Document:

exv10w2

Exhibit 10.2

CHATHAM LODGING TRUST

Share Award Agreement

[Executive and Employee Awards]

     THIS SHARE AWARD AGREEMENT (the “Agreement”), dated as of the ___day of                     , 2010,
governs the Share Award granted by CHATHAM LODGING TRUST, a Maryland real estate investment trust
(the “Company”), to                                          (the “Participant”), in accordance with and subject
to the provisions of the Company’s Equity Incentive Plan (the “Plan”). A copy of the Plan has been
made available to the Participant. All terms used in this Agreement that are defined in the Plan
have the same meaning given them in the Plan.

     1. Grant of Share Award. In accordance with the Plan, and effective as of                     
___, 2010 (the “Date of Grant”), the Company granted to the Participant, subject to the terms and
conditions of the Plan and this Agreement, a Share Award of                      Common Shares (the “Share
Award”).

     2. Vesting. The Participant’s interest in the Common Shares covered by the Share
Award shall become vested and nonforfeitable to the extent provided in paragraphs (a), (b), (c),
(d) and (e) below.

          (a) Continued Employment. The Participant’s interest in one-third of the Common Shares
covered by the Share Award shall become vested and nonforfeitable on the first anniversary of the
Date of Grant if the Participant remains in the continuous employ of the Company or an Affiliate
from the Date of Grant until the first anniversary of the Date of Grant. The Participant’s
interest in an additional one-third of the Common Shares covered by the Share Award shall become
vested and nonforfeitable on the second anniversary of the Date of Grant if the Participant remains
in the continuous employ of the Company or an Affiliate from the Date of Grant until the second
anniversary of the Date of Grant. The Participant’s interest in the remaining one-third of the
Common Shares covered by the Share Award shall become vested and nonforfeitable on the third
anniversary of the Date of Grant if the Participant remains in the continuous employ of the Company
or an Affiliate from the Date of Grant until the third anniversary of the Date of Grant.

          (b) Change in Control. The Participant’s interest in all of the Common Shares covered by the
Share Award (if not sooner vested), shall become vested and nonforfeitable on a Control Change Date
if the Participant remains in the continuous employ of the Company or an Affiliate from the Date of
Grant until the Control Change Date.

          (c) Death or Disability. The Participant’s interest in all of the Common Shares covered by
the Share Award (if not sooner vested), shall become vested and nonforfeitable on the date that the
Participant’s employment by the Company and its Affiliates

 

 

ends if (i) such employment ends on account of the Participant’s death or because the Participant
is “disabled” (as defined in Code section 409A(a)(2)(c)) and (ii) the Participant remains in the
continuous employ of the Company or an Affiliate from the Date of Grant until the date such
employment ends on account of the Participant’s death or because the Participant is disabled.

          (d) Termination of Employment Without Cause. The Participant’s interest in all of the Common
Shares covered by the Share Award (if not sooner vested), shall become vested and nonforfeitable on
the date that the Participant’s employment by the Company and its Affiliates ends if (i) such
employment is terminated by the Company or an Affiliate without Cause and (ii) the Participant
remains in the continuous employ of the Company or an Affiliate from the Date of Grant until the
date such employment ends on account of a termination by the Company or an Affiliate without Cause.
For purposes of this Agreement, a termination of the Participant’s employment with the Company or
an Affiliate is with Cause if such employment is terminated by action of the Board on account of
(w) the Participant’s failure to perform a material duty or the Participant’s material breach of an
obligation under an agreement with the Company or a breach of a material and written Company policy
other than by reason of mental or physical illness or injury, (x) the Participant’s breach of a
fiduciary duty to the Company, (y) the Participant’s conduct that is demonstrably and materially
injurious to the Company, materially or otherwise or (z) the Participant’s conviction of, or plea
of nolo contendre to, a felony or crime involving moral turpitude or fraud or dishonesty involving
assets of the Company and that in all cases is described in a written notice from the Board and
that is not cured, to the reasonable satisfaction of the Board, within thirty (30) days after such
notice is received by the Participant.

          (e) Resignation With Good Reason. The Participant’s interest in all of the Common Shares
covered by the Share Award (if not sooner vested) shall become vested and nonforfeitable on the
date that the Participant’s employment by the Company and its Affiliates ends if (i) such
employment is terminated by the Participant with Good Reason and (ii) the Participant remains in
the continuous employ of the Company or an Affiliate from the Date of Grant until the date such
employment ends on account of the Participant’s resignation with Good Reason. For purposes of this
Agreement, the Participant’s resignation is with Good Reason if the Participant resigns on account
of (w) the Company’s material breach of an agreement with the Participant or a direction from the
Board that the Participant act or refrain from acting which in either case would be unlawful or
contrary to a material and written Company policy, (x) a material diminution in the Participant’s
duties, functions and responsibilities to the Company and its Affiliates without the Participant’s
consent or the Company preventing the Participant from fulfilling or exercising the Participant’s
material duties, functions and responsibilities to the Company and its Affiliates without the
Participant’s consent, (y) a material reduction in the Participant’s base salary or annual bonus
opportunity or (z) a requirement that the Participant relocate the Participant’s employment more
than fifty (50) miles from the location of the Participant’s principal office on the Date of Grant,
without the consent of the Participant. The Participant’s resignation shall not be a resignation
with Good Reason unless the Participant gives the Board written notice (delivered within thirty
(30) days after the Participant knows of the event, action, etc. that the Participant asserts
constitutes Good Reason), the event, action, etc. that the Participant asserts constitutes Good
Reason is not cured, to the reasonable satisfaction of the Participant, within thirty (30) days
after such notice and the Participant resigns effective not later than thirty (30) days after the
expiration of such cure period.

 

 

Except as provided in this Section 2, any Common Shares covered by the Share Award that are not
vested and nonforfeitable on or before the date that the Participant’s employment by the Company
and its Affiliates ends shall be forfeited on the date that such employment terminates.

     3. Transferability. Common Shares covered by the Share Award that have not become
vested and nonforfeitable as provided in Section 2 cannot be transferred. Common Shares covered by
the Share Award may be transferred, subject to the requirements of applicable securities laws,
after they become vested and nonforfeitable as provided in Section 2.

     4. Shareholder Rights. On and after the Date of Grant and prior to their forfeiture,
the Participant shall have all of the rights of a shareholder of the Company with respect to the
Common Shares covered by the Share Award, including the right to vote the shares and to receive,
free of all restrictions, all dividends declared and paid on the shares. Notwithstanding the
preceding sentence, the Company shall retain custody of the certificates evidencing the Common
Shares covered by the Share Award until the date that the Common Shares become vested and
nonforfeitable and the Participant hereby appoints the Company’s Secretary as the Participant’s
attorney in fact, with full power of substitution, with the power to transfer to the Company and
cancel any Common Shares covered by the Share Award that are forfeited under Section 2.

     5. No Right to Continued Employment. This Agreement and the grant of the Share Award
does not give the Participant any rights with respect to continued employment by the Company or an
Affiliate. This Agreement and the grant of the Share Award shall not interfere with the right of
the Company or an Affiliate to terminate the Participant’s employment.

     6. Governing Law. This Agreement shall be governed by the laws of the State of
                     except to the extent that                      law would require the application of the
laws of another State.

     7. Conflicts. In the event of any conflict between the provisions of the Plan as in
effect on the Date of Grant and this Agreement, the provisions of the Plan shall govern. All
references herein to the Plan shall mean the Plan as in effect on the Date of Grant.

     8. Participant Bound by Plan. The Participant hereby acknowledges that a copy of the
Plan has been made available to the Participant and the Participant agrees to be bound by all the
terms and provisions of the Plan.

     9. Binding Effect. Subject to the limitations stated above and in the Plan, this
Agreement shall be binding upon the Participant and the Participant’s successors in interest and
the Company and any successors of the Company.

[signature page follows]

 

 

     IN WITNESS WHEREOF, the Company and the Participant have executed this Agreement as of the
date first set forth above.

	 	 	 	 	 
	CHATHAM LODGING TRUST 

 	 	[NAME OF PARTICIPANT]
	By:  	 	 	 
	 	Title:exv10w3

Exhibit 10.3

AGREEMENT OF PURCHASE

AND SALE

dated as of May 18, 2010

between

The parties designated on Exhibit A,

as Sellers,

and

CHATHAM LODGING TRUST,

a Maryland real estate investment trust

as Purchaser

Residence Inn

White Plains, New York

Hampton Inn & Suites

Medical Center

Houston, Texas

Courtyard by Marriott

Altoona, Pennsylvania

Springhill Suites

Washington, Pennsylvania

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page No.	 
	ARTICLE 1 DEFINITIONS; RULES OF CONSTRUCTION
	 	 	1	 
	 
	 	 	 	 
	1.1 Definitions
	 	 	1	 
	1.2 Rules of Construction
	 	 	6	 
	 
	 	 	 	 
	ARTICLE 2 PURCHASE AND SALE; DEPOSIT; PAYMENT OF PURCHASE PRICE
	 	 	6	 
	 
	 	 	 	 
	2.1 Purchase and Sale
	 	 	6	 
	2.2 Deposit
	 	 	6	 
	2.3 Study Period
	 	 	7	 
	2.4 Payment of Purchase Price
	 	 	8	 
	2.5 Assumption of Assumed Loans
	 	 	9	 
	2.6 Allocation of Purchase Price
	 	 	9	 
	 
	 	 	 	 
	ARTICLE 3 SELLERS’ REPRESENTATIONS, WARRANTIES AND COVENANTS
	 	 	10	 
	 
	 	 	 	 
	3.1 Organization and Power
	 	 	10	 
	3.2 Authorization and Execution
	 	 	10	 
	3.3 Noncontravention
	 	 	10	 
	3.4 No Special Taxes
	 	 	10	 
	3.5 Compliance with Existing Laws
	 	 	10	 
	3.6 Operative Agreements
	 	 	11	 
	3.7 Warranties and Guaranties
	 	 	11	 
	3.8 Insurance
	 	 	11	 
	3.9 Condemnation Proceedings; Roadways
	 	 	11	 
	3.10 Litigation
	 	 	11	 
	3.11 Labor Disputes and Agreements
	 	 	11	 
	3.12 Financial Information
	 	 	12	 
	3.13 Operation of Property
	 	 	12	 
	3.14 Personal Property
	 	 	12	 
	3.15 Bankruptcy
	 	 	13	 
	3.16 Brokers
	 	 	13	 
	3.17 Hazardous Substances
	 	 	13	 
	3.18 License
	 	 	13	 
	3.19 Independent Audit
	 	 	13	 
	3.20 Bulk Sale Compliance
	 	 	14	 
	3.21 Liquor License
	 	 	14	 
	3.22 Management Agreements
	 	 	14	 
	3.23 Courtyard Ground Lease
	 	 	14	 
	3.24 Residence Inn Condominium Documentation
	 	 	14	 
	3.25 Money Laundering
	 	 	14	 
	 
	 	 	 	 
	ARTICLE 4 PURCHASER’S REPRESENTATIONS, WARRANTIES AND COVENANTS
	 	 	15	 

ii

 

	 	 	 	 	 
	 	 	Page No.	 
	4.1 Organization and Power
	 	 	16	 
	4.2 Noncontravention
	 	 	16	 
	4.3 Litigation
	 	 	16	 
	4.4 Bankruptcy
	 	 	16	 
	4.5 No Brokers
	 	 	16	 
	4.6 Money Laundering
	 	 	16	 
	4.7 AS IS, WHERE IS
	 	 	17	 
	 
