Document:

Form of Advisory Agreement

 EXHIBIT 10.1 
 FORM OF ADVISORY AGREEMENT 
 AMONG 

INDEPENDENCE MORTGAGE TRUST, INC., 
 INDEPENDENCE MORTGAGE TRUST, LP, 
 AND 

INDEPENDENCE MORTGAGE ADVISOR, LLC 

 TABLE OF CONTENTS 

 

					
	 ARTICLE 1—DEFINITIONS
	  			
		
	 ARTICLE 2—APPOINTMENT
	  	 	7	  
		
	 ARTICLE 3—DUTIES OF THE ADVISOR
	  	 	7	  
		
	 3.01 Offering Services
	  	 	7	  
		
	 3.02 Acquisition Services
	  	 	7	  
		
	 3.03 Asset Management Services
	  	 	8	  
		
	 3.04 Accounting and Other Administrative Services
	  	 	8	  
		
	 3.05 Stockholder Services
	  	 	9	  
		
	 3.06 Financing Services
	  	 	9	  
		
	 3.07 Disposition Services
	  	 	10	  
		
	 ARTICLE 4—AUTHORITY OF ADVISOR
	  	 	10	  
		
	 4.01 Powers of the Advisor
	  	 	10	  
		
	 4.02 Approval by the Board
	  	 	10	  
		
	 4.03 Modification or Revocation of Authority of Advisor
	  	 	10	  
		
	 ARTICLE 5—BANK ACCOUNTS
	  	 	10	  
		
	 ARTICLE 6—RECORDS AND ACCESS
	  	 	11	  
		
	 ARTICLE 7—LIMITATION ON ACTIVITIES
	  	 	11	  
		
	 ARTICLE 8—FEES
	  	 	11	  
		
	 8.01 Asset Management Fees
	  	 	11	  
		
	 8.02 Subordinated Share of Cash Flows
	  	 	11	  
		
	 8.03 Subordinated Incentive Fee
	  	 	12	  
		
	 8.04 Changes to Fee Structure
	  	 	12	  
		
	 ARTICLE 9—EXPENSES
	  	 	12	  
		
	 9.01 General
	  	 	12	  
		
	 9.02 Timing of and Additional Limitations on Reimbursements
	  	 	13	  
		
	 ARTICLE 10—OTHER SERVICES
	  	 	14	  
		
	 ARTICLE 11—VOTING AGREEMENT
	  	 	14	  
		
	 ARTICLE 12—RELATIONSHIP OF ADVISOR AND COMPANY; OTHER ACTIVITIES OF THE ADVISOR
	  	 	14	  
		
	 12.01 Relationship
	  	 	14	  
		
	 12.02 Time Commitment
	  	 	15	  
		
	 12.03 Investment Opportunities and Allocation
	  	 	15	  
		
	 ARTICLE 13—THE INDEPENDENCE NAME
	  	 	15	  
		
	 ARTICLE 14—TERM AND TERMINATION OF THE AGREEMENT
	  	 	16	  

  
 i 

					
		
	 14.01 Term
	  	 	16	  
		
	 14.02 Termination by the Parties
	  	 	16	  
		
	 14.03 Payments on Termination and Survival of Certain Rights and Obligations
	  	 	16	  
		
	 ARTICLE 15—ASSIGNMENT
	  	 	17	  
		
	 ARTICLE 16—INDEMNIFICATION AND LIMITATION OF LIABILITY
	  	 	17	  
		
	 16.01 Indemnification
	  	 	17	  
		
	 16.02 Limitation on Indemnification
	  	 	17	  
		
	 16.03 Limitation on Payment of Expenses
	  	 	18	  
		
	 16.04 Indemnification by Advisor
	  	 	18	  
		
	 ARTICLE 17—NON-SOLICITATION
	  	 	18	  
		
	 ARTICLE 18—MISCELLANEOUS
	  	 	18	  
		
	 18.01 Notices
	  	 	18	  
		
	 18.02 Modification
	  	 	19	  
		
	 18.03 Severability
	  	 	19	  
		
	 18.04 Construction
	  	 	19	  
		
	 18.05 Entire Agreement
	  	 	19	  
		
	 18.06 Waiver
	  	 	19	  
		
	 18.07 Gender
	  	 	19	  
		
	 18.08 Titles Not to Affect Interpretation
	  	 	19	  
		
	 18.09 Counterparts
	  	 	19	  

  
 ii 

 ADVISORY AGREEMENT 

THIS ADVISORY AGREEMENT (this “Agreement”), dated as of
                    , 2012, and effective as of the date that the Registration Statement is declared effective by the SEC (the
“Effective Date”), is entered into by and among Independence Mortgage Trust, Inc., a Maryland corporation, Independence Mortgage Trust, LP, a Delaware limited partnership, and Independence Mortgage Advisor, LLC, a Delaware limited
liability company. Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to them in Section 1 below. 
 W I T N E S S E T H 
 WHEREAS, the Company intends to qualify as a REIT,
and to invest its funds in investments permitted by the terms of Sections 856 through 860 of the Code; 
 WHEREAS, the Company
is the general partner of the Operating Partnership and intends to conduct all of its business and make all or substantially all Investments through the Operating Partnership; 
 WHEREAS, the Company and the Operating Partnership desire to avail themselves of the knowledge, experience, sources of information, advice, assistance and certain facilities available to the Advisor and
to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of, the Board, all as provided herein; and 
 WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision of the Board, on the terms and conditions hereinafter set forth. 

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree
as follows: 
 ARTICLE 1 
 DEFINITIONS 
 As used in this Agreement, the following terms shall have the
meanings specified below: 
 Acquisition Expenses means any and all expenses, excluding Acquisition Fees, incurred
by the Company, the Operating Partnership, the Advisor or any of their Affiliates in connection with the selection, evaluation, acquisition, origination or development of any Investments, whether or not acquired or originated, as applicable,
including, without limitation, legal fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on properties or other investments not acquired, accounting fees and expenses, title insurance premiums
and the costs of performing due diligence. 
 Acquisition Fees means all fees and commissions, excluding
Acquisition Expenses, paid by any Person to any Person in connection with the Company or the Operating Partnership making or investing in any Investments or the purchase, development or construction of any Property by the Company. Included in the
computation of such fees or commissions shall be any real estate commission, selection fee, development fee, construction fee, nonrecurring management fee, loan fees or points or any fee of a similar nature, however designated. Excluded shall be
development fees and construction fees paid to Persons not Affiliated with the Advisor in connection with the actual development and construction of a Property. 
 Advisor means (i) Independence Mortgage Advisor, LLC, a Delaware limited liability company, or (ii) any successor advisor to the Company. 

Affiliate or Affiliated means, with respect to any Person, (i) any Person directly or indirectly controlling,
controlled by, or under common control with such other Person; (ii) any Person directly or indirectly owning, controlling, or holding with the power to vote 10.0% or more of the outstanding voting securities of such other

 
Person; (iii) any legal entity for which such Person acts as an executive officer, director, trustee, or general partner; (iv) any Person 10.0% or more of whose outstanding voting
securities are directly or indirectly owned, controlled, or held, with power to vote, by such other Person; and (v) any executive officer, director, trustee, or general partner of such other Person. An entity shall not be deemed to control or
be under common control with a program sponsored by the sponsor of the Company unless (A) the entity owns 10.0% or more of the voting equity interests of such program or (B) a majority of the Board (or equivalent governing body) of such
program is composed of Affiliates of the entity. 
 Agreement has the meaning set forth in the preamble to this
Agreement. 
 Asset Management Fee means the fees payable to the Advisor pursuant to Section 8.02.

 Average Invested Assets means, for a specified period, the average of the aggregate book value of the assets of
the Company invested, directly or indirectly, in Investments before reserves for depreciation or bad debts or other similar non-cash reserves, computed by taking the average of such values at the end of each month during such period. 

Board means the board of directors of the Company, as of any particular time. 

Bylaws mean the bylaws of the Company, as amended from time to time. 

Cash from Financings means, for any period, the net cash proceeds realized by the Company for such period from the
financing of Investments or from the refinancing of any Company indebtedness (after deduction of all expenses incurred in connection therewith). 
 Cash from Sales and Settlements means, for any period, the net cash proceeds realized by the Company for such period from (i) the sale, exchange or other disposition of any of the
Company’s assets or any portion thereof after deduction of all expenses incurred in connection therewith and (ii) the prepayment, maturity, workout or other settlement of any Loan or other Investment or portion thereof after deduction of
all expenses incurred in connection therewith. In the case of a transaction described in clause (C) of the definition of “Sale” and clause (B) of the definition of “Settlement,” Cash from Sales and Settlements means the
proceeds of any such transaction actually distributed to the Company from the Joint Venture. Cash from Sales and Settlements shall not include Cash from Financings. 
 Cash Flows Threshold has the meaning set forth in Section 8.02. 

Cause means, with respect to the termination of this Agreement, fraud, criminal conduct, misconduct, negligence or breach
of fiduciary duty by the Advisor, or a material breach of this Agreement by the Advisor. 
 Charter means the
articles of incorporation of the Company, as amended or restated from time to time. 
 Code means the Internal
Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto,
as interpreted by any applicable regulations as in effect from time to time. 
 Company means Independence
Mortgage Trust, Inc., a corporation organized under the laws of the State of Maryland. 
 Contract Sales Price
means the total consideration received by the Company for the sale of an Investment. 
 Cost of Investments means
the sum of: 
 (i) with respect to Investments wholly owned, directly or indirectly, by the Company, (a) the
amount actually paid or allocated to fund the origination or acquisition of the Investments, inclusive of expenses 

  
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associated with the origination or acquisition of such Investments and the amount of any debt associated with, or used to fund, such Investments, less (b) the amount of any principal repaid
by borrowers with respect to Loans or other debt-related Investments, and 
 (ii) with respect to Investments
held by the Company or the Operating Partnership, directly or indirectly, through any Joint Venture, the portion of (a) the amount actually paid or allocated to fund the origination or acquisition of such Investments, inclusive of expenses
associated with the origination or acquisition of such Investments and expenses of such Joint Venture, plus the amount of any debt associated with, or used to fund, such Investments, less (b) amount of any principal repaid by borrowers with
respect to Loans or other debt-related Investments, that is proportionate to the Company’s investment in such Joint Venture. 
 Dealer Manager means Independence Realty Securities, LLC, a Delaware limited liability company, or such other Person selected by the Board to act as dealer manager for an Offering.

