EX-10.1



 Exhibit 10.1 
  

 
  

LOAN AGREEMENT 
 Dated as
of December 3, 2014 
 By and Among 

THE ENTITIES SET FORTH ON SCHEDULE I ATTACHED HERETO, 

collectively, as Borrower 
 and

 BRE SELECT HOTELS OPERATING LLC, 

as Operating Lessee 
 and 

CITIGROUP GLOBAL MARKETS REALTY CORP., GERMAN AMERICAN 

CAPITAL CORPORATION, GOLDMAN SACHS MORTGAGE COMPANY and  

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, 

collectively, as Lender 
  

 
  

 







 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 Article I. Definitions; Principles of Construction
	  	 	1	  
			
	 Section 1.1.
	 	Definitions	  	 	1	  
			
	 Section 1.2.
	 	Principles of Construction	  	 	50	  
		
	Article II. General Terms	  	 	50	  
			
	 Section 2.1.
	 	Loan Commitment; Disbursement to Borrower	  	 	50	  
			
	 Section 2.2.
	 	Interest Rate	  	 	51	  
			
	 Section 2.3.
	 	Loan Payment	  	 	56	  
			
	 Section 2.4.
	 	Prepayments	  	 	57	  
			
	 Section 2.5.
	 	Release of Property	  	 	60	  
			
	 Section 2.6.
	 	Cash Management	  	 	66	  
			
	 Section 2.7.
	 	Withholding Taxes	  	 	69	  
			
	 Section 2.8.
	 	Extension of the Initial Maturity Date	  	 	73	  
		
	Article III. Conditions Precedent	  	 	74	  
			
	 Section 3.1.
	 	Conditions Precedent to Closing	  	 	74	  
		
	Article IV. Representations and Warranties	  	 	74	  
			
	 Section 4.1.
	 	Borrower Representations	  	 	74	  
			
	 Section 4.2.
	 	Survival of Representations	  	 	91	  
		
	 Article V. Covenants
	  	 	91	  
			
	 Section 5.1.
	 	Affirmative Covenants	  	 	91	  
			
	 Section 5.2.
	 	Negative Covenants	  	 	113	  
		
	 Article VI. Insurance; Casualty; Condemnation
	  	 	125	  
			
	 Section 6.1.
	 	Insurance	  	 	125	  
			
	 Section 6.2.
	 	Casualty	  	 	131	  
			
	 Section 6.3.
	 	Condemnation	  	 	131	  
			
	 Section 6.4.
	 	Restoration	  	 	132	  
		
	Article VII. Reserve Funds	  	 	138	  
			
	 Section 7.1.
	 	Required Repairs	  	 	138	  
			
	 Section 7.2.
	 	Tax and Insurance Escrow Fund	  	 	138	  
			
	 Section 7.3.
	 	Replacements and Replacement Reserve	  	 	140	  
			
	 Section 7.4.
	 	Intentionally Omitted	  	 	144	  


  
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 TABLE OF CONTENTS 

(continued) 
  


							
	 	 	 	  	Page	 
			
	 Section 7.5.
	 	Ground Lease Reserve Fund	  	 	144	  
			
	 Section 7.6.
	 	Excess Cash Flow Reserve Fund	  	 	145	  
			
	 Section 7.7.
	 	Reserve Funds, Generally	  	 	147	  
		
	 Article VIII. Defaults
	  	 	148	  
			
	 Section 8.1.
	 	Event of Default	  	 	148	  
			
	 Section 8.2.
	 	Remedies	  	 	152	  
			
	 Section 8.3.
	 	Remedies Cumulative; Waivers	  	 	153	  
		
	 Article IX. Special Provisions
	  	 	154	  
			
	 Section 9.1.
	 	Securitization	  	 	154	  
			
	 Section 9.2.
	 	Securitization Indemnification	  	 	160	  
			
	 Section 9.3.
	 	Exculpation	  	 	163	  
			
	 Section 9.4.
	 	Matters Concerning Manager	  	 	165	  
			
	 Section 9.5.
	 	Servicer	  	 	166	  
			
	 Section 9.6.
	 	Matters Concerning Franchisor	  	 	167	  
			
	 Section 9.7.
	 	Register	  	 	167	  
		
	 Article X. Miscellaneous
	  	 	168	  
			
	 Section 10.1.
	 	Survival	  	 	168	  
			
	 Section 10.2.
	 	Lender’s Discretion	  	 	168	  
			
	 Section 10.3.
	 	Governing Law	  	 	168	  
			
	 Section 10.4.
	 	Modification, Waiver in Writing	  	 	170	  
			
	 Section 10.5.
	 	Delay Not a Waiver	  	 	170	  
			
	 Section 10.6.
	 	Notices	  	 	170	  
			
	 Section 10.7.
	 	Trial by Jury	  	 	171	  
			
	 Section 10.8.
	 	Headings	  	 	171	  
			
	 Section 10.9.
	 	Severability	  	 	171	  
			
	 Section 10.10.
	 	Preferences	  	 	172	  
			
	 Section 10.11.
	 	Waiver of Notice	  	 	172	  
			
	 Section 10.12.
	 	Remedies of Borrower, Operating Lessee and the Other Loan Parties	  	 	172	  
			
	 Section 10.13.
	 	Expenses; Indemnity	  	 	172	  


  
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 TABLE OF CONTENTS 

(continued) 
  


							
	 	 	 	  	Page	 
			
	 Section 10.14.
	 	Incorporated	  	 	174	  
			
	 Section 10.15.
	 	Offsets, Counterclaims and Defenses	  	 	174	  
			
	 Section 10.16.
	 	No Joint Venture or Partnership; No Third Party Beneficiaries	  	 	175	  
			
	 Section 10.17.
	 	Publicity	  	 	175	  
			
	 Section 10.18.
	 	Cross Default; Cross Collateralization; Waiver of Marshalling of Assets	  	 	175	  
			
	 Section 10.19.
	 	Waiver of Counterclaim	  	 	176	  
			
	 Section 10.20.
	 	Conflict; Construction of Documents; Reliance	  	 	176	  
			
	 Section 10.21.
	 	Brokers and Financial Advisors	  	 	176	  
			
	 Section 10.22.
	 	Prior Agreements	  	 	177	  
			
	 Section 10.23.
	 	Joint and Several Liability	  	 	177	  
			
	 Section 10.24.
	 	Co-Lenders	  	 	177	  
			
	 Section 10.25.
	 	Certain Additional Rights of Lender (VCOC)	  	 	177	  
			
	 Section 10.26.
	 	Discounted Payoff	  	 	178	  
			
	 Section 10.27.
	 	Use of Borrower Provided Information	  	 	178	  
			
	 Section 10.28.
	 	Borrower Affiliate Lender	  	 	179	  
			
	 Section 10.29.
	 	Marriott Franchise Agreements	  	 	180	  


  
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 SCHEDULES 
  

					
	Schedule I				Borrower
			
	 Schedule II
				Individual Property
			
	 Schedule III
				Ground Leases
			
	 Schedule IV
				Reserved
			
	 Schedule V
				Reserved
			
	 Schedule VI
				Reserved
			
	 Schedule VII
				REAs
			
	 Schedule VIII
				Reserved
			
	 Schedule IX
				Previously-Owned Property
			
	 Schedule X
				Franchise Agreement Guarantees
			
	 Schedule XI
				Other Mortgage Loan Borrowers
			
	 Schedule 1.1
		–		Release Amounts
			
	 Schedule 1.2
		–		Franchise Agreements
			
	 Schedule 1.3
		–		Management Agreements
			
	 Schedule 1.4
		–		Qualified Managers
			
	 Schedule 1.5
		–		Qualified Franchisors
			
	 Schedule 1.8
		–		Assignment of Management Agreements
			
	 Schedule 1.13
		–		Reserved
			
	 Schedule 2.6.1
		–		Clearing Accounts
			
	 Schedule 4.1.1
		–		Organizational Chart of Borrower
			
	 Schedule 4.1.4
		–		Litigation
			
	 Schedule 4.1.6
		–		Liens
			
	 Schedule 4.1.12
		–		Condemnation
			
	 Schedule 4.1.16
		–		Separate Tax Lots Exceptions


  
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	 Schedule 4.1.17
		–		Pending Assessments
			
	 Schedule 4.1.22
		–		Certificates of Occupancy and Licenses Exceptions
			
	 Schedule 4.1.23
		–		Flood Zones
			
	 Schedule 4.1.26
		–		Rent Roll
			
	 Schedule 4.1.30
		–		Special Purpose Entity Exceptions
			
	 Schedule 4.1.36
		–		Borrower Organizational Identification Numbers
			
	 Schedule 4.1.39
		–		Ground Lease Exceptions
			
	 Schedule 4.1.41
		–		Defaults under Franchise Agreements
			
	 Schedule 4.1.43
		–		Labor
			
	 Schedule 4.1.44
		–		Project Improvement Plans
			
	 Schedule 4.1.48
		–		Liquor Licenses
			
	 Schedule 4.1.50
		–		Reserved
			
	 Schedule 5.1.11(d)
		–		2014 Annual Budget
			
	 Schedule 5.1.22
		–		Pre-Approved Alterations
			
	 Schedule 5.2.10
		–		REIT Election
			
	 Schedule 7.1
		–		Required Repairs


  
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 EXHIBITS 
  

					
	 Exhibit A
		–		Reserved
			
	 Exhibit B
		–		Ratable Share
			
	 Exhibit C
		–		Tax Compliance Certificates
			
	 Exhibit D
		–		Reserved
			
	 Exhibit E
		–		Sample Debt Yield Calculation
			
	 Exhibit F
		–		Form of Fredericksburg, VA Easement Agreement


  
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 LOAN AGREEMENT 

THIS LOAN AGREEMENT, dated as of December 3, 2014 (as amended, restated, replaced, supplemented or otherwise modified from time to
time, this “Agreement”), between CITIGROUP GLOBAL MARKETS REALTY CORP., a New York corporation, having an address at 390 Greenwich Street, 7th Floor, New York, New York
10013 (“CGMRC”), GERMAN AMERICAN CAPITAL CORPORATION, a Maryland corporation, having an address at 60 Wall Street, New York, New York 10005 (“GACC”), GOLDMAN SACHS MORTGAGE COMPANY, a New York limited
partnership, having an address at 200 West Street, New York, New York 10282 (“GS”), and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, having an address at 383 Madison Avenue, New York, New York 10179 (“JPM”, and
together with CGMRC, GACC and GS and their respective successors and/or assigns, each a “Co-Lender” and, collectively, “Lender”), BRE SELECT HOTELS OPERATING LLC, a Delaware limited liability company, having
its principal place of business at c/o Blackstone Real Estate Advisors L.P., 345 Park Avenue, New York, New York 10154 (“Operating Lessee”) and THE ENTITIES SET FORTH ON SCHEDULE I ATTACHED HERETO, each having its principal
place of business at c/o Blackstone Real Estate Advisors L.P., 345 Park Avenue, New York, New York 10154 (each, an “Individual Borrower” and, collectively, “Borrower”). 

W I T N E S  S E T H:

 WHEREAS, Borrower desires to obtain the Loan (as hereinafter defined) from Lender; and 

WHEREAS, Lender is willing to make the Loan to Borrower, subject to and in accordance with the terms of this Agreement and the other Loan
Documents (as hereinafter defined). 
 NOW THEREFORE, in consideration of the making of the Loan by Lender and the covenants, agreements,
representations and warranties set forth in this Agreement, the parties hereto hereby covenant, agree, represent and warrant as follows: 

ARTICLE I. 

DEFINITIONS; PRINCIPLES OF CONSTRUCTION 

Section 1.1. Definitions. For all purposes of this Agreement, except as otherwise expressly required or unless the context clearly
indicates a contrary intent: 
 “Acceptable Counterparty” shall mean a counterparty to the Interest Rate Cap
Agreement (or the guarantor of such counterparty’s obligations) that (a) has and shall maintain, until the expiration of the applicable Interest Rate Cap Agreement, (i) a long-term unsecured debt rating of not less than “A+”
by S&P and a short-term senior unsecured debt rating of at least “A-1” from S&P, (ii) if any of the Securities or any class thereof in any Securitization are rated by Moody’s, (x) a long-term unsecured debt rating of
not less than “A1” from Moody’s and a  







 
short-term senior unsecured debt rating of at least “P1” from Moody’s or (y) if no short-term debt rating exists, a long-term senior unsecured debt rating of at least
“A1” from Moody’s, and (iii) if any of the Securities or any class thereof in any Securitization are rated by Fitch, a long-term unsecured debt rating of at least “A+” by Fitch (and not on Rating Watch Negative) and a
short-term unsecured debt rating of at least “F1” by Fitch (and not on Rating Watch Negative), or (b) is otherwise acceptable to the Approved Rating Agencies, as evidenced by a Rating Agency Confirmation to the effect that such
counterparty shall not cause a downgrade, withdrawal or qualification of the ratings assigned, or to be assigned, to the Securities or any class thereof in any Securitization. 

“Accommodation Security Instrument” shall mean that certain Open-End Mortgage, Assignment of Leases and Rents,
Security Agreement and Fixture Filing, dated as of the Closing Date, from BRE Select Hotels PA Holdings LLC, a Delaware limited liability company to Lender, as the same may be amended, assigned, restated, replaced, supplemented or otherwise modified
from time to time. 
 “Additional Insolvency Opinion” shall mean a non-consolidation opinion letter delivered
in connection with the Loan subsequent to the Closing Date reasonably satisfactory in form and substance to Lender and, following a Securitization, satisfactory in form and substance to the Approved Rating Agencies, and from counsel acceptable to
Lender and, following a Securitization, the Approved Rating Agencies. 
 “Adjusted Release Amount” shall
mean, (i) for any Individual Property to be released, the sum of (a) the Amortized Release Amount for such Individual Property and (b) the applicable Release Price Premium for such Individual Property. 

“Affected Property” shall have the meaning set forth in Section 9.1.3 hereof. 

“Affiliate” shall mean, as to any Person, any other Person that, directly or indirectly, is in Control of, is
Controlled by or is under common Control with such Person or is a director or officer of such Person or of an Affiliate of such Person. 

“Affiliated Manager” shall mean any Manager which Borrower, Operating Lessee, Principal, BREP or Guarantor Controls or
has, directly or indirectly, fifty one percent (51%) or more of the legal, beneficial or economic interest therein. 

“Agent” shall mean Wells Fargo Bank, National Association, or any successor Eligible Institution acting as Agent under
the Cash Management Agreement. 
 “Agreement” shall mean this Loan Agreement, as the same may be amended,
restated, replaced, supplemented or otherwise modified from time to time. 
 “ALTA” shall mean American Land
Title Association, or any successor thereto. 
 “Alterations Deposit” shall have the meaning set forth in
Section 5.1.22 hereof. 

  
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 “Amortized Release Amount” shall mean, for any Individual Property, the
original Release Amount for such Individual Property, as such amount may be reduced by prepayments that are not made in connection with the release of any Individual Property, and any prepayments made pursuant to Section 2.4.2 or
Section 6.4 in excess of such Individual Property’s Amortized Release Amount, in each case, which payments and prepayments shall be deemed to reduce the Amortized Release Amounts of the Properties subject to the Lien of the
Mortgages at the time of such payment or prepayment pro rata. 
 “Annual Budget” shall mean the
operating budget, including all planned Capital Expenditures, for the Properties prepared by or on behalf of Borrower in accordance with Section 5.1.11(d) hereof for the applicable Fiscal Year or other period. 

“Applicable Similar Law” shall have the meaning set forth in Section 5.2.9 hereof. 

“Approved Annual Budget” shall have the meaning set forth in Section 5.1.11 hereof. 

“Approved Bank” shall mean a bank or other financial institution satisfying the requirements of clause (i) of the
definition of Eligible Institution.  
 “Approved Rating Agencies” shall mean each of S&P, Moody’s,
Fitch, and Morningstar or any other nationally recognized statistical rating agency in each case, which has been approved by Lender and designated by Lender to assign a rating to the Securities and which has assigned a rating to the Securities.

 “Assignment of Agreements” shall mean that certain Assignment of Agreements Affecting Real Estate, by and
among Borrower, Lender and Operating Lessee, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Assignment of Interest Rate Cap Agreement” shall have the meaning set forth in Section 2.2.7(a)
hereof. 
 “Assignment of Management Agreement” shall mean, individually and/or collectively, as the context
may require, those certain assignments of management agreement and subordination of management fees, dated as of the Closing Date, among Lender, Borrower, the applicable Manager and Operating Lessee as set forth on Schedule 1.8, attached
hereto, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Award” shall mean any compensation paid by any Governmental Authority to Borrower, Operating Lessee or any of their
respective Affiliates (which, for the purposes of this definition, shall not include Hilton Manager or any subsidiary of Hilton Worldwide, Inc.) in connection with a Condemnation in respect of all or any part of any Individual Property. 

“Bankruptcy Action” shall mean with respect to any Person (a) such Person filing a voluntary petition under the
Bankruptcy Code; (b) the filing of an involuntary petition against such Person under the Bankruptcy Code or soliciting or causing to be solicited petitioning creditors for any involuntary petition against such Person under the Bankruptcy Code;
(c) such Person filing an answer consenting to or otherwise acquiescing in or joining in  

  
 -3- 








 
any involuntary petition filed against it, by any other Person under the Bankruptcy Code; (d) such Person consenting to or acquiescing in or joining in an application for the appointment of
a custodian, receiver, trustee, or examiner for such Person or any portion of any Individual Property; or (e) such Person making an assignment for the benefit of creditors. 

“Bankruptcy Code” shall mean Title 11 of the United States Code, 11 U.S.C. § 101, et
seq., as the same may be amended from time to time, and any successor statute or statutes and all rules and regulations from time to time promulgated thereunder, and any comparable foreign laws relating to bankruptcy, insolvency or
creditors’ rights or any other Federal, state, local or foreign bankruptcy or insolvency law. 
 “Basic Carrying
Costs” shall mean, with respect to each Individual Property, for any period, the sum of the following costs associated with such Individual Property: (a) Taxes, (b) Other Charges and (c) Insurance Premiums. 

“Borrower” shall have the meaning set forth in the introductory paragraph hereto, together with its successors and
permitted assigns. 
 “Borrower Franchise Default” shall have the meaning set forth in Section 2.5.2.

 “Brand Managed Property” shall mean, individually and/or collectively, as the context requires, the Hilton
Managed Properties, the Marriott Managed Properties and the Hyatt Managed Properties. 
 “Brand Manager”
shall mean each of Hilton Manager, Hyatt Manager and Marriott Manager. 
 “BRE Select Hotels Properties
Borrower” shall mean BRE Select Hotels Properties LLC, a Delaware limited liability company, together with its successors and permitted assigns. 

“Breakage Costs” shall have the meaning set forth in Section 2.2.3 hereof. 

“BREP” shall mean, individually and/or collectively (as the context may require), Blackstone Real Estate Partners
VII-NQ L.P., Blackstone Real Estate Partners VII.TE.1-NQ L.P., Blackstone Real Estate Partners VII.TE.2-NQ L.P., Blackstone Real Estate Partners VII.TE.3-NQ L.P., Blackstone Real Estate Partners VII.TE.4-NQ L.P., Blackstone Real Estate Partners
VII.TE.5-NQ L.P., Blackstone Real Estate Partners VII.TE.6-NQ L.P., Blackstone Real Estate Partners VII.TE.7-NQ L.P., Blackstone Real Estate Partners VII.TE.8-NQ L.P., Blackstone Real Estate Partners VII.F-NQ (AV) L.P., Blackstone Real Estate
Holdings VII-NQ-ESC L.P., Blackstone Family Real Estate Partnership VII – SMD L.P., Blackstone Real Estate Partners VII L.P., Blackstone Real Estate Partners VII.TE.1 L.P., Blackstone Real Estate Partners VII.TE.2 L.P., Blackstone Real Estate
Partners VII.TE.3 L.P., Blackstone Real Estate Partners VII.TE.4 L.P., Blackstone Real Estate Partners VII.TE.5 L.P., Blackstone Real Estate Partners VII.TE.6 L.P., Blackstone Real Estate Partners VII.TE.7 L.P., Blackstone Real Estate Partners
VII.TE.8 L.P., Blackstone Real Estate Partners VII.F L.P., Blackstone Real Estate Holdings VII-ESC L.P., Blackstone Real Estate Associates VII L.P., and any other parallel partnerships and alternative investment vehicles comprising the real estate
fund commonly known as Blackstone Real Estate Partners VII. 

  
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 “Business Day” shall mean any day other than a Saturday, Sunday or any
other day on which any of (a) national banks in New York, New York, or (b) the place of business of the trustee under a Securitization (or, if no Securitization has occurred, Lender), or (c) the place of business of any Servicer or
the financial institution that maintains any collection account for or on behalf of any Servicer or any Reserve Funds or (d) the New York Stock Exchange or the Federal Reserve Bank of New York is not open for business. 

“Calculation Date” shall mean the last day of each calendar quarter during the Term and any day on which there is a
prepayment of any portion of the outstanding principal amount of the Loan pursuant to Section 2.4.1 hereof. 

“Capital Expenditures” shall mean, for any period, the amount expended for items capitalized under GAAP and the
Uniform System of Accounts (including expenditures for building improvements or major repairs and replacements). 

“Cash Management Account” shall have the meaning set forth in Section 2.6.2 hereof. 

“Cash Management Agreement” shall mean that certain Cash Management Agreement, dated as of the date hereof, by and
among Borrower, Operating Lessee, Lender and Agent, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Cash Trap Event” shall mean the occurrence of any one or more of the following events: (a) an Event of Default,
(b) a Mezzanine Loan Default; or (c) a Debt Yield Trigger Event. 
 “Cash Trap Event Cure” shall
mean (a) no Event of Default shall be continuing, and in the event that the related Cash Trap Event occurred solely as a result of an Event of Default, Lender (in its sole and absolute discretion) shall have accepted a cure by Borrower of such
Event of Default, (b) no Mezzanine Loan Default shall be continuing, and in the event that the related Cash Trap Event occurred solely as a result of a Mezzanine Loan Default, the applicable Mezzanine Lender shall have accepted a cure by the
applicable Mezzanine Borrowers of such Mezzanine Loan Default or otherwise waived such Mezzanine Loan Default and shall not have otherwise accelerated such Mezzanine Loan, moved for a receiver or commenced foreclosure proceedings and (c) in the
event that the related Cash Trap Event occurred as a result of a Debt Yield Trigger Event, the achievement of a Debt Yield Cure. 

“Cash Trap Period” shall mean the period commencing on the occurrence of a Cash Trap Event and continuing until the
date of a Cash Trap Event Cure. 
 “Cash Trap Sweep Instructions” shall have the meaning set forth in
Section 2.6.1(e) hereof. 
 “Casualty” shall have the meaning set forth in Section 6.2
hereof. 

  
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 “Casualty/Condemnation Prepayment” shall have the meaning set forth in
Section 6.4 hereof. 
 “Casualty/Condemnation Threshold Amount” shall mean the greater of
(i) One Million and No/100 Dollars ($1,000,000.00) and (ii) five percent (5.00%) of the original Release Amount for the applicable Individual Property. 

“Casualty Consultant” shall have the meaning set forth in Section 6.4 hereof. 

“Casualty Retainage” shall have the meaning set forth in Section 6.4 hereof. 

“Cause” shall mean, with respect to an Independent Director, (a) acts or omissions by such Independent Director
that constitute systematic and persistent or willful disregard of such Independent Director’s duties, (b) such Independent Director has been indicted or convicted for any crime or crimes of moral turpitude or dishonesty or for any
violation of any Legal Requirements, (c) such Independent Director no longer satisfies the requirements set forth in the definition of “Independent Director”, (d) the fees charged for the services of such Independent Director are
materially in excess of the fees charged by the other providers of Independent Directors listed in the definition of “Independent Director”, (e) the death or incapacity of such Independent Director or (e) any other reason for
which the prior written consent of Lender shall have been obtained. 
 “Certificate of Designation” shall
mean that certain Certificate of Designation of 7% Series A Cumulative Redeemable Preferred Shares of BRE Select Hotels Corp, dated May 13, 2013, with shares being issued pursuant thereto on May 14, 2013. 

“Clearing Account” shall have the meaning set forth in Section 2.6.1 hereof. 

“Clearing Account Agreement” shall mean, individually and/or collectively (as the context requires), those certain
clearing account control agreements, dated as of the date hereof, described on Schedule 2.6.1 hereto, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, relating to funds deposited in
any Clearing Account. 
 “Clearing Bank” shall mean those clearing banks which establish, maintain and hold
each Clearing Account, each of which shall be an Eligible Institution. 
 “Closing Date” shall mean the date
of the funding of the Loan. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Co-Lender” shall have the meaning set forth in the introductory paragraph hereto, together with its successors and/or
assigns. 
 “Common Charges” shall have the meaning set forth in Section 4.1.50 hereof.


  
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 “Component” shall mean, individually, any one of Component A/B/C,
Component D, Component E and Component F and “Components” shall mean, collectively, Component A/B/C, Component D, Component E and Component F. 

“Component A/B/C” shall mean the component of the Loan designated as “A/B/C” in Section 2.1.5
hereof. 
 “Component D” shall mean the component of the Loan designated as “D” in
Section 2.1.5 hereof. 
 “Component E” shall mean the component of the Loan designated as “E” in
Section 2.1.5 hereof. 
 “Component F” shall mean the component of the Loan designated as “F” in
Section 2.1.5 hereof. 
 “Concentration Account” shall have the meaning set forth in
Section 2.6.1 hereof. 
 “Concentration Account Agreement” shall mean, individually and/or
collectively (as the context requires), those certain clearing account control agreements, dated as of the date hereof, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, relating to funds deposited
in the applicable Concentration Account. 
 “Concentration Bank” shall mean each clearing bank which
establishes, maintains and holds the Concentration Account, which shall be an Eligible Institution. 

“Condemnation” shall mean a temporary or permanent taking by any Governmental Authority as the result or in lieu or in
anticipation of the exercise of the right of condemnation or eminent domain, of all or any part of any Individual Property, or any interest therein or right accruing thereto, including any right of access thereto or any change of grade affecting
such Individual Property or any part thereof. 
 “Condemnation Proceeds” shall have the meaning set forth in
Section 6.4. 
 “Connection Income Taxes” shall mean Other Connection Taxes that are imposed on
or measured by net income (however denominated) or that are franchise Section 2.7 Taxes or branch profits Section 2.7 Taxes. 

“Consumer Price Index” shall mean the Consumer Price Index as published by the United States Department of Labor,
Bureau of Labor Statistics or any substitute index hereafter adopted by the Department of Labor. 
 “Contribution
Agreement” shall mean that certain Contribution Agreement among the Individual Borrowers dated as of the date hereof, as the same may be amended, restated, replaced or otherwise modified from time to time. 

  
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 “Control” or “control” shall mean the possession,
directly or indirectly, of the power to direct or cause the direction of management, policies or activities of a Person, whether through ownership of voting securities, by contract or otherwise. “Controlled” and
“Controlling” shall have correlative meanings. 
 “Covered Disclosure Information” shall
have the meaning set forth in Section 9.2(b) hereof. 
 “Covered Rating Agency Information” shall
have the meaning set forth in Section 10.13(d) hereof. 
 “Custodial Funds” means the following
funds collected by Borrower or Operating Lessee on a third party’s behalf that must be paid or remitted to a third party and so are not properly considered “revenue” of Borrower: (i) tips, gratuities or service charges with
respect to food, beverage, banquet or other guest services paid in cash or check or received via credit card and owed to employees working at the Properties; (ii) payments or fees received from or on behalf of hotel guests and patrons and paid
or reimbursed to tenants or other vendors or service providers of the hotels and (iii) amounts paid out to hotel guests or patrons for checks cashed or per diem expense allowances paid. 

“Dallas Parking Lease” shall mean that certain Parking Lease, dated as of April 17, 2007, by and between North
Dallas Tower, Ltd. and Apple Six Services II, L.P., as assigned pursuant to that certain Assignment and Assumption of Parking Lease, dated as of May 14, 2013, between Apple Six Services II, L.P. to BRE Select Hotels TX L.P. 

“Debt” shall mean the outstanding principal amount set forth in, and evidenced by, this Agreement and the Note
together with all interest accrued and unpaid thereon and all other sums (including, but not limited to, any Spread Maintenance Payment or Breakage Costs) due to Lender in respect of the Loan under the Note, this Agreement, the Mortgages or any
other Loan Document. 
 “Debt Service” shall mean, with respect to any particular period of time, interest
payments due under this Agreement and the Note. 
 “Debt Service Coverage Ratio” shall mean a ratio for the
applicable period in which: 
 (a) the numerator is the Net Operating Income (excluding interest on credit accounts and using
annualized operating expenses for any recurring expenses not paid monthly (e.g., Taxes and Insurance Premiums)) for the immediately preceding twelve (12) full calendar month period for those Individual Properties subject to the Lien of a
Mortgage as of the date of determination as set forth in the statements required hereunder (and including, for purposes of determining Gross Income from Operations, payments made to Borrower or Mezzanine Borrower pursuant to the Interest Rate Cap
Agreement or any similar interest rate cap agreement with respect to any Mezzanine Loan), without deduction for (i) actual management fees and franchise fees incurred in connection with the operation of the Property, or (ii) amounts paid
to the Reserve Funds, less (A) management fees and franchise fees equal to the greater of (1) assumed management and franchise fees of four percent (4%) of Gross Income from Operations and (2) the actual management fees and
franchise fees incurred, and (B) Replacement Reserve Fund contributions equal to four percent (4.00%) of Gross Income from Operations; and 

  
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 (b) the denominator is the aggregate amount of Debt Service for each of the Components of the
Loan and Mezzanine Debt Service for such period. 
 “Debt Yield” shall mean, for any date of determination, the
percentage obtained by dividing: 
 (a) the Net Operating Income (excluding interest on credit accounts and using annualized
operating expenses for any recurring expenses not paid monthly (e.g., Taxes and Insurance Premiums)) for the immediately preceding twelve (12) full calendar month period for those Individual Properties subject to the Lien of a Mortgage
as of the date of determination as set forth in the financial statements required hereunder, including, for purposes of calculating the Operating Expense component of Net Operating Income, (i) Replacement Reserve Fund contributions equal to the
greater of (A) four percent (4.00%) of Gross Income from Operations and (B) the amount required under the Management Agreements with each Brand Manager and Franchise Agreements, as applicable, and (ii) for management fees and
franchise fees in an amount equal to the greater of (A) the amount required under the Management Agreements and the Franchise Agreements and (B) four percent (4.00%) of Gross Income from Operations; by 

(b) the sum of the outstanding principal balances of (i) all Components of the Loan and (ii) the Mezzanine Loans on the date of
determination. 
 For reference purposes, a sample calculation of Debt Yield is attached as Exhibit E to this Agreement. 

“Debt Yield Cure” shall mean (a) no Event of Default or Mezzanine Loan Default shall be continuing and
(b) the achievement of a Debt Yield equal to or exceeding Required Debt Yield for the two (2) consecutive calendar quarters immediately preceding the Calculation Date based upon the trailing twelve (12) month period immediately
preceding such Calculation Date (which Required Debt Yield may be achieved, at Borrower’s sole discretion, by making voluntary prepayments in accordance with the terms of this Agreement in amounts necessary to achieve a Debt Yield equal to or
exceeding the Required Debt Yield; provided that in the event the Required Debt Yield is achieved by such a prepayment, the Debt Yield Trigger Period shall terminate upon such prepayment). 

“Debt Yield Trigger Event” shall mean a Debt Yield, as determined by Lender, of less than the Required Debt Yield on
any Calculation Date for the two consecutive calendar quarters immediately preceding the Calculation Date, based upon the trailing twelve (12) month period immediately preceding such Calculation Date. 

“Debt Yield Trigger Period” shall mean the period commencing on the occurrence of a Debt Yield Trigger Event and
continuing until the occurrence of a Debt Yield Cure. 

  
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 “Default” shall mean the occurrence of any event hereunder or under any
other Loan Document which, but for the giving of notice or passage of time, or both, would be an Event of Default. 

“Default Rate” shall mean, with respect to the Loan, a rate per annum equal to the lesser of (a) the Maximum
Legal Rate or (b) three percent (3%) above the Interest Rate otherwise applicable to each Component. 
 “Default
Release” shall have the meaning set forth in Section 2.5.2(n) hereof. 
 “Determination Date”
shall mean, with respect to each Interest Period, the date that is two (2) London Business Days prior to the commencement date of such Interest Period. 

“Disclosure Document” shall mean a prospectus, prospectus supplement (including any amendment or supplement to either
thereof), private placement memorandum, or similar offering memorandum, offering circular, structural and collateral term sheet or other similar offering material, in each case in preliminary or final form and including all exhibits and annexes
thereto, used in connection with a Securitization. 
 “Discounted Payoff” shall have the meaning set forth in
Section 10.26 hereof. 
 “Eligible Account” shall mean either a separate and identifiable account
from all other funds held by the holding institution that is either (a) an account or accounts maintained with a federal or state-chartered depository institution or trust company which complies with the definition of Eligible Institution or
(b) a segregated trust account or accounts maintained with a federal or state chartered depository institution or trust company acting in its fiduciary capacity that has a Moody’s rating of at least “Baa3” and which, in the case
of a state chartered depository institution or trust company, is subject to regulations substantially similar to 12 C.F.R. § 9.10(b), having in either case a combined capital and surplus of at least $50,000,000.00 and subject to
supervision or examination by federal and state authority. An Eligible Account will not be evidenced by a certificate of deposit, passbook or other instrument. 

“Eligible Institution” shall mean (i) a depository institution or trust company insured by the Federal Deposit
Insurance Corporation, the short-term unsecured debt obligations or commercial paper of which are rated at least “A-1+” by S&P, “P-1” by Moody’s and “F-1+” by Fitch in the case of accounts in which funds are
held for thirty (30) days or less (or, in the case of Letters of Credit and accounts in which funds are held for more than thirty (30) days, the long-term unsecured debt obligations of which are rated at least “A+” by S&P,
“Aa3” by Moody’s and “A+” by Fitch) and (ii) Bank of America, N.A. and PNC Bank, National Association; provided that, with respect to (ii) above, the ratings by each of the Approved Rating Agencies for the
short term unsecured debt obligations or commercial paper and long term unsecured debt obligations of such institution is at least equal to the ratings in effect as of the date hereof. 

“Embargoed Person” shall have the meaning set forth in Section 4.1.35 hereof. 

“Environmental Indemnity” shall mean that certain Environmental Indemnity Agreement, dated as of the date hereof,
executed by Borrower and Operating Lessee in connection with the Loan for the benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

  
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 “Equipment” shall mean, with respect to each Individual Property, any
equipment now owned or hereafter acquired by Borrower or Operating Lessee, which is used at or in connection with the Improvements or such Individual Property or is located thereon or therein, including (without limitation) all machinery, equipment,
furnishings, and electronic data-processing and other office equipment now owned or hereafter acquired by Borrower or Operating Lessee and any and all additions, substitutions and replacements of any of the foregoing), together with all attachments,
components, parts, equipment and accessories installed thereon or affixed thereto. 
 “ERISA” shall mean the
Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated thereunder. 

“ERISA Affiliate” shall mean any Person that for purposes of Title IV of ERISA is a member of the
Borrower’s, Operating Lessee’s or Guarantor’s controlled group, under common control with the Borrower, Operating Lessee or Guarantor within the meaning of Section 414(b) or (c) of the Code. 

“Event of Default” shall have the meaning set forth in Section 8.1 hereof. 

“Excess Cash Flow” shall mean all remaining amounts on deposit in the Cash Management Account after the payment or
disbursement of all escrows, reserves, approved Operating Expenses, Debt Service, Mezzanine Debt Service, management fees and other amounts permitted to be paid in accordance with the Loan Documents and the Mezzanine Loan Documents. 

“Excess Cash Flow Reserve Account” shall have the meaning set forth in Section 7.6 hereof. 

“Excess Cash Flow Reserve Fund” shall have the meaning set forth in Section 7.6 hereof. 

“Excess Net Proceeds” shall have the meaning set forth in Section 6.4. 

“Exchange Act” shall have the meaning set forth in Section 9.1.1 hereof. 

“Exchange Act Filing” shall mean a filing pursuant to the Exchange Act in connection with or relating to a
securitization. 
 “Excluded Entity” shall mean (i) BREP, (ii) any Public Vehicle,
(iii) Prospect Hotel Advisors, L.L.C.; provided, that with respect to clause (iii), it owns a direct or indirect interest equity in Guarantor and such interest is less than three percent (3%) of the direct or indirect equity
interests in Guarantor, (iv) any direct or indirect legal or beneficial owner of BREP, a Public Vehicle or Prospect Hotel Advisors, L.L.C. (to the extent clause (iii) is satisfied), including, without limitation, any shareholder, partner,
member and/or non-member manager of the foregoing, and (v) BRE Select Hotels Corp with respect to the Preferred Shares only and any direct or indirect legal or beneficial owner of any Preferred Shares.


  
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 “Excluded Property” shall mean the Property or any other collateral for
the Loan or any individual property or any other collateral for the Other Mortgage Loan for so long as such individual property or collateral secures the Other Mortgage Loan. 

“Excluded Taxes” shall mean any of the following Section 2.7 Taxes imposed on or with respect to a Lender or
Agent or required to be withheld or deducted from a payment to a Lender or Agent: (a) Section 2.7 Taxes imposed on (or measured by) net income (however denominated), franchise Section 2.7 Taxes, and branch profits Section 2.7
Taxes, in each case, (i) imposed as a result of such Lender or Agent being organized under the laws of, or having its principal office or, in the case of any Lender, applicable lending office located in, the jurisdiction imposing such
Section 2.7 Tax, or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Section 2.7 Taxes resulting from any law in effect on the date such Lender acquires an interest in a Loan or
commitment pursuant to this Agreement or designates a new lending office, except to the extent that such Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts
from Borrower with respect to such Section 2.7 Taxes pursuant to Section 2.7, (c) any Section 2.7 Taxes attributable to such Lender’s failure to comply with Section 2.7(e), and (d) any
Section 2.7 Taxes imposed under FATCA. 
 “Extended Maturity Date” shall have the meaning set forth in
Section 2.8 hereof. 
 “Extension Option” shall have the meaning set forth in
Section 2.8 hereof. 
 “Extension Term” shall have the meaning set forth in
Section 2.8 hereof. 
 “Face Amount” shall mean the actual principal amount of the related
Mezzanine Loans that are being prepaid pursuant to a Discounted Payoff. 
 “FATCA” shall mean
Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantially comparable and not materially more onerous to comply with), any current or future regulations issued thereunder
or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code, and any intergovernmental agreements entered into by the United States in connection with the implementation of such Sections of the
Code (or any such amended or successor version therein). 
 “FF&E” shall mean, with respect to each
Individual Property, collectively, furnishings, Fixtures and Equipment located in the guest rooms, hallways, lobbies, restaurants, lounges, meeting and banquet rooms, parking facilities, public areas or otherwise in any portion of the Properties,
including (without limitation) all beds, chairs, bookcases, tables, carpeting, drapes, couches, luggage carts, luggage racks, bars, bar fixtures, radios, television sets, intercom and paging equipment, electric and electronic equipment, heating,
lighting and plumbing fixtures, fire prevention and extinguishing apparatus, cooling and air-conditioning systems, elevators, escalators, stoves, ranges, refrigerators, laundry machines, tools, machinery, boilers, 


  
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incinerators, switchboards, conduits, compressors, vacuum cleaning systems, floor cleaning, waxing and polishing equipment, cabinets, lockers, shelving, dishwashers, garbage disposals, washer and
dryers, and all other customary hotel and resort equipment and other tangible property owned by Borrower or Operating Lessee, or in which Borrower or Operating Lessee has or shall have an interest, now or hereafter located at each Individual
Property and useable in connection with the present or future operation and occupancy of each Individual Property; provided, however, that FF&E shall not include (a) fixed asset supplies, including, but not limited to, linen,
china, glassware, tableware, uniforms, other hotel inventory and similar items, whether used in connection with public space or guest rooms, or (b) items owned by tenants, guests or by third party operators. 

“FF&E Manager Reserve Account” shall have the meaning set forth in Section 2.6.1(j) hereof.

 “FF&E Reserve Account Control Agreements” shall mean those certain control account agreements (or other
similarly named agreements) that may be entered into among one or more Borrowers, Operating Lessee, Lender, the applicable Brand Manager and the bank or other financial institution holding the related FF&E reserve fund under a Management
Agreement for a Brand Managed Property, pursuant to which, among other things, the parties thereto acknowledge and agree to Lender’s security interest in the applicable fund and/or account.  

“Fiscal Year” shall mean each twelve (12) month period commencing on January 1 and ending on
December 31 during each year of the term of the Loan. 
 “Fitch” shall mean Fitch, Inc. 

“Fixtures” shall mean, with respect to each Individual Property, all Equipment now owned, or the ownership of which is
hereafter acquired, by Borrower or Operating Lessee which is so related to the Land and the Improvements forming part of the Individual Property in question that it is deemed fixtures or real property under applicable Legal Requirements, including,
without limitation, all building or construction materials intended for construction, reconstruction, alteration, decoration or repair of or installation on the applicable Individual Property, construction equipment, appliances, machinery, plant
equipment, fittings, apparatuses, fixtures and other items now or hereafter attached to, installed in or used in connection with (temporarily or permanently) any of the Improvements or the Land, including, but not limited to, engines, devices for
the operation of pumps, pipes, plumbing, call and sprinkler systems, fire extinguishing apparatuses and equipment, heating, ventilating, incinerating, electrical, air conditioning and air cooling equipment and systems, gas and electric machinery,
appurtenances and equipment, pollution control equipment, security systems, disposals, dishwashers, refrigerators and ranges, recreational equipment and facilities of all kinds, and water, electrical, storm and sanitary sewer facilities, utility
lines and equipment (whether owned individually or jointly with others, and, if owned jointly, to the extent of Borrower’s and/or Operating Lessee’s interest therein) and all other utilities whether or not situated in easements, all water
tanks, water supply, water power sites, fuel stations, fuel tanks, fuel supply, and all other structures, together with all accessions, appurtenances, additions, replacements, betterments and substitutions or any of the foregoing and the proceeds
thereof. 

  
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 “Floating Interest Rate” shall mean a fluctuating rate per annum equal to
LIBOR plus the Spread for each Component; provided, however, in no event shall LIBOR be deemed to be less than zero. 

“Floating Interest Rate Loan” shall mean the Loan at such time as the interest thereon accrues at a rate of interest
based on the Floating Interest Rate. 
 “Foreclosure” shall have the meaning set forth in
Section 9.3 hereof. 
 “Foreign Lender” means a Lender that is not a U.S. Person. 

“Franchise Agreement” shall mean, with respect to each Individual Property, the applicable franchise agreement more
particularly described on Schedule 1.2 attached hereto, between Operating Lessee and Franchisor, as the same may be amended or modified from time to time in accordance with the terms and provisions of this Agreement, or, if the context
requires, the Replacement Franchise Agreement executed in accordance with the terms and provisions of this Agreement. 

“Franchise Agreement Guarantees” shall mean, those agreements set forth on Schedule X attached hereto.

 “Franchise Default Election Notice” shall have the meaning set forth in Section 8.1(a) hereof.

 “Franchise Default Release” shall have the meaning set forth in Section 2.5.2 hereof. 

“Franchise Owner Agreement” shall mean those certain Owner Agreements executed by Borrower for the benefit of the
applicable Franchisor in connection with a Franchise Agreement or any Replacement Franchise Agreement. 

“Franchisor” shall mean, with respect to each Individual Property, the applicable franchisor identified on
Schedule 1.2 attached hereto, or, if the context requires, a Qualified Franchisor. 
 “Free Prepayment
Amount” shall have the meaning set forth in Section 2.4.1 hereof. 
 “GAAP” shall mean
generally accepted accounting principles in the United States of America as of the date of the applicable financial report. 

“Governmental Authority” shall mean any court, board, agency, commission, office or other authority of any nature
whatsoever for any governmental unit (foreign, federal, state, county, district, municipal, city or otherwise) whether now or hereafter in existence having jurisdiction over the Properties (and any operations conducted thereat), Borrower or
Operating Lessee. 

  
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 “Grantor Trust” shall mean a grantor trust as defined in subpart E,
part I of subchapter J of the Code. 
 “Gross Income from Operations” shall mean, without
duplication, all income and proceeds (whether in cash or on credit, and computed on an accrual basis) received by Borrower, Operating Lessee or Manager on behalf of Borrower or Operating Lessee for the use, occupancy or enjoyment of the Properties,
or any part thereof, or received by Borrower, Operating Lessee or Manager on behalf of Borrower or Operating Lessee for the sale of any goods, services or other items sold on or provided from the Properties in the ordinary course of the
Properties’ operation, including without limitation: (a) all income and proceeds received from rental of rooms, Leases and commercial space, meeting, conference and/or banquet space within the Properties including parking revenue;
(b) all income and proceeds received from food and beverage operations and from catering services conducted from the Properties even though rendered outside of the Properties; (c) all income and proceeds from business interruption, rental
interruption and use and occupancy insurance with respect to the operation of the Properties (after deducting therefrom all necessary costs and expenses incurred in the adjustment or collection thereof) applicable to the period in question;
(d) all Awards for temporary use (after deducting therefrom all costs incurred in the adjustment or collection thereof and in Restoration of the Properties); (e) all income and proceeds from judgments, settlements and other resolutions of
disputes with respect to matters which would be includable in this definition of “Gross Income from Operations” if received in the ordinary course of the operation of the Properties (after deducting therefrom all necessary costs and
expenses incurred in the adjustment or collection thereof); (f) interest on credit accounts, rent concessions or credits, and other required pass-throughs and interest on Reserve Funds; (g) intentionally omitted; (h) all income from
the operation of any spa or conference center at any Individual Property; and (i) all other income from operation of the Properties (including laundry and vending income), but excluding, (1) gross receipts received by lessees,
licensees or concessionaires of the Properties; (2) consideration received at the Properties for hotel accommodations, goods and services to be provided at other hotels (which are not one of the Individual Properties), although arranged by, for
or on behalf of Borrower, Operating Lessee or Manager; (3) income and proceeds from the sale or other disposition of goods, capital assets and other items not in the ordinary course of the operation of the Properties; (4) Hotel Taxes;
(5) Awards (except to the extent provided in clause (d) above); (6) refunds of amounts not included in Operating Expenses at any time and uncollectible accounts; (7) gratuities collected by the Properties employees; (8) the
proceeds of any permitted financing; (9) other income or proceeds resulting other than from the use or occupancy of the Properties, or any part thereof, or other than from the sale of goods, services or other items sold on or provided from the
Properties in the ordinary course of business; (10) any credits or refunds made to customers, guests or patrons in the form of allowances or adjustments to previously recorded revenues; (11) payments made to Borrower and any Mezzanine
Borrowers pursuant to the Interest Rate Cap Agreement or any similar interest rate cap agreement with respect to any Mezzanine Loan; and (12) without duplication of the items referenced in (1)-(11) above, Custodial Funds. 

“Ground Lease” shall mean each of the ground leases described on Schedule III hereto. 

  
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 “Ground Leased Property” shall mean those certain Individual Properties
demised by each of the Ground Leases. 
 “Ground Lease Reserve Account” shall have the meaning set forth in
Section 7.5.1 hereof. 
 “Ground Lease Reserve Fund” shall have the meaning set forth in
Section 7.5.1 hereof. 
 “Ground Lessor” shall mean each lessor under a Ground Lease, as described on
Schedule III hereto. 
 “Ground Rent” shall have the meaning set forth in Section 7.5.1 hereof. 

“Guarantor” shall mean BSHH LLC, a Delaware limited liability company, together with its successors and permitted
assigns, and any Replacement Guarantor pursuant to the terms hereof and the Guaranty. 
 “Guarantor Bankruptcy
Event” shall mean if Guarantor or any guarantor or indemnitor under any guaranty or indemnity issued in connection with the Loan shall make an assignment for the benefit of creditors or if a receiver, liquidator or trustee shall be
appointed for Guarantor or any guarantor or indemnitor under any guarantee or indemnity issued in connection with the Loan or if Guarantor or such other guarantor or indemnitor shall be adjudicated a bankrupt or insolvent, or if any petition for
bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by or against, consented to, or acquiesced in by, Guarantor or such other guarantor or indemnitor, or if any proceeding
for the dissolution or liquidation of Guarantor or such other guarantor or indemnitor shall be instituted; provided, however, if such appointment, adjudication, petition or proceeding was involuntary and not consented to by Guarantor
or such other guarantor or indemnitor, upon the same not being discharged, stayed or dismissed within ninety (90) days. 

“Guarantor Financial Covenants” shall mean those covenants set forth in Section 5.2 of the Guaranty.

 “Guaranty” shall mean that certain Guaranty Agreement, dated as of the date hereof, executed and delivered by
Guarantor in connection with the Loan to and for the benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Hilton Managed Properties” shall mean, individually and/or collectively as the context may require, any Individual
Property managed by Hilton Manager. 
 “Hilton Manager” shall mean, individually and/or collectively as the
context may require, with respect to any Individual Property, any subsidiary of Hilton Worldwide Inc. 
 “Hotel
Taxes” shall mean all sales and occupancy taxes collected by Borrower or Operating Lessee that are required to be paid to a state or local taxing authority or similar taxing authority (including, without limitation, sales taxes, use taxes,
occupancy taxes, business license taxes and special assessments by any municipality or government). 

  
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 “Hyatt Managed Properties” shall mean, individually and/or collectively
as the context may require, any Individual Property managed by Hyatt Manager. 
 “Hyatt Manager” shall mean,
individually and/or collectively as the context may require, with respect to any Individual Property, any subsidiary of Hyatt Corporation. 

“Improvements” shall have the meaning set forth in the granting clause of the related Mortgage with respect to each
Individual Property. 
 “Indebtedness” of a Person, at a particular date, shall mean the sum (without
duplication) at such date of (a) all indebtedness or liability of such Person (including, without limitation, amounts for borrowed money and indebtedness in the form of mezzanine debt or preferred equity); (b) obligations evidenced by
bonds, debentures, notes, or other similar instruments; (c) obligations for the deferred purchase price of property or services (including trade obligations); (d) obligations under letters of credit; (e) obligations under acceptance
facilities; (f) all guaranties, endorsements (other than for collection or deposit in the ordinary course of business) and other contingent obligations to purchase, to provide funds for payment, to supply funds, to invest in any Person or
entity, or otherwise to assure a creditor against loss; and (g) obligations secured by any Liens, whether or not the obligations have been assumed (other than the Permitted Encumbrances). 

“Indemnified Liabilities” shall have the meaning set forth in Section 10.13 hereof. 

“Indemnified Person” shall mean Lender, any Affiliate of Lender and its designee, (whether or not it is the Lender)
that has filed any registration statement relating to the Securitization or has acted as the sponsor or depositor in connection with the Securitization, any Affiliate of Lender that acts as an underwriter, placement agent or initial purchaser of
Securities issued in the Securitization, any other co-underwriters, co-placement agents or co-initial purchasers of Securities issued in the Securitization, and each of their respective officers, directors, partners, employees, representatives,
agents and Affiliates and each Person or entity who Controls any such Person within the meaning of Section 15 of the Securities Act of 1933, as amended, or Section 20 of the Security Exchange Act of 1934, as amended, any Person who is or
will have been involved in the origination of the Loan on behalf of Lender, any Person who is or will have been involved in the servicing of the Loan on behalf of Lender secured hereby, any Person in whose name the encumbrance created by the
Mortgages is or will have been recorded, any Person who may hold or acquire or will have held a full or partial interest in the Loan secured hereby (including, but not limited to, investors or prospective investors in the Securities, as well as
custodians, trustees and other fiduciaries who hold or have held a full or partial interest in the Loan secured hereby for the benefit of third parties) as well as the respective directors, officers, shareholders, partners, 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, 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 Lender’s assets and business). 

  
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 “Indemnified Taxes” shall mean (a) Section 2.7 Taxes, other
than Excluded Taxes, imposed on or with respect to any payment made by any Borrower under any Loan Document and (b) to the extent not otherwise described in clause (a) above, Other Taxes. 

“Indemnifying Person” shall mean Borrower. 

“Independent Director” or “Independent Manager” shall mean an individual who has prior experience as
an independent director, independent manager or independent member with at least three years of employment experience and who is provided by CT Corporation, Corporation Service Company, National Registered Agents, Inc., Wilmington Trust Company,
Stewart Management Company, Lord Securities Corporation or, if none of those companies is then providing professional Independent Directors, another nationally recognized company reasonably approved by Lender, in each case that is not an Affiliate
of Borrower, Operating Lessee or Principal, and that provides professional Independent Directors and other corporate services in the ordinary course of its business, and which individual is duly appointed as an Independent Director or Independent
Manager and is not, and has never been, and will not while serving as Independent Director or Independent Manager be, any of the following: 

(a) a member, partner, equityholder, manager, director, officer or employee of Borrower, Principal or Operating Lessee or any of their
respective equityholders or Affiliates (other than serving as an Independent Director and/or Independent Manager of Borrower, Principal or Operating Lessee or an Affiliate of Borrower, Principal or Operating Lessee that is not in the direct chain of
ownership of Borrower, Principal or Operating Lessee (provided that Independent Directors and/or Independent Managers of a Principal shall be permitted to serve as a springing limited partner of its direct subsidiary) and that is required by a
creditor to be a single purpose bankruptcy remote entity, provided that such Independent Director or Independent Manager is employed by a company that routinely provides professional Independent Directors or Independent Managers in the
ordinary course of its business); 
 (b) a creditor, supplier or service provider (including provider of professional services) to Borrower,
Principal or Operating Lessee or any of their respective equityholders or Affiliates (other than a nationally-recognized company that routinely provides professional Independent Directors or Independent Managers and other corporate services to
Borrower, Principal or Operating Lessee or any of their respective Affiliates in the ordinary course of its business); 
 (c) a family member
of any such member, partner, equityholder, manager, director, officer, employee, creditor, supplier or service provider; or 
 (d) a Person
that controls (whether directly, indirectly or otherwise) any of (a), (b) or (c) above. 

  
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 A natural person who otherwise satisfies the foregoing definition and satisfies subparagraph
(a) by reason of being the Independent Director or Independent Manager of a “special purpose entity” affiliated with Borrower, Principal or Operating Lessee shall be qualified to serve as an Independent Director of the Borrower,
Principal or Operating Lessee, provided that the fees that such individual earns from serving as an Independent Director of Affiliates of Borrower, Principal or Operating Lessee in any given year constitute in the aggregate less than five percent
(5%) of such individual’s annual income for that year. For purposes of this paragraph, a “special purpose entity” is an entity, whose organizational documents contain restrictions on its activities and impose requirements
intended to preserve such entity’s separateness that are substantially similar to those contained in the definition of Special Purpose Entity of this Agreement. 

“Individual Borrower” shall have the meaning set forth in the introductory paragraph hereto, together with its
successors and permitted assigns. 
 “Individual Property” shall mean (i) each parcel of real property,
the Improvements thereon and all personal property owned by an Individual Borrower (or leased pursuant to a Ground Lease) and encumbered by a Mortgage, together with all rights pertaining to such property and Improvements, as set forth on
Schedule II attached hereto and as more particularly described in the granting clauses of each Mortgage and referred to therein as the “Property”, together with, the Operating Lessee’s leasehold interests in the applicable
Individual Property pursuant to the Operating Lease, and (ii) any property that is or becomes subject to the Lien of a Mortgage. 

“Individual Tuscaloosa Property” shall have the meaning set forth in Section 2.5.2 hereof. 

“Initial Maturity Date” shall mean the Payment Date occurring in December, 2016. 

“Insolvency Opinion” shall mean that certain non-consolidation opinion letter dated the date hereof delivered by
Richards, Layton & Finger, P.A. in connection with the Loan. 
 “Insurance Premiums” shall have the
meaning set forth in Section 6.1 hereof. 
 “Insurance Proceeds” shall have the meaning set forth
in Section 6.4 hereof. 
 “Interest Period” shall mean, with respect to any Component
(a) the period commencing on (and including) the Closing Date and ending on (and including) December 14, 2014 and (b) thereafter, the period commencing on (and including) the fifteenth (15th) day of each calendar month and ending
on (and including) the fourteenth (14th) day of the following calendar month. Each Interest Period set forth in clause (b) above shall be a full month and shall not be shortened by reason of any payment of the Loan prior to the expiration
of such Interest Period. 
 “Interest Rate” shall mean the rate at which the outstanding principal amount of
the Loan bears interest from time to time in accordance with Section 2.2.3 hereof. 

  
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 “Interest Rate Cap Agreement” shall mean, collectively, one or more
interest rate protection agreements (together with the confirmation and schedules relating thereto) between an Acceptable Counterparty and Borrower obtained by Borrower as and when required pursuant to Section 2.2.7 and
Section 2.8 hereof. After delivery of a Replacement Interest Rate Cap Agreement to Lender, the term “Interest Rate Cap Agreement” shall be deemed to mean such Replacement Interest Rate Cap Agreement and such Replacement
Interest Rate Cap Agreement shall be subject to all requirements applicable to the Interest Rate Cap Agreement. 

“IRS” shall mean the United States Internal Revenue Service. 

“Lease” shall mean any lease, sublease or subsublease, letting, license, concession or other agreement (whether
written or oral and whether now or hereafter in effect), pursuant to which any Person is granted a possessory interest in, or right to use or occupy all or any portion of any space in any Individual Property by or on behalf of any Individual
Borrower or Operating Lessee (other than ordinary course (i) short-term occupancy rights of hotel guests which are not the subject of a written agreement, (ii) occupancy agreements for groups of hotel guests for transitory periods of time,
(iii) agreements for catering, business and similar special events or functions at any of the Properties, (iv) any lease agreement or concession agreement between Borrower or Operating Lessee, as applicable, and Manager or its Affiliates
with respect to sale of liquor and (v) space license agreements for telecommunications equipment and antennas), and every modification, amendment or other agreement relating to such lease, sublease, subsublease, or other agreement entered into
in connection with such lease, sublease, subsublease, or other agreement and every guarantee of the performance and observance of the covenants, conditions and agreements to be performed and observed by the other party thereto; provided that in no
event shall the Operating Lease or any Ground Lease constitute a Lease and excluding any Permitted Equipment and Vehicle Leases. 

“Legal Requirements” shall mean, with respect to each Individual Property, all federal, state, county, municipal and
other governmental statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities affecting Borrower, Operating Lessee such Individual Property or any part thereof, or the construction, use,
alteration or operation thereof, or any part thereof, whether now or hereafter enacted and in force, and all permits, licenses and authorizations and regulations relating thereto, and all covenants, agreements, restrictions and encumbrances
contained in any instruments, either of record or known to Borrower and/or Operating Lessee, at any time in force affecting Borrower and/or Operating Lessee, such Individual Property or any part thereof, including, without limitation, any which may
(a) require repairs, modifications or alterations in or to such Individual Property or any part thereof, or (b) in any way limit the use and enjoyment thereof. 

“Lender” shall have the meaning set forth in the introductory paragraph hereto, together with its successors and
assigns. 
 “Lender’s Allocation” shall mean a fraction, expressed as a percentage as of the date of
determination, the numerator of which is the outstanding principal balance of the Loan and the denominator of which is the aggregate principal balance of the Loan and the Mezzanine Loans. 

  
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 “Lender Documents” shall mean any agreement among Lender, Mezzanine
Lenders and/or any participant or any fractional owner of a beneficial interest in the Loan or the Mezzanine Loans relating to the administration of the Loan, the Mezzanine Loans, the Loan Documents or the Mezzanine Loan Documents, including without
limitation any intercreditor agreements, co-lender agreements and participation agreements. 
 “Letter of
Credit” shall mean an irrevocable, unconditional, transferable, clean sight draft letter of credit in favor of Lender and entitling Lender to draw thereon based solely on a statement executed by an officer of Lender stating that it has the
right to draw thereon under this Agreement, and issued by a domestic Approved Bank or the U.S. agency or branch of a foreign Approved Bank, and upon which letter of credit Lender shall have the right to draw in full: (a) if Lender has not
received at least thirty (30) days prior to the date on which the then outstanding letter of credit is scheduled to expire, a notice from the issuing financial institution that it has renewed the applicable letter of credit; (b) thirty
(30) days prior to the date of termination following receipt of notice from the issuing financial institution that the applicable letter of credit will be terminated; and (c) thirty (30) days after Lender has given notice to Borrower
that the financial institution issuing the applicable letter of credit ceases to either be an Approved Bank or meet the rating requirement set forth above. 

“Liabilities” shall have the meaning set forth in Section 9.2(b) hereof. 

“LIBOR” shall mean, with respect to each Interest Period, the rate (expressed as a percentage per annum and rounded up
to the next nearest 1/1000 of 1%) for deposits in U.S. dollars, for a one-month period, that appears on “Thomson Reuters ICE LIBOR# Rates – LIBOR01” (or the successor thereto) as of 11:00 a.m., London time, on the related
Determination Date. If such rate does not appear on Thomson Reuters ICE LIBOR# Rates – LIBOR01 as of 11:00 a.m., London time, on such Determination Date, LIBOR shall be the arithmetic mean of the offered rates (expressed as a percentage per
annum) for deposits in U.S. dollars for a one-month period that appear on the Thomson Reuters ICE LIBOR# Rates – LIBOR01 as of 11:00 a.m., London time, on such Determination Date, if at least two such offered rates so appear. If fewer than two
such offered rates appear on the Thomson Reuters ICE LIBOR# Rates – LIBOR01 as of 11:00 a.m., London time, on such Determination Date, Lender (or Servicer, on Lender’s behalf) shall request the principal London office of any four major
reference banks in the London interbank market selected by Lender to provide such bank’s offered quotation (expressed as a percentage per annum) to prime banks in the London interbank market for deposits in U.S. dollars for a one-month period
as of 11:00 a.m., London time, on such Determination Date for the amounts of not less than U.S. $1,000,000. If at least two such offered quotations are so provided, LIBOR shall be the arithmetic mean of such quotations. If fewer than two such
quotations are so provided, Lender (or Servicer, on Lender’s behalf) shall request any three major banks in New York City selected by Lender to provide such bank’s rate (expressed as a percentage per annum) for loans in U.S. dollars to
leading European banks for a one-month period as of approximately 11:00 a.m., New York City time on the applicable Determination Date for amounts of not less than U.S. $1,000,000. If at least two such rates are so provided, LIBOR shall be the
arithmetic mean of such rates. LIBOR shall be determined conclusively (absent manifest error) by Lender or its agent. Notwithstanding the foregoing, in no event shall LIBOR be less than zero. 

