Document:

EX-10.2

 Exhibit 10.2 

Loan No. 33-0942145 

GUARANTY OF RECOURSE OBLIGATIONS 

FOR VALUE RECEIVED, and to induce WELLS FARGO BANK, NATIONAL ASSOCIATION, having an address at Wells Fargo Center, 1901 Harrison
Street, 2nd Floor, MAC A0227-020, Oakland, California 94612 (together with its successors and/or assigns, “Lender”), to lend to CDOR JAX
COURT, LLC, a Delaware limited liability company, TRS JAX COURT, LLC, a Delaware limited liability company, CDOR ATL INDY, LLC, a Delaware limited liability company, TRS ATL INDY, LLC, a Delaware limited liability company,
CDOR SAN SPRING, LLC, a Delaware limited liability company, and TRS SAN SPRING, LLC, a Delaware limited liability company, each having its principal place of business at c/o Condor Hospitality Trust, Inc. 4800 Montgomery Lane, Ste.
220, Bethesda, Maryland 20814 (collectively, “Borrower”), the principal sum of TWENTY-SIX MILLION FIVE HUNDRED THOUSAND AND NO/DOLLARS ($26,500,000.00) (the “Loan”), evidenced
by that certain Promissory Note (as the same may be amended, restated, replaced, split or otherwise modified, the “Note”) and that certain Loan Agreement (as the same may be amended, restated, replaced or otherwise modified the
“Loan Agreement”) and secured by that certain Security Instrument Guarantor (defined below) is delivering this Guaranty (defined below) to Lender. The Note, the Security Instrument, the Loan Agreement and all other
documents, agreements and certificates executed and/or delivered in connection with the Loan, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, are collectively referred to herein as the
“Loan Documents”. Capitalized terms not otherwise defined herein have the meanings set forth in the Loan Agreement. 

1. As of this 4th day of October, 2017, the undersigned, CONDOR
HOSPITALITY TRUST, INC., having an address at 4800 Montgomery Lane – Ste. 220, Bethesda, Maryland 20814 (hereinafter referred to as “Guarantor”), hereby absolutely and unconditionally guarantees to Lender the prompt and
unconditional payment of the Guaranteed Obligations (hereinafter defined). 
 2. It is expressly understood and agreed that
this is a continuing guaranty and that the obligations of Guarantor hereunder are and shall be absolute under any and all circumstances, without regard to the validity, regularity or enforceability of the Note, the Loan Agreement, the Security
Instrument or the other Loan Documents, a true copy of each of said documents Guarantor hereby acknowledges having received and reviewed. 

3. The term “Debt” as used in this Guaranty of Recourse Obligations (this “Guaranty”) shall
mean (i) the outstanding principal amount set forth in, and evidenced by, the Loan Agreement and the Note together with all interest accrued and unpaid thereon and all other sums due to Lender in respect of the Loan under the Note, the Loan
Agreement or the other Loan Documents, and (ii) any Interest Rate Protection Breakage Costs due and payable pursuant to the Interest Rate Protection Agreement, and (iii) all sums advanced and costs and expenses incurred (including unpaid
or unreimbursed servicing and special servicing fees) by Lender in connection with the enforcement and/or collection of the Debt or any part thereof. 

 4. The term “Guaranteed Obligations” as used in this Guaranty
shall mean all obligations and liabilities of Borrower for which Borrower shall be personally liable pursuant to Article 13 of the Loan Agreement. 

5. Any indebtedness of Borrower to Guarantor now or hereafter existing (including, but not limited to, any rights to
subrogation Guarantor may have as a result of any payment by Guarantor under this Guaranty), together with any interest thereon, shall be, and such indebtedness is, hereby deferred, postponed and subordinated to the prior payment in full of the
Debt. Until payment in full of the Debt (and including interest accruing on the Note after the commencement of a proceeding by or against Borrower under the Bankruptcy Code, which interest the parties agree shall remain a claim that is prior and
superior to any claim of Guarantor notwithstanding any contrary practice, custom or ruling in cases under the Bankruptcy Code generally), Guarantor agrees not to accept any payment or satisfaction of any kind of indebtedness of Borrower to Guarantor
and hereby assigns such indebtedness to Lender, including the right to file proof of claim and to vote thereon in connection with any such proceeding under the Bankruptcy Code, including the right to vote on any plan of reorganization. Further, if
Guarantor shall comprise more than one person, firm or corporation, Guarantor agrees that until such payment in full of the Debt, (a) no one of them shall accept payment from the others by way of contribution on account of any payment made
hereunder by such party to Lender, (b) no one of them will take any action to exercise or enforce any rights to such contribution, and (c) if any of Guarantor should receive any payment, satisfaction or security for any indebtedness of
Borrower to any of Guarantor or for any contribution by the others of Guarantor for payment made hereunder by the recipient to Lender, the same shall be delivered to Lender in the form received, endorsed or assigned as may be appropriate for
application on account of, or as security for, the Debt and until so delivered, shall be held in trust for Lender as security for the Debt. 

6. Guarantor agrees that, with or without notice or demand, Guarantor will reimburse Lender, to the extent that such
reimbursement is not made by Borrower, for all costs and expenses (including counsel fees) incurred by Lender in connection with the collection of the Guaranteed Obligations or any portion thereof or with the enforcement of this Guaranty. 

7. All moneys available to Lender for application in payment or reduction of the Debt may be applied by Lender in such manner
and in such amounts and at such time or times and in such order and priority as Lender may see fit to the payment or reduction of such portion of the Debt as Lender may elect. 

8. Guarantor waives: (a) any defense based upon any legal disability or other defense of Borrower, any other guarantor or
other person, or by reason of the cessation or limitation of the liability of Borrower from any cause other than full payment of all sums payable under the Loan Agreement or any of the other Loan Documents; (b) any defense based upon any lack
of authority of the officers, directors, partners or agents acting or purporting to act on behalf of Borrower or any principal of Borrower or any defect in the formation of Borrower or any principal of Borrower; (c) any defense based upon the
application by Borrower of the proceeds of the Loan for purposes other than the purposes represented by Borrower to Lender or intended or understood by Lender or Guarantor; (d) all rights and defenses arising out of an election of remedies by
Lender; (e) any defense based upon Lender’s 

  
 2 

 
failure to disclose to Guarantor any information concerning Borrower’s financial condition or any other circumstances bearing on Borrower’s ability to pay all sums payable under the
Loan Agreement or any of the other Loan Documents; (f) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in any other respects more burdensome than that of a
principal; (g) any defense based upon Lender’s election, in any proceeding instituted under the Bankruptcy Code, of the application of Section 1111(b)(2) of the Bankruptcy Code or any successor statute; (h) any defense based upon
any borrowing or any grant of a security interest under Section 364 of the Bankruptcy Code; (i) presentment, demand, protest and notice of any kind; and (j) the benefit of any statute of limitations affecting the liability of
Guarantor hereunder or the enforcement hereof. In addition, Guarantor waives all rights and defenses that Guarantor may have because Borrower’s debt is secured by real property. This means, among other things: (1) Lender may collect from
Guarantor without first foreclosing on any real or personal property collateral pledged by Borrower; and (2) if Lender forecloses on any real property collateral pledged by Borrower, then (i) the amount of the debt may be reduced only by
the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price, and (ii) Lender may collect from Guarantor even if Lender, by foreclosing on the real property collateral, has
destroyed any right Guarantor may have to collect from Borrower. The foregoing sentence is an unconditional and irrevocable waiver of any rights and defenses Guarantor may have because Borrower’s debt is secured by real property. Finally,
Guarantor agrees that the payment of all sums payable under the Loan Agreement or any of the other Loan Documents or any part thereof or other act which tolls any statute of limitations applicable to the Note or the other Loan Documents shall
similarly operate to toll the statute of limitations applicable to Guarantor’s liability hereunder. 
 Guarantor hereby
acknowledges that: (a) as part of Lender’s consideration for entering into this transaction, Lender has specifically bargained for the waiver and relinquishment by Guarantor of all such defenses and (b) Guarantor has had the
opportunity to seek and receive legal advice from skilled legal counsel in the area of financial transactions of the type reflected in this Guaranty and the Loan Documents. Guarantor hereby represents and confirms to Lender that Guarantor is
fully informed regarding, and that Guarantor does thoroughly understand, (i) the nature of all such possible defenses, (ii) the circumstances under which those defenses may arise, (iii) the benefits which those defenses might confer
upon Guarantor, and (iv) the legal consequences to Guarantor of waiving those defenses. Guarantor acknowledges that Guarantor has entered into this Guaranty, and both undertaken Guarantor’s obligations and given its unconditional
waiver with the intent that this Guaranty and all such waivers shall be fully enforceable by Lender, and that Lender has been induced to enter into this transaction in material reliance upon the presumed full enforceability thereof. 

