Document:

Letter agreement between Robert G. Foster and Southern California Edison Company

 Exhibit 10.1 
 [Letterhead of Southern California Edison] 
 April 25, 2006 
 Robert Foster 
 30 Savona Walk 
 Long Beach, CA 90803 
  

	 	Re:	Consulting Agreement 

 Dear Bob: 
 This letter confirms our mutual agreement to terminate the “Consulting Term” under your Consulting Agreement, dated August 25, 2005 (the
“Consulting Agreement”), with Southern California Edison Company (“SCE”) effective April 12, 2006. 
 You have been
paid all amounts due to you pursuant to the Consulting Agreement and you are not entitled to any future compensation or benefits pursuant to the Consulting Agreement. 
 Your obligation to comply with Sections 8 and 9 of the Consulting Agreement will continue until January 1, 2009; provided that your obligation to comply with Section 8 of the Consulting Agreement will
terminate upon any earlier “Governmental Service Date” (as that term is defined in the Consulting Agreement). Your obligation to comply with Section 7 of the Consulting Agreement will continue indefinitely. 
 If this letter accurately sets forth our agreement with respect to the foregoing matters, please sign the enclosed copy of this letter and return it to
me. 
  

	
	Very truly yours,
	
	/s/ Stephen E. Pickett
	Stephen E. Pickett

  

	
	ACKNOWLEDGED AND AGREED:
	
	/s/ Robert Foster
	Robert FosterExhibit 10.1

 Exhibit 10.1 
 LEASEHOLD DEED OF TRUST AND SECURITY AGREEMENT 
 THIS INSTRUMENT WAS PREPARED BY: 
  

					
	W. Rowlett Scott, Esq.	 		 	Maximum principal indebtedness for
	Armstrong Allen	 		 	Tennessee recording tax purposes is
	Brinkley Plaza	 		 	$52,000,000.00
	80 Monroe Avenue, Suite 700	 		 	
	Memphis, Tennessee 38103-2467	 		 	
			
	Recording Requested By and	 		 	
	After Recording, Return to:	 		 	
			
	  
	 		 	
	  
	 		 	
	  
	 		 	
	  
	 		 	

 LEASEHOLD DEED OF TRUST AND SECURITY AGREEMENT 
 TABLE OF CONTENTS 
  

					
	 	 	 	  	PAGE
	1.	 	Payment of Indebtedness	  	7
			
	2.	 	Covenants of Title	  	8
			
	3.	 	Usury	  	8
			
	4.	 	Impositions	  	8
			
	5.	 	Tax Deposits	  	9
			
	6.	 	Change in Taxes	  	11
			
	7.	 	Insurance	  	11
			
	8.	 	Insurance/Condemnation Proceeds	  	13
			
	9.	 	Restoration Following Fire and Other Casualty or Condemnation	  	14
			
	10.	 	Disposition of Condemnation or Insurance Proceeds	  	18
			
	11.	 	Fire and Other Casualty; Self-Help	  	19
			
	12.	 	Rent Insurance Proceeds	  	19
			
	13.	 	Repair; Alterations; Waste; Environmental	  	20
			
	14.	 	Environmental Indemnification	  	21
			
	15.	 	Independence of Security	  	21
			
	16.	 	No Other Liens	  	21
			
	17.	 	Management	  	22
			
	18.	 	Master Lease Provisions; Grantor Obligations as Lessor Master Lease	  	22
			
	19.	 	Sidewalks, Municipal Charges	  	24
			
	20.	 	Assignment of Rents and Leases	  	25
			
	21.	 	Future Leases	  	26
			
	22.	 	Leasehold Provisions; Grantor’s Obligations as Lessor	  	27
			
	23.	 	Operating Agreement/Easement Agreements	  	31
			
	24.	 	Events of Default	  	31
			
	25.	 	Remedies Upon Default	  	33
			
	26.	 	Receiver	  	37
			
	27.	 	Lease; Foreclosure	  	37
			
	28.	 	Prepayment Premiums	  	37
			
	29.	 	Acceleration Interest	  	37

					
	30.	 	Late Charge	  	38
			
	31.	 	Waiver of Statutory Rights	  	38
			
	32.	 	Security Interest	  	39
			
	33.	 	Right of Entry	  	39
			
	34.	 	Estoppel Certificate	  	39
			
	35.	 	Annual Statements	  	40
			
	36.	 	Rights Cumulative	  	41
			
	37.	 	Subrogation	  	41
			
	38.	 	No Waiver	  	41
			
	39.	 	Deed of Trust Extension	  	41
			
	40.	 	Indemnification	  	41
			
	41.	 	Non-recourse	  	42
			
	42.	 	Attorneys’ Fees	  	43
			
	43.	 	Administrative Fees	  	44
			
	44.	 	Reserves For Replacements	  	44
			
	45.	 	Protection of Security; Costs and Expenses	  	44
			
	46.	 	Notices	  	45
			
	47.	 	Release	  	46
			
	48.	 	Applicable Law	  	46
			
	49.	 	Substitution of Trustee	  	46
			
	50.	 	Invalidity	  	47
			
	51.	 	Captions	  	47
			
	52.	 	Modifications	  	47
			
	53.	 	Bind and Inure	  	47
			
	54.	 	Replacement of Note	  	47
			
	55.	 	Time of the Essence	  	47
			
	56.	 	Business Day	  	47
			
	57.	 	[Omitted]	  	47
			
	58.	 	Authority of Beneficiary	  	48
			
	59.	 	Waivers of Operating Tenant	  	48
			
	60.	 	Obligor’s Financial Condition	  	50
			
	61.	 	[Omitted]	  	50
			
	62.	 	Fixture Filing	  	50

					
	63.	 	[Omitted]	  	50
			
	64.	 	Continuing Enforcement of Deed of Trust	  	50
			
	65.	 	[Omitted]	  	51
			
	66.	 	Property Street Address	  	51
			
	67.	 	Receipt of Copy	  	51

 EXHIBIT A - Legal Description 

 PURSUANT TO T.C.A. § 47-9-502(c), THIS LEASEHOLD DEED OF TRUST AND SECURITY AGREEMENT CONSTITUTES A FINANCING
STATEMENT FILED AS A FIXTURE FILING TO BE INDEXED IN THE REAL PROPERTY RECORDS. THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY, TENNESSEE, A TENNESSEE MUNICIPAL CORPORATION IS THE RECORD OWNER OF THE PROPERTY. 
 THE BENEFICIARY EXPRESSLY OBJECTS TO THE PRIORITY OF ANY MECHANICS’ OR MATERIALMEN’S LIENS IMPOSED SUBSEQUENT TO THE DATE OF THE RECORDATION OF THIS
LEASEHOLD DEED OF TRUST AND SECURITY AGREEMENT AS SUCH PRIORITY WOULD OTHERWISE BE ALLOWED PURSUANT TO THE TERMS OF T.C.A. § 66-11-108. 
 PURSUANT TO T.C.A. § 47-28-104(B), NOTICE IS HEREBY GIVEN THAT THIS LEASEHOLD DEED OF TRUST AND SECURITY AGREEMENT SECURES FUTURE ADVANCES WHICH ARE OBLIGATORY FOR THE PURPOSES OF SUCH STATUTE, AND WHICH ARE MADE FOR COMMERCIAL
PURPOSES. 
 LEASEHOLD DEED OF TRUST AND SECURITY AGREEMENT 
 Renaissance Nashville Hotel 
 Nashville, Tennessee 
 THIS LEASEHOLD DEED OF TRUST AND SECURITY AGREEMENT (this “Deed of Trust”) is made as of the 13th day of March, 2006 by HH
NASHVILLE LLC, a Delaware limited liability company and having its principal place of business at c/o Highland Hospitality Corporation, 8405 Greensboro Drive, Suite 500, McLean, Virginia 22102 (“Borrower”) and HHC TRS
NASHVILLE LLC, a Delaware limited liability company, having its principal place of business at c/o Hospitality Corporation, 8405 Greensboro Drive, Suite 500, McLean, Virginia 22102 (“Operating Tenant” and, together with
Borrower, collectively referred to herein as “Grantor”), to W. ROWLETT SCOTT, TRUSTEE, a resident of Shelby County, Tennessee, having an address of Armstrong Allen, PLLC, 80 Monroe Avenue, Suite 700, Memphis, Tennessee 38103,
subject to substitution as provided in Section 49 (such named person or any successor or substitute appointed and designated as herein provided from time to herein referred to as “Trustee”), in favor of CONNECTICUT GENERAL
LIFE INSURANCE COMPANY, a Connecticut corporation, having its principal place of business at c/o CIGNA Realty Investors, 280 Trumbull Street, Hartford, Connecticut 06103, Attention: Debt Asset Management, H-11G (hereinafter referred to as
“Beneficiary”). 
 W I T N E S S E T H:

 THAT, pursuant to that certain First Amended and Restated Agreement of Lease by and between The Metropolitan Government of
Nashville and Davidson County, Tennessee, a Tennessee municipal corporation (the “Ground Lessor”) and Holdings of Nashville, Inc., a 
  

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 Tennessee corporation (“Holdings of Nashville”), dated as of December 19, 1989 and recorded on
March 18, 1990, of record in Book 8054, page 493, official record in the Register’s Office for Davidson County, Tennessee (“Register’s Office”); as amended by First Amendment to First Amended and Restated Agreement of
Lease between Ground Lessor and Holdings of Nashville dated September 18, 1990 and recorded October 8, 1990 in Book 8212, Page 839, official record in the Register’s Office and rerecorded on December 5, 1990 in Book 8251, Page
361, official records in the Register’s Office; as assumed by Assumption of Leasehold Interest Agreement between Holdings of Nashville and Stouffer Hotel Company (Hawaii) Ltd., dated December 11, 1990 and recorded December 10, 1990 in
Book 8254, Page 884, official record in the Register’s Office; as assigned to and assumed by CTF Nashville Hotel LLC, a Delaware limited liability company, now known as RHOC Nashville Hotel, LLC, a Delaware limited liability company
(“RHOC Nashville Hotel”) (by virtue of that certain Certificate of Amendment to Certificate of Formation filed with the Office of the Secretary of the State of Delaware on July 1, 2005 and recorded March 2, 2006, as
Instrument No. 20060302-0024343, official record in the Register’s Office) by Assignment and Assumption of Leasehold Interest from CTF Nashville Hotel (Hawaii) Ltd. dated October 24, 2003 and recorded October 28, 2003 as
Instrument No. 20031028-0158626, official records in the Register’s Office; as further assigned to and assumed by Borrower by Assignment and Assumption of Leasehold Interest from RHOC Nashville Hotel dated as of February 24, 2006 and
recorded March 2, 2006, as Instrument No. 20060302-0024344, official record in the Register’s Office (collectively the “Ground Lease”), Borrower owns leasehold title to the Real Property (as defined below);

 THAT, pursuant to (i) that certain Deed of Leasehold Interest from RHOC Nashville Hotel to Borrower effective as of
February 24, 2006 and recorded March 2, 2006, as Instrument No. 20060302-0024345, official record in the Register’s Office and (ii) the certain Quitclaim Deed of Leasehold Interest from RHOC Nashville Hotel to Borrower
effective as of February 24, 2006 and recorded March 2, 2006, as Instrument No.20060302-0024346, official record in the Register’s Office, Borrower owns leasehold title to that certain condominium unit described as the “Hotel
Unit” in the horizontal property regime known as Nashville Hotel Properties Regime, as more particularly set forth in the Master Lease that certain First Amended and Restated Master Lease by Holdings of Nashville, Joe Rodgers and Ted H.
Welch, former shareholders of Rodgers/Welch Venture, Inc., a Tennessee corporation and Rodgers/Welch Ventures, a Tennessee general partnership, collectively, as the Declarant dated as of December 7, 1990 and recorded December 7, 1990 in
Book 8253, Page 378, official record in Register’s Office (collectively, the “Master Lease”), Borrower owns leasehold title to the Hotel Unit. 
 THAT, pursuant to that certain Lease Agreement (the “Operating Lease”) by and between Borrower, as lessor and Operating Tenant, as lessee, dated as of February 24, 2006, Operating Tenant
leased from Borrower, the Hotel Unit; 
 THAT, to secure (i) payment to Beneficiary of the principal indebtedness of Fifty-Two
Million and No/100 Dollars ($52,000,000.00), together with interest thereon (the “Loan”), as evidenced by that certain Promissory Note of even date herewith in the original principal amount of Fifty-Two Million and No/100 Dollars
($52,000,000.00) from Borrower, payable to Beneficiary (the “Note”), and any renewals, extensions or modifications thereof (including, without limitation, any modification increasing the Interest Rate (defined in the Note), the

  

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 principal amount, the monthly payments or extending the maturity date) with the final payment of the entire outstanding
balance of the Note being due and payable on April 1, 2013, in and by which Note Grantor promises to pay the said principal indebtedness and interest at the rate and in installments as provided in the Note, (ii) the performance of the
covenants herein contained and the payment of any monies expended by Beneficiary in connection therewith, (iii) the payment of all obligations and the performance of all covenants of Grantor under any other loan documents, agreements or
instruments between Grantor and Beneficiary given in connection with or related to this Deed of Trust or the Note and (iv) any and all additional advances made by Beneficiary to protect or preserve the Security (hereinafter defined) or the
security interest created hereby on the Security, or for taxes, assessments, or insurance premiums as hereinafter provided or for performance of any of Grantor’s obligations hereunder or for any other purpose provided herein (whether or not the
original Grantor remains the owner of the Security at the time of such advances) (all of the aforesaid indebtedness and obligations being herein called the “Indebtedness”, and all of the documents, agreements and instruments now or
hereafter evidencing or securing the repayment of, or otherwise pertaining to, the Indebtedness being herein collectively called the “Loan Documents”), Grantor does hereby irrevocably mortgage, grant, bargain, sell, assign, pledge,
transfer, and convey unto Trustee and to Trustee’s successors and assigns, in trust, with power of sale and right of entry and possession, all of the following described land, improvements, real and personal property, rents and leases, and all
of Grantor’s estate, right, title and interest therein and thereto (hereinafter collectively called the “Security”): 
 The leasehold estate of Borrower (pursuant to the Ground Lease) and Operating Tenant (pursuant to the Operating Lease) in the real property, as more particularly described in Exhibit A attached hereto and made a part hereof,
situated, lying and being in the City of Nashville, County of Davidson and State of Tennessee (the “Land”) and the leasehold estate of Borrower (pursuant to the Leasehold Lease) in the Hotel Unit, as more particularly described in
said Exhibit A, situated on the Land all right, title and interest of Grantor in, to and under the Master Lease; all of Grantor’s rights as a member of the Nashville Hotel Property Owner’s Association, Inc. (the
“Declaration Interests”); 
 TOGETHER with all buildings and other improvements (including, but not limited to the
Hotel Unit) now or hereafter located on the Land or any part thereof including but not limited to, all extensions, betterments, renewals, renovations, substitutes and replacements of, and all additions and appurtenances to the Security (the
“Improvements”); 
 TOGETHER with all of the right, title and interest, if any, of Grantor in and to the land lying
in the bed of any street, road, highway or avenue in front of or adjoining the Land to the center lines thereof; 
 TOGETHER with (to
the extent assignable) all of the right, title and interest, if any, that Grantor may have in the right to use, in connection with the operation of the Security, the name “Renaissance” and any other name similar thereto, and any other
licenses, trademarks, service marks or trade names, and good will associated therewith, used in connection with the Security; 
 TOGETHER with all easements now or hereafter located on or appurtenant to the Land and/or Improvements or under or above the same or any part thereof, rights-of-way, licenses, permits, approvals, and privileges, belonging or in any
way appertaining to the Land and/or 
  

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 Improvements including without limitation (i) any drainage ponds or other like drainage areas not located on the
Land which may be required for water run-off, (ii) any easements necessary to obtain access from the Land to such drainage areas, or to any other location to which Grantor has a right to drain water or sewage, (iii) any land required to be
maintained as undeveloped land by the zoning rules and regulations applicable to the Real Property, and (iv) any easements and agreements which are or may be established to allow inter alia, parking (whether on-site or off-site),
satisfactory ingress to, egress from and operation of the Real Property, and any other easement agreement or covenant or benefit as to land use (collectively, the “Easement Agreements”); 
 TOGETHER with any and all awards heretofore made and hereafter to be made by any municipal or other governmental authorities to the present and
all subsequent owners of the Security for the taking of all or any portion of the Security by power of eminent domain, including, without limitation, awards for damage to the remainder of the Security and any awards for any change or changes of
grade of streets affecting the Security, which said awards are hereby assigned to Beneficiary, and Beneficiary, at its option, is hereby authorized, directed and empowered to collect and receive the proceeds of any such awards from the authorities
making the same and to give proper receipts and acquittances therefor, and, subject to the terms hereof, to apply the same toward the payment of the Indebtedness, notwithstanding the fact that such amount may not then be due and payable; and Grantor
hereby covenants and agrees to and with Beneficiary, upon request by Beneficiary, to make, execute and deliver, at Grantor’s expense, any and all assignments and other instruments sufficient for the purpose of assigning the aforesaid awards to
or for the benefit of Beneficiary, free, clear and discharged of any and all encumbrances of any kind or nature whatsoever (all of the foregoing Hotel Unit, Land, Improvements, estates, interests, rights, easements, rights-of-way, licenses,
privileges, and awards, collectively, the “Real Property”); 
 TOGETHER with all proceeds, insurance or otherwise,
paid for the damage done to any of the Security and all proceeds of the conversion, voluntarily or involuntarily, of any of the Security into cash or liquidated claims; 
 TOGETHER with all fixtures, machinery, equipment, furniture, goods, and every other article of personal property, tangible and intangible, now or hereafter attached to or used in connection with the Real
Property, or placed on any part thereof and whether or not attached thereto, appertaining or adapted to the use, management, operation or improvement of the Real Property, insofar as the same and any reversionary right thereto may now or hereafter
be owned or acquired by Grantor, including, but without limitation, all goods, supplies, equipment, appliances, implements, furniture, furnishings, fixtures, machinery, inventory and construction materials and all personal property used in the
operation of a hotel on the Real Property, including, without limiting the generality of the foregoing, all hotel furniture, furnishings and equipment, heating, lighting, plumbing, ventilating, refrigerating, incinerating, elevator, escalator, air
conditioning and communication plants or systems with appurtenant fixtures; vacuum cleaning systems; call systems; sprinkler systems and other fire prevention and extinguishing apparatus and materials; all telephone, computer and other electronic
equipment and appurtenances thereto, including any software owned by Grantor and necessary for the operation of the Security (except to the extent the transfer thereof would cause a material breach of any licensing agreement in connection therewith)
but expressly excluding software that is 
  

