Document:

Exhibit 4.2

 Exhibit 4.2 
 UNCONDITIONAL GUARANTY 
 Date: November 14, 2007 
  

			
	BORROWER	  	
	Name:	  	Apple REIT Nine, Inc.
		
	Address:	  	814 East Main Street
		  	Richmond, Virginia 23219
		
	GUARANTOR	  	
	Name:	  	Glade M. Knight
		
	Address:	  	814 East Main Street
		  	Richmond, Virginia 23219
		
	BANK	  	
		  	Wachovia Bank, National Association
		
	Address:	  	1021 East Cary Street
		  	Richmond, Virginia

 To induce Bank to make, extend or renew loans, advances, credit, or other financial accommodations to or for the
benefit of Borrower, which are and will be to the direct interest and advantage of the Guarantor, and in consideration of loans, advances, credit, or other financial accommodations made, extended or renewed to or for the benefit of Borrower,
Guarantor hereby irrevocably and unconditionally guarantees to Bank the timely payment and performance of all liabilities and obligations of Borrower to Bank, including, but not limited to, all obligations under any notes, loan agreements, security
agreements, letters of credit, swap agreements (as defined in 11 U.S. Code § 101), instruments, accounts receivable, contracts, drafts, leases, chattel paper, indemnities, acceptances, repurchase agreements, overdrafts, and the Loan Documents
defined below, however and whenever incurred or evidenced, whether primary, secondary, direct, indirect, absolute, contingent, due or to become due, now existing or hereafter contracted or acquired, and all modifications, extensions and renewals
thereof, including without limitation all principal, interest, charges, and costs and expenses incurred thereunder (including attorneys’ fees, arbitration fees, and other costs of collection incurred, regardless of whether suit is commenced)
(collectively, the “Guaranteed Obligations”). 
 Guarantor further covenants and agrees: 
 GUARANTOR’S LIABILITY. This Guaranty is a continuing and unconditional guaranty of payment and performance and not of collection. This Guaranty shall continue
to be effective or be reinstated, as the case may be, if at any time any payment of the Guaranteed Obligations is rescinded, avoided or for any other reason must be returned by Bank, and the returned payment shall remain payable as part of the
Guaranteed Obligations, all as though such payment had not been made. Except to the extent the provisions of this Guaranty give Bank additional rights, this Guaranty shall not be deemed to supersede or replace any other guaranties given to Bank by
Guarantor; and the obligations guaranteed hereby shall be in addition to any other obligations guaranteed by Guarantor pursuant to any other agreement of guaranty given to Bank and other guaranties of the Guaranteed Obligations. 

 TERMINATION OF GUARANTY. Guarantor may terminate this Guaranty only by written notice, delivered personally to or
received by certified or registered United States Mail by an authorized officer of Bank at the address for notices provided herein. Such termination shall be effective with respect to Guaranteed Obligations arising more than 15 days after the date
such written notice is received by said Bank officer. Guarantor may not terminate this Guaranty as to Guaranteed Obligations (including any subsequent extensions, modifications or compromises of the Guaranteed Obligations) then existing, or to
Guaranteed Obligations arising subsequent to receipt by Bank of said notice if such Guaranteed Obligations are a result of Bank’s obligation to make advances pursuant to a commitment entered into prior to expiration of the 15 day notice period,
or are a result of advances which are necessary for Bank to protect its collateral or otherwise preserve its interests. 
 CONSENT TO MODIFICATIONS.
Guarantor consents and agrees that Bank may from time to time, in its sole discretion, without affecting, impairing, lessening or releasing the obligations of Guarantor hereunder: (a) extend or modify the time, manner, place or terms
of payment or performance and/or otherwise change or modify the credit terms of the Guaranteed Obligations; (b) increase, renew, or enter into a novation of the Guaranteed Obligations; (c) waive or consent to the departure from terms of
the Guaranteed Obligations; (d) permit any change in the business or other dealings and relations of Borrower or any other guarantor with Bank; (e) proceed against, exchange, release, realize upon, or otherwise deal with in any manner any
collateral that is or may be held by Bank in connection with the Guaranteed Obligations or any liabilities or obligations of Guarantor; and (f) proceed against, settle, release, or compromise with Borrower, any insurance carrier, or any other
person or entity liable as to any part of the Guaranteed Obligations, and/or subordinate the payment of any part of the Guaranteed Obligations to the payment of any other obligations, which may at any time be due or owing to Bank; all in such manner
and upon such terms as Bank may deem appropriate, and without notice to or further consent from Guarantor. No invalidity, irregularity, discharge or unenforceability of, or action or omission by Bank relating to any part of the Guaranteed
Obligations or any security therefor shall affect or impair this Guaranty. 
 WAIVERS AND ACKNOWLEDGMENTS. Guarantor waives and releases the
following rights, demands, and defenses Guarantor may have with respect to Bank and collection of the Guaranteed Obligations: (a) promptness and diligence in collection of any of the Guaranteed Obligations from Borrower or any other person
liable thereon, and in foreclosure of any security interest and sale of any property serving as collateral for the Guaranteed Obligations; (b) any law or statute that requires that Bank make demand upon, assert claims against, or collect from
Borrower or other persons or entities, foreclose any security interest, sell collateral, exhaust any remedies, or take any other action against Borrower or other persons or entities prior to making demand upon, collecting from or taking action
against Guarantor with respect to the Guaranteed Obligations, including any such rights Guarantor might otherwise have had under Va. Code §§ 49-25 and 49-26, et seq., N.C.G.S. §§ 26-7, et seq., Tenn. Code Ann.
§ 47-12-101, O.C.G.A. § 10-7-24 Mississippi Code Ann. Section 87-5-1, and any successor statute and any other applicable law; (c) any law or statute that requires that Borrower or any other person be joined in, notified of or
made part of any action against Guarantor; (d) that Bank preserve, insure or perfect any security interest in collateral or sell or dispose of collateral in a particular manner or at a particular time, provided that Bank’s obligation to
dispose of Collateral in a commercially reasonable manner is not waived hereby; (e) notice of extensions, modifications, renewals, or novations of the Guaranteed Obligations, of any new transactions or other relationships between Bank, Borrower
and/or any guarantor, and of changes in the financial condition of, ownership of, or business structure of Borrower or any other guarantor; (f) presentment, protest, notice of dishonor, notice of default, demand for payment, notice of intention
to accelerate maturity, notice of acceleration of maturity, notice of sale, and all other notices of any kind whatsoever to which Guarantor may be entitled; (g) the right to assert against Bank any defense (legal or equitable), set-off,
counterclaim, or claim that Guarantor may have at any time against Borrower or any other party liable to Bank; (h) all defenses relating to invalidity, insufficiency, unenforceability, enforcement, release or impairment of Bank’s lien on
any collateral, of the Loan Documents, or of any other guaranties held by Bank; (i) any right to which Guarantor is or may 

