Document:

Loan Agreement between Registrant and Countrywide Commercial Real Estate Finance

 Exhibit 10.23.1 

LOAN AGREEMENT 

Dated as of December 7, 2006 
 by and among 
 ASHFORD PHILLY LP, 

ASHFORD ANCHORAGE LP, 
 ASHFORD MINNEAPOLIS AIRPORT LP, 
 ASHFORD MV SAN DIEGO LP, 

ASHFORD WALNUT CREEK LP, 
 ASHFORD TRUMBULL LP, and 
 ASHFORD IOWA CITY LP 

(collectively, as Borrowers) 
 and 
 COUNTRYWIDE COMMERCIAL REAL ESTATE FINANCE, INC. 

(as Lender) 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE 1 CERTAIN DEFINITIONS
	  	 	1	  
		
	 Section 1.1. Definitions
	  	 	1	  
		
	 ARTICLE 2 GENERAL TERMS
	  	 	27	  
		
	 Section 2.1. The Loan
	  	 	27	  
	 Section 2.2. Use of Proceeds
	  	 	29	  
	 Section 2.3. Security for the Loan
	  	 	29	  
	 Section 2.4. Borrowers’ Note
	  	 	29	  
	 Section 2.5. Principal, Interest and Other Payments
	  	 	30	  
	 Section 2.6. Prepayment
	  	 	30	  
	 Section 2.7. Application of Payments
	  	 	31	  
	 Section 2.8. Payment of Debt Service, Method and Place of Payment
	  	 	31	  
	 Section 2.9. Taxes; Funding Losses; Changes in Law
	  	 	32	  
	 Section 2.10. Extension Options
	  	 	32	  
	 Section 2.11. Central Cash Management and Reserves
	  	 	33	  
	 Section 2.12. Security Agreement
	  	 	36	  
	 Section 2.13. Secondary Market Transactions
	  	 	37	  
	 Section 2.14. Interest Rate Cap Agreement
	  	 	40	  
	 Section 2.15. Partial Release
	  	 	41	  
	 Section 2.16. Substitution
	  	 	43	  
	 Section 2.17. Permitted Mezzanine Indebtedness
	  	 	46	  
	 Section 2.18. Assumption
	  	 	47	  
		
	 ARTICLE 3 CONDITIONS PRECEDENT
	  	 	48	  
		
	 Section 3.1. Conditions Precedent to the Making of the Loan
	  	 	48	  
	 Section 3.2. Form of Loan Documents and Related Matters
	  	 	52	  
		
	 ARTICLE 4 REPRESENTATIONS AND WARRANTIES
	  	 	53	  
		
	 Section 4.1. Representations and Warranties of Borrower and Operating Lessee
	  	 	53	  
	 Section 4.2. Survival of Representations and Warranties
	  	 	62	  
		
	 ARTICLE 5 AFFIRMATIVE COVENANTS
	  	 	62	  
		
	 Section 5.1. Borrower Covenants
	  	 	62	  
		
	 ARTICLE 6 NEGATIVE COVENANTS
	  	 	76	  
		
	 Section 6.1. Borrower Negative Covenants
	  	 	76	  
		
	 ARTICLE 7 DEFAULTS
	  	 	78	  

  
 i 

 TABLE OF CONTENTS 
 (continued) 
  
  

					
	 	  	Page	 
	 Section 7.1. Event of Default
	  	 	78	  
	 Section 7.2. Remedies
	  	 	81	  
	 Section 7.3. Remedies Cumulative
	  	 	81	  
	 Section 7.4. Lender’s Right to Perform
	  	 	82	  
		
	 ARTICLE 8 MISCELLANEOUS
	  	 	82	  
		
	 Section 8.1. Survival
	  	 	82	  
	 Section 8.2. Lender’s Discretion
	  	 	82	  
	 Section 8.3. Governing Law
	  	 	83	  
	 Section 8.4. Modification, Waiver in Writing
	  	 	83	  
	 Section 8.5. Delay Not a Waiver
	  	 	84	  
	 Section 8.6. Notices
	  	 	84	  
	 Section 8.7. Trial By Jury
	  	 	85	  
	 Section 8.8. Headings
	  	 	85	  
	 Section 8.9. Assignment
	  	 	85	  
	 Section 8.10. Severability
	  	 	85	  
	 Section 8.11. Preferences
	  	 	86	  
	 Section 8.12. Waiver of Notice
	  	 	86	  
	 Section 8.13. Remedies of Borrower
	  	 	86	  
	 Section 8.14. Exculpation
	  	 	86	  
	 Section 8.15. Exhibits Incorporated
	  	 	88	  
	 Section 8.16. Offsets, Counterclaims and Defenses
	  	 	88	  
	 Section 8.17. No Joint Venture or Partnership
	  	 	90	  
	 Section 8.18. Waiver of Marshalling of Assets Defense
	  	 	90	  
	 Section 8.19. Waiver of Counterclaim
	  	 	90	  
	 Section 8.20. Conflict; Construction of Documents
	  	 	90	  
	 Section 8.21. Brokers and Financial Advisors
	  	 	90	  
	 Section 8.22. Counterparts
	  	 	90	  
	 Section 8.23. Estoppel Certificates
	  	 	90	  
	 Section 8.24. Payment of Expenses
	  	 	91	  
	 Section 8.25. Bankruptcy Waiver
	  	 	91	  
	 Section 8.26. Entire Agreement
	  	 	92	  
	 Section 8.27. Dissemination of Information
	  	 	92	  
	 Section 8.28. Limitation of Interest
	  	 	92	  
	 Section 8.29. Indemnification
	  	 	93	  
	 Section 8.30. Borrower Acknowledgments
	  	 	93	  
	 Section 8.31. Publicity
	  	 	93	  
	 Section 8.32. Cross Collateralization
	  	 	93	  
	 Section 8.33. Contribution
	  	 	94	  
	 Section 8.34. Additional Financial Information
	  	 	97	  

  
 ii 

 TABLE OF CONTENTS 
 (continued) 
  
  

					
	 	  	Page	 
	 Section 8.35. Change of Payment Date, Maturity Date, Interest Accrual Period and Interest Rate Adjustment
Date
	  	 	98	  
	 Section 8.36. Time of Essence
	  	 	98	  
	 Section 8.37. Final Agreement
	  	 	98	  
		
	 Exhibit A Intentionally Omitted
	  			
		
	 Exhibit B Capital Improvements/Environmental Remediation
	  			
		
	 Exhibit C Interest Rate Cap Agreement Requirements
	  			
		
	 Exhibit D Individual Properties and Allocated Loan Amounts
	  			
		
	 Exhibit E Rate Cap Pledge and Security Agreement
	  			
		
	 Exhibit F Managers
	  			
		
	 Exhibit G Franchisors
	  			
		
	 Exhibit H Intentionally omitted.
	  			
		
	 Exhibit I Description of Property Improvement Requirements & Pre-approved Capital Expenditure Budget
	  			
		
	 Exhibit J Intentionally omitted.
	  			
		
	 Exhibit K FF&E Financing
	  			
		
	 Exhibit L Organizational Chart
	  			
		
	 Exhibit M Waiver and Acknowledgment
	  			

  

  
 iii

 LOAN AGREEMENT 

THIS LOAN AGREEMENT, made as of December 7, 2006, is by and among COUNTRYWIDE COMMERCIAL REAL ESTATE FINANCE, INC., a California
corporation (in such capacity, and together with its successors and assigns “Note Holder” and “Lender”), and ASHFORD PHILLY LP, ASHFORD ANCHORAGE LP, ASHFORD MINNEAPOLIS AIRPORT LP, ASHFORD MV SAN DIEGO LP, ASHFORD
WALNUT CREEK LP, ASHFORD TRUMBULL LP, AND ASHFORD IOWA CITY LP, each a Delaware limited partnership (each, a “Borrower”, and collectively with each Borrower’s successors and assigns, “Borrowers”). 

RECITALS 

WHEREAS, Borrowers desire to obtain a loan (the “Loan”) from Lender in the aggregate principal amount of up to
$247,000,000 (the “Loan Amount”, of which $212,000,000 was advanced to Borrower on the date hereof (the “Initial Loan Amount”)) which Loan is evidenced by a Promissory Note, dated as of the date hereof (as may be
modified, amended, supplemented, extended or consolidated in writing, and any note(s) issued in exchange therefor or in replacement thereof, the “Note”), made by the Borrowers, each as maker, in favor of Note Holder, as payee in the
original principal amount of up to $247,000,000; and 
 WHEREAS, Lender is willing to make the Loan on the condition that
Borrowers join in the execution and delivery of this Agreement which shall establish the terms and conditions of the Loan. 

NOW, THEREFORE, in consideration of the making of the Loan by Lender, and the covenants, agreements, representations and warranties set
forth in this Agreement, the parties hereby covenant, agree, represent and warrant as follows: 
 ARTICLE 1 

CERTAIN DEFINITIONS 
 Section 1.1. Definitions. 
 For all purposes of this Agreement:

 (a) the capitalized terms defined in this Article 1 have the meanings assigned to them in this Article 1, and
include the plural as well as the singular; 
 (b) all accounting terms have the meanings assigned to them in accordance with
GAAP; 
 (c) the words “herein”, “hereof”, and “hereunder” and other words of similar import refer
to this Agreement as a whole and not to any particular Article, Section, or other subdivision; and 

  
 1 

 (d) the following terms have the following meanings: 

“Acceptable Counterparty” means any counterparty to an Interest Rate Cap Agreement that has and maintains (or whose
obligations thereunder are guaranteed in a manner and by a guarantor that (1) prior to the date that all or any portion of the Loan is included in a REMIC, is reasonably acceptable to Lender, or (2) after the date that all or any portion
of the Loan is included in a REMIC, would be acceptable to a prudent commercial lender making a loan similar to the Loan) (a) (i) a long-term unsecured debt rating or counterparty rating of “AA-” or higher from S&P, and
(ii) a short-term unsecured debt rating of not less than “A-1+” by S&P, and (b) a long-term unsecured debt rating of not less than “Aa3” by Moody’s, or any other counterparty to an Interest Rate Cap Agreement
with respect to which a Rating Agency Confirmation is received. 
 “Account Collateral” means the Cash
Collateral Account, each Collection Account, each Reserve Account, and all amounts deposited or held in such accounts, and all Proceeds of any or all of the foregoing. 
 “Additional Advance(s)” has the meaning set forth in Section 2.1(a). 
 “Adjusted Net Operating Income” means, with respect to each Individual Property, for any period, the Net Operating Income for such period (Net Operating Income to be calculated for the
purposes of this definition of “Adjusted Net Operating Income” without deduction for actual management fees paid pursuant to any Management Agreement for such period or actual franchise fees paid pursuant to any Franchise Agreement for
such period) reduced by (i) annual base management fees, pro rated for the applicable period, equal to the greater of (y) actual base management fees paid pursuant to the Management Agreement and (z) five percent (5%) of Gross
Revenues, (ii) annual base franchise fees paid pursuant to the applicable Franchise Agreement, pro rated for the applicable period, equal to the greater of (y) actual base franchise fees paid pursuant to the Franchise Agreement and
(z) five percent (5%) of Gross Revenues, and (iii) a reserve for furniture, fixtures and equipment of four percent (4%) of Gross Revenues. 
 “Advance Request” has the meaning set forth in Section 2.1(a). 
 “Affiliate” of any specified Person means any other Person controlling, controlled by or under common control with such specified Person. For the purposes of this Agreement,
“control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities or other beneficial interests, by
contract or otherwise; and the terms “controls”, “controlling” and “controlled” have the meanings correlative to the foregoing. For the avoidance of doubt, with respect to any Borrower or Operating Lessee, the
definition of “Affiliate” shall not include Remington Manager. 
 “Aggregate Debt Service Coverage
Ratio” means, for any period, the quotient obtained by dividing (a) the underwritten net cash flow of the Individual Properties determined by Lender in its reasonable discretion in accordance with customary underwriting standards for
such period by (b) the aggregate of all principal and interest payable for such period under (i) the 

  
 2 

 
Loan Documents (assuming the Loan had been fully advanced), plus (ii) the Mezzanine Loan (assuming the Mezzanine Loan had been fully advanced at the beginning of such period) (provided,
however, such ratio shall, in all cases, be determined utilizing a debt service constant calculated with the Interest Rate assuming that the Interest Rate equals the sum of the Strike Rate and the Note Spread and the interest rate payable with
respect to the Mezzanine Loan being the actual interest rate if such Mezzanine Loan is a fixed rate loan and if such Mezzanine Loan is a floating rate loan, such interest rate shall be calculated as the sum of the Strike Rate and the interest rate
spread on such Mezzanine Loan). 
 “Agreement” means this Loan Agreement, as the same may from time to time
hereafter be modified, supplemented or amended. 
 “Allocated Loan Amount” means, with respect to each
Individual Property, the amount set forth on Exhibit D attached hereto, as such amounts shall be adjusted from time to time as hereinafter set forth. Upon each adjustment in the amount of Indebtedness due to the making of an Additional
Advance, the Allocated Loan Amount for the applicable Individual Property shall be increased by any Additional Advance for such Individual Property in accordance with the Pre-approved Capital Expenditure Budget. When the Indebtedness is reduced as
the result of Lender’s receipt of proceeds with respect to a Condemnation or Casualty affecting one hundred percent (100%) of any Individual Property, the Allocated Loan Amount for such Individual Property with respect to which the
Insurance Proceeds or Condemnation Proceeds were received shall, at Lender’s sole discretion, be reduced to zero (such Allocated Loan Amount prior to reduction being referred to as the “Withdrawn Allocated Amount”), and each
other Allocated Loan Amount shall, if the Withdrawn Allocated Amount exceeds such proceeds (such excess being referred to as the “Proceeds Deficiency”), be increased by an amount equal to the product of (1) the Proceeds
Deficiency and (2) a fraction, the numerator of which is the applicable Allocated Loan Amount (prior to the adjustment in question) and the denominator of which is the aggregate of all of the Allocated Loan Amounts (prior to the adjustment in
question) other than the Withdrawn Allocated Amount. 
 “Appraisal” means an appraisal of any Individual
Property prepared in accordance with the requirements of FIRREA prepared by an independent third party appraiser holding an MAI designation, who is state licensed or state certified if required under the laws of the state where such Individual
Property is located, who meets the requirements of FIRREA and who is otherwise reasonably satisfactory to Lender. 

“Approved Budget” has the meaning provided in Section 5.1(o)(10). 

“Appurtenant Rights” means, collectively, “Appurtenant Rights” as defined in each Mortgage. 

“Assignment of Agreements” shall mean, with respect to each Individual Property, a first priority Assignment of
Management Agreement and Agreements Affecting Real Estate, in form and substance satisfactory to Lender, dated as of the Closing Date, from each applicable Borrower, as assignor, to Lender, as assignee, as the same may thereafter from time to time
be supplemented, amended, modified or extended by one or more written agreements supplemental thereto. 

  
 3 

 “Assignment of Leases” shall mean, with respect to each Individual
Property, a first priority Assignment of Leases and Rents, in form and substance satisfactory to Lender, dated as of the Closing Date from the applicable Borrower and/or Operating Lessee, as assignor, to Lender, as assignee, assigning to Lender all
of such Borrower’s and/or Operating Lessee’s right, title and interest in and to the Leases and the Rents, as the same may thereafter from time to time be supplemented, amended, modified or extended by one or more written agreements
supplemental thereto. 
 “Borrower” has the meaning provided in the preamble to this Agreement. 

“Business Day” means any day other than a Saturday, a Sunday or a legal holiday on which national banks are not open for
general business in (i) the State of California, (ii) the state where the corporate trust office of the any trustee in connection with a Secondary Market Transaction is located, or (iii) the state where the servicing offices of the
any servicer in connection with a Secondary Market Transactions are located. 
 “Cash Collateral Account” has
the meaning provided in Section 2.11(b). 
 “Cash Collateral Account Agreement” has the meaning
provided in Section 2.12(c). 
 “Cash Collateral Account Bank” means the bank chosen by Lender to
hold the Cash Collateral Account, or any successor bank hereafter selected by Lender in accordance with the terms hereof. 

“Cash Trap Period” means (a) any period commencing upon the occurrence of any Event of Default, and ending upon
Lender giving notice to the Collection Account Bank and Borrower that such Event of Default no longer exists and no other Event of Default then exists, and (b) any period during which any mezzanine loan permitted under the Loan Documents is
outstanding. 
 “Casualty” has the meaning, with respect to each Individual Property, provided in the Mortgage
for such Individual Property. 
 “Closing Date” means the date of this Agreement. 

“Code” means the Internal Revenue Code of 1986, as amended, and as it may be further amended from time to time, any
successor statutes thereto, together with applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form. 
 “Collateral” means, collectively, the “Collateral” as defined in each Mortgage. 
 “Collection Account” has the meaning provided in Section 2.11(a)(i). 
 “Collection Account Agreement” has the meaning set forth in Section 2.11(b). 
 “Collection Account Bank” shall mean, with respect to each Individual Property, the collection bank for such Individual Property and any successor bank hereafter selected by each
applicable Borrower which owns such Individual Property and approved by Lender in accordance with each Collection Account Agreement. 

  
 4 

 “Completion Guaranty” means that certain Completion Guaranty executed by
Ashford Hospitality Limited Partnership, a Delaware limited partnership, in favor of Lender relating to work required under the Pre-approved Capital Expenditure Budget. 
 “Condemnation Proceeds” has the meaning, with respect to each Individual Property, provided in the Mortgage for such Individual Property. 

“Contingent Obligation” means any obligation of any Borrower guaranteeing any indebtedness, leases, dividends or other
obligations (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation of any Borrower, whether or not
contingent; (i) to purchase any such primary obligation, or any property constituting direct or indirect security therefor; (ii) to advance or supply funds (x) for the purchase or payment of any such primary obligation or (y) to
maintain working capital or equity capital of the primary obligor; (iii) to purchase property, securities or services primarily for the purpose of assuring the owner or obligee under any such primary obligation of the ability of the primary
obligor to make payment of such primary obligation; or (iv) otherwise to assure or hold harmless the owner or obligee under such primary obligation against loss in respect thereof. The amount of any Contingent Obligation shall be deemed to be
an amount equal to the stated or determinable amount of the primary obligation in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum anticipated liability in respect thereof (assuming that the
applicable Borrower is required to perform thereunder) as determined by Lender in good faith. 
 “Control”
means the ownership, directly or indirectly, in the aggregate of more than fifty percent (50%) of the beneficial ownership interests of an entity and the possession, directly or indirectly, of the power to direct or cause the direction of the
management or policies of an entity, whether through the ability to exercise voting power, by contract or otherwise. “Controlled by,” “controlling” and “under common control with” shall have the respective correlative
meaning thereto. 
 “Countrywide” means Countrywide Commercial Real Estate Finance, Inc. 

“Debt Service” means, for any period, the aggregate of all principal, interest payments, Default Rate interest, Late
Charges, prepayment premiums, if any, and other amounts that accrue or are due and payable in accordance with the Loan Documents during such period. 
 “Debt Service Coverage Ratio” means, for any period, the quotient obtained by dividing (i) the underwritten net cash flow of the Individual Properties that will remain subject to the
Lien of the Loan Documents for the specified period, as reasonably calculated by Lender in accordance with customary underwriting standards (the “Underwritten Net Cash Flow”), by (ii) the aggregate of all amounts that
accrue or become due and payable to Lender with respect to principal and interest pursuant to the Loan Documents during such period, as reasonably calculated by Lender (provided, however, such ratio shall, in all cases, be determined
utilizing a debt service constant calculated assuming that the Interest Rate equals the sum of the Strike Rate and the Note Spread and assuming the Loan has been fully advanced). 

  
 5 

 “Debt Yield” means the quotient (expressed as a percentage) obtained by
dividing (A) Adjusted Net Operating Income as to remaining Individual Properties following a Partial Release, by (B) the Loan Amount after giving effect to any prepayment in connection with a Partial Release. Adjusted Net Operating Income
shall be calculated on a trailing twelve (12) month basis. 
 “Deed of Trust Trustee” means, with respect
to each Individual Property, the trustee, if any, under the Mortgage for such Individual Property. 
 “Default”
means the occurrence of any event which, but for the giving of notice or the passage of time, or both, would be an Event of Default. 
 “Default Collateral” has the meaning provided in Section 8.14. 
 “Default Rate” means the per annum interest rate equal to the lesser of (i) the Maximum Amount or (ii) five percent (5%) plus the LIBOR Interest Rate for the Note.

 “Deferred Maintenance and Environmental Reserve Account” means the account established pursuant to
Section 2.11(d). 
 “Eligible Account” means (i) an account maintained with a federal or state
chartered depository institution or trust company whose (x) commercial paper, short-term debt obligations or other short-term deposits are rated at least A-1 by S&P and the equivalent by each other Rating Agency if the deposits in such
account are to be held in such account for thirty (30) days or less or (y) long-term unsecured debt obligations are rated at least A by S&P and the equivalent by each other Rating Agency if the deposits in such account are to be held
in such account for more than thirty (30) days; or (ii) a segregated trust account maintained with the trust department of a federal or state chartered depository institution or trust company acting in its fiduciary capacity which
institution or trust company is subject to regulations regarding fiduciary funds on deposit substantially similar to 12 C.F.R. § 9.10(b); or (iii) an account otherwise acceptable to each Rating Agency, as confirmed in writing that such
account would not, in and of itself, result in a downgrade, qualification or withdrawal of the then current ratings assigned to any security issued in connection with a Secondary Market Transaction. 

“Embargoed Person” has the meaning provided in Section 4.1(ll). 

“Embassy Suites Walnut Creek” means that certain hotel known as the Embassy Suites Walnut Creek located in Walnut Creek,
California and owned by Ashford Walnut Creek LP, a Delaware limited partnership. 
 “Engineer” means any
reputable Independent engineer, properly licensed in the relevant jurisdiction and approved by Lender in Lender’s reasonable discretion. 

  
 6 

 “Engineering Report(s)” means, with respect to each Individual Property,
the structural engineering report(s) with respect to such Individual Property (i) prepared by an Engineer, (ii) addressed to or permitted by such preparer to be relied upon by Lender, (iii) prepared based on a scope of work determined
by Lender in Lender’s discretion, and (iv) in form and content acceptable to Lender in Lender’s discretion, together with any amendments or supplements thereto. 
 “Entity” means a (a) corporation, if the applicable Borrower is listed as a corporation in the preamble to this Agreement, (b) limited partnership, if the applicable Borrower is
listed as a limited partnership in the preamble to this Agreement or (c) limited liability company, if the applicable Borrower is listed as a limited liability company in the preamble to this Agreement. 

“Environmental Guaranty” means the Environmental Indemnity Agreement in form and substance satisfactory to Lender dated
as of the Closing Date from Borrower and Ashford Hospitality Limited Partnership, a Delaware limited partnership, to Lender relating to all Individual Properties, as the same may thereafter be from time to time supplemented, amended, modified or
extended by one or more agreements supplemental thereto. 
 “Environmental Indemnified Parties” includes
Lender, any Person who is or will have been involved with the servicing of the Loan, Persons who may hold or acquire or will have held a full or partial interest in the Loan (including, but not limited to, Investors or prospective Investors, as well
as custodians, trustees and other fiduciaries who hold or have held a full or partial interest in the Loan for the benefit of third parties) as well as the respective directors, officers, shareholders, partners, employees, agents, servants,
representatives, contractors, subcontractors, affiliates, subsidiaries, participants, successors and assigns of any and all of the foregoing (including but not limited to any other Person who holds or acquires or will have held a participation or
other full or partial interest in the Loan or the collateral therefor, whether during the term of the Loan or as a part of or following a foreclosure of the collateral for the Loan and including, but not limited to, any successors by merger,
consolidation or acquisition of all or a substantial portion of Lender’s assets and business). 
 “Environmental
Law” means any present and future federal, state and local laws, statutes, ordinances, rules, regulations and the like, as well as common law, relating to protection of human health or the environment, relating to Hazardous Substances,
relating to liability for or costs of other actual or threatened danger to human health or the environment, including, without limitation, the following statutes, as amended, any successor thereto, and any regulations promulgated pursuant thereto,
and any state or local statutes, ordinances, rules, regulations and the like addressing similar issues: the Comprehensive Environmental Response, Compensation and Liability Act; the Emergency Planning and Community Right-to-Know Act; the Hazardous
Substances Transportation Act; the Resource Conservation and Recovery Act (including but not limited to Subtitle I relating to underground storage tanks); the Solid Waste Disposal Act; the Clean Water Act; the Clean Air Act; the Toxic Substances
Control Act; the Safe Drinking Water Act; the Occupational Safety and Health Act; the Federal Water Pollution Control Act; the Federal Insecticide, Fungicide and Rodenticide Act; the Endangered Species Act; the National Environmental Policy Act; and
the River and Harbors Appropriation Act, and including, without limitation, any present and future federal, state and local laws, statutes ordinances, rules, regulations and the like, as well as common law: requiring notification or disclosure of
Releases of Hazardous Substances or other environmental condition of any or all of the Individual Properties to any Governmental Authority or other Person, whether or not in connection with transfer of title to or interest in any or all of the
Individual Properties. 

  
 7 

 “Environmental Liens” means, with respect to each Individual Property, all
liens and other encumbrances imposed on any Borrower which owns such Individual Property pursuant to any Environmental Law, whether due to any act or omission of any Borrower or any other person. 

“Environmental Report(s)” means, with respect to each Individual Property, environmental audit report(s)
(i) prepared by a reputable environmental Engineer approved by Lender in Lender’s discretion, (ii) addressed to or permitted by such environmental Engineer to be relied upon by Lender (iii) prepared based on a scope of work
determined by Lender in Lender’s discretion, and (iv) in form and content acceptable to Lender in Lender’s discretion, together with any amendments or supplements thereto delivered to Lender. 

“Equity Interests” means (i) if the applicable Borrower is a limited partnership, limited partnership interests in
Borrower, or (ii) if the applicable Borrower is a limited liability company, membership interests in Borrower; or (iii) if the applicable Borrower is a corporation, the share or stock interests in the applicable Borrower; provided,
however, Equity Interests shall not include any direct or indirect legal or beneficial ownership interest, or any other interest of any nature or kind whatsoever, of any SPE Equity Owner in any Borrower or in any other SPE Equity Owner, as
applicable. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time,
and the regulations promulgated thereunder. Section references to ERISA are to ERISA, as in effect at the date of this Agreement and, as of the relevant date, any subsequent provisions of ERISA, amendatory thereof, supplemental thereto or
substituted therefor. 
 “ERISA Affiliate” means any corporation or trade or business that is a member of any
group of organizations (i) described in Section 414(b) or (c) of the Code, of which any Borrower is a member, and (ii) solely for purposes of potential liability under Section 302(c)(11) of ERISA and Section 412(b) of
the Code and the lien created under Section 302(k) of any ERISA and Section 430(k) of the Code, described in Section 414(m) or (o) of the Code, of which any Borrower is a member. 

“Event of Default” has the meaning set forth in Section 7.1. 

“Exchange Act” has the meaning set forth in Section 2.13(c). 

“Extension Interest Rate Cap Agreement” means, a confirmation (together with the definitions, ISDA master agreement and
schedules relating thereto) between the applicable Acceptable Counterparty and each Borrower, relating to the applicable Extension Term, satisfying the requirements set forth in Exhibit C. 

“Extension Term” has the meaning set forth in Section 2.10. 

  
 8 

 “FF&E Financing” shall mean, with respect to an Individual Property,
the personal property leases and personal property financing set forth with respect to such Individual Property on Exhibit K, attached hereto and incorporated herein and all renewals, amendments and extensions thereof. 

“FF&E Reserve Account” means the account established pursuant to Section 2.11(d). 

“FIRREA” shall mean the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as the same may be amended
from time to time. 
 “First Extended Maturity Date” has the meaning set forth in Section 2.10.

 “First Extension Term” has the meaning set forth in Section 2.10. 

“Fiscal Year” means the 12-month period ending on December 31 of each year or such other fiscal year of Borrowers
as Borrowers may select from time to time with the prior written consent of Lender, such consent not to be unreasonably withheld or delayed. 
 “Franchise Agreement” shall mean, individually or collectively, as the context may require, each franchise or similar agreement entered into by and between the applicable Borrower and/or
Operating Lessee and Franchisor pursuant to which the applicable Borrower and/or Operating Lessee is permitted to operate the applicable Individual Property under the “flag” or other trade name that is the subject thereof, as the same may
be amended, restated, replaced, supplemented or otherwise modified in accordance with the terms hereof. 

“Franchisor” shall mean, individually or collectively, as the context may require, each franchisor under a Franchise
Agreement. As of the date hereof, each Franchisor of each Individual Property is set forth on Exhibit G attached hereto. No replacement or substitute Franchisor shall be selected, approved or consented to by any Borrower or Operating Lessee
other than in accordance with the terms hereof. 
 “Franchisor’s Subordination” means, with respect to
each Individual Property, a Franchisor’s Consent and Subordination Agreement, comfort letter or similar agreement in form and substance satisfactory to Lender, dated as of the Closing Date, executed by the relevant Franchisor and others as the
same may thereafter from time to time be supplemented, amended, modified or extended by one or more written agreements supplemental thereto. 
 “Full Recourse Event” has the meaning provided in Section 8.14. 
 “Funded Participation Holders” has the meaning provided in Section 8.16. 
 “Funded Participation Interests” has the meaning provided in Section 8.16. 
 “Funding Losses” means, collectively, all losses, costs and expenses incurred or sustained (or expected to be incurred or sustained) by Lender in liquidating or re-employing funds from
third parties to effect or maintain the Loan or any part thereof as a consequence of (a) if the Loan, or any portion thereof, is repaid for any reason whatsoever on any date other than a 

  
 9 

 
Payment Date (including, without limitation, from Insurance Proceeds or Condemnation Proceeds); (b) any default in the payment or prepayment of the Principal Indebtedness or any part thereof
or interest accrued thereon, as and when due and payable (at the date thereof or otherwise, and whether by acceleration or otherwise); (c) intentionally omitted; (d) any losses, expenses or increased costs incurred or sustained by Lender
due to the determination of the “LIBOR Rate” other than pursuant to the first sentence of the definition thereof; (e) the reduction of any amounts received or receivable from any Borrower, in either case, due to the introduction of,
or any change in, law or applicable regulation or treaty (including the administration or interpretation thereof), whether or not having the force of law, or due to the compliance by Lender with any directive, whether or not having the force of law,
or request from any central bank or domestic or foreign governmental authority, agency or instrumentality have jurisdiction; and/or (f) any other set of circumstances not attributable to Lender’s acts. 

“GAAP” means generally accepted accounting principles consistently applied in the United States of America as of the
date of the applicable financial report. 
 “Governmental Authority” means any foreign, national, federal,
state, regional or local government, or any other political subdivision of any of the foregoing, in each case with jurisdiction over any Borrower, all or any portion of the Collateral, or any SPE Equity Owner, or any Person with jurisdiction over
any Borrower, any Individual Property or any SPE Equity Owner, exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

“Gross Revenue” means, with respect to each Individual Property, the total dollar amount of all income and receipts
whatsoever received by the Borrower, Operating Lessee or any Manager or any agent thereof which owns, operates or manages the applicable Individual Property. 
 “Guarantor” means Ashford Hospitality Limited Partnership, a Delaware limited partnership. 
 “Guaranty of Recourse Obligations” means that certain Guaranty of Recourse Obligations made by Guarantor in favor of Lender dated as of the date hereof. 

“Hazardous Substance” means, without limitation, any and all substances (whether solid, liquid or gas) defined, listed,
or otherwise classified as pollutants, toxic or hazardous wastes, toxic or hazardous substances, toxic or hazardous materials, extremely hazardous wastes, or words of similar meaning or regulatory effect under any present or future Environmental
Laws including but not limited to petroleum and petroleum products, asbestos and asbestos-containing materials, polychlorinated biphenyls, lead, radon, radioactive materials, flammables and explosives, but excluding substances of kinds and in small
amounts ordinarily and customarily used or stored in similar properties for the purposes of cleaning or other maintenance or operations and otherwise in compliance with all Environmental Laws. 

“Impositions” means, collectively, “Impositions” as defined in each Mortgage. 

“Indebtedness” means, at any given time, the Principal Indebtedness, together with all accrued and unpaid interest
thereon and all other obligations and liabilities due or to become due to Lender pursuant hereto, under the Note or in accordance with any of the other Loan Documents, and all other amounts, sums and expenses paid by or payable to Lender hereunder
or pursuant to the Note or any of the other Loan Documents. 

  
 10 

 “Indemnified Party” shall have the meaning set forth in
Section 2.13(c). 
 “Independent” means, when used with respect to any Person, a Person who:
(i) does not have any direct financial interest or any material indirect financial interest in any Borrower or in any Affiliate of any Borrower (including, without limitation, in any SPE Equity Owner), (ii) is not connected with any
Borrower or any Affiliate of any Borrower (including, without limitation, any SPE Equity Owner), as an officer, employee, promoter, underwriter, trustee, partner, member, manager, creditor, director or person performing similar functions (other than
in his or her capacity as Independent Director), and (iii) is not a member of the immediate family of a Person defined in (i) or (ii) above. 
 “Independent Director” means, with respect to each Borrower, a duly appointed member of the board of directors (or with respect to a Single Member LLC, the board of managers) of the
relevant entity who shall not have been, at the time of such appointment or at any time while serving as a director or manager of the relevant entity and may not have been at any time in the preceding five years (except in a capacity as an
“Independent Director” for one or more Affiliates otherwise satisfying the requirements of this definition), (a) a direct or indirect legal or beneficial owner in such entity or any of its affiliates or any Borrower or any of their
respective affiliates, (b) a creditor, supplier, employee, officer, director (other than in its capacity as Independent Director), family member, manager, or contractor of such entity or any of its affiliates or any Borrower or any of their
respective affiliates, or (c) a Person who controls (directly, indirectly, or otherwise) such entity or any of its affiliates or any Borrower or any of their respective affiliates or any creditor, supplier, employee, officer, director, family
member, manager, or contractor of such Person or any of its affiliates or any Borrower or any of their respective affiliates. 

“Individual Properties” shall mean, collectively, each and every Individual Property. 

“Individual Property” shall mean, with respect to each individual property described on Exhibit D attached
hereto, “Property” or “Individual Property”, as applicable, as defined in the related Mortgage for such individual property. 
 “Initial Interest Rate Cap Agreement” means a confirmation (together with the definitions, ISDA master agreement and schedules relating thereto) between the applicable Acceptable
Counterparty and each Borrower, relating to the initial term of the Loan, satisfying the requirements set forth in Exhibit C. 
 “Initial Maturity Date” means December 11, 2009. 

“Insurance Proceeds” has the meaning, with respect to each Individual Property, provided in the Mortgage for such
Individual Property. 

  
 11 

 “Insurance Requirements” has the meaning, with respect to each Individual
Property, provided in the Mortgage for such Individual Property. 
 “Interest Accrual Period” shall mean,
initially, the period commencing on the Closing Date and continuing to and including December 10, 2006, and thereafter each period running from and including a Payment Date to and including the calendar day preceding the next Payment Date
during the term of the Loan. 
 “Interest Rate” means, for any Interest Accrual Period, the LIBOR Interest Rate
or the Default Rate, as and when applicable pursuant to this Agreement. 
 “Interest Rate Adjustment Date”
shall mean the second LIBOR Business Day prior to the fifteenth (15th) day of the month during which the applicable Interest Accrual Period begins; provided that the Interest Rate Adjustment Date for the first Interest Accrual Period shall be
the Closing Date or such other date selected by Lender. 
 “Interest Rate Cap Agreement” means any Initial
Interest Rate Cap Agreement or Extension Interest Rate Cap Agreement. 
 “Interstate Manager” means Interstate
Management Company, LLC, a Delaware limited liability company. 
 “Investor” has the meaning provided in
Section 8.27. 
 “Land” means, collectively, “Land” as defined in each Mortgage.

 “Late Charge” means the lesser of (i) five percent (5%) of any unpaid amount and (ii) the
maximum late charge permitted to be charged under the laws of the State of California. 
 “Leases” means,
collectively, “Leases” as defined in each Mortgage. 
 “Legal Requirements” means all statutes, laws,
rules, orders, regulations, ordinances, judgments, orders, decrees and injunctions of Governmental Authorities affecting any Borrower, the Loan Documents, the Collateral or any part thereof, or the ownership, construction, use, alteration or
operation thereof, or any part thereof, enacted or entered and in force as of the relevant date, and all Permits and regulations relating thereto, and all covenants, agreements, restrictions and encumbrances contained in any instruments, either of
record or known to any Borrower, at any time in force affecting the Collateral or any part thereof, including, without limitation, any which (i) may require repairs, modifications, or alterations in or to the Collateral or any part thereof, or
(ii) in any way limit the use and enjoyment thereof, and further including, without limitation, all Environmental Laws and the Americans with Disabilities Act, as they may be amended from time to time, together with all regulations promulgated
pursuant thereto or in connection therewith. 
 “Lender” has the meaning provided in the preamble to this
Agreement. 
 “Liabilities” has the meaning set forth in Section 2.13(c). 

  
 12 

 “LIBOR Business Day” means any day on which banks are open for dealing in
foreign currency and exchange in London, England. 
 “LIBOR Interest Rate” means, for any Interest Accrual
Period, the LIBOR Rate for such Interest Accrual Period plus the Note Spread. 
 “LIBOR Rate” shall mean the
London interbank offered rate for thirty (30) day United States Dollar deposits in an amount of $1,000,000 or more that appears on Telerate Page 3750 (or on such page as may replace Telerate Page 3750 on that service or such other service or
services as may be nominated by the British Bankers’ Association for the purposes of displaying such rate all as determined by Lender in its sole but good faith discretion) as of 11:00 a.m., London time, on the applicable Interest Rate
Adjustment Date to the extent available. If such rate does not appear on Telerate Page 3750 (or on such page as may replace Telerate Page 3750 on that service or such other service or services as may be nominated by the British Bankers’
Association for the purposes of displaying such rate all as determined by Lender in its sole but good faith discretion) as of 11:00 a.m., London time, on the applicable Interest Rate Adjustment Date, the LIBOR Rate will be the arithmetic mean of the
offered rates (expressed as a percentage per annum) for deposits in U.S. Dollars for a one (1) month period that appear on the Reuters Screen LIBO Page as of 11:00 a.m., London time, on the applicable Interest Rate Adjustment Date, if at least
two such offered rates so appear. If fewer than two such offered rates appear on the Reuters Screen LIBO Page as of 11:00 a.m., London time, on the applicable Interest Rate Adjustment Date, Lender will request the principal London office of any four
(4) major reference banks in the London interbank market selected by Lender in its sole discretion to provide such bank’s offered quotation (expressed as a percentage per annum) to prime banks in the London interbank market for deposits in
U.S. Dollars for one (1) month period as of approximately 11:00 a.m., London time, on such Interest Rate Adjustment Date for amounts of not less than $1,000,000. If at least two such offered quotations are so provided, the LIBOR Rate will be
the arithmetic mean of such quotations. If fewer than two such quotations are so provided, Lender will request any three (3) major banks in New York City selected by Lender in its sole discretion to provide such banks’ rate (expressed as a
percentage per annum) for loans in U.S. Dollars to leading European banks for a one (1) month period as of approximately 11:00 a.m. New York City time, on the applicable Interest Rate Adjustment Date for amounts of not less than $1,000,000. If
at least two such rates are so provided, the LIBOR Rate will be the arithmetic mean of such rates. If fewer than two such rates are so provided, the then LIBOR Rate will be the LIBOR Rate in effect on the preceding Interest Rate Adjustment Date. The
LIBOR Rate for any Interest Accrual Period shall be adjusted from time to time, by increasing the rate thereof to compensate Lender for any aggregate reserve requirements (including, without limitation, all basic, supplemental, marginal and other
reserve requirements and taking into account any transactional adjustments or other scheduled changes in reserve requirements during any Interest Accrual Period) which are required to be maintained by Lender with respect to “Eurodollar
liabilities” (as presently defined in Regulation D of the Board of Governors of the Federal Reserve System) of the same term under said Regulation D, or any other regulations of a Governmental Authority having jurisdiction over Lender. The
establishment of the LIBOR Rate on each Interest Rate Adjustment Date by the Lender and the Lender’s calculation of the rate of interest applicable to this Note shall (in the absence of manifest error) be final and binding. 

