Document:

Exhibit

Exhibit 10.25

Berkadia Loan No. 01-0085683 & 01-0086643
AGREEMENT TO RELEASE LOAN GUARANTOR 
AND REAFFIRMATION

THIS AGREEMENT TO RELEASE LOAN GUARANTOR AND REAFFIRMATION (this “Agreement”) is entered into this 2nd day of December, 2015 (the “Effective Date”), by and among ARC HOSPITALITY PORTFOLIO I OWNER, LLC, a Delaware limited liability company, ARC HOSPITALITY PORTFOLIO I BHGL OWNER, LLC, a Delaware limited liability company, ARC HOSPITALITY PORTFOLIO I PXGL OWNER, LLC, a Delaware limited liability company, ARC HOSPITALITY PORTFOLIO I GBGL OWNER, LLC, a Delaware limited liability company, ARC HOSPITALITY PORTFOLIO I NFGL OWNER, LLC, a Delaware limited liability company, ARC HOSPITALITY PORTFOLIO I MBGL 1000 OWNER, LLC, a Delaware limited liability company, ARC HOSPITALITY PORTFOLIO I MBGL 950 OWNER, LLC, a Delaware limited liability company, ARC HOSPITALITY PORTFOLIO I NTC OWNER, LP, a Delaware limited partnership, ARC HOSPITALITY PORTFOLIO I DLGL OWNER, LP, a Delaware limited partnership, and ARC HOSPITALITY PORTFOLIO I SAGL OWNER, LP, a Delaware limited partnership, each having an office at c/o American Realty Capital, 405 Park Avenue, New York, New York 10022 (each a “Borrower”, and together with their respective permitted successors and assigns, collectively, “Borrowers”), AMERICAN REALTY CAPITAL HOSPITALITY OPERATING PARTNERSHIP, L.P., a Delaware limited partnership, and AMERICAN REALTY CAPITAL HOSPITALITY TRUST, INC., a Maryland corporation,  each having an office at c/o American Realty Capital, 405 Park Avenue, New York, New York 10022 (each a “Remaining Guarantor”, and collectively, “Remaining Guarantors”), WHITEHALL STREET GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007, a Delaware limited partnership, and WHITEHALL PARALLEL GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007, a Delaware limited partnership, each having an office at c/o Goldman, Sachs & Co., 200 West Street, New York, NY 10282 (each a “Release Guarantor”, and collectively, “Release Guarantors”; and together with the Remaining Guarantors, each a “Loan Guarantor”, and collectively, “Loan Guarantors”), in favor of U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE FOR THE REGISTERED HOLDERS OF EQTY 2014-INNS MORTGAGE TRUST, COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, having an office at c/o Berkadia Commercial Mortgage LLC, 323 Norristown Road, Suite 300, Ambler, Pennsylvania 19002 (together with its successors and/or assigns, “Lender”).

RECITALS

A.    German American Capital Corporation, a Maryland corporation (“Original Lender”), predecessor-in-interest to Lender, made a mortgage loan to W2007 Equity Inns Realty, LLC, a Delaware limited liability company (“LLC Original Borrower”), and W2007 Equity Inns Realty, L.P., a Delaware limited partnership (“LP Original Borrower”; LLC Original Borrower and LP Original Borrower are individually and collectively, as the context may require, referred to as “Original Borrower”), in the aggregate original principal amount of $865,000,000.00, which mortgage loan is evidenced by that certain (i) Promissory Note A-1, dated April 11, 2014 (together with all addenda, modifications, amendments, riders, exhibits and supplements thereto, the “A-1 Note”), from Original Borrower in the original principal amount of $519,000,000.00 (the “A-1 Loan”), and (ii) Promissory Note A-2, dated April 11, 2014 (together with all addenda, modifications, amendments, riders, exhibits and supplements thereto, the “A-2 Note” and together with the A-1 Note, the “Note”), from Original Borrower in the original principal amount of $346,000,000.00 (the “A-2 Loan” and together with the A-1 Loan, the “Loan”).  The Loan is further evidenced by that certain Loan Agreement, dated as of April 11, 2014, as amended by that certain First Amendment to Loan Agreement, dated as of June 18, 2014 (collectively, and together with all addenda, modifications, amendments, riders, exhibits and supplements thereto, the “Loan Agreement”), by and between Original Borrower and Original Lender, and secured by those certain mortgages, deeds of trust, or deeds to secure debt as described in the Loan Agreement, each as may be amended by the Assumption Agreement (as defined below) (such mortgages, deeds of trust, and deeds to secure debt, together with all addenda, modifications, amendments, riders, exhibits and supplements thereto, are collectively referred to herein as the “Security Instrument”).

