Document:

Agreement, Waiver and Consent by Preferred Stockholders

 Exhibit 10.41 
 AGREEMENT, WAIVER AND CONSENT BY PREFERRED STOCKHOLDERS 
 This Agreement,
Waiver and Consent by Preferred Stockholders (the “Agreement, Waiver and Consent”) is entered into as of June 15, 2012 among Essex Illiquid, LLC, a Delaware limited liability company (“Essex Illiquid”),
Richmond Hill Capital Partners, LP, a Delaware limited Partnership (“Richmond Hill”, and together with Essex Illiquid, the “Preferred Stockholders”), and MHI Hospitality Corporation, a Maryland corporation (the
“Corporation”). Capitalized terms used in this Agreement, Waiver and Consent but not otherwise defined herein have the respective meanings ascribed thereto in the Articles Supplementary for Series A Cumulative Redeemable Preferred
Stock, executed by the Corporation on April 18, 2011 (the “Articles Supplementary”). 
 WHEREAS, MHI
Hospitality Corporation, a Maryland corporation (the “Corporation”), is the issuer of Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”), issued pursuant to
the Articles Supplementary; 
 WHEREAS, pursuant to Section 6(b) of the Articles Supplementary, the Corporation has elected
to redeem, on June 18, 2012 (the “Redemption Date”), 11,513.602 shares of the Series A Preferred Stock (the “Redemption Shares”), such transaction to be referred to herein as the “Redemption”;

 WHEREAS, the Preferred Stockholders are collectively the holders of record of all of the outstanding shares of Series A
Preferred Stock as of the date hereof, and have agreed to provide the representations, warranties, covenants and waivers herein set forth with respect to the Redemption; and 
 WHEREAS, in connection with the contemplated Redemption, the Company has agreed to use its good faith best efforts to provide the Preferred Stockholders a limited and conditional waiver of certain capital
ownership restrictions applicable to the Preferred Stockholders; 
 NOW, THEREFORE, in consideration of the premises contained
herein and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1. All Redemption Shares are to be redeemed on the Redemption Date; provided, however, that the Company shall be under no obligation to proceed with the Redemption except to the extent funds
are legally available therefor in accordance with the Maryland General Corporation Law. Set forth in the table below, with respect to each of the Preferred Stockholders as of the date hereof, are (i) the number of shares of Series A Preferred
Stock held by such Preferred Stockholder prior to the Redemption, (ii) the number of Redemption Shares held by such Preferred Stockholder to be redeemed on the Redemption Date and (iii) the number of shares of Series A Preferred Stock to
be held by such Preferred Stockholder immediately after giving effect to the Redemption. 

  
 1 

													
	 Stockholder of Record
	  	Number of Shares 
of
Series A Preferred
Stock Held Prior
to
Redemption	 	  	Number of Redemption
Shares to
be Redeemed
on the Redemption Date	 	  	Number of Shares 
of
Series A Preferred
Stock Held Immediately
After the Redemption
(excluding accrued
but
unpaid Stock Dividends)	 
				
	 Essex Illiquid
	  	 	23,441.710	  	  	 	10,592.514	  	  	 	12,849.196	  
				
	 Richmond Hill
	  	 	2,038.408	  	  	 	921.088	  	  	 	1,117.320	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	 	25,480.118	  	  	 	11,513.602	  	  	 	13,966.516	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