  
 13 

 “Lien” means any mortgage, deed of trust, deed to secure debt, lien
(statutory or other), pledge, easement, restrictive covenant, hypothecation, assignment, preference, priority, security interest, or any other encumbrance or charge on or affecting any portion of the Collateral or any Borrower, or any interest in
any of the foregoing, including, without limitation, any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, the filing of any financing statement or similar
instrument under the UCC or comparable law of any other jurisdiction, domestic or foreign, and mechanic’s, materialmen’s and other similar liens and encumbrances. 
 “Loan” has the meaning provided in the Recitals hereto. 

“Loan Amount” has the meaning provided in the Recitals hereto. 

“Loan Documents” means, collectively, this Agreement, the Note, the Mortgages, the Assignments of Leases, the
Assignments of Agreements, the Manager’s Subordinations, the Franchisor’s Subordinations, the Subordination, Attornment and Security Agreements, the Environmental Guaranty, the Completion Guaranty, the Guaranty of Recourse Obligations, the
Cash Collateral Account Agreement, the Collection Account Agreements, all Interest Rate Cap Agreements, all Rate Cap Pledge and Security Agreements from Borrowers to Lender, and all other agreements, instruments, certificates and documents executed
or delivered by or on behalf of Borrower or any Affiliate to evidence or secure the Loan or otherwise in satisfaction of the requirements of this Agreement, any Mortgage or the other documents listed above. 

“Loan-to-Value Ratio” means the ratio of the sum of the Principal Indebtedness and Unfunded Future Advances to the
then-current market value of all of the Individual Properties (in each case as determined by an Appraisal in a form customary for delivery to reasonable institutional lenders dealing with a loan secured by properties comparable to the Individual
Properties and obtained within ninety (90) days prior to the event that triggered the Appraisal or obtained within such other time period acceptable to Lender). 
 “Losses” means any losses, actual damages, costs, fees, expenses, claims, suits, judgments, awards, liabilities (including but not limited to strict liabilities), obligations, debts,
fines, penalties, charges, costs of Remediation (whether or not performed voluntarily), amounts paid in settlement, litigation costs, reasonable attorneys’ fees, engineers’ fees, environmental consultants’ fees, and investigation
costs (including but not limited to costs for sampling, testing and analysis of soil, water, air, building materials, and other materials and substances whether solid, liquid or gas), of whatever kind or nature, and whether or not incurred in
connection with any judicial or administrative proceedings, actions, claims, suits, judgments or awards. 
 “Management
Agreement” means the Management Agreement entered into between Manager and each Borrower or Operating Lessee pertaining to the management of each Individual Property in the form attached to the Manager’s Subordinations. 

“Manager” means, individually or collectively, as the context may require, each manager under a Management Agreement, or
any successor or assignee, provided that each successor or assignee shall be acceptable to Lender in Lender’s discretion and, in addition, after a Secondary Market Transaction, shall be subject to Rating Agency Confirmation. As of the date
hereof, the Manager of each Individual Property is set forth on Exhibit F attached hereto. 

  
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 “Manager’s Subordination” means, with respect to each Individual
Property, the Manager’s Consent and Subordination of Management Agreement in form and substance satisfactory to Lender, dated as of the Closing Date, executed by the applicable Manager, each applicable Borrower which owns the Individual
Property, Operating Lessee (if applicable) and Lender, as the same may thereafter from time to time be supplemented, amended, modified or extended by one or more written agreements supplemental thereto. 

“Mandatory Funding Date” means June 11, 2008 and December 11, 2008, as applicable. 

“Marriott Trumbull” means that certain hotel known as the Marriott Trumbull located in Trumbull, Connecticut and owned
by Ashford Trumbull LP, a Delaware limited partnership. 
 “Material Adverse Effect” means a material adverse
effect upon (i) the business or the financial position or results of operation of any Borrower, (ii) the ability of any Borrower to perform, or of Lender to enforce, any of the Loan Documents or (iii) the value of (x) the
Collateral with respect to any Individual Property taken as a whole or (y) any Individual Property. 
 “Material
Lease” means, collectively, (a) any “Material Lease” as defined in each Mortgage, and (b) each Operating Lease. 
 “Maturity Date” means Initial Maturity Date as extended pursuant to and in accordance with Section 2.10, or such earlier date resulting from acceleration of the Indebtedness
by Lender. 
 “Maximum Amount” means the maximum rate of interest designated by applicable laws relating to
payment of interest and usury. 
 “Mezzanine Borrower” has the meaning set forth in
Section 2.17(g). 
 “Mezzanine Loan” has the meaning set forth in Section 2.17.

 “Mold” means any mold or fungus in violation of Legal Requirements present at or in any Individual Property.

 “Mortgage” means, with respect to each Individual Property, the first priority Mortgage or Deed of Trust,
Assignment of Rents, Security Agreement and Fixture Filing or such other comparable document which is customarily used by prudent lenders in the jurisdiction in which such Individual Property is located, in form and substance satisfactory to Lender
in Lender’s discretion, dated as of the Closing Date, granted by each applicable Borrower which owns such Individual Property to Lender (or, in the case of a Deed of Trust, to Deed of Trust Trustee for the benefit of Lender) with respect to
such Individual Property as security for the Loan, as the same may thereafter from time to time be supplemented, amended, modified or extended by one or more written agreements supplemental thereto. 

  
 15 

 “Mortgaged Property” means, collectively, or individually (as the context
requires), the “Individual Property” as defined in the Mortgage for each Individual Property. 

“Multiemployer Plan” means a multiemployer plan defined as such in Section 3(37) of ERISA to which contributions
have been made by Borrower or any ERISA Affiliate and which is covered by Title IV of ERISA. 
 “Net Operating
Income” means, with respect to each Individual Property, for any period the excess, if any, of Operating Income for such period over Operating Expenses for such period. 

“Note” shall have the meaning set forth in the Recitals hereto. 

“Note Holder” shall have the meaning set forth in the Recitals hereto. 

“Note Spread” means 1.72%. 
 “Note” has the meaning set forth in the Recitals. 
 “OFAC
List” means the list of specially designated nationals and blocked persons subject to financial sanctions that is maintained by the U.S. Treasury Department, Office of Foreign Assets Control and any other similar list maintained by the U.S.
Treasury Department, Office of Foreign Assets Control pursuant to any Legal Requirements (or is such list does not exist, the similar list then being maintained by the United States, including, without limitation, trade embargo, economic sanctions,
or other prohibitions imposed by Executive Order of the President of the United States. The OFAC List currently is accessible through the internet website at www.treas.gov/ofac/t11sdn.pdf. 

“Officer’s Certificate” means, with respect to each Borrower, a certificate of such Borrower which is signed by the
managing equity owner of such Borrower. 
 “Operating Expenses” means, with respect to each Individual
Property, for any period, all expenditures by the Borrower which owns the Individual Property or the Operating Lessee, as and to the extent required to be expensed under GAAP during such period in connection with the ownership, operation,
maintenance, repair or leasing of such Individual Property, including, without limitation or duplication expenses in connection with cleaning, repair, replacement, painting and maintenance; wages, benefits, payroll taxes, uniforms, insurance costs
and all other related expenses for employees of such Borrower, Operating Lessee or any Affiliate engaged in repair, operation, maintenance of such Individual Property or service to tenants, patrons or guests of such Individual Property, as
applicable; any management and franchise fees and expenses; the cost of all electricity, oil, gas, water, steam, heat, ventilation, air conditioning and any other energy, utility or similar item and overtime services; the cost of cleaning supplies;
Impositions; business interruption, liability, casualty and fidelity insurance premiums; legal, accounting and other professional fees and expenses incurred in connection with the ownership, leasing or operation of any Individual Property,
including, without 

  
 16 

 
limitation, collection costs and expenses; costs and expenses of security and security systems; trash removal and exterminating costs and expenses; advertising and marketing costs; costs of
environmental audits and monitoring, environmental, investigation, remediation or other response actions or any other expenses incurred with respect to compliance with Environmental Laws; and all other ongoing expenses which in accordance with GAAP
are required to be or are included in such Borrower’s or Operating Lessee’s annual financial statements as operating expenses of such Individual Property. Operating Expenses shall be calculated in accordance with GAAP. 

Notwithstanding the foregoing, Operating Expenses shall not include (v) capital improvement costs, (w) any taxes imposed on the
applicable Borrower’s or Operating Lessee’s net income, (x) depreciation or amortization of intangibles (y) Debt Service and other payments in connection with the Indebtedness, or (z) any rental or other payments due and
payable to Borrower by Operating Lessee pursuant to the terms of any Operating Lease. 
 “Operating Income”
means, with respect to each Individual Property, for any period, for Borrower which owns the Individual Property, all revenue derived from the ownership and operation of each Individual Property from whatever source, including, without limitation:
all amounts payable as Rents and all other amounts payable under Leases (other than the Operating Lease) or other third party agreements relating to the ownership and operation of such Individual Property; business interruption insurance proceeds;
and all other amounts which in accordance with GAAP are required to be or are included in such Borrower’s or Operating Lessee’s annual financial statements as operating income of such Individual Property but excluding any lease termination
payments, use and occupancy or other taxes on receipts required to be accounted for by Borrower to any Governmental Authority, refunds on uncollectible accounts, sales of furniture, fixtures and equipment, Insurance Proceeds (other than business
interruption insurance), Condemnation Proceeds, rents, revenues and receipts received by tenants and concessionaires located at the Individual Properties, unforfeited security deposits, utility and other similar deposits and any disbursements to
Borrower from the Cash Collateral Account and any Reserve Accounts. Operating Income shall not include any rental or other payments due and payable to Borrower by Operating Lessee pursuant to the terms of any Operating Lease. 

“Operating Lease” shall mean, individually or collectively, as the context may require, the operating lease or similar
agreement entered into by and between the applicable Borrower and the Operating Lessee, which governs the operation of one of more of the Individual Properties as the same may be amended, restated, replaced, supplemented or modified from time to
time, in accordance with the terms hereof. 
 “Operating Lessee” shall mean, individually or collectively, as
the context may require, any operating lessee under an Operating Lease, which is an Affiliate of the Borrowers and which is a Special Purpose Entity, provided that such operating lessee shall be selected in accordance with the terms hereof. As of
the date hereof, the term Operating Lessee is Ashford TRS Nickel LLC, a Delaware limited liability company, the current operating lessee of one or more Individual Properties, and an Affiliate of the Borrowers. 

  
 17 

 “Other Borrowings” means, without duplication (but not including the
Indebtedness or any Transaction Costs payable in connection with the Transactions), (i) all indebtedness of any Borrower for borrowed money or for the deferred purchase price of property or services, (ii) all indebtedness of any Borrower
evidenced by a note, bond, debenture or similar instrument, (iii) the face amount of all letters of credit issued for the account of any Borrower and, without duplication, all unreimbursed amounts drawn thereunder, (iv) all indebtedness of
any Borrower secured by a Lien on any property owned by any Borrower whether or not such indebtedness has been assumed, (v) all Contingent Obligations of any Borrower, and (vi) all payment obligations of any Borrower under any interest
rate protection agreement (including, without limitation, any interest rate swaps, caps, floors, collars or similar agreements) and similar agreements. 
 “Partial Release” shall have the meaning set forth in Section 2.15. 
 “Payment Date” shall mean January 11, 2007 and thereafter on the same calendar day of each calendar month during the term of the Loan and continuing to and including the Maturity
Date (or, if the Payment Date or Maturity Date is not on a Business Day, the immediately preceding Business Day). 

“PBGC” means the Pension Benefit Guaranty Corporation established under ERISA, or any successor thereto. 

“Permits” means, collectively, “Permits” as defined in each Mortgage. 

“Permitted Encumbrances” means, with respect to each Individual Property, (i) the Lien created by the Mortgage for
such Individual Property or the other Loan Documents, (ii) all Liens and other matters disclosed in the Title Insurance Policy concerning the Individual Property, or any part thereof which have been approved by Lender in Lender’s
discretion, (iii) Liens, if any, for Impositions with respect to imposed by any Governmental Authority not yet due or delinquent or being contested in good faith and by appropriate proceedings in accordance with the Mortgage for such Individual
Property, (iv) without limiting the foregoing, any and all governmental, public utility and private restrictions, covenants, reservations, easements, licenses or other agreements of an immaterial nature which may hereafter be granted by each
applicable Borrower which owns the Individual Property after the Closing Date and which do not materially and adversely affect (a) the ability of any Borrower to pay any of its obligations to any Person as and when due, (b) the
marketability of title to such Individual Property, (c) the fair market value of such Individual Property, or (d) the use or operation of such Individual Property as of the Closing Date and thereafter, (v) rights of existing and
future tenants, licensees and concessionaries pursuant to Leases in effect as of the date hereof or entered into in accordance with the Loan Documents, (vi) the Operating Leases, (vii) FF&E Financing applicable to the Individual
Property, (viii) liens in favor of Mortgagee, and (ix) any liens securing the Mezzanine Loan pursuant to Section 2.17 of the Loan Agreement. 
 “Permitted Investments” has the meaning provided in the Cash Collateral Account Agreement. 
 “Permitted Mezzanine Lender” shall mean (a) Countrywide, or any Affiliate thereof, or (b) a third-party institutional lender or institutional investor that is reasonably
acceptable to Lender. 

  
 18 

 “Permitted Transfer” shall mean, provided no Event of Default has occurred
and is continuing, (A) with respect to each Individual Property and each Borrower: (i) Permitted Encumbrances; (ii) all transfers of worn out or obsolete furnishings, fixtures or equipment that are (if deemed necessary or advisable by
the applicable Borrower or Operating Lessee) reasonably promptly replaced with property of equivalent value and functionality in the ordinary course of the Borrowers’ or Operating Lessees operation of each Individual Property; (iii) all
Leases which are not Material Leases; (iv) all Material Leases which have been approved by Lender in writing pursuant to the terms of this Agreement; (v) transfers of direct or indirect interests in Borrower which in the aggregate during
the term of the Loan (a) do not exceed forty-nine percent (49%) of the total interests in any Borrower, (b) do not result in any partner’s, member’s or other Person’s interest in any Borrower exceeding forty-nine
percent (49%) of the total interests in any Borrower, and (c) do not cause the transferee to acquire control of Borrower or SPE Equity Owner; (vi) transfers of direct or indirect interests in Borrower to a wholly-owned direct or
indirect subsidiary of Guarantor; provided that Borrower delivers a non-consolidation opinion substantially in the form delivered at closing, together with additional pairings to such transferee (which pairings shall be the same as the pairings to
the Guarantor in the opinion delivered on the Closing Date); (vii) any other transfer of direct or indirect interests in Borrower provided that (a) prior to any Secondary Market Transaction, Lender shall have consented to such transfer or
transfers, (b) after any Secondary Market Transaction, (1) Lender shall have consented to such transfer or transfers and (2) the Rating Agencies shall have confirmed in writing that such transfer or transfers shall not result in a
downgrade, withdrawal or qualification of any securities issued in connection with such Secondary Market Transaction, (c) acceptable opinions relating to such transfer or transfers shall have been delivered by Borrowers to Lender and the Rating
Agencies (including, without limitation, tax and bankruptcy opinions), and (d) Borrowers pay all reasonable expenses incurred by Lender in connection with such transfer or transfers (including Rating Agency fees and expenses);
(viii) transfers, issuance, conversions, pledges and redemptions of stock, membership interests and partnership interests in Ashford Hospitality Trust, Inc., a Maryland corporation (or its successors), and (ix) the merger or consolidation
of Ashford Hospitality Trust, Inc. (or its successors) with a Qualified Transferee; provided that no Transfer in clauses (i) through (ix) above shall include any direct or indirect legal or beneficial ownership interest, or any other
interest of any nature or kind whatsoever, of any SPE Equity Owner in any Borrower or in any other SPE Equity Owner, as applicable, and (B) with respect to Operating Lessee, provided no Event of Default has occurred and is continuing,
(i) transfers of direct or indirect equity interests in Operating Lessee which in the aggregate during the term of the Loan (a) do not exceed forty-nine percent (49%) of the total interests in Operating Lessee, (b) do not result
in any partner’s, member’s or other Person’s interest in any Operating Lessee exceeding forty-nine percent (49%) of the total interests in Operating Lessee, and (c) do not cause the transferee to acquire control of Operating
Lessee; (ii) transfers of direct or indirect interests in Operating Lessee to a wholly-owned direct or indirect subsidiary of Guarantor; provided that Borrower delivers a non-consolidation opinion substantially in the form delivered at closing,
together with additional pairings to such transferee (which pairings shall be the same as the pairings to the Guarantor in the opinion delivered on the Closing Date); (iii) any other transfer of direct or indirect equity interests in Operating
Lessee provided that (a) prior to any Secondary Market Transaction, Lender shall have consented to such transfer or transfers, (b) after any Secondary Market Transaction, (1) Lender shall have consented to such transfer or transfers
and (2) the Rating Agencies shall have confirmed in 

  
 19 

 
writing that such transfer or transfers shall not result in a downgrade, withdrawal or qualification of any securities issued in connection with such Secondary Market Transaction,
(c) acceptable opinions relating to such transfer or transfers shall have been delivered by Operating Lessee or the Borrowers to Lender and the Rating Agencies (including, without limitation, tax and bankruptcy opinions), and (d) Operating
Lessee or the Borrowers pay all reasonable expenses incurred by Lender in connection with such transfer or transfers (including Rating Agency fees and expenses); (iii) transfers, issuance, conversions, pledges and redemptions of stock,
membership interests and partnership interests in Ashford Hospitality Trust, Inc., a Maryland corporation (or its successors); and (iv) the merger or consolidation of Ashford Hospitality Trust, Inc. (or its successors) with a Qualified
Transferee. 
 “Person” means any individual, corporation, limited liability company, partnership, joint
venture, estate, trust, unincorporated association, or any other entity, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing.

 “Plan” means an employee benefit or other plan established or maintained by any Borrower or any ERISA
Affiliate and that is covered by Title IV of ERISA, other than a Multiemployer Plan. 
 “Plaza Tower Leases”
means each Lease – Business Property between Plaza Towers, L.L.C., as landlord, and Ashford Iowa City LP, as successor to MIP Lessee, L.P., as tenant, dated August 13, 2004 and July of 2005, respectively, relating to the property set forth
therein. 
 “Pre-approved Capital Expenditure Budget” means that certain capital expenditure budget attached
hereto as Exhibit I. 
 “Principal Indebtedness” means the principal amount of the entire Loan
outstanding as the same may be increased or decreased, as a result of prepayment, Additional Advances or otherwise, from time to time. 
 “Proceeds” means all “proceeds,” as such term is defined in the UCC, and, to the extent not included in such definition, all proceeds whether cash or non-cash, movable or
immovable, tangible or intangible (including all Insurance Proceeds, all Condemnation Proceeds and proceeds of proceeds), from the Collateral, including, without limitation, those from the sale, exchange, transfer, collection, loss, damage,
disposition, substitution or replacement of any of the Collateral and all income, gain, credit, distributions and similar items from or with respect to the Collateral. 
 “Qualified Substitute Property” means the fee simple interest in real property of the same property type as the Individual Property being replaced, market concentration, building
concentration, in each case as determined by Lender in its good faith discretion, located in the United States of America, together with all buildings and other improvements thereon and leasehold interests therein, added to the Individual Property
subject to the Liens of the Loan Documents in connection with an Individual Property Substitution pursuant to Section 2.16 after satisfaction of the conditions described therein. No Qualified Substitute Property may be subject to a
ground lease. 

  
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 “Qualified Transferee” shall mean (A) an entity that (i) has been
regularly engaged in the ownership commercial real estate similar to the Property for the past three (3) years, (ii) has not within the past five (5) years been the subject of any bankruptcy or insolvency proceeding, and
(iii) has experience and reputation in the commercial real estate industry that is consistent with that of Guarantor or (B) a surviving entity that is Ashford Hospitality Trust, Inc., provided that the related merger or consolidation does
not result in a change of a majority of the directors on the board of directors. 
 “Rate Cap Pledge and Security
Agreement” means that certain form of Rate Cap Pledge and Security Agreement attached hereto as Exhibit E. 

“Rating Agencies” means Fitch, Inc., Moody’s Investors Service, Inc., S&P, and Dominion Bond Rating Service
Limited, or any successor thereto, and any other nationally recognized statistical rating organization but only to the extent that any of the foregoing have been or will be engaged by Lender or its designees in connection with or in anticipation of
a Secondary Market Transaction (each, individually a “Rating Agency”). 
 “Rating Agency
Confirmation” means a written confirmation from each of the Rating Agencies rating any securities issued in connection with a Secondary Market Transaction that an action shall not result in a downgrade, withdrawal or qualification of any
securities issued in connection with a Secondary Market Transaction. 
 “Recourse Distributions” has the
meaning provided in Section 8.14. 
 “Recourse Liability” and “Recourse
Liabilities” have the meaning provided in Section 8.14. 
 “Release” with respect to any
Hazardous Substance includes but is not limited to any release, deposit, discharge, emission, leaking, leaching, spilling, seeping, migrating, injecting, pumping, pouring, emptying, escaping, dumping, disposing or other movement of Hazardous
Substances. 
 “Release Price” shall have the meaning as set forth in Section 2.15(b). 

“Remediation” (and its correlative terms) includes but is not limited to any response, remedial, removal, or corrective
action; any activity to clean up, detoxify, decontaminate, contain or otherwise remediate any Hazardous Substance; any actions to prevent, cure or mitigate any Release of any Hazardous Substance; any action to comply with any Environmental Laws or
with any permits issued pursuant thereto; any inspection, investigation, study, monitoring, assessment, audit, sampling and testing, laboratory or other analysis, or evaluation relating to any Hazardous Substances or to anything referred to herein,
including the preparation of any plans, studies, reports or documents with respect thereto. 
 “REMIC” means a
real estate mortgage investment conduit as defined under Section 860D of the Code. 

  
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 “Remington Manager” means Remington Management, L.P., a Delaware limited
partnership. 
 “Rents” means, collectively, “Rents” as defined in each Mortgage. 

“Required Debt Service Payment” means, on any Payment Date, the Debt Service then due and payable by Borrowers.

 “Reserve Account” means any account established pursuant to the Loan Agreement or the Cash Collateral
Account Agreement. 
 “Reuters Screen LIBO Page” means the display page designated as “LIBO” on the
Reuters Monitor Money Rates Service. 
 “S&P” means Standard & Poor’s Ratings Services, a
division of The McGraw Hill Companies, Inc. 
 “Second Extended Maturity Date” has the meaning set forth in
Section 2.10. 
 “Second Extension Term” has the meaning set forth in Section 2.10.

 “Secondary Market Transaction” shall have the meaning set forth in Section 2.13. 

“Secretary’s Certificate” means, with respect to each Borrower and Operating Lessee, the certificate in form and
substance satisfactory to Lender in Lender’s discretion dated as of the Closing Date. 
 “Securities Act”
has the meaning provided in Section 2.13(c). 
 “Sheraton Iowa City” means that certain hotel known
as Sheraton Iowa City located in Iowa City, Iowa and owned by Ashford Iowa City LP, a Delaware limited partnership. 

“Single Member LLC” means a limited liability company that (i) is either (a) a single member limited liability
company or (b) a multiple member limited liability company that does not have a Single-Purpose Entity that owns at least one percent (1%) of the equity interests in such limited liability company as its managing member, and (ii) is
organized under the laws of the State of Delaware. 
 “Single-Purpose Entity” means a corporation, limited
partnership, or limited liability company which, at all times since its formation and thereafter (i) was and will be organized solely for the purpose of (w) owning, leasing, operating, managing, financing and maintaining any or all of the
Individual Properties or (x) acting as an operating lessee pursuant to the terms of an Operating Lease or (y) acting as the managing member of the limited liability company which owns any or all of the Individual Properties or
(z) acting as the general partner of a limited partnership which owns any or all of the Individual Property, (ii) has not and will not engage in any business unrelated to (x) the ownership, leasing, operating, managing, financing and
maintaining of any or all of the Individual Properties or (y) acting as a member of a limited liability company which owns any or all of the Individual Properties or (z) acting as a general

  
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partner of a limited partnership which owns any or all of the Individual Properties, (iii) has not and will not have any assets other than (x) those related to any or all of the
Individual Properties or (y) its member interest in the limited liability company which owns any or all of the Individual Properties or (z) its general partnership interest in the limited partnership which owns any or all of the Individual
Properties, as applicable, (iv) has not and will not engage in, seek or consent to any dissolution, winding up, liquidation, consolidation or merger, and, except as otherwise expressly permitted by this Agreement, has not and will not engage
in, seek or consent to any asset sale, transfer of partnership or membership or shareholder interests, or amendment of its limited partnership agreement, articles of incorporation, articles of organization, certificate of formation or operating
agreement (as applicable), (v) if such entity is a limited partnership, has and will have at all times while the Loan is outstanding as its only general partners, general partners which are and will be Single-Purpose Entities which are
corporations or a Single Member LLC, (vi) if such entity is a corporation or a Single Member LLC, at all relevant times while the Loan is outstanding, has and will have at least two Independent Directors, (vii) the board of directors of
such entity (or if such entity is a Single Member LLC, the entity, each member, each director, each manager, the board of managers, if any, and all other Persons on behalf of such entity), has not taken and will not take any action requiring the
unanimous affirmative vote of one hundred percent (100%) of the members and all directors and managers, as applicable, unless all of the directors or managers, as applicable, including, without limitation, all Independent Directors, shall have
participated in such vote, (viii) has not and will not fail to correct any known misunderstanding regarding the separate identity of such entity, (ix) if such entity is a limited liability company (other than a Single Member LLC), has and
will have at least one member that is and will be a Single-Purpose Entity which is and will be a corporation, and such corporation is and will be the managing member of such limited liability company, (x) without the unanimous consent of all of
the partners, directors or managers (including, without limitation, all Independent Directors) or members, as applicable, has not and will not with respect to itself or to any other entity in which it has a direct or indirect legal or beneficial
ownership interest (w) file a bankruptcy, insolvency or reorganization petition or otherwise institute insolvency proceedings or otherwise seek any relief under any laws relating to the relief from debts or the protection of debtors generally;
(x) seek or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian or any similar official for such entity or such entity’s properties; (y) make any assignment for the benefit of such
entity’s creditors; or (z) take any action that might cause such entity to become insolvent, (xi) has maintained and will maintain its accounts, books and records separate from any other Person or entity, (xii) has maintained and
will maintain its books, records, resolutions and agreements as official records, (xiii) has not commingled and will not commingle its funds or assets with those of any other entity except as permitted by the Loan Documents, (xiv) has held
and will hold its assets in its own name, (xv) has conducted and will conduct its business in its name and will not permit its name, identity or type of entity to be changed, (xvi) has maintained and will maintain its financial statements,
accounting records and other entity documents separate from any other Person or entity, except to the extent that such Person or entity is required to file consolidated tax returns by law; provided, that any such consolidated financial statement
shall contain a footnote indicating that separate assets and liabilities are neither available to pay the debts of the consolidated entity nor constitute obligations of the consolidated entity, (xvii) has paid and will pay its own liabilities
out of its own funds and assets, (xviii) has observed and will observe all partnership, corporate or limited liability company formalities as applicable, (xix) has maintained 

  
 23 

 
and will maintain an arms-length relationship with its Affiliates, (xx) if (x) such entity owns all of any portion of any or all of the Individual Properties, has and will have no
indebtedness other than the Indebtedness and the FF&E Financing, unsecured trade payables and operational debt in the ordinary course of business relating to the ownership and operation of such Individual Property which (1) are not
evidenced by a promissory note (2) when aggregated with the unsecured trade payables of all other Borrowers and Operating Lessee do not exceed, at any time, a maximum amount of two percent (2.0%) of the Loan Amount and (3) are paid
within 60 days of the date incurred (unless same are being contested in accordance with the terms of this Agreement), or other indebtedness that has been fully discharged on or prior to the date hereof, or (y) if such entity acts as the general
partner of a limited partnership which owns such Individual Property, has and will have no indebtedness other than unsecured trade payables in the ordinary course of business relating to acting as general partner of the limited partnership which
owns such Individual Property which (1) do not exceed, at any time, $10,000 and (2) are paid within 60 days of the date incurred, or (z) if such entity acts as a managing member of a limited liability company which owns such
Individual Property, has and will have no indebtedness other than unsecured trade payables and operational debt in the ordinary course of business relating to acting as a member of the limited liability company which owns such Individual Property
which (1) do not exceed, at any time, $10,000 and (2) are paid within 60 days of the date incurred, (xxi) has not and will not assume or guarantee or become obligated for the debts of any other entity or hold out its credit as being
available to satisfy the obligations of any other entity except for the Indebtedness, (xxii) has not acquired and will not acquire obligations or securities of its partners, members or shareholders, (xxiii) has allocated and will allocate
fairly and reasonably shared expenses, including, without limitation, shared office space and use separate stationery, invoices and checks, (xxiv) except pursuant hereto, has not and will not pledge its assets for the benefit of any other
person or entity, (xxv) has held and identified itself and will hold itself out and identify itself as a separate and distinct entity under its own name and not as a division or part of any other person or entity, (xxvi) has not made and
will not make loans to any person or entity, (xxvii) has not and will not identify its partners, members or shareholders, or any affiliates of any of them as a division or part of it, (xxviii) if such entity is a limited liability company
(other than a Single Member LLC), such entity shall dissolve only upon the bankruptcy of the managing member, and such entity’s articles of organization, certificate of formation and/or operating agreement, as applicable, shall contain such
provision, (xxix) has not entered and will not enter into or be a party to, any transaction with its partners, members, shareholders or its affiliates except in the ordinary course of its business and on terms which are intrinsically fair and
are no less favorable to it than would be obtained in a comparable arms-length transaction with an unrelated third party and which are fully disclosed to Lender in writing in advance, (xxx) has paid and will pay the salaries of its own
employees from its own funds, (xxxi) has maintained and intends to maintain adequate capital in light of its contemplated business operations, (xxxii) if such entity is a limited liability company (other than a Single Member LLC) or
limited partnership, and such entity has one or more managing members or general partners, as applicable, then such entity shall continue (and not dissolve) for so long as a solvent managing member or general partner, as applicable, exists and such
entity’s organizational documents shall contain such provision, (xxxiii) if such entity is a Single Member LLC, its organizational documents shall provide that, as long as any portion of the Indebtedness remains outstanding, upon the
occurrence of any event that causes the last remaining member of such Single Member LLC to cease to be a member of such Single Member LLC (other than (y) 

  
 24 

 
upon an assignment by such member of all of its limited liability company interest in such Single Member LLC and the admission of the transferee, if permitted pursuant to the organizational
documents of such Single Member LLC and the Loan Documents, or (z) the resignation of such member and the admission of an additional member of such Single Member LLC, if permitted pursuant to the organizational documents of such Single Member
LLC and the Loan Documents), the individuals acting as the Independent Directors of such Single Member LLC shall, without any action of any Person and simultaneously with the last remaining member of the Single Member LLC ceasing to be a member of
the Single Member LLC, automatically be admitted as non-economic members of the Single Member LLC (the “Special Member”) and shall preserve and continue the existence of the Single Member LLC without dissolution, and (xxxiv) if
such entity is a Single Member LLC, its organizational documents shall provide that for so long as any portion of the Indebtedness is outstanding, no Special Member may resign or transfer its rights as Special Member unless (y) a successor
Special Member has been admitted to such Single Member LLC as a Special Member, and (z) such successor Special Member has also accepted its appointment as the Independent Director. 

“Special Member” has the meaning provided in the definition of “Single-Purpose Entity.” 

“SPE Equity Owner” means Ashford Philly GP LLC, Ashford Anchorage GP LLC, Ashford Minneapolis Airport GP LLC, Ashford MV
San Diego LLC, Ashford Walnut Creek GP LLC, Ashford Trumbull GP LLC, and Ashford Iowa City GP LLC, each a Delaware limited liability company. 
 “SPE Equity Owner’s Certificate” means the SPE Equity Owner’s Certificate in form and substance satisfactory to Lender dated as of the Closing Date. 

“Strike Rate” means 6.25% per annum. 
 “Subordination, Attornment and Security Agreement” shall mean for each Operating Lease, a Subordination, Attornment and Security Agreement or other similar agreement among Lender, the
applicable Borrower and the Operating Lessee, in form and substance acceptable to Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified in accordance with the terms hereof. 

“Survey” means, with respect to each Individual Property, a survey of such Individual Property satisfactory to Lender,
(i) prepared by a registered Independent surveyor satisfactory to Lender and Title Insurer and containing a surveyor’s certification satisfactory to Lender, (ii) together with a metes and bounds or platted lot/block legal description
of the land corresponding with the survey, and (iii) prepared based on a scope of work determined by Lender in Lender’s discretion. 
 “Taking” has the meaning, with respect to each Individual Property, provided in the Mortgage for such Individual Property. 

“Tax and Insurance Monthly Installment” has the meaning set forth in Section 2.11(d). 

  
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 “Tax and Insurance Reserve Account” has the meaning set forth in
Section 2.11(d). 
 “Tax Fair Market Value” means, with respect to each Individual Property, the
fair market value of such Individual Property, and (x) shall not include the value of any personal property or other property that is not an “interest in real property” within the meaning of Treasury Regulation §§1.860G-2
and 1.856-3(c), or is not “qualifying real property” within the meaning of Treasury Regulation §1.593-11(b)(iv), and (y) shall be reduced by the “adjusted issue price” (within the meaning of Code § 1272(a)(4)) (the
“Tax Adjusted Issue Price”) of any indebtedness, other than the Loan, secured by a Lien affecting such Individual Property, which Lien is prior to or on a parity with the Lien created under the Mortgage for such Individual Property.

 “Title Instruction Letter” means an instruction letter in form and substance satisfactory to Lender in
Lender’s discretion. 
 “Title Insurance Policy” means, with respect to each Individual Property, a loan
policy of title insurance for such Individual Property issued by Title Insurer with respect to such Individual Property in an amount acceptable to Lender and insuring the first priority lien in favor of Lender created by the Mortgage for such
Individual Property, in each case acceptable to Lender in Lender’s discretion. 
 “Title Insurer” means
Chicago Title Insurance Company and First American Title Insurance Company, as co-insurers. 
 “Transaction
Costs” means all fees, costs, expenses and disbursements of Lender relating to the Transactions, including, without limitation, all appraisal fees, legal fees, accounting fees and the costs and expenses described in
Section 8.24. 
 “Transactions” means the transactions contemplated by the Loan Documents.

 “Transfer” means any conveyance, transfer (including, without limitation, any transfer of any direct or
indirect legal or beneficial interest (including, without limitation, any profit interest) in any Borrower, Operating Lessee or any SPE Equity Owner), any sale, any Lease (including, without limitation, any amendment, extension, modification, waiver
or renewal thereof), or any Lien, whether by law or otherwise, of, on or affecting any Collateral, any Borrower, Operating Lessee or any SPE Equity Owner, other than a Permitted Transfer. 

“Transferee” has the meaning provided in Section 2.18. 

“UCC” means, with respect to any Collateral, the Uniform Commercial Code in effect in the jurisdiction in which the
relevant Collateral is located. 
 “UCC Searches” has the meaning provided in Section 3.1(a)(v).

 “Underwritten Net Cash Flow” has the meaning set forth in the definition of Debt Service Coverage Ratio.

  
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 “Unfunded Future Advances” means the aggregate amount of Additional
Advances that have not been funded by Lender to Borrower at any given time, as adjusted pursuant to Section 2.1(d). 

“Unfunded Participation Holders” has the meaning provided in Section 8.16. 

“Unfunded Participation Interests” has the meaning provided in Section 8.16. 

“Year 3” means December 12, 2008 through December 11, 2009. 

“Year 4” means December 12, 2009 through December 11, 2010. 

“Year 5” means December 12, 2010 through December 11, 2011. 

ARTICLE 2 

GENERAL TERMS 

Section 2.1. The Loan. 
 (a) On the date hereof, Borrowers shall receive an initial advance of the Loan Amount in the amount of $212,000,000. In addition, Lender agrees to make multiple additional advances in an aggregate amount
(the “Additional Advances”) equal to up to $35,000,000 (as adjusted pursuant to Section 2.1(d)). Any amount borrowed and repaid hereunder may not be reborrowed. Borrower’s obligation to pay the Indebtedness is evidenced by
this Agreement and by the Note and secured by the Mortgages and the other Loan Documents. Lender shall advance the Additional Advances to Borrower upon the satisfaction of the following conditions precedent: 

(i) no Event of Default (nor any event or circumstance that with the giving of notice or the passage of time (or both) would constitute an
Event of Default) then exists; 
 (ii) at least ten (10) Business Days (but not more than sixty (60) days) prior to the
date on which Borrower requests that an Additional Advance be made, Borrower shall have delivered to Lender a written request indicating the requested amount of the Additional Advance for work set forth on the Pre-approved Capital Expenditure Budget
(which request shall not be delivered more than once in a 30-day period), together with all other information and items required to satisfy the conditions precedent to the making of such advance set forth in this Section 2.1 and as may
otherwise be reasonably requested by Lender (an “Advance Request”); 
 (iii) no other Additional Advance has
been made in the month in which such Additional Advance is requested to be funded; 
 (iv) no Casualty or Taking shall have
occurred with respect to the Individual Property for which the Additional Advance is being made that would result in such Additional Advance being inadequate to complete the improvements set forth on the Pre-approved Capital Expenditure Budget with
respect to such Individual Property; 

  
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 (v) the title company that issued the title insurance policy insuring the Mortgages shall
have issued (or shall have committed to issue on the date the Additional Advance is made) a continuation of title showing title to the applicable Individual Property for which the Additional Advance is being made to be vested in Borrower, with no
subordinate items and with no exceptions to the title of the applicable Individual Property other than Permitted Encumbrances (with affirmative insurance that no Impositions are delinquent, no mechanic’s or supplier’s liens have attached
and, if available and applicable, that neither public nor private conditions, covenants or restrictions, if any, affecting the applicable Individual Property have been violated); 

(vi) Borrowers shall have paid to Lender (or shall pay from the proceeds of the Additional Advance on the date the same is made) all costs
and expenses incurred by Lender in connection with the making of the Additional Advance (including reasonable legal fees); 

(vii) Borrowers and Guarantor shall have executed and delivered to Lender such amendments to and reaffirmations of the Loan Documents as
Lender may reasonably request, including (i) an amended and restated Note evidencing a Principal Indebtedness in an amount equal to the Initial Advance plus any Additional Advance, (ii) a modification to the Mortgages, and (iii) such
legal opinions in connection with the foregoing as Lender may reasonably require; 
 (viii) Borrower shall have delivered to
Lender concurrently with the Advance Request copies of bills, invoices, receipts and other documentation reasonably required by Lender (including with respect to any cost for labor or materials furnished to any Individual Property in excess of
$10,000, sworn unconditional lien wavers from any Person providing such labor or materials) to establish that the costs are reasonable and are substantially in accordance with market rates, that the work relating thereto has been completed, and that
such amounts are then due or have been paid; and 
 (ix) the Additional Advance must be for work at an Individual Property in
accordance with the amounts and work contemplated by the Pre-approved Capital Expenditure Budget and Borrower shall have delivered to Lender evidence reasonably satisfactory to Lender that such Additional Advance is for work in accordance with the
Pre-approved Capital Expenditure Budget. 
 (b) Mandatory Funding of Additional Advances. 

