Document:

Exhibit 10.1.5
                                   Resolution
                             of the Parties Council
                SIC  Geosphera  Ltd and Cigma Metals Corporation

City  of  Tomsk,  Russia       December  29, 2006

     Were present:
     -------------
Native  of  Russia: Pavlova Anastasia Yevgenyevna, Chernyaev Evgeny Vitalyevich.
Native  of  Germany:  Waldemar  Mueller.
Native  of  Great  Britain:  Lars  Pearl.
Juridical  Persons:  Russian  Science-Industrial  Corporation  Geosphera  Ltd
represented  by  the Director Pavlova Anastasia Evgenyevna; "Haldeygold" Russian
Ltd  represented  by the Director Chernyaev Evgeny Vitalyevich; Open Joint-Stock
Company  registered  at  the  US  Stock  Exchange  -igma  Metals  Corporation
represented  by  the  President  Lars  Pearl  and the Director Waldemar Mueller.

As a secretary was elected Pavlova A.Y.

     Agenda:
     -------
1.   About  Market  Shares  distribution  in  2006.
2.   About financing in 2007.

     1.  For  December  29,  2006  Cigma  Metals  Corporation  has  transferred
$US289,743  to "Haldeygold" Ltd for carrying out exploration works on the Haldey
area.  According  to  the  Resolution of the Parties Council from March 3, 2006,
Additional  Agreement  from  March  3, 2006 to the Contract about joint activity
from  April  30,  2004, Budget for 2006, the Parties have taken a decision about
total  sum  of  financing works on the Haldey area in 2006 as $US460,538. Having
discussed  the  implementation of the work program and Budget for Haldey license
area  for 2006, the Parties took an unanimous decision to leave Market Shares of
the  Parties  in  joint  activity without any changes provided that Cigma Metals
Corporation  honors  the  paragraph  2.

     2.  Having  discussed  the implementation of the work program for 2007, the
Parties  took  the  following  decisions:
     1)  Preliminary sum of investment for implementation of works on the Haldey
area is to be not less than $US400 000. More precise sum of investment, which is
necessary for carrying out works, will be confirmed by the Parties in the Budget
for  2007  not  later  than  March  1,  2007.
     2) Drilling, analytics and making corresponding agreements with contractors
will be realized only after prepayment of present works in the sum not less than
50%  of  supposed  agreement  sum.
     3)  To  fulfill  closure  of  a  fiscal year and commitments on investments
contribution  by  Cigma Metals Corporation not later than December 1 of a fiscal
year.

     3. To refer the present agreements in addition to the Agreement about joint
activity  from  April  30,  2004.

     Signatures  of  the  Parties:
     -----------------------------

     From  SIC  Geosphera  Ltd     /s/  A.Y.  Pavlova      .Y.  Pavlova
                                   ------------------

From  Cigma  Metals  Corporation   /s/  Lars  Pearl         Lars  Pearl
                                   ----------------Exhibit 10.2.4
                                   Resolution
                             of the Parties Council
                SIC  Geosphera  Ltd and Cigma Metals Corporation

City  of  Tomsk,  Russia        December  29, 2006

     Were present:
     -------------
Native  of  Russia:  Pavlova  Anastasia  Yevgenyevna.
Native  of  Germany:  Waldemar  Mueller.
Native  of  Great  Britain:  Lars  Pearl.
Juridical  Persons:  Russian  Science-Industrial  Corporation  Geosphera  Ltd
represented  by  the  Director  Pavlova  Anastasia  Evgenyevna; Open Joint-Stock
Company  registered  at  the  US  Stock  Exchange  -igma  Metals  Corporation
represented  by  the  President  Lars  Pearl  and the Director Waldemar Mueller.

As a secretary was elected Pavlova A.Y.

     Agenda:
     -------
3.   About  Market  Shares  distribution in joint activity on Tugoyak project.
4.   About financing in 2007.

     1.  For  December  29, 2006 Cigma Metals Corporation has transferred $US329
375  to  "Geosphera" Ltd for carrying out exploration works on the Tugoyak area.
     According  to the Agreement about joint activity from March 3, 2006, Budget
for  2006,  the Parties have taken a decision about total sum of financing works
on  the  Tugoyak  area  in  2006  as  $US600  400.
     Having  discussed  the  implementation  of  the work program and Budget for
Tugoyak  license  area for 2006, the Parties took an unanimous decision to leave
Market Shares of the Parties in joint activity without any changes provided that
Cigma  Metals  Corporation  honors  the  paragraph  2.

     2.  Having  discussed  the  work  program  for  2007,  the Parties took the
following  decisions:
     1) Preliminary sum of investment for implementation of works on the Tugoyak
area is to be not less than $US400 000. More precise sum of investment, which is
necessary for carrying out works, will be confirmed by the Parties in the Budget
for  2007  not  later  than  March  1,  2007.
     2) Drilling, analytics and making corresponding agreements with contractors
will be realized only after prepayment of present works in the sum not less than
50%  of  supposed  agreement  sum.
     3)  To  fulfill  closure  of  a  fiscal year and commitments on investments
contribution  by  Cigma Metals Corporation not later than December 1 of a fiscal
year.

     3. To refer the present agreements in addition to the Agreement about joint
activity  from  March  3,  2006.

     Signatures  of  the  Parties:
     -----------------------------

     From  SIC  Geosphera  Ltd          /s/  A.Y.  Pavlova      A.Y.  Pavlova
                                        ------------------

     From  Cigma  Metals  Corporation   /s/  Lars  Pearl        Lars  Pearl
                                        ----------------Exhibit 10.1

    
      

    

    CONTRIBUTION
      AGREEMENT

    dated
      as
      of June 11, 2007

    by
      and
      among

    

    HASU
      P. SHAH AND BHARAT C. MEHTA

    

    as
      Contributors,

    

    and

     

    HERSHA
      HOSPITALITY LIMITED PARTNERSHIP

    

    as
      Acquiror,

    

    

    IN
      CONNECTION WITH THE PURCHASE AND SALE OF 

    MEMBERSHIP
      INTERESTS IN H NEVINS STREET ASSOCIATES, LLC

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    CONTRIBUTION
      AGREEMENT

    

    THIS
      CONTRIBUTION AGREEMENT, dated as of June 11, 2007 (the “Agreement”), by Hasu P.
      Shah and Bharat C. Mehta (the “Contributors”), and Hersha Hospitality Limited
      Partnership, a Virginia limited partnership (the “Acquiror”),
      provides:

     

    ARTICLE
      I

    

    DEFINITIONS;
      RULES OF CONSTRUCTION

    

    1.1   Definitions.
      The
      following terms shall have the indicated meanings:

     

    “Act
      of
      Bankruptcy”
shall
      mean if a party hereto or any general partner thereof shall (a) apply for
      or consent to the appointment of, or the taking of possession by, a receiver,
      custodian, trustee or liquidator of itself or of all or a substantial part
      of
      its property, (b) admit in writing its inability to pay its debts as they
      become due, (c) make a general assignment for the benefit of its creditors,
      (d) file a voluntary petition or commence a voluntary case or proceeding
      under the Federal Bankruptcy Code (as now or hereafter in effect), (e) be
      adjudicated a bankrupt or insolvent, (f) file a petition seeking to take
      advantage of any other law relating to bankruptcy, insolvency, reorganization,
      winding-up or composition or adjustment of debts, (g) fail to controvert in
      a timely and appropriate manner, or acquiesce in writing to, any petition filed
      against it in an involuntary case or proceeding under the Federal Bankruptcy
      Code (as now or hereafter in effect), or (h) take any corporate or limited
      liability company action for the purpose of effecting any of the foregoing;
      or
      if a proceeding or case shall be commenced, without the application or consent
      of a party hereto or any general partner thereof, in any court of competent
      jurisdiction seeking (1) the liquidation, reorganization, dissolution or
      winding-up, or the composition or readjustment of debts, of such party or
      general partner, (2) the appointment of a receiver, custodian, trustee or
      liquidator or such party or general partner or all or any substantial part
      of
      its assets, or (3) other similar relief under any law relating to
      bankruptcy, insolvency, reorganization, winding-up or composition or adjustment
      of debts, and such proceeding or case shall continue undismissed; or an order
      (including an order for relief entered in an involuntary case under the Federal
      Bankruptcy Code, as now or hereafter in effect) judgment or decree approving
      or
      ordering any of the foregoing shall be entered and continue unstayed and in
      effect, for a period of 60 consecutive days.

