Document:

Exhibit 10.9

 

COLLATERAL ASSIGNMENT AND SECURITY AGREEMENT

IN RESPECT OF CONTRACTS, LICENSES AND
PERMITS

(OPCO’S CONTRACT ASSIGNMENT)

 

Effective Date as of February 27, 2020

 

1.           PARTIES.
PHR GANO OPCO SUB, LLC, a Delaware limited liability company, having its chief executive office and principal place of business
at c/o Procaccianti Companies, 1140 Reservoir Avenue, Cranston, Rhode Island 02920 (hereinafter called “Tenant”)
hereby assigns, transfers, sets over, pledges and, if applicable, delivers, to GANO HOLDINGS, LLC, a Rhode Island limited liability
company, having its chief executive office and principal place of business at c/o Procaccianti Companies, 1140 Reservoir Avenue,
Cranston, Rhode Island 02920 (hereinafter called “Landlord”), and hereby grants to Landlord a continuing security
interest in all of the Assigned Contracts and Permits (as defined herein) to secure the Obligations (as defined herein).

 

2.           LEASE
AGREEMENT; DEFINED TERMS. This Collateral Assignment and Security Agreement in Respect of Contracts, Licenses and Permits (“Collateral
Assignment” or “Agreement”) is given in accordance with that certain lease dated as of even date herewith
by and among Tenant and Landlord (the “Operating Lease”). Reference is hereby made to that certain Omnibus Amendment,
Assignment, Assumption, Release and Reaffirmation Agreement dated as of even date herewith by and among (i) Landlord, as Borrower,
(ii) East Boston Savings Bank (“Bank”), and (iii) James Procaccianti and other entities affiliated with Borrower
(collectively defined therein and hereinafter referred to as the “Procaccianti Parties”) (as the same may be
amended from time to time, the “Omnibus Agreement”), pursuant to which Bank has agreed to further increase and
modify the terms of the Prior Loan (as “Prior Loan” is defined in the Omnibus Agreement; and as so further increased
and modified, the “Loan”). CAPITALIZED TERMS NOT OTHERWISE SPECIFICALLY DEFINED HEREIN SHALL HAVE THE MEANINGS
ASCRIBED TO THEM BY THE OMNIBUS AGREEMENT.

 

3.           ASSIGNED
CONTRACTS AND PERMITS. The term “Assigned Contracts and Permits” shall mean all of Tenant’s right,
title and interest in and to all contracts, licenses, permits, approvals, agreements and warranties, whether now owned or hereafter
acquired, and all proceeds and products thereof, and all accounts, contract rights and general intangibles related thereto, which
are in any manner related to any or all of the following: (a) the land located at 220 India Street, Providence, Rhode Island, and
which is more particularly described on Exhibit A attached hereto (the “Land”); and (b) all Improvements
now or hereafter located on the Land and all Improvements to be constructed on the Land (the Land and all such Improvements being
hereinafter together called the “Property”).

 

The Assigned Contracts
and Permits include, but are not limited to, those described on Schedule A which is annexed hereto and made a part hereof.

 

4.           OBLIGATIONS.
The term “Obligations” shall mean:

 

     

     

    

 

A.        The
full and prompt payment and performance of each covenant, warranty, representation, undertaking and condition to be paid, performed,
satisfied and complied with by Tenant under and pursuant to the Operating Lease;

 

B.        The
payment of all costs, expenses, legal fees and liabilities incurred by Landlord in connection with the enforcement of any of Landlord’s
rights or remedies under this Collateral Assignment or any other instrument, agreement or document which evidences or secures
any other Obligations or collateral therefor, whether now in effect or hereafter executed; and

 

C.        The payment, performance, discharge and satisfaction of all other liabilities and obligations of Tenant to Landlord, whether
now existing or hereafter arising, direct or indirect, absolute or contingent and each amendment, extension, modification, replacement
or recasting of any one or more of the instruments, agreements and documents referred to herein or in the Operating Lease or executed
in connection with the transactions contemplated hereby or thereby.