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 owned by or licensed to the Manager under the Management Agreement (as such terms are defined below); and all other
machinery, pipes, poles, appliances, equipment, wiring, fittings, panels and fixtures; and any proceeds therefrom, any replacements thereof or additions or accessions thereto; curtains, draperies, hangings, televisions, radios, phonographs and
stereo equipment, pianos, organs, paintings, pictures, frames, sculptures, mirrors, lamps, bric-a-brac, vases, ornaments, carpets, rugs, beds, springs, mattresses, bedding, pillows, blankets, comforters, spreads, bed linens, vanities, secretaries,
bureaus, chiffonniers, chests, love seats, benches, night stands, costumers, smoking stands, sand jars, statuary, china, glassware, table linens, towels, bath mats, shower curtains, hollowware, flatware, cutlery, cooking, baking, and other kitchen
utensils and apparatus, crockery, kettles, pots, pans, pails, toasters, mixers, trays, racks, electric irons and apparatus, bathroom furniture and furnishings, hamperettes, cash registers, typewriters, typewriter stands, adding machines,
calculators, comptometers, multilith machines, addressographs, graphotypes, time stamps, time recorders, posting machines, bookkeeping machines, checking machines, payroll machines, computer reservation systems, accounting and other computer
software, and other office and accounting equipment, drills, presses, planers, saws, and other tools, scales, uniforms, and all other tangible personal property used or to be used or placed or to be placed in the rooms, halls, lounges, offices,
lobbies, lavatories, basements, cellars, vaults and other portions of said Real Property or any building or buildings hereafter constructed or erected thereon, whether herein enumerated or not, and whether or not contained in any such building, and
which are used or useful in the operation and maintenance thereof, or in the business conducted therein, including the operation of any restaurants on the Real Property by or on behalf of Grantor, including but not limited to all restaurant
furnishings and equipment, foodstuffs, and beverages, including (to the extent assignable or transferable) wine and other alcoholic beverages owned by Grantor, and all replacements and substitutions for all personal property from time to time be
located, placed, installed or used in or upon, or procured for use, or useful in connection with the operation of the whole, or any useful part of, the Real Property (the foregoing items of furniture, furnishings, fixtures and equipment collectively
are referred to as “FF&E”); provided, however, FF&E shall not include any of the foregoing items which are owned by parties other than Grantor including, but not limited to, any tenants of the Real Property or the operator
under any management agreement; and all building materials, supplies and other property delivered to the Real Property for incorporation into the Improvements thereon, all of which, to the extent permitted by law, are declared to be a part of the
realty and covered by the lien hereof, but said lien shall not cover any fixture, machinery, equipment or article of personal property which is owned by a tenant, other than Operating Tenant, provided said fixture, machinery, equipment or article of
personal property is not permanently affixed to the realty and may be removed without material damage thereto and is not a replacement of any item which shall have been subject to the lien hereof, but said lien shall include any other fixture,
machinery, equipment or article of personal property so incorporated into the Improvements so as to constitute realty under applicable law, whether or not owned by Grantor; 
 TOGETHER with all of Grantor’s books of account and records relating to the Security, including, without limitation, all information stored
on computers and software to the extent relating thereto; 
 TOGETHER with all (i) contracts, agreements, assignable permits and
licenses, including occupancy permits, business licenses and liquor licenses, warranties and 
  

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 representations relating to or governing the use, occupancy, operation, management, hotel group, name or chain
affiliation and/or guest reservation system, repair or service of the Real Property, (ii) all agreements with credit card issuers, sponsors or administrators, (iii) all rights to payment for the rental of guest rooms, banquet rooms, retail
premises and other facilities on the Real Property, (iv) all rights to payment from any credit/charge card organization or entity such as or similar to, and including, without limitation, the organizations or entities which sponsor and
administer the American Express Card, the Discovery Card, the Visa Card, the Carte Blanche Card, the Diners Club card and the MasterCard; and (v) all leases, occupancy agreements, registration and concession agreements, and commitments to
provide rooms or facilities in the future to the extent that they are not solely interests in real estate, including all amendments, modifications and supplements to any of the foregoing; 
 TOGETHER with all cars, trucks, trailers, construction and earth moving equipment and other vehicles owned by Grantor covered by a certificate of
title law of any state used in the operation of the Real Property and all tires and other appurtenances to any of the foregoing; 
 TOGETHER with all of Grantor’s right, title and interest of in, to and under the Ground Lease and the Operating Lease; 
 TOGETHER with all of Grantor’s right, title and interest as lessee in, to and under any equipment or personal property leases (the “Personalty Leases”) for the lease of any furniture, equipment and/or other
personal property used by Grantor in the operation of the Improvements or otherwise located on the Real Property (the “Leased Personalty”); 
 TOGETHER with all of Grantor’s right, title and interest in, to and under that certain Management Agreement dated as of February 24, 2006, by and between Renaissance Hotel Management Company, LLC., a
Delaware limited liability company (“Manager”), and Operating Tenant (the “Management Agreement”); 
 TOGETHER with all contracts for sale and leases in the nature of sales of the Real Property, or any portion thereof, now and hereafter entered into and all right, title and interest of Grantor thereunder, including, without
limitation, cash or securities deposited thereunder to secure performance by the lessees or contract purchasers; all letter of credit rights; all proceeds and revenues arising from or out of the Real Property or any part thereof including, without
limitation, room revenues, banquet revenues and cancellation payments relating to the use and enjoyment of the Real Property; all sanitary sewer, drainage, water and utility service agreements benefiting the Real Property or any part thereof,
together with all accounts, accounts receivable, credit card receipts, contract rights, reserve accounts required to be established hereunder or under any management agreement affecting the Real Property; inventory, operating supplies, general
intangibles, documents, instruments and chattel paper and proceeds of any of the foregoing arising from or in connection with the Real Property, including all books and records in connection with the operations of the Real Property; and all rights
of Grantor under any leases, covenants, agreements, restrictions or declarations recorded with respect to, or as an appurtenance to, the Real Property or any part thereof (all of the tangible and intangible personal property described in this and
the previous nine paragraphs collectively, the “Personal Property”); 
  

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 TOGETHER with all of the right, title and interest of Grantor in and to all and singular the
tenements, hereditaments and appurtenances belonging to or in any way pertaining to the Security; all the estate, right, title and claim whatsoever of Grantor, either in law or in equity, in and to the Security; and any and all other, further or
additional title, estate, interest or right which may at any time be acquired by Grantor in or to the Security, and if Grantor shall at any time acquire any further estate or interest in or to the Security, the lien of this Deed of Trust shall
attach, extend to, cover and be a lien upon such further estate or interest automatically without further instrument or instruments, and Grantor, upon request of Beneficiary, shall execute such instrument or instruments as shall reasonably be
requested by Beneficiary to confirm such lien; 
 TO HAVE AND TO HOLD the Security together with all hereditaments and appurtenances
thereunto belonging or in any wise appertaining, and each and every part thereof, unto the Trustee and its successors and assigns in trust, for the purposes and uses herein set forth. 
 UPON THE TERMS AND SUBJECT TO THE CONDITIONS which are hereinafter set forth; 
 PROVIDED, HOWEVER, that if Grantor pays or causes to be fully and irrevocably paid to Beneficiary all sums secured by this Deed of Trust on the
dates and in the manner provided in the Note and in this Deed of Trust, and observes and performs all of the terms, conditions and obligations contained in this Deed of Trust and the Note, then the estate, right, title and interest of the
Beneficiary in and to the Security shall cease, and upon proof being given to the satisfaction of the Beneficiary that the Indebtedness has been paid or satisfied according to the terms of the Note, and that all of Grantor’s obligations under
this Deed of Trust have been fully satisfied, and upon payment of all fees, costs, charges and liabilities chargeable to or incurred by the Beneficiary pursuant to the Note or otherwise provided for in this Deed of Trust, the Beneficiary shall, on
receipt of a written request therefore from Grantor, and at Grantor’s sole expense, (a) release and discharge the lien of this Deed of Trust, (b) deliver to Grantor the original Note, and (c) transfer and deliver to Grantor,
without warranty, any security which is then subject to the lien of this Deed of Trust and is in Beneficiary’s possession. 
 AND, Grantor hereby further covenants, agrees and warrants as follows: 
 1. Payment of Indebtedness. Grantor will pay
the principal indebtedness and interest thereon in accordance with the provisions of the Note and all prepayment premiums, late charges and fees required thereunder, and all extensions, renewals, modifications, amendments and replacements thereof,
and will keep and perform all the covenants, promises and agreements, and pay all sums provided in (i) the Note or any other promissory note or notes at any time hereafter issued to evidence the Indebtedness, (ii) this Deed of Trust and
(iii) any and all other Loan Documents, all in the manner herein or therein set forth. If, at any time in the future transfers shall occur such that Grantor shall become more than one party, then each of the entities constituting a Grantor
shall be fully liable for such payment and performance, and such liability shall be joint and several, subject to all of the terms and provisions of Section 41 of this Deed of Trust. 
  

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 2. Covenants of Title. Borrower has good and indefeasible leasehold title to the entire Land, has
absolute unencumbered title to the Improvements, the Personal Property (other than the Leased Personalty) and the Personalty Leases, and has good right and full power to sell, mortgage and convey the same; the Security is free and clear of
easements, restrictions, liens, leases and encumbrances, except those easements, restrictions, liens, leases and encumbrances listed on Schedule B of the policy or policies of title insurance delivered to Beneficiary as of the recordation of this
Deed of Trust (the “Permitted Encumbrances”), to which this Deed of Trust is expressly subject, or which may hereafter be created in accordance with the terms hereof; and Borrower will warrant and defend title to the Security
against all claims and demands whatsoever except the Permitted Encumbrances. Beneficiary shall have the right, at its option and at such time or times as it, in its sole discretion, shall deem necessary, to take whatever action it may deem necessary
to defend or uphold the lien of this Deed of Trust or otherwise enforce any of the rights of Beneficiary hereunder or any obligation secured hereby, including without limitation, the right to institute appropriate legal proceedings for such
purposes. 
 3. Usury. All agreements between Grantor and Beneficiary, whether now existing or hereafter arising and whether written
or oral, are hereby limited so that in no contingency, whether by reason of acceleration of the maturity of the Note or otherwise, shall the interest contracted for, charged or received by Beneficiary exceed the maximum amount permissible under
applicable law. If, from any circumstance whatsoever, interest would otherwise be payable to Beneficiary in excess of the maximum lawful amount, the interest payable to Beneficiary shall be reduced to the maximum amount permitted under applicable
law; and if from any circumstance Beneficiary shall ever receive anything of value deemed interest by applicable law in excess of the maximum lawful amount, an amount equal to any excessive interest shall be applied to the reduction of the principal
of the Note and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal of the Note such excess shall be promptly refunded to Grantor. All amounts paid or agreed to be paid to Beneficiary for the use,
forbearance, or detention of the Indebtedness, whether designated as interest herein or judicially or otherwise interpreted or deemed to be interest, shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread
throughout the full period until payment in full of the principal (including the period of any renewal or extension of the Note) so that the interest on the Note for such full period shall not exceed the maximum amount permitted by applicable law.
The terms “maximum amount permissible under applicable law”, “the maximum lawful amount,” and similar terms refer to the law in effect on the date of the first disbursement of the Note; provided that if it
subsequently becomes lawful to charge more interest on the Note, then such terms shall refer to the maximum interest which may from time to time be lawfully charged. This paragraph shall control all agreements with respect to the Loan between
Grantor and Beneficiary. 
 4. Impositions. Grantor shall pay, or cause to be paid pursuant to the Management Agreement (or any
Replacement Agreement, as defined below), not later than the last day on which the same may be paid without penalty or interest, all real estate taxes and payments due in lieu of real estate taxes (collectively, the “Real Estate
Taxes”) (unless there shall be in full force and effect a Tax Escrow Agreement [defined in Section 5 hereinbelow] with respect to which Grantor shall have performed its obligations), and any municipal sewer rents, municipal water
charges, municipal electric and all other municipal and governmental assessments, rates, charges, or impositions which are secured by liens on the Real Property (including the Real Estate Taxes, 
  

 Page 8 

 collectively hereinafter referred to as “Impositions”) which now or hereafter are imposed by law upon
the Security, whether relating directly to the Security or to property adjoining or abutting the Security. If any Imposition is not paid within the time hereinabove specified, Beneficiary shall have the right to pay the same, together with any
penalty and interest thereon, and the amount or amounts so paid or advanced shall forthwith be payable by Grantor to Beneficiary and shall be secured by the lien of this Deed of Trust; but Grantor may in good faith contest, at Grantor’s sole
cost and expense, by proper legal proceedings, the validity or amount of any Imposition, on the condition that Grantor first shall deposit with or provide evidence to Beneficiary that Manager has escrowed an amount sufficient to pay such contested
Imposition, as security for the payment of such contested item, an amount equal to the contested item plus all penalties and interest which would be payable if Grantor is ultimately required to pay such contested item, and on the further condition
that no amount so contested may remain unpaid for such length of time as shall permit the Security, or the lien thereon created by the item being contested, to be sold for the nonpayment thereof, or as shall permit an action, either of foreclosure
or otherwise, to be commenced by the holder of any such lien. Grantor will not claim any credit on, or make any deduction from the Indebtedness by reason of the payment of, any Imposition. 
 Grantor hereby assigns to Beneficiary all rights of Grantor now or hereafter arising in and to the refund of any Imposition and any interest thereon. If
following receipt of any such refund by Beneficiary there exists no Event of Default hereunder, then Beneficiary shall pay over the same to Grantor promptly; if there exists an Event of Default hereunder, Beneficiary may apply said refund in
reduction of the Indebtedness in whatever order Beneficiary may elect. 
 5. Tax Deposits. Grantor and Beneficiary have entered into a
certain Real Estate Tax Escrow and Security Agreement of even date herewith (the “Tax Escrow Agreement”), the terms of which provide for the escrow and payments of money with respect to Real Estate Taxes imposed on the Real Property
under certain circumstances as described therein. Notwithstanding the provisions of Section 4 hereof, Grantor covenants to perform its obligations under the Tax Escrow Agreement and Beneficiary has agreed that Grantor may perform its
obligations under this Deed of Trust with respect to the Real Estate Taxes in accordance with the Tax Escrow Agreement. During any period that Grantor shall be in default under the Tax Escrow Agreement, or the Tax Escrow Agreement shall be
terminated for any reason, or in the event that the Tax Escrow Agreement becomes ineffective or otherwise unenforceable, then the balance of the terms and conditions of this Section 5 shall be applicable and control with respect to the payment
of Real Estate Taxes imposed on the Real Property. 
 On receipt of the Activation Notice (as defined in the Tax Escrow Agreement), Grantor
shall thereafter deposit with Beneficiary, or with an escrow agent selected by Beneficiary, commencing on the Activation Date (as defined in the Tax Escrow Agreement) and on the first day of each calendar month thereafter (each of which dates is
hereinafter called the “monthly tax deposit date”) until the payment in full of the Indebtedness, a sum equal to one-twelfth (1/12) of the Real Estate Taxes to be levied, charged, assessed or imposed upon or for the Security
within one (1) year after said monthly tax deposit date. If on any monthly tax deposit date the amount of Real Estate Taxes to be levied, charged, assessed or imposed within the ensuing one year period shall not be fixed, such amount for the
purpose of computing the 
  

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 deposit to be made by Grantor hereunder, shall be reasonably estimated by Beneficiary based upon prior payments of Real
Estate Taxes imposed on the Real Property, with appropriate adjustment when such amount is fixed. 
 The sums deposited by Grantor under this
Section 5 shall be held in an interest bearing account with interest being retained by Beneficiary and free of trust except to the extent, if any, that applicable law shall otherwise require and applied in payment of the Real Estate Taxes when
due. Grantor or Manager on behalf of Grantor shall give fifteen (15) days’ prior written notice to Beneficiary in each instance when an Imposition is due, specifying the Imposition to be paid and the amount thereof, the place of payment
and the last day on which the same may be paid in order to be within the time limit specified in Section 4 hereof entitled “Impositions”. 
 Notwithstanding the foregoing provision, so long as Grantor holds title to and controls the Security, Impositions are paid in full when due and there has occurred no Event of Default, or any state of facts which, with
the passage of time or giving of notice, or both, would constitute an Event of Default under the Loan Documents, the interest earned by such escrows, less reasonable escrow costs, will, at Grantor’s option, be (i) credited to Grantor
against escrow payments next becoming due, or (ii) paid to Grantor on each real estate tax payment date. 
 If for any reason the sums
on deposit with Beneficiary as escrow agent under this Section shall not be sufficient to pay any Real Estate Taxes within the time specified in Section 4 hereof, then Grantor shall, on the earlier of (A) three (3) Business Days prior
to the date the payment of such Impositions becomes delinquent or (B) within ten (10) Business Days after notice by Beneficiary, deposit sufficient sums so that Beneficiary may pay such Real Estate Taxes in full, together with any penalty
and interest thereon. Beneficiary may change its estimate of Real Estate Taxes for any period, on the basis of a change in an assessment or tax rate or on the basis of a prior miscalculation, in which event Grantor shall deposit with Beneficiary as
escrow agent within ten (10) Business Days after demand the amount of any excess of the deposits which would theretofore have been payable under the revised estimate over the sums actually deposited. 
 If any Real Estate Taxes shall be levied, charged, assessed or imposed upon or for the Security, or any portion thereof, and if such Real Estate Taxes
shall also be a levy, charge, assessment or imposition upon or for any other premises not covered by the lien of this Deed of Trust, then the computation of the amounts to be deposited under this Section 5 shall be based upon the entire amount
of such Real Estate Taxes and Grantor shall not have the right to apportion any deposit with respect to such Real Estate Taxes. 
 Upon an
assignment of this Deed of Trust, Beneficiary shall have the right to arrange to transfer all amounts deposited and still in its possession to the assignee and Beneficiary shall thereupon be completely released from all liability with respect to
such deposit and Grantor or owner of the Security shall look solely to the assignee or transferee in reference thereto. 
 Upon the payment
in full by Grantor of the entire Indebtedness, any sums then held by Beneficiary under this Section 5 shall be promptly refunded to Grantor. 
  

