Document:

Form of Advisory Agreement

 EXHIBIT 10.3 
 FORM OF 
 ADVISORY AGREEMENT 
 among 
 INCOME PROPERTY TRUST OF THE AMERICAS INC., 
 INCOME PROPERTY TRUST OF THE AMERICAS OPERATING PARTNERSHIP LP 
 and 
 INCOME PROPERTY ADVISORS LLC 

					
	 1.
	  	DEFINITIONS	  	1
			
	 2.
	  	APPOINTMENT	  	7
			
	 3.
	  	DUTIES OF THE ADVISOR	  	7
			
	 4.
	  	AUTHORITY OF ADVISOR	  	9
			
	 5.
	  	BANK ACCOUNTS	  	9
			
	 6.
	  	RECORDS; ACCESS	  	10
			
	 7.
	  	LIMITATIONS ON ACTIVITIES	  	10
			
	 8.
	  	RELATIONSHIP WITH DIRECTORS	  	10
			
	 9.
	  	FEES	  	10
			
	 10.
	  	EXPENSES	  	12
			
	 11.
	  	OTHER SERVICES	  	13
			
	 12.
	  	REIMBURSEMENT TO THE ADVISOR	  	13
			
	 13.
	  	OTHER ACTIVITIES OF THE ADVISOR	  	14
			
	 14.
	  	TERM; TERMINATION OF AGREEMENT	  	14
			
	 15.
	  	TERMINATION BY THE PARTIES	  	15
			
	 16.
	  	ASSIGNMENT TO AN AFFILIATE	  	15
			
	 17.
	  	PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION	  	15
			
	 18.
	  	INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP	  	15
			
	 19.
	  	INDEMNIFICATION BY ADVISOR	  	16
			
	 20.
	  	NOTICES	  	16
			
	 21.
	  	MODIFICATION	  	16
			
	 22.
	  	SEVERABILITY	  	16
			
	 23.
	  	CONSTRUCTION	  	16
			
	 24.
	  	ENTIRE AGREEMENT	  	16
			
	 25.
	  	INDULGENCES, NOT WAIVERS	  	17
			
	 26.
	  	GENDER	  	17
			
	 27.
	  	TITLES NOT TO AFFECT INTERPRETATION	  	17
			
	 28.
	  	EXECUTION IN COUNTERPARTS	  	17
			
	 29.
	  	INITIAL INVESTMENT	  	17

 ADVISORY AGREEMENT 
 THIS ADVISORY AGREEMENT, dated as of                     , 200    , is among Income
Property Trust of the Americas Inc., a Maryland corporation (the “Corporation”), Income Property Trust of the Americas Operating Partnership LP, a Delaware limited partnership, and Income Property Advisors LLC, a Delaware limited liability
company. 
 W I T N E S S E T H 
 WHEREAS, the Corporation intends to qualify as a REIT (as defined below), and to invest its funds in investments permitted by the terms of Sections 856 through 860 of the Code (as defined below); 
 WHEREAS, the Corporation is the general partner of the Operating Partnership and intends to conduct all its business and make all investments in Assets
through the Operating Partnership; 
 WHEREAS, the Corporation and the Operating Partnership desire to avail themselves of the experience,
sources of information, advice, assistance and certain facilities of 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 of Directors of the
Corporation (or the Conflicts Committee, if such responsibility is delegated by the Board to the Conflicts Committee) all as provided herein; and 
 WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision of the Board of Directors (or the Conflicts Committee, if such responsibility is delegated by the Board to the Conflicts Committee), 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: 
 1. DEFINITIONS. As used in this Advisory Agreement (the “Agreement”), the
following terms have the definitions hereinafter indicated: 
 Acquisition Expenses. Any and all expenses, exclusive of Acquisition
Fees, incurred by the Corporation, the Operating Partnership, the Advisor, or any of their Affiliates in connection with the selection, acquisition, development or origination of any Asset, whether or not acquired, including, without limitation,
legal fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses, title insurance, and the costs of performing due diligence. 
 Acquisition Fees. Any and all fees and commissions, exclusive of Acquisition Expenses, paid by any Person to any other Person (including any fees
or commissions paid by or to any Affiliate of the Corporation, the Operating Partnership or the Advisor) in connection with (i) the acquisition, development or construction of a Property, (ii) the acquisition of interests in a real estate
entity or (iii) making or investing in Mortgages or the origination or acquisition of other debt or other investments, including real estate commissions, selection fees, Development Fees, Construction Fees, nonrecurring management fees, loan
fees, points or any other fees of a similar nature. Excluded shall be development fees and construction fees paid to any Person not affiliated with the Sponsor in connection with the actual development and construction of a project. 
 Advisor. Income Property Advisors LLC, a Delaware limited liability company, any successor advisor to the Corporation, the Operating Partnership
or any person or entity to which Income Property Advisors LLC or any successor advisor subcontracts substantially all of its functions. Notwithstanding the 

  

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forgoing, a Person hired or retained by Income Property Advisors LLC to perform property and securities management and related services for the Corporation
or the Operating Partnership that is not hired or retained to perform substantially all of the functions of Income Property Advisors LLC with respect to the Corporation or the Operating Partnership as a whole shall not be deemed to be an Advisor.

 Affiliate or Affiliated. With respect to any Person, (i) any Person directly or indirectly owning, controlling or holding,
with the power to vote, ten percent (10%) or more of the outstanding voting securities of such other Person; (ii) any Person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled
or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (iv) any executive officer, director, trustee or general partner of
such other Person; and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. 
 Asset. Any Property, Mortgage, other debt or other investment (other than investments in bank accounts, money market funds or other current assets) owned by the Corporation, directly or indirectly through one or more of its
Affiliates. 
 Asset Management Fee. A fee paid to the Advisor as compensation for services rendered in connection with the management
and disposition of the Corporation’s Assets. 
 Average Invested Assets. For a specified period, the average of the aggregate
book value of the Assets invested, directly or indirectly, in equity interests in and loans secured by or related to real estate (including, without limitation, equity interests in REITs, mortgage pools, commercial mortgage-backed securities,
mezzanine loans and residential mortgage-backed securities), before deducting depreciation, bad debts or other non-cash reserves, computed by taking the average of such values at the end of each month during such period. 
 Board of Directors or Board. The persons holding such office, as of any particular time, under the Charter of the Corporation, whether they be the
Directors named therein or additional or successor Directors. 
 Bylaws. The bylaws of the Corporation, as the same are in effect from
time to time. 
 Cause. With respect to the termination of this Agreement, fraud, criminal conduct or willful misconduct by the
Advisor, or a material breach of this Agreement by the Advisor. 
 Charter. The amended and restated articles of incorporation of the
Corporation, as amended from time to time. 
 Code. 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. 
 Competitive Real Estate Commission. A real estate or brokerage commission for the purchase or sale of property which is
reasonable, customary, and competitive in light of the size, type, and location of the property. 
 Conflicts Committee. The conflicts
committee established by the Board of Directors. 
  

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 Contract Purchase Price. The term “Contract Purchase Price” shall mean (i) the
amount actually paid or allocated in respect of the acquisition of a Property, (ii) the Corporation’s proportionate share of the amount actually paid or allocated in respect of the Real Property owned by any real estate entity in which the
Corporation acquires a majority economic interest and which the Corporation consolidates for financial reporting purposes in accordance with generally accepted accounting principals, (iii) the amount actually paid or allocated in respect of an
investment in any other real estate entity or (iv) the amount actually paid or allocated in respect of the origination or acquisition of Mortgages, other debt investments or other investments; in each case including debt, whether borrowed or
assumed and exclusive of Acquisition Fees and Acquisition Expenses. 
 Contract Sales Price. The total consideration received by the
Corporation for the sale of a Property. 
 Corporation. Corporation shall have the meaning set forth in the preamble of this
Agreement. 
 Dealer Manager. Dividend Capital Securities LLC, an Affiliate of the Advisor, or such other Person or entity selected by
the Board of Directors to act as the dealer manager for the Offering. Dividend Capital Securities LLC is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). 
 Dealer Manager Fee. Up to: (a) 2.5% of Gross Proceeds from the sale of primary shares in the Offering (not including Shares sold pursuant to
the Corporation’s distribution reinvestment plan) payable to the Dealer Manager for serving as the dealer manager of the Offering. 
 Director. A member of the Board of Directors of the Corporation. 
 Distributions. Any distributions of money or other
property by the Corporation to owners of Shares, including distributions that may constitute a return of capital for federal income tax purposes. 
 Equity Shares. Transferable shares of beneficial interest of the Corporation of any class or series, including common shares or preferred shares. 
 GAAP. Generally accepted accounting principles as in effect in the United States of America from time to time. 
 Good Reason. With respect to the termination of this Agreement, (i) any failure to obtain a satisfactory agreement from any successor to the Corporation and/or the Operating Partnership to assume and agree
to perform the Corporation’s and/or the Operating Partnership’s obligations under this Agreement; or (ii) any material breach of this Agreement of any nature whatsoever by the Corporation and/or the Operating Partnership. 

Gross Proceeds. The aggregate purchase price of all Shares sold for the account of the Corporation through all Offerings, without deduction for
Sales Commissions, volume discounts, any marketing support and due diligence expense reimbursement or Organization and Offering Expenses. For the purpose of computing Gross Proceeds, the purchase price of any Share for which reduced Sales
Commissions are paid to the Dealer Manager or a Soliciting Dealer (where net proceeds to the Corporation are not reduced) shall be deemed to be the full amount of the offering price per Share pursuant to the Prospectus for such Offering without
reduction. 
 Independent Director. Independent Director shall have the meaning set forth in the Charter. 
  

