Document:

EX-10.14b

 Exhibit 10.14b 
  

			
	APN:                     	 	
	  
 Prepared by
and
 after recording, return to:
  
	 	
	Bilzin Sumberg Baena Price & Axelrod LLP	 	
	1450 Brickell Avenue, Suite 1450	 	
	Miami, Florida 33131-5340	 	
	 Attn: Post-Closing Department

 
	 	 

 (Space Above For Recorder’s Use Only) 

AMENDMENT TO DEED OF TRUST, SECURITY AGREEMENT, ASSIGNMENT OF RENTS AND FIXTURE FILING 

(WBCMT 2007-C31; LOAN NO. 502860051) 

THIS AMENDMENT TO DEED OF TRUST, SECURITY AGREEMENT, ASSIGNMENT OF RENTS AND FIXTURE FILING (this “Amendment”) is
executed this 19th day of November, 2013, and is entered into among U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE FOR THE REGISTERED HOLDERS OF WACHOVIA BANK COMMERCIAL MORTGAGE TRUST, COMMERCIAL MORTGAGE PASS THROUGH CERTIFICATES, SERIES 2007-C31
(“Lender”), having an address at c/o Corporation Trust Services, 190 South LaSalle Street, 7th Floor, Mail Station: MK-IL-SL7R, Chicago, IL 60603, Re: WBCMT 2007-C31; Loan No.
502860051; and ASHFORD SAN FRANCISCO II, LP, a Delaware limited partnership (“Borrower”) having an address at c/o Ashford Hospitality Prime, Inc., 14185 Dallas Parkway, Suite 1100, Dallas, Texas 75254-4308, Attention: David
A. Brooks. 
 PRELIMINARY STATEMENT 

A. Borrower is the current owner of title to certain real properties (collectively, the “Land”) and the buildings and
improvements thereon (the “Improvements”) known as Courtyard San Francisco Downtown, located in San Francisco, California as more particularly described on Exhibit A attached hereto (the Land and the Improvements are
hereinafter sometimes referred to as the “Property”). 
 B. On April 11, 2007, Wachovia Bank, National
Association, a national banking association (“Original Lender”), made a loan (“Loan”) in the original principal amount of $128,408,000.00 to Borrower, which Loan was cross-collateralized with other borrowers,
mortgages and properties. 
 C. The Loan is evidenced by that certain Promissory Note dated April 11, 2007, made by the Cross
Collateralized Borrowers (as defined in the Security Instrument) in favor of Original Lender in the original principal amount of $128,408,000.00 (the “Note”) and secured by, among other things, the lien of that certain Deed of
Trust, Security Agreement, Assignment of Rents and Fixture Filing dated as of April 11, 2007, executed by Borrower in favor of Original 

 
Lender, recorded April 23, 2007 as Document Number 2007-I371619-00 in the real property records of San Francisco, California (the “Security Agreement”) encumbering the
Property. The Note, Security Instrument and such other documents evidencing, securing or pertaining to the Loan, as the same may be amended, supplemented, assigned, assumed, substituted and/or consolidated are collectively referred to herein as the
“Loan Documents.” 
 D. Lender is the current owner and holder of the Loan Documents. 

E. Lender and Borrower are parties to that certain Consent Agreement (the “Consent Agreement”) dated as of the date
hereof, whereby Lender consented, among other things, to certain transfers (each a “Transfer”) under the Loan Documents. As a condition to Lender granting its consent to the Transfers and entering into the Consent Agreement with
Borrower, Lender and Borrower agreed certain modifications be made to the Security Instrument, as more particularly set forth herein. 
 NOW,
THEREFORE, in consideration of $10.00 paid by each of the parties to the other, the mutual covenants herein contained, and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the parties agree as
follows: 
 ARTICLE 1 

DEFINITIONS 
 1.1.
Definitions. All terms not defined herein shall have the meaning set forth in the Security Instrument. All references to the term “Security Instrument” shall mean such document as modified hereby. 

ARTICLE 2 

AMENDMENT 
 The
Security Instrument is hereby amended as follows: 
 2.1 The term “Permitted Transfer” as defined in Section 1.01 of
the Security Instrument, is deleted in its entirety and the following is substituted therefor: 
 “Permitted Transfer”
shall mean (a) Permitted Liens; (b) all transfers of Equipment and other items of personal property as expressly permitted in the Loan Documents; (c) transfers of direct and indirect interests in Borrower (other than interests held by
a General Partner) and/or in General Partner to one or more Affiliates of Borrower; (d) transfers, issuances, conversions, pledges and redemptions of capital stock and partnership interests in any Joint Venture Parent Entity (or their
respective successors), in the ordinary course of business and not in connection with a tender offer, merger or sale of such Persons; (e) the merger or consolidation of any Joint Venture Parent Entity (or their respective successors) whereby
such Joint Venture Parent Entity is the surviving entity in such merger or consolidation; provided that, Lender shall first obtain, at Borrower’s sole cost and expense, from each Rating Agency a written confirmation that any ratings issued by
each such Rating Agency in connection with a Securitization will not, as a result of the proposed merger or consolidation, be downgraded from the then current ratings thereof, qualified or withdrawn; and (f) the foreclosure of any pledge (other
than by a Prohibited 

