Exhibit 10.6


 


ENVIRONMENTAL INDEMNITY AGREEMENT


 


THIS ENVIRONMENTAL
INDEMNITY AGREEMENT (this “Agreement”) is made as of April 28, 2017, by THE ENTITIES LISTED ON SCHEDULE
I, (each, an “Individual Borrower” and collectively, together with their respective permitted
successors and assigns, “Borrower”), each having its principal place of business at c/o Hospitality Investors
Trust, Inc., 3950 University Drive, Fairfax, Virginia 22030, HOSPITALITY INVESTORS TRUST
OPERATING PARTNERSHIP, L.P., a Delaware limited partnership, and hOSPITALITY
INVESTORS TRUST, INC., a Maryland corporation, each having an office at c/o Hospitality Investors Trust, Inc., 3950
University Drive, Fairfax, Virginia 22030 (each, a “Non-Borrower Indemnitor”, and together with their
respective permitted successors and assigns, collectively, “Non-Borrower Indemnitors”; and together with
Borrower, “Indemnitors”, and each, an “Indemnitor”), in favor of DEUTSCHE
BANK AG, NEW YORK BRANCH, a branch of Deutsche Bank AG, a German Bank authorized by the New York Department of Financial
Services, having an address at 60 Wall Street, 10th Floor, New York, New York 10005 (together with its successors and/or assigns,
“DBNY”), CITIGROUP GLOBAL MARKETS REALTY CORP., a New York corporation, having an address at 390
Greenwich Street, New York, New York 10013 (together with its successors and/or assigns, “Citi”), and
JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a banking association chartered under the laws of the United States of America,
having an address at 383 Madison Avenue, New York, New York 10179 (together with its successors and assigns, “JPM”
and together with Citi and DBNY and each of their respective successors and/or assigns, collectively, “Indemnitee”)
and the other Indemnified Parties (defined below).


 


RECITALS


 


1.          Indemnitee
is prepared to make a loan (the “Loan”) to Borrower in the principal amount of $805,000,000.00 pursuant
to a Loan Agreement of even date herewith between Borrower, Operating Lessee and Indemnitee (as the same may be amended, restated,
replaced, supplemented or otherwise modified from time to time, the “Loan Agreement”), and the Mortgages
encumbering the Properties. Capitalized terms not otherwise defined herein shall have the meanings set forth in the Loan Agreement.


 


2.          Pursuant
to that certain Lease Agreement by and between Individual Borrower and Operating Lessee (as the same may be amended, restated,
supplemented, renewed, extended or otherwise modified from time to time), Operating Lessee has agreed to lease and operate the
Property.


 


3.          Each
Indemnitor acknowledges receipt and approval of copies of the Loan Documents.


 


4.          Each
Non-Borrower Indemnitor acknowledges that it owns, either directly or indirectly, a beneficial interest in Borrower and Operating
Lessee and, as a result of such beneficial interest, will receive substantial economic and other benefits from Indemnitee making
the Loan to Borrower.


 




    Environmental Indemnity Agreement


     


    

 


5.          Indemnitee
is unwilling to make the Loan unless Indemnitors agree to provide the indemnification, representations, warranties, covenants and
other matters described in this Agreement for the benefit of the Indemnified Parties.


 


6.          Indemnitors
are entering into this Agreement to induce Indemnitee to make the Loan.


 


AGREEMENT


 


NOW THEREFORE, in consideration
of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Indemnitors
hereby represent, warrant, covenant and agree for the benefit of the Indemnified Parties as follows:


 


1.          Environmental
Representations and Warranties. Except as otherwise disclosed by those reports listed on Schedule II attached hereto
and made a part hereof in respect of the Properties (referred to below collectively as the “Environmental Reports”),
copies of which have been provided to Indemnitee, to Indemnitor’s knowledge and except as would not have a material adverse
effect individually or in the aggregate on the business or condition (financial or otherwise) of Borrower or any Individual Borrower,
(a) there are no Hazardous Substances (defined below) or underground storage tanks in, on or under any Individual Property, except
those that are both (i) in compliance with all Environmental Laws (defined below) and with any necessary permits issued pursuant
thereto and (ii) fully disclosed to Indemnitee in writing pursuant to the Environmental Reports; (b) there are no past, present
or threatened Releases (defined below) of Hazardous Substances in, on, under or from any Individual Property which have not been
remediated as required under Environmental Laws; (c) there is no threat of any Release of Hazardous Substances migrating to
any Individual Property; (d) there is no past or present non-compliance with Environmental Laws, or with permits issued pursuant
thereto, in connection with any Individual Property which has not been remediated as required under Environmental Laws; (e) none
of Indemnitors know of, or have received, any written or oral notice or other communication from any Person (including, but not
limited to, any Governmental Authority) relating to any Release or Remediation (defined below) of any Hazardous Substance, of possible
liability of any Indemnitor pursuant to any Environmental Law, any other environmental conditions in connection with any Individual
Property, or any actual or potential administrative or judicial proceedings in connection with any of the foregoing; (f) no
Toxic Mold (as defined below) is present in the indoor air of any Individual Property at concentrations for which any Legal Requirement
applicable to such Individual Property requires removal thereof by remediation professionals, and Indemnitors are not aware of
any conditions at any Individual Property that are likely to result in the presence of Toxic Mold in the indoor air at concentrations
for which any Legal Requirement applicable to such Individual Property would require such removal; and (g) Indemnitors have
truthfully and fully provided to Indemnitee, in writing, any and all material information relating to conditions in, on, under
or from each Individual Property that is actually known to any Indemnitor and that is contained in the files and records of any
Indemnitor, including, but not limited, to any reports relating to Hazardous Substances in, on, under or from each Individual Property
and/or to the environmental condition of each Individual Property.


 




