Document:

exv10w33w4w9

 

Exhibit 710.33.4.9

Ashford

Loan No. 502859548

GUARANTY

(Intermediate Mezzanine Loan)

     THIS GUARANTY (“Guaranty”) is executed as of April 11, 2007, by ASHFORD HOSPITALITY
LIMITED PARTNERSHIP and ASHFORD HOSPITALITY TRUST INC. (hereinafter collectively referred to as
“Guarantor”), for the benefit of WACHOVIA BANK, NATIONAL ASSOCIATION (“Lender”).

     A. ASHFORD SAPPHIRE JUNIOR MEZZ I LLC, a Delaware limited liability company and ASHFORD
SAPPHIRE JUNIOR MEZZ II LLC, a Delaware limited liability company (collectively,
“Borrower”) is indebted to Lender with respect to a loan (“Loan”) pursuant to a
certain promissory note dated of even date herewith, payable to the order of Lender in the
aggregate original principal amount of EIGHTY MILLION AND No/100 DOLLARS ($80,000,000.00) (together
with all renewals, modifications, increases and extensions thereof, the “Note”), which is
secured by the liens and security interests created by that certain Loan and Security Agreement
(collectively, the “Security Instrument”), between Lender and Borrower, dated of even date
herewith and further evidenced, secured or governed by the other Loan Documents (as defined in the
Security Instrument); and

     B. Lender is not willing to make the Loan, or otherwise extend credit, to Borrower unless
Guarantor unconditionally guarantees payment and performance to Lender of the Guaranteed
Obligations (as hereinafter defined); and

     C. Guarantor is the owner of a direct or indirect interest in Borrower, and Guarantor will
directly benefit from Lender’s making the Loan to Borrower.

     NOW, THEREFORE, as an inducement to Lender to make the Loan to Borrower thereunder, and to
extend such additional credit as Lender may from time to time agree to extend under the Loan
Documents, and for other good and valuable consideration, the receipt and legal sufficiency of
which are hereby acknowledged, the parties do hereby agree as follows:

ARTICLE I

NATURE AND SCOPE OF GUARANTY

     Section 1.1 Guaranty of Obligation. Guarantor hereby absolutely,
irrevocably and unconditionally guarantees to Lender (and its successors and assigns), jointly and
severally, the payment and performance of the Guaranteed Obligations as and when the same shall be
due and payable, whether upon demand by Lender or by lapse of time, by acceleration of maturity or
otherwise. Guarantor hereby absolutely, irrevocably and unconditionally covenants and agrees that
it is liable, jointly and severally, for the Guaranteed Obligations as a primary obligor, and that
each Guarantor shall fully perform, jointly and severally, each and every term and provision
hereof.

     Section 1.2 Definition of Guaranteed Obligations. As used herein,
the term “Guaranteed Obligations” shall mean, and Guarantor shall be liable for, and shall
indemnify,

 

 

defend and hold Lender and each other Indemnified Party harmless from and against, any and all
Losses (as hereinafter defined) incurred or suffered by Lender or any other Indemnified Party
arising out of or in connection with the matters listed below:

          (a) fraud or intentional misrepresentation by Borrower, Guarantor or any Affiliate of Borrower
or Guarantor or the failure to state a material fact in the written information provided to Lender
by or on behalf of Borrower or any of its Affiliates in connection with the Security Instrument,
the Note or the other Loan Documents;

          (b) the misappropriation by Borrower, Guarantor or any Affiliate of Borrower or Guarantor of
any tenant security deposits or Rent;

          (c) the misapplication or conversion of Loss Proceeds;

          (d) any act of arson, intentional physical damage or waste of or to the Property by Borrower,
Owner, Guarantor or any Affiliate of Borrower or Guarantor;

          (e) Borrower’s failure to comply with the provisions of Section 4.01 of the Security
Instrument or Owner’s failure to comply with Sections 2.02(g), 12.01, 16.01, 16.02, 18.29,
18.30 or 18.31, inclusive, of the Mortgage;

          (f) the exercise of any right or remedy under any federal, state or local forfeiture laws
resulting in the loss or impairment of the lien of the Security Instrument, or the priority
thereof, against the Collateral;

          (g) any modification, termination or amendment to a Ground Lease which was not consented to by
Lender;

          (h) any claims, actions or proceedings initiated by Borrower (or any Affiliate of Borrower)
alleging that the relationship of Borrower and Lender is that of joint venturers, partners, tenants
in common, joint tenants or any relationship other than that of debtor and creditor; or

          (i) any Transfer in violation of the provisions of Section 2.11 of the Security Instrument.

     In addition, in the event (i) any proceeding, action, petition or filing under the Bankruptcy
Code, or any similar state or federal law now or hereafter in effect relating to bankruptcy,
reorganization or insolvency, or the arrangement or adjustment of debts of Borrower, Owner,
Operating Tenant, Senior Mez Borrower or Guarantor, shall be filed by, consented to or acquiesced
in by Borrower, Owner, Operating Tenant, Senior Mez Borrower or Guarantor or any of their
Affiliates commences any proceeding, action, petition or filing under the Bankruptcy Code or
similar state or federal law now or hereafter in effect relating to bankruptcy, reorganization or
insolvency, or the arrangement or adjustment of debts with respect to Borrower, Owner, Operating
Tenant, Senior Mez Borrower or Guarantor, or if Borrower, Owner, Operating Tenant, Senior Mez
Borrower or Guarantor or any Affiliates of Borrower, Owner, Operating Tenant, Senior Mez Borrower
or Guarantor shall institute any proceeding for Borrower’s, Owner’s, Operating Tenant’s, Senior Mez
Borrower’s or Guarantor’s dissolution or

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liquidation, or shall make an assignment for the benefit of creditors (provided the
Guarantor’s liability under this sentence shall in no event exceed the Cap Amount (as set forth on
Exhibit A attached hereto)), then the Guaranteed Obligations shall also include the unpaid
balance of the Debt.

     For purposes of this Guaranty, the term “Losses” includes any and all claims, suits,
liabilities (including, without limitation, strict liabilities), actions, proceedings, obligations,
debts, damages, losses, costs, expenses, diminutions in value, fines, penalties, charges, fees,
expenses, judgments, awards, amounts paid in settlement, punitive damages, foreseeable and
unforeseeable consequential damages, of whatever kind or nature (including but not limited to
reasonable attorneys’ fees and other costs of defense).

     Section 1.3 Nature of Guaranty. This Guaranty is an irrevocable,
absolute, continuing guaranty of payment and performance, is joint and several and is not a
guaranty of collection. This Guaranty shall continue to be effective with respect to any
Guaranteed Obligations arising or created after any attempted revocation by Guarantor and after (if
Guarantor is a natural Person) Guarantor’s death (in which event this Guaranty shall be binding
upon Guarantor’s estate and Guarantor’s legal representatives and heirs). The obligations of
Guarantor under this Guaranty shall survive any foreclosure proceeding, any foreclosure sale and
delivery of any assignment in lieu of foreclosure, and any release of record of the Security
Instrument. The fact that at any time or from time to time the Guaranteed Obligations may be
increased or reduced shall not release or discharge the obligation of Guarantor to Lender with
respect to the Guaranteed Obligations. This Guaranty may be enforced by Lender and any subsequent
holder of the Note and shall not be discharged by the assignment or negotiation of all or part of
the Note.

     Section 1.4 Guaranteed Obligations Not Reduced by Offset. The
Guaranteed Obligations and the liabilities and obligations of Guarantor to Lender hereunder shall
not be reduced, discharged or released because or by reason of any existing or future offset, claim
or defense of Borrower, or any other Person, against Lender or against payment of the Guaranteed
Obligations, whether such offset, claim or defense arises in connection with the Guaranteed
Obligations (or the transactions creating the Guaranteed Obligations) or otherwise.

     Section 1.5 Payment by Guarantor. If all or any part of the
Guaranteed Obligations shall not be punctually paid when due, whether at maturity or earlier by
acceleration or otherwise, Guarantor shall, immediately upon demand by Lender, and without
presentment, protest, notice of protest, notice of non-payment, notice of intention to accelerate
the maturity, notice of acceleration of the maturity, or any other notice whatsoever, pay in lawful
money of the United States of America, the amount due on the Guaranteed Obligations to Lender at
Lender’s address as set forth herein. Such demand(s) may be made at any time coincident with or
after the time for payment of all or part of the Guaranteed Obligations, and may be made from time
to time with respect to the same or different items of Guaranteed Obligations. Such demand shall
be deemed made, given and received in accordance with the notice provisions hereof.

