Document:

Exhibit 10.2

 

MEZZANINE LOAN AGREEMENT

 

Dated
as of April 28, 2017

 

Among

 

HIT
Portfolio I Mezz, lP, as Borrower,

 

HIT PORTFOLIO I TRS HOLDCO, LLC,
as Leasehold Pledgor,

 

and

 

DEUTSCHE BANK AG, NEW YORK BRANCH,

 

CITIGROUP GLOBAL MARKETS REALTY CORP.,
and

 

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,

collectively, as Lender

 

 

 

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TABLE OF CONTENTS

 

	 	Page
	 	 
	Article 1 DEFINITIONS; PRINCIPLES OF CONSTRUCTION	2
	Section 1.1	Specific Definitions	2
	Section 1.2	Index of Other Definitions	31
	Section 1.3	Principles of Construction	34
	 	 	 
	Article 2 THE LOAN	34
	Section 2.1	The Loan	34
	2.1.1	Agreement to Lend and Borrow	34
	2.1.2	Reserved	34
	2.1.3	Single Disbursement to Borrower	34
	2.1.4	The Note	34
	2.1.5	Use of Proceeds	35
	Section 2.2	Interest Rate	35
	2.2.1	Interest Rate	35
	2.2.2	Default Rate	36
	2.2.3	Interest Calculation	36
	2.2.4	Usury Savings	36
	Section 2.3	Loan Payments	36
	2.3.1	Payments	36
	2.3.2	Payments Generally	37
	2.3.3	Payment on Maturity Date	37
	2.3.4	Late Payment Charge	37
	2.3.5	Method and Place of Payment	37
	Section 2.4	Prepayments	37
	2.4.1	Prepayments	37
	2.4.2	Voluntary Prepayments	38
	2.4.3	Reserved	39
	2.4.4	Mandatory Prepayments; Option to Prepay Balance	39
	2.4.5	Prepayments After Default	40
	2.4.6	Prepayment/Repayment Conditions.	40
	Section 2.5	Release of Collateral	42
	2.5.1	Release on Payment in Full	42
	2.5.2	Release of Individual Property	42
	2.5.3	Impaired Individual Property Release	45
	Section 2.6	Interest Rate Cap Agreement	47
	2.6.1	Interest Rate Cap Agreement	47
	2.6.2	Pledge and Collateral Assignment of Interest Rate Cap Agreement	47
	2.6.3	Covenants	47
	2.6.4	[Reserved]	49
	2.6.5	Representations and Warranties	49
	2.6.6	[Reserved]	50
	2.6.7	Remedies	50
	2.6.8	Sales of Rate Cap Collateral	52
	2.6.9	Public Sales Not Possible	52

 

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	2.6.10	Receipt of Sale Proceeds	52
	2.6.11	Replacement Interest Rate Cap Agreement	52
	Section 2.7	Extension Options	53
	2.7.1	Extension Options	53
	2.7.2	Intentionally Omitted	54
	Section 2.8	Regulatory Change; Taxes	54
	2.8.1	Increased Costs	54
	2.8.2	Special Taxes	55
	2.8.3	Other Taxes	55
	2.8.4	Tax Refund	56
	2.8.5	Change of Office.	56
	Section 2.9	Letters of Credit.	56
	 	 	 
	Article 3 REPRESENTATIONS AND WARRANTIES	57
	Section 3.1	Borrower Representations	57
	3.1.1	Organization; Special Purpose	57
	3.1.2	Proceedings; Enforceability	58
	3.1.3	No Conflicts	58
	3.1.4	Litigation	58
	3.1.5	Agreements	59
	3.1.6	Consents	59
	3.1.7	Property; Title	59
	3.1.8	ERISA; No Plan Assets	60
	3.1.9	Compliance	60
	3.1.10	Financial Information	61
	3.1.11	Utilities and Public Access	61
	3.1.12	Assignment of Leases	61
	3.1.13	Insurance	62
	3.1.14	Flood Zone	62
	3.1.15	Physical Condition	62
	3.1.16	Boundaries	62
	3.1.17	Leases	63
	3.1.18	Tax Filings	63
	3.1.19	No Fraudulent Transfer	64
	3.1.20	Federal Reserve Regulations	64
	3.1.21	Organizational Chart	64
	3.1.22	Organizational Status	64
	3.1.23	[Reserved]	64
	3.1.24	No Casualty	64
	3.1.25	Purchase Options	65
	3.1.26	FIRPTA	65
	3.1.27	Investment Company Act	65
	3.1.28	Fiscal Year	65
	3.1.29	Other Debt	65
	3.1.30	Contracts	65
	3.1.31	Full and Accurate Disclosure	65
	3.1.32	Other Obligations and Liabilities	66
	3.1.33	Intellectual Property/Websites	66

 

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	3.1.34	Ground Lease	66
	3.1.35	Operations Agreement	67
	3.1.36	Franchise Agreements	68
	3.1.37	Illegal Activity	68
	3.1.38	Property Improvement Plan	68
	3.1.39	Pledged Collateral	68
	3.1.40	Operating Lease	69
	3.1.41	Mortgage Loan	69
	Section 3.2	Survival of Representations	69
	 	 	 
	Article 4 BORROWER COVENANTS	70
	Section 4.1	Payment and Performance of Obligations	70
	Section 4.2	Due on Sale and Encumbrance; Transfers of Interests	70
	Section 4.3	Liens	71
	Section 4.4	Special Purpose	72
	Section 4.5	Existence; Compliance with Legal Requirements	72
	Section 4.6	Taxes and Other Charges; Use and Occupancy Taxes	73
	Section 4.7	Litigation	73
	Section 4.8	Title to the Pledged Collateral; Owner’s Title Policies	74
	Section 4.9	Financial Reporting	74
	4.9.1	Generally	74
	4.9.2	Quarterly and Monthly Reports	75
	4.9.3	Annual Reports	76
	4.9.4	Other Reports	76
	4.9.5	Annual Budget	77
	4.9.6	Excess Operating Expenses	78
	4.9.7	Hotel Accounting	78
	Section 4.10	Access to Property	79
	Section 4.11	Leases	79
	Section 4.12	Repairs; Maintenance and Compliance; Alterations	80
	4.12.1	Repairs; Maintenance and Compliance	80
	4.12.2	Alterations	81
	Section 4.13	Approval of Major Contracts	82
	Section 4.14	Property Management	82
	4.14.1	Management Agreements	82
	4.14.2	Prohibition Against Termination or Modification	83
	4.14.3	Replacement of Manager	85
	4.14.4	Brand Manager Rights.	85
	Section 4.15	Performance by Borrower; Compliance with Agreements	86
	Section 4.16	Licenses; Intellectual Property; Website	86
	4.16.1	Licenses	86
	4.16.2	Intellectual Property	86
	4.16.3	Website	86
	Section 4.17	Further Assurances	87
	Section 4.18	Estoppel Statement	87
	Section 4.19	Notice of Default	88
	Section 4.20	Cooperate in Legal Proceedings	88
	Section 4.21	Indebtedness	88

 

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	Section 4.22	Business and Operations	89
	Section 4.23	Dissolution	89
	Section 4.24	Debt Cancellation	89
	Section 4.25	Affiliate Transactions	89
	Section 4.26	No Joint Assessment	89
	Section 4.27	Principal Place of Business	89
	Section 4.28	Change of Name, Identity or Structure	90
	Section 4.29	Costs and Expenses	90
	Section 4.30	Indemnity	92
	Section 4.31	ERISA	92
	Section 4.32	Patriot Act Compliance	93
	Section 4.33	Ground Leases	94
	Section 4.34	Hotel Covenants	97
	Section 4.35	Bankruptcy Related Covenants	100
	Section 4.36	Non-Conforming Properties	100
	 	 	 
	Article 5 INSURANCE, CASUALTY AND CONDEMNATION	101
	Section 5.1	Insurance	101
	5.1.1	Insurance Policies	101
	5.1.2	Insurance Company	106
	Section 5.2	Casualty	107
	Section 5.3	Condemnation	107
	Section 5.4	Restoration	108
	 	 	 
	Article 6 CASH MANAGEMENT AND RESERVE FUNDS	108
	Section 6.1	Cash Management Arrangements	108
	Section 6.2	Reserves	108
	Section 6.3	Income Taxes; Interest	109
	Section 6.4	Prohibition Against Further Encumbrance	109
	Section 6.5	Property Cash Flow Allocation	109
	6.5.1	Order of Priority of Funds in Deposit Account	109
	6.5.2	Failure to Make Payments	109
	6.5.3	Application After Event of Default	109
	Section 6.6	Security Interest in Reserve Funds	109
	Section 6.7	Cash Management Agreement Upon Repayment of Mortgage Loan	110
	 	 	 
	Article 7 PERMITTED TRANSFERS	110
	Section 7.1	Loan Assumption	110
	Section 7.2	Permitted Transfers	118
	Section 7.3	Cost and Expenses; Copies.	124
	 	 	 
	Article 8 DEFAULTS	124
	Section 8.1	Events of Default	124
	Section 8.2	Remedies	129
	8.2.1	Acceleration	129
	8.2.2	Suspension of Lender’s Performance	129
	8.2.3	Remedies Cumulative	129
	8.2.4	Severance	130
	8.2.5	Lender’s Right to Perform	131

 

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	Article 9 SALE AND SECURITIZATION OF LOAN	131
	Section 9.1	Sale of Loan and Securitization	131
	Section 9.2	Securitization Indemnification	135
	Section 9.3	Severance	138
	9.3.1	Severance Documentation	138
	9.3.2	New Junior Mezzanine Loan Option	139
	9.3.3	Cooperation; Execution; Delivery	139
	Section 9.4	Costs and Expenses	140
	Section 9.5	Confidentiality.	140
	 	 	 
	Article 10 MISCELLANEOUS	141
	Section 10.1	Exculpation	141
	Section 10.2	Survival; Successors and Assigns	144
	Section 10.3	Lender’s Discretion; Rating Agency Review Waiver	145
	Section 10.4	Governing Law	145
	Section 10.5	Modification, Waiver in Writing	146
	Section 10.6	Notices	147
	Section 10.7	Waiver of Trial by Jury	148
	Section 10.8	Headings, Schedules and Exhibits	149
	Section 10.9	Severability	149
	Section 10.10	Preferences	149
	Section 10.11	Waiver of Notice	149
	Section 10.12	Deemed Distributions	149
	Section 10.13	Offsets, Counterclaims and Defenses	150
	Section 10.14	No Joint Venture or Partnership; No Third Party Beneficiaries	150
	Section 10.15	Publicity	150
	Section 10.16	Waiver of Marshalling of Assets	150
	Section 10.17	Certain Waivers	150
	Section 10.18	Conflict; Construction of Documents; Reliance	151
	Section 10.19	Brokers and Financial Advisors	151
	Section 10.20	Prior Agreements	151
	Section 10.21	Servicer	151
	Section 10.22	Intentionally Omitted	152
	Section 10.23	[Reserved]	152
	Section 10.24	Creation of Security Interest	152
	Section 10.25	Assignments and Participations	153
	Section 10.26	Counterparts	153
	Section 10.27	Set-Off	153
	Section 10.28	[Reserved]	153
	Section 10.29	Intercreditor Agreement	153
	Section 10.30	Note Register; Participant Register	154
	Section 10.31	Borrower Affiliate Lender.	154
	Section 10.32	Acknowledgement and Consent to Bail-In of EEA Financial Institutions.	155
	Section 10.33	Co-Lenders.	156
	 	 	 
	Article 11 Mortgage Loan	157
	Section 11.1	Compliance With Mortgage Loan Documents	157

 

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	Section 11.2	Mortgage Loan Defaults	157
	Section 11.3	Mortgage Loan Estoppels	158
	Section 11.4	No Amendment to Mortgage Loan Documents; Consents and Approvals	159
	Section 11.5	Refinancing or Prepayment of the Mortgage Loan	159
	Section 11.6	Intentionally Omitted	159
	Section 11.7	Purchase of Mortgage Loan	159
	Section 11.8	Communication with Mortgage Lender	159
	Section 11.9	Duplicative Performance Not Required	160
	Section 11.10	Compliance with Required Loan Restructurings	160

 

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SCHEDULES AND EXHIBITS

 

	Schedules:	 	 
	 	 	 
	Schedule I	-	Individual Properties and Allocated Loan Amounts
	Schedule I-M1	-	Mortgage Loan Allocated Loan Amounts
	Schedule I-M2	-	[Reserved]
	Schedule II-A	-	Owner
	Schedule II-B	-	Operating Lessee
	Schedule III	-	Organizational Chart of Borrower and Tax ID Numbers
	Schedule IV	-	Exceptions to Representations and Warranties
	Schedule V	-	Definition of Special Purpose Bankruptcy Remote Entity
	Schedule V-I	-	Definition of Mortgage Loan Special Purpose Bankruptcy Remote Entity
	Schedule VI	-	Intellectual Property/Websites
	Schedule VII	-	REAs
	Schedule VIII	-	Ground Lease
	Schedule IX	-	Description of Prior Loans
	Schedule X	-	Scheduled Managers
	Schedule XI	-	Rent Roll
	Schedule XII	-	Franchise Agreements
	Schedule XIII	-	Pledged Collateral
	Schedule XIV	-	Hotel Companies/Approved Brands
	Schedule XV	-	[Reserved]
	Schedule XVI	-	Non-Conforming Properties
	Schedule XVII	-	[Reserved]
	Schedule XVIII	-	Scheduled PIP
	Schedule XIX	-	Divested Properties
	Schedule XX	-	Major Contracts
	Schedule XXI	-	Red Zone Properties
	 	 	 
	Exhibits:	 	 
	 	 	 
	Exhibit A	-	Secondary Market Transaction Information
	Exhibit B	-	Form of Mortgage Loan Agreement

 

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MEZZANINE LOAN AGREEMENT

 

THIS MEZZANINE
LOAN AGREEMENT, dated as of April 28, 2017 (as amended, restated, replaced, supplemented or otherwise modified from time
to time, this “Agreement”), among DEUTSCHE BANK AG, NEW YORK BRANCH, a branch of Deutsche
Bank AG, a German Bank authorized by the New York Department of Financial Services, having an address at 60 Wall Street, 10th Floor,
New York, New York 10005 (together with its successors and/or assigns, “DBNY”), CITIGROUP GLOBAL MARKETS
REALTY CORP., a New York corporation, have an address at 390 Greenwich Street, New York, New York 10013 (together with its
successors and/or assigns, “Citi”), and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a banking association
chartered under the laws of the United States of America, having an address at 383 Madison Avenue, New York, New York 10179 (together
with its successors and assigns, “JPM” and together with Citi and DBNY and each of their respective successors
and/or assigns, collectively, “Lender”), HIT
Portfolio I Mezz, lp, a Delaware limited partnership, having an address at c/o Hospitality Investors Trust, Inc., 3950
University Drive, Fairfax, Virginia 22030 (together with its permitted successors and assigns, “Borrower) and
 HIT PORTFOLIO I TRS HOLDCO, LLC, a
Delaware limited liability company, having an address at c/o Hospitality Investors Trust, Inc., 3950 University Drive, Fairfax,
Virginia 22030 (together with its permitted successors and assigns, “Leasehold Pledgor”, and together
with Borrower, individually or collectively, as the context may require, “Pledgor”).

 

All capitalized terms
used herein shall have the respective meanings set forth in Article 1 hereof.

 

WITNESSETH:

 

WHEREAS, Deutsche Bank
AG, New York Branch, a branch of Deutsche Bank AG, a German Bank authorized by the New York Department of Financial Services, Citigroup
Global Markets Realty Corp., a New York corporation, and JPMorgan Chase Bank, National Association, a banking association chartered
under the laws of the United States of America (together with their respective successors and/or assigns, collectively, “Mortgage
Lender”), has made a loan in the original principal amount of Eight Hundred Five Million and No/100 Dollars ($805,000,000.00)
(the “Mortgage Loan”) to those certain entities listed on Schedule II-A attached hereto (individually
and collectively as the context may require, together with their respective permitted successors and assigns “Owner”)
pursuant to a Loan Agreement of even date herewith (as amended, supplemented or otherwise modified from time to time, the “Mortgage
Loan Agreement”), which Mortgage Loan is evidenced by the Mortgage Note (as defined below) and secured by, among
other things, certain first priority mortgages and deeds of trust, each of even date herewith (collectively, as amended, supplemented
or otherwise modified from time to time, the “Mortgage”) by Operating Lessee (as defined herein) and
each respective Owner in favor of Mortgage Lender pursuant to which Operating Lessee and Owner have granted the Mortgage Lender
a first priority mortgage on, among other things, the Properties (as defined below);

 

WHEREAS, Borrower is
the legal and beneficial owner of (i) all of the issued and outstanding limited liability company interests in HIT Portfolio I
NTC Owner GP, LLC, a Delaware limited liability company (“Fee General Partner”), and (ii) all of the
issued and outstanding limited partner interests and limited liability company interests in Owner;

 

    Mezzanine Loan Agreement

     

    

 

WHEREAS, Leasehold Pledgor
is the legal and beneficial owner of (i) all of the issued and outstanding limited liability company interests in HIT Portfolio
I NTC TRS GP, LLC (“Leasehold General Partner”), and (ii) all of the issued and outstanding limited partner
interests and limited liability company interests in Operating Lessee;

 

WHEREAS, Fee General
Partner is the legal and beneficial owner of all of the issued and outstanding general partner interests in Owner;

 

WHEREAS, Leasehold General
Partner is the legal and beneficial owner of all of the issued and outstanding general partner interests in Operating Lessee;

 

WHEREAS, Borrower has
requested Lender to make a loan to it in the principal amount of One Hundred Ten Million and No/100 Dollars ($110,000,000.00) (the
“Loan”); and

 

WHEREAS, as a condition
precedent to the obligation of Lender to make the Loan to Borrower, Pledgor has entered into that certain Mezzanine Pledge and
Security Agreement, dated as of the date hereof, in favor of Lender (as amended, supplemented or otherwise modified from time to
time, the “Pledge Agreement”), pursuant to which Pledgor has granted to Lender a first priority security
interest in the Collateral (as hereinafter defined) as collateral security for the Debt (as hereinafter defined).

 

NOW, THEREFORE, in
consideration of the foregoing recitals, the making of the Loan by Lender, the covenants, agreements, representations and warranties
set forth in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto hereby agree, represent and warrant as follows:

 

Article
1

DEFINITIONS; PRINCIPLES OF CONSTRUCTION

 

Section 1.1           Specific
Definitions. 

 

For all purposes of
this Agreement, except as otherwise expressly provided:

 

“Acceptable
Accounting Method” shall mean (i) GAAP, (ii) a federal income tax basis of accounting, (iii) the Uniform System of
Accounts, or (iv) such other accounting basis reasonably acceptable to Lender, in each case consistently applied.

 

“Acknowledgment”
shall mean the Acknowledgment, dated on or about the date hereof made by Counterparty, or as applicable, Approved Counterparty.

 

“Additional
Insolvency Opinion” shall mean any bankruptcy non-consolidation opinion that would be satisfactory to a prudent lender
acting reasonably and is required to be delivered subsequent to the Closing Date pursuant to, and in connection with, the Loan
Documents.

 

“Affiliate”
shall mean, as to any Person, any other Person that either (or both) (a) is in Control of, is Controlled by or is under common
ownership or Control with such Person or is a director or officer of such Person or of an Affiliate of such Person, and/or (b)
owns directly or indirectly thirty-five percent (35%) or more of the equity interests in such Person.

 

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“Aggregate
Principal Balance” shall mean the sum of the Outstanding Principal Balance, plus the Mortgage Principal Balance.

 

“Allocated
Loan Amount” shall mean, for each Individual Property, the amount set forth on Schedule I attached
hereto.

 

“Alteration
Threshold” shall mean (a) with respect to any Individual Property undergoing an alteration and/or a Restoration and/or
subject to Flagging Costs, an amount equal to $1,000,000, and (b) with respect to all Individual Properties undergoing alterations
and/or Restorations and/or subject to Flagging Costs, an aggregate amount equal to five percent (5%) of the Outstanding Principal
Balance, in each case excepting alterations made pursuant to an Approved Annual Budget, Approved Alterations or as otherwise reasonably
approved by the Lender.

 

“Annual
Budget” shall mean the operating and capital budget for the Properties, setting forth, on a month-by-month basis,
in reasonable detail, each line item of Owner’s good faith estimate of anticipated Operating Income, Operating Expenses and
Capital Expenditures for the Properties for the applicable Fiscal Year.

 

“Annual
Debt Service” shall mean, as of any date of determination, the Debt Service payable during the one-year period occurring
from and after such date of determination calculated by assuming that (a) the Outstanding Principal Balance at all times during
such period is equal to the Outstanding Principal Balance as of the date of determination (taking into account any prepayments
that occur on such date in accordance with this Agreement) and (b) LIBOR at all times during such period is equal to either (i)
in connection with Borrower’s exercise of an Extension Option hereunder, the Strike Price of the proposed Replacement Interest
Rate Cap Agreement to be entered into by Borrower in connection with its exercise of such Extension Option or (ii) otherwise, the
Strike Price of the Interest Rate Cap Agreement in place as of such date of determination.

 

“Approved
Alterations” shall have the meaning set forth in the definition of “Material Alterations”.

 

“Approved
Bank” shall mean a bank or other financial institution, the long-term unsecured debt rating of which are at least
“A” by S&P and Fitch and “A2” by Moody’s and the short-term unsecured debt ratings of which are
at least “A-1” by S&P, “F1” by Fitch and “P-1” by Moody’s.

 

“Approved
Brand” shall mean, for an Individual Property, any of the hotel brands identified on Schedule XIV or
such other brand as is approved by Lender and Mortgage Lender with respect to such Individual Property, such approval not to be
unreasonably withheld, conditioned or delayed; provided, that in order for a hotel brand to be deemed an Approved Brand with respect
to any Individual Property, such hotel brand shall also satisfy the Approved Brand Requirements with respect to such Individual
Property (unless expressly exempted from satisfying the Approved Brand Requirements pursuant to the definition of such term).