“Licenses” shall have the meaning set forth in Section 4.1.22 hereof. 

  
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 “Lien” shall mean, with respect to each Individual Property, any
mortgage, deed of trust, deed to secure debt, indemnity deed of trust, lien, pledge, hypothecation, assignment, security interest, or any other encumbrance, charge, on or affecting any Individual Borrower, Operating Lessee, any Individual Property,
any portion thereof or any interest therein, including, without limitation, any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, the filing of any
financing statement, and mechanic’s, materialmen’s and other similar liens and encumbrances. 

“Loan” shall mean the loan made by Lender to Borrower pursuant to this Agreement. 

“Loan Documents” shall mean, collectively, this Agreement, the Note, the Mortgages, the Environmental Indemnity, the
Assignment of Agreements, the Assignment of Management Agreement, the Guaranty, the Cash Management Agreement, the Clearing Account Agreement, the Concentration Account Agreement, the Interest Rate Cap Agreement, the Assignment of Interest Rate Cap
Agreement, the Contribution Agreement, the Operating Lessee Pledge Agreement, the Accommodation Security Instrument and all other documents executed in connection with the Loan. 

“Loan Party” shall mean, collectively, each Borrower, Operating Lessee and Principal. 

“Loan-to-Value Ratio” shall mean, as of the date of its calculation, the ratio of (a) the outstanding principal
amount of the Loan as of the date of such calculation to (b) the fair market value of the Properties (for purposes of the REMIC provisions, counting only real property and excluding any personal property or going concern value), as determined,
in Lender’s reasonable discretion, by any commercially reasonable method permitted to a REMIC Trust. For the avoidance of doubt, the outstanding principal balance of the Mezzanine Loans will not be included in the calculation of Loan-to-Value
Ratio for purposes of the REMIC provisions. 
 “London Business Day” shall mean any day other than (a) a
Saturday, (b) a Sunday, or (c) any other day on which commercial banks in London, England are not open for business. 

“Management Agreement” shall mean, with respect to each Individual Property, the applicable management agreement more
particularly described on Schedule 1.3 attached hereto, between the applicable Operating Lessee and the applicable Manager, as the same may be amended or modified from time to time in accordance with the terms and provisions of this
Agreement, or, if the context requires, any Replacement Management Agreement executed in accordance with the terms and provisions of this Agreement. 

“Manager” shall mean, with respect to each Individual Property, the applicable manager identified on Schedule 1.3
attached hereto, or, if the context requires, a Qualified Manager who is managing the Properties or any Individual Property in accordance with the terms and provisions of this Agreement pursuant to a Replacement Management Agreement. 

  
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 “Manager Account” shall mean, with respect to the Brand Managed Properties, the
bank accounts maintained by a Brand Manager in the name of the applicable Individual Borrower or Operating Lessee, as applicable, in accordance with the terms of the applicable Management Agreement. 

“Marriott Managed Properties” shall mean, individually and/or collectively as the context may require, (a) the
Individual Property known as Marriott Redmond Town Center, Redmond, Washington, (b) the Individual Property known as Courtyard by Marriott, Myrtle Beach, South Carolina, (c) the Individual Property known as Spring Hill Suites Fort Worth
University, Fort Worth, Texas, and (d) any Individual Property managed by Marriott Manager. 
 “Marriott
Manager” shall mean, individually and/or collectively as the context may require, (a) with respect to the Individual Property known as Marriott Redmond Town Center, Redmond, Washington, Marriott International Inc., (b) with
respect to the Individual Property known as Courtyard by Marriott, Myrtle Beach, South Carolina, Courtyard Management Corporation, (c) with respect to the Individual Property known as Spring Hill Suites Fort Worth University, Fort Worth, Texas,
Springhill SMC Corporation or, in each case, their applicable successors and assigns as permitted under the Management Agreements with the Marriott Manager, and (d) with respect to any Individual Property, any subsidiary of Marriott
International Inc. 
 “Material Lease” shall mean any Lease (other than the Ground Lease, Operating Lease or
any lease agreement, concession agreement or license agreement between Borrower and Manager or its Affiliates with respect to the sale of liquor, provided, such agreement is on commercially reasonable, third party, arms’ length terms) demising
a premises within any Individual Property that is more than 5,000 rentable square feet. 
 “Maturity Date”
shall mean the Initial Maturity Date, or, following an exercise by Borrower of one (1) or more of the Extension Options described in Section 2.8 hereof, the Extended Maturity Date, or such other date on which the outstanding
principal balance of the Loan becomes due and payable as therein or herein provided, whether at such stated maturity date, by declaration of acceleration, or otherwise. 

“Maximum Legal Rate” shall mean the maximum nonusurious interest rate, if any, that at any time or from time to time
may be contracted for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or the other Loan Documents, under the laws of such state or states whose laws are held by any court of competent
jurisdiction to govern the interest rate provisions of the Loan. 
 “Mezzanine Adjusted Release Amount” shall
mean “Mezzanine Adjusted Release Amount” as defined in each Mezzanine Loan Agreement.  
 “Mezzanine
Borrowers” shall mean, collectively, each New Mezzanine Borrower. 
 “Mezzanine Debt Service” shall
mean, with respect to any particular period of time, interest payments then due under the Mezzanine Loans. 

  
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 “Mezzanine Deposit Accounts” shall mean collectively, the
“Deposit Account” as defined in each New Mezzanine Loan Agreement. 
 “Mezzanine Lenders” shall
mean, collectively, each New Mezzanine Lender, together with their respective successors and assigns. 
 “Mezzanine
Loan Agreements” shall mean, collectively, each New Mezzanine Loan Agreement. 
 “Mezzanine Loan
Default” shall mean an “Event of Default” under each New Mezzanine Loan. 
 “Mezzanine Loan
Documents” shall mean, collectively, the New Mezzanine Loan Documents. 
 “Mezzanine Loans” shall
mean, collectively, each New Mezzanine Loan. 
 “Mezzanine Mandatory Prepayment Amount” shall mean,
individually and/or collectively (as the context requires), the “Mezzanine Mandatory Prepayment Amount” as defined in each New Mezzanine Loan Agreement.  

“Mezzanine Prepayment Event” shall mean (i) a prepayment of any Mezzanine Loan pursuant to
Section 2.4.1 of the applicable Mezzanine Loan Agreement, provided any voluntary prepayment of any Mezzanine Loan shall be applied pro rata among any tranches or components of such Mezzanine Loan or (ii) a prepayment of any
Mezzanine Loan pursuant to Section 2.4.2 of the applicable Mezzanine Loan Agreement. 
 “Monthly Debt
Service Payment Amount” shall mean, on each Payment Date, the amount equal to interest which accrues on each Component of the Loan for the Interest Period in which the Payment Date occurs. 

“Moody’s” shall mean Moody’s Investors Service, Inc. 

“Morningstar” shall mean Morningstar Credit Ratings, LLC, or any of its successors in interest, assigns, and/or
changed entity name or designation resulting from any acquisition by Morningstar, Inc. or other similar entity of Morningstar Credit Ratings, LLC. 

“Mortgage” shall mean with respect to each Individual Property, that certain first priority fee or leasehold Mortgage
(or Deed of Trust or Deed to Secure Debt), Assignment of Leases and Rents and Security Agreement, or similar agreement, dated as of the Closing Date, executed and delivered by the related Individual Borrower and Operating Lessee to Lender as
security for the Loan and encumbering such Individual Property, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.  

“Mortgage Mandatory Prepayment Amount” shall have the meaning set forth in Section 2.4.2 hereof.


  
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 “Net Operating Income” shall mean, for any period, the amount obtained by
subtracting Operating Expenses for such period from Gross Income from Operations for such period. 
 “Net
Proceeds” shall have the meaning set forth in Section 6.4 hereof. 
 “Net Proceeds
Deficiency” shall have the meaning set forth in Section 6.4 hereof. 
 “Net Worth” shall
mean an entity’s equity as its total assets minus its total liabilities (in each case exclusive of such entity’s interests in and liabilities related to the Excluded Property), in each case in accordance with GAAP.  

“New Dallas Parking Lease” a parking lease to be used in connection with the Individual Property known as the Spring
Hill Suites, Dallas, Texas, reserving at least 69 parking spaces to be available for use by Operating Lessee. 
 “New
Mezzanine Borrowers” shall have the meaning set forth in Section 9.1.2 hereof. 
 “New Mezzanine
Lender” shall mean, individually and/or collectively, as the context requires, Citigroup Global Markets Realty Corp., a New York corporation, German American Capital Corporation, a Maryland Corporation, Goldman Sachs Mortgage Company, a New
York limited partnership, and JPMorgan Chase Bank, National Association, a banking association chartered under the laws of the United States of America, together with their respective successors and assigns. 

“New Mezzanine Loan Agreement” shall mean those certain loan agreements entered into by Lender and any New
Mezzanine Borrower, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“New Mezzanine Loan Documents” shall mean, collectively, those documents evidencing the New Mezzanine Loan, as
each of the same may be amended, restated, replaced, supplemented or otherwise modified from time to time in accordance with the terms and conditions of this Agreement and the intercreditor agreement. 

“New Mezzanine Loans” shall have the meaning set forth in Section 9.1.2 hereof. 

“New Mezzanine Loan Debt Service” shall mean “Debt Service” as defined in each New Mezzanine Loan
Agreement. 
 “New Note” shall have the meaning set forth in Section 9.1.3 hereof. 

“Note” shall mean, collectively, Note A-1, Note A-2, Note A-3 and Note A-4, as each of the same may be amended,
restated, replaced, supplemented or otherwise modified from time to time. 

  
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 “Note A-1” shall mean that certain Promissory Note A-1, dated the date hereof,
in the principal amount of THREE HUNDRED THIRTY TWO MILLION AND NO/100 DOLLARS ($332,000,000.00) by Borrower in favor of Citigroup Global Markets Realty Corp., a New York corporation. 

“Note A-2” shall mean that certain Promissory Note A-2, dated the date hereof, in the principal amount of ONE HUNDRED SIXTY
SIX MILLION AND NO/100 DOLLARS ($166,000,000.00) by Borrower in favor of German American Capital Corporation, a Maryland corporation. 

“Note A-3” shall mean that certain Promissory Note A-3, dated the date hereof, in the principal amount of ONE HUNDRED SIXTY
SIX MILLION AND NO/100 DOLLARS ($166,000,000.00) by Borrower in favor of Goldman Sachs Mortgage Company, a New York limited partnership. 

“Note A-4” shall mean that certain Promissory Note A-4, dated the date hereof, in the principal amount of ONE HUNDRED SIXTY
SIX MILLION AND NO/100 DOLLARS ($166,000,000.00) by Borrower in favor of JPMorgan Chase Bank, National Association. 

“Officer’s Certificate” shall mean a certificate delivered to Lender by Borrower which is signed by an authorized
officer of Borrower or the general partner, managing member or sole member of Borrower, as applicable. 
 “Operating
Expenses” shall mean, without duplication, the sum of all ordinary costs and expenses of operating, maintaining, directing, managing and supervising the Properties (excluding, (i) depreciation and amortization, (ii) any Debt
Service in connection with the Loan and the Mezzanine Loans, (iii) any Capital Expenditures in connection with the Properties, or (iv) any deposits made to the Reserve Funds, (v) leasing commissions, (vi) non-recurring items,
(vii) reserved and (viii) the costs of any other things specified to be done or provided at Borrower’s, Operating Lessee’s or Manager’s sole expense), incurred by Borrower, Operating Lessee or Manager pursuant to the
Management Agreement, or as otherwise specifically provided therein, which are properly attributable to the period under consideration under Borrower’s or Operating Lessee’s system of accounting, including without limitation: (a) the
cost of all food and beverages sold or consumed and of all necessary chinaware, glassware, linens, flatware, uniforms, utensils and other items of a similar nature, including such items bearing the name or identifying characteristics of the hotels
as Borrower, Operating Lessee and/or Manager shall reasonably consider appropriate (“Operating Equipment”) and paper supplies, cleaning materials and similar consumable items (“Operating Supplies”) placed in use
(other than reserve stocks thereof in storerooms). Operating Equipment and Operating Supplies shall be considered to have been placed in use when they are transferred from the storerooms of the Properties to the appropriate operating departments;
(b) salaries and wages of personnel of the Properties, including costs of payroll taxes and employee benefits (which benefits may include, without limitation, a pension plan, medical insurance, life insurance, travel accident insurance and an
executive bonus program), and all other expenses not otherwise specifically referred to in this definition which are referred to as “Administrative and General Expenses” in the Uniform System of Accounts, (c) the cost of all other
goods and services obtained by Borrower, Operating Lessee or Manager in connection with its operation of the Properties  

  
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including, without limitation, heat and utilities, office supplies and all services performed by third parties, including leasing expenses in connection with telephone and data processing
equipment, and all existing and any future installations necessary for the operation of the Improvements for hotel purposes (including, without limitation, heating, lighting, sanitary equipment, air conditioning, laundry, refrigerating, built-in
kitchen equipment, telephone equipment, communications systems, computer equipment and elevators), Operating Equipment and existing and any future furniture, furnishings, wall coverings, fixtures and hotel equipment necessary for the operation of
the building for hotel purposes which shall include all equipment required for the operation of kitchens, bars, laundries, (if any) and dry cleaning facilities (if any), office equipment, cleaning and engineering equipment and vehicles; (d) the
cost of repairs to and maintenance of the Properties (other than of a capital nature); (e) insurance premiums for general liability insurance, workers’ compensation insurance or insurance required by similar employee benefits acts and such
business interruption or other insurance as may be provided for protection against claims, liabilities and losses arising from the operation of the Properties (as distinguished from any property damage insurance on the Properties building or its
contents) and losses incurred on any self-insured risks of the foregoing types, provided that Borrower and/or Operating Lessee has specifically approved in advance such self-insurance or insurance is unavailable to cover such risks (premiums
on policies for more than one year will be pro-rated over the period of insurance and premiums under blanket policies will be allocated among properties covered); (f) all Taxes and Other Charges (other than federal, state or local income taxes
and franchise taxes or the equivalent) payable by or assessed against Borrower and/or Operating Lessee with respect to the operation of the Properties; (g) legal fees and fees of any firm of independent certified public accounts designated from
time to time by Borrower and/or Operating Lessee (the “Independent CPA”) for services directly related to the operation of the Properties, reasonably acceptable to Lender; (h) the costs and expenses of technical consultants and
specialized operational experts for specialized services in connection with non-recurring work on operational, legal, functional, decorating, design or construction problems and activities, including the reasonable fees of Guarantor or any
subsidiary of Guarantor in connection therewith, provided that such employment of Guarantor or any such subsidiary of Guarantor is reasonably approved in advance by Lender; provided, further, however, that if such costs
and expenses have not been included in an approved budget, then if such costs exceed $5,000 in any one instance the same shall be subject to the reasonable approval by Lender; (i) all expenses for advertising for the Properties and all expenses
of sales promotion and public relations activities; (j) all out-of-pocket expenses and disbursements determined by the Independent CPA to have been reasonably, properly and specifically incurred by Borrower, Operating Lessee, Manager, Guarantor
or any of their Affiliates pursuant to, in the course of and directly related to, the management and operation of the Properties under the Management Agreement (without limiting the generality of the foregoing, such charges may include all
reasonable travel, telephone, telegram, radiogram, cablegram, air express and other incidental expenses, but, shall exclude costs relating to the offices maintained by Borrower, Operating Lessee, Manager, Guarantor or any of their Affiliates other
than the offices maintained at the Individual Property for the management of such Individual Property and excluding transportation costs of Borrower, Operating Lessee or Manager related to meetings between Borrower, Operating Lessee and Manager with
respect to administration of the Management Agreement or of the Properties involving travel away from such party’s principal executive offices); (k) the cost of any reservations system, any accounting services or other group benefits,
programs or services from  

  
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time to time made available to properties in the Borrower’s or Operating Lessee’s system, including, without limitation, any provided by any Manager or Franchisor; (l) the cost
associated with any retail Leases; (m) any management fees, basic and incentive fees or other fees and reimbursables paid or payable to Manager under the Management Agreement; (n) any franchise fees or other fees and reimbursables paid or
payable to Franchisor under the Franchise Agreement; (o) Ground Rent payable under the Ground Lease; and (p) all costs and expenses of owning, maintaining, conducting and supervising the operation of the Property to the extent such costs
and expenses are not included above. 
 “Operating Lease” shall mean, individually and/or collectively, as the
context may require, (i) that certain Lease Agreement, dated as of May 14, 2013, by and between BRE Select Hotels Properties LLC, BRE Select Hotels Tuscaloosa LLC, BRE Select Hotels Redmond LLC, BRE Select Hotels AZ LLC, BRE Select Hotels
TX L.P., and BRE Select Hotels NC L.P., collectively, as landlord, and Operating Lessee, as tenant and (ii) that certain Lease Agreement, dated as of May 14, 2013, by and between BRE Select Hotels Clearwater LLC, as landlord, and Operating
Lessee, as tenant, as each of the same may be amended, assigned, restated, replaced, supplemented or modified from time to time in accordance with the terms and conditions of hereof and the other Loan Documents. 

“Operating Lessee” shall mean BRE Select Hotels Operating LLC, a Delaware limited liability company, together with its
successors and permitted assigns. 
 “Operating Lessee Pledge Agreement” shall mean that certain Pledge and
Security Agreement, dated as of the Closing Date, from Borrower to Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Organizational Documents” means as to any Person, the certificate of incorporation and by-laws with respect to a
corporation; the certificate of organization and operating agreement with respect to a limited liability company; the certificate of limited partnership and partnership agreement with respect to a limited partnership, or any other organizational or
governing documents of such Person. 
 “Originating Lenders” shall mean Citigroup Global Markets Realty
Corp., German American Capital Corporation, Goldman Sachs Mortgage Company and JPMorgan Chase Bank, National Association, together with their respective Affiliates, until such time as the initial Securitization has been completed. 

“Other Charges” shall mean all ground rents (other than Ground Rent), maintenance charges, impositions other than
Taxes, and any other charges, including, without limitation, vault charges and license fees for the use of vaults, chutes and similar areas adjoining any Individual Property, now or hereafter levied or assessed or imposed against such Individual
Property or any part thereof. 
 “Other Connection Taxes” shall mean, with respect to any Lender or Agent,
Section 2.7 Taxes imposed as a result of a present or former connection between such Lender or Agent and the jurisdiction imposing such Section 2.7 Tax (other than connections arising from such Lender or Agent having executed, delivered,
become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or
Loan Document). 

  
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 “Other Obligations” shall have the meaning as set forth in the
Mortgages. 
 “Other Mortgage Loan” shall mean that certain mortgage loan made by Citigroup Global Markets
Realty Corp., German American Capital Corporation, Goldman Sachs Mortgage Company and JPMorgan Chase Bank, National Association (collectively, “Other Mortgage Loan Lenders”) to the entities set forth on Schedule XI attached
hereto (collectively, “Other Mortgage Loan Borrowers”), pursuant to, among other things, that certain Loan Agreement, dated as of the date hereof, by Other Mortgage Loan Lenders and Other Mortgage Loan Borrowers (as the same may be
amended, restated or otherwise modified from time to time). 
 “Other Taxes” shall mean any present or future
stamp, court, documentary, intangible, recording, filing or similar excise, or property Section 2.7 Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, or from the
registration, receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except (i) any such Section 2.7 Taxes that are Other Connection Taxes imposed with respect to an assignment and
(ii) any “prohibited transaction” excise tax arising from any Lender’s use of “plan assets” of any “benefit plan investor” within the meaning of the Plan Asset Regulations. 

“Parking Lease” shall mean, individually and/or collectively, as the context may require, (a) the Dallas Parking
Lease, (b) the Portland Parking Lease and (c) any New Dallas Parking Lease. 
 “Participant
Register” shall have the meaning set forth in Section 9.7 hereof. 
 “Payment Date”
shall mean, with respect to any Component, the ninth (9th) day of each calendar month during the term of the Loan, or if such date is not a Business Day, the immediately preceding Business Day and the first Payment Date for purposes of this
Agreement shall be January 9, 2015. 
 “Permitted Assumption” shall have the meaning given thereto in
Section 5.2.10(e). 
 “Permitted Encumbrances” shall mean, with respect to an Individual
Property, collectively, (a) the Liens and security interests created by the Loan Documents, (b) all Liens, encumbrances and other matters disclosed in the Title Insurance Policies relating to such Individual Property or any part thereof
(including liens disclosed in the title commitments for which Lender has either received affirmative coverage or for which the title insurance company has received adequate protections to remove such items as exceptions from the Title Insurance
Policy and such items were so removed), (c) Liens, if any, for Section 2.7 Taxes, Taxes and Other Charges imposed by any Governmental Authority not yet due or delinquent or which are contested in good faith by appropriate
proceedings and for which Borrower has set aside adequate reserves on its books, (d) such other title and survey exceptions as Lender has approved  

  
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or may approve in writing in Lender’s sole discretion, (e) all easements, rights-of-way, restrictions and other similar non-monetary encumbrances recorded against and affecting such
Individual Property and that do not materially and adversely affect (i) the ability of Borrower to pay any of its obligations to any Person as and when due (ii) the marketability of title to such Individual Property, (iii) the fair
market value of such Individual Property, or (iv) the use or operation of such Individual Property, (f) rights of Tenants as Tenants only, (g) mechanics’, materialmen’s or similar Liens, in each case only if such liens are
discharged or bonded over within sixty (60) days of their filing and do not materially and adversely affect the value or use of such Individual Property or Borrower’s ability to repay the Loan, (h) Liens relating to Permitted
Equipment and Vehicle Leases and customary purchase money security interests of sellers of goods that satisfy the conditions set forth in the definition of “Permitted Indebtedness”, and (i) the easement agreement relating to that
certain Individual Property located in Fredericksburg, Virginia in substantially the form attached hereto as Exhibit F. 

“Permitted Equipment and Vehicle Leases” means equipment or personal property financing or vehicle financing that is
(a) entered into on arms-length terms and conditions in the ordinary course of Borrower’s or Operating Lessee’s business, (b) relate to Personal Property or vehicles which will be (i) used in connection with the operation
and maintenance of the Property in the ordinary course of Borrower’s or Operating Lessee’s business and (ii) readily replaceable without material interference or interruption to the operation of the applicable Individual Property and
(c) which is secured only by the financed equipment or Personal Property or vehicle. 
 “Permitted Equipment
Transfer” shall mean the Transfer of FF&E and/or Personal Property that is either being replaced or that is no longer necessary in connection with the operation of an Individual Property, provided (x) no Event of Default is
continuing and (y) such Transfer will not materially and adversely affect the value, use or operation of such Individual Property. 

“Permitted Indebtedness” shall mean, collectively (a) the Note and the Other Obligations, indebtedness and
liabilities specifically provided for in any Loan Document and secured by the Mortgages and the other Loan Documents, (b) key money provided to Borrower or Operating Lessee by a Franchisor or Manager as provided for in the applicable Franchise
Agreement or Management Agreement, (c) Permitted Equipment and Vehicle Leases, (d) trade payables incurred in the ordinary course of Borrower’s or Operating Lessee’s business, not secured by Liens on any one or more Individual
Properties (other than Liens being properly contested in accordance with the provisions of this Agreement) and customary purchase money security interests of sellers of goods, provided that such trade payables and other amounts in clauses
(b) through (d) of this definition (excluding Capital Expenditures and Basic Carrying Costs) (i) do not exceed at any one time in the aggregate four percent (4.00%) of the original principal amount of the Loan and the Mezzanine
Loans, (ii) are normal and reasonable under the circumstances, (iii) are payable by or on behalf of Borrower or Operating Lessee for or in respect of the operation of such Individual Property in the ordinary course of the operation of
Borrower’s or Operating Lessee’s business or the routine administration of such Borrower’s or Operating Lessee’s business, (iv) are paid within sixty (60) days following the later of (A) the date on which such
amount is incurred or (B) the date invoiced, and (v) are not evidenced by a note, (e) obligations pursuant to the Ground Leases and the Operating Leases and (f) customary  


  
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and ordinary course indemnification of Manager and any liquor license holders in connection with the operation of the Properties. Nothing contained herein shall be deemed to require Borrower or
Operating Lessee to pay any trade payable, so long as Borrower or Operating Lessee is in good faith at its own expense, and by proper legal proceedings, diligently contesting the validity, amount or application thereof, provided that in each
case, at the time of the commencement of any such action or proceeding, and during the pendency of such action or proceeding (w) no Event of Default shall exist and be continuing hereunder, (x) no Individual Property nor any part thereof
or interest therein will be in material danger of being sold or forfeited, (y) in the event the amounts of Permitted Indebtedness then being contested by Borrower or Operating Lessee exceed $250,000 in the aggregate, Borrower or Operating
Lessee shall furnish such security as may be required in the proceeding, or as may be reasonably requested by Lender, to insure the payment any amounts contested, together with all interest and penalties thereon, and (z) such contest operates
to suspend collection or enforcement, as the case may be, of the contested amount. 
 “Permitted Investments” shall
mean any one or more of the following obligations or securities acquired at a purchase price of not greater than par, including those issued by Servicer, or any trustee under any Securitization or any of their respective Affiliates, payable on
demand or having a maturity date not later than the Business Day immediately prior to the first Payment Date following the date of acquiring such investment and meeting one of the appropriate standards set forth below: 

(a) obligations of, or obligations directly and unconditionally guaranteed as to principal and interest by, the U.S. government or any agency
or instrumentality thereof, when such obligations are backed by the full faith and credit of the United States of America and have maturities not in excess of one year, provided that with respect to any such obligation guaranteed by any agency or
instrumentality of the U.S. government, such agency or instrumentality must be either (i) rated by S&P and have a rating equal to at least the minimum eligible rating by S&P or (ii) are specifically approved by S&P as having
the creditworthiness of the senior obligations equal to that of the U.S. government; 
 (b) federal funds, unsecured certificates of deposit,
time deposits, banker’s acceptances, and repurchase agreements having maturities of not more than 90 days of any commercial bank organized under the laws of the United States of America or any state thereof or the District of Columbia, the
short-term debt obligations of which are rated (a) “A-1+” (or the equivalent) by S&P and, if it has a term in excess of three months, the long-term debt obligations of which are rated “AAA” (or the equivalent) by
S&P, and that (1) is at least “adequately capitalized” (as defined in the regulations of its primary Federal banking regulator) and (2) has Tier 1 capital (as defined in such regulations) of not less than $1,000,000,000,
(b) in one of the following Moody’s rating categories: (1) for maturities less than one month, a long-term rating of “A2” or a short-term rating of “P-1”, (2) for maturities between one and three months, a
long-term rating of “A1” and a short-term rating of “P-1”, (3) for maturities between three months to six months, a long-term rating of “Aa3” and a short-term rating of “P-1” and (4) for maturities
over six months, a long-term rating of “Aaa” and a short-term rating of “P-1”, or such other ratings as confirmed in a Rating Agency Confirmation and (c) in one of the following Fitch rating categories: (1) for
maturities less than three months, a long term rating of “A” and a short term rating of “F-1” and (2) for maturities greater than three months, a long-term rating of “AA-” and a short term rating of
“F-1+”; 

  
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 (c) deposits that are fully insured by the Federal Deposit Insurance Corp.; 

(d) commercial paper rated (a) “A–1+” (or the equivalent) by S&P and having a maturity of not more than 90 days,
(b) in one of the following Moody’s rating categories: (i) for maturities less than one month, a long-term rating of “A2” or a short-term rating of “P-1”, (ii) for maturities between one and three months, a
long-term rating of “A1” and a short-term rating of “P-1”, (iii) for maturities between three months to six months, a long-term rating of “Aa3” and a short-term rating of “P-1” and (iv) for
maturities over six months, a long-term rating of “Aaa” and a short-term rating of “P-1” and (c) in one of the following Fitch rating categories: (1) for maturities less than three months, a long term rating of
“A” and a short term rating of “F-1” and (2) for maturities greater than three months, a long-term rating of “AA-” and a short term rating of “F-1+”; 

(e) any money market funds that (a) has substantially all of its assets invested continuously in the types of investments referred to in
clause (i) above, (b) has net assets of not less than $5,000,000,000, and (c) has an S&P rating of “AAAm” or better and the highest rating obtainable from Moody’s; and 

(f) such other investments as to which each Approved Rating Agency shall have delivered a Rating Agency Confirmation. 

Notwithstanding the foregoing, “Permitted Investments” (i) shall exclude any security with a qualified rating symbol (or any other Approved
Rating Agency’s corresponding symbol) attached to the rating, as well as any mortgage-backed securities and any security of the type commonly known as “strips”; (ii) shall be limited to those instruments that have a predetermined
fixed dollar of principal due at maturity that cannot vary or change; (iii) shall only include instruments that qualify as “cash flow investments” (within the meaning of Section 860G(a)(6) of the Code); and (iv) shall
exclude any investment where the right to receive principal and interest derived from the underlying investment provides a yield to maturity in excess of 120% of the yield to maturity at par of such underlying investment. Interest may either be
fixed or variable, and any variable interest must be tied to a single interest rate index plus a single fixed spread (if any), and move proportionately with that index. No investment shall be made which requires a payment above par for an obligation
if the obligation may be prepaid at the option of the issuer thereof prior to its maturity. All investments shall mature or be redeemable upon the option of the holder thereof on or prior to the earlier of (x) three months from the date of
their purchase and (y) the Business Day preceding the day before the date such amounts are required to be applied hereunder. 

“Permitted Transfer” shall mean any of the following: (a) any transfer, directly as a result of the death of a
natural person, of stock, membership interests, partnership interests or other ownership interests previously held by the decedent in question to the Person or Persons lawfully entitled thereto, (b) any transfer, directly as a result of the
legal incapacity of a natural person, of stock, membership interests, partnership interests or other ownership interests previously held by such natural person to the Person or Persons lawfully entitled thereto, (c) any 


  
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Transfer permitted without the consent of Lender pursuant to the provisions of Section 5.2.10(d) hereof, (d) any Lease of space in any of the Improvements to Tenants in
accordance with the provisions of Section 5.1.21, (e) Permitted Encumbrances, (f) Permitted Equipment Transfers, (g) the release of any Property or portion thereof (or an Unencumbered Borrower) in connection with a release
in accordance with Section 2.4.2, Section 2.5 or Section 6.4 hereof (h) any Sale or Pledge of an Excluded Entity, (i) any Transfer of any interest in an Affiliated Manager, if such Transfer does not otherwise
result in a Transfer of an interest in Borrower or Operating Lessee that is not permitted hereunder, (j) any Sale or Pledge of the direct interests in Guarantor so long as after giving effect to such Sale or Pledge, BREP or a Public Vehicle or
Qualified Transferee continues to control and own at least 50.1% of the indirect interests in Borrower or Guarantor and (k) any direct or indirect pledge (or any Transfer occurring upon the foreclosure of, or other remedial action with respect
to, the same or delivery of an assignment in lieu of foreclosure in respect of the same) by Mezzanine Borrowers of the direct ownership interests in Borrower, Operating Lessee, Principal and/or Mezzanine Borrowers and other collateral pursuant to
the Mezzanine Loan Agreements. 
 “Person” shall mean any individual, corporation, partnership, joint venture,
limited liability company, estate, trust, unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing.

 “Personal Property” shall have the meaning set forth in the granting clause of the Mortgage with respect to
each Individual Property. 
 “PIP Work” shall have the meaning set forth in Section 5.1.24. 

“Plan Asset Regulations” shall have the meaning set forth in Section 4.1.9 hereof. 

“Pledge Agreement” shall mean the “Pledge Agreement as defined in each New Mezzanine Loan Agreement. 

“Policies” shall have the meaning set forth in Section 6.1(b) hereof. 

“Policy” shall have the meaning set forth in Section 6.1(b) hereof. 

“Portland Parking Lease” shall mean that certain Lease, dated September 13, 2002, between the State of Oregon, by
and through its Department of Transportation and Portland Riverplace LLC, as amended by that certain Letter, dated August 27, 2007, from the State of Oregon, by and through its Department of Transportation to Portland Riverplace LLC, as
assigned pursuant to that certain Assignment of Lease and Consent to Assignment dated as of May 2, 2013, by and among Portland Riverplace LLC, as assignor, BRE Select Hotels Properties LLC, as assignee, and the State of Oregon, by and through
its Department of Transportation. 
 “Preferred Shares” shall mean the 7% Series A Cumulative Redeemable
Preferred Shares of BRE Select Hotels Corp, a Delaware corporation. 
 “Prepayment Notice” shall have the
meaning specified in Section 2.4.1(a). 

  
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 “Previously-Owned Property” shall mean those properties set forth on
Schedule IX hereto. 
 “Prime Rate” shall mean the annual rate of interest publicly announced by JPMorgan
Chase Bank, National Association, in New York, New York, as its base rate, as such rate shall change from time to time. If JPMorgan Chase Bank, National Association, ceases to announce a base rate, Prime Rate shall mean the rate of interest
published in The Wall Street Journal from time to time as the “Prime Rate.” If The Wall Street Journal ceases to publish the “Prime Rate,” the Lender shall select an equivalent publication that publishes such
“Prime Rate,” and if such “Prime Rates” are no longer generally published or are limited, regulated or administered by a governmental or quasi-governmental body, then Lender shall select a comparable interest rate index.
Notwithstanding the foregoing, in no event shall the Prime Rate be less than zero. 
 “Prime Rate Loan” shall mean
the Loan at such time as interest thereon accrues at a rate of interest based upon the Prime Rate plus the Prime Rate Spread. 

“Prime Rate Spread” shall mean, with respect to any Component, the difference (expressed as the number of basis
points) between (a) LIBOR plus the Spread for such Component on the date LIBOR was last applicable to the Loan and (b) the Prime Rate on the date that LIBOR was last applicable to the Loan; provided, however, in no event
shall such difference be a negative number. 
 “Principal” shall mean the Special Purpose Entity that is the
general partner of an Individual Borrower, if such Individual Borrower is a limited partnership, or managing member of an Individual Borrower, if such Individual Borrower is a limited liability company other than a single-member Delaware limited
liability company. 
 “Priority Payment Cessation Event” shall mean (a) the initiation of
(x) judicial or non-judicial foreclosure proceedings, (y) proceedings for appointment of a receiver or (z) similar remedies permitted by this Agreement or the other Loan Documents relating to all or a material portion of the
applicable Individual Property, and/or (b) the imposition of a stay, an injunction or a similar judicially imposed device that has the effect of preventing Lender from exercising its remedies under this Agreement or the other Loan Documents.

 “Priority Waterfall Payments” shall mean the payments described in Section 3.4(a) through (d) of
the Cash Management Agreement of Taxes, Other Charges, Insurance Premiums, Ground Rent, Hotel Taxes and Custodial Funds; provided, that such amounts have not previously been paid or reserved for by any Brand Manager with respect to the Brand
Managed Properties in accordance with the applicable Management Agreement. 
 “Project Improvement Plan”
shall mean, collectively, shall mean, any “property improvement plan” or similar plan for alterations, repairs and maintenance of the Property with which Borrower or Operating Lessee is required to comply under the any Management Agreement
or Franchise Agreement. 
 “Property” or “Properties” shall mean, collectively, each and
every Individual Property which is subject to the terms of this Agreement. 

  
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 “Property Document” shall mean, individually or collectively (as the
context may require), the following: (i) the REAs and (ii) the Parking Lease. 
 “Property Document
Event” shall mean any event which directly or indirectly, causes (i) a default by Borrower or Operating Lessee under a Property Document, (ii) a termination right in favor of any other Person (other than terminations permitted
pursuant to the terms of the applicable Property Document absent a default by Borrower or Operating Lessee) or (iii) any termination fees to be due by Borrower or Operating Lessee, under any Property Document, which in the case of each of (i),
(ii) and (iii), to the extent such right or fee would cause a material adverse effect on the condition (financial or otherwise) or business of Borrower, Principal and Operating Lessee, taken as a whole, or the condition or ownership of any
Individual Property (and in each case, beyond any applicable notice and cure periods under the applicable Property Document), which such event continues to exist for ten (10) days after notice to Borrower, Operating Lessee and the other Loan
Parties from Lender, in the case of any event which can be cured by the payment of a sum of money, or for thirty (30) days after notice from Lender in the case of any other such event; provided, however, that (w) any of the foregoing shall
not be deemed a Property Document Event (1) to the extent Lender’s prior written consent is obtained (such consent not to be unreasonably conditioned, withheld or delayed) with respect to the same or (2) if such Property Document is
replaced by Borrower or Operating Lessee pursuant to a replacement Property Document in form and substance reasonably acceptable to Lender within such ten (10) day period with respect to an event which can be cured by the payment of a sum of
money or within such thirty (30) day period with respect to any other such event, (x) any termination of the Dallas Parking Lease shall not constitute a Property Document Event unless Borrower or Operating Lessee does not enter into a New
Dallas Parking Lease within sixty (60) days of such termination and (y) any termination of the Portland Parking Lease shall not constitute a Property Document Event. 

“Protective Advances” means all sums advanced for the purpose of payment of Taxes (including special assessments or
payments in lieu of real estate taxes), Other Charges, Common Charges, maintenance costs, Insurance Premiums, Ground Rent, or other items (including capital expenses and leasing costs) reasonably necessary to protect the Lien of any Mortgage on any
of the Properties or any portion thereof including, but not limited to, all reasonable attorneys’ fees, costs relating to the entry upon the Properties or any portion thereof or any real property relating to the Properties, to make repairs or
to pay, purchase, contest or compromise any Lien which is or may reasonably be expected to be prior or superior to the Loan Documents, from forfeiture, casualty, loss or waste, the payment of any amounts to prevent the breach of any management,
franchise or other agreement relating to the Properties which may reasonably be expected to result in a termination of such agreement, or to protect, preserve or defend the Lien of the Loan Documents. 

“Provided Information” shall mean any and all financial and other information provided to Lender at any time prepared
by, or on behalf of, Borrower, Operating Lessee, Principal, any Affiliated Manager (which, for the purposes of this definition, shall not include Hilton Manager or any subsidiary of Hilton Worldwide Inc.), Mezzanine Borrowers, BREP and/or
Guarantor. 

  
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 “Public Sale” shall mean (a) the Sale or Pledge in one or a series
of transactions of all or any portion of the direct or indirect legal or beneficial interests in Borrower and Mezzanine Borrowers to a Public Vehicle or (b) an event through which any direct or indirect owner of a legal or beneficial interest
in Borrower and/or Mezzanine Borrowers becomes, or is merged with or into, a Public Vehicle. 
 “Public
Vehicle” shall mean a Person whose securities are listed and traded on the New York Stock Exchange, AMEX, NASDAQ, the Frankfurt Stock Exchange, the London Stock Exchange, Euronext or the Luxembourg Stock Exchange and shall include a
majority owned subsidiary of any such Person or any operating partnership through which such Person conducts all or substantially all of its business. 

“Qualified Franchisor” shall mean either (a) Franchisor; (b) any hotel franchisor that is in the family of brands
of any of the entities listed on Schedule 1.5 hereto; provided that, either (I) with respect to any Individual Property, such franchisor is in the same or better category of hotels as the applicable franchisor as on the Closing Date,
based on the annual chain scale published by Smith Travel Reports, (II) with respect to any Individual Property, such franchisor may be in one (1) category lower than the applicable franchisor as of the Closing Date, based on the annual chain
scale published by Smith Travel Reports (“Downgrade Franchisor”), so long as (x) such Downgrade Franchisor is within the family of brands of any of the entities listed on Schedule 1.5 hereto and (y) the Properties
that are subject to a franchise agreement with a Downgrade Franchisor, in the aggregate, would not, at such time of the execution of the franchise agreement with the applicable Downgrade Franchisor, constitute more than twenty percent (20%) of
the Individual Properties (in the aggregate) based on the Amortized Release Amounts, or (c) a reputable and experienced franchisor (which may be an Affiliate of Borrower) possessing experience in flagging hotel properties similar in size,
scope, use and value as the Properties that is reasonably acceptable to Lender, provided, that (i) with respect to (c) above, if required by Lender following a Securitization, Borrower shall have obtained a Rating Agency
Confirmation with respect to the licensing of the Properties by such Person and (ii) in the case of subclauses (b) or (c) above, if such Person is an Affiliate of Borrower (which for purposes of this definition shall not include
Hilton Manager or any subsidiary of Hilton Worldwide Inc.), if required by Lender, Borrower shall have obtained an Additional Insolvency Opinion. 

“Qualified Manager” shall mean either (a) Manager; (b) any of the entities set forth on
Schedule 1.4 hereto with respect to each applicable Individual Property; (c) any management company Controlled by or under common Control with any management company set forth on Schedule 1.4 hereto with respect to each
applicable Individual Property; or (d) a reputable and experienced management organization (which may be an Affiliate of Borrower) possessing experience in managing properties similar in size, scope, use and value as the Properties that is
reasonably acceptable to Lender, provided, that (i) that, in the case of subclause (d) above if required by Lender following a Securitization, Borrower shall have obtained a Rating Agency Confirmation from the Approved Rating
Agencies with respect to such Manager and its management of the Properties and (ii) in the case of subclauses (b), (c) and (d) above, if such Person is an Affiliate of Borrower (which for purposes of this definition shall not
include any Hilton Manager or subsidiary of Hilton Worldwide Inc., if required by Lender, Borrower shall have obtained an Additional Insolvency Opinion.  

  
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 “Qualified Transferee” shall mean a Person (a) with a Net Worth equal to or
in excess of $200,000,000 and (b) that is not subject to a Bankruptcy Action or a material governmental or regulatory investigation which resulted in a final, non-appealable conviction for criminal activity involving moral turpitude or a civil
proceeding in which such Person has been found liable in a final non-appealable judgment to have attempted to hinder, delay or defraud creditors, in each case for the past seven (7) years. 

“Ratable Share” shall mean, with respect to any Co-Lender, its share of the Loan based on the proportion of the
outstanding principal of the Loan advanced by such Co-Lender to the total outstanding principal amount of the Loan. The Ratable Share of each Co-Lender on the date of this Agreement after giving effect to the funding of the Loan on the Closing Date
is set forth on Exhibit B attached hereto and made a part hereof. 
 “Rating Agencies” shall mean each
of S&P, Moody’s, Fitch and Morningstar or any other nationally recognized statistical rating agency, which has assigned a rating to the Securities. 

“Rating Agency Confirmation” shall mean, collectively, a written affirmation from each of the Approved Rating Agencies
that the credit rating of the Securities given by such Approved Rating Agency of such Securities immediately prior to the occurrence of the event with respect to which such Rating Agency Confirmation is sought will not be qualified, downgraded or
withdrawn as a result of the occurrence of such event, which affirmation may be granted or withheld in such Approved Rating Agency’s sole and absolute discretion. In the event that, prior to a Securitization and at any other given time, no
Approved Rating Agency has elected to consider whether to grant or withhold such an affirmation and Lender does not otherwise have an approval right with respect to such event, then (except with respect to Section 5.2.10(e)(vi),
Section 5.2.10(d)(ii) and Section 10.30 hereof) the term Rating Agency Confirmation shall be deemed instead to require the written reasonable approval of Lender. 

“REA” shall mean, collectively, those certain reciprocal easement agreements set forth on Schedule VII attached
hereto. 
 “Register” shall have the meaning set forth in Section 9.7 hereof. 

“Related Entities” shall have the meaning set forth in Section 5.2.10(e)(v) hereof. 

“Related Parties” shall have the meaning set forth in the definition of Special Purpose Entity. 

“Related Party” shall have the meaning set forth in the definition of Special Purpose Entity. 

“Release Amount” shall mean, for any Individual Property, the amount set forth on Schedule 1.1, as the
same may be reduced pursuant to (a) Section 2.4.2 and (b) Section 6.4 hereof. 

“Release Debt Yield” shall have the meaning set forth in Section 2.5.2 hereof. 

  
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 “Release Price Premium” shall mean for each Individual Property, an
amount equal to (a) five percent (5%) of the Amortized Release Amount for such Individual Property until twenty-five percent (25%) of the original principal balance of the Loan shall have been prepaid in accordance with
Section 2.5.2 hereof and (b) thereafter, ten percent (10%) of the Amortized Release Amount for such Individual Property. For the avoidance of doubt, with respect to the release of any Individual Property, Borrower acknowledges
that if a portion of the Adjusted Release Amount (when aggregated with all other Adjusted Release Amounts previously paid) does not exceed twenty-five percent (25%) of the original principal balance of the Loan, but the remaining portion of
such Adjusted Release Amount (when aggregated with all other amounts previously paid in connection with a release) is in excess of twenty-five percent (25%) of the original principal balance of the Loan, the Release Price Premium for such
Individual Property being released shall be a blended percentage determined as follows: (i) for the portion of the Adjusted Release Amount that does not exceed twenty-five percent (25%) of the original principal balance of the Loan (when
aggregated with all other amounts previously paid in connection with a release), five percent (5%) of the Amortized Release Amount, and (ii) for the portion of the Adjusted Release Amount in excess of twenty-five percent (25%) of the
original principal balance of the Loan (when aggregated with all other Adjusted Release Amounts previously paid), ten percent (10%) of the Amortized Release Amount. 

“REMIC Trust” shall mean a “real estate mortgage investment conduit” within the meaning of Section 860D
of the Code that holds the Note or a portion thereof. 
 “Rents” shall mean, with respect to each Individual
Property, all rents, rent equivalents, moneys payable as damages or in lieu of rent or rent equivalents, royalties (including, without limitation, all oil and gas or other mineral royalties and bonuses), income, receivables, receipts, revenues,
deposits (including, without limitation, security, utility and other deposits), accounts, cash, issues, profits, charges for services rendered, all other amounts payable as rent under any Lease or other agreement relating to such Individual Property
and other consideration of whatever form or nature received by or paid to or for the account of or benefit of Borrower, Operating Lessee or any of their respective agents or employees from any and all sources arising from or attributable to the
Individual Property, and proceeds, if any, from business interruption or other loss of income insurance, including, without limitation, all hotel receipts, revenues and credit card receipts collected from guest rooms, restaurants, bars, meeting
rooms, banquet rooms and recreational facilities, all receivables, customer obligations, installment payment obligations and other obligations now existing or hereafter arising or created out of the sale, lease, sublease, license, concession or
other grant of the right of the use and occupancy of property or rendering of services by Borrower, Operating Lessee or any operator or manager of the hotel or the commercial space located in the Improvements or acquired from others (including,
without limitation, from the rental of any office space, retail space, guest rooms or other space, halls, stores, and offices, and deposits securing reservations of such space), license, lease, sublease and concession fees and rentals, health club
membership fees, food and beverage wholesale and retail sales, service charges, vending machine sales and proceeds, if any, from business interruption or other loss of income insurance. 

  
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 “Replacement Franchise Agreement” shall mean (i) either (a) a
franchise, trademark and license agreement with a Qualified Franchisor substantially in the same form and substance as any Franchise Agreement, (b) a franchise, trademark and license agreement with a Qualified Franchisor, which franchise,
license and trademark agreement shall have been entered into by Borrower or Operating Lessee and such Qualified Franchisor on an arms’-length basis and otherwise on commercially reasonable terms, with economic terms and franchise fees
comparable to existing local market rates or (c) a franchise, trademark and license agreement with a Qualified Franchisor, which franchise, trademark and license agreement shall be reasonably acceptable to Lender in form and substance,
provided, with respect to this subclause (c), following a Securitization, Lender at its option, may require that Borrower shall have obtained a Rating Confirmation with respect to such franchise, trademark and license agreement; and
(ii) a replacement comfort letter or new comfort letter substantially in the form of the applicable comfort letter delivered to Lender on the Closing Date (or such other form and substance reasonably acceptable to Lender), executed and
delivered to Lender by Borrower and such Qualified Franchisor at Borrower’s expense. 
 “Replacement Guarantor”
shall mean a Person: 
 (a) with Net Worth equal to or in excess of $200,000,000; 

(b) that is not the subject of a Bankruptcy Action or of a material governmental or regulatory investigation which resulted in a final,
nonappealable conviction for criminal activity involving moral turpitude, or a civil proceeding in which such Person has been found liable in a final nonappealable judgment to have attempted to hinder, delay or defraud their creditors in each case
in the past seven (7) years; and 
 (c) Controls Borrower or Transferee Borrower or is under common Control with Borrower or Transferee
Borrower, as applicable. 
 “Replacement Interest Rate Cap Agreement” shall mean, collectively, one or more interest
rate protection agreements, reasonably acceptable to Lender, from an Acceptable Counterparty with terms substantially similar to the Interest Rate Cap Agreement except that the same shall be effective as of the date required in
Section 2.2.7(c); provided that to the extent any such interest rate protection agreements do not meet the foregoing requirements, a “Replacement Interest Rate Cap Agreement” shall be such interest rate protection
agreements approved in writing by the Approved Rating Agencies with respect thereto. 
 “Replacement Management
Agreement” shall mean, collectively, (a) either (i) a management agreement with a Qualified Manager substantially in the same form and substance as any Management Agreement, provided, that only a Brand Manager shall be
permitted to enter into a management agreement in substantially the same form and substance as a Management Agreement for a Brand Managed Property, (ii) a management agreement with a Qualified Manager, which management agreement shall
(A) have been entered into by Borrower or Operating Lessee (if applicable) and such Qualified Manager on an arms’-length basis and otherwise on commercially reasonable terms and (B) with economic terms and management fees comparable
to existing local market rates, or (iii) a management agreement with a Qualified Manager, which management agreement shall be reasonably acceptable to Lender in form and substance, provided, with respect to this subclause (iii),
following a Securitization, Lender, at its option, may require that Borrower shall have obtained a Rating Agency Confirmation from the Approved Rating Agencies with respect to such management agreement and (b) an assignment


  
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of management agreement and subordination of management fees substantially in the form as the applicable Assignment of Management Agreement (or of such other form and substance reasonably
acceptable to Lender), executed and delivered to Lender by Borrower or Operating Lessee (if applicable) and such Qualified Manager at Borrower’s expense, provided, that in the event such Qualified Manager is an Affiliated Manager (other
than a Brand Manager or any other manager that is affiliated with a nationally recognized brand), any replacement assignment of management agreement shall include a subordination of management fees in form and substance reasonably acceptable to
Lender. 
 “Replacement Reserve Account” shall have the meaning set forth in Section 7.3.1 hereof.

 “Replacement Reserve Fund” shall have the meaning set forth in Section 7.3.1 hereof. 

“Replacement Reserve Monthly Deposit” shall mean, with respect to each Individual Property, an amount equal to the
greater of (a) the deposit for Replacements and deposits for PIP Work (including capital expenditures that are a part of PIP Work), if any, required to be deposited with Franchisor or Manager pursuant to the applicable Franchise Agreement or
Management Agreement (without duplication) and (b) four percent (4%) of Gross Income from Operations for the calendar month that is two (2) calendar months prior to the calendar month in which the applicable deposit to the Replacement
Reserve Fund is to be made. 
 “Replacements” shall mean, FF&E, replacements and repairs required to be
made to each Individual Property or the Improvements. 
 “Representative Borrower” shall have the meaning set
forth in Section 10.6 hereof. 
 “Required Debt Yield” shall mean a Debt Yield, as determined by
Lender, equal to (i) with respect to the initial term of the Loan and the first Extension Term, seven and one-half percent (7.50%) and (ii) with respect to the second and third Extension Terms, seven and three-quarters percent
(7.75%). 
 “Required Repair Deadline” shall have the meaning set forth in Section 7.1 hereof.

 “Required Repairs” shall have the meaning set forth in Section 7.1 hereof.  

“Reserve Accounts” shall mean, collectively, the Tax and Insurance Reserve Account, the Replacement Reserve Account,
the Ground Lease Reserve Account, the Excess Cash Flow Reserve Account and any other escrow account established pursuant to the Loan Documents. 

“Reserve Funds” shall mean, collectively, the Tax and Insurance Escrow Fund, the Replacement Reserve Fund, the Ground
Lease Reserve Fund, Excess Cash Flow Reserve Fund and any other escrow fund established by the Loan Documents. 

  
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 “Restoration” shall mean the repair and restoration of an Individual
Property after a Casualty or Condemnation as nearly as possible to the condition the Individual Property was in immediately prior to such Casualty or Condemnation, with such alterations as may be reasonably approved by Lender. 

“Restricted Party” shall mean collectively, (a) Borrower, Operating Lessee, Principal or Mezzanine Borrowers and
(b) any shareholder, partner, member, non-member manager, any direct or indirect legal or beneficial owner of, Borrower, Operating Lessee, Principal, Mezzanine Borrowers or any non-member manager; provided that an Excluded Entity shall
not be a Restricted Party and with respect to clause (b), excluding any shareholders or owners of stock or equity interest that are publicly traded on any nationally or internationally recognized stock exchange that are not Affiliates of
Borrower, Principal, Operating Lessee or Mezzanine Borrowers. For the avoidance of doubt, notwithstanding anything to the contrary contained in this Agreement, no notice to, or consent of Lender shall be required in connection with any Sale or
Pledge of direct or indirect interests in any Excluded Entity. 
 “Restricted Pledge Party” shall mean,
collectively, Borrower, Operating Lessee, Principal, Mezzanine Borrowers, or any other direct or indirect equity holder in Borrower, Operating Lessee, Principal or Mezzanine Borrowers up to, but not including, the first direct or indirect equity
holder that has substantial assets other than the Properties, provided, that an Excluded Entity (and any Person owning a direct or indirect interest in any Excluded Entity) and any holder of the Preferred Shares shall not be a Restricted Pledge
Party. 
 “S&P” shall mean Standard & Poor’s Ratings Services. 

“Sale or Pledge” shall mean a voluntary or involuntary sale, conveyance, assignment, transfer, encumbrance, pledge,
grant of option or other transfer or disposal of a legal or beneficial interest, whether direct or indirect. 

“Section 2.7 Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings
(including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Securities” shall have the meaning set forth in Section 9.1 hereof. 

“Securities Act” shall have the meaning set forth in Section 9.1.1 hereof. 

“Securitization” shall have the meaning set forth in Section 9.1 hereof. 

“Securitization Costs” shall have the meaning set forth in Section 9.1.4 hereof. 

“Securitization Vehicle” shall mean each REMIC or Grantor Trust into which all or a portion of the Loan has been
transferred. 
 “Servicer” shall have the meaning set forth in Section 9.5 hereof. 

“Servicing Agreement” shall have the meaning set forth in Section 9.5 hereof. 

  
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 “Severed Loan Documents” shall have the meaning set forth in
Section 8.2(c) hereof. 
 “Special Purpose Entity” shall mean a corporation, limited partnership
or limited liability company that complies with the following requirements from and after the date hereof unless it has received prior written consent to do otherwise from Lender or a permitted administrative agent thereof, or, while the Loan is
securitized, a Rating Agency Confirmation from each of the Approved Rating Agencies, and an Additional Insolvency Opinion, in each case: 

(i) is and shall be organized solely for the purpose of (A) in the case of Borrower, acquiring, developing, owning, holding, selling,
leasing, transferring, exchanging, managing and operating the Properties, acquiring and owning its limited liability company interest in and managing and acting as the sole member of Operating Lessee (with respect to BRE Select Hotels Properties
Borrower), entering into and performing its obligations under the Loan Documents with Lender, refinancing the Properties in connection with a permitted repayment of the Loan, and transacting lawful business that is incident, necessary and
appropriate to accomplish the foregoing or (B) in the case of any Principal, acting as a general partner of the limited partnership that owns the related Individual Property or as member of the limited liability company that owns the related
Individual Property and transacting lawful business that is incident, necessary and appropriate to accomplish the foregoing or (C) with respect to Operating Lessee, leasing each Individual Property that is subject to the Operating Lease and
operating, managing and maintaining each Individual Property subject to the Operating Lease and transacting lawful business that is incident, necessary and appropriate to accomplish the foregoing; 

(ii) has not engaged and shall not engage in any business unrelated to the activities set forth in clause (i) of this definition; 

(iii) except for the Previously-Owned Property, has not owned and shall not own any real property other than the Properties; 

(iv) except for the Previously-Owned Property, does not have, shall not have and at no time had any assets other than (A) in the case of
each Individual Borrower, the related Individual Properties and personal property necessary or incidental to its ownership and operation of such Individual Property, (B) in the case of any Principal, acting as a general partner of the limited
partnership that owns the related Individual Property or as member of the limited liability company that owns the related Individual Property and transacting lawful business that is incident, necessary and appropriate to accomplish the foregoing,
(C) in the case of BRE Select Hotel Properties Borrower, owning the limited liability company interests in and acting as the sole member of Operating Lessee and (D) in the case of Operating Lessee, owning its leasehold interest in the
applicable Properties pursuant to the applicable Operating Lease; 
 (v) has not engaged in, sought, consented or permitted to and shall not
engage in, seek, consent to or permit, to the fullest extent permitted by law, (A) any dissolution, winding up, liquidation, consolidation or merger, (B) any sale or other transfer of all or substantially all of its assets or any sale of
assets outside the ordinary course of its business, except as permitted by the Loan Documents or (C) in the case of a Principal, any transfer of its partnership or membership interest, except as permitted by the Loan Documents; 

  
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 (vi) shall not cause, consent to or permit any amendment of its limited partnership agreement,
articles of incorporation, articles of organization, certificate of formation, operating agreement or other formation document or organizational document (as applicable) with respect to the matters set forth in this definition without the prior
written consent of Lender; 
 (vii) if such entity is a limited partnership, has and shall have at least one general partner and has and
shall have, as its only general partners, Special Purpose Entities each of which (A) is a corporation or single member Delaware limited liability company, (B) except as set forth on Schedule 4.1.30, has two (2) Independent
Directors or Independent Managers, and (C) holds a direct interest as general partner in the limited partnership of not less than 0.1%; 

(viii) if such entity is a corporation, except as set forth on Schedule 4.1.30, has and shall have at least two (2) Independent
Directors, and shall not cause or permit the board of directors of such entity to take any Bankruptcy Action with respect to itself or, if the corporation is a Principal, with respect to the applicable Loan Party unless two (2) Independent
Directors or Independent Managers shall have participated in such vote and shall have voted in favor of such action; 
 (ix) if such entity
is a limited liability company (other than a limited liability company meeting all of the requirements applicable to a single member limited liability company set forth in this definition of “Special Purpose Entity”), except as set forth
on Schedule 4.1.30, has and shall have at least one (1) member that is a Special Purpose Entity, that is a corporation or a single-member limited liability company, that has at least two (2) Independent Directors and that directly
owns at least one half of one percent (0.5%) of the equity of the limited liability company; 
 (x) if such entity is a single member limited
liability company, (A) is and shall be a Delaware limited liability company, (B) except as set forth on Schedule 4.1.30, has and shall have at least two (2) Independent Directors or Independent Managers serving as managers of
such company, (C) shall not take any Bankruptcy Action with respect to itself, or in the case of the applicable Principal, BRE Select Hotels TX L.P. and BRE Select Hotels NC L.P., as applicable, unless two (2) Independent Directors or
Independent Managers then serving as managers of the company shall have consented in writing to such action, and (D) except as set forth on Schedule 4.1.30, has had and shall have two (2) natural persons or one entity that is not a
member of the company, that has signed its limited liability company agreement and that, under the terms of such limited liability company agreement becomes a member of the company immediately prior to the withdrawal or dissolution of the last
remaining member of the company; 
 (xi) has not and shall not (and, if such entity is (a) a limited liability company, has and shall
have a limited liability agreement or an operating agreement, as applicable, (b) a limited partnership, has a limited partnership agreement, or (c) a corporation, has a certificate of incorporation or articles that, in each case, provide
that such entity shall not) (1) dissolve, merge, liquidate, consolidate; (2) sell all or substantially all of its assets; (3) except for amendments entered into prior to the date hereof, amend its organizational documents with respect
to the matters set forth in this definition without the consent of Lender; or (4) without the affirmative vote of two (2) Independent Directors or Independent Managers of itself, or, if the corporation is a Principal, with respect to any
Loan Party, take any Bankruptcy Action; 

  
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 (xii) except with respect to prior financings that have been repaid or otherwise discharged or
that will be repaid or discharged as of the closing of the Loan, has at all times been and shall at all times remain solvent and has paid and shall pay its debts and liabilities (including, a fairly allocated portion of any personnel and overhead
expenses that it shares with any Affiliate) from its assets as the same shall become due, and has maintained and shall maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light
of its contemplated business operations (in each case, to the extent there exists sufficient cash flow from the operations of the Property to do so; provided, that the foregoing shall not require any member, partner or shareholder of a
Special Purpose Entity to make any additional capital contributions to a Special Purpose Entity; 
 (xiii) has not failed and shall not fail
to correct any known misunderstanding regarding the separate identity of such entity; 
 (xiv) has maintained and shall maintain its bank
accounts (except as contemplated by the Loan Documents with respect to any other Loan Party), books of account, books and records separate from those of any other Person and, to the extent that it is required to file income tax returns under
applicable law, has filed and shall file its own income tax returns, except to the extent that it is required by law to file consolidated tax returns and, if it is a corporation, has not filed and shall not file a consolidated income tax return with
any other corporation, except to the extent that it is required by law to file consolidated tax returns; 
 (xv) has maintained and shall
maintain its own records and books; 
 (xvi) except as contemplated by the Loan Documents with respect to each other Loan Party, has not
commingled and shall not commingle its funds or assets with those of any other Person and has not participated and shall not participate in any cash management system with any other Person; 

(xvii) other than pursuant to Permitted Equipment and Vehicle Leases executed by Manager in its capacity as agent of the applicable Loan Party,
has held and shall hold its assets in its own name; 
 (xviii) except as set forth on Schedule 4.1.30, has conducted and shall conduct
its business in its name or in a name franchised or licensed to it by Manager, Franchisor or an entity other than an Affiliate of itself or of Borrower (which, for purposes of this definition, shall not include any subsidiary of Hilton Worldwide
Inc.), except for business conducted on behalf of itself by another Person under a business management services agreement that is on commercially reasonable terms, so long as the manager, or equivalent thereof, under such business management
services agreement holds itself out as an agent of such Special Purpose Entity; 

  
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 (xix) (A) has maintained and shall maintain its financial statements, accounting records and
other entity documents separate from those of any other Person; (B) has shown and shall show, in its financial statements, its asset and liabilities separate and apart from those of any other Person; and (C) has not permitted and shall not
permit its assets to be listed as assets on the financial statement of any of its Affiliates except as required by GAAP or the Uniform System of Accounts; provided, however, that any such consolidated financial statement contains a
note indicating that the Special Purpose Entity’s separate assets and credit are not available to pay the debts of such Affiliate and that the Special Purpose Entity’s liabilities do not constitute obligations of the consolidated entity,
except as provided herein with respect to each other Loan Party and such assets shall also be listed in such Loan Party’s balance sheet, as applicable; 

(xx) except in each case with respect to each other Individual Borrower, as contemplated by the Loan Documents, has paid and shall pay its own
liabilities and expenses, including the salaries of its own employees, out of its own funds and assets, provided there is sufficient cash flow to do so, and has maintained and shall maintain a sufficient number of employees, if any, in light of its
contemplated business operations; 
 (xxi) has observed and shall observe all partnership, corporate or limited liability company
formalities, as applicable that are necessary to maintain its separate existence; 
 (xxii) reserved; 

(xxiii) following the Closing Date shall not incur Indebtedness other than (A) in the case of each Borrower, (i) the Loan,
(ii) Permitted Indebtedness, (iii) as may be required pursuant to the Ground Lease, and (iv) such other liabilities that such Special Purpose Entity is expressly permitted to incur pursuant to this Agreement or as otherwise imposed by
law; provided, however, that this covenant shall not require any shareholder, partner or member of Borrower to make additional capital contributions to any such entity; (B) in the case of each Principal, (i) liabilities of Principal as a
general partner of a limited partnership, in the capacity as such and (ii) liabilities incurred in the ordinary course of business relating to the ownership and operation of the Loan Party which it holds an interest in and routine
administration of the Loan Party which it holds an interest in, provided that (x) the outstanding liabilities at any time shall not exceed $25,000.00 and (y) such liabilities are normal and reasonable under the circumstances; provided,
however, that this covenant shall not require any shareholder, partner or member of Principal to make additional capital contributions to any such entity; and (C) in the case of Operating Lessee, (i) Permitted Indebtedness, (ii) as
may be required pursuant to a Ground Lease, (iii) such other liabilities that are permitted pursuant to this Agreement or as otherwise imposed by law and (iv) such other liabilities that are permitted pursuant to the Loan Documents;
provided, however, that this covenant shall not require any shareholder, partner or member of Operating Lessee to make additional capital contributions to any such entity; 

(xxiv) except as expressly permitted pursuant to the terms of any prior financing, and except for guaranties or obligations, in each case, that
have been released or discharged or that will be released or discharged as of the closing of the Loan, has not assumed, guaranteed or become obligated and shall not assume or guarantee or become obligated for the debts of any other Person, has not
held out and shall not hold out its credit as being available to satisfy the obligations of any other Person or has not pledged and shall not pledge its assets to secure the obligations of any other Person, in each case except as permitted pursuant
to the Loan Documents with respect to each other Loan Party or as otherwise imposed by law; 

  
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 (xxv) has not acquired and shall not acquire obligations or securities of its partners, members
or shareholders or any other owner or Affiliate, except (A) with respect to BRE Select Hotels Properties Borrower, BRE Select Hotels Properties Borrower’s limited liability company interest in Operating Lessee and (B) with respect to
each Principal, such Principal’s general partnership interest and obligations with respect to the Loan Party in which it owns an interest; 

(xxvi) has allocated and shall allocate fairly and reasonably any overhead expenses that are shared with any of its Affiliates, constituents,
or owners, or any guarantors of any of their respective obligations, or any Affiliate of any of the foregoing (individually, a “Related Party” and collectively, the “Related Parties”), including, but not limited to,
paying for shared office space and for services performed by any employee of an Affiliate; 
 (xxvii) has maintained and used and shall
maintain and use separate stationery, invoices and checks bearing its name and not bearing the name of any other entity unless such entity is clearly designated as being the Special Purpose Entity’s agent; 

(xxviii) except with respect to prior financings that have been repaid or otherwise discharged or that will be repaid or discharged as of the
closing of the Loan and except as contemplated by the Loan Documents with respect to each other Loan Party, has not pledged and shall not pledge its assets to secure the obligations of any other Person; 

(xxix) except as set forth on Schedule 4.1.30, has held itself out and identified itself and shall hold itself out and identify itself
as a separate and distinct entity under its own name or in a name franchised or licensed to it by Manager, Franchisor or an entity other than an Affiliate of such Special Purpose Entity (which, for purposes of this definition, shall not include any
subsidiary of Hilton Worldwide Inc.) and not as a division or part of any other Person; 
 (xxx) has maintained and shall maintain its assets
in such a manner that it shall not be costly or difficult to segregate, ascertain or identify its individual assets from those of any other Person; 

(xxxi) has not made and shall not make loans to any Person and has not held and shall not hold evidence of indebtedness issued by any other
Person or entity (other than cash and investment grade securities issued by an entity that is not an Affiliate of or subject to common ownership with such entity), except as is contemplated or provided for in the Loan Documents with respect to each
other Loan Party; 
 (xxxii) has not identified and shall not identify its partners, members or shareholders, or any Affiliate of any of
them, as a division or department or part of it, and has not identified itself and shall not identify itself as a division or department of any other Person; 

  
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 (xxxiii) except in each case with respect to each Individual Borrower, as contemplated by the
Loan Documents and other than capital contributions and distributions permitted under the terms of its organizational documents, has not entered into or been a party to, and shall not enter into or be a party to, any transaction with any of its
partners, members, shareholders or Affiliates except in the ordinary course of its business and on terms which are commercially reasonable terms comparable to those of an arm’s length transaction with an unrelated third party; 

(xxxiv) has not had and shall not have any obligation to, and has not indemnified and shall not indemnify its partners, officers, directors or
members, as the case may be, in each case unless such an obligation or indemnification is fully subordinated to the Debt and, to the fullest extent permitted by law, shall not constitute a claim against it in the event that its cash flow is
insufficient to pay the Debt; 
 (xxxv) if such entity is a corporation, has considered and shall consider the interests of its creditors in
connection with all corporate actions; 
 (xxxvi) except with respect to prior financings that have been repaid or otherwise discharged or
that will be repaid or discharged as of the closing of the Loan, has not had shall not have any of its obligations guaranteed by any Affiliate except (A) as provided by the Loan Documents with respect to (I) each other Loan Party and
(II) the Guaranty and Environmental Indemnity, or (B) in connection with the Franchise Agreements, including, without limitation, the Franchise Agreement Guarantees; 

(xxxvii) has not formed, acquired or held and shall not form, acquire or hold any subsidiary, except (A) BRE Select Hotel Properties
Borrower’s limited liability company interest in Operating Lessee and (B) with respect to each Principal, such Principal’s general partnership interest and obligations with respect to the Loan Party in which it owns an interest; 

(xxxviii) has complied and shall comply with all of the terms and provisions contained in its organizational documents; 

(xxxix) has conducted and shall conduct its business so that each of the assumptions made about it and each of the facts stated about it in the
Insolvency Opinion, or if applicable, any Additional Insolvency Opinion, are true; 
 (xl) has not permitted and shall not permit any
Affiliate or constituent party independent access to its bank accounts, except as contemplated by the Loan Documents with respect to Manager or Franchisor (each, as agent of the applicable Loan Party) and with respect to each other Loan Party; 

(xli) is, has always been and shall continue to be duly formed, validly existing, and in good standing in the state of its incorporation or
formation and in all other jurisdictions where it is qualified to do business; 
 (xlii) reserved; and 

(xliii) reserved. 

