Document:

Exhibit

Exhibit 10.8

FIRST AMENDMENT TO LOAN AGREEMENT

Dated as of May 17, 2017
Among
THE ENTITIES LISTED ON SCHEDULE I-A 
collectively, as Borrower
and

THE ENTITIES LISTED ON SCHEDULE I-B, 
collectively, as Operating Lessee
and
DEUTSCHE BANK AG, NEW YORK BRANCH, 
CITIGROUP GLOBAL MARKETS REALTY CORP., and 
JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, 
collectively, as Lender

Exhibit 10.8

FIRST AMENDMENT TO LOAN AGREEMENT  

THIS FIRST AMENDMENT TO LOAN AGREEMENT, dated as of May 17, 2017 (as amended, restated, replaced, supplemented or otherwise modified from time to time, this “Agreement”), among DEUTSCHE BANK AG, NEW YORK BRANCH, a branch of Deutsche Bank AG, a German Bank authorized by the New York Department of Financial Services, having an address at 60 Wall Street, 10th Floor, New York, New York 10005 (together with its successors and/or assigns, “DBNY”), CITIGROUP GLOBAL MARKETS REALTY CORP., a New York corporation, have an address at 390 Greenwich Street, New York, New York 10013 (together with its successors and/or assigns, “Citi”), and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a banking association chartered under the laws of the United States of America, having an address at 383 Madison Avenue, New York, New York 10179 (together with its successors and assigns, “JPM” and together with Citi and DBNY and each of their respective successors and/or assigns, collectively, “Lender”), THE ENTITIES LISTED ON SCHEDULE I-A, each a Delaware limited liability company (together with each of their respective permitted successors and assigns, collectively, “Borrower” and each sometimes referred to herein individually as an “Individual Borrower”) and THE ENTITIES LISTED ON SCHEDULE I-B, each a Delaware limited liability company (together with each of their respective permitted successors and assigns, “Operating Lessee”).
W I T N E S S E T H:
WHEREAS, Lender has made a loan in the original principal amount of Eight Hundred Five Million and No/100 Dollars ($805,000,000.00) (the “Loan”) to Borrower pursuant to that certain Loan Agreement, dated as of April 28, 2017 (the “Original Loan Agreement”), by and among Borrower, Operating Lessee and Lender, which Loan is evidenced by the Original Loan Agreement and the other Loan Documents (as defined in the Original Loan Agreement and hereinafter referred to as the “Original Loan Documents”)); and
WHEREAS, Borrower, Operating Lessee and Lender desire to execute this Amendment in order to amend the Original Loan Agreement (the Original Loan Agreement, as so amended by this Amendment, and as the same may be further amended, restated, replaced, supplemented or otherwise modified from time to time, the “Amended Loan Agreement”) and the other Original Loan Documents (the Original Loan Documents, as so amended by this Amendment, and as the same may be further amended, restated, replaced, supplemented or otherwise modified from time to time, collectively, with the Amended Loan Agreement, the “Amended Loan Documents”) as set forth herein.
NOW, THEREFORE, in consideration of the agreements set forth in this Amendment and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto hereby agree as follows:
A G R E E M E N T:

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Exhibit 10.8

Section 1.Definitions.  Effective as of May 17, 2017, the definition of “Component Spread” in Section 1.1 of the Loan Agreement is hereby deleted in its entirety and replaced by the following: 
“Component Spread” shall mean, (a) with respect to Component A, 0.85800000000000% per annum; (b) with respect to Component B, 2.34755837531731% per annum; (c) with respect to Component C, 2.51755837531731% per annum; (d) with respect to Component D, 3.31755837531731% per annum; (e) with respect to Component E, 3.55800000000000% per annum and (f) with respect to Component F, 4.50800000000000% per annum.
Section 2.    Components of the Loan.    Effective as of May 17, 2017, Section 2.1.2 of the Loan Agreement is hereby deleted in its entirety and replaced by the following:
2.1.2    Components of the Loan.  For purposes of the computation of the interest accrued on the Loan from time to time and certain other computations set forth herein, the Loan shall be divided into multiple components designated as “Component A”, “Component B”, “Component C”, “Component D”, “Component E” and “Component F”.  The following table sets forth the initial principal amount of each such Component.