 Director means a member of the board of directors of the Company. 

Distribution means any distributions of money or other property by the Company to Stockholders, including distributions
that may constitute a return of capital for federal income tax purposes. 
 Effective Date has the meaning set
forth in the preamble to this Agreement. 
 Excess Amount has the meaning set forth in Section 9.02.

 Expense Year has the meaning set forth in Section 9.02. 

FINRA means the Financial Industry Regulatory Authority, Inc. 

GAAP means generally accepted accounting principles as in effect in the United States of America from time to time.

 Gross Proceeds means the aggregate purchase price of all Shares sold for the account of the Company through an
Offering, without deduction for Organization and Offering Expenses. 
 Independent Directors has the meaning set
forth in the Charter. 
 Initial Public Offering means the initial public offering of Shares registered on the
Registration Statement. 
 Invested Capital means the amount calculated by multiplying the total number of Shares
purchased by Stockholders by the issue price for such Shares, reduced by any amounts paid by the Company to repurchase Shares pursuant to the Company’s share redemption program. 

Investment means any (i) Loan, (ii) Property, (iii) commercial mortgage-backed securities, or CMBS, or other
commercial real estate-related debt security, and (iv) other investment which the Company or the Operating Partnership may originate or acquire an interest in, either directly or indirectly, including through a Joint Venture, pursuant to the
Charter, Bylaws and the investment objectives and policies adopted by the Board from time to time, other than short-term investments acquired for purposes of cash management. 
 Investment Guidelines means the investment guidelines adopted by the Board, as amended from time to time, pursuant to which the Advisor has the authority, within the limits set forth
therein, to acquire and dispose of Investments for the Company and the Operating Partnership without the prior approval of the Board. 
 Joint Venture means any joint venture, limited liability company, partnership or other entity pursuant to which the Company or the Operating Partnership is, directly or indirectly, a
co-venturer or partner with respect to the ownership of any Investments. 

  
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 Listing means the listing of the Shares on a national securities exchange.
Upon such Listing, the Shares shall be deemed “Listed.” 
 Loans means mortgage loans and other types of
debt financing investments originated or acquired by the Company or the Operating Partnership, either directly or indirectly, including through ownership interests in a Joint Venture, including, without limitation, first and second mortgage loans,
mezzanine loans, subordinated mortgage loans, or “B-notes,” bridge or transitional loans, construction mortgage loans and equity participations in such loans. 
 NASAA REIT Guidelines means the Statement of Policy Regarding Real Estate Investment Trusts published by the North American Securities Administrators Association as in effect on the
Effective Date. 
 Net Income means, for any period, the Company’s total revenues applicable to such period,
less the total expenses applicable to such period excluding additions to reserves for depreciation, bad debts or other similar non-cash reserves; provided, however, Net Income for purposes of calculating total allowable Operating Expenses (as
defined herein) shall exclude the gain from the sale of the Company’s assets. 
 Offering means any offering
of Shares that is registered with the SEC, excluding Shares offered under any employee benefit plan. 
 Operating Cash
Flow means, for any period, Operating Revenue Cash Flows for such period minus the sum of (i) Operating Expenses, (ii) all principal and interest payments on indebtedness and other sums paid to lenders, (iii) the expenses of
raising capital such as Organization and Offering Expenses, (iv) taxes, (v) incentive fees paid in compliance with Section IV.F. of the NASAA Guidelines and (vi) Acquisition Fees, Acquisition Expenses, real estate commissions on the
resale of real property, and other expenses connected with the acquisition, disposition and ownership of Investments (other than commissions on the sale of assets other than real property) for such period. 

Operating Expenses means all costs and expenses paid or incurred by the Company, as determined under GAAP, that in any way
are related to the operation of the Company or its business, including fees paid to the Advisor, but excluding (i) the expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage,
listing, registration, and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer, registration and Listing of the Shares, (ii) interest payments, (iii) taxes,
(iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees paid in compliance with the NASAA REIT Guidelines, (vi) Acquisition Fees, origination fees, Acquisition Expenses, real estate
commissions on the resale of real property and other fees and expenses connected with the acquisition, financing, disposition, management and ownership of real estate interests, loans or other property (other than commissions on the sale of assets
other than real property), including the costs of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property. The definition of “Operating Expenses” set forth above is intended to encompass only those
expenses which are required to be treated as “Total Operating Expenses” under the NASAA REIT Guidelines. As a result, and notwithstanding the definition set forth above, any expense of the Company which is not part of Total Operating
Expenses under the NASAA REIT Guidelines shall not be treated as part of “Operating Expenses” for purposes hereof. 

Operating Partnership means Independence Mortgage Trust, LP, a Delaware limited partnership. 

Operating Partnership Agreement means the limited partnership agreement by and among the Company, the Advisor and
Independence Mortgage Trust OP Holder, LLC. 
 Operating Revenue Cash Flows means, for any period, the
Company’s cash flow for such period from ownership and/or operation of (i) Investments and (ii) short-term investments. 

  
 4 

 Operator means an entity that has been retained to perform and carry out
property management services at one or more Properties, excluding persons, entities or independent contractors retained or hired to perform facility management or other services or tasks at a particular Property, the costs for which are passed
through to and ultimately paid by the tenant at such Property. 
 Organization and Offering Expenses means any and
all costs and expenses incurred by or on behalf of the Company and to be paid from the assets of the Company in connection with the formation of the Company and the qualification and registration of an Offering, and the marketing and distribution of
Shares, including, without limitation, total underwriting and brokerage discounts and commissions (including fees of the underwriters’ attorneys), expenses for printing, engraving and amending registration statements or supplementing
prospectuses, mailing and distributing costs, salaries of employees while engaged in sales activity, telephone and other telecommunications costs, all advertising and marketing expenses, charges of transfer agents, registrars, trustees, escrow
holders, depositories and experts and expenses related to the filing, registration and qualification of the sale of the Shares under federal and state laws, including taxes, fees and accountants’ and attorneys’ fees. 

Person means an individual, corporation, partnership, estate, trust (including a trust qualified under Section 401(a)
or 501(c) (17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of
the Code, joint stock company or other entity, or any government or any agency or political subdivision thereof, and also includes a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended.

 Property means any real property or properties owned by the Company or the Operating Partnership, either
directly or indirectly, including through ownership interests in a Joint Venture. 
 Registration Statement means
the registration statement filed by the Company with the SEC on Form S-11 (Reg. No. 333-                ), as amended from time to time, in connection with
the Initial Public Offering. 
 REIT means a “real estate investment trust” under Sections 856 through
860 of the Code. 
 Sale means any transaction or series of transactions whereby: (A) the Company or the
Operating Partnership sells, grants, transfers, conveys, or relinquishes its ownership of any Investment or portion thereof, including the transfer of any Property that is the subject of a ground lease, including any event with respect to any
Investment that gives rise to a significant amount of insurance proceeds or condemnation awards, and including the issuance by one of the Company’s subsidiaries of any asset-backed securities or collateralized debt obligations as part of a
securitization transaction; (B) the Company or the Operating Partnership sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Company or the Operating Partnership in any Joint
Venture in which it is a partner; or (C) any Joint Venture in which the Company or the Operating Partnership is a co-venturer or partner, sells, grants, transfers, conveys, or relinquishes its ownership of any Investment or portion thereof,
including any event with respect to any Investment that gives rise to insurance claims or condemnation awards, and including the issuance by such Joint Venture or one of its subsidiaries of any asset-backed securities or collateralized debt
obligations as part of a securitization transaction. 
 SEC means the United States Securities and Exchange
Commission. 
 Securities means any Shares, any other stock, shares or other evidences of equity or beneficial or
other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any
certificates of interest, shares or participations in, temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to, purchase or acquire, any of the foregoing. 

  
 5 

 Settlement means the prepayment, maturity, workout or other settlement of any
Loan or other Investment or portion thereof owned, directly or indirectly, by (A) the Company or the Operating Partnership or (B) any Joint Venture in which the Company or the Operating Partnership is, directly or indirectly, a partner;
provided, however, that the term “Settlement” shall not include any transaction or series of transactions specified in clause (A) or (B) above in which the proceeds of such prepayment, maturity, workout or other settlement are
reinvested in one or more Investments within 180 days thereafter. 
 Shares means shares of common stock of the
Company, par value $.01 per share. 
 Stockholders mean the registered holders of the Shares. 

Stockholders’ 8.0% Return means, as of any date, an aggregate amount equal to an 8.0% cumulative, non-compounded,
annual return on Invested Capital (calculated like simple interest on a daily basis based on a three hundred sixty-five (365) day year); provided, however, that for purposes of calculating the Stockholders’ 8.0% Return, Invested Capital
shall be determined on a daily basis net of Distributions attributable to Cash from Sales and Settlements which constitute a return of capital. 
 Subordinated Incentive Fee has the meaning set forth in Section 8.03. 
 Subordinated Incentive Fee Due Upon Termination means a fee payable, at the election of the Advisor, in the form of either (i) a non-interest bearing promissory note (the
“Performance Fee Note”) in a principal amount equal to (1) 15.0% of the amount, if any, by which (a) the fair market value of all Loans and other Investments at the Termination Date, less the amount of all indebtedness related to
such Loans and other Investments, plus total Distributions (excluding any stock dividend) through the Termination Date exceeds (b) the sum of Invested Capital plus total Distributions required to be made to the stockholders in order to pay the
Stockholders’ 8.0% Return from inception through the Termination Date (the amount calculated under clause (b) is the “Termination Fee Threshold”), less (2) any prior payment to the Advisor of a Subordinated Share of Cash
Flows, or (ii) Shares with an aggregate value equal to the principal amount calculated pursuant to clause (i) above, based upon a per Share value equal to the fair market value for the Shares as determined by the Board based upon the fair
market value of all Loans and other Investments on the date of election. If the Advisor elects to receive a Performance Fee Note, the Company shall repay the Performance Fee Note at such time as the Company completes the first Sale or Settlement
after the Termination Date using Cash from Sales and Settlements. If the Cash from Sales and Settlements from the first Sale or Settlement after the Termination Date is insufficient to pay the Performance Fee Note in full, then the Performance Fee
Note shall be paid in part from the Cash from Sales and Settlements from the first Sale or Settlement, and in part from the Cash from Sales and Settlements from each successive Sale or Settlement until the Performance Fee Note is repaid in full. If
the Performance Fee Note has not been paid in full within one year from the Termination Date, then the Advisor, its successors or assigns, may elect to convert the balance of the Performance Fee Note at any time upon notice to the Company into
Shares at a price per Share equal to the average closing price of the Shares over the ten trading days immediately preceding the date of such election if the Shares are Listed at such time. If the Shares are not Listed at such time, the Advisor, its
successors or assigns, may elect to convert the balance of the Performance Fee Note into Shares at a price per Share equal to the fair market value for the Shares as determined by the Board based upon the fair market value of all Loans and other
Investments on the date of election. 
 Subordinated Incentive Fee Threshold has the meaning set forth in
Section 8.03. 
 Subordinated Share of Cash Flows has the meaning set forth in Section 8.02. 