  
 2 

 
Person) of any indirect equity interests in Borrower, the General Partner of Borrower or Operating Tenant held by Ashford Hospitality Trust, Inc., Ashford OP General Partner LLC, Ashford OP
Limited Partner LLC or Ashford Hospitality Limited Partnership granted to secure a senior credit facility made to any such parties (but only to the extent that such pledge consists of a pledge by Ashford Hospitality Trust, Inc., Ashford OP General
Partner LLC, Ashford OP Limited Partner LLC or Ashford Hospitality Limited Partnership, as applicable, of its direct or indirect limited partnership interests in Ashford Hospitality Prime Limited Partnership) so long as such foreclosure does not
result in the foreclosing lender owning more than (x) a 30% direct or indirect interest in Ashford Hospitality Prime Limited Partnership, or (y) following a contribution of the Marriott Crystal Gateway Hotel located in Arlington, Virginia
to Ashford Hospitality Prime Limited Partnership, a 45% direct or indirect interest in Ashford Hospitality Prime Limited Partnership and written notice of such foreclosure containing a description of the interest being foreclosed is provided to
Lender within ten (10) days prior to the filing of such foreclosure, provided further that, and in addition to any conditions set forth above with respect to any Permitted Transfer (i) that following any of the events contemplated
by clauses (a) through (f) above: (1) the majority of the individuals Controlling the board of directors of Ashford Hospitality Prime, Inc. continue to Control the board of directors of Ashford Hospitality Prime, Inc. after any such
Permitted Transfer, (2) Ashford Hospitality Prime, Inc. shall at all times continue to Control Ashford Hospitality Prime Limited Partnership and own at least 51% of the equity interests in and Control Ashford Prime OP General Partner LLC;
(3) Ashford Hospitality Prime Limited Partnership shall at all times continue to own (directly or indirectly) at least 51% of the equity interests in and Control each General Partner of Borrower and Operating Tenant, Borrower and Operating
Tenant; (4) in the event that any Transfer results in any Person which as of the Equity Transfer Date does not own 49% or more of the direct or indirect interests in Borrower, Operating Tenant or the General Partner of Borrower or Operating
Tenant, as applicable, obtaining a 49% or greater direct or indirect interest in Borrower, Operating Tenant or any General Partner of Borrower or Operating Tenant, Borrower shall (x) deliver a substantive non-consolidation opinion to Lender in
form and substance and from counsel reasonably acceptable to Lender and the Rating Agencies, if applicable; (5) no Transfer may be to a Prohibited Person; and (6) Borrower shall pay or cause to be paid all of the costs and expenses
incurred by Lender (including, but not limited to, attorneys’ fees and costs at all trial, appellate and bankruptcy proceedings) in connection with any of the foregoing. 

2.2. The term “Equity Transfer Date” shall be added as a defined term under Section 1.01 of the Security Instrument, as
follows: 
 “Equity Transfer Date” shall mean November 19, 2013 [the date the equity transfer and Spin Off Date].

 2.3. The term “Joint Venture Parent Entity” shall be added as a defined term under Section 1.01 of the Security
Instrument, as follows: 
 “Joint Venture Parent Entity” shall mean each of the following entities: Ashford Hospitality
Trust, Inc., Ashford OP General Partner LLC, Ashford OP Limited Partner LLC, Ashford Hospitality Limited Partnership, Ashford Hospitality Prime, Inc., Ashford Prime OP General Partner LLC, Ashford Prime OP Limited Partner LLC, Ashford Hospitality
Prime Limited Partnership and Ashford Prime TRS Corporation. 

  
 3 

 2.4. Financial Reports. Section 2.09(b) of the Security Agreement is modified such
that Borrower shall deliver each annual financial statement required to be furnished to Lender pursuant to Section 2.09(b) of the Security Instrument, accompanied by audited financial statements of Ashford Hospitality Prime, Inc., which are
audited by a nationally recognized Independent certified public accountant that is acceptable to Lender in accordance with GAAP and The Uniform System of Accounts (or such other accounting basis reasonably acceptable to Lender). 