9. Guarantor further agrees that the validity of this Guaranty and the obligations of Guarantor hereunder shall in no way be
terminated, affected or impaired by reason of (a) the assertion by Lender of any rights or remedies which it may have under or with respect to the Note, the Loan Agreement, the Security Instrument, or the other Loan Documents against any Person
obligated thereunder or against the owner of the Property, (b) any failure to file or record any of such instruments or to take or perfect any security intended to be provided thereby, (c) the release or exchange of any property covered by
the Security Instrument or other collateral for the Loan, (d) Lender’s failure to exercise, or delay in exercising, any such 

  
 3 

 
right or remedy or any right or remedy Lender may have hereunder or in respect to this Guaranty, (e) the commencement of a case under the Bankruptcy Code by or against any person obligated
under the Note, the Loan Agreement, the Security Instrument or the other Loan Documents, or the death of any Guarantor, (f) by any partial or total transfer or pledge of the interests in Borrower, or in any direct or indirect owner of Borrower,
and/or the reconstitution of Borrower as a result of such transfer or pledge, regardless of whether any of the foregoing is permitted under the Loan Documents, or (g) any payment made on the Debt or any other indebtedness arising under the
Note, the Loan Agreement, the Security Instrument or the other Loan Documents, whether made by Borrower or Guarantor or any other person, which is required to be refunded pursuant to any bankruptcy or insolvency law; it being understood that no
payment so refunded shall be considered as a payment of any portion of the Debt, nor shall it have the effect of reducing the liability of Guarantor hereunder. In the event that pursuant to any insolvency, bankruptcy, reorganization, receivership or
other debtor relief law or any judgment, order or decision thereunder Lender must rescind or restore any payment or any part thereof received by Lender in satisfaction of the Guaranteed Obligations, as set forth herein, any prior release or
discharge from the terms of this Guaranty given to Guarantor by Lender shall be without effect and this Guaranty shall remain in full force and effect. It is the intention of Borrower and Guarantor that the Guaranteed Obligations hereunder shall not
be discharged except by Guarantor’s performance of such Guaranteed Obligations and then only to the extent of such performance. It is further understood, that if Borrower shall have taken advantage of, or be subject to the protection of, any
provision in the Bankruptcy Code, the effect of which is to prevent or delay Lender from taking any remedial action against Borrower, including the exercise of any option Lender has to declare the Debt due and payable on the happening of any default
or event by which under the terms of the Note, the Loan Agreement, the Security Instrument or the other Loan Documents, the Debt shall become due and payable, Lender may, as against Guarantor, nevertheless, declare the Debt due and payable and
enforce any or all of its rights and remedies against Guarantor provided for herein. 
 10. Guarantor warrants and
acknowledges that: (a) Lender would not make the Loan but for this Guaranty; (b) there are no conditions precedent to the effectiveness of this Guaranty and this Guaranty shall be in full force and effect and binding on Guarantor
regardless of whether Lender obtains other collateral or any guaranties from others or takes any other action contemplated by Guarantor; (c) Guarantor has established adequate means of obtaining from sources other than Lender, on a continuing
basis, financial and other information pertaining to Borrower’s financial condition, the Property and Borrower’s activities relating thereto, and the status of Borrower’s performance of obligations under the Loan Documents, and
Guarantor agrees to keep adequately informed from such means of any facts, events or circumstances which might in any way affect Guarantor’s risks hereunder and Lender has not made any representation to Guarantor as to any such matters;
(d) the most recent financial statements of Guarantor previously delivered to Lender are true and correct in all material respects, have been prepared in accordance with GAAP or in accordance with other principles acceptable to Lender in its
reasonable discretion (consistently applied) and fairly present the financial condition of Guarantor in all material respects as of the respective dates thereof, and no material adverse change has occurred in the financial condition of Guarantor
since the respective dates thereof; (e) Guarantor has not and will not, without the prior written consent of Lender, sell, lease, assign, encumber, hypothecate, transfer or otherwise dispose of all or substantially all of Guarantor’s
assets, or any interest therein, other than in the ordinary course of Guarantor’s business; and (f) Guarantor has not and will not cause or consent to any action or failure to act that would result in Borrower failing to be at all times a
“single purpose entity” as described in Article 5 of the Loan Agreement. 

  
 4 

 11. So long as the Loan or any other obligation guaranteed hereby remains
outstanding (other than, following the termination of the Loan Agreement and all other Loan Documents, contingent indemnification obligations as to which no claim has been made), Guarantor shall provide to Lender (i) within ninety
(90) days after the end of each fiscal year and forty-five (45) days after the end of each calendar quarter, (A) financial statements of Guarantor covering the corresponding period then ended including a balance sheet and operating
statement, (B) a statement of cash flow and (C) a statement of equity, audited by a “Big Four” accounting firm or other independent certified public accountant reasonably acceptable to Lender (in the case of the annual financial
statements), together with a certificate of Guarantor that the Minimum Financial Criteria (defined below) continues to be satisfied (including Guarantor’s calculation of Guarantor’s Net Worth and Liquidity), each of such statements
delivered pursuant to this clause (i) shall be certified as being true and correct by a Responsible Officer of Guarantor, (ii) within ninety (90) days after the end of each fiscal year, a complete copy of Guarantor’s federal and
(to the extent applicable) state income tax returns for the immediately preceding tax year, and (iii) such other information reasonably requested by Lender and reasonably available to Guarantor. Guarantor agrees that all financial statements to
be delivered to Lender pursuant to this Section 11 shall: (i) be complete and correct in all material respects; (ii) present fairly and accurately the financial condition of Guarantor in all material respects; (iii) disclose all
liabilities that are required to be reflected or reserved against; and (iv) be prepared (A) in hardcopy and electronic formats and (B) in accordance with GAAP or in accordance with other principles acceptable to Lender in its
reasonable discretion (consistently applied). Guarantor shall be deemed to warrant and represent that, as of the date of delivery of any such financial statement, there has been no material adverse change in financial condition since the date of
such financial statement except as disclosed by Guarantor in a writing delivered to Lender. Guarantor agrees that all financial statements shall not contain any misrepresentation or omission of a material fact which would make such financial
statements inaccurate, incomplete or otherwise misleading in any material respect. 
 Furthermore, each legal entity and
individual obligated on this Guaranty hereby authorizes Lender to order and obtain, from a credit reporting agency of Lender’s choice, a third party credit report on such legal entity and individual. 

12. Guarantor further covenants that this Guaranty shall remain and continue in full force and effect as to any modification,
extension or renewal of the Note, the Loan Agreement, the Security Instrument, or any of the other Loan Documents, that Lender shall not be under a duty to protect, secure or insure any security or lien provided by the Security Instrument or other
such collateral, and that other indulgences or forbearance may be granted under any or all of such documents, all of which may be made, done or suffered without notice to, or further consent of, Guarantor. 