(i) If Borrowers have not drawn at least 50% of the aggregate amount of Additional Advances permitted under this Agreement (as adjusted
pursuant to Section 2.1(d)) on or before June 11, 2008, then Lender shall fund into the FF&E Reserve Account, the amount necessary so that an aggregate of 50% of the aggregate amount of Additional Advances permitted under this
Agreement (as adjusted pursuant to Section 2.1(d)) of Additional Advance(s) have been made on or by June 11, 2008. On or before December 11, 2008, any remaining undrawn amount under the Additional Advances shall be funded by Lender
into the FF&E Reserve Account provided the conditions precedent set forth in this Section 2.1 have been satisfied. 

  
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 (ii) Borrowers shall satisfy the conditions set forth in Section 2.1(a) at least
ten (10) Business Days prior to the applicable Mandatory Funding Date. 
 (c) The requesting of the Additional Advance shall
constitute, without the necessity of specifically containing a written statement to such effect, a confirmation, representation and warranty by Borrowers to Lender that all of the applicable conditions to be satisfied in connection with the making
of the Additional Advance have been satisfied (unless waived in writing by Lender). 
 (d) The amount of Additional Advance(s)
permitted under this Agreement shall be decreased in connection with a Partial Release of an Individual Property by the amount set forth on the Pre-approved Capital Expenditure Budget for such Individual Property if such expenditures have not
already been funded by Lender as an Additional Advance. 
 Section 2.2. Use of Proceeds. The initial proceeds of the
Loan funded on the Closing Date shall be used for the following purposes: (a) to pay the acquisition costs for each Individual Property, (b) to fund any upfront reserves or escrow amounts required hereunder, and (c) to pay any
Transaction Costs. The proceeds of the Additional Advances shall be used for the following purposes: (a) capital expenditures in accordance with the Pre-Approved Capital Expenditure Budget, (b) to fund the FF&E Reserve Account, and
(c) to pay any Transaction Costs. Any excess will be available to Borrowers (and appointed at Borrower’s request) and may be used for any lawful purpose. 
 Section 2.3. Security for the Loan. The Note and each Borrower’s obligations hereunder and under the other Loan Documents shall be secured by all Mortgages, the Assignments of Leases, the
Assignments of Agreements, the Manager’s Subordinations, and the security interests and Liens granted in this Agreement and in the other Loan Documents. 
 Section 2.4. Borrowers’ Note. 
 (a) Each Borrowers’
obligation to pay the principal of and interest on the Loan (including Late Charges, Default Rate interest, and the prepayment premium, if any), shall be evidenced by this Agreement and by the Note, duly executed and delivered by all Borrowers. The
Note shall be payable as to principal, interest, Late Charges, Default Rate interest and prepayment premium, if any, as specified in this Agreement, with a final maturity on the Maturity Date. Borrowers shall pay all outstanding Indebtedness on the
Maturity Date. 
 (b) Lender is hereby authorized, at its option, to endorse on a schedule attached to the Note (or on a
continuation of such schedule attached to the Note and made a part thereof) an appropriate notation evidencing the date and amount of each payment of principal, interest, Late Charges, Default Rate interest and prepayment premium, if any, in respect
thereof, which schedule shall be made available to Borrowers, at Borrowers’ sole cost and expense on reasonable advance notice, for examination at Lender’s offices. 

  
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 Section 2.5. Principal, Interest and Other Payments. 

(a) Accrual of Interest. Interest shall accrue on the outstanding principal balance of the Note and all other amounts due to Lender
under the Loan Documents at the LIBOR Interest Rate. 
 (b) Monthly Payments of Interest at the LIBOR Interest Rate. On
each Payment Date (including, without limitation, the Maturity Date), Borrowers shall pay to Lender interest on the unpaid Principal Indebtedness calculated under the Note at the applicable LIBOR Interest Rate which has accrued and will accrue under
such Note through and including the last day of the Interest Accrual Period in which such Payment Date occurs. 
 (c) Payment
Dates. All payments required to be made pursuant to paragraph (b) above shall be made beginning on the first Payment Date; provided, however, that Borrower shall pay interest for the first Interest Accrual Period on the
Closing Date. 
 (d) Calculation of Interest. Interest shall accrue on the outstanding principal balance of the Loan and
all other amounts due to Lender under the Loan Documents commencing upon the Closing Date. Interest shall be computed on the actual number of days elapsed, based on a 360 day year. 

(e) Default Rate Interest. Upon the occurrence and during the continuance of an Event of Default, and at the sole option of Lender
and without need for notice to the Borrowers, the entire unpaid amount outstanding hereunder and under the Note will bear interest at the Default Rate. 
 (f) Late Charge. Except for payment on the Maturity Date, if Borrowers fail to make any payment of any sums due under the Loan Documents on the date when the same is due, Borrowers shall pay a Late
Charge. With respect to payment on the Maturity Date, if Borrowers fail to make any payments of any sums due on the Maturity Date under the Loan Documents within five (5) days after the Maturity Date, Borrowers shall pay a Late Charge.

 (g) Other Payments. On each Payment Date, Borrowers shall pay to Lender the Tax and Insurance Monthly Installment.

 (h) Maturity Date. On the Maturity Date, Borrowers shall pay to Lender all amounts owing under the Loan Documents
including, without limitation, interest, principal, Late Charges (subject to Section 2.5 (f)) and Default Rate interest, together with interest accrued on the Loan through and including the last day of the Interest Accrual Period during which
the Maturity Date occurs. 
 Section 2.6. Prepayment. 

(a) Provided that no Event of Default has occurred and is continuing hereunder, Borrowers may prepay the Indebtedness in full (or in part
solely in connection with the consummation of a Partial Release) at any time after June 11, 2008, provided, however, that at any time after the Closing Date, Borrowers may prepay the Indebtedness without penalty in part solely in connection
with the consummation of a Partial Release of Sheraton Iowa City 

  
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and/or Marriott Trumbull in the event of a sale of such hotel(s) to an unaffiliated third party in an arm’s length transaction and in accordance with Section 2.15. In the event
that any such prepayment in the preceding sentence is not made on a Payment Date, simultaneously therewith, the Borrowers shall pay to Lender all interest accrued on the amount of the Loan prepaid through and including the last day of the Interest
Accrual Period during which such prepayment occurs. 
 (b) At any time during the term of the Loan, if any Borrower is required
by Lender under the provisions of any Mortgage to prepay the Loan or any portion thereof in the event of damage to or destruction of, or a Taking of any Individual Property, such Borrower shall pay any Insurance Proceeds or Condemnation proceeds in
the following manner and order of priority (i) first, to prepay the Loan to the full extent of the Insurance Proceeds or the Condemnation Proceeds, as applicable, to the extent of the Allocated Loan Amount for the applicable Individual Property
without penalty together with interest through the end of the Interest Accrual Period, and (ii) to the Borrowers. 
 (c) All
prepayments of the Indebtedness made pursuant to this Section shall be applied by Lender in accordance with the provisions of Section 2.7 hereof. 
 (d) No Borrower shall be permitted at any time to prepay all or any part of the Loan except as expressly provided in this Section. 
 (e) No prepayment shall be permitted after 12:00 noon, New York City time, or on the 12th calendar day of a month unless such day is the second LIBOR Business Day prior to the 15th day of such month.

 Section 2.7. Application of Payments. At all times, all proceeds of repayment, including without limitation any
payment or recovery on the Collateral and any prepayments on the Loan, shall be applied to the Note and to such amounts payable by Borrowers under the Loan Documents and in such order and in such manner as Lender shall elect in Lender’s
discretion without prepayment penalty. 
 Section 2.8. Payment of Debt Service, Method and Place of Payment.

 (a) Except as otherwise specifically provided herein, all payments and prepayments under this Agreement and the Note shall be
made to Lender not later than 12:00 noon, California time, on the date when due, and shall be made in lawful money of the United States of America in federal or other immediately available funds to an account specified to Borrower by Lender in
writing, and any funds received by Lender after such time, for all purposes hereof, shall be deemed to have been paid on the next succeeding Business Day. 
 (b) All payments made by any Borrower hereunder or by any Borrower under the other Loan Documents, shall be made irrespective of, and without any deduction for, any set-offs or counterclaims. 

  
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 Section 2.9. Taxes; Funding Losses; Changes in Law. 

(a) All payments made by any Borrower under this Agreement and under the other Loan Documents shall be made free and clear of, and without
deduction or withholding for or on account of, any present or future income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or withholdings, and all liabilities with respect thereto, now or hereafter imposed, levied,
collected, withheld or assessed by any Governmental Authority (all such non-excluded taxes, levies, imposts, duties, charges, fees, deductions, withholdings and liabilities, collectively, “Applicable Taxes”). If any Borrower shall
be required by law to deduct any Applicable Taxes from or in respect of any sum payable hereunder to Lender, the following shall apply: (i) such Borrower shall make all such required deductions, (ii) the sum payable to Lender shall be
increased as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 2.9(a)), Lender receives an amount equal to the sum Lender would have received had
no such deductions been made and (iii) such Borrower shall pay the full amount deducted to the relevant taxing authority or other authority in accordance with applicable law. Payments made pursuant to this Section 2.9(a) shall be
made within ten (10) Business Days after Lender makes written demand therefor. 
 (b) Borrowers shall pay to Lender all
Funding Losses incurred from time to time by Lender upon demand. Lender shall deliver to Borrowers a statement for any such sums to which Lender is entitled to receive pursuant to this Section 2.9(b), which statement shall be binding and
conclusive absent manifest error. 
 Section 2.10. Extension Options. Borrowers have the right to extend the term of
the Loan for two additional terms of twelve (12) months each (each, an “Extension Term”), with the first additional term (“First Extension Term”) having a maturity date that is the date that is the twelfth
Payment Date following the Initial Maturity Date (“First Extended Maturity Date”) and the second additional term (“Second Extension Term”) having a maturity date that is the date that is the twelfth Payment Date
following the First Extended Maturity Date (“Second Extended Maturity Date”). Borrowers shall exercise the right to exercise any extension option under this Section 2.10 by giving Lender notice of such election at least
thirty (30) days prior to (i) the Initial Maturity Date, in the case of exercising the option to extend the term of the Loan to the First Extended Maturity Date, and (ii) the First Extended Maturity Date, in the case of exercising the
option to extend the term of the Loan to the Second Extended Maturity Date. Upon receipt of any such request by Borrowers to extend the term of the Loan, Lender will notify Borrowers whether or not the term of the Loan will be so extended, which
extension shall be granted upon satisfaction of each of the following conditions in Lender’s sole discretion: 
 (a) No
Event of Default exists as of the date of Borrowers’ extension option election notice to Lender and as of the Initial Maturity Date or the First Extended Maturity Date, as applicable, and the Borrowers deliver Lender Officer’s Certificates
confirming same; 
 (b) On or prior to the Initial Maturity Date or the First Extended Maturity Date, as applicable, Borrowers
either (A) extend the term of the Initial Interest Rate Cap Agreement to a date not earlier than the First Extended Maturity Date or the Second Extended Maturity Date, as applicable, or (B) obtain an Extension Interest Rate Cap Agreement
for the applicable Extension Term with a LIBOR Rate strike price equal to the Strike Price and collaterally assigned such Extension Interest Rate Cap Agreement to Lender pursuant to an assignment of interest rate cap agreement in the same form as
the Interest Rate Cap Assignment. 

  
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 If any of the foregoing conditions are not satisfied in Lender’s sole discretion,
Lender shall have no obligation to extend the term of the Loan. Upon Borrowers’ exercise of its rights under this Section 2.10 and Lender’s extension of the term of the Loan in connection therewith, the defined term
“Maturity Date” shall be deemed to be the First Extended Maturity Date or the Second Extended Maturity Date, as applicable. 
 Section 2.11. Central Cash Management and Reserves. 
 (a) Collection
Account. 
 (i) Each applicable Borrower or Operating Lessee shall open and maintain at a Collection Account Bank a trust
account (a “Collection Account” with respect to each Individual Property). 
 (ii) Each of the Collection
Accounts shall be assigned an identification number by the related Collection Account Bank and shall be opened and maintained in the name “Countrywide Commercial Real Estate Finance, Inc. as Mortgagee of the applicable Borrower or Operating
Lessee.” None of any Borrower, Operating Lessee or any Manager shall have any right of withdrawal from any Collection Account. Borrowers shall, on a weekly basis, cause all Rents and all other items of Gross Revenue (including, without
limitation, funds for the credit card payments (“Credit Card Receivables”) (collectively, “Cash Payments”)) to be deposited directly or transferred directly into the related Collection Account, except for payments
received in cash from hotel guests and payments received from Persons that maintain open accounts with Borrower, Operating Lessee or Manager or with whom Borrower, Operating Lessee or Manager does business on an “accounts receivable” basis
with respect to any Individual Property. Without in any way limiting Borrowers’ obligations pursuant to the preceding sentence, Borrowers, Operating Lessee and each Manager shall deposit or cause the transfer of directly into the relevant
Collection Account all Rents, other items of Gross Revenue and all Credit Card Receivables received by any Borrower, Operating Lessee and each Manager in violation or contradiction of the preceding sentence and all Cash Payments within one
(1) Business Day after receipt thereof. Funds in the Collection Accounts will be transferred each Business Day to an account designated by the Borrowers as long as no Cash Trap Period exists. 

(iii) Any breach of Section 2.11 by any Borrower shall be an Event of Default. 

(b) Cash Collateral Account. Pursuant to each Collection Account Agreement among each Collection Account Bank, the applicable
Borrowers, Operating Lessee and Lender (the “Collection Account Agreement”) Borrowers will authorize and direct each Collection Account Bank to transfer on a daily basis all funds deposited in the Collection Account for such
Borrower’s Individual Property in excess of $10,000 to a cash collateral account that is an Eligible Account established by Lender in Lender’s name (the “Cash Collateral Account”) upon written notice from Lender and Lender
may deliver such notice to the Collection Account Bank only during any Cash Trap Period. Lender may elect to change the financial institution at which the Cash Collateral Account shall be maintained. The Cash Collateral Account shall be under the
sole dominion and control of Lender. No Borrower or Operating Lessee shall have any right of withdrawal in respect to the Cash Collateral Account. 

  
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 (c) Termination of Central Cash Management. The obligations of Borrowers under
Section 2.11 and Section 2.12 to maintain and fund the Collection Accounts and the Cash Collateral Account shall terminate in their entirety and be of no further force or effect upon the release of all Mortgages by Lender in
accordance with the provisions of this Agreement and the other Loan Documents. 
 (d) Reserves. 

(i) Establishment. On the Closing Date, Lender shall establish the following accounts for purpose of holding the funds to be
deposited by Borrower pursuant to this Section 2.11(d)(i): a “Tax and Insurance Reserve Account”, a “Deferred Maintenance and Environmental Reserve Account” a “FF&E Reserve Account”.
Each Reserve Account shall be a custodial account established by Lender and shall not constitute a trust fund. At Lender’s option, funds deposited into a Reserve Account may be commingled with other money held by Lender or its servicer.
Borrower acknowledges and agrees that the Reserve Accounts are subject to the sole dominion, control and discretion of Lender, its authorized agents or designees, subject to the terms hereof. Borrower shall not have the right to make any withdrawal
from any Reserve Account. 
 (ii) Application of Reserves upon Event of Default. Notwithstanding anything to the contrary
contained herein or in any other Loan Document, if an Event of Default has occurred and is continuing, (i) any amounts deposited into or remaining in any Reserve Account shall be for the account of Lender and may be withdrawn by Lender to be
applied in any manner as Lender may elect in Lender’s discretion, and (ii) Borrower shall have no further right in respect of the Reserve Accounts. 
 (iii) Tax and Insurance. On the date hereof, Borrower shall deposit with Lender the following sums: (i) $737,701.65 with respect to Impositions, and (ii) $153,112.04 with respect to
insurance premiums. Such sums shall be held by Lender in the Tax and Insurance Reserve Account. Beginning on the first Payment Date and on each Payment Date thereafter, Borrower shall deliver to Lender the amount reasonably estimated by Lender to be
one-twelfth (1/12th) of the annual amount of (A) Impositions, which amount shall initially be $273,138.51, and (B) insurance premiums for policies required pursuant to this Agreement, which amount shall initially be $126,376.83
(provided, that Lender may re-calculate the foregoing monthly amounts from time to time to assure that funds are reserved in sufficient amounts to enable the payment of Impositions and insurance premiums thirty (30) days prior to their
respective due dates) (collectively, the “Tax and Insurance Monthly Installment”). If such amounts for the then current Fiscal Year or payment period are not ascertainable by Lender at the time a monthly deposit is required to be
made, the Tax and Insurance Monthly Installment shall be Lender’s reasonable estimate based on one-twelfth (1/12th) of the aggregate Impositions and insurance premiums for the prior Fiscal Year or payment period, with adjustments
reasonably determined by Lender. As soon as Impositions and insurance premiums are fixed for the then current Fiscal Year or period, the next ensuing Tax and Insurance Monthly Installment shall be adjusted to reflect any deficiency or surplus in
prior Tax and Insurance Monthly Installments. Lender shall make payments of Impositions and insurance premiums out of the Tax and Insurance Reserve Account before the same shall be delinquent to the extent that there are funds available in the Tax
and Insurance Reserve Account and Lender has received appropriate documentation to establish the amount(s) due and the due date(s) as and when provided above. 

  
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 (iv) Deferred Maintenance Costs and Remediation Costs. On the date hereof, Borrower
shall deposit $0 into the Deferred Maintenance and Environmental Reserve Account, which amounts shall be used for payment of costs incurred by Borrower in connection with any deferred maintenance or Remediation required pursuant to this Agreement.

 (v) FF&E Reserve Account. Funds shall be deposited to the FF&E Reserve Account in accordance with
Section 2.11 to be used in accordance with the Pre-approved Capital Expenditure Budget. With respect to any excess funds held in the FF&E Reserve Account due to cost savings on the Pre-approved Capital Expenditure Budget or
otherwise, such funds shall be held in the FF&E Reserve Account and used for capital expenditures at the Individual Properties and disbursed in accordance with clause (vi) below. 

(vi) Disbursements. Not more frequently than once in any 30-day period, and provided that no Event of Default has occurred and is
continuing, Borrower may request in writing that Lender release to Borrower funds from one or more Reserve Accounts to the extent funds are available therein, for payment of costs incurred by Borrower in connection with the expenses for which such
Reserve Account is maintained. Together with each such request, Borrower shall furnish Lender with copies of bills and other documentation reasonably required by Lender to establish that such costs are reasonable and are substantially in accordance
with market rates, that the work relating thereto has been completed and that such amounts are then due or have been paid. Lender shall approve or disapprove such request within ten (10) Business Days after Lender’s receipt of such request
and, if approved, Lender shall release the funds to Borrower or Borrower’s designee within ten (10) Business Days after Lender’s approval. 
 (vii) Interest on Reserve Accounts. Borrower shall not be entitled to any earnings or interest on funds deposited into the Reserve Accounts. Notwithstanding the foregoing, amounts on deposit in the
Deferred Maintenance and Environmental Reserve Account and the FF&E Reserve Account shall bear interest at the money-market rates customarily offered by the bank or other financial institution used by Lender or its servicer for the purposes of
holding such accounts (provided, however, that interest paid or payable with respect to any such account may not be based on the highest rate of interest payable by Lender or such bank or institution on deposits and shall not be
calculated based on any particular external interest rate or interest rate index, nor shall any such interest reflect the interest rate utilized by Lender or such bank or institution to calculate interest payable on deposits held with respect to any
particular loan or borrower or class of loans or borrowers, and Lender shall have no liability with respect to the amount of interest paid and/or loss of principal). Lender shall be entitled to a servicing fee in the amount of .50% per annum
multiplied by the average daily balance of the applicable account (which fee Lender is hereby authorized to deduct from such account on a monthly basis). All such interest paid or other earnings on the sums held in such accounts at the above
described rates (if any), less such servicing fee, shall be income of Borrower, shall, if required by law, be reported by Borrower on its tax returns as income of Borrower, shall remain in the applicable account and shall be subject to allocation
and distribution in the same manner and under the same conditions as the principal sum on which said interest or other earnings accrued. 

  
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 Section 2.12. Security Agreement. 

(a) Pledge of Accounts. To secure the full and punctual payment and performance of all of the Indebtedness, each Borrower hereby
sells, assigns, conveys, pledges and transfers to Lender and grants to Lender a first priority and continuing Lien on and security interest in and to its Account Collateral. 
 (b) Covenants. Each Borrower covenants that (i) all Rents and all other items of Gross Revenue shall be deposited or transferred into the relevant Collection Account, in accordance with
Section 2.11(a), and (ii) so long as any portion of the Indebtedness is outstanding, no Borrower shall open (nor permit any Manager or any Person to open) any other account for the collection of any Rents or any other items of Gross
Revenue, other than (A) a replacement Collection Account approved by Lender in Lender’s discretion, and (B) any account held by Borrower in the locality where the applicable Individual Property is located for the purposes of the
collection of any Rents or any other items of Gross Revenue prior to the time such Rents or items of Gross Revenue are deposited in the Collection Account pursuant to the terms of this Agreement. 

(c) Instructions and Agreements. On or before the Closing Date, each applicable Borrower or Operating Lessee will submit to the
Collection Account Bank for each related Individual Property a Collection Account Agreement to be executed by the Collection Account Bank. On or before the Closing Date, Borrowers, Operating Lessee and the Cash Collateral Account Bank will execute
and deliver a Cash Collateral Account Agreement in form and substance satisfactory to Lender in Lender’s discretion (the “Cash Collateral Account Agreement”). Each Borrower and Operating Lessee agrees that prior to the payment
in full of the Indebtedness, the Cash Collateral Account Agreement shall be irrevocable by any Borrower or Operating Lessee without the prior written consent of Lender. 
 (d) Financing Statements; Further Assurances. Each Borrower hereby authorizes Lender to file a financing statement or statements in connection with the Account Collateral in the form required to
properly perfect Lender’s security interest in the Account Collateral to the extent that it may be perfected by such a filing. Each Borrower agrees that at any time and from time to time, at the expense of Borrowers, such Borrower shall
promptly execute and deliver all further instruments, and take all further action, that Lender may reasonably request, in order to perfect and protect the pledge, security interest and Lien granted or purported to be granted hereby, or to enable
Lender to exercise and enforce Lender’s rights and remedies hereunder with respect to, the Collateral. Such financing statements may describe the collateral in the same manner as described in any security agreement or pledge agreement entered
into by the parties in connection herewith or may contain an indication or description of collateral that describes such property in any other manner as Lender may determine, in its sole discretion, is necessary, advisable or prudent to ensure the
perfection of the security interest in the collateral granted to Lender in connection herewith, including, without limitation, describing such property as “all assets” or “all personal property” of Borrower whether now owned or
hereafter acquired. From time to time, at the expense of Borrower, Borrower shall promptly execute and deliver all further instruments, and take all further action, that Lender may reasonably request, in order to continue the perfection and
protection of the pledge and security interest granted or purported to be granted hereby. 

  
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 (e) Transfers and Other Liens. Each Borrower agrees that it will not sell or
otherwise dispose of any of the Account Collateral other than pursuant to the terms hereof and of the other Loan Documents, or create or permit to exist any Lien upon or with respect to all or any of the Account Collateral, except for the Liens
granted to Lender under this Agreement. 
 (f) Lender’s Reasonable Care. Beyond the exercise of reasonable care in
the custody thereof, Lender shall not have any duty as to any Account Collateral or any income thereon in Lender’s possession or control or in the possession or control of any agents for, or of Lender, or the preservation of rights against any
Person or otherwise with respect thereto. Lender shall be deemed to have exercised reasonable care in the custody of the Account Collateral in Lender’s possession if the Account Collateral is accorded treatment substantially equal to that which
Lender accords Lender’s own property, it being understood that Lender shall not be liable or responsible for (i) any loss or damage to any of the Account Collateral, or for any diminution in value thereof from a loss of, or delay in
Lender’s acknowledging receipt of, any wire transfer from the Collection Account Bank or (ii) any loss, damage or diminution in value by reason of the act or omission of Lender, or Lender’s agents, employees or bailees, except for any
loss, damage or diminution in value resulting from the gross negligence, fraud or willful misconduct of Lender, its agents or employees. 
 (g) Lender Appointed Attorney-In-Fact. Each Borrower hereby irrevocably constitutes and appoints Lender as such Borrower’s true and lawful attorney-in-fact, with full power of substitution, at
any time after the occurrence and during the continuance of an Event of Default to execute, acknowledge and deliver any instruments and to exercise and enforce every right, power, remedy, option and privilege of such Borrower with respect to the
Account Collateral, and do in the name, place and stead of such Borrower, all such acts, things and deeds for and on behalf of and in the name of such Borrower with respect to the Account Collateral, which such Borrower could or might do or which
Lender may deem necessary or desirable to more fully vest in Lender the rights and remedies provided for herein with respect to the Account Collateral and to accomplish the purposes of this Agreement. The foregoing powers of attorney are irrevocable
and coupled with an interest. 
 (h) Continuing Security Interest; Termination. This Section shall create a continuing
pledge of, Lien on and security interest in the Account Collateral and shall remain in full force and effect until payment in full of the Indebtedness. Upon payment in full of the Indebtedness, each applicable Borrower shall be entitled to the
return, upon such Borrower’s written request and at Borrowers’ expense, of such of the Account Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof, and Lender shall execute such instruments and
documents as may be reasonably requested by such Borrower in writing to evidence such termination and the release of the pledge and Lien hereof, provided, however, that such Borrower shall pay on demand all of Lender’s expenses in
connection therewith. 
 Section 2.13. Secondary Market Transactions. 

(a) Each Borrower hereby acknowledges that Lender may in one or more transactions (i) sell or securitize the Loan or portions thereof
in one or more transactions through the issuance of securities, which securities may be rated by one or more of the Rating Agencies, (ii) sell or otherwise transfer the Loan or any portion thereof one or more times, (iii) sell

  
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participation interests (including without limitation, senior and subordinate participation interests) in the Loan one or more times, (iv) re-securitize the securities issued in connection
with any securitization, or (v) further divide the Loan into more separate notes or components and/or reallocate a portion of the Loan to a mezzanine loan to be secured by direct and/or indirect equity interests in Borrowers or change the
principal balances (but not increase the aggregate principal balance) or interest rates of the Note (including, without limitation, senior and subordinate notes or components) (the transactions referred to in clauses (i) through (v), each a
“Secondary Market Transaction” and collectively “Secondary Market Transactions”). 
 (b) With
respect to any Secondary Market Transaction described in Section 2.13(a)(v) above, such notes or note components and mezzanine loans may be assigned different principal amounts and interest rates, so long as, the aggregate amount of such
notes or note components and mezzanine loans at such time equals the Loan Amount, and at such time the weighted average of the relevant interest rates equals the LIBOR Interest Rate for the Note; provided, that after an Event of Default each
Borrower recognizes that, in the case of prepayments, the weighted average interest rate of the Loan may increase because Lender shall have the right to apply principal payments to one or more notes or components with lower rates of interest before
applying principal payments to one or more notes or components with higher rates of interest and provided, further, that the aggregate principal balance of the Note shall not change. Lender shall have the same rights to sell or otherwise transfer,
participate or securitize one or more of the divided, amended, modified or otherwise changed notes or components, individually or collectively, as Lender has with respect to the Loan. At Lender’s sole cost, Borrower agrees to (A) modify
its organizational structure to create one or more new Single-Purpose Entities to be the mezzanine borrower(s) (and to be otherwise satisfactory to Lender) and cause the same and any other owners of direct or indirect Equity Interests in Borrower to
enter into such agreements deemed reasonably necessary by Lender to evidence and secure such mezzanine loan, and (B) execute and deliver to Lender such amendments to the Loan Documents, title insurance endorsements, legal opinions and other
customary loan documentation as Lender may reasonably require in connection therewith). 
 (c) Each Borrower and Operating Lessee
agrees that it shall cooperate with Lender and use such Borrower’s commercially reasonably efforts to facilitate the consummation of each Secondary Market Transaction including, without limitation, by: (i) amending or causing the amendment
of this Agreement and the other Loan Documents, and executing such additional documents, instruments and agreements including amendments to such Borrower’s organizational documents and preparing financial statements as requested by the Rating
Agencies to conform the terms of the Loan to the terms of similar loans underlying completed or pending secondary market transactions having or seeking ratings similar to those then being sought in connection with the relevant Secondary Market
Transaction; (ii) promptly and reasonably providing such information (including, without limitation, financial information) as may be requested in connection with the preparation of a private placement memorandum, prospectus or a registration
statement required to privately place or publicly distribute the securities in a manner which does not conflict with federal or state securities laws; (iii) providing in connection with each of (A) a preliminary and a final private
placement memorandum or other offering documents or (B) a preliminary and final prospectus, as applicable, an indemnification certificate (x) certifying that such Borrower has carefully examined such private placement memorandum,
prospectus, registration statement or other offering document, as applicable, 

  
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including, without limitation, the sections entitled “Special Considerations,” “Description of the Mortgage Loan,” “The Underlying Mortgaged Property,” “The
Manager,” “Borrower” and “Certain Legal Aspects of the Mortgage Loan,” and such sections (and any other sections requested) insofar as they relate to a Borrower, its Affiliates, the Loan or any Individual Property does not
contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading, and (y) indemnifying (i) Lender
and each of its affiliates and their respective successors and assigns (including their respective officers, directors, partners, employees, attorneys, accountants, professionals and agents and each other person, if any, controlling Lender or any of
its affiliates within the meaning of either Section 15 of the Securities Act of 1933, as amended (the “Securities Act”)), or Section 20 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) (each, including Lender, an “Indemnified Party”) and the (ii) party that has filed the registration statement relating to the Secondary Market Transaction (the “Registration Statement”), each of
its directors and officers who have signed the Registration Statement and each Person that controls such Party within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collective, the “Underwriter
Group”), for any losses, claims, damages, costs, expenses or liabilities (including, without limitation, all liabilities under all applicable federal and state securities laws) (collectively, the “Liabilities”) to which any
of them may become subject (a) insofar as the Liabilities arise out of or are based upon any untrue statement or alleged untrue statement of any material fact relating to any Borrower, its Affiliates, the Loan, any Individual Property, any
Manager, and the Operating Lessee contained in such sections or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated in such sections or necessary in order to make the statements in
such sections, in light of the circumstances under which they were made, not misleading or (b) as a result of any untrue statement of material fact in any of the financial statements of any Borrower incorporated into any placement memorandum,
prospectus, registration statement or other document connected with the issuance of securities or the failure to include in such financial statements or in any placement memorandum, prospectus, registration statement or other document connected with
the issuance of securities any material fact relating to any Borrower, its Affiliates, any Individual Property, the Loan, any Manager, and the Operating Lessee necessary in order to make the statements therein, in light of the circumstances under
which they were made, not misleading; and (z) agreeing to reimburse the Indemnified Party and the Underwriter Group for any legal or other expenses reasonably incurred by the Indemnified Party and the Underwriter Group in connection with
investigating or defending the Liabilities; and notwithstanding anything contained in this clause (iii) to the contrary, Borrower shall not be required to indemnify Lender for any losses relating to projections made in good faith by Borrower or
untrue statements or omissions which such Borrower identified to Lender in writing at the time of such Borrower’s examination of such memorandum or prospectus, as applicable, and statements or misstatements made in Borrower’s good faith
reliance upon the reports of third parties that do not, to the best of Borrower’s knowledge, contain any untrue statement or misstatement of a material fact necessary in order to make the statements made, in light of the circumstances under
which they were made, not misleading; (iv) causing to be rendered such customary opinion letters as shall be requested by the Rating Agencies for other secondary market or transactions having or seeking ratings comparable to that then being
sought for the relevant Secondary Market Transaction; (v) making such representations, warranties and covenants, as may be reasonably requested by the 

  
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Rating Agencies and comparable to those required in other secondary market transactions having or seeking the same rating as is then being sought for the Secondary Market Transaction;
(vi) providing such information regarding the Collateral as may be reasonably requested by the Rating Agencies or otherwise required in connection with the formation of a REMIC; and (vii) providing any other reasonable information and
materials required in the Secondary Market Transaction. 
 (d) Each Borrower agrees to participate and cooperate in any meetings
with the Rating Agencies or Investors, and providing any other information and materials reasonably required in the Secondary Market Transaction to make the certificates offered in such Secondary Market Transaction saleable in the secondary market
and to obtain ratings from two or more rating agencies. 
 (e) Each Borrower acknowledges and agrees that the Lender may, at any
time on or after the Closing Date, assign its duties, rights or obligations hereunder or under any Loan Document in whole, or in part, to a servicer and/or a trustee in Lender’s discretion. Nothing herein shall in any way limit Lender’s
right to sell all or a portion of the Loan in a transaction which is not a Secondary Market Transaction. 
 (f) Lender shall
reimburse the Borrowers for all reasonable out-of-pocket costs incurred by the Borrowers in connection with complying with their obligations set forth in this Section 2.13; provided, however, that the Borrowers shall remain responsible
for all of Borrower’s reasonable and customary legal and accounting fees not to exceed $10,000 and all indemnity and related obligations incurred by the Borrowers or its Affiliates. 

(g) If Lender determines at any time to participate in a Secondary Market Transaction, Lender may forward to each purchaser, transferee,
assignee, servicer, participant or investor in such securities, any Rating Agency rating such securities, any organization maintaining databases on the underwriting and performance of commercial loans, trustee, counsel, accountant, and each
prospective Investor, all documents and information which Lender now has or may hereafter acquire relating to the Loan, Borrower, any direct or indirect equity owner of Borrowers, any guarantor, any indemnitor and the Individual Properties, which
shall have been furnished by Borrowers, any Affiliate of Borrowers, any guarantor, any indemnitor, or any party to any Loan Document, or otherwise furnished in connection with the Loan, as Lender in its discretion determines necessary or desirable.

 Section 2.14. Interest Rate Cap Agreement. 

(a) On the Closing Date, Borrowers shall obtain, and thereafter maintain in effect, the Initial Interest Rate Cap Agreement, which shall
have a term which ends on the Initial Maturity Date and have a notional amount equal to the Loan Amount. The Initial Interest Rate Cap Agreement shall have a LIBOR strike rate equal to or less than the Strike Rate. 

(b) If Borrowers exercise any option to extend the term of the Loan pursuant to Section 2.10, then on or prior to the
commencement of the applicable Extension Term, Borrowers shall obtain an Extension Interest Rate Cap Agreement having (x) a term which ends on the extended Maturity Date occurs, (y) a notional amount at least equal to the Loan Amount, and
(z) a LIBOR strike rate equal to or less than the Strike Rate. 

  
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 (c) Each Borrower shall collaterally assign to Lender pursuant to the Rate Cap Pledge and
Security Agreement all of its right, title and interest in any and all payments under each Interest Rate Cap Agreement and shall deliver to Lender an executed counterpart of such Rate Cap Pledge and Security Agreement and obtain the consent of the
Acceptable Counterparty to such collateral assignment (as evidenced by the Acceptable Counterparty’s execution of a separate acknowledgment to such Rate Cap Pledge and Security Agreement). 