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 Independent Expert. A person or entity with no material current or prior business or personal
relationship with the Advisor or the Directors and who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Corporation. 
 Joint Ventures. The joint venture, co-investment, co-ownership or partnership arrangements in which the Corporation or any of its subsidiaries is
a co-venturer, co-owner or general partner which are established to acquire or hold Assets. 
 Listing. The listing of the Shares on a
national securities exchange or the receipt by the Corporation’s stockholders of securities that are listed on a national securities exchange or the Nasdaq in exchange for the Corporation’s common stock. Upon such Listing, the
Shares shall be deemed Listed. 
 Mortgages. In connection with mortgage financing provided, invested in, participated in or purchased
by the Corporation, all of the notes, deeds of trust, security interests or other evidences of indebtedness or obligations, which are secured or collateralized by Real Property owned by the borrowers under such notes, deeds of trust, security
interests or other evidences of indebtedness or obligations. 
 NASAA REIT Guidelines. The Statement of Policy Regarding Real Estate
Investment Trusts as adopted by the members of the North American Securities Administrators Association, Inc. on May 7, 2007. 
 Net
Income. For any period, the Corporation’s total revenues applicable to such period, less the total expenses applicable to such period other than additions to reserves for depreciation, bad debts or other similar non-cash reserves and
excluding any gain from the sale of the Corporation’s Assets. 
 Offering. The public offering of Shares pursuant to a
Prospectus. 
 Operating Partnership. Operating Partnership shall have the meaning set forth in the preamble of this Agreement.

 Operating Partnership Agreement. The Operating Partnership Agreement among the Corporation, the Advisor, and Income Property
Advisors Group LLC. 
 OP Unit. Units of limited partnership interest in the Operating Partnership. 
 Organization and Offering Expenses. Any and all costs and expenses, other than the Sales Commission and the Dealer Manager Fee, incurred in
connection with the formation of the Corporation 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 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 (including the costs related to investor and broker-dealer sales meetings), charges of transfer agents, registrars, trustees, escrow holders, depositories and experts and fees,
expenses and taxes related to the filing, registration and qualification of the sale of the Shares under federal and state laws, including accountants’ and attorneys’ fees. The Organization and Offering Expense allowance paid by the
Corporation in connection with its formation will not exceed 2.0% of Gross Proceeds from the sale of Shares in the primary offering and the Corporation’s distribution reinvestment plan. 
 Person. An individual, corporation, partnership, trust, joint venture, limited liability company or other entity. 
  

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 Property or Properties. All or a portion of the Real Property or Real Properties acquired by the
Corporation, directly or indirectly through joint venture or co-ownership arrangements or other partnership or investment entities. 
 Prospectus. Prospectus shall have the meaning set forth in Section 2(10) of the Securities Act of 1933, as amended (the “Securities Act”), including a preliminary Prospectus, an offering circular as described in
Rule 256 of the General Rules and Regulations under the Securities Act or, in the case of an intrastate offering, any document by whatever name known, utilized for the purpose of offering and selling securities to the public. 
 Real Estate Asset Value. The amount actually paid or allocated to the purchase, development, construction or improvement of a Real Property,
exclusive of Acquisition Fees and Acquisition Expenses. 
 Real Property. Land, rights in land (including leasehold interests), and
any buildings, structures, improvements, furnishings, fixtures and equipment located on or used in connection with land and rights or interests in land. 
 REIT. A “real estate investment trust” under Sections 856 through 860 of the Code or as may be amended. 
 Sale or Sales. Any transaction or series of transactions whereby: (A) the Corporation or the Operating Partnership directly or indirectly (except as described in other subsections of this definition)
sells, grants, transfers, conveys, or relinquishes its ownership of any Property or portion thereof, including the lease of any Property consisting of a building only, and including any event with respect to any Property which gives rise to a
significant amount of insurance proceeds or condemnation awards; (B) the Corporation or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or
relinquishes its ownership of all or substantially all of the interest of the Corporation or the Operating Partnership in any Joint Venture in which it is a co-venturer or partner; (C) any Joint Venture directly or indirectly (except as
described in other subsections of this definition) in which the Corporation or the Operating Partnership as a co-venturer or partner sells, grants, transfers, conveys, or relinquishes its ownership of any Property or portion thereof, including any
event with respect to any Property which gives rise to insurance claims or condemnation awards; (D) the Corporation or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants,
conveys or relinquishes its interest in any Mortgage or portion thereof (including with respect to any Mortgage, all payments thereunder or in satisfaction thereof other than regularly scheduled interest payments) of amounts owed pursuant to such
Mortgage and any event which gives rise to a significant amount of insurance proceeds or similar awards; or (E) the Corporation or the Operating Partnership directly or indirectly (except as described in other subsections of this definition)
sells, grants, transfers, conveys, or relinquishes its ownership of any other Asset not previously described in this definition or any portion thereof, but (ii) not including any transaction or series of transactions specified in clause
(i) (A) through (E) above in which the proceeds of such transaction or series of transactions are reinvested by the Corporation in one or more Assets within 180 days thereafter. 
 Sales Commission. Up to 7.0% of Gross Proceeds from the sale of primary shares in the Offering (not including Shares sold pursuant to the
Corporation’s distribution reinvestment plan) payable to the Dealer Manager and reallowable to Soliciting Dealers with respect to Shares sold by them. 
 Securities. The term “Securities” shall mean any of the following issued by the Corporation, as the text requires: Equity 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 

  

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“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. 
 Shares. The shares of the common stock of
the Corporation sold in the Offering. 
 Soliciting Dealers. Broker-dealers who are members of FINRA, or that are exempt from
broker-dealer registration, and who, in either case, have executed selected dealer or other agreements with the Dealer Manager to sell Shares. 
 Special OP Units. The separate series of limited partnership interests to be issued in accordance with Paragraph 9(d). 
 Sponsor. Any Person which (i) is directly or indirectly instrumental in organizing, wholly or in part, the Corporation, (ii) will control, manage or participate in the management of the Corporation, and any Affiliate of any
such Person, (iii) takes the initiative, directly or indirectly, in founding or organizing the Corporation, either alone or in conjunction with one or more other Persons, (iv) receives a material participation in the Corporation in
connection with the founding or organizing of the business of the Corporation, in consideration of services or property, or both services and property, (v) has a substantial number of relationships and contacts with the Corporation,
(vi) possesses significant rights to control Properties, (vii) receives fees for providing services to the Corporation which are paid on a basis that is not customary in the industry, or (viii) provides goods or services to the
Corporation on a basis which was not negotiated at arm’s-length with the Corporation. “Sponsor” does not include any Person whose only relationship with the Corporation is that of an independent property manager and whose only
compensation is as such, or wholly independent third parties such as attorneys, accountants and underwriters whose only compensation is for professional services. 
 Stockholders. The registered holders of the Corporation’s Shares. 
 Termination Date. The
date of termination of this Agreement. 
 Termination Event. The termination or nonrenewal of this Agreement (i) in connection
with a merger, sale of Assets or transaction involving the Corporation pursuant to which a majority of the Directors then in office are replaced or removed, (ii) by the Advisor for Good Reason or (iii) by the Corporation and the Operating
Partnership other than for Cause. 
 Total Operating Expenses. All costs and expenses paid or incurred by the Corporation, as
determined under generally accepted accounting principles, that are in any way related to the operation of the Corporation or to corporate business, including Asset Management Fees and other operating fees paid to the Advisor, but excluding
(i) the expenses of raising capital such as Organization and Offering Expenses, (ii) interest payments, (iii) taxes, (iv) non-cash expenditures such as depreciation, amortization and bad debt reserves, (v) incentive fees,
(vii) real estate commissions on the Sale of Property, and (viii) other fees and expenses connected with the acquisition, disposition, management and ownership of real estate interests, mortgage loans or other property (including the costs
of foreclosure, insurance premiums, legal services, maintenance, repair, and improvement of property). Notwithstanding the definition set forth above, any expense of the Corporation which is not part of Total Operating Expenses under the NASAA REIT
Guidelines shall not be treated as part of Total Operating Expenses for purposes hereof. 
 Total Project Cost. With regard to any
Real Property acquired prior to or during the development, construction, improvement or acquisition stages, all hard and soft costs and expenses paid or incurred by the Corporation that are in any way related to the development of such Real
Property, including, but not limited to, any debt, whether borrowed or assumed, land and construction costs. 
  