  
 5 

 13. As a further inducement to Lender to make the Loan and in consideration
thereof, Guarantor further covenants and agrees (a) that in any action or proceeding brought by Lender against Guarantor on this Guaranty, Guarantor shall and does hereby waive trial by jury, (b) Guarantor irrevocably consents to service
of process by registered or certified mail, postage prepaid, to it at its address given in or pursuant to the first paragraph hereof, Guarantor hereby waiving personal service thereof, (c) with respect to any claim or action arising hereunder,
Guarantor (i) irrevocably submits to the nonexclusive jurisdiction of the courts of the State of New York and the United States District Court located in New York County, and appellate courts from any thereof, and (ii) irrevocably waives
any objection which it may have at any time to the laying on venue of any suit, action or proceeding arising out of or relating to this Guaranty brought in any such court, irrevocably waives any claim that any such suit, action or proceeding brought
in any such court has been brought in an inconvenient forum, and (d) nothing in this Guaranty will be deemed to preclude Lender from bringing an action or proceeding with respect hereto in any other jurisdiction. 

14. This is a guaranty of payment and not of collection and Guarantor shall be a primary obligor of the Guaranteed Obligations.
Upon the Guaranteed Obligations being incurred by Lender or upon any default of Borrower under the Note, the Loan Agreement, the Security Instrument or the other Loan Documents, Lender may, at its option, proceed directly and at once, without
notice, against Guarantor to collect and recover the full amount of the liability hereunder or any portion thereof, without proceeding against Borrower or any other person, or foreclosing upon, selling, or otherwise disposing of or collecting or
applying against any of the mortgaged property or other collateral for the Loan. 
 15. Each reference herein to Lender shall
be deemed to include its successors and assigns, to whose favor the provisions of this Guaranty shall also inure. Each reference herein to Guarantor shall be deemed to include the heirs, executors, administrators, legal representatives, successors
and assigns of Guarantor, all of whom shall be bound by the provisions of this Guaranty. 
 16. If any party hereto shall be
a partnership, the agreements and obligations on the part of Guarantor herein contained shall remain in force and application notwithstanding any changes in the individuals composing the partnership and the term “Guarantor” shall include
any altered or successive partnerships but the predecessor partnerships and their partners shall not thereby be released from any obligations or liability hereunder. 

17. It is the intent of Guarantor and Lender that the obligations and liabilities of Guarantor hereunder are absolute and
unconditional under any and all circumstances and that until the Guaranteed Obligations are fully and finally paid and performed, and not subject to refund or disgorgement, the obligations and liabilities of Guarantor hereunder shall not be
discharged or released, in whole or in part, by any act or occurrence that might, but for the provisions of this Guaranty, be deemed a legal or equitable discharge or release of a Guarantor. This Guaranty shall be deemed to be continuing in nature
and shall remain in full force and effect and shall survive the exercise of any remedy by Lender under the Security Instrument or any of the other Loan Documents, including, without limitation, any foreclosure or deed in lieu of foreclosure. 

  
 6 

 18. All understandings, representations and agreements heretofore had with
respect to this Guaranty are merged into this Guaranty which alone fully and completely expresses the agreement of Guarantor and Lender. 

19. This Guaranty may be executed in one or more counterparts by some or all of the parties hereto, each of which counterparts
shall be an original and all of which together shall constitute a single agreement of Guaranty. The failure of any party hereto to execute this Guaranty, or any counterpart hereof, shall not relieve the other signatories from their obligations
hereunder. 
 20. This Guaranty may not be modified, amended, waived, extended, changed, discharged or terminated orally or
by any act or failure to act on the part of Lender or Borrower, but only by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver, extension, change, discharge or termination is sought. 

21. This Guaranty shall be deemed to be a contract entered into pursuant to the laws of the State of New York and shall in all
respects be governed, construed, applied and enforced in accordance with applicable federal law and the laws of the State of New York, without reference or giving effect to any choice of law doctrine. 

22. Guarantor (and its representative, executing below, if any) hereby warrants, represents and covenants to Lender that: 

(a) Guarantor is duly organized and existing and in good standing under the laws of the state in which such entity is organized. Guarantor is
currently qualified or licensed (as applicable) and shall remain qualified or licensed to do business in each jurisdiction in which the nature of its business requires it to be so qualified or licensed, except to the extent the failure to qualify
would not materially and adversely affect Guarantor. 
 (b) The execution and delivery by Guarantor (and its representative executing below,
if any) of the Loan Documents to which Guarantor is a party has been duly authorized and the Loan Documents to which Guarantor is a party constitute valid and binding obligations of Guarantor, enforceable in accordance with their terms, except as
such enforcement may be limited by bankruptcy, insolvency, moratorium or other laws affecting the enforcement of creditors’ rights, or by the application of rules of equity. 

(c) The execution, delivery and performance by Guarantor of each of the Loan Documents to which Guarantor is a party do not violate any
provision of any law or regulation, or result in any material breach or default under any contract, obligation, indenture or other instrument to which Guarantor is a party or by which Guarantor is bound. 

(d) There are no pending or, to Guarantor’s knowledge, threatened actions, claims, investigations, suits or proceedings before any
governmental authority, court or administrative agency which materially and adversely affect the financial condition or operations of Guarantor, Borrower and/or the Property. 

  
 7 

 (e) None of the transactions contemplated by the Loan Documents will be or have been made with
an actual intent to hinder, delay or defraud any present or future creditors of Borrower or Guarantor, and Borrower and Guarantor, on the date hereof, will have received fair and reasonably equivalent value in good faith for the continued grant of
the liens or security interests effected by the Loan Documents. As of the date hereof, Borrower and Guarantor are solvent and will not be rendered insolvent by the transactions contemplated by the Loan Documents. As of the date hereof, Borrower and
Guarantor are able to pay their respective debts as they become due. 
 (f) Guarantor shall promptly notify Lender in writing of any
litigation pending or known to be threatened against Guarantor which, if determined adversely, would materially and adversely affect the financial condition or operations of Guarantor (after giving effect to insurance coverage). 

(g) As of the date hereof and continuing thereafter for the term of the Loan, the representations and warranties set forth in Sections 3.5,
3.7, 3.8, 3.21, 3.28 and 3.29 of the Loan Agreement are true and correct with respect to Guarantor, it being understood that wherever the term “Borrower” is used in each the foregoing sections it shall be deemed to be
“Guarantor”. 
 (h) Guarantor shall keep and maintain or will cause to be kept and maintained proper and accurate books and
records reflecting the financial affairs of Guarantor. Lender shall have the right from time to time during normal business hours upon reasonable notice to Guarantor to examine such books and records at the office of Guarantor or other Person
maintaining such books and records and to make such copies or extracts thereof as Lender shall desire. 
 (i) So long as the Loan and any of
the obligations set forth in the Loan Documents remain outstanding, Guarantor shall maintain (i) a minimum Net Worth (as defined herein) of not less than $65,000,000 and (ii) Liquidity (as defined herein) of no less than $2,500,000 (the
above items, (i) and (ii), collectively, the “Minimum Financial Criteria”). 
 As used herein: 

“Net Worth” shall mean net worth of Guarantor and its consolidated subsidiaries as calculated in accordance with generally
accepted accounting principles (or other principles acceptable to Lender). 
 “Liquidity” shall mean (a) unencumbered
Cash and Cash Equivalents of Guarantor and its consolidated subsidiaries and (b) marketable securities of Guarantor and its consolidated subsidiaries, each valued in accordance with GAAP (or other principles acceptable to Lender). 