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2.          Environmental
Covenants. Each Indemnitor covenants and agrees that (a) all uses and operations on or of each Individual Property,
whether by any of the Indemnitors or any other Person, shall be in compliance with all Environmental Laws and permits issued pursuant
thereto; (b) there shall be no Releases of Hazardous Substances in, on, under or from any Individual Property (except in compliance
with all applicable Environmental Laws and with permits issued pursuant thereto); (c) there shall be no Hazardous Substances
in, on or under any Individual Property, except those that are both (i) in compliance with all applicable Environmental Laws
and with any necessary permits issued pursuant thereto and (ii) fully disclosed to Indemnitee in writing; (d) Indemnitors
shall keep each Individual Property free and clear of all liens and other encumbrances imposed pursuant to any Environmental Law,
whether due to any act or omission of any of the Indemnitors or any other Person (the “Environmental Liens”);
provided, that after prior notice to Indemnitee, Indemnitors, at their own expense, may contest by appropriate legal
proceeding, conducted in good faith and with due diligence, the amount or validity of any Environmental Liens, provided that (1)
no Event of Default has occurred and remains uncured, (2) such proceeding shall be permitted under and be conducted in accordance
with all applicable statutes, laws and ordinances, (3) no Individual Property nor any part thereof or interest therein will be
in danger of being sold, forfeited, terminated, canceled or lost, (4) Indemnitors shall promptly upon final determination thereof
pay the amount of any such Environmental Liens, together with all costs, interest and penalties which may be payable in connection
therewith, (5) to insure the payment of such Environmental Liens, Indemnitors shall deliver to Indemnitee either (A) cash, or other
security as may be approved by Indemnitee, in an amount equal to one hundred ten percent (110%) of the contested amount if such
contested amount will be less than one million dollars ($1,000,000) or one hundred twenty five percent (125%) of such contested
amount if such contested amount will be equal to or greater than ($1,000,000), or (B) a payment and performance bond in an amount
equal to one hundred percent (100%) of the contested amount from a surety acceptable to Indemnitee in its reasonable discretion,
(6) failure to pay such Environmental Liens will not subject Indemnitee to any civil or criminal liability, (7) such contest shall
not affect the ownership, use or occupancy of any Individual Property, and (8) Indemnitors shall, upon request by Indemnitee, give
Indemnitee prompt notice of the status of such proceedings and/or confirmation of the continuing satisfaction of the conditions
set forth in clauses (1) through (7) of this Section 2(d); (e) Indemnitors shall, at their sole cost and expense,
fully and in a timely manner cooperate in all activities pursuant to Section 3 of this Agreement, including, but not limited
to, providing all relevant information and making knowledgeable Persons available for interviews upon reasonable advance written
request and at reasonable times and places; (f) Indemnitors shall, at their sole cost and expense, perform any environmental
site assessment or other investigation of environmental conditions in connection with any Individual Property, pursuant to any
reasonable written request of Indemnitee made in consideration of any environmental event or condition reasonably believed by Indemnitee
to have occurred or to exist at any Individual Property (which request shall briefly describe the basis for Indemnitee’s
belief) (including, but not limited to, sampling, testing and analysis of soil, water, air, building materials and other materials
and substances whether solid, liquid or gas, such assessment or investigation to be in scope and nature appropriate to the suspected
event or condition) that would be reasonably expected to have an adverse effect on any Individual Property or on the business or
condition (financial or otherwise) of Borrower, and share with Indemnitee the reports and other results thereof, and Indemnitee
and the other Indemnified Parties shall be entitled to rely on such reports and other results thereof; (g) Indemnitors shall,
at their sole cost and expense, comply with all reasonable written requests of Indemnitee to (i) effectuate any required Remediation
of any condition (including, but not limited to, a Release of a Hazardous Substance) in, on, under or from any Individual Property;
(ii) comply with any applicable Environmental Law; and/or (iii) comply with any directive from any Governmental Authority
having jurisdiction over the applicable Individual Property requiring any action relating to any environmental condition in, on,
under, from or migrating toward such Individual Property; provided, that with respect to clauses (g)(ii) and (iii),
after notice to Indemnitee, Indemnitors, at their own expense, may suspend, or cause to be suspended, such compliance and contest,
or cause to be contested by appropriate legal proceeding, conducted in good faith and with due diligence, the applicability of
any Environmental Law, provided that (1) no Event of Default has occurred and remains uncured, (2) such proceeding shall be
permitted under and be conducted in accordance with all applicable statutes, laws and ordinances, (3) no Individual Property nor
any part thereof or interest therein will be in danger of being sold, forfeited, terminated, canceled or lost, (4) Indemnitors
shall promptly upon final determination thereof take all acts then necessary to comply with such Environmental Law, together with
the payment of all costs, interest and penalties which may be payable in connection therewith, (5) to insure the performance of
such legal obligations and the payment of all related costs, Indemnitors shall deliver to Indemnitee either (A) cash, or other
security as may be approved by Indemnitee, in an amount equal to one hundred ten percent (110%) of the maximum costs and expenses
that are reasonably expected to be incurred in connection with such proceeding, including costs of compliance if Indemnitors are
required to do so (collectively, the “Maximum Cost”) if such Maximum Cost is less than one million dollars
($1,000,000) or one hundred twenty five percent (125%) of the Maximum Cost if such Maximum Cost is equal to or greater than one
million dollars ($1,000,000), or (B) a payment and performance bond in an amount equal to one hundred percent (100%) of the Maximum
Cost from a surety acceptable to Indemnitee in its reasonable discretion, (6) failure to comply with such Environmental Laws will
not subject Indemnitee to any civil or criminal liability, (7) such contest shall not affect the ownership, use or occupancy of
any Individual Property, and (8) Indemnitors shall, upon request by Indemnitee, give Indemnitee prompt notice of the status of
such proceedings and/or confirmation of the continuing satisfaction of the conditions set forth in clauses (1) through (7)
of this Section 2(g); (h) none of the Indemnitors shall do or knowingly allow any tenant or other user of any Individual
Property to do any act that is in non-compliance with any applicable Environmental Law, impairs or may impair the value of any
Individual Property, is contrary to any requirement of any insurer, constitutes a public or private nuisance, constitutes waste
or violates any covenant, condition, agreement or easement applicable to any Individual Property; (i) if following the date
hereof, it is determined that any Individual Property contains paint containing more than 0.5% lead by dry weight (“Lead
Based Paint”), present in violation of any Environmental Law and not previously disclosed in the Environmental Reports,
Indemnitors agree, at their sole cost and expense and within forty-five (45) days thereafter, to cause to be prepared an assessment
report describing the location and condition of the Lead Based Paint (a “Lead Based Paint Report”), prepared
by an expert, and in form, scope and substance, acceptable to Indemnitee; (j) if following the date hereof, it is determined
that any Individual Property contains asbestos or asbestos-containing material (“Asbestos”) present in
violation of any Environmental Law and not previously disclosed in the Environmental Reports, Borrower shall at their sole cost
and expense and within forty-five (45) days thereafter, to cause to be prepared an assessment report describing the location and
condition of the Asbestos (an “Asbestos Report”), prepared by an expert, and in form, scope and substance,
acceptable to Indemnitee; (k) if a Lead Based Paint Report or Asbestos Report is required to be prepared pursuant to clauses
(i) or (j) of this Section 2, on or before thirty (30) days following the preparation of such report, Indemnitors shall,
at their sole cost and expense, develop and implement an operations and maintenance plan to manage such condition(s) on the applicable
Individual Property, which plan shall be prepared by an expert, and be in form, scope and substance, acceptable to Indemnitee (together
with any Lead Based Paint Report and/or Asbestos Report, as applicable, the “O&M Plan”), and if an
O&M Plan has been prepared prior to the date hereof, Indemnitors agree to diligently and continually carry out (or cause to
be carried out) the provisions thereof, it being understood and agreed that compliance with the O&M Plan shall require or be
deemed to require, without limitation, the proper preparation and maintenance of all records, papers and forms required under the
Environmental Laws; (l) in the event that any inspection or audit reveals the presence of Toxic Mold in the indoor air of
any Individual Property at concentrations for which any Legal Requirement applicable to such Individual Property requires removal
thereof by remediation professionals, Indemnitors shall promptly remediate the Toxic Mold and perform post-remedial clearance sampling
in accordance with said Legal Requirement and applicable Environmental Law, following which abatement of the Toxic Mold,
Indemnitors shall prepare and implement an Operations and Maintenance Plan for Toxic Mold and Moisture reasonably acceptable to
Indemnitee and in accordance with the guidelines issued by the National Multi Housing Council; and (m) Indemnitors shall promptly
notify Indemnitee in writing of (A) any presence or Release or threatened Release of Hazardous Substances in, on, under, from
or migrating towards any Individual Property in material violation of, or as might be reasonably expected to result in material
liability under, any Environmental Law; (B)  material non-compliance with any Environmental Laws related in any way to any
Individual Property; (C) any actual or threatened Environmental Lien; (D) any required or proposed Remediation of environmental
conditions relating to any Individual Property; and/or (E) any written or oral notice or other communication of which any
Indemnitor becomes aware from any source whatsoever (including, but not limited to, any Governmental Authority) relating to a material
or unlawful Release, or threatened Release, of Hazardous Substances or Remediation thereof, possible liability of any Person pursuant
to any Environmental Law concerning any Individual Property or the Property, other environmental conditions in connection with
any Individual Property or any actual or threatened administrative or judicial proceedings in connection with any environmental
matters referred to in this Agreement.


 




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3.          Indemnified
Rights/Cooperation and Access. In the event the Indemnified Parties have a reasonable basis to believe that an environmental
hazard exists on any Individual Property, other than conditions expressly disclosed in the Environmental Reports, that does not
(a) endanger any tenants or other occupants of such Individual Property or their guests or the general public, or (b) materially
and adversely affect the value of such Individual Property, upon reasonable written notice from the Indemnitee, describing in reasonable
detail the basis for such belief, Indemnitors shall, at Indemnitors’ sole cost and expense, promptly cause an engineer or
consultant reasonably satisfactory to the Indemnified Parties to conduct an environmental assessment or audit of such hazard (the
scope of which shall be determined in the reasonable discretion of the Indemnified Parties) and take any samples of soil, groundwater
or other water, air or building materials or any other invasive testing reasonably determined by Indemnitee to be required to assess
such condition and promptly deliver to Indemnitee the results of any such assessment, audit, sampling or other testing; provided,
however, if such results are not delivered to Indemnitee within a reasonable period or if the Indemnified Parties have
reason to believe that an environmental hazard exists on such Individual Property that endangers any tenant or other occupant of
such Individual Property or their guests or the general public or may materially and adversely affect the value of such Individual
Property, upon reasonable notice to Indemnitors, the Indemnified Parties and any other Person designated by the Indemnified Parties,
including, but not limited to, any receiver, any representative of any Governmental Authority and/or any environmental consultant,
shall have the right, but not the obligation, to enter upon such Individual Property at all reasonable times (subject to the rights
of tenants) to assess any and all aspects of the environmental condition of such Individual Property and its use, including, but
not limited to, conducting any environmental assessment or audit (the scope of which shall be determined in the sole, but good
faith discretion of the Indemnified Parties) and taking samples of soil, groundwater or other water, air or building materials
and reasonably conducting other invasive testing, reasonably determined by the Indemnified Parties to be required to assess the
condition. Indemnitors shall cooperate with and provide, upon advance notice to each of them, the Indemnified Parties and any such
Person designated by the Indemnified Parties with access to each Individual Property.


 


4.          Indemnification.
Indemnitors covenant and agree, at their sole cost and expense, to protect, defend, indemnify, release and hold Indemnified Parties
harmless from and against any and all Losses (defined below) imposed upon, or incurred by, or asserted against, any Indemnified
Parties and directly or indirectly arising out of or relating to any one or more of the following: (a) any presence of any
Hazardous Substances in, on, above or under any Individual Property; (b) any past, present or threatened Release of Hazardous
Substances in, on, above, under or from any Individual Property; (c) any activity by any of the Indemnitors, any Person affiliated
with any of the Indemnitors and/or any tenant or other user of any Individual Property in connection with any actual, proposed
or threatened use, treatment, storage, holding, existence, disposition or other Release, generation, production, manufacturing,
processing, refining, control, management, abatement, removal, handling, transfer or transportation to or from such Individual
Property of any Hazardous Substances at any time located in, under, on or above such Individual Property; (d) any activity
by any of the Indemnitors, any Person affiliated with any of the Indemnitors and/or any tenant or other user of any Individual
Property in connection with any actual or proposed Remediation of any Hazardous Substances at any time located in, under, on or
above such Individual Property, whether or not such Remediation is voluntary or pursuant to court or administrative order, including,
but not limited to, any removal, remedial or corrective action; (e) any past, present or threatened non-compliance or violation
of any Environmental Law (or of any permit issued pursuant to any Environmental Law) in connection with any Individual Property
or operations thereon, including, but not limited to, any failure by any of the Indemnitors, any Person affiliated with any of
the Indemnitors and/or any tenant or other user of such Individual Property to comply with any order of any Governmental Authority
in connection with any Environmental Laws; (f) the imposition, recording or filing or the threatened imposition, recording
or filing of any Environmental Lien encumbering any Individual Property; (g) any administrative processes or proceedings or
judicial proceedings in any way connected with any matter addressed in this Agreement; (h) [intentionally omitted]; (i) any
acts of any of the Indemnitors, any Person affiliated with any of the Indemnitors and/or any tenant or other user of any Individual
Property in arranging for the disposal or treatment, or arranging with a transporter for transport for the disposal or treatment,
of Hazardous Substances in, on, above or under any Individual Property at any facility or incineration vessel containing such or
similar Hazardous Substances; (j) any acts of any of the Indemnitors, any Person affiliated with any of the Indemnitors and/or
any tenant or other user of any Individual Property in accepting any Hazardous Substances in, on, above or under any Individual
Property for transport to disposal or treatment facilities, incineration vessels or sites from which there is a Release or a threatened
Release of any Hazardous Substance which causes the incurrence of costs for Remediation; (k) any personal injury, wrongful
death or property or other damage arising under any statutory or common law or tort law theory, in each case, with respect to environmental
matters concerning any Individual Property, including, but not limited to, damages assessed for private or public nuisance or for
the conducting of an abnormally dangerous activity on or near any Individual Property; and (l) any misrepresentation or inaccuracy
in any representation or warranty contained in this Agreement or material breach or failure to perform any covenants or other obligations
pursuant to this Agreement. In addition, the Indemnitors hereby covenant and agree to pay for and perform the Environmental Work
in excess of $1,000,000.


 




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Notwithstanding the
provisions of this Agreement to the contrary, the foregoing indemnity shall not apply to Losses caused solely by the gross negligence
or willful misconduct of any Indemnified Party.