	 	 	 	 
	ARTICLE 5 CONDITIONS AND ADDITIONAL COVENANTS
	 	 	19	 
	 
	 	 	 	 
	5.1 Conditions to Purchaser’s Obligations
	 	 	19	 
	5.2 Conditions to Seller’s Obligations
	 	 	21	 
	 
	 	 	 	 
	ARTICLE 6 CLOSING
	 	 	22	 
	 
	 	 	 	 
	6.1 Closing
	 	 	22	 
	6.2 Sellers’ Deliveries
	 	 	23	 
	6.3 Purchaser’s Deliveries
	 	 	25	 
	6.4 Closing Costs
	 	 	25	 
	6.5 Income and Expense Allocations
	 	 	25	 
	 
	 	 	 	 
	ARTICLE 7 CONDEMNATION; RISK OF LOSS
	 	 	27	 
	 
	 	 	 	 
	7.1 Condemnation
	 	 	27	 
	7.2 Risk of Loss
	 	 	27	 
	 
	 	 	 	 
	ARTICLE 8 LIABILITY OF PURCHASER; LIABILITY OF SELLER; TERMINATION RIGHTS
	 	 	27	 
	 
	 	 	 	 
	8.1 Liability of Purchaser and Seller
	 	 	27	 
	8.2 Intentionally Deleted
	 	 	27	 
	8.3 Termination by Purchaser
	 	 	27	 
	8.4 Termination by Seller
	 	 	28	 
	 
	 	 	 	 
	ARTICLE 9 MISCELLANEOUS PROVISIONS
	 	 	28	 
	 
	 	 	 	 
	9.1 Completeness; Modification
	 	 	28	 
	9.2 Assignments
	 	 	28	 
	9.3 Successors and Assigns
	 	 	28	 
	9.4 Days
	 	 	28	 
	9.5 Governing Law
	 	 	28	 
	9.6 Counterparts
	 	 	28	 
	9.7 Severability
	 	 	29	 
	9.8 Costs
	 	 	29	 
	9.9 Notices
	 	 	29	 
	9.10 Incorporation by Reference
	 	 	30	 
	9.11 Survival
	 	 	30	 
	9.12 Further Assurances
	 	 	30	 
	9.13 No Partnership
	 	 	30	 
	9.14 Time of Essence
	 	 	30	 
	9.15 Confidentiality
	 	 	30	 
	9.16 No Third-Party Beneficiary
	 	 	30	 

 

 

	 	 	 	 	 
	 	 	Page No.	 
	9.17 Waiver of Jury Trial
	 	 	30	 
	9.18 Title Company
	 	 	31	 
	9.19 Related Transaction
	 	 	32	 

LIST OF EXHIBITS

	 	 	 	 	 

	Exhibit A

	 	—
	 	Sellers and Properties
	Exhibit B

	 	—
	 	Legal Descriptions of Land
	Exhibit C

	 	—
	 	Intentionally Deleted
	Exhibit D

	 	—
	 	Insurance Policies
	Exhibit E

	 	—
	 	Operative Agreements
	Exhibit F

	 	—
	 	Assumed Loans
	Exhibit G

	 	—
	 	Allocation of Purchase Price
	Exhibit H

	 	—
	 	Existing Warranties and Guaranties
	Exhibit I

	 	—
	 	Courtyard Management Agreement
	Exhibit J

	 	—
	 	Springhill Suites Management Agreement
	Exhibit K

	 	—
	 	Courtyard Ground Lease

 

 

AGREEMENT OF PURCHASE AND SALE

     THIS AGREEMENT OF PURCHASE AND SALE (“Agreement”), dated as of the 18th day of May,
2010, between each of the parties named on Exhibit A hereto (each, individually, a
“Seller” and, collectively, acting together jointly and severally, the “Sellers”),
and CHATHAM LODGING TRUST, a Maryland real estate investment trust (the “Purchaser”),
provides:

ARTICLE 1

DEFINITIONS; RULES OF CONSTRUCTION

     1.1 Definitions.

     The following terms shall have the indicated meanings:

     “Act of Bankruptcy” means if a party hereto 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 limited liability company, trust or corporate 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, 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, (2) the appointment of a receiver, custodian, trustee or liquidator of such party 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 sixty (60) consecutive days.

     “Additional Deposit” has the meaning set forth in Section 2.2.

     “Agreement” has the meaning set forth in the Preamble hereto.

     “Assignment and Assumption Agreement” means, with respect to each Property, the
assignment and assumption agreement whereby the applicable Seller assigns and the Purchaser assumes
the Operative Agreements, in such form and substance as Purchaser and Sellers shall mutually agree.

     “Assumed Loan” means any loan identified on Exhibit F hereto.

     “Assumption Application” has the meaning set forth in Section 2.5.

 

 

     “Assumption Fee” has the meaning set forth in Section 2.5.

     “Authorizations” means, with respect to each Property, all licenses, permits and
approvals required by any governmental or quasi-governmental agency, body or officer for the
ownership, operation and use of such Property or any part thereof.

     “Bill of Sale (Inventory)” means, with respect to each Property, the bill of sale
conveying title to the Inventory to the Purchaser’s property manager, lessee or designee, in such
form and substance as Purchaser and Sellers shall mutually agree.

     “Bill of Sale (Personal Property)” means, with respect to each Property, the bill of
sale conveying title to the Tangible Personal Property, and Intangible Personal Property, to the
extent assignable, from the Seller to the Purchaser.

     “Building Codes” has the meaning set forth in Section 4.7.

     “Closing” means a consummation of a purchase and sale of a Property pursuant to this
Agreement.

     “Closing Date” means the date on which a Closing occurs, but in no event later than
the dates identified in Section 6.1.

     “Commission” has the meaning set forth in Section 3.19.

     “Courtyard” means the Courtyard by Marriott located in Altoona, Pennsylvania, as
further identified on Exhibit A.

     “Courtyard Ground Lease” means that certain Agreement of Lease by and between Blair
County Convention Center & Sports Facilities Authority and Moody National CY Altoona PA, LLC, dated
as of December 20, 2000, pursuant to which Moody National CY Altoona PA, LLC leases the Land on
which the Courtyard is located.

     “Courtyard Management Agreement” means that certain Management Agreement by and
between Concord Hospitality Enterprises Company and Moody National CY Altoona PA, LLC, dated as of
August 31, 2007 respecting the management of the Courtyard.

     “Deed” means, with respect to the Hampton Inn, Residence Inn and Springhill Suites, a
special warranty deed conveying title to the Real Property from the applicable Seller to the
Purchaser, subject only to Permitted Title Exceptions, taxes not yet due and payable and matters
identified by the applicable Survey, in such form and substance as Purchaser and Sellers shall
mutually agree.

     “Deposit” has the meaning set forth in Section 2.2.

     “Environmental Conditions” has the meaning set forth in Section 4.7.

     “Executive Order” has the meaning set forth in Section 3.25.

2

 

     “FIRPTA Certificate” means the affidavit of each Seller conveying Real Property under
Section 1445 of the Internal Revenue Code certifying that such Seller is not a foreign corporation,
foreign partnership, foreign trust, foreign estate or foreign person (as those terms are defined in
the Internal Revenue Code and the Income Tax Regulations), in such form and substance as Purchaser
and Sellers shall mutually agree.

     “Financial Information” has the meaning set forth in Section 3.12.

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

     “Government List” has the meaning set forth in Section 3.25.

     “Hampton Inn” means the Hampton Inn & Suites located in Houston, Texas, as further
identified on Exhibit A.

     “Hazardous Substances” has the meaning set forth in Section 3.17.

     “Hotel” means each hotel named on Exhibit A hereto individually and the
related amenities and appurtenances thereto.

     “Improvements” means, with respect to each Property, the Hotel and all other
buildings, improvements, fixtures and other items of real estate located on the Land.

     “Initial Deposit” has the meaning set forth in Section 2.2.

     “Insurance Policies” means those certain policies of insurance described on
Exhibit D attached hereto.

     “Intangible Personal Property” means, with respect to each Property, all intangible
personal property owned by the Seller and used in connection with the ownership, operation,
leasing, occupancy or maintenance of the Property, including, without limitation, the right to use
the trade name associated with such Property and all variations thereof, the Authorizations, escrow
accounts, insurance policies, general intangibles, business records, plans and specifications,
surveys and title insurance policies pertaining to the Real Property and the Personal Property, all
licenses, permits and approvals with respect to the construction, ownership, operation, leasing,
occupancy or maintenance of the Property, any unpaid award for taking by condemnation or any damage
to the Land by reason of a change of grade or location of or access to any street or highway, and
the share of the Tray Ledger determined under Section 6.5, excluding (a) any of the
aforesaid rights the Purchaser elects not to acquire, (b) the Seller’s cash on hand, in bank
accounts and invested with financial institutions and (c) accounts receivable except for the above
described share of the Tray Ledger.

     “Inventory” means, with respect to each Property, all inventory located at the Hotel
and owned by Seller, including without limitation, all mattresses, pillows, bed linens, towels,
paper goods, soaps, cleaning supplies and other such supplies.

3

 

     “Knowledge” shall mean the actual knowledge of Brett C. Moody after discussions with
each of the managers of the Hotels, without any other duty of inquiry or investigation. For the
purposes of this definition, the term “actual knowledge” means, with respect to any person, the
conscious awareness of such person at the time in question, and expressly excludes any constructive
or implied knowledge of such person.

     “Land” means, with respect to each Property, the land legally described on
Exhibits B-1 through B-4 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
Seller 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.

     “License” has the meaning set forth in Section 3.18.

     “Licensor” shall mean Marriott International, Inc.

     “Loan Assumption” has the meaning set forth in Section 2.5.

     “Loan Documents” has the meaning set forth in Section 2.5.

     “Operative Agreements” means, with respect to each Property, service contracts, supply
contracts, leases and other agreements, if any, in effect with respect to the construction,
ownership, operation, occupancy or maintenance of the Property.

     “Owner’s Title Policy” means, with respect to each Property, an owner’s policy of
title insurance issued to the Purchaser by the Title Company, pursuant to which the Title Company
insures the Purchaser’s ownership of fee simple title to the Real Property (including the
marketability thereof) subject only to Permitted Title Exceptions. The Owner’s Title Policy shall
insure the Purchaser in the amount of the Purchase Price allocated to each Property and shall be
acceptable in form and substance to the Purchaser. The description of the Land in the Owner’s
Title Policy shall be by metes and bounds and shall be identical to the description shown on the
Survey.

     “Permitted Title Exceptions” means, with respect to each Property, those exceptions to
title to the Real Property that are satisfactory to the Purchaser as determined pursuant to
Section 2.3.

     “PIP” has the meaning set forth in Section 5.18.

     “Property” means, with respect to each Seller, collectively the Real Property, the
Inventory, the Tangible Personal Property and the Intangible Personal Property owned by such
Seller.

     “Properties” means, collectively, the Property of the Sellers.

     “Purchase Price” means Sixty One Million and No/Dollars ($61,000,000).

4

 

     “Purchaser” has the meaning set forth in the Preamble hereto.

     “Real Property” means, with respect to each Property, the Land and the Improvements.

     “Residence Inn” means the Residence Inn located in White Plains, New York, as further
identified on Exhibit A.

     “Residence Inn Condominium Documentation” means the documentation relating to the
establishment or operation of the Residence Inn as a condominium regime.

