LOAN AGREEMENT





                             Dated as of April 8, 2004





                                     Between





                       INLAND WESTERN ST. GEORGE, L.L.C.,

                                   as Borrower





                                       and





                             BANK OF AMERICA, N.A.,

                                    as Lender



================================================================================



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                                TABLE OF CONTENTS



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ARTICLE 1 DEFINITIONS; PRINCIPLES OF CONSTRUCTION .............................................................. 1

   Section 1.1.        Definitions ............................................................................. 1

   Section 1.2.        Principles of Construction ..............................................................11



ARTICLE 2 GENERAL TERMS ........................................................................................11

   Section 2.1.        The Loan ................................................................................11

   Section 2.2.        Disbursement to Borrower ................................................................11

   Section 2.3.        The Note, Deed of Trust and Loan Documents ..............................................11

   Section 2.4.        Loan Payments ...........................................................................11

   Section 2.5.        Loan Prepayments ........................................................................11



ARTICLE 3 CONDITIONS PRECEDENT .................................................................................11

   Section 3.1.        Conditions Precedent ....................................................................11



ARTICLE 4 REPRESENTATIONS AND WARRANTIES .......................................................................12

   Section 4.1.        Organization ............................................................................12

   Section 4.2.        Status of Borrower ......................................................................12

   Section 4.3.        Validity of Documents ...................................................................12

   Section 4.4.        No Conflicts ............................................................................13

   Section 4.5.        Litigation ..............................................................................13

   Section 4.6.        Agreements ..............................................................................13

   Section 4.7.        Solvency ................................................................................13

   Section 4.8.        Full and Accurate Disclosure ............................................................14

   Section 4.9.        No Plan Assets ..........................................................................14

   Section 4.10.       Not a Foreign Person ....................................................................14

   Section 4.11.       Enforceability ..........................................................................14

   Section 4.12.       Business Purposes .......................................................................15

   Section 4.13.       Compliance ..............................................................................15

   Section 4.14.       Financial Information ...................................................................15

   Section 4 15.       Condemnation ............................................................................15

   Section 4.16.       Utilities and Public Access; Parking ....................................................15

   Section 4.17.       Separate Lots ...........................................................................16

   Section 4.18.       Assessments .............................................................................16

   Section 4.19.       Insurance ...............................................................................16

   Section 4.20.       Use of Property .........................................................................16

   Section 4.21.       Certificate of Occupancy; Licenses ......................................................16

   Section 4.22.       Flood Zone ..............................................................................16

   Section 4.23.       Physical Condition ......................................................................17

   Section 4.24.       Boundaries ..............................................................................17

   Section 4.25.       Leases and Rent Roll ....................................................................17

   Section 4.26.       Filing and Recording Taxes ..............................................................18

   Section 4.27.       Management Agreement ....................................................................18

   Section 4.28.       Illegal Activity ........................................................................18

   Section 4.29.       Construction Expenses ...................................................................18

   Section 4.30.       Personal Property .......................................................................18

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   Section 4.31.       Taxes ...................................................................................19

   Section 4.32.       Permitted Encumbrances ..................................................................19

   Section 4.33.       Federal Reserve Regulations .............................................................19

   Section 4.34.       Investment Company Act ..................................................................19

   Section 4.35.       Reciprocal Easement Agreements ..........................................................19

   Section 4.36.       No Change in Facts or Circumstances; Disclosure .........................................20

   Section 4.37.       Intellectual Property ...................................................................20

   Section 4.38.       Survival ................................................................................20



ARTICLE 5 BORROWER COVENANTS ...................................................................................21

   Section 5.1.        Existence; Compliance with Legal Requirements ...........................................21

   Section 5.2.        Maintenance and Use of Property .........................................................21

   Section 5.3.        Waste ...................................................................................21

   Section 5.4.        Taxes and Other Charges .................................................................22

   Section 5.5.        Litigation ..............................................................................22

   Section 5.6.        Access to Property ......................................................................23

   Section 5.7.        Notice of Default .......................................................................23

   Section 5.8.        Cooperate in Legal Proceedings ..........................................................23

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