Document:

Exhibit 10.14

 

ASSIGNMENT AND AMENDMENT OF MANAGEMENT
AGREEMENTS

 

This
Assignment and Amendment of Management Agreements (“Assignment”) is made, effective as of March 31, 2017
(the “Effective Date”), by and between (1) American Realty
Capital Hospitality Grace Portfolio, LLC, a Delaware limited liability company, whose principal place of business
is 405 Park Avenue, New York, NY 10022 (“Assignor”); (2) ARC
Hospitality Portfolio I MISC TRS, LLC, a Delaware limited liability company, whose principal place of business
is 3950 University Drive, Suite 301 Fairfax, Virginia 22030 (“Assignee”); and (3) INNVENTURES
IVI, LP, a Delaware limited partnership, whose principal place of business is Legacy Southcenter Place,
16400 Southcenter Parkway, Suite 100, Tukwila, WA 98188 (“Manager”).

 

RECITATIONS

 

WHEREAS, Assignee
is the operating lessee of the Residence Inn Portland Downtown Lloyd Center and the Residence Inn Boise Downtown (collectively,
the “Hotels”), pursuant to leases (collectively, “Leases”) between Assignee and ARC Hospitality
Portfolio I Owner, LLC (collectively, “Property Owner”), which is the owner of the Hotels;

 

WHEREAS,
Assignor and Assignee have entered into Management Agreements with respect each of the Hotels, dated as of February 27, 2015
(collectively, “Owner Management Agreements”), pursuant to which the Assignee has, among other things,
appointed Assignor as Assignee’s exclusive agent to supervise, direct, and control management and operation of the
Hotels pursuant to the terms thereof;

 

WHEREAS,
Assignor and Manager are parties to those certain Management Agreements (collectively, “Management
Agreements”), dated February 27, 2015 with respect to the management of the Hotels;

 

WHEREAS, Assignor
and Assignee are, contemporaneously with execution of this Assignment, terminating the Owner Management Agreements, and in connection
therewith, Assignor desires to assign its rights and obligations under the Management Agreements, Assignee desires to accept the
assignment of Assignor’s rights and obligations under the Management Agreements, as amended by this Assignment, and Manager
desires to acknowledge and consent to such assignment; and

 

NOW THEREFORE,
in consideration of the foregoing recitals and the premises and the mutual covenants herein contained and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound, the parties hereto
agree as follows:

 

		1.	Effective as of the Effective Date, Assignor hereby assigns, transfers and conveys to Assignee
all of Assignor’s rights, title and obligations in, to and under the Management Agreements, and such Assignee hereby accepts
and assumes all such rights under such Management Agreements and assumes all obligations and liabilities of Assignor under such
Management Agreements. Manager hereby consents to such assignment and assumption.

 

     

     

    

 

		2.	Each of Assignee and Manager agrees that each of the Management Agreements is hereby amended as
follows:

 

		a.	All references to “Owner” and/or “Lessee” shall hereafter be deemed to
refer to Assignee. References to both “Owner” and “Lessee” in any single sentence shall each be deemed
to refer to Assignee.

 

		b.	In the fifth line of the Preamble, “(hereinafter referred to as “Owner”)”
is replaced with “(hereinafter referred to as “Owner” and/or “Lessee”).

 

		c.	In the first “Whereas” clause, the following words are deleted: “an Affiliate
(defined below) of”.

 

		d.	The following is added as a new Section 11.2.D.:

 

