Document:

Exhibit 10.6

 Exhibit 10.6 
 LOAN AGREEMENT 
 Dated as of June 30, 2011 

between 
 CHSP
BOSTON II LLC, 
 as Borrower, 
 and 
 GOLDMAN SACHS COMMERCIAL MORTGAGE CAPITAL, L.P., 

as Lender 

							
	 	  	ARTICLE I	  	 	 
	 	  	GENERAL TERMS	  	 	 
			
	 Section 1.1.
	  	 The Loan
	  	 	28	  
			
	 Section 1.2.
	  	 Interest and Principal
	  	 	28	  
			
	 Section 1.3.
	  	 Method and Place of Payment
	  	 	30	  
			
	 Section 1.4.
	  	 Taxes; Regulatory Change
	  	 	30	  
			
	 Section 1.5.
	  	 Release
	  	 	32	  
			
		  	ARTICLE II	  			
		  	DEFEASANCE AND ASSUMPTION	  			
			
	 Section 2.1.
	  	 Defeasance
	  	 	32	  
			
	 Section 2.2.
	  	 Assumption
	  	 	34	  
			
	 Section 2.3.
	  	 Transfers of Equity Interests in Borrower
	  	 	35	  
			
		  	ARTICLE III	  			
		  	ACCOUNTS	  			
			
	 Section 3.1.
	  	 Cash Management Account
	  	 	36	  
			
	 Section 3.2.
	  	 Distributions from Cash Management Account
	  	 	37	  
			
	 Section 3.3.
	  	 Loss Proceeds Account
	  	 	38	  
			
	 Section 3.4.
	  	 Basic Carrying Costs Escrow Account
	  	 	38	  
			
	 Section 3.5.
	  	 FF&E Reserve Account
	  	 	40	  
			
	 Section 3.6.
	  	 Deferred Maintenance and Environmental Escrow Account
	  	 	41	  
			
	 Section 3.7.
	  	 Unfunded Obligations Account
	  	 	42	  
			
	 Section 3.8.
	  	 Hyatt PIP Reserve Account
	  	 	43	  
			
	 Section 3.9.
	  	 Hyatt Capital Plan Reserve Account
	  	 	44	  
			
	 Section 3.10.
	  	 Excess Cash Flow Reserve Account
	  	 	45	  
			
	 Section 3.11.
	  	 Account Collateral
	  	 	45	  
			
	 Section 3.12.
	  	 Bankruptcy
	  	 	46	  
			
		  	ARTICLE IV	  			
		  	REPRESENTATIONS	  			
			
	 Section 4.1.
	  	 Organization
	  	 	47	  
			
	 Section 4.2.
	  	 Authorization
	  	 	47	  

  
 i 

							
			
	 Section 4.3.
	  	 No Conflicts
	  	 	47	  
			
	 Section 4.4.
	  	 Consents
	  	 	47	  
			
	 Section 4.5.
	  	 Enforceable Obligations
	  	 	47	  
			
	 Section 4.6.
	  	 No Default
	  	 	47	  
			
	 Section 4.7
	  	 Payment of Taxes
	  	 	47	  
			
	 Section 4.8.
	  	 Compliance with Law
	  	 	48	  
			
	 Section 4.9.
	  	 ERISA
	  	 	48	  
			
	 Section 4.10.
	  	 Investment Company Act
	  	 	48	  
			
	 Section 4.11.
	  	 No Bankruptcy Filing
	  	 	48	  
			
	 Section 4.12.
	  	 Other Debt
	  	 	48	  
			
	 Section 4.13.
	  	 Litigation
	  	 	49	  
			
	 Section 4.14.
	  	 Leases; Material Agreements
	  	 	49	  
			
	 Section 4.15.
	  	 Full and Accurate Disclosure
	  	 	49	  
			
	 Section 4.16.
	  	 Financial Condition
	  	 	49	  
			
	 Section 4.17.
	  	 Single-Purpose Requirements
	  	 	50	  
			
	 Section 4.18.
	  	 Use of Loan Proceeds
	  	 	50	  
			
	 Section 4.19.
	  	 Not Foreign Person
	  	 	50	  
			
	 Section 4.20.
	  	 Labor Matters
	  	 	50	  
			
	 Section 4.21.
	  	 Title
	  	 	50	  
			
	 Section 4.22.
	  	 No Encroachments
	  	 	51	  
			
	 Section 4.23.
	  	 Physical Condition
	  	 	51	  
			
	 Section 4.24.
	  	 Fraudulent Conveyance
	  	 	51	  
			
	 Section 4.25.
	  	 Management
	  	 	52	  
			
	 Section 4.26.
	  	 Condemnation
	  	 	52	  
			
	 Section 4.27.
	  	 Utilities and Public Access
	  	 	52	  
			
	 Section 4.28.
	  	 Environmental Matters
	  	 	52	  
			
	 Section 4.29.
	  	 Assessments
	  	 	53	  
			
	 Section 4.30.
	  	 No Joint Assessment
	  	 	53	  
			
	 Section 4.31.
	  	 Separate Lots
	  	 	53	  
			
	 Section 4.32.
	  	 Permits; Certificate of Occupancy
	  	 	53	  
			
	 Section 4.33.
	  	 Flood Zone
	  	 	53	  
			
	 Section 4.34.
	  	 Security Deposits
	  	 	53	  

  
 ii 

							
			
	 Section 4.35.
	  	 Acquisition Documents
	  	 	53	  
			
	 Section 4.36.
	  	 Insurance
	  	 	54	  
			
	 Section 4.37.
	  	 No Dealings
	  	 	54	  
			
	 Section 4.38.
	  	 Intentionally Deleted
	  	 	54	  
			
	 Section 4.39.
	  	 Federal Trade Embargos
	  	 	54	  
			
	 Section 4.40.
	  	 Air Rights Agreement
	  	 	54	  
			
	 Section 4.41.
	  	 Survival
	  	 	55	  
			
		  	ARTICLE V	  			
		  	AFFIRMATIVE COVENANTS	  			
			
	 Section 5.1.
	  	 Existence
	  	 	56	  
			
	 Section 5.2.
	  	 Maintenance of Property
	  	 	56	  
			
	 Section 5.3.
	  	 Compliance with Legal Requirements
	  	 	57	  
			
	 Section 5.4.
	  	 Impositions and Other Claims
	  	 	57	  
			
	 Section 5.5.
	  	 Access to Property
	  	 	57	  
			
	 Section 5.6.
	  	 Cooperate in Legal Proceedings
	  	 	58	  
			
	 Section 5.7.
	  	 Leases
	  	 	58	  
			
	 Section 5.8.
	  	 Plan Assets, etc
	  	 	59	  
			
	 Section 5.9.
	  	 Further Assurances
	  	 	59	  
			
	 Section 5.10.
	  	 Management of Collateral
	  	 	60	  
			
	 Section 5.11.
	  	 Notice of Material Event
	  	 	61	  
			
	 Section 5.12.
	  	 Annual Financial Statements
	  	 	61	  
			
	 Section 5.13.
	  	 Quarterly Financial Statements
	  	 	62	  
			
	 Section 5.14.
	  	 Monthly Financial Statements
	  	 	62	  
			
	 Section 5.15.
	  	 Insurance
	  	 	63	  
			
	 Section 5.16.
	  	 Casualty and Condemnation
	  	 	68	  
			
	 Section 5.17.
	  	 Annual Budget
	  	 	71	  
			
	 Section 5.18.
	  	 Nonbinding Consultation
	  	 	71	  
			
	 Section 5.19.
	  	 Compliance with Encumbrances and Material Agreements
	  	 	71	  
			
	 Section 5.20.
	  	 Prohibited Persons
	  	 	72	  
			
	 Section 5.21.
	  	 Operating Lease
	  	 	72	  

  
 iii

							
	 	  	ARTICLE VI	  	 	 
	 	  	NEGATIVE COVENANTS	  	 	 
			
	 Section 6.1.
	  	 Liens on the Collateral
	  	 	73	  
			
	 Section 6.2.
	  	 Ownership
	  	 	73	  
			
	 Section 6.3.
	  	 Transfer; Change of Control
	  	 	73	  
			
	 Section 6.4.
	  	 Debt
	  	 	73	  
			
	 Section 6.5.
	  	 Dissolution; Merger or Consolidation
	  	 	73	  
			
	 Section 6.6
	  	 Change in Business.
	  	 	73	  
			
	 Section 6.7.
	  	 Debt Cancellation
	  	 	73	  
			
	 Section 6.8.
	  	 Affiliate Transactions
	  	 	73	  
			
	 Section 6.9.
	  	 Misapplication of Funds
	  	 	74	  
			
	 Section 6.10.
	  	 Jurisdiction of Formation; Name
	  	 	74	  
			
	 Section 6.11.
	  	 Modifications and Waivers
	  	 	74	  
			
	 Section 6.12.
	  	 ERISA
	  	 	75	  
			
	 Section 6.13.
	  	 Alterations and Expansions
	  	 	75	  
			
	 Section 6.14.
	  	 Advances and Investments
	  	 	75	  
			
	 Section 6.15.
	  	 Single-Purpose Entity
	  	 	75	  
			
	 Section 6.16.
	  	 Zoning and Uses
	  	 	76	  
			
	 Section 6.17.
	  	 Waste
	  	 	76	  
			
		  	ARTICLE VII	  			
		  	DEFAULTS	  			
			
	 Section 7.1.
	  	 Event of Default
	  	 	76	  
			
	 Section 7.2.
	  	 Remedies
	  	 	79	  
			
	 Section 7.3.
	  	 Application of Payments after an Event of Default
	  	 	80	  
			
		  	ARTICLE VIII	  			
		  	CONDITIONS PRECEDENT	  			
			
	 Section 8.1.
	  	 Conditions Precedent to Closing
	  	 	80	  
			
		  	ARTICLE IX	  			
		  	MISCELLANEOUS	  			
			
	 Section 9.1.
	  	 Successors
	  	 	83	  
			
	 Section 9.2.
	  	 GOVERNING LAW
	  	 	83	  
			
	 Section 9.3.
	  	 Modification, Waiver in Writing
	  	 	84	  

  
 iv 

							
			
	 Section 9.4.
	  	 Notices
	  	 	84	  
			
	 Section 9.5.
	  	 TRIAL BY JURY
	  	 	85	  
			
	 Section 9.6.
	  	 Headings
	  	 	85	  
			
	 Section 9.7.
	  	 Assignment and Participation
	  	 	85	  
			
	 Section 9.8.
	  	 Severability
	  	 	86	  
			
	 Section 9.9.
	  	 Preferences; Waiver of Marshalling of Assets
	  	 	86	  
			
	 Section 9.10.
	  	 Remedies of Borrower
	  	 	87	  
			
	 Section 9.11.
	  	 Offsets, Counterclaims and Defenses
	  	 	87	  
			
	 Section 9.12.
	  	 No Joint Venture
	  	 	87	  
			
	 Section 9.13.
	  	 Conflict; Construction of Documents
	  	 	87	  
			
	 Section 9.14.
	  	 Brokers and Financial Advisors
	  	 	88	  
			
	 Section 9.15.
	  	 Counterparts
	  	 	88	  
			
	 Section 9.16.
	  	 Estoppel Certificates
	  	 	88	  
			
	 Section 9.17.
	  	 General Indemnity; Payment of Expenses; Mortgage Recording Taxes.
	  	 	89	  
			
	 Section 9.18.
	  	 No Third-Party Beneficiaries
	  	 	91	  
			
	 Section 9.19.
	  	 Recourse
	  	 	91	  
			
	 Section 9.20.
	  	 Right of Set-Off
	  	 	93	  
			
	 Section 9.21.
	  	 Exculpation of Lender
	  	 	94	  
			
	 Section 9.22.
	  	 Servicer
	  	 	94	  
			
	 Section 9.23.
	  	 No Fiduciary Duty
	  	 	94	  
			
	 Section 9.24.
	  	 Borrower Information
	  	 	95	  
			
	 Section 9.25.
	  	 PATRIOT Act Records
	  	 	96	  
			
	 Section 9.26.
	  	 Prior Agreements
	  	 	96	  
			
	 Section 9.27.
	  	 Publicity
	  	 	97	  
			
	 Section 9.28.
	  	 Delay Not a Waiver
	  	 	97	  
			
	 Section 9.29.
	  	 Schedules and Exhibits Incorporated
	  	 	97	  

  
 v 

 Exhibits 
  

	A	Organizational Chart 

	B	Form of Uniform System of Accounts 

	C	Hyatt Property Improvement Plan 

 Schedules

  

	A	Property 

	B	Exception Report 

	C	Deferred Maintenance Conditions 

	D	Unfunded Obligations 

	E	Leases 

	F	Material Agreements 

	G	Hyatt PIP Work 

  
 vi 

 LOAN AGREEMENT 
 This Loan Agreement (this “Agreement”) is dated June 30, 2011 and is between GOLDMAN SACHS COMMERCIAL MORTGAGE CAPITAL, L.P., a Delaware limited partnership, as lender (together with
its successors and assigns, including any lawful holder of any portion of the Indebtedness, as hereinafter defined, “Lender”), and CHSP BOSTON II LLC, a Delaware limited liability company, as borrower (together with its permitted
successors and assigns, “Borrower”). 
 RECITALS 

Borrower desires to obtain from Lender the Loan (as hereinafter defined) in connection with the financing of the property known as the
Hyatt Regency Boston. 
 Lender is willing to make the Loan on the terms and subject to the conditions set forth in this
Agreement if Borrower joins in the execution and delivery of this Agreement, the Note and the other Loan Documents. 
 In
consideration of the agreements, provisions and covenants contained herein and in the other Loan Documents, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Lender and Borrower agree as
follows: 
 DEFINITIONS 
 (a) When used in this Agreement, the following capitalized terms have the following meanings: 
 “Account Collateral” means, collectively, the Collateral Accounts and all sums at any time held, deposited or invested therein, together with any interest and other earnings thereon, and
all securities and investment property credited thereto and all proceeds thereof (including proceeds of sales and other dispositions), whether accounts, general intangibles, chattel paper, deposit accounts, instruments, documents or securities.

 “Account Control Agreement” means an account control agreement or blocked account agreement by and among
Borrower, Operating Lessee, Lender and the Eligible Institution at which the Approved FF&E Account and the Approved Operating Account are maintained. 
 “Agreement” means this Loan Agreement, as the same may from time to time hereafter be amended, restated, replaced, supplemented or otherwise modified in accordance herewith. 

“Air Rights Agreement” means that certain Deed and Agreement, dated as of September 11, 1979, entered into by the
City of Boston and Lafayette Place Associates, as amended by that certain (i) First Amendment to Deed and Agreement, dated as of February 17, 1982, between the City of Boston and Lafayette Place Associates, (ii) Second Amendment to
Deed and Agreement, dated as of June 8, 1983, between the City of Boston and Lafayette Place Associates, (iii) Third Amendment to Deed and Agreement, dated as of March 31, 1998, by and

 
among Patriot Games, LLC, BRE/Swiss LLC and the City of Boston, and (iv) Fourth Amendment to Deed and Agreement, dated as of December 30, 1998, by and among Patriot Holding, Inc.
(“Patriot”), BRE/Swiss LLC and the City of Boston, as the same may from time to time hereafter be amended, restated, replaced, supplemented or otherwise modified in accordance herewith. 

“ALTA” means the American Land Title Association, or any successor thereto. 

“Alteration” means any demolition, alteration, installation, improvement or expansion of or to the Property or any
portion thereof. 
 “Annual Budget” means a capital and operating expenditure budget for the Property
(including a general business plan, forward/group booking schedule and a “pace report”) prepared by the Approved Property Manager that specifies amounts sufficient to operate and maintain the Property at a standard at least equal to that
maintained on the Closing Date. 
 “Appraisal” means an as-is appraisal of the Property that is prepared by a
member of the Appraisal Institute selected by Lender, meets the minimum appraisal standards for national banks promulgated by the Comptroller of the Currency pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of
1989, as amended (FIRREA) and complies with the Uniform Standards of Professional Appraisal Practice (USPAP). 

“Approved Annual Budget” has the meaning set forth in Section 5.17. 

“Approved FF&E Account” means the Hyatt FF&E Account or any other comparable account established by the Approved
Property Manager pursuant to an Approved Management Agreement, which account is (i) owned by Borrower and pledged to Lender and (ii) subject to an Account Control Agreement, pursuant to which Lender shall have the right to control the
disbursement of the funds contained therein, in the event the Approved Management Agreement is terminated. 
 “Approved
Management Agreement” means the Hyatt Management Agreement and any other management agreement that is reasonably approved by Lender and with respect to which the Rating Condition is satisfied, in each case as the same may be amended,
restated, replaced, supplemented or otherwise modified in accordance herewith. 
 “Approved Operating Account”
means the Hyatt Operating Account or any other comparable account or accounts established by the Approved Property Manager pursuant to an Approved Management Agreement, which account or accounts are (i) owned by Operating Lessee and pledged to
Lender and (ii) subject to an Account Control Agreement, pursuant to which Lender shall have the right to control the disbursement of the funds contained therein, in the event the Approved Management Agreement is terminated. 

“Approved Property Manager” means Hyatt or any other management company approved by Lender and with respect to which the
Rating Condition is satisfied. 
 “Assignment” has the meaning set forth in Section 9.7(b).

  
 2 

 “Assumption” has the meaning set forth in Section 2.2.

 “Bankruptcy Code” has the meaning set forth in Section 7.1(d). 

“Bankruptcy Event” has the meaning set forth in Section 7.1(d). 

“Borrower” has the meaning set forth in the first paragraph of this Agreement. 

“Borrower Tax” means any U.S. Tax and any present or future tax, assessment or other charge or levy imposed by, or on
behalf of, any jurisdiction through which or from which payments due hereunder are made (or any taxing authority thereof). 

“Business Day” means any day other than (i) a Saturday and a Sunday and (ii) a day on which federally insured
depository institutions in the State of New York or the state in which the offices of Lender, its trustee, its Servicer or its Servicer’s collection account are located are authorized or obligated by law, governmental decree or executive order
to be closed. 
 “Capital Expenditure” means hard and soft costs incurred by Borrower (or Operating Lessee)
with respect to replacements and capital repairs made to the Property (including repairs to, and replacements of, structural components, roofs, building systems, parking garages and parking lots), in each case to the extent capitalized in accordance
with GAAP. 
 “Cash Management Account” has the meaning specified in Section 3.1(b). 

“Cash Management Agreement” means that certain cash management agreement, dated as of the Closing Date, among Operating
Lessee, Lender and the Cash Management Bank that maintains the Cash Management Account as of the Closing Date, as the same may from time to time be amended, restated, replaced, supplemented or otherwise modified in accordance herewith. 

“Cash Management Bank” means, individually and collectively, the Eligible Institution(s) at which the Collateral
Accounts (other than the Approved Operating Account, the Approved FF&E Account and the Distribution Account) are maintained. 
 “Casualty” means a fire, explosion, flood, collapse, earthquake or other casualty affecting all or any portion of the Property. 

“Cause” means, with respect to an Independent Director, (i) acts or omissions by such Independent Director that
constitute systematic and persistent or willful disregard of such Independent Director’s duties, (ii) such Independent Director has been indicted or convicted for any crime or crimes of moral turpitude or dishonesty or for any violation of
any Legal Requirements, (iii) such Independent Director no longer satisfies the requirements set forth in the definition of “Independent Director”, (iv) the fees charged for the services of such Independent Director are
materially in excess of the fees charged by the other providers of Independent Directors listed in the definition of “Independent Director” or (v) any other reason for which the prior written consent of Lender shall have been
obtained. 

  
 3 

 “Certificates” means, collectively, any senior and/or subordinate notes,
debentures or pass-through certificates, or other evidence of indebtedness, or debt or equity securities, or any combination of the foregoing, representing a direct or beneficial interest, in whole or in part, in the Loan. 

“Closing Date” means the date of this Agreement. 

“Closing Date NOI” means $9,454,132. 
 “Code” means the Internal Revenue Code of 1986, as amended, and as it may be further amended from time to time, any successor statutes thereto, and applicable U.S. Department of Treasury
regulations issued pursuant thereto in temporary or final form. 
 “Collateral” means all assets owned from
time to time by Borrower and/or Operating Lessee including the Property, the Revenues and all other tangible and intangible property (including any Defeasance Collateral and all of Borrower’s and Operating Lessee’s respective right, title
and interest in and to the Operating Lease and the Approved Management Agreement) in respect of which Lender is granted a Lien under the Loan Documents, and all proceeds thereof. 

“Collateral Account” means each of the accounts and sub-accounts established pursuant to Article III hereof, excluding
however (i) the Approved Operating Account and the Approved FF&E Account, unless and until the Approved Management Agreement shall have been terminated and (ii) the Distribution Account. 

“Completion Guaranty” means that certain Completion Guaranty, dated as of the Closing Date, executed by Sponsor and
Borrower for the benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified in accordance herewith. 
 “Condemnation” means a taking or voluntary conveyance of all or part of the Property or any interest therein or right accruing thereto or use thereof, as the result of, or in settlement
of, any condemnation or other eminent domain proceeding by any Governmental Authority. 
 “Contingent
Obligation” means, with respect to any Person, any obligation of such Person directly or indirectly guaranteeing any Debt of any other Person in any manner and any contingent obligation to purchase, to provide funds for payment, to supply
funds to invest in any other Person or otherwise to assure a creditor against loss. 
 “Control” of any entity
means the ownership, directly or indirectly, of at least 51% of the equity interests in, and the right to at least 51% of the distributions from, such entity and the possession, directly or indirectly, of the power to direct or cause the direction
of the management or policies of such entity, whether through the ability to exercise voting power, by contract or otherwise (“Controlled” and “Controlling” each have the meanings correlative thereto). 

“Cooperation Agreement” means that certain Mortgage Loan Cooperation Agreement, dated as of the Closing Date, among
Borrower, Lender and Sponsor, as the same may from time to time be amended, restated, replaced, supplemented or otherwise modified in accordance herewith. 

  
 4 

 “Damages” to a party means any and all liabilities, obligations, losses,
demands, damages, penalties, assessments, actions, causes of action, judgments, proceedings, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including reasonable attorneys’ fees and other costs of defense
and/or enforcement whether or not suit is brought), fines, charges, fees, settlement costs and disbursements imposed on, incurred by or asserted against such party, whether based on any federal, state or foreign laws, statutes, rules or regulations
(including securities and commercial laws, statutes, rules or regulations and Environmental Laws), on common law or equitable cause or on contract or otherwise. 
 “DBRS” means DBRS, Inc. or its applicable affiliate. 

“Debt” means, with respect to any Person, without duplication: 

(i) all indebtedness of such Person to any other party (regardless of whether such indebtedness is evidenced by a written
instrument such as a note, bond or debenture), including indebtedness for borrowed money or for the deferred purchase price of property or services; 
 (ii) all letters of credit issued for the account of such Person and all unreimbursed amounts drawn thereunder; 

(iii) all indebtedness secured by a Lien on any property owned by such Person (whether or not such indebtedness has been
assumed) except obligations for impositions that are not yet due and payable; 
 (iv) all Contingent
Obligations of such Person; 
 (v) all payment obligations of such Person under any interest rate protection
agreement (including any interest rate swaps, floors, collars or similar agreements) and similar agreements; 

(vi) all contractual indemnity obligations of such Person; and 

(vii) any material actual or contingent liability to any Person or Governmental Authority with respect to any employee
benefit plan (within the meaning of Section 3(3) of ERISA) subject to Title IV of ERISA, Section 302 of ERISA or Section 412 of the Code. 
 “Default” means the occurrence of any event that, but for the giving of notice or the passage of time, or both, would be an Event of Default. 

“Default Interest” means, during the continuance of an Event of Default, the amount by which interest accrued on the
Notes or Note Components at their respective Default Rates exceeds the amount of interest that would have accrued on the Notes or Note Components at their respective Interest Rates. 

  
 5 

 “Default Rate” means, with respect to any Note or Note Component, the
greater of (x) 4% per annum in excess of the interest rate otherwise applicable to such Note or Note Component hereunder and (y) 1% per annum in excess of the Prime Rate from time to time; provided that, if the foregoing would
result in an interest rate in excess of the maximum rate permitted by applicable law, the Default Rate shall be limited to the maximum rate permitted by applicable law. 
 “Defeasance Borrower” has the meaning set forth in Section 2.1(b). 
 “Defeasance Collateral” means AAA-rated obligations that are either the direct obligations of, or are fully guaranteed by the full faith and credit of, the United States of America and
are not subject to prepayment, call or early redemption. 
 “Defeasance Pledge Agreement” has the meaning set
forth in Section 2.1(a)(iii). 
 “Defease” means to deliver Defeasance Collateral as substitute
Collateral for the Loan in accordance with Section 2.1 and to cause the Defeased Note to be assumed by a Defeasance Borrower in accordance herewith; and the terms “Defeased” and “Defeasance” have
meanings correlative to the foregoing. 
 “Deferred Maintenance Amount” means $0.00. 

“Deferred Maintenance Conditions” means those items described in Schedule C. 

“Deferred Maintenance and Environmental Escrow Account” has the meaning set forth in Section 3.6(a).

 “Distribution Account” means an account owned and controlled by Borrower or Operating Lessee and identified
to Lender from time to time. 
 “Eligible Account” means (i) a segregated account maintained with a
federal or state-chartered depository institution or trust company that complies with the definition of Eligible Institution, or (ii) a segregated trust account or accounts maintained with the corporate trust department of a federal depository
institution or state-chartered depository institution that has an investment-grade rating and is subject to regulations regarding fiduciary funds on deposit under, or similar to, Title 12 of the Code of Federal Regulations Section 9.10(b) that,
in either case, has corporate trust powers, acting in its fiduciary capacity. 
 “Eligible Institution” means
an institution (i) whose commercial paper, short-term debt obligations or other short-term deposits are rated at least “A–1” by S&P, “P–1” by Moody’s and/or “F–1” by Fitch, and
whose long-term senior unsecured debt obligations are rated at least “A-” by S&P, “A” by Fitch, and “A2” by Moody’s and whose deposits are insured by the FDIC or (ii) with respect to which the Rating
Condition is satisfied. 
 “Embargoed Person” means any Person subject to trade restrictions under any Federal
Trade Embargo. 

  
 6 

 “Engineering Report” means a structural and seismic engineering report or
reports (including a “probable maximum loss” calculation, if applicable) with respect to the Property prepared by an independent engineer approved by Lender and delivered to Lender in connection with the Loan, and any amendments or
supplements thereto delivered to Lender. 
 “Environmental Claim” means any written notice, claim, proceeding,
notice of proceeding, investigation, demand, abatement order or other order or directive by any Person or Governmental Authority alleging or asserting liability with respect to Borrower, Operating Lessee or the Property arising out of, based on, in
connection with, or resulting from (i) the actual or alleged presence, Use or Release of any Hazardous Substance, (ii) any actual or alleged violation of any Environmental Law, or (iii) any actual or alleged injury or threat of injury
to property, health or safety, natural resources or to the environment caused by Hazardous Substances. 
 “Environmental
Indemnity” means that certain Environmental Indemnity Agreement executed by Borrower and the Sponsor as of the Closing Date, as the same may from time to time be amended, restated, replaced, supplemented or otherwise modified in accordance
herewith. 
 “Environmental Laws” means any and all present and future federal, state and local laws, statutes,
ordinances, orders, rules, regulations and the like, as well as common law, any judicial or administrative orders, decrees or judgments thereunder, and any permits, approvals, licenses, registrations, filings and authorizations, in each case as now
or hereafter in effect, relating to (i) the pollution, protection or cleanup of the environment, (ii) the impact of Hazardous Substances on property, health or safety, (iii) the Use or Release of Hazardous Substances,
(iv) occupational safety and health, industrial hygiene or the protection of human, plant or animal health or welfare or (v) the liability for or costs of other actual or threatened danger to health or the environment. The term
“Environmental Law” includes, but is not limited to, the following statutes, as amended, any successors thereto, and any regulations promulgated pursuant thereto, and any state or local statutes, ordinances, rules, regulations and
the like addressing similar issues: the Comprehensive Environmental Response, Compensation and Liability Act; the Emergency Planning and Community Right-to-Know Act; the Hazardous Materials Transportation Act; the Resource Conservation and Recovery
Act (including Subtitle I relating to underground storage tanks); the Clean Water Act; the Clean Air Act; the Toxic Substances Control Act; the Safe Drinking Water Act; the Occupational Safety and Health Act; the Federal Water Pollution Control Act;
the Federal Insecticide, Fungicide and Rodenticide Act; the Endangered Species Act; the National Environmental Policy Act; and the River and Harbors Appropriation Act. The term “Environmental Law” also includes, but is not limited
to, any present and future federal state and local laws, statutes ordinances, rules, regulations and the like, as well as common law, conditioning transfer of property upon a negative declaration or other approval of a Governmental Authority of the
environmental condition of a property; or requiring notification or disclosure of Releases of Hazardous Substances or other environmental conditions of a property to any Governmental Authority or other Person, whether or not in connection with
transfer of title to or interest in property. 

  
 7 

 “Environmental Reports” means “Phase I Environmental Site
Assessments” as referred to in the ASTM Standards on Environmental Site Assessments for Commercial Real Estate, E 1527-05 (and, if necessary, “Phase II Environmental Site Assessments”), prepared by an independent environmental
auditor approved by Lender and delivered to Lender in connection with the Loan and any amendments or supplements thereto delivered to Lender, and shall also include any other environmental reports delivered to Lender pursuant to this Agreement and
the Environmental Indemnity. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended
from time to time, and the regulations promulgated thereunder. 
 “ERISA Affiliate,” at any time, means each
trade or business (whether or not incorporated) that would, at the time, be treated together with Borrower or Operating Lessee as a single employer under Title IV or Section 302 of ERISA or Section 412 of the Code. 

“Event of Default” has the meaning set forth in Section 7.1. 

“Excess Cash Flow Reserve Account” has the meaning set forth in Section 3.10(a). 

“Exception Report” means the report prepared by Borrower and attached to this Agreement as Schedule B, setting
forth any exceptions to the representations set forth in Article IV. 
 “Exculpated Person” means each
Person that is an affiliate, equityholder, beneficiary, trustee, member, officer, director, agent, manager, independent manager, employee, advisor or partner of Borrower, Operating Lessee or Sponsor. 

“FF&E” means furniture, fixtures and equipment used in connection with the Property. 

“FF&E Reserve Account” has the meaning set forth in Section 3.5(a). 

“Federal Trade Embargo” means any federal law imposing trade restrictions, including (i) the Trading with the Enemy
Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended), (ii) the International Emergency Economic Powers Act (50 U.S.C. §§ 1701 et
seq., as amended), (iii) any enabling legislation or executive order relating to the foregoing, (iv) Executive Order 13224, and (v) the PATRIOT Act. 
 “Fiscal Quarter” means the three-month period ending on March 31, June 30, September 30 and December 31 of each year, or such other fiscal quarter of
Borrower as Borrower may select from time to time with the prior consent of Lender, such consent not to be unreasonably withheld, delayed or conditioned. 
 “Fiscal Year” means the 12-month period ending on December 31 of each year, or such other fiscal year of Borrower as Borrower may select from time to time with the prior consent of
Lender, not to be unreasonably withheld, delayed or conditioned. 
 “Fitch” means Fitch, Inc. and its
successors. 

  
 8 

 “Force Majeure” means a delay due to acts of God, governmental
restrictions, stays, judgments, orders, decrees, enemy actions, civil commotion, fire, casualty, strikes, work stoppage, shortages of labor or materials or similar causes beyond the reasonable control of Borrower; provided that (1) any
period of Force Majeure shall apply only to performance of the obligations necessarily affected by such circumstance and shall continue only so long as Borrower is continuously and diligently using all reasonable efforts to minimize the effect and
duration thereof; and (2) Force Majeure shall not include the unavailability or insufficiency of funds. 
 “Form
W-8BEN” means Form W-8BEN (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding) of the Department of Treasury of the United States of America, and any successor form. 

“Form W-8ECI” means Form W-8ECI (Certificate of Foreign Person’s Claim for Exemption from Withholding of Tax on
Income Effectively Connected with the Conduct of a Trade or Business in the United States) of the Department of the Treasury of the United States of America, and any successor form. 

“Form W-9” means Form W-9 (Request for Taxpayer Identification Number and Certification) of the Department of the
Treasury of the United States of America, and any successor form. 
 “GAAP” means generally accepted accounting
principles in the United States of America, consistently applied. 
 “Governmental Authority” means any
federal, state, county, regional, local or municipal government, any bureau, department, agency or political subdivision thereof and any Person with jurisdiction exercising executive, legislative, judicial, regulatory or administrative functions of
or pertaining to government (including any court). 
 “Guaranty” means that certain Guaranty, dated as of the
Closing Date, executed by Sponsor for the benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified in accordance herewith. 
 “Hazardous Substances” means any and all substances (whether solid, liquid or gas) defined, listed, or otherwise classified as pollutants, hazardous wastes, hazardous substances,
hazardous materials, extremely hazardous wastes, toxic substances, toxic pollutants, contaminants, pollutants or words of similar meaning or regulatory effect under any present or future Environmental Laws or that may have a negative impact on human
health or the indoor or outdoor environment or the presence of which on, in or under the Property is prohibited or requires investigation or remediation under Environmental Law, including petroleum and petroleum by-products, asbestos and
asbestos-containing materials, toxic mold, polychlorinated biphenyls, lead and radon, and compounds containing them (including gasoline, diesel fuel, oil and lead-based paint), pesticides and radioactive materials, flammables and explosives and
compounds containing them, but excluding those substances commonly used in the operation and maintenance of properties of kind and nature similar to those of the Property that are used at the Property in compliance with all Environmental Laws and in
a manner that does not result in contamination of the Property or in a Material Adverse Effect. 

  
 9 

 “Hyatt” means Hyatt Corporation, a Delaware corporation. 

“Hyatt Capital Plan” means (i) the replacement of the carpets, lighting and vinyl wall coverings on all guestroom
floor corridors at the Property and (ii) with respect to each guestroom at the Property where such replacements were not made in conjunction with the Hyatt PIP (including, by way of example, the presidential suite), replacement of carpet/pad,
vinyl wall coverings, seating, beds, bedding, lighting, artwork, window treatments and pillows, in each case in accordance with the terms and conditions of the Approved Management Agreement (including compliance with any applicable brand-mandated
standards and approval processes). 
 “Hyatt Capital Plan Amount” means the greater of (i) an amount equal
to $5,000,000, minus the amounts theretofore expended by Borrower in connection with the completion of the Hyatt Capital Plan, to the extent reasonably satisfactory evidence of the expenditure of such amounts has been delivered to Lender and
(ii) $1,000,000. 
 “Hyatt Capital Plan Completion Date” means June 30, 2013. 

“Hyatt Capital Plan Reserve Account” has the meaning set forth in Section 3.9(a). 

“Hyatt Capital Plan Failure” has the meaning set forth in Section 3.9(a). 

“Hyatt FF&E Account” means the “Capital Fund” established under, and as defined in, Section 4.3(c) of
the Hyatt Management Agreement. 
 “Hyatt Management Agreement” means that certain Hotel Management Agreement,
dated as of March 18, 2010, between Hyatt and CHSP TRS Boston LLC (predecessor-in-interest to Operating Lessee), as assigned to CHSP TRS Boston II LLC pursuant to that certain Assignment of Management Agreement of even date herewith, as the
same may be amended, restated, replaced, supplemented or otherwise modified in accordance herewith. 
 “Hyatt Operating
Account” means, collectively, the “Operating Accounts” under and as defined in the Hyatt Management Agreement. 
 “Hyatt PIP” means that certain Property Improvement Plan relating to the Property, dated as of August 18, 2009, attached hereto as Exhibit C. 

“Hyatt PIP Amount” means $1,715,000. 
 “Hyatt PIP Elevator Work” means the elevator upgrade work set forth in the Hyatt PIP. 
 “Hyatt PIP Reserve Account” has the meaning set forth in Section 3.8(a). 

  
 10 

 “Hyatt PIP Work” means the work to be performed pursuant to the Hyatt PIP,
excluding the Hyatt PIP Elevator Work, according to the schedule and budget set forth on Schedule G. 

“Increased Costs” has the meaning set forth in Section 1.4(d). 

“Indebtedness” means the Principal Indebtedness, together with interest and all other obligations and liabilities of
Borrower under the Loan Documents, including all transaction costs, Yield Maintenance Premiums and other amounts due or to become due to Lender pursuant to this Agreement, under the Notes or in accordance with any of the other Loan Documents, and
all other amounts, sums and expenses reimbursable by Borrower to Lender hereunder or pursuant to the Notes or any of the other Loan Documents. 
 “Indemnified Liabilities” has the meaning set forth in Section 9.19(b). 
 “Indemnified Parties” has the meaning set forth in Section 9.17. 
 “Independent Director” of any corporation or limited liability company means an individual who is provided by CT Corporation, Corporation Service Company, National Registered Agents,
Inc., Wilmington Trust Company, Stewart Management Company, Lord Securities Corporation or, if none of those companies is then providing professional independent directors or managers, another nationally-recognized company reasonably approved by
Lender, in each case that is not an affiliate of Borrower and that provides professional independent directors or managers and other corporate services in the ordinary course of its business, and which individual is duly appointed as a member of the
board of directors or board of managers of such corporation or limited liability company and is not, and has never been, and will not while serving as Independent Director be, any of the following: 

(i) a member (other than an independent, non-economic member), partner, equityholder, manager, director, officer or
employee of such corporation or limited liability company or any of its equityholders or affiliates (other than as an independent director or manager of an affiliate of such corporation or limited liability company that is not in the direct chain of
ownership of such corporation or limited liability company and that is required by a creditor to be a single purpose bankruptcy remote entity, provided that such independent director or manager is employed by a company that routinely provides
professional independent directors or managers); 
 (ii) a creditor, supplier or service provider (including
provider of professional services) to such corporation or limited liability company or any of its equityholders or affiliates (other than a nationally recognized company that routinely provides professional independent managers or directors and that
also provides lien search, entity filings and other similar services to such corporation or limited liability company or any of its equityholders or affiliates in the ordinary course of business); 

(iii) a family member of any such member, partner, equityholder, manager, director, officer, employee, creditor, supplier
or service provider; or 

  
 11 

 (iv) a Person that controls (whether directly, indirectly or otherwise) any
of (i), (ii) or (iii) above. 
 A natural person who otherwise satisfies the foregoing definition other than subparagraph (i) by
reason of being the Independent Director of a Single-Purpose Entity affiliated with the corporation or limited liability company in question shall not be disqualified from serving as an Independent Director of such corporation or limited liability
company, provided that the fees that such natural person earns from serving as Independent Director of affiliates of such the corporation or limited liability company in any given year constitute in the aggregate less than five percent of such
natural person’s annual income for that year. The same natural persons may not serve as Independent Directors of a corporation or limited liability company and, at the same time, serve as Independent Directors of an equityholder or member of
such corporation or limited liability company. 
 “Insurance Requirements” means, collectively, (i) all
material terms of any insurance policy required pursuant to this Agreement and (ii) all material regulations and then-current standards applicable to or affecting the Property or any portion thereof or any use or condition thereof, which may,
at any time, be recommended by the board of fire underwriters, if any, having jurisdiction over the Property, or any other body exercising similar functions. 
 “Interest Accrual Period” means each period from and including the sixth day of a calendar month through and including the fifth day of the immediately succeeding calendar month;
provided, that, prior to a Securitization, Lender shall have the right, in connection with a change in the Payment Date in accordance with the definition thereof, to make a corresponding change to the Interest Accrual Period. Notwithstanding
the foregoing, the first Interest Accrual Period shall commence on and include the Closing Date. 
 “Interest
Rate” means 5.0085% per annum (subject to Section 1.1(c)). 
 “Lease” means any lease
(other than the Operating Lease) license, letting, concession, occupancy agreement, sublease to which Borrower and/or Operating Lessee is a party or has a consent right, or other agreement (whether written or oral and whether now or hereafter in
effect) under which Borrower and/or Operating Lessee is a lessor, sublessor, licensor or other grantor existing as of the Closing Date or thereafter entered into by Borrower and/or Operating Lessee, in each case pursuant to which any Person is
granted a possessory interest in, or right to use or occupy all or any portion of any space in the Property, and every modification or amendment thereof, and every guarantee of the performance and observance of the covenants, conditions and
agreements to be performed and observed by the other party thereto, excluding short-term agreements in the ordinary course of business pursuant to which hotel rooms and facilities are made available to individual hotel guests. 

“Leasing Commissions” means leasing commissions required to be paid by Borrower or Operating Lessee in connection with
the leasing of space to Tenants at the Property pursuant to Leases entered into by Borrower or Operating Lessee in accordance herewith and payable in accordance with third-party/arm’s-length written brokerage agreements, provided that
the commissions payable pursuant thereto are commercially reasonable based upon the then current brokerage market for property of a similar type and quality to the Property in the geographic market in which the Property is located. 

  
 12 

 “Legal Requirements” means all governmental statutes, laws, rules, orders,
regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities (including Environmental Laws and zoning restrictions) affecting Borrower, Operating Lessee, Sponsor, the Property or any other Collateral or any portion thereof
or the construction, ownership, use, alteration or operation thereof, or any portion thereof (whether now or hereafter enacted and in force), and all permits, licenses and authorizations and regulations relating thereto. 

“Lender” has the meaning set forth in the first paragraph of this Agreement and in Section 9.7. 

“Lender 80% Determination” means a reasonable determination by Lender that, based on a current or updated appraisal, a
broker’s price opinion or other written determination of value using a commercially reasonable valuation method satisfactory to Lender, the fair market value of the Property securing the Loan at the time of such determination (but excluding any
value attributable to property that is not an interest in real property within the meaning of section 860G(a)(3)(A) of the Code) is at least 80% of the Loan’s adjusted issue price within the meaning of the Code. 

“Letter of Credit” means an irrevocable, unconditional, freely transferable, clean sight draft evergreen letter of
credit in favor of Lender, with respect to which Borrower has no reimbursement obligation, entitling Lender to draw thereon in New York, New York, issued by a domestic Eligible Institution or the U.S. agency or branch of a foreign Eligible
Institution. 
 “Lien” means any mortgage, lien (statutory or other), pledge, hypothecation, assignment,
preference, priority, security interest, or any other encumbrance or charge on or affecting any Collateral or any portion thereof, or any interest therein (including any conditional sale or other title retention agreement, any sale-leaseback, any
financing lease or similar transaction having substantially the same economic effect as any of the foregoing, the filing of any financing statement or similar instrument under the Uniform Commercial Code or comparable law of any other jurisdiction,
domestic or foreign, and mechanics’, materialmen’s and other similar liens and encumbrances, as well as any option to purchase, right of first refusal, right of first offer or similar right). 

“Loan” has the meaning set forth in Section 1.1(a). 

“Loan Amount” means $95,000,000. 
 “Loan Documents” means this Agreement, the Note, the Mortgage (and related financing statements), the Environmental Indemnity, the Subordination of Property Management Agreement, the Cash
Management Agreement, the Cooperation Agreement, the Guaranty, the Completion Guaranty any Defeasance Pledge Agreement and all other agreements, instruments, certificates and documents necessary to effectuate the granting to Lender of first-priority
Liens on the Collateral or otherwise in satisfaction of the requirements of this Agreement or the other documents listed above or hereafter entered into by Lender and Borrower in connection with the Loan, as all of the aforesaid may be amended,
restated, replaced, supplemented or otherwise modified from time to time in accordance herewith. 

  
 13 

 “Lockout Period” means the period from the Closing Date to but excluding
the first Payment Date following the earlier to occur of (i) the third anniversary of the Closing Date and (ii) the second anniversary of the date on which the entire Loan (including any subordinated interest therein) has been Securitized
pursuant to a Securitization or series of Securitizations. 
 “Loss Proceeds” means amounts, awards or payments
payable to Borrower, Operating Lessee or Lender in respect of all or any portion of the Property in connection with a Casualty or Condemnation thereof (after the deduction therefrom and payment to Borrower, Operating Lessee and Lender, respectively,
of any and all reasonable expenses incurred by Borrower, Operating Lessee and Lender in the recovery thereof, including all attorneys’ fees and disbursements, the fees of insurance experts and adjusters and the costs incurred in any litigation
or arbitration with respect to such Casualty or Condemnation). 
 “Loss Proceeds Account” has the meaning set
forth in Section 3.3(a). 
 “Major Lease” means any Lease that (i) when aggregated with all
other Leases at the Property with the same Tenant (or affiliated Tenants), and assuming the exercise of all expansion rights and all preferential rights to lease additional space contained in such Lease, is expected to cover more than 5,000 rentable
square feet, (ii) contains an option or preferential right to purchase all or any portion of the Property, (iii) is with an affiliate of Borrower as Tenant, (iv) is entered into during the continuance of an Event of Default, or
(v) pertains to food and beverage, fitness or parking facilities at the Property (excluding the Parking Agreement). 

“Manager FF&E Reserve Failure” shall have the meaning set forth in Section 3.5(b). 

“Manager Tax Reserve Failure” shall have the meaning set forth in Section 3.4(b). 

“Material Adverse Effect” means a material adverse effect upon (i) Borrower’s title to the Property,
(ii) the ability of the Property to generate net cash flow sufficient to service the Loan, (iii) the ability of Borrower or Sponsor to perform any material provision of any Loan Document, (iv) Lender’s ability to enforce and
derive the principal benefit of the security intended to be provided by the Mortgage and the other Loan Documents, or (v) the value, use or enjoyment of the Property or the operation or occupancy thereof. 

“Material Agreements” means (i) the Air Rights Agreement, (ii) the Operating Lease, and (iii) each
contract and agreement (other than Leases) relating to the Property, or otherwise imposing obligations on Borrower or Operating Lessee, under which Borrower or Operating Lessee would have the obligation to pay more than $250,000 per annum and that
cannot be terminated by Borrower or Operating Lessee without cause upon 60 days’ notice or less without payment of a termination fee in excess of $10,000, or that is with an affiliate of Borrower or Operating Lessee. Notwithstanding the
foregoing, the Parking Agreement shall be deemed to be a Material Agreement if and to the extent it is amended or otherwise modified in a manner such that the parties thereto no longer have right to terminate the Parking Agreement upon 90 days’
notice without payment of a termination fee. 

  
 14 

 “Material Alteration” means any Alteration to be performed by or on behalf
of Borrower or Operating Lessee at the Property that (a) is reasonably expected to result in a Material Adverse Effect, (b) is reasonably expected to cost in excess of the Threshold Amount, as determined by an independent architect,
(c) is reasonably expected to permit (or is reasonably likely to induce) any Tenant under any Major Lease to terminate its Lease or abate rent or (d) is reasonably expected to cause the closure of 10% or more of the guest rooms at the
Property for more than 10 days. 
 “Maturity Date” means the Payment Date in July, 2016, or such earlier date
as may result from acceleration of the Loan in accordance with this Agreement. 
 “Maximum Management Fee”
means 3% of the gross revenues of the Property. 
 “Minimum Balance” has the meaning set forth in
Section 3.2(a). 
 “Monthly FF&E Amount” means: 

(i) with respect to each Payment Date falling prior to December 31, 2011, an amount equal to a fraction (x) the
numerator of which is Operating Income from the Property for the most recently ended Test Period, times 4%, and (y) the denominator of which is 12; and 

(ii) with respect to each Payment Date falling after December 31, 2011, an amount equal to a fraction (x) the
numerator of which is Operating Income from the Property for the most recently ended Test Period, times 5%, and (y) the denominator of which is 12. 
 “Moody’s” means Moody’s Investors Service, Inc. and its successors. 
 “Mortgage” means that certain Fee and Leasehold Mortgage, Assignment of Rents and Leases, Collateral Assignment of Property Agreements, Security Agreement and Fixture Filing encumbering
the Property and the Operating Lease executed by Borrower and Operating Lessee as of the Closing Date, as the same may from time to time be amended, restated, replaced, supplemented or otherwise modified in accordance herewith. 

“Net Operating Income” means, with respect to any Test Period, the excess of (i) Operating Income for such Test
Period, minus (ii) Operating Expenses for such Test Period. 
 “Nonconsolidation Opinion” means the
opinion letter, dated the Closing Date, delivered by Borrower’s counsel to Lender and addressing issues relating to substantive consolidation in bankruptcy. 
 “Note(s)” means that certain Promissory Note, dated as of the Closing Date, made by Borrower to the order of Lender to evidence the Loan, as such note may be replaced by multiple Notes in
accordance with Section 1.1(c) and as otherwise assigned (in whole or in part), amended, restated, replaced, supplemented or otherwise modified in accordance herewith. 

“Note Component” has the meaning set forth in Section 1.1(c). 

  
 15 

 “OFAC List” means the list of specially designated nationals and blocked
persons subject to financial sanctions that is maintained by the U.S. Treasury Department, Office of Foreign Assets Control and any other similar list maintained by the U.S. Treasury Department, Office of Foreign Assets Control pursuant to any
applicable governmental statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities, including trade embargo, economic sanctions, or other prohibitions imposed by Executive Order of the
President of the United States. The OFAC List currently is accessible at http://www.treasury.gov/ofac/downloads/t11sdn.pdf. 