  
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 “Spread” shall mean, with respect to each Component the following amounts, as
the same may be reallocated pursuant to, and in accordance with the restrictions and limitations contained in Section 9.1.2: 

(a) Component A/B/C: 1.6763281910127%; 

(b) Component D: 3.0045000000000%; 

(c) Component E: 4.2545000000000%; and 

(d) Component F: 5.1045000000000%. 

“Spread Maintenance End Date” shall mean the Payment Date occurring in September, 2015. With respect to any prepayment
made after the Payment Date in August, 2015, but prior to the Spread Maintenance End Date, the amount of the Spread Maintenance Payment shall be zero. 

“Spread Maintenance Payment” shall mean, with respect to any repayment of the outstanding principal amount of any
Component of the Loan prior to the Spread Maintenance End Date, a payment to Lender in an amount equal to the product of (x) the Spread, (y) the portion of the Component of the Loan which is being repaid in excess of the Free Prepayment
Amount and (z) a fraction, the numerator of which is the number of days following the date through which interest on the prepaid amount has been paid to the end of the full Interest Period associated with the Spread Maintenance End Date and the
denominator of which is 360. 
 “State” shall mean, with respect to an Individual Property, the State or
Commonwealth in which such Individual Property or any part thereof is located. 
 “Strike Price” shall mean
(a) for the period from the Closing Date through and including the Initial Maturity Date, a rate as of the Closing Date not greater than the rate that when added to the Spread, yields a per annum interest rate that would result in the Debt
Service Coverage Ratio (for purposes of determining the Debt Service and the Mezzanine Debt Service) being no less than 1.10:1.00 (the “Initial Strike Price”), provided, that in no event shall the Initial Strike Price be greater
than four and one-half percent (4.50%), and (b) as of the commencement date for any Extension Term, a rate not more than the greater of (i) the Initial Strike Price and (ii) the rate that when added to the Spread, yields a per annum
interest rate that would result in the Debt Service Coverage Ratio (calculated assuming that for all times, LIBOR is equal to the new Strike Price (rather than the then current Strike Price) for purposes of determining the Debt Service and the
Mezzanine Debt Service) being no less than 1.10:1.00. 
 “Substitute Guaranty” shall have the meaning set
forth in Section 5.2.10(g) hereof. 
 “Survey” shall mean a survey of the Individual Property in
question prepared by a surveyor licensed in the State and satisfactory to Lender and the company or companies issuing the Title Insurance Policies, and containing a certification of such surveyor satisfactory to Lender. 

  
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 “Tax and Insurance Escrow Fund” shall have the meaning set forth in
Section 7.2 hereof. 
 “Tax and Insurance Reserve Account” shall have the meaning set forth in
Section 7.2 hereof. 
 “Taxes” shall mean all real estate and personal property taxes,
assessments, water rates or sewer rents, now or hereafter levied or assessed or imposed against any Individual Property or part thereof. 

“Tenant” shall mean any Person with a possessory right to all or any part of an Individual Property pursuant to a
Lease. 
 “Threshold Amount” shall have the meaning set forth in Section 5.1.22 hereof.

 “Title Insurance Policies” shall mean, with respect to each Individual Property, an ALTA mortgagee title
insurance policy in the form reasonably acceptable to Lender (or, if an Individual Property is in a State which does not permit the issuance of such ALTA policy, such form as shall be permitted in such State and reasonably acceptable to Lender)
issued with respect to such Individual Property and insuring the lien of the Mortgage encumbering such Individual Property. 

“Total Release Amount” shall mean the sum of (i) the Release Amount and (ii) the “Release Amount”
as defined in the New Mezzanine Loan Agreement. 
 “Transfer” shall have the meaning set forth in
Section 5.2.10(b) hereof. 
 “Transferee Borrower” shall have the meaning set forth in
Section 5.2.10(e) hereof. 
 “Tuscaloosa Sublease” shall mean the “Tuscaloosa Ground Sublease”
as defined on Schedule III attached hereto. 
 “UCC” or “Uniform Commercial Code”
shall mean the Uniform Commercial Code as in effect in the applicable State in which an Individual Property is located. 

“Unencumbered Borrower” shall have the meaning specified in Section 2.4.2(b) hereof. 

“Uniform System of Accounts” shall mean the Tenth Revised Edition, 2006, of the Uniform System of Accounts for Hotels
as adopted by the American Hotel and Motel Association. 
 “U.S. Obligations” shall mean non-redeemable securities
evidencing an obligation to timely pay principal and/or interest in a full and timely manner that are (a) direct obligations of the United States of America for the payment of which its full faith and credit is pledged, or (b) to the
extent acceptable to the Approved Rating Agencies, other “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended. 

  
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 “U.S. Person” means any Person that is a “United States Person”
as defined in Section 7701(a)(30) of the Code. 
 “U.S. Tax Compliance Certificate” shall have the
meaning set forth in Section 2.7(e). 
 Section 1.2. Principles of Construction. All references to sections and
schedules are to sections and schedules in or to this Agreement unless otherwise specified. All uses of the word “including” shall mean “including, without limitation” unless the context shall indicate otherwise. Unless otherwise
specified, the words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless
otherwise specified, all meanings attributed to defined terms herein shall be equally applicable to both the singular and plural forms of the terms so defined. 

ARTICLE II. 
 GENERAL
TERMS 
 Section 2.1. Loan Commitment; Disbursement to Borrower. 

2.1.1. Agreement to Lend and Borrow. Subject to and upon the terms and conditions set forth herein, Lender hereby agrees
to make and Borrower hereby agrees to accept the Loan on the Closing Date. 
 2.1.2. Single Disbursement to Borrower.
Borrower may request and receive only one (1) borrowing hereunder in respect of the Loan and any amount borrowed and repaid hereunder in respect of the Loan may not be reborrowed. Borrower and Lender acknowledge and agree that the Loan shall be
fully funded as of the Closing Date. 
 2.1.3. The Note, Mortgage and Loan Documents. The Loan shall be evidenced by
the Note and secured by the Mortgage and the other Loan Documents. 
 2.1.4. Use of Proceeds. Borrower shall use the
proceeds of the Loan to (a) repay or discharge any existing loans relating to the Properties, (b) pay all past due Basic Carrying Costs, if any, with respect to the Properties, (c) make deposits into the Reserve Funds on the Closing
Date in the amounts provided herein, (d) pay costs and expenses incurred in connection with the closing of the Loan, as approved by Lender, (e) fund any working capital requirements of the Properties and (f) distribute the balance, if
any, to Borrower’s equity holders. 
 2.1.5. Components of the Loan. For the purpose of computing interest
payable from time to time on the principal amount of the Loan and certain other computations set forth herein, the principal balance of the Loan shall be divided into Components A/B/C, D, E and F. The principal amount of the Components shall be as
follows: 

  
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	 COMPONENT
	  	PRINCIPAL AMOUNT	 
	 A/B/C
	  	$	457,800,000.00	  
	 D
	  	$	102,200,000.00	  
	 E
	  	$	147,800,000.00	  
	 F
	  	$	122,200,000.00	  

 Section 2.2. Interest Rate. 

2.2.1. Interest Rate. Subject to the provisions of this Section 2.2, interest on the outstanding principal
balance of each Component of the Loan shall accrue from (and include) the Closing Date through the end of the last Interest Period at the Floating Interest Rate for such Component. The total interest accrued under the Loan shall be the sum of the
interest accrued on each Component. Borrower shall pay to Lender on each Payment Date the interest accrued (or to be accrued) on the outstanding principal balance of each Component of the Loan for the related Interest Period. 

2.2.2. Interest Calculation. Interest on the outstanding principal balance of each Component of the Loan shall be
calculated by multiplying (a) the actual number of days elapsed in the period for which the calculation is being made by (b) a daily rate based on a three hundred sixty (360) day year by (c) the outstanding principal balance of
such Component of the Loan. 
 2.2.3. Determination of Interest Rate. (a) Subject to the terms and conditions of
this Section 2.2.3, each Component of the Loan shall bear interest at the Floating Interest Rate applicable to such Component. The Floating Interest Rate applicable to an Interest Period shall be determined by Lender as set forth herein;
provided, however, that LIBOR for the Interest Period commencing on the Closing Date through and including December 14, 2014 shall be 0.154%. 

(b) In the event that Lender shall have reasonably determined that by reason of circumstances affecting the interbank Eurodollar market LIBOR
cannot be determined as provided in the definition of LIBOR as set forth herein, then Lender shall forthwith give notice thereof by telephone of such fact, confirmed in writing, to Borrower at least one (1) Business Day prior to the
Determination Date. If such notice is given, the Loan shall be converted, from and after the first day of the next succeeding Interest Period, to a Prime Rate Loan bearing interest based on the Prime Rate in effect on the related Determination Date.


  
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 (c) If, pursuant to the terms of Section 2.2.3(b) above, the Loan has been converted
to a Prime Rate Loan but thereafter LIBOR can again be determined as provided in the definition of LIBOR as set forth herein, Lender shall give notice thereof to Borrower and convert the Prime Rate Loan back to a Floating Interest Rate Loan by
delivering to Borrower notice of such conversion no later than 11:00 a.m. (New York City Time), one (1) Business Day prior to the next succeeding Determination Date, and the Loan shall be converted to a Floating Interest Rate Loan from,
after and including the first day of the next succeeding Interest Period. Notwithstanding any provision of this Agreement to the contrary, in no event shall Borrower have the right to elect to convert a Floating Interest Rate Loan to a Prime Rate
Loan. 
 (d) Intentionally Omitted. 

(e) If the adoption of any requirement of law or any change therein or in the interpretation or application thereof, shall hereafter make it
unlawful for Lender to make or maintain a Floating Interest Rate Loan as contemplated hereunder, (i) the obligation of Lender hereunder to make a Floating Interest Rate Loan or to convert a Prime Rate Loan to a Floating Interest Rate Loan shall
be canceled forthwith and (ii) any outstanding Floating Interest Rate Loan shall be converted automatically to a Prime Rate Loan on the first day of the next succeeding Interest Period or within such earlier period as required by law. Borrower
hereby agrees promptly to pay Lender, upon demand, any additional amounts necessary to compensate Lender for any costs incurred by Lender in making any conversion in accordance with this Agreement, including, without limitation, any interest or fees
payable by Lender to lenders of funds obtained by it in order to make or maintain the Floating Interest Rate Loan hereunder. Lender’s notice of such costs, as certified to Borrower, shall be conclusive absent manifest error. 

(f) In the event that any change in any requirement of law or in the interpretation or application thereof, or compliance by Lender with any
request or directive (whether or not having the force of law) hereafter issued from any central bank or other Governmental Authority: 

(i) shall hereafter impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement
against assets held by, or deposits or other liabilities in or for the account of, advances or loans by, or other credit extended by, or any other acquisition of funds by, any office of Lender which is not otherwise included in the determination of
LIBOR hereunder; 
 (ii) shall hereafter have the effect of reducing the rate of return on Lender’s capital as a
consequence of its obligations hereunder to a level below that which Lender could have achieved under the Loan Documents but for such adoption, change or compliance (taking into consideration Lender’s policies with respect to capital adequacy)
by any amount deemed by Lender to be material; 
 (iii) shall hereafter subject any Lender to any Section 2.7 Taxes
(other than (A) Indemnified Taxes and (B) Excluded Taxes on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or 

(iv) shall hereafter impose on Lender any other condition (other than Section 2.7 Taxes) and the result of any of the
foregoing is to increase the cost to Lender of making, renewing or maintaining loans or extensions of credit or to reduce any amount receivable hereunder; 

  
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 then, in any such case, Borrower shall promptly pay Lender, upon demand, any additional amounts necessary to
compensate Lender for such additional cost or reduced amount receivable which Lender deems to be material as determined by Lender in its reasonable discretion. If Lender becomes entitled to claim any additional amounts pursuant to this
Section 2.2.3(f), Lender shall provide Borrower with not less than thirty (30) days written notice specifying in reasonable detail the event by reason of which it has become so entitled and the additional amount required to fully
compensate Lender for such additional cost or reduced amount. A certificate as to any additional costs or amounts payable pursuant to the foregoing sentence submitted by Lender to Borrower shall be conclusive in the absence of manifest error.
Subject to Section 2.2.3(h) hereof, this provision shall survive payment of the Note and the satisfaction of all other obligations of Borrower under this Agreement and the Loan Documents. 

(g) Lender shall not be entitled to claim compensation pursuant to this Section 2.2.3 for any increased cost or reduction in
amounts received or receivable hereunder, or any reduced rate of return, which was incurred or which accrued prior to the earlier of (i) ninety (90) days before the date Lender notified Borrower of the change in law or other circumstance
on which such claim for compensation is based and delivered to Borrower a written statement setting forth in reasonable detail the basis for the calculation of the additional amounts owed to Lender under this Section 2.2.3, which
statement shall be conclusive and binding on all parties absent manifest error and (ii) any earlier date provided Lender notified Borrower of such change in law or circumstance and delivered the written statement referenced in clause (i)
within ninety (90) days after Lender received written notice of such change in law or circumstance. 
 (h) Borrower agrees to indemnify
Lender and to hold Lender harmless from any loss or expense which Lender sustains or incurs as a consequence of (i) any default by Borrower in payment of the principal of or interest on a Floating Interest Rate Loan, including, without
limitation, any such loss or expense arising from interest or fees payable by Lender to third-party lenders of funds obtained by it in order to maintain a Floating Interest Rate Loan hereunder, (ii) any prepayment (whether voluntary or
mandatory) of the Floating Interest Rate Loan on a day that (A) is not a Payment Date or (B) is a Payment Date if Borrower did not give the prior written notice of such prepayment required pursuant to the terms of this Agreement,
including, without limitation, such loss or expense arising from interest or fees payable by Lender to third-party lenders of funds obtained by it in order to maintain the Floating Interest Rate Loan hereunder and (iii) the conversion pursuant
to the terms hereof of the Floating Interest Rate Loan to the Prime Rate Loan on a date other than the Payment Date, including, without limitation, such loss or expenses arising from interest or fees payable by Lender to third-party lenders of funds
obtained by it in order to maintain a Floating Interest Rate Loan hereunder (the amounts referred to in clauses (i), (ii) and (iii) are herein referred to collectively as the “Breakage Costs”), in each case, subject
to Sections 2.4.1 and 2.4.2; provided, however, Borrower shall not indemnify Lender from any loss or expense arising from Lender’s willful misconduct or gross negligence. This provision shall survive payment of the
Note in full and the satisfaction of all other obligations of Borrower under this Agreement and the other Loan Documents. 

  
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 2.2.4. Additional Costs. Lender will use reasonable efforts (consistent
with legal and regulatory restrictions) to maintain the availability of the Floating Interest Rate Loan and to avoid or reduce any increased or additional costs payable by Borrower under Section 2.2.3, including, if requested by
Borrower, a transfer or assignment of the Loan to a branch, office or Affiliate of Lender in another jurisdiction, or a redesignation of its lending office with respect to the Loan, in order to maintain the availability of the Floating Interest Rate
Loan or to avoid or reduce such increased or additional costs, provided that the transfer or assignment or redesignation (a) would not result in any additional costs, expenses or risk to Lender that are not reimbursed by Borrower and
(b) would not be disadvantageous in any other respect to Lender (including the effect on any Securitization) as determined by Lender in its reasonable discretion. 

2.2.5. Default Rate. In the event that, and for so long as, any Event of Default shall have occurred and be continuing,
the outstanding principal balance of the Loan and, to the extent permitted by law, all accrued and unpaid interest in respect of the Loan and any other amounts due pursuant to the Loan Documents, shall accrue interest at the Default Rate, calculated
from the date such payment was due without regard to any grace or cure periods contained herein. 
 2.2.6. Usury
Savings. This Agreement, the Note and the other Loan Documents are subject to the express condition that at no time shall Borrower be obligated or required to pay interest on the principal balance of the Loan at a rate which could subject Lender
to either civil or criminal liability as a result of being in excess of the Maximum Legal Rate. If, by the terms of this Agreement or the other Loan Documents, Borrower is at any time required or obligated to pay interest on the principal balance
due hereunder at a rate in excess of the Maximum Legal Rate, the Interest Rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate
shall be deemed to have been payments in reduction of principal and not on account of the interest due hereunder. All sums paid or agreed to be paid to Lender for the use, forbearance, or detention of the sums due under the Loan, shall, to the
extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the Loan until payment in full so that the rate or amount of interest on account of the Loan does not exceed the Maximum Legal Rate
of interest from time to time in effect and applicable to the Loan for so long as the Loan is outstanding. 
 2.2.7.
Interest Rate Cap Agreement. (a) Prior to or contemporaneously with the Closing Date, Borrower shall enter into an Interest Rate Cap Agreement with a LIBOR strike price no greater than the Strike Price. The Interest Rate Cap Agreement
(i) shall at all times be in a form and substance reasonably acceptable to Lender with respect to such matters not otherwise set forth in this Agreement, (ii) shall at all times be with an Acceptable Counterparty, (iii) shall direct
such Acceptable Counterparty to deposit directly into the Cash Management Account, or from and after an Event of Default as directed by Lender, any amounts due Borrower under such Interest Rate Cap Agreement so long as any portion of the Debt
exists, provided that the Debt shall be deemed to exist if the Properties are transferred by judicial or non-judicial foreclosure or deed in lieu thereof, (iv) shall be for a period equal to the then existing term of the Loan


  
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and (v) shall at all times have a notional amount equal to or greater than the then outstanding principal balance of the Loan and shall at all times provide for the applicable Strike Price.
Borrower shall collaterally assign to Lender, pursuant to the Collateral Assignment of Interest Rate Cap Agreement (the “Assignment of Interest Rate Cap Agreement”), all of its right, title and interest to receive any and all
payments under the Interest Rate Cap Agreement, and shall deliver to Lender an executed counterpart of such Assignment of Interest Rate Cap Agreement (which shall, by its terms, authorize the assignment to Lender and require that payments be
deposited directly into the Cash Management Account) and shall notify the Acceptable Counterparty of such assignment. 
 (b) Borrower shall
comply with all of its obligations under the terms and provisions of the Interest Rate Cap Agreement. All amounts paid by the Acceptable Counterparty under the Interest Rate Cap Agreement to Borrower or Lender shall be directly deposited immediately
into the Cash Management Account or, during the continuance of an Event of Default, into such account as specified by Lender. Borrower shall take all actions reasonably requested by Lender to enforce Lender’s rights under the Interest Rate Cap
Agreement in the event of a default by the Acceptable Counterparty and shall not waive, amend or otherwise modify any of its rights thereunder without Lender’s prior consent. 

(c) In the event of any downgrade, withdrawal or qualification of the rating of the Acceptable Counterparty by any Approved Rating Agency (such
that such counterparty shall no longer be an Acceptable Counterparty), Borrower shall replace the Interest Rate Cap Agreement with a Replacement Interest Rate Cap Agreement not later than the period of time provided for in such Interest Rate Cap
Agreement following such downgrade, withdrawal or qualification (not to exceed ten (10) Business Days). 
 (d) In the event that
Borrower fails to purchase and deliver to Lender the Interest Rate Cap Agreement or fails to maintain the Interest Rate Cap Agreement in accordance with the terms and provisions of this Agreement, Lender may purchase the Interest Rate Cap Agreement
and the cost incurred by Lender in purchasing such Interest Rate Cap Agreement shall be paid by Borrower to Lender with interest thereon at the Default Rate from the date such cost was incurred by Lender until such cost is reimbursed by Borrower to
Lender. 
 (e) In connection with the Interest Rate Cap Agreement, Borrower shall obtain and deliver to Lender (a) a resolution/consent,
as applicable, of the Acceptable Counterparty authorizing the delivery of the Interest Rate Cap Agreement acceptable to Lender, and (b) an opinion from counsel (which counsel may be in house counsel for the Acceptable Counterparty) for the
Acceptable Counterparty (upon which Lender and its successors and assigns may rely) which shall provide, in relevant part, that: 

(i) the Acceptable Counterparty is duly organized, validly existing, and in good standing under the laws of its jurisdiction of
incorporation or formation and has the organizational power and authority to execute and deliver, and to perform its obligations under, the Interest Rate Cap Agreement; 

  
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 (ii) the execution and delivery of the Interest Rate Cap Agreement by the
Acceptable Counterparty, and any other agreement which the Acceptable Counterparty has executed and delivered pursuant thereto, and the performance of its obligations thereunder have been and remain duly authorized by all necessary action and do not
contravene any provision of its certificate of incorporation or by laws (or equivalent organizational documents) or any law, regulation or contractual restriction binding on or affecting it or its property; 

(iii) all consents, authorizations and approvals required for the execution and delivery by the Acceptable Counterparty of the
Interest Rate Cap Agreement, and any other agreement which the Acceptable Counterparty has executed and delivered pursuant thereto, and the performance of its obligations thereunder have been obtained and remain in full force and effect, all
conditions thereof have been duly complied with, and no other action by, and no notice to or filing with any governmental authority or regulatory body is required for such execution, delivery or performance; and 

(iv) the Interest Rate Cap Agreement, and any other agreement which the Acceptable Counterparty has executed and delivered
pursuant thereto, has been duly executed and delivered by the Acceptable Counterparty and constitutes the legal, valid and binding obligation of the Acceptable Counterparty, enforceable against the Acceptable Counterparty in accordance with its
terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in
equity or at law). 
 (f) At such time as the Loan is repaid in full, all of Lender’s right, title and interest in and to the Interest
Rate Cap Agreement shall terminate and Lender shall execute and deliver such documents as may be required to evidence Lender’s release of the Interest Rate Cap Agreement and to notify the Acceptable Counterparty of such release. 

Section 2.3. Loan Payment. 

2.3.1. Monthly Debt Service Payments. Borrower shall pay to Lender (a) on the Closing Date, an amount equal to
interest only on the outstanding principal balance of the Loan from and including the Closing Date up to and including December 14, 2014, which interest shall be calculated in accordance with the provisions of Section 2.2 hereof and
(b) on each Payment Date commencing on the Payment Date occurring in January, 2015 and on each Payment Date thereafter up to and including the Maturity Date, Borrower shall make a payment to Lender equal to the Monthly Debt Service Payment
Amount, which payments shall be applied first to interest due for the related Interest Period and then to any other amounts due and unpaid pursuant to this Agreement and the other Loan Documents. The Monthly Debt Service Payment Amount paid pursuant
to this Section 2.3.1 shall be applied: (i) first, to the payment of interest due and payable on Component A/B/C; (ii) second, to the payment of interest due and payable on Component D; (iii) third, to the payment of
interest due and payable on Component E; and (iv) fourth, to the payment of interest due and payable on Component F. 

  
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 2.3.2. Payments Generally. The first Interest Period hereunder shall
commence on and include the Closing Date and shall end on and include December 14, 2014. Thereafter during the term of the Loan, each Interest Period shall commence on the fifteenth (15th) day of the calendar month preceding the calendar
month in which the related Payment Date occurs and shall end on and include the fourteenth (14th) day of the calendar month in which the related Payment Date occurs. For purposes of making payments hereunder, but not for purposes of calculating
Interest Periods, if the day on which such payment is due is not a Business Day, then amounts due on such date shall be due on the immediately preceding Business Day and with respect to payments of principal of the Loan due on the Maturity Date,
interest shall be payable at the Interest Rate or the Default Rate, as the case may be, through and including, (x) if such payment occurs prior to a Securitization, the Maturity Date or (y) if such payment occurs following a
Securitization, the last day of the related Interest Period. All amounts due under this Agreement and the other Loan Documents shall be payable without setoff, counterclaim, defense or any other deduction whatsoever unless required by applicable
law. 
 2.3.3. Payment on Maturity Date. Borrower shall pay to Lender on the Maturity Date the outstanding principal
balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Mortgages and the other Loan Documents. 

2.3.4. Late Payment Charge. If any principal, interest or any other sums due under the Loan Documents are not paid by
Borrower on or prior to the date on which it is due (other than the principal amount due on the Maturity Date), Borrower shall pay to Lender upon demand an amount equal to the lesser of three percent (3%) of such unpaid sum or the Maximum Legal
Rate in order to defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment. Any such amount shall be secured by the Mortgages and the other
Loan Documents to the extent permitted by applicable law. 
 2.3.5. Method and Place of Payment. Except as otherwise
specifically provided herein, all payments and prepayments under this Agreement and the Note shall be made to Lender not later than (a) 11:00 a.m., New York City time, for all payments other than the payment due on the Maturity Date and
(b) 2:00 p.m., New York City time, for the payment due on the Maturity Date, on the date when due and shall be made in lawful money of the United States of America in immediately available funds at Lender’s office or as otherwise directed
by Lender, and any funds received by Lender after such time shall, for all purposes hereof, be deemed to have been paid on the next succeeding Business Day. 

Section 2.4. Prepayments. 

2.4.1. Voluntary Prepayments. (a) Borrower may prepay the Loan in whole or in part at any time and from time to
time provided, that (i) no Event of Default is continuing as of the date of the applicable prepayment; (ii) Borrower gives Lender not less than ten (10) days’ prior written notice of the amount of the Loan that Borrower


  
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intends to prepay and the intended date of prepayment which notice shall be revocable or extendable by Borrower at any time (the “Prepayment Notice”); and (iii) Borrower
pays Lender, in addition to the outstanding principal amount of the Loan to be prepaid, (A) all interest which would have accrued on the amount of the Loan to be paid through and including (x) if such prepayment occurs prior to a
Securitization, the date on which such prepayment is made or (y) if such prepayment occurs following a Securitization, the last day of the Interest Period related to the Payment Date next occurring following the date of such prepayment or, if
such prepayment occurs on a Payment Date, interest which would have accrued on the prepayment amount through and including the last day of the Interest Period related to such Payment Date (all such interest payable under this clause (y), the
“Additional Interest”); (B) all other sums then due and payable under this Agreement, the Note, and the other Loan Documents, including, but not limited to the actual Breakage Costs (if any and provided that if such prepayment
includes the payment of Additional Interest, no Breakage Costs shall be payable to Lender) and all of Lender’s reasonable, actual out-of-pocket costs and expenses (including reasonable attorney’s fees and disbursements) incurred by Lender
in connection with such prepayment of the Loan and any actual out-of-pocket costs and expenses incurred in connection with a rescinded or extended Prepayment Notice; and (C) if such prepayment is made prior to the Spread Maintenance End Date
and exceeds the Free Prepayment Amount, the Spread Maintenance Payment. 
 (b) Notwithstanding the foregoing, Borrower shall be
permitted to prepay the Loan (which amount shall not exceed fifteen percent (15%) of the original principal balance of the Loan, in the aggregate) (the “Free Prepayment Amount”), at any time without any Spread Maintenance
Payment or other prepayment penalty, premium or charge, provided (i) there is no Event of Default continuing as of the date of the applicable prepayment, (ii) Borrower provides a Prepayment Notice to Lender in the manner specified in
Section 2.4.1(a) and (iii) Borrower pays Lender, in addition to the amount to be prepaid, if such prepayment occurs on a day that is not a Payment Date, all amounts of interest which would have accrued on the amount to be prepaid
through and including (x) if such prepayment occurs prior to a Securitization, the date on which such prepayment is made or (y) if such prepayment occurs following a Securitization, the Additional Interest; and all other sums then due and
payable under this Agreement, the Note, and the other Loan Documents, including, but not limited to, all of Lender’s third party reasonable costs and expenses (including reasonable attorney’s fees and disbursements) incurred by Lender in
connection with such prepayment, including, without limitation, any actual Breakage Costs (if any and provided that if such prepayment includes the payment of Additional Interest, no additional Breakage Costs shall be payable to Lender) and costs
and expenses associated with any revoked or extended Prepayment Notice. 
 (c) Each Mezzanine Borrower shall be permitted to make
voluntary prepayments (other than prepayments made to achieve the Required Debt Yield which shall be made concurrently with a pro rata prepayment of the Loan and the Mezzanine Loans) in respect of its applicable Mezzanine Loan in accordance with the
applicable Mezzanine Loan Documents without any obligation of Borrower to make a corresponding prepayment of the Loan. 

  
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 2.4.2. Mandatory Prepayments. 

(a) In the event Lender actually receives any Net Proceeds relating to an Individual Property, if Lender is not obligated to make such Net
Proceeds available to Borrower for the Restoration of any Individual Property or otherwise remit such Net Proceeds to Borrower pursuant to Section 6.4 hereof, on the next occurring Payment Date following the date on which Lender receives
such Net Proceeds to be applied in accordance with this Section 2.4.2, Borrower shall prepay or authorize Lender to apply such Net Proceeds as a prepayment of all or a portion of the outstanding principal balance of the Loan in an amount
equal to the aggregate of (a) the Net Proceeds up to an amount equal to the Adjusted Release Amount for such Individual Property, (b) following a Securitization, all Additional Interest and (c) the actual reasonable costs of Lender in
connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article VI hereof, excluding any Breakage Costs (collectively, the “Mortgage Mandatory Prepayment Amount”). Amounts paid to or
applied by Lender as a Mortgage Mandatory Payment Amount shall first be applied to amounts required to be paid by Borrower to Lender pursuant to clause (c) above and then to the amounts set forth in clauses (a) and (b) simultaneously.
Except during the continuance of an Event of Default, any Net Proceeds to be applied pursuant to this Section 2.4.2 hereof in excess of the Mortgage Mandatory Prepayment Amount shall be applied as follows: (i) first, in the event
that one Mezzanine Loan is outstanding, to Mezzanine Lender, in an amount equal to the related Mezzanine Mandatory Prepayment Amount, to be applied in accordance with the applicable Mezzanine Loan Documents, (ii) second, in the event that more
than one Mezzanine Loan is outstanding, to Mezzanine Lenders in order of priority beginning with the most senior Mezzanine Lender and ending with the most junior Mezzanine Lender, with respect to each Mezzanine Loan in an amount equal to the related
Mezzanine Mandatory Prepayment Amount, to be applied in accordance with the applicable Mezzanine Loan Documents, and (iii) lastly, to Borrower. After the occurrence of and during the continuance of an Event of Default, Lender may apply such Net
Proceeds to the Debt (until paid in full) in any order or priority in its sole discretion. Other than during the continuance of an Event of Default, no Spread Maintenance Payment or other premium, penalty or charge shall be due in connection with
any prepayment made pursuant to this Section 2.4.2. The Amortized Release Amount with respect to such Individual Property shall be reduced by an amount equal to the principal portion of such prepayment applied to the Loan;
provided, that nothing herein shall be construed to reduce the aggregate Adjusted Release Amount for any Individual Property required to be paid to Lender prior to obtaining a release of the applicable Individual Property. Lender shall
provide to Borrower, upon ten (10) days’ prior notice, (i) a release of the Individual Property (and any related collateral) if (A) at any time the Amortized Release Amount is reduced to zero, together with such additional
documents and instruments evidencing or confirming the release as the Borrower shall reasonably request, or (B) Lender is required to deliver such release pursuant to a court order issued in connection with a Condemnation or (ii) a release
of the portion of an Individual Property that is subject to a Condemnation. Notwithstanding anything in this Agreement to the contrary, any prepayment made pursuant to this Section 2.4.2(a) shall not count towards the Free Prepayment
Amount. 
 (b) In connection with any release under this Section 2.4.2, in the event that such release would result in the
release of all Individual Properties held by an Individual Borrower (each an “Unencumbered Borrower”), such Unencumbered Borrower shall be released by Lender from the obligations of the Loan Documents, except with respect to those


  
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obligations that are expressly provided herein to survive repayment of the Loan, and shall no longer be considered an Individual Borrower for purposes of this Agreement and, for so long as any
Properties are subject to the Operating Lease, BRE Select Hotels Properties Borrower shall not be released by Lender from the obligations of the Loan Documents. In connection with a release or cancellation of each Unencumbered Borrower, Lender
agrees to deliver (i) a UCC-3 Financing Statement termination or amendment releasing Lender’s security interest in the collateral pledged to Lender relating to each Unencumbered Borrower, and (ii) instruments executed by Lender
reasonably necessary to evidence the release or cancellation of each Unencumbered Borrower from its obligations under the Loan Documents. All reasonable costs and expenses incurred by Lender in connection with such release shall be paid by Borrower.

 2.4.3. Prepayments After Default. If, during the continuance of an Event of Default, payment of all or any part of
the Debt is tendered by Borrower or otherwise recovered by Lender (including, without limitation, through application of any Reserve Funds), such tender or recovery shall (a) include interest at the Default Rate on the outstanding principal
amount of the Loan through the last calendar day of the Interest Period within which such tender or recovery occurs and (b) be deemed a voluntary prepayment by Borrower and shall in all instances include (i) an amount equal to the Spread
Maintenance Payment (to the extent the amount prepaid is in excess of the Free Prepayment Amount) if such tender or recovery occurs prior to the applicable Spread Maintenance End Date, and (ii) following a Securitization, all interest which
would have accrued on the amount of the Loan to be paid through the end of the related Interest Period. After the occurrence and during the continuance of an Event of Default, Lender may apply such payment to the Debt (until paid in full) in any
order or priority in its sole discretion. 
 2.4.4. Application of Prepayments to Components. Except for any Free
Prepayment Amount, any mandatory prepayment of the principal of the Loan made pursuant to Section 2.4.2 hereof and any other voluntary prepayments of principal of the Loan made pursuant to Section 2.4.1 or otherwise when no
Event of Default exists shall be applied by Lender between the Components as follows: (a) first, to the reduction of the outstanding principal balance of Component A/B/C, until reduced to zero, (b) second, to the reduction of the
outstanding principal balance of Component D until reduced to zero, (c) third, to the reduction of the outstanding principal balance of Component E until reduced to zero, and (iv) fourth, to the reduction of the outstanding principal
balance of Component F until reduced to zero. Any Free Prepayment Amount shall be applied to each Component of the Loan on a pro rata pari passu basis. Notwithstanding the foregoing to the contrary, during the continuance of any Event of Default,
any payment of principal from whatever source may be applied by Lender among the Components in Lender’s sole discretion. 

Section 2.5. Release of Property. Except as set forth in Section 2.4.2 or this Section 2.5, no repayment or
prepayment of all or any portion of the Loan shall cause, give rise to a right to require, or otherwise result in, the release of any Lien of any Mortgage on any Individual Property. For the avoidance of doubt, any prepayment of the Loan in
connection with a Condemnation or Casualty shall be governed by and made in accordance with Section 2.4.2, Section 6.3 and Section 6.4 hereof. 

  
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 2.5.1. Release of all Properties Upon Payment in Full. (a) If
Borrower has elected to prepay the entire Loan and the requirements of Section 2.4 and this Section 2.5 have been satisfied or the Loan is repaid in full on the Maturity Date, all of the Properties shall be released from the
Liens of their respective Mortgages and the other Loan Documents, except those obligations expressly stated to survive repayment of the Loan. In lieu of a release of the Lien of any Mortgage, at Borrower’s option, it may obtain an assignment
thereto to one or more designees in accordance with Section 2.5.4 hereof. 
 (b) Borrower shall submit to Lender, not less than
five (5) Business Days prior to the date on which the prepayment will be made, a release (or assignment) of Lien (and related Loan Documents) for each Individual Property for execution by Lender. Each release (or assignment) shall be in a form
appropriate in each jurisdiction in which the Individual Property is located and that would be satisfactory to a prudent lender acting reasonably. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered
by Borrower in connection with such release, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements and (ii) will effect such release in accordance with the terms of
this Agreement. Borrower shall pay all reasonable third-party costs and expenses incurred by Lender in connection with such release and the then current reasonable and customary fee being assessed by Servicer, if any, to effect such release. 

2.5.2. Release of Individual Property. If Borrower has elected to prepay a portion of the Loan and the requirements of
Section 2.4.1 and this Section 2.5.2 have been satisfied, and provided that no Event of Default has occurred and is continuing, Borrower may, at any time, obtain the release of such Individual Property from the Lien of the
Mortgage thereon (or at Borrower’s option, an assignment thereof to one or more designees of Borrower) and related Loan Documents, and the release of Borrower’s and/or Operating Lessee’s obligations under the Loan Documents with
respect to such Individual Property (other than those expressly stated in the Loan Documents to survive), upon the satisfaction of all of the following conditions: 

(a) The amount of the outstanding principal balance of the Loan to be prepaid shall equal the Adjusted Release Amount for the applicable
Individual Property (without duplication to amounts paid pursuant to Section 6.4(f) or Section 8.1(a)(xix) hereunder), and such prepayment shall be deemed a voluntary prepayment for all purposes hereunder including, without
limitation, the payment of any applicable Spread Maintenance Payment; 
 (b) Subsequent to such release, each Individual Borrower, Operating
Lessee and Principal shall continue to be a Special Purpose Entity pursuant to, and in accordance with, Section 4.1.30 hereof; 

(c) The Individual Property is transferred to a third party that is not an Affiliate of Borrower or Operating Lessee in an arm’s length
transaction; 
 (d) Borrower shall submit to Lender, not less than seven (7) days prior to the date on which the prepayment will be
made, a release (or assignment) of Lien (and related Loan Documents) for such Individual Property for execution by Lender. Such release (or assignment) 

  
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shall be in a form appropriate in each jurisdiction in which the Individual Property is located and that would be satisfactory to a prudent lender acting reasonably, including any standard
provisions, if any, protecting the rights of the releasing lender. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such release, together with an Officer’s
Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, (ii) will effect such release in accordance with the terms of this Agreement, and (iii) will not impair or otherwise adversely affect the
Liens and security interests granted under the Loan Documents and not being released (or as to the parties to the Loan Documents and Properties subject to the Loan Documents not being released); 

(e) After giving effect to such release, the Debt Yield as determined by Lender for the Properties then remaining subject to the Liens
of the Mortgages shall be equal to or greater than the greater of (i) the Debt Yield for all of the Properties subject to the Liens of the Mortgages immediately prior to giving effect to the applicable release or (ii) 11.04% (collectively,
the “Release Debt Yield”); 
 (f) Concurrently with the payment of the Adjusted Release Amount, each Mezzanine
Borrower (if any) shall make a partial prepayment of the related Mezzanine Loan equal to the applicable Mezzanine Adjusted Release Amount applicable to such Individual Property, together with any related interest, fees, prepayment premiums or other
amounts payable as set forth in Section 2.5.2(a) of the applicable Mezzanine Loan Documents in connection with such prepayment; 
 (g)
Intentionally Omitted; 
 (h) Borrower shall reimburse Lender and Servicer, if any, for any reasonable third party costs and expenses arising
from such release (including reasonable attorneys’ fees and expenses) and Borrower shall have paid, in connection with such release to the extent such costs have not already been paid directly by Borrower, (i) all recording charges, filing
fees, similar taxes or other expenses payable in connection therewith, (ii) all costs and expenses of the Rating Agencies incurred with respect to such release (to the extent such costs have not already been paid directly by Borrower), and
(iii) to any Servicer, the current fee being assessed by such Servicer to effect such release; 
 (i) Notwithstanding anything to the
contrary contained herein or in any other Loan Document, if the Loan is included in a REMIC Trust and the Loan-to-Value Ratio (as determined by Lender in its reasonable discretion using any commercially reasonable method permitted to a REMIC Trust)
exceeds or would exceed 125% immediately after giving effect to the release of the applicable Individual Property, no release will be permitted unless the principal balance of the Loan is prepaid by an amount not less than the greater of
(i) the Adjusted Release Amount or (ii) the least of the following amounts: (A) only if the released Individual Property is sold, the net proceeds of an arm’s length sale of the released Individual Property to an unrelated
Person, (B) the fair market value of the released Individual Property as reasonably determined by Lender at the time of the release, or (C) an amount such that the Loan-to-Value Ratio (as determined by Lender in its reasonable discretion
using any commercially reasonable method permitted to a REMIC Trust) after giving effect to the release of the applicable Individual 

  
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Property is not greater than the Loan-to-Value Ratio immediately prior to such release, unless Lender receives an opinion of counsel that, if this clause (ii) is applicable but not followed
or is no longer applicable at the time of such release, the Securitization will not fail to maintain its status as a REMIC Trust as a result of the release of the applicable Individual Property; 

(j) In connection with any release under this Section 2.5, in the event that such release would result in an Unencumbered Borrower,
such Unencumbered Borrower shall be released by Lender from the obligations of the Loan Documents, except with respect to those obligations that are expressly provided herein to survive repayment of the Loan. In connection with a release or
cancellation of each Unencumbered Borrower, Lender agrees to deliver (i) a UCC-3 Financing Statement termination or amendment releasing Lender’s security interest in the collateral pledged to Lender relating to each Unencumbered Borrower,
and (ii) instruments executed by Lender reasonably necessary to evidence the release or cancellation of each Unencumbered Borrower from its obligations under the Loan Documents. All reasonable costs and expenses incurred by Lender in connection
with such release shall be paid by Borrower; 
 (k) Notwithstanding anything to the contrary contained herein, in the event that
either (i) the Franchise Agreement for any Individual Property is terminated by Franchisor as a result of a default by Borrower or Operating Lessee, as applicable, thereunder and Borrower or Operating Lessee, as applicable, provides written
notice to Lender within five (5) Business Days from such termination electing to release such Individual Property or (ii) (A) there is a material default by Borrower or Operating Lessee, as applicable, under any Franchise Agreement
beyond any applicable notice or grace period that permits the Franchisor thereunder to terminate or cancel the Franchise Agreement, (B) Lender or any Mezzanine Lender has delivered a Franchise Default Election Notice, as such term is defined
herein or in any Mezzanine Loan Agreement, solely with respect thereto, (C) Borrower elects to release such Individual Property by delivering written notice to Lender within forty-five (45) days from delivery of such Franchise Default
Election Notice (in the case of items (i) and (ii), a “Borrower Franchise Default”) and (D) Borrower has demonstrated to Lender that it (or Operating Lessee, as applicable) has diligently in good faith pursued a cure of
such Borrower Franchise Default (which cure, for the avoidance of doubt, shall not require any capital contribution to Borrower or Operating Lessee to effectuate any cure or any obligation of Borrower or Operating Lessee, as applicable, to use
operating income or Rents from any Property other than the Individual Property that is the subject of the Borrower Franchise Default to effectuate such cure), Borrower shall be permitted to obtain a release of such Individual Property
(“Franchise Default Release”). In connection with any Franchise Default Release, Borrower shall be required to satisfy the conditions set forth in this Section 2.5.2 (including the payment of the Adjusted Release
Amount), except that Borrower shall not be required to satisfy the conditions set forth in Section 2.5.2(c) (provided that Borrower provides an Additional Insolvency Opinion addressing such transfer to an Affiliate) or
Section 2.5.2(e). Any prepayment of the Loan in connection with a Franchise Default Release shall be deemed a voluntary prepayment, and shall be subject to satisfaction of the conditions set forth in Section 2.4.1 (other than
the requirement to provide ten (10) days’ prior written notice or the payment of the Adjusted Release Amount to the extent paid pursuant to Section 2.5.2); provided, that no Spread Maintenance Payment or other premium,
penalty or charge shall be due in connection with any prepayment made in connection with a Franchise Default Release and such prepayment shall not count towards the Free Prepayment Amount; 

  
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 (l) Notwithstanding anything to the contrary contained herein, Borrower shall have the
right to cause the release of any Ground Leased Property in order to cure an Event of Default in connection with a default under the Ground Lease that was not caused by Borrower or Operating Lessee, as applicable, in bad faith to circumvent the
requirements of this Section 2.5.2 (“Ground Lease Default Release”). In connection with any Ground Lease Default Release, Borrower shall be required to satisfy the conditions set forth in Section 2.5.2
(including the payment of the Adjusted Release Amount), except that Borrower shall not be required to satisfy the conditions set forth in Section 2.5.2(c) (provided that Borrower provides an Additional Insolvency Opinion addressing such
transfer to an Affiliate) or Section 2.5.2(e). Any prepayment of the Loan in connection with a Ground Lease Default Release shall be deemed a voluntary prepayment, and shall be subject to satisfaction of the conditions set forth in
Section 2.4.1 (other than the requirement to provide 10 days’ prior written notice or the payment of the Adjusted Release Amount to the extent paid pursuant to Section 2.5.2); provided, that no Spread Maintenance
Payment or other premium, penalty or charge shall be due in connection with any prepayment made in connection with a Ground Lease Default Release and such prepayment shall not count towards the Free Prepayment Amount;  

(m) Notwithstanding anything to the contrary set forth in this Agreement, Borrower shall be permitted to release (i) the Individual
Property commonly known as Courtyard by Marriott located at 4115 Courtney Drive, Tuscaloosa, Alabama or (ii) the Individual Property commonly known as Fairfield Inn located at 4101 Courtney Drive, Tuscaloosa, Alabama (each an
“Individual Tuscaloosa Property”) in accordance with the terms and conditions set forth in this Section 2.5.2 provided (i) the Tuscaloosa Sublease is severed and (ii) the Individual Tuscaloosa Property not
subject to the release is subject to a sublease or the Tuscaloosa Sublease with an amendment, in each case, on the same terms as those relating to such Individual Property in the Tuscaloosa Sublease immediately prior to such release and severance
(including, without limitation, any and all leasehold mortgagee and lender protections contained in any document or agreement modifying or amending the Tuscaloosa Sublease), with such changes in rent and the description of the subleasehold estate
required to reflect the severance. Such new sublease (or the Tuscaloosa sublease as amended), together with recordable documents necessary to reflect such severance being subject to Lender’s prior written consent (not to be unreasonably
withheld, conditioned or delayed); and  
 (n) Notwithstanding anything to the contrary contained herein, Borrower shall have the
right to cause the release of any Individual Property in order to cure a Default or Event of Default or any Default or Event of Default under any Mezzanine Loan Agreement related to an Individual Property provided that (i) prior to releasing
such Individual Property, Borrower or Operating Lessee, as applicable, uses commercially reasonable efforts to cure such Default or Event of Default (which efforts shall not include any obligation of Borrower to use any operating income or Rents
from the Property other than the Individual Property subject to such Default or Event of Default to effectuate such cure) and (ii) such Default or Event of Default was not caused by Borrower or Operating Lessee, as applicable, in bad faith to
circumvent the requirements of this Section 2.5.2 (“Default Release”). In connection with any Default Release, Borrower shall be required to satisfy the conditions set forth in Section 2.5.2 (including the
payment of the Adjusted Release Amount), except that Borrower shall not be required to satisfy the conditions set forth in Section 2.5.2(c) (provided that Borrower provides an Additional Insolvency Opinion addressing such transfer to an
Affiliate) or Section 2.5.2(e). Any 

  
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prepayment of the Loan in connection with a Default Release shall be deemed a voluntary prepayment, and shall be subject to satisfaction of the conditions set forth in Section 2.4.1
(other than the requirement to provide ten (10) days’ prior notice and the payment of the Adjusted Release Amount to the extent paid pursuant to Section 2.5.2). 

2.5.3. Release in Connection with a Sale to Third-Party. Notwithstanding the provisions of Section 2.5.2(e),
with respect to a requested release of an Individual Property in conjunction with the sale of such Individual Property in an arm’s length transaction to a third party purchaser (with not more than a twenty-five percent
(25%) non-controlling direct or indirect interest in such Individual Property retained by Borrower, Guarantor, or any of their respective Affiliates), if the Debt Yield after giving effect to the release would not satisfy the definition of
Release Debt Yield, Borrower shall be permitted to obtain a release (or assignment) of the Lien of the Mortgage, provided that Borrower shall satisfy all of the conditions set forth in Section 2.5.2 (other than
Section 2.5.2(e)) except that (x) in lieu of paying the applicable Adjusted Release Amount in connection with such release pursuant to Section 2.5.2(a), Borrower shall pay to Lender, an amount equal to the greater of
(A) the Adjusted Release Amount applicable to such Individual Property and (B) the lesser of (I) Lender’s Allocation of one hundred percent (100%) of the gross cash proceeds actually received by Borrower from such Individual
Property (net of any reasonable and customary closing costs associated with the sale of such Individual Property) and (II) the amount of a pro rata prepayment of the Loan and the Mezzanine Loans (if any) that would be necessary to, after
giving effect to the requested release of the applicable Individual Property, satisfy the Debt Yield test set forth in Section 2.5.2(e) and (y) Mezzanine Borrowers (if any) in lieu of paying the applicable Mezzanine Adjusted Released
Amount shall pay to the applicable Mezzanine Lender, the amount required in accordance with Section 2.5.3 of the applicable Mezzanine Loan Agreement. In the case of any payment required to be made pursuant to clause (B) hereof, the portion
of such payment equal to the difference between the required payment under this Section 2.5.3 and the Adjusted Release Amount for such Individual Property shall be applied to prepay the Loan in accordance with the provisions of
Section 2.4.1 of this Agreement. Any such prepayment pursuant to this Section 2.5.3 shall be deemed a voluntary prepayment for all purposes hereunder, including, without limitation, the payment of any applicable Spread
Maintenance Payment. 
 2.5.4. Assignment of Mortgage. Upon the request of Borrower in connection with the release of
any Individual Property pursuant to the provisions of this Agreement, Lender agrees to cooperate, at Borrower’s sole cost and expense (including Lender’s reasonable attorneys’ fees and disbursements), to provide an assignment of the
Mortgage and a partial assignment of the portion of the Note equal to the principal amount of the Debt being prepaid in connection with the release, in each case, with respect to such Individual Property without representation, recourse, covenant or
warranty of any nature, express or implied, in lieu of the release. Notwithstanding the foregoing, Lender reserves the right to impose different requirements or procedures on such an assignment of the Mortgage to the extent (but only to the extent)
necessary to accommodate any Legal Requirements enacted or interpreted in a new manner subsequent to the date hereof at the time of such release if and to the extent a reasonably prudent Lender would impose such requirements or procedures. 

  
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 Section 2.6. Cash Management. 

2.6.1. Clearing Account/Concentration Account. (a) During the term of the Loan, Borrower and Operating Lessee,
shall establish and maintain: (i) with respect to each Individual Property that is not a Brand Managed Property, an Eligible Account (each, a “Clearing Account”, and collectively, the “Clearing Accounts”) with
Clearing Bank in trust for the benefit of Lender, which Clearing Accounts shall be under the sole dominion and control of Lender and entitled as set forth in the applicable Clearing Agreement and (ii) those certain concentration accounts
(individually and/or collectively (as the context requires), the “Concentration Account”) with the applicable Concentration Bank in trust for the benefit of Lender, which Concentration Accounts shall be under the sole dominion and
control of Lender and entitled as set forth in the applicable Concentration Account Agreement. 
 (b) For each Individual Property other than
a Brand Managed Property, Borrower and Operating Lessee shall (i) cause the delivery of irrevocable written instructions to each of the credit card companies or credit card clearing banks with which Borrower, Operating Lessee or Manager has
entered into merchant’s agreements to deliver all receipts payable with respect to such Individual Property directly to the Clearing Account and (ii) cause each Manager to, deposit all amounts received by Borrower, Operating Lessee or such
Manager constituting Rents into the applicable Clearing Account, not less than two (2) times per week during the term of the Loan. For each Brand Managed Property, Borrower and Operating Lessee shall cause each Brand Manager pursuant to the
applicable Management Agreement to, and each Brand Manager, as applicable, shall, deliver directly to the applicable Concentration Account all income and proceeds to which Borrower or Operating Lessee is entitled pursuant to the applicable
Management Agreement within one (1) Business Day after the applicable Individual Borrower or Operating Lessee is entitled to distributions pursuant to such Management Agreement. For the avoidance of doubt, capital contributions of the indirect
owners of Borrower shall not constitute Rents. In the event such amounts are mistakenly delivered directly to the related Individual Borrower or Operating Lessee, such Individual Borrower or Operating Lessee shall deliver such amounts to the
applicable Clearing Account or Concentration Account, as applicable, not less than two (2) times per week during the term of the Loan. 

(c) Each of Borrower and Operating Lessee hereby grants to Lender a first priority security interest in (i) each Clearing Account and all
deposits at any time contained therein and the proceeds thereof and (ii) the Concentration Account and all deposits at any time contained therein and the proceeds thereof, and in each case, will take all actions necessary to maintain in favor
of Lender a perfected first priority security interest in each Clearing Account and Concentration Account, including, without limitation, filing UCC-1 Financing Statements and continuations thereof. Such financing statements may describe as the
collateral covered thereby “all assets of the debtor, whether now owned or hereafter acquired” or words to that effect. Lender and Servicer shall have the sole right to direct withdrawals from each Clearing Account and the Concentration
Account in accordance with and subject to the Clearing Agreements and Concentration Account Agreement and all costs and expenses for establishing and maintaining each Clearing Account and the Concentration Account shall be paid by Borrower. All
monies now or hereafter deposited into each Clearing Account and the Concentration Account shall be deemed additional security for the Debt. 

  
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 (d) Borrower has obtained from each Clearing Bank, its agreement to transfer to the applicable
Concentration Account (other than a reasonable peg balance and the reasonable fees of the Clearing Bank as more particularly described in the applicable Clearing Agreement), in immediately available funds by federal wire transfer or ACH transfer,
all amounts on deposit in each Clearing Account not less than two (2) times per week throughout the term of the Loan. 
 (e)
Borrower has obtained from each Concentration Bank, its agreement to transfer to the Cash Management Account (other than a reasonable peg balance and the reasonable fees of each Concentration Bank as more particularly described in the applicable
Concentration Account Agreement), during a Cash Trap Period and upon notice to Concentration Bank of such Cash Trap Period, in immediately available funds by federal wire transfer or ACH transfer, all amounts on deposit in the Concentration Accounts
not less than two (2) times per week (the “Cash Trap Sweep Instructions”). In the event of a Cash Trap Event Cure, Lender shall, within three (3) Business Days of Borrower’s written request, provide notice of such
Cash Trap Event Cure to each Concentration Bank under each Concentration Account Agreement that the Cash Trap Sweep Instructions are no longer in effect and that all amounts on deposit in each Concentration Account shall be transferred by each
Concentration Bank to an account designated by Borrower. In the event a Cash Trap Period is not in effect, all amounts on deposit in each Concentration Account shall be transferred by each Concentration Bank to an account designated by Borrower.

 (f) Subject to Priority Waterfall Payments made pursuant to Section 3.4 of the Cash Management Agreement and
Section 2.6.2(e) hereof, upon the occurrence and during the continuance of an Event of Default, Lender may, in addition to any and all other rights and remedies available to Lender, apply any sums then present in each Clearing Account,
each Concentration Account and the Cash Management Account to the payment of the Debt in any order in its sole discretion, subject to the terms of Section 7.7 of this Agreement. 