     

    “Articles
      of Organization”
shall
      mean the Articles of Organization of the LLC filed with the Secretary of State
      of the State of New York, a true and correct copy of which is attached hereto
      as
Exhibit F.

     

    “Assignment
      and Assumption Agreement”
shall
      mean that certain Assignment and Assumption Agreement with respect to the
      Interests (defined herein below), dated as of the Closing Date, by and between
      Contributors and Acquiror.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     “Authorizations”
shall
      mean all licenses, permits and approvals required by any governmental or
      quasi-governmental agency, body or officer for the ownership, operation and
      use
      of the Property or any part thereof.

     

    “Closing”
shall
      mean the Closing of the contribution and acquisition of the Interests pursuant
      to this Agreement.

     

    “Closing
      Balance”
shall
      have the meaning set forth in Section
      2.3(c).

    

    “Closing
      Date”
shall
      mean the date on which the Closing occurs.

     

    “Consideration”
shall
      mean Four Million Three Hundred Fifteen Thousand Dollars and No Cents
      ($4,315,000.00).

     

    “Continuing
      Liabilities”
shall
      include liabilities arising under Operating Agreements, Leases, equipment
      leases, loan agreements, or proration credits at Closing, but shall exclude
      any
      liabilities arising from any other arrangement, agreement or pending
      litigation.

    

    “Deposit”
shall
      have the meaning set forth in Section
      2.3.
      

    

    “Employment
      Agreements”
shall
      mean any and all employment agreements, written or oral, between the Contributor
      or its managing agent and the persons employed with respect to the Property.
      A
      schedule indicating all pertinent information with respect to each Employment
      Agreement in effect as of the date hereof, name of employee, social security
      number, wage or salary, accrued vacation benefits, other fringe benefits, etc.,
      is attached hereto as Exhibit B.

     

    “Escrow
      Agent”
shall
      mean Summit Associates, 100 Lafayette Street, 3rd
      Floor,
      New York, NY 10013.

     

    “FIRPTA
      Certificate”
shall
      mean the affidavit of the Contributor under Section 1445 of the Internal
      Revenue Code certifying that such Contributor is not a foreign corporation,
      foreign partnership, foreign limited liability company, foreign trust, foreign
      estate or foreign person (as those terms are defined in the Internal Revenue
      Code and the Income Tax Regulations), in form and substance satisfactory to
      the
      Acquiror.

     

    “Governmental
      Body”
means
      any federal, state, municipal or other governmental department, commission,
      board, bureau, agency or instrumentality, domestic or foreign.

    

    “Improvements”
shall
      mean all buildings, improvements, fixtures and other items of real estate
      located on the Land.

     

    “Insurance
      Policies”
shall
      mean those certain policies of insurance described on Exhibit C
      attached
      hereto.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Intangible
      Personal Property”
shall
      mean all intangible personal property owned or possessed by the Contributor
      or
      the LLC and used in connection with the ownership, operation, leasing, occupancy
      or maintenance of the Property.

     

    “Interests”
shall
      mean all right title and interest of Hasu P. Shah and Bharat C. Mehta in the
      LLC, consisting of a 100% membership interest in the LLC. 

     

    “Joinder”
shall
      have the meaning set forth in Section
      2.3(d).

    

    "Knowledge"
      shall
      mean the actual knowledge of the Contributor that he would have had after making
      reasonable investigation. 

     

    “Land”
shall
      mean that certain parcels of real estate, as more particularly described on
      Exhibit A
      attached
      hereto, together with all easements, rights, privileges, remainders, reversions
      and appurtenances thereunto belonging or in any way appertaining, and all of
      the
      estate, right, title, interest, claim or demand whatsoever of the Contributor
      therein, in the streets and ways adjacent thereto and in the beds thereof,
      either at law or in equity, in possession or expectancy, now or hereafter
      acquired.

     

    “Leases”
shall
      mean those leases of real property listed on Exhibit
      D
      attached
      hereto.

     

    “LLC”
shall
      mean H Nevins Street Associates, LLC, a New York limited liability company
      that
      owns, as its only assets, the fee interest in the Land, and the Hotel and
      Improvements located on the Land.

     

    “LLC
      Operating Agreement”
shall
      mean the current operating agreement of the LLC, a true and correct copy of
      which is attached hereto as Exhibit G.

     

    “Operating
      Agreements”
shall
      mean the management agreements, service contracts, supply contracts, leases
      (other than the Leases) and other agreements, if any, in effect with respect
      to
      the construction, ownership, operation, occupancy or maintenance of the
      Property. All of the Operating Agreements in force and effect as of the date
      hereof are listed on Exhibit E
      attached
      hereto.

     

    “Owner's
      Title Policy”
shall
      mean an owner's policy of title insurance issued to the Acquiror by the Title
      Company, dated as of the Closing Date, pursuant to which the Title Company
      insures the Acquiror's ownership of title to the fee interest in the Real
      Property (including the marketability thereof) subject only to Permitted Title
      Exceptions. The Owner's Title Policy shall insure the Acquiror in the amount
      of
      the Consideration and shall be acceptable in form and substance to the Acquiror.
      The description of the Land in the Owner's Title Policy shall be by courses
      and
      distances and shall be identical to the description shown on a survey provided
      by the Contributor to the Acquiror.

     

    “Permitted
      Title Exceptions”
shall
      mean those exceptions to title to the Real Property that are satisfactory to
      the
      Acquiror as determined pursuant to Section 2.2.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Property”
shall
      mean collectively the Land, Improvements, the Inventory, , the Tangible Personal
      Property and the Intangible Personal Property.

     

    “Real
      Property”
shall
      mean the Land and the Improvements.

     

    “Securities
      Act”
shall
      mean the Securities Act of 1933, as amended.

     

    “Study
      Period”
shall
      mean the period commencing at ______ on _______ [the date hereof], and
      continuing through the time of Closing.

     

    “Tangible
      Personal Property”
shall
      mean the items of tangible personal Property consisting of all furniture,
      furnishings, equipment, machinery, and other personal property of every kind
      located on or used in the operation of the Property and owned by the
      Contributors or the LLC.

     

    “Title
      Commitment”
shall
      mean the commitment by the Title Company to issue the Owner's Title
      Policy.

     

    “Title
      Company”
shall
      mean Summit Associates, 100
      Lafayette Street, 3rd
      Floor,
      New
      York, NY 10013, Telephone: 212/608-5866, Fax: 212/227-8745.

     

    “Tray
      Ledger”
shall
      mean the final night's room revenue (revenue from rooms occupied as of 12:01
      a.m. on the Closing Date, exclusive of food, beverage, telephone and similar
      charges which shall be retained by the Contributor), including any sales taxes,
      room taxes or other taxes thereon.

     

    “Utilities”
shall
      mean public sanitary and storm sewers, natural gas, telephone, public water
      facilities, electrical facilities and all other utility facilities and services
      necessary for the operation and occupancy of the Property as a
      hotel.

    

    1.2   Rules
      of Construction.
      The
      following rules shall apply to the construction and interpretation of this
      Agreement:

     

    (a)   Singular
      words shall connote the plural number as well as the singular and vice versa,
      and the masculine shall include the feminine and the neuter.

     

    (b)   All
      references herein to particular articles, sections, subsections, clauses or
      exhibits are references to articles, sections, subsections, clauses or exhibits
      of this Agreement.

     

    (c)   Headings
      contained herein are solely for convenience of reference and shall not
      constitute a part of this Agreement nor shall they affect its meaning,
      construction or effect.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (d)   Each
      party hereto and its counsel have reviewed and revised (or requested revisions
      of) this Agreement, and therefore any usual rules of construction requiring
      that
      ambiguities are to be resolved against a particular party shall not be
      applicable in the construction and interpretation of this Agreement or any
      exhibits hereto.

     

    ARTICLE
      II

    

    CONTRIBUTION
      AND ACQUISITION; STUDY PERIOD;

    PAYMENT
      OF CONSIDERATION

    

    2.1   Contribution
      and Acquisition.
      The
      Contributor agrees to contribute, assign and transfer his Interests to the
      Acquiror and the Acquiror agrees to accept the Interests in exchange for the
      Consideration and in accordance with the other terms and conditions set forth
      herein.

