TABLE OF CONTENTS
Exhibit 10.7
RECORDING REQUESTED
BY AND WHEN RECORDED
RETURN TO:
Alan J. Robin, Esq.
Shartsis Friese LLP
One Maritime Plaza, 18th Floor
San Francisco, CA 94111
DEED OF TRUST, SECURITY AGREEMENT AND
FIXTURE FILING
BY
SHR St. Francis, L.L.C.
a Delaware limited liability company,
as Trustor
and
DTRS St. Francis, L.L.C., a Delaware limited liability,
Operating Lessee
TO
FIDELITY NATIONAL TITLE INSURANCE COMPANY
as Trustee
for the benefit of
METROPOLITAN LIFE INSURANCE COMPANY,
a New York corporation,
as Beneficiary
May 5, 2010
TABLE OF CONTENTS
TABLE OF CONTENTS
Page ARTICLE I
GRANT OF SECURITY
4
Section 1.1
REAL PROPERTY GRANT
4
Section 1.2
PERSONAL PROPERTY GRANT
7
Section 1.3
CONDITIONS TO GRANT
8 ARTICLE II
TRUSTOR COVENANTS
8
Section 2.1
DUE AUTHORIZATION, EXECUTION, AND DELIVERY
8
Section 2.2
PERFORMANCE BY TRUSTOR; HOTEL LICENSES AND PERMITS
9
Section 2.3
WARRANTY OF TITLE TO REAL PROPERTY AND FF&E
9
Section 2.4
TAXES, LIENS AND OTHER CHARGES
10
Section 2.5
ESCROW DEPOSITS
10
Section 2.6
CARE AND USE OF THE PROPERTY
12
Section 2.7
COLLATERAL SECURITY INSTRUMENTS
13
Section 2.8
MANAGEMENT AGREEMENT
13
Section 2.9
FF&E
14
Section 2.10
SUITS AND OTHER ACTS TO PROTECT THE PROPERTY
14
Section 2.11
LIENS AND ENCUMBRANCES
15
Section 2.12
DEBT SERVICE RESERVE ACCOUNT
15
Section 2.13
PROCEEDS DEPOSIT ACCOUNT
17 ARTICLE III
INSURANCE
18
Section 3.1
REQUIRED INSURANCE AND TERMS OF INSURANCE POLICIES
18
Section 3.2
ADJUSTMENT OF CLAIMS
21
Section 3.3
ASSIGNMENT TO BENEFICIARY
22 ARTICLE IV
BOOKS, RECORDS AND ACCOUNTS
22
Section 4.1
BOOKS AND RECORDS
22
Section 4.2
PROPERTY REPORTS
23
Section 4.3
ADDITIONAL MATTERS
23 ARTICLE V
LEASES AND OTHER AGREEMENTS AFFECTING
THE PROPERTY
24
Section 5.1
TRUSTOR'S REPRESENTATIONS AND WARRANTIES
24
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Section 5.2
REPRESENTATIONS AND COVENANTS WITH RESPECT TO THE OPERATING LEASE.
24
Section 5.3
ASSIGNMENT OF LEASES
25
Section 5.4
PERFORMANCE OF OBLIGATIONS
25
Section 5.5
SUBORDINATE LEASES
26
Section 5.6
LEASING COMMISSIONS
26
Section 5.7
REPRESENTATIONS AND COVENANTS WITH RESPECT TO THE OWNER AGREEMENT.
27
ARTICLE VI
ENVIRONMENTAL HAZARDS
27
Section 6.1
REPRESENTATIONS AND WARRANTIES
27
Section 6.2
REMEDIAL WORK
28
Section 6.3
ENVIRONMENTAL SITE ASSESSMENT
28
Section 6.4
UNSECURED OBLIGATIONS
28
Section 6.5
HAZARDOUS MATERIALS
29
Section 6.6
REQUIREMENTS OF ENVIRONMENTAL LAWS
30
ARTICLE VII
CASUALTY, CONDEMNATION AND RESTORATION
30
Section 7.1
TRUSTOR'S REPRESENTATIONS
30
Section 7.2
RESTORATION
31
Section 7.3
CONDEMNATION
32
Section 7.4
CASUALTY AND CONDEMNATION RESTORATION PURSUANT TO MANAGEMENT AGREEMENT.
33
Section 7.5
REQUIREMENTS FOR RESTORATION
34
ARTICLE VIII
REPRESENTATIONS, WARRANTIES AND COVENANTS OF TRUSTOR
35
Section 8.1
ERISA
35
Section 8.2
NON-RELATIONSHIP
35
Section 8.3
NO ADVERSE CHANGE
36
Section 8.4
TRUSTOR'S REPRESENTATIONS AND WARRANTIES
36
Section 8.5
COVENANTS AND AGREEMENTS WITH RESPECT TO LIABLE PARTY AND STRATEGIC HOTELS &
RESORTS, INC
36
Section 8.6
FOREIGN INVESTOR
38
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Page
Section 8.7
US PATRIOT ACT
38
ARTICLE IX
EXCULPATION AND LIABILITY
38
Section 9.1
LIABILITY OF TRUSTOR
38
Section 9.2
RECOURSE LOAN