  

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become entitled to be subrogated to Bank’ rights against Borrower or to seek contribution, reimbursement, indemnification, payment or the like, or
participation in any claim, right or remedy of Bank against Borrower or any security which Bank now has or hereafter acquires, until such time as the Guaranteed Obligations have been fully satisfied beyond the expiration of any applicable preference
period; (j) any claim or defense that acceleration of maturity of the Guaranteed Obligations is stayed against Guarantor because of the stay of assertion or of acceleration of claims against any other person or entity for any reason including
the bankruptcy or insolvency of that person or entity; and (k) the right to marshalling of Borrower’s assets or the benefit of any exemption claimed by Guarantor. Guarantor acknowledges and represents that Guarantor has relied upon
Guarantor’s own due diligence in making an independent appraisal of Borrower, Borrower’s business affairs and financial condition, and any collateral; Guarantor will continue to be responsible for making an independent appraisal of such
matters; and Guarantor has not relied upon Bank for information regarding Borrower or any collateral. 
 FINANCIAL CONDITION. Guarantor warrants,
represents and covenants to Bank that on and after the date hereof: (a) the fair saleable value of Guarantor’s assets exceeds its liabilities, Guarantor is meeting its current liabilities as they mature, and Guarantor is and shall remain
solvent; (b) all financial statements of Guarantor furnished to Bank are correct and accurately reflect the financial condition of Guarantor as of the respective dates thereof; (c) since the date of such financial statements, there has not
occurred a material adverse change in the financial condition of Guarantor; (d) there are not now pending any court or administrative proceedings or undischarged judgments against Guarantor, no federal or state tax liens have been filed or
threatened against Guarantor, and Guarantor is not in default or claimed default under any agreement; and (e) at such reasonable times as Bank requests, Guarantor will furnish Bank with such other financial information as Bank may reasonably
request. 
 INTEREST AND APPLICATION OF PAYMENTS. Regardless of any other provision of this Guaranty or other Loan Documents, if for any reason the
effective interest on any of the Guaranteed Obligations should exceed the maximum lawful interest, the effective interest shall be deemed reduced to and shall be such maximum lawful interest, and any sums of interest which have been collected in
excess of such maximum lawful interest shall be applied as a credit against the unpaid principal balance of the Guaranteed Obligations. Monies received from any source by Bank for application toward payment of the Guaranteed Obligations may be
applied to such Guaranteed Obligations in any manner or order deemed appropriate by Bank. 
 DEFAULT. If any of the following events occur, a default
(“Default”) under this Guaranty shall exist: (a) failure of timely payment or performance of the Guaranteed Obligations or a default under any Loan Document; (b) a breach of any agreement or representation contained or referred
to in the Guaranty, or contained in any other contract or agreement of Guarantor with Bank, whether now existing or hereafter arising; (c) the death of, appointment of a guardian for, dissolution of, termination of existence of, loss of good
standing status by, appointment of a receiver for, assignment for the benefit of creditors of, or the commencement of any insolvency or bankruptcy proceeding by or against Guarantor or any general partner of or the holder(s) of the majority
ownership interests of Guarantor; and/or (d) Bank determines in good faith, in its sole discretion, that the prospects for payment or performance of the Guaranteed Obligations are impaired or a material adverse change has occurred in the
business or prospects of Borrower or Guarantor, financial or otherwise. 
 If a Default occurs, the Guaranteed Obligations shall be due immediately and
payable without notice, other than Guarantied Obligations under any swap agreements (as defined in 11 U.S.C. § 101) with Bank, which shall be governed by the default and termination provisions of said swap agreements, and, Bank may exercise any
rights and remedies as provided in this Guaranty and other Loan Documents, or as provided at law or equity. Guarantor shall pay interest on the Guaranteed Obligations from such Default at the highest rate of interest charged on any of the Guaranteed
Obligations. 
 ATTORNEYS’ FEES AND OTHER COSTS OF COLLECTION. Guarantor shall pay all of Bank’s reasonable expenses incurred to enforce or
collect any of the Guaranteed Obligations, including, without 

  