(d) Each Borrower shall comply with all of its obligations under the terms and provisions of each Interest Rate Cap Agreement. All amounts
paid under an Interest Rate Cap Agreement shall be deposited directly into the Cash Collateral Account. Each Borrower shall take all actions reasonably requested by Lender to enforce Lender’s rights under the Rate Cap Pledge and Security
Agreement in the event of a default by the counterparty thereunder and shall not waive, amend or otherwise modify any of its rights thereunder without Lender’s reasonable consent (which consent may be conditioned on receipt of a Rating Agency
Confirmation). 
 Section 2.15. Partial Release. Provided that no Event of Default has occurred and is continuing
under any of the Loan Documents, (i) at any time after the Closing Date, the applicable Borrowers may obtain a release of Sheraton Iowa City and/or Marriott Trumbull (in connection with the sale of such hotel(s) to an unaffiliated third party
in an arm’s-length transaction) and (ii) at any time after June 11, 2008, each Borrower, may obtain the release of any other Individual Property (each, a “Partial Release”) from the lien of the applicable Mortgage
(and other Loan Documents ) and the release of such Borrower’s and Operating Lessee’s ongoing obligations under the Note and other Loan Documents with respect to such Individual Property (other than those expressly stated to survive), so
long as all of the following conditions shall have been satisfied: 
 (a) the applicable Borrower shall have provided Lender with
no less than thirty (30) days, but no more than ninety (90) days, prior written notice of its request to obtain a release of the applicable Individual Property; 
 (b) Lender shall have received a prepayment of the Loan in an amount equal to (a) with respect to Sheraton Iowa City and Marriott Trumbull, the greater of (x) the Allocated Loan Amount for such
Individual Property, and (y) 81% of the gross sales proceeds for such Individual Property, as determined by Lender, and (b) with respect to any Individual Property other than Sheraton Iowa City and Marriott Trumbull, the greater of
(x) 115% of the Allocated Loan Amount for such Individual Property, (y) 85% of the gross sales price for such Individual Property, as determined by Lender, in the event such Individual Property is being sold to an unaffiliated third party
in an arm’s-length transaction, and (z) such other amount, as determined by Lender, which after giving effect to such prepayment results in a remaining unpaid principal balance of the Loan supporting a minimum Debt Yield at least equal to
6.5% from June 12, 2008 through and including December 11, 2008, 7.0% in Year 3 of the Loan, 7.5% in Year 4 of the Loan and 8.0% in Year 5 of the Loan (either (a) or (b), as applicable, the “Release Price”), which
prepayment shall be accompanied by (i) all accrued and unpaid interest allocable to the portion of the Principal Indebtedness being prepaid as of the date of such prepayment, (ii) if such

  
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prepayment is not made on a Payment Date, the interest which would have accrued thereon through and including the last day of the Interest Accrual Period in which such prepayment occurs, and
(iii) any and all other sums due under the Loan Documents in connection with a partial prepayment of the Loan; 
 (c) the
applicable Borrower shall have submitted to Lender, not less than ten (10) Business Days prior to the date of such Partial Release, all necessary and appropriate documentation concerning the release of the lien of the applicable Mortgage (and
other Loan Documents) for such Individual Property and the applicable Borrower and Operating Lessee, for execution by Lender. Such release documentation shall be in a form appropriate in the State in which such Individual Property is located and
shall contain standard provisions, if any, protecting the rights of Lender. In addition, the applicable Borrower shall provide any and all other documentation (1) that prior to the date that all or any portion of the Loan is included in a
REMIC, is reasonably acceptable to Lender, and (2) that after the date that all or any portion of the Loan is included in a REMIC, would be reasonably acceptable to a prudent lender originating commercial mortgage loans for securitization
similar to the Loan in the State where the applicable Individual Property is located, to be delivered by such Borrower in connection with such Partial Release, together with an officer’s certificate certifying that (i) such documentation
is in compliance with all Legal Requirements in all material respects, and (ii) the Partial Release will not impair or otherwise adversely affect the lien, security interest and other rights of Lender under the Loan Documents (except with
regard to the release of the applicable Borrower, Operating Lessee and the lien on the applicable Individual Property); provided, however, that Rating Agency Confirmation shall not be required; 

(d) the Borrowers shall execute (i) amendments to the Loan Documents to the extent necessary (as determined (1) prior to the
date that all or any portion of the Loan is included in a REMIC, by Lender, and (2) after the date that all or any portion of the Loan is included in a REMIC, as would be reasonably required by a prudent lender originating commercial mortgage
loans for securitization similar to the Loan in the State where the applicable Individual Property is located) and shall agree to corresponding adjustments of the reserves and escrow accounts with respect to the remaining Individual Properties as
would be reasonably acceptable to a prudent lender originating commercial mortgage loans for securitization similar to the Loan in the State where the applicable Individual Property is located (with all excess reserve and escrow amounts applicable
to the Individual Properties subject to such Partial Release to be released to the applicable Borrower promptly upon the consummation of such Partial Release) and the amount of Additional Advances as set forth on the Pre-approved Capital Expenditure
Budget with respect to an Individual Property subject to a Partial Release shall be reduced in accordance with Section 2.1(d), and (ii) amendments to the Operating Lease or any other document related to the Release Property to the
extent necessary (as would be reasonably acceptable to a prudent lender originating commercial mortgage loans for securitization similar to the Loan in the State where the applicable Individual Property is located) to ensure that (y) such
Operating Lease or other document shall not continue to govern or relate to the Individual Property that is to be released and any other Individual Property which shall act as collateral for the Loan from and after the date of the Partial Release
and (z) the Operating Lessee will not be the tenant of such Individual Property following the release of such Individual Property from the Lien of the related Mortgage; and 

  
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 (e) Lender shall have received reimbursement in full of all of Lender’s fees, costs and
expenses, including without limitation, reasonable legal counsel fees and disbursements incurred in connection with the Partial Release, and the review and approval of all documents and information required to be delivered in connection therewith.

 Section 2.16. Substitution. Subject to the terms and conditions set forth in this Section 2.16,
Borrowers may, from time to time, replace Individual Properties with Qualified Substitute Properties (a “Property Substitution”), provided, in the case of each Property Substitution, the following conditions are met: 

(a) no Event of Default shall exist on such date either before or after the Property Substitution; 

(b) Borrower shall have given Lender at least sixty (60) days’ prior written notice of any Property Substitution; 

(c) the Loan-to-Value Ratio after giving effect to the proposed Property Substitution for the aggregate of all Individual Properties shall
be equal to or greater than the Loan-to-Value Ratio for the aggregate of all Individual Properties immediately prior to the Property Substitution; 
 (d) after giving effect to the proposed Property Substitution, the Debt Service Coverage Ratio for the aggregate of all Individual Properties shall be no less than the Debt Service Coverage Ratio
immediately prior to the Property Substitution; 
 (e) each of the representations and warranties contained in this Agreement
shall be true and correct in all material respects with respect to Borrowers (including the applicable Borrower acquiring the applicable Qualified Substitute Property), as well as the Qualified Substitute Property, on and as of the date of the
Property Substitution (and Borrower’s acquisition of such Qualified Substitute Property shall be deemed to constitute its representation to such effect); 
 (f) (i) Borrowers shall have executed, acknowledged and delivered to Lender, with respect to each Qualified Substitute Property, a Mortgage and an Assignment of Leases and Rents, and such other
customary documents and agreements as are generally required by reasonable commercial mortgage lenders, and (ii) Guarantor and Borrowers shall have executed such additional customary Loan Documents and such modifications to and reaffirmations
of the existing Loan Documents to which it is a party as a reasonable commercial mortgage lender would customarily require; 

(g) each Mortgage shall secure the entire Indebtedness; provided, however, that in the event that the jurisdiction in which the applicable
Qualified Substitute Property is located imposes a mortgage recording, intangibles or similar tax and does not permit the allocation of indebtedness for the purpose of determining the amount of such tax payable, the principal amount secured by such
Mortgage shall be equal to 125% of the Allocated Loan Amount of the Individual Property replaced by the Qualified Substitute Property as of immediately prior to such Property Substitution; 

  
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 (h) Lender shall have received the following: 

(i) copies of all Leases in effect with respect to the Qualified Substitute Property (together with such estoppels and subordination,
non-disturbance and attornment agreements as a reasonable commercial mortgage lender would customarily require); 
 (ii) copies
of UCC and other credit and public records search reports requested by Lender conducted by a nationally recognized search firm, conducted in the state and county where the Qualified Substitute Property is located and in the state where Borrower is
organized or incorporated, evidencing that (A) no liens (other than as permitted hereunder), judgments, tax liens or tax judgments have been filed against Borrowers (or the owner of the Qualified Substitute Property if such Person is not a
current Borrower), (B) no petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, has been filed by or against, consented to, or acquiesced in by Borrowers (or the owner of
the Qualified Substitute Property if such Person is not a current Borrower) or any of such Person’s partners, members or shareholders, as applicable, and (C) there is no litigation pending against Borrowers (or the owner of the Qualified
Substitute Property if such Person is not a current Borrower); 
 (iii) certificates of insurance demonstrating insurance
coverage in respect of the Qualified Substitute Property of types, in amounts, with insurers and otherwise in compliance with the requirements set forth herein; 
 (iv) an ALTA mortgagee policy of title insurance for the Qualified Substitute Property issued by a title company substantially similar to the title company that issued Lender’s initial title
insurance policy with respect to the Property (the “Closing Title Policy”) insuring the first priority lien in favor of Lender created by the Mortgage, which title policy shall (A) be in an amount equal to the insured amount
under the Closing Title Policy, (B) contain all endorsements attached to the Closing Title Policy to the extent available and (C) not contain any title exceptions other than Permitted Encumbrances and such other exceptions reasonably
acceptable to Lender that do not materially and adversely affect (i) the ability of Borrower to pay the Indebtedness in a timely manner or (ii) the use of the Qualified Substitute Property for the use currently being made thereof or the
value of the Qualified Substitute Property; 
 (v) an ALTA survey of the Qualified Substitute Property prepared by a registered
independent surveyor and containing a surveyor’s certification substantially similar in form and substance to the surveyor’s certification attached to the survey received by Lender with respect to the Property in connection with the
closing of the Loan; 
 (vi) evidence reasonably satisfactory to Lender that the Qualified Substitute Property is in compliance
in all material respects with all applicable zoning requirements (including, where obtainable, zoning endorsements and letters from the applicable zoning authorities); 

  
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 (vii) copies of the material Permits for the use and operation of the Qualified Substitute
Property and the certificate of occupancy, if required and obtainable, for the Qualified Substitute Property; 
 (viii) copies of
all contracts and agreements relating to the Qualified Substitute Property; entered into or assumed by Borrower in connection with the Property Substitution or to which Borrower will be subject after the Property Substitution; 

(ix) an environmental report addressed to Lender and its successors and assigns reasonably satisfactory to Lender performed by a reputable
environmental Engineer disclosing that there are no Hazardous Substances or underground storage tanks in violation of Environmental Laws located in, on or under the Qualified Substitute Property and that the Qualified Substitute Property is in
compliance with all Environmental Laws; 
 (x) an engineering report addressed to Lender and its successors and assigns
reasonably satisfactory to Lender performed by a reputable independent structural engineer evidencing that the Qualified Substitute Property is free of material structural defects and that all building systems contained therein are in good working
order in all material respects subject to ordinary wear and tear; 
 (xi) (A) operating statements for the Qualified
Substitute Property for the prior three years, prepared by an independent certified public accountant of recognized national standing, to the extent such statements can be obtained without undue burden or cost, (B) current results from
operations and (C) any informal accounting requested by Lender reasonably necessary for Lender to verify the accuracy of any other information required to be provided by or on behalf of Borrower in connection with effecting the Property
Substitution; 
 (xii) such other reasonable and customary certificates, opinions, documents and instruments relating to the Loan
necessary to effect the Property Substitution; 
 (xiii) the Management Agreement, the Manager’s Subordination, the
Franchise Agreement and the Franchisor’s Subordination, each in form and substance reasonably satisfactory to Lender; 
 (i)
Lender shall have received (i) such customary opinions of counsel as a reasonable commercial mortgage lender would typically require, in form and content acceptable to a reasonable commercial mortgage lender (including a new non-consolidation
opinion if one was required to be delivered in connection with the Loan and applicable REMIC opinions with customary qualifications and assumptions); and (ii) confirmation by each of the applicable Rating Agencies that the Property Substitution
will not result in any qualification, withdrawal or downgrading of any existing ratings of securities created in any applicable Secondary Market Transaction; 
 (j) no Individual Property may be replaced with more than one Qualified Substitute Property; 
 (k) no Property Substitution may occur within twelve (12) months following the Closing Date; 

  
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 (l) no more than an aggregate of 50% of the Loan Amount may be subject to Property
Substitutions during the term of the Loan; 
 (m) If the owner of the Substitute Property is not a current Borrower then such
owner must be a Single-Purpose Entity that assumes the Loan in connection with the Property Substitution and that is wholly owned (directly or indirectly) by Ashford Hospitality Limited Partnership, a Delaware limited partnership; 

(n) Borrowers shall have paid or reimbursed Lender for all costs and expenses actually incurred by Lender in connection with the foregoing
(including the reasonable fees and expenses of legal counsel and all fees and expenses of the Rating Agencies, if any). 

Section 2.17. Permitted Mezzanine Indebtedness. Notwithstanding anything the contrary contained in this Agreement, a
“Permitted Transfer” shall also include Transfers in the nature of a pledge by a Mezzanine Borrower (as defined below) of its direct and/or indirect Equity Interest in Borrower and SPE Equity Owner (but not of any direct interest in the
Individual Property) to a Permitted Mezzanine Lender as security for a loan to such Mezzanine Borrower (a “Mezzanine Loan”) provided that the following terms and conditions are satisfied: 

(a) Not less than twelve (12) months shall have elapsed since the Closing Date; 

(b) no Event of Default shall then exist; 
 (c) Lender shall have received at least thirty (30) and no more than sixty (60) days’ prior written notice of the proposed Mezzanine Loan; 

(d) the aggregate amounts of the Principal Indebtedness, the Unfunded Future Advances and the Mezzanine Loan (as of the effective date of
the Mezzanine Loan) shall not exceed eighty-five percent (85%) of the fair market value of the Individual Properties as determined by an Appraisal dated not more than sixty (60) days prior to the effective date of the Mezzanine Loan and
otherwise acceptable to Lender; 
 (e) the Aggregate Debt Service Coverage Ratio is at least 1.05:1; 

(f) Borrower shall not be obligated to repay the Mezzanine Loan nor incur any obligation or liability to the Permitted Mezzanine Lender or
any other Person with respect to the Mezzanine Loan, and the terms and conditions of the Mezzanine Loan, the collateral pledged as security therefor, and the documents evidencing the Mezzanine Loan, shall be reasonably satisfactory to Lender;

 (g) a new Single-Purpose Entity shall have been formed that will directly or indirectly own 100% of the Equity Interests in
Borrower and SPE Equity Owner (the “Mezzanine Borrower”), the organizational documents of Borrower, such Mezzanine Borrower, and their respective constituent owners shall be reasonably satisfactory to Lender, and Borrower and such
Mezzanine Borrower shall otherwise satisfy all applicable Rating Agency criteria for single-purpose entities, bankruptcy remoteness, and mezzanine borrowers; 

  
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 (h) the Permitted Mezzanine Lender shall have executed and delivered to Lender an
intercreditor agreement acceptable to Lender in its sole and absolute discretion; 
 (i) Borrower, SPE Equity Owner, and
Guarantor shall have executed such additional Loan Documents and such amendments to and reaffirmations of the existing Loan Documents as Lender may reasonably require, including entering into a new cash management arrangement with Lender (or
modifying any existing cash management requirement) to provide for, among other things, the payment of Lender-approved operating expenses and capital expenses prior to the payment of debt service on the Mezzanine Loan; 

(j) Lender shall have received (i) customary opinions of counsel to Borrower as Lender may reasonably require, in form and content
reasonably acceptable to Lender (including a new non-consolidation opinion if one was required to be delivered in connection with the Loan) with customary qualifications and assumptions; and (ii) confirmation by each of the applicable Rating
Agencies that the incurrence of the Mezzanine Loan will not result in any qualification, withdrawal or downgrading of any existing ratings of securities created in any applicable Secondary Market Transaction; 

(k) Borrower shall have paid or reimbursed Lender for all of its costs and expenses (including reasonable attorneys’ fees and
disbursements) incurred in connection with the foregoing; and 
 (l) if the Mezzanine Loan will be a floating rate loan, there
shall be an interest rate cap agreement or similar agreement with respect to such Mezzanine Loan, in form and substance acceptable to Lender. 
 Notwithstanding anything herein to the contrary, none of Countrywide, Lender or their respective Affiliates shall have any obligation to provide a Mezzanine Loan or any other financing. 

Section 2.18. Assumption. Borrowers shall have the right at any time to Transfer all of the Individual Properties in one
transaction to another party (the “Transferee”) and such Transferee may assume the Loan, provided no Event of Default exists or would result therefrom and the following conditions are met: 

(a) Borrowers shall pay to Lender a transfer fee in the amount of 0.5% of the sum of the Principal Indebtedness and Unfunded Future
Advances; 
 (b) the identity, experience, financial condition, creditworthiness, single purpose nature and bankruptcy remoteness
of the Transferee, and the replacement guarantors and indemnitors shall be reasonably satisfactory to Lender; 
 (c) Borrowers,
Transferee, Guarantor and the replacement guarantors and indemnitors shall execute and deliver any and all documentation as may be reasonably required by Lender or required by the Rating Agencies, as the case may be, in form and substance reasonably
satisfactory to Lender or satisfactory to the Rating Agencies, as the case may be, in Lender’s reasonable discretion or the Rating Agencies’ discretion, as applicable (including assumption documents); 

  
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 (d) counsel to Transferee and the replacement guarantors and indemnitors shall deliver to
Lender and the Rating Agencies customary opinion letters relating to such transfer (including tax and bankruptcy opinions) in form and substance reasonably satisfactory to Lender and satisfactory to the Rating Agencies in Lender’s reasonable
discretion and the Rating Agencies’ discretion with customary qualifications and assumptions; 
 (e) if the Individual
Property is transferred, Borrower shall deliver (or cause to be delivered) to Lender, an endorsement to Lender’s title insurance policy relating to the change in the identity of the vestee and the execution and delivery of the transfer
documentation in form and substance reasonably acceptable to Lender; 
 (f) Borrower pays all reasonable expenses incurred by
Lender in connection with such Transfer, including Lender’s reasonable attorneys fees and expenses, all recording fees, and all fees payable to the applicable title company for the delivery to Lender of the endorsement referred to in clause
(e) above; 
 (g) the Loan-to-Value Ratio shall not exceed 80%; and 

(h) Lender shall have received a Rating Agency Confirmation with respect to such Transfer. 

ARTICLE 3 

CONDITIONS PRECEDENT 
 Section 3.1. Conditions Precedent to the Making of the Loan. 
 (a) As a
condition precedent to the making of the Loan, each Borrower shall have satisfied the following conditions (unless waived by Lender in accordance with Section 8.4) on or before the Closing Date: 

(i) Loan Documents. 
 (1) Loan Agreement. Each Borrower shall have executed and delivered this Agreement to Lender. 
 (2) Note. Each Borrower shall have executed and delivered to Lender the Note. 
 (3) Mortgage. Each applicable Borrower shall have executed and delivered to Lender the Mortgages and the Mortgages shall have been irrevocably delivered to an authorized title agent for the Title
Insurer for recordation in the appropriate filing offices in the jurisdiction in which the applicable Individual Properties are located. 
 (4) Supplemental Mortgage Affidavits. The Liens to be created by each Mortgage are intended to encumber the applicable Individual Property described therein to the full extent of each
Borrower’s obligations under the Loan Documents. As of the Closing Date, each Borrower shall have paid all state, county and municipal recording and all other taxes imposed upon the execution and recordation of the Mortgages. 

  
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 (5) Assignment of Leases. Each applicable Borrower and each applicable Operating
Lessee shall have executed and delivered to Lender the Assignments of Leases, and the Assignments of Leases shall have been irrevocably delivered to an authorized title agent for the Title Insurer for such recordation in the appropriate filing
offices in the jurisdiction in which the applicable Individual Property is located. 
 (6) Assignment of Agreements. Each
applicable Borrower shall have executed and delivered to Lender the Assignments of Agreements, and the Assignments of Agreements shall, to the extent prudent pursuant to local practice, have been irrevocably delivered to an authorized title agent
for the Title Insurer for such recordation in the appropriate filing offices in the jurisdiction in which the applicable Individual Property is located. 
 (7) Financing Statements. Each applicable Borrower and its partners or members (and their shareholders), as applicable, shall have authorized Lender to file all financing statements required by
Lender and such financing statements shall have been irrevocably delivered to an authorized title agent for the Title Insurer for such recordation in the appropriate filing offices in each of the appropriate jurisdictions. 

(8) Manager’s Subordination. Each Manager and each applicable Borrower shall have executed and delivered to Lender the
Manager’s Subordinations. 
 (9) Franchisor Subordinations. The Borrowers shall have delivered to Lender
(1) certified copies of each Franchise Agreement and (2) the Franchisor’s Subordinations. 
 (10)
Subordination, Attornment and Security Agreement. Operating Lessee and each applicable Borrower shall have executed and delivered to Lender (1) a certified copy of each Operating Lease, and (2) each applicable Subordination,
Attornment and Security Agreement. 
 (11) REA Estoppels. Borrower shall have delivered to Lender an executed REA
estoppel letter, which shall be in form and substance satisfactory to Lender, from each party to any REA required by Lender with respect to any Individual Property. 
 (12) Environmental Guaranty. Each Borrower shall have executed and delivered to Lender the Environmental Guaranty. 
 (13) Collection Account Agreement. Each applicable Borrower, the Operating Lessee, each Manager and the relevant Collection Account Banks shall have executed and delivered the Collection Account
Agreements and shall have delivered an executed copy of such Agreement to Lender. 
 (14) Cash Collateral Account
Agreement. Each Borrower, the Operating Lessee, each Manager and Cash Collateral Account Bank shall have executed and delivered the Cash Collateral Account Agreement and shall have delivered an executed copy of such Cash Collateral Account
Agreement to Lender. 

  
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 (ii) Opinions of Counsel. Lender shall have received from counsel satisfactory to
Lender, legal opinions in form and substance satisfactory to Lender in Lender’s discretion (including, without limitation, a bankruptcy opinion). All such legal opinions will be addressed to Lender and the Rating Agencies, dated as of the
Closing Date, and in form and substance satisfactory to Lender, the Rating Agencies and their counsel. Each applicable Borrower hereby instructs any of the foregoing counsel, to the extent that such counsel represents such Borrower, to deliver to
Lender such opinions addressed to Lender and the Rating Agencies. 
 (iii) Secretary’s Certificates and SPE Equity
Owner’s Certificate. Lender shall have received a Secretary’s Certificate acceptable to Lender with respect to each applicable Borrower’s managing equity owner and each Remington Manager and Interstate Manager and each applicable
SPE Equity Owner’s Certificate with respect to the applicable Borrower. 
 (iv) Insurance. Lender shall have received
certificates of insurance demonstrating insurance coverage in respect of each Individual Property as required by and in accordance with the Mortgages. 
 (v) Lien Search Reports. Lender shall have received satisfactory reports of UCC (collectively, the “UCC Searches”), federal tax lien, bankruptcy, state tax lien, judgment and
pending litigation searches conducted by a search firm reasonably acceptable to Lender. Such searches shall have been received in relation to each Borrower and each equity owner in each Borrower, the Operating Lessee and each Manager. Such searches
shall have been conducted in each of the locations designated by Lender in Lender’s reasonable discretion and shall have been dated not more than fifteen (15) days prior to the Closing Date. 

(vi) Title Insurance Policy. Lender shall have received (i) a Title Insurance Policy for each Individual Property or a
marked-up commitment (in form and substance satisfactory to Lender) from Title Insurer to issue a Title Insurance Policy for each Individual Property and (ii) a fully executed copy of the Title Instruction Letter from the Title Insurer.

 (vii) Environmental Matters. Lender shall have received an Environmental Report with respect to each Individual
Property. 
 (viii) Consents, Licenses, Approvals. Lender shall have received copies of all consents, licenses and
approvals, if any, required in connection with the execution, delivery and performance by each Borrower under, and the validity and enforceability of, the Loan Documents, and such consents, licenses and approvals shall be in full force and effect.

 (ix) Additional Matters. Lender shall have received such other Permits, certificates (including certificates of
occupancy reflecting the permitted uses of the Individual Properties as of the Closing Date), opinions, documents and instruments (including, without limitation, written proof from the appropriate Governmental Authority regarding the

  
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zoning of each Individual Property in form and substance satisfactory to Lender in Lender’s discretion) relating to the Loan as may be required by Lender and all other documents and all
legal matters in connection with the Loan shall be satisfactory in form and substance to Lender. Each Borrower shall provide Lender with information reasonably satisfactory to Lender regarding Impositions and insurance premiums on or before the
Closing Date. 
 (x) Representations and Warranties. The representations and warranties herein and in the other Loan
Documents shall be true and correct in all material respects. 
 (xi) No Injunction. No law or regulation shall have been
adopted, no order, judgment or decree of any Governmental Authority shall have been issued or entered, and no litigation shall be pending or threatened, which in the judgment of Lender would have a Material Adverse Effect. 

(xii) Survey. Lender shall have received a Survey for each Individual Property. 

(xiii) Engineering Report. Lender shall have received an Engineering Report for each Individual Property. 

(xiv) Appraisal. Lender shall have received an Appraisal satisfactory to Lender with respect to each Individual Property which
shall be (i) prepared by an Appraiser approved by Lender in Lender’s reasonable discretion, (ii) prepared based on a scope of work determined by Lender in Lender’s reasonable discretion and (iii) in form and content
acceptable to Lender in Lender’s reasonable discretion. 
 (xv) Security Deposits. Borrowers shall be in compliance
with all applicable Legal Requirements relating to all security deposits held for any Leases. 
 (xvi) Service Contracts and
Permits. Borrowers shall have delivered to Lender true, correct and complete copies of all material contracts and Permits relating to each Individual Property. 
 (xvii) Site Inspection. Unless waived by Lender in accordance with Section 8.4, Lender shall have performed, or caused to be performed on its behalf, an on-site due diligence review of
each Individual Property to be acquired or refinanced with the Loan, the results of which shall be satisfactory to Lender in Lender’s discretion. 
 (xviii) Use. Each Individual Property shall be operating and operated only as a hotel of the same class and in a similar manner as each such Individual Property is operated on the Closing Date.

 (xix) Intentionally omitted. 
 (xx) Management Agreement. Lender shall have received the Management Agreement. 

  
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 (xxi) Leases; Tenant Estoppels; Subordination, Nondisturbance and Attornment
Agreements. With respect to each Individual Property, Borrowers shall have delivered a true, complete and correct rent roll and a copy of each of the Leases identified in such rent roll, and each Lease shall be satisfactory to Lender in
Lender’s reasonable discretion. 
 (xxii) Subdivision. Evidence satisfactory to Lender (including title endorsements)
that the Land relating to each Individual Property constitutes a separate lot for conveyance and real estate tax assessment purposes. 
 (xxiii) Transaction Costs. Borrowers shall have paid or caused to be paid all Transaction Costs. 
 (xxiv) Completion Guaranty and Guaranty of Recourse Obligations. Guarantor shall have delivered to Lender the Completion Guaranty and the Guaranty of Recourse Obligations, each in form and
substance acceptable to Lender. 
 (b) Lender shall not be obligated to make the Loan unless and until each of the applicable
conditions precedent set forth in this Section 3.1 is satisfied and until Borrower provides any other information reasonably required by Lender. 
 (c) In connection with the Loan, Borrower shall execute and/or deliver to Lender all additions, amendments, modifications and supplements to the items set forth in this Article III, including,
without limitation, amendments, modifications and any supplements to the Note, any Mortgage, any Assignment of Leases, any Assignment of Agreements, and Manager’s Subordination, if reasonably requested by Lender to effectuate the provisions
hereof, and to provide Lender with the full benefit of the security intended to be provided under the Loan Documents. Without in any way limiting the foregoing, such additions, modifications and supplements shall include those deemed reasonably
desirable by Lender’s counsel in the jurisdiction in which the applicable Individual Property is located. 
 (d) The making
of the Loan shall constitute, without the necessity of specifically containing a written statement to such effect, a confirmation, representation and warranty by Borrower to Lender that all of the applicable conditions to be satisfied in connection
with the making of the Loan have been satisfied (unless waived by Lender in accordance with Section 8.4 or otherwise made known to Lender by the Borrowers,) and that all of the representations and warranties of Borrowers set forth in the
Loan Documents are true and correct as of the date of the making of the Loan. 
 Section 3.2. Form of Loan Documents and
Related Matters. The Loan Documents and all of the certificates, agreements, legal opinions and other documents and papers referred to in this Article III, unless otherwise specified, shall be delivered to Lender, and shall be in form and
substance satisfactory to Lender. 

  
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 ARTICLE 4 
 REPRESENTATIONS AND WARRANTIES 
 Section 4.1. Representations and
Warranties of Borrower and Operating Lessee. Each Borrower and Operating Lessee represents, warrants and covenants as follows as to all Borrowers, Operating Lessee, and all Individual Properties: 

(a) Organization. That each Borrower and Operating Lessee (i) is a duly organized and validly existing Entity in good standing
under the laws of the State of its formation, (ii) is duly qualified as a foreign Entity in each jurisdiction in which the nature of its business, the applicable Individual Properties or any of the Collateral makes such qualification necessary
or desirable, (iii) has the requisite Entity power and authority to carry on its business as now being conducted, and (iv) has the requisite Entity power to execute and deliver, and perform its obligations under, the Loan Documents.

 (b) Authorization. The execution and delivery by each applicable Borrower and Operating Lessee of the Loan Documents,
each Borrower’s and Operating Lessee’s performance of its obligations thereunder and the creation of the security interests and Liens provided for in the Loan Documents (i) have been duly authorized by all requisite Entity action on
the part of each Borrower and Operating Lessee, (ii) will not violate any provision of any applicable Legal Requirements, any order, writ, decree, injunction or demand of any court or other Governmental Authority, any organizational document of
any Borrower or Operating Lessee or any indenture or agreement or other instrument to which any Borrower or Operating Lessee is a party or by which Borrower or Operating Lessee is bound except, with respect to violations of any such indentures,
agreements or other instruments, where such violation would not have a Material Adverse Effect, (iii) will not be in conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under, or result in
the creation or imposition of any Lien of any nature whatsoever upon any of the property or assets of any Borrower or Operating Lessee pursuant to, any indenture or agreement or instrument, and (iv) have been duly executed and delivered by each
Borrower or Operating Lessee, as applicable. Except for those obtained or filed on or prior to the Closing Date, no Borrower or Operating Lessee is required to obtain any consent, approval or authorization from, or to file any declaration or
statement with, any Governmental Authority or other agency in connection with or as a condition to the execution, delivery or performance of the Loan Documents. The Loan Documents to which any Borrower, Operating Lessee or any Manager is a party
have been duly authorized, executed and delivered by such parties. 
 (c) Single-Purpose Entity. 

(i) Each Borrower, each SPE Equity Owner and Operating Lessee has been, and will continue to be, a duly formed and existing Entity, and a
Single-Purpose Entity. 
 (ii) Each SPE Equity Owner at all times since its formation has been, and will continue to be, a duly
formed and existing limited liability company or a limited partnership in good standing under the laws of the jurisdiction of its formation and a Single-Purpose Entity, is duly qualified as a foreign entity in each other jurisdiction in which the
nature 

  
 53 

 
of its business or any of the Collateral makes such qualification necessary or desirable, and no Borrower will take action to cause any SPE Equity Owner not to be a duly formed and existing
limited liability company in good standing under the laws of the jurisdiction of its formation and a Single-Purpose Entity. 

(iii) Each Borrower and Operating Lessee at all times since its formation has complied, and will, at all times while the Loan is
outstanding, continue to comply, with the provisions of all of its organizational documents, and the laws of the state in which such Borrower and Operating Lessee was formed relating to the Entity. 

(d) Litigation. Except as disclosed on Schedule 1 attached hereto, there are no actions, suits or proceedings at law or in
equity by or before any Governmental Authority or other agency now pending and served or, to the knowledge of any Borrower and Operating Lessee, threatened against any Borrower, Operating Lessee, any SPE Equity Owner, any Manager or any Individual
Property which, if determined against the Borrowers, Operating Lessee, SPE Equity Owner, Manager or Individual Property could reasonably be expected to have a Material Adverse Effect. 

(e) Agreements. No Borrower or Operating Lessee is a party to any agreement or instrument or subject to any restriction which is
likely to have a Material Adverse Effect. Each applicable Borrower and Operating Lessee is not in default (beyond any applicable notice, cure or grace period) in any material respect in the performance, observance or fulfillment of any of the
obligations, covenants or conditions contained in any indenture, agreement or instrument to which it is a party or by which such Borrower, Operating Lessee or the applicable Individual Property is bound which could reasonably be expected to have a
Material Adverse Effect. 
 (f) No Bankruptcy Filing. No Borrower or Operating Lessee is contemplating either the filing
of a petition under any state or federal bankruptcy or insolvency laws or the liquidation of all or a major portion of any Borrower’s assets or property, and no Borrower or Operating Lessee has any knowledge of any Person contemplating the
filing of any such petition against any Borrower or Operating Lessee. 
 (g) Full and Accurate Disclosure. No statement of
fact made by Borrower or Operating Lessee in the Loan Documents contains any untrue statement of a material fact or omits to state any material fact necessary to make statements contained herein or therein not misleading. There is no fact presently
known to any Borrower or Operating Lessee which has not been disclosed to Lender which materially adversely affects, nor as far as any Borrower or Operating Lessee can foresee, would reasonably be expected to materially adversely affect the
business, operations or condition (financial or otherwise) of any Borrower or Operating Lessee. 
 (h) Management
Agreements. Each Management Agreement is valid, binding and enforceable and in full force and effect and has not been modified and there are no material defaults (beyond any applicable notice, cure or grace period) under any of them, nor
(a) to Borrowers’ or Operating Lessee’s knowledge has any event occurred that with the passage of time, the giving of notice or both would result in such a material default under the terms of each Management Agreement with any Manager
other than Remington Manager, and (b) with respect to any Management Agreement with Remington Manager, has any event occurred that with the passage of time, the giving of notice or both would result in such a material default (beyond any
applicable notice, cure or grace period) under the terms of such Management Agreement. 

  
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 (i) Compliance. Except as expressly disclosed in the Engineering Reports, the
Environmental Reports, the PZR zoning reports or the Surveys delivered to Lender by Borrower, each applicable Borrower, Operating Lessee, each Individual Property and each applicable Borrower’s or Operating Lessee’s use thereof as a hotel
and operations thereat comply in all material respects with all applicable Legal Requirements and all Insurance Requirements. No Borrower is in default or violation (beyond any applicable notice, cure or grace period) of any order, writ, injunction,
decree or demand of any Governmental Authority, the violation of which is reasonably likely to have a Material Adverse Effect. 

(j) Other Debt and Obligations. No Borrower or Operating Lessee has any financial obligation under any indenture, mortgage, deed of
trust, loan agreement or other agreement or instrument to which any Borrower or Operating Lessee is a party, or by which Borrower, Operating Lessee or any Individual Property is bound, other than (a) unsecured trade payables and operational
debt incurred in the ordinary course of business relating to the ownership and operation of an Individual Property which are not evidenced by a promissory note and when aggregated with the unsecured trade payables of all other Borrowers and
Operating Lessee, do not exceed a maximum amount of two percent (2.0%) of the Loan Amount and are paid within sixty (60) days of the date incurred (unless same are being contested in accordance with the terms of this Agreement),
(b) obligations under the Mortgage and the other Loan Documents, and (c) the FF&E Financing. No Borrower or Operating Lessee has borrowed or received other debt financing that has not been heretofore repaid in full and no Borrower has
any known material contingent liabilities. 
 (k) ERISA. 

(i) Each Plan and, to the knowledge of any Borrower or Operating Lessee, each Multiemployer Plan, is in compliance in all material
respects with, and has been administered in all material respects in compliance with, its terms and the applicable provisions of ERISA, the Code and any other federal or state law, and no event or condition has occurred as to which any Borrower or
Operating Lessee would be under an obligation to furnish a report to Lender under Section 5.1(q). 
 (ii) As of the
date hereof and throughout the term of the Loan (a) no Borrower or Operating Lessee is or will be an “employee benefit plan,” as defined in Section 3(3) of ERISA, subject to Title I of ERISA, or a “plan,” as defined in
Section 4975(e)(1) of the Code, subject to Code Section 4975, (b) no Borrower or Operating Lessee is or will be a “governmental plan” within the meaning of Section 3(32) of ERISA, (c) none of the assets of any
Borrower or Operating Lessee constitutes or will constitute “plan assets” of one or more of any such plans under 29 C.F.R. Section 2510.3-101 or Section 3(42) of ERISA or otherwise, and (d) transactions by or with each
Borrower or Operating Lessee do not and will not violate state statutes regulating investment of, and fiduciary obligations with respect to, governmental plans and such state statutes do not in any manner affect the ability of the Borrower or
Operating Lessee to perform its obligations under the Loan Documents or the ability of Lender to enforce any and all of its rights under the Loan Agreement. 

  
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 (l) Solvency. No Borrower or Operating Lessee has entered into this Loan Agreement or
any Loan Document with the actual intent to hinder, delay, or defraud any creditor, and each Borrower and Operating Lessee has received reasonably equivalent value in exchange for its obligations under the Loan Documents. Giving effect to the
transactions contemplated hereby and the agreements set forth herein, the fair saleable value of each of Borrower’s and Operating Lessee’s assets exceeds and will, immediately following the execution and delivery of this Agreement, exceed
such Borrower’s or Operating Lessee’s, as applicable, total liabilities, including, without limitation, subordinated, unliquidated, or disputed liabilities or Contingent Obligations. The fair saleable value of each Borrower’s or
Operating Lessee’s assets is and will, immediately following the execution and delivery of this Agreement, be greater than such Borrower’s or Operating Lessee’s, as applicable, probable liabilities, including the maximum amount of its
Contingent Obligations or its debts as such debts become absolute and matured. No Borrower’s or Operating Lessee’s assets do and, immediately following the execution and delivery of this Agreement, will, constitute unreasonably small
capital to carry out its business as conducted or as proposed to be conducted. No Borrower or Operating Lessee intends to, or believes that it will, incur debts and liabilities (including, without limitation, Contingent Obligations and other
commitments) beyond its ability to pay such debts as they mature (taking into account the timing and amounts to be payable on or in respect of obligations of each Borrower). 
 (m) Not Foreign Person. No Borrower or Operating Lessee is a “foreign person” within the meaning of § 1445(f)(3) of the Code. 

(n) Investment Company Act; Public Utility Holding Company Act. No Borrower or Operating Lessee is (i) an “investment
company” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended, (ii) a “holding company” or a “subsidiary company” of a
“holding company” or an “affiliate” of either a “holding company” or a “subsidiary company” within the meaning of the Public Utility Holding Company Act of 1935, as amended, or (iii) subject to any other
federal or state law or regulation which purports to restrict or regulate its ability to borrow money. 
 (o) No Defaults.
No Event of Default or, to Borrower’s knowledge, Default exists under or with respect to any Loan Document. 
 (p) Labor
Matters. No Borrower or Operating Lessee is a party to any collective bargaining agreements. 
 (q) Title to the
Property. Each Borrower owns either good, indefeasible, marketable and insurable fee simple or leasehold title to the applicable Individual Properties which it owns, free and clear of all Liens, other than the Permitted Encumbrances applicable
to such Individual Property. There are no outstanding options to purchase or rights of first refusal affecting any Individual Property. The Permitted Encumbrances do not and are not likely to materially and adversely affect (i) the ability of
any Borrower to pay in full all sums due under the Note or any of its other obligations in a timely manner or (ii) the use of any Individual Property for the use currently being made thereof, the operation of such Individual Property as
currently being operated or the value of any Individual Property. 

  
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 (r) Use of Proceeds; Margin Regulations. Each Borrower will use the proceeds of the
Loan for the purposes described in Section 2.2. No part of the proceeds of the Loan will be used for the purpose of purchasing or acquiring any “margin stock” within the meaning of Regulation U of the Board of Governors of the
Federal Reserve System or for any other purpose which would be inconsistent with such Regulation U or any other Regulations of such Board of Governors, or for any purposes prohibited by applicable Legal Requirements. 

(s) Financial Information. All historical financial data concerning any Borrower, Operating Lessee or any Individual Property
(including without limitation all rent rolls and operating statements) that has been delivered by any Borrower or Operating Lessee to Lender is true, complete and correct in all material respects. Since the delivery of such data, except as otherwise
disclosed in writing to Lender, there has been no material adverse change in the financial position of any Borrower, Operating Lessee or Individual Property, or in the results of operations of any Borrower or Operating Lessee. No Borrower or
Operating Lessee has incurred any obligation or liability, contingent or otherwise, not reflected in such financial data which might materially adversely affect its business operations or any Individual Property. 

