Document:

Exhibit 10.4

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED ("THE ACT"), OR THE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO (i) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND ANY APPLICABLE STATE LAWS, (ii) TO THE EXTENT APPLICABLE, RULE 144 UNDER THE ACT (OR ANY SIMILAR RULE UNDER THE ACT RELATING TO THE DISPOSITION OF SECURITIES), OR (iii) AN OPINION OF COUNSEL, IF SUCH OPINION SHALL BE REASONABLY SATISFACTORY TO COUNSEL TO THE ISSUER, THAT AN EXEMPTION FROM REGISTRATION UNDER THE ACT AND APPLICABLE STATE LAW IS AVAILABLE.

COMMON STOCK PURCHASE WARRANT

	No. BD - ___	 	
Speedemissions, Inc.
	 

    

(Incorporated under the laws of the State of Florida)

THIS IS TO CERTIFY that, for value received, _________________________________ (the "Holder") is entitled, subject to the terms and conditions set forth herein, to purchase from Speedemissions, Inc. (the "Company") up to _______________ (___________) fully paid and nonassessable shares of common stock of the Company (the "Warrant Securities") at the initial price of $0.75 per share but subject to adjustment as provided in Section 3 below, (the "Exercise Price"), upon payment by cashier’s check or wire transfer of the Exercise Price for such shares of the Common Stock to the Company at the Company’s offices.

1.    Exercisability. This Warrant may be exercised in whole or in part at any time, or from time to time, between the date hereof and 5:00 p.m. Eastern Standard Time on the date which is five (5) years from the date hereof, by presentation and surrender hereof to the Company of a notice of election to purchase duly executed and accompanied by payment by check or wire transfer of the Exercise Price.

2.    Manner of Exercise. In case of the purchase of less than all the Warrant Securities, the Company shall cancel this Warrant upon the surrender hereof and shall execute and deliver a new warrant of like tenor for the balance of the Warrant Securities. Upon the exercise of this Warrant, the issuance of certificates for securities, properties or rights underlying this Warrant shall be made forthwith (and in any event within three (3) business days thereafter) without charge to the Holder including, without limitation, any tax that may be payable in respect of the issuance thereof; provided, however, that the Company shall not be required to pay any tax in respect of income or capital gain of the Holder.

If and to the extent this Warrant is exercised, in whole or in part, the Holder shall be entitled to receive a certificate or certificates representing the Warrant Securities so purchased, upon presentation and surrender to the Company of the form of election to purchase attached hereto duly executed, and accompanied by payment of the purchase price.

	
	No. BD - ___	Page 1 of 6	 
	

	 

3.    Adjustment in Number of Shares.

(A)    Adjustment for Reclassifications. In case at any time or from time to time after the issue date the holders of the Common Stock of the Company (or any shares of stock or other securities at the time receivable upon the exercise of this Warrant) shall have received, or, on or after the record date fixed for the determination of eligible stockholders, shall have become entitled to receive, without payment therefore, other or additional stock or other securities or property (including cash) by way of stock split, spin-off, reclassification, combination of shares or similar corporate rearrangement (exclusive of any stock dividend of its or any subsidiary’s capital stock), then and in each such case the Holder of this Warrant, upon the exercise hereof as provided in Section 1, shall be entitled to receive the amount of stock and other securities and property which such Holder would hold on the date of such exercise if on the issue date he had been the holder of record of the number of shares of Common Stock of the Company called for on the face of this Warrant and had thereafter, during the period from the issue date, to and including the date of such exercise, retained such shares and/or all other or additional stock and other securities and property receivable by him as aforesaid during such period, giving effect to all adjustments called for during such period. In the event of any such adjustment, the Exercise Price shall be adjusted proportionally.