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limitation, reasonable arbitration, paralegals’, attorneys’ and experts’ fees and expenses, whether incurred without the commencement of a
suit, in any suit, arbitration, or administrative proceeding, or in any appellate or bankruptcy proceeding. 
 SUBORDINATION OF OTHER DEBTS. Guarantor
agrees: (a) to subordinate the obligations now or hereafter owed by Borrower to Guarantor (“Subordinated Debt”) to any and all obligations of Borrower to Bank now or hereafter existing while this Guaranty is in effect, provided
however that Guarantor may receive regularly scheduled principal and interest payments on the Subordinated Debt so long as (i) all sums due and payable by Borrower to Bank have been paid in full on or prior to such date, and (ii) no event
or condition which constitutes or which with notice or the lapse or time would constitute an event of default with respect to the Guaranteed Obligations shall be continuing on or as of the payment date; (b) Guarantor will either place a legend
indicating such subordination on every note, ledger page or other document evidencing any part of the Subordinated Debt or deliver such documents to Bank; and (c) except as permitted by this paragraph, Guarantor will not request or accept
payment of or any security for any part of the Subordinated Debt, and any proceeds of the Subordinated Debt paid to Guarantor, through error or otherwise, shall immediately be forwarded to Bank by Guarantor, properly endorsed to the order of Bank,
to apply to the Guaranteed Obligations. 
 MISCELLANEOUS. Assignment. This Guaranty and other Loan Documents shall inure to the benefit of and be
binding upon the parties and their respective heirs, legal representatives, successors and assigns. Bank’s interests in and rights under this Guaranty and other Loan Documents are freely assignable, in whole or in part, by Bank. Any assignment
shall not release Guarantor from the Guaranteed Obligations. Organization; Powers. Guarantor represents that Guarantor (i) is (a) an adult individual and is sui juris, or (b) a corporation, general partnership, limited
partnership, limited liability company or other legal entity (as indicated below), duly organized, validly existing and in good standing under the laws of its state of organization, and is authorized to do business in each other jurisdiction wherein
its ownership of property or conduct of business legally requires such organization (ii) has the power and authority to own its properties and assets and to carry on its business as now being conducted and as now contemplated; and
(iii) has the power and authority to execute, deliver and perform, and by all necessary action has authorized the execution, delivery and performance of, all of its obligations under this Guaranty and any other Loan Document to which it is a
party. Applicable Law; Conflict Between Documents. This Guaranty shall be governed by and construed under the laws of the state named in Bank’s address on the first page hereof without regard to that state’s conflict of laws
principles. If the terms of this Guaranty should conflict with the terms of any commitment letter that survives closing, the terms of this Guaranty shall control. Guarantor’s Accounts. Except as prohibited by law, Guarantor grants Bank a
security interest in all of Guarantor’s accounts with Bank and its affiliates. Severability. If any provision of this Guaranty or of the other Loan Documents shall be prohibited or invalid under applicable law, such provision shall be
ineffective but only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Guaranty or other Loan Documents. Notices. Any notices to Guarantor shall be
sufficiently given if in writing and mailed or delivered to Guarantor’s address shown above or such other address as provided hereunder, and to Bank, if in writing and mailed or delivered to Wachovia Bank, National Association Mail Code VA7391,
P. O. Box 13327, Roanoke, VA 24040 or Wachovia Bank, National Association Mail Code VA7391, 10 South Jefferson Street, Roanoke, VA 24011 or such other address as Bank may specify in writing from time to time. Notices to Bank must include the mail
code. In the event that Guarantor changes Guarantor’s address at any time prior to the date the Guaranteed Obligations are paid in full, Guarantor agrees to promptly give written notice of said change of address to Bank by registered or
certified mail, return receipt requested, all charges prepaid. Plural; Captions. All references in the Loan Documents to borrower, guarantor, person, document or other nouns of reference mean both the singular and plural form, as the case may
be, and the term “person” shall mean any individual person or entity. The captions contained in the Loan Documents are inserted for convenience only and shall not affect the meaning or interpretation of the Loan Documents. Binding
Contract. Guarantor by execution of and Bank by acceptance of this Guaranty agree that each party is bound to all terms and provisions of this Guaranty. Amendments, Waivers and Remedies. No waivers, amendments or modifications of this
Guaranty and other Loan 

  

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Documents shall be valid unless in writing and signed by an officer of Bank. No waiver by Bank of any Default shall operate as a waiver of any other Default
or the same Default on a future occasion. Neither the failure nor any delay on the part of Bank in exercising any right, power, or privilege granted pursuant to this Guaranty and other Loan Documents shall operate as a waiver thereof, nor shall a
single or partial exercise thereof preclude any other or further exercise or the exercise of any other right, power or privilege. All remedies available to Bank with respect to this Guaranty and other Loan Documents and remedies available at law or
in equity shall be cumulative and may be pursued concurrently or successively. Loan Documents. The term “Loan Documents” refers to all documents executed in connection with the Guaranteed Obligations and may include, without
limitation, commitment letters that survive closing, loan agreements, other guaranty agreements, security agreements, promissory note, instruments, financing statements, mortgages, deeds of trust, deeds to secure debt, letters of credit and any
amendments or supplements (excluding swap agreements as defined in 11 U.S. Code § 101). FINAL AGREEMENT. This Agreement and the other Loan Documents represent the final agreement between the parties and may not be contradicted by
evidence of prior, contemporaneous or subsequent oral agreements of the parties. There are no unwritten oral agreements between the parties.  
 FINANCIAL AND OTHER INFORMATION. Guarantor shall deliver to Bank such information as Bank may reasonably request from time to time, including without limitation, financial statements and information pertaining to Guarantor’s
financial condition. Such information shall be true, complete, and accurate. 
 ARBITRATION. Upon demand of any party hereto, whether made before or
after institution of any judicial proceeding, any claim or controversy arising out of or relating to the Loan Documents between parties hereto (a “Dispute”) shall be resolved by binding arbitration conducted under and governed by the
Commercial Financial Disputes Arbitration Rules (the “Arbitration Rules”) of the American Arbitration Association (the “AAA”) and the Federal Arbitration Act. Disputes may include, without limitation, tort claims, counterclaims,
a dispute as to whether a matter is subject to arbitration, claims brought as class actions, or claims arising from documents executed in the future. A judgment upon the award may be entered in any court having jurisdiction. Notwithstanding the
foregoing, this arbitration provision does not apply to disputes under or related to swap agreements. Special Rules. All arbitration hearings shall be conducted in the city named in the address of Bank first stated above. A hearing shall
begin within 90 days of demand for arbitration and all hearings shall conclude within 120 days of demand for arbitration. These time limitations may not be extended unless a party shows cause for extension and then for no more than a total of 60
days. The expedited procedures set forth in Rule 51 et seq. of the Arbitration Rules shall be applicable to claims of less than $1,000,000.00. Arbitrators shall be licensed attorneys selected from the Commercial Financial Dispute Arbitration
Panel of the AAA. The parties do not waive applicable Federal or state substantive law except as provided herein. Preservation and Limitation of Remedies. Notwithstanding the preceding binding arbitration provisions, the parties agree to
preserve, without diminution, certain remedies that any party may exercise before or after an arbitration proceeding is brought. The parties shall have the right to proceed in any court of proper jurisdiction or by self-help to exercise or prosecute
the following remedies, as applicable: (i) all rights to foreclose against any real or personal property or other security by exercising a power of sale or under applicable law by judicial foreclosure including a proceeding to confirm the sale;
(ii) all rights of self-help including peaceful occupation of real property and collection of rents, set-off, and peaceful possession of personal property; (iii) obtaining provisional or ancillary remedies including injunctive relief,
sequestration, garnishment, attachment, appointment of receiver and filing an involuntary bankruptcy proceeding; and (iv) when applicable, a judgment by confession of judgment. Any claim or controversy with regard to any party’s
entitlement to such remedies is a Dispute. Waiver of Exemplary Damages. The parties agree that they shall not have a remedy of punitive or exemplary damages against other parties in any Dispute and hereby waive any right or claim to punitive
or exemplary damages they have now or which may arise in the future in connection with any Dispute whether the Dispute is resolved by arbitration or judicially. Waiver of Jury Trial. THE PARTIES ACKNOWLEDGE THAT BY AGREEING TO BINDING
ARBITRATION THEY HAVE IRREVOCABLY WAIVED ANY RIGHT THEY MAY HAVE TO JURY TRIAL WITH REGARD TO A DISPUTE. 
  