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 2%/25% Guidelines. For any year in which the Corporation qualifies as a REIT, the requirement
pursuant to the NASAA REIT Guidelines that, in any 12 month period, Total Operating Expenses not exceed the greater of 2% of the Corporation’s Average Invested Assets during such 12 month period or 25% of the Corporation’s Net Income over
the same 12 month period. 
 2. APPOINTMENT. The Corporation and the Operating Partnership hereby appoint the Advisor to serve as their
advisor on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 
 3. DUTIES OF THE
ADVISOR. The Advisor undertakes to use its reasonable efforts to present to the Corporation and the Operating Partnership potential investment opportunities and to provide a continuing and suitable investment program consistent with the investment
objectives and policies of the Corporation as determined and adopted from time to time by the Board of Directors. In performance of this undertaking, subject to the supervision of the Board of Directors and consistent with the provisions of the
Charter and Bylaws of the Corporation and the Operating Partnership Agreement, the Advisor shall, either directly or by engaging an Affiliate: 
 (a) serve as the Corporation’s and the Operating Partnership’s investment and financial advisor and provide research and economic and statistical data in connection with the Corporation’s assets and investment policies;

 (b) provide the daily management for the Corporation and the Operating Partnership and perform and supervise the various administrative
functions reasonably necessary for the management of the Corporation and the Operating Partnership; 
 (c) investigate, select, and, on
behalf of the Corporation and the Operating Partnership, 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,
correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, real
estate management companies, real estate operating companies, securities investment advisors, mortgagors, and any and all agents for any of the foregoing, including Affiliates of the Advisor, and Persons acting in any other capacity deemed by the
Advisor necessary or desirable for the performance of any of the foregoing services, including but not limited to entering into contracts in the name of the Corporation and the Operating Partnership with any of the foregoing; 
 (d) consult with the officers and Board of Directors of the Corporation and assist the Board of Directors in the formulation and implementation of the
Corporation’s financial policies, and, as necessary, furnish the Board of Directors with advice and recommendations with respect to the making of investments consistent with the investment objectives and policies of the Corporation and in
connection with any borrowings proposed to be undertaken by the Corporation and/or the Operating Partnership; 
 (e) subject to the
provisions of Paragraphs 3(g) and 4 hereof, (i) locate, analyze and select potential investments, (ii) structure and negotiate the terms and conditions of transactions pursuant to which investments will be made; (iii) make investments
on behalf of the Corporation and the Operating Partnership in compliance with the investment objectives and policies of the Corporation; (iv) arrange for financing and refinancing and make other changes in the asset or capital structure of, and
dispose of, reinvest the proceeds from the sale of, or otherwise deal with, investments; and (v) enter into leases and service contracts for Properties and, to the extent necessary, perform all other operational functions for the maintenance
and administration of such Properties; 
  

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 (f) upon request, provide the Board of Directors with periodic reports regarding prospective investments;

 (g) obtain the prior approval of the Board, any particular Directors specified by the Board or any committee of the Board, as the case may
be, for any and all investments in and dispositions of Real Properties; 
 (h) make investments in and dispositions of Assets within the
discretionary limits and authority as granted by the Board; 
 (i) negotiate on behalf of the Corporation and the Operating Partnership with
banks or lenders for loans to be made to the Corporation and the Operating Partnership, and negotiate on behalf of the Corporation and the Operating Partnership with investment banking firms and broker-dealers or negotiate private sales of Shares
and Securities or obtain loans for the Corporation and the Operating Partnership, but in no event in such a way so that the Advisor shall be acting as broker-dealer or underwriter; and provided, further, that any fees and costs payable to third
parties incurred by the Advisor in connection with the foregoing shall be the responsibility of the Corporation or the Operating Partnership; 
 (j) obtain reports (which may but are not required to be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of investments or contemplated investments of the Corporation and/or the Operating Partnership in
Assets; 
 (k) from time to time, or at any time reasonably requested by the Board of Directors, make reports to the Board of Directors of
its performance of services to the Corporation and the Operating Partnership under this Agreement, including reports with respect to potential conflicts of interest involving the Advisor or any of its affiliates; 
 (l) provide the Corporation and the Operating Partnership with all necessary cash management services; 
 (m) do all things necessary to assure its ability to render the services described in this Agreement; 
 (n) deliver to or maintain on behalf of the Corporation copies of all appraisals obtained in connection with the investments in Real Properties and all
valuations of other Assets as may be required to be obtained by the Board; 
 (o) notify and obtain the approval of the Corporation’s
investment committee for all non-affiliated transactions that have a Contract Purchase Price, Total Project Cost or Contract Sales Price of $30 million or less before such transactions are completed; 
 (p) notify and obtain the approval of the Board for all proposed transactions that have a Contract Purchase Price, Total Project Cost or Contract Sales
Price of more than $30 million before such transactions are completed; 
 (q) notify and obtain the approval of the Conflicts Committee and a
majority of the Board of Directors (including a majority of the Independent Directors) for all affiliated transactions before such transactions are completed; and 
  

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 (r) effect any private placement of OP Units, tenancy-in-common or other interests in Real Properties as
may be approved by the Board. 
 Notwithstanding the foregoing, the Advisor may delegate any of the foregoing duties to any Person so long as
the Advisor or any Affiliate remains responsible for the performance of the duties set forth in this Paragraph 3. 
 4. AUTHORITY OF ADVISOR.

 (a) Pursuant to the terms of this Agreement (including the restrictions included in this Paragraph 4 and in Paragraph 7), and subject to
the continuing and exclusive authority of the Board of Directors over the management of the Corporation, the Board of Directors hereby delegates to the Advisor the authority to (1) locate, analyze and select investment opportunities,
(2) structure the terms and conditions of transactions pursuant to which investments will be made, acquired or disposed of for the Corporation and the Operating Partnership, (3) acquire and dispose of investments in compliance with the
investment objectives and policies of the Corporation, (4) arrange for financing or refinancing for Assets, (5) enter into leases and service contracts for Properties, (6) oversee Affiliated and non-Affiliated property managers who
perform services for the Corporation or the Operating Partnership, (7) oversee Affiliated and non-Affiliated Persons with whom the Advisor contracts to perform certain of the services required to be performed under this Agreement, and
(7) manage accounting and other record-keeping functions for the Corporation and the Operating Partnership. 
 (b) Notwithstanding the
foregoing, any investment in Real Properties, including any acquisition of Real Property by the Corporation or the Operating Partnership (including any financing of such acquisition), 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. 
 (c) In connection with a proposed transaction, the
Advisor will deliver to the Board or to any delegated committee of the board or other group of directors, as the case may be, all documents and other information required by them to properly evaluate the proposed transaction. 
 The prior approval of the Conflicts Committee and a majority of the Board of Directors (including a majority of the Independent Directors) will be
required for each transaction to which the Advisor or its Affiliates is a party. The Board of Directors may, at any time upon the giving of notice to the Advisor, modify or revoke the authority set forth in this Paragraph 4. If and to the extent the
Board so modifies or revokes the authority contained herein, the Advisor shall henceforth submit to the Board for prior approval such proposed transactions involving investments in Assets as thereafter require prior approval, provided however, that
such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed the Corporation prior to the date of receipt by the Advisor of such
notification. 
 5. BANK ACCOUNTS. The Advisor may establish and maintain one or more bank accounts in its own name for the account of the
Corporation and/or the Operating Partnership or in the name of the Corporation 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
Corporation and/or the Operating Partnership, under such terms and conditions as the Board of Directors may approve, provided that no funds shall be commingled with the funds of the Advisor; and the Advisor shall from time to time render appropriate
accountings of such collections and payments to the Board of Directors and to the auditors of the Corporation. 
  

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 6. RECORDS; ACCESS. The Advisor shall maintain appropriate records of all its activities hereunder and
make such records available for inspection by the Board of Directors and by counsel, auditors and authorized agents of the Corporation, 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 Corporation and the Operating Partnership. 
 7. LIMITATIONS ON ACTIVITIES. Anything else in this
Agreement to the contrary notwithstanding, the Advisor shall refrain from taking any action which, in its sole judgment made in good faith, would (a) adversely affect the status of the Corporation as a REIT, (b) subject the Corporation to
regulation under the Investment Corporation Act of 1940, as amended, or (c) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Corporation, its Shares or its Securities, or
otherwise not be permitted by the Charter or Bylaws of the Corporation, except if such action shall be ordered by the Board of Directors, in which case the Advisor shall notify promptly the Board of Directors 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 from the Board of Directors. In such event the Advisor shall have no liability for acting in accordance with the
specific instructions of the Board of Directors so given. Notwithstanding the foregoing, the Advisor, its directors, officers, employees and stockholders, and stockholders, directors and officers of the Advisor’s Affiliates shall not be liable
to the Corporation or to the Board of Directors or stockholders for any act or omission by the Advisor, its directors, officers or employees, or stockholders, directors or officers of the Advisor’s Affiliates taken or omitted to be taken in the
performance of their duties under this Agreement except as provided in Paragraphs 19 of this Agreement. 
 8. RELATIONSHIP WITH DIRECTORS.
Subject to Paragraph 7 of this Agreement and to restrictions advisable with respect to the qualification of the Corporation as a REIT, directors, officers and employees of the Advisor or an Affiliate of the Advisor or any corporate parents of an
Affiliate, may serve as a Director and as officers of the Corporation, except that no director, officer or employee of the Advisor or its Affiliates who also is a Director or officer of the Corporation shall receive any compensation from the
Corporation for serving as a Director or officer of the Corporation other than reasonable reimbursement for travel and related expenses incurred in attending meetings of the Board of Directors and no such Director shall be deemed an Independent
Director for purposes of satisfying the Director independence requirement set forth in the Charter. 
 9. FEES. 
 (a) Acquisition Fees. The Advisor shall receive Acquisition Fees in connection with each Asset acquired on the Corporation’s behalf. For
investments in Real Property, the Acquisition Fee will vary depending on whether the Real Property acquired is in the operational, development or construction stage. For each Real Property acquired in the operational stage, the Acquisition Fee is an
amount equal to 1.0% of the Contract Purchase Price of the property (or the Corporation’s proportional interest therein with respect to Real Property held in Joint Ventures). For each Real Property acquired prior to or during the development or
construction stage, the Acquisition Fee will be an amount that will equal up to 5.0% of Total Project Cost; provided, however, that the Corporation will only pay such a fee to the Advisor if the Advisor provides, directly or indirectly, the
development services and if a majority of the Board of Directors (including a majority of the Independent Directors) determines that such fee is fair and reasonable in relation to the services being performed. The Advisor is also entitled to receive
Acquisition Fees of (i) 1.0% of the Corporation’s proportionate share of the Contract Purchase Price of the Real Property owned by any real estate entity in which the Corporation acquires a majority economic interest and that the
Corporation consolidates for financial reporting purposes in accordance with GAAP and (ii) 1.0% of the Contract Purchase Price in connection with the acquisition of an interest in any other real estate entity. Additionally, in connection with
the acquisition or origination of any Mortgage, any other type of debt 

