Document:

Exhibit 10.1

 Exhibit 10.1 

 
  

 
 AMENDED AND RESTATED LOAN
AGREEMENT 
 by and among 
 CHSP SAN FRANCISCO LLC, and 
 CHSP CHICAGO LLC, 

collectively, as Borrower, 
 THE FINANCIAL INSTITUTIONS PARTY HERETO 
 AND THEIR ASSIGNEES UNDER
SECTION 12.12, 
 as Lenders, 
 and 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Administrative Agent 
  

 
  

Entered into as of July 8, 2011 
 Loan No. 1004873 

 Loan No. 1004873 

 

							
	 ARTICLE 1
	  	 DEFINITIONS
	  	 	2	  
			
	 1.1
	  	 Defined Terms
	  	 	2	  
			
	 1.2
	  	 Exhibits Incorporated
	  	 	24	  
			
	 ARTICLE 2
	  	 LOAN
	  	 	25	  
			
	 2.1
	  	 Loan
	  	 	25	  
			
	 2.2
	  	 Rates and Payment of Interest on Loans
	  	 	25	  
			
	 2.3
	  	 Payments
	  	 	29	  
			
	 2.4
	  	 Fees
	  	 	29	  
			
	 2.5
	  	 Intentionally Omitted
	  	 	29	  
			
	 2.6
	  	 Repayment of Loan
	  	 	29	  
			
	 2.7
	  	 Prepayments
	  	 	29	  
			
	 2.8
	  	 Loan Documents
	  	 	30	  
			
	 2.9
	  	 Effective Date
	  	 	30	  
			
	 2.10
	  	 Maturity Date
	  	 	31	  
			
	 2.11
	  	 Full Repayment and Reconveyance
	  	 	31	  
			
	 2.12
	  	 Partial Reconveyance
	  	 	31	  
			
	 2.13
	  	 Intentionally Omitted
	  	 	32	  
			
	 2.14
	  	 Extension of Maturity Date
	  	 	32	  
			
	 2.15
	  	 Authorized Representative
	  	 	33	  
			
	 2.16
	  	 Lenders’ Accounting
	  	 	33	  
			
	 ARTICLE 3
	  	 DISBURSEMENT
	  	 	33	  
			
	 3.1
	  	 Initial Conditions Precedent
	  	 	33	  
			
	 3.2
	  	 Disbursement Authorization
	  	 	36	  
			
	 3.3
	  	 Funds Transfer Disbursements
	  	 	37	  
			
	 3.4
	  	 Assignment of Accounts
	  	 	38	  
			
	 ARTICLE 4
	  	 INTENTIONALLY OMITTED
	  	 	38	  
			
	 ARTICLE 5
	  	 INSURANCE
	  	 	38	  
			
	 5.1
	  	 Title Insurance
	  	 	38	  
			
	 5.2
	  	 Property Insurance
	  	 	39	  
			
	 5.3
	  	 Flood Hazard Insurance
	  	 	39	  
			
	 5.4
	  	 Liability Insurance
	  	 	39	  
			
	 5.5
	  	 Terrorism
	  	 	39	  
			
	 5.6
	  	 Other Coverage
	  	 	39	  

  
 i 

 Loan No. 1004873 

 

							
	 5.7
	  	 General
	  	 	39	  
			
	 ARTICLE 6
	  	 REPRESENTATIONS AND WARRANTIES
	  	 	40	  
			
	 6.1
	  	 Authority/enforceability
	  	 	40	  
			
	 6.2
	  	 Binding Obligations
	  	 	40	  
			
	 6.3
	  	 Formation and Organizational Documents
	  	 	40	  
			
	 6.4
	  	 No Violation
	  	 	40	  
			
	 6.5
	  	 Compliance with Laws
	  	 	40	  
			
	 6.6
	  	 Litigation
	  	 	41	  
			
	 6.7
	  	 Financial Condition
	  	 	41	  
			
	 6.8
	  	 No Material Adverse Change
	  	 	41	  
			
	 6.9
	  	 Accuracy
	  	 	41	  
			
	 6.10
	  	 Americans with Disabilities Act Compliance
	  	 	41	  
			
	 6.11
	  	 Tax Liability; Separate Tax Parcel
	  	 	42	  
			
	 6.12
	  	 Business Loan
	  	 	42	  
			
	 6.13
	  	 Condemnation
	  	 	42	  
			
	 6.14
	  	 Enforceability
	  	 	42	  
			
	 6.15
	  	 Certificate of Occupancy; Licenses
	  	 	42	  
			
	 6.16
	  	 Physical Condition
	  	 	42	  
			
	 6.17
	  	 Management Agreement
	  	 	43	  
			
	 6.18
	  	 Franchise Agreement
	  	 	43	  
			
	 6.19
	  	 Contracts
	  	 	43	  
			
	 6.20
	  	 Personal Property
	  	 	43	  
			
	 6.21
	  	 FF&E and Inventory
	  	 	43	  
			
	 6.22
	  	 Accounts
	  	 	43	  
			
	 6.23
	  	 Vehicles
	  	 	44	  
			
	 6.24
	  	 Budgets
	  	 	44	  
			
	 6.25
	  	 Special Purpose Entity Status
	  	 	44	  
			
	 6.26
	  	 Survival of Representations
	  	 	45	  
			
	 ARTICLE 7
	  	 HAZARDOUS MATERIALS
	  	 	46	  
			
	 7.1
	  	 Special Representations and Warranties
	  	 	46	  
			
	 7.2
	  	 Hazardous Materials Covenants
	  	 	46	  
			
	 7.3
	  	 Inspection by Administrative Agent
	  	 	47	  
			
	 7.4
	  	 Hazardous Materials Indemnity
	  	 	47	  

  
 ii 

 Loan No. 1004873 

 

							
	 7.5
	  	 Legal Effect of Section
	  	 	48	  
			
	 ARTICLE 8
	  	 COVENANTS OF BORROWER
	  	 	48	  
			
	 8.1
	  	 Performance of Obligations
	  	 	48	  
			
	 8.2
	  	 Expenses
	  	 	48	  
			
	 8.3
	  	 ERISA Compliance
	  	 	49	  
			
	 8.4
	  	 Leasing
	  	 	49	  
			
	 8.5
	  	 Approval of Leases
	  	 	49	  
			
	 8.6
	  	 Subdivision Maps; Use
	  	 	49	  
			
	 8.7
	  	 Opinion of Legal Counsel
	  	 	50	  
			
	 8.8
	  	 Franchise Agreements
	  	 	50	  
			
	 8.9
	  	 Actions to Maintain Property
	  	 	50	  
			
	 8.10
	  	 Proceedings
	  	 	51	  
			
	 8.11
	  	 Correction of Defects
	  	 	51	  
			
	 8.12
	  	 Personal Property
	  	 	51	  
			
	 8.13
	  	 Operation of the Property
	  	 	51	  
			
	 8.14
	  	 Completion of Renovations
	  	 	52	  
			
	 8.15
	  	 Accounts
	  	 	52	  
			
	 8.16
	  	 FF&E Reserves
	  	 	53	  
			
	 8.17
	  	 Taxes, Assessments, Encumbrances
	  	 	53	  
			
	 8.18
	  	 Management of Property
	  	 	53	  
			
	 8.19
	  	 Subordination of Management Agreement
	  	 	53	  
			
	 8.20
	  	 Wells Fargo Securities FF&E Account
	  	 	54	  
			
	 8.21
	  	 Replacement of SF Manager
	  	 	54	  
			
	 8.22
	  	 Liens
	  	 	54	  
			
	 8.23
	  	 Dissolution
	  	 	54	  
			
	 8.24
	  	 Material Contracts
	  	 	54	  
			
	 8.25
	  	 Indebtedness
	  	 	54	  
			
	 8.26
	  	 Transactions with Affiliates
	  	 	54	  
			
	 8.27
	  	 Other Business
	  	 	55	  
			
	 8.28
	  	 Further Assurances
	  	 	55	  
			
	 8.29
	  	 Assignment
	  	 	55	  
			
	 8.30
	  	 Interest Rate Protection
	  	 	55	  
			
	 8.31
	  	 No Sale or Encumbrance
	  	 	55	  

  
 iii

 Loan No. 1004873 

 

							
	 8.32
	  	 Organization Documents
	  	 	56	  
			
	 ARTICLE 9
	  	 REPORTING COVENANTS
	  	 	56	  
			
	 9.1
	  	 Monthly Reporting
	  	 	56	  
			
	 9.2
	  	 DSCR Certificate
	  	 	56	  
			
	 9.3
	  	 Other
	  	 	57	  
			
	 9.4
	  	 Books and Records
	  	 	57	  
			
	 ARTICLE 10
	  	 DEFAULTS AND REMEDIES
	  	 	57	  
			
	 10.1
	  	 Default
	  	 	57	  
			
	 10.2
	  	 Acceleration Upon Default; Remedies
	  	 	60	  
			
	 10.3
	  	 Disbursements To Third Parties
	  	 	61	  
			
	 10.4
	  	 Repayment of Funds Advanced
	  	 	61	  
			
	 10.5
	  	 Rights Cumulative, No Waiver
	  	 	61	  
			
	 ARTICLE 11
	  	 THE ADMINISTRATIVE AGENT; INTERCREDITOR PROVISIONS
	  	 	61	  
			
	 11.1
	  	 Appointment and Authorization
	  	 	61	  
			
	 11.2
	  	 Wells Fargo as Lender
	  	 	62	  
			
	 11.3
	  	 Defaulting Lenders
	  	 	63	  
			
	 11.4
	  	 Distribution and Apportionment of Payments; Defaulting Lenders
	  	 	63	  
			
	 11.5
	  	 Pro Rata Treatment
	  	 	65	  
			
	 11.6
	  	 Sharing of Payments, Etc
	  	 	65	  
			
	 11.7
	  	 Collateral Matters; Protective Advances
	  	 	66	  
			
	 11.8
	  	 Post-Foreclosure Plans
	  	 	67	  
			
	 11.9
	  	 Approvals of Lenders
	  	 	68	  
			
	 11.10
	  	 Notice of Defaults
	  	 	68	  
			
	 11.11
	  	 Administrative Agent’s Reliance, Etc
	  	 	68	  
			
	 11.12
	  	 Indemnification of Administrative Agent
	  	 	69	  
			
	 11.13
	  	 Lender Credit Decision, Etc
	  	 	70	  
			
	 11.14
	  	 Successor Administrative Agent
	  	 	71	  
			
	 11.15
	  	 No Set-Offs
	  	 	71	  
			
	 ARTICLE 12
	  	 MISCELLANEOUS PROVISIONS
	  	 	71	  
			
	 12.1
	  	 Indemnity
	  	 	71	  
			
	 12.2
	  	 Form of Documents
	  	 	72	  
			
	 12.3
	  	 No Third Parties Benefited
	  	 	72	  

  
 iv 

 Loan No. 1004873 

 

							
	 12.4
	  	 Notices
	  	 	72	  
			
	 12.5
	  	 Attorney-in-Fact
	  	 	72	  
			
	 12.6
	  	 Actions
	  	 	73	  
			
	 12.7
	  	 Right of Contest
	  	 	73	  
			
	 12.8
	  	 Relationship of Parties
	  	 	73	  
			
	 12.9
	  	 Delay Outside Lender’s Control
	  	 	73	  
			
	 12.10
	  	 Attorneys’ Fees and Expenses; Enforcement
	  	 	73	  
			
	 12.11
	  	 Amendments and Waivers
	  	 	74	  
			
	 12.12
	  	 Successors and Assigns
	  	 	75	  
			
	 12.13
	  	 Intentionally Omitted
	  	 	77	  
			
	 12.14
	  	 Lender’s Agents
	  	 	77	  
			
	 12.15
	  	 Tax Service
	  	 	77	  
			
	 12.16
	  	 WAIVER OF RIGHT TO TRIAL BY JURY
	  	 	77	  
			
	 12.17
	  	 Severability
	  	 	78	  
			
	 12.18
	  	 Time
	  	 	78	  
			
	 12.19
	  	 Headings
	  	 	78	  
			
	 12.20
	  	 Governing Law
	  	 	78	  
			
	 12.21
	  	 Integration; Interpretation
	  	 	78	  
			
	 12.22
	  	 Joint and Several Liability
	  	 	78	  
			
	 12.23
	  	 Counterparts
	  	 	79	  
			
	 12.24
	  	 Electronic Delivery of Certain Information
	  	 	79	  
			
	 12.25
	  	 Public/Private Information
	  	 	79	  
			
	 12.26
	  	 USA Patriot Act Notice; Compliance
	  	 	80	  
			
	 12.27
	  	 Syndication Cooperation
	  	 	80	  
			
	 12.28
	  	 Operating Lessee – No Liability
	  	 	81	  
			
	 12.29
	  	 Disclosure
	  	 	81	  

  
 v 

 Loan No. 1004873 

 

			
	 SCHEDULES
	    	
		
	 SCHEDULE 1.1
	    	PRO RATE SHARE
	 SCHEDULE 6.3
	    	BORROWER’S ORGANIZATIONAL CHART
	 SCHEDULE 6.6
	    	LITIGATION
	 SCHEDULE 8.15
	    	ACCOUNTS
	 SCHEDULE 8.27
	    	AFFILIATE TRANSACTIONS
		
	 EXHIBITS
	    	
		
	 EXHIBIT A-1
	    	DESCRIPTION OF CHI PROPERTY
	 EXHIBIT A-2
	    	DESCRIPTION OF SF PROPERTY
	 EXHIBIT B
	    	DOCUMENTS
	 EXHIBIT C
	    	CONTRACTS
	 EXHIBIT D
	    	INTENTIONALLY OMITTED
	 EXHIBIT E
	    	FORM ASSIGNMENT AND ASSUMPTION AGREEMENT
	 EXHIBIT F
	    	FORM DSCR COMPLIANCE CERTIFICATE
	 EXHIBIT G
	    	FORM PROMISSORY NOTE
	 EXHIBIT H
	    	FORM FIXED RATE AGREEMENT
	 EXHIBIT I
	    	FORM TRANSFER AUTHORIZER DESIGNATION

  
 vi 

 Loan No. 1004873 
 AMENDED AND RESTATED LOAN AGREEMENT 
 THIS AMENDED AND RESTATED LOAN
AGREEMENT (this “Agreement”) is entered into as of July 8, 2011, by and among CHSP SAN FRANCISCO LLC, a Delaware limited liability company (“SF Borrower”), and CHSP CHICAGO LLC, a Delaware limited liability
company (“CHI Borrower”; together with SF Borrower, jointly and severally, collectively, “Borrower”), each of the financial institutions initially a signatory hereto together with their successors and assignees
under Section 12.12. (“Lenders”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent for itself and Lenders (“Administrative Agent”). 

R E C I T A L S 
 A. CHI Borrower owns certain real property commonly known as 172 West Adams Street, Chicago, Illinois, 60603 more particularly described in Exhibit A-1 hereto and all improvements now or hereafter
existing thereon, which improvements consist of the W Chicago City Center, a 22-story, 368-room, luxury hotel with 12,000 square feet of meeting space (collectively, the “CHI Property”); 

B. SF Borrower owns certain real property commonly known as 333 Battery Street, San Francisco, California, 94111 more particularly
described in Exhibit A-2 hereto and all improvements now or hereafter existing thereon, which improvements consist of the Le Méridien San Francisco, a 24-story, 360-room, luxury hotel with 13,107 square feet of meeting space
(collectively, the “SF Property”); 
 C. Pursuant to the terms of a Loan Agreement, dated December 15,
2010 (the “Original Loan Agreement”), Administrative Agent previously made a loan to SF Borrower, in the original principal amount of up to $71,500,000 (the “Original Loan”); 

D. Borrower has requested an increase in the amount of the Original Loan from up to $71,500,000 to up to $130,000,000 (the
“Loan”); 
 E. Administrative Agent and Lenders are willing to increase the amount of the Original Loan to up
to $130,000,000, subject to the terms and conditions herein, which include, among other things, adding CHI Borrower as an additional borrower and the granting by CHI Borrower of a lien on the CHI Property; and 

F. This Agreement completely amends, restates and replaces the Original Loan Agreement. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties
hereto, the parties hereto agree as follows: 

 Loan No. 1004873 

 

 ARTICLE 1 
 DEFINITIONS 
 1.1 Defined Terms. The following capitalized terms generally
used in this Agreement shall have the meanings defined or referenced below. Certain other capitalized terms used only in specific sections of this Agreement are defined in such sections. 

“Acceptable Counterparty” – means (i) Administrative Agent, or (ii) any counterparty to a Derivative
Contract that has a long-term unsecured debt rating of “AA-” or better by S&P and “A1” or better from Moody’s, which rating shall not include a “t” or otherwise reflect a termination risk. 

“Account Collateral” – means and includes (i) all cash, instruments, securities and Funds on deposit in the
Accounts, (ii) all investments of funds in the Accounts and all certificates, securities and instruments evidencing any such investments of funds in or from the Accounts and (iii) all interest, dividends, cash, instruments and other
property received as Proceeds or otherwise of, or in substitution or exchange for, any collateral described in (i) and (ii) above. 
 “Account Control Agreement” – means an agreement with an Eligible Bank that perfects the security interest of Administrative Agent, for the benefit of Lenders, in an Account.

 “Accounts” – means the accounts identified on Schedule 8.15 attached hereto. 

“Accounts Payable” – means amounts payable by any Borrower to another Person. 

“Accounts Receivable” – means amounts due to any Borrower from another Person, customarily for the sale of a good
or services. 
 “ADA” – means the Americans with Disabilities Act, 42 U.S.C. §§ 12101, et
seq. as now or hereafter amended or modified. 
 “Adjusted NOI” – means, as determined for the
applicable twelve-month period, the Net Operating Income of the Property, subject to the following adjustments: 
 (a)
management fees for each Property shall equal the greater of (i) three percent (3%) of Gross Operating Revenues for such Property, or (ii) the actual Base Management Fees paid under the applicable Management Agreement; 

(b) reserves for FF&E and capital items for each Property shall equal the greater of (i) four percent (4%) of Gross
Operating Revenues for such Property, or (ii) the amount of reserves required under the applicable Management Agreement or Franchise Agreement; 
 (c) franchise fees for each Property shall equal the greater of (i) four percent (4%) of Gross Operating Revenues for such Property, or (ii) the actual franchise fees payable under the
applicable Franchise Agreement; provided, the adjustment for franchise fees shall be applicable only to a Property if such Property is subject to a Franchise Agreement; and 

  
 2 

 Loan No. 1004873 

 

 (d) Incentive Management Fees shall not be included in Permitted Operating Expenses for
purposes of calculating Adjusted NOI so long as they are effectively subordinated to payment of all Obligations hereunder. 

For purposes of determining Adjusted NOI for the first twelve months after the Agreement Date, Net Operating Income for a Property during
any portion of such period that occurred prior to the acquisition of such Property by Borrower (adjusted as provided above), shall be based on the operating statements received from the prior owner or operator (subject to the reasonable approval of
Administrative Agent). 
 “Administrative Agent” means Wells Fargo Bank, National Association, or any successor
Administrative Agent appointed pursuant to Section 11.14. 
 “Administrative Questionnaire” means
the Administrative Questionnaire completed by each Lender and delivered to Administrative Agent in a form supplied by Administrative Agent to Lenders from time to time. 
 “Affiliate” – means, as to any Person, any other Person that, directly or indirectly, is in Control of, is Controlled by or is under common Control with such Person or is a director
or officer of such Person or of an Affiliate of such Person. In no event shall Administrative Agent or any Lender be deemed to be an Affiliate of Borrower. 
 “Agreement” – shall have the meaning given to such term in the preamble hereto. 
 “Allocated Loan Amount” – means, initially $61,500,000 with respect to the CHI Property and $68,500,000 with respect to the SF Property. If Borrower exercises an Option to Extend,
then Administrative Agent shall have the right to reallocate the Allocated Loan Amounts (to be effective on the first day of the applicable extended term) based on the Appraised Value of each Property, as determined based on an Appraisal obtained by
Administrative Agent in connection with Borrower’s exercise of an Option to Extend. The Allocated Loan Amount of each Property shall be reduced pro rata (in accordance with the relative Allocated Loan Amounts of each Property) in connection
with any payment by Borrower which reduces that outstanding principal amount of the Loan (e.g. Amortization Payments, any Remargin Payments or any voluntary payment). 
 “Alternate Rate” – is a rate of interest per annum four percent (4%) in excess of the Variable Rate. 
 “Amortization Payments” – shall have the meaning given to such term in Section 2.7(b)(ii). 
 “Applicable Law” – means all constitutions, statutes, rules, regulations and orders of any Governmental Authority, including all orders and decrees of all courts, tribunals and
arbitrators applicable to a Loan Party, a Property, the Administrative Agent or any Lender, as the context requires. 

“Applicable LIBO Rate” – is the rate of interest, rounded upward to the nearest whole multiple of one-hundredth of
one percent (.01%), equal to the sum of: (a) three and sixty-five one-hundredths percent (3.65%) plus (b) the LIBO Rate, which rate is divided by one (1.00) minus the Reserve Percentage: 

 

					
	Applicable LIBO Rate =        3.65 %        +	  	 LIBO Rate
	  	
		  	(1 - Reserve Percentage)	  	

  
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 Loan No. 1004873 

 

 “Appraisal” – means an M.A.I. appraisal of the Property
commissioned by and addressed to the Administrative Agent (acceptable to the Administrative Agent as to form and substance), prepared by a qualified, independent appraiser acceptable to the Administrative Agent, having at least the minimum
qualifications required under Applicable Law governing the Administrative Agent and the Lenders, including without limitation, FIRREA, and determining the “as is” market value of the Property as between a willing buyer and a willing
seller. 
 “Appraised Value” – means the “as is” market value of the Property as reflected in
the most recent Appraisal as the same may have been reasonably adjusted (but not increased) by Administrative Agent based upon its internal review of such Appraisal which is based on criteria and factors then generally used and considered by
Administrative Agent in determining the value of similar real estate properties, which review shall be conducted prior to acceptance of such Appraisal by Administrative Agent. 
 “Approved Fund” – means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender, or (c) an entity or an Affiliate of any entity that
administers or manages a Lender. 
 “Approved Operating Budget” – shall have the meaning given to such
term in Section 9.3(a). 
 “Approved Capital Budget” – shall have the meaning given to such
term in Section 9.3(a). 
 “Approved Marketing Plan” – shall have the meaning given to such
term in Section 9.3(a). 
 “Assignee” – shall have the meaning given to such term in
Section 12.12(c). 
 “Assignment and Assumption Agreement” – means an Assignment and
Assumption Agreement among a Lender, an Assignee, and the Administrative Agent, substantially in the form of Exhibit E. 
 “Bank of America Account” – means the account No. 4427164745 at Bank of America, denominated “W Hotel Management, Inc. AAF CHSP TRS Chicago LLC, W Chicago City Center
– Accts Payable”. 
 “Bankruptcy Code” – means the Bankruptcy Reform Act of 1978 (11 USC §
101-1330) as now or hereafter amended or recodified. 

  
 4 

 Loan No. 1004873 

 

 “Base Management Fees” – means fees payable under a Management
Agreement that are calculated on the basis of a percentage of Gross Operating Revenues. 
 “Book Value” means,
with respect to any asset, the book value of such asset as determined in accordance with GAAP. 
 “Border Zone
Property” – means any property designated as “border zone property” under the provisions of California Health and Safety Code, Sections 25220 et seq., or any regulation adopted in accordance therewith.

 “Borrower” – shall have the meaning given to such term in the preamble hereto. 

“Borrower’s Agents” – means James L. Francis, Douglas W. Vicari or Graham J. Wootten. 

“Business Day” – means a day of the week (but not a Saturday, Sunday or holiday) on which the offices of
Administrative Agent are open to the public for carrying on substantially all of Administrative Agent’s business functions in California. Unless specifically referenced in this Agreement as a Business Day, all references to “days”
shall be to calendar days. 
 “Capitalized Lease Obligation” – means obligations under a lease (to pay
rent or other amounts under any lease or other arrangement conveying the right to use) that are required to be capitalized for financial reporting purposes in accordance with GAAP. The amount of a Capitalized Lease Obligation is the capitalized
amount of such obligation determined in accordance with GAAP. 
 “Chattel Paper” – shall have the meaning
given to such term in the Uniform Commercial Code. 
 “CHI FF&E Reserve Account” – means CHI
Borrower’s account No. 412-2178379 at Wells Fargo Bank, denominated “CHSP Chicago LLC, Pledgor, Wells Fargo Bank, N.A., as Pledgee of – FF&E Reserve Account.” 

“CHI Management Agreement” – means the W Chicago City Center Operating Agreement, dated May 10, 2011, executed
by the CHI Operating Lessee, as “Owner”, and CHI Manager, as “Operator”, together with all modifications, amendments, restatements, extensions, renewals or any replacement management agreement and/or owner agreement entered into
with respect to the management of the CHI Property which is approved by Administrative Agent in its sole discretion. 

“CHI Manager” – means W Hotel Management, Inc., a Delaware corporation or any replacement manager (which shall be
subject to the prior written approval of Administrative Agent in its sole discretion) engaged to manage the CHI Property or any portion thereof. 
 “CHI Operating Account” – means CHI Operating Lessee’s account No. 412-3805756 at Wells Fargo Bank, denominated “CHSP TRS Chicago LLC, W Chicago City Center –
Depository, W Hotel Management, Inc. AAF”. 

  
 5 

 Loan No. 1004873 

 

 “CHI Operating Lease” – means the Lease Agreement, dated
May 10, 2011, executed by the CHI Borrower and the CHI Operating Lessee. 
 “CHI Operating Lessee” –
means CHSP TRS Chicago LLC, a Delaware limited liability company. 
 “CHI Property” – shall have the
meaning given to such term in the Recitals. 
 “Collateral” – means any real or personal property
directly or indirectly securing any of the Obligations or any other obligation of a Person under or in respect of any Loan Document or specified Derivative Contract to which it is a party, and includes, without limitation, the “Subject
Property” under and as defined in each Security Instrument, the Management Agreement and all other property subject to a Lien created by a Security Document. 
 “Commitment” – means, as to each Lender, an amount up to, but not exceeding the amount set forth for such Lender on Schedule 1.1 as such Lender’s “Commitment
Amount” (as the same may be assigned in accordance with this Agreement) in each case as the same may be reduced from time to time pursuant to the terms of this Agreement. 
 “Commitment Percentage” – means, as to each Lender, the ratio, expressed as a percentage, of (a) the amount of such Lender’s Commitment to (b) the aggregate amount of
the Commitments of all Lenders hereunder; provided, however, that if at the time of determination the Commitments have been terminated or been reduced to zero, the “Commitment Percentage” of each Lender with a Commitment
shall be the “Commitment Percentage” of such Lender in effect immediately prior to such termination or reduction. 

“Contracts” – means all contracts, agreements, warranties, guaranties and representations relating to or governing
the use, occupancy, operation, management, name or chain affiliation and/or guest reservation, repair and service of a Property, and all leases, occupancy agreements, concession agreements, and commitments to provide rooms or facilities in the
future, including all amendments, modifications and supplements to any of the foregoing. 
 “Control” –
means, with respect to any Person, the power to direct the management, operation and business of such Person, directly or indirectly, whether through the ownership of voting securities or other beneficial interests, by contract or otherwise.

 “Default” – shall have the meaning given to such term in Section 10.1. 

“Defaulting Lender” – means any Lender which, at any time, shall: (i) fail or refuse to perform any of its
obligations under this Agreement or any other Loan Document to which it is a party within the time period specified for performance of such obligation or, if no time period is specified, if such failure or refusal continues for a period of five
(5) Business Days after notice from the Administrative Agent, (ii) notify Borrower, Administrative Agent or any Lender in writing that it does not intend to comply with any of its funding obligations under this Agreement or has made a
public statement to the effect that it does not intend to comply with its funding obligations under this Agreement or under other agreements in which it commits to extend credit, or (iii) (A) become or be insolvent or have a parent company
that has become or is insolvent or (B) become the subject of a bankruptcy or insolvency proceeding, or have had a 

  
 6 

 Loan No. 1004873 

 

 
receiver, conservator, trustee or custodian appointed for it, or have taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or
appointment or have a parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its
consent to, approval of or acquiescence in any such proceeding or appointment. 
 “Derivative Contract” –
means any swap, derivative, foreign exchange or hedge transaction or arrangement (or other similar transaction or arrangement, howsoever described or defined) transaction entered into by Borrower and an Acceptable Counterparty, including, without
limitation, the Existing Swap and the Existing Cap, together with all documents and agreements relating thereto, including any ISDA Master Agreement, Schedule and/or Confirmation, together with all modifications, extensions, renewals and
replacements thereof. 
 “Derivatives Termination Value” – means, in respect of any one or more
Derivatives Contracts, after taking into account the effect of any legally enforceable netting agreement or provision relating thereto, (a) for any date on or after the date such Derivatives Contracts have been terminated or closed out, the
termination amount or value determined in accordance therewith, and (b) for any date prior to the date such Derivatives Contracts have been terminated or closed out, the then-current mark-to-market value for such Derivatives Contracts,
determined based upon one or more mid-market quotations or estimates provided by any recognized dealer in Derivatives Contracts (which may include the Administrative Agent, any Lender or any Affiliate of any thereof). 

“DSCR” – means the ratio of (a) Adjusted NOI for the most recent twelve-month period for which information is
available (provided, Borrower’s failure to timely deliver financial information as required herein shall not render such information unavailable) to (b) Pro Forma Debt Service calculated as of the date of determination. 

“DCSR Certificate” – means a certificate, in the form attached hereto as Exhibit F, delivered by Borrower to
Administrative Agent as and when required under Section 9.2. 
 “DSCR Failure” – means the
failure to satisfy the Minimum DSCR Hurdle as of the date of determination of such Minimum DSCR Hurdle. 
 “DSCR Test
Date” – means (a) each December 31 and June 30 during the term of the Loan, commencing with December 31, 2012, excluding, however, June 30, 2014 and June 30, 2015, and (b) (i) May 31, 2014,
with respect to the First Option to Extend, and (iii) May 31, 2015 with respect to the Second Option to Extend. 

“Effective Date” – shall have the meaning given to such term in Section 2.9. 

“Effective Rate” – shall have the meaning given to such term in Section 2.2(e). 

“Eligible Assignee” – means (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund and
(d) any other Person (other than a natural person) approved by (i) the Administrative Agent and (ii) unless a Default exists, the Borrower (each such approval not to be unreasonably withheld or delayed); provided that notwithstanding
the foregoing, “Eligible Assignee” shall not include Borrower or any of the Borrower’s Affiliates or Subsidiaries. 

  
 7 

 Loan No. 1004873 

 

 “Eligible Bank” – means any bank approved by Administrative Agent
in its sole discretion to hold deposits from Borrower and its affiliates, which Eligible Bank (a) shall have deposits of at least $1 Billion and capital surplus or regularity capital in excess of $250,000,000 and (b) shall not be subject
to supervisory direction or conservatorship. 
 “Environmental Report” – shall have the meaning given to
such term in Section 7.1(a). 
 “Equipment” – shall have the meaning given to such term in the
Uniform Commercial Code. 
 “Equity Interests” – means, with respect to any Person, any share of capital
stock of (or other ownership or profit interests in) such Person, any warrant, option or other right for the purchase or other acquisition from such Person of any share of capital stock of (or other ownership or profit interests in) such Person
whether or not certificated, any security convertible into or exchangeable for any share of capital stock of (or other ownership or profit interests in) such Person or warrant, right or option for the purchase or other acquisition from such Person
of such shares (or such other interests), and any other ownership or profit interest in such Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant,
option, right or other interest is authorized or otherwise existing on any date of determination. 
 “ERISA”
– means the Employee Retirement Income Security Act of 1974, as amended. 
 “Extended Maturity Date”
– means the First Extended Maturity Date or Second Extended Maturity Date, as applicable. 
 “Existing
Cap” – means ISDA Master Agreement entered into by Borrower with Wells Fargo Bank, dated as of June 28, 2011, and the rate confirmation letter, dated July 8, 2011, referring to trade number 8671012. 

“Existing Swap” – means ISDA Master Agreement entered into by Borrower with Wells Fargo Bank, dated as of
June 28, 2011, and the rate confirmation letter, dated July 8, 2011, referring to trade number 8671058. 

“Federal Funds Rate” – means for any period, a fluctuating interest rate per annum equal for each day during such
period to the weighted average of the rates on overnight Federal Funds transactions with members of the Federal Reserve System arranged by Federal Funds brokers, as published for such day (or, if such day is not a Business Day, for the next
preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the Administrative Agent from
three Federal Funds brokers of recognized standing selected by the Administrative Agent. 

  
 8 

 Loan No. 1004873 

 

 “Fees” – means the fees and commissions provided for or referred
to in Section 2.4 and any other fees payable by the Borrower hereunder, under any other Loan Document or under the Fee Letter. 
 “FF&E” – all furnishings, furniture, fixtures, machinery, apparatus, equipment, fittings, appliances, beds, bureaus, chiffonniers, chests, chairs, desks, lamps, mirrors,
bookcases, tables, rugs, carpeting, drapes, draperies, curtains, shades, venetian blinds, screens, paintings, hangings, pictures, divans, couches, luggage carts, luggage racks, stools, sofas, china, glassware, linens, flatware, uniforms, utensils
and other items of a similar nature, linens, pillows, blankets, glassware, silverware, foodcarts, cookware, dry cleaning facilities, dining room wagons, keys or other entry systems, bars, bar fixtures, liquor and other drink dispensers, icemakers,
radios, television sets, intercom and paging equipment, electric and electronic equipment, dictating equipment, private telephone systems, computers, monitors, printers, other computer equipment, wireless internet equipment, in-room internet
equipment, fiber optic or other internet cable, audio visual equipment, speakers, sound systems, entertainment systems, “disc jockey” systems, projectors, fitness equipment, free weights, treadmills, stationary bicycles,
“stairmasters”, weight machines, spa equipment, massage tables, beauty treatment supplies, hair styling equipment, saloon equipment, sun beds, medical equipment, automobiles, tractors, trailers, golf carts, potted plants, heating, lighting
and plumbing fixtures, fire prevention and extinguishing apparatus, cooling and air-conditioning systems, elevators, escalators, fittings, plants, apparatus, stoves, ranges, refrigerators, laundry machines, tools, machinery, engines, dynamos,
motors, boilers, incinerators, switchboards, conduits, compressors, vacuum cleaning systems, floor cleaning-waxing and polishing equipment, call systems, brackets, electrical signs, bulbs, bells, ash and fuel, conveyors, cabinets, lockers, shelving,
spotlighting equipment, dishwashers, garbage disposals, washers and dryers), building supplies and materials, chattels, goods, consumer goods, inventory, other customary hotel equipment, and all other articles of personal property of every kind and
nature whatsoever, tangible or intangible, now, heretofore or hereafter arising out of or related to the ownership of a Property, or acquired with proceeds of the Loan, or located in, on or about a Property, or used or intended to be used with or in
connection with the construction, use, operation or enjoyment of a Property, excluding any personal property owned by the tenants or a Manager of a Property; together with all replacements and proceeds of, and additions and accessions to, any of the
foregoing. 
 “FF&E Expenses” – means the costs of FF&E actually incurred by a Borrower or
Operating Lessee in accordance with the terms of a Franchise Agreement or Management Agreement, or otherwise in accordance with an Approved Capital Budget. 
 “FF&E Reserve” – shall have the meaning given to such term in Section 8.16. 
 “FF&E Reserve Account(s)” – means, collectively or individually, the CHI FF&E Reserve Account and/or the SF FF&E Reserve Account. 

“FIRREA” – means the Financial Institution Recovery, Reform and Enforcement Act of 1989, as amended. 

“First Extended Maturity Date” – means July 8, 2015. 

  
 9 

 Loan No. 1004873 

 

 “First Option to Extend” – shall have the meaning given to such
term in Section 2.14. 
 “Fixed Rate” – means the Applicable LIBO Rate as accepted by Borrower
as an Effective Rate for a particular Fixed Rate Period and Fixed Rate Portion. 
 “Fixed Rate Commencement
Date” – means the date upon which the Fixed Rate Period commences. 
 “Fixed Rate Notice” –
means a written notice in the form shown on Exhibit H hereto which requests a Fixed Rate for a particular Fixed Rate Period and Fixed Rate Portion. 
 “Fixed Rate Period” – means the period or periods of (a) one, three, or six months; or (b) any other shorter period which ends on the Maturity Date, which periods are
selected by Borrower and confirmed in a Fixed Rate Notice; provided that no Fixed Rate Period shall extend beyond the Maturity Date. 
 “Fixed Rate Portion” – means the portion or portions of the principal balance of the Loan which Borrower selects to have subject to a Fixed Rate, each of which is an amount:
(a) equal to all or a portion of the unpaid principal balance of the Loan not subject to a Fixed Rate; and (b) is not less than One Million and No/100ths Dollars ($1,000,000.00) and is an even multiple of One Hundred Thousand and No/100ths
Dollars ($100,000.00). In the event Borrower is subject to a principal amortization schedule under the terms and conditions of the Loan Documents, the Fixed Rate Portion(s) from time to time in effect shall in no event exceed, in the aggregate, the
maximum outstanding principal balance which will be permissible on the last day of the Fixed Rate Period selected. 

“Fixed Rate Price Adjustment” – shall have the meaning set forth in Section 2.2(h). 

“Fixed Rate Taxes” – means, collectively, all withholdings, interest equalization taxes, stamp taxes or other taxes
(except income and franchise taxes) imposed by any domestic or foreign Governmental Authority and related in any manner to a Fixed Rate. 
 “Franchise Agreement” – means, individually or collectively, as the context requires, (a) the SF Franchise Agreement, (b) any replacement agreement entered into by SF
Borrower in accordance with the terms of this Agreement from time to time, and (c) any franchise agreement entered into by CHI Borrower with respect to the CHI Property in accordance with the terms of this Agreement from time to time.

 “Franchisor” – means, individually or collectively, as the context requires, (a) SF Franchisor and
(b) any franchisor under a Franchise Agreement relating to the CHI Property. 
 “Fund” – means any
Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 

“Funds” – means all money, checks, drafts, instruments, items or other things of value from time to time paid, held
or deposited in or to be deposited in (whether for collection or otherwise), or credited to (whether provisionally or otherwise) the Accounts. 

  
 10 

 Loan No. 1004873 

 

 “GAAP” – means generally accepted accounting principles as set
forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with similar functions
of comparable stature and authority within the accounting profession), or in such other statements by such entity as may be in general use by significant segments of the U.S. accounting profession. 

“General Intangibles” – shall have the meaning given to such term in the Uniform Commercial Code. 

“Governmental Authority” – means any national, state or local government (whether domestic or foreign), any
political subdivision thereof or any other governmental, quasi governmental, judicial, administrative, public or statutory instrumentality, authority, body, agency, bureau, commission, board, department or other entity (including, without
limitation, the Federal Deposit Insurance Corporation, the Comptroller of the Currency or the Federal Reserve Board, any central bank or any comparable authority) or any arbitrator with authority to bind a party at law. 

“Gross Operating Revenues” – means, for any period of time, without duplication, all income and proceeds of sales
of every kind (whether in cash or on credit and computed on an accrual basis) received by a Borrower, Operating Lessee or Manager for the use, occupancy or enjoyment of a Property or the sale of any goods, services or other items sold on or provided
from such Property in the ordinary course of operation of the Property, including, without limitation, all income received from tenants, transient guests, lessees (other than communications equipment lessees or service providers), licensees and
concessionaires and other services to guests at the Property, and the proceeds from business interruption insurance, but excluding the following: (i) any excise, sales or use taxes or similar government charges collected directly from patrons
or guests, or as a part of the sales price of any goods, services or displays, such as gross receipts, admission, cabaret or similar or equivalent taxes; (ii) receipts from condemnation awards or sales in lieu of or under threat of
condemnation; (iii) proceeds of insurance (other than business interruption insurance); (iv) other allowances and deductions as provided by the Uniform System in determining the sum contemplated by this definition, by whatever name, it may
be called; (v) proceeds of sales, whether dispositions of capital assets, FF&E or Equipment (other than sales of Inventory in the ordinary course of business); (vi) gross receipts received by tenants, lessees (other than Operating
Lessee), licensees or concessionaires of such Property; (vii) consideration received at such Property for hotel accommodations, goods and services to be provided at other hotels although arranged by, for or on behalf of, and paid over to, the
applicable Manager; (viii) tips, service charges and gratuities collected for the benefit of employees; (ix) proceeds of any financing; (x) working capital provided by the applicable Borrower or Operating Lessee; (xii) amounts
collected from guests or patrons of such Property on behalf of Property tenants and other third parties; (xii) the value of any goods or services in excess of actual amounts paid (in cash or services) provided by the applicable Manager on a
complimentary or discounted basis; and (xiii) other income or proceeds resulting other than from the use or occupancy of such Property, or any part thereof, or other than from the sale of goods, services or other items sold on or provided from
the Property in the ordinary course of business. Gross Operating Revenues shall be reduced by credits or refunds to guests at the applicable Property. 

  
 11 

 Loan No. 1004873 

 

 “Guarantor(s)” – means, individually or collectively, Parent and
Chesapeake Lodging, L.P., a Delaware limited partnership. 
 “Guaranty”, “Guaranteed” or to
“Guarantee” – as applied to any obligation means and includes: (a) a guaranty (other than by endorsement of negotiable instruments for collection in the ordinary course of business), directly or indirectly, in any manner,
of any part or all of such obligation, or (b) an agreement, direct or indirect, contingent or otherwise, and whether or not constituting a guaranty, the practical effect of which is to assure the payment or performance (or payment of damages in
the event of nonperformance) of any part or all of such obligation whether by: (i) the purchase of securities or obligations, (ii) the purchase, sale or lease (as lessee or lessor) of property or the purchase or sale of services primarily
for the purpose of enabling the obligor with respect to such obligation to make any payment or performance (or payment of damages in the event of nonperformance) of or on account of any part or all of such obligation, or to assure the owner of such
obligation against loss, (iii) the supplying of funds to or in any other manner investing in the obligor with respect to such obligation, (iv) repayment of amounts drawn down by beneficiaries of letters of credit, or (v) the supplying
of funds to or investing in a Person on account of all or any part of such Person’s obligation under a Guaranty of any obligation or indemnifying or holding harmless, in any way, such Person against any part or all of such obligation. As the
context requires, “Guaranty” shall also mean, collectively or individually, the Completion Guaranty and the Limited Guaranty. 
 “Hazardous Materials” – shall have the meaning given to such term in Section 7.1(a). 
 “Hazardous Materials Claims” – shall have the meaning given to such term in Section 7.1(c). 
 “Hazardous Materials Laws” – shall have the meaning given to such term in Section 7.1(b). 
 “Incentive Management Fees” – means, with respect to a Property, amounts denominated in the applicable Management Agreement as “Incentive Management Fees,” or if there is
no such designation, fees in the nature of incentive management fees (other than reimbursements due to Manager for operating expenses and other out-of-pocket costs and expenses in accordance with the Management Agreement) to be paid to the Manager
under the applicable Management Agreement that are in excess of the Base Management Fees. 
 “Indebtedness”
– means, with respect to a Person, at the time of computation thereof, all of the following (without duplication): (a) all obligations of such Person in respect of money borrowed; (b) all obligations of such Person (other than
(x) trade payables incurred in the ordinary course of business and not more than sixty (60) days past due and (y) equipment leases entered into in the ordinary course of business), whether or not for money borrowed
(i) represented by notes payable, or drafts accepted, in each case representing extensions of credit, (ii) evidenced by bonds, debentures, notes or similar instruments, or (iii) constituting purchase money indebtedness, conditional
sales contracts, title retention debt instruments or other similar instruments, upon which interest charges are customarily paid or that are issued or assumed as full or partial payment for property; (c) all reimbursement obligations of such
Person under or in respect of any letters of credit or acceptances (whether or not the same have been 

  
 12 

 Loan No. 1004873 

 

 
presented for payment); (d) net obligations under any Derivative Contract (which shall be deemed to have an amount equal to the Derivatives Termination Value thereof at such time but in no
event shall be less than zero); and (e) all Indebtedness of other Persons which (i) such Person has Guaranteed or is otherwise recourse to such Person or (ii) is secured by a Lien on any property of such Person. 

Indemnifiable Amounts” – shall have the meaning given to such term in Section 11.12. 

“Indemnitee” – shall have the meaning given to such term in Section 12.1. 

“Indemnitor” – means Guarantor, and any other Person that, in any manner, is or becomes obligated to Lender under
any indemnity now or hereafter executed in connection with respect to the Loan (collectively or severally as the context thereof may suggest or require). 
 “Information Materials” – shall have the meaning given to such term in Section 12.25. 
 “Interest Rate Floor” – means one percent (1%) per annum; provided, however, if Borrower and Wells Fargo now or hereafter enter into a Derivative Contract in the form of an
interest rate swap transaction with respect to the Loan, then for the duration of such Derivative Contract, the Interest Rate Floor shall not apply to so much of the principal balance of the Loan as is equal to the notional amount of such Derivative
Contract. 
 “Inventory” – shall have the meaning given to such term in the Uniform Commercial Code,
together with and including within the term “Inventory” (a) items which would be entered on a balance sheet under the line items for “Inventory” and (b) “china, glassware, silver, linen and uniforms” under the
Uniform System of Accounts. 
 “Key Bank Accounts” – means, collectively, the accounts held by Borrower and
Operating Lessee at Key Bank, denominated “CHSP San Francisco LLC Concentration Account”, account No. 359681312344, “CHSP TRS San Francisco LLC Concentration Account”, account No. 359681312351, “CHSP Chicago LLC
Concentration Account”, account No. 359681312369 and “CHSP TRS Chicago LLC Concentration Account”, account No. 359681312377. 
 “Lender” – means each financial institution from time to time party hereto as a “Lender,” together with its respective successors and permitted assigns. With respect to
matters requiring the consent or approval of all Lenders, at any given time, all then existing Defaulting Lenders will be disregarded and excluded, and, for voting purposes only, “all Lenders” shall be deemed to mean “all Lenders
other than Defaulting Lenders.” 
 “Lending Office” means, for each Lender, the office of such Lender
specified in such Lender’s Administrative Questionnaire or in the applicable Assignment and Assumption Agreement, or such other office of such Lender as such Lender may notify Administrative Agent in writing from time to time. 

“LIBO Rate” – is the rate of interest, rounded upward to the nearest whole multiple of one-sixteenth of one percent
(.0625%), quoted by Administrative Agent from time to time as the London Inter-Bank Offered Rate for deposits in U.S. Dollars at approximately 9:00 a.m., two (2)

  
 13 

 Loan No. 1004873 

 

 
Business Days prior to a Fixed Rate Commencement Date or a Price Adjustment Date, as appropriate, for purposes of calculating effective rates of interest for loans or obligations making reference
thereto for an amount approximately equal to a Fixed Rate Portion and for a period of time approximately equal to a Fixed Rate Period or the time remaining in a Fixed Rate Period after a Price Adjustment Date, as appropriate; provided, however, that
in no event shall the LIBO Rate be less than Interest Rate Floor. 
 “LIBOR Market Index Rate” means at any
time the rate of interest, rounded up to the nearest whole multiple of one-hundredth of one percent (.01%), obtained by dividing (i) the rate of interest, rounded upward to the nearest whole multiple of one-sixteenth of one percent (0.0625%),
quoted by the Administrative Agent from time to time as the London Inter-Bank Rate for one-month deposits in U.S. Dollars at approximately 9:00 a.m. Pacific time for such day; provided, if such day is not a Business Day, the immediately
preceding Business Day by (ii) a percentage equal to one (1) minus the stated maximum rate (stated as a decimal) of all reserves, if any, required to be maintained with respect to Eurocurrency funding (currently referred to as
“Eurocurrency liabilities”) as specified in Regulation D of the Board of Governors, of the Federal Reserve System (or against any other category of liabilities which includes deposits by reference to which the interest rate on LIBOR
loans is determined or any applicable category of extensions of credit or other assets which includes loans by an office of any Lender outside of the United States of America); provided, however, that in no event shall LIBOR Market Index Rate be
less than the Interest Rate Floor. Any change in such maximum rate shall result in a change in the LIBOR Market Index Rate on the date on which such change in such maximum rate becomes effective. 

“Licenses” – shall have the meaning given to such term in Section 6.15. 

“Lien” – as applied to the property of any Person means: (a) any security interest, encumbrance, mortgage,
deed to secure debt, deed of trust, assignment of leases or rents, pledge, lien, hypothecation, assignment, charge or lease constituting a Capitalized Lease Obligation, conditional sale or other title retention agreement, or other security title or
encumbrance of any kind in respect of any property of such Person, or upon the income, rents or profits therefrom; (b) any arrangement, express or implied, under which any property of such Person is transferred, sequestered or otherwise
identified for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to the payment of the general, unsecured creditors of such Person; (c) the filing of any financing statement
under the UCC or its equivalent in any jurisdiction (other than a financing statement filed by a “true” lessor pursuant to Section 9408 (or a successor section) of the UCC); and (d) any agreement by such Person to grant, give or
otherwise convey any of the foregoing. 
 “Limited Guaranty” – means that certain Amended and Restated
Limited Guaranty, dated of even date herewith, by Guarantor in favor of Administrative Agent, for the benefit of Lenders. 

“Loan” – means the principal sum of $130,000,000 that Lenders have agreed to lend and Borrower has agreed to borrow
pursuant to the terms and conditions of this Agreement. 
 “Loan Account” – shall have the meaning given
to such term in Section 2.16. 

  
 14 

 Loan No. 1004873 

 

 “Loan Documents” – means those documents, as hereafter amended,
supplemented, replaced or modified, properly executed and in recordable form, if necessary, listed in Exhibit B as Loan Documents. 
 “Loan Party” – means each Borrower, each Operating Lessee, each Guarantor, and each other Person who guarantees all or a portion of the Obligations and/or who pledges any Collateral
to secure all or a portion of the Obligations. 
 “Loan-to-Value Ratio” – means the ratio, expressed as a
percentage, of the aggregate outstanding principal amount of the Loan, as of the date of determination, to the Appraised Value of the Property remaining encumbered by a Security Instrument as of such date, in the aggregate. 

“Lockout Date” – shall have the meaning given to such term in Section 2.7(a). 

“Major Lease” – means a Lease that demises more than 5,000 rentable square feet of the Property. 

“Major Renovations” – means Renovations (including all Renovations that are part of an overall plan or that are
similar or related to other Renovations, even though not performed at the same time) that (a) have resulted in, or are reasonably expected to result in, more than twenty-five percent (25%) of the rooms at a Property not being available for
occupancy for a period of more than sixty (60) days, (b) have a projected cost that exceeds twenty percent (20%) of the Book Value of the applicable Property (as determined prior to the commencement of such Renovations) or
(c) have resulted in, or are reasonably expected to result in, a reduction of Net Operating Income of the applicable Property of twenty percent (20%) or more during any period of twelve (12) consecutive months (as compared to the
period of twelve (12) consecutive months immediately prior to the commencement of such Renovations). 
 “Management
Agreement” – means, collectively, the CHI Management Agreement and SF Management Agreement. 
 “Management
Agreement Assignment/Subordination” – means, with respect to the Property, a document or documents, in form and substance satisfactory to Administrative Agent, pursuant to which (a) Operating Lessee assigns the Management
Agreement for the Property to Administrative Agent for its benefit and the benefit of Lenders as Collateral and (b) Manager acknowledges and agrees to such assignment and subordinates the Management Agreement to the applicable Security
Instrument on terms and conditions reasonably satisfactory to Administrative Agent. 
 “Manager” – means,
collectively or individually, CHI Manager, SF Manager, or any replacement manager (which shall be subject to the prior written approval of Administrative Agent in its sole discretion) engaged to manage a Property or any portion thereof. 

“Material Adverse Change” – means a change, circumstance, or occurrence that Administrative Agent reasonably
expects to have a Material Adverse Effect. 