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 IN WITNESS WHEREOF, Guarantor, on the day and year first written above, has caused this Unconditional Guaranty to
be executed under seal. 
  

	
	 By:

	                                       
                                      
 (Seal)

	 Name printed: Glade M. Knight

  

 Page 6Exhibit 10.1

 Exhibit 10.1 
 ADVISORY AGREEMENT 
 BETWEEN 
 APPLE REIT NINE, INC. 
 AND 
 APPLE NINE ADVISORS, INC. 
 THIS ADVISORY AGREEMENT, dated as of
                    , 2008, is between APPLE REIT NINE, INC., a Virginia corporation (the “Company”), and APPLE NINE ADVISORS, INC., a
Virginia corporation (the “Advisor”). 
 RECITALS 
 A. The purpose of the Company is to invest primarily in hotels, residential apartment communities and other income-producing real estate in selected metropolitan areas of the United States. The Company intends to
qualify as a real estate investment trust pursuant to Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. 
 B. The
Company desires to engage the Advisor to provide information, advice, assistance and facilities to the Company and to have the Advisor undertake the duties and responsibilities hereinafter set forth, all subject to the supervision of the
Company’s Board of Directors, on the terms and conditions set forth herein. In consideration therefor, the Company desires to pay the Advisor certain fees as herein set forth. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties agree as follows: 

1. Definitions. For purposes of this Agreement, the following terms shall have the meanings set forth below. 
 (a) “Affiliate” means (i) any Person directly or indirectly controlling, controlled by or under common control with another
Person, (ii) any Person owning or controlling 10% or more of the outstanding voting securities or beneficial interests of such other Person, (iii) any officer, director, trustee or general partner of such Person and (iv) if such other
Person is an officer, director, trustee or partner of another entity, then the entity for which that Person acts in any such capacity. “Affiliated” means being an Affiliate of a specified Person. 
 (b) “Articles of Incorporation” means the Company’s Articles of Incorporation filed with the Virginia State Corporation
Commission, including all amendments, restatements or modifications thereof. 

 (c) “Asset Management Fee” means the fee payable to the Advisor for its
services hereunder. Such fee will be paid pursuant and subject to Section 11 of this Agreement. 
 (d) “Average
Invested Assets” for any period means the average of the aggregate book value of the assets of the Company invested, directly or indirectly, in equity interests in and loans secured by real estate, before reserves for depreciation or bad debts
or other similar non-cash reserves, computed by taking the average of such values at the end of each month during such period. 
 (e) “Board of Directors” means the Company’s Board of Directors as of any particular time. 
 (f)
“Bylaws” means the Company’s Bylaws, including all amendments, restatements or modifications thereof. 
 (g)
“Calendar Year” means the year ended December 31st and any portion thereof treated by the Internal Revenue Service as a reporting period for the Company. 
 (h) “Code” means the Internal Revenue Code of 1986, as amended from time to time, including successor statutes thereto.

 (i) “Company Net Income” for any period means the total revenues of the Company for such period, less expenses
applicable to such period other than additions to reserves for depreciation or bad debts or other similar non-cash reserves. “Company Net Income,” for purposes of calculating Operating Expenses in Section 15 of this Agreement, does
not include the gain from the sale of the Company’s assets. 
 (j) “Directors” means, as of any particular
time, the directors of the Company holding office at such time. 
 (k) “Modified Net Income” means net income
(computed in accordance with generally accepted accounting principles) excluding gains (or losses) from debt restructuring and sales of property, plus depreciation of real property, and after adjustments for significant non-recurring items and
unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect modified net income on the same basis. 
 (l) “Offering” means the public offering of the Company’s Units. 
 (m) “Operating Expenses” means all operating, general and administrative expenses of the Company as determined under generally
accepted accounting principles (including regular compensation payable to the Advisor), excluding, however, the following: 
 (i) expenses of raising capital; 
 (ii) interest payments; 
  

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 (iii) taxes; 
 (iv) non-cash expenditures, such as depreciation, amortization and bad debt; 
 (v) reserves; 
 (vi) incentive fees paid to the Advisor, if any; and 
 (vii) costs related directly to asset acquisition, operation
or disposition. 
 (n) “Organizational and Offering Expenses” means all expenses incurred in connection with the
formation and registration of the Company and in qualifying and marketing the Units under applicable federal and state law, and any other expenses actually incurred and directly related to the qualification, registration, offer and sale of the
Units, including such expenses as (i) all marketing expenses and payments made to broker-dealers as compensation or reimbursement for all costs of reviewing the Offering, including due diligence investigations and fees and expenses of their
attorneys, accountants and other experts; (ii) registration fees, filing fees and taxes; (iii) the costs of printing, amending, supplementing and distributing the registration statement and Prospectus; (iv) the costs of obtaining
regulatory clearances of, and printing and distributing, sales materials used in connection with the offer and sale of the Units; (v) the costs related to investor and broker-dealer sales meetings concerning the Offering; and
(vi) accounting and legal fees incurred in connection with any of the foregoing. 
 (o) “Person” includes an
individual, corporation, partnership, joint venture, association, company, trust, bank or other entity, or government and any agency and political subdivision of a government. 
 (p) “Property” or “Properties” means partial or entire equity interests, including equity participation interests such
as general partnership interests and joint venture interests, owned by the Company in real property as described in the Prospectus. 
 (q) “Prospectus” has the meaning given to that term by Section 2(10) of the Securities Act of 1933, as amended, and as used herein, the term means the Prospectus of the Company pursuant to which the Units are offered to the
public. 
 (r) “Return Ratio” means, for any period, the ratio of Modified Net Income to Total Contributions.