Termination Date means the effective date of termination of the Agreement determined in accordance with Article 15 hereof.

 Termination Fee Threshold has the meaning set forth in the definition of “Subordinated Incentive Fee Due
Upon Termination.” 

  
 6 

 2%/25% Guidelines has the meaning set forth in Section 9.02. 

ARTICLE 2 

APPOINTMENT 
 The Company and the Operating Partnership hereby appoint the Advisor to serve as their advisor and asset manager on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts
such appointment. 
 ARTICLE 3 
 DUTIES OF THE ADVISOR 
 The Advisor is responsible for managing, operating,
directing and supervising the operations and administration of the Company and its assets. The Advisor undertakes to use its commercially reasonable efforts to present to the Company and the Operating Partnership potential investment
opportunities, to make investment decisions on behalf of the Company subject to the limitations in the Charter, the direction and oversight of the Board and Section 4.03 hereof, and to provide the Company with a continuing and suitable
investment program consistent with the investment objectives and policies of the Company as determined and adopted from time to time by the Board. Subject to the limitations set forth in this Agreement, including Article 4 hereof, and the
continuing and exclusive authority of the Board over the management of the Company, the Advisor shall, either directly or by engaging an Affiliate or third party, perform the duties described below. 

3.01 Offering Services. The Advisor shall manage and supervise: 

(i) Development of the Initial Public Offering and any subsequent Offering approved by the Board, including the
determination of the specific terms of the Securities to be offered by the Company, preparation of all offering and related documents, and obtaining all required regulatory approvals of such documents; 

(ii) Along with the Dealer Manager, approval of the participating broker-dealers and negotiation of the related selling
agreements; 
 (iii) Coordination of the due diligence process relating to participating broker-dealers and their
review of the Registration Statement and other Offering and Company documents; 
 (iv) Preparation and approval
of all marketing materials contemplated to be used by the Dealer Manager or others relating to any Offering; 

(v) Along with the Dealer Manager, negotiation and coordination with the transfer agent for the receipt, collection,
processing and acceptance of subscription agreements, commissions, and other administrative support functions; 

(vi) Creation and implementation of various technology and electronic communications related to any Offering; and

 (vii) All other services related to any Offering, other than services that (a) are to be performed by the
Dealer Manager, (b) the Company elects to perform directly or (c) would require the Advisor to register as a broker-dealer with the SEC, FINRA or any blue sky jurisdiction. 

3.02 Acquisition Services. 
 The Advisor shall: 
 (i) Serve as the Company’s investment and
financial advisor and obtain certain market research and economic and statistical data in connection with prospective Investments and investment objectives and policies; 

  
 7 

 (ii) Subject to Article 4 hereof and the investment objectives and
policies of the Company: (a) to the extent within the Advisor’s authority as set forth in the Investment Guidelines, identify, analyze, negotiate and complete acquisitions and dispositions of Investments; (b) to the extent outside the
Advisor’s authority as set forth in the Investment Guidelines, identify, analyze and recommend acquisitions and dispositions of Investments to the Board and negotiate and complete such transactions on behalf of the Company and the Operating
Partnership in accordance with the direction of the Board; and (c) structure and negotiate the terms and conditions of transactions pursuant to which the Investments will be made; 

(iii) Oversee the due diligence process related to prospective Investments; 

(iv) Prepare reports regarding prospective Investments which include recommendations and supporting documentation
necessary for the Board to evaluate such prospective Investments; and 
 (v) Obtain reports (which may be
prepared by the Advisor or its Affiliates), where appropriate, concerning the value of prospective Investments. 
 3.03 Asset
Management Services. 
 The Advisor shall: 

(i) Investigate, select, and, on behalf of the Company, engage and conduct business with, such Persons as the Advisor
deems necessary to the proper performance of its obligations hereunder, including but not limited to consultants, accountants, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries,
custodians, agents for collection, insurers, insurance agents, developers, construction companies, Operators and any and all Persons acting in any other capacity deemed by the Advisor necessary or desirable for the performance of any of the
foregoing services; 
 (ii) Monitor applicable markets and obtain reports (which may be prepared by the Advisor
or its Affiliates) where appropriate, concerning the value of Investments; 
 (iii) Monitor and evaluate the
performance of Investments, provide daily management services to the Company and perform and supervise the various management and operational functions related to Investments; 

(iv) Formulate and oversee the implementation of strategies for the administration, promotion, management, operation,
maintenance, improvement, financing and refinancing, marketing, leasing and disposition of Investments on an overall portfolio basis; 
 (v) Oversee the performance by the Operators of their duties, including collection and proper deposit of rental payments and payment of Property expenses and maintenance; 

(vi) Conduct periodic on-site property visits to some or all (as the Advisor deems reasonably necessary) of the Properties
to inspect the physical condition of the Properties and to evaluate the performance of the Operators; 
 (vii)
Review, analyze and comment upon the operating budgets, capital budgets and leasing plans prepared and submitted by each Operator and aggregate these property budgets into the Company’s overall budget; 

(viii) Coordinate and manage relationships between the Company and any Joint Venture partners; and 

(ix) Provide financial and operational planning services and investment portfolio management functions. 

3.04 Accounting and Other Administrative Services. 
 The Advisor shall: 
 (i) Manage and perform the various
administrative functions necessary for the management of the day-to-day operations of the Company; 

  
 8 

 (ii) From time-to-time, or at any time reasonably requested by the Board,
make reports to the Board on the Advisor’s performance of services to the Company under this Agreement; 

(iii) Coordinate with the Company’s independent accountants and auditors to prepare and deliver to the Company’s
audit committee an annual report covering the Advisor’s compliance with certain material aspects of this Agreement; 
 (iv) Provide or arrange for administrative services, legal services, office space, office furnishings, personnel and other overhead items necessary and incidental to the Company’s business and
operations; 
 (v) Provide financial and operational planning services and portfolio management functions;

 (vi) Maintain accounting data and any other information concerning the activities of the Company as shall be
needed to prepare and file all periodic financial reports and returns required to be filed with the SEC and any other regulatory agency, including annual financial statements; 

(vii) Oversee tax and compliance services and risk management services and coordinate with appropriate third parties,
including independent accountants and other consultants, on related tax matters; 
 (viii) Supervise the
performance of such ministerial and administrative functions as may be necessary in connection with the daily operations of the Company; 
 (ix) Provide the Company with all necessary cash management services; 
 (x) Manage and coordinate with the transfer agent the distribution process and payments to Stockholders; 
 (xi) Consult with the officers of the Company and the Board and assist in evaluating and obtaining adequate insurance coverage based upon risk management determinations; 

(xii) Provide the officers of the Company and the Board with timely updates related to the overall regulatory environment
affecting the Company, as well as managing compliance with such matters; 
 (xiii) Consult with the officers of
the Company and the Board relating to the Company’s corporate governance structure and appropriate policies and procedures related thereto; and 
 (xiv) Oversee all reporting, record keeping, internal controls and similar matters in a manner to allow the Company to comply with applicable law including the Sarbanes-Oxley Act of 2002. 

3.05 Stockholder Services. 
 The Advisor shall: 
 (i) Manage communications with Stockholders,
including answering phone calls, preparing and sending written and electronic reports and other communications; and 
 (ii) Establish technology infrastructure to assist in providing Stockholder support and service. 
 3.06 Financing Services. 
 The Advisor shall: 

(i) Identify and evaluate potential financing and refinancing sources and engage third-party brokers if necessary;

 (ii) Negotiate the terms of, arrange and execute financing agreements; 

(ii) Manage relationships between the Company and its lenders; and 

(iv) Monitor and oversee the service of the Company’s debt facilities and other financings. 

  
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 3.07 Disposition Services. 

The Advisor shall: 
 (i) Consult with the Board and provide assistance with the evaluation and approval of potential asset dispositions, sales or other liquidity events; and 

(ii) Structure and negotiate the terms and conditions of transactions pursuant to which Investments may be sold.