(B)    Adjustment for Reorganization, Consolidation, Merger. In case of any reorganization of the Company (or any other corporation the stock or other securities of which are at the time receivable on the exercise of this Warrant) after the issue date, or in case, after such date, the Company (or any such other corporation) shall consolidate with or merge into another corporation or convey all or substantially all of its assets to another corporation, then and in each such case the Holder of this Warrant, upon the exercise hereof as provided in Section 1 at any time after the consummation of such reorganization, consolidation, merger or conveyance, shall be entitled to receive, in lieu of the stock or other securities or property to which such Holder would be entitled had the Holder exercised this Warrant immediately prior thereto, all subject to further adjustment as provided herein; in each such case, the terms of this Warrant shall be applicable to the shares of stock or other securities or property receivable upon the exercise of this Warrant after such consummation.

4.    No Requirement to Exercise. Nothing contained in this Warrant shall be construed as requiring the Holder to exercise this Warrant prior to or in connection with the effectiveness of a registration statement.

5.    No Stockholder Rights. Unless and until this Warrant is exercised, this Warrant shall not entitle the Holder hereof to any voting rights or other rights as a stockholder of the Company, or to any other rights whatsoever except the rights herein expressed, and, no dividends shall be payable or accrue in respect of this Warrant.

	
	No. BD - ___	Page 2 of 6	 
	

	 

 

6.    Warrant Call Provision. The Company shall have the right to call the Common Stock Purchase Warrants at a price of $0.01 per warrant, provided that (i) the closing bid price of the Company’s common stock has exceeded (subject to adjustment as set forth in Section 3) $2.25 per share for at least fourteen (14) consecutive trading days prior to the state of the Notice Period, (ii) a registration statement covering the Warrant Shares filed under the Securities Act has been declared effective and remains effective for at least 90 days following the date fixed for redemption of the Warrants, and (iii) no lock-up agreement with the Company or its underwriter or agent would prohibit the sale or transfer of the Warrant Shares. Upon receipt of notice from the Company of its call rights hereunder, the Holder may exercise some or all of the warrants during the Notice Period, after which the Company shall pay to Holder the call price of $0.01 per warrant, and Holder’s rights hereunder shall be terminated.

7.    Exchange. This Warrant is exchangeable upon the surrender hereof by the Holder to the Company for new warrants of like tenor representing in the aggregate the right to purchase the number of Warrant Securities purchasable hereunder, each of such new warrants to represent the right to purchase such number of Warrant Securities as shall be designated by the Holder at the time of such surrender.

Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and, in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it and reimbursement to the company of all reasonable expenses incidental thereto, and upon surrender and cancellation hereof, if mutilated, the Company will make and deliver a new warrant of like tenor and amount, in lieu hereof.

8.    Elimination of Fractional Interests. The Company shall not be required to issue certificates representing fractions of securities upon the exercise of this Warrant, nor shall it be required to issue scrip or pay cash in lieu of fractional interests. All fractional interests shall be eliminated by rounding any fraction up to the nearest whole number of securities, properties or rights receivable upon exercise of this Warrant.

9.    Reservation of Securities. The Company shall at all times reserve and keep available out of its authorized shares of Common Stock or other securities, solely for the purpose of issuance upon the exercise of this Warrant, such number of shares of Common Stock or other securities, properties or rights as shall be issuable upon the exercise hereof. The Company covenants and agrees that, upon exercise of this Warrant, all shares of Common Stock and other securities issuable upon such exercise shall be duly and validly issued, fully paid, non-assessable and not subject to the preemptive rights of any stockholder.