     “Residence Inn Unit Leases” means those certain Amended and Restated Lease Agreements
for Units 306, 506, 910 and 1004 in La Reserve Condominium by and between Moody National White
Plains MT, LLC and the owners of said units for the use in the operation of the Residence Inn.

     “Seller” has the meaning set forth in the Preamble hereto.

     “Sellers” has the meaning set forth in the Preamble hereto.

     “Seller’s Organizational Documents” means, with respect to each Seller, the current
limited liability company agreement and certificate of formation of such Seller.

     “Springhill Suites” means the Springhill Suites located in Washington, Pennsylvania,
as further identified on Exhibit A.

     “Springhill Suites Management Agreement” means that certain Management Agreement by
and between Concord Hospital Enterprises Company and Moody National CY Altoona PA, LLC, dated as of
August 31, 2007 respecting the management of the Springhill Suites.

     “Study Period” means the period commencing at 9:00 a.m. on the date following the date
hereof, and continuing through 5:00 p.m. on the twenty-first (21st) day thereafter,
except as otherwise herein provided.

     “Survey” means, with respect to each Property, the survey prepared delineating the
boundary lines of the Land, location of the Improvements, all rights of way and easements and
contiguous public roads, the same prepared for the benefit of and certified to Purchaser and the
Title Company. The Survey shall be adequate for the Title Company to delete any exception for
general survey matters in the Owner’s Title Policy. If there is a discrepancy between the
description of the Land attached hereto as Exhibit B and the description of the Land as
shown on the Survey for any Property, the survey shall confirm that the separate property
descriptions each identify the Property.

     “Survival Period” has the meaning set forth in Section 3.26.

     “Tangible Personal Property” means, with respect to each Property, the items of
tangible personal Property consisting of all furniture, fixtures and equipment situated on,
attached to, or used in the operation of the Hotel, and all furniture, furnishings, equipment,
machinery, and other personal property of every kind located on or used in the operation of the
Hotel and owned

5

 

by the Seller; provided, however, that the Purchaser agrees that, all
Inventory shall be conveyed to the Purchaser’s property manager for such Hotel.

     “Title Company” means Chicago Title Insurance Company, 1129 20th Street,
NW, Washington, DC 20036.

     “Tray Ledger” means, with respect to each Property, 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 Seller), including any sales taxes,
room taxes or other taxes thereon.

     “Utilities” means, with respect to each Property, 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.

     ”WARN Act” means the Worker Adjustment and Retraining Notification Act of 1988.

     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) The table of contents and 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 2

PURCHASE AND SALE; DEPOSIT; PAYMENT OF PURCHASE PRICE

     2.1 Purchase and Sale. The Sellers agree to sell to the Purchaser and the Purchaser
agrees to purchase from the Sellers the Properties for the Purchase Price, in accordance with the
terms and conditions set forth herein.

     2.2 Deposit. Simultaneously with the full execution of this Agreement, the Purchaser
will deposit in escrow with the Title Company the sum of One Million and No/Dollars ($1,000,000) as
an earnest money deposit (the “Initial Deposit”). Upon the expiration of the Study Period,
if the Purchaser elects to proceed with the purchase of the Properties in accordance with the terms
of this Agreement, the Purchaser will deposit in escrow with the Title Company

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an additional sum of One Million and No/Dollars ($1,000,000) as additional earnest money
(the “Additional Deposit”, and together with the Initial Deposit, the “Deposit”).
The Deposit shall be in the form of cash and shall be invested by the Title Company in an
interest-bearing account reasonably acceptable to the Purchaser and the Sellers. Following the
expiration of the Due Diligence Period, the Deposit shall be non-refundable to Purchaser, except in
the event of Seller default, failure of a condition precedent in favor of Purchaser or termination
of this Agreement pursuant to Section 2.3(d). All interest earned on the Deposit shall be
paid over to the party entitled to the receipt of the Deposit under the terms of this Agreement.

     2.3 Study Period.

          (a) The Purchaser shall have, with respect to each Property, the right during the Study Period
(and thereafter if the Purchaser notifies the Sellers that the Purchaser has elected to proceed to
Closing in the manner described below) upon not less than one (1) business day prior notice to the
applicable Seller, to enter upon the Real Property and to perform, at the Purchaser’s expense,
such economic, surveying, engineering, environmental, topographic and marketing tests, studies and
investigations as the Purchaser may deem appropriate. If such tests, studies and investigations
warrant, in the Purchaser’s sole, absolute and unreviewable discretion, the purchase of the
Property for the purposes contemplated by the Purchaser, then the Purchaser may elect to proceed to
Closing and shall so notify the Sellers prior to the expiration of the Study Period. If for any
reason the Purchaser does not so notify the Sellers of its determination to proceed to Closing
prior to the expiration of the Study Period, or if the Purchaser notifies the Sellers, in writing,
prior to the expiration of the Study Period that it has determined not to proceed to Closing, this
Agreement shall automatically terminate, the Deposit shall be returned to the Purchaser and upon
return of the Deposit, the Purchaser shall be released from any further liability or obligation
under this Agreement, except those which expressly survive the termination of this Agreement.

          (b) During the Study Period, the Sellers shall make available to the Purchaser, 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, environmental audits and other related materials or information, if any, relating to the
Properties which are in, or come into, the Sellers’ possession or control. Notwithstanding the
foregoing, Sellers shall not be obligated to deliver to the Purchaser any materials of a
proprietary nature. Purchaser acknowledges that, except as otherwise herein provided, any such
materials delivered to the Purchaser pursuant to this provision shall be without warranty,
representation or recourse.

          (c) The Purchaser shall indemnify, hold harmless and defend the Sellers against any loss,
damage or claim arising from entry upon the Real Property by the Purchaser or any agents,
contractors or employees of the Purchaser. The Purchaser understands and accepts that any on-site
inspections of the Real Property shall occur at reasonable times agreed upon by the applicable
Seller and the Purchaser after not less than one (1) business day prior notice to such Seller and
shall be conducted so as not to interfere unreasonably with the operation of the Property and the
use of the Property by the tenants and the guests of the Hotel. The Sellers shall have the right
to have a representative present during any such inspections. If the Purchaser desires to do any
invasive testing at the Real Property, the Purchaser shall do so only after

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obtaining the prior written consent of Seller, which approval may be subject to reasonable
terms and conditions as may be proposed by the Seller. The Purchaser shall not permit any liens to
attach to the Property by reason of such inspections. The Purchaser shall (i) restore the
Property, at its own expense, to substantially the same condition which existed prior to any
inspections or other activities of the Purchaser thereon; and (ii) be responsible for and pay any
and all liens by contractors, subcontractors, materialmen, or laborers performing the inspections
or any work for the Purchaser or the Purchaser Parties on or related to the Property. The terms of
this Section 2.3(c) shall survive the termination of this Agreement.

          (d) During the Study Period, the Purchaser, at its expense, shall cause an examination of
title to the Properties to be made, and, prior to the expiration of the Study Period (as may be
extended pursuant to Section 2.3(e), but not Section 2.3(f)), shall notify the
Sellers of any defects in title shown by such examination that the Purchaser is unwilling to
accept. Within ten (10) days after such notification, the Sellers shall notify the Purchaser
whether the Sellers are willing to cure such defects. If the Sellers are willing to cure such
defects, the Sellers shall act promptly and diligently to cure such defects at its expense. 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 Sellers shall pay and discharge (and the
Title Company is authorized to pay and discharge at Closing) such defects at Closing. If the
Sellers are unwilling or unable to cure any other such defects by Closing, the Purchaser shall
elect (1) to waive such defects and proceed to Closing without any abatement in the Purchase Price
or (2) to terminate this Agreement and receive a full refund of the Deposit. The Sellers shall
not, after the date of this Agreement, subject the Properties 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 Purchaser’s prior
written consent. All title matters revealed by the Purchaser’s title examination and not objected
to by the Purchaser as provided above shall be deemed Permitted Title Exceptions. If Purchaser
shall fail to examine title and notify the Seller 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.

          (e) If, despite Purchaser’s commercially reasonable efforts to obtain and review all third
party reports during the Study Period, Purchaser shall not have received any such reports,
Purchaser shall have the right to extend the Study Period for all of the Hotels for seven (7) days
solely in order to obtain and review the third party reports Purchaser did not receive during the
Study Period.

          (f) If, despite Purchaser’s commercially reasonable efforts to obtain each lender’s approval
to a Loan Assumption during the Study Period, Purchaser shall not have received any Lender’s
approval to a Loan Assumption, Purchaser shall have the right to extend the Study Period for the
Courtyard and Springhill Suites only for forty-five (45) days solely in order to attempt to obtain
such lender’s approval of a Loan Assumption.

     2.4 Payment of Purchase Price. The Purchase Price shall be paid to the Sellers in the
following manner:

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          (a) The Purchaser shall receive a credit against the Purchase Price in an amount equal to one
quarter (1/4) of the Deposit, plus interest accrued thereon, at the Closing for each of the
Properties.

          (b) The Purchaser shall receive a credit against the Purchase Price in an amount equal to the
outstanding principal balance of the Assumed Loans on the Closing Date for the Courtyard and
Springhill Suites. For avoidance of doubt, all reserve or escrow accounts held by the applicable
Seller under the Assumed Loan are not being conveyed by Seller to Purchaser as part of the
assumption of the Assumed Loans. Purchaser acknowledges and agrees any reserve accounts required to
be transferred as part of the assumption of an Assumed Loan will be reimbursed by Purchaser to the
applicable Seller at Closing.

          (c) The Purchaser shall pay the balance of the Purchase Price, as adjusted in the manner
specified in Article 6, in cash or by confirmed wire transfer of immediately available
federal funds to the account of the Title Company, to be disbursed to the Sellers or other
applicable parties at Closing. Such wire transfer shall be sent by the Purchaser to the Title
Company for the account of the Seller no later than 2:01 p.m., Houston, Texas, time on the Closing
Date.

     2.5 Assumption of Assumed Loans. At the closing for the Courtyard and Springhill
Suites Hotels, Purchaser shall assume the Assumed Loans. With respect to Purchaser’s assumption of
Assumed Loans, (a) not later than five (5) business days after the Effective Date, Purchaser shall
use reasonable commercial efforts to commence its efforts to process the assumption of the Assumed
Loans by Purchaser (“Loan Assumption”), including but not limited to providing all
reasonable information concerning the transfer of the Property to the applicable lender
(“Assumption Application”), (b) Purchaser and Seller shall cooperate and use all reasonable
and diligent efforts to cause the applicable lender (or its loan servicer) to consent to the Loan
Assumption and to cause the applicable Seller and all applicable guarantors, if any, to be released
from any and all liability under the Assumed Loans following the Closing Date; provided, however,
Seller’s cooperation shall be at no cost or expense to Seller, (c) for purposes of determining the
amount of the Assumed Loans to be credited toward the Purchase Price, the aggregate of the
outstanding principal balance of the Assumed Loans and all accrued and unpaid interest and late
charges or other similar fees, if any, as of the Closing Date (but expressly excluding the
Assumption Fee (defined below) shall be aggregated and determined and shall be credited to the
Purchase Price and (d) Purchaser shall be exclusively liable for and shall pay as the same are
incurred (i) the assumption fees and/or costs required by the Lender (or the loan servicer), and
(ii) all fees, expenses and/or costs required by the lender to process the Assumption Application
and the Loan Assumption (collectively, the “Assumption Fee”).

     2.6 Allocation of Purchase Price. The parties agree that the Purchase Price shall be
allocated among the various components of the Property in the manner indicated on Exhibit G
attached hereto.