 


5.          Duty
to Defend and Attorneys’ and Other Fees and Expenses. Upon written request by any Indemnified Party, Indemnitors
shall defend such Indemnified Party(ies) against any claim for which indemnification is required hereunder (if requested by any
Indemnified Party, in the name of the Indemnified Party), by attorneys and other professionals reasonably approved by the Indemnified
Parties. Notwithstanding the foregoing, if the defendants in a claim include an Indemnitor (or any affiliate of an Indemnitor)
and any Indemnified Party shall have reasonably concluded that (A) there are legal defenses available to it that are materially
different from or in addition to those available to such Indemnitor (or such Affiliate of such Indemnitor), or (B) the use
of the attorneys engaged by such Indemnitor (or such affiliate of Indemnitor) would present such attorneys with a conflict of interest,
Indemnified Parties may, in their sole and absolute discretion, engage their own attorneys and other professionals to defend or
assist them, and, at the option of Indemnified Parties, their attorneys shall control the resolution of any claim or proceeding;
provided that no compromise or settlement shall be entered without Indemnitors’ consent, which consent shall not be unreasonably
withheld. Upon demand, Indemnitors shall pay or, in the sole and absolute discretion of the Indemnified Parties, reimburse, the
Indemnified Parties for the payment of the reasonable fees and disbursements of attorneys, engineers, environmental consultants,
laboratories and other professionals in connection therewith.


 


6.          Definitions.
As used in this Agreement, the following terms shall have the following meanings:


 




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The term “Environmental
Laws” means any present and future federal, state and local laws, statutes, ordinances, rules, regulations and the
like, as well as common law, relating to protection of human health or the environment, relating to Hazardous Substances and/or
relating to liability for or costs of other actual or threatened danger to human health or the environment. The term “Environmental
Laws” includes, but is not limited to, the following statutes, as amended, any successor thereto, and any regulations promulgated
pursuant thereto, and any state or local statutes, ordinances, rules, regulations and the like addressing similar issues: the Comprehensive
Environmental Response, Compensation and Liability Act; the Emergency Planning and Community Right-to-Know Act; the Hazardous Substances
Transportation Act; the Resource Conservation and Recovery Act (including, but not limited to, Subtitle I relating to underground
storage tanks); the Solid Waste Disposal Act; the Clean Water Act; the Clean Air Act; the Toxic Substances Control Act; the Safe
Drinking Water Act; the Occupational Safety and Health Act; the Federal Water Pollution Control Act; the Federal Insecticide, Fungicide
and Rodenticide Act; the Endangered Species Act; the National Environmental Policy Act; the River and Harbors Appropriation Act;
and those relating to Lead Based Paint. The term “Environmental Laws” also includes, but is not limited to, any present
and future federal, state and local laws, statutes, ordinances, rules, regulations and the like, as well as common law, conditioning
transfer of property upon a negative declaration or other approval of a Governmental Authority of the environmental condition of
any Individual Property; requiring notification or disclosure of Releases of Hazardous Substances or other environmental condition
of a property to any Governmental Authority or other Person, whether or not in connection with any transfer of title to or interest
in such property; imposing conditions or requirements in connection with environmental permits or other environmental authorization
for lawful activity; relating to nuisance, trespass or other causes of action related to the physical condition or use of any Individual
Property; and relating to wrongful death, personal injury or property or other damage in connection with any physical condition
or use of any Individual Property.


 


The term “Hazardous
Substances” includes, but is not limited to, any and all substances (whether solid, liquid or gas) defined, listed
or otherwise classified as pollutants, hazardous wastes, hazardous substances, hazardous materials, extremely hazardous wastes
or words of similar meaning or regulatory effect under any present or future Environmental Laws or that may have a negative impact
on human health or the environment, including, but not limited to, petroleum and petroleum products, asbestos and asbestos-containing
materials, polychlorinated biphenyls, lead, and lead-containing materials, radon, radioactive materials, flammables and explosives,
Lead Based Paint and Toxic Mold. Notwithstanding anything to the contrary contained herein, the term “Hazardous Substances”
will not include substances which otherwise would be included in such definition but which are of kinds and in amounts ordinarily
and customarily used or stored in similar properties, including, without limitation substances used for the purposes of cleaning,
maintenance, or operations, substances typically used in construction, and typical products used in properties like the Properties,
and which are otherwise in compliance with all Environmental Laws. Furthermore, the term “Hazardous Substances” will
not include substances which otherwise would be included in such definition but which are of kinds and in amounts ordinarily and
customarily stocked and sold by tenants operating retail businesses of the types operated by the Tenants and which are otherwise
in compliance with all Environmental Laws.


 




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The term “Indemnified
Parties” includes Indemnitee, any Person who is or will have been involved in the origination of the Loan, any Person
who is or will have been involved with the servicing of the Loan, any Person in whose name the encumbrance created by the Mortgage
is or will have been recorded, Persons who may hold or acquire or will have held a full or partial interest in the Loan (including,
but not limited to, Investors (as hereinafter defined) and/or prospective Investors, as well as custodians, trustees and other
fiduciaries who hold or have held a full or partial interest in the Loan for the benefit of third parties), as well as the respective
directors, officers, shareholders, partners, members, employees, agents, servants, representatives, contractors, subcontractors,
affiliates, subsidiaries, participants, successors and assigns of any and all of the foregoing (including, but not limited to,
any other Person who holds or acquires or will have held a participation or other full or partial interest in the Loan or any Individual
Property, whether during the term of the Loan or as a part of, or following a foreclosure of, the Loan and including, but not limited
to, any successors by merger, consolidation or acquisition of all or a substantial portion of Indemnitee’s assets and business),
but shall not include any Person who acquires the Property at any time after the completion of a foreclosure, sale by power of
sale, or deed in lieu of foreclosure, and any Person claiming by, through or under such acquirer, in their capacity as such.


 


The term “Investors”
means collectively, any purchaser, transferee, assignee, servicer, participant or investor or any credit rating agency.


 


The term “Legal
Action” means any claim, suit or proceeding, whether administrative or judicial in nature.


 


The term “Losses”
includes any actual losses, damages, costs, fees, expenses, claims, suits, judgments, awards, liabilities (including, but not limited
to, strict liabilities), obligations, debts, diminutions in value, fines, penalties, charges, costs of Remediation (whether or
not performed voluntarily), amounts paid in settlement, foreseeable and unforeseeable consequential damages, litigation costs,
reasonable fees of attorneys, engineers and environmental consultants and investigation costs (including, but not limited to, costs
for sampling, testing and analysis of soil, water, air, building materials and other materials and substances, whether solid, liquid
or gas), of whatever kind or nature, and whether or not incurred in connection with any judicial or administrative proceedings,
actions, claims, suits, judgments or awards.


 


The term “Non-Borrower
Indemnitor Affiliate” shall mean any Non-Borrower Indemnitor, and any Person that either (or both) (a) is in
Control of, is Controlled by or is under common Control with (i) any Non-Borrower Indemnitor or (ii) any general partner or managing
member of, or other Person or Persons Controlling, any Non-Borrower Indemnitor (each a “Clause (a) Person”),
or (b) is either (1) a Person that owns directly or indirectly thirty-five percent (35%) or more of the direct or indirect equity
interests in any Non-Borrower Indemnitor or any other Clause (a) Person, or (2) a Person with respect to which either (or a combination)
of the Non-Borrower Indemnitors directly or indirectly owns thirty-five percent (35%) or more of the direct or indirect equity
interests in such Person, or (3) a Person with respect to which any combination of Non-Borrower Indemnitors and Clause (a) Persons
own, directly or indirectly, thirty-five percent (35%) or more of the direct or indirect voting equity interests in such Person;
provided, however, that, notwithstanding the foregoing, (I) no Person shall be deemed to be a Non-Borrower Indemnitor Affiliate
(x) to the extent Controlled by a Controlling Mezzanine Lender (as defined in the Guaranty) in the exercise of its Direct Control
Remedies (as defined in the Guaranty) or (y) in connection with or by virtue solely of any direct or indirect interest in Transferee
Borrower or Indirect Transferee and (II) in no event shall either Goldman Sachs Mortgage Company or GS Commercial Real Estate LP
be deemed a Non-Borrower Indemnitor Affiliate. In addition to, and without limiting, the foregoing, if a direct or indirect interest
in a Mezzanine Loan is held by a Non-Borrower Indemnitor Affiliate, the related Mezzanine Lender will be deemed a Non-Borrower
Indemnitor Affiliate unless such Non-Borrower Indemnitor Affiliate is a Disabled Participant (as defined below) and one or more
other holders of substantial interests in such Mezzanine Loan that are not Non-Borrower Indemnitor Affiliates control the administration
of such Mezzanine Loan and the enforcement of the rights and remedies of such Mezzanine Lender. A Non-Borrower Indemnitor Affiliate
is a “Disabled Participant” with respect to a Mezzanine Loan if it has no right to exercise any voting
or other control rights with respect to such Mezzanine Loan (other than the right to approve amendments to the material economic
terms of such Mezzanine Loan).


 




    	 	-7-	Environmental Indemnity Agreement




     


    

 


The term “Release”
with respect to any Hazardous Substance includes, but is not limited to, any release, deposit, discharge, emission, leaking, leaching,
spilling, seeping, migrating, injecting, pumping, pouring, emptying, escaping, dumping, disposing or other movement of Hazardous
Substances.


 


The term “Remediation”
includes, but is not limited to, any response, remedial, removal, or corrective action; any activity to clean up, detoxify, decontaminate,
contain or otherwise remediate any Hazardous Substance; any actions to prevent, cure or mitigate any Release of any Hazardous Substance
(including, with respect to Toxic Mold, providing any moisture control systems at any Individual Property); any action to comply
with any Environmental Laws or with any permits issued pursuant thereto; any inspection, investigation, study, monitoring, assessment,
audit, sampling and testing or laboratory or other analysis or evaluation relating to any Hazardous Substances or to any environmental
matter referred to herein.


 


The term “Toxic
Mold” means fungi that reproduces through the release of spores or the splitting of cells or other means that may
pose a risk to human health or the environment or negatively affect the value of any Individual Property, including, but not limited
to, mold, mildew, fungi, fungal spores, fragments and metabolites such as mycotoxins and microbial volatile organic compounds.