 

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“Approved
Brand Requirements” shall mean, with respect to any Individual Property that is being reflagged under a new Franchise
Agreement pursuant to Section 4.34(d) or (e), that the hotel brand of the hotel located at such Individual Property
meets or exceeds the STR Chain Scale classification of the hotel brand that was in place on the Closing Date with respect to such
Individual Property; provided, however, that the Approved Brand Requirements need not be satisfied with respect to
the following: up to an aggregate of 5% of all Individual Properties as they exist as of the Closing Date, which 5% shall include,
without limitation, hotels reflagged as Red Roof Inn, Red Lion or La Quinta, (measured by Mortgage Loan Allocated Loan Amount,
i.e., the Approved Brand Requirements need not be satisfied for an Individual Property if, after such reflagging, the aggregate
of the Mortgage Loan Allocated Loan Amounts for all Individual Properties reflagged not in compliance with the Approved Brand Requirements
expressed as a percentage of the aggregate of the Mortgage Loan Allocated Loan Amounts for all Individual Properties as they exist
as of the Closing Date, is less than or equal to, but not in excess of, 5%).

 

“Approved
Capital Expenditures” shall mean Capital Expenditures incurred by Owner and either (i) included in the Approved Annual
Budget or (ii) approved by Lender and Mortgage Lender, which approval shall not be unreasonably withheld, conditioned or delayed,
provided that any Capital Expenditures included in FF&E Expenses or PIP Expenses shall not constitute Approved Capital Expenditures.

 

“Approved
Counterparty” shall mean a bank or other financial institution which either (I) has (or provides a guarantor of its
obligations that has) (a) a long-term unsecured debt rating of “A+” or higher by S&P; (b) either (i) a long-term
unsecured debt rating of not less than “A2” by Moody’s and a short-term senior unsecured debt rating of at least
“P1” from Moody’s, or (ii) if no short-term debt rating exists, a long-term senior unsecured debt rating of at
least “A1” from Moody’s; and (c) if any of the Securities are rated by Fitch and if the counterparty is rated
by Fitch, a long-term unsecured debt rating of “A” or higher by Fitch (and not on Ratings Watch Negative) and a short-term
unsecured debt rating of not less than “F-1” from Fitch (and not on Ratings Watch Negative); or (II) is
otherwise acceptable to the Rating Agencies, as evidenced by a Rating Agency Confirmation to the effect that such counterparty
shall not cause a downgrade withdrawal or qualification of the ratings assigned, or to be assigned, to the Securities or any class
thereof in any Securitization; provided however, that SMBC Capital Markets, Inc. (with an Acceptable SMBC Credit
Support Party as its credit support party) will be an Acceptable Counterparty so long as the rating of its credit support party
(provided such credit support party shall be an Acceptable SMBC Credit Support Party ) is not downgraded, withdrawn or qualified
by S&P or Moody’s or Fitch (if applicable) from the long and short term ratings issued by such rating agencies below
the lesser of the above rating (as applicable) or its ratings as of the date hereof. As used herein, an “Acceptable
SMBC Credit Support Party” shall mean (i) Sumitomo Mitsui Banking Corporation or a replacement guarantor that meets
the foregoing rating requirements and provides a guaranty on substantially the same form as the guaranty provided by Sumitomo Mitsui
Banking Corporation on the Closing Date and (ii) provided any such credit support party guaranty guaranties all current and future
obligations under the Interest Rate Cap Agreement or Replacement Interest Rate Cap Agreement, as applicable.

 

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“Approved
FF&E Expenses” shall mean FF&E Expenses incurred by Owner and either (a) included in the Approved Annual
Budget or (b) approved by Lender and Mortgage Lender, which approval shall not be unreasonably withheld, conditioned or delayed;
provided that any FF&E Expenses included in Approved Scheduled PIP Expenses shall not constitute Approved FF&E Expenses.

 

“Approved
Flagging Budget” shall mean a budget of Flagging Costs for any Individual Property under any Franchise Agreement
which has been approved or deemed approved by Lender, or for which approval is not required, in accordance with Section 4.34(d)
or (e).

 

“Approved
Operating Expenses” shall mean Operating Expenses incurred by Owner or by any Manager on Owner’s behalf (excluding
any Restricted Payments) which (i) are included in the Approved Annual Budget for the current calendar month, (ii) are
for real estate taxes, insurance premiums, electric, gas, oil, water, sewer or other utility service to the Properties, (iii) are
for Management Fees, or (iv) have been approved in writing by Lender and Mortgage Lender as Approved Operating Expenses; provided,
however, that Approved Operating Expenses shall also include, for any calendar month in which Operating Expenses exceed the Monthly
Operating Expense Budgeted Amount, the amount of such excess Operating Expenses up to and not to exceed ten percent (10%) of the
Monthly Operating Expense Budgeted Amount for such calendar month as to which Owner provides to Lender a reasonably detailed explanation
of the reasons for and expenditures resulting in Operating Expenses exceeding the Monthly Operating Expense Amount.

 

“Approved
Scheduled PIP Expenses” shall mean PIP Expenses incurred by Owner for Scheduled PIP for any Individual Property in
the amount not to exceed the amount budgeted for PIP Expenses for such Individual Property as set forth on Schedule XVIII
(the foregoing budgets for Scheduled PIP for any Individual Property, as modified from time to time with the approval of Lender
and Mortgage Lender, which approval shall not be unreasonably withheld, conditioned or delayed, the “Approved Scheduled
PIP Budget” for such Individual Property) and Flagging Costs that are permitted hereunder.

 

“Assignment
of Interest Rate Cap Agreement” shall mean that certain Collateral Assignment of Interest Rate Cap Agreement dated
as of the date hereof, from Borrower, as assignor, to Lender, as assignee, as the same may be amended, restated, extended, renewed,
supplemented or otherwise modified from time to time.

 

“Assignment
of Leases” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Assignment
of Management Agreement” – shall have the meaning given to such term in the Mortgage Loan Agreement.

 

“Assignments
of Title Insurance Proceeds” shall mean, collectively, those certain Assignments of Title Insurance Proceeds, each
dated as of the date hereof, each by Borrower and Owner to Lender, as the same may be amended, restated, extended, renewed, supplemented
or otherwise modified from time to time.

 

“Assumed
Note Rate” shall mean an interest rate equal to the sum of 25 basis points plus LIBOR plus the Spread (provided that
such 25 basis points shall be increased to 75 basis points if the Assumed Note Rate is applied in connection with a full prepayment
of the Loan).

 

    	 	-5-	Mezzanine Loan Agreement

     

    

 

“Assumption”
shall mean a Permitted Direct Assumption or a Permitted Indirect Assumption.

 

“Assumption
Fee” shall mean an assumption fee equal to (a) $30,055 if no material modifications to the Loan Documents are required
in connection with the Assumption or (b) $42,077 if material modifications to the Loan Documents are required in connection with
the Assumption.

 

“Award”
shall mean any compensation paid by any Governmental Authority in connection with a Condemnation in respect to all or any part
of any Individual Property.

 

“Bankruptcy
Code” shall mean Title 11 of the United States Code entitled “Bankruptcy”, as amended from time
to time, and any successor statute or statutes and all rules and regulations from time to time promulgated thereunder, or any other
federal or state bankruptcy or insolvency law, and any comparable foreign laws relating to bankruptcy, insolvency or creditors’
rights.

 

“Base Management
Fees” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Birmingham
Property” shall mean that certain Individual Property with an address of 2731 US Highway 280, Birmingham, Alabama
35223.

 

“BK Cap”
means the product of (i) the outstanding principal amount of the Loan plus any interest accrued and unpaid on the Loan multiplied,
by (ii) 0.20, plus Lender’s actual out-of-pocket costs and expenses (including attorneys’ fees).

 

“Borrower”
shall have the meaning set forth in the introductory paragraph hereto, together with their respective successors and permitted
assigns.

 

Brand Manager”
shall mean collectively, each of Embassy Suites Management LLC, Hampton Inns Management LLC, Homewood Suites Management LLC, Hilton
Worldwide or any Affiliate of Hilton Worldwide, Marriott International Inc. or any Affiliate of Marriott International, Inc., Hyatt
Hotels Corporation or any Affiliate of Hyatt Hotels Corporation or Starwood Hotels and Resorts Worldwide, Inc. or any Affiliate
of Starwood Hotels and Resorts Worldwide, Inc.

 

“Business
Day” shall mean any day other than a Saturday, a Sunday or a legal holiday on which national banks are not open for
general business in (i) the State of New York, (ii) the State where the corporate trust office of the Trustee is located or (iii)
the State where the servicing offices of the Servicer are located.

 

“Calculation
Date” shall mean the last day of each calendar quarter during the Term.

 

“Capital
Expenditures” shall mean, for any period, the amount incurred for items capitalized under GAAP and the Uniform System
of Accounts (including expenditures for building improvements or major repairs).

 

“Cash Management
Agreement” shall have the meaning set forth in the Mortgage Loan Agreement.

 

    	 	-6-	Mezzanine Loan Agreement

     

    

 

“Change
of Control Flagging Costs” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Closing
Date” shall mean April 28, 2017.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended, and as it may be further amended from time to time, any successor statutes
thereto, U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form, and other guidance published
by the Internal Revenue Service on which taxpayers may rely.

 

“Collateral”
shall mean all collateral securing or intended to secure the Debt, including the Pledged Collateral.

 

“Condemnation”
shall mean a temporary or permanent taking by any Governmental Authority as the result or in lieu or in anticipation of the exercise
of the right of condemnation or eminent domain, of all or any part of any Individual Property, or any interest therein or right
accruing thereto, including any right of access thereto or any change of grade affecting such Individual Property or any part thereof.

 

“Connection
Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Special Taxes or branch profits Special Taxes.

 

“Control”
shall mean, with respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of
the management and policies of such Person, through the ownership of voting securities, by contract or otherwise, and the terms
Controlled, Controlling and Common Control shall have correlative meanings.

 

“Control
Party Asset Threshold” shall mean the ownership of total real estate assets in the United States or Canada (in name
or under management) in excess of $1,000,000,000 and a capital/statutory surplus or shareholder equity in excess of $400,000,000.

 

“Counterparty”
shall mean, with respect to the Interest Rate Cap Agreement, SMBC Capital Markets, Inc. and with respect to any Replacement Interest
Rate Cap Agreement, any Approved Counterparty thereunder.

 

“Dallas
Courtyard Property” shall mean that certain Individual Property with an address of 2150 Market Center Boulevard,
Dallas, Texas 75207.

 

“Debt”
shall mean the Outstanding Principal Balance together with all interest accrued and unpaid thereon and all other sums (including
any Spread Maintenance Premium, if applicable) due to Lender from time to time in respect of the Loan under the Note, this Agreement,
the Pledge Agreement, the Environmental Indemnity or any other Loan Document.

 

“Debt Service”
shall mean, with respect to any particular period, the scheduled interest payments due under the Note in such period.

 

“Debt Service
Coverage Ratio” shall mean, as of any date of determination, a ratio in which:

 

    	 	-7-	Mezzanine Loan Agreement

     

    

 

(a)          the
numerator is the Underwritten Net Cash Flow as of such date of determination; and

 

(b)          the
denominator is the sum, as of such date of determination, of the Annual Debt Service plus the Mortgage Annual Debt Service.

 

“Debt Yield”
shall mean, as of any date of determination, a fraction, expressed as a percentage (i.e. 0.10 = 10%), which is obtained by dividing:

 

(a)          the
Underwritten Net Cash Flow as of such date of determination; by

 

(b)          the
Outstanding Principal Balance plus the Mortgage Principal Balance.

 

“Debt Yield
Cure Level” shall mean a Debt Yield of eight and one-quarter percent (8.25%).

 

“Debt Yield
Trigger Level” shall mean a Debt Yield of eight and one-quarter percent (8.25%).

 

“Default”
shall mean the occurrence of any event hereunder or under any other Loan Document which, but for the giving of notice or passage
of time, or both, would constitute an Event of Default.

 

“Default
Rate” shall mean a rate per annum equal to the lesser of (i) the Maximum Legal Rate or (ii) three percent
(3%) above the Interest Rate.

 

“Deposit
Account” shall mean an Eligible Account at the Deposit Bank.

 

“Deposit
Bank” shall mean the bank or banks selected by Lender to maintain the Deposit Account. Lender may in its reasonable
discretion change the Deposit Bank from time to time.

 

“Divested
Properties” shall mean the real property and improvements listed on Schedule XIX attached hereto previously
owned by Owner and any other real property formerly constituting Individual Properties or Divested Properties which have been condemned
by (or transferred in lieu thereof to) a Governmental Authority (during Borrower’s period of ownership) prior to the Closing
Date. Prior to the Closing Date, all of Owner’s right, title, interest and estate in the Divested Properties were transferred
and conveyed by Owner to third parties. The Divested Properties are not Individual Properties.

 

    	 	-8-	Mezzanine Loan Agreement

     

    

 

“Divested
Property Liabilities” shall mean any and all actual, out-of-pocket liabilities, losses, damages, costs and expenses
of any kind or nature whatsoever (including the reasonable fees and disbursements of counsel for Borrower, Owner and/or Lender
in connection with any investigative, administrative or judicial proceeding commenced or threatened, whether or not Borrower, Owner
or Lender shall be designated a party thereto), that are imposed on, incurred by, or asserted against Borrower, Owner or Lender
in any manner relating to or arising out of (i) Owner’s and/or Operating Lessee’s ownership, leasing and/or operation
of the Divested Properties; (ii) any accident, injury to or death of persons or loss of or damage to property occurring in, on
or about any Divested Property or on the adjoining sidewalks, curbs, adjacent property or adjacent parking areas, streets or ways;
(iii) any use, nonuse or condition in, on or about any Divested Property or on adjoining sidewalks, curbs, adjacent property
or adjacent parking areas, streets or ways; (iv) performance of any labor or services or the furnishing of any materials or
other property in respect of any Divested Property; (v) any failure of any Divested Property to comply with any applicable
Legal Requirement (including any Environmental Laws); (vi) any claim by brokers, finders or similar persons claiming to be
entitled to a commission in connection with any lease or other transaction involving any Divested Property or any part thereof,
or any liability asserted against Borrower, Owner or Lender with respect thereto; (vii) any claims by any lessee of any portion
of any Divested Property or any Person acting through or under any lessee or otherwise arising under or as a consequence of any
such lease; and (viii) any presence or release of Hazardous Substances at any Divested Property, in each case of clauses (i) through
(viii) above, with respect to each Divested Property, to the extent such liability, loss, damage, cost, or expense arises out of
any circumstance, condition, action or event that occurred or existed on or prior to the date on which such Divested Property was
conveyed by Owner (even to the extent that the applicable liability, loss, damage, cost, or expense did not occur, or the occurrence
of the applicable circumstance, condition, action or event is not discovered, until after such date of conveyance).

 

“Due and
Payable” shall mean, with respect to Taxes and Other Charges, the date upon which, if the applicable Taxes or Other
Charges are not paid, such Taxes or Other Charges become delinquent or begin accruing fees, charges, penalties and/or interest
or the payee thereof becomes entitled to exercise any right or remedies for non-payment thereof.

 

“Eligible
Account” shall mean a separate and identifiable account from all other funds held by the holding institution
that is either (i) an account or accounts (or subaccounts thereof) maintained with a federal or state-chartered depository institution
or trust company which complies with the definition of Eligible Institution or (ii) a segregated trust account or accounts (or
subaccounts thereof) maintained with the corporate trust department of a federal depository institution or state chartered depository
institution subject to regulations regarding fiduciary funds on deposit similar to Title 12 of the Code of Federal Regulations
§9.10(b), having in either case corporate trust powers, acting in its fiduciary capacity, and a combined capital and surplus
of at least $50,000,000, subject to supervision or examination by federal and state authorities and having a long-term unsecured
debt rating of “A” or higher by S&P and “A2” or higher by Moody’s and a short-term unsecured
debt rating of “A-1” or higher by S&P and “P-1” or higher by Moody’s. An Eligible Account will
be a “deposit account” within the meaning of Section 9-102(a)(29) of the Uniform Commercial Code of the State of New
York and will not be evidenced by a certificate of deposit, passbook or other instrument.

 

“Eligible
Institution” shall mean a depository institution or trust company insured by the Federal Deposit Insurance Corporation
the short term unsecured debt obligations or commercial paper of which are rated at least A-1 by S&P, P-1 by Moody’s,
and F1+ by Fitch in the case of accounts in which funds are held for thirty (30) days or less or, in the case of Letters of
Credit or accounts in which funds are held for more than thirty (30) days, the long term unsecured debt obligations of which
are rated at least “A+” by Fitch and S&P and “Aa3” by Moody’s.

 

“Emergency
Expenses” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Environmental
Indemnity” shall mean that certain Environmental Indemnity Agreement dated as of the date hereof, executed by Borrower
and Guarantors in connection with the Loan, for the benefit of Lender, or any replacement thereof in accordance with the express
terms thereof, as the same may be amended, restated, replaced, extended, renewed, supplemented or otherwise modified from time
to time.

 

    	 	-9-	Mezzanine Loan Agreement

     

    

 

“ERISA
Affiliate” shall mean any trade or business (whether or not incorporated) which is a member of the same controlled
group of corporations or group of trades or businesses under common control with Borrower, Leasehold Pledgor, Owner, Operating
Lessee or any Guarantor, or is treated as a single employer together with Borrower, Leasehold Pledgor, Owner, Operating Lessee
or any Guarantor under Section 414 of the Code or Title IV of ERISA.

 

“Excluded
Taxes” shall mean (a) Special Taxes imposed on or measured by net income (however denominated) or net profits (including
any branch profits or franchise taxes) of, or required to be withheld or deducted from any payment to, Lender or any of its Affiliates,
divisions or branches by the jurisdiction (or any political subdivision thereof) (i) as a result of Lender (or Affiliate, divisions
or branches of Lender) being a resident or deemed to be resident, is organized, maintains an office, or carries on business or
is deemed to carry on business to which such payment relates, in the jurisdiction imposing such taxes or (ii) that are Other Connection
Taxes; (b) any U.S. federal or state withholding Special Taxes that are imposed on amounts payable to or for the account of Lender
(or any transferee, successor or assignee thereof, including any Person that is sold or assigned an interest in the Loan pursuant
to Article IX) under the law in effect at the time Lender (or such transferee, successor or assignee) becomes a party to this Agreement
or changes its lending office, (c) any backup withholding taxes; (d) Special Taxes imposed on account of Lender not providing documentation
(including documentation regarding direct or indirect owners) that would have reduced or eliminated such taxes, provided that such
Lender is legally entitled to provide such documentation; (e) Special Taxes imposed on account of Lender not being eligible for
the “portfolio interest exception” in Section 871(h) or 881(c) of the Code, as set forth in such Sections as of the
date of this Agreement (or any successor provision that is substantively comparable), and (f) any U.S. federal withholding Special
Taxes imposed under FATCA.

 

“Experience
Threshold” shall mean the ownership (including indirect ownership) and/or management of hospitality properties containing
at least 7,500 guest rooms (exclusive of the Property) with at least 5 years’ experience in the ownership and/or management
of such properties.

 

“Extended
Term” shall mean the First Extended Term, the Second Extended Term or the Third Extended Term, as applicable.

 

“Extension
Option” shall mean the First Extension Option, the Second Extension Option, or the Third Extension Option, as applicable.

 

“FATCA”
shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is
substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations
thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code.

 

“Fee General
Partner” shall have the meaning set forth in the Recitals hereto.

 

    	 	-10-	Mezzanine Loan Agreement

     

    

 

“FF&E”
shall mean all fixtures, furnishings, equipment, furniture, and other items of tangible personal property now or hereafter located
on any Individual Property or used in connection with the use, occupancy, operation and maintenance of all or any part of the Properties,
other than stocks of food and other supplies held for consumption in normal operation but including, without limitation, appliances,
machinery, equipment, signs, artwork, office furnishings and equipment, guest room furnishings, and specialized equipment for kitchens,
laundries, bars, restaurants, public rooms, health and recreational facilities, linens, dishware, all partitions, screens, awnings,
shades, blinds, floor coverings, hall and lobby equipment, heating, lighting, plumbing, ventilating, refrigerating, incinerating,
elevators, escalators, air conditioning and communication plants or systems with appurtenant fixtures, vacuum cleaning systems,
call or beeper systems, security systems, sprinkler systems and other fire prevention and extinguishing apparatus and materials;
reservation system computer and related equipment; all equipment, manual, mechanical or motorized, for the construction, maintenance,
repair and cleaning of, parking areas, walks, underground ways, truck ways, driveways, common areas, roadways, highways and streets;
and the Vehicles (as defined in the Uniform System of Accounts for Hotels, current edition), in each case to the extent constituting
the personal property of Borrower.

 

“FF&E
Expense” for any period shall mean the amount expended for FF&E Work in, at or to the Properties or any Individual
Property (including any installation, delivery or other related cost).

 

“FF&E
Work” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Financial
Covenants” shall refer to the certain financial covenants which shall be included in the Guaranty, and shall require
that Guarantors:

 

(a)          maintain
an aggregate Net Worth (as defined below) of not less than $250,000,000 (the “Net Worth Threshold”);
and

 

(b)          shall
not, at any time while a default in the payment of the obligations under the Guaranty has occurred and is continuing, either (i)
enter into or effectuate any transaction with any Affiliate of Guarantor that would reduce any Guarantor’s Net Worth below
the Net Worth Threshold (including the payment of any dividend or distribution to a shareholder, or the redemption, retirement,
purchase or other acquisition for consideration of any stock or other ownership interest in such guarantor) or (ii) sell, pledge,
mortgage or otherwise transfer to any Affiliate of Guarantor any of any Guarantor’s assets, or any interest therein that
would reduce any Guarantor’s Net Worth below the Net Worth Threshold.

 

For purposes of the foregoing
definition of Financial Covenants “Net Worth” shall mean, as of a given date, (i) a Person’s total
assets as of such date, including Uncalled Commitments, and for the purposes of determining Net Worth adding accumulated depreciation
and amortization to the value of such assets (without regard to the Properties or any equity therein) less (ii) such Person’s
total liabilities as of such date, determined in accordance with GAAP, exclusive of any liability under the Loan Documents, the
Mezzanine Loan Documents, and, for avoidance of doubt, treating the arrangements with Brookfield Strategic Real Estate Partners
II Hospitality REIT II LLC and W2007 Equity Inns Senior Mezz, LLC as equity and not debt.

