February 24, 2005

Exhibit99.3

 

February24, 2005

 

Mr. G. Joseph Cosenza

Inland Real Estate Acquisitions, Inc.

2901 Butterfield Road

Oak Brook, Illinois 60523

 

Re:                             PropertyAcquisition Agreement, Transition Property Due Diligence Services Agreement and PropertyServices Agreement, between Inland Real Estate Acquisitions, Inc., and InlandRetail Real Estate Trust, Inc.

 

Dear Joe:

 

As you are aware, InlandReal Estate Acquisitions, Inc. (“IREA”) and Inland Retail Real Estate Trust,Inc. (“IRRETI”) have entered into a certain Property Acquisition Agreement and acertain Transition Property Due Diligence Services Agreement, each dated as ofDecember 29, 2004 (collectively and as may be amended from time to time, the “MergerAgreements”).  IREA and IRRETI alsointend to enter into a certain Property Services Agreement on or about the datehereof (as may be amended from time to time, the “Services Agreement”, andtogether with the Merger Agreements, the “Agreements”).  Initially capitalized terms used but notdefined in this letter, but defined in the Agreements, shall have the meaningsgiven to such terms in the Agreements.

 

This letter confirms theagreement of IREA and IRRETI that, notwithstanding anything to the contrarycontained in the Agreements, in no event shall any Negotiation Costs,Negotiation Fee or Due Diligence Fee or any other amounts (other than any ThirdParty Costs and Due Diligence Costs under the Merger Agreements and any ThirdParty Cost Reimbursement under the Services Agreement) be due and payable inconnection with either IREA’s (or any of its clients’) or IRRETI’s acquisitionor pursuit of the acquisition of any of the properties listed on Schedule 1attached hereto and made a part hereof (collectively, the “Properties”).  The Properties contained in Section A ofSchedule 1 attached hereto shall constitute Subject Properties under the ServicesAgreement, and, except to the extent otherwise expressly provided in thisletter, the terms and provisions of the Services Agreement shall apply thereto;provided, however, that IREA agrees and confirms that IRRETI shall not beobligated to perform any Due Diligence Services for any of suchProperties.  The Properties contained inSection B of Schedule 1 attached hereto shall constitute Subject Propertiesunder the Merger Agreements, and, except to the extent otherwise expresslyprovided in this letter, the terms and provisions of the Merger Agreementsshall apply thereto.

 



 

G. Joseph Cosenza

Inland Real Estate Acquisitions, Inc.

February 24, 2005

 

Please confirm IREA’s agreement to the foregoing by signing alloriginals of this letter on the line provided below.  Once executed, please return two (2) fullyexecuted originals to us for our files.

 

If you have any questions orcomments, please feel free to call me.

 

 

Sincerely yours,

 

 

 

INLAND RETAIL REAL ESTATE TRUST, INC.

 

 

 

 

 

/s/ Barry L Lazarus

 

 

Barry L. Lazarus

 

President and CEO

 

 

 

 

ACCEPTED, AGREED AND CONFIRMED

 

this 24th day of February, 2005

 

 

 

INLAND REAL ESTATE ACQUISITIONS, INC.

 

 

 

 

 

By:

 /s/ G. Joseph Consenza

 

 

G. Joseph Cosenza

 

President

 

 

2



 

SCHEDULE1

 

SECTION A

 

1.                           Burlington Crossing, Burlington, Washington

2.                           Four Peaks Plaza, Fountain Hills, Arizona

3.                           Frontier/Three City Centre, Rochester, NewYork

4.                           Gainsville (Vlg Shoppes at), Gainsville,Georgia

5.                           Holliday Town Center, Duncansville (Altoona),Pennsylvania

6.                           Pacheco Pass Phase II, Gilroy, California

7.                           Starwood Wasserman Portfolio

8.                           Town Square Plaza, Pottstown, Pennsylvania

9.                           West Town Markets, Ft. Mill, South Carolina(REIT Loan)

10.                     Low Country Plaza, Bluffton, South Carolina

11.                     Pacheco Pass (Phase I), Gilroy, California(earnout)

12.                     Governors Market Place, Tallahassee, Florida

 

Section B

 

1.                           Birkdale Outlot, Charlotte, North Carolina

2.                           Center Pointe Plaza Phase II, Easley, SouthCarolina

3.                           Circuit City, Dothan, Alabama

4.                           Crossroads Commons, Columbia, South Carolina

5.                           Cypress Trace, Ft. Myers, Florida

6.                           Clearwater Redevelopment, Clearwater, Florida

7.                           Douglasville Vacant Land, Douglas County,Georgia

8.                           Eisenhower Parcel, Macon, Georgia

9.                           Fountains, Plantation, Florida

10.                     Wachovia Parcel, New Tampa, Florida

11.                     Eastside Plaza, Shreveport, Louisiana

12.                     FreeHome Village, FreeHome Comm., Georgia

13.                     Golden Acres (Shoppes at), Newport Richey,Florida

14.                     Harper Hill Commons, Winston-Salem, NorthCarolina

15.                     Lake Mary (Shoppes at), Lake Mary, Florida

16.                     North Hampton Market, Greer, South Carolina

17.                     Oak Summit Phase II Earnout, Winston-Salem,North Carolina

18.                     Wendover (Shoppes at) Phase II, Greensboro,North Carolina

19.                     Newnan Pavilion, Newnan, Georgia (earnout)

20.                     Pavilion at Kings Grant (earnout)

21.                     Southlake (earnout)

22.                     Thomas Enterprises – Hiram Pavilion andFayette I, II and III (all earnouts)