2.5. Notices. Section 11.01 of the Security Instrument is modified such that the contact information for Borrower and Lender for
notices shall be deleted in its entirety and the following substituted therefor: 
  

			
	If to Lender:	    	U.S. Bank National Association, as Trustee
		    	c/o Wells Fargo Bank, N.A.
		    	Wells Fargo Commercial Mortgage Servicing
		    	MAC D 1086-120
		    	550 S. Tryon Street, 14th Floor
		    	Charlotte, North Carolina 28202
		    	Re: WBCMT 2007-C31; Loan No. 502860051
		
	With a copy to:	    	LNR Partners, LLC
		    	1601 Washington Avenue, Suite 700
		    	Miami Beach, Florida 33139
		    	Attn: Director of Servicing
		    	Facsimile: (305) 695-5601
		    	Re: WBCMT 2007-C31; Loan No. 502860051
		
	If to Borrower:	    	c/o Ashford Hospitality Prime, Inc.
		    	14185 Dallas Parkway, Suite 1100
		    	Dallas, Texas 75254-4308
		    	Attention: David A. Brooks
		    	Facsimile: 972- 490- 9605
		    	Telephone: 972-490-9600
		    	Email: dbrooks@ahtreit.com
		
	With a copy to:	    	Andrews Kurth LLP
		    	1717 Main Street, Suite 3700
		    	Dallas, Texas 75201
		    	Attn: Brigitte Kimichik, Esq.
		    	Telephone: 214-659-4441
		    	Facsimile: 214-659-4777
		    	Email: bkimichik@andrewskurth.com

  
 4 

			
	If to Trustee:	    	U.S. Bank National Association
		    	Corporation Trust Services
		    	190 South LaSalle Street, 7th Floor
		    	Mail Station: MK-IL-SL7R
		    	Chicago, Illinois 60603
		    	Re: WBCMT 2007-C31; Loan No. 502860051

 ARTICLE 3 

MISCELLANEOUS 
 3.1.
Reaffirmation. Except as amended by this Amendment, the Security Instrument has not been otherwise modified and is in full force and effect. 
 3.2.
Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State where the Property is located without regard to conflict of law principles. 

3.3. Counterparts. This Amendment may be executed in multiple counterparts, each of which shall be deemed an original, and all such counterparts
together shall constitute one and the same instrument. 
 (REMAINDER OF PAGE INTENTIONALLY LEFT BLANK) 

  
 5 

 The Parties have executed and delivered this Amendment, as of the day and year first above written. 

 

													
	Witnesses:	 		 	LENDER:
				
		 		 		 	U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE FOR THE REGISTERED HOLDERS OF WACHOVIA BANK COMMERCIAL MORTGAGE TRUST, COMMERCIAL MORTGAGE PASS THROUGH CERTIFICATES, SERIES 2007-C31
					
		 		 		 	By:	 	LNR Partners, LLC, a Florida limited liability company, successor by statutory conversion to LNR Partners, Inc., a Florida corporation, as attorney-in-fact
					
	 /s/ Angela Ospina
	 		 		 	By:	 	 /s/ Arnold Shulkin

	Print Name:	 	 Angela Ospina
	 		 		 		 	 Arnold Shulkin, Vice President

						
	 /s/ Neris Franco
	 		 		 		 		 	
	Print Name:	 	 Neris Franco
	 		 		 		 		 	

  

			
	STATE OF FLORIDA	  	)
		  	) SS:
	COUNTY OF MIAMI-DADE	  	)

 The foregoing instrument was acknowledged before me this 1st day of October, 2013, by Arnold Shulkin, as Vice
President of LNR Partners, LLC, a Florida limited liability company, successor by statutory conversion to LNR Partners, Inc., a Florida corporation, as attorney in fact of U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE FOR THE REGISTERED HOLDERS OF
WACHOVIA BANK COMMERCIAL MORTGAGE TRUST, COMMERCIAL MORTGAGE PASS THROUGH CERTIFICATES, SERIES 2007-C31 on behalf of the said trust. He ü is personally known to me or
         has produced a driver’s license as identification. 
  

			
	 /s/ Xiomara Alaniz

	Notary Public, State of Florida

 
			
	Print Name:	 	 Xiomara Alaniz

 
			
	My Commission Expires:	 	 7/17/15

  
 6 

									
	Witnesses:	 		 	BORROWER:
			
		 		 	ASHFORD SAN FRANCISCO II, LP, a Delaware limited partnership
				
		 		 	By:	 	Ashford Sapphire III GP LLC, a Delaware limited liability company, its general partner
					
		 		 		 	By:	 	 /s/ David A. Brooks

		 		 		 	Name:	 	David A. Brooks
		 		 		 	Title:	 	Vice President

  

			
	STATE OF TEXAS	  	)
		  	) SS.:
	COUNTY OF DALLAS	  	)

 The foregoing instrument was acknowledged before me this 1st day of October, 2013, by David A. Brooks, the
Vice President of Ashford Sapphire III GP LLC, a Delaware limited liability company, the general partner of Ashford San Francisco II, LP, a Delaware limited partnership, on behalf of the partnership. He
ü is personally known to me or              has produced a driver’s license as identification. 