(g) Each Clearing Account and each Concentration Account shall be an Eligible Account and shall not be commingled with other monies held by
Borrower, Operating Lessee, Manager, the applicable Clearing Bank, or the applicable Concentration Bank, as applicable. 
 (h) Neither
Borrower nor Operating Lessee shall further pledge, assign or grant any security interest in any Clearing Account or any Concentration Account or the monies deposited therein or permit any lien or encumbrance to attach thereto, or any levy to be
made thereon, or any UCC-1 Financing Statements, except those naming Lender as the secured party, to be filed with respect thereto. 
 (i)
Borrower shall indemnify Lender and hold Lender harmless from and against any and all actions, suits, claims, demands, liabilities, losses, damages, obligations and actual and out-of-pocket costs and expenses (including litigation costs and
reasonable attorney’s fees and expenses) arising from or in any way connected with any Clearing Account and/or the 

  
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Clearing Agreements or the Concentration Accounts and/or the Concentration Account Agreements (unless arising from the gross negligence or willful misconduct of Lender) or the performance of the
obligations for which the Clearing Accounts or the Concentration Account were established. 
 (j) Each of Borrower and Operating
Lessee hereby (i) to the extent a control account agreement (or other similarly named agreement) has been entered into among one or more Borrowers and/or Operating Lessee, as applicable, Lender, the applicable Brand Manager and the bank or
other financial institution holding the related FF&E under the applicable Management Agreement, grants to Lender a first priority security interest in each Manager Account maintained by a Brand Manager with respect to FF&E and (ii) to
the extent a control account agreement (or other similarly named agreement) has not been entered into among one or more Borrowers and/or Operating Lessee, as applicable, Lender, the applicable Brand Manager and the bank or other financial
institution holding the related FF&E under the applicable Management Agreement, pledges to Lender all of its right, title and interest in each Manager Account maintained by a Brand Manager with respect to FF&E (each, a “FF&E
Manager Reserve Account”). During the term of the Loan, Borrower and Operating Lessee, as applicable, shall use commercially reasonable efforts to cause each FF&E Manager Reserve Account to be maintained as an Eligible Account.

 2.6.2. Cash Management Account. (a) Borrower shall establish and maintain a segregated Eligible Account
(the “Cash Management Account”) to be held by Agent in trust and for the benefit of Lender, which Cash Management Account shall be under the sole dominion and control of Lender. The Cash Management Account shall be entitled as set
forth in the Cash Management Agreement. Borrower hereby grants to Lender a first priority security interest in the Cash Management Account and all deposits at any time contained therein and the proceeds thereof and will take all actions necessary to
maintain in favor of Lender a perfected first priority security interest in the Cash Management Account, including, without limitation, filing UCC-1 Financing Statements and continuations thereof. Borrower will not in any way alter or modify the
Cash Management Account and will notify Lender of the account number thereof. Lender and Servicer shall have the sole right to make withdrawals from the Cash Management Account and all costs and expenses for establishing and maintaining the Cash
Management Account shall be paid by Borrower. Within three (3) Business Days of the opening of the Cash Management Account, Borrower shall cause to be delivered to Lender a legal opinion in form and substance reasonably acceptable to Lender
with respect to the creation and perfection of a security interest in favor of Lender in the accounts in which a security interest is granted under the Cash Management Agreement. 

(b) The insufficiency of funds on deposit in the Cash Management Account shall not relieve Borrower from the obligation to make any payments,
as and when due pursuant to this Agreement and the other Loan Documents, and such obligations shall be separate and independent, and not conditioned on any event or circumstance whatsoever. 

(c) Subject to Section 2.6.2(e) hereof, all funds on deposit in the Cash Management Account following the occurrence and during the
continuance of an Event of Default may be applied by Lender pursuant to the terms of any Loan Document in such order and priority as Lender shall determine, subject to the terms of Section 7.7 of this Agreement. 

  
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 (d) Borrower hereby agrees that Lender may modify the Cash Management Agreement for the purpose
of establishing additional sub accounts in connection with any payments otherwise required under this Agreement and the other Loan Documents and Lender shall provide prior written notice thereof to Borrower no less than five (5) Business Days
prior to such modification. 
 (e) Notwithstanding anything contained herein or in the other Loan Documents to the contrary, Lender agrees
that, notwithstanding the existence of an Event of Default, prior to a Priority Payment Cessation Event, Lender shall apply amounts on deposit in the Cash Management Account to payment of the Priority Waterfall Payments or, provided that all
Priority Waterfall Payments have been made, for Protective Advances as reasonably determined by Lender. Any amounts remaining in the Cash Management Account after payment of the Priority Waterfall Payments shall be deposited in the Excess Cash Flow
Reserve Account and applied in accordance with Section 7.6 hereof. 
 2.6.3. Payments Received Under the Cash
Management Agreement. Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, and provided no Event of Default has occurred and is continuing, Borrower’s obligations with respect to the payment of
the Monthly Debt Service Payment Amount and amounts required to be deposited into the Reserve Funds, if any, shall be deemed satisfied to the extent sufficient amounts are deposited in the Cash Management Account to satisfy such obligations pursuant
to this Agreement and the Cash Management Agreement on the dates each such payment is required, regardless of whether any of such amounts are so applied by Lender. 

2.6.4. Distributions to Mezzanine Borrowers (if any). All transfers of funds on deposit in the Cash Management Account
to the Mezzanine Deposit Accounts or otherwise to or for the benefit of any Mezzanine Lender, pursuant to the Loan Agreement, the Cash Management Agreement or any of the other Loan Documents or Mezzanine Loan Documents are intended by Borrower, the
applicable Mezzanine Borrower (if any) and the applicable Mezzanine Lender (if any) to constitute, and shall constitute, distributions from Borrower to the Mezzanine Borrowers and from one Mezzanine Borrower to another Mezzanine Borrower, as
applicable. No provision of the Loan Documents or the Mezzanine Loan Documents shall create a debtor-creditor relationship between Borrower and any Mezzanine Lender. 

Section 2.7. Withholding Taxes. 

(a) Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower under any Loan Document shall be
made without deduction or withholding for any Section 2.7 Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of the Borrower) requires the deduction or withholding of any
Section 2.7 Tax from any such payment by the Borrower, then the Borrower shall be entitled to make such deduction or withholding and shall timely pay the full amount 

  
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deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Section 2.7 Tax is an Indemnified Tax, then the sum payable by the Borrower shall
be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 2.7(a)) the Lender receives an amount equal to the
sum it would have received had no such deduction or withholding been made. For the purposes of this Section 2.7, the term “Loan Documents” shall not include the Interest Rate Cap Agreement, the Assignment of Interest Rate Cap
Agreement or any other document with respect thereto, and the term “applicable law” shall include FATCA. 
 (b) Payment of Other
Taxes by the Borrower. The Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law any Other Taxes. 

(c) Indemnification by the Borrower. The Borrower shall indemnify Lender, within 10 days after demand therefor, for the full amount of
any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 2.7) payable or paid by such Lender or required to be withheld or deducted from a payment to such Lender and
any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or
liability delivered to the Borrower by a Lender shall be conclusive absent manifest error. 
 (d) Evidence of Payments. As soon as
practicable after any payment of Section 2.7 Taxes by the Borrower to a Governmental Authority pursuant to this Section 2.7, the Borrower shall deliver to the Lender the original or a certified copy of a receipt issued by such
Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Lender. 

(e) Status of Lenders. (i) Any Lender that is entitled to an exemption from or reduction of withholding Section 2.7 Tax with
respect to payments made under any Loan Document shall deliver to the Borrower, at the time or times reasonably requested by the Borrower, such properly completed and executed documentation reasonably requested by the Borrower as will permit such
payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower, shall deliver such other documentation prescribed by applicable law or reasonably requested by the
Borrower as will enable the Borrower to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution
and submission of such documentation (other than such documentation set forth in Section 2.7(e)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution
or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

(ii) Without limiting the generality of the foregoing, 

  
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 (A) any Lender that is a U.S. Person shall deliver to the Borrower on or prior
to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup
withholding tax; 
 (B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower (in
such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower), whichever of the
following is applicable: 
 (1) in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the
United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN or W8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Section 2.7 Tax pursuant
to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or W8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding
Section 2.7 Tax pursuant to the “business profits” or “other income” article of such tax treaty; 

(2) executed originals of IRS Form W-8ECI; 

(3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under
Section 881(c) of the Code, (x) a certificate substantially in the form attached hereto as Exhibit C-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a
“10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance
Certificate”) and (y) executed originals of IRS Form W-8BEN or W8BEN-E; or 
 (4) to the extent a
Foreign Lender is a partnership or is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or W8BEN-E, a U.S. Tax Compliance Certificate substantially in the form attached hereto as
Exhibit C-2 or Exhibit C-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such
Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form attached hereto as Exhibit C-4 on behalf of each such direct and indirect partner; 

  
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 (C) any Foreign Lender shall, to the extent it is legally entitled to do so,
deliver to the Borrower (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the
Borrower), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Section 2.7 Tax, duly completed, together with such supplementary documentation
as may be prescribed by applicable law to permit the Borrower to determine the withholding or deduction required to be made; and 

(D) if a payment made to a Lender under any Loan Document would be subject to a withholding Section 2.7 Tax imposed by
FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower at the time or times
prescribed by law and at such time or times reasonably requested by the Borrower such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably
requested by the Borrower as may be necessary for the Borrower to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and
withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such
form or certification or promptly notify the Borrower in writing of its legal inability to do so. 
 (f) Treatment of Certain Refunds.
If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Section 2.7 Taxes as to which it has been indemnified pursuant to this Section 2.7 (including by the payment of additional
amounts pursuant to this Section 2.7), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Section 2.7 Taxes giving rise to
such refund), net of all out-of-pocket expenses (including Section 2.7 Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying
party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (f) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the
event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (f), in no event will the indemnified party be required


  
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to pay any amount to an indemnifying party pursuant to this paragraph (f) the payment of which would place the indemnified party in a less favorable net after-tax position than the
indemnified party would have been in if the Section 2.7 Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to
such Section 2.7 Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its tax returns (or any other information relating to its Section 2.7 Taxes that it deems confidential) to
the indemnifying party or any other Person. 
 (g) Survival. Each party’s obligations under this Section 2.7 shall
survive any assignment of rights by, or the replacement of, a Lender and the repayment, satisfaction or discharge of all obligations under any Loan Document. Notwithstanding the foregoing or anything to the contrary set forth in this
Section 2.7, Borrower shall not be obligated to pay pursuant to this Section 2.7, and Lender shall not be entitled to claim compensation pursuant to this Section 2.7 for any amounts which were incurred or which
accrued more than ninety (90) days before the date Lender notified Borrower of the circumstance on which such claim of compensation is based and delivered to Borrower a written statement setting forth in reasonable detail the basis for
calculating the amounts payable by Borrower under this Section 2.7. 
 (h) Lender hereby agrees that, upon the occurrence of any
circumstances entitling Lender to additional amounts pursuant to this Section 2.7, Lender shall use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to designate a different applicable
lending office for the receipt of payments with respect to, or the funding or booking of, its Loan hereunder, if, in the reasonable judgment of such Lender, such designation (i) would eliminate or reduce such additional amounts payable pursuant
to Section 2.7 in the future, and (ii) would not subject such Lender to any material unreimbursed cost or expense and would not otherwise be materially disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable
costs and expenses incurred by any Lender in connection with such designation. 
 Section 2.8. Extension of the Initial Maturity
Date. Borrower shall have the option to extend the Initial Maturity Date of the Loan for three (3) successive terms (each such option, an “Extension Option” and each such successive term, an “Extension
Term”) of one (1) year each (the Initial Maturity Date following the exercise of each such option is hereinafter the “Extended Maturity Date”) upon satisfaction of the following terms and conditions: 

(a) no Event of Default shall have occurred and be continuing at the commencement of the applicable Extension Term; 

(b) Borrower shall provide Lender with written revocable notice of its election to extend the Maturity Date as aforesaid not later than thirty
(30) days and not earlier than one hundred twenty (120) days prior to the date the Loan is then scheduled to mature (provided that if Borrower shall subsequently revoke such notice, Borrower shall be responsible for Lender’s
reasonable, out-of-pocket costs and expenses incurred in connection with same); 

  
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 (c) If the Interest Rate Cap Agreement is scheduled to mature prior to the applicable Extended
Maturity Date, Borrower shall obtain and deliver to Lender on the first day of each Extension Option, one or more Interest Rate Cap Agreements in form substantially identical to the Interest Rate Cap Agreements delivered to Lender in connection with
the closing of the Loan or in a form otherwise reasonably acceptable to Lender from an Acceptable Counterparty in a notional amount equal to the then outstanding principal balance of the Loan, which Interest Rate Cap Agreement shall have a LIBOR
strike price that is not greater than the Strike Price and be effective commencing on the first date of such Extension Option and shall have a maturity date not earlier than the applicable Extended Maturity Date after giving effect to the option
then being exercised; and 
 (d) if any Mezzanine Loan is then outstanding, Lender shall have received evidence that each such Mezzanine Loan
shall have a maturity date not earlier than the Extended Maturity Date or shall have been repaid or extended (or will be contemporaneously extended) through a date not earlier than the applicable Extended Maturity Date. 

ARTICLE III. 

CONDITIONS PRECEDENT 

Section 3.1. Conditions Precedent to Closing. The obligation of Lender to make the Loan hereunder is subject to the fulfillment by
Borrower or waiver by Lender of all of the conditions precedent to closing set forth in the application or term sheet for the Loan delivered by Borrower to Lender and the commitment or commitment rider, if any, to the application or term sheet for
the Loan issued by Lender. 
 ARTICLE IV. 

REPRESENTATIONS AND WARRANTIES 

Section 4.1. Borrower Representations. Each Individual Borrower and Operating Lessee represent and warrant as of the Closing Date
that: 
 4.1.1. Organization. Each of Borrower, Principal and Operating Lessee has been duly organized and is validly
existing and in good standing with requisite power and authority to own or lease the applicable Individual Property and to transact the businesses in which it is now engaged. Each of Borrower and Operating Lessee is duly qualified to do business and
is in good standing in each jurisdiction where it is required to be so qualified in connection with its businesses and operations. Each of Borrower and Operating Lessee possesses all rights, licenses, permits and authorizations, governmental or
otherwise, necessary to entitle it to own the applicable Individual Property and to transact the businesses in which it is now engaged, except to the extent the failure to possess such rights, licenses and permits would not reasonably be expected to
materially and adversely affect Borrower, Operating Lessee or any Individual Property. Except as otherwise set forth in subsection (i) of the definition of “Special Purpose Entity”, the sole business of Borrower and Operating Lessee
is the ownership, leasing, management and operation of the related Properties. The ownership interests in Borrower and Operating Lessee are as set forth on the organizational chart attached hereto as Schedule 4.1.1. 

  
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 4.1.2. Proceedings. Each of Borrower and Operating Lessee has taken all
necessary action to authorize the execution, delivery and performance of this Agreement and the other Loan Documents to which it is a party. This Agreement and such other Loan Documents to which it is a party have been duly executed and delivered by
or on behalf of Borrower and Operating Lessee, as applicable, and constitute legal, valid and binding obligations of Borrower and Operating Lessee, as applicable, enforceable against Borrower and Operating Lessee, as applicable, in accordance with
their respective terms, subject only to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a
proceeding in equity or at law). 
 4.1.3. No Conflicts. The execution, delivery and performance of this Agreement and
the other Loan Documents by Borrower and Operating Lessee, as applicable, will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge
or encumbrance (other than pursuant to the Loan Documents) upon any of the property or assets of Borrower or Operating Lessee pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, partnership agreement, management
agreement or other agreement or instrument to which Borrower or Operating Lessee is a party or by which any of Borrower’s or Operating Lessee’s property or assets are subject (unless consents from all applicable parties thereto have been
obtained), nor will such action result in any violation of the provisions of any statute or any order, rule or regulation of any Governmental Authority having jurisdiction over Borrower or Operating Lessee or any of Borrower’s or Operating
Lessee’s properties or assets, and any consent, approval, authorization, order, registration or qualification of or with any court or any such Governmental Authority required for the execution, delivery and performance by Borrower or Operating
Lessee of this Agreement or any other Loan Documents to which it is a party has been obtained and is in full force and effect. 

4.1.4. Litigation. Except as set forth on Schedule 4.1.4 attached hereto, there are no actions, suits or
proceedings at law or in equity by or before any Governmental Authority or other agency or any unpaid indemnification obligations for which a claim has been made now pending or to Borrower’s or Operating Lessee’s knowledge, threatened
against or affecting Borrower, Principal, Operating Lessee or any Individual Property, which actions, suits, proceedings or any unpaid indemnification obligations, if determined against Borrower, Principal, Operating Lessee or any Individual
Property, would reasonably be expected to have a material adverse effect on the condition (financial or otherwise) or business of Borrower, Principal and Operating Lessee, taken as a whole, or the condition or ownership of any Individual Property.

 4.1.5. Agreements. Neither Borrower nor Operating Lessee is a party to any agreement or instrument or subject to
any restriction which would reasonably be expected to materially and adversely affect Borrower and Operating Lessee, taken as a whole, or any Individual Property, or, taken as a whole, Borrower’s and Operating Lessee’s business, properties
or assets, operations or condition, financial or otherwise. Neither Borrower nor Operating Lessee is in default in any material respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions


  
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contained in any agreement or instrument to which it is a party or by which Borrower, Operating Lessee or any of the Properties is bound, except to the extent such default would not reasonably be
expected to materially and adversely affect Borrower and Operating Lessee, taken as a whole, or any Individual Property. Neither Borrower nor Operating Lessee has any material financial obligation under any indenture, mortgage, deed of trust, loan
agreement or other agreement or instrument to which Borrower or Operating Lessee is a party or by which Borrower, Operating Lessee or the Properties are otherwise bound, other than (a) obligations incurred in the ordinary course of the
operation of the Properties as permitted pursuant to clause (xxiii) of the definition of “Special Purpose Entity” set forth in Section 1.1 hereof and (b) obligations under the Loan Documents. Other than with respect
to the Ground Leases, the Property Documents, the Operating Leases, the Management Agreements, the Franchise Agreements, the Franchise Guaranties and any documents disclosed in the Title Insurance Policies, all agreements or other instruments to
which Borrower and/or Operating Lessee is a party or otherwise relating to the Individual Properties are (x) terminable upon no more than thirty (30) days’ prior written notice without penalty or fee or (y) with respect to such
agreement or instrument, require Borrower and/or Operating Lessee, as applicable, to make payments during each calendar year during the term of such agreement or instrument in an aggregate yearly amount with respect to any Individual Property that
is less than or equal to $250,000. 
 4.1.6. Title. Borrower has good, marketable and insurable fee simple title to
the real property (or a leasehold estate as it relates to the Ground Leased Properties) comprising part of each Individual Property and good title to the balance of such Individual Property, free and clear of all Liens whatsoever except the
Permitted Encumbrances, such other Liens as are permitted pursuant to the Loan Documents and the Liens created by the Loan Documents. Operating Lessee has good, marketable and insurable title to the leasehold estate created by the Operating Lease,
free and clear of all Liens whatsoever except the Permitted Encumbrances, such other Liens as are permitted pursuant to the Loan Documents and the Liens created by the Loan Documents. The Permitted Encumbrances in the aggregate do not materially and
adversely affect the value, operation or use of any applicable Individual Property (as currently used) or Borrower’s ability to repay the Loan. Each Mortgage, when properly recorded in the appropriate records, together with any Uniform
Commercial Code financing statements required to be filed in connection therewith, will create (a) a valid, perfected first priority lien on Borrower’s and Operating Lessee’s interests in the applicable Individual Property, subject
only to Permitted Encumbrances and the Liens created by the Loan Documents and (b) perfected security interests in and to, and perfected collateral assignments of, all personalty (including the Leases) to the extent a security interest may be
perfected therein by the recording of the Mortgage or the filing of a financing statement under the Uniform Commercial Code, all in accordance with the terms thereof, in each case subject only to any applicable Permitted Encumbrances, such other
Liens as are permitted pursuant to the Loan Documents and the Liens created by the Loan Documents. Except as set forth in Schedule 4.1.6 or in the Title Insurance Policies, to Borrower’s and Operating Lessee’s knowledge, there are
no claims for payment for work, labor or materials affecting the Properties which are a Lien prior to, or of equal priority with, the Liens created by the Loan Documents and as to which Lender has not otherwise received affirmative insurance in the
applicable Title Insurance Policy (in form and substance satisfactory to Lender in all respects). 

  
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 4.1.7. Solvency. Neither Borrower nor Operating Lessee has entered into
this transaction or executed the Note, this Agreement or any other Loan Documents with the actual intent to hinder, delay or defraud any creditor and each of Borrower and Operating Lessee has received reasonably equivalent value in exchange for its
obligations under such Loan Documents. After giving effect to the Loan, the fair saleable value of Borrower’s and Operating Lessee’s assets exceeds and will, immediately following the making of the Loan, exceed Borrower’s and
Operating Lessee’s total liabilities, including, without limitation, subordinated, unliquidated, disputed and contingent liabilities. The fair saleable value of Borrower’s and Operating Lessee’s assets is and will, immediately
following the making of the Loan, be greater than Borrower’s and Operating Lessee’s probable liabilities, including the maximum amount of its contingent liabilities on its debts as such debts become absolute and matured. Borrower’s
and Operating Lessee’s assets do not and, immediately following the making of the Loan will not, constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted. Neither Borrower nor Operating Lessee
intends to, or believes that it will, incur debt and liabilities (including contingent liabilities and other commitments) beyond its ability to pay such debt and liabilities as they mature (taking into account the timing and amounts of cash to be
received by Borrower or Operating Lessee and the amounts to be payable on or in respect of obligations of Borrower or Operating Lessee). No petition in bankruptcy has been filed against Borrower, Principal, Operating Lessee or any of their
respective constituent Persons in the last seven (7) years, and none of Borrower, Principal, Operating Lessee or any constituent Person in the last seven (7) years has ever made an assignment for the benefit of creditors or taken advantage
of any insolvency act for the benefit of debtors. None of Borrower, Operating Lessee or any of their respective constituent Persons are contemplating either the filing of a petition by it under any state or federal bankruptcy or insolvency laws or
the liquidation of all or a major portion of Borrower’s, Principal’s or Operating Lessee’s assets or property, and neither Borrower nor Operating Lessee has any knowledge of any Person contemplating the filing of any such petition
against it or such constituent Persons. 
 4.1.8. Full and Accurate Disclosure. No statement of fact made by Borrower
or Operating Lessee in this Agreement or in any of the other Loan Documents contains any untrue statement of a material fact or omits to state any material fact necessary to make statements contained herein or therein not misleading. There is no
material fact presently known to Borrower or Operating Lessee which has not been disclosed to Lender which adversely affects, nor as far as Borrower or Operating Lessee can reasonably foresee, would be reasonably likely to materially and adversely
affect, any Individual Property or the business, operations or condition (financial or otherwise) of Borrower and/or Operating Lessee. 

4.1.9. No Plan Assets. As of the date of this Agreement, none of Borrower, Operating Lessee or Guarantor is an
“employee benefit plan,” as defined in Section 3(3) of ERISA, whether or not subject to Title I of ERISA, and none of the respective assets of Borrower, Operating Lessee or Guarantor constitute “plan assets” of


  
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any benefit plan investor within the meaning of 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA (the “Plan Asset Regulations”). Except as
could not reasonably be expected, individually or in the aggregate to have a material adverse effect on Borrower, Operating Lessee or any Property, none of Borrower, Operating Lessee, Guarantor or any ERISA Affiliate is obligated to contribute to
any employee benefit plan (as so defined) subject to Title IV of ERISA. Assuming compliance by the Lender with paragraph (d) of Section 5.2.9 of this Agreement, transactions contemplated hereunder by or with Borrower, Operating
Lessee or Guarantor are not subject to any state or other statute or regulation applicable to Borrower, Operating Lessee or Guarantor with respect to governmental plans within the meaning of Section 3(32) of ERISA which are substantially
similar to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Code currently in effect and which prohibit the transactions contemplated by this Agreement, including, but not limited to the exercise by
Lender of any of its rights under the Loan Documents. 
 4.1.10. Compliance. Except as set forth on the zoning
reports for each Individual Property delivered to Lender on or before the Closing Date, Borrower, Operating Lessee and the Properties and the use thereof comply in all material respects with all applicable Legal Requirements, including, without
limitation, building and zoning ordinances and codes, except to the extent such failure to comply would not reasonably be expected to have a material adverse effect on the Individual Property. Neither Borrower nor Operating Lessee is in default or
violation of any order, writ, injunction, decree or demand of any Governmental Authority. There has not been committed by Borrower or Operating Lessee or to the best of Borrower’s or Operating Lessee’s knowledge, any other Person in
occupancy of or involved with the operation or use of the Properties any act or omission affording the federal government or any other Governmental Authority the right of forfeiture as against any Individual Property or any part thereof or any
monies paid in performance of Borrower’s or Operating Lessee’s obligations under any of the Loan Documents. 

4.1.11. Financial Information. All financial data, including, without limitation, the statements of cash flow and income
and operating expense, that have been delivered to Lender in connection with the Loan (i) are true, complete and correct in all material respects (or to the extent that any such financial data was incorrect in any material respect when
delivered, the same have been corrected by financial data subsequently delivered to Lender prior to the Closing Date in writing and containing an express reference to any and all such concerns), (ii) accurately represent the financial condition
of Borrower, Operating Lessee and the Properties, as applicable, as of the date of such reports, and (iii) to the extent prepared or audited by an independent certified public accounting firm, have been prepared in accordance with GAAP
throughout the periods covered, except as disclosed therein. The foregoing representation shall not apply to any such financial data that constitutes projections, provided that each of Borrower and Operating Lessee represents and warrants
that such projections were made in good faith and that neither Borrower nor Operating Lessee has any reason to believe that such projections are materially inaccurate. Except for Permitted Encumbrances, neither Borrower nor Operating Lessee has any
contingent liabilities, liabilities for taxes, unusual forward or long term commitments or unrealized or anticipated losses from any 

  
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unfavorable commitments that are known to Borrower or Operating Lessee and are reasonably likely to have a material adverse effect on any Individual Property or the current operation thereof as a
hotel, except as referred to or reflected in said financial statements. Since the date of such financial statements, there has been no materially adverse change in the financial condition, operations or business of Borrower or Operating Lessee from
that set forth in said financial statements. 
 4.1.12. Condemnation. Except as set forth on Schedule 4.1.12, no
Condemnation or other proceeding has been commenced or, to the best of Borrower’s or Operating Lessee’s knowledge, is threatened or contemplated with respect to all or any portion of any Individual Property or for the relocation of
roadways providing access to any Individual Property, other than to the extent the same would not reasonably be expected to have a material adverse effect on the Individual Property affected thereby. 

4.1.13. Federal Reserve Regulations. No part of the proceeds of the Loan will be used for the purpose of purchasing or
acquiring any “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System or for any other purpose which would be inconsistent with such Regulation U or any other Regulations of such Board of
Governors, or for any purposes prohibited by Legal Requirements or by the terms and conditions of this Agreement or the other Loan Documents. 

4.1.14. Utilities and Public Access. Except as set forth in the Title Insurance Policies or except to the extent that
there is no material adverse effect on any Individual Property, (i) each Individual Property has rights of access to public ways and is served by water, sewer, sanitary sewer and storm drain facilities adequate to service such Individual
Property for its respective intended uses; (ii) all public utilities necessary or convenient to the full use and enjoyment of each Individual Property are located either in the public right of way abutting such Individual Property (which are
connected so as to serve such Individual Property without passing over other property) or in recorded easements serving such Individual Property and such easements are set forth in and insured by the Title Insurance Policies; and (iii) all
roads necessary for the use of each Individual Property for their current respective purposes have been completed and dedicated to public use and accepted by all Governmental Authorities. 

4.1.15. Not a Foreign Person. Neither Borrower nor Operating Lessee (or if any of Borrower or Operating Lessee is a
disregarded entity for U.S. federal income tax purposes, such entity’s beneficial owner) is a “foreign person” within the meaning of § 1445(f)(3) of the Code. 

4.1.16. Separate Lots. Except as set forth in the Title Insurance Policies or on Schedule 4.1.16, each Individual
Property is comprised of one (1) or more parcels which constitute a separate tax lot or lots and does not constitute a portion of any other tax lot not a part of such Individual Property. 

  
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 4.1.17. Assessments. Except as set forth in the Title Insurance Policies
or on Schedule 4.1.17, to Borrower’s or Operating Lessee’s knowledge, there are no pending or proposed special or other assessments for public improvements or otherwise affecting any Individual Property, nor are there any
contemplated improvements to any Individual Property that may result in such special or other assessments. 
 4.1.18.
Enforceability. The Loan Documents are enforceable by Lender (or any subsequent holder thereof) in accordance with their respective terms, subject to principles of equity and bankruptcy, insolvency and other laws generally applicable to
creditors’ rights and the enforcement of debtors’ obligations. The Loan Documents are not subject to any right of rescission, set off, counterclaim or defense by Borrower, Operating Lessee or Guarantor, including the defense of usury, nor
would the operation of any of the terms of the Loan Documents, or the exercise of any right thereunder, render the Loan Documents unenforceable (subject to principles of equity and bankruptcy, insolvency and other laws generally affecting
creditors’ rights and the enforcement of debtors’ obligations), and none of Borrower, Operating Lessee or Guarantor has asserted any right of rescission, set off, counterclaim or defense with respect thereto. 

4.1.19. No Prior Assignment. There are no prior assignments of the Leases or any portion of the Rents due and payable or
to become due and payable which are presently outstanding except in accordance with the Loan Documents. 
 4.1.20.
Insurance. Borrower has obtained and has delivered to Lender a certificate of insurance for all Policies (or certified copies of any Policy, to the extent Lender shall have requested the same) reflecting the insurance coverages, amounts and
other requirements set forth in this Agreement. No claims have been made or are currently pending, outstanding or otherwise remain unsatisfied under any such Policy and would reasonably be expected to have a material adverse effect with respect to
any Individual Property, Borrower’s or Operating Lessee’s ability to perform its obligations under the Loan Documents and/or Lender’s security interest in such Individual Property, and none of Borrower, Operating Lessee or, to
Borrower’s or Operating Lessee’s knowledge, any other Person, has done, by act or omission, anything which would impair the coverage of any such Policy. 

4.1.21. Use of Property. Each Individual Property is used exclusively for hotel purposes and other appurtenant and
related uses 
 4.1.22. Certificate of Occupancy; Licenses. Except as set forth on Schedule 4.1.22 all
certifications, permits, licenses and approvals, including without limitation, certificates of completion and occupancy permits and any applicable liquor license required for the legal use, occupancy and operation of each Individual Property as a
hotel (collectively, the “Licenses”), have been obtained and are in full force and effect, except for where the failure to obtain such licenses or for such licenses to not be in full force and effect does not have a material adverse
effect on Borrower and Operating Lessee, taken as a whole, or any Individual Property. Borrower and Operating Lessee shall (or shall cause Manager or an Affiliate of Manager to) keep and maintain all Licenses necessary for the operation of each
Individual Property as a hotel to the extent the failure to have such licenses would reasonably be expected to result in a material adverse effect with respect to the Individual Property to which it relates. The use being made of each Individual
Property is in conformity in all material respects with the certificate of occupancy, if any, issued for such Individual Property. 

  
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 4.1.23. Flood Zone. Except as set forth in the Surveys or the flood
determinations obtained by Lender or Schedule 4.1.23 attached hereto, none of the Improvements on any Individual Property are located in an area as identified by the Federal Emergency Management Agency as an area having special flood hazards
and, if so located, the flood insurance required pursuant to Section 6.1(a)(i) is in full force and effect with respect to each such Individual Property. 

4.1.24. Physical Condition. Except if the same do not, in the aggregate in respect of the Individual Property affected
thereby, have a material adverse effect on such Individual Property, and except as disclosed in the property condition reports delivered to Lender in connection with the making of the Loan, to Borrower’s and Operating Lessee’s knowledge,
(i) each Individual Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment,
elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; and (ii) there exists no structural or other material defects or damages in
any Individual Property, whether latent or otherwise, and neither Borrower nor Operating Lessee has received notice from any insurance company or bonding company of any defects or inadequacies in any Individual Property, or any part thereof, which
have not been remedied prior to the Closing Date and would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance
or bond. 
 4.1.25. Boundaries. Except as set forth in the Surveys, all of the improvements which were included in
determining the appraised value of each Individual Property lie wholly within the boundaries and building restriction lines of such Individual Property, and, except as disclosed in the Surveys, no improvements on adjoining properties encroach upon
any Individual Property, and no easements or other encumbrances upon any Individual Property encroach upon any of the Improvements, so as to materially affect the value or marketability of the applicable Individual Property except those which are
insured against by the applicable Title Insurance Policy. 
 4.1.26. Leases. To Borrower’s and Operating
Lessee’s knowledge, the Properties are not subject to any Material Leases other than the Material Leases described in the rent roll attached hereto as Schedule 4.1.26 and made a part hereof and, to Borrower’s and Operating
Lessee’s knowledge, is true, complete and accurate in all material respects as of the Closing Date. With respect to each Individual Property, Operating Lessee is the owner and lessor of landlord’s interest in the applicable Leases. To
Borrower’s and Operating Lessee’s knowledge, (i) with the exception of hotel guests and patrons and certain telecommunication and antenna licenses, no Person has any possessory interest in any Individual Property or right to occupy
the same except under and pursuant to the provisions of the Leases, (ii) the current Material Leases are in full 

  
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force and effect and neither Borrower nor Operating Lessee has received or delivered written notice that either party is in default under a Material Lease except for (A) defaults which have
been cured and (B) defaults that do not, in the aggregate for any Individual Property, have a materially adverse effect. No Rent has been paid more than one (1) month in advance of its due date (except with respect to provision of rooms
and banquet and meeting space and services in the ordinary course of business). To Borrower’s and Operating Lessee’s knowledge, no Tenant listed on Schedule 4.1.26 has assigned its Lease or sublet all or any portion of the premises
demised thereby, no such Tenant holds its leased premises under assignment or sublease, nor does anyone except such Tenant and its employees occupy such leased premises. No Tenant under any Lease has a right or option pursuant to such Lease or
otherwise to purchase all or any part of the leased premises or the building of which the leased premises are a part and no tenant under any Lease has any right or option for additional space in the Improvements. 

4.1.27. Survey. To Borrower’s and Operating Lessee’s knowledge, the Survey for each Individual Property
delivered to Lender in connection with this Agreement does not fail to reflect any material matter affecting such Individual Property or the title thereto, except to the extent the same would not be reasonably be expected to have a material adverse
effect on Borrower and Operating Lessee, taken as a whole, or an Individual Property. 
 4.1.28. Inventory. Borrower
is the owner of or leases (or Manager as agent for Borrower or Operating Lessee, as applicable in accordance with the Management Agreement leases) all of the Equipment, Fixtures and Personal Property (as such terms are defined in the Mortgages)
located on or at each Individual Property. All of the Equipment, Fixtures and Personal Property are sufficient to operate the Properties in the manner required hereunder and in the manner in which they are currently operated. 

4.1.29. Filing and Recording Taxes. All mortgage, mortgage recording, stamp, intangible or other similar tax required to
be paid by any Person under applicable Legal Requirements currently in effect in connection with the execution, delivery, recordation, filing, registration, perfection or enforcement of any of the Loan Documents, including, without limitation, the
Mortgages, have been paid (or sufficient funds have been escrowed with the Title Company for such payment), and, under current Legal Requirements, each of the Mortgages are enforceable in accordance with their respective terms by Lender (or any
subsequent holder thereof), subject to principles of equity and bankruptcy, insolvency and other laws generally applicable to creditors’ rights and the enforcement of debtors’ obligations. 

4.1.30. Special Purpose Entity/Separateness. (a) Except as disclosed on Schedule 4.1.30, each Loan Party has
at all times been and is a Special Purpose Entity. 
 (b) The representations and warranties set forth in Section 4.1.30 shall
survive for so long as any amount remains payable to Lender under this Agreement or any other Loan Document. 

  
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 (c) Any and all of the stated facts and assumptions made in any Insolvency Opinion, including,
but not limited to, any exhibits attached thereto, will have been true and correct in all respects, and each Loan Party will have complied with all of the stated facts and assumptions made with respect to it in any Insolvency Opinion, in each case
as of the date of such Insolvency Opinion. To Borrower’s and Operating Lessee’s knowledge, each entity other than the Loan Parties with respect to which an assumption is made or a fact stated in any Insolvency Opinion will have complied
with all of the assumptions made and facts stated with respect to it in any such Insolvency Opinion, in each case as of the date of such Insolvency Opinion. 

(d) Each Loan Party hereby represents with respect to itself and each other Loan Party that any amendment or restatement of any organizational
document of any Loan Party has been accomplished in accordance with, and was permitted by, the relevant provisions of such document prior to its amendment or restatement from time to time. 

(e) Any amendment or restatement of any Loan Party’s organizational documents was accomplished in accordance with, and was permitted by,
the relevant provisions of applicable law and the relevant provisions of said document prior to its amendment or restatement from time to time. 

(f) Each Loan Party that is a limited liability company and Principal has at all times had at least one member and each Loan Party that is a
limited partnership has at all times had one general partner and one limited partner that were different Persons, as applicable. 
 (g) Any
payments made pursuant to the Loan Documents to or for the benefit of any Borrower or any Mezzanine Borrower shall constitute distributions to or at the discretion of the applicable equity owner of such entity. 

(h) The Organizational Documents for each Loan Party that is a Delaware limited liability company shall provide that except for duties to any
Loan Party as set forth in the Organizational Documents (including duties to the member and any Loan Party’s creditors solely to the extent of their respective economic interests in such Loan Party, but excluding (i) all other interests of
the member, (ii) the interests of other Affiliates of a Loan Party, and (iii) the interests of any group of Affiliates of which a Loan Party is a part), the Independent Directors shall not have any fiduciary duties to the member, any
officer or any other Person bound by the applicable Loan Party’s Organizational Documents; provided, however, the foregoing shall not eliminate the implied contractual covenant of good faith and fair dealing. The Organizational Documents for
each Loan Party’s that is a Delaware Limited Liability Company shall provide that to the fullest extent permitted by law, including Section 18-1101(e) of the Delaware Limited Liability Company Act, an Independent Director shall not be
liable to Borrower, the member or any other Person bound by the applicable Loan Party’s Organizational Documents for breach of contract or breach of duties (including fiduciary duties), unless the Independent Director acted in bad faith or
engaged in willful misconduct. The Organizational Documents for each Loan Party that is a Delaware Limited Liability Company shall provide that all right, power and authority of the Independent Directors shall be limited to the extent necessary to
exercise those rights and perform those duties specifically set forth in the applicable Loan Party’s Organizational Documents. The Organizational Documents for each Loan Party that is a Delaware Limited


  
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Liability Company shall provide that notwithstanding any other provision of the applicable Loan Party’s Organizational Documents to the contrary, each Independent Director, in its capacity
as an Independent Director, may only act, vote or otherwise participate in those matters referred to in Section 9(j)(iii) of the applicable Loan Party’s Organizational Documents or as otherwise specifically required by the applicable
Organizational Documents, and such Independent Director’s act, vote or other participation shall not be required for the validity of any action taken by the board of directors of such Borrower unless, pursuant to the provisions of
Section 9(j)(iii) or as otherwise specifically provided in the applicable Organizational Documents, such action would be invalid in the absence of the affirmative vote or consent of such Independent Director. The Organizational Documents of
each Loan Party that is not a Delaware limited liability company shall contain terms and provisions similar to the terms and provisions set forth in this subclause (h) to the extent permitted by applicable law. 

(i) Without limiting the foregoing in this Section 4.1.30, each Loan Party and except as set forth on Schedule 4.1.30
(i) has since the date of its formation been duly formed, validly existing and in good standing in the state of its incorporation or formation and in all other jurisdictions where it is qualified to do business, (ii) subject to its right
to contest taxes in good faith by appropriate proceedings and is not involved in any dispute with any taxing authority which is reasonably likely to have a material adverse effect on any Individual Property or the Loan Parties (taken as a whole),
(iii) is not now or has ever been, party to any lawsuit, arbitration, summons or legal proceeding that resulted in a judgment against it that has not been paid in full, and (iv) has all times since the date of its formation been a single
purpose, bankruptcy remote entity and complied with the separateness covenants set forth in its respective limited liability company agreements. 

(j) Borrower has delivered Phase I reports to Lender for the Previously-Owned Property, which reports concluded that as of the date of such
reports there are no recognized environmental conditions with respect to the Previously-Owned Property. 
 (k) Each Loan Party has no
judgments or Liens of any nature against it except for Section 2.7 Tax liens not yet due and the Permitted Encumbrances. 
 (l) Each
Loan Party has provided Lender with complete financial statements that reflect a fair and accurate view of the entity’s financial condition. 

(m) Each Loan Party has no material contingent or actual obligations not related to the Property other than in connection with (A) with
respect to BRE Select Hotel Properties Borrower, BRE Select Hotel Properties Borrower’s limited liability company interest in Operating Lessee or (B) with respect to each Principal, such Principal’s general partnership interest and
obligations with respect to the Loan Party in which it owns an interest. 
 4.1.31. Management Agreement. Each
Management Agreement is in full force and effect and, to Borrower’s and Operating Lessee’s knowledge, there is no material default thereunder by any party thereto and no event has occurred that, with the passage of time and/or the giving
of notice would constitute a material default thereunder. Each Management Agreement was entered into on commercially reasonable terms. The aggregate amount of key money and development money to be paid to any Borrower and/or Operating Lessee under
the Management Agreements and Franchise Agreements does not exceed $415,000. 

  
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 4.1.32. Illegal Activity. No portion of any Individual Property has been
or will be purchased by Borrower or Operating Lessee with proceeds of any illegal activity. 
 4.1.33. No Change in Facts
or Circumstances; Disclosure. To Borrower’s and Operating Lessee’s knowledge, all information submitted by and on behalf of Borrower and Operating Lessee to Lender and in all financial statements, rent rolls (including the rent roll
attached hereto as Schedule 4.1.26), reports, certificates and other documents submitted in connection with the Loan or in satisfaction of the terms thereof and all statements of fact made by Borrower or Operating Lessee in this
Agreement or in any other Loan Document, are true, complete and correct in all material respects (or to the extent any such data was incorrect in any material respect when delivered, the same has been corrected by information subsequently delivered
to Lender on or prior to the date hereof). The foregoing representation shall not apply to any such financial information that constitutes projections, provided that each of Borrower and Operating Lessee represents and warrants that it has no
reason to believe that such projections are materially inaccurate. There has been no material adverse change in any condition, fact, circumstance or event that would make any such information inaccurate, incomplete or otherwise misleading in any
material respect or that otherwise materially and adversely affects or might materially and adversely affect the use, operation or value of the Properties or the business operations or the financial condition of Borrower or Operating Lessee, taken
as a whole (except to the extent further disclosed in writing to Lender). Each of Borrower and Operating Lessee has disclosed to Lender all material facts known to Borrower and Operating Lessee and has not failed to disclose any material fact known
to Borrower or Operating Lessee that could cause any Provided Information or representation or warranty made herein to be materially misleading. 

4.1.34. Investment Company Act. Neither Borrower nor Operating Lessee is (a) an “investment company” or a
company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended; (b) a “holding company” or a “subsidiary company” of a “holding company” or
an “affiliate” of either a “holding company” or a “subsidiary company” within the meaning of the Public Utility Holding Company Act of 2005, as amended; or (c) subject to any other federal or state law or
regulation which purports to restrict or regulate its ability to borrow money. 
 4.1.35. Embargoed Person. As of the
date hereof, (a) none of the funds or other assets of Borrower or any other Loan Party constitute property of, or are beneficially owned, directly or indirectly, by any person, entity or government subject to trade restrictions under U.S. law,
including but not limited to, the USA PATRIOT Act (including anti-terrorism provisions thereof), the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1
et seq., and any Executive Orders or regulations promulgated thereunder with the result that the investment in Borrower or any other Loan Party (whether directly or indirectly), is prohibited by law or the Loan made by the Lender is in
violation of law (“Embargoed Person”); (b) none of the funds or other assets of Borrower or any other 

  
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Loan Party constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person; (c) no Embargoed Person has any interest of any nature whatsoever in Borrower
with the result that the investment in Borrower or any other Loan Party (whether directly or indirectly), is prohibited by law or the Loan is in violation of law; and (d) none of the funds of Borrower or any other Loan Party have been derived
from or are the proceeds of, any unlawful activity with the result that the investment in Borrower or any other Loan Party (whether directly or indirectly), is prohibited by law or the Loan is in violation of law. Notwithstanding the foregoing, the
representations contained in this Section 4.1.35, to the extent they relate to the Preferred Shares, or any interest therein or holder thereof, are made to Borrower’s knowledge. 

4.1.36. Principal Place of Business; State of Organization. Borrower’s and Operating Lessee’s principal place
of business as of the date hereof is the address set forth in the introductory paragraph of this Agreement. The Borrower and Operating Lessee are organized under the laws of the State of Delaware and their organizational identification numbers are
listed in Schedule 4.1.36. 
 4.1.37. Reserved. 

4.1.38. Reserved. 

4.1.39. Ground Lease. 

(a) The Ground Lease or a memorandum of such Ground Lease has been duly recorded. Each Ground Lease permits the interest of Borrower (and
Operating Lessee) to be encumbered by a mortgage or the Ground Lessor has approved and consented to the encumbrance of the Ground Leased Property by the applicable Mortgage. There have not been amendments or modifications to the terms of the Ground
Lease since recordation of the Ground Lease (or a memorandum thereof), with the exception of written instruments disclosed to Lender in this Agreement. 

(b) The Ground Lease may not be terminated, surrendered or amended without the prior written consent of Lender; provided that the Ground
Lessor shall not be prevented from exercising its remedies in accordance with the Ground Lease if the obligations of Borrower under the Ground Lease are not performed as provided in the Ground Lease. 

(c) Except for the Permitted Encumbrances and other encumbrances of record, Borrower’s interest in the Ground Lease is not subject to any
Liens or encumbrances superior to, or of equal priority with, the applicable Mortgage other than the Ground Lessor’s related fee interest. 

(d) In the event of a foreclosure or assignment or transfer in lieu of foreclosure, the Lender has a one-time right to assign the Ground Lease
without the Ground Lessor’s consent without being subject to the net worth tests set forth in the Ground Lease. 
 (e) As of the date
hereof, the Ground Lease is in full force and effect and no default has occurred on the part of the Borrower under the Ground Lease, nor to Borrower’s knowledge has any default occurred by the Ground Lessor under the Ground Lease (except in


  
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each case, any such default that has been previously cured). There is no existing condition which, but for the passage of time or the giving of notice, could result in (i) a default by the
Borrower under the terms of the Ground Lease or (ii) to Borrower’s knowledge, a default by Ground Lessor under the terms of the Ground Lease. 

(f) Except as set forth on Schedule 4.1.39 hereto, under the terms of the Ground Lease and the Loan Documents, taken together, any
related insurance and condemnation proceeds that are paid or awarded to Borrower with respect to the leasehold interest will be applied pursuant to the terms of the Loan Documents. 

(g) The Ground Lease requires the Ground Lessor to give notice of any default by Borrower to Lender prior to exercising its remedies
thereunder. 
 (h) Lender is permitted the opportunity to cure any default under the Ground Lease, which is curable after the receipt of
notice of the default before the Ground Lessor thereunder may terminate the Ground Lease. 
 (i) The Ground Lease has a term which extends
not less than twenty (20) years beyond the Maturity Date (including any unexercised option periods and automatic renewal periods). 

(j) Except as set forth on Schedule 4.1.39, the Ground Lease requires the Ground Lessor to enter into a new lease upon termination
(prior to expiration of the term thereof) of the Ground Lease for any reason including rejection or disaffirmation of the Ground Lease in a bankruptcy proceeding. 

(k) Except as may be set forth on Schedule 4.1.39, the Ground Lease does not impose any restrictions on subleasing, provided the tenant
under the Ground Lease remains primarily liable for such tenant’s obligations thereunder. 
 4.1.40. Cash Management Account.

 (a) The Cash Management Agreement, the Concentration Account Agreement, each Clearing Account Agreement and this Agreement create a valid
and continuing security interest (as defined in the Uniform Commercial Code of the State of New York) in each Clearing Account, the Concentration Account and the Cash Management Account (to the extent the Cash Management Account is opened as of the
date hereof) in favor of Lender, which security interest is prior to all other Liens, other than Permitted Encumbrances, and is enforceable as such against creditors of and purchasers from Borrower and/or Operating Lessee. Other than in connection
with prior financings that have been repaid or discharged or that will be repaid or discharged as of the closing of the Loan or in connection with the Loan Documents and except for Permitted Encumbrances, neither Borrower nor Operating Lessee has
sold, pledged, transferred or otherwise conveyed any Clearing Accounts, the Concentration Accounts and/or Cash Management Account; 
 (b)
Each Clearing Account, each Concentration Account and the Cash Management Account constitutes a “deposit account” and/or “securities account” within the meaning of the Uniform Commercial Code of the State of New York; 

  
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 (c) Pursuant and subject to the terms hereof and the other applicable Loan Documents, the
Concentration Account Agreements and the Clearing Account Agreements, the Concentration Banks, the Clearing Banks and Agent have agreed to comply with all instructions originated by Lender, without further consent by Borrower and/or Operating
Lessee, directing disposition of each Clearing Account, the Concentration Account and Cash Management Account and all sums at any time held, deposited or invested therein, together with any interest or other earnings thereon, and all proceeds
thereof (including proceeds of sales and other dispositions), whether accounts, general intangibles, chattel paper, deposit accounts, instruments, documents or securities; and 

(d) Each Clearing Account, each Concentration Account and the Cash Management Account are not in the name of any Person other than Borrower or
Operating Lessee (as applicable), as pledgor, or Lender, as pledgee. Other than as set forth in the Clearing Account Agreements or the Concentration Account Agreements, neither Borrower nor Operating Lessee has consented to the Clearing Bank,
Concentration Bank and/or Agent complying with instructions with respect to the Clearing Account, the Concentration Account and/or the Cash Management Account from any Person other than Lender. 

4.1.41. Franchise Agreement. Except as set forth on Schedule 4.1.41, each Franchise Agreement is in full force
and effect and there is no default thereunder by Borrower or Operating Lessee and to Borrower’s and Operating Lessee’s knowledge, no default thereunder by any other party thereto. No event has occurred that, with the passage of time and/or
giving of notice, would constitute a default under any Franchise Agreement by Borrower or Operating Lessee, as applicable, and to Borrower’s and Operating Lessee’s knowledge, would constitute a default thereunder by any other party
thereto. 
 4.1.42. Taxes. Each of Borrower and Operating Lessee is treated as a partnership or a disregarded entity
for U.S. federal income tax purposes. Each of Borrower and Operating Lessee has timely filed or caused to be filed all federal income and other material Section 2.7 Taxes, returns and reports required to have been filed by it and has paid or
caused to be paid all federal income and other material Section 2.7 Taxes and related liabilities required to have been paid by it, except Section 2.7 Taxes that are being contested in good faith by appropriate proceedings and for which
Borrower or Operating Lessee has set aside on its books adequate reserves. There are no Liens for Section 2.7 Taxes on or with respect to any of Borrower’s or Operating Lessee’s income or assets, other than Liens for Section 2.7
Taxes not yet due or delinquent or which are contested in good faith by appropriate proceedings and for which Borrower and/or Operating Lessee has set aside on its books adequate reserves. 

4.1.43. Labor. No work stoppage, labor strike, slowdown or lockout is pending or threatened by employees and other
laborers at the Properties. Except as described on Schedule 4.1.43, with respect to the Property none of Borrower, Operating Lessee or, to Borrower’s and Operating Lessee’s knowledge without inquiry, Manager (i) is not
involved in or, to the best of Borrower’s and Operating Lessee’s knowledge, threatened with any material labor dispute, material grievance or litigation relating to labor matters involving any employees and other laborers at the
Properties, including, 

  
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without limitation, violation of any federal, state or local labor, safety or employment laws (domestic or foreign) and/or charges of unfair labor practices or discrimination complaints,
(ii) to the best of Borrower’s and Operating Lessee’s knowledge, has not engaged with respect to the Properties, in any unfair labor practices within the meaning of the National Labor Relations Act or the Railway Labor Act, or
(iii) is not a party to, or bound by, any existing collective bargaining agreement or union contract with respect to employees and other laborers at the Properties. As of the Closing Date, neither Borrower nor Operating Lessee has received any
notice that any payments that are required to be paid under any collective bargaining agreement have not been paid. 

4.1.44. Project Improvement Plans. There are no Project Improvement Plans applicable to the Properties other than the
Project Improvement Plans set forth on Schedule 4.1.44 hereto. 
 4.1.45. Reserved. 

4.1.46. Reserved. 

4.1.47. Operating Lease. (a) Each Operating Lease is in full force and effect and Operating Lessee is in possession
of the premises demised thereunder; (b) neither Borrower nor Operating Lessee have entered into any other agreements that have modified, supplemented or amended any of the terms and provisions of any Operating Lease; (c) each Operating
Lease as amended (if amended) represents the entire agreement between the parties as to the premises demised thereunder; (d) no rent or other amounts due under any Operating Lease has been paid more than thirty (30) days in advance of its
due date; (e) Operating Lessee has not filed any claim of offset and, to the best knowledge of Operating Lessee and Borrower, has no charge, lien or claim of offset under any Operating Lease, or otherwise, against the rents or other amounts due
or to become due thereunder; (f) Operating Lessee is the owner of the “Tenant’s” or “Lessee’s” interest in each Operating Lease and Borrower is the owner of the “Landlord’s” or
“Lessor’s” interest in each Operating Lease, (g) no transfer or assignment of any interest in any Operating Lease currently exists except as provided herein and pursuant to the other Loan Documents, (h) except pursuant to
the Leases provided to Lender and Leases of less than 5,000 square feet, Operating Lessee has not sublet any of the Premises demised pursuant to any Operating Lease; (i) without limiting the foregoing, except as provided for herein and in the
other Loan Documents, each of Operating Lessee’s and Borrower’s interest in each Operating Lease is unencumbered and other than in connection with prior financings that have been repaid or discharged or will be repaid or discharged in
connection with the closing of the Loan, neither Borrower nor Operating Lessee has collaterally assigned the Operating Lease or otherwise encumbered its interests thereunder in any way; (j) neither Operating Lessee nor Borrower is in default
under any Operating Lease and neither knows of any event which but for the passage of time or the giving of notice or both would constitute an event of default or breach by Operating Lessee or Borrower under the Operating Lease; and (k) a true,
correct and complete copy of the Operating Lease, together with any amendment thereto and any ancillary agreement or side letter related thereto, have been delivered to Lender. 

  
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 4.1.48. Reserved. 

4.1.49. Use of Proceeds. The Loan is for commercial purposes only and is not for personal, family, household or
agricultural purposes. 
 4.1.50. Reserved. 

4.1.51. Property Documents. Other than to the extent the same would not reasonably be expected to have a material
adverse effect on any Individual Property affected thereby, Borrower hereby represents and warrants to Lender the following with respect to the Property Documents: 

(a) Borrower or Operating Lessee, as applicable, is a party to each Property Document and each Property Document is in full force and effect
and to Borrower’s and Operating Lessee’s knowledge has not been amended or modified and Borrower’s or Operating Lessee’s, as applicable, interest therein has not been assigned pursuant to any assignment which survives the Closing
Date except the assignment to Lender pursuant to the Loan Documents; 
 (b) to the best of Borrower’s and Operating Lessee’s
knowledge, each Property Document is in full compliance with all applicable local, state and federal laws, rules and regulations; 
 (c) to
the best of Borrower’s and Operating Lessee’s knowledge, neither Borrower nor Operating Lessee, is in default under any Property Document; 

(d) neither Borrower nor Operating Lessee has any knowledge of any current or outstanding notices of termination or default given to or by
Borrower with respect to any Property Document; 
 (e) except as disclosed in writing to Lender, neither Borrower or Operating Lessee, as
applicable, nor, to the best of Borrower’s knowledge, any other party to any Property Document has performed any work pursuant to such Property Document, the cost of which Borrower or Operating Lessee, as applicable, or, to Borrower’s and
Operating Lessee’s actual knowledge, such other party is or will be entitled to charge in whole or in part to Borrower or Operating Lessee, as applicable, under the provisions of such Property Document except in the ordinary course of operation
in accordance with such Property Document; 
 (f) to the best of Borrower’s and Operating Lessee’s knowledge, there are no
set-offs, claims, counterclaims or defenses being asserted in writing, if any, required under any Property Document or otherwise known by Borrower or Operating Lessee for the enforcement of the obligations under any Property Document; 

(g) Neither Borrower nor Operating Lessee has requested that a matter be submitted to arbitration under any Property Document; and 

(h) to Borrower’s and Operating Lessee’s knowledge, all amounts due from Borrower or Operating Lessee, as applicable, under the
Property Document have been paid to the extent they are payable to the date hereof. 

  
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 Section 4.2. Survival of Representations. Each of Borrower and Operating Lessee
agrees that all of the representations and warranties of Borrower and Operating Lessee set forth in Section 4.1 hereof and elsewhere in this Agreement and in the other Loan Documents shall survive for so long as any amount remains owing
to Lender under this Agreement or any of the other Loan Documents by Borrower. All representations, warranties, covenants and agreements made in this Agreement or in the other Loan Documents by Borrower and Operating Lessee shall be deemed to have
been relied upon by Lender notwithstanding any investigation heretofore or hereafter made by Lender or on its behalf. 
 ARTICLE V.

 COVENANTS 

Section 5.1. Affirmative Covenants. From the date hereof and until payment and performance in full of all obligations of Borrower
under the Loan Documents or the earlier release or assignment of the Liens of the Mortgages encumbering the Properties (and all related obligations) in accordance with the terms of this Agreement and the other Loan Documents, each of Borrower and
Operating Lessee hereby covenants and agrees with Lender to comply with the following covenants, and in connection therewith: 

5.1.1. Existence; Compliance with Legal Requirements. Borrower and Operating Lessee shall do or cause to be done all
things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises and comply in all material respects with all Legal Requirements applicable to Borrower, Operating Lessee and the
Properties, including, without limitation, building and zoning codes and certificates of occupancy and the procurement of all necessary and required hospitality, liquor or innkeeper’s licenses. There shall never be committed by Borrower and
Operating Lessee, and Borrower and Operating Lessee shall not permit any other Person in occupancy of or involved with the operation or use of the Properties to commit any act or omission affording the federal government or any state or local
government the right of forfeiture against any Individual Property or any part thereof or any monies paid in performance of Borrower’s or Operating Lessee’s obligations under any of the Loan Documents. Each of Borrower and Operating Lessee
hereby covenants and agrees not to commit, permit or suffer to exist any act or omission affording such right of forfeiture. Borrower and Operating Lessee shall at all times maintain, preserve and protect all franchises and trade names and preserve
all the remainder of its property used or useful in the conduct of its business and shall keep the Properties in good working order and repair, and from time to time make, or cause to be made, all reasonably necessary repairs, renewals,
replacements, betterments and improvements thereto, all as more fully provided in the Loan Documents. Borrower and Operating Lessee shall keep the Properties insured at all times by financially sound and reputable insurers, to such extent and
against such risks, and maintain liability and such other insurance, as is more fully provided in this Agreement. After prior written notice to Lender, Borrower or Operating Lessee, at Borrower’s own expense, may contest by appropriate legal
proceeding promptly initiated and conducted in good faith and with due diligence, the validity of any Legal Requirement, the applicability of any Legal Requirement to Borrower, Operating Lessee or any Individual Property or any alleged violation of
any Legal Requirement, 

  
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provided that (i) no Event of Default has occurred and remains uncured; (ii) such proceeding shall be permitted under and be conducted in accordance with the provisions of any
instrument to which Borrower or Operating Lessee is subject and shall not constitute a default thereunder and such proceeding shall be conducted in accordance with all applicable statutes, laws and ordinances; (iii) no Individual Property nor
any part thereof or interest therein will be in danger of being sold, forfeited, terminated, cancelled or lost; (iv) Borrower and/or Operating Lessee, as applicable, shall promptly upon final determination thereof comply with any such Legal
Requirement determined to be valid or applicable or cure any violation of any Legal Requirement; (v) such proceeding shall suspend the enforcement of the contested Legal Requirement against Borrower, Operating Lessee or any Individual Property;
and (vi) in the event the amount reasonably determined to be necessary to cause compliance with such Legal Requirements exceeds $250,000, Borrower shall furnish such security as may be required in the proceeding, or as may be reasonably
requested by Lender, to insure compliance with such Legal Requirement, together with all interest and penalties payable in connection therewith (except with respect to Brand Managed Properties, if Borrower or Operating Lessee shall have provided
Lender with evidence reasonably acceptable to Lender that the applicable Brand Manager has reserved sufficient amounts therefor and shall be required to apply such amounts to cause such compliance in accordance with the applicable Management
Agreements). Lender may apply any such security, as necessary to cause compliance with such Legal Requirement at any time when, in the reasonable judgment of Lender, the validity, applicability or violation of such Legal Requirement is finally
established or any Individual Property (or any part thereof or interest therein) shall be in danger of being sold, forfeited, terminated, cancelled or lost. 

5.1.2. Taxes and Other Charges. Except as otherwise provided in this Section 5.1.2, Borrower and/or
Operating Lessee shall pay or cause to be paid, all Taxes and Other Charges now or hereafter levied or assessed or imposed against the Properties or any part thereof prior to delinquency; provided, however, Borrower’s obligation
to directly pay Taxes and Other Charges shall be suspended for so long as Borrower is making deposits into the Tax and Insurance Reserve Account and complies with the terms and provisions of Section 7.2 hereof. Except as otherwise
provided in this Section 5.1.2, Borrower shall not later than five (5) Business Days after receipt of a written request from Lender, deliver to Lender receipts for payment or other evidence satisfactory to Lender that the Taxes and
Other Charges have been so paid or are not then delinquent no later than ten (10) days prior to the date on which the Taxes and/or Other Charges would otherwise be delinquent if not paid (provided, however, Borrower shall not be
required to furnish such receipts for payment of such Taxes and Other Charges during any period that Taxes and Other Charges have been paid by Lender pursuant to Section 7.2 hereof or by any Manager pursuant to a Management Agreement).
Except as otherwise provided in the following sentence, neither Borrower nor Operating Lessee shall suffer and shall promptly cause to be paid and discharged any Lien (other than Permitted Encumbrances) or charge whatsoever which may be or become a
Lien or charge against the Properties, and shall promptly pay for all utility services provided to the Properties. Borrower or Operating Lessee, at Borrower’s own expense, may contest by appropriate legal proceeding, promptly initiated and
conducted in good faith and with due diligence, the amount or validity or application in whole or in part of any Taxes or 

  
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Other Charges, provided that (i) no Default or Event of Default has occurred and remains uncured; (ii) such proceeding shall be permitted under and be conducted in accordance
with the provisions of any other instrument to which Borrower or Operating Lessee is subject and shall not constitute a default thereunder and such proceeding shall be conducted in accordance with all applicable statutes, laws and ordinances;
(iii) no Individual Property nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, cancelled or lost; (iv) Borrower or Operating Lessee shall promptly upon final determination thereof pay the
amount of any such Taxes or Other Charges, together with all costs, interest and penalties which may be payable in connection therewith; (v) such proceeding shall suspend the collection of such contested Taxes or Other Charges from the
applicable Individual Property; (vi) during a Cash Trap Period, in the event the amount of such Taxes or Other Charges shall reasonably be expected to exceed $250,000 and after taking into account any amounts held by Lender in the Tax and
Insurance Reserve Account or with respect to Brand Managed Properties, if any Brand Manager has reserved sufficient amounts for such Taxes or Other Charges and shall be required to apply such amounts therefor in accordance with the applicable
Management Agreements (with reasonable evidence thereof provided to Lender), in each case, which are required to be used for payment of such Taxes or Other Charges, Borrower shall furnish such security as may be required in the proceeding, or as may
be reasonably requested by Lender, to insure the payment of any such Taxes or Other Charges, together with all interest and penalties thereon. Lender may pay over any such cash deposit or part thereof held by Lender to the claimant entitled thereto
at any time when, in the reasonable judgment of Lender, the entitlement of such claimant is established or any Individual Property (or part thereof or interest therein) shall be in imminent danger of being sold, forfeited, terminated, cancelled or
lost or there shall be any danger of the Lien of any Mortgage being primed by any related Lien; and (vii) Borrower shall deliver written notice of such contest to Lender. 