  

 10 

 
investment or other investment, the Advisor is entitled to receive an Acquisition Fee of 1.0% of the Contract Purchase Price and any third-party expenses
related to such investment. Acquisition Fees associated with a given Asset shall be calculated in the currency used to acquire such Asset and payable in U.S. dollars. Acquisition Fees shall be paid at or after the closing of an investment. The total
of all Acquisition Fees and Acquisition Expenses payable with respect to any Asset shall not exceed 6% of the Contract Purchase Price or the Total Project Cost (as applicable) of such Asset unless fees in excess of such amount are approved by a
majority of the Board of Directors, including a majority of the Independent Directors. 
 (b) Real Estate Sales Commissions. If the
Advisor or an Affiliate provides a substantial amount of the services in connection with the Sale of one or more Properties, the Advisor or an Affiliate shall receive a real estate sales commission equal to the lesser of (i) one-half of a
Competitive Real Estate Commission or (ii) 3% of the Contract Sales Price of such Property or Properties. The real estate sales commission may be paid in addition to real estate commissions paid to non-Affiliates, provided that the total real
estate commissions paid to all Persons by the Corporation with respect to the sale of such Property or Properties shall not exceed an amount equal to the lesser of (i) 6% of the Contract Sales Price of the Property or Properties or
(ii) the Competitive Real Estate Commission. Real Estate Sales Commissions associated with a given Property shall be calculated in the currency originally used to acquire such Property and shall be payable in U.S. dollars. 
 (c) Asset Management Fee. The Advisor shall receive the Asset Management Fee as partial compensation for services rendered in connection with the
management and disposition of the Corporation’s Assets. The Asset Management Fee shall be payable by the Corporation in cash or in Shares at the option of the Advisor, and may be deferred, in whole or in part, from time to time, by the Advisor
(without interest). The Asset Management Fee shall consist of (i) a monthly fee equal to one-twelfth of 1.25% of the Contract Purchase Price (before non-cash reserves and depreciation) of each Real Property (or the Corporation’s
proportional interest therein with respect to Real Property held in Joint Ventures or real estate entities where the Corporation owns a majority economic interest and that the Corporation consolidates for financial reporting purposes in accordance
with GAAP); provided, that the Asset Management Fee with respect to each Real Property located in the United States that the Corporation owns, directly or indirectly, will equal a monthly fee of one-twelfth of 0.75% of the Contract Purchase Price
(before non-cash reserves and depreciation) of each Real Property and provided, further, that if the Corporation invests indirectly in a portfolio of Real Properties that are located both inside and outside of the United States, the monthly fee will
equal one-twelfth of 1.25% of the Contract Purchase Price (before non-cash reserves and depreciation) of all Real Property in such portfolio, (ii) a monthly fee equal to one-twelfth of 1.25% of the Contract Purchase Price with respect to an
acquisition of an interest in any other real estate entity or an origination or acquisition of any Mortgage, any other type of debt investment or other investment, and (iii) a fee equal to 2.0% of the Contract Sales Price of each Asset upon
disposition. Asset Management Fees associated with a given Asset shall be calculated in the currency originally used to acquire such Asset and payable in U.S. dollars. With the exception of any portion of the Asset Management Fee related to the
disposition of Assets, which shall be payable at the time of such disposition, the Asset Management Fee shall be payable on the 1st day of each month. 
 (d) Operating Partnership Interests. The Sponsor or an Affiliate of the Sponsor has made a capital contribution of $200,000 to the Operating Partnership in exchange for OP Units. The Advisor or an Affiliate of
the Advisor has made a capital contribution of $1,000 to the Operating Partnership in exchange for OP Units constituting a separate series of limited partnership interests (the “Special OP Units”). Upon the earliest to occur of the
termination or nonrenewal of this Agreement for Cause, a Termination Event or a Listing, all of the Special OP Units shall be redeemed (or, in connection with a Listing, converted to OP Units at the election of the holder of the Special OP Units) by
the Operating Partnership in accordance with the terms of the Operating Partnership Agreement. If the holder of the Special OP Units elects to convert 

  

 11 

 
the Special OP Units into OP Units in connection with a Listing, the holder of the Special OP Units shall retain the right to have its OP Units redeemed in
accordance with the terms of the Operating Partnership Agreement. 
 (e) Loans from Affiliates. The Advisor or any Affiliate thereof
may not make any loan to the Corporation or the Operating Partnership unless the Conflicts Committee and a majority of the Board of Directors (including a majority of the Independent Directors) approve the loan as being fair, competitive, and
commercially reasonable and no less favorable to the Corporation or the Operating Partnership than loans between unaffiliated parties under the same circumstances. 
 (f) Exclusion of Certain Transactions. In the event the Corporation or the Operating Partnership shall propose to enter into any transaction in which an officer or director of the Corporation, and the Operating
Partnership, the Advisor, or any Affiliate of the Corporation, the Operating Partnership or the Advisor has a direct or indirect interest, then such transaction shall be approved by the Conflicts Committee and a majority of the Board of Directors
(including a majority of the Independent Directors) as fair and reasonable to the Corporation. 
 10. EXPENSES. 
 (a) In addition to the compensation paid to the Advisor pursuant to Paragraph 9 hereof, the Corporation or the Operating Partnership shall pay directly or
reimburse the Advisor for all of the expenses paid or incurred by the Advisor in connection with the services it provides to the Corporation and the Operating Partnership pursuant to this Agreement, including, but not limited to: 
 (i) 2.0% of Gross Proceeds as an Organization and Offering Expense allowance. The Advisor may use all or a portion of this allowance to pay for the
Corporation’s Organization and Offering Expenses, including certain distribution-related expenses of the Dealer Manager and Soliciting Dealers, and will retain the balance. The Advisor or an Affiliate of the Advisor will be responsible for the
cumulative Organization and Offering Expenses (which may include reimbursement of the bona fide due diligence expenses of the Dealer Manager and Soliciting Dealers) that are not deemed by the Financial Industry Regulatory Authority, Inc. to be
underwriting compensation to the extent that such expenses exceed the amount remaining from the 2.0% Organization and Offering Expense allowance, without recourse against or reimbursement by the Corporation; 
 (ii) Acquisition Expenses; 
 (iii) the
actual cost of goods and services used by the Corporation and obtained from entities not affiliated with the Advisor, other than Acquisition Expenses, including brokerage fees paid in connection with the purchase and sale of any securities;

 (iv) interest and other costs for borrowed money, including discounts, points and other similar fees; 
 (v) taxes and assessments on income of the Corporation or Assets and any other taxes otherwise imposed on the Corporation; 
 (vi) costs associated with insurance required in connection with the business of the Corporation or by the officers and Directors; 
 (vii) expenses of managing and operating Assets owned by the Corporation, whether payable to an Affiliate of the Corporation or a non-affiliated Person;

  

 12 

 (viii) all expenses in connection with payments to the Directors and meetings of the Directors and
Stockholders; 
 (ix) expenses associated with a Listing, if applicable, or with the issuance and distribution of Shares and Securities,
such as sales commissions and fees, advertising expenses, taxes, legal and accounting fees, listing and registration fees, and other Organization and Offering Expenses; 
 (x) expenses connected with payments of Distributions in cash or otherwise made or caused to be made by the Corporation to the Stockholders; 
 (xi) expenses of organizing, revising, amending, converting, modifying, or terminating the Corporation or the Charter; 
 (xii) expenses of 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; 
 (xiii) administrative service expenses
(including personnel costs; provided, however, that no reimbursement shall be made for costs of personnel to the extent that such personnel perform services in transactions for which the Advisor receives a separate fee); and 
 (xiv) audit, accounting and legal fees and other fees for professional services relating to the operations of the Corporation and all such fees incurred
at the request, or on behalf of, the Independent Directors or any committee of the Board of Directors. 
 (b) Expenses incurred by the
Advisor on behalf of the Corporation and the Operating Partnership and payable pursuant to this Paragraph 10 shall be reimbursed no less than monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Corporation
and the Operating Partnership and the calculation of the Asset Management Fee during each quarter, and shall deliver such statement to the Corporation and the Operating Partnership within 45 days after the end of each quarter. 
 11. OTHER SERVICES. Should the Board of Directors request that the Advisor or any director, officer or employee thereof render services for the
Corporation and the Operating Partnership other than set forth in Paragraph 3, such services shall be separately compensated at such rates and in such amounts as are agreed by the Advisor and the Independent Directors of the Corporation, subject to
the limitations contained in the Charter, and shall not be deemed to be services pursuant to the terms of this Agreement. 
 12.
REIMBURSEMENT TO THE ADVISOR. For any year in which the Corporation qualifies as a REIT, the Corporation shall not reimburse the Advisor at the end of any fiscal quarter Total Operating Expenses that, in the four consecutive fiscal quarters then
ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of Average Invested Assets or 25% of Net Income (the “2%/25% Guidelines”) for such year. Any Excess Amount paid to the Advisor during a fiscal
quarter shall be repaid to the Corporation or, at the option of the Corporation, subtracted from the Total Operating Expenses reimbursed during the subsequent fiscal quarter unless a majority of the Independent Directors determine that such excess
was justified based on unusual and nonrecurring factors which they deem sufficient, then the Excess Amount may be paid and within 60 days after the end of such Expense Year there shall be sent to the stockholders a written disclosure of such fact,
together with an explanation of the factors the Independent Directors considered in determining that such excess expenses were justified. Such determination shall be reflected in the minutes of the meetings of the Board of Directors. The Corporation
will not reimburse the Advisor or its Affiliates for services for which the Advisor or its Affiliates are entitled to compensation in the form of a separate fee. All figures used in the foregoing computation shall be determined in accordance with
generally accepted accounting principles applied on a consistent basis. 
  

