Document:

Exhibit 10.2

First Amended and Restated

SECURED PROMISSORY NOTE

	$27,450,000.00	September 30, 2016

1.       FOR
VALUE RECEIVED, IRESI Frederick Market Square, L.L.C., a Delaware limited liability company (“Borrower”), hereby
promises to pay, to the order of PARKWAY BANK AND TRUST COMPANY, an Illinois banking corporation (“Lender”),
having a principal place of business and post office address at 4800 N. Harlem Avenue, Harwood Heights, IL 60706, or at such other
place as Lender may designate, the principal sum of TWENTY-SEVEN mILLION FOUR hundred fifty
Thousand and 00/100 Dollars ($27,450,000.00) (the “Loan Amount”) or so much thereof as shall from time
to time have been advanced, together with interest on the unpaid balance of said sum from September 30, 2016 (the “Closing
Date”), at the fixed rate of three and 64/100ths percent (3.64%) per annum (the “Interest Rate”).
Any amount payable hereunder which is not paid when due shall, at Lender’s election, bear interest at a rate equal to the
Interest Rate plus three percent (3%) per annum (the “Default Rate”).

 

This
First Amended and Restated Secured Promissory Note (this “First Amended Note”) is
issued, in part, in exchange and replacement for, and evidences the same indebtedness incurred to the date hereof under that certain
Secured Promissory First Amended Note dated as of September 30, 2015 from Borrower
to Lender in the original principal amount of Forty-five mILLION seven hundred fifty
Thousand and 00/100 Dollars ($45,750,000.00) (the “Initial Note”). The
indebtedness evidenced by the Initial Note is continuing indebtedness, and nothing in this Note shall be deemed to constitute a
payment, settlement, or novation of the Initial Note, or the release of, or otherwise adversely affect, any lien, mortgage, or
security interest securing such indebtedness or any rights of Lender against the undersigned, or any Guarantor of the Initial Note
or this Note. All of the obligations of Borrower shall, from and after execution and delivery of this First Amended Note
by Borrower, continue in full force and effect as set forth herein. Any interest accrued
and unpaid on such Initial Note as of the date hereof will be included in the next monthly payment due hereunder, and any interest
adjustment payments or credits accrued on such Initial Note as of the date hereof will be included in calculation of the next interest
adjustment payment or credit due hereunder.

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2       Interest
on this First Amended Note shall be calculated in arrears on the basis of a 360-day year and the actual number of days elapsed
in any portion of a month in which interest is due. Beginning on October 30, 2016, and continuing on the last day of each successive
month thereafter until the Maturity Date (as defined below), Borrower shall pay to Lender consecutive monthly payments of interest
only through September 30, 2021 and thereafter shall make consecutive monthly payments of principal based on a 30-year amortization
schedule, together with interest accrued at the Interest Rate. All outstanding principal of and accrued and unpaid interest to
and including the date of payment and other Indebtedness shall be due and payable in full on September 30, 2023, or such earlier
date resulting from the acceleration of the Indebtedness by Lender (“Maturity Date”). All principal and interest
shall be paid without setoff, counterclaim, or deduction of any kind, in lawful money of the United States of America by automated
clearinghouse transfer through such bank or financial institution as shall be approved in writing by Lender, shall be made to an
account designated by Lender, and shall be initiated by Lender or shall be made in such other manner as Lender may direct from
time to time. Any other monthly deposits or payments Borrower is required to make to Lender under the terms of the Loan Documents
(as defined in the Loan Agreement defined below) shall be made by the same payment method and on the same date as the installments
of interest due under this First Amended Note. This First Amended Note is the Note referred to in that certain Loan Agreement of
even date herewith (as amended form time to time the “Loan Agreement”), by and between Lender and Borrower.
Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to them in the Loan Agreement.

3.       Borrower
may prepay the principal of this First Amended Note in whole or part prior to the Maturity Date without premium or penalty in accordance
with the provisions of the Loan Agreement. Time is of the essence with respect to the payment of this First Amended Note.

4.       If
any payment of principal, interest, or other Indebtedness is not made when due, damages will be incurred by Lender, including additional
expense in handling overdue payments, the amount of which is difficult and impractical to ascertain. Borrower therefore agrees
to pay, upon demand, to the extent permitted by law, the sum of five cents ($.05) for each one dollar ($1.00) of each said payment
that becomes overdue (“Late Charge”) as a reasonable estimate of the amount of said damages, subject, however,
to the limitations contained in Paragraph 5 hereof, and provided that no late charge shall be assessed for any payment due on or
after the Maturity Date.