5.1.3. Litigation. Borrower and Operating Lessee shall give prompt written notice to Lender of any litigation or
governmental proceedings pending or threatened against Borrower, Operating Lessee or any Individual Property which might materially adversely affect Borrower’s and Operating Lessee’s condition (financial or otherwise) or business, taken as
a whole, or any Individual Property. 
 5.1.4. Access to Properties. Subject to the rights of Tenants, guests,
patrons, and with respect to Brand Managed Properties, each Brand Manager under the applicable Management Agreement, and the rights of the landlord under the Ground Lease, Borrower and Operating Lessee shall permit agents, representatives and
employees of Lender to inspect the Properties or any part thereof at reasonable hours upon reasonable advance notice. 

5.1.5. Notice of Default. Borrower and/or Operating Lessee shall promptly advise Lender of any material adverse change
in Borrower’s, Operating Lessee’s or Guarantor’s condition, financial or otherwise, or of the occurrence of any Default or Event of Default of which Borrower or Operating Lessee has knowledge. 

  
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 5.1.6. Cooperate in Legal Proceedings. Borrower and Operating Lessee shall
cooperate fully with Lender with respect to any proceedings before any court, board or other Governmental Authority which may in any way materially and adversely affect the rights of Lender hereunder or any rights obtained by Lender under any of the
other Loan Documents and, in connection therewith, permit Lender, at its election, to participate in any such proceedings. 

5.1.7. Perform Loan Documents. Borrower and Operating Lessee shall in a timely manner observe, perform and satisfy all
the terms, provisions, covenants and conditions of, and shall pay when due all costs, fees and expenses to the extent required under the Loan Documents executed and delivered by, or applicable to, Borrower or Operating Lessee. Neither Borrower nor
Operating Lessee shall enter into or otherwise suffer or permit any amendment, waiver, supplement, termination or other modification of any Loan Document executed and delivered by, or applicable to, Borrower or Operating Lessee without the prior
written consent of Lender. 
 5.1.8. Award and Insurance Benefits. Borrower and Operating Lessee shall cooperate with
Lender in obtaining for Lender, in accordance with the relevant provisions of the Loan Agreement the benefits of any Awards or Insurance Proceeds lawfully or equitably payable in connection with any Individual Property, and Lender shall be
reimbursed for any reasonable, actual, out-of-pocket expenses incurred in connection therewith (including reasonable attorneys’ fees and disbursements, and the payment by Borrower of the expense of an appraisal on behalf of Lender in case of
Casualty or Condemnation affecting any Individual Property or any part thereof) out of such Award or Insurance Proceeds. 

5.1.9. Further Assurances. Borrower and Operating Lessee shall, at Borrower’s sole cost and expense: 

(a) without limiting any other obligation of Borrower or Operating Lessee hereunder, upon the written request of Lender, furnish to Lender all
certificates, appraisals, title and other insurance reports and agreements in Borrower’s or Operating Lessee’s possession, and each and every other document, certificate, agreement and instrument required to be furnished by Borrower or
Operating Lessee pursuant to the terms of the Loan Documents or which are reasonably requested by Lender in connection therewith, provided, that, so long as no Event of Default has occurred and is continuing, the foregoing shall not require Borrower
or Operating Lessee to obtain updated appraisals after the Closing Date, unless specifically required by the terms of this Agreement; 
 (b)
execute and deliver to Lender such documents, instruments, certificates, assignments and other writings, and do such other acts reasonably necessary, to evidence, preserve and/or protect the collateral at any time securing or intended to secure the
obligations of Borrower or Operating Lessee under the Loan Documents, as Lender may reasonably require including, without limitation, the execution and delivery of all writings necessary to transfer any hospitality, liquor and other licenses held by
Borrower or Operating Lessee or entities Controlled by Borrower or Operating Lessee required for the continued operation of the Properties into the name of Lender or its designee after the occurrence and during the continuance of an Event of


  
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Default to the extent such transfer is permitted by applicable law or, to the extent such transfer is not permitted by applicable law, reasonably cooperate with Lender in obtaining new
hospitality, liquor or other licenses required for the continued operation of an Individual Property and terminating existing licenses, in each case solely at the direction of Lender; and 

(c) do and execute all and such further lawful and reasonable acts, conveyances and assurances for the better and more effective carrying out
of the intents and purposes of this Agreement and the other Loan Documents, as Lender shall reasonably require from time to time including, without limitation, the execution and delivery of all such writings necessary to transfer any liquor
licenses, if applicable, held by Borrower or Operating Lessee or entities Controlled by Borrower or Operating Lessee with respect to the Property into the name of Lender or its designee after the occurrence and during the continuance of an Event of
Default to the extent such transfer is permitted by applicable law or, to the extent such transfer is not permitted by applicable law, reasonably cooperate with Lender in obtaining new hospitality, liquor or other licenses required for the continued
operation of an Individual Property and terminating existing licenses, in each case solely at the direction of Lender. 

5.1.10. Principal Place of Business, State of Organization. Neither Borrower nor Operating Lessee shall cause or permit
any change to be made in its name, identity (including its trade name or names), place of organization or formation (as set forth in Section 4.1.36 hereof) or, except as permitted pursuant to Section 5.2 hereof,
Borrower’s or Operating Lessee’s corporate or partnership or other structure unless Borrower or Operating Lessee, as applicable, shall have first notified Lender in writing of such change at least thirty (30) days prior to the
effective date of such change, and shall have first taken all action required by Lender for the purpose of perfecting or protecting the lien and security interests of Lender pursuant to this Agreement and the other Loan Documents and, in the case of
a change in Borrower’s or Operating Lessee’s structure, except as permitted pursuant to Section 5.2 hereof, without first obtaining the prior written consent of Lender. Upon Lender’s request, Borrower and Operating Lessee
shall, at Borrower’s sole cost and expense, execute and deliver additional financing statements, security agreements and other instruments which may be necessary to effectively evidence or perfect Lender’s security interest in the
Properties as a result of such change of principal place of business or place of organization. Borrower’s and Operating Lessee’s principal place of business and chief executive office, and the place where Borrower and Operating Lessee
keeps its books and records, including recorded data of any kind or nature, regardless of the medium or recording, including software, writings, plans, specifications and schematics, has been for the preceding four months (or, if less, the entire
period of the existence of Borrower) and will continue to be the address of Borrower and Operating Lessee set forth at the introductory paragraph of this Agreement (unless Borrower or Operating Lessee, as applicable, notifies Lender in writing at
least thirty (30) days prior to the date of such change). Borrower and Operating Lessee shall promptly notify Lender of any change in their organizational identification number. Upon receipt of a written request from Lender, Borrower and
Operating Lessee shall execute a certificate in form satisfactory to Lender listing the trade names under which Borrower and Operating Lessee intends to operate each Individual Property, and representing and warranting that Borrower and Operating
Lessee do business under no other trade name with respect to such Properties. 

  
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 5.1.11. Financial Reporting. (a) Borrower and Operating Lessee will
keep and maintain or will cause to be kept and maintained on a Fiscal Year basis, in accordance with the Uniform System of Accounts and reconciled in accordance with GAAP (or such other accounting basis acceptable to Lender), proper and accurate
books, records and accounts reflecting all of the financial affairs of Borrower and Operating Lessee and all items of income and expense in connection with the operation on an individual basis of the Properties. Lender shall have the right from time
to time at all times during normal business hours upon reasonable notice (and, in any event, not more than two (2) times in any calendar year unless an Event of Default is continuing, in which case no such restriction shall apply) to examine
such books, records and accounts at the office of Borrower, Operating Lessee or any other Person maintaining such books, records and accounts and to make such copies or extracts thereof as Lender shall desire. After the occurrence and during the
continuance of an Event of Default, Borrower shall pay any reasonable and actual costs and expenses incurred by Lender to examine Borrower’s and Operating Lessee’s accounting records with respect to the Properties, as Lender shall
reasonably determine to be necessary or appropriate in the protection of Lender’s interest. 
 (b) Borrower will furnish to Lender
annually, (i) within eighty-five (85) days following the end of each Fiscal Year, a copy of Borrower’s and Operating Lessee’s unaudited annual financial statements and (ii) within one hundred twenty (120) days following
the end of each Fiscal Year, a complete copy of Guarantor’s annual financial statements audited by a “Big Four” accounting firm or other independent certified public accountant acceptable to Lender in accordance with the Uniform
System of Accounts and reconciled in accordance with GAAP (or such other accounting basis acceptable to Lender) covering the Properties on a combined basis (together with a detailed profit and loss statement/schedule with respect to each Individual
Property) for such Fiscal Year and containing statements of profit and loss for Borrower, Operating Lessee and the Properties and a balance sheet for Borrower and Operating Lessee. Such statements shall set forth the financial condition and the
results of operations for the Properties (on a combined basis) for such Fiscal Year, and shall include, but not be limited to, amounts representing annual net cash flow, Net Operating Income, Gross Income from Operations and Operating Expenses (not
including any contributions to the Replacement Reserve Fund). Borrower’s and Operating Lessee’s annual financial statements shall be accompanied by (i) a comparison of the budgeted income and expenses and the actual income and
expenses for the prior Fiscal Year, (ii) an Officer’s Certificate stating that each such annual financial statement presents fairly the financial condition and the results of operations of Borrower, Operating Lessee and the Properties
being reported upon as of such date and has been prepared in accordance with the Uniform System of Accounts and reconciled in accordance with GAAP (or such other accounting basis acceptable to Lender), (iii) an unqualified opinion of a
“Big Four” accounting firm or other independent certified public accountant reasonably acceptable to Lender, and (iv) occupancy statistics including revenue per available room and average daily rates for the Properties on a combined
basis as well as for each Individual Property. Together with Borrower’s and Operating Lessee’s annual financial statements, Borrower shall furnish to Lender an Officer’s Certificate certifying as of the date thereof whether there
exists an event or circumstance which constitutes a Default or Event of Default under the Loan Documents executed and delivered by, or applicable to, Borrower or Operating Lessee, and if such Default or Event of Default exists, the nature thereof,
the period of time it has existed and the action then being taken to remedy the same. All such financial statements of the Borrower or Operating Lessee under this Section 5.1.11(b) shall also constitute the financial statements of the
Mezzanine Borrowers (if any). 

  
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 (c) Borrower will furnish, or cause to be furnished, to Lender on or before thirty five
(35) days after the end of each calendar month the following items, accompanied by an Officer’s Certificate stating that such items are true, correct, accurate, and complete and fairly present the financial condition and results of the
operations of Borrower, Operating Lessee and the Properties on a combined basis as well as each Individual Property (subject to normal year-end adjustments) as of the relevant date as applicable: (i) an occupancy report for the subject month,
including an average daily rate and revenue per available room; (ii) monthly, trailing twelve month and year to date operating statements prepared for each calendar month, noting EBITDA, Gross Income from Operations, and Operating Expenses (not
including any contributions to the Replacement Reserve Fund), and other information necessary and sufficient to fairly represent the financial position and results of operation of the Properties during such calendar month, and containing a
comparison of budgeted income and expenses and the actual income and expenses, all in form satisfactory to Lender and (iii) during a Cash Trap Period, upon the written request of Lender, a detailed explanation of any variances of ten percent
(10%) or more between budgeted and actual amounts for such periods. In addition, such certificate shall also be accompanied by an Officer’s Certificate stating that the representations and warranties of Borrower set forth in
subsection (xxiii) of the definition of “Special Purpose Entity” are true and correct as of the date of such certificate. On or before thirty-five (35) days after the end of each calendar month, Borrower also will furnish, or
cause to be furnished, to Lender the most current Smith Travel Research Reports then available to Borrower or Operating Lessee reflecting market penetration and relevant hotel properties competing with the Properties. 

(d) Lender hereby acknowledges receipt of the Annual Budget for the remainder of the Fiscal Year-ending on December 31, 2014 and Borrower
hereby represents and warrants that a true, correct and complete copy of such Annual Budget is attached hereto as Schedule 5.1.11(d). Borrower shall submit to Lender an Annual Budget not later than thirty (30) days prior to the
commencement of each Fiscal Year (which, subject to the immediately succeeding sentence shall be for informational purposes only). If an Event of Default is continuing or a Debt Yield Trigger Period is continuing the Annual Budget currently in place
shall be deemed approved; provided, that the next Annual Budget shall be subject to Lender’s and, to the extent one or more Mezzanine Loans are outstanding, the most junior Mezzanine Lender’s reasonable written approval so long as
an Event of Default is continuing or a Debt Yield Trigger Period is still in effect at such time, which approval shall not be unreasonably withheld, conditioned or delayed (each such Annual Budget, an “Approved Annual Budget”);
provided, however, (i) Lender shall not withhold its consent with respect to expenditures necessary to comply with life, health or safety matters and (ii) with respect to the Brand Managed Properties, (x) Lender shall not withhold its
consent to any item contained in the Annual Budget for which Borrower or Operating Lessee shall not have the right to consent or approve pursuant to the applicable Management Agreement and (y) Lender shall respond to any request for consent
subject to the standards for consent set forth in the applicable Management Agreement, provided that any request for consent or approval shall either be (A) simultaneously sent to Lender by the Brand Manager or (B) sent to Lender by
Borrower or Operating Lessee within two (2) Business Days of Borrower’s or Operating Lessee’s receipt of such request from 

  
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the applicable Brand Manager. So long as neither a Debt Yield Trigger Period exists nor an Event of Default has occurred and is continuing, any Annual Budget, and any amendments or
modifications thereto shall be deemed an Approved Annual Budget and Lender shall have no approval right with respect thereto. In the event that Borrower is required to submit an Annual Budget for approval pursuant to this
Section 5.1.11(d), each such request for approval of an Annual Budget shall contain the following legend in prominently displayed in bold, all caps and fourteen (14) point or larger font in the transmittal letter requesting
approval: “THIS IS A REQUEST FOR APPROVAL OF AN ANNUAL BUDGET. LENDER’S RESPONSE IS REQUESTED WITHIN TEN (10) DAYS.” In the event that Lender fails to grant or withhold its approval to such Annual Budget within such ten
(10) day period, Borrower shall deliver to Lender a second request for approval containing the following legend in prominently displayed in bold, all caps and fourteen (14) point or larger font in the transmittal letter requesting
approval: “THIS IS A SECOND REQUEST FOR APPROVAL OF AN ANNUAL BUDGET. LENDER’S RESPONSE IS REQUESTED WITHIN TEN (10) DAYS. LENDER’S FAILURE TO RESPOND WITHIN SUCH TIME PERIOD SHALL RESULT IN LENDER’S APPROVAL BEING DEEMED
TO HAVE BEEN GRANTED.” In the event that Lender fails to grant or withhold its approval to such Annual Budget within such ten (10) day period, then Lender’s approval shall be deemed to have been granted. In the event that Lender
timely disapproves a proposed Annual Budget in accordance with the foregoing, Borrower shall promptly revise such Annual Budget and resubmit the same to Lender (and each such resubmittal shall be subject to the provisions of this
Section 5.1.11(d) as if the applicable proposed Annual Budget were being submitted to Lender for its initial review of the same, provided that the aforesaid ten (10) day periods shall each be five (5) days in connection
with any such resubmittal). Borrower shall promptly revise each proposed Annual Budget and resubmit the same to Lender in accordance with the foregoing until Lender approves the proposed Annual Budget. Until such time that Lender approves a proposed
Annual Budget, the most recently Approved Annual Budget shall apply; provided that, each line item of such Approved Annual Budget shall be increased by the amount of the increase, if any, in the Consumer Price Index for the immediately
preceding calendar year (other than the line items in respect of Taxes, Insurance Premiums, union wages, utilities expenses and Other Charges, which line items shall be adjusted to reflect actual increases in such expenses). 

(e) Reserved. 
 (f) During the
continuance of a Cash Trap Period, neither Borrower nor Operating Lessee shall approve (to the extent Borrower or Operating Lessee is permitted to approve or reject such operating budget pursuant to the terms of the Management Agreement) any
operating budget pursuant to any Management Agreement without the prior written consent of Lender (such consent not to be unreasonably withheld, conditioned or delayed). Lender shall cooperate with Borrower and/or Operating Lessee to follow the
procedures for budget approval set forth in the Management Agreement to the extent Borrower notifies Lender thereof. 
 (g) Any reports,
statements or other information required to be delivered under this Agreement may be delivered via email, with report files in electronic form of Microsoft Word, Microsoft Excel or .pdf format, (i) in paper form, (ii) on a diskette, and
(iii) if requested by Lender and within the capabilities of Borrower’s or Operating Lessee’s data systems without change or modification thereto, in electronic form and prepared using Microsoft


  
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Word for Windows files (which files may be prepared using a spreadsheet program and saved as word processing files). Each of Borrower and Operating Lessee agrees that Lender may disclose
information regarding the Properties, Operating Lessee and Borrower that is provided to Lender pursuant to this Section 5.1.11(g) in connection with the Securitization to such parties requesting such information in connection with such
Securitization. 
 5.1.12. Business and Operations. Each of Borrower and Operating Lessee shall continue to engage in
the businesses presently conducted by it as and to the extent the same are necessary for the ownership, maintenance, management, leasing and operation of the Properties. Each of Borrower and Operating Lessee shall qualify to do business and will
remain in good standing under the laws of each jurisdiction of its formation as and to the extent the same are required for the ownership, maintenance, management and operation of the Properties. Each of Borrower and Operating Lessee shall at all
times during the term of the Loan, continue to own or lease (or Manager as agent for Borrower or Operating Lessee, as applicable, in accordance with the Management Agreement shall lease) all of Equipment, Fixtures and Personal Property which are
necessary to operate the Properties in the manner required hereunder and in the manner in which it is currently operated. 

5.1.13. Title to the Properties. Borrower and Operating Lessee shall warrant and defend (a) the title to each
Individual Property and every part thereof, subject only to Liens permitted hereunder (including Permitted Encumbrances) and (b) the validity and priority of the Liens of the Mortgages on the Properties, subject only to Liens permitted
hereunder (including Permitted Encumbrances), in each case against the claims of all Persons whomsoever. Borrower shall reimburse Lender for any losses, costs, damages or expenses (including reasonable attorneys’ fees and court costs) incurred
by Lender if an interest in any Individual Property, other than as permitted hereunder, is claimed by another Person. 

5.1.14. Costs of Enforcement. In the event (a) that any Mortgage encumbering any Individual Property is foreclosed
in whole or in part or that any such Mortgage is put into the hands of an attorney for collection, suit, action or foreclosure, (b) of the foreclosure of any mortgage encumbering such Individual Property prior to or subsequent to any Mortgage
encumbering any Individual Property in which proceeding Lender is made a party, or (c) of the bankruptcy, insolvency, rehabilitation or other similar proceeding in respect of Borrower, Operating Lessee or any of their respective constituent
Persons or an assignment by Borrower, Operating Lessee or any of their respective constituent Persons for the benefit of its creditors, Borrower, Operating Lessee and their respective successors or assigns, shall be chargeable with and agrees to pay
all out-of-pocket costs of collection and defense, including reasonable third party attorneys’ fees and expenses, incurred by Lender, Operating Lessee or Borrower in connection therewith, but excluding regular servicing fees and in connection
with any appellate proceeding or post judgment action involved therein, together with all required service or use taxes. 

  
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 5.1.15. Estoppel Statement. (a) After written request by Lender,
Borrower shall within ten (10) Business Days furnish Lender with a statement, duly acknowledged and certified, setting forth (i) the original principal amount of the Note, (ii) the unpaid principal amount of the Note, (iii) the
Interest Rate of the Note, (iv) the date installments of interest and/or principal were last paid, (v) any offsets or defenses to the payment of the Debt, if any, claimed by Borrower, and (vi) that the Note, this Agreement, the
Mortgages and the other Loan Documents are valid, legal and binding obligations and have not been modified or if modified, giving particulars of such modification; provided, however, that so long as no Event of Default has occurred and
is continuing, Borrower shall not be required to provide such statement more than one (1) time in any calendar year. 
 (b) After
written request by Lender, Borrower and Operating Lessee shall use commercially reasonable efforts to deliver to Lender upon request, tenant estoppel certificates from each commercial Tenant party to a Material Lease at the Properties in form and
substance reasonably satisfactory to Lender; provided, however, that so long as no Event of Default has occurred and is continuing, neither Borrower nor Operating Lessee shall be required to seek such statement more than one
(1) time in any calendar year and provided, further, Borrower and Operating Lessee (if applicable) shall use commercially reasonable efforts to provide that any such estoppel shall be addressed to both Lender and each Mezzanine
Lender (if any). 
 5.1.16. Loan Proceeds. Borrower shall use the proceeds of the Loan received by it on the Closing
Date only for the purposes set forth in Section 2.1.4 hereof. 
 5.1.17. Reserved. 

5.1.18. Confirmation of Representations. Borrower and Operating Lessee shall deliver, in connection with any
Securitization, (a) one (1) or more Officer’s Certificates certifying as to the accuracy of all representations in all material respects made by Borrower and Operating Lessee in the Loan Documents as of the date of the closing of such
Securitization or, if any such representations require qualification on such date, setting forth such qualifications in reasonable detail, and (b) certificates of the relevant Governmental Authorities in all relevant jurisdictions indicating
the good standing and qualification of Borrower, Operating Lessee, Principal and Guarantor as of the date that is within thirty (30) days of the Securitization. 

5.1.19. No Joint Assessment. Neither Borrower nor Operating Lessee shall suffer, permit or initiate the joint assessment
of any Individual Property (a) with any other real property constituting a tax lot separate from such Individual Property, and (b) which constitutes real property with any portion of such Individual Property which may be deemed to
constitute personal property, or any other procedure whereby the lien of any taxes which may be levied against such personal property shall be assessed or levied or charged to such real property portion of the Individual Property. 

5.1.20. Reserved. 

5.1.21. Leasing Matters. 

  
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 (a) Subject to subsections (b) and (c) below, each of Borrower and Operating Lessee may
enter into any lease or other rental arrangement, exercise all extensions and renewals and enter into any modification, amendments and supplements to any Leases without the prior approval of Lender or Mezzanine Lender (if any), provided that, any
new Lease entered into after the date hereof shall (i) have rental rates comparable to existing local market rates in all material respects, (ii) be on commercially reasonable terms and shall not contain any terms which would materially
adversely affect Lender’s rights under the Loan Documents and (iii) be subordinate to the Mortgage encumbering the applicable Individual Property and shall provide that the lessee agrees to attorn to Lender or any purchaser at a sale by
foreclosure or power of sale. 
 (b) Any Material Leases with respect to an Individual Property written after the date hereof shall be
subject to the prior written approval of Lender, which approval shall not be unreasonably withheld, conditioned or delayed. Upon written request of Lender, Borrower and/or Operating Lessee shall furnish Lender with executed copies of all Leases;
provided that so long as no Event of Default has occurred and is continuing, Borrower and Operating Lessee, collectively, shall not be required to deliver copies of all Leases more frequently than two (2) times per calendar year. All
renewals of Leases (other than with respect to renewal or extension rights set forth in the Leases in effect as of the Closing Date) and all proposed Leases shall provide for rental rates comparable to existing local market rates in all material
respects. Each of Borrower and Operating Lessee (i) shall observe and perform the obligations imposed upon the lessor under the Leases in a commercially reasonable manner; (ii) shall enforce and may amend or terminate the terms, covenants
and conditions contained in the Leases upon the part of the lessee thereunder to be observed or performed in a commercially reasonable manner and in a manner not to impair the value of the Individual Property involved except that no termination by
Borrower or Operating Lessee or acceptance of surrender by a Tenant of any Material Leases (regardless of when any such Material Lease was entered into) shall be permitted unless (A) by reason of a tenant default and then only in a commercially
reasonable manner to preserve and protect the Individual Property; or (B) the exercise by a Tenant of any termination right expressly provided in any existing Material Lease or any Material Lease hereafter entered into in compliance with the
conditions set forth in this Section 5.1.21; (iii) shall not collect any of the rents more than one (1) month in advance (other than security deposits, payments of first month’s rent upon signing of the Lease and rent for
providing rooms and banquet and meeting space and services in the ordinary course of business); (iv) shall not execute any other assignment of lessor’s interest in the Leases or the Rents (except as contemplated by the Loan Documents);
(v) shall not alter, modify or change the terms of the Leases (other than Material Leases) in a manner inconsistent with the provisions of the Loan Documents; (vi) shall not alter, modify or change the terms of any Material Lease
(regardless of when any such material Lease was entered into) without the prior written consent of Lender, which approval shall not be unreasonably withheld, conditioned or delayed, which consent shall be subject to the deemed approval provisions
set forth in this Section; and (vii) shall execute and deliver at the request of Lender all such further assurances, confirmations and assignments in connection with the Leases as Lender shall from time to time reasonably require.
Notwithstanding anything to the contrary contained herein, except in connection with a REIT Restructuring, neither Borrower nor Operating Lessee shall enter into a lease of all or substantially all of any Individual Property without Lender’s
prior written consent. Lender shall grant or deny with a reasonable explanation any consent required hereunder within ten (10) Business Days after the receipt of the applicable request and all documents in connection therewith. In the event
that Lender fails to respond within said ten (10) Business Days, such failure shall be deemed to be the consent and approval 

  
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of Lender if (A) Borrower has delivered to Lender the applicable documents, with the notation “IMMEDIATE RESPONSE REQUIRED, FAILURE TO RESPOND TO THIS APPROVAL REQUEST WITHIN TEN
(10) BUSINESS DAYS FROM RECEIPT SHALL BE DEEMED TO BE LENDER’S APPROVAL” prominently displayed in bold, all caps and fourteen (14) point or larger font in the transmittal letter requesting approval and (B) Lender does
not approve or reject (with a reasonable explanation) the applicable request within fourteen (14) days from the date Lender receives such request as evidenced by a certified mail return receipt or confirmation by a reputable national overnight
delivery service that the same has been delivered. 
 (c) Notwithstanding the foregoing provisions of Section 5.1.21(a)
and (b), with respect to the Brand Managed Properties, (i) neither Borrower nor Operating Lessee shall be required to obtain the consent of Lender or any Mezzanine Lender to any Leases that are entered into by any Brand Manager which do
not require or permit the consent of Borrower or Operating Lessee in accordance with the applicable Management Agreement. To the extent the Management Agreement for a Brand Managed Property permits Borrower or Operating Lessee to consent or approve
a Lease and Lender’s consent is required hereunder, Lender shall respond to any request for consent subject to the standards for consent set forth in the applicable Management Agreement, provided that any request for consent or approval and the
related documents shall either be sent (A) by the Brand Manager simultaneously to Lender or (B) by Borrower or Operating Lessee within two (2) Business Days following Borrower’s or Operating Lessee’s receipt of such request
for consent or approval from the applicable Brand Manager. 
 5.1.22. Alterations. Borrower and Operating
Lessee shall obtain Lender’s prior written consent to any alterations to any Improvements, which consent shall not be unreasonably withheld or delayed except with respect to alterations that would be reasonably likely to have a material adverse
effect on Borrower’s and Operating Lessee’s financial condition, taken as a whole, the value of the applicable Individual Property or the Net Operating Income. Notwithstanding the foregoing, Lender’s consent shall not be required in
connection with any alterations (a) for Required Repairs, (b) that will not have a material adverse effect on Borrower’s or Operating Lessee’s financial condition, taken as a whole, or the value of the applicable Individual
Property upon completion of such alterations, and such alterations shall (i) with respect to the aggregate for all Individual Properties then subject to any alterations being performed at one time, be subject to contracts, the aggregate
remaining cost of which are no more than an amount equal to $10,000,000.00 and (ii) with respect to any Individual Property subject to any alterations being performed at such time, be subject to contracts, the aggregate remaining cost of which
is no more than five percent (5%) of the Total Release Amount for such Individual Property (the “Threshold Amount”), (c) are specifically provided for in the Approved Annual Budget or otherwise consented to by Lender and
shall be funded from the Reserve Funds in accordance with this Agreement or from amounts disbursed to Borrower in accordance with the Loan Documents, (d) that are related to a tenant improvement the cost of which is to be paid by the tenant
pursuant to a Lease entered into in accordance with the terms of this Agreement, (e) are performed in connection with the Restoration of an Individual Property after the occurrence of a Casualty or Condemnation in accordance with the terms and
provisions of this Agreement, (f) for Replacements or  

  
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PIP Work if there are sufficient reserves on deposit in the Replacement Reserve Fund to pay for such obligations, (g) are made pursuant to a Project Improvement Plan, (h) are made
by a Brand Manager in accordance with the applicable Management Agreement and which do not require or permit the consent of the applicable Individual Borrower or Operating Lessee or (i) as preapproved and set forth on Schedule 5.1.22
(the “Pre-Approved Alterations”). With respect to any Alteration requested to be made by a Brand Manager that is not a Pre-Approved Alteration, Lender shall respond to such request for consent subject to the standards for consent
set forth in the applicable Management Agreement, provided that such request shall either be sent (A) by the Brand Manager simultaneously to Lender or (B) by Borrower or Operating Lessee within two (2) Business Days following
Borrower’s or Operating Lessee’s receipt of such request for consent or approval from the applicable Brand Manager and such request delivered by Borrower or Operating Lessee shall include the applicable deadline for providing a response.
If the total unpaid amounts due and payable with respect to alterations to the Improvements at any Individual Property (other than (I) such amounts to be paid or reimbursed by tenants under the Leases, (II) the costs incurred in connection
with the Restoration of an Individual Property, (III) such amounts for which sufficient reserves are on deposit in the Replacement Reserve Fund) or (IV) the Pre-Approved Alterations) shall at any time exceed five percent (5%) of the Total
Release Amount for an Individual Property, Borrower and/or Operating Lessee shall promptly deliver to Lender as security for the payment of such amounts and as additional security for Borrower’s and Operating Lessee’s obligations under the
Loan Documents any of the following with respect to such alterations exceeding the Threshold Amount (the “Alterations Deposit”): (A) cash, (B) U.S. Obligations, (C) other securities having a rating reasonably
acceptable to Lender and, after a Securitization, that, at Lender’s option, the applicable Approved Rating Agencies have provided a Rating Agency Confirmation with respect to such securities or (D) a Letter of Credit. Each such Alterations
Deposit shall (i) be in an amount equal to the excess of the total unpaid amounts with respect to the alterations to the Improvements on the applicable Individual Property (other than such amounts to be paid or reimbursed by tenants under the
Leases) over the Threshold Amount and (ii) be disbursed from time to time by Lender to Borrower for completion of the Alterations at the applicable Individual Property upon the satisfaction of the following conditions: (1) Borrower shall
submit a request for payment to Lender at least five (5) Business Days prior to the date on which Borrower requests that such payment be made, which request for payment shall specify the Alterations for which payment is requested, (2) on
the date such request is received by Lender and on the date such payment is to be made, no Event of Default shall be continuing, and (3) such request shall be accompanied by an Officer’s Certificate (x) stating that the applicable
portion of the Alterations at the applicable Individual Property to be funded by the requested disbursement have been completed in good and workmanlike manner and in accordance with all applicable Legal Requirements, such Officer’s Certificate
to be accompanied by copies of paid invoices or copies of invoices to be paid, as applicable, in each case, with respect to any invoices in excess of $25,000 and any licenses, permits or other approvals by any Governmental Authority required in
connection with the applicable portion of the Alterations, (y) identifying each contractor that supplied materials or labor in connection with the applicable portion of the Alterations to be funded by the requested disbursement and
(z) stating that each such  

  
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 contractor has been paid or will have been paid in full upon such disbursement. Each Alterations
Deposit shall be held by Lender in an interest-bearing account and, until disbursed in accordance with the provisions of this Section 5.1.22, shall constitute additional security for the Debt and Other Obligations under the Loan
Documents. Upon the completion of the Alterations in respect of which any Alteration Deposit is being held, Lender shall promptly return to Borrower any remaining portion of the Alterations Deposit upon the request of Borrower, provided that
(1) on the date such request is received by Lender and on the date such disbursement is to be made, no Event of Default shall be continuing and (2) such request shall be accompanied by an Officer’s Certificate stating that the
Alterations have been fully completed in good and workmanlike manner and in accordance with all applicable Legal Requirements, such Officer’s Certificate to be accompanied by copies of paid invoices or copies of invoices to be paid, as
applicable, in each case, with respect to any invoices in excess of $25,000 and any licenses, permits or other approvals by any Governmental Authority required in connection with Alterations (to the extent not received by Lender in connection with
prior disbursement requests) and stating that each contractor providing services in connection with the Alterations has been paid in full or will have been paid in full upon such disbursement. 

5.1.23. Operation of Property. (a) Each of Borrower and Operating Lessee, as applicable, shall, and shall cause
Manager to cause the Properties to be operated, in all material respects, in accordance with the Management Agreement (or Replacement Management Agreement) as applicable and in accordance with all applicable Legal Requirements. In the event that the
Management Agreement expires or is terminated (without limiting any obligation of Borrower or Operating Lessee, as applicable, to obtain Lender’s consent to any termination or modification of the Management Agreement in accordance with the
terms and provisions of this Agreement), Borrower or Operating Lessee, as applicable, shall promptly enter into a Replacement Management Agreement with Manager or another Qualified Manager, as applicable. Except as otherwise permitted in
Section 5.2.1, in the event that the Franchise Agreement expires or is terminated (without limiting any obligation of Borrower or Operating Lessee, as applicable, to obtain Lender’s consent to any termination or modification of the
Franchise Agreement in accordance with the terms and provisions of this Agreement), Borrower or Operating Lessee, as applicable, shall promptly enter into a Replacement Franchise Agreement with Franchisor or another Qualified Franchisor, as
applicable. 
 (b) Each of Borrower and Operating Lessee, as applicable, shall: (i) promptly perform and/or observe, in all material
respects, all of the covenants and agreements required to be performed and observed by it under the Management Agreement and the Franchise Agreement and do all things necessary to preserve and to keep unimpaired its material rights thereunder;
(ii) promptly after they become aware, notify Lender of any material default under the Management Agreement and the Franchise Agreement; (iii) promptly deliver to Lender a copy of each financial statement, business plan, capital
expenditures plan, and written notice received by it under the Management Agreement; and (iv) enforce the performance and observance of all of the covenants and agreements required to be performed and/or observed by Manager under the Management
Agreement, in a commercially reasonable manner. 

  
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 (c) Any Replacement Management Agreement for a Brand Managed Property shall (i) be with a
Qualified Manager and shall either (A) include franchise and intellectual property rights substantially similar to those set forth in the Management Agreement in effect as of the Closing Date or (B) if a Franchise Agreement shall not be in
place for such Individual Property, Borrower or Operating Lessee, as applicable, shall enter into a franchise agreement reasonably acceptable to Lender on third-party market rate terms with a Qualified Franchisor. Except as set forth in the
definition of Qualified Franchisor, neither Borrower nor Operating Lessee shall permit Manager to rebrand the Property to a lower category based on the annual chain scale published by Smith Travel Reports without the consent of Lender, which consent
shall not be unreasonably withheld, conditioned or delayed. Other than with respect to the Individual Property known as the Inn at Wilmington, at no time shall any Property be operated as an unbranded hotel for more than thirty (30) days. 

5.1.24. Project Improvement Plans. Borrower and Operating Lessee shall promptly perform all of the covenants and
agreements required to be performed and observed by it under each Project Improvement Plan (“PIP Work”). Borrower and Operating Lessee, as applicable, shall complete all of the work set forth in each Project Improvement Plan in a
good and workmanlike manner subject to and in compliance with the terms of each Project Improvement Plan and the terms of this Agreement, if any. 

5.1.25. Embargoed Person. Each of Borrower and any other Loan Party has performed and shall perform reasonable due
diligence to insure that at all times throughout the term of the Loan, including after giving effect to any Transfers permitted pursuant to the Loan Documents, (a) none of the funds or other assets of Borrower, any other Loan Party and
Guarantor constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person; (b) no Embargoed Person has any interest of any nature whatsoever in Borrower, any other Loan Party or Guarantor, as applicable, with
the result that the investment in Borrower, any other Loan Party or Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of law; and (c) none of the funds of Borrower, any other Loan Party
or Guarantor, as applicable, have been derived from, or are the proceeds of, any unlawful activity, including money laundering, terrorism or terrorism activities, with the result that the investment in Borrower, any other Loan Party or Guarantor, as
applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of law, or may cause the Property to be subject to forfeiture or seizure. Notwithstanding the foregoing, the covenants contained in this
Section 5.1.25 shall not apply to the extent they relate to the Preferred Shares and the direct or indirect beneficial holders thereof. 

5.1.26. Ground Lease. (a) Borrower shall, at Borrower’s sole cost and expense, promptly and timely perform and
observe all the material terms, covenants and conditions required to be performed and observed by Borrower as lessee under the Ground Lease (including, but not limited to, the payment of all rent, additional rent, percentage rent and other charges
required to be paid under the Ground Lease). Borrower shall not provide any notice of non-renewal of any Ground Lease to the applicable Ground Lessor. 

  
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 (b) Upon written request from Lender and provided that Borrower shall not have notified Lender or
does not notify Lender within five (5) Business Days of receipt of such request of Lender, of its intent to release the Ground Leased Property in accordance with Section 2.5.2(l), if Borrower shall be in default under the Ground Lease,
then, subject to the terms of the Ground Lease, Borrower shall grant Lender the right (but not the obligation), to cause the default or defaults under the Ground Lease to be remedied and otherwise exercise any and all rights of Borrower under the
Ground Lease, as may be necessary to prevent or cure any default provided such actions are necessary to protect Lender’s interest in the Individual Property under the Loan Documents, and Lender shall, subject to the rights of Tenants,
Permitted Encumbrances and hotel guests and patrons, have the right to enter all or any portion of the related Ground Leased Property at such times and in such manner as Lender deems necessary, to prevent or to cure any such default; provided
that in each case, such actions are necessary to protect Lender’s interest under the Loan Documents. 
 (c) The actions or payments of
Lender to cure any default by Borrower under the Ground Lease shall not remove or waive, as between Borrower and Lender, the default that occurred under this Agreement by virtue of the default by Borrower under the Ground Lease unless and until the
Borrower shall have reimbursed Lender for all sums referenced in the immediately succeeding sentence and the applicable default shall have been cured. All sums expended by Lender to cure any such default shall be paid by Borrower to Lender, upon
demand, with interest on such sum at the rate set forth in this Agreement from the date such sum is expended to and including the date the reimbursement payment is made to Lender. All such indebtedness shall be deemed to be secured by the related
Mortgage. 
 (d) Borrower shall notify Lender promptly in writing of the occurrence of any material default by Ground Lessor under the Ground
Lease or following the receipt by Borrower of any written notice from Ground Lessor under the Ground Lease noting or claiming the occurrence of any default by Borrower under the Ground Lease or the occurrence of any event that, with the passage of
time or service of notice, or both, would constitute a default by Borrower under the Ground Lease. Borrower shall promptly deliver to Lender a copy of any such written notice of default. 

(e) Upon written request from Lender, Borrower shall use commercially reasonable efforts to obtain from Ground Lessor under the Ground Lease
and furnish to Lender the estoppel certificate of Ground Lessor stating the date through which rent has been paid and whether or not there are any defaults thereunder and specifying the nature of such claimed defaults, if any, but in no event (so
long as no Event of Default has occurred and is continuing) more than one (1) time in any Fiscal Year. 
 (f) Upon written request from
Lender and provided that Borrower shall not have notified Lender or does not notify Lender within five (5) Business Days of receipt of such request of Lender, of its intent to release the Ground Leased Property in accordance with
Section 2.5.2(l), Borrower shall promptly execute, acknowledge and deliver to Lender such instruments as may reasonably be required to permit Lender to cure any default under the Ground Lease or permit Lender to take such other action
required to enable Lender to cure or remedy the matter in default and preserve the security interest of Lender under the Loan Documents with respect to each Ground Leased Property. Borrower irrevocably appoints Lender as its true and lawful


  
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attorney in fact to do, in its name or otherwise, unless Borrower has notified Lender of its intention to release the Ground Leased Property in accordance with Section 2.5.2(l),
during the continuance of an Event of Default, any and all acts and to execute any and all documents that are necessary to preserve any rights of Borrower under or with respect to each Ground Lease, including, without limitation, the right to
effectuate any extension or renewal of each Ground Lease, or to preserve any rights of Borrower whatsoever in respect of any part of each Ground Lease (and the above powers granted to Lender are coupled with an interest and shall be irrevocable).

 (g) Notwithstanding anything to the contrary contained in this Agreement with respect to the Ground Lease: 

(i) The lien of the related Mortgage attaches to all of Borrower’s rights and remedies at any time arising under or
pursuant to Subsection 365(h) of the Bankruptcy Code, 11 U.S.C. Sections 101 et seq., including, without limitation, all of Borrower’s rights, as debtor, to remain in possession of the related Ground Leased Property. 

(ii) Borrower shall not, without Lender’s written consent, elect to treat the Ground Lease as terminated under
Subsection 365(h)(l) of the Bankruptcy Code. Any such election made without Lender’s prior written consent shall be void. 

(iii) As security for the Debt, Borrower unconditionally assigns, transfers and sets over to Lender all of Borrower’s
claims and rights to the payment of damages arising from any rejection by the lessor under the Ground Lease under the Bankruptcy Code. Lender, and Borrower shall proceed jointly or in the name of Borrower in respect of any claim, suit, action or
proceeding relating to the rejection of the Ground Lease, including, without limitation, the right to file and prosecute any proofs of claim, complaints, motions, applications, notices and other documents in any case in respect of lessor under the
Bankruptcy Code. This assignment constitutes a present, irrevocable and unconditional assignment of the foregoing claims, rights and remedies, and shall continue in effect until all of the Debt shall have been satisfied and discharged in full. Any
amounts received by Lender or Borrower as damages arising out of the rejection of the Ground Lease as aforesaid shall be applied to all costs and expenses of Lender (including, without limitation, attorney’s fees and costs) incurred in
connection with the exercise of any of its rights or remedies in accordance with the applicable provisions of this Agreement. 

(iv) If, pursuant to Subsection 365(h) of the Bankruptcy Code, Borrower seeks to offset, against the rent reserved in the
Ground Lease, the amount of any damages caused by the nonperformance by the lessor of any of its obligations thereunder after the rejection by lessor of the Ground Lease under the Bankruptcy Code, then Borrower shall not affect any offset of such
amounts unless it shall have provided written notice to Lender of its intent to do so and Lender shall have consented thereto (provided Lender shall be deemed to have consented thereto if it shall fail to object to the same in written notice to
Borrower within ten (10) Business Days after receipt of the aforementioned notice in which case Borrower may proceed to offset the amounts set forth in Borrower’s notice. 

  
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 (v) If any action, proceeding, motion or notice shall be commenced or filed in
respect of any lessor of all or any part of the Ground Leased Property in connection with any case under the Bankruptcy Code, Lender and Borrower shall cooperatively conduct and control any such litigation with counsel agreed upon between Borrower
and Lender in connection with such litigation. Borrower shall, upon demand, pay to Lender all reasonable actual out of pocket costs and expenses (including reasonable attorneys’ fees and costs) actually paid or actually incurred by Lender in
connection with the cooperative prosecution or conduct of any such proceedings. All such costs and expenses shall be secured by the lien of the related Mortgage. 

(vi) Borrower shall promptly, after obtaining knowledge of such filing notify Lender orally of any filing by or against the
lessor under the Ground Lease of a petition under the Bankruptcy Code, setting forth any information available to Borrower as to the date of such filing, the court in which such petition was filed, and the relief sought in such filing. Borrower
shall promptly deliver to Lender any and all notices, summonses, pleadings, applications and other documents received by Borrower in connection with any such petition and any proceedings relating to such petition. 

(h) If Lender, its nominee, designee, successor, or assignee acquires title and/or rights of Borrower under the Ground Lease by reason of
foreclosure of the applicable Mortgage, deed in lieu of foreclosure or otherwise, such party shall (x) succeed to all of the rights of and benefits accruing to Borrower under the Ground Lease, and (y) be entitled to exercise all of the
rights and benefits accruing to Borrower under the Ground Lease. At such time as Lender shall request, Borrower agrees to execute and deliver and use commercially reasonable efforts to cause any third party to execute and deliver to Lender such
documents as Lender and its counsel may reasonably require in order to insure that the provisions of this section will be validly and legally enforceable and effective against Borrower and all parties claiming by, through, under or against
Borrower. 
 5.1.27. Payment of Obligations. Each of Borrower and Operating Lessee will pay its obligations, including
tax liabilities, that, if not paid, could result in a material adverse effect on the operation of any Individual Property or Borrower’s ability to pay the Debt as it comes due before the same shall become delinquent or in default, except where
(a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) Borrower or Operating Lessee has set aside on its books adequate reserves with respect thereto in accordance with GAAP, or (c) the
failure to make payment pending such contest could not reasonably be expected to result in a material adverse effect on the operation of any Individual Property or Borrower’s ability to pay the Debt as it comes due, and provided that the
foregoing shall not require any partners, members, shareholders or other owners of Borrower or Operating Lessee to make additional capital contributions to Borrower or Operating Lessee. 

  
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 5.1.28. Special Purpose Entity Covenants. (a) Borrower shall not
engage in any business other than (i) acquiring, owning, holding, leasing, financing, operating and managing the applicable Individual Properties and in the case of the BRE Select Hotels Properties Borrower, owning its limited liability company
interest in and acting as the sole member of Operating Lessee, (ii) entering into financings and refinancings of the Properties as permitted by this Agreement and entering into and performing its obligations under the Loan Documents, and
(iii) transacting any and all lawful business that was incident, necessary and appropriate to accomplish the foregoing. Principal shall not engage in any business other than, acting as a general partner of the limited partnership that owns the
related Individual Property or as member of the limited liability company that owns the related Individual Property and transacting lawful business that is incident, necessary and appropriate to accomplish the foregoing. Operating Lessee shall not
engaged in any business other (i) than leasing of each Individual Property subject to the Operating Lease, (ii) the operating, management and maintenance of each Individual Property subject to the Operating Lease, (iii) entering into
financings and refinancings of the Properties as permitted by this Agreement and entering into and performing its obligations under the Loan Documents and (iv) transacting lawful business that is incident, necessary and appropriate to
accomplish the foregoing. 
 (b) Borrower shall not have any Indebtedness other than (i) the Loan, (ii) Permitted Indebtedness,
(iii) as may be required pursuant to the Ground Lease, and (iv) such other liabilities that are permitted pursuant to the terms of the Loan Documents; provided, however, that this covenant shall not require any shareholder,
partner or member of Borrower to make additional capital contributions to any such entity. Principal shall not have any Indebtedness, other than (A) liabilities of Principal as a general partner of a limited partnership, in the capacity as such
and (B) liabilities incurred in the ordinary course of business relating to the ownership and operation of the Loan Party which it holds an interest in and routine administration of the Loan Party which it holds an interest in, provided that
(X) the outstanding liabilities at any time shall not exceed $25,000.00 and (Y) such liabilities are normal and reasonable under the circumstances; provided, however, that this covenant shall not require any shareholder,
partner or member of Principal to make additional capital contributions to any such entity. Operating Lessee shall not have any Indebtedness other than (i) Permitted Indebtedness, (ii) as may be required pursuant to a Ground Lease,
(iii) such other liabilities that are permitted pursuant to this Agreement or as otherwise imposed by law and (iv) such other liabilities that are permitted pursuant to the Loan Documents; provided, however, that this
covenant shall not require any shareholder, partner or member of Operating Lessee to make additional capital contributions to any such entity. 

(c) Other than with respect to another Loan Party, each Loan Party shall not assume or guarantee or become obligated for the debts of any other
Person, shall not hold out its credit as being available to satisfy the obligations of any other Person and shall not pledge its assets for the benefit of any other Person, in each case except as expressly permitted pursuant to the Loan Documents.

 (d) Until the Debt has been paid in full, each Loan Party shall remain a Special Purpose Entity. 

  
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 (e) Each Loan Party will comply with all of the stated facts and assumptions made with respect to
it in any Insolvency Opinion or any Additional Insolvency Opinion. Each Affiliate of a Loan Party (which for purposes of this Section 5.1.28(e) shall not include Hilton Manager or any subsidiary of Hilton Worldwide, Inc.) with respect to
which an assumption is made or a fact stated in any Insolvency Opinion will comply with all of the assumptions made and facts stated with respect to it in any such Insolvency Opinion. Each Loan Party covenants that in connection with any Additional
Insolvency Opinion delivered in connection with this Agreement it shall provide an updated certification regarding compliance with the facts and assumptions made therein. 

(f) Each Loan Party shall provide Lender with five (5) Business Days’ written notice prior to the removal of an Independent Director
of such Loan Party and no Independent Director shall be removed other than for Cause. 
 5.1.29. Taxes. Borrower will
be treated as partnerships or disregarded entities for U.S. federal income tax purposes. Borrower and Operating Lessee will each timely file or cause to be filed all federal income and other material Section 2.7 Tax returns and reports required
to be filed by it and will pay or cause to be paid all federal income and other material Section 2.7 Taxes and related liabilities required to be paid by it, except Section 2.7 Taxes that are being contested in good faith by appropriate
proceedings and for which the Borrower or Operating Lessee sets aside on its books adequate reserves in accordance with GAAP. Neither Borrower nor Operating Lessee will permit any Liens for Section 2.7 Taxes to be imposed on or with respect to
any of its income or assets, other than Liens for Section 2.7 Taxes not yet due or delinquent or which are contested in good faith by appropriate proceedings and for which Borrower and/or Operating Lessee sets aside on its books adequate
reserves in accordance with GAAP. 
 5.1.30. Intentionally Omitted. 

5.1.31. Supplemental Mortgage Affidavits. If, during the continuance of an Event of Default, Lender reasonably
determines, based on applicable law, that Lender is not being afforded the maximum amount of security available from any one or more of the Properties as a direct or indirect result of applicable taxes not having been paid with respect to any
Individual Property, Borrower and Operating Lessee agree that Borrower and Operating Lessee will execute, acknowledge and deliver to Lender, immediately upon Lender’s request, supplemental affidavits increasing the amount of the Debt
attributable to any such Individual Property (as set forth as the Release Amount on Schedule 1.1 hereto) for which all applicable taxes have been paid to an amount determined by Lender to be equal to the lesser of (a) the greater of the
fair market value of the applicable Individual Property (i) as of the date hereof and (ii) as of the date such supplemental affidavits are to be delivered to Lender, and (b) the amount of the Debt attributable to any such Individual
Property (as set forth as the Release Amount on Schedule 1.1 hereto), and Borrower and Operating Lessee shall, on demand, pay any additional taxes. 

  
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 5.1.32. Operating Lease 

(a) Each of Borrower and Operating Lessee shall (i) promptly perform and observe all of the material covenants required to be performed
and observed by it under each Operating Lease in accordance with the terms thereof and do all things necessary to preserve and to keep unimpaired its material rights thereunder; (ii) promptly notify Lender of any material default under any
Operating Lease of which it is aware; (iii) promptly deliver to Lender a copy of any notice of default or other material notice under any Operating Lease delivered to Operating Lessee by Borrower or to Borrower by Operating Lessee;
(iv) promptly give notice to Lender of any notice or information that Borrower receives which indicates that Operating Lessee is terminating any Operating Lease or that Operating Lessee is otherwise discontinuing its operation of the Property;
and (v) promptly enforce the performance and observance of all of the material covenants required to be performed and observed by Operating Lessee or Borrower, as applicable, under each Operating Lease. 

(b) Each of Borrower and Operating Lessee hereby assigns to Lender, as further security for the payment and performance of the Debt and
observance of the terms, covenants and conditions of this Agreement and the other Loan Documents, all of the rights, privileges and prerogatives of Borrower, as landlord and Operating Lessee, as tenant, as applicable, under each Operating Lease to
surrender the leasehold estates created by such Operating Lease or to terminate, cancel, modify, change, supplement, alter or amend such Operating Lease subject only to the rights granted to Borrower and Operating Lessee pursuant to this
Section 5.1.32 or Section 5.2.10 hereof, and any such surrender of the leasehold estate created by such Operating Lease or termination, cancellation, modification, change, supplement, alteration or amendment of such Operating
Lease not permitted pursuant to the foregoing terms of this Section 5.1.32 shall be void and of no force or effect. 
 (c) If,
during the continuance of an Event of Default, Operating Lessee shall default in the performance or observance of any term, covenant or condition of any Operating Lease to be performed or observed by Operating Lessee as tenant thereunder, if such
default is not remedied within the lesser of (i) ten (10) Business Days of receipt of notice by Borrower from Lender and (ii) such period of time as, should Operating Lessee fail to remedy such default after receipt of notice thereof,
shall give Lender a reasonable period of time to cure such default, then, without limiting the generality of the other provisions of this Section 5.1.32, and without waiving or releasing Operating Lessee from any of its obligations under
this Agreement and the other Loan Documents, Lender shall have the right, but shall be under no obligation, to pay any sums and to perform any act or take any action as may be appropriate to cause all of the terms, covenants and conditions of each
Operating Lease on the part of Operating Lessee, as tenant thereunder, to be performed or observed or to be promptly performed or observed on behalf of Operating Lessee, to the end that the rights of Operating Lessee in, to and under such Operating
Lease shall be kept unimpaired and free from default. If Lender shall make any payment or perform any act or take action in accordance with the preceding sentence, Lender will notify Operating Lessee thereof. In any such event, subject to the rights
of tenants, subtenants and other occupants under the Leases, Lender and any Person designated by Lender shall have, and are hereby granted, the right to enter upon the Properties at any time and from time to time for the purpose of taking any such
action. If Borrower shall deliver to Lender a copy of any notice of default sent by Borrower to Operating Lessee, as tenant under any Operating Lease, such notice shall constitute full protection to Lender for any action taken or omitted to be taken
by Lender, in good faith, in reliance thereon. Any sums expended by Lender pursuant to this 

  
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paragraph shall bear interest at the Default Rate from the date such cost is incurred to the date of payment to Lender, shall be deemed to constitute a portion of the Debt, shall be secured by
the lien of the Mortgages and the other Loan Documents and shall be immediately due and payable upon demand by Lender therefor. 
 (d) If,
during the continuance of an Event of Default, Borrower shall default in the performance or observance of any term, covenant or condition of any Operating Lease to be performed or observed by Borrower, as landlord thereunder, if such default is not
remedied within the lesser of (i) ten (10) Business Days of receipt of notice by Borrower from Lender and (ii) such period of time as, should Borrower fail to remedy such default after receipt of notice thereof, shall give Lender a
reasonable period of time to cure such default, then, without limiting the generality of the other provisions of this Section 5.1.32, and without waiving or releasing Borrower from any of its obligations under this Agreement and the
other Loan Documents, Lender shall have the right, but shall be under no obligation, to pay any sums and to perform any act or take any action as may be appropriate to cause all of the terms, covenants and conditions of such Operating Lease on the
part of Borrower, as landlord thereunder, to be performed or observed or to be promptly performed or observed on behalf of Borrower, to the end that the rights of Borrower in, to and under such Operating Lease shall be kept unimpaired and free from
default. If Lender shall make any payment or perform any act or take action in accordance with the preceding sentence, Lender will notify Borrower thereof. In any such event, subject to the rights of tenants, subtenants and other occupants under the
Leases, Lender and any Person designated by Lender shall have, and are hereby granted, the right to enter upon the Property at any time and from time to time for the purpose of taking any such action. If Operating Lessee shall deliver to Lender a
copy of any notice of default sent by Operating Lessee to Borrower, as landlord under any Operating Lease, such notice shall constitute full protection to Lender for any action taken or omitted to be taken by Lender, in good faith, in reliance
thereon. Any sums expended by Lender pursuant to this paragraph shall bear interest at the Default Rate from the date such cost is incurred to the date of payment to Lender, shall be deemed to constitute a portion of the Debt, shall be secured by
the lien of the Mortgages and the other Loan Documents and shall be immediately due and payable upon demand by Lender therefor. 
 (e) In the
event of the bankruptcy, reorganization or insolvency of Borrower or Operating Lessee, any attempt by Borrower or Operating Lessee to surrender its leasehold estate, or any portion thereof, under any Operating Lease, or any attempt under such
circumstances by Borrower or Operating Lessee to terminate, cancel or acquiesce in the rejection of any Operating Lease without the consent of Lender shall be null and void. Borrower and Operating Lessee each hereby expressly releases, assigns,
relinquishes and surrenders unto Lender all of its right, power and authority to terminate, cancel, acquiesce in the rejection of, modify, change, supplement, alter or amend each Operating Lease in any respect, either orally or in writing, in the
event of the bankruptcy, reorganization or insolvency of Borrower or Operating Lessee, and any attempt on the part of Borrower or Operating Lessee to exercise any such right without the consent of Lender shall be null and void. Each of Borrower and
Operating Lessee hereby irrevocably appoints Lender as its true and lawful attorney-in-fact which power of attorney shall be coupled with an interest, for the purpose of exercising its rights pursuant to Section 365(h) of the Bankruptcy Code or
any successor to such Section (i) to obtain for the benefit of Borrower or Operating Lessee or Lender a right to possession or statutory term of years derived from or incident to such Operating Lease, or (ii) to treat such Operating Lease
as terminated. 

  
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 (f) Notwithstanding the rejection of the Operating Lease by Borrower, as debtor in possession, or
by a trustee for Borrower, pursuant to Section 365 of the Bankruptcy Code, neither the lien of the Mortgages nor Lender’s rights with respect to any Operating Lease shall be affected or impaired by reason thereof. In the event that
Operating Lessee shall remain in possession of any Property following a rejection of any Operating Lease by Borrower, as debtor in possession, or by a trustee for Borrower, Operating Lessee agrees that it shall not exercise any right of offset
against the rent payable under such Operating Lease, pursuant to Section 365(h)(2) of the Bankruptcy Code, without the prior consent of Lender thereto. 

(g) Lender shall have the right, but shall be under no obligation, to exercise on behalf of Borrower or Operating Lessee any renewal or
extension options under each Operating Lease if Borrower and/or Operating Lessee shall fail to exercise any such options. Operating Lessee hereby absolutely and unconditionally assigns and grants to Lender Operating Lessee’s irrevocable power
of attorney, coupled with an interest, to exercise any renewal or extension options under each Operating Lease on behalf of and in the name of Operating Lessee following Operating Lessee’s failure to do so, and during the continuance of an
Event of Default, to take at any time any or all other actions on behalf of Operating Lessee required for the preservation of each Operating Lease. Borrower hereby absolutely and unconditionally assigns and grants to Lender Borrower’s
irrevocable power of attorney, coupled with an interest, to exercise any renewal or extension options under each Operating Lease on behalf of and in the name of Borrower following Borrower’s failure to do so, and to take at any time following
the occurrence and during the continuance of an Event of Default any or all other actions on behalf of Borrower required for the preservation of each Operating Lease. 

(h) In connection with any Securitization or other sale, assignment, transfer or participation of all or any portion of the Loan and otherwise
no more often than one time per calendar year, Operating Lessee and Borrower shall within fifteen (15) days after request by Lender, execute, acknowledge and deliver a statement certifying the items listed in subsections (a)-(h) of this
Section 5.1.32, with such exceptions as shall be necessary to cause such statement to be factually correct in all material respects. 

5.1.33. Reserved. 

5.1.34. Reserved. 

5.1.35. Reserved. 

Section 5.2. Negative Covenants. From the Closing Date until payment and performance in full of all Obligations of Borrower and
Operating Lessee under the Loan Documents or the earlier release of the Liens of all Mortgages encumbering the Properties and any other collateral in accordance with the terms of this Agreement and the other Loan Documents, each of Borrower and
Operating Lessee hereby covenants and agrees with Lender that it will not do, or permit to be done, directly or indirectly, any of the following: 

  
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 5.2.1. Operation of Property. (a) neither Borrower nor Operating
Lessee shall, without Lender’s prior written consent (which consent shall not be unreasonably withheld) and except with respect to an Individual Property in connection with (and effective only following) the release of an Individual Property
pursuant to and in accordance with the terms of this Agreement: (i) surrender, terminate or cancel the Management Agreement; provided, that Borrower or Operating Lessee, as applicable, may, without Lender’s consent, replace the
Manager so long as the replacement manager is a Qualified Manager pursuant to a Replacement Management Agreement and any termination fees and other sums payable to the Manager being replaced are paid in accordance with the terms of the applicable
Management Agreement; provided, that if Borrower (or any Affiliate thereof) does not have all appropriate Licenses, any Qualified Manager shall have all the appropriate Licenses and be in compliance with all applicable Legal Requirements at
or prior to the time such Replacement Management Agreement is entered into; (ii) surrender, terminate or cancel the Franchise Agreement; provided, that Borrower or Operating Lessee, as applicable, may, without Lender’s consent,
replace the Franchisor so long as the replacement franchisor is a Qualified Franchisor pursuant to a Replacement Franchise Agreement and any termination fees and other sums payable to the Franchisor being replaced are paid in accordance with the
terms of the applicable Franchise Agreement; (iii) reduce or consent to the reduction of the term of the Management Agreement or the Franchise Agreement; (iv) increase or consent to the increase of the amount of any charges or fees under
the Management Agreement or the Franchise Agreement, except in connection with the execution of a Replacement Management Agreement or Replacement Franchise Agreement; or (v) otherwise modify, change, supplement, alter or amend, or waive or
release any of its rights and remedies under, the Management Agreement or the Franchise Agreement in any material respect. To the extent Borrower or Operating Lessee, as applicable, has a right to consent to the same under the applicable Management
Agreement and knowledge thereof, Borrower and Operating Lessee, as applicable, shall not, and, subject to the terms of the Management Agreement, shall not permit any Manager to sub-contract any or all of its respective material management
responsibilities under any Management Agreement to a third-party without the prior written consent of Lender, which consent shall not be unreasonably withheld, conditioned or delayed. 