 (s) “Shareholders” means the holders of record of the Company’s Units. 
 (t) “Total Contributions” means the gross offering proceeds which have been received by the Company from time to time from the
sale or sales of the Units. Total Contributions shall be calculated to reflect the average of the daily amounts during the period in question of the gross offering proceeds which have been received by the Company from time to time from the sales of
Units, to extent such Units are issued and such sales have actually been closed. 
  

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 (u) “Units” means the Units of the Company. Each Unit consists of one Common
Share and one Series A preferred share of the Company. 
 2. Duties of the Advisor. Subject to the terms of the Articles of
Incorporation, the Bylaws, and the supervision of the Board of Directors, the Advisor, at its own cost and expense, unless otherwise set forth herein, on behalf of the Company, shall: 
 (a) serve as the Company’s investment advisor and consultant in connection with policy and investment decisions to be made by the
Board of Directors, furnish reports to the Board of Directors, and provide research, economic and statistical data in connection with the acquisition, financing, refinancing, holding, leasing and disposition of Properties and other investments of
the Company; 
 (b) administer the day-to-day operations of the Company and perform or supervise the various administrative
functions reasonably necessary for the management of the Company; 
 (c) investigate, select and, on behalf of the Company,
engage and conduct business with (including, but not limited to, entering into contracts in the name of the Advisor or the Company) consultants, accountants, correspondents, lenders, servicers, technical advisors, attorneys, brokers, underwriters,
corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, mortgagors, and other mortgage and investment participants, any and all agents for any
of the foregoing, including Affiliates of the Advisor, and Persons acting in any other capacity deemed by the Board of Directors necessary or desirable for the performance of any of the foregoing services; 
 (d) act as attorney-in-fact or agent in acquiring, financing, refinancing, leasing and disposing of Properties and other investments, in
disbursing and collecting funds of the Company, in paying the debts and fulfilling the obligations of the Company and in handling, prosecuting and settling any claims of the Company, including the foreclosure or other enforcement of any mortgage or
other lien securing Properties or other investments, and exercise its own discretion in doing so; provided that any fees and costs payable to independent Persons incurred by the Advisor in connection with the foregoing shall be the responsibility of
the Company; 
 (e) negotiate on behalf of the Company with banks or other lenders for loans to be made to the Company, and
negotiate on behalf of the Company with investment banking firms and broker-dealers or negotiate private sales of the securities of the Company or obtain loans for the Company, but in no event in such a way so that the Advisor shall be acting as
broker-dealer or underwriter; and provided, further, that any fees and costs payable to third parties incurred by the Advisor in connection with the foregoing shall be the responsibility of the Company; 
 (f) invest or reinvest any money of the Company, as directed by the Board of Directors or subject to such discretionary powers as the
Board of Directors may from time to time delegate; 
  

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 (g) if requested by the Company, provide appraisal reports on any real property that is,
or is proposed to be, acquired by the Company for investment; 
 (h) at any time reasonably requested by the Board of
Directors (but not more than monthly) make reports of its performance of services to the Company; 
 (i) communicate on behalf
of the Company with the Shareholders of the Company as required to satisfy the continuous reporting and other requirements of any governmental bodies or agencies to the Shareholders and third parties and to maintain effective relations with the
Shareholders; 
 (j) counsel the Company in connection with policy decisions to be made by the Board of Directors; 

(k) provide the executive and administrative personnel and services required in rendering the foregoing services to the Company; and

 (l) perform such other services as may be required from time to time for management and other activities relating to the
assets of the Company as the Advisor shall deem appropriate under the particular circumstances. 
 3. Commitments. In order to meet
the investment requirements of the Company, but only as determined by the Board of Directors, or any authorized committee thereof, from time to time, the Advisor agrees at the direction of the Board of Directors or any such committee to issue on
behalf of the Company commitments on such terms as are established by the Board of Directors or any such committee, for the acquiring of Properties or other assets. 
 4. Duties of the Board of Directors. In order for the Advisor to fulfill its duties, the Board of Directors shall, to the extent it deems proper, provide the Advisor with full information concerning the
Company, its capitalization and investment policies and the intentions of the Board of Directors with respect to future investments. The Company shall furnish the Advisor with a copy of all audited financial statements, a signed copy of each report
prepared by independent accountants, and such other information with regard to its affairs as the Advisor may from time to time reasonably request. 
 5. Advice. In addition to the services described in Section 2 above, the Advisor shall consult with the Board of Directors and the officers of the Company and shall furnish them with advice and recommendations with respect to
the acquiring of Properties or commitments therefor, or other investments of, or investments considered by, the Company, and shall furnish advice and recommendations with respect to other aspects of the business and affairs of the Company. In order
to facilitate the investment of the funds of the Company and enable it to avail itself of investment opportunities as they arise, the Advisor may from time to time be granted, but is not hereby granted, the power and authority to make and dispose of
investments and to make and terminate commitments for investments, on behalf of and in the name of the Company, without further or express authority from the Board of Directors; provided, however that the Board of Directors shall have the power to
revoke, suspend, modify or limit such power and authority at any time or from time to time, but not retroactively. Unless otherwise notified by the Board of Directors, a representative of the Advisor shall attend all regular and special meetings of
the Board of Directors, and the Board of Directors shall notify the Advisor of such meetings. 
  

