Document:

Exhibit

Exhibit 4.1
SECOND AMENDMENT
TO
AGREEMENT OF LIMITED PARTNERSHIP
OF
AMERICAN REALTY CAPITAL HOSPITALITY OPERATING PARTNERSHIP, L.P.

This SECOND AMENDMENT TO AGREEMENT OF LIMITED PARTNERSHIP OF AMERICAN REALTY CAPITAL HOSPITALITY OPERATING PARTNERSHIP, L.P. (this “Amendment”) is made as of November 11, 2015 by American Realty Capital Hospitality Trust, Inc., a Maryland corporation, in its capacity as the general partner (the “General Partner”) of American Realty Capital Hospitality Operating Partnership, L.P., a Delaware limited partnership (the “Partnership”).  Capitalized terms used but not otherwise defined in this Amendment shall have the meanings given to such terms in the Agreement of Limited Partnership of the Partnership, dated as of January 7, 2014 (as amended hereby and by that certain First Amendment to Agreement of Limited Partnership of the Partnership dated August 7, 2015, the “Partnership Agreement”).
RECITALS:
WHEREAS, the General Partner desires to amend the Partnership Agreement to further amend Section 16.1(a) of the Partnership Agreement relating to the issuance of the Class B Units; and
WHEREAS, pursuant to Section 14.1(a) of the Partnership Agreement, the General Partner has the power to amend Section 16.1(a) of the Partnership Agreement without the consent of the Limited Partners or the Special Limited Partner.
NOW THEREFORE, in consideration of the premises made hereunder, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:
		
	a.
	Effective as of October 1, 2015, Section 16.1(a) of the Partnership Agreement is hereby deleted in its entirety and the following new Section 16.1(a) is substituted in its place:

“16.1    Designation and Number
(a)  A series of Partnership Units in the Partnership, designated as the “Class B Units,” is hereby established.  Except as set forth in this Article 16, Class B Units shall have the same rights, privileges and preferences as the OP Units.  Subject to the provisions of this Article 16 and the special provisions of subparagraph 1(c)(ii) of Exhibit B, Class B Units shall be treated as Partnership Units, with all of the rights, privileges and obligations attendant thereto. In connection with services provided by the Advisor under the Advisory Agreement, the General Partner shall cause the Partnership to issue to the Initial Limited Partner within thirty (30) days after the end of each Quarter until and including the Quarter ending September 30, 2015 a number of Class B Units equal to the quotient of: (i) the excess of (A) the product of (y) the Cost of Assets multiplied by (z) 0.1875% over (B) any amounts payable as an Oversight Fee (as defined in the Management Agreement) for such Quarter divided by (ii) the Value of one share of Common Stock as of the last day of such Quarter; provided, that if the amounts payable as an Oversight Fee for such Quarter exceed the amount determined under clause (A) for such Quarter 

(an “Excess Oversight Fee”), no Class B Units shall be issued for such Quarter and the Excess Oversight Fee shall be carried forward to the next succeeding Quarter and included with and treated as amounts payable as an Oversight Fee for such Quarter for purposes of determining the amount of Class B Units issuable for such Quarter; provided further, that the sum of (I) the amounts determined under clause (i) for a calendar year plus (II) the amounts payable as an Oversight Fee for such calendar year, shall not be less than 0.75% of the Cost of Assets for such calendar year; provided further, that each quarterly issuance of Class B Units shall be subject to the approval of the General Partner’s board of directors.”

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this Agreement as of the date and year first aforesaid.

GENERAL PARTNER:

AMERICAN REALTY CAPITAL HOSPITALITY TRUST, INC.

By:     /s/ Jonathan P. Mehlman
Name:    Jonathan P. Mehlman
		
	Title: 
	CEO and President

[Signature Page to First Amendment to Agreement of Limited Partnership]Exhibit

Exhibit 10.7

FIRST AMENDMENT TO AGREEMENT FOR SALE AND PURCHASE 

This First Amendment to the Agreement for Sale and Purchase by and between WS CINCINNATI, LLC, a Delaware limited liability company, WS COLLEGE STATION JV, LLC, a Delaware limited liability company, WS-CNO JV, LLC, a Delaware limited liability company, WS-FNO, LLC, a Delaware limited liability company, and WS SPHERICAL STONE, LLC, a Delaware limited liability company (collectively, the "Seller") and AMERICAN REALTY CAPITAL HOSPITALITY PORTFOLIO WSC, LLC, a Delaware limited liability company (the "Purchaser") (this “Amendment”) is made as of July 13, 2015 (the “Effective Date”). Seller and Purchaser are sometimes referred to collectively in this Amendment as the “Parties” and each individually as a “Party.”