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ARTICLE 3

SELLERS’ REPRESENTATIONS, WARRANTIES AND COVENANTS

     To induce the Purchaser to enter into this Agreement and to purchase the Properties, each
Seller, with respect to such Seller and the Property owned by such Seller, hereby makes the
following representations, warranties and covenants, upon each of which the Seller acknowledges and
agrees that the Purchaser is entitled to rely and has relied. Each such representation shall be
materially true and correct on the Effective Date and shall be materially true and correct on the
Closing Date.

     3.1 Organization and Power. Each Seller is a limited liability company duly formed,
validly existing and in good standing under the laws of its state of formation and has all
requisite 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 hereunder and under any
document or instrument required to be executed and delivered on behalf of the Sellers hereunder.

     3.2 Authorization and Execution. This Agreement has been duly authorized by all
necessary action on the part of the Seller, has been duly executed and delivered by the Seller,
constitutes the valid and binding agreement of the Seller and is enforceable in accordance with its
terms. There is no other person or entity who has an ownership interest in the Property to be sold
hereunder by the Seller or whose consent is required in connection with the Seller’s performance of
its obligations hereunder.

     3.3 Noncontravention. Subject to any consent to the assignment of any particular
Operative Agreement, management agreement or Courtyard Ground Lease, required by the terms thereof
or by applicable laws, the execution and delivery of, and the performance by the Seller of its
obligations under, this Agreement do not and will not contravene, or constitute a default under,
any provision of applicable law or regulation, the Seller’s Organizational Documents or any
agreement, judgment, injunction, order, decree or other instrument binding upon the Seller. There
are no outstanding agreements (written or oral) pursuant to which the Seller (or any predecessor to
or representative of the Seller) has agreed to sell or has granted an option or right of first
refusal to purchase the Property or any part thereof.

     3.4 No Special Taxes. The Seller has no Knowledge of, nor has it received any notice
of, any special taxes or assessments relating to the Property to be sold hereunder by the Seller or
any part thereof or any planned public improvements that may result in a special tax or assessment
against the Property.

     3.5 Compliance with Existing Laws. To Seller’s Knowledge, the Seller possesses all
Authorizations, each of which is valid and in full force and effect, and no provision, condition or
limitation of any of the Authorizations has been breached or violated. The Seller has not
misrepresented or failed to disclose any relevant fact in obtaining all Authorizations, and the
Seller 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 Seller has
no Knowledge, nor has it received notice within the past three (3) years, of any existing or
threatened violation of any provision of any applicable building, zoning, subdivision,
environmental or other governmental ordinance, resolution, statute, rule, order or regulation,

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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.

     3.6 Operative Agreements. The Seller will not 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 Seller enter into any agreements modifying
the Operative Agreements, unless (a) any such agreement or modification will not bind the Purchaser
or the Property after the date of Closing or (b) the Seller has obtained the Purchaser’s prior
written consent to such agreement or modification. All of the Operative Agreements in force and
effect as of the date hereof are listed on Exhibit E attached hereto.

     3.7 Warranties and Guaranties. The Seller shall not before or after Closing, release
or modify any warranties or guarantees, if any, of manufacturers, suppliers and installers relating
to the Improvements and the Personal Property or any part thereof, except with the prior written
consent of the Purchaser. A complete list of all such warranties and guaranties in effect as of
this date is attached hereto as Exhibit H.

     3.8 Insurance. To Seller’s Knowledge, all of the Seller’s Insurance Policies are
valid and in full force and effect, all premiums for such policies were paid when due and all
future premiums for such policies (and any replacements thereof) shall be paid by the Seller on or
before the due date therefor. The Seller shall pay all premiums on, and shall not cancel or
voluntarily allow to expire, any of the Seller’s Insurance Policies 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.

     3.9 Condemnation Proceedings; Roadways. Seller has no Knowledge of any notice of any
condemnation or eminent domain proceeding pending or threatened against the Property or any part
thereof. The Seller 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.

     3.10 Litigation. Seller has no Knowledge of any action, suit or proceeding pending or
threatened against or affecting the Seller in any court, before any arbitrator or before or by 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 Seller 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 ability of the Seller to perform
its obligations hereunder, or under any document to be delivered pursuant hereto, (c) could create
a lien on the Property, any part thereof or any interest therein, (d) the subject matter of which
concerns any past or present employee of the Seller or (e) could otherwise materially adversely
affect the Property, any part thereof or any interest therein or the use, operation, condition or
occupancy thereof.

     3.11 Labor Disputes and Agreements. Seller has no employees. Seller has no Knowledge
of any labor disputes pending or, threatened as to the operation or maintenance of the

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Property or any part thereof. The Seller 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 Seller is not a party to any employment contracts or agreements,
and neither the Seller nor its managing agent will, between the date hereof and the date of
Closing, enter into any new employment contracts or agreements or hire any new employees except
with the prior written consent of the Purchaser. The Purchaser will not be obligated to give or
pay any amount to any employee of the Seller or the Seller’s managing agent unless the Purchaser
elects to hire that employee. The Purchaser shall not have any liability under any pension or
profit sharing plan that the Seller or its managing agent may have established with respect to the
Property or their or its employees.

     3.12 Financial Information. To the best of Seller’s Knowledge, all of the Seller’s
financial information, including, without limitation, all books and records and financial
statements (“Financial Information”) is correct and complete in all respects and presents
accurately the results of the operations of the Property for the periods indicated. Since the date
of the last financial statement included in the Seller’s Financial Information, there has been no
material adverse change in the financial condition or in the operations of the Property.

     3.13 Operation of Property. The Seller covenants, that between the date hereof and
the date of Closing, it will (a) operate the Property only in the usual, regular and ordinary
manner consistent with the Seller’s prior practice, (b) maintain its 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 its present business organization, keep available the
services of its present officers, partners and employees and preserve its relationships with
suppliers and others having business dealings with it comply with and perform all of the duties and
obligations of licensee under the License. The Seller shall continue to use its best 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 Seller did prior to the execution of
this Agreement. All advance room bookings and reservations and all meetings and function bookings
shall continue to be booked at rates, prices and charges heretofore customarily charged by the
Seller for such purposes, and in accordance with the Seller’s published rate schedules. Except as
otherwise permitted hereby, from the date hereof until Closing, the Seller 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 Purchaser’s ability to continue the operation thereof after the date of Closing in
substantially the same manner as presently conducted, (ii) reduce or cause to be reduced any room
rents or any other charges over which the Seller has operational control, or (iii) would cause any
of the representations and warranties contained in this Article 3 to be untrue as of
Closing. Seller shall deliver to the Purchaser daily reports showing the income and expenses of
the Hotel and all departments thereof, together with such periodic information with respect to room
reservations and other bookings, as the Seller customarily keeps internally for its own use.

     3.14 Personal Property. All of the Tangible Personal Property, Intangible Personal
Property and Inventory being conveyed by the Seller to the Purchaser or to the Purchaser’s managing
agent, lessee or designee, are free and clear of all liens, leases and other encumbrances and will
be so on the date of Closing and the Seller has good, merchantable title thereto and the right to
convey same in accordance with the terms of the Agreement.

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     3.15 Bankruptcy. No Act of Bankruptcy has occurred with respect to the Seller.

     3.16 Brokers. Other than Hodges Ward Elliott, the Seller 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
transactions described herein.

     3.17 Hazardous Substances. The Seller 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 Seller 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
Environmental Authority, or

          (3) a basis for liability of the owner of the Property to any Environmental Authority
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.

     3.18 License. To Seller’s Knowledge, the franchise license with respect to the Hotel
(the “License”) is valid and in full force and effect, and Seller is not in default with
respect thereto (with or without the giving of any required notice and/or lapse of time).

     3.19 Independent Audit. Seller shall provide access by Purchaser’s representatives to
all financial and other information relating to the Property which would be sufficient to enable
them to prepare audited financial statements in conformity with Regulation S-X of the Securities
and Exchange Commission (the “Commission”) and to enable them to prepare a registration
statement, report or disclosure statement for filing with the Commission. Seller shall also
provide to Purchaser’s representatives a signed representative letter which would be sufficient to
enable an independent public accountant to render an opinion on the financial statements related to
the Property. This shall survive for two years after the last Closing Date.

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     3.20 Bulk Sale Compliance. The Sellers shall, jointly and severally, indemnify
Purchaser against any claim, loss or liability arising under the bulk sales law in connection with
the transaction contemplated herein.

     3.21 Liquor License. To Seller’s Knowledge, the liquor license for the Hotel (and any
restaurant located therein) is in full force and effect and validly licensed to the person(s)
required to be licensed under the law of the State in which the Hotel is located.

     3.22 Management Agreements.

          (a) The copy of the Courtyard Management Agreement attached hereto as Exhibit I is a
true, correct and complete copy of the Courtyard Management Agreement, the Courtyard Management
Agreement is in full force and effect and has 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.

          (b) The copy of the Springhill Suites Management Agreement attached hereto as Exhibit
J is a true, correct and complete copy of the Springhill Suites Management Agreement, the
Springhill Suites Management Agreement is in full force and effect and has 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.

     3.23 Courtyard Ground Lease. The copy of the Courtyard Ground Lease attached hereto
as Exhibit K is a true, correct and complete copy of the Courtyard Ground Lease, the
Courtyard Ground Lease is in full force and effect and has 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.

     3.24 Residence Inn Condominium Documentation. The Seller has provided the Purchaser
with true, correct and complete copies of the Residence Inn Condominium Documents, and the
Residence Inn Condominium Documents are in full force and effect and have not been modified or
supplemented. The Seller is in compliance with the Residence Inn Condominium Documents in all
respects, 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. The Seller has provided the
Purchaser with true, correct and complete copies of the Residence Inn Unit Leases and, to Seller’s
Knowledge, the Residence Inn Unit Leases are in full force and effect and have not been modified or
supplemented.

     3.25 Money Laundering. The Seller is not acting, directly or indirectly, for or on
behalf of any person, group, entity or nation named by the United States Treasury Department as a
Specifically Designated National and Blocked person, or for or on behalf of any person, group,
entity or nation designated in Presidential Executive Order 13224 (the “Executive Order”)
as a person who commits, threatens to commit, or supports terrorism; and it is not engaged in this
transaction directly or indirectly on behalf of, or facilitating this transaction directly or
indirectly on behalf of, any such person, group, entity or nation terrorists, terrorist
organizations or narcotics traffickers, including, without limitation, those persons or entities
that appear on the Annex to the Executive Order, or are included on any relevant lists maintained
by the Office of

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Foreign Assets Control of U.S. Department of Treasury, U.S. Department of State, or other U.S.
government agencies, all as may be amended from time to time. Neither Seller, nor any person
controlling or controlled by Seller, is a country, territory, individual or entity named on a
Government List, and the monies used in connection with this Agreement and amounts committed with
respect thereto, were not and are not derived from any activities that contravene any applicable
anti-money laundering or anti bribery laws and regulations (including, without limitation, funds
being derived from any person, entity, country or territory on a Government List or engaged in any
unlawful activity defined under 18 USC §1956(c)(7)). For purposes of this Agreement,
“Government List” means of any of (i) the two lists maintained by the United States
Department of Commerce (Denied Persons and Entities), (ii) the list maintained by the United States
Department of Treasury (Specially Designated Nationals and Blocked Persons) and (iii) the two lists
maintained by the United States Department of State (Terrorist Organizations and Debarred Parties).