  
 15 

 Loan No. 1004873 

 

 “Material Adverse Effect” – means a materially adverse effect on
(a) the business, assets, liabilities, condition (financial or otherwise), results of operations or business prospects of the Loan Parties taken as a whole, (b) the ability of a Borrower or any other Loan Party to perform its material
obligations under any Loan Document to which it is a party, (c) the validity or enforceability of any of the Loan Documents, (d) the rights and remedies of Lenders and Administrative Agent under any of the Loan Documents, or (e) a
Property. 
 “Material Contract” – means (a) each Management Agreement, (b) each Franchise
Agreement, (c) each Operating Lease, (d) any Major Lease, (e) any material agreement relating to parking for a Property, and (f) any other contract or other arrangement (other than Loan Documents), whether written or oral, to
which a Borrower or any other Loan Party is a party as to which the breach, nonperformance, cancellation or failure to renew by any party thereto could reasonably be expected to have a Material Adverse Effect. 

“Maturity Date” – means the Original Maturity Date, the First Extended Maturity Date, or the Second Extended
Maturity Date, as applicable. 
 “Minimum DSCR Hurdle” – means the following ratio: 

 

			
	 Effective Date
	  	Minimum DSCR
Hurdle
		
	 From December 31, 2012 through, but not including, June 29, 2013
	  	1.20:1.00
		
	 From June 30, 2013 through, but not including, May 31, 2014
	  	1.25:1.00
		
	 From May 31, 2014 through, but not including, May 31, 2015
	  	1.35:1.00
		
	 From and after May 31, 2015
	  	1.40:1.00

 If, however, either Property is released from the lien of the Security Deed recorded against such
Property pursuant to the terms of Section 2.12 below, then from and after the date on which such Property is released, the Minimum DSCR Hurdle shall mean 1.50:1.00. 

“Moody’s” – means Moody’s Investor Service, Inc. 

“Negative Pledge” – means, with respect to a given asset, any provision of a document, instrument or agreement
(other than any Loan Document) which prohibits or purports to prohibit the creation or assumption of any Lien on such asset as security for Indebtedness of the Person owning such asset or any other Person; provided, however, that an
agreement that conditions a Person’s ability to encumber its assets upon the maintenance of one or more specified ratios that limit a Person’s ability to encumber its assets but that do not generally prohibit the encumbrance of its assets,
or the encumbrance of specific assets, shall not constitute a Negative Pledge. 

  
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 Loan No. 1004873 

 

 “Net Operating Income” – means the amount by which the Gross
Operating Revenues from the Property exceed the Permitted Operating Expenses of the Property, in the aggregate. 

“Non-Pro Rata Advance” shall mean a Protective Advance or a disbursement under the Loan with respect to which fewer than
all Lenders have funded their respective Pro Rata Shares in breach of their obligations under this Agreement. 

“Note” – means each promissory note of Borrower substantially in the form of Exhibit G, payable to the
order of a Lender in a principal amount equal to the amount of such Lender’s Commitment. All of such Notes are referred to herein collectively as the “Notes”. 

“Obligations” – means, individually and collectively: (a) the aggregate principal balance of, and all accrued
and unpaid interest on, the Loan; (b) all other indebtedness, liabilities, obligations, covenants and duties of Borrower or any of the other Loan Parties owing to Administrative Agent or any Lender of every kind, nature and description, under
or in respect of this Agreement or any of the other Loan Documents, including, without limitation, the Fees and indemnification obligations, whether direct or indirect, absolute or contingent, due or not due, contractual or tortious, liquidated or
unliquidated, and whether or not evidenced by any promissory note; and (c) any and all obligations of Borrower to Wells Fargo Bank, National Association, as a counterparty to any Derivative Contract entered into pursuant to the terms of this
Agreement. 
 “Operating Account” – means collectively, the CHI Operating Account and the SF Operating
Account. 
 “Operating Lease” – means, collectively, the CHI Operating Lease and the SF Operating Lease.

 “Operating Lessee” – means, collectively, the CHI Operating Lessee and the SF Operating Lessee.

 “Option to Extend” – means the First Option to Extend and/or the Second Option to Extend. 

“Original Maturity Date” – shall mean July 8, 2014. 

“Other Related Documents” – means those documents, as hereafter amended, supplemented, replaced or modified from
time to time, properly executed and in recordable form, if necessary, listed in Exhibit B as Other Related Documents. 

“Parent” – means Chesapeake Lodging Trust, a Maryland real estate investment trust. 

“Participant” – shall have the meaning given to such term in Section 12.12(b). 

“Permitted Debt” – shall mean the Indebtedness permitted pursuant to Section 8.25. 

“Permitted Liens” – means, collectively, (i) those matters listed on Schedule B to each Title Policy,
(ii) liens with respect to equipment leases with an aggregate value of no more than 

  
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 Loan No. 1004873 

 

 
$1,000,000 at any time, and (iii) Liens for Taxes (excluding any Lien imposed pursuant to any of the provisions of ERISA or pursuant to any Hazardous Materials Law) which are not at the time
required to be paid or discharged under Section 8.17, (iv) Liens consisting of deposits or pledges made, in the ordinary course of business, in connection with, or to secure payment of, obligations under workers’ compensation,
unemployment insurance or similar Applicable Laws; (v) Liens consisting of encumbrances in the nature of zoning restrictions, easements, and rights or restrictions of record on the use of real property, which do not materially detract from the
value of the Property or impair the intended use thereof in the business of such Person; (vi) Liens imposed by laws, such as mechanics’ liens and other similar liens, arising in the ordinary course of business which secure payment of
obligations not more than sixty (60) days past due; (vii) the rights of tenants under leases or subleases not interfering with the ordinary conduct of business of such Person; (viii) Liens in favor of the Administrative Agent for its
benefit and the benefit of the Lenders; (ix) Liens permitted under any Security Documents; (x) judgment Liens not in excess of $250,000 (exclusive of (1) any amounts that are duly bonded to the satisfaction of Administrative Agent in
its reasonable discretion or (2) any amount covered by insurance to the satisfaction of Administrative Agent in its reasonable discretion); (xi) deposits or pledges to secure bids, tenders, contracts (other than contracts for payment of
money), leases, regulatory or statutory obligations, surety and appeal bonds and other obligations of like nature arising in the ordinary course of business; (xii) Liens on leased personal property to secure the lease obligations associated
with such property; (xiii) the Operating Lease and (xiv) any other matters from time to time that are not material and that are approved in writing by Administrative Agent, but specifically excluding Liens securing monetary obligation.

 “Permitted Operating Expenses” – means, for any period of time, all costs and expenses of maintaining,
conducting and supervising the operation of the Property which are properly attributable to the period under consideration under Borrower’s system of accounting, including without limitation: 

(a) the cost of all food and beverages sold or consumed and of all Inventory; 

(b) salaries and wages of personnel employed at the Property, including costs of payroll taxes and employee benefits and all other
expenses not otherwise specifically referred to in this paragraph which are referred to as “Administrative and General Expenses” in the Uniform System; 
 (c) the cost of all other goods and services obtained by Manager in connection with its operation of the Property including, without limitation, heat and utilities, office supplies and all services
performed by third parties, including leasing expenses in connection with telephone and data processing equipment; 
 (d) the
cost of repairs to and maintenance of the Property (excluding capital expenditures); 
 (e) insurance premiums for all insurance
maintained with respect to the Property, including without limitation, property damage insurance, public liability insurance, and such business interruption or other insurance as may be provided for protection against claims, liabilities and losses
arising from the use and operation of the Property and losses incurred with respect to deductibles applicable to the foregoing types of insurance; 

  
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 Loan No. 1004873 

 

 (f) workers’ compensation insurance or insurance required by similar employee
benefits acts; 
 (g) all personal property taxes, real estate taxes, assessments, and any other ad valorem taxes imposed on or
levied in connection with the Property (less refunds, offsets or credits thereof, and interest thereon, if any, received during the period in question) and all other taxes, assessments and other charges (other than federal, state or local income
taxes and franchise taxes or the equivalent) payable by or assessed against Manager, Borrower or Operating Lessee with respect to the operation of the Property and water and sewer charges; 

(h) all sums deposited into any maintenance or capital expenditure reserve, including the amount of the applicable FF&E Reserve;

 (i) legal fees related to the operation of the Property; 

(j) the costs and expenses of technical consultants and specialized operational experts for specialized services in connection with
non-recurring work on operational, functional, decorating, design or construction problems and activities, including the fees (if any) of Manager in connection therewith, such as ADA studies, life safety reviews, and energy efficiency studies;

 (k) all expenses for marketing the Property, including all expenses of advertising, sales promotion and public relations
activities; 
 (l) utility taxes and other taxes (as those terms are defined in the Uniform System) and municipal, county and
state license and permit fees; 
 (m) all fees (including base and incentive fees), assessments, royalties and charges payable
under the Management Agreement and Franchise Agreement; 
 (n) reasonable reserves for uncollectible accounts receivable;

 (o) credit card fees, travel agent commissions and other third-party reservation fees and charges; 

(p) all parking charges and other expenses associated with revenues received by Manager related to parking operations, including valet
services; 
 (q) common expenses charges, common area maintenance charges and similar costs and expenses; and 

(r) any other cost or charge classified as an Operating Expense or an Administrative and General Expense under the Uniform System in the
Management Agreement unless specifically excluded under the provisions of this Agreement. 
 Permitted Operating Expenses shall
not include (a) depreciation and amortization except as otherwise provided in this Agreement; (b) the cost of any item specified in the Management Agreement to be provided at Manager’s sole expense; (c) debt service;
(d) capital repairs and other expenditures which are normally treated as capital expenditures under the Uniform System or GAAP; or (e) other recurring or non-recurring ownership costs such as partnership or limited liability company
administration and costs of changes to business and liquor licenses. 

  
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 Loan No. 1004873 

 

 “Person” – means any individual, entity, corporation, general or
limited partnership, limited liability company, joint venture, estate, trust, association or other entity or governmental authority. 
 “Personal Property” – means, collectively, the Accounts, Chattel Paper, Contracts, Equipment, General Intangibles, Inventory, FF&E (except to the extent any such FF&E
constitutes fixtures), vehicles and cash on hand at each Property; together with all books, records and files relating to any of the foregoing. 
 “PIP” – means a property improvement plan for a Property, or any portion thereof, prepared by a franchisor or manager of the Property. 

“Post Foreclosure Plan” – shall have the meaning set forth in Section 11.8. 

“Potential Default” – means an occurrence that but for the passage of time or giving of notice, or both, would
constitute a Default hereunder. 
 “Prepayment Fees” – means fees required to be paid as a result of, or
condition to pre-paying the principal sum of any loan in accordance with Section 2.7(a). 
 “Price
Adjustment Date” – shall have the meaning set forth in Section 2.2(h). 
 “Pro Forma Debt
Service” – means, on any day, the Dollar amount equal to the greater of (a) annual debt service (interest only) on the outstanding principal balance of the Loan, assuming an all-in rate equal to the greater of (i) ten percent
(10%) or (ii) the highest actual rate at which interest is then payable on the Loan or (b) annual debt service on the outstanding principal balance of the Loan, assuming an interest rate equal to the then prevailing rate on United
States Treasury bonds, plus three and one-half of one percent (3.50%), with a maturity of ten (10) years, and a 25-year amortization schedule. 
 “Pro Rata Share” – means, as to each Lender, the ratio, expressed as a percentage, of (a) the amount of such Lender’s Commitment to (b) the aggregate amount of the
Commitments of all Lenders hereunder; provided, however, that if at the time of determination the Commitments have terminated or been reduced to zero, the “Pro Rata Share” of each Lender shall be the Pro Rata Share of such Lender in effect
immediately prior to such termination or reduction. 
 “Proceeding” – shall have the meaning given to such
term in Section 8.10. 
 “Proceeds” – shall have the meaning given to such term in the Uniform
Commercial Code, and shall include, without limitation, whatever is receivable or received when Account Collateral or proceeds thereof is sold, leased, collected, exchanged or otherwise disposed of, whether such disposition is voluntary or
involuntary, and includes, without limitation, all rights to payment, including return premiums, with respect to any insurance relating thereto (whether or not Lender is loss payee thereof) and all rights to payment with respect to any cause of
action relating to any of the Account Collateral. 
 “Property” – means, individually or collectively, as
the context requires, either or both of the CHI Property and the SF Property. 

  
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 Loan No. 1004873 

 

 “Property Release” – shall have the meaning given to such term in
Section 2.12. 
 “Protective Advance” – means all sums expended as determined by
Administrative Agent to be necessary or appropriate after Borrower fails to do so when required: (a) to protect the validity, enforceability, perfection or priority of the Liens in any of the Collateral and the instruments evidencing the
Obligations; (b) to prevent the value of any Collateral from being materially diminished; or (c) to protect any of the Collateral from being materially damaged, impaired, mismanaged or taken, including, without limitation, any amounts
expended in connection therewith in accordance with Section 11.7(e). 
 “Regulatory Change” –
means, with respect to any Lender, any change effective after the Agreement Date in Applicable Law (including without limitation, Regulation D of the Board of Governors of the Federal Reserve System) or the adoption or making after such date of any
interpretation, directive or request applying to a class of banks, including such Lender, of or under any Applicable Law (whether or not having the force of law and whether or not failure to comply therewith would be unlawful) by any Governmental
Authority or monetary authority charged with the interpretation or administration thereof or compliance by any Lender with any request or directive regarding capital adequacy. 
 “Regulatory Costs” – are, collectively, future, supplemental, emergency or other changes in Reserve Percentages, assessment rates imposed by the Federal Deposit Insurance
Corporation, or similar requirements or costs imposed by any domestic or foreign Governmental Authority and related in any manner to a Fixed Rate. 
 “REIT” – means a Person qualifying for treatment as a “real estate investment trust” under the Internal Revenue Code. 

“Release DSCR” – shall have the meaning given to such term in Section 2.12. 

“Remargin Payments” – shall have the meaning given to such term in Section 2.7(b)(i). 

“Renovations” – means any renovations, remodeling or other capital improvements at the Property (whether performed
pursuant to a PIP or otherwise), but not routine maintenance or repairs. 
 “Requisite Lenders” – means,
as of any date, Lenders (which must include Lender then acting as Administrative Agent) having at least 66 2/3% of the aggregate amount of the Commitments, or, if the Commitments have been terminated or reduced to zero, Lenders holding at least 66
2/3% of the aggregate principal amount of the outstanding Loans; provided that (i) in determining such percentage at any given time, all then existing Defaulting Lenders will be disregarded and excluded, and the Pro Rata Shares shall be
redetermined, for voting purposes only, to exclude the Pro Rata Shares of such Defaulting Lenders and, (ii) at all time when two (2) or more Lenders are party to this Agreement, the term “Requisite Lenders” shall in no event mean
less than two (2) Lenders. 
 “Reserve Percentage” – is at any time the percentage announced by
Administrative Agent as the reserve percentage under Regulation D for loans and obligations making reference to an Applicable LIBO Rate for a Fixed Rate Period or time remaining in a Fixed Rate Period on

  
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 Loan No. 1004873 

 

 
a Price Adjustment Date, as appropriate. The Reserve Percentage shall be based on Regulation D or other regulations from time to time in effect concerning reserves for Eurocurrency Liabilities as
defined in Regulation D from related institutions as though Administrative Agent were in a net borrowing position, as promulgated by the Board of Governors of the Federal Reserve System, or its successor. 

“S&P” – means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.

 “Second Extended Maturity Date” – means July 8, 2016. 

“Second Option to Extend” – shall have the meaning given to such term in Section 2.14. 

“Secured Obligations” – shall have the meaning given in Section 3.4. 

“Securities Act” – means the Securities Act of 1933, as amended from time to time, together with all rules and
regulations issued thereunder. 
 “Security Deed” – means, individually and collectively, as the context
requires, (i) that certain Deed of Trust with Absolute Assignment of Leases and Rents, Security Agreement and Fixture Filing dated as of December 15, 2010, executed by SF Borrower and the SF Operating Lessee, as trustor, in favor of
Administrative Agent for its benefit and the benefit of Lenders, as beneficiary, as amended by the First Amendment to Deed of Trust with Absolute Assignment of Leases and Rents, Security Agreement and Fixture Filing, dated the date hereof, and as
hereafter amended, supplemented, replaced or modified, and (ii) that certain Mortgage, Security Agreement, Fixture Filing, and Assignment of Leases and Rents of even date herewith executed by CHI Borrower and the CHI Operating Lessee, as
mortgagor, in favor of Administrative Agent for its benefit and the benefit of Lenders, as mortgagee, as hereafter amended, supplemented, replaced or modified. 
 “Security Documents” – means the Security Deed, the Management Agreement Assignment/Subordination, and any security agreement, pledge agreement, financing statement, or other
document, instrument or agreement creating, evidencing or perfecting Administrative Agent’s Liens in any of the Collateral. 
 “Security Instruments” – means, collectively, any mortgage, deed of trust, deed to secure debt, indemnity deed of trust, leasehold mortgage, leasehold deed of trust, any amendment to
or amendment and restatement of any of the preceding, including without limitation, the Security Deed. 
 “Senior
Loans” – shall have the meaning given to such term in Section 11.4(b). 
 “Separateness
Provisions” – shall have the meaning given to such term in Section 6.25(c). 
 “SF FF&E
Reserve Account” – means SF Borrower’s account No. 4122115561 at Wells Fargo Bank, denominated “CHSP San Francisco LLC, Pledgor, Wells Fargo Bank, N.A., as Pledgee of – FF&E Reserve Account.” 

  
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 Loan No. 1004873 

 

 “SF Franchise Agreement” – means the Conversion License Agreement,
dated April 25, 2006, executed by SF Franchisor, as “Licensor”, and HEI San Francisco LLC, a Delaware limited liability company (“HEI”), as “Licensee”, as amended by First Amendment to License Agreement
between Franchisor and HEI dated November 1, 2007, together with the Starwood Technology and Reservations Services Agreement dated April 25, 2006 executed by Franchisor and HEI, as such documents are assigned from HEI to Operating Lessee
pursuant to that certain Assignment and Assumption Agreement and Second Amendment dated December 15, 2010. 
 “SF
Franchisor” – means Starwood (M) International, Inc., a Delaware corporation or any replacement franchisor approved by Administrative Agent in its sole discretion. 

“SF Management Agreement” – means the Management Agreement, dated December 15, 2010, executed by the SF
Operating Lessee, as “Owner”, and SF Manager, as “Operator”, together with all modifications, amendments, restatements, extensions, renewals and or any replacement management agreement and/or owner agreement entered into with
respect to the management of the SF Property and approved by Administrative Agent in its sole discretion. 
 “SF
Manager” – means Merritt Hospitality, LLC, a Delaware limited liability company, or any replacement manager (which shall be subject to the prior written approval of Administrative Agent in its sole discretion) engaged to manage the SF
Property or any portion thereof. 
 “SF Operating Account” – means an account with Lender, account number
4122115546, in the name of SF Operating Lessee or SF Operating Lessee’s designee into which (i) all Gross Operating Revenues of the SF Property, will be deposited, and (ii) Loan proceeds, if any, may be deposited. 

“SF Operating Lease” – means, the Lease Agreement, dated December 15, 2010, executed by the SF Borrower and
the SF Operating Lessee. 
 “SF Operating Lessee” – means CHSP TRS San Francisco LLC, a Delaware limited
liability company. 
 “SF Property” – shall have the meaning given to such term in the Recitals.

 “Solvent” – means, when used with respect to any Person, that (a) the fair value and the fair
salable value of its assets (excluding any Indebtedness due from any affiliate of such Person) are each in excess of the fair valuation of its total liabilities (including all contingent liabilities); (b) such Person is able to pay its debts or
other obligations in the ordinary course as they mature; and (c) such Person has capital not unreasonably small to carry on its business and all business in which it proposes to be engaged. 

“Subdivision Map” – shall have the meaning given to such term in Section 8.6. 

“Subordinated Debt” – means Indebtedness for money borrowed of any of the Loan Parties that is fully unsecured and
subordinated in right of payment and otherwise to the Loan and the other Obligations in a manner satisfactory to Administrative Agent in its sole and absolute discretion. 

  
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 Loan No. 1004873 

 

 “Subsidiary” – means, for any Person, any corporation,
partnership, limited liability company or other entity of which at least a majority of the Equity Interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other individuals performing similar
functions of such corporation, partnership, limited liability company or other entity (without regard to the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such
Person or by such Person and one or more Subsidiaries of such Person, and shall include all Persons the accounts of which are consolidated with those of such Person pursuant to GAAP. 

“Tax”, and collectively, “Taxes” – shall have the meaning given to such term in
Section 8.17. 
 “Tenant Lease” – means any lease, sublease or other similar occupancy
agreement for any portion of the Property. 
 “Title Policy” – means, individually or collectively, as the
context requires, those ALTA Lender’s Policies of Title Insurance as issued by Chicago Title Insurance Company in connection with the Loan. 
 “Transfer” – shall mean any sale, installment sale, exchange, mortgage, pledge, hypothecation, assignment, encumbrance or other transfer, conveyance, in any case whether voluntarily,
involuntarily or by operation of law or otherwise. 
 “Uniform Commercial Code” – means the Uniform
Commercial Code as in effect in the state in which the Property is located. 
 “Uniform System” – means
the Uniform System of Accounts for the Lodging Industry, Tenth Revised Edition, 2006, as published by the Educational Institute of the American Hotel & Lodging Association, as revised from time to time to the extent such revision has been
or is in the process of being generally implemented within the lodging industry. 
 “Variable Rate” shall mean
the sum of: (a) the LIBOR Market Index Rate, plus (b) three and sixty-five one-hundredths percent (3.65%); provided, that if for any reason the LIBOR Market Index Rate is unavailable, Variable Rate shall mean the sum of:
(a) the per annum rate of interest equal to the Federal Funds Rate plus 1.50%, plus (b) three and sixty-five one-hundredths percent (3.65%). 
 “Wells Fargo” – means Wells Fargo Bank, National Association. 
 “Wholly Owned Subsidiary” – means any Subsidiary of a Person in respect of which all of the Equity Interests (other than, in the case of a corporation, directors’ qualifying
shares) are at the time directly or indirectly owned or controlled by such Person or one or more other Subsidiaries of such Person or by such Person and one or more other Subsidiaries of such Person. 

1.2 Exhibits Incorporated. All recitals, exhibits, schedules and/or other items attached hereto are incorporated into this Agreement by
such attachment for all purposes. 

  
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 Loan No. 1004873 

 

 ARTICLE 2 
 LOAN 
 2.1 Loan. By and subject to the terms of this Agreement, Lenders agree
to lend to Borrower, and Borrower agrees to borrow from Lenders, the principal sum of ONE HUNDRED THIRTY MILLION AND NO/THS DOLLARS ($130,000,000.00), said sum to be evidenced by the Notes. The Notes shall be secured, in part, by the Security Deeds
each encumbering certain real property and improvements as legally defined therein. Amounts disbursed to or on behalf of Borrower pursuant to the Notes shall be used (i) to reimburse Borrower for costs incurred in the acquisition of the CHI
Property, (ii) for general corporate purposes and (iii) for such other purposes and uses as may be permitted under this Agreement and the other Loan Documents. 
 2.2 Rates and Payment of Interest on Loans. 
 (a) Interest
Payments. Interest accrued on the outstanding principal balance of the Loan shall be due and payable, in the manner provided in Section 2.3, on the first day of each month commencing with the first month after the Effective Date.

 (b) Default Interest. Notwithstanding the rates of interest specified in Section 2.2(e) below and the
payment dates specified in Section 2.2(a), at Requisite Lenders’ discretion at any time following the occurrence and during the continuance of any Default, the principal balance of the Loan then outstanding and, to the extent
permitted by applicable law, any interest payments on the Loan not paid when due, shall bear interest payable upon demand at the Alternate Rate. All other amounts due Administrative Agent or Lenders (whether directly or for reimbursement) under this
Agreement or any of the other Loan Documents if not paid when due, or if no time period is expressed, if not paid within ten (10) days after demand, shall likewise, at the option of Requisite Lenders, bear interest from and after demand at the
Alternate Rate. 
 (c) Late Fee. Borrower acknowledges that any late payment to Administrative Agent will cause
Administrative Agent and Lenders to incur costs not contemplated by this Agreement. Such costs include, without limitation, processing and accounting charges. Therefore, if Borrower fails timely to pay any sum due and payable hereunder through the
Maturity Date (other than payment of the entire outstanding balance of the Loan on the Maturity Date), unless waived by Administrative Agent, a late charge of four cents ($.04) for each dollar of any such principal payment, interest or other charge
due hereon and which is not paid within fifteen (15) days after such payment is due, shall be charged by Administrative Agent for the benefit of Lenders and paid by Borrower for the purpose of defraying the expense incident to handling such
delinquent payment. Borrower and Administrative Agent agree that this late charge represents a reasonable sum considering all of the circumstances existing on the date hereof and represents a fair and reasonable estimate of the costs that
Administrative Agent and Lenders will incur by reason of late payment. Borrower and Administrative Agent further agree that proof of actual damages would be costly and inconvenient. In the event the maturity of the Obligations hereunder occurs or is
accelerated pursuant to Section 10.2, this Section shall apply only to payments overdue prior to the time of such acceleration. Acceptance of any late charge shall not constitute a waiver of the default with respect to the overdue
installment, and shall not prevent Administrative Agent from exercising any of the other rights available hereunder or any other Loan Document. Such late charge shall be paid without prejudice to any other rights of Administrative Agent. 

  
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 Loan No. 1004873 

 

 (d) Computation of Interest. Interest shall be computed on the basis of the
actual number of days elapsed in the period during which interest or fees accrue and a year of three hundred sixty (360) days on the principal balance of the Loan outstanding from time to time. In computing interest on the Loan, the date of the
making of a disbursement under the Loan shall be included and the date of payment shall be excluded. Notwithstanding any provision in this Section 2.2, interest in respect of the Loan shall not exceed the maximum rate permitted by
applicable law. 
 (e) Effective Rate. The “Effective Rate” upon which interest shall be calculated for
the Loan shall, from and after the Effective Date of this Agreement, be one or more of the following: 
 (i)
Provided no Default exists under this Agreement: 
 (A) for those portions of the principal balance of the Notes which are not
Fixed Rate Portions, the Effective Rate shall be the Variable Rate. 
 (B) for those portions of the principal balance of the
Notes which are Fixed Rate Portions, the Effective Rate for the Fixed Rate Period thereof shall be the Fixed Rate selected by Borrower and set in accordance with the provisions hereof, provided, however, if any of the transactions
necessary for the calculation of interest at any Fixed Rate requested or selected by Borrower should be or become prohibited or unavailable to Administrative Agent, or, if in Administrative Agent’s good faith judgment, it is not possible for
Administrative Agent to set a Fixed Rate for a Fixed Rate Portion and Fixed Rate Period as requested or selected by Borrower, the Effective Rate for such Fixed Rate Portion shall remain at or revert to the Variable Rate. 

(ii) During such time as a Default exists under this Agreement; or from and after the date on which all sums owing under
the Notes become due and payable by acceleration or otherwise; or from and after the date on which the Collateral or any portion thereof or interest therein, is sold, transferred, mortgaged, assigned, or encumbered, whether voluntarily or
involuntarily, or by operation of law or otherwise, without Administrative Agent’s prior written consent, other than as permitted by the Loan Documents (whether or not the sums owing under the Notes become due and payable by acceleration); or
from and after the Maturity Date, then at the option of Requisite Lenders in each case, the interest rate applicable to the then outstanding principal balance of the Loan shall be the Alternate Rate. 

(f) Selection of Fixed Rate. Provided no Default or Potential Default exists under this Agreement, Borrower, at its option and
upon satisfaction of the conditions set forth herein, may request a Fixed Rate as the Effective Rate for calculating interest on the portion of the unpaid principal balance and for the period selected in accordance with and subject to the following
procedures and conditions, provided, however, that Borrower may not have in effect at any one time more than five (5) Fixed Rates: 
 (i) Borrower shall deliver to the Wells Fargo Bank Loan Center Attn: Shirell Allison, One West Fourth Street, 3rd Floor, Winston-Salem, North Carolina 27101, with a copy to: Administrative Agent, Wells
Fargo Bank, N.A., 1750 H Street, NW, #550, Washington, D.C. 20006, Attention: Mark F. Monahan, or such other addresses as Administrative Agent shall designate, an original or facsimile Fixed Rate Notice no later than 9:00 A.M., and not less than
three (3) nor more than five (5) Business Days prior to the proposed Fixed Rate Period for each Fixed Rate Portion. Any Fixed Rate Notice pursuant to this subsection (i) is irrevocable. 

  
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 Loan No. 1004873 

 

 (ii) Administrative Agent is authorized to rely upon the telephonic
request and acceptance of Graham J. Wootten or Doug Vicari, acting alone, as Borrower’s duly authorized agents, or such additional authorized agents as Borrower shall designate in writing to Administrative Agent. Borrower’s telephonic
notices, requests and acceptances shall be directed to such officers of Administrative Agent as Administrative Agent may from time to time designate. 
 (iii) Borrower may elect (A) to convert Variable Rate advances to a Fixed Rate Portion, or (B) to convert a matured Fixed Rate Portion into a new Fixed Rate Portion, provided,
however, that the aggregate amount of the advance being converted into or continued as a Fixed Rate Portion shall comply with the definition thereof as to Dollar amount. The conversion of a matured Fixed Rate Portion back to a Variable Rate
or to a new Fixed Rate Portion shall occur on the last Business Day of the Fixed Rate Period relating to such Fixed Rate Portion. Each Fixed Rate Notice shall specify (A) the amount of the Fixed Rate Portion, (B) the Fixed Rate Period, and
(C) the Fixed Rate Commencement Date. 
 (iv) Upon receipt of a Fixed Rate Notice in the proper form
requesting a Fixed Rate Portion advance under subsections (i) and (ii) above, Administrative Agent shall determine the Fixed Rate applicable to the Fixed Rate Period for such Fixed Rate Portion two (2) Business Days prior to the
beginning of such Fixed Rate Period. Each determination by Administrative Agent of the Fixed Rate shall be conclusive and binding upon the parties hereto in the absence of manifest error. Administrative Agent shall deliver to Borrower and each
Lender (by facsimile) an acknowledgment of receipt and confirmation of the Fixed Rate Notice; provided, however, that failure to provide such acknowledgment of receipt and confirmation of the Fixed Rate Notice to Borrower or any Lender
shall not affect the validity of such rate. 
 (v) If Borrower does not make a timely election to convert all or
a portion of a matured Fixed Rate Portion into a new Fixed Rate Portion in accordance with this Section 2.2(f) above, such Fixed Rate Portion shall be automatically converted back to a Variable Rate upon the expiration of the Fixed Rate
Period applicable to such Fixed Rate Portion. 

  
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 Loan No. 1004873 

 

 (g) Fixed Rate Taxes, Regulatory Costs and Reserve Percentages. Upon
Administrative Agent’s demand, Borrower shall pay to Administrative Agent for the account of each Lender, in addition to all other amounts which may be, or become, due and payable under this Agreement and the other Loan Documents, any and all
Fixed Rate Taxes and Regulatory Costs, to the extent they are not internalized by calculation of a Fixed Rate. Further, at Administrative Agent’s option, the Fixed Rate shall be automatically adjusted by adjusting the Reserve Percentage, as
determined by Administrative Agent in its prudent banking judgment, from the date of imposition (or subsequent date selected by Administrative Agent) of any such Regulatory Costs. Administrative Agent shall give Borrower notice of any Fixed Rate
Taxes and Regulatory Costs as soon as practicable after their occurrence, but Borrower shall be liable for any Fixed Rate Taxes and Regulatory Costs regardless of whether or when notice is so given 

(h) Fixed Rate Price Adjustment. Borrower acknowledges that prepayment or acceleration of a Fixed Rate Portion during a Fixed Rate
Period shall result in Lenders’ incurring additional costs, expenses and/or liabilities and that it is extremely difficult and impractical to ascertain the extent of such costs, expenses and/or liabilities. Therefore, on the date a Fixed Rate
Portion is prepaid or the date all sums payable hereunder become due and payable, by acceleration or otherwise (“Price Adjustment Date”), Borrower will pay Administrative Agent, for the account of each Lender (in addition to all
other sums then owing to Lenders) an amount (“Fixed Rate Price Adjustment”) equal to the then present value of (i) the amount of interest that would have accrued on the Fixed Rate Portion for the remainder of the Fixed Rate
Period at the Fixed Rate set on the Fixed Rate Commencement Date, less (ii) the amount of interest that would accrue on the same Fixed Rate Portion for the same period if the Fixed Rate were set on the Price Adjustment Date at the Applicable
LIBO Rate in effect on the Price Adjustment Date. The present value shall be calculated by the Administrative Agent, for the benefit of the Lenders, using as a discount rate the LIBO Rate quoted on the Price Adjustment Date. Upon the Borrower’s
request, the Administrative Agent shall provide the Borrower with a statement setting forth the basis for requesting such compensation and the method for determining the amount thereof. 

By initialing this provision where indicated below, Borrower confirms that Lenders’ agreement to make the Loan at the interest rates
and on the other terms set forth herein and in the other Loan Documents constitutes adequate and valuable consideration, given individual weight by Borrower, for this agreement 

Borrower Initials.
                     
 (i)
Purchase, Sale and Matching of Funds. Borrower understands, agrees and acknowledges the following: (a) Lenders have no obligation to purchase, sell and/or match funds in connection with the use of a LIBO Rate as a basis for calculating a
Fixed Rate or Fixed Rate Price Adjustment; (b) a LIBO Rate is used merely as a reference in determining a Fixed Rate and Fixed Rate Price Adjustment; and (c) Borrower has accepted a LIBO Rate as a reasonable and fair basis for calculating
a Fixed Rate and a Fixed Rate Price Adjustment. Borrower further agrees to pay the Fixed Rate Price Adjustment, Fixed Rate Taxes and Regulatory Costs, if any, whether or not any Lender elects to purchase, sell and/or match funds. 

  
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 Loan No. 1004873 

 

 2.3 Payments. 
 (a) Manner and Time of Payment. All payments of principal, interest and fees hereunder payable to Administrative Agent or the Lenders shall be made without condition or reservation of right and
free of set-off or counterclaim, in Dollars and by wire transfer (pursuant to Administrative Agent’s written wire transfer instructions) of immediately available funds, to Administrative Agent, for the account of each Lender as applicable, not
later than 11:00 A.M. (Pacific) on the date due; and funds received by Administrative Agent after that time and date shall be deemed to have been paid on the next succeeding Business Day. 

(b) Payments on Non-Business Days. Whenever any payment to be made by Borrower hereunder shall be stated to be due on a day which
is not a Business Day, payments shall be made on the next succeeding Business Day and such extension of time shall be included in the computation of the payment of interest hereunder and of any fees due under this Agreement, as the case may be.

 (c) Presumptions Regarding Payments by Borrower. Unless Administrative Agent shall have received notice from Borrower
prior to the date on which any payment is due to Administrative Agent for the account of Lenders hereunder that Borrower will not make such payment, Administrative Agent may assume that Borrower has made such payment on such date in accordance
herewith and may (but shall not be obligated to), in reliance upon such assumption, distribute to Lenders, as the case may be, the amount due. In such event, if Borrower has not in fact made such payment, then each of Lenders, as the case may be,
severally agrees to repay to Administrative Agent on demand that amount so distributed to such Lender, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to
Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by Administrative Agent in accordance with banking industry rules on interbank compensation. 
 2.4 Fees. 
 (a) Closing Fee. On the Effective Date, Borrower
agrees to pay to Wells Fargo Bank, National Association, any fees agreed to be paid by Borrower in a writing signed by Borrower. 
 (b) Extension Fee. If Borrower exercises its right to extend the Maturity Date in accordance with Section 2.14, Borrower agrees to pay to Administrative Agent for the account of each
Lender a fee equal to one-quarter percent (0.25%) of the then-outstanding principal balance of the Loan. Such fee shall be payable in connection with each Option to Extend. 
 (c) Administrative and Other Fees. Borrower agrees to pay other fees of Administrative Agent as may be expressly agreed to in writing from time to time. 

2.5 Intentionally Omitted. 

2.6 Repayment of Loan. Borrower shall repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the Loan on
the Maturity Date. 
 2.7 Prepayments. 
 (a) Optional. On or before January 8, 2013 (the “Lockout Date”), the Loan may not be repaid, in whole or in part. At any time after the Lockout Date, Borrower may prepay the

  
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 Loan No. 1004873 

 

 
Loan in part or in full at any time; provided if the Loan is prepaid after the Lockout Date, but prior to July 8, 2013, then Borrower shall concurrently with any such prepayment pay to
Administrative Agent, for the ratable benefit of Lenders, a prepayment fee in an amount equal to one-half of one percent (0.50%) of the then-outstanding principal balance of the Loan being prepaid. On or after July 8, 2013, Borrower may prepay
the Loan, in whole or in part, without payment of a prepayment fee. Borrower shall give Administrative Agent at least three (3) Business Days prior written notice of the prepayment of any Loan. Notwithstanding anything to the contrary contained
herein, if the Loan is accelerated on or before the Lockout Date as a result of a Default, then in addition to any other amounts due and owing hereunder other than the prepayment fee, Borrower shall be required to pay to Administrative Agent for the
ratable benefit of Lenders an acceleration fee in an amount equal to one percent (1%) of the then-outstanding principal balance of the Loan. No prepayment or acceleration fee shall be payable with respect to any prepayment in connection with an
application of any casualty or condemnation proceeds. 
 (b) Mandatory. 

(i) Minimum DSCR Hurdle. On each DSCR Test Date, if there is a DSCR Failure (as determined based on Adjusted NOI
for the twelve months ending on the applicable DSCR Test Date), then Borrower shall pay to Administrative Agent, for the account of Lenders, as a principal payment of the Loan, not later than fifteen (15) Business Days following the day on
which the relevant DSCR Certificate is required to be delivered under Section 9.2 (or, in the case of an Option to Extend, not later than the then current Maturity Date), the amount by which the outstanding principal balance of the Loan
would be required to be reduced to cause the DSCR to equal the Minimum DSCR Hurdle (each, a “Remargin Payment”). Borrower’s failure to timely make a Remargin Payment shall be a Default hereunder with the requirement of notice
of the right to cure. No prepayment fee shall be due in connection with a Remargin Payment. 
 (ii)
Amortization. If the term of the Loan is extended beyond the Original Maturity Date, then commencing with the first day of the fiscal quarter beginning October 1, 2014, and continuing on the first day of each fiscal quarter thereafter
during the term of the Loan, Borrower shall repay to Administrative Agent, for the account of Lenders, $750,000 of the outstanding principal balance of the Loan (the “Amortization Payments”). No Fixed Rate Price Adjustment shall be
due in connection with an Amortization Payment. 
 (c) Breakage Costs. In connection with the prepayment of the Loan
under this Section 2.7, in addition to any other amounts that might be due, Borrower shall pay to Administrative Agent any Fixed Rate Price Adjustment and any applicable Prepayment Fees. 

2.8 Loan Documents. Borrower shall deliver to Administrative Agent concurrently with this Agreement each of the documents, properly
executed and in recordable form, as applicable, described in Exhibit B as Loan Documents, together with those documents described in Exhibit B as Other Related Documents. 
 2.9 Effective Date. The date of the Loan Documents is for reference purposes only. The Effective Date (“Effective Date”) of delivery and transfer to Administrative Agent,
for the 

  
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 Loan No. 1004873 

 

 
benefit of Lenders, of the security under the Loan Documents and of Borrower’s and Lenders’ obligations under the Loan Documents is the date Administrative Agent, on behalf of Lenders,
authorizes the Loan proceeds to be released to Borrower pursuant to Section 3.2 below. 
 2.10 Maturity Date. All sums
due and owing under this Agreement and the other Loan Documents shall be repaid in full on the Maturity Date. All payments due to Administrative Agent, for its benefit or the benefit of any Lender, under this Agreement, whether at the Maturity Date
or otherwise, shall be paid in immediately available funds, in Dollars. 
 2.11 Full Repayment and Reconveyance. Upon receipt of
all sums owing and outstanding under the Loan Documents, Administrative Agent, on account of Lenders, shall issue a full reconveyance of each Property from the lien of the Security Instruments; provided, however, that all of the
following conditions shall be satisfied at the time of, and with respect to, such reconveyance: (a) Administrative Agent shall have received all escrow, closing and recording costs, the costs of preparing and delivering such reconveyance and
any sums then due and payable under the Loan Documents; and (b) Administrative Agent shall have received a written release satisfactory to Administrative Agent of any letter of credit or other form of undertaking which Administrative Agent, or
any Lender, has issued to any surety, governmental agency or any other party in connection with the Loan and/or a Property. The obligation of any Lender to make further disbursements under the Loan shall terminate as to any portion of the Loan
undisbursed as of the date of issuance of such release or reconveyance, and any commitment of any Lender to lend any undisbursed portion of the Loan shall be canceled. 
 2.12 Partial Reconveyance. At any time after the Lockout Date, but prior to the Maturity Date of the Loan, Administrative Agent shall, at Borrower’s request, reconvey a Property from
the lien of the applicable Security Documents (a “Property Release”) and shall release the applicable Borrower from the Loan Documents (including the Note); provided, that prior to or simultaneously with such partial
reconveyance all of the following conditions shall be satisfied: 
 (a) No Default or Potential Default shall exist under the
Loan Documents; 
 (b) Administrative Agent shall have received any and all sums then due and owing under the Loan Documents
together with all escrow, closing and recording costs, the costs of preparing and delivering such reconveyance and the cost of any title insurance endorsements required by Administrative Agent; 

(c) Administrative Agent shall have received from Borrower an amount equal to one hundred and ten percent (110%) of the Allocated
Loan Amount applicable to the Property to be reconveyed; 
 (d) After giving effect to the Property Release, and any required
payment to be made under subclause (c) above, the DSCR shall be at least 1.50:1.00 (the “Release DSCR”); provided Borrower shall be permitted to repay a portion of the outstanding principal amount of the Loan in an amount
sufficient to cause the DSCR to be not less than the Release DSCR; 
 (e) Administrative Agent shall have received from Borrower
any applicable Prepayment Fees and/or Fixed Rate Price Adjustment as determined by Administrative Agent; and 

  
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 Loan No. 1004873 

 

 (f) Administrative Agent shall have received a written release satisfactory to
Administrative Agent of any letter of credit or other form of undertaking issued to any surety, governmental agency or any other party in connection with the applicable Property. 
 Neither the acceptance of any payment nor the issuance of any reconveyance by Administrative Agent shall affect Borrower’s obligation to repay all amounts owing under the Loan Documents or under the
lien of the remaining Security Documents on the Property not reconveyed. 
 2.13 Intentionally Omitted. 

2.14 Extension of Maturity Date. Borrower shall have the option to extend the Maturity Date from (a) the Original Maturity Date to the
First Extended Maturity Date (“First Option to Extend”), and (b) the First Extended Maturity Date to the Second Extended Maturity Date (the “Second Option to Extend” and each, an “Option to
Extend”), upon satisfaction of each of the following conditions precedent: 
 (a) As applicable, Borrower shall have
validly exercised the immediately previous Option to Extend; 
 (b) Borrower shall provide Administrative Agent with written
notice of Borrower’s request to exercise an Option to Extend not more than ninety (90) days but not less than forty-five (45) days prior to the then current Maturity Date; 

(c) As of the date of Borrower’s delivery of notice of request to exercise an Option to Extend, and as of the then current Maturity
Date, no Default or Potential Default shall exist, and Borrower shall so certify in writing; 
 (d) No material default (beyond
the expiration of any applicable notice and cure periods), as determined by Administrative Agent, shall exist under any Management Agreement or Franchise Agreement; 
 (e) Borrower shall execute or cause the execution of all documents reasonably required by Administrative Agent to exercise the Option to Extend and shall deliver to Administrative Agent, at
Borrower’s sole cost and expense, such title insurance endorsements reasonably required by Administrative Agent; 
 (f)
There shall not have occurred any change in either Property since the Effective Date or the financial condition of either Borrower or either Guarantor from that which existed as of the Effective Date that, in the determination of Administrative
Agent in its reasonable discretion, has had a Material Adverse Effect; 
 (g) On or before the then current Maturity Date,
Borrower shall pay to Administrative Agent all recording costs, the costs of preparing any extension documents, including reasonable attorneys’ fees if any, and any other reasonable costs and expense associated with Borrower’s exercise of
an Option to Extend; 
 (h) On or before the then current Maturity Date, Borrower shall pay to Administrative Agent the fee
provided for in Section 2.4(b); 

  
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 Loan No. 1004873 

 

 (i) With respect to the exercise of the First Option to Extend and, at Administrative
Agent’s option, with respect to the Second Option to Extend, Administrative Agent shall have received, at Borrower’s sole cost, an Appraisal of each Property which is then Collateral for the Loan, with a valuation date not more than sixty
(60) days prior to the then current Maturity Date, confirming to the satisfaction of Administrative Agent that the Loan-to-Value Ratio does not exceed fifty percent (50%). If the Loan to Value Ratio exceeds fifty percent (50%), then Borrower
may satisfy the condition in this Section 2.14(i) by concurrently repaying such portion of the outstanding principal amount of the Loan necessary to cause the Loan-to-Value Ratio to be fifty percent (50%) or less; 

(j) The Adjusted NOI of the Property, calculated as of the applicable DSCR Test Date, shall be sufficient to yield a DSCR of not less
than the Minimum DSCR Hurdle. If the Adjusted NOI of the Property is insufficient to yield a DSCR which satisfies the Minimum DSCR Hurdle, then Borrower may satisfy the condition in this Section 2.14(j) by repaying such portion of the
outstanding principal amount of the Loan as would cause such condition to be satisfied; and 
 (k) At Administrative
Agent’s election, Borrower shall purchase a Derivative Contract with a notional amount of not less than sixty-five percent (65%) of the then-outstanding principal balance of the Loan and with a term expiring on the First Extended Maturity
Date or Second Extended Maturity Date, as applicable. 
 2.15 Authorized Representative. In order to facilitate timely and
efficient management of the Loan, each Borrower hereby appoints and authorizes any of Borrower’s Agents, acting alone, to serve as the authorized representative of Borrower. Accordingly, any notice or correspondence directed to any of
Borrower’s Agents shall be deemed given to each Borrower, and any action taken by any of Borrower’s Agents with respect to the Loan shall be deemed taken by each Borrower hereunder. 
 2.16 Lenders’ Accounting. Administrative Agent shall maintain a loan account (the “Loan Account”) on its books in which shall be recorded (a) the names and
addresses and the Pro Rata Shares of the commitment of each of the Lenders, and principal amount of the Loan owing to each Lender from time to time, and (b) all repayments of principal and payments of accrued interest, as well as payments of
fees required to be paid pursuant to this Agreement. All entries in the Loan Account shall be made in accordance with Administrative Agent’s customary accounting practices as in effect from time to time. Monthly or at such other interval as is
customary with Administrative Agent’s practice, Administrative Agent will render a statement of the Loan Account to Borrower and will deliver a copy thereof to each Lender. Each such statement shall be deemed final, binding and conclusive upon
Borrower in all respects as to all matters reflected therein (absent manifest error). 
 ARTICLE 3 

DISBURSEMENT 
 3.1
Initial Conditions Precedent. The obligation of Lenders to make the Loan hereunder is subject to the satisfaction or waiver of the following conditions precedent: 
 (a) There exists no Default, as defined in this Agreement, or Default as defined in any of the other Loan Documents or in the Other Related Documents, or Potential Default; and 

  
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 Loan No. 1004873 

 

 (b) The Administrative Agent shall have received each of the following, in form and
substance satisfactory to Administrative Agent: 
 (i) all Loan Documents, other documents, instruments,
policies, and forms of evidence or other materials requested by Administrative Agent under the terms of this Agreement or any of the other Loan Documents; 
 (ii) either (A) each Security Deed is a valid lien upon the applicable Property and is prior and superior to all other liens and encumbrances thereon, except those approved by Administrative Agent in
writing, or (B) Chicago Title Insurance Company has irrevocably agreed in writing to insure that each Security Deed is a valid lien upon the applicable Property and is prior and superior to all other liens and encumbrances thereon, except those
approved by Administrative Agent in writing; 
 (iii) a new survey of the CHI Property, certified to
Administrative Agent, for the benefit of Lenders and the title insurer, showing the boundaries of the CHI Property by courses and distances, together with a corresponding metes and bounds description, the actual or proposed location of all
improvements, encroachments and restrictions, the location and width of all easements, utility lines, rights-of-way and building set-back lines, and notes referencing book and page numbers for the instruments granting the same; 

(iv) an updated survey of the SF Property or an affidavit of no change, as required by Chicago Title Insurance Company to
remove from the applicable Title Policy exceptions from coverage for the failure to provide a current survey; 

(v) the legal opinion of (A) Hogan Lovells US LLP, counsel to Borrower and the other Loan Parties, and (B) each
local counsel, reasonably satisfactory to Administrative Agent, as special counsel to the Loan Parties, each addressed to Administrative Agent and Lenders; 
 (vi) the certificate or articles of incorporation, articles of organization, certificate of limited partnership, declaration of trust or other comparable organizational instrument (if any) of each Loan
Party certified as of a recent date by the Secretary of State of the state of formation of such Person; 
 (vii)
a certificate of good standing (or certificate of similar meaning) with respect to each Loan Party issued as of a recent date by the Secretary of State of the state of formation of each such Person and certificates of qualification to transact
business or other comparable certificates issued by each Secretary of State (and any state department of taxation, as applicable) of each state in which such Person is required to be so qualified and where failure to be so qualified could reasonably
be expected to have a Material Adverse Effect; 

  
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 Loan No. 1004873 

 

 (viii) a certificate of incumbency signed by the Secretary or Assistant
Secretary (or other individual performing similar functions) of each Loan Party with respect to each of the officers of such Person authorized to execute and deliver the Loan Documents to which such Person is a party, and in the case of Borrower,
authorized to execute and deliver on behalf of Borrower “Fixed Rate Notices”, and requests for disbursement from the FF&E Reserve Account; 
 (ix) copies certified by the secretary or assistant secretary (or other individual performing similar functions) of each Loan Party of (A) the by-laws of such Person, if a corporation, the operating
agreement, if a limited liability company, the partnership agreement, if a limited or general partnership, or other comparable document in the case of any other form of legal entity and (B) all corporate, partnership, member or other necessary
action taken by such Person to authorize the execution, delivery and performance of the Loan Documents to which it is a party; 
 (x) a Transfer Authorizer Designation Form effective as of the Agreement Date; 
 (xi) UCC, tax, judgment and lien search reports with respect to each Loan Party in all necessary or appropriate jurisdictions indicating that there are no Liens of record with respect to the assets of
each such Loan Party other than Permitted Liens; 
 (xii) evidence that the Fees, if any, then due and payable
under Section 2.4, together with all other fees, expenses and reimbursement amounts due and payable to Administrative Agent and any of Lenders, including without limitation, the reasonable fees and expenses of counsel to Administrative
Agent, have been paid; 
 (xiii) insurance certificates, or other evidence, providing that the insurance coverage
required under Article V (including, without limitation, both property and liability insurance for each Property) is in full force and effect and stating that the coverage shall not be cancelable or materially changed without ten
(10) days prior written notice to Administrative Agent of any cancellation for nonpayment or premiums, and not less than thirty (30) days prior written notice to Administrative Agent of any other cancellation or any modification (including
a reduction in coverage), together with appropriate evidence that Administrative Agent, for its benefit and the benefit of Lenders is named as a lender’s loss payee and additional insured, as appropriate, on all insurance policies that Borrower
or any Loan Party actually maintains with respect to the Property and improvements thereon; and 
 (xiv) the
Security Documents; 
 (xv) a Management Agreement Assignment/Subordination with respect to each Management
Agreement and a “comfort letter” from each Franchisor, if requested; 
 (xvi) copies of all Material
Contracts (to the extent not theretofore delivered) and, if requested by Administrative Agent, collateral assignments executed by the applicable Borrower or the applicable Operating Lessee (as applicable) in favor of Administrative Agent for its
benefit and the benefit of Lenders, of the Material Contracts relating to the use, occupancy, operation, maintenance, enjoyment or ownership of the Property; 

  
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 Loan No. 1004873 

 

 (xvii) an ALTA 2006 Form Loan Policy of Title Insurance for each
Property in the aggregate amount of the original principal amount of the Loan in favor of Administrative Agent for its benefit and the benefit of Lenders, including endorsements with respect to such items of coverage as Administrative Agent may
request (including, without limitation, aggregation endorsements for each policy) and which endorsements are available and customary in the jurisdiction where the applicable Property is located, issued by Chicago Title Insurance Company, showing the
fee simple and leasehold title to each Property and improvements described in the Security Deeds as vested in the applicable Borrower or Operating Lessee, as applicable, and insuring that the Lien granted by each such Security Instruments is a valid
Lien against the applicable Property, subject only to the Permitted Liens and such other restrictions, encumbrances, easements and reservations as are acceptable to Administrative Agent; 

(xviii) documents required to establish, or evidencing the establishment of, the FF&E Reserve Accounts; and

 (xix) such other instruments, documents, agreements, financing statements, certificates, opinions and other
Security Documents as Administrative Agent may reasonably request. 
 (c) In the good faith judgment of Administrative Agent:

 (i) there shall not have occurred or become known to Administrative Agent or any of Lenders any event,
condition, situation or status since the date of the information contained in the financial and business projections, budgets, pro forma data and forecasts concerning Guarantor or Borrower delivered to Administrative Agent and Lenders prior to the
date hereof that has had or could reasonably be expected to result in a Material Adverse Effect; and 
 (ii)
there shall not have occurred or exist any other material disruption of financial or capital markets that could reasonably be expected to materially and adversely affect the transactions contemplated by the Loan Documents. 

