Document:

ASSIGNMENT AND TRANSFER AGREEMENT

 Exhibit 10.2 
 ASSIGNMENT AND TRANSFER AGREEMENT 
 This Assignment and Transfer Agreement
(the “Agreement”), dated as of November 29, 2012, by and among APPLE FUND MANAGEMENT, LLC, a Virginia limited liability company (“Apple Fund”), APPLE REIT SIX, INC., a Virginia corporation (the
“Company”), Apple Nine Advisors, Inc., a Virginia corporation (“Assignee”), and, solely with respect to Sections 2.2 and 2.6 of this Agreement, Apple Seven Advisors, Inc., Apple Eight Advisors, Inc. and Apple Ten
Advisors, Inc. (each, an “Other Apple Entity” and, collectively, the “Other Apple Entities”). 

INTRODUCTION 
 A. The Company owns all of the membership interests (the “Interest”) in Apple Fund. 
 B. The Company, BRE Select Hotels Holdings LP, a Delaware limited partnership (“Buyer”), and BRE Select Hotels Corp, a Delaware corporation (“Acquisition Sub”) have
entered into the Agreement and Plan of Merger dated as of the date hereof (as it may be amended or otherwise modified from time to time, the “Merger Agreement”), pursuant to which the Company will merge (the
“Merger”) with and into Acquisition Sub and Acquisition Sub will be the surviving corporation in the Merger. 

C. In order to induce Buyer to enter into the Merger Agreement and proceed with the Merger, the Company and Apple Fund desire to enter
into this Agreement. 
 D. The Company desires to assign the Interest to Assignee and Assignee desires to accept the assignment
of the Interest. 
 E. The Company desires to assign certain employee benefit plans to Assignee, and Assignee desires to accept
the assignment of, and assume all obligations and liabilities of the Company under, such employee benefit plans. 
 NOW,
THEREFORE, in consideration of the foregoing and the representations, warranties and agreements herein contained, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows: 
 ARTICLE I 
 ASSIGNMENT OF THE INTEREST 
 1.1 Assignment of Interest. The Company
hereby assigns, transfers and delivers to Assignee, and Assignee hereby accepts, effective as of the Transfer Time and without further action by any party hereto or any other Person, all right, title and interest in and to the Interest, and in
exchange Assignee shall, at the Transfer Time, pay to the Company the cash consideration described in Section 2.1 and, in the capacity of a member (within the meaning of the Virginia Limited Liability Company Act, as amended), execute and
deliver to Apple Fund a counterparty signature page to the Amended and Restated Operating Agreement of Apple Fund, dated as of October 5, 2007 (the “Joinder Signature Page”). 

1.2 Acknowledgment of Apple Fund’s Assets and Liabilities. The parties hereto acknowledge that Apple Fund’s assets and
liabilities as of the date of this Agreement include, but are not limited to: 
 (a) all rights, interests, duties and
obligations under the Transfer Agreement, dated May 23, 2007, by and between Apple Hospitality Two, Inc., a Virginia corporation, and Apple Hospitality Five, Inc., a Virginia corporation (the “Apple Two Transfer Agreement”);
and 

  
 1 

 (b) all rights, interests, duties and obligations under the Transfer Agreement, dated
October 5, 2007, by and between Apple Hospitality Five, Inc., Apple Fund and the Company (the “Apple Five Transfer Agreement”). 
 1.3 Acknowledgement and Guarantee of Apple Five Transfer Agreement. To relieve the Company of its liabilities and obligations under the Apple Five Transfer Agreement, Assignee (i) formally
acknowledges and unconditionally and irrevocably guarantees, from and after the Transfer Time, all liabilities and obligations of Apple Fund under the Apple Five Transfer Agreement, if any, and (ii) shall, at the Transfer Time, execute and
deliver the Acknowledgement and Guarantee set forth on Exhibit A hereto (together with the Joinder Signature Page, the “Ancillary Documents”). 
 1.4 Acknowledgement of No Further Use of Trade Name. The Company further acknowledges that, from and after the Transfer Time, it no longer has any rights to use the trade names “Apple
Hospitality” and “Apple REIT,” any derivations thereof and any logos related thereto. 
 ARTICLE II

 TRANSFER AGREEMENT 
 2.1 Consideration. At the Transfer Time, Assignee shall pay to the Company a total of $1.00 in cash consideration. Additional consideration for the transactions contemplated by this Agreement is
provided as described in the Introduction to this Agreement. 
 2.2 Terminated Contracts; Release. To the extent any
Contracts are in effect immediately prior to the Transfer Time between Apple Fund, on the one hand, and the Company and any Subsidiary of the Company (other than Apple Fund), on the other hand (the “Terminated Contracts”), the
Terminated Contracts are hereby terminated, effective as of the Transfer Time and without further action by any party hereto or any other Person, with no further liabilities, rights, duties or obligations to either party thereto. Each of Apple Fund,
Assignee and the Other Apple Entities does hereby, on behalf of itself and, to the extent allowed under applicable law, its officers, directors, shareholders, partners, Affiliates, employees, agents, representatives, successors and assigns (and
their respective Affiliates), from and after the Transfer Time fully release and forever discharge the Indemnitees (as defined below) from all Liabilities (as defined below) arising out of or relating to the Terminated Contracts or Apple
Fund’s, Assignee’s or such Other Apple Entity’s, as applicable, relationship with the Company (including the fact that Apple Fund is a Subsidiary of the Company) prior to the Transfer Time, without regard to the legal nature of the
Liabilities and without regard to whether any such Liabilities arise from or are based upon tort, equity or implied or express contract of any sort. 
 2.3 Assigned Plans. The Company, on behalf of itself and the Covered Subsidiaries (other than Apple Fund), hereby, effective as of the Transfer Time and without further action by any party hereto
or any other Person, fully assigns to Assignee each of the employee benefit plans, programs, policies or arrangements maintained or contributed to by the Company or any Covered Subsidiaries (other than Apple Fund) or with respect to which the
Company or such Covered Subsidiaries (other than Apple Fund) has at any time had any Liability or potential Liability, including (without limitation) the plans, programs, or arrangements listed on Schedule 2.3 hereto (collectively, the
“Assigned Plans”), and the Company and the Covered Subsidiaries (other than Apple Fund) shall, from and after the Transfer Time, no longer have any liabilities, duties or obligations (of any nature whatsoever) under any such
Assigned Plan. Assignee hereby, effective as of the Transfer Time and without further action by any party hereto or any other Person, accepts the foregoing assignment of the Assigned Plans and hereby assumes, and agrees to pay, perform and discharge
when due from and after the Transfer Time, all obligations and liabilities (of any nature whatsoever) arising under or relating to the Assigned Plans. 

  
 2 

 2.4 Apple Fund Representations. Apple Fund hereby represents and warrants to the
Company that: 
 (a) Apple Fund is a limited liability company duly organized, validly existing and in good standing under the
laws of its jurisdiction of organization, and has limited liability company power and authority to own, lease and operate all of its properties and assets and to carry on its business as now being conducted. 