Notwithstanding anything herein
to the contrary, in the event that W2007 Equity Inns Senior Mezz, LLC, or its successor or assign (“Preferred Equity Holder”),
delivers notice to Management Company that a “Changeover Event” has occurred under the Amended and Restated Limited
Liability Company Agreement of ARC Hospitality Portfolio I Holdco, LLC, dated February 27, 2015, which notice shall be definitive
hereunder as to whether a “Changeover Event” has occurred for purposes of this Agreement, and upon which Management
Company shall be required and entitled to rely, Preferred Equity Holder may terminate this Agreement by written notice (which may
be incorporated in the initial notice as to the occurrence of a Changeover Event), effective immediately or upon such later date
as set forth in said notice, without the payment of any termination fee, penalty, accrued and unpaid Base Management Fees or Incentive
Fees or any other fees, commissions or other amounts payable or reimbursable to Management Company under this Management Agreement. 
The parties hereby agree and acknowledge that the Preferred Equity Holder shall be an express third party beneficiary of this Management
Agreement and entitled to enforce the provisions hereof in accordance with the terms set forth herein.  Management Company
acknowledges that the provisions of this Section 11.2.D. were a material component of the consideration received by Owner for entering
into this Agreement.

 

		e.	In Section 16.9, the “Owner” section is replaced with

To Owner:

ARC Hospitality Portfolio I MISC
TRS, LLC

3950 University Drive, Suite 301

Fairfax, Virginia 22030

Attention: General Counsel

 

    	 	2	 

     

    

 

		3.	Except as specifically modified by this Assignment, all of the provisions of the Management Agreements
are unchanged and continue in full force and effect. In the event of any conflicts between any Management Agreement and this Assignment,
this Assignment shall control.

 

		4.	This Assignment is executed by, and shall be binding upon and inure to the benefit of, the parties
hereto and each of their respective administrators, personal representatives, legal representatives, heirs, successors and permitted
assigns. None of the provisions of this Assignment shall be for the benefit of or enforceable by any other person.

 

		5.	This Assignment may not be amended nor may any rights hereunder be waived except by an instrument
in writing signed by the parties sought to be charged with such amendment or waiver.

 

		6.	This Assignment may be executed in counterparts, all of which taken together shall constitute one
and the same instrument and each of which shall be deemed an original instrument as against any party who has signed it. Each party
may execute this Assignment via a facsimile (or transmission of a .pdf file) of this Assignment. In addition, facsimile or .pdf
signatures of authorized signatories of the parties shall be valid and binding and delivery of a facsimile or .pdf signature by
any party shall constitute due execution and delivery of this Assignment.

 

[Signatures appear on the following page]

 

    	 	3	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Assignment to be executed and delivered by their duly authorized officers as of the Effective
Date.

 

	WITNESS:	 	ASSIGNOR:
	 	 	 
	 	 	American Realty Capital Hospitality Grace Portfolio, LLC,
	 	 	a Delaware limited liability company
	 	 	 	 
	 /s/ Daneale Erickson	 	By:	/s/ James
    A. Tanaka	 
	Daneale Erickson	 	 	Name:  	James A. Tanaka 
	 
	 	 	 	Title: 	Authorized Signatory	 

 

	WITNESS:	ASSIGNEE:
	 	 
	 	ARC Hospitality Portfolio I MISC TRS, LLC, a Delaware limited liability company

 

	 /s/ Daneale Erickson	 	By: 	/s/ Paul C. Hughes	 
	Daneale Erickson	 	 	Name:  	Paul C. Hughes	 
	 	 	 	Title: 	Authorized Signatory	 
	 	 	 	Date:	March 17, 2017	 
	 	 	 	 	 	 
	WITNESS:	MANAGER:
	 	 
	 	INNVENTURES IVI, LP, 
	 	a Delaware limited partnership
	 	 
	/s/ Staci Wilson	 	By:	/s/ Randy Rogers	 
	 	 	 	Authorized Signatory	 
	 	 	 	 	 

 

    	 	1Exhibit 10.15

 

ASSIGNMENT AND ASSUMPTION
AGREEMENT

 

This ASSIGNMENT AND
ASSUMPTION AGREEMENT (this “Agreement”) is entered into as of March 31, 2017 (the
“Effective Date”), by and among each of American Realty Capital Hospitality Advisors, LLC
(“Hospitality Advisor”) and AR Global Investment, LLC (“Global” and, together with
Hospitality Advisor, “Assignor”), on the one hand, and Hospitality Investors Trust Operating Partnership,
L.P. (formerly known as American Realty Capital Hospitality Operating Partnership, L.P.) (the “OP” and,
together with the Assignor, the “Parties”), on the other hand.