Further, notwithstanding
the hereinabove or anything in the Loan Documents to the contrary, no Late Charge shall be incurred by or assessed against Borrower
with respect to amounts as to which interest at the Default Rate accrues.

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5.       If
any Event of Default has occurred and is continuing under the Loan Documents, the entire principal balance of the Loan, interest
then accrued, and all other Indebtedness whether or not otherwise then due, shall, at Lender’s option, become immediately
due and payable without demand or notice, and whether or not Lender has exercised said option, interest shall accrue on the entire
principal balance, interest then accrued, and any other Indebtedness then due, at a rate equal to the Default Rate until fully
paid. Notwithstanding the foregoing, in the case of any Event of Default specified in Section 4.1(B) of the Loan Agreement
with respect to the Borrower or any guarantor, including the Guarantor, without any notice to Borrower or any other act by Lender,
the entire principal balance of the Loan, interest then accrued, and all other Indebtedness whether or not otherwise then due,
shall become immediately and automatically due and payable without presentment, demand, protest or other notice of any kind, all
of which are hereby waived by Borrower, and Borrower will pay the same.

6.       Borrower
agrees that Lender has all rights of set-off and bankers’ lien provided by applicable law, and, in addition thereto, Borrower
agrees that at any time any Event of Default exists, Lender may apply to the payment of any obligations of Borrower, whether or
not then due, any and all balances, credits, deposits, accounts or moneys of Borrower then or thereafter with Lender.

7.       Notwithstanding
anything herein or in any of the other Loan Documents to the contrary, no provision contained herein or therein that purports to
obligate Borrower to pay any amount of interest or any fees, costs or expenses that are in excess of the maximum permitted by applicable
law shall be effective to the extent it calls for the payment of any interest or other amount in excess of such maximum. All agreements
between Borrower and Lender, whether now existing or hereafter arising and whether written or oral, are hereby limited so that
in no contingency, whether by reason of demand for payment or acceleration of the maturity hereof or otherwise, shall the interest
contracted for, charged or received by Lender exceed the maximum amount permissible under applicable law. If, from any circumstance
whatsoever, interest would otherwise be payable to Lender in excess of the maximum lawful amount, the interest payable to Lender
shall be reduced to the maximum amount permitted under applicable law; and if from any circumstance Lender shall ever receive anything
of value deemed interest by applicable law in excess of the maximum lawful amount, an amount equal to any excessive interest shall,
at Lender’s option, be refunded to Borrower or be applied to the reduction of the principal hereof, and not to the payment
of interest or, if such excessive interest exceeds the unpaid balance of principal hereof such excess shall be refunded to Borrower.
This paragraph shall control all agreements between Borrower and Lender.

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

9.       This
First Amended Note is secured by the Loan Documents, including, without limitation, the instruments described on Schedule I attached
to and made a part of this First Amended Note. In no event shall such documents be construed inconsistently with the terms of this
First Amended Note, and in the event of any discrepancy between any such documents and this First Amended Note, the terms of this
First Amended Note shall govern. The proceeds of this First Amended Note are to be used for business, commercial, investment or
other similar purposes, and no portion thereof will be used for any personal, family, or household use. This First Amended Note
shall be governed by and construed in accordance with the laws of the State of Illinois, without regard to its conflict of law
principles.

10.       Except
as permitted pursuant to the Deed of Trust described in Schedule I, and as permitted by the Loan Agreement, any sale, conveyance
or transfer of any right, title or interest in the Premises or any portion thereof, or any other violation of any provisions of
the Loan Agreement or the Deed of Trust with respect to any transfers of the Premises without the prior written consent of Lender,
shall, at the option of Lender, constitute an Event of Default hereunder and upon any such Event of Default Lender may declare
the entire indebtedness evidenced by this First Amended Note to be immediately due and payable and foreclose the Deed of Trust
securing this First Amended Note immediately or at any time after such Event of Default occurs. The acceptance of any payment due
hereunder after any sale, transfer or assignment shall not be deemed as the consent of Lender to a sale, transfer or assignment.

11.       If
this First Amended Note is executed by more than one party, all references herein to Borrower shall be deemed to each such party,
individually and collectively, and the obligations and liabilities of each Borrower under this First Amended Note shall be joint
and several and shall be binding upon and enforceable against each Borrower and their respective successors and assigns. This First
Amended Note shall inure to the benefit of and may be enforced by Lender and its successors and assigns.

12.       This
First Amended Note may not be changed or terminated orally, but only by an agreement in writing and signed by both the Borrower
and the Lender. All of the rights, privileges, and obligations hereunder shall inure to the benefit of Lender’s successors,
and assigns and shall bind Borrower’s permitted successors and assigns.