(b) Apple Fund has limited liability company power and authority to execute and deliver this Agreement and to consummate the transactions
contemplated hereby. The execution and delivery of this Agreement by Apple Fund, and the consummation by it of the transactions contemplated hereby, have been duly authorized by the governing body of Apple Fund and no other limited liability company
proceedings on the part of Apple Fund are necessary with respect thereto. This Agreement has been duly executed and delivered by Apple Fund and, assuming that the other parties hereto have duly authorized, executed and delivered this Agreement, this
Agreement constitutes a valid and binding obligation of Apple Fund, enforceable in accordance with its terms except as such enforceability may be limited by (1) bankruptcy, insolvency, reorganization, moratorium or other similar laws now or
hereafter in effect relating to creditors’ rights generally or (2) general principles of equity (regardless whether enforceability is considered in a proceeding at law or in equity). 

(c) The execution and delivery of this Agreement by Apple Fund does not, and the consummation of the transactions contemplated hereby and
compliance by Apple Fund with the provisions of this Agreement will not, conflict with, or result in any violation of, or default (with or without notice or lapse of time, or both) under, or give rise to a right of termination, cancellation or
acceleration or other rights or obligations or loss of a benefit under, or result in the creation of any pledge, claim, lien, charge, encumbrance or security interest of any kind or nature whatsoever (each, a “Lien”) upon any of the
properties or assets of Apple Fund or any of its Subsidiaries under (A) the certificate of formation, limited liability company agreement or similar organizational documents of Apple Fund, (B) any agreement, contract, note, loan, evidence
of indebtedness, purchase order, letter of credit indenture, security or pledge agreement, mortgage, franchise agreement, undertaking, covenant not to compete, employment agreement, license, lease, instrument, obligation or commitment (whether
written or oral and whether express or implied) (each, a “Contract”) or other instrument applicable to Apple Fund or its properties or assets or (C) any judgment, order, decree, statute, law, ordinance, rule or regulation
applicable to Apple Fund, other than, in the case of clause (B) or (C), any such conflicts, violations or defaults that would not, individually or in the aggregate, materially impair the ability of Apple Fund to perform its obligations under
this Agreement. 
 (d) No consent, approval, order or authorization of, or registration, declaration or filing with, any
Governmental Entity is required by or with respect to Apple Fund in connection with the execution or delivery of this Agreement by Apple Fund or the consummation by Apple Fund of any of the transactions contemplated hereby. 

(e) No claims for indemnification or otherwise has been made by any party to the Apple Two Transfer Agreement or the Apple Five Transfer
Agreement. With respect to the Assigned Plans, the Company either: (i) has obtained the necessary consents, approvals or authorizations, if any, to assign the Assigned Plans, or (ii) by the Transfer Time, will obtain the necessary
consents, approvals or authorizations, if any, to assign the Assigned Plans. 
 (f) To Apple Fund’s Knowledge, Schedule
2.4(f) hereto contains a true, complete and accurate list of all the Apple Fund Benefit Plans (as defined below). 
 (g) To
Apple Fund’s Knowledge, the Company has no liabilities whatsoever, whether direct or indirect, primary or secondary, or contingent, with respect to any employee benefit plan, program, policy or arrangement other than the Apple Fund Benefit
Plans. 
 (h) Schedule 2.3 hereto contains a complete and accurate list of all the Assigned Plans, true, complete and accurate
copies of which have been made available to the Company and Buyer prior to the date hereof. None of the Company or any of its Subsidiaries (other than Apple Fund) maintains or contributes to (nor, prior to the

  
 3 

 
Transfer Time, will maintain or contribute to), or has had (or, prior to the Transfer Time, will have) at any time any liability whatsoever, whether direct or indirect, primary or secondary, or
contingent with respect to, any employee benefit plan, program, policy or arrangement other than the Assigned Plans. 
 (i)
Neither the Company nor any of its Subsidiaries (other than Apple Fund) is, and prior to the Transfer Time will be, a party to any Contract (other than this Agreement, Contracts listed on Schedule 3.1(l)(iii) to the Company Disclosure Letter
delivered pursuant to the Merger Agreement and the Other Transaction Agreements) with any of the following Persons: (1) Glade M. Knight or his Affiliates; (2) Apple REIT Seven, Inc. or its Affiliates; (3) Apple REIT Eight, Inc. or its
Affiliates; (4) Apple REIT Nine, Inc. or its Affiliates; (5) Apple REIT Ten, Inc. or its Affiliates; (6) Assignee or its Affiliates; or (7) Other Apple Entity or its Affiliates. 

2.5 Assignee Representations. Assignee hereby represents and warrants to the Company and Buyer that: 

(a) Assignee is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of organization,
and has corporate power and authority to own, lease and operate all of its properties and assets and to carry on its business as now being conducted. 
 (b) Assignee has corporate power and authority to execute and deliver this Agreement and the Ancillary Documents and to consummate the transactions contemplated hereby and thereby. The execution and
delivery of this Agreement and the Ancillary Documents by Assignee, and the consummation by it of the transactions contemplated hereby and thereby, have been duly authorized by the governing body of Assignee and no other corporate proceedings on the
part of Assignee are necessary with respect thereto. This Agreement has been, and the Ancillary Documents will be, duly executed and delivered by Assignee and, assuming that the other parties hereto have duly authorized, executed and delivered this
Agreement and will duly authorize, execute and deliver the Ancillary Documents, this Agreement constitutes, and the Ancillary Documents will constitute, valid and binding obligations of Assignee, enforceable in accordance with their terms, except as
such enforceability may be limited by (1) bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to creditors’ rights generally or (2) general principles of equity (regardless
whether enforceability is considered in a proceeding at law or in equity). 
 (c) The execution and delivery of this Agreement
by Assignee does not, and the execution and delivery of the Ancillary Documents will not, and the consummation of the transactions contemplated hereby and thereby and compliance by Assignee with the provisions of this Agreement and the Ancillary
Documents will not, conflict with, or result in any violation of, or default (with or without notice or lapse of time, or both) under, or give rise to a right of termination, cancellation or acceleration or other rights or obligations or loss of a
benefit under, or result in the creation of any Lien upon any of the properties or assets of Assignee or any of its Subsidiaries under (A) the articles of incorporation, bylaws or similar organizational documents of Assignee, (B) any
Contract or other instrument applicable to Assignee or its properties or assets or (C) any judgment, order, decree, statute, law, ordinance, rule or regulation applicable to Assignee, other than, in the case of clause (B) or (C), any such
conflicts, violations or defaults that would not, individually or in the aggregate, materially impair the ability of Assignee to perform its obligations under this Agreement or the Ancillary Documents. 

(d) No consent, approval, order or authorization of, or registration, declaration or filing with, any Governmental Entity is required by
or with respect to Assignee in connection with the execution or delivery of this Agreement and the Ancillary Documents by Assignee or the consummation by Assignee of any of the transactions contemplated hereby and thereby. 