10.         Notices to Holder. If at any time prior to the expiration of this Warrant or its exercise, any of the following events shall occur:

	
	No. BD - ___	Page 3 of 6	 
	

	 

 

(a)    the Company shall take a record of the holders of any class of its securities for the purpose of entitling them to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of current or retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company; or 

(b)    the Company shall offer to all the holders of a class of its securities any additional shares of capital stock of the Company or securities convertible into or exchangeable for shares of capital stock of the Company, or any option or warrant to subscribe therefor; or

(c)    a dissolution, liquidation or winding up of the Company (other than in connection with a consolidation or merger) or a sale of all or substantially all of its property, assets and business as an entirety shall be proposed.

then, in any one or more said events, the Company shall give written notice of such event to the Holder at least fifteen (15) days prior to the date fixed as a record date or the date of closing the transfer books for the determination of the stockholder entitled to such dividend, distribution, convertible or exchangeable securities or subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of closing the transfer books, as the case may be.

11.   Transferability. This Warrant may not be transferred or assigned by the Holder without first obtaining the prior written approval by the Company.

12.   Notice. Notices to be given to the Company or the Holder shall be deemed to have been sufficiently given if delivered personally or sent by overnight courier or messenger, or by facsimile transmission. Notices shall be deemed to have been received on the date of personal delivery or facsimile transmission. The address of the Company and of the Holder shall be as set forth in the Company’s books and records.

13.   Consent to Jurisdiction and Service. The Company consents to the jurisdiction of any court of the State of Georgia, and of any federal court located in Georgia, in any action or proceeding arising out of or in connection with this Warrant. The Company waives personal service of any summons, complaint or other process in connection with any such action or proceeding and agrees that service thereof may be made, by overnight courier directed to the Company at the Company’s business address, or, in the alternative, in any other form or manner permitted by law. Cobb County, Georgia shall be proper venue.

14.   Successors. All the covenants and provisions of this Warrant shall be binding upon and inure to the benefit of the Company, the Holder and their respective legal representatives, successors and assigns.

	
	No. BD - ___	Page 4 of 6	 
	

	 

 

15.    Attorneys Fees. In the event the Holder shall refer this Warrant to an attorney to enforce the terms hereof, the Company agrees to pay all the costs and expenses incurred in attempting or effecting collection hereunder, including reasonable attorney's fees, whether or not suit is instituted.

16.   Governing Law. THIS WARRANT SHALL BE GOVERNED, CONSTRUED AND INTERPRETED UNDER THE LAWS OF THE STATE OF GEORGIA, WITHOUT GIVING EFFECT TO THE RULES GOVERNING CONFLICTS OF LAW.

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by the signature of its President and to be delivered in Tyrone, Georgia.

	
Dated: 
		, 2004	 	
Speedemissions, Inc.,

	 	 	
a Florida corporation

	 	 	 
	 	 	 
	 	 	 
	 	 	
By:    Richard A. Parlontieri

	 	 	
Its:    President

	
 

	No. BD - ___	Page 5 of 6	 
	

	 

[FORM OF ELECTION TO PURCHASE]

 

The undersigned, the holder of the attached Warrant, hereby irrevocably elects to exercise the purchase right represented by this Warrant Certificate for, and to purchase securities of Speedemissions, Inc. and herewith makes payment of $______ therefor, and requests that the certificates for such securities be issued in the name of, and delivered to _______________________, whose address is _________________________________________.

 

	
Dated:
	 	
,20
	 	 	 	 
	 	 	 	 	 	 	
By:
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	
(Signature must conform in all respects to name of holder as specified on the face of the Warrant Certificate)

	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	
(Insert Social Security or Other Identifying Number of Holder)

	
 

	No. BD - ___	Page 6 of 6EXHIBIT 10.1
                                                                    ------------

                        HOTEL LEASE TERMINATION AGREEMENT

                                  BY AND AMONG

       HERSHA HOSPITALITY TRUST, A MARYLAND REAL ESTATE INVESTMENT TRUST;

     HERSHA HOSPITALITY LIMITED PARTNERSHIP, A VIRGINIA LIMITED PARTNERSHIP;

           44 NEW ENGLAND MANAGEMENT COMPANY, A VIRGINIA CORPORATION;

    HERSHA HOSPITALITY MANAGEMENT, L.P., A PENNSYLVANIA LIMITED PARTNERSHIP;