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13.       TO
INDUCE LENDER TO ACCEPT THIS FIRST AMENDED NOTE, BORROWER IRREVOCABLY AGREES THAT, SUBJECT TO LENDER’S SOLE AND ABSOLUTE
ELECTION, ALL ACTIONS OR PROCEEDINGS IN ANY WAY ARISING OUT OF OR RELATED TO THIS FIRST AMENDED NOTE WILL BE LITIGATED IN COURTS
HAVING SITUS IN CHICAGO, ILLINOIS. BORROWER HEREBY CONSENTS AND SUBMITS TO THE JURISDICTION OF ANY COURT LOCATED WITHIN CHICAGO,
ILLINOIS, WAIVES PERSONAL SERVICE OF PROCESS UPON BORROWER, AND AGREES THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE BY REGISTERED
MAIL DIRECTED TO BORROWER AT THE ADDRESS STATED IN THE DEED OF TRUST AND SERVICE SO MADE WILL BE DEEMED TO BE COMPLETED UPON ACTUAL
RECEIPT.

14.       The
parties hereto intend and believe that each provision of this First Amended Note comports with all applicable law. However, if
any provision in this First Amended Note is found by a court of law to be in violation of any applicable law, and if such court
should declare such provision of this First Amended Note to be unlawful, void or unenforceable as written, then it is the intent
of all parties hereto that such provision shall be given full force and effect to the fullest possible extent that it is legal,
valid and enforceable, that the remainder of this First Amended Note shall be construed as if such unlawful, void or unenforceable
provision were not contained herein, and that the rights, obligations and interests of Borrower and Lender under the remainder
of this First Amended Note shall continue in full force and effect.

15.       Borrower
hereby waives and renounces for itself, its legal representatives, and its successors and assigns, all rights to the benefits of
any appraisement, exemption and homestead now provided or that may hereafter be provided by the Constitution and laws of the United
States of America and of any state thereof to and in all its property, real and personal, against the enforcement and collection
of the obligations evidenced by this First Amended Note.

16.       Borrower
hereby transfers, conveys and assigns to Lender a sufficient amount of such homestead or exemption as may be set apart in bankruptcy,
to pay this First Amended Note in full, with all costs of collection, and does hereby direct any trustee in bankruptcy having possession
of such homestead or exemption to deliver to Lender a sufficient amount of property or money set apart as exempt to pay the Indebtedness
evidenced hereby, or any renewal thereof, and does hereby appoint Lender the attorney-in-fact for Borrower to claim any and all
such homestead or exemptions allowed by law.

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17.       AFTER
CONSULTING WITH COUNSEL AND CAREFUL CONSIDERATION, BORROWER AND LENDER (BY ITS ACCEPTANCE HEREOF) KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY
WAIVE THE RIGHT EITHER OF THEM MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION ARISING OUT OF THIS FIRST AMENDED NOTE
OR ANY OTHER INSTRUMENT OR AGREEMENT BY WHICH THIS FIRST AMENDED NOTE IS, OR MAY HEREAFTER BE, SECURED, OR OUT OF ANY COURSE OF
CONDUCT, COURSE OF DEALING, STATEMENTS (ORAL OR WRITTEN), OR ACTIONS OF BORROWER OR LENDER. THIS WAIVER IS A MATERIAL INDUCEMENT
TO LENDER'S ACCEPTANCE OF THIS FIRST AMENDED NOTE.

18.       Lender
may at any time assign its rights in this First Amended Note and the Loan Documents, or any part thereof and transfer its rights
in any or all of the Collateral, and Lender thereafter shall be relieved from all liability with respect to such Collateral. In
addition, Lender may at any time sell one or more participations in the First Amended Note. Lender may at any time pledge or assign
a security interest in all or any portion of its rights under this First Amended Note to secure obligations of Lender, including
any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment of a security
interest shall release Lender from any of its obligations hereunder or substitute any such pledgee or assignee for Lender as a
party hereto. Except as otherwise permitted in the Loan Documents, Borrower may not assign its interest in this First Amended Note,
or any other agreement with Lender or any portion thereof, either voluntarily or by operation of law, without the prior written
consent of Lender.

19.       The
Loan is a business loan which comes within the purview of Section 205/4, paragraph (1)(c) of Chapter 815 of the Illinois Compiled
Statutes, as amended. Borrower agrees that the Loan evidenced by this First Amended Note is an exempted transaction under the Truth
In Lending Act, 15 U.S.C., §1601, et seq.