“Cash and Cash Equivalents” shall mean all unrestricted or unencumbered (A) cash and (B) any of the following:
(x) marketable direct obligations issued or unconditionally guaranteed by the United States Government or issued by an agency thereof and backed by the full faith and credit of the United States; (y) marketable direct obligations issued by
any state of the United States of America or any political subdivision of any such state or any public instrumentality 

  
 8 

 
thereof which, at the time of acquisition, has one of the two highest ratings obtainable from any two (2) of Standard & Poor’s Corporation, Moody’s Investors Service, Inc.
or Fitch Investors (or, if at any time no two of the foregoing shall be rating such obligations, then from such other nationally recognized rating services as may be acceptable to Lender) and is not listed for possible down-grade in any publication
of any of the foregoing rating services; (z) domestic certificates of deposit or domestic time deposits or repurchase agreements issued by any commercial bank organized under the laws of the United States of America or any state thereof or the
District of Columbia having combined capital and surplus of not less than $1,000,000,000.00, which commercial bank has a rating of at least either AA or such comparable rating from Standard & Poor’s Corporation or Moody’s
Investors Service, Inc., respectively; (aa) any funds deposited or invested by Guarantor in accounts maintained with Lender and which are not held in escrow for, or pledged as security for, any obligations of Guarantor, Borrower and/or any of their
affiliates; (bb) money market funds having assets under management in excess of $2,000,000,000.00 and/or (cc) any unrestricted stock, shares, certificates, bonds, debentures, notes or other instrument which constitutes a “security”
under the Security Act of 1933 (other than Guarantor, Borrower and/or any of their affiliates) which are freely tradable on any nationally recognized securities exchange and are not otherwise encumbered by Guarantor. 

[NO FURTHER TEXT ON THIS PAGE] 

  
 9 

 IN WITNESS WHEREOF, Guarantor has duly executed this Guaranty of Recourse Obligations as
of the day and year first above written. 
  

			
	GUARANTOR:
	
	CONDOR HOSPITALITY TRUST, INC.
		
	By:	 	 /s/ Jonathan J. Gantt

	Name:	 	Jonathan J. Gantt
	Its:	 	Chief Financial Officer

  
 10EX-10.3

 Exhibit 10.3 

Loan No. 33-0942145 

CASH MANAGEMENT AGREEMENT 

THIS CASH MANAGEMENT AGREEMENT (this “Agreement”) is made as of October 4, 2017, by and among WELLS FARGO BANK,
NATIONAL ASSOCIATION (together with its successors and/or assigns, “Lender”), CDOR JAX COURT, LLC, a Delaware limited liability company, CDOR ATL INDY, LLC, a Delaware limited liability company, CDOR SAN SPRING,
LLC, a Delaware limited liability company (collectively, “Borrower”) and TRS ATL INDY, LLC, a Delaware limited liability company, TRS JAX COURT, LLC, a Delaware limited liability company, and TRS SAN
SPRING LLC, a Delaware limited liability company (collectively, “Operating Tenant”). 
 Recitals 

A. Pursuant to that certain Loan Agreement (the “Loan Agreement”) of even date herewith made by and between Borrower,
Operating Tenant and Lender, Lender has made a loan (the “Loan”) to Borrower in the principal amount of $26,500,000 as evidenced by that certain Promissory Note dated the date hereof given by Borrower and Operating Tenant to Lender
(the “Note”). 
 B. The Loan is secured by, among other things, the certain Deed of Trust, Assignment of Leases and Rents,
Security Agreement and Fixture Filing, Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing and Deed to Secure Debt, Assignment of Leases and Rents, Security Agreement and Fixture Filing (collectively, the
“Security Instrument”) of even date herewith which grants to Lender, among other things, a first lien on certain real property encumbered thereby (the “Property”) and an assignment of all Rents arising with respect
to the Property. The Loan Agreement, the Note, the Security Instrument and any other documents executed in connection with the Loan are, collectively, referred to herein as the “Loan Documents”. 

C. Operating Tenant and Peachtree Hospitality Management, LLC, a Georgia limited liability company (the “Manager”) have
entered into those certain Management Agreements, each dated as of October 1, 2015 between Operating Tenant and Manager, pursuant to which Manager has agreed to manage the Property. 

D. Pursuant to the terms of that certain Deposit Account Control Agreement (Soft Lockbox) (as the same may be amended, restated, replaced,
supplemented or otherwise modified from time to time in accordance with the terms hereof, the “Deposit Account Agreement”) of even date herewith made by and among Borrower, Operating Tenant, Lender and Bank (as defined below),
Borrower has established with Bank the Deposit Account (as defined below). 
 E. In order to fulfill certain of Borrower’s obligations
under the Loan Agreement and the other Loan Documents, Borrower and Operating Tenant have agreed that (a) prior to the occurrence of a Cash Trap Event Period (defined herein) Borrower and Operating Tenant shall cause all Rents to be deposited
directly into the Deposit Account and (b) upon the occurrence and during the continuance of a Cash Trap Event Period, Borrower and Operating Tenant shall cause all Rents to be deposited directly into the Deposit Account and such Rents will be
disbursed from the Deposit Account to Lender or its Servicer to be applied in accordance with the terms of this Agreement. 

 Agreement 

NOW, THEREFORE, in consideration of the mutual promises contained herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows: 
 1. Defined
Terms. 
 (a) As used herein, the following capitalized terms shall have the respective meanings set forth below: 

(i) “Accounts” shall mean, collectively, the Deposit Account, the Cash Management Account, the Tax Subaccount, the Insurance
Subaccount, the Debt Service Subaccount, the FF&E Reserve Subaccount, the PIP Reserve Subaccount, the Excess Cash Flow Subaccount and any other account established pursuant to the terms of the Loan Documents. 

(ii) “ACH System” shall mean the automated clearinghouse system. 

(iii) “Bank” shall mean the Wells Fargo Bank, National Association, or any permitted successor to Bank under the terms of the
Deposit Account Agreement. 
 (iv) “Business Day” shall mean any day other than a Saturday, Sunday or any day on which
commercial banks in the State of New York or in the state where the Accounts are located are authorized or required to close. 
 (v)
“Cash Management Account” has the meaning set forth in Section 2(b) hereof. 
 (vi) “Cash Trap Event
Period” shall mean a period commencing upon the earlier of (i) the occurrence and continuance of an Event of Default (including, without limitation, the termination or loss of the franchise for an Individual Property) or (ii) the
Debt Yield being less than 10% (tested quarterly), which such Cash Trap Event Period shall expire (y) with regard to any Cash Trap Event Period commenced in connection with clause (i) above, upon the cure (if applicable) of such Event of
Default (provided that a Cash Trap Event Period has not occurred and is not continuing pursuant to clause (ii) above), or (z) with regard to any Cash Trap Event Period commenced in connection with clause (ii) above, upon the date that
the Debt Yield is equal to or greater than 10.5% (provided that no Event of Default shall have occurred and be continuing during and at the time of the expiration of such period). Borrower shall have the right to cure a Cash Trap Event Period
commenced in connection with clause (ii) above by prepaying the Loan in an amount which would cause the Debt Yield to be 10.5%. Any such prepayment shall be made in accordance with Section 2.7 of the Loan Agreement without payment of any
Exit Fee. 
 (vii) “Credit Card Bank Payment Direction Letter” has the meaning set forth in Section 4(c) hereof. 

  
 2 

 (viii) “Credit Card Banks” has the meaning set forth in Section 4(c)
hereof. 
 (ix) “Credit Card Companies” has the meaning set forth in Section 4(c) hereof. 

(x) “Credit Card Company Payment Direction Letter” has the meaning set forth in Section 4(c) hereof. 

(xi) “Debt Service Subaccount” has the meaning set forth in Section 2(b)(v) hereof. 

(xii) “Deposit Account” shall have the meaning set forth in Section 2(a) hereof. 

(xiii) “Eligible Account” shall have the meaning set forth in the Loan Agreement. 

(xiv) “Event of Default” has the meaning set forth in Section 9 hereof. 

(xv) “Excess Cash Flow” has the meaning set forth in Section 5(b)(viii) hereof. 

(xvi) “Excess Cash Flow Subaccount” has the meaning set forth in Section 2(b)(vi) hereof. 

(xvii) “FF&E Reserve Monthly Deposit” shall have the meaning set forth in the Loan Agreement. 

(xviii) “FF&E Reserve Subaccount” has the meaning set forth in Section 2(b)(iii) hereof. 

(xix) “Insurance Subaccount” has the meaning set forth in Section 2(b)(ii) hereof. 

(xx) “Minimum Account Balance” has the meaning set forth in Section 5(a)(ii) hereof. 