 5 

 6. Bank Accounts. The Advisor may establish and maintain one or more bank accounts in the name of
the Company and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Company, under such terms and conditions as the Board of Directors may approve, provided that all
such accounts shall be maintained in such fashion as to make clear that the funds therein are the property of the Company and not of the Advisor. The Advisor shall from time to time render appropriate accountings of such collections and payments to
the Board of Directors and to the auditors of the Company. 
 7. Investment Undertakings. The Advisor shall use its best efforts to
assure that (i) any mortgage securing a Property of the Company shall be and remain a valid lien upon the mortgaged property according to its terms; (ii) the title to any Property is insured by appropriate policies of title insurance;
(iii) any Property is duly insured against loss or damage by fire, with extended coverage, and against such other insurable hazards and risks as is customary and appropriate in the circumstances; and (iv) the policies from time to time
specified by the Board of Directors with regard to the protection of the Company’s investments are carried out. Any and all fees and costs incurred by the Advisor in performing such functions, whether payable to its Affiliates or independent
Persons shall be borne by the Company. 
 8. Records; Confidentiality. The Advisor shall maintain appropriate records of all its
activities hereunder and make such records available for inspection by the Board of Directors and by counsel, auditors and authorized agents of the Company, at any time or from time to time during normal business hours. The Advisor shall at all
reasonable times have access to the books and records of the Company. The Advisor shall keep confidential any and all information obtained in connection with the services rendered hereunder and shall not disclose any such information to
nonaffiliated Persons except with the prior consent of the Board. 
 9. Limitation of Activities. Anything else in this Agreement to
the contrary notwithstanding: 
 (a) The Advisor shall refrain from taking any action which, in its sole judgment made in
good faith, would adversely affect the status of the Company as a real estate investment trust as defined in the Code, subject the Company to regulation under the Investment Company Act of 1940, violate any law, rule or regulation or would otherwise
not be permitted by the Articles of Incorporation or Bylaws of the Company, except if such action shall be ordered by the Board of Directors, in which case the Advisor shall notify promptly the Board of Directors of the Advisor’s judgment of
the potential impact of such action and shall refrain from taking such action until it receives further clarification or instructions from the Board of Directors. Notwithstanding the foregoing, the Advisor and its stockholders, directors, officers
and employees shall not be liable to the Company, or to the Company’s Board of Directors or Shareholders for any act or omission by the Advisor, or its stockholders, directors, officers or employees except as provided in Section 16 of this
Agreement. 
  

 6 

 (b) In performing its duties and obligations under this Agreement, the Advisor shall
abide by and comply with the provisions and policies set forth in the Articles of Incorporation and Bylaws. 
 10. Relationship with Board
of Directors. Employees of the Advisor may serve as members of the Board of Directors or any committee thereof and as officers of the Company, except that no employee of the Advisor who also is a Director or officer of the Company shall receive
any compensation from the Company for serving as a Director or officer other than for reasonable reimbursement for travel and related expenses incurred in attending meetings of the Board of Directors or any committee thereof. 
 11. Fees. 
 (a) Asset
Management Fee. The Company shall pay to the Advisor quarterly, for services rendered under this Agreement, an Asset Management Fee calculated as follows: The Asset Management Fee for any calendar quarter shall be a applicable percentage of the
Total Contributions. The applicable percentage used to calculate such Asset Management Fee shall be based upon the Return Ratio, calculated on a per annum basis. The Asset Management Fee shall be as follows with respect to any such calendar year:
0.1% of Total Contributions if the Return Ratio for the calendar year is 6.0% per annum or less; 0.15% of Total Contributions if the Return Ratio for the calendar year is more than 6.0% per annum but not more than 8.0% per annum; and
0.25% of Total Contributions if the Return Ratio for the calendar year is above 8.0% per annum. If the Asset Management Fee is payable with respect to any partial calendar year, it shall be prorated based on the number of days elapsed during
any such partial calendar year and paid quarterly. 
 (b) Payment of Asset Management Fee. The Advisor shall compute the
compensation payable to it under Section 11(a) of this Agreement within 45 days of the end of each calendar quarter. A copy of the computations made by the Advisor to calculate its compensation shall thereafter promptly be delivered to the
Board of Directors and, upon such delivery, payment of the compensation earned under Section 11(a) of this Agreement shown therein shall be due and payable within 60 days after the end of such calendar quarter. 
 12. Expenses. 
 (a)
The Company shall pay directly or reimburse the Advisor for the following expenses in addition to the compensation provided for in this Agreement: 
 (i) all costs of personnel employed by the Company and involved in the business of the Company; 
 (ii) expenses incurred in connection with the initial investment of the funds of the Company, including all direct expenses incurred in connection with investigation and acquisition of Properties; 
  

 7 

 (iii) interest and other costs for borrowed money, including discounts, points and other
similar fees; 
 (iv) taxes and assessments on income or property and taxes as an expense of doing business; 
 (v) fees and commissions, including finder’s fees and brokerage commissions with respect to the acquisition and disposition of assets
of the Company, whether payable to an Affiliate of the Advisor or an unrelated Person, including, without limitation, costs of foreclosure, maintenance, repair and improvement of Property; 
 (vi) costs associated with insurance required in connection with the business of the Company or by the Board of Directors; 
 (vii) expenses of managing and operating real property owned by the Company, whether payable to an Affiliate of the Advisor or an
unrelated Person; 
 (viii) fees and expenses of legal counsel for the Company; 
 (ix) fees and expenses of independent auditors and accountants for the Company; 
 (x) all expenses in connection with payments to the Board of Directors or any committee thereof and meetings of the Board of Directors or
any committee thereof and Shareholders; 
 (xi) expenses associated with listing the Units on a national stock exchange or
quoting the Units on the NASDAQ National Market System if requested by the Board of Directors, or with the issuance and distribution of any additional Units of the Company at any time, such as taxes, legal and accounting fees, listing and
registration fees, and other expenses; 
 (xii) dividend and dividend distributions; 
 (xiii) expenses of organizing, revising, amending, converting, modifying or terminating the Company, the Articles of Incorporation or the
Bylaws; and 
 (xiv) expenses of maintaining communications with Shareholders, including the cost of preparation, printing,
and mailing annual reports and other Shareholder reports, proxy statements and other reports required by governmental entities; and 
 (xv) all costs and expenses associated with the office space used by the Advisor in rendering its services hereunder. 
  