 

    	 	-11-	Mezzanine Loan Agreement

     

    

 

“Fiscal
Year” shall mean each twelve (12) month period commencing on January 1 and ending on December 31 during
each year of the Term.

 

“Fitch”
shall mean Fitch, Inc.

 

“Franchise
Agreements” shall mean individually or collectively, as the context requires, the existing franchise agreements for
the Individual Properties identified on Schedule XII hereto, and any or all franchise, trademark and license agreements,
or similar agreements between one or more of the Individual Owners or Operating Lessee, as applicable, and a hotel franchisor in
effect from time to time during the term of the Loan as the same may be replaced, amended or modified from time to time in accordance
with, and subject to, the terms and provisions of this Agreement. Each or any of the Franchise Agreements may sometimes be referred
to herein, individually, as a “Franchise Agreement”.

 

“Franchisor”
shall mean individually or collectively, as the context requires, any entity that is a hotel franchisor or licensor pursuant to
any Franchise Agreement affecting any Individual Property.

 

“GAAP”
shall mean generally accepted accounting principles as in effect from time to time and set forth in the Financial Accounting Standards
Board Accounting Standards Codification.

 

“Governmental
Authority” shall mean any court, board, agency, commission, office or authority of any nature whatsoever or any governmental
unit (federal, state, commonwealth, county, district, municipal, city or otherwise) whether now or hereafter in existence.

 

“Grantor
Trust” shall mean a grantor trust under Subpart E of Part 1 of Subchapter J of the Code.

 

“Gross
Revenue” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Ground
Lease Property” shall mean, individually and collectively, as the context requires, each Individual Property that
is demised by one of the Ground Leases.

 

“Ground
Leases” shall mean those certain ground leases more particularly described on Schedule VIII
attached hereto and made a part hereof as the same may be amended, restated, supplemented or otherwise modified from time to time
in accordance with the terms of this Agreement. Each or any of the Ground Leases may be referred to herein individually as a “Ground
Lease”.

 

“Ground
Lessor” shall mean individually and collectively, as the context requires, the lessors under each of the Ground Leases.

 

“Ground
Lease Purchase Option” shall mean any option, right of first refusal or right of first offer contained in any Ground
Lease and/or granted by any Ground Lessor to the lessee under the Ground Lease (or any Individual Owner or Affiliate thereof) to
purchase the related Ground Lease Property.

 

“Ground
Rent” shall mean any rent, additional rent or other charge payable by the tenant under the Ground Leases.

 

    	 	-12-	Mezzanine Loan Agreement

     

    

 

“Guarantors”
shall mean Hospitality Trust Operating Partnership, L.P. (“OP Guarantor”) and Hospitality Investors Trust,
Inc. (“REIT Guarantor”), jointly and severally, and/or any other Person that now or hereafter guarantees
any of Borrower’s obligations under any Loan Document.

 

“Guaranty”
shall mean that certain Guaranty of Recourse Obligations of even date herewith from Guarantors for the benefit of Lender, or any
replacement thereof in accordance with the express terms hereof, as the same may be amended, restated, replaced, extended, renewed,
supplemented or otherwise modified from time to time.

 

“Hotel
Taxes” shall mean federal, state and municipal excise, occupancy, sales and use taxes collected by or on behalf of
Owner or any other Loan Party directly from patrons or guests of the Properties as part of or based on the sales price of any goods,
services or other items, such as gross receipts, room, admission, cabaret or equivalent taxes and required to be paid to a Governmental
Authority.

 

“Incentive
Management Fees” shall mean the property management fees paid to a Manager for property management (as opposed to
asset management) services provided to the Individual Properties that are based on an override, profit participation or other form
of incentive for increased revenues or profits generated by such Individual Properties. Incentive Management Fees shall not include
Base Management Fees, reimbursable expenses paid to a Manager, system service charges, accounting fees, development fees, revenue
management fees, sales and marketing fees, information technology fees, human resources fees, risk management fees, administration
fees or other similar fees, expenses or reimbursements, in each case, so long as the same are not calculated based on increases
in revenues or profits generated by such Individual Properties.

 

“Indebtedness”
shall mean, for any Person, without duplication: (i) all indebtedness or liability of such Person for borrowed money (whether
or not evidenced by bonds, debentures, notes or other instruments) or for the deferred purchase price of or payment for goods,
property or services (including trade debt and trade payables) or mezzanine debt, for which such Person or its assets are liable,
(ii) obligations issued for, or liabilities incurred on account of, such Person, (iii) obligations or liabilities of such Person
arising under or with respect to letters of credit (including without limitation letter of credit facilities and agreements and
for amounts drawn upon letters of credit), credit facilities or other acceptance facilities, (iv) all amounts required to
be paid by such Person as a guaranteed payment to partners or a preferred or special dividend, including any mandatory redemption
of shares or interests, (v) all indebtedness guaranteed by such Person, directly or indirectly, (vi) all obligations
under leases that constitute capital leases for which such Person is liable, (vii) all obligations of such Person under interest
rate swaps, caps, floors, collars and other interest hedge agreements, in each case for which such Person is liable or its assets
are liable, whether such Person (or its assets) is liable contingently or otherwise, as obligor, guarantor or otherwise, or in
respect of which obligations such Person otherwise assures a creditor against loss, and (viii) all obligations under any PACE Loans.

 

“Indemnified
Taxes” means Special Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by Borrower
under any Loan Document.

 

    	 	-13-	Mezzanine Loan Agreement

     

    

 

“Independent”
shall mean, when used with respect to any Person, a Person who: (i) does not have any direct financial interest or any material
indirect financial interest in Borrower, Leasehold Pledgor, Owner or Operating Lessee or in any Affiliate of Borrower, Leasehold
Pledgor, Owner or Operating Lessee (other than the receipt of fees payable for its services), (ii) is not connected with Borrower,
Leasehold Pledgor, Owner or Operating Lessee or any Affiliate of Borrower, Leasehold Pledgor, Owner or Operating Lessee as an officer,
employee, promoter, underwriter, trustee, partner, member, manager, creditor, director, supplier, customer or person performing
similar functions and (iii) is not a member of the immediate family of a Person defined in (i) or (ii) above.

 

“Independent
Accountant” shall mean (i) a firm of nationally recognized, certified public accountants which is Independent
and which is selected by Borrower and reasonably acceptable to Lender or (ii) such other certified public accountant(s) selected
by Borrower, which is Independent and reasonably acceptable to Lender, it being agreed by Lender that any “Big Four”
accounting firm (including any successor entity thereto) is hereby approved by Lender as long as such Person continues to be Independent
and a nationally recognized certified public accounting firm.

 

“Individual
Owner” shall mean each “Individual Borrower” as defined in the Mortgage Loan Agreement.

 

“Individual
Property” shall mean, individually, any one of the properties identified on Schedule I hereto and (and, with
respect to each such property, the Improvements, all Fixtures, all Equipment, all FF&E and all personal property owned by Owner
and used in connection with or incorporated into such property, together with all rights pertaining to such property and Improvements.

 

“Initial
Debt Yield” shall mean 10.80%.

 

“Initial
Stated Maturity Date” shall mean May 1, 2019, as the same may be extended pursuant to Section 2.7 hereof.

 

“Insolvency
Opinion” shall mean that certain bankruptcy non-consolidation opinion letter dated the date hereof delivered by Berger
Harris LLP in connection with the Loan.

 

“Insurance
Proceeds” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Interest
Determination Date” shall mean, (A) with respect to the Initial Interest Period, the date that is two (2) Business
Days before the Closing Date and (B) with respect to any other Interest Period, the date which is two (2) Business Days prior to
the eighth (8th) day of each calendar month, provided, however, if the Interest Determination Date as defined in the
Mortgage Loan Agreement shall be adjusted by Mortgage Lender, then the Interest Determination Date hereunder shall be likewise
adjusted, so that the Interest Determination Date hereunder and the Interest Determination Date under the Mortgage Loan Agreement
shall always be the same date. When used with respect to an Interest Determination Date, Business Day shall mean any day on which
banks are open for dealing in foreign currency and exchange in London.

 

“Interest
Rate” shall mean, with respect to each Interest Period, an interest rate per annum equal to (i) for a LIBOR Loan,
the sum of (a) LIBOR, determined as of the Interest Determination Date immediately preceding the commencement of such Interest
Period, plus (b) the Spread (or, when applicable pursuant to this Agreement or any other Loan Document, the Default Rate), and
(ii) for a Prime Rate Loan, the sum of (a) the Prime Rate, plus (b) the Prime Rate Spread (or, when applicable pursuant to this
Agreement or any other Loan Document, the Default Rate).

 

    	 	-14-	Mezzanine Loan Agreement

     

    

 

“Interest
Rate Cap Agreement” shall mean the Confirmation and Agreement (together with the confirmation and schedules relating
thereto), dated on or about the date hereof, between the Counterparty and Borrower, obtained by Borrower and collaterally assigned
to Lender pursuant to the Assignment of Interest Rate Cap Agreement. After delivery of a Replacement Interest Rate Cap Agreement
to Lender, the term Interest Rate Cap Agreement shall be deemed to mean such Replacement Interest Rate Cap Agreement. The Interest
Rate Cap Agreement shall be governed by the laws of the State of New York and shall contain each of the following:

 

(a)          the
notional amount of the Interest Rate Cap Agreement shall be equal to or exceed the Outstanding Principal Balance;

 

(b)          the
remaining term of the Interest Rate Cap Agreement shall at all times extend through the end of the Interest Period in which the
Maturity Date occurs as extended from time to time pursuant to this Agreement and the Loan Documents;

 

(c)          the
Interest Rate Cap Agreement shall be issued by the Counterparty to Borrower and shall be pledged to Lender by Borrower in accordance
with the Assignment of Interest Rate Cap Agreement;

 

(d)          the
Counterparty under the Interest Rate Cap Agreement shall be obligated to make a stream of payments, directly to the Deposit Account
(whether or not an Event of Default has occurred) from time to time equal to the product of (i) the notional amount of such Interest
Rate Cap Agreement multiplied by (ii) the excess, if any, of LIBOR (including any upward rounding under the definition of LIBOR)
over the Strike Price and shall provide that such payment shall be made on a monthly basis in each case not later than (after giving
effect to and assuming the passage of any cure period afforded to such Counterparty under the Interest Rate Cap Agreement, which
cure period shall not in any event be more than three Business Days) each Monthly Payment Date;

 

(e)           the
Counterparty under the Interest Rate Cap Agreement shall execute and deliver the Acknowledgment; and

 

(f)           the Interest Rate Cap Agreement shall impose no material obligation on the beneficiary thereof (after payment of the
acquisition cost) and shall be in all material respects satisfactory in form and substance to Lender (in Lender’s
reasonable discretion) and shall satisfy applicable Rating Agency standards and requirements, including, without limitation,
provisions satisfying Rating Agencies standards, requirements and criteria (i) that incorporate representations by the
Counterparty that no withholding taxes shall apply to payments by the Counterparty as of the date of the Interest Rate Cap
Agreement, and provide for “gross up” payments by the Counterparty for any withholding tax (except for any
Excluded Taxes), (ii) whereby the Counterparty agrees not to file or join in the filing of any petition against Borrower
under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law, and (iii) that incorporate, if the
Interest Rate Cap Agreement contemplates collateral posting by the Counterparty, a credit support annex setting forth the
mechanics for collateral to be calculated and posted that are consistent with Rating Agency standards, requirements and
criteria.

 

    	 	-15-	Mezzanine Loan Agreement

     

    

 

“Inventory”
shall mean, as defined in the UCC, and including items which would be entered on a balance sheet under the line items for “Inventories”
or “china, glassware, silver, linen and uniforms” under the Uniform System of Accounts for Hotels, current edition.

 

“Lease”
shall mean any lease, sublease or sub-sublease, letting, license, concession or other agreement (whether written or oral and whether
now or hereafter in effect) pursuant to which any Person is granted a possessory interest in, or right to use or occupy, all or
any portion of any space in any Individual Property, and every modification, amendment or other agreement relating to such lease,
sublease, sub-sublease or other agreement entered into in connection with such lease, sublease, sub-sublease or other agreement
and every guarantee of the performance and observance of the covenants, conditions and agreements to be performed and observed
by the other party thereto.

 

“Leasehold
General Partner” shall have the meaning set forth in the Recitals hereto.

 

“Leasehold
Pledgor” shall have the meaning set forth in the introductory paragraph hereto, together with their respective successors
and permitted assigns.

 

“Legal
Requirements” shall mean all federal, state, county, municipal and other governmental statutes, laws, rules, orders,
regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities affecting the Loan, any Secondary Market
Transaction with respect to the Loan, Borrower, Leasehold Pledgor, the Collateral or any part thereof, Owner, Operating Lessee
or any Individual Property or any part thereof or the construction, use, alteration or operation thereof, or any part thereof,
whether now or hereafter enacted and in force, including, without limitation, the Securities Act, the Exchange Act, Regulation
AB, the rules and regulations promulgated pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, zoning and
land use laws, the Americans with Disabilities Act of 1990, and all permits, licenses and authorizations and regulations relating
thereto, and all covenants, agreements, restrictions and encumbrances contained in any instruments, either of record or known to
Borrower, Leasehold Pledgor, Owner or Operating Lessee, at any time in force affecting the Collateral or any part thereof, or such
Individual Property or any part thereof, including any which may (i) require repairs, modifications or alterations in or to
such Individual Property or any part thereof, or (ii) in any way limit the use and enjoyment thereof.

 

“Letter
of Credit” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“LIBOR”
shall mean, with respect to each Interest Period and each Interest Determination Date, the rate per annum (rounded to the nearest
1/1,000 of 1%) calculated by the Lender as set forth below:

 

(a) The rate
for deposits in U.S. Dollars for a one-month period that appears on Reuters Screen LIBOR01 Page (or its equivalent) as of 11:00
a.m., London time, on such Interest Determination Date.

 

    	 	-16-	Mezzanine Loan Agreement

     

    

 

(b) If such
rate does not appear on Reuters Screen LIBOR01 Page (or its equivalent) as of 11:00 a.m., London time, on the applicable Interest
Determination Date, the Lender shall request the principal London office of any four major reference banks in the London interbank
market selected by the Lender to provide such reference bank’s offered quotation to prime banks in the London interbank market
for deposits in United States dollars for a one-month period as of 11:00 a.m., London time, on such Interest Determination Date
in a principal amount of not less than $1,000,000 that is representative for a single transaction in the relevant market at the
relevant time. If at least two such offered quotations are so provided, LIBOR shall be the arithmetic mean of such quotations.
If fewer than two such quotations are so provided, the Lender shall request any three major banks in New York City selected by
the Lender to provide such bank’s rates for loans in U.S. Dollars to leading European banks for a one-month period as of
11:00 a.m., New York City time, on such Interest Determination Date in a principal amount not less than $1,000,000 that is representative
for a single transaction in the relevant market at the relevant time, and if at least two such rates are so provided, LIBOR shall
be the arithmetic mean of such rates. Promptly upon Borrower’s request, Lender shall provide Borrower with the basis (in
writing) for its determination of LIBOR. Notwithstanding the foregoing, in no event shall LIBOR be less than zero.

 

“LIBOR
Loan” shall mean the Loan at such time as interest thereon accrues at a rate of interest based upon LIBOR.

 

“Lien”
shall mean any mortgage, deed of trust, lien (statutory or otherwise), pledge, hypothecation, easement, restrictive covenant, preference,
assignment, security interest, PACE Loan or any other encumbrance, charge or transfer of, or any agreement to enter into or create
any of the foregoing, on or affecting (i) all or any portion of any Individual Property or any interest therein, (ii) any direct
or indirect interest in Borrower or in any other Loan Party, or (iii) all or any portion of the Collateral, including any conditional
sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing,
the filing of any financing statement, and mechanic’s, materialmen’s and other similar liens and encumbrances.

 

“Liquidation
Event” shall mean (i) any Casualty to any Individual Property or any material portion thereof, (ii) any Condemnation
of any Individual Property or any material portion thereof, (iii) a Transfer of any Individual Property in connection with realization
thereon following an Event of Default under the Mortgage Loan, including, without limitation, a foreclosure sale, or (iv) any refinancing
or payoff of any Individual Property or the Mortgage Loan permitted hereunder (including any refund of reserves on deposit with
Mortgage Lender (but not disbursements therefrom)).

 

“Liquor
Subsidiary” – shall have the meaning given to such term in the Mortgage Loan Agreement.

 

“Loan”
shall have the meaning set forth in the Recitals hereto.

 

“Loan Documents”
shall mean, collectively, this Agreement, the Note, the Pledge Agreement, the Assignment of Interest Rate Cap Agreement, the Assignments
of Title Insurance Proceeds, the Environmental Indemnity, the Subordination of Management Agreements, the Guaranty, the Post-Closing
Agreement and any other documents, agreements and instruments now or hereafter evidencing, securing or delivered to Lender in connection
with the Loan, as the same may be (and each of the foregoing defined terms shall refer to such documents as they may be) amended,
restated, replaced, supplemented or otherwise modified from time to time.

 

    	 	-17-	Mezzanine Loan Agreement

     

    

 

“Loan Party”
shall mean, individually or collectively as the context requires, Borrower, Leasehold Pledgor, each General Partner, each Individual
Owner, each Operating Lessee, Liquor Subsidiary and each SPC Party.

 

“Low Cash
Flow Trigger” shall occur if, on any Calculation Date, the Debt Yield shall be equal to or less than the Debt Yield
Trigger Level.

 

“Low Cash
Flow Trigger Period” shall commence upon the occurrence of a Low Cash Flow Trigger and shall end when the Debt Yield
shall exceed the applicable Debt Yield Cure Level as of any subsequent Calculation Date; provided, however, that
if Borrower and Owner make the prepayments specified in Section 2.4.2(c) (upon at least two (2) Business Days prior written
notice), then such Low Cash Flow Trigger Period shall cease immediately upon the making of such prepayments without the Debt Yield
having to exceed the applicable Debt Yield Cure Level on a subsequent Calculation Date (the “Immediate Low Cash Flow
Trigger Cure”).

 

“Major
Contract” shall mean any cleaning, maintenance, service or other contract or agreement of any kind of a material
nature (materiality for these purposes to mean, contracts (a) which extend beyond one year (unless cancelable on sixty (60) days
or less notice without requiring the payment of termination fees or payments of any kind) and (b) requiring the payment of more
than $250,000 in any calendar year with respect to an Individual Property), in either case relating to the ownership, leasing,
management, use, operation, maintenance, repair or restoration of the Properties, or any Individual Property; excepting, however,
the Ground Leases, Franchise Agreements and Management Agreements, none of which shall constitute Major Contracts for purposes
of this Agreement.

 

“Management
Agreements” shall mean the management agreement or management agreements, as the context requires, entered into by
and between Owner and/or Operating Lessee and Manager or any replacement management agreement entered into by and between Owner
and/or Operating Lessee and the applicable Manager in accordance with the terms of the Loan Documents, in each case, pursuant to
which such Manager is to provide management and other services with respect to the Properties, or any Individual Property. Each
or any of the Management Agreements may sometimes be referred to herein, individually, as a “Management Agreement”.

 

“Management
Fees” shall mean the Base Management Fees, Incentive Management Fees, reimbursable expenses, system service charges
and all other charges, fees and expenses to be paid to Manager, from time to time under the Management Agreements.

 

“Manager”
shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Material
Alteration” shall mean any alteration affecting structural elements, utilities, HVAC or the exterior of any Individual
Property, the cost of which (a) exceeds the Alteration Threshold with respect to such Individual Property, and/or (b) when aggregated
with the costs of alterations then affecting structural elements of all other Individual Properties (to the extent not covered
by security delivered to Lender pursuant to Section 4.12.2) plus any outstanding Flagging Costs with respect to all Individual
Properties that have not been reserved for with Mortgage Lender to the extent required under Section 4.34 of the Mortgage
Loan Agreement, but excluding Approved Alterations (defined below)), exceeds the aggregate Alteration Threshold; provided,
however, that in no event shall (i) any Required Repairs, (ii) any work to be performed in connection with any Emergency
Expenses, (iii) any alterations performed as part of a Restoration, (iv) any Approved Scheduled PIP Expenses, (v) tenant improvement
work or other alterations performed with respect to any Lease in effect on the Closing Date or any Lease entered into subsequent
to the Closing Date in compliance with the terms of the Loan Documents, or (vi) decorative work performed in the ordinary course
of business, constitute a Material Alteration (clauses (i) through (vi), collectively, the “Approved Alterations”).

 

    	 	-18-	Mezzanine Loan Agreement

     

    

 

“Maturity
Date” shall mean either (a) the Initial Stated Maturity Date; provided that (i) in the event of the exercise by Borrower
of the First Extension Option pursuant to Section 2.7, the Maturity Date shall be the First Extended Maturity Date, (ii)
in the event of the exercise by Borrower of the Second Extension Option pursuant to Section 2.7, the Maturity Date shall
be the Second Extended Maturity Date or (iii) in the event of the exercise by Borrower of the Third Extension Option pursuant to
Section 2.7, the Maturity Date shall be the Third Extended Maturity Date (the Initial Stated Maturity Date or, if and to
the extent the Maturity Date is extended in accordance with Section 2.7 hereof, such applicable extended date, the “Stated
Maturity Date”); or (b) such earlier date on which the final payment of principal of the Note becomes due and payable
as herein or therein provided, whether at the Stated Maturity Date, by declaration of acceleration, or otherwise.

 

“Maximum
Legal Rate” shall mean the maximum nonusurious interest rate, if any, that at any time or from time to time may be
contracted for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or the
other Loan Documents, under the laws of such Governmental Authority whose laws are held by any court of competent jurisdiction
to govern the interest rate provisions of the Loan.

 

“Maximum
Strike Price” shall mean the greater of (i) four percent (4.00%) per annum and (ii) the per annum rate which would
result in a Debt Service Coverage Ratio (based on unaudited financial statements from the trailing twelve-month period ending the
last day of February of the applicable calendar year) equal to 1.10:1.00 as of the effective date of the applicable Interest Rate
Cap Agreement assuming that LIBOR was equal to such per annum rate at all times during the Initial Term or the applicable Extended
Term.