(xxi) “Monthly Operating Expense Amount” shall mean, collectively, (A) the monthly amount payable for Operating Expenses
as set forth in the Annual Budget not otherwise paid or reserved for in the Accounts described in Sections 2(b)(i), (ii), (iii), (iv) and (v) hereof, and (B) any extraordinary expenses which are not set forth in the Annual Budget and are
(x) incurred by Borrower in connection with the operation and maintenance of the Property and (y) approved by Lender. 
 (xxii)
“PIP Reserve Monthly Deposit” shall have the meaning set forth in the Loan Agreement. 

  
 3 

 (xxiii) “PIP Reserve Subaccount” has the meaning set forth in
Section 2(b)(iv) hereof. 
 (xxiv) “Servicer” shall mean any servicer selected by Lender in its sole and absolute
discretion to service the Loan on Lender’s behalf. 
 (xxv) “Tax Subaccount” has the meaning set forth in
Section 2(b)(i) hereof. 
 All terms used but not otherwise defined in this Agreement shall have the same defined meanings set forth in
the Loan Agreement, unless the context otherwise requires. 
 2. Establishment of Accounts. 

(a) Deposit Account. On or about the date hereof, Borrower or Operating Tenant shall establish accounts for each Property (individually
and collectively, the “Deposit Account”) pursuant to the Deposit Account Agreement for the sole and exclusive benefit of Lender into which Borrower shall deposit, or cause to be deposited, all Rents. Upon the occurrence and during
the continuance of a Cash Trap Event Period, funds on deposit in the Deposit Account shall be transferred to the Cash Management Account on a periodic basis as more particularly set forth in the Deposit Account Agreement. Borrower and Operating
Tenant shall maintain the Deposit Account for the term of the Loan. Borrower’s failure to comply with the foregoing shall constitute an automatic Event of Default under this Agreement. 

(b) Cash Management Account. Upon the occurrence of a Cash Trap Event Period, Lender or Servicer, on behalf of Lender, shall establish
an account (the “Cash Management Account”) into which all funds in the Deposit Account shall be deposited, upon the occurrence and during the continuance of a Cash Trap Event Period, on a periodic basis as more particularly set
forth in the Deposit Account Agreement. Lender or Servicer, on behalf of Lender, shall maintain on a ledger entry basis the following subaccounts of the Cash Management Account: 

(i) An account into which Borrower shall deposit, or cause to be deposited, the sums required to be deposited hereunder pursuant to
Section 5(a) hereof for the payment of Taxes (the “Tax Subaccount”); 
 (ii) An account into which Borrower shall
deposit, or cause to be deposited, the sums required to be deposited hereunder pursuant to Section 5(a) hereof for the payment of Insurance Premiums (the “Insurance Subaccount”); 

(iii) An account into which Borrower shall deposit, or cause to be deposited, the sums required to be deposited hereunder pursuant to
Section 5(a) hereof for the payment of the FF&E Reserve Monthly Deposit (the “FF&E Reserve Subaccount”); 

(iv) An account into which Borrower shall deposit, or cause to be deposited, the sums required to be deposited hereunder pursuant to
Section 5(a) hereof for the payment of the PIP Reserve Monthly Deposit (the “PIP Reserve Subaccount”); 

  
 4 

 (v) An account into which Borrower shall deposit, or cause to be deposited, the sums required to
be deposited hereunder pursuant to Section 5(a) hereof for the payment of interest accruing at the Default Rate and late payment charges, if any, and Debt Service payments (the “Debt Service Subaccount”); 

(vi) An account into which Borrower shall deposit, or cause to be deposited, Excess Cash Flow pursuant to Section 5(b) hereof (the
“Excess Cash Flow Subaccount”). 
 3. Account Names and Characteristics. The Accounts shall each be in the name of
Borrower and/or Operating Tenant for the benefit of Lender or, in the event Lender retains a Servicer to service the Loan, the Accounts shall, at Lender’s option, be in the name of Borrower for the benefit of Servicer, as agent for Lender. Each
Account shall be maintained as an Eligible Account. The Accounts shall be assigned the federal tax identification number of Operating Tenant, which number is 52-2356700. The Accounts shall, at all times during
the term of this Agreement, be under the sole dominion and control of Lender, who shall have the sole right to withdraw funds from the Accounts for application in accordance with this Agreement. Borrower acknowledges and agrees that (i) neither
Borrower nor Operating Tenant nor any other party claiming on behalf of, or through, Borrower or Operating Tenant shall have any right, title or interest, whether express or implied, in the Accounts or to withdraw or make use of any amounts from the
Accounts, and (ii) unless required by Applicable Law, neither Borrower nor Operating Tenant shall not be entitled to any interest on amounts held in the Accounts except as expressly set forth in Article 8 of the Loan Agreement. 

4. Deposits into Deposit Account. 

(a) Borrower, Operating Tenant and Manager shall deposit all Rents directly into the Deposit Account within one (1) Business Day of
receipt of the same. Any Rents or other income from the Property received by Borrower, Operating Tenant or Manager shall be deemed to be collateral for the Loan and shall be held in trust for the benefit, and as the property, of Lender and such
amounts shall not be commingled with any other funds or property of Borrower, Operating Tenant or Manager. 
 (b) Commencing with the first
billing statement delivered after the date hereof and for each subsequent statement delivered, Borrower, Operating Tenant and Manager shall instruct all persons and entities that maintain open accounts with Borrower, Operating Tenant or Manager or
with whom Borrower, Operating Tenant or Manager does business on an “accounts receivable” basis with respect to the Property to deliver all payments due under such accounts to the Deposit Account. Neither Borrower, Operating Tenant nor
Manager shall direct any such person or entity to make payments due under such accounts in any other manner. 
 (c) Borrower, Operating
Tenant and Manager shall cause all credit card receipts to be deposited directly into the Deposit Account. Without limitation of the foregoing, Borrower shall instruct and shall continuously hereafter instruct each of the credit card banks with
which Borrower has entered into agreements for the clearance of credit card receipts (collectively, “Credit Card Banks”) that all credit card receipts with respect to the Property (net of any expenses charged for such processing)
cleared by such Credit Card Banks shall be transferred by 

  
 5 

 
such Credit Card Banks by wire transfer or the ACH System to Bank for deposit in the Deposit Account pursuant to an instruction letter in the form of Exhibit C attached hereto (a
“Credit Card Bank Payment Direction Letter”). Borrower and Operating Tenant shall also instruct and shall continuously hereafter instruct each of the credit card companies with which Borrower has entered into merchants agreements
(collectively, “Credit Card Companies”) that all credit card receipts with respect to the Property (net of any expenses charged for such processing) received by such Credit Card Companies shall be transferred by such Credit Card
Companies by wire transfer or the ACH System to Bank for deposit in the Deposit Account pursuant to an instruction letter in the form of Exhibit D attached hereto (a “Credit Card Company Payment Direction Letter”). 

(d) If, notwithstanding the provisions of this Section 4, Borrower, Operating Tenant or Manager receives any Rents or other income from
the Property, then (i) such amounts shall be deemed to be collateral for the Loan and shall be held in trust for the benefit, and as the property, of Lender, (ii) such amounts shall not be commingled with any other funds or property of
Borrower, Operating Tenant or Manager, and (iii) Borrower, Operating Tenant or Manager shall deposit such amounts in the Deposit Account within three (3) Business Days of receipt. 

(e) In addition, Borrower, Operating Tenant and Manager shall cause all amounts payable under the Interest Rate Protection Agreement to be
deposited into the Deposit Account. If, notwithstanding the provisions of this Section 4, Borrower, Operating Tenant or Manager receives any amounts payable under the Interest Rate Protection Agreement, then (i) such amounts shall be
deemed to be collateral for the Loan and shall be held in trust for the benefit, and as the property, of Lender, (ii) such amounts shall not be commingled with any other funds or property of Borrower, Operating Tenant or Manager, and
(iii) Borrower, Operating Tenant or Manager shall deposit such amounts in the Deposit Account within one (1) Business Day of receipt. 