	
		
	Component
	Initial Principal Amount

	 
	 

	Component A
	$266,215,789

	Component B
	$95,500,000

	Component C
	$70,990,526

	Component D
	$93,809,474

	Component E
	$147,897,895

	Component F
	$130,586,316

Section 3.    Omnibus Amendment.  As of the date hereof, each reference in any of the Original Loan Documents to the defined terms which have been modified pursuant to this Amendment shall be deemed to be a reference to each such defined term as so modified.
Section 4.    Ratification.  By their signatures below, each Guarantor hereby agrees and consents to this Amendment and ratifies and confirms as to itself all of the terms and provisions set forth in the Guaranty, the Environmental Indemnity and each of the other Original Loan Documents to which it is a party (as each of the Original Loan Documents are amended or otherwise modified on the date hereof by this Amendment), and each agrees that their respective obligations and liabilities under such agreements shall continue without impairment or limitation by reason of this Amendment. Except as modified and amended by this Amendment, the Original Loan Agreement and the respective obligations of Lender, Borrower, Operating Lessee and Guarantor thereunder and in respect of the Loan shall remain unmodified and in full force and effect.

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Exhibit 10.8

Section 5.    References.  From and after the date hereof, (i) all references in the Original Loan Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Original Loan Agreement shall mean the Amended Loan Agreement as modified hereby, (ii) all references in the other Original Loan Documents to the “Loan Agreement” shall mean the Amended Loan Agreement as modified hereby, (iii)  all terms in the Original Loan Documents which, by the terms thereof, have the meanings set forth in the “Loan Agreement” shall have the respective meanings set forth in the Amended Loan Agreement as modified hereby, (iv) all references in an Original Loan Document to “this Agreement”, “hereunder”, “hereof” or words of like import referring to such Original Loan Document shall mean the corresponding Amended Loan Document and (v) all references in the Original Loan Documents to the “Loan Documents” shall mean the Amended Loan Documents, collectively (and any reference to any particular Loan Document shall mean the corresponding Amended Loan Document).
Section 6.    Full Force and Effect.
(a)    All of the terms, covenants, and conditions contained in the Original Loan Agreement and the Original Loan Documents shall be and remain in full force and effect, except as specifically modified in this Amendment, and are hereby ratified, reaffirmed and republished in their entirety by the parties hereto.  It is expressly understood that the execution and delivery of this Amendment does not and shall not (i) give rise to any defense, set-off, right of recoupment, claim or counterclaim with respect to any of Lender’s, Borrower’s, Operating Lessee’s or Guarantor’s obligations under the Original Loan Documents or the enforcement thereof, (ii) operate as a waiver of any of Lender’s, Borrower’s or Operating Lessee’s rights, powers or privileges under the Original Loan Documents, or (iii) prejudice, limit or affect in any way any present or future rights, remedies, powers or benefits available to Lender, Borrower or Operating Lessee under the Original Loan Documents or any other documents executed by Borrower, Guarantor or Operating Lessee for the benefit of Lender in connection with the Loan.  In addition, the parties hereto expressly disclaim any intent to effect a novation or an extinguishment or discharge of any of the obligations pursuant to the Original Loan Documents or by any other document executed in connection therewith by reason of this Amendment.
(b)    Notwithstanding any provision in any of the Original Loan Documents to the contrary, the provisions in this Amendment shall apply from and after the date hereof until such time as the Debt is indefeasibly paid in full.  This Amendment shall be a “Loan Document” for all purposes under the Amended Loan Agreement. 
Section 7.    Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.
Section 8.    No Further Modification.  No further modification, amendment, extension, discharge, termination or waiver hereof shall be effective unless the same shall be in a writing signed by the party against whom enforcement is sought, and then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given.
Section 9.    Governing Law.  This Amendment shall be construed and enforced in accordance with the laws of the State of New York, without regard to its conflicts of law principles 

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Exhibit 10.8

(other than Section 5-1401 of the New York General Obligations Law).  If any provision hereof is not enforceable, the remaining provisions of this Amendment shall be enforced in accordance with their terms.
Section 10.    Counterparts.  This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument.
Section 11.    Entire Agreement.  This Amendment constitutes the entire agreement between Borrower, Operating Lessee and Lender with respect to subject matter hereof and supersedes all other prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof.
Section 12.    Defined Terms.  All capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Original Loan Agreement.
Section 13.    Exculpation. The provisions of Section 10.1 of the Original Loan Agreement are hereby incorporated by reference into this Amendment to the same extent and with the same force as if fully set forth herein.  
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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Exhibit 10.8

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their duly authorized representatives, all as of the date first above written.