20.       Lender
hereby notifies Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56, signed into law
October 26, 2001) (the “Act”), and Lender’s policies and practices, Lender is required to obtain, verify
and record certain information and documentation that identifies Borrower, which information includes the name and address of Borrower
and such other information that will allow Lender to identify Borrower in accordance with the Act. In addition, Borrower shall
(a) ensure that no person who owns a controlling interest in or otherwise controls Borrower or any subsidiary of Borrower is or
shall be listed on the Specially Designated Nationals and Blocked Person List or other similar lists maintained by the Office of
Foreign Assets Control (“OFAC”), the Department of the Treasury or included in any Executive Orders, (b) not
use or permit the use of the proceeds of the Loan to violate any of the foreign asset control regulations of OFAC or any enabling
statute or Executive Order relating thereto, and (c) comply, and cause any of its subsidiaries to comply, with all applicable Bank
Secrecy Act (“BSA”) laws and regulations, as amended.

[Remainder
of page intentionally blank; signatures follow]

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

	 	IRESI Frederick Market Square,
    L.L.C., 

    a Delaware limited liability company
	 	 	 	 
	 	By:	Inland
                    Residential Operating Partnership,

        L.P.,
        a Delaware limited partnership,

        its
        sole member

	 	 	 	 
	 	 	By:	Inland
        Residential Properties Trust,

        Inc.,
        a Maryland corporation,

        its
        general partner

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

        Chief
        Accounting Officer

 

 

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SCHEDULE I

A.       DEED OF TRUST:

Purchase Money Deed of Trust, Security
Agreement, Assignment of Leases and Rents and Fixture Filing dated as of September 30, 2015 executed by Borrower to and for the
benefit of Bank and recorded with the Frederick County, Maryland Recorder’s Office on October 6, 2015 in Book 10795, Page
0060, encumbering certain real estate located at 300 Cormorant Place, Frederick, Maryland.

 

		B.	ASSIGNMENTS OF LEASES AND RENTS:

Assignment of Leases and Rents dated
as of September 30, 2015, executed by Borrower to Lender and recorded with the Frederick County, Maryland Recorder’s Office
on October 6, 2015 in Book 10795, Page 0094, encumbering certain real estate located at 300 Cormorant Place, Frederick, Maryland.

 

C.       SECURITY AGREEMENT:

 

Security Agreement dated as of September
30, 2015, executed by Borrower.

 

D.       GUARANTY:

 

Guaranty executed by INLAND RESIDENTIAL
PROPERTIES TRUST, INC., a Maryland corporation.Exhibit 10.3

GUARANTY

 

THIS GUARANTY (this
“Guaranty”) is dated as of September 30, 2016, and is given by INLAND RESIDENTIAL PROPERTIES TRUST, INC., a
Maryland corporation (“Guarantor”) in favor of PARKWAY BANK AND TRUST COMPANY, an Illinois banking corporation
(“Bank”), with respect to certain indebtedness and liabilities of IRESI FREDERICK MARKET SQUARE, L.L.C., a Delaware
limited liability company (“Borrower”), as set forth below.

RECITALS:

A.             
Bank has agreed to make a loan to Borrower (the “Loan”) in the principal amount of Forty-Five Million
Seven Hundred Fifty Thousand and 00/100 Dollars ($45,750,000.00), which Loan is secured by, among other things, that certain Purchase
Money Deed of Trust, Security Agreement, Fixture Financing Statement, and Assignment of Rents of even date herewith, encumbering
the property commonly known as 300 Cormorant Place, Frederick, Maryland 21701 and legally described therein (the “Property”).

B.             
Guarantor has a financial interest in the Borrower and has determined that it is in its own best interest to execute and
deliver this Guaranty to Bank.

AGREEMENTS:

NOW THEREFORE, for
good and valuable consideration, the value of which is hereby acknowledged, the undersigned agree as follows:

1.              
Definitions. Capitalized terms used but not otherwise defined herein shall have the same meaning ascribed to them
in the Loan Agreement (as such term is hereinafter defined). As used herein, the following terms have the following meanings unless
otherwise defined:

(a)           
“Guaranteed Obligations” means those obligations of Guarantor set forth in Section 2 hereof.

(b)           
“Indebtedness” means the Loan and all indebtedness of Borrower evidenced by the Note, and whether such
indebtedness is from time to time extended, modified, revised or reduced and thereafter increased or entirely extinguished and
thereafter reincurred together with all accrued unpaid interest thereon and all costs and expenses incurred in connection therewith.

(c)           
“Loan Agreement” means that certain Loan Agreement dated as of September 30, 2015, by and between the
Borrower and Bank.