 

“Monthly
Debt Service Payment Amount” shall mean, for each Monthly Payment Date, an amount equal to the amount of interest
which is then due on the Loan for the Interest Period during which such Monthly Payment Date occurs.

 

“Monthly
Operating Expense Budgeted Amount” for any calendar month shall mean the monthly amount set forth in the Approved
Annual Budget for Operating Expenses for such calendar month.

 

“Monthly
Payment Date” shall mean the first (1st) day of every calendar month occurring during the Term, as adjusted
pursuant to Section 2.3.2. The first Monthly Payment Date shall be June 1, 2017.

 

“Moody’s”
shall mean Moody’s Investors Service, Inc.

 

    	 	-19-	Mezzanine Loan Agreement

     

    

 

“Mortgage”
shall have the meaning set forth in the Recitals hereto.

 

“Mortgage
Annual Debt Service” shall mean, as of any date of determination, the Mortgage Debt Service payable during the one-year
period occurring from and after such date of determination calculated by assuming that (a) the Mortgage Principal Balance at all
times during such period is equal to the Mortgage Principal Balance as of the date of determination (taking into account any prepayments
that occur on such date in accordance with this Agreement) and (b) LIBOR at all times during such period is equal to either (i)
in connection with Owner’s exercise of an “Extension Option” under the Mortgage Loan Documents, the “Strike
Price” of the proposed “Replacement Interest Rate Cap Agreement” to be entered into by Owner under the Mortgage
Loan Documents in connection with its exercise of such “Extension Option” or (ii) otherwise, the “Strike Price”
of the “Interest Rate Cap Agreement” in place under the Mortgage Loan Documents as of such date of determination.

 

“Mortgage
Debt Service” shall mean, with respect to any particular period, the aggregate scheduled interest payments due under
the Mortgage Loan Documents in such period.

 

“Mortgage
Impaired Individual Property Release Amount” shall mean, as to any Individual Property, the “Impaired Individual
Property Release Amount” (as defined in the Mortgage Loan Agreement) as to such Individual Property.

 

“Mortgage
Lender” shall have the meaning set forth in the Recitals hereto.

 

“Mortgage
Loan” shall have the meaning set forth in the Recitals hereto.

 

“Mortgage
Loan Agreement” shall have the meaning set forth in the Recitals hereto.

 

“Mortgage
Loan Allocated Loan Amount” shall mean the “Allocated Loan Amount” (as defined in the Mortgage Loan Agreement)
set forth on Schedule I to the Mortgage Loan Agreement, a copy of which Schedule is attached hereto as Schedule I-M1.

 

“Mortgage
Loan Default” shall mean an “Event of Default” under the Mortgage Loan and as defined in the Mortgage
Loan Agreement.

 

“Mortgage
Loan Documents” shall mean the “Loan Documents” as defined in the Mortgage Loan Agreement.

 

“Mortgage
Loan Release Amount” shall mean the “Release Amount” as such term is defined in the Mortgage Loan Agreement.

 

“Mortgage
Note” shall mean the “Note” as such term is defined in the Mortgage Loan Agreement.

 

“Mortgage
Principal Balance” shall mean, as of any date, the outstanding principal balance of the Mortgage Loan.

 

“Multi-Asset
Person” means a (i) Qualified Equityholder or (ii) an entity in respect of which, at the time the applicable pledge
is made, such entity’s pro rata share of net operating income from the Properties is less than 25% of such entity’s
aggregate net income.

 

    	 	-20-	Mezzanine Loan Agreement

     

    

 

“Net Liquidation
Proceeds After Debt Service” shall mean with respect to any Liquidation Event, all amounts paid to or received by
or on behalf of Owner in connection with such Liquidation Event, including, without limitation, proceeds of any sale, refinancing
or other disposition or liquidation, less (i) Lender’s and/or Mortgage Lender’s reasonable costs incurred in connection
with the recovery thereof, (ii) in the case of Casualty or Condemnation, the costs incurred by Owner in connection with a restoration
of the Property made in accordance with the Mortgage Loan Documents, (iii) amounts required or permitted to be deducted therefrom
pursuant to the Mortgage Loan Agreement and amounts paid pursuant to the Mortgage Loan Documents to Mortgage Lender (including,
without limitation, amounts to which Owner is entitled pursuant to Section 5.4(b)(vii) of the Mortgage Loan Agreement), (iv) in
the case of a foreclosure sale, disposition or Transfer of any Individual Property in connection with realization thereon following
an Event of Default under the Mortgage Loan, such reasonable and customary costs and expenses of sale or other disposition (including
attorneys’ fees and brokerage commissions), (v) in the case of a foreclosure sale, such costs and expenses incurred
by Mortgage Lender under the Mortgage Loan Documents as Mortgage Lender shall be entitled to receive reimbursement for under the
terms of the Mortgage Loan Documents, and (vi) in the case of a refinancing of the Mortgage Loan, such costs and expenses
(including reasonable attorneys’ fees) of such refinancing as shall be reasonably approved by Lender.

 

“Net Operating
Income” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Net Proceeds”
shall have the meaning set forth in the Mortgage Loan Agreement.

 

“New/Renewal
Flagging Costs” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Non-Conforming
Properties” shall mean those certain Individual Properties set forth on Schedule XVI.

 

“NRSRO”
shall mean any credit rating agency that has elected to be treated as a nationally recognized statistical rating organization for
purposes of Section 15E of the Exchange Act, without regard to whether or not such credit rating agency has been engaged by
Lender or its designees in connection with, or in anticipation of, a Securitization.

 

“Obligations”
shall mean, collectively, Borrower’s obligations for the payment of the Debt and the performance of the Other Obligations
by Borrower and Leasehold Pledgor.

 

“OFAC”
shall mean the Specially Designated Nationals and Blocked Persons Lists maintained by the Office of Foreign Assets Control.

 

“Officer’s
Certificate” shall mean a certificate delivered to Lender by Borrower which is signed by an authorized senior officer
of the manager of Borrower (or the manager of Borrower’s general partner, as applicable).

 

“Operating
Expenses” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Operating
Income” shall have the meaning set forth in the Mortgage Loan Agreement.

 

    	 	-21-	Mezzanine Loan Agreement

     

    

 

“Operating
Lease” shall have the meaning given to such term in the Mortgage Loan Agreement.

 

“Operating
Lessee” shall mean, individually and collectively as the context may require, those certain entities listed on Schedule
II-B, together with their respective permitted successors and assigns.

 

“Operating
Rent” shall have the meaning given to such term in the Mortgage Loan Agreement.

 

“Operations
Agreements” shall mean the REAs and any other covenants, restrictions, easements, declarations or agreements of record
relating to the construction, operation or use of the Properties.

 

“Other
Charges” shall mean all ground rents, including Ground Rent, maintenance charges, impositions other than Taxes and
any other charges, including vault charges and license fees for the use of vaults, chutes and similar areas adjoining any Individual
Property, now or hereafter levied or assessed or imposed against such Individual Property or any part thereof.

 

“Other
Connection Taxes” means, with respect to Lender, Special Taxes imposed as a result of a present or former connection
between Lender and the jurisdiction imposing such Special Tax (other than connections arising from such Lender having executed,
delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest
under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan
or Loan Document).

 

“Other
Obligations” shall mean (a) the performance of all obligations of Borrower and Leasehold Pledgor contained herein;
(b) the performance of each obligation of Borrower and Leasehold Pledgor contained in any other Loan Document; and (c) the
performance of each obligation of Borrower and Leasehold Pledgor contained in any renewal, extension, amendment, modification,
consolidation, change of, or substitution or replacement for, all or any part of this Agreement, the Note or any other Loan Document.

 

“Outstanding
Principal Balance” shall mean, as of any date, the outstanding principal balance of the Loan.

 

“Owner”
shall have the meaning set forth in the Recitals hereto.

 

“Owner’s
Title Policies” shall mean, collectively, the “Policies” as such term is defined in the Assignments of
Title Insurance Proceeds.

 

“PACE Loan”
shall mean (x) any “Property-Assessed Clean Energy loan” or (y) any other indebtedness, without regard to the name
given to such indebtedness, which is (i) incurred for improvements to the Property for the purpose of increasing energy efficiency,
increasing use of renewable energy sources, resource conservation, or a combination of the foregoing, and (ii) repaid through multi-year
assessments against the Property.

 

“Patriot
Act” shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act (USA PATRIOT ACT) of 2001, as the same may be amended from time to time, and corresponding provisions of future laws.

 

    	 	-22-	Mezzanine Loan Agreement

     

    

 

“Permitted
Encumbrances” shall mean, collectively, (i) the Liens and security interests created by the Loan Documents or
the Mortgage Loan Documents, (ii) all Liens, encumbrances and other matters disclosed in the Title Insurance Policy,
(iii) Liens, if any, for Taxes or Other Charges imposed by any Governmental Authority not yet delinquent or being contested
in good faith and by appropriate proceedings in accordance with Section 4.6, (iv) any workers’, mechanics’
or other similar Liens on any Individual Property provided that any such Lien is bonded or discharged within thirty (30) days
after Borrower first receives written notice of such Lien or which is being contested in good faith in accordance with the requirements
of Section 4.3, (v) Permitted Transfers, (vi) such other title and survey exceptions as Lender has approved or may
approve in writing in Lender’s reasonable discretion, (vii) covenants, conditions, restrictions on use of real property and
other similar matters entered into in the ordinary course of business that would not have a material adverse effect on the use,
occupancy or access to the applicable Individual Property, and (viii) any other Liens expressly permitted pursuant to clauses (ii),
(iv) or (v)(2) of Section 4.2(b) hereof.

 

“Person”
shall mean any individual, corporation, partnership, limited liability company, joint venture, estate, trust, unincorporated association,
any other entity, any Governmental Authority and any fiduciary acting in such capacity on behalf of any of the foregoing.

 

“Physical
Conditions Report” shall mean, with respect to each Individual Property, one or more reports prepared by companies
reasonably satisfactory to Lender regarding the physical condition of such Individual Property, satisfactory in form and substance
to Lender in its sole discretion, which report shall, among other things, (i) confirm that such Individual Property and its
use comply, in all material respects, with all applicable Legal Requirements (including zoning, subdivision and building laws),
and (ii) include a copy of a final certificate of occupancy with respect to all Improvements.

 

“PIP”
shall mean any property improvement plan now or subsequently required by any Franchisor under the applicable Franchise Agreement.

 

“PIP Expenses”
shall mean FF&E Expenses and Capital Expenditures incurred by Owner or Operating Lessee for PIP Work.

 

“PIP Work”
shall mean the FF&E and other capital improvements required pursuant to any PIP to be installed and/or completed by Owner or
Operating Lessee.

 

“Pledge
Agreement” shall have the meaning set forth in the Recitals hereto.

 

“Pledged
Collateral” shall mean the 100% ownership interest of Borrower or Leasehold Pledgor, as applicable, in the entities
listed on Schedule XIII.

 

“Pledged
Securities” shall have the meaning set forth in the Pledge Agreement.

 

“Post-Closing
Agreement” shall mean that certain Post-Closing Agreement dated as of the Closing Date made by Borrower and Leasehold
Pledgor for the benefit of Lender.

 

    	 	-23-	Mezzanine Loan Agreement

     

    

 

“Pre-Approved
Control Party” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Prepayment
Notice” shall mean a prior written notice to Lender specifying the proposed Business Day on which a prepayment of
the Debt is to be made pursuant to Section 2.4 hereof, which date must be a Business Day and shall be no earlier than
fifteen (15) days after the date of such Prepayment Notice (other than any prepayment of the Debt made at the closing and
pursuant to the definitive documentation of any Assumption, in which case such date shall be no earlier than three (3) days after
the date of such Prepayment Notice) and no later than sixty (60) days after the date of such Prepayment Notice (unless in
connection with an Immediate Low Cash Flow Trigger Cure, in which case, the definition of Low Cash Flow Trigger Period shall govern).
Such Prepayment Notice shall be revocable at any time and for any reason by Borrower and may be adjourned on a day-to-day basis
on reasonable notice to Lender, but Borrower shall pay Lender’s actual expenses incurred in connection with such revocation
and/or adjournment.

 

“Prime
Rate” shall mean the rate of interest published in The Wall Street Journal from time to time as the “Prime
Rate”. If more than one “Prime Rate” is published in The Wall Street Journal for a day, the average of such “Prime
Rates” will be used, and such average will be rounded up to the nearest 1/100th of one percent (0.01%). If The Wall Street
Journal ceases to publish the “Prime Rate,” Lender will select an equivalent publication that publishes such “Prime
Rate,” and if such “Prime Rates” are no longer generally published or are limited, regulated or administered
by a governmental or quasi-governmental body, then Lender will select a comparable interest rate index.

 

“Prime
Rate Loan” shall mean the Loan at such time as interest thereon accrues at a rate of interest based upon the Prime
Rate.

 

“Prime
Rate Spread” shall mean, in connection with any conversion of the Loan from a LIBOR Loan to a Prime Rate Loan, the
difference (expressed as the number of basis points) between (a) the sum of (i) LIBOR, determined as of the Interest Determination
Date for which LIBOR was last available, plus (ii) the Spread, minus (b) the Prime Rate as of such Interest Determination Date;
provided, however, that if such difference is a negative number, then the Prime Rate Spread shall be zero.

 

“Prior
Loans” shall mean, collectively, the loans described on Schedule IX.

 

“Properties”
shall mean, collectively, each and every Individual Property which is subject to the Mortgage Loan Agreement and has not theretofore
been released in accordance therewith.

 

“Qualified
Equityholder” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Qualified
Institution” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Qualified
Manager” shall mean (i) each Manager as of the Closing Date with respect to the Individual Properties managed by
such Manager as of the Closing Date, (ii) any property manager listed on Schedule X hereto (or that is Controlled
by or under common Control with any property management company on such list), or (iii) any property manager that is reasonably
approved by Lender and Mortgage Lender.

 

    	 	-24-	Mezzanine Loan Agreement

     

    

 

“Qualified
Transferee” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Rating
Agencies” shall mean, prior to a Securitization, any nationally-recognized statistical rating organization (e.g.
Standard & Poor’s Ratings Services, Moody’s Investor Service, Inc., Fitch, Inc., DBRS, Inc. or any successor thereto)
that has been or will be engaged by Lender or its designees in connection with, or in anticipation of, a Securitization, and following
a Securitization, each of the Rating Agencies that has issued a credit rating for the Securities. Prior to a Securitization of
the Loan, any approval required of a Rating Agency hereunder shall be deemed obtained if the corresponding approval of a Rating
Agency under the Mortgage Loan Agreement had been obtained in respect of the same event.

 

“Rating
Agency Confirmation” shall mean a written affirmation from each of the Rating Agencies that has issued a credit rating
for the Securities that the credit rating of such Securities by such Rating Agency immediately prior to the occurrence of the event
with respect to which such Rating Agency Confirmation is sought will not be qualified, downgraded or withdrawn as a result of the
occurrence of such event, which affirmation may be granted or withheld in such Rating Agency’s sole and absolute discretion.
Notwithstanding the foregoing, in the event the Loan is not, but the Mortgage Loan is, included in a Securitization, any Rating
Agency Confirmation hereunder shall be deemed obtained if Rating Agency Confirmation under the Mortgage Loan Agreement in respect
of the same event has been obtained.

 

“REAs”
shall mean, collectively, those certain agreement(s) more particularly described on Schedule VII attached hereto
and made a part hereof, as the same may be amended, restated, supplemented or otherwise modified from time to time in accordance
with the terms of this Agreement.

 

“Red Zone
Property” shall mean each Individual Property listed on Schedule XXI.

 

“Regulation
AB” shall mean Regulation AB under the Securities Act and the Exchange Act, as such Regulation may be amended from
time to time.

 

“Regulatory
Change” shall mean any change after the date of this Agreement in federal, state or foreign laws or regulations or
the adoption or the making, after such date, of any interpretations, directives or requests applying to Lender, or any Person Controlling
Lender or to a class of banks or companies Controlling banks of or under any federal, state or foreign laws or regulations (whether
or not having the force of law) by any court or Governmental Authority or monetary authority charged with the interpretation or
administration thereof.

 

“Related
Loan” shall mean a loan to an Affiliate of Borrower, Leasehold Pledgor or any Guarantor or secured by a Related Property,
that is included in a Securitization with the Loan, and any other loan that is cross-collateralized with the Loan.

 

“Related
Property” shall mean a parcel of real property, together with improvements thereon and personal property related
thereto, that is “related” within the meaning of the definition of Significant Obligor, to any Individual Property.

 

    	 	-25-	Mezzanine Loan Agreement

     

    

 

“Release
Amount” shall mean, as to any Individual Property that is subject to a release and associated partial prepayment
of the Loan pursuant to Section 2.4 and Section 2.5.2, the product of (x) the Release Amount Percentage multiplied
by (y) the Allocated Loan Amount for such Individual Property.

 

“Release
Amount Factor” shall mean the percentage by which the Allocated Loan Amount is multiplied to determine the Release
Amount.

 

“Release
Amount Percentage” shall be, with respect to any Individual Property that is subject to a release and associated
partial prepayment of the Loan pursuant to Section 2.4 and Section 2.5.2:

 

(a) 105%
if the Outstanding Principal Balance (after giving effect to the reduction of the Outstanding Principal Balance by the Release
Amount for such Individual Property, assuming for purposes of this clause (a), a Release Amount Factor of 105% is used to determine
the Release Amount for such Individual Property) equals or exceeds a floor of $82,500,000 (the “First Floor Balance”);
or

 

(b) 110%
if the Outstanding Principal Balance (after giving effect to the reduction of the Outstanding Principal Balance by the Release
Amount for such Individual Property, assuming for purposes of this clause (b) a Release Amount Factor of 110% is used to determine
the Release Amount for such Individual Property) is less than the First Floor Balance;

 

provided (this
proviso, the “Straddle Proviso”), that if the Outstanding Principal Balance is above the First Floor
Balance prior to prepayment of the Release Amount for such Individual Property (determined using the Release Amount Percentage
derived by application of the terms of clauses (a)-(b) above and without giving effect to this Straddle Proviso), and after application
of such Release Amount, the Outstanding Principal Balance would be reduced below the First Floor Balance (a “Straddle
Floor Balance”), the Release Amount Percentage for such Individual Property then subject to release (the “Straddle
Property”) shall be a pro rata blended percentage, based upon the following:

 

(i) the Allocated
Loan Amount for the Straddle Property shall be divided for calculation purposes pursuant to this Straddle Proviso into two hypothetical
components, the first (the “First Hypothetical Component”) being equal to the portion of such Allocated
Loan Amount which, when multiplied by the Release Amount Percentage applicable (without giving effect to this Straddle Proviso)
if the Outstanding Principal Balance were higher than the Straddle Floor Balance (the “Above Straddle Percentage”),
would result (upon application of the product of such multiplication of the First Hypothetical Component by the Above Straddle
Percentage in reduction of the Outstanding Principal Balance) in an Outstanding Principal Balance equal to the Straddle Floor Balance,
and the second (the “Second Hypothetical Component” being equal to the Allocated Loan Amount for such
Straddle Property less the First Hypothetical Component;

 

(ii) the
Second Hypothetical Component shall be assigned for calculation purposes pursuant to this Straddle Proviso a Release Amount Percentage
equal to the Release Amount Percentage applicable (without giving effect to this Straddle Proviso) if the Outstanding Principal
Balance were less than the Straddle Floor Balance (the “Below Straddle Percentage”); and

 

    	 	-26-	Mezzanine Loan Agreement

     

    

 

(iii) the
Release Amount Percentage for the Straddle Property shall be equal to the sum of (A) the Above Straddle Percentage multiplied by
a fraction, the numerator of which is the First Hypothetical Component and the denominator of which is the Allocated Loan Amount
for such Straddle Property plus (B) the Below Straddle Percentage multiplied by a fraction, the numerator of which is the Second
Hypothetical Component and the denominator of which is the Allocated Loan Amount for such Straddle Property.

 

By way of example of
the foregoing, if the Outstanding Principal Balance were $701,250,000 immediately prior to the release of an Individual Property
with an Allocated Loan Amount of $20,000,000, such Individual Property would be a Straddle Property, to which this Straddle Proviso
applies, and (x) the First Hypothetical Component would be $15,000,000 (because $15,000,000 multiplied by an Above Straddle Percentage
of 105% equals $15,750,000), which when applied to reduce the Outstanding Principal Balance results in the Outstanding Principal
Balance equal to the First Floor Balance, which is the Straddle Floor Balance in this example, (y) the Second Hypothetical Component
is $5,000,000 (the $20,000,000 Allocated Loan Amount minus the First Hypothetical Component) and the Below Straddle Percentage
is 110%, and (z) the Release Amount Percentage is 106.25% (106.25% = (105% X $15,000,000/$20,000,000) + (110% X $5,000,000/$20,000,000)).

 

“REMIC
Opinion” shall mean, as to any matter, an opinion of nationally recognized REMIC counsel as to the compliance of
such matter with applicable REMIC Requirements (which such opinion shall be, in form and substance and from a provider, in each
case, reasonably acceptable to Lender and acceptable to the Rating Agencies).

 

“REMIC
Requirements” shall mean any applicable legal requirements, as determined under the Code, the regulations, revenue
rulings, revenue procedures (such as Rev. Proc. 2010-30) and other administrative, legislative and judicial guidance, relating
to the tax treatment of REMIC Trusts, including, without limitation, the continued treatment of a Loan as a “qualified mortgage,”
the continued qualification of any REMIC Trust as a REMIC, the non-imposition of any tax on any REMIC Trust, including without
limitation the taxes on “prohibited transactions” and “contributions,” and any other constraints, rules
or other regulations or requirements relating to the servicing, modification or other similar matters with respect to a REMIC-held
mortgage Loan (or any portion thereof or interest therein) that may exist or be promulgated under the Code.

 

“REMIC
Trust” shall mean a “real estate mortgage investment conduit” within the meaning of Section 860D
of the Code that holds the Note.