(f) Upon Lender’s request from time to time, Borrower or Operating Tenant shall provide a written statement to Lender itemizing any
amounts deposited in the Deposit Account by Borrower or Manager for the period covered by Lender’s request and such supporting documentation as Lender may reasonably require. 

5. Deposits; Disbursements. 

(a) Deposits. 
 (i)
Borrower shall make or cause to be made such deposits into the Accounts as may be required by the Loan Agreement and this Agreement. Borrower hereby acknowledges and agrees that Lender shall have the right, at its option, upon the occurrence and
during the continuance of a Cash Trap Event Period, to deliver written notice to Bank directing Bank to disburse all available funds then and thereafter on deposit in the Deposit Account to the Cash Management Account. In the event that such written
notice is given by Lender to Bank, when and if any such Cash Trap Event Period ceases to be continuing, Lender shall give written notice to Bank directing Bank to cease disbursing all available funds then and thereafter on deposit in the Deposit
Account to the Cash Management Account. 

  
 6 

 (ii) Borrower agrees to, promptly upon the occurrence of a Cash Trap Event Period and
establishment of the Cash Management Account, deposit the sum of $5,000 into the Cash Management Account (the “Minimum Account Balance”). Notwithstanding anything to the contrary contained herein, Borrower hereby covenants and
agrees to cause the Minimum Account Balance to be maintained in the Cash Management Account at all times during the continuance of a Cash Trap Event Period until the Loan is paid in full. 

(b) Disbursements. Upon the occurrence and during the continuance of a Cash Trap Event Period, Lender or Servicer, on behalf of Lender,
shall, on each Monthly Payment Date and provided no Event of Default has occurred and is continuing withdraw all funds, if any, on deposit in the Cash Management Account (other than the Minimum Account Balance) and disburse such funds in the
following order of priority: 
 (i) First, the monthly amount required to be deposited pursuant to the Loan Agreement for the payment of
Taxes shall be deposited in the Tax Subaccount; 
 (ii) Second, the monthly amount required to be deposited pursuant to the Loan Agreement
for the payment of Insurance Premiums shall be deposited in the Insurance Subaccount; 
 (iii) Third, funds sufficient to pay any interest
accruing at the Default Rate and late payment charges, if any, shall be deposited in the Debt Service Subaccount; 
 (iv) Fourth, funds
sufficient to pay the Debt Service due on such Monthly Payment Date shall be deposited in the Debt Service Subaccount; 
 (v) Fifth, funds
sufficient to pay the FF&E Reserve Monthly Deposit shall be deposited in the FF&E Reserve Subaccount; 
 (vi) Sixth, funds
sufficient to pay the PIP Reserve Monthly Deposit shall be deposited in the PIP Reserve Subaccount; 
 (vii) Seventh, funds sufficient to
pay any other amounts then due and payable under the Loan Documents (without duplication of other amounts payable pursuant to this subsection (b)), if any, shall be deposited with or as directed by Lender; 

(viii) Eighth, funds sufficient to pay the Monthly Operating Expense Amount shall be disbursed to Borrower; and 

(ix) Ninth, all amounts remaining in the Cash Management Account after deposits for items (i) through (viii) above (“Excess Cash
Flow”), shall be deposited into the Excess Cash Flow Subaccount. 

  
 7 

 6. Withdrawals. 

(a) Withdrawals From Tax Subaccount, Insurance Premium Subaccount and Debt Service Subaccount. Lender shall have the right to withdraw
amounts on deposit in the Tax Subaccount to pay Taxes at the Property on or before the date Taxes are due and payable. Lender shall have the right to withdraw amounts from the Insurance Subaccount to pay Insurance Premiums on or before the date
Insurance Premiums are due and payable. Lender shall have the right to withdraw amounts from the Debt Service Subaccount to pay default interest and late charges, if any, and to pay the Debt Service due on each Monthly Payment Date and any other
amounts then due and payable under the Loan Documents (without duplication of other amounts payable pursuant to subsection 5(b)). 
 (b)
Requests for Withdrawals from the FF&E Reserve Subaccount. Lender shall disburse funds on deposit in the FF&E Reserve Subaccount in accordance with the written request of Borrower or Operating Tenant approved in writing by Lender in
the exercise of its reasonable discretion, such approval not to be unreasonably withheld, conditioned or delayed. Lender shall so approve provided the procedures and requirements set forth in the Loan Agreement for such withdrawal have been complied
with in all respects. 
 (c) Requests for Withdrawals from the PIP Reserve Subaccount. Lender shall disburse funds on deposit in the
PIP Reserve Subaccount in accordance with the written request of Borrower or Operating Tenant approved in writing by Lender in the exercise of its reasonable discretion, such approval not to be unreasonably withheld, conditioned or delayed. Lender
shall so approve provided the procedures and requirements set forth in the Loan Agreement for such withdrawal have been complied with in all respects. 

(d) Disbursements from Excess Cash Flow Subaccount. All funds in the Excess Cash Flow Subaccount shall be held as additional collateral
for the Loan. Upon the termination of any Cash Trap Event Period, provided that no other Cash Trap Event Period has occurred and is continuing, Lender shall disburse all funds on deposit in the Excess Cash Flow Subaccount to Borrower. 

(e) Sole Dominion and Control. Borrower and Operating Tenant agree that the Accounts are subject to the sole dominion, control and
discretion of Lender, its authorized agents or designees, including Bank, subject to the terms hereof. Neither Borrower nor Manager shall have any right of withdrawal with respect to any Account except as provided in this Agreement or with the prior
written consent of Lender. Lender shall have the right to control the disposition of funds in the Accounts, subject to the terms of this Agreement and the Loan Agreement, without the further consent of Borrower, Operating Tenant or Manager or any
other person or entity. 
 (f) Deficiencies. Notwithstanding anything to the contrary herein, Borrower acknowledges that Borrower is
responsible for monitoring the sufficiency of funds deposited in the Accounts and that Borrower is liable for any deficiency in available funds, irrespective of whether Borrower has received any account statement, notice or demand from Lender. If on
any Monthly Payment Date during the continuance of a Cash Trap Event Period, the amount of the available funds in the Accounts is insufficient to make all of the disbursements described in subsections 5(b)(i) through (viii), inclusive, Borrower
shall deposit into the Cash Management Account on or prior to such Monthly Payment Date, without the need for any notice or demand from Lender, the amount of such deficiency in immediately available funds. 

  
 8 

 (g) Disbursements to Borrower. Any disbursements to be made to Borrower or Operating
Tenant pursuant to the terms of this Agreement shall be wired to the account set forth on Exhibit B attached hereto or such other account as Borrower or Operating Tenant may advise pursuant to written instructions delivered to Lender. 

7. Termination of Agreement. This Agreement shall terminate upon the indefeasible payment of the Debt in full. Upon any such
termination, the funds remaining in the Accounts shall be disbursed to Borrower after first deducting all amounts then currently due and owing to Lender under the Loan Agreement and the other Loan Documents. 

8. Funds in Accounts as Security for the Loan. As security for full payment of the Loan and timely performance of Borrower’s
obligations under this Agreement, the Loan Agreement and the other Loan Documents, Borrower and Operating Tenant hereby pledges, transfers and assigns to Lender, and grants to Lender a continuing security interest in and to the Accounts and all
profits and proceeds thereof, which security interest is prior to all other liens (except Permitted Encumbrances). Borrower and Operating Tenant agrees to execute, acknowledge, deliver, file or do, at its sole cost and expense, all other acts,
assignments, notices, agreements or other instruments as Lender may reasonably require in order to perfect the foregoing security interest, pledge and assignment or otherwise to fully effectuate the rights granted to Lender by this Section. Other
than in connection with the Loan, Borrower has not sold or otherwise conveyed the Accounts. The Accounts constitute “deposit accounts” within the meaning of the Uniform Commercial Code of the State of New York. 