 

5.           COVENANTS,
WARRANTIES AND REPRESENTATIONS. Tenant covenants with Landlord that, and warrants and represents to Landlord that:

 

5.1       Tenant
is and shall be the holder of the Assigned Contracts and Permits free and clear of all pledges, liens, security interests and other
encumbrances of every nature whatsoever except in favor of (i) Landlord, pursuant to this Agreement, and (ii) Bank, pursuant to
that certain Collateral Assignment and Security Agreement In Respect of Contracts, Licenses and Permits from Landlord to Bank of
even date herewith (the “Landlord Collateral Assignment”) and/or the Pledge Agreement Regarding Liquor License
from Landlord to Bank of even date herewith (the “License Pledge”);

 

5.2       Tenant
has the full right, power and authority to assign, and to grant the pledge of and security interest in, the Assigned Contracts
and Permits as herein provided;

 

5.3       The
execution, delivery and performance of this Collateral Assignment by Tenant does not and will not result in the violation of any
mortgage, indenture, contract, instrument, agreement, judgment, decree, order, statute, rule or regulation to which Tenant is subject
or by which it or any of its property is bound;

 

5.4       Tenant
shall not make any other assignment of, or permit any pledge, lien, security interest or encumbrance to exist with respect to,
the Assigned Contracts and Permits except in favor of Landlord pursuant to this Agreement, and Bank pursuant to the Loan Documents,
and Tenant shall not otherwise transfer, assign, sell or exchange its interest in the Assigned Contracts and Permits;

 

5.5       To
the extent requested by Landlord or Bank, a true and complete copy of each Assigned Contract and Permit which now exists and which
is evidenced by a written agreement or document has been delivered to Landlord and Bank or if otherwise requested by

 

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Landlord and/or
Bank, a true and complete copy of each Assigned Contract and Permit which becomes effective or is issued in the future shall be
promptly delivered to Landlord and Bank;

 

5.6       Each
Assigned Contract and Permit presently in existence is in full force and effect, is valid and enforceable against Tenant (and to
the best of Tenant’s knowledge, against all other parties thereto) in accordance with its terms (subject to bankruptcy, insolvency
and similar laws of general application affecting the rights and remedies of creditors and, with respect to the availability of
remedies of specific enforcement, subject to the discretion of the court before which proceedings therefor may be brought); has
not been modified in any material respect except as has been disclosed to Landlord in writing; and, to the best of Tenant’s
knowledge, no default exists thereunder on the part of any party thereto. Each Assigned Contract and Permit which comes into existence
after the date hereof shall be valid and enforceable against Tenant (and to the best of Tenant’s knowledge, against all other
parties thereto) in accordance with its terms (subject to bankruptcy, insolvency and similar laws of general application affecting
the rights and remedies of creditors and, with respect to the availability of remedies of specific enforcement, subject to the
discretion of the court before which proceedings therefor may be brought);

 

5.7       No
Assigned Contract and Permit shall be amended, modified or changed in any material respect, have any of its material terms waived
by Tenant, or be canceled or terminated, without Landlord’s prior written consent in each instance;

 

5.8       Tenant
shall pay and perform all of its obligations under or with respect to each Assigned Contract and Permit and not permit any default
by it to exist with respect thereto. Tenant shall exercise all commercially reasonable efforts necessary to enforce or secure performance
by any other party to each Assigned Contract and Permit; and

 

5.9       In
the case of any contract, license, permit, approval, agreement or warranty relating to the Property which cannot be assigned by
Tenant to Landlord without the consent of a third party and which consent has not yet been obtained, upon Landlord’s written
request, Tenant shall make all commercially reasonable efforts to obtain such consent.

 

6.           RIGHTS
OF TENANT PRIOR TO DEFAULT. So long as there exists no Event of Default, Tenant shall have and may exercise all rights as the
owner or holder of the Assigned Contracts and Permits which are lawful and are not inconsistent with the provisions of the Landlord
Collateral Assignment. Upon any event of default under the Operating Lease (continuing beyond applicable notice and cure periods)
or any exercise of Bank’s rights under the Landlord Collateral Assignment and upon written notice to Landlord and Tenant,
the right described in the preceding sentence shall cease and terminate, and in such event Landlord is hereby expressly and irrevocably
authorized, but not required, to exercise every right, option, power or authority inuring to Tenant under any one or more of the
Assigned Contracts and Permits as fully as Tenant could itself. Notwithstanding the foregoing
or anything else to the contrary in this Agreement, as long as the Loan remains outstanding and prior to the discharge in full
of all obligations in favor of Bank arising out of the Loan Documents, Landlord agrees that (i) Landlord shall not take any enforcement
action under this Agreement or otherwise exercise any legal and equitable remedies with respect to the Assigned Contracts and Permits,
and (ii) Bank shall have the exclusive right to pursue any enforcement action with respect to the Assigned Contracts and Permits
upon the

 

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occurrence of an Event of Default, in accordance with the terms of the Landlord Collateral Assignment and any other Loan
Document.

