketplace, L.L.C.,

        a Delaware limited liability company

	 	 	 	 	 
	 	 	By:	
        Inland Real Estate Income Trust, Inc.,

        a Maryland corporation, its sole member

	 	 	 	 	 
	 	 	 	By:	/s/ David Z. Lichterman
	 	 	 	Name:	David Z. Lichterman
	 	 	 	Its:	Vice President, Treasurer & CAO

 

    	 

    	 

    

EXHIBIT “A”

LEGAL DESCRIPTION

 

The land referred to in this Policy is described as follows:

 

#1650 Boston Post Road:

 

A certain piece or parcel of land in the City of Milford, County
of New Haven and State of Connecticut and depicted as Parcel 'A' on a certain map entitled "ALTA/ACSM Land Title Survey, 'Urban'
Survey for #1620-1634 and #1650 Boston Post Road, Milford, Connecticut, 06460 ... March 9,2006 ... by Westcott and Mapes, Inc.,
New Haven, CT.", which map is on file with the Milford Town Clerk as Map #AB3102-3.

 

Said parcel of land being more particularly bounded and described
as follows:

 

Beginning at a point on the northerly highway line of the Boston
Post Road (a/k/a U.S. Route 1), so called, which point lies on the easterly boundary of land owned now or formerly by 1620-34 Boston
Post Road, LLC and which point is labeled "Point of Beginning B" on the above referenced map.

 

Thence proceeding in a northwesterly direction along said easterly
boundary of land owned now or formerly by said 1620-34 Boston Post Road, LLC along a line having a bearing of N 33o 59' 42"
W for a distance of 263.00 feet to a point which marks the most northeasterly corner of land now or formerly of said 1620-34 Boston
Post Road, LLC;

 

Thence proceeding in a southwesterly direction along the northerly
boundary of land owned now or formerly by said 1620-34 Boston Post Road, LLC along a line having a bearing of S 56 o 00' 18"
W for a distance of 600.00 feet to a point which marks the most northwesterly comer of land owned now or formerly by Santorio,
Giulia and which point also marks the most northeasterly corner of land owned now or formerly by Milford Post Associates, LLC;

 

Thence continuing in a southwesterly direction along the northerly
boundary of said Milford Post Associates, LLC along a line having a bearing of S 56 o 03' 33" W for a distance of 85.29
feet to a point on the easterly street line of Woodruff Road, so called, all as depicted on the above referenced map;

    	 

    	 

    

 

Thence proceeding in a northwesterly direction along said easterly
street line of Woodruff Road along a line having a bearing of N l0 o 26' 12" W for a distance of 366.48 feet to the most
northwesterly corner of the herein described parcel which point also marks the most southwesterly corner of land owned now or formerly
of Duane J. Bottino, all as depicted on the above referenced map;

 

Thence proceeding in a northeasterly direction along the northerly
boundary of the herein described parcel of land along the southerly boundary of properly owned now or formerly by said Duane J.
Bollino in part, thence along land owned now or formerly by John R. & Irene Horvack & Successors in part, thence along
land owned now or formerly by Angelo Nunno in part, thence along the southerly boundary of land owned now or formerly by Helen
F. Ucci in part and along the southerly boundary of land owned now or formerly of Andreanne & Contaxes D. Johnson in part,
all along a line having a bearing of N 56 o 09' 03" E for a distance of 705.44 feet to a point;

 

Thence continuing in a northeasterly direction along the northerly
boundary of the herein described parcel of land along the southerly boundary of property owned now or formerly by said Andreanne
& Contaxes D. Johnson in part, thence along land owned now or formerly by Barbara Clemente, Est. in part, thence along land
owned now or formerly by Jacob & Virginia Maurath & survivors in part, thence along the southerly boundary of land owned
now or formerly by Paul S. & Cynthia E. Cooper, in part, thence along the southerly boundary of land owned now or formerly
by Ludwik & Danuta Wagner in part, thence along the southerly boundary of land owned now or formerly by Frank & Laurie
L. Tomaszek and along the southerly boundary of land owned now or formerly by Alfred J. & Patricia A. Winzer in part all along
a line having a bearing of N 56 o 36' 03" E for a distance of 523.22 feet to a point which marks the most northeasterly
corner of the herein described parcel;

 

Thence proceeding in a southwesterly direction along the northwesterly
boundary of land owned now or formerly of Szkotnicki Family Limited Partnership along a line having a bearing of S l5 o 02'
33" W for a distance of 264.25 feet to a point;

 

Thence proceeding in a southeasterly direction along the westerly
boundary of land owned now or formerly by said Szkotnicki Family Limited Partnership along a line having a bearing of S 39 o
29' 47" E for a distance of 425.14 feet to a point on the northerly highway line of the Boston Post Road which point is marked
by an iron pin and which point marks the most southeasterly corner of the herein described parcel;

    	 

    	 

    

 

Thence proceeding in a southwesterly direction along the northerly
highway line of said Boston Post Road along the following bearings and distances in order: S 56o55' 18" W, 216.36 feet,
thence S56o27'18" W, 150.00 feet, thence S 56 o 00'18" W for a distance of 164.70 feet to the point and place
of beginning.