 2. The per-share redemption price payable with respect to each of the Redemption Shares (the
“Redemption Price”) will be $1,067.89 (which figure includes a premium offered by the Corporation as an inducement to the Preferred Stockholders to enter into this Agreement, Waiver and Consent), and the aggregate Redemption Price
for all Redemption Shares (including the aforementioned premium) will be $12,295,234.24. Accrued and unpaid dividends in respect of the Redemption Shares will become due and payable, if Cash Dividends, on the Redemption Date, and if Stock Dividends,
on the next payment date provided therefor in the Articles Supplementary, in addition to the aggregate Redemption Price in accordance with Schedule II hereto. 
 3. On the Redemption Date, dividends on the Redemption Shares will cease to accrue, all accrued and unpaid dividends with respect to the Redemption Shares will be paid as defined by the Articles
Supplementary, the Redemption Shares will no longer be deemed to be outstanding, and all powers, designations, preferences and other rights of each holder thereof (except the right to receive the Redemption Price and accrued dividends through the
Redemption Date) shall cease and terminate with respect to such shares; provided, however, that in the event that a Redemption Share is not redeemed due to a default in payment by the Corporation or because the Corporation is otherwise
unable to pay the Redemption Price in cash in full, (i) such Redemption Share will remain outstanding and will be entitled to all of the powers, designations, preferences and other rights (including without limitation the accrual and payment of
dividends) as provided in the Articles Supplementary and (ii) notwithstanding anything to the contrary in this Agreement, Waiver and Consent, from and after the date hereof, the Corporation shall retain all rights held by the Corporation under
the Articles Supplementary with respect to such Redemption Shares, including without limitation the right to redeem, at its option and election, any outstanding shares of Series A Preferred Stock in the manner provided in the Articles Supplementary.

  
 2 

 4. The Redemption Price payable to such Preferred Stockholder in exchange for the Redemption
Shares held by such Preferred Stockholder shall be paid by wire transfer to the respective accounts identified for each Preferred Stockholder on Schedule I hereto. On or before the Redemption Date, each Preferred Stockholder shall
deliver to the Corporation a certificate representing the Redemption Shares held by such Preferred Stockholder, duly endorsed (or accompanied by duly executed stock powers). Delivery of share certificates representing Redemption Shares to an address
other than to the Corporation at 410 West Francis Street, Williamsburg, VA 23185 will not constitute a valid delivery. 
 5.
Each Preferred Stockholder shall, upon request by the Corporation, execute and deliver any additional documents deemed by the Corporation (or its successor) to be necessary or desirable to complete the surrender of the certificate representing the
Redemption Shares. 
 6. Each Preferred Stockholder: 
 (a) represents and warrants to the Corporation, solely on behalf of itself, that such Preferred Stockholder is, and will on the Redemption Date be, prior to giving effect to the Redemption, the record and
beneficial owner of that number of shares of Series A Preferred Stock indicated in the relevant column of the table set forth in Section 1 hereof; in each case, free and clear of any liens, claims, encumbrances, security interests, options,
charges or restrictions of any kind (collectively, “Encumbrances”), and, on the Redemption Date, such Preferred Stockholder shall deliver to the Corporation good and valid title to the Redemption Shares held by such Preferred
Stockholder, free and clear of any Encumbrances; 
 (b) to the extent (and in each case only to the extent) required to effect
the Redemption, hereby waives the provisions of Section 6(b) of the Articles Supplementary that would entitle such Preferred Stockholder to receive, in addition to the Redemption Price, the amount of the Make Whole in respect of the Redemption
Shares, and any and all other provisions of the Articles Supplementary that would require the Redemption Price to be greater than that set forth in Section 2 hereof; 
 (c) agrees that payment by the Corporation of (i) the aggregate Redemption Price and (ii) any and all accrued and unpaid dividends with respect to the Redemption Shares as of the Redemption Date
as set forth in this Agreement, Waiver and Consent will constitute full and exclusive consideration and satisfaction for the redemption of the Redemption Shares; and 
 (d) to the extent (and in each case only to the extent) required to effect the Redemption, hereby waives the provisions of Section 6(c) of the Articles Supplementary that would require no less than
thirty (30) days notice prior to the Redemption Date for the Redemption, and each Preferred Stockholder hereby acknowledges its timely receipt of such prior notice and the validity of such notice. 