     Section 1.6 No Duty to Pursue Others. It shall not be necessary for
Lender (and Guarantor hereby waives any rights which Guarantor may have to require Lender), in
order to enforce this Guaranty against Guarantor, first to (i) institute suit or exhaust its
remedies against

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Borrower or others liable on the Loan or the Guaranteed Obligations or any other Person, (ii)
enforce Lender’s rights against any collateral which shall ever have been given to secure the Loan,
(iii) enforce Lender’s rights against any other guarantors of the Guaranteed Obligations, (iv) join
Borrower or any others liable on the Guaranteed Obligations in any action seeking to enforce this
Guaranty, (v) exhaust any remedies available to Lender against any collateral which shall ever have
been given to secure the Loan, or (vi) resort to any other means of obtaining payment of the
Guaranteed Obligations. Lender shall not be required to mitigate damages or take any other action
to reduce, collect or enforce the Guaranteed Obligations.

     Section 1.7 Waivers.  Guarantor agrees to the provisions of the Loan
Documents, and hereby waives notice of (i) any loans or advances made by Lender to Borrower, (ii)
acceptance of this Guaranty, (iii) any amendment or extension of the Note or of any other Loan
Documents, (iv) the execution and delivery by Borrower and Lender of any other loan or credit
agreement or of Borrower’s execution and delivery of any promissory notes or other documents
arising under the Loan Documents or in connection with the Collateral, (v) the occurrence of any
breach by Borrower or Event of Default, (vi) Lender’s transfer or disposition of the Guaranteed
Obligations, or any part thereof, (vii) sale or foreclosure (or posting or advertising for sale or
foreclosure) of any collateral for the Guaranteed Obligations, (viii) protest, proof of non-payment
or default by Borrower, or (ix) any other action at any time taken or omitted by Lender, and,
generally, all demands and notices of every kind in connection with this Guaranty, the Loan
Documents, any documents or agreements evidencing, securing or relating to any of the Guaranteed
Obligations and the obligations hereby guaranteed.

     Section 1.8 Payment of Expenses. In the event that Guarantor should
breach or fail to timely perform any provisions of this Guaranty, Guarantor shall, immediately upon
demand by Lender, pay Lender all costs and expenses (including court costs and reasonable
attorneys’ fees) incurred by Lender in the enforcement hereof or the preservation of Lender’s
rights hereunder. The covenant contained in this section shall survive the payment and performance
of the Guaranteed Obligations.

     Section 1.9 Effect of Bankruptcy. In the event that, pursuant to
any insolvency, bankruptcy, reorganization, receivership or other debtor relief law, or any
judgment, order or decision thereunder, Lender must rescind or restore any payment, or any part
thereof, received by Lender in satisfaction of the Guaranteed Obligations, as set forth herein, any
prior release or discharge from the terms of this Guaranty given to Guarantor by Lender shall be
without effect, and this Guaranty shall remain in full force and effect. It is the intention of
Borrower and Guarantor that Guarantor’s obligations hereunder shall not be discharged except by
Guarantor’s performance of such obligations and then only to the extent of such performance.

     Section 1.10 Deferral of Rights of Subrogation, Reimbursement and
Contribution.

          (a) Notwithstanding any payment or payments made by any Guarantor hereunder, unless and until
payment in full of the Debt (and including interest accruing on the Note after the commencement of
a proceeding by or against Borrower under the Bankruptcy Code which interest the parties agree
shall remain a claim that is prior and superior to any claim of Guarantor notwithstanding any
contrary practice, custom or ruling in cases under the

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Bankruptcy Code) (i) no Guarantor will assert or exercise any right of Lender or of such
Guarantor against Borrower to recover the amount of any payment made by such Guarantor to Lender by
way of subrogation, reimbursement, contribution, indemnity, or otherwise arising by contract or
operation of law, and such Guarantor shall not have any right of recourse to or any claim against
assets or property of Borrower; and (ii) each Guarantor agrees not to seek contribution or
indemnity or other recourse from any other Guarantor.

          (b) Until payment in full of the Debt (and including interest accruing on the Note after the
commencement of a proceeding by or against Borrower under the Bankruptcy Code which interest the
parties agree shall remain a claim that is prior and superior to any claim of Guarantor
notwithstanding any contrary practice, custom or ruling in cases under the Bankruptcy Code),
Guarantor agrees not to accept any payment or satisfaction of any kind of indebtedness of Borrower
to Guarantor and hereby assigns such indebtedness to Lender, including the right to file proof of
claim and to vote thereon in connection with any such proceeding under the Bankruptcy Code,
including the right to vote on any plan of reorganization. If any amount of the type more
particularly described in the first sentence of this Section 1.10(b) shall nevertheless be paid to
a Guarantor by Borrower or another Guarantor prior to payment in full of all sums owed to Lender
under the Loan Documents (the “Obligations”), such amount shall be held in trust for the
benefit of Lender and shall forthwith be paid to Lender to be credited and applied to the
Guaranteed Obligations, whether matured or unmatured.

          (c) The provisions of this Section 1.10 shall survive the termination of this Guaranty, and
any satisfaction and discharge of Borrower by virtue of any payment, court order or any applicable
law.

     Section 1.11 “Borrower”. The term “Borrower” as used herein shall
include any new or successor corporation, association, partnership (general or limited), joint
venture, limited liability company, trust or other individual or organization formed as a result of
any merger, reorganization, sale, transfer, devise, gift or bequest of Borrower or any interest in
Borrower.

ARTICLE 2

EVENTS AND CIRCUMSTANCES NOT REDUCING OR DISCHARGING

GUARANTOR’S OBLIGATIONS

     Guarantor hereby consents and agrees to each of the following, and agrees that Guarantor’s
obligations under this Guaranty shall not be released, diminished, impaired, reduced or adversely
affected by any of the following, and waives any common law, equitable, statutory or other rights
(including without limitation rights to notice) which Guarantor might otherwise have as a result of
or in connection with any of the following:

     Section 2.1 Modifications. Any renewal, extension, increase,
modification, alteration or rearrangement of all or any part of the Guaranteed Obligations, Note,
Loan Documents, or other document, instrument, contract or understanding between Borrower and
Lender, or any other parties, pertaining to the Guaranteed Obligations or any failure of Lender to
notify Guarantor of any such action.

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     Section 2.2 Adjustment. Any adjustment, indulgence, forbearance or
compromise that might be granted or given by Lender to Borrower or any Guarantor.

     Section 2.3 Condition of Borrower or Guarantor.  The insolvency,
bankruptcy, arrangement, adjustment, composition, liquidation, disability, dissolution or lack of
power of Borrower, Guarantor or any other Person at any time liable for the payment of all or part
of the Guaranteed Obligations; or any dissolution of Borrower or Guarantor, or any sale, lease or
transfer of any or all of the assets of Borrower or Guarantor, or any changes in the shareholders,
partners or members of Borrower or Guarantor; or any reorganization of Borrower or Guarantor.

     Section 2.4 Invalidity of Guaranteed Obligations. The invalidity,
illegality or unenforceability of all or any part of the Guaranteed Obligations, or any document or
agreement executed in connection with the Guaranteed Obligations, for any reason whatsoever,
including without limitation the fact that (i) the Guaranteed Obligations, or any part thereof,
exceed the amount permitted by law, (ii) the act of creating the Guaranteed Obligations or any part
thereof, is ultra vires, (iii) the officers or representatives executing the Note or the other Loan
Documents or otherwise creating the Guaranteed Obligations acted in excess of their authority, (iv)
the Guaranteed Obligations violate applicable usury laws, (v) Borrower has valid defenses, claims
or offsets (whether at law, in equity or by agreement) which render the Guaranteed Obligations
wholly or partially uncollectible from Borrower, (vi) the creation, performance or repayment of the
Guaranteed Obligations (or the execution, delivery and performance of any document or instrument
representing part of the Guaranteed Obligations or executed in connection with the Guaranteed
Obligations, or given to secure the repayment of the Guaranteed Obligations) is illegal,
uncollectible or unenforceable, or (vii) the Note or any of the other Loan Documents has been
forged or otherwise is irregular or not genuine or authentic, it being agreed that Guarantor shall
remain liable hereon regardless of whether Borrower or any other Person be found not liable on the
Guaranteed Obligations or any part thereof for any reason.