(e) Immediately prior to the Transfer Time, the net worth of Assignee shall be equal to or above $10 million as shown on its most recent
quarterly or annual financial statements prepared in accordance with generally accepted accounting principles in the United States. True, complete and accurate copies of such financial statements shall be delivered to the Company and Buyer
immediately prior to the Transfer Time. 

  
 4 

 2.6 Indemnification. 

(a) Subject to Section 2.6(f) below, from and after the Transfer Time, Apple Fund, Assignee and each of the Other Apple Entities
(the “Indemnifying Parties”) shall jointly and severally defend, protect and indemnify the Company and its Subsidiaries, Buyer and Acquisition Sub and each of their respective officers, directors, shareholders, partners, Affiliates,
employees, agents, managers, members, representatives, successors and assigns or any officer, director, shareholder, partner, Affiliate, employee, agent, manager, member, representative, successor and assign of any of the foregoing (collectively,
the “Indemnitees”) and save and hold each of them harmless from and against, and pay on behalf of or reimburse each such Indemnitee on demand as and when incurred, any and all Liabilities incurred by the Indemnitees or any of them
as a result of, or arising out of, or relating to (i) the Apple Two Transfer Agreement, the Apple Five Transfer Agreement, the Assigned Plans or the Terminated Contracts, (ii) Apple Fund’s, Assignee’s or any of the Other Apple
Entities’ relationship with the Company (including the fact that Apple Fund is a Subsidiary of the Company) prior to the Transfer Time (provided that the Indemnifying Parties shall not have any indemnification obligations hereunder in
respect of claims arising out of or relating to the Class Action), (iii) any claim by or with respect to any individual who, as of the Transfer Time, is or was an employee, individual consultant or individual independent contractor of the
Company or any Covered Subsidiary, including, without limitation, claims that are currently pending against the Company or its Covered Subsidiaries, (iv) any employee benefit plan, program, policy or arrangement maintained or contributed to by
the Company or the Covered Subsidiaries or with respect to which the Company or the Covered Subsidiaries has at any time had any Liability or potential Liability, including (without limitation) the Assigned Plans or the benefit plans listed on
Schedule 2.4(f) (the “Apple Fund Benefit Plans”), and any and all obligations to make payment to any Person of any “excess parachute payments” within the meaning of Section 280G of the Internal Revenue Code of 1986,
as amended (the “Code”), and any tax gross-up payments by reason of Section 4999 of the Code or otherwise, (v) the breach or inaccuracy of any of the representations or warranties of Apple Fund or Assignee set forth
herein, and (vi) any breach by Apple Fund or Assignee of any of their respective covenants or agreements contained herein. To the extent that the foregoing undertaking by the Indemnifying Parties may be unenforceable for any reason, the
Indemnifying Parties shall make the maximum contribution to the payment and satisfaction of each of the Liabilities which is permissible under applicable law. 
 (b) Whenever a claim shall arise for indemnification hereunder or upon receipt by an Indemnitee of a written threat of a claim which an Indemnitee reasonably believes may give rise to a claim for
indemnification hereunder, the Indemnitee seeking indemnification (an “indemnified party”) shall give prompt written notice to the Indemnifying Parties of the claim for indemnification and the facts, in reasonable detail,
constituting the basis for such claim (a “Claim Notice”); provided that failure of an indemnified party to give a prompt Claim Notice shall not release, waive or otherwise affect an Indemnifying Party’s obligations with
respect thereto except to the extent that such Indemnifying Party is materially adversely affected in its ability to defend against such claim or is otherwise materially prejudiced thereby. 

(c) The obligations and liabilities of the Indemnifying Parties to an indemnified party under this Agreement with respect to claims
resulting from the assertion of Liabilities by Persons other than the Company (including claims of a Governmental Entity for penalties, fines and assessments) (a “Third-Party Claim”) shall be subject to the following conditions:

 (i) The indemnified party shall give a prompt Claim Notice to the Indemnifying Parties of the nature of the Third-Party Claim
and the amount thereof to the extent known; provided that failure of an indemnified party to give a prompt Claim Notice shall not release, waive or otherwise affect an Indemnifying Party’s obligations with respect thereto except to the
extent that such Indemnifying Party is materially adversely affected in its ability to defend against such claim or is otherwise materially prejudiced thereby. 
 (ii) The Indemnifying Parties shall be entitled to participate in the defense of such Third Party Claim. If the Indemnifying Parties acknowledge in writing their obligation to jointly and severally
indemnify the indemnified party hereunder against any Liability that may result from such Third-Party Claim, then the Indemnifying Parties shall be entitled to assume the defense of such Third-Party Claim at their expense and through counsel
selected 

  
 5 

 
by the Indemnifying Parties (which counsel shall be reasonably acceptable to the indemnified party) within 30 days of the receipt of a Claim Notice with respect to such Third-Party Claim from the
indemnified party. If a Claim Notice is given to the Indemnifying Parties with respect to a Third-Party Claim and the Indemnifying Parties do not, within such 30-day period, assume the defense of such Third-Party Claim in accordance with this
Section 2.6(c), the Indemnifying Parties will be bound by any determination made in such Third-Party Claim or any commercially reasonable compromise or settlement effected by the indemnified party. If the Indemnifying Parties have assumed the
defense of a Third-Party Claim in accordance with this Section 2.6(c), then no compromise or settlement of such Third-Party Claim may be effected by the Indemnifying Parties without the indemnified party’s prior written consent unless
(A) such compromise or settlement (i) includes as an unconditional term thereof the delivery by the Person(s) asserting such claim to the indemnified party of a written unconditional release from all Liabilities in respect of such
Third-Party Claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any Indemnitee and (B) the sole relief provided for in such compromise or settlement is monetary
damages which will be paid in full by the Indemnifying Parties. No Third-Party Claim which is being defended in good faith by the Indemnifying Parties in accordance with the terms of this Agreement shall be settled by the indemnified party without
the prior written consent of the Indemnifying Parties (which shall not be unreasonably withheld). 
 (iii) In any suit, action,
claim, arbitration or proceeding relating to a Third-Party Claim the defense of which has been assumed by the Indemnifying Parties in accordance with this Section 2.6(c): (A) the indemnified party shall have the right to be represented by
advisory counsel and accountants of its own choosing at the indemnified party’s sole cost and expense, except the indemnified party shall be entitled to retain its own counsel at the expense of the Indemnifying Parties if (x) the
indemnified party shall have been advised by counsel that there are one or more legal or equitable defenses available to it that are different from or in addition to those available to the Indemnifying Parties, and, in the reasonable judgment of the
indemnified party, counsel for the Indemnifying Parties could not adequately represent the interests of the indemnified party because such interests could be in conflict with those of the Indemnifying Parties, (y) such Third-Party Claim
involves, or is reasonably likely to have a material effect on, any matter beyond the scope of the indemnification obligation of the Indemnifying Parties, or (z) the Indemnifying Parties shall not have assumed the defense of the Third-Party
Claim in a timely fashion; and (B) the Indemnifying Parties shall keep the indemnified party fully informed as to the status of such Third-Party Claim at all stages thereof, whether or not the indemnified party is represented by its own
counsel. With respect to any Third-Party Claim (1) the Indemnifying Parties shall make available to the indemnified party, and its attorneys, accountants and other representatives, all books and records of the Indemnifying Parties relating to
such Third-Party Claim; and (2) the Indemnifying Parties and the indemnified party, as the case may be, shall render to each other such assistance as may be reasonably required of each other and cooperate in good faith with each other in order
to ensure the proper and adequate defense of any Third-Party Claim. 
 (d) Notwithstanding anything in this Agreement or any
applicable law to the contrary, it is understood and agreed by the Company that no director, officer, employee, agent, shareholder or Affiliate of the Indemnifying Parties shall have (i) any personal liability to an indemnified party as a
result of the breach of any representation, warranty, covenant or agreement of the Indemnifying Parties contained herein or otherwise arising out of or in connection with the transactions contemplated hereby or (ii) any personal obligation to
indemnify an indemnified party for any claims pursuant to this Agreement, and the Company will not seek recourse or commence any action against any director, officer, employee, agent, shareholder or Affiliate of the Indemnifying Parties or any of
their personal assets as a result of the breach of any representation, warranty, covenant or agreement of the Indemnifying Parties contained herein or otherwise arising out of or in connection with the transactions contemplated hereby or thereby.