 

“Rents”
shall mean all rents, rent equivalents, revenues from the rental of rooms, guest suites, conference and banquet rooms, food and
beverage facilities, health clubs, spas or other amenities, telephone services, laundry, vending, television and parking, moneys
payable as damages or in lieu of rent or rent equivalents, royalties (including, without limitation, all oil and gas or other mineral
royalties and bonuses), income, receivables, receipts, revenues, deposits (including, without limitation, security, utility and
other deposits), accounts, cash, issues, profits, charges for services rendered, Operating Rent and other consideration of whatever
form or nature received by or paid to or for the account of or benefit of Owner, Operating Lessee or any of their respective agents
or employees from any and all sources arising from or attributable to the Properties, all other items of revenue, receipts or other
income as identified in the Uniform System of Accounts, current edition, and Insurance Proceeds, if any, from business interruption
or other loss of income insurance, but only to the extent Mortgage Lender elects to treat such Insurance Proceeds as business or
rental interruption Insurance Proceeds pursuant to Section 5.4(f) of the Mortgage Loan Agreement.

 

    	 	-27-	Mezzanine Loan Agreement

     

    

 

“Repayment
Date” shall mean the date of a prepayment of the Loan pursuant to the provisions of Section 2.4 hereof.

 

“Replacement
Interest Rate Cap Agreement” shall mean an interest rate cap agreement from an Approved Counterparty with terms that
are the same in all material respects as the terms of the Interest Rate Cap Agreement except that the same shall be effective as
of (i) in connection with a replacement pursuant to Section 2.6.3(c) or (ii) in connection with a replacement (or extension
of the then-existing Interest Rate Cap Agreement) in connection to an extension of the Maturity Date pursuant to Section 2.7,
the date required in Section 2.7; provided that to the extent any such interest rate cap agreement does not meet the foregoing
requirements, a Replacement Interest Rate Cap Agreement shall be such interest rate cap agreement approved in writing by Lender,
and if the Loan or any portion thereof is included in a Securitization, each of the Rating Agencies with respect thereto.

 

“Required
Repairs” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Restoration”
shall mean the repair and restoration of any Individual Property after a Casualty or Condemnation as nearly as possible to the
condition such Individual Property was in immediately prior to such Casualty or Condemnation, with such alterations as may be reasonably
approved by Lender and Mortgage Lender.

 

“Restricted
Payments” shall mean any payments to any Guarantor or any of its respective Affiliates, or any payments of any “override”
or “profit participations”, asset management or incentive-based fees or expenses, or any transition or termination
fees, costs or expenses, or their equivalent; provided, however, that “Restricted Payments” shall not
include (i) any Management Fees that are payable to any Manager (that is not an Affiliate of Owner, Operating Lessee, Borrower
or Leasehold Pledgor) pursuant to any Management Agreement that has been approved by Lender (including approval of any amendments
thereto), (ii) any Base Management Fees that are payable to any Manager that is an Affiliate of Owner, Operating Lessee, Borrower
or Leasehold Pledgor pursuant to any Management Agreement that has been entered into in accordance with Section 4.14 (including
any amendments thereto) (provided no Event of Default exists) or (iii) any payments required to be made by the terms of the Mortgage
Loan Documents.

 

“S&P”
shall mean Standard & Poor’s Ratings Group, a division of the McGraw-Hill Companies.

 

“Securitization
Vehicle” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Security
Deposits” shall mean all security (whether cash, letters of credit or otherwise) given to Owner or any agent or Person
acting on behalf of Owner in connection with any Leases.

 

    	 	-28-	Mezzanine Loan Agreement

     

    

 

“Security
Documents” shall mean collectively, (i) the Pledge Agreement, (ii) a notice of pledge to Owner, (iii) all Uniform
Commercial Code financing statements required by this Agreement to be filed with respect to the security interests in personal
property created pursuant to the Security Documents, and (iv) all other documents and agreements executed or delivered to Lender
by Borrower and/or Leasehold Pledgor in connection with any of the foregoing documents.

 

“Significant
Obligor” shall have the meaning set forth in Item 1101(k) of Regulation AB under the Securities Act.

 

“Special
Purpose Bankruptcy Remote Entity” shall mean an entity that, at all relevant times, has complied and will comply
with (a) as to Borrower and Leasehold Pledgor, the representations, warranties and covenants set forth in Schedule V, and
(b) as to each Owner and Operating Lessee, the representations, warranties and covenants set forth in Schedule V to the Mortgage
Loan Agreement as in effect as of the Closing Date (a copy of which is attached hereto as Schedule V-1).

 

“Special
Taxes” shall mean all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup
withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax
or penalties applicable thereto.

 

“Spread”
shall mean six hundred fifty basis points (6.50%) per annum.

 

“Spread
Maintenance Date” shall mean the Monthly Payment Date occurring in November, 2018.

 

“Spread
Maintenance Premium” shall mean, with respect to any payment or prepayment of the principal of the Loan (or acceleration
of the Loan) prior to and including the Spread Maintenance Date, an amount equal to the product of (i) the Spread; (ii) the portion
of the Loan that is being prepaid or repaid that is subject to the Spread Maintenance Premium; and (iii) a fraction, the numerator
of which is the number of days following the date through which interest on the prepaid amount has been paid to the end of the
full accrual period associated with the Spread Maintenance Date and the denominator of which is 360.

 

“Star Report”
shall have the meaning set forth in the Mortgage Loan Agreement.

 

“State”
shall mean New York State.

 

“Strike
Price” shall mean the actual “strike price” of the Interest Rate Cap Agreement or any Replacement Interest
Rate Cap Agreement, which shall never exceed the applicable Maximum Strike Price.

 

“Subordination
of Management Agreements” shall mean those certain Subordinations of Management Agreement dated as of the date hereof
among Borrower, Leasehold Pledgor, the applicable Manager and Lender.

 

    	 	-29-	Mezzanine Loan Agreement

     

    

 

“Surveys”
shall mean the surveys of each Individual Property prepared by a surveyor licensed in the state in which each Individual Property
is located and reasonably satisfactory to Lender and the company or companies issuing the Title Insurance Policy, and containing
a certification of such surveyor reasonably satisfactory to Lender.

 

“Taxes”
shall mean all real estate and personal property taxes, assessments, water rates or sewer rents, now or hereafter levied or assessed
or imposed against the Properties, any Individual Property or part thereof, together with all interest and penalties thereon. For
the avoidance of doubt, “Taxes” shall not include income, branch profits, franchise, sales, hotel room occupancy taxes,
commercial rent or occupancy taxes and other similar charges, taxes or expenses. In no event shall any PACE Loan be considered
a Tax for purposes of this Agreement.

 

“Tenant”
shall mean any Person obligated by contract or otherwise to pay monies (including a percentage of gross income, revenue or profits)
under any Lease now or hereafter affecting all or any part of an Individual Property.

 

“Term”
shall mean the entire term of this Agreement, which shall expire upon repayment in full of the Debt.

 

“Title Insurance
Policy” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“TRIPRA”
shall mean the Terrorism Risk Insurance Program Reauthorization Act of 2002 or any extension, renewal or replacement thereof.

 

“Trigger
Period” shall commence upon (i) the occurrence of a Mortgage Loan Default, (ii) the occurrence of an Event of
Default, or (iii) the commencement of a Low Cash Flow Trigger Period; and shall end if, (A) with respect to a Trigger Period continuing
pursuant to clause (i), the Event of Default commencing the Trigger Period either (1) was a “Qualified Release Property
Default” under the Mortgage Loan Documents and has been cured by the release of the applicable Individual Property and associated
partial prepayment of the Mortgage Loan in accordance with, and within the time period provided in, Section 2.5.2 of the
Mortgage Loan Agreement, or (2) has been waived in writing by Mortgage Lender or Mortgage Lender has accepted a cure of such Mortgage
Loan Event of Default (and no other Mortgage Loan Default is then continuing) (and a copy of such written waiver shall have been
delivered by the Borrower or Mortgage Lender to Lender), (B) with respect to a Trigger Period continuing pursuant to clause
(ii), the Event of Default commencing the Trigger Period either (1) was a Qualified Release Property Default and has been cured
by the release of the applicable Individual Property and associated partial prepayment of the Loan in accordance with, and within
the time period provided, in Section 2.5.2 hereof, or (2) has been waived in writing by Lender or Lender has accepted a cure of
such Event of Default, and a copy of such written waiver of acceptance of cure, as applicable, shall have been delivered by Lender
to Mortgage Lender (and no other Event of Default is then continuing), or (C) with respect to a Trigger Period continuing due to
clause (iii), the Low Cash Flow Trigger Period has ended pursuant to the terms hereof.

 

“Trustee”
shall mean any trustee holding the Loan in a Securitization.

 

“UCC”
or “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect in the State of formation
of Borrower and Leasehold Pledgor.

 

    	 	-30-	Mezzanine Loan Agreement

     

    

 

“Uncalled
Commitments” means, with respect to a Person the capital commitments of such Person that are unencumbered, have not
yet been called and (a) are eligible to be called (i.e., such Person has the right to call such commitments under the investment
fund constituent documents) without having to comply with or satisfy any conditions precedent (other than notification that the
required portion of their commitments are being called) and (b) are made by institutional investors or “Accredited Investors”
(as defined under US securities laws) and in the case of (a) and (b), that (i) are not subject to a proceeding under the Bankruptcy
Code or under federal, state or foreign insolvency law and (ii) are not in default under a material provision of their respective
subscription agreements.

 

“Underwritten
Net Cash Flow” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Uniform
System of Accounts” shall mean the most recent edition of the Uniform System of Accounts for Hotels, as adopted by
the American Hotel and Motel Association, as from time to time amended.

 

“U.S. Obligations”
shall mean securities evidencing an obligation to timely pay principal and/or interest in a full and timely manner that are (i) direct
obligations of the United States of America for the payment of which its full faith and credit is pledged, and (ii) not subject
to prepayment, call or early redemption.

 

“Waste”
shall mean any material abuse or, other than demolition in connection with a Restoration or Alteration conducted in accordance
with the Loan Documents, destructive use of any Individual Property.

 

Section 1.2           Index
of Other Definitions. the following terms are defined in the sections or Loan Documents as indicated below:

 

“Accounts” - 6.1

“Acquired Ground Lease” – Schedule
V

“Act” - Schedule V

“Approved Annual Budget”
- 4.9.5

“Approved Excess Operating Expense” - 4.9.6

“Approved Scheduled PIP Budget” – Section
1.1 - Definition of Approved Scheduled PIP Expenses

“Assumption Agreement” – 7.1(a)

“Bail-In Action” – 10.32

“Bail-In Legislation” – 10.32

“Borrower’s Recourse Liabilities” -
10.1

“Broker” - 10.19

“Casualty” - 5.2

“Cause” - Schedule V

“Committee” – Schedule V

“Counterparty Opinion” - 2.6.3

“Covered Rating Agency Information” –
9.2

“Disclosure Document” - 9.2(a)

“Disposition Conditions” – 4.2(b)

“EEA Financial Institution” – 10.32

 

    	 	-31-	Mezzanine Loan Agreement

     

    

 

“EEA Member Country” – 10.32

“EEA Resolution Authority” – 10.32

“Embargoed Person” - 4.32(c)

“Equipment” – Mortgage

“ERISA” - 4.31

“EU Bail-In Legislation Schedule” –
10.32

“Event of Default” - 8.1

“Excess Operating Expenses” – 4.9.6

“Exchange Act” - 9.2(a)

“Exchange Act Filing” - 9.1(d)

“Existing Qualified Equityholder” –
7.2(j)

“FF&E Work” – Mortgage Loan Agreement

“First Extended Maturity Date” - 2.7.1

“First Extended Term” - 2.7.1

“First Extension Notice” - 2.7.1

“First Extension Option” - 2.7.1

“Fixtures” –
Mortgage

“Flagging Costs” - 4.34(e)

“Full Replacement Cost” – 5.1.1(a)(i)

“Funds” – 6.6

“Furnished Information” – 9.5

“Immaterial Transfers” – 4.2

“Immediate Low Cash Flow Trigger Cure” Section
1.1 - Definition of Low Cash Flow Trigger Period

“Impaired Individual Property” – 2.4.4(c)

“Impaired Individual Property Prepayment”
– 2.4.4(c)

“Impaired Individual Property Prepayment Conditions”
– 2.4.4(c)

“Impaired Individual Property Prepayment Outside Date”
– 2.4.4(b)

“Impaired Individual Property Release Amount”
– 2.4.4(c) 

“Impaired Individual Property Release Conditions”
2.5.3

“Improvements” – Mortgage

“Increased Costs” - 2.8.1

“Indemnified Liabilities” - 4.30

“Independent Director” - Schedule V

“Independent Manager” – Schedule V

“Initial Interest Period” - 2.3.1

“Insurance Premiums” - 5.1.1(b)

“Intellectual Property” - 3.1.33

“Interest Period” - 2.3.2

“Interest Shortfall” - 2.4.6

“Lender Group” - 9.2(b)

“Liabilities” - 9.2(b)

“Licenses” - 3.1.9

“Liquidated Damages Amount” - 2.4.5(b)

“Manager’s Expenses” – 6.1

“Material Action” – Schedule V

“Material Adverse Effect” – 4.2

“Material Lease” – 4.1.11

 

    	 	-32-	Mezzanine Loan Agreement

     

    

 

“Nationally Recognized Service Company” -
Schedule V

“Net Impaired Individual Property Release Amount”
– 2.4.4(c)

“Net Proceeds Principal Prepayment” –
2.4.4(b)

“New Junior Mezzanine Borrower” - 9.3.2

“New Junior Mezzanine Loan” - 9.3.2

“Note” – 2.1.4

“Note A-1” – 2.1.4

“Note A-2” – 2.1.4

“Notice” - 10.6

“Other Exculpated Party” – 10.1

“Other Taxes” - 2.8.3

“Participant Register” – 10.30(b)

“Permitted Indebtedness” - 4.21

“Permitted Direction Assumption” –
7.1(a)

“Permitted Indirection Assumption” –
7.1(b)

“Permitted Transfer”
- 7.2

“Policies” - 5.1.1(b)

“Preferred Guaranty” - 7.2(k)

“QEH Replacement Guarantor” - 7.2(j)(iii)

“QEH Transferee” - 7.2(j)

“Qualified Carrier” - 5.1.1(i)

“Qualified Release Property Default” –
2.5.2

“Rate Cap Collateral” - 2.6.2

“Register” – 10.30(a)

“Release Conditions” – 2.5.2

“Release Property” – 2.5.2

“Replacement Guarantor” – 7.1

“Required Records” - 4.9.7

“Resizing” – 9.3.1

“Review Waiver” - 10.3(b)

“Scheduled PIP” – 3.1.38

“Second Extended Maturity Date” - 2.7.1

“Second Extended Term” - 2.7.1

“Second Extension Notice” - 2.7.1

“Second Extension Option” - 2.7.1

“Secondary Market Transaction” - 9.1(a)

“Securities” - 9.1(a)

“Securities Act - 9.2(a)

“Securitization” - 9.1(a)

“Servicer” - 10.21

“Servicing Agreement” - 10.21

“Sole Member” – Schedule V

“SPC Party” – Schedule V

“Special Member” - Schedule V

“Springing Recourse Event” - 10.1

“Stated Maturity Date” – Section 1.1
- Definition of Maturity Date

“Substitute Guarantor” – 7.1(h)

“Succeeding Interest Period” - 2.4.6

 

    	 	-33-	Mezzanine Loan Agreement

     

    

 

“Summary Financial Information” – 9.5(b)

“Third Extended Maturity Date” - 2.7.1

“Third Extended Term” - 2.7.1

“Third Extension Notice” - 2.7.1

“Third Extension Option” - 2.7.1

“Transfer” - 4.2

“Transferee Borrower” - 7.1(a)

“TRS Lessee” – 7.1(e)

“Underperforming Replacement” – 4.14.2(c)

“Underwriter Group” - 9.2(b)

“Updated Information” - 9.1(b)(i)

“Write-Down and Conversion Powers” –
10.32

 

Section 1.3           Principles
of Construction. All references to sections and schedules are to sections and schedules in or to this Agreement unless
otherwise specified. Unless otherwise specified, the words “hereof,” “herein” and “hereunder”
and words of similar import when used in this Agreement or any other Loan Document shall refer to this Agreement or such other
Loan Document as a whole and not to any particular provision hereof or thereof. When used in this Agreement or any other Loan
Document, the word “including” shall mean “including but not limited to”. Unless otherwise specified,
all meanings attributed to defined terms herein shall be equally applicable to both the singular and plural forms of the terms
so defined.

 

Article
2

 

THE
LOAN

 

Section 2.1           The
Loan.

 

2.1.1     Agreement
to Lend and Borrow. Subject to and upon the terms and conditions set forth herein, Lender shall make the Loan to Borrower
and Borrower shall accept the Loan from Lender on the Closing Date.

 

2.1.2     Reserved.

 

2.1.3     Single
Disbursement to Borrower. Borrower shall receive only one borrowing hereunder in respect of the Loan and any amount borrowed
and repaid hereunder in respect of the Loan may not be reborrowed.

 

2.1.4     The
Note. The Loan shall be evidenced by (a) that certain Mezzanine Promissory Note A-1 of even date herewith, in the stated
principal amount of Forty-Four Million and No/100 Dollars ($44,000,000.00) executed by Borrower and payable to DBNY (as the same
may hereafter be amended, supplemented, restated, increased, extended or consolidated from time to time, “Note A-1”),
(b) that certain Mezzanine Promissory Note A-2 of even date herewith, in the stated principal amount of Forty-Four Million and
No/100 Dollars ($44,000,000.00) executed by Borrower and payable to Citi (as the same may hereafter be amended, supplemented,
restated, increased, extended or consolidated from time to time, “Note A-2”) and (c) that certain Mezzanine
Promissory Note A-3 of even date herewith, in the stated principal amount of Twenty-Two Million and No/100 Dollars ($22,000,000.00)
executed by Borrower and payable to JPM (as the same may hereafter be amended, supplemented, restated, increased, extended or
consolidated from time to time, “Note A-3”; and together with the Note A-1, and the Note A-2, the “Note”),
in the aggregate, in evidence of the Loan, and shall be repaid in accordance with the terms of this Agreement, the Note and the
other Loan Documents.

 

    	 	-34-	Mezzanine Loan Agreement

     

    

 

2.1.5      Use
of Proceeds. Borrower shall use proceeds of the Loan to (i) pay and discharge any existing mortgage and mezzanine
loans secured directly or indirectly by the Collateral including, without limitation, the Prior Loans, (ii) pay costs and
expenses incurred in connection with the closing of the Loan, (iii) make capital contributions to Owner and the general partner
of certain Owners and (iv) the extent any proceeds remain after satisfying clauses (i) through (iii) above,
for such lawful purpose as Borrower shall designate.

 

Section 2.2           Interest
Rate.

 

2.2.1      Interest
Rate.

 

(a)          Subject
to the terms and conditions of this Section, interest on the Outstanding Principal Balance shall accrue throughout the Term at
the Interest Rate. Borrower shall pay to Lender on each Monthly Payment Date the interest accrued or to be accrued on the Loan
for the related Interest Period.

 

(b)          Subject
to the terms and conditions hereof, the Loan shall be a LIBOR Loan. In the event that Lender shall have determined (which determination
shall be conclusive and binding upon Borrower absent manifest error) that by reason of circumstances affecting the interbank Eurodollar
market, adequate and reasonable means do not exist for ascertaining LIBOR, then Lender shall forthwith give notice by telephone
of such determination, confirmed in writing, to Borrower at least one (1) day prior to the next succeeding Interest Determination
Date. If such notice is given, the Loan shall be converted, as of the first day of the next succeeding Interest Period, to a Prime
Rate Loan. Notwithstanding any provision of this Agreement to the contrary, in no event shall Borrower have the right to convert
a LIBOR Loan to a Prime Rate Loan.

 

(c)          If,
pursuant to the terms hereof, the Loan has been converted to a Prime Rate Loan and Lender shall determine (which determination
shall be conclusive and binding upon Borrower absent manifest error) that the event(s) or circumstance(s) which resulted in such
conversion shall no longer be applicable, Lender shall give notice by telephone of such determination, confirmed in writing, to
Borrower at least one (1) day prior to the next succeeding Interest Determination Date. If such notice is given, the Loan shall
be converted, as of the first day of the next succeeding Interest Period, to a LIBOR Loan. Notwithstanding any provision of this
Agreement to the contrary, in no event shall Borrower have the right to convert a Prime Rate Loan to a LIBOR Loan.

 

(d)          If
the adoption of any requirement of law or any change therein or in the interpretation or application thereof, shall hereafter make
it unlawful for Lender to maintain a LIBOR Loan as contemplated hereunder, (i) the obligation of Lender hereunder to make or maintain
a LIBOR Loan or to convert a Prime Rate Loan to a LIBOR Loan shall be canceled forthwith and (ii) any outstanding LIBOR Loan shall
be converted automatically to a Prime Rate Loan on the first day of the next succeeding Interest Period, or upon such earlier date
as may required by law.

 

    	 	-35-	Mezzanine Loan Agreement

     

    

 

2.2.2     Default
Rate. In the event that, and for so long as, any Event of Default shall have occurred and be continuing, the Outstanding
Principal Balance and, to the extent not prohibited by applicable law, all other portions of the Debt, shall accrue interest at
the Default Rate, calculated from the date such payment was due or, if later, such Default shall have occurred without regard
to any grace or cure periods contained herein. Interest at the Default Rate shall be paid immediately upon demand, which demand
may be made as frequently as Lender shall elect, to the extent not prohibited by applicable law.

 

2.2.3     Interest
Calculation. Interest on the Outstanding Principal Balance shall be calculated by multiplying (A) the actual number
of days elapsed in the period for which the calculation is being made by (B) a daily rate based on a three hundred sixty
(360) day year (that is, the Interest Rate expressed as an annual rate divided by 360) by (C) the Outstanding Principal Balance.
The accrual period for calculating interest due on each Monthly Payment Date shall be the Interest Period in which such Monthly
Payment Date occurs.