    

    2.2   Study
      Period.
      (a)  The
      Acquiror shall have the right, until the end of the Study Period, to enter
      upon
      the Real Property and to perform, at the Acquiror's expense, such economic,
      surveying, engineering, environmental, topographic and marketing tests, studies
      and investigations as the Acquiror may deem appropriate. If such tests, studies
      and investigations warrant, in the Acquiror's sole, absolute and unreviewable
      discretion, the purchase of the Interests for the purposes contemplated by
      the
      Acquiror, then the Acquiror may elect to proceed to Closing and shall so notify
      the Contributor prior to the expiration of the Study Period. If for any reason
      the Acquiror does not so notify the Contributor of its determination to proceed
      to Closing prior to the expiration of the Study Period, or if the Acquiror
      notifies the Contributor, in writing, prior to the expiration of the Study
      Period that it has determined not to proceed to Closing, this Agreement
      automatically shall terminate, and the Acquiror shall be released from any
      further liability or obligation under this Agreement.

     

    (b)   During
      the Study Period, the Contributor shall make available to the Acquiror, its
      agents, auditors, engineers, attorneys and other designees, for inspection
      copies of all existing architectural and engineering studies, surveys, title
      insurance policies, zoning and site plan materials, correspondence,
      environmental audits and other related materials or information if any, relating
      to the Property which are in, or come into, the Contributor’s possession or
      control.

     

    (c)   The
      Acquiror hereby indemnifies and defends the Contributor against any loss, damage
      or claim arising from entry upon the Real Property by the Acquiror or any
      agents, contractors or employees of the Acquiror. The Acquiror, at its own
      expense, shall restore any damage to the Real Property caused by any of the
      tests or studies made by the Acquiror.

     

    (d)   During
      the Study Period, the Acquiror, at its expense, may cause an examination of
      title to the Property to be made, and, prior to the expiration of the Study
      Period, may notify the Contributor of any defects in title shown by such
      examination that the Acquiror is unwilling to accept. The Contributor shall
      notify the Acquiror whether the Contributor is willing to cure such defects
      and
      to proceed to Closing. Contributor may cure, but shall not be obligated to
      cure
      such defects. If such defects consist of deeds of trust, mechanics' liens,
      tax
      liens or other liens or charges in a fixed sum or capable of computation as
      a
      fixed sum, the Contributor, at his option, shall either pay and discharge (in
      which event, the Escrow Agent is authorized to pay and discharge at Closing)
      such defects at Closing. If the Contributor is unwilling or unable to cure
      any
      such defects by Closing, the Acquiror shall elect (1) to waive such defects
      and proceed to Closing without any abatement in the Consideration or (2) to
      terminate this Agreement. The Contributor shall not, after the date of this
      Agreement, subject the Property to and shall take all reasonable best efforts
      to
      prevent the Property from being subjected to any liens, encumbrances, covenants,
      conditions, restrictions, easements or other title matters or seek any zoning
      changes or take any other action which may affect or modify the status of title
      without the Acquiror's prior written consent, which consent shall not be
      unreasonably withheld or delayed. All title matters revealed by the Acquiror's
      title examination and not objected to by the Acquiror as provided above shall
      be
      deemed Permitted Title Exceptions. If Acquiror shall fail to examine title
      and
      notify the Contributor of any such title objections by the end of the Study
      Period, all such title exceptions (other than those rendering title unmarketable
      and those that are to be paid at Closing as provided above) shall be deemed
      Permitted Title Exceptions.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2.3   Payment
      of the Consideration.
      The
      Consideration shall be paid to the Contributors in its entirety at
      Closing.

     

    ARTICLE
      III

    

    CONTRIBUTOR’S
      REPRESENTATIONS, WARRANTIES AND COVENANTS

     

    To
      induce
      the Acquiror to enter into this Agreement and to purchase the Property,
      Contributor hereby makes the following representations, warranties and
      covenants, upon each of which Contributor acknowledges and agrees that the
      Acquiror is entitled to rely and has relied:

    

    3.1   Identity
      and Power.
      The
      Contributor is an individual and has all requisite powers and all governmental
      licenses, authorizations, consents and approvals necessary to carry on its
      business as now conducted, to own, lease and operate his properties, to execute
      and deliver this Agreement and any document or instrument required to be
      executed and delivered on behalf of the Contributor hereunder, to perform his
      obligations under this Agreement and any such other documents or instruments
      and
      to consummate the transactions contemplated hereby. 

    

    3.2   Authorization,
      No Violations and Notices.

     

    (a)   The
      execution, delivery and performance of this Agreement by the Contributor, and
      the consummation of the transactions contemplated hereby have been duly
      authorized, adopted and approved by the Contributor. No other proceedings are
      necessary to authorize this Agreement and the transactions contemplated hereby.
      This Agreement has been duly executed by the Contributor and is a valid and
      binding obligation enforceable against him in accordance with its
      terms.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b)   Neither
      the execution, delivery, or performance by the Contributor of this Agreement,
      nor the consummation of the transactions contemplated hereby, nor compliance
      by
      the Contributor with any of the provisions hereof, will

     

    (i)   violate,
      conflict with, result in a breach of any provision of, constitute a default
      (or
      an event that, which, with or lapse of time or both, would constitute a default)
      under, result in the termination of, accelerate the performance required by,
      or
      result in a right of termination or acceleration, or the creation of any lien,
      security interest, charge, or encumbrance upon any of the Property or assets
      of
      the LLC, under any of the terms, conditions, or provisions of, the Articles
      of
      Organization, the LLC Operating Agreement, or any note, bond, mortgage,
      indenture, deed of trust, license (including without limitation, the License),
      lease, agreement, or other instrument, or obligation to which the LLC is a
      party, or by which the LLC may be bound, or to which the LLC or the Property
      or
      assets may be subject; or

     

    (ii)   violate
      any judgment, ruling, order, writ, injunction, decree, statute, rule, or
      regulation applicable to the LLC or its Property or assets that would not be
      violated by the execution, delivery or performance of this Agreement or the
      transactions contemplated hereby by the Contributor or compliance by the
      Contributor with any of the provisions hereof.

    

    3.3   Litigation
      with respect to Contributor.
      There
      is no action, suit, claim or proceeding pending or, to the Contributor’s
      Knowledge, threatened against or affecting the Contributor or his assets in
      any
      court, before any arbitrator or before or by any governmental body or other
      regulatory authority (i) that would materially adversely affect the Contributor
      or the Interests, (ii) that seeks restraint, prohibition, damages or other
      relief in connection with this Agreement or the transactions contemplated
      hereby, or (iii) would delay the consummation of any of the transactions
      contemplated hereby. The Contributor is not subject to any judgment, decree,
      injunction, rule or order of any court relating to the Contributor’s
      participation in the transactions contemplated by this Agreement. 

    

    3.4   Interests
      and Property.
      

     

    (a)   The
      Interests are, on the date hereof, and will be on the Closing Date, free and
      clear of all liens and encumbrances and the Contributor has good, marketable
      title thereto and the right to convey same in accordance with the terms of
      this
      Agreement. Upon delivery of the Contributor’s Assignment and Assumption
      Agreement to the Acquiror at Closing, good valid and marketable title to the
      Contributor’s Interests, free and clear of all liens and encumbrances, will pass
      to the Acquiror. The Interests constitute the only outstanding securities and
      membership interests of the LLC.

     

    (b)   Except
      for the lien created in connection with the Existing Mortgage, the Property
      is,
      on the date hereof, and will be on the Closing Date, free and clear of all
      liens
      and encumbrances, and the LLC has good, marketable title thereto and the right
      to convey same. The LLC is the fee simple owner of the Real Property and the
      sole owner of the Property.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3.5   Bankruptcy
      with Respect to Contributor.
      No Act
      of Bankruptcy has occurred with respect to the Contributor.

    

    3.6   Brokerage
      Commission.
      The
      Contributor has not engaged the services of, nor is it or will it or Acquiror
      become liable to, any real estate agent, broker, finder or any other person
      or
      entity for any brokerage or finder’s fee, commission or other amount with
      respect to the transactions described herein on account of any action by the
      Contributor.

    

    3.7   The
      LLC.

     

    (a)   The
      LLC
      is a limited liability company duly formed, validly existing and in good
      standing under the laws of the State of New York and has all requisite powers
      necessary to carry on its business as now conducted, to own, lease and operate
      its properties.