(t) Condemnation. No Taking has been commenced or, to any Borrower’s or Operating Lessee’s knowledge, is contemplated
with respect to all or any portion of any Individual Property or for the relocation of roadways providing access to any Individual Property. 
 (u) Utilities and Public Access. Except as shown on Surveys each Individual Property has adequate rights of access to public ways and is served by adequate water, sewer, sanitary sewer and storm
drain facilities as are adequate for full utilization of such Individual Property for its current purpose. Except as otherwise disclosed by the Surveys, all public utilities necessary to the continued use and enjoyment of each Individual Property as
presently used and enjoyed are located in the public right-of-way or easements abutting or located on the premises, and all such utilities are connected so as to serve each Individual Property either (i) without passing over other property or,
(ii) if such utilities pass over other property, pursuant to valid easements. All roads necessary for the full utilization of each Individual Property for its current purpose have been completed and dedicated to public use and accepted by all
Governmental Authorities or are the subject of access easements for the benefit of such Individual Property. 
 (v)
Environmental Compliance. Except as disclosed in the Environmental Reports, each of Borrower and Operating Lessee represents, warrants and covenants, as to itself and its applicable Individual Property: (a) to the knowledge of Borrower
and Operating Lessee, there are no Hazardous Substances or underground storage tanks in, on, or under such Individual Property, except those that are both (i) in compliance with all Environmental Laws and with permits issued pursuant thereto
and (ii) which do not require Remediation; (b) there are no past, present or threatened Releases of Hazardous Substances in, on, under, from or affecting any Individual Property which have not been fully Remediated in accordance with
Environmental Law; (c) there is no Release or threat of any Release of Hazardous Substances which has or is migrating to any Individual Property; (d) there is no past or present non-compliance with

  
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Environmental Laws, or with permits issued pursuant thereto, in connection with any Individual Property which has not been fully Remediated in accordance with Environmental Law; (e) such
Borrower and Operating Lessee does not actually know of, and has not received, any written notice or other written communication from any Person (including but not limited to a governmental entity) relating to Hazardous Substances or the Remediation
thereof, of possible liability of any Person pursuant to any Environmental Law, other environmental conditions in connection with any Individual Property, or any actual or potential administrative or judicial proceedings in connection with any of
the foregoing; and (f) such Borrower or Operating Lessee has truthfully and fully provided to Lender, in writing, any and all information relating to conditions in, on, under or from each Individual Property that is known to such Borrower or
Operating Lessee and that is contained in files and records of such Borrower or Operating Lessee, including but not limited to any reports relating to Hazardous Substances in, on, under or from such Individual Property and/or to the environmental
condition of each Individual Property. 
 (w) No Joint Assessment; Separate Lots. No Borrower or Operating Lessee has or
shall suffer, permit or initiate the joint assessment of any applicable Individual Property (i) with any other real property constituting a separate tax lot, and (ii) with any portion of any Individual Property which may be deemed to
constitute personal property, or any other procedure whereby the lien of any taxes which may be levied against such personal property shall be assessed or levied or charged to any Individual Property as a single lien. Each Individual Property is
comprised of one or more parcels, each of which constitutes a separate tax lot and none of which constitutes a portion of any other tax lot. 
 (x) Assessments. Except as disclosed in the Title Insurance Policy, there are no pending or, to the knowledge of any Borrower or Operating Lessee, proposed special or other assessments for public
improvements or otherwise affecting any Individual Property, nor, to the knowledge of any Borrower or Operating Lessee, are there any contemplated improvements to any Individual Property that may result in such special or other assessments.

 (y) Mortgage and Other Liens. The Mortgages create valid and enforceable first mortgage Liens on each Individual
Property as security for the repayment of the Indebtedness, subject only to the Permitted Encumbrances applicable to such Individual Property. Each security agreement, assignment, pledge, grant or other hypothecation which is contained in any Loan
Document establishes and creates a valid and enforceable lien on and a security interest in, or claim to, the rights and property described therein. All property covered by each such security agreement, assignment, pledge, grant or other
hypothecation is subject to a UCC financing statement filed and/or recorded, as appropriate, in all places necessary to perfect a valid first priority lien with respect to the rights and property that are the subject of such security agreement,
assignment, pledge, grant or other hypothecation to the extent governed by the UCC to the extent such a security interest in such property is perfectible by the filing of a UCC financing statement. All continuations and any assignments of any such
financing statements have been or will be timely filed or refiled, as appropriate, in the appropriate recording offices. 

  
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 (z) Enforceability. The Loan Documents executed by each applicable Borrower or
Operating Lessee in connection with the Loan are the legal, valid and binding obligations of each such Borrower or Operating Lessee, enforceable against each such Borrower or Operating Lessee in accordance with their terms, subject only to
bankruptcy, insolvency and other limitations on creditors’ rights generally and to equitable principles. Such Loan Documents are, as of the Closing Date, not subject to any right of rescission, set-off, counterclaim or defense by any Borrower
or Operating Lessee, including the defense of usury, nor will the operation of any of the terms of the Note, any Mortgage, or such other Loan Documents, or the exercise of any right thereunder, render any Mortgage unenforceable against any Borrower
or Operating Lessee, in whole or in part, or subject to any right of rescission, set-off, counterclaim or defense by any Borrower or Operating Lessee, including the defense of usury, and no Borrower or Operating Lessee has asserted any right of
rescission, set-off, counterclaim or defense with respect thereto. 
 (aa) No Liabilities. No Borrower or Operating Lessee
has any liabilities or obligations including, without limitation, Contingent Obligations (and including, without limitation, liabilities or obligations in tort, in contract, at law, in equity, pursuant to a statute or regulation, or otherwise) other
than those liabilities and obligations expressly permitted by this Agreement. 
 (bb) No Prior Assignment. As of the
Closing Date, (i) Lender is the assignee of each Borrower’s or Operating Lessee’s interest under the Leases, and (ii) there are no prior assignments of the Leases or any portion of the Rents due and payable or to become due and
payable which are presently outstanding. 
 (cc) Certificate of Occupancy. Borrowers and Operating Lessee have obtained
(in their own name) all Permits necessary to use and operate the Individual Property for the use described in Section 3.1(a)(xviii), and all such Permits are in full force and effect, except that certain interim arrangements are in place
with respect to liquor licenses. The use being made of each Individual Property is in conformity with the certificate of occupancy and/or Permits for each such Individual Property and any other restrictions, covenants or conditions affecting each
such Individual Property, except where nonconformity has no Material Adverse Effect. Each such Individual Property contains all equipment necessary to use and operate each such Individual Property in a first-class manner. 

(dd) Flood Zone. Except as shown on a Survey, no Individual Property is located in a flood hazard area as designated by the Federal
Emergency Management Agency. 
 (ee) Physical Condition. Except as disclosed in an Engineering Report, each Individual
Property is free of material structural defects and all building systems contained therein are in good working order in all material respects subject to ordinary wear and tear. 
 (ff) Intellectual Property. All trademarks, trade names and service marks owned by any Borrower or Operating Lessee or that are pending, or under which any Borrower or Operating Lessee is licensed,
are in good standing and uncontested. There is no right under any trademark, trade name or service mark necessary to the business of any Borrower or Operating Lessee as presently conducted or as Borrower or Operating Lessee contemplates conducting
its business. No Borrower or Operating Lessee has infringed, is infringing, or has received written notice of infringement with respect to asserted trademarks, trade names and service marks of others. To Borrower’s or Operating Lessee’s
knowledge, there is no infringement by others of trademarks, trade names and service marks of any Borrower or Operating Lessee. 

  
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 (gg) Intentionally Omitted. 

(hh) Title Insurance. Each Individual Property is covered by either an American Land Title Association (ALTA) mortgagee’s
title insurance policy, or a commitment to issue such a title insurance policy, insuring a valid first lien on such Individual Property, which is in full force and effect and is freely assignable to and will inure to the benefit of Lender and any
successor or assignee of Lender, including but not limited to the trustee in a Securitization, subject only to the Permitted Encumbrances. 
 (ii) Tax Fair Market Value. The Allocated Loan Amount with respect to each Individual Property does not exceed the Tax Fair Market Value of such Individual Property. The Loan Amount does not exceed
the aggregate Tax Fair Market Values of the Individual Properties. If the Note is significantly modified prior to the closing date of a Secondary Market Transaction so as to result in a taxable exchange under Code Section 1001, Borrowers will,
if requested by Lender, represent that the amount of such Note does not exceed the aggregate Tax Fair Market Value of the applicable Individual Property as of the date of such significant modification. 

(jj) Leases. (a) Each Borrower or Operating Lessee is the sole owner of the entire lessor’s interest in the Leases;
(b) the Leases are the valid, binding and enforceable obligations of the applicable Borrowers or Operating Lessee and the applicable tenant or lessee thereunder; (c) the terms of all alterations, modifications and amendments to the Leases
are reflected in the certified rent roll statement delivered to and approved by Lender; (d) no Rents reserved in any Leases have been assigned or otherwise pledged or hypothecated; (e) no Rents have been collected for more than one
(1) month in advance; (f) the premises demised under the Leases have been completed and the tenants under the Leases have accepted the same and have taken possession of the same on a rent-paying basis; (g) there exists no offset or
defense to the payment of any portion of any Rents; (h) no Lease contains an option to purchase, right of first refusal to purchase, expansion right, or any other similar provision; and (i) no Person has any possessory interest in, or
right to occupy, any Individual Property except under and pursuant to a Lease. 
 (kk) Bank Holding Company. No Borrower
or Operating Lessee is a “bank holding company” or a direct or indirect subsidiary of a “bank holding company” as defined in the Bank Holding Company Act of 1956, as amended, and Regulation Y thereunder of the Board of Governors
of the Federal Reserve System. 
 (ll) Embargoed Person. None of the funds or other assets of any Borrower, Operating
Lessee, or any SPE Equity Owner constitute property of, or are beneficially owned, directly or indirectly, by any person, entity or government subject to trade restrictions under federal law, including, without limitation, the International
Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any executive orders or regulations promulgated thereunder, with the result that (i) the investment in any
Borrower, Operating Lessee, any SPE Equity Owner, as applicable (whether directly or 

  
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indirectly), is prohibited by law, or (ii) the Loan made by the Lender is in violation of law (“Embargoed Person”); (b) no Embargoed Person has any interest of any
nature whatsoever in any Borrower, Operating Lessee, any SPE Equity Owner, as applicable (whether directly or indirectly), with the result that (i) the investment in any Borrower, Operating Lessee, any SPE Equity Owner, as applicable (whether
directly or indirectly) is prohibited by law, or (ii) the Loan is in violation of law; and (c) none of the funds of any Borrower, Operating Lease, any SPE Equity Owner, as applicable, have been derived from any unlawful activity with the
result that (i) the investment in any Borrower, Operating Lessee, any SPE Equity Owner, as applicable (whether directly or indirectly) is prohibited by law, or (ii) the Loan is in violation of law. 

(mm) Illegal Activity. No portion of any of each Individual Property has been or will be purchased, improved, equipped or furnished
with proceeds of any illegal activity. 
 (nn) Compliance. No Borrower or Operating Lessee, and to the best of each
Borrower’s and Operating Lessee’s knowledge after due and diligent inquiry, neither (a) any Person owning an interest in a Borrower, Operating Lessee or any SPE Equity Owner, (b) each Manager, and (c) any tenant at each
Individual Property: (i) is currently identified on the OFAC List (“OFAC List”), and (ii) is not a Person with whom a citizen of the United States is prohibited to engage in transactions by any trade embargo, economic
sanction, or other prohibition of any Legal Requirement (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions With Person Who Commit, Threaten to Commit, or Support Terrorism), and (iii) is not
in violation of the U.S. Federal Bank Secrecy Act, as amended, and its implementing regulations (31 C.F.R. part 103), the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001,
Public Law 107-56 and the regulations promulgated thereunder, any order issued with respect to anti-money laundering by the U.S. Department of the Treasury’s Office of Foreign Assets Control, or any other anti-money laundering law. Each
Borrower and Operating Lessee has implemented procedures, and will consistently apply those procedures throughout the term of the Loan, to ensure the foregoing representations and warranties remain true and correct during the term of the Loan.

 (oo) Franchise Agreements. Each Franchise Agreement is in full force and effect, there is no material default (beyond
any applicable notice, cure or grace period) thereunder by any party thereto and to the best of Borrower’s and Operating Lessee’s knowledge and except as set forth on Schedule 2 hereof, no event has occurred that, with the passage
of time and/or the giving of notice would constitute a default thereunder, and no fees under any Franchise Agreement are accrued and unpaid. 
 (pp) Intentionally omitted. 
 (qq) Property Improvement Requirements.
Attached hereto as Exhibit I is (a) a true, complete and correct list of all property improvement requirements affecting each Individual Property (each, a “Property Improvement Requirements”), and (b) a true,
complete and correct description of the estimated amounts to be expended and time frames for required expenditure pursuant to each Property Improvement Requirements. 

  
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 (rr) Minnesota Zoning Compliance. The number of employees on any shift for the
Borrower’s hotel known as the Hilton Minneapolis Airport Hotel does not exceed 188 people. 
 (ss) Organizational
Chart. Attached hereto as Exhibit L is a true, complete and correct copy of the Borrowers’ organizational chart. 
 Section 4.2. Survival of Representations and Warranties. Each Borrower and Operating Lessee agrees that (i) all of the representations and warranties of each Borrower set forth in this
Agreement and in the other Loan Documents delivered on the Closing Date are made as of the Closing Date (except as expressly otherwise provided) and (ii) all representations and warranties made by each Borrower shall survive the delivery of the
Note and continue for so long as any amount remains owing to Lender under this Agreement, the Note or any of the other Loan Documents; provided, however, that the representations, warranties and covenants set forth in
Section 4.1(v), Section 4.1(nn), Section 4.1(qq) and Sections 5.1(d) through 5.1(g), inclusive, shall survive in perpetuity for any act or omission of Borrower or Operating Lessee occurring
during the term of the Loan and shall not be subject to the exculpation provisions of Section 8.14. All representations, warranties, covenants and agreements made in this Agreement or in the other Loan Documents shall be deemed to have
been relied upon by Lender notwithstanding any investigation heretofore or hereafter made by Lender or on its behalf. Without limiting any other provision of this Agreement, with respect to each Secondary Market Transaction, within 3 days of receipt
of Lender’s request, each Borrower or Operating Lessee shall deliver to Lender a certification (a) remaking all of the representations and warranties contained in this Agreement as of the date of such Secondary Market Transaction, or
(y) otherwise specifying any changes in or qualifications to such representations and warranties as of such date as may be necessary to make such representations consistent with the facts as they exist on such date. 

ARTICLE 5 

AFFIRMATIVE COVENANTS 
 Section 5.1. Borrower Covenants. Each Borrower and Operating Lessee covenants and agrees that, from the date hereof and until payment in full of the Indebtedness: 

(a) Existence; Compliance with Legal Requirements; Insurance. Each Borrower and Operating Lessee shall do or cause to be done all
things necessary to preserve, renew and keep in full force and effect its Entity existence, rights, licenses, Permits and franchises necessary for the conduct of its business and comply in all material respects with all applicable Legal Requirements
and Insurance Requirements applicable to it and each Individual Property. Each Borrower and Operating Lessee shall notify Lender promptly of any written notice or order that such Borrower or Operating Lessee receives from any Governmental Authority
relating to such Borrower’s or Operating Lessee’s failure to comply with such applicable Legal Requirements relating to such Borrower’s or Operating Lessee’s applicable Individual Property and promptly take any and all actions
necessary to bring its operations at such Individual Property into compliance with such applicable Legal Requirements (and shall fully comply with the requirements of such Legal Requirements that at any time are applicable to its operations at any
Individual Property) provided, that such Borrower or Operating Lessee at its 

  
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expense may, after prior notice to the Lender, contest by appropriate legal, administrative or other proceedings conducted in good faith and with due diligence, the validity or application, in
whole or in part, of any such applicable Legal Requirements as long as (i) neither the applicable Collateral nor any part thereof or any interest therein, will be sold, forfeited or lost or subject to a continuing Lien if such Borrower or
Operating Lessee pays the amount or satisfies the condition being contested, and such Borrower or Operating Lessee would have the opportunity to do so, in the event of such Borrower’s or Operating Lessee’s failure to prevail in the
contest, (ii) Lender would not, by virtue of such permitted contest, be exposed to any risk of any civil liability or criminal liability, and (iii) such Borrower or Operating Lessee shall have furnished to the Lender additional security in
respect of the claim being contested or the loss or damage that may result from such Borrower’s or Operating Lessee’s failure to prevail in such contest in such amount as may be reasonably requested by Lender but in no event less than one
hundred twenty-five percent (125%) of the amount of such claim. Each Borrower and Operating Lessee shall at all times maintain, preserve and protect all franchises and trade names and preserve all the remainder of its property necessary for the
continued conduct of its business and keep the applicable Individual Properties in good repair, working order and condition, except for reasonable wear and use, and from time to time make, or cause to be made, all necessary repairs, renewals,
replacements, betterments and improvements thereto, all as more fully provided in the Mortgages. Borrowers and Operating Lessee shall keep their Individual Properties insured at all times, as provided in the Mortgages. 

(b) Impositions and Other Claims. Subject to Section 2.11 hereof, Borrowers and Operating Lessee shall pay and
discharge or cause to be paid and discharged all Impositions, as well as all lawful claims for labor, materials and supplies or otherwise, which could become a Lien, all as more fully provided in, and subject to any rights to contest contained in,
the Mortgages. 
 (c) Litigation. Each Borrower and Operating Lessee shall give prompt written notice to Lender of any
litigation or governmental proceedings pending or threatened against such Borrower or Operating Lessee which is reasonably likely to have a Material Adverse Effect. 
 (d) Environmental. Borrowers and Operating Lessee covenant and agree that: (a) all uses and operations on or of the Individual Properties, whether by any Borrower, Operating Lessee or any
other Person, shall be in compliance with all Environmental Laws and permits issued pursuant thereto; (b) there shall be no Releases of Hazardous Substances in, on, under or from any Individual Property; (c) there shall be no Hazardous
Substances used, present or Released in, on, under or from any Individual Property, except those that are (i) in compliance in all material respects with all Environmental Laws and with permits issued pursuant thereto, if required under
Environmental Laws; (ii) fully disclosed to Lender in writing; and (iii) which do not require Remediation, (d) Borrowers and Operating Lessee shall keep each Individual Property free and clear of all Environmental Liens;
(e) Borrowers and Operating Lessee shall, at its sole cost and expense, fully and expeditiously cooperate in all activities pursuant to Section 5.1(e) of this Agreement, including but not limited to providing all relevant
information and making knowledgeable Persons available for interviews; (f) intentionally omitted; (g) such Borrower or Operating Lessee shall, at its sole cost and expense, (i) effectuate Remediation of any condition (including but
not limited to a Release of a Hazardous Substance or violation of 

  
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Environmental Laws) in, on, under or from each Individual Property for which Remediation is legally required; (ii) comply with all Environmental Laws; (iii) comply with any directive
from any governmental authority; and (iv) take any other reasonable action necessary or appropriate for protection of human health or the environment, if required under Environmental Laws; (h) Borrowers and Operating Lessee shall not do or
willfully allow any tenant or other user of any Individual Property to do any act that materially increases the dangers to human health or the environment; (i) Borrowers and Operating Lessee shall immediately notify Lender in writing of
(A) any unlawful presence or Releases or threatened Releases of Hazardous Substances in, on, under, from or migrating towards any Individual Property; (B) any material non-compliance with any Environmental Laws related in any way to any
Individual Property; (C) any actual or potential Environmental Lien; (D) any Remediation of environmental conditions relating to any Individual Property required by Environmental Laws; and (E) any written notice or other communication
of which any Borrower or Operating Lessee receives from any source whatsoever (including but not limited to a governmental entity) relating in any way to Release, presence, or Release or threatened Release of Hazardous Substances in violation of
Environmental Laws or the Remediation thereof, Law, other environmental conditions in connection with any Individual Property, or any actual or potential administrative or judicial proceedings in connection with anything referred to in this
Agreement; and (j) without limiting the foregoing, upon becoming aware of the presence of or potential for Mold in violation of applicable Environmental Laws on any Individual Property, at its sole cost and expense Borrowers and Operating
Lessee shall (i) undertake or cause an investigation to identify the source(s) of such Mold, including any water intrusion, and develop and implement a plan for the Remediation of any Mold required under applicable Environmental Laws;
(ii) perform, or cause to be performed, all acts required under applicable Environmental Laws for the Remediation of the Mold in a timely manner given the circumstances; (iii) properly dispose in accordance with all applicable
Environmental Laws of any materials generated as a result of or in connection with the foregoing items (i) and (ii); and (iv) provide Lender with evidence of Borrower’s or Operating Lessee’s compliance with the requirements of
each of the foregoing to Lender’s reasonable satisfaction. 
 (e) Environmental Cooperation and Access. In the event
the Environmental Indemnified Parties reasonably believe that an environmental condition exists on any Individual Property that, in the reasonable discretion of the Lender, could endanger any tenants or other occupants of any Individual Property or
their guests or the general public or materially and adversely affects the value of any Individual Property, upon reasonable notice from the Lender, Borrowers shall, at any Borrowers’ sole cost and expense, promptly cause an engineer or
consultant satisfactory to the Lender to conduct any environmental assessment or audit (the scope of which shall be determined in the sole and absolute discretion of Lender) and take any samples of soil, groundwater or other water, air, or building
materials or any other invasive testing reasonably requested by Lender and promptly deliver the results of any such assessment, audit, sampling or other testing; provided, further, that such Borrowers, the Environmental Indemnified Parties and any
other Person designated by the Environmental Indemnified Parties, including but not limited to any receiver, any representative of a governmental entity, and any environmental consultant, shall have the right, but not the obligation, to enter upon
such Individual Property at all reasonable times (without materially interfering with the business conducted at the Individual Property) to assess any and all aspects of the environmental condition of such Individual Property and its use, including
but not limited to conducting any 

  
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environmental assessment or audit (the scope of which shall be determined in the reasonable discretion of Lender) and taking samples of soil, groundwater or other water, air, or building
materials, and reasonably conducting other invasive testing (which shall be at Borrowers’ sole cost and expense if Borrowers fail to conduct or deliver an assessment or audit as required pursuant to this Section), Borrowers shall cooperate with
and provide the Environmental Indemnified Parties and any such Person designated by the Environmental Indemnified Parties with access to each Individual Property. 
 (f) Environmental Indemnity. Borrowers covenant and agree, at their sole cost and expense, to protect, defend, indemnify, release and hold Environmental Indemnified Parties harmless from and
against any and all Losses imposed upon or incurred by or asserted against any Environmental Indemnified Parties and directly or indirectly arising out of or in any way relating to any one or more of the following (other than Losses imposed upon or
incurred by or asserted against any Environmental Indemnified Parties to the extent that the Borrowers can prove (1) that such Losses were caused exclusively by actions, conditions or events that occurred entirely after the date that Lender (or
Lender’s designee or transferee by reason of exercise of remedies) actually acquired title to the applicable Individual Property, and (2) that such Losses were not caused or occasioned by the actions or inactions of any Borrower, any
Manager, Operating Lessee or any agent, employee, contractor or any Affiliate of any of the foregoing): (a) any presence or use of any Hazardous Substances in, on, above, under, from or affecting any Individual Property; (b) any past,
present or threatened Release of Hazardous Substances in, on, above, under, from or affecting any Individual Property; (c) any activity by any Borrower, any Person affiliated with any Borrower, and any tenant or other user of such Individual
Property in connection with any actual, proposed or threatened use, treatment, storage, holding, existence, disposition or other Release, generation, production, manufacturing, processing, refining, control, management, abatement, removal, handling,
transfer or transportation to or from such Individual Property of or exposure to any Hazardous Substances at any time located in, under, on or above such Individual Property; (d) any activity by any Borrower, any Person affiliated with any
Borrower, and any tenant or other user of such Individual Property in connection with any actual or proposed Remediation of any Hazardous Substances at any time located in, under, on, above or affecting such Individual Property, whether or not such
Remediation is voluntary or pursuant to court or administrative order, including but not limited to any removal, remedial or corrective action; (e) any past, present or threatened non-compliance or violations of any Environmental Laws (or
permits issued pursuant to any Environmental Law) in connection with such Individual Property or operations thereon, including but not limited to any failure by any Borrower, any Person affiliated with any Borrower, and any tenant or other user of
any Individual Property to comply with any order of any governmental authority in connection with any Environmental Laws; (f) the imposition, recording or filing or the threatened imposition, recording or filing of any Environmental Lien
encumbering any Individual Property; (g) any administrative processes or proceedings or judicial proceedings in any way connected with any matter addressed in this Agreement; (h) any past, present or threatened injury to, destruction of or
loss of natural resources in any way connected with any Individual Property, including but not limited to costs to investigate and assess such injury, destruction or loss; (i) any acts of such Borrower, any Person affiliated with any Borrower,
and any tenant or other user of any Individual Property in arranging for disposal or treatment, or arranging with a transporter for transport for disposal or treatment, of Hazardous Substances at any facility or incineration vessel containing such
or similar Hazardous Substances; (j) any acts of such Borrower, any Person 

  
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affiliated with any such Borrower, and any tenant or other user of such Individual Property in accepting any Hazardous Substances for transport to disposal or treatment facilities, incineration
vessels or sites from which there is a Release, or a threatened Release of any Hazardous Substance which causes the incurrence of costs for Remediation; (k) any personal injury, wrongful death, or property or other damage arising under any
statutory or common law or tort law theory, including but not limited to damages assessed for private or public nuisance or for the conducting of an abnormally dangerous activity on or near such Individual Property; and (l) any material
misrepresentation or inaccuracy in any representation or warranty or material breach or failure to perform any covenants or other obligations pursuant to this Agreement or any other Loan Document. IT IS EXPRESSLY ACKNOWLEDGED AND AGREED BY EACH
BORROWER THAT THE INDEMNITY (AND/OR THE RELEASE) CONTAINED IN THIS SECTION 5.1(f) PROTECTS LENDER FROM THE CONSEQUENCES OF LENDER’S ACTS OR OMISSIONS, INCLUDING WITHOUT LIMITATION, THE NEGLIGENT ACTS OR OMISSIONS OF LENDER TO THE EXTENT
PERMITTED BY LAW; PROVIDED, HOWEVER, THAT NOTHING CONTAINED HEREIN SHALL BE DEEMED TO RELIEVE THE LENDER FROM LIABILITY DUE TO ITS GROSS NEGLIGENCE, FRAUD OR WILFUL MISCONDUCT. 

Notwithstanding anything contained in any Loan Document to the contrary, the obligations of Ashford Anchorage LP, a Delaware limited
partnership, under any environmental indemnity in any Loan Document are not secured by any Mortgage. 
 (g) Duty to
Defend. Upon written request by any Environmental Indemnified Party, Borrowers shall defend same (if requested by any Environmental Indemnified Party, in the name of the Environmental Indemnified Party) by attorneys and other professionals
reasonably approved by the Environmental Indemnified Parties. Borrowers shall, within five Business Days of receipt thereof, give written notice to Lender of (i) any notice, advice or other communication from any governmental entity or any
source whatsoever with respect to Hazardous Substances on, from or affecting any Individual Property, and (ii) any legal action brought against any party or related to any Individual Property, with respect to which any Borrower may have
liability under this Agreement. Such notice shall comply with the provisions of Section 8.6 hereof. 
 (h)
Operating Lease. 
 (i) Each Borrower shall (a) promptly perform and observe all of the covenants required to be
performed and observed by it under the Operating Leases and do all things necessary to preserve and to keep unimpaired its material rights thereunder; (b) promptly notify Lender of any material default (beyond any applicable notice, grace or
cure period) under any Operating Lease of which it is aware; (c) promptly deliver to Lender a copy of any notice of default or other material notice under any Operating Lease delivered to any Operating Lessee by Borrower; (d) promptly give
notice to Lender of any written notice or information that Borrower receives which indicates that an Operating Lessee is terminating its Operating Lease or that any Operating Lessee is otherwise discontinuing its operation of the applicable
Individual Property; and (e) promptly enforce the performance and observance of all of the material covenants required to be performed and observed by the Operating Lessee under the applicable Operating Lease. 

  
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 (ii) If at any time, (A) an Operating Lessee shall become insolvent or a debtor in a
bankruptcy proceeding or (B) Lender or its designee has taken title to an Individual Property by foreclosure or deed in lieu of foreclosure, has become a mortgagee-in-possession, has appointed a receiver with respect to the applicable
Individual Property or has otherwise taken title to such Individual Property, Lender shall have the absolute right to (and Borrower and Operating Lessee shall reasonably cooperate and not in any way hinder, delay or otherwise interfere with
Lender’s right to), immediately terminate the applicable Operating Lease under and in accordance with the terms of the applicable Subordination, Attornment and Security Agreement. 

(iii) Borrower shall not, without the prior written consent of Lender, which consent shall not be unreasonably withheld, conditioned or
delayed: (a) surrender, terminate or cancel any Operating Lease or otherwise replace any Operating Lessee or enter into any other operating lease with respect to any Individual Property, provided, however, at the end of the term of each
Operating Lease, the applicable Borrower may renew such Operating Lease or enter into a replacement Operating Lease with Operating Lessee on substantially the same terms as the expiring Operating Lease except that Lender shall have the right to
approve any material change thereto; (b) reduce or consent to the reduction of the term of any Operating Lease; or (c) enter into, renew, amend, modify, waive any provisions of, reduce Rents under, or shorten the term of any Operating
Lease. 
 (i) Franchise Agreements. 
 (i) Each Individual Property shall be operated under the terms and conditions of the applicable Franchise Agreement. Each Borrower shall or shall cause the applicable Operating Lessee to (i) pay all
sums required to be paid by the franchisee under each Franchise Agreement, (ii) diligently perform, observe and enforce all of the terms, covenants and conditions of each Franchise Agreement on the part of the franchisee thereunder to be
performed, observed and enforced to the end that all things shall be done which are necessary to keep unimpaired the rights of said franchisee under each Franchise Agreement, (iii) promptly notify Lender of the giving of any notice to any
Borrower and/or Operating Lessee of any default (beyond any applicable notice, grace or cure period) by the franchisee in the performance or observance of any of the terms, covenants or conditions of any Franchise Agreement on the part of the
franchisee thereunder to be performed and observed and deliver to Lender a true copy of each such notice, and (iv) promptly deliver to Lender a copy of each financial statement, business plan, capital expenditure plan, notice of a default under
the Franchise Agreement, report regarding operations at the related Individual Property, estimates of any monetary nature and any other items reasonably requested by Lender, in each case received by any Borrower or Operating Lessee under any
Franchise Agreement. 
 (ii) No Borrower shall (and shall not cause or permit any Operating Lessee to), without the prior consent
of the Lender (which consent shall not be unreasonably withheld, conditioned or delayed), surrender any Franchise Agreement or terminate or cancel any Franchise Agreement or modify, change, supplement, alter or amend any Franchise Agreement, in any
respect, either orally or in writing, and each Borrower hereby assigns to Lender as further security for the payment of the Indebtedness and for the performance and observance of the terms, covenants and conditions of this Loan Agreement, any and
all rights, privileges and 

  
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prerogatives of each Borrower to surrender any Franchise Agreement or to terminate, cancel, modify, change, supplement, alter or amend any Franchise Agreement in any respect, and any such
surrender of any Franchise Agreement or termination, cancellation, modification, change, supplement, alteration or amendment of any Franchise Agreement without the prior consent of Lender (which consent shall not be unreasonably withheld,
conditioned or delayed) shall be void and of no force and effect. 
 (iii) If any franchisee shall default in the performance or
observance of any material term, covenant or condition of any Franchise Agreement on the part of the franchisee thereunder to be performed or observed beyond applicable notice and cure periods contained therein, and Borrower or Operating Lessee is
not contesting the validity of such default in good faith, then, without limiting the generality of the other provisions of this Agreement, and without waiving or releasing any Borrower from any of its obligations hereunder, Lender shall have the
right, but shall be under no obligation, to pay any sums and to perform any act or take any action as may be appropriate to cause all the terms, covenants and conditions of such Franchise Agreement on the part of the franchisee to be performed or
observed to be promptly performed or observed on behalf of such Borrower, to the end that the rights of said franchisee (and/or such Borrower and/or Operating Lessee) in, to and under such Franchise Agreement shall be kept unimpaired and free from
default. Any such amounts so advanced by Lender together with interest thereon from the date expended by Lender of the Default Rate shall be part of the Indebtedness and Borrower shall immediately repay such amounts to Lender upon demand. Pursuant
to the terms of the applicable Subordination Attornment and Security Agreement and/or Assignment of Management Agreement, Lender and any person designated by Lender shall have, and are hereby granted, the right to enter upon the applicable
Individual Property at any reasonable time and from time to time for the purpose of taking any such action. If any Franchisor shall deliver to Lender a copy of any notice sent to any Borrower and/or Operating Lessee of any default under any
Franchise Agreement, such notice shall constitute full protection to Lender for any action taken or omitted to be taken by Lender in good faith, in reliance thereon. 
 (iv) Each Borrower shall (or shall cause the applicable Operating Lessee to) exercise each individual option, if any, to extend or renew the term of each Franchise Agreement upon demand by Lender made at
any time within ninety (90) days prior to the last day upon which any such option may be exercised, and each Borrower hereby expressly authorizes and appoints Lender as its attorney-in-fact to exercise (or cause the applicable Operating Lessee
to exercise) any such option in the name of and upon behalf of such Borrower should such Borrower fail to do so, which power of attorney shall be irrevocable and shall be deemed to be coupled with an interest. 

(v) Any sums expended by Lender pursuant to this Section shall bear interest at the Default Rate from the date such cost is incurred to
the date of payment to Lender, shall be deemed to constitute a portion of the Indebtedness, shall be secured by the lien of the Mortgage and the other Loan Documents and shall be immediately due and payable within two Business Days after written
demand by Lender therefor. 

  
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 (vi) Each Borrower shall, promptly upon request of Lender, but no more than two
(2) times in any calendar year during the term of the Loan (unless (i) an Event of Default has occurred and is continuing or (ii) such request is occasioned in connection with a Secondary Market Transaction) use its diligent best
efforts to obtain and deliver (or cause to be delivered) an estoppel certificate from each Franchisor stating that (i) each applicable Franchise Agreement is in full force and effect and has not been modified, amended or assigned,
(ii) neither such Franchisor nor the franchisee named thereunder is in default under any of the terms, covenants or provisions of each applicable Franchise Agreement and such Franchisor knows of no event which, but for the passage of time or
the giving of notice or both, would constitute an event of default under each applicable Franchise Agreement, (iii) neither such Franchisor nor the franchisee thereunder has commenced any action or given or received any notice for the purpose
of terminating any applicable Franchise Agreement and (iv) all sums due and payable to such Franchisor under each applicable Franchise Agreement have been paid in full. 
 (vii) Upon the termination of any Franchise Agreement, each Borrower shall (or shall cause Operating Lessee to) promptly enter into a new Franchise Agreement with a replacement Franchisor, which shall
deliver a comfort or similar letter to and in favor of Lender, all upon terms and conditions acceptable to Lender in its reasonable discretion. 
 (h) Access to Property. Each Borrower and Operating Lessee shall permit agents, representatives and employees of Lender to inspect their Individual Properties or any part thereof at such reasonable
times as may be requested by Lender upon reasonable advance written notice and without materially interfering with the business conducted at the Individual Property. 
 (i) Notice of Default. Each Borrower and Operating Lessee shall promptly advise Lender of any material adverse change in such Borrower’s or Operating Lessee’s condition, financial or
otherwise, or of the occurrence of any Default or Event of Default. 
 (j) Cooperate in Legal Proceedings. Except with
respect to any claim by any Borrower against Lender, such Borrower and Operating Lessee shall cooperate with Lender with respect to any proceedings before any Governmental Authority which may in any way affect the rights of Lender hereunder or any
rights obtained by Lender under any of the Loan Documents and, in connection therewith, not prohibit Lender, at its election, from participating in any such proceedings. 
 (k) Perform Loan Documents. Borrowers and Operating Lessee shall observe, perform and satisfy all the terms, provisions, covenants and conditions required to be observed, performed or satisfied by
them, and shall pay when due all costs, fees and expenses required to be paid by them, under the Loan Documents executed and delivered by such Borrower or Operating Lessee. 
 (l) Insurance Benefits; Condemnation Claims. Each Borrower and Operating Lessee shall cooperate with Lender in settling any insurance or condemnation claim and/or obtaining for Lender the benefits
of any Insurance Proceeds and/or Condemnation Proceeds lawfully or equitably payable to Lender in connection with any Individual Property, and Lender shall be reimbursed for any expenses incurred in connection therewith (including reasonable
attorneys’ fees and disbursements) and the payment by any Borrower or Operating Lessee of the expense of an Appraisal on behalf of Lender in case of a fire or other casualty affecting any Individual Property or any part thereof out of such
Insurance Proceeds and/or Condemnation Proceeds, all as more specifically provided in the Mortgages. 

  
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 (m) Further Assurances. Borrowers shall, at Borrowers’ sole cost and expense:

 (i) upon Lender’s request therefor given from time to time after the occurrence of any Event of Default pay for
(a) reports of UCC, federal tax lien, state tax lien, judgment and pending litigation searches with respect to any Borrower and (b) searches of title to any Individual Property, each such search to be conducted by search firms reasonably
designated by Lender in each of the locations reasonably designated by Lender. 
 (ii) furnish to Lender all instruments,
documents, boundary surveys, footing or foundation surveys, certificates, plans and specifications, appraisals, title and other insurance reports and agreements, and each and every other document, certificate, agreement and instrument required to be
furnished pursuant to the terms of the Loan Documents; 
 (iii) execute and deliver to Lender such documents, instruments,
certificates, assignments and other writings, and do such other acts necessary, to evidence, preserve and/or protect the Collateral at any time securing or intended to secure the Note, as Lender may require in Lender’s discretion; and

 (iv) do and execute all and such further lawful acts, conveyances and assurances for the better and more effective carrying
out of the intents and purposes of this Agreement and the other Loan Documents, as Lender shall require from time to time in its discretion. 
 (n) Management of Property. Each Individual Property will be managed at all times by the applicable Manager pursuant to a Management Agreement unless terminated as herein provided. Each Borrower
and Operating Lessee shall comply with the terms of and enforce its rights under the Management Agreement in all material respects. The Management Agreement shall be terminated by Borrowers or Operating Lessee, at Lender’s request, upon thirty
(30) days prior written notice to Borrowers, Operating Lessee and the applicable Manager (i) upon the occurrence of an Event of Default, (ii) if the Manager is in default under the Management Agreement, or (iii) the applicable
Manager commits any act which constitutes an act of fraud, material misrepresentation, intentional misrepresentation, gross negligence, willful misconduct, misappropriation of funds, or physical waste of any Individual Property. If a manager is
terminated pursuant hereto or otherwise terminated by Manager pursuant to the Management Agreement, Borrowers and Operating Lessee shall promptly seek to appoint a replacement manager acceptable to Lender in Lender’s discretion, and
Borrowers’ or Operating Lessee’s failure to appoint an acceptable manager within thirty (30) days after Lender’s request of Borrowers to terminate the Management Agreement or other termination shall constitute an immediate Event
of Default. Borrowers or Operating Lessee may from time to time appoint a successor manager to manage the Individual Property, which successor manager shall be approved in writing by Lender in Lender’s discretion and Borrower shall have
received Rating Agency Confirmation. Notwithstanding the foregoing, any successor manager selected hereunder by Lender, any Borrower or Operating Lessee to serve as Manager (i) shall be either

  
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(A) the Remington Manager or Interstate Manager provided, that the Remington Manager or Interstate Manager, as applicable, shall manage the applicable Individual Property pursuant to the
terms of the master management agreement by and among the Borrowers and the Remington Manager or Interstate Manager, as applicable, or (B) a reputable management company having at least seven (7) years’ experience in the management of
commercial properties with similar uses as the Individual Properties and in the jurisdiction in which the Individual Properties are located and (ii) shall not be paid management fees in excess of fees which are market fees for comparable
managers of comparable properties in the same geographic area. 
 (o) Financial Reporting. 