 

2.2.4     Usury
Savings. This Agreement and the other Loan Documents are subject to the express condition that at no time shall Borrower
be required to pay interest on the Outstanding Principal Balance at a rate which could subject Lender to either civil or criminal
liability as a result of being in excess of the Maximum Legal Rate. If by the terms of this Agreement or the other Loan Documents,
Borrower is at any time required or obligated to pay interest on the Outstanding Principal Balance at a rate in excess of the
Maximum Legal Rate, the Interest Rate shall be deemed to be immediately reduced to the Maximum Legal Rate and all previous payments
in excess of the Maximum Legal Rate shall be deemed to have been payments in reduction of principal and not on account of the
interest due hereunder. All sums paid or agreed to be paid to Lender for the use, forbearance, or detention of the sums due under
the Loan, shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full stated
term of the Loan until payment in full so that the rate or amount of interest on account of the Loan does not exceed the Maximum
Legal Rate from time to time in effect and applicable to the Loan for so long as the Loan is outstanding.

 

Section
2.3           Loan Payments.

 

2.3.1     Payments.
On the date hereof, Borrower shall pay interest on the Outstanding Principal Balance from and including the Closing Date through
and including May 7, 2017 (the “Initial Interest Period”).  On June 1, 2017, and on each Monthly
Payment Date thereafter, up to and including the Maturity Date, Borrower shall make a payment to Lender of interest equal to the
Monthly Debt Service Payment Amount.  The Monthly Debt Service Payment Amount shall be applied first to accrued and unpaid
interest on the then Outstanding Principal Balance and the balance, if any, to the Outstanding Principal Balance.

 

    	 	-36-	Mezzanine Loan Agreement

     

    

 

2.3.2     Payments
Generally. After the Initial Interest Period, each interest accrual period thereafter (each, an “Interest
Period”) shall commence on the eighth (8th) day of each calendar month during the Term and shall end
on and include the seventh (7th) day of the next occurring calendar month; provided, that in the event that the Mortgage
Lender elects to reset LIBOR as provided in the definition of the term “Interest Determination Date” under the Mortgage
Loan Agreement, and the same results in an adjustment of the “Interest Period” under and as defined in the Mortgage
Loan Agreement, the Interest Period with respect to the Loan shall be likewise adjusted, such that the “Interest Period”
under the Mortgage Loan Agreement and the Interest Period with respect to the Loan shall always coincide. For purposes of making
payments hereunder, but not for purposes of calculating Interest Periods, if the Monthly Payment Date is not a Business Day, then
amounts due on such date shall be due on the immediately preceding Business Day. Lender shall have the right from time to time,
in its reasonable discretion, upon not less than ten (10) days prior written notice to Borrower, to change the Monthly Payment
Date to a different calendar day and, if requested by Lender, Borrower shall promptly execute an amendment to this Agreement to
evidence such change; provided, however, that if Lender shall have elected to change the Monthly Payment Date as
aforesaid, Lender shall have the option, but not the obligation, to adjust the Interest Period and the Interest Determination
Date accordingly. With respect to payments of principal due on the Maturity Date, interest shall be payable at the Interest Rate,
through and including the last day of the Interest Period in which the Maturity Date occurs. All amounts due pursuant to this
Agreement and the other Loan Documents shall be payable without setoff, counterclaim, defense or any other deduction whatsoever
other than as provided in Section 2.8.

 

2.3.3     Payment
on Maturity Date. Borrower shall pay to Lender on the Maturity Date the Outstanding Principal Balance, all accrued and
unpaid interest and all other amounts due hereunder and under the Note, the Pledge Agreement and the other Loan Documents.

 

2.3.4     Late
Payment Charge. If any principal, interest or any other sum due under the Loan Documents (other than the Outstanding Principal
Balance due and payable on the Maturity Date) is not paid by Borrower within three (3) days of the date on which it is due (or
if such third (3rd) day is not a Business Day, then the immediately preceding Business Day), Borrower shall pay to
Lender upon demand an amount equal to the lesser of three percent (3%) of such unpaid sum or the maximum amount permitted
by applicable law in order to defray the expense incurred by Lender in handling and processing such delinquent payment and to
compensate Lender for the loss of the use of such delinquent payment. Any such amount shall be secured by the Mortgage and the
other Loan Documents to the extent permitted by law.

 

2.3.5     Method
and Place of Payment.

 

(a)          Except
as otherwise specifically provided herein, all payments and prepayments under this Agreement and the Note shall be made to Lender
not later than 2:00 p.m., New York City time, on the date when due and shall be made in lawful money of the United States
of America in immediately available funds at Lender’s office or at such other place as Lender shall from time to time designate,
and any funds received by Lender after such time shall, for all purposes hereof, be deemed to have been paid on the next succeeding
Business Day.

 

(b)          Whenever
any payment to be made hereunder or under any other Loan Document shall be stated to be due on a day which is not a Business Day,
the due date thereof shall be the immediately preceding Business Day.

 

(c)          All
payments required to be made by Borrower hereunder or under the Note or the other Loan Documents shall be made irrespective of,
and without deduction for, any setoff, claim or counterclaim and shall be made irrespective of any defense thereto.

 

Section
2.4           Prepayments.

 

2.4.1     Prepayments.
Borrower shall have the right to prepay the Loan in whole or in part at any time prior to the Stated Maturity Date, so long as
each such prepayment is made in accordance with the terms of this Agreement.

 

    	 	-37-	Mezzanine Loan Agreement

     

    

 

2.4.2      Voluntary
Prepayments.

 

(a)          Borrower
may prepay, all or any portion of the Outstanding Principal Balance on any Business Day, provided that the following conditions
are satisfied: (i) no Event of Default shall have occurred and be continuing (other than in connection with a prepayment made with
respect to a release of an Individual Property subject to a Qualified Release Property Default); (ii) Borrower shall timely deliver
to Lender a Prepayment Notice; (iii) Borrower shall comply with the provisions and pay to Lender the applicable amounts set forth
in Section 2.4.6 and (iv) if Borrower is prepaying the entire Outstanding Principal Balance, then Borrower shall also pay
to Lender (without duplication of amounts paid under Section 2.4.6) any and all other amounts outstanding under the Note,
this Agreement, and any of the other Loan Documents. For the avoidance of doubt, voluntary prepayments on the Loan, in whole or
in part, shall not be conditioned on pro-rata prepayments of the Mortgage Loan (except as set forth herein in connection with releases
of Proceeds).

 

(b)          On
any Business Day, Borrower may prepay the Loan in part in connection with the release of one or more Individual Properties under
the Mortgage Loan Documents in accordance with Section 2.5.2 hereof, provided that the following conditions are satisfied:
(i) Borrower shall timely deliver to Lender a Prepayment Notice, (ii) the release of such Individual Property(ies) under
the Mortgage Loan Documents shall occur simultaneously with such prepayment, and (iii) the Release Conditions shall have been satisfied
in connection therewith.

 

(c)          If
(i) a Low Cash Flow Trigger Period exists, (ii) Borrower makes a prepayment of the Outstanding Principal Balance hereunder in accordance
with paragraph (a) above (other than clause (ii) thereof) (which may be made by using funds in the Cash Collateral
Account), and Owner concurrently makes a prepayment of the Mortgage Loan in accordance with paragraph (a) above (which Lender
agrees may be made by using funds in the Cash Collateral Account if such prepayment would cure the Trigger Period), (iii) such
prepayments are made and upon at least two (2) Business Days prior written notice, and (iv) the aggregate amount prepaid by Borrower
under this paragraph (c) and concurrently by Owner under the Mortgage Loan Documents is equal to or greater than the amount
that is required to increase the Debt Yield to the applicable Debt Yield Cure Level, then such Low Cash Flow Trigger Period will
immediately end.

 

(d)          Intentionally
omitted.

 

(e)          Notwithstanding
the foregoing, Borrower shall be permitted to prepay a portion of the Outstanding Principal Balance, in connection with the release
of Individual Properties or otherwise, in an amount not to exceed, in the aggregate, twenty percent (20%) of the original principal
balance of the Loan (the “Free Prepayment Amount”), at any time without any Spread Maintenance Premium
or other prepayment penalty, premium or charge, provided (i) there is no Event of Default continuing as of the date of the applicable
prepayment, (ii) Borrower provides a Prepayment Notice to Lender in the manner specified in Section 2.4.2, (iv) Borrower
pays Lender, in addition to the amount to be prepaid, (x) all accrued interest as set forth in Section 2.4.6; and (y) all
other sums then due and payable under this Agreement, the Note, and the other Loan Documents, including, but not limited to, all
of Lender’s third party reasonable costs and expenses (including reasonable attorney’s fees and disbursements) incurred
by Lender in connection with such prepayment, including, without limitation, any actual Breakage Costs and costs and expenses associated
with any revoked or extended prepayment notice and (v) in the case of a Property release, Borrower makes the applicable pro rata
prepayment of the Mortgage Loan.

 

    	 	-38-	Mezzanine Loan Agreement

     

    

 

2.4.3      Reserved.

 

2.4.4      Mandatory
Prepayments; Option to Prepay Balance.

 

(a)          Subject
to paragraph (b) below, in the event of any Liquidation Event, Borrower shall cause the related Net Liquidation Proceeds After
Debt Service to be deposited with Lender, which proceeds shall then be applied by Lender on the next Business Day towards the amount
necessary to fully repay the Loan including all interest accrued to the date of prepayment and any other sums then due and payable
by Borrower to Lender. Subject to paragraph (b) below, any amounts of Net Liquidation Proceeds After Debt Service in excess of
the Debt shall be paid to Borrower. Borrower shall notify Lender of any Liquidation Event not later than one Business Day following
the first date on which Borrower has knowledge of such event. Borrower shall be deemed to have knowledge of (i) a sale (other than
a foreclosure sale) of any Individual Property on the date on which a contract of sale for such sale is entered into, and a foreclosure
sale, on the date notice of such foreclosure sale is given, and (ii) a refinancing of the Mortgage Loan, on the date on which a
commitment for such refinancing has been entered into or a binding or non-binding term sheet has been executed. The provisions
of this Section 2.4.4 shall not be construed to contravene in any manner the restrictions and other provisions regarding
refinancing of the Mortgage Loan or Transfer of any Individual Property set forth in this Agreement and the other Loan Documents.

 

(b)          If
Mortgage Lender is not obligated to make Net Proceeds available to Owner for Restoration, on the next occurring Monthly Payment
Date following the date on which (i) Mortgage Lender actually receives any Net Proceeds, and (ii) Mortgage Lender has
determined that such Net Proceeds shall not be made available for Restoration, Borrower shall, or shall cause Owner to, apply,
or shall authorize Mortgage Lender or Lender to apply (and Mortgage Lender or Lender may apply notwithstanding any failure by Borrower
to provide such authorization), the full amount of such Net Proceeds in accordance with Section 2.4.4(a) of the Mortgage
Loan Agreement. Except during an Event of Default, any portion of the Net Proceeds paid over to Lender shall be applied by Lender
as follows in the following order of priority: First, to all amounts (other than principal and interest) then due and payable
under the Loan Documents, including any reasonable, actual, out of pocket costs and expenses of Lender in connection with such
prepayment (but subject to Section 2.4.6(c)); Second; an amount equal to accrued and unpaid interest at the Interest
Rate on the amount prepaid through the last day of the Interest Period in which the application of Net Proceeds occurs, notwithstanding
that such Interest Period extends beyond the date of such application; and Third, to principal on the Loan up to the Impaired
Individual Property Release Amount in accordance with Section 2.4.4(c) below (the portion of the Net Proceeds applied to
the principal amount of the Loan, the “Net Proceeds Principal Prepayment”). Notwithstanding anything
herein to the contrary, so long as no Event of Default is continuing, no Spread Maintenance Premiums or other prepayment premium,
penalty or fee shall be due in connection with any prepayment made pursuant to this Section 2.4.4(b).

 

    	 	-39-	Mezzanine Loan Agreement

     

    

 

(c)          In
any instance where (i) the Mortgage Lender is not obligated to make Net Proceeds available to Owner for Restoration of an Individual
Property and has elected to apply such Net Proceeds related to such Impaired Individual Property to the Debt in accordance with
Section 2.4.4(a) of the Mortgage Loan Agreement, or (ii) an Individual Property is subject to a Casualty or Condemnation
of more than 60% of the Individual Property value based on such Individual Property’s Allocated Loan Amount (such Individual
Property being sometimes referred to herein as an “Impaired Individual Property”), then Borrower may
elect and shall have the right, on or prior to the second (2nd) Monthly Payment Date following the application of Net
Proceeds in accordance with Section 2.4.4(b) (the “Impaired Individual Property Prepayment Outside Date”),
to prepay the Loan (such prepayment an “Impaired Individual Property Prepayment”) in an amount
(the “Net Impaired Individual Property Release Amount”) which is equal to (i) the Release Amount applicable
to the Impaired Individual Property (the “Impaired Individual Property Release Amount”), less (ii) the
amount of the Net Proceeds Principal Prepayment applicable to such Impaired Individual Property that has been applied to the principal
amount of the Loan in accordance with Section 2.4.4(b) above (or zero if the amount in clause (ii) is equal to or
greater than the amount in clause (i)); provided each of the following conditions (the “Impaired Individual
Property Prepayment Conditions”) have been satisfied: (1) no Event of Default (other than a Qualified Release
Property Default that is cured by the release of the Release Property in accordance with Section 2.5.2 hereof) shall have
occurred and be continuing, (2) the Net Proceeds applicable to such Impaired Individual Property shall have been applied in accordance
with Section 2.4.4(b), (3) Borrower shall have provided to Lender not less than five (5) Business Days prior written notice
of its intention to effect an Impaired Individual Property Prepayment, and shall satisfy the Impaired Individual Property Prepayment
Conditions on or prior to the Impaired Individual Property Prepayment Outside Date, (4) all of the conditions and requirements
for the release of such Impaired Individual Property set forth in Section 2.5.3 hereof and Section 2.5.3 of the Mortgage
Loan Agreement shall be satisfied and the release of such Impaired Individual Property shall occur simultaneously with the Impaired
Individual Property Prepayment and in compliance with all such conditions and requirements set forth in Section 2.5.3 hereof
and Section 2.5.3 of the Mortgage Loan Agreement, and (5) Borrower shall comply with the provisions and pay to Lender
the amounts set forth in Section 2.4.6. Any prepayment made pursuant to this Section 2.4.4(b) shall not require a
payment of the Spread Maintenance Premium.

 

2.4.5      Prepayments
After Default.

 

(a)          If,
during the continuance of an Event of Default, payment of all or any part of the Debt is tendered by Borrower (other than with
respect to a Qualified Release Property Default tendered in accordance with the provisions of Section 2.5.2 or an Event
of Default that arises solely as a direct result of the Casualty or Condemnation in respect of which such Net Proceeds have been
paid) and accepted by Lender or is otherwise recovered by Lender, such tender or recovery shall be deemed to be a voluntary prepayment
by Borrower in violation of the requirements of Section 2.4.1 hereof, and Borrower shall pay, as part of the Debt, all amounts,
if any, due pursuant to Section 2.4.6.

 

2.4.6      Prepayment/Repayment
Conditions.

 

(a)          On
the date on which a prepayment, voluntary or mandatory, is made under the Note or as required under this Agreement, which date
must be a Business Day, Borrower shall pay to Lender:

 

    	 	-40-	Mezzanine Loan Agreement

     

    

 

(i)          all
accrued and unpaid interest calculated at the Interest Rate on the amount of principal being prepaid through and including the
Repayment Date, and following a Securitization any prepayment of a securitized portion of the Loan will also be paid together with
an amount equal to the interest that would have accrued at the Interest Rate on the amount of principal being prepaid through the
end of the Interest Period in which such prepayment occurs, notwithstanding that such Interest Period extends beyond the date of
prepayment;

 

(ii)         following
a Securitization, if such prepayment is made during the period from and including the first day after a Monthly Payment Date through
and including the last day of the Interest Period in which such prepayment occurs, all interest on the principal amount being prepaid
which would have accrued from the first day of the Interest Period immediately following the Interest Period in which the prepayment
occurs (the “Succeeding Interest Period”) through and including the end of the Succeeding Interest Period,
calculated at (A) the Interest Rate if such prepayment occurs on or after the Interest Determination Date for the Succeeding
Interest Period or (B) the Assumed Note Rate if such prepayment occurs before the Interest Determination Date for the Succeeding
Interest Period (the “Interest Shortfall”);

 

(iii)        the
Spread Maintenance Premium, if any, applicable thereto; provided, that so long as no Event of Default is continuing (other than
an Event of Default that arises solely as a direct result of the Casualty or Condemnation in respect of which such Net Proceeds
have been paid), no Spread Maintenance Premium shall be due in connection with a prepayment made pursuant to Section 2.4.4(a);
and

 

(iv)        all
other sums, then due under the Note, this Agreement, the Pledge Agreement, and the other Loan Documents.

 

(b)          If
the Interest Shortfall was calculated based upon the Assumed Note Rate, upon determination of LIBOR on the Interest Determination
Date for the Succeeding Interest Period then (i) if the Interest Rate for such Succeeding Interest Period is less than the
Assumed Note Rate, Lender shall promptly refund to Borrower the amount of the Interest Shortfall paid, calculated at a rate equal
to the difference between the Assumed Note Rate and the Interest Rate for such Interest Period, or (ii) if the Interest Rate
is greater than the Assumed Note Rate, Borrower shall promptly (and in no event later than the first (1st) day of the
following month) pay Lender the amount of such additional Interest Shortfall calculated at a rate equal to the amount by which
the Interest Rate exceeds the Assumed Note Rate.

 

(c)          Borrower
shall pay all actual out of pocket reasonable costs and expenses of Lender incurred in connection with the repayment or prepayment
(including without limitation, any reasonable, actual, out of pocket costs and expenses associated with a release of the Lien of
the Security Documents as set forth in Section 2.5 below and reasonable attorneys’ fees and expenses), provided,
however that, notwithstanding anything to the contrary set forth in the Loan Documents, no LIBOR breakage costs will be
payable in connection with any prepayment (voluntary or mandatory) of the Loan.

 

    	 	-41-	Mezzanine Loan Agreement

     

    

 

Section 2.5           Release
of Collateral.

 

2.5.1      Release
on Payment in Full. Lender shall, upon the written request and at the expense of Borrower, upon payment in full of the
Debt in accordance with the terms and provisions of the Loan Documents, release the Lien of the Security Documents. In connection
with the release of the Lien of the Security Documents, Borrower shall submit to Lender, not less than thirty (30) days prior
to the Repayment Date (or such shorter time as is acceptable to Lender in its sole discretion), a UCC termination. In addition,
Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such
release. Borrower shall pay all reasonable, actual, out of pocket costs, taxes and expenses associated with the release of the
Lien of the Security Documents, including Lender’s reasonable attorneys’ fees.

 

2.5.2      Release
of Individual Property. Borrower may allow Owner to obtain the release of an Individual
Property under the Mortgage Loan Documents (the Individual Property to be released is sometimes referred to herein as the “Release
Property”), provided that the following conditions precedent to such release are
satisfied (the “Release Conditions”): (i) Borrower prepays
the Loan in the amount of the applicable Release Amount and the requirements and conditions of Section 2.4.2(b) are satisfied;
(ii) no Event of Default has occurred and is continuing (other than (A) a non-monetary Event of Default that is specific to such
Release Property (including without limitation, any breach of a representation or warranty with respect to such Release Property),
(B) a default under a Ground Lease that was not caused by Owner in bad faith to circumvent the requirements of Section 2.5.2,
so long as Borrower has demonstrated to Lender that Owner has diligently in good faith pursued a cure of such default under the
related Ground Lease, or (C) a material default under a Franchise Agreement that permits the applicable Franchisor thereunder
to terminate the Franchise Agreement and pursuant to which Mortgage Lender and the applicable Franchisor have delivered a default
notice with respect to such default provided that such default was not caused by Borrower in bad faith to circumvent the requirements
of Section 2.5.2 and has demonstrated to Lender that Owner has diligently in good faith pursued a cure of such default
and which Event of Default or default would be cured as a result of the release of the Release Property, so long as (x) the Event
of Default was not caused by the intentional act of Borrower, Leasehold Pledgor or Guarantor and Borrower has demonstrated in
good faith to Lender that it has pursued a cure of the Event of Default, (y) within five (5) Business Days of the occurrence of
such Event of Default (after the expiration of any applicable cure period with respect thereto other than a cure obtained by release
under this Section 2.5.2), Borrower gives notice to Lender of Borrower’s intent to cure such Event of Default by
causing Owner to obtain a release of the Release Property and (z) such release occurs within forty-five (45) days following the
occurrence of such Event of Default (a “Qualified Release Property Default”)); and (iii) the
following conditions are satisfied:

 

(a)          The
Release Property shall be transferred and conveyed to a Person other than Borrower or any other Loan Party, and shall be transferred
and conveyed pursuant to a bona fide all-cash sale of the Release Property to a third party that is not an Affiliate of Borrower
or of any other Loan Party on arms-length terms and conditions unless the release of the Release Property is effected in order
to cure a Qualified Release Property Default, in which case the applicable Individual Property may be transferred to an Affiliate
of Borrower if Borrower has delivered an Additional Insolvency Opinion with respect thereto;

 

(b)          the
following amounts shall be paid:

 

    	 	-42-	Mezzanine Loan Agreement

     

    

 

(i)          the
Outstanding Principal Balance shall be prepaid by an amount equal to the Release Amount for the applicable Individual Property,
and Borrower shall comply with the provisions and pay to Lender the amounts set forth in Section 2.4.6 (including with respect
to any prepayments made under clause (iii) below). With respect to a Qualified Release Property Default, the Release Amount
shall be calculated by using the Release Amount Percentage in clause (b) of such definition regardless of the Outstanding
Principal Balance;

 

(ii)         concurrently
with the payment of the Release Amount, Owner shall make a partial prepayment of the Mortgage Loan equal to the Mortgage Loan Release
Amount, together with any related interest, fees, prepayment premiums or other amounts payable under the Mortgage Loan Documents
in connection with such prepayment, including, to the extent required under the Mortgage Loan Documents, interest which would have
accrued on the outstanding principal balance of the Mortgage Loan pursuant to the Mortgage Loan Documents through the end of the
interest period set forth therein during which such prepayment occurs; and

 