 

			
	 Kathy Sledge

	Notary Public, State of Texas
	My Commission Expires:	 	 12/27/13

  
 7 

 EXHIBIT A 

LEGAL DESCRIPTION 
 The Land
referred to herein below is situated in the City of San Francisco, County of San Francisco, State of California, described as follows: 
 PARCEL ONE: 

Beginning at a point on the northwesterly line of Folsom Street, distant thereon 50 feet northeasterly from the northeasterly line of Second Street; running
thence northeasterly along said line of Folsom Street, 125 feet; thence at a right angle northwesterly, 80 feet; thence at a right angle northeasterly, 27 feet and 6 inches. thence at a right angle northwesterly, 75 feet to the southeasterly line of
Clementina Street; thence at a right angle southwesterly, along said line to Clementina Street, 97 feet and 6 inches, thence at a right angle southeasterly, 75 feet; thence at a right angle southwesterly, 25 feet; thence at a right angle
southeasterly, 5 feet, thence at a right angle southwesterly, 30 feet, thence at a right angle southeasterly, 75 feet to the point of the beginning. 

Being a portion of 100 vara Block No. 348. 
 Lot 027, Block 3736

 PARCEL TWO: 
 Beginning at the point of the intersection of
the northwesterly line of Folsom Street with the northeasterly line of Second Street; running thence northeasterly along said northwesterly line of Folsom Street, 50 feet; thence at a right angle northwesterly, 75 feet; thence at a right angle
southwesterly 50 feet to the northeasterly line of Second Street; thence at a right angle southeasterly along said northeasterly line of Second Street, 75 feet to the point of the beginning. 

Being a portion of 100 vara Block No. 348. 
 PARCEL THREE: 

Beginning at a point on the northeasterly line of Second Street, distant thereon 75 feet northwesterly from the northwesterly line of Folsom Street; running
thence northwesterly along said line of Second Street, 35 feet; thence at a right angle northeasterly, 55 feet; thence at a right angle southeasterly, 5 feet; thence at a right angle northeasterly, 25 feet; thence at a right angle southeasterly, 30
feet; thence at a right angle southwesterly, 80 feet to the point of the beginning. 
 Being a portion of 100 vara Block No. 348. 

PARCEL FOUR: 
 Beginning at the point of intersection of the
northeasterly line of Second Street with the southeasterly line of Clementina Street; running thence southeasterly along said line of Second Street, 45 feet; thence at a right angle northeasterly, 55 feet; thence at a right angle southeasterly, 5
feet; thence at a right angle northeasterly, 25 feet; thence at a right angle northwesterly, 25 feet; thence at a right angle northwesterly, 75 feet to the southeasterly line of Clementina Street; thence at a right angle southwesterly along said
line of Clementina Street, 105 feet to the point of the beginning. 
 Being a portion of 100 vara Block No. 348. 

Lot 029, Block 3736 
 PARCEL FIVE: 

Beginning at a point on the southeasterly line of Clementina Street, distant thereon 202 feet and 6 inches northeasterly from the northeasterly line of Second
Street; running thence northeasterly along said southeasterly line of Clementina Street, 22 feet and 6 inches; thence at a right angle southeasterly, 75 feet; thence at a right angle southwesterly, 22 feet and 6 inches; thence at a right angle
northwesterly, 75; feet to the point of beginning. 
 Being a portion of 100 vara Block No. 348. 

Lot 035, Block 3736EX-10.14c

 Exhibit 10.14c 
  

			
	APN:                     	 	
	  
 Prepared by
and
 after recording, return to:
  
	 	
	Bilzin Sumberg Baena Price & Axelrod LLP	 	
	1450 Brickell Avenue, Suite 1450	 	
	Miami, Florida 33131-5340	 	
	 Attn: Post-Closing Department

 
	 	 

 (Space Above For Recorder’s Use Only) 

AMENDMENT TO DEED OF TRUST, SECURITY AGREEMENT, ASSIGNMENT OF RENTS AND FIXTURE FILING 

(WBCMT 2007-C31; LOAN NO. 502860051) 

THIS AMENDMENT TO DEED OF TRUST, SECURITY AGREEMENT, ASSIGNMENT OF RENTS AND FIXTURE FILING (this “Amendment”) is
executed this 19th day of November, 2013, and is entered into among U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE FOR THE REGISTERED HOLDERS OF WACHOVIA BANK COMMERCIAL MORTGAGE TRUST, COMMERCIAL MORTGAGE PASS THROUGH CERTIFICATES, SERIES 2007-C31
(“Lender”), having an address at c/o Corporation Trust Services, 190 South LaSalle Street, 7th Floor, Mail Station: MK-IL-SL7R, Chicago, IL 60603, Re: WBCMT 2007-C31; Loan No.
502860051; and ASHFORD SEATTLE DOWNTOWN LP, a Delaware limited partnership (“Borrower”) having an address at c/o Ashford Hospitality Prime, Inc., 14185 Dallas Parkway, Suite 1100, Dallas, Texas 75254-4308, Attention: David A.
Brooks. 
 PRELIMINARY STATEMENT 