     The representations and warranties in this Article 3 shall survive the Closing for a period of
one (1) year following the Closing Date (“Survival Period”). Notwithstanding anything to
the contrary contained in this Agreement, any claim that Purchaser may have during the Survival
Period against Seller for any breach of the representations and warranties contained in this
Article 3 will not be valid or effective, and Sellers shall have no liability with respect thereto,
unless the aggregate of all valid claims exceed Fifty Thousand and No/Dollars ($50,000.00).
Seller’s liability for damages resulting from valid claims during the Survival Period shall in no
event exceed two and one-half percent (2.5%) of the Purchase Price in the aggregate. Purchaser
agrees that, with respect to any alleged breach of representations in this Agreement discovered
after the Survival Period, the maximum liability of Seller for all such alleged breaches is limited
to One Hundred and No/Dollars ($100.00). In the event Purchaser obtains actual knowledge on or
before Closing of any material inaccuracy in any of the representations and warranties contained in
this Article 3, and such materially inaccuracy is not promptly corrected or resolved by
Seller following notice from Purchaser, Purchaser may as Purchaser’s sole and exclusive remedy
either: (i) terminate this Agreement, whereupon Deposit shall be refunded to Purchaser and
Purchaser shall be entitled to receive reimbursement from Seller for Purchaser’s out of pocket
expenses actually incurred in connection with the transaction contemplated by this Agreement, not
to exceed One Hundred Thousand and No/Dollars ($100,000.00), and neither party shall have any
further rights or obligations pursuant to this Agreement, other than as set forth herein with
respect to rights or obligations that survive termination; or (ii) waive any and all claims against
Seller on account of such inaccuracy and close the transaction. In the event Purchaser obtains
knowledge on or before the expiration of the Study Period of any inaccuracy in any of the
representations and warranties contained in this Article 3, and Purchaser does not
terminate this Agreement on or before the expiration of the Study Period, Purchaser shall be deemed
to have waived any and all claims against Seller on account of such inaccuracy (including the right
to terminate this Agreement following the expiration of the Study Period). The provisions of this
Article 3 shall survive the Closing.

ARTICLE 4

PURCHASER’S REPRESENTATIONS, WARRANTIES AND COVENANTS

     To induce the Sellers to enter into this Agreement and to sell the Properties, the Purchaser
hereby makes the following representations, warranties and covenants, upon each of which the

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Purchaser acknowledges and agrees that the Seller is entitled to rely and has relied. Each
such representation shall be materially true and correct on the Effective Date and shall be
materially true and correct on the Closing Date.

     4.1 Organization and Power. The Purchaser is a real estate investment trust duly
organized, validly existing and in good standing under the laws of the State of Maryland, and has
all trust 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 Purchaser
hereunder.

     4.2 Noncontravention. The execution and delivery of this Agreement and the
performance by the Purchaser of its obligations hereunder do not and will not contravene, or
constitute a default under, any provisions of applicable law or regulation, the Purchaser’s
declaration of trust or other trust document or any agreement, judgment, injunction, order, decree
or other instrument binding upon the Purchaser.

     4.3 Litigation. There is no action, suit or proceeding, pending or known by the
Purchaser to be threatened against or affecting the Purchaser 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 Purchaser 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 Purchaser to perform
its obligations hereunder, or under any document to be delivered pursuant hereto, (c) could create
a lien on the Property, any part thereof or any interest therein or (d) could adversely affect the
Property, any part thereof or any interest therein or the use, operation, condition or occupancy
thereof.

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

     4.5 No Brokers. The Purchaser 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.

     4.6 Money Laundering. The Purchaser is not acting, directly or indirectly, for or on
behalf of any person, group, entity or nation named by the United States Treasury Department as a
Specifically Designated National and Blocked person, or for or on behalf of any person, group,
entity or nation designated in the Executive Order as a person who commits, threatens to commit, or
supports terrorism; and it is not engaged in this transaction directly or indirectly on behalf of,
or facilitating this transaction directly or indirectly on behalf of, any such person, group,
entity or nation terrorists, terrorist organizations or narcotics traffickers, including, without
limitation, those persons or entities that appear on the Annex to the Executive Order, or are
included on any relevant lists maintained by the Office of Foreign Assets Control of U.S.
Department of Treasury, U.S. Department of State, or other U.S. government agencies, all as may be
amended from time to time. Neither Purchaser, nor any person controlling or controlled by
Purchaser, is a country, territory, individual or entity named on a Government List, and the

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monies used in connection with this Agreement and amounts committed with respect thereto, were
not and are not derived from any activities that contravene any applicable anti-money laundering or
anti bribery laws and regulations (including, without limitation, funds being derived from any
person, entity, country or territory on a Government List or engaged in any unlawful activity
defined under 18 USC §1956(c)(7)).

     4.7 AS IS, WHERE IS.

     PURCHASER EXPRESSLY ACKNOWLEDGES AND AGREES THAT, AS A MATERIAL PART OF THE CONSIDERATION FOR
THIS AGREEMENT, THE PROPERTY IS BEING SOLD TO PURCHASER AND PURCHASER AGREES TO PURCHASE AND ACCEPT
THE PROPERTY, AND EACH AND EVERY PART AND COMPONENT THEREOF, IN AN “AS IS, WHERE IS” CONDITION AS
OF THE CLOSING WITH NO REPRESENTATIONS OR WARRANTIES FROM SELLER, EITHER EXPRESS OR IMPLIED EXCEPT
AS EXPRESSLY SET FORTH IN THIS AGREEMENT. PURCHASER AGREES THAT PURCHASER IS NOT RELYING UPON, AND
HAS NOT RECEIVED OR BEEN GIVEN, ANY REPRESENTATIONS (EXCEPT AS EXPRESSLY SET FORTH IN THIS
AGREEMENT), STATEMENTS OR WARRANTIES (ORAL OR WRITTEN, IMPLIED OR EXPRESS) OF OR BY ANY OFFICER,
EMPLOYEE, AGENT OR REPRESENTATIVE OF SELLER, OR ANY SALESPERSON OR BROKER (IF ANY) INVOLVED IN THIS
TRANSACTION, AS TO THE PROPERTY OR ANY PART OR COMPONENT THEREOF IN ANY RESPECT, INCLUDING, BUT NOT
LIMITED TO, ANY REPRESENTATIONS, STATEMENTS OR WARRANTIES AS TO THE PHYSICAL OR ENVIRONMENTAL
CONDITION OF THE PROPERTY, THE FITNESS OF THE PROPERTY FOR USE AS A HOTEL, THE FINANCIAL
PERFORMANCE OR POTENTIAL OF THE PROPERTY, THE COMPLIANCE OF THE PROPERTY WITH APPLICABLE BUILDING,
ZONING, SUBDIVISION, ENVIRONMENTAL, LIFE SAFETY OR LAND USE LAWS, CODES, ORDINANCES, RULES, ORDERS,
OR REGULATIONS, OR THE STATE OF REPAIR OF THE PROPERTY, AND PURCHASER, FOR ITSELF AND ITS HEIRS,
LEGAL REPRESENTATIVES, SUCCESSORS AND ASSIGNS, WAIVES ANY RIGHT TO ASSERT ANY CLAIM OR DEMAND
AGAINST SELLERS AT LAW OR IN EQUITY RELATING TO ANY SUCH MATTER, WHETHER LATENT OR PATENT,
DISCLOSED OR UNDISCLOSED, KNOWN OR UNKNOWN, NOW EXISTING OR HEREAFTER ARISING EXCEPTING ANY CLAIM
OR DEMAND RELATING TO REPRESENTATIONS AND WARRANTIES EXPRESSLY SET FORTH IN THIS AGREEMENT. EXCEPT
FOR ANY TITLE OR SURVEY MATTERS CREATED SOLELY BY SELLER IN VIOLATION OF THIS AGREEMENT, PURCHASER
AGREES THAT IT SHALL HAVE NO RECOURSE WHATSOEVER AGAINST SELLER, AT LAW OR IN EQUITY, SHOULD THE
SURVEY OR THE TITLE INSURANCE COMMITMENTS OR THE TITLE POLICIES FAIL TO DISCLOSE ANY MATTER
AFFECTING THE PROPERTY OR REVEAL ANY SUCH MATTER IN AN INACCURATE, MISLEADING OR INCOMPLETE FASHION
OR OTHERWISE BE IN ERROR. PURCHASER ACKNOWLEDGES THAT IT SHALL REVIEW THE SURVEY AND THE TITLE
INSURANCE COMMITMENTS (AS SAME MAY BE MARKED AT CLOSING) AND TO DISCUSS THEIR CONTENTS WITH THE
INDEPENDENT CONTRACTORS WHO PREPARED OR ISSUED EACH OF THEM. PURCHASER ACCORDINGLY AGREES TO LOOK
SOLELY TO THE PREPARER OF THE SURVEY AND THE ISSUER OF THE TITLE INSURANCE COMMITMENTS AND

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TITLE POLICIES FOR ANY CLAIM ARISING OUT OF OR IN CONNECTION WITH SUCH INSTRUMENTS AND HEREBY
RELEASES SELLERS FROM ANY SUCH CLAIM (EXCEPT FOR ANY CLAIM THAT SELLERS AGREE TO CURE AS SET FORTH
IN THIS AGREEMENT).

Purchaser recognizes that the Hotels and Personal Property are not new and that there exists a
possibility that the Property is not in compliance with the requirements which would be imposed on
a newly constructed hotel by presently effective federal, state and local building, plumbing,
electrical, fire, health, handicap, environmental and life safety laws, codes, ordinances, rules,
orders and/or regulations (collectively, the “building codes”). The Hotels and other
improvements on the Land may contain substances or materials no longer permitted to be used in
newly constructed buildings including, without limitation, asbestos or other insulation materials,
lead or other paints, wiring, electrical, or plumbing materials and may not contain other materials
or equipment required to be installed in a newly constructed building. Purchaser will have the
opportunity, as provided for in Section 2.3, to investigate and inspect the Property and
review the results of such investigations and inspections of the Property as Purchaser deemed
necessary with respect to all such matters. Except as otherwise set forth in this Agreement,
Purchaser agrees to accept and shall the Property in an “AS-IS, WHERE IS” condition and at Closing
to accept and assume the risk of noncompliance of the Property with all such building codes.
Except with respect to those representations set forth in Article 3 hereof, Purchaser
waives any right to excuse (except as specifically set forth in this Agreement) or delay
performance of its obligations under this Agreement or to assert any claim against Sellers (before
or after Closing) arising out of any failure of the Property to comply with any such building
codes.

Except with respect to those representations set forth in Article 3, it is specifically
understood and agreed by Seller and Purchaser that Seller does not make, and shall not be deemed to
have made, any representation, warranty or covenant with respect to (i) any Environmental Laws that
may affect any of the Property or (ii) the presence or absence of any Hazardous or Toxic Substances
in, on, above, under or about any of the Property (“Environmental Conditions”). From and
after Closing, Purchaser agrees for itself and for its heirs, successors and assigns, to waive all
of its rights under this Agreement, if any, and any Environmental Laws to require Seller to
remediate or “clean up” the Property and releases Seller from any liability of any kind or nature
arising with respect to any Environmental Conditions at the Property. As used in this Agreement,
(A) the term “Environmental Laws” means all federal, State and local laws, codes, ordinances,
rules, orders and regulations now or hereafter in effect relating to pollution or the protection of
the environment, including without limitation, all laws, codes, ordinances, rules, orders and
regulations governing the generation, use, collection, treatment, storage, transportation,
recovery, removal, discharge, spill or disposal of any or all Hazardous or Toxic Substances, and
(B) the term “Hazardous Substances” or “Toxic Substances” means materials and substances defined as
“hazardous substances”, “hazardous wastes”, “toxic substances” or “toxic wastes” in (I) the
Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C. Sections
9601-9675, as amended by the Superfund Amendments and Reauthorization Act of 1988, and any further
amendments thereto and rules, orders and regulations thereunder; (II) the Resource Conservation and
Recovery Act of 1976, 42 U.S.C. Sections 6901-6992, as amended by the Hazardous and Solid Waste
Amendments of 1984, and any further amendments thereto and rules, orders and regulations
thereunder; or (III) any other Environmental Laws. Purchaser acknowledges and agrees that: (a)
Purchaser is an experienced

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and sophisticated owner of real property; (b) Purchaser has expressly negotiated the limitations of
liability contained in this Section; and (c) the limitations contained in this Section are
reasonable. Purchaser acknowledges and agrees that Seller has agreed to enter into this Agreement
in consideration for and in reliance upon the foregoing limitations of liability, and that the
consideration under this Agreement is based in part on the limitations of liability.