           THE LIMITED PARTNERS OF HERSHA HOSPITALITY MANAGEMENT, L.P.
                        LISTED ON THE ATTACHED EXHIBIT A;
                                               ---------

                                       AND

                       THE ORIGINAL SELLING PARTIES LISTED
                           ON THE ATTACHED EXHIBIT B.
                                           ---------

                            DATED AS OF APRIL 1, 2004

<PAGE>
                        HOTEL LEASE TERMINATION AGREEMENT

     THIS  HOTEL LEASE TERMINATION AGREEMENT (the "Agreement") is made as of the
1st  day  of  April, 2004 by and among Hersha Hospitality Trust, a Maryland real
estate  investment  trust  ("HHT");  Hersha  Hospitality  Limited Partnership, a
Virginia  limited  partnership  ("HHLP");  44  New England Management Company, a
Virginia  corporation  ("44NEMC");  Hersha  Hospitality  Management,  L.P.,  a
Pennsylvania limited partnership ("HHMLP"); the limited partners of HHMLP listed
on Exhibit A, attached hereto (the "Limited Partners of HHMLP") and the original
   ---------
selling  parties  listed on Exhibit B, attached hereto (the "Original Sellers").
                            ---------

                                   WITNESSETH

     WHEREAS,  HHLP  is the operating limited partnership subsidiary of HHT; and

     WHEREAS,  44NEMC  is  the  taxable  REIT  subsidiary  of  HHLP;  and

     WHEREAS, HHLP owns, through seven wholly-owned subsidiary partnerships (the
"HHLP-Subs"),  the  hotel  properties  listed  on  Exhibit  B,  attached  hereto
                                                   ----------
(individually,  a  "Property"  and,  collectively,  the  "Properties");  and

     WHEREAS,  HHLP  initially  purchased  the  Properties  pursuant  to certain
purchase  agreements  listed  on  Exhibit  C,  attached  hereto,  (the "Purchase
                                  ----------
Agreements")  between  HHLP  and  the  Original  Sellers  where  such  Purchase
Agreements  provide  for  the purchase and certain purchase price adjustments of
each  Hotel;  and

     WHEREAS,  HHLP,  the  HHLP-Subs  and  HHMLP have entered into certain lease
agreements  listed  on Exhibit D, attached hereto, (individually, a "Lease" and,
                       ---------
collectively,  the  "Leases")  pursuant  to  which  HHMLP  currently leases each
Property,  respectively,  from  HHLP;  and

     WHEREAS,  having  determined that it is in the best interest of the parties
hereto and subject to the terms and conditions set forth in this Agreement,  (i)
HHLP,  the  HHLP-Subs  and  HHMLP  desire to terminate the Leases, (ii) HHLP and
44NEMC desire to enter into lease agreements for each of the Properties pursuant
to  which  44NEMC  shall  lease the Properties from HHLP; (iii) 44NEMC and HHMLP
desire  to  enter into management agreements for each of the Properties pursuant
to  which  HHMLP  will manage the Properties; (iv) the Limited Partners of HHMLP
desire  to  fund  the  partners' deficit and (v) the Original Sellers, HHLP, the
HHLP-Subs  and  HHMLP  desire  to  waive  all  purchase price adjustments in the
Purchase  Agreements  and  any  and all amendments or extensions of the purchase
price  adjustments  in  any  other  agreement related to the Properties, each in
consideration  of  the acts and obligations of the other parties hereto pursuant
to  the  terms  hereof.