A. Borrower is the current owner of title to certain real properties (collectively, the “Land”) and the buildings and
improvements thereon (the “Improvements”) known as Courtyard Seattle Downtown Lake Union, located in Seattle, Washington as more particularly described on Exhibit A attached hereto (the Land and the Improvements are
hereinafter sometimes referred to as the “Property”). 
 B. On April 11, 2007, Wachovia Bank, National
Association, a national banking association (“Original Lender”), made a loan (“Loan”) in the original principal amount of $128,408,000.00 to Borrower, which Loan was cross-collateralized with other borrowers,
mortgages and properties. 
 C. The Loan is evidenced by that certain Promissory Note dated April 11, 2007, made by the Cross
Collateralized Borrowers (as defined in the Security Instrument) in favor of Original Lender in the original principal amount of $128,408,000.00 (the “Note”) and secured by, among other things, the lien of that certain Deed of
Trust, Security Agreement, Assignment of Rents and Fixture Filing dated as of April 11, 2007, executed by Borrower in favor of Original 

 
Lender, recorded April 23, 2007 as Document Number 200704200020270 in the real property records of King County, Washington (the “Security Agreement”) encumbering the
Property. The Note, Security Instrument and such other documents evidencing, securing or pertaining to the Loan, as the same may be amended, supplemented, assigned, assumed, substituted and/or consolidated are collectively referred to herein as the
“Loan Documents.” 
 D. Lender is the current owner and holder of the Loan Documents. 

E. Lender and Borrower are parties to that certain Consent Agreement (the “Consent Agreement”) dated as of the date
hereof, whereby Lender consented, among other things, to certain transfers (each a “Transfer”) under the Loan Documents. As a condition to Lender granting its consent to the Transfers and entering into the Consent Agreement with
Borrower, Lender and Borrower agreed certain modifications be made to the Security Instrument, as more particularly set forth herein. 
 NOW,
THEREFORE, in consideration of $10.00 paid by each of the parties to the other, the mutual covenants herein contained, and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the parties agree as
follows: 
 ARTICLE 1 

DEFINITIONS 
 1.1.
Definitions. All terms not defined herein shall have the meaning set forth in the Security Instrument. All references to the term “Security Instrument” shall mean such document as modified hereby. 

ARTICLE 2 

AMENDMENT 
 The
Security Instrument is hereby amended as follows: 
 2.1 The term “Permitted Transfer” as defined in Section 1.01 of
the Security Instrument, is deleted in its entirety and the following is substituted therefor: 
 “Permitted Transfer”
shall mean (a) Permitted Liens; (b) all transfers of Equipment and other items of personal property as expressly permitted in the Loan Documents; (c) transfers of direct and indirect interests in Borrower (other than interests held by
a General Partner) and/or in General Partner to one or more Affiliates of Borrower; (d) transfers, issuances, conversions, pledges and redemptions of capital stock and partnership interests in any Joint Venture Parent Entity (or their
respective successors), in the ordinary course of business and not in connection with a tender offer, merger or sale of such Persons; (e) the merger or consolidation of any Joint Venture Parent Entity (or their respective successors) whereby
such Joint Venture Parent Entity is the surviving entity in such merger or consolidation; provided that, Lender shall first obtain, at Borrower’s sole cost and expense, from each Rating Agency a written confirmation that any ratings issued by
each such Rating Agency in connection with a Securitization will not, as a result of the proposed merger or consolidation, be downgraded from the then current ratings thereof, qualified or withdrawn; and (f) the foreclosure of any pledge (other
than by a Prohibited 

  
 2 

 
Person) of any indirect equity interests in Borrower, the General Partner of Borrower or Operating Tenant held by Ashford Hospitality Trust, Inc., Ashford OP General Partner LLC, Ashford OP
Limited Partner LLC or Ashford Hospitality Limited Partnership granted to secure a senior credit facility made to any such parties (but only to the extent that such pledge consists of a pledge by Ashford Hospitality Trust, Inc., Ashford OP General
Partner LLC, Ashford OP Limited Partner LLC or Ashford Hospitality Limited Partnership, as applicable, of its direct or indirect limited partnership interests in Ashford Hospitality Prime Limited Partnership) so long as such foreclosure does not
result in the foreclosing lender owning more than (x) a 30% direct or indirect interest in Ashford Hospitality Prime Limited Partnership, or (y) following a contribution of the Marriott Crystal Gateway Hotel located in Arlington, Virginia
to Ashford Hospitality Prime Limited Partnership, a 45% direct or indirect interest in Ashford Hospitality Prime Limited Partnership and written notice of such foreclosure containing a description of the interest being foreclosed is provided to
Lender within ten (10) days prior to the filing of such foreclosure, provided further that, and in addition to any conditions set forth above with respect to any Permitted Transfer (i) that following any of the events contemplated
by clauses (a) through (f) above: (1) the majority of the individuals Controlling the board of directors of Ashford Hospitality Prime, Inc. continue to Control the board of directors of Ashford Hospitality Prime, Inc. after any such
Permitted Transfer, (2) Ashford Hospitality Prime, Inc. shall at all times continue to Control Ashford Hospitality Prime Limited Partnership and own at least 51% of the equity interests in and Control Ashford Prime OP General Partner LLC;
(3) Ashford Hospitality Prime Limited Partnership shall at all times continue to own (directly or indirectly) at least 51% of the equity interests in and Control each General Partner of Borrower and Operating Tenant, Borrower and Operating
Tenant; (4) in the event that any Transfer results in any Person which as of the Equity Transfer Date does not own 49% or more of the direct or indirect interests in Borrower, Operating Tenant or the General Partner of Borrower or Operating
Tenant, as applicable, obtaining a 49% or greater direct or indirect interest in Borrower, Operating Tenant or any General Partner of Borrower or Operating Tenant, Borrower shall (x) deliver a substantive non-consolidation opinion to Lender in
form and substance and from counsel reasonably acceptable to Lender and the Rating Agencies, if applicable; (5) no Transfer may be to a Prohibited Person; and (6) Borrower shall pay or cause to be paid all of the costs and expenses
incurred by Lender (including, but not limited to, attorneys’ fees and costs at all trial, appellate and bankruptcy proceedings) in connection with any of the foregoing. 