  
 3 

 7. The Company undertakes to use its good faith best efforts to provide the Preferred
Stockholders an accommodation whereby certain limitations on the Preferred Stockholders’ ability to hold additional capital stock in the Company would be waived in part to permit the Preferred Stockholders to acquire in open market purchases up
to the aggregate of the lesser of 500,000 shares or 5% of the issued and outstanding Common Stock of the Company, subject to (i) the approval of the Company’s Board of Directors and (ii) the parties’ agreement on reasonable
written terms, conditions and restrictions to ensure the Company’s continued compliance with legal and regulatory requirements for the Company to continue to operate as a real estate investment trust for U.S. federal income tax purposes
notwithstanding the prospective acquisition by the Preferred Stockholders of shares of Common Stock. 
 8. Except as expressly
waived hereby with respect to the Redemption, the Articles Supplementary shall continue to be, and shall remain, in full force and effect in accordance with the provisions thereof. To the extent the Redemption Date with respect to the Redemption
does not occur on or before July 31, 2012, the waivers contained in this Agreement, Waiver and Consent shall terminate in their entirety and the Articles Supplementary shall continue in full force and effect in accordance with the provisions
thereof. 
 [Signature page follows.] 

  
 4 

 IN WITNESS WHEREOF, the Preferred Stockholders and the Corporation have
executed this Agreement, Waiver and Consent as of the 15th
day of June, 2012. 
  

									
	ESSEX ILLIQUID, LLC	 		 	RICHMOND HILL CAPITAL PARTNERS, LP
					
	By:	 	Richmond Hill Investments, LLC,	 		 	By:	 	Richmond Hill Investment Co., LP,
		 	the Investment Manager	 		 		 	the Investment Manager
					
	By:	 	 /s/ Ryan P. Taylor
	 		 	By:	 	 /s/ Ryan P. Taylor

		 	Ryan P. Taylor	 		 		 	Ryan P. Taylor
		 	Authorized Signatory	 		 		 	Authorized Signatory
				
	MHI HOSPITALITY CORPORATION	 		 		 	
					
	By:	 	 /s/ David R. Folsom
	 		 		 	
		 	David R. Folsom	 		 		 	
		 	President and Chief Operating Officer	 		 		 	

 [SIGNATURE PAGE TO AGREEMENT,
WAIVER AND CONSENT BY PREFERRED STOCKHOLDERS] 

 SCHEDULE I 
 Preferred Shareholder Bank Account Data 
 RICHMOND HILL CAPITAL PARTNERS LP

 State Street 
 ABA: 011000028

 Acct Number: DDA# 10032720 
 Acct
Name: Richmond Hill 
 Ref: RICHMOND HILL CAPITAL PARTNERS LP/ RMH1 / DDA# 10032720 
 ESSEX ILLIQUID, LLC 
 JPMorgan Chase Bank, N.A. 

ABA: 021000021 
 Account Number: 3227530000

 Account Name: Essex Illiquid-2011 

 SCHEDULE II 
 Preferred Stock Redemption Spreadsheet 
 [see attached]Form of Notes

 Exhibit 4.1 
 THIS SECURITY IS AN UNSECURED SENIOR DEBT OBLIGATION OF ZIONS BANCORPORATION. THIS SECURITY IS NOT A DEPOSIT OR SAVINGS ACCOUNT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY
OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY. 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN
THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ZIONS BANCORPORATION, OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 ZIONS BANCORPORATION 
 4.00% Senior Notes due June 20, 2016 
  