9. Default. 
 (a)
Borrower’s, Operating Tenant’s and/or Manager’s failure to timely and fully perform its obligations under this Agreement and (i) in connection with any monetary defaults by Borrower, Operating Tenant and/or Manager hereunder, if
Borrower, Operating Tenant and/or Manager has not cured such monetary default within the time period provided to cure such monetary defaults, as set forth in Section 10.1(a) of the Loan Agreement, and (ii) in connection with any non-monetary defaults by Borrower, Operating Tenant and/or Manager hereunder, if Borrower, Operating Tenant and/or Manager has not cured such non-monetary defaults within the
time period provided to cure non-monetary defaults, as set forth in Section 10.1(u) of the Loan Agreement, then such breach shall constitute an “Event of Default” hereunder and, if any
such breach is not cured as provided herein, shall also constitute an automatic “Event of Default” under and as defined in the Loan Agreement and the other Loan Documents, and the occurrence of an “Event of Default” under and as
defined in the Loan Agreement or any of the other Loan Documents shall constitute an automatic Event of Default under this Agreement. 
 (b)
Upon the occurrence of an Event of Default under this Agreement, Lender shall have the continuing exclusive control of, and right to withdraw and apply, the funds in the Deposit Account and the Accounts to payment of any and all debts, liabilities
and obligations of Borrower to Lender pursuant to or in connection with this Agreement, the Loan Agreement and the other Loan Documents, in such order, proportion and priority as Lender may determine in its sole discretion. Lender’s right to
withdraw and apply funds in the Deposit Account and the Accounts shall be in addition to all other rights and remedies provided to Lender under this Agreement, the Loan Agreement and the other Loan Documents and at law or in equity as a result of
Borrower’s default. Lender’s continuation of payments from the Accounts when and as contemplated by this Agreement shall not be deemed Lender’s waiver or a cure of any Event of Default by Borrower. 

  
 9 

 (c) Without in any way limiting any of Lender’s other rights and remedies hereunder or under
the Loan Agreement or the other Loan Documents, upon the occurrence of an Event of Default under this Agreement, Borrower hereby acknowledges and agrees that Lender shall have the right, at its option, to deliver written notice to Bank directing
Bank to disburse all available funds then and thereafter on deposit in the Deposit Account to an account designated by Lender (which account may, in Lender’s sole discretion, be the Cash Management Account) in accordance with the terms of the
Deposit Account Agreement. In the event that such written notice is given by Lender to Bank, when and if any such Event of Default ceases to be continuing, Lender shall give written notice to Bank, directing Bank to cease disbursing all available
funds then and thereafter on deposit in the Deposit Account to the account designated by Lender. 
 10. Fees and Expenses. Borrower
acknowledges and agrees that it solely shall be, and shall at all times remain, liable to Lender for all customary and reasonable fees, charges, costs and expenses in connection with the Accounts, this Agreement and the enforcement hereof,
including, without limitation, the reasonable fees and expenses of legal counsel to Lender and Servicer as needed to enforce, protect or preserve the rights and remedies of Lender and/or Servicer under this Agreement. 

11. Miscellaneous. 
 (a)
Notices. All notices and other communications under this Agreement will be made in writing and given in accordance with this Section. Notices are to be addressed to each party as provided below and will be deemed to have been duly given
(i) on being given by hand, if such party’s receipt thereof is acknowledged in writing, (ii) one (1) Business Day after having been timely deposited for overnight delivery, fee prepaid, with any reputable overnight courier service
with a reliable tracking system, (iii) three (3) Business Days after having been deposited in any post office or mail depository regularly maintained by the U.S. Postal Service and sent by certified mail, postage prepaid, return receipt
requested or (iv) on being sent by facsimile as of when confirmation of receipt is electronically recorded. Each party may establish a new address from time to time by written notice to the other given in accordance with this Section; provided,
however, that no change of address will be effective until written notice thereof actually is received by the party to whom such change of address is sent. Notice to outside counsel designated by a party entitled to receive notice is for convenience
only and is not required for notice to a party to be effective in accordance with this Section. 
  

			
	Address for Lender:	 	Wells Fargo Bank, National Association
Wells Fargo Center
1901 Harrison Street, 2nd Floor
MAC A0227-020
Oakland, California
94612
Attention: Commercial Mortgage Servicing
Facsimile No.: 866-359-5352

  
 10 

			
	With a copy to:	 	 Hunton & Williams LLP
 2200
Pennsylvania Avenue, N.W.
 Washington, D.C. 20036
 Attn: Marvin
Ehrlich, Esq.
 Facsimile: 202-778-2201

		
	Address for Borrower:	 	Condor Hospitality Trust, Inc.
4800 Montgomery Lane, Suite 220
Bethesda, Maryland 20814
Attention: Jonathan J. Gantt
Facsimile No.: _______________
		
	With a copy to:	 	McGrath North Mullin & Kratz, PC LLO
1601 Dodge Street, Suite 3700
Omaha, Nebraska 68102
Attention: Jason Benson, Esq.
Facsimile No.: (402) 952-6864

 (b) Entire Agreement; Modification. This Agreement sets forth the entire agreement between the parties
hereto with respect to the subject matter hereof and supercedes all prior discussions, representations, communications and agreements (oral and written) by and among the parties hereto with respect thereto. Neither this Agreement nor any terms
hereof shall be waived, modified, supplemented or terminated in any manner whatsoever, except by a written instrument signed by all parties hereto and then only to the extent expressly set forth in such writing. 

(c) Binding Effect; Joint and Several Obligations. The terms and provisions of this Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective heirs, executors, legal representatives, successors, and permitted assigns, whether by voluntary action of the parties or by operation of law. The foregoing shall not be construed, however, to
permit assignments or transfers otherwise prohibited under the Loan Agreement or the other Loan Documents. If Borrower consists of more than one person or entity, each shall be jointly and severally liable to perform Borrower’s obligations
under this Agreement. 
 (d) Duplicate Originals; Counterparts. This Agreement may be executed in any number of duplicate originals,
and each duplicate original shall be deemed to be an original. This Agreement (and each duplicate original) also may be executed in any number of counterparts, each of which shall be deemed an original and all of which together shall constitute a
fully executed agreement even though all signatures do not appear on the same document. 
 (e) Unenforceable Provisions. If any
provision of this Agreement is found by competent judicial authority to be invalid or unenforceable, the other provisions of this Agreement that can be carried out without the invalid or unenforceable provision will not be affected, and such invalid
or unenforceable provision will be ineffective only to the extent of such invalidity or unenforceability and otherwise construed to the greatest extent possible to accomplish fairly the purposes and intentions of the parties hereto. 

  
 11 

 (f) Ambiguity; Headings and Construction of Certain Terms. Neither this Agreement nor any
uncertainty or ambiguity herein shall be construed or resolved against Lender by virtue of the fact that such document has originated with Lender as drafter.    The parties to this Agreement agree that this Agreement shall be
construed and interpreted according to the ordinary meaning of the words used so as to accomplish fairly the purposes and intentions of the parties hereto. Words used in this Agreement may be used interchangeably in singular or plural form, and any
pronoun shall be deemed to cover all genders. Section headings are for convenience only and shall not be used in interpretation of this Agreement. “Herein,” “hereof” and “hereunder” and other words of similar import
refer to this Agreement as a whole and not to any particular section, paragraph or other subdivision; and “section” refers to the entire section and not to any particular subsection, paragraph or other subdivision. Reference to days for
performance shall mean calendar days unless Business Days are expressly indicated. References to the “Loan Agreement” and the other “Loan Documents” shall mean such original documents and all renewals, modifications and
supplements to the foregoing. 
 (g) Governing Law. This Agreement shall be governed by the laws of the State of New York (without
giving effect to its conflicts of law rules), except with regard to payment of checks and other items and other issues relating to the operations of the Accounts or any other account to which funds from the Accounts are transferred, which issues
shall be governed by the laws of the state where the Accounts or such other account are located. 
 [NO FURTHER TEXT ON THIS PAGE]

  
 12 

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

			
	BORROWER:
	
	CDOR JAX COURT, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Jonathan J. Gantt