(b) Following the occurrence and during the continuance of an Event of Default, neither Borrower nor Operating Lessee shall exercise any
rights, make any decisions, grant any approvals or otherwise take any action under the Management Agreement or the Franchise Agreement without the prior written consent of Lender, which consent may be granted, conditioned or withheld in
Lender’s sole discretion. 
 5.2.2. Liens. Neither Borrower nor Operating Lessee shall create, incur, assume or
suffer to exist any Lien on any portion of any Individual Property or permit any such action to be taken, except for (a) Permitted Encumbrances; (b) Liens created by or permitted pursuant to the Loan Documents; and (c) easements and
other similar encumbrances entered into by Borrower or Operating Lessee in the ordinary course of business for use, maintenance, access, parking, water and sewer lines, telephones and telegraph lines, electric lines or other utilities or for other
similar purposes, provided that no such easement or other similar encumbrance shall materially impair the utility and operation of the Property or materially and adversely affect the value of the Property or Borrower’s or Operating
Lessee’s condition (financial or otherwise) or business. 

  
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 5.2.3. Dissolution. Neither Borrower nor Operating Lessee shall
(a) engage in any dissolution, liquidation or consolidation or merger with or into any other business entity, (b) engage in any business activity not related to the ownership, leasing, financing, management and operation of the Properties
except to the extent permitted by the Loan Documents, (c) transfer, lease or sell, in one transaction or any combination of transactions, the assets or all or substantially all of the properties or assets of Borrower or Operating Lessee except
to the extent permitted by the Loan Documents, (d) modify, amend, waive or terminate its Organizational Documents or its qualification and good standing in any jurisdiction or (e) cause Principal to (i) dissolve, wind up or liquidate
or take any action, or omit to take an action, as a result of which the Principal would be dissolved, wound up or liquidated in whole or in part, or (ii) amend, modify, waive or terminate the Organizational Documents of the Principal, in each
case, without obtaining the prior written consent of Lender or Lender’s designee. 
 5.2.4. Change in Business.
Neither Borrower nor Operating Lessee shall enter into any line of business other than the ownership, leasing, management, maintenance and operation of the Properties (and any ancillary business related to such ownership, leasing, management,
maintenance and operation), except with respect to BRE Select Properties Borrower, owning the limited liability company interest in and acting as sole member of Operating Lessee, or make any material change in the scope or nature of its business
objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business. Nothing contained in this Section 5.2.4 is intended to expand the rights of Borrower or Operating Lessee
contained in Section 5.2.10(d) hereof, and for the avoidance of doubt, the rights of Borrower or Operating Lessee to effectuate Transfers is governed solely by Section 5.2.10 hereof. 

5.2.5. Debt Cancellation. Neither Borrower nor Operating Lessee shall cancel or otherwise forgive or release any claim
or debt owed to Borrower or Operating Lessee by any Person except (i) for adequate consideration and in the ordinary course of Borrower’s business, (ii) termination of Leases in accordance herewith or the forgiveness in the ordinary
course of Borrower’s or Operating Lessee’s business, or Rent obligations in arrears in connection with a settlement with a Tenant under a Lease or, provided that in the case of a Material Lease, the amount of Rent so forgiven is
less than the aggregate amount of two (2) months’ basic Rent under such Material Lease, or (iii) negotiated settlements or write-offs of past-due guest obligations of non-Affiliates in the ordinary course of business. 

5.2.6. Zoning. Neither Borrower nor Operating Lessee shall initiate or consent to any zoning reclassification of any
portion of any Individual Property or seek any variance under any existing zoning ordinance or use or permit the use of any portion of any Individual Property in any manner that could result in such use becoming a non-conforming use under any zoning
ordinance or any other applicable land use law, rule or regulation, without the prior written consent of Lender. 

  
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 5.2.7. No Joint Assessment. Neither Borrower nor Operating Lessee shall
suffer, permit or initiate the joint assessment of any Individual Property (a) with any other real property constituting a tax lot separate from such Individual Property, and (b) which constitutes real property with any portion of such
Individual Property which may be deemed to constitute personal property, or any other procedure whereby the lien of any taxes which may be levied against such personal property shall be assessed or levied or charged to such real property portion of
such Individual Property. 
 5.2.8. Reserved. 

5.2.9. ERISA. 

(a) Assuming compliance by the Lender with paragraph (d) of this Section 5.2.9, neither Borrower nor Operating Lessee shall
engage in any transactions contemplated under this Agreement which would cause any obligation, or action taken or to be taken, hereunder (or the exercise by Lender of any of its rights under the Note, this Agreement or the other Loan Documents) to
be a non-exempt prohibited transaction under Section 406(a) of ERISA or Section 4975(c)(1)(A)-(C) of the Code. 
 (b)
Intentionally omitted. 
 (c) Each of Borrower and Operating Lessee covenants and agrees that it will use commercially reasonable efforts to
provide notice to the Lender in writing if, in the reasonable judgment of the Borrower and/or Operating Lessee, which may be based on consultation with counsel, the assets of the Borrower and/or Operating Lessee constitute plan assets of any
“benefit plan investor” within the meaning of Section 3(42) of ERISA or any plan subject to any Applicable Similar Law. 
 (d)
Lender represents and warrants that, throughout the term of the Loan, no portion of the assets used by any Lender in connection with the transactions contemplated under this Agreement and the other Loan Documents constitutes assets of a
(i) “benefit plan investor” within the meaning of the Plan Asset Regulations unless the applicable Lender is relying on an available prohibited transaction exemption, all of the conditions of which are and continue to be satisfied or
(ii) governmental plan (as defined in Section 3(32) of ERISA) which is subject to any provision which is substantially similar to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Code
(“Applicable Similar Law”), unless the acquisition and holding of the Loan or any interest therein will not give rise to a violation of any such Applicable Similar Law. Lender covenants and agrees that it will notify the Borrower in
the event that it is aware that it is in breach of any aspect of this representation and covenant or is aware that with the passing of time, giving of notice or expiry of any applicable grace period it will breach any aspect of this representation
and covenant. 
 5.2.10. Transfers. (a) Each of Borrower and Operating Lessee acknowledges that Lender has
examined and relied on the experience of Borrower, Operating Lessee and their respective stockholders, general partners, members, principals and (if Borrower or Operating Lessee is a trust) beneficial owners in owning and operating properties such
as the Properties in agreeing to make the Loan, and will 

  
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continue to rely on Borrower’s and Operating Lessee’s ownership of the Properties as a means of maintaining the value of the Properties as security for repayment of the Debt and the
performance of the Other Obligations. Each of Borrower and Operating Lessee acknowledges that Lender has a valid interest in maintaining the value of the Properties so as to ensure that, should Borrower default in the repayment of the Debt or the
performance of the Other Obligations, Lender can recover the Debt by a sale of the Properties. 
 (b) Without the prior written consent of
Lender and except to the extent otherwise set forth in this Section 5.2.10 or the release of an Individual Property in accordance with this Agreement, neither Borrower nor Operating Lessee shall or shall permit any Restricted Party to do
any of the following (collectively, a “Transfer”): (i) sell, convey, mortgage, grant, bargain, encumber, pledge, assign, grant options with respect to, or otherwise transfer or dispose of (directly or indirectly, voluntarily or
involuntarily, by operation of law or otherwise, and whether or not for consideration or of record) the Properties or any part thereof or any legal or beneficial interest therein, or (ii) permit a Sale or Pledge of an interest in any Restricted
Party, other than (A) pursuant to Leases of space in the Improvements to Tenants in accordance with the provisions of Section 5.1.21, and (B) Permitted Transfers and Permitted Indebtedness. 

(c) A Transfer shall include, but not be limited to, (i) an installment sales agreement wherein Borrower or Operating Lessee agrees to
sell the Properties or any part thereof for a price to be paid in installments; (ii) an agreement by Borrower or Operating Lessee leasing all or a substantial part of any Individual Property for other than actual occupancy by a space Tenant
thereunder or a sale, assignment or other transfer of, or the grant of a security interest in, Borrower’s or Operating Lessee’s right, title and interest in and to any Leases or any Rents; (iii) if a Restricted Party is a corporation,
any merger, consolidation or Sale or Pledge of such corporation’s stock or the creation or issuance of new stock; (iv) if a Restricted Party is a limited or general partnership or joint venture, any merger or consolidation or the change,
removal, resignation or addition of a general partner or the Sale or Pledge of the partnership interest of any general partner or any profits or proceeds relating to such partnership interest, or the Sale or Pledge of limited partnership interests
or any profits or proceeds relating to such limited partnership interest or the creation or issuance of new limited partnership interests; (v) if a Restricted Party is a limited liability company, any merger or consolidation or the change,
removal, resignation or addition of a managing member or non-member manager (or if no managing member, any member) or the Sale or Pledge of the membership interest of a managing member (or if no managing member, any member) or any profits or
proceeds relating to such membership interest, or the Sale or Pledge of non-managing membership interests or the creation or issuance of new non-managing membership interests or (vi) if a Restricted Party is a trust or nominee trust, any
merger, consolidation or the Sale or Pledge of the legal or beneficial interest in a Restricted Party or the creation or issuance of new legal or beneficial interests. 

(d) Notwithstanding the provisions of this Section 5.2.10, the following shall not be deemed to be a Transfer: 

(i) The Sale (but not a Pledge nor the issuance of preferred equity interests), in one or a series of transactions, of the
direct or indirect equity interests in Borrower or Operating Lessee or direct or indirect interests in any 

  
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Restricted Party (excluding the direct interests in Mezzanine Borrowers (if any)); provided, that, (A) after giving effect to such Sale, BREP (x) shall own not less than
fifty-one percent (51%) of the economic and direct or indirect legal and beneficial interests in Borrower, Operating Lessee, Guarantor, Principal and Mezzanine Borrowers (if any) (on an unencumbered and look-through basis and without regard to
the Preferred Shares) and (y) Control Borrower, Operating Lessee, Guarantor, Principal and Mezzanine Borrowers (if any), (B) upon the written request of Lender, Borrower shall deliver to Lender notice of each sale described in this
Section 5.2.10(d)(i) not less than ten (10) days following such request, (C) no Sale or Pledge of any direct interest in any Borrower, Operating Lessee, Principal or Mezzanine Borrowers (if any) shall be permitted, (D) no
Individual Borrower, Operating Lessee, Principal or Mezzanine Borrowers (if any) shall fail to be a Special Purpose Entity by reason of such Sale and (E) for so long as the Loan or any Mezzanine Loan shall remain outstanding (I) no pledge
of any direct interests in any Restricted Pledge Party shall be permitted (other than Pledges securing the Loan or Mezzanine Loans (if any)) and except that a pledge of the direct ownership interests in the most upper-tier Restricted Pledge Party
shall be permitted if such pledge directly or indirectly secures indebtedness that is also directly or indirectly secured by substantial assets other than the Properties and (II) no Restricted Pledge Party shall issue preferred equity that
has the characteristics of mezzanine debt (such as a fixed maturity date, pledged ownership interests as security, regular payments of interest, a fixed rate of return and rights of the equity holder to demand repayment of its investment). If after
giving effect to any such Sale, more than forty-nine percent (49%) in the aggregate of direct or indirect interests in a Restricted Party (excluding the Preferred Shares) are owned by any Person and its Affiliates that owned less than
forty-nine percent (49%) direct or indirect interest in such Restricted Party (excluding the Preferred Shares) as of the Closing Date, Borrower shall deliver to Lender an Additional Insolvency Opinion reasonably acceptable to Lender and the
Approved Rating Agencies. Notwithstanding anything to the contrary contained in this Agreement, (x) no notice to, or consent of, Lender shall be required in connection with any Sale or Pledge of direct or indirect interests in any Excluded
Entity or by and among any Excluded Entity and (y) no Restricted Pledge Party (other than Borrower, Operating Lessee, Principal or Mezzanine Borrowers (if any)) shall be restricted from any Sale or Pledge of its direct or indirect assets;
provided such assets are not encumbered (or required to be encumbered) by the Loan or Mezzanine Loans. In connection with a Sale or Pledge resulting in Guarantor no longer owning direct or indirect interests in Borrower, Operating Lessee, Principal
or the Properties, Guarantor shall be released as a guarantor under the Guaranty for any acts occurring after such Sale or Pledge; provided that Borrower delivers to Lender (x) a guaranty in form and substance the same as the Guaranty
(or in such other form as reasonably approved by Lender) from a Replacement Guarantor and (y) the organizational documents of such Replacement Guarantor, resolutions authorizing such Replacement Guarantor to enter into the replacement guaranty
referenced in clause (x) above and an enforceability and execution opinion covering the enforceability of such 

  
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replacement guaranty against such Replacement Guarantor in the same form and substance as the enforceability opinion delivered to Lender on the Closing Date (or in such other form as reasonably
approved by Lender); provided, however, if BREP is the Replacement Guarantor, Borrower shall not be required to deliver to Lender any of the deliverables set forth in clause (y) above. 

(ii) A Public Sale, provided, that (A) if after giving effect to any such Public Sale, more than forty-nine percent
(49%) in the aggregate of the direct or indirect interests in any Restricted Party are owned by any Person and its Affiliates that owned less than forty-nine percent (49%) of the direct or indirect interest in such Restricted Party as of
the Closing Date, Borrower shall deliver to Lender an Additional Insolvency Opinion reasonably acceptable to Lender and the Approved Rating Agencies; (B) Lender shall have received a Rating Agency Confirmation from the Approved Rating Agencies
with respect to any such Public Sale, (C) no Individual Borrower, Operating Lessee or Principal shall fail to be a Special Purpose Entity by reason of such sale, (D) no Transfer of any direct interest in any Borrower, Operating Lessee or
Principal, or for so long as any Mezzanine Loan remains outstanding, in the related Mezzanine Borrower shall be permitted, and (E) no Restricted Pledge Party shall issue preferred equity that has the characteristics of mezzanine debt (such as a
fixed maturity date, pledged ownership interests as security, regular payments of interest, a fixed rate of return and rights of the equity holder to demand repayment of its investment). Upon completion of any such Public Sale subject to and in
accordance with the provisions of this Section 5.2.10(d)(ii) Guarantor shall be released as a guarantor under the Guaranty for any acts occurring after such Public Sale; provided that, the Borrower delivers to Lender (x) a
guaranty in form and substance the same as the Guaranty (or in such other form as reasonably approved by Lender) from a Replacement Guarantor and (y) the organizational documents of such Replacement Guarantor, resolutions authorizing such
Replacement Guarantor to enter into the replacement guaranty referenced in clause (x) above and an enforceability and execution opinion covering the enforceability of such replacement guaranty against such Replacement Guarantor in the same form
and substance as the enforceability opinion delivered to Lender on the Closing Date (or in such other form as reasonably approved by Lender); provided, however, if BREP is the Replacement Guarantor, Borrower shall not be required to deliver to
Lender any of the deliverables set forth in clause (y) above. Following any Transfer in accordance with this Section 5.2.10(d)(ii), the Public Vehicle shall be deemed to be an Excluded Entity. 

(iii) A Pledge made by Mezzanine Borrowers to secure the Mezzanine Loans in accordance with the Mezzanine Loan Documents or any
Foreclosure. 
 (e) No Transfer and assumption of the Loan shall occur during the period that is forty-five (45) days prior to
and sixty (60) days after a Securitization, so long as such Securitization occurs within three (3) months of the date hereof. Otherwise, a Transfer of all of the Properties or one hundred percent (100%) of the legal or beneficial
interests therein or in Borrower, Operating Lessee or any other Loan Party to a new borrower (the “Transferee 

  
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Borrower”) not otherwise permitted by Section 5.2.10(d) and the assumption of the Loan, shall be permitted without Lender’s consent (a “Permitted
Assumption”), provided that Lender receives thirty (30) days’ prior written notice of such Permitted Assumption and no Event of Default has occurred and is continuing at the time such Permitted Assumption is consummated,
and further provided that the following additional requirements are satisfied: 
 (i) Borrower shall pay Lender a
transfer fee equal to Lender’s Allocation of $250,000.00; 
 (ii) Borrower shall pay any and all reasonable
out-of-pocket costs incurred in connection with such Permitted Assumption (including, without limitation, Lender’s reasonable counsel fees and disbursements and all recording fees, title insurance premiums and mortgage and intangible taxes and
the fees and expenses of the Approved Rating Agencies pursuant to clause (vi) below); 
 (iii) Transferee Borrower must
be (A) a Qualified Transferee or (B) owned (directly or indirectly) and Controlled by a Qualified Transferee; 

(iv) With respect to a Transfer of the Property, if applicable, a Transferee Borrower shall assume all of the obligations of
Borrower and Operating Lessee under the Loan Documents in a manner reasonably satisfactory to Lender in all material respects, including, without limitation, by entering into an assumption agreement in form and substance satisfactory to Lender; 

(v) Transferee Borrower and any Qualified Transferee that Controls Transferee Borrower (“Related Entities”)
must be able to satisfy all the representations and covenants set forth in Sections 4.1.35, 5.1.25 and 5.2.9 of this Agreement, and Transferee Borrower and the Related Entities shall deliver (A) all organizational
documentation reasonably requested by Lender, which shall be reasonably satisfactory to Lender and, following a Securitization, satisfactory to the Approved Rating Agencies (B) all certificates, agreements necessary to evidence the Permitted
Assumption and an Additional Insolvency Opinion and a due authority, execution and enforceability opinion reasonably acceptable to Lender; 

(vi) If required by Lender following or in connection with a Securitization, Transferee Borrower and Qualified Transferee shall
be approved by the Approved Rating Agencies, which approval, if required by Lender, shall take the form of a Rating Agency Confirmation with respect to such Permitted Assumption; provided that a written waiver or acknowledgment from the
Approved Rating Agencies indicating its decision not to review the matter for which the Rating Agency Confirmation is sought shall be deemed to satisfy the requirement for the Rating Agency Confirmation; 

(vii) Borrower or Transferee Borrower, at its sole cost and expense, shall deliver to Lender an Additional Insolvency Opinion
reflecting such Transfer reasonably satisfactory in form and substance to Lender; 

  
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 (viii) There shall be no material litigation relating to the creditworthiness of
Transferee Borrower or any Related Entities or any regulatory action pending against Transferee Borrower or any Related Entities in each case, which could be reasonably expected to have a material adverse effect on the financial condition of such
Transferee Borrower or Related Entity; 
 (ix) a Replacement Guarantor shall deliver to Lender (x) a guaranty of
recourse obligations (in the same form and substantially similar to the guaranty of recourse obligations delivered to Lender by Guarantor on the date hereof including, without limitation, the Guarantor’s Financial Covenants), pursuant to which,
in each case, the Replacement Guarantor agrees to be liable under such guaranty of recourse obligations from and after the date of such Permitted Assumption (whereupon the previous guarantor shall be released from any further liability under the
guaranty of recourse obligations for acts that arise from and after the date of such Permitted Assumption and such Replacement Guarantor shall be the “Guarantor” for all purposes set forth in this Agreement) and (y) the organizational
documents of such Replacement Guarantor, resolutions authorizing such Replacement Guarantor to enter into the replacement guaranty referenced in clause (x) above and an enforceability opinion covering the enforceability of such replacement
guaranty against such Replacement Guarantor in the same form and substance as the enforceability and execution opinion delivered to Lender on the Closing Date (or in such other form as reasonably approved by Lender); provided, however, if BREP is
the Replacement Guarantor, such Replacement Guarantor shall not be required to deliver to Lender any of the deliverables set forth in clause (y) above; 

(x) If the Permitted Assumption is accomplished by the conveyance of the Properties rather than by assignment of all of
Guarantor’s or a Restricted Party’s interests in Borrower, Borrower shall deliver, at its sole cost and expense, an endorsement to the Title Insurance Policies, as modified by the assumption agreement, as a valid first lien on the
Properties and naming the Transferee Borrower as owner of the Properties, which endorsement shall insure that, as of the date of the recording of the assumption agreement, the Properties shall not be subject to any additional exceptions or liens
other than those contained in the relevant Title Insurance Policy issued on the date hereof and any other Permitted Encumbrances; 

(xi) Each Individual Property shall be managed by Manager pursuant to the Management Agreement or a Qualified Manager pursuant
to a Replacement Management Agreement and licensed, flagged and branded by Franchisor pursuant to the Franchise Agreement or by a Qualified Franchisor pursuant to a Replacement Franchise Agreement; 

(xii) If required by Lender, Borrower shall have certified to Lender that the proposed transfer will not result in a Property
Document Event; 

  
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 (xiii) to the extent any Mezzanine Loan is outstanding, Lender shall have
received evidence that each Mezzanine Borrower shall have complied with their respective references of Section 5.2.10(e) of each of the respective Mezzanine Loan Agreements; and 

(xiv) to the extent that the transfer contemplated by this Section 5.2.10(e) shall result in a Change in Control
(as defined in the Certificate of Designation) no such transfer shall be permitted unless all Preferred Shares shall be redeemed in full within thirty (30) days of such Transfer; provided that, in the event all Preferred Shares are not redeemed
in full within such thirty (30) day period, Borrower shall, prior to the expiration of such thirty (30) day period, place funds in an escrow account reasonably acceptable to Lender to be used for such redemption on terms reasonably
acceptable to Borrower and Lender. 
 Immediately upon a Transfer to such Transferee Borrower and the satisfaction of all of the above requirements, the
named Borrower, Operating Lessee and Guarantor herein shall be released from all liability under this Agreement, the Note, the Mortgage and the other Loan Documents for acts or omissions occurring after such Transfer. The foregoing release shall be
effective upon the date such Permitted Assumption is consummated, but Lender agrees to provide written evidence thereof reasonably requested by Borrower. 

(f) Lender shall not be required to demonstrate any actual impairment of its security or any increased risk of default hereunder in order to
declare the Debt immediately due and payable upon Borrower’s Transfer without Lender’s consent, if such consent is required hereunder. This provision shall apply to every Transfer regardless of whether voluntary or not, or whether or not
Lender has consented to any previous Transfer. 
 (g) If at any time during the term of the Loan, (x) Guarantor shall not be in
compliance with the covenants set forth in Article V of the Guaranty or (y) Borrower otherwise elects, then, in each case, Borrower shall have the right (1) in the case of (x), to cause either (i) BREP or (ii) one or more
entities that (A) are Affiliates of Borrower and (B) are each a Replacement Guarantor or (2) in the case of (y), to cause BREP, to execute and deliver a replacement guaranty substantially in the form of the Guaranty or otherwise in
form reasonably acceptable to Lender (a “Substitute Guaranty”). If a Substitute Guaranty is delivered in accordance with clause (x) of the preceding sentence, within ten (10) Business Days of the failure of Guarantor to
comply, then the failure by Guarantor to comply with the covenants set forth in Article V of the Guaranty shall not be a default hereunder or under the Loan Documents or the Mezzanine Loan Documents and Lender shall release Guarantor from its
obligations hereunder (including, without limitation, its obligation to comply with the covenants set forth in Article V of the Guaranty) upon the execution and delivery by such Replacement Guarantor of a Substitute Guaranty. In the event that
(1) Borrower replaces Guarantor with a Replacement Guarantor, Borrower shall deliver the guarantor financial statements of the Substitute Guarantor as required pursuant to Section 5.1.11 of this Agreement with respect to the
Guarantor and (2) Borrower replaces Guarantor with BREP, then the covenants set forth in Sections 5.2 and 5.3 of the Guaranty shall automatically terminate and shall have no further force and effect. Further, in the event that Borrower replaces
Guarantor with a Replacement Guarantor, Borrower shall deliver to Lender the organizational documents of such Replacement Guarantor, resolutions 

  
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authorizing such Replacement Guarantor to enter into the Substitute Guaranty and an enforceability and execution opinion covering the enforceability of the Substitute Guaranty against such
Replacement Guarantor, which opinion shall in the same form and substance as the enforceability opinion delivered to Lender on the Closing Date (or in such other form as reasonably approved by Lender); provided, however, if BREP is the Replacement
Guarantor, Borrower shall not be required to deliver to Lender any of the deliverables set forth in the immediately preceding sentence. 

(h) In connection with the delivery of any Substitute Guaranty from any Person other than BREP, Borrower shall cause the applicable Replacement
Guarantor to deliver an Officer’s Certificate (i) certifying that it has a Net Worth equal to or in excess of $200,000,000 and (ii) attaching Replacement Guarantor’s unaudited financial statements demonstrating such Net Worth to
Lender’s reasonable satisfaction. 
 (i) In connection with any Transfer that is permitted pursuant to this Section 5.2.10
and which is made in accordance with and otherwise satisfies the applicable terms and conditions set forth in Section 5.2.10(a) through (e) above, in the event a corporation or other Person that is or elects to be a real
estate investment trust (the “REIT”) for federal income tax purposes (a “REIT Election”) acquires all or a portion of the equity interests in Borrower, Borrower shall have the right to permit a REIT Restructuring
(as defined on Schedule 5.2.10) in accordance with and subject to satisfaction of, the terms and conditions set forth on Schedule 5.2.10 hereof. 

(j) Notwithstanding anything contained in this Section 5.2.10 to the contrary, to the extent that any Transfer shall result in a
Change of Control (as defined in the Certificate of Designation), no such Transfer shall be permitted unless all Preferred Shares shall be redeemed in full within thirty (30) days of such Transfer; provided that, in the event all Preferred
Shares are not redeemed in full within such thirty (30) day period, Borrower shall, prior to the expiration of such thirty (30) day period, place funds in an escrow account reasonably acceptable to Lender to be used for such redemption on
terms reasonably acceptable to Borrower and Lender. 
 5.2.11.Ground Lease. (a) Borrower shall not, without
Lender’s written consent, fail to exercise any option or right to renew or extend the term of the Ground Lease in accordance with the terms of the related Ground Lease, and shall give immediate written notice to Lender and shall execute,
acknowledge, deliver and record any document requested by Lender to evidence the lien of the related Mortgage on such extended or renewed lease term; provided, however, Borrower shall not be required to exercise any particular such
option or right to renew or extend (or to permit the term of the Ground Lease to renew or extend automatically) to the extent Borrower shall have received the prior written consent of Lender (which consent may not be unreasonably withheld, delayed
or conditioned) allowing Borrower to forego exercising such option or right to renew or extend. If Borrower shall fail to exercise any such option or right as aforesaid within thirty (30) days prior to the date when required, Lender may
exercise the option or right as Borrower’s agent and attorney in fact as provided above in Lender’s own name or in the name of and on behalf of a nominee of Lender, as Lender may determine in the exercise of its sole and absolute
discretion. 

  
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 (b) Borrower shall not waive, excuse, condone or in any way release or discharge the Ground
Lessor under the Ground Lease of or from the Ground Lessor’s material obligations, covenant and/or conditions under the related Ground Lease without the prior written consent of Lender (which consent will not be unreasonably withheld, delayed
or conditioned). 
 (c) Borrower shall not, without Lender’s prior written consent, surrender, terminate, forfeit, or suffer or permit
the surrender, termination or forfeiture of, or change, modify or amend in a material adverse manner, the Ground Lease, other than an expiration of the Ground Lease pursuant to its terms. Consent to one amendment, change, agreement or modification
shall not be deemed to be a waiver of the right to require consent to other, future or successive amendments, changes, agreements or modifications. Any acquisition of Ground Lessor’s interest in the Ground Lease by Borrower or any Affiliate of
Borrower shall be accomplished by Borrower in such a manner so as to avoid a merger of the interests of lessor and lessee in the Ground Lease, unless consent to such merger is granted by Lender. 

5.2.12. Intentionally Omitted.  

5.2.13. Intentionally Omitted. 

5.2.14. Operating Lease. Neither Borrower nor Operating Lessee shall, without the prior written consent of Lender, which
consent shall not be unreasonably withheld, conditioned or delayed: (i) surrender, terminate or cancel any Operating Lease or otherwise replace Operating Lessee or enter into any other operating lease with respect to any Individual Property or
the Properties; provided, however, at the end of the term of any Operating Lease, Borrower may renew such Operating Lease or enter into a replacement Operating Lease with Operating Lessee on substantially the same terms as the expiring Operating
Lease provided Lender shall have the right to approve any other material change thereto; (ii) reduce or consent to the reduction of the term of any Operating Lease; or (iii) enter into, amend, modify, waive any provisions of, increase or
reduce the Rents under, or shorten the term of, any Operating Lease. Notwithstanding the foregoing provisions of this Section 5.2.14, Borrower and Operating Lessee shall have the right, without the consent of Lender, to amend the
Operating Lease as follows: (1) upon the release of an Individual Property pursuant to the terms of this Agreement, the Operating Lease may be amended (or deemed amended) to (x) terminate the Operating Lease with respect to such Individual
Property being released, and (y) reduce the amount of Minimum Rent (as defined in the Operating Lease) payable under the Operating Lease with respect to the Individual Property so released; (2) increase the amount of Percentage Rent (as
defined in the Operating Lease) payable under the Operating Lease, (3) increase the amount of Minimum Rent payable under the Operating Lease and (4) in connection with a transfer permitted pursuant to the terms of
Section 5.2.10 of this Agreement, the Operating Lease may be amended (or deemed amended) to (x) terminate the Operating Lease with respect to such Individual Property being released, and (y) reduce the amount of Minimum Rent
(as defined in the Operating Lease) payable under the Operating Lease with respect to the Individual Property so transferred. 

  
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 5.2.15. Reserved. 

5.2.16. Intentionally Omitted. 

5.2.17. Property Documents. 

(a) Borrower or Operating Lessee, as applicable, shall not, without Lender’s prior written consent, vote in favor of or agree to
materially and adversely amend, modify or supplement, or consent to the material and adverse amendment, modification or supplementation of, any Property Document except that Lender shall not unreasonably withhold or delay its consent to any
amendment or modification which is not reasonably likely to have a material adverse effect upon the Borrower and Operating Lessee, taken as a whole, the applicable Individual Property or Gross Income from Operations. 

(b) Except as otherwise permitted under this Agreement, Borrower or Operating Lessee, as applicable, shall not, without the prior written
consent of Lender, as determined in its reasonable discretion, take (and hereby assigns to Lender any right it may have to take) any action to terminate, surrender, vote to accept any termination or surrender of, any Property Document; provided,
however, Borrower or Operating Lessee, as applicable, may terminate any Dallas Parking Lease if Borrower or Operating Lessee enters into a New Dallas Parking Lease within sixty (60) days of such termination. Notwithstanding anything to the
contrary contained herein, (i) a termination of the Portland Parking Lease shall not be deemed to be a violation of this Agreement and (ii) Borrower or Operating Lessee shall be permitted to enter into the New Dallas Parking Lease without
the consent of Lender. 
 (c) Neither Borrower nor Operating Lessee shall assign (other than to Lender) or encumber its rights under the
Property Documents. 
 ARTICLE VI. 

INSURANCE; CASUALTY; CONDEMNATION 

Section 6.1. Insurance. (a) Borrower shall obtain and maintain, or cause to be maintained, insurance for Borrower, Operating
Lessee and the Properties providing at least the following coverages: 
 (i) comprehensive all risk “special form”
insurance, including, but not limited to, loss caused by any type of windstorm or hail on the Improvements and the Personal Property, including contingent liability from Operation of Building Laws, Demolition Costs and Increased Cost of Construction
Endorsements, (A) in an amount equal to one hundred percent (100%) of the “Full Replacement Cost,” which for purposes of this Agreement shall mean actual replacement value (exclusive of costs of excavations, foundations,
underground utilities and footings) with a waiver of depreciation; (B) containing an agreed amount endorsement with respect to the Improvements and Personal Property waiving all co insurance provisions or to be written on a no co insurance
form; (C) providing for no deductible in excess of $250,000.00 for all such insurance coverage; provided, however, with respect to terrorism, providing for a deductible not to exceed $500,000 and with respect to flood, windstorm
and earthquake coverage, 

  
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providing for a deductible not to exceed five percent (5%) of the total insurable value of the Property, subject to a $1,000,000 minimum; provided, that (1) Borrower may utilize a
$3,000,000 aggregate deductible stop loss subject to a $25,000 per occurrence deductible and a $25,000 maintenance deductible following the exhaustion of the aggregate (2) the aggregate stop loss does not apply to any losses arising from named
windstorm, earthquake or flood and (D) if any of the Improvements or the use of the Individual Property shall at any time constitute legal non-conforming structures or uses, coverage for loss to the undamaged portion in an amount equal to the
full Replacement Cost for the undamaged portion and for coverage for demolition costs and coverage for increased costs of construction provide a combined minimum limit of $10,000,000. In addition, Borrower shall obtain: (y) if any portion of
the Improvements is currently or at any time in the future located in a federally designated “special flood hazard area,” flood hazard insurance in an amount equal to (1) the maximum amount of such insurance available under the
National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended plus (2) such greater amount as Lender shall require, and (z) earthquake insurance
in an amount equal to a seismic risk analysis for a 475-year event Probable Maximum Loss (PML) or Scenario Expected Limit (SEL) (such analysis to be approved by Lender and secured by the applicable Borrower utilizing a third-party engineering firm
qualified to perform such seismic risk analysis using the most current RMS software, or its equivalent, including loss amplification, at the expense of the applicable Individual Borrower), to the extent an individual property maintains a PML or SEL
in excess of 20%; provided that the insurance pursuant to clauses (y) and (z) hereof shall be on terms consistent with the comprehensive all risk insurance policy required under this subsection (i); 

(ii) business income or rental loss insurance (A) with loss payable to Lender; (B) covering all risks required to be
covered by the insurance provided for in subsection (i) above; (C) in an amount equal to one hundred percent (100%) of the projected gross revenues from the operation of the Properties (as reduced to reflect expenses not incurred
during a period of Restoration) on an actual loss sustained basis for the entire period of Restoration; and (D) containing an extended period of indemnity endorsement which provides that after the physical loss to the Improvements and Personal
Property has been repaired, the continued loss of income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of six (6) months from the date that the applicable Individual Property
is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period. The amount of such business income or rental loss insurance shall be determined prior to the
date hereof and at least once each year thereafter based on Borrower’s reasonable estimate of the gross revenues from each Individual Property (as reduced to reflect expenses not incurred during a period of Restoration) for the succeeding
twelve (12) month period. Notwithstanding the provisions of Section 2.6 hereof, all proceeds payable to Lender pursuant to this subsection shall be held by Lender and shall be applied to the obligations secured


  
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by the Loan Documents from time to time due and payable hereunder and under the Note; provided, however, that nothing herein contained shall be deemed to relieve Borrower of its
obligations to pay the obligations secured by the Loan Documents on the respective dates of payment provided for in this Agreement and the other Loan Documents except to the extent such amounts are actually paid out of the proceeds of such business
income insurance; 
 (iii) at all times during which structural construction, repairs or alterations are being made with
respect to the Improvements, and only if the Individual Property coverage form does not otherwise apply, (A) owner’s contingent or protective liability insurance (or an equivalent) covering claims not covered by or under the terms or
provisions of the below mentioned commercial general liability insurance policy and (B) the insurance provided for in subsection (i) above written in a so called builder’s risk completed value form (1) on a non-reporting
basis, (2) against all risks insured against pursuant to subsection (i) above, (3) including permission to occupy the Individual Property and (4) with an agreed amount endorsement waiving co insurance provisions; 

(iv) comprehensive boiler and machinery insurance, if steam boilers or other pressure fixed vessels are in operation, in
amounts as shall be reasonably required by Lender on terms consistent with the commercial property insurance policy required under subsection (i) above; 

(v) commercial general liability insurance against claims for personal injury, bodily injury, death or property damage
occurring upon, in or about the Individual Property, such insurance (A) to be on the so called “occurrence” form with a combined limit of not less than $2,000,000.00 in the aggregate and $1,000,000.00 per occurrence; (B) to
continue at not less than the aforesaid limit until required to be changed by Lender in writing by reason of changed economic conditions making such protection inadequate and (C) to cover at least the following hazards: (1) premises and
operations; (2) products and completed operations on an “if any” basis; (3) independent contractors; (4) contractual liability for all insured contracts and (5) contractual liability covering the indemnities contained
in Article 9 of the Mortgages to the extent the same is available; 
 (vi) if applicable, automobile liability coverage
for all owned and non-owned vehicles, including rented and leased vehicles containing minimum limits per occurrence of $1,000,000.00; 

(vii) if applicable, worker’s compensation and employer’s liability subject to the worker’s compensation laws of
the applicable state; 
 (viii) umbrella and excess liability insurance in an amount not less than $100,000,000.00 per
occurrence and in the aggregate (except $75,000,000 shall be acceptable for the Properties covered under Brand Manager’s insurance program and $50,000,000 shall be acceptable under the insurance programs of


  
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Sage Hospitality Resources LLC and its affiliates) on terms consistent with the commercial general liability insurance policy required under subsection (v) above, including, but not limited
to, supplemental coverage for employer’s liability, liquor liability and automobile liability, which umbrella liability coverage shall apply in excess of such supplemental coverage; 

(ix) the insurance required under this Section 6.1(a)(i), (ii), (v) and (viii) above shall cover perils
of terrorism and acts of terrorism and Borrower shall maintain insurance for loss resulting from perils and acts of terrorism on terms (including amounts) consistent with those required under Section 6.1(a)(i), (ii), (v) and
(viii) above at all times during the term of the Loan. If the Terrorism Risk Insurance Program Reauthorization Act of 2007 or a similar or subsequent statute (“TRIPRA”) is not in effect, then provided that terrorism
insurance is commercially available, Borrower shall be required to carry terrorism insurance throughout the term of the Loan as required by the preceding sentence, but in such event Borrower shall not be required to spend on terrorism insurance
coverage more than two times the amount of the insurance premium that is payable at such time in respect of the property and business interruption/rental loss insurance required hereunder (without giving effect to the cost of the terrorism, flood,
earthquake and windstorm components of such casualty and business interruption/rental loss insurance), and if the cost of terrorism insurance exceeds such amount, Borrower shall purchase the maximum amount of terrorism insurance available with funds
equal to such amount; 
 (x) Employment Practices Liability, including third party coverage, in an amount not less than
$1,000,000 (if applicable): 
 (xi) Crime coverage in amounts not less than $1,000,000 (if applicable); 

(xii) Liquor Liability in amounts not less than $1,000,000 per occurrence; 

(xiii) environmental insurance against claims for pollution and remediation legal liability related to each Individual Property
(“PLL Policy”), such insurance: (A) to be a claims made and reported policy for an initial term of seven years; (B) with limits of liability of $5,000,000 for each Pollution Condition and $10,000,000 in the aggregate;
(C) with a self-insured retention amount of $50,000 for each Pollution Condition; (D) shall name the Lender as an additional named insured per Mortgagee Assignment endorsements providing automatic rights of assignment in the event of
defaults; (E) shall be dedicated solely to the Properties and Borrower shall not be permitted to add any additional locations during the PLL Policy term; and (F) shall, throughout the PLL Policy term, include the same coverages, terms,
conditions and endorsements (and shall not be amended in any way without the prior written consent of Lender) as the PLL Policy approved at Closing; 

  
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 (xiv) upon sixty (60) days written notice, such other reasonable insurance,
including, but not limited to, sinkhole or land subsidence insurance, and in such reasonable amounts as Lender from time to time may reasonably request against such other insurable hazards which at the time are commonly insured against for property
similar to the Individual Property located in or around the region in which the Individual Property is located; and 
 (xv)
for so long as any Individual Tuscaloosa Property remains subject to the Liens of the Mortgages, policies of condemnation insurance with respect to each such Individual Tuscaloosa Property which provide coverage in an amount not less than one
hundred-fifteen percent (115%) of the Release Amount for each such Individual Tuscaloosa Property, such policy, and the insurer providing such coverage thereunder, to be reasonably satisfactory to Lender in all respects. 

(b) All insurance provided for in Section 6.1(a) hereof, shall be obtained under valid and enforceable policies
(collectively, the “Policies” or in the singular, the “Policy”), and shall be subject to the approval of Lender as to insurance companies, amounts, deductibles, loss payees and insureds. The Policies shall be
issued by financially sound and responsible insurance companies authorized to do business in the State and having a rating of “A” or better by S&P provided, however, that if Borrower elects to have its insurance
coverage provided by a syndicate of insurers, then, if such syndicate consists of five (5) or more members, (A) at least sixty percent (60%) of the insurance coverage (or seventy-five percent (75%) if such syndicate consists of
four (4) or fewer members) shall be provided by insurance companies having a claims paying ability rating of “A” or better by S&P and (B) the remaining forty percent (40%) of the insurance coverage (or the remaining
twenty-five percent (25%) if such syndicate consists of four (4) or fewer members) shall be provided by insurance companies having a claims paying ability rating of “BBB+” or better by S&P. Factory Mutual Insurance Company
shall be an acceptable insurance company provided it maintains a rating of “Api” or better by S&P and “A” or better by Fitch. The Policies described in Section 6.1 hereof (other than those strictly limited to
liability protection) shall designate Lender as loss payee. Not less than ten (10) days prior to the expiration dates of the Policies theretofore furnished to Lender, certificates of insurance evidencing the Policies accompanied by
evidence satisfactory to Lender of payment of the premiums due thereunder (the “Insurance Premiums”), shall be delivered by Borrower to Lender. Notwithstanding the foregoing, Lender shall permit the Insurance Premiums to be paid on
installments provided that Borrower submits to Lender proof of payment of each and every installment prior to the due date of such installment. 

(c) Any blanket insurance Policy shall specifically allocate to the Individual Property the amount of coverage from time to time required
hereunder or shall otherwise provide the same protection as would a separate Policy insuring only the Properties in compliance with the provisions of Section 6.1(a) hereof. 

(d) All Policies provided for or contemplated by Section 6.1(a) hereof shall name Borrower as the insured and, in the case of
liability policies, except for the Policy referenced in Section 6.1(a)(vii) of this Agreement, shall name Lender as the additional insured, as its interests may appear, and in the case of property damage, including but not limited to
terrorism, boiler and machinery, flood and earthquake insurance, shall contain a standard non-contributing mortgagee clause in favor of Lender providing that the loss thereunder shall be payable to Lender and
guaranteeing thirty (30) days’ notice of cancellation to Lender except ten (10) days’ notice for non-payment of premium. 

  
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 (e) All Policies shall contain clauses or endorsements to the effect that: 

(i) no act or negligence of Borrower, or anyone acting for Borrower, or of any Tenant or other occupant, or failure to comply
with the provisions of any Policy, which might otherwise result in a forfeiture of the insurance or any part thereof, shall in any way affect the validity or enforceability of the insurance insofar as Lender is concerned; 

(ii) the Policy shall not be materially changed (other than to increase the coverage provided thereby) or canceled without at
least thirty (30) days written notice to Lender and any other party named therein as an additional insured; provided, that ten (10) days’ notice will be required for non-payment of premium or; if issuer will not or cannot
provide the notices required herein, Borrower shall be obligated to provide such notice; 
 (iii) the issuers thereof shall
give ten (10) days’ written notice to Lender if the issuers of such Policy elect not to renew the Policy prior to its expiration or, if the issuers will not or cannot provide the notices required herein, Borrower shall be obligated to
provide such notice; and 
 (iv) Lender shall not be liable for any Insurance Premiums thereon or subject to any assessments
thereunder. 
 (f) If at any time Lender is not in receipt of written evidence that all insurance required hereunder is in full force and
effect, Lender shall have the right, without notice to Borrower, to take such action as Lender deems necessary to protect its interest in the Properties, including, without limitation, the obtaining of such insurance coverage as Lender in its sole
discretion deems appropriate after three (3) Business Days’ notice to Borrower if prior to the date upon which any such coverage will lapse or at any time Lender deems necessary (regardless of prior notice to Borrower) to avoid the lapse
of any such coverage. All premiums incurred by Lender in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Borrower to Lender upon demand and, until paid, shall be secured by the Mortgages and shall
bear interest at the Default Rate. 
 (g) In the event of foreclosure of the Mortgage with respect to an Individual Property, or other
transfer of title of an Individual Property in extinguishment in whole or in part of the Debt all right, title and interest of Borrower in and to the Policies that are not blanket Policies then in force concerning such Individual Property and all
proceeds payable thereunder shall thereupon vest in the purchaser at such foreclosure or Lender or other transferee in the event of such other transfer of title. 

  
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 Section 6.2. Casualty. If any Individual Property shall be damaged or destroyed, in
whole or in part, by fire or other casualty (a “Casualty”), Borrower or Operating Lessee shall give prompt written notice of such damage to Lender and shall promptly commence and diligently prosecute the completion of the
Restoration of the Individual Property pursuant to Section 6.4 hereof as nearly as possible to the condition the Individual Property was in immediately prior to such Casualty, with such alterations as may be reasonably approved by Lender
to the extent such approval is required pursuant to the provisions of Section 5.1.22 hereof and otherwise in accordance with Section 6.4 hereof. Borrower shall pay all costs of such Restoration whether or not such costs are
covered by insurance. Lender may, but shall not be obligated to make proof of loss if not made promptly by Borrower. In addition, Lender may participate in any settlement discussions with any insurance companies with respect to any Casualty in which
the Net Proceeds or the costs of completing the Restoration are equal to or greater than the Casualty/Condemnation Threshold Amount and Borrower or Operating Lessee shall deliver to Lender all instruments required by Lender to permit such
participation. 
 Section 6.3. Condemnation. (a) Borrower shall promptly give Lender notice of the actual or threatened
commencement of any proceeding for the Condemnation (other than an immaterial temporary taking) of any Individual Property and shall deliver to Lender copies of any and all papers served in connection with such proceedings. Lender may participate in
any such proceedings related to a Condemnation of a material portion of the Individual Property, and Borrower and Operating Lessee, as applicable, shall from time to time deliver to Lender all instruments reasonably requested by it to permit such
participation. Borrower shall, at its expense, diligently prosecute any such proceedings, and shall consult with Lender, its attorneys and experts, and cooperate with them in the carrying on or defense of any such proceedings. Notwithstanding any
taking by any public or quasi-public authority through Condemnation or otherwise (including, but not limited to, any transfer made in lieu of or in anticipation of the exercise of such taking), Borrower shall continue to pay the Debt at the time and
in the manner provided for its payment in the Note and in this Agreement and the Debt shall not be reduced until any Award shall have been actually received and applied by Lender, after the deduction of expenses of collection, to the reduction or
discharge of the Debt. Lender shall not be limited to the interest paid on the Award by the condemning authority but shall be entitled to receive out of the Award interest at the rate or rates provided herein or in the Note. If any Individual
Property or any portion thereof is taken by a condemning authority, (a) if Restoration of such Individual Property would be deemed feasible by a prudent Lender acting reasonably based upon the nature of the Condemnation, Borrower shall promptly
commence and diligently prosecute the Restoration of the applicable Individual Property pursuant to Section 6.4 hereof and otherwise comply with the provisions of Section 6.4 hereof; provided, that, Borrower shall not
be obligated to pursue completion of the Restoration if Lender is obligated to disburse Net Proceeds pursuant to Section 6.4 hereof with respect thereto (and Borrower has satisfied all applicable conditions to such disbursement) and
Lender fails to disburse such proceeds and (b) if Restoration of such Individual Property is not considered feasible by a prudent Lender acting reasonably based upon the nature of the Condemnation, then Lender shall apply the Net Proceeds of
such Condemnation to the principal of the Loan in accordance with Section 2.4.2 hereof. If any Individual Property is sold, through foreclosure or otherwise through the exercise of other remedies available to Lender under the Loan
Documents, prior to the receipt by Lender of the Award, Lender shall have the right, whether or not a deficiency judgment on the Note shall have been sought, recovered or denied, to receive the Award, or a portion thereof sufficient to pay the Debt.


  
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 (b) Notwithstanding anything to the contrary contained herein or in any other Loan Document, if
the Loan or any portion thereof is included in a REMIC Trust and, immediately following a release of any portion of the Lien of the Mortgage in connection with a Condemnation of an Individual Property (but taking into account any proposed
Restoration on the remaining portion of such Individual Property) (based solely on real property and excluding any personal property or going concern value), the Loan-to-Value Ratio (as determined in Lender’s reasonable discretion, by any
commercially reasonable method permitted to a REMIC Trust) is greater than 125%, the principal balance of the Loan must prepaid down by an amount not less than the least of the following amounts: (i) the Condemnation Proceeds, (ii) the
fair market value of the released property at the time of the release, or (iii) an amount such that the Loan-to-Value Ratio (as determined in Lender’s reasonable discretion, by any commercially reasonable method permitted to a REMIC Trust)
does not increase after the release, unless Lender receives an opinion of counsel that if such amount is not paid, the Securitization will not fail to maintain its status as a REMIC Trust as a result of the related release of such portion of the
Lien of the Mortgage. Any such prepayment shall be deemed a voluntary prepayment and shall be subject to Section 2.4.1 hereof (other than the requirements to provide ten (10) days’ notice to Lender). 

Section 6.4. Restoration. The following provisions shall apply in connection with the Restoration of any Individual Property: 

(a) If the Net Proceeds shall be less than the Casualty/Condemnation Threshold Amount and the estimated costs of completing the Restoration
shall be less than the Casualty/Condemnation Threshold Amount, the Net Proceeds will be disbursed by Lender to Borrower upon receipt or shall be directed by Lender to be disbursed directly to Borrower, provided that Borrower certifies to Lender
(A) that no Event of Default shall have occurred and be continuing at the time of the disbursement and (B) Borrower provides an Officer’s Certificate confirming Borrower will complete the Restoration in compliance with all of the
conditions set forth in Section 6.4(b)(i) (C), (F), (G) and (H) hereof and agrees to expeditiously commence and to satisfactorily complete with due diligence the Restoration in accordance with the terms of this
Agreement. Borrower shall thereafter commence and complete such Restoration with due diligence in accordance with the terms of this Agreement. 

(b) If the Net Proceeds are equal to or greater than the Casualty/Condemnation Threshold Amount or the costs of completing the Restoration is
equal to or greater than the Casualty/Condemnation Threshold Amount Lender shall make the Net Proceeds available for the Restoration in accordance with the provisions of this Section 6.4. The term “Net Proceeds” for
purposes of this Section 6.4 shall mean: (i) the net amount of all insurance proceeds received by Lender pursuant to Section 6.1(a)(i), (iv), (ix) and (x) as a result of such damage or
destruction, after deduction of Lender’s and Borrower’s reasonable costs and expenses (including, but not limited to, reasonable counsel fees), if any, in collecting same (“Insurance Proceeds”): provided, that such
costs and expenses of Borrower shall only be reimbursed if Lender is reasonably certain that there will be sufficient Net Proceeds to complete the Restoration (it being understood that to the extent Net Proceeds exceed the Adjusted Release Amount
for any applicable Individual Property and such Net Proceeds are not being made available for Restoration, the foregoing proviso shall not apply), or (ii) the net amount of the Award, after deduction of Lender’s and Borrower’s
reasonable costs and expenses (including, but not limited to, reasonable counsel fees), if any, in collecting same (“Condemnation Proceeds”), whichever the case may be. 

  
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 (i) The Net Proceeds shall be made available to Borrower for Restoration provided
that each of the following conditions are met: 
 (A) no Event of Default shall have occurred and be continuing; 

(B) (1) in the event the Net Proceeds are Insurance Proceeds, less than thirty percent (30%) of the total floor area
of the Improvements on the Individual Property has been damaged, destroyed or rendered unusable as a result of such Casualty or (2) in the event the Net Proceeds are Condemnation Proceeds, less than twenty-two and one half percent
(22.5%) of the land constituting the Individual Property is taken, and such land is located along the perimeter or periphery of the Individual Property, and no portion of the Improvements is located on such land; 

(C) Borrower shall commence the Restoration as soon as reasonably practicable (but in no event later than one hundred twenty
(120) days after such Casualty or Condemnation, whichever the case may be, occurs) and shall diligently pursue the same to satisfactory completion, provided, that for purposes of this clause the filing of an application for a building permit
for the Restoration shall be deemed to be commencement of the Restoration provided Borrower promptly commences work thereafter and diligently proceeds to the completion of such Restoration; 

(D) Lender shall be reasonably satisfied that any operating deficits, including all scheduled payments of principal and
interest under the Note, which will be incurred with respect to the Individual Property as a result of the occurrence of any such Casualty or Condemnation, whichever the case may be, will be covered out of (1) the Net Proceeds, (2) the
insurance coverage referred to in Section 6.1(a)(ii) hereof, if applicable, or (3) by other funds of Borrower; 

(E) Lender shall be reasonably satisfied, subject to a force majeure delay, that the Restoration will be completed on or
before the earliest to occur of (1) one hundred twenty (120) days prior to the Maturity Date (or with respect to any Extension Term, sixty (60) days prior to the applicable Extended Maturity Date), (2) such time as may be
required under all applicable Legal Requirements in order to repair and restore the applicable Individual Property to the condition it was in immediately prior to such Casualty or to as nearly as possible the condition it was in immediately prior to
such Condemnation, as applicable, or (3) the expiration of the insurance coverage referred to in Section 6.1(a)(ii) hereof; 

(F) the Individual Property and the use thereof after the Restoration will be in compliance in all material respects with and
permitted under all applicable Legal Requirements (including as a legal non-conforming use); 

  
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 (G) the Restoration shall be done and completed by Borrower in an expeditious
and diligent fashion and in compliance with all applicable Legal Requirements; 
 (H) such Casualty or Condemnation, as
applicable, does not result in the loss of access to the Individual Property or the related Improvements; 
 (I) the pro
forma Debt Yield after such Restoration and stabilization of the Individual Property shall be equal to or greater than the Required Debt Yield; 

(J) Borrower shall deliver, or cause to be delivered, to Lender a signed detailed budget approved in writing by
Borrower’s architect or engineer stating the entire cost of completing the Restoration, which budget shall be approved by Lender in the same manner as each Annual Budget is to be approved by Lender during the continuance of a Cash Trap Period;
and 
 (K) the Net Proceeds together with any cash or cash equivalent deposited by Borrower with Lender are sufficient in
Lender’s reasonable discretion to cover the cost of the Restoration or a Letter of Credit reasonably satisfactory to Lender is delivered to Lender. 

(ii) The Net Proceeds shall be held by Lender in an interest bearing Eligible Account and, until disbursed in accordance with
the provisions of this Section 6.4(b), shall constitute additional security for the Debt and Other Obligations under the Loan Documents. The Net Proceeds shall be disbursed by Lender to, or as directed by, Borrower from time to time
during the course of the Restoration, upon receipt of evidence reasonably satisfactory to Lender that (A) all materials installed and work and labor performed (except to the extent that they are to be paid for out of the requested disbursement)
in connection with the Restoration have been paid for in full, and (B) there exist no notices of pendency, stop orders, mechanic’s or materialman’s liens or notices of intention to file same, or any other liens or encumbrances of any
nature whatsoever on the applicable Individual Property which have not either been fully bonded to the reasonable satisfaction of Lender and discharged of record or in the alternative fully insured to the reasonable satisfaction of Lender by the
title company issuing the applicable Title Insurance Policy. 
 (iii) All plans and specifications required in connection
with the Restoration shall be subject to prior review and acceptance in all respects by Lender and by an independent consulting engineer selected by Lender (the “Casualty Consultant”). Lender shall have the use of the plans
and specifications and all permits, licenses and approvals required or obtained in connection with the Restoration. The identity of the contractors, subcontractors and materialmen engaged in the Restoration, as well as the contracts under which


  
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they have been engaged, shall be subject to prior review and reasonable approval by Lender and the Casualty Consultant. All actual, reasonable, out-of-pocket costs and expenses incurred by
Lender in connection with making the Net Proceeds available for the Restoration including, without limitation, reasonable counsel fees and disbursements and the Casualty Consultant’s fees, shall be paid by Borrower. Lender shall grant or deny
with a reasonable explanation any consent required hereunder within fourteen (14) days after the receipt of the applicable request and all documents in connection therewith. In the event that Lender fails to respond within said fourteen
(14) day period, such failure shall be deemed to be the consent and approval of Lender if (A) Borrower has delivered to Lender the applicable documents, with the notation “IMMEDIATE RESPONSE REQUIRED, FAILURE TO RESPOND TO THIS
APPROVAL REQUEST WITHIN FOURTEEN (14) DAYS FROM RECEIPT SHALL BE DEEMED TO BE LENDER’S APPROVAL” prominently displayed in bold, all caps and fourteen (14) point or larger font in the transmittal letter requesting approval and
(B) Lender does not approve or reject (with a reasonable explanation) the applicable request within fourteen (14) days from the date Lender receives such request as evidenced by a certified mail return receipt or confirmation by a
reputable national overnight delivery service that the same has been delivered to Borrower. 
 (iv) In no event shall
Lender be obligated to make disbursements of the Net Proceeds in excess of an amount equal to the costs actually incurred from time to time for work in place as part of the Restoration, as certified by the Casualty Consultant, minus the
Casualty Retainage. The term “Casualty Retainage” shall mean an amount equal to ten percent (10%) of the costs actually incurred for work in place as part of the Restoration, as certified by the Casualty Consultant, until the
Restoration has been completed. The Casualty Retainage shall in no event, and notwithstanding anything to the contrary set forth above in this Section 6.4(b), be less than the amount actually held back by Borrower from contractors,
subcontractors and materialmen engaged in the Restoration. The Casualty Retainage shall not be released until the Casualty Consultant certifies to Lender that the Restoration has been completed in accordance with the provisions of this
Section 6.4(b) and that all approvals necessary for the re occupancy and use of the Individual Property have been obtained from all appropriate governmental and quasi-governmental authorities, and Lender receives evidence satisfactory to
Lender that the costs of the Restoration have been paid in full or will be paid in full out of the Casualty Retainage; provided, however, that Lender will release the portion of the Casualty Retainage being held with respect to any
contractor, subcontractor or materialman engaged in the Restoration as of the date upon which the Casualty Consultant certifies to Lender that the contractor, subcontractor or materialman has satisfactorily completed all work and has supplied all
materials in accordance with the provisions of the contractor’s, subcontractor’s or materialman’s contract, the contractor, subcontractor or materialman delivers the lien waivers and evidence of payment in full of all sums due to the
contractor, subcontractor or materialman as may be reasonably 

  
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requested by Lender or by the title company issuing the Title Insurance Policy, and Lender receives an endorsement to the Title Insurance Policy insuring the continued priority of the lien of the
related Mortgage and evidence of payment of any premium payable for such endorsement. If reasonably required by Lender, the release of any such portion of the Casualty Retainage shall be approved by the surety company, if any, which has issued a
payment or performance bond with respect to the contractor, subcontractor or materialman. 
 (v) Lender shall not be
obligated to make disbursements of the Net Proceeds more frequently than once every calendar month. 
 (vi) If at any
time the Net Proceeds or the undisbursed balance thereof shall not, in the reasonable opinion of Lender in consultation with the Casualty Consultant, be sufficient to pay in full the balance of the costs which are estimated by the Casualty
Consultant to be incurred in connection with the completion of the Restoration, Borrower shall either (A) deposit the deficiency (the “Net Proceeds Deficiency”) with Lender or (B) deliver a Letter of Credit reasonably
satisfactory to Lender in an amount equal to the Net Proceeds Deficiency before any further disbursement of the Net Proceeds shall be made. The Net Proceeds Deficiency deposited with Lender shall be held by Lender and shall be disbursed for costs
actually incurred in connection with the Restoration on the same conditions applicable to the disbursement of the Net Proceeds, and until so disbursed pursuant to this Section 6.4(b) shall constitute additional security for the Debt and
Other Obligations under the Loan Documents. 
 (vii) The excess, if any, of the Net Proceeds (and the remaining
balance, if any, of the Net Proceeds Deficiency) deposited with Lender after the Casualty Consultant certifies to Lender that the Restoration has been completed in accordance with the provisions of this Section 6.4(b) (the
“Excess Net Proceeds”), and the receipt by Lender of evidence satisfactory to Lender that all costs incurred in connection with the Restoration have been paid in full, shall be remitted by Lender to Borrower, provided no
Event of Default shall have occurred and shall be continuing under the Note, this Agreement or any of the other Loan Documents and no Mezzanine Loan Default shall have occurred and be continuing. If no Event of Default shall be continuing but one or
more Mezzanine Loan Defaults shall have occurred and be continuing, the Excess Net Proceeds shall be distributed to the senior Mezzanine Lender with respect to which such Mezzanine Loan Default shall have occurred and be continuing to be applied in
accordance with such Mezzanine Loan Documents. 
 (c) Lender shall, with reasonable promptness following any Casualty or Condemnation,
notify Borrower whether or not Net Proceeds are required to be made available to Borrower for a Restoration pursuant to this Section 6.4 (or, if the same are not required to be made available to Borrower for Restoration pursuant to this
Section 6.4, whether Lender will nevertheless make the same available, which election Lender may make in its sole and absolute discretion). All Net Proceeds not required (i) to be made available for the Restoration in accordance
with Section 6.4(a) or Section 6.4(b) or (ii) to be distributed in accordance with Section 6.4(b)(vii) hereof may be retained and applied by Lender toward the payment of the Debt in accordance with
Section 2.4.2 hereof. 

  
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 (d) Intentionally Omitted. 