     

    (b)   Neither
      the execution, delivery, or performance by the Contributor of this Agreement,
      nor the consummation of the transactions contemplated hereby, nor compliance
      by
      the Contributor or the LLC with any of the provisions hereof, will:

     

    (i)   violate,
      conflict with, result in a breach of any provision of, constitute a default
      (or
      an event that, with notice or lapse of time or both, would constitute a default)
      under, result in the termination of, accelerate the performance required by,
      or
      result in a right of termination or acceleration, or the creation of any lien,
      security interest, charge, or encumbrance upon any of the Property or other
      assets of the LLC, under any of the terms, conditions, or provisions of, the
      Articles of Organization or LLC Operating Agreement, or any note, bond,
      mortgage, indenture, deed of trust, license, lease, agreement, or other
      instrument or obligation to which the LLC is a party, or by which the LLC may
      be
      bound, or to which the LLC or its properties or assets may be subject;
      or

     

    (ii)   violate
      any judgment, ruling, order, writ, injunction, decree, statute, rule, or
      regulation applicable to the LLC or any of the LLC’s properties or
      assets.

     

    (c)   Except
      for the Contributor, no party has any interest in the LLC or the Property or
      any
      portion thereof, or the right or option to acquire any interest in the LLC
      or
      the Property or any portion thereof. The LLC has no subsidiaries and does not
      directly or indirectly own any securities of or interest in any other entity,
      including, without limitation, any LLC or joint venture.

     

    (d)   The
      LLC
      has conducted no business other than the ownership and operation of the
      Property.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3.8   Liabilities,
      Debts and Obligations.
      Except
      for the Continuing Liabilities and the Existing Mortgage, the LLC has no
      liabilities, debts or obligations.

    

    3.9   Tax
      Matters.

     

    (a)   Notwithstanding
      anything to the contrary contained in this Agreement, including without
      limitation the use of words and phrases such as “sell,” “sale,” purchase,” and
“pay,” the parties hereto acknowledge and agree that it is their intent that the
      transaction contemplated hereby shall be treated for federal income tax purposes
      pursuant to Section 721 of the Internal Revenue Code of 1986, as amended,
      as the contribution of the Interests by the Contributor to the Acquiror in
      exchange for the Consideration, and not as a transaction in which any
      Contributor is acting other than in the capacity as a prospective partner in
      the
      Acquiror. 

    

    (b)   The
      Contributor represents and warrants that it has obtained from its own counsel
      advice regarding the tax consequences of (i) the transfer of the Interests
      to
      the Acquirer and the receipt of the Consideration therefor, (ii) the
      Contributor’s admission as a limited partner of the Acquiror, and (iii) any
      other transaction contemplated by this Agreement. Each Contributor further
      represents and warrants that it has not relied on the Acquiror or the Acquiror’s
      representatives or counsel for such tax advice.  

    

    (c)   The
      Contributor has caused the LLC to file within the time and in the manner
      prescribed by law all federal, state, and local tax returns and reports,
      including but not limited to income, gross receipts, intangible, real property,
      excise, withholding, franchise, sales, use, employment, personal property,
      and
      other tax returns and reports, required to be filed by the LLC under the laws
      of
      the United States and of each state or other jurisdiction in which the LLC
      conducts business activities requiring the filing of tax returns or reports.
      All
      tax returns and reports filed by the LLC are true and correct in all material
      respects. The LLC has paid in full all taxes of whatever kind or nature for
      the
      periods covered by such returns. The LLC has not been delinquent in the payment
      of any tax, assessment, or governmental charge or deposit and has no tax
      deficiency or claim outstanding, assessed, threatened, or proposed against
      it.
      The charges, accruals, and reserves for unpaid taxes on the books and records
      of
      the LLC as of the Closing Date are sufficient in all respects for the payment
      of
      all unpaid federal, state, and local taxes of the LLC accrued for or applicable
      to all periods ended on or before the Closing Date. There are no tax liens,
      whether imposed by the United States, any state, local, or other taxing
      authority, outstanding against the LLC or any of its assets. The federal, state,
      and local tax returns of the LLC have not been audited, nor have the LLC or
      the
      Contributor received any notice of any federal, state, or local audit.
The
      LLC
      has not obtained or received any extension of time (beyond the Closing Date)
      for
      the assessment of deficiencies for any years or waived or extended the statute
      of limitations for the determination or collection of any tax. To the
      Contributor’s Knowledge, no unassessed tax deficiency is proposed or threatened
      against the LLC.

    

    (d)   All
      taxes, including real property taxes and rental taxes or the equivalent, and
      all
      interest and penalties due thereon, required to be paid or collected by the
      LLC
      in connection with the operation of the Property as of the Closing Date will
      have been collected and/or paid to the appropriate governmental authorities,
      as
      required or such amounts shall be pro-rated as of the Closing Date. The
      Contributor shall cause the LLC to file, all necessary returns and petitions
      required to be filed through the Closing Date. The Contributor shall cause
      the
      LLC to prepare and file all federal and state income tax returns for the tax
      period ending on the Closing Date, which shall reflect the termination for
      tax
      purposes of the LLC. 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3.10   Contracts
      and Agreements.
      There
      is no loan agreement, guarantee, note, bond, indenture and other debt
      instrument, lease and other contract to which the LLC is a party or by which
      its
      assets are bound other than Existing Mortgage, Permitted Title Exceptions,
      the
      Leases, and the Operating Agreements.

    

    3.11   No
      Special Taxes.
      The
      Contributor has no Knowledge of, nor has he received any written notice of,
      any
      special taxes or assessments relating to the LLC or Property or any part thereof
      or any planned public improvements that may result in a special tax or
      assessment against the Property.

    

    3.12   Compliance
      with Existing Laws.
      The LLC
      possesses all Authorizations, each of which is valid and in full force and
      effect, and, to Contributor’s Knowledge, no provision, condition or limitation
      of any of the Authorizations has been breached or violated. The LLC has not
      misrepresented or failed to disclose any relevant fact in obtaining all
      Authorizations, and the Contributor has no Knowledge of any change in the
      circumstances under which those Authorizations were obtained that result in
      their termination, suspension, modification or limitation. The Contributor
      has
      no Knowledge, nor has he received written notice within the past three years,
      of
      any existing violation of any provision of any applicable building, zoning,
      subdivision, environmental or other governmental ordinance, resolution, statute,
      rule, order or regulation, including but not limited to those of environmental
      agencies or insurance boards of underwriters, with respect to the ownership,
      operation, use, maintenance or condition of the Property or any part thereof,
      or
      requiring any repairs or alterations other than those that have been made prior
      to the date hereof.

    

    3.13   Operating
      Agreements.
      The LLC
      has performed all of its obligations under each of the Operating Agreements
      and
      no fact or circumstance has occurred which, by itself or with the passage of
      time or the giving of notice or both, would constitute a material default under
      any of the Operating Agreements. Without the prior written consent of the
      Acquiror, which consent will not be unreasonably withheld or delayed, the
      Contributor shall cause the LLC not to enter into any new management agreement,
      maintenance or repair contract, supply contract, lease in which it is lessee
      or
      other agreements with respect to the Property, nor shall the Contributor cause
      the LLC to enter into any agreements modifying the Operating
      Agreements.

    

    3.14   Warranties
      and Guaranties.
      The
      Contributor shall cause the LLC not to release or modify any warranties or
      guarantees, if any, of manufacturers, suppliers and installers relating to
      the
      Improvements and the Tangible Personal Property or any part thereof, except
      with
      the prior written consent of the Acquiror, which consent shall not be
      unreasonably withheld or delayed. A complete list of all such warranties and
      guaranties in effect as of the date of this Agreement is attached hereto as
      Exhibit H.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3.15   Insurance.
      All of
      the LLC’s Insurance Policies are valid and in full force and effect, all
      premiums for such policies were paid when due and the Contributor shall cause
      the LLC to pay all future premiums for such policies (and any replacements
      thereof) on or before the due date therefor. The Contributor shall cause the
      LLC
      to pay all premiums on, and shall cause the LLC not to cancel or allow to
      expire, any of the LLC’s Insurance Policies prior to the Closing Date unless
      such policy is replaced, without any lapse of coverage, by another policy or
      policies providing coverage at least as extensive as the policy or policies
      being replaced. The Contributor shall cause the LLC to name the Acquiror as
      an
      additional insured on each of the LLC’s Insurance Policies.

    

    3.16   Condemnation
      Proceedings; Roadways.
      The LLC
      has received no written notice of any condemnation or eminent domain proceeding
      pending or threatened against the Property or any part thereof. The Contributor
      has no Knowledge of any change or proposed change in the route, grade or width
      of, or otherwise affecting, any street or road adjacent to or serving the Real
      Property.