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 All amounts deposited shall be held by Beneficiary as additional security for the sums secured by this
Deed of Trust, and Grantor hereby grants to Beneficiary a security interest in such sums, and upon the occurrence of an Event of Default hereunder Beneficiary may, in its sole and absolute discretion, apply said amounts to the payment of the
Indebtedness in whatever order Beneficiary may elect. 
 Immediately upon receipt of such by Grantor, Grantor shall deliver to Beneficiary
copies of all notices, demands, claims, bills, and receipts in relation to the Impositions. 
 6. Change in Taxes. In the event any
tax shall be due or become due and payable to the United States of America, the State of Tennessee or any political subdivision thereof with respect to the execution and delivery or recordation of this Deed of Trust or any other Loan Document or the
interest of Beneficiary in the Security except for taxes in the nature of income or franchise taxes, Grantor shall pay such tax at the time and in the manner required by applicable law and Grantor shall hold Beneficiary harmless and shall indemnify
Beneficiary against any liability of any nature whatsoever as a result of the imposition of any such tax. In the event of the enactment, after the date of this instrument, of any law changing in any way the present law as to the taxation of notes or
debts secured by mortgages, for Federal, State, or local purposes (except for changes in income or franchise taxes), or the manner of collection of any Impositions, so as to affect this Deed of Trust or the Note secured hereby, then Grantor shall
upon demand make such payments to Beneficiary and take such other steps, as may be necessary in Beneficiary’s reasonable judgment, to place Beneficiary in the same financial position as it was prior to any such enactment, failing which, or if
the Grantor is not permitted by law to make such payments, the Indebtedness shall, at the option of Beneficiary, immediately become due and payable at par. 
 7. Insurance. Borrower (to the extent of Grantor’s obligations set forth in this Section 7) and Operating Tenant (to the extent of its obligations under the Operating Lease) shall at all times until
the Indebtedness shall be paid in full, keep the Security insured against loss or damage in an amount sufficient to prevent Beneficiary or Grantor from becoming a co-insurer under the terms of the applicable policies, but in any event in an amount
not less than 100% of the then full replacement cost of the Improvements (exclusive of the cost of excavations, foundations and footings below the lowest basement floor) without deduction for physical depreciation (which replacement cost shall be
reset once a year at Beneficiary’s option in accordance with then customary insurance underwriting standards used by reasonable and prudent mortgage lenders for a property of comparable size, mass, construction, type, location, and use) under
policies of All Risk Replacement Cost Insurance (including nuclear explosion, if available), and otherwise upon the following terms and conditions: 
 (a) Grantor shall further provide the following insurance in such amounts as shall be reasonably approved by Beneficiary: flood insurance (if the Security is situated in an area that is considered a flood risk area by
the federal government agency thereof); boiler and machinery insurance; earthquake insurance; rent loss insurance in an amount sufficient to cover the total of all rents (including any expenses payable by tenants) accruing from the Security for a
one year period; business interruption and “Extra Expense” insurance (either as endorsements to policies satisfying commercial general liability insurance requirements as herein provided or on a separate policy) written on an 

 

 Page 11 

 “all risks” form on an “Actual Loss Sustained” basis in an amount equal to at least
one (1) year’s net income from the Property before income taxes plus continuing normal operating expenses, including Manager’s Fixed Management Fee and Incentive Management Fee (as such terms are defined in the Management Agreement),
and other fees and reimbursable expenses and other amounts payable to Manager under the Management Agreement, that continue, notwithstanding the business interruption; the insurance shall also provide “extended period of indemnity” for
payment of loss until normal operations resume, but in any event for a period of not less than one hundred eighty (180) days after business operations have resumed; the insurance shall also include an “ordinary payroll endorsement”
for a minimum of ninety (90) days. The insurance shall also include the following: commercial general liability insurance in a minimum amount of One Million Dollars ($1,000,000), and excess or umbrella liability of at least One Hundred Million
Dollars ($100,000,000); comprehensive automobile liability in an amount not less than One Million Dollars ($1,000,000) per occurrence covering liability for bodily injury and property damage arising out of the ownership, maintenance or use of all
private passenger and commercial vehicles, including but not limited to owned, hired and non-owned autos and other equipment required to be licensed for road use; safe depository insurance in an amount not less than One Hundred Thousand Dollars
($100,000) per occurrence; innkeeper’s legal liability insurance covering the property of hotel guests in an amount not less than One Thousand Dollars ($1,000) per guest and One Hundred Thousand Dollars ($100,000) per occurrence; employment
practices liability with minimum limits of Two Million Dollars ($2,000,000) per occurrence or in such amounts as Manager or Beneficiary shall reasonably require; fiduciary liability (ERISA liability) insurance with minimum limits of Five Million
Dollars ($5,000,000) per occurrence or in such amounts as Manager or Beneficiary shall reasonably require; broad form umbrella/excess liability insurance, which shall cover defense costs on a “first dollar” basis and shall provided
coverage not less than “following form” in respect of all underlying coverages, in an amount not less than One Hundred Million Dollars ($100,000,000) per occurrence, and such other appropriate insurance as Beneficiary may require from time
to time. 
 (b) Such insurance shall contain no exclusion for acts of terrorism and shall include: (i) coverage for acts
of domestic and international terrorism, (ii) coverage whether or not a specific act is certified under the Terrorism Risk Insurance Act of 2002 as an act of terrorism by the U.S. Secretary of the Treasury, and (iii) coverage amounts,
deductibles and limits/sublimits acceptable to Beneficiary in its sole discretion. 
 (c) During any period of restoration,
Grantor shall provide a policy or policies of builder’s “all risk” insurance in an amount not less than the full insurable value of the Security. 
 (d) Grantor will assign and deliver to Beneficiary an original certificate of the policy or policies of all insurance required to be
provided hereunder and provide copies of the policy or policies described therein to Beneficiary unless Grantor participates in Manager’s insurance program, in which event Grantor shall provide a copy of the description of coverages provided by
Manager to Grantor. Each policy of insurance provided by Grantor shall (i) be issued by a company or companies approved by 
  

 Page 12 

 Beneficiary and rated not less than a Best’s rating of A-/X, (ii) name Beneficiary as an
additional insured or loss payee, as the case may be, (iii) provide that all proceeds shall be payable to Beneficiary, (iv) provide that it may not be cancelled or modified except upon thirty (30) days prior written notice to
Beneficiary, (v) provide that no act or thing done by Grantor shall invalidate the policy as against Beneficiary, (vi) be endorsed with standard noncontributory Beneficiary clauses in favor of and in form acceptable to Beneficiary, and
(vii) otherwise be in such form as shall be reasonably acceptable to Beneficiary, so that at all times until the payment in full of the Indebtedness, Beneficiary shall have and hold the said policy and policies as further collateral for the
payment of all Indebtedness. 
 (e) If Grantor shall fail to obtain any such policy or policies required by Beneficiary, or
shall fail to deliver an original certificate evidencing the same to Beneficiary, then Beneficiary may obtain such insurance and pay the premium or premiums therefore, in which event Grantor shall, on demand of Beneficiary, repay such premium or
premiums to Beneficiary and such repayment shall be secured by the lien of this Deed of Trust. If Grantor fails to maintain the level of insurance required under this Deed of Trust, then Grantor shall indemnify Beneficiary to the extent that a
casualty occurs and insurance proceeds would have been available had such insurance been maintained. 
 (f) Grantor shall
promptly provide to Beneficiary copies of any and all notices (including notice of non renewal), claims, and demands which Grantor receives from insurers of the Security. 
 (g) Effective from and after any Event of Default, Grantor hereby assigns to Beneficiary all rights of Grantor in and to any unearned
premiums on any insurance policy required to be furnished by Grantor. 
 Anything in this Section 7 to the contrary notwithstanding, as long as
(i) Manager is managing the Real Property and Grantor participates in Manager’s insurance programs, (ii) there then exists no default under the Management Agreement or Event of Default hereunder, (iii) Manager is making all
required insurance payments as and when due pursuant to the Management Agreement, and (iv) Grantor provides to Beneficiary acceptable evidence that such insurance is, at all times, in full force and effect as regards the Real Property, then
Beneficiary acknowledges and agrees that the insurance requirements set forth in the Management Agreement shall govern and control over any inconsistent provisions set forth in the provisions of this Section 7. 
 8. Insurance/Condemnation Proceeds. Subject to the terms of the Ground Lease and the Operating Lease, Grantor hereby assigns to Beneficiary all
insurance proceeds or Condemnation (defined in Section 9 below) awards which Grantor may be entitled to receive for loss or damage to, or a taking of, the Security. In the event of loss or damage to, or a taking of, the Security, the proceeds
of said insurance or Condemnation award shall be payable to Beneficiary alone and Grantor hereby authorizes and directs any affected insurance company or government agency to make payment of the insurance proceeds or Condemnation awards directly to
Beneficiary. In the event that any such insurance proceeds or Condemnation awards are paid directly to Grantor, Grantor shall make such proceeds or awards available to Beneficiary 
  

 Page 13 

 within five (5) Business Days of Grantor’s receipt thereof. No such loss or damage shall itself reduce the
Indebtedness unless Beneficiary elects to apply the proceeds and such proceeds are actually applied to the Indebtedness as provided in Section 10 below. Prior to an Event of Default, Grantor and Beneficiary shall jointly and reasonably agree on
the prompt adjustment and compromise of such loss, to collect and receive such proceeds or awards and to endorse any check in payment thereof. During an Event of Default, or in the event of a loss or damage to, or a taking of, the security in excess
of $1,500,000, Beneficiary is authorized to adjust and compromise such loss without the consent of Grantor, to collect and receive such proceeds or awards in the name of Beneficiary and Grantor and to endorse Grantor’s name upon any check in
payment thereof. Furthermore, if an insurance claim is no greater than $250,000 (a “Minor Claim”), Beneficiary agrees that insurance proceeds may be made available directly to the Grantor provided that no Event of Default is then in
existence and so long as Grantor promptly commences and diligently pursues to completion any required restoration Work utilizing such insurance proceeds. Subject to the provisions of Sections 9, 10 and 11 hereof, such proceeds or awards shall be
applied first toward reimbursement of all costs and expenses of Beneficiary in collecting said proceeds or awards, then toward payment of the Indebtedness or any portion thereof, whether or not then due and payable, in whatever order Beneficiary may
elect, or Beneficiary may, at its option, make said insurance proceeds or Condemnation awards available to Grantor in whole or in part toward restoration of the Security for which such insurance proceeds or Condemnation awards shall have been paid.

 In the event of foreclosure of this Deed of Trust or other transfer of title to the Security and extinguishment, in whole or in part, of
the Indebtedness, all right, title, and interest of Grantor in and to any insurance policy, or premiums or payments in satisfaction of claims or any other rights thereunder then in force, shall pass to the purchaser or grantee notwithstanding the
amount of any bid at such foreclosure sale. Nothing contained herein shall prevent the accrual of interest as provided in the Note on any portion of the principal balance due under the Note until such time as the insurance proceeds or Condemnation
awards are actually received and applied to reduce the principal balance outstanding. 
 9. Restoration Following Fire and Other Casualty
or Condemnation. In the event of damage to the Security by reason of fire or other hazard or casualty, Grantor shall give prompt written notice thereof to Beneficiary, and, so long as Beneficiary provides its consent that any insurance proceeds
can be made available as provided in Section 10 hereof, shall proceed with reasonable diligence to perform repair, replacement and/or rebuilding work (hereinafter referred to as the “Work”) to restore the Security to its
condition prior to such damage in full compliance with all legal requirements; provided, however, in the event that Beneficiary does not provide its consent that any insurance proceeds can be made available, nothing contained herein shall prevent
Grantor from using other funds to perform the Work in Grantor’s sole discretion. In the event of a taking by power of eminent domain or conveyance in lieu thereof (a “Condemnation”), if restoration is feasible as reasonably
determined by Beneficiary, then Grantor shall proceed with reasonable diligence to perform such restoration (also referred to herein as the “Work”). Before commencing the Work, Grantor shall comply with the following requirements:

 (a) With respect to any Work reasonably expected to exceed One Million Five Hundred Thousand Dollars ($1,500,000) in cost
(“Major Work”), Grantor shall furnish 
  

 Page 14 

 to Beneficiary complete plans and specifications for the Work, for Beneficiary’s approval, which
approval shall not be unreasonably withheld. Said plans and specifications shall bear the signed approval thereof by an architect reasonably satisfactory to Beneficiary and shall be accompanied by the architect’s signed estimate, bearing the
architect’s seal, of the entire cost of completing the Work, and shall provide that upon completion of the Work, the Security shall be at least equal in value and general utility to its value and general utility prior to the damage or
Condemnation. 
 (b) Grantor shall furnish to Beneficiary certified copies of all permits and approvals required by law in
connection with the commencement and conduct of the Work. 
 (c) With respect to any Major Work, Grantor shall furnish to
Beneficiary, prior to the commencement of the Work, a surety bond for or guaranty of timely completion of and payment for the Work, which bond or guaranty shall be in form reasonably satisfactory to Beneficiary and shall be signed by a surety or
sureties, or guarantor or guarantors, as the case may be, who are reasonably acceptable to Beneficiary, and in an amount not less than the architect’s estimate of the entire cost of completing the Work, less the amount of insurance proceeds or
Condemnation award, if any, then held by Beneficiary and which Beneficiary shall have elected or shall be required to apply toward restoration of the Security as provided in Section 10 hereof. 
 Grantor shall not commence any of the Work until Grantor shall have complied with the above requirements, and thereafter Grantor shall perform the Work
diligently and in good faith in accordance with the plans and specifications referred to in subsection (a) above. 
 If, as provided in
Section 10 hereof, Beneficiary shall have elected or is required to apply any insurance proceeds or Condemnation awards toward repair or restoration of the Security, then so long as the Work is being diligently performed by Grantor in
accordance with the provisions of this Deed of Trust, Beneficiary shall disburse such insurance proceeds or Condemnation awards to Grantor from time to time during the course of the Work in accordance with the following provisions: 
 A. The Work shall be in the charge of an experienced construction manager reasonably satisfactory to Beneficiary with the consultation of
an architect or engineer if the scope of the work so requires (provided, the project property manager shall be acceptable so long as it does not constitute Major Work); 
 B. Each request for payment shall not be made more often than at thirty (30) day intervals, on ten (10) Business Days (as
defined in Section 59 hereinbelow) prior notice to Beneficiary, and shall be accompanied by a certificate reasonably satisfactory to Beneficiary, of the architect or engineer, dated not more than ten (10) days prior to the application for
withdrawal of funds, stating: 
  

	 	(i)	that all of the Work for which payment is being requested is in place and has been completed in compliance with the approved plans and specifications and all applicable legal
requirements; 

  

 Page 15 

	 	(ii)	that the sum then requested to be withdrawn has been paid by Grantor and/or is justly due to contractors, subcontractors, materialmen, engineers, architects or other persons (whose
names and addresses shall be stated) who have rendered or furnished certain services or materials for the Work and giving a brief description of such services and materials and the principal subdivisions or categories thereof and the respective
amounts so paid or due to each of said persons in respect thereof and stating the progress of the Work up to the date of said certificate; 

  

	 	(iii)	that the sum requested to be withdrawn, plus all sums previously withdrawn, does not exceed the cost of the Work insofar as actually accomplished up to the date of such certificate;

  

	 	(iv)	that the remainder of the moneys held by Beneficiary will be sufficient to pay in full for the completion of the Work; and 

  

	 	(v)	that no part of the cost of the services and materials described in the foregoing paragraph (ii) of this Clause B has been or is being made the basis of the withdrawal of any
funds in any previous or then pending application. 

 Grantor shall also provide Beneficiary with respect to any
Major Work such other evidence as Beneficiary shall reasonably require that: (1) all of the Work for which payment is being requested is in place and has been completed in substantial compliance with all applicable legal requirements;
(2) that the sum then requested to be withdrawn, plus all sums previously withdrawn, does not exceed the cost of the Work insofar as actually accomplished up to the date of such certificate; (3) that the remainder of the moneys held by
Beneficiary will be sufficient to pay in full for the completion of the Work; (4) that the Work is anticipated to be completed consistent with all requirements, including applicable zoning provisions, pertinent to preserve any and all rights,
including, without limitation, with respect to any non-conforming use; and (5) that, except for the amounts, if any, specified in the foregoing paragraph (ii) of this Clause B to be due for services or materials, there is no outstanding
indebtedness known, after due inquiry, which is then due and payable for work, labor, services or materials in connection with the Work which, if unpaid, might become the basis of a vendor’s, mechanic’s, laborer’s or
materialmen’s statutory or other similar lien upon the Security or any part thereof. 
 C. Grantor shall deliver to
Beneficiary reasonably satisfactory evidence that the Security and every part thereof, and all materials and all property described in the certificate furnished pursuant to the foregoing Clause B, are free and clear of all mortgages, liens, charges
or encumbrances, except (a) encumbrances, if any, securing indebtedness due to persons (whose names and addresses and the several amounts due them shall be stated) specified in said certificate furnished pursuant to the foregoing Clause B,
which encumbrances will be discharged upon disbursement of the funds then being requested, and (b) this Deed of Trust. Beneficiary shall accept as satisfactory evidence under this Clause C a certificate of a title insurance company acceptable
to 
  

 Page 16 

 Beneficiary or an endorsement to Beneficiary’s existing loan title policy insuring the lien of this
Deed of Trust, dated as of the date of the making of the disbursement, confirming the foregoing. 
 D. If the Work affects the
foundation, or changes in the footprint of the Improvements, Grantor shall deliver to Beneficiary a survey of the Security dated as of a date within ten (10) days prior to the making of the advance (or revised to a date within ten days prior to
the advance) showing no encroachments other than those, if any, acceptable to Beneficiary. 
 E. There exists no Event of
Default, or any state of facts existing which, with the passage of time or the giving of notice, or both, would constitute an Event of Default. 
 Beneficiary at its option may waive any of the foregoing requirements. 
 Upon compliance by Grantor with the foregoing Clauses A,
B, C, D, and E (except for such requirements, if any, as Beneficiary at its option may have waived), Grantor shall, to the extent of the insurance proceeds or Condemnation awards, if any, which Beneficiary shall have elected or shall be required to
apply to restoration of the Security, pay or cause to be paid to the persons named in the certificate furnished pursuant to the foregoing Clause B, the respective amounts stated in said certificate to be due them, less ten percent
(10%) retainage (“Retainage”), and Beneficiary shall pay to Grantor the amounts stated in said certificate to have been paid by Grantor, less Retainage. 
 If upon completion of the Work there shall be insurance proceeds or Condemnation awards held by Beneficiary over and above the amounts withdrawn pursuant
to the foregoing provisions, plus Retainage, then Beneficiary, at Beneficiary’s option, may either retain such proceeds or awards and apply the same in reduction of the Indebtedness in whatever order Beneficiary may elect (without payment of
any prepayment fee or premium with respect to such insurance proceeds or Condemnation awards), or Beneficiary may pay over such proceeds or awards to Grantor. 
 Upon completion of the Work, in addition to the requirements of the foregoing Clauses A, B, C, D, and E, Grantor shall promptly deliver to Beneficiary: 
  

	 	(1)	With respect to Major Work, a written certificate of the construction manager, architect or engineer that the Work has been fully completed in a good and workmanlike manner in
accordance with the approved plans and specifications and with respect to any other Work, a certificate from Grantor or its property manager to the same effect; 

  

	 	(2)	A written report and policy of a title insurance company reasonably acceptable to Beneficiary insuring the Security against mechanics’ and materialmen’s liens;

  

	 	(3)	A certificate by Grantor reasonably satisfactory to Beneficiary in form and substance, listing all costs and expenses in connection with the completion of the Work and the amount
paid by Grantor with respect to the Work; and 

  

 Page 17 

	 	(4)	A temporary certificate of occupancy, if required for occupancy of any of the Improvements affected by the Work and all other applicable certificates, licenses, consents and
approvals issued by governmental agencies or authorities with respect to the Security and by the appropriate Board of Fire Underwriters or other similar bodies acting in and for the locality in which the Security is situated, provided that within
thirty (30) days after completion of the Work, Grantor shall obtain and deliver to Beneficiary a permanent certificate of occupancy for the Security, if a certificate of occupancy is required for any of the Improvements affected by the Work.