 

7.           IRREVOCABLE
DIRECTION. Tenant hereby irrevocably directs the contracting party to, or grantor or licensor of, any such Assigned Contract
and Permit, to the extent not prohibited by either such Assigned Contract and Permit or applicable law, or to the extent permitted
under any recognition or other agreement executed by such grantor or licensor, upon demand and after (i) notice from Landlord of
an event of default under the Operating Lease (continuing beyond applicable notice and cure periods) or (ii) any exercise of Bank’s
rights under the Landlord Collateral Assignment Bank, to recognize and accept Landlord as the holder of such Assigned Contract
and Permit for any and all purposes as fully as it would recognize and accept Tenant and the performance of Tenant thereunder.
Tenant does hereby constitute and appoint Landlord, while this Collateral Assignment remains in force and effect, irrevocably,
and with full power of substitution and revocation, its true and lawful attorney for and in its name, place and stead, after the
occurrence and during the continuance of such an Event of Default, to demand and enforce compliance with all the terms and conditions
of the Assigned Contracts and Permits and all benefits accrued thereunder, whether at law, in equity or otherwise.

 

8.           UCC
RIGHTS AND REMEDIES. Further, and without limitation of the foregoing rights and remedies, upon the occurrence and during the
continuance of any Event of Default, Landlord shall have the rights and remedies of a secured party under the Uniform Commercial
Code, as enacted in the Commonwealth of Massachusetts and in the State where the Property is located, with respect to the Assigned
Contracts and Permits, in addition to the rights and remedies otherwise provided for herein or by law or in equity or in any other
Loan Document. The Landlord shall give Tenant ten (10) days' prior written notice of the time and place of any public sale of any
such Assigned Contract and Permit or the time after which any private sale or any other intended disposition is to be made. After
deducting all expenses incurred in connection with the enforcement of its rights hereunder, Landlord shall cause the proceeds of
the Assigned Contracts and Permits to be applied to the Obligations in such order as Landlord may determine and Tenant shall remain
liable for any deficiency.

 

9.           INDEMNIFICATION.
Tenant hereby agrees to indemnify and to defend and hold Landlord harmless against and from all liability, loss, damage and expense,
including reasonable attorneys' fees, which Landlord may or shall incur by reason of this Agreement, or by reason of any commercially
reasonable action taken in good faith by Landlord hereunder or with respect to the Assigned Contracts and Permits, and against
and from any and all claims and demands whatsoever which may be asserted against Landlord by reason of any alleged obligation or
undertaking on its part to perform or discharge any of the terms, covenants and conditions contained in any of the Assigned Contracts
and Permits. Notwithstanding the foregoing, Tenant shall have no obligation to indemnify Landlord against any liability, loss,
damage or expense which is directly caused by Landlord’s own gross negligence or willful misconduct. TENANT SHALL INDEMNIFY
LANDLORD REGARDLESS OF WHETHER THE ACT, OMISSION, FACTS, CIRCUMSTANCES OR CONDITIONS GIVING RISE TO SUCH INDEMNIFICATION WERE CAUSED
IN WHOLE OR IN PART BY LANDLORD’S SIMPLE (BUT NOT GROSS) NEGLIGENCE. Should Landlord incur any such liability, loss,
damage or expense, the amount thereof, together with interest thereon at the Default Rate of

 

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interest under the Note, shall be
payable by Tenant to Landlord immediately upon demand, or at the option of Landlord, Landlord may reimburse itself therefor out
of any receipts, rents, income or profits of the Property collected by Landlord before the application of such receipts, rents,
income or profits to any other Obligations.