 

The above described parcel of land contains 12.033 acres in area.

 

# 1634 Boston Post Road:

 

A CERTAIN PIECE OR PARCEL OF LAND SITUATED IN THE CITY OF MILFORD,
CONNECTICUT, SAID PARCEL OF LAND BEING DEPICTED AS "LEASE PARCEL 'B', AREA = 1.334 ACRES", #1634 "'OUTSVILLE', EXISTING
BUILDING'' ON A CERTAIN MAP ENTITLED ''LEASE LINE MAP, #1620-#1634 BOSTON POST ROAD, MILFORD, CONNECTICUT.. 2/1/06, REV. 5/16/06
BY WESTCOTT & MAPES, INC. NEW HAVEN, CONNECTICUT", SAID PARCEL OF LAND BEING MORE PARTICULARLY BOUNDED AND DESCRIBED AS
FOLLOWS:

 

BEGINNING AT A POINT ON THE NORTHERLY HIGHWAY LINE OF BOSTON POST
ROAD (U.S. RTE. 1), SO CALLED, SAID POINT BEING THE MOST SOUTHWESTERLY CORNER OF THE HEREIN DESCRIBED LEASE PARCEL AND THE MOST
SOUTHEASTERLY CORNER OF #1620 BOSTON POST ROAD, ALL AS DEPICTED ON THE ABOVE REFERENCED MAP;

 

THENCE PROCEEDING IN A NORTHWESTERLY DIRECTION ALONG THE EASTERLY
BOUNDARY OF SAID #1620 BOSTON POST ROAD, AS DEPICTED ON THE ABOVE REFERENCED MAP, ALONG A LINE HAVING A BEARING OF N 34o 44'
24" W FOR A DISTANCE OF 259.81 FEET TO A POINT WHICH MARKS THE MOST NORTHWESTERLY CORNER OF THE HEREIN DESCRIBED LEASE PARCEL;

 

THENCE PROCEEDING IN A NORTHEASTERLY DIRECTION ALONG THE NORTHERLY
BOUNDARY OF SAID # 1634 BOSTON POST ROAD, AS DEPICTED ON THE ABOVE REFERENCED MAP, ALONG A LINE HAVING A BEARING OF N 56 o
00' 18'' E FOR A DISTANCE OF 224.43 FEET TO A POINT WHICH MARKS THE MOST NORTHEASTERLY CORNER OF THE HEREIN DESCRIBED LEASE PARCEL.

    	 

    	 

    

 

THENCE PROCEEDING IN A SOUTHEASTERLY DIRECTION ALONG THE EASTERLY
BOUNDARY OF SAID #1634 BOSTON POST ROAD, AS DEPICTED ON THE ABOVE REFERENCED MAP, ALONG A LINE HAVING A BEARING OF S 33 o
59' 42" E FOR A DISTANCE OF 262.00 FEET TO A POINT WHICH MARKS THE MOST SOUTHEASTERLY CORNER OF THE HEREIN DESCRIBED LEASE
PARCEL;

 

THENCE PROCEEDING IN A SOUTHWESTERLY DIRECTION ALONG THE SOUTHERLY
BOUNDARY OF SAID # 1634 BOSTON POST ROAD ALONG A LINE HAVING A BEARING OF S 56o 34' 41'' W FOR A DISTANCE OF 221.06 FEET TO
THE POINT AND PLACE OF BEGINNING.

 

THE ABOVE DESCRIBED LEASE PARCEL OF LAND CONTAINS 1.334±
ACRES OF LAND IN AREA.

 

Together with appurtenant easement rights as set forth in a Declaration
of Reciprocal Easements and Restrictive Covenants dated June 12, 2006 and recorded in Volume 3094 at Page 453; as amended by instrument
dated December 17, 2010 and recorded in Volume 3391 at Page209 of the Milford Land Records.Exhibit 10.12

 

GROUND LEASE ASSIGNMENT AGREEMENT

 

THIS GROUND LEASE
ASSIGNMENT AGREEMENT (this "Assignment") dated as of the 1st day of October, 2015, by and between O'CONNOR/REALVEST
MILFORD LLC ("Assignor") and IREIT MILFORD MARKETPLACE, L.L.C. ("Assignee").