BORROWER:

HIT PORTFOLIO I OWNER, LLC
HIT PORTFOLIO I BHGL OWNER, LLC
HIT PORTFOLIO I PXGL OWNER, LLC
HIT PORTFOLIO I GBGL OWNER, LLC
HIT PORTFOLIO I NFGL OWNER, LLC  
HIT PORTFOLIO I MBGL 950 OWNER, LLC, each a Delaware limited liability company
By: s/s Paul C. Hughes_________  
Name: Paul C. Hughes  
Title: General Counsel and Secretary 
HIT PORTFOLIO I NTC OWNER, LP, a Delaware limited partnership
By: HIT Portfolio I NTC Owner GP, LLC, its general partner
By: s/s Paul C. Hughes_________  
Name: Paul C. Hughes  
Title: General Counsel and Secretary 
HIT PORTFOLIO I DLGL OWNER, LP, a Delaware limited partnership
By: HIT Portfolio I NTC Owner GP, LLC, its general partner
By: s/s Paul C. Hughes_________  
Name: Paul C. Hughes  
Title: General Counsel and Secretary 

Exhibit 10.8

OPERATING LESSEE:

HIT PORTFOLIO I TRS, LLC
HIT PORTFOLIO I HIL TRS, LLC
HIT PORTFOLIO I MCK TRS, LLC
HIT PORTFOLIO I MISC TRS, LLC
HIT PORTFOLIO I DEKS TRS, LLC, 
each a Delaware limited liability company
By: s/s Paul C. Hughes_________  
Name: Paul C. Hughes  
Title: General Counsel and Secretary 
HIT PORTFOLIO I NTC HIL TRS, LP, a Delaware limited partnership
By: HIT Portfolio I NTC TRS GP, LLC, its general partner
By: s/s Paul C. Hughes_________  
Name: Paul C. Hughes  
Title: General Counsel and Secretary 
HIT PORTFOLIO I NTC TRS, LP, a Delaware limited partnership
By: HIT Portfolio I NTC TRS GP, LLC, its general partner
By: s/s Paul C. Hughes_________  
Name: Paul C. Hughes  
Title: General Counsel and Secretary 
 [SIGNATURE(S) CONTINUE ON FOLLOWING PAGE]

Exhibit 10.8

LENDER:

DEUTSCHE BANK AG, NEW YORK BRANCH
By: s/s David Goodman_____ 
Name: David Goodman
Title:  Managing Director 

By: s/s Lisa Paterson__________ 
Name: Lisa Paterson
Title:  Managing Director
CITIGROUP GLOBAL MARKETS REALTY CORP., a New York corporation
By: s/s Harry Kramer________ 
Name: Harry Kramer 
Title: Vice President 
JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a banking association chartered under the laws of the United States of America
By:s/s Anthony Shaskus_______ 
Name: Anthony Shaskus
Title: Vice President 

[SIGNATURE(S) CONTINUE ON FOLLOWING PAGE]

Exhibit 10.8

Each of the undersigned hereby acknowledges and consents to the amendment of the Original Loan Agreement and the Original Loan Documents pursuant to this Amendment, and agrees that the liability of the undersigned under the Guaranty, the Environmental Indemnity and each of the other Original Loan Documents  (as each of the Original Loan Documents are amended or otherwise modified on the date hereof by this Amendment) to which it is a party (collectively, the “Guarantor Documents”) shall not be affected as a result of this Amendment or any other documents executed in connection therewith, and hereby ratifies the Guarantor Documents in all respects and confirms that the Guarantor Documents are and shall remain in full force and effect.

GUARANTOR:
HOSPITALITY INVESTORS TRUST OPERATING PARTNERSHIP, L.P., a Delaware limited partnership
By: Hospitality Investors Trust, Inc., a Maryland corporation, its general partner
By: s/s Paul C. Hughes_________  
Name: Paul C. Hughes  
Title: General Counsel and Secretary 
HOSPITALITY INVESTORS TRUST, INC., a Maryland corporation

By: s/s Paul C. Hughes_________ 
Name: Paul C. Hughes  
                      Title: General Counsel and Secretary