 8 

 Expenses incurred by the Advisor on behalf of the Company and payable pursuant to this Section, shall be
reimbursed quarterly to the Advisor within 60 days after the end of each quarter. The Advisor shall prepare a statement documenting the expenses of the Company during each quarter, and shall deliver such statement to the Company within 45 days after
the end of each quarter. 
 (b) Except as otherwise provided herein, the Advisor shall pay all expenses of performing its
obligations under this Agreement, including, without limitation, the following expenses: 
 (i) employment expenses of the
Advisor, including, but not limited to, salaries, wages, payroll taxes, costs of employee benefit plans, and temporary help expenses, except to the extent that such expenses are otherwise reimbursable pursuant to Section 12(a) of this Agreement
or the Articles of Incorporation or Bylaws; 
 (ii) audit fees and expenses of the Advisor; 
 (iii) legal fees and other expenses of professional services to the Advisor; 
 (iv) rent, telephone, utilities and other office expenses of the Advisor; 
 (v) insurance of the Advisor; and 
 (vi) all other administrative expenses of the Advisor. 
 13. Limitation on the Advisor’s Investment
Advice. Notwithstanding anything to the contrary in this Agreement, the Advisor shall not be required to, and shall not, advise the Company as to any investments in securities, except when, and to the extent that, the Advisor and the Company
specifically agree (i) that such advice is desirable, and (ii) that such advice can be rendered consistently with applicable legal requirements, including any applicable provisions of relevant “investment advisor” laws.

 14. Other Services. Should the Board of Directors request that the Advisor or any employee thereof render material services for the
Company other than set forth in Section 2, such services shall be separately compensated and shall not be deemed to be services pursuant to the terms of this Agreement. 
 15. Limitation on Operating Expenses. Within 120 days from the end of any Calendar Year, the Advisor shall refund to the Company the amount, if
any, by which the Operating Expenses of the Company, excluding extraordinary nonrecurring items and those items referred to in Section 14, during such Calendar Year exceeded the greater of either of the following limitations: 
 (a) 2% of the Average Invested Assets of the Company for such Calendar Year; or 
  

 9 

 (b) 25% of the Company’s Company Net Income for such Calendar Year, determined in
accordance with generally accepted accounting principles. 
 The Directors of the Company may determine that, because of unusual and
nonrecurring factors which they deem sufficient, a higher level of Operating Expenses is justified for such Calendar Year. The Advisor shall be promptly reimbursed for any payments made under this Section 15 if, in any succeeding Calendar Year,
the Operating Expenses of the Company are less than the permitted level of Operating Expenses. 
 16. Advisory Responsibility. The
Advisor assumes no responsibility under this Agreement other than to render the services called for hereunder in good faith and with integrity, and shall not be responsible for any action of the Company in following or declining to follow any advice
or recommendation of the Advisor. Neither the Advisor, its shareholders, directors, officers nor employees nor any of its Affiliates, nor any Person contracting with the Advisor for services and its shareholders, directors, officers and employees
nor any of its Affiliates shall be liable to the Company or its Shareholders, except by reason of acts constituting gross negligence or willful misconduct. The Advisor hereby agrees to look solely to the assets of the Company for satisfaction of all
claims against the Company, and in no event shall any Shareholder, Director, officer or agent of the Company have any personal liability for the obligation of the Company under this Agreement. 
 17. Incorporation of the Articles of Incorporation and Bylaws. To the extent the Articles of Incorporation and Bylaws impose obligations or
restrictions on the Advisor or grant the Advisor certain rights which are not set forth in this Agreement, the Advisor shall abide by such obligations or restrictions and such rights shall inure to the benefit of the Advisor with the same force and
effect as if they were set forth herein. 
 18. Fiduciary Duty and Indemnification. Subject to Section 16, the Advisor shall have
a fiduciary relationship to the Shareholders. However, the Company shall indemnify the Advisor, to the fullest extent permitted by law, for its liabilities and losses arising from the operations of the Company (including its costs and expenses,
including legal fees and expenses, incurred in connection with investigating and defending itself against such liabilities and losses) if the following conditions are met: 
 (a) the Directors have determined, in good faith, that the course of conduct which caused the liability or loss was undertaken in good
faith within what the Advisor reasonably believed to be the scope of its employment or authority and for a purpose which it reasonably believed to be in the best interests of the Company; 
 (b) the Directors have determined, in good faith, that the liability or loss was not the result of willful misconduct, bad faith, reckless
disregard of duties or violation of the criminal law on the part of the Advisor; and 
 (c) the indemnified amount is
recoverable only out of the assets of the Company and not from the Shareholders. 
  

 10 

 Notwithstanding the foregoing, indemnification will not be allowed for any liability imposed by judgment,
and costs associated therewith, including attorneys’ fees, arising from or out of a violation of state or federal securities laws associated with the Offering of the Units unless (i) there has been a successful adjudication on the merits
of each count involving alleged securities laws violations as to the particular indemnitee, or (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee or
(iii) a court of competent jurisdiction approves a settlement of the claims against a particular indemnitee. 
 19. Transactions
between the Advisor and the Company. All transactions between the Advisor and the Company shall require the approval by a majority of the Directors and shall otherwise comply with the conflict of interest provisions of the Bylaws. 
 20. Relationship of Advisor and Company. The Company and the Advisor are not partners or joint ventures with each other, and nothing herein shall
be construed to make them such partners or joint ventures or impose any liability as such on either of them. 
 21. Other Activities.
Except as otherwise expressly provided herein, nothing contained herein shall limit the right of the Advisor or any of its officers, directors or employees, whether or not a Director, officer or employee of the Company, to engage in other business
activities or to render services of any kind to any other Person even if such other business activities or services may be in direct competition with the Company. 
 22. Term; Termination of Agreement. 
 (a) This Agreement shall have an initial term
ending seven years after                     , 2008, and thereafter shall be renewed for additional two-year terms upon the consent of the
Directors. 
 (b) Prior to any renewal of this Agreement, the Directors shall review (i) the performance of the Advisor
hereunder to determine its compliance with the provisions of this Agreement, and (ii) the fees payable to the Advisor hereunder to determine whether they are reasonable in relation to the nature and quality of services performed. The findings
of the Directors shall be recorded in the minutes of the Directors. 
 (c) This Agreement shall be terminable (i) without
cause by the Advisor or (ii) without cause by a majority of the Directors, in each case upon 60 days’ prior written notice to the non-terminating party. 
 (d) In the event of the termination of the Advisor, the Advisor will cooperate with the Company and take all reasonable steps requested to
assist the Directors in making an orderly transition of the advisory function to another Person. 
 (e) At the sole option of
a majority of the Directors, this Agreement may be terminated for cause by written notice of termination from the Company to the Advisor if any of the following events occur: 
 (i) if the Advisor shall violate or default in the performance of any material provision of this Agreement and, after written notice of
such violation or default, shall not cure such violation or default within 30 days; 
  