                                    AGREEMENT

     NOW,  THEREFORE,  in consideration of the foregoing recitals, and for other
good  and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged,  the  parties  agree  as  follows:

1.     Termination of Leases.  Subject to the terms and conditions set forth
       ---------------------
herein, HHLP, the HHLP-Subs and HHMLP hereby agree that the Leases shall
terminate as of 12:01 a.m. on the date first set forth above (the "Termination
Date").  The termination of the Leases as provided in this Agreement shall be
with the same force and effect as if the Termination Date was the date set forth
in each Lease for the expiration of the term thereof, and from and after the
Termination Date neither HHLP, the HHLP-Subs nor HHMLP shall have any further
rights, duties, liabilities or obligations pursuant to the Leases except (a) the
obligation of HHMLP to pay to HHLP and the HHLP-Subs all moneys with respect to
the Properties accrued and unpaid through the Termination Date, and (b) any
rights, obligations and liabilities pursuant to the indemnification provisions
of the Leases which arise or accrue before the Termination Date.

2.     Satisfaction of Outstanding Lease Obligations.  As of and through the
       ---------------------------------------------
Termination Date, HHMLP shall have satisfied all of its obligations, duties and
responsibilities pursuant to the terms and provisions of the Leases,

                                        1
<PAGE>
including but not limited to payment to HHLP and the HHLP-Subs of all moneys,
accrued and unpaid through the Termination Date.

3.     Transfer of Contracts, License and Permits.  To the extent necessary or
       ------------------------------------------
as requested by HHLP, HHMLP shall use its good faith commercially reasonable
efforts to assign and transfer any third party contracts, agreements, licenses
or permits related to the Properties to HHLP or HHLP's assignee.

4.     Surrender of Premises.  HHMLP hereby agrees to surrender the Properties,
       ---------------------
and all alterations, additions and improvements therein, to HHLP and the
HHLP-Subs on the Termination Date in as good condition as they were in at the
commencement of the term of the Leases, ordinary wear and tear excepted, and, at
the request of HHLP, to remove all personal property and furniture of HHMLP's
located therein.  At the request of HHLP, HHMLP  shall deliver all keys to the
Properties to the HHLP  on or before the Termination Date.

5.     Releases.  HHMLP hereby remises, releases and quitclaims unto HHLP and
       --------
the HHLP-Subs all right, title and interest of HHMLP  in and to the Properties
effective as of the Termination Date.  Except as indicated in Section 1 herein,
HHLP, the HHLP-Subs and HHMLP hereby waive, release and discharge the other from
each and every past, current and future obligation, covenant, agreement,
stipulation, payment and other liability under the Leases or in any manner
connected therewith effective as of the Termination Date.

6.     Lease Agreements. Immediately following the execution of this Agreement,
       ----------------
HHLP shall take such actions as are necessary for the HHLP-Subs and 44NEMC to
enter into a lease agreements, substantially in the form attached hereto as
Exhibit E and effective as of the date hereof, for each of the Properties.
---------

7.     Management Agreements.  Immediately following the execution of this
       ---------------------
Agreement, 44NEMC and HHMLP shall enter into a hotel management agreement,
substantially in the form attached hereto as Exhibit F and effective as of the
                                             ---------
date hereof, for each of the Properties.

8.     Funding of Partners' Deficit.  In order to provide a more financially
       ----------------------------
stable entity on which HHLP may rely upon to manage its current and future
properties, HHMLP and the Limited Partners of HHMLP agree to restore any and all
partners' deficit as of March 31, 2004 and reflected in the unaudited
consolidated balance sheets of HHT and subsidiaries as of such date.

9.     Waiver of Purchase Price Adjustments.  The Original Sellers, HHLP, the
       ------------------------------------
HHLP-Subs and HHMLP waive any and all purchase price adjustments in the Purchase
Agreements and any and all amendments or extensions of the purchase price
adjustments in any other agreement related to the Properties.