It is understood and agreed by Sellers and Purchaser that in the event of any conflict between the
terms and provisions of this Section 4.7 and any other term or provision to this Agreement, the
relevant term or provision of this Section 4.7 shall control and govern. The provisions of this
Article 4 shall survive Closing.

ARTICLE 5

CONDITIONS AND ADDITIONAL COVENANTS

     5.1 Conditions to Purchaser’s Obligations. The Purchaser’s obligations hereunder are
subject to the satisfaction of the following conditions precedent with respect to each Property and
the compliance by the Sellers with the following covenants, to the extent applicable to the
Sellers:

          (a) Sellers’ Deliveries. The Sellers shall have delivered to the Title Company or the
Purchaser, as the case may be, on or before the date of Closing, all of the documents and other
information required of the Sellers pursuant to Section 6.2.

          (b) Representations, Warranties and Covenants; Obligations of the Sellers;
Certificate. All of the Sellers’ representations and warranties made in this Agreement shall
be true and correct as of the date hereof and as of the date of Closing as if then made, there
shall have occurred no material adverse change in the condition of the Properties since the date
hereof, the Sellers shall have performed all of the covenants and other obligations under this
Agreement applicable to the Sellers and the Sellers shall have executed and delivered to the
Purchaser at Closing a certificate to the foregoing effect.

          (c) Condition of Improvements. Except to the extent that repair or restoration of a
Property is required hereunder, in which case the Improvements and the Tangible Personal Property
shall be in the condition required by this Agreement, 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 or better condition at
Closing as they are as of the date hereof, reasonable wear and tear excepted. Prior to Closing,
the Seller 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 Seller shall
not have diminished the Inventory (except as may be diminished in the normal course of business).
The Seller 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 Purchaser.

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          (d) Repair of Flood and Related Damage. The Sellers shall have repaired all flood and
related damage to the Residence Inn and the Hampton Inn and restored each such Hotel to at least
the condition existing prior to occurrence or occurrences rendering such damage: (i) in a
professional and workmanlike manner; (ii) in accordance with all applicable laws, applicable
permits and prudent industry practices; and (iii) only with materials and equipment that are new,
operating properly and of good quality. Purchaser shall have approved such repair and restoration
in its sole and absolute discretion.

          (e) Environmental Report; Property Condition Report. Provided Purchaser has used
commercially reasonable and diligent efforts, the Purchaser shall have obtained a current Phase I
environmental report and a current property condition report, each of which shall be satisfactory
to the Purchaser in its reasonable discretion.

          (f) Franchise License. The Licensor for each Property shall have consented to the
sale of such Property, and the Purchaser and each respective Licensor shall have arranged for the
assignment and assumption of the respective Licenses or the termination of the existing Licenses
and the replacement thereof with new Licenses to which the Purchaser is a party. The Purchaser
will use commercially reasonable efforts to obtain such License and shall pay all costs and
expenses associated therewith. The Sellers shall assist the Purchaser in respect thereto, but
shall not be responsible for any costs or expenses.

          (g) Property Improvement Plan. To the extent required by any Licensor and provided
Purchaser has used commercially reasonable and diligent efforts, the Purchaser shall have obtained
a Property Improvement Plan (“PIP”) from Licensor by and at the cost of the Purchaser. As
soon as possible following the date hereof, the Sellers shall arrange for the inspection and
creation of a PIP by the Licensor for each of the Properties (to the extent such PIP has not
already been initiated), and the Sellers shall endeavor to have each such PIP completed as promptly
as possible. The Purchaser shall be responsible for paying or reimbursing the Seller for any fees
or expenses charged by the franchisors for completing such inspections and preparing the PIPs.

          (h) Management Agreement.

          (1) The Seller of the Residence Inn and the Seller of the Hampton Inn shall, effective
on or before the date of Closing, effect the termination of any management agreements
relating to such Properties and pay all costs incurred in connection therewith. The Sellers
shall indemnify and hold the Purchaser harmless from any claims or liability relating to any
management agreements relating to the Properties.

          (2) Provided Purchaser has used commercially reasonable and diligent efforts, Concord
Hospitality Enterprises Company shall have approved Purchaser’s assumption the Courtyard
Management Agreement and the Springhill Suites Management Agreement. The Purchaser shall be
responsible for compliance with or compensation required to be paid under all employment
laws, including the WARN Act.

          (i) Loan Assumptions. Provided Purchaser has used commercially reasonable and
diligent efforts, the Purchaser shall received the applicable lender’s customary

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conditional approval to any Loan Assumption that it has elected to undertake pursuant to
Section 2.5.

          (j) Courtyard Estoppel. The Seller shall have delivered to the Purchaser a written
statement from the lessor under the Courtyard Ground Lease acknowledging the commencement and
termination dates of the Courtyard Ground Lease, that there is no material default except as
otherwise noted in such written statement, that the Courtyard Ground Lease is in full force and
effect except as otherwise noted in such written statement, and that the Courtyard Ground Lease has
not been modified (or if it has, stating such modification).

          (k) Residence Inn Estoppel. The Seller shall have delivered to the Purchaser a
written statement from the condominium association governing the condominium regime at the
Residence Inn confirming that there in no existing breach or default except as otherwise noted in
such written statement, that the Residence Inn Condominium Documents are in full force and effect
except as otherwise noted in such written statement, that the Residence Inn Condominium Documents
have not been modified (or if they have, stating such modification), and providing such other
pertinent information as the Purchaser may reasonably request.

     5.2 Conditions to Seller’s Obligations. The Seller’s obligations hereunder are
subject to the satisfaction of the following conditions precedent with respect to each Property and
the compliance by the Purchaser with the following covenants, to the extent applicable to the
Purchaser:

          (a) Purchaser’s Deliveries. The Purchaser shall have delivered to the Title Company
or the Sellers, as the case may be, on or before the date of Closing, all of the documents and
other information required of the Sellers pursuant to Section 6.3.

          (b) Representations, Warranties and Covenants; Obligations of the Sellers;
Certificate. All of the Purchaser’s representations and warranties made in this Agreement
shall be materially true and correct as of the date hereof and as of the date of Closing as if then
made, there shall have occurred no material adverse change in the condition of the Properties since
the date hereof, the Purchaser shall have performed all of the covenants and other obligations
under this Agreement applicable to the Purchaser and the Purchaser shall have executed and
delivered to the Purchaser at Closing a certificate to the foregoing effect.

          (c) Franchise License. The Licensor for each Property shall have consented to the
sale of such Property, and the Purchaser, each respective Seller and each respective Licensor shall
have arranged for the assignment and assumption of the respective Licenses or the termination of
the existing Licenses and the replacement thereof with new Licenses to which the Purchaser is a
party. The applicable Seller, its manager and, if applicable, any guarantor, and each of their
respective affiliates, shall have been released from all future duties, liabilities and obligations
under the License Agreement and any guarantee(s) thereof, in such form and to such an extent that
Licensor customarily provides, if any.

          (d) Management Agreement. Concord Hospitality Enterprises Company shall have approved
Purchaser’s assumption of the Courtyard Management Agreement and the Springhill Suites Management
Agreement, which shall include a release from the respective

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managers in favor of the applicable Seller and all applicable guarantors, if any, from any and
all liability under the Management Agreements from and after the Closing Date.

ARTICLE 6

CLOSING

     6.1 Closing.

          (a) Closing for the Hampton Inn Hotel shall be conducted through the Title Company or in
another manner at a location that is mutually acceptable to the parties, on or before the date that
is seven (7) business days following the expiration of the Study Period, as it may be extended
pursuant to Section 2.3(e). Closing for the Courtyard and the Springhill Suites Hotels
shall occur as described above on or before the date that is seven (7) days following the
expiration of the Study Period, as it may be extended pursuant to Section 2.3(e) or
(f). Closing for the Residence Inn Hotel shall be conducted through the Title Company or
in another manner and at a location that is mutually acceptable to the parties, on or before the
date that is sixty (60) days following the expiration of the Study Period, as it may be extended
pursuant to Section 2.3(e) (the “Residence Inn Outside Closing Date”). Possession
of the Property with respect to the applicable Hotel shall be delivered to the Purchaser at the
applicable Closing, subject only to Permitted Title Exceptions and guests of the Hotel.

          (b) Upon the last to occur of the Closings for the Hampton Inn, Courtyard and Springhill
Suites Hotels, the Seller shall deposit with the Title Company the sum of Four Million and No/100
Dollars ($4,000,000.00) (the “Breakage Deposit”). In the event that Closing for the
Residence Inn Hotel occurs on or before the Residence Inn Outside Closing Date, the Title Company
shall release the Residence Inn Breakage Deposit, plus interest accrued thereon to the Seller at
the Closing of the Residence Inn Hotel. Notwithstanding anything to the contrary contained
herein, the Seller and the Purchaser shall each have the right to refuse to Close on the purchase
and sale of the Residence Inn Hotel on or before the Residence Inn Outside Closing Date at its sole
discretion by providing the other with notice of such refusal. In the event that the Closing for
the Residence Inn Hotel does not occur on or prior to the Residence Inn Outside Closing Date,
whether because either party has notified the other of its intention to refuse to Close on the
purchase and sale of the Residence Inn Hotel on or before the Residence Inn Outside Closing Date or
for any other reason (in any case, a “Residence Inn Termination”), the Title Company shall
release to the Purchaser (i) the Breakage Deposit, plus interest accrued thereon, which the
Purchaser and the Seller agree will be treated as a Purchase Price adjustment for federal income
tax purposes and will be allocated pro rata to reduce the allocable portions of the Purchase Price
for the Hotels the Purchaser has acquired under this Agreement and (ii) the remaining one quarter
(1/4) of the Deposit allocable to the Residence Inn Hotel, plus interest accrued thereon, and the
Seller and the Purchaser shall be released from any further liability or obligation under this
Agreement, except under Section 6.1(c) and those other provisions of this Agreement which expressly
survive the termination of this Agreement.