     Section 2.5 Release of Obligors. Any full or partial release of the
liability of Borrower on the Guaranteed Obligations, or any part thereof, or of any co-guarantors,
or any other Person or entity now or hereafter liable, whether directly or indirectly, jointly,
severally, or jointly and severally, to pay, perform, guarantee or assure the payment of the
Guaranteed Obligations, or any part thereof, it being recognized, acknowledged and agreed by
Guarantor that Guarantor may be required to pay the Guaranteed Obligations in full without
assistance or support of any other Person, and Guarantor has not been induced to enter into this
Guaranty on the basis of a contemplation, belief, understanding or agreement that other parties
will be liable to pay or perform the Guaranteed Obligations, or that Lender will look to other
parties to pay or perform the Guaranteed Obligations.

     Section 2.6 Other Collateral. The taking or accepting of any other
security, collateral or guaranty, or other assurance of payment, for all or any part of the
Guaranteed Obligations.

     Section 2.7 Release of Collateral. Any release, surrender,
exchange, subordination, deterioration, waste, loss or impairment (including without limitation
negligent, willful, unreasonable or unjustifiable impairment) of any collateral, property or
security, at any

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time existing in connection with, or assuring or securing payment of, all or any part of the
Guaranteed Obligations.

     Section 2.8 Care and Diligence. The failure of Lender or any other
Person to exercise diligence or reasonable care in the preservation, protection, enforcement, sale
or other handling or treatment of all or any part of such collateral, property or security,
including but not limited to any neglect, delay, omission, failure or refusal of Lender (i) to take
or prosecute any action for the collection of any of the Guaranteed Obligations, (ii) to foreclose,
or initiate any action to foreclose, or, once commenced, prosecute to completion any action to
foreclose upon any security therefor, or (iii) to take or prosecute any action in connection with
any instrument or agreement evidencing or securing all or any part of the Guaranteed Obligations.

     Section 2.9 Unenforceability. The fact that any collateral,
security, security interest or lien contemplated or intended to be given, created or granted as
security for the repayment of the Guaranteed Obligations, or any part thereof, shall not be
properly perfected or created, or shall prove to be unenforceable or subordinate to any other
security interest or lien, it being recognized and agreed by Guarantor that Guarantor is not
entering into this Guaranty in reliance on, or in contemplation of the benefits of, the validity,
enforceability, collectibility or value of any of the collateral for the Guaranteed Obligations.

     Section 2.10 Merger. The reorganization, merger or consolidation of
Borrower into or with any other corporation or entity.

     Section 2.11 Preference. Any payment by Borrower to Lender is held
to constitute a preference under bankruptcy laws, or for any reason Lender is required to refund
such payment or pay such amount to Borrower or someone else.

     Section 2.12 Other Actions Taken or Omitted. Any other action taken
or omitted to be taken with respect to the Loan Documents, the Guaranteed Obligations, or the
security and collateral therefor, whether or not such action or omission prejudices Guarantor or
increases the likelihood that Guarantor will be required to pay the Guaranteed Obligations pursuant
to the terms hereof, it is the unambiguous and unequivocal intention of Guarantor that Guarantor
shall be obligated to pay the Guaranteed Obligations when due, notwithstanding any occurrence,
circumstance, event, action, or omission whatsoever, whether or not contemplated, and whether or
not otherwise or particularly described herein, which obligation shall be deemed satisfied only
upon the full and final payment and satisfaction of the Guaranteed Obligations.

ARTICLE 3

REPRESENTATIONS AND WARRANTIES

     To induce Lender to enter into the Loan Documents and extend credit to Borrower, Guarantor
represents and warrants to Lender as follows:

     Section 3.1 Benefit. Guarantor is an Affiliate of Borrower, is the
owner of a direct or indirect interest in Borrower, and has received, or will receive, direct or
indirect benefit from the making of this Guaranty with respect to the Guaranteed Obligations.

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     Section 3.2 Familiarity and Reliance. Guarantor is familiar with,
and has independently reviewed books and records regarding, the financial condition of Borrower and
is familiar with the value of any and all collateral intended to be created as security for the
payment of the Note or Guaranteed Obligations; provided, however, Guarantor is not relying on such
financial condition or the collateral as an inducement to enter into this Guaranty.

     Section 3.3 No Representation by Lender. Neither Lender nor any
other Person has made any representation, warranty or statement to Guarantor in order to induce
Guarantor to execute this Guaranty.

     Section 3.4 Guarantor’s Financial Condition. As of the date hereof,
and after giving effect to this Guaranty and the contingent obligation evidenced hereby, Guarantor
is, and will be, Solvent.

     Section 3.5 Legality. The execution, delivery and performance by
Guarantor of this Guaranty and the consummation of the transactions contemplated hereunder do not,
and will not, contravene or conflict with any law, statute or regulation whatsoever to which
Guarantor is subject or constitute a default (or an event which with notice or lapse of time or
both would constitute a default) under, or result in the breach of, any indenture, mortgage, deed
of trust, charge, lien, or any contract, agreement or other instrument to which Guarantor is a
party or which may be applicable to Guarantor. This Guaranty is a legal and binding obligation of
Guarantor and is enforceable in accordance with its terms, except as limited by bankruptcy,
insolvency or other laws of general application relating to the enforcement of creditors’ rights.

     Section 3.6 Survival. All representations and warranties made by
Guarantor herein shall survive the execution hereof.

     Section 3.7 Review of Documents. Guarantor has examined the Note
and all of the Loan Documents.

     Section 3.8 Litigation. Except as otherwise disclosed to Lender,
there are no proceedings pending or, so far as Guarantor knows, threatened before any court or
administrative agency which, if decided adversely to Guarantor, would materially adversely affect
the financial condition of Guarantor or the authority of Guarantor to enter into, or the validity
or enforceability of this Guaranty.

     Section 3.9 Tax Returns. Guarantor has filed all required federal,
state and local tax returns and has paid all taxes as shown on such returns as they have become
due. No claims have been assessed and are unpaid with respect to such taxes.

ARTICLE 4

SUBORDINATION OF CERTAIN INDEBTEDNESS

     Section 4.1 Subordination of All Guarantor Claims. As used herein, the term
“Guarantor Claims” shall mean all debts and liabilities of Borrower to Guarantor, whether
such debts and liabilities now exist or are hereafter incurred or arise, or whether the obligations
of

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Borrower thereon are direct, contingent, primary, secondary, several, joint and several, or
otherwise, and irrespective of whether such debts or liabilities be evidenced by note, contract,
open account, or otherwise, and irrespective of the Person or Persons in whose favor such debts or
liabilities may, at their inception, have been, or may hereafter be created, or the manner in which
they have been or may hereafter be acquired by Guarantor. The Guarantor Claims shall include,
without limitation, all rights and claims of Guarantor against Borrower (arising as a result of
subrogation or otherwise) as a result of Guarantor’s payment of all or a portion of the Guaranteed
Obligations to the extent the provisions of Section 1.10 hereof are unenforceable. Upon
the occurrence of an Event of Default or the occurrence of an event which would, with the giving of
notice or the passage of time, or both, constitute an Event of Default, Guarantor shall not receive
or collect, directly or indirectly, from Borrower or any other Person any amount upon the Guarantor
Claims.

     Section 4.2 Claims in Bankruptcy. In the event of receivership,
bankruptcy, reorganization, arrangement, debtor’s relief, or other insolvency proceedings involving
Guarantor as debtor, Lender shall have the right to prove its claim in any such proceeding so as to
establish its rights hereunder and receive directly from the receiver, trustee or other court
custodian dividends and payments which would otherwise be payable upon Guarantor Claims. Guarantor
hereby assigns such dividends and payments to Lender. Should Lender receive, for application upon
the Guaranteed Obligations, any such dividend or payment which is otherwise payable to Guarantor,
and which, as between Borrower and Guarantor, shall constitute a credit upon the Guarantor Claims,
then upon payment to Lender in full of the Guaranteed Obligations, Guarantor shall become
subrogated to the rights of Lender to the extent that such payments to Lender on the Guarantor
Claims have contributed toward the liquidation of the Guaranteed Obligations, and such subrogation
shall be with respect to that portion of the Guaranteed Obligations which would have been unpaid if
Lender had not received dividends or payments upon the Guarantor Claims.

     Section 4.3 Payments Held in Trust. In the event that,
notwithstanding anything to the contrary in this Guaranty, Guarantor should receive any funds,
payment, claim or distribution which is prohibited by this Guaranty, Guarantor agrees to hold in
trust for Lender an amount equal to the amount of all funds, payments, claims or distributions so
received, and agrees that it shall have absolutely no dominion over the amount of such funds,
payments, claims or distributions so received except to pay them promptly to Lender, and Guarantor
covenants promptly to pay the same to Lender.