3.2 Disbursement Authorization. The undisbursed proceeds of the Loan in an amount equal to $70,000,000.00 (and which, when added to the
$60,000,000.00 previously disbursed equals the amount of the Loan), when qualified for disbursement, shall be disbursed to or for the benefit or account of Borrower under the terms of this Agreement; provided, however, that any direct
disbursements from the Loan which are made by means of wire transfer shall be subject to the provisions of Section 3.3 or any funds transfer agreement which is identified in Exhibit I hereto. Disbursements hereunder may be made by
Lender upon the written request of any person who has been authorized by Borrower to request such disbursements until such time as written notice of Borrower’s revocation of such authority is received by Lender at the following address Wells
Fargo Bank Loan Center Attn: Shirell Allison, One West Fourth Street, 3rd Floor, Winston-Salem, North Carolina 27101. 

  
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 Loan No. 1004873 

 

 3.3 Funds Transfer Disbursements. 

(a) Generally. Borrower hereby authorizes Administrative Agent to disburse the proceeds of any Loan made by any Lender or any of
their Affiliates pursuant to the Loan Documents as requested by any of Borrower’s Agents to any of the accounts designated in the Transfer Authorizer Designation Form. Borrower agrees to be bound by any transfer request authorized or
transmitted by Borrower or any of Borrower’s Agents or made in Borrower’s name and accepted by Administrative Agent in good faith and in compliance with these transfer instructions, even if not properly authorized by Borrower. Borrower
further agrees and acknowledges that Administrative Agent may rely solely on any bank routing number or identifying bank account number or name provided by Borrower or any of Borrower’s Agents to effect a wire of funds transfer even if the
information provided by Borrower or Borrower’s Agents identifies a different bank or account holder than named by Borrower. Administrative Agent is not obligated or required in any way to take any actions to detect errors in information
provided by Borrower. If Administrative Agent takes any actions in an attempt to detect errors in the transmission or content of transfer or requests or takes any actions in an attempt to detect unauthorized funds transfer requests, Borrower agrees
that no matter how many times Administrative Agent takes these actions, Administrative Agent will not in any situation be liable for failing to take or correctly perform these actions in the future and such actions shall not become any part of the
transfer disbursement procedures authorized under this provision, the Loan Documents, or any agreement between Administrative Agent and Borrower. Borrower agrees to notify Administrative Agent of any errors in the transfer of any funds or of any
unauthorized or improperly authorized transfer requests within fourteen (14) days after Administrative Agent’s confirmation to Borrower of such transfer. 
 (b) Funds Transfer. Administrative Agent will, in its sole discretion, determine the funds transfer system and the means by which each transfer will be made. Administrative Agent may delay or
refuse to accept a funds transfer request if the transfer would: (i) violate the terms of this authorization (ii) require use of a bank unacceptable to Administrative Agent or any Lender or prohibited by any Governmental Authority;
provided, that Administrative Agent and Lenders hereby acknowledge that Key Bank is acceptable to Administrative Agent and Lenders; (iii) cause Administrative Agent or any Lender to violate any Federal Reserve or other regulatory risk control
program or guideline, or (iv) otherwise cause Administrative Agent or any Lender to violate any Applicable Law or regulation. 
 (c) Limitation of Liability. Neither Administrative Agent nor any Lender shall be liable to Borrower or any other parties for (i) errors, acts or failures to act of others, including other
entities, banks, communications carriers or clearinghouses, through which Borrower’s transfers may be made or information received or transmitted, and no such entity shall be deemed an agent of Administrative Agent or any Lender, (ii) any
loss, liability or delay caused by fires, earthquakes, wars, civil disturbances, power surges or failures, acts of government, labor disputes, failures in communications networks, legal constraints or other events beyond Administrative Agent’s
or any Lender’s reasonable control, or (iii) any special, consequential, indirect or punitive damages, whether or not (x) any claim for these damages is based on tort or contract or (y) Administrative Agent, any Lender or
Borrower knew or should have known the likelihood of these damages in any situation. Neither Administrative Agent nor any Lender makes any representations or warranties other than those expressly made in this Agreement. 

  
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 Loan No. 1004873 

 

 3.4 Assignment of Accounts. To secure the prompt and unconditional payment, performance
and discharge when due of all of Borrower’s obligations hereunder, under the Note, and under each and all of the other Loan Documents (collectively, the “Secured Obligations”), subject to the terms of the Management Agreement
and the Management Agreement Assignment/Subordination, Borrower hereby assigns, pledges, conveys, sets over, delivers and transfers to Administrative Agent, for the benefit of Lenders, and grants a security interest to Administrative Agent, for the
benefit of Lenders, in and to all of Borrower’s now existing or hereafter arising right, title, estate, claim and interest in and to each and all of the following: 
 (a) each and all of (i) the Accounts and (ii) any other deposit, trust and other account into which any Funds and/or Proceeds may now or hereafter be deposited; 

(b) all of the Account Collateral; 
 (c) all moneys now or at any time hereafter deposited in any or all of the Accounts, all certificates, instruments and securities (whether certificated or uncertificated), if any, from time to time
representing any or all of such Accounts or any interest therein and all claims, demands, general intangibles, choses in action and other rights or interests of Borrower in respect of the Accounts or any moneys now or at any time hereafter deposited
therein; and any increases, renewals, extensions, substitutions and replacements thereto; 
 (d) all notes, bonds, stocks,
certificates of deposit, instruments and securities in which Funds or other Account Collateral may be invested or deposited and all interest, dividends, instruments and other property from time to time received in respect of or upon the sale,
exchange or other transfer of any or all of the Account Collateral; 
 (e) all contract rights, instruments, documents, general
intangibles and other rights which Borrower may now have or hereafter acquire with respect to any of the Account Collateral, including without limitation Borrower’s rights under any trust or other agreement with the Depository Bank relating in
any manner to any of the Accounts; 
 (f) all accessions, increases and additions on or to any or all of the property described
in items (a)-(e) above, inclusive; and 
 (g) all Proceeds of each and every item of property described hereinabove in
items above, inclusive. 
 ARTICLE 4 
 INTENTIONALLY OMITTED 
 ARTICLE 5 

INSURANCE 

Borrower shall, while any obligation of Borrower or any Guarantor under any Loan Document remains outstanding, maintain at
Borrower’s sole expense, with licensed insurers approved by Administrative Agent, the following policies of insurance in form and substance satisfactory to Administrative Agent: 
 5.1 Title Insurance. During the term of the Loan, Borrower shall deliver to Administrative Agent, within ten (10) days of Administrative Agent’s written request, such other
endorsements to each Title Policy as Administrative Agent may reasonably require with respect to a Property or any portion thereof. 

  
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 Loan No. 1004873 

 

 5.2 Property Insurance. For each Property, an All Risk/Special Form Property Insurance
policy, including without limitation, theft coverage and such other coverages and endorsements as Administrative Agent may require, insuring Administrative Agent, for the benefit of Lenders, against damage to each Property in an amount acceptable to
Lender. Such coverage should adequately insure any and all Loan Collateral, whether such Collateral is onsite, stored offsite or otherwise. Administrative Agent, for the benefit of Lenders, shall be named on each policy as mortgagee and named under
a Lender’s Loss Payable Endorsement (form #438BFU or equivalent). 
 5.3 Flood Hazard Insurance. For each Property, a policy
of flood insurance, if the Property is in a special flood zone area, in an amount required by Administrative Agent, but in no event less than the amount sufficient to meet the requirements of applicable law and governmental regulation. 

5.4 Liability Insurance. For each Property, a policy of commercial general liability insurance on an occurrence basis, with coverages and
limits as required by Administrative Agent, insuring against liability for injury and/or death to any person and/or damage to any property occurring on a Property. 
 5.5 Terrorism. For each Property, a policy of terrorism insurance in an amount reasonably satisfactory to Administrative Agent, and naming Administrative Agent, for the benefit of Lenders,
as an additional named insured. 
 5.6 Other Coverage. Borrower shall provide to Administrative Agent evidence of such other
reasonable insurance in such reasonable amounts as Administrative Agent may from time to time request against such other insurable hazards which at the time are commonly insured against for property similar to the applicable Property located in or
around the region in which such Property is located. Such coverage requirements may include but are not limited to coverage for earthquake (if the Property is in a seismic zone 3 or 4 and the probable maximum loss is 20% or more), mold, acts of
terrorism, business income, delayed business income, rental loss, sink hole, dram shop, workers compensation, vehicle, soft costs, tenant improvement or environmental claims. 
 5.7 General. Borrower shall provide to Administrative Agent insurance certificates or other evidence of coverage in form acceptable to Administrative Agent, with coverage amounts,
deductibles, limits and retentions as required by Administrative Agent. All insurance policies shall provide that the coverage shall not be cancelable or materially changed without ten (10) days prior written notice to Administrative Agent of
any cancellation for nonpayment of premiums, and not less than thirty (30) days prior written notice to Administrative Agent of any other cancellation or any modification (including a reduction in coverage). Administrative Agent, for the
benefit of Lenders, shall be named under a Lender’s Loss Payable Endorsement (form #438BFU or equivalent) on all insurance policies which Borrower actually maintains with 

  
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respect to a Property or any portion thereof. All insurance policies shall be issued and maintained by insurers approved to do business in the state in which the applicable Property is located
and must have an A.M. Best Company financial rating and policyholder surplus acceptable to Administrative Agent. 
 ARTICLE 6

 REPRESENTATIONS AND WARRANTIES 
 As a material inducement to Lenders’ entry into this Agreement, each Borrower and Operating Lessee represents and warrants, as applicable, to Administrative Agent and each Lender as of the Effective
Date and continuing thereafter that: 
 6.1 Authority/enforceability. Each Borrower and Operating Lessee is in compliance with all
laws and regulations applicable to its organization, existence and transaction of business and has all necessary rights and powers to own, lease, improve and operate its respective Property, as contemplated by the Loan Documents. 

6.2 Binding Obligations. Each Borrower and Operating Lessee is authorized to execute, deliver and perform its obligations under the Loan
Documents, and such obligations shall be valid and binding obligations of each Borrower and Operating Lessee, as applicable, except as the same may be limited by bankruptcy, insolvency and other similar laws affecting the rights of creditors
generally and the availability of equitable remedies for the enforcement of certain obligations contained herein or therein and as may be limited by equitable principles generally. 
 6.3 Formation and Organizational Documents. Borrower has delivered to Administrative Agent all formation and organizational documents of each Borrower, each Operating Lessee, and of the
Guarantors, and all such formation and organizational documents remain in full force and effect and have not been amended or modified since they were delivered to Administrative Agent. A complete and accurate depiction of the owners of each Borrower
and Operating Lessee is set forth on Schedule 6.3 attached hereto. 
 6.4 No Violation. Each Borrower’s and each Operating
Lessee’s execution, delivery, and performance under the Loan Documents do not: (a) require any consent or approval not heretofore obtained under any partnership agreement, operating agreement, articles of incorporation, bylaws or other
organizational document; (b) violate any governmental requirement applicable to either Property or any other statute, law, regulation or ordinance or any order or ruling of any court or governmental entity; (c) conflict with, or constitute
a breach or default or permit the acceleration of obligations under any agreement, contract, lease, or other document by which such Borrower, Operating Lessee, or the applicable Property is bound or regulated; or (d) violate any statute, law,
regulation or ordinance, or any order of any court or governmental entity. 
 6.5 Compliance with Laws. Each Borrower and/or
Operating Lessee, as applicable, has, and at all times shall have obtained, all permits, Licenses, exemptions, and approvals necessary to occupy, operate and market its respective Property, and shall maintain compliance with all governmental
requirements applicable to such Property and all other applicable statutes, laws, regulations and ordinances necessary for the transaction of its business, except for 

  
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noncompliances which could not, individually or in the aggregate, reasonably be expected to cause a Default or have a Material Adverse Effect. Each Property is a separate legal parcel lawfully
created in full compliance with all subdivision laws and ordinances and is properly zoned for the stated use of such Property as disclosed to Administrative Agent at the time of execution hereof. 

6.6 Litigation. Except as disclosed on Schedule 6.6, there are no claims, actions, suits, or proceedings pending, or to any
Borrower’s or Operating Lessee’s knowledge, threatened against any Borrower, Operating Lessee, or affecting any portion of either Property. 
 6.7 Financial Condition. All financial statements and information heretofore and hereafter delivered to Administrative Agent by Borrower, including, without limitation, information relating
to the financial condition of Borrower, Operating Lessee, the Guarantor, and to Borrower’s knowledge, each Property, fairly and accurately represent the financial condition of the subject thereof as of the date specified therein and have been
prepared (except as noted therein) in accordance with GAAP consistently applied. Notwithstanding the use of GAAP, the calculation of liabilities shall NOT include any fair value adjustments to the carrying value of liabilities to record such
liabilities at fair value pursuant to electing the fair value option election under FASB ASC 825-10-25 (formerly known as FAS 159, The Fair Value Option for Financial Assets and Financial Liabilities) or other FASB standards allowing entities to
elect fair value option for financial liabilities. Therefore, the amount of liabilities shall be the historical cost basis, which generally is the contractual amount owed adjusted for amortization or accretion of any premium or discount. Borrower
acknowledges and agrees that Administrative Agent may request and obtain additional information from third parties regarding any of the above, including, without limitation, credit reports. 
 6.8 No Material Adverse Change. There has been no Material Adverse Change in the financial condition of any Borrower, any Operating Lessee, any Guarantor and/or any Indemnitor since the
dates of the latest financial statements furnished to Administrative Agent and, except as otherwise disclosed to Administrative Agent in writing, Borrower has not entered into any material transaction which is not disclosed in such financial
statements. 
 6.9 Accuracy. To the Borrower’s knowledge, all reports, documents, instruments, information and forms of
evidence delivered to Administrative Agent concerning the Loan or security for the Loan or required by the Loan Documents are accurate, correct and sufficiently complete to give Administrative Agent true and accurate knowledge of their subject
matter, and do not contain any material misrepresentation or omission. 
 6.10 Americans with Disabilities Act Compliance.
Borrower and Operating Lessee represent and warrant to Administrative Agent that the Property owned or leased (as applicable) by such Person is and shall be hereafter maintained in all material respects in compliance with the requirements and
regulations of the Americans with Disabilities Act, of July 26, 1990, Pub. L. No. 101-336, 104 Stat. 327, 42 U.S.C. § 12101, et seq., as hereafter amended. At Administrative Agent’s written request from time to time, Borrower
shall provide Administrative Agent with written evidence of such compliance reasonably satisfactory to Administrative Agent. Borrower shall be solely responsible for all such ADA costs of compliance and reporting. 

  
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 6.11 Tax Liability; Separate Tax Parcel. Each Borrower and each Operating Lessee has filed
all required federal, state, county and municipal tax returns and has paid all taxes and assessments owed and payable, and no Borrower and no Operating Lessee has any knowledge of any basis for any additional payment with respect to any such taxes
and assessments. No portion of any Property is exempt from taxation or constitutes an “omitted” tax parcel. Each Property constitutes a separate tax lot or lots, with a separate tax assessment or assessments, independent of any other land
or improvements not constituting a part of the Property and no other land or improvements is assessed and taxed together with any portion of either Property. 
 6.12 Business Loan. The Loan is a business loan transaction in the stated amount solely for the purpose of carrying on the business of Borrower and none of the proceeds of the Loan will be
used for personal, family or agricultural purposes whatsoever. 
 6.13 Condemnation. No Condemnation or other proceeding has been
commenced or, to any Borrower’s and Operating Lessee’s best knowledge, is contemplated with respect to all or any portion of any Property or for the relocation of roadways providing direct physical and legal access to any Property.

 6.14 Enforceability. The Loan Documents are not subject to any right of rescission, set-off, counterclaim or defense by any
Borrower, including the defense of usury, nor would the exercise of any of the terms of the Loan Documents, or the exercise of any right thereunder, render the Loan Documents unenforceable, and Borrower has not asserted any right of rescission,
set-off, counterclaim or defense with respect thereto. 
 6.15 Certificate of Occupancy; Licenses. All certifications, permits,
licenses and approvals, including certificates of completion, use and occupancy permits and any applicable liquor licenses, required for the legal use, occupancy and operation of each Property as presently being used (collectively, the
“Licenses”), have been obtained and are in full force and effect. Each Borrower and Operating Lessee shall keep and maintain, or cause the applicable Manager to keep and maintain, all Licenses applicable to its respective Property.
The use being made of each Property is in conformity with the certificate of occupancy issued for such Property. To the best knowledge of the applicable Borrower and Operating Lessee, there are no pending or threatened proceedings or actions to
revoke, invalidate, rescind, or modify any of the Licenses, or asserting that such Licenses do not permit the occupancy, maintenance, use or operation of the applicable Property as currently and proposed to be operated. 

6.16 Physical Condition. To the Borrower’s knowledge, except as disclosed to the Administrative Agent prior to the date of this
Agreement, the Property, including all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, Equipment, elevators, exterior sidings and
doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; and there exists no structural or other material defects or damages in or on the Property. No Borrower or
Operating Lessee has received notice from any insurance company, bonding company, manager or franchisor of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the
imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond or materially and adversely affect the value or operation of the Property. 

  
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 6.17 Management Agreement. Borrower has made available to Administrative Agent a correct
and complete copy of each Management Agreement, all amendments thereto and any other material written agreements or summaries of material oral agreements with any Manager. As of the Effective Date, each Management Agreement is unmodified and in full
force and effect and neither Borrower nor Operating Lessee, nor to Borrower’s knowledge, Manager is in default thereunder. There are no material oral agreements which modify the Management Agreement. 

6.18 Franchise Agreement. 
 (a) Borrower has made available to Administrative Agent a correct and complete copy of the SF Franchise Agreement, all amendments thereto and any other material written agreements or summaries of material
oral agreements with any Franchisor. As of the Effective date, the SF Franchise Agreement is unmodified and is in full force and effect and neither SF Borrower nor SF Operating Lessee, nor to Borrower’s knowledge, SF Franchisor, is in default
thereunder. There are no material oral agreements which modify the SF Franchise Agreement. 
 (b) As of the date hereof, there
is no Franchise Agreement with respect to the CHI Property. 
 6.19 Contracts. Exhibit C sets forth a description of each
Contract to which each Borrower or Operating Lessee, and to Borrower’s and Operating Lessee’s knowledge, Manager, or any Affiliate of the foregoing is a party which is material to the value, utility, operation or legality of each Property,
other than the Franchise Agreement, the Management Agreement, and any such Contract which may be terminated on thirty (30) days’ or less notice without penalty. To the best of Borrower’s knowledge, the information set forth in
Exhibit C is correct and complete in all material respects as of the date hereof. A correct and complete copy of each Contract specified on Exhibit C has been provided to Administrative Agent and each is unmodified (except as set forth
on Exhibit C) and in full force and effect and no party to such contracts is in default thereunder. 
 6.20 Personal
Property. Other than the Personal Property and the property of transient hotel guests and the Manager, no personal property is located on or within each Property, or used or proposed to be used in either Property. Each Borrower has good
title to all its Personal Property free and clear of all liens other than Permitted Liens. 
 6.21 FF&E and Inventory. The
FF&E and the Inventory at each Property is adequate and sufficient for the use, occupancy, operation and maintenance of the Property in a manner sufficient to meet the brand standards as set forth in each Franchise Agreement and Management
Agreement, as applicable. 
 6.22 Accounts. The Accounts, together with the Bank of America Account and the Key Bank Accounts,
comprise all the bank accounts, depository accounts, certificates of deposit, intercompany balances or other accounts of any kind or description in which any Property revenues are at any time deposited, held or maintained. 

  
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 6.23 Vehicles. No Borrower or Operating Lessee owns or leases any vehicles for use in
connection with either Property. 
 6.24 Budgets. Each annual budget delivered to Administrative Agent and all of the amounts set
forth therein, shall present a true, full and complete line itemization of: (a) all reasonably estimated revenues; and (b) all reasonably estimated expenses which the applicable Borrower expects to pay or anticipates becoming obligated to
pay, including, without limitation, obligations relating to the performance of any PIP. 
 6.25 Special Purpose Entity Status.
Each Borrower and Operating Lessee hereby represents, warrants and covenants to Lender, with regard to such Borrower or Operating Lessee, as applicable, the following: 
 (a) Limited Purpose. The sole purpose to be conducted or promoted by each Borrower and Operating Lessee since its organization is to engage in the following activities: (i) to acquire, own,
hold, lease, operate, manage, maintain, develop, improve and sell, the Property owned or leased by such Borrower or Operating Lessee and engage in activities related or incidental thereto, respectively; and (ii) to engage in any lawful act or
activity and to exercise any powers permitted to limited liability companies organized under the laws of the State of Delaware that are related or incidental to and necessary, convenient or advisable for the accomplishment of the above mentioned
purposes. 
 (b) Limitations on Debt, Actions. Notwithstanding anything to the contrary in the Loan Documents or in any
other document governing the formation, management or operation of any Borrower or Operating Lessee, no Borrower or Operating Lessee shall (i) guarantee any obligation of any Person, including any Affiliate, or become obligated for the debts of
any other Person or hold out its credit as being available to pay the obligations of any other Person other than in connection with the Loan; (ii) engage, directly or indirectly, in any business other than as required or permitted to be
performed under this Section; (iii) intentionally omitted; (iv) make or permit to remain outstanding any loan or advance to, or own or acquire any stock or securities of, any Person, except (A) as otherwise permitted under this
Agreement, and (B) that Borrower may invest in those investments permitted under the Loan Documents; (v) to the fullest extent permitted by law, engage in any dissolution, liquidation, consolidation, merger, sale or other transfer of any
of its assets outside the ordinary course of Borrower’s or Operating Lessee’s business, as applicable; (vi) buy or hold evidence of indebtedness issued by any other Person (other than cash or investment-grade securities);
(vii) form, acquire or hold any subsidiary (whether corporate, partnership, limited liability company or other) or own any equity interest in any other entity; or (vii) own any asset or property other than its respective Property and
incidental personal property necessary for the ownership or operation of its respective Property. 
 (c) Separateness
Covenants. In order to maintain its status as a separate entity and to avoid any confusion or potential consolidation with any Affiliate, each Borrower and Operating Lessee represents and warrants that in the conduct of its operations it will
observe the following covenants (collectively, the “Separateness Provisions”): (i) maintain books and records and bank accounts separate from those of any other Person; (ii) maintain its assets in such a manner that it is
not costly or difficult to segregate, identify or ascertain such assets; (iii) comply with all organizational formalities necessary to maintain its separate existence; (iv) hold itself out to

  
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creditors and the public as a legal entity separate and distinct from any other entity; (vi) maintain separate financial statements, showing its assets and liabilities separate and apart
from those of any other Person and not have its assets listed on any financial statement of any other Person except that Borrower’s assets may be included in a consolidated financial statement of its’ Affiliate so long as appropriate
notation is made on such consolidated financial statements to indicate the separateness of Borrower from such Affiliate and to indicate that Borrower’s, or Operating Lessee’s (as applicable), assets and credit are not available to satisfy
the debts and other obligations of such Affiliate (other than Borrower) or any other Person; (vii) prepare and file its own tax returns separate from those of any Person to the extent required by applicable law, and pay any taxes required to be
paid by applicable law; (viii) allocate and charge fairly and reasonably any common employee or overhead shared with Affiliates; (ix) not enter into any transaction with any Affiliate, except on an arm’s-length basis on terms which
are intrinsically fair and no less favorable than would be available for unaffiliated third parties, and pursuant to written, enforceable agreements; (x) conduct business in its own name, and use separate stationery, invoices and checks bearing
its own name; (xi) not commingle its assets or funds with those of any other Person; (xii) not assume, guarantee or pay the debts or obligations of any other Person other than in connection with the Loan; (xiii) correct any known
misunderstanding as to its separate identity; (xiv) not permit any Affiliate (other than Borrower) to guarantee or pay its obligations (other than limited guarantees and indemnities set forth in the Loan Documents); (xv) not make loans or
advances to any other Person, except as expressly permitted in this Agreement; (xvi) pay its liabilities and expenses out of and to the extent of its own funds; (xvi) maintain a sufficient number of employees in light of its contemplated
business purpose and pay the salaries of its own employees, if any, only from its own funds; (xvii) maintain adequate capital in light of its contemplated business purpose, transactions and liabilities; provided, however, that the
foregoing shall not require any equity owner to make additional capital contributions to Borrower or Operating Lessee; and (xviii) cause the managers, officers, employees, agents and other representatives of Borrower, or Operating Lessee, as
applicable, to act at all times with respect to Borrower, or Operating Lessee, consistently and in furtherance of the foregoing and in the best interests of Borrower, or Operating Lessee. 

Failure of any Borrower or Operating Lessee to comply with any of the covenants contained in this Section or any other covenants
contained in this Agreement shall not affect the status of any Borrower or Operating Lessee as a separate legal entity. 
 6.26 Survival
of Representations. Each Borrower and Operating Lessee makes all of the representations and warranties set forth herein and in the other Loan Documents as of the date of this Agreement, the Effective Date and the date of each disbursement by
Administrative Agent, on the account of Lenders, to Borrower of Loan proceeds, and agrees that all of the representations and warranties set forth herein and in the other Loan Documents shall survive for so long as any amount remains owing to any
Lender under this Agreement or any of the other Loan Documents. All representations, warranties, covenants and agreements made in this Agreement or in the other Loan Documents by Borrower and Operating Lessee shall be deemed to have been relied upon
by Administrative Agent and Lenders notwithstanding any investigation heretofore or hereafter made by Administrative Agent or Lenders or on their behalf. 

  
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 ARTICLE 7 
 HAZARDOUS MATERIALS 
 7.1 Special Representations and Warranties. Without in
any way limiting the other representations and warranties set forth in this Agreement, except as set forth in the Environmental Report, Borrower and Operating Lessee hereby specially represents and warrants to the best of Borrower’s and
Operating Lessee’s knowledge as of the date of this Agreement as follows: 
 (a) Hazardous Materials. Except as
previously disclosed to Lender in that certain Phase I Environmental Assessment prepared by Eckland Consultants with respect to the SF Property, dated December 9, 2010, and that certain Phase I Environmental Assessment prepared by EMG
Corporation with respect to the CHI Property, dated November 30, 2010 (collectively, the “Environmental Report”), each Property is not and has not been a site for the use, generation, manufacture, storage, treatment, release,
threatened release, discharge, disposal, transportation or presence of any oil, flammable explosives, asbestos, urea formaldehyde insulation, radioactive materials, hazardous wastes, toxic or contaminated substances or similar materials, including,
without limitation, any substances which are “hazardous substances,” “hazardous wastes,” “hazardous materials,” “toxic substances,” “wastes,” “regulated substances,” “industrial solid
wastes,” or “pollutants” under the Hazardous Materials Laws, as described below, and/or other applicable environmental laws, ordinances and regulations (collectively, the “Hazardous Materials”), except such Hazardous
Materials as may have been used in the normal course of operation of the Property in accordance with Hazardous Materials Laws. 

(b) Hazardous Materials Laws. Each Property is in compliance with all laws, ordinances and regulations relating to Hazardous
Materials (“Hazardous Materials Laws”), including, without limitation: the Clean Air Act, as amended, 42 U.S.C. Section 7401 et seq.; the Federal Water Pollution Control Act, as amended, 33 U.S.C.
Section 1251 et seq.; the Resource Conservation and Recovery Act of 1976, as amended, 42 U.S.C. Section 6901 et seq.; the Comprehensive Environment Response, Compensation and Liability Act of 1980, as amended
(including the Superfund Amendments and Reauthorization Act of 1986, “CERCLA”), 42 U.S.C. Section 9601 et seq.; the Toxic Substances Control Act, as amended, 15 U.S.C. Section 2601 et seq.; the
Occupational Safety and Health Act, as amended, 29 U.S.C. Section 651, the Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C. Section 11001 et seq.; the Mine Safety and Health Act of 1977, as amended, 30
U.S.C. Section 801 et seq.; the Safe Drinking Water Act, as amended, 42 U.S.C. Section 300f et seq.; and all comparable state and local laws, laws of other jurisdictions or orders and regulations. 

(c) Hazardous Materials Claims. There are no claims or actions (“Hazardous Materials Claims”) pending or
threatened in writing against any Borrower or either Property by any governmental entity or agency or by any other Person relating to Hazardous Materials or pursuant to the Hazardous Materials Laws. 

(d) Border Zone Property. The SF Property has not been designated as Border Zone Property under the provisions of California
Health and Safety Code, Sections 25220 et seq. 
 7.2 Hazardous Materials Covenants. Borrower and Operating Lessee
agree as follows: 
 (a) No Hazardous Activities. No Borrower or Operating Lessee shall cause or permit Property to be
used as a site for the use, generation, manufacture, storage, treatment, release, discharge, disposal, transportation or presence of any Hazardous Materials, except in compliance with all Hazardous Materials Laws. 

  
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 (b) Compliance. Borrower and Operating Lessee shall comply and cause each
Property to comply in all material respects with all Hazardous Materials Laws. 
 (c) Notices. Borrower and Operating
Lessee shall immediately notify Lender in writing of: (i) the discovery of any Hazardous Materials on, under or about a Property; (ii) any actual knowledge by Borrower or Operating Lessee that a Property does not comply with any Hazardous
Materials Laws; (iii) any actual knowledge of any Hazardous Materials Claims; (iv) the actual knowledge of discovery of any occurrence or condition on any real property adjoining or in the vicinity of the SF Property that could reasonably
be expected to cause the SF Property or any part thereof to be designated as Border Zone Property; and (v) the actual knowledge of the discovery of any occurrence or condition on any real property adjoining or in the vicinity of the CHI
Property that could cause the CHI Property or any part thereof to fail to comply with Hazardous Materials Laws. 
 (d)
Remedial Action. In response to the presence of any Hazardous Materials on, under or about any Property or any portion thereof, Borrower and Operating Lessee shall promptly take, at Borrower’s sole expense, all remedial action required
by any Hazardous Materials Laws or any judgment, consent decree, settlement or compromise in respect to any Hazardous Materials Claims. 

7.3 Inspection by Administrative Agent. Upon reasonable prior notice to Borrower, Administrative Agent, its employees and agents, may from
time to time (whether before or after the commencement of a non-judicial or judicial foreclosure proceeding) enter and inspect either Property for the purpose of determining the existence, location, nature and magnitude of any past or present
release or threatened release of any Hazardous Materials into, onto, beneath or from such Property. 
 7.4 Hazardous Materials
Indemnity. BORROWER HEREBY AGREES TO DEFEND, INDEMNIFY AND HOLD HARMLESS ADMINISTRATIVE AGENT, LENDERS, AND THEIR DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, SUCCESSORS AND ASSIGNS (EACH AN “INDEMNITEE” AND COLLECTIVELY,
“INDEMNITEES”) FROM AND AGAINST ANY AND ALL ACTUAL LOSSES, DAMAGES, LIABILITIES, CLAIMS, ACTIONS, JUDGMENTS, COURT COSTS AND LEGAL OR OTHER EXPENSES (INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS’ FEES AND EXPENSES) WHICH
ANY INDEMNITEE MAY INCUR AS A DIRECT OR INDIRECT CONSEQUENCE OF THE USE, GENERATION, MANUFACTURE, STORAGE, DISPOSAL, THREATENED DISPOSAL, TRANSPORTATION OR PRESENCE OF HAZARDOUS MATERIALS IN, ON, UNDER OR ABOUT THE PROPERTY. BORROWER SHALL
IMMEDIATELY PAY TO ADMINISTRATIVE AGENT UPON DEMAND ANY AMOUNTS OWING UNDER THIS INDEMNITY, TOGETHER WITH INTEREST FROM THE DATE THE INDEBTEDNESS ARISES UNTIL PAID AT THE RATE OF INTEREST APPLICABLE TO THE PRINCIPAL BALANCE OF THE NOTE.
BORROWER’S DUTY AND OBLIGATIONS TO DEFEND, INDEMNIFY AND HOLD HARMLESS THE INDEMNITEES 

  
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SHALL SURVIVE THE CANCELLATION OF THE NOTE AND THE RELEASE, RECONVEYANCE OR PARTIAL RECONVEYANCE OF EACH SECURITY DOCUMENT. NOTWITHSTANDING THE FOREGOING, THE AFORESAID INDEMNIFICATION SHALL NOT
APPLY TO ANY LOSSES, DAMAGES, LIABILITIES, CLAIMS, ACTIONS, JUDGEMENTS, COURT COSTS AND LEGAL OR OTHER EXPENSES THAT ARE CAUSED BY THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF ANY INDEMNITEE. 

7.5 Legal Effect of Section. Borrower and Lenders agree that: (a) this Article VII is intended as Lenders’ written request for
information (and Borrower’s and Operating Lessee’s response) concerning the environmental condition of the real property security as required by California Code of Civil Procedure §726.5; and (b) each provision in this Article
(together with any indemnity applicable to a breach of any such provision) with respect to the environmental condition of the real property security is intended by Lenders and Borrower to be an “environmental provision” for purposes of
California Code of Civil Procedure §736 (subject to Section 7.4 above), and as such it is expressly understood that Borrower’s duty to indemnify Administrative Agent and Lenders hereunder shall survive: (a) any judicial or
non-judicial foreclosure under any Security Document, or transfer of either Property, or any portion thereof, in lieu thereof, (b) the release and reconveyance or cancellation of any Security Document, and (c) the satisfaction of all of
Borrower’s obligation under the Loan Documents; provided, however, that Borrower shall not be obligated to indemnify an Indemnitee to the extent that such losses, damages, liabilities, claims, actions, judgements, court costs and legal or other
expenses incurred by such Indemnitee are caused by Indemnitee’s gross negligence or willful misconduct. 
 ARTICLE 8

 COVENANTS OF BORROWER 
 8.1 Performance of Obligations. Borrower shall promptly pay and perform all of its obligations hereunder and under the other Loan Documents when due. 

8.2 Expenses. To the extent not paid on the Effective Date, Borrower shall pay Administrative Agent within fifteen (15) days following
demand therefor all reasonable costs and expenses incurred by Administrative Agent in connection with: (a) the preparation of this Agreement, all other Loan Documents and Other Related Documents; (b) the administration of this Agreement,
the other Loan Documents and Other Related Documents for the term of the Loan; and (c) the enforcement or satisfaction by Administrative Agent of any of Borrower’s obligations under this Agreement, the other Loan Documents or the Other
Related Documents. For all purposes of this Agreement, Administrative Agent’s costs and expenses shall include, without limitation, all appraisal fees, cost engineering and inspection fees, legal fees and expenses, accounting fees,
environmental consultant fees, auditor fees, UCC filing fees and/or UCC vendor fees, flood certification vendor fees, tax service vendor fees, and the cost to Administrative Agent of any title insurance premiums, title surveys, reconveyance and
notary fees. Borrower recognizes and agrees that formal written appraisals of the Property by a licensed independent appraiser may be required by Administrative Agent’s internal procedures and/or federal regulatory reporting requirements on an
annual and/or specialized basis and that Administrative Agent may, at its option, require inspection of the Property by an independent supervising architect and/or cost engineering specialist at least semi-annually. If any of the

  
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services described above are provided by an employee of Administrative Agent, Administrative Agent’s costs and expenses for such services shall be calculated in accordance with
Administrative Agent’s standard charge for such services. 
 8.3 ERISA Compliance. Borrower and Operating Lessee shall at all
times comply with the provisions of ERISA with respect to any retirement or other employee benefit plan to which it is a party as employer, and as soon as possible after any Borrower or Operating Lessee knows, or has reason to know, that any
Reportable Event (as defined in ERISA) with respect to any such plan of Borrower or Operating Lessee has occurred, it shall furnish to Administrative Agent a written statement setting forth details as to such Reportable Event and the action, if any,
which such Borrower or Operating Lessee proposes to take with respect thereto, together with a copy of the notice of such Reportable Event furnished to the Pension Benefit Guaranty Corporation. 

8.4 Leasing. Subject to Manager’s rights under the applicable Management Agreement, each Borrower and Operating Lessee shall use its
reasonable efforts to maintain all leasable space in its respective Property leased at no less than fair market rental rates. 
 8.5
Approval of Leases. All leases of all or any part of the Property shall: (a) with respect to a Major Lease, be upon terms and with tenants approved in writing by Administrative Agent prior to Borrower’s execution of any such
lease; and (b) include estoppel, subordination, attornment and mortgagee protection provisions satisfactory to Administrative Agent. 

8.6 Subdivision Maps; Use. 
 (a) Prior to recording any final map, plat, parcel map, lot line adjustment or other subdivision map of any kind covering any portion of a Property (collectively, “Subdivision Map”),
Borrower shall submit such Subdivision Map to Administrative Agent for Administrative Agent’s review and approval, which approval shall not be unreasonably withheld. Within ten (10) Business Days after Administrative Agent’s receipt
of such Subdivision Map, Administrative Agent shall provide Borrower written notice if Administrative Agent disapproves of said Subdivision Map. Administrative Agent shall be deemed to have approved the Subdivision Map if such notice is not provided
to Borrower. Within five (5) Business Days after Administrative Agent’s request, Borrower and Operating Lessee shall execute, acknowledge and deliver to Administrative Agent such amendments to the Loan Documents as Administrative Agent may
reasonably require to reflect the change in the legal description of any portion of a Property resulting from the recordation of any Subdivision Map. In connection with and promptly after the recordation of any amendment or other modification to the
Security Instrument recorded in connection with such amendments, Borrower shall deliver to Administrative Agent, at Borrower’s sole expense, a title endorsement to the Title Policy in form and substance satisfactory to Administrative Agent
insuring the continued first priority lien of applicable Security Deed. Subject to the execution and delivery by Borrower of any documents required under this Section, Administrative Agent shall, if required by applicable law, sign any Subdivision
Map approved, or deemed to be approved, by Administrative Agent pursuant to this Section. 
 (b) No Borrower or Operating Lessee
shall initiate or acquiesce to a zoning change of a Property without prior notice to, and prior written consent from, Administrative Agent. 

  
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Furthermore, no Borrower or Operating Lessee shall allow changes in the stated use of a Property from that disclosed to Administrative Agent at the time of execution hereof without prior notice
to, and prior written consent from, Administrative Agent. 
 8.7 Opinion of Legal Counsel. On or before the Effective Date,
Borrower shall provide, at Borrower’s expense, an opinion of legal counsel in form and content reasonably satisfactory to Lender to the effect that: (a) upon due authorization, execution and recordation or filing as may be specified in the
opinion, each of the Loan Documents shall be legal, valid and binding instruments, enforceable against the makers thereof in accordance with their respective terms; (b) each Borrower and Operating Lessee is duly formed and has all requisite
authority to enter into the Loan Documents; and (c) such other matters, incident to the transactions contemplated hereby, as Lender may reasonably request. 
 8.8 Franchise Agreements. Borrower shall cause each Property to be operated, and Operating Lessee shall operate each Property, pursuant to any applicable Franchise Agreement, and Borrower
and Operating Lessee shall: 
 (a) promptly perform and/or observe (or cause to be performed and/or observed) all of the
covenants and agreements required to be performed and observed by it under the applicable Franchise Agreement (including, without limitation, the requirements of any PIP) and do all things necessary to preserve and to keep unimpaired its material
rights thereunder; 
 (b) promptly notify Administrative Agent of any default or notice of non-compliance received or delivered
in connection with the Franchise Agreement; 
 (c) promptly deliver to Administrative Agent a copy of each financial statement,
business plan, capital expenditures plan, property improvement plan and any other report delivered or received by it under the Franchise Agreement; and 
 (d) indemnify and hold Administrative Agent and Lenders harmless from and against all claims or liabilities in any way arising in connection with any termination payments under the Franchise Agreement,
and costs or fees relating to any PIP and liquidated damages payable under the Franchise Agreement. 
 8.9 Actions to Maintain
Property. Each Borrower and Operating Lessee shall: 
 (a) subject to the provisions of the applicable Management
Agreement, maintain Inventory in amounts from time to time required by the Manager; 
 (b) subject to the provisions of the
applicable Management Agreement, make, or cause to be made, all renovations and capital improvements to its respective Property in a good and workmanlike manner with materials of high quality, free of defects and liens, in accordance with the
applicable plans and specifications and in compliance with all applicable laws, regulations and requirements; 
 (c) subject to
the provisions of the applicable Management Agreement, keep all applicable Licenses in full force and effect and promptly comply with all conditions thereof; 

  
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 (d) if the Note is mutilated, destroyed, lost, or stolen, promptly deliver to
Administrative Agent, in substitution therefore, a new promissory note containing the identical terms and conditions as the Note with a notation thereon of the unpaid principal and accrued and unpaid interest; 

(e) upon Administrative Agent’s reasonable request, execute, deliver, record and furnish such documents as Administrative Agent may
reasonably deem necessary or desirable to (i) perfect and maintain perfected as valid liens upon each Property and all other Collateral the liens granted by Borrower to Administrative Agent under the Loan Documents, (ii) correct any errors
of a typographical nature or inconsistencies which may be contained in any of the Loan Documents, and (iii) consummate fully the transaction contemplated under this Agreement; and 

(f) except as expressly permitted in this Agreement, not Transfer any portion of the Property or the beneficial ownership thereof without
the prior written consent of Administrative Agent. 
 8.10 Proceedings. If any legal proceedings are commenced seeking to enjoin
or otherwise prevent or declare unlawful the use, occupancy, operation or maintenance of either Property or any portion thereof (a “Proceeding”), or if any other Proceedings are filed, the Borrower shall promptly notify
Administrative Agent in writing and to the extent permitted by law and at its sole expense, (i) cause the Proceeding to be contested in good faith and (ii) in the event of an adverse ruling or decision, prosecute all allowable appeals
therefrom. Without limiting the generality of the foregoing, Borrower shall use commercially reasonable efforts to resist the entry or seek the stay of any temporary or permanent injunction that may be entered. 

8.11 Correction of Defects. Within a commercially reasonable period of time after any Borrower or Operating Lessee acquires knowledge of or
is given notice of a material defect in the Property, the applicable Borrower and/or Operating Lessee shall commence and continue with diligence to correct all such defects (including, without limitation, any corrective action necessary to perfect
and maintain perfected as valid liens upon the applicable Property and all other Collateral the liens granted by Borrower to Administrative Agent under the Loan Documents). Upon Borrower or Operating Lessee acquiring knowledge of such defect (other
than as a result of written notice to Borrower from Administrative Agent), Borrower shall promptly advise Administrative Agent in writing of such matter and the measures being taken to make such corrections, along with an estimate of the time of
completion. 
 8.12 Personal Property. (a) All of the Personal Property located on or used in connection with the Property,
shall always be located at the Property and shall also be kept free and clear of all liens other than Permitted Liens; (b) subject to Section 8.17, Borrower shall pay all taxes, levies, charges and assessments on the Personal Property
located on or used in connection with the Property prior to such taxes, levies, charges or assessments becoming delinquent; and (c) Borrower shall, from time to time upon request by Administrative Agent, furnish Administrative Agent with
evidence of such ownership and payment satisfactory to Administrative Agent, including searches of applicable public records. 
 8.13
Operation of the Property. No Borrower or Operating Lessee shall, without Administrative Agent’s prior written consent: (a) surrender, terminate or cancel any Franchise Agreement or Management Agreement or otherwise replace a
Franchisor or Manager or enter 

  
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into any operating lease or franchise or management agreements with respect to the Property, or any portion thereof, (b) reduce or consent to the reduction of or extension of the term of the
Management Agreement or Franchise Agreement; (c) increase or consent to the increase by any material amount of the amount of any charges under any Management Agreement or Franchise Agreement; or (d) otherwise modify, change, supplement,
alter or amend, or waive or release any of its rights and remedies under any Management Agreement or Franchise Agreement in any material respect. 
 8.14 Completion of Renovations. 
 (a) In the event a Borrower or
Operating Lessee shall undertake any Renovations to a Property pursuant to a PIP or otherwise, such Borrower or Operating Lessee shall (i) cause the same to be performed diligently and promptly and to be commenced, performed and completed
within the time limits set forth in the PIP; (ii) cause to be obtained all governmental permits required for such Renovations; (iii) cause such Renovations to be constructed, performed and completed in compliance, in all material respects,
with Applicable Law and all applicable requirements of the applicable Manager and/or Franchisor, in a good and workmanlike manner, with materials of high quality, free of defects, and in accordance with the plans and specifications therefor and the
PIP, without substantial deviation therefrom unless approved by such Manager and/or Franchisor that issued the PIP; (iv) cause such Renovations to be constructed and completed free and clear of any mechanic’s liens, materialman’s
liens and equitable liens (subject to Section 8.22); (v) pay or cause to be paid all costs of such Renovations when due; (vi) fully pay and discharge, or cause to be fully paid and discharged, all claims for labor performed and
material and services furnished in connection with such Renovations; and (vii) promptly release and discharge, or cause to be released and discharged, all claims of stop notices, mechanic's liens, materialman's liens and equitable liens that
may arise in connection with such Renovations (subject to Section 8.22). 
 (b) Borrower shall notify Administrative
Agent of any Major Renovations that are scheduled or planned for a Property and shall, if requested by Administrative Agent, promptly furnish or cause to be furnished to Administrative Agent (i) copies of any plans and specifications, contracts
and governmental permits for such Major Renovations, and (ii) upon substantial completion of such Major Renovations (A) a written statement or certificate executed by the architect designated or shown on the plans and specifications (or,
if no architect has been retained, from the general contractor for such Major Renovations certifying, without qualification or exception, that such Major Renovations are substantially complete, (B) all required occupancy permits for applicable
Property issued by the local government agency having jurisdiction and authority to issue same, and (C) such other evidence of lien free completion as Administrative Agent deems satisfactory in its reasonable discretion. 

8.15 Accounts. No Borrower or Operating Lessee shall have any accounts other than the Accounts, the Key Bank Accounts and the Bank of
America Account. No Borrower or Operating Lessee shall have any right or ability to affect withdrawals from any Accounts except in accordance with the provisions of this Agreement or any Management Agreement Assignment/Subordination, and shall have
no right to exercise dominion or control over the proceeds in such Accounts except as expressly provided in this Agreement or any Management Agreement Assignment/Subordination. 

  
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 8.16 FF&E Reserves. 

(a) Each Borrower shall deposit or cause to be deposited into its respective FF&E Reserve Account (which account is hereby pledged to
Administrative Agent, for the benefit of Lenders, as additional collateral for the Loan, subject to the terms of the applicable Management Agreement and Management Agreement Assignment/Subordination), not later than the twentieth (20th) day of
each month during the term of the Loan an amount equal to the greater of (i) four percent (4%) of Gross Operating Revenues for the Property for the previous month, and (ii) the amount required to be deposited into any FF&E reserve
for such month pursuant to the terms of any applicable Franchise Agreement and/or Management Agreement (each an “FF&E Reserve”). 
 (b) Provided no Default has occurred, funds may be withdrawn from the FF&E Reserve Account, and Borrower and Operating Lessee shall use such funds, solely for the payment of expenditures for FF&E
and other capital items in accordance with the applicable Approved Capital Budget or otherwise in accordance with the CHI Management Agreement and Management Agreement Assignment/Subordination relating to the CHI Property. In addition, regardless of
the existence of a Default, funds may be withdrawn from the FF&E Accounts if and to the extent permitted by the terms of the Management Agreement Assignment/Subordination applicable to the Property for the benefit of which the relevant FF&E
Account is maintained. 
 (c) The Administrative Agent shall have the right (to be exercised from time to time at its election)
to audit each Borrower’s and Operating Lessee’s books and records in order to determine whether or not the funds withdrawn or disbursed from the FF&E Reserve Account have been spent only for the purpose for which they were withdrawn or
disbursed. Borrower and Operating Lessee shall cooperate with Administrative Agent in connection with any such audit. 
 8.17 Taxes,
Assessments, Encumbrances. Borrower shall pay prior to delinquency all taxes, levies, charges and assessments, including assessments on appurtenant water stock, imposed by any public or quasi public authority or utility company which are (or
if not paid, may become) a lien, encumbrance or charge against (each, a “Tax”, and collectively, “Taxes”) on all or part of the Property or any interest in it. Notwithstanding the preceding sentence, this
Section 8.17 shall not require the payment or discharge of any such Tax (i) that is being contested in good faith by appropriate proceedings, (ii) with respect to which reserves in conformity with generally accepted accounting
procedures have been provided, (iii) if such Tax does not constitute and is not secured by any choate lien on any portion of the Property and no portion of the Property is in jeopardy of being sold, forfeited or lost during or as a result of
such contest, and (iv) Administrative Agent or Lender could not become subject to any civil or criminal fine or penalty, in each case as a result of non-payment of such Tax. 
 8.18 Management of Property. Without the prior written consent of Administrative Agent, no Borrower or Operating Lessee shall enter into any agreement providing for the management, leasing
or operation of the Property other than the Management Agreement in effect on the Effective Date. 
 8.19 Subordination of Management
Agreement. With respect to any Management Agreement entered into after the date hereof, Borrower shall cause Manager to enter into a subordination and non-disturbance agreement with Administrative Agent as Administrative Agent may reasonably
request to subordinate the Management Agreement to the Loan. 

  
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 8.20 Wells Fargo Securities FF&E Account. On or before August 8, 2011, Borrower
shall close, or cause to be closed, account no. 28914141 at Wells Fargo Securities LLC, denominated W Hotel Management, Inc. AAF CHSP Chicago, LLC, W Chicago City Center - FF&E Reserve. 
 8.21 Replacement of SF Manager. Subject to the terms of the Management Agreement Assignment/Subordination relating to the SF Property, Borrower or Operating Lessee shall, at the written
instruction of Lender, replace SF Manager with a manager that is not an Affiliate of, but is chosen by, SF Borrower and approved by Administrative Agent and the SF Franchisor under the SF Franchise Agreement, upon the occurrence of one or more of
the following events: (a) a Default exists, or (b) SF Manager is in material default under the SF Management Agreement beyond any notice and applicable cure period. 
 8.22 Liens. No Borrower or Operating Lessee shall, without the prior written consent of Administrative Agent, create, incur, assume or suffer to exist any Lien on any portion of the Property
or permit any such action to be taken, except Permitted Liens. No Borrower or Operating Lessee shall permit any member of such Borrower or Operating Lessee to pledge or otherwise encumber its interest in Borrower or Operating Lessee. 

8.23 Dissolution. No Borrower or Operating Lessee shall dissolve, terminate its existence, liquidate, merge with or consolidate into
another Person. 
 8.24 Material Contracts. No Borrower or Operating Lessee shall do any of the following without the
Administrative Agent’s prior written consent: (a) enter into, surrender or terminate any Material Contract; (ii) reduce or extend the term of, increase the charges or fees payable by such Loan Party under, decrease the charges or fees
payable to such Loan Party under, or otherwise modify or amend in any material respect, any Material Contract; or (c) terminate, or modify or amend in any material respect, either Operating Lease. 