          (c) Contingent upon a Residence Inn Termination, the Seller hereby grants the Purchaser an
option (the “Residence Inn Purchase Option”) to purchase the Residence Inn Hotel on the
same terms and conditions of this Agreement (as it relates to the Residence Inn Hotel), except that
the purchase price for the Residence Inn Hotel shall mean Twenty-Three

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Million Two Hundred Thousand and No/100 Dollars ($23,200,000) (the “Residence Inn Option
Price”) and no portion of the Deposit shall be credited against the Residence Inn Option Price;
provided that the Residence Inn Purchase Option shall be exercisable by the Purchaser only if the
Seller provides written notice to the Purchaser within one (1) year after the Residence Inn Outside
Closing Date that the debt secured directly and indirectly by the Residence Inn Hotel can be
satisfied for an amount equal to or less than the Residence Inn Option Price (the “Option
Trigger Notice”). Unless the Purchaser provides written notice (the “Option Exercise
Notice”) of its intention to exercise the Residence Inn Purchase Option within ten (10) days of
the Purchaser’s receipt of the Option Trigger Notice, the Purchaser shall be deemed to have waived
its right to exercise the Residence Inn Purchase Option. If the Purchaser does provide an Option
Exercise Notice to the Seller within ten (10) days of the Purchaser’s receipt of the Option Trigger
Notice, Closing for the Residence Inn Hotel shall occur on a date reasonably mutually agreed to by
the Purchaser and the Seller within Thirty (30) days after the Seller receives the Option Exercise
Notice. The Seller agrees to keep the Purchaser reasonably informed of the status of the
Seller’s negotiations with its lenders regarding the debt secured directly and indirectly by the
Residence Inn Hotel during such one-year period and to promptly provide the Option Trigger Notice
to the Purchaser if the Seller reaches an agreement with its lenders that would permit it to do so.
The grant of the Residence Inn Purchase Option shall survive the closing or termination of this
Agreement.

     6.2 Sellers’ Deliveries. With respect to each Property or each Seller, as applicable,
at Closing, the Sellers shall deliver to Purchaser all of the following instruments, each of which
shall have been duly executed and, where applicable, acknowledged on behalf of the Sellers and
shall be dated as of the date of Closing:

          (a) The certificate required by Section 5.1(b);

          (b) The Deed;

          (c) Assignment and Assumption of the Courtyard Ground Lease only for the Courtyard;

          (d) The Bill of Sale (Inventory);

          (e) The Bill of Sale (Personal Property);

          (f) The Assignment and Assumption Agreement;

          (g) The Assignment and Assumption of the Residence Inn Unit Leases;

          (h) Certificate(s)/Registration of Title for any vehicle owned by the Sellers and used in
connection with the Property;

          (i) 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;

          (j) The FIRPTA Certificate;

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

          (l) Copies of certificate(s) of occupancy for the Real Property and Improvements, issued by
the appropriate governmental authority;

          (m) Such proof as the Purchaser may reasonably require with respect to Seller’s compliance
with the bulk sales laws or similar statutes;

          (n) A written instrument executed by the Seller, conveying and transferring to the Purchaser
all of the Seller’s right, title and interest in any telephone numbers and facsimile numbers
relating to the Property, and, if the Seller maintains a post office box, conveying to the
Purchaser all of its interest in and to such post office box and the number associated therewith,
so as to assure a continuity in operations and communications;

          (o) All current real estate and personal property tax bills in the Seller’s possession or that
Seller may reasonably obtain;

          (p) A complete set of all guest registration cards, guest transcripts, guest histories, and
all other available guest information;

          (q) A complete list of all advance room reservations, functions and the like, in reasonable
detail so as to enable the Purchaser to honor the Sellers’ commitments in that regard;

          (r) A list of the Sellers’ outstanding accounts receivable as of midnight on the date prior to
the Closing, specifying the name of each account and the amount due the Sellers;

          (s) Written notice executed by the Sellers notifying all interested parties, including all
tenants under any leases of the Property, that the Property has been conveyed to the Purchaser and
directing that all payments, inquiries and the like be forwarded to the Purchaser at the address to
be provided by the Purchaser;

          (t) All keys for the Property;

          (u) All books, records, operating reports, appraisal reports, files and other materials in the
Sellers’ possession or control which are necessary in the Purchasers discretion to maintain
continuity of operation of the Property;

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

          (w) Complete set of “as-built” drawings for the Improvements, if any in Seller’s possession;
and

          (x) Any other document or instrument reasonably requested by the Purchaser or required hereby.

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     6.3 Purchaser’s Deliveries. At Closing, the Purchaser shall pay or deliver to the
Sellers the following:

          (a) The certificate required by Section 5.2(b);

          (b) The portion of the Purchase Price described in Section 2.4(b);

          (c) Assignment and Assumption of the Courtyard Ground Lease;

          (d) The Bill of Sale (Inventory);

          (e) The Bill of Sale (Personal Property);

          (f) The Assignment and Assumption Agreement;

          (g) The Assignment and Assumption of the Residence Inn Unit Leases; and

          (h) Any other document or instrument reasonably requested by the Sellers or required hereby.

     6.4 Closing Costs. All closing costs and expenses will be allocated between Purchaser
and Sellers in accordance with the customary practice in the county in which a Property is located,
except as allocated specifically between Purchaser and Sellers below. Sellers and Purchaser shall
be responsible for the payment of its own attorney’s fees incurred in connection with transaction
which is the subject of this Agreement.

          (a) Purchaser Costs. Purchaser shall pay for: all costs and expenses associated with
the inspection and due diligence of the Properties (including, but not limited to, any updated
surveys), all costs associated with the assumption of the Assumed Loans (including any mortgage
insurance policies and/or endorsements and any applicable mortgage tax or similar expenses), all
costs associated with the assignment/ new License Agreement, title insurance for the Residence Inn,
the Courtyard, and the Springhill Suites, one-half (.5) of the title insurance for the Hampton Inn,
one-half (.5) of New York State and Commonwealth of Pennsylvania, state and county, transfer and
recordation tax, and charges required of a purchaser of Residence Inn condominium unit, to the
extent required under the Condominium Documents.

          (b) Sellers Costs. The Sellers shall pay for: the releases of any deeds of trust,
mortgages and other financing encumbering the Property and for any costs associated with any
corrective instruments, one-half (.5) of the title insurance for the Hampton Inn, one-half (.5) of
New York State and Commonwealth of Pennsylvania, state and county, transfer and recordation tax and
charges required of a seller of Residence Inn condominium unit, to the extent required under the
Condominium Documents.

     6.5 Income and Expense Allocations.

          (a) With respect to each Property, all income, except any Intangible Personal Property, and
expenses with respect to the Property, and applicable to the period of time before and after
Closing, determined in accordance with sound accounting principles consistently

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applied, shall be allocated between the Sellers and the Purchaser. The Sellers shall be
entitled to all income and responsible for all expenses for the period of time up to but not
including the Closing Date, and the Purchaser shall be entitled to all income and responsible for
all expenses for the period of time from, after and including the Closing Date. Without limiting
the generality of the foregoing, the following items of income and expense shall be allocated at
Closing:

          (i) Current and prepaid rents, including, without limitation, prepaid room receipts,
function receipts and other reservation receipts;

          (ii) Real estate and personal property taxes;

          (iii) Amounts under Operative Agreements to be assigned to and assumed by Purchaser;

          (iv) Utility charges (including but not limited to charges for water, sewer and
electricity);

          (v) License and permit fees, where transferable;

          (vi) Value of fuel stored on the Property at the price paid for such fuel by the
Sellers, including any taxes;

          (vii) All prepaid reservations and contracts for rooms confirmed by the Sellers prior
to the Closing Date for dates after the Closing Date, all of which Purchaser shall honor;

          (viii) The Tray Ledger, which shall be divided equally between the parties; and

          (ix) Ground rent under the Courtyard Ground Lease.

          (b) Each Seller shall receive a credit for any prepaid expenses accruing to periods on or
after the Closing Date. At Closing, each Seller shall sell to Purchaser, and Purchaser shall
purchase from each Seller, all petty cash funds located at each Property.

          (c) The Buyer shall receive the following credit for the refurbishment of each of the Hotels,
at the closing of the applicable Hotel: Two Hundred Sixty-Six Thousand Six Hundred Sixty-Six and
66/100 Dollars ($266,666.66) at the closing for each of the Hampton Inn, Springhill Suites and
Courtyard and Four Hundred Thousand and No/100 Dollars ($400,000.00) for the Residence Inn.

          (d) The Sellers shall be required to pay all sales taxes and similar impositions through the
date of Closing.

          (e) The Purchaser shall not be obligated to collect any accounts receivable or revenues
accrued prior to the Closing Date on behalf of the Sellers, but if the Purchaser collects same, the
Purchaser will promptly remit to the Sellers such amounts in the form received.

26

 

          (f) If accurate allocations of any item cannot be made at Closing because current bills
are not obtainable, 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 Sellers or the
Purchaser with respect to the Properties 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.

ARTICLE 7

CONDEMNATION; RISK OF LOSS

     7.1 Condemnation. With respect to each Property, 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 Sellers shall give written notice thereof to
the Purchaser promptly after the Sellers learn or receive notice thereof. If all or any part of
the Real which would materially interfere with the operation or use of any Hotel is, or is to be,
so condemned or sold, the Purchaser shall have the right to terminate this Agreement pursuant to
Section 8.3. If the Purchaser 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 Purchaser at Closing.

     7.2 Risk of Loss. With respect to each Property, in the event of any fire or other
casualty, the Sellers shall give written notice thereof to the Purchaser promptly after the Sellers
learn or receive notice thereof. If any such loss or damage occurs prior to Closing and is in
excess of One Million and No/Dollars ($1,000,000.00) or would require more than sixty (60) days to
repair, the Purchaser shall have the right to terminate this Agreement pursuant to Section
8.3. If the Purchaser 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 Purchaser at Closing and shall pay to Purchaser the amount of any deductible, under applicable
insurance policies.

ARTICLE 8

LIABILITY OF PURCHASER; LIABILITY OF SELLER;

TERMINATION RIGHTS

     8.1 Liability of Purchaser and Seller. Except for any obligation expressly assumed or
agreed to be assumed by the Purchaser hereunder, the Purchaser does not assume any obligation of
the Sellers or any liability for claims arising out of any occurrence prior to Closing. The Seller
shall not be responsible for any obligation of the Purchaser or any liability for claims arising
out of any occurrence on or after Closing.

     8.2 Intentionally Deleted.

     8.3 Termination by Purchaser. If the Sellers default in performing any of its
obligations under this Agreement (including its obligation to sell the Property), and the Sellers
fail to cure any such matter within ten (10) business days after notice thereof from the Purchaser,
the Purchaser, at its option, may elect either (a) to terminate this Agreement, in which event
the

27

 

Deposit shall be forthwith returned to the Purchaser and all other rights and obligations of
the Seller and the Purchaser hereunder shall terminate immediately (except those which expressly
survive the termination of this Agreement), or (b) to waive its right to terminate and, instead, to
proceed to Closing. For avoidance of doubt, the terms of this Section 8.3 shall not apply
in the event of Residence Inn Termination as contemplated by Section 6.1(b).

     8.4 Termination by Seller. If the Purchaser defaults in performing any of its
obligations under this Agreement (including its obligation to purchase the Property), and the
Purchaser fails to cure any such default within ten (10) business days after notice thereof from
the Sellers, then the Sellers’ sole remedy for such default shall be to terminate this Agreement
and retain the Deposit. The Sellers and the Purchaser agree that, in the event of such a default,
the damages that the Sellers would sustain as a result thereof would be difficult if not impossible
to ascertain. Therefore, the Sellers and the Purchaser agree that the Sellers shall retain the
Deposit as full and complete liquidated damages and as the Sellers’ sole remedy.

ARTICLE 9

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 Purchaser may assign its rights hereunder without the consent of
the Seller to any party under common control of the Purchaser.

     9.3 Successors and Assigns. This Agreement shall inure to the benefit of and bind the
Purchaser and the Seller and their respective successors and assigns.