 


7.          Unimpaired
Liability. The liability of Indemnitors under this Agreement shall in no way be limited or impaired by, and each Indemnitor
hereby consents to and agrees to be bound by, any amendment or modification of the provisions of, as applicable, the Note, the
Loan Agreement, the Mortgage or any other Loan Document to or with Indemnitee by any one or more of the Individual Borrowers or
any Person who succeeds anyone or more of the Individual Borrowers or any Person as owner of any Individual Property (subject to
the express provisions of Section 9 hereof). In addition, the liability of Indemnitors under this Agreement shall in no
way be limited or impaired by (i) any extensions of time for performance required by the Note, the Loan Agreement, the Mortgage
or any of the other Loan Documents, (ii) unless a substitute Indemnitor acceptable to Indemnitee in accordance with the Loan
Agreement has agreed in writing to be bound by the terms of this Agreement, but subject to Section 9 and Section 10
hereof, any sale or transfer of all or part of any Individual Property, or any sale or other assignment by any Non-Borrower Indemnitor
of its direct or indirect ownership interests in any Individual Borrower, (iii) except as provided herein, any exculpatory
provision in the Note, the Loan Agreement, the Mortgage or any of the other Loan Documents limiting Indemnitee’s recourse
to the Properties or to any other security for the Note, or limiting Indemnitee’s rights to a deficiency judgment against
any of the Indemnitors, (iv) the accuracy or inaccuracy of the representations and warranties made by Borrower, as applicable,
under the Note, the Loan Agreement, the Mortgage or any of the other Loan Documents or herein, (v) the release of any of the
Indemnitors (including, if applicable, Borrower) or any other Person from performance or observance of any of the agreements, covenants,
terms or conditions contained in any of the other Loan Documents, by operation of law, Indemnitee’s voluntary act, or otherwise,
(vi) the release or substitution in whole or in part of any security for the Note, or (vii) Indemnitee’s failure
to record the Mortgage or file any of the UCC financing statements (or Indemnitee’s improper recording or filing of any thereof)
or to otherwise perfect, protect, secure or insure any security interest or lien given as security for the Note; and, in any such
case, whether with or without notice to any of the Indemnitors and with or without consideration.


 




    	 	-8-	Environmental Indemnity Agreement




     


    

 


8.          Enforcement.
The Indemnified Parties may enforce the obligations of Indemnitors without first resorting to or exhausting any security or collateral
or without first having recourse to the Note, the Loan Agreement, the Mortgage or any other Loan Documents or any of portion of
any Individual Property, through foreclosure proceedings or otherwise, provided, however, that nothing herein shall
inhibit or prevent Indemnitee from suing on the Note, foreclosing or exercising any power of sale under the Mortgage or exercising
any other rights and remedies thereunder, subject to the terms of the Loan Agreement. This Agreement is not collateral or security
for the Obligations of Borrower pursuant to the Loan Agreement, unless Indemnitee expressly elects in writing to make this Agreement
additional collateral or security for such Obligations of Borrower pursuant to the Loan Agreement, which Indemnitee is entitled
to do in its sole and absolute discretion. It is not necessary for an Event of Default to have occurred pursuant to and as defined
in the Mortgage or the Loan Agreement for Indemnified Parties to exercise their rights pursuant to this Agreement. Notwithstanding
any provision of the Loan Agreement to the contrary, the obligations of each Indemnitor pursuant to this Agreement are exceptions
to any non-recourse or exculpation provision of the Loan Agreement; and each Indemnitor expressly acknowledges and agrees that
it is fully and personally liable for such obligations, and such liability is not limited to the original or amortized principal
balance of the Loan or the value of the Properties.


 


9.          Limitations
on Liability of Non-Borrower Indemnitors.         


 


(a)          Notwithstanding
anything to the contrary herein or in the other Loan Documents, in the event of:


 


(i)          any
foreclosure upon a Mezzanine Loan Default by a Mezzanine Lender that is not a Non-Borrower Indemnitor Affiliate of the direct ownership
interests in Borrower, the SPC Party or any Mezzanine Borrower pledged as collateral for a Mezzanine Loan pursuant to the Mezzanine
Loan Documents, any transfer in lieu of foreclosure of the equity pledged as collateral for any Mezzanine Loan to, on behalf of
or for the account of any Mezzanine Lender that is not a Non-Borrower Indemnitor Affiliate (any such foreclosure or transfer-in-lieu
thereof, a “Mezzanine Divestment”), with the result that neither of the Non-Borrower Indemnitors
nor any other Non-Borrower Indemnitor Affiliate (excluding any Loan Party who as a result of such Mezzanine Divestment is no longer
Controlled by either of the Non-Borrower Indemnitors or any other Non-Borrower Indemnitor Affiliate) shall have Control of, any
one or more of the Individual Borrowers (each such Individual Borrower, a “Divested Borrower”),
or


 




    	 	-9-	Environmental Indemnity Agreement




     


    

 


(ii)         (A)
any foreclosure (whether judicially or non-judicially by private sale or trustee’s sale) of any Mortgage, (B) any transfer
in lieu of foreclosure to, on behalf of or for the account of Lender or a receiver, trustee, liquidator, conservator or other third-party
appointed by, on behalf of or for the account of Lender taking control of any Individual Property (any such foreclosure, foreclosure
sale, transfer in lieu of foreclosure or appointment, a “Mortgage Divestment”), with the result, in any
such case, that neither of the Non-Borrower Indemnitors nor any other Non-Borrower Indemnitor Affiliate shall have the power to
direct the management of, any one or more of the Properties thereby foreclosed, transferred or controlled (each such Property,
a “Divested Property”),


 


then, in such cases,
Non-Borrower Indemnitors shall not have any liability under the Loan Documents for any Losses arising from any circumstance, condition,
action or event with respect to any such Divested Property or Divested Borrower first occurring after the date of the Mortgage
Divestment or Mezzanine Divestment, as applicable, and not caused by the acts of either of the Non-Borrower Indemnitors or any
other Non-Borrower Indemnitor Affiliate, or any Loan Party (excluding any Loan Party who as a result of a Mezzanine Divestment
is no longer Controlled by either of the Non-Borrower Indemnitors or any other Non-Borrower Indemnitor Affiliate); provided that
Non-Borrower Indemnitors shall remain liable hereunder for any Losses to the extent arising from any action or event occurring
with respect to any such Divested Property or Divested Borrower prior to the date of the Mortgage Divestment or Mezzanine Divestment,
as applicable.


 


(b)          In
the event that a Permitted Direct Assumption or Permitted Indirect Assumption, shall occur in accordance with Section 7.1
of the Loan Agreement, and Lender receives in connection therewith a replacement guaranty and replacement environmental indemnity
(collectively, the “Assumption Replacement Guaranty”) in satisfaction of the condition in Section
7.1(a)(xiii) or Section 7.1(b)(xi) of the Loan Agreement, as applicable, Lender shall execute and deliver a release
of Non-Borrower Indemnitors for any Losses arising from any circumstance, condition, action or event first occurring after the
effective date of such Assumption Replacement Guaranty (the “Assumption Release Date”) to the extent
the same is not caused by either of the Non-Borrower Indemnitors or any Non-Borrower Indemnitor Affiliate (it being understood
that circumstances, conditions, actions or events caused by or on behalf of any Transferee Borrower or Indirect Transferee shall
be deemed to not have been caused by any Non-Borrower Indemnitor or any Non-Borrower Indemnitor Affiliate); provided, however,
that Non-Borrower Indemnitors shall remain liable hereunder for any Losses arising from any action or event occurring prior to
the Assumption Release Date.


 


(c)          In
the event that a Mezzanine Loan Default shall exist with respect to a Mezzanine Loan and the related Mezzanine Lender is not a
Non-Borrower Indemnitor Affiliate and such related Mezzanine Lender, pursuant to the exercise of remedies under the Mezzanine Loan
Documents, (i) exercises direct voting Control, by power of attorney or other exercise of voting power with respect to the ownership
interests of the applicable Individual Borrower, SPC Party or Mezzanine Borrower pledged to such Mezzanine Lender as collateral
for its Mezzanine Loan under the related Mezzanine Loan Documents, of such ownership interests in the applicable Individual Borrower,
SPC Party or Mezzanine Borrower so pledged as collateral for such Mezzanine Loan, or (ii) appoints a receiver, trustee, liquidator,
conservator or other third-party that is not a Non-Borrower Indemnitor Affiliate to take control of the equity pledged as collateral
for such Mezzanine Loan (the “Direct Control Remedies”, and such Mezzanine Lender, or such receiver,
trustee, liquidator, conservator or other third-party appointed by such Mezzanine Lender, exercising such Direct Control Remedies,
the “Controlling Mezzanine Lender”), Non-Borrower Indemnitors shall not have liability hereunder for
the actions that such Controlling Mezzanine Lender, in the exercise of its Direct Control Remedies, causes any Borrower, the SPC
Party or any Mezzanine Borrower to take (“Mezzanine Lender Controlled Actions”) if such Mezzanine Lender
Controlled Actions are taken without consent of or collusion with, either of the Non-Borrower Indemnitors or any Non-Borrower Indemnitor
Affiliate.


 




    	 	-10-	Environmental Indemnity Agreement




     


    

 


10.         Survival.
Except as expressly provided to the contrary in Section 9 hereof, the obligations and liabilities of each Indemnitor under
this Agreement shall fully survive indefinitely, notwithstanding any termination, satisfaction, assignment, entry of a judgment
of foreclosure, exercise of any power of sale or delivery of a deed in lieu of foreclosure of the Mortgage. Notwithstanding the
foregoing, the indemnification obligations of Indemnitor hereunder shall terminate three (3) years after the payment in full (or,
if later, after delivery of the Environmental Report described in this sentence), in accordance with the Loan Agreement, of the
Debt solely as to an Individual Property as to which at the time of such payment (or at any time thereafter) Indemnitee has been
furnished an updated Environmental Report in form and substance, and from an environmental consultant, reasonably acceptable to
Indemnitee and acceptable to the Rating Agencies, which updated Environmental Report discloses, as of the date of such repayment
(or, if later, the date of the delivery thereof), no actual or threatened (other than as disclosed in the Environmental Report
delivered to Indemnitee by Indemnitor in connection with the origination of the Loan) (A) non-compliance with or violation of applicable
Environmental Laws (or permits issued pursuant to Environmental Laws) in connection with any Individual Property or operations
thereon, which has not been cured in accordance with applicable Environmental Laws, (B) Environmental Liens encumbering any Individual
Property, (C) administrative processes or proceedings or judicial proceedings concerning any environmental matter addressed in
this Agreement, or (D) unlawful presence or Release of Hazardous Substances in, on, above or under any Individual Property that
has not been fully remediated as required by applicable Environmental Laws.