“Officer’s Certificate” means a certificate delivered to Lender that is signed by an authorized officer of
Borrower, certifies the information therein to the best of such officer’s knowledge and is otherwise reasonably acceptable to Lender in form and substance. 
 “Operating Expenses” means, for any period, all operating, renting, administrative, management, legal and other ordinary expenses of Borrower, the Property and, without duplication,
Operating Lessee during such period, determined in accordance with GAAP, plus a deemed expenditure in respect of FF&E in an amount equal to 5% of Operating Income during such period; provided, however, that such expenses shall not
include (i) depreciation, amortization or other non-cash items (other than expenses that are due and payable but not yet paid), (ii) interest, principal or any other sums due and owing with respect to the Loan, (iii) income taxes or
other taxes in the nature of income taxes, (iv) Capital Expenditures, (v) equity distributions or (vi) any extraordinary or non-recurring expenses. 
 “Operating Income” means, for any period, all operating income from the Property during such period, determined in accordance with GAAP and the Uniform System of Accounts (but without
straight-lining of rents), other than (i) Loss Proceeds (but Operating Income will include rental loss/business interruption insurance proceeds to the extent allocable to such period), (ii) any revenue attributable to a Lease that is not a
Qualifying Lease, (iii) any revenue attributable to a Lease to the extent it is paid more than 30 days prior to the due date, (iv) any interest income from any source, (v) any repayments received from any third party of principal
loaned or advanced to such third party by Borrower, (vi) any proceeds resulting from the Transfer of all or any portion of the Collateral, (vii) sales, use and occupancy or other taxes on receipts required to be accounted for by Borrower
to any government or governmental agency and (viii) any other extraordinary or non-recurring items. 
 “Operating
Lease” means that certain Lease Agreement dated as of March 18, 2010 by and between CHSP Boston LLC (as predecessor-in-interest to Borrower) and CHSP TRS Boston LLC (as predecessor-in-interest to Operating Lessee), as assigned to CHSP
TRS Boston II LLC pursuant to that certain Assignment of Lease Agreement of even date herewith, as the same may be amended, restated, replaced, supplemented or otherwise modified in accordance herewith.. 

“Operating Lessee” means CHSP TRS Boston II LLC, a Delaware limited liability company. 

“Parking Agreement” means that certain Letter Agreement, dated March 18, 2004, between Hyatt Regency Boston and
Avon Associates LLC. 

  
 16 

 “Participation” has the meaning set forth in Section 9.7(b).

 “PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001), as amended from time to time. 
 “Payment Date” means, with respect to each Interest Accrual Period, the sixth day of the calendar month in which such Interest Accrual Period ends (or, if such day is not a Business Day,
the first preceding Business Day); provided, that prior to a Securitization, Lender shall have the right to change the Payment Date so long as a corresponding change to the Interest Accrual Period is also made. 

“Permits” means all licenses, permits, variances and certificates used in connection with the ownership, operation, use
or occupancy of the Property (including certificates of occupancy, business licenses, state health department licenses, licenses to conduct business and all such other permits, licenses, consents, approvals and rights, obtained from any Governmental
Authority or private Person concerning ownership, operation, use or occupancy of the Property). 
 “Permitted
Debt” means: 
 (i) the Indebtedness; 

(ii) Taxes not yet delinquent; 
 (iii) tenant allowances and Capital Expenditure costs and property improvement costs required under Leases, the Operating Lease or the Approved Management Agreement or otherwise permitted to be incurred
under the Loan Documents that are paid on or prior to the date when due; and 
 (iv) (1) Trade Payables not
represented by a note, customarily paid by Borrower or Operating Lessee within 60 days of incurrence and in fact not more than 60 days outstanding, which are incurred in the ordinary course of Borrower’s or Operating Lessee’s business with
respect to the Property in amounts reasonable and customary for similar properties, and (2) Permitted Equipment Leases, provided that the amount of such Trade Payables and Permitted Equipment Leases do not in the aggregate at any time exceed
3.0% of the Loan Amount. 
 “Permitted Encumbrances” means: 

(i) the Liens created by the Loan Documents; 

(ii) all Liens and other matters specifically disclosed on Schedule B of the Title Insurance Policy; 

(iii) Liens, if any, for Taxes not yet delinquent; 

  
 17 

 (iv) mechanics’, materialmen’s or similar Liens, if any, and Liens
for delinquent taxes or impositions, in each case only if being diligently contested in good faith and by appropriate proceedings, provided that no such Lien is in imminent danger of foreclosure and provided further that either
(a) each such Lien is released or discharged of record or fully insured over by the title insurance company issuing the Title Insurance Policy within 30 days of its creation, or (b) Borrower deposits with Lender, by the expiration of such
30-day period, an amount equal to 150% of the dollar amount of such Lien or a bond in the aforementioned amount from such surety, and upon such terms and conditions, as is reasonably satisfactory to Lender, as security for the payment or release of
such Lien; 
 (v) rights of existing and future Tenants as tenants only pursuant to written Leases entered into
in conformity with the provisions of this Agreement; 
 (vi) liens consisting of encumbrances in the nature of
zoning restrictions, easements and rights or restrictions of record on the use of the Property that (i) arise in the ordinary course of Borrower’s business and (ii) could not have a Material Adverse Effect; and 

(vii) Permitted Equipment Leases. 
 “Permitted Equipment Leases” means financing leases and purchase money debt in connection with the financing or purchase of equipment and other personal property used on the Property, the
removal of which would not materially damage any of the improvements thereon or materially impair the value of such improvements, in each case incurred in the ordinary course of operating the Property and not evidenced by a note or secured by
property other than the item of equipment or personal property so financed. 
 “Person” means any natural
person, corporation, limited liability company, partnership, joint venture, estate, trust, unincorporated association or Governmental Authority and any fiduciary acting in such capacity on behalf of any of the foregoing. 

“Plan Assets” means assets of any (i) employee benefit plan (as defined in Section 3(3) of ERISA) subject to
Title I of ERISA, (ii) plan (as defined in Section 4975(e)(1) of the Code) subject to Section 4975 of the Code, or (iii) governmental plan (as defined in Section 3(32) of ERISA) subject to federal, state or local laws,
rules or regulations substantially similar to Title I of ERISA or Section 4975 of the Code. 
 “Policies”
has the meaning set forth in Section 5.15(b). 
 “Prepayment Period” means the final three Interest
Accrual Periods prior to the Maturity Date. 
 “Prime Rate” means the “prime rate” published in the
“Money Rates” section of The Wall Street Journal. If The Wall Street Journal ceases to publish the “prime rate,” then Lender shall select an equivalent publication that publishes such “prime rate,” and if
such “prime rate” is no longer generally published or is limited, regulated or administered by a governmental or quasi-governmental body, then Lender shall reasonably select a comparable interest rate index. 

  
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 “Principal Indebtedness” means the principal balance of the Loan
outstanding from time to time. 
 “Prior Loan” has the meaning set forth in Section 4.17(c).

 “Prohibited Change of Control” means the occurrence of either or both of the following: (i) the failure
of Borrower to be Controlled by one or more Qualified Equityholders (individually or collectively), or (ii) the failure of any other Required SPE to be Controlled by the same Qualified Equityholder(s) that Control Borrower. 

“Prohibited Pledge” has the meaning set forth in Section 7.1(f). 

“Property” means the real property described on Schedule A, together with all buildings and other
improvements thereon and all personal property appurtenant thereto. 
 “Qualified Equityholder” means
(i) Sponsor, (ii) any Person approved by Lender with respect to which the Rating Condition is satisfied, or (iii) a bank, saving and loan association, investment bank, insurance company, trust company, commercial credit corporation,
pension plan, pension fund or pension advisory firm, mutual fund, government entity or plan, real estate company, investment fund or an institution substantially similar to any of the foregoing, provided in each case under this clause
(iii) that such Person (x) has total assets (in name or under management) in excess of $650,000,000 and (except with respect to a pension advisory firm or similar fiduciary) capital/statutory surplus or shareholder’s equity in excess
of $250,000,000 (in both cases, exclusive of the Property), and (y) is regularly engaged in the business of owning and operating comparable properties in major metropolitan areas. 

“Qualifying Lease” means a Lease to a Tenant that is in occupancy at the Property, open for business at the Property,
not in default under its Lease and not the subject of a bankruptcy or similar insolvency proceedings (unless such Tenant has assumed such Lease in bankruptcy). 
 “Rating Agency” shall mean, prior to the final Securitization of the Loan, each of S&P, Moody’s, DBRS and Fitch, or any other nationally-recognized statistical rating agency that
has been designated by Lender and, after the final Securitization of the Loan, shall mean any of the foregoing that have rated and continue to rate any of the Certificates (excluding unsolicited ratings). 

“Rating Condition” means, with respect to any proposed action, the receipt by Lender of confirmation in writing from
each of the Rating Agencies that such action shall not result, in and of itself, in a downgrade, withdrawal, or qualification of any rating then assigned to any outstanding Certificates; except that if any portion of the Loan has not been
Securitized pursuant to a Securitization rated by the Rating Agencies, then “Rating Condition” shall instead mean the receipt of prior written approval of both (x) the applicable Rating Agencies (if and to the extent that any portion
of the Loan has been Securitized pursuant to a Securitization or series of Securitizations rated by such Rating Agencies), and (y) Lender in its sole discretion. No 

  
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Rating Condition shall be regarded as having been satisfied unless and until any conditions imposed on the effectiveness of any confirmation from any Rating Agency shall have been satisfied.
Lender shall have the right in its sole discretion to waive a Rating Condition requirement with respect to any Rating Agency that Lender determines has declined to review the applicable proposal; provided that if Lender determines that any Rating
Agency has declined to review a Defeasance, then the Rating Condition requirement shall not be waived but shall instead be deemed satisfied as it relates to such Rating Agency for such Defeasance. 

“Regulatory Change” means any change after the Closing Date in federal, state or foreign laws or regulations or the
adoption or the making, after such date, of any interpretations, directives or requests applying to a class of banks or companies controlling banks, including Lender, of or under any federal, state or foreign laws or regulations (whether or not
having the force of law) by any court or governmental or monetary authority charged with the interpretation or administration thereof. 
 “Release” with respect to any Hazardous Substance means any release, deposit, discharge, emission, leaking, leaching, spilling, seeping, migrating, injecting, pumping, pouring, emptying,
escaping, dumping, disposing or other movement of Hazardous Substances into the indoor or outdoor environment (including the movement of Hazardous Substances through ambient air, soil, surface water, ground water, wetlands, land or subsurface
strata), and “Released” has the meaning correlative thereto. 
 “REMIC” means a “real
estate mortgage investment conduit” as defined in Section 860D of the Code. 
 “Required SPE” means
Borrower and Operating Lessee. 
 “Revenues” means all rents (including percentage rent), rent equivalents,
moneys payable as damages pursuant to a Lease or in lieu of rent or rent equivalents (including all termination fees), royalties (including all oil and gas or other mineral royalties and bonuses), income, receivables, receipts, revenues, deposits
(including security, utility and other deposits), accounts, cash, issues, profits, charges for services rendered, and other consideration of whatever form or nature received by or paid to or for the account of or benefit of Borrower or (without
duplication) Operating Lessee or Approved Property Manager from any and all sources including any obligations now existing or hereafter arising or created out of the sale, lease, sublease, license, concession or other grant of the right of the use
and occupancy of property or rendering of services by Borrower or Operating Lessee and proceeds, if any, from business interruption or other loss of income insurance. 
 “S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, and its successors. 

“Securitization” means a transaction in which all or any portion of the Loan is deposited into one or more trusts or
entities that issue Certificates to investors, or a similar transaction; and the term “Securitize” and “Securitized” have meanings correlative to the foregoing. 

  
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 “Securitization Vehicle” means the issuer of Certificates in a
Securitization of the Loan. 
 “Service” means the Internal Revenue Service or any successor agency thereto.

 “Servicer” means the entity or entities appointed by Lender from time to time to serve as servicer and/or
special servicer of the Loan. If at any time no entity is so appointed, the term “Servicer” shall be deemed to refer to Lender. 
 “Single Member LLC” means a limited liability company that either (x) has only one member, or (y) has multiple members, none of which is a Single-Purpose Entity that (1) is
a limited liability company or corporation formed under the laws of the State of Delaware, (2) owns at least a 1% direct equity interest in Borrower, and (3) serves as the general partner or managing member of Borrower. 

“Single-Purpose Entity” means a Person that: 

(a) was formed under the laws of the State of Delaware solely for the purpose of acquiring, holding, leasing, subleasing,
operating, managing, maintaining, developing and improving (i) in the case of Borrower or Operating Lessee, a fee or leasehold ownership interest in the Property, together with all personal property owned in connection therewith or related
thereto (or, if applicable, Defeasance Collateral), or (ii) in the case of the Borrower, entering into and incurring the Indebtedness and Obligations under this Agreement and the other Loan Documents, and engaging in any activities related or
incidental thereto; 
 (b) does not engage in any business unrelated to the Property (or, if applicable,
Defeasance Collateral); 
 (c) does not own any assets other than those related to its interest in the
Property (or, if applicable, Defeasance Collateral), and in the case of Borrower, does not and will not own any assets on which Lender does not have a Lien, other than as otherwise permitted hereunder and with respect to excess cash that has been
released to Borrower pursuant hereto; 
 (d) does not have any Debt other than Permitted Debt (provided that, for
the purpose of this clause (d), Debt shall not include claims against such Person pursuant to lawsuits filed by unaffiliated third parties); 
 (e) maintains books, accounts, records, financial statements, stationery, invoices and checks that are separate and apart from those of any other Person (except that such Person’s financial
position, assets, results of operations and cash flows may be included in the consolidated financial statements of an affiliate of such Person in accordance with GAAP, provided that (i) any such consolidated financial do not suggest in any way
that such Person’s assets are available to satisfy the claims of its affiliate’s creditors and (ii) such assets shall also be listed on such Person’s own separate balance sheet); 

  
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 (f) is subject to and complies with all of the limitations on powers
and separateness requirements set forth in the organizational documentation of such Person as of the Closing Date; 
 (g) holds itself out as being a Person separate and apart from each other Person and not as a division or part of another Person; 

(h) conducts its business in its own name or in a name franchised or licensed to it by an entity other than an Affiliate;

 (i) exercises reasonable efforts to correct any known misunderstanding actually known to it regarding its
separate identity, and maintains an arm’s-length relationship with its affiliates; 
 (j) pays its own
liabilities out of its own funds, including the salaries of its own employees, if any (provided that (i) the foregoing shall not require such Person’s equityholders to make any additional capital contributions to such Person and
(ii) any failure to pay liabilities as a result of insufficient cash flow shall not be a violation of this clause (j), except to the extent that such insufficiency is the result of such Person making distributions to its equityholders so as to
cause such insufficiency) and reasonably allocates any overhead that is shared with an affiliate, including paying for shared office space and services performed by any officer or employee of an affiliate; 

(k) maintains a sufficient number of employees, if any, in light of its contemplated business operations; 

(l) conducts its business so that the assumptions made with respect to it that are contained in the Nonconsolidation
Opinion shall at all times be true and correct in all material respects; 
 (m) maintains its assets in such a
manner that it will not be costly or difficult to segregate, ascertain or identify its individual assets from those of any other Person; 
 (n) observes all applicable entity-level formalities, to the extent necessary to comply with the other clauses of this definition; 

(o) does not commingle its assets with those of any other Person, and holds its assets in its own name; 

(p) does not assume, guarantee or become obligated for the debts of any other Person, and does not hold out its credit as
being available to satisfy the obligations or securities of others; 
 (q) does not acquire obligations or
securities of its direct or indirect equityholders; 

  
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 (r) does not pledge its assets for the benefit of any other Person (except,
in the case of Operating Lessee, a pledge of its assets for the benefit of Borrower pursuant to any Loan Document) and does not make any loans or advances to any other Person; 

(s) maintains adequate capital in light of its contemplated business operations (provided that (i) the foregoing
shall not require such Person’s partners, members or shareholders to make any additional capital contributions to such Person and (ii) the failure to maintain adequate capital as a result of insufficient cash flow shall not be a violation
of this clause (s), except to the extent that such insufficiency is the result of such Person making distributions to its equityholders so as to cause such insufficiency); 

(t) has two Independent Directors on its board of directors or board of managers, and has organizational documents that
prohibit replacing any Independent Director without Cause and without giving at least two Business Days’ prior written notice to Lender (except in the case of the death, legal incapacity, or voluntary non-collusive resignation of an Independent
Director, in which case no prior notice to Lender or the Rating Agencies shall be required in connection with the replacement of such Independent Director with a new Independent Director that is provided by any of the companies listed in the
definition of “Independent Director”); 
 (u) if such entity is a Single Member LLC, has organizational
documents that provide either (i) for so long as the Loan remains outstanding, the Independent Members are admitted as members of the Single Member LLC or (ii) upon the occurrence of any event (other than a permitted equity transfer) that
causes its sole member to cease to be a member while the Loan is outstanding, at least one of its Independent Directors shall automatically be admitted as the sole member of the Single Member LLC and shall preserve and continue the existence of the
Single Member LLC without dissolution; and 
 (v) has by-laws or an operating agreement, which provides that, for
so long as the Loan is outstanding, such Person shall not take or consent to any of the following actions except to the extent expressly permitted in this Agreement and the other Loan Documents: 

 

	 	(i)	the dissolution, liquidation, consolidation, merger or sale of all or substantially all of its assets; 

 

	 	(ii)	the engagement by such Person in any business other than the acquisition, development, management, leasing, financing, improving, ownership, maintenance and operation
of the Property and activities incidental thereto; 

  

	 	(iii)	the filing, or consent to the filing, of a bankruptcy or insolvency petition, any general assignment for the benefit of creditors or the institution of any other
insolvency proceeding, the seeking or consenting to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian or any similar official in respect of such Person, admitting in writing such Person’s inability to pay its
debts generally as they become due, or the taking of any action in furtherance of any of the foregoing, in each case, in respect of itself, without the affirmative vote of both of its Independent Directors; and 

  
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	 	(iv)	any amendment or modification of any provision of its organizational documents relating to qualification as a “Single-Purpose Entity”.

 “Smith Travel Reports” means a “STAR Program Report” with respect to the Property
prepared by Smith Travel Research, Inc. 
 “Sponsor” means Chesapeake Lodging, L.P., a Delaware limited
partnership. 
 “Subordination of Property Management Agreement” means that certain Consent, Subordination,
Non-Disturbance and Attornment Agreement executed by Borrower, Operating Lessee, Lender and Hyatt as of the Closing Date, as the same may from time to time be amended, restated, replaced, supplemented or otherwise modified in accordance herewith and
any other subordination, non-disturbance and attornment agreement entered into by Borrower, Operating Lessee, Lender and an Approved Property Manager in accordance herewith , as the same may from time to time be amended, restated, replaced,
supplemented or otherwise modified in accordance herewith. 
 “Successor Borrower” means a Single-Purpose
Entity that is Controlled by one or more Qualified Equityholders. 
 “Successor Operating Lessee” means a
Single-Purpose Entity that is Controlled by the same Qualified Equityholders that Control Successor Borrower and is a successor to the Operating Lessee under the Operating Lease. 

“Survey” means current land title survey of the Property, certified to Borrower, the title company issuing the Title
Insurance Policy and Lender and their respective successors and assigns, in form and substance reasonably satisfactory to Lender. 
 “Tax and Insurance Escrow Account” has the meaning set forth in Section 3.4(a). 
 “Taxes” means all real estate and personal property taxes, assessments, fees, taxes on rents or rentals, water rates or sewer rents, facilities and other governmental, municipal and
utility district charges or other similar taxes or assessments now or hereafter levied or assessed or imposed against the Property, Borrower or Operating Lessee with respect to the Property or rents therefrom or that may become Liens upon the
Property, without deduction for any amounts reimbursable to Borrower or Operating Lessee by third parties. 

“Tenant” means any Person liable by contract or otherwise to pay monies (including a percentage of gross income, revenue
or profits) pursuant to a Lease. 
 “Tenant Improvements” means, collectively, (i) tenant improvements to
be undertaken for any Tenant that are required to be completed by or on behalf of Borrower or Operating Lessee pursuant to the terms of such Tenant’s Lease, and (ii) tenant improvements paid or reimbursed through allowances to a Tenant
pursuant to such Tenant’s Lease. 

  
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 “Test Period” means each 12-month period ending on the last day of a Fiscal
Quarter. 
 “Threshold Amount” means an amount equal to 5.0% of the Loan Amount. 

“Title Insurance Policy” means an American Land Title Association lender’s title insurance policy or a comparable
form of lender’s title insurance policy approved for use in the applicable jurisdiction, in form and substance reasonably satisfactory to Lender. 
 “Trade Payables” means unsecured amounts payable by or on behalf of Borrower or Operating Lessee for or in respect of the operation of the Property in the ordinary course and that would
under GAAP and the Uniform System of Accounts be regarded as ordinary expenses, including amounts payable to suppliers, vendors, contractors, mechanics, materialmen or other Persons providing property or services to the Property, Borrower or
Operating Lessee and the capitalized amount of any ordinary-course financing leases. 
 “Transaction” means,
collectively, the transactions contemplated and/or financed by the Loan Documents. 
 “Transfer” means the sale
or other whole or partial conveyance of all or any portion of the Collateral or any direct or indirect interest therein to a third party, including granting of any purchase options, rights of first refusal, rights of first offer or similar rights in
respect of any portion of the Collateral or the subjecting of any portion of the Collateral to restrictions on transfer; except that the conveyance of a space lease at the Property in accordance herewith shall not constitute a Transfer. 

“Treasury Constant Yield” means the arithmetic mean of the rates published as “Treasury Constant Maturities”
as of 5:00 p.m., New York time, for the five Business Days preceding the date on which acceleration has been declared, as shown on the USD screen of Reuters (or such other page as may replace that page on that service, or such other page or
replacement therefor on any successor service), or if such service is not available, the Bloomberg Service (or any successor service), or if neither Reuters nor the Bloomberg Service is available, under Section 504 in the weekly statistical
release designated H.15(519) (or any successor publication) published by the Board of Governors of the Federal Reserve System, for “On the Run” U.S. Treasury obligations corresponding to the commencement of the Prepayment Period. If no
such maturity shall so exactly correspond, yields for the two most closely corresponding published maturities shall be calculated pursuant to the foregoing sentence and the Treasury Constant Yield shall be interpolated or extrapolated (as
applicable) from such yields on a straight-line basis (rounding, in the case of relevant periods, to the nearest month). 

“Trigger Level” means Closing Date NOI times 85%. 

“Trigger Period” means 
 (a) any period from (i) the conclusion of any Test Period during which Net Operating Income is less than the Trigger Level, to (ii) the conclusion of any Test Period ending on a Fiscal Quarter
thereafter during which Test Period Net Operating Income is equal to or greater than the Trigger Level; and 

  
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 (b) any period from (i) the date on which Borrower has failed to complete any portion
of the Hyatt PIP Work as of the date set forth on Schedule G or the Hyatt PIP Elevator Work as of the date set forth in Section 5.2(c), to (ii) the date on which the applicable portion of the Hyatt PIP Work or Hyatt PIP
Elevator Work, as applicable, has been completed and Lender confirms the same to its reasonable satisfaction. 

“Unfunded Obligations” means the items described in Schedule D. 

“Unfunded Obligations Account” has the meaning set forth in Section 3.7(a). 

“Unfunded Obligations Amount” means $0.00. 
 “Uniform System of Accounts” means the “Uniform System of Accounts for the Lodging Industry” (tenth edition) published by The Financial Management Committee of the American
Hotel and Lodging Association. 
 “Use” means, with respect to any Hazardous Substance, the generation,
manufacture, processing, distribution, handling, possession, use, discharge, placement, treatment, disposal, disposition, removal, abatement, recycling or storage of such Hazardous Substance or transportation of such Hazardous Substance. 

“U.S. Person” means a United States person within the meaning of Section 7701(a)(30) of the Code. 

“U.S. Tax” means any present or future tax, assessment or other charge or levy imposed by or on behalf of the United
States of America or any taxing authority thereof. 
 “Waste” means any material abuse or destructive use
(whether by action or inaction) of the Property. 
 “Yield Maintenance Premium” means, with respect to any
payment of principal on a Note or Note Component following acceleration of the Loan during the continuance of an Event of Default, the product of: 
 (A) a fraction whose numerator is the amount so paid and whose denominator is the outstanding principal balance of the Note or Note Component before giving effect to such payment, times 

(B) the excess of (1) the sum of the respective present values, computed as of the date of prepayment, of the
remaining scheduled payments of principal and interest with respect to the Note or Note Component, including the balloon payment on the scheduled Maturity Date (assuming no prepayments or acceleration of the Loan), determined by discounting such
payments to the date on which such prepayment is made at the Treasury Constant Yield, over (2) the outstanding principal balance of the Note or Note Component on such date immediately prior to such prepayment; 

  
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 provided that the Yield Maintenance Premium shall not be less than 3% of the amount prepaid. The calculation
of the Yield Maintenance Premium shall be made by Lender and shall, absent manifest error, be final, conclusive and binding upon all parties. 
 (b) Rules of Construction. Unless otherwise specified, (i) all references to sections, schedules and exhibits are to sections, schedules and exhibits in or to this Agreement, (ii) all
meanings attributed to defined terms in this Agreement shall be equally applicable to both the singular and plural forms of the terms so defined, (iii) “including” means “including, but not limited to”,
(iv) “mortgage” means a mortgage, deed of trust, deed to secure debt or similar instrument, as applicable, and “mortgagee” means the secured party under a mortgage, deed of trust, deed to secure debt or similar instrument,
(v) the words “hereof,” “herein,” “hereby,” “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision, article,
section or other subdivision of this Agreement, (vi) all references to “this Section” shall refer to the Section of this Agreement in which such reference appears in its entirety and not to any particular clause or subsection or such
Section, and (vii) terms used herein and defined by cross-reference to another agreement or document shall have the meaning set forth in such other agreement or document as of the Closing Date, notwithstanding any subsequent amendment or
restatement of or modification to such other agreement or document. All accounting terms not specifically defined in this Agreement shall be construed in accordance with GAAP, as the same may be modified in this Agreement. Each covenant of Borrower
contained herein with respect to the operation and maintenance of or otherwise relating to the Property shall be construed to mean that Borrower shall comply or cause the Operating Lessee to comply with such covenant; and any failure by the
Operating Lessee to comply therewith shall constitute a Default hereunder even though Operating Lessee is not a party to this Agreement. 

  
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 ARTICLE I 
 GENERAL TERMS 
 Section 1.1. The Loan. 

(a) On the Closing Date, subject to the terms and conditions of this Agreement, Lender shall make a loan to Borrower (the
“Loan”) in an amount equal to the Loan Amount. The Loan shall initially be represented by a single Note that shall bear interest as described in this Agreement at a per annum rate equal to the Interest Rate. Interest payable
hereunder shall be computed on the basis of a 360-day year and the actual number of days elapsed in the related Interest Accrual Period. 
 (b) The Loan shall be secured by the Collateral pursuant to the Mortgage and the other Loan Documents. 
 (c) Upon written notice from Lender to Borrower, the Note will be deemed to have been subdivided into multiple components (“Note Components”). Each Note Component shall have such notional
balance and interest rate as Lender shall specify in such notice, provided that the sum of the principal balances of all Note Components shall equal the then-current Principal Indebtedness, and the initial weighted average of the component
interest rates, weighted on the basis of their respective principal balances, shall equal the Interest Rate. Borrower shall be treated as the obligor with respect to each of the Note Components, and Borrower acknowledges that each Note Component may
be individually beneficially owned by a separate Person. The Note Components need not be represented by separate physical Notes, but if requested by Lender, each Note Component shall be represented by a separate physical Note, in which case Borrower
shall execute and return to Lender each such Note promptly following Borrower’s receipt of an execution copy thereof. If requested by Lender, Borrower shall deliver to Lender, together with such replacement Notes, an opinion of counsel with
respect to the due authorization and enforceability of such replacement Notes. Upon receipt by Lender of such replacement Notes, Lender shall promptly return the original Note to Borrower. Voluntary and involuntary prepayments of principal on the
Loan shall be applied to the Notes or Note Components as Lender shall determine, provided that, except with respect to amounts applied toward principal during the continuance of an Event of Default, no such allocation of principal to the
Notes or Note Components shall have the effect of increasing the weighted average of the component interest rates (but amounts applied toward principal during the continuance of an Event of Default may increase the weighted average interest rate of
the Notes or Note Components, with the result that the Interest Rate might increase). 
 Section 1.2. Interest and
Principal. 
 (a) On each Payment Date, Borrower shall pay to Lender a constant monthly payment of $510,474.17, which amount
shall be applied first toward the payment of interest on each Note for the applicable Interest Accrual Period at the applicable Interest Rate (except that in each case, interest shall be payable on the Indebtedness, including due but unpaid
interest, at the Default Rate with respect to any portion of such Interest Accrual Period falling during the continuance of an Event of Default, in which case the monthly payment shall be increased by the

  
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amount of Default Interest accrued on the Notes during the applicable Interest Accrual Period), and the balance shall be applied toward the reduction of the outstanding principal balances of the
Notes pro rata in accordance with their then outstanding principal balances. 
 Notwithstanding the foregoing, on
the Closing Date, Borrower shall pay interest from and including the Closing Date through the end of the first Interest Accrual Period, in lieu of making such payment on the first Payment Date following the Closing Date (unless the Closing Date
falls on a Payment Date, in which case, no interest will be collected on the Closing Date, and Borrower shall make the payment required pursuant to this Section commencing on the first Payment Date following the Closing Date). 

(b) No prepayments of the Loan shall be permitted except for (i) prepayments resulting from Casualty or Condemnation as described in
Section 5.16, and (ii) a prepayment of the Loan in whole (but not in part) during the Prepayment Period on not less than ten Business Days prior written notice; provided that any prepayment hereunder shall be accompanied by
all interest accrued on the amount prepaid, plus the amount of interest that would have accrued on the amount prepaid if the Loan had remained outstanding through the end of the Interest Accrual Period in which such prepayment occurs, plus all other
amounts then due under the Loan Documents. Borrower’s notice of prepayment shall create an obligation of Borrower to prepay the Loan as set forth therein, but may be rescinded with five days’ written notice to Lender (subject to payment of
any out-of-pocket costs and expenses resulting from such rescission). In addition, Defeasance shall be permitted after the expiration of the Lockout Period as described in Section 2.1. The entire outstanding principal balance of the
Loan, together with interest through the end of the applicable Interest Accrual Period and all other amounts then due under the Loan Documents, shall be due and payable by Borrower to Lender on the Maturity Date. 

(c) If all or any portion of the Principal Indebtedness is paid to Lender following acceleration of the Loan during the Lockout Period,
Borrower shall pay to Lender an amount equal to the applicable Yield Maintenance Premium; provided, however, that no Yield Maintenance Premium shall be due and payable with respect to any prepayment of the Loan as a result of a Casualty or
Condemnation, so long as no Event of Default is continuing. Amounts received in respect of the Indebtedness during the continuance of an Event of Default shall be applied toward interest, principal and other components of the Indebtedness (in such
order as Lender shall determine) before any such amounts are applied toward payment of Yield Maintenance Premiums, with the result that Yield Maintenance Premiums shall accrue as the Principal Indebtedness is repaid but no amount received from
Borrower shall constitute payment of a Yield Maintenance Premium until the remainder of the Indebtedness shall have been paid in full. Borrower acknowledges that (i) a prepayment will cause damage to Lender; (ii) the Yield Maintenance
Premium is intended to compensate Lender for the loss of its investment and the expense incurred and time and effort associated with making the Loan, which will not be fully repaid if the Loan is prepaid; (iii) it will be extremely difficult
and impractical to ascertain the extent of Lender’s damages caused by a prepayment after an acceleration or any other prepayment not permitted by the Loan Documents; and (iv) the Yield Maintenance Premium represents Lender’s and
Borrower’s reasonable estimate of Lender’s damages from the prepayment and is not a penalty. 

  
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 (d) Any payments of interest and/or principal not paid when due hereunder shall bear
interest at the applicable Default Rate and, in the case of all payments due hereunder other than the repayment of the Principal Indebtedness on the Maturity Date, when paid shall be accompanied by a late fee in an amount equal to the lesser of four
percent of such unpaid sum and the maximum amount permitted by applicable law, in order to defray a portion of the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such
delinquent payment. 
 Section 1.3. Method and Place of Payment. Except as otherwise specifically provided in this
Agreement, all payments and prepayments under this Agreement and the Notes (including any deposit into the Cash Management Account pursuant to Section 3.2(c)) shall be made to Lender not later than 1:00 p.m., New York City time, on the
date when due and shall be made in lawful money of the United States of America by wire transfer in federal or other immediately available funds to the account specified from time to time by Lender. Any funds received by Lender after such time shall
be deemed to have been paid on the next succeeding Business Day. Lender shall notify Borrower in writing of any changes in the account to which payments are to be made. If the amount received from Borrower (or from the Cash Management Account
pursuant to Section 3.2(b)) is less than the sum of all amounts then due and payable hereunder, such amount shall be applied, at Lender’s sole discretion, either toward the components of the Indebtedness (e.g., interest,
principal and other amounts payable hereunder) and the Notes and Note Components, in such sequence as Lender shall elect in its sole discretion, or toward the payment of Property expenses. 

Section 1.4. Taxes; Regulatory Change. 
 (a) Borrower shall indemnify Lender against any present or future stamp, documentary or other similar or related taxes or other similar or related charges now or hereafter imposed, levied, collected,
withheld or assessed by any Governmental Authority by reason of the execution and delivery of the Loan Documents and any consents, waivers, amendments and enforcement of rights under the Loan Documents. 

(b) Reasonably promptly following Borrower’s request, the initial Lender shall complete and deliver to Borrower a duly executed Form
W-9 certifying that is not subject to backup withholding. If Borrower is required by law to withhold or deduct any amount from any payment hereunder in respect of any Borrower Tax, Borrower shall withhold or deduct the appropriate amount, remit such
amount to the appropriate Governmental Authority and pay to the Lender and each Person to whom there has been an Assignment or Participation of a Loan such additional amounts as are necessary in order that the net payment of any amount due
hereunder, after deduction for or withholding in respect of any Borrower Tax imposed with respect to such payment, will not be less than the amount stated in this Agreement to be then due and payable; except that the foregoing obligation to pay such
additional amounts shall not apply (i) to any net income or franchise taxes imposed by the jurisdiction under the laws of which the Lender is organized, has its principal place of business or where its applicable lending office is located,
(ii) with respect to any amount of U.S. Tax in effect and applicable to payments to the Lender on the date of this Agreement (or, for payments made under this Agreement to any Person to whom there has been an Assignment or Participation, with
respect to any amount of U.S. Tax imposed by any law in effect and applicable to payments to such Person on the date of 

  
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such Assignment or Participation) or (iii) to any amount of Borrower Taxes imposed solely by reason of the failure by an assignee to comply with applicable certification, information,
documentation or other reporting requirements concerning the nationality, residence, identity or connections with the United States of America of such Person (or beneficial owner, as the case may be) if such compliance is required by statute or
regulation of the United States of America as a precondition to relief or exemption from such Borrower Taxes. If Borrower shall fail to pay any Borrower Taxes or other amounts that Borrower is required to pay pursuant to this Section, and Lender or
any Person to whom there has been an Assignment or Participation of a Loan pays the same, Borrower shall reimburse Lender or such Person promptly following demand therefore in the currency in which such Taxes or other amounts are paid, whether or
not such Taxes were correctly or legally asserted, together with interest thereon from and including the date of payment to but excluding the date of reimbursement at a rate per annum equal to the Default Rate. 

(c) Within 30 days after paying any amount from which it is required by law to make any deduction or withholding, and within 30 days
after it is required by law to remit such deduction or withholding to any relevant taxing or other authority, Borrower shall deliver to Lender satisfactory evidence of such deduction, withholding or payment (as the case may be). 

(d) If, as a result of any Regulatory Change, any reserve, special deposit or similar requirements relating to any extensions of credit
or other assets of, or any deposits with, Lender or any holder of all or a portion of the Loan is imposed, modified or deemed applicable and the result is to increase the cost to such Lender or such holder of making or holding the Loan, or to reduce
the amount receivable by Lender or such holder hereunder in respect of any portion of the Loan by an amount deemed by Lender or such holder to be material (such increases in cost and reductions in amounts receivable, “Increased
Costs”), then Borrower agrees that it will pay to Lender or such holder upon Lender’s or such holder’s request such additional amount or amounts as will compensate Lender and/or such holder for such Increased Costs to the extent
that such Increased Costs are reasonably allocable to the Loan. Lender will notify Borrower in writing of any event occurring after the Closing Date that will entitle Lender or any holder of the Loan to compensation pursuant to this Section as
promptly as practicable after it obtains knowledge thereof and determines to request such compensation and will designate a different lending office if such designation will avoid the need for, or reduce the amount of, such compensation and will
not, in the reasonable judgment of such Lender, be otherwise disadvantageous to such Lender. If such Lender shall fail to notify Borrower of any such event within 90 days following the end of the month during which such event occurred, then
Borrower’s liability for any amounts described in this Section incurred by such Lender as a result of such event shall be limited to those attributable to the period occurring subsequent to the 90th day prior to the date upon which such Lender
actually notified Borrower of the occurrence of such event. Notwithstanding the foregoing, in no event shall Borrower be required to compensate Lender or any holder of the Loan for any portion of the income or franchise taxes of Lender or such
holder, whether or not attributable to payments made by Borrower. If a Lender requests compensation under this Section, Borrower may, by notice to Lender, require that such Lender furnish to Borrower a statement setting forth in reasonable detail
the basis for requesting such compensation and the method for determining the amount thereof. 

  
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 Section 1.5. Release. Upon payment of the Indebtedness in full when permitted or
required hereunder, Lender shall execute instruments prepared by Borrower and reasonably satisfactory to Lender, which, at Borrower’s election and at Borrower’s sole cost and expense: (a) release and discharge all Liens on all
Collateral securing payment of the Indebtedness (subject to Borrower’s obligation to pay any associated fees and expenses), including all balances in the Collateral Accounts; or (b) assign such Liens (and the Loan Documents) to a new
lender designated by Borrower. Any release or assignment provided by Lender pursuant to this Section shall be without recourse, representation or warranty of any kind. 
 ARTICLE II 
 DEFEASANCE AND ASSUMPTION 

Section 2.1. Defeasance. 
 (a) On any date after the expiration of the Lockout Period, subject to the notice requirement described in Section 2.1(c), Borrower may obtain the release of the Collateral from the Liens of
the Loan Documents upon the payment to Lender of all sums then due under the Loan Documents and the delivery of the following to Lender: 
 (i) Defeasance Collateral sufficient to provide payments on or prior to, and in any event as close as possible to, all successive Payment Dates in an amount sufficient to make all payments of interest and
principal due hereunder, including the then outstanding Principal Indebtedness, on the first Payment Date in the Prepayment Period or such other Payment Date in the Prepayment Period as Borrower shall elect; 

(ii) written confirmation from an independent certified public accounting firm reasonably satisfactory to Lender that such
Defeasance Collateral is sufficient to provide the payments described in clause (i) above; 
 (iii) a
security agreement, in form and substance reasonably satisfactory to Lender, creating in favor of Lender a first priority perfected security interest in such Defeasance Collateral (a “Defeasance Pledge Agreement”); 

(iv) an opinion of counsel for Borrower, in form and substance reasonably satisfactory to Lender and delivered by counsel
reasonably satisfactory to Lender, opining that (1) the Defeasance Pledge Agreement has been duly authorized and is enforceable against Borrower in accordance with its terms and that Lender has a perfected first priority security interest in
such Defeasance Collateral; and (2) if the Loan has been Securitized, the Defeasance (including the assumption pursuant to Section 2.1(b)) does not cause a tax to be imposed on the Securitization Vehicle or, if the Securitization
Vehicle is a REMIC, does not cause any portion of the Loan to cease to be a “qualified mortgage” within the meaning of section 860G(a)(3) of the Code, and (3) that the Defeasance does not constitute a “significant
modification” of the Loan under Section 1001 of the Code; 
 (v) if the Loan has been Securitized, the
Rating Condition with respect to such Defeasance shall have been satisfied or deemed satisfied pursuant to the definition of “Rating Condition”; 

  
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 (vi) instruments reasonably satisfactory to Lender releasing and discharging
or assigning to a third party Lender’s Liens on the Collateral (other than the Defeasance Collateral); 

(vii) such other customary certificates, opinions, documents or instruments as Lender and the Rating Agencies may
reasonably request; and 
 (viii) reimbursement for any costs and expenses incurred in connection with this
Section (including Rating Agency and Servicer fees and expenses, reasonable fees and expenses of legal counsel and accountants and any revenue, documentary stamp or intangible taxes or any other tax or charge due in connection herewith). 

Lender shall reasonably cooperate with Borrower to avoid the incurrence of mortgage recording taxes in connection with a Defeasance, at Borrower’s
sole cost and expense. 
 (b) At the time of the Defeasance, the Loan shall be assumed by a bankruptcy-remote entity established
or designated by the initial Lender hereunder or its designee, to which Borrower shall transfer all of the Defeasance Collateral (a “Defeasance Borrower”). The right of the initial Lender hereunder or its designee to establish or
designate a Defeasance Borrower shall be retained by the initial Lender notwithstanding the sale or transfer of the Loan unless such obligation is specifically assigned to and assumed by the transferee. Such Defeasance Borrower shall execute
and deliver to Lender an assumption agreement in form and substance reasonably satisfactory to Lender, such Uniform Commercial Code financing statements as may be reasonably requested by Lender and legal opinions of counsel reasonably acceptable to
Lender that are substantially equivalent to the opinions delivered to Lender on the Closing Date, including new nonconsolidation opinions reasonably satisfactory to Lender and satisfactory to the Rating Agencies; and Borrower and the Defeasance
Borrower shall deliver such other documents, certificates and legal opinions as Lender shall reasonably request. 
 (c) Borrower
must give Lender and each Rating Agency at least 30 days’ (and not more than 60 days’) prior written notice of any Defeasance under this Section, specifying the date on which the Defeasance is to occur. If such Defeasance is not made on
such date (x) Borrower’s notice of Defeasance will be deemed rescinded, and (y) Borrower shall on such date pay to Lender all reasonable losses, costs and expenses suffered by Lender as a consequence of such rescission. 

(d) Upon satisfaction of the requirements contained in this Section, Lender will execute and deliver to Borrower such instruments,
prepared by Borrower and approved by Lender, as shall be necessary to release the Property from the Liens of the Loan Documents and to release Borrower, Operating Lessee and Sponsor of their obligations, liabilities, guarantees and indemnities under
the Loan Documents, except for (i) any obligations, liabilities, guarantees and indemnities that by their express terms survive the repayment of the Indebtedness in full and (ii) claims arising under any indemnity or guaranty prior to the
date on which the Loan is Defeased in full. 

  
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 Section 2.2. Assumption. From and after the first anniversary of the Closing Date,
the initial Borrower shall have the right to contemporaneously Transfer all of the Collateral to a Successor Borrower that will assume all of the obligations of Borrower hereunder and under the other Loan Documents (an
“Assumption”), provided no Event of Default or monetary Default is then continuing or would result therefrom and the following conditions are met to the reasonable satisfaction of Lender: 

(i) such Successor Borrower shall have executed and delivered to Lender an assumption agreement (including an assumption
of the Mortgage in recordable form, if requested by Lender), in form and substance reasonably acceptable to Lender, evidencing its agreement to abide and be bound by the terms of the Loan Documents and containing representations substantially
equivalent to those contained in Article IV (recast, as necessary, such that representations that specifically relate to Closing Date are remade as of the date of such assumption), and such other representations (and evidence of the accuracy
of such representations) as Lender shall reasonably request (and upon such assumption and the satisfaction of the other conditions set forth in this Section, Borrower and Operating Lessee shall be released from such all obligations, liabilities,
guarantees and indemnities under the Loan Documents); 
 (ii) unless the Operating Lease shall have been
terminated pursuant to Section 5.21(ii), the obligations of Operating Lessee under the Operating Lease shall have been assumed by a Successor Operating Lessee pursuant to an assumption agreement, in form and substance reasonably
acceptable to Lender (and upon such assumption and the satisfaction of the other conditions set forth in this Section, Operating Lessee shall be released from such all obligations, liabilities, guarantees and indemnities under the Loan Documents),
and such Successor Operating Lessee shall have delivered to Lender all documents reasonably requested by Lender relating to the existence of such Successor Operating Lessee and the due authorization of such Operating Lessee to assume the obligations
under the Operating Lease, each in form and substance reasonably satisfactory to Lender, including a certified copy of the applicable resolutions from all appropriate persons, certified copies of the organizational documents of the Successor
Operating Lessee, together with all amendments thereto, and certificates of good standing or existence for the Successor Operating Lessee issued as of a recent date by its state of organization and each other state where such entity, by the nature
of its business, is required to qualify or register; 
 (iii) such Uniform Commercial Code financing statements
as may be reasonably requested by Lender shall be filed; 
 (iv) a party satisfactory to Lender in its sole
discretion assumes all obligations, liabilities, guarantees and indemnities of Sponsor and any other guarantor under the Loan Documents pursuant to documentation satisfactory to Lender (and upon such assumption by such party, Sponsor and any other
such guarantor shall be released from such obligations, liabilities, guarantees and indemnities); 
 (v) such
Successor Borrower shall have delivered to Lender legal opinions of counsel reasonably acceptable to Lender that are equivalent to the opinions delivered to Lender on the Closing Date, including new nonconsolidation opinions that are reasonably
satisfactory to Lender and satisfactory to each of the Rating Agencies; and Borrower and the Successor Borrower shall have delivered such other documents, certificates and legal opinions, including relating to REMIC matters, as Lender shall
reasonably request; 

  
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 (vi) such Successor Borrower shall have delivered to Lender all documents
reasonably requested by it relating to the existence of such Successor Borrower and the due authorization of the Successor Borrower to assume the Loan and to execute and deliver the documents described in this Section, each in form and substance
reasonably satisfactory to Lender, including a certified copy of the applicable resolutions from all appropriate persons, certified copies of the organizational documents of the Successor Borrower, together with all amendments thereto, and
certificates of good standing or existence for the Successor Borrower issued as of a recent date by its state of organization and each other state where such entity, by the nature of its business, is required to qualify or register; 

(vii) the Title Insurance Policy shall have been properly endorsed to reflect the Transfer of the Property to the
Successor Borrower; 
 (viii) if the Loan has been Securitized, the Rating Condition shall have been satisfied
with respect to the legal structure of the Successor Borrower, the documentation of the Assumption and the related legal opinions; and 
 (ix) Borrower shall have paid to Lender a nonrefundable assumption fee in an amount equal to 1.0% of the Principal Indebtedness at the time of such Assumption, and Borrower shall have reimbursed Lender
for its reasonable out-of-pocket costs and expenses incurred in connection with such assumption. 
 Section 2.3. Transfers of
Equity Interests in Borrower. 
 (a) Except as set forth in clause (b) of this Section 2.3, no
direct or indirect equity interests in Borrower shall be conveyed or otherwise transferred to any Person prior to the first anniversary of the Closing Date. From and after the first anniversary of the Closing Date, no direct or indirect equity
interests in Borrower shall be conveyed or otherwise transferred to any Person, unless the following conditions are satisfied: 
 (i) no Event of Default or monetary Default shall be continuing at the time of such conveyance or transfer; 
 (ii) no Prohibited Change of Control shall occur as a result thereof; 
 (iii) if any such conveyance or transfer results in Borrower ceasing to be Controlled by Sponsor (and in connection with each subsequent conveyance or transfer that again changes the identity of the
Qualified Equityholder that Controls Borrower), Borrower shall have paid to Lender a transfer fee in an amount equal to 1.0% of the Principal Indebtedness at the time of such conveyance or transfer; 

(iv) if such conveyance or transfer results in any Person acquiring more than 49% of the direct or indirect equity
interest in any Required SPE (even if not constituting a Prohibited Change of Control), Borrower shall have delivered to Lender with respect to 

  
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such Person a new non-consolidation opinion that in Lender’s reasonable judgment satisfies the then-current criteria of the Rating Agencies (and, to the extent that the criteria of the
Rating Agencies has not changed in any material respect since the Closing Date, Lender’s approval of any such non-consolidation opinion that is in substantially the form of the Nonconsolidation Opinion shall not be unreasonably withheld,
delayed or conditioned); 
 (v) Borrower shall have paid the costs and expenses (if any) of the Rating Agencies
and Servicers and reimbursed Lender for its reasonable out-of-pocket costs and expenses incurred in connection with any such conveyance or transfer; and 
 (vi) Lender shall have received 10 days advance written notice of such conveyance or transfer. 
 (b) Notwithstanding anything to the contrary contained in this Section, the following transfers of indirect equity interests in Borrower shall be permitted at any time without the consent of Lender:
(i) the issuance of additional shares in, or the transfer of existing shares of, Chesapeake Lodging Trust on any national stock exchange and (ii) the issuance of additional partnership interests, or the transfer of existing partnership
interests, in Sponsor, so long as the same does not result in a Prohibited Change of Control. 
 ARTICLE III 

ACCOUNTS 

Section 3.1. Cash Management Account. 
 (a) All credit card receivables, all cash Revenues and all other money received by Borrower, Operating Lessee or the Approved Property Manager with respect to the Property shall be deposited into the
Approved Operating Account, which account has been pledged to Lender pursuant to the Subordination of Management Agreement. Notwithstanding the immediately preceding sentence, Lender acknowledges that it may take up to 60 days from the Closing Date
to cause such credit card receivables, cash Revenues and other money received by Borrower, Operating Lessee or the Approved Property Manager with respect to the Property to be redirected to the Approved Operating Account established as of the
Closing Date. All costs and expenses incurred in connection with the operation of the Property shall be paid solely from the Approved Operating Account or the Approved FF&E Account (or, to the extent permitted or required herein, the Cash
Management Account), and no other account. Borrower shall not permit the amounts contained in the Approved Operating Account, the Approved FF&E Account or any other account owned by Borrower or Operating Lessee to be commingled with the funds of
any other Person. Subject and pursuant to the Approved Management Agreement and the Subordination of Management Agreement, the Approved Manager shall be permitted to pay all costs and expenses incurred in connection with the operation of the
Property and all other amounts required or permitted to be paid by the Approved Manager in the performance of its duties and obligations with respect to the Property out of the Approved Operating Account or the Approved FF&E Account. 