(1) Each Borrower and Operating Lessee shall keep and maintain or shall cause to be kept and maintained, on a Fiscal Year basis, in
accordance with GAAP, books, records and accounts reflecting in reasonable detail all of the financial affairs of such Borrower or Operating Lessee, as applicable, and all items of income and expense in connection with the operation of the
applicable Individual Properties and in connection with any services, equipment or furnishings provided in connection with the operation of such Individual Properties. Lender, at Lender’s cost and expense, whether such income or expense may be
realized by the applicable Borrower, Operating Lessee or by any other Person whatsoever, shall have the right from time to time and at all times during normal business hours upon reasonable prior written notice to such Borrower or Operating Lessee
to examine such books, records and accounts at the office of such Borrower, Operating Lessee or other Person maintaining such books, records and accounts and to make such copies or extracts thereof as Lender shall desire. After the occurrence of an
Event of Default, Borrowers and Operating Lessee shall pay any costs and expenses incurred by Lender to examine any and all of such Borrower’s or Operating Lessee’s books, records and accounts as Lender shall determine in Lender’s
discretion to be necessary or appropriate in the protection of Lender’s interest. 
 (2) Borrower shall furnish to Lender
annually within ninety (90) days following the end of each Fiscal Year, a true, complete, correct and accurate copy of the consolidated financials of Ashford Hospitality Trust, Inc. audited by a “Big Four” accounting firm or other
firm reasonably acceptable to Lender accompanied by an unqualified opinion from an Independent certified public accountant acceptable to Lender in Lender’s discretion, and each Borrower and Operating Lessee shall furnish financial statements
and all such financial statements above shall (a) be in form and substance reasonably acceptable to Lender, (b) be prepared in accordance with GAAP, (c) include or be accompanied by without limitation, a statement of operations
(profit and loss), a statement of cash flows, a calculation of Net Operating Income for all applicable Individual Properties, a balance sheet, an aged accounts receivable report and such other information or reports as shall be requested by Lender
or any applicable Rating Agency, (d) be accompanied by an Officer’s Certificate from a senior executive of such Borrower or Operating Lessee, as applicable, certifying as of the date thereof (x) that such statement is true, correct,
complete and accurate, and fairly reflects the results of operations and financial condition of such Borrower or Operating Lessee for the relevant period, and (y) notice of whether there exists an Event of Default or Default, and if such Event
of Default or Default exists, the nature thereof, the period of time it has existed and the action then being taken to remedy same. 

  
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 (3) Intentionally Omitted. 

(4) Each Borrower and Operating Lessee shall furnish to Lender within twenty (20) days following the end of each calendar month, a
true, correct, complete and accurate monthly unaudited financial statement which shall (a) be in form and substance reasonably acceptable to Lender, (b) be prepared in accordance with GAAP, (c) include, without limitation, a statement
of operations (profit and loss), a statement of cash flows, a calculation of Net Operating Income for all applicable Individual Properties, a consolidated balance sheet, an aged accounts receivable report and such other information or reports as
shall be requested by Lender or any applicable Rating Agency and (d) be accompanied by an Officer’s Certificate from a senior executive of such Borrower or Operating Lessee, as applicable, certifying as of the date thereof (x) that
such statement is true, correct, complete and accurate and fairly reflects the results of operations and financial condition of such Borrower or Operating Lessee for the relevant period, and (y) notice of whether there exists an Event of
Default or Default, and if such Event of Default or Default exists, the nature thereof, the period of time it has existed and the action then being taken to remedy same. 
 (5) Each Borrower and Operating Lessee shall furnish to Lender, within thirty (30) days following the end of each calendar month: 

(A) such occupancy and rate statistics as Lender shall reasonably request; 

(B) operating statements for each Individual Property, in “Microsoft Excel” format and in form and substance substantially
similar to the form set forth on Exhibit J, (a) containing monthly and year-to-date results compared to the results for the prior year for the same periods for each Individual Property, and (b) containing monthly and year-to-date
results compared to the results for the prior year for the same periods for the Individual Properties on a consolidated basis; 

(C) Smith Travel Star Reports (if applicable) for the applicable month for each Individual Property in “Microsoft Excel” format
(if available); 
 (D) updated quality scores for the applicable month for each Individual Property, including detailed criteria
and thresholds (if any); 
 (E) summary reports of franchise terminations, defaults, reflagging efforts and conversions for each
Individual Property (if applicable); 
 Each such document shall (a) be delivered to Lender in electronic form and in form and substance
otherwise reasonably acceptable to Lender, and (b) be accompanied by an Officer’s Certificate from a senior executive of each Borrower and Operating Lessee, as applicable, certifying as of the date thereof (x) that such statement is
true, correct, complete and accurate and (y) notice of whether there exists an Event of Default or Default, and if such Event of Default or Default exists, the nature thereof, the period of time it has existed and the action then being taken to
remedy same. 

  
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 (6) Each Borrower and Operating Lessee shall furnish to Lender, within twenty
(20) days after written request, such further information with respect to the operation of all applicable Individual Properties and the financial affairs of such Borrower or Operating Lessee, as applicable, as may be reasonably requested by
Lender including, without limitation, all business plans prepared for such Borrower or Operating Lessee and for the operation of all such Individual Properties. 
 (7) Each Borrower and Operating Lessee shall furnish to Lender, within twenty (20) days after written request, such further information regarding any Plan or Multiemployer Plan and any reports or
other information required to be filed under ERISA as may be requested by Lender. 
 (8) Each Borrower and Operating Lessee
shall, concurrently with such Borrower’s or Operating Lessee’s delivery to Lender, provide a copy of the items required to be delivered to Lender under this Section 5.1(o) to the Rating Agencies, the trustee, and any servicer
and/or special servicer that may be retained in conjunction with the Loan or any Secondary Market Transaction. Each Borrower and Operating Lessee shall furnish to Lender written notice, within two (2) Business Days after receipt by such
Borrower or Operating Lessee, as applicable, of any Rents or other items of Gross Revenue that any Borrower or Operating Lessee is not required by this Agreement to deposit in any Collection Account, Cash Collateral Account, together with such other
documents and materials relating to such Rents or other items of Gross Revenue as Lender reasonably requests. 
 (9) Each
Borrower and Operating Lessee shall provide Lender with updated information (reasonably satisfactory to Lender) concerning its related Impositions and insurance premiums for the next succeeding Fiscal Year prior to the termination of each Fiscal
Year. 
 (10) Each Borrower and Operating Lessee shall furnish to Lender annually no less than thirty (30) days prior to
the beginning of each Fiscal Year, a true, complete, correct and accurate copy of such Borrower’s or Operating Lessee’s draft annual capital and operating budget for each such Borrower’s or Operating Lessee’s Individual Property
(each, an “Annual Budget”). 
 (11) Each Borrower and Operating Lessee shall furnish to Lender such other
financial information with respect to such Borrower or Operating Lessee or the applicable Manager as Lender may, from time to time reasonably request. 
 (p) Conduct of Business. Each Borrower and Operating Lessee shall cause the operation of the Individual Properties to be conducted at all times in a manner consistent with the following:

 (i) to maintain or cause to be maintained the standard of operations at each Individual Property at all times at a level
necessary to insure a level of quality for each such Individual Property consistent with similar facilities in the same competitive market; 
 (ii) to operate or cause to be operated each Individual Property in a prudent manner in compliance in all material respects with applicable Legal Requirements and Insurance Requirements relating thereto
and cause all licenses, Permits, and any other agreements necessary for the continued use and operation of each Individual Property to remain in effect except to the extent the failure thereof would not have a Material Adverse Effect; and

  
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 (iii) to maintain or cause to be maintained sufficient inventory and equipment of types and
quantities at each Individual Property to enable Borrowers or the applicable Manager to operate the Individual Properties. 
 (q)
ERISA. 
 (i) Each Borrower and Operating Lessee shall deliver to Lender as soon as possible, and in any event within ten
(10) days after such Borrower or Operating Lessee knows or has reason to believe that any of the events or conditions specified below with respect to any Plan or Multiemployer Plan has occurred or exists, a statement signed by a senior
financial officer of such Borrower setting forth details respecting such event or condition and the action, if any, that such Borrower, Operating Lessee or its ERISA Affiliate proposes to take with respect thereto (and a copy of any report or notice
required to be filed with or given to PBGC by such Borrower, Operating Lessee or an ERISA Affiliate with respect to such event or condition): 
 (1) any reportable event, as defined in Section 4043(b) of ERISA and the regulations issued thereunder, with respect to a Plan, as to which PBGC has not by regulation waived the requirement of
Section 4043(a) of ERISA that it be notified within 30 days of the occurrence of such event (provided that a failure to meet the minimum funding standard of Section 412 of the Code or Section 302 of ERISA, including, without
limitation, the failure to make on or before its due date a required installment under Section 412(m) of the Code or Section 302(e) of ERISA, shall be a reportable event regardless of the issuance of any waivers in accordance with
Section 412(d) of the Code); and any request for a waiver under Section 412(d) of the Code for any Plan; 
 (2) the
distribution under Section 4041 of ERISA of a notice of intent to terminate any Plan or any action taken by Borrower, Operating Lessee or an ERISA Affiliate to terminate any Plan; 

(3) the institution by PBGC of proceedings under Section 4042 of ERISA for the termination of, or the appointment of a trustee to
administer, any Plan, or the receipt by any Borrower, Operating Lessee or any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by PBGC with respect to such Multiemployer Plan; 

(4) the complete or partial withdrawal from a Multiemployer Plan by any Borrower, Operating Lessee or any ERISA Affiliate that results in
liability under Section 4201 or 4204 of ERISA (including the obligation to satisfy secondary liability as a result of a purchaser default) or the receipt by any Borrower, Operating Lessee or any ERISA Affiliate of notice from a Multiemployer
Plan that it is in reorganization or insolvency pursuant to Section 4241 or 4245 of ERISA or that it intends to terminate or has terminated under Section 4041A of ERISA; 

  
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 (5) the institution of a proceeding by a fiduciary of any Multiemployer Plan against any
Borrower, Operating Lessee or any ERISA Affiliate to enforce Section 515 of ERISA, which proceeding is not dismissed within thirty (30) days; 
 (6) the adoption of an amendment to any Plan that, pursuant to Section 401(a)(29) of the Code or Section 307 of ERISA, would result in the loss of tax-exempt status of the trust of which such
Plan is a part if any Borrower, Operating Lessee or an ERISA Affiliate fails to timely provide security to the Plan in accordance with the provisions of said Sections; and 
 (7) the imposition of a lien or a security interest in connection with a Plan. 

(ii) No Borrower or Operating Lessee shall engage in any transaction which would cause any obligation, or action taken or to be taken,
hereunder (or the exercise by Lender of any of its rights under the Note, this Agreement or the other Loan Documents) to be a non-exempt (under a statutory or administrative class exemption) prohibited transaction under the Employee Retirement
Income Security Act of 1974, as amended. 
 (iii) Each applicable Borrower and Operating Lessee hereby certifies and shall
deliver to Lender such certifications or other evidence from time to time throughout the term of the Loan, as reasonably requested by Lender, that (A) such Borrower or Operating Lessee is not an “employee benefit plan” as defined in
Section 3(3) of ERISA, which is subject to Title I of ERISA, a “plan” as defined in Section 4975 of the Code, which is subject to Section 4975 of the Code, or a “governmental plan” within the meaning of
Section 3(32) of ERISA; (B) such Borrower or Operating Lessee is not subject to state statutes regulating investments and fiduciary obligations with respect to governmental plans or, if such Borrower is subject to such statutes, such
statutes do not in any manner affect the ability of the such Borrower or Operating Lessee to perform its obligations under the Loan Documents or the ability of Lender to enforce any and all of its rights under the Loan Agreement; and (C) one or
more of the following circumstances is true: (i) Equity interests in such Borrower or Operating Lessee are publicly offered securities, within the meaning of 29 C.F.R. §2510.3-101(b)(2); (ii) Less than twenty-five percent of each
outstanding class of equity interests in such Borrower or Operating Lessee are held by “benefit plan investors” within the meaning of 29 C.F.R. §2510.3-101(f)(2); or (iii) such Borrower or Operating Lessee qualifies as an
“operating company” within the meaning of 29 C.F.R. §2510.3-101(c). 
 (iv) If an investor or equity owner in any
Borrower or Operating Lessee is (directly or indirectly) a plan that is not subject to Title I of ERISA or Section 4975 of the Code, but is subject to the provisions of any federal, state, local, non-U.S. or other laws or regulations that are
similar to those portions of ERISA or the Code (collectively, “Other Plan Laws”), the assets of such Borrower or Operating Lessee shall not constitute the assets of such plan under such Other Plan Laws. 

(r) Single Purpose Entity. Each Borrower, each SPE Equity Owner and Operating Lessee shall at all times be a Single-Purpose Entity.

  
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 (s) Trade Indebtedness. Each Borrower and Operating Lessee will pay its trade
payables within sixty (60) days of the date incurred, unless such Borrower or Operating Lessee is in good faith contesting such Borrower’s obligation to pay such trade payables in a manner reasonably satisfactory to Lender (which may
include Lender’s requirement that such Borrower or Operating Lessee post security with respect to the contested trade payable). 
 (t) Capital Improvements and Environmental Remediation. Borrowers shall, within time periods set forth on Exhibit B hereto, perform the repairs and environmental remediation to the
Individual Properties itemized on Exhibit B hereto. 
 (u) Property Improvement Requirements. Borrowers shall,
within two (2) years after the Closing Date, complete all work set forth on Exhibit I, subject to any extension permitted under the applicable Franchise Agreement or otherwise permitted by the Franchisor. 

(v) Compliance with Anti-Terrorism, Embargo, Sanctions and Anti-Money Laundering Laws. Each Borrower and Operating Lessee shall
comply with all Legal Requirements relating to money laundering, anti-terrorism, trade embargoes and economic sanctions, now or hereafter in effect. Upon Lender’s request from time to time during the term of the Loan, each Borrower and
Operating Lessee shall certify in writing to Lender that such Borrower’s or Operating Lessee’s, as applicable, representations, warranties and obligations under Section 4.1(oo) and this Section remain true and correct and have
not been breached. Each Borrower and Operating Lessee shall immediately notify Lender in writing if any representations, warranties or covenants are no longer true or have been breached or if such Borrower or Operating Lessee has a reasonable basis
to believe that they may no longer be true or have been breached. In connection with such an event, such Borrower or Operating Lessee shall comply with all Legal Requirements and directives of Governmental Authorities and, at Lender’s request,
provide to Lender copies of all notices, reports and other communications exchanged with, or received from, Governmental Authorities relating to such an event. Borrowers and Operating Lessee shall also promptly reimburse to Lender any and all costs
and expenses incurred by Lender in evaluating the effect of such an event on the Loan and Lender’s interest in the collateral for the Loan, in obtaining any necessary license from Governmental Authorities as may be necessary for Lender to
enforce its rights under the Loan Documents, and in complying with all Legal Requirements applicable to Lender as the result of the existence of such an event and for any penalties or fines imposed upon Lender as a result thereof. 

ARTICLE 6 

NEGATIVE COVENANTS 
 Section 6.1. Borrower Negative Covenants. Each Borrower and Operating Lessee covenants and agrees that, until payment in full of the Indebtedness, it will not do, directly or indirectly, any
of the following unless Lender consents thereto in writing: 
 (a) Liens on the Property. Incur, create, assume, become or
be liable in any manner with respect to, or permit to exist, any Lien with respect to any Individual Property or any portion thereof, except: (i) Liens in favor of Lender, and (ii) the Permitted Encumbrances. 

  
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 (b) Transfer. Except for any Permitted Transfer or as expressly permitted by or
pursuant to this Agreement, any Mortgage or the other Loan Documents (except as otherwise approved by Lender in writing in Lender’s discretion), (i) allow any Transfer to occur or (ii) modify, change, supplement, alter, amend, fail to
comply with, in any material respect, or terminate the Management Agreement or any Operating Lease, or enter into a new Management Agreement or any Operating Lease, with respect to any Individual Property except as permitted under this Agreement.

 (c) Other Borrowings. Incur, unsecured trade payables and operational debt (not evidenced by a promissory note)
incurred in the ordinary course of business relating to the ownership and operation of the applicable Borrower’s and Operating Lessee’s Individual Properties which when aggregated with the unsecured trade payables of all other Borrowers
and Operating Lessee do not exceed, at any time, a maximum amount of two percent (2.0%) of the Loan Amount and are paid within sixty (60) days of the date incurred, create, assume, become or be liable in any manner with respect to Other
Borrowings, other than the FF&E Financing. 
 (d) Change In Business. Cease to be a Single-Purpose Entity or make any
material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business. 

(e) Debt Cancellation. Cancel or otherwise forgive or release any material claim or debt owed to the Borrower by any Person, except
for adequate consideration or in the ordinary course of such Borrower’s and Operating Lessee’s business or otherwise if such cancellation, release or forgiveness is prudent and commercially reasonable. 

(f) Affiliate Transactions. Except as otherwise permitted under the Loan Documents, enter into, or be a party to, any transaction
with an Affiliate of any Borrower or Operating Lessee, except in the ordinary course of business and on terms which are no less favorable to such Borrower, Operating Lessee or such Affiliate than would be obtained in a comparable arm’s length
transaction with an unrelated third party, and, if the amount to be paid to the Affiliate pursuant to the transaction or series of related transactions is greater than Fifty Thousand Dollars ($50,000.00) (determined annually on an aggregate basis)
fully disclosed to Lender in advance. 
 (g) Creation of Easements. Create, or permit any Individual Property or any part
thereof to become subject to, any easement, license or restrictive covenant, other than a Permitted Encumbrance. Without limiting the generality of the immediately preceding sentence, no Borrower shall enter into, consent to, grant, amend, modify,
restate or supplement any document, instrument or agreement affecting, related to or impacting upon any Individual Property, the title thereto or any portion or aspect thereof, including, without limitation, any easement, reciprocal easement
agreement, or any declaration of easements or covenants other than a Permitted Encumbrance. 
 (h) Certain Restrictions.
Enter into any agreement which expressly restricts the ability of any Borrower or Operating Lessee to enter into amendments, modifications or waivers of any of the Loan Documents. 

  
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 (i) Issuance of Equity Interests. Issue or allow to be created any stocks or shares
or shareholder, partnership or membership interests, as applicable, or other ownership interests other than the stocks, shares, shareholder, partnership or membership interests and other ownership interests which are outstanding or exist on the
Closing Date or any security or other instrument which by its terms is convertible into or exercisable or exchangeable for stock, shares, shareholder, partnership or membership interests or other ownership interests in any Borrower or Operating
Lessee unless otherwise permitted in this Agreement. No Borrower or Operating Lessee shall allow to be issued or created any stock in any Borrower’s or Operating Lessee’s general partner or managing member, as applicable, other than the
stock which is outstanding or existing on the Closing Date or any security or other instrument which by its terms is convertible into or exercisable or exchangeable for any stock in such Borrower’s general partner or managing member, as
applicable. 
 (j) Assignment of Licenses and Permits. Assign or transfer any of its interest in any Permits pertaining to
any Individual Property, or assign, transfer or remove or permit any other Person to assign, transfer or remove any records pertaining to any Individual Property without Lender’s prior written consent which consent may be granted or refused in
Lender’s discretion. 
 (k) Place of Business. Change its chief executive office or its principal place of business
or place where its books and records are kept without giving Lender at least thirty (30) days’ prior written notice thereof and promptly providing Lender such information as Lender may reasonably request in connection therewith.

 (l) Plaza Tower Leases. Terminate, amend, modify or otherwise change the Plaza Tower Leases without Lender’s prior
written consent in any material respect. 
 ARTICLE 7 
 DEFAULTS 
 Section 7.1. Event of Default. The occurrence of one or
more of the following events shall be an “Event of Default” hereunder: 
 (a) if Borrower fails to
(i) make any scheduled payment of principal, interest, or amounts due under Article 2 on any Payment Date, or (ii) pay any other amount payable pursuant to the Loan Documents within 5 days after written notice from Lender (provided such
notice and cure period shall not apply to the payment due on the Maturity Date) 
 (b) if the Borrowers fail to pay the
outstanding Indebtedness on the Maturity Date; 
 (c) if on any Payment Date the Borrowers fail to pay the Tax and Insurance
Monthly Installment; 
 (d) the occurrence of the events identified elsewhere in the Loan Documents as constituting an
“Event of Default”; 

  
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 (e) any breach of Sections 2.11, Section 2.14,
Section 5.1(r), Section 5.1(t), Section 5.1(u), Section 5.1(v), Section 6.1(b); 
 (f) if any representation or warranty made herein by Borrowers or Operating Lessee or in any other Loan Document, or in any report, certificate, financial statement or other Instrument, agreement or
document furnished by any Borrower or Operating Lessee in connection with this Agreement, the Note or any other Loan Document executed and delivered by such Borrower or Operating Lessee, as applicable, shall be false in any material respect as of
the date such representation or warranty was made or remade; 
 (g) if any Borrower, any of such Borrower’s partners or
members, as applicable, Operating Lessee, or any SPE Equity Owner makes an assignment for the benefit of creditors; 
 (h) if a
receiver, liquidator or trustee shall be appointed for any Borrower, any of such Borrower’s partners, members or shareholders, as applicable, or any SPE Equity Owner or if any Borrower, any of such Borrower’s partners, members or
shareholders, as applicable, Operating Lessee or any SPE Equity Owner shall be adjudicated as bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state
law, shall be filed by or against, consented to, or acquiesced in by such Borrower, any of such Borrower’s partners, members or shareholders, as applicable, Operating Lessee or any SPE Equity Owner or if any proceeding for the dissolution or
liquidation of such Borrower, any of such Borrower’s partners, members or shareholders, as applicable, Operating Lessee or any SPE Equity Owner shall be instituted; provided, however, that if such appointment, adjudication, petition or
proceeding was involuntary and not consented to by such Borrower, any of such Borrower’s partners, members or shareholders, as applicable, Operating Lessee or any SPE Equity Owner as the case may be, upon the same not being discharged, stayed
or dismissed within ninety (90) days; or if such Borrower, any of such Borrower’s partners, members or shareholders, as applicable, Operating Lessee or any SPE Equity Owner shall generally not be paying its debts as they become due;

 (i) except as otherwise permitted by the Loan Documents, if any Borrower or Operating Lessee attempts to delegate its
obligations or assign its rights under this Agreement, any of the other Loan Documents or any interest herein or therein; 
 (j)
if any provision of any organizational document of any Borrower, Operating Lessee or any SPE Equity Owner is amended or modified in any respect, or if any Borrower, Operating Lessee, any SPE Equity Owner or any of their respective partners, members,
or shareholders as applicable, fails to perform or enforce the provisions of such organizational documents or attempts to dissolve any Borrower, Operating Lessee or any SPE Equity Owner; or if any Borrower, Operating Lessee or any SPE Equity Owner
or any of their respective partners, members or shareholders, as applicable, breaches any of the covenants set forth in Sections 5.1(r), or 6.1(d); 
 (k) if any Borrower, SPE Equity Owner or Operating Lessee enters into any interest rate cap protection agreement, interest rate swap, interest rate hedge agreement or any similar agreement other than the
Interest Rate Cap Agreement or unless consented to by Lender in its reasonable discretion; 

  
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 (l) if an event or condition specified in Section 5.1(q) shall occur or exist
with respect to any Plan, Multiemployer Plan or plan and, as a result of such event or condition, together with all other such events or conditions, Borrower or any ERISA Affiliate or any affiliate shall incur or in the opinion of Lender shall be
reasonably likely to incur a liability to a Plan, a Multiemployer Plan, PBGC or plan (or any combination of the foregoing) which would constitute, in the determination of Lender, a Material Adverse Effect; 

(m) if without Lender’s prior written consent (A) any Manager resigns or is removed or is replaced, (B) intentionally
omitted, (C) any Management Agreement is entered into for any Individual Property or (D) there is any change in or termination of any Management Agreement for any Individual Property; 

(n) if without Lender’s prior written consent or except as permitted by the Loan Documents (A) any Franchisor resigns or is
removed or is replaced, or (B) any Franchise Agreement is entered into for any Individual Property or (C) there is any material change in or termination of any Franchise Agreement for any Individual Property; 

(o) if without Lender’s prior written consent or except as permitted by the Loan Documents (A) any Operating Lessee resigns or
is removed or is replaced, (B) intentionally omitted, (C) any Operating Lease is entered into for any Individual Property or (D) there is any change in or termination of any Operating Lease; 

(p) if any Borrower or Operating Lessee shall be in default under any of the other obligations, agreements, undertakings, terms,
covenants, provisions or conditions of this Agreement, the Note, any Mortgage or the other Loan Documents, not otherwise referred to in this Section 7.1, for ten (10) days after written notice to any Borrower from Lender or its
successors or assigns, in the case of any default which can be cured by the payment of a commercially reasonable sum of money or for thirty (30) days after written notice from Lender or its successors or assigns, in the case of any other
default (unless otherwise provided herein or in such other Loan Document); provided, however, that if such non-monetary default under this subparagraph is susceptible of cure but cannot reasonably be cured within such thirty
(30) day period and provided further that such Borrower shall have commenced to cure such default within such thirty (30) day period and thereafter diligently and expeditiously proceeds to cure the same, such thirty (30) day period
shall be extended for such time as is reasonably necessary for such Borrower in the exercise of due diligence to cure such default, but in no event shall such period exceed ninety (90) days after the original notice from Lender; 

(q) if any Operating Lessee is in default beyond any applicable notice, grace or cure period under the applicable Operating Lease;

 (r) if an “Event of Default” shall occur under any Subordination, Attornment and Security Agreement; 

(s) if any Borrower or Operating Lessee breaches Section 9(b) of any Collection Account Agreement; 

  
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 (t) if any of the assumptions set forth in that certain non-consolidation opinion from the
Borrowers’ counsel to Lender dated as of the date hereof shall be untrue in any material respect; and 
 (u) Borrower’s
failure to comply with the covenants set forth in Section 5.1(u) of this Agreement. 
 Section 7.2.
Remedies. 
 (a) Upon the occurrence and during the continuance of an Event of Default, all or any one or more of the
rights, powers and other remedies available to Lender against Borrowers or any Borrower under this Agreement, the Note, any Mortgages or any of the other Loan Documents, or at law or in equity may be exercised by Lender at any time and from time to
time (including, without limitation, the right to accelerate and declare the outstanding principal amount, unpaid interest, Default Rate interest, Late Charges, prepayment premium, if any, and any other amounts owing by such Borrower to be
immediately due and payable), without notice or demand, whether or not all or any portion of the Indebtedness shall be declared due and payable, and whether or not Lender shall have commenced any foreclosure proceeding or other action for the
enforcement of its rights and remedies under any of the Loan Documents with respect to all or any portion of the Collateral. Any such actions taken by Lender shall be cumulative and concurrent and may be pursued independently, singly, successively,
together or otherwise, at such time and in such order as Lender may determine in its discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights and remedies of Lender permitted by law, equity or
contract or as set forth herein or in the other Loan Documents. Notwithstanding anything contained to the contrary herein, the outstanding principal amount, unpaid interest, Default Rate interest, Late Charges, prepayment premium, if any, and any
other amounts owing by any Borrower shall be accelerated and immediately due and payable, without any election by Lender upon the occurrence of an Event of Default described in Section 7.1(g) or Section 7.1 (h).
Notwithstanding that this Agreement may refer to a continuing Event of Default, and without limiting any Borrower’s right to cure a Default which may, with the passage of time, become an Event of Default, no Borrower shall have any right
pursuant to this Agreement to cure any Event of Default unless permitted by Lender in writing. 
 Section 7.3. Remedies
Cumulative. The rights, powers and remedies of Lender under this Agreement shall be cumulative and not exclusive of any other right, power or remedy which Lender may have against any Borrower or any other Person pursuant to this Agreement or the
other Loan Documents executed by or with respect to any Borrower or any other Person, or existing at law or in equity or otherwise. Lender’s rights, powers and remedies may be pursued singly, concurrently or otherwise, at such time and in such
order as Lender may determine in Lender’s discretion. No delay or omission to exercise any remedy, right or power accruing upon an Event of Default shall impair any such remedy, right or power or shall be construed as a waiver thereof, but any
such remedy, right or power may be exercised from time to time and as often as may be deemed expedient. A waiver of any Default or Event of Default shall not be construed to be a waiver of any subsequent Default or Event of Default or to impair any
remedy, right or power consequent thereon. Any and all of Lender’s rights with respect to the Collateral shall continue unimpaired, and each Borrower shall be and remain obligated in accordance with the terms hereof, notwithstanding
(i) the release or substitution of Collateral at any time, or of 

  
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any rights or interest therein or (ii) any delay, extension of time, renewal, compromise or other indulgence granted by Lender in the event of any Default or Event of Default with respect to
the Collateral or otherwise hereunder. Notwithstanding any other provision of this Agreement, but subject to Section 8.14 hereof, Lender reserves the right to seek a deficiency judgment or preserve a deficiency claim, in connection with
the foreclosure of any or all Mortgages, to the extent necessary to foreclose on other parts of the Collateral. 

Section 7.4. Lender’s Right to Perform. If any Borrower fails to perform any covenant or obligation contained herein and
such failure shall continue for a period of (5) five Business Days after such Borrower’s receipt of written notice thereof from Lender, without in any way limiting Section 7.1 hereof, Lender may, but shall have no obligation
to, itself perform, or cause performance of, such covenant or obligation, and the expenses of Lender incurred in connection therewith shall be payable by Borrowers to Lender upon demand. Notwithstanding the foregoing, Lender shall have no obligation
to send notice to such Borrower of any such failure. 
 ARTICLE 8 

MISCELLANEOUS 

Section 8.1. Survival. Subject to Section 4.2, this Agreement and all covenants, agreements, representations and
warranties made herein and in the certificates delivered pursuant hereto shall survive the execution and delivery of this Agreement and the execution and delivery by Borrowers to Lender of the Note, and shall continue in full force and effect so
long as any portion of the Indebtedness is outstanding and unpaid. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the successors and assigns of any such party. All covenants, promises
and agreements in this Agreement contained, by or on behalf of Borrower, shall inure to the benefit of the respective successors and assigns of Lender. Nothing in this Agreement or in any other Loan Document, express or implied, shall give to any
Person other than the parties and the holder(s) of the Note and the other Loan Documents, and their legal representatives, successors and assigns, any benefit or any legal or equitable right, remedy or claim hereunder. 

Section 8.2. Lender’s Discretion. Whenever pursuant to this Agreement or any other Loan Document, Lender exercises any
right, option or election given to Lender to approve or disapprove, or consent or withhold consent, or any arrangement or term is to be satisfactory to Lender or is to be in Lender’s discretion, the decision of Lender to approve or disapprove,
consent or withhold consent, or to decide whether arrangements or terms are satisfactory or not satisfactory or acceptable or not acceptable to Lender in Lender’s discretion, shall (except as is otherwise specifically herein provided) be in the
sole and absolute discretion of Lender. Whenever pursuant to this Agreement or any other Loan Document (a) the Rating Agencies are given any right to approve or disapprove, (b) confirmation is required from the Rating Agencies that an
action will not result in a downgrade or withdrawal of the ratings in a Secondary Market Transaction or (c) any arrangement or term is to be satisfactory to the Rating Agencies, the approval of Lender shall be substituted therefore prior to the
date that all or any portion of the Loan is included in a REMIC, among other things, Lender’s reasonable determination of Rating Agency criteria. 

  
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 Section 8.3. Governing Law. 

(a) The proceeds of the Note delivered pursuant hereto were disbursed from California, which State the parties agree has a substantial
relationship to the parties and to the underlying transaction embodied hereby, and in all respects, including, without limitation, matters of construction, validity and performance, this Agreement and the obligations arising hereunder shall be
governed by, and construed in accordance with, the laws of the State of California applicable to contracts made and performed in such State and any applicable law of the United States of America. To the fullest extent permitted by law, each Borrower
hereby unconditionally and irrevocably waives any claim to assert that the law of any other jurisdiction governs this Agreement and the Note. 
 (b) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST ANY BORROWER ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN CALIFORNIA, OR IN ANY FEDERAL OR STATE COURT
IN THE JURISDICTION IN WHICH THE COLLATERAL IS LOCATED, AND EACH BORROWER WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY EACH SUIT, ACTION OR PROCEEDING, AND EACH BORROWER HEREBY IRREVOCABLY SUBMITS TO THE
JURISDICTION OF ANY EACH COURT IN ANY SUIT, ACTION OR PROCEEDING. EACH BORROWER DOES HEREBY DESIGNATE AND APPOINT CORPORATION SERVICE COMPANY, 2730 GATEWAY OAKS DRIVE, SUITE 100, SACRAMENTO, CALIFORNIA 95833, ATTN: JEROME SUAREZ, AS ITS AUTHORIZED
AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY EACH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS (OR AT EACH
OTHER OFFICE AS MAY BE DESIGNATED BY EACH BORROWER FROM TIME TO TIME IN ACCORDANCE WITH THE TERMS HEREOF) WITH A COPY TO EACH BORROWER AT ITS PRINCIPAL EXECUTIVE OFFICES, ATTENTION: GENERAL COUNSEL AND WRITTEN NOTICE OF SAID SERVICE OF EACH BORROWER
MAILED OR DELIVERED TO EACH BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER, IN ANY EACH SUIT, ACTION OR PROCEEDING. EACH BORROWER (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY
CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT (WHICH OFFICE SHALL BE DESIGNATED AS THE ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE EACH A
SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. 
 Section 8.4.
Modification, Waiver in Writing. No modification, amendment, extension, discharge, termination or waiver of any provision of this Agreement, the Note or any other Loan Document, or consent to any departure by any 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 any Borrower shall entitle such Borrower to any other or future notice or demand in the same, similar or other circumstances. 

  
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 Section 8.5. Delay Not a Waiver. Neither any failure nor any delay on the part
of Lender in insisting upon strict performance of any term, condition, covenant or agreement, or exercising any right, power, remedy or privilege hereunder, or under the Note, or of any other Loan Document, or any other instrument given as security
herefore, shall operate as or constitute a waiver thereof, nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise of any other right, power, remedy or privilege. In particular, and not by way of
limitation, by accepting payment after the due date of any amount payable under this Agreement, the Note or any other Loan Document, Lender shall not be deemed to have waived any right either to require prompt payment when due of all other amounts
due under this Agreement, the Note or the other Loan Documents, or to declare a default for failure to effect prompt payment of any such other amount. 
 Section 8.6. Notices. All notices, consents, approvals and requests required or permitted hereunder or under any other Loan Document shall be given in writing and shall be effective for all
purposes if hand delivered or sent by (a) hand delivery, with proof of attempted delivery, (b) certified or registered United States mail, postage prepaid, (c) expedited prepaid delivery service, either commercial or United States
Postal Service, with proof of attempted delivery, or (d) by telecopier (with answerback acknowledged) provided that such telecopied notice must also be delivered by one of the means set forth in (a), (b) or (c) above, addressed to the
parties as follows: 
  

			
		
	 If to Lender:
	  	 Countrywide Commercial Real Estate Finance, Inc.
 4500 Park Granada
 Calabasas, California 91302

Attn: Marilyn Marincas
 Telecopier: (818)
225-3898

		
	 with a copy to:
	  	 Dechert LLP
 One Market
Street
 Steuart Tower, Suite 2500
 San
Francisco, California 94105
 Attn: Joseph B. Heil, Esquire
 Telecopier: 415-262-4555

		
	 If to Borrower:
	  	 Ashford Walnut Creek LP
 c/o
Ashford Hospitality Trust
 14185 Dallas Parkway
 Suite 1100
 Dallas, Texas 75254
 Attn: David Brooks, Esquire
 Telecopier: (972) 490-9605

  
 84 

  

			
		
	 with a copy to:
	  	 Akin Gump Strauss Hauer & Feld LLP
 1700 Pacific Avenue
 Suite 4100
 Dallas, Texas 75201
 Attn: Carl B. Lee, Esquire

Telecopier: (214) 969-4343

 A party receiving a notice which does not comply with the technical requirements for notice under this
Section 8.6 may elect to waive any deficiencies and treat the notice as having been properly given. A notice shall be deemed to have been given: (a) in the case of hand delivery, at the time of delivery; (b) in the case of
registered or certified mail, when delivered or the first attempted delivery on a Business Day; (c) in the case of expedited prepaid delivery upon the first attempted delivery on a Business Day; or (d) in the case of telecopier, upon
receipt of answerback confirmation, provided that such telecopied notice was also delivered as required in this Section 8.6. All notices given by Lender hereunder that are effective against any Borrower shall be deemed effective against
all Borrowers. Any notice given to Lender by any Borrower hereunder shall be deemed binding against all Borrowers. 

Section 8.7. Trial By Jury. EACH BORROWER AND LENDER, TO THE FULLEST EXTENT THAT THEY MAY LAWFULLY DO SO, HEREBY WAIVE TRIAL
BY JURY IN ANY ACTION OR PROCEEDING, INCLUDING, WITHOUT LIMITATION, ANY TORT ACTION, BROUGHT BY ANY PARTY HERETO WITH RESPECT TO THIS AGREEMENT, THE NOTE OR THE OTHER LOAN DOCUMENTS. 

Section 8.8. Headings. The Article and 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 8.9. Assignment. Lender
shall have the right to assign in whole or in part this Agreement and/or any of the other Loan Documents and the obligations hereunder or thereunder to any Person and to participate all or any portion of the Loan evidenced hereby, including without
limitation, any servicer or trustee in connection with a Secondary Market Transaction. Lender shall provide any Borrower with written notice of any such assignment; provided, however, that such notice shall not be a condition of
Lender’s right to assign this Agreement and/or any of the Loan Documents and the failure to deliver such notice shall not constitute a default under this Loan Agreement. At the option of Lender, the Loan may be serviced by a servicer and/or
trustee selected by Lender and Lender may delegate all or any portion of its responsibilities under this Agreement and the other Loan Documents to such servicer and/or trustee pursuant to a servicing agreement between Lender and such servicer and/or
trustee. 
 Section 8.10. Severability. Wherever possible, each provision of this Agreement shall be interpreted in
such manner as to be effective and valid under applicable law, but if any provision of this Agreement 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. 