 (e) For purposes of this Agreement, the term “Liabilities” shall mean any and all actions, causes of action,
suits, claims, losses, costs, penalties, fees, except as set forth in Section 4.8 below, liabilities and damages and expenses (irrespective of whether any such indemnified party is a party to the action for which indemnification hereunder is
sought), including reasonable attorneys’ fees and disbursements, interest and penalties and all amounts paid in investigation, defense or settlement of any of the foregoing. 

  
 6 

 (f) Notwithstanding anything in this Agreement to the contrary, it is understood and agreed
that (i) nothing contained in this Agreement shall limit any obligations the Indemnitees may have to indemnify individuals who served as officers and directors of the Company prior to the Effective Time (as defined in the Merger Agreement) in
accordance with the applicable provisions of Section 5.8 of the Merger Agreement, the Company’s articles of incorporation and bylaws and the Virginia Stock Corporation Act and (ii) the Indemnifying Parties shall have no obligation
hereunder to indemnify the Indemnitees with respect to Liabilities they may incur in connection with their obligations described in the foregoing clause (i) of this subparagraph (f). 

ARTICLE III 

CONFIDENTIALITY 
 3.1 Confidentiality. For a period of seven years from the Transfer Time, each of the Indemnifying Parties shall, and shall use its reasonable best efforts to cause its Affiliates and each of its
and their respective officers, directors, employees, agents and other advisors and representatives to, hold confidential all information relating to the Company and its Subsidiaries (including the assets of the Company and its Subsidiaries (the
“Apple Six Confidential Information”) and shall not disclose or permit to be disclosed any such Apple Six Confidential Information to any third party unless legally required to disclose such information; provided,
however, that to the extent that an Indemnifying Party which has any Apple Six Confidential Information receives advice of its outside counsel that disclosure of any Apple Six Confidential Information is legally required in order that the
Indemnifying Party not commit a violation of law, the Indemnifying Party: (a) if not prohibited by applicable law, will give Buyer prompt prior written notice of such request so that Buyer may seek an appropriate protective order or other
appropriate remedy; (b) may only disclose such information if the Indemnifying Party shall first have used commercially reasonable efforts to, and, if practicable, and not prohibited by applicable law, shall have afforded Buyer the opportunity
to, obtain an appropriate protective order or other satisfactory assurance of confidential treatment for the information required to be so disclosed; and (c) if such protective order or other remedy is not obtained, or Buyer waives the
Indemnifying Party’s compliance with the provisions of this Section 3.1, and the Indemnifying Party shall only furnish that portion of the Apple Six Confidential Information which is legally required to be so disclosed. As used herein,
“Apple Six Confidential Information” does not include any information (i) that has been publicly disclosed in the Company’s filings with the Securities and Exchange Commission (the “SEC”), (ii) that
an Indemnifying Party or one of its Affiliates is required to include in a filing with the SEC or (iii) that is or becomes generally available to the public or the hotel industry other than as a result of a disclosure by an Indemnifying Party
or its Affiliates or its or their respective officers, directors, employees, agents or other advisors or representatives of the Apple Six Confidential Information in violation of this Agreement. 

ARTICLE IV 

GENERAL PROVISIONS 
 4.1 Assignment. This Agreement shall not be assigned by any party hereto by operation of law or otherwise without the prior written consent of each of the other parties hereto and Buyer. Subject to
the foregoing, all covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of permitted successors and permitted assigns of the parties hereto. 

4.2 Termination. This Agreement shall automatically terminate upon the termination of the Merger Agreement in accordance with its
terms. 
 4.3 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State
of Delaware without giving effect to the principles or rules of conflict of laws to the extent such principles or rules would require or permit the application of the laws of another jurisdiction. Each of the parties hereto agrees (a) that this
Agreement involves at least $100,000.00, and (b) that this Agreement has been entered into by 

  
 7 

 
the parties hereto in express reliance upon 6 Del. C. § 2708. In any action or proceeding between any of the parties arising out of or relating to this Agreement or any of the
transactions contemplated hereby, each of the parties consents to exclusive jurisdiction in the Court of Chancery of the State of Delaware (and any courts from which appeals from judgments of that court are heard), or to the extent such court does
not have subject matter jurisdiction, any federal court located in Delaware (and any courts from which appeals from judgments of that court are heard). Each of the parties agrees that a final judgment (subject to any appeals therefrom) in any such
action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Each of the parties hereby irrevocably and unconditionally waives, to the fullest extent it may
legally and effectively do so, any objections it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby in any such Delaware state or
federal court in accordance with the provisions of this Section 4.3. Each of the parties irrevocably waives, to the fullest extent permitted by Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any
such court. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT
SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE
IMPLICATIONS OF THIS WAIVER, (III) EACH PARTY MAKES THIS WAIVER KNOWINGLY AND VOLUNTARILY, AND (IV) EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 4.3.