(e) Notwithstanding anything to the contrary contained in the Loan Documents (except Section 6.3(b) of this Agreement) with respect
to the disbursement of Insurance Proceeds or Condemnation Proceeds in respect of the Ground Lease, the express provisions set forth in the Ground Lease shall govern; provided, however, to the extent the compliance by Borrower with the
terms and conditions of this Section 6.4 do not create a default under the terms and provisions of the Ground Lease, Borrower shall comply with the terms and provisions of this Section 6.4 and, provided,
further, that Borrower shall not grant its consent, approval or waiver with respect to any disbursement of Insurance Proceeds or Condemnation Proceeds in respect of the Ground Leased Property (if such disbursement would violate the terms and
provisions of this Section 6.4) as may be requested or required in connection with the terms and provisions of the Ground Lease without first obtaining the written consent, approval, or waiver of Lender. Lender shall respond to any
request for consent subject to the standards for consent set forth in the Ground Lease, provided that any request for consent or approval shall either be sent (A) by the ground lessor simultaneously to Lender or (B) by Borrower within two
(2) Business Days following Borrower’s receipt of such request for consent or approval from the Ground Lessor. 
 (f) In addition
to the foregoing, in connection with any partial Condemnation or any Casualty, if (i) any Net Proceeds shall be equal to or greater than sixty percent (60%) of the Amortized Release Amount in respect of the applicable Individual Property
or (ii) provided no Event of Default shall be continuing, any Net Proceeds shall be equal to or greater than the Casualty/Condemnation Threshold and after Borrower shall have used commercially reasonable efforts to satisfy each of the other
conditions set forth in Section 6.4(b)(i) Borrower shall be unable to satisfy all such conditions and Lender does not disburse the Net Proceeds to Borrower for Restoration, then Borrower shall have the right, but not the obligation,
regardless of the provisions of Section 2.4.1 hereof, to elect not to proceed with a Restoration and to prepay the Adjusted Release Amount of the applicable Individual Property (a “Casualty/Condemnation Prepayment”)
utilizing the Net Proceeds (together with other funds of the Borrower if such Net Proceeds are less than the Adjusted Release Amount) and obtain the release of the applicable Individual Property from the Lien of the Mortgage thereon and related Loan
Documents, provided that (i) Borrower shall have satisfied the requirements of Section 2.5.2(i) hereof), (ii) Borrower shall consummate the Casualty/Condemnation Prepayment on or before the second Payment Date occurring
following date the Net Proceeds shall be available to Borrower for such Casualty/Condemnation Prepayment and (iii) Borrower shall pay to Lender, concurrently with making such Casualty/Condemnation Prepayment, any other amounts required pursuant
to Section 2.4.2 hereof. For the avoidance of doubt, unless such payment is made during the continuance of an Event of Default, no Spread Maintenance Payment or other premium or penalty or charge shall be due with respect to a
Casualty/Condemnation Prepayment and such Casualty/Condemnation Prepayment shall not count towards the Free Prepayment Amount. 

  
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 ARTICLE VII. 

RESERVE FUNDS 

Section 7.1. Required Repairs. Borrower shall perform the repairs at the Properties, as more particularly set forth on
Schedule 7.1 hereto (such repairs hereinafter referred to as “Required Repairs”). Borrower shall complete each of the Required Repairs within the time period set forth on Schedule 7.1 hereto for each such Required
Repair (collectively, the “Required Repairs Deadline”). It shall be an Event of Default under this Agreement if Borrower does not complete the Required Repairs at the Individual Property on or before the Required Repairs Deadline;
provided, however, if Borrower shall have been unable to complete a Required Repair by the Required Repair Deadline (or if the Property is a Brand Managed Property and the Manager has not completed such Required Repair and is obligated
to complete such Required Repair by the Required Repair Deadline) after using commercially reasonable efforts to do so (or with respect to any Brand Managed Property, causing the applicable Brand Manager to do so) and provided that the failure to
complete such Required Repair does not endanger any tenant, patron or other occupant of the Individual Property or the general public and does not materially and adversely affect the value of the Individual Property, the Required Repair Deadline
shall be automatically extended solely as to such Required Repair to permit Borrower to complete such Required Repair so long as Borrower is at all times thereafter diligently and expeditiously proceeding to complete the same or with respect to any
Brand Managed Property, for such extended period of time as the Manager is provided to complete such Required Repair under the Management Agreement so long as Manager shall be completing such Required Repair in accordance with the Management
Agreement) (provided that such additional period shall not exceed ninety (90) days in respect of any Required Repair).  

Section 7.2. Tax and Insurance Escrow Fund. (a) Borrower shall pay to Lender on each Payment Date during a Cash
Trap Period, (i) one twelfth (1/12) of the Taxes that Lender reasonably estimates will be payable during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Taxes, at least thirty
(30) days prior to their respective due dates, and (ii) one twelfth (1/12) of the Insurance Premiums that Lender estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order
to accumulate with Lender sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies (said amounts in (i) and (ii) above hereinafter called the “Tax and Insurance
Escrow Fund”); provided that, to the extent Taxes and/or Insurance Premiums for any Individual Property are reserved for in a Manager Account maintained by the applicable Brand Manager pursuant to the applicable Management Agreement
or are previously paid for by a Brand Manager pursuant to the applicable Management Agreement and Borrower delivers to Lender the invoices or other evidence of payment or that a Brand Manager, as applicable, is holding such funds required under
Section 5.1.2 and Section 6.1 hereof, the required deposit to the Tax and Insurance Escrow Fund hereunder with respect to such Individual Property will be reduced on a dollar-for-dollar basis by such amount. The account in
which the Tax and Insurance Escrow Funds are held shall hereinafter be referred to as the “Tax and Insurance Reserve Account”. Lender will apply the Tax and Insurance Escrow Fund to payments of Taxes and Insurance Premiums required
to be made by Borrower or Operating Lessee pursuant to Section 5.1.2 hereof and under the Mortgages. In making any payment relating to the Tax and Insurance Escrow Fund, Lender may 


  
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do so according to any bill, statement or estimate procured from the appropriate public office (with respect to Taxes) or insurer or agent (with respect to Insurance Premiums), without inquiry
into the accuracy of such bill, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim thereof. Provided that sufficient amounts are on deposit in the Tax and Insurance Escrow Fund and
Borrower continues to be an Affiliate of BREP or a Pubic Vehicle, Lender (or Servicer) shall within five (5) Business Days after receipt of Borrower’s written request, disburse funds from the Tax and Insurance Escrow Fund to Borrower to
timely pay all Taxes payable by Borrower, or to reimburse Borrower for Taxes actually paid by Borrower or Operating Lessee so long Borrower’s written request is submitted prior to Lender (or Servicer) having already paid such Taxes. Any such
request for disbursement shall include an Officer’s Certificate setting forth the tax payments and jurisdictions in which such payments will be made by such disbursement. Upon the written request of Lender, Borrower shall deliver to Lender
receipts for payment or other evidence reasonably satisfactory to Lender that such Taxes have been paid. If the amount of the Tax and Insurance Escrow Fund shall exceed the amounts due for Taxes and Insurance Premiums pursuant to
Section 5.1.2 hereof, Lender shall return any excess to Borrower or credit such excess against future payments to be made to the Tax and Insurance Escrow Fund. If at any time Lender reasonably determines that the Tax and Insurance Escrow
Fund is not or will not be sufficient to pay Taxes and Insurance Premiums by the dates set forth in (i) and (ii) above, Lender shall provide written notice to Borrower of such determination and Borrower shall, commencing with the first
Payment Date following Borrower’s receipt of such written notice, increase its monthly payments to Lender by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to the due date of the
Taxes and Insurance Premiums and/or thirty (30) days prior to expiration of the Policies, as the case may be. Any amounts remaining in the Tax and Insurance Escrow Fund after the Debt has been paid in full shall be promptly returned (x) in
the event that only one Mezzanine Loan is outstanding, to the related Mezzanine Lender to be applied in accordance with the applicable Mezzanine Loan Agreement, (y) in the event that more than one Mezzanine Loan is outstanding, to the most
senior Mezzanine Lender to be applied in accordance with the applicable Mezzanine Loan Agreement, or (z) in the event that no Mezzanine Loan is outstanding, to Borrower. In the event an Individual Property is released in accordance with the
terms and provisions of this Agreement, effective upon the Payment Date immediately following the date of such release, Lender shall reduce the monthly deposit for Taxes by an amount equal to the Taxes attributable to such Individual Property. 

(b) Notwithstanding anything herein to the contrary, provided that no Event of Default has occurred and is continuing, to the extent that any
of the insurance required to be maintained by Borrower under this Agreement and/or any other Loan Document is effected under a blanket policy reasonably acceptable to Lender (which blanket policy may also insure other real property owned directly or
indirectly by Guarantor), Borrower shall not be required to make deposits pursuant to the foregoing with respect to Insurance Premiums. 

(c) Upon the occurrence of a Cash Trap Event Cure, and provided that a Cash Trap Period is not in effect, amounts in the Tax and Insurance
Reserve Fund shall be deposited into the Cash Management Account to be disbursed in accordance with the Cash Management Agreement. 

  
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 Section 7.3. Replacements and Replacement Reserve. 

7.3.1. Replacement Reserve Fund. Borrower shall pay to Lender (i) on the Closing Date, an initial deposit in
the amount of Twenty Six Million and No/100 Dollars ($26,000,000.00) for Replacements and (ii) on each Payment Date thereafter an amount equal to the Replacement Reserve Monthly Deposit to fund the cost of Replacements and to complete certain
Project Improvement Plans; provided, however, that Replacements shall not include expense items that would otherwise be expensed in the operating statements of the Property pursuant to the Uniform System of Accounts (unless such
expense items are unanticipated repair and maintenance expenses in connection with Replacements not contemplated by the Annual Budget) and provided, further, that, for so long as Borrower maintains the Brand Managed Properties in
accordance with the applicable Management Agreement, the Replacement Reserve Monthly Deposit shall be reduced on a dollar-for-dollar basis by any amounts deposited into the applicable Manager Account for Replacements or Project Improvement Plans for
the applicable calendar month as set forth in the Annual Budget and required pursuant to the terms of the applicable Management Agreement if Borrower delivers evidence reasonably satisfactory to Lender that such deposit has been made. Amounts so
deposited shall hereinafter be referred to as Borrower’s “Replacement Reserve Fund” and the account in which such amounts are held shall hereinafter be referred to as Borrower’s “Replacement Reserve
Account”. 
 7.3.2. Disbursements from Replacement Reserve Account. (a) Lender shall make
disbursements from the Replacement Reserve Account to pay Borrower only for the costs of the Replacements and PIP Work, including any Capital Expenditures required by the PIP Work, upon satisfaction of the requirements set forth in this
Section 7.3.2. 
 (b) Lender shall disburse to Borrower the Replacement Reserve Funds from the Replacement Reserve Account from
time to time upon satisfaction by Borrower of each of the following conditions: (i) Borrower shall submit a written request for payment to Lender at least five (5) days prior to the date on which Borrower requests such payment be made and
specifies the Replacements or PIP Work to be paid, (ii) on the date such payment is to be made, no Event of Default shall exist and remain uncured and (iii) Lender shall have received an Officer’s Certificate: (A) stating that,
to Borrower’s knowledge, all Replacements or PIP Work to be funded by the requested disbursement have been performed in good and workmanlike manner and in accordance with all applicable federal, state and local laws, rules and regulations, in
all material respects, (B) identifying each Person that supplied materials or labor in connection with such Replacements or PIP Work to be funded by the requested disbursement, (C) stating that each such Person has been paid or will be
paid the amounts then due and payable to such Person in connection with the Replacements or PIP Work with the proceeds of such disbursement, and (D) stating that Borrower has obtained (or caused to be obtained) lien waivers from any contractors
or subcontractors with respect to the applicable Replacements or PIP Work for which reimbursement is being sought. Lender shall not be required to make disbursements from the Replacement Reserve Account with respect to the Property unless such
requested disbursement is in an amount greater than Ten Thousand and No/100 Dollars ($10,000.00) (or a lesser amount if the total amount in the Replacement Reserve Account is less than $10,000.00), in which case only one disbursement of the amount
remaining in the account shall be made) and such disbursement shall be made only upon satisfaction of each condition contained in this Section 7.3.2. In no event shall Lender be obligated to disburse funds to Borrower from the
Replacement Reserve Account if an Event of Default exists. 

  
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 7.3.3. Performance of Replacements. (a) Borrower shall make (or shall
cause to be made) Replacements and PIP Work when required in order to keep each Individual Property in good condition and repair and to keep the Property or any portion thereof from deteriorating consistent with the requirements of the Franchise
Agreement or in the case of the Brand Managed Properties that are not subject to a Franchise Agreement, the applicable Management Agreement. Borrower and Operating Lessee shall complete (or with respect to the Brand Managed Properties, shall cause
Manager to complete all Replacements and PIP Work as required pursuant to and in accordance with the applicable Management Agreement) all Replacements and PIP Work in a good and workmanlike manner as soon as practicable following the commencement of
making each such Replacement. 
 (b) During a Cash Trap Period, Lender shall have the right, at its option, to approve all contracts or work
orders for amounts in excess of One Million and No/100 Dollars ($1,000,000.00) (such approval not to be unreasonably withheld, delayed or conditioned and with respect to the Brand Managed Properties, such approval shall be limited to the extent that
Borrower and/or Operating Lessee shall have the right to approve such contracts in accordance with the applicable Management Agreement) with materialmen, mechanics, suppliers, subcontractors, contractors or other parties providing labor or materials
in connection with the Replacements and PIP Work. Upon Lender’s request during a Cash Trap Event, Borrower or Operating Lessee shall assign any contract or subcontract to Lender (provided, that with respect to the Brand Managed Properties, such
assignment shall be limited to the extent that Borrower or Operating Lessee shall be permitted to assign such contracts under the applicable Management Agreement). 

(c) During the continuance of an Event of Default, in the event Lender determines in its reasonable discretion that any Replacement or PIP Work
is not being performed in a workmanlike or timely manner or that any Replacement has not been completed in a workmanlike or timely manner, upon three (3) Business Days written notice to Borrower, Lender shall have the option to withhold
disbursement for such unsatisfactory Replacements or PIP Work and to proceed under existing contracts or to contract with third parties to complete such Replacement and to apply the Replacement Reserve Funds toward the labor and materials necessary
to complete such Replacement or PIP Work, and during the continuance of an Event of Default, to exercise any and all other remedies available to Lender upon an Event of Default hereunder, provided, that with respect to the Brand Managed
Properties, Lender’s rights under this clause (c) shall be subject to the rights of each Brand Manager to the extent that such Brand Manager is permitted to perform such Replacements or PIP Work pursuant to and in accordance with the
applicable Management Agreement. 
 (d) During the continuance of an Event of Default, in order to facilitate Lender’s completion or
making of such Replacements or PIP Work pursuant to Section 7.3.3(c) above, Borrower and Operating Lessee grants Lender the right to enter onto any Individual Property and perform any and all work and labor necessary to complete or make
such Replacements or PIP Work and/or employ watchmen to protect such Individual Property from 

  
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damage (subject to the provisions of the Ground Lease and the rights of Tenants) (provided, that with respect to the Brand Managed Properties, Lender’s rights shall be subject to the
rights of each Brand Manager to the extent that such Brand Manager shall perform such Replacements or PIP Work pursuant to and in accordance with the applicable Management Agreement and Borrower and Operating Lessee shall enforce all their
respective rights under the applicable Management Agreement to cause such Replacements or PIP Work to be completed in accordance with the terms thereunder). All sums so expended by Lender, to the extent not from the Replacement Reserve Fund, shall
be deemed to have been advanced under the Loan to Borrower and secured by the Mortgages. For this purpose Borrower and Operating Lessee constitute and appoint Lender their true and lawful attorney in fact with full power of substitution to complete
or undertake such Replacements or PIP Work in the name of Borrower and/or Operating Lessee. Such power of attorney shall be deemed to be a power coupled with an interest and cannot be revoked. Each of Borrower and Operating Lessee empowers said
attorney in fact as follows: (i) to use any funds in the Replacement Reserve Account for the purpose of making or completing such Replacements or PIP Work; (ii) to make such additions, changes and corrections to such Replacements or PIP
Work as shall be necessary to complete such Replacement or PIP Work; (iii) to employ such contractors, subcontractors, agents, architects and inspectors as shall be reasonably required for such purposes; (iv) to pay, settle or compromise
all existing bills and claims which are or may become Liens against any Individual Property, or as may be necessary or desirable for the completion of such Replacements or PIP Work, or for clearance of title; (v) to execute all applications and
certificates in the name of Borrower and/or Operating Lessee which may be reasonably required by any of the contract documents; (vi) to prosecute and defend all actions or proceedings in connection with any Individual Property or the
rehabilitation and repair of any Individual Property; and (vii) to do any and every reasonable act which Borrower might do in its own behalf to fulfill the terms of this Agreement. 

(e) Nothing in this Section 7.3.3 shall: (i) make Lender responsible for making or completing any Replacements or PIP Work;
(ii) require Lender to expend funds in addition to the Replacement Reserve Fund to make or complete any Replacement or PIP Work; (iii) obligate Lender to proceed with any Replacements or PIP Work; or (iv) obligate Lender to demand
from Borrower additional sums to make or complete any Replacement or PIP Work. 
 (f) If reasonably determined to be necessary and upon
reasonable prior notice, Borrower and Operating Lessee shall permit Lender and Lender’s agents and representatives (including, without limitation, Lender’s engineer, architect, or inspector) or third parties making Replacements or PIP Work
pursuant to this Section 7.3.3 to enter onto each Individual Property during normal business hours (subject to the provisions of the Ground Lease and the rights of Tenants under their Leases) to inspect the progress of any Replacements
or PIP Work and all materials being used in connection therewith, to examine all plans and shop drawings relating to such Replacements or PIP Work which are or may be kept at each Individual Property, and to complete any Replacements or PIP Work
made pursuant to this Section 7.3.3 (provided, that with respect to the Brand Managed Properties, Lender’s rights shall be subject to the rights of each Brand Manager to the extent that such Brand Manager shall perform such
Replacements or PIP Work pursuant to and in accordance with the applicable Management Agreement and Borrower and Operating Lessee shall enforce all their respective rights under the applicable Management Agreement to cause such Replacements or PIP
Work to be completed in 

  
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accordance with the terms thereunder). Borrower and Operating Lessee shall cause all contractors and subcontractors to cooperate with Lender or Lender’s representatives or such other persons
described above in connection with inspections described in this Section 7.3.3(f) or the completion of Replacements or PIP Work pursuant to this Section 7.3.3. Notwithstanding the foregoing, unless a Debt Yield Trigger Period
or an Event of Default has occurred and is continuing, such inspections shall not take place more than once per year and the cost to Borrower or Operating Lessee in connection with each shall not exceed $5,000. 

(g) During a Cash Trap Period, in connection with any single Replacement or item of PIP Work in excess of One Million Five Hundred Thousand and
No/100 Dollars ($1,500,000.00), Lender may require an inspection of the Individual Property at Borrower’s expense prior to making a monthly disbursement from the Replacement Reserve Account in order to verify completion of the Replacements or
PIP Work for which reimbursement is sought (or portion thereof in the case of periodic payments). Lender may require that such inspection be conducted by an appropriate independent qualified professional selected by Lender and reasonably approved by
Borrower or Operating Lessee and/or may require a copy of a certificate of completion by an independent qualified professional reasonably acceptable to Lender prior to the disbursement of any amounts from the Replacement Reserve Account. Borrower
shall pay the actual, out-of-pocket, reasonable expense of the inspection as required hereunder, whether such inspection is conducted by Lender or by an independent qualified professional. 

(h) The Replacements and PIP Work and all materials, equipment, fixtures, or any other item comprising a part of any Replacement or PIP Work
shall be constructed, installed or completed, as applicable, free and clear of all mechanic’s, materialmen’s or other liens (except for (i) those Liens existing on the date of this Agreement which have been approved in writing by
Lender and (ii) Permitted Indebtedness). 
 (i) All Replacements and PIP Work shall comply in all material respects with all applicable
Legal Requirements of all Governmental Authorities having jurisdiction over the applicable Individual Property and applicable insurance requirements including, without limitation, applicable building codes, special use permits, environmental
regulations, and requirements of insurance underwriters. 
 (j) In addition to any insurance required under the Loan Documents, Borrower
shall provide or cause to be provided workmen’s compensation insurance, builder’s risk, and public liability insurance and other insurance to the extent required under applicable law in connection with a particular Replacement or PIP Work.
All such policies shall be in form and amount reasonably satisfactory to Lender. All such policies which can be endorsed with standard mortgagee clauses making loss payable to Lender or its assigns shall be so endorsed. Certified copies of such
policies shall be delivered to Lender. 
 7.3.4. Failure to Make Replacements. (a) It shall be an Event of
Default under this Agreement if Borrower or Operating Lessee fails to comply with any provision of this Section 7.3 and such failure is not cured within thirty (30) days after Borrower’s receipt of written notice from Lender.
Upon the occurrence and during the continuance of such an Event of Default, Lender may use the Replacement Reserve Fund (or any portion thereof) for any purpose, including but not limited to completion of the


  
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Replacements as provided in Section 7.3.3, or for any other repair or replacement to any Individual Property or toward payment of the Debt in such order, proportion and priority as
Lender may determine in its sole discretion. Lender’s right to withdraw and apply the Replacement Reserve Fund shall be in addition to all other rights and remedies provided to Lender under this Agreement and the other Loan Documents. 

(b) Nothing in this Agreement shall obligate Lender to apply all or any portion of the Replacement Reserve Fund on account of an Event of
Default to payment of the Debt or in any specific order or priority. 
 7.3.5. Balance in the Replacement Reserve
Account. The insufficiency of any balance in the Replacement Reserve Account shall not relieve Borrower or Operating Lessee from its obligation to fulfill all preservation and maintenance covenants in the Loan Documents or to complete the
Replacements or PIP Work as required hereunder. Provided no Event of Default has occurred and is continuing, any amount remaining in the Replacement Reserve Account after the termination of any Debt Yield Trigger Period shall be deposited into the
Cash Management Account and applied in accordance with the Cash Management Agreement. Any amount remaining in the Replacement Reserve Account after the Debt has been paid in full shall be returned (x) in the event that only one Mezzanine Loan
is outstanding, to the related Mezzanine Lender to be applied in accordance with the applicable Mezzanine Loan Agreement, (y) in the event that more than one Mezzanine Loan is outstanding, to the most senior Mezzanine Lender to be applied in
accordance with the applicable Mezzanine Loan Agreement, or (z) in the event that no Mezzanine Loan is outstanding, to Borrower. In the event any Individual Property is released in accordance with the provisions of this Agreement, effective on
the payment date immediately following the date of such release, Lender shall reduce the Replacement Reserve Monthly Deposit by an amount equal to the portion of the Replacement Reserve Monthly Deposit attributable to such Individual Property 

Section 7.4. Intentionally Omitted. 

Section 7.5. Ground Lease Reserve Fund. 

7.5.1. Deposits to Ground Lease Fund. Subject to the last sentence of Section 7.5.2, on each Payment Date
after the Closing Date during a Cash Trap Period, Borrower shall pay to Lender one-twelfth of the rents (including both base rent and additional rents (excluding any Taxes otherwise reserved for hereunder)) (collectively, the “Ground
Rent”) due under the Ground Lease during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Ground Rent at least thirty (30) days prior to the respective due dates. In addition,
on the Closing Date, Borrower shall pay to Lender an amount equal to any Ground Rent payable and outstanding under the Ground Lease within thirty (30) days of the first Payment Date. Amounts so deposited shall hereinafter be referred to as the
“Ground Lease Reserve Fund” and the account in which such amounts are held shall hereinafter be referred to as the “Ground Lease Reserve Account”. Upon the occurrence of a Cash Trap Event Cure and provided that a
Cash Trap Period shall not exist, amounts in the Ground Lease Reserve Fund shall be deposited into the Cash Management Account on the next Payment Date. 

  
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 7.5.2. Release of Ground Lease Reserve Fund. Lender shall apply amounts in
the Ground Lease Reserve Fund to the payment of the Ground Rent. In making any payment relating to the Ground Rent, Lender may do so according to any bill, statement or estimate procured from the Ground Lessor under the Ground Lease, without inquiry
into the accuracy of such bill, statement or estimate. If the amount of Ground Lease Reserve Funds shall exceed the amounts due for the Ground Rent under the Ground Lease for the immediately succeeding twelve (12) months as determined by
Lender, Lender shall return any excess to Borrower. Any amounts remaining in the Ground Lease Reserve Fund after the Debt has been paid in full or after the Ground Leased Property has been released in accordance with the terms hereunder, shall be
returned (x) in the event that only one Mezzanine Loan is outstanding, to the related Mezzanine Lender to be applied in accordance with the applicable Mezzanine Loan Agreement, (y) in the event that more than one Mezzanine Loan is
outstanding, to the most senior Mezzanine Lender to be applied in accordance with the applicable Mezzanine Loan Agreement, or (z) in the event that no Mezzanine Loan is outstanding, to Borrower. If at any time Lender reasonably determines that
the Ground Lease Reserve Fund is not or will not be sufficient to pay the Ground Rent by the dates set forth above, Lender shall provide written notice to Borrower of such determination and Borrower, commencing with the first Payment Date following
receipt of such notice, shall increase its monthly payments to Lender by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to the due date of the Ground Rent. 

Section 7.6. Excess Cash Flow Reserve Fund. During a Cash Trap Period, Borrower shall deposit with Lender all Excess Cash
Flow in the Cash Management Account, which shall be held by Lender as additional security for the Loan and amounts so held shall be hereinafter referred to as the “Excess Cash Flow Reserve Fund” and the account to which such amounts
are held shall hereinafter be referred to as the “Excess Cash Flow Reserve Account”. 
 7.6.1.
Release of Excess Cash Flow Reserve Funds. (a) During a Debt Yield Trigger Period, so long as no Event of Default has occurred and is continuing and no Bankruptcy Action of Borrower has occurred, upon written request of Borrower, Lender
shall disburse within five (5) Business Days of Borrower’s request and no more frequently than bimonthly, Excess Cash Flow Reserve Funds for (i) payment of any Operating Expenses (including management fees, franchise fees and other fees,
charges or costs, payable to Manager under the Management Agreement or Franchisor under the Franchise Agreement), (ii) emergency repairs and/or life safety issues (including any Capital Expenditures) at any Individual Property, (iii) Capital
Expenditures and Replacements and PIP Work (after application of amounts then on deposit in the Replacements Reserve Account), (iv) Hotel Taxes and Custodial Funds, (v) costs incurred in connection with the purchase of any FF&E,
(vi) costs incurred in connection with the purchase of any Interest Rate Cap Agreement or Replacement Interest Rate Cap Agreement required under the Loan Documents or the Mezzanine Loan Documents, (vii) voluntary prepayment of the Loan in
accordance with Section 2.4.1 or Section 6.4(f) hereof or of the Mezzanine Loans (if any) in accordance with Section 2.4.1 or Section 6.4 

  
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of the Mezzanine Loan Agreement, (viii) legal fees arising in connection with the Properties or the Borrower’s or Operating Lessee’s ownership and operation of the Properties;
provided that Excess Cash Flow shall not be used for legal fees in connection with (A) the enforcement of any Borrower’s, Operating Lessee’s or Mezzanine Borrower’s rights under the Loan Documents or the Mezzanine Loan Documents,
as applicable or (B) any defense of any enforcement by Lender or Mezzanine Lender of its rights under the Loan Documents or Mezzanine Loan Documents, as applicable, (ix) audit, accounting and tax expenses arising in connection with the
Properties or Borrower’s or Operating Lessee’s ownership and operation of the Properties, including payments to LXR Luxury Resorts in an amount not to exceed $719,700 annually for back-office accounting and actual costs incurred by
Prospect Advisors in an amount not to exceed $430,000 annually for certain management services related to the Properties, (x) costs of Restoration in excess of available Net Proceeds, (xi) Debt Service and Mezzanine Debt Service,
(xii) any fees and costs payable by Borrower or Mezzanine Borrowers, including to Lender or Mezzanine Lender, subject to and in compliance with the Loan Documents and the Mezzanine Loan Documents, (xiii) costs associated with existing
Leases or any new Leases entered into pursuant to the terms of this Agreement, including costs related to tenant improvement allowances, leasing commissions and Tenant-related Capital Expenditures (after application of amounts then on deposit in the
Replacement Reserve Fund), (xiv) pro rata principal prepayments of the Loan and the Mezzanine Loans in the amount necessary to satisfy a Debt Yield Cure (provided such prepayment is made pro rata between the Loan and the Mezzanine Loans),
(xv) reserved, (xvi) payment of shortfalls in the required deposits into the Reserve Accounts (in each case, to the extent required in the Loan Agreement, the Mezzanine Loan Agreements and the Cash Management Agreement),
(xvii) payments under the Ground Lease and (xviii) such other items as reasonably approved by Lender. 
 (b) Any Excess Cash Flow
Reserve Funds remaining on deposit in the Excess Cash Flow Reserve Account upon the occurrence of a Cash Trap Event Cure shall be paid (i) provided a Cash Trap Period under any Mezzanine Loan is then continuing or any amounts are then due and
payable to the related Mezzanine Lender, to such Mezzanine Lender to be held by such Mezzanine Lender pursuant to the applicable Mezzanine Loan Agreement for the purposes described therein (provided that in the event that a Cash Trap Period is
continuing under multiple Mezzanine Loans or any amounts are then due and payable under multiple Mezzanine Loans, such Excess Cash Flow Reserve Funds shall be paid to the Mezzanine Lender for the most senior Mezzanine Loan under which a Cash Trap
Period is continuing or any amounts are then due and payable), or (ii) if no Mezzanine Loan is outstanding or if there does not then exist a Cash Trap Period under any Mezzanine Loans and all amounts due and payable to the Mezzanine Lenders
have been paid, to Borrower. Any Excess Cash Flow Reserve Funds remaining on deposit in the Excess Cash Flow Reserve Account after the Debt and all amounts due to Lender have been paid in full shall be paid (x) in the event that any Mezzanine
Loan is outstanding, provided a Cash Trap Period under such Mezzanine Loan is then continuing or any amounts are then due and payable to the related Mezzanine Lender, to such Mezzanine Lender to be held by such Mezzanine Lender pursuant to the
applicable Mezzanine Loan Documents (provided that in the event that a Cash Trap Period is continuing under multiple Mezzanine Loans or any amounts are then due and payable under multiple Mezzanine Loans, such Excess Cash Flow Reserve Funds shall be
paid to the Mezzanine Lender for the most senior Mezzanine Loan under which a Cash Trap Period is continuing or any amounts are then due and payable) or (y) in the event that there is no Cash Trap Period under any Mezzanine Loan or no Mezzanine
Loan is outstanding, to Borrower. 

  
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 Section 7.7. Reserve Funds, Generally. Borrower grants to Lender a first priority
perfected security interest in each of the Reserve Funds and any and all monies now or hereafter deposited in each Reserve Fund as additional security for payment of the Debt. Until expended or applied in accordance herewith, the Reserve Funds shall
constitute additional security for the Debt. Subject to Priority Waterfall Payments made pursuant to Section 3.4 of the Cash Management Agreement and Section 2.6.2(e) hereof, upon the occurrence and during the continuance of an
Event of Default, Lender may, in addition to any and all other rights and remedies available to Lender, apply any sums then present in any or all of the Reserve Funds to the payment of the Debt in any order in its sole discretion. The Reserve Funds
shall not constitute trust funds and may be commingled with other monies held by Lender. The Reserve Funds shall be held in an Eligible Account and shall be invested only in Permitted Investments in accordance with the terms and provisions of the
Cash Management Agreement. All interest or other earnings on the Reserve Funds shall be added to and become a part of such Reserve Funds and shall be disbursed or applied, as applicable, in the same manner as other monies deposited in such Reserve
Fund. Borrower shall be responsible for payment of any federal, state or local income or other tax applicable to the interest earned on the Reserve Funds credited or paid to Borrower. Borrower shall not, without obtaining the prior written consent
of Lender, further pledge, assign or grant any security interest in any Reserve Fund or the monies deposited therein or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 Financing Statements, except those
naming Lender as the secured party, to be filed with respect thereto. Lender shall not be liable for any loss sustained on the investment of any funds constituting the Reserve Funds, provided such Reserve Funds are held in an Eligible Account
and invested only in Permitted Investments in accordance with the terms and provisions of the Cash Management Agreement. Borrower shall indemnify Lender and hold Lender harmless from and against any and all actions, suits, claims, demands,
liabilities, losses, damages, obligations and reasonable, actual, out-of-pocket, costs and expenses (including litigation costs and reasonable attorney’s fees and expenses) arising from or in any way connected with the Reserve Funds or the
performance of the obligations for which the Reserve Funds were established except to the extent any of the foregoing results from Agent’s or Lender’s or Servicer’s gross negligence, willful misconduct. Borrower shall assign to Lender
all rights and claims Borrower may have against all persons or entities supplying labor, materials or other services which are to be paid from or secured by the Reserve Funds; provided, however, that Lender may not pursue any such
right or claim unless an Event of Default has occurred and remains uncured. Notwithstanding anything to the contrary contained herein, any amount remaining in the Reserve Funds after the Debt has been paid in full shall be returned (x) in the
event that only one Mezzanine Loan is outstanding, to the related Mezzanine Lender to be applied in accordance with the applicable Mezzanine Loan Agreement, (y) in the event that more than one Mezzanine Loan is outstanding, to the most senior
Mezzanine Lender to be applied in accordance with the applicable Mezzanine Loan Agreement, or (z) in the event that no Mezzanine Loan is outstanding, to Borrower. 

  
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 ARTICLE VIII. 

DEFAULTS 

Section 8.1. Event of Default. (a) Each of the following events shall constitute an event of default hereunder (an
“Event of Default”): 
 (i) if (A) any Monthly Debt Service Payment Amount is not paid on or before the
date it is due, (B) the Debt is not paid in full on the Maturity Date, (C) the monthly deposit (if any) to the Ground Lease Reserve Account is not paid in full on or before the date when due or (D) any other portion of the Debt
(including any deposits to the Reserve Funds) not specified in the foregoing clause (A), (B) or (C) is not paid on or prior to the date when same is due with such failure continuing for five (5) Business Days after Lender
delivers notice thereof to Borrower; 
 (ii) if any of the real property Taxes or Other Charges are not paid prior to the
date upon which such payment becomes delinquent, other than those Taxes or Other Charges being contested by Borrower in accordance with Section 5.1.2 hereof (provided, it shall not be an Event of Default if there are sufficient funds in
the Tax and Insurance Escrow Fund to pay such Taxes prior to the date upon which such payment becomes delinquent and Lender is required to use such amounts for the payment of such Taxes hereunder and Servicer or Lender fails to make such payment in
accordance with the Loan Documents); 
 (iii) if the Policies are not kept in full force and effect, or if certified copies
of the Policies are not delivered to Lender upon request when required pursuant to the applicable provisions of this Agreement; 

(iv) if Borrower or any other Loan Party consummates a Transfer or otherwise encumbers any portion of the Properties without
Lender’s prior written consent in violation of Section 5.2.10 hereof; 
 (v) if any representation or
warranty made by Borrower or any other Loan Party herein or in any other Loan Document, or in any report, certificate, financial statement or other instrument, agreement or document furnished to Lender by or on behalf of Borrower or any other Loan
Party shall have been false or misleading in any material adverse respect as of the date the representation or warranty was made; provided that if such untrue representation or warranty is susceptible of being cured, Borrower and any other
Loan Party shall have the right to cure such representation or warranty within thirty (30) days of receipt of notice from Lender; 

(vi) if Borrower or any other Loan Party shall make an assignment for the benefit of creditors; 

  
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 (vii) if a receiver, liquidator or trustee shall be appointed for Borrower or any
other Loan Party or if Borrower or any other Loan Party shall be adjudicated a bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, shall be
filed by or against, consented to, or acquiesced in by, Borrower or any other Loan Party, or if any proceeding for the dissolution or liquidation of Borrower or any other Loan Party, shall be instituted; provided, however, if such
appointment, adjudication, petition or proceeding was involuntary and not consented to by Borrower or any other Loan Party, upon the same not being discharged, stayed or dismissed within sixty (60) days; 

(viii) if Borrower or any other Loan Party attempts to assign its rights under this Agreement or any of the other Loan
Documents or any interest herein or therein in contravention of the Loan Documents; 
 (ix) if a Guarantor Bankruptcy Event
occurs with respect to Guarantor, provided, however, it shall be at Lender’s option to determine whether any of the foregoing shall be an Event of Default and provided, further, it shall not be an Event of Default
under this Section 8.1(a)(ix) if BREP (provided BREP is not itself subject to a Bankruptcy Action) or a Replacement Guarantor that is an Affiliate of Borrower shall have assumed all of the liabilities and obligations of Guarantor under
the Loan Documents executed by Guarantor or executed a Substitute Guaranty in accordance with the terms hereunder; 
 (x) if
Borrower or any other Loan Party breaches any covenant contained in Section 4.1.30 or Section 5.1.28 hereof, provided, however, that any such breach shall not constitute an Event of Default (A) (i) if
such breach is inadvertent and non-recurring or (ii) if such breach is curable, if Borrower or any other Loan Party shall promptly cure such breach within thirty (30) days after such breach occurs, and (B) upon the written request of
Lender, if Borrower or any other Loan Party promptly delivers to Lender an Additional Insolvency Opinion or a modification of the Insolvency Opinion, as applicable, to the effect that such breach shall not in any way impair, negate or amend the
opinions rendered in the Insolvency Opinion, which opinion or modification and the counsel delivering such opinion and modification shall be acceptable to Lender in its sole discretion; 

(xi) intentionally omitted; 

(xii) with respect to any term, covenant or provision set forth herein which specifically contains a notice requirement or
grace period, if Borrower or any other Loan Party shall be in default under such term, covenant or condition after the giving of such notice or the expiration of such grace period; 

(xiii) if any of the assumptions related to the Borrower or any other Loan Party, contained in the Insolvency Opinion delivered
to Lender in connection with the Loan, or in any Additional Insolvency Opinion delivered subsequent to the closing of the Loan, is or shall become untrue in any material respect, provided, however, that any such breach shall not
constitute an Event of Default (A) (i) if 

  
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such breach is inadvertent and non-recurring or (ii) if such breach is curable, if Borrower or any other Loan Party shall promptly cure such breach within thirty (30) days after such
breach occurs, and (B) upon the written request of Lender, if Borrower or any other Loan Party promptly delivers to Lender an Additional Insolvency Opinion or a modification of the Insolvency Opinion, as applicable, to the effect that such
breach shall not in any way impair, negate or amend the opinions rendered in the Insolvency Opinion, which opinion or modification and the counsel delivering such opinion and modification shall be acceptable to Lender in its sole discretion; 

(xiv) if a material default by Borrower or any other Loan Party has occurred and continues beyond any applicable cure period
under the Management Agreement (or any Replacement Management Agreement) and if such default permits the Manager thereunder to terminate or cancel the Management Agreement (or any Replacement Management Agreement), or the term of any Management
Agreement (or any Replacement Management Agreement) expires and in each case, unless Borrower or Operating Lessee, as applicable, engages a Qualified Manager in accordance with the terms and as required by of Section 5.1.23 within thirty
(30) days’ notice of such default (subject to the applicable cure period) or the date of such expiration; 
 (xv)
intentionally omitted; 
 (xvi) if Borrower shall fail to obtain and/or maintain the Interest Rate Cap Agreement or
Replacement Interest Rate Cap Agreement, as applicable, as required pursuant to Section 2.2.7 hereof; 
 (xvii)
if there shall be default under any of the other Loan Documents beyond any applicable cure periods contained in such documents, whether as to Borrower, any other Loan Party or any Individual Property, or if any other such event shall occur or
condition shall exist, if the effect of such default, event or condition is to accelerate the maturity of any portion of the Debt or to permit Lender to accelerate the maturity of all or any portion of the Debt; 

(xviii) if, without Lender’s prior written consent, (a) any Franchise Agreement is terminated (unless within five
(5) Business Days of such termination (I) Borrower or Operating Lessee, as applicable, and a new Qualified Franchisor enter into a Replacement Franchise Agreement in accordance with Section 5.1.23 or (II) Borrower has elected
to release the applicable Individual Property released in accordance with Section 2.5.2(k) hereof and releases the Individual Property in accordance with the provisions thereof), (b) any Franchise Agreement is materially amended in
violation of Section 5.2.1(a) or (c) there is a material default by Borrower or Operating Lessee under any Franchise Agreement (including a default thereunder that results in a breach of Section 5.1.23 or 5.2.1
hereof) beyond any applicable notice or grace period that permits the franchisor thereunder to terminate or cancel the Franchise Agreement and Lender delivers a written notice of Event of Default in connection therewith to Borrower or


  
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Operating Lessee (a “Franchise Default Election Notice”) (unless, within forty-five (45) days after receipt of such Franchise Default Election Notice, (I) Borrower and
a new Qualified Franchisor enter into a Replacement Franchise Agreement in accordance with Section 5.1.23) or (II) Borrower has elected to release the applicable Individual Property released in accordance with
Section 2.5.2(k) hereof and releases the Individual Property in accordance with the provisions thereof); 
 (xix)
if (A) a material breach or material default by any applicable Individual Borrower under any condition or obligation contained in the Ground Lease is not cured within any applicable cure period provided therein, including, without limitation,
the occurrence of an event or condition that gives the lessor under the Ground Lease a right to terminate or cancel the Ground Lease or (B) if Borrower breaches any covenant contained in Section 5.2.11 provided,
however, that prior to declaring an Event of Default under this clause (xix), Lender shall permit Borrower to release the Property subject to the Ground Lease creating such default situation within forty five (45) days of receipt by
the applicable Individual Borrower or Operating Lessee of a notice from the applicable ground lessor of such default or breach upon payment of the applicable Release Amount and satisfaction of the conditions set forth in Section 2.4.1
hereof and Section 2.5.2 hereof (other than Section 2.5.2(c) and Section 2.5.2(e), subject to Borrower’s right to sell the Ground Leased Property to an Affiliate as set forth in Section 2.5.2
hereof); 
 (xx) if Borrower or any other Loan Party shall continue to be in Default under any of the other terms, covenants
or conditions of this Agreement not specified in subsections (i) to (xix) above, for ten (10) days after notice to Borrower from Lender, in the case of any Default which can be cured by the payment of a sum of money, or
for thirty (30) days after notice from Lender in the case of any other Default; provided, however, that if such non-monetary Default is susceptible of cure but cannot reasonably be cured within such thirty (30) day period and
provided further that Borrower or any other Loan Party shall have commenced to cure such Default within such thirty (30) day period and thereafter diligently and expeditiously proceeds to cure the same, such thirty (30) day period shall be
extended for such time as is reasonably necessary for Borrower in the exercise of due diligence to cure such Default, such additional period not to exceed ninety (90) days; 

(xxi) Guarantor breaches any of the Guarantor Financial Covenants and a Substitute Guaranty is not delivered in accordance with
the terms of the Guaranty; or 
 (xxii) If a Property Document Event shall occur; provided, however, that prior
to declaring an Event of Default under this clause (xxii), Lender shall permit Borrower to release the Property to which the Property Document Event relates within forty five (45) days of receipt of notice from Lender that a Property
Document Event has occurred upon payment of the applicable Adjusted Release 

  
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Amount and satisfaction of the conditions set forth in Section 2.4.1 hereof and Section 2.5.2 hereof (other than the requirement (a) to provide ten
(10) days’ prior notice, (b) to pay the Adjusted Release Amount to the extent paid pursuant to Section 2.5.2, (c) set forth in Section 2.5.2(c) (provided that Borrower provides an Additional Insolvency
Opinion addressing such transfer to an Affiliate) or (d) set forth in Section 2.5.2(e)). 
 (b) During the continuance of an
Event of Default (other than an Event of Default described in clauses (vi), (vii) or (viii) above), in addition to any other rights or remedies available to it pursuant to this Agreement and the other Loan Documents or at law or in
equity, Lender may take such action, without notice or demand, that Lender deems advisable to protect and enforce its rights against Borrower or any other Loan Party and in and to all or any of Individual Property, including, without limitation,
declaring the Debt to be immediately due and payable, and Lender may enforce or avail itself of any or all rights or remedies provided in the Loan Documents against Borrower, any other Loan Party and any or all of the Properties, including, without
limitation, all rights or remedies available at law or in equity; and upon any Event of Default described in clauses (vi), (vii) or (viii) above, the Debt and Other Obligations of Borrower or Operating Lessee hereunder and under the
other Loan Documents shall immediately and automatically become due and payable, without notice or demand, and Borrower and Operating Lessee hereby expressly waive any such notice or demand, anything contained herein or in any other Loan Document to
the contrary notwithstanding. 
 Section 8.2. Remedies. (a) Upon the occurrence of an Event of Default, all or any one or
more of the rights, powers, privileges and other remedies available to Lender against Borrower or any other Loan Party under this Agreement or any of the other Loan Documents executed and delivered by, or applicable to, Borrower and the other Loan
Parties or at law or in equity may be exercised by Lender at any time and from time to time, to the extent permitted by applicable law, whether or not all or any of the Debt shall be declared due and payable, and whether or not Lender shall have
commenced any foreclosure proceeding or other action for the enforcement of its rights and remedies under any of the Loan Documents with respect to all or any part of any Individual Property. Any such actions taken by Lender shall be cumulative and
concurrent and may be pursued independently, singularly, successively, together or otherwise, at such time and in such order as Lender may determine in its sole discretion, to the fullest extent permitted by law, without impairing or otherwise
affecting the other rights and remedies of Lender permitted by law, equity or contract or as set forth herein or in the other Loan Documents. Without limiting the generality of the foregoing, Borrower and each other Loan Party agree that if an Event
of Default is continuing (i) Lender is not subject to any “one action” or “election of remedies” law or rule, and (ii) all liens and other rights, remedies or privileges provided to Lender shall remain in full force and
effect until Lender has exhausted all of its remedies against the Properties and each Mortgage has been foreclosed, sold and/or otherwise realized upon in satisfaction of the Debt or the Debt has been paid in full, including without limitation, any
liquidation fees, workout fees, special servicing fees and interest payable on advances made by the Servicer with respect to delinquent debt service payments or expenses of curing Borrower’s or any other Loan Party’s defaults under the
Loan Documents or other similar fees payable to Servicer or any special servicer in connection therewith. 

  
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 (b) With respect to Borrower, the other Loan Parties and the Properties, nothing contained herein
or in any other Loan Document shall be construed as requiring Lender to resort to any Individual Property for the satisfaction of any of the Debt in any preference or priority to any other Individual Property, and Lender may seek satisfaction out of
all of the Properties, or any part thereof, in its absolute discretion in respect of the Debt. In addition, during the continuance of an Event of Default, (i) Lender shall have the right from time to time to partially foreclose any Mortgage in
any manner and for any amounts secured by such Mortgage then due and payable as determined by Lender in its sole discretion including, without limitation, in the event Borrower or any other Loan Party defaults beyond any applicable grace period
in the payment of one or more scheduled payments of interest, (ii) Lender may foreclose one or more of the Mortgages to recover such delinquent payments or (iii) in the event Lender elects to accelerate less than the entire outstanding
principal balance of the Loan, Lender may foreclose one or more of the Mortgages to recover so much of the principal balance of the Loan as Lender may accelerate and such other sums secured by the Mortgages as Lender may elect. Notwithstanding one
or more partial foreclosures, the remaining Properties shall remain subject to the Mortgages to secure payment of sums secured by the Mortgages and not previously recovered. 

(c) Upon the occurrence and during the continuance of an Event of Default, Lender shall have the right from time to time to sever the
Note and the other Loan Documents into one or more separate notes, mortgages and other security documents (the “Severed Loan Documents”) in such denominations as Lender shall determine in its sole discretion for purposes of
evidencing and enforcing its rights and remedies provided hereunder. Borrower and Operating Lessee shall execute and deliver to Lender from time to time, promptly after the request of Lender, a severance agreement and such other documents as Lender
shall request in order to effect the severance described in the preceding sentence, all in form and substance reasonably satisfactory to Lender. Each of Borrower and Operating Lessee hereby absolutely and irrevocably appoints Lender as its
respective true and lawful attorney, coupled with an interest, in its name and stead to make and execute all documents necessary or desirable to effect the aforesaid severance, each of Borrower and Operating Lessee ratifying all that its said
attorney shall do by virtue thereof; provided, however, Lender shall not make or execute any such documents under such power until three (3) days after notice has been given to Borrower and Operating Lessee by Lender of
Lender’s intent to exercise its rights under such power. Borrower shall be obligated to pay any costs or expenses incurred in connection with the preparation, execution, recording or filing of the Severed Loan Documents and the Severed Loan
Documents shall not contain any representations, warranties or covenants not contained in the Loan Documents and any such representations and warranties contained in the Severed Loan Documents will be given by Borrower and Operating Lessee only as
of the Closing Date. 
 (d) As used in this Section 8.2, a “foreclosure” shall include, without limitation, any
sale by power of sale. 
 Section 8.3. Remedies Cumulative; Waivers. The rights, powers and remedies of Lender under this
Agreement shall be cumulative and not exclusive of any other right, power or remedy which Lender may have against Borrower and any other Loan Party pursuant to this Agreement or the other Loan Documents, or existing at law or in equity or otherwise.
Lender’s rights, powers and remedies may be pursued singularly, concurrently or otherwise, at such time 

  
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and in such order as Lender may determine in Lender’s sole discretion. No delay or omission to exercise any remedy, right or power accruing upon an Event of Default shall impair any such
remedy, right or power or shall be construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often as may be deemed expedient. A waiver of one Default or Event of Default with respect to Borrower or
any other Loan Party shall not be construed to be a waiver of any subsequent Default or Event of Default by Borrower or any other Loan Party or to impair any remedy, right or power consequent thereon. 

ARTICLE IX. 
 SPECIAL
PROVISIONS 
 Section 9.1. Securitization. 

9.1.1. Sale of Notes and Securitization. Each of Borrower and Operating Lessee acknowledges and agrees that Lender may
sell all or any portion of the Loan and the Loan Documents, or issue one or more participations therein, or consummate one or more private or public securitizations of rated single- or multi-class securities (the “Securities”)
secured by or evidencing ownership interests in all or any portion of the Loan and the Loan Documents or a pool of assets that include the Loan and the Loan Documents (such sales, participations and/or securitizations, collectively, a
“Securitization”). At the request of Lender and at Borrower’s sole cost and expense, and to the extent not already provided by Borrower or any other Loan Party under this Agreement, Borrower shall use reasonable efforts to
provide information in the possession or control of Borrower, any other Loan Party or any of their respective Affiliates and not in the possession of Lender or which may be reasonably required by Lender in order to satisfy the market standards to
which Lender customarily adheres or which may be reasonably required by prospective investors, financing sources and/or the Rating Agencies in connection with any such Securitization including, without limitation, to: 

(a) provide additional and/or updated Provided Information; 

(b) review, and comment on the Disclosure Documents delivered to Borrower, which Disclosure Documents shall be delivered for review and comment
by Borrower not less than five (5) Business Days prior to the date upon which Borrower is otherwise required to confirm such Disclosure Documents; 

(c) deliver an updated Insolvency Opinion; 

(d) deliver an opinion of New York counsel with respect to due execution and enforceability of the Loan Documents governed by New York law
substantially the same as those delivered as of the Closing Date, which opinions shall be addressed, for purposes of reliance thereon, to each Person acquiring any interest in the Loan in connection with any Securitization, which counsel opinions
shall be reasonably satisfactory to Lender and the Approved Rating Agencies; 

  
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 (e) subject to Section 9.3 hereof, confirm that the representations and warranties as
set forth in the Loan Documents are true, complete and correct in all material respects as of the closing date of the Securitization with respect to the Property, Borrower, Operating Lessee, each other Loan Party and the Loan Documents (except to
the extent that any such representations and warranties are and can only be made as of a specific date and the facts and circumstances upon which such representation and warranty is based are specific solely to a certain date in which case
confirmation as to truth, completeness and correctness shall be provided as of such specific date or to the extent such representations are no longer true and correct as a result of subsequent events in which case Borrower and any applicable other
Loan Party shall provide an updated representation or warranty); 
 (f) if requested by Lender, review the sections of the Disclosure
Document entitled “Risk Factors” (solely to the extent “Risk Factors” relate to Borrower, Operating Lessee, Principal, Guarantor, Manager (if Manager is an Affiliated Manager (which, for the purposes of this Section 9.1.1
shall not include Hilton Manager or any subsidiary of Hilton Worldwide Inc.)), the Operating Lease, the Management Agreement, the Franchise Agreement, the Mortgage Loan, the Mezzanine Loans, the Mezzanine Borrowers, the Ground Lease, the
Properties and any litigation related to the foregoing), “Description of the Properties”, “Description of the Mortgage,” “Description of the Mortgage Loan,” “Description of the Interest Rate Cap Agreement,”
“Description of the Borrower, the Guarantor and Related Parties” “Description of the Ground Lease and Ground Lessor,” “Description of the Property Manager” (if the Manager is an Affiliated Manager (which, for the
purposes of this Section 9.1.1 shall not include Hilton Manager or any subsidiary of Hilton Worldwide Inc.)), “Description of the Operating Lease”, “Description of the Management Agreement and Assignment and Subordination
of Management Agreement”, “Description of the Mezzanine Loans”, “Description of the Franchise Agreements,” “Description of the Mezzanine Borrowers,” “Use of Proceeds,” and “Annex E –
Representations and Warranties of the Borrowers” (or sections similarly titled or covering similar subject matters); 
 (g) execute such
amendments to the Loan Documents as may be reasonably necessary to reflect structural changes to the Loan that are requested in writing from Lender, from time to time, prior to a Securitization; provided that any such amendments
(i) shall not increase (x) any monetary obligation of Borrower, Operating Lessee, Principal or Guarantor, or (y) any other obligation or liability of Borrower or Operating Lessee under the Loan Documents in any material respect or
(z) any other obligation or liability of Guarantor in any respect, (ii) shall not change the weighted average spread of the Loan in place immediately prior to such amendment (except following and during the continuance of an Event of
Default or any prepayment of the Loan pursuant to Section 2.4.2 hereof or to the extent that the application of a prepayment of the Loan pursuant to Section 2.4.1 results in “rate creep”, provided that in no event
shall the prepayment of the Free Prepayment Amount change the weighted average coupon of the Loan), (iii) shall not affect the aggregate amortization of the Loan, (iv) shall not change the dates of the Interest Period, the Maturity Date or
the Payment Date, (v) shall not affect the time periods during which Borrower is permitted to perform any obligations under the Loan Documents, (v) shall not decrease any of Borrower’s, Operating Lessee’s, Principal’s or
Guarantor’s rights or remedies under the Loan Documents in any respect and (vi) any such amendments shall be in substantially the same form as the Loan Agreement; and 

  
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 (h) if reasonably requested by Lender, Borrower and Operating Lessee shall provide Lender,
within a reasonable period of time following Lender’s request, with any financial statements, or financial, statistical or operating information, as Lender shall reasonably determine to be required pursuant to Regulation AB under the
Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or any amendment, modification or replacement thereto or other legal requirements
in connection with any Disclosure Documents or any filing pursuant to the Exchange Act in connection with the Securitization or as shall otherwise be reasonably requested by Lender. 

9.1.2. Loan Components; Mezzanine Loans. (a) Each of Borrower and Operating Lessee covenants and agrees that prior
to a Securitization of the Loan, upon Lender’s request Borrower shall (i) deliver one or more new notes to replace the original note or modify the original note and other loan documents, as reasonably required, to reflect additional
components of the Loan or allocate spread or principal among any new or existing components in Lender’s sole discretion, provided, (1) such new or modified note shall at all times have the same weighted average spread of the
original Note (except following an Event of Default or any prepayment of the Loan pursuant to Sections 2.4.1 or 2.4.2 hereof, provided that in no event shall the prepayment of the Free Prepayment Amount change the weighted average
coupon of the Loan) and (2) no amortization of principal of the Loan will be required and (ii) modify the Cash Management Agreement to reflect such new components; and further provided, that none of the foregoing actions shall have
a material adverse effect on Borrower or affect any of the rights or obligations of Borrower and Operating Lessee under the Loan Documents in any materially adverse respect. Notwithstanding anything to the contrary contained herein, no reallocation
or creation of new components pursuant to this Section 9.1.2, shall (i) reduce the Free Prepayment Amount, (ii) reduce the percentage of the Loan permitted to be voluntarily prepaid without a Spread Maintenance Payment prior to
the applicable Spread Maintenance End Date or (iii) result in a Spread Maintenance Payment that would not otherwise have been due as of the Closing Date based upon the definition of Spread Maintenance Payment. 

(b) Each of Borrower, Operating Lessee and the other Loan Parties covenants and agrees that after the Closing Date, but prior to a
Securitization of the Loan, Lender shall have the right to establish different interest rates and to reallocate the principal balances of the Loan and the Mezzanine Loans amongst each other; provided, that (i) in no event shall the
weighted average spread of the Loan and the Mezzanine Loans following any such reallocation or modification change from the initial weighted average spread in effect immediately preceding such reallocation or modification (except in connection with
a prepayment of the Loan in accordance with Sections 2.4.1 or 2.4.2 hereof (provided that in no event shall the prepayment of the Free Prepayment Amount change the weighted average coupon of the Loan), a Mezzanine Prepayment Event
or following an Event of Default or a Mezzanine Loan Default and provided that if at any time there is one or more mezzanine loans, any voluntary prepayment shall be applied pro rata amongst the mezzanine loans) and (ii) no such modification
shall materially and adversely affect Borrower, Operating Lessee and Mezzanine Borrower’s rights to prepay all or any portion of the Loan or the Mezzanine Loans. 

  
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 (c) Each of Borrower, Operating Lessee and the other Loan Parties shall execute and deliver such
documents as shall reasonably be required by Lender in connection with this Section 9.1.2, all in form and substance reasonably satisfactory to Lender and the Rating Agencies within ten (10) days following such request by Lender. It
shall be an Event of Default under this Agreement, the Note, the Mortgages and the other Loan Documents if Borrower fails to promptly comply with any of the terms, covenants or conditions of this Section 9.1.2. Notwithstanding anything
to the contrary herein, all reasonable costs and expenses incurred by Borrower and/or Lender in connection with this Section 9.1.2 (including, without limitation, any documentary stamp taxes, intangible taxes and other recording taxes)
shall be paid in accordance with Section 9.1.4 hereof. In no event shall any amendment or new loan documents required pursuant to this Section 9.1 modify or amend the aggregate amount of the Release Amount and the Release
Amount (as defined in each Mezzanine Loan Agreement) for each Individual Property. 
 (d) Each of Borrower, Operating Lessee and the other
Loan Parties covenants and agrees that after the Closing Date Lender shall have the right, subject to the last sentence of this Section 9.1.2(d), to create one or more additional mezzanine loans (each, a “New Mezzanine
Loans”), to establish different interest rates and to reallocate the amortization, interest rate and principal balances of each of the Loan, and any New Mezzanine Loans(s) amongst each other and to require the payment of the Loan, and any
New Mezzanine Loans(s) in such order of priority as may be designated by Lender; provided, that (1) the Loan and any New Mezzanine Loans(s) shall at all times have the same weighted average spread of the Loan on the Closing Date (except
in connection with a prepayment of the Loan in accordance with Sections 2.4.1 or 2.4.2 hereof (but in no event shall the application of the Free Prepayment Amount change the weighted average coupon of the Loan), a Mezzanine Prepayment
Event or following an Event of Default or a Mezzanine Loan Default and provided that any voluntary prepayments (other than any voluntary prepayments made to cure a Cash Trap Event, which shall be applied pro rata among the Loan and any mezzanine
loan then outstanding) may be applied, at Borrower’s option, to the most junior mezzanine loan then outstanding without a corresponding prepayment of the Loan or any senior mezzanine loan), (2) no such reallocation shall modify the
aggregate amortization of principal of the Loan and the Mezzanine Loans and (3) upon the creation of such New Mezzanine Loans, only the most junior mezzanine lender shall have the right to approve the Annual Budget during a Debt Yield Trigger
Period under Section 5.1.11(d), to approve alterations in excess of $15,000,000 as set forth under Section 5.1.22, to approve the Annual Budget and any operating budgets pursuant to Section 5.1.11 and to approve
determinations relating to the property level matters, consents and approvals (or deemed approvals), including approvals of easements, SNDAs and REAs and an entity’s qualification as a Qualified Transferee in connection with an assumption of
the Loan and any Mezzanine Loan but not any ground lease matters. Borrower and Operating Lessee shall execute and deliver such documents as shall reasonably be required by Lender as promptly as possible under the circumstances in connection with
this Section 9.1.2(d), all in form and substance reasonably satisfactory to Lender and the Approved Rating Agencies, including, without limitation, a promissory note and loan documents necessary to evidence such New Mezzanine Loans, and
Borrower, Operating Lessee and the other Loan Parties shall execute such amendments to the Loan Documents and the Mezzanine Loan Documents as are necessary in connection with the creation of such New Mezzanine Loans, including to provide that
(a) only the most junior mezzanine lender shall have the right to approve the Annual Budget during a Debt Yield Trigger 

  
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Period under Section 5.1.11(d) and (b) to provide that only the most junior mezzanine lender shall have the right to approve alterations in excess of $15,000,000 as set forth
under Section 5.1.22 and the Annual Budget and any operating budgets pursuant to Section 5.1.11 (collectively, the “Mezzanine Modifications”); provided, that no such amendments or other documents shall modify
any provisions of the Loan Documents or the Mezzanine Loan Documents other than to effectuate such reallocation, to incorporate the Mezzanine Modifications and as otherwise necessary to accurately reflect such New Mezzanine Loans. If Borrower shall
cause the formation of one or more special purpose, bankruptcy remote entities as required by Lender in order to serve as the borrower under any New Mezzanine Loans or, if available, utilize an upper-tier special purpose vehicle in its structure as
such borrower (each, a “New Mezzanine Borrower” and collectively, “New Mezzanine Borrowers”), the applicable organizational documents of Borrower, Operating Lessee, the other Loan Parties and Mezzanine Borrowers
shall be amended and modified as necessary or required in the formation of any New Mezzanine Borrowers, but subject to the other terms of this Section 9.1.2(d). Further, in connection with any New Mezzanine Loans, Borrower, Operating
Lessee and each other Loan Party shall, at Borrower’s sole cost and expense, deliver to Lender opinions of legal counsel with respect to due execution, authority and enforceability of the New Mezzanine Loans and the Loan Documents and the New
Mezzanine Loan Documents, as amended, in substantially the same form as the opinion delivered on the Closing Date, and an updated Insolvency Opinion for the Loan delivered on the Closing Date and a substantive non-consolidation opinion with respect
to any New Mezzanine Loans, each as reasonably acceptable to Lender and/or the Approved Rating Agencies. Notwithstanding the foregoing, (i) in no event shall there be more than two (2) New Mezzanine Loans, in the aggregate and (ii) no
New Mezzanine Loans shall have an initial principal balance that is less than Twenty Five Million and No/100 Dollars ($25,000,000.00). 