8.25 Indebtedness. No Borrower or Operating Lessee shall: 
 (a) assume, create, incur or suffer to exist any Indebtedness to the Guarantor or any of its Subsidiaries unless such Indebtedness is fully unsecured and subordinated to the Obligations on terms
satisfactory to the Administrative Agent; or 
 (b) assume, incur or suffer to exist any Indebtedness other than (i) as
permitted in clause (a), (ii) the Obligations, (iii) trade payables and equipment leases that are normal and customary both as to their terms and as to their amounts, and which, in all events, do not exceed $1,000,000 in the aggregate per
Property, and (iv) a Guaranty of the Franchise Agreement entered into in the ordinary course of business (such permitted Indebtedness being referred to in this Agreement as “Permitted Debt”); or (c) permit any Collateral
or any direct or indirect ownership interest of the Borrower or Operating Lessee, as applicable, to be subject to a Negative Pledge. 
 8.26
Transactions with Affiliates. No Borrower or Operating Lessee shall enter into any transaction (including the purchase, sale, lease or exchange of any property or the rendering of 

  
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any service) with any Affiliate of any Loan Party, except (a) as set forth on Schedule 8.27, or (b) transactions in the ordinary course of and pursuant to the reasonable
requirements of the business of a Borrower or Operating Lessee and upon fair and reasonable terms which are no less favorable to such Borrower or Operating Lessee than would be obtained in a comparable arm’s length transaction with a Person
that is not an Affiliate. 
 8.27 Other Business. No Borrower or Operating Lessee shall engage in any business other than the
ownership and operation of a Property as a hotel and any business incidental thereto. 
 8.28 Further Assurances. Upon
Administrative Agent’s request and at Borrower’s sole cost and expense, Borrower and Operating Lessee shall execute, acknowledge and deliver any other instruments and perform any other acts necessary, desirable or proper, as reasonably
determined by Administrative Agent, to carry out the purposes of this Agreement and the other Loan Documents or to perfect and preserve any liens created by the Loan Documents. 
 8.29 Assignment. Without the prior written consent of Administrative Agent, no Borrower or Operating Lessee shall assign its interests under any of the Loan Documents, or in any monies due
or to become due thereunder, and any assignment without such consent shall be void. 
 8.30 Interest Rate Protection. On or before
the date hereof, Borrower shall (i) enter into a Derivative Contract with an Acceptable Counterparty, with a notional amount not less than $84,500,000; and (ii) a term expiring on the Original Maturity Date. In addition, at Administrative
Agent’s election, Borrower may be required to obtain a Derivative Contract as a condition to Borrower’s right to exercise an Option to Extend (as more specifically described in Section 2.14). If Borrower purchases a Derivative
Contract from Wells Fargo Bank, National Association (i) Borrower shall, upon receipt from Administrative Agent, execute promptly all documents evidencing such transaction, including without limitation the ISDA Master Agreement, the Schedule to
the ISDA Master Agreement and the ISDA Confirmation, and (ii) the interest of Wells Fargo Bank, National Association, thereunder shall be secured by the Collateral pari passu with the Loan. If Borrower purchases the Derivative Contract from any
provider other than Wells Fargo Bank, National Association, such Derivative Contract shall not be secured by the Collateral in any manner whatsoever, and Borrower shall collaterally assign all of Borrower’s right, title and interest to receive
any and all payments under the Derivative Contract to Administrative Agent, for the benefit of Lenders, pursuant to a separate Collateral Assignment of Interest Rate Protection Agreement (in form and substance acceptable to Administrative Agent),
and shall deliver to Administrative Agent executed counterparts of such Derivative Contract (which shall, by its terms, authorize the assignment to Administrative Agent and require that payments made to Borrower by the counterparty under such
Derivative Contract be deposited directly into an account acceptable to Administrative Agent). 
 8.31 No Sale or Encumbrance.
Except as otherwise provided herein, no Borrower or Operating Lessee shall permit either Property or any interest therein to be sold, transferred (including, without limitation, through sale or transfer (directly or indirectly) of the limited
liability company interests of the Borrower), mortgaged, assigned, further encumbered or leased, whether directly or indirectly, whether voluntarily, involuntarily or by operation of law, without the prior written consent of the Administrative
Agent. Notwithstanding the foregoing, the transfer of interests in Parent shall not be deemed to be a violation of the foregoing so long as such transfer does not constitute a Default under Section 10.1(h) below. 

  
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 8.32 Organization Documents. No Borrower or Operating Lessee shall amend,
supplement, restate or otherwise modify in any material respect its charter, articles of incorporation or by-laws, operating agreement, partnership agreement or other organizational document without the prior written consent of Requisite Lenders
(which shall not be unreasonably withheld) unless such amendment, supplement, restatement or other modification is (a) required under or as a result of the Internal Revenue Code or other Applicable Law or (b) required to maintain
Parent’s status as a REIT. Borrower shall promptly deliver to Administrative Agent copies of any amendment, supplement, restatement or modification of the organizational documents of a Borrower or Operating Lessee. 

ARTICLE 9 

REPORTING COVENANTS 
 For so long as this Agreement is in effect, unless the Requisite Lenders (or, if required pursuant to Section 12.12, all of the Lenders) shall otherwise consent in the manner set forth in
Section 12.12, the Borrower shall furnish to the Administrative Agent for distribution to each of the Lenders: 
 9.1 Monthly
Reporting. Within thirty (30) days after the end of each calendar month: 
 (a) An operating statement for each
Property, both on an individual and consolidated basis, for the preceding calendar month detailing the Gross Operating Revenues and Operating Expenses, along with the average daily rate, occupancy levels and revenue per available room for such
Property, together with: (i) a comparison of the results for such month with (A) the projections for such month contained in the applicable Approved Operating Budget and (B) the actual results for the same calendar month in the
immediately preceding calendar year; (ii) an operating statement showing year-to-date results for the period ending with such month, together with a comparison of such operating statement with (A) the projections for such year-to-date
period contained in the applicable Approved Operating Budget and (B) the actual results for the year-to-date period ending with the same month in the immediately preceding calendar year; (iii) an operating statement for each Property
showing trailing twelve-month Net Operating Income; and (iv) an operating statement for the Property (in the aggregate) showing trailing twelve-month Net Operating Income. 

(b) If available from the applicable Manager for each Property, a budget reforecast, in a form acceptable to Administrative Agent in its
reasonable discretion, showing actual results to date and a reforecast for the remainder of the current calendar year; 
 (c)
The most recent Smith Travel Research STAR Report for each Property, which shall compare the Property to its primary competitive set. 
 9.2
DSCR Certificate. Commencing December 31, 2012, and continuing each June 30 and December 31 (excluding, however, June 30, 2014 and June 30, 2015) of each year thereafter, Borrower shall deliver to, or cause to be
delivered to Administrative Agent within thirty (30) days of the applicable DSCR Test Date, a DSCR Certificate certifying compliance (or failure to comply, as applicable) with the Minimum DSCR Hurdle for the twelve month period ending
June 30 and December 31 (as applicable) of the then current year. 

  
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 9.3 Other. Borrower shall deliver to, or cause to be delivered to Administrative Agent:

 (a) No later than January 31 of each year during the term of the Loan (i) the proposed annual operating budget for
each Property, which shall be subject to approval of the Administrative Agent, which approval shall not be unreasonably withheld (as so approved, each an “Approved Operating Budget”), (ii) the proposed annual FF&E and
capital budget for each Property, which shall be subject to the approval of the Administrative Agent, which approval shall not be unreasonably withheld (as so approved, each an “Approved Capital Budget”) and (iii) if available
from the applicable Manager, the proposed marketing plan for each Property, which shall be subject to approval of the Administrative Agent, which approval shall not be unreasonably withheld (as so approved, each an “Approved Marketing
Plan”). 
 (b) Promptly upon any Borrower or Operating Lessee entering into any Material Contract or any Material
Lease, a copy thereof; 
 (c) Within forty-five (45) days after the end of each calendar quarter, a report in form and
substance reasonably satisfactory to the Administrative Agent (i) summarizing the status of the compliance with and performance of (A) the obligations under each PIP for each Property, including in such report a statement of the amounts
expended through the end of such quarter with respect to such PIP and amounts projected to be expended thereafter to complete the obligations under such PIP, and (B) the Renovations obligations, if there are any, relating to the 21st and 22nd
floors of the CHI Property, and (ii) certifying (such certification executed by a senior officer of the Borrower acceptable to Administrative Agent) that each Borrower is in compliance with each PIP (if any) and if applicable, that CHI Borrower
is in compliance with the Renovation obligations referenced above; and 
 (d) From time to time and promptly upon each request,
such data, certificates, reports, statements, opinions of counsel, documents or further information regarding the Property or the business, assets, liabilities, financial condition, results of operations or business prospects of any Loan Party as
the Administrative Agent or any Lender may reasonably request. 
 9.4 Books and Records. Each Borrower shall maintain complete
books of account and other records for its respective Property and for disbursement and use of the proceeds of the Loan, and the same shall be available for inspection and copying by Administrative Agent or any Lender upon reasonable prior notice.

 ARTICLE 10 
 DEFAULTS AND REMEDIES 
 10.1 Default. Each of the following shall constitute
an event of default (“Default”), whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of Applicable Law or pursuant to any judgment or order of any Governmental Authority:

 (a) Default in Payment. Borrower’s failure to pay when due any sums payable under the Note, the Fee Letter or any
of the other Loan Documents. 

  
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 (b) Default in Performance. 

(i) Borrower or Operating Lessee shall fail to perform or observe any term, covenant, condition or agreement on its part
to be performed or observed and contained in Article IX and such failure shall continue for a period of five (5) days; or 
 (ii) Borrower or Operating Lessee shall fail to perform or observe any term, covenant, condition or agreement contained in this Agreement or any other Loan Document to which it is a party and not
otherwise mentioned in this Section and such failure shall continue for a period of thirty (30) days after the earlier of (A) the date upon which Borrower or Operating Lessee obtains knowledge of such failure or (B) the date upon
which the Borrower has received written notice of such failure from the Administrative Agent; provided, however, that: (X) if such default is not susceptible of cure within such thirty (30)-day period, such thirty (30)-day period
shall be extended to a ninety (90)-day period, but only if (1) Borrower or Operating Lessee shall commence such cure within such thirty (30)-day period and shall thereafter prosecute such cure to completion, diligently and without delay, and
(2) no other Default or Event of Default shall have occurred; and (Y) the grace period provided in this section shall in no event apply to any default relating to any other Default for which this Agreement or the applicable Loan Document
specifically provides that no period of grace shall be applicable. 
 (c) Condemnation; Attachment. (i) The
condemnation, seizure or appropriation of, or occurrence of an uninsured casualty with respect to any material portion of a Property; or (ii) the sequestration or attachment of, or any levy or execution upon any Property, any other collateral
provided by a Borrower under any of the Loan Documents, or any substantial portion of the other assets of a Borrower, which sequestration, attachment, levy or execution is in an amount in excess of $1,000,000 and not released, expunged or dismissed
prior to the earlier of thirty (30) days or the sale of the assets affected thereby; or 
 (d) Representations and
Warranties. (i) The material breach of any representation or warranty of any Borrower or Operating Lessee in any of the Loan Documents and the continuation of such breach for more than 30 days after written notice to Borrower from
Administrative Agent requesting that Borrower cure such breach; or 
 (e) Voluntary Bankruptcy; Insolvency; Dissolution.
(i) The filing of a petition by a Borrower or Operating Lessee for relief under the Bankruptcy Code, or under any other present or future state or federal law regarding bankruptcy, reorganization or other debtor relief law; (ii) the filing
of any pleading or an answer by a Borrower or Operating Lessee in any involuntary proceeding under the Bankruptcy Code or other debtor relief law which admits the jurisdiction of the court or the petition’s material allegations regarding such
Borrower’s or Operating Lessee’s insolvency; (iii) a general assignment by a Borrower or Operating Lessee for the benefit of creditors; or (iv) a Borrower or Operating Lessee applying for, or the appointment of, a receiver,
trustee, custodian or liquidator of such Borrower or Operating Lessee or any of its property (whether owned or leased); or 

  
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 (f) Involuntary Bankruptcy. The failure of a Borrower or Operating Lessee to
effect a full dismissal of any involuntary petition under the Bankruptcy Code or under any other debtor relief law that is filed against such Borrower or Operating Lessee or in any way restrains or limits a Borrower, an Operating Lessee,
Administrative Agent or Lenders regarding the Loan, a Property or the Improvements, prior to the earlier of the entry of any court order granting relief sought in such involuntary petition, or sixty (60) days after the date of filing of such
involuntary petition; or 
 (g) Partners; Guarantors. The occurrence of any of the events specified in
Section 10.1(e) or Section 10.1(f) as to any Guarantor or Indemnitor; or 
 (h) Change in Management or
Control. 
 (i) Any “person” or “group” (as such terms are used in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a Person will be deemed to have
“beneficial ownership” of all securities that such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 19.9% of the total voting power of
the then outstanding voting stock of Parent; 
 (ii) During any period of twelve (12) consecutive months
ending after the Agreement Date, individuals who at the beginning of any such 12-month period constituted the Board of Trustees of Parent (together with any new trustees whose election by such Board or whose nomination for election by the
shareholders of Parent was approved by a vote of a majority of the trustees then still in office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason
to constitute a majority of the Board of Trustees of Parent then in office; or 
 (iii) Parent shall cease to be
the sole general partner of Chesapeake Lodging, L.P., or shall cease to own at least 80.1% of the partnership interests in the Chesapeake Lodging, L.P.; or 
 (iv) Borrower shall cease to be a Wholly Owned Subsidiary of Chesapeake Lodging, L.P.; or 
 (v) Operating Lessee shall cease to be a Wholly Owned Subsidiary of Chesapeake Lodging, L.P. 
 (i) Loss of Priority. The failure at any time of any Security Document to be a valid first lien upon the applicable Property or any portion thereof (subject to Permitted Liens), other than as a
result of any release or reconveyance of such Security Document pursuant to the terms and conditions of this Agreement; or 

(j) Hazardous Materials. The discovery of any significant Hazardous Materials in, on or about a Property or Improvements
subsequent to the Effective Date. Any such Hazardous Materials shall be “significant” for this purpose if said Hazardous Materials, in Administrative Agent’s sole discretion, have a materially adverse impact on the value of a Property
and Improvements; or 

  
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 (k) Security Documents. Any provision of any Security Documents shall for any
reason cease to be valid and binding on, enforceable against, any Loan Party, or any Lien created under any Security Document ceases to be a valid and perfected first priority Lien in any of the Collateral purported to be covered thereby.

 (l) Chesapeake Lodging Trust. Parent shall cease to maintain its status as a REIT or cease to maintain trading
privileges on the New York Stock Exchange for at least one class of its common shares. 
 (m) Default Under Derivative
Contract. The occurrence of a default beyond any applicable notice, grace and/or cure period, by Borrower or a termination event with respect to Borrower under any Derivative Contract entered into between Borrower and Wells Fargo Bank, National
Association, in connection with the Loan, including, without limitation, the Existing Cap or the Existing Swap. 
 (n)
Default Under Indemnity. The occurrence of a default beyond any applicable notice, grace and/or cure period, under the Amended and Restated Hazardous Materials Indemnity Agreement, dated the date hereof, executed by Indemnitor and
Administrative Agent. 
 (o) Default Under Guaranty. The occurrence of a default beyond any applicable notice,
grace and/or cure period, under any guaranty now or hereafter executed in connection with the Loan, including without limitation, Guarantor's failure to perform any covenant, condition or obligation thereunder. 

(p) Default Under Franchise Agreement. The occurrence of a material default under the Franchise Agreement by Borrower or Operating
Lessee (including, without limitation, the failure to satisfy PIP obligations as and when required thereunder) that extends beyond any applicable cure period provided for therein. 

(q) Default Under Management Agreement. The occurrence of a material default under the Management Agreement by
Borrower or Operating Lessee (including, without limitation, the failure to satisfy PIP obligations or Renovation obligations, including, without limitation, those Renovation obligations relating to the 21st and 22nd floors of the CHI Property) that extends beyond any applicable cure period provided for therein. 

(r) Revocation of Liquor License. The revocation, cancellation, termination or suspension of the liquor license for the hotel
located at either Property for a period of thirty (30) days or more. 
 10.2 Acceleration Upon Default; Remedies. Upon the
occurrence of any Default specified in this Article X, Requisite Lenders may, at their sole option, declare all sums owing to Lenders under the Notes, this Agreement and the other Loan Documents immediately due and payable. Upon such
acceleration, Administrative Agent may, and at the direction of Requisite Lenders, shall, in addition to all other remedies permitted under this Agreement and the other Loan Documents and at law or equity, apply any sums in the Accounts to the sums
owing under the Loan Documents and any and all obligations of Lenders to fund further disbursements under the Loan (if any) shall terminate. 

  
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 10.3 Disbursements To Third Parties. Upon the occurrence of a Default occasioned by
Borrower’s or Operating Lessee’s failure to pay money to a third party as required by this Agreement, Administrative Agent may but shall not be obligated to make such payment on behalf of such Person and Borrower shall immediately repay
such funds upon written demand of Administrative Agent. In either case, the Default with respect to which any such payment has been made by Administrative Agent shall not be deemed cured until such repayment has been made by Borrower to
Administrative Agent. 
 10.4 Repayment of Funds Advanced. Any funds expended by Administrative Agent or any Lender in the
exercise of its rights or remedies under this Agreement and/or the other Loan Documents shall be payable to Administrative Agent upon demand, together with interest at the rate applicable to the principal balance of the Loan from the date the funds
were expended. 
 10.5 Rights Cumulative, No Waiver. All Administrative Agent’s and Lenders’ rights and remedies
provided in this Agreement and the other Loan Documents, together with those granted by law or at equity, are cumulative and may be exercised by Administrative Agent or Lenders at any time. Administrative Agent’s or any Lender’s exercise
of any right or remedy shall not constitute a cure of any Default unless all sums then due and payable to Lenders under the Loan Documents are repaid and Borrower has cured all other Defaults. No waiver shall be implied from any failure of
Administrative Agent or any Lender to take, or any delay by Administrative Agent or any Lender in taking, action concerning any Default or failure of condition under the Loan Documents, or from any previous waiver of any similar or unrelated Default
or failure of condition. Any waiver or approval under any of the Loan Documents must be in writing and shall be limited to its specific terms. 
 ARTICLE 11 
 THE ADMINISTRATIVE AGENT; INTERCREDITOR PROVISIONS

 11.1 Appointment and Authorization. 
 (a) Each Lender hereby irrevocably appoints and authorizes Administrative Agent to take such action as contractual representative on such Lender’s behalf and to exercise such powers under this
Agreement, the other Loan Documents and Other Related Documents as are specifically delegated to Administrative Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto. Not in limitation of the
foregoing, each Lender authorizes and directs Administrative Agent to enter into the Loan Documents and Other Related Documents for the benefit of Lenders. 
 (b) Each Lender hereby agrees that, except as otherwise set forth herein, any action taken by the Requisite Lenders in accordance with the provisions of this Agreement, the Loan Documents or the Other
Related Documents, and the exercise by the Requisite Lenders of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all of Lenders. 

  
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 (c) Nothing herein shall be construed to deem Administrative Agent a trustee or
fiduciary for any Lender or to impose on Administrative Agent duties or obligations other than those expressly provided for herein. Without limiting the generality of the foregoing, the use of the terms “Administrative Agent”,
“Agent”, “agent” and similar terms in the Loan Documents or Other Related Documents with reference to Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency
doctrine of any applicable law. Instead, use of such terms is merely a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. 

(d) The Administrative Agent shall deliver to each Lender, promptly upon receipt thereof by Administrative Agent, copies of each of the
financial statements, certificates, notices and other documents delivered to Administrative Agent pursuant to Article 10. The Administrative Agent will also furnish to any Lender, upon the request of such Lender, a copy (or, where
appropriate, an original) of any document, instrument, agreement, certificate or notice furnished to Administrative Agent by Borrower, any Loan Party or any other Affiliate of Borrower, pursuant to this Agreement or any other Loan Document not
already delivered to such Lender pursuant to the terms of this Agreement or any such other Loan Document. 
 (e) As to any
matters not expressly provided for by the Loan Documents and Other Related Documents (including, without limitation, enforcement or collection of any of Borrower’s obligations hereunder), Administrative Agent shall not be required to exercise
any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Requisite Lenders (or all Lenders if explicitly required
under any other provision of this Agreement), and such instructions shall be binding upon all Lenders and all holders of any of the obligations of Borrower; provided, however, that, notwithstanding anything in this Agreement to the
contrary, Administrative Agent shall not be required to take any action which exposes Administrative Agent to personal liability or which is contrary to this Agreement or any other Loan Document or Requirements of Law. Not in limitation of the
foregoing, Administrative Agent may exercise any right or remedy it or Lenders may have under any Loan Document upon the occurrence of a Potential Default or Default unless the Requisite Lenders have directed Administrative Agent otherwise. Without
limiting the foregoing, no Lender shall have any right of action whatsoever against Administrative Agent as a result of Administrative Agent acting or refraining from acting under this Agreement, the other Loan Documents, or the Other Related
Documents in accordance with the instructions of the Requisite Lenders, or where applicable, all Lenders. 
 11.2 Wells Fargo as
Lender. 
 Wells Fargo, as a Lender, shall have the same rights and powers under this Agreement and any other Loan
Document as any other Lender and may exercise the same as though it were not Administrative Agent; and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated, include Wells Fargo in each case in its individual
capacity. Wells Fargo and its affiliates may each accept deposits from, maintain deposits or credit balances for, invest in, lend money to, act as trustee under indentures of, serve as financial advisor to, and generally engage in any kind of
business with either Borrower, any other Loan Party or any other affiliate thereof as if it were any other bank and without any duty to account therefor to the other Lenders. Further, Administrative Agent and any affiliate may accept fees and other
consideration from 

  
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either Borrower for services in connection with this Agreement and otherwise without having to account for the same to the other Lenders. The Lenders acknowledge that, pursuant to such
activities, Wells Fargo or its affiliates may receive information regarding a Borrower, an Other Loan Party, other subsidiaries and other Affiliates (including information that may be subject to confidentiality obligations in favor of such Person)
and acknowledge that Administrative Agent shall be under no obligation to provide such information to them. 
 11.3 Defaulting
Lenders. If for any reason any Lender shall become a Defaulting Lender, then, in addition to the rights and remedies that may be available to Administrative Agent or the Borrower under this Agreement or applicable law, such Defaulting
Lender’s right to participate in the administration of the Loan, this Agreement and the other Loan Documents, including without limitation, any right to vote in respect of, to consent to or to direct any action or inaction of Administrative
Agent or to be taken into account in the calculation of Requisite Lenders, shall be suspended during the pendency of such failure or refusal. If for any reason a Lender fails to make timely payment to the Administrative Agent of any amount required
to be paid to the Administrative Agent hereunder (without giving effect to any notice or cure periods), in addition to other rights and remedies which the Administrative Agent or the Borrower may have under the immediately preceding provisions or
otherwise, Administrative Agent shall be entitled (i) to collect interest from such Defaulting Lender on such delinquent payment for the period from the date on which the payment was due until the date on which the payment is made at the
Federal Funds Rate, (ii) to withhold or setoff and to apply in satisfaction of the defaulted payment and any related interest, any amounts otherwise payable to such Defaulting Lender under this Agreement or any other Loan Document and
(iii) to bring an action or suit against such Defaulting Lender in a court of competent jurisdiction to recover the defaulted amount and any related interest. Any amounts received by Administrative Agent in respect of a Defaulting Lender’s
Portion shall not be paid to such Defaulting Lender and shall be held uninvested by Administrative Agent and paid to such Defaulting Lender upon the Defaulting Lender’s curing of its default. The provisions of this section shall apply and be
effective regardless of whether a Default occurs, and notwithstanding (a) any other provision of this Agreement to the contrary, or (b) any instruction of Borrower as to its desired application of payments. In addition, the Defaulting
Lender shall indemnify, defend and hold Administrative Agent and each of the other Lenders harmless from and against any and all liabilities and costs, plus interest thereon at the Default Rate, which they may sustain or incur by reason of or as a
direct consequence of the Defaulting Lender’s failure or refusal to perform its obligations under this Agreement. 
 11.4
Distribution and Apportionment of Payments; Defaulting Lenders. 
 (a) Subject to Section 11.4(b) below,
payments actually received by Administrative Agent for the account of Lenders shall be paid to them promptly after receipt thereof by Administrative Agent, but in any event within two (2) Business Days, provided that Administrative Agent shall
pay to Lenders interest thereon, at the lesser of (i) the Federal Funds Rate and (ii) the rate of interest applicable to the Loan, from the Business Day following receipt of such funds by Administrative Agent until such funds are paid in
immediately available funds to Lenders. All payments of principal, interest, and other payments under the Loan Documents or Other Related Documents shall be allocated among such Lenders as are entitled thereto, in proportion to their respective Pro
Rata Shares in the Loan or otherwise as provided herein or as separately agreed by Administrative Agent and any Lender. Administrative Agent shall 

  
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promptly distribute, but in any event within two (2) Business Days, to each Lender at its primary address set forth on the appropriate signature page hereof or on the Assignment and
Assumption Agreement, or at such other address as a Lender may request in writing, such funds as it may be entitled to receive, provided that Administrative Agent shall in any event not be bound to inquire into or determine the validity, scope or
priority of any interest or entitlement of any Lender and may suspend all payments and seek appropriate relief (including, without limitation, instructions from Requisite Lenders or all Lenders, as applicable, or an action in the nature of
interpleader) in the event of any doubt or dispute as to any apportionment or distribution contemplated hereby. The order of priority herein is set forth solely to determine the rights and priorities of Lenders as among themselves and may at any
time or from time to time be changed by Lenders as they may elect, in writing in accordance with this Agreement, without necessity of notice to or consent of or approval by Borrower or any other Person. All payments or other sums received by
Administrative Agent for the account of Lenders shall not constitute property or assets of Administrative Agent and shall be held by Administrative Agent, solely in its capacity as agent for itself and the other Lenders, subject to the Loan
Documents and the Other Related Documents. 
 (b) Notwithstanding any provision hereof to the contrary, until such time as a
Defaulting Lender has funded its Pro Rata Share of a Protective Advance or prior Loan disbursements which was previously a Non-Pro Rata Advance, or all other Lenders have received payment in full (whether by repayment or prepayment) of the amounts
due in respect of such Non-Pro Rata Advance, all of the indebtedness and obligations owing to such Defaulting Lender hereunder shall be subordinated in right of payment, as provided in the following sentence, to the prior payment in full of all
principal, interest and fees in respect of all Non-Pro Rata Advances in which the Defaulting Lender has not funded its Pro Rata Share (such principal, interest and fees being referred to as “Senior Loans”). All amounts paid by
Borrower and otherwise due to be applied to the indebtedness and obligations owing to the Defaulting Lender pursuant to the terms hereof shall be distributed by Administrative Agent to the other Lenders in accordance with their respective Pro Rata
Shares of the Loan (recalculated for purposes hereof to exclude the Defaulting Lender’s Pro Rata Share of the Loan), until all Senior Loans have been paid in full. This provision governs only the relationship among Administrative Agent, each
Defaulting Lender, and the other Lenders; nothing hereunder shall limit the obligations of Borrower under this Agreement, provided, however, that Borrower shall not be obligated to a Defaulting Lender for payments Borrower has made to the
Administrative Agent in accordance with the terms of this Agreement. The provisions of this section shall apply and be effective regardless of whether a Default occurs, and notwithstanding (a) any other provision of this Agreement to the
contrary, (b) any instruction of Borrower as to its desired application of payments or (c) the suspension of such Defaulting Lender’s right to vote on matters which are subject to the consent or approval of Requisite Lenders or all
Lenders. Administrative Agent shall be entitled to (i) withhold or setoff, and to apply to the payment of the defaulted amount and any related interest, any amounts to be paid to such Defaulting Lender under this Agreement, and (ii) bring
an action or suit against such Defaulting Lender in a court of competent jurisdiction to recover the defaulted amount and any related interest. In addition, the Defaulting Lender shall indemnify, defend and hold Administrative Agent and each of the
other Lenders harmless from and against any and all liabilities and costs, plus interest thereon at the Default Rate as set forth in the Notes, which they may sustain or incur by reason of or as a direct consequence of the Defaulting Lender’s
failure or refusal to perform its obligations under this Agreement. 

  
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 11.5 Pro Rata Treatment. 

Except to the extent otherwise provided herein: (a) each borrowing from Lenders shall be made from Lenders, each payment of the fees
shall be made for the account of Lenders, and each termination or reduction of the amount of the Commitments pursuant to this Agreement shall be applied to the respective Commitments of Lenders, pro rata according to the amounts of their respective
Commitments; (b) each payment or prepayment of principal of the Loan by Borrower shall be made for the account of Lenders pro rata in accordance with the respective unpaid principal amounts of the Loan held by them, provided that if immediately
prior to giving effect to any such payment in respect of the Loan the outstanding principal amount of the Loan shall not be held by Lenders pro rata in accordance with their respective Commitments in effect at the time the Loan was made, then such
payment shall be applied to the Loan in such manner as shall result, as nearly as is practicable, in the outstanding principal amount of the Loan being held by Lenders pro rata in accordance with their respective Commitments; and (c) each
payment of interest on the Loan by Borrower shall be made for the account of Lenders pro rata in accordance with the amounts of interest on the Loan then due and payable to the respective Lenders. 

11.6 Sharing of Payments, Etc. 
 Lenders agree among themselves that (i) with respect to all amounts received by them which are applicable to the payment of the obligations of Borrower or Guarantor under the Loan, equitable
adjustment will be made so that, in effect, all such amounts will be shared among them ratably in accordance with their Pro Rata Shares in the Loan, whether received by voluntary payment, by counterclaim or cross action or by the enforcement of any
or all of such obligations, (ii) if any of them shall by voluntary payment or by the exercise of any right of counterclaim or otherwise, receive payment of a proportion of the aggregate amount of such obligations held by it which is greater
than its Pro Rata Share in the Loan of the payments on account of such obligations, the one receiving such excess payment shall purchase, without recourse or warranty, an undivided interest and participation (which it shall be deemed to have done
simultaneously upon the receipt of such payment) in such obligations owed to the others so that all such recoveries with respect to such obligations shall be applied ratably in accordance with such Pro Rata Shares; provided, that if all or part of
such excess payment received by the purchasing party is thereafter recovered from it, those purchases shall be rescinded and the purchase prices paid for such participations shall be returned to that party to the extent necessary to adjust for such
recovery, but without interest except to the extent the purchasing party is required to pay interest in connection with such recovery. Borrower agrees that any Lender so purchasing a participation from another Lender pursuant to this
Section 11.6 may, to the fullest extent permitted by law, exercise all its rights of payment with respect to such participation as fully as if such Lender were the direct creditor of Borrower in the amount of such participation.

  
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 11.7 Collateral Matters; Protective Advances. 

(a) Each Lender hereby authorizes Administrative Agent, without the necessity of any notice to or further consent from any Lender, from
time to time prior to a Default, to take any action with respect to any Collateral, Loan Documents or Other Related Documents which may be necessary to perfect and maintain perfected the Liens upon the Collateral granted pursuant to any of the Loan
Documents or Other Related Documents. 
 (b) The Lenders hereby authorize Administrative Agent, at its option and in its
discretion, to release any Lien granted to or held by Administrative Agent upon any Collateral (i) upon termination of the Commitments and indefeasible payment and satisfaction in full of all of obligations of Borrower hereunder; (ii) as
expressly permitted by, but only in accordance with, the terms of the applicable Loan Document; and (iii) if approved, authorized or ratified in writing by the Requisite Lenders (or such greater number of Lenders as this Agreement or any other
Loan Document may expressly provide). Upon request by Administrative Agent at any time, Lenders will confirm in writing Administrative Agent’s authority to release particular types or items of Collateral pursuant to this Section. 

(c) Upon any sale and transfer of Collateral which is expressly permitted pursuant to the terms of this Agreement, and upon at least five
(5) Business Days’ prior written request by Borrower, Administrative Agent shall (and is hereby irrevocably authorized by Lenders to) execute such documents as may be necessary to evidence the release of the Liens granted to Administrative
Agent for the benefit of Lenders herein or pursuant hereto upon the Collateral that was sold or transferred; provided, however, that (i) Administrative Agent shall not be required to execute any such document on terms which, in
Administrative Agent’s opinion, would expose Administrative Agent to liability or create any obligation or entail any consequence other than the release of such Liens without recourse or warranty and (ii) such release shall not in any
manner discharge, affect or impair the obligations of Borrower or any Liens upon (or obligations of Borrower or any other Loan Party in respect of) all interests retained by Borrower or any other Loan Party, including (without limitation) the
proceeds of such sale or transfer, all of which shall continue to constitute part of the Collateral. In the event of any sale or transfer of Collateral, or any foreclosure with respect to any of the Collateral, Administrative Agent shall be
authorized to deduct all of the expenses reasonably incurred by Administrative Agent from the proceeds of any such sale, transfer or foreclosure. 
 (d) The Administrative Agent shall have no obligation whatsoever to Lenders or to any other Person to assure that the Collateral exists or is owned by Borrower or any other Loan Party or is cared for,
protected or insured or that the Liens granted to Administrative Agent herein or pursuant hereto have been properly or sufficiently or lawfully created, perfected, protected or enforced or are entitled to any particular priority, or to exercise or
to continue exercising at all or in any manner or under any duty of care, disclosure or fidelity any of the rights, authorities and powers granted or available to Administrative Agent in this Section or in any of the Loan Documents or Other Related
Documents, it being understood and agreed that in respect of the Collateral, or any act, omission or event related thereto, Administrative Agent may act in any manner it may deem appropriate, in its sole discretion, given Administrative Agent’s
own interest in the Collateral as one of the Lenders and that Administrative Agent shall have no duty or liability whatsoever to Lenders, except to the extent resulting from its gross negligence or willful misconduct. 

  
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 (e) The Administrative Agent may make, and shall be reimbursed by Lenders (in accordance
with their Pro Rata Shares) to the extent not reimbursed by Borrower for, Protective Advances during any one calendar year with respect to any Property that is Collateral up to the sum of (i) amounts expended to pay real estate taxes,
assessments and governmental charges or levies imposed upon such Property; (ii) amounts expended to pay insurance premiums for policies of insurance related to such Property; and (iii) $500,000.00. Protective Advances in excess of said sum
during any calendar year for any Property that is Collateral shall require the consent of the Requisite Lenders. The Borrower agrees to pay on demand all Protective Advances. 
 (f) Each Lender agrees that it will not take any action, nor institute any actions or proceedings, against Borrower or any other obligor hereunder under the Loan Documents or the Other Related Documents
with respect to exercising claims against or rights in the Collateral without the written consent of Requisite Lenders. 
 11.8
Post-Foreclosure Plans. If all or any portion of the Collateral is acquired by Administrative Agent as a result of a foreclosure or the acceptance of a deed or assignment in lieu of foreclosure, or is retained in satisfaction of all or
any part of the Obligations of Borrower hereunder, the title to any such Collateral, or any portion thereof, shall be held in the name of Administrative Agent or a nominee or subsidiary of Administrative Agent, as agent, for the ratable benefit of
all Lenders. The Administrative Agent shall prepare a recommended course of action for such Collateral (a “Post-Foreclosure Plan”), which shall be subject to the approval of the Requisite Lenders. In accordance with the approved
Post-Foreclosure Plan, Administrative Agent shall manage, operate, repair, administer, complete, construct, restore or otherwise deal with the Collateral acquired, and shall administer all transactions relating thereto, including, without
limitation, employing a management agent, leasing agent and other agents, contractors and employees, including agents for the sale of such Collateral, and the collecting of rents and other sums from such Collateral and paying the expenses of such
Collateral. Actions taken by Administrative Agent with respect to the Collateral, which are not specifically provided for in the approved Post-Foreclosure Plan or reasonably incidental thereto, shall require the written consent of the Requisite
Lenders by way of supplement to such Post-Foreclosure Plan. Upon demand therefor from time to time, each Lender will contribute its share (based on its Pro Rata Share) of all reasonable costs and expenses incurred by Administrative Agent pursuant to
the approved Post-Foreclosure Plan in connection with the construction, operation, management, maintenance, leasing and sale of such Collateral. In addition, Administrative Agent shall render or cause to be rendered to each Lender, on a monthly
basis, an income and expense statement for such Collateral, and each Lender shall promptly contribute its Pro Rata Share of any operating loss for such Collateral, and such other expenses and operating reserves as Administrative Agent shall deem
reasonably necessary pursuant to and in accordance with the approved Post-Foreclosure Plan. To the extent there is net operating income from such Collateral, Administrative Agent shall, in accordance with the approved Post-Foreclosure Plan,
determine the amount and timing of distributions to Lenders. All such distributions shall be made to Lenders in accordance with their respective Pro Rata Shares. The Lenders acknowledge and agree that if title to any Collateral is obtained by
Administrative Agent or its nominee, such Collateral will not be held as a permanent investment but will be liquidated as soon as practicable. The Administrative Agent shall undertake to sell such Collateral, at such price and upon such terms and
conditions as the Requisite Lenders reasonably shall determine to be most 

  
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advantageous to Lenders. Any purchase money mortgage or deed of trust taken in connection with the disposition of such Collateral in accordance with the immediately preceding sentence shall name
Administrative Agent, as agent for Lenders, as the beneficiary or mortgagee. In such case, Administrative Agent and Lenders shall enter into an agreement with respect to such purchase money mortgage or deed of trust defining the rights of Lenders in
the same Pro Rata Shares as provided hereunder, which agreement shall be in all material respects similar to this Article insofar as the same is appropriate or applicable. 
 11.9 Approvals of Lenders. All communications from Administrative Agent to any Lender requesting such Lender’s determination, consent, approval or disapproval (a) shall be given in
the form of a written notice to such Lender, (b) shall be accompanied by a description of the matter or issue as to which such determination, approval, consent or disapproval is requested, or shall advise such Lender where information, if any,
regarding such matter or issue may be inspected, or shall otherwise describe the matter or issue to be resolved, (c) shall include, if reasonably requested by such Lender and to the extent not previously provided to such Lender, written
materials and a summary of all oral information provided to Administrative Agent by Borrower in respect of the matter or issue to be resolved, and (d) shall include Administrative Agent’s recommended course of action or determination in
respect thereof. Unless a Lender shall give written notice to Administrative Agent that it specifically objects to the recommendation or determination of Administrative Agent (together with a reasonable written explanation of the reasons behind such
objection) within ten (10) Business Days (or such lesser or greater period as may be specifically required under the express terms of the Loan Documents or Other Related Documents) of receipt of such communication, such Lender shall be deemed
to have conclusively approved of or consented to such recommendation or determination. 
 11.10 Notice of Defaults. The
Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Potential Default unless Administrative Agent has received notice from a Lender or Borrower referring to this Agreement, describing with
reasonable specificity such Default or Potential Default and stating that such notice is a “notice of default”. If any Lender (excluding Lender which is also serving as Administrative Agent) becomes aware of any Default or Potential
Default, it shall promptly send to Administrative Agent such a “notice of default”. Further, if Administrative Agent receives such a “notice of default,” Administrative Agent shall give prompt notice thereof to Lenders.

 11.11 Administrative Agent’s Reliance, Etc. Notwithstanding any other provisions of this Agreement, any other Loan
Documents or the Other Related Documents, neither Administrative Agent nor any of its directors, officers, agents, employees or counsel shall be liable for any action taken or not taken by it under or in connection with this Agreement or any other
Loan Document, except for its or their own gross negligence or willful misconduct in connection with its duties expressly set forth herein or therein. Without limiting the generality of the foregoing, Administrative Agent: may consult with legal
counsel (including its own counsel or counsel for Borrower or any other Loan Party), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in
accordance with the advice of such counsel, accountants or experts. Neither Administrative Agent nor any of its directors, officers, agents, employees or counsel: (a) makes any warranty or representation to any Lender or any other Person and
shall be responsible to any Lender or any other Person for any statement, warranty or representation made or deemed made by Borrower, 

  
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any other Loan Party or any other Person in or in connection with this Agreement or any other Loan Document; (b) shall have any duty to ascertain or to inquire as to the performance or
observance of any of the terms, covenants or conditions of this Agreement or any other Loan Document or the satisfaction of any conditions precedent under this Agreement or any Loan Document on the part of Borrower or other Persons or inspect the
property, books or records of Borrower or any other Person; (c) shall be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other Loan Document, any
other instrument or document furnished pursuant thereto or any Collateral covered thereby or the perfection or priority of any Lien in favor of Administrative Agent on behalf of Lenders in any such Collateral; (d) shall have any liability in
respect of any recitals, statements, certifications, representations or warranties contained in any of the Loan Documents or Other Related Documents or any other document, instrument, agreement, certificate or statement delivered in connection
therewith; and (e) shall incur any liability under or in respect of this Agreement or any other Loan Document by acting upon any notice, consent, certificate or other instrument or writing (which may be by telephone, telecopy or electronic
mail) believed by it to be genuine and signed, sent or given by the proper party or parties. The Administrative Agent may execute any of its duties under the Loan Documents or Other Related Documents by or through agents, employees or
attorneys-in-fact and shall not be responsible for the negligence or misconduct of any agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct. 
 11.12 Indemnification of Administrative Agent. Regardless of whether the transactions contemplated by this Agreement, the other Loan Documents and Other Related Documents are consummated,
each Lender agrees to indemnify Administrative Agent (to the extent not reimbursed by Borrower and without limiting the obligation of Borrower to do so) pro rata in accordance with such Lender’s respective Pro Rata Share, from and against any
and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may at any time be imposed on, incurred by, or asserted against Administrative Agent (in
its capacity as Administrative Agent but not as a “Lender”) in any way relating to or arising out of the Loan Documents or Other Related Documents, any transaction contemplated hereby or thereby or any action taken or omitted by
Administrative Agent under the Loan Documents and Other Related Documents (collectively, “Indemnifiable Amounts”); provided, however, that no Lender shall be liable for any portion of such Indemnifiable Amounts to the extent
resulting from Administrative Agent’s gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final, non-appealable judgment provided, however, that no action taken in accordance with the directions of the
Requisite Lenders shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section. Without limiting the generality of the foregoing, each Lender agrees to reimburse Administrative Agent (to the extent not reimbursed
by Borrower and without limiting the obligation of Borrower to do so) promptly upon demand for its ratable share of any out-of-pocket expenses (including the reasonable fees and expenses of the counsel to Administrative Agent) incurred by
Administrative Agent in connection with the preparation, negotiation, execution, administration, or enforcement (whether through negotiations, legal proceedings, or otherwise) of, or legal advice with respect to the rights or responsibilities of the
parties under, the Loan Documents and Other Related Documents, any suit or action brought by Administrative Agent to enforce the terms of the Loan Documents and Other Related Documents and/or collect any obligation of Borrower hereunder, any
“lender liability” suit or claim brought 

  
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against Administrative Agent and/or Lenders, and any claim or suit brought against Administrative Agent and/or Lenders arising under any Hazardous Materials Laws. Such out-of-pocket expenses
(including counsel fees) shall be advanced by Lenders on the request of Administrative Agent notwithstanding any claim or assertion that Administrative Agent is not entitled to indemnification hereunder upon receipt of an undertaking by
Administrative Agent that Administrative Agent will reimburse Lenders if it is actually and finally determined by a court of competent jurisdiction that Administrative Agent is not so entitled to indemnification. The agreements in this Section shall
survive the payment of the Loans and all other amounts payable hereunder or under the other Loan Documents or Other Related Documents and the termination of this Agreement. If Borrower shall reimburse Administrative Agent for any Indemnifiable
Amount following payment by any Lender to Administrative Agent in respect of such Indemnifiable Amount pursuant to this Section, Administrative Agent shall share such reimbursement on a ratable basis with each Lender making any such payment.

 11.13 Lender Credit Decision, Etc. Each Lender expressly acknowledges and agrees that neither Administrative Agent nor
any of its officers, directors, employees, agents, counsel, attorneys-in-fact or other affiliates has made any representations or warranties to such Lender and that no act by Administrative Agent hereafter taken, including any review of the affairs
of Borrower, any other Loan Party or Affiliate, shall be deemed to constitute any such representation or warranty by Administrative Agent to any Lender. Each Lender acknowledges that it has, independently and without reliance upon Administrative
Agent, any other Lender or counsel to Administrative Agent, or any of their respective officers, directors, employees, agents or counsel, and based on the financial statements of Borrower, the other Loan Parties or Affiliates, and inquiries of such
Persons, its independent due diligence of the business and affairs of Borrower, the other Loan Parties and other Persons, its review of the Loan Documents and the Other Related Documents, the legal opinions required to be delivered to it hereunder,
the advice of its own counsel and such other documents and information as it has deemed appropriate, made its own credit and legal analysis and decision to enter into this Agreement and the transactions contemplated hereby. Each Lender also
acknowledges that it will, independently and without reliance upon Administrative Agent, any other Lender or counsel to Administrative Agent or any of their respective officers, directors, employees and agents, and based on such review, advice,
documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under the Loan Documents or Other Related Documents. The Administrative Agent shall not be required to keep itself
informed as to the performance or observance by Borrower or any other Loan Party of the Loan Documents or Other Related Documents or any other document referred to or provided for therein or to inspect the properties or books of, or make any other
investigation of, Borrower, any other Loan Party. Except for notices, reports and other documents and information expressly required to be furnished to Lenders by Administrative Agent under this Agreement, any of the other Loan Documents or Other
Related Documents, Administrative Agent shall have no duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, financial and other condition or creditworthiness of Borrower, any
other Loan Party or any other Affiliate thereof which may come into possession of Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or other Affiliates. Each Lender acknowledges that Administrative
Agent’s legal counsel in connection with the transactions contemplated by this Agreement is only acting as counsel to Administrative Agent and is not acting as counsel to such Lender. 

  
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 11.14 Successor Administrative Agent. Administrative Agent may resign at any time as
Administrative Agent under the Loan Documents and Other Related Documents by giving written notice thereof to Lenders and Borrower. Upon any such resignation, the Requisite Lenders shall have the right to appoint a successor Administrative Agent
which appointment shall, provided no Default or Potential Default exists, be subject to Borrower’s approval, which approval shall not be unreasonably withheld or delayed (except that Borrower shall, in all events, be deemed to have approved
each Lender and any of its Affiliates as a successor Administrative Agent). If no successor Administrative Agent shall have been so appointed in accordance with the immediately preceding sentence, and shall have accepted such appointment, within
thirty (30) days after the current Administrative Agent’s giving of notice of resignation, then the current Administrative Agent may, on behalf of Lenders, appoint a successor Administrative Agent, which shall be a Lender, if any Lender
shall be willing to serve, and otherwise shall be an Eligible Assignee. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and
become vested with all the rights, powers, privileges and duties of the current Administrative Agent, and the current Administrative Agent shall be discharged from its duties and obligations under the Loan Documents and the Other Related Documents.
After any Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of this Article XI. shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative
Agent under the Loan Documents and the Other Related Documents. Notwithstanding anything contained herein to the contrary, Administrative Agent may assign its rights and duties under the Loan Documents and the Other Related Documents to any of its
Affiliates by giving Borrower and each Lender prior written notice. 
 11.15 No Set-Offs. Each Lender hereby acknowledges that the
exercise by any Lender of offset, set-off, banker’s lien or similar rights against any deposit account or other property or asset of Borrower, whether or not located in California, could result under certain laws in significant impairment of
the ability of all Lenders to recover any further amounts in respect of the Loan. Therefore, each Lender agrees not to charge or offset any amount owed to it by Borrower against any of the accounts, property or assets of Borrower or any of its
affiliates held by such Lender without the prior written approval of Administrative Agent and Requisite Lenders. 
 ARTICLE 12

 MISCELLANEOUS PROVISIONS 
 12.1 Indemnity. EACH BORROWER HEREBY AGREES, JOINTLY AND SEVERALLY, TO DEFEND, INDEMNIFY AND HOLD HARMLESS ADMINISTRATIVE AGENT, LENDERS, AND THEIR DIRECTORS, OFFICERS, EMPLOYEES, AGENTS,
SUCCESSORS AND ASSIGNS (EACH AN “INDEMNITEE” AND, COLLECTIVELY “INDEMNITEES”) FROM AND AGAINST ANY AND ALL LOSSES, DAMAGES, LIABILITIES, CLAIMS, ACTIONS, JUDGMENTS, COURT COSTS AND LEGAL OR OTHER EXPENSES
(INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEYS’ FEES AND EXPENSES) WHICH ANY SUCH INDEMNITEE MAY INCUR AS A DIRECT OR INDIRECT CONSEQUENCE OF: (A) THE PURPOSE TO WHICH EITHER BORROWER APPLIES THE LOAN PROCEEDS; (B) THE FAILURE
OF EITHER BORROWER TO PERFORM ANY OBLIGATIONS AS AND WHEN REQUIRED BY ANY 

  
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FRANCHISE AGREEMENT, ANY MANAGEMENT AGREEMENT, THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS; (C) ANY FAILURE AT ANY TIME OF ANY OF BORROWER’S REPRESENTATIONS OR WARRANTIES TO BE
TRUE AND CORRECT; OR (D) ANY ACT OR OMISSION BY BORROWER, CONSTITUENT PARTNER OR MEMBER OF BORROWER, ANY CONTRACTOR, SUBCONTRACTOR OR MATERIAL SUPPLIER, ENGINEER, ARCHITECT OR OTHER PERSON OR ENTITY WITH RESPECT TO ANY OF THE PROPERTY;
PROVIDED, HOWEVER, BORROWER SHALL NOT BE OBLIGATED TO INDEMNIFY ANY INDEMNITEE TO THE EXTENT THAT ANY LOSSES, DAMAGES, LIABILITIES, CLAIMS, ACTIONS, JUDGMENTS, COURT COSTS AND LEGAL OR OTHER EXPENSES INCURRED BY SUCH INDEMNITEE (1) ARISE FROM
SUCH INDEMNITEE’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OR (2) ARISE FROM ACTS OR EVENTS THAT OCCUR AT A PROPERTY AFTER FORECLOSURE OR OTHER TAKING OF TITLE TO SUCH PROPERTY BY AN INDEMNITEE. BORROWER SHALL IMMEDIATELY PAY TO
ADMINISTRATIVE AGENT UPON DEMAND ANY AMOUNTS OWING UNDER THIS INDEMNITY, TOGETHER WITH INTEREST FROM THE DATE THE INDEBTEDNESS ARISES UNTIL PAID AT THE RATE OF INTEREST APPLICABLE TO THE PRINCIPAL BALANCE OF THE NOTE. BORROWER’S DUTY AND
OBLIGATIONS TO DEFEND, INDEMNIFY AND HOLD HARMLESS INDEMNITEES SHALL SURVIVE CANCELLATION OF THE NOTE AND THE RELEASE, RECONVEYANCE OR PARTIAL RECONVEYANCE OF EACH SECURITY DOCUMENT. 
 12.2 Form of Documents. The form and substance of all documents, instruments, and forms of evidence to be delivered to Administrative Agent under the terms of this Agreement and any of the
other Loan Documents shall be subject to Administrative Agent’s reasonable approval and shall not be modified, superseded or terminated in any respect without Administrative Agent’s prior written approval. 

12.3 No Third Parties Benefited. No Person other than Administrative Agent, Lenders, and Borrower and their permitted successors and
assigns shall have any right of action under any of the Loan Documents, unless such Person is a party thereto. 
 12.4 Notices.
All notices, demands, or other communications under this Agreement and the other Loan Documents shall be in writing and shall be delivered to the appropriate party at the address set forth on the signature page of this Agreement (subject to change
from time to time by written notice to all other parties to this Agreement). All notices, demands or other communications shall be considered as properly given if delivered personally or sent by first class United States Postal Service mail, postage
prepaid, except that notice of Default may be sent by certified mail, return receipt requested, or by Overnight Express Mail or by overnight commercial courier service, charges prepaid. Notices so sent shall be effective three (3) days after
mailing, if mailed by first class mail, and otherwise upon receipt; provided, however, that non-receipt of any communication as the result of any change of address of which the sending party was not notified or as the result of a
refusal to accept delivery shall be deemed receipt of such communication. 
 12.5 Attorney-in-Fact. Each Borrower hereby
irrevocably appoints and authorizes Administrative Agent, as such Borrower’s attorney-in-fact, following a Default, which agency is 

  
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coupled with an interest, to execute and/or record in Administrative Agent’s or Borrower’s name any notices, instruments or documents that Administrative Agent deems appropriate to
protect Lenders’ interest under any of the Loan Documents. 
 12.6 Actions. Each Borrower agrees that Administrative Agent,
in exercising the rights, duties or liabilities of Administrative Agent, Lenders, or Borrower under the Loan Documents, may, following a Default, commence, appear in or defend any action or proceeding purporting to affect a Property, or the Loan
Documents and Borrower shall immediately reimburse Administrative Agent upon demand for all such expenses so incurred or paid by Administrative Agent, including, without limitation, reasonable attorneys’ fees and expenses and court costs.