 Upon receipt of the foregoing items, Beneficiary shall pay any Retainage held by Beneficiary to or for the benefit of
Grantor. 
 10. Disposition of Condemnation or Insurance Proceeds. Subject to the terms of the Ground Lease and the Operating Lease,
except in the case of a Minor Claim, Beneficiary, in its absolute discretion, may decide whether and to what extent, if any, proceeds of insurance or Condemnation awards will be made available to Grantor for repair or restoration of the Security,
but Grantor shall effect such repair or restoration as provided above whether or not Beneficiary agrees that any available insurance proceeds and Condemnation awards may be made available for restoration. Notwithstanding the foregoing, Beneficiary
shall make insurance proceeds or Condemnation awards available to Grantor for repair or restoration provided the following conditions are satisfied: 
 (a) Not more than thirty percent (30%) of the Real Property is damaged, and, in the case of a Condemnation, the portion remaining after the taking is still economically viable in the reasonable opinion of
Beneficiary; 
 (b) There has been no monetary Event of Default in the prior twelve (12) months and there does not then
exist an Event of Default or a state of facts which, with the passage of time or the giving of notice, or both, would constitute an Event of Default hereunder or under any other Loan Document; 
 (c) Grantor can demonstrate to Beneficiary’s reasonable satisfaction that Grantor has the financial ability to make all scheduled
payments when due under the Loan Documents during reconstruction, whether from the proceeds of rent and/or business interruption insurance, operation of the Improvements, Grantor’s own funds or otherwise; 
 (d) Such damage or destruction occurs prior to the last two (2) Loan Years (as such term is defined in the Note); 
 (e) The funds are released under escrow/construction funding arrangements specified in Section 9 hereof; 
 (f) The repairs and restoration will restore the Improvements to substantially the size, design and utility as existed immediately prior
to the casualty or Condemnation; and 
  

 Page 18 

 (g) Grantor can demonstrate to Beneficiary’s reasonable satisfaction that Grantor
has the financial ability to complete the repair and restoration, whether from the proceeds of insurance, Grantor’s own funds, or otherwise. 
 Provided that there then exists no Event of Default, any application of insurance or Condemnation proceeds required by Beneficiary shall be at par without payment of any prepayment fee or premium. If Beneficiary has the right under this
Deed of Trust and elects not to make the proceeds available for the Work, then such proceeds shall be applied to reduce the Indebtedness in whatever order Beneficiary may elect. Any principal reduction resulting from an early involuntary prepayment
as a result of a Condemnation proceeding or insurance settlement will cause a re-calculation of debt service payments based upon the reduced Loan balance, the remaining amortization schedule and the Interest Rate. 
 Notwithstanding anything to the contrary contained in this Section 10, Beneficiary and Grantor acknowledge and agree that in the event of a conflict
between the Master Lease or the Ground Lease and this Deed of Trust regarding the disposition of Condemnation awards or insurance proceeds for restoration of the Security, the provisions of the Master Lease and the Ground Lease shall govern the
same, and Beneficiary and Grantor agree to release said awards or proceeds for restoration of the Security in accordance with the Ground Lease and the Master Lease. 
 11. Fire and Other Casualty; Self-Help. If within one hundred twenty (120) days after the occurrence of any damage to the Security or the condemnation of any portion of the Security, Grantor shall not have
submitted to Beneficiary and received Beneficiary’s approval of plans and specifications for any Major Work or shall not have obtained approval of such plans and specifications from all governmental authorities whose approval is required for
such Work, or if Grantor shall fail to promptly commence such Work, or if thereafter Grantor fails to perform the Work diligently or is delinquent in the payment to mechanics, materialmen or others of the costs incurred in connection with the Work,
or, if Grantor shall fail to complete the Work promptly, then, in addition to all other rights herein set forth, Beneficiary may give written notice thereof to Grantor and if such failure is not cured within ten (10) Business Days of such
written notice, then Beneficiary, or any lawfully appointed receiver of the Security, may at its respective option, perform or cause the Work to be performed, and may take such other steps as it deems advisable to perform or cause to be performed
the Work, and may enter upon the Security for any of the foregoing purposes, and Grantor hereby waives, for Grantor and all others holding under Grantor, any claim against Beneficiary or such receiver arising out of anything done by Beneficiary or
such receiver pursuant to this Section 11, and Beneficiary may apply insurance and/or Condemnation proceeds (without the need to fulfill the requirements of Section 9 hereof) to reimburse Beneficiary, and/or such receiver for all amounts
expended or incurred by them, respectively, in connection with the performance of the Work, and any excess costs shall be paid by Grantor to Beneficiary upon demand, with interest at the Default Rate (hereinafter defined), and such payment shall be
secured by the lien of this Deed of Trust. 
 12. Rent Insurance Proceeds. If Grantor shall promptly commence and diligently perform
the Work in accordance with the requirements of Section 11 hereinabove and there shall be no Event of Default under the Loan Documents, then Beneficiary shall each month pay to Grantor out of the rent and/or business interruption insurance
proceeds held by Beneficiary a 
  

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 sum equal to that amount, if any, of the rent and/or business interruption insurance proceeds paid by the insurer which
is allocable to the Income Loss (as defined below) for the preceding month and any earlier period of time. Beneficiary , at its option, may waive any of the foregoing conditions to the payment of rent and/or business interruption insurance proceeds.
If Grantor does not fulfill the foregoing conditions entitling Grantor to monthly disbursements of rent and/or business interruption insurance proceeds, then such rent and/or business interruption insurance proceeds may be applied by Beneficiary, at
Beneficiary’s option, to the payment of the Indebtedness in whatever order Beneficiary may elect. As used in this Section 12, “Income Loss” shall mean (i) loss of base rent, minimum rent, percentage rent, additional
rent and all other sums that tenants may owe to Grantor as landlord under space leases affecting the Real Property, as applicable (ii) the loss of Gross Revenues (as defined in the Management Agreement, but excluding the rent related items
previously listed), and (iii) all other sums owed to Grantor in connection with the Improvements or Land. 
 13. Repair; Alterations;
Waste; Environmental. Grantor shall keep all of the Security in good and substantial repair subject to normal wear and tear, and expressly agrees that it will neither permit nor commit any waste upon the Security, nor do any other act or suffer
or permit any act to be done, whereby the Security will become less valuable or the lien hereof may be impaired and shall comply in all material respects with all zoning laws (including, without limitation, preservation of any rights as to any
non-conforming use), building codes, subdivision laws, environmental laws, and other laws, ordinances, rules and regulations made or promulgated by any government or municipality, or by any agency thereof or by any other lawful authority, which are
now or may hereafter become applicable to the Security; provided that nothing herein shall preclude Grantor from contesting any matter in good faith through appropriate legal means diligently pursued so long as Grantor shall repair or restore any
building now or hereafter under construction on the Security and complete the same within a reasonable period of time. Grantor agrees not to initiate or acquiesce in any zoning variance or reclassification, without Beneficiary’s prior written
consent, which consent shall not be unreasonably withheld, conditioned or delayed so long as it does not impair the value of the Security. Grantor shall not construct any additional building or buildings or make any other improvements on the Land,
nor alter, remove or demolish any building or other Improvements on the Land, without the prior written consent of Beneficiary. 
 Grantor
shall comply with the Americans with Disabilities Act of 1990, as amended, including, without limitation, any regulations, rulings and orders promulgated pursuant thereto in connection with any Work, any repair to the Security or any tenant
improvements to be performed by Grantor. 
 If Grantor fails to observe any of the provisions of this Section, or suffers or permits any
Event of Default to exist under this Section, Beneficiary or a lawfully appointed receiver of the Security at its option, from time to time, may perform, or cause to be performed, any and all repairs and such other work as it deems necessary to
bring the Security into compliance with the provisions of this Section and may enter upon the Security for any of the foregoing purposes, and Grantor hereby waives any claim against Beneficiary and/or such receiver, arising out of such entry or out
of any other act carried out pursuant to this Section. Grantor shall upon notice repay to Beneficiary and such receiver, with interest at the Default Rate, all amounts expended or incurred by them, respectively, in connection with any action taken
pursuant to this Section, and such repayment shall be secured by the lien of this Deed of Trust. 
  

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 Grantor represents and warrants that there are currently at least the number of paved and designated
parking spaces (including adequate, properly-sized, delineated and assigned handicap parking spaces) available on of the Real Property as are shown on the survey delivered to Beneficiary. Grantor covenants and agrees that throughout the Term (as
defined in Section 1 of the Note) it shall continue to make available, sufficient parking spaces on the Real Property to comply with all leases, all applicable government regulations, the Easement Agreements. 
 14. Environmental Indemnification. Reference is made to that certain Environmental Indemnification Agreement of even date herewith executed by
Grantor and Highland Hospitality, L.P., a Delaware limited partnership (“HHLP”), (collectively, the “Indemnitors”) (the “Environmental Indemnification Agreement”), and by this reference is incorporated
herein in its entirety and made a part hereof. This Deed of Trust also secures the performance of all obligations due to Beneficiary by Indemnitors under the Environmental Indemnification Agreement. A release of this Deed of Trust shall not be
construed as or be deemed to constitute a termination of the Environmental Indemnification Agreement, which instead shall continue in existence and terminate by its own terms. 
 15. Independence of Security. Grantor shall not by act or omission permit any building or other improvement on any premises not subject to the
lien of this Deed of Trust to rely on the Security or any part thereof or any interest therein to fulfill any municipal or governmental requirement, and Grantor hereby assigns to Beneficiary any and all rights to give consent for all or any portion
of the Security or any interest therein to be so used. Similarly, no part of the Security shall rely on any premises not subject to the lien of this Deed of Trust or any interest therein to fulfill any governmental or municipal requirement. Grantor
shall not by act or omission impair the integrity of the Real Property as one or more complete subdivided parcels of land bearing the same zoning classification, and as one or more complete tax parcels separate and apart from all other premises. Any
act or omission by Grantor, which would result in a violation of any of the provisions of this Section, shall be void. 
 16. No Other
Liens. Grantor shall not consent, agree to, or permit any mortgage lien, or security interest upon or affecting the Security or any part thereof except (a) as granted or permitted in this Deed of Trust and any other lien or security
interest granted to Beneficiary and (b) under any Personalty Leases (to the extent they are deemed to constitute financing agreements), subject to Grantor’s right to contest involuntary liens as hereinafter provided. 
 Grantor will promptly pay and discharge any and all amounts which are now or hereafter become liens against the Security whether or not superior to the
lien hereof or to any assignment of rents and leases given to Beneficiary; provided, however, in the case of an involuntary lien Grantor may in good faith contest, at Grantor’s sole cost and expense, by proper legal proceedings, the validity or
amount of any involuntary lien, on the condition that if such involuntary lien exceeds $100,000, Grantor first shall deposit with Beneficiary, as security for the payment of such contested item, an amount equal to the contested item plus all
penalties and interest which would be payable if Grantor is ultimately required to pay such contested item, and 
  

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 on the further condition that no amount so contested may remain unpaid for such length of time as shall permit the
Security, or the lien thereon created by the item being contested, to be sold for the nonpayment thereof, or as shall permit an action, either of foreclosure or otherwise, to be commenced by the holder of any such lien. Grantor will not claim any
credit on, or make any deduction from the Indebtedness by reason of the payment of, any lien. 
 The covenants of this Section shall survive
any foreclosure and sale of the Security and any conveyance thereof by deed in lieu of foreclosure with respect to any such liens in existence as of the date of transfer of title. 
 17. Management. 
 (a)
During the term of the Loan, Grantor shall at all times retain a professional management company satisfactory to Beneficiary to operate and manage the Security pursuant to a management agreement reasonably satisfactory to Beneficiary. If the
Management Agreement is terminated for any reason during the term of the Loan, Beneficiary will have the right to declare the entire indebtedness immediately due and payable unless Grantor enters into a replacement management agreement (the
“Replacement Agreement”) on terms and conditions reasonably acceptable to Beneficiary with a substitute manager reasonably acceptable to Beneficiary within thirty (30) days following termination of the Management Agreement. As
a condition to Beneficiary’s approval of any replacement manager, the manager shall consent to an assignment of management agreement substantially similar in form and substance as to that certain Assignment of Management Agreement,
Subordination, Non-Disturbance and Attornment Agreement and Consent of Manager dated of even date herewith by and among Grantor, Manager and Beneficiary (the “Assignment of Management Agreement”). Pursuant to the Assignment of
Management Agreement, the rights of Manager, as manager, under the Management Agreement are expressly made subordinate to Beneficiary’s rights under this Deed of Trust and the other Loan Documents, all as more particularly set forth in the
Assignment of Management Agreement. 
 (b) Grantor shall furnish to Beneficiary, within five (5) Business Days after
receipt thereof, or after the mailing or service thereof by Grantor, as the case may be, a copy of each notice of default Grantor gives to, or receives from any person, based upon the occurrence, or alleged occurrence, of any default or defaults in
the performance of any covenant, condition, promise or obligation under the Management Agreement. 
 18. Master Lease Provisions; Grantor
Obligations as Lessor Master Lease 
 (i) Borrower shall at all times promptly and faithfully keep, observe and perform in
all material respects, or cause to be kept, observed and performed in all material respects, all the material covenants, agreements and conditions of Borrower under the Master Lease, to be kept, observed and performed, and shall in all material
respects conform to and comply with the terms and conditions of the Master Lease, including but not limited to the timely payment of all fees, assessments and other charges payable pursuant thereto, and Borrower shall not do or permit any thing to
be done, the doing of which, or refrain from doing any thing, the omission of which, would impair or 
  

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 tend to impair the security of this Deed of Trust, or would be grounds to terminate the Master Lease or
declare a forfeiture of Borrower’s interest under the Master Lease, in whole or in part. 
 (ii) Borrower shall not
modify, change, supplement, alter or amend the Master Lease in any material respect, either orally or in writing, and Borrower shall not terminate, cancel, sever or surrender, or suffer the termination, cancellation, severance or surrender of, the
Master Lease, or Borrower’s estate thereunder, and shall not in any way release or discharge any party under the Master Lease, or any of its successors or assigns, of or from any material obligations, covenants, conditions and agreements by
said party to be kept, observed or performed. Borrower hereby expressly assigns, releases, relinquishes and surrenders unto Beneficiary all its right, power and authority to cancel, terminate, surrender, sever, amend, modify or alter in any material
respect the terms and provisions of the Master Lease or Borrower’s estate thereunder, and any attempt on the part of Borrower to exercise any such right without the prior written consent (which shall not be unreasonably withheld, conditioned or
delayed) of Beneficiary shall be void and of no force and effect. 
 (iii) No release or forbearance of any of Borrower’s
obligations under the Master Lease, pursuant to the terms thereof, or otherwise, shall release Grantor of its obligations under this Deed of Trust or any instrument supplemental hereto. 
 (iv) Borrower shall give Beneficiary immediate notice of any monetary or material non-monetary default under the Master Lease or of the
receipt by Borrower of any notice of default from any party to the Master Lease or its successors or assigns under the Master Lease and Borrower shall furnish to Beneficiary immediately any and all information which Beneficiary may request
concerning the performance and observance of all covenants, agreements and conditions contained in the Master Lease, observed and performed and concerning the compliance with all terms and conditions of the Master Lease. Borrower hereby authorizes
Beneficiary or its representatives to make investigations and examinations concerning such performance, observance and compliance, and Borrower, upon request, shall promptly deposit with Beneficiary any and all documentary evidence relating to such
performance, observance and compliance and copies of any and all notices, communications, plans, specifications or other instruments or documents received or given by Borrower in any way relating to or affecting the Master Lease which may concern or
affect the estate Borrower or Borrower’s rights and interests in or under the Master Lease. 
 (v) (1) The Master
Lease is unmodified and in full force and effect, (2) to the best of Grantor’s knowledge, all fees, assessments, and other charges therein payable in response to the Hotel Unit have been paid to the extent they are payable to the date
hereof, (3) Borrower enjoys the quiet and peaceful possession of the Hotel Unit, (4) to the best of its knowledge, Borrower is not in default under any of the terms of the Master Lease and there are no circumstances which with the passage
of time or the giving of notice, or both, would constitute an event of default thereunder, (5) to the best of Borrower’s knowledge, no party to the Master Lease is in default under any of the terms or provisions thereof. 
  