 

10.         LANDLORD
NOT OBLIGATED. Nothing contained herein or elsewhere shall operate to obligate, or be construed to obligate, Landlord to perform
any of the terms, covenants or conditions contained in any of the Assigned Contracts and Permits or otherwise to impose any obligation
upon Landlord with respect to the Assigned Contracts and Permits prior to written notice by Landlord to Tenant of Landlord’s
election to assume Tenant’s obligations under one or more of the Assigned Contracts and Permits. Prior to such written notice
from Landlord of such election, this Agreement shall not operate to place upon Landlord any responsibility for the payment, performance
or observance of any obligation, requirement or condition under any such Assigned Contract and Permit, or under any agreement in
respect to any such Assigned Contract and Permit, and the execution of this Agreement by Tenant shall constitute conclusive evidence
that all responsibility for the operation, control, care, management and repair of the Property as well as the payment, performance
or observance of any obligation, requirement or condition under the Assigned Contracts and Permits is and shall be that of Tenant,
prior to written notice from Landlord of such election. Even if Landlord does exercise its rights, it shall be liable to the other
contracting parties only during the period that it is exercising the rights of Tenant under the Assigned Contracts and Permits,
and at all times Tenant retains the obligation to reimburse Landlord promptly upon demand or otherwise pay when due all obligations
incurred in connection with the Assigned Contracts and Permits.

 

11.         FURTHER
ASSURANCES; UCC FILINGS. Tenant agrees to execute and deliver to Landlord, at any time or times during which this Agreement
shall be in effect, such further instruments as Landlord in good faith may deem necessary to make effective this Agreement, the
security interest created hereby and the covenants of Tenant herein contained. To evidence such security interest, Landlord is
expressly authorized to file (without the signature of Tenant) Uniform Commercial Code financing statements and continuation statements
or other amendments in a form reasonably satisfactory to Landlord, pursuant to the provisions of the Uniform Commercial Code as
enacted in the Commonwealth of Massachusetts. Tenant shall pay all costs for the preparation and filing thereof.

 

12.         NO
WAIVER; CUMULATIVE RIGHTS. Failure of Landlord to avail itself of any of the terms, covenants, and conditions of this Agreement
for any period of time, or at any time or times, shall not be construed or deemed to be a waiver of any of its rights hereunder.
The rights and remedies of Landlord under this Collateral Assignment are cumulative and are not in lieu of, but are in addition
to, any other rights and remedies which Landlord shall have under or by virtue of the Obligations and the Operating Lease. The
rights and remedies of Landlord hereunder may be exercised from time to time and as often as such exercise is deemed expedient
by Landlord.

 

13.         LANDLORD;
RIGHT TO ASSIGN. Tenant agrees that upon any sale or transfer of the Operating Lease or Loan Documents, or upon any Person
acquiring the Property or any interest therein, Landlord may deliver to the purchaser or transferee the Assigned Contracts and
Permits and may assign to such purchaser or transferee the rights of Landlord hereunder, who shall

 

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thereupon become vested with
all powers and rights given to Landlord in respect thereto, and Landlord shall be forever relieved and fully discharged from any
liability or responsibility thereafter accruing in connection therewith. In no event shall Landlord be liable with respect to,
or on account of, the Assigned Contracts and Permits, except for the safekeeping of any instruments actually delivered to Landlord
pursuant hereto, and Landlord shall specifically have no obligation to enforce any rights against any contractor, or grantor or
issuer.

 

14.         COPIES
OF DEFAULT NOTICES. Tenant agrees to provide Landlord and Bank promptly, but in any event within five (5) Business Days after
receipt or knowledge thereof by Tenant, with copies of any and all notices received by Tenant which allege, either directly or
indirectly, that Tenant is in default of, or deficient in the performance of the terms of any obligation of Tenant under, any Assigned
Contract and Permit which is material to the ownership and operation of the Property, or that any fact or circumstance exists which
could reasonably lead to the termination, suspension, revocation or loss of any Assigned Contract and Permit which is material
to the ownership and operation of the Property.

 

15.         NOTICES.
Any notices given pursuant to this Agreement shall be sufficient only if given in the manner provided for in Section 12.5
of the Operating Lease to the relevant party’s address first noted above, provided also, however, that any notices to be
given by or to the Bank shall be delivered in hand, or by any delivery service regularly requesting a signed receipt upon delivery.

 

16.         SUCCESSORS
AND ASSIGNS. All of the agreements, obligations, undertakings, representations and warranties herein made by Tenant shall inure
to the benefit of Landlord and Landlord’s successors and assigns and shall bind Tenant and its successors and assigns.