 ARTICLE 4 
 AUTHORITY OF ADVISOR 
 4.01 Powers of the Advisor. Subject to
the express limitations set forth in this Agreement and the continuing and exclusive authority of the Board over the management of the Company, the power to direct the management, operation and policies of the Company, including making, financing
and disposing of Investments, and the performance of those services described in Article 3 hereof, shall be vested in the Advisor, which shall have the power by itself and shall be authorized and empowered on behalf and in the name of the Company to
carry out any and all of the objectives and purposes of the Company and to perform all acts and enter into and perform all contracts and other undertakings that it may in its sole discretion deem necessary, advisable or incidental thereto to perform
its obligations under this Agreement. The Advisor shall have the power to delegate all or any part of its rights and powers to manage and control the business and affairs of the Company to such officers, employees, Affiliates, agents and
representatives of the Advisor or the Company as it may deem appropriate. Any authority delegated by the Advisor to any other Person shall be subject to the limitations on the rights and powers of the Advisor specifically set forth in this Agreement
and the Charter. Notwithstanding the foregoing, any origination, acquisition or disposition of an Investment that the Advisor does not have the authority to execute without the prior approval of the Board pursuant to the Investment Guidelines will
require the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case may be. 
 4.02 Approval by the Board. Notwithstanding the foregoing, the Advisor may not take any action on behalf of the Company without the prior approval of the Board or duly authorized committees
thereof if the Charter or Maryland General Corporation Law require the prior approval of the Board. If the Board or a committee of the Board must approve a proposed transaction, or chooses to do so, the Advisor will deliver to the Board or the
appropriate committee of the Board, as applicable, all documents required by the Board or such committee thereof to evaluate such transaction. 
 4.03 Modification or Revocation of Authority of Advisor. The Board may, at any time upon the giving of notice to the Advisor, modify or revoke the authority or approvals set forth in Article 3
hereof and this Article 4; provided, however, that such modification or revocation shall be effective upon receipt thereof by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed the Company prior to
the date of receipt by the Advisor of such modification or revocation. 
 ARTICLE 5 

BANK ACCOUNTS 
 The Advisor may establish and maintain one or more bank accounts in the name of the Company and the Operating Partnership and may collect and deposit into any such account or accounts, and disburse from
any such account or accounts, any money on behalf of the Company or the Operating Partnership, under such terms and conditions as the Board may approve, provided that no funds shall be commingled with the funds of the Advisor. The Advisor shall
from time to time render appropriate accountings of such collections and payments to the Board and the independent auditors of the Company. 

  
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 ARTICLE 6 
 RECORDS AND ACCESS 
 The Advisor, in the conduct of its responsibilities to
the Company, shall maintain adequate and separate books and records for the Company’s operations in accordance with GAAP, which shall be supported by sufficient documentation to ascertain that such books and records are properly and accurately
recorded. Such books and records shall be the property of the Company and shall be available for inspection by the Board and by counsel, auditors and other authorized agents of the Company, at any time or from time to time during normal business
hours. The Advisor shall at all reasonable times have access to the books and records of the Company and the Operating Partnership. 
 ARTICLE 7 
 LIMITATION ON ACTIVITIES 

Notwithstanding any provision in this Agreement to the contrary, the Advisor shall not take any action that, in its sole judgment made in
good faith, would (i) adversely affect the ability of the Company to qualify or continue to qualify as a REIT under the Code unless the Board has determined that the Company will not seek or maintain REIT qualification for the Company,
(ii) subject the Company to regulation under the Investment Company Act of 1940, as amended, (iii) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Shares
or any other Securities, (iv) require the Advisor to register as a broker-dealer with the SEC or any state, or (v) violate the Charter or Bylaws. In the event that an action which would violate (i) through (v) of the preceding
sentence has been ordered by the Board, the Advisor shall notify the Board of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions
regarding such action from the Board. In such event, the Advisor shall have no liability for acting in accordance with the specific instructions of the Board so given. 
 ARTICLE 8 
 FEES 

8.01 Asset Management Fees. The Company shall pay the Advisor, as compensation for the services described in
Section 3.03 hereof, a monthly Asset Management Fee in an amount equal to one-twelfth of 1.25% of the sum of the Cost of Investments, as of the end of the preceding month. The Advisor shall submit a monthly invoice to the Company, accompanied
by a computation of the Asset Management Fee for the applicable period. Generally, the Asset Management Fee payable to the Advisor shall be paid by the Company upon the Company’s receipt of such invoice. Payment of the Asset Management Fee may
be deferred, in whole or in part, as to any month in the sole discretion of the Advisor. Any such deferred Asset Management Fees shall be paid to the Advisor without interest at such subsequent date as the Advisor shall request. 

8.02 Subordinated Share of Cash Flows. After the Stockholders have received Distributions in an aggregate amount equal to the sum
of: (i) the Stockholders’ 8.0% Return and (ii) Invested Capital (the “Cash Flows Threshold”), the Advisor shall be entitled to receive, on an on-going basis following the satisfaction of the Cash Flows Threshold, an amount
equal to 15.0% of the sum of Operating Cash Flows, Cash from Financings and Cash from Sales and Settlements (such amount the “Subordinated Share of Cash Flows”). 
 When determining whether the Cash Flows Threshold has been met: 
 (i) Any stock
dividend shall not be included as a Distribution; and 
 (ii) Distributions paid on Shares redeemed by the Company (and thus no
longer included in the determination of Invested Capital), shall not be included as a Distribution. 

  
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 Following Listing, no Subordinated Share of Cash Flows will be paid to the Advisor.

 If the Subordinated Share of Cash Flows is payable to the Advisor, the Advisor shall submit a monthly invoice to the Company,
accompanied by a computation of the total amount of the Subordinated Share of Cash Flows payable to the Advisor for the applicable month. Generally, the Subordinated Share of Cash Flows payable to the Advisor shall be paid by the Company upon the
Company’s receipt of such invoice from the Advisor. The Subordinated Share of Cash Flows may or may not be taken, in whole or in part, as to any month or other period in the sole discretion of the Advisor. All or any portion of the Subordinated
Share of Cash Flows not taken as to any month shall be deferred without interest and may be paid at such subsequent date as the Advisor shall request. 
 8.03 Subordinated Incentive Fee. Upon Listing, the Advisor shall be entitled to a fee (the “Subordinated Incentive Fee”) in an amount equal to 15.0% of the amount by which (i) the
market value of the outstanding Shares, measured by taking the average closing price or the average of the bid and asked price, as the case may be, over a 30-day trading period beginning 180 days after Listing (the “Market Value”), plus
the total of all Distributions paid to Stockholders (excluding any stock dividends) from the Company’s inception until the date that Market Value is determined, exceeds (ii) the sum of (A) 100% of Invested Capital and (B) the
total Distributions required to be paid to the Stockholders in order to pay the Stockholders’ 8.0% Return from inception through the date Market Value is determined (the sum of (A) and (B) is the “Subordinated Incentive Fee
Threshold”). The Company shall have the option to pay such fee in the form of (i) cash or (ii) Shares with an aggregate value equal to the amount of the Subordinated Incentive Fee (based upon the price per Share established by the
Market Value calculation pursuant to clause (i) above), or any combination of the foregoing. The Subordinated Incentive Fee will be reduced by the amount of any prior payment to the Advisor of a Subordinated Share of Cash Flows. In the event
the Subordinated Incentive Fee is paid to the Advisor following Listing, no other performance fee will be paid to the Advisor. The Subordinated Incentive Fee may or may not be taken, in whole or in part, in the sole discretion of the Advisor. All or
any portion of the Subordinated Incentive Fee not taken by the Advisor in its sole discretion shall be deferred without interest and may be paid at such subsequent date as the Advisor shall determine. 

8.04 Changes to Fee Structure. The Advisor and the Company shall not agree to reduce the Cash Flows Threshold, the
Subordinated Incentive Fee Threshold or the Termination Fee Threshold without the approval of Stockholders holding a majority of the Shares. In the event of Listing, the Company and the Advisor shall negotiate in good faith to establish a fee
structure appropriate for a perpetual-life entity. 
 ARTICLE 9 

EXPENSES 

9.01 General. In addition to the compensation paid to the Advisor pursuant to Article 8 hereof, the Company shall pay
directly or reimburse the Advisor for all of the expenses paid or incurred by the Advisor or its Affiliates on behalf of the Company or in connection with the services provided to the Company pursuant to this Agreement, including, but not limited
to: 
 (i) All Organization and Offering Expenses in an amount equal to up to 1.0% of the Gross Proceeds raised
as of the date of the reimbursement; provided, however, that (a) in no event will the Company reimburse the Advisor to the extent such reimbursement would cause the total amount spent by the Company on Organization and Offering Expenses to
exceed 15.0% of the Gross Proceeds raised as of the date of the reimbursement, (b) within 60 days after the end of the month in which an Offering terminates, the Advisor shall reimburse the Company to the extent the Company incurred
Organization and Offering Expenses exceeding 15.0% of the Gross Proceeds raised in the completed Offering, (c) the Company shall not reimburse the Advisor for any Organization and Offering Expenses that the Independent Directors determine are
not fair and commercially reasonable to the Company, and (d) the Company shall not reimburse the Advisor for any individual retirement account custodian fees that the Advisor or its Affiliates pays on behalf of Stockholders; 

  
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 (ii) Acquisition Fees and Acquisition Expenses incurred in connection with
the selection and acquisition of Investments, including such expenses incurred related to assets pursued or considered but not ultimately acquired by the Company, provided that, notwithstanding anything herein to the contrary, the payment of
Acquisition Fees and Acquisition Expenses by the Company shall be subject to the limitations contained in the Charter; 
 (iii) The actual out-of-pocket cost of goods and services used by the Company and obtained from entities not Affiliated with the Advisor; 

(iv) Interest and other costs for borrowed money or securitization transactions, including discounts, points and other
similar fees; 
 (v) Taxes and assessments on income or Properties, taxes as an expense of doing business and any
other taxes otherwise imposed on the Company and its business, assets or income; 
 (vi) Out-of-pocket costs
associated with insurance required in connection with the business of the Company or by its officers and Board; 

(vii) Expenses of managing, improving, developing, operating and selling Investments, as well as expenses of other
transactions relating to such Investments, including but not limited to prepayments, maturities, workouts and other settlements of Loans and other Investments; 
 (viii) All out-of-pocket expenses in connection with payments to the Board and meetings of the Board and Stockholders; 

(ix) Personnel and related employment costs incurred by the Advisor or its Affiliates in performing the services described
in Article 3 hereof, including but not limited to reasonable salaries and wages, benefits and overhead of all employees directly involved in the performance of such services, provided that no reimbursement shall be made for costs of such employees
of the Advisor or its Affiliates to the extent that such employees serve as executive officers of the Company; 

(x) Out-of-pocket expenses of providing services for and maintaining communications with Stockholders, including the
cost of preparation, printing and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 
 (xi) Audit, accounting and legal fees, and other fees for professional services relating to the operations of the Company and all such fees incurred at the request, or on behalf of, the Board or any other
committee of the Board; 
 (xii) Out-of-pocket costs for the Company to comply with all applicable laws,
regulations and ordinances; 
 (xiii) Expenses connected with payments of Distributions made or caused to be made
by the Company to the Stockholders; 
 (xiv) Expenses of organizing, redomesticating, merging, liquidating or
dissolving the Company or of amending the Charter or the Bylaws; and 
 (xv) All other out-of-pocket costs
incurred by the Advisor in performing its duties hereunder. 
 9.02 Timing of and Additional Limitations on Reimbursements. 