    

    3.17   Litigation
      with Respect to LLC.
      Except
      as set forth on Exhibit
      I
      there is
      no action, suit or proceeding pending or known to be threatened against or
      affecting the LLC or any part of or interest in the Property in any court,
      before any arbitrator or before or by any governmental agency which (a) in
      any
      manner raises any question affecting the validity or enforceability of this
      Agreement or any other material agreement or instrument to which the LLC is
      a
      party or by which it is bound and that is or is to be used in connection with,
      or is contemplated by, this Agreement, (b) could materially and adversely affect
      the business, financial position or results of operations of the LLC, (c) could
      materially and adversely affect the ability of the LLC to perform its
      obligations hereunder, or under any document to be delivered pursuant hereto,
      (d) could create a material lien on the Property, any part thereof or any
      interest therein, or (e) could otherwise materially and adversely affect the
      Property, any part thereof or any interest therein or the use, operation,
      condition or occupancy thereof.

    

    3.18   Labor
      Disputes and Agreements.
      There
      are not currently any labor disputes pending or, threatened as to the operation
      or maintenance of the Property or any part thereof. The LLC is not a party
      to
      any union or other collective bargaining agreement with employees employed
      in
      connection with the ownership, operation or maintenance of the Property. The
      Acquiror will not be obligated to give or pay any amount to any employee of
      the
      LLC, and the Acquiror shall not have any liability under any pension or profit
      sharing plan that the LLC may have established with respect to the Property
      or
      their or its employees.

    

    3.19   Financial
      Information.
      To the
      Contributor’s Knowledge, except as otherwise disclosed in writing to the
      Acquiror prior to the end of the Study Period, for each of the LLC’s accounting
      years, when a given year is taken as a whole, all of the LLC’s financial
      information previously delivered or to be delivered to the Acquiror is and
      shall
      be correct and complete in all material respects and presents accurately the
      financial condition of the LLC and results of the operations of the Property
      for
      the periods indicated, except that such statements do not have footnotes or
      schedules that may otherwise be required by GAAP. If requested by the Acquiror,
      the Contributor shall cause the LLC to deliver promptly all four-week period
      ending financial information available to the LLC. The LLC’s financial
      information is prepared based on books and records maintained by the LLC in
      accordance with the LLC’s accounting system. The LLC’s financial information has
      been provided to the Acquiror without any changes or alteration thereto. To
      the
      best of Contributor's Knowledge, since the date of the last financial statement
      included in the LLC's financial information, there has been no material adverse
      change in the financial condition or in the operations of the
      Property.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3.20   Organizational
      Documents.
      The
      LLC’s Organizational Documents are in full force and effect and have not been
      modified or supplemented, and no fact or circumstance has occurred that, by
      itself or with the giving of notice or the passage of time or both, would
      constitute a default thereunder.

    

    3.21   Operation
      of Property.
      The
      Contributor covenants that between the date hereof and the Closing Date,
      Contributor shall cause the LLC to (a) operate the Property only in the usual,
      regular and ordinary manner consistent with the LLC’s prior practice, (b)
      maintain the books of account and records in the usual, regular and ordinary
      manner, in accordance with sound accounting principles applied on a basis
      consistent with the basis used in keeping its books in prior years, and (c)
      use
      all reasonable efforts to preserve intact the present business organization,
      keep available the services of the present officers and employees and preserve
      their relationships with suppliers and others having business dealings with
      them. The Contributor shall cause the LLC to continue to make good faith efforts
      to take guest room reservations and to book functions and meetings and otherwise
      to promote the business of the Property in generally the same manner as the
      LLC
      did prior to the execution of this Agreement. Except as otherwise permitted
      hereby, from the date hereof until Closing, the Contributor shall use its good
      faith efforts to ensure that the LLC shall not take any action or fail to take
      action the result of which (i) would have a material adverse effect on the
      Property or the Acquiror’s ability to continue the operation thereof after the
      Closing Date in substantially the same manner as presently conducted, (ii)
      reduce or cause to be reduced any room rents or any other charges over which
      Contributor has operational control, or (iii) would cause any of the
      representations and warranties contained in this Article
      III
      to be
      untrue as of Closing.

    

    3.22   Bankruptcy
      with respect to LLC.
      No Act
      of Bankruptcy has occurred with respect to the LLC.

    

    3.23   Hazardous
      Substances.
      Except
      for matters in LLC’s or Acquiror's audits, Contributor has no Knowledge:
      (a) of the presence of any “Hazardous Substances” (as defined below) on the
      Property, or any portion thereof, or, (b) of any spills, releases,
      discharges, or disposal of Hazardous Substances that have occurred or are
      presently occurring on or onto the Property, or any portion thereof, or (c)
      of
      the presence of any PCB transformers serving, or stored on, the Property, or
      any
      portion thereof, and Contributor has no Knowledge of any failure to comply
      with
      any applicable local, state and federal environmental laws, regulations,
      ordinances and administrative and judicial orders relating to the generation,
      recycling, reuse, sale, storage, handling, transport and disposal of any
      Hazardous Substances (as used herein, “Hazardous Substances” shall mean any
      substance or material whose presence, nature, quantity or intensity of
      existence, use, manufacture, disposal, transportation, spill, release or effect,
      either by itself or in combination with other materials is either:
      (1) potentially injurious to the public health, safety or welfare, the
      environment or the Property, (2) regulated, monitored or defined as a
      hazardous or toxic substance or waste by any Governmental Body, or (3) a
      basis for liability of the owner of the Property to any Governmental Body or
      third party, and Hazardous Substances shall include, but not be limited to,
      hydrocarbons, petroleum, gasoline, crude oil, or any products, by-products
      or
      components thereof, and asbestos). Notwithstanding anything to the contrary
      contained herein Contributor shall have no liability to Acquiror for any
      Hazardous Substances of which Contributor has no Knowledge.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3.24   Room
      Furnishings.
      All
      public spaces, lobbies, meeting rooms, and each room in the Hotel available
      for
      guest rental is furnished in accordance with Licensor's standards for the Hotel
      and room type.

    

    3.25   Intentionally
      Omitted. 

     

    3.26   Independent
      Audit.
      Contributor shall provide access by Acquiror's representatives, to all financial
      and other information relating to the Property and the LLC.

    

    3.27   Bulk
      Sale Compliance.
      Contributor shall indemnify Acquiror against any claim, loss or liability
      arising under the bulk sales law in connection with the transaction contemplated
      herein.

    

    3.28   Sufficiency
      of Certain Items.
      The
      Property contains not less than:

     

    (a)   a
      sufficient amount of furniture, furnishings, color television sets, carpets,
      drapes, rugs, floor coverings, mattresses, pillows, bedspreads and the like,
      to
      furnish each guest room, so that each such guest room is, in fact, fully
      furnished; and

     

    (b)   a
      sufficient amount of towels, washcloths and bed linens, so that there are three
      sets of towels, washcloths and linens for each guest room (one on the beds,
      one
      on the shelves, and one in the laundry), together with a sufficient supply
      of
      paper goods, soaps, cleaning supplies and other such supplies and materials,
      as
      are reasonably adequate for the current operation of the Hotel.

    

    3.29   Intentionally
      Omitted.

    

    3.30   Leases.
      True,
      complete copies of the Leases, are attached as Exhibit
      D
      hereto.
      The Leases are, and will at Closing be, in full force and effect and neither
      Contributor nor the LLC, is in default and the Contributor shall make good
      faith
      efforts for himself and the LLC not to be in default with respect thereto (with
      or without the giving of any notice and/or lapse of time). The Leases are,
      or
      will be at Closing, freely assignable by Contributor and Contributor will have
      obtained all consents of any third party necessary to assign the Leases to
      Acquiror.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3.31   Noncontravention.
      The
      execution and delivery of, and the performance by the Contributor of his
      obligations under this Agreement do not and will not contravene, or constitute
      a
      default under, any provision of applicable law or regulation, or any agreement,
      judgment, injunction, order, decree or other instrument binding upon the
      Contributor, or result in the creation of any lien or other encumbrance on
      any
      asset of the Contributor. There are no outstanding agreements (written or oral)
      pursuant to which the Contributor (or any predecessor to or representative
      of
      the Contributor) has agreed to contribute or has granted an option or right
      of
      first refusal to acquire the Interests or the Property or any part
      thereof.