 4.4 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. 
 4.5 Services; Access; Cooperation;
Further Assurances. From and after the Transfer Time, each of Apple Fund and Assignee (the “Cooperating Parties”) shall (and shall cause its Affiliates and representatives to) provide (or cause to be provided) to Buyer and the
Company (including, for purposes of this Agreement, any successor in interest to the Company) and its Subsidiaries and their respective representatives reasonable access to the employees of each Cooperating Party and to all books and records
(including any accounting work papers, subject to the execution and delivery, if requested by outside accountants, by Buyer or the Company, as applicable, of customary confidentiality agreements relating to the access to such accounting work papers)
and any other information or data relating to the Company or its Subsidiaries that is available to an Cooperating Party, its Affiliates or representatives, to the extent reasonably requested by Buyer or the Company for any reasonable business
purpose, and only to the extent that the Company pays for any reasonable third party costs and expenses incurred by a Cooperating Party in connection with providing such access; provided, however, that the Cooperating Parties shall not
have any obligation to provide such access if (i) doing so would require the Cooperating Party to incur any material third party cost or expense which Buyer and the Company will not agree to reimburse, or (ii) doing so would involve a
material amount of time from any employee, Affiliate or representative of the Cooperating Party, and Buyer and the Company are unwilling to pay the Cooperating Party or such Affiliate or representative of the Cooperating Party a reasonable amount to
adequately compensate it for such time. Each of the parties hereto shall cooperate with each other and use its reasonable best efforts to take, or cause to be taken, all appropriate actions, and do, or cause to be done, and assist and cooperate with
the other parties hereto in doing, all things, necessary, proper or advisable (including by executing any other documents or providing any further materials and documentation) in order to fulfill the provisions of or the purpose of this Agreement
and the transactions contemplated hereby. 

  
 8 

 4.6 Severability. If one or more provisions of this Agreement are held to be
unenforceable under applicable law, such provision shall be excluded from this Agreement and the balance of this Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 

4.7 Entire Agreement; No Third-Party Beneficiaries. With the exception of Section 5.8 of the Merger Agreement, to which
reference is made in Section 2.6(f) hereof, this Agreement and the transactions contemplated hereby (a) constitute the entire agreement and supersede all prior agreements and understandings, both written and oral, between the parties
hereto and their respective Affiliates with respect to the subject matter hereof, and (b) except as set forth in the immediately following sentence, are not intended to and shall not confer upon any Person other than the parties hereto any
rights or remedies hereunder, including the right to rely upon the representations and warranties set forth herein. Notwithstanding the foregoing, Buyer shall be an express third party beneficiary under this Agreement with respect to Sections 4.1,
4.5 and 4.10 of this Agreement and each Indemnitee shall be an express third party beneficiary under this Agreement with respect to Section 2.6 of this Agreement. 
 4.8 No Consequential Damages. No party to this Agreement, nor any indemnified party, shall seek or be entitled to incidental, indirect or consequential damages or damages for lost profits in any
claim under this Agreement, including but not limited to claims for indemnification (except to the extent such incidental, indirect or consequential damages or damages for lost profits are awarded to any third party). 

4.9 Certain Definitions. For purposes of this Agreement: 
 (a) “Affiliates” means any other Person that, directly or indirectly, controls, is controlled by, or is under common control with, such first Person. For purposes of this definition, the
term “control” (including the correlative terms “controlling,” “controlled by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of
the management and policies of a Person, whether through the ownership of voting securities, as a trustee or executor, by contract, credit agreement or otherwise. 
 (b) “Apple Fund’s Knowledge” shall mean the actual knowledge of any of Glade M. Knight, David S. McKenney, Justin G. Knight, Bryan Peery, Kristian Gathright and David Buckley.

 (c) “Class Action” means the class action litigation consolidated under the caption In re Apple REITs
Litigation, Civil Action No. 1:11-cv-02919-KAM-JO, pending in the United States District Court for the Eastern District of New York. 
 (d) “Closing Date” shall mean the date of the closing of the Merger; 
 (e) “Covered Subsidiaries” shall mean any Person that, as of the Transfer Time, is or was a Subsidiary of the Company (including Apple Fund); 

(f) “Governmental Entity” shall mean any governmental body, whether federal, state, local, municipal, foreign or other
government, or governmental or quasi-governmental authority of any nature (including any governmental agency, branch, department, official or entity and any court or other tribunal), any self-regulatory organization and any arbitral or similar
forum; 
 (g) “Other Transaction Agreements” shall mean (1) the Headquarters Transfer Agreement, dated as
of the date hereof, between the Company and Apple REIT Nine, Inc., (2) the Membership Interest Purchase Agreement, to be entered into, by and between the Company and Apple REIT Ten, Inc., (3) the Release and Indemnification Agreement,
dated as of the date hereof, by and among the Company, Glade M. Knight and the other parties thereto, and (4) the Litigation Cost Sharing Agreement, dated as of the date hereof, by and among the Company, Apple REIT Seven, Inc., Apple REIT
Eight, Inc., Apple REIT Nine, Inc. and Apple REIT Ten, Inc. 

  
 9 

 (h) “Person” shall mean an individual, corporation, partnership, limited
liability company, joint venture, association, trust, unincorporated organization or other entity; 
 (i)
“Subsidiary” of a Person shall mean any corporation, partnership, limited liability company, joint venture or other legal entity of which such Person (either directly or through or together with another Subsidiary) owns any capital
stock or other equity interests of such entity; and 
 (j) “Transfer Time” shall mean the time the assignments
and other actions contemplated by Sections 1.1, 1.3, 1.4, 2.2 and 2.3 shall become effective, which time shall be on the Closing Date immediately following the Effective Time (as defined in the Merger Agreement). 

4.10 Amendments and Waivers. This Agreement may not be amended except by an instrument in writing signed by each of the parties
hereto. No failure or delay of any party hereto in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to
enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the parties hereto hereunder are cumulative and are not exclusive of any
rights or remedies which they would otherwise have hereunder. Any agreement on the part of a party hereto to any such waiver shall be valid only if set forth in a written instrument executed and delivered by such party. The parties acknowledge and
agree that neither Apple Fund nor the Company shall amend or terminate this Agreement, or grant any waiver or consent under this Agreement, without the prior written consent of Buyer. 

[Remainder of page intentionally left blank.] 

  
 10 

 IN WITNESS WHEREOF, Apple Fund, the Company and Assignee have caused this Agreement
to be signed by their respective officers thereunto duly authorized, all as of the date first written above. 
  

					
	APPLE FUND MANAGEMENT, LLC
			
	By:	 		 	 /s/ Glade M. Knight

		 		 	Name: Glade M. Knight
		 		 	Title: Manager
	
	APPLE REIT SIX, INC.
			
	By:	 		 	 /s/ Glade M. Knight

		 		 	Name: Glade M. Knight
		 		 	Title: Chairman and Chief Executive Officer
	
	APPLE NINE ADVISORS, INC.
			
	By:	 		 	 /s/ Glade M. Knight

		 		 	Name: Glade M. Knight
		 		 	Title: President
	
	Solely with respect to Sections 2.2 and 2.6 of this Agreement:
	
	APPLE SEVEN ADVISORS, INC.
			
	By:	 		 	 /s/ Glade M. Knight

		 		 	Name: Glade M. Knight
		 		 	Title: President
	
	APPLE EIGHT ADVISORS, INC.
			
	By:	 		 	 /s/ Glade M. Knight

		 		 	Name: Glade M. Knight
		 		 	Title: President
	
	APPLE TEN ADVISORS, INC.
			