 13 

 13. OTHER ACTIVITIES OF THE ADVISOR. Nothing herein contained shall prevent the Advisor or any of its
Affiliates from engaging in or earning fees from other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of other programs advised, sponsored or organized by the Advisor or
its Affiliates; nor shall this Agreement limit or restrict the right of any director, officer, employee, or stockholder of the Advisor or its Affiliates to engage in or earn fees from any other business or to render services of any kind to any other
partnership, corporation, firm, individual, trust or association and earn fees for rendering such services. The Advisor may, with respect to any investment in which the Corporation is a participant, also render advice and service to each and every
other participant therein, and earn fees for rendering such advice and service. It is contemplated that the Corporation may enter into joint ventures or other similar co-investment arrangements with certain Persons, and pursuant to the agreements
governing such joint ventures or arrangements, the Advisor may be engaged to provide advice and service to such Persons, in which case the Advisor will earn fees for rendering such advice and service. The parties to this Agreement hereby acknowledge
that the Advisor may provide advice and render services to Persons that will compete with the Corporation for investments. 
 The Advisor
shall report to the Board the existence of any condition or circumstance, existing or anticipated, of which it has knowledge, which creates or could create a conflict of interest between the Advisor’s obligations to the Corporation and its
obligations to or its interest in any other partnership, corporation, limited liability company, firm, individual, trust or association. The Advisor or its Affiliates shall promptly disclose to the Board knowledge of such condition or circumstance.
If the Advisor, Director or Affiliates thereof have sponsored other investment programs with similar investment objectives which have investment funds available at the same time as the Corporation, it shall be the duty of the Conflicts Committee to
ensure that the Advisor and its Affiliates follow the method approved by the Conflicts Committee, by which investments are to be allocated to the competing investment entities and to use their reasonable efforts to ensure that such method is applied
fairly to the Corporation. 
 In the event that the Advisor is presented with a potential investment which might be made by the Corporation
or the Operating Partnership and by another investment entity which the Advisor advises or manages, the Advisor shall consider the investment portfolio of each entity; cash flow of each entity; the effect of the acquisition on the diversification of
each entity’s portfolio; rental payments during any renewal period; the estimated income tax effects of the purchase on each entity, the policies of each entity relating to leverage; the funds of each entity available for investment and the
length of time such funds have been available for investment. In the event that an investment opportunity becomes available which the Advisor determines is suitable for the Corporation or the Operating Partnership based on the criteria set forth
above, then the investment opportunity shall be offered to the Corporation or the Operating Partnership, consistent with and subject to the allocation method approved by the Conflicts Committee. The Advisor may consider the investment for its own
investment only if such investment is deemed inappropriate for any investment entity which is advised or managed by the Advisor, including the Corporation and the Operating Partnership. 
 14. TERM; TERMINATION OF AGREEMENT. This Agreement shall continue in force for a period of one year from the date hereof, subject to an unlimited number
of successive one-year renewals upon mutual consent of the parties. It is the duty of the Conflicts Committee to evaluate the performance of the Advisor annually before renewing the Agreement, and each such renewal shall be for a term of no more
than one year. 
  

 14 

 15. TERMINATION BY THE PARTIES. This Agreement may be terminated (i) immediately by the Corporation
and/or the Operating Partnership for Cause, (ii) upon 60 days written notice without Cause and without penalty by a majority of the Independent Directors of the Corporation or by the Advisor, (iii) upon 60 days written notice with Good
Reason by the Advisor or (iv) immediately by the Corporation and/or the Operating Partnership in connection with a merger, sale of Assets or transaction involving the Corporation pursuant to which a majority of the Directors then in office are
replaced or removed. 
 16. ASSIGNMENT TO AN AFFILIATE. This Agreement may be assigned by the Advisor to an Affiliate or Affiliates with the
approval of the Conflicts Committee and a majority of the Board of Directors (including a majority of the Independent Directors). The Advisor may assign any rights to receive fees or other payments under this Agreement to any Person without
obtaining the approval of the Board of Directors. This Agreement shall not be assigned by the Corporation or the Operating Partnership without the consent of the Advisor, except in the case of an assignment by the Corporation or the Operating
Partnership to a corporation, limited partnership or other organization which is a successor to all of the assets, rights and obligations of the Corporation 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 Corporation and the Operating Partnership are bound by this Agreement. 
 17. PAYMENTS TO AND DUTIES OF ADVISOR UPON TERMINATION. 
 (a) After the Termination Date, the Advisor shall not be entitled to
compensation for further services hereunder except it shall be entitled to receive from the Corporation or the Operating Partnership within 30 days after the effective date of such termination all unpaid reimbursements of expenses and all earned but
unpaid fees payable to the Advisor prior to termination of this Agreement. 
 (b) The Advisor shall promptly upon termination: 
 (i) pay over to the Corporation and the Operating Partnership all money collected and held for the account of the Corporation and the Operating
Partnership pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 
 (ii) deliver to the Board of Directors 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 of Directors; 
 (iii) deliver to the Board of Directors all Assets and documents of the Corporation and the Operating Partnership
then in the custody of the Advisor; and 
 (iv) cooperate with the Corporation and the Operating Partnership to provide an orderly
management transition. 
 18. INDEMNIFICATION BY THE COMPANY AND THE OPERATING PARTNERSHIP. The Corporation and the Operating Partnership
shall indemnify and hold harmless the Advisor and its Affiliates, including their respective officers, directors, 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, subject to any limitations imposed by the laws of the State of Maryland or the
Charter. Notwithstanding the foregoing, the Corporation and the Operating Partnership may not indemnify or hold harmless the Advisor, its Affiliates, or any of their respective officers, directors, partners or employees in any manner that would be
inconsistent with the provisions of Section II.G of the REIT Guidelines adopted by the North American Securities Administrators Association. 
  

 15 

 19. INDEMNIFICATION BY ADVISOR. The Advisor shall indemnify and hold harmless the Corporation 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, willful misfeasance, gross misconduct, gross negligence or reckless disregard of its duties, but the Advisor shall not be held responsible for any action of
the Board of Directors in following or declining to follow any advice or recommendation given by the Advisor. 
 20. 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 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 Directors and to the Corporation:	 	 Income Property Trust of the Americas Inc.
 518 17
th Street
 17th Floor
 Denver, CO 80202

		
	To the Operating Partnership:	 	 Income Property Trust of the Americas
 Operating
Partnership LP
 518 17th Street
 17th Floor
 Denver, CO 80202

		
	To the Advisor:	 	 Income Property Advisors LLC
 518 17th Street
 17th Floor
 Denver, CO 80202

 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 Paragraph 20. 
 21. MODIFICATION. This Agreement shall not be changed, modified, terminated, or discharged, in
whole or in part, except by an instrument in writing signed by the parties hereto, or their respective successors or assignees. 
 22.
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. 
 23. CONSTRUCTION. The provisions of this Agreement shall be construed and interpreted in
accordance with the laws of the State of Colorado. 
 24. 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 

  

 16 

 
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. 
 25. INDULGENCES, NOT WAIVERS. 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. 
 26. 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. 
 27. TITLES NOT TO AFFECT INTERPRETATION. The
titles of paragraphs and subparagraphs 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. 
 28. EXECUTION IN COUNTERPARTS. This Agreement may be executed in any number of 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. 
 29. INITIAL INVESTMENT. The Advisor has made a capital contribution of $200,000 to
the Operating Partnership in exchange for OP Units. The Advisor may not sell any of the OP Units while the Advisor acts in such advisory capacity to the Corporation, provided, that such OP Units may be transferred to Affiliates of the Advisor. The
restrictions included above shall not apply to any other Securities acquired by the Advisor or its Affiliates. The Advisor shall not vote any Shares it now owns, or hereafter acquires, in any vote for the election of Directors or any vote regarding
the approval or termination of any contract with the Advisor or any of its Affiliates. 
  