  
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 (b) Operating Lessee shall cause any and all amounts otherwise required to be paid or
remitted by the Approved Property Manager to Borrower or Operating Lessee (including the “Owner’s Remittance Amount” under and as defined in the Hyatt Management Agreement) to be remitted directly into an Eligible Account specified
from time to time by Lender (the “Cash Management Account”), and in the event any such amounts are paid directly to Borrower or Operating Lessee, Borrower or Operating Lessee, as applicable, shall cause such amounts to be deposited
into the Cash Management Account within one Business Day following Borrower’s or Operating Lessee’s receipt thereof. The Cash Management Account shall be subject to the Cash Management Agreement which shall provide, among other things,
that no party other than Lender and Servicer shall have the right to withdraw funds from the Cash Management Account and that the Cash Management Bank shall comply with all instructions and entitlement orders of Lender relating to the Cash
Management Account and the other Collateral Accounts maintained at the Cash Management Bank pursuant to the Cash Management Agreement, in each case, without the consent of Borrower, Operating Lessee or any other Person. 

(c) The Approved FF&E Account and the Approved Operating Account shall at all times be subject to an Account Control Agreement,
pursuant to which such accounts shall be pledged to Lender and in the sole dominion and control of Lender, provided that Borrower, Operating Lessee and the Approved Property Manager shall have unrestricted access to such accounts for the purposes
set forth in the Approved Management Agreement, unless and until the Approved Management Agreement shall be terminated, in which case, only Lender shall have access to the amounts in such accounts. 

(d) Lender shall have the right at any time and from time to time in its sole discretion to change the Eligible Institution at which any
one or more of the Collateral Accounts is maintained (and in the case of any such change if an Event of Default is not then continuing, Lender shall deliver not less than five Business Days’ prior written notice to Borrower), except for any
Collateral Account that is maintained by Hyatt pursuant to the Hyatt Management Agreement. 
 Section 3.2. Distributions from
Cash Management Account. 
 (a) Lender shall transfer from the Cash Management Account to the Distribution Account, at the
end of each Business Day (or, at Borrower’s election, on a less frequent basis), the amount, if any, by which amounts then contained in the Cash Management Account exceed the aggregate amount required to be paid to or reserved with Lender on
the next Payment Date pursuant hereto (the “Minimum Balance”); provided, however, that Lender shall terminate such remittances during the continuance of an Event of Default or Trigger Period. 

(b) On each Payment Date, provided no Event of Default is continuing (and, if and to the extent Lender so elects in its sole discretion,
during the continuance of an Event of Default until the Loan has been accelerated), Lender shall transfer amounts from the Cash Management Account, to the extent available therein, to make the following payments in the following order of priority:

  
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 (i) if a Manager Tax Reserve Failure shall have occurred, to the Tax and
Insurance Escrow Account, the amounts then required to be deposited therein pursuant to Section 3.4; 

(ii) to Lender, the amount of all scheduled or delinquent interest and principal on the Loan and all other amounts then
due and payable under the Loan Documents (with any amounts in respect of principal paid last); 
 (iii) if a
Manager FF&E Reserve Failure shall have occurred, to the FF&E Reserve Account, the amount required to be deposited therein pursuant to Section 3.5; 

(iv) if a Hyatt Capital Plan Failure shall have occurred, to the Hyatt Capital Plan Reserve Account, the amount required
to be deposited therein pursuant to Section 3.9; 
 (v) during the continuance of a Trigger Period or
Event of Default, all remaining amounts to the Excess Cash Flow Reserve Account; and 
 (vi) if no Trigger Period
or Event of Default is continuing, all remaining amounts to the Distribution Account. 
 (c) If on any Payment Date the amount
in the Cash Management Account is insufficient to make all of the transfers described above (other than remittance of excess cash to the Excess Cash Flow Reserve Account or the Distribution Account), then Borrower shall remit to the Cash Management
Account on such Payment Date the amount of such deficiency. If Borrower fails to remit such amount to the Cash Management Account, the same shall constitute an Event of Default and, in addition to all other rights and remedies provided for under the
Loan Documents, Lender may disburse and apply the amounts in the Collateral Accounts in accordance with Section 3.11(c). 
 Section 3.3. Loss Proceeds Account. 
 (a) Upon the occurrence of a Casualty
or Condemnation, Lender will establish and maintain an Eligible Account (which may be a subaccount of the Cash Management Account) for the purpose of depositing any Loss Proceeds (the “Loss Proceeds Account”). 

(b) Provided no Event of Default is continuing, funds in the Loss Proceeds Account shall be applied in accordance with
Section 5.16. 
 Section 3.4. Tax and Insurance Escrow Account. 

(a) Lender will establish and maintain an Eligible Account (which may be a subaccount of the Cash Management Account) for the purpose of
reserving amounts payable by Borrower in respect of Taxes and insurance premiums (the “Tax and Insurance Escrow Account”). 

  
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 (b) No amounts shall be reserved in the Tax and Insurance Escrow Account in respect of Taxes
for so long as (i) the Approved Property Manager shall reserve sufficient amounts for the payment of Taxes and actually pays such amounts to the appropriate Governmental Authority, on or prior to the dates that such amounts become due and
payable and (ii) within ten Business Days following the end of each Fiscal Quarter Borrower shall deliver to Lender evidence reasonably satisfactory to Lender that such reserve has been sufficiently funded and all Taxes have theretofore been
paid on or prior to the dates that such amounts were due and payable. If the Approved Property Manager shall fail to reserve sufficient amounts for the payment of Taxes or to actually pay such amounts in accordance with this
Section 3.4(b) (any such failure, a “Manager Tax Reserve Failure”), Borrower shall thereafter be required to fund the Tax and Insurance Escrow Account in accordance with this Agreement. Borrower acknowledges that a
Manager Tax Reserve Failure exists as of the Closing Date. No amounts shall be reserved in the Tax and Insurance Escrow Account in respect of insurance premiums for so long as the Property shall be insured under Hyatt’s blanket insurance
program (or another blanket insurance program reasonably acceptable to Lender and satisfying to Lender’s reasonable satisfaction all Rating Agency Requirements). 

(c) On the Closing Date, Borrower shall deposit, or cause to be deposited, into the Tax and Insurance Escrow Account
an amount sufficient to pay all Taxes by the 30th day
prior to the date they come due, assuming subsequent monthly fundings on Payment Dates of 1/12 of projected annual Taxes. On each subsequent Payment Date, an additional deposit shall be made therein in an amount equal to 1/12 of the Taxes that
Lender reasonably estimates, based on information provided by Borrower, will be payable during the next ensuing 12 months; provided, however, that if at any time Lender reasonably determines that the amount in the Tax and Insurance
Escrow Account will not be sufficient to accumulate (upon payment of subsequent monthly amounts in accordance with the provisions of this Agreement) the full amount of all installments of Taxes by the date on which such amounts come due, then Lender
shall notify Borrower of such determination and Borrower shall increase its monthly payments to the Tax and Insurance Escrow Account by the amount that Lender reasonably estimates is sufficient to achieve such accumulation. 

(d) Within five Business Days following the date on which the Property is no longer insured under Hyatt’s
blanket insurance program (or another blanket insurance program reasonably acceptable to Lender and satisfying to Lender’s reasonable satisfaction all Rating Agency Requirements), Borrower shall deposit, or cause to be deposited, into the Tax
and Insurance Escrow Account an amount sufficient to pay all insurance premiums relating to the Property by the
30th day prior to the date they come due, assuming
subsequent monthly fundings on Payment Dates of 1/12 of projected annual insurance premiums relating to the Property. On each subsequent Payment Date, an additional deposit shall be made therein in an amount equal to 1/12 of the insurance premiums
relating to the Property that Lender reasonably estimates, based on information provided by Borrower, will be payable during the next ensuing 12 months; provided, however, that if at any time Lender reasonably determines that the
amount in the Tax and Insurance Escrow Account will not be sufficient to accumulate (upon payment of subsequent monthly amounts in accordance with the provisions of this Agreement) the full amount of all insurance premiums by the date on which such
amounts come due, then Lender shall notify Borrower of such determination and Borrower shall increase its monthly payments to the Tax and Insurance Escrow Account by the amount that Lender reasonably estimates is sufficient to achieve such
accumulation. 

  
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 (e) For so long as Lender shall be reserving amounts in respect of Taxes and/or insurance
premiums pursuant to this Section, Borrower shall provide Lender with copies of all tax and insurance bills relating to the Property promptly after Borrower’s receipt thereof. Lender will apply amounts in the Tax and Insurance Escrow Account
toward the purposes for which such amounts are deposited therein (or, so long as no Event of Default is then continuing, within 10 Business Days following Borrower’s written request, reimburse Borrower from such reserves for payment of such
Taxes and insurance premiums, if applicable, subject to Lender’s receipt of evidence of payment of such Taxes and insurance premiums). In connection with the making of any payment from the Tax and Insurance Escrow Account, Lender may cause such
payment to be made according to any bill, statement or estimate procured from the appropriate public office or insurance carrier, without inquiry into the accuracy of such bill, statement or estimate or into the validity of any tax, assessment,
sale, forfeiture, tax lien or title or claim thereof unless given written advance notice by Borrower of such inaccuracy, invalidity or other contest. Notwithstanding the foregoing, Lender shall not make any payment in respect of Taxes if it has
received from Borrower satisfactory written evidence of payment of such Taxes no less than 10 Business Days prior to when such Taxes are due and payable. 
 (f) If Lender so elects at any time, Borrower shall provide, at Borrower’s expense, a tax service contract for the term of the Loan issued by a tax reporting agency reasonably acceptable to Lender.
If Lender does not so elect, Borrower shall reimburse Lender for the cost of making annual tax searches throughout the term of the Loan. 
 Section 3.5. FF&E Reserve Account. 
 (a) Lender will establish and
maintain an Eligible Account (which may be a subaccount of the Cash Management Account) for the purpose of reserving amounts in respect of expenditures for FF&E (the “FF&E Reserve Account”). 

(b) No amounts shall be reserved in the FF&E Reserve Account for so long as (i) the Approved FF&E Account is maintained and
funded in accordance with the Approved Management Agreement, (ii) Borrower shall deliver to Lender each month the bank statement for the Approved FF&E Account and a reconciliation thereof and (iii) promptly following Lender’s
request, Borrower shall deliver invoices or other evidence that disbursements from the Approved FF&E Account have been made in accordance with the Approved Management Agreement. If the Approved Property Manager shall fail to maintain and fund
the Approved FF&E Account in accordance with the Approved Management Agreement (any such failure, a “Manager FF&E Reserve Failure”), Borrower shall thereafter be required to fund the FF&E Reserve Account in accordance
with this Agreement. 
 (c) From and after the occurrence of a Manager FF&E Reserve Failure, on each Payment Date, there
shall be deposited into the FF&E Reserve Account an amount equal to the Monthly FF&E Amount. 

  
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 (d) Upon the request of Borrower at any time that no Event of Default is continuing (but not
more often than once per calendar month), Lender shall cause disbursements to Borrower from the FF&E Reserve Account, to the extent of funds contained therein, to reimburse Borrower for expenditures in respect of FF&E that are consistent
with the Approved Annual Budget; provided that: 
 (i) Borrower shall deliver to Lender invoices
evidencing that the costs for which such disbursements are requested are due and payable; 
 (ii) Borrower shall
deliver to Lender an Officer’s Certificate confirming that all such costs have been previously paid by Borrower or will be paid from the proceeds of the requested disbursement and that all conditions precedent to such disbursement required by
the Loan Documents have been satisfied; 
 (iii) Lender may condition the making of a requested disbursement on
(1) reasonable evidence establishing that Borrower has applied any amounts previously received by it in accordance with this Section for the expenses to which specific draws made hereunder relate, (2) a reasonably satisfactory site
inspection, and (3) receipt of lien releases and waivers from any contractors, subcontractors and others with respect to such amounts; and 
 (iv) Notwithstanding anything contained in the Hyatt PIP to the contrary, no amount shall be disbursed from the FF&E Reserve Account for the payment of expenditures in connection with any Hyatt PIP
Work or the Hyatt PIP Elevator Work. 
 Section 3.6. Deferred Maintenance and Environmental Escrow Account. 

(a) If the Deferred Maintenance Amount is greater than zero, Lender will establish and maintain an Eligible Account (which may be a
subaccount of the Cash Management Account) for the purpose of reserving amounts anticipated to be required to correct Deferred Maintenance Conditions (the “Deferred Maintenance and Environmental Escrow Account”). 

(b) On the Closing Date, Borrower shall deposit into the Deferred Maintenance and Environmental Escrow Account, from the proceeds of the
Loan, an amount equal to the Deferred Maintenance Amount. 
 (c) Upon the request of Borrower at any time that no Event of
Default is continuing (but not more often than once per calendar month), Lender shall cause disbursements to Borrower from the Deferred Maintenance and Environmental Escrow Account to reimburse Borrower for reasonable costs and expenses incurred in
order to correct Deferred Maintenance Conditions, provided that 
 (i) Borrower shall deliver to Lender
invoices evidencing that the costs for which such disbursements are requested are due and payable; 
 (ii)
Borrower shall deliver to Lender an Officer’s Certificate confirming that all such costs have been previously paid by Borrower or will be paid from the proceeds of the requested disbursement and that all conditions precedent to such
disbursement required by the Loan Documents have been satisfied; and 

  
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 (iii) Lender may condition the making of a requested disbursement on
(1) reasonable evidence establishing that Borrower has applied any amounts previously received by it in accordance with this Section for the expenses to which specific draws made hereunder relate, (2) a reasonably satisfactory site
inspection, and (3) receipt of lien releases and waivers from any contractors, subcontractors and others with respect to such amounts. 
 (d) Upon substantial completion (as reasonably determined by Lender) of the portion of the Deferred Maintenance Conditions identified on any line on Schedule C, and provided no Event of Default is
then continuing, the remainder of the portion of the Deferred Maintenance Reserve Account held for such line item (as shown adjacent to such line item on Schedule C) shall promptly be remitted to Borrower. Upon the correcting of all Deferred
Maintenance Conditions, provided no Event of Default or Trigger Period is then continuing, any amounts then remaining in the Deferred Maintenance Reserve Account shall promptly be remitted to Borrower and the Deferred Maintenance and Environmental
Escrow Account will no longer be maintained. 
 Section 3.7. Unfunded Obligations Account. 

(a) If the Unfunded Obligations Amount is greater than zero, Lender shall establish and maintain an Eligible Account (which may be a
subaccount of the Cash Management Account) for the purpose of reserving for Unfunded Obligations required to be funded by Borrower (the “Unfunded Obligations Account”). 

(b) On the Closing Date, Borrower shall deposit into the Unfunded Obligations Account, from the proceeds of the Loan, an amount equal to
the Unfunded Obligations Amount. 
 (c) Borrower shall perform its obligations in respect of the Unfunded Obligations when and
as due under the respective Leases or other applicable agreements. Upon the request of Borrower at any time that no Event of Default is continuing (but not more often than once per calendar month), Lender shall cause disbursements to Borrower from
the Unfunded Obligations Account to reimburse Borrower for reasonable costs and expenses incurred in the performance of Unfunded Obligations, provided that 

(i) Borrower shall deliver to Lender invoices evidencing that the costs for which such disbursements are requested are due
and payable; 
 (ii) Borrower shall deliver to Lender an Officer’s Certificate confirming that all such
costs have been previously paid by Borrower or will be paid from the proceeds of the requested disbursement and that all conditions precedent to such disbursement required by the Loan Documents have been satisfied; and 

(iii) Lender may condition the making of a requested disbursement on (1) reasonable evidence establishing that
Borrower has applied any amounts previously received by it in accordance with this Section for the expenses to which specific draws made hereunder relate, (2) a reasonably satisfactory site inspection, and (3) receipt of lien releases and
waivers from any contractors, subcontractors and others with respect to such amounts. 

  
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 (d) Upon payment or performance, as applicable, of the Unfunded Obligations identified on
any line on Schedule D, and provided no Event of Default is then continuing, the remainder of the portion of the Unfunded Obligations Account held for such line item (as shown adjacent to such line item on Schedule D) shall promptly be
remitted to Borrower. Upon the payment or performance in full of all Unfunded Obligations, provided no Event of Default or Trigger Period is then continuing, any amounts then remaining in the Unfunded Obligations Account shall promptly be remitted
to Borrower and the Unfunded Obligations Account will no longer be maintained. 
 Section 3.8. Hyatt PIP Reserve Account.

 (a) Lender shall establish and maintain an Eligible Account (which may be a subaccount of the Cash Management Account) for
the purpose of reserving for the Hyatt PIP Work (the “Hyatt PIP Reserve Account”). 
 (b) On the Closing Date,
Borrower shall either (i) deposit into the Hyatt PIP Reserve Account, from the proceeds of the Loan, an amount equal to the Hyatt PIP Amount or (ii) deliver to Lender a Letter of Credit in an amount equal to the Hyatt PIP Amount.

 (c) Borrower shall complete the Hyatt PIP Work according to the schedule set forth on Schedule G. Upon the request of
Borrower at any time that no Event of Default is continuing (but not more often than once per calendar month), Lender shall cause disbursements to Borrower from the Hyatt PIP Reserve Account to reimburse Borrower for reasonable costs and expenses
incurred in the performance of the Hyatt PIP Work, provided that 
 (i) Borrower shall deliver to Lender
invoices evidencing that the costs for which such disbursements are requested are due and payable; 
 (ii)
Borrower shall deliver to Lender an Officer’s Certificate confirming that (i) all such costs have been previously paid by Borrower or will be paid from the proceeds of the requested disbursement, (ii) all conditions precedent to such
disbursement required by the Loan Documents have been satisfied and (iii) the amount remaining in the Hyatt PIP Reserve Account, after giving effect to the requested disbursement, shall be sufficient to complete the Hyatt PIP Work; and

 (iii) Lender may condition the making of a requested disbursement on (1) reasonable evidence establishing
that Borrower has applied any amounts previously received by it in accordance with this Section for the expenses to which specific draws made hereunder relate, (2) a reasonably satisfactory site inspection, and (3) receipt of lien releases
and waivers from any contractors, subcontractors and others with respect to such amounts. 
 (d) Borrower acknowledges that
(i) the amounts contained in the Hyatt PIP Reserve Account do not include amounts required to complete the Hyatt PIP Elevator Work and that Borrower shall not be entitled to disbursements from the Hyatt PIP Reserve Account for such purpose, and
(ii) notwithstanding anything contained in the Hyatt PIP to the contrary, no amounts in respect of the Hyatt PIP Work or Hyatt PIP Elevator Work shall be funded from the FF&E Reserve Account. 

  
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 (e) Upon completion of the Hyatt PIP Work, provided no Event of Default or Trigger Period is
then continuing, any amounts then remaining in the Hyatt PIP Reserve Account shall promptly be remitted to Borrower and the Hyatt PIP Reserve Account will no longer be maintained. 

(f) Lender shall be entitled to draw on any Letter of Credit delivered to Lender pursuant to this Section, and hold the proceeds of such
draw as additional Collateral, immediately and without further notice, (a) upon the occurrence and during the continuance of any Event of Default, (b) if Borrower shall not have delivered to Lender, no less than 30 days prior to the
termination of any Letter of Credit, a replacement Letter of Credit satisfactory to Lender, or (c) if Borrower shall not have delivered to Lender, within 10 days after Borrower shall have received notice that the issuer of such Letter of Credit
ceases to be an Eligible Institution, a replacement Letter of Credit satisfactory to Lender. Borrower shall have the right, by written request to Lender from time to time, to reduce the aggregate notional amount of such Letters of Credit to the
amount that would then be contained in the Hyatt PIP Reserve Account had Borrower not made the election to provide a Letter of Credit in lieu of cash. 
 Section 3.9. Hyatt Capital Plan Reserve Account. 
 (a) Lender shall have
the right to establish and maintain an Eligible Account (which may be a subaccount of the Cash Management Account) for the purpose of reserving for the Hyatt Capital Plan (the “Hyatt Capital Plan Reserve Account”) if Borrower shall
fail to complete the Hyatt Capital Plan before the Hyatt Capital Plan Completion Date (any such failure, a “Hyatt Capital Plan Failure”). 
 (b) On each Payment Date from and after the occurrence of a Hyatt Capital Plan Failure until completion of the Hyatt Capital Plan, Lender shall deposit into the Hyatt Capital Plan Reserve Account all
remaining amounts in the Cash Management Account (after disbursements in the order set forth in Section 3.2) until the Hyatt Capital Plan Reserve Account shall contain the Hyatt Capital Plan Amount (without taking into consideration any
amounts contained in the FF&E Reserve Account). For the avoidance of doubt, Borrower shall not be required to fund the Hyatt Capital Plan Reserve Account on the Closing Date. 

(c) Following the funding of the Hyatt Capital Plan Reserve Account pursuant to this Section, upon the request of Borrower at any time
that no Event of Default is continuing (but not more often than once per calendar month), Lender shall cause disbursements to Borrower from the Hyatt Capital Plan Reserve Account, to the extent of funds contained therein, to reimburse Borrower for
reasonable costs and expenses incurred in the performance of the Hyatt Capital Plan, provided that 
 (i)
Borrower shall deliver to Lender invoices evidencing that the costs for which such disbursements are requested are due and payable; 

  
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 (ii) Borrower shall deliver to Lender an Officer’s Certificate
confirming that (i) all such costs have been previously paid by Borrower or will be paid from the proceeds of the requested disbursement, (ii) all conditions precedent to such disbursement required by the Loan Documents have been satisfied
and (iii) the amount remaining in the Hyatt Capital Plan Reserve Account, after giving effect to the requested disbursement, shall be sufficient to complete the Hyatt Capital Plan; and 

(iii) Lender may condition the making of a requested disbursement on (1) reasonable evidence establishing that
Borrower has applied any amounts previously received by it in accordance with this Section for the expenses to which specific draws made hereunder relate, (2) a reasonably satisfactory site inspection, and (3) receipt of lien releases and
waivers from any contractors, subcontractors and others with respect to such amounts. 
 (d) Borrower acknowledges that no
amounts in respect of the Hyatt Capital Plan shall be funded from the Hyatt PIP Reserve Account. The Hyatt Capital Plan may be funded, in part, from the FF&E Reserve Account, provided that (i) after giving effect to any such funding, the
amount contained in the FF&E Reserve Account shall be sufficient to provide for FF&E expenditures as and when necessary and (ii) at any time the Hyatt Capital Plan Reserve Account is required to be funded pursuant to this Section, the
amount contained in the FF&E Reserve Account shall not be taken into consideration in determining the amount required to be reserved in the Hyatt Capital Plan Reserve Account. 

(e) To the extent the Hyatt Capital Plan Reserve Account has been funded in accordance with this Section, upon curing any Hyatt Capital
Plan Failure or the completion of the Hyatt Capital Plan, provided no Event of Default or Trigger Period is then continuing, any amounts then remaining in the Hyatt Capital Plan Reserve Account shall promptly be remitted to Borrower and the Hyatt
Capital Plan Reserve Account will no longer be maintained. 
 Section 3.10. Excess Cash Flow Reserve Account. 

(a) Lender will establish and maintain an Eligible Account (which may be a subaccount of the Cash Management Account) for the deposit of
amounts required to be deposited therein in accordance with Section 3.2(b) (the “Excess Cash Flow Reserve Account”). 
 (b) Provided that no Event of Default is then continuing, Lender shall release to the Cash Management Account all amounts then contained in the Excess Cash Flow Reserve Account on the first Payment Date
after Borrower delivers to Lender evidence reasonably satisfactory to Lender establishing that no Trigger Period is then continuing. Such a release shall not preclude the subsequent commencement of a Trigger Period and the deposit of amounts into
the Excess Cash Flow Reserve Account as set forth in Section 3.2(b). 
 Section 3.11. Account Collateral.

 (a) Borrower hereby pledges the Account Collateral to Lender as security for the Indebtedness, together with all rights of a
secured party with respect thereto, it being the intention of the parties that such pledge shall be a perfected first-priority security interest. Each Collateral Account shall be an Eligible Account under the sole dominion and control of Lender.

  
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Borrower shall have no right to make withdrawals from any of the Collateral Accounts other than the Distribution Account. Funds in the Collateral Accounts shall not be commingled with any other
monies at any time. Borrower shall execute any additional documents that Lender in its reasonable discretion may require and shall provide all other evidence reasonably requested by Lender to evidence or perfect its first-priority security interest
in the Account Collateral. Funds in the Collateral Accounts shall not be invested. All fees of the Cash Management Bank shall be paid by Borrower. After the Loan and all other Indebtedness have been paid in full, the Collateral Accounts shall be
closed and the balances therein, if any, shall be paid to Borrower. 
 (b) The insufficiency of amounts contained in the
Collateral Accounts shall not relieve Borrower from its obligation to fulfill all covenants contained in the Loan Documents. 

(c) During the continuance of an Event of Default, Lender may, in its sole discretion, apply funds in the Collateral Accounts either
toward the components of the Indebtedness (e.g., interest, principal and other amounts payable hereunder), the Loan, the Note Components and the Notes in such sequence as Lender shall elect in its sole discretion, and/or toward the payment of
Property expenses. 
 Section 3.12. Bankruptcy. Borrower and Lender acknowledge and agree that upon the filing of a
bankruptcy petition by or against Borrower under the Bankruptcy Code, the Account Collateral and the Revenues (whether then already in the Collateral Accounts, or then due or becoming due thereafter) shall be deemed not to be property of
Borrower’s bankruptcy estate within the meaning of Section 541 of the Bankruptcy Code. If, however, a court of competent jurisdiction determines that, notwithstanding the foregoing characterization of the Account Collateral and the
Revenues by Borrower and Lender, the Account Collateral and/or the Revenues do constitute property of Borrower’s bankruptcy estate, then Borrower and Lender further acknowledge and agree that all such Revenues, whether due and payable before or
after the filing of the petition, are and shall be cash collateral of Lender. Borrower acknowledges that Lender does not consent to Borrower’s use of such cash collateral and that, in the event Lender elects (in its sole discretion) to give
such consent, such consent shall only be effective if given in writing signed by Lender. Except as provided in the immediately preceding sentence, Borrower shall not have the right to use or apply or require the use or application of such cash
collateral (i) unless Borrower shall have received a court order authorizing the use of the same, and (ii) Borrower shall have provided such adequate protection to Lender as shall be required by the bankruptcy court in accordance with the
Bankruptcy Code. 

  
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 ARTICLE IV 
 REPRESENTATIONS 
 Borrower represents to Lender, with respect to Borrower,
and Operating Lessee represents to Lender, with respect to Operating Lessee, that, as of the Closing Date, except as set forth in the Exception Report: 
 Section 4.1. Organization. 
 (a) Each Required SPE is duly organized,
validly existing and in good standing under the laws of the State of Delaware, and is in good standing in the Commonwealth of Massachusetts, and Borrower has all power and authority under such laws and its organizational documents and all material
governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted. 
 (b) The
organizational chart contained in Exhibit A is true and correct as of the date hereof. 
 Section 4.2.
Authorization. Borrower has the power and authority to enter into this Agreement and the other Loan Documents, to perform its obligations hereunder and thereunder and to consummate the transactions contemplated by the Loan Documents and has
by proper action duly authorized the execution and delivery of the Loan Documents. 
 Section 4.3. No Conflicts. Neither
the execution and delivery of the Loan Documents, nor the consummation of the transactions contemplated therein, nor performance of and compliance with the terms and provisions thereof will (i) violate or conflict with any provision of its
formation and governance documents, (ii) violate any Legal Requirement, regulation (including Regulation U, Regulation X or Regulation T), order, writ, judgment, injunction, decree or permit applicable to it, (iii) violate or conflict with
contractual provisions of, or cause an event of default under, any material indenture, loan agreement, mortgage, contract or other Material Agreement to which Borrower, Operating Lessee or Sponsor is a party or by which Borrower, Operating Lessee or
Sponsor may be bound, or (iv) result in or require the creation of any Lien or other charge or encumbrance upon or with respect to the Collateral in favor of any party other than Lender. 

Section 4.4. Consents. To the best of Borrower’s knowledge, no consent, approval, authorization or order of, or qualification
with, any court or Governmental Authority is required in connection with the execution, delivery or performance by Borrower of this Agreement or the other Loan Documents, except for any of the foregoing that have already been obtained. 

Section 4.5. Enforceable Obligations. This Agreement and the other Loan Documents have been duly executed and delivered by
Borrower and constitute Borrower’s legal, valid and binding obligations, enforceable in accordance with their respective terms, subject to bankruptcy, insolvency and similar laws of general applicability relating to or affecting creditors’
rights and to general equity principles. The Loan Documents are not subject to any right of rescission, offset, abatement, counterclaim or defense by Borrower, including the defense of usury or fraud. 

Section 4.6. No Default. No Default or Event of Default will exist immediately following the making of the Loan. 

Section 4.7. Payment of Taxes. Borrower and Operating Lessee each have filed, or caused to be filed, all tax returns (federal,
state, local and foreign) required to be filed and paid all amounts of taxes due (including interest and penalties) except for taxes that are not yet delinquent and has paid all other taxes, fees, assessments and other governmental charges
(including mortgage recording taxes, documentary stamp taxes and intangible taxes) owing by it necessary to preserve the Liens in favor of Lender. 

  
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 Section 4.8. Compliance with Law. Borrower, Operating Lessee the Property and the use
thereof comply in all material respects with all applicable Insurance Requirements and Legal Requirements, including building and zoning ordinances and codes, except as may be specified in the Engineering Report and/or Environmental Report delivered
to Lender in connection with the Loan. The Property conforms to current zoning requirements (including requirements relating to parking) and is neither an illegal nor a legal nonconforming use except as specified in the zoning report delivered to
Lender in connection with the Closing. Neither Borrower nor Operating Lessee is in default or violation of any order, writ, injunction, decree or demand of any Governmental Authority the violation of which could materially adversely affect the
Property or the condition (financial or otherwise) or business of Borrower or Operating Lessee. There has not been committed by or on behalf of Borrower, Operating Lessee or, to Borrower’s knowledge, any other person in occupancy of or involved
with the operation or use of the Property, any act or omission affording any federal Governmental Authority or any state or local Governmental Authority the right of forfeiture as against the Property or any portion thereof or any monies paid in
performance of its obligations under any of the Loan Documents. None of Borrower, Operating Lessee or Sponsor has purchased any portion of the Property with proceeds of any illegal activity. 

Section 4.9. ERISA. None of Borrower, Operating Lessee or any ERISA Affiliate of Borrower or Operating Lessee has incurred or
could be subjected to any liability under Title IV or Section 302 of ERISA or Section 412 of the Code or maintains or contributes to, or is or has been required to maintain or contribute to, any employee benefit plan (as defined in
Section 3(3) of ERISA) subject to Title IV or Section 302 of ERISA or Section 412 of the Code. The consummation of the transactions contemplated by this Agreement will not constitute or result in any non-exempt prohibited transaction
under Section 406 of ERISA, Section 4975 of the Code or substantially similar provisions under federal, state or local laws, rules or regulations. 
 Section 4.10. Investment Company Act. Neither Borrower nor Operating Lessee is an “investment company”, or a company “controlled” by an “investment company”,
registered or required to be registered under the Investment Company Act of 1940, as amended. 
 Section 4.11. No Bankruptcy
Filing. Neither Borrower nor Operating Lessee is contemplating either the filing of a petition by it under any state or federal bankruptcy or insolvency laws or the liquidation of all or a major portion of its assets or property. Neither
Borrower nor Operating Lessee has knowledge of any Person contemplating the filing of any such petition against it. During the ten year period preceding the Closing Date, no petition in bankruptcy has been filed by or against any Required SPE or
Sponsor and no such Persons have been convicted of a felony. 
 Section 4.12. Other Debt. Neither Borrower nor Operating
Lessee has outstanding any Debt other than Permitted Debt. 

  
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 Section 4.13. Litigation. There are no actions, suits, proceedings, arbitrations or
governmental investigations by or before any Governmental Authority or other court or agency now filed or otherwise pending, and to Borrower’s knowledge there are no such actions, suits, proceedings, arbitrations or governmental investigations
threatened, against or affecting Borrower, Operating Lessee, Sponsor or the Collateral, in each case, except as listed in the Exception Report (and none of the matters listed in the Exception Report, even if determined against Borrower, Operating
Lessee or the Collateral, would reasonably be expected to have a Material Adverse Effect). 
 Section 4.14. Leases; Material
Agreements. 
 (a) Except as set forth in Schedule E, there are no Leases and neither Borrower nor Operating Lessee
is currently engaged in negotiations with any prospective tenant to enter into a Lease. The Leases set forth on Schedule E are valid and enforceable and are in full force and effect and, except as set forth on the Exception Report, all work
to be performed by the landlord under such Leases has been substantially performed and all contributions to be made by the landlord to the Tenants thereunder have been made, all other conditions to each Tenant’s obligations thereunder have been
satisfied, no Tenant has the right to require Borrower to perform or finance Tenant Improvements or Material Alterations and no Leasing Commissions are owed or would be owed upon the exercise of any Tenant’s existing renewal or expansion
options, and Borrower has no other monetary obligation to any Tenant under such Leases. 
 (b) There are no Material Agreements
except as described in Schedule F. Borrower has made available to Lender true and complete copies of all Material Agreements. Each Material Agreement has been entered into at arm’s length in the ordinary course of business by or on
behalf of Borrower or Operating Lessee. The Material Agreements are in full force and effect and there are no defaults thereunder by Borrower, Operating Lessee or, to Borrower’s knowledge, any other party thereto. Neither Borrower nor Operating
Lessee is in default in any material respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any Permitted Encumbrance or any other agreement or instrument to which it is a party or by
which it or the Property is bound. 
 Section 4.15. Full and Accurate Disclosure. No statement of fact heretofore
delivered by Borrower or Operating Lessee to Lender in writing in respect of the Property or Borrower or Operating Lessee contains any untrue statement of a material fact or omits to state any material fact necessary to make statements contained
therein not misleading unless subsequently corrected (except that the foregoing representation, as it relates to any Environmental Report, Engineering Report, Title Policy, zoning report or other third party report delivered to Lender in connection
with the closing of the Loan, shall be limited to Borrower’s knowledge). There is no fact, event or circumstance presently known to Borrower or Operating Lessee that has not been disclosed to Lender that has had or could reasonably be expected
to result in a Material Adverse Effect. 
 Section 4.16. Financial Condition. Borrower has heretofore delivered to Lender
financial statements and operating statements with respect to the Property for the past three calendar years, and trailing twelve-month operating statements. Such statements are accurate 

  
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and complete in all material respects and fairly present in accordance with GAAP the financial position of CHSP Boston LLC and CHSP TRS Boston LLC, the predecessors to Borrower and Operating
Lessee, in all material respects as of their respective dates and do not omit to state any fact necessary to make statements contained herein or therein not misleading. Since the delivery of such data, except as otherwise disclosed in writing to
Lender, there have occurred no changes or circumstances that have had or are reasonably expected to result in a Material Adverse Effect. 
 Section 4.17. Single-Purpose Requirements. 
 (a) Each Required SPE is now,
and has always been since its formation, a Single-Purpose Entity and has conducted its business in substantial compliance with the provisions of its organizational documents. Borrower has never (i) owned any property other than the Property and
related personal property, (ii) engaged in any business, except the ownership and operation of the Property or (iii) had any material contingent or actual obligations or liabilities unrelated to the Property. Operating Lessee has never
(i) owned any property other than its leasehold interest in the Property and related personal property, (ii) engaged in any business, except the operation of the Property or (iii) had any material contingent or actual obligations or
liabilities unrelated to the Property. 
 (b) Borrower has provided Lender with true, correct and complete copies of
(i) the current financial statements of CHSP Boston LLC and CHSP TRS Boston LLC, the predecessors to Borrower and Operating Lessee, and (ii) Borrower’s and Operating Lessee’s current operating agreement together with all
amendments and modifications thereto. 
 (c) On or prior to the Closing Date, Borrower and Operating Lessee shall have been
fully released from any loan (other than the Loan) secured by the Property or any of the Collateral (a “Prior Loan”), and Borrower shall not have any continuing liability, actual or contingent, for any Prior Loan, and no recourse
whatsoever against any portion of the Property shall be available to satisfy any Prior Loan under any circumstances. 
 Section
4.18. Use of Loan Proceeds. No part of the proceeds of the Loan will be used for the purpose of purchasing or acquiring any “margin stock” within the meaning of Regulations T, U or X of the Board of Governors of the Federal Reserve
System or for any other purpose that would be inconsistent with such Regulations T, U or X or any other Regulations of such Board of Governors, or for any purpose prohibited by Legal Requirements or by the terms and conditions of the Loan Documents.
The Loan is solely for the business purpose of Borrower or for distribution to Borrower’s equityholders in accordance with Legal Requirements. 
 Section 4.19. Not Foreign Person. Neither Borrower nor Operating Lessee is a “foreign person” within the meaning of Section 1445(f)(3) of the Code. 

Section 4.20. Labor Matters. Neither Borrower nor Operating Lessee is a party to any collective bargaining agreements. 

Section 4.21. Title. Borrower owns good, marketable and insurable title to the Property and good and marketable title to the
FF&E and related personal property, to the Collateral Accounts and to any other Collateral, in each case free and clear of all Liens whatsoever except the Permitted Encumbrances. The Mortgage, when properly recorded in the

  
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appropriate records, together with any Uniform Commercial Code financing statements required to be filed in connection therewith, will create (i) a valid, perfected first priority Lien on
the Property and the rents therefrom, enforceable as such against creditors of and purchasers from Borrower or Operating Lessee and subject only to Permitted Encumbrances, and (ii) perfected Liens (pursuant to the Uniform Commercial Code of the
State of New York) in and to all personality, all in accordance with the terms thereof, in each case subject only to any applicable Permitted Encumbrances. The Permitted Encumbrances do not and will not, individually or in the aggregate, materially
and adversely affect or interfere with the value, or current or contemplated use or operation, of the Property, or the security intended to be provided by the Mortgage, the ability of the Property to generate net cash flow sufficient to service the
Loan or Borrower’s ability to pay its obligations as and when they come due, including its ability to repay the Indebtedness in accordance with the terms of the Loan Documents. Except as insured over by a Title Insurance Policy, there are no
claims for payment for work, labor or materials affecting the Property that are or may become a Lien prior to, or of equal priority with, the Liens created by the Loan Documents. No creditor of Borrower (other than Lender) or Operating Lessee has in
its possession any goods that constitute or evidence the Collateral. 
 Section 4.22. No Encroachments. Except as shown
on the Survey, all of the improvements on the Property lie wholly within the boundaries and building restriction lines of the Property, and no improvements on adjoining property encroach upon the Property, and no easements or other encumbrances upon
the Property encroach upon any of the improvements, so as, in either case, to adversely affect the value, use or marketability of the Property, except those that are insured against by a Title Insurance Policy. 

Section 4.23. Physical Condition. 
 (a) Except for matters set forth in the Engineering Reports, the Property and all building systems (including sidewalks, storm drainage system, roof, plumbing system, HVAC system, fire protection system,
electrical system, equipment, elevators, exterior sidings and doors, irrigation system and all structural components) are free of all material damage and are in good condition, order and repair in all respects material to the Property’s use,
operation and value. 
 (b) Borrower is not aware of any material structural or other material defect or damages in the
Property, whether latent or otherwise. 
 (c) Borrower has not received and is not aware of any other party’s receipt of
notice from any insurance company or bonding company of any defects or inadequacies in the Property that would, alone or in the aggregate, adversely affect in any material respect the insurability of the same or cause the imposition of extraordinary
premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond. 
 Section 4.24.
Fraudulent Conveyance. Borrower has not entered into the Transaction or any of the Loan Documents with the actual intent to hinder, delay or defraud any creditor. Borrower has received reasonably equivalent value in exchange for its
obligations under the Loan Documents. On the Closing Date, the fair salable value of Borrower’s aggregate assets is and will, immediately following the making of the Loan and the use and disbursement

  
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of the proceeds thereof, be greater than Borrower’s probable aggregate liabilities (including subordinated, unliquidated, disputed and Contingent Obligations). Borrower’s aggregate
assets do not and, immediately following the making of the Loan and the use and disbursement of the proceeds thereof will not, constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted. Borrower does
not intend to, and does not believe that it will, incur debts and liabilities (including Contingent Obligations and other commitments) beyond its ability to pay such debts as they mature (taking into account the timing and amounts to be payable on
or in respect of obligations of Borrower). 
 Section 4.25. Management. Except for any Approved Management Agreement, no
property management agreements are in effect with respect to the Property. The Approved Management Agreement is in full force and effect and to the Borrower’s knowledge, there is no event of default thereunder by any party thereto and to the
Borrower’s knowledge, no event has occurred that, with the passage of time and/or the giving of notice would constitute a default thereunder. 
 Section 4.26. Condemnation. No Condemnation has been commenced or, to Borrower’s knowledge, is contemplated or threatened with respect to all or any portion of the Property or for the
relocation of roadways providing access to the Property. 
 Section 4.27. Utilities and Public Access. The Property has
adequate rights of access to dedicated public ways (and makes no material use of any means of access or egress that is not pursuant to such dedicated public ways or recorded, irrevocable rights-of-way or easements) and is adequately served by all
public utilities, including water and sewer (or well and septic), necessary to the continued use and enjoyment of the Property as presently used and enjoyed. 
 Section 4.28. Environmental Matters. Except as disclosed in the Environmental Reports: 
 (i) To Borrower’s knowledge, no Hazardous Substances are located at, on, in or under the Property or have been handled, manufactured, generated, stored, processed, or disposed of at, on, in or under,
or have been Released from, the Property. Without limiting the foregoing, to Borrower’s knowledge, there is not present at, on, in or under the Property, any PCB-containing equipment, asbestos or asbestos containing materials, underground
storage tanks or surface impoundments for any Hazardous Substance, lead in drinking water (except in concentrations that comply with all Environmental Laws), or lead-based paint. To Borrower’s knowledge, there is no threat of any Release of any
Hazardous Substance migrating to the Property. 
 (ii) The Property is in compliance in all material respects
with all Environmental Laws applicable to the Property (which compliance includes, but is not limited to, the possession of, and compliance with, all environmental, health and safety permits, approvals, licenses, registrations and other governmental
authorizations required in connection with the ownership and operation of the Property under all Environmental Laws). No Environmental Claim is pending with respect to the Property, nor, to Borrower’s knowledge, is any threatened, nor are there
any consent decrees or other decrees, consent orders, administrative orders or other orders, or other administrative or judicial requirements outstanding under any Environmental Law with respect to Borrower, Operating Lessee or the Property.

  
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 (iii) No Liens are presently recorded with the appropriate land records
under or pursuant to any Environmental Law with respect to the Property and, to Borrower’s knowledge, no Governmental Authority has been taking any action to subject the Property to Liens under any Environmental Law. 

(iv) There have been no material environmental investigations, studies, audits, reviews or other analyses conducted by or
that are in the possession of Borrower or Operating Lessee in relation to the Property that have not been made available to Lender. 
 Section 4.29. Assessments. There are no pending or, to Borrower’s knowledge, proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there
any contemplated improvements to the Property that may result in such special or other assessments. No extension of time for assessment or payment by Borrower of any federal, state or local tax is in effect. 

Section 4.30. No Joint Assessment. Borrower has not suffered, permitted or initiated the joint assessment of the Property
(i) with any other real property constituting a separate tax lot, or (ii) with any personal property, or any other procedure whereby the Lien of any Taxes that may be levied against such other real property or personal property shall be
assessed or levied or charged to the Property as a single Lien. 
 Section 4.31. Separate Lots. No portion of the
Property is part of a tax lot that also includes any real property that is not Collateral. 
 Section 4.32. Permits;
Certificate of Occupancy. Borrower, Operating Lessee and/or Approved Property Manager have obtained all Permits necessary for the present and contemplated use and operation of the Property. The uses being made of the Property are in conformity
in all material respects with the certificate of occupancy and/or Permits for the Property and any other restrictions, covenants or conditions affecting the Property. 
 Section 4.33. Flood Zone. None of the improvements on the Property is located in an area identified by the Federal Emergency Management Agency or the Federal Insurance Administration as a “100
year flood plain” or as having special flood hazards (including Zones A and V), or, to the extent that any portion of the Property is located in such an area, the Property is covered by flood insurance meeting the requirements set forth in
Section 5.15(a)(ii). 
 Section 4.34. Security Deposits. Borrower and Operating Lessee are in compliance in
all material respects with all Legal Requirements relating to security deposits. 
 Section 4.35. Acquisition Documents.
Borrower has delivered to Lender true and complete copies of all material agreements and instruments under which Borrower, Operating Lessee or any of its affiliates or the seller of the Property have remaining rights or obligations in respect of
Borrower’s acquisition of the Property. 

  
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 Section 4.36. Insurance. Borrower or Operating Lessee has obtained insurance policies
reflecting the insurance coverages, amounts and other requirements set forth in this Agreement. All premiums on such insurance policies required to be paid as of the Closing Date have been paid for the current policy period. No Person, including
Borrower and Operating Lessee, has done, by act or omission, anything that would impair the coverage of any such policy. 

Section 4.37. No Dealings. Borrower and Operating Lessee are not aware of any unlawful influence on the assessed value of the
Property. 
 Section 4.38. Intentionally Deleted. 

Section 4.39. Federal Trade Embargos. Each Required SPE is in compliance with all Federal Trade Embargos in all material respects.
To the best of Borrower’s knowledge, no Embargoed Person owns any direct or indirect equity interest (excluding holders of publicly traded shares) in any Required SPE. To Borrower’s knowledge and Operating Lessee’s knowledge, no
Tenant at the Property is identified on the OFAC List. Borrower has implemented procedures, and will consistently apply those procedures throughout the term of the Loan, to ensure that the foregoing representations and warranties remain true and
correct during the term of the Loan. 
 Section 4.40. Air Rights Agreement. Each of the following is true with respect to
the Air Rights Agreement: 
 (i) The Air Rights Agreement or a memorandum thereof has been duly recorded . The
Air Rights Agreement does not prohibit the interest of Borrower in the Property to be encumbered by the Mortgage and does not restrict the use of the Property by Borrower, its successors or assigns in a manner that would materially adversely affect
the security provided by the Mortgage, except for the City of Boston’s right of reverter effective in 2079. 

(ii) The interest of the Borrower in the Property pursuant to the Air Rights Agreement extends not less than 20 years
beyond the scheduled Maturity Date; 
 (iii) Except as may be set forth in the Title Policy, the interest of the
Borrower in the Property pursuant to the Air Rights Agreement is not subject to any interests, estates, liens or encumbrances superior to, or of equal priority with, the Mortgage, except for the City of Boston’s right of reverter; 

(iv) The City of Boston’s right of reverter under the Air Rights Agreement cannot and will not result in a reversion
of title to the Property to the City of Boston until 2079, and the City of Boston has no remedy or right under the Air Rights Agreement that could accelerate its right of reverter or otherwise cause Borrower’s interest in the Property to
otherwise be materially decreased, encumbered, impaired, modified, transferred or terminated. 
 (v) The Air
Rights Agreement does not place restrictions on the identity of Borrower’s mortgagee and, in the event of a foreclosure by Lender or its designee (or a deed-in-lieu of foreclosure), Lender, and any Person to whom Lender may subsequently
transfer the Property, shall succeed to all of the rights, benefits and privileges under the Air Rights Agreement without any further act on the part of Lender or such Person; 

  
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 (vi) The Air Rights Agreement does not require the consent of any Person for
Borrower and Lender to enter into the Mortgage and the other Loan Documents or for Lender to commence a foreclosure action against the Property (or accept a deed-in-lieu of foreclosure) or to thereafter transfer the Property to any other Person;

 (vii) To Borrower’s knowledge, there is no default under the Air Rights Agreement and no condition that,
but for the passage of time or giving of notice, would result in a default under the terms of the Air Rights Agreement, and the Air Rights Agreement is in full force and effect as of the Closing Date; 

(viii) The Air Rights Agreement requires the City of Boston to give to Lender written notice of any default, and provides
that no notice of default or termination is effective unless such notice is given to Lender, provided, in each case, the City of Boston has received prior notice that Lender holds a Mortgage on the Property; 

(ix) Lender is permitted a reasonable opportunity to cure any default under the Air Rights Agreement which is curable
after Lender’s receipt of notice of any default provided the City of Boston has received notice that the Lender holds a mortgage on the Property; 
 (x) The Air Rights Agreement does not impose any restrictions on subletting that would be viewed as commercially unreasonable by a prudent commercial mortgage lender; 

(xi) The Air Rights Agreement does not prohibit or otherwise prevent Loss Proceeds from being held by Lender in the Loss
Proceeds Account and applied either to the repair or restoration of the Property or to the payment of the Indebtedness in accordance herewith; and without limiting the foregoing, in the case of a total or substantially total loss or taking, the Air
Rights Agreement does not prohibit or prevent the application of the Loss Proceeds to the payment of the Indebtedness; and 
 (xii) The express terms of the Air Rights Agreement do not permit any Person to terminate the Air Rights Agreement prior to its expiration in 2079; nonetheless, if for any reason, Borrower’s interest
in the Property pursuant to the Air Rights Agreement terminates prior to 2079, the City of Boston is required under the Air Rights Agreement to take all necessary action to revert title in Borrower. 