(iii)        if
following the application of the prepayments of the Loan and the Mortgage Loan described in clauses (i) and (ii)
above, either (A) the Debt Yield (calculated based on the financial statements most recently delivered to Lender) (exclusive of
the Release Property) would be less than the minimum Debt Yield required under clauses (d) and (e) below, respectively,
and/or (B) additional prepayments would be required to comply with respect to the REMIC Requirements pursuant to clause (f)
below (with respect to the Loan) and/or the corresponding section of the Mortgage Loan Agreement (with respect to the Mortgage
Loan), then concurrently with and in addition to the prepayments described in clauses (i) and (ii) above, Borrower
and/or Owner, as applicable, shall make additional prepayments of the Loan in the aggregate amount(s) required (x) to increase
the Debt Yield (calculated based on the financial statements most recently delivered to Lender) (exclusive of the Release Property)
to the minimum Debt Yield required under clause (d) below and/or (y) to comply with the REMIC Requirements pursuant to clause
(f) below (and the corresponding provisions of the Mortgage Loan Agreement), such excess prepayments to be allocated among
the Loan and the Mortgage Loan first, as required to satisfy the REMIC Requirements for the Loan and/or the Mortgage Loan, and
next pro rata in accordance with their respective outstanding principal balances immediately prior to such release (such
pro rata application to take into account the foregoing payments already made to Lender (and/or Mortgage Lender) to satisfy
the applicable REMIC Requirements). Notwithstanding the foregoing, in connection with the sale of an Individual Property to an
unaffiliated third-party in an arms’-length transaction (with no direct or indirect interest in such Individual Property
retained by Borrower, Guarantor, or their respective Affiliates), in the event that following the prepayment of the Loan and Mortgage
Loan described in clauses (i) and (ii) above, the Debt Yield is less than the Debt Yield required under clauses
(d) and (e), Borrower shall be permitted to obtain a release of the Lien of the related Mortgage, provided that (x)
Borrower shall satisfy all of the conditions set forth in Section 2.5.2 (other than this Section 2.5.2(b)(ii)) and
(y) (i) in lieu of paying the applicable Release Amount in connection with such release pursuant to Section 2.5.2(b), Borrower
shall pay to Lender, an amount equal to the greater of (A) the Release Amount applicable to such Individual Property and (B) the
lesser of (I) the amount of a pro rata prepayment of the Loan and the Mortgage Loan in an aggregate amount equal to (x) the gross
sales proceeds actually received by Borrower from such Individual Property net of (y) all amounts owing to Mortgage Lender and
W2007 Equity Inns Senior Mezz, LLC in respect of such sale and any reasonable and customary closing costs associated with the sale
of such Individual Property, or (II) the amount of a pro rata prepayment of the Loan and the Mortgage Loan that would be necessary
to, after giving effect to the requested release of the applicable Individual Property, satisfy the applicable Debt Yield and (ii)
Owner in lieu of paying the Mortgage Release Amount shall pay to Mortgage Lender, the amount required in accordance with Section
2.5.2(b)(ii) of the Mortgage Loan Agreement). Any such prepayment pursuant to this Section 2.5.2(b)(ii) shall be deemed
a voluntary prepayment for all purposes hereunder, including, without limitation, the payment of any applicable Spread Maintenance
Premium;

 

    	 	-43-	Mezzanine Loan Agreement

     

    

 

(c)          
All release provisions set forth in the Mortgage Loan Documents shall have been satisfied or will be satisfied as of the release
date (as evidenced by an Officer’s Certificate and the delivery to Lender of a copy of a payoff letter from Mortgage Lender).
In addition, Borrower shall provide all other documentation of a ministerial or administrative nature that Lender reasonably requires
to be delivered by Borrower in connection with such release or assignment;

 

(d)          After
giving effect to such release or assignment, and after the application of any prepayments by Borrower and Owner described in clause
(b) above, the Debt Yield for the Properties then remaining subject to the Liens of the Mortgages (calculated based on the
financial statements most recently delivered to Lender) shall be equal to or greater than the greater of (i) the lesser of
(x) the Debt Yield (calculated based on the financial statements most recently delivered to Lender) (inclusive of the Release Property)
immediately prior to such release or assignment and not taking into account any prepayments described in clause (b) above
and (y) 13% and (ii) 10%; provided further that the foregoing shall not apply to a release effected to cure a Qualified Release
Property Default;

 

(e)          
Following such release or assignment, Borrower shall continue to be a Special Purpose Bankruptcy Remote Entity and to comply with
all provisions of the Loan Documents pertaining to a Special Purpose Bankruptcy Remote Entity;

 

(f)          Intentionally
Omitted;

 

(g)          To
the extent that the Franchisor party to the Franchise Agreement affecting such Release Property is also a Franchisor under other
Franchise Agreements and/or to the extent that the Franchise Agreement affecting such Release Property also affects other Properties
which will not be released, such release shall not result in a default under any of such Franchise Agreements or give the Franchisor
thereunder the right to terminate any of such Franchise Agreements, and all requisite consents to such release shall have been
obtained from the applicable Franchisor and Lender shall have received reasonably satisfactory evidence of same (which may be demonstrated
by an Officer’s Certificate certifying to the foregoing);

 

(h)          All
other conditions to the release of such Individual Property set forth in the Mortgage Loan Documents shall have been satisfied
or waived in accordance therewith (as evidenced by an Officer’s Certificate and the delivery to Lender of a copy of a payoff
letter from the Mortgage Lender);

 

    	 	-44-	Mezzanine Loan Agreement

     

    

 

(i)          Borrower
shall have paid all reasonable third-party costs and expenses incurred by Lender and/or its Servicer in connection with any such
release or assignment and, in addition, the current reasonable and customary fee being assessed by Lender and/or its Servicer to
effect such release or assignment, not to exceed (in the aggregate for Lender and its Servicer) $2,500;

 

(j)          Borrower
shall have paid (or shall have caused Owner to pay) (from Available Cash distributed to Borrower and/or from proceeds of sale of
such Release Property remaining after the payment of the Release Amount or other contributions, the Mortgage Release Amount and
all other amounts payable by Borrower in connection with the release of such Release Property) to the applicable Manager (or escrowed
for such Manager’s benefit if required under the applicable Management Agreement), any transition or termination costs or
expenses, termination fees, or their equivalent, to which such Manager is entitled in connection with the sale of such Individual
Property; and

 

(k)          For
the avoidance of doubt, any release of a Release Property to which a Qualified Release Property Default relates that is effected
within forty-five (45) days after the occurrence of such Event of Default and in accordance with the provisions of this Section
2.5.2, shall concurrently cure such Event of Default and, if the Loan has been accelerated, the acceleration shall be automatically
rescinded (assuming no other Event of Default shall thereafter be continuing).

 

Any release to cure
a Qualified Release Property Default and corresponding prepayment shall be accompanied by the Spread Maintenance Premium, if applicable.

 

2.5.3     Impaired
Individual Property Release. Borrower may permit Owner to obtain the release of an Impaired Individual Property from the
Mortgage thereon (or at Borrower’s option, an assignment thereof to one or more third parties) and from the Lien of the
related Mortgage Loan Documents, provided that the following conditions precedent to such release are satisfied (the “Impaired
Individual Property Release Conditions”): (i) Borrower shall then be entitled to prepay the Loan subject and pursuant
to the provisions of Section 2.4.4(b) and in connection with and as a condition to completing such release, Borrower prepays
the Loan in the amount of the applicable Impaired Individual Property Release Amount and the other amounts and the requirements
and conditions of Section 2.4.4(b) are satisfied, and (ii) the following conditions are satisfied:

 

(a)          The
Impaired Individual Property shall be transferred and conveyed to a Person other than Borrower, Owner or any other Loan Party,
provided that the transfer may be to an Affiliate of Borrower or of another Loan Party;

 

(b)          the
following amounts shall be paid:

 

(i)          the
Outstanding Principal Balance shall be prepaid by an amount equal to the Impaired Individual Property Release Amount for the applicable
Individual Property, and Borrower shall comply with the provisions and pay to Lender the amounts set forth in Section 2.4.6
(including with respect to any prepayments made under clause (iii) below); and

 

    	 	-45-	Mezzanine Loan Agreement

     

    

 

(ii)         concurrently
with the payment of the Impaired Individual Property Release Amount, Owner shall make a partial prepayment of the Mortgage Loan
equal to the Mortgage Impaired Individual Property Release Amount or the such similar release amount required under the Mortgage
Loan, together with any related interest including, to the extent required under the Mortgage Loan Documents, interest which would
have accrued on the outstanding principal balance of the Mortgage Loan pursuant to the Mortgage Loan Documents through the end
of the interest period set forth therein during which such prepayment occurs; and

 

(iii)        if
following the application of the prepayments of the Loan and the Mortgage Loan described in clauses (i) and (ii)
above, additional prepayments would be required in order to comply with the REMIC Requirements pursuant to clause (e) below
and/or the corresponding provisions of the Mortgage Loan Agreement, then concurrently with and in addition to the prepayments described
in clauses (i) and (ii) above, Borrower, and/or Owner, as applicable, shall make additional prepayments of the Loan
and/or the Mortgage Loan, as applicable, in the amount(s) required to comply with the REMIC Requirements pursuant to clause
(e) below and the corresponding provisions of the applicable Mortgage Loan Agreement;

 

(c)          All
release provisions set forth in the Mortgage Loan Documents shall have been satisfied or will be satisfied as of the release date
(as evidenced by an Officer’s Certificate and the delivery to Lender of a copy of a payoff letter from Mortgage Lender).
In addition, Borrower shall provide all other documentation of a ministerial or administrative nature that Lender reasonably requires
to be delivered by Borrower in connection with such release or assignment;

 

(d)          Following
such release or assignment, Borrower shall continue to be a Special Purpose Bankruptcy Remote Entity and to comply with all provisions
of the Loan Documents pertaining to a Special Purpose Bankruptcy Remote Entity;

 

(e)          Intentionally
Omitted;

 

(f)          To
the extent that the Franchisor party to the Franchise Agreement affecting such Impaired Individual Property is also a Franchisor
under other Franchise Agreements and/or to the extent that the Franchise Agreement affecting such Impaired Individual Property
also affects other Properties which will not be released, such release shall not result in a default under any of such Franchise
Agreements or give the Franchisor thereunder the right to terminate any of such Franchise Agreements, and all requisite consents
to such release shall have been obtained from the applicable Franchisor and Lender shall have received reasonably satisfactory
evidence of same (which may be demonstrated by an Officer’s Certificate certifying to the foregoing);

 

(g)          Intentionally
Omitted; and

 

(h)          Borrower
shall have paid all reasonable third-party costs and expenses incurred by Lender and/or its Servicer in connection with any such
release or assignment and, in addition, the current reasonable and customary fee, being assessed by Lender and/or its Servicer
to effect such release or assignment, not to exceed (in the aggregate for Lender and its Servicer) $2,500.

 

    	 	-46-	Mezzanine Loan Agreement

     

    

 

Section
2.6           Interest Rate Cap Agreement.

 

2.6.1     Interest
Rate Cap Agreement. Prior to or contemporaneously with the Closing Date, Borrower shall have obtained, and thereafter
maintain in effect (subject to Section 2.6.9), the Interest Rate Cap Agreement, which shall have a term expiring no earlier
than the last day of the Interest Period in which the Stated Maturity Date occurs and have a notional amount which shall not at
any time be less than the Outstanding Principal Balance. The Interest Rate Cap Agreement shall have a strike rate equal to the
Strike Price.

 

2.6.2     Pledge
and Collateral Assignment of Interest Rate Cap Agreement. As security for the full and punctual payment and performance
of the Obligations when due (whether upon stated maturity, by acceleration, early termination or otherwise), pursuant to the terms
of the Assignment of Interest Rate Cap Agreement, Borrower has pledged (or is contemporaneously herewith pledging) and collaterally
assigned (or is assigning) to Lender all of the right, title and interest of Borrower in and to the following (collectively, the
“Rate Cap Collateral”): (i) the Interest Rate Cap Agreement; (ii) all payments, distributions, disbursements
or proceeds due, owing, payable or required to be delivered to Borrower in respect of the Interest Rate Cap Agreement or arising
out of the Interest Rate Cap Agreement, whether as contractual obligations, damages or otherwise; and (iii) all of Borrower’s
claims, rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under or arising out of
the Interest Rate Cap Agreement, in each case including all accessions and additions to, substitutions for and replacements, products
and proceeds of any or all of the foregoing.

 

2.6.3      Covenants.

 

(a)          Borrower
shall comply with all of its obligations under the terms and provisions of the Interest Rate Cap Agreement. All amounts paid by
the Counterparty under the Interest Rate Cap Agreement to Borrower or Lender shall during the continuance of an Event of Default
or Trigger Period be deposited immediately into the Deposit Account. Subject to terms hereof, provided no Event of Default has
occurred and is continuing, Borrower shall be entitled to exercise all rights, powers and privileges of Borrower under, and to
control the prosecution of all claims with respect to, the Interest Rate Cap Agreement and the other Rate Cap Collateral. Borrower
shall take all actions reasonably requested by Lender to enforce Borrower’s rights under the Interest Rate Cap Agreement
in the event of a default by the Counterparty thereunder and shall not waive, amend or otherwise modify any of its rights thereunder.

 

(b)          Borrower
shall defend Lender’s right, title and interest in and to the Rate Cap Collateral pledged by Borrower pursuant to the Assignment
of Interest Rate Cap Agreement or in which it has granted a security interest against the claims and demands of all other Persons.

 

(c)          In
the event of any downgrade, withdrawal or qualification of the rating of the Counterparty such that it ceases to qualify as an
“Approved Counterparty”, Borrower shall replace the Interest Rate Cap Agreement with a Replacement Interest Rate Cap
Agreement not later than ten (10) Business Days following receipt of notice from Lender, Servicer or any other Person of such downgrade,
withdrawal or qualification.

 

(d)          In
the event that Borrower fails to purchase and deliver to Lender the Interest Rate Cap Agreement as and when required hereunder,
Lender may purchase the Interest Rate Cap Agreement and the cost incurred by Lender in purchasing the Interest Rate Cap Agreement
shall be paid by Borrower to Lender with interest thereon at the Default Rate from the date such cost was incurred by Lender until
such cost is paid by Borrower to Lender.

 

    	 	-47-	Mezzanine Loan Agreement

     

    

 

(e)          Borrower
shall not sell, assign, or otherwise dispose of, or mortgage, pledge or grant a security interest in, any of the Rate Cap Collateral
or any interest therein (other than the assignment made under the Loan Documents), and any sale, assignment, mortgage, pledge or
security interest whatsoever made in violation of this covenant shall be a nullity and of no force and effect, and upon demand
of Lender, shall forthwith be cancelled or satisfied by an appropriate instrument in writing (except that notwithstanding anything
herein to the contrary, Borrower may sell or otherwise transfer the portion of the Rate Cap Collateral that reflects a notional
balance in excess of the Outstanding Principal Amount following any prepayment).

 

(f)          Borrower
shall not (i) without the prior written consent of Lender, modify, amend or supplement the terms of the Interest Rate Cap Agreement,
(ii) without the prior written consent of Lender, except in accordance with the terms of the Interest Rate Cap Agreement, cause
the termination of the Interest Rate Cap Agreement prior to its stated maturity date (other than in accordance with Section
2.6.3(c) above), (iii) without the prior written consent of Lender, except as aforesaid, waive or release any obligation of
the Counterparty (or any successor or substitute party to the Interest Rate Cap Agreement) under the Interest Rate Cap Agreement,
(iv) without the prior written consent of Lender, consent or agree to any act or omission to act on the part of the Counterparty
(or any successor or substitute party to the Interest Rate Cap Agreement) which, without such consent or agreement, would constitute
a default under the Interest Rate Cap Agreement, (v) fail to exercise promptly and diligently each and every material right which
it may have under the Interest Rate Cap Agreement, (vi) take or intentionally omit to take any action or intentionally suffer or
permit any action to be omitted or taken, the taking or omission of which would result in any right of offset against sums payable
under the Interest Rate Cap Agreement or any defense by the Counterparty (or any successor or substitute party to the Interest
Rate Cap Agreement) to payment or (vii) fail to give prompt notice to Lender of any notice of default given by or to Borrower under
or with respect to the Interest Rate Cap Agreement, together with a complete copy of such notice. If Borrower shall have received
written notice that the Securitization shall have occurred, no consent by Lender provided for in this Section 2.6.3(f) shall
be given by Lender unless Lender shall have received a Rating Agency Confirmation.

 

(g)          In
connection with an Interest Rate Cap Agreement, Borrower shall obtain and deliver to Lender an opinion of counsel from counsel
(which counsel may be in-house counsel for the Counterparty) for the Counterparty upon which Lender and its successors and assigns
may rely (the “Counterparty Opinion”), under New York law and, if the Counterparty is a non-U.S. entity,
the applicable foreign law, which shall provide in relevant part, that: (i) the issuer is duly organized, validly existing, and
in good standing under the laws of its jurisdiction of incorporation and has the organizational power and authority to execute
and deliver, and to perform its obligations under, the Interest Rate Cap Agreement; (ii) the execution and delivery of the Interest
Rate Cap Agreement by the issuer, and any other agreement which the issuer has executed and delivered pursuant thereto, and the
performance of its obligations thereunder have been and remain duly authorized by all necessary action and do not contravene any
provision of its certificate of incorporation or by-laws (or equivalent organizational documents) or any law; (iii) all consents,
authorizations and approvals required for the execution and delivery by the issuer of the Interest Rate Cap Agreement under law
or the issuer’s organizational documents, and any other agreement which the issuer has executed and delivered pursuant thereto,
and the performance of its obligations thereunder have been obtained and remain in full force and effect, all conditions thereof
have been duly complied with, and no other action by, and no notice to or filing with any governmental authority or regulatory
body is required for such execution, delivery or performance; and (iv) the Interest Rate Cap Agreement, and any other agreement
which the issuer has executed and delivered pursuant thereto, has been duly executed and delivered by the issuer and constitutes
the legal, valid and binding obligation of the issuer, enforceable against the issuer in accordance with its terms, subject to
applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability,
to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). If the opinion
of counsel from counsel for the Counterparty obtained and delivered does not comply with the foregoing requirements, Lender shall
have the right to approve the opinion, which approval shall not be unreasonably withheld, conditioned or delayed.

 

    	 	-48-	Mezzanine Loan Agreement

     

    

 

2.6.4     [Reserved]

 

2.6.5     Representations
and Warranties. Borrower hereby covenants with, and represents and warrants to, Lender as follows:

 

(a)          The
Interest Rate Cap Agreement constitutes the legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance
with its terms, subject only to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and
subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in
equity or at law).

 

(b)          The
Rate Cap Collateral is free and clear of all claims or security interests of every nature whatsoever, except such as are created
pursuant to this Agreement and the other Loan Documents, and Borrower has the right to pledge and grant a security interest in
the same as herein provided without the consent of any other Person other than any such consent that has been obtained and is in
full force and effect.

 

(c)          The
Rate Cap Collateral has been duly and validly pledged pursuant to the Assignment of Interest Rate Cap Agreement. All consents and
approvals required to be obtained by Borrower for the consummation of the transactions contemplated by the Assignment of Interest
Rate Cap Agreement have been obtained.

 

(d)          Giving
effect to the grant and assignment to Lender pursuant to the Assignment of Interest Rate Cap Agreement, Lender has, as of the date
of this Agreement, and as to Rate Cap Collateral acquired from time to time after such date, shall have, a valid, and upon proper
filing, perfected and continuing first priority lien upon and security interest in the Rate Cap Collateral; provided that no representation
or warranty is made with respect to the perfected status of the security interest of Lender in the proceeds of Rate Cap Collateral
consisting of “cash proceeds” or “non-cash proceeds” as defined in the UCC except if, and to the extent,
the provisions of Section 9-306 of the UCC shall be complied with.

 

(e)          Except
for financing statements filed or to be filed in favor of Lender as secured party, there are no financing statements under the
UCC covering any or all of the Rate Cap Collateral and Borrower shall not, without the prior written consent of Lender, until payment
in full of all of the Obligations, execute and file in any public office, any enforceable financing statement or statements covering
any or all of the Rate Cap Collateral, except financing statements filed or to be filed in favor of Lender as secured party.

 

    	 	-49-	Mezzanine Loan Agreement

     

    

 

2.6.6     [Reserved]

 

2.6.7     Remedies.
Subject to the provisions of the Interest Rate Cap Agreement, if an Event of Default shall occur and then be continuing:

 

(a)          Lender,
without obligation to resort to any other security, right or remedy granted under any other agreement or instrument, shall have
the right to, in addition to all rights, powers and remedies of a secured party pursuant to the UCC, at any time and from time
to time, sell, resell, assign and deliver, in its sole discretion, any or all of the Rate Cap Collateral (in one or more parcels
and at the same or different times) and all right, title and interest, claim and demand therein and right of redemption thereof,
at public or private sale, for cash, upon credit or for future delivery, and in connection therewith Lender may grant options and
may impose reasonable conditions such as requiring any purchaser to represent that any “securities” constituting any
part of the Rate Cap Collateral are being purchased for investment only, Borrower hereby waiving and releasing any and all equity
or right of redemption to the fullest extent permitted by the UCC and applicable law. If all or any of the Rate Cap Collateral
is sold by Lender upon credit or for future delivery, Lender shall not be liable for the failure of the purchaser to purchase or
pay for the same and, in the event of any such failure, Lender may resell such Rate Cap Collateral. It is expressly agreed that
Lender may exercise its rights under the Assignment of Interest Rate Cap Agreement with respect to less than all of the Rate Cap
Collateral, leaving unexercised its rights with respect to the remainder of the Rate Cap Collateral, provided, however, that such
partial exercise shall in no way restrict or jeopardize Lender’s right to exercise its rights with respect to all or any
other portion of the Rate Cap Collateral at a later time or times.

 

(b)          Lender
may exercise, either by itself or by its nominee or designee, in the name of Borrower, all of Lender’s rights, powers and
remedies in respect of the Rate Cap Collateral, under the Assignment of Interest Rate Cap Agreement and under law.