10.     Representations and Warranties.  As an inducement to the parties to
        ------------------------------
enter into this Agreement and to consummate the transactions contemplated
herein; the parties represent and warrant the following:

     (a) Each of HHT, HHLP, 44NEMC, HHMLP, the Limited Partners of HHMLP and the
     Original Sellers hereby represents and warrants for themselves alone that
     (i) it is duly organized, validly existing and in good standing under the
     laws of their jurisdiction of incorporation, formation or organization,
     respectively; (ii) it has full corporate, partnership or limited liability
     company power and authority, as the case may be, to conduct all the
     activities necessary to consummate the transactions contemplated hereby;
     (iii) it has full corporate, partnership or limited liability company
     power, as the case may be, to enter into this Agreement; and (iv) it has
     duly and validly authorized, executed and delivered this Agreement, which
     shall constitute a valid and binding agreement of each such entity
     enforceable against it in accordance with the terms hereof.

     (b) HHLP and HHMLP hereby represent and warrant that immediately prior to
     the effectiveness of this Agreement, the Leases were binding obligations of
     HHLP and HHMLP, enforceable against both HHLP and HHMLP in accordance with
     the terms thereof.

                                        2
<PAGE>
     (c) 44NEMC hereby represents and warrants that it satisfies the
     requirements of being a "taxable REIT subsidiary" as defined in the REIT
     regulations of the Internal Revenue Code of 1982, as amended (the "Code").

     (d) HHMLP and the Limited Partners of HHMLP represent and warrant that
     HHMLP satisfies the requirements of an "eligible independent contractor" as
     defined in the REIT regulations of the Code and is actively engaged in the
     trade or business of operating hotels for persons who are not a related to
     HHT or 44NEMC, HHT's taxable REIT subsidiary, and HHMLP will derive at
     least 10% of both its revenue and profit from operating hotels for persons
     other than HHT or 44NEMC.

11.     Miscellaneous.
        -------------

     (a)     Amendment.  Subject to applicable law, this Agreement may be
             ---------
amended, modified, or supplemented only by a written agreement signed by the
parties hereto.

     (b)     Assignment.  No party shall have the right to assign this
             ----------
Agreement, without the prior written consent of the other parties.  This
Agreement will be binding upon and inure to the benefit of the parties and their
respective successors and permitted assigns, and no other party will be
conferred any rights by virtue of this Agreement or be entitled to enforce any
of the provisions hereof.

     (c)     No Joint Venture.  Nothing set forth in this Agreement shall be
             ----------------
construed to create a joint venture between any of the parties hereto.

     (d)     Governing Law.  This Agreement shall be governed by, and construed
             -------------
in accordance with, the laws of the Commonwealth of Virginia, without regard to
any otherwise applicable principles of conflicts of laws.

     (e)     Waiver.  No waiver of any of the provisions of this Agreement shall
             ------
be deemed, or shall constitute, a waiver of any other provision, whether or not
similar, nor shall any waiver constitute a continuing waiver, nor shall a waiver
in any instance constitute a waiver in any subsequent instance.  No waiver shall
be binding unless executed in writing by the party making the waiver.

     (f)     Entire Agreement.  This Agreement and any other document to be
             ----------------
furnished pursuant to the provisions hereof embody the entire agreement and
understanding of the parties hereto as to the subject matter contained herein.
There are no restrictions, promises, representations, warranties, covenants, or
undertakings other than those expressly set forth or referred to in such
documents.  This Agreement and such documents supersede all prior agreements and
understandings among the parties with respect to the subject matter hereof.

     (g)     Severability.  Any term or provision of this Agreement that is
             ------------
invalid or unenforceable in any jurisdiction will, as to such jurisdiction, be
ineffective to the extent of such invalidity or unenforceability without
rendering invalid or unenforceable the remaining terms and provisions of this
Agreement, or affecting the validity or enforceability of any of the terms or
provisions of this Agreement.

     (h)     Fees and Expenses.  Each party to this Agreement will be
             -----------------
responsible for, and will pay, all of its own fees and expenses, including those
of its counsel and accountants, incurred in the negotiation, preparation, and
consummation of this Agreement and the transaction contemplated hereunder.