	By:	 		 	 /s/ Glade M. Knight

		 		 	Name: Glade M. Knight
		 		 	Title: President

 Signature Page to Assignment and Transfer AgreementHEADQUARTERS TRANSFER AGREEMENT

 Exhibit 10.3 
 HEADQUARTERS 
 TRANSFER AGREEMENT 

This HEADQUARTERS TRANSFER AGREEMENT (the “Agreement”), by and between APPLE REIT SIX, INC., a Virginia
corporation (“Seller”), and APPLE REIT NINE, INC., a Virginia corporation (“Purchaser”), shall be effective as of November 29, 2012 (the “Date of this Agreement”). 

RECITALS 
 A.
Seller owns that certain parcel of land known as 814, 816 and 828 East Main Street located in the City of Richmond, Virginia and more particularly described on Exhibit A attached hereto, together with all building and improvements thereon and
all appurtenances thereunto belonging (the “Real Property and Improvements”). 
 B. Seller is the lessee
pursuant to that certain Office Lease Agreement between Seller and Sundance Square Partners, L.P., as lessor, dated as of March 17, 2005, as amended by First Amendment to Office Lease Agreement dated as of January     ,
2009, as such Office Lease Agreement may have been otherwise amended, modified or supplemented and all documents, instruments and agreements (whether or oral or written) relating thereto (the “Lease Agreement”) relating to
premises located at 120 West Third Street, Ft. Worth Texas (the “Leased Premises”) 
 C. Seller, BRE
Select Hotels Holdings LP, a Delaware limited partnership (“Buyer”), and BRE Select Hotels Corp., a Delaware corporation (“Acquisition Sub”) have entered into the Agreement and Plan of Merger dated as
of November 29, 2012 (the “Merger Agreement”), whereby Seller shall merge with and into Acquisition Sub. 
 D. As a condition to the closing under the Merger Agreement, the transfer of the Real Property and Improvements and the Lease Agreement called for pursuant to this Agreement must be consummated.

 E. Seller desires to sell and Purchaser desires to purchase the Property (as defined below) on the terms and conditions
contained in this Agreement. Additionally, Seller desires to assign and Purchaser desires to assume the Lease Agreement on the terms and conditions contained in this Agreement. 

NOW, THEREFORE, in consideration of the agreements, promises, covenants, and conditions contained herein, the parties hereby agree as
follows: 
 1. Agreement to Sell and Purchase and Agreement to Assign. 

(a) Seller shall sell, assign and convey to Purchaser and Purchaser shall purchase and assume from Seller, subject to the terms and
conditions of this Agreement, all of Seller’s right, title and interest in and to the following (collectively, the “Property”): 
 (i) the Real Property and Improvements, together with all rights in and to adjacent streets, roads, alleys, access easements and rights-of-way, beneficial easements, development rights and entitlements;

 (ii) all fixtures, plumbing, heating, cooling and electrical systems, equipment and machinery located on,
attached to or used in connection with the Real Property and Improvements (the “Fixtures”); 
 (iii) all items of personal property located on the Real Property and Improvements, including, without limitation, all furniture and furnishings, carpeting, rugs, computers and servers, equipment,
artwork, appliances, telephones, televisions, IT network equipment, video equipment, office supplies, consumable supplies and fixtures (other than those which are part of the Fixtures), but specifically excluding all books and records of Seller and
any other personal property, if any, used exclusively in connection with the ownership and operation of the hotels owned by Seller (the “Personal Property”); 

  
 1 

 (iv) all real property leases of space located on or at the Property and any
security deposits relating thereto (the “Leases”); 
 (v) all contracts and personal
property leases relating exclusively to the operation of the Real Property and Improvements, the Fixtures, the Leases and any Personal Property (the “Contracts”); and 

(vi) to the extent assignable without any cost or expense to Seller, all permits, consents, authorizations, approvals,
registrations and certificates issued by any governmental agency or authority, warranties and any other intangible personal property specifically relating to the Real Property and Improvements, the Fixtures, the Personal Property, the Contracts or
the Leases (the “General Intangibles”); 
 provided, in each case, the Property shall be transferred, conveyed and sold
to Purchaser subject to all mortgages, deeds of trust, deeds to secure debt, indemnity deeds of trust, liens, pledges, hypothecations, assignments, security interests, easements, covenants, zoning or other restrictions, any other matters of record
and any other encumbrances or charges, including, without limitation, any conditional sale or other title retention agreements, any financing leases having the effect of the foregoing, any mechanic’s, material men’s and other similar liens
and encumbrances and all matters which may be disclosed by a current survey of the Real Property and Improvements (the “Encumbrances”). 
 (b) Seller, for itself and on behalf of its successors and assigns, agrees to sell to Purchaser the Property for the purchase price of Four Million Five Hundred Thousand and 00/100 Dollars ($4,500,000.00)
payable in cash or by other immediately available funds (the “Purchase Price”). 
 (c) Seller shall
assign, transfer and set over to Purchaser, and Purchaser shall assume in all respects, all of Seller’s right, title and interest in, and liabilities, obligations terms, conditions and covenants under, the Lease Agreement, subject to the
Encumbrances (the “Assignment Transaction”). The consideration for the Assignment Transaction shall be the assumption of all liabilities, whether past or present, by Purchaser under the Lease Agreement, as more particularly
set forth in the Assignment and Assumption of Lease (as defined below). 
 Closing. The purchase and sale of the Property
and the Assignment Transaction shall occur in escrow through Purchaser’s title insurer (the “Closing”) on a date and time selected by Purchaser but in no event later than immediately prior to the Effective Time (as such
term is defined in the Merger Agreement). 
 2. Seller’s and Purchaser’s Representations and Warranties.

 (a) Fee Simple Title. Seller warrants that it is the fee simple owner of the Real Property and Improvements, subject
to the Encumbrances. Seller warrants it is the lessee under the Lease Agreement, subject to the Encumbrances. 
 (b)
Authority to Convey. Seller has the full corporate power and authority to enter into and perform this Agreement and to complete the transactions contemplated by this Agreement. This Agreement is a legal, valid, and binding obligation of
Seller, enforceable against Seller in accordance with its terms, subject to the effect of applicable bankruptcy, insolvency, reorganization, arrangement, moratorium, or other similar laws affecting the rights of creditors generally. 

(c) Non-Foreign Certificate. Seller is not a “foreign person” within the meaning of Section 1445(f) of the Internal
Revenue Code of 1986, as amended. 
 (d) Authority to Purchase. Purchaser has the full corporate power and authority to
enter into and perform this Agreement and to complete the transactions contemplated by this Agreement. This Agreement is a legal, valid, and binding obligation of Purchaser, enforceable against Purchaser in accordance with its terms, subject to the
effect of applicable bankruptcy, insolvency, reorganization, arrangement, moratorium, or other similar laws affecting the rights of creditors generally. 