Section 4.41. Survival. All of the representations of Borrower set forth in this Agreement and in the other Loan Documents shall
survive for so long as any portion of the Indebtedness is outstanding. All representations, covenants and agreements made by Borrower in this Agreement or in the other Loan Documents shall be deemed to have been relied upon by Lender notwithstanding
any investigation heretofore or hereafter made by Lender or on its behalf. On the date of any Securitization, on not less than three days’ prior written notice, Borrower shall deliver to Lender a certification (x) confirming that all of
the representations 

  
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contained in this Agreement are true and correct as of the date of such Securitization, or (y) otherwise specifying any changes in or qualifications to such representations as of such date
as may be necessary to make such representations consistent with the facts as they exist on such date. 
 ARTICLE V 

AFFIRMATIVE COVENANTS 
 Section 5.1. Existence; Licenses. Each Required SPE shall do or cause to be done all things necessary to remain in existence. Borrower shall do or cause to be done all things necessary to preserve,
renew and keep in full force and effect all rights, licenses, Permits, franchises, certificates of occupancy, consents, approvals and other agreements necessary for the continued use and operation of the Property. Each Required SPE shall deliver to
Lender a copy of each amendment or other modification to any of its organizational documents promptly after the execution thereof. 
 Section 5.2. Maintenance of Property. 
 (a) Borrower shall cause the
Property to be maintained in good and safe working order and repair, reasonable wear and tear excepted, and in keeping with the condition and repair of properties of a similar use, value, age, nature and construction, and otherwise in accordance
with the terms of the Approved Management Agreement. Borrower and Operating Lessee shall not, and shall not cause or permit Approved Property Manager pursuant to the terms of the Approved Management Agreement, to use, maintain or operate the
Property in any manner that constitutes a public or private nuisance or that makes void, voidable, or cancelable, or materially increases the premium of, any insurance then in force with respect thereto. Subject to Section 6.13, no
improvements or equipment located at or on the Property shall be removed, demolished or materially altered without the prior written consent of Lender (except for replacement of equipment in the ordinary course of Borrower’s or Operating
Lessee’s business with items of the same utility and of equal or greater value and sales or disposition of obsolete equipment no longer needed for the operation of the Property), and Borrower shall from time to time make, or cause to be made,
all reasonably necessary and desirable repairs, renewals, replacements, betterments and improvements to the Property. Borrower and Operating Lessee shall not, and shall not cause or permit Approved Property Manager to, make any change in the use of
the Property that would materially increase the risk of fire or other hazard arising out of the operation of the Property, or do or permit to be done thereon anything that may in any way impair the value of the Property in any material respect or
the Lien of the Mortgage or otherwise cause or reasonably be expected to result in a Material Adverse Effect. Borrower shall not install or permit to be installed on the Property any underground storage tank. Borrower shall not, without the prior
written consent of Lender, permit any drilling or exploration for or extraction, removal, or production of any minerals from the surface or the subsurface of the Property, regardless of the depth thereof or the method of mining or extraction
thereof. 
 (b) Borrower shall remediate the Deferred Maintenance Conditions within the time periods following the Closing Date
as specified in Schedule C hereto (or if no time periods are specified on Schedule C, within 12 months following the Closing Date), subject to Force 

  
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Majeure, and upon request from Lender after the expiration of such period shall deliver to Lender an Officer’s Certificate confirming that such remediation has been substantially completed
and that all associated expenses have been paid. Borrower shall comply with all material terms of any asbestos operating and maintenance program in effect as of the Closing Date or otherwise required to be implemented by Borrower. 

(c) Borrower shall complete the Hyatt PIP Work according to the schedule set forth on Schedule G. Borrower shall commence the
Hyatt PIP Elevator Work no later than September 30, 2013, and shall complete the Hyatt Pip Elevator Work in accordance with the Hyatt PIP with respect to: (i) a total of 3 of the elevators no later than December 31, 2013, (ii) a
total of 6 elevators no later than December 31, 2014, and (iii) all 10 of the elevators no later than December 31, 2015. Borrower shall complete the Hyatt Capital Plan before the Hyatt Capital Plan Completion Date. For the avoidance
of doubt, notwithstanding anything contained in the Hyatt PIP to the contrary, no amounts in respect of the Hyatt PIP Work or Hyatt PIP Elevator Work shall be funded from the FF&E Reserve Account. 

Section 5.3. Compliance with Legal Requirements. Borrower and Operating Lessee shall comply with, and shall cause the Property to
comply with and be operated, maintained, repaired and improved in material compliance with, all Legal Requirements, Insurance Requirements and all material contractual obligations by which Borrower is legally bound. 

Section 5.4. Impositions and Other Claims. Except to the extent that Lender is reserving for and paying Taxes pursuant to
Section 3.4, Borrower shall pay and discharge all taxes, assessments and governmental charges levied upon it, its income and its assets as and when such taxes, assessments and charges are due and payable, as well as all lawful claims for
labor, materials and supplies or otherwise, subject to any rights to contest contained in the definition of Permitted Encumbrances. Borrower shall file all federal, state and local tax returns and other reports that it is required by law to file. If
any law or regulation applicable to Lender, any Note, any of the Collateral or the Mortgage is enacted that deducts from the value of property for the purpose of taxation any Lien thereon, or imposes upon Lender the payment of the whole or any
portion of the taxes or assessments or charges or Liens required by this Agreement to be paid by Borrower, or changes in any way the laws or regulations relating to the taxation of mortgages or security agreements or debts secured by mortgages or
security agreements or the interest of the mortgagee or secured party in the property covered thereby, or the manner of collection of such taxes, so as to affect the Mortgage, the Indebtedness or Lender, then Borrower, upon demand by Lender, shall
pay such taxes, assessments, charges or Liens, or reimburse Lender for any amounts paid by Lender. If in the opinion of Lender’s counsel it would be unlawful to require Borrower to make such payment or the making of such payment would result in
the imposition of interest beyond the maximum amount permitted by applicable law, Lender may elect to declare all of the Indebtedness to be due and payable 180 days from the giving of written notice by Lender to Borrower. 

Section 5.5. Access to Property. Borrower and Operating Lessee shall, and shall cause Approved Property Manager pursuant to the
terms of the Approved Management Agreement to, permit agents, representatives and employees of Lender and the Servicer to enter and inspect the Property or any portion thereof, and/or inspect, examine, audit and copy the

  
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books and records of Borrower, Operating Lessee and Approved Property Manager (including all recorded data of any kind or nature, regardless of the medium of recording), at such reasonable times
as may be requested by Lender upon reasonable advance written notice. If Lender shall determine that an Event of Default exists, the cost of such inspections, examinations, copying or audits shall be borne by Borrower, including the cost of all
follow up or additional investigations, audits or inquiries deemed reasonably necessary by Lender. The cost of such inspections, examinations, audits and copying, if not paid for by Borrower following demand, may be added to the Indebtedness and
shall bear interest thereafter until paid at the Default Rate. If Borrower prohibits or bars agents, representatives and employees of Lender and the Servicer from entering and inspecting the Property or from inspecting, examining, auditing and
copying the books and records of Borrower, Operating Lessee and Approved Property Manager, as required by this Section, for more than five days after a written request is made by Lender to do so, Borrower agrees to pay Lender on demand the sum of
$1,000.00 for each day after such five-day period that Borrower so prohibits or bars such inspection, and such sum or sums shall be part of the Indebtedness. 
 Section 5.6. Cooperate in Legal Proceedings. Except with respect to any claim by Borrower or Operating Lessee against Lender, Borrower and Operating Lessee shall cooperate fully with Lender with
respect to any proceedings before any Governmental Authority that may in any way affect the rights of Lender hereunder or under any of the Loan Documents and, in connection therewith, Lender may, at its election, participate or designate a
representative to participate in any such proceedings. 
 Section 5.7. Leases. 

(a) Borrower shall furnish Lender with executed copies of all Leases. All new Leases and renewals or amendments of Leases must
(i) be entered into on an arms-length basis with Tenants that are not affiliates of Borrower and whose identity and creditworthiness is appropriate for tenancy in property of comparable quality, (ii) provide for rental rates and other
economic terms that, taken as a whole, are at least equivalent to then-existing market rates, based on the applicable market, and otherwise contain terms and conditions that are commercially reasonable, (iii) have an initial term of not more
than 10 years, (iv) not reasonably be expected to result in a Material Adverse Effect and (v) be subject and subordinate to the Loan and contain provisions for the agreement by the Tenant thereunder to attorn to Lender and any purchaser at
a foreclosure sale, such attornment to be self-executing and effective upon acquisition of title to the Property by any purchaser at a foreclosure sale. 
 (b) Any Lease that does not conform to the standards set forth in Section 5.7(a) shall be subject to the prior written consent of Lender, which consent shall not be unreasonably withheld,
delayed or conditioned. In addition, all new Leases that are Major Leases, and all terminations, renewals and material amendments of Major Leases, and any surrender of rights under any Major Lease, shall be subject to the prior written consent of
Lender, which consent shall not be unreasonably withheld, conditioned or delayed. 

  
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 (c) Borrower and Operating Lessee shall (i) observe and punctually perform all the
material obligations imposed upon the lessor under the Leases; (ii) enforce all of the material terms, covenants and conditions contained in the Leases on the part of the lessee thereunder to be observed or performed, short of termination
thereof, except that Borrower may terminate any Lease following a material default thereunder by the respective Tenant; (iii) not collect any of the rents thereunder more than one month in advance; (iv) not execute any assignment of
lessor’s interest in the Leases or associated rents other than the assignment of rents and leases under the Mortgage; (v) not cancel or terminate any guarantee of any of the Major Leases without the prior written consent of Lender; and
(vi) not permit any subletting of any space covered by a Lease or an assignment of the Tenant’s rights under a Lease, except in strict accordance with the terms of such Lease. 

(d) Security deposits of Tenants under all Leases shall be held in compliance with Legal Requirements and any provisions in Leases
relating thereto. Borrower or Operating Lessee shall maintain books and records of sufficient detail to identify all security deposits of Tenants separate and apart from any other payments received from Tenants. Subject to Legal Requirement, any
bond or other instrument held by Borrower or Operating Lessee in lieu of cash security shall name Lender as payee or mortgagee thereunder or be fully assignable to Lender. Borrower hereby pledges to Lender each such bond or other instrument as
security for the Indebtedness. Upon the occurrence of an Event of Default, Borrower shall, upon Lender’s request, deposit with Lender in an Eligible Account pledged to Lender an amount equal to the aggregate security deposit of the Tenants (and
any interest theretofore earned on such security deposits and actually received by Borrower or Operating Lessee), and any such bonds, that Borrower had not returned to the applicable Tenants or applied in accordance with the terms of the applicable
Lease (and failure to do so shall constitute a misappropriation of funds pursuant to Section 9.19(b)). 
 (e)
Borrower shall promptly deliver to Lender a copy of each written notice from a Tenant under any Major Lease claiming that Borrower or Operating Lessee is in default in the performance or observance of any of the material terms, covenants or
conditions thereof to be performed or observed by Borrower or Operating Lessee. Borrower shall use commercially reasonable efforts to provide in each Major Lease executed after the Closing Date to which Borrower or Operating Lessee is a party that
any Tenant delivering any such notice shall send a copy of such notice directly to Lender. 
 Section 5.8. Plan Assets,
etc. Borrower and Operating Lessee will do, or cause to be done, all things necessary to ensure that neither Borrower nor Operating Lessee will be deemed to hold Plan Assets at any time. 

Section 5.9. Further Assurances. Borrower and Operating Lessee shall, at Borrower’s sole cost and expense, from time to time
as reasonably requested by Lender, execute, acknowledge, record, register, file and/or deliver to Lender such other instruments, agreements, certificates and documents (including amended or replacement mortgages), and Borrower hereby consents to the
filing by Lender of any Uniform Commercial Code financing statements, in each case as Lender may reasonably request to evidence, confirm, perfect and maintain the Liens securing or intended to secure the obligations of Borrower and the rights of
Lender under the Loan Documents and do and execute all such further lawful and reasonable acts, conveyances and assurances for the better and more effective carrying out of the intents and purposes of this Agreement and the other Loan Documents as
Lender shall reasonably request from time to time. Upon foreclosure, the appointment of a receiver or any other relevant action, Borrower and 

  
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Operating Lesse shall (and, use reasonable efforts to cause Approved Property Manager pursuant to the terms of the Approved Management Agreement to), at its sole cost and expense, cooperate fully
and completely to effect the assignment or transfer of any license, permit, agreement or any other right necessary or useful to the operation of the Collateral. Borrower hereby authorizes and appoints Lender as its attorney-in-fact to, during the
continuance of an Event of Default, execute, acknowledge, record, register and/or file such instruments, agreements, certificates and documents, and to do and execute such acts, conveyances and assurances, should Borrower fail to do so itself in
violation of this Agreement or the other Loan Documents following written request from Lender, in each case without the signature of Borrower. The foregoing grant of authority is a power of attorney coupled with an interest and such appointment
shall be irrevocable for the term of this Agreement. Borrower hereby ratifies all actions that such attorney shall lawfully take or cause to be taken in accordance with this Section. 

Section 5.10. Management of Collateral. 
 (a) The Property shall be managed at all times by an Approved Property Manager pursuant to an Approved Management Agreement. Pursuant to the Subordination of Property Management Agreement or Agreements,
each Approved Property Manager shall agree that its Approved Management Agreement and all accrued incentive fees payable to the Approved Property Manager thereunder (as opposed to incentive fees paid currently) are subject and subordinate to the
Indebtedness. In the event Hyatt shall cease to be the Approved Property Manager, Borrower may appoint a replacement Approved Property Manager to manage the Property pursuant to an Approved Management Agreement, and such successor manager shall
execute for Lender’s benefit a subordination and non-disturbance of property management agreement in form and substance reasonably satisfactory to Lender. The per annum base management fees of the Approved Property Manager shall not, at any
time, exceed the Maximum Management Fee. 
 (b) Borrower shall cause each Approved Property Manager (including any successor
Approved Property Manager) to maintain at all times worker’s compensation insurance as required by Governmental Authorities. 
 (c) Borrower shall notify Lender in writing of any default of Borrower, Operating Lessee or the Approved Property Manager under the Approved Management Agreement, after the expiration of any applicable
cure periods, of which Borrower has actual knowledge. Lender shall have the right, after reasonable notice to Borrower and in accordance with the Subordination of Management Agreement, to cure defaults of Borrower or Operating Lessee under the
Approved Management Agreement. Any out-of-pocket expenses incurred by Lender to cure any such default shall constitute a part of the Indebtedness and shall be due from Borrower upon demand by Lender. 

(d) During the continuance of a material default by the Approved Property Manager under the Approved Management Agreement (after the
expiration of any applicable notice and/or cure periods), or if the Approved Property Manager files or is the subject of a petition in bankruptcy, or if a trustee or receiver is appointed for the Approved Property Manager’s assets or the
Approved Property Manager makes an assignment for the benefit of creditors, or if the Approved Property Manager is adjudicated insolvent, then, in any such case, 

  
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Lender shall have the right to require Borrower to exercise any and all available remedies under the Approved Management Agreement, and if the exercise of such remedies shall result in the
termination of the Approved Management Agreement, engage an Approved Property Manager reasonably acceptable to Lender to serve as replacement Approved Property Manager pursuant to an Approved Management Agreement. Notwithstanding anything to the
contrary contained herein or in any other Loan Document, Lender’s approval of any replacement Approved Management Agreement shall be subject to such agreement providing for a cash management system that is reasonably acceptable to Lender and,
as a condition to Lender’s approval of any replacement Approved Management Agreement, Lender may require this Agreement and the Cash Management Agreement to be amended to the extent required to conform such agreements to any such cash
management system; provided, however, if the replacement Approved Property Manager shall be Hilton, Marriott or Starwood, then the cash management provisions contained in this Agreement as of the Closing Date shall apply with respect
to the Hilton, Marriott or Starwood replacement Approved Property Management Agreement, as the case may be, and Lender shall not require that the cash management provisions contained in this Agreement and the Cash Management Agreement be amended.

 Section 5.11. Notice of Material Event. Borrower shall give Lender prompt notice (containing reasonable detail) of
(i) any material change in the financial or physical condition of the Property, as reasonably determined by Borrower, including the termination or cancellation of any Major Lease and the termination or cancellation of terrorism or other
insurance required by this Agreement, (ii) any notice from the Approved Property Manager, to the extent such notice relates to a matter that is reasonably expected to result in a Material Adverse Effect, (iii) to the extent Borrower has
knowledge thereof, any litigation or governmental proceedings pending or threatened in writing against Borrower, Operating Lessee or the Property that is reasonably expected to result in a Material Adverse Effect, (iv) the insolvency or
bankruptcy filing of any Required SPE, Sponsor or an affiliate of any of the foregoing and (v) any other circumstance or event reasonably expected to result in a Material Adverse Effect. Borrower and/or Operating Lessee shall deliver to Lender,
within five Business Days of receipt thereof, the periodic reports regarding the Property, if any, delivered to Borrower and/or Operating Lessee by Approved Property Manager. 
 Section 5.12. Annual Financial Statements. As soon as available, and in any event within 90 days after the close of each Fiscal Year, Borrower shall furnish to Lender, in an Excel spreadsheet file
in electronic format (which may be via an intralinks site at Borrower’s sole cost and expense), or, in the case of predominantly text documents, in Adobe pdf format, annual financial statements of Borrower and Operating Lessee, including a
balance sheet and operating statement of Borrower and Operating Lessee as of the end of such year, together with related statements of operations and equityholders’ capital and cash flow for such Fiscal Year, audited by a “Big Four”
accounting firm whose opinion shall be to the effect that such financial statements have been prepared in accordance with GAAP applied on a consistent basis and shall not be qualified as to the scope of the audit or as to the status of Borrower as a
going concern. Together with Borrower’s annual financial statements, Borrower shall furnish to Lender, in an Excel spreadsheet file in electronic format (which may be via an intralinks site at Borrower’s sole cost and expense), or, in the
case of predominantly text documents, in Adobe pdf format: 

  
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 (i) a statement of cash flows and income and expenses in the format set
forth in the most recent Uniform System of Accounts (as shown on Exhibit B); 
 (ii) then current rent
roll, average daily room rates, sales reports, Smith Travel Reports and occupancy reports; and 
 (iii) such
other information as Lender shall reasonably request. 
 Section 5.13. Quarterly Financial Statements. As soon as
available, and in any event within 45 days after the end of each Fiscal Quarter (including year-end), Borrower shall furnish to Lender, in an Excel spreadsheet file in electronic format (which may be via an intralinks site at Borrower’s sole
cost and expense), or, in the case of predominantly text documents, in Adobe pdf format, quarterly and year-to-date unaudited financial statements prepared for such fiscal quarter with respect to Borrower and Operating Lessee, including a balance
sheet and operating statement of Borrower and Operating Lessee as of the end of such Fiscal Quarter, which statements shall include income and expenses in the format set forth in the most recent Uniform System of Accounts (as shown on Exhibit
B) and be accompanied by an Officer’s Certificate certifying that the same are true, correct and complete and were prepared in accordance with GAAP applied on a consistent basis, subject to changes resulting from audit and normal year-end
audit adjustments. Each such quarterly report shall be accompanied by the following, in an Excel spreadsheet file in electronic format (which may be via an intralinks site at Borrower’s sole cost and expense), or, in the case of predominantly
text documents, in Adobe pdf format: 
 (i) a statement in reasonable detail that calculates Net Operating Income
for each of the Fiscal Quarters in the Test Period ending in such Fiscal Quarter, in the case of each such Fiscal Quarter, ending at the end thereof; 
 (ii) copies of each of the Leases signed during such quarter; 

(iii) then current rent roll, average daily room rates, sales reports, Smith Travel Reports and occupancy reports;

 (iv) a reasonably detailed report of Borrower’s progress on the Hyatt Capital Plan and Hyatt PIP,
including information regarding whether the deadlines set forth on Schedule G hereto have been met; and 

(v) such other information as Lender shall reasonably request. 

Section 5.14. Monthly Financial Statements. 
 (a) Until the occurrence of a Securitization and during the continuance of a Trigger Period or an Event of Default (or, in the case of item (iii) below, at all times), Borrower shall furnish within
30 days after the end of each calendar month (other than the calendar month immediately following the final calendar month of any Fiscal Year or Fiscal Quarter), in an Excel spreadsheet file in electronic format (which may be via an intralinks site
at Borrower’s sole cost and expense), or, in the case of predominantly text documents, in Adobe pdf format, monthly and year-to-date unaudited financial statements prepared for the applicable month with

  
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respect to Borrower and Operating Lessee, including a balance sheet and operating statement as of the end of such month, which statements shall include income and expenses in the format set forth
in the most recent Uniform System of Accounts (as shown on Exhibit B) and be accompanied by an Officer’s Certificate certifying that the same are true, correct and complete and were prepared in accordance with GAAP applied on a
consistent basis, subject to changes resulting from audit and normal year-end audit adjustments. Each such monthly report shall be accompanied by the following: 
 (i) a summary of Leases signed during such month, which summary shall include the Tenant’s name, lease term, base rent, escalations, Tenant Improvements, leasing commissions paid, free rent and other
concessions; 
 (ii) then current rent roll, average daily room rates, sales reports, Smith Travel Reports and
occupancy reports; and 
 (iii) such other information as Lender shall reasonably request. 

(b) If Borrower fails to provide to Lender the financial statements and other information specified in Sections 5.12, 5.13
and this Section within the respective time period specified in such Sections, then if Borrower fails to provide such financial statements within five Business Days following written notice from Lender, (i) such failure shall, at Lender’s
election, constitute an Event of Default, and/or (ii) a Trigger Period shall be deemed to have commenced for all purposes hereunder and shall continue until such failure is remedied and the financial statements delivered to Lender evidence that
no Trigger Period is in effect. 
 Section 5.15. Insurance. 

(a) Borrower shall obtain and maintain with respect to the Property, for the mutual benefit of Borrower and Lender at all times, the
following policies of insurance: 
 (i) insurance against loss or damage by standard perils included within the
classification “All Risks Special Form Cause of Loss”, including coverage for damage caused by windstorm (including named storm) and hail. Such insurance shall (A) be in an amount equal to the full insurable value on a replacement
cost basis of the Property and all related furniture, furnishings, equipment and fixtures (without deduction for physical depreciation); (B) have deductibles acceptable to Lender (but in any event not in excess of $50,000, except in the case of
windstorm and earthquake coverage, which shall have deductibles not in excess of 5% of the total insurable value of the Property); (C) be paid annually in advance; (D) contain a “Replacement Cost Endorsement” with a waiver of
depreciation and an “Agreed Upon Amount Endorsement” waiving all coinsurance provisions; (E) include ordinance or law coverage on a replacement cost basis, with no co-insurance provisions, containing Coverage A: “Loss Due to
Operation of Law” (with a limit equal to replacement cost), Coverage B: “Demolition Cost” and Coverage C: “Increased Cost of Construction” coverages with a combined limit of no less than $100,000,000 or such lesser amounts
as Lender may require in its sole discretion; (F) permit that the improvements and other property covered by such insurance be rebuilt at another location in the event that such improvements and other property cannot be rebuilt at the location
on which they are situated as of the date hereof. If such insurance excludes mold, then Borrower shall implement a mold prevention program satisfactory to Lender; 

  
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 (ii) if any material portion of the Property is located in an area
identified in the Federal Register by the Federal Emergency Management Agency as having special flood hazards, flood insurance in an amount equal to the maximum limit of coverage available under the National Flood Insurance Program, plus such
additional excess limits as shall be reasonably requested by Lender, with a deductible not in excess of $25,000; 

(iii) commercial general liability insurance, including broad form coverage of property damage, blanket contractual
liability and personal injury (including bodily injury and death), to be on the so-called “occurrence” form containing minimum limits per occurrence of not less than $1,000,000 with not less than a $2,000,000 general aggregate for any
policy year (with a per location aggregate, or a $35,000,000 general aggregate, if the Property is on a blanket policy), with a deductible not in excess of $50,000. In addition, at least $50,000,000 excess and/or umbrella liability insurance shall
be obtained and maintained for any and all claims, including all legal liability imposed upon Borrower and all related court costs and attorneys’ fees and disbursements, with a deductible not in excess of $50,000; 

(iv) rental loss and/or business interruption insurance covering actual loss sustained during restoration from all risks
required to be covered by the insurance provided for herein, including clauses (i), (ii), (v), (vii), (viii) and (ix) of this Section, and covering the period from the date of any Casualty
to the date that the Property is repaired or replaced and operations are resumed (regardless of the length of such period), and containing an extended period of indemnity endorsement covering the 12 month period commencing on the date on which the
Property has been restored, as reasonably determined by the applicable insurer (even if the policy will expire prior to the end of such period), with a deductible not in excess of $50,000, except in the case of windstorm and earthquake coverage,
which shall have deductibles not in excess of 5% of the total insurable value of the Property. The amount of such insurance shall be increased from time to time as and when the gross revenues from the Property increase; 

(v) insurance against loss or damage from (A) leakage of sprinkler systems, if not provided by the policy required by
Section 5.15(a)(i), and (B) explosion of steam boilers, air conditioning equipment, high pressure piping, machinery and equipment, pressure vessels or similar apparatus now or hereafter installed in any of the improvements (without
exclusion for explosions) and insurance against loss of occupancy or use arising from any breakdown, in such amounts as are generally available and are generally required by institutional lenders for properties comparable to the Property, in each
case, with a deductible not in excess of $50,000; 
 (vi) worker’s compensation insurance with respect to
all employees of Borrower as and to the extent required by any Governmental Authority or Legal Requirement and employer’s liability coverage of at least $1,000,000 (if applicable); 

  
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 (vii) during any period of repair or restoration, and only if the property
and liability coverage forms do not otherwise apply, owner’s contingent or protective liability insurance covering claims not covered by or under the terms or provisions of the insurance provided for in Section 5.15(a)(iii). The
insurance provided for in Section 5.15(a) shall (1) be written in a so-called builder’s risk completed value form or equivalent coverage, including coverage for 100% of the total costs of construction on a non-reporting basis
and against all risks insured against pursuant to clauses (i), (ii), (iv), (v), (viii) and (ix) of Section 5.15(a), (2) shall include permission to occupy the Property, and
(3) shall contain an agreed amount endorsement waiving co-insurance provisions; 
 (viii) if required by
Lender, earthquake insurance (A) with minimum coverage equivalent to the greater of 1.0x SUL (scenario upper loss) and 1.5x SEL (scenario expected loss) multiplied by the full replacement cost of the building plus business income,
(B) having a deductible not in excess of 5% of the total insurable value of the Property, and (C) if the Property is legally nonconforming under applicable zoning ordinances and codes, containing ordinance of law coverage in amounts as
required by Lender; 
 (ix) so long as the Terrorism Risk Insurance Program Reauthorization Act of 2007
(“TRIPRA”) or a similar or subsequent statute is in effect, terrorism insurance for foreign and domestic acts (as such terms are defined in TRIPRA or similar or subsequent statute) in an amount equal to the full replacement cost of
the Property (plus twelve months of business interruption coverage). If TRIPRA or a similar or subsequent statute is not in effect, then provided that terrorism insurance is commercially available, Borrower shall be required to carry terrorism
insurance throughout the term of the Loan as required by the preceding sentence, but in such event Borrower shall not be required to spend on terrorism insurance coverage more than two times the amount of the insurance premium that is payable at
such time in respect of the property and business interruption/rental loss insurance required hereunder (without giving effect to the cost of terrorism and earthquake components of such casualty and business interruption/rental loss insurance), and
if the cost of terrorism insurance exceeds such amount, Borrower shall purchase the maximum amount of terrorism insurance available with funds equal to such amount. In either such case, such insurance shall not have a deductible in excess of
$50,000; 
 (x) liquor liability insurance in an amount of at least $10,000,000 or in such greater amount as may
be required by applicable Legal Requirements against claims or liability arising directly or indirectly to persons or property on account of the sale or dispensing of alcoholic beverages at the Property and public liability insurance in an amount of
at least $10,000,000 or in such greater amount as may be required by applicable Legal Requirements providing coverage against such claims or liability; 
 (xi) if applicable, crime coverage in an amount not less than $2,000,000 to protect against employee dishonesty and related incidents; 

  
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 (xii) motor vehicle liability coverage for all owned and non owned vehicles,
including rented and leased vehicles containing minimum limits per occurrence of $1,000,000.00 (if applicable); and 
 (xiii) such other insurance as may from time to time be reasonably requested by Lender. 
 (b) All policies of insurance (the “Policies”) required pursuant to this Section shall be issued by one or more insurers having a claims-paying ability of at least “A” by
S&P (or “Api” with respect to FM Global companies) and “A2” by Moody’s, if Moody’s rates such insurer and is rating the Certificates, or by a syndicate of insurers through which at least 75% of the coverage (if
there are 4 or fewer members of the syndicate) or at least 60% of the coverage (if there are 5 or more members of the syndicate) is with insurers having such ratings (provided that the first layers of coverage are from insurers rated at least
“A” by S&P (or “Api” with respect to FM Global companies) and “A2” by Moody’s, if Moody’s rates such insurer and is rating the Securities, and all such insurers shall have ratings of not less than
“BBB+” by S&P and “Baa1” by Moody’s, if Moody’s rates such insurer and is rating the Securities). Notwithstanding the foregoing, for no greater than ten percent (10%) of the coverage (other than the
primary layer of insurance coverage), if S&P and/or Moody’s do not provide a rating for an insurance company, then an AM Best rating of not less than A-VIII shall be permitted. For the avoidance of doubt, the carriers providing coverage
under the policies as evidenced on the certificates of insurance provided by Borrower as of the date hereof shall be deemed in compliance with the requirements herein. 
 (c) All Policies required pursuant to this Section: 
 (i) shall
contain deductibles that, in addition to complying with any other requirements expressly set forth in Section 5.15(a), are approved by Lender (such approval not to be unreasonably withheld, delayed or conditioned, but subject to the
requirements of each Rating Agency) and are no larger than is customary for similar policies covering similar properties in the geographic market in which the Property is located but in no event in excess of $50,000 (except in the case of windstorm
and earthquake coverage which shall have deductibles not in excess of 5% of the total insurable value of the Property); 
 (ii) shall be maintained throughout the term of the Loan without cost to Lender and shall name Borrower as the named insured; 

(iii) with respect to casualty policies, shall contain a standard noncontributory mortgagee clause naming Lender and its
successors and assigns as their interests may appear as first mortgagee and loss payee; 
 (iv) with respect to
liability policies, shall name Lender and its successors and assigns as their interests may appear as additional insureds; 
 (v) with respect to rental or business interruption insurance policies, shall name Lender and its successors and assigns as their interests may appear as loss payee; 

  
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 (vi) shall contain an endorsement providing that neither Borrower nor Lender
nor any other party shall be a co-insurer under said Policies; 
 (vii) with respect to the casualty and rental
or business interruption insurance policies, shall contain an endorsement or other provision providing that Lender shall receive at least 30 days’ prior written notice of any cancellation thereof; 

(viii) shall contain an endorsement providing that no act or negligence of Borrower or of a Tenant or other occupant or
any foreclosure or other proceeding or notice of sale relating to the Property shall affect the validity or enforceability of the insurance insofar as a mortgagee is concerned; 

(ix) shall provide that Lender shall not be liable for any insurance premiums thereon or subject to any assessments
thereunder; 
 (x) shall contain a waiver of subrogation against Lender; 

(xi) may be in the form of a blanket policy, provided that Borrower shall provide evidence satisfactory to Lender
that the insurance premiums for the Property are separately allocated under such Policy to the Property, and such blanket policy shall provide the same protection as would a separate Policy as reasonably determined by Lender; and 

(xii) shall otherwise be reasonably satisfactory in form and substance to Lender and shall contain such other provisions
as Lender deems reasonably necessary or desirable to protect its interests. 
 (d) Except to the extent that Lender is reserving
for and paying insurance premiums pursuant to Section 3.4, Borrower shall pay the premiums for all Policies as the same become due and payable. Not later than 30 days prior to the expiration date of each Policy, Borrower shall deliver to
Lender evidence, reasonably satisfactory to Lender, of its renewal. Borrower shall promptly forward to Lender a copy of each written notice received by Borrower of any modification, reduction or cancellation of any of the Policies or of any of the
coverages afforded under any of the Policies. Within 30 days after request by Lender, Borrower shall obtain such increases in the amounts of coverage required hereunder as may be reasonably requested by Lender, taking into consideration changes in
the value of money over time, changes in liability laws, changes in prudent customs and practices, and the like. 
 (e) Borrower
shall not procure any other insurance coverage that would be on the same level of payment as the Policies or would adversely impact in any way the ability of Lender or Borrower to collect any proceeds under any of the Policies. If at any time Lender
is not in receipt of written evidence that all Policies are in full force and effect when and as required hereunder, Lender shall have the right to take such action as Lender deems necessary to protect its interest in the Property, including the
obtaining of such insurance coverage as Lender in its sole discretion deems appropriate (but limited to the coverages and amounts required hereunder). All premiums, costs and expenses (including reasonable attorneys’ fees and expenses) incurred
by Lender in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Borrower to Lender upon demand and, until paid, and shall bear interest at the Default Rate. 

  
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 (f) In the event of foreclosure of the Mortgage or other transfer of title to the Property
in extinguishment in whole or in part of the Indebtedness, all right, title and interest of Borrower in and to the Policies then in force with respect to the Property and all proceeds payable thereunder shall thereupon vest in the purchaser at such
foreclosure or in Lender or other transferee in the event of such other transfer of title. 
 Section 5.16. Casualty and
Condemnation. 
 (a) Borrower shall give prompt notice to Lender of any Casualty or Condemnation or of the actual or
threatened commencement of proceedings that would result in a Condemnation 
 (b) Lender may participate in any proceedings for
any taking by any public or quasi-public authority accomplished through a Condemnation or any transfer made in lieu of or in anticipation of a Condemnation, to the extent permitted by law. Upon Lender’s request, Borrower shall deliver to Lender
all instruments reasonably requested by it to permit such participation. Borrower shall, at its sole cost and expense, diligently prosecute any such proceedings, and shall consult with Lender, its attorneys and experts, and cooperate with them in
the carrying on or defense of any such proceedings. Borrower shall not consent or agree to a Condemnation or action in lieu thereof without the prior written consent of Lender in each instance, which consent shall not be unreasonably withheld,
delayed or conditioned in the case of a taking of an immaterial portion of the Property. 
 (c) Lender may (x) jointly with
Borrower settle and adjust any claims, (y) during the continuance of an Event of Default, settle and adjust any claims without the consent or cooperation of Borrower, or (z) allow Borrower to settle and adjust any claims; except that if no
Event of Default is continuing, Borrower may settle and adjust claims aggregating not in excess of the Threshold Amount if such settlement or adjustment is carried out in a competent and timely manner, but Lender shall be entitled to collect and
receive (as set forth below) any and all Loss Proceeds. The reasonable expenses incurred by Lender in the adjustment and collection of Loss Proceeds shall become part of the Indebtedness and shall be reimbursed by Borrower to Lender upon demand
therefor. 
 (d) All Loss Proceeds from any Casualty or Condemnation shall be immediately deposited into the Loss Proceeds
Account (monthly rental loss/business interruption proceeds to be initially deposited into the Loss Proceeds Account and subsequently deposited into the Cash Management Account in installments as and when the lost rental income covered by such
proceeds would have been payable). Following the occurrence of a Casualty, Borrower, regardless of whether proceeds are available, shall in a reasonably prompt manner proceed to restore, repair, replace or rebuild the Property to be of at least
equal value and of substantially the same character as prior to the Casualty, all in accordance with the terms hereof applicable to Alterations. If any Condemnation or Casualty occurs as to which, in the reasonable judgment of Lender: 

  
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 (i) in the case of a Casualty, the cost of restoration would not exceed 25%
of the Loan Amount and the Casualty does not render untenantable, or result in the cancellation of Leases covering, more than 25% of the gross rentable area of the Property, or result in cancellation of Leases covering more than 25% of the base
contractual rental revenue of the Property; 
 (ii) in the case of a Condemnation, the Condemnation does not
render untenantable, or result in the cancellation of Leases covering, more than 15% of the gross rentable area of the Property; 
 (iii) restoration of the Property is reasonably expected to be completed prior to the expiration of rental interruption insurance and at least 90 days prior to the Maturity Date; 

(iv) after such restoration, the fair market value of the Property is reasonably expected to equal at least the fair
market value of the Property immediately prior to such Condemnation or Casualty; and 
 (v) all necessary
approvals and consents from Governmental Authorities will be obtained to allow the rebuilding and re-occupancy of the Property; 
 or if Lender
otherwise elects to allow Borrower to restore the Property, then, provided no Event of Default is continuing, the Loss Proceeds after receipt thereof by Lender and reimbursement of any reasonable expenses incurred by Lender in connection therewith
shall be applied to the cost of restoring, repairing, replacing or rebuilding the Property or part thereof subject to the Casualty or Condemnation, in the manner set forth below (and Borrower shall commence, as promptly and diligently as
practicable, to prosecute such restoring, repairing, replacing or rebuilding of the Property in a workmanlike fashion and in accordance with applicable law to a status at least equivalent to the quality and character of the Property immediately
prior to the Condemnation or Casualty). Provided that no Event of Default shall have occurred and be then continuing, Lender shall disburse such Loss Proceeds to Borrower upon Lender’s being furnished with (i) evidence reasonably
satisfactory to it of the estimated cost of completion of the restoration, (ii) funds, or assurances reasonably satisfactory to Lender that such funds are available and sufficient in addition to any remaining Loss Proceeds, to complete the
proposed restoration (including for any reasonable costs and expenses of Lender to be incurred in administering such restoration) and for payment of the Indebtedness as it becomes due and payable during the restoration, and (iii) such
architect’s certificates, waivers of lien, contractor’s sworn statements, title insurance endorsements, bonds, plats of survey and such other evidences of cost, payment and performance as Lender may reasonably request; and Lender may, in
any event, require that all plans and specifications for restoration reasonably estimated by Lender to exceed the Threshold Amount be submitted to and approved by Lender prior to commencement of work (which approval shall not be unreasonably
withheld, delayed or conditioned). If Lender reasonably estimates that the cost to restore will exceed the Threshold Amount, Lender may retain a local construction consultant to inspect such work and review Borrower’s request for payments and
Borrower shall, on demand by Lender, reimburse Lender for the reasonable fees and expenses of such consultant (which fees and expenses shall constitute Indebtedness). No payment shall exceed 90% of the value of the work performed from time to time
until such time 

  
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as 50% of the restoration (calculated based on the anticipated aggregate cost of the work) has been completed, and amounts retained prior to completion of 50% of the restoration shall not be paid
prior to the final completion of the restoration. Funds other than Loss Proceeds shall be disbursed prior to disbursement of such Loss Proceeds, and at all times the undisbursed balance of such proceeds remaining in the Loss Proceeds Account,
together with any additional funds irrevocably and unconditionally deposited therein or irrevocably and unconditionally committed for that purpose, shall be at least sufficient in the reasonable judgment of Lender to pay for the cost of completion
of the restoration free and clear of all Liens or claims for Lien. 
 (e) Borrower shall cooperate with Lender in obtaining for
Lender the benefits of any Loss Proceeds lawfully or equitably payable to Lender in connection with the Property. Lender shall be reimbursed for any expenses reasonably incurred in connection therewith (including reasonable attorneys’ fees and
disbursements, and, if reasonably necessary to collect such proceeds, the expense of an Appraisal on behalf of Lender) out of such Loss Proceeds or, if insufficient for such purpose, by Borrower. Borrower hereby irrevocably constitutes and appoints
Lender as the attorney-in-fact of Borrower for matters in excess of the Threshold Amount with respect to the Property, with full power of substitution, subject to the terms of this Section, to settle for, collect and receive all Loss Proceeds and
any other awards, damages, insurance proceeds, payments or other compensation from the parties or authorities making the same, to appear in and prosecute any proceedings therefor and to give receipts and acquittance therefor (which power of attorney
shall be irrevocable so long as any of the Indebtedness is outstanding, shall be deemed coupled with an interest, and shall survive the voluntary or involuntary dissolution of Borrower). 

(f) If Borrower is not entitled to apply Loss Proceeds toward the restoration of the Property pursuant to Section 5.16(d) and
Lender elects not to permit such Loss Proceeds to be so applied, such Loss Proceeds shall be applied on the first Payment Date following such election to the prepayment of the Principal Indebtedness and shall be accompanied by interest through the
end of the applicable Interest Accrual Period (calculated as if the amount prepaid were outstanding for the entire Interest Accrual Period). If the Note has been bifurcated into multiple Notes or Note Components pursuant to
Section 1.1(c), all prepayments of the Loan made by Borrower in accordance with this Section shall be applied to the Notes or Note Components on a pro rata basis in accordance with their then outstanding principal balances, so long as no
Event of Default is continuing. 
 (g) Notwithstanding the foregoing provisions of this Section, if the Loan is included in a
REMIC and immediately following a release of any portion of the applicable Property from the Lien of the Loan Documents in connection with a Casualty or Condemnation the Loan would fail to satisfy a Lender 80% Determination (taking into account the
planned restoration of the Property), then Borrower shall prepay the Principal Indebtedness in accordance with Section 5.16(f) in an amount equal to either (i) so much of the Loss Proceeds as are necessary to cause the Lender 80%
Determination to be satisfied, or if the aggregate Loss Proceeds are insufficient for such purpose, then 100% of such Loss Proceeds, or (ii) a lesser amount, provided that Borrower delivers to Lender an opinion of counsel, in form and substance
reasonably satisfactory to Lender and delivered by counsel reasonably satisfactory to Lender, opining that such release of Property from the Lien does not cause any portion of the Loan to cease to be a “qualified mortgage” within the
meaning of section 860G(a)(3) of the Code. 

  
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 Section 5.17. Annual Budget. At least 30 days prior to the commencement of each
Fiscal Year during the term of the Loan, and within 30 days after the commencement of any Trigger period or Event of Default, Borrower shall deliver to Lender an Annual Budget for the Property for the ensuing Fiscal Year and, promptly after
preparation thereof, any subsequent revisions to the Annual Budget, which delivery shall be for informational purposes only so long as no Trigger Period or Event of Default is continuing. During the continuance of any Trigger Period or Event of
Default, such Annual Budget and any revisions thereto shall be subject to Lender’s approval, not to be unreasonably withheld (the Annual Budget, as so approved, the “Approved Annual Budget”). Borrower shall not amend any
Approved Annual Budget more than once in any 60-day period. For so long as Lender shall withhold its consent to any Annual Budget or any revisions thereto, the Annual Budget in effect prior to any such request for approval shall remain in effect.

 Section 5.18. Nonbinding Consultation. Lender shall have the right to consult with and advise Borrower regarding
significant business activities and business and financial developments of Borrower and Operating Lessee, provided that any such advice or consultation or the result thereof shall be completely nonbinding on Borrower. 

Section 5.19. Compliance with Encumbrances and Material Agreements. Borrower, with respect to Borrower, and Operating Lessee, with
respect to Operating Lessee, covenant and agree as follows: 
 (i) Borrower and Operating Lessee shall comply
with all material terms, conditions and covenants of each Material Agreement and each material Permitted Encumbrance, including any reciprocal easement agreement, ground lease, declaration of covenants, conditions and restrictions, and any
condominium arrangements. 
 (ii) Borrower and Operating Lessee shall promptly deliver to Lender a true and
complete copy of each and every notice of default received by Borrower or Operating Lessee with respect to any obligation of such Borrower or Operating Lessee under the provisions of any Material Agreement and/or material Permitted Encumbrance.

 (iii) Borrower and Operating Lessee shall deliver to Lender copies of any written notices of default or event
of default relating to any Material Agreement and/or material Permitted Encumbrance served by Borrower. 
 (iv)
Without the prior written consent of Lender, not to be unreasonably withheld, conditioned or delayed, Borrower and Operating Lessee shall not grant or withhold any material consent, approval or waiver under any Material Agreement or material
Permitted Encumbrance unless no Event of Default is continuing and the same would not be reasonably likely to have a Material Adverse Effect. 
 (v) At Lender’s request, Borrower shall deliver to each other party to a material Permitted Encumbrance and any Material Agreement notice of the identity of Lender and each assignee of Lender of
which Borrower is aware if such notice is required in order to protect Lender’s interest thereunder. 

  
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 (vi) Borrower shall, and shall cause Operating Lessee to, enforce, short of
termination thereof, the performance and observance of each and every material term, covenant and provision of each Material Agreement and material Permitted Encumbrance to be performed or observed, if any. 

Section 5.20. Prohibited Persons. No Required SPE or any of their direct or indirect equityholders (excluding holders of publicly
traded shares) shall (i) knowingly conduct any business, or engage in any transaction or dealing, with any Embargoed Person, including the making or receiving of any contribution of funds, goods, or services, to or for the benefit of a
Embargoed Person, or (ii) knowingly engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any Federal Trade Embargo. Borrower shall cause the representation
set forth in Section 4.39 to remain true and correct at all times. 
 Section 5.21. Operating Lease.

 (i) Operating Lessee shall comply with the affirmative and negative covenants relating to the Operating Lessee
contained in this Agreement, and no Default hereunder shall be excused by virtue of the fact that such Default was caused by Operating Lessee. Lender acknowledges that Operating Lessee is not liable for the Indebtedness. 

(ii) Notwithstanding anything to the contrary contained herein, Borrower shall cause the Operating Lease, to remain in
effect in accordance with its terms so long as any portion of the Indebtedness is outstanding; provided, however, that Borrower shall have the right to terminate the Operating Lease if: (a) no Event of Default is then continuing
or would result therefrom; (b) all of Operating Lessee’s tangible and intangible assets (including, without limitation, all of Operating Lessee’s right, title and interest in, to and under the Approved Management Agreement and all
licenses, permits, contract rights and FF&E) shall have been transferred to Borrower in a manner reasonably satisfactory to Lender, and, if requested by Lender, reasonably satisfactory legal opinions shall have been delivered with respect
thereto; (c) no Material Adverse Effect would result therefrom; and (d) without duplication, Borrower shall have paid all reasonable out-of-pocket costs and expenses of Lender (including reasonable attorney’s fees) incurred by Lender
in connection therewith. 
 (iii) Notwithstanding anything to the contrary herein or in any other Loan Documents
or in the Operating Lease, upon conveyance of the Property by foreclosure or deed in lieu of foreclosure, Lender may, at its sole option and regardless of whether Operating Lessee is in default or compliance with the terms of the Operating Lease,
terminate the Operating Lease without payment of any termination fee, penalty or other amount, such termination to be effective upon such conveyance or such later date as Lender shall determine in its sole discretion. In addition, upon acceleration
of the Loan, Lender may, at its sole option and regardless of whether Operating Lessee is in default or compliance with the terms of the Operating Lease, deliver a termination notice to Borrower and Operating Lessee terminating the Operating Lease
without payment of any termination fee, penalty or other amount, such termination to be effective upon the conveyance of the Property by foreclosure or deed in lieu of foreclosure. 

  
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 (iv) Operating Lessee hereby consents to the Loan and acknowledges that it
derives substantial benefit from the making thereof. Borrower acknowledges that, pursuant to the Operating Lease, all amounts remitted to Lender or deposited into the Cash Management Account by the Approved Property Manager or Operating Lessee shall
be credited against any rent payable by the Operating Lessee to Borrower under the Operating Lease. 
 ARTICLE VI 

NEGATIVE COVENANTS 
 Section 6.1. Liens on the Collateral. No Required SPE shall permit or suffer the existence of any Lien on any of its assets, other than Permitted Encumbrances. 

Section 6.2. Ownership. Neither Borrower nor Operating Lessee shall own any assets other than the Property and related personal
property and fixtures located therein or used in connection therewith. 
 Section 6.3. Transfer; Prohibited Change of
Control. Neither Borrower nor Operating Lessee shall Transfer any Collateral other than in compliance with Article II and other than the replacement or other disposition of obsolete or non-useful personal property and fixtures in the
ordinary course of business, and neither Borrower nor Operating Lessee shall hereafter file a declaration of condominium with respect to the Property. No Prohibited Change of Control or Prohibited Pledge shall occur. 

Section 6.4. Debt. Neither Borrower nor Operating Lessee shall have any Debt, other than Permitted Debt. 

Section 6.5. Dissolution; Merger or Consolidation. No Required SPE shall dissolve, terminate, liquidate, merge with or consolidate
into another Person without first causing the Loan to be assumed by a Successor Borrower or Successor Operating Lessee, as the case may be, pursuant to Section 2.2. 

Section 6.6. Change in Business. Neither Borrower nor Operating Lessee shall make any material change in the scope or nature of
its business objectives, purposes or operations or undertake or participate in activities other than the continuance of its present business. 
 Section 6.7. Debt Cancellation. Neither Borrower nor Operating Lessee shall cancel or otherwise forgive or release any material claim or Debt owed to it by any Person, except for adequate
consideration or in the ordinary course of its business. 
 Section 6.8. Affiliate Transactions. Neither Borrower nor
Operating Lessee shall enter into, or be a party to, any transaction with any affiliate of Borrower and/or Operating Lessee, except on terms that are intrinsically fair, commercially reasonable and substantially similar to those that Borrower or
Operating Lessee would have obtained in a comparable arm’s length transaction with an unrelated third party. 

  
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 Section 6.9. Misapplication of Funds. Neither Borrower nor Operating Lessee shall
(a) distribute any Revenue or Loss Proceeds in violation of the provisions of this Agreement (and shall promptly cause the reversal of any such distributions made in error of which Borrower becomes aware), (b) fail to remit amounts to the
Cash Management Account as required by Section 3.1, (c) make any distributions to equityholders during the continuance of a Trigger Period or Event of Default, or (d) misappropriate any security deposit or portion thereof.