     Section 4.4 Liens Subordinate. Guarantor agrees that any liens,
security interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing
payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security
interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing payment of
the Guaranteed Obligations, regardless of whether such encumbrances in favor of Guarantor or Lender
presently exist or are hereafter created or attach. Without the prior written consent of Lender,
Guarantor shall not (i) exercise or enforce any creditor’s right it may have against Borrower, or
(ii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings
(judicial or otherwise, including without limitation the commencement of, or joinder in, any
liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to

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enforce any liens, mortgages, deeds of trust, security interests, collateral rights, judgments
or other encumbrances on assets of Borrower held by Guarantor.

ARTICLE 5

MISCELLANEOUS

     Section 5.1 No Waiver; Remedies Cumulative. No failure or delay on
the part of Lender in exercising any right, remedy, power or privilege hereunder or under the other
Loan Documents and no course of dealing between Guarantor and Lender shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, remedy, power or privilege
hereunder or under the other Loan Documents preclude any other or further exercise thereof or the
exercise of any other right, remedy, power or privilege hereunder or thereunder. The rights and
remedies provided herein and in the other Loan Documents are cumulative and not exclusive of any
rights or remedies provided by law. The giving of notice to or demand on Guarantor which notice or
demand is not required hereunder or under the other Loan Documents shall not entitle Guarantor to
any other or further notice or demand in similar or other circumstances or constitute a waiver of
the rights, remedies, powers or privileges of Lender in any circumstances not requiring notice or
demand.

     Section 5.2 Notices. All notices, requests and other communications
to any party hereunder or under the Note shall be given in the manner set forth in Section 7.01 of
the Security Instrument, and to each addressee at the address set forth below:

	 	 	 	 	 
	 

	 	Guarantor:
	 	c/o Ashford Hospitality Trust, Inc.
	 

	 	 	 	14185 Dallas Parkway, Suite 1100
	 

	 	 	 	Dallas, Texas 75254-4308
	 

	 	 	 	Attn: David Brooks
	 

	 	 	 	Facsimile: (972) 778-9270
	 
	 	 	 	 
	 

	 	With a copy to:
	 	Akin Gump Strauss Hauer & Feld LLP
	 

	 	 	 	590 Madison Avenue
	 

	 	 	 	New York, New York 10022-2524
	 

	 	 	 	Attn: Peter Miller, Esq.
	 

	 	 	 	Facsimile: (212) 872-1002
	 

	 	 	 	E-mail: pamiller@akingump.com
	 
	 	 	 	 
	 

	 	Lender:
	 	Wachovia Bank, National Association
	 

	 	 	 	Commercial Real Estate Services
	 

	 	 	 	8739 Research Drive URP 4
	 

	 	 	 	NC 1075
	 

	 	 	 	Charlotte, North Carolina 28262
	 

	 	 	 	Facsimile No.: (704) 715-0056

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	 	With a copy to:
	 	Proskauer Rose llp
	 

	 	 	 	1585 Broadway
	 

	 	 	 	New York, New York 10036
	 

	 	 	 	Attn: David J. Weinberger, Esq.
	 

	 	 	 	Facsimile No.: (212) 969-2900

or such other address as Guarantor or Lender shall hereafter specify by not less than ten (10) days
prior written notice as provided herein; provided, however, that notwithstanding any provision of
this Section to the contrary, such notice of change of address shall be deemed given only upon
actual receipt thereof. Rejection or other refusal to accept or the inability to deliver because
of changed addresses of which no notice was given as herein required shall be deemed to be receipt
of the notice, demand, statement, request or consent.

     Section 5.3 Governing Law; Jurisdiction. This Guaranty shall be
governed by and construed in accordance with the laws of the State of New York and the applicable
laws of the United States of America. Guarantor hereby irrevocably submits to the jurisdiction of
any court of competent jurisdiction located in the State of New York in connection with any
proceeding out of or relating to this Guaranty.

     Section 5.4 Invalid Provisions. If any provision of this Guaranty
is held to be invalid, illegal or unenforceable in any respect, this Guaranty shall be construed
without such provision.

     Section 5.5 Amendments. The terms of this Guaranty, together with
the terms of the other Loan Documents, constitute the entire understanding and agreement of the
parties hereto and supersede all prior agreements, understandings and negotiations between
Guarantor and Lender with respect to the Guaranteed Obligations. This Guaranty, and any provisions
hereof, may not be modified, amended, waived, extended, changed, discharged or terminated orally or
by any act on the part of Guarantor or Lender, but only by an agreement in writing signed by the
party against whom enforcement of any modification, amendment, waiver, extension, change, discharge
or termination is sought.

     Section 5.6 Parties Bound; Assignment.  This Guaranty
shall be binding upon and inure to the benefit of the parties hereto and their respective
successors, assigns and legal representatives; provided, however, that Guarantor may not, without
the prior written consent of Lender, assign any of its rights, powers, duties or obligations
hereunder.

     Section 5.7 Headings; Construction Of Documents; Definitions. The headings
and captions of various sections of this Guaranty are for convenience of reference only and are not
to be construed as defining or limiting, in any way, the scope or intent of the provisions hereof.
Guarantor acknowledges that it was represented by competent counsel in connection with the
negotiation and drafting of this Guaranty and the other Loan Documents and that neither this
Guaranty nor the other Loan Documents shall be subject to the principle of construing the meaning
against the Person who drafted same. All capitalized terms not otherwise defined herein shall have
the meanings set forth in the Security Instrument.

11

 

     Section 5.8 Recitals. The recital and introductory paragraphs hereof are a
part hereof, form a basis for this Guaranty and shall be considered prima facie evidence of
the facts and documents referred to therein.

     Section 5.9 Counterparts. To facilitate execution, this Guaranty may be
executed in as many counterparts as may be convenient or required. It shall not be necessary that
the signature or acknowledgment of, or on behalf of, each party, or that the signature of all
Persons required to bind any party, or the acknowledgment of such party, appear on each
counterpart. All counterparts shall collectively constitute a single instrument. It shall not be
necessary in making proof of this Guaranty to produce or account for more than a single counterpart
containing the respective signatures of, or on behalf of, and the respective acknowledgments of,
each of the parties hereto. Any signature or acknowledgment page to any counterpart may be detached
from such counterpart without impairing the legal effect of the signatures or acknowledgments
thereon and thereafter attached to another counterpart identical thereto except having attached to
it additional signature or acknowledgment pages.

     Section 5.10 Cumulative Rights. The rights of Lender under this Guaranty
shall be separate, distinct and cumulative and none shall be given effect to the exclusion of the
others. No act of Lender shall be construed as an election to proceed under any one provision
herein to the exclusion of any other provision. Lender shall not be limited exclusively to the
rights and remedies herein stated but shall be entitled, subject to the terms of this Guaranty, to
every right and remedy now or hereafter afforded by law.

     Section 5.11 Waiver Of Counterclaim And Right To Trial By Jury. GUARANTOR
HEREBY WAIVES THE RIGHT TO ASSERT A COUNTERCLAIM, OTHER THAN A COMPULSORY COUNTERCLAIM, IN ANY
ACTION OR PROCEEDING BROUGHT AGAINST IT BY LENDER OR ITS AGENTS, AND WAIVES TRIAL BY JURY IN ANY
ACTION OR PROCEEDING BROUGHT BY EITHER PARTY HERETO AGAINST THE OTHER OR IN ANY COUNTERCLAIM
GUARANTOR MAY BE PERMITTED TO ASSERT HEREUNDER OR WHICH MAY BE ASSERTED BY LENDER OR ITS AGENTS
AGAINST GUARANTOR, OR IN ANY MATTERS WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS
GUARANTY, THE DEBT OR THE GUARANTEED OBLIGATIONS.

*****

12

 

     IN WITNESS WHEREOF, Guarantor has duly executed this Guaranty as of the day and year first
above written.

	 	 	 	 	 
	 	GUARANTOR:

ASHFORD HOSPITALITY LIMITED
 PARTNERSHIP, a Delaware
limited partnership

 	 
	 	By:  	Ashford OP General Partner LLC, a Delaware
 	 
	 	 	limited liability company, its general partner 	 

	 	 	 	 	 
	 	 	 
	 	By:  	                       /s/ David A. Brooks
 	 
	 	 	Name:  	David A. Brooks 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	ASHFORD HOSPITALITY TRUST, INC., a 
Maryland
corporation

 	 
	 	By:  	/s/ David A. Brooks
 	 
	 	 	Name:  	David A. Brooks 	 
	 	 	Title:  	Vice President 	 

13

 

	 	 	 	 	 

EXHIBIT A

Cap Amount: $13,480,555

14exv10w33w4w10

 

Exhibit 10.33.4.10

Ashford

Loan No. 502859548

GUARANTY

(Senior Mezzanine Loan)

     THIS GUARANTY (“Guaranty”) is executed as of April 11, 2007, by ASHFORD HOSPITALITY
LIMITED PARTNERSHIP and ASHFORD HOSPITALITY TRUST INC. (hereinafter collectively referred to as
“Guarantor”), for the benefit of WACHOVIA BANK, NATIONAL ASSOCIATION (“Lender”).

