Document:

Exhibit 4.21

 

RESIZING AMENDMENT TO CO-LENDER AGREEMENT 

(HYATT
REGENCY HUNTINGTON BEACH RESORT & SPA loan COMBINATION)

 

This Resizing Amendment,
dated as of July 15, 2016 (this “Resizing Amendment”), is made and executed pursuant to Section 18(d) of the
Amended and Restated Co-Lender Agreement, dated as of May 10, 2016, initially between Citigroup Global Markets Realty Corp. (“CGMRC”),
as initial owner of Note A-1-1, Note A-1-2, Note A-2 and Note A-3, and UBS Real Estate Securities Inc. (“UBSRES”),
as initial owner of Note A-4 and Note A-5 (the “Co-Lender Agreement”), in connection with the splitting of Note
A-3 into Note A-3-1 and Note A-3-2.

 

Capitalized terms used
in this Resizing Amendment and not otherwise defined herein shall have the meanings given to such terms in the Co-Lender Agreement.

 

On June 16, 2016, CGMRC
sold Note A-1-1 to Citigroup Commercial Mortgage Securities, Inc., which thereafter transferred Note A-1-1 to the trust created
in connection with the issuance of the Citigroup Commercial Mortgage Trust 2016-C1, Commercial Mortgage Pass-Through Certificates,
Series 2016-C1 (the “Series 2016-C1 Certificates”), which trust is the current holder of Note A-1-1 and is the
Lead Securitization Trust. As of the date of this Resizing Amendment, CGMRC is the holder of Note A-1-2, Note A-2 and Note A-3.
On June 7, 2016, UBSRES sold Note A-4 and Note A-5 to Bank of America Merrill Lynch Commercial Mortgage Inc., which immediately
transferred Note A-4 and Note A-5 to the trust created in connection with the issuance of the Bank of America Merrill Lynch Commercial
Mortgage Trust 2016-UBS10, Commercial Mortgage Pass-Through Certificates, Series 2016-UBS10, which trust is the current holder
of Note A-4 and Note A-5.

 

Pursuant to Section 18(d)
of the Co-Lender Agreement, Wells Fargo Bank, National Association (“Wells Fargo”), in its capacity as Master
Servicer under the Lead Securitization Servicing Agreement (i.e. the Pooling and Servicing Agreement dated as of May 1, 2016 and
relating to the issuance of the Series 2016-C1 Certificates), is authorized to execute this Resizing Amendment on behalf of the
current holders of the Notes in connection with the Resizing (as defined below).

 

Section 1.     Notification
of Resizing. CGMRC hereby notifies Wells Fargo, in its capacity as Master Servicer under the Lead Securitization Servicing
Agreement, that, as of July 15, 2016, in accordance with, and pursuant to, Section 18(d) of the Co-Lender Agreement, Note A-3 in
the original principal amount of $40,000,000 has been split and severed into two (2) pari passu promissory notes (the “Resizing”),
represented by (i) that certain Replacement Promissory Note (Note A-3-1) in the principal amount of $20,000,000 (“Note
A-3-1”), and (ii) that certain Replacement Promissory Note (Note A-3-2) in the principal amount of $20,000,000 (“Note
A-3-2”), which replacement promissory notes constitute New A-3 Notes under the Co-Lender Agreement.

 

Section 2.     Satisfaction
of Resizing Conditions. CGMRC hereby certifies that the conditions set forth in clauses (i) through (iv) of Section
18(d) of the Co-Lender Agreement have been satisfied with respect to the New A-3 Notes.

 

     

     

    

 

Section 3.       Amendment
of Co-Lender Agreement. The Co-Lender Agreement is hereby amended as follows in connection with the Resizing:

 

(i)           The
definition of “Note A-3”, in the Co-Lender Agreement, shall hereafter refer to each of Note A-3-1 and Note A-3-2. Any
other defined terms in the Co-Lender Agreement that relate to Note A-3 shall be construed in a manner correlative with the foregoing.

 

(ii)          Any
and all provisions in the Co-Lender Agreement that set forth the rights and obligations of Note A-3 and the holder(s) thereof shall
be construed to apply to each of Note A-3-1 and Note A-3-2 and their respective holders, severally and not collectively.