 Section 6.10. Jurisdiction of Formation; Name. Neither Borrower nor Operating Lessee shall change its jurisdiction of
formation, its jurisdiction of fiscal residence or name without receiving Lender’s prior written consent and promptly providing Lender such information and replacement Uniform Commercial Code financing statements and legal opinions as Lender
may reasonably request in connection therewith. 
 Section 6.11. Modifications and Waivers. Unless otherwise consented to
in writing by Lender: 
 (i) Borrower and/or Operating Lessee shall not amend, modify, terminate, renew, or
surrender any rights or remedies under any Lease, or enter into any Lease, except in compliance with Section 5.7, provided that Lender’s consent to the foregoing shall not be unreasonably withheld, delayed or conditioned;

 (ii) No Required SPE shall terminate, amend or modify its organizational documents (including any operating
agreement, limited partnership agreement, by-laws, certificate of formation, certificate of limited partnership or certificate of incorporation), provided that Lender’s consent to any such amendment or modification shall not be be unreasonably
withheld, delayed or conditioned, to the extent the same does not affect such Required SPE’s status and a Single-Purpose Entity or otherwise have a Material Adverse Effect; 

(iii) Borrower and/or Operating Lessee shall not terminate, amend or modify the Approved Management Agreement in any
manner which would have a Material Adverse Effect; 
 (iv) Borrower and Operating Lessee shall not (x) enter
into any Material Agreement, or amend, modify, surrender or waive any material rights or remedies under any Material Agreement, except, in each case, on arms-length commercially reasonable terms, (y) terminate any Material Agreement without the
consent of Lender (such consent not to be unreasonably withheld, delayed or conditioned), or (y) default in its obligations under any Material Agreement in any manner that would result in the termination of such Material Agreement, the creation
of any Lien (other than a Permitted Lien) or otherwise have a Material Adverse Effect; and 
 (v) Notwithstanding
anything to the contrary contained herein, Borrower shall not amend or modify the Air Rights Agreement in any manner that could have a Material Adverse Effect, or terminate the Air Rights Agreement or take any action or fail to take any action that
could result in the termination thereof (and any such amendment, modification, termination, action or failure to act in violation hereof shall constitute “willful misconduct” under Section 9.19(b)(iii) hereof). 

  
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 Section 6.12. ERISA. 

(a) Neither Borrower nor Operating Lessee shall maintain or contribute to, or agree to maintain or contribute to, or permit any ERISA
Affiliate to maintain or contribute to or agree to maintain or contribute to, any employee benefit plan (as defined in Section 3(3) of ERISA) subject to Title IV or Section 302 of ERISA or Section 412 of the Code. 

(b) Neither Borrower nor Operating Lessee shall engage in a non-exempt prohibited transaction under Section 406 of ERISA,
Section 4975 of the Code, or substantially similar provisions under federal, state or local laws, rules or regulations or in any transaction that would cause any obligation or action taken or to be taken hereunder (or the exercise by Lender of
any of its rights under the Notes, this Agreement, the Mortgage or any other Loan Document) to be a non-exempt prohibited transaction under such provisions. 
 Section 6.13. Alterations and Expansions. During the continuance of any Trigger Period or Event of Default, Borrower and Operating Lessee shall not incur or contract to incur any capital
improvements requiring Capital Expenditures that are not consistent with the Approved Annual Budget. Borrower and Operating Lessee shall not perform, undertake, contract to perform or consent to any Material Alteration without the prior written
consent of Lender, which consent (in the absence of an Event of Default) shall not be unreasonably withheld, delayed or conditioned, but may be conditioned on the delivery of additional collateral in the form of cash or cash equivalents acceptable
to Lender in respect of the amount by which any such Material Alteration exceeds the Threshold Amount. If Lender’s consent is requested hereunder with respect to a Material Alteration, Lender may retain a construction consultant to review such
request and, if such request is granted, Lender may retain a construction consultant to inspect the work from time to time. Borrower shall, on demand by Lender, reimburse Lender for the reasonable fees and disbursements of such consultant.

 Section 6.14. Advances and Investments. Neither Borrower nor Operating Lessee shall lend money or make advances to any
Person, or purchase or acquire any stock, obligations or securities of, or any other interest in, or make any capital contribution to, any Person. 
 Section 6.15. Single-Purpose Entity. Neither Borrower nor Operating Lessee shall cease to be a Single-Purpose Entity. Neither Borrower nor Operating Lessee shall remove or replace any Independent
Director without Cause and without providing at least two Business Days’ advance written notice thereof to Lender and the Rating Agencies. 

  
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 Section 6.16. Zoning and Uses. Neither Borrower nor Operating Lessee shall do any of
the following without the prior written consent of Lender: 
 (i) initiate or support any limiting change in the
permitted uses of the Property (or to the extent applicable, zoning reclassification of the Property) or any portion thereof, seek any variance under existing land use restrictions, laws, rules or regulations (or, to the extent applicable, zoning
ordinances) applicable to the Property, or use or permit the use of the Property in a manner that would result in the use of the Property becoming a nonconforming use under applicable land-use restrictions or zoning ordinances or that would violate
the terms of any Lease, Material Agreement or Legal Requirement (and if under applicable zoning ordinances the use of all or any portion of the Property is a nonconforming use, Borrower shall not cause or permit such nonconforming use to be
discontinued or abandoned); 
 (ii) impose or consent to the imposition of any restrictive covenants, easements
or encumbrances upon the Property in any manner that is reasonably likely to have a Material Adverse Effect; 

(iii) execute or file any subdivision plat affecting the Property, or institute, or permit the institution of, proceedings
to alter any tax lot comprising the Property; or 
 (iv) permit or consent to the Property’s being used by
the public or any Person in such manner as might make possible a claim of adverse usage or possession or of any implied dedication or easement. 
 Section 6.17. Waste. Borrower and Operating Lessee shall not commit or permit any Waste on the Property, nor take any actions that might invalidate any insurance carried on the Property (and
Borrower shall promptly correct any such actions of which Borrower becomes aware). 
 ARTICLE VII 

DEFAULTS 

Section 7.1. Event of Default. The occurrence of any one or more of the following events shall be, and shall constitute the
commencement of, an “Event of Default” hereunder (any Event of Default that has occurred shall continue unless and until waived by Lender in writing in its sole discretion): 

(a) Payment. 
 (i) Borrower shall default in the payment when due of any principal or interest owing hereunder or under the Notes (including any mandatory prepayment required hereunder); or 

(ii) Borrower shall default, and such default shall continue for at least five Business Days after notice to Borrower that
such amounts are owing, in the payment when due of fees, expenses or other amounts owing hereunder, under the Notes or under any of the other Loan Documents (other than principal and interest owing hereunder or under the Note). 

(b) Representations. Any representation made by Borrower, Sponsor or Operating Lessee in any of the Loan Documents, or in any
report, certificate, financial statement or other instrument, agreement or document furnished to Lender shall have been false or misleading in any material respect (or, with respect to any representation that itself contains a materiality qualifier,
in any respect) as of the date such representation was made. 

  
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 (c) Other Loan Documents. (i) Any Loan Document shall fail to convey the
material Liens, rights, powers and privileges purported to be created thereby (and Borrower fails to correct such defect promptly following written request from Lender); or (ii) a default by Borrower, Operating Lessee or Sponsor shall occur
under any of the other Loan Documents beyond the expiration of any applicable cure period; or (iii) a default by Borrower, Operating Lessee, Sponsor or any of their respective affiliates shall occur under any Material Agreements, or a default
by Borrower or Operating Lessee shall occur under the Approved Management Agreement, in each case with respect to this clause (iii) beyond the expiration of any applicable cure period and in any manner that would result in the termination of
such Material Agreement or Approved Management Agreement, the creation of any Lien (other than Permitted Liens) or otherwise have a Material Adverse Effect. 
 (d) Bankruptcy, etc. 
 (i) Any Required SPE shall commence a
voluntary case concerning itself under Title 11 of the United States Code (as amended, modified, succeeded or replaced, from time to time, the “Bankruptcy Code”); 

(ii) any Required SPE shall commence any other proceeding under any reorganization, arrangement, adjustment of debt,
relief of creditors, dissolution, insolvency or similar law of any jurisdiction whether now or hereafter in effect relating to such Required SPE, or shall dissolve or otherwise cease to exist; 

(iii) there is commenced against any Required SPE an involuntary case under the Bankruptcy Code, or any such other
proceeding, which remains undismissed for a period of 60 days after commencement; 
 (iv) any Required SPE is
adjudicated insolvent or bankrupt; 
 (v) any Required SPE suffers appointment of any custodian or the like for
it or for any substantial portion of its property and such appointment continues unchanged or unstayed for a period of 60 days after commencement of such appointment; 

(vi) any Required SPE makes a general assignment for the benefit of creditors; or 

(vii) any Required SPE takes any action for the purpose of effecting any of the foregoing. 

Each of the foregoing is referred to in this Agreement as a “Bankruptcy Event”. 

(e) Prohibited Change of Control. 

(i) A Prohibited Change of Control shall occur; or 

  
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 (ii) Borrower shall fail to deliver any Nonconsolidation Opinion required to
be delivered pursuant to Section 2.3. 
 (f) Equity Pledge; Preferred Equity. Any direct or indirect equity
interest in or right to distributions from Borrower or Operating Lessee shall be subject to a Lien in favor of any Person, or Borrower, Operating Lessee or any holder of a direct or indirect interest in Borrower shall issue preferred equity (or debt
granting the holder thereof rights substantially similar to those generally associated with preferred equity); except that the following shall be permitted: 
 (i) any pledge of direct or indirect equity interests in and rights to distributions from a Qualified Equityholder, including a pledge of direct or indirect equity interests in Chesapeake Lodging Trust;
and 
 (ii) the issuance of direct or indirect preferred equity interests (or debt granting the holder thereof
rights substantially similar to those generally associated with preferred equity) in a Qualified Equityholder, including the issuance of direct or indirect preferred equity interests in Chesapeake Lodging Trust. 

Any act, action or state of affairs that would result in an Event of Default pursuant to this subsection shall be referred to in this Agreement as a
“Prohibited Pledge”. 
 (g) Insurance. Borrower shall fail to maintain in full force and effect all
Policies required hereunder. 
 (h) ERISA; Negative Covenants. A default shall occur in the due performance or observance
by Borrower or Operating Lessee of any term, covenant or agreement contained in Section 5.8 or in Article VI. 
 (i) Legal Requirements. Borrower shall fail to cure properly any violations of Legal Requirements affecting all or any portion of the Property within 30 days after Borrower first receives written
notice of any such violations; provided, however, if any such violation is reasonably susceptible of cure, but not within such 30 day period, then Borrower shall be permitted such additional time as permitted by Legal Requirements (but
in no event in excess of 90 days) to cure such violation provided that Borrower commences a cure within such initial 30 day period and thereafter diligently and continuously pursues such cure. 

(j) Operating Lease. The Operating Lease shall no longer be in effect for any reason whatsoever other than the termination thereof
pursuant to Section 5.21(ii) or 5.21(iii), including, without limitation, expiration of the Operating Lease by its terms absent renewal or extension of the Operating Lease or the prior written consent of Lender. 

(k) Other Covenants. A default shall occur in the due performance or observance by Borrower of any term, covenant or agreement
(other than those referred to in any other subsection of this Section) contained in this Agreement or in any of the other Loan Documents, except that in the case of a default that can be cured by the payment of money, such default shall not
constitute an Event of Default unless and until it shall remain uncured for 10 days after Borrower receives written notice thereof; and in the case of a default that cannot be 

  
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cured by the payment of money but is susceptible of being cured within 30 days, such default shall not constitute an Event of Default unless and until it remains uncured for 30 days after
Borrower receives written notice thereof, provided that within 5 days of its receipt of such written notice, Borrower delivers written notice to Lender of its intention and ability to effect such cure within such 30 day period; and if such
non-monetary default is not cured within such 30 day period despite Borrower’s diligent efforts but is susceptible of being cured within 90 days of Borrower’s receipt of Lender’s original notice, then Borrower shall have such
additional time as is reasonably necessary to effect such cure, but in no event in excess of 90 days from Borrower’s receipt of Lender’s original notice, provided that prior to the expiration of the initial 30 day period, Borrower delivers
written notice to Lender of its intention and ability to effect such cure prior to the expiration of such 90 day period. 

Section 7.2. Remedies. 
 (a) During the continuance of an Event of Default, Lender may by written notice to Borrower, in addition to any other rights or remedies available pursuant to this Agreement, the Notes, the Mortgage and
the other Loan Documents, at law or in equity, declare by written notice to Borrower all or any portion of the Indebtedness to be immediately due and payable, whereupon all or such portion of the Indebtedness shall so become due and payable, and
Lender may enforce or avail itself of any or all rights or remedies provided in the Loan Documents against Borrower and the Collateral (including all rights or remedies available at law or in equity); provided, however, that,
notwithstanding the foregoing, if an Event of Default specified in paragraph 7.1(d) shall occur, then the Indebtedness shall immediately become due and payable without the giving of any notice or other action by Lender. Any actions taken by
Lender shall be cumulative and concurrent and may be pursued independently, singly, successively, together or otherwise, at such time and in such order as Lender may determine in its sole discretion, to the fullest extent permitted by law, without
impairing or otherwise affecting the other rights and remedies of Lender permitted by law, equity or contract or as set forth in this Agreement or in the other Loan Documents. 
 (b) If Lender forecloses on any Collateral, Lender shall apply all net proceeds of such foreclosure to repay the Indebtedness, the Indebtedness shall be reduced to the extent of such net proceeds and the
remaining portion of the Indebtedness shall remain outstanding and secured by the remaining Collateral. At the election of Lender, the Notes shall be deemed to have been accelerated only to the extent of the net proceeds actually received by Lender
with respect to the Property and applied in reduction of the Indebtedness. 
 (c) During the continuance of any Event of Default
(including an Event of Default resulting from a failure to satisfy the insurance requirements specified herein), Lender may, but without any obligation to do so and without notice to or demand on Borrower and without releasing Borrower from any
obligation hereunder, take any action to cure such Event of Default. Lender may enter upon any or all of the Property upon reasonable notice to Borrower for such purposes or appear in, defend, or bring any action or proceeding to protect its
interest in the Collateral or to foreclose the Mortgage or collect the Indebtedness. The costs and expenses incurred by Lender in exercising rights under this Section (including reasonable attorneys’ fees), with interest at the Default Rate for
the period after notice from Lender that such costs or expenses were incurred to the date of payment to Lender, shall constitute a portion of the Indebtedness, shall be secured by the Mortgage and other Loan Documents and shall be due and payable to
Lender upon demand therefor. 

  
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 (d) Interest shall accrue on any judgment obtained by Lender in connection with its
enforcement of the Loan at a rate of interest equal to the Default Rate. 
 Section 7.3. Application of Payments after an
Event of Default. Notwithstanding anything to the contrary contained herein, during the continuance of an Event of Default, all amounts received by Lender in respect of the Loan shall be applied at Lender’s sole discretion either toward the
components of the Indebtedness (e.g., Lender’s expenses in enforcing the Loan, interest, principal and other amounts payable hereunder) and the Notes or Note Components in such sequence as Lender shall elect in its sole discretion, or
toward the payment of Property expenses. 
 ARTICLE VIII 
 CONDITIONS PRECEDENT 
 Section 8.1. Conditions Precedent to Closing.
This Agreement shall become effective on the date that all of the following conditions shall have been satisfied (or waived in accordance with Section 9.3), provided that upon disbursement of the Loan to Borrower all such conditions
shall be deemed to have been satisfied or waived: 
 (a) Loan Documents. Lender shall have received a duly executed copy
of each Loan Document. Each Loan Document that is to be recorded in the public records shall be in form suitable for recording. 

(b) Collateral Accounts. Each of the Collateral Accounts shall have been established and funded to the extent required under
Article III. 
 (c) Opinions of Counsel. Lender shall have received, in each case in form and substance
satisfactory to Lender, (i) a New York legal opinion, (ii) a legal opinion with respect to the laws of the state in which the Property is located, (iii) a bankruptcy nonconsolidation opinion with respect to each Person owning at least
a 49% direct or indirect equity interest in any Required SPE, and any affiliated property manager, and (iv) a Delaware legal opinion regarding matters related to Single Member LLC’s. 

(d) Organizational Documents. Lender shall have received all documents reasonably requested by Lender relating to the existence of
Borrower and Operating Lessee, the validity of the Loan Documents and other matters relating thereto, in form and substance satisfactory to Lender, including: 
 (i) Authorizing Resolutions. To the extent the required authorizations are not contained directly in the organizational documents of any Required SPE and Sponsor, certified copies of the
resolutions authorizing the execution and delivery of the Loan Documents by Sponsor and Borrower. 

  
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 (ii) Organizational Documents. Certified copies of the organizational
documents of Sponsor and each Required SPE (including any certificate of formation, certificate of limited partnership, certificate of incorporation, operating agreement, limited partnership agreement or by-laws), in each case together with all
amendments thereto. 
 (iii) Certificates of Good Standing or Existence. Certificates of good standing or
existence for Sponsor and each Required SPE issued as of a recent date by its state of organization and, for Borrower and Operating Lessee, by the state in which the Property is located. 

(e) Lease; Material Agreements. Lender shall have received true, correct and complete copies of all Leases and all Material
Agreements. 
 (f) Lien Search Reports. Lender shall have received satisfactory reports of Uniform Commercial Code, tax
lien, bankruptcy and judgment searches conducted by a search firm acceptable to Lender with respect to the Property, Sponsor, each Required SPE and Borrower’s immediate predecessor, if any, such searches to be conducted in such locations as
Lender shall have requested. 
 (g) No Default or Event of Default. No Default or Event of Default shall have occurred
and be continuing on such date either before or after the execution and delivery of this Agreement. 
 (h) No Injunction.
No Legal Requirement shall exist, and no litigation shall be pending or threatened, which in the good faith judgment of Lender would enjoin, prohibit or restrain, or impose or result in the imposition of any material adverse condition upon, the
making or repayment of the Loan or the consummation of the Transaction. 
 (i) Representations. The representations in
this Agreement and in the other Loan Documents shall be true and correct in all respects on and as of the Closing Date with the same effect as if made on such date. 
 (j) No Material Adverse Effect. No event or series of events shall have occurred that Lender reasonably believes has had or is reasonably expected to result in a Material Adverse Effect.

 (k) Transaction Costs. Borrower shall have paid all transaction costs (or provided for the direct payment of such
transaction costs by Lender from the proceeds of the Loan). 
 (l) Insurance. Lender shall have received certificates of
insurance on ACORD Form 25 for liability insurance and ACORD Form 28 for casualty insurance demonstrating insurance coverage in respect of the Property of types, in amounts, with insurers and otherwise in compliance with the terms, provisions and
conditions set forth in this Agreement. Such certificates shall indicate that Lender and its successors and assigns are named as additional insured on each liability policy, and that each casualty policy and rental interruption policy contains a
loss payee and mortgagee endorsement in favor of Lender, its successors and assigns. 

  
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 (m) Title. Lender shall have received a marked, signed commitment to issue, or a
signed pro-forma version of, a Title Insurance Policy in respect of the Property, listing only such exceptions as are reasonably satisfactory to Lender. If the Title Policy is to be issued by, or if disbursement of the proceeds of the Loan are to be
made through, an agent of the actual insurer under the Title Policy (as opposed to the insurer itself), the actual insurer shall have issued to Lender for Lender’s benefit a so-called “Insured Closing Letter.” 

(n) Zoning. Lender shall have received evidence reasonably satisfactory to Lender that the Property is in compliance with all
applicable zoning requirements (including a zoning report, a zoning endorsement if obtainable and a letter from the applicable municipality if obtainable). 
 (o) Permits; Certificate of Occupancy. Lender shall have received a copy of all Permits necessary for the use and operation of the Property and the certificate(s) of occupancy, if required, for the
Property, all of which shall be in form and substance reasonably satisfactory to Lender. 
 (p) Engineering Report.
Lender shall have received a current Engineering Report with respect to the Property, which report shall be in form and substance reasonably satisfactory to Lender. 
 (q) Environmental Report. Lender shall have received an Environmental Report (not more than six months old) with respect to the Property that discloses no material environmental contingencies with
respect to the Property. 
 (r) Survey. Lender shall have received a Survey with respect to the Property in form and
substance reasonably satisfactory to Lender. 
 (s) Appraisal. Lender shall have obtained an Appraisal of the Property
satisfactory to Lender. 
 (t) Consents, Licenses, Approvals, etc. Lender shall have received copies of all consents,
licenses and approvals, if any, required in connection with the execution, delivery and performance by Borrower, Sponsor and Operating Lessee, and the validity and enforceability, of the Loan Documents, and such consents, licenses and approvals
shall be in full force and effect. 
 (u) Financial Information. Lender shall have received financial information
relating to the Sponsor, Borrower and the Property that is satisfactory to Lender. 
 (v) Annual Budget. Lender shall
have received the Annual Budget for the current calendar year (and, if the Closing Date occurs in December, the Annual Budget for the next calendar year). 

  
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 (w) Know Your Customer Rules. At least 10 days prior to the Closing Date, the Lender
shall have received all documentation and other information required by bank regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including the PATRIOT Act. 

(x) Additional Matters. Lender shall have received such other certificates, opinions, documents and instruments relating to the
Loan as may have been reasonably requested by Lender. All corporate and other proceedings, all other documents (including all documents referred to in this Agreement and not appearing as exhibits to this Agreement) and all legal matters in
connection with the Loan shall be reasonably satisfactory in form and substance to Lender. 
 ARTICLE IX 

MISCELLANEOUS 
 Section 9.1. Successors . Except as otherwise provided in this Agreement, whenever in this Agreement any of the parties to this Agreement is referred to, such reference shall be deemed to include
the successors and permitted assigns of such party. All covenants, promises and agreements in this Agreement contained, by or on behalf of Borrower, shall inure to the benefit of Lender and its successors and assigns. 

Section 9.2. GOVERNING LAW. 
 (A) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CHOICE OF LAW RULES TO THE EXTENT THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION WOULD BE REQUIRED THEREBY. 
 (B) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER, BORROWER, OPERATING LESSEE
OR SPONSOR ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS (OTHER THAN ANY ACTION IN RESPECT OF THE CREATION, PERFECTION OR ENFORCEMENT OF A LIEN OR SECURITY INTEREST CREATED PURSUANT TO ANY LOAN DOCUMENTS NOT
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK) SHALL BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK. BORROWER, OPERATING LESSEE AND SPONSOR HEREBY (i) IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
OBJECTION THAT THEY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM,
(ii) IRREVOCABLY SUBMIT TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING, AND (iii) IRREVOCABLY CONSENT TO SERVICE OF PROCESS BY MAIL, PERSONAL SERVICE OR IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW, AT THE
ADDRESS SPECIFIED IN SECTION 9.4 (AND AGREES THAT SUCH SERVICE AT SUCH ADDRESS IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER ITSELF IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING
SERVICE IN EVERY RESPECT). 

  
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 Section 9.3. Modification, Waiver in Writing. Neither this Agreement nor any other
Loan Document may be amended, changed, waived, discharged or terminated, nor shall any consent or approval of Lender be granted hereunder, unless such amendment, change, waiver, discharge, termination, consent or approval is in writing signed by
Lender and all other parties to the applicable Loan Document. 
 Section 9.4. Notices. All notices, consents, approvals
and requests required or permitted hereunder or under any other Loan Document shall be given in writing by expedited prepaid delivery service, either commercial or United States Postal Service, with proof of delivery or attempted delivery, addressed
as follows (except that any party hereto may change its address and other contact information for purposes hereof at any time by sending a written notice to the other parties to this Agreement in the manner provided for in this Section). A notice
shall be deemed to have been given when delivered or upon refusal to accept delivery. 
 If to Lender: 

Goldman Sachs Commercial Mortgage Capital, L.P. 
 6011 Connection Drive, Suite 550 
 Irving, Texas 75039 

Attention: Michael Forbes 
 with copies to: 
 Goldman Sachs Mortgage Company 

200 West Street 

New York, New York 10282 
 Attention: Daniel Bennett and J. Theodore Borter 
 and 

Cleary Gottlieb Steen & Hamilton LLP 
 One Liberty Plaza 
 New York, New York 10006 

Attention: Michael Weinberger, Esq. 
 If to Borrower: 
 c/o Chesapeake Lodging Trust 

1997 Annapolis Exchange Parkway, Suite 410 
 Annapolis, Maryland 21401 
 Attention: Graham Wootten 

  
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 with a copy to: 
 Hogan Lovells US LLP 
 Columbia Square 

555 Thirteenth Street, NW 
 Washington, DC 20004 
 Attention: Carol Weld King, Esq. 

Section 9.5. TRIAL BY JURY. LENDER AND BORROWER, TO THE FULLEST EXTENT THAT THEY MAY LAWFULLY DO SO, HEREBY AGREE NOT TO ELECT A
TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVE ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN
CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY LENDER, BORROWER AND SPONSOR AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD
OTHERWISE ACCRUE. LENDER AND BORROWER ARE EACH HEREBY INDIVIDUALLY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER. 
 Section 9.6. Headings. The Article and Section headings in this Agreement are included in this Agreement for convenience of reference only and shall not constitute a part of this Agreement for
any other purpose. 
 Section 9.7. Assignment and Participation. 

(a) Except as expressly set forth in Article II, Borrower may not sell, assign or otherwise transfer any rights, obligations or
other interest of Borrower in or under the Loan Documents. 
 (b) Lender and each assignee of all or a portion of the Loan shall
have the right from time to time in its discretion and without the consent of Borrower to sell one or more of the Notes or any interest therein (an “Assignment”) and/or sell a participation interest in one or more of the Notes (a
“Participation”). Borrower shall reasonably cooperate with Lender, at Lender’s request, in order to effectuate any such Assignment or Participation, and Borrower shall promptly provide such information, legal opinions and
documents relating to each Required SPE, Sponsor, the Property, the Approved Property Manager and any Tenants as Lender may reasonably request in connection with such Assignment or Participation. In the case of an Assignment, (i) each assignee
shall have, to the extent of such Assignment, the rights, benefits and obligations of the assigning Lender as a “Lender” hereunder and under the other Loan Documents, (ii) the assigning Lender shall, to the extent that rights and
obligations hereunder have been assigned by it pursuant to an Assignment, relinquish its rights and be released from its obligations under this Agreement, and (iii) one Lender shall serve as agent for all Lenders and shall be the sole Lender to
whom notices, requests and other communications shall be addressed and the sole party authorized to grant or withhold consents hereunder on behalf of the Lenders (subject, in each case, to appointment of a Servicer, pursuant to
Section 9.22, to receive such notices, requests and other communications and/or to grant or withhold consents, as the case may 

  
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be). Goldman Sachs Mortgage Company or, upon the appointment of a Servicer, such Servicer, shall maintain, or cause to be maintained, as non-fiduciary agent for Borrower, a register on which it
shall enter the name or names of the registered owner or owners from time to time of the Notes. Upon effectiveness of any Assignment of any Note in part, Borrower will promptly provide to the assignor and the assignee separate Notes in the amount of
their respective interests (but, if applicable, with a notation thereon that it is given in substitution for and replacement of an original Note or any replacement thereof), and otherwise in the form of such Note, upon return of the Note then being
replaced. Each potential or actual assignee, participant or investor in a Securitization, and each Rating Agency, shall be entitled to receive all information received by Lender under this Agreement. After the effectiveness of any Assignment, the
party conveying the Assignment shall provide notice to Borrower and each Lender of the identity and address of the assignee. Notwithstanding anything in this Agreement to the contrary, after an Assignment, the assigning Lender (in addition to the
assignee) shall continue to have the benefits of any indemnifications contained in this Agreement that such assigning Lender had prior to such assignment with respect to matters occurring prior to the date of such assignment. Lender shall promptly
reimburse Borrower for all costs and expenses incurred by Borrower, Sponsor or Operating Lessee in connection with the foregoing, except that Borrower, Sponsor and Operating Lessee shall pay their own legal expenses with respect thereto. 

(c) If, pursuant to this Section, any interest in this Agreement or any Note is transferred to any transferee, such transferee shall,
promptly upon receipt of written request from Borrower, furnish to Borrower Form W-9, Form W-8BEN or Form W-8ECI, as applicable. 
 Section 9.8. Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this
Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this
Agreement. All covenants hereunder shall be given independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or would otherwise be within the
limitations of, another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists. 
 Section 9.9. Preferences; Waiver of Marshalling of Assets. Lender shall have no obligation to marshal any assets in favor of Borrower or any other party or against or in payment of any or all of
the obligations of Borrower pursuant to the Loan Documents. Lender shall have the continuing and exclusive right to apply or reverse and reapply any and all payments by Borrower to any portion of the obligations of Borrower hereunder and under the
Loan Documents. If any payment to Lender is subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law
or equitable cause, then the obligations hereunder or portion thereof intended to be satisfied by such payment shall be revived and continue in full force and effect, as if such payment had not been made. Borrower hereby waives any legal right
otherwise available to Borrower that would require the sale of any Collateral either separate or apart from other Collateral, or require Lender to exhaust its remedies against any Collateral before proceeding against any other Collateral. Without
limiting the foregoing, to the fullest extent permitted by law, Borrower hereby waives and shall not assert 

  
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any rights in respect of a marshalling of Collateral, a sale in the inverse order of alienation, any homestead exemption, the administration of estates of decedents, or any other matters
whatsoever to defeat, reduce or affect the right of Lender under the Loan Documents to a sale of the Collateral or any portion thereof in any sequence and any combination as determined by Lender in its sole discretion. 

Section 9.10. Remedies of Borrower. If a claim is made that Lender or its agents have unreasonably delayed acting or acted
unreasonably in any case where by law or under this Agreement or the other Loan Documents any of such Persons has an obligation to act promptly or reasonably, Borrower agrees that no such Person shall be liable for any monetary damages, and
Borrower’s sole remedy shall be limited to commencing an action seeking specific performance, injunctive relief and/or declaratory judgment; provided, however, that the forgoing shall not prevent Borrower from obtaining a monetary
judgment against Lender if it is determined by a court of competent jurisdiction that Lender acted with gross negligence, bad faith or willful misconduct. Notwithstanding anything herein to the contrary, Borrower shall not assert, and hereby waives,
any claim against Lender and/or its affiliates, directors, employees, attorneys, agents or sub-agents, on any theory of liability, for special, indirect, consequential or punitive damages (whether or not the claim therefor is based on contract, tort
or duty imposed by any applicable Legal Requirement) arising out of, as a result of, or in any way related to, the Loan Agreement or any other Loan Document or any agreement or instrument contemplated hereby or thereby or referred to herein or
therein, the transactions contemplated hereby or thereby, the Loan or the use of the proceeds thereof or any act or omission or event occurring in connection therewith, and Borrower hereby waives, releases and agrees not to sue upon any such claim
for any such damages, whether or not accrued and whether or not known or suspected to exist in its favor. 
 Section 9.11.
Offsets, Counterclaims and Defenses. All payments made by Borrower hereunder or under the other Loan Documents shall be made irrespective of, and without any deduction for, any offsets, counterclaims or defenses. Borrower waives the right to
assert a counterclaim, other than a mandatory or compulsory counterclaim, in any action or proceeding brought against it by Lender arising out of or in any way connected with the Notes, this Agreement, the other Loan Documents or the Indebtedness.
Any assignee of Lender’s interest in the Loan shall take the same free and clear of all offsets, counterclaims or defenses against the assigning Lender. 
 Section 9.12. No Joint Venture. Nothing in this Agreement is intended to create a joint venture, partnership, tenancy-in-common or joint tenancy relationship between Borrower and Lender, nor to
grant Lender any interest in the Property other than that of mortgagee or lender. 
 Section 9.13. Conflict; Construction of
Documents. In the event of any conflict between the provisions of this Agreement and the provisions of the other Loan Documents, the provisions of this Agreement shall prevail. The parties acknowledge that they were each represented by competent
counsel in connection with the negotiation, drafting and execution of the Loan Documents and that the Loan Documents shall not be subject to the principle of construing their meaning against the party that drafted same. 

  
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 Section 9.14. Brokers and Financial Advisors. Borrower represents that neither it nor
Sponsor has dealt with any financial advisors, brokers, underwriters, placement agents, agents or finders in connection with the transactions contemplated by this Agreement. Borrower agrees to indemnify and hold Lender harmless from and against any
and all claims, liabilities, costs and expenses of any kind in any way relating to or arising from a claim by any Person that such Person acted on behalf of Borrower in connection with the transactions contemplated in this Agreement. The provisions
of this Section shall survive the expiration and termination of this Agreement and the repayment of the Indebtedness. 
 Section
9.15. Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. Any counterpart
delivered by facsimile, pdf or other electronic means shall have the same import and effect as original counterparts and shall be valid, enforceable and binding for the purposes of this Agreement. 

Section 9.16. Estoppel Certificates. 
 (a) Borrower shall execute, acknowledge and deliver to Lender, within five Business Days after receipt of Lender’s written request therefor at any time from time to time (but no more than two times
during any consecutive 12 month calendar period), a statement in writing setting forth (A) the Principal Indebtedness, (B) the date on which installments of interest and/or principal were last paid, (C) any offsets or defenses to the
payment of the Indebtedness, (D) that the Notes, this Agreement, the Mortgage and the other Loan Documents are valid, legal and binding obligations and have not been modified or if modified, giving particulars of such modification,
(E) that neither Borrower nor, to Borrower’s knowledge, Lender, is in default under the Loan Documents (or specifying any such default), (F) that all Leases are in full force and effect and have not been modified (except in accordance
with the Loan Documents), (G) whether or not, to Borrower’s knowledge, any of the Tenants under the Leases are in material default under the Leases (setting forth the specific nature of any such material defaults) and (H) such other
matters as Lender may reasonably request. Any prospective purchaser of any interest in a Loan shall be permitted to rely on such certificate. 
 (b) Upon Lender’s written request, Borrower shall use commercially reasonable efforts to obtain from each Tenant under a Major Lease which by its terms required the Tenant to deliver an estoppel
certificate, and thereafter promptly deliver to Lender duly executed estoppel certificates from any one or more such Tenants specified by Lender, attesting to such facts regarding the Major Leases as Lender may reasonably require, including
attestations that each Lease covered thereby is in full force and effect with no material defaults thereunder on the part of any party, that rent has not been paid more than one month in advance, except as security, and that the Tenant claims no
defense or offset against the full and timely performance of its obligations under the Lease. Borrower shall not be required to deliver such certificates more frequently than one time in any 12-month period, other than the 12-month period during
which a Securitization occurs or is attempted. 

  
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 Section 9.17. General Indemnity; Payment of Expenses. 

(a) Borrower, at its sole cost and expense, shall protect, indemnify, reimburse, defend and hold harmless Lender and its officers,
partners, members, directors, trustees, advisors, employees, agents, sub-agents, affiliates, successors, participants and assigns of any and all of the foregoing (collectively, the “Indemnified Parties”) for, from and against any
and all Damages of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against any of the Indemnified Parties, in any way relating to or arising out of Lender’s interest in the Loan; provided, however,
that no Indemnified Party shall have the right to be indemnified hereunder to the extent that such Damages have been found by a final, non-appealable judgment of a court of competent jurisdiction to have resulted from the gross negligence or willful
misconduct of such Indemnified Party or arise from acts or events that occur at the Property after foreclosure or other taking of title to the Property by an Indemnified Party or any successor to or assignee of an Indemnified Party. 

(b) If for any reason (including violation of law or public policy) the undertakings to defend, indemnify, pay and hold harmless set
forth in this Section are unenforceable in whole or in part or are otherwise unavailable to an Indemnified Party or insufficient to hold it harmless, then Borrower shall contribute to the amount paid or payable by the Indemnified Party as a result
of any Damages the maximum amount Borrower is permitted to pay under Legal Requirements. The obligations of Borrower under this Section will be in addition to any liability that Borrower may otherwise have hereunder and under the other Loan
Documents. 
 (c) To the extent any Indemnified Party has notice of a claim for which it intends to seek indemnification
hereunder, such Indemnified Party shall give prompt written notice thereof to Borrower, provided that failure by Lender to so notify Borrower will not relieve Borrower of its obligations under this Section, except to the extent that Borrower suffers
actual prejudice as a result of such failure. In connection with any claim for which indemnification is sought hereunder, Borrower shall have the right to defend the applicable Indemnified Party (if requested by the applicable Indemnified Party, in
the name of such Indemnified Party) from such claim by attorneys and other professionals reasonably approved by the applicable Indemnified Party. Upon assumption by Borrower of any defense pursuant to the immediately preceding sentence, Borrower
shall have the right to control such defense, provided that the Applicable Indemnified Party shall have the right to reasonably participate in such defense and Borrower shall not consent to the terms of any compromise or settlement of any action
defended by Borrower in accordance with the foregoing without the prior consent of the applicable Indemnified Party, unless such compromise or settlement (i) includes an unconditional release of the applicable Indemnified Party from all
liability arising out of such action and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of the applicable Indemnified Party. The applicable Indemnified Party shall have the
right to retain its own counsel if (i) Borrower shall have failed to employ counsel reasonably satisfactory to the applicable Indemnified Party in a timely manner, or (ii) the applicable Indemnified Party shall have been advised by counsel
that there are actual or potential material conflicts of interest between Borrower and the applicable Indemnified Party, including situations in which there are one or more legal defenses available to the applicable Indemnified Party that are
different from or additional to those available to Borrower. So long as Borrower is conducting the defense of 

  
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any action defended by Borrower in accordance with the foregoing in a prudent and commercially reasonable manner, Lender and the applicable Indemnified Party shall not compromise or settle such
action defended without Borrower’s consent, which shall not be unreasonably withheld or delayed. Upon demand, Borrower shall pay or, in the sole discretion of the applicable Indemnified Party, reimburse the applicable Indemnified Party for the
payment of reasonable fees and disbursements of attorneys, engineers, environmental consultants, laboratories and other professionals retained by the Applicable Indemnified Party in accordance with this Section in connection with defending any claim
subject to indemnification hereunder. 
 (d) Any amounts payable to Lender by reason of the application of this Section shall be
secured by the Mortgage and shall become immediately due and payable and shall bear interest at the Default Rate from the date Damages are sustained by the Indemnified Parties until paid. 

(e) The provisions of and undertakings and indemnification set forth in this Section shall survive the satisfaction and payment in full
of the Indebtedness and termination of this Agreement. 
 (f) Borrower shall reimburse Lender upon receipt of written notice
from Lender for (i) all out-of-pocket costs and expenses incurred by Lender (or any of its affiliates) in connection with the origination of the Loan, including reasonable legal fees and disbursements, accounting fees, and the costs of the
Appraisal, the Engineering Report, the Title Insurance Policy, the Survey, the Environmental Report and any other third-party diligence materials; (ii) all out-of-pocket costs and expenses incurred by Lender (or any of its affiliates) in
connection with (A) monitoring Borrower’s ongoing performance of and compliance with Borrower’s agreements and covenants contained in this Agreement and the other Loan Documents on its part to be performed or complied with after the
Closing Date, including confirming compliance with environmental and insurance requirements, (B) the negotiation, preparation, execution, delivery and administration of any consents, amendments, waivers or other modifications to this Agreement
and the other Loan Documents and any other documents or matters relating hereto (including Leases, Material Agreements, and Permitted Encumbrances), (C) filing, registration and recording fees and expenses and other similar expenses incurred in
creating and perfecting the Liens in favor of Lender pursuant to this Agreement and the other Loan Documents (including the filing, registration or recording of any instrument of further assurance) and all federal, state, county and municipal, taxes
(including, if applicable, intangible taxes), search fees, title insurance premiums, duties, imposts, assessments and charges arising out of or in connection with the execution and delivery of the Loan Documents, any mortgage supplemental thereto,
any security instrument with respect to the Collateral or any instrument of further assurance, (D) enforcing or preserving any rights, in response to third party claims or the prosecuting or defending of any action or proceeding or other
litigation, in each case against, under or affecting Borrower, this Agreement, the other Loan Documents or any Collateral, and (E) the satisfaction of any Rating Condition in respect of any matter required or requested by Borrower hereunder;
and (iii) all actual out-of-pocket costs and expenses (including reasonable attorney’s fees and, if the Loan has been Securitized, special servicing fees) incurred by Lender (or any of its affiliates) in connection with the enforcement of
any obligations of Borrower, or a Default by Borrower, under the Loan Documents, including any actual or attempted foreclosure, deed-in-lieu of foreclosure, refinancing, restructuring, settlement or workout and any insolvency

  
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or bankruptcy proceedings (including any applicable transfer taxes). Without limiting the foregoing, Borrower shall pay all costs, expenses and fees of Lender and its Servicer, operating advisor
and securitization trustee resulting from Defaults by Borrower or requests by Borrower (including enforcement expenses and any liquidation fees, workout fees, special servicing fees, operating advisor consulting fees or any other similar fees and
interest payable on advances made by the Servicer or the securitization trustee with respect to delinquent debt service payments or expenses of curing Borrower’s defaults under the Loan Documents, and any expenses paid by Servicer or a trustee
in respect of the protection and preservation of any Property, such as payment of taxes and insurance premiums); and the costs of all property inspections and/or appraisals (or any updates to any existing inspection or appraisal) that Servicer may
be required to obtain due to a request by Borrower or the occurrence of a Default. 
 Section 9.18. No Third-Party
Beneficiaries. This Agreement and the other Loan Documents are solely for the benefit of Lender and Borrower, and nothing contained in this Agreement or the other Loan Documents shall be deemed to confer upon anyone other than Lender, Borrower
and Indemnified Parties any right to insist upon or to enforce the performance or observance of any of the obligations contained herein or therein. All conditions to the obligations of Lender to make the Loan hereunder are imposed solely and
exclusively for the benefit of Lender, and no other Person shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that Lender will refuse to make the Loan in the absence of strict
compliance with any or all thereof, and no other Person shall under any circumstances be deemed to be a beneficiary of such conditions, any or all of which may be freely waived in whole or in part by Lender if, in Lender’s sole discretion,
Lender deems it advisable or desirable to do so. 
 Section 9.19. Recourse. 

(a) Subject to the qualifications herein, Lender shall not enforce Borrower’s obligation to pay the Indebtedness by any action or
proceeding wherein a deficiency judgment or other judgment establishing personal liability shall be sought against Borrower or any of its affiliates, or any Exculpated Person, except for foreclosure actions or any other appropriate actions or
proceedings in order to fully exercise Lender’s remedies in respect of, and to realize upon, the Collateral, and except for any actions to enforce any obligations expressly assumed or guaranteed by any guarantor, indemnitor or similar party
(whether or not such party is an Exculpated Person) under the Loan Documents. 
 (b) Borrower (but not any Exculpated Person,
except Sponsor) shall indemnify Lender and hold Lender harmless from and against any and all Damages to Lender (including the legal and other expenses of enforcing the obligations of Borrower under this Section and the Sponsor under the Guaranty)
resulting from or arising out of any of the following (the “Indemnified Liabilities”), which Indemnified Liabilities shall be guaranteed by Sponsor pursuant to the Guaranty: 

(i) any intentional or grossly negligent material physical Waste at the Property committed or permitted by Borrower,
Operating Lessee, the Sponsor or any of their respective affiliates; 

  
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 (ii) any fraud or willful misrepresentation committed by Borrower, Operating
Lessee, the Sponsor or any of their respective affiliates; 
 (iii) any willful misconduct by Borrower, Operating
Lessee the Sponsor or any of their respective affiliates (including wrongful interference by any such Person with the exercise of remedies by Lender during the continuance of an Event of Default); 

(iv) the misappropriation or intentional misapplication by Borrower, Operating Lessee, the Sponsor or any of their
respective affiliates of any funds in violation of the Loan Documents, including misappropriation or intentional misapplication of Revenues, security deposits, Loss Proceeds (to the extent not applied toward repayment of the Loan or restoration of
the Property pursuant to this Agreement) and/or amounts contained in the Hyatt FF&E Account or Hyatt Operating Account; 
 (v) any voluntary Debt incurred by Borrower or Operating Lessee if and to the extent the continued existence of such Debt is prohibited hereunder (excluding , however, any Debt that constituted Permitted
Debt on the date that it was incurred); 
 (vi) any breach by Borrower, Operating Lessee or the Sponsor of any
representation or covenant regarding environmental matters contained in this Agreement or in the Environmental Indemnity; 
 (vii) the failure to pay or maintain the Policies or pay the amount of any deductible required thereunder following a Casualty or other insurance claim, provided cash flow from the Property is sufficient
for such purpose and Lender permits the same to be applied for such purpose (and neither Borrower nor Sponsor shall have an liability under this clause (vii) for Damages that arise from Lender’s failure to properly apply amounts reserved
by Lender, if any, for the purpose of paying insurance premiums); 
 (viii) the failure of Borrower or Operating
Lessee to be, and to at all times have been, a Single-Purpose Entity (for the avoidance of doubt, the recourse described in this clause shall be in addition to the full recourse for a substantive consolidation described below), except for the
unilateral resignation of an Independent Director; 
 (ix) removal of personal property or FF&E from the
Property during or in anticipation of an Event of Default, except as a result of obsolescence or unless replaced with personal property or FF&E of the same or greater value and utility; 

(x) any fees or commissions paid by Borrower or Operating Lessee to any affiliate in violation of the terms of the Loan
Documents; 
 (xi) the failure to fund the Hyatt FF&E Account pursuant to the Hyatt Management Agreement (it
being agreed that Damages in such event shall include the amount of any funds not deposited into the Hyatt FF&E Account), provided cash flow from the Property is sufficient for such purpose and Lender permits the same to be applied for such
purpose; and 

  
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 (xii) any unauthorized Lien on any Collateral Account, the Hyatt Operating
Account or the Hyatt FF&E Account committed or consented to by Borrower, Operating Lessee, the Sponsor or any of their respective affiliates in violation of the Loan Documents. 

In addition to the foregoing, the Loan shall be fully recourse to Borrower and Sponsor, jointly and severally, if (i) there is any
unauthorized Transfer of the Property or any unauthorized transfer of any Collateral Account, the Hyatt Operating Account, the Hyatt FF&E Account or any Prohibited Change of Control, in each case, in violation of the Loan Documents,
(ii) any petition for bankruptcy, insolvency, dissolution or liquidation under the Bankruptcy Code or any similar federal or state law is filed by, consented to, or acquiesced in by, any Required SPE, (iii) any Required SPE or any of their
respective affiliates (including Sponsor) shall have colluded with other creditors to cause an involuntary bankruptcy filing with respect to any Required SPE, or (iv) any Required SPE fails to be, and to at all times have been, a Single-Purpose
Entity, which failure results in a substantive consolidation of Borrower and/or Operating Lessee with any affiliate in a bankruptcy or similar proceeding. The Loan shall be recourse to Sponsor in an amount equal to its unpaid Guaranteed Obligations
(as such term is defined in the Completion Guaranty) under the Completion Guaranty. 
 (c) The foregoing limitations on personal
liability shall in no way impair or constitute a waiver of the validity of the Notes, the Indebtedness secured by the Collateral, or the Liens on the Collateral, or the right of Lender, as mortgagee or secured party, to foreclose and/or enforce its
rights with respect to the Collateral after an Event of Default. Nothing in this Agreement shall be deemed to be a waiver of any right which Lender may have under the Bankruptcy Code to file a claim for the full amount of the debt owing to Lender by
Borrower or to require that all Collateral shall continue to secure all of the Indebtedness owing to Lender in accordance with the Loan Documents. Lender may seek a judgment on the Note (and, if necessary, name Borrower in such suit) as part of
judicial proceedings to foreclose on any Collateral or as a prerequisite to any such foreclosure or to confirm any foreclosure or sale pursuant to power of sale thereunder, and in the event any suit is brought on the Notes, or with respect to any
Indebtedness or any judgment rendered in such judicial proceedings, such judgment shall constitute a Lien on and may be enforced on and against the Collateral and the rents, profits, issues, products and proceeds thereof. Nothing in this Agreement
shall impair the right of Lender to accelerate the maturity of the Note upon the occurrence of an Event of Default, nor shall anything in this Agreement impair or be construed to impair the right of Lender to seek personal judgments, and to enforce
all rights and remedies under applicable law, jointly and severally against any indemnitors and guarantors to the extent allowed by any applicable Loan Documents. The provisions set forth in this Section are not intended as a release or discharge of
the obligations due under the Note or under any Loan Documents, but are intended as a limitation, to the extent provided in this Section, on Lender’s right to sue for a deficiency or seek a personal judgment except as required in order to
realize on the Collateral. 
 Section 9.20. Right of Set-Off. In addition to any rights now or hereafter granted under
applicable law or otherwise, and not by way of limitation of any such rights, during the continuance of an Event of Default, Lender may from time to time, without presentment, demand, protest or other notice of any kind (all of such rights being
hereby expressly waived), set-off and appropriate and apply any and all deposits (general or special) and 

  
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any other indebtedness at any time held or owing by Lender (including branches, agencies or affiliates of Lender wherever located) to or for the credit or the account of Borrower against the
obligations and liabilities of Borrower to Lender hereunder, under the Notes, the other Loan Documents or otherwise, irrespective of whether Lender shall have made any demand hereunder and although such obligations, liabilities or claims, or any of
them, may be contingent or unmatured, and any such set-off shall be deemed to have been made immediately upon the occurrence of an Event of Default even though such charge is made or entered on the books of Lender subsequent thereto. 

Section 9.21. Exculpation of Lender. Lender neither undertakes nor assumes any responsibility or duty to Borrower or any other
party to select, review, inspect, examine, supervise, pass judgment upon or inform Borrower or any third party of (a) the existence, quality, adequacy or suitability of appraisals of the Property or other Collateral, (b) any environmental
report, or (c) any other matters or items, including engineering, soils and seismic reports that are contemplated in the Loan Documents. Any such selection, review, inspection, examination and the like, and any other due diligence conducted by
Lender, is solely for the purpose of protecting Lender’s rights under the Loan Documents, and shall not render Lender liable to Borrower or any third party for the existence, sufficiency, accuracy, completeness or legality thereof. 