(d)           
“Note” shall mean that certain Secured Promissory Note dated as of September 30, 2015, in the original
principal amount of $45,750,000.00 given by Borrower in favor of Bank, as may be renewed, modified, extended, amended and restated
and/or replaced from time to time.

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2.              
Guaranteed Obligations. In consideration of any extension of credit whether heretofore or hereafter made by Bank
to Borrower, any forbearance of demand or suit, or agreement for such forbearance with respect to any Indebtedness or otherwise,
or cancellation of any existing guaranty, or any other valuable consideration, Guarantor hereby guarantees the full and prompt
payment to Bank when due, whether by acceleration or otherwise, of: (i) all real estate taxes on the Property which accrue or become
due during the term of the Loan, plus (ii) all Costs and Expenses (as defined in Section 15 hereof), plus (iii) any
and all losses, damages, costs or expenses of Bank, which arise in consequence of any of the following:

(a)       Borrower’s
failure to insure the Property in compliance with the provisions of the Loan Documents;

(b)       nonpayment
of taxes and assessments, for the Property and any penalty or late charge associated with nonpayment thereof;

(c)       application
of any rents or other income regardless of type or source of payment or other considerations in lieu thereof (including, but not
limited to, common area maintenance charges, lease termination payments, refunds of any type, prepayment of rents, settlements
of litigation, or settlements of past due rents) from the Property that Borrower has received or will receive after an Event of
Default under the Loan Documents other than to (A) payment of principal, interest and other charges when due under the Loan Documents
or (B) payment of expenses for the operation, maintenance, taxes, assessments, utility charges and insurance of the Property,
including payment of ordinary course management fees in arrears, and including sufficient reserves for the same or replacements
or renewals thereof (“Operation Expense(s)”) provided that (x) Borrower has furnished Bank with evidence
reasonably satisfactory to Bank of the Operation Expenses and payment thereof, and (y) any payments to parties related to
Borrower shall be considered an Operation Expense only to the extent that the amount expended for the Operation Expense does not
exceed the then current market rate for such Operation Expense;

(d)       application
of any security deposits of tenants not in accordance with the terms of the Leases, together with any interest on such security
deposits required by law or the Leases, and any security deposits which are not turned over to Bank upon conveyance of the Premises
to Bank pursuant to foreclosure or power of sale or by a deed acceptable to Bank in form and content;

(e)       misapplication
or misappropriation of tax reserve accounts, tenant improvement reserve accounts, security deposits, prepaid rents or other similar
sums paid to or held by Borrower or any other entity or person in connection with the operation of the Property;

(f)       failure
to pay for labor and materials provided for or to the Property;

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(g)       removal
or disposal of any property which is part of the Property or is otherwise property of Borrower following an Event of Default;

(h)       transfer
of the Property or any direct or indirect interest in the Premises (except for those Permitted Transfers described in Section 6.19
of the Loan Agreement) or entering into subordinate financing in violation of the Loan Documents;

(i)       failure
of Borrower to be and remain a Limited-Asset Entity or comply with any of the Limited-Asset Entity covenants in the Loan Documents;

(j)       the
occurrence of any Event of Default arising under Section 4.1(B) or 4.1(C) of the Loan Agreement;

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

(l)       any
fraud or willful misrepresentation by or on behalf of Borrower or any guarantor regarding the Property, the making or delivery
of any of the Loan Documents or in any materials or information provided by or on behalf of Borrower or any guarantor, if any,
in connection with the Loan.

3.              
Nature of Guaranty: Continuing, Absolute and Unconditional. This Guaranty is, and is intended to be, a continuing
guaranty of the Guaranteed Obligations and is independent of, and in addition to, any other guaranty, endorsement, collateral or
agreement held by Bank therefor or with respect thereto whether or not furnished by Guarantor. This Guaranty is absolute and unconditional
and shall not be changed or affected by any representation, oral agreement, act or thing whatsoever, except as herein provided.
This Guaranty is intended by Guarantor to be the final, complete and exclusive expression of the agreement between Guarantor and
Bank. Guarantor waives any claim or other right which Guarantor may now have or hereafter acquire against Borrower or any other
obligor primarily or secondarily obligated with respect to any of the indebtedness that arises from the existence or performance
of the obligations of Guarantor under this Guaranty, including, without limitation, any right of subrogation, reimbursement, exoneration,
contribution, indemnification, or any right to participate in any claim or remedy of Bank against Borrower or any property securing
any of the Indebtedness, which Bank now has or hereafter acquires, whether or not such claim, right or remedy arises in equity
or under contract, statute or common law. The provisions of this sentence are for the express benefit of Borrower and each other
obligor primarily or secondarily obligated with respect to any of the Indebtedness as well as Bank and may be enforced independently
by Borrower and each such other obligor.