					
	No. 1	  	$	158,448,000	  

 CUSIP No. 989701BC0 
 ISIN No. US989701BC01 
 ZIONS BANCORPORATION, a corporation duly organized and
existing under the laws of the State of Utah (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of One Hundred Fifty-Eight Million Four Hundred Forty-Eight Thousand Dollars ($158,448,000) on June 20, 2016, and to pay interest thereon from June 20, 2012 or from the most recent Interest Payment
Date (as defined below) to which interest has been paid or duly provided for, semi-annually on June 20 and December 20 in each year, commencing December 20, 2012, at the rate of 4.00% per annum, until the principal hereof is paid
or made available for payment (each such date, an “Interest Payment Date”). Any premium and any such installment of interest that is overdue at any time shall also bear interest (to the extent that the payment of such interest shall be
legally enforceable), at the rate per annum at which the principal then bears interest, from the date any such overdue amount first becomes due until it is paid or made available for payment. Notwithstanding the foregoing, interest on any principal,
premium or installment of interest that is overdue shall be payable on demand. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name
this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the June 5 or December 5 (whether or not a Business Day), as the case may be, next
preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one
or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less
than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in the Indenture. 
 Interest on this Security shall be calculated on a
pro rata basis using a 30-day month and a 360-day year. 
 In the event that an Interest Payment Date is not a Business Day,
interest will be paid on the next day that is a Business Day, with the same force and effect as if made on the Interest Payment Date, and without any interest or other payment with respect to the delay. If the date of Stated Maturity for the
principal falls on a day that is not a Business Day, the payment of the principal amount of this Security will be made on the next succeeding Business Day and no interest will accrue for the period from and after such date of Stated Maturity.
“Business Day,” with respect to this Security, is a day other than a Saturday, a Sunday or any other day on which banking institutions in Salt Lake City, Utah or New York City generally are authorized or required by law or executive order
to close. 
 Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the office
or agency of the Company maintained for that purpose in Salt Lake City, Utah in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the
option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 

  
 -2-

 Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the
certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

  
 -3-

 IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed under its corporate seal. 
 Dated: June 20, 2012 

 

			
	ZIONS BANCORPORATION
		
	By	 	  

	Name:	 	
	Title:	 	

 Attest: 
  

 
 This is one of the
Securities of the series designated therein referred to in the within-mentioned Indenture. 
 Dated: June 20, 2012 

 

					
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N. A.
	As Trustee
		
	By:	 	ZIONS FIRST NATIONAL BANK
		 	As Authenticating Agent
			
		 	By	 	  

		 		 	Authorized Officer

  
 [Global Note]

 (Reverse of Security) 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be
issued in one or more series under an Indenture, dated as of September 10, 2002 (herein called the “Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and The Bank of New York Mellon
Trust Company, N.A., as successor trustee to J.P. Morgan Trust Company, National Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby made to the
Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated
and delivered. This Security is one of the series designated on the face hereof. 
 The Securities of this series may not be
redeemed prior to the Stated Maturity. 
 There is no sinking fund for the Securities of this series. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants
and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 
 If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the
effect provided in the Indenture. 
 The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the
Holders of 66 2/3% in principal amount of the Securities at the time Outstanding of each
series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to
waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder
and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default
as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and
shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of
principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

  
 -5-

 No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.

 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is
registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this
series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Securities of this series are issuable only in registered form without coupons in denominations of $1,000 and any integral multiple thereof. As provided in the Indenture and subject to certain
limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.

 No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of
this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 This Security
shall be governed by and construed in accordance with the laws of the State of New York, but without regard to principles of conflict of laws. 
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

  
 -6-

 ABBREVIATIONS 
 The following abbreviations, when used in the inscription on the face of this Security, shall be construed as though they were written out in full according to applicable laws or regulations. 

TEN COM - as tenants in common 
 TEN ENT - as tenants by the entireties 
 JT TEN - as joint tenants with the right
of survivorship and not as tenants in common 
  

																	
	UNIF GIFT MIN ACT	 	  
	 	Custodian	 	  
	  	-	  	under Uniform Gifts to Minors Act	 		 	
		 	(Cust)	 		 	(Minor)	  		  		 	  
	 	
		 		 		 		  		  		 	(State)	 		 	

 Additional abbreviations may also be used though not in the above list. 

  
 -7-

 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 
 PLEASE
INSERT SOCIAL SECURITY OR OTHER 
 IDENTIFYING NUMBER OF ASSIGNEE
                                         
                                         
                                         
                  
  

 
  

 
 (Please Print or Typewrite Name and
Address Including Postal Zip Code of Assignee) 
 the attached Security and all rights thereunder, and hereby irrevocably constitutes and
appoints 
  
  
 to transfer said Security on the books of the Company, with full power of substitution in the premises. 
  

					
	Dated:                 	 		  	  

		 		  	NOTICE: The signature to this assignment must be guaranteed and correspond with the name of the Holder as written upon the face of the attached Security in every particular,
without alteration or enlargement or any change whatsoever.

  
 -8-

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