B.    The Loan and the obligations thereunder were assumed by Borrowers from Original Borrower pursuant to that certain Assumption and Release Agreement, dated as of February 27, 2015 (the “Assumption Agreement”), by and among Borrowers, Original Borrower, Loan Guarantors, Lender and other parties.   

C.    Concurrently with the execution and delivery of the Assumption Agreement, Borrowers and/or Loan Guarantors executed and delivered for the benefit of Lender that certain (i) Guaranty of Recourse Obligations, dated as of February 27, 2015 (the “Guaranty”), and (ii) Environmental Indemnity Agreement, dated as of February 27, 2015 (the “Environmental Indemnity Agreement”).  The Note, the Loan Agreement, the Security Instrument, the Assumption Agreement, the Guaranty Agreement and the Environmental Indemnity Agreement, together with all other documents evidencing, securing or otherwise pertaining to the Loan, and such other agreements and documents as Lender may reasonably require, are hereinafter referred to collectively as the “Loan Documents”, and individually as a “Loan Document”. 

D.     Pursuant to Section 7.2(h) of the Loan Agreement and subject to the conditions set forth therein, Borrowers and Loan Guarantors have requested that Lender consent to the replacement of Loan Guarantors with Remaining Guarantors by releasing Release Guarantors from their respective obligations under the Guaranty and Environmental Indemnity Agreement as more particularly set forth herein.

E.    Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Loan Documents.

        
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Berkadia Loan No. 01-0085683 & 01-0086643

CONTRACTUAL PROVISIONS

NOW, THEREFORE, in consideration of the Recitals, which are incorporated herein, as if set forth below in full, and the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.    Limited Release of Release Guarantors; Reaffirmation of Release Guarantors.

(a)    Lender hereby forever releases each Release Guarantor from any further liability under the Guaranty and the Environmental Indemnity Agreement arising from any circumstance, condition, action or event first occurring after the Effective Date to the extent the same is not caused by Release Guarantors; provided, however, that Release Guarantors shall remain liable under the Guaranty and Environmental Indemnity Agreement for any obligation thereunder arising from any action or event occurring prior to the Effective Date.  Lender hereby reserves all rights it may have against Release Guarantors for any circumstance, condition, action or event caused by Release Guarantors, in each case, arising or occurring prior to the Effective Date.

(b)    The release of Release Guarantors provided for in Section 1(a) above shall be deemed withdrawn and shall have no effect to the extent that any representation or warranty by Release Guarantors made in connection with this Agreement is false or misleading in any material respect when made.  In all cases, Release Guarantors shall bear the burden of proof on the issue of the time at which an act or event first occurred or an obligation first arose, which is the subject of claimed liability under any of the Loan Documents.  

(c)    Notwithstanding anything to the contrary contained herein, and subject to the release contained in Section 1(a) hereof, Release Guarantors do hereby ratify and confirm their respective obligations under the Guaranty and Environmental Indemnity Agreement to the extent arising or resulting from acts or omissions of or events caused by Release Guarantors, in each case, arising or occurring prior to the Effective Date.

2.    Ratification and Confirmation of Borrowers and Remaining Guarantors. Each Borrower and each Remaining Guarantor hereby ratifies and confirms its respective obligations under the Loan Documents to which it is party.    