 17 

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

			
	INCOME PROPERTY TRUST OF THE AMERICAS INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	INCOME PROPERTY TRUST OF THE AMERICAS OPERATING PARTNERSHIP LP
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	INCOME PROPERTY ADVISORS LLC
		
	By:	 	Income Property Advisors Group LLC, its Sole Member
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 18Form of Indemnification Agreement

 EXHIBIT 10.6 
 FORM OF 
 INDEMNIFICATION AGREEMENT 
 THIS INDEMNIFICATION AGREEMENT (“Agreement”) is made and entered into as of the      day of
                    , 2008 by and among Income Property Trust of the Americas Inc., a Maryland corporation (the “Company”) and
                                    , a director and/or
officer of the Company (the “Indemnitee”). 
 RECITALS 
 WHEREAS, the interpretation of statutes, regulations and charter and Bylaw provisions regarding indemnification of directors and officers may be too
uncertain to provide such directors and officers with adequate notice of the legal, financial and other risks to which they may be exposed by virtue of their service as such; and 
 WHEREAS, damages sought against directors and officers in shareholder or similar litigation may be substantial, and the costs of defending such actions
and of judgments in favor of plaintiffs or of settlement therewith may be prohibitive for individual directors and officers, without regard to the merits of a particular action and without regard to the culpability of, or the receipt of improper
personal benefit by, any named director or officer; and 
 WHEREAS, the long period of time which may elapse before final disposition of such
litigation may impose undue hardship and burden on a director or officer or his estate in maintaining a proper and adequate defense of himself or his estate against claims for damages; and 
 WHEREAS, the Company is organized under the Maryland General Corporation Law (the “MGCL”), and Section 2-418 of the MGCL empowers
corporations to indemnify and advance expenses of litigation to a person serving as a director, officer, employee or agent of a corporation and to persons serving at the request of the corporation, while a director of a corporation, as a director,
officer, partner, trustee, employee or agent of another foreign or domestic corporation, partnership, joint venture, trust, other enterprise or employee benefit plan, and further provides that the indemnification and advancement of expenses set
forth in the MGCL are not “exclusive of any other rights, by indemnification or otherwise, to which a director may be entitled under the charter, the bylaws, a resolution of stockholders or directors, an agreement or otherwise, both as to
action in an official capacity and as to action in another capacity while holding such office”; and 
 WHEREAS, the charter of the
Company, as it may be amended or amended and restated from time to time (the “Charter”), provides that the Company shall indemnify and hold harmless directors, advisors, or affiliates, as such terms are defined in the Charter; and

 WHEREAS, the Board of Directors of the Company (the “Board”) has concluded that it is advisable and in the best interests of the
Company to enter into an agreement to indemnify in a reasonable and adequate manner the Indemnitee and to assume for itself maximum liability for expenses and damages in connection with claims lodged against him for his decisions and actions as a
director and/or officer of the Company; 

 NOW, THEREFORE, in consideration of the foregoing, and of other good and valuable consideration, the
receipt and sufficiency of which is acknowledged by each of the parties hereto, the parties agree as follows: 
 ARTICLE I 

DEFINITIONS 
 For purposes of this
Agreement, the following terms shall have the meanings set forth below: 
 Section 1.1. “Change in Control” shall mean a change in
the ownership of or power to direct the Voting Securities of the Company or the acquisition by a person not affiliated with the Company of the ability to direct the management of the Company. 
 Section 1.2. “Corporate Status” shall mean the status of a person who is or was a director or officer of the Company, or a member of any
committee of the Board, and the status of a person who, while a director or officer of the Company, is or was serving at the request of the Company as a director, officer, partner (including service as a general partner of any limited partnership),
trustee, employee, or agent of another foreign or domestic corporation, partnership, joint venture, trust, other incorporated or unincorporated entity or enterprise or employee benefit plan. 
 Section 1.3. “Disinterested Director” shall mean a director of the Company who neither is nor was a party to the Proceeding in respect of which
indemnification is being sought by the Indemnitee. 
 Section 1.4. “Expenses” shall mean without limitation expenses of Proceedings
including all attorneys’ fees, retainers, court costs, transcript costs, fees of experts, investigation fees and expenses, accounting and witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage,
delivery service fees and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating or being or preparing to be a witness in a Proceeding.

 Section 1.5. “Good Faith Act or Omission” shall mean an act or omission of the Indemnitee reasonably believed by the Indemnitee
to be in or not opposed to the best interests of the Company and other than (i) one involving negligence or misconduct, or, if the Indemnitee is an independent director, one involving gross negligence or willful misconduct; (ii) one that
was material to the loss or liability and that was committed in bad faith or that was the result of active and deliberate dishonesty; (iii) one from which the Indemnitee actually received an improper personal benefit in money, property or
services; or (iv) in the case of a criminal Proceeding, one as to which the Indemnitee had cause to believe his conduct was unlawful. 
 Section 1.6. “Liabilities” shall mean liabilities of any type whatsoever, including, without limitation, any judgments, fines, excise taxes and penalties under the Employee Retirement Income Security Act of 1974, as amended,
penalties and amounts paid in settlement 

  

 2 

 
(including all interest, assessments and other charges paid or payable in connection with or in respect of such judgments, fines, penalties or amounts paid
in settlement) in connection with the investigation, defense, settlement or appeal of any Proceeding or any claim, issue or matter therein. 
 Section 1.7. “Proceeding” shall mean any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other actual, threatened or completed
proceeding whether civil, criminal, administrative or investigative, or any appeal therefrom. 
 Section 1.8. “Voting Securities”
shall mean any securities of the Company that are entitled to vote generally in the election of directors. 
 ARTICLE II 
 TERMINATION OF AGREEMENT 
 This
Agreement shall continue until, and terminate upon the later to occur of (i) the death of the Indemnitee; or (ii) the final termination of all Proceedings (including possible Proceedings) in respect of which the Indemnitee is granted
rights of indemnification or advancement of Expenses hereunder and of any proceeding commenced by the Indemnitee regarding the interpretation or enforcement of this Agreement. 
 ARTICLE III 
 SERVICE BY INDEMNITEE, NOTICE OF PROCEEDINGS 
 AND DEFENSE OF CLAIMS 
 Section 3.1.
Notice of Proceedings. The Indemnitee agrees to notify the Company promptly in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may
be subject to indemnification or advancement of Expenses covered hereunder, but the Indemnitee’s failure to so notify the Company shall not relieve the Company from any liability which it may have to the Indemnitee under this Agreement unless
the Company’s ability to defend in such proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company is thereby actually prejudiced. 
 Section 3.2. Defense of Claims. The Company will be entitled to participate, at its own expense, in any Proceeding of which it has notice. The
Company jointly with any other indemnifying party similarly notified of any Proceeding will be entitled to assume the defense of the Indemnitee therein, with counsel reasonably satisfactory to the Indemnitee; provided, however, that the Company
shall not be entitled to assume the defense of the Indemnitee in any Proceeding if there has been a Change in Control or if the Indemnitee has reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee with
respect to such Proceeding. The Company will not be liable to the Indemnitee under this Agreement for any Expenses incurred by the Indemnitee in connection with the defense of any Proceeding, other than reasonable costs of investigation or as
otherwise provided below, after notice from the Company to the Indemnitee of its election to assume the defense of the Indemnitee therein. The Indemnitee shall have the right to employ his own counsel in any such Proceeding, but the fees 

  

 3 

 
and expenses of such counsel incurred after notice from the Company of its assumption of the defense thereof shall be at the expense of the Indemnitee unless
(i) the employment of counsel by the Indemnitee has been authorized by the Company; (ii) the Indemnitee shall have reasonably concluded that counsel employed by the Company may not adequately represent the Indemnitee and shall have so
informed the Company; or (iii) the Company shall not in fact have employed counsel to assume the defense of the Indemnitee in such Proceeding or the counsel employed by the Company shall not, in fact, have assumed such defense or such counsel
shall not be acting, in connection therewith, with reasonable diligence; and in each such case the fees and expenses of the Indemnitee’s counsel shall be advanced by the Company in accordance with this Agreement. 
 Section 3.3. Settlement of Claims. The Company shall not settle any Proceeding in any manner which would impose any liability, penalty or
limitation on the Indemnitee without the written consent of the Indemnitee; provided, however, that the Indemnitee will not unreasonably withhold or delay consent to any proposed settlement. The Company shall not be liable to indemnify the
Indemnitee under this Agreement or otherwise for any amounts paid in settlement of any Proceeding effected by the Indemnitee without the Company’s written consent, which consent shall not be unreasonably withheld or delayed. 
 ARTICLE IV 
 INDEMNIFICATION 

 Section 4.1. General. Upon the terms and subject to the conditions set forth in this Agreement, the Company shall hold harmless and
indemnify the Indemnitee against any and all Liabilities actually incurred by or for him in connection with any Proceeding (whether the Indemnitee is or becomes a party, a witness or otherwise is a participant in any role) to the fullest extent
required or permitted by the Charter and by applicable law in effect on the date hereof and to such greater extent as applicable law may hereafter from time to time permit. For all matters for which the Indemnitee is entitled to indemnification
under this Article IV, the Indemnitee shall be entitled to advancement of Expenses in accordance with Article V hereof. 
 Section 4.2.
Proceeding Other Than a Proceeding By or In the Right of the Company. If the Indemnitee was or is a party or is threatened to be made a party to any Proceeding (whether the Indemnitee is or becomes a party, a witness or otherwise is a
participant in any role) (other than a Proceeding by or in the right of the Company) by reason of his Corporate Status, or by reason of alleged action or inaction by him in any such capacity, the Company shall, subject to the limitations set forth
in Section 4.3 below, hold harmless and indemnify him against any and all Expenses and Liabilities actually and reasonably incurred by or for the Indemnitee in connection with the Proceeding if the act(s) or omission(s) of the Indemnitee giving
rise thereto were Good Faith Act(s) or Omission(s). 
 Section 4.3. Proceedings by or in the Right of the Company. If the Indemnitee,
by reason of his Corporate Status, or by reason of alleged action or inaction by him in such capacity, was or is a party or is threatened to be made a party to any Proceeding (whether the Indemnitee is or becomes a party, a witness or otherwise is a
participant in any role) by or in the right of the Company, then the Company shall, subject to the limitations set forth in Section 4.6 below, hold harmless and indemnify him against any and all Expenses actually incurred by or for him in
connection with the investigation, defense, settlement or appeal of such Proceeding if the act(s) 