  
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 Section 8.11. Preferences. Lender shall have no obligation to marshal any assets
in favor of any Borrower or any other party or against or in payment of any or all of the obligations of any Borrower pursuant to this Agreement, the Note or any other Loan Document. Lender shall have the continuing and exclusive right to apply or
reverse and reapply any and all payments by any Borrower to any portion of the obligations of any Borrower hereunder. To the extent any Borrower makes a payment or payments to Lender for any Borrower’s benefit, which payment or proceeds or any
part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then,
to the extent of such payment or proceeds received, the obligations hereunder or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been received by Lender.

 Section 8.12. Waiver of Notice. No Borrower shall be entitled to any notices of any nature whatsoever from Lender
except with respect to matters for which this Agreement or the other Loan Documents specifically and expressly provide for the giving of notice by Lender to such Borrower and except with respect to matters for which such Borrower is not, pursuant to
applicable Legal Requirements, permitted to waive the giving of notice. Each Borrower hereby expressly waives the right to receive any notice from Lender with respect to any matter for which this Agreement or the other Loan Documents does not
specifically and expressly provide for the giving of notice by Lender to such Borrower. 
 Section 8.13. Remedies of
Borrower. In the event that a claim or adjudication is made that Lender or its agents, has acted unreasonably or unreasonably delayed acting in any case where by law or under this Agreement, the Note, any Mortgage or the other Loan Documents,
Lender or such agent, as the case may be, has an obligation to act reasonably or promptly, Borrower agrees that neither Lender nor its agents, shall be liable for any monetary damages, and each Borrower’s sole remedies shall be limited to
commencing an action seeking injunctive relief or declaratory judgment. The parties hereto agree that any action or proceeding to determine whether Lender has acted reasonably shall be determined by an action seeking declaratory judgment.

 Section 8.14. Exculpation. Except as otherwise set forth in this Section 8.14 and
Section 4.2 to the contrary, Lender shall not enforce the liability and obligation of any Borrower or Operating Lessee to perform and observe the obligations contained in this Agreement, the Note, any Mortgage or any of the other Loan
Documents executed and delivered by any Borrower or Operating Lessee except that Lender may pursue any power of sale, bring a foreclosure action, action for specific performance, action for money judgment, or other appropriate action or proceeding
(including, without limitation, to obtain a deficiency judgment) against any or all Borrowers, or Operating Lessee or any other Person solely for the purpose of enabling Lender to realize upon (a) any Collateral, and (b) any Rents to the
extent (x) received by any Borrower or any Manager (or any of their affiliates), after the occurrence of an Event of Default or (y) distributed to any Borrower, Operating Lessee or any Manager, or their respective shareholders, or partners
or members, as applicable, or affiliates during or with respect to any period for which Lender did not receive the full amounts it was entitled to receive as prepayments of the Loan pursuant to Section 2.6(b) (all Rents covered by
clauses (x) and (y) being hereinafter referred to as the “Recourse Distributions”) and (c) any other collateral given to 

  
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Lender under the Loan Documents ((a), (b), and (c) collectively, the “Default Collateral”); provided, however, that any judgment in any action or
proceeding shall be enforceable only to the extent of any Default Collateral. The provisions of this Section 8.14 shall not, however, (a) impair the validity of the Indebtedness evidenced by the Loan Documents or in any way affect
or impair the Liens of any Mortgage or any of the other Loan Documents or the right of Lender to foreclose any Mortgage following an Event of Default; (b) impair the right of Lender to name any Person as a party defendant in any action or suit
for judicial foreclosure and sale under any Mortgage; (c) affect the validity or enforceability of the Note, any Mortgage or the other Loan Documents; (d) impair the right of Lender to obtain the appointment of a receiver; (e) impair
the right of Lender to bring suit for and recover against any Person any damages, losses, expenses, liabilities or costs resulting from fraud, willful misrepresentation, waste of all or any portion of any Individual Property, or wrongful removal or
disposal of all or any portion of any Individual Property by any Person in connection with this Agreement, the Note, any Mortgage or the other Loan Documents; (f) impair the right of Lender to obtain the Recourse Distributions received by any
Person; (g) impair the right of Lender to bring suit for and recover against any Person with respect to any misappropriation of security deposits or Rents collected more than one (1) month in advance; (h) impair the right of Lender to
obtain Insurance Proceeds or Condemnation Proceeds due to Lender pursuant to any Mortgage; (i) impair the right of Lender to enforce the provisions of Sections 4.1(v) or 5.1(d) through 5.1(g), inclusive of this Agreement,
Section 2.8 of each Mortgage or the Environmental Guaranty even after repayment in full by any Borrower of the Indebtedness; (j) prevent or in any way hinder Lender from exercising, or constitute a defense, or counterclaim, or other
basis for relief in respect of the exercise of, any other remedy against any or all of the Collateral securing the Note as provided in the Loan Documents; (k) impair the right of Lender to bring suit for and recover against any person with
respect to any misapplication of any funds (including, without limitation, insurance proceeds and condemnation proceeds); (l) impair the right of Lender to sue for, seek or demand a deficiency judgment against any Person solely for the purpose
of foreclosing on any Collateral or any part thereof, or realizing upon the Default Collateral, (m) impair the right of Lender to bring suit for and recover against any Person any damages, losses, expenses, liabilities or costs in the event
that Borrower or any Operating Lessee shall take any action of any kind or nature whatsoever, either directly or indirectly to oppose, impede, obstruct, challenge, hinder, frustrate, enjoin or otherwise interfere with (A) Lender’s
termination of any Operating Lease with any Operating Lessee, (B) Lender or the party acquiring any Individual Property following the occurrence of a foreclosure or deed in lieu thereof (in full substitution of the applicable Operating Lessee)
being deemed the “Owner” under the Management Agreement, (C) the execution, delivery or effectiveness of a new Management Agreement directly between Lender or the party acquiring any Individual Property following a foreclosure or deed
in lieu thereof and applicable Manager or (D) any payment or other transfer by any Manager of funds which would otherwise be paid to any Operating Lessee under any Operating Lease directly to Lender or the party acquiring any Individual
Property following the occurrence of a foreclosure or deed in lieu thereof, in each case after or as a result of any automatic termination of the applicable Operating Lease or of Lender exercising its right to terminate the Operating Lease, in each
case pursuant to the applicable Subordination, Attornment and Security Agreement and this Agreement, or shall, either directly or indirectly, cause or permit any other person to take any action which, if taken by such Operating Lessee would
constitute an event described in this Section 8.14(m), or (n) impair the right of Lender to bring suit for and recover against any Person with respect to any breach of Section 9(b) of any

  
 87 

 
Collection Account Agreement (the foregoing clauses (a) through (n) each, a “Recourse Liability” and collectively, the “Recourse Liabilities”);
provided, however, that any deficiency judgment referred to in this Section 8.14(m) shall be enforceable only to the extent of any of the Default Collateral. 
 The preceding provisions of this Section shall be inapplicable to any Person and the Indebtedness shall be fully recourse to Borrowers in the event that one or more of the following occurs (each, a
“Full Recourse Event”): (i) any petition for bankruptcy, reorganization or arrangement pursuant to federal or state law against any Borrower or Operating Lessee shall be filed by any Borrower, Operating Lessee, or any Affiliate
of any Borrower or Operating Lessee, (ii) if an involuntary bankruptcy or other insolvency proceeding is commenced against any Borrower or Operating Lessee (by a party other than Lender) but only if such Borrower has consented or acquiesced to
such proceeding or if Borrower, Operating Lessee or any Affiliate of Borrower or Operating Lessee has acted in concert with, colluded or conspired with the party to cause the filing thereof or has consented to or acquiesced thereto, (iii) if
any Borrower or Operating Lessee shall institute any proceeding for the dissolution or liquidation of any Borrower or Operating Lessee, (iv) if any Borrower or Operating Lessee shall make an assignment for the benefit of creditors, (v) if
any Borrower or Operating Lessee shall breach any representation, warranty or covenant in Section 2.14, Section 4.1(c) (such that such breach was considered by a court as a factor in the court’s finding for a
consolidation of the assets of a Borrower or Operating Lessee with the assets of another person or entity or as a result thereof Lender suffers any material damage, cost, liability or expense; provided, however, that in the absence of an actual
consolidation, recourse may be had against Borrower or Operating Lessee only to the extent of losses for such breach), 4.1(v), 4.1(aa), 5.1(r) (such that such breach was considered by a court as a factor in the court’s finding for
a consolidation of the assets of a Borrower or Operating Lessee with the assets of another person or entity or as a result thereof Lender suffers any material damage, cost, liability or expense; provided, however, that in the absence of an actual
consolidation, recourse may be had against Borrower or Operating Lessee only to the extent of losses for such breach), or 5.1(v), (v) if any Borrower or Operating Lessee allows any Transfer to occur in violation of
Section 6.1(b) hereof or otherwise fails to obtain Lender’s prior written consent to any Transfer to the extent any consent is required in the Loan Document, (vii) any Borrower or Operating Lessee interferes with Lender’s
exercise of any of its rights or remedies hereunder or (viii) if any Borrower or Operating Lessee breaches any representation or warranty contained in Section 4.1(s). 

Section 8.15. Exhibits Incorporated. The information set forth on the cover, heading and recitals hereof, and the Exhibits
attached hereto, are hereby incorporated herein as a part of this Agreement with the same effect as if set forth in the body hereof. 
 Section 8.16. Offsets, Counterclaims and Defenses. Any assignee of Lender’s interest in and to this Agreement, the Note, any Mortgage and the other Loan Documents shall take the same free
and clear of all offsets, counterclaims or defenses which are unrelated to the Loan, this Agreement, the Note, any Mortgage and the other Loan Documents which any Borrower may otherwise have against any assignor, and no such unrelated counterclaim
or defense shall be interposed or asserted by any Borrower in any action or proceeding brought by any such assignee upon this Agreement, the Note, any Mortgage and other Loan Documents and any such right to interpose or assert any such unrelated
offset, counterclaim or defense in any such action or 

  
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proceeding is hereby expressly waived by each Borrower. The Borrower hereby waives the right to assert a counterclaim in any action or proceeding brought against it by Lender or their agents or
otherwise to offset any obligations to make the payments required by the Loan Documents. No failure by Lender to perform any of its obligations hereunder shall be a valid defense to, or result in any offset against, any payments which Borrower is
obligated to make under any of the Loan Documents. The Obligations of Borrower under this Agreement and the other Loan Documents shall not be reduced, discharged or released because or by reason of any existing or future offset, claim or defense of
Borrower, or any other party, against the Lender by reason of the Lender’s failure to perform its obligations under this Agreement, including, without limitation, the failure of the Lender to fund any Additional Advance. Borrowers hereby
acknowledge and agree that all or any portion of the funded portion of the Loan may be subsequently sold in a related securitization or securitizations and the Borrower shall have no claim against any subsequent holder of all or any portion of the
funded portion of the Loan, including any issuer of any related securitizations or any trustee, servicer, underwriter, investor or any other party to any such securitizations or any participant in the Loans, for any Additional Advance not funded by
the Lender. 
 Borrowers acknowledge and agree that the Loan may be participated into or more participations, one or more of which may be fully
funded (collectively, “Funded Participation Interests” and the holders thereof, together with their successors and assigns, collectively “Funded Participation Holders”) and one or more of which may not be fully
funded (collectively “Unfunded Participation Interests” and the holders thereof, together with their successors and assigns, collectively “Unfunded Participation Holders”). In the event that the Loan is so
participated, Borrowers acknowledge and agree that (i) any Additional Advances or any other future advances under the Loan are and shall remain solely the obligation of the respective Unfunded Participation Holders (with each such Unfunded
Participation Holder liable to the extent of its Unfunded Participation Interest) on a several basis, (ii) that the Borrowers shall have no right to assert any claim against any current or subsequent holder of any portion of any Funded
Participation Interest, including any issuer of the related securitization or any trustee, servicer, underwriter, investor or any other party to such securitization, for any Additional Advances or other future advances not funded by the holders of
the Unfunded Participation Interests and (iii) that all references in the Loan Agreement to the making of Additional Advances or other future advances by the “Lender” or to an obligation of the “Lender” to make Additional
Advances or other future advances shall be construed to refer to the making of Additional Advances or other future advances by the holders of the Unfunded Participation Interests or to an obligation of the holders of the Unfunded Participation
Interests to make Additional Advances or other future advances. Borrowers acknowledge and agree that there is not and shall not be any current or future offset, claim or defense of the Borrowers or any other Person, nor shall the obligations of the
Borrowers under the Note or any other Person under any Loan Document, be reduced, discharged or released, because of, or by reason of, the failure of Lender or of the holders of the participation interests in the Loan to perform their obligations
under or with respect to the related Loan Documents, including, without limitation, the failure of any holder of the Unfunded Participation Interests to fund any Additional Advances or other future advances. 

Borrowers agree to execute and deliver to Lender (and to cause Guarantor to do same) written confirmation of the foregoing waivers, acknowledgement and
agreements, in the form of Exhibit M, or other form requested by Lender, within five (5) days of receipt of Lender’s written request therefor, which request may be given from time to time. 

  
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 Section 8.17. No Joint Venture or Partnership. Each Borrower and Lender intend
that the relationship created hereunder be solely that of borrower and lender. Nothing herein is intended to create a joint venture, partnership, tenants-in-common, or joint tenancy relationship between any Borrower and Lender nor to grant Lender
any interest in any Individual Property other than that of mortgagee or lender. 
 Section 8.18. Waiver of Marshalling
of Assets Defense. To the fullest extent that each Borrower may legally do so, each Borrower waives all rights to a marshalling of the assets of each such Borrower, and others with interests in such Borrower, and of any Individual Property, or
to a sale in inverse order of alienation in the event of foreclosure of the interests hereby created, and agrees not to assert any right under any laws pertaining to the marshalling of assets, the sale in inverse order of alienation, homestead
exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Lender under the Loan Documents to a sale of any Individual Property for the collection of the Indebtedness without any
prior or different resort for collection, or the right of Lender or Deed of Trust Trustee to the payment of the Indebtedness in preference to every other claimant whatsoever. 
 Section 8.19. Waiver of Counterclaim. Each Borrower hereby waives the right to assert a counterclaim, other than compulsory counterclaim, in any action or proceeding brought against Borrower
by Lender or Lender’s agents. 
 Section 8.20. Conflict; Construction of Documents. In the event of any
conflict between the provisions of this Agreement and the provisions of the Note, any Mortgage or any of the other Loan Documents, the provisions of this Agreement shall prevail. The parties hereto acknowledge that they were represented by counsel
in connection with the negotiation and drafting of the Loan Documents and that the Loan Documents shall not be subject to the principle of construing their meaning against the party which drafted same. 

Section 8.21. Brokers and Financial Advisors. Borrower and Lender hereby represent that they have dealt with no financial
advisors, brokers, underwriters, placement agents, agents or finders in connection with the transactions contemplated by this Agreement. Each Borrower hereby agrees to indemnify and hold Lender harmless from and against any and all claims,
liabilities, costs and expenses of any kind in any way relating to or arising from a claim by any Person, that such Person acted on behalf of any Borrower in connection with the transactions contemplated herein. The provisions of this Section shall
survive the expiration and termination of this Agreement and the repayment of the Indebtedness. 
 Section 8.22.
Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. 

Section 8.23. Estoppel Certificates. Each Borrower and Lender each hereby agree at any time and from time to time upon not
less than fifteen (15) days prior written notice by any Borrower or Lender (but no more than four (4) times per year unless (i) an Event of Default has 

  
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occurred and is continuing or (ii) such request is occasioned in connection with a Secondary Market Transaction) to execute, acknowledge and deliver to the party specified in such notice, a
statement, in writing, certifying that this Agreement is unmodified and in full force and effect (or if there have been modifications, that the same, as modified, is in full force and effect and stating the modifications hereto), and stating whether
or not, to the knowledge of such certifying party, any Default or Event of Default has occurred, and, if so, specifying each such Default or Event of Default; provided, however, that it shall be a condition precedent to
Lender’s obligation to deliver the statement pursuant to this Section, that Lender shall have received, together with Borrower’s request for such statement, an Officer’s Certificate stating that no Default or Event of Default
exists as of the date of such certificate (or specifying such Default or Event of Default). 
 Section 8.24. Payment of
Expenses. Borrowers shall, whether or not the Transactions are consummated, pay all Transaction Costs, which shall include, without limitation, reasonable out-of-pocket fees, costs, expenses, and disbursements of Lender and its attorneys, local
counsel, accountants and other contractors in connection with (i) the negotiation, preparation, execution and delivery of the Loan Documents and the documents and instruments referred to therein, (ii) the creation, perfection or protection
of Lender’s Liens in the Collateral (including, without limitation, fees and expenses for title and lien searches and filing and recording fees, intangibles taxes, personal property taxes, mortgage recording taxes, due diligence expenses,
travel expenses, and accounting firm fees, costs of the Appraisals, Environmental Reports (and an environmental consultant), Surveys and the Engineering Reports), (iii) the negotiation, preparation, execution and delivery of any amendment,
waiver or consent relating to any of the Loan Documents, (iv) the review and approval of each replacement Interest Rate Cap Agreement required hereunder, and (v) the preservation of rights under and enforcement of the Loan Documents and
the documents and instruments referred to therein, including any restructuring or rescheduling of the Indebtedness, to the extent expressly required hereunder. 
 Section 8.25. Bankruptcy Waiver. Each Borrower hereby agrees that, in consideration of the recitals and mutual covenants contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, if any Borrower (i) files with any bankruptcy court of competent jurisdiction or be the subject of any petition under Title 11 of the U.S. Code, as amended, (ii) is the subject of
any order for relief issued under Title 11 of the U.S. Code, as amended, (iii) files or is the subject of any petition seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any
present or law relating to bankruptcy, insolvency or other relief of debtors, (iv) has sought or consents to or acquiesces in the appointment of any trustee, receiver, conservator or liquidator or (v) is the subject of any order, judgment
or decree entered by any court of competent jurisdiction approving a petition filed against such party for any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future federal or
state act or law relating to bankruptcy, insolvency or other relief for debtors, the automatic stay provided by the Federal Bankruptcy Code shall be modified and annulled as to Lender, so as to permit Lender to exercise any and all of its rights and
remedies, upon request of Lender made on notice to any Borrower and any other party in interest but without the need of further proof or hearing. Neither Borrower nor any Affiliate of any Borrower shall contest the enforceability of this
Section. 

  
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 Section 8.26. Entire Agreement. This Agreement, together with the Exhibits
hereto and the other Loan Documents constitutes the entire agreement among the parties hereto with respect to the subject matter contained in this Agreement, the Exhibits hereto and the other Loan Documents and supersedes all prior agreements,
understandings and negotiations between the parties. 
 Section 8.27. Dissemination of Information. If Lender
determines at any time to participate in a Secondary Market Transaction, Lender may forward to each purchaser, transferee, assignee, servicer, participant or investor in such securities (collectively, the “Investor”), any Rating
Agency rating such securities, any organization maintaining databases on the underwriting and performance of commercial loans, trustee, counsel, accountant, and each prospective Investor, all documents and information which Lender now has or may
hereafter acquire relating to the Loan, any Borrower, any direct or indirect equity owner of any Borrower, any guarantor, any indemnitor and each Individual Property, which shall have been furnished by such Borrower any Affiliate of any Borrower,
any guarantor, any indemnitor, or any party to any Loan Document, or otherwise furnished in connection with the Loan, as Lender in its reasonable discretion determines necessary or desirable. 

Section 8.28. Limitation of Interest. It is the intention of each Borrower and Lender to conform strictly to applicable usury
laws. Accordingly, if the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: (i) the aggregate of all
consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of
interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an
election by Lender resulting from any default hereunder or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by
applicable law, and any interest in excess of the maximum amount of interest allowed by applicable law, if any, provided for in the Loan Documents or otherwise shall be cancelled automatically as of the date of such acceleration or prepayment and,
if theretofore prepaid, shall be credited to principal (or if the principal portion of the Loan and any other amounts not constituting interest shall have been paid in full, refunded to any Borrower.) 

In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by
applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest
throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if
the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties
provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law. 

  
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 Section 8.29. Indemnification. Borrowers shall indemnify and hold Lender and
each of its affiliates and their respective successors and assigns (including their respective officers, directors, partners, employees, attorneys, accountants, professionals and agents and each other person, if any, controlling Lender or any of its
affiliates within the meaning of either Section 15 of the Securities Act of 1933, as amended, or Section 20 of the Securities Exchange Act of 1934, as amended) (each, including Lender, an “Indemnified Party”) harmless
against any and all losses, claims, damages, costs, expenses (including the fees and disbursements of outside counsel retained by any such person) or liabilities in connection with, arising out of or as a result of the transactions and matters
referred to or contemplated by this Agreement, except to the extent that it is finally judicially determined that any such loss, claim, damage, cost, expense or liability resulted directly and solely from the gross negligence, fraud or willful
misconduct of such Indemnified Party. If any Indemnified Party becomes involved in any action, proceeding or investigation in connection with any transaction or matter referred to or contemplated in this Agreement, Borrowers shall periodically
reimburse any Indemnified Party upon demand herefore in an amount equal to its reasonable legal and other expenses (including the costs of any investigation and preparation) incurred in connection therewith to the extent such legal or other expenses
are the subject of indemnification hereunder. IT IS EXPRESSLY ACKNOWLEDGED AND AGREED BY EACH BORROWER THAT THE INDEMNITY (AND/OR THE RELEASE) CONTAINED IN THIS SECTION 8.29 PROTECTS LENDER FROM THE CONSEQUENCES OF LENDER’S ACTS OR OMISSIONS,
INCLUDING WITHOUT LIMITATION, THE NEGLIGENT ACTS OR OMISSIONS OF LENDER TO THE EXTENT PERMITTED BY LAW; PROVIDED, HOWEVER, THAT NOTHING CONTAINED HEREIN SHALL BE DEEMED TO RELIEVE THE LENDER FROM LIABILITY DUE TO ITS GROSS NEGLIGENCE, FRAUD OR
WILLFUL MISCONDUCT. 
 Section 8.30. Borrower Acknowledgments. Each Borrower hereby acknowledges to and agrees with
Lender that (i) the scope of Lender’s business is wide and includes, but is not limited to, financing, real estate financing, investment in real estate and other real estate transactions which may be viewed as adverse to or competitive
with the business of such Borrower or its Affiliates and (ii) such Borrower has been represented by competent legal counsel and such Borrower has consulted with such counsel prior to executing this Loan Agreement and of the other Loan
Documents. 
 Section 8.31. Publicity. Lender shall have the right to issue press releases, advertisements and other
promotional materials describing Lender’s participation in the origination of the Loan or the Loan’s inclusion in any Secondary Market Transaction effectuated or to be effectuated by Lender. All news releases, publicity or advertising by
any Borrower or their affiliates through any media intended to reach the general public which refers to the Loan Documents or the financing evidenced by the Loan Documents, to the Lender or any of its affiliates shall be subject to the prior written
approval of Lender, except for disclosures required by law which shall not require Lender approval but which shall require prior written notice to Lender. 
 Section 8.32. Cross Collateralization. Without limitation to any other right or remedy provided to Lender in this Agreement or any of the other Loan Documents, each Borrower covenants and
agrees that (i) Lender shall have the right to pursue all of its rights and remedies in one proceeding, or separately and independently in separate proceedings which it, as Lender, in 

  
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its sole and absolute discretion, shall determine from time to time, (ii) Lender is not required to either marshall assets, sell any or all of the Collateral in any inverse order or
alienation, or be subjected to any “one action” or “election of remedies” law or rule, (iii) the exercise by Lender of any remedies against any of the Collateral will not impede Lender from subsequently or simultaneously
exercising remedies against any other Collateral, (iv) all Liens and other rights, remedies and privileges provided to Lender in this Agreement and/or any other Loan Documents otherwise shall remain in full force and effect until Lender has
exhausted all of its remedies against the Collateral and all the Collateral has been foreclosed, sold and/or otherwise realized upon and (v) each Individual Property and all Collateral shall be security for the performance of all of each
relevant Borrower’s obligations hereunder and each relevant Borrower’s obligations under all of the other Loan Documents. Each Borrower acknowledges and agrees that it shall be jointly and severally liable for the obligations of all
Borrowers under the Loan Documents. 
 Section 8.33. Contribution. As a result of the transactions contemplated by
this Agreement, each Borrower will benefit, directly and indirectly, from each Borrower’s obligation to pay the Indebtedness and perform its obligations hereunder and under the other Loan Documents and in consideration therefore each Borrower
desires to enter into an allocation and contribution agreement among themselves as set forth in this Section 8.33 to allocate such benefits among themselves and to provide a fair and equitable agreement to make contributions among each
of Borrowers in the event any payment is made by any individual Borrower hereunder to Lender (such payment being referred to herein as a “Contribution”, and for purposes of this Section, includes any exercise of recourse by Lender
against any Collateral of a Borrower and application of proceeds of such Collateral in satisfaction of such Borrower’s obligations, to Lender under the Loan Documents). 
 (a) Each Borrower shall be liable hereunder with respect to the Indebtedness only for such total maximum amount (if any) that would not render its Indebtedness hereunder or under any of the Loan Documents
subject to avoidance under Section 548 of the Federal Bankruptcy Code or any comparable provisions of any state law. 
 (b)
In order to provide for a fair and equitable contribution among Borrowers in the event that any Contribution is made by an individual Borrower (a “Funding Borrower”), such Funding Borrower shall be entitled to a reimbursement
Contribution (“Reimbursement Contribution”) from all other Borrowers for all payments, damages and expenses incurred by that Funding Borrower in discharging any of the Indebtedness, in the manner and to the extent set forth in this
Section. 
 (c) For purposes hereof, the “Benefit Amount” of any individual Borrower as of any date of
determination shall be the net value of the benefits to such Borrower from extensions of credit made by Lender to (i) such Borrower and (ii) to the other Borrowers hereunder and the Loan Documents. 

(d) Each Borrower shall be liable to a Funding Borrower in an amount equal to the greater of (i) the (A) ratio of the Benefit
Amount of such Borrower to the total amount of Indebtedness, multiplied by (B) the amount of Indebtedness paid by such Funding Borrower, or (ii) ninety-five percent (95%) of the excess of the fair saleable value of the property of
such Borrower over the total liabilities of such Borrower (including the maximum amount reasonably 

  
 94 

 
expected to become due in respect of contingent liabilities) determined as of the date on which the payment made by a Funding Borrower is deemed made for purposes hereof (giving effect to all
payments made by other Funding Borrowers as of such date in a manner to maximize the amount of such Contributions). 
 (e) In the
event that at any time there exists more than one Funding Borrower with respect to any Contribution (in any such case, the “Applicable Contribution”), then Reimbursement Contributions from other Borrowers pursuant hereto shall be
allocated among such Funding Borrowers in proportion to the total amount of the Contribution made for or on account of the other Borrowers by each such Funding Borrower pursuant to the Applicable Contribution. In the event that at any time any
Borrower pays an amount hereunder in excess of the amount calculated pursuant to this Section 8.33 above, that Borrower shall be deemed to be a Funding Borrower to the extent of such excess and shall be entitled to a Reimbursement
Contribution from the other Borrowers in accordance with the provisions of this Section. 
 (f) Each Borrower acknowledges that
the right to Reimbursement Contribution hereunder shall constitute an asset in favor of such Borrower to which such Reimbursement Contribution is owing. 
 (g) No Reimbursement Contribution payments payable by a Borrower pursuant to the terms of this Section 8.33 shall be paid until all amounts then due and payable by all of Borrowers to Lender,
pursuant to the terms of the Loan Documents, are paid in full in cash. Nothing contained in this Section 8.33 shall limit or affect in any way the Indebtedness of any Borrower to Lender under the Note or any other Loan Documents.

 (h) Each Borrower waives: 
 (i) any right to require Lender to proceed against any other Borrower or any other person or to proceed against or exhaust any security held by Lender at any time or to pursue any other remedy in
Lender’s power before proceeding against Borrower; 
 (ii) any defense based upon any legal disability or other defense of
any other Borrower, any guarantor of any other person or by reason of the cessation or limitation of the liability of any other Borrower or any guarantor from any cause other than full payment of all sums payable under the Note, this Agreement and
any of the other Loan Documents; 
 (iii) any defense based upon any lack of authority of the officers, directors, partners or
agents acting or purporting to act on behalf of any other Borrower or any principal of any other Borrower or any defect in the formation of any other Borrower or any principal of any other Borrower; 

(iv) 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; 
 (v) any defense based upon any failure by Lender to obtain
collateral for the Indebtedness or failure by Lender to perfect a lien on any Collateral; 

  
 95 

 (vi) presentment, demand, protest and notice of any kind; 

(vii) any defense based upon any failure of Lender to give notice of sale or other disposition of any collateral to any other Borrower or
to any other person or entity or any defect in any notice that may be given in connection with any sale or disposition of any Collateral; 
 (viii) any defense based upon any failure of Lender to comply with applicable laws in connection with the sale or other disposition of any Collateral, including any failure of Lender to conduct a
commercially reasonable sale or other disposition of any Collateral; 
 (ix) any defense based upon any use of cash collateral
under Section 363 of the Federal Bankruptcy Code; 
 (x) any defense based upon any agreement or stipulation entered into by
Lender with respect to the provision of adequate protection in any bankruptcy proceeding; 
 (xi) any defense based upon any
borrowing or any grant of a security interest under Section 364 of the Federal Bankruptcy Code; 
 (xii) any defense based
upon the avoidance of any security interest in favor of Lender for any reason; 
 (xiii) any defense based upon any bankruptcy,
insolvency, reorganization, arrangement, readjustment of debt, liquidation or dissolution proceeding, including any discharge of, or bar or stay against collecting, all or any of the obligations evidenced by the Note or owing under any of the Loan
Documents; 
 (xiv) any defense or benefit based upon such Borrower’s, or any other party’s, resignation of the portion
of any obligation secured by the Mortgages to be satisfied by any payment from any other Borrower or any such party; 
 (xv) all
rights and defenses arising out of an election of remedies by Lender even though the election of remedies, such as non-judicial foreclosure with respect to security for the Loan or any other amounts owing under the Loan Documents, has destroyed
Borrower’s rights of subrogation and reimbursement against any other Borrower; 
 (xvi) all rights and defenses that such
Borrower may have because any of Indebtedness is secured by real property. This means, among other things: (1) Lender may collect from such Borrower without first foreclosing on any real or personal property collateral pledged by any other
Borrower, (2) if Lender forecloses on any real property collateral pledged by any other Borrower, (I) the amount of the Indebtedness 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, (II) Lender may collect from such Borrower even if any other Borrower, by foreclosing on the real property collateral, has destroyed any right such Borrower may have to collect from any other Borrower.
This is an unconditional and irrevocable waiver of any rights and defenses such Borrower may have because any of the Indebtedness is secured by real property; and 

  
 96 

 (xvii) except as may be expressly and specifically permitted herein, any claim or other
right which such Borrower might now have or hereafter acquire against any other Borrower or any other person that arises from the existence or performance of any obligations under the Note, this Agreement or the other Loan Documents, including any
of the following: (i) any right of subrogation, reimbursement, exoneration, contribution, or indemnification; or (ii) any right to participate in any claim or remedy of Lender against any other Borrower or any collateral security herefore,
whether or not such claim, remedy or right arises in equity or under contract, statute or common law. 
 Section 8.34.
Additional Financial Information. 
 (a) If requested by Lender in connection with a public securitization in which the
Loan constitutes at least ten percent (10%) of the assets of the securitization, Borrowers, at Borrowers’ expense, shall provide Lender with all financial statements and other financial, statistical or operating information, to the extent
required pursuant to Regulation S-X of the Securities Act or any other Legal Requirements in connection with any (1) preliminary or final private placement memorandum or other offering documents or (2) preliminary or final prospectus, as
applicable (each, a “Disclosure Document”) or any filing under or pursuant to the Securities Act or the Exchange Act in connection with or relating to a securitization (each, a “Securities Filing”). All financial
statements provided by Borrowers pursuant to this Section shall be prepared in accordance with GAAP and shall meet the requirements of Regulation S-X and other applicable Legal Requirements. All financial statements reporting for a full operating
year (i) shall be audited by the independent accountants in accordance with generally accepted auditing standards, Regulation S-X and all other applicable Legal Requirements, (ii) shall be accompanied by the manually executed report of the
independent accountants thereon, which report shall meet the requirements of Regulation S-X and all other applicable Legal Requirements, and (iii) shall be accompanied by a manually executed written consent of the independent accountants,
acceptable to Lender, that authorizes the inclusion of such financial statements in any Disclosure Document or Securities Filing and permits the use of the name of such independent accountants and reference to such independent accountants as
“experts” in any Disclosure Document and Securities Filing, all of which shall be provided, at Borrowers’ expense, at the same time as the related financial statements are required to be provided. All other financial statements shall
be certified by the chief financial officer of Borrowers, which certification shall state that such financial statements meet the requirements set forth in the first sentence of this paragraph. 

(b) If requested by Lender, Borrowers shall provide Lender, promptly upon request, with any other or additional financial statements or
financial, statistical or operating information as Lender determines to be required pursuant to Regulation S-X or other legal requirements in connection with any Disclosure Document or any Securities Filing. 

  
 97 

 Section 8.35. Change of Payment Date, Maturity Date, Interest Accrual Period and
Interest Rate Adjustment Date. At any time prior to securitization of the Loan by Lender, Lender shall have the right to change the Payment Date (including, without limitation, the Maturity Date), the Interest Accrual Period and Interest
Rate Adjustment Date to a date and period, as applicable, other than as set forth in this Agreement (such new date, the “New Payment Date,” the “New Interest Accrual Period,” and “New Interest Rate
Adjustment Date” as applicable) on thirty (30) days notice to Borrower; provided, however, that any such change in the Payment Date, Interest Accrual Period or Interest Rate Adjustment Date: (i) shall not modify the
amount of regularly scheduled monthly principal and interest payments, except that the first payment of principal and interest payable on the New Payment Date shall be accompanied by interest at the Interest Rate for the period from the Payment Date
in the month in which the New Payment Date first occurs to the New Payment Date and (ii) shall extend the Maturity Date to the New Payment Date occurring in the calendar month set forth in the definition of Maturity Date. 

Section 8.36. Time of Essence. Each Borrower and Lender agrees that time is of the essence with regard to all obligations
under this Agreement and the other Loan Documents. 
 Section 8.37. FINAL AGREEMENT. THE WRITTEN LOAN DOCUMENTS TO
WHICH THIS NOTICE RELATES REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 [Signatures on the following pages] 

  
 98 

 IN WITNESS WHEREOF, the parties hereto have caused this Loan Agreement to be duly executed
by their duly authorized representatives, all as of the day and year first above written. 
  

			
	LENDER:
	
	 COUNTRYWIDE COMMERCIAL
 REAL ESTATE FINANCE, INC.,
 a California corporation

		
	By:	 	/S/ KYLE JEFFERS
		 	 Name:

Title:

		 	

 [Signatures continued on following page] 

  
 S2-1

  

					
	BORROWERS:
	
	 ASHFORD PHILLY LP

		
	 By:
	 	 Ashford Philly GP LLC,

a Delaware limited liability company,

its general partner

			
		 	 By:
	 	 /S/ DAVID A. BROOKS

		 		 	 David A. Brooks

		 		 	 Vice President and Secretary

	
	 ASHFORD ANCHORAGE LP

		
	 By:
	 	 Ashford Anchorage GP LLC,

a Delaware limited liability company,

its general partner

			
		 	 By:
	 	 /S/ DAVID A. BROOKS

		 		 	 David A. Brooks

		 		 	 Vice President and Secretary

	
	 ASHFORD MINNEAPOLIS AIRPORT LP

		
	 By:
	 	 Ashford Minneapolis Airport GP LLC,

a Delaware limited liability company,

its general partner

			
		 	 By:
	 	 /S/ DAVID A. BROOKS

		 		 	 David A. Brooks

Vice President and Secretary

  
 2 

  

					
	
	 ASHFORD MV SAN DIEGO LP

		
	 By:
	 	 Ashford MV San Diego GP LLC,

a Delaware limited liability company,

its general partner

			
		 	 By:
	 	 /S/ DAVID A. BROOKS

		 		 	 David A. Brooks

		 		 	 Vice President and Secretary

	
	 ASHFORD WALNUT CREEK LP

		
	 By:
	 	 Ashford Walnut Creek GP LLC,

a Delaware limited liability company,

its general partner

			
		 	 By:
	 	 /S/ DAVID A. BROOKS

		 		 	 David A. Brooks

		 		 	 Vice President and Secretary

	
	 ASHFORD TRUMBULL LP

		
	 By:
	 	 Ashford Trumbull GP LLC,

a Delaware limited liability company,

its general partner

			
		 	 By:
	 	 /S/ DAVID A. BROOKS

		 		 	 David A. Brooks

		 		 	 Vice President and Secretary

  
 3 

  

					
	
	 ASHFORD IOWA CITY LP

		
	 By:
	 	 Ashford Iowa City GP LLC,

a Delaware limited liability company,

its general partner

			
		 	 By:
	 	 /S/ DAVID A. BROOKS

		 		 	 David A. Brooks

		 		 	 Vice President and Secretary

  
 4 

  

			
	OPERATING LESSEE:
	
	Acknowledged and agreed to with respect to its obligations set forth in Articles 4, 5 and 6 hereof and Section 2.13:
	
	 ASHFORD TRS NICKEL LLC

		
	 By:
	 	 /S/ DAVID J. KIMICHIK

		 	 David J. Kimichik

		 	 President and Secretary

  
 5MIP Loan Extension Agreement

 Exhibit 10.23.2 

MATURITY DATE EXTENSION, AMENDMENT TO LOAN DOCUMENTS AND REAFFIRMATION AGREEMENT 

This MATURITY DATE EXTENSION, AMENDMENT TO LOAN DOCUMENTS AND REAFFIRMATION AGREEMENT (this “Amendment”) is made as of the 9th day of December,
2011 (the “Effective Date”), by and between WELLS FARGO BANK, N.A., AS TRUSTEE FOR BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES TRUST 2007-BBA8, in its capacity as owner of the Loan (as defined below) (“Lender”), and ASHFORD
PHILLY LP, ASHFORD ANCHORAGE LP, ASHFORD MINNEAPOLIS AIRPORT LP, ASHFORD MV SAN DIEGO LP and ASHFORD WALNUT CREEK LP, each a Delaware limited partnership (collectively, the “Borrower”). 