     A. ASHFORD SAPPHIRE SENIOR MEZZ I LLC, a Delaware limited liability company and ASHFORD
SAPPHIRE SENIOR MEZZ II LLC, a Delaware limited liability company (collectively,
“Borrower”) is indebted to Lender with respect to a loan (“Loan”) pursuant to a
certain promissory note dated of even date herewith, payable to the order of Lender in the
aggregate original principal amount of EIGHTY MILLION ONE HUNDRED TWENTY-TWO THOUSAND AND No/100
DOLLARS ($80,122,000.00) (together with all renewals, modifications, increases and extensions
thereof, the “Note”), which is secured by the liens and security interests created by that
certain Loan and Security Agreement (collectively, the “Security Instrument”), between
Lender and Borrower, dated of even date herewith and further evidenced, secured or governed by the
other Loan Documents (as defined in the Security Instrument); and

     B. Lender is not willing to make the Loan, or otherwise extend credit, to Borrower unless
Guarantor unconditionally guarantees payment and performance to Lender of the Guaranteed
Obligations (as hereinafter defined); and

     C. Guarantor is the owner of a direct or indirect interest in Borrower, and Guarantor will
directly benefit from Lender’s making the Loan to Borrower.

     NOW, THEREFORE, as an inducement to Lender to make the Loan to Borrower thereunder, and to
extend such additional credit as Lender may from time to time agree to extend under the Loan
Documents, and for other good and valuable consideration, the receipt and legal sufficiency of
which are hereby acknowledged, the parties do hereby agree as follows:

ARTICLE I

NATURE AND SCOPE OF GUARANTY

     Section 1.1 Guaranty of Obligation. Guarantor hereby absolutely,
irrevocably and unconditionally guarantees to Lender (and its successors and assigns), jointly and
severally, the payment and performance of the Guaranteed Obligations as and when the same shall be
due and payable, whether upon demand by Lender or by lapse of time, by acceleration of maturity or
otherwise. Guarantor hereby absolutely, irrevocably and unconditionally covenants and agrees that
it is liable, jointly and severally, for the Guaranteed Obligations as a primary obligor, and that
each Guarantor shall fully perform, jointly and severally, each and every term and provision
hereof.

 

 

     Section 1.2 Definition of Guaranteed Obligations. As used herein,
the term “Guaranteed Obligations” shall mean, and Guarantor shall be liable for, and shall
indemnify, defend and hold Lender and each other Indemnified Party harmless from and against, any
and all Losses (as hereinafter defined) incurred or suffered by Lender or any other Indemnified
Party arising out of or in connection with the matters listed below:

          (a) fraud or intentional misrepresentation by Borrower, Guarantor or any Affiliate of Borrower
or Guarantor or the failure to state a material fact in the written information provided to Lender
by or on behalf of Borrower or any of its Affiliates in connection with the Security Instrument,
the Note or the other Loan Documents;

          (b) the misappropriation by Borrower, Guarantor or any Affiliate of Borrower or Guarantor of
any tenant security deposits or Rent;

          (c) the misapplication or conversion of Loss Proceeds;

          (d) any act of arson, intentional physical damage or waste of or to the Property by Borrower,
Owner, Guarantor or any Affiliate of Borrower or Guarantor;

          (e) Borrower’s failure to comply with the provisions of Section 4.01 of the Security
Instrument or Owner’s failure to comply with Sections 2.02(g), 12.01, 16.01, 16.02, 18.29,
18.30 or 18.31, inclusive, of the Mortgage;

          (f) the exercise of any right or remedy under any federal, state or local forfeiture laws
resulting in the loss or impairment of the lien of the Security Instrument, or the priority
thereof, against the Collateral;

          (g) any modification, termination or amendment to a Ground Lease which was not consented to by
Lender;

          (h) any claims, actions or proceedings initiated by Borrower (or any Affiliate of Borrower)
alleging that the relationship of Borrower and Lender is that of joint venturers, partners, tenants
in common, joint tenants or any relationship other than that of debtor and creditor; or

          (i) any Transfer in violation of the provisions of Section 2.11 of the Security Instrument.

     In addition, in the event (i) any proceeding, action, petition or filing under the Bankruptcy
Code, or any similar state or federal law now or hereafter in effect relating to bankruptcy,
reorganization or insolvency, or the arrangement or adjustment of debts of Borrower, Owner,
Operating Tenant, or Guarantor, shall be filed by, consented to or acquiesced in by Borrower,
Owner, Operating Tenant, or Guarantor or any of their Affiliates commences any proceeding, action,
petition or filing under the Bankruptcy Code or similar state or federal law now or hereafter in
effect relating to bankruptcy, reorganization or insolvency, or the arrangement or adjustment of
debts with respect to Borrower, Owner, Operating Tenant or Guarantor, or if Borrower, Owner,
Operating Tenant or Guarantor or any Affiliates of Borrower, Owner, Operating Tenant or Guarantor
shall institute any proceeding for Borrower’s, Owner’s,

2

 

Operating Tenant’s or Guarantor’s dissolution or liquidation, or shall make an assignment for
the benefit of creditors (provided the Guarantor’s liability under this sentence shall in no event
exceed the Cap Amount (as set forth on Exhibit A attached hereto)), then the Guaranteed
Obligations shall also include the unpaid balance of the Debt.

     For purposes of this Guaranty, the term “Losses” includes any and all claims, suits,
liabilities (including, without limitation, strict liabilities), actions, proceedings, obligations,
debts, damages, losses, costs, expenses, diminutions in value, fines, penalties, charges, fees,
expenses, judgments, awards, amounts paid in settlement, punitive damages, foreseeable and
unforeseeable consequential damages, of whatever kind or nature (including but not limited to
reasonable attorneys’ fees and other costs of defense).

     Section 1.3 Nature of Guaranty. This Guaranty is an irrevocable,
absolute, continuing guaranty of payment and performance, is joint and several and is not a
guaranty of collection. This Guaranty shall continue to be effective with respect to any
Guaranteed Obligations arising or created after any attempted revocation by Guarantor and after (if
Guarantor is a natural Person) Guarantor’s death (in which event this Guaranty shall be binding
upon Guarantor’s estate and Guarantor’s legal representatives and heirs). The obligations of
Guarantor under this Guaranty shall survive any foreclosure proceeding, any foreclosure sale and
delivery of any assignment in lieu of foreclosure, and any release of record of the Security
Instrument. The fact that at any time or from time to time the Guaranteed Obligations may be
increased or reduced shall not release or discharge the obligation of Guarantor to Lender with
respect to the Guaranteed Obligations. This Guaranty may be enforced by Lender and any subsequent
holder of the Note and shall not be discharged by the assignment or negotiation of all or part of
the Note.

     Section 1.4 Guaranteed Obligations Not Reduced by Offset. The
Guaranteed Obligations and the liabilities and obligations of Guarantor to Lender hereunder shall
not be reduced, discharged or released because or by reason of any existing or future offset, claim
or defense of Borrower, or any other Person, against Lender or against payment of the Guaranteed
Obligations, whether such offset, claim or defense arises in connection with the Guaranteed
Obligations (or the transactions creating the Guaranteed Obligations) or otherwise.

     Section 1.5 Payment by Guarantor. If all or any part of the
Guaranteed Obligations shall not be punctually paid when due, whether at maturity or earlier by
acceleration or otherwise, Guarantor shall, immediately upon demand by Lender, and without
presentment, protest, notice of protest, notice of non-payment, notice of intention to accelerate
the maturity, notice of acceleration of the maturity, or any other notice whatsoever, pay in lawful
money of the United States of America, the amount due on the Guaranteed Obligations to Lender at
Lender’s address as set forth herein. Such demand(s) may be made at any time coincident with or
after the time for payment of all or part of the Guaranteed Obligations, and may be made from time
to time with respect to the same or different items of Guaranteed Obligations. Such demand shall
be deemed made, given and received in accordance with the notice provisions hereof.