 


11.         Interest.
Any amounts payable to any Indemnified Parties under this Agreement shall become immediately due and payable on demand and, if
not paid within thirty (30) days of such demand therefor, shall bear interest at the Default Rate.


 


12.         Waivers.


 


(a)          Each
Indemnitor hereby waives and relinquishes (i) any right or claim of right to cause a marshaling of any Indemnitor’s
assets or to cause Indemnitee or any other Indemnified Party to proceed against any of the security for the Loan before proceeding
under this Agreement against any Indemnitor; (ii) all rights and remedies accorded by applicable law to indemnitors or guarantors
generally, including any rights of subrogation which any Indemnitor may have, provided that the indemnity provided
for hereunder shall neither be contingent upon the existence of any such rights of subrogation nor subject to any claims or defenses
whatsoever which may be asserted in connection with the enforcement or attempted enforcement of such subrogation rights, including,
without limitation, any claim that such subrogation rights were abrogated by any acts of Indemnitee or any other Indemnified Party;
(iii) the right to assert a counterclaim, other than a mandatory or compulsory counterclaim, in any action or proceeding brought
against or by Indemnitee or any other Indemnified Party; (iv) notice of acceptance hereof and of any action taken or omitted
in reliance hereon; (v) presentment for payment, demand of payment, protest or notice of nonpayment or failure to perform
or observe, or other proof, or notice or demand; and (vi) all homestead exemption rights against the obligations hereunder
and the benefits of any statutes of limitations or repose. Notwithstanding anything to the contrary contained herein, each Indemnitor
hereby agrees to postpone the exercise of any rights of subrogation with respect to any collateral securing the Obligations until
the Debt shall have been paid in full.


 




    	 	-11-	Environmental Indemnity Agreement




     


    

 


(b)          EACH
INDEMNITOR AND EACH INDEMNIFIED PARTY, BY ITS ACCEPTANCE OF THE BENEFITS HEREOF, HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF
ANY ISSUE TRIABLE OF RIGHT BY JURY, AND FOREVER WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL
NOW OR HEREAFTER EXIST, WITH REGARD TO THIS AGREEMENT, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH.
THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY EACH INDEMNITOR AND INDEMNIFIED PARTY AND IS INTENDED
TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EACH PARTY
IS HEREBY AUTHORIZED TO FILE A COPY OF THIS SECTION IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY EACH INDEMNITOR
AND INDEMNIFIED PARTY.


 


13.         Subrogation.
Each Indemnitor hereby agrees that it shall take any and all commercially reasonable actions, including the institution of legal
action against third parties, necessary or appropriate to obtain reimbursement, payment or compensation from such Persons responsible
for the presence of any Hazardous Substances at, in, on, under or near any Individual Property or otherwise obligated by law to
bear the cost. The Indemnified Parties shall be and hereby are subrogated to all of each Indemnitor’s rights now or hereafter
in such claims.


 


14.         Indemnitors’
Representations and Warranties. Each Indemnitor represents and warrants that:


 


(a)          it
has the full power and authority to execute and deliver this Agreement and to perform its obligations hereunder; the execution,
delivery and performance of this Agreement by such Indemnitor has been duly and validly authorized; and all requisite action has
been taken by such Indemnitor to make this Agreement valid and binding upon such Indemnitor, enforceable in accordance with its
terms;


 


(b)          its
execution of, and compliance with, this Agreement is in the ordinary course of business of such Indemnitor and will not result
in the breach of any term or provision of the charter, by-laws, partnership, operating or trust agreement or other governing instrument
of such Indemnitor or result in the breach of any term or provision of, or conflict with or constitute a default under, or result
in the acceleration of any obligation under, any agreement, indenture or loan or credit agreement or other instrument to which
such Indemnitor or any Individual Property is subject, or result in the violation of any law, rule, regulation, order, judgment
or decree to which such Indemnitor or any Individual Property is subject;


 




    	 	-12-	Environmental Indemnity Agreement




     


    

 


(c)          to
the best of such Indemnitor’s knowledge, there is no action, suit, proceeding or investigation pending or threatened against
it which, either in any one instance or in the aggregate, would be reasonably likely to result in any material adverse change in
the business, operations, financial condition, properties or assets of such Indemnitor, or in any material impairment of the right
or ability of such Indemnitor to carry on its business substantially as now conducted, or in any material liability on the part
of such Indemnitor, or which would draw into question the validity of this Agreement or of any action taken or to be taken in connection
with the obligations of such Indemnitor contemplated herein, or which would be likely to impair materially the ability of such
Indemnitor to perform under the terms of this Agreement;


 


(d)          it
does not believe, nor does it have any reason or cause to believe, that it cannot perform each and every covenant contained in
this Agreement;


 


(e)          to
the best of such Indemnitor’s knowledge, no approval, authorization, order, license or consent of, or registration or filing
with, any Governmental Authority or other Person, and no approval, authorization or consent of any other Person, that has not been
obtained as of the execution hereof, is required in connection with this Agreement; and


 


(f)          this
Agreement constitutes a valid, legal and binding obligation of such Indemnitor, enforceable against it in accordance with the terms
hereof, subject to bankruptcy, insolvency and similar laws of general applicability relating to or affecting creditors’ rights
and to general equity principles.


 


15.         No
Waiver. No delay by any Indemnified Party in exercising any right, power or privilege under this Agreement shall operate
as a waiver of any such privilege, power or right.


 


16.         Notice
of Legal Actions. Each party hereto shall, within five (5) Business Days of receipt thereof, give written notice to the
other parties hereto of (i) any notice, advice or other communication from any Governmental Authority or any source whatsoever
with respect to the presence or potential presence of Hazardous Substances on, from or affecting any Individual Property in violation
of applicable Environmental Laws, and (ii) any legal action brought against such party or related to any Individual Property,
with respect to which Indemnitors may have liability under this Agreement. Such notice shall comply with the provisions of Section
17 hereof.


 


17.         Notices.
All notices, demands, requests, consents, approvals or other communications (any of the foregoing, a “Notice”)
required, permitted or desired to be given hereunder shall be in writing and shall be sent by telefax (with answer back acknowledged)
or by registered or certified mail, postage prepaid, return receipt requested, or delivered by hand or by reputable overnight courier,
addressed to the party to be so notified at its address hereinafter set forth, or to such other address as such party may hereafter
specify in accordance with the provisions of this Section 17. Any Notice shall be deemed to have been received: (a) three
(3) days after the date such Notice is mailed, (b) on the date of sending by telefax if sent during business hours on a Business
Day (otherwise on the next Business Day), (c) on the date of delivery by hand if delivered during business hours on a Business
Day (otherwise on the next Business Day), and (d) on the next Business Day if sent by an overnight commercial courier, in
each case addressed to the parties as follows:


 




    	 	-13-	Environmental Indemnity Agreement




     


    

 


	If to Indemnitee:	Deutsche Bank AG, New York Branch
	 	60 Wall Street, 10th Floor
	 	New York, NY  10005
	 	Attention:  General Counsel
	 	Facsimile No. (646) 736-5721
	 	 
	and to:	Deutsche Bank AG, New York Branch
	 	60 Wall Street, 10th Floor
	 	New York, NY  10005
	 	Attention:  Robert W. Pettinato, Jr.
	 	Facsimile No. (212) 797-4489
	 	 
	and to:	Citigroup Global Markets Realty Corp. 
	 	390 Greenwich Street
	 	7th Floor
	 	New York, New York 10013
	 	Attention:  Ana Rosu Marmann
	 	Facsimile No.:  (646) 328-2938
	 	 
	and to:	JPMorgan Chase Bank, National Association
	 	383 Madison Avenue 
	 	New York, New York 10179
	 	Attention:  Thomas N. Cassino
	 	Facsimile No.:  (212) 834-6029
	 	 
	with a copy to:	JPMorgan Chase Bank, National Association 
	 	383 Madison Avenue 
	 	New York, New York 10179
	 	Attention:  Nancy Alto
	 	Facsimile No.:  (917) 546-2564
	 	 
	with a copy to:	Cadwalader, Wickersham & Taft LLP
	 	One World Financial Center
	 	New York, New York
	 	Attention:  William P. McInerney, Esq.
	 	Facsimile No. (212) 504-6666
	 	 
	with a copy to:	KeyCorp Real Estate Capital Markets, Inc.
	 	11501 Outlook, Suite 300
	 	Overland Park, Kansas 66211
	 	Attention: Brent Kivett
	 	Facsimile: (877) 379-1625


 




    	 	-14-	Environmental Indemnity Agreement




     


    

 


	If to Indemnitors:	c/o Hospitality Investors Trust, Inc., 
	 	3950 University Drive
	 	Fairfax, Virginia  22030
	 	Attention:  General Counsel
	 	 
	with a copy to:	Cleary Gottlieb Steen & Hamilton LLP
	 	One Liberty Plaza
	 	New York, New York 10006
	 	Attention:  Michael Weinberger, Esq.
	 	Facsimile No. (212) 693-9649


 


Any party may change the address to which
any such Notice is to be delivered by furnishing ten (10) days’ written notice of such change to the other parties in accordance
with the provisions of this Section 17. Notices shall be deemed to have been given on the date set forth above, even if
there is an inability to actually deliver any Notice because of a changed address of which no Notice was given or there is a rejection
or refusal to accept any Notice offered for delivery. Notice for any party may be given by its respective counsel. Additionally,
Notice from Indemnitee may also be given by Servicer.


 


18.         Duplicate
Originals; Counterparts. This Agreement may be executed in any number of duplicate originals and each duplicate original
shall be deemed to be an original. This Agreement may be executed in several counterparts, each of which counterparts shall be
deemed an original instrument and all of which together shall constitute a single Agreement. The failure of any party hereto to
execute this Agreement, or any counterpart hereof, shall not relieve the other signatories from their obligations hereunder.