  

 4 

 
or omission(s) of the Indemnitee giving rise to the Proceeding were Good Faith Act(s) or Omission(s); except that no indemnification under this
Section 4.3 shall be made in respect of any claim, issue or matter as to which the Indemnitee shall have been finally adjudged to be liable to the Company, unless a court of appropriate jurisdiction (including, but not limited to, the court in
which such Proceeding was brought) shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, regardless of whether the Indemnitee’s act(s) or omission(s) were found to be a
Good Faith Act(s) or Omission(s), the Indemnitee is fairly and reasonably entitled to indemnification for such Expenses which such court shall deem proper. 
 Section 4.4. Indemnification of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, to the extent that the Indemnitee is, by reason of the Indemnitee’s
Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, the Indemnitee shall be indemnified by the Company to the maximum extent consistent with applicable law, against all Expenses and Liabilities actually
incurred by or for him in connection therewith. If the Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the
Company shall hold harmless and indemnify the Indemnitee to the maximum extent consistent with applicable law, against all Expenses and Liabilities actually and reasonably incurred by or for him in connection with each successfully resolved claim,
issue or matter in such Proceeding. Resolution of a claim, issue or matter by dismissal, with or without prejudice, except as provided in Section 4.5 hereof, shall be deemed a successful result as to such claim, issue or matter, so long as
there has been no finding (either adjudicated or pursuant to Article VI hereof) that the act(s) or omission(s) of the Indemnitee giving rise thereto were not a Good Faith Act(s) or Omission(s). 
 Section 4.5. Indemnification for Expenses as Witness. Notwithstanding any other provision of this Agreement, to the extent that the Indemnitee, by
reason of the Indemnitee’s Corporate Status, has prepared to serve or has served as a witness in any Proceeding, or has participated in discovery proceedings or other trial preparation, the Indemnitee shall be held harmless and indemnified
against all Expenses actually and reasonably incurred by or for him in connection therewith. 
 Section 4.6. Specific Limitations on
Indemnification. In addition to the other limitations set forth in this Article IV, and notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated under this Agreement to make any payment to the Indemnitee for
indemnification with respect to any Proceeding: 
 (a) To the extent that payment is actually made to the Indemnitee under any insurance
policy or is made on behalf of the Indemnitee by or on behalf of the Company otherwise than pursuant to this Agreement. 
 (b) If a court in
such Proceeding has entered a judgment or other adjudication which is final and has become non-appealable and establishes that a claim of the Indemnitee for such indemnification arose from: (i) acts or omissions of the Indemnitee that are not
Good Faith Acts or Omissions or which are the result of active and deliberate dishonesty; (ii) acts or omissions of the Indemnitee which the Indemnitee had reasonable cause to believe were unlawful; or (iii) a transaction in which the
Indemnitee actually received an improper personal benefit in money, property or services. 
  

 5 

 (c) If there has been no Change in Control, for Liabilities in connection with Proceedings settled
without the consent of the Company which consent, however, shall not be unreasonably withheld. 
 (d) For any loss or liability unless all of
the following conditions are met: (i) the Indemnitee has determined, in good faith, that the course of conduct that caused the loss or liability was in the best interests of the Company, (ii) the Indemnitee was acting on behalf of or
performing services for the Company, (iii) such loss or liability was not the result of negligence or misconduct, or, if the Indemnitee is an independent director, gross negligence or willful misconduct, and (iv) such indemnification is
recoverable only out of the Company’s net assets and not from the Company’s stockholders. 
 (e) For any loss or liability arising
from an alleged violation of federal or state securities laws 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
Indemnitee, (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against the 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 Securities and Exchange Commission 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. 
 ARTICLE V 
 ADVANCEMENT OF EXPENSES 
 Notwithstanding any provision to the contrary in Article VI hereof, the Company shall advance to the Indemnitee all Expenses which, by reason of the
Indemnitee’s Corporate Status, were incurred by or for him in connection with any Proceeding for which the Indemnitee is entitled to indemnification pursuant to Article IV hereof, in advance of the final disposition of such Proceeding, provided
that all of the following are satisfied: (i) the Indemnitee was made a party to the proceeding by reason of his service as a director or officer of the Company, (ii) the Indemnitee provides the Company with written affirmation of his good
faith belief that he has met the standard of conduct necessary for indemnification by the Company pursuant to Article IV hereof, (iii) the Indemnitee provides the Company with a written agreement (the “Undertaking”) to repay the
amount paid or reimbursed by the Company, together with the applicable legal rate of interest thereon, if it is ultimately determined that the Indemnitee did not comply with the requisite standard of conduct, and (iv) the legal proceeding was
initiated by a third party who is not a stockholder of the Company or, if by a stockholder of the Company acting in his or her capacity as such, a court of competent jurisdiction approves such advancement. The Indemnitee shall be required to execute
and submit the Undertaking to repay Expenses advanced in the form of Exhibit A attached hereto or in such form as may be required under applicable law as in effect at the time of execution thereof. The Undertaking shall reasonably evidence the
Expenses incurred by or for the Indemnitee and shall contain the written 

  

 6 

 
affirmation by the Indemnitee, described above, of his good faith belief that the standard of conduct necessary for indemnification has been met. The Company
shall advance such expenses within five (5) business days after the receipt by the Company of the Undertaking. The Indemnitee hereby agrees to repay any Expenses advanced hereunder if it shall ultimately be determined that the Indemnitee is not
entitled to be indemnified against such Expenses. Any advances and the undertaking to repay pursuant to this Article V shall be unsecured. 
 ARTICLE VI 
 PROCEDURE FOR PAYMENT OF LIABILITIES; DETERMINATION 
 OF RIGHT TO INDEMNIFICATION 
 Section
6.1. Procedure for Payment. To obtain indemnification for Liabilities under this Agreement, the Indemnitee shall submit to the Company a written request for payment, including with such request such documentation as is reasonably available to
the Indemnitee and reasonably necessary to determine whether, and to what extent, the Indemnitee is entitled to indemnification and payment hereunder. The Secretary of the Company, or such other person as shall be designated by the Board of
Directors, promptly upon receipt of a request for indemnification shall advise the Board of Directors, in writing, of such request. Any indemnification payment due hereunder shall be paid by the Company no later than five (5) business days
following the determination, pursuant to this Article VI, that such indemnification payment is proper hereunder. 
 Section 6.2. No
Determination Necessary when the Indemnitee was Successful. To the extent the Indemnitee has been successful, on the merits or otherwise, in defense of any Proceeding referred to in Sections 4.2 or 4.3 above or in the defense of any claim, issue
or matter described therein, the Company shall indemnify the Indemnitee against Expenses actually and reasonably incurred by or for him in connection with the investigation, defense or appeal of such Proceeding. 
 Section 6.3. Determination of Good Faith Act or Omission. In the event that Section 6.2 is inapplicable, the Company also shall hold harmless
and indemnify the Indemnitee unless the Company shall prove by clear and convincing evidence to a forum listed in Section 6.4 below that the act(s) or omission(s) of the Indemnitee giving rise to the Proceeding were not Good Faith Act(s) or
Omission(s). 
 Section 6.4. Forum for Determination. The Indemnitee shall be entitled to select from among the following the forums,
in which the validity of the Company’s claim under Section 6.3, that the Indemnitee is not entitled to indemnification will be heard: 
 (a) A quorum of the Board consisting of Disinterested Directors; 
 (b) Legal counsel selected by the Indemnitee, subject to the
approval of the Board, which approval shall not be unreasonably delayed or denied, which counsel shall make such determination in a written opinion; or 
 (c) A panel of three arbitrators, one of whom is selected by the Company, another of whom is selected by the Indemnitee and the last of whom is selected jointly by the first two arbitrators so selected. As soon as
practicable, and in no event later than thirty (30)

  

 7 

 
days after written notice of the Indemnitee’s choice of forum pursuant to this Section 6.4, the Company shall, at its own expense, submit to the
selected forum in such manner as the Indemnitee or the Indemnitee’s counsel may reasonably request, its claim that the Indemnitee is not entitled to indemnification, and the Company shall act in the utmost good faith to assure the Indemnitee a
complete opportunity to defend against such claim. The fees and expenses of the selected forum in connection with making the determination contemplated hereunder shall be paid by the Company. If the Company shall fail to submit the matter to the
selected forum within thirty (30) days after the Indemnitee’s written notice or if the forum so empowered to make the determination shall have failed to make the requested determination within thirty (30) days after the matter has
been submitted to it by the Company, the requisite determination that the Indemnitee has the right to indemnification shall be deemed to have been made. 
 Section 6.5. Right to Appeal. Notwithstanding a determination by any forum listed in Section 6.4 above that the Indemnitee is not entitled to indemnification with respect to a specific Proceeding, the
Indemnitee shall have the right to apply to the court in which that Proceeding is or was pending, or to any other court of competent jurisdiction, for the purpose of enforcing the Indemnitee’s right to indemnification pursuant to this
Agreement. Such enforcement action shall consider the Indemnitee’s entitlement to indemnification de novo, and the Indemnitee shall not be prejudiced by reason of a prior determination that the Indemnitee is not entitled to indemnification. The
Company shall be precluded from asserting that the procedures and presumptions of this Agreement are not valid, binding and enforceable. The Company further agrees to stipulate in any such judicial proceeding that the Company is bound by all the
provisions of this Agreement and is precluded from making any assertion to the contrary. 
 Section 6.6. Right to Seek Judicial
Determination. Notwithstanding any other provision of this Agreement to the contrary, at any time after sixty (60) days after a request for indemnification has been made to the Company (or upon earlier receipt of written notice that a
request for indemnification has been rejected) and within one (1) year after the making of such indemnification request, the Indemnitee may petition a court of competent jurisdiction, whether or not the court has jurisdiction over, or is the
forum in which is pending, the Proceeding, to determine whether the Indemnitee is entitled to indemnification hereunder, and such court thereupon shall have the exclusive authority to make such determination, unless and until such court dismisses or
otherwise terminates the Indemnitee’s action without having made such determination. The court, as petitioned, shall make an independent determination of whether the Indemnitee is entitled to indemnification hereunder, without regard to any
prior determination in any other forum as provided hereby. 
 Section 6.7. Expenses under this Agreement. Notwithstanding any other
provision in this Agreement to the contrary, the Company shall indemnify the Indemnitee against all Expenses incurred by the Indemnitee in connection with any hearing or proceeding under this Section VI involving the Indemnitee and against all
Expenses incurred by the Indemnitee in connection with any other action between the Company and the Indemnitee involving the interpretation or enforcement of the rights of the Indemnitee under this Agreement, even if it is finally determined that
the Indemnitee is not entitled to indemnification in whole or in part hereunder. 
  