 

17.         CAPTIONS
AND HEADINGS. Captions and headings in this Agreement are intended solely for the convenience of the parties and shall not
be considered in the determination of the meaning of any provision hereof.

 

18.         COUNTERPARTS.
This Collateral Assignment may be executed in several counterparts, each of which when executed and delivered is an original, but
all of which together shall constitute one instrument. In making proof of this Agreement, it shall not be necessary to produce
or account for more than one such counterpart which is executed by the party against whom enforcement of this Collateral Assignment
is sought.

 

19.         GOVERNING
LAW. This Collateral Assignment shall be enforced and construed in accordance with the substantive law of the Commonwealth
of Massachusetts without resort to that state’s conflict of laws rules.

 

20.         SEVERABILITY.
If any provision of this Collateral Assignment is held to be invalid, illegal or unenforceable in any respect, this Collateral
Assignment shall be construed without such provision and the validity, legality and enforceability of the remaining provisions
of this Collateral Assignment shall not be affected thereby.

 

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21.         OTHER
SECURITY AGREEMENTS. This Collateral Assignment shall not be deemed to affect, limit, modify or otherwise have any impact on,
or be affected, limited, modified or otherwise impacted by, any other security agreement or similar instrument given by Tenant,
Landlord or any other debtor in connection with the Operating Lease, the Loan or the Loan Documents. Notwithstanding anything to
the contrary herein contained, this Collateral Assignment shall be deemed supplemental to, and not in derogation of, any such security
agreement or similar instrument now or hereafter executed by Tenant or any other debtor in favor of Landlord or Bank.

 

[Rest of page intentionally left blank;
signatures on following page(s).]

 

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IN WITNESS WHEREOF,
Tenant has caused this Collateral Assignment to be duly executed and delivered, as a sealed instrument, as of the date first above
written.

 

	 	TENANT:
	 	 
	 	PHR GANO OPCO SUB, LLC,
	 	a Delaware limited liability
    company
	 	 
	 	 
	 	By:	 /s/ James A. Procaccianti
	 	Name:	 James A. Procaccianti
	 	Title:	 Authorized Signatory

 

     

     

    

 

SCHEDULE A

 

Contracts, Licenses and Permits

 

 

	1.	Hotel Management Agreement with _________________, of even date herewith.

 

	2.	Franchise Agreement with _________________, dated _____________.

 

	3.	Other, including those specifically listed below:

 

		a.	

		b.	

 

     

     

    

 

EXHIBIT A

 

Legal Description of Land

 

PARCEL ONE (Fee Estate)

 

That certain tract or parcel of land, together with all buildings
and improvements thereon located westerly of India Street and Tockwotton Street, in the City of Providence, County of Providence
and State of Rhode Island, being bounded and described as follows:

 

Beginning at a point in the terminus of India Street, said point,
being the most southwesterly corner of the herein described parcel;

 

Thence running in a northwesterly direction, by and with land
now or formerly of the State of Rhode Island, a distance of 199.16 feet to a corner, said corner being the most southwesterly corner
of the herein described parcel;

 

Thence turning an interior angle of 106° 04’ 16”
and running in a northerly direction, by and with the aforementioned State of Rhode Island land, a distance of 148.27 feet to a
corner, said corner being the most northwesterly corner of the herein described parcel;

 

Thence turning an interior angle of 126° 47’ 47”
and running in a northeasterly direction, by and with the southerly State Freeway Line of Route 195, a distance of 31.22 feet to
a point;

 

Thence turning an interior angle of 139° 01’ 22”
and running in an easterly direction, by and with the aforementioned State Freeway Line of Route 195, a distance of 91.64 feet
to a point;

 

Thence turning an interior angle of 348° 01’ 18”
and running in a northeasterly direction, by and with the aforementioned State Freeway Line of Route 195, a distance of 44.34 feet
to a point;

 

Thence turning an interior angle of 22° 46’ 24”
and running in a northeasterly direction, by and with the aforementioned State Freeway Line of Route 195, a distance of 64.59 feet
to a point;

 

Thence turning an interior angle of 157° 13’ 36”
and running in a southeasterly direction, by and with the aforementioned State Freeway Line of Route 195, a distance of 111.70
feet to corner, said corner being the most northeasterly corner of the herein described parcel;