Section 9.22. Servicer. Lender may delegate any and all rights and obligations of Lender hereunder and under the other Loan
Documents to the Servicer upon notice by Lender to Borrower, whereupon any notice or consent from the Servicer to Borrower, and any action by Servicer on Lender’s behalf, shall have the same force and effect as if Servicer were Lender.

 Section 9.23. No Fiduciary Duty. 
 (a) Borrower acknowledges that, in connection with this Agreement, the other Loan Documents and the Transaction, Lender has relied upon and assumed the accuracy and completeness of all of the financial,
legal, regulatory, accounting, tax and other information provided to, discussed with or reviewed by Lender for such purposes, and Lender does not assume any liability therefor or responsibility for the accuracy, completeness or independent
verification thereof. Lender, its affiliates and their respective equityholders and employees (for purposes of this Section, the “Lending Parties”) have no obligation to conduct any independent evaluation or appraisal of the assets
or liabilities (including any contingent, derivative or off-balance sheet assets and liabilities) of Sponsor, Borrower or any other Person or any of their respective affiliates or to advise or opine on any related solvency or viability issues.

 (b) It is understood and agreed that (i) the Lending Parties shall act under this Agreement and the other Loan Documents
as an independent contractor, (ii) the Transaction is an arm’s-length commercial transactions between the Lending Parties, on the one hand, and Borrower, on the other, (iii) each Lending Party is acting solely as principal and not as
the agent or fiduciary of Borrower, Sponsor or their respective affiliates, stockholders, employees or creditors or any other Person and (iv) nothing in this Agreement, the other Loan Documents, the Transaction or otherwise shall be deemed to
create (A) a fiduciary duty (or other implied duty) on the party of any Lending Party to Sponsor, Borrower, any of their respective affiliates, stockholders, employees or creditors, or any other Person or (B) a fiduciary or agency

  
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relationship between Sponsor, Borrower or any of their respective affiliates, stockholders, employees or creditors, on the one hand, and the Lending Parties, on the other. Borrower agrees that
neither it nor Sponsor nor any of their respective affiliates shall make, and hereby waives, any claim against the Lending Parties based on an assertion that any Lending Party has rendered advisory services of any nature or respect, or owes a
fiduciary or similar duty to Borrower, Sponsor of their respective affiliates, stockholders, employees or creditors. Nothing in this Agreement or the other Loan Documents is intended to confer upon any other Person (including affiliates,
stockholders, employees or creditors of Borrower and Sponsor) any rights or remedies by reason of any fiduciary or similar duty. 
 (c) Borrower acknowledges that it has been advised that the Lending Parties are a full service financial services firm engaged, either directly or through affiliates in various activities, including
securities trading, investment banking and financial advisory, investment management, principal investment, hedging, financing and brokerage activities and financial planning and benefits counseling for both companies and individuals. In the
ordinary course of these activities, the Lending Parties may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and/or financial instruments (including loans) for their own
account and for the accounts of their customers and may at any time hold long and short positions in such securities and/or instruments. Such investment and other activities may involve securities and instruments of affiliates of Borrower, including
Sponsor, as well as of other Persons that may (i) be involved in transactions arising from or relating to the Transaction, (ii) be customers or competitors of Borrower, Sponsor and/or their respective affiliates, or (iii) have other
relationships with Borrower, Sponsor and/or their respective affiliates. In addition, the Lending Parties may provide investment banking, underwriting and financial advisory services to such other Persons. The Lending Parties may also co-invest
with, make direct investments in, and invest or co-invest client monies in or with funds or other investment vehicles managed by other parties, and such funds or other investment vehicles may trade or make investments in securities of affiliates of
Borrower, including Sponsor, or such other Persons. The Transaction may have a direct or indirect impact on the investments, securities or instruments referred to in this paragraph. Although the Lending Parties in the course of such other activities
and relationships may acquire information about the Transaction or other Persons that may be the subject of the Transaction, the Lending Parties shall have no obligation to disclose such information, or the fact that the Lending Parties are in
possession of such information, to Borrower, Sponsor or any of their respective affiliates or to use such information on behalf of Borrower, Sponsor or any of their respective affiliates. 

(d) Borrower acknowledges and agrees that Borrower has consulted its own legal and financial advisors to the extent it deemed appropriate
and that it is responsible for making its own independent judgment with respect to this Agreement, the other Loan Documents, the Transaction and the process leading thereto. 
 Section 9.24. Borrower Information. Borrower shall make available to Lender all information concerning its business and operations that Lender may reasonably request. Lender shall have the right to
disclose any and all information provided to Lender by Borrower or Sponsor regarding Borrower, Operating Lessee, Sponsor, the Loan and the Property (i) to affiliates of Lender and to Lender’s agents and advisors, (ii) to any actual or
potential assignee, transferee or participant in connection with the contemplated assignment, transfer, participation 

  
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or Securitization of all or any portion of the Loan or any participations therein, and to any investors or prospective investors in the Certificates, and their respective advisors and agents,
including the operating advisor, or to any direct or indirect contractual counterparties (or the professional advisors thereto) to any swap or derivative transaction relating to Borrower and its obligations, or to any Person that is a party to a
repurchase agreement with respect to the Loan, (iii) to any rating agency in connection with a Securitization or as otherwise required in connection with a disposition of the Loan, (iv) to any Person necessary or desirable in connection
with the exercise of any remedies hereunder or under any other Loan Document following an Event of Default, (v) to any governmental agency, including the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the
FDIC, the Securities and Exchange Commission and any other regulatory authority that may exercise authority over Lender or any investor in the Certificates (including the Servicer, the Securitization trustee and their respective agents and
employees) or any representative thereof, and to the National Association of Insurance Commissioners, in each case if requested by such governmental agency or otherwise required to comply with the applicable rules and regulations of such
governmental agency or if required pursuant to legal or judicial process, and (vi) in any Disclosure Document (as defined in the Cooperation Agreement). In addition, Lender may disclose the existence of this Agreement and the information about
this Agreement to market data collectors, similar services providers to the lending industry, and service providers to Lender in connection with the administration and management of this Agreement and the other Loan Documents. Each party hereto (and
each of their respective affiliates, employees, representatives or other agents) may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including
opinions and other tax analyses) that are provided to any such party relating to such tax treatment and tax structure. For the purpose of this Section, “tax structure” means any facts relevant to the federal income tax treatment of the
Transaction but does not include information relating to the identity of any of the parties hereto or any of their respective affiliates. Notwithstanding anything set forth herein to the contrary, for so long as the Sponsor is a publicly traded
company, Lender shall not disclose information about the Sponsor (including in any Disclosure Document) that is not publicly available, without the prior consent of Borrower, which consent shall not to be unreasonably withheld, delayed or
conditioned.  
 Section 9.25. PATRIOT Act Records. Lender hereby notifies Borrower that pursuant to the
requirements of the PATRIOT Act, it is required to obtain, verify and record information that identifies Borrower, Operating Lessee and Sponsor, which information includes the name and address of Borrower and Sponsor and other information that will
allow Lender to identify Borrower or Sponsor in accordance with the PATRIOT Act. 
 Section 9.26. Prior Agreements. THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS CONTAIN THE ENTIRE AGREEMENT OF THE PARTIES HERETO AND THERETO IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY, AND ALL PRIOR AGREEMENTS AMONG OR BETWEEN SUCH PARTIES, WHETHER ORAL OR WRITTEN,
INCLUDING ANY TERM SHEETS, CONFIDENTIALITY AGREEMENTS AND COMMITMENT LETTERS, ARE SUPERSEDED BY THE TERMS OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (EXCEPT THAT ANY ORIGINATION FEE SPECIFIED IN ANY TERM SHEET, COMMITMENT LETTER OR FEE LETTER
SHALL BE AN OBLIGATION OF BORROWER AND SHALL BE PAID AT CLOSING, AND ANY INDEMNIFICATIONS, FLEX PROVISION, EXIT FEES AND THE LIKE PROVIDED FOR THEREIN SHALL SURVIVE THE CLOSING). 

  
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 Section 9.27. Publicity. If the Loan is made, Lender may issue press releases,
advertisements and other promotional materials describing in general terms or in detail Lender’s participation in such transaction, and may utilize photographs of the Property in such promotional materials. Borrower shall not make any
references to Lender in any press release, advertisement or promotional material issued by Borrower or Sponsor, unless Lender shall have approved of the same in writing prior to the issuance of such press release, advertisement or promotional
material, which approval shall not be unreasonably withheld, conditioned or delayed, provided however, that Lender’s approval shall not be required to the extent Borrower is required by Legal Requirements to make such references to Lender.

 Section 9.28. Delay Not a Waiver. Neither any failure nor any delay on the part of Lender in insisting upon strict
performance of any term, condition, covenant or agreement, or exercising any right, power, remedy or privilege hereunder, under any other Loan Document or under any other instrument given as security therefor, shall operate as or constitute a waiver
thereof, nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise of any other right, power, remedy or privilege. In particular, and not by way of limitation, by accepting payment after the due date of any
amount payable hereunder or under any other Loan Document, Lender shall not be deemed to have waived any right either to require prompt payment when due of all other amounts due under this Agreement, the Note or the other Loan Documents, or to
declare a default for failure to effect prompt payment of any such other amount. 
 Section 9.29. Schedules and Exhibits
Incorporated. The Schedules and Exhibits annexed hereto are hereby incorporated herein as a part of this Agreement with the same effect as if set forth in the body hereof. 
 [Signatures appear on following page] 

  
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 Lender and Borrower are executing this Agreement as of the date first above written.

  

			
	 LENDER:
  

GOLDMAN SACHS COMMERCIAL MORTGAGE CAPITAL, L.P.,

a Delaware limited partnership

		
	By:	 	/s/ Mitchell Kesnick
		 	 Name: Mitchell Kesnick

Title: Director

  

			
	 BORROWER:

 
 CHSP BOSTON II LLC,
 a Delaware limited liability company

		
	By:	 	/s/ Graham J. Wootten
		 	 Name: Graham J. Wootten

Title: Vice President

 JOINDER BY OPERATING LESSEE 
 The undersigned, Operating Lessee, hereby joins in and executes the Agreement solely for the purposes of acknowledging the representations and agreeing to its obligations expressly set forth therein.

  

			
	 OPERATING LESSEE:
  

CHSP TRS BOSTON II LLC,
 a Delaware limited
liability company

		
	By:	 	/s/ Graham J. Wootten
		 	 Name: Graham J. Wootten

Title: Vice President

 Exhibit A 
 Organizational Chart 

 Exhibit B 
 [May 2011 Operating Statement to be attached] 

 Exhibit C 
 Hyatt Property Improvement Plan 
 [attached] 

 Schedule A 
 Property 
 The Lafayette Hotel Parcel shall consist of the following volumes of space,
together with the improvements therein, within the “Lafayette Parcel,” as defined in the Deed and Agreement from the City of Boston to Lafayette Place Associates dated September 11, 1979, recorded with the Suffolk County Registry of
Deeds in Book 9288, Page 90 (the “Original Deed”), as amended by a First Amendment to Deed and Agreement dated February 17, 1982, recorded with said Deeds in Book 9927, Page 265 (the “First Amendment”), by a Second Amendment
to Deed and Agreement dated June 8, 1983, recorded with said Deeds in Book 10389, Page 16 (the “Second Amendment”), and by a Third Amendment to Deed and Agreement dated as of March 31, 1988 recorded with said Deeds in Book 22332,
Page 220 (the “Third Amendment”) and Fourth Amendment to Deed and Agreement dated as of December 30, 1998, and recorded with said Deeds in Book 23311, Page 337, (the “Fourth Amendment,” and together with the Original Deed,
the First Amendment, the Second Amendment, the Third Amendment, and the Fourth Amendment, the “Deed and Agreement”). The real property retained by Lafayette Place Associates in the grant by Lafayette Place Associates to Lafayette Place
Hotel Associates by Deed dated November 1, 1984, recorded with said Deeds in Book 11238, Page 226, as amended by First Amendment to Hotel Deed dated as of March 31, 1998, recorded with said Deeds in Book 22332, Page 275; as further amended
by Second Amendment to Hotel Deed dated as of 12/30/98 and recorded with said Deeds in Book 23285, Page 175, together with such additional real property as is designated as or made a part of the Lafayette Retail Parcel in the Third Amendment, is
hereinafter called the “Retail Facility.” The real property retained by the City in the Deed and Agreement is hereafter called the “City Parcel,” and the parking garage located therein is hereinafter called the “Parking
Facility.” 
 PARCEL ONE 
 Parcel
One shall consist of the air rights parcel (the “Principal Hotel Parcel”) lying on and above the horizontal planes at the several elevations above the City of Boston Base (as defined below) shown as Level +5 on Sheet 5 of the Plans (as
defined in the First Amendment to Hotel Deed by and between Patriot Games, L.L.C. and BRE/Swiss L.L.C. dated March 31, 1998 and recorded with said Deeds in Book 22332, Page 275 within the vertical planes of the perimeter of the area bounded and
described according to the Plans as follows: 
 Beginning on said Level +5 at the intersection of the westerly sideline of Chauncy Street and the
northeasterly sideline of Avenue de Lafayette; 
 thence turning and running N 33o-33’-22” E along the westerly sideline of
Chauncy Street a distance of 160.00 feet; 
 thence turning and running N 35o’-27’-33” E along the westerly sideline of
Chauncy Street a distance of 37.15 feet; 
 thence turning and running N 35o-18’-40” E along the westerly sideline of Chauncy
Street a distance of 1.78 feet; 
 thence turning and running N 56o-26’-38” W at a distance of 17.29 feet; 

thence turning and running N 33o-33’-22” E a distance of 134.42 feet; 
 thence turning and running N 56o-26’-38” W a distance of 187.84 feet; 

  
 2 

 thence turning and running S 33o-33’-22” W a distance of 95.26 feet; 

thence turning and running southwesterly along a curve of radius 59.14 feet as it turns to the right a distance of 73.81 feet; 

thence turning and running S 33o-33’-22” W a distance of 28.34 feet; 
 thence turning and running N 56o-26’-38” W a distance of 3.31 feet; 
 thence turning
and running S 33o-33’-22” W a distance of 33.33 feet; 
 thence turning and running S 56o-26’-38” E a distance of
14.50 feet; 
 thence turning and running S 33o-33’-22” W a distance of 120.78 feet to the northeasterly sideline of Avenue de
Lafayette; 
 thence turning and running S 56o-44’-33” E along the northeasterly sideline of Avenue de Lafayette a distance of
152.34 feet to westerly sideline of Chauncy Street and the point of beginning. 
 Containing 55,674 +/- square feet as shown on Sheet 5 of the
Plans. 
 PARCEL TWO A 
 Parcel Two A
shall consist of the air rights parcel lying on and between (i) the horizontal planes at the several elevations above the City of Boston Base shown as Level +1 on Sheet 1 of the Plans and (ii) the horizontal planes at the several
elevations above the City of Boston Base shown as Level +2 on Sheet 2 of the Plans, and located within the vertical planes of the perimeter of the planes of the following area: 
 Beginning at a point 79.50 feet N 56o-44’-33” W of the intersection of the northerly sideline of Avenue de Lafayette and the westerly sideline of Chauncy Street (being 69.55 feet N
56o-44’-33” W of the point of curvature shown on said Sheet 1 of the Plans); 
 thence running N 56o-44’-33” W
along the said northerly sideline of Avenue de Lafayette a distance of 69.51 feet; 
 thence turning and running N 33o-33’-22” E a
distance of 13.94 feet; 
 thence turning and running S 56o-26’-38” E a distance of 69.51 feet; 

thence turning and running S 33o-33’-22” W a distance of 13.57 feet to the point of beginning; 

Containing 956 square feet as shown on said Sheet 1 
 PARCEL TWO C 
 Parcel Two C shall consist of the air rights parcel lying above and between
(i) the horizontal planes at the several elevations above the City of Boston Base shown as Level +2 on Sheet 2 of the Plans and (ii) the horizontal planes at the several elevations above the City of Boston Base shown as Level +3 on Sheet 3
of the Plans and located within the vertical planes of the following areas: 
 Beginning at a point 114.51 feet N 56o-44’-33” W of
the intersection of the northerly sideline of Avenue de Lafayette and the westerly sideline of Chauncy Street; 
 thence running N
56o-44’-33” W along said northerly sideline of Avenue de Lafayette a distance of 34.50 feet; 
 thence turning and running N
33o-33’-22” E a distance of 13.75 feet; 
 thence turning and running S 56o-26’-38” E a distance of 34.50 feet;

 thence turning and running S 33o-33’-22” W a distance of 13.57 feet to the point of beginning. 

  
 3 

 Containing 471 square feet as shown on said Sheet 2. 

PARCEL TWO D 
 Parcel Two D shall consist of the
air rights parcel lying on and between (i) the horizontal planes at the several elevations above the City of Boston Base shown as Level +3 on Sheet 3 of the Plans and (ii) the horizontal planes at the several elevations above the City of
Boston Base shown as Level +4 on Sheet 4 of the Plans, and located within the vertical planes of the perimeter of the area bounded and described according to Sheet 3 of the Plans as follows: 
 Beginning on said Level +3 at the intersection of the westerly sideline of Chauncy Street and the northeasterly sideline of Avenue de Lafayette; 
 thence turning and running N 33o-33’-22” E along the westerly sideline of Chauncy Street a distance of 160.00 feet; 
 thence turning and running N 35o-27’-33” E along the westerly sideline of Chauncy Street a distance of 37.15 feet; 
 thence turning and running N 35o-18’-40” E along the westerly sideline of Chauncy Street a distance of 1.78 feet; 
 thence turning and running N 56o-26’-38” W a distance of 17.29 feet; 
 thence
turning and m - N33o- 33’-22” E a distance of 134.42 feet; 
 thence turning and running N 56o-26’-38” W a distance
of 44.62 feet; 
 thence turning and running S 33o-33’-22” W a distance of 1.49 feet; 

thence turning and running N 56o-26’-38” W a distance of 5.65 feet; 
 thence turning and running S 33o-33’-22” W a distance of 4.67 feet; 
 thence turning
and running N 56o-26’-38” W a distance of 29.97 feet; 
 thence turning and running N 33o-33’-22” E a distance of
3.31 feet; 
 thence turning and running N 56o-26’-38” W a distance of 14.90 feet; 

thence turning and running S 33o-33’-22” W a distance of 18.80 feet; 
 thence turning and running N 56o-26’-38” W a distance of 29.15 feet; 
 thence
turning and running S 33o-33’-22” W a distance of 9.50 feet; 
 thence turning and running N 56o-26’-38” W a
distance of 30.63 feet; 
 thence turning and running S 33o-33’-22” W a distance of 27.90 feet; 

thence turning and running S 56o-26’-38” E a distance of 9 +/- feet; 
 thence turning and running S 33o-33’-22” W a distance of 63 +/-feet; 
 thence
turning and running N 56o-26’-38” W a distance of 8 +/- feet; 
 thence turning and running southwesterly along a curve of radius
59.14 feet as it turns to the right a distance of 31 +/- feet; 
 thence turning and running S 33o-33’-22” W a distance of 28.34
feet; 
 thence turning and running S 56o-26’-38” E a distance of 5.59 feet; 

thence turning and running S 33o-33’-22” W a distance of 30.00 feet; 
 thence turning and running S 56o-26’-38” E a distance of 5.58 feet; 
 thence turning
and running S 33o-33’-22” W a distance of 123.87 feet to the northeasterly sideline of Avenue de Lafayette; 

  
 4 

 thence turning and running S 56o-44’-33” E along the northeasterly sideline of Avenue de
Lafayette a distance of 152.34 feet to westerly sideline of Chauncy Street and the point of beginning. 
 Containing 49,200 +/- square feet as
shown on Sheet 3 of the Plans. 
 PARCEL TWO E 
 Parcel Two E shall consist of the air rights parcel lying on and between (i) the horizontal planes at the several elevations above the City of Boston Base shown as Level +4 on Sheet 4 of the Plans
and (ii) the horizontal planes at the several elevations above the City of Boston Base shown as Level +5 on Sheet 5 of the Plans, and located within the vertical planes of the perimeter of the area bounded and described according to Sheet 4 of
the Plans as follows: 
 Beginning on said Level +4 at the intersection of the westerly sideline of Chauncy Street and the northeasterly sideline
of Avenue de Lafayette; 
 thence turning and running N 33o-33’-22” E along the westerly sideline of Chauncy Street a distance of
160.00 feet; 
 thence turning and running N 35o-27-33” E along the westerly sideline of Chauncy Street a distance of 37.15 feet;

 thence turning and running N 35o-18’-40” E along the westerly sideline of Chauncy Street a distance of 1.78 feet; 

thence turning and running N 56o-26’-38” W a distance of 17.29 feet; 
 thence turning and running N 33o-33’-22” E a distance of 134.43 feet; 
 thence
turning and running N 56o-26’-38” W a distance of 197.34 feet; 
 thence turning and running S 33o-33’-22” W a
distance of 64 +/-feet; 
 thence turning and running S 56o-26’-38” E a distance of 9.50 feet; 

thence turning and running S 33o-33’-22” W a distance of 31 +/-feet; 
 thence turning and running southwesterly along a curve of radius 59.14 feet as it turns to the right a distance of 73.81 feet; 
 thence turning and running S 33o-33’-22” W a distance of 28.34 feet; 
 thence
turning and running N 56o-26’-38” W a distance of 3.31 feet; 
 thence turning and running S 33o-33’-22” W a
distance of 33.33 feet; 
 thence turning and running S 56o-26’-38” E a distance of 14.50 feet; 

thence turning and running S 33o-33’-22” W a distance of 120.78 feet to the northeasterly sideline of Avenue de Lafayette; 

thence turning and running S 56o-44’-33” E along the northeasterly sideline of Avenue de Lafayette a distance of 152.34 feet to westerly
sideline of Chauncy Street and the point of beginning; 
 Containing 56,280 +/- square feet as shown on Sheet 4 of the Plans. 

PARCEL THREE 
 Parcel Three shall consist of two
parcels of space (referred to in the Hotel Deed as the “Bay Window Parcels”) constituting certain space discontinued in Avenue de Lafayette as described in an order of the Public Improvement Commission of the City of Boston dated
March 3, 1983, recorded with the Suffolk Deeds at Book 10329, Page 185, and shown on a plan entitled City of 

  
 5 

 
Boston, Public Works Dept. Engineering Division Discontinuance Plan, Avenue de Lafayette, recorded with Suffolk Deeds at Book 10329, Page 185, and consisting of (i) the air space between the
horizontal planes at elevations 68 feet and 265 feet above the City of Boston Base and within the vertical planes of the perimeter of that certain area of 8 square feet as shown on said plan, and (ii) the air space between the horizontal planes
at elevations of 79 feet and 99.50 feet above the City of Boston Base and within the vertical planes of the perimeter of that certain area of 60 square feet as shown on said plan. 
 The term “City of Boston Base” as used in this description of premises means the vertical datum plane that is 5.65 feet below the mean sea level datum of 1929, now known as the National Geodetic
Vertical Datum. 
 Subject to and Together with the appurtenant rights and easements described in the Deed from Lafayette Place Associates to
Lafayette Place Hotel Associates dated November 1, 1984 and recorded with Suffolk County Registry of Deeds on November 2, 1984 in Book 11238, Page 226, as amended by First Amendment to Hotel Deed by and between Patriot Games, L.L.C. and
BRE/Swiss L.L.C. dated as of March 31, 1998, recorded with said Deeds in Book 22332, Page 275, as further amended by Second Amendment to Hotel Deed by and between Patriot Holding, Inc. and BRE/Swiss L.L.C. dated as of December 30, 1998 and
recorded with said Deeds in Book 23285, Page 175, together with the appurtenant rights and easements described in the Deed and Agreement from the City of Boston and Lafayette Place Associates dated September 11, 1979 and recorded with said
Deeds in Book 9388, Page 90, as amended by First Amendment to Deed and Agreement between the City of Boston and Lafayette Place Associates dated as of February 17, 1982 and recorded with said Deeds in Book 9927, Page 265 and by Second Amendment
to Deed and Agreement also between the City of Boston and Lafayette Place Associates dated as of June 8, 1983 and recorded with said Deeds in Book 10389, Page 16 and Third Amendment to Deed and Agreement dated March 31, 1998 and recorded
with said Deeds in Book 22332, Page 220, including the use of those parking spaces identified in Section 14 of the Third Amendment, and Fourth Amendment to Deed and Agreement dated as of December 30, 1998 and recorded with said Deeds in
Book 23311, Page 337 and together with the appurtenant rights and easements contained in the Maintenance and Easement Agreement dated June 1, 1979 and recorded with said Deeds in Book 9288, Page 135 and filed with Suffolk County Registry
District of the Land Court as Document No. 347419, as amended by First Amendment to Maintenance and Easement Agreement dated as of May 15, 1985 and recorded with said Deeds in Book 12099, Page 315 and filed with said Land Court District as
Document No. 398792; as further amended by Second Amendment to Maintenance and Easement Agreement dated February 24, 1998 and recorded with said Deeds in Book 22332, Page 252 and filed with said Land Court District as Document
No. 564765, all in accordance with the terms thereof, together with the improvements therein located over Avenue de Lafayette, Chauncy Street and Washington Street in the City of Boston, Suffolk County, Commonwealth of Massachusetts, known and
numbered as 2 Avenue de Lafayette in said City of Boston. 

  
 6 

 Schedule B 
 Exception Report 
 No exceptions. 

 Schedule C 
 Deferred Maintenance Conditions 
 None. 

 Schedule D 
 Unfunded Obligations 
 None. 

 Schedule E 
 Leases 
 1) Lease, dated as of August, 2004, by and between CCSH Boston LLC and La Boutique
Niva, Inc. 
 2) Concession Agreement, dated as of December 1, 2005, by and between CCSH Boston LLC and Visual Aids Electronics Corp., as
amended by that certain First Amendment to Concession Agreement, dated as of August 1, 2006, by and between CCSH Boston LLC and Visual Aids Electronics Corp. 
 3) ATM License Agreement, dated as of September 1, 2003, by and between BRE/Swiss, L.L.C. and Innovus, Inc. 

 Schedule F 
 Material Agreements 
 1. Air Rights Agreement. 

2. Operating Lease. 

 Schedule G 
 Hyatt PIP Work 
 [attached]Exhibit 10.7

 Exhibit 10.7 

31St Street Holiday Inn 
 AGREEMENT OF PURCHASE AND SALE 
 THIS AGREEMENT OF
PURCHASE AND SALE (“Agreement”) is made as of the 11th day of May, 2011 (“Effective Date”), between (i) CHSP 31ST STREET LLC, a Delaware limited liability company (“Buyer”), and (ii) HEENA HOTEL LLC, a New York
limited liability company (“Seller”). 
 ARTICLE 1. INTERPRETATION 

1.1. Definitions. For purposes of this Agreement, the following capitalized terms shall have the meanings indicated: 

1.1.1. Accounting Firm: as defined in Section 10.6. 
 1.1.2. Action: any action, suit, arbitration, mediation, governmental investigation or other legal proceeding. 
 1.1.3. Allocation: as defined in Section 2.2.1. 
 1.1.4.
Apportionment Time: 11:59 p.m. local time at the Hotel on the day preceding the Closing Date. 
 1.1.5. Approved Plans
and Specifications: as defined in Section 3.11. 
 1.1.6. Buyer: as defined in the Preamble. 

1.1.7. Buyer Indemnified Parties: as defined in Section 7.5.1. 

1.1.8. Buyer Representatives: as defined in Section 5.1.2. 

1.1.9. Buyer’s Designee: as defined in Section 11.1. 

1.1.10. Closing: the consummation of the purchase and sale of the Hotel as contemplated by this Agreement. 

1.1.11. Closing Date: the date on which the Closing occurs. 

1.1.12. Code: the Internal Revenue Code of 1986, as amended. 

1.1.13. Confidential Materials: books, records or files (whether in a printed or electronic format) that consist of or contain any
of the following: appraisals; feasibility studies; market studies; strategic plans for the Hotel; internal analyses; information regarding the marketing of the Hotel for sale; information relating to obtaining internal authorization for the sale of
the Hotel by Seller; attorney and accountant work product; attorney-client privileged documents; internal correspondence of Seller; information relating to properties other than the Hotel; [agreements between Seller and/or its affiliates or between
Seller (and/or its affiliates) and 

 
any Franchisor (and/or its affiliates) relating to the Hotel that will be terminated as to the Hotel at or prior to Closing;] documents, information and agreements relating to Seller’s
internal ownership and leasing structure for the Hotel; and the Excluded Property and any information or agreements relating thereto. 
 1.1.14. Consumables: (i) all unopened food and alcoholic or non-alcoholic beverages located at the Hotel, excluding any alcoholic beverages that may not be legally transferred to Buyer under
Legal Requirements, (ii) all china, glassware, linens, silverware, kitchen and bar small goods, paper goods, guest supplies, engineering, maintenance, mechanical, fuel, cleaning and housekeeping supplies, matches and ashtrays, soap and other
toiletries, laundry supplies, stationery, menus, uniforms, brochures and other promotional materials, (iii) all “Inventories” as defined in the Uniform System of Accounts and (iv) all other similar supplies and materials located
at the Hotel. 
 1.1.15. Contract: any contract for services, maintenance and supplies, purchase order, booking and
reservation agreement, credit card service agreement, equipment lease and any other contract or agreement to which Seller is a party relating to the use, maintenance, operation, provisioning or equipping of the Hotel, but excluding the Excluded
Contracts. 
 1.1.16. Damages: damages, liabilities, losses, claims, costs and expenses (including reasonable
attorneys’ fees and expenses) actually incurred by a Person. 
 1.1.17. Deposit: as defined in Section 2.2.2.3.

 1.1.18. Due Diligence Period: as defined in Section 5.1.1. 

1.1.19. Effective Date: as defined in the Preamble. 
 1.1.20. Encumbrance: any lien, mortgage, deed of trust, security interest, pledge, charge, option, encroachment, easement, covenant, lease, reservation or restriction of any kind (whether recorded,
perfected, choate or inchoate, actual or contingent) affecting title to all or any part of the Hotel. 
 1.1.21. Environmental
Laws: all Legal Requirements in effect as of the Effective Date relating to the protection of the environment or to human health, or regulating the manufacture, use or disposal of Hazardous Substances. 

1.1.22. Escrow Agent: See definition of “Title Company.” Title Company shall be the Escrow Agent hereunder. 

1.1.23. Excluded Contracts: collectively, (i) the License Agreement, (ii) any national, regional or other Contract
entered into by Licensor pursuant to which goods or services are provided to hotels in addition to the Hotel and which terminates upon termination of the License Agreement, and (iii) any Contracts for the design, engineering or construction of
the Hotel or Contracts for the supply of materials for such design, engineering or construction. 
 1.1.24. Escrowed
Amount: as defined in Section 2.3. 

  
 - 2 -

 1.1.25. Escrow Agreement: as defined in Section 2.3. 

1.1.26. Excluded Property: as described in Exhibit D. 

1.1.27. Franchisor: Any national, international or other operator or license holder of hotel services and systems. 

1.1.28. Furnishings: all furniture, fixtures, equipment, vehicles, rugs, mats, carpeting, appliances, devices, engines, telephone
and other communications equipment, televisions and other video equipment, plumbing fixtures and other equipment located in or related to the Hotel, all items included within the definition of “Property and Equipment” under the Uniform
System of Accounts and all other items of tangible personal property located at the Hotel (excluding the Consumables, Miscellaneous Hotel Assets and Excluded Property). 
 1.1.29. Guest Ledger: all charges accrued to the open accounts of any guests or customers of the Hotel as of the Apportionment Time for the use or occupancy of any guest, conference or banquet
rooms or other facilities at the Hotel, and restaurant, bar or banquet services, or any other goods or services provided by or on behalf of Seller at the Hotel. 
 1.1.30. Hazardous Substance: any pollutant, contaminant or any toxic, radioactive or otherwise hazardous substance, including petroleum, its derivatives, by-products and other hydrocarbons,
asbestos, and toxic mold, in each case as regulated under Environmental Laws. 
 1.1.31. Hotel: collectively, (i) the
Land, (ii) all right, title and interest of Seller in and to the Improvements located on the Land, (iii) all right, title and interest of Seller in and to the Furnishings, Consumables, Inventories, Miscellaneous Hotel Assets, assignable
Permits and assignable Intellectual Property used or to be used in connection with the Hotel, and (iv) all right, title and interest of Seller in, to and under the Contracts; but excluding the Excluded Property and any other Confidential
Materials. 
 1.1.32. Improvements: the buildings, structures (surface and sub-surface), installations, utility systems
all elevators, escalators, furnaces, heating, ventilating and air-conditioning systems and equipment, electrical equipment, fire prevention and extinguishing apparatus located thereon and other improvements, including such fixtures and appurtenances
as shall constitute real property, located on the Land. 
 1.1.33. Initial Deposit: as defined in Section 2.2.2.1.

 1.1.34. Inspection Activities: as defined in Section 5.1.2. 

1.1.35. Intellectual Property: (i) all trademarks, service marks, trade dress, logos and trade names used in connection with
the Hotel (other than any of the foregoing belonging to any Franchisor), together with all translations, adaptations, derivations, and combinations thereof and including all goodwill associated therewith, and all applications, registrations, and
renewals in connection therewith, (ii) all copyrightable works, all copyrights, and applications, registrations, and renewals in connection therewith, (iii) all software used in connection with the ownership and operation of the Hotel
(including data, passwords, source codes and related documentation), and (iv) all trade secrets relating to the Hotel; but excluding the Confidential Materials and the Excluded Property. 

  
 - 3 -

 1.1.36. Inventories: all sundry, gift shop and other merchandise held for resale at
the Hotel, excluding any such merchandise owned by any Person other than Seller under any space lease, lease, license or concession agreement which provides for the use or occupancy of space or facilities at the Hotel. 

1.1.37. Land: the land described in Schedule 1.1.37, together with all right, title and interest of Seller in and to
(i) all rights, ways, easements, covenants, privileges and appurtenances thereto, (ii) all strips and gores appurtenant thereto, (iii) any land lying in the bed of any streets, roads and alleys appurtenant thereto, (iv) air
space, vault and subterranean space and (v) oil, gas, water and other mineral or similar rights. 
 1.1.38. Lease:
shall mean any lease, license, concession and/or other occupancy agreement for the use or occupancy of any portion of the Land or Improvements, including, without limitation, any guaranties related thereto (collectively, the “Leases”),
excluding transient occupancy rights of hotel guests, if any, Contracts and the License Agreement. 
 1.1.39. Lease
Deposits: shall mean all tenant reimbursable deposits and escrows (and any required interest thereon) paid by any tenant under any Lease and not returned, released or applied by Seller prior to the Closing Date. 

1.1.40. Legal Requirement: any federal, state, local or municipal constitution, law, statute, ordinance, rule, order or regulation.

 1.1.41. License Agreement: collectively, the Holiday Inn Hotel New Development License Agreement between Licensor and
Seller, dated as of June 29, 2010, and the other agreements, if any, between Seller and Licensor that provide for the use of certain marks and systems of Licensor at the Hotel. 

1.1.42. Licensor: Holiday Hospitality Franchising, Inc., a Delaware corporation. 

1.1.43. Miscellaneous Hotel Assets: (i) all governmental licenses, approvals, authorizations and permits respecting the
development, use or occupancy of the Improvements, (ii) all general intangibles relating to the operation and use of the Hotel, (iii) all rights and work product under the Contracts, (iv) all of Seller’s interest in third-party
warranties respecting the manufacture, construction, installation, use, operation or condition of any portion of the Improvements or the Hotel, including, without limitation, relating to subsection (ii) hereinabove (individually, a
“Warranty,” and collectively, the “Warranties”), (v) receipts, accounting and business records, books and files relating solely to ownership or operation of the Hotel other than the Confidential Materials,
(vi) Seller’s interest in all as-built and final plans and specifications, if any, all other plans and specifications, blueprints, drawings and written operating manuals and user guides for any portion of the Improvements or the Hotel, and
(vii) keys and lock and safe combinations relating to the Hotel, but excluding the Excluded Property. 
 1.1.44. New
License Agreement: as defined in Section 5.7.1. 

  
 - 4 -

 1.1.45. Permits: all governmental licenses, permits, permissions and entitlements
used in or relating to the Hotel. 
 1.1.46. Permitted Exceptions: collectively, (i) the matters approved or deemed
approved by Buyer in accordance with Section 5.2.3 and (ii) the lien for real estate taxes and assessments not yet due and payable as of the Closing Date. 
 1.1.47. Person: a natural person or any legal or governmental entity. 

1.1.48. Punchlist Escrowed Amount: as defined in Section 2.4. 

1.1.49. Punchlist Escrow Agreement: as defined in Section 2.4 

1.1.50. Purchase Price: as defined in Section 2.2.1. 
 1.1.51. Second Deposit: as defined in Section 2.2.2.2. 
 1.1.52.
Seller: as defined in the Preamble. 
 1.1.53. Seller Indemnified Parties: as defined in Section 7.5.2.

 1.1.54. Seller’s Knowledge: the actual current knowledge of Khandu Patel and Nayan Patel, but without any
obligation to review files or make inquiry of any other Person. No knowledge of any other Person shall be imputed to Seller. 

1.1.55. Settlement Statement: as defined in Section 10.1.3. 

1.1.56. Survey: as defined in Section 5.2.2. 
 1.1.57. Survival Date: the date that is six (6) months after the Closing Date. 
 1.1.58. Title Commitment: as defined in Section 5.2.1. 
 1.1.59.
Title Company: Terra Nova Title & Settlement Services, 1725 DeSales Street, NW, Suite 401, Washington, DC 20036, Attention: Christopher Clarke (or as otherwise may be designated by Buyer). 

1.1.60. Transaction Documents: The documents to be executed and delivered by Buyer and/or Seller at Closing, including, without
limitation, those described in Section 7.2 and 7.3 herein. 
 1.1.61. True-up: as defined in Section 10.1.3.

 1.1.62. Uniform System of Accounts: the Uniform System of Accounts for the Lodging Industry, Tenth Revised Edition,
2006, as published by the Hotel Association of New York City, Inc. 
 1.1.63. Warrant(y)(ies): as defined in
Section 1.1.43. 

  
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 1.2. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of New York (without reference to conflicts of laws principles applicable to agreements made, and to be performed within, the State of New York). 
 1.3. Captions, Numbering and Headings. Captions, numbering and headings of Articles, Sections, Schedules and Exhibits in this Agreement are for convenience of reference only and shall not be
considered in the interpretation of this Agreement. References in this Agreement to Articles, Sections, Schedules and Exhibits shall be deemed to be references to such Articles, Sections, Schedules and Exhibits in this Agreement unless otherwise
expressly specified. 
 1.4. Number; Gender. Whenever required by the context, the singular shall include the plural, the
neuter gender shall include the male gender and female gender, and vice versa. 
 1.5. Business Day. In the event that
the date for performance of any obligation or the exercise of any right or option under this Agreement falls on other than a Business Day, then such obligation shall be performed on the next succeeding Business Day. For purposes of this Agreement,
“Business Day” shall mean any day other than a Saturday, Sunday or any other day on which national banks in the State of New York are not open for business. Unless otherwise specified herein, all references herein to a “day” or
“days” shall refer to calendar days and not Business Days. 
 1.6. Severability. In the event that one or more
of the provisions of this Agreement shall be held to be illegal, invalid or unenforceable, each such provision shall be deemed severable and the remaining provisions of this Agreement shall continue in full force and effect, unless this construction
would operate as an undue hardship on Seller or Buyer or would constitute a substantial deviation from the general intent of the parties as reflected in this Agreement. 
 1.7. No Oral Modifications or Waivers. No modification of this Agreement shall be valid or effective unless the same is in writing and signed by Seller and Buyer. No purported waiver of any of the
provisions of this Agreement shall be valid or effective unless the same is in writing and signed by the party against whom it is sought to be enforced. 
 1.8. Exhibits. All Schedules and Exhibits referenced in this Agreement are incorporated by this reference as if fully set forth in this Agreement, and all references to this Agreement shall be
deemed to include all such Schedules and Exhibits. 
 1.9. Integration. This Agreement, all Schedules and Exhibits
appended to this Agreement, the documents and agreements referenced in this Agreement contain the entire understanding between Seller and Buyer with respect to the sale of the Hotel, and are intended to be a full integration of all prior or
contemporaneous agreements, conditions, understandings or undertakings between Seller and Buyer with respect thereto. There are no promises, agreements, conditions, undertakings, understandings, warranties or representations, whether oral, written,
express or implied, between Seller and Buyer with respect to the sale of the Hotel other than as are expressly set forth in this Agreement, the Schedules and Exhibits appended to this Agreement, the documents and agreements referenced in this
Agreement. 

  
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 1.10. No Construction Against Drafter. This Agreement has been negotiated and
prepared by Seller and Buyer and their respective attorneys and, should any provision of this Agreement require judicial interpretation, the court interpreting or construing such provision shall not apply the rule of construction that a document is
to be construed more strictly against one party. 
 1.11. Including. The term “including,” and variants
thereof, shall mean “including without limitation.” 
 ARTICLE 2. SALE OF HOTEL 

2.1. Sale and Purchase. Subject to and in accordance with the terms of this Agreement, Seller shall sell to Buyer, and Buyer shall
purchase from Seller, the Hotel. 
 2.2. Purchase Price; Deposits. 

2.2.1. The purchase price (“Purchase Price”) for the sale and purchase of the Hotel shall be Fifty-Two Million Two Hundred
Thousand Dollars ($52,200,000.00), subject to the debits and credits described in ARTICLE 10. Seller and Buyer shall cooperate with each other in good faith to arrive, prior to the Closing, at a mutually acceptable allocation of the Purchase Price
(the “Allocation”) among the Land, the Improvements and the personal property, with the amount allocable to personal property being further allocated between tangible personal property and intangible property. Seller and Buyer agree to
(i) be bound by the Allocation, (ii) act in accordance with the Allocation in the preparation of financial statements and filing of all tax returns and in the course of any tax audit, tax review or tax litigation relating thereto, and
(iii) refrain from, and cause their affiliates to refrain from, taking a position inconsistent with the Allocation for all tax purposes. If Seller and Buyer cannot agree upon the Allocation prior to the Closing, each party shall file federal,
state and local tax returns based on each party’s own determination of the Allocation, each bearing its own consequences of any discrepancies. 
 2.2.2. The Deposits and Purchase Price shall be payable as follows: 
 2.2.2.1.
Within three (3) Business Days following the execution and delivery of this Agreement by Seller and Buyer, Buyer shall deposit into escrow with Escrow Agent the sum of One Million Dollars ($1,000,000.00) (“Initial Deposit”) by wire
transfer of immediately available funds. 
 2.2.2.2. If Buyer shall not terminate this Agreement as and in the manner provided
in Section 5.1.1. hereof, on or prior to the expiration of the Due Diligence Period, Buyer shall deposit into escrow with Escrow Agent the sum of One Million Dollars ($1,000,000.00) (“Second Deposit”) by wire transfer of immediately
available funds. 
 2.2.2.3. The Initial Deposit and, if and when made, the Second Deposit, together with any interest accrued
on either of them, shall be referred to collectively as the “Deposit.” The Deposit shall be held in accordance with Section 8.1. At Closing, the Deposit shall be paid to or at the direction of Seller and credited against the Purchase
Price. 

  
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 2.2.2.4. At Closing, Buyer shall pay the balance of the Purchase Price to or at the
direction of Seller by wire transfer of immediately available funds. 
 2.3. Permanent Certificate of Occupancy Escrow.
In the event that a final unconditional Certificate of Occupancy has not been issued for the Hotel at the time of Closing, a portion of the Purchase Price (the “Escrowed Amount”) shall be retained, maintained and disbursed by Escrow
Agent pursuant to the terms of an Escrow Agreement to be mutually agreed upon during the Due Diligence Period (the “Escrow Agreement”), which shall (i) provide for release of a portion of the Escrowed Amount as the work necessary to
obtain a final certificate of occupancy is completed, subject to a ten percent (10%) retainage, and (ii) provide for an outside date for completion of such work of 179 days. The estimated cost to complete the items required by the City of
New York to issue a final Certificate of Occupancy shall be mutually determined by Seller and Buyer, in consult with each of their project managers, acting reasonably and in good faith, at least two (2) Business Days prior to the Closing Date.
In the event that Seller and Buyer are unable to mutually agree on such estimated cost, then the project managers for Buyer and Seller shall select a third party estimator (who shall be a construction professional with not less than fifteen
(15) years’ experience in major construction projects in New York City) who shall determine such fair market value, and the determination of the third party estimator shall be binding upon the parties hereto. In the event that the parties
are unable to agree on a third party estimator, then the selection of such estimator will be determined by binding arbitration under the rules of the American Arbitration Association. 

2.4. Punchlist Escrow. In the event that Licensor (if a New License Agreement is to entered into with Licensor as contemplated by
Section 5.7.1 hereof) or Buyer (in its good faith judgment) determines that the Hotel was not completed in accordance with the Approved Plans and Specifications, a portion of the Purchase Price (the “Punchlist Escrowed Amount”) shall
be retained, maintained and disbursed by Escrow Agent pursuant to the terms of an Escrow Agreement to be mutually agreed upon during the Due Diligence Period (the “Punchlist Escrow Agreement”) which shall (i) provide for release of a
portion of the Escrowed Amount as the work is completed and approved by Licensor (if a New License Agreement is entered into with Licensor) or by Buyer (if no New License Agreement is entered into with Licensor), such approval of Buyer not to be
unreasonably withheld, and (ii) provide for an outside date for completion of such work of 179 days. Such Escrowed Amount shall be mutually determined by Seller and Buyer acting reasonably and in good faith at least two (2) Business Days
prior to the Closing Date. In the event that Seller and Buyer are unable to mutually agree on such estimated cost, then the project managers for Buyer and Seller shall select a third party estimator (who shall be a construction professional with not
less than fifteen (15) years’ experience in major construction projects in New York City) who shall determine such fair market value, and the determination of the third party estimator shall be binding upon the parties hereto. In the event
that the parties are unable to agree on a third party estimator, then the selection of such estimator will be determined by binding arbitration under the rules of the American Arbitration Association. In the event an item to be completed is covered
under the escrow established pursuant to Section 2.3 above, then, to avoid duplication, such item will not be included in the Punchlist Escrowed Amount (it being the intent of the parties that, in such event, the cost of the item will be
escrowed pursuant to Section 2.3 above). 

  
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 2.5. Condition of Hotel. Except as specially set forth in ARTICLE 3 herein or in the
Transaction Documents, Buyer acknowledges and agrees that, assuming Buyer does not terminate this Agreement in accordance with Sections 5.1.1 or 6.2, Buyer has been given a reasonable opportunity to inspect and investigate the Hotel, all
improvements thereon and all aspects relating thereto, including all of the physical, environmental and operational aspects of the Hotel, either independently or through agents and experts of Buyer’s choosing and Buyer will acquire the Hotel
based solely upon Buyer’s own investigation and inspection thereof, and the Hotel shall be sold and Buyer shall accept possession of the Hotel on the Closing Date “AS IS,” “WHERE IS,” and “WITH ALL FAULTS,” with no
right of set-off or reduction in the Purchase Price, and such sale shall be without representation or warranty of any kind, whether express, implied, statutory or otherwise, including any warranty of income potential, operating expenses, uses,
merchantability or fitness for a particular purpose, and Seller hereby disclaims and renounces any such representation or warranty. The provisions of this Section 2.5 shall survive the Closing indefinitely. 

ARTICLE 3. SELLER’S REPRESENTATIONS AND WARRANTIES 
 Seller hereby represents and warrants to Buyer as follows: 
 3.1. Good
Standing. Seller is duly organized, validly existing and in good standing under the laws of the state of its organization, and has all requisite limited liability company power and authority to conduct the business in which it is now engaged.
Seller is duly qualified to do business and in good standing under the laws of the state in which the Hotel is located. 

3.2. Due Authorization. The execution, delivery and performance of this Agreement by Seller and the consummation by Seller of the
transactions contemplated by this Agreement will have been duly and validly authorized by all requisite actions of Seller. Assuming the due execution and delivery of this Agreement by Buyer, this Agreement constitutes the valid and binding
obligation of Seller, enforceable against Seller in accordance with its terms. No consent, waiver or approval by any third party which heretofore has not been obtained is required in connection with the execution and delivery of this Agreement by
Seller or the performance under this Agreement by Seller. Notwithstanding the foregoing, Buyer acknowledges that Seller’s performance of its obligations hereunder is subject to the approval of Seller’s investors, and Seller shall have the
right to terminate this Agreement by written notice to Buyer given prior to the end of the Due Diligence Period if such consent cannot be obtained. In the event of such termination, Buyer shall be entitled to a return of the Deposit. 

3.3. No Violations. The execution, delivery and performance of this Agreement by Seller and the consummation by Seller of the
transactions contemplated by this Agreement will not (i) to Seller’s Knowledge, violate any Legal Requirement or any order of any court or governmental authority that is binding on Seller or the Hotel; (ii) result in a breach of
or default under any contract or other agreement to which Seller is a party or by which the Hotel is bound, (iii) result in a breach of or default under any provision of the organizational documents of Seller, or (iv) result in any
encumbrance against the Hotel other than the Permitted Exceptions. 

  
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 3.4. Bankruptcy. Seller is not the subject debtor under any federal, state or local
bankruptcy or insolvency proceeding, or any other proceeding for dissolution, liquidation or winding up of its assets. 