RECITALS

A.    Seller and Purchaser entered into that certain Agreement for Sale and Purchase dated as of June 2, 2015 (the “Purchase Agreement”).

B.    The Parties desire to extend the Feasibility Period upon the terms and conditions set forth in this Amendment.

C.    All capitalized terms used without definition in this Amendment shall have the meanings assigned to such terms in the Purchase Agreement.

AGREEMENT

Now, therefore, for and in consideration of the mutual covenants and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser hereby agree that the Purchase Agreement shall be amended and modified as follows:

		
	1.
	Extension of Feasibility Period.  Seller and Purchaser mutually agree to extend the Feasibility Period.  Accordingly,  Seller and Purchaser agree to modify the definition of "Feasibility Period" in Section 1.01 of the Purchase Agreement as follows: "Feasibility Period: The period commencing on the Effective Date and continuing through 12:00 a.m. Eastern Time on July 14, 2015."

		
	2.
	Ratification.  Seller and Purchaser ratify and confirm the continued force and effect of the Purchase Agreement, as modified by this Amendment.  Seller and Purchaser agree that all terms and provisions of the Purchase Agreement shall be and remain in full force and effect as therein written, except as otherwise expressly provided herein.  

    

		
	3.
	Binding Effect.  This Amendment shall be binding upon and inure to the benefit of the Parties and their respective successors and assigns.

		
	4.
	Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, and all of which taken together shall constitute one and the same Amendment.

		
	5.
	Effective Date.  This Amendment shall be in full force and effect as a binding obligation of the Parties from and after the date of this Amendment.

[signature page follows]

2

IN WITNESS WHEREOF, the Parties have executed this Amendment as of the day and year first above written. 

Signature Page to First Amendment of Agreement for Sale and Purchase

	
	
	WS CINCINNATI, LLC,
a Delaware limited liability company

By: WSREF REIT, LLC, its Sole Member

By:    /s/ Lawrence Settani 
Name:   Lawrence Settani   
Title:   Authorized Signatory   
WS COLLEGE STATION JV, LLC,
a Delaware limited liability company

By: WS College Station, LLC, its Manager
By:    /s/ Lawrence Settani 
Name:   Lawrence Settani   
Title:   Authorized Signatory   
WS-CNO JV, LLC, 
a Delaware limited liability company

By: WS-CNO, LLC, its Manager
By:    /s/ Lawrence Settani 
Name:   Lawrence Settani   
Title:   Authorized Signatory   
WS-FNO, LLC,
a Delaware limited liability company

By: WSREF REIT, LLC, its Sole Member

By:    /s/ Lawrence Settani 
Name:   Lawrence Settani   
Title:   Authorized Signatory   
WS SPHERICAL STONE, LLC,
a Delaware limited liability company

By: WSREF NRT, LLC, its Sole Member
By:    /s/ Lawrence Settani 
Name:   Lawrence Settani   
Title:   Authorized Signatory   

Signature Page to First Amendment of Agreement for Sale and Purchase

	
	
	PURCHASER:
AMERICAN REALTY CAPITAL 
HOSPITALITY PORTFOLIO WSC, LLC,
a Delaware limited liability company

By:    /s/ Jonathan P. Mehlman 
Name:   Jonathan P. Mehlman 
Title:   Chief Executive Officer and President 

Signature Page to First Amendment of Agreement for Sale and PurchaseExhibit

Exhibit 10.8

SECOND AMENDMENT TO AGREEMENT FOR SALE AND PURCHASE 

This Second Amendment to the Agreement for Sale and Purchase (this “Amendment”) by and between WS CINCINNATI, LLC, a Delaware limited liability company, WS COLLEGE STATION JV, LLC, a Delaware limited liability company, WS-CNO JV, LLC, a Delaware limited liability company, WS-FNO, LLC, a Delaware limited liability company, and WS SPHERICAL STONE, LLC, a Delaware limited liability company (collectively, “Seller”), and AMERICAN REALTY CAPITAL HOSPITALITY PORTFOLIO WSC, LLC, a Delaware limited liability company (“Purchaser”) is made as of July 13, 2015 (the “Amendment Effective Date”).  Seller and Purchaser are sometimes referred to collectively in this Amendment as the “Parties.”

RECITALS

A.    Seller and Purchaser entered into that certain Agreement for Sale and Purchase dated as of June 2, 2015, as amended pursuant to that certain First Amendment thereto dated as of July 13, 2015 (the “Purchase Agreement”).

B.    Seller and Purchaser mutually agree that the Fairfield Inn & Suites Nashville at Opryland (the “WS-FNO Hotel”) needs a complete replacement of the main tower roof and painting of the mansard standing seam roof (collectively, the “Repairs”).