 8 

 ARTICLE VII 
 PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS 
 Section 7.1. Burden of Proof. In making a
determination with respect to entitlement to indemnification hereunder, the person, persons, entity or entities making such determination shall presume that the Indemnitee is entitled to indemnification under this Agreement and the Company shall
have the burden of proof to overcome that presumption. 
 Section 7.2. Effect of Other Proceedings. The termination of any Proceeding
or of any claim, issue or matter therein, by judgment, order or settlement shall not create a presumption that the act(s) or omission(s) giving rise to the Proceeding were not Good Faith Act(s) or Omission(s). The termination of any Proceeding by
conviction, or upon a plea of nolo contendere, or its equivalent, or an entry of an order of probation prior to judgment, shall create a rebuttable presumption that the act(s) or omission(s) of the Indemnitee giving rise to the Proceeding were not
Good Faith Act(s) or Omission(s). 
 Section 7.3. Reliance as Safe Harbor. For purposes of any determination of whether any act or
omission of the Indemnitee was a Good Faith Act or Omission, each act of the Indemnitee shall be deemed to be a Good Faith Act or Omission if the Indemnitee’s action is based on the records or books of accounts of the Company, including
financial statements, or on information supplied to the Indemnitee by the officers of the Company in the course of their duties, or on the advice of legal counsel for the Company or on information or records given or reports made to the Company by
an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Company. The provisions of this Section 7.3 shall not be deemed to be exclusive or to limit in any way the other circumstances in
which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement or under applicable law. 
 Section 7.4. Actions of Others. The knowledge and/or actions, or failure to act, of any other director, officer, agent or employee of the Company shall not be imputed to the Indemnitee for purposes of determining the right to
indemnification under this Agreement. 
 ARTICLE VIII 
 INSURANCE 
 In the event that the Company maintains officers’ and directors’ or similar
liability insurance to protect itself and any director or officer of the Company against any expense, liability or loss, such insurance shall cover the Indemnitee to at least the same degree as each other director and/or officer of the Company.

 ARTICLE IX 
 MISCELLANEOUS 
 Section 9.1. Non-Exclusivity. The rights of the Indemnitee hereunder shall not be deemed exclusive of
any other rights to which the Indemnitee may at any time be entitled under any provision of law, the Charter, the Bylaws of the Company, as the same may be in effect from time to time, any agreement, a vote of stockholders of the Company or a
resolution of directors of the Company or otherwise, and to the extent that during the term of this Agreement the rights 

  

 9 

 
of the then-existing directors and officers of the Company are more favorable to such directors or officers than the rights currently provided to the
Indemnitee under this Agreement, the Indemnitee shall be entitled to the full benefits of such more favorable rights. No amendment, alteration, rescission or replacement of this Agreement or any provision hereof which would in any way limit the
benefits and protections afforded to an Indemnitee hereby shall be effective as to such Indemnitee with respect to any action or inaction by such Indemnitee in the Indemnitee’s Corporate Status prior to such amendment, alteration, rescission or
replacement. 
 Section 9.2. Subrogation. In the event of any payment under this Agreement, the Company shall be subrogated to the
extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute all documents required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to
bring suit to enforce such rights. 
 Section 9.3. Notices. All notices, requests, demands and other communications hereunder shall be
in writing and shall be deemed to have been duly given (i) if delivered by hand, by courier or by telegram and receipted for by the party to whom said notice or other communication shall have been directed at the time indicated on such receipt;
(ii) if by facsimile at the time shown on the confirmation of such facsimile transmission; or (iii) if by U.S. certified or registered mail, with postage prepaid, on the third business day after the date on which it is so mailed:

 If to the Indemnitee, as shown with the Indemnitee’s signature below. 
 If to the Company, to: 
  

	
	 Income Property Trust of the Americas Inc.

	 518 17th street, 17th Floor

	 Denver, CO 80202

	 Attention: President

	 Facsimile No. [(303) 869-4644]

 or to such other address as may have been furnished to the Indemnitee by the Company or to the Company by the
Indemnitee, as the case may be. 
 Section 9.4. Governing Law. The parties agree that this Agreement shall be governed by, and
construed and enforced in accordance with, the substantive laws of the State of Maryland, without application of the conflict of laws principles thereof. 
 Section 9.5. Binding Effect. Except as otherwise provided in this Agreement, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators,
successors, legal representatives and permitted assigns. The Company shall require any successor or assignee (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of its respective assets or
business, by written agreement in form and substance reasonably satisfactory to the Indemnitee, to assume and agree to be bound by and to perform this Agreement in the same manner and to the same extent as the Company would be required to perform
absent such succession or assignment. 
  

 10 

 Section 9.6. Waiver. No termination, cancellation, modification, amendment, deletion, addition or
other change in this Agreement, or any provision hereof, or waiver of any right or remedy herein, shall be effective for any purpose unless specifically set forth in a writing signed by the party or parties to be bound thereby. The waiver of any
right or remedy with respect to any occurrence on one occasion shall not be deemed a waiver of such right or remedy with respect to such occurrence on any other occasion. 
 Section 9.7. Entire Agreement. This Agreement, constitutes the entire agreement and understanding among the parties hereto in reference to the subject matter hereof; provided, however, that the parties
acknowledge and agree that the Charter contains provisions on the subject matter hereof and that this Agreement is not intended to, and does not, limit the rights or obligations of the parties hereto pursuant to such Charter. 
 Section 9.8. Titles. The titles to the articles and sections of this Agreement are inserted for convenience of reference only and should not be
deemed a part hereof or affect the construction or interpretation of any provisions hereof. 
 Section 9.9. Invalidity of Provisions.
Every provision of this Agreement is severable, and the invalidity or unenforceability of any term or provision shall not effect the validity or enforceability of the remainder of this Agreement. 
 Section 9.10. Pronouns and Plurals. Whenever the context may require, any pronoun used in this Agreement shall include the corresponding
masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. 
 Section
9.11. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together constitute one agreement binding on all the parties hereto. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. 
  

			
	INCOME PROPERTY TRUST OF THE AMERICAS INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	INDEMNITEE
	
	  

	(Name)	 	

  

 11 

 EXHIBIT A 
 FORM OF UNDERTAKING TO REPAY EXPENSES ADVANCED 
 The Board of Directors of Income Property Trust of the Americas Inc.

 Re: Undertaking to Repay Expenses Advanced 
 Ladies and
Gentlemen: 
 This undertaking is being provided pursuant to that certain Indemnification Agreement dated the     
day of                     , 2008, by and among Income Property Trust of the Americas Inc. and the undersigned Indemnitee (the
“Indemnification Agreement”), pursuant to which I am entitled to advancement of expenses in connection with [Description of Proceeding] (the “Proceeding”). 
 Terms used herein and not otherwise defined shall have the meanings specified in the Indemnification Agreement. 
 I am subject to the Proceeding by reason of my Corporate Status or by reason of alleged actions or omissions by me in such capacity. During the period of
time to which the Proceeding relates I was
                                        
[name of office(s) held] of Income Property Trust of the Americas Inc. Pursuant to Article IV of the Indemnification Agreement, the Company is obligated to reimburse me for Expenses that are actually and reasonably incurred by or for me in
connection with the Proceeding, provided that I execute and submit to the Company an Undertaking in which (i) I undertake to repay any Expenses paid by the Company on my behalf, together with the applicable legal rate of interest thereon, if it
shall be ultimately determined that I am not entitled to be indemnified thereby against such Expenses; (ii) I affirm my good faith belief that I have met the standard of conduct necessary for indemnification; and (iii) I reasonably
evidence the Expenses incurred by or for me. 
 [Description of expenses incurred by or for Indemnitee] 
 This letter shall constitute my undertaking to repay to the Company any Expenses paid by it on my behalf, together with the applicable legal rate of
interest thereon, in connection with the Proceeding if it is ultimately determined that I am not entitled to be indemnified with respect to such Expenses as set forth above. I hereby affirm my good faith belief that I have met the standard of
conduct necessary for indemnification and that I am entitled to such indemnification. 
  

	
	  

	Signature
	
	  

	Name
	
	  

	Date

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