(i) Expenses incurred by the Advisor on behalf of the Company and reimbursable pursuant to this Article 9 shall be
reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company during each quarter and shall deliver such statement to the Company within 45 days after the end of each quarter.

 (ii) Notwithstanding anything else in this Article 9 to the contrary, the expenses enumerated in this Article
9 shall not become reimbursable to the Advisor unless and until the Company has raised $2 million in Gross Proceeds from the sale of Shares to Persons not affiliated with the Company or the Advisor in the Initial Public Offering. 

  
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 (iii) Commencing with the end of fourth fiscal quarter following the fiscal
quarter in which the commencement of the Initial Public Offering occurs, the following limitation on Operating Expenses shall apply: the Company shall not reimburse the Advisor at the end of any fiscal quarter for Operating Expenses to the
extent that the aggregate Operating Expenses in the four consecutive fiscal quarters then ended (such period the “Expense Year”) exceed (the amount of any such excess the “Excess Amount”) the greater of (a) 2%
of Average Invested Assets or (b) 25% of Net Income (the “2%/25% Guidelines”) for such Expense Year unless the Independent Directors determine that such Excess Amount was justified, based on unusual and nonrecurring factors
that the Independent Directors deem sufficient. If the Independent Directors do not approve such Excess Amount as being so justified, any Excess Amount paid to the Advisor during the fiscal quarter shall promptly be repaid to the Company by the
Advisor. If the Independent Directors determine such Excess Amount was justified, then, within 60 days after the end of the fiscal quarter, the Advisor, at the direction of the Board, shall cause such fact to be disclosed to the Stockholders in
writing (or the Company shall disclose such fact to the Stockholders in the next quarterly report of the Company or by filing a Current Report on Form 8-K with the SEC within 60 days of such quarter end), together with an explanation of the factors
the Independent Directors considered in determining that such excess expenses were justified. The Company will ensure that such determination will be reflected in the minutes of the meetings of the Board. All figures used in the foregoing
computation shall be determined in accordance with GAAP applied on a consistent basis. 
 ARTICLE 10 

OTHER SERVICES 
 Should (i) the Company or the Operating Partnership request that the Advisor or any manager, officer or employee thereof render services for the Company other than as set forth in this Agreement or
(ii) there be changes to the regulatory environment in which the Advisor or Company operates that would increase significantly the level of services performed such that the costs and expenses borne by the Advisor for which the Advisor is not
entitled to separate reimbursement for personnel and related employment direct costs and overhead under Article 9 of this Agreement would increase significantly, such services shall be separately compensated at such rates and in such amounts as
are agreed upon by the Advisor and the Independent Directors, subject to the limitations contained in the Charter, and shall not be deemed to be services pursuant to the terms of this Agreement. 

ARTICLE 11 

VOTING AGREEMENT 
 Independence Mortgage Advisor, LLC agrees that, with respect to any Shares now or hereinafter owned by it, it will not vote or consent on matters submitted to the Stockholders regarding (i) the
removal of Independence Mortgage Advisor, LLC or any of its Affiliates as the Advisor or (ii) any transaction between the Company and Independence Mortgage Advisor, LLC or any of its Affiliates. This voting restriction shall survive until
such time that Independence Mortgage Advisor, LLC or any of its Affiliates is no longer serving as the Advisor. 
 ARTICLE 12

 RELATIONSHIP OF ADVISOR AND COMPANY; 
 OTHER ACTIVITIES OF THE ADVISOR 
 12.01 Relationship. The
Company and the Advisor are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to make them such partners or joint venturers. Nothing herein contained shall prevent the Advisor from engaging in other
activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or 

  
 14 

 
organized by the Advisor or its Affiliates. Nor shall this Agreement limit or restrict the right of any manager, director, officer, employee or equityholder of the Advisor or its Affiliates to
engage in any other business or to render services of any kind to any other Person. The Advisor may, with respect to any investment in which the Company is a participant, also render advice and service to each and every other participant therein.
The Advisor shall promptly disclose to the Board the existence of any condition or circumstance, existing or anticipated, of which it has knowledge that creates or could create a conflict of interest between the Advisor’s obligations to the
Company and its obligations to or its interest in any other Person. 
 12.02 Time Commitment. The Advisor shall, and
shall cause its Affiliates and their respective employees, officers and agents to, devote to the Company such time as shall be reasonably necessary to conduct the business and affairs of the Company in an appropriate manner consistent with the terms
of this Agreement. The Company acknowledges that the Advisor and its Affiliates and their respective employees, officers and agents may also engage in activities unrelated to the Company and may provide services to Persons other than the Company or
any of its Affiliates. 
 12.03 Investment Opportunities and Allocation. The Advisor shall be required to use
commercially reasonable efforts to present a continuing and suitable investment program to the Company that is consistent with the investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be
obligated generally to present any particular investment opportunity to the Company even if the opportunity is of character that, if presented to the Company, could be taken by the Company. In allocating investment opportunities between the Company
and other investment programs managed or advised by the Advisor or its Affiliates, the Advisor will consider: (i) the anticipated cash flow of the asset to be acquired and the cash requirements of each program; (ii) the investment
objectives and strategy of each program; (iii) the effect of the acquisition on the diversification of the investments of each program; (iv) the policy of each program relating to financial leverage requirements; (v) the income tax
effects of the investment to each program; (vi) the amount of funds available to each program and the length of time such funds have been available for investment; and (vii) any other key facts or circumstances deemed relevant by the
Advisor. 
 In the event that an investment opportunity becomes available that is equally suitable for the Company and one or
more other investment programs managed or advised by the Advisor or its Affiliates, the investment opportunity will be offered to the investment program that has had the longest period of time elapse since it was offered and accepted an investment
opportunity. If a subsequent event or development causes any such investment opportunity, in the opinion of the Advisor, to be more appropriate for another investment program, the Advisor may offer the investment opportunity to another program. If
an investment program or investor rejects a proposed acquisition, the investment opportunity will be offered to another program and the program rejecting the investment opportunity will be treated for future allocations as if it had not made the
investment and will maintain its position as the program that has had the longest period of time elapse since it was offered and accepted an investment opportunity. The Board will determine, at least annually, whether the method for allocating
investment opportunities is applied fairly to the Company. 
 ARTICLE 13 

THE INDEPENDENCE NAME 
 The Advisor and its Affiliates have a proprietary interest in the name “Independence.” The Advisor hereby grants to the Company a non-transferable, non-assignable, non-exclusive
royalty-free right and license to use the name “Independence” during the term of this Agreement. Accordingly, and in recognition of this right, if at any time the Company ceases to retain the Advisor or one of its Affiliates to perform
advisory services for the Company, the Company will, promptly after receipt of written request from the Advisor, cease to conduct business under or use the name “Independence” or any derivative thereof and the Company shall change its name
and the names of any of its subsidiaries to a name that does not contain the name “Independence” or any other word or words that might, in the reasonable discretion of the Advisor, be susceptible of indication of some form

  
 15 

 
of relationship between the Company and the Advisor or any its Affiliates. At such time, the Company will also make any changes to any trademarks, servicemarks or other marks necessary to
remove any references to the word “Independence.” Consistent with the foregoing, it is specifically recognized that the Advisor or one or more of its Affiliates has in the past and may in the future organize, sponsor or otherwise permit to
exist other investment vehicles (including vehicles for investment in real estate loans, real estate-related debt securities and other real estate assets) and financial and service organizations having “Independence” as a part of their
name, all without the need for any consent (and without the right to object thereto) by the Company. 
 ARTICLE 14

 TERM AND TERMINATION OF THE AGREEMENT 
 14.01 Term. This Agreement shall have an initial term of one year from the Effective Date and may be renewed for an unlimited number of successive one-year terms upon mutual consent of the
parties. The Company (acting through the Independent Directors) will evaluate the performance of the Advisor annually before renewing this Agreement, and each such renewal shall be for a term of no more than one year. Any such renewal must be
approved by the Independent Directors. 
 14.02 Termination by the Parties. This Agreement may be terminated:

 (i) immediately by the Company or the Operating Partnership for Cause or upon the bankruptcy of the Advisor;

 (ii) upon 60 days written notice without Cause and without penalty by a majority of the Independent Directors;
or 
 (iii) upon 60 days written notice without penalty by the Advisor. 

The provisions of Article 13, Section 14.03 and Articles 16 through 18 of this Agreement shall survive termination of this
Agreement. 
 14.03 Payments on Termination and Survival of Certain Rights and Obligations. Payments to the Advisor
pursuant to this Section 14.03 shall be subject to the 2%/25% Guidelines to the extent applicable. 
 (i)
After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except that it shall be entitled to receive from the Company or the Operating Partnership within 30 days after the Termination Date
(A) all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to the Termination Date, and (B) the Subordinated Incentive Fee Due Upon Termination, provided that no Subordinated Incentive Fee Due
Upon Termination will be paid if the Company has paid or is obligated to pay the Subordinated Incentive Fee. 

(ii) The Advisor shall promptly upon termination: 

(a) pay over to the Company and the Operating Partnership all money collected and held for the account of the Company and
the Operating Partnership pursuant to this Agreement, if any, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 

(b) deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of
all money held by it, covering the period following the date of the last accounting furnished to the Board; 

(c) deliver to the Board all assets and documents of the Company and the Operating Partnership then in the custody of the
Advisor; and 
 (d) cooperate with the Company to provide an orderly transition of advisory functions.