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 (vi) In the event of any failure by Borrower to keep, observe or perform any covenant,
agreement or condition contained in the Master Lease or to comply with the terms and conditions of the Master Lease, Beneficiary may, at Beneficiary’s option, perform, observe or comply with the Master Lease on behalf of Borrower, and any such
performance, observance or compliance by Beneficiary shall not remove or waive, as between Grantor and Beneficiary, the corresponding Event of Default under the terms of this Deed of Trust. Any amount so advanced by Beneficiary to effectuate such
performance, observance or compliance and all costs and expenses incurred in connection therewith (including, without limitation, reasonable attorneys’ fees), with interest thereon at the Default Rate, shall be a demand obligation of Grantor to
Beneficiary, and, to the extent permitted by law, shall be added to the Indebtedness and shall be secured by this Deed of Trust. 
 (vii) In the event that any action, proceeding, motion or notice shall be commenced or filed in respect of the Borrower or the regime under the Master Lease, or its successors and assigns, or the Hotel Unit, or the Security or any part
thereof, Borrower shall give Beneficiary immediate written notice thereof and Beneficiary shall have, and is hereby granted, the option, to the exclusion of Borrower exercisable upon notice from Beneficiary to Borrower to conduct and control any
such litigation with counsel of Beneficiary’s choice. Beneficiary may proceed, in its own name or in the name of Borrower, in connection with any such litigation, and Borrower agrees to execute any and all powers, pleadings, authorizations,
consents and other documents reasonably required by Beneficiary in connection therewith. Notwithstanding the foregoing, Borrower shall be entitled to participate in any such actions or proceedings, at its own expense and with counsel of its choice,
if and so long as Beneficiary shall be satisfied that Borrower’s participation therein and the positions asserted by Borrower in connection therewith will not materially impair the security of this Deed of Trust. Grantor shall, upon demand, pay
to Beneficiary all costs and expenses (including, without limitation, reasonable attorneys’ fees) paid or incurred by Beneficiary in connection with the prosecution or conduct of any such proceedings, together with interest at the Default Rate,
and, to the extent permitted by law, such costs, expenses and interest shall be added to the Indebtedness and shall be secured hereby. Borrower shall not, without the prior written consent of Beneficiary (which consent shall not be unreasonably
withheld, conditioned or delayed), commence any action, suit, proceeding or case, or file any application or make any motion, in respect of the Hotel Unit, the Security, or Master Lease in any such litigation. 
 (viii) Borrower shall not cause, suffer, or permit a default with respect to the Security under applicable laws now or hereafter in effect
with regard to condominiums, including without limitation Tenn. Code Ann. §§ 66-27-101, et seq. 
 19. Sidewalks, Municipal
Charges. Grantor will promptly pay and discharge any and all license fees and similar charges, with penalties and interest thereon, which may be imposed by the municipality in which the Security is situated, for the use of vaults, chutes, areas
and other space beyond the lot line and under or abutting the public sidewalks in front of or adjoining the Security, and Grantor will promptly cure any violation of law and comply with any order of such municipality respecting the repair,
replacement or condition of the sidewalk or curb in front of or adjoining the Security, and in default thereof Beneficiary may, upon five (5) Business Days’ 
  

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 notice to Grantor, pay any and all such license fees or similar charges, with penalties and interest thereon, and the
charges of the municipality for such repair or replacement, and any amount so paid or advanced by Beneficiary and all costs and expenses incurred in connection therewith (including, without limitation, Attorneys’ Fees (defined in
Section 42 hereinbelow)), with interest thereon at the Default Rate, shall be a demand obligation of Grantor to Beneficiary, and, to the extent permitted by law, shall be added to the Indebtedness and shall be secured by the lien of this Deed
of Trust. 
 20. Assignment of Rents and Leases. Grantor hereby presently, irrevocably, absolutely, and unconditionally grants,
transfers, assigns and sets over unto Beneficiary all of its right, title and interest in and to all present and future leases, license agreements, concession agreements, lease termination agreements and other occupancy agreements of any nature,
oral or written, of the Land and of space in the Improvements together with all modifications, supplements, extensions, renewals and replacements thereof now existing or hereafter made, and also together with the rights to sue for, collect and
receive all present and future rents, prepaid rents, additional rents, royalties, security deposits, parking revenues, receipts, refunds, rebates, damages payable upon default by tenant, or other sums in any of said leases provided to the lessor
thereunder, profits, income (including revenues from the letting of hotel rooms), license fees, concession fees, lease termination fees, lease modification and extension fees and issues of the Security, including all proceeds thereof (collectively,
the “Rents”), to be applied by Beneficiary in payment of the Indebtedness, and also together with any and all guaranties of the obligations of the tenants thereunder and the rights of Grantor to receive, hold and apply all bonds and
security in all of said leases provided to be furnished to the lessor thereunder, and also together with the rights of Grantor to enforce any and all of the agreements, terms, covenants and conditions in all of said leases provided and to give
notices thereunder. Beneficiary grants to Grantor a revocable license to collect the Rents as they become due and to enforce such leases and agreements, so long as no Event of Default exists hereunder. Beneficiary may receive and collect the Rents
personally or through a receiver upon the occurrence and during the continuance of an Event of Default so long as any such Event of Default shall exist and during the pendency of any foreclosure proceeding and during any redemption period. Grantor
agrees to consent to a receiver if this is believed reasonably necessary or desirable by Beneficiary to enforce its rights under this Section. 
 Grantor shall not otherwise assign or pledge, or contract, expressly or by implication, to assign or pledge, any lease of the Land or the Hotel Unit or space in the Improvements or the rights to sue for, collect and receive any Rents, or
the rights to receive, hold and apply any bonds and security in any of said leases provided to be furnished to the lessor thereunder, or the rights to enforce any of the agreements, terms, covenants or conditions of said leases or to give notices
thereunder, unless in each instance the written consent thereto of Beneficiary be first obtained. 
 Nothing in this Deed of Trust shall be
construed to obligate Beneficiary, expressly or by implication, to perform any of the covenants of Grantor as lessor under any of the leases hereinabove assigned or to pay any sum of money or damages therein provided to be paid by the lessor.

  

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 If Beneficiary shall from time to time suffer or permit Grantor to sue for, collect or receive any Rents,
or to receive, hold or apply any bonds or security under said leases, or to enforce any of the agreements, terms, covenants or conditions thereunder or to give notices thereunder, neither such sufferance nor permission shall constitute a waiver or
relinquishment by Beneficiary of the rights hereunder and hereby assigned to Beneficiary with respect to any subsequent Rents, or with respect to any subsequent receipt, holding or application of bonds or security or any subsequent enforcement of
such agreements, terms, covenants or conditions or any subsequent notices. 
 21. Future Leases. Except as provided for in that
certain Assignment of Rents and Leases of even date herewith by Grantor in favor of Beneficiary (the “Assignment of Rents and Leases”), Grantor will not hereafter make any lease to any tenant, or materially amend, modify, terminate,
renew or extend any lease (other than a renewal to which a tenant is entitled under the terms of an existing lease or contained in a lease that is subsequently approved by Beneficiary), including without limitation the Operating Lease (other than
minor non-material amendments or modifications which do not materially and adversely impact Beneficiary’s rights in the Security), affecting the Security unless Beneficiary shall first consent in writing to the terms of the lease and the form
of the lease, which consent shall not be unreasonably withheld. For purposes of this Section, reductions in rent, shortening of the term of a lease, increases in Mortgagor’s obligations under a lease and any release of a significant tenant
obligation under a lease shall be deemed “material.” 
 Other than the leases in effect on the date hereof (“Existing
Leases”) as disclosed to and approved by Beneficiary, all leases must be subordinate to the lien of this Deed of Trust unless Beneficiary otherwise specifies. Other than the Existing Leases, each lease must contain a provision that, upon
notice to tenant by Beneficiary, the lease shall become superior, in whole or in part, to the lien of this Deed of Trust. Without limiting the foregoing, Beneficiary hereby reserves the right to subordinate this Deed of Trust to any lease
subsequently made by recording with the Register’s Office, in which this Deed of Trust is recorded, a declaration to that effect, executed by Beneficiary, which declaration once so recorded shall be binding upon the tenant under such lease and
such tenant’s successors and assigns. 
 Grantor will furnish to Beneficiary a true and complete copy of each lease, or any amendment,
modification, extension, or renewal of a Lease, approved or deemed approved pursuant to the terms of the Assignment of Rents and Leases, hereafter made by Grantor with respect to space in the Security, within ten (10) Business Days after
delivery of each such lease, amendment, modification, extension, or renewal by the parties thereto. Grantor shall also furnish to Beneficiary an original subordination and attornment agreement executed by each tenant under a lease and an original
estoppel, addressed to Beneficiary, from each tenant under a lease in form and substance reasonably satisfactory to Beneficiary. 
 Grantor
will from time to time upon demand of Beneficiary, confirm in writing the assignment to Beneficiary of any or all leases of the Land and space in the Improvements, and such written confirmation shall be in such form as Beneficiary shall reasonably
require and as shall be necessary to make the same recordable. 
  

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 22. Leasehold Provisions; Grantor’s Obligations as Lessor. 
 (i) Borrower shall at all times promptly and faithfully keep, observe and perform in all material respects, or cause to be kept, observed
and performed in all material respects, all the material covenants, agreements and conditions contained in the Ground Lease by the lessee thereunder, to be kept, observed and performed, and shall in all material respects conform to and comply with
the terms and conditions of the Ground Lease, and Borrower shall not do or permit any thing to be done, the doing of which, or refrain from doing any thing, the omission of which, would impair or tend to impair the security of this Deed of Trust, or
would be grounds for the lessor under the Ground Lease, or its successors or assigns, to terminate the Ground Lease or declare a forfeiture of the leasehold estate, in whole or in part. 
 (ii) Borrower shall not modify, change, supplement, alter or amend the Ground Lease in any material respect, either orally or in writing,
and Borrower shall not terminate, cancel, sever or surrender, or suffer the termination, cancellation, severance or surrender of, the Ground Lease, or the ground leasehold estate, and shall not in any way release or discharge the lessor under the
Ground Lease, or any of its successors or assigns, of or from any material obligations, covenants, conditions and agreements by said party to be kept, observed or performed. Grantor hereby expressly assigns, releases, relinquishes and surrenders
unto Beneficiary all its right, power and authority to cancel, terminate, surrender, sever, amend, modify or alter in any material respect the terms and provisions of the Ground Lease and/or the Operating Lease, the leasehold estate, and any attempt
on the part of Grantor to exercise any such right without the prior written consent of Beneficiary shall be void and of no force and effect. 
 (iii) No release or forbearance of any of Grantor’s obligations under the Ground Lease and/or the Operating Lease, as the case may be, pursuant to the terms thereof, or otherwise, shall release Grantor of its
obligations under this Deed of Trust or any instrument supplemental hereto. 
 (iv) Borrower shall give Beneficiary immediate
notice of any monetary or material non-monetary default under the Ground Lease or of the receipt by Grantor of any notice of default from the lessor or its successors or assigns under the Ground Lease and Grantor shall furnish to Beneficiary
immediately any and all information which Beneficiary may request concerning the performance and observance of all covenants, agreements and conditions contained in the Ground Lease, by the lessor thereunder, observed and performed and concerning
the compliance with all terms and conditions of the Ground Lease. Borrower hereby authorizes Beneficiary or its representatives to make investigations and examinations concerning such performance, observance and compliance, and Borrower, upon
request, shall promptly deposit with Beneficiary any and all documentary evidence relating to such performance, observance and compliance and copies of any and all notices, communications, plans, specifications or other instruments or documents
received or given by Borrower in any way relating to or affecting the Ground Lease which may concern or affect the estate of the lessor or the lessee in or under the Ground Lease or in the leased premises thereby demised. 
 (v) (1) The Ground Lease and the Operating Lease are unmodified and in full force and effect, (2) all rent and other charges
therein have been paid to the extent they 
  

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 are payable to the date hereof, (3) Borrower enjoys the quiet and peaceful possession of the Real
Property, (4) to the best of its knowledge, Grantor is not in default under any of the terms thereof and there are no circumstances which with the passage of time or the giving of notice or both, would constitute an event of default thereunder,
(5) to the best of Grantor’s knowledge, the lessor thereunder is not in default under any of the terms or provisions thereof on the part of the lessor to be observed or performed. 
 (vi) Grantor shall promptly pay, when due and payable, the rent and other charges payable pursuant to the Ground Lease and will timely
perform and observe all of the other terms, covenants and conditions required to be performed and observed by Borrower as lessee under the Ground Lease. 
 (vii) In the event of any failure by Borrower to keep, observe or perform any covenant, agreement or condition contained in the Ground Lease or to comply with the terms and conditions of the Ground Lease, Beneficiary
may, at Beneficiary’s option, perform, observe or comply with the Ground Lease on behalf of Grantor, and any such performance, observance or compliance by Beneficiary shall not remove or waive, as between Grantor and Beneficiary, the
corresponding Event of Default under the terms of this Deed of Trust. Any amount so advanced by Beneficiary to effectuate such performance, observance or compliance and all costs and expenses incurred in connection therewith (including, without
limitation, reasonable attorneys’ fees), with interest thereon at the Default Rate, shall be a demand obligation of Grantor to Beneficiary, and, to the extent permitted by law, shall be added to the Indebtedness and shall be secured by this
Deed of Trust. 
 (viii) Grantor shall not, without Beneficiary’s prior written consent, elect to treat the Ground Lease,
or the leasehold estate as terminated under Subsection 365(h)(1) of the Bankruptcy Code, after rejection or disaffirmance of the Ground Lease, or its successors and assigns, or by any trustee of any such party, and any such election made without
such consent shall be void and ineffective. 
 (ix) Grantor hereby unconditionally assigns, transfers and sets over unto
Beneficiary all of Grantor’s claims and rights to the payment of damages that may hereafter arise as a result of any rejection or disaffirmance of the Ground Lease by the lessor thereunder, or its successors and assigns, or by any trustee of
any such party pursuant to the Bankruptcy Code. Beneficiary shall have and is hereby granted the right to proceed, in its own name or in the name of Grantor, in respect of any claim, suit, action or proceeding relating to the rejection or
disaffirmance of the Ground Lease (including, without limitation, the right to file and prosecute, to the exclusion of Grantor, any proofs of claim, complaints, motions, applications, notices and other documents), in any case in respect of such
lessor or any of its successors and assigns, under the Bankruptcy Code; provided, however, that Grantor shall be entitled to participate in any such actions or proceedings, at its own expense and with counsel of its choice, if and so
long as Beneficiary shall be satisfied that Grantor’s participation therein or the positions asserted by Grantor in connection therewith will not materially impair the security of this Deed of Trust. This assignment constitutes a present,
irrevocable and unconditional assignment of the foregoing claims, rights and remedies, and shall continue in effect until all of the 
  

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 Indebtedness shall have been satisfied and discharged in full. Any amounts received by Beneficiary as
damages arising out of any such rejection or disaffirmance of a Ground Lease shall be applied first to all costs and expenses of Beneficiary (including, without limitation, reasonable attorneys’ fees) in connection with the exercise of its
rights under this subparagraph and then, in such manner as Beneficiary shall determine, to the reduction of the Indebtedness, whether or not then due, and the balance, if any, shall then be paid to Grantor. 
 (x) In the event, that, pursuant to Subsection 365(h)(2) of the Bankruptcy Code, Borrower seeks to offset against the rent or other
payments payable under the Ground Lease, the amount of any damages caused by the nonperformance by the lessor thereunder, or its successors and assigns, of such party’s obligations under the Ground Lease after rejection or disaffirmance thereof
under the Bankruptcy Code, Borrower shall, prior to effecting such offset, notify Beneficiary of Borrower’s intent to do so, setting forth the amounts proposed to be so offset and the basis therefor. Beneficiary shall have the right to object
to all or any part of such offset, and, in the event of such objection, Borrower shall not effect any offset of the amounts so objected to by Beneficiary. If Beneficiary shall have failed to object as aforesaid within ten (10) business days
after such notice, Borrower may proceed to effect such offset in the amounts set forth in such notice. Neither Beneficiary’s failure to object as aforesaid nor any objection or other communication between Grantor and Beneficiary relating to
such offset shall constitute an approval by Beneficiary of any such offset. Grantor shall indemnify and hold Beneficiary harmless from and against any and all claims, demands, actions, suits, proceedings, damages, losses, costs and expenses of every
nature whatsoever (including, without limitation, attorneys’ fees) arising from or relating to any such offset by Borrower. 
 (xi) Grantor shall, promptly after obtaining knowledge thereof, give written notice to Beneficiary of any actual or contemplated filing by or against the lessor under the Ground Lease, or its successors and assigns, of a petition under the
Bankruptcy Code, and use its best efforts to give prompt oral notice to Beneficiary of such actual or contemplated filing. The aforesaid written notice shall set forth any information available to Grantor concerning the date on which such petition
was filed or is expected to be filed, and the relief sought therein. Grantor shall promptly after receipt thereof, deliver to Beneficiary any and all notices, summonses, pleadings, applications and other documents received by Grantor in connection
with any such petition and any proceedings relating thereto. 
 (xii) In the event that any action, proceeding, motion or
notice shall be commenced or filed in respect of the lessor under the Ground Lease, or its successors and assigns, or the leased premises, or the Security or any part thereof, in connection with any cause under the Bankruptcy Code, Beneficiary shall
have, and is hereby granted, the option, to the exclusion of Grantor exercisable upon notice from Beneficiary to Grantor, to conduct and control any such litigation with counsel of Beneficiary’s choice. Beneficiary may proceed, in its own name
or in the name of Grantor, in connection with any such litigation, and Grantor agrees to execute any and all powers, pleadings, authorizations, consents and other documents reasonably required by Beneficiary in 
  

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 connection therewith. Notwithstanding the foregoing, Grantor shall be entitled to participate in any such
actions or proceedings, at its own expense and with counsel of its choice, if and so long as Beneficiary shall be satisfied that Grantor’s participation therein and the positions asserted by Grantor in connection therewith will not materially
impair the security of this Deed of Trust. Grantor shall, upon demand, pay to Beneficiary all costs and expenses (including, without limitation, reasonable attorneys’ fees) paid or incurred by Beneficiary in connection with the prosecution or
conduct of any such proceedings, together with interest at the Default Rate, and, to the extent permitted by law, such costs, expenses and interest shall be added to the Indebtedness and shall be secured hereby. Grantor shall not, without the prior
written consent of Beneficiary, commence any action, suit, proceeding or case, or file any application or make any motion, in respect of the Ground Lease in any such case under the Bankruptcy Code. 
 (xiii) In the event that a petition under the Bankruptcy Code shall be filed by or against Grantor and Grantor or any trustee of Grantor
shall decide to reject or disaffirm the Ground Lease pursuant to the Bankruptcy Code, Grantor shall give Beneficiary at least ten (10) business days prior written notice of the date on which application shall be made to the court for authority
to reject or disaffirm the Ground Lease. Beneficiary shall have the right, but not the obligation, to serve upon Grantor or such trustee within such ten (10) day period a notice stating that (i) Beneficiary demands that Grantor or such
trustee assume and assign the Ground Lease to Beneficiary pursuant to Section 365 of the Bankruptcy Code, and (ii) Beneficiary covenants to cure, or provide adequate assurance of prompt cure of, all defaults and provide adequate assurance
of future performance under the Ground Lease. In the event that Beneficiary serves such notice upon Grantor or such trustee, neither Grantor nor such trustee shall seek to reject or disaffirm the Ground Lease and Grantor and such trustee shall
comply with such demand within thirty (30) days after such notice shall have been given, subject to Beneficiary’s performance of such covenant. 
 (xiv) In the event that a petition under the Bankruptcy Code shall be filed by or against Grantor, and if within thirty (30) days after the date of filing of such petition neither Grantor nor any trustee of
Grantor shall take any affirmative action to assume, reject or disaffirm the Ground Lease pursuant to the Bankruptcy Code, then Beneficiary shall have the right, but not the obligation, to serve upon Grantor or such trustee a notice stating that
(i) Beneficiary demands that Borrower or such trustee assume and assign the Ground Lease to Beneficiary pursuant to Section 365 of the Bankruptcy Code, and (ii) Beneficiary covenants to cure, or provide adequate assurance of prompt
cure of, all defaults and provide adequate assurance of future performance under the Ground Lease. In the event that Beneficiary serves such notice upon Grantor or such trustee, either Grantor or such trustee shall comply with such demand within
fifteen (15) days after such notice shall have been given, subject to Beneficiary’s performance of such covenant. 
 (xv) Grantor hereby assigns, transfers and sets over to Beneficiary a nonexclusive right to apply to the Bankruptcy Court under Subsection 365(d)(4) of the Bankruptcy Code for an order extending the period during which the Ground Lease may
be rejected, disaffirmed or assumed after the entry of any order for relief in respect of Grantor under Chapter 7 of the Bankruptcy Code. 
  