2.2. The term “Equity Transfer Date” shall be added as a defined term under Section 1.01 of the Security Instrument, as
follows: 
 “Equity Transfer Date” shall mean November 19, 2013 [the date the equity transfer and Spin Off Date].

 2.3. The term “Joint Venture Parent Entity” shall be added as a defined term under Section 1.01 of the Security
Instrument, as follows: 
 “Joint Venture Parent Entity” shall mean each of the following entities: Ashford Hospitality
Trust, Inc., Ashford OP General Partner LLC, Ashford OP Limited Partner LLC, Ashford Hospitality Limited Partnership, Ashford Hospitality Prime, Inc., Ashford Prime OP General Partner LLC, Ashford Prime OP Limited Partner LLC, Ashford Hospitality
Prime Limited Partnership and Ashford Prime TRS Corporation. 

  
 3 

 2.4. Financial Reports. Section 2.09(b) of the Security Agreement is modified such
that Borrower shall deliver each annual financial statement required to be furnished to Lender pursuant to Section 2.09(b) of the Security Instrument, accompanied by audited financial statements of Ashford Hospitality Prime, Inc., which are
audited by a nationally recognized Independent certified public accountant that is acceptable to Lender in accordance with GAAP and The Uniform System of Accounts (or such other accounting basis reasonably acceptable to Lender). 

2.5. Notices. Section 11.01 of the Security Instrument is modified such that the contact information for Borrower and Lender for
notices shall be deleted in its entirety and the following substituted therefor: 
  

			
	If to Lender:	    	U.S. Bank National Association, as Trustee
		    	c/o Wells Fargo Bank, N.A.
		    	Wells Fargo Commercial Mortgage Servicing
		    	MAC D 1086-120
		    	550 S. Tryon Street, 14th Floor
		    	Charlotte, North Carolina 28202
		    	Re: WBCMT 2007-C31; Loan No. 502860051
		
	With a copy to:	    	LNR Partners, LLC
		    	1601 Washington Avenue, Suite 700
		    	Miami Beach, Florida 33139
		    	Attn: Director of Servicing
		    	Facsimile: (305) 695-5601
		    	Re: WBCMT 2007-C31; Loan No. 502860051
		
	If to Borrower:	    	c/o Ashford Hospitality Prime, Inc.
		    	14185 Dallas Parkway, Suite 1100
		    	Dallas, Texas 75254-4308
		    	Attention: David A. Brooks
		    	Facsimile: 972- 490- 9605
		    	Telephone: 972-490-9600
		    	Email: dbrooks@ahtreit.com
		
	With a copy to:	    	Andrews Kurth LLP
		    	1717 Main Street, Suite 3700
		    	Dallas, Texas 75201
		    	Attn: Brigitte Kimichik, Esq.
		    	Telephone: 214-659-4441
		    	Facsimile: 214-659-4777
		    	Email: bkimichik@andrewskurth.com

  
 4 

			
	If to Trustee:	    	U.S. Bank National Association
		    	Corporation Trust Services
		    	190 South LaSalle Street, 7th Floor
		    	Mail Station: MK-IL-SL7R
		    	Chicago, Illinois 60603
		    	Re: WBCMT 2007-C31; Loan No. 502860051

 ARTICLE 3 

MISCELLANEOUS 
 3.1.
Reaffirmation. Except as amended by this Amendment, the Security Instrument has not been otherwise modified and is in full force and effect. 
 3.2.
Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State where the Property is located without regard to conflict of law principles. 

3.3. Counterparts. This Amendment may be executed in multiple counterparts, each of which shall be deemed an original, and all such counterparts
together shall constitute one and the same instrument. 
 (REMAINDER OF PAGE INTENTIONALLY LEFT BLANK) 

  
 5 

 The Parties have executed and delivered this Amendment, as of the day and year first above written. 