 

Thence turning an interior angle of 90° 00’ 00”
and running in a southwesterly direction, by and with the terminus of Tockwotton Street, a distance of 25.00 feet to a corner,
said corner being the southwesterly corner of Tockwotton Street;

 

Thence turning an interior angle of 179° 38’ 45”
and continuing in a southwesterly direction by and with land now or formerly of Brown University, a distance of 161.01 feet to
a corner, said corner being the most southwesterly corner of said Brown University land;

 

     

     

    

 

Thence turning an interior angle of 180° 26’ 00”
and continuing in a southwesterly direction, by and with the previously mentioned terminus of India Street, a distance of 25.08
feet to the point and place of beginning;

 

The last course making an angle of 90° 00’ 00”
with the first herein described course.

 

PARCEL TWO (Leasehold Estate)

 

That certain tract or parcel of land, together with all buildings
and improvements thereon, located westerly of India and Tockwotton Streets, in the City of Providence, County of Providence, State
of Rhode Island, being bounded and described as follows:

 

Beginning at a point in the westerly terminus of India Street,
said point being the most southeasterly corner of land now or formerly of Gano Holdings, LLC;

 

Thence running in a southerly direction, by and with the aforementioned
westerly terminus of India Street, a distance of 26.27 feet to a corner, said corner being the most southerly end of westerly terminus
of India Street, said corner also being the most southeasterly corner of the herein described parcel;

 

Thence turning an interior angle of 91° 03’ 58”
and running in a westerly direction, by and with the northerly Highway Line of I-195, a distance of 146.26 feet to a point;

 

Thence turning an interior angle of 174° 13’ 07”
and continuing in a westerly direction, by and with the aforementioned northerly Highway Line of I-195, a distance of 39.55 feet
to a point;

 

Thence turning an interior angle of 165° 24’ 18”
and running in a northwesterly direction, by and with the aforementioned northerly Highway Line of I-195, a distance of 28.27 feet
to a point;

 

Thence turning an interior angle of 162° 37’ 37”
and continuing in a northwesterly direction, by and with the aforementioned westerly Highway Line of I-195, a distance of 10.76
feet to a point;

 

Thence turning an interior angle of 153° 59’ 11”
and continuing in a northwesterly direction, by and with the aforementioned westerly Highway Line of I-195, a distance of 10.76
feet to a point;

 

Thence turning an interior angle of 169° 22’ 07”
and continuing in a northwesterly direction, by and with the aforementioned westerly Highway Line of I-195, a distance of 124.00
feet to a corner, said corner being the most westerly corner of the herein described parcel;

 

Thence turning an interior angle of 120° 51’ 49”
and running in a northeasterly direction, by and with the aforementioned westerly Highway Line of I-195, a distance of 30.19 feet
to a corner, said corner being the most northwesterly corner of and now or formerly of Gano Holdings, LLC, said corner also being
the most northerly corner of the herein described parcel;

 

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Thence turning an interior angle of 58° 58’ 09”
and running in a southeasterly direction, by and with the aforementioned Gano Holdings, LLC land a distance of 148.27 feet to a
corner, said corner being the most southwesterly corner of land now or formerly of Gano Holdings, LLC;

 

Thence turning an interior angle of 283° 55’ 44”
and running in an easterly direction, by and with the aforementioned Gano Holdings, LLC land, a distance of 199.16 feet to the
point and place of beginning.

 

The last course making an angle of 90° 00’ 00”
with the first herein described course.

 

    	 	3Exhibit 10.10

 

THIRD AMENDMENT TO (i) OPEN-END MORTGAGE,

SECURITY AGREEMENT
AND ASSIGNMENT TO SECURE PRESENT AND FUTURE LOANS UNDER CHAPTER 25 OF TITLE 34 OF THE GENERAL LAWS OF THE STATE OF RHODE ISLAND
AND (ii) ASSIGNMENT OF BORROWER’S INTERESTS IN LEASES, RENTS AND PROFITS

 