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4.              
Payment Upon Event of Default. If any Event of Default (as defined in the Note) shall occur in the payment of any
Indebtedness, Guarantor hereby agrees to pay any and all Guaranteed Obligations: (a) without deduction by reason of any set-off,
defense or counterclaim of Borrower; (b) without requiring protest or notice of non-payment or notice of such default to Guarantor,
to Borrower or to any other person; (c) without demand for payment or proof of such demand; (d) without requiring Bank to resort
first to Borrower (this being a guaranty of payment and not of collection) or to any other guaranty or any collateral which Bank
may hold; (e) without requiring notice of acceptance hereof or assent hereto by Bank; and (f) without requiring notice that any
Indebtedness has been incurred or of the reliance by Bank upon this Guaranty, all of which Guarantor hereby waives.

5.              
Certain Rights and Obligations.

(a)           
Guarantor authorizes Bank, without notice, demand or any reservation of rights against Guarantor and without affecting Guarantor’s
obligations hereunder, from time to time: (i) to renew, extend, increase, accelerate or otherwise change the time for payment of,
the terms of or the interest on the Indebtedness or any part thereof in accordance with the Loan Agreement and the Loan Documents
(as defined therein); (ii) to accept from any person or entity and hold collateral for the payment of the Indebtedness or any part
thereof, and to exchange, enforce or refrain from enforcing, or release such collateral or any part thereof; (iii) to accept and
hold any endorsement or guaranty of payment of the Indebtedness or any part thereof, and to discharge, release or substitute any
such obligation of any such endorser or guarantor, or any person or entity who has given any security interest in any collateral
as security for the payment of the Indebtedness or any part thereof, or any other person or entity in any way obligated to pay
the Indebtedness or any part thereof or performance of Borrower’s obligations, and to enforce or refrain from enforcing,
or compromise or modify, the terms of any obligation of any such endorser, guarantor, person or entity; (iv) to dispose of any
and all collateral securing the Indebtedness in any manner permitted by applicable law as Bank, in its sole discretion, may deem
appropriate, and to direct the order or manner of such disposition and the enforcement of any and all endorsements and guaranties
relating to the Indebtedness or any part thereof as Bank, in its sole discretion may determine; and (v) to determine the manner,
amount and time of application of payments and credits, if any, to be made on all or any part of any component or components of
the Indebtedness (whether principal, interest, costs and expenses, or otherwise).

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(b)           
Guarantor’s obligations hereunder shall not be affected by any of the following, all of which Guarantor hereby waives:
(i) any failure to perfect or continue the perfection of any security interest in or other lien on any collateral securing payment
of any Indebtedness or Guarantor’s obligation hereunder; (ii) the invalidity, unenforceability, propriety of manner of enforcement
of, or loss or change in priority of, any such security interest or other lien; (iii) any failure to protect, preserve or insure
any such collateral; (iv) failure of Guarantor to receive notice of any intended disposition of such collateral; (v) any defense
arising by reason of the cessation from any cause whatsoever of the liability of Borrower, including, without limitation, any failure,
negligence or omission by Bank in enforcing its claims against Borrower; (vi) any release, settlement or compromise of any obligation
of Borrower; or (vii) the invalidity or unenforceability of any of the Indebtedness caused by any of Borrower’s acts or omissions.

6.              
Release of Guarantor. Bank shall have the right to discharge or release Guarantor from any obligation, in whole or
in part, without in any way releasing, impairing or affecting its rights against any other guarantor of the Guaranteed Obligations.
The failure of any guarantor of the Guaranteed Obligations to sign this Guaranty or any other guaranty shall not release or affect
the obligations or liability of any other guarantor.

7.              
Delay. No course of dealing among Borrower or Guarantor and Bank and no act, delay or omission by Bank in exercising
any right or remedy hereunder or with respect to any Indebtedness shall operate as a waiver thereof or of any other right or remedy,
and no single or partial exercise thereof shall preclude any other or further exercise thereof or the exercise of any other right
or remedy. Bank may remedy any default by Borrower under any agreement with Borrower or with respect to any Indebtedness in any
reasonable manner without waiving the default remedied and without waiving any other prior or subsequent default by Borrower. All
rights and remedies of Bank hereunder are cumulative.

8.              
Waiver of Defenses. This Guaranty is absolute and unconditional and shall not be affected by any act or thing whatsoever,
except as herein provided. Accordingly, Guarantor unconditionally and irrevocably waives all defenses, except payment in full,
which, under principles of guaranty or suretyship law, may otherwise operate to impair or diminish the liability of Guarantor hereunder.