 


19.         No
Oral Change. This Agreement, and any provisions hereof, may not be modified, amended, waived, extended, changed, discharged
or terminated orally or by any act or failure to act on the part of any Indemnitor or any Indemnified Party, but only by an agreement
in writing signed by the party or parties against whom enforcement of any modification, amendment, waiver, extension, change, discharge
or termination is sought.


 


20.         Headings,
Etc. The headings and captions of various sections of this Agreement are for convenience of reference only and are not
to be construed as defining or limiting, in any way, the scope or intent of the provisions hereof.


 


21.         Number
and Gender/Successors and Assigns. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine,
neuter, singular or plural as the identity of the Person or Persons referred to may require. Without limiting the effect of specific
references in any provision of this Agreement, the term “Indemnitor” shall be deemed to refer to each and every Person
constituting an Indemnitor from time to time, as the sense of a particular provision may require, and to include the heirs, executors,
administrators, legal representatives, successors and permitted assigns of each Indemnitor, all of whom shall be bound by the provisions
of this Agreement. Each reference herein to Indemnitee shall be deemed to include its successors and assigns; provided
that no obligation of any Indemnitor may be assigned except in accordance with the Loan Agreement. This Agreement shall inure to
the benefit of the Indemnified Parties and their respective successors, permitted assigns, heirs and legal representatives forever.
The Indemnified Parties shall have the right to assign or transfer their rights under this Agreement in connection with any assignment
of the Loan and the Loan Documents. Any assignee or transferee of Indemnitee (and the other Indemnified Parties) shall be entitled
to all the benefits afforded to Indemnitee (and the other Indemnified Parties) under this Agreement. No Indemnitor shall have the
right to assign or transfer its rights or obligations under this Agreement without the prior written consent of Indemnitee, unless
otherwise permitted by the Loan Agreement, and any attempted assignment without such consent shall be null and void.


 




    	 	-15-	Environmental Indemnity Agreement




     


    

 


22.         Release
of Liability. Any one or more parties liable upon or in respect of this Agreement may be released without affecting the
liability of any party not so released.


 


23.         Rights
Cumulative. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies which Indemnitee
has under the Note, the Mortgage, the Loan Agreement or the other Loan Documents or would otherwise have at law or in equity.


 


24.         Inapplicable
Provisions. If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future
laws effective during the term of this Agreement, such provision shall be fully severable and this Agreement shall be construed
and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Agreement, and the remaining
provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable
provision or by its severance from this Agreement, unless such continued effectiveness of this Agreement, as modified, would be
contrary to the basic understandings and intentions of the parties as expressed herein.


 


25.         Governing
Law; Jurisdiction; Service of Process.


 


(a)          THIS
AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY EACH INDEMNITOR AND ACCEPTED BY INDEMNITEE IN THE STATE OF NEW YORK,
AND THE PROCEEDS OF THE NOTE WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP
TO THE PARTIES AND TO THE UNDERLYING TRANSACTION RELATED HERETO, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY
OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED
IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA. TO THE
FULLEST EXTENT PERMITTED BY LAW, EACH INDEMNITOR HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW
OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT AND/OR THE OTHER LOAN DOCUMENTS, AND THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW
YORK GENERAL OBLIGATIONS LAW.


 




    	 	-16-	Environmental Indemnity Agreement




     


    

 


(b)          ANY
LEGAL SUIT, ACTION OR PROCEEDING AGAINST INDEMNITEE OR ANY INDEMNITOR ARISING OUT OF OR RELATING TO THIS AGREEMENT MAY, AT INDEMNITEE’S
OPTION, BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402
OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND EACH INDEMNITOR WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON
VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND EACH INDEMNITOR HEREBY IRREVOCABLY SUBMITS TO THE
EXCLUSIVE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. EACH INDEMNITOR DOES HEREBY DESIGNATE AND APPOINT:


 


CORPORATION
SERVICE COMPANY


1180
AVENUE OF THE AMERICAS, SUITE 210


NEW
YORK, NY 10036-84011


 


AS ITS AUTHORIZED
AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING
IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND EACH INDEMNITOR AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID
ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO SUCH INDEMNITOR IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED
IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON SUCH INDEMNITOR IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK.
EACH INDEMNITOR (I) SHALL GIVE PROMPT NOTICE TO INDEMNITEE OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT
ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT
AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS AND WHICH SUBSTITUTE AGENT SHALL AT ALL TIMES BE
THE SAME AGENT AS AUTHORIZED BY BORROWER UNDER THE LOAN AGREEMENT), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS
AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. NOTHING CONTAINED
HEREIN SHALL AFFECT THE RIGHT OF THE INDEMNIFIED PARTIES TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL
PROCEEDINGS OR OTHERWISE PROCEED AGAINST INDEMNITORS IN ANY OTHER JURISDICTION.


 




    	 	-17-	Environmental Indemnity Agreement




     


    

 


26.         Miscellaneous.


 


(a)          Wherever
pursuant to this Agreement (i) Indemnitee (or any other Indemnified Party) exercises any right given to it to approve or disapprove
any matter, (ii) any arrangement or term is to be satisfactory to Indemnitee (or any other Indemnified Party), or (iii) any
other decision or determination is to be made by Indemnitee (or any other Indemnified Party), the decision of Indemnitee (or such
other Indemnified Party) to approve or disapprove such matter, all decisions that arrangements or terms are satisfactory or not
satisfactory to Indemnitee (or such other Indemnified Party) and all other decisions and determinations made by Indemnitee (or
such other Indemnified Party), shall be in the sole and absolute discretion of Indemnitee (or such other Indemnified Party) and
shall be final and conclusive, except as may be otherwise expressly and specifically provided herein.


 


(b)          Wherever
pursuant to this Agreement it is provided that any Indemnitor pay any costs and expenses, such costs and expenses shall include,
but not be limited to, reasonable out-of-pocket legal fees and disbursements of Indemnitee and the other Indemnified Parties, whether
incurred by retained outside law firms, or as reimbursements for the expenses of in-house legal staff, or otherwise.


 


27.         Joint
and Several Liability. The obligations and liabilities of the Indemnitors hereunder are joint and several.


 


28.         Recitals.
The recitals hereof are a part hereof, form a basis for this Agreement and shall be considered prima facie evidence of the
facts and documents referred to therein.


 


29.         California
State Specific Provisions. In the event of any inconsistencies between the other terms and conditions of this Agreement
and this Section 29, the terms and conditions of this Section 29 shall control and be binding. In the event that
(and only in the event that) any court of competent jurisdiction determines that, notwithstanding the terms and provisions of Section
27 hereof, the laws of the State of California shall govern in any respect the interpretation or enforcement of all or any portion
of this Agreement, then the following terms and provisions of this Section 29 shall apply with respect to the Property:


 


(a)          The
second paragraph of Section 6 of this Agreement is hereby amended by inserting in the second sentence thereof after the
text “the River and Harbors Appropriation Act” the following text:


 


“the Porter-Cologne
Water Cleanup Act, the Waste Management Act of 1980, the Toxic Pit Cleanup Act, the Underground Tank Act of 1984, the California
Waste Quality Improvement Act, California Health and Safety Code Sections 25117 and 25316,”


 


(b)          This
Agreement is not collateral or security for the debt of Indemnitors pursuant to the Loan unless Indemnitee expressly elects in
writing to make this Agreement additional collateral or security for the debt of Indemnitor pursuant to the Loan, which Indemnitee
is entitled to do in its sole discretion.


 




    	 	-18-	Environmental Indemnity Agreement




     


    

 


(c)          To
the extent any of the obligations of Indemnitors under the Loan, this Agreement or any other Loan Document are deemed to constitute
a guaranty, Indemnitors waive all rights and defenses that Indemnitors may have because the Debt is secured by real property. This
means, among other things: (i) Indemnitee or any other Indemnified Party may collect from any Indemnitor with respect to such
obligation without first foreclosing on any real or personal property collateral pledged by any other Indemnitor (each an “Other
Obligor” and collectively, the “Other Obligors”), (ii) if Indemnitee or any other Indemnified
Party forecloses on any real property collateral pledged by any Other Obligor: (y) the amount of the Debt may be reduced only
by the price for which such real property collateral is sold at the foreclosure sale, even if such real property collateral is
worth more than the sale price, and (z) Indemnitee or any other Indemnified Party may collect from Indemnitors with respect
to such obligation even if Indemnitee or any other Indemnified Party, by foreclosing on such real property collateral, has destroyed
any right Indemnitors may have to collect from any Other Obligor. This is an unconditional and irrevocable waiver of any rights
and defenses Indemnitors may have to any of the obligations of Indemnitors in the nature of a guaranty under the Loan, this Agreement
or any other Loan Document because the Debt is secured by real property. These rights and defenses include, but are not limited
to, any rights or defenses based upon Sections 580a, 580b, 580d or 726 of the California Code of Civil Procedure. Indemnitors
waive all rights and defenses arising out of an election of remedies by Indemnitee or any other Indemnified Party, even though
that election of remedies, such as a nonjudicial foreclosure with respect to security for a guaranteed obligation, has destroyed
Indemnitor’s rights of subrogation and reimbursement against any Other Obligor by the operation of Section 580d of the California
Code of Civil Procedure or otherwise.


 


(d)          Remedies
Upon Environmental Impairment.  Upon the occurrence and continuance of any Event of Default, in addition to any other
remedies provided therein and applicable law, Indemnitee shall have the right to waive its lien against the Property or any portion
thereof, whether real property, fixtures or personal property, to the extent such Property is found to be environmentally impaired
in accordance with California Code of Civil Procedure Section 726.5 and to exercise any and all rights and remedies of an unsecured
creditor against Indemnitor and all of Indemnitor’s assets and property for the recovery of any deficiency, including, but
not limited to, seeking an attachment order pursuant to California Code of Civil Procedure Section 483.010. As between Indemnitee
and Indemnitor, for purposes of California Code of Civil Procedure Section 726.5, Indemnitor shall have the burden of proving
that Indemnitor or any related party (or any affiliate or agent of Indemnitor or any related party) was not in any way negligent
in permitting the release or threatened release of the Hazardous Substances. Indemnitor acknowledges and agrees that notwithstanding
any term or provision contained herein or in the Note, the Mortgage, the Loan Agreement or the other Loan Documents, all judgments
and awards entered against Indemnitors under this Section and California Code of Civil Procedure Section 726.5 shall be exceptions
to any non-recourse or exculpatory provisions of the Note or Loan Agreement, and Indemnitors shall be fully and personally liable
for all such judgments and awards entered against Indemnitors.