3.    No Event of Default. 

(a)    Each Borrower represents and warrants to Berkadia and Lender as of the Effective Date that there is no Event of Default or, to Borrower’s knowledge, an event which with the passage of time or the giving of notice, or both, would constitute an Event of Default under the Loan Documents to which Borrower is a party.

        
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Berkadia Loan No. 01-0085683 & 01-0086643

(b)    Each Remaining Guarantor represents and warrants to Berkadia and Lender as of the Effective Date that there is no Event of Default or, to Remaining Guarantor’s knowledge, an event which with the passage of time or the giving of notice, or both, would constitute an Event of Default under the Loan Documents to which Remaining Guarantor is a party.
(c)    Each Release Guarantor represents and warrants to Berkadia and Lender as of the Effective Date that there is no Event of Default under the Loan Documents to which Release Guarantor is a party.

4.    Costs and Expenses.  Concurrently with the execution and delivery of this Agreement, Borrowers and/or Loan Guarantors has paid, or cause to be paid, all reasonable, outstanding out-of-pocket costs and expenses, if any, including, without limitation, all reasonable attorneys’ fees, incurred by Lender and Berkadia arising out of the preparation and execution of this Agreement. 
5.    Binding Effect. This Agreement shall be binding upon the parties and their respective heirs, executors, administrators, successors, permitted assigns and representatives. 
6.    Modifications. No change or modification of this Agreement shall be valid unless the same is in writing and signed by all parties hereto. 
7.    Complete Agreement. This Agreement and the Loan Documents represent the complete agreement among the parties with regard to the items set forth herein, and there are no representations, covenants, warranties, agreements or conditions, oral or written, between the parties not set forth in this Agreement and the Loan Documents. 
8.    Headings. Section, paragraph or other headings contained in this Agreement are for reference purposes only and are not intended to affect in any way the meaning or interpretation of this Agreement. 
9.    Counterparts. This Agreement may be executed in any number of counterparts, each of which when taken together shall be deemed an original constituting one and the same document.
10.    Choice of Law.  The validity and enforcement of this Agreement and the other Loan Documents, to the extent they involve the creation, perfection, assignment, modification and enforcement of liens and security interests against property located in the state, commonwealth or district in which the Properties are located, are intended to be governed by the laws of the state, commonwealth or district in which the Properties are located.  All other aspects of the transaction contemplated by this Agreement and the indebtedness evidenced by the Note, and the Loan Documents shall be governed by and construed in accordance with the laws of the State of New York pursuant to Section 5-1401 of the New York General Obligations Law.  

        
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Berkadia Loan No. 01-0085683 & 01-0086643

[Signatures appear on next page.]

        
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Berkadia Loan No. 01-0085683 & 01-0086643

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

BORROWERS:

ARC HOSPITALITY PORTFOLIO I OWNER, LLC, a 
Delaware limited liability company

By: /s/ Paul C. Hughes________________________
Name: Paul C. Hughes
Title: Authorized Signatory

ARC HOSPITALITY PORTFOLIO I BHGL OWNER, LLC, a Delaware limited liability company

By: /s/ Paul C. Hughes________________________
Name: Paul C. Hughes
Title: Authorized Signatory

ARC HOSPITALITY PORTFOLIO I PXGL OWNER, LLC, a Delaware limited liability company

By: /s/ Paul C. Hughes________________________
Name: Paul C. Hughes
Title: Authorized Signatory

ARC HOSPITALITY PORTFOLIO I GBGL OWNER, LLC, a Delaware limited liability company

By: /s/ Paul C. Hughes________________________
Name: Paul C. Hughes
Title: Authorized Signatory

[SIGNATURES CONTINUE ON NEXT PAGE]

        
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Berkadia Loan No. 01-0085683 & 01-0086643

ARC HOSPITALITY PORTFOLIO I NFGL OWNER, LLC, a Delaware limited liability company

By: /s/ Paul C. Hughes________________________
Name: Paul C. Hughes
Title: Authorized Signatory

