Document:

EXHIBIT 10.23

 EXHIBIT 10.23 
  
 ASSIGNMENT AND ASSUMPTION 
  
 OF 
  
 AGREEMENT OF PURCHASE AND SALE 
  
 This ASSIGNMENT AND ASSUMPTION AGREEMENT (this “Agreement”) is made and entered into on October 1, 2003, between Barceló Crestline Corporation, a Maryland corporation (“Assignor”) and
Highland Hospitality Corporation, a Maryland corporation (“Assignee”). 
  
 RECITALS 
  
 WHEREAS,
Assignor, as purchaser, and HMC Retirement Properties, L.P., as seller, entered into that certain Agreement of Purchase and Sale dated as of September 19, 2003 (the “Purchase Agreement”) for the purchase and sale of the Plaza San Antonio
Marriott hotel as more particularly described therein; and 
  
 WHEREAS, Assignor desires to assign, and Assignee desires to assume, all of Assignor’s right title and interest in, to, and under the Purchase Agreement, all subject to the terms and conditions contained herein. 
  
 NOW, THEREFORE, in consideration of the mutual agreements contained herein,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  
 AGREEMENT 
  
 1. Assignment and Assumption. Assignor hereby assigns, grants, transfers to Assignee, all of Assignor’s right, title, interest and obligation
as “Purchaser” in, to and under the Purchase Agreement and Assignee hereby assumes, and shall be bound and liable to the same extent as was Assignor under the Purchase Agreement. 
  
 2. Reimbursement of Deposit. Simultaneously with the execution of this
Agreement, Assignee hereby agrees to reimburse Assignor the sum of One Million Five Hundred Thousand Dollars ($1,500,000), which represents the Deposit that Assignor deposited with Escrow Agent. 
  
 3. Representations and Warranties of Assignor. Assignor represents and
warrants that (a) the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby have been duly and validly authorized by all requisite corporate actions on the part of the Assignor, none of
which actions have been modified or rescinded, and all of which 

 
actions are in full force and effect, (b) this Agreement constitutes a valid and binding obligation of the Assignor, enforceable against the Assignor in
accordance with its terms, and (c) the execution and performance of this Agreement do not (i) violate any law or order of any court or governmental authority with proper jurisdiction, (ii) result in a breach or default under any contract or
commitment binding on Assignor or its assets, or (iii) require any consent or vote that has not been taken or given. 
  
 4. Representations and Warranties of Assignee. Assignee represents and warrants that (a) the execution, delivery and performance of this Agreement
and the consummation of the transactions contemplated hereby have been duly and validly authorized by all requisite corporate actions on the part of the Assignee, none of which actions have been modified or rescinded, and all of which actions are in
full force and effect, (b) this Agreement constitutes a valid and binding obligation of the Assignee, enforceable against the Assignee in accordance with its terms, and (c) the execution and performance of this Agreement do not (i) violate any law
or order of any court or governmental authority with proper jurisdiction, (ii) result in a breach or default under any contract or commitment binding on Assignee or its assets, or (iii) require any consent or vote that has not been taken or given.

  
 5. Indemnity. Assignee hereby agrees to indemnify and
hold Assignor harmless from and against and all liability, loss, cost, damage, and expense, including, without limitation, reasonable attorneys’ fees and expenses incurred by Assignor as a result of Assignee’s actions or inactions as
“Purchaser” under the Purchase Agreement. 
  
 6.
Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  
 7. Governing Law; Successors and Assigns. This Agreement shall be governed by and shall be construed and
enforced in accordance with the laws of the State of Maryland, without regard to conflicts of law principles. This Agreement shall be binding upon the successors and permitted assigns of Assignor and Assignee. Neither this Assignment nor anything
set forth herein is intended to, nor shall it, confer any rights on any person or entity other than the parties hereto and all third party rights are expressly negated. 
  
 8. Counterparts. This Agreement may be executed in separate counterparts, the signatures on which may be by
facsimile, none of which need contain the signatures of all parties, each of which shall be deemed to be an 
  

 2 

 
original, and all of which taken together constitute one and the same instrument. It shall not be necessary in making proof of this Agreement to produce or
account for more than the number of counterparts containing the respective signatures of, or on behalf of, all of the parties hereto. 
  
 9. Further Assurances. The parties agree that they will take whatever action or actions are found to be reasonably necessary to give force and
effect to this Agreement or to any of its provisions. 
  
 10.
Headings. The headings of the sections of this Agreement are for convenience and reference only and shall not limit or otherwise affect the meaning hereof. 
  
 IN WITNESS WHEREOF, Assignor and Assignee have duly executed this Agreement as of the date first above written. 

 

	
	ASSIGNOR:
	
	BARCELÓ CRESTLINE CORPORATION
		
	 By:
	 	 /s/  BRUCE D. WARDINSKI

	 Name:
	 	 Bruce D. Wardinski

	 Title:
	 	 President and CEO

	
	ASSIGNEE:
	
	HIGHLAND HOSPITALITY CORPORATION
		
	 By:
	 	 /s/  JAMES L. FRANCIS

	 Name:
	 	 James L. Francis

	 Title:
	 	 President and CEO

  

 3<PAGE>

                                                                   EXHIBIT 10.24

                            ASSIGNMENT AND ASSUMPTION

                                       OF

                           PURCHASE AND SALE AGREEMENT

                  This ASSIGNMENT AND ASSUMPTION AGREEMENT (this "Agreement") is
made and entered into on October 27, 2003, between Barcelo Crestline
Corporation, a Maryland corporation ("Assignor") and Highland Hospitality, L.P.,
a Delaware limited partnership ("Assignee").