 

(iii)         Any
payments, collections, costs, expenses, liabilities or other amounts allocable to the Notes and the Holders pursuant to the Co-Lender
Agreement shall be allocable to Note A-3-1 and Note A-3-2 and their respective Holders on a pari passu and pro rata basis with
the other Notes subject to the Co-Lender Agreement, in accordance with the terms of the Co-Lender Agreement.

 

(iv)        The
Mortgage Loan Schedule attached to the Co-Lender Agreement as Exhibit A is hereby deleted in its entirety and replaced with the
schedule attached as Exhibit A hereto to reflect the creation of the New A-3 Notes.

 

Section 4.      Effectiveness
of Resizing Amendment. This Resizing Amendment shall become effective upon its having been duly executed by Wells Fargo, as
Master Servicer under the Lead Securitization Servicing Agreement on behalf of the Holders and acknowledged and accepted by CGMRC
with respect to Sections 1 and 2 hereof.

 

Section 5.      Governing
Law. This Resizing Amendment and any claim, controversy or dispute arising under or related to this Resizing Amendment, the
relationship of the parties to this Resizing Amendment, and/or the interpretation and enforcement of the rights and obligations
of the parties to this Resizing Amendment shall be governed by and construed in accordance with the internal laws and decisions
of the state of New York, without regard to the choice of law rules thereof (other than section 5-1401 of the New York general
obligations law).

 

Section
6.      Counterparts. This Resizing Amendment may be executed in any number of counterparts
and all of such counterparts shall together constitute one and the same instrument. Delivery of an executed counterpart of a signature
page of this Resizing Amendment in Portable Document Format (PDF) or by facsimile transmission shall be effective as delivery
of a manually executed original counterpart of this Resizing Amendment.

 

Section
7.        Captions. The titles and headings of the paragraphs of this Resizing Amendment have been inserted
for convenience of reference only and are not intended to summarize or otherwise describe the subject matter of the paragraphs
and shall not be given any consideration in the construction of this Resizing Amendment.

 

Section
8.        Severability. Wherever possible, each provision of this Resizing
Amendment shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this
Resizing Amendment shall be prohibited by or invalid under

 

     

     

    

 

applicable laws, 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 Resizing
Amendment.

 

Section 9.     Continuation
of Co-Lender Agreement. Except as amended hereby, the Co-Lender Agreement shall continue to remain in full force and effect.

  

[SIGNATURE PAGE FOLLOWS]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned has caused
this Resizing Amendment to be duly executed as of the day and year first above written.

 

	 	Wells fargo
    bank, national association, in its capacity as Master Servicer under the Lead Securitization Servicing Agreement,
    on behalf of the Note A-1-1 Holder, the Note A-1-2 Holder, the Note A-2 Holder, the Note A-3 Holder, the Note A-4 Holder and
    the Note A-5 Holder
	 	 	 
	 	By:	/s/ Timothy Teague
	 	 	Name: Timothy Teague
	 	 	Title: Director

 

Resizing Amendment to Amended and Restated
Co-Lender Agreement (Hyatt Regency Huntington Beach) 

 

     

     

    

 

ACKNOWLEDGED AND AGREED:

 

	CITIGROUP
GLOBAL MARKETS REALTY CORP., 

as Initial Note A-3 Holder for purposes of Sections 1 and 2 hereof	 
	 	 	 
	By:	/s/ Richard W. Simpson	 
	Name:    Richard W. Simpson	 
	Title:      Authorized Signatory	 

 

Resizing Amendment
to Amended and Restated Co-Lender Agreement (Hyatt Regency Huntington Beach)

 

     

     

    

  

EXHIBIT A

 

MORTGAGE LOAN SCHEDULE

 

A.          Description of Mortgage Loan

 

	Borrower:	PCH Beach Resort, LLC
	Mortgage Loan Origination Date:  	April 27, 2016
	Initial Principal Amount of Mortgage Loan:	$200,000,000
	Co-Lender Closing Date Mortgage Loan Principal Balance:	$200,000,000
	Location of Mortgaged Property:	Huntington Beach, California
	Current Use of Mortgaged Property:	Hotel
	Mortgage Interest Rate:	
        Note A-1-1:       5.07% 