 

													
	Witnesses:	 		 	LENDER:
				
		 		 		 	U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE FOR THE REGISTERED HOLDERS OF WACHOVIA BANK COMMERCIAL MORTGAGE TRUST, COMMERCIAL MORTGAGE PASS THROUGH CERTIFICATES, SERIES 2007-C31
					
		 		 		 	By:	 	LNR Partners, LLC, a Florida limited liability company, successor by statutory conversion to LNR Partners, Inc., a Florida corporation, as attorney-in-fact
					
	 /s/ Angela Ospina
	 		 		 	By:	 	 /s/ Arnold Shulkin

	Print Name:	 	 Angela Ospina
	 		 		 		 	 Arnold Shulkin, Vice President

						
	 /s/ Neris Franco
	 		 		 		 		 	
	Print Name:	 	 Neris Franco
	 		 		 		 		 	

  

			
	STATE OF FLORIDA	  	)
		  	) SS:
	COUNTY OF MIAMI-DADE	  	)

 The foregoing instrument was acknowledged before me this 1st day of October, 2013, by Arnold Shulkin, as Vice
President of LNR Partners, LLC, a Florida limited liability company, successor by statutory conversion to LNR Partners, Inc., a Florida corporation, as attorney in fact of U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE FOR THE REGISTERED HOLDERS OF
WACHOVIA BANK COMMERCIAL MORTGAGE TRUST, COMMERCIAL MORTGAGE PASS THROUGH CERTIFICATES, SERIES 2007-C31 on behalf of the said trust. He ü is personally known to me or
         has produced a driver’s license as identification. 
  

			
	 /s/ Xiomara Alaniz

	Notary Public, State of Florida

 
			
	Print Name:	 	 Xiomara Alaniz

 
			
	My Commission Expires:	 	 7/17/15

  
 6 

									
	Witnesses:	 		 	BORROWER:
			
		 		 	ASHFORD SEATTLE DOWNTOWN, LP, a Delaware limited partnership
				
		 		 	By:	 	Ashford Sapphire III GP LLC, a Delaware limited liability company, its general partner
					
		 		 		 	By:	 	 /s/ David A. Brooks

		 		 		 	Name:	 	David A. Brooks
		 		 		 	Title:	 	Vice President

  

			
	STATE OF TEXAS	  	)
		  	) SS.:
	COUNTY OF DALLAS	  	)

 The foregoing instrument was acknowledged before me this 1st day of October, 2013, by David A. Brooks, the
Vice President of Ashford Sapphire III GP LLC, a Delaware limited liability company, the general partner of ASHFORD SEATTLE DOWNTOWN, LP, a Delaware limited partnership, on behalf of the partnership. He
ü is personally known to me or              has produced a driver’s license as identification. 

 

			
	 Kathy Sledge

	Notary Public, State of Texas
	My Commission Expires:	 	 12/27/13

  
 7 

 EXHIBIT A 

LEGAL DESCRIPTION 
 PARCEL A: 

LOTS 1, 2 AND 3, BLOCK 15, EDEN ADDITION NO. 2, ACCORDING TO THE PLAT THEREOF, RECORDED IN VOLUME 1 OF PLATS, PAGE 67A, IN KING COUNTY, WASHINGTON; AND 

LOTS 8 AND 10, BLOCK 82, LAKE UNION SHORELANDS, ACCORDING TO THE MAPS THEREOF ON FILE WITH THE OFFICE OF THE STATE LAND COMMISSIONER IN OLYMPIA, WASHINGTON;
AND 
 TOGETHER WITH THAT PORTION OF WARD STREET AS VACATED BY CITY OF SEATTLE ORDINANCE NUMBER 40478, LYING BETWEEN THE EAST MARGIN OF 8TH AVENUE
NORTH AND THE WESTERLY MARGIN OF WESTLAKE AVENUE NORTH AS ESTABLISHED BY KING COUNTY SUPERIOR COURT CAUSE NUMBER 62184 UNDER CITY OF SEATTLE ORDINANCE NUMBER 17629; 

EXCEPT THE SOUTH 60 FEET OF SAID LOT 1; AND 
 EXCEPT THAT
PORTION OF SAID LOT 2 AND SAID LOT 8 LYING EAST OF A LINE DESCRIBED AS FOLLOWS: 
 BEGINNING AT A POINT ON THE SOUTH LINE OF SAID LOT 8, A DISTANCE OF 17.13
FEET EAST OF THE SOUTHWEST CORNER THEREOF; 
 THENCE NORTH A DISTANCE OF 119.70 FEET TO A POINT ON THE NORTH LINE OF SAID LOT 2, A DISTANCE OF 17.13 FEET
WEST OF THE NORTHEAST CORNER THEREOF, BEING THE TERMINUS OF SAID DESCRIBED LINE. 
 PARCEL B: 