                                    RECITALS

                  WHEREAS, Assignor, as purchaser, and AP/APMC Savannah, L.P.,
as seller, entered into that certain Purchase and Sale Agreement dated as of
September 17, 2003, as amended by that First Amendment to Purchase and Sale
Agreement dated as of October 7, 2003, as further amended by that Second
Amendment to Purchase and Sale Agreement dated as of October 17, 2003, as
further amended by that certain Third Amendment to Purchase and Sale Agreement
dated as of October 21, 2003, as further amended by that certain Fourth
Amendment to Purchase and Sale Agreement dated as of October 23, 2003 (as
amended, the "Purchase Agreement") for the purchase and sale of the Hyatt
Regency Savannah hotel as more particularly described therein; and

                  WHEREAS, Assignor desires to assign, and Assignee desires to
assume, all of Assignor's right title and interest in, to, and under the
Purchase Agreement, all subject to the terms and conditions contained herein.

                  NOW, THEREFORE, in consideration of the mutual agreements
contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

                                    AGREEMENT

                  1. Assignment and Assumption. Assignor hereby assigns, grants,
transfers to Assignee, all of Assignor's right, title, interest and obligation
as "Buyer" in, to and under the Purchase Agreement and Assignee hereby assumes,
and shall be bound and liable to the same extent as was Assignor under the
Purchase Agreement.

                  2. Representations and Warranties of Assignor. Assignor
represents and warrants that (a) the execution, delivery and performance of this
Agreement and the consummation of the transactions contemplated hereby have been
duly and validly authorized by all requisite corporate actions on the part of
the Assignor, none of which actions have been modified or rescinded, and all of
which

<PAGE>

actions are in full force and effect, (b) this Agreement constitutes a valid and
binding obligation of the Assignor, enforceable against the Assignor in
accordance with its terms, and (c) the execution and performance of this
Agreement do not (i) violate any law or order of any court or governmental
authority with proper jurisdiction, (ii) result in a breach or default under any
contract or commitment binding on Assignor or its assets, or (iii) require any
consent or vote that has not been taken or given.

                  3. Representations and Warranties of Assignee. Assignee
represents and warrants that (a) the execution, delivery and performance of this
Agreement and the consummation of the transactions contemplated hereby have been
duly and validly authorized by all requisite corporate actions on the part of
the Assignee, none of which actions have been modified or rescinded, and all of
which actions are in full force and effect, (b) this Agreement constitutes a
valid and binding obligation of the Assignee, enforceable against the Assignee
in accordance with its terms, and (c) the execution and performance of this
Agreement do not (i) violate any law or order of any court or governmental
authority with proper jurisdiction, (ii) result in a breach or default under any
contract or commitment binding on Assignee or its assets, or (iii) require any
consent or vote that has not been taken or given.

                  4. Indemnity. Assignee hereby agrees to indemnify and hold
Assignor harmless from and against and all liability, loss, cost, damage, and
expense, including, without limitation, reasonable attorneys' fees and expenses
incurred by Assignor as a result of Assignee's actions or inactions as
"Purchaser" under the Purchase Agreement.

                  5. Severability. Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

                  6. Governing Law; Successors and Assigns. This Agreement shall
be governed by and shall be construed and enforced in accordance with the laws
of the Commonwealth of Virginia, without regard to conflicts of law principles.
This Agreement shall be binding upon the successors and permitted assigns of
Assignor and Assignee. Neither this Assignment nor anything set forth herein is
intended to, nor shall it, confer any rights on any person or entity other than
the parties hereto and all third party rights are expressly negated.

                  7. Counterparts. This Agreement may be executed in separate
counterparts, the signatures on which may be by facsimile, none of which need
contain the signatures of all parties, each of which shall be deemed to be an

                                       2

<PAGE>

original, and all of which taken together constitute one and the same
instrument. It shall not be necessary in making proof of this Agreement to
produce or account for more than the number of counterparts containing the
respective signatures of, or on behalf of, all of the parties hereto.

                  8. Further Assurances. The parties agree that they will take
whatever action or actions are found to be reasonably necessary to give force
and effect to this Agreement or to any of its provisions.

                  9. Headings. The headings of the sections of this Agreement
are for convenience and reference only and shall not limit or otherwise affect
the meaning hereof.

                  IN WITNESS WHEREOF, Assignor and Assignee have duly executed
this Agreement as of the date first above written.

                                       ASSIGNOR:

                                       BARCELO CRESTLINE CORPORATION

                                       By:       /s/ Bruce D. Wardinski
                                          -------------------------------------
                                       Name:  Bruce D. Wardinski
                                       Title: President and CEO

                                       ASSIGNEE:

                                       HIGHLAND HOSPITALITY, L.P.

                                           By: Highland Hospitality Corporation,
                                               Its General Partner

                                                  By:   /s/ James L. Francis
                                                     ---------------------------
                                                     Name:  James L. Francis
                                                     Title: President and CEO

                                       3

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