     (i)     Counterparts.  This Agreement may be executed in two or more fully
             ------------
or partially executed counterparts, each of which will be deemed an original
binding the signer thereof against the other signing parties, but all
counterparts together will constitute one and the same instrument.

                            [Signature Pages Follow]

                                        3
<PAGE>
     IN  WITNESS WHEREOF, the parties have executed and delivered this Agreement
as  of  the  date  and  year  first  above  written.

HERSHA HOSPITALITY TRUST,
a Maryland real estate investment trust

By:     ___________________________________
Name:   ___________________________________
Its:    ___________________________________

HERSHA HOSPITALITY LIMITED PARTNERSHIP,
a Virginia limited partnership

By:     Hersha Hospitality Trust, General Partner

By:     ___________________________________
Name:   ___________________________________
Its:    ___________________________________

44 NEW ENGLAND MANAGEMENT COMPANY,
a Virginia corporation

By:     ___________________________________
Name:   ___________________________________
Its:    ___________________________________

HERSHA HOSPITALITY MANAGEMENT, L.P.,
a Pennsylvania limited partnership

By:     Hersha Hospitality Management Co., General Partner

By:     ___________________________________
Name:   ___________________________________
Its:    ___________________________________

              Signature Page 1 of Hotel Lease Termination Agreement

<PAGE>
THE LIMITED PARTNERS OF
HERSHA HOSPITALITY MANAGEMENT, L.P.

<TABLE>
<CAPTION>
<S>                                      <C>
Shree Associates
                                         Shreeji Associates
By:   ________________________________   By:   ________________________________
Name: ________________________________   Name: ________________________________
Its:  ________________________________   Its:  ________________________________

Kunj Associates                          JSK II Associates

By:   ________________________________   By:   ________________________________
Name: ________________________________   Name: ________________________________
Its:  ________________________________   Its:  ________________________________

Devi Associates                          Neil H. Shah

By:   ________________________________   By:   ________________________________
Name: ________________________________   Name: ________________________________
Its:  ________________________________   Its:  ________________________________

Shanti Associates                        David L. Desfor

By:   ________________________________   By:   ________________________________
Name: ________________________________   Name: ________________________________
Its:  ________________________________   Its:  ________________________________
</TABLE>

              Signature Page 2 of Hotel Lease Termination Agreement

<PAGE>
ORIGINAL SELLERS

<TABLE>
<CAPTION>
<S>                                                 <C>
5244 ASSOCIATES,                                    2844 ASSOCIATES,
a Pennsylvania limited partnership                  a Pennsylvania limited partnership

By: Shreenathji Enterprises, Ltd., General Partner  By: Shreenathji Enterprises, Ltd., General Partner

By:   ________________________________              By:   ________________________________
Name: ________________________________              Name: ________________________________
Its:  ________________________________              Its:  ________________________________

3044 ASSOCIATES,                                    3144 ASSOCIATES,
a Pennsylvania limited partnership                  a Pennsylvania limited partnership

By: Shreenathji Enterprises, Ltd., General Partner  By: Shreenathji Enterprises, Ltd., General Partner

By:   ________________________________              By:   ________________________________
Name: ________________________________              Name: ________________________________
Its:  ________________________________              Its:  ________________________________

3244 ASSOCIATES,                                    5544 ASSOCIATES,
a Pennsylvania limited partnership                  a Pennsylvania limited partnership

By: Shreenathji Enterprises, Ltd., General Partner  By: Shreenathji Enterprises, Ltd., General Partner

By:   ________________________________              By:   ________________________________
Name: ________________________________              Name: ________________________________
Its:  ________________________________              Its:  ________________________________

3544 ASSOCIATES,
a Pennsylvania limited partnership

By: Shreenathji Enterprises, Ltd., General Partner

By:   ________________________________
Name: ________________________________
Its:  ________________________________

</TABLE>

              Signature Page 3 of Hotel Lease Termination Agreement

<PAGE>

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