    

    3.32   Intentionally
      Omitted.
      

     

    3.33   Patriot
      Act Representations.
      The
      Contributor and, to the actual knowledge of such Contributor, any direct or
      indirect owner of the LLC or such Contributor, (i) are not included on any
      Government List (as defined below), (ii) are not persons who have been
      determined by competent authority to be subject to the prohibitions contained
      in
      the Presidential Executive Order No. 13224 or any other similar prohibitions
      contained in the rules and regulations of the OFAC or in any enabling
      legislation or other Presidential Executive Orders in respect thereof, (iii)
      have not been indicted or convicted of any Patriot Act Offenses, or (iv) are
      not
      currently under investigation by any governmental authority for alleged criminal
      activity. For purposes of this Agreement, (i) “Government List” means (A) the
      Specially Designated Nationals and Blocked Persons List maintained by OFAC,
      (B)
      any other list of terrorists, terrorist organizations or narcotics traffickers
      maintained pursuant to any of the Rules and Regulations of OFAC, or (C) any
      similar list maintained by the United States Department of State, the United
      States Department of Commerce or any other governmental authority or pursuant
      to
      any Executive Order of the President of the United States of America; (ii)
      “OFAC” means the Office of Foreign Asset Control, U.S. Department of the
      Treasury, (iii) “Patriot Act” means the Uniting and Strengthening America by
      Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA
      PATRIOT ACT) Act of 2001, as the same may be amended from time to time, and
      corresponding provisions of future laws, and (iv) “Patriot Act Offense” means
      any violation of the criminal laws of the United States of America or of any
      of
      the several states, or that would be a criminal violation if committed within
      the jurisdiction of the United States of America or any of the several states,
      relating to terrorism or the laundering of monetary instruments, including
      any
      offense under (A) the criminal laws against terrorism, (B) the criminal laws
      against money laundering, (C) the Bank Secrecy Act, as amended, (D) the Money
      Laundering Control Act of 1986, as amended, or (E) the Patriot Act and also
      includes the crimes of conspiracy to commit, or aiding and abetting another
      to
      commit, any of the foregoing.

    

    Each
      of
      the representations, warranties and covenants contained in this Article
      III
      and its
      various subparagraphs are intended for the benefit of the Acquiror and may
      be
      waived in whole or in part, by the Acquiror, but only by an instrument in
      writing signed by the Acquiror. Each of said representations, warranties and
      covenants shall survive the closing of the transaction contemplated hereby
      for
      twenty-four (24) months, and no investigation, audit, inspection, review or
      the
      like conducted by or on behalf of the Acquiror shall be deemed to terminate
      the
      effect of any such representations, warranties and covenants, it being
      understood that the Acquiror has the right to rely thereon and that each such
      representation, warranty and covenant constitutes a material inducement to
      the
      Acquiror to execute this Agreement and to close the transaction contemplated
      hereby and to pay the Consideration to the Contributor. Acquiror
      acknowledges and agrees that, except for the representations and warranties
      expressly set forth herein, Acquiror is acquiring the LLC and Property “AS-IS,
      WHERE-IS” with no representations or warranties by or from Contributor, express
      or implied, or any nature whatsoever.  

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      IV

    

    ACQUIROR'S
      REPRESENTATIONS, WARRANTIES AND COVENANTS

     

    To
      induce
      the Contributor to enter into this Agreement and to sell the Interests, the
      Acquiror hereby makes the following representations, warranties and covenants
      upon each of which the Acquiror acknowledges and agrees that the Contributor
      is
      entitled to rely and has relied:

    

    4.1   Organization
      and Power.
      The
      Acquiror is a limited partnership duly organized, validly existing and in good
      standing under the laws of the Commonwealth of Virginia, and has all partnership
      powers and all governmental licenses, authorizations, consents and approvals
      to
      carry on its business as now conducted and to enter into and perform its
      obligations under this Agreement and any document or instrument required to
      be
      executed and delivered on behalf of the Acquiror hereunder.

    

    4.2   Noncontravention.
      The
      execution and delivery of this Agreement and the performance by the Acquiror
      of
      its obligations hereunder do not and will not contravene, or constitute a
      default under, any provisions of applicable law or regulation, the Acquiror's
      partnership agreement or any agreement, judgment, injunction, order, decree
      or
      other instrument binding upon the Acquiror or result in the creation of any
      lien
      or other encumbrance on any asset of the Acquiror.

    

    4.3   Litigation.
      There
      is no action, suit or proceeding, pending or known to be threatened, against
      or
      affecting the Acquiror in any court or before any arbitrator or before any
      Governmental Body which (a) in any manner raises any question affecting the
      validity or enforceability of this Agreement or any other agreement or
      instrument to which the Acquiror is a party or by which it is bound and that
      is
      to be used in connection with, or is contemplated by, this Agreement,
      (b) could materially and adversely affect the ability of the Acquiror to
      perform its obligations hereunder, or under any document to be delivered
      pursuant hereto. 

    

    4.4   Bankruptcy.
      No Act
      of Bankruptcy has occurred with respect to the Acquiror.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4.5   No
      Brokers.
      The
      Acquiror has not engaged the services of, nor is it or will it become liable
      to,
      any real estate agent, broker, finder or any other person or entity for any
      brokerage or finder's fee, commission or other amount with respect to the
      transaction described herein.

     

    ARTICLE
      V

    

    CONDITIONS
      AND ADDITIONAL COVENANTS

     

    The
      Acquiror's obligations hereunder are subject to the satisfaction of the
      following conditions precedent and the compliance by the Contributor with the
      following covenants:

    

    5.1   Contributor’s
      Deliveries.
      The
      Contributor shall have delivered to the Escrow Agent or the Acquiror, as the
      case may be, on or before the date of Closing, all of the documents and other
      information required of Contributor pursuant to Section 6.2.

    

    5.2   Representations,
      Warranties and Covenants; Obligations of Contributor;
      Certificate.
      All of
      the Contributor’s representations and warranties made in this Agreement shall be
      true and correct as of the date hereof and as of the Closing Date as if then
      made, there shall have occurred no material adverse change in the financial
      condition of the Property or the LLC since the date hereof, the Contributor
      shall have performed all of its material covenants and other obligations under
      this Agreement and the Contributor shall have executed and delivered to the
      Acquiror at Closing a certificate to the foregoing effect.

    

    5.3   Title
      Insurance.
      Good
      and indefeasible title to the fee interest in the Real Property shall be
      insurable as such by the Title Company at or below its regularly scheduled
      rates
      subject only to Permitted Title Exceptions as determined in accordance with
      Section 2.2.
      

    

    5.4   Condition
      of Improvements.
      The
      Improvements and the Tangible Personal Property (including but not limited
      to
      the mechanical systems, plumbing, electrical, wiring, appliances, fixtures,
      heating, air conditioning and ventilating equipment, elevators, boilers,
      equipment, roofs, structural members and furnaces) shall be in the same
      condition at Closing as they are as of the date hereof, reasonable wear and
      tear
      excepted. Prior to Closing, the Contributor shall not have diminished the
      quality or quantity of maintenance and upkeep services heretofore provided
      to
      the Real Property and the Tangible Personal Property and the Contributor shall
      not have diminished the Inventory. The Contributor shall not have removed or
      caused or permitted to be removed any part or portion of the Real Property
      or
      the Tangible Personal Property unless the same is replaced, prior to Closing,
      with similar items of at least equal quality and acceptable to the
      Acquiror.

    

    5.5   Utilities.
      All of
      the Utilities shall be installed in and operating at the Property, and service
      shall be available for the removal of garbage and other waste from the
      Property.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    5.6   Intentionally
      Omitted.
      

    

    5.7   Interests.
      From
      the date hereof to and including the Closing Date, Contributor shall not sell,
      assign, pledge, hypothecate or otherwise transfer the Interests, except as
      contemplated by this Agreement, nor shall the Contributor cause or permit the
      LLC to issue any securities or membership interests to any person or to sell,
      pledge, transfer or otherwise dispose of the Property or any interest
      therein.

     

    5.8   Intentionally
      Omitted.
      

    

    5.9   Intentionally
      Omitted.

     

    ARTICLE
      VI

    

    CLOSING

    

    6.1   Closing.
      Closing
      shall be held at a location that is mutually acceptable to the parties, on
      or
      before June 11th,
      2007.