 12.7 Right of Contest. Borrower may contest in good faith any claim, demand, levy or assessment by any Person other than
Administrative Agent or Lenders which would constitute a Default if: (a) Borrower pursues the contest diligently, in a manner which Administrative Agent determines is not prejudicial to Administrative Agent or any Lender, and does not impair
the rights of Administrative Agent or any Lender under any of the Loan Documents; and (b) Borrower deposits with Administrative Agent any funds or other forms of assurance which Administrative Agent in good faith determines from time to time
appropriate to protect Administrative Agent and each Lender from the consequences of the contest being unsuccessful. Borrower’s strict compliance with this Section shall operate to prevent such claim, demand, levy or assessment from becoming a
Default. 
 12.8 Relationship of Parties. The relationship of Borrower, Operating Lessee, Administrative Agent, and Lenders under
the Loan Documents is, and shall at all times remain, solely that of borrower and lender, and Administrative Agent and Lenders neither undertakes nor assume any responsibility or duty to either Borrower or Operating Lessee or to any third party with
respect to the Property, except as expressly provided in this Agreement and the other Loan Documents. 
 12.9 Delay Outside Lender’s
Control. No Lender or Administrative Agent shall be liable in any way to Borrower or any third party for Administrative Agent’s or such Lender’s failure to perform or delay in performing under the Loan Documents (and Administrative
Agent or any Lender may suspend or terminate all or any portion of Administrative Agent’s or such Lender’s obligations under the Loan Documents) if such failure to perform or delay in performing results directly or indirectly from, or is
based upon, the action, inaction, or purported action, of any governmental or local authority, or because of war, rebellion, insurrection, strike, lock-out, boycott or blockade (whether presently in effect, announced or in the sole judgment of
Lender deemed probable), or from any Act of God or other cause or event beyond Administrative Agent’s or such Lender’s control. 

12.10 Attorneys’ Fees and Expenses; Enforcement. If any attorney is engaged by Administrative Agent or any Lender to enforce or defend
any provision of this Agreement, any of the other Loan Documents or Other Related Documents, or as a consequence of any Default under the Loan Documents, with or without the filing of any legal action or proceeding, and including, without
limitation, any fees and expenses incurred in any bankruptcy proceeding of Borrower, then Borrower shall immediately pay to Administrative Agent or such Lender, upon demand, the amount of all attorneys’ fees and expenses and all costs incurred
by Administrative 

  
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Agent or such Lender in connection therewith, together with interest thereon from the date of such demand until paid at the rate of interest applicable to the principal balance of the Note as
specified therein. 
 12.11 Amendments and Waivers. 
 (a) Generally. Except as otherwise expressly provided in this Agreement, (i) any consent or approval required or permitted by this Agreement or in any Loan Document to be given by Lenders may
be given, (ii) any term of this Agreement or of any other Loan Document may be amended, (iii) the performance or observance by Borrower or any other Loan Party of any terms of this Agreement or such other Loan Document may be waived, and
(iv) the continuance of any Default may be waived (either generally or in a particular instance and either retroactively or prospectively) with, but only with, the written consent of the Requisite Lenders (or Administrative Agent at the written
direction of the Requisite Lenders), and, in the case of an amendment to any Loan Document, the written consent of each Loan Party which is party thereto. Notwithstanding the previous sentence, Administrative Agent, shall be authorized on behalf of
all Lenders, without the necessity of any notice to, or further consent from, any Lender, to waive the imposition of the late fees provided in Section 2.2(c), up to a maximum of three (3) times per calendar year. 

(b) Unanimous Consent. Notwithstanding the foregoing, no amendment, waiver or consent shall, unless in writing, and signed by all
of Lenders (or Administrative Agent at the written direction of Lenders), do any of the following: 
 (i)
increase the Commitments of Lenders (excluding any increase as a result of an assignment of Commitments permitted under Section 12.12) or subject Lenders to any additional obligations; 

(ii) reduce the principal of, or interest rates that have accrued or that will be charged on the outstanding principal
amount of, the Loan; 
 (iii) except for waivers permitted under Section 12.11(a), reduce the amount
of any fees payable to Lenders hereunder; 
 (iv) except for waivers permitted under
Section 12.11(a), postpone any date fixed for any payment of principal of, or interest on, the Loan (including, without limitation, the Maturity Date) or for the payment of fees or any other obligations of Borrower or Guarantor;

 (v) change the Pro Rata Shares (excluding any change as a result of an assignment of Commitments permitted
under Section 12.12); 
 (vi) amend this Section or amend the definitions of the terms used in this
Agreement or the other Loan Documents insofar as such definitions affect the substance of this Section; 

  
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 (vii) modify the definition of the term “Requisite Lenders” or
modify in any other manner the number or percentage of Lenders required to make any determinations or waive any rights hereunder or to modify any provision hereof; 

(viii) release any Guarantor from its obligations under the Guaranty; 

(ix) waive a Default under Section 10.1(a); or 

(x) release or dispose of any Collateral unless released or disposed of as permitted by, and in accordance with,
Section 11.7, or as otherwise expressly permitted under this Agreement. 
 (c) Amendment of Administrative
Agent’s Duties, Etc. No amendment, waiver or consent unless in writing and signed by Administrative Agent, in addition to Lenders required hereinabove to take such action, shall affect the rights or duties of Administrative Agent under this
Agreement, any of the other Loan Documents or Other Related Documents. No waiver shall extend to or affect any obligation not expressly waived or impair any right consequent thereon and any amendment, waiver or consent shall be effective only in the
specific instance and for the specific purpose set forth therein. No course of dealing or delay or omission on the part of Administrative Agent or any Lender in exercising any right shall operate as a waiver thereof or otherwise be prejudicial
thereto. Any Default occurring hereunder shall continue to exist until such time as such Default is waived in writing by Administrative Agent in accordance with the terms of this Section, notwithstanding any attempted cure or other action by
Borrower, any other Loan Party or any other Person subsequent to the occurrence of such Default. Except as otherwise explicitly provided for herein or in any other Loan Document, no notice to or demand upon Borrower shall entitle Borrower to other
or further notice or demand in similar or other circumstances. 
 12.12 Successors and Assigns. 

(a) Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns, except that Borrower may not assign or otherwise transfer any of its rights under this Agreement without the prior written consent of all Lenders (and any such assignment or transfer to which all of Lenders have
not consented shall be void). 
 (b) Participations. Any Lender may at any time grant to an affiliate of such Lender, or
one or more banks or other financial institutions (each a “Participant”) participating interests in its Commitment or the obligations owing to such Lender hereunder. No Participant shall have any rights or benefits under this
Agreement or any other Loan Document. In the event of any such grant by a Lender of a participating interest to a Participant, such Lender shall remain responsible for the performance of its obligations hereunder, and Borrower and Administrative
Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement pursuant to which any Lender may grant such a participating interest shall provide
that such Lender shall retain the sole right and responsibility to enforce the obligations of Borrower hereunder including, without limitation, the right to approve any amendment, modification or waiver of any provision of this Agreement;
provided however, such Lender may agree with the Participant that it will not, 

  
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without the consent of the Participant, agree to (i) increase such Lender’s Commitment, (ii) extend the date fixed for the payment of principal on the Loan or a portion thereof
owing to such Lender, (iii) reduce the rate at which interest is payable thereon, (iv) release all or substantially all of the Collateral without replacement thereof other than as permitted in accordance with the terms of the Loan
Documents, or (v) changes to the definition of Minimum DSCR Hurdle and/or Requisite Lenders, each as set forth in this Agreement. An assignment or other transfer which is not permitted by subsection (c) or (e) below shall be given
effect for purposes of this Agreement only to the extent of a participating interest granted in accordance with this subsection (b). 
 (c) Assignments. Any Lender may with the prior written consent of the Administrative Agent and the Borrower (which consent, in each case, shall not be unreasonably withheld) at any time assign to
one or more Eligible Assignees (each an “Assignee”) all or a portion of its rights and obligations under this Agreement and the Note; provided, however, (i) no such consent by the Borrower shall be required
(x) if a Default or Potential Default shall exist or (y) in the case of an assignment to another Lender or an affiliate of another Lender; (ii) any partial assignment shall be in an amount at least equal to $10,000,000.00 and after
giving effect to such assignment the assigning Lender retains a Commitment, or if the Commitments have been terminated, holds a Note having an outstanding principal balance, of at least $10,000,000.00, and (iii) each such assignment shall be
effected by means of an Assignment and Assumption Agreement. Upon execution and delivery of such instrument and payment by such Assignee to such transferor Lender of an amount equal to the purchase price agreed between such transferor Lender and
such Assignee, such Assignee shall be deemed to be a Lender party to this Agreement and shall have all the rights and obligations of a Lender with a Commitment as set forth in such Assignment and Assumption Agreement, and the transferor Lender shall
be released from its obligations hereunder to a corresponding extent, and no further consent or action by any party shall be required. Upon the consummation of any assignment pursuant to this subsection (c), the transferor Lender, the Administrative
Agent and the Borrower shall make appropriate arrangement so the new Notes are issued to the Assignee and such transferor Lender, as appropriate. In connection with any such assignment, the transferor Lender shall pay to the Administrative Agent an
administrative fee for processing such assignment in the amount of $4,500.00. Anything in this Section to the contrary notwithstanding, no Lender may assign or participate any interest in any Loan held by it hereunder to the Borrower, or any of its
respective Affiliates or subsidiaries. 
 (d) Tax Withholding. At least five (5) Business Days prior to the first
day on which interest or fees are payable hereunder for the account of any Lender, each Lender that is not incorporated under the laws of the United States of America, or a state thereof, shall furnish Administrative Agent and Borrower with a
properly completed executed copy of either Internal Revenue Service Form W-8ECI or Internal Revenue Service Form W-8BEN and either Internal Revenue Service Form W-8 or Internal Revenue Service Form W-9 and any additional form (or such other form) as
is necessary to claim complete exemption from United States withholding taxes on all payments hereunder. At all times each Lender shall own or beneficially own a Note, such Lender shall (i) promptly provide to Administrative Agent and Borrower
a new Internal Revenue Service Form W-8ECI or Internal Revenue Service Form W-8BEN and Internal Revenue Service Form W-8 or Internal Revenue Service Form W-9 and any additional form (or such other form) (or any successor form or forms) upon the
expiration or obsolescence of any previously delivered form and comparable statements in accordance with applicable United 

  
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States laws and regulations and amendments duly executed and completed by such Lender, and (ii) comply at all times with all applicable United States laws and regulations, including all
provisions of any applicable tax treaty, with regard to any withholding tax exemption claimed with respect to any payments on the Loan. If any Lender cannot deliver such form, then Borrower may withhold from payments due under the Loan Documents
such amounts as Borrower is able to determine from accurate information provided by such Lender are required by the Internal Revenue Code. 
 (e) Federal Reserve Bank Assignments. In addition to the assignments and participations permitted under the foregoing provisions of the Section, and without the need to comply with any of the
formal or procedural requirements of this Section, any Lender may at any time and from time to time, pledge and assign all or any portion of its rights under all or any of the Loan Documents and Other Related Documents to a Federal Reserve Bank;
provided that no such pledge of assignment shall release such Lender from its obligation thereunder. 
 (f) Information to
Assignee, Etc. A Lender may furnish any information concerning Borrower, any subsidiary or any other Loan Party in the possession of such Lender from time to time to Assignees and Participants (including prospective Assignees and Participants)
but shall advise them that any such information that is not publicly available is confidential. In connection with such negotiation, execution and delivery, Borrower authorizes Administrative Agent and Lenders to communicate all information and
documentation related to the Loan (whether to Borrower or to any Participant, Assignee, legal counsel, appraiser or other necessary party) directly by e-mail, fax, or other electronic means used to transmit information. 

12.13 Intentionally Omitted. 

12.14 Lender’s Agents. Administrative Agent and/or any Lender may designate an agent or independent contractor to exercise any of such
Person’s rights under this Agreement, any of the other Loan Documents and Other Related Documents. Any reference to Administrative Agent or any Lender in any of the Loan Documents or Other Related Documents shall include Administrative
Agent’s and such Lender’s agents, employees or independent contractors. Borrower shall pay the costs of such agent or independent contractor either directly to such person or to Administrative Agent or such Lender in reimbursement of such
costs, as applicable. 
 12.15 Tax Service. Administrative Agent, on behalf of Lenders, is authorized to secure, at
Borrower’s expense, a tax service contract with a third party vendor which shall provide tax information on the Property and Improvements satisfactory to Administrative Agent. 
 12.16 WAIVER OF RIGHT TO TRIAL BY JURY. TO THE EXTENT PERMITTED BY THEN-APPLICABLE LAW, EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND,
ACTION OR CAUSE OF ACTION (a) ARISING UNDER THE LOAN DOCUMENTS OR OTHER RELATED DOCUMENTS, INCLUDING, WITHOUT LIMITATION, ANY PRESENT OR FUTURE MODIFICATION THEREOF OR (b) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS
OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THE LOAN DOCUMENTS OR OTHER RELATED DOCUMENTS (AS NOW OR HEREAFTER MODIFIED) OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION

  
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HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION IS NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT
OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF ANY
RIGHT THEY MIGHT OTHERWISE HAVE TO TRIAL BY JURY. 
 12.17 Severability. If any provision or obligation under this Agreement, the
other Loan Documents or Other Related Documents shall be determined by a court of competent jurisdiction to be invalid, illegal or unenforceable, that provision shall be deemed severed from the Loan Documents and the Other Related Documents and the
validity, legality and enforceability of the remaining provisions or obligations shall remain in full force as though the invalid, illegal, or unenforceable provision had never been a part of the Loan Documents or Other Related Documents,
provided, however, that if the rate of interest or any other amount payable under the Notes or this Agreement or any other Loan Document, or the right of collectability therefor, are declared to be or become invalid, illegal or
unenforceable, Lenders’ obligations to make advances under the Loan Documents shall not be enforceable by Borrower. 
 12.18
Time. Time is of the essence of each and every term of this Agreement. 
 12.19 Headings. All article, section or other
headings appearing in this Agreement, the other Loan Documents and Other Related Documents are for convenience of reference only and shall be disregarded in construing this Agreement, any of the other Loan Documents and Other Related Documents.

 12.20 Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with the laws of the State
of California, except to the extent preempted by federal laws. Borrower and all persons and entities in any manner obligated to Lender under the Loan Documents and Other Related Documents consent to the jurisdiction of any federal or state court
within the State of California having proper venue and also consent to service of process by any means authorized by California or federal law. 

12.21 Integration; Interpretation. The Loan Documents and Other Related Documents contain or expressly incorporate by reference the entire
agreement of the parties with respect to the matters contemplated therein and supersede all prior negotiations or agreements, written or oral. The Loan Documents and Other Related Documents shall not be modified except by written instrument executed
by all parties. Any reference to the Loan Documents or Other Related Documents includes any amendments, renewals or extensions now or hereafter approved by Administrative Agent in writing. 
 12.22 Joint and Several Liability. The liability of all persons and entities obligated in any manner under this Agreement, any of the Loan Documents or Other Related Documents, other than
Administrative Agent and/or Lenders, shall be joint and several. 

  
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 12.23 Counterparts. To facilitate execution, this document may be executed in as many
counterparts as may be convenient or required. It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any party, appear on each counterpart. All counterparts shall
collectively constitute a single document. It shall not be necessary in making proof of this document to produce or account for more than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto. Any
signature page to any counterpart may be detached from such counterpart without impairing the legal effect of the signatures thereon and thereafter attached to another counterpart identical thereto except having attached to it additional signature
pages. 
 12.24 Electronic Delivery of Certain Information. 

(a) Documents required to be delivered pursuant to the Loan Documents may be delivered by electronic communication and delivery,
including, the Internet, e-mail or intranet websites to which Administrative Agent and each Lender have access (including a commercial, third-party website such as www.Edgar.com <http://www.Edgar.com> or a website sponsored or hosted by
Administrative Agent or the Borrower) provided that (A) the foregoing shall not apply to notices to any Lender pursuant to Article II or any notices to Borrower and (B) Lender has not notified the Administrative Agent or Borrower that it
cannot or does not want to receive electronic communications. Administrative Agent or Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic delivery pursuant to procedures approved by it for
all or particular notices or communications. Documents or notices delivered electronically shall be deemed to have been delivered twenty-four (24) hours after the date and time on which Administrative Agent or Borrower posts such documents or
the documents become available on a commercial website and Administrative Agent or Borrower notifies each Lender of said posting and provides a link thereto provided if such notice or other communication is not sent or posted during the normal
business hours of the recipient, said posting date and time shall be deemed to have commenced as of 9:00 a.m. on the opening of business on the next business day for the recipient. Notwithstanding anything contained herein, in every instance
Borrower shall be required to provide paper copies of the certificate required by Section 9.2 to Administrative Agent and shall deliver paper copies of any documents to Administrative Agent or to any Lender that requests such paper
copies until a written request to cease delivering paper copies is given by Administrative Agent or such Lender. Except for the certificates required by Section 9.2, Administrative Agent shall have no obligation to request the delivery
of or to maintain paper copies of the documents delivered electronically, and in any event shall have no responsibility to monitor compliance by Borrower with any such request for delivery. Each Lender shall be solely responsible for requesting
delivery to it of paper copies and maintaining its paper or electronic documents. 
 (b) Documents required to be delivered
pursuant to Article II may be delivered electronically to a website provided for such purpose by Administrative Agent pursuant to the procedures provided to Borrower by Administrative Agent. 

12.25 Public/Private Information. Borrower and Operating Lessee shall each cooperate, with Administrative Agent in connection with the
publication of certain materials and/or information provided by or on behalf of Borrower or the other Loan Parties. Documents required to be delivered pursuant to the Loan Documents shall be delivered by or on behalf of Borrower or the

  
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other Loan Parties to Administrative Agent and Lenders (collectively, “Information Materials”) pursuant to this Article and shall designate Information Materials (a) that
are either available to the public or not material with respect to Borrower, the other Loan Parties or Operating Lessee or any of their respective securities for purposes of United States federal and state securities laws, as “Public
Information” and (b) that are not Public Information as “Private Information”. Notwithstanding the foregoing, any information regarding the Guarantor that is not publicly available will be deemed “Private Information”,
whether or not designated as such by Borrower or Guarantor. Administrative Agent shall not disseminate to the public, and will advise Lenders not to disseminate to the public (including in connection with a syndication described in
Section 12.27) any Information Materials that are designated as “Private Information” or deemed “Private Information” hereunder. The foregoing shall not, however, limit Administrative Agent’s ability to share any
“Private Information” with any Lenders, Participants, potential Lenders or potential Participants. 
 12.26 USA Patriot Act
Notice; Compliance. The USA Patriot Act of 2001 (Public Law 107-56) and federal regulations issued with respect thereto require all financial institutions to obtain, verify and record certain information that identifies individuals or
business entities which open an “account” with such financial institution. Consequently, a Lender (for itself and/or as Administrative Agent for all Lenders hereunder) may from time-to-time request, and each Borrower and Operating Lessee
each shall provide to such Lender, such Loan Party’s name, address, tax identification number and/or such other identification information as shall be necessary for such Lender to comply with federal law. An “account” for this purpose
may include, without limitation, a deposit account, cash management service, a transaction or asset account, a credit account, a loan or other extension of credit, and/or other financial services product. 

12.27 Syndication Cooperation. Administrative Agent and Lenders, shall have the unfettered right to sell, assign, transfer, encumber,
pledge or otherwise dispose of, participate or syndicate the Loan, in whole or in part either contemporaneously with the closing thereof or thereafter. In addition, Administrative Agent and Lenders may sell or syndicate all or a portion of the Loan
by certificates, participations, securities or pari passu notes evidencing whole or component interests therein, through one or more public or private offerings, including, without limitation, a “securitization” or “syndication”.
Each Borrower, Operating Lessee, and Guarantor shall cooperate with Administrative Agent, Lenders, and their affiliates with any such transaction by, without limitation, cooperating with the following upon request, either before or after closing as
applicable: (a) separating the Loan into two or more separate notes and/or participation interests including, but not limited to, separate senior and junior notes, participations or components. Such notes or components may be assigned different
interest rates, so long as the initial weighted average of such interest rates equals the Effective Rate as of the closing of the Loan. Partial prepayments of principal may cause the weighted average Effective Rate to change over time due to the non
pro-rata allocation of such prepayments between any such separate notes, participations or components; (b) obtaining ratings from two or more rating agencies; (c) making or causing to be made non-material changes or modifications to the
Loan documentation, organizational documentation, opinion letters and other documentation; (d) reviewing and assisting in the preparation of offering materials (including a confidential information memorandum) relating to the Collateral
Property, Borrower, Guarantor, and the Loan and making with regard to such offering materials certain indemnifications, representations and 

  
 80 

 Loan No. 1004873 

 

 
warranties (including a standard Rule 10b-5 representation and warranty) in both a customary authorization to distribute (to be signed by each Borrower) and the Loan Documents; and
(f) delivering updated information on Borrower, Guarantor, and the Property. In connection with any syndication of the Loan, Wells Fargo Bank, National Association shall be the Administrative Agent and Wells Fargo Securities, LLC or one of its
affiliates, shall serve as sole lead arranger and sole bookrunner with exclusive responsibility for arranging and managing such syndication. The financial institutions included in the syndicate of lenders shall be chosen by Administrative Agent in
consultation with Borrower and the rights (including without limitation consent, waiver and amendment approval rights) and obligations of “Lender” hereunder and under the Loan documents shall be shared among the syndicate lenders and the
Administrative Agent as agreed by such parties. 
 12.28 Operating Lessee – No Liability. Lender hereby acknowledges that
Operating Lessee is not liable for the indebtedness evidenced by the Note. 
 12.29 DISCLOSURE. THE OPERATING LESSEE IS A PARTY TO A
LICENSE AGREEMENT WITH STARWOOD (M) INTERNATIONAL, INC. THAT ENABLES IT TO OPERATE A HOTEL USING THE SERVICE MARK “LE MERIDIEN®.” NEITHER STARWOOD (M) INTERNATIONAL, INC. NOR ITS AFFILIATES OWN SUCH HOTEL OR ARE A PARTY TO
THIS FINANCING AND HAVE NOT PROVIDED OR REVIEWED, AND ARE NOT RESPONSIBLE FOR, ANY DISCLOSURES OR OTHER INFORMATION SET FORTH HEREIN. 
 [Remainder of this page intentionally left blank.] 

  
 81 

 Loan No. 1004873 

 

 IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated
Loan Agreement as of the date appearing on the first page hereof. 
  

			
	“ADMINISTRATIVE AGENT”
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Mark F. Monahan

	Name:	 	Mark F. Monahan
	Title:	 	Senior Vice President
	
	Administrative Agent’s Address:
	
	 Wells Fargo Bank, N.A.
 1750 H Street, NW, #550
 Washington, D.C. 20006

	Attn: Mark F. Monahan
	Telecopy Number:        (202) 429-2985
	Telephone Number:      (202) 303-3017
	
	With a copy to:
	
	 Wells Fargo Bank, N.A.
 Hospitality Finance Group
 2030 Main Street, Suite 500

	 Irvine, CA 92614
 Attn: Rhonda Friedly

	Telecopy Number:        (949) 251-4983
	Telephone Number:      (949) 251-4383

 [Signatures continue on the following page.] 

  
 Signature Page

 To 

Loan Agreement 

 Loan No. 1004873 

 

 
			
	“BORROWER”
	
	 CHSP CHICAGO LLC,

a Delaware limited liability company

		
	By:	 	 /s/ Graham J. Wootten

	Name:	 	Graham J. Wootten
	Title:	 	Vice President and Secretary
	
	CHSP SAN FRANCISCO LLC,
	a Delaware limited liability company
		
	By:	 	 /s/ Graham J. Wootten

	Name:	 	Graham J. Wootten
	Title:	 	Vice President and Secretary
	
	Borrower’s Address
	
	 CHSP San Francisco LLC
 c/o Chesapeake Lodging, L.P.
 1997 Annapolis Exchange Parkway

	 Suite 410

Annapolis, MD 21401
 Attention: Graham J.
Wootten

	Telecopy Number:        (410) 972-4144
	Telephone Number:      (410) 972-4142
	
	With a copy to:
	
	Hogan Lovells US LLP
	555 13th Street, N.W.
	Washington, D.C. 20004
	Attn: Carol Weld King, Esquire
	Telecopy Number:        (202) 637-5910
	Telephone Number:      (202) 637-5634

 [Signatures continue on the following page.] 

  
 Signature Page

 To 

Loan Agreement 

 Loan No. 1004873 

 

 
			
	“LENDER”
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Mark F. Monahan

	Name:	 	Mark F. Monahan
	Title:	 	Senior Vice President
	
	Administrative Agent’s Address:
	
	 Wells Fargo Bank, N.A.
 1750 H Street, NW, #550
 Washington, D.C. 20006

	Attn: Mark F. Monahan
	Telecopy Number:        (202) 429-2985
	Telephone Number:      (202) 303-3017
	
	With a copy to:
	
	 Wells Fargo Bank, N.A.
 Hospitality Finance Group
 2030 Main Street, Suite 500

	 Irvine, CA 92614
 Attn: Rhonda Friedly

	Telecopy Number:        (949) 251-4983
	Telephone Number:      (949) 251-4383

  
 Signature Page

 To 

Loan Agreement 

 Loan No. 1004873 

 

 JOINDER BY OPERATING LESSEE 

The undersigned, each as Operating Lessee under the foregoing Agreement, hereby joins in and executes the Agreement solely for the
purposes of acknowledging and agreeing to its obligations expressly set forth therein. 
  

			
	“CHI OPERATING LESSEE”
	
	 CHSP TRS CHICAGO LLC,
 a Delaware limited liability company

		
	By:	 	 /s/ Graham J. Wootten

	Name:	 	Graham J. Wootten
	Title:	 	Vice President and Secretary
	
	“SF OPERATING LESSEE”
	
	 CHSP TRS SAN FRANCISCO LLC,
 a Delaware limited liability company

		
	By:	 	 /s/ Graham J. Wootten

	Name:	 	Graham J. Wootten
	Title:	 	Vice President and Secretary

  
 Operating
Lessee Joinder 
 To 
 Loan Agreement 

 Loan No. 1004873 

 

 SCHEDULE 1.1 

PRO RATA SHARES 
 Schedule 1.1 to Amended and Restated Loan Agreement by and among CHSP SAN FRANCISCO LLC, a Delaware limited liability company and CHSP CHICAGO LLC, a Delaware limited liability company, each of the
financial institutions initially a signatory hereto together with their successors and assignees under Section 12.12 (the “Lenders”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent for
itself and Lenders, dated as of July 8, 2011. 
  

									
	Lender	  	Commitment	 	  	Pro Rata Share	 
			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION
	  	$	130,000,000	  	  	 	100	% 
			
	 1
	  				  			
			
		  				  			
			
		  				  			
			
		  				  			
			
		  				  			
	 TOTALS
	  	$	130,000,000	  	  	 	100	% 

  
 Schedule 1.1

 Loan No. 1004873 

 

 SCHEDULE 6.3 

BORROWER ORGANIZATIONAL CHART 
 Schedule 6.3 to Amended and Restated Loan Agreement by and among CHSP SAN FRANCISCO LLC, a Delaware limited liability company and CHSP CHICAGO LLC, a Delaware limited liability company, each of the
financial institutions initially a signatory hereto together with their successors and assignees under Section 12.12 (the “Lenders”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent for
itself and Lenders, dated as of July 8, 2011. 
 

 

  
 Schedule 6.3

 Loan No. 1004873 

 

 SCHEDULE 6.6 

LITIGATION 
 Schedule 6.6 to Amended and Restated Loan Agreement by and among CHSP SAN FRANCISCO LLC, a Delaware limited liability company and CHSP CHICAGO LLC, a Delaware limited liability company, each of the
financial institutions initially a signatory hereto together with their successors and assignees under Section 12.12 (the “Lenders”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent for
itself and Lenders, dated as of July 8, 2011. 
 None 

  
 Schedule 6.6

 Loan No. 1004873 

 

 SCHEDULE 8.15 

ACCOUNTS 

Schedule 8.15 to Amended and Restated Loan Agreement by and among CHSP SAN FRANCISCO LLC, a Delaware limited liability company and
CHSP CHICAGO LLC, a Delaware limited liability company, each of the financial institutions initially a signatory hereto together with their successors and assignees under Section 12.12 (the “Lenders”) and WELLS FARGO
BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent for itself and Lenders, dated as of July 8, 2011. 
  

							
	 	  	 Bank
	  	 Account No.
	  	 Account Holder

				
	 Le Meridien San Francisco
	  		  		  	
				
	Operating	  	Wells Fargo Bank	  	4122115546	  	CHSP TRS San Francisco LLC - Operating Account
				
	FF&E reserve	  	Wells Fargo Bank	  	4122115561	  	CHSP San Francisco LLC, Pledgor, Wells Fargo Bank, N.A., As Pledgee of FFE Acct
				
	Depository	  	Wells Fargo Bank	  	4122115553	  	CHSP TRS San Francisco LLC - Deposit Account
				
	W Chicago City-Center	  		  		  	
				
	Operating/Depository	  	Wells Fargo Bank	  	412-3805756	  	CHSP TRS Chicago, LLC, W Chicago City Center - Depository, W Hotel Management, Inc AAF
				
	FF&E reserve	  	Wells Fargo Bank	  	412-2178379	  	Wells Fargo Bank NA, as Pledgee of FF&E Reserve for W Chicago City Center, W Hotel Management, Inc., as Agent
				
	FF&E reserve*	  	Wells Fargo Securities, LLC	  	28914141	  	W Hotel Management, Inc. AAF CHSP Chicago, LLC, W Chicago City Center - FF&E Reserve

  

	*	This account to be closed on or before August 8, 2011, in accordance with the terms of Section 8.20 of this Agreement. 

  
 Schedule 8.15

 Loan No. 1004873 

 

 SCHEDULE 8.27 

AFFILIATE TRANSACTIONS 
 Schedule 8.27 to Amended and Restated Loan Agreement by and among CHSP SAN FRANCISCO LLC, a Delaware limited liability company and CHSP CHICAGO LLC, a Delaware limited liability company, each of
the financial institutions initially a signatory hereto together with their successors and assignees under Section 12.12 (the “Lenders”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent
for itself and Lenders, dated as of July 8, 2011. 
 Le Meridien San Francisco 

Lease Agreement dated December 15, 2010 between CHSP San Francisco LLC and CHSP TRS San Francisco LLC. 

W Chicago – City Center 
 Lease
Agreement dated May 10, 2011 between CHSP Chicago LLC and CHSP TRS Chicago LLC. 

  
 Schedule 8.27

 Loan No. 1004873 

 

 EXHIBIT A-1 

DESCRIPTION OF CHI PROPERTY 
 Exhibit A-1 to Amended and Restated Loan Agreement by and among CHSP SAN FRANCISCO LLC, a Delaware limited liability company and CHSP CHICAGO LLC, a Delaware limited liability company, each of the
financial institutions initially a signatory hereto together with their successors and assignees under Section 12.12 (the “Lenders”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent for
itself and Lenders, dated as of July 8, 2011. 
 All that certain real property located in the County of Cook, State of
Illinois, described as follows: 
 LOT 7 IN BLOCK 96 IN SCHOOL SECTION ADDITION TO CHICAGO IN SECTION 16, TOWNSHIP 39 NORTH, RANGE 14, EAST OF
THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS. 
 PIN 17-16-210-014-0000 

  
 Exhibit A-1

 Loan No. 1004873 

 

 EXHIBIT A-2 

DESCRIPTION OF SF PROPERTY 
 Exhibit A-2 to Amended and Restated Loan Agreement by and among CHSP SAN FRANCISCO LLC, a Delaware limited liability company and CHSP CHICAGO LLC, a Delaware limited liability company, each of the
financial institutions initially a signatory hereto together with their successors and assignees under Section 12.12 (the “Lenders”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent for
itself and Lenders, dated as of July 8, 2011. 
 All that certain real property located in the County of San Francisco,
State of California, described as follows: 
 Parcel A: 
 Commencing at a point of intersection of the southerly line of Clay Street, as it now exists and the westerly line of Battery Street; running thence southerly and along said line of Battery Street 94.50
feet to the northerly line of Commercial Street; thence at a right angle westerly along said line of Commercial Street 163.50 feet; thence at a right angle northerly 94.50 feet to the southerly line of Clay Street, as it now exists; thence at a
right angle easterly along said line of Clay Street 163.50 feet to the point of commencement. 
 Being part of Beach and Water Block
No. 36. 
 Parcel B: 
 A
non-exclusive easement for construction and maintenance on the terms and conditions therein, as granted to One Embarcadero Center West, a California Limited Partnership by an instrument recorded April 2, 1986, Series No. D785482, Book E57,
Official Records, Page 1546, and amended by document recorded February 25, 1988, Book E537, Official Records, Page 1155, Series No. E134700, over the land described as follows: 
 Beginning on the southerly line of Clay Street, as Clay Street now exists, at a point distant thereon 109.50 feet easterly from the easterly line of Sansome Street; thence easterly along said line of Clay
Street 2.00 feet; thence at a right angle southerly 94.50 feet to the northerly line of Commercial Street; thence at a right angle westerly along said line of Commercial Street 2.00 feet; thence at a right angle northerly 94.50 feet to the point of
beginning. 
 Being a portion of 50 Vara Block No. 36 
 Parcel C: 
 Beginning on the southerly line of Clay Street, as Clay Street now exists, at a
point distant thereon 163.50 feet westerly from the westerly line of Battery Street; thence westerly along said line of Clay Street 0.198 feet to a point distant thereon 111.50 feet easterly from the easterly line of Sansome Street; thence southerly
at a right angle to said line of Clay Street 94.50 feet to the 

  
 Exhibit A-2

 Loan No. 1004873 

 

 
northerly line of Commercial Street; thence at a right angle easterly along said line of Commercial Street 0.198 feet to a point distant thereon 163.50 feet westerly from the westerly line of
Battery Street, thence northerly at a right angle to said line of Commercial Street 94.50 feet to the point of beginning. 

Being a portion of Beach and Water Block No. 36. 
 Parcel D: 
 Non-exclusive easements as set forth in paragraphs 1, 2, 3, 4, 5 and 8 of that
certain Declaration of Reciprocal Covenants, Conditions and Restrictions with Grant of Easements dated March 28, 1988 and recorded March 29, 1988, as Document No. E149871, in Book E560, Page 784, Official Records, as set forth in paragraph
9 thereof. 
 Assessor’s Lot 20, Block 229 

  
 Exhibit A-2

 Loan No. 1004873 

 

 EXHIBIT B 
 DOCUMENTS 
 Exhibit B to Amended and Restated Loan Agreement by and
among CHSP SAN FRANCISCO LLC, a Delaware limited liability company and CHSP CHICAGO LLC, a Delaware limited liability company, each of the financial institutions initially a signatory hereto together with their successors and assignees under
Section 12.12 (the “Lenders”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent for itself and Lenders, dated as of July 8, 2011. 

 

	1.	Loan Documents. The documents listed below, numbered 1.1 through 1.11, inclusive, and amendments, modifications and supplements thereto which have received the
prior written consent of Lenders and Borrower, together with any documents executed in the future that are approved by Lenders and Borrower and that recite that they are “Loan Documents” for purposes of this Agreement are collectively
referred to herein as the Loan Documents. 

  

	 	1.1	This Agreement. 

  

	 	1.2	The Amended and Restated Secured Promissory Note of even date herewith in the original principal amount of the Loan made by Borrower payable to the order of
Administrative Agent. 

  

	 	1.3	The Deed of Trust with Absolute Assignment of Leases and Rents, Security Agreement and Fixture Filing dated as of December 15, 2010, executed by SF Borrower and SF
Operating Lessee, as Trustor, to American Securities Company, a California corporation, as Trustee, for the benefit of Administrative Agent, as Beneficiary, as amended by the First Modification of Deed of Trust with Absolute Assignment of Leases and
Rents, Security Agreement and Fixture Filing of even date herewith. 

  

	 	1.4	The Mortgage, Security Agreement, Fixture Filing, and Assignment of Leases and Rents of even date herewith, executed by CHI Borrower and CHI Operating Lessee, as
Mortgagor, for the benefit of Administrative Agent, as Mortgagee, for itself and for the benefit of the Lenders. 

  

	 	1.5	The Amended and Restated Assignment of Licenses, Consents, Approvals, Permits and Material Agreements, executed by Borrower and Operating Lessee dated as of even date
herewith. 

  

	 	1.6	The Notice of Responsible Officers, executed by Borrower, dated of even date herewith. 

 

	 	1.7	Each Uniform Commercial Code National UCC Financing Statement (Form UCC-1) naming Borrower as Debtor and Administrative Agent as Secured Party.

  

	 	1.8	Transfer Authorizer Designation, executed by Borrower, dated of even date herewith. 

  
 Exhibit B
– Page 1 

 Loan No. 1004873 

 

	 	1.9	Assignment of Management Agreement, executed by CHI Operating Lessee, dated of even date herewith. 

 

	 	1.10	Amended and Restated Assignment of Management Agreement, executed by SF Operating Lessee, dated of even date herewith. 

 

	 	1.11	Cooperation Agreement, executed by SF Operating Lessee, dated of event date herewith. 

Other Related Documents (Which Are Not Loan Documents): 

 

	 	i.	The Amended and Restated Limited Guaranty, dated of even date herewith, executed by Guarantor in favor of Administrative Agent, for itself and for the benefit of the
Lenders. 

  

	 	ii.	The Amended and Restated Hazardous Materials Indemnity Agreement (Unsecured), dated of even date herewith, executed by Indemnitor in favor of Administrative Agent, for
itself and for the benefit of the Lenders. 

  

	 	iii.	Opinion of Borrower’s Legal Counsel executed by Hogan Lovells US LLP. 

 

	 	iv.	Opinion of Borrower’s Legal Counsel executed by Cox Castle & Nicholson LLP. 

 

	 	v.	Opinion of Borrower’s Legal Counsel executed by Perkins Coie. 

  
 Exhibit B
– Page 2 

 Loan No. 1004873 

 

 EXHIBIT C 
 CONTRACTS 
 Exhibit C to Amended and Restated Loan Agreement by and among CHSP SAN
FRANCISCO LLC, a Delaware limited liability company and CHSP CHICAGO LLC, a Delaware limited liability company, each of the financial institutions initially a signatory hereto together with their successors and assignees under
Section 12.12 (the “Lenders”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent for itself and Lenders, dated as of July 8, 2011. 

Le Meridien San Francisco: 
 None

 W Chicago – City Center 

Centralized Services Agreement dated May 10, 2011 between CHSP TRS Chicago LLC and Starwood Hotels & Resorts Worldwide, Inc. 

  
 Exhibit C

 Loan No. 1004873 

 

 EXHIBIT D 
 INTENTIONALLY OMITTED 

  
 Exhibit D

 EXHIBIT E 
 FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT 
 THIS ASSIGNMENT AND
ASSUMPTION AGREEMENT dated as of             , 20     (the “Agreement”) by and among
                                         (the
“Assignor”),
                                         (the
“Assignee”), CHSP CHICAGO LLC, a Delaware limited liability company (the “CHI Borrower”), and CHSP SAN FRANCISCO LLC, a Delaware limited liability company (the “SF Borrower”; together with CHI Borrower, jointly and
severally, collectively, “Borrower”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”). 
 WHEREAS, the Assignor is a Lender under that certain Amended and Restated Loan Agreement dated as of July 8, 2011 (as amended, restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”), by and among the Borrower, the financial institutions party thereto and their assignees under Section 12.12. thereof, the Administrative Agent, and the other parties thereto; 

WHEREAS, the Assignor desires to assign to the Assignee all or a portion of the Assignor’s Commitment under the Credit
Agreement, all on the terms and conditions set forth herein; and 
 WHEREAS, Borrower and Administrative Agent consent to
such assignment on the terms and conditions set forth herein. 
 NOW, THEREFORE, for good and valuable consideration, the
receipt and sufficiency of which hereby are acknowledged by the parties hereto, the parties hereto hereby agree as follows: 

Section 1. Assignment. 
 (a) Subject to the terms and conditions of this Agreement and in consideration of the payment to be made by the Assignee to the Assignor pursuant to Section 2 of this Agreement, effective as of
            , 20     (the “Assignment Date”) the Assignor hereby irrevocably sells, transfers and assigns to the Assignee, without recourse, a
$         interest (such interest being the “Assigned Commitment”) in and to the Assignor’s Commitment, and all of the other rights and obligations of the Assignor under the Credit Agreement,
such Assignor’s Note, and the other Loan Documents representing     % in respect of the aggregate amount of all Lenders’ Commitments, including without limitation, a principal amount of outstanding Loans equal to
$        , all voting rights of the Assignor associated with The Assigned Commitment all rights to receive interest on such amount of Loans and all Fees with respect to the Assigned Commitment and other rights
of the Assignor under the Credit Agreement and the other Loan Documents with respect to the Assigned Commitment, all as if the Assignee were an original Lender under and signatory to the Credit Agreement having a Commitment equal to the amount of
the Assigned Commitment. The Assignee, subject to the terms and conditions hereof, hereby assumes all obligations of the Assignor with respect to the Assigned Commitment as if the Assignee were an original Lender under and signatory to the Credit
Agreement having a 

  
 Exhibit E-
Page 1 

 
Commitment equal to the Assigned Commitment, which obligations shall include, but shall not be limited to, the obligation of the Assignor to make Loans to the Borrower with respect to the
Assigned Commitment and] the obligation to indemnify the Administrative Agent as provided in the Credit Agreement (the foregoing obligations, together with all other similar obligations more particularly set forth in the Credit Agreement and the
other Loan Documents, shall be referred to hereinafter, collectively, as the “Assigned Obligations”). The Assignor shall have no further duties or obligations with respect to, and shall have no further interest in, the Assigned Obligations
or the Assigned Commitment from and after the Assignment Date. 
 (b) The assignment by the Assignor to the Assignee hereunder
is without recourse to the Assignor. The Assignee makes and confirms to the Administrative Agent, the Assignor, and the other Lenders all of the representations, warranties and covenants of a Lender under Article XI of the Credit Agreement. Not
in limitation of the foregoing, the Assignee acknowledges and agrees that, except as set forth in Section 4. below, the Assignor is making no representations or warranties with respect to, and the Assignee hereby releases and discharges the
Assignor for any responsibility or liability for: (i) the present or future solvency or financial condition of the Borrower, any other Loan Party or any other Subsidiary, (ii) any representations, warranties, statements or information made
or furnished by the Borrower, any other Loan Party or any other Subsidiary in connection with the Credit Agreement or otherwise, (iii) the validity, efficacy, sufficiency, or enforceability of the Credit Agreement, any Loan Document or any
other document or instrument executed in connection therewith, or the collectibility of the Assigned Obligations, (iv) the perfection, priority or validity of any Lien with respect to any collateral at any time securing the Obligations or the
Assigned Obligations under the Notes or the Credit Agreement and (v) the performance or failure to perform by the Borrower or any other Loan Party of any obligation under the Credit Agreement or any other Loan Document. Further, the Assignee
acknowledges that it has, independently and without reliance upon the Administrative Agent, any other Lender or counsel to the Administrative Agent or any of their respective officers, directors, employees and agents and based on the financial
statements supplied by the Borrower and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to become a Lender under the Credit Agreement. The Assignee also acknowledges that it will,
independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under
the Credit Agreement or any Note or pursuant to any other obligation. The Administrative Agent shall have no duty or responsibility whatsoever, either initially or on a continuing basis, to provide the Assignee with any credit or other information
with respect to the Borrower, any other Loan Party or any other Subsidiary or to notify the undersigned of any Default or Event of Default except as expressly provided in the Credit Agreement. The Assignee has not relied on the Administrative Agent
as to any legal or factual matter in connection therewith or in connection with the transactions contemplated thereunder. 

Section 2. Payment by Assignee. In consideration of the assignment made pursuant to Section 1. of this Agreement, the
Assignee agrees to pay to the Assignor on the Assignment Date, an amount equal to $         representing the aggregate principal amount outstanding of the Loans owing to the Assignor under the Credit
Agreement and the other Loan Documents being assigned hereby. 

  
 Exhibit E-
Page 2 

 Section 3. Payments by Assignor. The Assignor agrees to pay to the
Administrative Agent on the Assignment Date the administrative fee payable under Section 12.13.(c) of the Credit Agreement. 
 Section 4. Representations and Warranties of Assignor. The Assignor hereby represents and warrants to the Assignee that (a) as of the Assignment Date (i) the Assignor is a Lender
under the Credit Agreement having a Commitment under the Credit Agreement immediately prior to the Assignment Date, equal to $         and that the Assignor is not in default of its obligations under the
Credit Agreement; and (ii) the outstanding balance of Loans owing to the Assignor (without reduction by any assignments thereof which have not yet become effective) is $        , and (b) it is the
legal and beneficial owner of the Assigned Commitment which is free and clear of any adverse claim created by the Assignor. 

Section 5. Representations, Warranties and Agreements of Assignee. The Assignee (a) represents and warrants that it is
(i) legally authorized to enter into this Agreement; (ii) an “accredited investor” (as such term is used in Regulation D of the Securities Act) and (iii) an Eligible Assignee; (b) confirms that it has received a copy of
the Credit Agreement, together with copies of the most recent financial statements delivered pursuant thereto and such other documents and information (including without limitation the Loan Documents) as it has deemed appropriate to make its own
credit analysis and decision to enter into this Agreement; (c) appoints and authorizes the Administrative Agent to take such action as contractual representative on its behalf and to exercise such powers under the Loan Documents as are
delegated to the Administrative Agent by the terms thereof together with such powers as are reasonably incidental thereto; (d) agrees that it will become a party to and shall be bound by the Credit Agreement and the other Loan Documents to
which the other Lenders are a party on the Assignment Date and will perform in accordance therewith all of the obligations which are required to be performed by it as a Lender; and (e) is either (i) not organized under the laws of a
jurisdiction outside the United States of America or (ii) has delivered to the Administrative Agent (with an additional copy for the Borrower) such items required under Section 3.10. of the Credit Agreement. 

Section 6. Recording and Acknowledgment by the Administrative Agent. Following the execution of this Agreement, the Assignor
will deliver to the Administrative Agent (a) a duly executed copy of this Agreement for acknowledgment and recording by the Administrative Agent and (b) the Assignor’s Note. Upon such acknowledgment and recording, from and after the
Assignment Date, the Administrative Agent shall make all payments in respect of the interest assigned hereby (including payments of principal, interest, fees and other amounts) to the Assignee. The Assignor and Assignee shall make all appropriate
adjustments in payments under the Credit Agreement for periods prior to the Assignment Date directly between themselves. 

Section 7. Addresses. The Assignee specifies as its address for notices and its Lending Office for all Loans, the offices set
forth below: 
  

					
	  
	 	
	  
	 	
	Attention:	 	  
	 	

					
	Telephone No.:	 	  
	 	
	Telecopy No.:	 	  
	 	

  
 Exhibit E-
Page 3 

 Section 8. Payment Instructions. All payments to be made to the Assignee under
this Agreement by the Assignor, and all payments to be made to the Assignee under the Credit Agreement, shall be made as provided in the Credit Agreement in accordance with the following instructions: 

 

			
	  
	  	
	  
	  	
	  
	  	
	  
	  	

 Section 9. Effectiveness of Assignment. This Agreement, and the assignment and assumption
contemplated herein, shall not be effective until (a) this Agreement is executed and delivered by each of the Assignor, the Assignee, the Administrative Agent and if required, the Borrower, and (b) the payment to the Assignor of the
amounts owing by the Assignee pursuant to Section 2. hereof and (c) the payment to the Administrative Agent of the amounts owing by the Assignor pursuant to Section 3. hereof. Upon recording and acknowledgment of this Agreement by the
Administrative Agent, from and after the Assignment Date, (i) the Assignee shall be a party to the Credit Agreement and, to the extent provided in this Agreement, have the rights and obligations of a Lender thereunder and (ii) the Assignor
shall, to the extent provided in this Agreement, relinquish its rights (except as otherwise provided in Section 12.11 of the Credit Agreement) and be released from its obligations under the Credit Agreement; provided, however,
that if the Assignor does not assign its entire interest under the Loan Documents, it shall remain a Lender entitled to all of the benefits and subject to all of the obligations thereunder with respect to its Commitment. 

Section 10. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
CALIFORNIA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 Section 11. Counterparts.
This Agreement may be executed in any number of counterparts each of which, when taken together, shall constitute one and the same agreement. 
 Section 12. Headings. Section headings have been inserted herein for convenience only and shall not be construed to be a part hereof. 

Section 13. Amendments; Waivers. This Agreement may not be amended, changed, waived or modified except by a writing executed
by the Assignee and the Assignor. 
 Section 14. Entire Agreement. This Agreement embodies the entire agreement
between the Assignor and the Assignee with respect to the subject matter hereof and supersedes all other prior arrangements and understandings relating to the subject matter hereof. 

Section 15. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. 
 Section 16. Definitions. Terms not otherwise defined herein are used
herein with the respective meanings given them in the Credit Agreement. 

  
 Exhibit E-
Page 4 

 Section 17. Agreements of the Borrower. The Borrower hereby agrees that the
Assignee shall be a Lender under the Credit Agreement having a Commitment equal to the Assigned Commitment. The Borrower agrees that the Assignee shall have all of the rights and remedies of a Lender under the Credit Agreement and the other Loan
Documents as if the Assignee were an original Lender under and signatory to the Credit Agreement, including, but not limited to, the right of a Lender to receive payments of principal and interest with respect to the Assigned Obligations, if any,
and to the Loans made by the Lenders after the date hereof and to receive the Fees payable to the Lenders as provided in the Credit Agreement. Further, the Assignee shall be entitled to the benefit of the indemnification provisions from the Borrower
in favor of the Lenders as provided in the Credit Agreement and the other Loan Documents. The Borrower further agrees, upon the execution and delivery of this Agreement, to execute in favor of the Assignee a Note in an initial amount equal to the
Assigned Commitment. Further, the Borrower agrees that, upon the execution and delivery of this Agreement, the Borrower shall owe the Assigned Obligations to the Assignee as if the Assignee were the Lender originally making such Loans and entering
into such other obligations. 
 [Signatures on Following Page] 

  
 Exhibit E-
Page 5 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Assignment and
Assumption Agreement as of the date and year first written above. 
  

					
	ASSIGNOR:
	
	[NAME OF ASSIGNOR]
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	Payment Instructions
	
	[Bank]
	[Address]
	ABA No. :
	Account No.:
	Account Name:
	Reference:
	
	ASSIGNEE:
	
	[NAME OF ASSIGNEE]
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	Payment Instructions
	
	[Bank]
	[Address]
	ABA No. :
	Account No.:
	Account Name:
	Reference:

 [Signatures continued on Following Page] 

  
 Exhibit E-
Page 6 

 Agreed and Consented to as of the date first written above. 

 

			
	BORROWER:
	
	CHSP CHICAGO LLC, a Delaware limited liability company
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	CHSP SAN FRANCISCO LLC, a Delaware limited liability company
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 Accepted as of the date first written above. 
 ADMINISTRATIVE AGENT: 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent

  

			
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 [End signatures.] 