     Section 1.6 No Duty to Pursue Others. It shall not be necessary for
Lender (and Guarantor hereby waives any rights which Guarantor may have to require Lender), in
order to enforce this Guaranty against Guarantor, first to (i) institute suit or exhaust its
remedies against

3

 

Borrower or others liable on the Loan or the Guaranteed Obligations or any other Person, (ii)
enforce Lender’s rights against any collateral which shall ever have been given to secure the Loan,
(iii) enforce Lender’s rights against any other guarantors of the Guaranteed Obligations, (iv) join
Borrower or any others liable on the Guaranteed Obligations in any action seeking to enforce this
Guaranty, (v) exhaust any remedies available to Lender against any collateral which shall ever have
been given to secure the Loan, or (vi) resort to any other means of obtaining payment of the
Guaranteed Obligations. Lender shall not be required to mitigate damages or take any other action
to reduce, collect or enforce the Guaranteed Obligations.

     Section 1.7 Waivers. Guarantor agrees to the provisions of the Loan
Documents, and hereby waives notice of (i) any loans or advances made by Lender to Borrower, (ii)
acceptance of this Guaranty, (iii) any amendment or extension of the Note or of any other Loan
Documents, (iv) the execution and delivery by Borrower and Lender of any other loan or credit
agreement or of Borrower’s execution and delivery of any promissory notes or other documents
arising under the Loan Documents or in connection with the Collateral, (v) the occurrence of any
breach by Borrower or Event of Default, (vi) Lender’s transfer or disposition of the Guaranteed
Obligations, or any part thereof, (vii) sale or foreclosure (or posting or advertising for sale or
foreclosure) of any collateral for the Guaranteed Obligations, (viii) protest, proof of non-payment
or default by Borrower, or (ix) any other action at any time taken or omitted by Lender, and,
generally, all demands and notices of every kind in connection with this Guaranty, the Loan
Documents, any documents or agreements evidencing, securing or relating to any of the Guaranteed
Obligations and the obligations hereby guaranteed.

     Section 1.8 Payment of Expenses. In the event that Guarantor should
breach or fail to timely perform any provisions of this Guaranty, Guarantor shall, immediately upon
demand by Lender, pay Lender all costs and expenses (including court costs and reasonable
attorneys’ fees) incurred by Lender in the enforcement hereof or the preservation of Lender’s
rights hereunder. The covenant contained in this section shall survive the payment and performance
of the Guaranteed Obligations.

     Section 1.9 Effect of Bankruptcy. In the event that, pursuant to
any insolvency, bankruptcy, reorganization, receivership or other debtor relief law, or any
judgment, order or decision thereunder, Lender must rescind or restore any payment, or any part
thereof, received by Lender in satisfaction of the Guaranteed Obligations, as set forth herein, any
prior release or discharge from the terms of this Guaranty given to Guarantor by Lender shall be
without effect, and this Guaranty shall remain in full force and effect. It is the intention of
Borrower and Guarantor that Guarantor’s obligations hereunder shall not be discharged except by
Guarantor’s performance of such obligations and then only to the extent of such performance.

     Section 1.10 Deferral of Rights of Subrogation, Reimbursement and
Contribution.

          (a) Notwithstanding any payment or payments made by any Guarantor hereunder, unless and until
payment in full of the Debt (and including interest accruing on the Note after the commencement of
a proceeding by or against Borrower under the Bankruptcy Code which interest the parties agree
shall remain a claim that is prior and superior to any claim of Guarantor notwithstanding any
contrary practice, custom or ruling in cases under the

4

 

Bankruptcy Code) (i) no Guarantor will assert or exercise any right of Lender or of such
Guarantor against Borrower to recover the amount of any payment made by such Guarantor to Lender by
way of subrogation, reimbursement, contribution, indemnity, or otherwise arising by contract or
operation of law, and such Guarantor shall not have any right of recourse to or any claim against
assets or property of Borrower; and (ii) each Guarantor agrees not to seek contribution or
indemnity or other recourse from any other Guarantor.

          (b) Until payment in full of the Debt (and including interest accruing on the Note after the
commencement of a proceeding by or against Borrower under the Bankruptcy Code which interest the
parties agree shall remain a claim that is prior and superior to any claim of Guarantor
notwithstanding any contrary practice, custom or ruling in cases under the Bankruptcy Code),
Guarantor agrees not to accept any payment or satisfaction of any kind of indebtedness of Borrower
to Guarantor and hereby assigns such indebtedness to Lender, including the right to file proof of
claim and to vote thereon in connection with any such proceeding under the Bankruptcy Code,
including the right to vote on any plan of reorganization. If any amount of the type more
particularly described in the first sentence of this Section 1.10(b) shall nevertheless be paid to
a Guarantor by Borrower or another Guarantor prior to payment in full of all sums owed to Lender
under the Loan Documents (the “Obligations”), such amount shall be held in trust for the
benefit of Lender and shall forthwith be paid to Lender to be credited and applied to the
Guaranteed Obligations, whether matured or unmatured.

          (c) The provisions of this Section 1.10 shall survive the termination of this Guaranty, and
any satisfaction and discharge of Borrower by virtue of any payment, court order or any applicable
law.

     Section 1.11 “Borrower”. The term “Borrower” as used herein shall
include any new or successor corporation, association, partnership (general or limited), joint
venture, limited liability company, trust or other individual or organization formed as a result of
any merger, reorganization, sale, transfer, devise, gift or bequest of Borrower or any interest in
Borrower.

ARTICLE 2

EVENTS AND CIRCUMSTANCES NOT REDUCING OR DISCHARGING

GUARANTOR’S OBLIGATIONS

     Guarantor hereby consents and agrees to each of the following, and agrees that Guarantor’s
obligations under this Guaranty shall not be released, diminished, impaired, reduced or adversely
affected by any of the following, and waives any common law, equitable, statutory or other rights
(including without limitation rights to notice) which Guarantor might otherwise have as a result of
or in connection with any of the following:

     Section 2.1 Modifications. Any renewal, extension, increase,
modification, alteration or rearrangement of all or any part of the Guaranteed Obligations, Note,
Loan Documents, or other document, instrument, contract or understanding between Borrower and
Lender, or any other parties, pertaining to the Guaranteed Obligations or any failure of Lender to
notify Guarantor of any such action.

5

 

     Section 2.2 Adjustment. Any adjustment, indulgence, forbearance or
compromise that might be granted or given by Lender to Borrower or any Guarantor.

     Section 2.3 Condition of Borrower or Guarantor. The insolvency,
bankruptcy, arrangement, adjustment, composition, liquidation, disability, dissolution or lack of
power of Borrower, Guarantor or any other Person at any time liable for the payment of all or part
of the Guaranteed Obligations; or any dissolution of Borrower or Guarantor, or any sale, lease or
transfer of any or all of the assets of Borrower or Guarantor, or any changes in the shareholders,
partners or members of Borrower or Guarantor; or any reorganization of Borrower or Guarantor.

     Section 2.4 Invalidity of Guaranteed Obligations. The invalidity,
illegality or unenforceability of all or any part of the Guaranteed Obligations, or any document or
agreement executed in connection with the Guaranteed Obligations, for any reason whatsoever,
including without limitation the fact that (i) the Guaranteed Obligations, or any part thereof,
exceed the amount permitted by law, (ii) the act of creating the Guaranteed Obligations or any part
thereof, is ultra vires, (iii) the officers or representatives executing the Note or the other Loan
Documents or otherwise creating the Guaranteed Obligations acted in excess of their authority, (iv)
the Guaranteed Obligations violate applicable usury laws, (v) Borrower has valid defenses, claims
or offsets (whether at law, in equity or by agreement) which render the Guaranteed Obligations
wholly or partially uncollectible from Borrower, (vi) the creation, performance or repayment of the
Guaranteed Obligations (or the execution, delivery and performance of any document or instrument
representing part of the Guaranteed Obligations or executed in connection with the Guaranteed
Obligations, or given to secure the repayment of the Guaranteed Obligations) is illegal,
uncollectible or unenforceable, or (vii) the Note or any of the other Loan Documents has been
forged or otherwise is irregular or not genuine or authentic, it being agreed that Guarantor shall
remain liable hereon regardless of whether Borrower or any other Person be found not liable on the
Guaranteed Obligations or any part thereof for any reason.