ARC HOSPITALITY PORTFOLIO I MBGL 1000 OWNER, LLC, a Delaware limited liability company

By: /s/ Paul C. Hughes________________________
Name: Paul C. Hughes
Title: Authorized Signatory

ARC HOSPITALITY PORTFOLIO I MBGL 950 OWNER, LLC, a Delaware limited liability company

By: /s/ Paul C. Hughes________________________
Name: Paul C. Hughes
Title: Authorized Signatory

ARC HOSPITALITY PORTFOLIO I NTC OWNER, LP, a Delaware limited partnership

By:     ARC Hospitality Portfolio I NTC Owner GP,
LLC, its general partner

By: /s/ Paul C. Hughes________________________
Name: Paul C. Hughes
Title: Authorized Signatory

ARC HOSPITALITY PORTFOLIO I DLGL OWNER, LP, a Delaware limited partnership

By:     ARC Hospitality Portfolio I NTC Owner GP,
LLC, its general partner

By: /s/ Paul C. Hughes________________________
Name: Paul C. Hughes
Title: Authorized Signatory

[SIGNATURES CONTINUE ON NEXT PAGE]

        
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Berkadia Loan No. 01-0085683 & 01-0086643

ARC HOSPITALITY PORTFOLIO I SAGL OWNER, LP, a Delaware limited partnership

By:     ARC Hospitality Portfolio I NTC Owner GP,
LLC, its general partner

By: /s/ Paul C. Hughes________________________
Name: Paul C. Hughes
Title: Authorized Signatory

[SIGNATURES CONTINUE ON NEXT PAGE]

        
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Berkadia Loan No. 01-0085683 & 01-0086643

REMAINING GUARANTORS:

AMERICAN REALTY CAPITAL HOSPITALITY OPERATING PARTNERSHIP, L.P., a Delaware limited partnership

		
	By:
	American Realty Capital Hospitality Trust, Inc., a Maryland corporation, its general partner

By: /s/ Paul C. Hughes________________________
Name: Paul C. Hughes
Title: Authorized Signatory

AMERICAN REALTY CAPITAL HOSPITALITY TRUST, INC., a Maryland corporation

By: /s/ Paul C. Hughes________________________
Name: Paul C. Hughes
Title: Authorized Signatory

[SIGNATURES CONTINUE ON NEXT PAGE]

        
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Berkadia Loan No. 01-0085683 & 01-0086643

RELEASE GUARANTORS: 

WHITEHALL STREET GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007, 
a Delaware limited partnership

By:    WH Advisors, L.L.C. 2007,
a Delaware limited liability company 
Its: General Partner

By: /s/ Thomas Ferguson    
Name:  Thomas Ferguson 
Title:   Vice President

WHITEHALL PARALLEL GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007, 
a Delaware limited partnership

By:    WH Parallel Advisors, L.L.C. 2007,
a Delaware limited liability company 
Its: General Partner

By: /s/ Thomas Ferguson    
Name:  Thomas Ferguson 
Title:   Vice President

[SIGNATURES CONTINUE ON NEXT PAGE]

        
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Berkadia Loan No. 01-0085683 & 01-0086643

LENDER:

U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE FOR THE REGISTERED HOLDERS OF EQTY 2014-INNS MORTGAGE TRUST, COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES

By:    KeyBank National Association

Its:     Master Servicer

By:    Berkadia Commercial Mortgage LLC, a Delaware limited liability company

Its:    Subservicer 
            

By: /s/ Gary A. Routzahn        
Name: Gary A. Routzahn
Title:    Authorized Representative

        
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Berkadia Loan No. 01-0085683 & 01-0086643Exhibit