  
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 ARTICLE 15 
 ASSIGNMENT 
 This Agreement may be assigned by the Advisor to an Affiliate
with the prior approval of a majority of the Board (including a majority of the Independent Directors). The Advisor may assign any rights to receive fees or other payments under this Agreement without obtaining the approval of the Board. This
Agreement shall not be assigned by the Company or the Operating Partnership without the consent of the Advisor, except in the case of an assignment by the Company or the Operating Partnership to a corporation or other organization that is a
successor to all of the assets, rights and obligations of the Company or the Operating Partnership, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company and the
Operating Partnership are bound by this Agreement. Nothing herein shall be deemed to prohibit or otherwise restrict any transfers or additional issuances of equity interests in the Advisor nor shall any such transfer or issuance be deemed an
assignment for purposes of this Article 15. 
 ARTICLE 16 

INDEMNIFICATION AND LIMITATION OF LIABILITY 
 16.01 Indemnification. Except as prohibited by the restrictions provided in this Section 16.01, Section 16.02 and Section 16.03, the Company and the Operating Partnership shall
indemnify, defend and hold harmless the Advisor and its Affiliates, including their respective officers, directors, equity holders, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties
hereunder, and related expenses, including reasonable attorneys’ fees, to the extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance. Any indemnification of the Advisor may be made only out
of the net assets of the Company and not from Stockholders. 
 Notwithstanding the foregoing, the Company shall not indemnify
the Advisor or its Affiliates for any loss, liability or expense arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met: (i) there has been a
successful adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the
particular indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court
considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which securities of the Company were offered or sold as to indemnification for
violations of securities laws. 
 16.02 Limitation on Indemnification. Notwithstanding the foregoing, the Company
and Operating Partnership shall not provide for indemnification of the Advisor or its Affiliates for any liability or loss suffered by any of them, nor shall any of them be held harmless for any loss or liability suffered by the Company, unless all
of the following conditions are met: 
 (i) The Advisor or its Affiliates have determined, in good faith, that
the course of conduct that caused the loss or liability was in the best interests of the Company and the Operating Partnership. 
 (ii) The Advisor or its Affiliates were acting on behalf of or performing services for the Company or the Operating Partnership. 

(iii) Such liability or loss was not the result of negligence or misconduct by the Advisor or its Affiliates. 

(iv) Such indemnification or agreement to hold harmless is recoverable only out of the Company’s net assets and not
from the Stockholders. 

  
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 16.03 Limitation on Payment of Expenses. The Company shall pay or reimburse
reasonable legal expenses and other costs incurred by the Advisor or its Affiliates in advance of the final disposition of a proceeding only if (in addition to the procedures required by the Maryland General Corporation Law, as amended from time to
time) all of the following are satisfied: (i) the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company or the Operating Partnership, (ii) the legal proceeding was initiated
by a third party who is not a Stockholder or by a Stockholder acting in his or her capacity as such and a court of competent jurisdiction specifically approves such advancement and (iii) the Advisor or its Affiliates undertake to repay the
amount paid or reimbursed by the Company or the Operating Partnership, together with the applicable legal rate of interest thereon, if it is ultimately determined that the particular indemnitee is not entitled to indemnification. 

16.04 Indemnification by Advisor. The Advisor shall indemnify and hold harmless the Company and the Operating Partnership from
contract or other liability, claims, damages, taxes or losses and related expenses including attorneys’ fees, to the extent that such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance and are
incurred by reason of the Advisor’s bad faith, fraud, misfeasance, intentional misconduct, negligence or reckless disregard of its duties; provided, however, that the Advisor shall not be held responsible for any action of the Board in
following or declining to follow any advice or recommendation given by the Advisor. 
 ARTICLE 17 

NON-SOLICITATION 
 During the period commencing on the Effective Date and ending one year following the Termination Date, the Company shall not, without the Advisor’s prior written consent, directly or indirectly,
(i) solicit or encourage any person to leave the employment or other service of the Advisor or its Affiliates, or (ii) hire, on behalf of the Company or any other person or entity, any person within the one year period following the
termination of that person’s employment with the Advisor or its Affiliates. During the period commencing on the date hereof through and ending one year following the Termination Date, the Company will not, whether for its own account or for the
account of any other Person, intentionally interfere with the relationship of the Advisor or its Affiliates with, or endeavor to entice away from the Advisor or its Affiliates, any person who during the term of the Agreement is, or during the
preceding one-year period, was a tenant, co-investor, co-developer, joint venturer or other customer of the Advisor or its Affiliates. 
 ARTICLE 18 
 MISCELLANEOUS 

18.01 Notices. Any notice, report or other communication required or permitted to be given hereunder shall be in writing
unless some other method of giving such notice, report or other communication is required by the Charter, the Bylaws or is accepted by the party to whom it is given, and shall be given by being delivered by hand or by overnight mail or other
overnight delivery service to the addresses set forth herein: 
  

			
	To the Board, the Company or the Operating Partnership:	 	 Independence Mortgage Trust, Inc.
 Cira Centre
 2929 Arch Street, 17th Floor

Philadelphia, PA 19104

		
	To the Advisor:	 	 Independence Mortgage Advisor, LLC
 Cira Centre
 2929 Arch Street, 17TH Floor

Philadelphia, PA 19104

  
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 Any party may at any time give notice in writing to the other parties of a change in its
address for the purposes of this Section 18.01. 
 18.02 Modification. This Agreement shall not be changed,
modified, terminated or discharged, in whole or in part, except by an instrument in writing signed by all of the parties hereto, or their respective successors or permitted assigns. 

18.03 Severability. The provisions of this Agreement are independent of and severable from each other, and no provision shall
be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 
 18.04 Construction. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware. 

18.05 Entire Agreement. This Agreement contains the entire agreement and understanding among the parties hereto with respect
to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express
terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing. 

18.06 Waiver. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege
under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall
any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is
signed by the party asserted to have granted such waiver. 
 18.07 Gender. Words used herein regardless of the
number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 

18.08 Titles Not to Affect Interpretation. The titles of Articles and Sections contained in this Agreement are for
convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 
 18.09 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of
which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the
signatories. This Agreement may be executed by facsimile, telecopy or other form of electronic reproduction, and such execution shall be considered valid, binding and effective for all purposes. 

[The remainder of this page is intentionally left blank. 
 Signature page follows] 

  
 19 

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

					
	Independence Mortgage Trust, Inc.
		
	By:	 	 
	Name:  Raphael Licht
	Title:    President
	
	Independence Mortgage Trust, LP
		
	By:	 	 Independence Mortgage Trust, Inc.,
 its General Partner

			
		 	By:	 	 
		 	Name:	 	Raphael Licht
		 	Title:	 	President
	
	Independence Mortgage Advisor, LLC
		
	By:	 	 
	Name:  R. Martel Day
	Title:    President

 Signature Page To Advisory AgreementForm of Escrow Agreement

 EXHIBIT 10.2 
 FORM OF ESCROW AGREEMENT 
 THIS ESCROW AGREEMENT (this
“Agreement”) is made and entered into as of this      day of                     , 201    
by and among Independence Realty Securities, LLC, a Delaware limited liability company (the “Dealer Manager”), Independence Mortgage Trust, Inc., a Maryland corporation (the “Company”), 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 proposes to offer and sell
shares of common stock (“Shares”), on a best-efforts basis, for a minimum amount equal to at least $2.0 million and a maximum amount equal to $1.5 billion of gross offering proceeds (excluding any Shares offered and sold pursuant to
the Company’s distribution reinvestment program), at an initial purchase price of $10.00 per share, subject to certain discounts (the “Offering”) to investors pursuant to the Company’s Registration Statement on Form S-11,
as amended 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 has agreed that the subscription price paid by subscribers for Shares will be refunded to such subscribers if at least $2.0 million of gross offering proceeds has not been
raised from subscribers who are not directors or officers of the Company or affiliated with the Company or the Company’s external advisor (the “Minimum Offering”) by the date which is one year from the date the Offering
Document is declared effective by the U.S. Securities and Exchange Commission (the “SEC”), subject to the minimum offering requirements imposed by certain states (the “Termination Date”). 

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 (the “Escrow Account”), and the Company desires that Escrow Agent act as escrow agent to the Escrow Account and Escrow Agent is willing to act in such capacity. 

WHEREAS, funds received from residents of the State of Pennsylvania (the “Pennsylvania Subscribers”) will remain
in the Escrow Account until the conditions of Section 3 have been satisfied. 
 WHEREAS, the Escrow Agent has
engaged              (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 shall be acting 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 the Processing Agent have any interest other than that provided in this Agreement in assets in Processing Agent’s possession as the agent of the Escrow Agent. 

WHEREAS, in order to subscribe for Shares during the Escrow Period (as defined below), a subscriber must deliver the full amount
of its subscription: (i) by check, draft or money order made payable to the order of “UMB Bank, N.A., as Escrow Agent for Independence Mortgage Trust” in U.S. dollars or (ii) by draft, wire transfer of immediately available funds
or Automated ClearingHouse (ACH) in U.S. dollars. 

 AGREEMENT 
 NOW, THEREFORE, the Dealer Manager, the Company and Escrow Agent agree to the terms of this Agreement as follows: 
 1. Establishment of Escrow Account; Escrow Period. The Company hereby appoints the Escrow Agent for purposes of holding the proceeds from subscriptions for Shares on the terms and conditions set
forth herein. On or prior to the commencement of the offering of Shares pursuant to the Offering Document, the Company shall establish the Escrow Account with the Escrow Agent, which shall be entitled “UMB Bank, N.A., as Escrow Agent for
Independence Mortgage Trust.” This Agreement shall be effective on the date on which the Offering Document is declared effective by the SEC. The escrow period shall commence upon the effectiveness of this Agreement and shall continue until the
earlier of (i) the date upon which the Escrow Agent receives confirmation from the Company that the Company has raised the Pennsylvania Minimum (as defined below), (ii) the Termination Date, or (iii) the termination of the Offering by
the Company prior to the receipt of the Minimum Offering (the period from the effectiveness of this Agreement to the earlier of any of the foregoing is referred to as the “Escrow Period”). 