9.              
Modification. No modification or amendment of any provision of this Guaranty shall be effective unless in writing
and subscribed by a duly authorized officer of Bank and by Guarantor, which writing shall make specific reference hereto.

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10.          
Successors and Assigns. Borrower, Guarantor and Bank as used in this Guaranty shall include: (a) any successor, individual
or individuals, association, trust partnership, limited liability company or corporation to which all or a substantial part of
the business or assets of Borrower or Guarantor or Bank (as the case may be) shall have been transferred; (b) in the case of a
corporate or limited liability company Borrower or Guarantor, any other corporation or limited liability company into or with which
Borrower or Guarantor shall have been merged, consolidated, reorganized, or absorbed; and (c) the heirs, executors, administrators,
successors or assigns of Borrower, Guarantor or Bank, respectively.

11.          
Termination. This Guaranty shall remain in full force and effect as to Guarantor until all Indebtedness outstanding,
or contracted or committed for (whether or not outstanding) shall be finally and irrevocably paid in full. Discontinuance of this
Guaranty as to Guarantor shall not operate as a discontinuance hereof as to any other guarantor of the Guaranteed Obligations.
If after receipt of any payment of all or any part of the Indebtedness, Bank is for any reason compelled to surrender such payment
to any person or entity, because such payment is determined to be void or voidable as a preference, impermissible set-off, or a
diversion of trust funds, or for any reason, this Guaranty shall continue in full force notwithstanding any contrary action which
may have been taken by Bank in reliance upon such payment, and any such contrary action so taken shall be without prejudice to
Bank’s rights under this Guaranty and shall be deemed to have been conditioned upon such payment having become final and
irrevocable.

12.          
Bankruptcy. Guarantor’s obligation is to pay the Indebtedness in full in accordance with the terms hereof and
Guarantor acknowledges that this Guaranty shall continue in full force and effect notwithstanding the filing by or against Borrower
of a request or a petition for liquidation, reorganization, adjustment of debts, arrangement or similar relief under any bankruptcy,
insolvency or similar laws of the United States or any state or territory thereof. Guarantor shall not, and shall not cause Borrower
to, seek any relief or order from any bankruptcy or other court of any jurisdiction the effect of which is to enjoin, postpone,
delay or otherwise prevent or hinder the enforcement of Bank’s rights under this Guaranty.

13.          
Interest in the Indebtedness. The rights and benefits of Bank hereunder shall, if Bank so directs, inure to any
party acquiring any interest in the Indebtedness or any part thereof. If any right of Bank hereunder is construed to be a power
of attorney, such power of attorney shall not be affected by the subsequent disability or incompetence of Borrower.

14.          
Costs and Expenses. Guarantor agrees to pay on demand all costs and expenses of every kind incurred by Bank: (a)
in enforcing this Guaranty; (b) in collecting any Indebtedness from Guarantor; and (c) for any other purpose related to this Guaranty.
“Costs and Expenses” as used in this Guaranty shall include, without limitation, the actual reasonable attorneys’
fees incurred by Bank in retaining counsel for advice, enforcement, suit, defense, appeal, and/or any insolvency or other proceedings
under the Federal Bankruptcy Code or otherwise, or for any purpose specified in the preceding sentence.

    6 

     

    

15.          
Captions. Captions of the paragraphs of this Guaranty are solely for the convenience of Bank and Guarantors, and
are not an aid in the interpretation of this Guaranty.

16.          
Unenforceability. If any provision of this Guaranty is unenforceable in whole or in part for any reason, the remaining
provisions shall continue to be effective.

17.          
Applicable Law; Venue. This Guaranty and the transactions evidenced thereby is governed by and is to be construed
under the laws of the State of Illinois, where all funds secured hereby will be advanced. All payments pursuant hereto shall be
in lawful money of the United States. The parties agree that any action or proceeding arising out of or relating to this Guaranty
shall be commenced: (a) in any court of competent jurisdiction in the State of Illinois; or (b) in the District Court of the United
States in the Northern District of Illinois and each party agrees that a summons and complaint commencing an action or proceeding
in any such Court shall be properly served and shall confer personal jurisdiction if served personally or by certified mail to
the undersigned at its address set forth below or as it may provide in writing from time to time, or as otherwise provided under
the laws of the State of Illinois. The execution and delivery of this Guaranty shall be deemed the transaction of business within
the State of Illinois (where all funds secured hereby will be advanced) for purposes of conferring jurisdiction upon the courts
located within such State.