     Section 2.5 Release of Obligors. Any full or partial release of the
liability of Borrower on the Guaranteed Obligations, or any part thereof, or of any co-guarantors,
or any other Person or entity now or hereafter liable, whether directly or indirectly, jointly,
severally, or jointly and severally, to pay, perform, guarantee or assure the payment of the
Guaranteed Obligations, or any part thereof, it being recognized, acknowledged and agreed by
Guarantor that Guarantor may be required to pay the Guaranteed Obligations in full without
assistance or support of any other Person, and Guarantor has not been induced to enter into this
Guaranty on the basis of a contemplation, belief, understanding or agreement that other parties
will be liable to pay or perform the Guaranteed Obligations, or that Lender will look to other
parties to pay or perform the Guaranteed Obligations.

     Section 2.6 Other Collateral. The taking or accepting of any other
security, collateral or guaranty, or other assurance of payment, for all or any part of the
Guaranteed Obligations.

     Section 2.7 Release of Collateral. Any release, surrender,
exchange, subordination, deterioration, waste, loss or impairment (including without limitation
negligent, willful, unreasonable or unjustifiable impairment) of any collateral, property or
security, at any

6

 

time existing in connection with, or assuring or securing payment of, all or any part of the
Guaranteed Obligations.

     Section 2.8 Care and Diligence. The failure of Lender or any other
Person to exercise diligence or reasonable care in the preservation, protection, enforcement, sale
or other handling or treatment of all or any part of such collateral, property or security,
including but not limited to any neglect, delay, omission, failure or refusal of Lender (i) to take
or prosecute any action for the collection of any of the Guaranteed Obligations, (ii) to foreclose,
or initiate any action to foreclose, or, once commenced, prosecute to completion any action to
foreclose upon any security therefor, or (iii) to take or prosecute any action in connection with
any instrument or agreement evidencing or securing all or any part of the Guaranteed Obligations.

     Section 2.9 Unenforceability. The fact that any collateral,
security, security interest or lien contemplated or intended to be given, created or granted as
security for the repayment of the Guaranteed Obligations, or any part thereof, shall not be
properly perfected or created, or shall prove to be unenforceable or subordinate to any other
security interest or lien, it being recognized and agreed by Guarantor that Guarantor is not
entering into this Guaranty in reliance on, or in contemplation of the benefits of, the validity,
enforceability, collectibility or value of any of the collateral for the Guaranteed Obligations.

     Section 2.10 Merger. The reorganization, merger or consolidation of
Borrower into or with any other corporation or entity.

     Section 2.11 Preference. Any payment by Borrower to Lender is held
to constitute a preference under bankruptcy laws, or for any reason Lender is required to refund
such payment or pay such amount to Borrower or someone else.

     Section 2.12 Other Actions Taken or Omitted. Any other action taken
or omitted to be taken with respect to the Loan Documents, the Guaranteed Obligations, or the
security and collateral therefor, whether or not such action or omission prejudices Guarantor or
increases the likelihood that Guarantor will be required to pay the Guaranteed Obligations pursuant
to the terms hereof, it is the unambiguous and unequivocal intention of Guarantor that Guarantor
shall be obligated to pay the Guaranteed Obligations when due, notwithstanding any occurrence,
circumstance, event, action, or omission whatsoever, whether or not contemplated, and whether or
not otherwise or particularly described herein, which obligation shall be deemed satisfied only
upon the full and final payment and satisfaction of the Guaranteed Obligations.

ARTICLE 3

REPRESENTATIONS AND WARRANTIES

     To induce Lender to enter into the Loan Documents and extend credit to Borrower, Guarantor
represents and warrants to Lender as follows:

     Section 3.1 Benefit. Guarantor is an Affiliate of Borrower, is the
owner of a direct or indirect interest in Borrower, and has received, or will receive, direct or
indirect benefit from the making of this Guaranty with respect to the Guaranteed Obligations.

7

 

     Section 3.2 Familiarity and Reliance. Guarantor is familiar with,
and has independently reviewed books and records regarding, the financial condition of Borrower and
is familiar with the value of any and all collateral intended to be created as security for the
payment of the Note or Guaranteed Obligations; provided, however, Guarantor is not relying on such
financial condition or the collateral as an inducement to enter into this Guaranty.

     Section 3.3 No Representation by Lender. Neither Lender nor any
other Person has made any representation, warranty or statement to Guarantor in order to induce
Guarantor to execute this Guaranty.

     Section 3.4 Guarantor’s Financial Condition. As of the date hereof,
and after giving effect to this Guaranty and the contingent obligation evidenced hereby, Guarantor
is, and will be, Solvent.

     Section 3.5 Legality. The execution, delivery and performance by
Guarantor of this Guaranty and the consummation of the transactions contemplated hereunder do not,
and will not, contravene or conflict with any law, statute or regulation whatsoever to which
Guarantor is subject or constitute a default (or an event which with notice or lapse of time or
both would constitute a default) under, or result in the breach of, any indenture, mortgage, deed
of trust, charge, lien, or any contract, agreement or other instrument to which Guarantor is a
party or which may be applicable to Guarantor. This Guaranty is a legal and binding obligation of
Guarantor and is enforceable in accordance with its terms, except as limited by bankruptcy,
insolvency or other laws of general application relating to the enforcement of creditors’ rights.

     Section 3.6 Survival. All representations and warranties made by
Guarantor herein shall survive the execution hereof.

     Section 3.7 Review of Documents. Guarantor has examined the Note
and all of the Loan Documents.

     Section 3.8 Litigation. Except as otherwise disclosed to Lender,
there are no proceedings pending or, so far as Guarantor knows, threatened before any court or
administrative agency which, if decided adversely to Guarantor, would materially adversely affect
the financial condition of Guarantor or the authority of Guarantor to enter into, or the validity
or enforceability of this Guaranty.

     Section 3.9 Tax Returns. Guarantor has filed all required federal,
state and local tax returns and has paid all taxes as shown on such returns as they have become
due. No claims have been assessed and are unpaid with respect to such taxes.

ARTICLE 4

SUBORDINATION OF CERTAIN INDEBTEDNESS

     Section 4.1 Subordination of All Guarantor Claims. As used herein, the term
“Guarantor Claims” shall mean all debts and liabilities of Borrower to Guarantor, whether
such debts and liabilities now exist or are hereafter incurred or arise, or whether the obligations
of

8

 

Borrower thereon are direct, contingent, primary, secondary, several, joint and several, or
otherwise, and irrespective of whether such debts or liabilities be evidenced by note, contract,
open account, or otherwise, and irrespective of the Person or Persons in whose favor such debts or
liabilities may, at their inception, have been, or may hereafter be created, or the manner in which
they have been or may hereafter be acquired by Guarantor. The Guarantor Claims shall include,
without limitation, all rights and claims of Guarantor against Borrower (arising as a result of
subrogation or otherwise) as a result of Guarantor’s payment of all or a portion of the Guaranteed
Obligations to the extent the provisions of Section 1.10 hereof are unenforceable. Upon
the occurrence of an Event of Default or the occurrence of an event which would, with the giving of
notice or the passage of time, or both, constitute an Event of Default, Guarantor shall not receive
or collect, directly or indirectly, from Borrower or any other Person any amount upon the Guarantor
Claims.

     Section 4.2 Claims in Bankruptcy. In the event of receivership,
bankruptcy, reorganization, arrangement, debtor’s relief, or other insolvency proceedings involving
Guarantor as debtor, Lender shall have the right to prove its claim in any such proceeding so as to
establish its rights hereunder and receive directly from the receiver, trustee or other court
custodian dividends and payments which would otherwise be payable upon Guarantor Claims. Guarantor
hereby assigns such dividends and payments to Lender. Should Lender receive, for application upon
the Guaranteed Obligations, any such dividend or payment which is otherwise payable to Guarantor,
and which, as between Borrower and Guarantor, shall constitute a credit upon the Guarantor Claims,
then upon payment to Lender in full of the Guaranteed Obligations, Guarantor shall become
subrogated to the rights of Lender to the extent that such payments to Lender on the Guarantor
Claims have contributed toward the liquidation of the Guaranteed Obligations, and such subrogation
shall be with respect to that portion of the Guaranteed Obligations which would have been unpaid if
Lender had not received dividends or payments upon the Guarantor Claims.

     Section 4.3 Payments Held in Trust. In the event that,
notwithstanding anything to the contrary in this Guaranty, Guarantor should receive any funds,
payment, claim or distribution which is prohibited by this Guaranty, Guarantor agrees to hold in
trust for Lender an amount equal to the amount of all funds, payments, claims or distributions so
received, and agrees that it shall have absolutely no dominion over the amount of such funds,
payments, claims or distributions so received except to pay them promptly to Lender, and Guarantor
covenants promptly to pay the same to Lender.