2. Operation of the Escrow. 
 (a) Deposits in the Escrow Account. During the Escrow Period, persons subscribing to purchase Shares will be instructed to make checks, drafts, wires, Automated Clearing House (ACH) or money orders
(“Instruments of Payment”) for subscriptions payable to the order of “UMB Bank, N.A., as Escrow Agent for Independence Mortgage Trust” Completed subscription agreements and Instruments of Payment for the purchase price
shall be remitted to the address designated for the receipt of such agreements and Instruments of Payment. Any Instruments of Payment made payable to a party other than the Escrow Agent shall be returned to the Dealer Manager or the Dealer who
submitted such Instrument of Payment. When the Dealer’s internal supervisory procedures are conducted at the site at which the Instruments of Payment and the Subscription Materials (as defined below) are initially received by the Dealer, by the
end of the next business day after receipt of any Instruments of Payment and Subscription Materials, the Dealer will send to the Escrow Agent such Instruments of Payment along with each Subscriber’s name, address, executed IRS Form W-9, number
of Shares purchased and purchase price remitted and any other subscription documentation (the “Subscription Materials”). When the Dealer’s internal supervisory procedures are conducted at a different location (the
“Final Review Office”), the Dealer shall transmit the Instruments of Payment and the Subscription Materials to the Final Review Office by the end of the next business day after receipt of any Instruments of Payment and Subscription
Materials; the Final Review Office will, by the end of the next business day following its receipt of the Instruments of Payment and the Subscription Materials, forward the Instruments of Payment and the Subscription Materials to the Escrow Agent.
To the extent that subscription agreements and payments are remitted by the Processing Agent, the Company, the Dealer Manager or a Dealer, the Processing Agent, the Company, the Dealer Manager or a Dealer, as applicable, will furnish to the Escrow
Agent a list detailing information regarding such subscriptions as set forth in Exhibit B. The Processing Agent will promptly deliver all monies received in good order from subscribers (or from the Company, the Dealer Manager or Dealers
transmitting monies and subscriptions from subscribers) for the payment of Shares to the Escrow Agent for deposit in the Escrow Account. Deposits shall be held in the Escrow Account until such funds are disbursed in accordance with
Section 2 or 3, as applicable. Prior to disbursement of the funds deposited in the Escrow Account, such 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 receipt of the Break Escrow Certificate (as defined below), the Escrow Agent shall promptly notify the Processing Agent and the Company in writing via mail, email or facsimile of such
nonpayment, and the Escrow Agent is authorized to debit the Escrow Account, as applicable, in the amount of such returned payment as well as any interest earned on the amount of such payment and the Processing Agent shall 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 

  
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number of Shares purchased by such subscriber, and (iii) the amount paid by such subscriber for such Shares. During the Escrow Period, neither the Company nor the Dealer Manager will be
entitled to any funds received into the Escrow Account. 
 (b) Distribution of the Escrowed Funds. If at any time on or
prior to the Termination Date, the Minimum Offering has been raised, the Escrow Agent shall notify the Company and the Dealer Manager. The funds in the Escrow Account shall remain in the Escrow Account until the Escrow Agent receives the Break
Escrow Certificate from the Company. Thereafter, the Company shall instruct the Escrow Agent to deliver the amount of such escrowed funds as the Company shall direct (other than any funds received from Pennsylvania Subscribers, which cannot be
released until the conditions of Section 3 have been met); provided, however, that the Escrow Agent shall not disburse those funds of a subscriber whose subscription has been rejected or rescinded of which the Escrow Agent
has been notified by the Company, or otherwise in accordance with the Company’s written request. An officer’s certificate from an officer of the Company to the Escrow Agent stating that the Minimum Offering has been timely raised shall
constitute sufficient evidence for the purpose of this Agreement that such event has occurred (the “Break Escrow Certificate”). The Break Escrow Certificate shall indicate (i) the date on which the Minimum Offering was raised
and (ii) the actual total number of Shares sold as of such date. 
 (c) If the Escrow Agent has not received a Break Escrow
Certificate on or prior to the Termination Date, the Processing Agent shall provide the Escrow Agent the information needed to return the amount of the funds in the Escrow Account, together with any interest thereon and without deduction for penalty
or expense, to each respective subscriber, and the Escrow Agent shall promptly create and dispatch checks and wires drawn on the Escrow Account to return the amount of the funds in the Escrow Account, together with any interest thereon, without
deduction for penalty or expense, to the respective subscribers, and the Escrow Agent shall notify the Company and the Dealer Manager of its distribution of the funds. The subscription payments returned to each subscriber (including those, if any,
returned to Pennsylvania Subscribers pursuant to Section 3) shall be free and clear of any and all claims of the Company or any of its creditors. 
 (d) After the satisfaction of the provisions of Sections 2 and 3 with respect to the disbursement of funds, in the event that the Company receives subscriptions made payable to the Escrow
Agent, subscription proceeds may continue to be received in the Escrow Account, but to the extent that the process shall not be subject to escrow due to the Company reaching the Minimum Offering or the Pennsylvania Minimum (as defined below), as the
case may be, the proceeds are not subject to this Agreement, and at the instruction of the Company to the Escrow Agent, shall be transferred from the Escrow Account or deposited into, as the case may be, 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. No provisions of this Agreement shall apply to the Deposit Account.

 3. Distribution of the Funds from the Pennsylvania Subscribers. 

(a) Notwithstanding anything to the contrary herein, funds maintained in the Escrow Account for the Pennsylvania Subscribers may only
be disbursed in compliance with the provisions of this Section 3. 
 The Escrow Agent shall continue to deposit funds
received from the Pennsylvania Subscribers into the Escrow Account until such time as the Company notifies the Escrow Agent in writing that total subscriptions from all jurisdictions (including amounts in the Escrow Account previously disbursed as
directed by the Company and the amounts then held in the Escrow Account) from subscribers who are not officers or directors of the Company or affiliated with the Company or the Company’s external advisor equal or exceed $75,000,000 (the
“Pennsylvania Minimum), whereupon the Escrow Agent shall disburse to the Company, at the Company’s request, the amount of such escrowed funds as the Company shall direct. However, the Escrow Agent shall not disburse to the Company
those funds of a subscriber whose subscription has been rejected or rescinded of which the Escrow Agent has been notified by the Company, or otherwise in accordance with the Company’s written request. 

  
 - 3 -

 (b) If the Company has not received total subscriptions of at least the Pennsylvania
Minimum within 120 days after the date that the Company first accepts a subscription payment from a Pennsylvania Subscriber (the “Initial Escrow Period”), the Company shall, within 10 calendar days of the end of the Initial
Escrow Period, deliver to each Pennsylvania Subscriber, by certified mail or any other means whereby receipt of delivery is obtained, written notice of the right of Pennsylvania Subscribers to have their investment returned to them, substantially in
the form of Exhibit C. If, pursuant to such notice, a Pennsylvania Subscriber requests the return of his or her subscription funds within 10 calendar days after receipt of the notice (the “Request Period”), the Escrow
Agent shall promptly (and in any case within 15 calendar days) refund, with a pro rata share of any interest earned thereon and without deduction for penalty or expense, directly to each Pennsylvania Subscriber the funds deposited in the Escrow
Account on behalf of the Pennsylvania Subscriber. 
 (c) The funds of Pennsylvania Subscribers who do not request the return
of their funds within the Request Period shall remain in the Escrow Account for successive 120-day escrow periods (each a “Successive Escrow Period”), each commencing automatically upon the termination of the prior Successive Escrow
Period, and the Company and the Escrow Agent shall follow the notification and payment procedure set forth in Section 3(b) with respect to the Initial Escrow Period for each Successive Escrow Period, until the occurrence of the earliest
of (i) the termination of the Offering, (ii) the receipt and acceptance by the Company of total subscriptions that equal or exceed the Pennsylvania Minimum and the disbursement of the funds held in the Escrow Account on the terms specified
in this Section 3, or (iii) all funds held in the Escrow Account for Pennsylvania Subscribers having been returned to the Pennsylvania Subscribers in accordance with the provisions of Section 3(d). 

(d) If the Company has not received the Pennsylvania Minimum by the Termination Date, all of the funds in the Escrow Account for
Pennsylvania Subscribers will be promptly returned in full to the respective Pennsylvania Subscribers, together with their pro rata share of any interest earned thereon and without deduction for any escrow expenses, pursuant to instructions made by
the Company, upon which the Escrow Agent may conclusively rely. 
 4. Escrowed Funds. Upon receipt of funds from subscribers for Shares
pursuant to the Offering, the Escrow Agent shall hold such funds in escrow pursuant to the terms of this Agreement. All such funds held in the Escrow Account shall be invested, as directed in writing by the Company in bank money market accounts that
are registered with the SEC meeting the requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended. Notwithstanding anything herein to the contrary, funds in the Escrow Account may only be invested in “Short Term
Investments” in compliance with Rule 15c2-4 of the Securities Exchange Act of 1934, as amended. 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. The Company hereby directs the funds held in the Escrow Account to be invested in a bank money market account titled UMB Money Market Special. 

Interest, if any, resulting from the investment of the funds received from subscribers for Shares pursuant to the Offering shall be
distributed to subscribers on a pro rata basis in accordance with the procedures herein for disbursing funds to subscribers. 

The Escrow Agent shall provide to the Company monthly statements (or more frequently as reasonably requested by the Company) on the
account balance in the Escrow Account and the activities in the account since the last report. Such periodic statements shall identify the account balance, and the activities 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 

  
 - 4 -

 
Escrow Agent shall be under no liability to anyone by reason of any failure on the part of any other 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 and the Processing Agent;
Indemnification. The Escrow Agent acts hereunder as a depository only. The Escrow Agent is not responsible or liable in any manner for the sufficiency, correctness, genuineness or validity of this Agreement or with respect to the form of
execution of the same. Each of the Escrow Agent and the Processing 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 best judgment, and
may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Escrow Agent or the Processing 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 reasonably believed by the Escrow Agent or the Processing
Agent to be genuine and to be signed or presented by the proper person(s). Each of the Escrow Agent and the Processing Agent shall not be held liable for any error in judgment made in good faith by an officer or employee of either unless it shall be
proved that the Escrow Agent or the Processing Agent, as appropriate, was grossly 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. 
 Either of the Escrow Agent and the Processing 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. Each of the Escrow Agent and the Processing 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 or the Processing 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. 
 In the event that either the Escrow Agent or the Processing Agent shall become involved in any arbitration or
litigation relating to the funds received from subscribers of Shares pursuant to the Offering, each is authorized to comply with any decision reached through such arbitration or litigation. 
 The Company hereby agrees to indemnify each of the Escrow Agent and the Processing Agent for, and to hold each of them harmless against, any loss, liability or expense incurred in connection herewith,
including without limitation reasonable and documented legal or other fees arising out of or in connection with 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; provided, however, that neither the Escrow Agent nor the Processing Agent shall be indemnified against any loss, liability or expense arising out of its own gross
negligence, recklessness or willful misconduct. Neither the Escrow Agent, nor the Processing Agent, shall 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 neither shall be indemnified against any loss, liability or expense arising out of its own gross negligence, recklessness or willful misconduct. 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. All of the Escrow Agent’s compensation, costs and expenses shall be paid by the Company. 