Exhibit 10.34

RELEASE
(POOL I)
RELEASE (“Release”) dated as of December 2nd, 2015 from W2007 Equity Inns Senior Mezz, LLC (the “Class A Member”), Whitehall Street Global Real Estate Limited Partnership 2007, a Delaware limited partnership (“Whitehall Street”), Whitehall Parallel Global Real Estate Limited Partnership 2007, a Delaware limited partnership (“Whitehall Parallel”, and together with Whitehall Street, “Whitehall”), and each of the seller parties (“Sellers”) listed on Schedule 1A to that certain Amended and Restated Real Estate Sale Agreement, dated as of November 11, 2014 (as amended, modified or supplemented from time to time, the “Sale Agreement”), by and between Sellers and each of the purchasers listed on Schedule 1B to the Sale Agreement, in favor of Nicholas S. Schorsch (“NSS”), William M. Kahane (“WMK”), Edward M. Weil (“EMW”), and Peter M. Budko (“PMB” and collectively with NSS, WMK and EMW, the “ARC Individual Guarantors”). Capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Letter Agreement (as defined below).
WITNESSETH:
WHEREAS, pursuant to that certain letter agreement dated as of December 2nd, 2015 (the “Letter Agreement”), between the Class A Member, the Class B Member, the REIT and ARC OP, the Class B Member has obtained the release and discharge of Whitehall Street Global Real Estate Limited Partnership 2007 and Whitehall Parallel Global Real Estate Limited Partnership 2007 (collectively, the “Whitehall Guarantors”) from their obligations under (i) that certain Guaranty of Recourse Obligations dated as of February 27, 2015 by ARC OP, the REIT and the Whitehall Guarantors for the benefit of U.S. Bank National Association, as Trustee for the Registered Holders of Eqty 2014-Inns Mortgage Trust, Commercial Mortgage Pass-Through Certificates (the “Mortgage Loan Lender”), (ii) that certain Guaranty of Recourse Obligations dated as of February 27, 2015 by ARC OP, the REIT and the Whitehall Guarantors for the benefit of U.S. Bank National Association, as Trustee for the Registered Holders of Eqty 2014-Mz Mezzanine Trust, Commercial Mezzanine Pass-Through Certificates (the “Mezzanine Loan Lender”), (iii) that certain Environmental Indemnity Agreement dated as of February 27, 2015 by various direct or indirect subsidiaries of ARC OP, ARC OP, the REIT and the Whitehall Guarantors for the benefit of the Mortgage Loan Lender, and (iv) that certain Environmental Indemnity Agreement dated as of February 27, 2015 by various direct or indirect subsidiaries of ARC OP, ARC OP the REIT and the Whitehall Guarantors for the benefit of the Mezzanine Loan Lender (documents (i) through (iv), the “Pool I Debt Guarantees”) on the terms and conditions set forth in the Letter Agreement; 
WHEREAS, on the terms and conditions set forth in the Letter Agreement, the undersigned has agreed to release and discharge the ARC Individual Guarantors from their obligations under certain other agreements made by the ARC Individual Guarantors for the benefit of the undersigned; 

1

NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and upon the terms and conditions set forth in this Release and the Letter Agreement, the undersigned hereby states as follows:
Release of ARC Individual Guarantors. In connection with the release of the Whitehall Guarantors from the Pool I Debt Guarantees and pursuant to the  Letter Agreement, the undersigned hereby release and discharge the ARC Individual Guarantors from their obligations under: (i) that certain Supplemental Agreement dated as of February 27, 2015 by and among various direct or indirect subsidiaries of ARC OP, ARC OP, the REIT, the ARC Individual Guarantors, the Whitehall Guarantors and various affiliates of the Whitehall Guarantors, (ii) the Pool I Mandatory Redemption Guaranty, (iii) the Pool I Bad Boy Guaranty, and (iv)  that certain Environmental Indemnity Agreement dated as of February 27, 2015 by ARC OP, the REIT and the ARC Individual Guarantors (Pool I) in favor of the undersigned.
Further Assurances. The undersigned hereby agree, at the reasonable request of the ARC Individual Guarantors, to duly execute, acknowledge, procure and deliver any further documents and to do such other acts as may be reasonably necessary to effect the release of the ARC Individual Guarantors as contemplated hereby at the sole cost and expense of the ARC Individual Guarantors.  
Governing Law.  This Release shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York.  
Continuing Nature of Letter Agreement.  Nothing in this Release supersedes the representations and warranties of the REIT and ARC OP included in the Letter Agreement.