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 23. Operating Agreement/Easement Agreements. Grantor hereby represents and warrants to Beneficiary
that there exist no agreements affecting the development or operation of the Security, other than the Master Lease, the Leases, the Management Agreement, the License Agreement, service contracts and Personalty Leases entered into in the ordinary
course of the operation of the Security and the covenants and restrictions included in the Permitted Encumbrances (collectively, the “Operating Agreements”). Grantor shall, at Grantor’s cost and expense, promptly and fully
perform each and every covenant, condition, promise and obligation of the owner of the Security under the Operating Agreements and shall make all payments therein and thereby required to be made by the owner of the Security. Grantor shall not
cancel, transfer, amend in any material respect, or assign the Operating Agreements without the prior written consent of Beneficiary which consent shall not be unreasonably withheld, conditioned or delayed, and Grantor shall not consent to the
cancellation, transfer, amendment in any material respect, or assignment of the Operating Agreements by any other party thereto, without the prior written consent of Beneficiary which consent shall not be unreasonably withheld, conditioned or
delayed. 
 24. Events of Default. Each of the following shall constitute an “Event of Default” hereunder and shall
entitle the Beneficiary to exercise its remedies hereunder and under any of the other Loan Documents or as otherwise provided by law: 
 (a) Any payment of any installment of principal or interest under the Note is not received by Beneficiary by 5:00 p.m. (Hartford, Connecticut time) within five (5) Business Days following the date when such
payment was due or any escrow payment under the Tax Escrow Agreement or Section 5 hereof is not received by escrow holder or Beneficiary, as applicable, by 5:00 p.m. (Hartford, Connecticut time) within five (5) Business Days following the
monthly tax deposit date; 
 (b) Failure of Grantor in the observance or performance of any other monetary or non-monetary
covenant, promise or agreement provided in this Deed of Trust or in any other Loan Document (a “failure to perform”), for thirty (30) days after the giving of notice by Beneficiary to Grantor specifying the nature of the
failure to perform; provided, however, that if the nature of such failure to perform is such that the same is not susceptible of cure within such thirty (30) day period, such failure to perform shall not be deemed an Event of Default so long
Grantor shall within such period commence to cure such failure to perform and thereafter diligently prosecute the cure to completion, but in no event more than one hundred twenty (120) days in the aggregate from the date of the original notice
of failure to perform. Notwithstanding anything contained herein to the contrary, the notice and cure period provided under this clause (b) shall not be applicable to and shall not be in addition to any specific notice and cure or performance
period provided under any other provision of this Deed of Trust, and the specific notice and cure or performance period provided for in such provision shall control, and a failure by Grantor to cure a default under such provision within the
applicable cure period shall be an Event of Default under this Deed of Trust; 
 (c) Any representation, warranty, or
statement of Grantor contained herein or in any of the Loan Documents, including without limitation the Environmental Indemnification Agreement, or in any writing delivered to Beneficiary on or before the execution and delivery of the Loan
Documents, proves to be untrue in any material respect as of the date when made; 
  

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 (d) Grantor or the managing member of Grantor shall (i) have an order for relief
entered in a proceeding under Title 11, United States Code, whether such order shall result from a voluntary or involuntary petition, (ii) seek or consent to the appointment of a receiver or trustee for itself or for any of the Security,
(iii) file a petition or initiate a proceeding under the bankruptcy, insolvency, receivership, or similar laws of the United States, any state or any other jurisdiction, (iv) make a general assignment for the benefit of creditors, or
(v) be unable to pay its debts as they mature; 
 (e) A court shall enter an order, judgment or decree appointing,
without the consent of Grantor, a receiver or trustee for it or for any of the Security or approving a petition filed against Grantor which seeks relief under the bankruptcy or other similar laws of the United States, any state or any other
jurisdiction, and such order, judgment or decree shall remain in force, undischarged or unstayed, sixty (60) days after it is entered; 
 (f) Without the prior written consent of Beneficiary, except with respect to Permitted Transfers (as hereinafter defined), (i) the Security or any portion thereof or interest therein shall be mortgaged,
encumbered, sold, assigned or otherwise transferred by Grantor or by operation of law (excluding Condemnation and worn-out or obsolete Personal Property that is replaced with Personal Property substantially similar thereto in quality and quantity),
(ii) if Grantor is a partnership, joint venture, limited liability company, syndicate or other group, all or any portion of the interest of any partner or member thereof is pledged or otherwise encumbered or is sold or otherwise transferred, or
(iii) any interest in any entity that owns or Controls Grantor is pledged or otherwise encumbered or is sold or otherwise transferred. As used herein, “Controls” shall mean the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract, or otherwise. The term “Person” means with respect to this Deed of Trust any natural
person, general partnership, limited partnership, limited liability company, trust, estate, association, corporation, custodian, nominee or any other individual or entity in its own or any representative capacity. As used herein “Permitted
Transfers” means the pledge or transfer of (1) any limited partnership interests or units in Highland Hospitality, L.P. and (2) the membership interests in Grantor, provided, that after such any such pledge or transfer, Highland
Hospitality, L.P., Highland Hospitality Corporation or their affiliates continue to own not less than fifty-one percent (51%) of (A) the partnership interests or units in Highland Hospitality, L.P. and (B) the membership interests in
Grantor, as applicable; and 
 (g) A default by Borrower occurs under the Ground Lease and the same is not cured prior to the
expiration of any applicable notice and/or cure period. 
 (h) A default by Borrower occurs under the Master Lease and the
same is not cured prior to the expiration of any applicable notice and/or cure period. 
 (i) A default by Grantor occurs
under the Operating Lease and the same is not cured prior to the expiration of any applicable notice and/or cure period. 
  

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 25. Remedies Upon Default. Immediately upon the occurrence of any Event of Default, Beneficiary
shall have the option, in addition to and not in lieu of or substitution for all other rights and remedies provided in this Deed of Trust or any other Loan Document or provided by law or in equity, and is hereby authorized and empowered by Grantor,
to do any or all of the following: 
 (a) Declare without notice the entire unpaid amount of the Indebtedness immediately due
and payable and such Indebtedness shall thereupon be immediately due and payable, without presentment, demand, protest, notice of protest, notice of acceleration or of intention to accelerate or any other notice or declaration of any kind, all of
which are hereby expressly waived by Grantor, and, at Beneficiary’s option, (i) to bring suit therefor, or (ii) to bring suit for any delinquent payment of or upon the Indebtedness, or (iii) to take any and all steps and
institute any and all other proceedings at law or in equity that Beneficiary deems necessary to enforce payment of the Indebtedness and performance of other obligations secured hereunder and to protect the lien of this Deed of Trust. 
 (b) Power of Sale. 
 (i) Beneficiary may require the Trustee, and the Trustee is hereby authorized and empowered, to enter and take possession of the Security and to sell all or part of the Security, at public auction, to the highest
bidder for cash, free from equity of redemption, any statutory or common law right of redemption, homestead, dower, and all other rights and exemptions of every kind, all of which are hereby expressly waived, at the front door of any courthouse or
other building in the county where any of the Security is situated, after first giving notice of the time, place and terms of sale, at least three (3) different times by publication in some newspaper published in the county in which the
Security is located, the first of which publications shall be at least twenty (20) days previous to said sale and the Trustee shall execute a conveyance to the purchaser, and deliver possession to the purchaser, which Grantor binds itself shall
be given without obstruction, hindrance, or delay. Said sale may be postponed or adjourned from time to time without re-advertising, and may be dismissed or not made. The acting Trustee is authorized to appoint an agent and auctioneer to make such
sale in his absence, which sale shall be as valid as if made by said Trustee; and a cash deposit may be required as a condition for the acceptance of the bid. 
 (ii) The owners of any part of the indebtedness hereby secured may become the purchaser at any sale under this conveyance, and may apply
all or any part of the Indebtedness as a set-off against its bid. 
 (iii) The Trustee shall execute and deliver a deed of
conveyance to the purchaser, and all statements of fact in such deed relating to the non-payment of the indebtedness hereby secured, the existence of the indebtedness, notices of advertisement, sale, receipt of money and appointment of substituted
Trustee shall be prima facie evidence of the truth of such statements. 
  

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 (iv) Trustee making such sale shall receive the proceeds thereof and shall apply the same
as follows: (1) first, to the payment of the expenses of making, maintaining and executing this trust, protection of the Security, including the expense of any litigation and reasonable attorneys’ fees, and reasonable compensation to the
Trustee; (2) second, to any advancements made by the Trustee or Beneficiary pursuant hereto, with interest thereon; (3) third, to the payment of the Indebtedness herein secured or intended so to be, in such order as Beneficiary shall
elect, including any Default Prepayment Fee (as defined in the Note) to the extent permitted by applicable law, and any balance of said Indebtedness may be the subject of immediate suit; (4) and, fourth, should there by any surplus, Trustee
will pay it to the Grantor, or to such person as may be legally entitled thereto; provided, however, that if it is uncertain which person or persons are so entitled, such remainder may be interpleaded in any court of competent jurisdiction, and the
amount of any attorneys’ fees, court costs and expenses incurred in such action shall be a part of the Indebtedness and shall be reimbursable from such remainder. 
 (v) The sale or sales by Trustee of less than the whole of the Security shall not exhaust the power of sale herein granted, and Trustee is
specifically empowered to make successive sale or sales under such power until the whole of the Security shall be sold; and if the proceeds of such sale or sales of less than the whole of the Security shall be less than the aggregate of the
Indebtedness and the expenses thereof, this Deed of Trust and the lien, security interest and assignment hereof shall remain in full force and effect as to the unsold portion of the Security. 
 (vi) Beneficiary shall have the right to proceed with foreclosure (judicial or nonjudicial) of the liens and security interests hereunder
without declaring the entire Indebtedness due, and in such event any such foreclosure sale may be made subject to the unmatured part of the Indebtedness; and any such sale shall not in any manner affect the unmatured part of the Indebtedness, but as
to such unmatured part this Deed of Trust shall remain in full force and effect just as though no sale had been made. The proceeds of such sale shall be applied as provided above, except that any surplus proceeds of such sale shall be applied to the
prepayment of any other Indebtedness in such manner and order and to such extent as Beneficiary deems advisable, instead of being applied as set forth in subparagraph (4) of subsection (iv) above, and only the remainder, if any, shall be
applied as provided in subparagraph (4) of subsection (iv) above respecting application of surplus. Several sales may be made hereunder without exhausting the right of sale for any unmatured part of the Indebtedness. 
 (vii) Alternatively, this Deed of Trust may be foreclosed by appropriate judicial proceedings, at the option of Beneficiary. 

 

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 (viii) If the Security conveyed herein should be situated in two or more counties or in
two judicial districts of the same county, then the Trustee or any successor in said trust shall have full power, in case he is directed to foreclose under this instrument to select in which county or judicial district the sale of the above Security
shall be made; and such selection shall be binding upon the Grantor and Beneficiary and all persons claiming through or under them, whether by contract or by law. 
 (ix) The Trustee or any successors in trust shall have full power to fix the day, time, terms and place of sale and shall have full power
to conduct any sale hereunder through an agent duly appointed by him for that purpose, but said appointment of an agent need not be recorded 
 (c) Proceed against the Personal Property in accordance with Beneficiary’s rights and remedies with respect to the Personal Property, including the right to sell the Personal Property together with the Real
Property, separately and without regard to the remainder of the Security in accordance with Beneficiary’s rights and remedies provided by the Tennessee Uniform Commercial Code as well as other rights and remedies available at law or in equity.

 (d) Cause to be brought down to date a title examination and tax histories of the Security, procure title insurance or
title reports or, if necessary, procure new abstracts and tax histories. 
 (e) Procure an updated or entirely new
environmental audit of the Security including building, soil, ground water and subsurface investigations; have the Improvements inspected by an engineer or other qualified inspector and procure a building inspection report; procure an MAI or other
appraisal of the Security or any portion thereof; enter upon the Security at any time and from time to time to accomplish the foregoing and to show the Security to potential purchasers and potential bidders at foreclosure sale; make available to
potential purchasers and potential bidders all information obtained pursuant to the foregoing and any other information in the possession of Beneficiary regarding the Security. 
 (f) Either by itself or by its agent to be appointed by it for that purpose or by a receiver appointed by a court of competent
jurisdiction, as a matter of strict right, without notice and without regard to the adequacy or value of any security for the Indebtedness or the solvency of any party bound for its payment, take possession of and operate the Security, Grantor
hereby waiving any right Grantor might have to object to or oppose any such possession, and, whether or not Beneficiary has taken possession of the Security, to collect and apply the Rents, including those past due and unpaid, after payment of all
necessary charges and expenses, in reduction of the Indebtedness. The receiver shall have all of the rights and powers permitted under the laws of the State of Tennessee. Except for damage caused by Beneficiary’s gross negligence or willful
misconduct, Grantor hereby waives any claim Grantor may have against Beneficiary for mismanagement of the Security during Beneficiary’s operation of the Security under this subparagraph or as mortgagee in actual possession under applicable
statutes. 
  

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 (g) Beneficiary may, at its option without waiving any Event of Default, pay, perform or
observe the same, and all payments made or costs or expenses incurred by Beneficiary in connection therewith shall be secured hereby and shall be, without demand, immediately repaid by Grantor to Beneficiary with interest thereon at the Default Rate
hereunder. Beneficiary shall be the sole judge of the necessity for any such actions and of the amounts to be paid. Beneficiary is hereby empowered to enter and to authorize others to enter upon the Security or any part thereof for the purpose of
performing or observing any such defaulted term, covenant or condition without hereby becoming liable to Grantor or any person in possession holding under Grantor. 
 (h) As a matter of strict right and without notice to Grantor or anyone claiming under Grantor, and without regard to: (i) the
solvency of Grantor, (ii) whether there has been or may be any impairment of or diminution in the value of the Security, or (iii) whether the amount of the Indebtedness exceeds the then value of the Security, apply ex parte to any
court having jurisdiction to appoint a receiver to enter upon and take possession of the Security, and Grantor hereby waives notice of any application therefor, provided a hearing to confirm such appointment with notice to Beneficiary is set within
the time required by law (any such receiver shall have all the powers and duties of receivers in similar cases, including the full power to rent, maintain and otherwise operate the Security, and all the powers and duties of Beneficiary in case of
entry as provided herein, and shall continue as such and exercise all such powers until the date of confirmation of sale, unless such receivership is sooner terminated); 
 (i) Apply against the Indebtedness in such order as Beneficiary shall determine any funds held for the benefit of Grantor in escrow by
Beneficiary or by any third-party escrow agent under any of the Loan Documents. 
 (j) Upon any foreclosure sale, Beneficiary
may bid for and purchase the Security and shall be entitled to apply all or any part of the Indebtedness as a credit to the purchase price. In the event of any sale of the Security by foreclosure, through judicial proceedings, by advertisement, by
power of sale, or otherwise, the proceeds of any such sale shall be applied in accordance with Subsection 25(b)(iv) above. 
 (k) With respect to any Security, proceed as to both the real and personal property in accordance with Beneficiary’s rights and remedies in respect of the Land and Improvements, or proceed to sell said Security separately and without
regard to the Land and Improvements in accordance with Beneficiary’s rights and remedies to the Security. 
 In the event of any acceleration of the
Indebtedness pursuant to the first paragraph of this Section, Grantor shall pay to Beneficiary together with the principal indebtedness and interest thereon an amount equal to the prepayment fee provided for in the Note and such fee shall be
included as part of the Indebtedness. 
 Failure to exercise any option to accelerate in the event of a default or other circumstance permitting the exercise
of such option, shall not constitute a waiver of the default or of the right to exercise such option at a later time, or a waiver of the right to exercise such option in the event of any other default or circumstance specified above. 
  

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 26. Receiver. If an Event of Default shall have occurred, Beneficiary, to the maximum extent
permitted by law, shall be entitled, as a matter of right, to the appointment of a receiver of the Security, without notice or demand, and without regard to the adequacy of the security for the Indebtedness or the solvency of Grantor. Grantor hereby
irrevocably consents to such appointment and waives notice of any application therefor. Any such receiver or receivers shall have all the usual powers and duties of receivers in like or similar cases and all the powers and duties of Beneficiary in
case of entry and shall continue as such and exercise all such powers until the date of confirmation of sale of the Security, unless such receivership is sooner terminated. If an Event of Default shall have occurred, Beneficiary shall also be
entitled to become a Beneficiary in possession with all the powers, rights and remedies that a duly appointed receiver would have. 
 27.
Leases; Foreclosure. Any proceedings or other steps taken by Beneficiary to foreclose this Deed of Trust, or otherwise to protect the interests of Beneficiary hereunder, shall not operate to terminate the rights of any present or future
tenant of space in the Improvements, notwithstanding that said rights may be subject and subordinate to the lien of this Deed of Trust, unless Beneficiary specifically elects otherwise in the case of any particular tenant. The failure to make any
such tenant a defendant in any such foreclosure proceeding and to foreclose such tenant’s rights will not be asserted by Grantor or any other defendant in such foreclosure proceeding as a defense to any proceeding instituted by Beneficiary to
foreclose this Deed of Trust or otherwise protect the interests of Beneficiary hereunder. 
 28. Prepayment Premiums. Immediately upon
the first insertion of any advertisement or notice of any such sale, there shall become due and owing by Grantor all expenses incident to such advertisement or notice, all court costs and all expenses incident to any foreclosure proceedings brought
under this Deed of Trust or otherwise in connection with such sale, plus interest thereon at the Default Rate, and no party shall be required to receive only the aggregate Indebtedness then secured hereby unless it is accompanied by a tender of
payment of such expenses, costs, and interest. In partial consideration for Beneficiary agreeing to make the Loan to Grantor, Grantor agrees that upon the occurrence of an Event of Default and acceleration of the Indebtedness secured hereby, any
tender of payment by or on behalf of Grantor of the amount necessary to satisfy all of such Indebtedness made at any time before or at any foreclosure sale shall constitute an evasion of the payment terms of the Note and hereunder, and shall be
deemed to be a voluntary prepayment, and such payment, to the extent permitted by law, shall be accompanied by the Prepayment Fee, or the Default Prepayment Fee (as appropriate), as provided in the Note, and Beneficiary shall not be obligated to
accept any such tender of payment unless such tender of payment includes such Prepayment Fee, or such Default Prepayment Fee (as applicable). 
 29. Acceleration Interest. In addition to any late payment charge which may be due under the Note, Grantor shall pay interest on all sums due hereunder at a rate (the “Default Rate”) equal to the lesser of
(i) the Interest Rate plus three percent (3%) per annum, or (ii) the maximum rate permitted by law, from and after the first to occur of the following events: (A) Beneficiary sends notice to Grantor that it elects to cause the
acceleration of the Indebtedness; (B) a petition under Title 11, United States Code, shall be filed by or against Grantor or if Grantor shall seek or consent to the appointment of a receiver or trustee for itself or for any of the Security,
file a petition seeking relief under the bankruptcy or other similar laws of 
  

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 the United States, any state or any other jurisdiction, make a general assignment for the benefit of creditors, or be
unable to pay its debts as they become due; (C) a court shall enter an order, judgment or decree appointing, with or without the consent of Grantor, a receiver or trustee for it or for any of the Security or approving a petition filed against
Grantor which seeks relief under the bankruptcy or other similar laws of the United States, any state or any other jurisdiction, and any such order, judgment or decree shall remain in force, undischarged or unstayed, sixty (60) days after it is
entered; or (D) if all sums due hereunder are not paid on the Maturity Date (as defined in the Note). 
 30. Late Charge. In the
event any sums of principal, interest and applicable escrow amounts due under the Note, this Deed of Trust or any other Loan Document, are not paid by Grantor when due, without regard to any cure or grace period, Grantor shall pay to Beneficiary for
the month during which such payment is not made when due, a one-time late charge equal to the lesser of three percent (3%) of such installment or the maximum amount allowed by law, as the reasonable estimate by Beneficiary and Grantor of a fair
average compensation for the loss that may be sustained by Beneficiary due to the failure of Grantor to make timely payments, and such amount shall be secured hereby, provided that such late charge shall not apply to the payment of the entire
outstanding Indebtedness due on the Maturity Date. Such late charge shall be paid without prejudice to the right of Beneficiary to collect any other amounts provided to be paid or to declare an Event of Default under this Deed of Trust or any other
Loan Document. 
 31. Waiver of Statutory Rights. 
 (a) Grantor agrees, to the fullest extent permitted by law, that in an Event of Default on the part of Grantor hereunder, neither Grantor
nor anyone claiming through or under Grantor will set up, claim, or seek to take advantage of any moratorium, reinstatement, forbearance, appraisement, valuation, stay, extension or exemption laws now or hereafter in force, in order to prevent or
hinder the enforcement or foreclosure of this Deed of Trust, or the sale of the Security, or the delivery of possession thereof immediately after such sale to the purchaser at such sale, and Grantor, for itself and all who may at any time claim
through or under it, hereby waives to the fullest extent that it may lawfully do so, the benefit of all such laws, and any and all rights to have the assets subject to the security interest of this Deed of Trust marshaled upon any foreclosure or
sale under the power granted herein and agrees that Beneficiary or any court having jurisdiction to foreclose such lien may sell the Security in part or in its entirety. 
 (b) TO THE EXTENT NOT PROHIBITED BY LAW, GRANTOR AND BENEFICIARY HEREBY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVE ANY RIGHTS THEY
MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS DEED OF TRUST OR ANY OTHER LOAN DOCUMENTS, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (ORAL OR WRITTEN) OR
ACTIONS OF GRANTOR OR BENEFICIARY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR BENEFICIARY MAKING THE LOAN SECURED HEREBY. 
  