  
 2 

 PURCHASER ACKNOWLEDGES THAT PURCHASER HAS BEEN GIVEN THE OPPORTUNITY TO, AND HAS, TO ITS SATISFACTION,
REVIEWED AND INSPECTED THE PROPERTY, THE LEASED PREMISES AND THE LEASE AGREEMENT INCLUDING THE CONDITION OF TITLE AND ALL OBLIGATIONS RELATING TO THE PROPERTY, THE LEASED PREMISES, THE LEASE AGREEMENT AND ALL ENCUMBRANCES (AS DEFINED HEREIN)
RELATING THERETO. PURCHASER ACKNOWLEDGES AND AGREES THAT THE CONVEYANCE OF THE PROPERTY AND THE LEASE AGREEMENT TO PURCHASER IS MADE “AS-IS” AND “WHERE-IS,” IN THE THEN EXISTING CONDITION OF THE PROPERTY AND THE LEASED PREMISES
WITH ALL FAULTS AND WITHOUT ANY REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED (EXCEPT AS TO TITLE AS PROVIDED BY THE SPECIAL WARRANTY DEED AND EXCEPT ANY EXPRESS REPRESENTATIONS AND WARRANTIES SET FORTH IN SECTION 2 OF THIS AGREEMENT),
INCLUDING, WITHOUT LIMITATION, IMPLIED WARRANTIES OF FITNESS FOR ANY PARTICULAR PURPOSE OR MERCHANTABILITY OR ANY OTHER WARRANTIES CONTAINED IN OR CREATED BY THE UNIFORM COMMERCIAL CODE OR OTHERWISE. 

3. Conditions Precedent to Closing. If the Merger Agreement terminates pursuant to Article VII therein, this Agreement shall
forthwith become void and have no effect, without liability or obligation on the party of any party. Further, the obligation of Purchaser to proceed to Closing and consummate the purchase of the Property and the Assignment Transaction is subject to
the full and complete satisfaction of each of the following applicable conditions precedent (or waiver by Purchaser), and if any of such conditions is not satisfied, Purchaser may, at its option, terminate the acquisition of the Property or the
Lease Transaction as described below: 
 (a) With respect to the Property only, the representations and warranties of Seller
contained in this Agreement relating to the Property shall be true, complete and accurate in all material respects, on and as of the date hereof and at the Closing as if the same were made on and as of such date. 

(b) With respect to the Lease Agreement only, the representations and warranties of Seller contained in this Agreement relating to the
Lease Agreement shall be true, complete and accurate in all material respects, on and as of the date hereof and at the Closing as if the same were made on and as of such date. 
 (c) With respect to the transfer of the Property only, no preliminary or permanent injunction or other order, decree or ruling shall have been issued, and be in effect, by any court of competent
jurisdiction preventing the consummation of the transfer of the Property as contemplated by this Agreement. 
 (d) With respect
to the Assignment Transaction, no preliminary or permanent injunction or other order, decree or ruling shall have been issued, and be in effect, by any court of competent jurisdiction preventing the consummation of the Assignment Transaction as
contemplated by this Agreement. 
 4. The Closing. 

(a) At Closing, Purchaser shall pay or otherwise deliver to Seller (or to Purchaser’s title insurer to be held in escrow, but
released at Closing): 
 (i) the Purchase Price, subject to adjustment in accordance with Sections 5 and 7
hereof, as provided in this Agreement by wire transfer of immediately available federal funds to the account or accounts of Seller as designated by Seller; 
 (ii) a Bill of Sale and General Assignment and Assumption in the form attached hereto as Exhibit B (the “Assignment and Assumption”) executed by Purchaser, pursuant to which
Seller shall assign and convey to Purchaser and Purchaser shall assume, all right, title and interest, including any obligations with respect thereto, in the Personal Property, the Contracts, the Leases and the General Intangibles; 

(iii) a signed closing or settlement statement prepared and/or approved by Seller and Purchaser; 

(iv) an Assignment and Assumption of Lease in the form attached as Exhibit C (the “Assignment and
Assumption of Lease”) executed by Purchaser; 

  
 3 

 (iv) such other documents as reasonably may be required by Seller to
consummate this transaction and are customarily delivered in like transactions, provided such documents shall be consistent with the terms and conditions of this Agreement. 
 (b) At Closing, Seller shall deliver to Purchaser (or to Purchaser’s title insurer to be held in escrow, but released at Closing): 

(i) a Special Warranty Deed conveying title (in the condition described in Section 2(a) above) to the Real Property and Improvements
in the form attached as Exhibit D to this Agreement (the “Deed”); 
 (ii) Seller’s
non-foreign status certificate and Virginia Form R-5E (or affidavit in lieu of such form certifying that Seller is exempt from the filing requirements applicable to non-resident owners of real property); 

(iii) a signed original of the Assignment and Assumption; 
 (iv) a signed closing or settlement statement prepared and/or approved by Seller and Purchaser; 
 (v) a signed original of the Assignment and Assumption of Lease; 
 (vi) such other
documents as reasonably may be required by Purchaser to consummate this transaction and are customarily delivered in like transactions, provided such documents shall be consistent with the terms and provisions of this Agreement; and 

(vii) physical possession of the Property and the Leased Premises. 

5. Casualty and Condemnation. 
 (a) After the date hereof, all risk of loss by reason of fire, damage, or other casualty or by the exercise of the power of eminent domain shall be with Purchaser. 

(b) If, on or before the Closing, any of the Property or the Leased Premises is damaged by reason of fire, casualty or otherwise or all
or a portion of the Property or the Leased Premises is otherwise taken or condemned prior to Closing, Seller shall promptly notify Purchaser and, at Closing, Seller will credit against the Purchase Price payable by Purchaser at the Closing an amount
equal to the net proceeds (other than on account of business or rental interruption relating to the period prior to Closing), if any, received by Seller as a result of such casualty or condemnation, together with a credit for any deductible under
such insurance, less any out of pocket costs and expenses of Seller relating to such casualty or condemnation, including, without limitation, with respect to any restoration (collectively, “Seller’s Costs”). If as of the
Closing, Seller has not received any such insurance or condemnation proceeds, then the parties shall nevertheless consummate the Closing of the conveyance of the Property and the Leased Agreement (without any credit for such insurance or
condemnation proceeds except for a credit for any deductible under such insurance, less Seller’s Costs) and Seller will at Closing assign to Purchaser all rights of Seller, if any, to the insurance or condemnation proceeds (other than on
account of business or rental interruption relating to the period prior to Closing) and to all other rights or claims arising out of or in connection with such casualty or condemnation. 

6. Costs. Seller shall pay the costs of (a) preparing the Deed and Assignment and Assumption, (b) the Virginia
Grantor’s Tax due upon recording the Deed and (c) the base title insurance premium for any owner’s title insurance policy purchased by Purchaser at Closing. Purchaser shall pay (x) all survey costs and title examination fees and
premiums (other than the base title insurance premium) for any owner’s title insurance policy or policies (including endorsements), (y) the Virginia Grantee’s Tax, as well as the fees and costs, due upon recording the Deed and
(z) any other costs and expenses actually incurred by Purchaser. The parties agree to equally share the cost of the title insurer’s escrow and/or closing fees. 