	Name:	 	Jonathan J. Gantt
	Title:	 	Vice President
	
	CDOR ATL INDY, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Jonathan J. Gantt

	Name:	 	Jonathan J. Gantt
	Title:	 	Vice President
	
	CDOR SAN SPRING, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Jonathan J. Gantt

	Name:	 	Jonathan J. Gantt
	Title:	 	Vice President

  
 13 

 
			
	OPERATING TENANT:
	
	TRS JAX COURT, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Jonathan J. Gantt

	Name:	 	Jonathan J. Gantt
	Title:	 	Vice President
	
	TRS ATL INDY, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Jonathan J. Gantt

	Name:	 	Jonathan J. Gantt
	Title:	 	Vice President
	
	TRS SAN SPRING, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Jonathan J. Gantt

	Name:	 	Jonathan J. Gantt
	Title:	 	Vice President

  
 14 

 
	
	LENDER:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION

 
					
		
	By:	 	 /s/ John G. Nicol

		 	Name:	 	John G. Nicol
		 	Title:	 	Managing Director

  
 15 

					
	ACKNOWLEDGED AND AGREED TO:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as cash management bank
		
	By:	 	 /s/ Tracey Orcutt

		 	Name:	 	Tracey Orcutt
		 	Title:	 	Vice President

  
 16 

 EXHIBIT A 

TENANT DIRECTION LETTER 

[BORROWER LETTERHEAD] 

[Date] 
  

	To:	[Tenant Name (“Tenant”)] 

	Re:	[Describe Lease (the “Lease”)] 

 Loan No.
                                        

 Dear Tenant: 
 Your undersigned landlord
under the Lease hereby unconditionally and irrevocably authorizes, directs and instructs you, effective immediately, to send all payments of rent due under the Lease (including without limitation base rent, any amounts due for operating expenses and
real estate taxes, and, if applicable, rent due as a percentage of sales receipts) and all other sums payable by you under the Lease directly to the following address: 
  

					
	Lockbox	 		  	Overnight to Lockbox
	DEPOSITORY TO PROVIDE	 		  	DEPOSITORY TO PROVIDE

 OR BANK WIRE TRANSFER AS FOLLOWS: 

 

			
		 	 Wells Fargo Bank, N.A.
 San Francisco,
California
 ABA#: 121000248
 Account#:
[                    ]
 Account Name:
[                    ]
 Loan #:
[                    ]

 You are to continue making all payments due under the Lease as directed in this letter until you receive
written instructions to do otherwise from Wells Fargo Bank, National Association (together with its successors and assigns, “Lender”). 

 These payment instructions are provided to you pursuant to a deposit account arrangement between
your landlord and Lender. Please note that Lender is neither a mortgagee-in-possession nor a receiver of rents, and Lender has not assumed any obligations of your
landlord under the Lease. Therefore, you should continue to send all communications regarding the Lease or landlord issues in the manner specified in your Lease and not to Lender. Lender has no obligation with respect to any such notice, and
notice to Lender will not be deemed effective notice to your landlord under the Lease. 
 [NO FURTHER TEXT ON THIS PAGE] 

  
 2 

 
	
	Very truly yours,
	
	BORROWER:
	
	                                      
                                         
     ,
	a                                      
                                         
    
	
	By:                                     
                                         
 
	       Name:
	       Title:

  

	
	Acknowledged and Agreed to:
	
	TENANT:
	
	                                      
                                         
     ,
	a                                      
                                         
    
	
	By:                                     
                                         
 
	       Name:
	       Title:

  
 3 

 EXHIBIT B 

BORROWER ACCOUNT FOR DISBURSEMENTS 
 Any
disbursement from the Deposit Account for the Courtyard Property, or otherwise with respect to the Courtyard Property, shall be made to: 
  

			
		  	 Wells Fargo Bank, N.A.
 San Francisco,
California
 ABA#: 121000248
 Account#:
[                    ]
 Account Name:
[                    ]

 Any disbursement from the Deposit Account for the Hotel Indigo Property, or otherwise with respect to the Hotel Indigo
Property, shall be made to: 
  

			
		  	 Wells Fargo Bank, N.A.
 San Francisco,
California
 ABA#: 121000248
 Account#:
[                    ]
 Account Name:
[                    ]

 Any disbursement from the Deposit Account for the SpringHill Suites Property, or otherwise with respect to the SpringHill
Suites Property, shall be made to: 
  

			
		  	 Wells Fargo Bank, N.A.
 San Francisco,
California
 ABA#: 121000248
 Account#:
[                    ]
 Account Name:
[                    ]

 EXHIBIT C 

Form of Credit Card Bank Payment Direction Letter 

[BORROWER LETTERHEAD] 
 [Date]

 [Addressee] 

Re:    Payment Direction Letter for
                                 (the “Property”) 

 Loan No.
                                 

Dear [            ]: 

[                       
                 ] (the “Owner”), the owner of the Property has mortgaged the Property to Wells Fargo Bank, National Association (together with
its successors and assigns, the “Lender”) and Owner has agreed that all receipts received with respect to the Property will be paid directly to a bank selected by the Lender. Therefore, from and after [DATE], please remit all credit
card receipts cleared by you and due to the Owner [under that certain [REFERENCE AGREEMENT], dated [            ], [        ] (the
“Agreement”) between the Owner and you by transfer of such amounts by the ACH system or wire transfer to the following account: 

Wells Fargo Bank, N.A. 

San Francisco, California 

ABA#: 121000248 

Account#:
[                    ] 

Account Name:
[                    ] 

Loan #:
[                    ] 
 These
payment instructions cannot be withdrawn or modified without the prior written consent of the Lender or its designee, or pursuant to a joint written instruction from Owner and the Lender or its designee. Until you receive written instructions from
the Lender or its designee, continue to send all payments due under the Agreement to Wells Fargo Bank, National Association (“Bank”). All payments due under the Agreement shall be remitted to Bank no later than the day on which such
amounts are due. 
 If you have any questions concerning this letter, please contact
[            ] at [            ]. We appreciate your cooperation in this matter.  

[NO FURTHER TEXT ON THIS PAGE] 

 
	
	Very truly yours,
	
	BORROWER:
	
	                                      
                                         
             ,
	a                                      
                                         
           
	
	By:                                     
                                         
        
	       Name:
	       Title:

 EXHIBIT D 

Form of Credit Card Company Payment Direction Letter 

[BORROWER LETTERHEAD] 
 [Date]

 [Addressee] 

Re:    Payment Direction Letter for
                     (the “Property”) 

 Loan No.
                         

Dear [            ]: 

                     (the
“Owner”), the owner of the Property has mortgaged the Property to Wells Fargo Bank, National Association (together with its successors and assigns, “Lender”) and the Owner has agreed that all receipts received with
respect to the Property will be paid directly to a bank selected by the Lender. Therefore, from and after [DATE], please remit all payments due to the Owner under that certain [REFERENCE AGREEMENT], dated
[        ], [        ] (the “Agreement”) between the [Owner] [Lessee] [Manager] and you, as follows: 

Wells Fargo Bank, N.A. 

San Francisco, California 

ABA#: 121000248 

Account#:
[                    ] 

Account Name:
[                    ] 

Loan #:
[                    ] 
 These
payment instructions cannot be withdrawn or modified without the prior written consent of the Lender or its designee, or pursuant to a joint written instruction from the Owner and the Lender or its designee. Until you receive written instructions
from the Lender or its designee, continue to send all payments due under the Agreement to Wells Fargo Bank, National Association (“Bank”) pursuant to the terms hereof. All payments due under the Agreement shall be remitted to Bank
no later than the day on which such amounts are due. 
 If you have any questions concerning this letter, please contact
[        ] at [        ]. We appreciate your cooperation in this matter. 

[NO FURTHER TEXT ON THIS PAGE] 

  
 2 

 
	
	Very truly yours,
	
	BORROWER:
	
	                                      
                                         
                 ,
	a                                      
                                         
                
	
	By:                                     
                                         
             
	       Name:
	       Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}]]