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 32. Security Interest. This Deed of Trust shall, as to any equipment and other Personal Property
covered hereby, be deemed to constitute a security agreement, and Grantor, as debtor, hereby grants to Beneficiary, as secured party, a security interest therein pursuant to the Uniform Commercial Code of the State of Tennessee. Grantor agrees, upon
request of Beneficiary, to furnish an inventory of Personal Property (including the FF&E) owned by Grantor and subject to this Deed of Trust and, upon request by Beneficiary, to execute any supplements to this Deed of Trust, any separate
security agreement, any financing statements and any continuation statements in order to include specifically said inventory of Personal Property or otherwise to perfect the security interest granted hereby. Upon any Event of Default, Beneficiary
shall have all of the rights and remedies provided in said Code or otherwise provided by law or by this Deed of Trust, including but not limited to the right to require Grantor to assemble such Personal Property and make it available to Beneficiary
at a place to be designated by Beneficiary which is reasonably convenient to both parties, the right to take possession of the Personal Property with or without demand and with or without process of law and the right to sell and dispose of the same
and distribute the proceeds according to law. The parties hereto agree that any requirement of reasonable notice shall be met if Beneficiary sends such notice to Grantor at least ten (10) days prior to the date of sale, disposition or other
event giving rise to the required notice, and that the proceeds of any disposition of any such Personal Property may be applied by Beneficiary first to the reasonable expenses in connection therewith, including reasonable Attorneys’ Fees and
legal expenses incurred, and then to payment of the Indebtedness. With respect to the Personal Property that has become so attached to the Real Property that an interest therein arises under the real property law of the State of Tennessee, this Deed
of Trust shall also constitute a financing statement and a fixture filing under the Tennessee Uniform Commercial Code. Grantor is the record owner of the Real Property and the addresses of Grantor and Beneficiary are as set forth on the first page
of this Deed of Trust. Grantor represents and warrants that it is a “registered organization” organized under the laws of the State of Delaware. Grantor covenants that it will not alter such registration without the prior written consent
of Beneficiary. Grantor further represents and warrants that its name is exactly as set forth in the signature page of this Deed of Trust. Grantor also covenants that its name shall not be altered without the prior written consent of Beneficiary.
Grantor hereby acknowledges and agrees that this Deed of Trust is an authenticated record, and authorizes the filing of financing statements by Beneficiary without the execution thereof by Grantor. 
 33. Right of Entry. Beneficiary and Beneficiary’s representatives may at all times during normal business hours and with reasonable notice to
Grantor and Manager enter upon the Security and inspect the same, or cause it to be inspected by agents, employees or independent contractors of Beneficiary, and show the same to others, but Beneficiary shall not be obligated to make any such entry
or inspection. Notwithstanding the immediately preceding sentence, Beneficiary shall give reasonable prior notice to Grantor of Beneficiary’s intent to exercise its rights under this Section so long as no Event of Default has occurred and is
continuing. 
 34. Estoppel Certificate. Grantor, within fifteen (15) days after written request from Beneficiary, will furnish a
signed statement in writing, duly acknowledged, of the amount then due or outstanding hereunder and whether or not any offsets or defenses exist against the Indebtedness, and if so, specifying such offsets and defenses. Upon request by Beneficiary,
Grantor shall exercise any right it may have to request an estoppel certificate from any or all of the tenants on the Security within ten (10) days following Beneficiary’s request. 
  

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 35. Annual Statements. Grantor will furnish Beneficiary with the following financial statements
and information, all of which reports will be in hard copy and electronic format: 
 (a) within forty-five (45) days
after the end of each calendar quarter, an unaudited balance sheet and a statement of revenues and expenses for the Real Property for such quarter and year-to-date 
 (b) within ninety (90) days after the end of each calendar year, (a) a reviewed balance sheet and (b) a statement of
revenues and expenses for the Real Property and Grantor, certified as true and correct by the chief financial officer of the general partner of Grantor; 
 (c) Within ninety (90) days after the end of each calendar year, annual capital expenditure summaries for the Real Property; and 
 (d) Such other financial information as Beneficiary may reasonably request in writing. 
 In addition to the regularly scheduled reports required above, Grantor agrees to provide Beneficiary within five (5) Business Days after a written
request therefor, a balance sheet and year-to-date operating statements for the Real Property certified by the chief financial officer of the general partner of Grantor. Grantor also agrees to reasonably cooperate with Beneficiary and
Beneficiary’s loan servicer in providing information and access to the Real Property in connection with the annual inspection of the Real Property, or such other inspections as Beneficiary may reasonably require. 
 Notwithstanding the provisions of subsection (a) above, Beneficiary agrees that subsection (a) above shall be waived by Beneficiary, provided
that Beneficiary shall retain the right, in its sole discretion and any time and from time to reinstate the requirements of subsection (a) by written notice to Grantor, effective upon receipt by Grantor of such notice. 
 Grantor acknowledges that Beneficiary may sell, transfer or assign the Loan, or any interest therein (whether by sale of the entire Loan, the issuance of
participation certificates in private unrated transactions, or in connection with a securitization of the Loan individually or as part of a pool of loans in a public or private rated transaction, or otherwise). In connection therewith, Grantor
agrees that Beneficiary shall be entitled to disclose, as Beneficiary may deem necessary or desirable, to any and all investors, purchasers, transferees, servicers, participants, investors, rating agencies or organizations maintaining databases on
the underwriting and performance of commercial mortgage loans, all documents and information which Beneficiary has or may hereafter acquire relating to the Loan, whether furnished by Grantor or any guarantor or indemnitor. 
 If Grantor omits to prepare and deliver promptly any report required by this Section, and such failure continues for thirty (30) days after written
notice thereof, Beneficiary may elect, in addition to exercising any remedy for an Event of Default as provided for in this Deed of Trust, to make an audit of all books and records of Grantor and its beneficial owners (but excluding Highland
Hospitality Corporation), including their bank accounts, which in any way pertain to the Security, and to prepare the statement or statements which Grantor failed to 
  

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 procure and deliver. Such audit shall be made and such statements shall be prepared by an independent certified public
accountant to be selected by Beneficiary. Grantor shall pay all expenses of the audit and other services, which expenses shall be secured hereby as part of the Indebtedness and shall be immediately due and payable with interest thereon at the
Default Rate. 
 Beneficiary shall afford any information received pursuant to this Section 35 the same degree of confidentiality that
Beneficiary affords similar information proprietary to Beneficiary; provided, however, that Beneficiary does not in any way warrant or represent that such information received from Grantor will remain confidential, and, provided further, that
Beneficiary shall have the unconditional right to disclose, as necessary, any such information in the event Beneficiary sells, transfers, conveys, or assigns this Deed of Trust or any portion of the Indebtedness. 
 36. Rights Cumulative. Each right and remedy of Beneficiary under this Deed of Trust, the Note and the other Loan Documents, shall be in addition
to every other right and remedy of Beneficiary and such rights and remedies may be enforced separately, successively and in any combination and order. 
 37. Subrogation. To the extent that proceeds of the Indebtedness are used to pay any outstanding lien, charge or encumbrance affecting the Security, and such proceeds have been advanced by Beneficiary at
Grantor’s request, Beneficiary shall be subrogated to all rights, interest and liens owned or held by any owner or holder of such outstanding liens, charges and encumbrances, irrespective of whether such liens, charges or encumbrances are
released of record; provided, however, that the terms and provisions hereof shall govern the rights and remedies of Beneficiary and shall supersede the terms, provisions, rights, and remedies under the lien or liens to which Beneficiary is
subrogated hereunder. 
 38. No Waiver. Any failure by Beneficiary to insist upon the strict performance by Grantor of any of the
terms and provisions hereof shall not be deemed to be a waiver of any of the terms and provisions hereof, and Beneficiary, notwithstanding any such failure, shall have the right thereafter to insist upon the strict performance by Grantor of any and
all of the terms and provisions hereof to be performed by Grantor. 
 39. Deed of Trust Extension. The lien hereof shall remain in
full force and effect during any postponement or extension of the time of payment of the Indebtedness, or of any part thereof, and any number of extensions or modifications hereof, or any additional notes taken by Beneficiary, shall not affect the
lien hereof or the liability of Grantor or of any subsequent obligor to pay the Indebtedness unless and until such lien or liability be expressly released in writing by Beneficiary. 
 40. Indemnification. Grantor shall indemnify and hold Beneficiary harmless from and against all obligations, liabilities, losses, costs, expenses,
fines, penalties or damages (including Attorneys’ Fees) which Beneficiary may incur by reason of this Deed of Trust or with regard to the Security prior to such time as Beneficiary takes actual physical possession of and manages and operates
the Real Property after an Event of Default, except for such claims that are caused by the gross negligence or willful misconduct of Beneficiary or the escrow holder under any escrow agreements controlled by Beneficiary; provided, however, that such
obligation to 
  

 Page 41 

 indemnify and hold Beneficiary harmless shall not apply to the extent that such obligations, liabilities, losses, costs,
expenses, fines, penalties or damages arise after (i) any transfer of the Real Property by foreclosure under this Deed of Trust or by a deed-in-lieu thereof, (ii) the repayment of the Loan in full, and/or (iii) the release of the lien
of the Deed of Trust from the Real Property. Grantor shall defend Beneficiary against any claim or litigation involving Beneficiary for the same, and should Beneficiary incur such obligation, liability, loss, cost, expense, fine, penalty or damage,
then Grantor shall reimburse Beneficiary upon demand. Any amount payable to Beneficiary under this provision shall be secured hereby and, if not paid within five (5) days following demand therefor, shall bear interest at the Default Rate.

 41. Non-recourse. Except as provided in this Section 41 and in Section 16 of the Note, notwithstanding anything else to
the contrary contained herein or in any of the other Loan Documents, no judgment for the repayment of the indebtedness evidenced by the Note or in any action to foreclose this Deed of Trust or to collect any amount payable under the Note or the
other Loan Documents or for the performance or discharge of any covenants, obligations or undertakings of Grantor will be satisfied out of the personal assets of Grantor or of any holders of beneficial interest in Grantor. Beneficiary’s sole
recourse for such judgment(s) shall be against the Real Property and other collateral as provided pursuant to this Deed of Trust and any of the other Loan Documents. The foregoing limitation on liability shall not apply, and Grantor shall be
personally liable, for all damages and losses incurred by Beneficiary and any equitable relief as a court may award for the following acts or omissions, to the extent described: 
  

							
	 Act or Omission
	  	 	  	 Liability

	(i)	 	Grantor misapplies any Condemnation (defined in Section 9 of this Deed of Trust) awards or insurance proceeds attributable to the Real Property,	  		  	To the extent of such misapplication;
				
	(ii)	 	Grantor misapplies any security deposits or reserves attributable to the Real Property,	  		  	To the extent of such misapplication;
				
	(iii)	 	Grantor collects rents in advance in violation of any covenant under the Loan Documents,	  		  	To the extent of such rents collected in advance;
				
	(iv)	 	Grantor commits any fraud, misrepresentation or waste,	  		  	To the extent of any remedies available at law or in equity;
				
	(v)	 	Gross revenues from the Real Property are sufficient to pay any portion of the indebtedness, operating and maintenance expenses, insurance premiums deposits into a reserve or escrow account, or
other sums required by the Loan Documents, and Grantor fails to make such payments or deposits when due,	  		  	To the extent of any funds diverted from such payments or expenses (during the twelve (12) months prior to Beneficiary’s notice of acceleration through the date Beneficiary takes title to
the Real Property);

  

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	 Act or Omission
	  	 	  	 Liability

	(vi)	 	Grantor enters into any guarantee and/or indemnification agreement(s), as may be required under this Deed of Trust,	  		  	As provided in such guarantee or indemnification;
				
	(vii)	 	Grantor fails to pay Real Estate Taxes and other Impositions which are a lien against the Real Property during the period of Grantor’s ownership,	  		  	To the extent of any unpaid Real Estate Taxes and other Impositions, and any additional interest, penalties or other charges assessed as a result of such non-payment; provided, however, to the
extent Grantor makes escrow deposits for Real Estate taxes under the Tax Escrow Agreement or under Section 5 hereof, Grantor shall have not liability for nonpayment of such Real Estate Taxes, to the extent of such escrowed funds.
				
	(viii)	 	Grantor fails to maintain the levels, coverages and maximum deductibles of insurance required under the Loan Documents, to the extent that a casualty or liability occurs or arises and insurance
proceeds would have been available had such insurance been maintained.	  		  	In the amount of the loss incurred as the result of such uninsured casualty or uninsured liability.

 There shall be no limitation on Grantor’s personal liability under, nor on the exercise of any of
Beneficiary’s rights under, any indemnity from Grantor to Beneficiary, including without limitation the Environmental Indemnification Agreement and that certain Non-Recourse Exceptions Guaranty by Borrower and HHLP (the “Non-Recourse
Exceptions Guaranty”), except as may be expressly set forth in the terms of the Environmental Indemnification Agreement and the Non-Recourse Exceptions Guaranty. 
 42. Attorneys’ Fees. Any reference to “Attorney Fees”, “Attorneys’ Fees”, or “Attorney’s Fees” in this document includes but is not limited to
both the reasonable fees, charges and costs incurred by Beneficiary through Beneficiary’s retention of outside legal counsel and the allocable reasonable fees, costs and charges for services rendered by 
  

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 Beneficiary’s in-house counsel. Any reference to “Attorney Fees”, “Attorneys’ Fees”, or
“Attorney’s Fees” shall also include but not be limited to those reasonable attorneys or legal fees, costs and charges incurred by Beneficiary in the collection of any Indebtedness, the enforcement of any obligations hereunder, the
protection of the Security, the appointment of a receiver as permitted hereunder, the foreclosure of this Deed of Trust, the sale of the Security, the defense of actions arising hereunder and the collection, protection or setoff of any claim the
Beneficiary may have in a proceeding under Title 11, United States Code, or any state bankruptcy or insolvency statute. Attorneys’ Fees provided for hereunder shall accrue whether or not Beneficiary has provided notice of default or of an
intention to exercise its remedies for such default. 
 43. Administrative Fees. Beneficiary shall have the right to charge reasonable
administrative fees during the Term of the Note as Beneficiary may determine, its reasonable discretion, in connection with any servicing requests made by Grantor requiring Beneficiary’s evaluation, preparation and processing of any such
requests not to exceed $5,000.00 in any one matter. Administrative fees shall not be charged for routine servicing matters contemplated by the Loan Documents including, without limitation: processing payments; processing insurance and UCC
continuation documentation; processing escrow draws; review of tenant leases, subordination non-disturbance and attornment agreements and tenant estoppels on standard forms approved by Beneficiary without material modifications. Such administrative
fees shall apply to requests for matters not permitted or contemplated by the Loan Documents, including, without limitation requests for transfers or assignments, requests for partial releases; requests for review of new easements and loan
modifications and to requests, which while contemplated by the Loan Documents, because of the nature of the request, will require significantly more time than an institutional lender, acting reasonably, would contemplate for such request (including
without limitation, requests for the approval of tenant leases, tenant estoppels and tenant subordination, non-disturbance and attornment agreements which contain material differences from Beneficiary’s standard forms). Beneficiary shall also
be entitled to reimbursement for professional fees it incurs for such administration, including without limitation, those of architects, engineers and Attorneys’ Fees, provided that Beneficiary shall be entitled to reimbursement of
Attorneys’ Fees for either in-house counsel or outside counsel, but not both. 
 44. Reserves For Replacements. Upon termination
of the Management Agreement by Manager or Operating Tenant for any reason, and the subsequent failure of Borrower or Operating Tenant to enter into an Approved Replacement Agreement (as defined in the FF&E Reserve Escrow Agreement defined below)
within the Cure Period (as defined in the FF&E Reserve Escrow Agreement), Grantor shall commence making monthly deposits pursuant to the terms and conditions of that certain FF&E Reserve Escrow and Security Agreement of even date herewith by
and among Grantor, Beneficiary and Midland Loan Services, Inc., a Delaware corporation, as Escrow Holder (the “FF&E Reserve Escrow Agreement”) for the purpose of establishing a reserve for replacement for furnishings, fixtures
and equipment. Grantor shall be authorized to withdraw funds (to the extent such funds are available and so long as there is no default under any of the Loan Documents), pursuant to the terms of the FF&E Reserve Escrow Agreement, as of the date
hereof. 
 45. Protection of Security; Costs and Expenses. Grantor shall appear in and defend any action or proceeding purporting to
affect the security hereof or the rights or powers of 
  