Reference is hereby
made to (i) an OPEN-END MORTGAGE, SECURITY AGREEMENT AND ASSIGNMENT TO SECURE PRESENT AND FUTURE LOANS UNDER CHAPTER 25 OF TITLE
34 OF THE GENERAL LAWS OF THE STATE OF RHODE ISLAND dated as of May 27, 2015 granted to East
Boston Savings Bank (hereinafter, the “Mortgagee”), a Massachusetts banking corporation with its principal
office at 67 Prospect Street, Peabody, Massachusetts 01960, by GANO HOLDINGS, LLC, a Rhode Island limited liability company (hereinafter,
the “Mortgagor”) having a mailing address c/o The Procaccianti Group, 1140 Reservoir Avenue, Cranston, Rhode
Island 02920-6032, Attn: James A. Procaccianti, President and CEO, which mortgage (the “Original Mortgage”)
was recorded with the Providence Land Evidence Records (“Land Records”) on June 15, 2015 in Book 11142, Page
152, and (ii) an ASSIGNMENT OF BORROWER’S INTEREST IN LEASES, RENTS AND PROFITS dated as of May 27, 2015 from Mortgagor
to Mortgagee, which assignment (the “Original Assignment”) was recorded with such Land Records on June 15,
2015 in Book 11144, Page, 181, which Original Mortgage and Original Assignment were previously modified by both a First Amendment
to Open-End Mortgage, Security Agreement and Assignment to Secure Present and Future Loans Under Chapter 25 of Title 34 of the
General Laws of the State of Rhode Island and an Assignment of Borrower’s Interests in Leases, Rents and Profits recorded
with the Land Records on February 12, 2016 in Book 11325, Page 294 (the “First Amendment”), and a Second Amendment
to Open-End Mortgage, Security Agreement and Assignment to Secure Present and Future Loans Under Chapter 25 of Title 34 of the
General Laws of the State of Rhode Island and an Assignment of Borrower’s Interests in Leases, Rents and Profits recorded
with the Land Records on June 7, 2019 in Book 12379, Page 129 (the “Second Amendment”). The Original Mortgage
as modified by the First Amendment and Second Amendment is hereinafter referred to as the “Mortgage”, and the
Original Assignment is modified by the First Amendment and Second Amendment as hereinafter referred to as the “Assignment”).

 

WHEREAS, Mortgagee
has agreed to amend and restate its existing loans with the Borrower which are secured, in part, by the Mortgage and the Assignment
and advance an additional $2,000,000.00 to Mortgagor, all to be evidenced by an Amended and Restated Promissory Note of even date
herewith (“2020 Note”) to be secured, in part, by the Mortgage and the Assignment;

 

NOW THEREFORE, for
good and valuable consideration received, the receipt and sufficiency of which are hereby acknowledged, Mortgagor and Mortgagee
agree as follows:

 

		1.	Capitalized terms used herein and
                                         not otherwise defined herein shall have the meanings ascribed to them in the Mortgage.

 

 

		2.	Except
                                         where otherwise required by the context, as used in the Loan Documents, the term “Loan”
                                         shall refer to the loan evidenced by the 2020 Note, which amends, restates

 

    1

     

    

 

and
supplements: (i) the Promissory Note delivered in connection with the Original Mortgage (“Original Note”),
and (ii) the Promissory Note executed and delivered in connection with the Second Amendment (“2019 Note”).
Except as otherwise required by the context, wherever occurring in the Loan Documents, the term “Note” shall
refer to the 2020 Note, and the term “Loan Documents” shall include each and all of the Loan Documents (as
defined in the Mortgage) as now existing and/or as hereafter supplemented, amended, modified and/or restated.

 

		3.	Section 4.9 of the Mortgage is
                                         and shall hereby be amended by adding the words” After an Event of Default continuing
                                         beyond applicable notice and cure periods, “ to the beginning of the first sentence
                                         of Section 4.9.