  
 Exhibit E-
Page 7 

 Loan No. 1004873 

 

 EXHIBIT F 
 FORM OF DSCR CERTIFICATE 
 Reference is made to the Amended and Restated
Loan Agreement, dated as of July 8, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among CHSP Chicago LLC, a Delaware limited liability company (“CHI
Borrower”), CHSP San Francisco LLC, a Delaware limited liability company (“SF Borrower”; together with CHI Borrower, jointly and severally, collectively, “Borrower”), the financial institutions party thereto and their
assignees under Section 12.12. thereof (the “Lenders”), Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), and the other parties thereto. Capitalized terms used herein, and
not otherwise defined herein, have their respective meanings given to them in the Credit Agreement. 
 Pursuant to the Credit
Agreement, the undersigned hereby certifies to the Administrative Agent and the Lenders that Schedule 1 attached hereto accurately and completely sets forth the calculations required to establish compliance with the Minimum DSCR Hurdle as of
the date set forth on Schedule 1. 
 IN WITNESS WHEREOF, the undersigned has signed this Compliance Certificate on and as
of             , 20    . 
  

			
	BORROWER:
	
	 CHSP CHICAGO LLC,

a Delaware limited liability company

		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	 CHSP SAN FRANCISCO LLC,
 a Delaware limited liability company

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 Exhibit F

 Loan No. 1004873 

 

 EXHIBIT G 
 FORM OF NOTE 
  

			
	 $        
	  	            , 20    

 FOR VALUE RECEIVED, the undersigned, CHSP Chicago LLC, a Delaware limited liability
company (“CHI Borrower”), CHSP San Francisco LLC, a Delaware limited liability company (“SF Borrower”; together with CHI Borrower, jointly and severally, collectively, “Borrower”), hereby unconditionally promises to pay
to the order of
                                         (the
“Lender”), in care of Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”), to Wells Fargo Bank, Winston-Salem Loan Center of Administrative Agent, One West Fourth Street, 3rd Floor, Winston-Salem, NC 27101, Attention: Shirell Allison, or at
such other address as may be specified by the Administrative Agent to the Borrower, the principal sum of
                                         AND
            /100 DOLLARS ($        ), or such lesser amount as may be the then outstanding and unpaid balance of all Loans made by the Lender to the
Borrower pursuant to, and in accordance with the terms of, the Credit Agreement. 
 The Borrower further agrees to pay interest
at said office, in like money, on the unpaid principal amount owing hereunder from time to time on the dates and at the rates and at the times specified in the Credit Agreement. 

This Note is one of the “Notes” referred to in the Amended and Restated Loan Agreement dated as of July
    , 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrower, the financial institutions party thereto and their assignees under
Section 12.12. thereof, the Administrative Agent, and the other parties thereto, and is subject to, and entitled to, all provisions and benefits thereof. Capitalized terms used herein and not defined herein shall have the respective
meanings given to such terms in the Credit Agreement. The Credit Agreement, among other things, (a) provides for the making of Loans by the Lender to the Borrower from time to time in an aggregate amount not to exceed at any time outstanding
the Dollar amount first above mentioned, (b) permits the prepayment of the Loans by the Borrower subject to certain terms and conditions and (c) provides for the acceleration of the Loans upon the occurrence of certain specified events.

 The Borrower hereby waives presentment, demand, protest and notice of any kind. No failure to exercise, and no delay in
exercising any rights hereunder on the part of the holder hereof shall operate as a waiver of such rights. 
 Time is of the
essence for this Note. 
 [This Note is given in replacement of the Note dated
            , 2011, in the original principal amount of $            previously delivered to the Lender under the Credit
Agreement. THIS NOTE IS NOT INTENDED TO BE, AND SHALL NOT BE CONSTRUED TO BE, A NOVATION OF ANY OF THE OBLIGATIONS OWING UNDER OR IN CONNECTION WITH THE OTHER NOTE.]1 

 

	1 	 Language to be included in case of an assignment and need to issue a replacement note to an existing Lender, either because such Lender’s
Commitment has increased or decreased from what it was initially. 

  
 Exhibit G

 Loan No. 1004873 

 

 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF CALIFORNIA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 

  
 Exhibit G

 Loan No. 1004873 

 

 IN WITNESS WHEREOF, the undersigned has executed and delivered this Note under
seal as of the date written above. 
  

			
	BORROWER:
	
	 CHSP CHICAGO LLC,

a Delaware limited liability company

		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	 CHSP SAN FRANCISCO LLC,
 a Delaware limited liability company

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 Exhibit G

 Loan No. 1004873 

 

 EXHIBIT H 
 FIXED RATE NOTICE 
  

									
	TODAY’S DATE:                     	  	 	LOAN MATURITY DATE:	  	 	 July 8. 2014

				
	TO:	  	 WELLS FARGO BANK, N.A.

WINSTON-SALEM LOAN CENTER
	  	 	LOAN ADMINISTRATOR:	  	 	 Rhonda Friedly

	  	 FAX # (877) 302-5121

ATTENTION: RATE OPTION DESK
	  	 	RELATIONSHIP MANAGER:	  	 	 Mark Monahan

  
  

 
 BORROWER INTEREST RATE OPTION
REQUEST 
 Rate Quote Line (888) 293-2362 x:472 Use One Form Per Transaction 

 

									
	 LOAN #:
	 	 1004873
	  		  	BORROWER NAME:	  	 CHSP San Francisco LLC and CHSP Chicago LLC

  

									
	RATE SET DATE:	  	  
	  	FIXED RATE COMMENCEMENT DATE:	  	  
	 	    (1350)    

									
	FIXED RATE PERIOD (TERM):	  	  
	  	(i.e. 1, 3, 6 months, etc. as allowed per Note)

  

																					
	 INDEX:
	  	 LIBO
	  	 	RATE:	  	  	 %
	 	+	  	 3.65%
	 	=	  	 #’s%
	  	 	(1350)  	  
		  		  				  	Quote	 		  	Spread	 		  	Applicable Rate	  			

  

													
	FIXED RATE PORTION EXPIRING ON:	 	_________________________	 	 $

							
	 1.
	 	AMOUNT ROLLING OVER	 	
$                    
        
	 	FROM OBLGN#:	 	  
	 		 	
							
	 2.
	 	 ADD: AMT TRANSFERRED FROM VARIABLE RATE PORTION
	 	
$                    

	 	FROM OBLGN#:	 	  
	 	TO OBLGN# :	 	  

		 		 		 		 	    (5522)    	 		 	    (5020)    
	 3.
	 	 ADD: AMT TRANSFERRED FROM OTHER FIXED RATE PORTION
	 	
$                    

	 	FROM OBLGN#:	 	  
	 	TO OBLGN# :	 	  

		 		 		 		 	(5522)	 		 	(5020)
		 	 ADD: AMT TRANSFERRED FROM OTHER FIXED RATE PORTION
	 	
$                    

	 	FROM OBLGN#:	 	  
	 	TO OBLGN# :	 	  

		 		 		 		 	(5522)	 		 	(5020)
	 4.
	 	 LESS: AMT TRANSFERRED TO VARIABLE RATE PORTION
	 	
$                    

	 	FROM OBLGN#:	 	  
	 	TO OBLGN# :	 	  

		 		 		 		 	(5522)	 		 	(5020)
		 	TOTAL FIXED RATE PORTION:	 	
$                    

	 		 		 		 	

  

									
	ADMINISTRATION FEE DUE:	 		  	N/A	 		 	
	CHARGE FEES TO DDA#:	 	  
	  	YES, charge DDA	 	DDA#:	 	  

		 	  
	  	NO, to be remitted	 		 	PLEASE REMIT FEE TO:

 Borrower confirms, represents and warrants to Administrative Agent and each Lender, (a) that this selection of a
Fixed Rate is subject to the terms and conditions of the Amended and Restated Loan Agreement between Borrower, WELLS FARGO BANK, NATIONAL ASSOCIATION, as “Administrative Agent”, and various Lenders, dated as of July 9, 2011 (the
“Loan Agreement”) and the other Loan Documents defined therein, and (b) that terms, words and phrases used but not defined in this Notice have the meanings attributed thereto in the Loan Agreement, and (c) that no Default
or Potential Default has occurred or exists under the Loan Agreement or any other Loan Document. 
  

									
	REQUESTED BY (as allowed per documents):	 	  
	 		  	TELEPHONE #:	  	
(            
)

									
	PRINT NAME:	 	  
	 		  	FAX #:	  	 (            )

  
  

  

 Loan No. 1004873 

 

 EXHIBIT I 
 TRANSFER AUTHORIZER 
 TRANSFER AUTHORIZER DESIGNATION 

(For Disbursement of Loan Proceeds by Funds Transfer) 
  ̈  NEW    ̈  REPLACE PREVIOUS DESIGNATION     ̈  ADD     ̈  CHANGE     ̈  
DELETE LINE NUMBER                 
 The following
representatives of CHSP San Francisco, LLC, a Delaware limited Liability company, and CHSP Chicago LLC, a Delaware limited liability company (“Borrower”) are authorized to request the disbursement of Loan Proceeds and initiate funds
transfers for Loan Number 1004873 dated July 8, 2011, between Wells Fargo Bank, National Association, as Administrative Agent on behalf of the Lenders (“Agent”) and Borrower. Agent is authorized to rely on this Transfer Authorizer
Designation until it has received a new Transfer Authorizer Designation signed by Borrower, even in the event that any or all of the foregoing information may have changed. 

 

							
	 	  	 Name
	  	 Title
	  	Maximum Wire
Amount2
	1.	  		  		  	
	2.	  		  		  	
	3.	  		  		  	
	4.	  		  		  	
	5.	  		  		  	

 Initial Loan Disbursement
Authorization   ̈     Not
Applicable         ̈        Applicable — Administrative Agent is hereby authorized to accept wire transfer
instructions from Chicago Title Company to be delivered, via fax, email, letter or other method, to Administrative Agent for title/escrow
#                     and/or loan #1004873. Said instructions shall include the title/escrow company’s Receiving Party Account Name, city and
state, Receiving Party Account Number, Receiving Lender’s (ABA) Routing Number, Maximum Transfer Amount required, Borrower’s name, title order/escrow number to which Lender shall fund the Initial Loan Disbursement under the loan number
referenced above. The amount of said transfer shall not exceed $130,000,000.00. Borrower acknowledges and agrees that the acceptance of and wire transfer of funds by Administrative Agent in accordance with the title/escrow company instructions shall
be governed by this Transfer Authorizer Designation form and any other Loan Documents dated July 8, 2011, by and between Administrative Agent, Lenders and Borrower. Administrative Agent shall not be further required to confirm said wiring
instructions received from title/escrow company with Borrower. This Initial Loan Disbursement Authorization is in effect until
[                                        ] after
which time a new authorization request shall be required. Borrower shall instruct title/escrow company via a separate letter, to deliver said wiring instructions in writing, directly to Administrative Agent at its address. Borrower also hereby
authorizes Administrative Agent to attach a copy of the title/escrow company’s written wire instructions to this Transfer Authorizer Designation form upon receipt of said instructions. 

 

	
	  
 Beneficiary Bank and Account Holder Information

 1. 

			
	 Transfer Funds to (Receiving Party Account
Name):
  

	 Receiving Party Account Number:

 

	Receiving Bank Name, City and State:	  	Receiving Bank Routing (ABA) 
Number

                 
                                         
            
  

			
	 	  	
Number

 

			
	 Maximum
Transfer Amount:
  
	 	 
	 Further Credit
Information/Instructions:
  
	 	 

  
 Exhibit I

 Loan No. 1004873 

 

 2. 

			
	 Transfer Funds to (Receiving Party Account
Name):
  

	 Receiving Party Account Number:

 

	 Receiving Bank Name, City and State:

 
	  	Receiving Bank Routing (ABA)
Number

			
	 Maximum Transfer Amount:

 
	  	 
	 Further Credit Information/Instructions:
  

 3. 

			
	 Transfer Funds to (Receiving Party Account
Name):
  

	 Receiving Party Account Number:

 

	 Receiving Bank Name, City and State:

 
	  	Receiving Bank Routing (ABA)
Number

			
	 Maximum
Transfer Amount:
  
	  	 
	 Further Credit Information/Instructions:
  

 Maximum Wire Amount may not exceed the Loan Amount. 

Date:             , 201     

“BORROWER” 
  

			
	 CHSP CHICAGO LLC,

a Delaware limited liability company

		
	By:	 	  

	Name: Graham J. Wootten
	Title: Vice President and Secretary
	
	 CHSP SAN FRANCISCO LLC,
 a Delaware limited liability company

		
	By:	 	  

	Name: Graham J. Wootten
	Title: Vice President and Secretary

  
 Exhibit IExhibit 10.2

 Exhibit 10.2 
 SALE AND PURCHASE AGREEMENT 
 FOR SALE AND PURCHASE OF DENVER MARRIOTT
HOTEL 
 This SALE AND PURCHASE AGREEMENT (this “Agreement”) is made and entered into
as of the 18th day of August, 2011 (the “Effective
Date”), by and between WTCC City Center Investors V, L.L.C., a Delaware limited liability company (“Seller”), and CHSP Denver LLC, a Delaware limited liability company (“Buyer”). 

R E C I T A L S 
 A. Seller desires to sell to Buyer, and Buyer desires to acquire from Seller, the “Property” (as hereinafter defined) on the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the mutual undertakings of the parties hereto, it is hereby agreed as follows: 

1. Purchase and Sale; Certain Definitions. 
 1.1 Purchase and Sale of the Property. On the terms and conditions herein set forth, Seller shall sell to Buyer, and Buyer shall purchase from Seller, the Property. 

1.2 Certain Definitions. As used herein, the following terms are defined as follows: 

1.2.1 “Condominium Declaration” means that certain Condominium Declaration, dated as of July 15, 1981, and
recorded July 31, 1981, in Book 2422 at Page 558 of the records in the Clerk’s Office, as amended by that certain First Amendment to Condominium Declaration, dated as of May 24, 2007, and recorded May 29, 2007 as Document
2007083600 of the records in the Clerk’s Office. 
 1.2.2 “Clerk’s Office” shall mean Clerk
and Recorder of the County of Denver, State of Colorado. 
 1.2.3 “Equipment Reserve” shall have the
meaning given such term in the Management Agreement (as hereinafter defined). 
 1.2.4 “Ground Leases”
means, collectively, the “Subterranean Lease”, the “Perry Lease” and the “Plettner Lease” (each, as hereinafter defined). 
 1.2.5 “Hotel” means the Denver Marriott City Center Hotel, located at 1701 California Street Denver, Colorado 80202. 

1.2.6 “Hotel Unit” means the condominium unit more particularly described in Exhibit “A”.

 1.2.7 “Management Agreement” means that certain Denver Energy Center Hotel Management Agreement, by
and between Denver Energy Center Hotel Partnership, a Colorado limited partnership, and Marriott Corporation, a Delaware corporation (together with its successors and assigns, “Manager”), dated effective as of January 10, 1979,
as amended and assigned. A listing of the documents comprising the Management Agreement is attached hereto as Exhibit “V”. A copy of the Management Agreement has been heretofore made available by Seller and to Buyer. 

  
 -1-

 1.2.8 “Master Declaration” means that certain Master Declaration of
Covenants, Easements, Rights and Restrictions, dated as of July 15, 1981, and recorded July 31, 1981, in Book 2422 at Page 442 of the records in the Clerk’s Office, as amended by that certain First Amendment to Master Declaration of
Covenants, Easements, Rights and Restrictions, dated as of June 30, 1995, and recorded June 30, 1995 as Document 9500076810 of the records in the Clerk’s Office. 

1.2.9 “Parking Easement Agreement” means that certain Parking Easement Agreement, by and between Energy Center
III Venture, a Colorado partnership, and Denver Energy Center Hotel Partnership, a Colorado limited partnership, dated July 31, 1981, and recorded December 23 1981 in Book 2504 at Page 236 of the records in the Clerk’s Office, as
assigned by that certain Assignment and Assumption Agreement by and between Denver Energy center Hotel Partnership and Energy Center II Venture, dated as of January 4, 1982, and recorded January 6 1982 in Book 2510 at Pages 439 and 527 of
the records in the Clerk’s Office. and as assigned by Hotel Unit Parking Easement Assignment and Assumption Agreement, recorded June 30, 1995 at Reception No. 9500076817 of the records in the Clerk’s Office. 

1.2.10 “Perry Lease” means that certain Lease by and between Andrew Eugene Perry, Jr., an individual, and The
First National Bank of Denver, a national banking association, dated effective as of July 1, 1969, and recorded November 24, 1969, in Book 112 at Page 309 of the records in the Clerk’s Office, as amended and assigned, and as more
particularly described in Exhibit “F”. 
 1.2.11 “Plettner Lease” means that
certain Ground Lease Agreement by and between Margaret Plettner Counter and Neil Horan, as special fiduciary in the Matter of the Testamentary Trust of Maude B. Plettner, deceased, and in the Matter of the Testamentary Trust of Harry C. Brown,
deceased, and U.I.D.C.-Denver, Inc., a Colorado corporation, dated effective as of March 19, 1973, a memorandum of which was recorded April 4, 1973, in Book 671 at Page 139 of the records in the Clerk’s Office, as amended and
assigned, and as more particularly described in Exhibit “F”. 
 1.2.12 “Property”
means all of Seller’s right, title and interest in and to (a) the Hotel Unit, together with all rights to the “Common Elements” and “Limited Common Elements” (as such terms are defined in the Condominium Declaration)
appurtenant thereto, which Common Elements include the Hotel Unit’s leasehold interest in the Ground Leases, and (b) (i) all improvements, structures and facilities located upon or affixed to the Hotel Unit and all fixtures on the
Hotel Unit which constitute real property under applicable law (the “Improvements”), (ii) all fixtures, furnishings, artwork, systems, equipment and items of personal property (other than cash) used in the operation of the
Improvements on or attached or appurtenant to the Improvements (collectively, the “Personal Property”), excluding, however, any property, rights or interests attributable to other units or areas in the larger project or development
or owned or controlled by a common association, manager or similar person, (iii) all food, liquor, wine and other beverages (alcoholic and non alcoholic), including such food, liquor and other beverages held for sale in hotel rooms within the
Improvements, and all consumable supplies and inventories of every kind and nature including “Inventories of Merchandise” and “Inventories of Supplies” as such terms are defined in the current Uniform System of Accounts for
Hotels published by the Hotel Association of New York City, Inc. (the “Consumables”), in each case owned by Seller as of the “Closing Date” (as hereinafter defined) 

  
 -2-

 
(and located at, and used in connection with the operation of, the Improvements, including, without limitation, cleaning supplies, guest supplies, paper supplies, stationary, bar supplies, robes,
slippers, fuel, laundry supplies, engineering supplies, sundry or gift shop inventory and room, food and beverage linen, glassware and silverware, whether in use or held in stock or storage for future use in connection with Seller’s ownership,
operation or maintenance of the Improvements, if any, and (iv) all “Continuing Agreements and Equipment Leases” (as such term is defined in Section 7.1.6) and all copyrights, trademarks, trade names, and any licenses related to
the foregoing that relate to the business being conducted at the Hotel Unit, other than any software licenses used by Seller in the corporate offices of Seller, and, to the extent transferrable by Seller, all licenses, permits, consents,
authorizations, approvals, registrations and certificates issued by any governmental authority (other than the Liquor Licenses which are held by or on behalf of Seller), all books and records located at the Hotel which relate exclusively to the
Hotel and all bookings and reservations for guest, conference and banquet rooms or other facilities at the Hotel as of the Closing, together with all deposits held by or on behalf of Seller with respect thereto (the matters described in this clause
“(iv)” collectively called the “Intangible Property”), each such piece and parcel of Intangible Property, to the extent assignable; provided, however, in no event shall the Intangible Property include
Marriott brand concepts. 
 1.2.13 “Subterranean Lease” means that certain Ground Lease and Sublease
Agreement by and between Energy Center I Venture, a Colorado partnership, Energy Center III Venture, a Colorado partnership, and Denver Energy Center Hotel Partnership, a Colorado limited partnership, dated effective as of July 15, 1981, and
recorded July 31, 1981, in Book 2422 at Page 511 of the records in the Clerk’s Office, as amended and assigned, and as more particularly described in Exhibit “F”. 

2. Purchase Price. 
 2.1 Amount of Purchase Price. The purchase price for the Property (the “Purchase Price”) shall be One Hundred Nineteen Million and No/100 United States Dollars ($119,000,000.00).

 2.2 Payment of Purchase Price. The Purchase Price shall be paid to Seller by Buyer as follows: 

2.2.1 Deposit. On or before the close of business on August 19, 2011, Buyer shall deliver to Chicago
Title Insurance Company (“Title Company”), at its offices at 171 North Clark Street, Chicago, Illinois, Attention: Ms. Angie Koetters, in its capacity as escrow agent (“Escrow Agent”), a deposit in the form of
a cashier’s check or wire transfer of immediately available funds in the amount of Seven Million and No/100 Dollars ($7,000,000.00) (which amount is referred to in this Agreement, together with all interest earned thereon, as the
“Deposit”). If the Deposit is not delivered within such period, then Seller may terminate this Agreement in its sole and absolute discretion. All interest earned on the Deposit, or any portion thereof, shall be deemed a part of the
Deposit. The Deposit shall be nonrefundable to Buyer except as otherwise herein expressly provided. The Deposit shall be invested by Escrow Agent in accordance with the terms of a separate escrow agreement in the form of Exhibit “B”
attached hereto and dated as of the date hereof by and among Buyer, Seller and Escrow Agent (the “Deposit Escrow Agreement”). At all times that the Deposit is being held by Escrow Agent, the Deposit shall be invested by Escrow Agent
in one of the following investments (“Approved Investments”): (i) United States Treasury obligations, (ii) United States Treasury backed repurchase agreements issued by a major money center banking

  
 -3-

 
institution reasonably acceptable to Buyer, or (iii) a money market account at a major money center banking institution reasonably acceptable to Buyer. Escrow Agent shall dispose of the
Deposit only as provided in this Agreement, the Deposit Escrow Agreement and the "Escrow Instructions" (as hereinafter defined); provided, however, the Deposit Escrow Agreement and the Escrow Instructions are ancillary to this Agreement and the
terms and provisions of this Agreement shall control in all circumstances. Upon the sale of the Property, the Deposit (and all interest thereon) shall be delivered to Seller and applied as a credit towards the Purchase Price. 

2.2.2 Payment of Balance of Purchase Price. The balance of the Purchase Price, as adjusted by the
adjustments, credits, and allocations provided for in this Agreement (as so adjusted, the “Closing Payment”), shall be paid by Buyer delivering the Closing Payment to Escrow Agent by federal funds wire transfer of immediately
available funds or otherwise wire-transferring the Closing Payment in immediately available funds directly to Seller at Closing, as the Seller may direct and the Buyer may so agree. 

2.2.3 Closing Date. Buyer shall deliver the Closing Payment as provided above on September 12, 2011,
as the same may be extended pursuant to the terms of this Agreement, or such later date as Buyer and Seller may mutually agree (the “Closing Date”). 
 3. Due Diligence. 
 3.1 Access. 

3.1.1 Right of Access. Except for title and survey matters (which shall be governed by the provisions of
Section 4 below), and subject to the provisions hereinafter set forth, Buyer has had a period of time while this Agreement was being negotiated and shall have from the Effective Date until 5:00 PM Central Time on August 18, 2011 (the
“Due Diligence Period”) within which to perform and complete all of Buyer's due diligence examinations, reviews and inspections of all matters pertaining to the purchase of the Property, including the Condominium Declaration, Master
Declaration, Ground Leases, Continuing Agreements and Equipment Leases, Personal Property, Intangible Property, Management Agreement, all permits, licenses, management agreements, leases, service contracts, and all physical, environmental and
compliance matters and conditions respecting the Property. During the Due Diligence Period, Seller shall provide Buyer with reasonable access to the Property (subject to this Section 3.1) upon reasonable advance notice and shall also make
available to Buyer (to the extent in Seller's possession) and shall instruct its Manager to make available to Buyer such leases, service contracts, reports, studies, permits, licenses and other information relating to the operation of the Property
as Buyer shall reasonably request. Additionally, during the Due Diligence Period, Buyer shall (i) satisfy itself that Seller does not hold any alcoholic beverage licenses and any other attendant liquor permits required for the sale,
consumption, use or distribution of liquor at the Hotel (collectively, the “Liquor Licenses”); (ii) satisfy itself that any such Liquor Licenses are held by Manager or its affiliate or designee; and (iii) to the extent
Buyer’s deems it necessary to transfer the Liquor Licenses to Buyer or Buyer’s designee, file any and all paperwork reasonably necessary to transfer the Liquor Licenses to Buyer or Buyer’s designee, as licensee. 

3.1.2 Procedures for Inspections. In conducting any inspection of the Property or otherwise accessing the
Property, Buyer shall at all times comply with all laws and regulations of all applicable governmental authorities, and terms of the Condominium Declaration, the Master Declaration and the Ground Leases, and Buyer shall not (i) contact or

  
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have any discussions with any of Seller’s or Manager’s employees, agents or representatives, or with any guests at, or contractors providing services to, the Property, or with
governmental or quasi-governmental authority having jurisdiction over the Property (except in connection with the issuance of a PZR Report by the Planning & Zoning Resource Corporation or in connection with the transfer of any licenses or
permits), the lessors under the Ground Leases, the condominium association or other unit owners, unless in each case Buyer obtains the prior consent of Seller, (ii) interfere with the business of Seller (or any of its guests) or Manager
conducted at the Property or disturb the use or occupancy of any occupant of the Property, or (iii) damage the Property. In conducting the foregoing inspection or otherwise accessing the Property, and Buyer shall require its agents, attorneys,
contractors, and all others who assist Buyer in connection with such inspections (collectively, “Buyer’s Representatives”) to, at all times comply with, and shall be subject to, the matters provided above and the provisions and
restrictions in the Management Agreement, if any. Seller may from time to time establish reasonable rules of conduct for Buyer and Buyer’s Representatives in furtherance of the foregoing. Buyer shall schedule and coordinate all inspections or
other access with Seller and shall give Seller at least two (2) business days’ prior notice thereof. Seller shall be entitled to have a representative present at all times during each such inspection or other access. Buyer agrees to pay to
Seller on demand the cost of repairing and restoring any damage or disturbance which Buyer or Buyer’s Representatives shall cause to the Property. All inspection fees, appraisal fees, engineering fees and other costs and expenses of any kind
incurred by Buyer or Buyer’s Representatives relating to such inspection and its other access shall be at the sole expense of Buyer. In the event that the Closing hereunder shall not occur for any reason whatsoever (other than Seller’s
default), Buyer shall: (A) promptly deliver to Seller, at no cost to Seller, and without representation or warranty, the originals of all tests, reports and inspections of the Property, made and conducted by Buyer or Buyer’s
Representatives or for Buyer’s benefit which are in the possession or control of Buyer or Buyer’s Representatives (other than any internal studies, tests, reports and inspections or other privileged information prepared by any of
Buyer’s employees, attorneys or accountants), and (B) promptly return to Seller originals of all due diligence materials delivered by Seller to Buyer and shall destroy all copies and abstracts thereof. Buyer and Buyer’s
Representatives shall not be permitted to conduct borings of the Property or drilling in or on the Property, or any other invasive testing, in connection with the preparation of an environmental audit or in connection with any other inspection of
the Property. The provisions of this Section 3.1.2 shall survive the Closing or any termination of this Agreement. 
 3.1.3 Insurance for Inspections. Prior to conducting any on-site inspection of the Property, other than mere visual examination, including without limitation, boring, drilling and sampling
of soil, Buyer shall obtain, and during the period of such inspection or testing shall maintain, at its expense, commercial general liability insurance, including a contractual liability endorsement, and personal injury liability coverage, naming
Seller, Manager, together with any parties required to be named under the Condominium Declaration, Master Declaration or Ground Leases, as additional insureds, from an insurer reasonably acceptable to Seller, which insurance policies must have
limits for bodily injury and death of not less than Five Million Dollars ($5,000,000) for any one occurrence and not less than Five Million Dollars ($5,000,000) for property damage liability for any one occurrence. Prior to making any entry upon the
Property, Buyer shall furnish to Seller a certificate of insurance evidencing the foregoing coverages. 

  
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 3.1.4 Termination of Agreements and Equipment Leases: On or
prior to the expiration of the Due Diligence Period, Buyer shall give Seller written notice (the “Contract Notice”) designating those “Agreements and Equipment Leases” (as defined in Section 8.1.9 below) which Buyer
wishes Seller to terminate as of the date of the Closing (the “Unassumed Agreements and Equipment Leases”) and those Agreements and Equipment Leases which Buyer elects to assume as of the date of the Closing (the “Continuing
Agreements and Equipment Leases”). The failure of Buyer to timely give the Contract Notice shall be deemed to constitute Buyer’s election to assume all Agreements and Equipment Leases as of the date of the Closing. Seller shall use
commercially reasonable efforts to terminate the Unassumed Agreements and Equipment Leases effective as of the date of the Closing, provided such termination is as permitted by the listed Unassumed Agreements and Equipment Leases and shall be at no
cost to Seller. 
 3.1.5 Indemnification for Inspections. Buyer shall indemnify and hold Seller,
Manager and their respective disclosed or undisclosed, direct and indirect shareholders, officers, directors, trustees, partners, principals, members, employees, agents, affiliates, representatives, consultants, accountants, contractors and
attorneys or other advisors, and any successors or assigns of the foregoing (collectively with Seller, “Seller Related Parties”) harmless from and against any and all losses, costs, damages, liens, claims, liabilities or expenses
(including, but not limited to, reasonable attorneys’ fees, court costs and disbursements) incurred by any Seller Related Parties arising from or by reason of Buyer’s and/or Buyer’s Representatives’ access to, or inspection of,
the Property (including damage to property and injury to persons caused by any tests, inspections or other due diligence conducted by or on behalf of Buyer), except to the extent resulting from Seller’s gross negligence or willful misconduct.
The provisions of this Section 3.1.5 shall survive the Closing or any termination of this Agreement. 

3.1.6 Certain Matters. Notwithstanding anything to the contrary contained herein, Seller shall have no
obligation to deliver to Buyer any property condition reports or any confidential or proprietary materials, including, without limitation, the following: (1) information contained in Seller’s (or any of Seller’s affiliates’)
credit reports, credit authorizations, credit for financial analyses or projections, steering committee sheets, account summaries or other internal documents relating to the Property, including any valuation documents and the book value of the
Property; (2) material which is subject to attorney client privilege or which is attorney work product or may not be disclosed pursuant to any order or agreement in any arbitration, litigation or other proceeding; (3) appraisal reports or
letters; (4) financials or tax returns of Seller or any affiliate of Seller, except in connection with Buyer’s right to audit or audit reports set forth in Section 12.24; or (5) material which Seller is legally required not to
disclose. The provisions of Section 3.1.6 shall survive the Closing or any termination of this Agreement. 

3.1.7 Due Diligence Termination Right. 
 (a) At the expiration of the Due Diligence Period this Agreement shall continue in full force and effect unless, prior to the expiration of the Due Diligence Period, Buyer shall have notified Seller and
Escrow Agent in writing of Buyer’s election not to proceed with the acquisition of the Property (the “Buyer’s Termination Notice”). 

  
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 (b) If Buyer shall timely deliver the Buyer’s Termination Notice as provided for in
Section 3.1.7(a) above, the obligations of the parties hereunder shall terminate (and no party hereto shall have any further obligation in connection herewith except under those provisions that expressly survive a termination of this Agreement)
and the Deposit shall be released to Buyer by Escrow Agent, within three (3) business days after Buyer’s delivery of the Buyer’s Termination Notice, less One Hundred Dollars ($100.00) (the “Independent Consideration”)
which shall be delivered by Escrow Agent to Seller in consideration of Seller having entered into this Agreement. 
 4. Title
and Survey Matters. 
 4.1 Seller has heretofore made available to Buyer (i) a title insurance commitment covering the
Hotel Unit issued by the Title Company as NBU No. 21121345; (ii) copies of the recorded documents evidencing the exceptions to title stated in Schedule B-2 therein (collectively, the “Title Commitment”); and (iii) a
copy the Survey of Denver Marriott Hotel Unit Condominium, prepared by AEGIS Surveying, Inc. as Project No. 57301, dated April 11, 2007, and last revised May 23, 2007 (the “Existing Survey”). 

4.2 Buyer shall satisfy itself prior to expiration of the Due Diligence Period that the Title Company is willing, pursuant to the Title
Commitment, to issue a standard 2006 ALTA form of owner’s title insurance policy (the “Owner’s Policy”) with coverage in an amount equal to or less than the Purchase Price, indicating the fee interest of the Hotel Unit
including the Hotel Unit’s leasehold interest in the Ground Leases to be vested of record in Buyer, subject solely to the “Permitted Exceptions” (as hereinafter defined). Unless Buyer gives written notice (“Title Disapproval
Notice”) that it disapproves the exceptions to title shown on the Title Commitment or the matters disclosed by the Existing Survey, stating the title exceptions or Existing Survey matter so disapproved, prior to the expiration of the Due
Diligence Period, Buyer shall be conclusively deemed to have approved the Existing Survey and the Title Commitment. Upon receipt by Seller of a Title Disapproval Notice given in a timely manner, Seller may elect to notify Buyer (being a
“Seller Response Notice”) as to each disapproved matter either that: (i) Seller elects not to cause such disapproved matter to be removed as of the Closing Date (or otherwise take any action with respect thereto), or
(ii) Seller intends to either: (a) use commercially reasonable efforts to cause such disapproved matter to be removed or released on the Closing Date; or (b) use commercially reasonable efforts to cause the Title Company to insure
over such disapproved matter; provided, however, Seller shall have no liability if for any reason, after electing either choice under (ii) above, such additional disapproved matters are not removed, released, or insured over as aforesaid as of
the Closing Date and Buyer shall not be obligated to take title to the Property subject to such disapproved matters and Buyer may elect to terminate this Agreement. If Seller has provided a Seller Response Notice to Buyer by the date which three
(3) business days after the expiration of the Due Diligence Period stating that Seller will not remove, release or otherwise correct such disapproved exceptions or will not correct any disapproved Existing Survey matter or if Seller has not
provided a Seller Response Notice to Buyer prior to the date which is three (3) business days after the expiration of the Due Diligence Period (which shall be deemed an election by Seller not to take any action with respect to such items), then
Buyer may elect in writing not later than two (2) business days after delivery of the Seller Response Notice, either to waive Buyer’s objection to such disapproved exceptions or Existing Survey matter or to terminate this Agreement. If
Buyer shall fail to make such election, then Buyer shall be deemed to have waived its objections to such disapproved exceptions or Existing Survey matters. In the event Buyer shall elect in writing to terminate this Agreement, the Deposit (less the
Independent Consideration) shall be 

  
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promptly delivered by the Escrow Agent to Buyer, and the parties shall have no further obligations or liabilities hereunder (except for any obligations or liabilities that expressly survive
termination of this Agreement). Anything to the contrary notwithstanding, if a Title Disapproval Notice is delivered by Buyer, Buyer may elect terminate this Agreement after the expiration of the Due Diligence Period only within the time period
established therefor and solely for disapproved matters raised in the Title Disapproval Notice (i) which Seller elects not to cause to be removed as of the Closing Date, and (ii) to which Buyer has not waived its objection to the same.

 4.3 It is understood that Buyer may request a number of endorsements to or extended coverage for the Owner’s Policy.
Buyer shall satisfy itself prior to the expiration of the Due Diligence Period that the Title Company will be willing to issue such endorsements or extended coverage in connection with the Owner’s Policy, and, accordingly, in no event shall the
issuance of such endorsements, extended coverage or the Owner’s Policy constitute a condition to Buyer’s obligations under this Agreement. 
 4.4 As used herein: “Permitted Exceptions” means the following: (1) the lien of any unpaid real estate taxes and assessments for the year 2011, and subsequent periods, not due and
payable as of Closing; (2) such other matters set forth in the Title Commitment or Survey which are approved or deemed approved, pursuant to the terms hereof, by Buyer during the Due Diligence Period (in any event to include the exceptions
listed in Exhibit “D”); (3) any New Matter (as hereinafter defined) which has been approved, or deemed approved by Buyer, pursuant to Section 4.6 below; (4) the printed exceptions which appear in the standard ALTA
form of owner’s policy of title insurance issued by Title Company in the State of Colorado; and (5) all other matters of public record, including, but not limited to, all building, signage and zoning ordinances, laws, regulations and
restrictions by or of municipal and other governmental authorities; provided that in no event shall any existing liens or encumbrances created by Seller, including but not limited to, any deeds of trust or other security documents, be considered
Permitted Exceptions. After Closing, Seller shall have no liability to Buyer, and Buyer and its successors and assigns shall make no claim against Seller for the Permitted Exceptions. This provision shall survive the Closing. 

4.5 Buyer shall have the right, at Buyer’s sole cost and expense, to update the Existing Survey prior to the expiration of the Due
Diligence Period. In no event will the update to such Existing Survey be deemed to result in a New Matter (as defined below) as to the Property. 
 4.6 If an additional exception to title (“New Matter”) affecting the Property is first disclosed to Buyer after the expiration of the Due Diligence Period, Buyer shall be deemed to have
approved any such New Matter within five (5) days of Buyer’s discovery of such New Matter unless Buyer delivers to Seller within such time written notice of its objection thereto. Notwithstanding the foregoing, any New Matter that is the
result of the activities of Buyer, or that does not adversely impact the marketability of such title or have a material adverse effect on the ownership of the Property or operation of the Hotel after the Closing, shall be deemed approved by Buyer,
and Buyer shall have no right to object to such New Matter. Seller may elect to use reasonable efforts to remove or cause the Title Company to bond, insure or endorse over such New Matter within thirty (30) days from the date of receipt of
notice from Buyer with respect to the New Matter (and the Closing Date shall be extended to accommodate such cure period). In the event that within such thirty (30) day period Seller (1) does not elect to remove or cause the Title Company
to bond, insure or endorse over such New Matter, or (2) elects but fails to remove or cause the Title Company to bond, insure or endorse over such New Matter, then upon the expiration of such period, Buyer, as its sole and exclusive remedy
hereunder for such failure, shall elect in writing either (a) to terminate this 

  
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Agreement by written notice to Seller, in which case the Deposit (less the Independent Consideration) shall be returned to Buyer, this Agreement shall be null and void and of no further force or
effect and the parties hereto shall have no further obligations to the other (except for any obligations or liabilities that expressly survive termination of this Agreement), or (b) to waive the foregoing right of termination and all other
rights and remedies on account of such New Matter and to close the transaction contemplated by this Agreement, without any reduction or abatement of the Purchase Price. If Buyer shall fail to make such election, then Buyer shall be deemed to have
waived its objections to such disapproved New Matter. 
 4.7 Notwithstanding the foregoing, Seller shall convey the Hotel Unit
to Buyer through the form of special warranty deed (or its equivalent) attached hereto as Exhibit “C” (the “Deed”), which will convey the Hotel Unit to Buyer subject to the Permitted Exceptions, as well as any
matters disclosed by the public records, and any other exceptions to title, including, but not limited to (i) all building, signage and zoning ordinances, laws, regulations and restrictions by or of municipal and other governmental authorities,
and (ii) road, highway, pipeline, railroad and utility easements, conditions and encroachments, which would be disclosed by an inspection and/or survey of the Property (together with the Permitted Exceptions, the “Deed
Exceptions”). All appurtenances to title to the Hotel Unit shall be as are conveyed specifically in the Deed. After Closing, Seller shall have no liability to Buyer, and Buyer and its successors and assigns shall make no claim against
Seller for the Deed Exceptions. This provision shall survive the Closing. 
 5. Conditions Precedent. The obligation of
Buyer to purchase, and Seller to sell the Property as contemplated by this Agreement is subject to satisfaction of each of the following respective conditions precedent (any of which may be waived in writing by the party in whose favor such
condition exists). If any of such conditions is not fulfilled (or so waived) pursuant to the terms of this Agreement, then, except as expressly provided in this Agreement, the party in whose favor such condition exists may elect not to proceed with
this Agreement and, in connection with any such election made in accordance with this Section 5, Seller and Buyer shall be released from further obligation or liability hereunder (except for those obligations and liabilities which, pursuant to
the terms of this Agreement, survive such termination [and without releasing any party for a breach or default occurring prior to such termination]), and the Deposit shall be disposed of in accordance with Section 10. 

5.1 Estoppel Certificates. 
 5.1.1 Condominium Declaration. Receipt of an estoppel certificate with respect to the Condominium Declaration in a form containing such content as is provided for in the Condominium
Declaration, shall be a condition precedent to Buyer’s obligation to acquire the Property hereunder; provided, however, Seller shall request an estoppel certificate with respect to the Condominium Declaration in the form attached hereto as
Exhibit “W”. 
 5.1.2 Master Declaration. Receipt of an estoppel certificate with
respect to the Master Declaration in a form containing such content as is provided for in the Master Declaration, shall be a condition precedent to Buyer’s obligation to acquire the Property hereunder; provided, however, Seller shall request an
estoppel certificate with respect to the Master Declaration in the form attached hereto as Exhibit “X”. 
 5.1.3 Ground Leases. Receipt of an estoppel certificate from the landlord under each of the Ground Leases, in a form containing such content as is provided for

  
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in each of such Ground Leases, shall be a condition precedent to Buyer’s obligation to acquire the Property hereunder; provided, however, Seller shall request an estoppel certificate with
respect to each Ground Lease in the form attached hereto as Exhibit “Y”. 
 5.1.4
Management Agreement. Receipt of an estoppel certificate from Manager, as to the Management Agreement, in a form containing such content as is provided for in the Management Agreement, shall be a condition precedent to Buyer’s obligation
to acquire the Property hereunder; provided, however, Seller shall request an estoppel certificate with respect to the Management Agreement in the form attached hereto as Exhibit “Z”. To the extent required by the terms and
provisions of the Management Agreement, a consent from Manager of the assignment and assumption of the Management Agreement from Buyer to Seller shall also be a condition precedent to Buyer’s obligation to acquire the Property hereunder.

 5.1.5 Parking Easement Agreement. Receipt of an estoppel certificate from the grantor under the
Parking Easement Agreement, in a form containing such content as is provided for in the Parking Easement Agreement shall be a condition precedent to Buyer’s obligation to acquire the Property hereunder. 

5.1.6 Extension of Closing Date. 

(a) If Seller has not received any estoppel certificate, consent or approval, receipt of which is a condition precedent
to Buyer’s obligation to acquire the Property hereunder, Seller may, upon written notice to Buyer delivered on or before the Closing Date then scheduled under this Agreement, extend the Closing Date for a period of up to thirty (30) days
to provide additional time to obtain such estoppel certificate(s), consent or approval. If Seller has exercised its extension option under this Section 5.1.6 but the required estoppel certificate, consent or approval has not been obtained as of
the Closing Date, as extended pursuant to this Section 5.1.6, then this Agreement shall terminate, except the provisions hereof or thereof which expressly survive termination, and Buyer shall receive a refund of the Deposit (less the
Independent Consideration). 
 (b) Anything to the contrary in this Section 5.1.6 notwithstanding, Buyer
acknowledges that, if an original of any required estoppel certificate, consent or approval is not available at Closing, Seller may deliver an electronic copy (a .pdf or .tif file) of such estoppel certificate, consent or approval, and, so long as
Seller delivers the original of such estoppel certificate, consent or approval within ten (10) business days after Closing, Seller shall be deemed to have satisfied the requirement under this Agreement of the delivery of such estoppel
certificate, consent or approval, and the unavailability of the original of such document shall not delay the Closing. The provisions of this Section 5.1.6(b) shall survive Closing. 

5.2 Intentionally Deleted. 
 5.3 No Bankruptcy or Dissolution. A condition precedent to Seller’s obligation to sell the Property shall be that that at no time on or before the Closing Date shall any
“Bankruptcy/Dissolution Event” (as hereinafter defined) have occurred with respect to Buyer, and if Buyer is a partnership or limited liability company, any general partners or managing members, as the case may be, of Buyer. A condition
precedent to Buyer’s obligation to purchase the Property shall be that that at no time on or before the Closing Date shall any Bankruptcy/Dissolution Event have occurred with respect to Seller or any managing members of Seller. 

  
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 5.4 Performance by Seller. The performance and observance, in all material respects,
by Seller of all covenants and agreements of this Agreement to be performed or observed by Seller prior to or on the Closing Date under this Agreement shall be a condition precedent to Buyer’s obligation to purchase the Property. In addition, a
condition precedent to Buyer’s obligation to purchase the Property shall be that the representations and warranties of Seller are true and correct in all material respects as of the Closing Date as if made on such Closing Date. Notwithstanding
the foregoing, in the event a material change of circumstances not otherwise contemplated by this Agreement and which was not caused by Seller’s intentional breach of any of its obligations hereunder occurs on or prior to the Closing Date which
causes any of Seller’s representations or warranties set forth in Section 8.1 to become untrue or in the event of an unintentional breach or unintentional default by Seller which causes any of Seller’s covenants to be untrue, in any
event, such that the failure or failures of all such representations and warranties to be so true and correct would have a material adverse effect on the Property or the purchase and sale agreement contemplated by this Agreement (a “Change
of Circumstances”), and, in either case, in the event that Buyer is not willing to waive its objection thereto, Seller shall have a period of thirty (30) days from the date of the discovery by Seller of such Change of Circumstances to
cure such untrue fact, condition or covenant (and the Closing Date shall be extended to accommodate such cure period). In the event that Seller does not cure such Change of Circumstances within such thirty (30) day period, Buyer shall have the
right, as Buyer’s sole and exclusive remedy hereunder for such failure, either (a) to terminate this Agreement by written notice to Seller, in which case, this Agreement shall be null and void and of no further force or effect and the
parties hereto shall have no further obligations to the other and the Deposit (less the Independent Consideration) shall be refunded to Buyer, or (b) to waive the foregoing right of termination and all other rights and remedies on account of
such breach or default and to close the transaction contemplated by this Agreement. Notwithstanding anything in this Section 5.4 to the contrary, the foregoing procedure with respect to a Change of Circumstances shall not be applicable to the
intentional breach by Seller of any of its obligations hereunder, it being understood that the remedy for such a breach by Seller shall be in accordance with Section 10.1 hereof. 

5.5 Performance by Buyer. The performance and observance, in all material respects, by Buyer of all covenants and agreements of
this Agreement to be performed or observed by Buyer prior to or on the Closing Date under this Agreement shall be a condition precedent to Seller’s obligation to sell the Property. In addition, a condition precedent to Seller’s obligation
to sell the Property shall be that the representations and warranties of Buyer are true and correct in all material respects as of the Closing Date as if made on such Closing Date. 

5.6 Adverse Proceedings. As a mutual condition precedent to either party’s obligation to consummate the transaction
contemplated hereunder, no litigation or other court action shall have been commenced by any third party that is not an affiliate of Buyer or Seller, seeking to obtain an injunction or other relief from such court to enjoin the consummation of the
transaction described in this Agreement, and no preliminary or permanent injunction or other order, decree or ruling shall have been issued by a court of competent jurisdiction or by any governmental authority or applicable law been enacted, that
would make illegal or invalid or otherwise prevent the consummation of the transaction described in this Agreement. 
 5.7
Owner’s Policy. The Title Company shall have committed to issue the Owner’s Policy pursuant to Section 4.2, subject only to the Permitted Exceptions and to the payment of any premium with respect to the issuance of such policy.

  
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 5.8 Consequence of Failure of a Closing Condition. If either Buyer or Seller has the
right to terminate this Agreement pursuant to this Section 5, then the party exercising its termination rights hereunder shall notify in writing the other party and Escrow Agent of such election (a “Section 5 Termination
Notice”) prior to the Closing Date (or prior to the earlier date which may be required for such termination under the terms of this Agreement), and the specific condition or conditions giving rise to such election. If either party shall
deliver a Section 5 Termination Notice, and such notice is accompanied by a demand that Escrow Agent deliver the Deposit to such party, Escrow Agent shall promptly request from the non-requesting party written confirmation that release of the
Deposit to the requesting party is acceptable and upon receipt of such written confirmation (or if no written confirmation or objection is received within five (5) business days of Escrow Agent’s request therefor), Escrow Agent shall
deliver the Deposit to the requesting party as demanded, less the Independent Consideration, which shall be paid to Seller in all cases. If the non-requesting party raises an objection to release of the Deposit, the procedures set forth in the
Deposit Escrow Agreement shall govern Escrow Agent’s obligation to release the Deposit hereunder. 
 6. Closing
Procedure. The sale and purchase herein provided shall be consummated (the “Closing”) through and pursuant to the Escrow Instructions (as defined below). 
 6.1 Escrow. On or before 1:00 p.m. Central time on the Closing Date, the parties shall make the deliveries set forth in Section 6.2 below into an escrow (the “Escrow”)
established pursuant to escrow instructions (“Escrow Instructions”) to be executed among Buyer, Seller and Escrow Agent in the form of Exhibit “E” attached hereto, as the same may be amended by the agreement of the
parties to conform to the facts and circumstances of closing. The conditions to the closing of such escrow shall include the Escrow Agent’s receipt of the Closing Payment (or confirmation of the receipt thereof by Seller) and a notice (which
may be by email) from each of Buyer and Seller authorizing Title Company to close the transactions as contemplated herein (each of Buyer and Seller being obligated to deliver such authorization notice on the Closing Date as soon as it is reasonably
satisfied that the other party is in a position to deliver the items to be delivered by such other party under Section 6.2 below) 
 6.2 Delivery by Parties. On or at least one (1) business day prior to the Closing Date, the following items shall be delivered into Escrow by the parties: 

6.2.1 Seller Deliveries. Seller shall deliver to Buyer the following: 

(a) The Deed, duly executed and acknowledged by Seller; 

(b) An original bill of sale, assignment and assumption agreement for the Property (the “Bill of Sale”),
in the form of Exhibit “G” attached hereto, duly executed by Seller; 
 (c) An original
assignment and assumption of the Management Agreement (the “Management Agreement Assignment”), in the form of Exhibit “H” attached hereto (as the same may be modified as reasonably agreed to by Buyer, Seller and
Manager), duly executed by Seller and consented to by Manager; 
 (d) An original duly executed certificate of
Seller (the “Seller Closing Certificate”) in the form of Exhibit “J” attached hereto, updating the representations and warranties contained in Section 8.1 hereof to the Closing Date and noting any changes
thereto; 

  
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 (e) An original duly executed certificate of “non-foreign” status
in the form of Exhibit “K” from Seller and any required state withholding or non-foreign status certificate; 
 (f) An original duly executed resignation of the director on the condominium board created by the Condominium Declaration, and attributable to the Hotel Unit; 

(g) An original acknowledgement and agreement relating to Perry Lease assignment and assumption (the “Perry Lease
Acknowledgement”), in the form of Exhibit “L” attached hereto, duly executed and acknowledged by Seller and consented to by the ground lessor under the Perry Lease; 

(h) An original acknowledgement and agreement relating to Plettner Lease assignment and assumption (the “Plettner
Lease Acknowledgement”), in the form of Exhibit “M” attached hereto, duly executed and acknowledged by Seller; 
 (i) An original acknowledgement and agreement relating to Subterranean Lease assignment and assumption (the “Subterranean Lease Acknowledgement”), in the form of Exhibit
“N” attached hereto, duly executed and acknowledged by Seller; 
 (j) An original assignment and
assumption of the Parking Easement (the “Parking Easement Assignment”), in the form of Exhibit “I” attached hereto, duly executed by Seller; 

(k) A duly executed copy of the closing statement reflecting the transaction and apportionments contemplated hereunder to
be prepared jointly by Seller and Buyer prior to the Closing (the “Closing Statement”); 
 (l)
A certificate or registration of title for any owned vehicle or other Personal Property included in the Property which requires such certification or registration, duly executed, conveying such vehicle or such other Personal Property to Buyer;

 (m) To the extent not previously delivered to Buyer, all originals (or copies if originals are not available)
of the Continuing Agreements and Equipment Leases, licenses and permits, books and records, keys and lock combinations in Seller’s possession or control, or in Manager’s possession or control, on the Closing Date; provided, any such items
located at the Hotel on the Closing Date shall be deemed to be delivered to Buyer upon delivery of possession of the Hotel; 
 (n) Each of the estoppel certificates described in Section 5.1 (and subject to Section 5.1.6(b)), in each case, certifying that Seller is not in default under the applicable document(s), or if
an alleged default is raised by the issuer thereof, such alleged default does not adversely impact the marketability of title to the Property or have a material adverse effect on the ownership of the Property or operation of the Hotel after the
Closing; and 
 (o) Such additional documents as may be reasonably required by Buyer and Title Company in order
to consummate the transactions hereunder (provided the same do not increase in any material respect the costs to, or liability or obligations of, Seller in a manner not otherwise provided for herein). In no event shall Seller be obligated to provide
any indemnity or 

  
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other document to the Title Company with respect to the issuance of the Owner’s Policy other than (but subject to the limitation set forth in the first sentence of this subparagraph)
(i) the gap indemnity in the form of Exhibit “O” (the “Gap Indemnity”), and (ii) the certificate in the form of Exhibit “P” (the “Seller’s Title Certificate”).