Exhibit 10.8

SCHEDULE I-A
BORROWER
		
	1.
	HIT Portfolio I Owner, LLC

		
	2.
	HIT Portfolio I GBGL Owner, LLC

		
	3.
	HIT Portfolio I MBGL 950 Owner, LLC

		
	4.
	HIT Portfolio I PXGL Owner, LLC

		
	5.
	HIT Portfolio I NFGL Owner, LLC

		
	6.
	HIT Portfolio I BHGL Owner, LLC

		
	7.
	HIT Portfolio I DLGL Owner, LP

		
	8.
	HIT Portfolio I NTC Owner, LP

Schedule I-A-1    

Exhibit 10.8

SCHEDULE I-B
OPERATING LESSEE
		
	1.
	HIT Portfolio I TRS, LLC

		
	2.
	HIT Portfolio I HIL TRS, LLC

		
	3.
	HIT Portfolio I MCK TRS, LLC

		
	4.
	HIT Portfolio I MISC TRS, LLC

		
	5.
	HIT Portfolio I DEKS TRS, LLC

		
	6.
	HIT Portfolio I NTC TRS, LP

		
	7.
	HIT Portfolio I NTC HIL TRS, LP

Schedule I-B-1Exhibit

Exhibit 10.9

NOTE CONSOLIDATION AND SPLITTER AND LOAN MODIFICATION AGREEMENT
THIS NOTE CONSOLIDATION AND SPLITTER AND LOAN MODIFICATION AGREEMENT (this “Agreement”) is made as of May 24, 2017 by and among HIT PORTFOLIO I MEZZ, LP, a Delaware limited partnership, having an address at c/o Hospitality Investors Trust, Inc., 3950 University Drive, Fairfax, Virginia 22030 (together with its permitted successors and assigns, “Borrower”), HIT PORTFOLIO I TRS HOLDCO, LLC, a Delaware limited liability company, having an address at c/o Hospitality Investors Trust, Inc., 3950 University Drive, Fairfax, Virginia 22030 (together with its permitted successors and assigns, “Leasehold Pledgor”), DEUTSCHE BANK AG, NEW YORK BRANCH, a branch of Deutsche Bank AG, a German Bank authorized by the New York Department of Financial Services, having an address at 60 Wall Street, 10th Floor, New York, New York 10005 (“DBNY”), CITIGROUP GLOBAL MARKETS REALTY CORP., a New York corporation, having an address at 390 Greenwich Street, New York, New York 10013 (“Citi”) and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a banking association chartered under the laws of the United States of America, having an address at 383 Madison Avenue, New York, New York 10179, in its capacity as lender (“JPM”, and together with DBNY and Citi, collectively, “Lender”). 
W I T N E S S E T H:
WHEREAS, (i) DBNY is the owner and holder of that certain Mezzanine Promissory Note A-1, dated as of April 28, 2017, made by Borrower in favor of DBNY in the original principal amount of $44,000,000.00, (ii) Citi is the owner and holder of that certain Mezzanine Promissory Note A-2, dated as of April 28, 2017, made by Borrower in favor of Citi in the original principal amount of $44,000,000.00, and (iii) JPM is the owner and holder of that certain Mezzanine Promissory Note A-3, dated as of April 28, 2017, made by Borrower in favor of JPM in the original principal amount of $22,000,000.00,  (collectively, the “Prior Notes”), which Prior Notes evidence a loan made by Lender to Borrower in the aggregate original principal amount of One Hundred Ten Million and No/100 Dollars ($110,000,000.00) (the “Loan”) pursuant to that certain Mezzanine Loan Agreement dated as of April 28, 2017 (as the same may be amended, restated, replaced, supplemented, or otherwise modified from time to time, the “Loan Agreement”), by and among Borrower, Leasehold Pledgor, and Lender.
WHEREAS, the Loan is further evidenced and secured by the other Loan Documents (as defined in the Loan Agreement);
WHEREAS, Borrower and Lender have agreed, among other things, (a) to combine and consolidate the Prior Notes to evidence one unified indebtedness in the aggregate principal amount of One Hundred Ten Million and No/100 Dollars ($110,000,000.00), (b) to subsequently split such consolidated indebtedness into separate portions, and (c) to amend and restate in their entirety the terms of the Prior Notes as so combined, consolidated and split; and