C.    Seller and Purchaser desire to include certain additional terms, as well as modify certain provisions, within the Purchase Agreement, and have agreed to amend the Purchase Agreement to reflect such additions and modifications on the terms and conditions set forth in this Amendment.

D.    All capitalized terms used without definition in this Amendment shall have the meanings assigned to such terms in the Purchase Agreement. 

AGREEMENT

Now, therefore, for and in consideration of the mutual covenants and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser hereby agree that the Purchase Agreement shall be amended and modified in accordance with Section 14.01(t) thereof as follows:

1.Credit for Repairs to the Fairfield Inn & Suites Nashville at Opryland.  The Parties mutually agree that Seller shall grant Purchaser a credit toward the Purchase Price in the amount of NINETY-SEVEN THOUSAND DOLLARS ($97,000) in full consideration for the Repairs, and that Seller shall have no further obligation or liability to Purchaser in connection with repairs to the WS-FNO Hotel roof.  Accordingly, the first sentence of Section 3.01 of the Purchase Agreement shall be removed and replaced with “The total purchase price (“Purchase Price”) to be paid by 

    

Purchaser to Seller at the Closing shall be NINETY-TWO MILLION, FOUR HUNDRED THREE THOUSAND DOLLARS ($92,403,000), plus or minus prorations and adjustments as provided in this Agreement (and subject to increase as provided in Section 6.01).”
2.    Contracts to be Terminated.  Pursuant to Item 5 in Exhibit B of the Purchase Agreement, Purchaser hereby notifies Seller of its election not to assume the Hotel Contracts listed on Exhibit A hereto to the extent that such Hotel Contracts either (i) can be terminated by Seller without incurring any Liability or (ii) are expressly unassignable. Seller shall notify Purchaser promptly with respect to any assignable Hotel Contract that it is unable to terminate without Liability.
3.    No Termination.  Purchaser hereby notifies Seller that Purchaser is electing not to terminate the Purchase Agreement pursuant to Section 4.02(b) therein, and understands (i) it has no further right to terminate the Purchase Agreement pursuant to Section 4.02(b) and (ii) the Earnest Money shall be non-refundable except as otherwise specified in the Purchase Agreement.
4.    Ratification.  Seller and Purchaser ratify and confirm the continued force and effect of the Purchase Agreement, as modified by this Amendment.  Seller and Purchaser agree that all terms and provisions of the Purchase Agreement shall be and remain in full force and effect as therein written, except as otherwise expressly provided herein.  
5.    Binding Effect.  This Amendment shall be binding upon and inure to the benefit of the Parties and their respective successors and assigns.
6.    Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, and all of which taken together shall constitute one and the same Amendment.
7.    Effective Date.  This Amendment shall be in full force and effect as a binding obligation of the Parties from and after the Amendment Effective Date. 
[signature page follows]

2

IN WITNESS WHEREOF, the Parties have executed this Amendment as of the day and year first above written. 

	
	
	WS CINCINNATI, LLC,
a Delaware limited liability company

By: WSREF REIT, LLC, its Sole Member
By:    /s/ Lawrence Settani 
Name:   Lawrence Settani   
Title:   Authorized Signatory   
WS COLLEGE STATION JV, LLC,
a Delaware limited liability company

By: WS College Station, LLC, its Manager
By:    /s/ Lawrence Settani 
Name:   Lawrence Settani   
Title:   Authorized Signatory   
WS-CNO JV, LLC, 
a Delaware limited liability company

By: WS-CNO, LLC, its Manager
By:    /s/ Lawrence Settani 
Name:   Lawrence Settani   
Title:   Authorized Signatory   
WS-FNO, LLC,
a Delaware limited liability company

By: WSREF REIT, LLC, its Sole Member
By:    /s/ Lawrence Settani 
Name:   Lawrence Settani   
Title:   Authorized Signatory   
WS SPHERICAL STONE, LLC,
a Delaware limited liability company

By: WSREF NRT, LLC, its Sole Member
By:    /s/ Lawrence Settani 
Name:   Lawrence Settani   
Title:   Authorized Signatory   

Signature Page to the Second Amendment of the Agreement for Sale and Purchase

PURCHASER:
AMERICAN REALTY CAPITAL 
HOSPITALITY PORTFOLIO WSC, LLC,
a Delaware limited liability company

By:     /s/ Jonathan P. Mehlman
Name:    Jonathan P. Mehlman 
Title:  Chief Executive Officer and President    

Signature Page to the Second Amendment of the Agreement for Sale and Purchase

EXHIBIT A
HOTEL CONTRACTS TO BE TERMINATED

(See Attached)

Exhibit A

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