3.5. Litigation. Except as set forth in Schedule 3.5, there are no Actions pending or, to Seller’s Knowledge,
threatened against Seller affecting the Hotel, before any court or governmental authority, an adverse determination of which would materially adversely affect (i) the financial condition or operations of Seller or the Hotel,
(ii) Seller’s ability to enter into or perform this Agreement, or (iii) Seller’s title to the Hotel. Schedule 3.5 sets forth all currently pending Actions which relate to the Hotel. Seller shall have the right to
update the representation set forth in the second sentence of this Section 3.5 to reflect (x) any Action that becomes pending after the Effective Date, and (y) any threatened or contemplated Action that first becomes known to Seller
after the Effective Date. 
 3.6. Compliance with Laws. Seller has received no written notice from any governmental
authority that Seller or the Hotel is in (or threatened) violation of any laws, rules, regulations, health and sanitation codes, zoning ordinances, environmental assessment or impact requirements applicable to the Hotel or Seller. Seller shall have
the right to update the representation set forth in this Section 3.6 to reflect any such written notice received by Seller after the Effective Date. 
 3.7. Condemnation. There are no pending condemnation actions with respect to the Hotel, and to Seller’s Knowledge there are no threatened or contemplated condemnation actions with respect to
the Hotel. Seller shall have the right to update the representation set forth in this Section 3.7 to reflect (i) any condemnation that becomes pending after the Effective Date, or (ii) any threatened or contemplated condemnation that
first becomes known to Seller after the Effective Date, in which event the provisions of ARTICLE 9 shall control. 
 3.8.
Title to Personal Property. Except as set forth in Schedule 3.8, Seller has good fee title to the Furnishings, Consumables, Inventories, and Miscellaneous Hotel Assets, free and clear of any Encumbrances other than
(i) Encumbrances which will be paid out of the Purchase Price or which will be subject to adjustment under ARTICLE 10 at Closing, (ii) any security interests disclosed to Buyer in writing at least two (2) Business Days prior to the
end of the Due Diligence Period, and (iii the Permitted Exceptions. To Seller’s Knowledge, as of the Effective Date, there are no equipment leases affecting the Furnishings or Miscellaneous Hotel Assets at the Hotel or any Leases affecting the
Hotel except as set forth on Schedule 3.8. 
 3.9. Contracts. Other than as set forth in Schedule 3.9,
there are no Contracts affecting the Hotel. True, correct and complete copies of the Contracts have been provided by Seller to Buyer. Except as set forth in Schedule 3.9, as of the Effective Date, all Contracts are in full force and effect,
Seller has performed all material obligations on the part of Seller to be performed under each such Contract and Seller has received no written notice of default from any service provider which remains uncured, and, to Seller’s Knowledge, no
service provider is in material default thereunder. On the Closing Date, Seller shall terminate any management contract for the Hotel effective as of the Closing Date, and any other Contracts not accepted by Purchaser hereunder, provided, however,
that Buyer shall pay any and all cancellation fees, liquidated damages, and other expenses associated with any such termination to the extent set forth in Schedule 3.9. Seller shall have the right to update the representation set forth in
this Section 3.9 to reflect any changes thereto of which Seller becomes aware after the Effective Date. 

  
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 3.10. Leases. Other than as set forth in Schedule 3.10, there are no Leases
affecting the Hotel, no Person has any right or option to occupy or acquire the Hotel pursuant to a Lease or otherwise and no Person has been a guest of the Hotel for thirty (30) days or more, and there are no Lease Deposits. True, correct and
complete copies of the Leases have been provided by Seller to Buyer. Except as set forth on Schedule 3.10, as of the Effective Date, all Leases are in full force and effect, Seller has performed all material obligations on the part of Seller
to be performed under each such Lease and Seller has received no written notice of default from any counterparty to a Lease which remains uncured, and, to Seller’s Knowledge, no service provider is in material default thereunder. Seller shall
have the right to update the representation set forth in this Section 3.10 to reflect any changes thereto of which Seller becomes aware after the Effective Date. 
 3.11. Plans and Specifications. Schedule 3.11 is a true, correct and complete list of all plans and specifications, blue prints and drawings for the Hotel (including, without limitation, any
restaurant space), including any modifications thereof, in the form approved by Licensor, true, correct and complete copies of which have been provided by Seller to Buyer (the “Approved Plans and Specifications”). Except as set forth in
Schedule 3.11, such Approved Plans and Specifications have not been materially changed or modified since their approval by Licensor. On or before the end of the Due Diligence Period, Seller and Buyer shall agree on a revised Schedule
3.11, and Seller shall certify to Buyer that such Schedule 3.11 is true, correct and complete. This Agreement shall be deemed modified to substitute such Schedule 3.11 for the one originally attached hereto. 

3.12. Employees. At all times during Seller’s ownership of the Hotel, there have been (i) no employees of the Hotel and
(ii) no accrued salary, vacation time or other benefits accruing, paid or payable to any person by, or on behalf of Seller, in connection with the ownership or operation of the Hotel (including by any manager or licensor). 

3.13. Union Contracts. No employment contracts or collective bargaining agreements exist or have ever existed with respect to the
Hotel. Seller has no knowledge of any strike, work stoppage or other labor dispute relating to the operation on the Hotel or threatened by any union and has no knowledge of any application pending or threatened for certification of a collective
bargaining agent. 
 3.14. FIRPTA. Seller is not a foreign person as defined in the Internal Revenue Code of 1986, as
amended, and, on the Closing Date, Seller shall execute and deliver a certification of nonforeign status in the form reasonably required by the title or settlement agent conducting closing hereunder. 

3.15. Environmental. Except as set forth in the reports identified on Schedule 3.15 to this Agreement and except for
paints, commercial cleaning agents and other substances ordinarily used in the repair, maintenance or operation of the Hotel (but only to the extent such materials have been used, stored and disposed of in accordance in all material respects with

  
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applicable Environmental Laws), (i) Seller has not used the Hotel for the storage, manufacture, treatment or disposal of Hazardous Substances, (ii) to Seller’s Knowledge, the Hotel
has not been used for the storage, manufacture, treatment or disposal of Hazardous Substances, (iii) to Seller’s Knowledge, no Hazardous Substances requiring remediation or removal are located on, in or under the Hotel, and (iv) and
no action under any Environmental Laws has been taken against Seller with respect to the Hotel. Seller shall have the right to update the representation set forth in this Section 3.15 to reflect any changes thereto of which Seller becomes aware
after the Effective Date. 
 3.16. Permits. Seller has received, or will receive prior to Closing, all permits and
approvals necessary or required for the construction of the Hotel and for the opening for business of the Hotel as a hotel having not less than 115 guest rooms and for the operation thereof, including, without limitation, a Certificate of Authority,
a Certificate of Fitness, an elevator inspection certificate, sign/marquee permit, boiler inspection certificate, inspection certificate regarding exterior walls and appurtenances, food services permits or certificates, and fuel oil storage permits,
all to the extent such items are required by applicable law. All such permits, to the extent received prior to the making of this representation, are in full force and effect and Seller has not received any written notice from any governmental
authority that Seller or the Hotel is in violation of any such permit or approval. Seller has provided true, correct and complete copies to Buyer of all such permits. Seller has not filed or applied for any re-zoning of the Hotel. Seller shall have
the right to update the representation set forth in this Section 3.16 to reflect any such written notice received by Seller after the Effective Date. 
 3.17. Warranties. Schedule 3.17 is a true, correct and complete list of all Warranties affecting the Hotel. True, correct and complete copies of the Warranties have been provided by Seller
to Buyer. Except as set forth in Schedule 3.17, as of the Effective Date, all Warranties are in full force and effect, Seller has performed all material obligations on the part of Seller to be performed under each such Warranty and Seller has
received no written notice of default from any service provider which remains uncured, and, to Seller’s Knowledge, no service provider is in material default thereunder. On or before the end of the Due Diligence Period, Seller and Buyer shall
agree on a revised Schedule 3.17, and Seller shall certify to Buyer that such Schedule 3.17 is true, correct and complete. This Agreement shall be deemed modified to substitute such Schedule 3.17 for the one originally attached
hereto. 
 3.18. Taxes. Except for real estate taxes and assessments not yet due and payable as of the Closing Date and
except for taxes apportioned to Buyer as of the Apportionment Time pursuant to Section 10.2.12, Seller has paid or will pay prior to Closing all real estate, personal property, sales, use, rooms, occupancy, excise and similar taxes and any and
all other taxes, levies and assessments attributable to the Hotel, and Seller is not currently engaged in any tax appeal or related proceeding with respect to any such tax, levy or assessment. 

3.19. Terrorist Organizations Lists. Seller is not acting, directly or indirectly, for or on behalf of any Person named by the
United States Treasury Department as a Specifically Designated National and Blocked Person, or for or on behalf of any Person designated in Executive Order 13224 as a Person who commits, threatens to commit, or supports terrorism. Seller is not
engaged in the transaction contemplated by this Agreement directly or indirectly on behalf of, or facilitating such transaction directly or indirectly on behalf of, any such Person. 

  
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 3.20. Seller’s Knowledge. The Person or Persons named in the definition of
“Seller’s Knowledge” are the Person(s) responsible for the ownership, operation, development, construction and management of the Hotel and who has, have or should have knowledge of the subject matter of the representations and
warranties set forth in this ARTICLE 3. 
 Except as updated in accordance with this Agreement, all of the foregoing representations and
warranties of Seller shall be true and correct in all material respects as of the date of this Agreement and as of the Closing Date. 
 ARTICLE 4. BUYER’S REPRESENTATIONS AND WARRANTIES 
 Buyer hereby
represents and warrants to Seller as follows: 
 4.1. Good Standing. Buyer is duly organized, validly existing and in
good standing under the laws of the state of its organization, and has full power and authority to conduct the business in which it is now engaged. Buyer is duly qualified to do business and in good standing under the laws of the state in which the
Hotel is located, or will be so qualified and in good standing as of the Closing Date. 
 4.2. Due Authorization. The
execution, delivery and performance of this Agreement by Buyer and the consummation by Buyer of the transactions contemplated by this Agreement have been duly and validly authorized by all requisite actions of Buyer and its partners. Assuming the
due execution and delivery of this Agreement by Seller, this Agreement constitutes the valid and binding obligation of Buyer, enforceable against Buyer in accordance with its terms. No consent, waiver or approval by any third party which heretofore
has not been obtained is required in connection with the execution and delivery of this Agreement by Buyer or the performance under this Agreement by Buyer. Notwithstanding the foregoing, Seller acknowledges that Buyer’s performance of its
obligations hereunder is subject to the approval of Buyer’s investors, and Buyer shall have the right to terminate this Agreement by written notice to Seller given prior to the end of the Due Diligence Period if such consent cannot be obtained.
In the event of such termination, Buyer shall be entitled to a return of the Deposit. 
 4.3. No Violations. The
execution, delivery and performance of this Agreement by Buyer and the consummation by Buyer of the transactions contemplated by this Agreement will not: (i) to Buyer’s knowledge, violate any Legal Requirement or any order of any
court or governmental authority that is binding on Buyer; (ii) result in a breach of or default under any contract or other agreement to which Buyer is a party, or (iii) result in a breach of or default under any provision of the
organizational documents of Buyer. 
 4.4. Bankruptcy. Buyer is not the subject debtor under any federal, state or local
bankruptcy or insolvency proceeding, or any other proceeding for dissolution, liquidation or winding up of its assets. 

4.5. Litigation. There are no Actions pending or, to Buyer’s knowledge, threatened against Buyer before any court or
governmental authority, an adverse determination of which would materially adversely affect (i) the financial condition of Buyer, or (ii) Buyer’s ability to enter into or perform this Agreement. 

  
 - 13 -

 4.6. Terrorist Organizations Lists. Buyer is not acting, directly or indirectly, for
or on behalf of any Person named by the United States Treasury Department as a Specifically Designated National and Blocked Person, or for or on behalf of any Person designated in Executive Order 13224 as a Person who commits, threatens to
commit, or supports terrorism. Buyer is not engaged in the transaction contemplated by this Agreement directly or indirectly on behalf of, or facilitating such transaction directly or indirectly on behalf of, any such Person. 

ARTICLE 5. ACTIONS PENDING CLOSING 
 5.1. Due Diligence Period. 
 5.1.1. Buyer shall have a period from the
Effective Date through 5:00 p.m. Eastern time on May 27, 2011 (“Due Diligence Period”) within which to undertake such inspections and investigations of the Hotel as Buyer deems desirable to evaluate the financial and physical
condition of the Hotel and such other matters that Buyer may deem relevant. If Buyer, in its sole discretion, shall determine that the Hotel or any matter related to the Hotel is unsatisfactory, then Buyer may terminate this Agreement by written
notice (“Termination Notice”) to Seller and Escrow Agent prior to the end of the Due Diligence Period. If Buyer elects not to terminate this Agreement in such manner, then Buyer shall deliver the Second Deposit to Escrow Agent in
accordance with Section 2.2.2.2. Time is of the essence with respect to the giving of a Termination Notice and the delivery of the Second Deposit in accordance with this Section 5.1.1. Upon the giving of a Termination Notice prior to the
expiration of the Due Diligence Period, this Agreement shall terminate, Escrow Agent shall promptly, but in any event within three (3) Business Days of the Termination Notice, return the Deposit to Buyer and neither party to this Agreement
shall thereafter have any further rights or liabilities under this Agreement other than those that expressly survive termination of this Agreement. 
 5.1.2. Subject to the terms of this Agreement, Buyer and its representatives, agents and contractors (collectively, “Buyer Representatives”) may enter onto the Hotel during regular business
hours and upon reasonable prior notice to Seller for the sole purpose of undertaking such inspections and investigations of the Hotel as Buyer deems desirable to evaluate the Hotel (collectively, “Inspection Activities”). The Inspection
Activities may be conducted during the Due Diligence Period and thereafter until Closing, but shall in all events be subject to the following conditions: 
 5.1.2.1. All Inspection Activities shall be at the sole cost and expense of Buyer and at Buyer’s sole risk. 
 5.1.2.2. In undertaking the Inspection Activities, Buyer shall (and shall cause Buyer Representatives to) comply with all applicable Legal Requirements. 

5.1.2.3. At Seller’s option, Buyer Representatives shall be accompanied by a representative of Seller during any such entry upon the
Hotel. 
 5.1.2.4. Buyer agrees that all Inspection Activities shall be subject to the rights of Seller and of tenants of the
Hotel, and shall be conducted in a manner not disruptive to Seller, tenants, guests, or invitees at the Hotel or otherwise to the operation of the Hotel. 

  
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 5.1.2.5. Buyer Representatives shall notify Seller prior to making any contact or
communication with any tenant at the Hotel. 
 5.1.2.6. Buyer shall notify Seller prior to making any contact with any
governmental or quasi-governmental authority regarding the Hotel. 
 5.1.2.7. In the event Buyer desires to conduct any
physically invasive Inspection Activities such as sampling of soils or drilling wells, Buyer shall provide Seller with the scope of the work to be done and the name of the contractor to conduct such work, and shall request Seller’s prior
consent thereto, which consent shall be granted or withheld in Seller’s reasonable discretion (it being understood that Seller shall not be deemed to have been unreasonable in withholding consent to any invasive testing following the end of the
Due Diligence Period). 
 5.1.2.8. Prior to entry onto the Hotel, Buyer shall provide Seller with a certificate of insurance
evidencing that Buyer maintains insurance, on an occurrence basis from a company with an “A-:IX” or better rating from A.M. Best Company, naming Seller and, at Seller’s option, Seller’s mortgage lender, as additional insureds, in
the following amounts: 
  

					
		 	 Commercial General Liability:
	  	 $1,000,000 combined single limit/
 $2,000,000 general aggregate

 5.1.2.9. Buyer shall (i) restore the Hotel, at its own expense, to substantially the same condition
which existed prior to any Inspection Activities; and (ii) be responsible for and pay any and all liens by contractors, subcontractors, materialmen, or laborers performing the inspections or any other work for Buyer Representatives on or
related to the Hotel. 
 5.1.3. Buyer agrees to and hereby does indemnify, defend and hold harmless the Seller Indemnified
Parties from and against any and all claims, liabilities and damages, including mechanic’s and materialmen’s liens, caused by the entry by Buyer Representatives onto the Hotel pursuant to this Agreement, provided that Buyer shall not be so
liable for the mere discovery by Buyer Representatives of any existing condition at the Hotel. Buyer’s obligations under this Section 5.1.3 shall survive the Closing or termination of this Agreement indefinitely. 

5.1.4. Seller shall make or cause to be made available to Buyer for inspection and copying all books, records and files of Seller related
to the Hotel (other than the Confidential Materials). Any inspection of such books, records and files shall be during regular business hours and upon reasonable prior notice to Seller. Seller makes no representation or warranty with respect to the
accuracy or completeness of such books, records and files. 
 5.1.5. Buyer shall, at Seller’s election and at no cost to
Seller (but without representation or warranty of any kind), furnish to Seller copies of any third-party reports received by Buyer relating to any inspections of the Hotel conducted on Buyer’s behalf, except as prohibited by the provider or the
terms of such report. 
 5.1.6. Upon any termination of this Agreement, Buyer shall promptly: (i) deliver to Seller all
books, records and files (and all copies thereof) obtained by Buyer 

  
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pursuant to this Section 5.1, (ii) if requested by Seller, and not prohibited by the applicable counterparty or by the terms of the applicable report and without the right of Seller to
rely thereon, deliver to Seller copies of the following due diligence materials obtained by, or prepared on behalf of, Buyer in connection with the Hotel: (w) title commitment and underlying title documents, (x) survey,
(y) environmental reports and (z) zoning report, (iii) if requested by Seller, destroy all memoranda, notes and other writings prepared by Buyer Representatives and containing any information described in the foregoing clause (i).
Buyer’s obligations under this Section 5.1.6 shall survive the Closing or termination of this Agreement indefinitely. 

5.2. Title and Survey. 
 5.2.1. Buyer shall, at Buyer’s sole cost and expense, obtain a commitment for an ALTA Owner’s Policy of Title Insurance (collectively, “Title Commitment”) issued by the Title Company
prior to the end of the Due Diligence Period with respect to the Land and Improvements. At its option and at its sole cost, Buyer may obtain such updates or modifications to the Title Commitment as Buyer deems necessary or desirable. Buyer shall
promptly provide Seller with copies of the Title Commitment and all such updates and modifications. 
 5.2.2. Buyer shall, at
Buyer’s sole cost and expense, obtain a survey of the Land (“Survey”) prior to the end of the Due Diligence Period. At its option and at its sole cost, Buyer may obtain such updates or modifications of the Survey as Buyer deems
necessary or desirable. Buyer shall promptly provide Seller with copies of all such updates and modifications, and shall request that Seller be permitted to rely thereon as a named party. Seller intends to obtain, in connection with the application
for the issuance of the Temporary Certificate of Occupancy, at Seller’s sole cost and expense, an update of the Survey. Seller shall promptly provide Buyer with copies of any such update, and shall request, and Seller shall request that Buyer
be permitted to rely thereon as a named party. 
 5.2.3. Except for the foregoing and as otherwise expressly agreed in writing by
Seller, any item (i) reflected in the Title Commitment or the Survey which is not objected to by Buyer in writing prior to the end of the Due Diligence Period, or (ii) reflected in any update to the Title Commitment or Survey performed
after the end of the Due Diligence Period that is not objected to by Buyer in writing within three (3) Business Days following delivery to Buyer of such update, together with a copy of such new item (the parties hereby agree to extend the date
for Closing if necessary to provide such three (3) Business Day period to Buyer) shall be deemed to have been approved by Buyer and shall be Permitted Exceptions for all purposes under this Agreement. 

5.2.4. Seller shall, within three (3) Business Days after notice from Buyer of any title or survey matter to which Buyer is entitled
to object hereunder, notify Buyer in writing either (a) that Seller elects to cure said items by Closing, or (b) that Seller elects not to cure said items by Closing, provided, that, Seller shall be required to cure any item caused by
Seller and liquidated in amount, and, in the latter case, Buyer shall have the right to terminate this Agreement and receive a return of the Deposit by giving written notice of such termination to Seller on or before the later of (i) three
(3) Business Days after receipt of written notice from Seller of its election not to cure any such matters, or (ii) expiration of the Due Diligence Period. Buyer’s failure to so terminate this Agreement shall be deemed to be a waiver
of Buyer’s 

  
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objection to such unacceptable items that Seller has not agreed to cure, which shall become Permitted Exceptions hereunder. In the event that Seller elects to cure any such title or survey
matter, Seller shall have ten (10) days from such election to cure such items (except in the case of monetary liens, in which case Seller shall have until the time of Closing), and the parties hereby agree to extend the date for Closing if
necessary to provide such ten (10) day period to Seller. Seller may use a portion of the Purchase Price to effect such cure at Closing. In no event shall Seller be required to cure any lien arising out of Buyer’s Inspection Activities for
which Buyer is obligated to indemnify Seller under Section 5.1.3 above or which arises out of Buyer’s actions. 

5.2.5. Seller shall provide to the Title Company an owner’s title affidavit and gap indemnity in customary form in New York City and
otherwise reasonably satisfactory to the Title Company and Seller, such form to be agreed upon during the Due Diligence Period. Seller’s failure to provide the foregoing to the reasonable satisfaction of the Title Company shall be deemed a
failure of Buyer’s condition pursuant to Section 6.2 and Buyer shall have all rights and remedies provided for therein. 
 5.3. Operation of Hotel; Seller Covenants. Prior to Closing, unless Buyer consents otherwise, which consent will not be unreasonably withheld, conditioned or delayed, Seller shall: 

5.3.1. continue to maintain the insurance currently carried by Seller with respect to the Hotel. 

5.3.2. not enter into, amend or otherwise modify any Contract or Lease or Warranty unless (i) any such new Contract or such amendment
or modification to a Contract will not be binding after Closing, or (ii) any such new Contract, or amended or modified Contract is an extension or renewal of, or replacement for, a Contract existing as of the Effective Date on substantially
similar terms, and Seller shall promptly provide a true, correct and complete copy to Buyer of any such new, amended or modified Contract or new Lease or Warranty entered into in compliance with the foregoing. 

5.3.3. not take any action which would have a material and adverse impact on the condition of title to the Hotel; 

5.3.4. continue to cause the Hotel to be operated in compliance with applicable Environmental Laws and other applicable law; 

5.3.5. shall perform all material obligations on the part of the owner to be performed under all Contracts, Leases and Warranties;

 5.3.6. diligently cause the completion of the construction of the Hotel in compliance with the Approved Plans and
Specifications, and promptly provide Buyer with copies of any changes or modifications to the Approved Plans and Specifications together with Licensor’s approval thereof (if a New License Agreement with Licensor is being entered into as
contemplated by Section 5.7.1 hereof), such changes or modifications to be reasonably satisfactory to Buyer in the event no such New License Agreement will be entered into; 

  
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 5.3.7. use commercially diligent efforts to apply for and obtain a temporary or
unconditional final Certificate of Occupancy for the Hotel, subject, however, to Section 2.3 hereof, and all other Permits necessary for the operation of the Hotel, maintain such Certificate of Occupancy and all such other Permits in full force
and effect, and promptly provide Buyer with copies of the same as and when the foregoing are obtained; 
 5.3.8. after the
expiration of the Due Diligence Period, not to open or operate the Hotel as a hotel without the prior written approval of Buyer, provided that Seller may so open and operate the Hotel if the Closing hereunder has not occurred on the date for Closing
established pursuant to Section 7.1 hereof (as such date may be extended under Section 6.1.1 or 6.2 hereof), and Buyer agrees that Buyer shall not be entitled to seek to enjoin any such opening or operation permitted by this
Section 5.3.8; 
 5.3.9. at Buyer’s request, reasonably cooperate with Buyer, at no cost or expense to Seller, with
respect to its (or Buyer’s Designee or future tenant’s) application to the appropriate governmental authorities to have a liquor license issued in the name of Buyer (or Buyer’s Designee or future tenant); 

5.3.10. not amend, modify or terminate the License Agreement (except to the extent requested by Buyer); 

5.3.11. not remove or cause or permit to be removed any part or portion of the Improvements, including, without limitation, the
Furnishings, Consumables and Inventories, unless the same is replaced, prior to Closing, with similar items of at least equal suitability, quality and value, free and clear of any liens or security interests; 

5.3.12. in the event that Buyer has a reasonable legal basis to believe that the Hart-Scott-Rodino Antitrust Improvements Act of 1976
applies to the sale of the Hotel by Seller to Buyer under this Agreement, Seller shall cooperate with Buyer and take all action reasonably required to effect compliance with Hart-Scott Rodino, including, without limitation, submitting all required
filings in the time and manner required thereunder; and 
 5.3.13. if in writing requested to do so by Buyer prior to the
expiration of the Due Diligence, give notice of termination of any Contract or Lease which by its terms may be terminated by Seller without the imposition of a termination fee or penalty to Seller, it being agreed however, that such notice in each
instance shall be contingent upon closing hereunder. 
 5.4. Updates to Representations. Prior to Closing, Seller and
Buyer shall each promptly notify the other in writing if it becomes aware of any fact or condition that is inconsistent with any of Seller’s representations or warranties under this Agreement. Such representations and warranties shall
automatically be deemed modified to reflect all information actually known to Buyer prior to expiration of the Due Diligence Period. 
 5.5. Excluded Contracts. Seller shall cause all of the Excluded Contracts to be terminated with respect to the Hotel at or prior to Closing, provided that Seller’s obligation to terminate the
License Agreement shall be subject to satisfaction of the condition set forth in Section 5.7.3. 

  
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 5.6. Satisfaction of Conditions. Prior to Closing, Seller and Buyer shall each use
good faith, commercially reasonable efforts to satisfy the conditions to Closing set forth in ARTICLE 6. 
 5.7. New License
Agreement.  
 5.7.1. Buyer shall have the right, but not the obligation, to enter into a license or franchise
agreement with Licensor or any other Franchisor (a “New License Agreement”). Buyer shall not have discussions with Licensor without providing Seller with prior notice, and Seller shall reasonably cooperate with Buyer in facilitating any
such discussions. 
 5.7.2. The parties agree that in the event that Buyer notifies Seller in writing that it does not desire to
enter into a License Agreement with Licensor and directs Seller to terminate the License Agreement or negotiate such termination (which direction must be given, if at all, prior to the end of the Due Diligence Period) and Licensor charges Seller a
fee or cost reasonably classified as a “transfer,” “administrative” or other consent or termination fee or requires the payment of liquidated damages to Licensor as a condition to terminating the existing License Agreement,
and/or Licensor charges Buyer a fee for entering into a New License Agreement with Licensor (any of the foregoing a “Licensor Fee”), such Licensor Fee shall be deemed an expense of Buyer to be paid by Buyer at or prior to Closing, and
Buyer agrees to increase the Second Deposit by the estimated Licensor Fee. Buyer acknowledges and agrees that the Closing is not contingent on Buyer’s ability to obtain a New License Agreement or on Seller’s ability to terminate the
License Agreement, and Seller shall have no liability in connection therewith. Seller agrees to use commercially reasonable efforts to obtain a release or other evidence of termination from Licensor in the event the License Agreement is terminated.

 ARTICLE 6. CONDITIONS TO CLOSING 
 6.1. Buyer’s Conditions to Closing. The obligation of Buyer to consummate the Closing shall be subject to the satisfaction of each of the following conditions, any or all of which may be
waived in whole or in part by Buyer: 
 6.1.1. Each of Seller’s representations and warranties set forth in this Agreement
(as modified by all modifications and updates expressly permitted by ARTICLE 3 or deemed to have been made by the second sentence of Section 5.4) shall be true and correct in all material respects as of the Closing Date (provided, however, that
Seller may extend the Closing Date for up to five (5) days in order to give Seller the opportunity to cure any material inaccuracies). This condition shall not be deemed to be satisfied if any modification or update otherwise permitted by
ARTICLE 3 is made or deemed to have been made by the second sentence of Section 5.4 (and not cured by Seller to Buyer’s satisfaction) following the expiration of the Due Diligence Period that (a) discloses an Action that satisfies any
of clauses (i) through (iii) of the first sentence of Section 3.5, or (b) modifies Seller’s representations and warranties in a manner that has a material effect on the value or operations of the Hotel or Seller’s
ability to transfer the Hotel to Buyer, as determined by Buyer in its reasonable discretion. 
 6.1.2. Seller shall have
performed all of its material obligations and complied with all of its material covenants under this Agreement required to have been performed or complied with at or prior to Closing, and not taken or caused to be taken any action prohibited by this
Agreement prior to Closing, including, without limitation, Seller’s covenants and obligations under Section 5.3 and 7.2. 

  
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 6.1.3. The Title Company shall be prepared to issue to Buyer (upon payment of the customary
and normal premiums by Buyer and delivery of an owner’s title affidavit, gap indemnity and any required escrows as described in Section 5.2 by Seller), immediately upon consummation of Closing, an ALTA 2006 owner’s policy (with
standard NY endorsement appended) of title insurance based upon the Title Commitment insuring Buyer as fee owner of the Hotel, as of the Closing Date (and without any gap or other exception with respect to matters arising between the Closing Date
and the recording of the deed of conveyance described in Section 7.2.1), subject only to the Permitted Exceptions in an amount equal to the portion of the Purchase Price that is allocable to the real property comprising the Hotel. 

6.1.4. Seller shall have provided to Buyer a copy of an unconditional final Certificate of Occupancy for the Hotel or a Temporary
Certificate of Occupancy for the Hotel which Certificate of Occupancy shall permit the opening for business of the Hotel as a hotel containing not fewer than 115 guest rooms and the operation thereof for its intended use, and which be in full force
and effect and which shall be reasonably acceptable to Buyer, subject, however, to the establishment of an escrow as further set forth in Section 2.3 hereof. 
 6.1.5. Seller shall have substantially completed the construction of the Hotel in accordance with the Approved Plans and Specifications an obtained a Certificate of Substantial Completion from the
architect, subject, however, to the establishment of an escrow as further set forth in Section 2.4 hereof. 
 6.2.
Failure of Buyer’s Condition. In the event of the failure of any condition set forth in Section 6.1, Buyer, at its sole election, may (i) terminate this Agreement and receive a return of the Deposit, (ii) seek specific
performance of Seller in accordance with Section 8.3.2, (iii) waive the condition and proceed to Closing, or (iv) extend the Closing Date for such additional period of time (not to exceed five (5) days in the aggregate) as may be
reasonably required to allow such condition to be satisfied. Nothing set forth in this Section 6.2 shall affect Buyer’s rights or remedies under Section 8.3 with respect to any breach of this Agreement by Seller. 

6.3. Seller’s Conditions to Closing. The obligation of Seller to consummate the Closing shall be subject to the satisfaction
of each of the following conditions, any or all of which may be waived in whole or in part by Seller: 
 6.3.1. Each of
Buyer’s representations and warranties set forth in this Agreement shall be true and correct in all material respects as of the Closing Date. 
 6.3.2. Each of Buyer’s representations and warranties set forth in this Agreement shall be true and correct in all material respects as if made by Buyer’s Designee as of the Closing Date.

 6.3.3. Buyer shall have performed all of its material obligations under this Agreement required to have been performed at or
prior to Closing. 

  
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 6.4. Failure of Seller’s Condition. In the event of the failure of any condition
precedent set forth in Section 6.3, Seller, at its sole election, may (i) terminate this Agreement, in which event the Deposit will be released to Seller, (ii) waive the condition and proceed to Closing, or (iii) extend the
Closing Date for such additional period of time (not to exceed ten (10) days in the aggregate) as may be reasonably required to allow Buyer to satisfy such condition. Nothing set forth in this Section 6.4 shall affect Seller’s rights
or remedies under Section 8.2 with respect to any breach of this Agreement by Buyer. 
 ARTICLE 7. CLOSING

 7.1. Closing. 
 7.1.1. Closing shall be held on the first mutually acceptable Business Day that is no later than five (5) days after the date on which an unconditional Final Certificate of Occupancy or a Temporary
Certificate of Occupancy is issued by the City of New York, subject, however, to Section 2.3 hereof and further subject to extension as expressly provided in this Agreement. Notwithstanding the foregoing on anything in this Agreement to the
contrary, in no event shall Closing occur (including any extensions) later than October 31, 2011, and if Closing has not occurred on or prior to such date, then this Agreement shall be deemed terminated and the Deposit shall be returned to
Buyer, and Seller and Buyer shall have no obligations with respect to the other party except for those obligations which expressly survive termination of this Agreement. 
 7.1.2. Closing shall be conducted through an escrow with Escrow Agent, and Seller and Buyer shall execute (or cause their counsel to execute) such additional instructions to Escrow Agent as may be
required in connection therewith. The parties shall deposit documents and funds with Escrow Agent such that the Purchase Price (as debited and credited pursuant to ARTICLE 10) shall be wire transferred into a bank account or accounts designated by
Seller no later than 5:00 p.m. Eastern Time on the Closing Date. 
 7.2. Seller’s Closing Deliveries. At or prior to
Closing, Seller shall deliver to Escrow Agent the following: 
 7.2.1. A “bargain and sale” deed substantially in the
form of Exhibit A conveying the fee estate in the Land and Improvements, with such modifications as are required by local law so that such deed will be in recordable form, duly executed and acknowledged by Seller and dated as of the Closing
Date. 
 7.2.2. A bill of sale in the form of Exhibit B, transferring to Buyer all of Seller’s right, title and
interest in and to the Furnishings, Consumables, Inventories, Lease Deposits, Miscellaneous Hotel Assets, assignable Permits and assignable Intellectual Property, duly executed by Seller and dated as of the Closing Date. 

7.2.3. An assignment and assumption in the form of Exhibit C, transferring to Buyer all of Seller’s right, title and interest
in and to the Contracts duly executed by Seller and dated as of the Closing Date. 

  
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 7.2.4. Any transfer tax declarations, sales tax forms or similar documents required in
connection with any transfer tax imposed by the state, county or city in connection with the transaction, duly executed by Seller and dated as of the Closing Date. 
 7.2.5. A certificate, duly executed by Seller, confirming that (i) its representations and warranties set forth in this Agreement are correct as if made on the Closing Date (or noting any changes),
(ii) that the Excluded Contracts have been terminated in accordance with this Agreement and (iii) that the Schedules attached hereto remain unchanged as of the Closing Date (or noting any changes), provided, that, any changes to the
representations and warranties and the Schedules are subject to Section 6.1.1. 
 7.2.6. An owner’s title affidavit and
gap indemnity, in customary form in New York City and otherwise reasonably satisfactory to the Title Company and Seller, with respect to mechanics’ liens, duly executed by Seller, and lien waivers and certificate of substantial completion
signed by the general contractor, architect and engineer, as applicable, provided that such affidavit and gap indemnity shall not subject Seller to any material liabilities other than as required by Section 5.2. 

7.2.7. An affidavit, in the form required by the Code and the regulations issued pursuant thereto, to the effect that Seller is not a
foreign Person within the meaning of the Code. 
 7.2.8. Such evidence of the power and authority of Seller to consummate the
transactions described in this Agreement as may be reasonably required by Buyer or Title Company. 
 7.2.9. A written direction
to Escrow Agent to disburse the Deposit to Seller in accordance with Section 8.1.2.1. 
 7.2.10. To the extent within the
possession or control of Seller, original counterparts of the assignable Permits and Contracts. Presence of the foregoing items at the Hotel on the Closing Date shall constitute compliance with this Section 7.2.10. 

7.2.11. To the extent within the possession or control of Seller, all Miscellaneous Hotel Assets. Presence of the foregoing items at the
Hotel on the Closing Date shall constitute compliance with this Section 7.2.11. 
 7.2.12. A Settlement Statement in
accordance with Section 10.1.3, reflecting, among other things, that a portion of the Purchase Price will be retained by Escrow Agent for the Escrowed Amount and the Punchlist Escrowed Amount in accordance with Sections 2.3 and 2.4
respectively, together with payment of all other amounts required therein to be paid by Seller, duly executed by Seller. 

7.2.13. a complete set of keys, access codes and combinations for the Hotel, including, if applicable, safe deposit box codes and keys.

 7.2.14. possession of the Hotel subject only to the Permitted Exceptions. 

  
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 7.2.15. an affidavit in lieu of registration as required by Article 41 of Title D of Chapter
26 of the Administrative Code of the City of New York, duly executed by Seller in the form attached hereto as Exhibit E. 

7.2.16. All Furnishings, Consumables and Inventories; 
 7.2.17. The Escrow Agreement duly executed by Seller pursuant to and in accordance with Section 2.3 hereof. 
 7.2.18. The Punchlist Escrow Agreement duly executed by Seller pursuant to and in accordance with Section 2.4 hereof. 
 7.2.19. The Notification of Sale, Transfer or Assignment in Bulk, to the extent required by Section 11.7 hereof. 
 7.2.20. Such other documents and instruments as are customary and as may be reasonably requested by Buyer, Escrow Agent or Title Company, to effectuate the transactions contemplated by this Agreement.

 7.3. Buyer’s Closing Deliveries. At or prior to Closing, Buyer shall deliver to Escrow Agent the following:

 7.3.1. An assignment and assumption of the Contracts and Leases in the form of Exhibit C, duly executed by Buyer (or
Buyer’s Designee) and dated as of the Closing Date. 
 7.3.2. The Escrow Agreement duly executed by Buyer (or Buyer’s
Designee) pursuant to and in accordance with Section 2.3 hereof. 
 7.3.3. Any transfer tax declarations or similar
documents required in connection with any transfer tax imposed by the state, county or city in connection with the transaction, duly executed by Buyer (or Buyer’s Designee) and dated as of the Closing Date. 

7.3.4. A certificate, duly executed by Buyer (and Buyer’s Designee), confirming that Buyer’s representations and warranties set
forth in this Agreement are correct as if made by Buyer and Buyer’s Designee on the Closing Date (or noting any changes). 

7.3.5. Such evidence of the power and authority of Buyer and Buyer’s Designee to consummate the transactions described in this
Agreement as may be reasonably required by Seller or Title Company. 
 7.3.6. A written direction to Escrow Agent to disburse the
Deposit to Seller in accordance with Section 8.1.2.1. 
 7.3.7. The balance of the Purchase Price, as debited and credited
pursuant to ARTICLE 10. 
 7.3.8. A Settlement Statement in accordance with Section 10.1.3, duly executed by Buyer and
Buyer’s Designee. 

  
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 7.3.9. Such other documents and instruments as are customary and as may be reasonably
requested by Seller, Escrow Agent or Title Company to effectuate the transactions contemplated by this Agreement. 
 7.4.
Closing Costs. All title fees and premiums and all recordation, transfer, stamp and similar taxes imposed upon the recordation of the deed and any other documents contemplated by this Agreement shall be borne by Seller and Buyer as set forth in
Schedule 7.4. All escrow or settlement fees of Escrow Agent in connection with the Settlement Statement and True-up, shall be borne equally by Seller and Buyer. Seller and Buyer shall each bear its own counsel’s fees and expenses in
connection with the transactions described in this Agreement. Buyer shall pay all costs of Buyer’s due diligence investigations of the Hotel (including title insurance and survey costs), and all costs of Buyer’s financing. 

7.5. Indemnification. 
 7.5.1. Subject to any express provisions of this Agreement to the contrary, from and after Closing, Seller shall indemnify Buyer, Buyer’s Designee, and their respective directors, shareholders,
officers, employees, agents, partners, members, managers (including any property manager) and affiliates (collectively, “Buyer Indemnified Parties”), and shall hold Buyer Indemnified Parties harmless from and against, any and all Damages
paid or incurred by Buyer Indemnified Parties due to (i) any breach of any representation or warranty made by Seller in this Agreement or any other Transaction Document, (ii) any breach of any covenant to be performed from and after
Closing by Seller pursuant to any Transaction Document, and (iii) liabilities or injuries (including death) to any third party that are based upon any matter relating to the use, maintenance, operation or construction of the Hotel occurring
prior to the Closing Date. 
 7.5.2. Subject to any express provisions of this Agreement to the contrary, from and after Closing,
Buyer shall indemnify Seller and its respective directors, partners, officers and employees, agents, partners, members and affiliates (collectively, “Seller Indemnified Parties”), and shall hold Seller Indemnified Parties harmless from and
against, any and all Damages paid or incurred by Seller Indemnified Parties due to (i) any breach of any representation or warranty made by Buyer or Buyer’s Designee in this Agreement or any other Transaction Document, (ii) any breach
of any covenant to be performed from and after Closing by Buyer or Buyer’s Designee pursuant to any Transaction Document, and (iii) liabilities or injuries (including death) to any third party that are based upon any matter relating to the
use, maintenance, operation or construction of the Hotel occurring on or after the Closing Date. 
 7.5.3. The obligations of
Seller under Section 7.5.1 and of Buyer under Section 7.5.2 shall not extend to (a) any special, incidental, consequential or punitive damages, lost profits or business interruption, or (b) any loss or diminution of value in the
Hotel (except in the case of a breach of a representation or warranty by Seller). Unless Buyer has expressly assumed an obligation of Seller pursuant to the Transaction Documents, Buyer shall have no obligation for any obligations of Seller arising
in connection with the Hotel prior to the Closing Date, including, without limitation, any mechanic’s liens filed after the Closing Date but related to work performed prior to the Closing Date, and Seller shall be deemed to have agreed to
indemnify, defend and hold harmless Buyer and its employees, agents, members, partners, officers, directors, shareholders and affiliates from and against all liabilities, claims, costs, expenses and obligations (including reasonable attorney’s
fees) arising from the failure of Seller to perform any such obligation. The obligations of Seller and Buyer under this Section 7.5.3 shall survive closing hereunder. 

  
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 7.5.4. Notwithstanding anything to the contrary in this Agreement, Seller’s liability
under Section 7.5.1 shall not exceed an amount equal to One Million Dollars ($1,000,000.00), except for liability based upon actual fraud or intentional misrepresentation on the part of Seller. Further notwithstanding anything to the contrary
in this Agreement, Seller shall have no liability to Buyer Indemnified Parties under Section 7.5.1 except to the extent that the aggregate of all Damages paid or incurred by Buyer Indemnified Parties (and but for this sentence would be paid by
Seller pursuant to Section 7.5.1) as described in Section 7.5.1 exceeds Fifty Thousand Dollars ($50,000.00) [that is, where the aggregate of all Damages paid or incurred by Buyer Indemnified Parties exceeds an amount equal to Fifty
Thousand Dollars ($50,000.00), Seller shall pay only the Damages in excess of Fifty Thousand Dollars ($50,000.00)]. 
 7.5.5. The
Closing shall be deemed a full satisfaction by Seller and Buyer of all of their respective obligations and covenants under this Agreement (other than any post-Closing obligations of Seller or Buyer expressly set forth in this Agreement or the
Transaction Documents). Except for such post-Closing obligations and except for the representations and warranties of Seller and Buyer, all obligations of Seller and Buyer under this Agreement shall be deemed to terminate immediately upon Closing.
Notwithstanding anything to the contrary in this Agreement, any suit that is based upon the obligations of Seller under Section 7.5.1 must be instituted on or before the Survival Date, and Buyer waives and releases any right to bring suit after
such date. 
 7.5.6. Whenever either party shall learn through the filing of a claim or the commencement of a proceeding or
otherwise of the existence of any liability for which the other party is or may be responsible under this Section 7.5, the party learning of such liability shall notify the other party promptly and furnish such copies of documents (and make
originals thereof available) and such other information as such party may have that may be used or useful in the defense of such claims. The indemnified party shall afford the indemnifying party full opportunity to defend such claims, using counsel
reasonably acceptable to the indemnified party, in the name of the indemnified party and generally shall cooperate with the indemnifying party in the defense of such claim, provided that no such matter shall be settled without the prior written
consent of the indemnified party. 
 7.5.7. From and after Closing, except as otherwise expressly set forth in any Transaction
Document, the indemnification provisions in this Section 7.5 shall be the exclusive remedies of Seller and Buyer in connection with any of the matters described in this Section 7.5, the transaction described in this Agreement and/or the
Hotel, and each party hereby waives and releases any other rights or remedies it may have under applicable law or at equity in connection therewith. This Section 7.5 shall survive Closing. 

  
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 7.6. Survival. 

7.6.1. The representations, warranties and covenants of Seller and Buyer set forth in this Agreement shall survive Closing until the
Survival Date, and any action on any such representation, warranty or covenant must be instituted on or before the Survival Date. Notwithstanding the foregoing, all indemnities in this Agreement shall survive Closing indefinitely (but shall be
subject to applicable statutes of limitations), except where a shorter period is expressly provided in this Agreement. 
 7.6.2.
Notwithstanding any other provision of this Agreement, if at or prior to Closing Buyer obtains actual knowledge that any representation or warranty of Seller under this Agreement (as the same is modified pursuant to ARTICLE 3 or deemed to have been
modified by the second sentence of Section 5.4) is inaccurate in any respect, but nonetheless proceeds to Closing, Buyer shall be deemed to have waived any right to make a claim arising out of such inaccuracy. 

7.7. Checked Baggage. On the Closing Date, representatives of Seller and Buyer shall make a written inventory of any baggage and
similar items left at the Hotel (collectively, “Inventoried Baggage”). Buyer shall be responsible for, and shall indemnify the Seller Indemnified Parties against, any Damages incurred by any of the Seller Indemnified Parties with respect
to any theft, loss or damage to any Inventoried Baggage from and after the time of such inventory, and any other baggage or similar items left in the care of the Hotel on or after the Closing Date which was not inventoried. Seller shall be
responsible for, and shall indemnify the Buyer Indemnified Parties against, any Damages incurred by the Buyer Indemnified Parties with respect to any theft, loss or damage to any Inventoried Baggage prior to the time of such inventory, and any other
baggage or similar items left in the care of the Hotel prior to the Closing Date which was not inventoried. The indemnities set forth in this Section 7.7 shall survive Closing until the Survival Date, and shall be subject to the limitations set
forth in Section 7.5. 
 7.8. Safe Deposit Boxes. On or before the Closing Date, Seller shall notify any guests who
are then using a safe deposit box at the Hotel advising them of the pending change in the management of the Hotel and requesting them to conduct an inventory and verify the contents of such safe deposit box. All inventories by such guests shall be
conducted by Seller under, to the extent practicable, the joint supervision of representatives of Seller and Buyer. At Closing, all safe deposit boxes which are then in use but not yet inventoried by the depositor shall be opened in the presence of
Seller and, to the extent practicable, representatives of Seller and Buyer, and the contents thereof shall be inventoried. Following the inventory of each safe deposit box, Seller shall deliver to Buyer all keys, receipts and agreements for such
box. Buyer shall be responsible for, and shall indemnify the Seller Indemnified Parties against, any Damages incurred by any of the Seller Indemnified Parties with respect to any theft, loss or damage to the contents of any safe deposit box from and
after the time such safe deposit box is inventoried. Seller shall be responsible for, and shall indemnify the Buyer Indemnified Parties against, any Damages incurred by the Buyer Indemnified Parties with respect to any theft, loss or damage to the
contents of any safe deposit box prior to the time such safe deposit box is inventoried. The indemnities set forth in this Section 7.8 shall survive Closing until the Survival Date, and shall be subject to the limitations set forth in
Section 7.5. 

  
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 7.9. Further Assurances. From time to time after the Closing Date, Seller and Buyer,
without charge to the other, shall perform such other acts, and shall execute and acknowledge and shall furnish such other documents, instruments, materials and/or information that either such party or the Title Company reasonably may request in
order to effect the intent of, and the consummation of the transactions provided in, this Agreement. This paragraph (c) shall survive closing and the delivery of the deed of conveyance hereunder for a period of one (1) year. 

7.10. Possession. Seller agree to give to Buyer possession of the Property on the Closing Date, free and clear of all leases and
rights of occupancy (other than those expressly approved by Buyer) and subject only to the Permitted Exceptions. 
 7.11.
Risk of Loss. Except as provided in Section 5.1 and ARTICLE 9 hereof, the risk of loss shall be borne by Seller until the deed of conveyance hereunder is delivered to Buyer at Closing. 