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IN WITNESS WHEREOF, each of the undersigned has executed this Release by its duly authorized officer as of the date first above written.
CLASS A MEMBER:

W2007 EQUITY INNS SENIOR MEZZ, LLC 

By:  /s/ Todd Giannoble     
Name: Todd Giannoble 
Title: President and Manager
WHITEHALL:

WHITEHALL STREET GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007, 
a Delaware limited partnership
		
	By:
	WH Advisors, L.L.C. 2007, 
a Delaware limited liability company 
Its: General Partner

By: /s/ Thomas Ferguson    
Name:  Thomas Ferguson 
Title:   Vice President

WHITEHALL PARALLEL GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007,  
a Delaware limited partnership
		
	By:
	WH Parallel Advisors, L.L.C. 2007, 
a Delaware limited liability company 
Its: General Partner

By: /s/ Thomas Ferguson    
Name:  Thomas Ferguson 
Title:   Vice President

[Signatures continue on following page]

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SELLERS:

W2007 EQUITY INNS REALTY, LLC, a
                                                                                     Delaware limited liability company    
    
By: WNT Mezz I, LLC, a Delaware limited  liability company, its Managing Member
            
By:  /s/ Todd Giannoble     
Name: Todd Giannoble 
Title: President and Manager
                    
W2007 EQUITY INNS REALTY, L.P., a Delaware limited partnership

		
	By:
	W2007 Equity Inns Realty Gen-Par, LLC, a Delaware limited liability company, its General Partner

By:  /s/ Todd Giannoble     
Name: Todd Giannoble 
Title: President and Manager

W2007 EQI DALTON PARTNERSHIP, L.P., a Tennessee limited partnership

		
	By:
	W2007 EQI Financing Corporation VI, a Tennessee corporation, its General Partner

By:  /s/ Todd Giannoble     
Name: Todd Giannoble 
Title: President and Manager
                                         [Signatures continue on following page]

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W2007 EQI HOUSTON PARTNERSHIP, L.P., a Tennessee limited partnership

		
	By:
	W2007 EQI FL Corporation, a Tennessee corporation, its General Partner

By:  /s/ Todd Giannoble     
Name: Todd Giannoble 
Title: President and Manager
W2007 EQI CARLSBAD PARTNERSHIP, L.P., a Tennessee limited partnership

		
	By:
	W2007 EQI Carlsbad Corporation, a Tennessee corporation, its General Partner

By:  /s/ Todd Giannoble     
Name: Todd Giannoble 
Title: President and Manager
W2007 EQI HI AUSTIN PARTNERSHIP, L.P., a Tennessee limited partnership

		
	By:
	W2007 EQI HI Austin Corporation, a Tennessee corporation, its General Partner

By:  /s/ Todd Giannoble     
Name: Todd Giannoble 
Title: President and Manager
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W2007 EQI NAPERVILLE PARTNERSHIP, L.P., a Tennessee limited partnership

		
	By:
	W2007 EQI HI Austin Corporation, a Tennessee corporation, its General Partner

By:  /s/ Todd Giannoble     
Name: Todd Giannoble 
Title: President and Manager

W2007 EQI COLLEGE STATION PARTNERSHIP, L.P., a Tennessee limited partnership

		
	By:
	W2007 EQI College Station Corporation, a Tennessee corporation, its General Partner

By:  /s/ Todd Giannoble     
Name: Todd Giannoble 
Title: President and Manager

W2007 EQI EAST LANSING PARTNERSHIP, L.P., a Tennessee limited partnership

		
	By:
	W2007 EQI FL Corporation, a Tennessee corporation, its General Partner

By:  /s/ Todd Giannoble     
Name: Todd Giannoble 
Title: President and Manager

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                                           [Signatures continue on following page]
W2007 EQI INDIANAPOLIS PARTNERSHIP, L.P., a Tennessee limited partnership