    	 	-19-	Environmental Indemnity Agreement




     


    

 


30.         Unsecured
Obligations.  Indemnitors hereby acknowledge that Lender’s appraisal of the Properties is such that Lender is
not willing to accept the consequences of the inclusion of Indemnitors’ indemnity set forth herein among the obligations
secured by the Mortgage and the other Loan Documents and that Lender would not enter into the Loan Agreement but for the unsecured
personal liability undertaken by Indemnitors herein.  Indemnitors further hereby acknowledge that even though the representations,
warranties, covenants or agreements of Indemnitors contained herein may be identical or substantially similar to representations,
warranties, covenants or agreements of Indemnitors set forth in the Loan Agreement and/or the Mortgage and secured thereby, the
obligations of Indemnitors under this Agreement are not secured by the lien of the Mortgage or the security interests or other
collateral described in the Mortgage or the other Loan Documents, it being the intent of Lender to create separate obligations
of Indemnitors hereunder which can be enforced against Indemnitors without regard to the existence of the Mortgage, the Loan Agreement
or the other Loan Documents or the liens or security interests created therein.


 


[NO FURTHER TEXT ON
THIS PAGE]


 




    	 	-20-	Environmental Indemnity Agreement




     


    

 


IN WITNESS WHEREOF,
this Agreement has been executed by Indemnitors and is effective as of the day and year first above written.


 





	 	INDEMNITOR:
	 	 
	 	HIT PORTFOLIO
I OWNER, LLC
	 	HIT
PORTFOLIO I BHGL OWNER, LLC
	 	HIT PORTFOLIO I PXGL OWNER, LLC
	 	HIT PORTFOLIO I GBGL OWNER, LLC
	 	HIT PORTFOLIO I NFGL OWNER, LLC
	 	HIT PORTFOLIO
I MBGL 950 OWNER, LLC,
	 	each a Delaware
limited liability company
	 	 
	 	 
	 	By: 	/s/ Paul C. Hughes
	 	 	Name:
Title:	Paul C. Hughes
General
Counsel and Secretary
	 	 	 	 
	 	 	 	 
	 	HIT PORTFOLIO
I NTC OWNER, LP,

a Delaware limited partnership
	 	 	 	 
	 	By:	HIT Portfolio I NTC Owner GP, LLC,

its general partner
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Paul C. Hughes
	 	 	Name:
Title:	Paul C. Hughes
General
Counsel and Secretary
	 	 	 	 
	 	 	 	 
	 	HIT PORTFOLIO I DLGL OWNER, LP,

a Delaware limited partnership
	 	 	 	 
	 	By:	HIT Portfolio I NTC Owner GP, LLC,

its general partner
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Paul C. Hughes
	 	 	Name:
Title:	Paul C. Hughes
General
Counsel and Secretary


 


 


[SIGNATURES CONTINUE
ON NEXT PAGE]


 




    	 	Signature Page	Environmental Indemnity Agreement



     


    

 





	 	HOSPITALITY INVESTORS TRUST OPERATING PARTNERSHIP, L.P., a
Delaware limited partnership

	 	 
	 	By: 	Hospitality Investors Trust, Inc.,
a Maryland corporation, its general partner
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Paul C. Hughes
	 	 	Name:	Paul C. Hughes




	 	 	Title:	General Counsel and Secretary
	 	 	 	 
	 	 	 	 
	 	HOSPITALITY INVESTORS TRUST, INC.,

a
Maryland  corporation

	 	 	 	 
	 	 	 	 
	 	By:	/s/ Paul C. Hughes
	 	 	Name:	Paul C. Hughes
	 	 	Title:	General Counsel and Secretary


  




    	 	Signature Page	Environmental Indemnity Agreement



     


    

 


SCHEDULE I


BORROWER


 


	1.	HIT Portfolio I Owner, LLC, a Delaware limited liability company
	2.	HIT Portfolio I BHGL Owner, LLC, a Delaware limited liability company
	3.	HIT Portfolio I PXGL Owner, LLC, a Delaware limited liability company
	4.	HIT Portfolio I GBGL Owner, LLC, a Delaware limited liability company
	5.	HIT Portfolio I NFGL Owner, LLC, a Delaware limited liability company
	6.	HIT Portfolio I MBGL 950 Owner, LLC, a Delaware limited liability company
	7.	HIT Portfolio I NTC Owner, LP, a Delaware limited partnership
	8.	HIT Portfolio I DLGL Owner, LP, a Delaware limited partnership


 




    	 	Schedule I-1
	Environmental Indemnity Agreement



     


    

 


SCHEDULE II



LIST OF ENVIRONMENTAL REPORTS


 


	1.	Phase I Environmental Site Assessment of Hampton Inn Birmingham prepared by EMG as Project Number 125505.17R000-001.051 dated April 26, 2017
	 	 
	2.	Phase I Environmental Site Assessment of Hyatt Place Birmingham prepared by EMG as Project Number 125505.17R000-002.051 dated April 26, 2017
	 	 
	3.	Phase I Environmental Site Assessment of Residence Inn Mobile prepared by EMG as Project Number 125505.17R000-003.051 dated April 26, 2017
	 	 
	4.	Phase I Environmental Site Assessment of Homewood Suites Phoenix prepared by EMG as Project Number 125505.17R000-004.051 dated April 26, 2017
	 	 
	5.	Phase I Environmental Site Assessment of Residence Inn LA El Segundo prepared by EMG as Project Number 125505.17R000-005.051 dated April 26, 2017
	 	 
	6.	Phase I Environmental Site Assessment of Residence Inn San Diego prepared by EMG as Project Number 125505.17R000-006.051 dated April 26, 2017
	 	 
	7.	Phase I Environmental Site Assessment of Springhill Suites San Diego prepared by EMG as Project Number 125505.17R000-007.051 dated April 26, 2017
	 	 
	8.	Phase I Environmental Site Assessment of Homewood Suites Windsor Locks prepared by EMG as Project Number 125505.17R000-008.051 dated April 26, 2017
	 	 
	9.	Phase I Environmental Site Assessment of Courtyard Jacksonville prepared by EMG as Project Number 125505.17R000-009.051 dated April 26, 2017
	 	 
	10.	Phase I Environmental Site Assessment of Courtyard Tallahassee North I 10 Capital Circle prepared by EMG as Project Number 125505.17R000-010.051 dated April 26, 2017
	 	 
	11.	Phase I Environmental Site Assessment of Residence Inn Tallahassee prepared by EMG as Project Number 125505.17R000-011.051 dated April 26, 2017
	 	 
	12.	Phase I Environmental Site Assessment of Courtyard Gainesville prepared by EMG as Project Number 125505.17R000-012.051 dated April 26, 2017
	 	 
	13.	Phase I Environmental Site Assessment of Courtyard Orlando prepared by EMG as Project Number 125505.17R000-013.051 dated April 26, 2017
	 	 
	14.	Phase I Environmental Site Assessment of Embassy Suites Orlando prepared by EMG as Project Number 125505.17R000-014.051 dated April 26, 2017


 






    	 	Schedule II-1
	Environmental Indemnity Agreement



     


    

 


	15.	Phase I Environmental Site Assessment of Hyatt Place Miami prepared by EMG as Project Number 125505.17R000-015.051 dated April 26, 2017
	 	 
	16.	Phase I Environmental Site Assessment of Holiday Inn Express Kendall East prepared by EMG as Project Number 125505.17R000-016.051 dated April 26, 2017
	 	 
	17.	Phase I Environmental Site Assessment of Hampton Inn Palm Beach Gardens prepared by EMG as Project Number 125505.17R000-017.051 dated April 26, 2017
	 	 
	18.	Phase I Environmental Site Assessment of Hampton Inn West Palm Beach prepared by EMG as Project Number 125505.17R000-018.051 dated April 26, 2017
	 	 
	19.	Phase I Environmental Site Assessment of Hampton Inn & Suites Boynton Beach prepared by EMG as Project Number 125505.17R000-019.051 dated April 26, 2017
	 	 
	20.	Phase I Environmental Site Assessment of Hampton Inn Boca Raton prepared by EMG as Project Number 125505.17R000-020.051 dated April 26, 2017
	 	 
	21.	Phase I Environmental Site Assessment of Hampton Inn Deerfield Beach prepared by EMG as Project Number 125505.17R000-021.051 dated April 26, 2017
	 	 
	22.	Phase I Environmental Site Assessment of Hyatt Place Tampa prepared by EMG as Project Number 125505.17R000-022.051 dated April 26, 2017
	 	 
	23.	Phase I Environmental Site Assessment of Residence Inn Sabal Park prepared by EMG as Project Number 125505.17R000-023.051 dated April 26, 2017
	 	 
	24.	Phase I Environmental Site Assessment of Residence Inn Tampa North prepared by EMG as Project Number 125505.17R000-024.051 dated April 26, 2017
	 	 
	25.	Phase I Environmental Site Assessment of Residence Inn Fort Myers prepared by EMG as Project Number 125505.17R000-025.051 dated April 26, 2017
	 	 
	26.	Phase I Environmental Site Assessment of Courtyard Sarasota prepared by EMG as Project Number 125505.17R000-026.051 dated April 26, 2017
	 	 
	27.	Phase I Environmental Site Assessment of Residence Inn Sarasota prepared by EMG as Project Number 125505.17R000-027.051 dated April 26, 2017
	 	 
	28.	Phase I Environmental Site Assessment of Courtyard Athens prepared by EMG as Project Number 125505.17R000-028.051 dated April 26, 2017
	 	 
	29.	Phase I Environmental Site Assessment of Residence Inn Macon prepared by EMG as Project Number 125505.17R000-029.051 dated April 26, 2017
	 	 