  
 - 5 -

 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. 
 9. Dispute. In the event of any disagreement between the parties to this Agreement 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 of
competent jurisdiction 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, at any
time, for any reason, by written notice of its resignation to the Company and the Dealer Manager at their respective addresses as set forth herein, at least 60 days before the date specified in such notice for such resignation to take effect. The
Escrow Agent may be removed by the Company and the Dealer Manager at any time, by joint written notice executed by both the Company and the Dealer Manager, delivered at least 60 days before the date specified in such notice for the removal to take
effect. In the event of the Escrow Agent’s resignation or removal: 
 (a) A successor escrow agent, which shall be a bank or
trust company organized under the laws of the United States of America, shall be appointed by the mutual agreement of the Company and the Dealer Manager. Any such successor escrow agent shall deliver to the Company and the Dealer Manager a written
instrument accepting such appointment, and thereupon shall succeed to all the rights and duties of the Escrow Agent hereunder and shall be entitled to receive the Escrow Account and all other payments and property then held by the Escrow Agent
hereunder from the Escrow Agent. The Escrow Agent shall promptly deliver the Escrow Account and all other payments and property then held by the Escrow Agent hereunder, including interest thereon, to the successor escrow agent, whereupon the Escrow
Agent’s obligations hereunder shall cease and terminate. 
 (b) If no such successor escrow agent has been designated by the
effective date of the Escrow Agent’s resignation or removal, 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. 

(c) Further, if no successor escrow agent has been designated by the effective date of the Escrow Agent’s resignation or removal, the
Escrow Agent may petition any court of competent jurisdiction for the appointment of a successor escrow agent; further the Escrow Agent may pay into such court all monies and property deposited with Escrow Agent under this Agreement. 

Notwithstanding anything herein to the contrary, the resignation or removal of the Escrow Agent will not deprive the Escrow Agent of its
rights to receive any compensation earned pursuant to the terms of this Agreement prior to the effective date of such resignation or removal. 

  
 - 6 -

 11. Notices. 
 (a) 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) mailed by registered or certified mail, with return receipt requested, 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:	  	Independence Mortgage Trust, Inc.
		  	Cira Centre
		  	2929 Arch St., 17th Floor
		  	Philadelphia, Pennsylvania 19104
		  	Facsimile No.: (215) 405-2945
		  	Attention: Raphael Licht
		
	(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
		
		  	Checks Payable Information:
		  	 UMB Bank, as Escrow Agent for Independence
 Mortgage Trust

		  	 Attention: Lara Stevens, Corporate Trust
 1010 Grand Boulevard, 4th Floor
 M/S 1020409
 Kansas City, Missouri 64106

		
	(3) If to Dealer Manager:	  	Independence Realty Securities, LLC
		  	 IDS Center, 80 S. 8th Street, Suite 4610
 Minneapolis, Minnesota 55402

		  	Facsimile No.: 651.305.6637
		  	Attention: R. Martel Day

 (b) All drafts, wires or Automated ClearingHouse (ACH) payments required or permitted to be transmitted
under the provisions hereof shall be transmitted to the Company or the Escrow Agent, as appropriate, to the account set forth on Schedule I, or such other account as a party shall have designated by notice in writing to the other parties in
the manner provided in Section 11(a). 
 12. Governing Law. This Agreement shall be construed and enforced in accordance with
the laws of the State of New York without regard to the principles of conflicts of law that would apply the laws of another jurisdiction. 
 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. 

  
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 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. 
 21. Third Party Beneficiaries. The Processing Agent shall be a third party beneficiary under this Agreement, entitled to enforce any rights, duties or obligations owed to it under this Agreement
notwithstanding the terms of any other agreements between the Processing Agent and any party hereto. 
 22. Termination of the Escrow
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 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. 
 23. Relationship of Parties. Both of the Dealer Manager and the
Company are unaffiliated with the Escrow Agent, and this Agreement does not create any partnership or joint venture among any of the parties hereto. Subscriptions made by the Company, Dealer Manager, the Dealers or any of their affiliated persons
shall be counted toward reaching the Minimum Offering. 

  
 - 8 -

 IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed by
their duly authorized representatives as of the date first written hereinabove: 
  

			
	DEALER MANAGER:
	
	INDEPENDENCE REALTY SECURITIES, LLC
		
	By:	 	  

 

			
	Name: R. Martel Day
	Title: President
	
	COMPANY:
	
	INDEPENDENCE MORTGAGE TRUST, INC.
		
	By:	 	  

 

			
	Name: Raphael Licht
	Title: President
	
	ESCROW AGENT:
	
	UMB BANK, N.A.
		
	By:	 	  

 

			
	Name:
	Title:

  
 - 9 -

 EXHIBIT A 
 ESCROW FEES AND EXPENSES 
  

			
	 Acceptance Fee
	  	
	 Review escrow agreement, establish account
	  	$3,000
	 DST Agency Engagement
	  	$250
		
	 Annual Fees
	  	
	 Annual Escrow Agent
	  	$2,500
		
	 Transactional Fees
	  	
	 Outgoing Wire Transfer
	  	$15 each
	 Daily Recon File to Processing Agent
	  	$2.50 per Bus Day
	 Web Exchange Access
	  	$15 per month
	 Overnight Delivery/Mailings
	  	$16.50 each
	 IRS Tax Reporting
	  	$10 per 1099

 Fees specified are for the regular, routine services contemplated by the Escrow 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, all expenses related to the administration of the Escrow Agreement (other than normal overhead expenses of the regular staff) such as, but not limited to, travel, postage, shipping, courier, telephone,
facsimile, supplies, legal fees, accounting fees, etc., will be reimbursable. 
 Acceptance fee will be payable at the initiation of the escrow.
Thereafter, the Annual fee and Transactional fees, if any, will be billed quarterly in arrears. Other fees and expenses will be billed as incurred. 

  
 - 10 -

 EXHIBIT B 
 Form of Subscriber List 
 Pursuant to the Escrow Agreement dated as of
                    , 201  , by and among Independence Mortgage Trust, Inc. (the “Company”), UMB Bank, N.A., as escrow
agent (the “Escrow Agent”), and Independence Realty Securities, LLC (the “Dealer Manager”), the undersigned hereby notifies 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 the Company (the “Shares”), and such subscription funds have been deposited with Escrow Agent in accordance with the Escrow Agreement: 

 

	 	1.	Name of Subscriber 

	 	 	Address 

	 	 	Tax Identification Number 

	 	 	Number of Shares subscribed for 

	 	 	Amount of money paid and deposited with Escrow Agent 

	 	 	Is Subscriber a resident of Pennsylvania (Yes or No)? 

  

	 	2.	Name of Subscriber 

	 	 	Address 

	 	 	Tax Identification Number 

	 	 	Number of Shares subscribed for 

	 	 	Amount of money paid and deposited with Escrow Agent 

	 	 	Is Subscriber a resident of Pennsylvania (Yes or No)? 

  

	 	3.	Name of Subscriber 

	 	 	Address 

	 	 	Tax Identification Number 

	 	 	Number of Shares subscribed for 

	 	 	Amount of money paid and deposited with Escrow Agent 

	 	 	Is Subscriber a resident of Pennsylvania (Yes or No)? 

  

			
	  

		
	By:	 	  

 

			
	Name:	 	  

 

					
	Title:	 	  

							
	Date:	 	  
	 	, 20	 	      

  
 - 11 -

 EXHIBIT C 
 Form of Notice to Pennsylvania Subscribers 
 You have tendered a subscription to purchase shares
of common stock of Independence Mortgage Trust, Inc. (the “Company”). Your subscription is currently being held in escrow. The guidelines of the Pennsylvania Securities Commission do not permit the Company to accept subscriptions
from Pennsylvania residents until an aggregate of $75,000,000 of gross offering proceeds from subscribers that are not directors or officers of the Company and are not affiliated with the Company or the Company’s external advisor have been
received by the Company. The Pennsylvania guidelines provide that until this minimum amount of offering proceeds is received by the Company, every 120 days during the offering period Pennsylvania subscribers may request that their subscription
be returned. If you wish to continue your subscription in escrow until the Pennsylvania minimum subscription amount is received, nothing further is required. 
 If you wish to terminate your subscription for the Company’s common stock and have your subscription returned please so indicate below, sign, date, and return to the Escrow Agent, UMB Bank, N.A.

 I hereby terminate my prior subscription to purchase shares of common stock of Independence Mortgage Trust, Inc. and request the return
of my subscription funds. I certify to Independence Mortgage Trust, Inc. that I am a resident of Pennsylvania. 
  

			
	Signature:	 	  

 

			
		
	Name:	 	  

		 	 (please print)

		
	Date:	 	  

  

	
	Please send the subscription refund to:
	  

	  

	  

  
 - 12 -

 SCHEDULE I 
 Wire Instructions 
 If to the Company: 
 Independence Mortgage Trust, Inc. 
 ABA Routing Number: 

Account Number: 
 Account Name: Independence
Mortgage Trust 
 If to the Escrow Agent: 
 UMB Bank, N.A. 
 ABA Routing Number: 101000695 

Account Number: 
 Account Name: UMB Bank, N.A.,
as Escrow Agent for Independence Mortgage Trust 

  
 - 13 -

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