 

WITNESSETH:

 

WHEREAS, Assignor
holds all right, title and interest to and under each of the assets set forth on Schedule I attached hereto (the “Assets”);

 

WHEREAS, each
of Hospitality Advisor and the Assignee, together with certain other persons, have entered into that certain Framework Agreement,
dated as of January 12, 2017 (as such agreement may be amended, modified or supplemented, the “Framework Agreement”);
and

 

WHEREAS, in
connection with the Closing (as defined in the Framework Agreement), the Assignee has agreed to acquire, and the Assignor has agreed
to assign, transfer, convey and deliver to the Assignee, all of the Assignor’s rights, titles and interests in and to all
of the Assets.

 

NOW THEREFORE,
in consideration of the mutual covenants and promises contained herein and for other good and valuable consideration the receipt
and adequacy of which are hereby acknowledged, the Parties hereby agree as follows:

 

1.            Assignment
and Assumption. Effective as of the date hereof, upon the terms and subject to the conditions set forth herein:

 

(i)          Assignor
hereby assigns, transfers, conveys and delivers to Assignee, all of Assignor’s rights, titles and interests in and to the
Assets, in each case, free and clear of all liens, pledges, charges, security interests or other encumbrances of any kind; and

 

(ii)         Assignee
hereby (a) acquires all of Assignor’s rights, titles and interests in and to the Assets in each case, free and clear of all
liens, pledges, charges, security interests or other encumbrances of any kind, and (b) unconditionally and irrevocably assumes,
undertakes and agrees, subject to valid claims and defenses, to pay, satisfy, perform and discharge in full, as and when due, and
release and discharge Assignee and its successors and assigns completely and forever from, all obligations and liabilities of any
kind arising out of, or required to be performed under, such Assets, in each case, solely to the extent arising from and after
the date hereof; provided, however, that (x) it is understood and agreed that no Assignee shall assume any obligation
or claim arising out of the performance of, or failure to perform under, any Asset to the extent relating to an act or omission
prior to the date hereof or to the extent that such obligation or claim is attributable to any period prior to the date hereof
(the “Retained Liabilities”) (and any third party shall be required to look solely to Assignor with respect
to any claims relating to such Retained Liabilities), and (y) Assignor hereby agrees to indemnify, reimburse, defend and hold harmless
Assignee, its affiliates and representatives from and against any and all damages of any kind or nature whatsoever which may be
imposed on, incurred by, or asserted against them, in any way by any third party relating to or arising out of any Retained Liabilities.

 

     

     

    

 

2.              Further
Assurances. The Parties covenant and agree to take such actions and execute and deliver such further deeds, assignments or
other transfer documents, in each case, as a Party may reasonably request, to effectively contribute, transfer, assign and convey,
and to evidence such contribution, transfer, assignment and conveyance of, the Assets (including, in each case, by causing any
of its applicable affiliates to execute such documents to effectively contribute, transfer, assign and convey, and to evidence
such contribution, transfer, assignment and conveyance of, the Assets).

 

3.              Assignor
Representations and Warranties.

 

(i)        Global
hereby represents and warrants to Assignee as follows:

 

(a)          Existence
and Power. It is a limited liability company duly formed, validly existing and in good standing under the laws of the State
of Delaware and has all power and authority required to carry on its business as now conducted.

 

(b)          Authorization.
It and each of its applicable subsidiaries, has all requisite corporate or similar power, authority and legal capacity to execute
and delivery, as applicable, this Agreement and to perform its obligations hereunder. The execution, delivery and performance of
this Agreement have been duly approved by all requisite action on it and its applicable subsidiaries’ parts. This Agreement
has been executed and delivered by it or such affiliate, as applicable, and, assuming the due authorization, execution and delivery
by the other parties hereto and thereto, constitutes or will constitute a legal, valid and binding obligation of it and such applicable
subsidiaries, enforceable against each such person in accordance with its terms, subject to the Equitable Exceptions.