Exhibit 10.9

WHEREAS, Lender and Borrower desire to amend the Loan Agreement and the other Loan Documents in the manner hereinafter set forth to reflect the consolidation and splitting of the Prior Notes into the Replacement Notes (as defined below);
NOW, THEREFORE, in consideration of the foregoing recitals, which are incorporated into the operative provisions of this Agreement by this reference, and for other good and valuable consideration, the receipt and adequacy of which are hereby conclusively acknowledged, Borrower hereby covenants and agrees with Lender as follows:
Section 1.Original Indebtedness.  Borrower hereby acknowledges that, as of the date hereof, the aggregate original principal indebtedness evidenced by the Prior Notes is One Hundred Ten Million and No/100 Dollars ($110,000,000.00).
Section 2.    Consolidation, Splitting and Amendment and Restatement of Prior Note.  The Prior Notes (a) are hereby combined and consolidated so that together they shall hereafter constitute in law but one indebtedness in the aggregate principal amount of One Hundred Ten Million and No/100 Dollars ($110,000,000.00), together with interest thereon as hereinafter provided, and (b) as so combined and consolidated, are hereby split and amended and restated in their entirety as of the date hereof into eleven (11) promissory notes as follows:
(i)    Replacement Mezzanine Promissory Note A-1 dated as of May [__], 2017 from Borrower to Lender (“Note A-1”) with respect to Thirty Million and No/100 Dollars ($30,000,000.00) of the aggregate indebtedness heretofore evidenced by the Prior Notes, the provisions of which Note A-1 are annexed hereto as Exhibit A-1;
(ii)    Replacement Mezzanine Promissory Note A-2 dated as of May [__], 2017 from Borrower to Lender (“Note A-2”) with respect to Fifteen Million and No/100 Dollars ($15,000,000.00) of the aggregate indebtedness heretofore evidenced by the Prior Notes, the provisions of which Note A-2 are annexed hereto as Exhibit A-2;
(iii)    Replacement Mezzanine Promissory Note A-3 dated as of May [__], 2017 from Borrower to Lender (“Note A-3”) with respect to Five Million and No/100 Dollars ($5,000,000.00) of the aggregate indebtedness heretofore evidenced by the Prior Notes, the provisions of which Note A-3 are annexed hereto as Exhibit A-3;
(iv)    Replacement Mezzanine Promissory Note A-4 dated as of May [__], 2017 from Borrower to Lender (“Note A-4”) with respect to Five Million and No/100 Dollars ($5,000,000.00) of the aggregate indebtedness heretofore evidenced by the Prior Notes, the provisions of which Note A-4 are annexed hereto as Exhibit A-4;
(v)    Replacement Mezzanine Promissory Note A-5 dated as of May [__], 2017 from Borrower to Lender (“Note A-5”) with respect to Eighteen Million and No/100 Dollars ($18,000,000.00) of the aggregate indebtedness heretofore evidenced by the Prior Notes, the provisions of which Note A-5 are annexed hereto as Exhibit A-5;

2

Exhibit 10.9

(vi)    Replacement Mezzanine Promissory Note A-6 dated as of May [__], 2017 from Borrower to Lender (“Note A-6”) with respect to One Million and No/100 Dollars ($1,000,000.00) of the aggregate indebtedness heretofore evidenced by the Prior Notes, the provisions of which Note A-6 are annexed hereto as Exhibit A-6;
(vii)    Replacement Mezzanine Promissory Note A-7 dated as of May [__], 2017 from Borrower to Lender (“Note A-7”) with respect to One Million and No/100 Dollars ($1,000,000.00) of the aggregate indebtedness heretofore evidenced by the Prior Notes, the provisions of which Note A-7 are annexed hereto as Exhibit A-7;
(viii)    Replacement Mezzanine Promissory Note A-8 dated as of May [__], 2017 from Borrower to Lender (“Note A-8”) with respect to Nine Million Five Hundred Thousand and No/100 Dollars ($9,500,000.00) of the aggregate indebtedness heretofore evidenced by the Prior Notes, the provisions of which Note A-8 are annexed hereto as Exhibit A-8;
(ix)    Replacement Mezzanine Promissory Note A-9 dated as of May [__], 2017 from Borrower to Lender (“Note A-9”) with respect to Five Million and No/100 Dollars ($5,000,000.00) of the aggregate indebtedness heretofore evidenced by the Prior Notes, the provisions of which Note A-9 are annexed hereto as Exhibit A-9;
(x)    Replacement Mezzanine Promissory Note A-10 dated as of May [__], 2017 from Borrower to Lender (“Note A-10”) with respect to Four Million Five Hundred Thousand and No/100 Dollars ($4,500,000.00) of the aggregate indebtedness heretofore evidenced by the Prior Notes, the provisions of which Note A-10 are annexed hereto as Exhibit A-10;
(xi)    Replacement Mezzanine Promissory Note A-11 dated as of May [__], 2017 from Borrower to Lender (“Note A-11”) with respect to Sixteen Million and No/100 Dollars ($16,000,000.00) of the aggregate indebtedness heretofore evidenced by the Prior Notes, the provisions of which Note A-11 are annexed hereto as Exhibit A-11;
Note A-1, Note A-2, Note A-3, Note A-4, Note A-5, Note A-6, Note A-7, Note A-8, Note A-9, Note A-10 and Note A-11 are herein collectively referred to as the “Replacement Notes”; and such aggregate principal amount under the Replacement Notes, together with all interest accrued and unpaid thereon, and all other amounts that may or shall become due and owing under the Loan Documents is hereinafter collectively referred to as the “Aggregate Debt”.
Section 3.    Ratification of Replacement Notes.  The Replacement Notes are hereby ratified and confirmed in all respects by Borrower and, except as so combined and consolidated, split and modified as set forth herein, the Replacement Notes shall remain unchanged and in full force and effect.  Each of the Replacement Notes is secured by the liens and security interests created by the Mortgage.
Section 4.    No New Indebtedness.  