  
 4 

 7. Taxes; Utilities. All taxes and assessments shall be prorated as of the Closing
based on the tax assessments for such year. If those tax statements are not available as of the Closing, the tax proration shall be based on the actual tax rate for the prior year applied to the most recent valuation of the Property; and any
adjustments to be required by reason of a change in that assessed valuation or applicable tax rate shall be made between Seller and Purchaser at the time that the tax rate for the current year shall be determined. All items of income and expense of
the Property, including, without limitation, utility expenses, shall be prorated between Seller and Purchaser as of 11:59 p.m. on the day before the Closing. Seller shall cause all utility meters to be read by the applicable service provider as near
to the Closing as reasonably practical and Purchaser and Seller agree to reconcile any estimated amounts promptly after the Closing upon receipt of final bills or invoices. To the extent Seller made any deposits with a utility provider, Purchaser
shall credit such amounts to Seller at Closing. If any tax reduction proceedings in respect of the Property, relating to any calendar years ending prior to the calendar year in which the Closing occurs or the calendar year in which the Closing
occurs, are pending at the time of the Closing, Seller reserves and shall have the right to continue to prosecute and/or settle the same; provided Seller shall not settle same without Purchaser’s reasonable consent not to be unreasonably
withheld. Additionally, current rent being charged under the Lease Agreement shall be prorated between Seller and Purchaser for the month in which the Closing occurs. 
 8. Seller’s Default. In the event Seller defaults in the performance of its obligations under this Agreement or the closing does not occur due to a default by Seller under the terms and
conditions of this Agreement, Purchaser shall have the right to specifically enforce the terms and conditions of this Agreement; provided that such specific enforcement action must be initiated no later than 30 days following Purchaser’s
receipt of notice of such default. If Seller is in breach of Section 2 under this Agreement on the Closing Date, then Purchaser shall have the right to terminate this Agreement with respect to the Property or Lease Agreement, as applicable.
Purchaser agrees to, and does hereby, waive all other remedies against Seller which Purchaser might otherwise have at law or in equity by reason of such default by Seller. 
 9. Purchaser’s Default. In the event Purchaser defaults in the performance of its obligations under this Agreement or the Closing does not occur due to a default by Purchaser under the terms
and conditions of this Agreement, Seller shall be entitled to all remedies against Purchaser available at law or in equity, including the right to terminate this Agreement and the right to seek specific performance. 

10. Release. (a) Purchaser in entering into this Agreement has not been induced and has not relied upon any oral or written
representations, warranties or statements, whether express or implied, made by Seller or any Seller-Related Parties (defined below) with respect to each of the Property, the Leased Premises and the Lease Agreement, except the express representations
of Seller contained in the Deed, the Assignment and Assumption of Lease and in Section 2 of this Agreement. Purchaser hereby agrees that Seller, its respective affiliates, members and partners, and the members, partners, officers, directors,
employees, representatives and agents of each of the foregoing (collectively, “Seller-Related Entities”) shall be, and are hereby, fully and forever released and discharged from any and all liabilities, losses, claims
(including third party claims), demands, damages (of any nature whatsoever), causes of action, costs, penalties, fines, judgments, reasonably attorneys’ fees, consultants’ fees and costs and experts’ fees (collectively, the
“Claims”), whether direct or indirect, known or unknown, foreseen or unforeseen, that may arise on account of or in any way be connected with each of the Property, the Leased Premises or the Lease Agreement, including, without
limitation, the physical, environmental and structural condition of the Property or Leased Premises or any law or regulation applicable thereto, including, without limitation, any Claim or matter (regardless of when it first appeared) relating to or
arising from (i) the presence of any environmental problems, or the use, presence, storage, release, discharge, or migration of hazardous materials on, in, under or around the Property or Leased Premises regardless of when such hazardous
materials were first introduced in, on or about the Property or the Leased Premises, (ii) any patent or latent defects or deficiencies with respect to the Property or the Leased Premises, (iii) any and all matters related to the Property
or the Leased Premises or any portion of either, including, without limitation, the condition and/or operation of the Property or the Leased Premises and each part thereof, (iv) any Encumbrances relating to the Property or the Leased Premises
(except for the proration for taxes as provided in this Agreement) 

  
 5 

 
and all matters related to the current or future zoning or use of the Property or the Leased Premises, and (v) the presence, release and/or remediation of asbestos and asbestos containing
materials in, on or about the Property or the Leased Premises regardless of when such asbestos and asbestos containing materials were first introduced in, on or about the Property or the Leased Premises. Purchaser hereby waives and agrees not to
commence any action, legal proceeding, cause of action or suits in law or equity, of whatever kind or nature, including, but not limited to, a private right of action under the federal Superfund laws, 42 U.S.C. Sections 9601 et seq. and similar
state environmental laws (as such laws and statutes may be amended, supplemented or replaced from time to time), directly or indirectly, against Seller-Related Entities or their agents in connection with Claims described above. 

(b) In this connection and to the greatest extent permitted by law, Purchaser hereby agrees, represents and warrants that Purchaser
realizes and acknowledges that factual matters now known to it may have given or may hereafter give rise to causes of action, claims, demands, debts, controversies, damage, costs, losses and expenses which are presently unknown, unanticipated and
unsuspected, and Purchaser further agrees, represents and warrants that the waivers and releases herein have been negotiated and agreed upon in light of that realization and that Purchaser nevertheless hereby intends to release, discharge and acquit
Seller from any such unknown Claims, debts, and controversies which might in any way be included as a material portion of the consideration given to Seller by Purchaser in exchange for Seller’s performance hereunder. 

(c) Seller has given Purchaser material concessions regarding this transaction in exchange for Purchaser agreeing to the provisions of
this Section 10. The provisions of this Section 10 shall survive the Closing and shall not be deemed merged into any instrument or conveyance delivered at the Closing. 

11. Miscellaneous. 
 (a) Assignment. This Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective heirs, legal representatives, successors, and assigns. Purchaser may
assign all or any part of its rights under this Agreement to any person or entity without Seller’s prior written consent. 

(b) Governing Law. This Agreement shall be governed by and construed according to the laws of the Commonwealth of Virginia.

 (c) Entire Agreement. This Agreement contains the entire agreement between Seller and Purchaser relating to the
Property and supersedes all prior and contemporaneous negotiations, undertakings, and agreements, written or oral, between the parties. This Agreement shall not be amended or modified and no waiver of any provision shall be effective unless set
forth in a written instrument authorized and executed with the same formality as this Agreement. 
 (d) Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall be an original, but all of which shall constitute one and the same Agreement. 
 Signature page to follow. 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the
Date of this Agreement. 
 SELLER: 
  

			
	 APPLE REIT SIX, INC.,
 a Virginia corporation

		
	By:	 	 /s/ Justin G. Knight

		
	Name:	 	Justin G. Knight
	Title:	 	President

 PURCHASER: 
  

			
	 APPLE REIT NINE, INC.
 a Virginia corporation

		
	By:	 	 /s/ Justin G. Knight

		
	Name:	 	Justin G. Knight
	Title:	 	President

 Signature Page to Headquarters Transfer Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00211-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00211-of-00352.parquet"}]]