		
	By:
	W2007 EQI Indianapolis Corporation, a Tennessee corporation, its General Partner

By:  /s/ Todd Giannoble     
Name: Todd Giannoble 
Title: President and Manager
W2007 EQI KNOXVILLE PARTNERSHIP, L.P., a Tennessee limited partnership

		
	By:
	W2007 EQI Knoxville Corporation, a Tennessee corporation, its General Partner

By:  /s/ Todd Giannoble     
Name: Todd Giannoble 
Title: President and Manager

W2007 EQI MILFORD CORPORATION, a Tennessee corporation

		
	By:
	W2007 EQI Milford Corporation, a Tennessee corporation, its General Partner

By:  /s/ Todd Giannoble     
Name: Todd Giannoble 
Title: President and Manager

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                                          [Signatures continue on following page]

W2007 EQI ORLANDO 2 PARTNERSHIP, L.P., a Tennessee limited partnership 

		
	By:
	W2007 EQI FL Corporation, a Tennessee corporation, its General Partner

By:  /s/ Todd Giannoble     
Name: Todd Giannoble 
Title: President and Manager
W2007 EQI URBANA PARTNERSHIP, L.P., a Tennessee limited partnership

		
	By:
	W2007 EQI FL Corporation, a Tennessee corporation, its General Partner

By:  /s/ Todd Giannoble     
Name: Todd Giannoble 
Title: President and Manager

   
[Signatures continue on following page]

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W2007 EQI RIO RANCHO PARTNERSHIP, L.P., a Tennessee limited partnership

		
	By:
	W2007 EQI FL Corporation, a Tennessee corporation, its General Partner

By:  /s/ Todd Giannoble     
Name: Todd Giannoble 
Title: President and Manager

W2007 EQI LOUISVILLE PARTNERSHIP, L.P., a Tennessee limited partnership

		
	By:
	W2007 EQI Financing Corporation VI, a Tennessee corporation, its General Partner

By:  /s/ Todd Giannoble     
Name: Todd Giannoble 
Title: President and Manager

W2007 EQI AUGUSTA PARTNERSHIP, L.P., a Tennessee limited partnership

		
	By:
	W2007 EQI FL Corporation, a Tennessee corporation, its General Partner

By:  /s/ Todd Giannoble     
Name: Todd Giannoble 
Title: President and Manager
 [Signatures continue on following page]

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W2007 EQI ORLANDO PARTNERSHIP, L.P., a Tennessee limited partnership

		
	By:
	W2007 EQI Orlando Corporation, a Tennessee corporation, its General Partner

By:  /s/ Todd Giannoble     
Name: Todd Giannoble 
Title: President and Manager
                                          
W2007 EQI SEATTLE PARTNERSHIP, L.P., a Tennessee limited partnership

		
	By:
	W2007 EQI FL Corporation, a Tennessee corporation, its General Partner

By:  /s/ Todd Giannoble     
Name: Todd Giannoble 
Title: President and Manager
W2007 EQI JACKSONVILLE PARTNERSHIP I, L.P., a Tennessee limited partnership

		
	By:
	W2007 EQI Financing Corporation VI, a Tennessee corporation, its General Partner

By:  /s/ Todd Giannoble     
Name: Todd Giannoble 
Title: President and Manager 
 [Signatures continue on following page]

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W2007 EQI ASHEVILLE PARTNERSHIP, L.P., a Tennessee limited partnership

		
	By:
	W2007 EQI Financing Corporation VI, a Tennessee corporation, its General Partner

By:  /s/ Todd Giannoble     
Name: Todd Giannoble 
Title: President and Manager
                                           

W2007 EQI SAVANNAH 2 PARTNERSHIP, L.P., a Tennessee limited partnership

		
	By:
	W2007 EQI FL Corporation, a Tennessee corporation, its General Partner

By:  /s/ Todd Giannoble     
Name: Todd Giannoble 
Title: President and Manager

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