3

Exhibit 10.9

(a)Borrower and Lender hereby acknowledge and agree that all of the Replacement Notes, taken together, evidence the same indebtedness evidenced by the Prior Notes and substitute for the Prior Notes without any novation, cancellation, extinguishment, payment or satisfaction thereof.  The Prior Notes have been superseded in their entirety by the Replacement Notes.  Nothing contained in this Agreement or in the Replacement Notes shall:
(i)    be deemed to cancel, extinguish, or constitute payment or satisfaction of the indebtedness secured by the Mortgage or other Loan Documents or evidenced by the Prior Notes;
(ii)    give rise to any defense, set-off, right of recoupment, claim or counterclaim with respect to any of the Borrower’s obligations under the Loan Documents or the Prior Notes; 
(iii)    constitute a new or additional indebtedness or constitute a novation as to Borrower’s obligations under the Prior Notes or the Loan Documents;
(iv)    constitute a re-advance of a loan; or
(v)    evidence any principal indebtedness other than the same principal indebtedness evidenced by the Prior Notes and secured by the Mortgage and the other Loan Documents.
(b)Borrower hereby (i) ratifies and confirms the lien and security interests contained in and created by the Mortgage and the other Loan Documents, and (ii) agrees that nothing contained in this Agreement is intended to or shall impair the liens or security interests contained in and created by the Mortgage and the other Loan Documents, which continues to secure the Aggregate Debt. 
Section 5.    Modifications to Loan Documents.  
(a)Section 2.1.4 of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 
“2.1.4    The Note.  The Loan shall be evidenced by (a) that certain Replacement Mezzanine Promissory Note A-1 dated as of May [__], 2017, in the stated principal amount of Thirty Million and No/100 Dollars ($30,000,000.00) executed by Borrower and payable to Lender (as the same may hereafter be amended, supplemented, restated, increased, extended or consolidated from time to time, “Note A-1”), (b) that certain Replacement Mezzanine Promissory Note A-2 dated as of May [__], 2017, in the stated principal amount of Fifteen Million and No/100 Dollars ($15,000,000.00) executed by Borrower and payable to Lender (as the same may hereafter be amended, supplemented, restated, increased, extended or consolidated from time to time, “Note A-2”), (c) that certain Replacement Mezzanine Promissory Note A-3 dated as of May [__], 2017, in the stated principal amount of Five Million and No/100 Dollars ($5,000,000.00) executed by Borrower and payable to Lender (as the same may hereafter be amended, supplemented, restated, increased, extended or consolidated from time to time, “Note A-3”), (d) that certain Replacement 