 

WHEREAS, Assignor
and Assignee's predecessor in interest entered into that certain Purchase and Sale Agreement and Escrow Instructions dated as of
August 21, 2015, as amended and assigned, (the "Agreement"), for the sale and purchase of Assignor's interests
under that certain Ground Lease dated May 31, 2006, by and between B.L.R. Realty Company, a Connecticut corporation, and 1620-34
Boston Post Road, LLC, a Connecticut limited liability company, as lessor, and Milford Marketplace, LLC, as lessee, as predecessor
in interest to Assignor, recorded in the Milford Land Records (the "Records") in Book 3094, Page 482, as evidenced
by that certain Notice of Lease dated May 31, 2006, recorded in the Records in Book 3094, Page 478; as amended by that certain
Amendment of Lease dated October 1, 2006, as evidenced by that certain Amended Notice of Lease dated March 16, 2010, recorded in
the Records in Book 3346, Page 41; as amended by that certain Letter Agreement dated April 21, 2010; as assigned by that certain
Assignment and Assumption of Ground Lease dated December 17, 2010, recorded in the Records in Book 3391, Page 216 (collectively,
the "Ground Lease");

 

WHEREAS, Assignor
desires to assign, transfer, set over and deliver to Assignee all of Assignor's right, title and interest in and to the Ground
Lease as hereinafter provided; and

 

WHEREAS, Assignee
desires to accept the assignment and assume the duties and obligations of Assignor with respect to the Ground Lease;

 

NOW, THEREFORE, in
accordance with the Agreement and in consideration of the sum of Ten Dollars ($10.00), the sufficiency and receipt of which are
hereby acknowledged, the parties do hereby covenant and agree as follows and take the following actions:

 

1.In Assignor
does hereby assign, transfer, set over and deliver unto Assignee all of the Assignor's right, title and interest, in and to, all
of its right, title and interest in and to the Ground Lease. Assignor hereby agrees that such assignment is and shall be irrevocable,
unconditional and shall survive and shall not be affected by the subsequent dissolution, bankruptcy or insolvency of Assignor.

 

2.Assignee
hereby accepts the foregoing assignment of the Ground Lease and hereby assumes all duties and obligations of Assignor with respect
to the Ground Lease, to the extent such duties and obligations arise or accrue from and after the date of this Assignment.

    1 

     

    

 

3.This Assignment
is made without any express or implied warranty of any kind, expect as explicitly set forth in the Agreement.

 

4.This Assignment
shall be (a) binding upon, and inure to the benefit of, the parties to this Assignment and their respective successors and assigns,
and (b) construed in accordance with the laws of the State of Connecticut, without regard to the application of choice of law principles.

 

5.This
Assignment may be executed in several counterparts, each of which shall constitute an original and all of which together shall
constitute one and the same instrument.

 

 

 

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blank]

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IN
WITNESS WHEREOF, this Assignment Agreement has been signed, sealed and delivered by the parties as of the date first above written.

 

	 	 	
        ASSIGNOR:

         

        O’CONNOR/REALVEST MILFORD LLC,

        a Delaware limited liability company

	 	 	 	 	 
	 	 	By:	
        O’CONNOR/REALVEST RETAIL HOLDING

        COMPANY LLC, a Delaware limited liability

        company, its sole member

	 	 	 	 	 
	 	 	 	By:	
        OC-RV RETAIL LLC,

        a Delaware limited liability company,

        its managing member

	 	 	 	 	 
	 	 	 	 	By:	/s/ William Q. O’Connor
	 	 	 	 	Name:	William Q. O’Connor
	 	 	 	 	Title:	President
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	
        ASSIGNEE:

         

        IREIT MILFORD MARKETPLACE, L.L.C.,

        a Delaware limited liability company

	 	 	 	 	 	 
	 	 	By:	
        Inland Real Estate Income Trust, Inc.,

        a Maryland corporation, its sole member

	 	 	 	 	 	 
	 	 	 	By:	/s/ David Z. Lichterman
	 	 	 	Name:	David Z. Lichterman
	 	 	 	Its:	Vice President, Treasurer & CAO

 

    3 

     

    

 

	STATE OF NEW YORK	)
	 	)    ss:
	COUNTY OF NEW YORK	)

 

On the 30th day of September in the year
2015, before me, the undersigned, a Notary Public in and for said State, personally appeared William Q. O'Connor, personally known
to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument
and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the entity upon
behalf of which the individual acted, executed the instrument.

 

WITNESS my hand and official seal the
day and year last above written

 

My commission expires:

 

/s/ Angela Cotrone              

Notary Public

[Seal]

 

 

 

	STATE OF ILLINOIS	)
	 	)    ss:
	COUNTY OF DUPAGE	)

 

On the 30th day of September in the year
2015, before me, the undersigned, a Notary Public in and for said State, personally appeared David Z. Lichterman, personally known
to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument
and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the entity upon
behalf of which the individual acted, executed the instrument.

 

WITNESS my hand and official seal the
day and year last above written

 

My commission expires:

 

/s/ Susan Metzler                  

Notary Public

[Seal]\

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