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 Beneficiary or Trustee, and shall pay all costs and expenses, including without limitation cost of evidence of title and
reasonable Attorneys’ Fees, in any such action or proceeding in which Beneficiary or Trustee may appear, and in any suit brought by Beneficiary to foreclose this Deed of Trust or to enforce or establish any other rights or remedies of
Beneficiary hereunder. If Grantor fails to perform any of the covenants or agreements contained in this Deed of Trust within any applicable notice and cure periods provided for in this Deed of Trust, or if any action or proceeding is commenced which
affects Beneficiary’s or Trustee’s interest in the Security or any part thereof, including, but not limited to, eminent domain, code enforcement, or proceedings of any nature whatsoever under any federal or state law, whether now existing
or hereafter enacted or amended, relating to bankruptcy, insolvency, arrangement, reorganization or other form of debtor relief, or to a decedent, then after compliance with the applicable notice and cure provisions provided for in this Deed of
Trust, Beneficiary or Trustee may, but without obligation to do so and without further notice to or demand upon Grantor and without releasing Grantor from any obligation hereunder, make such appearances, disburse such sums and take such action as
Beneficiary or Trustee deems necessary or appropriate to protect Beneficiary’s or Trustee’s interest, including, but not limited to, disbursement of reasonable Attorneys’ Fees, entry upon the Security to make repairs or take other
action to protect the security hereof, and payment, purchase, contest or compromise of any encumbrance, charge or lien which in the judgment of Beneficiary or Trustee appears to be prior or superior hereto. Grantor further agrees to pay all
reasonable expenses of Beneficiary and Trustee (including without limitation Attorney’s Fees and disbursements) (i) incident to the protection of the rights of Beneficiary and Trustee hereunder and the protection and preservation of the
Security, or (ii) incident to the enforcement or collection of payment of the Indebtedness, whether by judicial or non-judicial proceedings, or in connection with any bankruptcy, insolvency, arrangement, reorganization or other debtor relief
proceeding of Grantor, or otherwise, or (iii) in connection with any trustee’s sale guaranty or other title insurance coverage ordered in connection with any foreclosure proceedings hereunder. Grantor also agrees to pay all taxes (except
federal and state income taxes) and other governmental charges or impositions imposed by any governmental authority on Beneficiary or Trustee by reason of their interest in the Loan Documents. Any amounts disbursed by Beneficiary pursuant to this
Section 45 shall be additional indebtedness of Grantor secured by the Loan Documents as of the date of disbursement and shall bear interest at the Default Rate. All such amounts shall be payable by Grantor immediately without demand. Nothing
contained in this Section shall be construed to require Beneficiary or Trustee to incur any expense, make any appearance, or take any other action. 
 46. Notices. Any notice, demand, request, statement or consent made hereunder shall be in writing, signed by the party giving such notice, request, demand, statement, or consent, and shall be deemed to have been properly given when
either delivered personally, delivered to a reputable overnight delivery service providing a receipt or deposited in the United States mail, postage prepaid and registered or certified return receipt requested, at the address set forth below, or at
such other address within the continental United States of America as may have theretofore have been designed in writing. The effective date of any notice given as aforesaid shall be the date of personal service, one (1) Business Day after
delivery to such overnight delivery service, or three (3) Business Days after being deposited in the United States Mail, whichever is applicable. For purposes hereof, the addresses are as follows: 
  

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	If to Beneficiary:	  	Connecticut General Life Insurance Company
		  	c/o CIGNA Realty Investors
		  	280 Trumbull Street
		  	Hartford, Connecticut 06103
		  	Attn: Debt Asset Management, H-11G
		
	with a copy to:	  	CIGNA Corporation
		  	280 Trumbull Street
		  	Hartford, Connecticut 06103
		  	Attn: Real Estate Law, H-16C
		
	If to Grantor:	  	HH Nashville LLC and
		  	c/o Highland Hospitality Corporation
		  	8405 Greensboro Drive, Suite 500
		  	McLean, Virginia 22102
		  	Attention: General Counsel
		
	 with a courtesy
 copy
to:
	  	Highland Hospitality Corporation
		  	8405 Greensboro Drive, Suite 500
		  	McLean, Virginia 22102
		  	Attention: Chief Financial Officer

 Notwithstanding the foregoing agreement to provide a courtesy copy to HHLP, such copy shall be a
courtesy copy only, and failure to provide such courtesy copy shall have absolutely no effect or entitle Grantor to any remedy whatsoever. Any notice duly given to Grantor shall be effective whether or not the courtesy copy was given to HHLP.

 47. Reconveyance. Upon the payment in full of all sums secured by this Deed of Trust and the performance of all other monetary and
nonmonetary obligations of Grantor hereunder, under the other Loan Documents, Beneficiary shall request Trustee to reconvey the Security and shall surrender this Deed of Trust and all notes evidencing indebtedness secured by this Deed of Trust to
Trustee. Upon payment of its fees and any other sums owing to it under this Deed of Trust, Trustee shall reconvey the Security without warranty to the person or persons legally entitled thereto. Such person or persons shall pay all costs of
recordation, if any. The recitals in such reconveyance of any matters or facts shall be conclusive proof of the truthfulness thereof. The grantee in such reconveyance may be described as “the person or persons legally entitled thereto”.
Five (5) years after issuance of such fully reconveyance, Trustee may destroy said notes and this Deed of Trust unless otherwise directed by Beneficiary. 
 48. Applicable Law. The provisions hereof shall be construed in accordance with the laws of the State of Tennessee, without giving effect to any principles of conflicts of laws. 
 49. Substitution of Trustee. Beneficiary may remove Trustee at any time or from time to time for any reason (with or without cause) and appoint a
successor trustee, and upon such appointment, all powers, rights, duties and authority of Trustee, as aforesaid, shall thereupon become vested in such successor. Such substitute trustee shall be appointed by written 
  

 Page 46 

 instrument duly recorded in the county or counties where the Security covered hereby is located, which appointment may be
executed by any authorized agent of Beneficiary or in any other manner permitted by applicable law. The necessity of the Trustee making oath, filing inventory, or giving bond is waived. 
 50. Invalidity. If any provision of this Deed of Trust shall be held invalid or unenforceable, the same shall not affect in any respect whatsoever
the validity of the remainder of this Deed of Trust, except that if such provision relates to the payment of principal or interest, then the Beneficiary may, at its option, declare the Indebtedness due and payable upon one hundred (120) days
prior written notice to Grantor and, provided there exists no Event of Default hereunder, without prepayment fee. 
 51. Captions. The
captions in this instrument are inserted only as a matter of convenience and for reference, and are not and shall not be deemed to be any part hereof. 
 52. Modifications. This Deed of Trust may not be changed or terminated except in writing signed by both parties. No provision of this Deed of Trust or the other Loan documents may be waived except by a waiver
in writing signed by the party against which the waiver is asserted. The provisions of this Deed of Trust shall extend and be applicable to all renewals, amendments, extensions, consolidations, and modifications of the other Loan Documents, and any
and all references herein to the Loan Documents shall be deemed to include any such renewals, amendments, extensions, consolidations or modifications thereof. 
 53. Bind and Inure. The provisions of this Deed of Trust shall be binding on the Grantor and its heirs, successors and assigns, and any subsequent owners of the Security. The covenants of Grantor herein shall
run with the land, and this Deed of Trust and all of the covenants herein contained shall inure to the benefit of the Beneficiary, its successors and assigns. 
 54. Replacement of Note. Upon receipt of evidence reasonably satisfactory to Grantor of the loss, theft, destruction or mutilation of the Note, and in the case of any such loss, theft or destruction, upon
delivery of an indemnity agreement reasonably satisfactory to Grantor or, in the case of any such mutilation, upon surrender and cancellation of the Note, Grantor will execute and deliver, in lieu thereof, a replacement Note, identical in form and
substance to the Note and dated as of the date of the Note and upon such execution and delivery all references in this Deed of Trust to the Note shall be deemed to refer to such replacement Note. 
 55. Time of the Essence. Time is of the essence with respect to each and every covenant, agreement and obligation of Grantor under this Deed of
Trust, the Note and any of the other Loan Documents. 
 56. Business Day. The terms “Business Day” and
“Business Days” as used in this Deed of Trust shall mean any calendar day other than a Saturday, a Sunday or a federal holiday on which the U.S. Postal Service’s offices are closed for business in one or more of McLean,
Virginia; Hartford, Connecticut or Nashville, Tennessee. 
 57. [Omitted] 
  

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 58. Authority of Beneficiary. As Operating Tenant is not a maker of the Note, Operating Tenant
hereby authorizes Beneficiary to perform any of the following acts at any time and from time to time, all without notice to Operating Tenant and without affecting Beneficiary’s rights or Operating Tenant’s obligations under this Deed of
Trust: (i) alter any terms of the Loan Documents, including renewing, compromising, extending or accelerating, or otherwise changing the time for payment of, or increasing or decreasing the rate of interest under, the Note, (ii) take and
hold security for the Loan Documents, accept additional or substituted security for the Loan Documents, and subordinate, exchange, enforce, waive, release, compromise, fail to perfect, sell or otherwise dispose of any such security, (iii) apply
any security now or later held for the Loan Documents in any order that Beneficiary in its sole discretion may choose, and direct the order and manner of any sale of all or any part of it and bid at any such sale, (iv) release any obligor under
the Note or any of the other Loan Documents, including without limitation Borrower (each an “Obligor”) of its liability under any Loan Document, and/or (v) substitute, add or release any one or more guarantors or endorsers of
the Loan Documents. 
 59. Waivers of Operating Tenant. Operating Tenant absolutely, unconditionally, knowingly, and expressly waives:

 (a) (1) notice of acceptance hereof; (2) notice of any loans or other financial accommodations made or extended
under this Deed of Trust and the Loan Documents to which it is a party or the creation or existence of any Indebtedness; (3) notice of the amount of the Indebtedness, subject, however, to the Operating Tenant’s right to make inquiry of the
Beneficiary to ascertain the amount of the Indebtedness at any reasonable time; (4) notice of any adverse change in the financial condition of any Obligor or of any other fact that might increase Operating Tenant’s risk hereunder;
(5) notice of presentment for payment, demand, protest, and notice thereof as to any instruments among the Loan Documents to which the Operating Tenant is a party; (6) notice of any Event of Default; and (7) all other notices (except
if such notice is specifically required to be given to Operating Tenant hereunder or under the Loan Documents to which the Operating Tenant is a party) and demands to which Operating Tenant might otherwise be entitled. 
 (b) its right to require the Beneficiary to institute suit against, or to exhaust any rights and remedies which the Beneficiary has or may
have against, any Obligor or any third party, or against any collateral for the Indebtedness provided by any Obligor or any third party. Operating Tenant further waives any defense arising by reason of any disability or other defense (other than the
defense that the Indebtedness shall have been fully and finally performed and indefeasibly paid) of any Obligor or by reason of the cessation from any cause whatsoever of the liability of any Obligor in respect thereof. 
 (c) (1) any rights to assert against Beneficiary any defense (legal or equitable), set-off, counterclaim, or claim which the
Operating Tenant may now or at any time hereafter have against any Obligor or any other party liable to the Beneficiary; (2) any defense, set-off, counterclaim, or claim, of any kind or nature, arising directly or indirectly from the present or
future lack of perfection, sufficiency, validity, or enforceability of the Indebtedness or any security therefor; (3) any defense the Operating Tenant has to performance hereunder, or otherwise, arising by reason of: the impairment 

 

 Page 48 

 or suspension of the Beneficiary’s rights or remedies against any Obligor; the alteration by the
Beneficiary of the Indebtedness; any discharge of any Obligor’s obligations to the Beneficiary by operation of law as a result of the Beneficiary’s intervention or omission; or the acceptance by the Beneficiary of anything in partial
satisfaction of the Indebtedness; and (4) the benefit of any statute of limitations affecting Grantor’s liability hereunder or the enforcement thereof, and any act which shall defer or delay the operation of any statute of limitations
applicable to the Indebtedness shall similarly operate to defer or delay the operation of such statute of limitations applicable to Grantor’s liability hereunder. 
 (d) Operating Tenant absolutely, unconditionally, knowingly, and expressly waives any defense arising by reason of or deriving from
(i) any claim or defense based upon an election of remedies by any Beneficiary including any defense based upon an election of remedies by the Beneficiary under the laws of the State of Tennessee or any other jurisdiction; or (ii) any
election by any Beneficiary under Section 1111(b) of the Bankruptcy Code to limit the amount of, or any collateral securing, its claim against an Obligor. 
 Beneficiary may elect, in its sole discretion, upon the occurrence of an Event of Default to foreclose this Deed of Trust in any manner permitted by law, without diminishing or affecting the liability of Operating
Tenant hereunder except to the extent the Indebtedness is repaid with the proceeds of such foreclosure. The Operating Tenant is hereby relinquishing a defense to the enforceability of this Deed of Trust and the Loan Documents to which Operating
Tenant is a party and hereby waives any right to assert against the Beneficiary any defense to the enforcement of this Deed of Trust and the Loan Documents to which Operating Tenant is a party, whether denominated “estoppel” or otherwise.
Operating Tenant understands that the effect of the foregoing waiver may be that Operating Tenant may have liability hereunder for amounts with respect to which Operating Tenant may be left without rights of subrogation, reimbursement, contribution,
or indemnity against any Obligor or other guarantors or sureties. 
 (e) Operating Tenant hereby absolutely, unconditionally,
knowingly, and expressly waives: (i) any right of subrogation such Operating Tenant has or may have as against any Obligor with respect to the Indebtedness; (ii) any right to proceed against any Obligor or any other person or entity, now
or hereafter, for contribution, indemnity, reimbursement, or any other suretyship rights and claims, whether direct or indirect, liquidated or contingent, whether arising under express or implied contract or by operation of law, which such Operating
Tenant may now have or hereafter have as against any Obligor with respect to the Indebtedness; and (iii) any right to proceed or seek recourse against or with respect to any property or asset of any Obligor. 
 Notwithstanding anything to the contrary in this Deed of Trust, except with respect to the obligations of Grantor set forth in Sections 4 (Impositions),
7 (Insurance), 41 (Non-recourse), and this Section 59 (Waivers of Operating Tenant), for all purposes Operating Tenant shall not have any responsibility to perform or provide any obligation, covenant, representation or warranty under this Deed
of Trust, except and only to the extent Beneficiary has accelerated the obligations secured by the Deed of Trust and Beneficiary reasonably determines that Operating Tenant’s performance of any such excluded obligation or covenant is

  

 Page 49 

 required in order for Beneficiary to realize upon all or any portion of the Security. Operating Tenant’s obligations
under Section 41 shall be limited to acts or omissions which arise in connection with Operating Tenant’s duties under the Operating Lease. So long as no Event of Default shall have occurred and be continuing, nothing contained in this
Section shall be construed so as to negatively affect Highland Hospitality Corporation’s continued qualification as a real estate investment trust under the Internal Revenue Code. 
 Except as approved by Beneficiary in writing, Operating Tenant further agrees that it does not now and will not in the future operate any other hotels or
similar projects whether under agreements similar to the Operating Lease or otherwise. 
 60. Obligor’s Financial Condition.
Operating Tenant assumes full responsibility for keeping informed of Obligor’s financial condition and business operations and all other circumstances affecting Obligor’s ability to pay and perform its obligations to Beneficiary, and
agrees that Beneficiary shall have no duty to disclose to Operating Tenant any information which Beneficiary may receive about Obligor’s financial condition, business operations or any other circumstances bearing on Obligor’s ability to
perform. 
 61. [Omitted] 
 62. Fixture Filing. Upon its recording in the Davidson County Register’s Office, this Deed of Trust shall be effective as a financing statement filed as a fixture filing under the Uniform Commercial Code of the State of
Tennessee. In addition, a carbon, photographic or other reproduced copy of this Deed of Trust and/or any financing statement relating hereto shall be sufficient for filing and/or recording as a financing statement. The filing of any other financing
statement relating to any collateral, rights or interest described herein shall not be construed to diminish any right or priority hereunder. 
 63. [Omitted]  
 64. Continuing Enforcement of Deed of Trust. If, after receipt of any payment of all or any part of
the obligations under the Note, this Deed of Trust, and the other Loan Documents, Lender is compelled or agrees, for settlement purposes, to surrender such payment to any Person for any reason (including, without limitation, a determination that
such payment is void or voidable as a preference or fraudulent conveyance, an impermissible setoff, or a diversion of trust funds), then this Deed of Trust and the other Loan Documents shall continue in full force and effect, and Grantor shall be
liable for, and shall indemnify, defend and hold harmless Lender with respect to the full amount so surrendered. The provisions of this Section shall survive the cancellation or discharge of this Deed of Trust and shall remain effective
notwithstanding the payment of the obligations, under the Note, this Deed of Trust and the other Loan Documents, the cancellation of the Note, the release of any security interest, lien or encumbrance securing the obligations under the Note, this
Deed of Trust and the other Loan Documents, or any other action which Lender may have taken in reliance upon its receipt of such payment. Any cancellation, release or other such action by Lender shall be deemed to have been conditioned upon any
payment of the obligations under the Note, this Deed of Trust and the other Loan Documents, having become final and irrevocable. 
  

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 65. [Omitted] 
 66. Property Street Address. The street address of the Property is 611 Commerce Street, Nashville, Tennessee. 
 67. Receipt of Copy. Grantor hereby acknowledges receipt of a true copy of this Deed of Trust without charge. 
 [Remainder of Page Intentionally Left Blank; Signature Page Follows] 
  

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 IN WITNESS WHEREOF, the Grantor has duly executed this Deed of Trust as a sealed instrument on the
day and year first above written. 
  

			
	GRANTOR:
	
	 HH NASHVILLE LLC,
 a Delaware limited
liability company

		
	By:	 	 /s/ Douglas W. Vicari

	Name:	 	Douglas W. Vicari
	Title:	 	Vice President
	
	OPERATING TENANT:
	
	 HHC TRS NASHVILLE LLC,
 a Delaware
limited liability company

		
	By:	 	 /s/ Douglas W. Vicari

	Name:	 	Douglas W. Vicari
	Title:	 	Vice President

 Signature Page to Leasehold Deed of Trust and Security Agreement 

 STATE OF Maryland 
 COUNTY OF
Montgomery 
 Personally appeared before me, Sharon Rowe, a Notary Public in and for said State and County duly commissioned and qualified,
Douglas W. Vicari, with whom I am personally acquainted (or proved to me on the basis of satisfactory evidence), and who, upon oath, acknowledged that he is a Vice President of HH Nashville LLC, a Delaware limited liability company and is authorized
by such limited liability company, to execute this instrument on behalf of such limited liability company. 
 WITNESS my hand, at office,
this 9th day of March, 2006. 
  

	
	 /s/ Sharon A. Rowe

	Notary Public
	Name: Sharon A. Rowe
	Commission Expires: 10/01/08

  

	STATE	OF Maryland 

 COUNTY OF Montgomery

 Personally appeared before me, Sharon Rowe, a Notary Public in and for said State and County duly commissioned and qualified, Douglas W.
Vicari, with whom I am personally acquainted (or proved to me on the basis of satisfactory evidence), and who, upon oath, acknowledged that he is the Vice President of HHC TRS Nashville LLC, a Delaware limited liability company and is authorized by
such limited liability company, to execute this instrument on behalf of such limited liability company. 
 WITNESS my hand, at office, this
9th day of March, 2006. 
  

	
	 /s/ Sharon A. Rowe

	Notary Public
	Name: Sharon A. Rowe
	Commission Expires: 10/01/08

 Acknowledgment Page to Leasehold Deed of Trust and Security Agreement

 EXHIBIT A 
 TO 
 LEASEHOLD DEED OF TRUST AND SECURITY AGREEMENT 
 Legal Description

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