 6.2.2 Buyer Deliveries. Buyer shall deliver to Seller the following: 

(a) The Closing Payment; 
 (b) The Bill of Sale, duly executed by Buyer; 
 (c) The Management
Agreement Assignment, duly executed by Buyer or Buyer’s designee that is an approved assignee under the terms of the Management Agreement; 
 (d) A duly executed certificate of Buyer (the “Buyer Closing Certificate”) in the form of Exhibit “Q” attached hereto, updating the representations and warranties
contained in Section 8.1 hereof to the Closing Date and noting any changes thereto; 
 (e) An original
Perry Lease Acknowledgement, duly executed and acknowledged by Buyer; 
 (f) An original Plettner Lease
Acknowledgement, duly executed and acknowledged by Buyer; 
 (g) An original Subterranean Lease Acknowledgement,
duly executed and acknowledged by Buyer; 
 (h) An original Real Property Transfer Declaration (TD-1000), duly
executed by Buyer, or Title Company on behalf of Buyer. 
 (i) An original Parking Easement Assignment, duly
executed and acknowledged by Buyer. 
 (j) A duly executed copy of the Closing Statement; 

(k) Evidence reasonably satisfactory to Seller and Title Company respecting the due organization of Buyer and the due
authorization and execution of this Agreement and the documents required to be delivered hereunder; and 
 (l)
Such additional documents as may be reasonably required by Seller and Title Company in order to consummate the transactions hereunder (provided the same do not increase in any material respect the costs to, or liability or obligations of, Buyer in a
manner not otherwise provided for herein). 
 6.3 Closing Costs. With reference to Closing, Seller shall pay (1) 50%
of all escrow charges, (2) the brokerage commission referenced in Section 12.1.2 of this Agreement, (3) the standard premium charged by the Title Company for the ALTA standard coverage portion of the Owner’s Policy, and
(4) any costs associated with releasing any deeds of trust or other security 

  
 -14-

 
documents. Buyer shall pay (1) all documentary fees and other transfer fees payable and recording charges, if any, in connection with the transfer contemplated hereby, (2) the
incremental premium charged by the Title Company for the ALTA extended coverage portion of the Title Policy and the cost of all endorsements to the Title Policy, (3) Buyer’s due diligence costs and property inspection fees, including the
cost of any additional environmental, asbestos, structural and physical audits it deems necessary, (4) the costs, if any, to update the Existing Survey, (5) any personal property sales tax, and (6) 50% of all escrow charges.

 6.4 Adjustments, Allocations and Prorations. At the Closing, Seller shall receive, in addition to the Purchase Price,
and in lieu of all prorations under this Agreement (except as specifically provided in this Section 6.4), the sum of Three Hundred Thirty Eight Thousand Four Hundred Ninety and No/100 Dollars ($338,490.00) in cash or as a credit to the Seller
on the Closing Statement, which is the amount of “Working Capital” held by Manager under the Management Agreement. Except as specifically provided in this Section 6.4, there shall be no other prorations or re-prorations under the
Agreement. At Closing, the “Working Capital” under the Management Agreement shall be deemed transferred from Seller to Buyer and belong to Buyer.
 6.4.1 Net Distributions To Owner under the Management Agreement. If the Closing occurs on any day when any portion of the net distribution due and owing to the Owner under the Management
Agreement has not been paid by Manager to Seller, the distribution under the Management Agreement for any accounting period in which Seller was the owner of the Property for the entire accounting period shall belong solely to Seller (and Manager
shall be directed to pay the same to Seller); provided, however, if Manager pays such funds to Buyer, despite the direction to pay the same to Seller, Buyer shall pay such amount to Seller within three (3) business days after receipt of the
same. For the accounting period in which the Closing occurs, the net distribution due and owing to the Owner under the Management Agreement shall be prorated between Buyer and Seller based on the number of days in such period and the respective
ownership periods of each party therein (with the Closing Date belonging to Buyer). Any distribution amount under the Management Agreement referred to above that cannot be determined and paid at Closing shall be paid and allocated between Seller and
Buyer as provided above, by Manager based on direction from Buyer and Seller to Manager, or, if Manager pays such distribution amount to one (or both) of the parties in a manner other than as allocated above, the parties will adjust such amounts
within three (3) business days after receipt of such funds with the party receiving excess funds paying the other party the amount due as provided above. It is anticipated that all amounts shall be allocated and paid within twenty-five
(25) days after the end of the accounting period under the Management Agreement during which Closing occurs. 
 6.4.2 Real Property and Personal Property Taxes. Anything in Section 6.4.1 to the contrary notwithstanding, real property taxes (Parcel ID 02345-16-018-018) and personal property taxes
(Parcel ID 236413001) shall be re-prorated based on actual bills for calendar year 2011 (regardless of when the actual amounts of such taxes are due and payable) by comparing the amount of such bills against the accrual for real estate taxes and
personal property taxes by Manager for calendar year 2011 and any difference shall be adjusted between Seller and Buyer based on the number of days in 2011 that each was the owner of the Property. If such difference is positive, (i.e., such actual
taxes were higher than the accrual) Seller shall pay its share of such excess (the number of Seller’s days of ownership divided by 365 multiplied by such difference) to Buyer and if the difference is negative, (i.e., such actual taxes were
lower 

  
 -15-

 
than the accrual) Buyer shall pay such savings to Seller based on the number of Seller’s days of ownership divided by 365 multiplied by such difference. Any such re-proration shall be
completed and paid within thirty (30) days after the such amounts are able to be calculated. 

6.4.3 Equipment Reserve. The aggregate amount of the Equipment Reserve shall belong to Buyer, and Seller
shall receive a credit for the same at Closing (in addition to the Purchase Price); provided, however, in no event shall the amount of the credit given to Seller for the Equipment Reserve be less than the amount existing in the Equipment Reserve on
the Closing Date plus (a) amounts then accrued for deposit into the Equipment Reserve by Manager but not yet deposited therein and (b) amounts to be accrued by Manager for the accounting period in which Closing occurs (which shall be
prorated between Buyer and Seller on a daily basis as to any amounts to be accrued for the Hotel accounting period including Closing; items (a) and (b) collectively, the “Accrued Amounts”), less (c) amounts expended
by Manager but not yet reimbursed out of the Equipment Reserve (the “Expended Amounts”). At Closing, the Equipment Reserve shall be deemed transferred from Seller to Buyer and belong to Buyer. Any Accrued Amounts and/or Expended
Amounts that cannot be computed at Closing shall be paid and allocated between Seller and Buyer as provided above, and Buyer or Seller, as the case may be, shall pay to the other party any amount due calculated as provided above. It is anticipated
that all amounts shall be allocated and paid within twenty-five (25) days after the end of the accounting period under the Management Agreement during which Closing occurs. 

6.4.4 Deposits under Ground Leases and Declarations. The aggregate amount of any security or other deposits
held for the account of Seller under the Ground Leases, Condominium Declaration or the Master Declaration shall belong to Buyer, and Seller shall receive a credit for the same at Closing. 

6.4.5 Hotel Receivables. All accounts receivables, including, without limitation, credit card sales with
respect to the Property shall belong to Buyer and shall not be subject to proration or reproration. 

6.4.6 Inventories, Employment Costs and Other Costs, Liabilities and Expenses. The allocation of Working
Capital as provided above is in lieu of a proration of inventories, employment costs, condominium and master declaration assessments and other charges, liabilities and expenses. 

6.4.7 Indemnification. Buyer acknowledges that employees of the Property are the employees of Manager and
not of Seller, and that Buyer has no right to cause the termination of such employees. In no event shall Buyer take any action as to such employees of Manager that would create or cause any liability to Seller. Buyer shall be solely responsible for
all wages, salaries, any bonuses, employment taxes, withholding taxes, and any and all vacation days, sick days and personal days, if applicable, existing on or accruing on or after the Closing Date. From and after the Closing, Buyer shall indemnify
and save Seller harmless from and against any claim by any employee arising from Buyer’s actions and omissions as to any employees of Manager. Except as provided in this Section 6.4, Seller shall have no further liability for any
obligations with respect to the operation of the Property, and Buyer shall pay and discharge all costs and expenses of the Property, regardless of when arising or accruing and Buyer shall indemnify, protect, defend and hold the Seller harmless from
and against any claim arising from the non-payment of any of the items with respect to the Property regardless of when arising or accruing, plus penalties, fines, fees, interest and other charges thereon or related

  
 -16-

 
thereto imposed by third parties or by law in connection with such non-payment; provided, however, the parties intend that the same shall not limit Seller’s obligation for a breach of
representation or warranty under this Agreement (as limited hereby) with respect to Seller’s representations and warranties under Sections 8.1.5, 8.1.7, 8.1.8, 8.1.9, 8.1.12 and 8.1.15 of this Agreement provided the aggregate liability therefor
exceeds $119,000.00. 
 6.4.8 Items for Which There Will Not be a Proration. Seller and Buyer
agree that (a) none of the insurance policies relating to the Property will be assigned to Buyer, and Buyer shall be responsible for arranging for its own insurance as of the Closing Date; and (b) Buyer shall be responsible for all the
necessary actions needed to arrange for utilities to be transferred to the name of Buyer beginning 12:01 A.M. on the Closing Date, including the posting of any required deposits to the extent that such deposits will be returned to Seller.
Accordingly, there will be no prorations for insurance or utilities; provided, if any required deposit will not be returned to Seller, Seller will receive a credit at Closing in the amount of such deposit. Seller shall be entitled to receive and be
returned any deposits Seller may have with any utility companies, or will receive a credit at Closing from Buyer to the extent such deposits are not remitted to Seller and Buyer shall pay, or cause Manager to pay, any unpaid utility charges with
respect to the Property as shown on all utility bills issued with respect to the Property and paid in the ordinary course of business by Manager. The foregoing notwithstanding, Seller shall direct its insurer to pay Manager or Buyer any prepaid
insurance premium refund under Seller’s existing insurance policies relating to the Property; provided, however, if any such refund is paid to Seller, despite Seller’s direction to the contrary, Seller shall pay such amount to Buyer (or to
Manager, if Buyer so directs) within three (3) business days after receipt of the same. 
 6.4.9
Survival of Section 6.4. The obligations and rights of the parties under this Section 6.4 shall survive the Closing. 
 6.5 Extension of Closing. So long as such party is not then in default under this Agreement, in the event that, as of the Closing Date, the consent of the ground lessor under the Perry Lease has
not been obtained, either party may, upon written notice to the other party delivered on or before the original Closing Date, extend the Closing Date for a period of up to sixty (60) days to provide additional time to obtain the consent of the
ground lessor under the Perry Lease. In the event the parties have exercised their extension option under this Section 6.5 but the consent of the ground lessor under the Perry Lease has not been obtained as of the Closing Date, as extended
pursuant to this Section 6.5, then this Agreement shall terminate, except the provisions hereof or thereof which expressly survive termination, and Buyer shall receive a refund of the Deposit (less the Independent Consideration). 

6.6 Sales Tax Audits. If the sales tax audit currently being conducted by the City and County of Denver with respect to the
Property (the “Existing Sales Tax Audit”) shall not have been settled, beyond appeal, at the expiration of the Survival Period, Seller shall deposit into an escrow, to be held by Escrow Agent, an amount (the “Audit Escrow
Amount”) equal to the alleged unpaid sales taxes, and related penalties and interest, claimed by the City and County of Denver (regardless of whether the same are then being disputed by Seller) as of the expiration of the Survival Period.
The Audit Escrow Amount shall be held by Escrow Agent pursuant to a post-closing escrow agreement in a form to be agreed upon by Buyer and Seller prior to the expiration of the Survival Period so that the amount so held shall be available to pay
amounts due upon settlement of such sales tax audit by Seller, provided, however, the Audit Escrow Amount shall not limit Seller’s liability with 

  
 -17-

 
respect to the Sales Tax Audit. On the Effective Date, Manager and Seller received notice of a sales tax audit from the Colorado Department of Revenue (“State”) covering the
period from October 2008 to and including September 2011 (the “State Sales Tax Audit”) and with respect thereto: (i) each party shall bear their allocable share of amounts that may ultimately be due to the State based on their
respective periods of ownership and an allocation percentage shall be established based on the ratio of the total amounts due to the State, if any, as between Buyer and Seller (the “Audit Allocation Percentages”); (ii) third
party costs and expenses shall initially be paid by Seller but shall ultimately be allocated between Buyer and Seller based on the Audit Allocation Percentages; (iii) incremental out of pocket costs and expenses of Manager in handling the State
Sales Tax Audit shall be reimbursable to Manager (or Buyer) by Seller (and subject to allocation under the Audit Allocation Percentages); (iv) since Seller’s Audit Allocation Percentage will be much larger than Buyer’s, Seller
reserves all rights against Manager with respect to the Existing Sales Tax Audit and the State Sales Tax Audit, including the right to reasonably direct Manager, or to request that Buyer direct Manager, to respond to both sales tax audits with a
view towards reducing liability thereunder; and (v) Seller’s obligation to pay its share of amounts under the State Sales Tax Audit shall not be limited by time (as between the parties hereto) and shall not be subject to, or used in
connection with, computing amounts under Section 8.6 of this Agreement. With respect to all matters covered by this Section 6.6, Seller’s obligation under this Section 6.6 will be based the actual loss of profit to Buyer taking
into account the effects of the Incentive Management Fee under the Management Agreement. 
 7. Condemnation or Destruction of
Property. In the event that, after the date hereof but prior to the Closing Date, either any portion of the Property is taken pursuant to eminent domain proceedings, or any of the improvements on the Property are damaged or destroyed by any
casualty, Seller shall not have any obligation to repair or replace any such damage or destruction, but Seller shall be required to give Buyer written notice of the same within five (5) business days after Seller learns of such casualty or
condemnation. Seller shall also deliver and assign to Buyer, upon consummation of the transaction herein provided (except to the extent any condemnation proceeds or insurance proceeds are attributable to lost rents or revenues or other items
applicable to any period prior to the Closing), and subject to the requirements of the Condominium Declaration, Master Declaration and the Ground Leases, all claims of Seller respecting any condemnation or casualty insurance coverage, as applicable,
and all condemnation proceeds, or proceeds from any such casualty insurance received by Seller on account of any casualty (except to the extent required for collection costs or repairs by Seller prior to the Closing Date), as applicable. There shall
be no reduction of the Purchase Price on account of any casualty or condemnation (except that in connection with a casualty covered by insurance, Buyer shall be credited with the lesser of the remaining cost to repair the damage or destruction
caused by such casualty or the amount of the deductible under Seller’s casualty insurance policy except to the extent such deductible was expended by Seller to repair the resulting damage). In the event the condemnation award or the cost of
repair of damage to the Property on account of a casualty, as applicable, shall exceed ten percent (10%) of the Purchase Price as to the Property (or if a casualty is uninsured and Seller does not elect to credit Buyer with an amount equal to
the cost to repair such uninsured casualty, Seller having the right, but not the obligation, to do so), either Buyer or Seller may, at its option terminate this Agreement by notice (“Section 6 Termination Notice”) to the other
party, given on or before the sooner to occur of the Closing Date or five (5) business days after Seller learns of such casualty or condemnation, in which event the Deposit (less the Independent Consideration) shall be returned to Buyer and
neither party shall have any further obligation hereunder except for those obligations which expressly survive a termination of this Agreement. 
 8. Representations and Warranties; Certain Covenants. 
 8.1
Representations and Warranties of Seller. Seller hereby represents and warrants to Buyer that, except as otherwise expressly set forth below, the following statements are true and correct as of the Effective Date: 

8.1.1 Authority. Seller is duly organized, validly existing, and in good standing in the State of Delaware
and, to the extent required by law, is qualified to do business 

  
 -18-

 
in the jurisdiction in which the Property is located, and has all requisite power and authority to own the Property and conduct the business as currently owned and conducted. Seller has all
requisite power and authority to execute and deliver, and to perform all of its obligations under, this Agreement. 
 8.1.2 Due Execution. This Agreement and the other documents to be executed and delivered by Seller hereunder constitute or will constitute (as of the date the same are executed) a legal,
valid and binding obligation of Seller in accordance with their respective terms. The execution, delivery and performance of this Agreement and the other documents to be executed and delivered by Seller hereunder have been duly authorized by all
necessary action on the part of Seller and do not and will not (a) require any consent or approval that has not been obtained under Seller’s organizational documents, or (b) violate any provision of Seller’s organizational
documents. 
 8.1.3 No Bankruptcy or Dissolution. No “Bankruptcy/Dissolution Event” (as
hereinafter defined) has occurred with respect to Seller. As used herein, a “Bankruptcy/Dissolution Event” means any of the following: (a) the commencement of a case under Title 11 of the United States Bankruptcy Code, as now
constituted or hereafter amended, or under any other applicable bankruptcy law or other similar law; (b) the appointment of a trustee or receiver of any substantial property interest; (c) a general assignment for the benefit of creditors;
(d) an attachment, execution or other judicial seizure of a substantial property interest; or (e) a dissolution. 
 8.1.4 Tenant Leases. There are no tenant leases of commercial spaces at the Property. 
 8.1.5 Litigation. Except as may be set forth in Exhibit “R”, to Seller’s actual knowledge, there is no action, litigation, condemnation or other proceeding currently
pending against Seller as to any Property, that if adversely determined would adversely affect Seller’s Property or Seller’s ability to consummate the transactions contemplated and neither Seller nor, to Seller’s knowledge, Manager
has received written notice of any such threatened or contemplated action, litigation, condemnation or other proceeding. 
 8.1.6 Compliance. Except as may be set forth in Exhibit “S”, to Seller’s actual knowledge, neither Seller nor Manager has received written notice from any governmental
authority having jurisdiction over the Property to the effect that the Property owned by Seller is currently not in compliance with applicable laws and ordinances. 

8.1.7 Declarations; Association Documents. To Seller’s actual knowledge, Seller has made available to
Buyer true, correct and complete copies of the Condominium Declaration, the Master Declaration, and the condominium association formation and governance documents executed in connection with the Condominium Declaration, all of which are in full
force and effect, to Seller’s knowledge. Seller has not received any written notice from any other party to the Condominium Declaration or the Master Declaration that Seller is in default in any respect of any of its obligations thereunder, and
Seller has not delivered any written notice to any other party under the Condominium Declaration or the Master Declaration that such party is in default in any respect of any of its obligations under such declaration. 

  
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 8.1.8 Ground Leases. To Seller’s actual knowledge, the
ground leases and related documents and instruments described in Exhibit “F” constitute all of the Ground Leases. Seller has not received any written notice from a lessor under any Ground Lease that Seller is in default in any
respect of any of its obligations thereunder, and Seller has not delivered any written notice to a lessor under any Ground Lease that such lessor is in default in any respect of any of its obligations under such Ground Lease. To Seller’s actual
knowledge, the Ground Leases are in full force and effect. To Seller’s actual knowledge, Seller has made available to Buyer the copies of the Ground Leases that Seller received and are in the Seller’s possession. 

8.1.9 Contracts. To Seller’s actual knowledge, the service contracts and equipment leases described in
Exhibit “T” constitute all of the service contracts and equipment leases requiring aggregate annual payments in excess of $12,000 for any year during the term of such service contract or equipment lease after the Closing
(“Agreements and Equipment Leases”) to which Seller is a party or is bound with respect to the Property, except for Agreements and Equipment Leases which are either de minimis or may be terminated within thirty (30) days
at no cost to Seller. Seller has made available to Buyer a true and complete copy of the Agreements and Equipment Leases. Neither Seller nor, to Seller’s knowledge, Manager has given or received any written notice of any material breach or
default under any of the Agreements and Equipment Leases which has not been cured and to Seller’s knowledge, the Agreements and Equipment Leases have not been terminated and remain in effect. 

8.1.10 Environmental Matters. Except as set forth in the reports described in Exhibit “U”
(the “Environmental Reports”), copies of which have been delivered to Buyer, to Seller’s knowledge there has been no release of any “Hazardous Substance” at or upon the Property, in an amount which would, as of the
date hereof, give rise to an “Environmental Compliance Cost” (as hereinafter defined). The term “Hazardous Substance” shall mean asbestos, petroleum products, and any other hazardous waste or substance which has, as of the
date hereof, been determined to be hazardous or a pollutant by the U.S. Environmental Protection Agency, the U.S. Department of Transportation, or any instrumentality authorized to regulate substances in the environment which has jurisdiction over
the Property (“Environmental Agency”) which substance causes the Property (or any part thereof) to be in material violation of any applicable environmental laws; provided, however, that the term “Hazardous Substance” shall
not include (x) motor oil and gasoline contained in or discharged from vehicles not used primarily for the transport of motor oil or gasoline, or (y) materials which are stored or used in the ordinary course of a tenant’s occupancy at
(or Seller’s or Seller’s managing agents’ operation of) the Property. The term “Environmental Compliance Cost” means any material out-of-pocket cost, fine, penalty, fee or expense incurred directly to satisfy any
requirement imposed by an Environmental Agency to bring the Property into compliance with applicable federal, state and local laws and regulations directly relating to the existence on the Property of any Hazardous Substance. 

8.1.11 Title to Personal Property. Seller has good and valid title to all tangible Personal Property, which
shall be free and clear of all liens and encumbrances as of the Closing except for the Agreements and Equipment Leases which shall be subject only to the ownership interest of the lessor thereunder. 

8.1.12 Management Agreement. Seller is not a party to any existing management agreements or franchise
agreements relating to the Property other than the 

  
 -20-

 
Management Agreement. Seller has provided a true accurate and complete copy of the Management Agreement to Buyer. The Hotel Management Agreement is in full force and effect. To Seller’s
knowledge, as of the date hereof, there exists no default by any party under the Management Agreement and there is no existing condition that, with notice or passage of time or both, would constitute a default under the Management Agreement.

 8.1.13 Employees. Seller has no employees. Seller has executed no union agreements, collective
bargaining agreements, employment contracts or other similar arrangements with respect to Hotel employees. To Seller’s knowledge, there exists no actual or threatened union strikes, work stoppages or slow downs or any other labor disputes
concerning individuals employed at the Property. All employees of the Hotel are directly employed by Manager. 

8.1.14 Foreign Person. Seller is a “United States person” (as defined in
Section 7701(a)(30)(B) or (C) of the Internal Revenue Code of 1986, as amended from time to time, and any regulations, rulings and guidance issued by the Internal Revenue Service (the “Code”) for the purposes of the
provisions of Section 1445(a) of the Code. 
 8.1.15 Taxes. To Seller’s knowledge,
except for the Existing Sales Tax Audit and the State Sales Tax Audit, all federal and state income tax returns required to be filed by or on behalf of Seller (either separately or as part of a consolidated group) have been timely filed (subject to
any extensions that may be permitted by law) and such returns, as so filed, are complete and accurate in all material respects and disclose all taxes required to be paid for the periods covered thereby. To Seller's knowledge, except for the Existing
Sales Tax Audit and the State Sales Tax Audit, there exists no audit of any taxes payable or tax delinquency with respect to the Property which has not been resolved or completed. All such taxes and all deficiency assessments, penalties and interest
relating to any period ending prior to the Closing Date with respect to the Property have been or shall be paid by Seller if due as of or prior to the Closing Date. To Seller’s knowledge, there is no currently pending appeal or abatement
proceeding with respect to the real estate taxes assessed on the Property. 
 8.1.16 Intentionally
Omitted. 
 8.1.17 Licenses and Permits. Seller has made available to Buyer true and correct
copies of the licenses and permits relating to the Property. Seller has not received any written notice from any governmental authority or other person of any violation, suspension, revocation or non renewal of any licenses and permits with respect
to the Property that has not been cured or dismissed, or any failure by Seller to obtain any licenses and permits required for the Property that has not been cured or dismissed. 

8.1.18 Parking Easement Agreement. The Parking Easement Agreement is in full force and effect. Seller has
not received written notice of a breach or default under the Parking Easement Agreement and, to Seller’s knowledge, there is no existing condition that, with notice or passage of time or both, would constitute a default under the Parking
Easement Agreement. 

  
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 8.1.19 OFAC. 

(a) Neither Seller, nor any of its affiliates, is or will be (a) conducting any business or engaging in any transaction or dealing
with any person appearing on the U.S. Treasury Department’s OFAC list of prohibited countries, territories, “specifically designated nationals (“SDNs”) or “blocked person” (each a “Prohibited
Person”) (which lists can be accessed at the following web address: http://www.ustreas.gov/offices/enforcement/ofac/), including the making or receiving of any contribution of funds, goods or services to or for the benefit of
any such Prohibited Person; (b) engaging in certain dealings with countries and organizations designated under Section 311 of the USA PATRIOT Act as warranting special measures due to money laundering concerns; (c) dealing in, or
otherwise engaging in any transaction relating to, any property or interests in property blocked pursuant to Executive Order No. 13224 dated September 24, 2001, relating to “Blocking Property and Prohibiting Transactions With Persons
Who Commit, Threaten to Commit, or Support Terrorism”; (d) a foreign shell bank or any person that a financial institution would be prohibited from transacting with under the USA PATRIOT Act; or (e) engaging in or conspiring to engage
in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempting to violate, any of the prohibitions set forth in (i) any U.S. anti-money laundering law, (ii) the Foreign Corrupt Practices Act,
(iii) the U.S. mail and wire fraud statutes, (iv) the Travel Act, (v) any similar or successor statutes or (vi) any regulations promulgated under the foregoing statutes. 

(b) If Seller or any beneficial owner of Seller become listed as a Prohibited Person or are indicted, arraigned, or custodially detained
on charges involving money laundering or predicate crimes to money laundering, Seller shall immediately notify Buyer. Seller shall have ten (10) business days to remove such party from any interest in Seller, or Buyer may terminate this
Agreement upon written notice to Seller, whereupon the Deposit shall be returned to Buyer and neither party shall have any further obligation hereunder except for those obligations which expressly survive a termination of this Agreement. 

For the purposes of this Agreement and the documents to be delivered pursuant hereto, references to “To Seller’s knowledge” or
“Seller’s actual knowledge” or “Seller has no knowledge” shall mean the actual, present, conscious knowledge of Justin Leonard and Tom Bennett (collectively, the “Seller Knowledge Individuals”) on the
Effective Date, or as remade on the Closing Date pursuant to the Seller Closing Certificate, without any investigation or inquiry, but such individuals shall not have any individual liability in connection herewith. Without limiting the foregoing,
Buyer acknowledges that the Seller Knowledge Individuals have not performed and are not obligated to perform any investigation or review of any files or other information in the possession of Seller, or to make any inquiry of any persons, or to take
any other actions in connection with the representations and warranties of Seller set forth in this Agreement. Neither the actual, present, conscious knowledge of any other individual or entity, nor the constructive knowledge of the Seller Knowledge
Individuals or of any other individual or entity, shall be imputed to the Seller Knowledge Individuals. 
 8.2
Representations and Warranties of Buyer. Buyer hereby represents and warrants the following to Seller: 

8.2.1 Authority. Buyer is duly organized, validly existing, and in good standing under the laws of the
State of Delaware and on or before the Closing Date will be qualified, to the extent required by law, to do business in the jurisdiction where the Property is located. Buyer has all requisite power and authority to execute and deliver, and to
perform all its obligations under, this Agreement. 

  
 -22-

 8.2.2 Due Execution. This Agreement and the other documents
to be executed and delivered by Buyer hereunder constitute or will constitute (as of the date same are executed) a legal, valid and binding obligation of Buyer in accordance with their respective terms. The execution, delivery and performance of
this Agreement and the other documents to be executed and delivered by Buyer hereunder have been duly authorized by all necessary action on the part of Buyer and do not and will not (a) require any consent or approval that has not been obtained
under Buyer’s organizational documents, or (b) violate any provision of Buyer’s organizational documents. 
 8.2.3 No Bankruptcy/Dissolution Event. No Bankruptcy/Dissolution Event has occurred with respect to Buyer or any of members. 

8.2.4 Satisfaction of Management Agreement Requirements. Buyer has or will on or before the expiration of
the Due Diligence Period have reviewed the Management Agreement and is or will be familiar with it and has conducted or will conduct its own analysis sufficient to reasonably conclude that Buyer is a permissible assignee of the Management Agreement,
including, without limitation, meeting the criteria, as applicable, to become an assignee of Sellers’s interest under the Management Agreement for purposes of any net worth qualification, total assets qualification, and operational component,
to the extent that such provisions are expressly set forth in the Management Agreement. 
 8.2.5
Condition of Property. The Purchase Price reflects Buyer’s underwriting of the costs of any capital improvements or repairs that may be required with respect to the Property, Buyer hereby acknowledging that Buyer shall assume
responsibility for payment with respect to capital improvements or repairs that have either been included in the Property’s budget for 2011 or for which Seller or Manager has otherwise committed to fund. Buyer hereby acknowledges that all
payments for the replacement and renewal of the Hotel’s furniture, fixtures, furnishings and equipment are to be paid out of the Equipment Reserve and that all Capital Improvement Projects are governed by the terms and provisions of the
Management Agreement. 
 8.2.6 ERISA. Neither (i) any assets of Buyer, nor (ii) any
funds to be used by Buyer with respect to the transactions contemplated pursuant to this Agreement, are, or at Closing will be, pursuant to “ERISA” (as hereinafter defined) or the “Code” (as hereinafter defined) considered for
any purpose of ERISA or Section 4975 of the Code to be assets of a “Plan” (as hereinafter defined). Buyer is not executing this Agreement and will not be performing its obligations or exercising its rights or remedies under the
Agreement on behalf of or for the benefit of any Plan. To Buyer’s knowledge, neither the execution or delivery of this Agreement by Seller, nor the performance by Seller of its obligations or the exercise of its rights or remedies under this
Agreement, nor any transaction contemplated under this Agreement, is or will be a “prohibited transaction” within the meaning of Section 406 of ERISA or Section 4975 of the Code. For the purposes hereof the following terms shall
have the following meanings: “Code” shall mean the Internal Revenue Code of 1986, as amended; “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended (and any successor statute and any
applicable regulations or guidance promulgated thereunder); and “Plan” shall mean a “plan” as that term is defined in Section 3(3) of ERISA or Section 4975 of the Code. 

  
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 8.2.7 OFAC. 

(a) Neither Buyer, nor any of its affiliates, is or will be (a) conducting any business or engaging in any
transaction or dealing with any Prohibited Person, including the making or receiving of any contribution of funds, goods or services to or for the benefit of any such Prohibited Person; (b) engaging in certain dealings with countries and
organizations designated under Section 311 of the USA PATRIOT Act as warranting special measures due to money laundering concerns; (c) dealing in, or otherwise engaging in any transaction relating to, any property or interests in property
blocked pursuant to Executive Order No. 13224 dated September 24, 2001, relating to “Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism”; (d) a foreign shell bank
or any person that a financial institution would be prohibited from transacting with under the USA PATRIOT Act; or (e) engaging in or conspiring to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or
attempting to violate, any of the prohibitions set forth in (i) any U.S. anti-money laundering law, (ii) the Foreign Corrupt Practices Act, (iii) the U.S. mail and wire fraud statutes, (iv) the Travel Act, (v) any similar or
successor statutes or (vi) any regulations promulgated under the foregoing statutes. 
 (b) If Buyer or any
beneficial owner of Buyer become listed as a Prohibited Person or are indicted, arraigned, or custodially detained on charges involving money laundering or predicate crimes to money laundering, Buyer shall immediately notify Seller. Buyer shall have
ten (10) business days to remove such party from any interest in Buyer, or Seller may terminate this Agreement upon written notice to Buyer, whereupon the Deposit shall be returned to Buyer and neither party shall have any further obligation
hereunder except for those obligations which expressly survive a termination of this Agreement. 
 8.2.8
Satisfaction of Ground Lease Requirements. On or before the expiration of the Due Diligence Period, Buyer shall review the Ground Leases, become familiar with them and will have conducted its own analysis sufficient to reasonably conclude
that Buyer is a permissible assignee of each of the Ground Leases, to the extent that such provisions are expressly set forth in any of the Ground Leases, including, without limitation, meeting the criteria, as applicable, to become an assignee of
Sellers’s interest under each Ground Lease for purposes of any net worth qualification, total assets qualification, and operational component, such that Seller will have no obligations under any Ground Leases accruing from and after the Closing
Date, to the extent that such Ground Lease expressly provides for the release of Seller upon satisfaction of such requirements. The parties shall each use commercially reasonable efforts to obtain any and all consents required under the Ground
Leases to the transactions contemplated by this Agreement, to the extent that such Ground Lease expressly provides for such consent. 
 8.2.9 No Reliance. BUYER ACKNOWLEDGES AND AGREES ITS OBLIGATIONS UNDER THIS AGREEMENT SHALL NOT BE SUBJECT TO ANY FINANCING CONTINGENCY. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE
SALE AND TRANSFER OF THE PROPERTY HEREUNDER IS AND WILL BE MADE ON AN “AS IS” BASIS, WITHOUT REPRESENTATIONS AND WARRANTIES OF ANY KIND OR NATURE, EXPRESS, IMPLIED OR OTHERWISE, INCLUDING ANY REPRESENTATION OR WARRANTY CONCERNING TITLE TO
THE PROPERTY, THE PHYSICAL CONDITION OF THE PROPERTY (INCLUDING THE CONDITION OF THE SOIL OR THE IMPROVEMENTS), THE NATURE, STATUS OR COMPLIANCE WITH THE TERMS OF THE GROUND LEASES, THE CONDOMINIUM

  
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DOCUMENTS OR THE MASTER DECLARATION BY ANY PARTY THERETO, THE ENVIRONMENTAL CONDITION OF THE PROPERTY (INCLUDING THE PRESENCE OR ABSENCE OF HAZARDOUS SUBSTANCES ON OR RESPECTING THE PROPERTY),
THE COMPLIANCE OF THE PROPERTY WITH APPLICABLE LAWS, ENCUMBRANCES AND REGULATIONS (INCLUDING ZONING, SIGNAGE, PARKING AND BUILDING CODES OR THE STATUS OF DEVELOPMENT, SIGNAGE AND USE RIGHTS RESPECTING THE PROPERTY), THE FINANCIAL CONDITION OF THE
PROPERTY, OR ANY OTHER REPRESENTATION OR WARRANTY RESPECTING ANY INCOME, EXPENSES, CHARGES, LIENS OR ENCUMBRANCES, RIGHTS OR CLAIMS ON, AFFECTING OR PERTAINING TO THE PROPERTY OR ANY PART THEREOF. BUYER ACKNOWLEDGES THAT BUYER HAS (OR WILL HAVE
PRIOR TO THE EXPIRATION OF THE DUE DILIGENCE PERIOD) EXAMINED, REVIEWED AND INSPECTED ALL MATTERS WHICH IN BUYER’S JUDGMENT BEAR UPON THE PROPERTY AND ITS VALUE AND SUITABILITY FOR BUYER’S PURPOSES. EXCEPT AS TO MATTERS EXPRESSLY SET FORTH
IN THIS AGREEMENT, BUYER WILL ACQUIRE THE PROPERTY SOLELY ON THE BASIS OF ITS OWN PHYSICAL AND FINANCIAL EXAMINATIONS, REVIEWS AND INSPECTIONS AND THE TITLE INSURANCE PROTECTION AFFORDED BY THE TITLE POLICY. 

 

									
		 	  
	 		 	  
	 	
		 	Seller’s Initials	 		 	Buyer’s Initials	 	

 For the purposes of this Agreement and the documents to be delivered pursuant hereto, references to
“To Buyer’s knowledge” or “Buyer’s actual knowledge” or “Buyer has no knowledge” shall mean the actual, present, conscious knowledge of D. Rick Adams and Graham J. Wootten (collectively, the “Buyer
Knowledge Individuals”) on the Effective Date, or as remade on the Closing Date pursuant to the Buyer Closing Certificate, without any investigation or inquiry, but such individuals shall not have any individual liability in connection
herewith. Without limiting the foregoing, Seller acknowledges that the Buyer Knowledge Individuals have not performed and are not obligated to perform any investigation or review of any files or other information in the possession of Buyer, or to
make any inquiry of any persons, or to take any other actions in connection with the representations and warranties of Buyer set forth in this Agreement. Neither the actual, present, conscious knowledge of any other individual or entity, nor the
constructive knowledge of the Buyer Knowledge Individuals or of any other individual or entity, shall be imputed to the Buyer Knowledge Individuals. 
 8.3 Indemnities. With exception for items for which Seller is indemnified hereunder (including, without limitation, Section 6.4.7), and subject to Sections 8.4, 8.6 and 12.12 hereof, Seller
shall protect, defend, indemnify and hold Buyer and Buyer’s employees, officers, directors, representatives, shareholders, affiliates, partners, members, parents, subsidiaries, successors and assigns (collectively, “Buyer
Parties”), harmless from and against any and all actual costs, fees expenses, damages, deficiencies, interest and penalties (including, without limitation, reasonable attorney’s fees) suffered or incurred by any such Buyer Party in
connection with any third-party losses, liabilities, claims, damages and expenses arising out of, or in any way relating to, any breach of any representation or warranty of Seller contained in this Agreement or in any closing document delivered by
Seller at Closing, which survives the Closing. With exception for items for which Buyer is indemnified hereunder, and subject to Sections 8.4 and 12.12 hereof, Buyer shall protect, defend, 

  
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indemnify and hold Seller and Seller’s employees, officers, directors, representatives, shareholders, affiliates, partners, members, parents, subsidiaries, successors and assigns
(collectively, “Seller Parties”), harmless from and against any and all costs, fees expenses, damages, deficiencies, interest and penalties (including, without limitation, reasonable attorney’s fees) suffered or incurred by any
such Seller Party in connection with any and all third-party losses, liabilities, claims, damages and expenses arising out of, or in any way relating to, any breach of any representation or warranty of Buyer contained in this Agreement or in any
closing document delivered by Buyer at Closing, which survives the Closing. 
 8.4 Survival. Except as otherwise provided
in this Agreement, any of the closing documents or this Section 8.4, the representations, warranties and covenants of Seller under this Agreement, and in any certificate or document delivered pursuant hereto or in connection herewith, shall
survive the Closing for a period of nine (9) months from the Closing Date (such period, the “Survival Period”); provided that the representations and warranties of Seller in Sections 8.1.1, 8.1.2, 8.1.3 and 8.1.14 shall survive
the Closing until the expiration of the applicable statute of limitations and the representation and warranty contained in Section 8.1.15 shall survive Closing for a period of one (1) year. Except as otherwise provided in this
Section 8.4, each such representation, warranty and covenant of Seller shall automatically be null and void and of no further force and effect on the first day following the expiration of the Survival Period, unless, prior to the expiration of
such Survival Period, as to any applicable representation, warranty or covenant, Buyer shall have provided Seller with written notice alleging that Seller is in breach of such representation, warranty or covenant, and specifying in reasonable detail
the nature of such breach. Buyer shall allow Seller sixty (60) days after Buyer’s notice within which to cure such breach or if such breach cannot be cured within such sixty (60) day period, and Seller notifies Buyer it wishes to
extend its cure period (the “Cure Extension Notice”), such additional reasonable period of time (not to exceed an additional sixty (60) days) as is required to cure the same so long as such cure has been commenced within such
sixty (60) day period and is being diligently pursued to completion. If Seller fails to cure such breach after written notice thereof, Buyer’s sole remedy shall be to commence a legal proceeding against Seller alleging that Seller has
breached such representation, warranty or covenant and that Buyer has suffered actual damages as a result thereof (a “Proceeding”), which Proceeding must be commenced, if at all, within sixty (60) days after the expiration of
the Survival Period, provided, however, that if Buyer gives Seller written notice of such a breach within the Survival Period, and Seller subsequently sends a Cure Extension Notice, then Buyer shall have until the date which is thirty (30) days
after the date Seller notifies Buyer it has ceased endeavoring to cure such breach, to commence such Proceeding. If Buyer shall have timely delivered the written notice and commenced a Proceeding in accordance with this Section 8.4, and a court
of competent jurisdiction shall, pursuant to a final, non-appealable order in connection with such Proceeding, determine that (1) Seller was in breach of the applicable representation or warranty as of the date such representation or warranty
was made, and (2) Buyer suffered actual damages (the “Damages”) by reason of such breach, (3) Buyer did not have actual knowledge of such breach on or prior to the Closing Date, and (4) Buyer could not have learned of
such breach through the exercise of reasonable diligence prior to the Closing Date, then Buyer shall be entitled to receive an amount equal to the Damages, subject, in any event, to the limitations set forth in Section 8.5. Any such Damages,
subject to the limitations contained herein, shall be paid within thirty (30) days following the entry of such final, non-appealable order and delivery of a copy thereof to Seller. The representations, warranties and covenants of Buyer under
this Agreement, and in any certificate or document delivered pursuant hereto or in connection herewith, shall survive the Closing until the expiration of the applicable statue of limitations. 

  
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 8.5 Knowledge as a Defense. Seller shall have no liability with respect to a breach
of the representations and warranties of Seller under this Agreement to the extent that Buyer proceeds with the closing of the transaction contemplated hereby with actual knowledge of such breach, or if Buyer could have identified such breach
through the exercise of reasonable diligence prior to the Closing Date. 
 8.6 Limitation on Damages. Notwithstanding
anything to the contrary set forth in this Agreement, Seller’s liability for breach of any covenant, representation or warranty of Seller contained in this Agreement and in any document executed by Seller pursuant to this Agreement, (other than
Seller’s obligations under Sections 6.4 and 12.1, to which the limitations under this Section 8.5 shall not apply) or any other instruments delivered at Closing, shall, subject to the limitations of survival set forth in this
Section 8, be limited to claims in excess of one tenth of one percent (i.e., 0.1%) of the Purchase Price in the aggregate, and the total aggregate liability of Seller for any and all claims arising out of any such covenants, representations and
warranties shall not exceed an amount equal to three percent (i.e., 3%) of the Purchase Price. In addition, in no event shall Seller be liable for any incidental, consequential, indirect, punitive, special or exemplary damages, or for lost profits,
unrealized expectations or other similar claims, and in every case Buyer’s recovery for any claims referenced above shall be net of any insurance proceeds and any indemnity, contribution or other similar payment recovered or recoverable by
Buyer from any insurance company or other third party. 
 8.7 DISCLAIMER, RELEASE AND ASSUMPTION. AS AN ESSENTIAL
INDUCEMENT TO SELLER TO ENTER INTO THIS AGREEMENT, AND AS PART OF THE DETERMINATION OF THE PURCHASE PRICE, BUYER ACKNOWLEDGES, UNDERSTANDS AND AGREES AS OF THE EFFECTIVE DATE AND AS OF THE CLOSING DATE AS FOLLOWS: 

8.7.1 DISCLAIMER. 
 (a) AS-IS, WHERE IS. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT OR IN THE DOCUMENTS DELIVERED BY SELLER AT CLOSING (THE “SELLER EXECUTED CLOSING AGREEMENTS”), THE
SALE OF THE PROPERTY HEREUNDER IS AND WILL BE MADE ON AN “AS IS, WHERE IS” BASIS. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT OR IN THE SELLER EXECUTED CLOSING AGREEMENTS, SELLER HAS NOT MADE, DOES NOT MAKE AND SPECIFICALLY
NEGATES AND DISCLAIMS ANY REPRESENTATIONS, WARRANTIES OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR FUTURE OF, AS TO, CONCERNING OR WITH RESPECT TO THE PROPERTY OR ANY OTHER MATTER
WHATSOEVER, INCLUDING WITHOUT LIMITATION: (i) THE QUALITY, NATURE, ADEQUACY AND PHYSICAL CONDITION AND ASPECTS OF THE PROPERTY, INCLUDING, BUT NOT LIMITED TO, THE STRUCTURAL ELEMENTS, SEISMIC ASPECTS OF THE PROPERTY, FOUNDATION, ROOF,
APPURTENANCES, ACCESS, SIGNAGE, LANDSCAPING, PARKING FACILITIES AND THE ELECTRICAL, MECHANICAL, HVAC, PLUMBING, SEWAGE, AND UTILITY SYSTEMS, FACILITIES AND APPLIANCES, THE SQUARE FOOTAGE WITHIN THE IMPROVEMENTS ON THE PROPERTY AND THE IMPROVEMENTS,
(ii) THE QUALITY, NATURE, ADEQUACY, AND PHYSICAL CONDITION OF SOILS, GEOLOGY AND ANY GROUNDWATER, (iii) THE EXISTENCE, QUALITY, NATURE, ADEQUACY AND PHYSICAL CONDITION OF UTILITIES SERVING

  
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THE PROPERTY, (iv) THE DEVELOPMENT POTENTIAL OF THE PROPERTY, AND THE PROPERTY’S USE, HABITABILITY, MERCHANTABILITY, OR FITNESS, SUITABILITY, VALUE OR ADEQUACY OF THE PROPERTY FOR ANY
PARTICULAR PURPOSE, (v) THE ZONING AND OTHER LEGAL STATUS OF THE PROPERTY, THE IMPROVEMENTS AND ANY OTHER PUBLIC OR PRIVATE RESTRICTIONS ON USE OF THE PROPERTY, (vi) THE COMPLIANCE OF THE PROPERTY OR ITS OPERATION WITH ANY APPLICABLE
CODES, LAWS, REGULATIONS, STATUTES, ORDINANCES, COVENANTS, CONDITIONS AND RESTRICTIONS OF ANY GOVERNMENTAL OR QUASI-GOVERNMENTAL ENTITY OR OF ANY OTHER PERSON OR ENTITY OR THE CONDOMINIUM DECLARATION, THE MASTER DECLARATION OR THE GROUND LEASES,
(vii) THE PRESENCE OF HAZARDOUS MATERIALS ON, UNDER OR ABOUT THE PROPERTY OR THE ADJOINING OR NEIGHBORING PROPERTY, (viii) THE QUALITY OF ANY LABOR AND MATERIALS USED IN ANY IMPROVEMENTS ON THE PROPERTY, (ix) THE CONDITION OF TITLE TO
THE PROPERTY, (x) THE CONDOMINIUM DECLARATION, MASTER DECLARATION, GROUND LEASES, CONTRACTS, OR OTHER AGREEMENTS AFFECTING THE PROPERTY AND THE IMPROVEMENTS, AND (xi) ECONOMICS OF THE OPERATION OF THE PROPERTY AND THE IMPROVEMENTS.

 (b) SOPHISTICATION OF BUYER. BUYER ACKNOWLEDGES AND AGREES THAT IT IS A SOPHISTICATED BUYER WHO IS
FAMILIAR WITH THE OWNERSHIP AND OPERATION OF REAL ESTATE PROJECTS SIMILAR TO THE PROPERTY, AND THAT UPON THE EXPIRATION OF THE DUE DILIGENCE PERIOD, BUYER SHALL HAVE BEEN GIVEN A FULL OPPORTUNITY TO INSPECT AND INVESTIGATE EACH AND EVERY ASPECT OF
THE PROPERTY AND ANY AND ALL MATTERS RELATING THERETO, EITHER INDEPENDENTLY OR THROUGH AGENTS OF BUYER’S CHOOSING, INCLUDING, WITHOUT LIMITATION: 
 (i) ALL MATTERS RELATING TO TITLE, TOGETHER WITH ALL GOVERNMENTAL AND OTHER LEGAL REQUIREMENTS SUCH AS TAXES, ASSESSMENTS, ZONING, USE PERMIT REQUIREMENTS AND BUILDING CODES. 

(ii) THE PHYSICAL CONDITION AND ASPECTS OF THE PROPERTY, INCLUDING, WITHOUT LIMITATION, THE INTERIOR, THE EXTERIOR, THE SQUARE FOOTAGE
WITHIN THE IMPROVEMENTS, THE STRUCTURE, SEISMIC ASPECTS OF THE PROPERTY, THE PAVING, THE UTILITIES, AND ALL OTHER PHYSICAL AND FUNCTIONAL ASPECTS OF THE PROPERTY. 
 (iii) ANY EASEMENTS AND/OR SIGNAGE OR ACCESS RIGHTS AFFECTING THE PROPERTY. 

(iv) ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THE MANAGEMENT AGREEMENT, THE CONTINUING AGREEMENTS AND EQUIPMENT LEASES AND
ANY OTHER DOCUMENTS OR AGREEMENTS OF SIGNIFICANCE AFFECTING THE PROPERTY, INCLUDING, WITHOUT LIMITATION, THE CONDOMINIUM DECLARATION, THE MASTER DECLARATION, THE GROUND LEASES OR ANY RECIPROCAL EASEMENT AGREEMENTS OR ANY OPERATING AGREEMENTS
AFFECTING THE PROPERTY. 

  
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 (v) ALL FINANCIAL EXAMINATIONS AND OTHER MATTERS OF SIGNIFICANCE AFFECTING THE PROPERTY, OR
OTHERWISE RELATING TO THE ACQUISITION BY BUYER OF THE PROPERTY. 
 (c) RELIANCE. BUYER WILL ACQUIRE THE
PROPERTY SOLELY ON THE BASIS OF AND IN RELIANCE UPON SUCH EXAMINATIONS AND THE TITLE INSURANCE PROTECTION AFFORDED BY THE OWNER’S POLICY AND NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY SELLER (OTHER THAN IN THE REPRESENTATIONS AND
WARRANTIES OF SELLER EXPRESSLY PROVIDED IN THIS AGREEMENT). 
 (d) PASSIVE OWNER. SELLER HAS DELEGATED
THE DAY-TO-DAY MANAGEMENT AND OPERATION OF THE PROPERTY TO A THIRD PARTY MANAGER OF THE PROPERTY. 
 (e) DUE
DILIGENCE MATERIALS. ANY INFORMATION PROVIDED OR TO BE PROVIDED WITH RESPECT TO THE PROPERTY IS SOLELY FOR BUYER’S CONVENIENCE AND WAS OR WILL BE OBTAINED FROM A VARIETY OF SOURCES AND SELLER HAS NOT MADE ANY INDEPENDENT INVESTIGATION OR
VERIFICATION OF SUCH INFORMATION AND MAKES NO REPRESENTATIONS AS TO THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION. SELLER SHALL NOT BE LIABLE FOR ANY NEGLIGENT MISREPRESENTATION OR ANY FAILURE TO INVESTIGATE THE PROPERTY NOR SHALL SELLER BE BOUND
IN ANY MANNER BY ANY VERBAL OR WRITTEN STATEMENTS, REPRESENTATIONS, APPRAISALS, ENVIRONMENTAL ASSESSMENT REPORTS, OR OTHER INFORMATION PERTAINING TO THE PROPERTY OR THE OPERATION THEREOF, FURNISHED BY SELLER OR BY ANY MANAGER, LEASING AGENT, REAL
ESTATE BROKER, AGENT, REPRESENTATIVE, AFFILIATE, DIRECTOR, OFFICER, SHAREHOLDER, EMPLOYEE, SERVANT, CONSTITUENT PARTNER OR MEMBER OF SELLER, AFFILIATE OF SELLER, OR OTHER PERSON OR ENTITY ACTING ON SELLER’S BEHALF. 