        Note A-1-2:       5.07% 

        Note A-2:         5.07% 

        Note A-3-1:      5.07% 

        Note A-3-2:      5.07% 

        Note A-4:         5.07% 

        Note A-5:         5.07% 

	Maturity Date:	May 1, 2026

 

     

     

    

 

B.          Description of Notes

 

	Mortgage Loan Origination Date:	April 27, 2016
	Initial Note A-1-1 Principal Balance:	$54,000,000
	Initial Note A-1-2 Principal Balance:	$6,000,000
	Initial Note A-2 Principal Balance:	$40,000,000
	Initial Note A-3-1 Principal Balance:	$20,000,000
	Initial Note A-3-2 Principal Balance:	$20,000,000
	Initial Note A-4 Principal Balance:	$50,000,000
	Initial Note A-5 Principal Balance:	$10,000,000
	Initial Note A-1-1 Percentage Interest:	100%
	Initial Note A-1-2 Percentage Interest:	100%
	Initial Note A-2 Percentage Interest:	100%
	Initial Note A-3-1 Percentage Interest:	100%
	Initial Note A-3-2 Percentage Interest:	100%
	Initial Note A-4 Percentage Interest:	100%
	Initial Note A-5 Percentage Interest:	100%
	Note A-1-1 Interest Rate:	5.07%
	Note A-1-2 Interest Rate:	5.07%
	Note A-2 Interest Rate:	5.07%
	Note A-3-1 Interest Rate:	5.07%
	Note A-3-2 Interest Rate:	5.07%
	Note A-4 Interest Rate:	5.07%
	Note A-5 Interest Rate:	5.07%
	Note A-1-1 Default Interest Rate:	Lesser of (a) the maximum legal rate or (b) five percent (5%) above the Note A-1-1 Interest Rate
	Note A-1-2 Default Interest Rate:	Lesser of (a) the maximum legal rate or (b) five percent (5%) above the Note A-1-2 Interest Rate
	Note A-2 Default Interest Rate:  	Lesser of (a) the maximum legal rate or (b) five percent (5%) above the Note A-2 Interest Rate
	Note A-3-1 Default Interest Rate:  	Lesser of (a) the maximum legal rate or (b) five percent (5%) above the Note A-3-1 Interest Rate
	Note A-3-2 Default Interest Rate:  	Lesser of (a) the maximum legal rate or (b) five percent (5%) above the Note A-3-2 Interest Rate
	Note A-4 Default Interest Rate:	Lesser of (a) the maximum legal rate or (b) five percent (5%) above the Note A-4 Interest Rate
	Note A-5 Default Interest Rate:	Lesser of (a) the maximum legal rate or (b) five percent (5%) above the Note A-5 Interest RateExhibit

Exhibit 10.1

PEBBLEBROOK HOTEL TRUST

AMENDMENT NO. 1 TO THE
PEBBLEBROOK HOTEL TRUST 2009 EQUITY INCENTIVE PLAN,
AS AMENDED AND RESTATED EFFECTIVE JULY 10, 2012

This Amendment No. 1 to the Pebblebrook Hotel Trust 2009 Equity Incentive Plan, as amended and restated effective July 10, 2012 (the “Plan”), is adopted by the Board of Trustees of Pebblebrook Hotel Trust (the “Company”) on April 26, 2016, to be effective immediately upon approval of the Plan by the Company’s shareholders.

1.  Capitalized terms used herein but not otherwise defined shall have the meaning given to such terms in the Plan.

2.  Section 5.02(a) of the Plan is hereby modified as follows:

“The maximum aggregate number of Common Shares that may be issued under this Plan pursuant to the exercise of Options and SARs, the grant of Share Awards or Other Equity-Based Awards and the settlement of Performance Units and Incentive Awards is 2,422,6253,672,625 Common Shares.  Other Equity-Based Awards that are LTIP Units shall reduce the maximum aggregate number of Common Shares that may be issued under this Plan on a one-for-one basis, i.e., each such unit shall be treated as an award of Common Shares.”

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