     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
(1st) 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 Commonwealth of
Pennsylvania.

     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.

28

 

     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 Sellers:

	 	Moody National Realty Company, L.P.
	 

	 	6363 Woodway Drive
	 

	 	Suite 110
	 

	 	Houston, Texas 77057
	 

	 	Attn: Brett C. Moody
	 

	 	Fax: (713) 977-7505
	 
	 	 
	with a copy to:

	 	Moody National Realty Company, L.P.
	 

	 	6363 Woodway Drive
	 

	 	Suite 110
	 

	 	Houston, Texas 77057
	 

	 	Attn: Amanda Chivers
	 

	 	Fax: (713) 977-7505
	 
	 	 
	If to the Purchaser:

	 	Chatham Lodging Trust
	 

	 	50 Cocoanut Row
	 

	 	Suite 211
	 

	 	Palm Beach, Florida 33480
	 

	 	Attn: Jeffrey H. Fisher
	 

	 	Fax: (561) 659-7318
	 
	 	 
	with a copy to:

	 	Hunton & Williams
	 

	 	1900 K Street, N.W.
	 

	 	Washington, D.C. 20006
	 

	 	Attn: John M. Ratino, Esq.
	 

	 	Fax: (202) 778-2201

29

 

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 in the 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 Seller and the Purchaser made in, or pursuant to, this Agreement shall survive for a period of
one (1) year following Closing and shall not merge into any Deed or any other document or
instrument executed and delivered in connection herewith.

     9.12 Further Assurances. The Sellers and the Purchaser 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 seller and purchaser specifically established hereby.

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

     9.15 Confidentiality. The terms and provisions of this Agreement shall remain
confidential and shall not be disclosed, by either the Purchaser or the Sellers, to any third
(3rd) party other than: (a) as may be required by law or regulation or to comply with
the filing requirements of any applicable legislation or rule; or (b) any counsel, consultant, or
agent assisting the Sellers with the sale of the Properties and any counsel, consultant, or agent
assisting the Purchaser with the purchase of the Property; or (c) by Purchaser in any filing with
the U.S. Securities and Exchange Commission. If the Purchaser does not proceed with the purchase
of the Properties, the Purchaser shall return to the Sellers all materials and information
furnished to it by the Sellers or the Sellers’ agents in connection with the Purchaser’s review of
the Properties. The Purchaser acknowledges that the Sellers may solicit additional offers for the
purchase of the Property in the event that the Purchaser is unwilling or unable to consummate the
Closing.

     9.16 No Third-Party Beneficiary. The provisions of this Agreement and of the
documents to be executed and delivered at Closing are and will be for the benefit of the Sellers
and the Purchaser only and are not for the benefit of any third (3rd) party, and
accordingly, no third (3rd) party shall have the right to enforce the provisions of this
Agreement or of the documents to be executed and delivered at Closing.

     9.17 Waiver of Jury Trial. The Sellers and the Purchaser each hereby waive any right
to jury trial in connection with the enforcement by the Purchaser, or the Sellers, of any of their
respective rights and remedies hereunder.

30

 

     9.18 Title Company.

          (a) The Title Company agrees to hold the Deposit in accordance with the terms hereof and to
comply with additional written instructions from the parties, to the extent that such instructions
are not in conflict.

          (b) If the Title Company is uncertain for any reason whatsoever as to its duties or rights
hereunder, the Title Company shall continue to hold the Deposit until the Title Company receives a
written agreement of both parties with respect to disposition of the Deposit, in which event Title
Company shall distribute the Deposit in accordance with such agreement; or in the event of
litigation between or among the parties, the Title Company shall continue to hold the Deposit until
such time as the parties resolve their dispute or such dispute is resolved by judicial or other
proceedings.

          (c) Acceptance by the Title Company of its duties under this Agreement is subject to the
following terms and conditions:

          (i) The duties and obligations of the Title Company shall be determined solely by the
provisions of this Agreement and any written instruction from the parties consistent with
this Agreement that are not in conflict, and the Title Company shall not be liable except
for the performance of such duties and obligations as are specifically set out in this
Agreement or such instructions;

          (ii) The Sellers and the Purchaser will jointly and severally reimburse and indemnify
the Title Company for, and hold it harmless against any loss, liability or expense,
including but not limited to reasonable attorneys’ fees, incurred without bad faith,
negligence or willful misconduct on the part of the Title Company, arising out of or in
connection with any dispute or conflicting claim by the Sellers or the Purchaser under this
Agreement, as well as the costs and expense of defending against any claim or liability
arising out of or relating to this Agreement except where such claim or liability arises
from the bad faith, negligence or willful misconduct on the part of the Title Company; as
between the Sellers (on the one hand) and the Purchaser (on the other hand) their
obligations under this subsection 9.18(c)(ii) shall be shared equally;

          (iii) The Title Company shall be fully protected in acting on and relying upon any
written notice, instruction, direction or other document which the Title Company in good
faith believes to be genuine and to have been signed or presented by the proper party or
parties;

          (iv) The Title Company may seek the advice of legal counsel in the event of any dispute
or question as to the construction of any of the provisions of this Agreement or its duties
hereunder, and it shall incur no liability and shall be fully protected in respect of any
action taken or suffered by it in good faith in accordance with the opinion of such counsel;

          (v) The Title Company may resign and be discharged from its duties hereunder at any
time by giving written notice of such resignation to each of the Purchaser and the Sellers
specifying a date, not less than thirty (30) days after the date of

31

 

such notice, when such resignation will take effect. Upon the effective date of such
resignation, the Title Company shall deliver the funds held in escrow to such person or
persons as the Purchaser and the Sellers shall in writing jointly direct, and upon such
delivery the Title Company shall be relieved of all duties and liabilities thereafter
accruing under this Agreement. The Purchaser and the Sellers shall have the right at any
time upon joint action to substitute a new Title Company by giving notice thereof to the
Title Company then acting;

          (vi) Nothing contained in this Agreement shall in any way affect the right of the Title
Company to have at any time a judicial settlement of its accounts as Title Company under
this Agreement;

          (vii) All disbursements by Title Company shall be made by bank wire transfer to the
account of the receiving party, as such party may direct;

          (viii) The Title Company shall, at the Closing, deliver by overnight express delivery
(or hold for personal pickup, if requested), each non-recorded document received hereunder
by Title Company to the payee or person acquiring rights under said document or for whose
benefit said document was acquired; and

          (ix) The Title Company shall, at the Closing, hold for personal pickup or arrange for
wire transfer, (i) to Seller, or order, as instructed by Seller, all sums and any proration
or other credits to which Seller is entitled and less any appropriate proration or other
charges, and (ii) to Purchaser, or order, any excess funds theretofore delivered to Title
Company by Purchaser and all sums and any proration or other credits to which Purchaser is
entitled and less any appropriate proration or other charges.

     9.19 Related Transaction. Except as provided under Section 6.1(b), Sellers and
Purchaser acknowledge and agree that this Agreement is for the sale of the portfolio of all of the
Properties. Notwithstanding anything in this Agreement to the contrary, Purchaser’s failure to
close on the purchase of any Property shall be cause for Sellers to terminate this Agreement, in
which event the Deposit shall be disbursed in accordance with the terms of this Agreement.
Purchaser’s termination of this Agreement prior to the end of the Study Period for any Property
shall operate to terminate the sale of all of the Property as contemplated by this Agreement.

[SIGNATURES ON FOLLOWING PAGE]

32

 

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

	 	 	 	 	 
	 	SELLERS:

Moody National White Plains S, LLC, a

Delaware Limited Liability Company

 	 
	 	By:  	/s/ Brett C. Moody
 	 
	 	 	Name:  	Brett C. Moody 	 
	 	 	Title:  	President 	 
	 
	 	Moody National White Plains MT, LLC, a

Delaware Limited Liability Company

 	 
	 	By:  	/s/ Brett C. Moody
 	 
	 	 	Name:  	Brett C. Moody 	 
	 	 	Title:  	President 	 
	 
	 	Moody National 1715 OST Houston S, LLC, a

Delaware Limited Liability Company

 	 
	 	By:  	/s/ Brett C. Moody
 	 
	 	 	Name:  	Brett C. Moody 	 
	 	 	Title:  	President 	 
	 
	 	Moody National 1715 OST Houston MT, LLC, a

                     Limited Liability Company

 	 
	 	By:  	/s/ Brett C. Moody
 	 
	 	 	Name:  	Brett C. Moody 	 
	 	 	Title:  	President 	 
	 

[Purchase and Sale Agreement Signature Page]

 

 

	 	 	 	 	 
	 	Moody National CY Altoona PA, LLC, a 

Delaware Limited Liability Company

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	Moody National SHS Washington PA, LLC, a

Delaware Limited Liability Company

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	PURCHASER:

Chatham Lodging Trust, a Maryland Real Estate

Investment Trust

 	 
	 	By:  	/s/ Peter M. Willis
 	 
	 	 	Name:  	Peter M. Willis 	 
	 	 	Title:  	Executive Vice President &

Chief Investment Officer 	 
	 

     Title Company executes this Agreement below solely for the purpose of acknowledging that it
agrees to be bound by the provisions of this Agreement relating to Title Company and the holding
and disbursement of the Deposit.

	 	 	 	 	 
	 	TITLE COMPANY:

 	 
	 	By:  	/s/ R. Eric Taylor
 	 
	 	 	Name:  	R. Eric Taylor 	 
	 	 	Title:  	Vice President & Senior Counsel 	 
	 

[Purchase and Sale Agreement Signature Page]

 

 

EXHIBIT A

SELLERS AND PROPERTIES

	 	 	 	 	 
	Seller	 	Site Name	 	Location
	MOODY NATIONAL WHITE

PLANS S, LLC, a Delaware limited 

liability company (Real Property —

All Units excluding 202, 206, 302,

306, 310, 501, 506, 910, 1004, 1102,

1107, 1207, 1209, 1602, 304, 607

and 704) 
 

MOODY NATIONAL

COMPANIES, L.P., a Texas limited 

partnership (Real Property —

Units 304, 607 and 704)

MOODY NATIONAL WHITE 

PLAINS MT, LLC, a Delaware

limited liability company (Personal 

Property)

	 	Residence Inn 

White Plains, New York
	 	 5 Barker Avenue

White Plans, New York 10601

[NOTE: This includes the sale

of 129 of 143 Residential
Units

and all 4 Commercial Units of

La Reserve Condominium. In

addition, the Purchaser will
be 

assuming the Residence Inn 

Unit Leases in accordance with

Article 6].
	MOODY NATIONAL 1715
OST 

HOUSTON S, LLC, a Delaware 

limited liability company (Real 

Property)

MOODY NATIONAL 1715 OST 

HOUSTON MT, LLC, a Delaware 

limited liability company (Personal 

Property)

	 	Hampton Inn & Suites Medical

Center

Houston, Texas
	 	 1715 Old Spanish Trail

Houston, Texas 77054
	 
	 	 	 	 
	MOODY NATIONAL CY 

ALTOONA PA, LLC, a Delaware 

limited liability company

	 	Courtyard by Marriott

Altoona, Pennsylvania
	 	 2 Convention Centre Drive

Altoona, Pennsylvania 16602
	 
	 	 	 	 
	MOODY NATIONAL SHS 

WASHINGTON PA, LLC, a 

Delaware limited liability company

	 	Springhill Suites

Washington, Pennsylvania
	 	16 Trinity Point Drive

Washington, Pennsylvania 15301

A-1

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