(f) PROPERTY NAME. BUYER ACKNOWLEDGES THAT SELLER DOES NOT HAVE ANY RIGHT, TITLE OR INTEREST IN ANY OF THE
“MARRIOTT” TRADEMARK, AND ACCORDINGLY, SELLER HAS NO RIGHT, TITLE OR INTEREST TO USE THE NAME “MARRIOTT”. 
 (g) CONSPICUOUS DISCLAIMERS. TO THE EXTENT REQUIRED TO BE OPERATIVE, THE DISCLAIMERS OF WARRANTIES CONTAINED HEREIN ARE “CONSPICUOUS” DISCLAIMERS FOR PURPOSES OF ANY APPLICABLE LAW, RULE,
REGULATION OR ORDER. 
 8.7.2 RELEASE. EXCEPT WITH RESPECT TO MATTERS EXPRESSLY SET FORTH IN THIS AGREEMENT AND
THE CLOSING DOCUMENTS, BUYER, ON BEHALF OF ITSELF AND ITS SUCCESSORS AND ASSIGNS, HEREBY WAIVES ITS RIGHT TO RECOVER FROM, AND FOREVER RELEASES AND DISCHARGES, SELLER AND ALL SELLER RELATED PARTIES FROM ANY AND ALL DEMANDS, CLAIMS, LEGAL OR
ADMINISTRATIVE PROCEEDINGS, LOSSES, LIABILITIES, DAMAGES, PENALTIES, FINES, LIENS, JUDGMENTS, COSTS OR EXPENSES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, ATTORNEYS’ FEES AND COSTS), WHETHER DIRECT OR

  
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INDIRECT, KNOWN OR UNKNOWN, FORESEEN OR UNFORESEEN (“CLAIMS”), WHICH BUYER OR ANY PARTY RELATED TO OR AFFILIATED WITH BUYER (A “BUYER RELATED PARTY”) HAS OR MAY
HAVE ARISING FROM OR RELATED TO ANY MATTER OR THING RELATED TO OR IN CONNECTION WITH THE PROPERTY INCLUDING THE DOCUMENTS AND INFORMATION REFERRED TO HEREIN, THE CONDOMINIUM DECLARATION, THE MASTER DECLARATION, THE GROUND LEASES, THE SIGNAGE RIGHTS,
ENTITLEMENTS, ZONING, PARKING, TITLE DOCUMENTS OR DEFECTS, ANY CONSTRUCTION DEFECTS, ERRORS OR OMISSIONS IN THE DESIGN OR CONSTRUCTION, EMPLOYMENT MATTERS AND ANY ENVIRONMENTAL CONDITIONS, AND BUYER SHALL NOT LOOK TO ANY SELLER RELATED PARTIES IN
CONNECTION WITH THE FOREGOING FOR ANY REDRESS OR RELIEF. THIS RELEASE SHALL BE GIVEN FULL FORCE AND EFFECT ACCORDING TO EACH OF ITS EXPRESSED TERMS AND PROVISIONS, INCLUDING THOSE RELATING TO UNKNOWN AND UNSUSPECTED CLAIMS, DAMAGES AND CAUSES OF
ACTION. THE FOREGOING PROVISIONS OF THIS SECTION 8.6.2 SHALL NOT LIMIT, HOWEVER, SELLER’S EXPRESS OBLIGATIONS UNDER THIS AGREEMENT AND THE SELLER EXECUTED CLOSING AGREEMENTS. 

8.7.3 SURVIVAL. THIS SECTION 8 SHALL SURVIVE THE CLOSING DATE OR THE EARLIER TERMINATION OF THIS
AGREEMENT AND SHALL NOT BE DEEMED TO HAVE MERGED INTO ANY OF THE DOCUMENTS EXECUTED OR DELIVERED AT CLOSING. 

8.7.4 CERTAIN PROPERTY DISCLOSURES. WITH RESPECT TO ALL OF THE FOLLOWING MATTERS IN THIS SECTION 8.6
AND WITHOUT LIMITATION ON ANY OTHER PROVISIONS OF THIS AGREEMENT, BUYER ACKNOWLEDGES THAT IT SHALL EVALUATE AND CONSIDER SUCH MATTERS PRIOR TO THE EXPIRATION OF THE DUE DILIGENCE PERIOD. BUYER SHALL ASSUME ALL RESPONSIBILITY FOR SUCH MATTERS AND
SHALL NOT SEEK ANY PAYMENT OR OTHER ACTION FROM SELLER (AND SELLER SHALL HAVE NO OBLIGATION) WITH RESPECT TO SUCH MATTERS; ANY DISCLOSURE OF SUCH MATTERS BY OTHERS SHALL NOT BE A CAUSE FOR OBJECTION BY BUYER; SUCH MATTERS HAVE ALREADY BEEN TAKEN
INTO ACCOUNT IN CALCULATION OF THE PURCHASE PRICE OF THE PROPERTY, AND SUCH MATTERS SHALL NOT BE DEEMED TO EXPAND IN ANY MANNER THE LIMITED REPRESENTATIONS AND WARRANTIES OF SELLER CONTAINED HEREIN. WITHOUT LIMITATION ON THE GENERALITY OF THE
FOREGOING: 
 (a) ENVIRONMENTAL MATTERS. SELLER HAS DELIVERED TO BUYER (AND BUYER ACKNOWLEDGES RECEIPT
OF) THE ENVIRONMENTAL REPORTS. SELLER SHALL HAVE NO OBLIGATION IN CONNECTION WITH THE MATTERS ADDRESSED IN SUCH DOCUMENTS. 
 (b) LAND USE, ZONING, ENTITLEMENT AND DEVELOPMENT ISSUES. BUYER SHALL DETERMINE DURING THE DUE DILIGENCE PERIOD THAT IT IS SATISFIED WITH THE STATUS AND COMPLIANCE OF THE PROPERTY WITH RESPECT TO
ANY AND ALL LAND USE, ZONING, ENTITLEMENT AND DEVELOPMENT LAWS, RULES, ORDINANCES, REGULATIONS, RESTRICTIONS, STANDARDS, AGREEMENTS AND SIMILAR ITEMS AFFECTING THE PROPERTY. 

  
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 (c) CONDOMINIUM DECLARATION, MASTER DECLARATION AND GROUND LEASES.
SELLER HAS DELIVERED, CAUSED TO BE DELIVERED OR OTHERWISE MADE AVAILABLE TO BUYER (AND BUYER ACKNOWLEDGES RECEIPT OF) COPIES OF THE CONDOMINIUM DECLARATION AND OTHER ATTENDANT CONDOMINIUM DOCUMENTS, MASTER DECLARATION AND GROUND LEASES. BUYER SHALL
DETERMINE DURING THE DUE DILIGENCE PERIOD WHETHER IT IS SATISFIED WITH THE STATUS AND COMPLIANCE OF THE PROPERTY WITH, AND ALL OTHER MATTERS RELATING TO, THE CONDOMINIUM DECLARATION, MASTER DECLARATION AND GROUND LEASES. 

(d) FINANCING. BUYER ACKNOWLEDGES AND AGREES THAT THE EXISTING FINANCING CURRENTLY IN PLACE WITH RESPECT TO THE
PROPERTY IS NOT ASSUMABLE. THE OBTAINING OF ANY FINANCING BY BUYER SHALL NOT BE A CONDITION TO CLOSING UNDER THIS AGREEMENT. 
  

									
		 	  
	 		 	  
	 	
		 	Seller’s Initials	 		 	Buyer’s Initials	 	

 9. Certain Covenants of Seller and Buyer. 

9.1 No Further Encumbering. Until the Closing Date or the sooner termination of this Agreement, Seller shall not further encumber
the Property with any mortgages or deeds of trust, nor terminate or amend the Management Agreement, the Ground Leases, the Parking Easement Agreement, the Master Declaration or the Condominium Declaration; provided, however, Buyer acknowledges that,
with respect to the Plettner Lease, landlord and tenant under the lease are currently engaged in arbitration (the “Plettner Arbitration”) to determine the amount of rent to be paid under the Plettner Lease, and Buyer consents to any
modification or amendment to the Plettner Lease as may be required upon the settlement of the Plettner Arbitration; provided, further, (i) Seller shall keep Buyer reasonably informed as to the progress of the Plettner Arbitration, and
(ii) from and after the expiration of the Due Diligence Period, until Closing or the earlier termination of this Agreement, to the extent Seller has any approval rights over the terms of any settlement of the Plettner Arbitration in accordance
with the applicable Condominium Documents, Seller will not exercise such approval rights without first consulting with Buyer; provided, however, Buyer shall acquire the Property subject to any modification or amendment to the Plettner Lease as may
be required in connection with such settlement, to the extent that the settlement is outside of Seller’s control, or that Seller approves after consultation with Buyer. 
 9.2 WARN ACT. As set forth above in Section 6.4.9, Buyer acknowledges that employees of the Property are the employees of Manager and not of Seller, and that Buyer has no right to cause the
termination of such employees. In no event shall Buyer take any action as to such employees of Manager that would create or cause any liability to Seller under the WARN Act. Without limitation on the generality of the foregoing, Buyer covenants to
Seller that, from and after the Closing, a sufficient number of the employees of the Property shall be offered continued employment at the Property on substantially the same terms and conditions as their employment prior to the Closing Date and for
a sufficient period of time so that the actions of the parties pursuant to this Agreement shall not trigger the application of the United States Worker Adjustment and Retraining Notification Act (the “WARN Act”) or any applicable
state law. If Buyer or Manager elects not to 

  
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retain or rehire such employees, Buyer shall be responsible for all obligations, if any, arising with respect to such terminated employees under, pursuant to, and in accordance with the
provisions of the WARN Act and applicable state law. Buyer acknowledges that it expects Manager to retain or rehire a sufficient amount of the existing employees, so that Seller will not be required to give any notices that would otherwise be
required under the WARN Act prior to the termination of employees. Buyer shall indemnify, save, defend and hold Seller and the Seller Related Parties harmless from and against any and all liability under the WARN Act and applicable state law
resulting from any termination by Buyer of employees of the Property at any time after Closing Date. The provisions of this Section 8.2 shall survive the Closing. 
 9.3 Operations. Subject to the provisions of Section 9.4 below: 
 9.3.1 Property Maintenance. From the expiration of the Due Diligence Period until the Closing Date or the sooner termination of this Agreement, Seller shall use commercially reasonable
efforts consistent with its past practices to cause the Manager to operate and maintain the Property in the same manner as prior hereto pursuant to its normal course of business (such obligation to include the maintenance of casualty and liability
insurance policies in accordance with Seller’s normal course of business, but such obligation to not include extraordinary capital expenditures or expenditures not incurred in such normal course of business), subject to reasonable wear and tear
and further subject to destruction by casualty or eminent domain or other events beyond the control of Seller or Manager, including changes in laws, rules, ordinances and regulations. 

9.3.2 Contracts and Agreements. From the expiration of the Due Diligence Period until the Closing Date or
the sooner termination of this Agreement, Seller shall not enter into any additional service contracts, equipment leases or other similar agreements that will be binding upon Buyer without the prior consent of Buyer; provided, however, without the
consent of Buyer, Seller may enter into service contracts, equipment leases and other agreements which are cancelable on thirty (30) days’ notice with no fee. Any additional service contracts and, equipment lease and other agreements
entered into in accordance with this Section 9.3.2 shall constitute Continuing Agreements and Equipment Leases being assigned to Buyer on the Closing Date. 

9.3.3 Bookings and Reservations. Seller shall have the right to, without giving notice to or receiving the
consent of Buyer, and shall, make (and accept cancellations of) bookings for the Hotel in the ordinary course of business consistent with past practice and otherwise market and promote the business of the Hotel in generally the same manner as it did
prior to the execution of this Agreement, and all advance bookings shall be booked at rates, prices and charges charged by Seller for such purposes in the ordinary course of business consistent with Seller’s past practices. Without such amounts
being prorated under this Agreement, Buyer shall honor (and shall cause Manager to honor, to the extent Buyer has the right to do so under the Management Agreement) all reservations at the Property, and for any related conference, banquet, or
meeting space or any recreational facilities in connection with the Property that are made by Seller or Manager on or prior to the Closing Date and pertain to periods on or after the Closing Date. 

9.3.4 Baggage Inventory. The representatives of Seller and Buyer shall prepare the inventory as of day
immediately preceding the Closing Date (which inventory shall be binding on all parties thereto) of (a) all luggage, valises and trunks checked or left in the care 

  
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of the Property by guests then or formerly in the Property, (b) parcels, laundry, valet packages and other property of guests checked or left in the care of the Property by guests then or
formerly in the Property (excluding, however, property in the safe deposit boxes), (c) all luggage or other property of guests retained by Buyer, and (d) all items contained in the lost and found. Buyer shall be responsible from and after
the Closing Date for all baggage, and other items listed in such inventory. The provisions of this Section 9.3.4 shall survive the Closing. 
 9.3.5 Licenses and Permits. Seller will execute and Buyer, where necessary, will join in the execution of, all applications and instruments requested by Buyer which are required in
connection with the transfer of all transferable licenses and permits in order to transfer the benefits of such licenses and permits to Buyer on the Closing Date. Buyer shall be responsible for, and pay immediately upon Seller’s request, all
costs related to such applications and instruments. Seller, subject to the next succeeding sentence, shall preserve in force all existing licenses and permits and cause all those expiring during the period between the date hereof and the Closing to
be renewed prior to the Closing Date unless otherwise agreed to by Buyer and Seller. If any such license or permit shall be suspended or revoked, Seller shall promptly so notify Buyer and shall use reasonable efforts to cause the reinstatement of
such Authorization without any additional limitation or condition. 
 9.3.6 Insurance. Seller will
maintain in effect all policies of casualty, business interruption and liability insurance which are in effect as of the date hereof, or similar policies of insurance, with no less than the limits of coverage now carried with respect to the Hotel.

 9.3.7 Approval Standard. All approvals by Buyer under this Section 9.3 shall not be
unreasonably withheld, conditioned or delayed. Without limitation on the foregoing, if Seller delivers a written request to Buyer for Buyer’s approval of any matter for which Buyer’s approval is required under this Section 9.3 (an
“Approval Request”), and Buyer fails to deliver to Seller its written disapproval of such Approval Request within five (5) business days after its receipt of such Approval Request, then Buyer shall be deemed to have approved
the matter that is the subject of such Approval Request. 
 9.4 Management Agreement. Notwithstanding anything contained
in this Agreement to the contrary, Buyer acknowledges that Manager has certain rights under the Management Agreement, including without limitation, the right to execute certain contracts and other agreements and to take certain actions with respect
to the Property, and the performance of Manager’s rights and obligations under the Management Agreement shall not result in a breach by Seller of its obligations under this Agreement. Any additional service contracts and equipment leases
entered into by Manager on behalf of Seller prior to the Closing Date in the ordinary course of business, shall constitute Continuing Agreements and Equipment Leases on the Closing Date. Between the Effective Date and the Closing Date, the hiring
and employment policies with respect to employees of Manager at the Property shall remain within the sole control of Manager. Manager shall remain the sole judge of the fitness and qualifications of such employees and Buyer hereby acknowledges and
agrees that Manager is vested with such discretion in hiring, supervising, directing, discharging and determining the compensation, other benefits and terms of employment of such employees, as is set forth in the Management Agreement. 

9.5 Seller Claim against BCI. Seller currently has a claim in the approximate amount of $42,000 against a company known as BCI.
BCI has been attempting to repay the amounts 

  
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due at the rate of approximately $300 per month. Marriott has heretofore written off the BCI account receivable and the same is not an asset on the Hotel’s books and records. Notwithstanding
anything to the contrary contained in this Agreement, Seller retains all rights to amounts due from BCI and the same are not being transferred to Buyer. Buyer shall pay, or direct Manager to pay, all amounts that may be collected by either of them
from BCI, net of reasonable collection and litigation costs. For a period of one (1) year after the Closing Date, Buyer shall reasonably cooperate, and shall cause Manager to reasonably cooperate, with Seller in collecting amounts due from BCI.
Such collection efforts shall be at no cost to Buyer or Manager. The terms of this Section 9.5 shall survive Closing. 

10. DISPOSITION OF DEPOSIT. 
 10.1 IF THE TRANSACTION HEREIN PROVIDED SHALL NOT BE CLOSED BY REASON OF SELLER’S DEFAULT UNDER THIS AGREEMENT OR THE FAILURE OF SATISFACTION OF THE CONDITIONS BENEFITING BUYER UNDER SECTION 5 OR
THE TERMINATION OF THIS AGREEMENT IN ACCORDANCE WITH, SECTION 6, THEN THE DEPOSIT SHALL BE RETURNED TO BUYER, AND NO PARTY SHALL HAVE ANY FURTHER OBLIGATION OR LIABILITY TO THE OTHER (EXCEPT UNDER THOSE PROVISIONS OF THIS AGREEMENT THAT EXPRESSLY
SURVIVE A TERMINATION OF THIS AGREEMENT); PROVIDED, HOWEVER, IF THE TRANSACTIONS HEREUNDER SHALL FAIL TO CLOSE BY REASON OF SELLER’S DEFAULT, THEN BUYER SHALL BE ENTITLED EITHER TO (1) SPECIFICALLY ENFORCE THIS AGREEMENT OR
(2) TERMINATE THIS AGREEMENT (AND IF THIS AGREEMENT IS TERMINATED ON ACCOUNT OF SELLER’S DEFAULT, NEITHER PARTY SHALL HAVE ANY FURTHER RIGHTS OR OBLIGATIONS TO EACH OTHER HEREUNDER, EXCEPT FOR (a) THE RIGHT OF BUYER TO THE RETURN OF
THE DEPOSIT AND (b) THOSE PROVISIONS OF THIS AGREEMENT WHICH, BY THEIR EXPRESS TERMS, SURVIVE A TERMINATION OF THIS AGREEMENT). HOWEVER, ANY ACTION IN SPECIFIC PERFORMANCE MUST BE FILED, IF AT ALL, WITHIN 60 DAYS AFTER THE CLOSING DATE THEN
SCHEDULED UNDER THIS AGREEMENT. 
 10.2 IN THE EVENT THE TRANSACTION HEREIN PROVIDED SHALL FAIL TO CLOSE BY REASON OF
DEFAULT BY BUYER (INCLUDING A BREACH BY BUYER OF A REPRESENTATION OR WARRANTY), THEN THE DEPOSIT SHALL BE DELIVERED TO SELLER AS FULL COMPENSATION AND LIQUIDATED DAMAGES UNDER AND IN CONNECTION WITH THIS AGREEMENT, AND IN SUCH EVENT, BUYER SHALL NOT
BE LIABLE TO SELLER FOR MONETARY DAMAGES EXCEPT FOR FORFEITURE OF THE DEPOSIT (AND AS PROVIDED UNDER THOSE PROVISIONS OF THIS AGREEMENT THAT EXPRESSLY SURVIVE A TERMINATION OF THIS AGREEMENT). IN CONNECTION WITH THE FOREGOING, THE PARTIES RECOGNIZE
THAT SELLER WILL INCUR EXPENSE IN CONNECTION WITH THE TRANSACTION CONTEMPLATED BY THIS AGREEMENT AND THAT THE PROPERTY WILL BE REMOVED FROM THE MARKET; FURTHER, THAT IT WOULD BE EXTREMELY DIFFICULT, IF NOT IMPOSSIBLE AND IMPRACTICABLE TO ASCERTAIN
WITH ANY ACCURACY THE EXTENT OF DETRIMENT TO SELLER CAUSED BY THE BREACH BY BUYER UNDER THIS AGREEMENT AND THE FAILURE OF THE CONSUMMATION OF THE TRANSACTION CONTEMPLATED BY THIS AGREEMENT OR THE AMOUNT OF COMPENSATION SELLER SHOULD RECEIVE AS A
RESULT OF BUYER’S BREACH OR DEFAULT, AND THAT THE LIQUIDATED 

  
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DAMAGE AMOUNT SET FORTH IN THIS SECTION REPRESENTS BOTH PARTIES’ EFFORTS TO APPROXIMATE SUCH POTENTIAL DAMAGES. IN THE EVENT THE SALE CONTEMPLATED HEREBY SHALL NOT BE CONSUMMATED ON
ACCOUNT OF BUYER’S DEFAULT, THEN THE RETENTION OF THE DEPOSIT SHALL BE SELLER’S SOLE AND EXCLUSIVE REMEDY UNDER THIS AGREEMENT BY REASON OF SUCH DEFAULT AND THE PARTIES SHALL TAKE SUCH ACTION AS MAY BE REQUIRED TO CAUSE THE DEPOSIT TO BE
DELIVERED TO SELLER. SELLER AGREES THAT IN THE EVENT IT IS ENTITLED TO THE DEPOSIT, THE FORFEIT OF THE DEPOSIT AS LIQUIDATED DAMAGES MEANS THAT BUYER’S AGGREGATE LIABILITY IN CONNECTION WITH BUYER’S BREACH IS THE AMOUNT OF THE DEPOSIT AND
NOT A GREATER SUM. 
  

									
		 	  
	 		 	  
	  	
		 	BUYER INITIALS	 		 	SELLER INITIALS	  	

 10.3 IN THE EVENT THE TRANSACTION HEREIN PROVIDED SHALL CLOSE, THE DEPOSIT SHALL BE APPLIED AS A
PARTIAL PAYMENT OF THE PURCHASE PRICE. 
 11. Tax Reduction Proceedings. Seller may file and/or prosecute an
application for the reduction of the assessed valuation of any of the Property or any portion thereof for real estate taxes or a refund of real estate taxes previously paid relating, in whole or in part, to periods before the Closing Date. The
amount of any tax refunds (net of attorneys’ fees and other costs of obtaining such tax refunds) with respect to any Property for the tax year in which the Closing Date occurs shall be apportioned between Seller and Buyer. Tax refunds for any
year prior to the tax year in which the Closing Date occurs shall belong entirely to Seller. If, in lieu of a tax refund for the tax year in which the Closing Date occurs or a prior tax year, a tax credit is received for the tax year in which the
Closing Date occurs or subsequent tax year, then (x) within thirty (30) days after receipt by Seller or Buyer, as the case may be, of evidence of the actual amount of such tax credit (net of attorneys’ fees and other costs of
obtaining such tax credit), the tax credit apportionment shall be readjusted between Seller and Buyer and (y) upon realization by Buyer of a tax savings on account of such credit, Buyer shall pay to Seller an amount equal to the savings
realized (as apportioned). All refunds, credits or other benefits applicable to any fiscal period prior to the fiscal year in which the Closing Date occurs shall belong solely to Seller (and Buyer shall have no interest therein). The provisions of
this Section 11 shall survive the Closing. 
 12. Miscellaneous. 

12.1 Brokers. 
 12.1.1 Buyer represents and warrants to Seller that no broker or finder has been engaged by it in connection with any of the transactions contemplated by this Agreement or to its knowledge is in
any way connected with any of such transactions. Except as provided in Section 12.1.2 below, Seller represents and warrants to Buyer that no broker or finder has been engaged by it in connection with any of the transactions contemplated by this
Agreement or to its knowledge is in any way connected with any of such transactions. In the event of a claim for broker’s or finder’s fee or commissions in connection herewith, then Seller shall indemnify, protect, defend and hold Buyer
harmless from and against the same if it shall be 

  
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based upon any statement or agreement alleged to have been made by Seller, and Buyer shall indemnify, protect, defend and hold Seller harmless from and against the same if it shall be based upon
any statement or agreement alleged to have been made by Buyer. The obligations of the parties under this Section 12.1 shall survive the Closing or any termination of this Agreement. 

12.1.2 Hodges Ward Elliott Inc., a Georgia corporation, (“Seller’s Broker”) has been engaged by
Seller in connection with the transaction contemplated by this Agreement, and without limitation on the foregoing provisions of this subsection, if and only if the transaction contemplated hereby shall close in accordance with the terms of this
Agreement, Seller shall pay Seller’s Broker a commission pursuant to a separate agreement between Seller and Seller’s Broker. 
 12.2 Further Instruments. Each party will, whenever and as often as it shall be requested so to do by the other, cause to be executed, acknowledged or delivered any and all such further instruments
and documents as may be necessary or proper, in the reasonable opinion of the requesting party, in order to carry out the intent and purpose of this Agreement. 
 12.3 Confidentiality. The terms of the transfers contemplated in this Agreement, including the Purchase Price and all other financial terms, as well as the information discovered by Buyer and its
agents in connection with the Property shall remain confidential and shall not be disclosed by Buyer without the written consent of Seller except (1) to Buyer’s officers, employees, members, potential lenders, agents and representatives
(including legal counsel, accountants and similar professionals to the extent Buyer deems it reasonably necessary to inform such party, in which case Buyer shall inform each of the foregoing parties of such party’s obligations under this
Section and shall secure the agreement of such parties to be bound by the terms hereof); or (2) as otherwise required by law or regulation. Buyer shall indemnify, defend and hold Seller harmless from and against any claims arising from a breach
by it of this Section. The restrictions in this Section shall survive a termination of this Agreement. 
 12.4 Cumulative
Remedies. No remedy conferred upon a party in this Agreement is intended to be exclusive of any other remedy herein or by law provided or permitted, but each shall be cumulative and shall be in addition to every other remedy given hereunder or
now or hereafter existing at law, in equity or by statute (except as otherwise expressly herein provided). 
 12.5 No
Waiver. No waiver by a party of any breach of this Agreement or of any warranty or representation hereunder by the other party shall be deemed to be a waiver of any other breach by such other party (whether preceding or succeeding and whether or
not of the same or similar nature), and no acceptance of payment or performance by a party after any breach by the other party shall be deemed to be a waiver of any breach of this Agreement or of any representation or warranty hereunder by such
other party, whether or not the first party knows of such breach at the time it accepts such payment or performance. No failure or delay by a party to exercise any right it may have by reason of the default of the other party shall operate as a
waiver of default or modification of this Agreement or shall prevent the exercise of any right by the first party while the other party continues to be so in default. 
 12.6 Consents and Approvals. Except as otherwise expressly provided herein, any approval or consent provided to be given by a party hereunder must be in writing to be effective and may be given or
withheld in the absolute discretion of such party. 

  
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 12.7 Press Releases. Any press release issued with respect to the transactions
contemplated by this Agreement shall be subject to the prior approval of Buyer and Seller, which approval shall not be unreasonably withheld, conditioned or delayed, except if a party is required to make a public announcement under applicable law,
in which case no such approval by the other party shall be required but such party shall consult with the other party regarding the form and substance of such public announcement. 

12.8 Modification. This Agreement may not be modified or amended except by written agreement signed by all parties. 

12.9 Survival. Unless otherwise expressly provided for in this Agreement, the representations, warranties, covenants and
conditions of the parties set forth in this Agreement shall not survive the consummation of the transaction contemplated by this Agreement and the delivery and recordation of the Deed. Notwithstanding the foregoing, (a) all indemnification
obligations in this Agreement shall survive the Closing; and (b) the indemnification obligations set forth in Sections 12.1, 12.3 and 12.12 shall survive the termination of this Agreement. 

12.10 Intentionally Deleted. 
 12.11 Post Closing Access. For a period of three (3) years subsequent to the Closing Date, Seller and its employees, agents and representatives shall be entitled to access during business
hours to all documents, books and records given by Seller to Buyer for tax and audit purposes, regulatory compliance, and cooperation with governmental investigations upon reasonable prior notice to Buyer, and shall have the right to make copies of
such documents, books and records at Seller’s expense. 
 12.12 Indemnification Obligations. The indemnification
obligations under this Agreement shall be subject to the following provisions: 
 12.12.1 The party
seeking indemnification (“Indemnitee”) shall notify the other party (“Indemnitor”) of any claim against Indemnitee within forty-five (45) days after it has notice of such claim, but failure to notify Indemnitor
shall in no case prejudice the rights of Indemnitee under this Agreement unless Indemnitor shall be prejudiced by such failure and then only to the extent of such prejudice. Should Indemnitor fail to discharge or undertake to defend Indemnitee
against such liability (with counsel reasonably approved by Indemnitee), within thirty (30) days after Indemnitee gives Indemnitor written notice of the same, then Indemnitee may settle such claim, and Indemnitor’s liability to Indemnitee
shall be conclusively established by such settlement, the amount of such liability to include both the settlement consideration and the reasonable costs and expenses, including attorneys’ fees, incurred by Indemnitee in effecting such
settlement. Indemnitee shall have the right to employ its own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of Indemnitee unless: (a) the employment of such counsel shall have been authorized in
writing by Indemnitor in connection with the defense of such action, (b) Indemnitor shall not have employed counsel to direct the defense of such action, or (c) Indemnitee shall have reasonably concluded that there may be defenses
available to it which are different from or additional to those available to Indemnitor (in which case Indemnitor shall not have the right to direct the defense of such action or of Indemnitee), in any of which events such fees and expenses shall be
borne by Indemnitor. 

  
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 12.12.2 The indemnification obligations under this Agreement shall
cover the costs and expenses of Indemnitee, including reasonable attorneys’ fees, related to any actions, suits or judgments incident to any of the matters covered by such indemnities. 

12.12.3 The indemnification obligations under this Agreement shall also extend to cover any claim against any
present or future advisor, trustee, director, officer, partner, member, manager, employee, beneficiary, shareholder, fiduciary, participant or agent of or in Indemnitee or any entity now or hereafter having a direct or indirect ownership interest in
Indemnitee. 
 12.13 Matters of Construction. 

12.13.1 Incorporation of Exhibits. All exhibits attached and referred to in this Agreement are hereby
incorporated herein as fully set forth in (and shall be deemed to be a part of) this Agreement. 

12.13.2 Entire Agreement. This Agreement contains the entire agreement between the parties respecting the
matters herein set forth and supersedes all prior agreements between the parties hereto respecting such matters. 
 12.13.3 Non-Business Days. Whenever action must be taken (including the giving of notice or the delivery of documents) under this Agreement during a certain period of time (or by a
particular date) that ends (or occurs) on a non-business day, then such period (or date) shall be extended until the immediately following business day. As used herein, “business day” means any day other than a Saturday, Sunday or
federal holiday or state holiday for the State of Illinois 
 12.13.4 Severability. If any term or
provision of this Agreement or the application thereof to any person or circumstance shall, to any extent, be invalid or unenforceable, the remainder of this Agreement, or the application of such term or provision to persons or circumstances other
than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each such term and provision of this Agreement shall be valid and be enforced to the fullest extent permitted by law. 

12.13.5 Interpretation. Words used in the singular shall include the plural, and vice-versa, and any gender
shall be deemed to include the other. Whenever the words “including”, “include” or “includes” are used in this Agreement, they shall be interpreted in a non-exclusive manner. The captions and headings of the Sections of
this Agreement are for convenience of reference only, and shall not be deemed to define or limit the provisions hereof. Except as otherwise indicated, all Exhibit and Section references in this Agreement shall be deemed to refer to the Exhibits and
Sections in this Agreement. Each party acknowledges and agrees that this Agreement (a) has been reviewed by it and its counsel, (b) is the product of negotiations between the parties, and (c) shall not be deemed prepared or drafted by
any one party. In the event of any dispute between the parties concerning this Agreement, the parties agree that any ambiguity in the language of the Agreement is to not to be resolved against Seller or Buyer, but shall be given a reasonable
interpretation in accordance with the plain meaning of the terms of this Agreement and the intent of the parties as manifested hereby. 

  
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 12.14 Governing Law; Venue. This Agreement shall be construed and enforced in
accordance with the internal laws of the State of Illinois (without regard to conflicts of law). The parties hereto agree to submit to personal jurisdiction in the State of Illinois in any action or proceeding arising out of this Agreement and, in
furtherance of such agreement, the parties hereby agree and consent that without limiting other methods of obtaining jurisdiction, personal jurisdiction over the parties in any such action or proceeding may be obtained within or without the
jurisdiction of any court located in Illinois and that any process or notice of motion or other application to any such court in connection with any such action or proceeding may be served upon the parties by registered or certified mail to or by
personal service at the last known address of the parties, whether such address be within or without the jurisdiction of any such court. Any legal suit, action or other proceeding by one party to this Agreement against the other arising out of or
relating to this Agreement shall be instituted only the Circuit Court of Cook County, Illinois or the United States District Court for the Northern District of Illinois, and each party hereby waives any objections which it may now or hereafter have
based on venue and/or forum non-conveniens of any such suit, action or proceeding and submits to the jurisdiction of such courts. Seller and Buyer hereby irrevocably and unconditionally waive any and all right to trial by jury in any action,
suit or counterclaim arising in connection with, out of or otherwise relating to this Agreement. The provisions of this Section 12.14 shall survive the Closing or the termination hereof. 

12.15 Third Party Beneficiaries. Except as otherwise expressly provided in this Agreement, Seller and Buyer do not intend by any
provision of this Agreement to confer any right, remedy or benefit upon any third party, and no third party shall be entitled to enforce or otherwise shall acquire any right, remedy or benefit by reason of any provision of this Agreement.

 12.16 No Recordation. In no event shall this Agreement or any document or memorandum related to the subject matter of
this Agreement be recorded in the public records without the prior written consent of Seller. 
 12.17 Effectiveness of
Agreement. In no event shall any draft of this Agreement create any obligations or liabilities, it being intended that only a fully executed and delivered copy of this Agreement will bind the parties hereto. 

12.18 No Joint Venture. This Agreement does not and shall not be construed to create a partnership, joint venture or any other
relationship between the parties hereto except the relationship of seller and buyer specifically established hereby. 
 12.19
Successors and Assigns. Buyer may not assign or transfer its rights or obligations under this Agreement (or make an offer or enter into negotiations to do so) without the prior written consent of Seller (in which event such transferee shall
assume in writing all of the transferor’s obligations hereunder, but such transferor shall not be released from its obligations hereunder), such consent to be within Seller’s sole and absolute discretion; provided, however, Buyer may
assign its interest in this Agreement without the consent of Seller to a “single-purpose bankruptcy remote entity” which is “controlled by Buyer” (in which event such transferee shall assume in writing all of the
transferor’s obligations hereunder, but Buyer shall not be released from its obligations hereunder). As used herein, “controlled by Buyer” with respect to an entity means that Buyer: (1) has the sole ability to direct the
management, policies and operation of such entity, directly or indirectly, through voting securities or otherwise; and (2) Buyer owns more than fifty percent (50%) of the direct or indirect ownership interests in such entity. Any change in
control or majority ownership of Buyer constitutes an assignment for purposes of this subsection. No consent given by Seller to any transfer 

  
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or assignment of Buyer’s rights or obligations hereunder shall be construed as a consent to any other transfer or assignment of Buyer’s rights or obligations hereunder. In addition,
Buyer shall not re-sell the Property or assign its rights or obligations under this Agreement (or make an offer or enter into negotiations to do so) through a “double escrow” or other similar mechanism without Seller’s prior written
consent (which consent may be withheld in Seller’s sole and absolute discretion). No transfer or assignment in violation of the provisions hereof shall be valid or enforceable. Subject to the foregoing, this Agreement and the terms and
provisions hereof shall inure to the benefit of and shall be binding upon the successors and assigns of the parties. 
 12.20
Notices. Unless otherwise agreed to by the parties, all notices required or permitted to be given hereunder shall be in writing. Such notices shall be effective upon receipt or refusal of receipt following deposit into the United States mail,
registered or certified, return receipt requested, postage prepaid, or if hand delivered or if sent by nationally recognized overnight courier providing evidence of delivery or when sent by telecopy or similar facsimile transmission (with a copy by
mail delivered on the next business day), addressed as follows: 
 TO SELLER: 

c/o Walton Street Capital, L.L.C. 
 900 North Michigan Avenue 
 Suite 1900 

Chicago, Illinois 60611 

			
	Attention:	 	Justin Leonard and Luke Massar
	Fax:	 	(312) 915-2881
	Telephone:	 	(312) 915-2814

 With Copy To: 
 Pircher, Nichols & Meeks 
 900 North Michigan Avenue, Suite 1050

 Chicago, Illinois 60611 
 Attn: Real Estate Notices (DJP/CAM) 
 Phone: 312-915-3112 

Fax: 312-915-3348 

TO BUYER: 

Chesapeake Lodging Trust 
 1997 Annapolis Exchange Parkway, Suite 410 
 Annapolis, Maryland 21401 

Attention: D. Rick Adams 
 Fax:    410-972-4180 
 Telephone: 410-972-4143 

With Copy To: 
 Chesapeake Lodging Trust 
 1997 Annapolis Exchange Parkway, Suite 410 

  
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 Annapolis, Maryland 21401 

Attention: Graham J. Wootten 
 Fax: 410-972-4180 
 Telephone: 410-972-4144 

or at such other place as a party may designate in a written notice given in accordance herewith. Facsimile transmissions received during business hours
during a business day at the receiving location shall be deemed made on such business day if received prior to 5:00 P.M. Central Time. Facsimile transmissions received at any other time shall be deemed received on the next business day. Any such
notice so given by facsimile shall be deemed given upon receipt by the sending party of confirmation of successful transmission (provided that if any notice to be delivered by facsimile is unable to be transmitted because of a problem affecting the
receiving party’s facsimile machine, the deadline for receiving such notice shall be extended to the next business day). The attorneys for any party hereto shall be entitled to provide any notice that a party desires to give or is required to
give hereunder. 
 12.21 Legal Costs. The parties hereto agree that they shall pay directly any and all legal costs which
they have incurred on their own behalf in the preparation of this Agreement, all other agreements pertaining to this transaction and that such legal costs shall not be part of the closing costs. In addition, if any party hereto brings any suit or
other proceeding with respect to the subject matter or the enforcement of this Agreement, the prevailing party (as determined by the court, agency or other authority before which such suit or proceeding is commenced), in addition to such other
relief as may be awarded, shall be entitled to recover reasonable attorneys’ fees, expenses and costs of investigation actually incurred from the non-prevailing party, subject to the limitations on the liability of Seller set forth in
Section 12.22 below. The foregoing includes attorneys’ fees, expenses and costs of investigation (including those incurred in appellate proceedings), costs incurred in establishing the right to indemnification, or in any action or
participation in, or in connection with, any case or proceeding under Chapter 7, 11 or 13 of the Bankruptcy Code (11 United States Code Sections 101 et seq.), or any successor statutes. This Section shall survive any termination of this
Agreement. 
 12.22 Limitation of Liability. No present or future partner, member, director, officer, shareholder,
employee, advisor, affiliate or agent of or in Seller or Buyer or any affiliate of Seller or Buyer shall have any personal liability, directly or indirectly, under or in connection with this Agreement or any agreement made or entered into under or
in connection with the provisions of this Agreement, or any amendment or amendments to any of the foregoing made at any time or times, heretofore or hereafter, and Seller or Buyer, as the case may be, and its respective successors and assigns and,
without limitation, all other persons and entities, shall look solely to Seller’s or Buyer’s assets, respectively, for the payment of any claim or for any performance, and Buyer and Seller each hereby waive any and all such personal
liability. For purposes of this Section 12.22, no negative capital account or any contribution or payment obligation of any partner or member in Seller or Buyer, as the case may be, shall constitute an asset of Seller or Buyer, as applicable.
The limitations of liability contained in this Section are in addition to, and not in limitation of, any limitation on liability applicable to Seller provided elsewhere in this Agreement or by law or by any other contract, agreement or instrument.
Anything to the contrary in this Section 12.22 notwithstanding, as additional inducement to Seller to enter into this Agreement, Chesapeake Lodging, L.P., a Delaware limited partnership, shall, pursuant to the Joinder attached to this
Agreement, in the event this Agreement is terminated, unconditionally guarantee the payment and performance of any obligations of Buyer under this Agreement, which obligations survive the termination of this Agreement. 

  
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 12.23 Bulk Sales. Buyer and Seller agree to cooperate and take any actions reasonably
necessary to comply with the bulk sales statutes, if any, of the State in which the Hotel Unit and Improvements are located, in connection with the transactions contemplated by this Agreement. Buyer shall be solely responsible for the payment of any
bulk sales, hotel sales taxes, or hotel use taxes and for compliance with any and all laws related to such taxes, including any withholding laws, whether due before or after Closing or in connection with the transaction contemplated in this
Agreement, if any, and Buyer shall indemnify, protect, defend and hold Seller harmless from and against any claim in any way arising from such matters whether accruing or arising before or after Closing. In consideration of Buyer’s agreements
and indemnification contained in this Section 12.23, at Closing, Buyer and Seller shall agree upon a reasonable allocation of personal property in connection with the Buyer’s filing of any forms to comply with such bulk sales statutes and
Seller shall provide Buyer with a credit in the amount of One Hundred Thousand Dollars ($100,000.00) to help defray Buyer’s obligations under this Section 12.23. Other than the credit provided in the preceding sentence, Seller shall have
no further obligation with respect to the matters set forth in this Section 12.23 and Buyer indemnifies Seller with respect thereto, which indemnity shall survive the Closing Date. 

12.24 Independent Audit. Buyer, at Buyer’s option, may (i) have the audit (the “Existing Audit”),
performed by KPMG, LLP (“KPMG”), with respect to Seller’s books and records which relate exclusively to the Property, for the years 2009 and 2010 (a) revised so that the financial statements reflect the historical cost
basis of the Property, (b) updated with unaudited comparative interim financial statements as required by Section 3.05 of Regulation S-X, and (c) recertified by KPMG such that the Existing Audit runs to the benefit of Buyer (and
Seller shall reasonably cooperate to cause the Existing Audit to be so revised, updated and recertified), or (ii) at Buyer’s sole cost and expense, engage a third-party certified public accountant to perform an audit (“Buyer’s
Audit”) of Seller’s books and records which relate exclusively to the Property, including the historical financial statements of the Property, which audit shall include all disclosures required by generally accepted accounting
principles and the Securities and Exchange Commission regulations, specifically in accordance with Section 3.05 of Regulation S-X and all related rules and regulations thereof; provided, however, that (i) neither the revision, update and
recertification of the Existing Audit, nor the completion of Buyer’s Audit, shall be a condition precedent to Buyer’s obligation to close the transactions described in this Agreement, and (ii) Buyer shall promptly reimburse Seller for
any reasonable out-of-pocket expenses incurred by Seller or any of its affiliates in connection with the revision, update and recertification of the Existing Audit, or the performance of Buyer’s Audit. Seller shall reasonably cooperate in
connection with the revision, update and recertification of the Existing Audit or Buyer’s Audit and shall provide all information reasonably requested by the accountants performing such audit with respect to the Property, at no cost or expense
to Seller. In connection with the revision, update and recertification of the Exiting Audit or Buyer’s Audit, Seller shall provide the accountants performing such audit with representation letters reasonably acceptable to Seller and such
accountants, at no cost or expense to the Seller. The covenant of Seller with respect to the revision, update and recertification of the Existing Audit or Buyer’s Audit as set forth in this Section 12.24 shall survive Closing for a period
of ninety (90) days. 
 12.25 Time of Essence. Time is of the essence of each and every term, provision and covenant
of this Agreement. 
 12.26 Waiver of Trial by Jury. THE PARTIES HEREBY IRREVOCABLY WAIVE THEIR RESPECTIVE RIGHTS TO A
JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT. THIS WAIVER SHALL APPLY TO 

  
 -42-

 
ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 12.27 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an
original, but all of which shall constitute one and the same document. Delivery by facsimile, or e-mail of a PDF copy, of a counterpart of this Agreement executed by a party shall constitute delivery by such party of such party’s executed
counterpart of this Agreement. 
 12.28 Required Disclosures. Buyer acknowledges the following required disclosures:

 12.28.1 Disclosure required by C.R.S. Section 38 35.7 101. SPECIAL TAXING DISTRICTS MAY BE
SUBJECT TO GENERAL OBLIGATION INDEBTEDNESS THAT IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX LEVIES ON THE TAXABLE PROPERTY WITHIN SUCH DISTRICTS. PROPERTY OWNERS IN SUCH DISTRICTS MAY BE PLACED AT RISK FOR INCREASED MILL LEVIES AND EXCESSIVE TAX
BURDENS TO SUPPORT THE SERVICING OF SUCH DEBT WHERE CIRCUMSTANCES ARISE RESULTING IN THE INABILITY OF SUCH A DISTRICT TO DISCHARGE SUCH INDEBTEDNESS WITHOUT SUCH AN INCREASE IN MILL LEVIES. BUYER SHOULD INVESTIGATE THE DEBT FINANCING REQUIREMENTS OF
THE AUTHORIZED GENERAL OBLIGATION INDEBTEDNESS OF SUCH DISTRICTS, EXISTING MILL LEVIES OF SUCH DISTRICT SERVICING SUCH INDEBTEDNESS, AND THE POTENTIAL FOR AN INCREASE IN SUCH MILL LEVIES. 

12.28.2 Disclosure required by C.R.S. Section 38 35.7 102. THE PROPERTY IS LOCATED WITHIN A COMMON
INTEREST COMMUNITY AND IS SUBJECT TO THE DECLARATION FOR SUCH COMMUNITY. THE OWNER OF THE PROPERTY WILL BE REQUIRED TO BE A MEMBER OF THE OWNER’S ASSOCIATION FOR THE COMMUNITY AND WILL BE SUBJECT TO THE BYLAWS AND RULES AND REGULATIONS OF THE
ASSOCIATION. THE DECLARATION, BYLAWS, AND RULES AND REGULATIONS WILL IMPOSE FINANCIAL OBLIGATIONS UPON THE OWNER OF THE PROPERTY, INCLUDING AN OBLIGATION TO PAY ASSESSMENTS OF THE ASSOCIATION. IF THE OWNER DOES NOT PAY THESE ASSESSMENTS, THE
ASSOCIATION COULD PLACE A LIEN ON THE PROPERTY AND POSSIBLY SELL IT TO PAY THE DEBT. THE DECLARATION, BYLAWS, AND RULES AND REGULATIONS OF THE COMMUNITY MAY PROHIBIT THE OWNER FROM MAKING CHANGES TO THE PROPERTY WITHOUT AN ARCHITECTURAL REVIEW BY
THE ASSOCIATION (OR A COMMITTEE OF THE ASSOCIATION) AND THE APPROVAL OF THE ASSOCIATION. PURCHASERS OF PROPERTY WITHIN THE COMMON INTEREST COMMUNITY SHOULD INVESTIGATE THE FINANCIAL OBLIGATIONS OF MEMBERS OF THE ASSOCIATION. PURCHASERS SHOULD
CAREFULLY READ THE DECLARATION FOR THE COMMUNITY AND THE BYLAWS AND RULES AND REGULATIONS OF THE ASSOCIATION. 
 [BALANCE OF
PAGE IS BLANK, SIGNATURE PAGES FOLLOW] 

  
 -43-

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
above written. 
  

			
	 BUYER:

	
	 CHSP DENVER LLC,

	 a Delaware limited liability company

		
	By:	 	 /s/ D. Rick Adams

	Name:	 	D. Rick Adams
	Title:	 	Vice President

  
 -1-

 SELLER: 
 WTCC CITY CENTER INVESTORS V, L.L.C., 
 a Delaware limited liability company 

 

																	
	By:	 	WTCC City Center Mezz V, L.L.C.,	 	
		 	a Delaware limited liability company,	 	
		 	its Sole Member	 	
				
		 	By:	 	Walton TCC Hotel Investors V, L.L.C.,	 	
		 		 	a Delaware limited liability company,	 	
		 		 	its Managing Member	 	
					
		 		 	By:	 	Walton Acquisition Holdings V, L.L.C.,	 	
		 		 		 	a Delaware limited liability company,	 	
		 		 		 	its Managing Member	 	
						
		 		 		 	By:	 	Walton Street Real Estate Fund V, L.P.,	 	
		 		 		 		 	a Delaware limited partnership,	 	
		 		 		 		 	its Managing Member	 	
							
		 		 		 		 	By:	 	Walton Street Managers V, L.P.,	 	
		 		 		 		 		 	a Delaware limited partnership,	 	
		 		 		 		 		 	its General Partner	 	
								
		 		 		 		 		 	By:	 	WSC Managers V, Inc.,	 	
		 		 		 		 		 		 	a Delaware corporation,	 	
		 		 		 		 		 		 	its General Partner	 	
									
		 		 		 		 		 		 	By:	 	 /s/ Justin L. Leonard
	 	
		 		 		 		 		 		 	Name:	 	 Justin L. Leonard
	 	
		 		 		 		 		 		 	Title:	 	 Vice President
	 	

  
 2 

 JOINDER 

In consideration of the execution of that certain agreement (the “Purchase Agreement”) to which this Joinder is
attached, the undersigned (“Guarantor”), hereby unconditionally and irrevocably guarantees the payment and performance of all obligations of Buyer (“Obligor”) under the Purchase Agreement, which obligations
expressly survive the termination thereunder, including Buyer’s indemnification obligations under the Purchase Agreement (the “Obligations”). Capitalized terms used in this Joinder and not otherwise defined herein shall have
the same meanings as set forth in the Purchase Agreement. Guarantor represents and acknowledges that Guarantor has a direct or indirect interest in Buyer, that Guarantor will derive substantial benefits from the entry by Buyer and Seller into the
Purchase Agreement and the transactions contemplated thereby, and that Guarantor’s execution of this Joinder is a material inducement and condition to Seller’s execution of the Purchase Agreement. 

The following Sections of the Purchase Agreement shall apply to this Joinder as though herein set forth in full, mutatis mutandis:
Sections 12.2, 12.3, 12.4, 12.7, 12.8, 12.9(b), 12.12, 12.13.2, 12.13.4, 12.13.5, 12.14, Sections 12.16 to 12.19, inclusive, Section 12.20 (with any notice to Guarantor to be sent to the address set forth for Buyer in the
Purchase Agreement), Sections 12.21, 12.25 and 12.26,. 
 IN WITNESS WHEREOF, the undersigned has executed this
Joinder as of the date of the Purchase Agreement. 
  

					
	CHESAPEAKE LODGING, L.P.,
	a Delaware limited partnership
		
	By:	 	Chesapeake Lodging Trust,
		 	a Maryland real estate investment trust
		 	its General Partner
			
		 	By:	 	 /s/ D. Rick Adams

		 	Name:	 	D. Rick Adams
		 	Title:	 	Senior Vice President

  
 3 

 EXHIBIT LIST 

 

							
	EXHIBIT A	 	-	 		  	LEGAL DESCRIPTION
				
	EXHIBIT B	 	-	 		  	DEPOSIT ESCROW AGREEMENT
				
	EXHIBIT C	 	-	 		  	DEED
				
	EXHIBIT D	 	-	 		  	PRELIMINARY LIST OF PERMITTED EXCEPTIONS
				
	EXHIBIT E	 	-	 		  	ESCROW INSTRUCTIONS
				
	EXHIBIT F	 	-	 		  	DESCRIPTION OF GROUND LEASES
				
	EXHIBIT G	 	-	 		  	BILL OF SALE
				
	EXHIBIT H	 	-	 		  	MANAGEMENT AGREEMENT ASSIGNMENT
				
	EXHIBIT I	 	-	 		  	PARKING EASEMENT ASSIGNMENT
				
	EXHIBIT J	 	-	 		  	SELLER CLOSING CERTIFICATE
				
	EXHIBIT K	 	-	 		  	CERTIFICATE OF NON-FOREIGN STATUS
				
	EXHIBIT L	 	-	 		  	PERRY LEASE ACKNOWLEDGEMENT
				
	EXHIBIT M	 	-	 		  	PLETTNER LEASE ACKNOWLEDGEMENT
				
	EXHIBIT N	 	-	 		  	SUBTERRANEAN LEASE ACKNOWLEDGEMENT
				
	EXHIBIT O	 	-	 		  	GAP INDEMNITY
				
	EXHIBIT P	 	-	 		  	SELLER’S TITLE CERTIFICATE
				
	EXHIBIT Q	 	-	 		  	BUYER CLOSING CERTIFICATE
				
	EXHIBIT R	 	-	 		  	LITIGATION
				
	EXHIBIT S	 	-	 		  	NON COMPLIANCE NOTICES FROM GOVERNMENTAL AGENCIES
				
	EXHIBIT T	 	-	 		  	AGREEMENTS AND EQUIPMENT LEASES
				
	EXHIBIT U	 	-	 		  	LIST OF ENVIRONMENTAL REPORTS
				
	EXHIBIT V	 	-	 		  	LIST OF MANAGEMENT AGREEMENT DOCUMENTS

  
 EXHIBIT Z

							
	EXHIBIT W	 	-	 		  	FORM OF DESIRED CONDOMINIUM DECLARATION ESTOPPEL
				
	EXHIBIT X	 	-	 		  	FORM OF DESIRED MASTER DECLARATION ESTOPPEL
				
	EXHIBIT Y-1	 	-	 		  	FORM OF DESIRED PERRY LEASE ESTOPPEL
				
	EXHIBIT Y-2	 	-	 		  	FORM OF DESIRED PLETTNER LEASE ESTOPPEL
				
	EXHIBIT Y-3	 	-	 		  	FORM OF DESIRED SUBTERRANEAN LEASE ESTOPPEL
				
	EXHIBIT Z	 	-	 		  	FORM OF MANAGEMENT AGREEMENT ESTOPPEL

  
 EXHIBIT Z

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