4

Exhibit 10.9

Mezzanine Promissory Note A-4 dated as of May [__], 2017, in the stated principal amount of Five Million and No/100 Dollars ($5,000,000.00) executed by Borrower and payable to Lender (as the same may hereafter be amended, supplemented, restated, increased, extended or consolidated from time to time, “Note A-4”), (e) that certain Replacement Mezzanine Promissory Note A-5 dated as of May [__], 2017, in the stated principal amount of Eighteen Million and No/100 Dollars ($18,000,000.00) executed by Borrower and payable to Lender (as the same may hereafter be amended, supplemented, restated, increased, extended or consolidated from time to time, “Note A-5”), (f) that certain Replacement Mezzanine Promissory Note A-6 dated as of May [__], 2017, in the stated principal amount of One Million and No/100 Dollars ($1,000,000.00) executed by Borrower and payable to Lender (as the same may hereafter be amended, supplemented, restated, increased, extended or consolidated from time to time, “Note A-6”), (g) that certain Replacement Mezzanine Promissory Note A-7 dated as of May [__], 2017, in the stated principal amount of One Million and No/100 Dollars ($1,000,000.00) executed by Borrower and payable to Lender (as the same may hereafter be amended, supplemented, restated, increased, extended or consolidated from time to time, “Note A-7”), (h) that certain Replacement Mezzanine Promissory Note A-8 dated as of May [__], 2017, in the stated principal amount of Nine Million Five Hundred Thousand and No/100 Dollars ($9,500,000.00) executed by Borrower and payable to Lender (as the same may hereafter be amended, supplemented, restated, increased, extended or consolidated from time to time, “Note A-8”), (i) that certain Replacement Mezzanine Promissory Note A-9 dated as of May [__], 2017, in the stated principal amount of Five Million and No/100 Dollars ($5,000,000.00) executed by Borrower and payable to Lender (as the same may hereafter be amended, supplemented, restated, increased, extended or consolidated from time to time, “Note A-9”), (j) that certain Replacement Mezzanine Promissory Note A-10 dated as of May [__], 2017, in the stated principal amount of Four Million Five Hundred Thousand and No/100 Dollars ($4,500,000.00) executed by Borrower and payable to Lender (as the same may hereafter be amended, supplemented, restated, increased, extended or consolidated from time to time, “Note A-10”), and (k) that certain Replacement Mezzanine Promissory Note A-11 dated as of May [__], 2017, in the stated principal amount of Sixteen Million and No/100 Dollars ($16,000,000.00) executed by Borrower and payable to Lender (as the same may hereafter be amended, supplemented, restated, increased, extended or consolidated from time to time, “Note A-11”, and together with Note A-1, Note A-2, Note A-3, Note A-4, Note A-5, Note A-6, Note A-7, Note A-8, Note A-9 and Note A-10, collectively, the “Note”), in the aggregate, in evidence of the Loan, and shall be repaid in accordance with the terms of this Agreement, the Note and the Other Loan Documents.”
(c)All references in the Loan Documents to the Loan Agreement shall mean the Loan Agreement as hereby modified.
(d)As amended by this Agreement, all terms, covenants and provisions of the Loan Documents are ratified and confirmed and shall remain in full force and effect as first written.
(e)Except as modified and amended hereby, the Loan, the Loan Agreement and the other Loan Documents and the respective obligations of Lender, Borrower and Guarantor thereunder shall remain unmodified and in full force and effect.

5

Exhibit 10.9

Section 6.    Additional Representations and Warranties.  Borrower represents, warrants and covenants that (a) there are no offsets, counterclaims or defenses against the Aggregate Debt, this Agreement, the Loan Agreement, the Mortgage or the Replacement Notes arising solely by reason of entering into this Agreement, and (b) Borrower has the full power, authority and legal right to execute this Agreement and to keep and observe all of the terms of this Agreement on its part to be observed or performed.
Section 7.    Further Assurances.  At any time or from time to time, upon the request of Lender, Borrower shall execute and deliver such further documents and do such other acts and things as Lender may reasonably request in order to effect fully the purposes of this Agreement, provided that the same shall not increase the obligations or decrease the rights of Borrower hereunder or under the Loan Documents.
Section 8.    Notices.  All notices or other written communications hereunder shall be delivered in accordance with Section 10.6 of the Loan Agreement.
Section 9.    Defined Terms.  Capitalized terms which are not defined in this Agreement shall have the meanings set forth in the Loan Agreement. 
Section 10.    No Joint Venture or Partnership.  Borrower and Lender intend that the relationships created hereunder and under the other Loan Documents be solely that of borrower and lender.  Nothing herein or therein is intended to create a joint venture, partnership, tenancy‐in‐common, or joint tenancy relationship between Borrower and Lender nor to grant Lender any interest in the Collateral other than that of mortgagee, beneficiary or lender.
Section 11.    Modification, Waiver in Writing.  No modification, amendment, extension, discharge, termination or waiver of any provision of this Agreement, or of the Replacement Notes, or of any other Loan Document, nor consent to any departure by Borrower therefrom, shall in any event be effective unless the same shall be in a writing signed by the party against whom enforcement is sought, and then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given.  Except as otherwise expressly provided herein, no notice to, or demand on Borrower shall entitle Borrower to any other or future notice or demand in the same, similar or other circumstances.   
Section 12.    Headings.  The Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose.   
Section 13.    Entire Agreement.  This Agreement, the Replacement Notes and the other Loan Documents contain the entire agreement of the parties hereto and thereto in respect of the transactions contemplated hereby and thereby, and all prior agreements among or between such parties, whether oral or written, between Borrower and Lender are superseded by the terms of this Agreement and the other Loan Documents.
Section 14.    Successors and Assigns.  Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the legal representatives, 