(e) Borrower covenants and agrees that any such reallocation described in this Section 9.1.2 will be conducted in compliance with the
representations and warranties regarding separateness set forth in Sections 4.1.30 and 5.1.28(a) hereof. Borrower will reflect such reallocation on its books and records as a contribution from the applicable Mezzanine Borrower to
Borrower or a distribution from Borrower to its member, as applicable. 
 9.1.3. Uncross of Properties. Borrower
agrees that at any time Lender shall have the unilateral right to elect to uncross any of the Properties (the “Affected Property”). In furtherance thereof, Lender shall have the right to (i) sever or divide the Note and the
other Loan Documents in order to allocate to such Affected Property the applicable Release Amount evidenced by a new note and secured by such other loan documents (collectively, the “New Note”) having a principal amount equal to the
Release Amount applicable to such Affected Property, (ii) segregate the applicable portion of each of the Reserve Funds relating to the Affected Property, (iii) release any cross-default and/or cross-collateralization provisions applicable
to such Affected Property and (iv) take such additional action consistent therewith; provided, that (A) such New Note secured by such Affected Property, together with the Loan Documents secured by the remaining Properties, shall not
(1) modify (w) the initial weighted average interest rate payable under the Note, (x) the stated maturity of the Note, (y) the aggregate amortization of principal of the Note, (z) any other material economic term of the
Loan, as any existed prior to the creation of the New Note and splitting of the Loan or (2) decrease the time periods during which the Borrower, Operating Lessee, Principal or Guarantor is 

  
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permitted to perform its obligations under the Loan Documents, and (B) the New Note shall be in substantially the same form as the Loan Documents. In connection with the transfer of any such
Affected Property as provided for in this Section 9.1.3, the Loan shall be reduced by an amount equal to amount of the Release Amount applicable to such Affected Property and the new loan secured by such Affected Property and evidenced
by the New Note shall be in an amount equal to such Release Amount. Subsequent to the release of the Affected Property from the lien of the Loan pursuant to this Section 9.1.3, the balances of the components of the Loan shall be the same
as they would have been had a prepayment occurred in an amount equal to the Release Amount of the Affected Property. At the request of Lender, Borrower shall otherwise cooperate with Lender’s reasonable requests in Lender’s attempt to
satisfy the requirements necessary in order for Lender to obtain written confirmation from the Approved Rating Agencies that such transfer of the Affected Property from the Securitization and splitting of the Loan shall not cause a downgrade,
withdrawal or qualification of the then current ratings of the Securities or any class thereof, which requirements shall include, without limitation: (A) delivery of evidence that would be reasonably satisfactory to a prudent lender that the
single purpose nature and bankruptcy remoteness of the Borrowers owning Properties and Operating Lessee operating the applicable Properties other than the Affected Property following such release have not been adversely affected and are in
accordance with the terms and provisions of this Agreement (which evidence may include a “bring-down” of the Insolvency Opinion); and (B) if the same would be required by a prudent lender in such circumstances, an opinion of counsel
that the release of the Affected Property will not be a “significant modification” of this Loan within the meaning of Section 1.1001-3 of the regulations of the United States Department of the Treasury, nor cause a Securitization
Vehicle to fail to qualify as a REMIC Trust or Grantor Trust or a tax to be imposed on a Securitization Vehicle. All reasonable costs and expenses incurred by Borrower or Lender in connection with this Section 9.1.3 (including, without
limitation, any documentary stamp taxes, intangible taxes, other recording taxes and any costs and expenses incurred by Borrower in connection with the transfer of the Affected Property to a Special Purpose Entity and the maintenance and operation
of such Special Purpose Entity) shall be paid in accordance with Section 9.1.4 below. 
 9.1.4. Securitization
Costs. Notwithstanding anything to the contrary in any of the Loan Documents, (i) all costs and expenses incurred by Borrower, any other Loan Party and Guarantor in connection with Borrower, any other Loan Party or Guarantor complying with
the requests made under Section 9.1 (including, without limitation, the fees and expenses of the Rating Agencies) shall be paid by Borrower; and (ii) all costs and expenses (including, without limitation, the fees and expenses of
the Rating Agencies, printing fees and costs, accountant’s fees, attorneys’ fees and other third party costs and expenses) incurred by Lender and any loan sellers, issuers, underwriters, placement agents, initial purchasers of
(A) Securities issued in connection with a Securitization and any other applicable party to such Securitization in connection with a Securitization and (B) any New Mezzanine Loans shall be paid by Borrower (such costs and expenses set
forth in clauses (i) and (ii) above, collectively, “Securitization Costs”), provided, that Borrower shall only be required to pay the Securitization Costs incurred in connection with a Securitization of the Loan or a New
Mezzanine Loan sponsored or created by the Originating Lenders. In the event Lender (other than the Originating Lenders) implements a Securitization or New Mezzanine Loan, all Securitization Costs shall be paid by Lender. 

  
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 Section 9.2. Securitization Indemnification. (a) Each of Borrower, Operating
Lessee and each other Loan Party understands that certain of the Provided Information may be included in Disclosure Documents in connection with the Securitization and may also be included in filings with the Securities and Exchange Commission
pursuant to the Securities Act, or the Exchange Act or provided or made available to investors or prospective investors in the Securities, the Rating Agencies, and service providers relating to the Securitization. In the event that any Disclosure
Document is required to be revised prior to the sale of all Securities, Borrower, Operating Lessee and each other Loan Party will cooperate with the holder of the Note in updating the Covered Disclosure Information by providing all current
information necessary to keep the Covered Disclosure Information accurate and complete in all material respects. 
 (b) The
Indemnifying Persons agree to provide, in connection with the Securitization, an indemnification agreement (A) certifying that (i) the Indemnifying Persons have, at Lender’s request in connection with each Securitization, reviewed the
sections of the Disclosure Documents entitled “Summary of Offering Circular” and “Risk Factors” (solely to the extent “Summary of Offering Circular” and “Risk Factors” relate to Borrower, Operating Lessee,
Principal, Guarantor, Manager (if Manager is an Affiliated Manager (which, for the purposes of this Section 9.2 shall not include Hilton Manager or any subsidiary of Hilton Worldwide Inc.)), the Operating Lease, the Management Agreement,
the Franchise Agreement, the Mortgage Loan, the Mezzanine Loans, the Mezzanine Borrowers and the Properties), “Description of the Properties,” “Description of the Mortgage,” “Description of the Mortgage Loan,”
“Description of the Interest Rate Cap Agreement”, “Description of the Borrower, Guarantor and Related Parties,” “Description of the Ground Lease and Name of the Ground Lessor”, “Description of the Property
Manager” (if Manager is an Affiliated Manager (which, for the purposes of this Section 9.2 shall not include Hilton Manager or any subsidiary of Hilton Worldwide Inc.)), “Description of the Operating Lease”,
“Description of the Management Agreement and Assignment and Subordination of Management Agreement”, “Description of the Mezzanine Loans,” “Description of the Franchise Agreements,” “Description of the Mezzanine
Borrowers,” “Use of Proceeds,” and “Annex E – Representations and Warranties of the Borrowers” (collectively with the Provided Information, the “Covered Disclosure Information”) and (ii) the
Covered Disclosure Information does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading,
(B) jointly and severally indemnifying Lender, any Affiliate of Lender that has filed any registration statement relating to the Securitization or has acted as the sponsor or depositor in connection with the Securitization, any Affiliate of
Lender that acts as an underwriter, placement agent or initial purchaser of Securities issued in the Securitization, any other co-underwriters, co-placement agents or co-initial purchasers of Securities issued in the Securitization, and each of
their respective officers, directors, partners, employees, representatives, agents and Affiliates and each Person or entity who Controls any such Person within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act (collectively, the “Indemnified Persons”), for any losses, claims, damages, liabilities, costs or expenses (including without limitation reasonable legal fees and expenses for enforcement of these obligations (collectively, the
“Liabilities”) to which any such Indemnified  

  
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Person may become subject insofar as the Liabilities arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the Covered Disclosure
Information or arise out of or are based upon the omission or alleged omission to state in the Covered Disclosure Information a material fact required to be stated therein or necessary in order to make the statements in the Covered Disclosure
Information, in light of the circumstances under which they were made, not misleading and (C) agreeing to reimburse each Indemnified Person for any reasonable legal or other expenses incurred by such Indemnified Person, as they are incurred, in
connection with investigating or defending the Liabilities. This indemnity agreement will be in addition to any liability which Indemnifying Persons may otherwise have. Moreover, the indemnification and reimbursement obligations provided for in
clauses (B) and (C) above shall be effective, valid and binding obligations of Indemnifying Persons, whether or not an indemnification agreement described in clause (A) above is provided. 

(c) In connection with Exchange Act Filings, the Indemnifying Persons jointly and severally agree to indemnify (i) the Indemnified Persons
for Liabilities to which any such Indemnified Person may become subject insofar as the Liabilities arise out of or are based upon any untrue statement or alleged untrue statement of any material fact in the Covered Disclosure Information, or the
omission or alleged omission to state in the Covered Disclosure Information a material fact required to be stated therein or necessary in order to make the statements in the Covered Disclosure Information, in light of the circumstances under which
they were made, not misleading and (ii) reimburse each Indemnified Person for any legal or other out-of-pocket expenses incurred by such Indemnified Persons, as they are incurred, in connection with defending or investigating the Liabilities.

 (d) Promptly after receipt by an Indemnified Person of notice of any claim or the commencement of any action, the Indemnified Person
shall, if a claim in respect thereof is to be made against any Indemnifying Person, notify such Indemnifying Person in writing of the claim or the commencement of that action; provided, however, that the failure to notify such
Indemnifying Person shall not relieve it from any liability which it may have under the indemnification provisions of this Section 9.2 except to the extent that it has been materially prejudiced by such failure and, provided,
further, that the failure to notify such Indemnifying Person shall not relieve it from any liability which it may have to an Indemnified Person otherwise than under the provisions of this Section 9.2. If any such claim or action
shall be brought against an Indemnified Person, and it shall notify any Indemnifying Person thereof, such Indemnifying Person shall be entitled to participate therein and, to the extent that it wishes, assume the defense thereof with counsel
reasonably satisfactory to the Indemnified Person. After notice from any Indemnifying Person to the Indemnified Person of its election to assume the defense of such claim or action, such Indemnifying Person shall not be liable to the Indemnified
Person for any legal or other expenses subsequently incurred by the Indemnified Person in connection with the defense thereof except as provided in the following sentence; provided, however, if the defendants in any such action include
both an Indemnifying Person, on the one hand, and one or more Indemnified Persons on the other hand, and an Indemnified Person shall have reasonably concluded that there are any legal defenses available to it and/or other Indemnified Persons that
are different or in addition to those available to the Indemnifying Person, the Indemnified Person or Persons shall have the right to select separate counsel to assert such legal defenses and to otherwise participate in the defense of such action on
behalf of such Indemnified Person or Persons. The Indemnified Person shall instruct its counsel to maintain 

  
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reasonably detailed billing records for fees and disbursements for which such Indemnified Person is seeking reimbursement hereunder and shall submit copies of such detailed billing records to
substantiate that such counsel’s fees and disbursements are solely related to the defense of a claim for which the Indemnifying Person is required hereunder to indemnify such Indemnified Person. No Indemnifying Person shall be liable for the
expenses of more than one (1) such separate counsel and local counsel unless such Indemnified Person shall have reasonably concluded that there may be legal defenses available to it that are different from or additional to those available to
another Indemnified Person. 
 (e) Without the prior written consent of Lender or its designee (which consent shall not be unreasonably
withheld or delayed), no Indemnifying Person shall settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action, suit or proceeding in respect of which indemnification may be sought hereunder (whether or
not any Indemnified Person is an actual or potential party to such claim, action, suit or proceeding) unless (i) the Indemnifying Person shall have given the Indemnified Persons reasonable prior written notice thereof and shall have obtained an
unconditional release of each Indemnified Person hereunder from all liability arising out of such claim, action, suit or proceedings and (ii) such settlement, compromise or judgment does not include a statement as to, or admission of, fault,
culpability or a failure to act by or on behalf of any Indemnified Person. As long as an Indemnifying Person has complied with its obligations to defend and indemnify hereunder, such Indemnifying Person shall not be liable for any settlement made by
any Indemnified Person without the consent of such Indemnifying Person (which consent shall not be unreasonably withheld or delayed). 
 (f)
The Indemnifying Persons agree that if any indemnification or reimbursement sought pursuant to this Section 9.2 is finally judicially determined to be unavailable for any reason or is insufficient to hold any Indemnified Person harmless
(with respect only to the Liabilities that are the subject of this Section 9.2), then the Indemnifying Persons, on the one hand, and such Indemnified Person, on the other hand, shall contribute to the Liabilities for which such
indemnification or reimbursement is held unavailable or is insufficient: (x) in such proportion as is appropriate to reflect the relative benefits to the Indemnifying Persons, on the one hand, and such Indemnified Person, on the other hand,
from the transactions to which such indemnification or reimbursement relates; or (y) if the allocation provided by clause (x) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (x) but also the relative faults of the Indemnifying Persons, on the one hand, and all Indemnified Persons, on the other hand, as well as any other equitable considerations. Notwithstanding the provisions of this
Section 9.2, (A) no party found liable for a fraudulent misrepresentation shall be entitled to contribution from any other party who is not also found liable for such fraudulent misrepresentation, and (B) the Indemnifying
Persons agree that in no event shall the amount to be contributed by the Indemnified Persons collectively pursuant to this paragraph exceed the amount of the fees actually received by the Indemnified Persons in connection with the closing of the
Loan and Securitization. 
 (g) The Indemnifying Persons agree that the indemnification, contribution and reimbursement obligations set forth
in this Section 9.2 shall apply whether or not any Indemnified Person is a formal party to any lawsuits, claims or other proceedings. The Indemnifying Persons further agree that the Indemnified Persons are intended third party
beneficiaries under this Section 9.2. 

  
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 (h) The liabilities and obligations of the Indemnified Persons and the Indemnifying Persons under
this Section 9.2 shall survive the termination of this Agreement and the satisfaction and discharge of the Debt. 
 (i)
Notwithstanding anything to the contrary contained herein, Borrower and the other Loan Parties shall have no obligation to act as depositor with respect to the Loan or an issuer or registrant with respect to the Securities issued in any
Securitization. 
 Section 9.3.Exculpation. (a) Subject to the qualifications set forth in this Section 9.3,
Lender shall not enforce the liability and obligation of Borrower or any other Loan Party to perform and observe the obligations contained in the Note, this Agreement, the Mortgages or the other Loan Documents by any action or proceeding wherein a
money judgment shall be sought against Borrower or any other Loan Party, except that Lender may bring a foreclosure action, an action for specific performance or any other appropriate action or proceeding to enable Lender to enforce and realize upon
its interest under the Note, this Agreement, the Mortgages and the other Loan Documents, or in the Properties, the Rents, or any other collateral given to Lender pursuant to the Loan Documents; provided, however, that, except as
specifically provided herein, any judgment in any such action or proceeding shall be enforceable against Borrower and any other Loan Party only to the extent of Borrower’s and any other Loan Party’s interest in the Properties, in the Rents
and in any other collateral given to Lender, and Lender, by accepting the Note, this Agreement, the Mortgages and the other Loan Documents, agrees that it shall not sue for, seek or demand any deficiency judgment against Borrower or any other Loan
Party in any such action or proceeding under or by reason of or under or in connection with the Note, this Agreement, the Mortgages or the other Loan Documents. The provisions of this Section shall not, however, (i) constitute a waiver, release
or impairment of any obligation evidenced or secured by any of the Loan Documents; (ii) impair the right of Lender to name Borrower or any other Loan Party as a party defendant in any action or suit for foreclosure and sale under any of the
Mortgages; (iii) affect the validity or enforceability of or any guaranty made in connection with the Loan or any of the rights and remedies of Lender thereunder; (iv) impair the right of Lender to obtain the appointment of a receiver;
(v) impair the enforcement of any assignment of leases contained in the Mortgage; or (vi) constitute a prohibition against Lender to seek a deficiency judgment against Borrower or any other Loan Party in order to fully realize the security
granted by each of the Mortgages or to commence any other appropriate action or proceeding in order for Lender to exercise its remedies against all of the Properties. 

(b) Nothing contained herein shall in any manner or way release, affect or impair the right of Lender to enforce the liability and obligation
of Borrower and the other Loan Parties, by money judgment or otherwise, to the extent of any loss, damage, cost, expense, liability, claim or other obligation to the extent actually incurred by Lender (including reasonable attorneys’ fees and
costs reasonably incurred by Lender) arising out of or incurred in connection with the following actions or omissions: 

  
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 (i) fraud or material and willful misrepresentation by Borrower, any other Loan
Party, Guarantor, or any Affiliate of Borrower, any other Loan Party or Guarantor Controlled by BREP or Guarantor in connection with the Loan; 

(ii) willful misconduct by Borrower, any other Loan Party, Guarantor, or any Affiliate of Borrower, any other Loan Party or
Guarantor Controlled by BREP or Guarantor, that results in physical damage or waste to any Property; 
 (iii) the removal or
disposal by, or on behalf, of Borrower, any other Loan Party, Guarantor, or any Affiliate of Borrower, any other Loan Party or Guarantor Controlled by BREP or Guarantor, or any portion of any Property during the continuance of an Event of Default;

 (iv) the misappropriation or conversion by any Individual Borrower, any other Loan Party, Guarantor or any Affiliate of
such Individual Borrower, any other Loan Party or Guarantor Controlled by BREP or Guarantor of (A) any Insurance Proceeds paid by reason of a Casualty, (B) any Awards received in connection with a Condemnation of all or a portion of any
Individual Property, (C) any Rents during the continuance of an Event of Default, or (D) any Rents paid more than one month in advance; 

(v) a material breach of any covenant set forth in Section 5.1.28(a), (b) or (c) hereof; 

(vi) if Borrower fails to obtain Lender’s prior written consent to any financing or other voluntary Lien encumbering any
Individual Property, if such consent is required in accordance with the applicable provisions of the Loan Documents; 
 (vii)
any voluntary termination, or any voluntary, material modification of the Ground Lease by Borrower without Lender’s prior written consent other than as expressly permitted under the Loan Agreement; provided, that the liability with
respect to this Section 9.3(b)(vii) shall not exceed the Amortized Release Amount of the Ground Leased Property; or 

(viii) if Borrower or any other Loan Party fails to obtain Lender’s prior written consent to any Sale or Pledge of the
Property or a Transfer of the ownership interests in Borrower or the other Loan Parties, in each case, to the extent required by Section 5.2.10 hereof, and in each case, excluding Permitted Transfers, Permitted Encumbrances and any other
Lien expressly permitted under the Loan Documents. For the avoidance of doubt, a Transfer resulting from the exercise of Lender’s rights under the Loan Documents, any Mezzanine Lender’s rights under the applicable Mezzanine Loan Documents
or the consummation of any remedial or enforcement action by the Lender or any holder of any Mezzanine Loan of the collateral for the Loan or the applicable Mezzanine Loan, including, without limitation, any foreclosure, deed-in-lieu or assignment
in lieu of foreclosure and the exercise of any rights of Lender or any Mezzanine Lender 

  
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under the Mortgages or any Pledge Agreement, including, without limitation, any right to vote any pledged securities or any right to replace officers and directors of any Person (collectively, a
“Foreclosure”), shall not be a Transfer in violation of Section 5.2.10 hereof. 
 (c) Notwithstanding anything
to the contrary in this Agreement, the Note or any of the Loan Documents, (i) Lender shall not be deemed to have waived any right which Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the Bankruptcy Code to
file a claim against Borrower for the full amount of the Debt secured by the Mortgages or to require that all collateral shall continue to secure all of the Debt owing to Lender in accordance with the Loan Documents, and (ii) the Debt shall be
fully recourse to Borrower in the event of: (A) any Individual Borrower, Operating Lessee or Principal filing a voluntary petition under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law; (B) the filing of an
involuntary petition by any Person against any Individual Borrower, Operating Lessee or Principal under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law in which any Individual Borrower, Operating Lessee, Principal or
Guarantor or any Affiliate of Borrower, Operating Lessee, Principal or Guarantor Controlled by BREP or Guarantor colludes with, or otherwise assists, such Person, or solicits or causes to be solicited petitioning creditors for any involuntary
petition against any Individual Borrower, Principal or Operating Lessee; (C) any Individual Borrower, Operating Lessee, Principal or Guarantor or any Affiliate of Borrower, Operating Lessee, Principal or Guarantor Controlled by BREP or
Guarantor filing an answer consenting to or otherwise acquiescing in or joining in any involuntary petition filed against any Individual Borrower, Operating Lessee or Principal, by any other Person under the Bankruptcy Code or any other Federal or
state bankruptcy or insolvency law; or (D) any Individual Borrower, Operating Lessee or Principal, consenting to or acquiescing in or joining in an application for the appointment of a custodian, receiver, trustee, or examiner for any
Individual Borrower, Principal or Operating Lessee, or any portion of the Properties; or (E) any Mortgage or other Loan Document being deemed a fraudulent conveyance or preference or otherwise being deemed void pursuant to any principles
limiting the rights of creditors, whether such claims, demands or assertions are made under the Bankruptcy Code, including, without limitation, under Sections 544, 547 or 548 thereof, or under any applicable state fraudulent conveyance statues or
similar laws. 
 (d) Notwithstanding anything to the contrary contained herein, for purposes of this Section 9.3, Hilton Manager
and any subsidiary of Hilton Worldwide Inc. shall not be considered an Affiliate of Borrower, Operating Lessee, Principal or Guarantor. 

Section 9.4. Matters Concerning Manager. 

(a) If (a) other than with respect to the Brand Managed Properties, an Event of Default hereunder has occurred and remains uncured,
(b) Manager shall become subject to a Bankruptcy Action or (c) with respect to the Brand Managed Properties, if during the continuance of an Event of Default, Borrower or Operating Lessee, as applicable, has the right to terminate any
Brand Manager, as applicable as a result of such Brand Manager’s default under the applicable Management Agreement beyond any applicable grace and cure period, Borrower or Operating Lessee, as applicable, shall, in each case, at the request of
Lender, exercise its contractual rights under the Management Agreement to terminate the Management Agreement 

  
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and replace the Manager with a Qualified Manager pursuant to a Replacement Management Agreement, it being understood and agreed that the management fee for such Qualified Manager shall not exceed
then prevailing market rates; provided that with respect to clause (a) above, such termination shall be upon not less than thirty (30) days’ notice (unless the Manager is an Affiliate of Borrower, in which case such notice
shall not be required). 
 Notwithstanding anything to the contrary contained herein, for purposes of this Section 9.4, Hilton Manager and any
subsidiary of Hilton Worldwide Inc. shall not be considered an Affiliate of Borrower, Operating Lessee, Principal or Guarantor. 

Section 9.5. Servicer. At the option of Lender, the Loan may be serviced by a master servicer, primary servicer, special
servicer and/or trustee (any such master servicer, primary servicer, special servicer, and trustee, together with its agents, nominees or designees, are collectively referred to as servicer (“Servicer”) selected by Lender and Lender
may delegate all or any portion of its responsibilities under this Agreement and the other Loan Documents to Servicer pursuant to a pooling and servicing agreement, special servicing agreement or other agreement providing for the servicing of one or
more mortgage loans (collectively, the “Servicing Agreement”) between Lender and Servicer. Borrower shall be responsible for any reasonable set-up fees or any other initial costs relating to or arising under the Servicing Agreement
but neither Borrower nor any other Loan Party shall be responsible for payment of the regular monthly master servicing fee or trustee fee due to Servicer or the trustee under the Servicing Agreement or any fees or expenses required to be borne by
Servicer. Notwithstanding the foregoing, Borrower shall promptly reimburse Lender on demand for the following: all actual out-of-pocket reasonable costs and expenses, liquidation fees, workout fees, special servicing fees, operating advisor fees,
certificate administrator fees or any other similar fees and to the extent charges pursuant to Section 2.3.4 hereof and interest at the Default Rate actually paid by Borrower is insufficient to pay for same, interest payable on advances
made by the Servicer or the trustee with respect to (a) delinquent Debt Service payments or expenses of curing Borrower’s or any other Loan Party’s defaults under the Loan Documents, payable by Lender to Servicer or a trustee and
provided for under the Servicing Agreement or actual out-of-pocket reasonable expenses paid by Servicer or a trustee in respect of the protection and preservation of the Properties (including, without limitation, payments of Taxes and Insurance
Premiums), (b) as a result of an Event of Default under the Loan or the Loan becoming specially serviced, an enforcement, refinancing or restructuring of the credit arrangements provided under this Agreement in the nature of a
“work-out” of the Loan Documents or of any insolvency or bankruptcy proceeding of any Borrower or (c) the costs of all property inspections and/or appraisals of the Properties (or any updates to any existing inspection or appraisal)
that Servicer may be required to obtain (other than the cost of regular annual inspections required to be borne by Servicer under the Servicing Agreement), such appraisals (or updates to existing appraisals) not to be required unless an Event of
Default is continuing under the Loan or the Loan is specially serviced. Additionally, Borrower shall pay the customary and reasonable servicing fees in connection with any special requests made by Borrower, any other Loan Party or Guarantor during
the term of the Loan including, without limitation, in connection with a prepayment, assumption or modification of the Loan. Lender shall grant or deny with a reasonable explanation any consent required hereunder within fifteen (15) day period
(or such shorter period as provided in this Agreement) after the receipt of the applicable request and all documents in connection therewith. In the event that Lender fails to respond within said fifteen (15) day 


  
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period (or such shorter period as provided in this Agreement), such failure shall be deemed to be the consent and approval of Lender if (A) Borrower has delivered to Lender the
applicable documents, with the notation “IMMEDIATE RESPONSE REQUIRED, FAILURE TO RESPOND TO THIS APPROVAL REQUEST WITHIN FIFTEEN (15) DAYS (OR SUCH SHORTER PERIOD AS PROVIDE IN THIS AGREEMENT) FROM RECEIPT SHALL BE DEEMED TO BE
LENDER’S APPROVAL” prominently displayed in bold, all caps and fourteen (14) point or larger font in the transmittal letter requesting approval and (B) Lender does not approve or reject (with a reasonable explanation) the
applicable request within fifteen (15) days (or such shorter period as provided in this Agreement) from the date Lender receives such request as evidenced by a certified mail return receipt or confirmation by a reputable national overnight
delivery service that the same has been delivered. 
 Section 9.6. Matters Concerning Franchisor. 

(a) If (a) an Event of Default has occurred and is continuing, and if the Franchisor is not an Affiliate of Borrower, solely to the
extent permitted pursuant to the Franchise Agreement or the applicable comfort letter or (b) Franchisor shall become subject to a Bankruptcy Action, Borrower or Operating Lessee, as applicable, shall, at the request of Lender, terminate the
Franchise Agreement and replace the Franchisor with a Qualified Franchisor pursuant to a Replacement Franchise Agreement; provided that with respect to clause (a) above, such termination shall be after thirty (30) days’ prior
written notice if Franchisor is an Affiliate of Borrower. At all times when Operating Lessee is the party to any Franchise Agreement, Borrower shall cause Operating Lessee to comply with the terms of this Section 9.6 with respect to such
Franchise Agreement. For purposes of this Section 9.6, Hilton Worldwide, Inc. (together with its successors) or any subsidiary thereof shall not be deemed an Affiliate of Borrower or Guarantor. 

Section 9.7. Register. (a) The Servicer, or if no Servicer has been engaged, Lender, as non-fiduciary agent of
Borrower, shall maintain a record that identifies each owner (including successors and assignees) of an interest in the Loan, including the name and address of the owner, and each owner’s rights to principal and stated interest (the
“Register”), and shall record all transfers of an interest in the Loan, including each assignment, in the Register. Transfers of interests in the Loan (including assignments) shall be subject to the applicable conditions set forth
in the Loan Documents with respect thereto and Servicer will update the Register to reflect the transfer. Furthermore, each Lender that sells a participation shall, acting solely for this purpose as agent of Borrower, maintain a register on which it
enters the name and address of each participant and the principal amounts and stated interest of each participant’s interest (the “Participant Register”); provided that no Lender shall have any obligation to disclose all
or any portion of the Participant Register to any Person (including the identity of any participant or any information relating to a participant’s interest) except to the extent that such disclosure is necessary to establish that such
obligation is in registered form under Section 5f.103-1(c) of the U.S. Department of Treasury regulations. The entries in the Register and Participant Register shall be conclusive absent manifest error. The Borrower, the Lenders and the
Servicer shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, and the Borrower, the  

  
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Lenders and the Servicer shall treat each Person whose name is recorded in the Participant Register pursuant to the terms hereof as the owner of such participation for all purposes of this
Agreement. Failure to make any such recordation, or any error in such recordation, however, shall not affect Borrower’s obligations in respect of the Loan. Borrower and Lender acknowledge that the Notes are in registered form and may not be
transferred except by register. 
 (b) Borrower agrees that each participant pursuant to Section 9.1.1(a) shall be entitled to
the benefits of Section 2.2.3(f) and (h) and Section 2.7 (subject to the requirements and limitations therein, including the requirements under Section 2.7(e) (it being understood that the
documentation required under Section 2.7(e) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment; provided that such participant (A) agrees to be
subject to the provisions of Section 2.7(h) as if it were an assignee hereunder; and (B) shall not be entitled to receive any greater payment under Section 2.2.3(f) or Section 2.7, with respect to any
participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a change in a requirement of law or in the interpretation or application thereof, or
compliance by such participant or the participating Lender with any request or directive (whether or not having the force of law) issued from any central bank or other Governmental Authority, in each case after the participant acquired the
applicable participation. 
 ARTICLE X.  

MISCELLANEOUS 

Section 10.1. Survival. This Agreement and all covenants, agreements, representations and warranties made herein and in the
certificates delivered pursuant hereto shall survive the making by Lender of the Loan and the execution and delivery to Lender of the Note, and shall continue in full force and effect so long as all or any of the Debt is outstanding and unpaid
unless a longer period is expressly set forth herein or in the other Loan Documents. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the legal representatives, successors and assigns of
such party. All covenants, promises and agreements in this Agreement, by or on behalf of Borrower or any other Loan Party, shall inure to the benefit of the legal representatives, successors and assigns of Lender. 

Section 10.2. Lender’s Discretion. Whenever pursuant to this Agreement, Lender exercises any right given to it to approve or
disapprove, or any arrangement or term is to be satisfactory to Lender, the decision of Lender to approve or disapprove or to decide whether arrangements or terms are satisfactory or not satisfactory shall (except as is otherwise specifically herein
provided) be in the sole discretion of Lender and shall be final and conclusive. 
 Section 10.3. Governing Law. (a) THIS
AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK, THE LOAN WAS MADE BY LENDER AND ACCEPTED BY BORROWER AND THE OTHER LOAN PARTIES IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THE LOAN DELIVERED PURSUANT HERETO 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 EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, 

  
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WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS AND THE OBLIGATIONS ARISING HEREUNDER
AND THEREUNDER 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 AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA, EXCEPT THAT AT ALL TIMES THE
PROVISIONS FOR THE CREATION, PERFECTION, AND ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS CREATED PURSUANT HERETO AND PURSUANT TO THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE IN WHICH THE
APPLICABLE INDIVIDUAL PROPERTY IS LOCATED, IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF ALL LOAN DOCUMENTS AND ALL
OF THE OBLIGATIONS ARISING HEREUNDER OR THEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH OF BORROWER AND THE OTHER LOAN PARTIES HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS
THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS, AND THIS AGREEMENT, THE NOTE 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. 
 (b) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR BORROWER OR THE OTHER LOAN PARTIES ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS MAY AT LENDER’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 OF BORROWER AND THE OTHER LOAN PARTIES 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 OF BORROWER AND THE OTHER LOAN PARTIES HEREBY
IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. EACH OF BORROWER AND THE OTHER LOAN PARTIES DOES HEREBY DESIGNATE AND APPOINT: 

BRE Select Hotels Properties LLC 

c/o Blackstone Real Estate Advisors L.P. 

345 Park Avenue 
 New York, New
York 10154 
 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 AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO 

  
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BORROWER AND THE OTHER LOAN PARTIES IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER AND THE OTHER LOAN PARTIES IN ANY SUCH SUIT, ACTION
OR PROCEEDING IN THE STATE OF NEW YORK. EACH OF BORROWER AND THE OTHER LOAN PARTIES (I) SHALL GIVE PROMPT NOTICE TO LENDER 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 (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. 
 Section 10.4. Modification,
Waiver in Writing. No modification, amendment, extension, discharge, termination or waiver of any provision of this Agreement, or of the Note, or of any other Loan Document, nor consent to any departure by Borrower or any other Loan Party
therefrom, shall in any event be effective unless the same shall be in a writing signed by the party against whom enforcement is sought, and then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which
given. Except as otherwise expressly provided herein, no notice to, or demand on Borrower, shall entitle Borrower or such other Loan Party to any other or future notice or demand in the same, similar or other circumstances. 

Section 10.5. Delay Not a Waiver. Neither any failure nor any delay on the part of Lender in insisting upon strict performance of
any term, condition, covenant or agreement, or exercising any right, power, remedy or privilege hereunder, or under the Note or under any other Loan Document, or any other instrument given as security therefor, shall operate as or constitute a
waiver thereof, nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise of any other right, power, remedy or privilege. In particular, and not by way of limitation, by accepting payment after the due date
of any amount payable under this Agreement, the Note or any other Loan Document, Lender shall not be deemed to have waived any right either to require prompt payment when due of all other amounts due under this Agreement, the Note or the other Loan
Documents, or to declare a default for failure to effect prompt payment of any such other amount. 
 Section 10.6. Notices. All
notices, consents, approvals and requests required or permitted hereunder or under any other Loan Document shall be given in writing and shall be effective for all purposes if hand delivered or sent by (a) certified or registered United States
mail, postage prepaid, return receipt requested or (b) expedited prepaid delivery service, either commercial or United States Postal Service, with proof of attempted delivery, and by telecopier (with answer back acknowledged), addressed as
follows (or at such other address and Person as shall be designated from time to time by any party hereto, as the case may be, in a written notice to the other parties hereto in the manner provided for in this Section): 

  
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 If to Lender: 

[Lender Notice Addresses] 
 If
to Borrower and/or Operating Lessee: 
 [Borrower/Operating Lessee Notice Addresses] 

A notice shall be deemed to have been given: in the case of hand delivery, at the time of delivery; in the case of registered or certified mail, when
delivered or the first attempted delivery on a Business Day; or in the case of expedited prepaid delivery and telecopy, upon the first attempted delivery on a Business Day; or in the case of telecopy, upon sender’s receipt of a machine
generated confirmation of successful transmission. 
 Each Individual Borrower hereby appoints BRE Select Hotels Properties LLC (the
“Representative Borrower”) to serve as agent on behalf of all Individual Borrowers to receive any notices required to be delivered to any or all of Individual Borrowers hereunder or under the other Loan Documents and to be the sole
party authorized to deliver notices on behalf of the Individual Borrowers hereunder. Any notice delivered to the Representative Borrower shall be deemed to have been delivered to all Individual Borrowers, and any notice received from the
Representative Borrower shall be deemed to have been received from all Individual Borrowers. The Individual Borrowers shall be entitled from time to time to appoint a replacement Representative Borrower by written notice delivered to Lender and
signed by both the new Representative Borrower and the Representative Borrower being so replaced. 
 Section 10.7. Trial by
Jury. EACH OF LENDER, BORROWER AND THE OTHER LOAN PARTIES HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER
EXIST WITH REGARD TO THE LOAN DOCUMENTS, 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 LENDER, BORROWER AND THE OTHER LOAN PARTIES, AND IS
INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. LENDER, BORROWER AND THE OTHER LOAN PARTIES ARE EACH HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY
PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY LENDER, BORROWER AND THE OTHER LOAN PARTIES. 
 Section 10.8. Headings. The
Article and/or Section headings and the Table of Contents in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. 

Section 10.9. Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the
remainder of such provision or the remaining provisions of this Agreement. 

  
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 Section 10.10. Preferences. Lender shall have the continuing and exclusive right to
apply or reverse and reapply any and all payments by Borrower and any other Loan Party to any portion of the obligations of Borrower and such other Loan Parties hereunder in accordance with the Loan Documents. To the extent Borrower or any other
Loan Party makes a payment or payments to Lender, which payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party
under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or proceeds received, the obligations hereunder or part thereof intended to be satisfied shall be revived and continue in full force
and effect, as if such payment or proceeds had not been received by Lender. 
 Section 10.11. Waiver of Notice. Neither Borrower
nor any other Loan Party shall be entitled to any notices of any nature whatsoever from Lender except with respect to matters for which this Agreement or the other Loan Documents specifically and expressly provide for the giving of notice by Lender
to Borrower or any other Loan Party and except with respect to matters for which Borrower and the other Loan Parties are not, pursuant to applicable Legal Requirements, permitted to waive the giving of notice. Each of Borrower and the other Loan
Parties hereby expressly waives the right to receive any notice from Lender with respect to any matter for which this Agreement or the other Loan Documents do not specifically and expressly provide for the giving of notice by Lender to Borrower and
the other Loan Parties. 
 Section 10.12. Remedies of Borrower, Operating Lessee and the Other Loan Parties. In the event that a
claim or adjudication is made that Lender or its agents have acted unreasonably or unreasonably delayed acting in any case where by law or under this Agreement or the other Loan Documents, Lender or such agent, as the case may be, has an obligation
to act reasonably or promptly, each of Borrower and the other Loan Parties agrees that neither Lender nor its agents shall be liable for any monetary damages, and Borrower’s and such other Loan Party’s sole remedy shall be limited to
commencing an action seeking injunctive relief or declaratory judgment. The parties hereto agree that any action or proceeding to determine whether Lender has acted reasonably shall be determined by an action seeking declaratory judgment. 

Section 10.13. Expenses; Indemnity. (a) Borrower covenants and agrees to pay or, if Borrower fails to pay, to reimburse,
Lender upon receipt of written notice from Lender for all reasonable costs and expenses (including reasonable attorneys’ fees and expenses) incurred by Lender in connection with (i) the preparation, negotiation, execution and delivery of
this Agreement and the other Loan Documents and the consummation of the transactions contemplated hereby and thereby and all the costs of furnishing all opinions by counsel for Borrower and the other Loan Parties (including, without limitation, any
opinions requested by Lender as to any legal matters arising under this Agreement or the other Loan Documents with respect to the Properties or any opinions requested by Lender in connection with a Securitization) subject to the terms and provisions
of Section 9.1.4 hereof; (ii) Borrower’s and the other Loan Parties’ ongoing performance of and compliance with Borrower’s and the other Loan Parties’ agreements and covenants contained in this Agreement and the
other Loan Documents on its part to be performed or complied with after the Closing Date, including, without limitation, confirming compliance with environmental and insurance requirements; (iii) Lender’s ongoing performance and compliance
with all agreements and conditions 

  
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contained in this Agreement and the other Loan Documents on its part to be performed or complied with after the Closing Date, including, without limitation, all costs and expenses incurred by
Lender in connection with a Securitization; (iv) the negotiation, preparation, execution, delivery and administration of any consents, amendments, waivers or other modifications to this Agreement and the other Loan Documents and any other
documents or matters reasonably requested by Borrower; (v) securing Borrower’s and the other Loan Parties’ compliance with any requests made pursuant to the provisions of this Agreement; (vi) the filing and recording fees and
expenses, title insurance and fees and expenses of counsel for providing to Lender all required legal opinions, and other similar expenses incurred in creating and perfecting the Liens in favor of Lender pursuant to this Agreement and the other Loan
Documents; (vii) enforcing or preserving any rights, in response to third party claims or the prosecuting or defending of any action or proceeding or other litigation, in each case against, under or affecting Borrower, any other Loan Party,
this Agreement, the other Loan Documents, the Properties, or any other security given for the Loan; (viii) enforcing any obligations of or collecting any payments due from Borrower or any other Loan Party under this Agreement, the other Loan
Documents or with respect to the Properties (including any fees and expenses reasonably incurred by or payable to Servicer or a trustee in connection with the transfer of the Loan to a special servicer upon Servicer’s anticipation of a Default
or Event of Default, liquidation fees, workout fees, special servicing fees, operating advisor fees or any other similar fees and interest payable on advances made by the Servicer with respect to delinquent debt service payments or expenses of
curing Borrowers’ or any other Loan Parties’ defaults under the Loan Documents) or in connection with any refinancing or restructuring of the credit arrangements provided under this Agreement in the nature of a “work out” or of
any insolvency or bankruptcy proceedings or any other amounts required under Section 9.5 hereof, provided, however, that Borrower and the other Loan Parties shall not be liable for the payment of any such costs and expenses
to the extent the same arise by reason of the gross negligence, illegal acts, fraud or willful misconduct of Lender; and (ix) any cost and expenses due and payable to Lender may be paid from any amounts in the Cash Management Account. 

(b) Borrower and the other Loan Parties shall indemnify, defend and hold harmless the Indemnified Parties from and against any and all
other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including, without limitation, the reasonable fees and disbursements of counsel in
connection with any investigative, administrative or judicial proceeding commenced or threatened, whether or not an Indemnified Party shall be designated a party thereto), that may be imposed on, incurred by, or asserted against any Indemnified
Party in any manner relating to or arising out of (i) any breach by Borrower or any other Loan Party of its obligations under, or any material misrepresentation by Borrower or any other Loan Party contained in, this Agreement or the other Loan
Documents, or (ii) the use or intended use of the proceeds of the Loan (collectively, the “Indemnified Liabilities”); provided, however, that neither Borrower nor any other Loan Party shall have any obligation to
any Indemnified Party hereunder to the extent that such Indemnified Liabilities arise from the gross negligence, illegal acts, fraud or willful misconduct of such Indemnified Party; provided, further, that this
Section 10.13(b) shall not apply with respect to taxes other than any taxes that represent losses or damages arising from any non-tax claim. To the extent that the undertaking to indemnify, defend and hold harmless set forth in the
preceding sentence may be unenforceable because it violates any law or public policy, Borrower and the other Loan Parties shall pay the maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of
all Indemnified Liabilities incurred by the Indemnified Parties. 

  
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 (c) Each of Borrower and the other Loan Parties covenants and agrees to pay for or, if Borrower
or such other Loan Party fails to pay, to reimburse Lender for, any fees and expenses incurred by any Rating Agency in connection with any Rating Agency review of the Loan, the Loan Documents or any transaction contemplated thereby or any consent,
approval, waiver or confirmation obtained from such Rating Agency pursuant to the terms and conditions of this Agreement or any other Loan Document and Lender shall be entitled to require payment of such fees and expenses as a condition precedent to
the obtaining of any such consent, approval, waiver or confirmation. 
 (d) Borrower shall jointly and severally indemnify the Lender
and each of its respective officers, directors, partners, employees, representatives, agents and Affiliates against any liabilities to which Lender, each of its respective officers, directors, partners, employees, representatives, agents and
Affiliates, may become subject in connection with any indemnification to the Rating Agencies in connection with issuing, monitoring or maintaining the Securities insofar as the liabilities arise out of or are based upon any untrue statement of any
material fact in any information provided by or on behalf of the Borrowers to the Rating Agencies (the “Covered Rating Agency Information”) or arise out of or are based upon the omission to state a material fact in the Covered
Rating Agency Information required to be stated therein or necessary in order to make the statements in the Covered Rating Agency Information, in light of the circumstances under which they were made, not misleading, provided that, notwithstanding
anything to the contrary contained herein, (i) the Indemnifying Persons shall not be responsible for any liabilities relating to untrue statements or omissions in any Covered Rating Agency Information which Borrower was provided an opportunity
to review and provided notice to Lender in writing prior to the pricing of any Securities; and (ii) the Indemnifying Persons shall not be liable for any misstatements or omissions in any Covered Rating Agency Information resulting from
Lender’s failure to accurately transcribe written information provided by or on behalf of the Indemnifying Persons to Lender unless Borrower was provided a reasonable opportunity to review such Covered Rating Agency Information (or the
applicable portions thereof) and failed to notify Lender of such misstatements or omissions). 
 Section 10.14.
Incorporated. The Schedules annexed hereto are hereby incorporated herein as a part of this Agreement with the same effect as if set forth in the body hereof. 

Section 10.15. Offsets, Counterclaims and Defenses. Any assignee of Lender’s interest in and to this Agreement, the Note and
the other Loan Documents shall take the same free and clear of all offsets, counterclaims or defenses which are unrelated to such documents which Borrower or any other Loan Party may otherwise have against any assignor of such documents, and no such
unrelated counterclaim or defense shall be interposed or asserted by Borrower or any other Loan Party in any action or proceeding brought by any such assignee upon such documents and any such right to interpose or assert any such unrelated offset,
counterclaim or defense in any such action or proceeding is hereby expressly waived by Borrower or any other Loan Party. 

  
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 Section 10.16. No Joint Venture or Partnership; No Third Party Beneficiaries.
(a) Borrower, the other Loan Parties and Lender intend that the relationships created hereunder and under the other Loan Documents be solely that of borrower and lender. Nothing herein or therein is intended to create a joint venture,
partnership, tenancy-in-common, or joint tenancy relationship between Borrower, the other Loan Parties and Lender nor to grant Lender any interest in the Properties other than that of mortgagee, beneficiary or lender. 

(b) This Agreement and the other Loan Documents are solely for the benefit of Lender and Borrower and the other Loan Parties and nothing
contained in this Agreement or the other Loan Documents shall be deemed to confer upon anyone other than Lender and Borrower and the other Loan Parties any right to insist upon or to enforce the performance or observance of any of the obligations
contained herein or therein. All conditions to the obligations of Lender to make the Loan hereunder are imposed solely and exclusively for the benefit of Lender and no other Person shall have standing to require satisfaction of such conditions in
accordance with their terms or be entitled to assume that Lender will refuse to make the Loan in the absence of strict compliance with any or all thereof and no other Person shall under any circumstances be deemed to be a beneficiary of such
conditions, any or all of which may be freely waived in whole or in part by Lender if, in Lender’s sole discretion, Lender deems it advisable or desirable to do so. 

Section 10.17. Publicity. All news releases, publicity or advertising by Borrower, any other Loan Party or their respective
Affiliates through any media intended to reach the general public which refers to the Loan Documents or the financing evidenced by the Loan Documents, to Lender or its Affiliates shall be subject to the prior written approval of Lender in its sole
discretion. 
 Section 10.18. Cross Default; Cross Collateralization; Waiver of Marshalling of Assets. (a) Borrower
acknowledges that Lender has made the Loan to Borrower upon the security of Borrower’s collective interest in the Properties and in reliance upon the aggregate of the Properties taken together being of greater value as collateral security than
the sum of each Individual Property taken separately. Each of Borrower and Operating Lessee agrees that the Mortgages are and will be cross collateralized and cross defaulted with each other so that (i) an Event of Default under any of the
Mortgages shall constitute an Event of Default under each of the other Mortgages which secure the Note; (ii) an Event of Default under the Note or this Agreement shall constitute an Event of Default under each Mortgage; (iii) each Mortgage
shall constitute security for the Note as if a single blanket lien were placed on all of the Properties as security for the Note; and (iv) such cross collateralization shall in no event be deemed to constitute a fraudulent conveyance. 

(b) To the fullest extent permitted by law, each of Borrower and Operating Lessee, for itself and its successors and assigns, waives all rights
to a marshalling of the assets of Borrower, Operating Lessee, Borrower’s and/or Operating Lessee’s partners and others with interests in Borrower, and of the Properties, or to a sale in inverse order of alienation in the event of
foreclosure of all or any of the Mortgages, and agrees not to assert any right under any laws pertaining to the marshalling of assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any
other matters whatsoever to defeat, reduce or affect the right of Lender under the Loan Documents to a sale of the Properties for the 

  
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collection of the Debt without any prior or different resort for collection or of the right of Lender to the payment of the Debt out of the net proceeds of the Properties in preference to every
other claimant whatsoever. In addition, each of Borrower and Operating Lessee, for itself and its successors and assigns, waives in the event of foreclosure of any or all of the Mortgages, any equitable right otherwise available to Borrower and/or
Operating Lessee which would require the separate sale of the Properties or require Lender to exhaust its remedies against any Individual Property or any combination of the Properties before proceeding against any other Individual Property or
combination of Properties; and further in the event of such foreclosure each of Borrower and Operating Lessee does hereby expressly consents to and authorizes, at the option of Lender, the foreclosure and sale either separately or together of any
combination of the Properties. 
 Section 10.19. Waiver of Counterclaim. Each of Borrower and the other Loan Parties hereby
waives the right to assert a counterclaim, other than a compulsory counterclaim, in any action or proceeding brought against it by Lender or its agents. 

Section 10.20. Conflict; Construction of Documents; Reliance. In the event of any conflict between the provisions of this
Agreement and any of the other Loan Documents, the provisions of this Agreement shall control. The parties hereto acknowledge that they were represented by competent counsel in connection with the negotiation, drafting and execution of the Loan
Documents and that such Loan Documents shall not be subject to the principle of construing their meaning against the party which drafted same. Each of Borrower and the other Loan Parties acknowledges that, with respect to the Loan, each of Borrower
and the other Loan Parties shall rely solely on its own judgment and advisors in entering into the Loan without relying in any manner on any statements, representations or recommendations of Lender or any parent, subsidiary or Affiliate of Lender.
Lender shall not be subject to any limitation whatsoever in the exercise of any rights or remedies available to it under any of the Loan Documents or any other agreements or instruments which govern the Loan by virtue of the ownership by it or any
parent, subsidiary or Affiliate of Lender of any equity interest any of them may acquire in Borrower or any other Loan Party, and Borrower and the other Loan Parties hereby irrevocably waives the right to raise any defense or take any action on the
basis of the foregoing with respect to Lender’s exercise of any such rights or remedies. Each of Borrower and the other Loan Parties acknowledges that Lender engages in the business of real estate financings and other real estate transactions
and investments which may be viewed as adverse to or competitive with the business of Borrower, the other Loan Parties or their respective Affiliates. 

Section 10.21. Brokers and Financial Advisors. Each of Borrower and the other Loan Parties hereby represents that it has dealt
with no financial advisors, brokers, underwriters, placement agents, agents or finders in connection with the transactions contemplated by this Agreement. Each of Borrower and the other Loan Parties hereby agrees to indemnify, defend and hold Lender
harmless from and against any and all claims, liabilities, costs and expenses of any kind (including Lender’s attorneys’ fees and expenses) in any way relating to or arising from a claim by any Person that such Person acted on behalf of
Borrower, or any other Loan Party or Lender in connection with the transactions contemplated herein. The provisions of this Section 10.21 shall survive the expiration and termination of this Agreement and the payment of the Debt. 

  
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 Section 10.22. Prior Agreements. This Agreement and the other Loan Documents contain
the entire agreement of the parties hereto and thereto in respect of the transactions contemplated hereby and thereby, and all prior agreements among or between such parties, whether oral or written, between Borrower, or any other Loan Party and
Lender are superseded by the terms of this Agreement and the other Loan Documents. 
 Section 10.23. Joint and Several
Liability. If Borrower consists of more than one (1) Person the obligations and liabilities of each Person shall be joint and several. 

Section 10.24. Co-Lenders. 

(a) Each of Borrower and the other Loan Parties hereby acknowledges and agrees that notwithstanding the fact that the Loan may be serviced by
Servicer, prior to a Securitization of the entire Loan, all requests for approval and consents hereunder and in every instance in which Lender’s consent or approval is required, each of Borrower and the other Loan Parties shall, unless agreed
to in writing to the contrary by the Co-Lenders, be required to obtain the consent and approval of each Co-Lender and all copies of documents, reports, requests and other delivery obligations of Borrower and the other Loan Parties required hereunder
shall be delivered by Borrower and the other Loan Parties to each Co-Lender. 
 (b) Following the Closing Date (i) the liabilities of
Lender shall be several and not joint, (ii) no Co-Lender shall be responsible for the obligations of any other Co-Lender, and (iii) each Co-Lender shall be liable to Borrower and the other Loan Parties only for their respective Ratable
Share of the Loan. Notwithstanding anything to the contrary herein, all indemnities by Borrower and the other Loan Parties and obligations for costs, expenses, damages or advances set forth herein shall run to and benefit each Co-Lender in
accordance with its Ratable Share. 
 (c) Each Co-Lender agrees that it has, independently and without reliance on the other Co-Lender, and
based on such documents and information as it has deemed appropriate, made its own credit analysis of Borrower, the other Loan Parties and its Affiliates and decision to enter into this Agreement and that it will, independently and without reliance
upon the other Co-Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own analysis and decisions in taking or not taking action under this Agreement or under any other Loan Document.

 Section 10.25. Certain Additional Rights of Lender (VCOC). Notwithstanding anything to the contrary contained in this
Agreement, Lender shall have: 
 (a) upon not less than fifteen (15) Business Days’ prior written notice to Borrower, the right to
request and to hold a meeting at Lender’s office in New York, New York no more than two (2) times during any calendar year to consult with an officer of Borrower that is familiar with the financial condition of each Borrower or other Loan
Party and the operation of the Individual Properties regarding such significant business activities and business and financial developments of Borrower or other Loan Party as are specified by Lender in writing in the request for such meeting;
provided, however, that such consultations shall not include discussions of environmental compliance programs or disposal of hazardous substances; and 

  
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 (b) the right, in accordance with the terms of this Agreement, to examine the books and records
of Borrower and the other Loan Parties at any reasonable times upon reasonable notice no more than four (4) times during any calendar year, provided that any such examination shall be conducted so as not to unreasonably interfere with
the business of Borrower, the other Loan Parties, guests or any Tenants or other occupants of any Individual Property. 
 The rights described above in this
Section 10.25 may be exercised by Lender on behalf of any Person which Controls Lender. 
 Section 10.26.Discounted
Payoff. (a) Notwithstanding anything to the contrary contained in this Agreement and without any obligation on the part of Borrower, or any other Loan Party or Mezzanine Borrowers to make, or any Lender or any Mezzanine Lender to accept, a
Discounted Payoff under this Loan Agreement or the applicable Mezzanine Loan Agreement, as applicable, Mezzanine Borrowers shall be permitted to prepay at a discount all or any portion of any Mezzanine Loan (each a “Discounted
Payoff”); provided that, no Event of Default is continuing and, and provided, further, that the Mezzanine Lender receiving such Discounted Payoff has consented to such prepayment. Notwithstanding anything to the contrary
contained in this Agreement, any prepayments made by the Mezzanine Borrowers in connection with a Discounted Payoff shall be applied solely to reduce the portion of the Mezzanine Loans held by the Mezzanine Lender or participant in the Mezzanine
Loans by an amount equal to the Face Amount of such Discounted Payoff. For purposes of calculating Debt Yield, any portion of the Mezzanine Loans deemed outstanding upon such Discounted Payoff shall be reduced by the actual amounts paid in
connection with such Discounted Payoff. 
 (b) Each of Borrower and the other Loan Parties acknowledges and agrees that any Discounted Payoff
of the Mezzanine Loans shall in no event be characterized by Borrower or any other Loan Party as a purchase of an interest in the Mezzanine Loans. 

(c) Lender acknowledges that any intercreditor or co-lender arrangements among the Lender and/or the Mezzanine Lender shall permit Discounted
Payoffs of a portion of the Mezzanine Loans without requiring the consent of Lender or Mezzanine Lender. 
 (d) Following any Discounted
Payoff, the then existing Release Amount for each Individual Property with respect to the Mezzanine Loans subject to such Discounted Payoff shall be reduced by a percentages expressed as a fraction (x) the numerator of which is the principal
amount of the Mezzanine Loans that is being retired and (y) the denominator of which is the outstanding principal amount of the Mezzanine Loans as of the date immediately prior to such Discounted Payoff. 

Section 10.27. Use of Borrower Provided Information. Lender agrees that is shall use commercially reasonable efforts to use
Provided Information solely for purposes of the ownership and sale of its interest in the Loan (including, without limitation, the administration of the Loan and any Securitization). Notwithstanding the foregoing, nothing in this
Section 10.27 shall prevent any Lender from: (i) disclosing or otherwise using any Provided Information in the manner and for the purposes set forth in Section 9.1 and Section 9.2 of this Agreement,
(ii) disclosing Provided Information to any loan participant or similar holders of an interest in the 

  
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Loan, provided that such participants or other holders shall be instructed to use commercially reasonable efforts to use such Provided Information solely in connection with their ownership
of their interest in the Loan, (iii) disclosing Provided Information subject to an instruction to comply with the provisions of this Section 10.27, to any prospective participant or other transferee of an interest in the Loan,
(iv) disclosing Provided Information to its employees, directors, agents, attorneys, accountants, investors, potential investors, finance providers, tax consultants, tax preparers, financial consultants and other professional advisors or those
of any of its affiliates, (v) disclosing Provided Information upon the request or demand of any Governmental Authority, (vi) disclosing Provided Information in response to any order of any court or other Governmental Authority or as may
otherwise be required pursuant to any Legal Requirement, (vii) disclosing Provided Information if requested or required to do so in connection with any litigation or similar proceeding, (viii) disclosing or otherwise using any Provided
Information that has been publicly disclosed, or (ix) disclosing or otherwise using any Provided Information in connection with the exercise of any remedy hereunder or under any other Loan Document. 

Section 10.28. Borrower Affiliate Lender. Lender agrees that the Lender Documents to which it is a party shall not prohibit or
restrict Affiliates of Borrower from purchasing or otherwise acquiring and owning (a) the beneficial interests in the Loan as evidenced by any single or multi-class non-voting Securities in respect of any private or public securitization of the
Loan or (b) any direct or indirect interests in any of the Mezzanine Loans (or otherwise impose additional restrictions or requirements on a transfer to such Affiliate of Borrower), provided, however, that the Lender Documents may
include restrictions on the exercise of the rights and remedies by such Affiliates of Borrower under the Loan and the Mezzanine Loans including, without limitation, (i) restrictions on any such Affiliate having the right to, or exercising,
directly or indirectly, any control, decision-making power, voting rights, notice and cure rights, or other rights that would otherwise benefit a holder by virtue of its ownership or control of any interest with respect to the Loan or the Mezzanine
Loans, (ii) restrictions on any such Affiliate’s approval and consent rights under any intercreditor agreement, (iii) restrictions on such Affiliate’s initiation of enforcement actions against equity collateral,
(iv) restrictions on the making of protective advances, (v) restrictions on such Affiliate from making or bringing any claim, in its capacity as a holder of any direct or indirect interest in the Loan or the Mezzanine Loans, against
Lender, the Mezzanine Lender or any agent of any of the foregoing with respect to the duties and obligations of such Person under the Loan Documents, the Mezzanine Loan Documents, any intercreditor agreement or any applicable co-lender agreement and
(vi) restrictions on such Affiliate’s access to any electronic platform for the distribution of materials or information among the Lender and the Mezzanine Lender, “asset status reports” or any correspondence or materials or
notices of or participation in any discussions, meetings or conference calls (among Lender and the Mezzanine Lender, any of their respective co-lenders or participants, or otherwise) regarding or relating to any workout discussions or litigation or
foreclosure strategy (or potential litigation strategy) involving the Loan or the Mezzanine Loans, other than in its capacity as Borrower or a Mezzanine Borrowers to the extent discussions and negotiations are being conducted with Borrower or
Mezzanine Borrowers (as distinct from internal discussions and negotiations among the various creditors). 

  
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 Section 10.29. Marriott Franchise Agreements. For the avoidance of doubt, nothing
contained in this Agreement or any of the other Loan Documents, is, or shall be deemed to constitute, a collateral assignment, pledge or grant of a security interest by Borrower and/or Operating Lessee to Lender with respect to any Franchise
Agreement with Marriott Manager or its affiliates or any Franchise Owner Agreement with Marriott Manager or its affiliates in violation of such Franchise Agreement or such Franchise Owner Agreement. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their duly authorized representatives, all as of the day and year first above written. 
  

			
	BORROWER:
	
	 BRE SELECT HOTELS PROPERTIES
 LLC, a
Delaware limited liability company

		
	By:		 /s/ Glenn Alba

	Name: Glenn Alba
	Title: Managing Director
	
	 BRE SELECT HOTELS TUSCALOOSA
 LLC, a
Delaware limited liability company

		
	By:		 /s/ Glenn Alba

	Name: Glenn Alba
	Title: Managing Director
	
	 BRE SELECT HOTELS REDMOND LLC,
 a
Delaware limited liability company

		
	By:		 /s/ Glenn Alba

	Name: Glenn Alba
	Title: Managing Director
	
	 BRE SELECT HOTELS AZ LLC,
 a
Delaware limited liability company

		
	By:		 /s/ Glenn Alba

	Name: Glenn Alba
	Title: Managing Director









 
			
	 BRE SELECT HOTELS TX L.P., a

Delaware limited partnership

	
	 By:   BRE Select Hotels TX GP LLC, a Delaware limited liability
company,
 its general partner

		
	        By:		 /s/ Glenn Alba

	        Name: Glenn Alba
	        Title: Managing Director
	
	 BRE SELECT HOTELS NC L.P., a

Delaware limited partnership

	
	 By:   BRE Select Hotels NC GP LLC, a Delaware limited liability
company,
 its general partner

		
	        By:		 /s/ Glenn Alba

	        Name: Glenn Alba
	        Title: Managing Director
	
	 BRE SELECT HOTELS CLEARWATER
 LLC, a
Delaware limited liability company



 
			
		
	By:		 /s/ Glenn Alba

	Name: Glenn Alba
	Title: Managing Director









 
			
	OPERATING LESSEE:
	
	 BRE SELECT HOTELS OPERATING LLC, a

Delaware limited liability company

		
	By:		 /s/ Glenn Alba

	Name: Glenn Alba
	Title: Managing Director


 [SIGNATURES CONTINUED ON THE NEXT PAGE] 







 
			
	LENDER:
	
	 CITIGROUP GLOBAL MARKETS REALTY

CORP., a New York corporation

		
	By:		 /s/ Harry Kramer

	Name: Harry Kramer
	Title: Authorized Signatory
	
	 GERMAN AMERICAN CAPITAL

CORPORATION, a Maryland corporation

		
	By:		 /s/ Stephen H. Choe

	Name: Stephen H. Choe
	Title: Managing Director
		
	By:		 /s/ Timothy Clinton

	Name: Timothy Clinton
	Title: Vice President
	
	 GOLDMAN SACHS MORTGAGE COMPANY,

a New York limited partnership

		
	By:		 /s/ Rene Theriault

	Name: Rene Theriault
	Title: Authorized Representative
	
	 JPMORGAN CHASE BANK, NATIONAL

ASSOCIATION, a banking association chartered
 under the
laws of the United States of America

		
	By:		 /s/ Jennifer Lewin

	Name: Jennifer Lewin
	Title: Vice President