    

    6.2   Contributor’
      Deliveries.
      At
      Closing, the Contributor shall deliver to Acquiror all of the following
      instruments, each of which shall have been duly executed and, where applicable,
      acknowledged on behalf of the Contributor and shall be dated as of the date
      of
      Closing:

     

    (a)   Certificates
      representing the Interests.

     

    (b)   The
      certificate required by Section 5.2.

     

    (c)   The
      Assignment and Assumption Agreement.

     

    (d)   Any
      and
      all service contracts, space leases, and agreements. 

     

    (e)   Such
      agreements, affidavits or other documents as may be required by the Title
      Company to issue the Owner's Title Policy with affirmative coverage over
      mechanics' and materialmen's liens.

     

    (f)   The
      FIRPTA Certificate.

     

    (g)   True,
      correct and complete copies of all warranties, if any, of manufacturers,
      suppliers and installers possessed by the Contributor and relating to the
      Improvements and the Personal Property, or any part thereof.

    (h)   Copies
      of
      the LLC’s Organizational Documents.

     

    (i)   Appropriate
      consent of the LLC, authorizing (A) the execution of any documents to be
      executed and delivered by the LLC prior to, at or otherwise in connection with
      Closing and in connection with the transactions contemplated by this Agreement,
      and (B) the performance by the LLC of its obligations hereunder and under
      such documents.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (j)   Valid,
      final and unconditional certificate(s) of occupancy for the Real Property and
      Improvements, issued by the appropriate Governmental Body.

     

    (k)   Such
      proof as the Acquiror may reasonably require with respect to Contributor’s
      compliance with the bulk sales laws or similar statutes.

     

    (l)   A
      written
      instrument executed by the Contributor, conveying and transferring to the
      Acquiror all of the Contributor’s right, title and interest in any telephone
      numbers and facsimile numbers relating to the Property, and, if the Contributor
      maintains a post office box, conveying to the Acquiror all of its interest
      in
      and to such post office box and the number associated therewith, so as to assure
      a continuity in operation and communication.

     

    (m)   All
      current real estate and personal property tax bills in the Contributor’s
      possession or under its control.

     

    (n)   Possession
      of the Property and all keys for the Property.

     

    (o)   All
      books, records, operating reports, appraisal reports, files and other materials
      in the Contributor’s possession or control which are necessary in the Acquiror’s
      discretion to maintain continuity of operation of the Property.

     

    (p)   An
      assignment of all warranties and guarantees from all contractors and
      subcontractors, manufacturers, and suppliers in effect with respect to the
      Improvements.

     

    (q)   Complete
      set of “as-built” drawings for the Improvements as available in Contributor’s
      possession.

     

    (r)   Such
      proof, reasonably acceptable to the Acquiror evidencing the payment by
      Contributor of all transfer taxes incurred in connection with the transactions
      contemplated by this Agreement.

     

     (s)   Any
      other
      document or instrument reasonably requested by the Acquiror or required
      hereby.

     

    6.3   Acquiror's
      Deliveries.
      At
      Closing, the Acquiror shall pay or deliver to the Contributor the
      following:

     

    (a)   The
      Consideration described in Section 2.3.

     

    (b)   The
      Assignment and Assumption Agreement.

     

    (c)   The
      Joinder.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (d)   Any
      other
      document or instrument reasonably requested by the Contributor or required
      hereby.

    

    6.4   Closing
      Costs.
      Each
      party shall pay its own legal fees and expenses. All filing fees, and recording
      or other similar taxes, and all charges for title insurance premiums shall
      be
      paid by Acquiror.

    

    6.5   Income
      and Expense Allocations.
      All
      income, except any Intangible Personal Property, and expenses with respect
      to
      the Property, determined in accordance with United States generally accepted
      accounting principles consistently applied, shall be allocated between the
      Contributor and the Acquiror. The Contributor shall be entitled to all income
      (including all cash box receipts and cash credits for unused expendables),
      and
      responsible for all expenses for the period of time up to but not including
      12:01 a.m. on the Closing Date, and the Acquiror shall be entitled to all income
      and responsible for all expenses for the period of time from, after and
      including 12:01 a.m. on the Closing Date. Only
      adjustments for ground rent, if applicable, and real estate taxes shall be
      shown
      on the settlement statements (with such supporting documentation as the parties
      hereto may require being attached as exhibits to the settlement statements)
      and
      shall increase or decrease (as the case may be) the amount payable by the
      Acquiror.
      All
      other such adjustments shall be made by separate agreement between the parties
      and shall be payable by check or wire directly between the parties. Without
      limiting the generality of the foregoing, the following items of income and
      expense shall be allocated as of the Closing Date:

     

    (a)   Current
      and prepaid rents, including, without limitation, prepaid room receipts,
      function receipts and other reservation receipts.

     

    (b)   Real
      estate and personal property taxes.

     

    (c)   Amounts
      under the Operating Agreements. 

     

    (d)   Utility
      charges (including but not limited to charges for water, sewer and
      electricity).

     

    (e)   Value
      of
      fuel stored on the Property at the price paid for such fuel by the Contributor,
      including any taxes.

     

    Acquiror
      shall not be obligated to collect any accounts receivable or revenues accrued
      prior to the Closing Date for Contributor, but if Acquiror collects same, such
      amounts will be promptly remitted to Contributor in the form
      received.

     

    If
      accurate allocations cannot be made at Closing because current bills are not
      obtainable (as, for example, in the case of utility bills or tax bills), the
      parties shall allocate such income or expenses at Closing on the best available
      information, subject to adjustment upon receipt of the final bill or other
      evidence of the applicable income or expense. Any income received or expense
      incurred by the Contributor or the Acquiror with respect to the Property after
      the date of Closing shall be promptly allocated in the manner described herein
      and the parties shall promptly pay or reimburse any amount due. The Contributor
      shall pay at Closing all special assessments and taxes applicable to the
      Property.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    The
      certificates evidencing the Contributor’s ownership of the Interests will be
      dated as of the Closing Date.

     

    ARTICLE
      VII

    

    CONDEMNATION;
      RISK OF LOSS

    

    7.1   Condemnation.
      In the
      event of any actual or threatened taking, pursuant to the power of eminent
      domain, of all or any portion of the Real Property, or any proposed sale in
      lieu
      thereof, the Contributor shall give written notice thereof to the Acquiror
      promptly after the Contributor learns or receives notice thereof. If all or
      any
      part of the Real Property is, or is to be, so condemned or sold, the Acquiror
      shall have the right to terminate this Agreement pursuant to Section 8.3.
      If the
      Acquiror elects not to terminate this Agreement, all proceeds, awards and other
      payments arising out of such condemnation or sale (actual or threatened) shall
      be paid or assigned, as applicable, to the Acquiror at Closing.

    

    7.2   Risk
      of Loss.
      The
      risk of any loss or damage to the Property prior to the recordation of the
      Deed
      shall remain upon Contributor. If any such loss or damage to more than ten
      percent (10%) of the value of the Improvements occurs prior to Closing or any
      such loss or damage is uninsured or underinsured, the Acquiror shall have the
      right to terminate this Agreement pursuant to Section 8.3.
      If the
      Acquiror elects not to terminate this Agreement, all insurance proceeds and
      rights to proceeds arising out of such loss or damage shall be paid or assigned,
      as applicable, to the Acquiror at Closing.

     

    ARTICLE
      VIII

    

    LIABILITY
      OF ACQUIROR; INDEMNIFICATION BY CONTRIBUTOR;

    TERMINATION
      RIGHTS

    

    8.1   Liability
      of Acquiror.
      Except
      for any obligation expressly assumed or agreed to be assumed by the Acquiror
      hereunder and in the Assignment and Assumption Agreement, the Acquiror does
      not
      assume any obligation of the Contributor or any liability for claims arising
      out
      of any occurrence prior to Closing.