18.          
Additional Waivers. Guarantor expressly and unconditionally waives, in connection with any suit, action or proceeding
brought by Bank on this Guaranty, any and every right it may have to (i) injunctive relief; (ii) a trial by jury; (iii) interpose
any counterclaim therein; and (iv) have the same consolidated with any other or separate suit, action or proceeding.

19.          
Notices. Each notice, consent, request, report or other communication hereunder (each, a “Notice”)
that any party hereto may desire or be required to give to the other shall be deemed to be an adequate and sufficient notice if
given in writing and service is made by either (i) personal delivery; or (ii) nationally recognized overnight air courier,
next day delivery, prepaid, in which case such notice shall be deemed to have been received 1 business day following delivery to
such nationally recognized overnight air courier. All Notices shall be addressed as follows:

	To Bank:	
        Parkway Bank and Trust Company

        4800 North Harlem Avenue

        Harwood Heights, Illinois 60706

        Attn: Gregory T. Bear, Executive Vice President

	 	 

    7 

     

    

 

	with a copy to:	
        Latimer LeVay Fyock LLC

        55 W. Monroe St., Ste. 1100

        Chicago, Illinois 60603

        Attn: Sheryl A. Fyock, Esq.

	 	 
	If to Guarantor:	
        Inland Residential Properties Trust, Inc.

        2901 Butterfield Rd.

        Oak Brook, Illinois 60523

        Attn: President

	 	 
	with a copy to:	
        The Inland Real Estate Group, Inc.

        2901 Butterfield Road

        Oak Brook, Illinois 60523

        Attention: General Counsel

 

or to such other place as any party may
by written notice to the other parties hereafter designate as a place for service of Notice. Guarantor shall not be permitted to
designate more than one place for service of Notice concurrently.

20.          
Financial Information. Guarantor is an entity that files a Form 10-K report with the Securities and Exchange Commission.
In lieu of the financial reporting requirements in Section 5.1 of the Loan Agreement, Guarantor shall provide to Lender within
one hundred twenty (120) days after the end of each of Guarantor’s fiscal years, Guarantor’s Form 10-K report filed
with the Securities and Exchange Commission. Provided the Guarantor’s Form 10-K is filed timely and is available for viewing
on a web site maintained by the Securities and Exchange Commission, then Guarantor will have been deemed to satisfy this reporting
requirement. Notwithstanding the foregoing, Guarantor shall at all times be responsible for delivering such Form 10-K report to
Lender within said 120 day time period whether as an electronic file or as a hyperlink to an electronic file. .

21.          
Joint and Several Obligations. To the extent from time to time that more than one party may guaranty some or all
of the Guaranteed Obligations, such obligation and the obligations of Guarantor hereunder shall be joint and several. It is agreed
that Guarantor’s liability hereunder is joint and several and is independent of any other guaranties at any time in effect
with respect to all or any part of the Indebtedness and that Guarantor’s liability hereunder may be enforced regardless of
the existence of any such other guaranties.

22.          
Dissolution of Guarantor. In the event of dissolution of Guarantor, Bank shall have the right to accelerate the Indebtedness
unless replaced by a guarantor acceptable to Bank, in its sole discretion, within sixty (60) days.

23.          
Time is of the Essence. Time is of the essence of this Guaranty as to the performance of Guarantor and Borrower.

    8 

     

    

24.          
Counterparts. This Guaranty may be executed in two or more counterparts, each of which shall be deemed an original
and all of which taken together shall constitute one and the same instrument.

 

[SIGNATURE PAGE FOLLOWS]

 

    9 

     

    

IN WITNESS WHEREOF,
Guarantor has executed this Guaranty as of the date first above written.

 

GUARANTOR:

 

INLAND RESIDENTIAL PROPERTIES TRUST, INC., 

a Maryland corporation

 

 

By:          /s/ David Z. Lichterman

Name:    David Z. Lichterman

Its:          Vice President, Treasurer and Chief
Accounting Officer

 

 

 

State of Illinois           }

DuPage County         }

 

I, Susan Metzler,
a Notary Public in and for said County in said State, hereby certify that David Z. Lichterman, whose name as VP, treasurer
& CAO of Inland Residential Properties Trust, Inc., a Maryland corporation, is signed to the foregoing conveyance and who
is known to me, acknowledged before me on this day that, being informed of the contents of the conveyance, he/she, as such officer
and with full authority, executed the same voluntarily for and as the act of said corporation.

 

Given under my
hand this 29 day of September, 2016.

 

/s/ Susan Metzler          

Notary Public

 

My Commission Expires:

05/05/2019

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