THE SOUTH 60 FEET OF LOT 1, BLOCK 15, EDEN ADDITION NO. 2, ACCORDING TO THE PLAT THEREOF, RECORDED IN VOLUME 1 OF PLATS, PAGE 67A, IN KING COUNTY, WASHINGTON;

 TOGETHER WITH THE NORTH 10 FEET OF VACATED ALOHA STREET AS ATTACHED TO SAID PREMISES BY OPERATION OF LAW; AND TOGETHER WITH LOT 7, BLOCK 82, LAKE UNION
SHORELANDS AS DELINEATED ON THE OFFICIAL MAPS ON FILE IN THE OFFICE OF THE COMMISSIONER OF PUBLIC LANDS IN OLYMPIA, WASHINGTON. 
 PARCEL C: 

THAT PORTION OF LOT 2, BLOCK 15, EDEN ADDITION NO. 2, ACCORDING TO THE PLAT THEREOF, RECORDED IN VOLUME 1 OF PLATS, PAGE 67A, IN KING COUNTY, WASHINGTON; 

AND LOTS 8 AND 9, BLOCK 82 OF LAKE UNION SHORELANDS, AS DELINEATED ON THE OFFICIAL MAPS ON FILE IN THE OFFICE OF THE COMMISSIONER OF PUBLIC LANDS IN OLYMPIA,
WASHINGTON, DESCRIBED AS FOLLOWS: 
 BEGINNING AT A POINT ON THE SOUTH LINE OF SAID LOTS 8 WHICH IS SOUTH 89°40'50" EAST, 17.13 FEET FROM THE
SOUTHWEST CORNER THEREOF; 
 THENCE NORTH 0°19'10" EAST, AT RIGHT ANGLES TO SAID SOUTH LINE, 119.70 FEET TO THE POINT ON THE NORTH LINE OF
SAID LOT 2, SAID POINT BEING 17.13 FEET WEST OF THE NORTHEAST CORNER OF SAID LOT 2; 
 THENCE SOUTH 89°40'50" EAST, ALONG THE NORTH LINE OF
SAID LOT 2 AND THE NORTH LINE OF SAID LOT 9, RESPECTIVELY, 75.94 FEET TO THE WESTERLY MARGIN OF WESTLAKE AVENUE NORTH; 
 THENCE SOUTH
25°54'50" EAST, ALONG SAID WESTERLY MARGIN, 133.44 FEET TO THE SOUTH LINE OF SAID LOT 8; 
 THENCE NORTH 89°40'50" WEST, ALONG
SAID SOUTH LINE OF SAID LOT 8 TO THE POINT OF THE BEGINNING. 
 PARCELS A, B AND C ARE ALSO DESCRIBED AS FOLLOWS: 

THAT PORTION OF LOTS 1, 2 AND 3 OF BLOCK 15 OF THE PLAT OF EDEN ADDITION NO. 2 TO THE CITY OF SEATTLE AS RECORDED IN VOLUME 1 OF PLATS, PAGE 67A IN KING
COUNTY, WASHINGTON AND LOTS 7, 8 9 AND 10 OF BLOCK 82 OF LAKE UNION SHORELANDS ACCORDING TO THE MAPS ON FILE WITH THE OFFICE OF THE STATE LAND COMMISSIONER IN OLYMPIA, WASHINGTON AND VACATED WARD STREET AND VACATED ALOHA STREET MORE PARTICULARLY
DESCRIBED AS FOLLOWS: 
 BEGINNING AT THE INTERSECTION OF THE NORTH MARGIN OF WARD STREET AND THE EASTERLY MARGIN OF 8TH AVENUE NORTH AS PLATTED IN SAID
EDEN ADDITION NO. 2; 
 THENCE NORTH 89°59'55" EAST ALONG SAID NORTH MARGIN AND ITS EASTERLY PROLONGATION 9L94 FEET TO THE WESTERLY MARGIN OF
WESTLAKE AVENUE; 
 THENCE SOUTH 26°14'18" EAST ALONG SAID WESTERLY MARGIN 352.15 FEET TO THE NORTHERLY PROLONGATION OF A LINE 40 FEET WEST AS
MEASURED AT RIGHT ANGLES TO THE CENTERLINE OF 9TH AVENUE NORTH; 
 THENCE SOUTH 00°00'34" EAST ALONG WEST LINE A DISTANCE OF 13.35 FEET TO A
LINE 30.00 FEET NORTH AS MEASURED AT RIGHT ANGLES TO THE EASTERLY PROLONGATION OF THE CENTERLINE OF SAID ALOHA STREET; 
 THENCE SOUTH
89°58'36" WEST ALONG LAST SAID LINE 247.54 FEET TO SAID EASTERLY MARGIN OF 8TH AVENUE NORTH WHICH BEARS SOUTH 00°00'56" EAST FROM THE POINT OF BEGINNING; 

THENCE NORTH 00°00'56" WEST ALONG SAID EASTERLY MARGIN 329.31 FEET TO THE POINT OF BEGINNING.

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