ARTICLE 8. ESCROW, DEFAULT, REMEDIES 
 8.1. Escrow Terms. 
 8.1.1. Escrow Agent shall promptly give notice to Buyer
and Seller upon its receipt of any portion of the Deposit from Buyer in accordance with this Agreement. Escrow Agent shall invest the Deposit at such bank as Escrow Agent may elect and such bank and any investment of the Deposit shall be approved by
Buyer and Seller. Escrow Agent shall not be liable for any loss of such investment (unless due to Escrow Agent’s gross negligence, recklessness or willful misconduct). All interest on the Deposit shall be treated by Escrow Agent for income tax
purposes as earned by Buyer, and Buyer shall provide its tax identification number to Escrow Agent for this purpose. 
 8.1.2.
Escrow Agent shall deliver the Deposit to Seller or to Buyer, as the case may be, under the following conditions: 
 8.1.2.1.
the Deposit shall be delivered to or at the direction of Seller at Closing upon receipt by Escrow Agent of a statement executed by Seller and Buyer that the Deposit may be so released; or 

8.1.2.2. the Deposit shall be delivered to Seller following receipt by Escrow Agent of written demand therefor from Seller, stating that
Buyer has defaulted in the performance of its obligations under this Agreement and specifying the Section of this Agreement which entitles Seller to receive the Deposit, if Buyer shall not have given written notice of objection in accordance with
Section 8.1.3; or 
 8.1.2.3. the Deposit shall be delivered to Buyer following receipt by Escrow Agent of written demand
therefor from Buyer stating that Seller has defaulted in the performance of its obligations under this Agreement or that this Agreement was terminated under circumstances entitling Buyer to the return of the Deposit, and specifying the Section of
this Agreement which entitles Buyer to the return of the Deposit, if Seller shall not have given written notice of objection in accordance with Section 8.1.3; or 

  
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 8.1.2.4. the Deposit shall be delivered as directed by joint written instructions of Seller
and Buyer. 
 8.1.3. Upon the filing of a written demand for the Deposit by Seller or Buyer pursuant to Section 8.1.2.2 or
8.1.2.3, Escrow Agent shall promptly give notice thereof (including a copy of such demand) to the other party. The other party shall have the right to object to the delivery of the Deposit, by giving notice of such objection to Escrow Agent at any
time within five (5) Business Days after such party’s receipt of notice from Escrow Agent, but not thereafter. Failure to deliver such objection notice within such period shall be deemed to be a waiver of such party’s right to object
to Escrow Agent’s compliance with such demand. Such objection notice shall set forth the basis for objecting to the delivery of the Deposit. Upon receipt of such notice of objection, Escrow Agent shall promptly give a copy of such notice to the
party who filed the written demand. The foregoing five (5) Business Day period does not constitute a cure period in which either Seller or Buyer, as the case may be, shall be required to accept tender of cure of any default under this
Agreement. 
 8.1.4. If Escrow Agent shall have received the notice of objection provided for in Section 8.1.3 within the
time therein prescribed, Escrow Agent shall continue to hold the Deposit until (i) Escrow Agent receives written notice from Seller and Buyer directing the disbursement of the Deposit, in which case Escrow Agent shall then disburse the Deposit
in accordance with said direction, or (ii) litigation is commenced between Seller and Buyer, in which case Escrow Agent shall deposit the Deposit with the clerk of the court in which said litigation is pending, or (iii) Escrow Agent takes
such affirmative steps as Escrow Agent may elect, at Escrow Agent’s option, in order to terminate Escrow Agent’s duties hereunder (but in no event disbursing the Deposit to either Seller or Buyer), including depositing the Deposit in court
and commencing an action for interpleader, the costs thereof to be borne by whichever of Seller or Buyer is the losing party. 

8.1.5. Escrow Agent is acting as a stakeholder only with respect to the Deposit, shall not be required to determine questions of fact or
law, and shall incur no liability under this Agreement except for its willful misconduct, recklessness or gross negligence. Escrow Agent may rely and act upon any instrument or other writing reasonably believed by Escrow Agent to be genuine and
purporting to be signed and presented by any Person or Persons purporting to have authority to act on behalf of Seller or Buyer, as the case may be, and shall not be liable in connection with the performance of any duties imposed upon Escrow Agent
by the provisions of this Agreement, except for Escrow Agent’s own gross negligence, willful misconduct or default. Escrow Agent shall have no duties or responsibilities except those set forth herein. Escrow Agent shall not be bound by any
modification or termination of this Agreement unless the same is in writing and signed by Buyer and Seller, and, if Escrow Agent’s duties hereunder are affected, unless Escrow Agent shall have given prior written consent thereto. Escrow Agent
shall be indemnified against and reimbursed by Seller and Buyer for any expenses (including reasonable attorneys’ fees and disbursements of outside counsel, including all of Escrow Agent’s fees and expenses with respect to any interpleader
action pursuant to Section 8.1.4) incurred in connection with this Agreement, and such liability shall be joint and several; provided that, as between Buyer and Seller, the prevailing party in any dispute over the Deposit shall be entitled to
reimbursement of any such expenses paid to Escrow Agent. In the event that Escrow Agent shall be uncertain as to Escrow Agent’s duties or rights under this ARTICLE 8, or shall receive instructions from Buyer or Seller that, in Escrow
Agent’s sole opinion, are in conflict with any of the provisions hereof, Escrow Agent shall be entitled to continue to hold the Deposit pursuant to Section 8.1.4, and may decline to take any other action. 

  
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 8.1.6. Escrow Agent shall have the right at any time to resign upon ten (10) Business
Days prior notice to Seller and Buyer. Seller and Buyer shall jointly select a successor Escrow Agent and shall notify Escrow Agent of the name and address of such successor Escrow Agent within ten (10) Business Days after receipt of notice
from Escrow Agent of its intent to resign. If Escrow Agent has not received notice of the name and address of such successor Escrow Agent within such period, Escrow Agent shall have the right to select on behalf of Seller and Buyer a bank or trust
company to act as its successor hereunder. At any time after the ten (10) Business Day period, Escrow Agent shall have the right to deliver the Deposit to any successor selected hereunder, provided such successor shall execute and deliver to
Seller and Buyer an assumption agreement whereby it assumes all of Escrow Agent’s obligations hereunder. Upon the delivery of all such amounts and such assumption agreement, the successor shall become the Escrow Agent for all purposes under
this Section 8.1 and shall have all of the rights and obligations of the Escrow Agent under this Section 8.1, and the resigning Escrow Agent shall have no further responsibilities or obligations hereunder. 

8.2. Buyer’s Default. If Buyer defaults in its obligation to close the transaction in accordance with this Agreement and
Seller elects not to proceed to Closing, and if such default is not cured and/or such condition is not satisfied within five (5) days after Seller has given Buyer written notice of the same, then the Escrow Agent shall, subject to
Sections 8.1.3 and 8.1.4, pay the Deposit to Seller, as full and complete liquidated damages, and as the exclusive and sole right and remedy of Seller. Upon payment of the Deposit to Seller pursuant to this Section 8.2, this Agreement
shall terminate and neither party shall have any further obligations or liabilities to the other party, except for obligations that expressly survive termination of this Agreement. Buyer acknowledges that Seller’s actual damages caused by
Buyer’s default in its obligation to proceed to Closing would be difficult to determine precisely and that the Deposit, as liquidated damages, is a fair and reasonable approximation. Seller hereby waives any right to recover damages (whether
actual, consequential, punitive or other) as a result of Buyer’s default in its obligation to close the transaction in accordance with this Agreement, except for the liquidated damages as described in this Section 8.2. 

8.3. Seller’s Default. If Seller defaults in its obligation to proceed to Closing in accordance with this Agreement, or if
any condition set forth in Section 6.1.1 is not satisfied, or the representations and warranties of Seller set forth in this Agreement shall not be true and correct in any material respect as and when made, and Buyer elects not to proceed to
Closing, and if such default is not cured and/or such condition is not satisfied within five (5) days after Buyer has given Seller written notice of the same, then Buyer shall be entitled, as its sole remedy, subject to Sections 8.1.3 and
8.1.4, to elect either: 
 8.3.1. to terminate this Agreement in which event the Deposit (including any and all interest accrued
thereon) promptly shall be returned to Buyer, and neither party shall have any further obligations or liabilities to the other party, except for obligations that expressly survive termination of this Agreement; or 

  
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 8.3.2. to seek specific performance of, but, except as set forth in Section 8.3.3
below, not damages from, Seller, including without limitation, filing a lis pendens, provided, that, if any such action for specific performance shall not be filed by Buyer within sixty (60) days of the date scheduled for closing hereunder,
then Buyer conclusively shall be deemed to have waived its right of specific performance hereunder. 
 8.3.3. Buyer hereby waives
any right to recover damages (whether actual, consequential, punitive or other) as a result of Seller’s default in its obligation to proceed to Closing in accordance with this Agreement or as a result of any condition set forth in
Section 6.1.1 not being satisfied. This Section 8.3 is not intended to supersede the indemnity provisions of Section 11.5 hereof, and Buyer shall have all rights and remedies available to Buyer under this Agreement and at law or in
equity with respect to a Seller default under Section 11.5 hereof. Notwithstanding the foregoing, in the event that Buyer shall seek specific performance of Seller’s obligation to convey the Hotel hereunder and Seller shall open the Hotel
for business as and to the extent permitted by Section 5.3.8 hereof, then Buyer shall have the right to seek monetary damages from Seller (in an amount not to exceed Ten Thousand Dollars ($10,000.00) per month) for any losses actually incurred
by Seller as a result of the operation for business of the Hotel by Seller during the period commencing upon such opening for business and ending on the date the actual Closing occurs; provided, however, that if Buyer is unsuccessful in seeking such
specific performance, then Buyer shall have no right to such damages. 
 ARTICLE 9. CASUALTY AND CONDEMNATION 

9.1. Notice to Buyer. Seller shall give Buyer notice of the following promptly upon becoming aware of the same: (i) any
pending or threatened condemnation affecting the Hotel prior to Closing, and (ii) any material fire or other casualty affecting the Hotel and occurring prior to Closing. 
 9.2. Effect of Casualty or Condemnation. 
 9.2.1. If prior to Closing,
(i) condemnation proceedings are commenced against all or any portion of the Hotel, and such proceedings do not materially adversely affect the continued operation of the Hotel in substantially the same manner as the Hotel is operated on the
Effective Date, or (ii) the Hotel is damaged by fire or other casualty to the extent that the cost of repairing such damage is reasonably estimated by Seller and Buyer, each acting reasonably and in good faith, to be five percent (5%) of
the Purchase Price or less, then this Agreement shall continue in full force and effect and the Purchase Price shall not be reduced except as hereinafter set forth, but Buyer shall be entitled to an assignment of all of the proceeds payable to
Seller of fire or other casualty insurance (other than those proceeds expended by or on behalf of Seller prior to Closing to restore the Hotel), all business interruption insurance proceeds (if any) payable with respect to the period from and after
Closing, and all condemnation awards payable to Seller (other than any portion of the award in respect of income lost prior to Closing or expended by or on behalf of Seller prior to Closing to restore the Hotel or in connection with the collection
of the award), as the case may be, and Seller shall have no obligation to repair or restore the Hotel; provided, however, that in the case of any insured casualty, the Purchase Price shall be reduced by the “deductible” applied by
Seller’s insurer with respect to such fire or casualty and not paid by Seller prior to Closing. 

  
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 9.2.2. If prior to Closing, (i) condemnation proceedings are commenced against all or
any material portion of the Hotel and such proceedings are not covered by Section 9.2.1, or (ii) the Hotel is damaged by fire or other casualty and such damage is not covered by Section 9.2.1, Buyer shall have the right, upon notice
in writing to Seller delivered within ten (10) days after Seller gives Buyer notice of such matter as described in this Section 9.2.2, to terminate this Agreement, whereupon this Agreement shall terminate, Escrow Agent shall return the
Deposit to Buyer and neither party to this Agreement shall thereafter have any further rights or liabilities under this Agreement other than those that expressly survive termination of this Agreement. If Buyer does not timely elect, or is not
entitled, to terminate this Agreement as set forth above, the Purchase Price shall not be reduced except as hereinafter set forth, but Buyer shall be entitled to an assignment of all of the proceeds payable to Seller of fire or other casualty
insurance (other than those proceeds expended by or on behalf of Seller prior to Closing to restore the Hotel), all business interruption insurance proceeds (if any) payable with respect to the period from and after Closing, and all condemnation
awards payable to Seller (other than any portion of the award in respect of income lost prior to Closing or expended by or on behalf of Seller prior to Closing to restore the Hotel or in connection with the collection of the award), as the case may
be, and Seller shall have no obligation to repair or restore the Hotel; provided, however, that in the case of any insured casualty, the Purchase Price shall be reduced by the “deductible” applied by Seller’s insurer with respect to
such fire or casualty and not paid by Seller prior to Closing. 
 9.2.3. The provisions of this Section 9.2 are intended to
supersede the provisions of any applicable statutory or decisional law with respect to the subject matter of this Section 9.2. 
 9.3. Extension of Closing Date. If necessary to allow Buyer the full ten (10) day period described in Section 9.2.2, the Closing Date shall be automatically extended until three
(3) Business Days after Buyer has made, or has or is deemed to have waived, its election pursuant to Section 9.2.2. 

ARTICLE 10. PRORATIONS 
 10.1. Prorations Generally. [UNDER REVIEW BY BUYER; IF WE ARE IN AGREEMENT THAT THE HOTEL WILL NOT BE OPENED OR OPERATED PRIOR TO CLOSING, WE CAN PAIR THIS ARTICLE DOWN SIGNIFICANTLY.] 

10.1.1. Seller and Buyer shall receive debits and credits against the Purchase Price pursuant to this ARTICLE 10. In the case of any
adjustment to be made at Closing, the portion of the Purchase Price payable pursuant to Section 2.2.2.4 shall be increased or decreased to reflect such adjustment. In the case of any adjustment to be made after Closing, Buyer and Seller shall
make such adjustment by payment of immediately available funds to the other party at the True-up (or such earlier date as may be expressly provided in this Agreement) or in the case of adjustments after the True-up, within five (5) days of the
date such adjustment is determined. Seller and Buyer acknowledge and agree that the sale of the Hotel is intended to occur prior to the opening and operation of the Hotel for business (subject to the provisions of Section 5.3.8 hereof) and
therefore many of the following provisions of this Section 10.1 may not be applicable. 

  
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 10.1.2. Except as otherwise expressly set forth in this ARTICLE 10, all items of income and
expense of the Hotel with respect to the period prior to the Apportionment Time shall be for the account of Seller, and all items of income and expense of the Hotel with respect to the period after the Apportionment Time shall be for the account of
Buyer. Except as otherwise expressly set forth in this ARTICLE 10, all prorations shall be on an accrual basis in accordance with generally accepted accounting principles, and based on the actual number of days in the applicable period. 

10.1.3. All income and expenses described in this ARTICLE 10 that can be determined or estimated on the Closing Date shall be so
determined or estimated by the Seller and Buyer based on a final night audit performed by the Seller and Buyer, and shall be set forth on a settlement statement (the “Settlement Statement”) executed by Seller and Buyer at Closing.
Following close of the month during which the Closing occurs, Buyer shall prepare and issue an accounting for the portion of such month following the Closing (“Final Accounting”). Buyer and Seller shall each have the right to have their
respective accountants review drafts of the Final Accounting such that the Final Accounting accurately reflects the operations of the Hotel for such portion of the month following Closing. A final determination of all income and expenses
(“True-up”) shall occur on the date that is thirty (30) days after the Final Accounting, and within five (5) days of the True-up, Seller or Buyer, as the case may be, shall pay to the other the amount as may be required by the
True-up. At the True-up, Seller and Buyer shall recalculate and reapportion any income and expenses (i) which were not apportioned on the Settlement Statement because of the unavailability of information, (ii) which were apportioned on the
Settlement Statement based upon estimated or incomplete information, or (iii) for which errors exist on the Settlement Statement. The True-up shall be final and except as otherwise expressly set forth in this Agreement there shall be no further
adjustment between Seller and Buyer for income and expenses. 
 10.2. Rules for Specific Items of Income and Expense.

 10.2.1. Seller shall receive a credit for all cash in the cash registers, vaults, safes (other than that belonging to guests),
petty cash boxes, vending machines and coin-operated devices at the Hotel as of the Apportionment Time. Seller shall withdraw all cash in operating accounts for the Hotel as of the Apportionment Time. 

10.2.2. The final night’s room revenue (revenue from rooms occupied on the evening preceding the Closing Date), any taxes thereon,
and any in-room telephone, movie and similar charges for such night, shall be allocated 50% to Seller and 50% to Buyer. 

10.2.3. The final night’s revenue from food, beverage and other restaurant, bar and similar revenue, and taxes thereon, to the
closing hours of facility operations which commenced on the day prior to the Closing Date shall be allocated to Seller. 

10.2.4. Seller shall receive a credit for, and Buyer shall purchase from Seller, the Guest Ledger. Such credit shall equal the amount of
the Guest Ledger (or 50% thereof in the case of the final night’s room revenue), less credit card charges, travel company charges and similar commissions. 

  
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 10.2.5. Seller shall receive a credit for, and Buyer shall purchase from Seller, all
accounts receivable (other than the Guest Ledger) that are less than one hundred twenty (120) days past due. Such credit shall equal the amount of the accounts receivable, less (i) credit card charges, travel company charges and similar
commissions and (ii) on all accounts receivable other than credit card receivables, a discount for uncollectible amounts based on the Hotel’s historic reserve for uncollectible amounts for receivables that are less than one hundred twenty
(120) days past due. 
 10.2.6. Except as set forth in Sections 10.2.4 and 10.2.5, all accounts receivable for all periods
prior to the Apportionment Time shall remain the property of Seller. From Closing until the date which is six (6) months after the Closing Date, Buyer shall use commercially reasonable efforts (in no event to include bringing legal action or
engaging a collection agent) to collect in the ordinary course of business all such accounts receivable (other than accounts receivable from credit card companies that shall be collected directly by Seller). With regard to any collection made from
any Person that is indebted to the Hotel with respect to accounts receivable incurred both prior to and from and after the Apportionment Time, such collection shall be applied to the oldest accounts receivable first unless the payor designates
otherwise in writing. Periodically (but no less frequently than monthly), Buyer shall submit to Seller all amounts received in respect of such accounts receivable, together with an itemization of such accounts receivable. Promptly following the date
which is six (6) months after the Closing Date, Buyer shall deliver to Seller an itemization of such accounts receivable which remain unpaid, together with copies of the files pertaining to such accounts receivable. In the event Buyer receives
any amounts in respect of such accounts receivable after such date which relate to accounts receivable for all periods prior to the Apportionment Time, Buyer shall promptly remit the same to Seller. 

10.2.7. Seller shall receive a credit (based upon the original net invoice price paid) for all full, unopened Consumables at the Hotel as
of the Apportionment Time. For this purpose, an individual container shall not be considered opened if the container itself is not opened but the crate, box or pallet including such container and other similar containers shall have been opened. The
amount of such credit shall be based on an actual inventory of such Consumables by Seller’s and Buyer’s representatives. Notwithstanding the foregoing, Seller shall not be entitled to a credit for Consumables that are damaged, obsolete or
otherwise not usable in the operation of the Hotel. 
 10.2.8. Seller shall receive a credit (based upon the original net invoice
price paid) for all Inventories at the Hotel as of the Apportionment Time. The amount of such credit shall be based on an actual inventory of such Inventories by Seller’s and Buyer’s representatives. Notwithstanding the foregoing, Seller
shall not be entitled to a credit for Inventories that are damaged, obsolete or otherwise not usable in the operation of the Hotel. 
 10.2.9. Seller shall receive a credit for all deposits made by or on behalf of Seller as of the Apportionment Time as security under any Contract, utility, public service or other arrangement to the
extent the same remains on deposit for the benefit of Buyer. 
 10.2.10. Seller shall receive a credit for prepaid expenses as of
the Apportionment Time, including prepaid expenses under assigned Contracts and fees for assignable Permits, but only to the extent such prepaid expenses or fees are incurred under Contracts or Permits assigned to and assumed by Buyer pursuant to
the Transaction Documents. 

  
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 10.2.11. Rent and all other amounts actually received from tenants under any space leases or
licenses, including, without limitation, any Lease Deposits, shall be apportioned between Seller and Buyer as of the Apportionment Time. If any arrearage exists under any space lease or license as of the Closing Date, any amounts collected on or
after the Closing Date with respect to such space lease or license shall be applied first to amounts then due and payable under such space lease or license with respect to the period from and after the Closing Date, and thereafter to any amounts
then due and payable under such space lease or license with respect to periods prior to the Closing Date. 
 10.2.12. All sales,
use, rooms, occupancy, entertainment, excise and similar taxes, personal property taxes, ad valorem real estate taxes, special assessments and other taxes, levies, and assessments, municipal permit fees and all assessments and other costs and
expenses in respect of the Hotel shall be apportioned between Seller and Buyer as of the Apportionment Time. If the exact amount of such taxes cannot be determined at Closing, such apportionment shall be based upon Seller’s and Buyer’s
reasonable estimates of such taxes, subject to readjustment upon the later of (i) the True-up and (ii) the date that actual taxes can be determined. 
 10.2.13. All amounts under the Contracts assigned to and assumed by Buyer pursuant to the Transaction Documents shall be apportioned between Seller and Buyer as of the Apportionment Time. 

10.2.14. Water, sewer, vault, fuel, electricity, gas, and other utilities shall be apportioned between Seller and Buyer as of the
Apportionment Time. 
 10.2.15. Buyer shall receive a credit for all deposits or advance payments received by Seller prior to the
Closing Date in respect of the occupancy or use, after the Apportionment Time, of rooms, suites, banquet and meeting rooms, convention facilities and other facilities in the Hotel, or catering, food service and other services performed at the Hotel.

 10.2.16. Buyer shall receive a credit for all accounts payable owing for goods and services furnished prior to the
Apportionment Time. Buyer shall pay all accounts payable relating to goods and services for which orders have been placed but, as of the Apportionment Time, such goods and services have not yet been delivered or provided. 

10.2.17. Except as otherwise expressly provided in this Agreement, there shall be no proration or adjustment for employee-related costs
and expenses, including wages and salaries, bonuses, incentive compensation, commissions, workers’ compensation, sick pay, dues, vacation, pension and retirement payments (including any matching, profit sharing or other employer contributions
to any defined contribution pension plan, any minimum funding contributions to any defined benefit pension plan and any employer contributions to any multiemployer plan), deferred compensation, remuneration in any other form (including any type of
employee benefit or insurance), severance and payroll taxes payable on any such employee compensation or remuneration. 

  
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 10.2.18. Seller shall retain the account or accounts that hold funds comprising any
“Reserve Fund,” “FF&E reserve,” “reserve for replacements”. 
 10.2.19. If there are
outstanding any commitments for the use of free room nights at the Hotel (other than free rooms to be provided through IHG’s frequent guest reward program or IHG’s associate program), then at Closing, Buyer shall receive a credit equal to
(i) the number of free room nights so committed, multiplied by (ii) the average rooms department cost (as estimated by Seller per occupied room at the Hotel for the twelve months prior to Closing. If there are outstanding any commitments
for free food and beverages at the Hotel (other than free food and beverages to be provided through IHG’s frequent guest reward program or other IHG corporate-level programs), then at Closing, Buyer shall receive a credit equal to the face
value of such commitments. 
 10.2.20. All other expenses incurred in the ordinary course of business customarily prorated in the
sale of a hotel shall be prorated at Closing and thereafter assumed by Buyer. 
 10.3. Tax Appeals. 

10.3.1. If any appeal of any taxes or assessments is pending as of the Closing Date with respect to any tax period that has closed prior
to the Closing Date, Seller shall be entitled to receive any rebate or credit resulting from such appeal, and shall pay all expenses of prosecuting such appeal. 
 10.3.2. If any appeal of any taxes or assessments is pending as of the Closing Date with respect to the period in which the Closing Date occurs (“Current Year Tax Appeal”), such taxes or
assessments shall be re-prorated between Seller and Buyer as of the Apportionment Time in accordance with the results of such Current Year Tax Appeal. After Closing, Seller and Buyer shall cooperate in the prosecution of each Current Year Tax
Appeal, if any, provided, that, Buyer shall control such prosecution to completion thereof and to settle or compromise any claim related thereto in its sole discretion. All third party costs and fees incurred in connection with any Current Year Tax
Appeal, including legal fees and expenses, shall be paid by Seller to the extent due and payable prior to the Closing Date, and shall be paid by Buyer to the extent due and payable on or after the Closing Date, but upon completion of the Current
Year Tax Appeal, all such costs and fees shall be prorated between Buyer and Seller in the same proportion as they bear re-prorated taxes and assessments. 
 10.4. Transaction Taxes. Seller shall be responsible for its federal and state income, franchise and similar taxes applicable to the transactions contemplated by this Agreement. Buyer shall be
responsible for any bulk sales taxes, personal property sales taxes, and similar taxes applicable to the transactions contemplated by this Agreement. 
 10.5. Reserved. 
 10.6. Disputes with Respect to Adjustments. If
Seller and Buyer, each acting reasonably and in good faith, cannot resolve any issue with respect to the adjustments described in this ARTICLE 10, they shall submit such issue for binding resolution by a nationally recognized accounting firm
mutually acceptable to both parties (“Accounting Firm”). The 

  
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parties shall bear equally all fees and expenses of the Accounting Firm in connection with the resolution of such issue, and each party shall bear its own legal, accounting and other fees and
expenses incurred in connection with the resolution of the issue by the Accounting Firm. Such resolution shall be final and binding on the parties and judgment may be entered upon such resolution in any court having jurisdiction thereof. Seller and
Buyer agree that the proceeding described in this Section 10.6 shall be conducted in Bethesda, Maryland. 
 10.7.
Revenue Contracts and Reservations. Subject to the terms and provisions of Section 5.3 hereof, from and after Closing, Buyer shall honor all revenue contracts and reservations relating to the Hotel that (i) have been entered into as of
the expiration of the Due Diligence Period, or (ii) are entered into after the expiration of the Due Diligence Period consistent with the historical practices of the Hotel. 

10.8. Survival. This ARTICLE 10 shall survive Closing for a period of [one (1)] year after the Closing Date, except that no
limitation on survival shall apply to Section 10.3. 
 ARTICLE 11. MISCELLANEOUS 

11.1. Assignment. This Agreement shall bind and inure to the benefit of Seller and Buyer and their respective heirs, executors,
administrators, personal and legal representatives, successors and permitted assigns. Buyer may, without Seller’s consent, assign its rights under this Agreement to an entity controlled by, controlling or under common control with Buyer. Except
to the extent otherwise expressly permitted herein, Buyer shall not otherwise assign Buyer’s rights under this Agreement without the prior written consent of Seller, which consent may be withheld absolutely. Any subsequent assignment may be
made only with the prior written consent of Seller. No assignment of Buyer’s rights hereunder made with Seller’s consent shall relieve Buyer of its liabilities under this Agreement. This Agreement is solely for the benefit of Seller and
Buyer; there are no third party beneficiaries hereof (except to the extent expressly provided otherwise herein). Any assignment of this Agreement in violation of the foregoing provisions shall be null and void. Seller may freely assign this
Agreement, or any right, duty or partial interest therein, to any Person, and Buyer agrees to pay the Purchase Price to the Seller and/or to any assignee or designee of Seller (including, without limitation, an Intermediary as contemplated by
Section 11.11 hereof in the proportions determined by the original Seller (Heena Hotel LLC), provided, however, no assignment of Seller’s rights hereunder shall relieve Seller of its liabilities under this Agreement. 

11.2. Notices. Notices and other communications required or permitted under this Agreement shall be in writing and delivered by
hand against receipt or sent by recognized overnight delivery service or by confirmed facsimile (with a copy of such facsimile notice simultaneously given by hand or recognized overnight delivery service). All notices shall be addressed as follows:

  
 - 36 -

			
	If to Seller:	  	with a copy to:
		
	 c/o Jiten Hotel Management, Inc.

495 Westgate Drive
 Brockton, Massachusetts
02301
 Attention: Nayan C. Patel
 Tel.
No.: 508/427-1667
 Fax No.: 508/588-6905
	  	 Sherin and Lodgen LLP
 101
Federal Street
 Boston, MA 02110

Attention: Joshua M. Bowman

                    Paula G. Curry

Tel. No.: 617/646-2000
 Fax No.:
617/646-2222

		
	If to Buyer:	  	with a copy to:
		
	 c/o Chesapeake Lodging Trust

1997 Annapolis Exchange Parkway,
 Suite
410
 Annapolis, MD 21401
 Attention:
Rick Adams
 Tel. No.: 410/972-4143
 Fax
No.: 410/972-4180
	  	 Katten Muchin Rosenman LLP

2900 K Street, N.W.
 North Tower – Suite
200
 Washington, D.C. 20007-5118

Attention: Christina Hassan, Esq.
 Tel. No.:
202/625-3555
 Fax No.: 202/298-7570

		
	If to Escrow Agent:	  	
		
	 First American Title Insurance Company
 333 Earle Ovington Blvd
 OMNI Building
 Uniondale, NY 11553
 Tel. No.: 516/832-3274
 Fax No.: 646/487-1348
	  	

 or to such other addresses as may be designated by a proper notice. Notices shall be deemed to be effective upon receipt
(or refusal thereof) if personally delivered or sent by recognized overnight delivery service, or upon electronically verified transmission, if such delivery is by facsimile or email. Notices may be given on behalf of a party by such party’s
legal counsel. 
 11.3. Waiver of Jury Trial; Jurisdiction. Seller and Buyer each hereby waives any right to jury trial
in the event any party files an action relating to this Agreement or to the transactions or obligations contemplated by this Agreement. Any action, suit or proceeding arising out of this Agreement or the transactions contemplated by this Agreement
shall be brought exclusively in the United States District Court for the Southern District of New York or a New York state court having jurisdiction, and Seller and Buyer agree that such courts are the most convenient forum for resolution of any
such action and further agree to submit to the jurisdiction of such courts and waive any right to object to venue in such courts. 
 11.4. Counterparts and Effectiveness. This Agreement may be executed in any number of counterparts which, when taken together, shall constitute a single binding instrument. Execution and delivery
of this Agreement by facsimile shall be sufficient for all purposes and shall be binding on any Person who so executes. 

  
 - 37 -

 11.5. Brokerage. Buyer represents to Seller that no broker, finder or similar
consultant has acted on its behalf in connection with this Agreement or the transaction contemplated by this Agreement. Seller represents to Buyer that other than Wildedge Advisors LLC to which Seller shall pay a commission pursuant to separate
written agreement, no broker, finder or similar consultant has acted on its behalf in connection with this Agreement or the transaction contemplated by this Agreement. Buyer and Seller each shall indemnify and hold the other harmless from claims
made by any broker, finder or similar consultant claiming through it for a commission, fee or compensation in connection with this Agreement or the transaction contemplated by this Agreement. The indemnification obligations set forth in this
Section 11.5 shall survive Closing or any termination of this Agreement. 
 11.6. Confidentiality. Buyer and Seller
shall each maintain as confidential any and all information and material obtained about the other which is furnished to it by the other in connection with this Agreement, and such obligation shall survive any termination of this Agreement and shall
survive Closing indefinitely. Buyer and Seller shall each maintain as confidential the terms of this Agreement and such obligation shall survive Closing and any termination of this Agreement, except such obligation shall terminate (i) on the
Effective Date, with respect to the existence of a pending transaction in New York City for the sale of a newly-constructed hotel, the execution and delivery of this Agreement and any other terms of this Agreement customarily required to be
disclosed by Buyer by the Securities and Exchange Commission, and (ii) at Closing, with respect to the Purchase Price and Closing Date and any other terms of this Agreement customarily required to be disclosed by Buyer by the Securities and
Exchange Commission (provided that the foregoing confidentiality requirement shall not limit Seller’s or Buyer’s ability to utilize the form of this Agreement or form of any other Transaction Document). Confidential information shall not
include information and material which (i) becomes generally available to the public other than as a result of a disclosure prohibited by this Section 11.6, (ii) is known to Buyer or Seller, as the case may be, on a non-confidential
basis, prior to its receipt of such information and material from the other, or (iii) becomes available to Buyer or Seller, as the case may be, on a non-confidential basis from a source other than the other which is not prohibited from
disclosing the same. Notwithstanding the foregoing, (i) each of Buyer and Seller may disclose confidential information to its employees, agents or advisors, to potential investors or lenders, and to other third parties (to the extent such
disclosure is required in order to consummate the transactions described in this Agreement), in each case on a need-to-know basis after the recipients of the information have been informed of the confidential nature of such information and directed
not to disclose such information except in accordance with this Section 11.6, (ii) each of Buyer and Seller may disclose confidential information to the extent required by any Legal Requirement or the rules of any applicable securities
market or exchange or agency which regulates the foregoing, and (iii) Buyer and Seller, following prior notice to and consultation with the other, may disclose the transaction contemplated by this Agreement to the extent necessary to obtain
consents or approvals contemplated by this Agreement. 
 11.7. Bulk Sales Compliance. Seller and Buyer acknowledge that
they do not intend to comply with and have agreed to waive the provisions of any statutory bulk sale or similar 

  
 - 38 -

 
requirements applicable to the transactions contemplated by this Agreement, and Seller and Buyer agree to rely upon the adjustment and indemnification provisions of this Agreement to address any
matters that would otherwise be subject to such bulk sale requirements. Notwithstanding the foregoing, Seller agrees to execute and deliver the Notification of Sale, Assignment or Transfer in Bulk attached hereto as Exhibit F, to the extent required
to do so under New York law. 
 11.8. Public Announcements. Neither Seller nor Buyer shall make any public statement or
issue any press release prior to the Closing with respect to this Agreement or the transactions contemplated by this Agreement without the prior written consent of the other party, except as otherwise required by applicable Legal Requirements or the
rules of any applicable securities market or exchange or agency which regulates the foregoing. If either party determines that applicable Legal Requirements require disclosure of this Agreement, any other Transaction Document or the transactions
contemplated hereby or thereby, then, not less than twenty-four (24) hours prior to such disclosure, such party shall notify and provide the other party an opportunity to comment on the disclosing party’s form of press release, securities
filing or other written disclosure. Seller acknowledges that Buyer is required by the Securities and Exchange Commission to issue a press release on the Closing Date or immediately thereafter and Buyer shall provide a copy of such press release to
Seller at least two (2) Business Days prior to Closing. 
 11.9. Recordation. Neither Seller nor Buyer shall record
this Agreement or any notice of this Agreement in the land records of any jurisdiction, except that Buyer shall be permitted to file a lis pendens in connection with the preservation of its right hereunder to maintain an action for specific
performance pursuant to Sections 6.2 and 8.3. 
 11.10. Time of Essence. Time is of the essence with respect to all
obligations of Seller and Buyer under this Agreement. 
 11.11. Like-Kind Exchange. Notwithstanding anything contained
herein to the contrary, Buyer acknowledges that Seller may designate the Hotel as relinquished property to consummate a like-kind exchange or reverse like-kind exchange under Section 1031 of the Code (an “Exchange”) with respect to
property that Seller will acquire either prior to or within one hundred eighty (180) days after Closing hereunder (the “Replacement Property”). In the event that Seller designates the Hotel as relinquished property to consummate an
Exchange through the use of a qualified intermediary (the “Intermediary”) and/or Exchange Accommodation Titleholder (“EAT”), Buyer agrees to cooperate in structuring the transaction as an Exchange for the benefit of Seller and
Buyer agrees to render all required performance under this Agreement to either the Intermediary or the EAT (either the Intermediary or the EAT referred to herein as the “Assignee”) to the extent reasonably directed by Seller and to accept
performance of all of Seller’s obligations by the Assignee. Buyer agrees that performance by the Assignee will be treated as performance by Seller, and Seller agrees that Buyer’s performance to the Assignee will be treated as performance
to Seller. No assignment of rights under this Agreement to an Assignee shall effect a release of Seller from obligations under this Agreement and Seller shall unconditionally guarantee the full and timely performance by the Assignee of each and
every one of the representations, warranties, indemnities, obligations and undertakings of Seller under this Agreement (and any amendments or modifications hereto). As such guarantor, Seller shall be

  
 - 39 -

 
treated as a primary obligor with respect to those representations, warranties, indemnities, obligations and undertakings, and, in the event of a breach, Buyer may proceed directly against Seller
on this guarantee without the need to join or seek performance or collection from the Assignee. In addition, (i) Buyer shall incur no additional liability in connection with the Exchange or its cooperation hereunder; (ii) Buyer shall not
be required to take title to any property with respect to the Exchange; (iii) Seller shall be solely responsible for any and all costs associated with the Exchange, including, without limitation (a) costs to prepare the necessary
agreements, escrow instructions and other documents relating to the Exchange; (b) escrow costs, broker’s commissions, title charges, recording costs or other charges relating to the Exchange; and (c) attorneys’ fees and other
costs incurred by Buyer and/or Seller relating to the Exchange; (iv) the Closing shall not be contingent upon the Exchange, and the Exchange shall not delay the Closing; and (v) Seller shall save, protect, defend, indemnify and hold the
Buyer Indemnified Parties harmless from any and all additional costs, liabilities or expenses as a result of the Exchange or its cooperation hereunder. This Section 11.11 shall survive the Closing indefinitely. 

11.12. Attorneys’ Fees. If either Buyer or Seller shall employ an attorney to enforce its rights pursuant to this Agreement
or any of the documents and agreements delivered at Closing, then, in addition to the other amounts and remedies to which the prevailing party may be entitled pursuant to the other provisions of this Agreement, the prevailing party shall be
reimbursed by the non-prevailing party for reasonable attorneys’ and experts’ fees and expenses including the costs of any litigation and appeal but excluding any incidental, consequential, punitive or other special damages. This
Section 11.12 shall survive the Closing and any termination of this Agreement. 
 11.13. No Offer. Submission of
this Agreement to Buyer does not constitute an offer to sell. This Agreement shall become effective only upon execution and delivery thereof by Seller and Buyer. 
 [Signatures on following page] 

  
 - 40 -

 IN WITNESS WHEREOF, Seller and Buyer have caused this Agreement to be executed as of
the Effective Date: 
  

							
		 		 	SELLER:
			
		 		 	 HEENA HOTEL LLC,
 a New York limited liability company

				
		 		 	By:	 	/s/ Khandu Patel
		 		 	Name:	 	Khandu Patel
		 		 	Its:	 	Member Manager
			
		 		 	BUYER:
			
		 		 	 CHSP 31ST STREET LLC,

a Delaware limited liability company

				
		 		 	By:	 	/s/ Graham J. Wootten
		 		 	Name:	 	Graham J. Wootten
		 		 	Its:	 	VP & Secretary

 JOINDER OF ESCROW AGENT 
 The undersigned is joining this Agreement to evidence its agreement to receive, hold and disburse the Deposit in accordance with the terms of the Agreement. 

 

							
		 		 	TERRA NOVA TITLE & SETTLEMENT SERVICES
				
		 		 	By:	 	/s/ Christopher Clarke
		 		 	Name:	 	Christopher Clarke
		 		 	Its:	 	President

  
 - 41 -

 SCHEDULES AND EXHIBITS 

 

			
		
	 Schedules
	  	
		
	 1.1.37
	  	Legal Description
		
	 3.5
	  	Pending Actions
		
	 3.6
	  	Violations of Law
		
	 3.8
	  	Equipment Leases / Personal Property Title Encumbrances
		
	 3.9
	  	Contracts
		
	 3.10
	  	Leases
		
	 3.11
	  	Plans and Specifications
		
	 3.15
	  	Environmental Disclosure
		
	 3.17
	  	Warranties
		
	 7.4
	  	Allocation of Closing Costs
		
	 Exhibits
	  	
		
		  	
		
	 A
	  	Form of Deed
		
	 B
	  	Form of Bill of Sale
		
	 C
	  	Form of Assignment and Assumption of Contracts and Leases
		
	 D
	  	Excluded Property
		
	 E
	  	Affidavit in Lieu of Registration
		
	 F
	  	Notification of Sale, Assignment or Transfer in Bulk

 SCHEDULE 1.1.37 

Legal Description 

  
 Schedule 3.5

 SCHEDULE 3.5 

Pending Actions 
 None 

  
 - 2 -

 SCHEDULE 3.6 

Violations of Law 
 None, except as disclosed on Buyer’s Title Commitment 

  
 - 3 -

 SCHEDULE 3.8 

Equipment Leases; Personal Property Title Encumbrances 
 None 

  
 Schedule 3.8

 SCHEDULE 3.9 

Contracts 
  

	1.	ADT Commercial Sales Agreement dated as of April 18, 2011 

  

	2.	Microsoft Select License Agreement (Opera Express) dated November 30, 2010 

  
 Schedule 3.9

 SCHEDULE 3.10 

Leases 

None 

  
 Schedule 3.10

 SCHEDULE 3.11 

Plans and Specifications 
 (all are dated July 2, 2010, except as noted) 
  

	1.	Site Plan 

  

	2.	Architectural Floor Plans 

  

	3.	Architectural Elevations 

  

	4.	Enlarged Guest Room Furnishing Plans 

  

	5.	Civil/Site Plan 

  

	6.	Architectural Plans including Reflected Ceiling Plans, Wall/Ceiling Assembly Details, Enlarged Guest Room Furnishing Plans 

 

	7.	Structural Plan 

  

	8.	Mechanical Plan 

  

	9.	Electrical Plan 

  

	10.	Plumbing Plan 

  
 Schedule 3.10

 SCHEDULE 3.15 

Environmental Disclosure 

1. Phase I Environmental Site Assessment Report dated as of August 23, 2007 by Hydro Tech Environmental, Corp. 

  
 - 2 -

 SCHEDULE 3.17 

Warranties 
 See
attached vendor list. 

  
 - 3 -

 SCHEDULE 7.4 

Allocation of Closing Costs 
  

			
	Standard Title Premiums	  	Buyer
	ALTA Extended Coverage	  	Buyer
	Endorsements	  	Buyer
	Recording / Clerk’s Fees (Except Release/Discharge Documents)	  	Buyer
	Recording / Clerk’s Fees Release/Discharge Documents	  	Seller
	Escrow / Settlement Fees	  	50/50 Split
	New York City Transfer Tax	  	Seller
	New York State Transfer Tax	  	Seller
	New York City Mortgage Tax	  	Buyer
	Sales Tax on Personal Property	  	Buyer

 All fees, taxes, premiums and other costs associated with Buyer’s financing shall be paid by Buyer. 

[Split in accordance with local custom] 

  
 - 4 -

 EXHIBIT A 

Form of Deed1 
 BARGAIN & SALE DEED 
 With Covenant Against Grantors’ Acts 

 
  

 
  

-to- 
  

 
  

 
 Block 

Lot 
 County:
                         
 Record and Return to: 
  

 

	1 	 To be revised to reflect local requirements. [ALL EXHIBITS SUBJECT TO REVIEW BY BUYER’S LOCAL COUNSEL AND FURTHER REVIEW BY BUYER AND TITLE
COMPANY] 

  
 A - 5

 THIS INDENTURE, made as of the             day
of             , 200    , between             having an address at
            , party of the first part, and             , having an address at
            , party of the second part, 
 WITNESSETH that the party
of the first part, in consideration of Ten ($10.00) Dollars and other good and valuable consideration, paid by the party of the second part, does hereby grant and release unto the party of the second part, the heirs or successors and assigns of the
party of the second part forever, 
 ALL right, title and interest of the said party of the first part of, in and to all that certain plot,
piece or parcel of land, with the buildings and improvements thereon, erected, situate, lying and being in the Borough of Manhattan, County of New York and State of New York, and more particularly bounded and described as follows: 

SEE SCHEDULE “A” ATTACHED 
 BEING and
intended to be the same premises conveyed to the party of the first part by Deed dated             and recorded on             in
the Office of             , in Reel             , Page             .

 TOGETHER with all right, title and interest, if any, of the party of the first part in and to any streets and roads abutting the above
described premises to the center lines thereof, 
 TOGETHER with the appurtenances and all the estate and rights of the party of the first part
in and to said premises, 
 TO HAVE AND TO HOLD the premises herein granted unto the party of the second part, the heirs, or successors and
assigns of the party of the second part forever. 
 AND the party of the first part covenants that the party of the first part has not done or
suffered anything whereby the said premises have been encumbered in any way whatever, except as aforesaid. 
 AND the party of the first part,
in compliance with Section 13 of the Lien Law, covenants that the party of the first part will receive the consideration for this conveyance and will hold the right to receive such consideration as a trust fund to be applied first for the
purpose of paying the cost of the improvement and will apply the same first to the payments of the cost of the improvement before using any part of the total of the same for any other purpose. 

The word “party” shall be construed as if it read “parties” whenever the sense of this indenture so requires. 

  
 A - 6

 IN WITNESS WHEREOF, the party of the first part has duly executed this deed the day and year
first above written. 
  
  

ACKNOWLEDGEMENT TAKEN IN NEW YORK STATE 
 State
of New York, County of             , ss: 
 On the day of in the year
        , before me, the undersigned personally appeared 
 , personally known to me or
proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their
signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument. 
  

			
	Notary Public	  	 

 [UNIFORM FORM OF ACKNOWLEDGEMENT TAKEN OUTSIDE NEW YORK STATE] 

State of
                                ) 

County of
                            ) ss.: 
 On the             day of             in the year
20            , before me, the undersigned, personally appeared             , personally known to me or proved to me on the basis
of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument             and he/she/they acknowledged to me that he/she/they executed the same
in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument, and that such individual made such appearance before
the undersigned in the             (Insert the city or other political subdivision and the state or country or other place where the acknowledgement was taken.) 

 

			
	 Notary Public
	  	 

  
 A - 7

 SCHEDULE A TO BARGAIN AND
SALE DEED  
 Legal Description 

  
 A - 8

 EXHIBIT B 

Form of Bill of Sale 
 BILL OF SALE 
 THIS BILL OF SALE (“Bill of
Sale”) is made as of             , 2011, by HEENA HOTEL LLC, a New York limited liability company (“Seller”), in favor of CHSP 31ST STREET LLC, a Delaware limited liability company
(“Buyer”). 
 RECITALS: 
 Pursuant to the Agreement of Purchase and Sale dated as of             , 200     (as amended or assigned, “Purchase
Agreement”), by and between Seller and Buyer, Seller has agreed to sell to Buyer certain real property located in the County of New York, State of New York, which is more fully described on Schedule 1 (“Real
Property”). In connection with such sale of the Real Property, Seller has agreed to assign to Buyer all of Seller’s right, title and interest in, to and under all of the Personal Property (defined below). 

NOW, THEREFORE, in consideration of the foregoing premises, of the mutual covenants set forth in this assignment and of other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer agree as follows: 
  

	1.	Certain Defined Terms. Capitalized terms used but not otherwise defined in this Bill of Sale shall have the meanings given to them in the Purchase Agreement.

  

	2.	Transfer of Property. Seller hereby sells, assigns, conveys, transfers, and grants to Buyer all of Seller’s right, title and interest in, to and under the
following (collectively, but excluding the Excluded Property, “Personal Property”): the Consumables, the Furnishings, the Inventories, the Miscellaneous Hotel Assets, the assignable Permits and the assignable Intellectual Property,
each with respect to the Hotel located on the Real Property. 

  

	3.	Binding Effect. This Bill of Sale shall be binding upon Seller and its successors and assigns, and shall inure to the benefit of Buyer and its successors and
assigns. 

 [Signature on following page] 

  
 B - 1

 IN WITNESS WHEREOF, Seller has executed this Bill of Sale as of the date first above
written. 
  

			
	HEENA HOTEL LLC
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 B - 2

 SCHEDULE 1 TO BILL OF
SALE 
 Legal Description 

  
 B - 3

 EXHIBIT C 

Form of Assignment and Assumption of Contracts and Leases 
 ASSIGNMENT AND ASSUMPTION AGREEMENT 
 THIS
ASSIGNMENT AND ASSUMPTION AGREEMENT (“Assignment”) is made as of             , 2011, between
            (“Assignor”), and CHSP
31ST STREET LLC, a Delaware limited liability company (“Assignee”). 

RECITALS: 

Pursuant to the Agreement of Purchase and Sale dated as of             ,
200     (as amended or assigned, “Purchase Agreement”), by and between Assignor and Assignee, Assignor has agreed to sell to Assignee certain real property located in the County of New York, State of New York,
which is more fully described on Schedule 1 (“Real Property”). In connection with such sale of the Real Property, Assignor has agreed to assign to Assignee, and Assignee has agreed to accept and assume, all of
Assignor’s right, title and interest in, to and under all of the Contracts [and Leases]. 
 NOW, THEREFORE, in
consideration of the foregoing premises, of the mutual covenants set forth in this Assignment, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Assignor and Assignee agree as follows:

  

	1.	Certain Defined Terms. Capitalized terms used but not otherwise defined in this Assignment shall have the meanings given to them in the Purchase Agreement.

  

	2.	Assignment. Assignor hereby sells, assigns, conveys, transfers and grants to Assignee all of Assignor’s right, title and interest in, to and under the
Contracts and Leases. Assignor retains all obligations of Assignor accruing prior to the date hereof under or with respect to the Contracts and Leases except to the extent any such obligation is prorated and adjusted pursuant to ARTICLE 10 of the
Purchase Agreement. 

  

	3.	Assumption. Assignee hereby accepts all of Assignor’s right, title and interest in, to and under the Contracts. Assignee hereby assumes all the duties,
obligations and liabilities of Assignor accruing from and after the date hereof under or with respect to the Contracts and Leases. 

  

	4.	Binding Effect. This Assignment shall be binding upon and inure to the benefit of Assignor and Assignee and their respective successors and assigns.

  

	5.	Counterparts. This Assignment may be executed in multiple counterparts, each of which shall constitute an original and all of which shall constitute one and the
same agreement. 

  
 C - 1

 IN WITNESS WHEREOF, Assignor and Assignee have executed this Assignment under seal as
of the date first above written. 
  

			
	ASSIGNOR:
	
	HEENA HOTEL LLC
		
	By:	 	 
	Name: 	 	 
	Title:	 	 

  

			
	ASSIGNEE:
	
	CHSP 31ST STREET LLC
		
	By:	 	 
	Name: 	 	 
	Title:	 	 

  
 C - 2

 SCHEDULE 1 TO ASSIGNMENT
AND ASSUMPTION AGREEMENT 
 Description of Real Property 

  
 C - 3

 EXHIBIT D 

EXCLUDED PROPERTY 
 The
following, as they pertain to Seller: 
 All appraisals or other economic evaluations of, or projections with respect to, all or
any portion of the Property, including without limitation (a) budgets prepared by or on behalf of Seller or any affiliate of Seller and (b) any documents, materials or information which are subject to attorney/client, work product or
similar privilege or which are subject to a confidentiality agreement. 
 Any insurance proceeds received by Seller either
before or after Closing and attributable to events which occurred prior to Closing, except to the extent that all or any portion of such proceeds are to be provided to Buyer pursuant to Article IX of the Agreement. 

Proprietary software and intellectual property owned by third parties and/or licensed through Licensor. 

The name or logo of the Holiday Inn brand, which cannot be removed. 

 Exhibit E 
 Affidavit in Lieu of Registration 

 Exhibit F 
 Notification of Sale, Assignment or Transfer in Bulk

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