	30.	Phase I Environmental Site Assessment of Residence Inn Savannah prepared by EMG as Project Number 125505.17R000-030.051 dated April 26, 2017


 




    	 	Schedule II-2
	Environmental Indemnity Agreement



     


    

 


	31.	Phase I Environmental Site Assessment of Residence Inn Boise prepared by EMG as Project Number 125505.17R000-031.051 dated April 26, 2017
	 	 
	32.	Phase I Environmental Site Assessment of Homewood Suites Chicago prepared by EMG as Project Number 125505.17R000-032.051 dated April 26, 2017
	 	 
	33.	Phase I Environmental Site Assessment of Hampton Inn Gurnee prepared by EMG as Project Number 125505.17R000-033.051 dated April 26, 2017
	 	 
	34.	Phase I Environmental Site Assessment of Courtyard Elmhurst prepared by EMG as Project Number 125505.17R000-034.051 dated April 26, 2017
	 	 
	35.	Phase I Environmental Site Assessment of Hyatt Place Indianapolis prepared by EMG as Project Number 125505.17R000-035.051 dated April 26, 2017
	 	 
	36.	Phase I Environmental Site Assessment of Hyatt Place Overland Park prepared by EMG as Project Number 125505.17R000-036.051 dated April 26, 2017
	 	 
	37.	Phase I Environmental Site Assessment of Hampton Inn Overland Park s prepared by EMG as Project Number 125505.17R000-037.051 dated April 26, 2017
	 	 
	38.	Phase I Environmental Site Assessment of Courtyard Louisville prepared by EMG as Project Number 125505.17R000-038.051 dated April 26, 2017
	 	 
	39.	Phase I Environmental Site Assessment of Springhill Suites Lexington prepared by EMG as Project Number 125505.17R000-039.051 dated April 26, 2017
	 	 
	40.	Phase I Environmental Site Assessment of Courtyard Lexington prepared by EMG as Project Number 125505.17R000-040.051 dated April 26, 2017
	 	 
	41.	Phase I Environmental Site Assessment of Residence Inn Lexington prepared by EMG as Project Number 125505.17R000-041.051 dated April 26, 2017
	 	 
	42.	Phase I Environmental Site Assessment of Courtyard Bowling Green prepared by EMG as Project Number 125505.17R000-042.051 dated April 26, 2017
	 	 
	43.	Phase I Environmental Site Assessment of Hyatt Place Baton Rouge prepared by EMG as Project Number 125505.17R000-043.051 dated April 26, 2017
	 	 
	44.	Phase I Environmental Site Assessment of Hampton Inn Peabody prepared by EMG as Project Number 125505.17R000-044.051 dated April 26, 2017
	 	 
	45.	Phase I Environmental Site Assessment of Homewood Suites Peabody prepared by EMG as Project Number 125505.17R000-045.051 dated April 26, 2017
	 	 
	46.	Phase I Environmental Site Assessment of Hampton Inn Glen Burnie prepared by EMG as Project Number 125505.17R000-046.051 dated April 26, 2017


 




    	 	Schedule II-3
	Environmental Indemnity Agreement



     


    

 


	47.	Phase I Environmental Site Assessment of Hyatt Place Linthicum Heights prepared by EMG as Project Number 125505.17R000-047.051 dated April 26, 2017
	 	 
	48.	Phase I Environmental Site Assessment of Hampton Inn Madison Heights prepared by EMG as Project Number 125505.17R000-048.051 dated April 26, 2017
	 	 
	49.	Phase I Environmental Site Assessment of Hampton Inn Northville prepared by EMG as Project Number 125505.17R000-049.051 dated April 26, 2017
	 	 
	50.	Phase I Environmental Site Assessment of Hampton Inn Grand Rapids prepared by EMG as Project Number 125505.17R000-050.051 dated April 26, 2017
	 	 
	51.	Phase I Environmental Site Assessment of Springhill Suites Grand Rapids prepared by EMG as Project Number 125505.17R000-051.051 dated April 26, 2017
	 	 
	52.	Phase I Environmental Site Assessment of Hyatt Place Minneapolis prepared by EMG as Project Number 125505.17R000-052.051 dated April 26, 2017
	 	 
	53.	Phase I Environmental Site Assessment of Hampton Inn Maryland Heights prepared by EMG as Project Number 125505.17R000-053.051 dated April 26, 2017
	 	 
	54.	Phase I Environmental Site Assessment of Hampton Inn Kansas City prepared by EMG as Project Number 125505.17R000-054.051 dated April 26, 2017
	 	 
	55.	Phase I Environmental Site Assessment of Hampton Inn Gastonia prepared by EMG as Project Number 125505.17R000-055.051 dated April 26, 2017
	 	 
	56.	Phase I Environmental Site Assessment of Courtyard Asheville prepared by EMG as Project Number 125505.17R000-056.051 dated April 26, 2017
	 	 
	57.	Phase I Environmental Site Assessment of Hyatt Place Albuquerque prepared by EMG as Project Number 125505.17R000-057.051 dated April 26, 2017
	 	 
	58.	Phase I Environmental Site Assessment of Hyatt Place Las Vegas prepared by EMG as Project Number 125505.17R000-058.051 dated April 26, 2017
	 	 
	59.	Phase I Environmental Site Assessment of Hampton Inn Albany prepared by EMG as Project Number 125505.17R000-059.051 dated April 26, 2017
	 	 
	60.	Phase I Environmental Site Assessment of Hampton Inn Dublin prepared by EMG as Project Number 125505.17R000-060.051 dated April 26, 2017
	 	 
	61.	Phase I Environmental Site Assessment of Hyatt Place Columbus prepared by EMG as Project Number 125505.17R000-061.051 dated April 26, 2017
	 	 
	62.	Phase I Environmental Site Assessment of Hampton Inn Westlake prepared by EMG as Project Number 125505.17R000-062.051 dated April 26, 2017


 




    	 	Schedule II-4
	Environmental Indemnity Agreement



     


    

 


	63.	Phase I Environmental Site Assessment of Hyatt Place Blue Ash prepared by EMG as Project Number 125505.17R000-063.051 dated April 26, 2017
	 	 
	64.	Phase I Environmental Site Assessment of Residence Inn Portland prepared by EMG as Project Number 125505.17R000-064.051 dated April 26, 2017
	 	 
	65.	Phase I Environmental Site Assessment of Hampton Inn State College prepared by EMG as Project Number 125505.17R000-065.051 dated April 26, 2017
	 	 
	66.	Phase I Environmental Site Assessment of Hampton Inn Scranton prepared by EMG as Project Number 125505.17R000-066.051 dated April 26, 2017
	 	 
	67.	Phase I Environmental Site Assessment of Hampton Inn West Columbia prepared by EMG as Project Number 125505.17R000-067.051 dated April 26, 2017
	 	 
	68.	Phase I Environmental Site Assessment of Hampton Inn & Suites Franklin prepared by EMG as Project Number 125505.17R000-068.051 dated April 26, 2017
	 	 
	69.	Phase I Environmental Site Assessment of Hyatt Place Franklin prepared by EMG as Project Number 125505.17R000-069.051 dated April 26, 2017
	 	 
	70.	Phase I Environmental Site Assessment of Residence Inn Chattanooga prepared by EMG as Project Number 125505.17R000-070.051 dated April 26, 2017
	 	 
	71.	Phase I Environmental Site Assessment of Courtyard Knoxville prepared by EMG as Project Number 125505.17R000-071.051 dated April 26, 2017
	 	 
	72.	Phase I Environmental Site Assessment of Residence Inn Knoxville prepared by EMG as Project Number 125505.17R000-072.051 dated April 26, 2017
	 	 
	73.	Phase I Environmental Site Assessment of Hampton Inn Memphis prepared by EMG as Project Number 125505.17R000-073.051 dated April 26, 2017
	 	 
	74.	Phase I Environmental Site Assessment of Hyatt Place Memphis prepared by EMG as Project Number 125505.17R000-074.051 dated April 26, 2017
	 	 
	75.	Phase I Environmental Site Assessment of Homewood Suites Germantown prepared by EMG as Project Number 125505.17R000-075.051 dated April 26, 2017
	 	 
	76.	Phase I Environmental Site Assessment of Hampton Inn Pickwick prepared by EMG as Project Number 125505.17R000-076.051 dated April 26, 2017
	 	 
	77.	Phase I Environmental Site Assessment of Hampton Inn Addison prepared by EMG as Project Number 125505.17R000-077.051 dated April 26, 2017
	 	 
	78.	Phase I Environmental Site Assessment of Courtyard Dallas prepared by EMG as Project Number 125505.17R000-078.051 dated April 26, 2017


 




    	 	Schedule II-5
	Environmental Indemnity Agreement



     


    

 


	79.	Phase I Environmental Site Assessment of Fairfield Inn & Suites Dallas prepared by EMG as Project Number 125505.17R000-079.051 dated April 26, 2017
	 	 
	80.	Phase I Environmental Site Assessment of Springhill Suites Houston prepared by EMG as Project Number 125505.17R000-080.051 dated April 26, 2017
	 	 
	81.	Phase I Environmental Site Assessment of Homewood Suites San Antonio prepared by EMG as Project Number 125505.17R000-081.051 dated April 26, 2017
	 	 
	82.	Phase I Environmental Site Assessment of Hilton Garden Inn Round Rock prepared by EMG as Project Number 125505.17R000-082.051 dated April 26, 2017
	 	 
	83.	Phase I Environmental Site Assessment of Springhill Suites Round Rock prepared by EMG as Project Number 125505.17R000-083.051 dated April 26, 2017
	 	 
	84.	Phase I Environmental Site Assessment of Hyatt Place Glen Allen prepared by EMG as Project Number 125505.17R000-084.051 dated April 26, 2017
	 	 
	85.	Phase I Environmental Site Assessment of Hampton Inn Norfolk prepared by EMG as Project Number 125505.17R000-085.051 dated April 26, 2017
	 	 
	86.	Phase I Environmental Site Assessment of Hampton Inn Beckley prepared by EMG as Project Number 125505.17R000-086.051 dated April 26, 2017
	 	 
	87.	Phase I Environmental Site Assessment of Hampton Inn Morgantown prepared by EMG as Project Number 125505.17R000-087.051 dated April 26, 2017


 




    	 	Schedule II-6
	Environmental Indemnity Agreement