    

    8.2   Indemnification
      by Contributor.
      The
      Contributor hereby indemnifies and holds the Acquiror harmless from and against
      any and all suits, actions, claims, costs, penalties, damages, losses,
      liabilities and expenses, subject to Section
      9.11
      that may
      at any time be incurred by the Acquiror, whether before or after Closing, (i)
      as
      a result of any breach by the Contributor of any of his representations,
      warranties, covenants or obligations set forth herein or in any other document
      delivered by the Contributor pursuant hereto, (ii) relating to any suits,
      litigation or actions brought against any Contributor or the LLC prior to the
      Closing Date, (iii) in connection with any and all liabilities and obligations
      of the LLC occurring, accruing or arising prior to the Closing Date, and/or
      (iv)
      as a result of or in connection with the use or operation of the Property prior
      to the Closing Date.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    8.3   Termination
      by Acquiror.
      If any
      condition set forth herein cannot or will not be satisfied prior to Closing,
      or
      upon the occurrence of any other event that would entitle the Acquiror to
      terminate this Agreement and its obligations hereunder, and the Contributor
      fails to cure any such matter within five days after notice thereof from the
      Acquiror, the Acquiror, at its option and as its sole remedy, shall elect either
      (a) to terminate this Agreement and receive a refund of the entire Deposit,
      with interest, and all other rights and obligations of the Contributor and
      the
      Acquiror hereunder shall terminate immediately, or (b) to waive its right
      to terminate and, instead, to proceed to Closing. 

    

    8.4   Termination
      by Contributor.
      If,
      prior to Closing, the Acquiror defaults in performing any of its obligations
      under this Agreement, and the Acquiror fails to cure any such default within
      five (5) business days after notice thereof from the Contributor, then the
      Contributor’s sole remedy for such default shall be to terminate this Agreement.

     

    ARTICLE
      IX

    

    MISCELLANEOUS
      PROVISIONS

    

    9.1   Completeness;
      Modification.
      This
      Agreement constitutes the entire agreement between the parties hereto with
      respect to the transactions contemplated hereby and supersedes all prior
      discussions, understandings, agreements and negotiations between the parties
      hereto. This Agreement may be modified only by a written instrument duly
      executed by the parties hereto.

    

    9.2   Assignments.
      The
      Acquiror may assign its rights hereunder to any affiliate of Acquiror without
      the consent of the Contributor. No such assignment shall relieve the Acquiror
      of
      any of its obligations and liabilities hereunder.

    

    9.3   Successors
      and Assigns.
      The
      benefits and burdens of this Agreement shall inure to the benefit of and bind
      the Acquiror and the Contributor and their respective party hereto.

    

    9.4   Days.
      If any
      action is required to be performed, or if any notice, consent or other
      communication is given, on a day that is a Saturday or Sunday or a legal holiday
      in the jurisdiction in which the action is required to be performed or in which
      is located the intended recipient of such notice, consent or other
      communication, such performance shall be deemed to be required, and such notice,
      consent or other communication shall be deemed to be given, on the first
      business day following such Saturday, Sunday or legal holiday. Unless otherwise
      specified herein, all references herein to a “day” or “days” shall refer to
      calendar days and not business days.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    9.5   Governing
      Law.
      This
      Agreement and all documents referred to herein shall be governed by and
      construed and interpreted in accordance with the laws of the State of New
      York.

    

    9.6   Counterparts.
      To
      facilitate execution, this Agreement may be executed in as many counterparts
      as
      may be required. It shall not be necessary that the signature on behalf of
      both
      parties hereto appear on each counterpart hereof. All counterparts hereof shall
      collectively constitute a single agreement.

    

    9.7   Severability.
      If any
      term, covenant or condition of this Agreement, or the application thereof to
      any
      person or circumstance, shall to any extent be invalid or unenforceable, the
      remainder of this Agreement, or the application of such term, covenant or
      condition to other persons or circumstances, shall not be affected thereby,
      and
      each term, covenant or condition of this Agreement shall be valid and
      enforceable to the fullest extent permitted by law.

    

    9.8   Costs.
      Regardless of whether Closing occurs hereunder, and except as otherwise
      expressly provided herein, each party hereto shall be responsible for its own
      costs in connection with this Agreement and the transactions contemplated
      hereby, including without limitation fees of attorneys, engineers and
      accountants.

    

    9.9   Notices.
      All
      notices, requests, demands and other communications hereunder shall be in
      writing and shall be delivered by hand, transmitted by facsimile transmission,
      sent prepaid by Federal Express (or a comparable overnight delivery service)
      or
      sent by the United States mail, certified, postage prepaid, return receipt
      requested, at the addresses and with such copies as designated below. Any
      notice, request, demand or other communication delivered or sent in the manner
      aforesaid shall be deemed given or made (as the case may be) when actually
      delivered to the intended recipient.

    
      

      
        	 	
                If
                  to the Contributors:

              	
                Hasu
                  P.
                  Shah

              

      

    

    44
      Hersha
      Drive

    Harrisburg,
      PA 17102

    Phone:
      (717) 236-4400

    Fax:
      (717)
      774-7383

    

    Bharat
      C.
      Mehta

    44
      Hersha
      Drive

    Harrisburg,
      PA 17102

    

    
      	 	
              With
                a copy to:

            	
              Mayur
                Patel, Esq.

            

    

    c/o
      Hersha Group

    44
      Hersha
      Drive

    Harrisburg,
      PA 17102

    Phone:
      (717) 236-4400

    Fax:
      (717) 774-7383

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	
              If
                to the Acquiror:

            	
              Hersha
                Hospitality Limited Partnership

            

    

    44
      Hersha
      Drive

    Harrisburg,
      PA 17102

    Phone:
      (717) 236-4400

    Fax:
      (717) 774-7383

    Attn:
      Ashish R. Parikh

    

    
      	 	
              With
                a copy to:

            	
              Lok
                Mohapatra, Esquire

            

    

    Franklin
      Firm, LLP

    Penn
      Mutual Towers

    510
      Walnut Street, 9th
      floor

    Philadelphia,
      PA 19106

    Phone:
      (215) 238-1045

    Fax:
      (267) 238-1874

    Or
      to
      such other address as the intended recipient may have specified in a notice
      to
      the other party. Any party hereto may change its address or designate different
      or other persons or entities to receive copies by notifying the other party
      and
      the Escrow Agent in a manner described in this Section.

    

    9.10   Incorporation
      by Reference.
      All of
      the exhibits attached hereto are by this reference incorporated herein and
      made
      a part hereof.

    

    9.11   Survival.
      All of
      the representations, warranties, covenants and agreements of the Contributor
      and
      the Acquiror made in, or pursuant to, this Agreement shall survive for a period
      of twenty-four (24) months following Closing and shall not merge into the Deed
      or any other document or instrument executed and delivered in connection
      herewith, except for the representations and warranties set forth in Sections
      3.4, 3.7 and 3.9, which shall survive for periods coterminous with applicable
      statutes of limitations.

    

    9.12   Further
      Assurances.
      The
      Contributor and the Acquiror each covenant and agree to sign, execute and
      deliver, or cause to be signed, executed and delivered, and to do or make,
      or
      cause to be done or made, upon the written request of the other party, any
      and
      all agreements, instruments, papers, deeds, acts or things, supplemental,
      confirmatory or otherwise, as may be reasonably required by either party hereto
      for the purpose of or in connection with consummating the transactions described
      herein.

    

    9.13   No
      Partnership.
      This
      Agreement does not and shall not be construed to create a partnership, joint
      venture or any other relationship between the parties hereto except the
      relationship of Contributor and Acquiror specifically established
      hereby.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    9.14   Time
      of Essence.
      Time is
      of the essence with respect to every provision hereof.

    

    9.15   Confidentiality.
      Contributor and its representatives, including any professionals representing
      Contributor, shall keep the existence and terms of this Agreement strictly
      confidential, except to the extent disclosure is compelled by law, and then
      only
      to the extent of such compulsion.

     

    [Signature
      Pages Follow]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Contributor and the Acquiror have caused this Agreement
      to
      be executed in their names by their respective duly-authorized
      representatives.

    

    

    
      	 	
              CONTRIBUTORS:

            
	 	 	 	 	 
	 	
              Hasu
                P. Shah

            
	 	 	 	 	 
	 	 
	 	
              Hasu
                P. Shah, individually

            
	 	 	 	 	 
	 	
              Bharat
                C. Mehta

            
	 	 	 	 	 
	 	 
	 	
              Bharat
                C. Mehta, individually

            
	 	 	 	 	 
	 	 	 	 	 
	 	
              ACQUIROR:

            
	 	 	 	 	 
	 	
              Hersha
                Hospitality Limited Partnership,
                a
                Virginia limited partnership

            
	 	 	 	 	 
	 	
              By:

            	
              Hersha
                Hospitality Trust, a Maryland business trust, its sole general
                partner

            
	 	 	 	 	 
	 	 	 	 	 
	 	 	
              By:

            	 
	 	 	 	
              Name:
                

            	 
	 	 	 	
              Title:

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