 11 

 (ii) if the Advisor shall be adjudged bankrupt or insolvent by a court of competent
jurisdiction, or an order shall be made by a court of competent jurisdiction for the appointment of a receiver, liquidator or trustee of the Advisor, or of all or substantially all of its property by reason of the foregoing, or approving any
petition filed against the Advisor for reorganization, and such adjudication or order shall remain in force or unstayed for a period of 30 days; or 
 (iii) if the Advisor shall institute proceedings for voluntary bankruptcy or shall file a petition seeking reorganization under the federal bankruptcy laws, or for relief under any law for relief of debtors, or shall
consent to the appointment of a receiver for itself or for all or substantially all of its property, or shall make a general assignment for the benefit of its creditors, or shall admit in writing its inability to pay its debts, generally, as they
become due. 
 (f) Any notice of termination under this Section shall (except to the extent this Section requires a different
notice period) be effective on the date specified in such notice, which may be the day on which such notice is given or any date thereafter. The Advisor agrees that if any of the events specified in subparagraph (ii) or (iii) of
Section 22(e) shall occur, it shall give written notice thereof to the Board of Directors within 5 days after the occurrence of such event. 
 23. Action Upon Termination. 
 (a) From and after the effective date of termination of this Agreement
pursuant to Section 22 hereof, the Advisor shall not be entitled to compensation for further services rendered hereunder, but shall be entitled to receive from the Company within 30 days after the effective date of such termination, an amount
in cash equal to all earned but unpaid Asset Management Fees payable to the Advisor prior to the termination of this Agreement. 
 (b) Within a reasonable period of time, but in no event later than 30 days after the termination of this Agreement, the Advisor shall: 
 (i) pay over to the Company all money collected and held for the account of the Company pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then
entitled; 
 (ii) deliver to the Board of Directors a full accounting, including a statement showing all payments collected by
it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board of Directors; and 
 (iii) deliver to the Board of Directors all property and documents of the Company then in the custody of the Advisor. 
  

 12 

 The Advisor shall be entitled to receive, promptly after such 30-day period, reimbursement for any
additional expenses to which it is entitled (and for which it has not been reimbursed under clause (i) of Section 23(b)). 
 24.
Assignment. This Agreement may be assigned by the Advisor with the approval of a majority of the Board of Directors; provided, however, that such approval shall not be required in the case of an assignment to a corporation, association, trust
or organization which may take over the assets and carry on the affairs of the Advisor, provided that at the time of such assignment, such successor organization shall be owned substantially by the Advisor or its Affiliates and that an officer of
the Advisor shall deliver to the Board of Directors a statement in writing indicating the ownership structure of the successor organization. Such an assignment shall bind the assignees hereunder in the same manner as the Advisor is bound hereunder
and the assignee shall be entitled to any and all rights under this Agreement, including those set forth in section 18. Upon assignment of this Agreement, the Advisor shall be discharged from its future duties and shall not be entitled to any of the
rights granted under this Agreement. This Agreement shall not be assigned by the Company without the consent of the Advisor, except in the case of an assignment by the Company to a corporation or other organization which is a successor to the
Company, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company is bound hereunder. 
 25. Bylaws. The execution and performance of this Agreement hereby is expressly made subject to Article VIII of the Bylaws of the Company. 
 26. Notices. Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other method of
giving such notice, report or other communication is accepted by the party to whom it is given, and shall be given by being delivered to the addresses set forth herein: 
 To the Board of Directors or to the Company: 
 Apple REIT Nine, Inc. 
 814 East Main Street 
 Richmond, Virginia
23219 
 Attn: Board of Directors 
 To the
Advisor: 
 Apple Nine Advisors, Inc. 
 814 East Main Street 
 Richmond, Virginia 23219 
 Attn: Glade M. Knight 
 Either party may at any time give notice in writing to the other party of a change in its address
for the purposes of this Section. 
 27. Modification. This Agreement shall not be changed, modified, amended, terminated or
discharged, in whole or in part, except by an instrument in writing signed by both parties hereto, or their respective successors or assigns. 
  

 13 

 28. Shareholder Liability. No Shareholder of the Company shall be personally liable for any of the
obligations of the Company under this Agreement. 
 29. Severability. The provisions of this Agreement are independent of and
severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 
 30. Binding. This Agreement shall bind any successors or permitted assigns of the parties hereto as herein provided. 
 31. Construction. The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the Commonwealth of Virginia.

 32. Entire Agreement. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the
subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms
hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. 
 33.
Indulgences, Not Waivers. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any
right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a
waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 
 34. Gender. Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number,
singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 
 35. Titles Not to Affect
Interpretation. The titles of sections and subsections contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 
 36. Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as
against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the
signatures of all of the parties reflected hereon as the signatories. 
  

 14 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement by their duly authorized officers as
of the date first written above. 
  

			
	 APPLE REIT NINE, INC.

	a Virginia corporation
		
	By:	 	  

	Title:	 	Glade M. Knight, President
	
	 APPLE NINE ADVISORS, INC.,
 a Virginia
corporation

		
	By:	 	  

	Title:	 	Glade M. Knight, President

  

 15

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