 

(c)          Non-Contravention.
The execution, delivery and performance by it of this Agreement does not and will not, directly or indirectly, (a) violate,
contravene or conflict with any provision of the organizational documents of such person, (b) contravene or conflict with, or constitute
a violation of, any applicable order or provisions of any applicable law binding upon or applicable to any such person, (c) require
it or any of its respective subsidiaries to make or obtain any registration, filing, application, notice, consent, approval, order,
qualification, authorization, designation, declaration or waiver with, to or from any governmental authority or any other person,
or (d) require a consent, approval or waiver from, or notice to, any party to any contract to which it or any of its respective
affiliates (other than ARCH, the OP and their respective subsidiaries) is a party.

 

(d)          No
Liens. The Assets are free and clear of all liens, pledges, charges, security interests or other encumbrances of any kind.

 

(ii)         Hospitality
Advisor hereby represents and warrants to Assignee that the Assets are free and clear of all liens, pledges, charges, security
interests or other encumbrances of any kind.

 

     

     

    

 

4.              Entire
Agreement. This Agreement (together with the Framework Agreement and the other documents contemplated thereby) constitutes
the entire agreement and understanding among the Parties in respect of the subject matter hereof and thereof and supersedes all
prior and contemporaneous arrangements, agreements and understandings, both oral and written, whether in term sheets, presentations
or otherwise among the Parties, or between any of them, with respect to the subject matter hereof and thereof.

 

5.              Miscellaneous.
Sections 11 (Counterparts), 12 (Governing Law; Specific Performance; WAIVER OF JURY TRIAL), 13 (Severability), 14 (Further Assurances),
15 (Parties in Interest), 17 (Headings), 18 (Expenses), 19 (Construction), 20 (Assignment) and Section 22 (Amendments and Waivers)
of the Framework Agreement are incorporated herein by reference, mutatis mutandis.

 

[Remainder of Page Left Intentionally Blank;
Signature Page Follows]

 

     

     

    

 

IN WITNESS WHEREOF,
the undersigned have executed and delivered this Agreement as of the date first above written.

 

	 	ASSIGNOR:
	 	 
	 	AMERICAN REALTY CAPITAL HOSPITALITY ADVISORS, LLC
	 	 
	 	By: American Realty Capital Hospitality Special Limited Partner, LLC, its sole member
	 	 
	 	By: American Realty Capital IX, LLC, its sole member
	 	 
	 	By: AR Capital, LLC, its sole member
	 	 
	 	By:	/s/ Edward M. Weil, Jr.
	 	Name:	Edward M. Weil, Jr.
	 	Title:	Chief Executive Officer
	 	 
	 	AR GLOBAL INVESTMENTS, LLC
	 	 	 
	 	By:	/s/ Jesse C. Galloway
	 	Name:	Jesse C. Galloway
	 	Title:	Authorized Signatory

 

     

     

    

 

	 	ASSIGNEE:
	 	 
	 	HOSPITALITY INVESTORS TRUST, OPERATING PARTNERSHIP, L.P.
	 	 
	 	By: Hospitality Investors Trust, Inc., its general partner
	 	 
	 	By:	/s/ Paul C. Hughes
	 		Name:  Paul C. Hughes
	 		Title: Authorized Signatory

 

     

     

    

 

Schedule I

 

Assets

 

All of the following assets as are relevant to the Hospitality
Investors Trust, Inc., the OP and each of their respective subsidiaries:

 

		1.	Accounting systems

 

		2.	IT equipment
                                         (excluding all servers owned or leased by the Advisor or its affiliates, but not the
                                         information contained on such servers relating to ARCH and its subsidiaries)

 

		3.	Office furniture
                                         and office equipment presently exclusively used by Transition Personnel (including desks,
                                         chairs, office and cellular phones, office and portable computers, file cabinets)

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