     Section 4.4 Liens Subordinate. Guarantor agrees that any liens,
security interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing
payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security
interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing payment of
the Guaranteed Obligations, regardless of whether such encumbrances in favor of Guarantor or Lender
presently exist or are hereafter created or attach. Without the prior written consent of Lender,
Guarantor shall not (i) exercise or enforce any creditor’s right it may have against Borrower, or
(ii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings
(judicial or otherwise, including without limitation the commencement of, or joinder in, any
liquidation, bankruptcy, rearrangement, debtor’s relief or insolvency proceeding) to

9

 

enforce any liens, mortgages, deeds of trust, security interests, collateral rights, judgments
or other encumbrances on assets of Borrower held by Guarantor.

ARTICLE 5

MISCELLANEOUS

     Section 5.1 No Waiver; Remedies Cumulative. No failure or delay on
the part of Lender in exercising any right, remedy, power or privilege hereunder or under the other
Loan Documents and no course of dealing between Guarantor and Lender shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, remedy, power or privilege
hereunder or under the other Loan Documents preclude any other or further exercise thereof or the
exercise of any other right, remedy, power or privilege hereunder or thereunder. The rights and
remedies provided herein and in the other Loan Documents are cumulative and not exclusive of any
rights or remedies provided by law. The giving of notice to or demand on Guarantor which notice or
demand is not required hereunder or under the other Loan Documents shall not entitle Guarantor to
any other or further notice or demand in similar or other circumstances or constitute a waiver of
the rights, remedies, powers or privileges of Lender in any circumstances not requiring notice or
demand.

     Section 5.2 Notices. All notices, requests and other communications
to any party hereunder or under the Note shall be given in the manner set forth in Section 7.01 of
the Security Instrument, and to each addressee at the address set forth below:

	 	 	 	 	 
	 

	 	Guarantor:
	 	c/o Ashford Hospitality Trust, Inc.
	 

	 	 	 	14185 Dallas Parkway, Suite 1100
	 

	 	 	 	Dallas, Texas 75254-4308
	 

	 	 	 	Attn: David Brooks
	 

	 	 	 	Facsimile: (972) 778-9270
	 
	 	 	 	 
	 

	 	With a copy to:
	 	Akin Gump Strauss Hauer & Feld LLP
	 

	 	 	 	590 Madison Avenue
	 

	 	 	 	New York, New York 10022-2524
	 

	 	 	 	Attn: Peter Miller, Esq.
	 

	 	 	 	Facsimile: (212) 872-1002
	 

	 	 	 	E-mail: pamiller@akingump.com
	 
	 	 	 	 
	 

	 	Lender:
	 	Wachovia Bank, National Association
	 

	 	 	 	Commercial Real Estate Services
	 

	 	 	 	8739 Research Drive URP 4
	 

	 	 	 	NC 1075
	 

	 	 	 	Charlotte, North Carolina 28262
	 

	 	 	 	Facsimile No.: (704) 715-0056

10

 

	 	 	 	 	 
	 

	 	With a copy to:
	 	Proskauer Rose llp
	 

	 	 	 	1585 Broadway
	 

	 	 	 	New York, New York 10036
	 

	 	 	 	Attn: David J. Weinberger, Esq.
	 

	 	 	 	Facsimile No.: (212) 969-2900

or such other address as Guarantor or Lender shall hereafter specify by not less than ten (10) days
prior written notice as provided herein; provided, however, that notwithstanding any provision of
this Section to the contrary, such notice of change of address shall be deemed given only upon
actual receipt thereof. Rejection or other refusal to accept or the inability to deliver because
of changed addresses of which no notice was given as herein required shall be deemed to be receipt
of the notice, demand, statement, request or consent.

     Section 5.3 Governing Law; Jurisdiction. This Guaranty shall be
governed by and construed in accordance with the laws of the State of New York and the applicable
laws of the United States of America. Guarantor hereby irrevocably submits to the jurisdiction of
any court of competent jurisdiction located in the State of New York in connection with any
proceeding out of or relating to this Guaranty.

     Section 5.4 Invalid Provisions. If any provision of this Guaranty
is held to be invalid, illegal or unenforceable in any respect, this Guaranty shall be construed
without such provision.

     Section 5.5 Amendments. The terms of this Guaranty, together with
the terms of the other Loan Documents, constitute the entire understanding and agreement of the
parties hereto and supersede all prior agreements, understandings and negotiations between
Guarantor and Lender with respect to the Guaranteed Obligations. This Guaranty, and any provisions
hereof, may not be modified, amended, waived, extended, changed, discharged or terminated orally or
by any act on the part of Guarantor or Lender, but only by an agreement in writing signed by the
party against whom enforcement of any modification, amendment, waiver, extension, change, discharge
or termination is sought.

     Section 5.6 Parties Bound; Assignment.  This Guaranty
shall be binding upon and inure to the benefit of the parties hereto and their respective
successors, assigns and legal representatives; provided, however, that Guarantor may not, without
the prior written consent of Lender, assign any of its rights, powers, duties or obligations
hereunder.

     Section 5.7 Headings; Construction Of Documents; Definitions. The headings
and captions of various sections of this Guaranty are for convenience of reference only and are not
to be construed as defining or limiting, in any way, the scope or intent of the provisions hereof.
Guarantor acknowledges that it was represented by competent counsel in connection with the
negotiation and drafting of this Guaranty and the other Loan Documents and that neither this
Guaranty nor the other Loan Documents shall be subject to the principle of construing the meaning
against the Person who drafted same. All capitalized terms not otherwise defined herein shall have
the meanings set forth in the Security Instrument.

11

 

     Section 5.8 Recitals. The recital and introductory paragraphs hereof are a
part hereof, form a basis for this Guaranty and shall be considered prima facie evidence of
the facts and documents referred to therein.

     Section 5.9 Counterparts. To facilitate execution, this Guaranty may be
executed in as many counterparts as may be convenient or required. It shall not be necessary that
the signature or acknowledgment of, or on behalf of, each party, or that the signature of all
Persons required to bind any party, or the acknowledgment of such party, appear on each
counterpart. All counterparts shall collectively constitute a single instrument. It shall not be
necessary in making proof of this Guaranty to produce or account for more than a single counterpart
containing the respective signatures of, or on behalf of, and the respective acknowledgments of,
each of the parties hereto. Any signature or acknowledgment page to any counterpart may be detached
from such counterpart without impairing the legal effect of the signatures or acknowledgments
thereon and thereafter attached to another counterpart identical thereto except having attached to
it additional signature or acknowledgment pages.

     Section 5.10 Cumulative Rights. The rights of Lender under this Guaranty
shall be separate, distinct and cumulative and none shall be given effect to the exclusion of the
others. No act of Lender shall be construed as an election to proceed under any one provision
herein to the exclusion of any other provision. Lender shall not be limited exclusively to the
rights and remedies herein stated but shall be entitled, subject to the terms of this Guaranty, to
every right and remedy now or hereafter afforded by law.

     Section 5.11 Waiver Of Counterclaim And Right To Trial By Jury. GUARANTOR
HEREBY WAIVES THE RIGHT TO ASSERT A COUNTERCLAIM, OTHER THAN A COMPULSORY COUNTERCLAIM, IN ANY
ACTION OR PROCEEDING BROUGHT AGAINST IT BY LENDER OR ITS AGENTS, AND WAIVES TRIAL BY JURY IN ANY
ACTION OR PROCEEDING BROUGHT BY EITHER PARTY HERETO AGAINST THE OTHER OR IN ANY COUNTERCLAIM
GUARANTOR MAY BE PERMITTED TO ASSERT HEREUNDER OR WHICH MAY BE ASSERTED BY LENDER OR ITS AGENTS
AGAINST GUARANTOR, OR IN ANY MATTERS WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS
GUARANTY, THE DEBT OR THE GUARANTEED OBLIGATIONS.

*****

12

 

     IN WITNESS WHEREOF, Guarantor has duly executed this Guaranty as of the day and year first
above written.

	 	 	 	 	 
	 	GUARANTOR:

ASHFORD HOSPITALITY LIMITED
 PARTNERSHIP, a Delaware
limited partnership

 	 
	 	By:  	Ashford OP General Partner LLC, a Delaware
 	 
	 	 	limited liability company, its general partner 	 

	 	 	 	 	 
	 	 	 
	 	By:  	                       /s/ David A. Brooks
 	 
	 	 	Name:  	David A. Brooks 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	ASHFORD HOSPITALITY TRUST, INC., a
 Maryland
corporation

 	 
	 	By:  	/s/ David A. Brooks
 	 
	 	 	Name:  	David A. Brooks 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

EXHIBIT A

Cap Amount: $13,508,620

14

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