6

Exhibit 10.9

successors and assigns of such party.  All covenants, promises and agreements in this Agreement, by or on behalf of Borrower, shall inure to the benefit of the respective legal representatives, successors and assigns of Lender.
Section 15.    No Third-Party Beneficiaries.  Nothing contained herein is intended or shall be deemed to create or confer any rights upon any third person not a party hereto, whether as a third‐party beneficiary or otherwise, except as expressly provided herein.
Section 16.    Severability.  Wherever possible, each provision of this Agreement and every other Loan Document shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement or any other Loan Document shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement or any other Loan Document, as applicable.
Section 17.    Governing Law.  This Agreement shall be governed in accordance with the terms and provisions of Section 10.4 of the Loan Agreement.
Section 18.    TRIAL BY JURY.  BORROWER AND LENDER HEREBY AGREE NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVE ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH.  THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER AND LENDER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE.  BORROWER AND LENDER ARE HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY THE OTHER PARTY. 
Section 19.    Counterparts.  To facilitate execution, this Agreement 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 instrument.  It shall not be necessary in making proof of this Agreement 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.
[NO FURTHER TEXT ON THIS PAGE]

7

Exhibit 10.9

IN WITNESS WHEREOF, this Agreement has been executed by Borrower, Leasehold Pledgor and Lender as of the date first set forth above.

BORROWER:
HIT PORTFOLIO I MEZZ, LP, a Delaware limited partnership

By: HIT PORTFOLIO I MEZZ GP, LLC, a Delaware limited liability company, its general partner 

By: s/s Paul C. Hughes_________ 
       Name: Paul C. Hughes 
       Title: General Counsel and Secretary 

LEASEHOLD PLEDGOR:

HIT PORTFOLIO I TRS HOLDCO, LLC,
a Delaware limited liability company

By: s/s Paul C. Hughes_________ 
       Name: Paul C. Hughes 
       Title: General Counsel and Secretary 

Exhibit 10.9

LENDER:

DEUTSCHE BANK AG, NEW YORK BRANCH

By: s/s Thomas Rugg______
Name: Thomas Rugg
Title: Managing Director  

By: s/s Lisa Paterson______ 
Name: Lisa Paterson 
Title: Managing Director  

    

Exhibit 10.9

CITIGROUP GLOBAL MARKETS REALTY CORP.

By: s/s Bradley Bloom_____ 
Name: Bradley Bloom 
Title: Vice President 

    

Exhibit 10.9

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

By:s/s Jennifer Lewin______ 
Name: Jennifer Lewin 
Title: Vice President 

    

Exhibit 10.9

EXHIBIT A-1

Replacement Mezzanine Note A-1 
 
(attached hereto)

    

Exhibit 10.9

EXHIBIT A-2

Replacement Mezzanine Note A-2 
 
(attached hereto)

    

Exhibit 10.9

EXHIBIT A-3
Replacement Mezzanine Note A-3 
 
(attached hereto)

    

Exhibit 10.9

EXHIBIT A-4
Replacement Mezzanine Note A-4 
 
(attached hereto)

    

Exhibit 10.9

EXHIBIT A-5
Replacement Mezzanine Note A-5 
 
(attached hereto)

    

Exhibit 10.9

EXHIBIT A-6
Replacement Mezzanine Note A-6 
 
(attached hereto)

    

Exhibit 10.9

EXHIBIT A-7
Replacement Mezzanine Note A-7 
 
(attached hereto)

    

Exhibit 10.9

EXHIBIT A-8
Replacement Mezzanine Note A-8 
 
(attached hereto)

    

Exhibit 10.9

EXHIBIT A-9
Replacement Mezzanine Note A-9 
 
(attached hereto)

    

Exhibit 10.9

EXHIBIT A-10
Replacement Mezzanine Note A-10 
 
(attached hereto)

    

Exhibit 10.9

EXHIBIT A-11
Replacement Mezzanine Note A-11 
 
(attached hereto)

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