PRELIMINARY STATEMENTS 
 WHEREAS, On or about December 7, 2006, Countrywide Commercial Real Estate Finance, Inc. (the “Original Lender”) extended credit in the original amount of up to TWO HUNDRED FORTY
SEVEN MILLION AND NO/100 DOLLARS ($247,000,000.00) (the “Loan”) to Borrower, evidenced, inter alia, by a certain Promissory Note (as amended through the date hereof and as the same may be further amended, restated,
consolidated, supplemented or otherwise modified hereafter from time to time, “Note”), a Loan Agreement, dated as of December 7, 2006, as amended through the date hereof and as the same may be further amended, restated,
consolidated, supplemented or otherwise modified hereafter from time to time, through the date hereof, collectively, the “Loan Agreement”) and all other documents or instruments executed by Borrower and/or others from time to time
to evidence and/or secure the Loan or otherwise in connection with the Loan (the Note, the Loan Agreement and such other documents or instruments executed by Borrower and/or others from time to time to evidence and/or secure the Loan or otherwise in
connection with the Loan, as amended through the date hereof and as the same may be further amended, restated, consolidated, supplemented or otherwise modified hereafter from time to time, are herein collectively referred to as the “Loan
Documents”), and secured, inter alia, by the real property described in the Loan Documents; 
 WHEREAS,
Lender is the current owner and holder of the Loan and the Loan Documents; and 
 WHEREAS, Lender and Borrower now propose to
modify the Loan Documents and to extend the maturity date of the Loan, in each case subject to and in accordance with the terms and conditions of this Amendment. 
 NOW THEREFORE, for and in consideration of the premises and the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Lender and Borrower hereby agree as follows: 
 1. Certain Definitions. Unless otherwise defined
herein, capitalized terms used herein shall have the meanings ascribed to such terms in the Loan Agreement. 

 2. Amendments to Loan Agreement. 

(a) Exhibit D of the Loan Agreement is hereby deleted in its entirety and replaced with Exhibit D attached to this Amendment. 

(b) Section 1.1 of the Loan Agreement is hereby amended by deleting the definition “Cash Trap Period” in its entirety and
replacing it with the following: 
 “Cash Trap Period” shall mean the period commencing on the date of the
Amendment and continuing through the payment in full of the Indebtedness.” 
 (c) Section 1.1 of the Loan Agreement is
hereby amended by deleting the definition “Initial Interest Rate Cap Agreement” in its entirety and replacing it with the following: 
 “Initial Interest Rate Cap Agreement” means a confirmation (together with the definitions, ISDA master agreement and schedules relating thereto) between the applicable Acceptable
Counterparty and each Borrower, relating to the term of the Loan through the Maturity Date (without giving effect to any extension of the Maturity Date), satisfying the requirements set forth in Exhibit C. For purposes of the Initial Interest
Rate Cap only, an Acceptable Counterparty shall not have to satisfy the criteria set forth in clause (a)(ii) of the definition of the definition of Acceptable Counterparty, but shall be otherwise required to satisfy all of the criteria set forth in
such definition.” 
 (d) Section 1.1 of the Loan Agreement is hereby amended by deleting the definition “Maturity
Date” in its entirety and replacing it with the following: 
 “Maturity Date” shall mean March 11,
2014, as extended pursuant to and in accordance with Section 2.10 of the Loan Agreement, or such earlier date resulting from acceleration of the Indebtedness by Lender.” 

(e) Section 1.1 of the Loan Agreement is hereby amended by deleting the definition “Note Spread” in its entirety and
replacing it with the following: 
 “Note Spread” shall mean 4.50%.” 

(f) The definition of “Adjusted Net Operating Income” in Section 1.1 of the Loan Agreement is hereby amended by
replacing the words “Gross Revenues” in such definition with the words “Operating Income”. 

(g) Section 1.1 of the Loan Agreement is hereby amended by adding the following definitions to such Section in the proper
alphabetical order: 
 “Additional Capital Expenses Reserve Account” shall mean the account established
pursuant to Section 2.11(d). 
 “Additional Capital Expenses Reserve Cap” shall mean, for each
calendar year hereunder, an aggregate amount equal to Three Million Five Hundred Thousand and No/100 Dollars ($3,500,000.00). 

  
 -2-

 “Amortization Reserve Account” shall mean the account established pursuant
to Section 2.11(d). 
 “Approved Capital Expenses Budget” shall have the meaning set forth in
Section 5.1(o)(10). 
 “FF&E Monthly Installment” shall have the meaning set forth in
Section 2.11(d). 
 “Initial Amortization Cap” shall mean (a) for the period commencing as of
the date of the Amendment and continuing through March 10, 2013, an amount equal to Two Million and No/100 Dollars ($2,000,000.00), (b) for the period commencing as of March 11, 2013 and continuing through March 10, 2014, an
amount equal to Two Million Five Hundred Thousand and No/100 Dollars ($2,500,000.00) and (c) for the period commencing as of March 11, 2014 and continuing through March 10, 2015, an amount equal to Three Million and No/100 Dollars
($3,000,000.00). 
 “Initial Amortization Reserve Account” shall mean the account established pursuant to
Section 2.11(d). 
 “Initial Amortization Reserve Monthly Amount” shall mean an
amount equal to one twelfth (1/12th) of the then
applicable Initial Amortization Cap. 
 “Operating Expenses Account” shall mean the account established
pursuant to Section 2.11(d). 
 “Operating Expenses Deficiency Account” shall mean the account
established pursuant to Section 2.11(d). 
 “Operating Expenses Deficiency Amount” shall mean the
positive amount, if any, as determined by Lender in its reasonable discretion pursuant to Borrower’s request following the end of each calendar month, equal to the actual Operating Expenses incurred and paid in connection with the operation of
the Properties for such calendar year (through the date of calculation) minus the budgeted Operating Expenses for all of the Properties for such calendar year pursuant to the Approved Budget, as evidenced by (a) the financial reports delivered
to Lender pursuant to Section 5.1(o) of this Agreement and (b) an Officer’s Certificate attesting to such actual Operating Expenses and that all amounts disbursed to Borrower from the Operating Expenses Deficiency Account through the
date thereof have been used for Operating Expense. Notwithstanding the foregoing, (a) an Operating Expenses Deficiency Amount shall be payable to Borrower only to the extent it is the result of increased expenses directly related to increases
in Operating Income and/or increases in uncontrollable or non-discretionary expenses and (b) in no event shall the cumulative Operating Expenses Deficiency Amount for any calendar year exceed an amount equal to twelve and one half percent
(12.5%) of the aggregate Operating Expenses for all of the Properties pursuant to the Approved Budgets for such calendar year. For purposes of calculating Operating Expenses in this definition of Operating Expenses Deficiency Amount Operating
Expenses shall exclude all amounts reserved for in a Reserve Account under the terms of this Agreement and/or the Cash Collateral Account Agreement. 

  
 -3-

 “REIT Taxes Reserve Account” shall mean the account established pursuant to
Section 2.11(d). 
 “REMIC Loan-to-Value Ratio” shall mean, as of the date of its calculation, the
ratio of (a) the outstanding principal amount of the Loan as of the date of such calculation to (b) the fair market value of the Properties (without regard to any personal property or going concern value), as determined, in Lender’s
sole discretion, by any commercially reasonable method permitted to a REMIC. 
 (h) Section 2.5 of the Loan Agreement is
hereby amended by adding the following paragraph (i) to such Section 2.5: 
 “(i) Quarterly Amortization
Payments. During the Extension Term, if any, commencing on June 11, 2014 and continuing through payment in full of the Indebtedness, on the Payment Dates occurring in each of June, September, December and March (a “Quarterly
Amortization Payment Date”), Borrower shall pay to lender a principal payment in an amount equal to Six Hundred Twenty Five Thousand and No/100 Dollars ($625,000.00), (a “Quarterly Amortization Payment”), which Quarterly Amortization
Payments shall be applied to the unpaid Principal Indebtedness of the Loan. Any balance contained in the Amortization Reserve Account or the Initial Amortization Reserve Account that is required to be applied to the Principal Indebtedness on such
Quarterly Amortization Payment Date pursuant to Section 2.11(d)(xi) or on any Payment Date pursuant to Section 2.11(d)(xiii) shall be deemed to be a payment (to the extent of such balance) on account of the Quarterly
Amortization Payment.” 
 (i) Section 2.10 of the Loan Agreement is hereby deleted in its entirety and replaced with
the following: 
 “Section 2.10. Extension Options. Subject to satisfaction of all of the preconditions set forth in
this Section 2.10, Borrowers have the right to extend the term of the Loan for one additional term of twelve (12) months (the “Extension Term”), with such Extension Term having a stated maturity date of March 11, 2015
(the “Extended Maturity Date”). Borrowers shall exercise the right to exercise the extension option under this Section 2.10 by giving Lender notice of such election at least thirty (30) days prior to the Maturity Date.
Upon receipt of any such request by Borrowers to extend the term of the Loan, Lender will notify Borrowers whether or not the term of the Loan will be so extended, which extension shall be granted upon satisfaction by Borrower of each of the
following conditions in Lender’s sole discretion: 
 (a) No Event of Default exists as of the date of
Borrowers’ extension option election notice to Lender and as of the Maturity Date, and the Borrowers deliver to Lender Officer’s Certificates confirming same; 

(b) On or prior to the Maturity Date, Borrowers obtain an Extension Interest Rate Cap Agreement for the Extension Term
with a LIBOR Rate strike price equal to or less than the Strike Rate and collaterally assign such Extension Interest Rate Cap Agreement to Lender pursuant to an assignment of interest rate cap agreement in the same form as the Interest Rate Cap
Assignment. 

  
 -4-

 (c) Borrowers shall have delivered to Lender on the commencement date of the
Extension Term, an Officer’s Certificate certifying that, except as disclosed in writing to Lender prior to or concurrently with the delivery of such Officer’s Certificate, each of the representations and warranties of Borrowers contained
in the Loan Documents is true, complete and correct in all material respects as of the giving of the notice to the extent such representations and warranties are not matters which by their nature can no longer be true and correct or are no longer
true and correct as a result of the passage of time or subsequent events (provided that if the circumstances with respect to any such change in a representation or warranty constitute an independent continuing Event of Default hereunder, then
pursuant to Section 2.10(a) hereof Borrowers shall not be entitled to exercise any extension option). 
 (d) Borrower shall pay to Lender in connection with the exercise of the extension option an extension fee equal to thirty-three hundredths of one percent (0.33%) of the Principal Indebtedness of the Loan
as of the first day of the Extension Term (the “Extension Fee”), which Extension Fee shall be delivered on or prior to the first day of the Extension Term. 

(e) As of the first day of the Extension Term, the Principal Indebtedness shall not exceed One Hundred Seventy Million
Nine Hundred Thousand and No/100 Dollars ($170,900,000.00) (the “Maximum Principal Balance”). Borrower shall have the right to prepay an amount of Principal Indebtedness such that the Principal Indebtedness does not exceed the
Maximum Principal Balance (any such payment, an “Extension Principal Payment”). 
 (f)
Immediately prior to the commencement of the Extension Term, the Debt Service Coverage Ratio for the Properties shall be not less than 1.35:1.0. For purposes of this Section 2.10, Debt Service Coverage Ratio shall be determined by Lender
(i) using Adjusted Net Operating Income (in lieu of Underwritten Net Cash Flow) on a trailing twelve (12) month basis, (ii) deeming any Extension Principal Payment as having been paid and (iii) using the Interest Rate in effect
at the time of such determination (which Interest Rate shall not exceed the Strike Rate plus the Note Spread). If the Properties then remaining subject to the Liens of the Mortgages do not satisfy the foregoing Debt Service Coverage Ratio
requirements as of the commencement of the Extension Term, Borrower shall be permitted at its option to prepay the Principal Indebtedness in an amount sufficient such that the foregoing Debt Service Coverage Ratio requirement shall be satisfied.

 (g) If any of the foregoing conditions is not satisfied in Lender’s sole discretion, Lender shall have no
obligation to extend the term of the Loan. Upon Borrowers’ exercise of its rights under this Section 2.10 and Lender’s extension of the term of the Loan in connection therewith, the defined term “Maturity Date” shall
be deemed to be the Extended Maturity Date.” 
 (j) The first sentence of Section 2.11(d)(i) of the Loan Agreement is
hereby deleted in its entirety and replaced with the following: 
 “Establishment. On or before the date of this
Amendment, Lender shall establish the following accounts for purposes of holding funds to be deposited by Borrower pursuant to this Section 2.11(d)(i): a “Tax and Insurance Reserve Account”, a “Deferred
Maintenance and Environmental Reserve Account”, an “FF&E Reserve Account”, an “Operating Expenses Reserve Account”, an “Additional Capital Expenses Reserve Account”, an
“Amortization Reserve Account”, an “Operating Expenses Deficiency Account”, a “REIT Taxes Reserve Account”, and an Initial Amortization Reserve Account.” 

  
 -5-

 (k) Section 2.11(d)(v) of the Loan Agreement is hereby deleted in its entirety and
replaced with the following: 
 “Beginning on January 11, 2012 and continuing on each Payment Date thereafter,
Borrower shall deliver to Lender an amount equal to four percent (4%) of Operating Income for all of the Properties for the calendar month that is two (2) months prior to the calendar month in which calculation is being made (the
“FF&E Monthly Installment”). Amounts on deposit in the FF&E Reserve Account shall be disbursed subject to and in accordance with Section 2.11(d)(vi).” 

(l) Section 2.11(d) of the Loan Agreement is hereby amended by adding the following new subsections to such Section 2.11(d):

 “(viii) Operating Expense Account. Provided no Event of Default has occurred and is continuing, funds deposited
into the Operating Expense Account shall be used for Operating Expenses at the Individual Properties pursuant to the Approved Budget then in effect. In accordance with the Cash Collateral Account Agreement, commencing at the commencement of each
Interest Accrual Period, Borrower shall or shall cause an amount to be deposited into the Operating Expenses Account equal to the Operating Expenses applicable to the calendar month in which such commencement date occurs pursuant to the Approved
Budget then in effect. To the extent funds are available in the Operating Expense Account and provided no Event of Default has occurred and is continuing, Lender shall disburse funds on deposit in the Operating Expenses Account to Borrower for such
Operating Expenses one time during each week. Borrower shall use funds disbursed to Borrower from the Operating Expense Account for Operating Expenses in accordance with the Approved Budget or as otherwise approved by Lender. For purposes of
calculating Operating Expenses hereunder, Operating Expenses shall exclude all amounts reserved for in a Reserve Account under the terms of this Agreement and/or the Cash Collateral Account Agreement including, without limitation, in the Tax and
Insurance Reserve Account and the FF&E Reserve Account.” 
 “(ix) Operating Expenses Deficiency Account.
Provided that no Event of Default has occurred and is continuing, to the extent of available cash flow pursuant to the Cash Collateral Account Agreement, Lender shall disburse funds on deposit in the Operating Expenses Deficiency Account to Borrower
on each Payment Date.” 
 “(x) REIT Taxes Reserve Account. Provided no Event of Default has occurred and is
continuing, funds deposited into the REIT Taxes Reserve Account pursuant to the Cash Collateral Account Agreement shall be paid to Borrower on the first Payment Date of each calendar quarter, to be used by Borrower and its Affiliates in connection
with certain REIT distributions and/or taxes.” 

  
 -6-

 “(xi) Amortization Reserve Account. On the first Payment Date following each
calendar quarter commencing in March, 2012 (i.e. on each Payment Date occurring in March, June, September, December) amounts in the Amortization Reserve Account shall be applied to the Principal Indebtedness.” 

“(xii) Additional Capital Expenses Reserve Account. Borrower may, at its discretion, deliver to Lender an amount equal to up
to (but not exceeding) the amount contained in the Additional Capital Expenses Reserve Account. In no event shall the amount deposited into the Additional Capital Expenses Reserve Account for any calendar year exceed, in the aggregate, the
Additional Capital Expenses Cap. Such funds on deposit in the Additional Capital Expenses Reserve Account shall be used for (a) capital expenditures pursuant to any Approved Capital Expense Budget in effect from time to time (subject to the
last sentence of this section, including from a prior year) and not otherwise paid to Borrower in connection with disbursements from the FF&E Reserve Account or (b) capital expenditure not set forth in any Approved Capital Expense Budget
and approved by Lender in its sole discretion. Amounts on deposit in the Additional Capital Expenses Reserve Account shall be disbursed subject to and in accordance with Section 2.11(d)(vi) of the Loan Agreement. Borrower hereby agrees and
acknowledges that in no event shall funds from the Additional Capital Expenses Reserve Account be made available or otherwise paid to Borrower in connection with any capital expenditure work that occurred prior to January 1, 2012.”

 “(xiii) Initial Amortization Reserve Account. On each Payment Date commencing in January, 2012, amounts in the
Initial Amortization Reserve Account shall be applied to the Principal Indebtedness.” 
 (m) Section 2.14(a) of the
Loan Agreement is hereby deleted in its entirety and replaced with the following: 
 “On or before the date of this
Amendment, Borrower shall have obtained, and thereafter shall maintain in effect, the Initial Interest Rate Cap Agreement, which shall have a term which ends no earlier than the end date of the Interest Accrual Period in which the Maturity Date
occurs and have a notional amount equal to the Principal Indebtedness. The Initial Interest Rate Cap Agreement shall have a LIBOR strike rate equal to or less than the Strike Rate.” 

Section 2.14(b)(y) of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 

“(y) a notional amount at least equal to the Principal Indebtedness, and” 

(n) Section 2.15(b) of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 

“(b) With respect to the release of any Individual Property pursuant to this Section 2.15, which release shall be permitted
only in connection with the sale of an Individual Property to an unaffiliated third party in an arm’s-length transaction, Lender shall have received 

  
 -7-

 
a prepayment of the Loan in an amount equal to the greater of (a) 115% of the Allocated Loan Amount for such Individual Property, (b) an amount equal to 100% of the gross sales price
for such Individual Property less customary out-of-pocket closing expenses and commissions actually incurred and paid by the applicable Individual Borrower, as determined by Lender and (c) such other amount, as determined by Lender, which after
giving effect to such prepayment results in a remaining unpaid principal balance of the Loan supporting a minimum Debt Yield at least equal to the greater of (1) 8.0% or (2) the Debt Yield for all of the Properties subject to the Lien of a
Mortgage immediately prior to giving effect to the applicable release (either (a), (b) or (c), as applicable, the “Release Price”), which prepayment shall be accompanied by (i) all accrued and unpaid interest allocable to
the portion of the Principal Indebtedness being prepaid as of the date of such prepayment, (ii) if such prepayment is not made on a Payment Date, the interest which would have accrued thereon through and including the last day of the Interest
Accrual Period in which such prepayment occurs and (iii) any and all other sums due under the Loan Documents in connection with a partial prepayment of the Loan.” 
 (o) Section 2.15 of the Loan Agreement is hereby modified by (i) deleting the word “and” from the end of paragraph (d) thereof, (ii) deleting the “.” at the end of
paragraph (e) thereof and inserting in its place a “; and” and (iii) adding the following as a new paragraph (f) thereto: 
 “(f) Notwithstanding anything to the contrary contained herein or in any other Loan Document, if the Loan is included in a REMIC and the REMIC Loan-to-Value Ratio (as determined by Lender in its sole
discretion using any commercially reasonable method permitted to a REMIC) exceeds or would exceed 125% immediately after the release of the applicable Individual Property, no release will be permitted unless the principal balance of the Loan is
prepaid by an amount not less than the greater of (i) the 115% of the Allocated Loan Amount or (ii) the least of one (1) of the following amounts: (A) only if the released Individual Property is sold, the net proceeds of an
arm’s length sale of the released Individual Property to an unrelated Person, (B) the fair market value of the released Individual Property at the time of the release, or (C) an amount such that the REMIC Loan-to-Value Ratio (as so
determined by Lender) after the release of the applicable Individual Property is not greater than the REMIC Loan-to-Value Ratio of the Properties immediately prior to such release, unless Lender receives an opinion of counsel that, if (ii) is
not followed, the securitization will not fail to maintain its status as a REMIC as a result of the release of the applicable Individual Property.” 
 (p) Section 2.16 of the Loan Agreement is hereby deleted in its entirety and shall be of no further force or effect. 
 (q) Section 2.17 of the Loan Agreement is hereby deleted in its entirety and shall be of no further force or effect. 
 (r) Section 2.18 of the Loan Agreement is hereby deleted in its entirety and shall be of no further force or effect. 

  
 -8-

 (s) Section 5.1(o)(10) of the Loan Agreement is hereby deleted in its entirety and
replaced with the following: 
 “Borrower and/or Operating Lessee shall prepare a separate capital budget and operating
budget for the Properties. Each Borrower and/or Operating Lessee shall submit to Lender on or before December 1 of each year true, complete and accurate copies of such Borrower’s or Operating Lessee’s draft annual capital budget and
Lessee’s draft operating budget for the following calendar year, each of which capital budget and operating budget shall be subject to Lender’s written approval, such approval not to be unreasonably withheld, conditioned or delayed. An
approved budget for Operating Expenses shall be referred to herein as an Approved Budget and an approved budget for capital expenses shall be referred to herein as an Approved Capital Expenses Budget. Until such time that Lender approves a proposed
capital budget and/or operating budget, (a) with respect to Operating Expenses the most recent Approved Budget, shall apply; provided that, each line item of such previously Approved Budget that apply shall be increased by five percent
(5%) (other than the line items in respect of taxes, insurance premiums, union wages and utilities expenses, which line items shall be adjusted to reflect actual increases in such actual expenses for the applicable month) and (b) with
respect to capital expenses, the most recent Approved Capital Expense Budget shall apply. Provided no Event of Default has occurred and is continuing, Borrower and/or Operating Lessee shall have the right during any calendar year to propose changes
to the Approved Budget and/or the Approved Capital Expenses Budget then in effect, which changes shall be subject to Lender’s review and approval in its sole but commercially reasonable discretion. Lender acknowledges that amounts which are
required to be reserved in the FF&E Reserve Account may be aggregated for purposes of any proposal for, or approval of, the Approved Capital Expenses Budget and may reflect that amounts paid out of the FF&E Account may be paid from such
aggregate amount.” 
 (t) Section 8.24 of the Loan Agreement is hereby amended by adding the following provision to
the end of such Section 8.24: 
 “At the option of Lender, the Loan may be serviced by a servicer/trustee (the
“Servicer”) selected by Lender and Lender may delegate all or any portion of its responsibilities under this Agreement and the other Loan Documents to the Servicer pursuant to a servicing agreement (the “Servicing
Agreement”) between Lender and Servicer. Borrower shall promptly reimburse Lender on demand for, whether accrued before or after the date of the Amendment, (a) interest payable on advances made by Servicer with respect to delinquent
debt service payments or expenses paid by Servicer or trustee in respect of the protection and preservation of the Properties (including, without limitation, payments of taxes and insurance premiums) and (b) all costs and expenses, and
customary liquidation fees, workout fees, special servicing fees, operating advisor fees or any other similar fees payable by Lender to Servicer: (1) as a result of an Event of Default under the Loan or the Loan becoming specially serviced, an
enforcement, refinancing or restructuring of the credit arrangements provided under this Agreement in the nature of a “work-out” of the Loan Documents or of any insolvency or bankruptcy proceeding; (2) any customary liquidation fees,
workout fees, special servicing fees, operating advisor fees or any other similar fees that are due and payable to Servicer under any Servicing Agreement or the trustee, which fees may be due and payable under the Servicing Agreement on a periodic
or continuing basis; (3) the costs of all property inspections and/or appraisals of the Properties (or any updates to any existing inspection or appraisal) that Servicer or the trustee may be required to obtain, but not more than one
(1) inspection or appraisal per Individual Property in any twelve (12) month period; or (4) any special requests made by Borrower or Guarantor during the term of the Loan including, without limitation, in connection with a prepayment,
extension, assumption or modification of the Loan.” 

  
 -9-

 3. Amendments to Cash Collateral Account Agreement. 

Article I of the Cash Collateral Account Agreement is hereby amended by deleting the definition “Cash Management Period” in its
entirety and replacing it with the following: 
 “Cash Management Period” shall mean the period commencing on
the date of the Amendment and continuing through the indefeasible payment in full of the Indebtedness.” 
 (u) Article I of
the Cash Collateral Account Agreement is hereby amended by deleting the definition “Sub-Accounts” in its entirety and replacing it with the following: 
 “Sub-Accounts” means, collectively, the Tax and Insurance Reserve Account, the Operating Expenses Account, the Additional Capital Expenses Reserve Account, the Initial Amortization
Account, the Operating Expenses Deficiency Account, the FF&E Reserve Account, the REIT Taxes Reserve Account, the Amortization Reserve Account and any and all similar accounts or subaccounts established pursuant to the Loan Documents.”

 (v) Section 3.1 of the Cash Collateral Account Agreement is hereby deleted in its entirety and replaced with the
following: 
 “Section 3.1 Monthly Funding of Sub-Accounts. On each Business Day, Lender shall allocate all funds on
deposit in the Cash Collateral Account in the following priority: 
 (a) first, to the Tax and Insurance Reserve Account,
until an amount equal to the Tax and Insurance Monthly Installment due on the next Payment Date has been allocated thereto; 

(b) second, to Lender, until an amount equal to the amount of interest on the Principal Balance due and payable by Borrower on the
next Payment Date has been allocated thereto; 
 (c) third, to Lender, until an amount equal to the amount of any
interest due and payable at the Default Rate (less amounts already paid thereof pursuant to clause (b) above), late payment charges and any other amounts due under the Loan Documents with respect to the Indebtedness; 

(d) fourth, to the Operating Expenses Account, until an amount equal to the amount required to be deposited in the Operating
Expenses Account pursuant to Section 2.11(d)(viii) of the Loan Agreement has been allocated thereto; 
 (e) fifth,
to the FF&E Reserve Account until an amount equal to the FF&E Monthly Installment next due on the next Payment Date has been allocated thereto; 
 (f) sixth, to the Initial Amortization Reserve Account, an amount equal to the sum of (i) the Initial Amortization Reserve Monthly Amount for the then current Interest Accrual

  
 -10-

 
Period and (ii) all arrearages, if any, for shortfalls in the payment of the Initial Amortization Reserve Monthly Amount from any prior Interest Accrual Period as a result of insufficient
cash flow or otherwise; provided that in no event shall the aggregate amount of all deposits for the time period pursuant to the applicable Initial Amortization Cap exceed the Initial Amortization Cap; 

(g) seventh, provided no Event of Default has occurred and is continuing, an amount equal to all or any portion of any Operating
Expenses Deficiency Amount not previously paid to Borrower; 
 (h) eighth, to the Initial Amortization Reserve Account,
any amounts remaining after deposits for items (a) through (g) of this Section 3.1 until such time, if any, as amounts equal to the then effective Initial Amortization Cap (taking into accounts the aggregate amount of all deposits for
the time period pursuant to the then applicable Initial Amortization Cap) have been deposited into the Initial Amortization Reserve Account; 
 (i) ninth, provided no Event of Default has occurred, any amounts remaining after deposits for items (a) through (h) of this Section 3.1 until such time, if any, as amounts equal to
the Additional Capital Expenses Reserve Cap for the then current calendar year (taking into account the aggregate amount of all deposits for the then current calendar year) have been deposited into the Additional Capital Expenses Reserve Account;
provided that, Borrower may, at its discretion, decrease or prorate the amount of any monthly deposit into the Additional Capital Expenses Reserve Account; 
 (j) tenth, provided no Event of Default has occurred and is continuing, and solely to the extent of available cash, commencing on the Payment Date occurring in January, 2012, to the REIT Taxes
Reserve Account in an amount equal to the sum of (A) the product of fifteen percent (15%) multiplied by any amounts remaining after the deposits for items (a) through (i) of this Section 3.1 and (B) an additional amount
not to exceed fifteen percent (15%) (in the aggregate), of the total amounts deposited into the Initial Amortization Reserve Account; and 
 (k) eleventh, to the Amortization Reserve Account, any amounts remaining after the deposits for items (a) through (j) of this Section 3.1.” 

4. Up Front Principal Repayment. On or before the date hereof, Borrower shall have paid to Lender an amount equal to Twenty Five
Million and No/100 Dollars ($25,000,000.00), which amount shall be applied to the Principal Indebtedness. 
 5. Upfront
Fee. On or before the date hereof, Borrower shall have paid to Lender an upfront fee in an amount equal to Eight Hundred Ninety Two Thousand and No/100 Dollars ($892,000.00). 

6. Special Servicing Fee. On or before the date hereof, Borrower shall have paid to Lender a special servicing fee in an amount
equal to One Million Seventeen Thousand and No/100 Dollars ($1,017,000.00). 
 7. Reaffirmation of Guaranties. In
connection with this Amendment, Guarantor hereby: 
 (a) consents to and acknowledges this Amendment and
acknowledges and agrees that this Amendment shall not impair, reduce or adversely affect the nature of the obligations of each Guarantor under the Guaranty of Recourse Obligations, the Completion Guaranty and/or the Environmental Guaranty
(collectively, the “Guaranty”); 

  
 -11-

 (b) warrants and represents that there are no defenses, offsets or
counterclaims with respect to its obligations under the Guaranty; 
 (c) acknowledges that the Guaranty and the
obligations of each Guarantor contained in the Guaranty are continuing and in full force and effect; and 
 (d)
hereby reaffirms the Guaranty and its obligations thereunder and acknowledges that this reaffirmation of the Guaranty is for the benefit of Lender. 
 8. Representations by Borrower. Borrower represents and warrants to Lender that (before and after giving effect to this Amendment): 

Each of Borrower and Guarantor has the power and authority and the legal right, to make, deliver and perform this Amendment and has taken
all necessary limited partnership, limited liability company or other action to authorize the execution, delivery and performance of this Amendment. No consent or authorization of, filing with, notice to or other act by or in respect of, any
Governmental Authority or any other Person is required in connection with the consummation of this Amendment or the execution, delivery, performance, validity or enforceability of this Amendment which has not been obtained. This Amendment has been
duly executed and delivered on behalf of each of Borrower and Guarantor. This Amendment constitutes a legal, valid and binding obligation of Borrower and of each Guarantor, enforceable against Borrower and each Guarantor in accordance with its
terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is
sought by proceedings in equity or at law) 
 The execution, delivery and performance of this Amendment will not violate any
Legal Requirements or conflict with, result in a breach of, or constitute a default under, any of the terms, conditions or provisions of any of Borrower’s or each Guarantor’s organizational documents or any agreement or instrument to which
Borrower and/or each Guarantor is a party or by which it is bound, or any order or decree applicable to Borrower and/or each Guarantor, or result in the creation or imposition of any lien on any of Borrower’s and/or each Guarantor’s assets
or property (other than pursuant to the Loan Documents). 
 There are no judicial, administrative actions, investigations, suits
or other proceedings, including, without limitation, any condemnation or eminent domain proceedings, pending or threatened against or affecting Borrower, Guarantor or any Individual Property which, if adversely determined, could have a material
adverse effect on the Borrower, Guarantor or the Property, other than unfair labor practice allegations filed by UNITE HERE! Local 878 against the Sheraton Anchorage Hotel in connection with an impasse in the negotiations of a new collective
bargaining agreement and the withdrawal of recognition of the union by a majority of employees in May of 2010, and the pending NLRB administrative law proceedings and 

  
 -12-

 
anticipated appeals in connection therewith, (ii) the Property is in good operating condition and repair (ordinary wear and tear excepted) and Borrower has not received any notice from a
Governmental Authority claiming or asserting that any Individual Property does not comply in all material respects with all Legal Requirements, which notice has not been complied with, and (iii) all real estate taxes (and assessments) affecting
each Individual Property are current and all insurance required to be maintained in respect of the Individual Properties is in full force and effect. 
 Each of the representations and warranties made by Borrower and/or each Guarantor herein is true and correct in all material respects on and as of the date hereof as if made on and as of such date and
will survive the execution and delivery of and consummation of all transactions under this Amendment. 
 No Event of Default,
has occurred and is continuing, or will result from the consummation of the transactions contemplated by this Amendment. 
 9.
Costs and Expenses. Contemporaneously with the execution and delivery hereof, Borrower shall pay, or cause to be paid, all reasonable costs and expenses of Lender (a) incident to the preparation and execution of this Amendment and the
consummation of the transactions contemplated hereby, including, but not limited to, attorney’s fees and expenses and (b) all additional unpaid attorney’s fees and expenses relating to Lender’s administration of the Loan. Lender
and Borrower each acknowledges and agrees that all such costs and expenses shall be paid from amounts on deposit as of the date hereof in the Tax and Insurance Escrow Account. 
 10. Limited Effect. 
 Except as expressly modified hereby, all of the terms
and provisions of the Loan Documents are and shall be and remain in full force and effect. The amendments contained herein shall not be construed as an amendment, waiver, or modification of any other provision of the Loan Documents, or forbearance
of exercise of remedies thereunder, or for any purpose except as expressly set forth herein. 
 (w) Notwithstanding any
provision in any of the Loan Documents to the contrary, the provisions in this Amendment shall apply from and after the date hereof until such time as the Indebtedness is indefeasibly paid in full or the same is further modified pursuant to
Section 21 hereof. This Amendment shall be a “Loan Document” for all purposes under the Loan Agreement. 
 11.
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 (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. 
 12. References to Loan Agreement. All references in the Loan Documents to the Loan Agreement and the Cash Collateral Account Agreement shall mean the Loan Agreement and the Cash Collateral Account
Agreement as hereby modified. 

  
 -13-

 13. Counterparts. This Amendment may be executed by one or more of the parties to
this Amendment on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Amendment by facsimile or electronic mail
transmission shall be effective as delivery of a manually executed counterpart hereof. 
 14. Notices. Any notices under
this Amendment shall be given in accordance with the Loan Agreement or with respect to Guarantor, in accordance with the Guaranty. Guarantor hereby acknowledges and agrees that any notices so given shall be effective as against Guarantor for all
purposes under the laws of the State of New York. 
 15. No Partnership, Joint Venture or Agency. This Amendment shall
not in any respect be interpreted, deemed or construed as making Lender a partner or joint venturer with Borrower or Guarantor or any one or more of them, nor shall it be interpreted, deemed or construed as making Lender the agent or representative
of Borrower and/or Guarantor. Each of Borrower and Guarantor agrees not to make any contrary assertion, contention, claim or counterclaim in any action, suit, or other legal proceeding involving Lender. In no event shall Lender be liable for debts
or claims accruing or arising against Borrower. The relationship of Lender to Borrower is that, respectively, of “lender” and “borrower.” 
 16. No Fiduciary Relationship. Neither the terms, covenants and conditions of this Amendment, nor the entering into of this Amendment, shall, in and of itself, create any fiduciary or special
relationship between Lender, on the one hand, and Borrower and/or Guarantor, on the other hand. 
 17. Time of the
Essence. Time is of the essence with respect to the obligations of the parties hereto. 
 18. Independent Counsel.
Each party hereto has been represented by independent legal counsel of its choice in connection with this Amendment, has reviewed this Amendment with such counsel, understands the agreements contained herein and has agreed to execute and deliver
this Amendment as its own free act and deed without duress, and that this Amendment shall not be subject to the principle of construing its meaning against the party which drafted same. 

19. Construction of Agreement. No representations or warranties have been made by or on behalf of Lender, Borrower and/or
Guarantor, or relied upon by Borrower, Guarantor or Lender, pertaining to the subject matter of this Amendment, other than those in this Amendment. All prior statements, representations and warranties, if any, are superseded and merged into this
Amendment, which represents the final and sole agreement of the parties with respect to the matters described in this Amendment. All of the terms of this Amendment were negotiated at arm’s length, and were prepared and executed without fraud,
duress, undue influence or coercion of any kind exerted by any of the parties upon the others. The execution and delivery of this Amendment is the free and voluntary act of each of Borrower, Guarantor and Lender. 

  
 -14-

 20. Successors and Assigns. This Amendment shall inure to the benefit of and be
binding upon Borrower, Lender and their respective successors and permitted assigns. 
 21. No Further Modification. No
further modification, amendment, extension, discharge, termination or waiver of any provision of this Amendment, the Loan Agreement or of any other Loan Document, 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. 
 22. Severability. Wherever possible, each provision of this Amendment shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Amendment
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 Amendment.

 [SIGNATURES CONTINUED ON THE NEXT PAGE] 

  
 -15-

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

							
	BORROWER:
		
		 	ASHFORD PHILLY LP
				
		 		 	By:	 	Ashford Philly GP LLC,
		 		 		 	 a Delaware limited liability company,
 its general partner

				
		 		 	By:	 	  

		 		 		 	David A. Brooks
		 		 		 	Vice President and Secretary
		
		 	ASHFORD ANCHORAGE LP
				
		 		 	By:	 	Ashford Anchorage GP LLC,
		 		 		 	 a Delaware limited liability company,
 its general partner

			
		 	By:	 	  

		 		 		 	David A. Brooks
		 		 		 	Vice President and Secretary
		
		 	ASHFORD MINNEAPOLIS AIRPORT LP
				
		 		 	By:	 	Ashford Minneapolis Airport GP LLC,
		 		 		 	 a Delaware limited liability company,
 its general partner

				
		 		 	By:	 	  

		 		 		 	David A. Brooks
		 		 		 	Vice President and Secretary

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

					
	ASHFORD MV SAN DIEGO LP
			
		 	By:	 	Ashford MV San Diego GP LLC
		 		 	a Delaware limited liability company,
		 		 	its general partner
			
		 	By:	 	  

		 		 	David A. Brooks
		 		 	Vice President and Secretary
	
	ASHFORD WALNUT CREEK LP
			
		 	By:	 	Ashford Walnut Creek GP LLC,
		 		 	a Delaware limited liability company,
		 		 	its general partner
			
		 	By:	 	  

		 		 	David A. Brooks
		 		 	Vice President and Secretary

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

			
	LENDER:
	
	BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES TRUST 2007-BBA8
		
	By:	 	GSREA, LLC, its attorney in fact
		
	By	 	  

		 	Name:
		 	Title:
	
	Acknowledged and agreed to:
	
	GSREA, LLC, as Special Servicer
		
	By:	 	  

		 	Name:
		 	Title:

 [SIGNATURES CONTINUE ON FOLLOWING PAGE] 

 Each of the undersigned hereby acknowledges and consents to the extension of the Maturity Date and amendment
of the Loan Agreement pursuant to this Maturity Date Extension, Amendment to Loan Documents and Reaffirmation Agreement, and each agrees that the liability of the undersigned under the Guaranty of Recourse Obligations, the Completion Guaranty and
the Environmental Guaranty shall not be affected as a result of this Maturity Date Extension, Amendment to Loan Documents and Reaffirmation Agreement, and hereby ratifies each of the Guaranty of Recourse Obligations, the Completion Guaranty and the
Environmental Guaranty in all respects and confirms that each of the Guaranty of Recourse Obligations, the Completion Guaranty and the Environmental Guaranty is and shall remain in full force and effect. 

Accepted and agreed: 
  

					
	ASHFORD HOSPITALITY LIMITED PARTNERSHIP, a Delaware limited partnership
		
	By:	 	Ashford OP General Partner LLC
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

 EXHIBIT D 

SCHEDULE OF ALLOCATED LOAN AMOUNTS 
  

					
	 PROPERTY
	  	ALLOCATED LOAN AMOUNT	 
		
	 Minneapolis
	  	$	56,000,000	  
		
	 Walnut Creek
	  	$	30,000,000	  
		
	 San Diego/Mission Valley
	  	$	26,400,000	  
		
	 Philadelphia
	  	$	34,000,000	  
		
	 Anchorage
	  	$	32,000,000

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