 

		4.	Section 6.3 of the Mortgage is
                                         and shall hereby be deleted in its entirety and replaced with the following:

 

“The sale, transfer,
assignment of other disposition of any direct or indirect ownership interest of or in the Mortgagor, or the sale, transfer, assignment
, pledge, mortgage or other disposition or grant or any interest in all or any portion of the Collateral other than the Permitted
Encumbrances, and notwithstanding anything contained herein or contained in any of the other Loan Documents to the contrary,
the following transfers shall be permitted without the consent of or notice to Mortgagee, except as may be limited by the last
sentence of this paragraph: such transfers as are either : (i) any transfers, sales, redemptions, pledges, trades and/or issuances
of any shares or other interests held directly or indirectly in Procaccianti Hotel REIT, Inc., a Maryland corporation; (ii) transfers
permitted by Section 12.2.1.1 and its subsections of the Franchise Agreement (“Franchise Agreement”) between
PHR GANO OPCO SUB, LLC (“OpCo”), a Delaware limited liability company, and Hilton Franchise Holding LLC (“HFH”)
being entered into in connection herewith, or (iii) specifically permitted in a writing from Mortgagee to Mortgagor dated after
the date of this document. Notwithstanding the foregoing, Gano Holdings, LLC (“PropCo”), a Rhode Island limited
liability company, and OpCo must always remain subject to direct or indirect Control. “Control” means indirectly,
beneficially owned by Procaccianti Hotel REIT, Inc., which entity shall have day to day decision-making under the actual control
of one or more of: James Procaccianti, Elizabeth Procaccianti, Greg Vickowski, and/or Ron Hadar, except only for such decisions
as are required by law, generally accepted public company corporate custom or by the guidelines required by FINRA or the North
American Securities Administrators Association (or similar guidelines, regulations or rules of other similar bodies and entities)
with respect to a REIT to be made by its independent board, provided further, however, that such board has at all times no fewer
than 40% of its directors being one of the Procaccianti individuals; and provided, finally, that actual management and operation
of the Property encumbered by the Mortgage is addressed pursuant to the terms of a Management Agreement similar to the agreement
referenced in the Assignment and Subordination of Management Agreement being executed and delivered herewith by the management
company named therein, and such company remains wholly owned and controlled by James

 

    2

     

    

 

Procaccianti, Elizabeth Procaccianti,
and other entities subject to their direct or indirect control (as “Control is defined in the Franchise Agreement).”

 

		5.	As modified as provided above,
                                         all the terms and provisions of the Mortgage and Assignment remain in full force and
                                         effect.

 

[page
ends here – signature page to follow]

 

    3

     

    

 

 

IN WITNESS WHEREOF,
the Mortgagor has executed this Third Amendment as a sealed instrument as of the 27th day of February, 2020.

 

	 	MORTGAGOR:
	 	 
	 	 
	 	 	Gano
    Holdings, LLC, a Rhode Island limited liability company

 

	 	 
	 	By:	/s/ James A. Procaccianti
	 	 	James
    A. Procaccianti,
	 	 	its
    Authorized Signatory

 

    4

     

    

 

STATE OF RHODE ISLAND

 

Providence, ss.

 

 

On this 26th
day of February, 2020, before me, the undersigned notary public, personally appeared James A. Procaccianti, as Authorized
Representative of Gano Holdings, LLC, proved to me through satisfactory evidence of identification, which was known to me to be
the person whose name is signed on the preceding or attached document, and acknowledged to me that she signed it voluntarily for
its stated purpose.

 

	 	/s/ Natasha
    V. Ruane
	 	NOTARY PUBLIC
	[Affix Notarial Seal]	 
	 	Printed Name:	 
	 	My Commission Expires:	 

 

    5

     

    

 

IN WITNESS WHEREOF,
the Mortgagor has executed this Second Amendment as a sealed instrument as of the date first above written.

 

	 	MORTGAGEE:
	 	 
	 	EAST BOSTON
    SAVINGS BANK
	 	 
	 	 
	 	By:	/s/ Jonpaul
    Sallese
	 	 	Name:	Jonpaul
    Sallese
	 	 	Title:	Vice President, Commercial
    Real Estate
	 	 	 

 

    6

     

    

 

COMMONWEALTH OF MASSACHUSETTS

 

__________________, ss.

 

On this _____ day
of ____________, 2020, before me, the undersigned notary public, personally appeared Jonpaul Sallese, as Vice President, Commercial
Real Estate, of East Boston Savings Bank, proved to me through satisfactory evidence of identification, which was ________________________
to be the person whose name is signed on the preceding or attached document, and acknowledged to me that she signed it voluntarily
for its stated purpose.

 

 

	 	 
	 	NOTARY PUBLIC
	[Affix Notarial Seal]	 
	 	Printed Name:	 
	 	My Commission Expires:	 

 

    7

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