 

(c)          Borrower
hereby irrevocably, in the name of Borrower or otherwise, authorizes and empowers Lender and assigns and transfers unto Lender,
and constitutes and appoints Lender its true and lawful attorney-in-fact, and as its agent, irrevocably, with full power of substitution
for Borrower and in the name of Borrower, (i) to exercise and enforce every right, power, remedy, authority, option and privilege
of Borrower under the Interest Rate Cap Agreement, including any power to subordinate or modify the Interest Rate Cap Agreement
(but not, unless an Event of Default exists and is continuing, the right to terminate or cancel the Interest Rate Cap Agreement),
or to give any notices, or to take any action resulting in such subordination, termination, cancellation or modification and (ii)
in order to more fully vest in Lender the rights and remedies provided for herein, to exercise all of the rights, remedies and
powers granted to Lender in this Agreement, and Borrower further authorizes and empowers Lender, as Borrower’s attorney-in-fact,
and as its agent, irrevocably, with full power of substitution for Borrower and in the name of Borrower, to give any authorization,
to furnish any information, to make any demands, to execute any instruments and to take any and all other action on behalf of and
in the name of Borrower which in the opinion of Lender may be necessary or appropriate to be given, furnished, made, exercised
or taken under the Interest Rate Cap Agreement, in order to comply therewith, to perform the conditions thereof or to prevent or
remedy any default by Borrower thereunder or to enforce any of the rights of Borrower thereunder. These powers-of-attorney are
irrevocable and coupled with an interest, and any similar or dissimilar powers heretofore given by Borrower in respect of the Rate
Cap Collateral to any other Person are hereby revoked.

 

    	 	-50-	Mezzanine Loan Agreement

     

    

 

(d)          Lender
may, without notice to, or assent by, Borrower or any other Person (to the extent permitted by law), but without affecting any
of the Obligations, in the name of Borrower or in the name of Lender, notify the Counterparty, or if applicable, any other counterparty
to the Interest Rate Cap Agreement, to make payment and performance directly to Lender; extend the time of payment and performance
of, compromise or settle for cash, credit or otherwise, and upon any terms and conditions, any obligations owing to Borrower, or
claims of Borrower, under the Interest Rate Cap Agreement; file any claims, commence, maintain or discontinue any actions, suits
or other proceedings deemed by Lender necessary or advisable for the purpose of collecting upon or enforcing the Interest Rate
Cap Agreement; and execute any instrument and do all other things deemed necessary and proper by Lender to protect and preserve
and realize upon the Rate Cap Collateral and the other rights contemplated hereby.

 

(e)          Pursuant
to the powers-of-attorney provided for above, Lender may take any action and exercise and execute any instrument which it may deem
necessary or advisable to accomplish the purposes hereof; provided, however, that Lender shall not be permitted to take any action
pursuant to said power-of-attorney that would conflict with any limitation on Lender’s rights with respect to the Rate Cap
Collateral. Without limiting the generality of the foregoing, Lender, after the occurrence, and during the continuance, of an Event
of Default, shall have the right and power to receive, endorse and collect all checks and other orders for the payment of money
made payable to Borrower representing: (i) any payment of obligations owed pursuant to the Interest Rate Cap Agreement, (ii) interest
accruing on any of the Rate Cap Collateral or (iii) any other payment or distribution payable in respect of the Rate Cap Collateral
or any part thereof, and for and in the name, place and stead of Borrower, to execute endorsements, assignments or other instruments
of conveyance or transfer in respect of any property which is or may become a part of the Rate Cap Collateral hereunder.

 

(f)          Lender
may exercise all of the rights and remedies of a secured party under the UCC.

 

(g)          Without
limiting any other provision of this Agreement or the Assignment of Interest Rate Cap Agreement, or any of Borrower’s rights
hereunder under the Assignment of Interest Rate Cap Agreement, and without waiving or releasing Borrower from any obligation or
default hereunder under the Assignment of Interest Rate Cap Agreement, Lender shall have the right, but not the obligation, to
perform any act or take any appropriate action, as it, in its reasonable judgment, may deem necessary to protect the security of
this Agreement or the Assignment of Interest Rate Cap Agreement, to cure such Event of Default or to cause any term, covenant,
condition or obligation required under this Agreement, the Assignment of Interest Rate Cap Agreement or the Interest Rate Cap Agreement
to be performed or observed by Borrower to be promptly performed or observed on behalf of Borrower. All amounts advanced by, or
on behalf of, Lender in exercising its rights under this Section 2.6.7(g) (including, but not limited to, reasonable legal
expenses and disbursements incurred in connection therewith), together with interest thereon at the Default Rate from the date
of each such advance, shall be payable by Borrower to Lender upon demand and shall be secured by this Agreement.

 

    	 	-51-	Mezzanine Loan Agreement

     

    

 

2.6.8     Sales
of Rate Cap Collateral. No demand, advertisement or notice, all of which are, to the fullest extent permitted by law,
hereby expressly waived by Borrower, shall be required in connection with any sale or other disposition of all or any part of
the Rate Cap Collateral, except that Lender shall give Borrower at least thirty (30) Business Days’ prior written notice
of the time and place of any public sale or of the time when and the place where any private sale or other disposition is to be
made, which notice Borrower hereby agrees is reasonable, all other demands, advertisements and notices being hereby waived. To
the extent permitted by law, Lender shall not be obligated to make any sale of the Rate Cap Collateral if it shall determine not
to do so, regardless of the fact that notice of sale may have been given, and Lender may without notice or publication adjourn
any public or private sale, and such sale may, without further notice, be made at the time and place to which the same was so
adjourned. Upon each private sale of the Rate Cap Collateral of a type customarily sold in a recognized market and upon each public
sale, unless prohibited by any applicable statute which cannot be waived, Lender (or its nominee or designee) may purchase any
or all of the Rate Cap Collateral being sold, free and discharged from any trusts, claims, equity or right of redemption of Borrower,
all of which are hereby waived and released to the extent permitted by law, and may make payment therefor by credit against any
of the Obligations in lieu of cash or any other obligations. In the case of all sales of the Rate Cap Collateral, public or private,
Borrower shall pay all reasonable costs and expenses of every kind for sale or delivery, including brokers’ and attorneys’
fees and disbursements and any tax imposed thereon. However, the proceeds of sale of Rate Cap Collateral shall be available to
cover such costs and expenses, and, after deducting such costs and expenses from the proceeds of sale, Lender shall apply any
residue to the payment of the Obligations in the order of priority as set forth in this Agreement.

 

2.6.9     Public
Sales Not Possible. Borrower acknowledges that the terms of the Interest Rate Cap Agreement may prohibit public sales,
that the Rate Cap Collateral may not be of the type appropriately sold at public sales, and that such sales may be prohibited
by law. In light of these considerations, Borrower agrees that private sales of the Rate Cap Collateral under the Assignment of
Interest Rate Cap Agreement shall not be deemed to have been made in a commercially unreasonably manner by mere virtue of having
been made privately.

 

2.6.10   Receipt
of Sale Proceeds. Upon any sale of the Rate Cap Collateral by Lender under the Assignment of Interest Rate Cap Agreement
(whether by virtue of the power of sale herein granted, pursuant to judicial process or otherwise), the receipt by Lender or the
officer making the sale or the proceeds of such sale shall be a sufficient discharge to the purchaser or purchasers of the Rate
Cap Collateral so sold, and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase
money paid over to Lender or such officer or be answerable in any way for the misapplication or non-application thereof.

 

2.6.11   Replacement
Interest Rate Cap Agreement. If, in connection with Borrower’s exercise of any Extension Option pursuant to Section
2.7 hereof, Borrower delivers a Replacement Interest Rate Cap Agreement, all the provisions of this Section 2.6 applicable
to the Interest Rate Cap Agreement delivered on the Closing Date shall be applicable to the Replacement Interest Rate Cap Agreement,
and in connection with the delivery of the Replacement Interest Rate Cap Agreement, Borrower shall enter into a replacement collateral
assignment of such Replacement Interest Rate Cap Agreement, which collateral assignment shall be in the same form as the Assignment
of Interest Rate Cap Agreement.

 

    	 	-52-	Mezzanine Loan Agreement

     

    

 

Section 2.7           Extension
Options.

 

2.7.1     Extension
Options. Subject to the provisions of this Section 2.7, Borrower shall have the option (the “First
Extension Option”), by written notice (the “First Extension Notice”) delivered to Lender
no later than ten (10) days prior to the Initial Stated Maturity Date, to extend the Maturity Date to May 1, 2020 (the “First
Extended Maturity Date”, and such extended term, the “First Extended Term”). In the event
Borrower shall have exercised the First Extension Option, Borrower shall have the option (the “Second Extension Option”),
by written notice (the “Second Extension Notice”) delivered to Lender no later than ten (10) days prior
to the First Extended Maturity Date, to extend the First Extended Maturity Date to May 1, 2021 (the “Second Extended
Maturity Date”, and such extended term, the “Second Extended Term”). In the event Borrower
shall have exercised each of the First Extension Option and the Second Extension Option, Borrower shall have the option (the “Third
Extension Option”), by written notice (the “Third Extension Notice”) delivered to Lender
no later than ten (10) days prior to the Second Extended Maturity Date, to extend the Second Extended Maturity Date to May 1,
2022 (the “Third Extended Maturity Date”, and such extended term, the “Third Extended Term”).
The First Extension Notice shall be revocable at any time and for any reason by Borrower prior to the Initial Stated Maturity
Date, the Second Extension Notice shall be revocable at any time and for any reason by Borrower prior to the then First Extended
Maturity Date and the Third Extension Notice shall be revocable at any time and for any reason by Borrower prior to the then Second
Extended Maturity Date, but Borrower shall pay Lender’s actual out-of-pocket expenses incurred in connection with such revocation
(excluding breakage costs). Borrower’s right to so extend the Maturity Date shall be subject to the satisfaction of the
following conditions precedent prior to each extension hereunder:

 

(a)          (i)
no Event of Default shall have occurred and be continuing on the date Borrower delivers the First Extension Notice, the Second
Extension Notice or the Third Extension Notice, as applicable, and (ii) no Event of Default shall have occurred and be continuing
on the Initial Stated Maturity Date, the First Extended Maturity Date or the Second Extended Maturity Date, as applicable;

 

(b)          Borrower
shall (i) obtain and deliver to Lender on the first day of the term of the Loan as extended, one or more Replacement Interest Rate
Cap Agreements from an Approved Counterparty, in a notional amount equal to the Outstanding Principal Balance as of the first day
of the applicable Extended Term, which Replacement Interest Rate Cap Agreement(s) shall be (A) effective for the period commencing
on the day immediately following the then applicable Maturity Date (prior to giving effect to the applicable Extension Option)
and ending on the last day of the Interest Period in which the applicable extended Maturity Date occurs and (B) otherwise on same
terms set forth in Section 2.6, (ii) execute and deliver an Acknowledgement with respect to each such Replacement Interest
Rate Cap Agreement, and (iii) execute and deliver a collateral assignment of the Replacement Interest Rate Cap Agreement, in the
form of the Assignment of Interest Rate Cap Agreement;

 

(c)          Borrower
shall cause a Counterparty Opinion to be delivered with respect to the Replacement Interest Rate Cap Agreement and the related
Acknowledgment;

 

    	 	-53-	Mezzanine Loan Agreement

     

    

 

(d)          all
amounts then due and payable (beyond the expiration of any applicable notice and cure periods) by Borrower pursuant to this Agreement
or the other Loan Documents as of the Initial Stated Maturity Date, the First Extended Maturity Date or the Second Extended Maturity
Date, as applicable, and all out-of-pocket costs and expenses of Lender, including reasonable fees and expenses of Lender’s
outside counsel, in connection with the applicable extension of the Term shall have been paid in full;

 

(e)          with
respect to the exercise of the Third Extension Option, the Spread or the Prime Rate Spread, as applicable, shall be increased by
0.25% commencing on the day immediately following the Second Extended Maturity Date;

 

(f)          if
the Class A Member shall not have acquired Class B Member’s Interest (as defined in that certain Second Amendment and Restated
Limited Liability Company Agreement of HIT Portfolio I Holdco, LLC, dated as of the date hereof (the “Holdco LLC Agreement”))
pursuant to the buy/sell set forth in the Holdco LLC Agreement, the Class A Member shall have been redeemed in full in accordance
with the terms of the Holdco LLC Agreement; and

 

(g)          If
the Mortgage Loan has not theretofore been repaid in full, Owner shall have (i) timely exercised the extension option to extend
the Mortgage Loan, and (ii) been entitled pursuant to the terms of the Mortgage Loan Documents to exercise such extension option.

 

If Borrower is unable
to satisfy all of the foregoing conditions within the applicable time frames for each, Lender shall have no obligation to extend
the Maturity Date.

 

2.7.2     Intentionally
Omitted.

 

Section 2.8           Regulatory
Change; Taxes.

 

2.8.1     Increased
Costs. If as a result of any Regulatory Change or compliance of Lender therewith, Lender or the company Controlling Lender
shall be subject to (i) Special Taxes (other than (A) Indemnified Taxes, which shall be solely covered by 2.8.2, (B) Other Taxes,
which shall be solely covered by 2.9.3, (C) Connection Income Taxes and (D) Special Taxes described in clauses (b) through (f)
of the definition of Excluded Taxes); or (ii) any reserve, special deposit or similar requirements relating to any extensions
of credit or other assets of, or any deposits with or other liabilities, of Lender or any company Controlling Lender is imposed,
modified or deemed applicable; or (iii) any other condition affecting loans to borrowers subject to LIBOR-based interest rates
is imposed on Lender or any company Controlling Lender and Lender determines that, by reason thereof, the cost to Lender or any
company Controlling Lender of making, maintaining or extending the Loan to Borrower is increased, or any amount receivable by
Lender or any company Controlling Lender hereunder in respect of any portion of the Loan to Borrower is reduced, in each case
by an amount deemed by Lender in good faith to be material (such increases in cost and reductions in amounts receivable being
herein called “Increased Costs”), then Lender shall provide notice thereof to Borrower and Borrower
agrees that it will pay to Lender upon Lender’s written request such additional amount or amounts as will compensate Lender
or any company Controlling Lender for such Increased Costs to the extent Lender determines that such Increased Costs are allocable
to the Loan. If Lender requests compensation under this Section 2.8.1, Lender shall, if requested by notice by Borrower
to Lender, furnish to Borrower a statement setting forth the basis for requesting such compensation and the method for determining
the amount thereof. Notwithstanding anything contained herein to the contrary, Borrower shall not be required to compensate Lender
pursuant to this Section 2.8.1 for any Increased Costs actually paid by Lender more than one hundred eighty (180) days
prior to the date that Lender notifies Borrower of the change in any applicable Regulatory Change giving rise to such Increased
Costs and of Lender’s intention to claim compensation or reimbursement therefor. Notwithstanding anything contained in this
Section 2.8.1 to the contrary, Lender shall not be permitted to make a claim against Borrower under this Section 2.8.1 unless
Lender is making similar claims against other borrowers of Lender to the extent such borrowers are similarly situated as Borrower
after consideration of such factors as Lender then reasonably determines to be relevant. Notwithstanding anything contained herein
to the contrary, if pursuant to this Section 2.8.1, Increased Costs are payable, or will be payable, by Borrower, Borrower may,
at its option and upon not less than fifteen (15) days’ prior notice to Lender (which notice shall be delivered to Lender
no later than fifteen (15) days after Lender’s delivery to Borrower of the above-referenced certificate regarding the payment
of such Increased Costs), prepay the Loan in whole, together with the amount of any such Increased Costs that have at such time
already been incurred by or paid by Lender, any applicable Spread Maintenance Premium (if such prepayment occurs prior to or on
the Spread Maintenance Date) and all other amounts due and payable under Section 2.4.6 in connection with such prepayment. Notwithstanding
anything to the contrary herein, no amount shall be payable to a Lender under this Section 2.8.1 during the period in which the
Loan is included in a Securitization.

 

    	 	-54-	Mezzanine Loan Agreement

     

    

 

2.8.2           Special
Taxes. Borrower shall make all payments hereunder free and clear of and without deduction for Special Taxes, except as
required by applicable law. If Borrower shall be required by law to deduct any Indemnified Taxes from or in respect of any sum
payable hereunder or under any other Loan Document to Lender, (i) the sum payable shall be increased as may be necessary so that
after making all required deductions (including deductions applicable to additional sums payable under this Section 2.8.2) Lender
receives an amount equal to the sum it would have received had no such deductions been made, (ii) Borrower shall make such deductions,
and (iii) Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law.
Notwithstanding anything contained herein to the contrary, if pursuant to this Section 2.8.2, Borrower is, or will be, required
to increase any payment to Lender on account of Indemnified Taxes, Borrower may, at its option and upon not less than fifteen
(15) days’ prior notice to Lender (which notice shall be delivered to Lender no later than fifteen (15) days after Lender’s
delivery to Borrower of written notice regarding the increase of payments to Lender on account of Indemnified Taxes), prepay the
Loan in whole, together with the amount of any such Indemnified Taxes that have at such time already been incurred by or paid
by Lender, any applicable Spread Maintenance Premium (if such prepayment occurs prior to or on the Spread Maintenance Date) and
all other amounts due and payable under Section 2.4.6 in connection with such prepayment. Notwithstanding anything to the contrary
herein, no amount shall be payable to a Lender under this Section 2.8.2 during the period in which the Loan is included in a Securitization.

 

2.8.3           Other
Taxes. In addition, Borrower agrees to pay any present or future stamp or documentary taxes or other excise or property
taxes, charges, or similar levies which arise from any payment made hereunder, or from the execution, delivery or registration
of, or otherwise with respect to, this Agreement, the other Loan Documents, or the Loan other than such taxes, charges or levies
arising from any transfer by Lender pursuant to Article IX or a change to the organizational structure of the Loan Parties and/or
any of their Affiliates requested by Lender in connection with the exercise of its rights pursuant to Article IX (hereinafter
referred to as “Other Taxes”).

 

    	 	-55-	Mezzanine Loan Agreement

     

    

 

2.8.4     Tax
Refund. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any
Special Taxes as to which it has been indemnified pursuant to Section 2.8.2 (including by the payment of additional amounts
pursuant to Section 2.8.2), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent
of indemnity payments made under this Section with respect to the Special Taxes giving rise to such refund), net of all out-of-pocket
expenses (including Special Taxes) of such indemnified party and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund).  Such indemnifying party, upon the request of such indemnified party,
shall repay to such indemnified party the amount paid over pursuant to this Section 2.8.4 (plus any penalties, interest
or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay
such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this Section 2.8.4, in no
event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 2.8.4 the payment
of which would place the indemnified party in a less favorable net after-tax position than the indemnified party would have been
in if the Special Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed
and the indemnification payments or additional amounts with respect to such Special Tax had never been paid.  This paragraph
shall not be construed to require any indemnified party to make available its Special Tax returns (or any other information relating
to its Special Taxes that it deems confidential) to the indemnifying party or any other Person.

 

2.8.5     Change
of Office. To the extent that changing the jurisdiction of Lender’s applicable office would have the effect
of minimizing Indemnified Taxes, Other Taxes or Increased Costs, Lender shall at the request of Borrower use commercially reasonable
efforts to make such a change, provided that same would not otherwise be disadvantageous (as reasonably determined by Lender)
or involve any unreimbursed expense to Lender.

 

Section 2.9           Letters
of Credit.

 

(a)          All
Letters of Credit delivered to Lender in connection with this Loan shall be held as collateral and additional security for the
payment of the Debt. Upon the occurrence and during the continuance of an Event of Default, Lender shall have the right, at its
option, to draw on all or any portion of any such Letter of Credit and to apply such amount drawn to payment of the Debt in such
order, proportion or priority as Lender may determine. Any such application to the Debt before or on the Spread Maintenance Date
after an Event of Default shall be subject to the Spread Maintenance Premium, if any, applicable thereto. On the Maturity Date,
if the Debt has not otherwise been paid in full, any or all of such Letters of Credit may be applied to reduce the Debt.

 

(b)          With
respect to any Letter of Credit delivered to Lender in connection with this Loan, such Letter of Credit must be accompanied by
an instrument reasonably acceptable to Lender whereby the applicant/obligor under such Letter of Credit shall have waived all rights
of subrogation against Borrower thereunder until the Debt has been paid in full. Borrower shall also pay to Lender all of Lender’s
reasonable out-of-pocket costs and expenses in connection therewith. Neither Borrower nor the applicant/obligor under the Letter
of Credit shall be entitled to draw upon the Letter of Credit.

 

    	 	-56-	Mezzanine Loan Agreement

     

    

 

(c)          In
addition to any other right Lender may have to draw upon any Letter of Credit pursuant to the terms and conditions of this Agreement,
Lender shall have the additional rights to draw in full any Letter of Credit: (i) with respect to any evergreen Letter of
Credit, if Lender has received a notice from the issuing bank that the applicable Letter of Credit will not be renewed and a substitute
Letter of Credit is not provided at least thirty (30) days prior to the date on which the outstanding Letter of Credit is scheduled
to expire; (ii) with respect to any Letter of Credit with a stated expiration date, if Lender has not received a notice from the
issuing bank that it has renewed the Letter of Credit at least thirty (30) days prior to the date on which such Letter of Credit
is scheduled to expire and a substitute Letter of Credit is not provided at least ten (10) Business Days prior to the date on which
the outstanding Letter of Credit is scheduled to expire; (iii) upon receipt of notice from the issuing bank that the Letter of
Credit will be terminated (except if the termination of such Letter of Credit is permitted pursuant to the terms and conditions
of this Agreement or a substitute Letter of Credit is provided at least ten (10) Business Days prior to such termination); or (iv)
if Lender has received notice that the bank issuing the Letter of Credit shall cease to be an Approved Bank and Borrower shall
not have replaced such Letter of Credit with a Letter of Credit issued by an Approved Bank within ten (10) Business Days after
notice thereof. Notwithstanding anything to the contrary contained in the above, Lender is not obligated to draw any Letter of
Credit upon the happening of an event specified in (i), (ii), (iii) or (iv) above and shall not be liable for any losses sustained
by Borrower or applicable/obligor due to the insolvency of the bank issuing the Letter of Credit if Lender has not drawn the applicable
Letter of Credit.

 

Article
3

 

REPRESENTATIONS AND WARRANTIES

 

Section
3.1           Borrower Representations.  Borrower and
Leasehold Pledgor each represents and warrants that, except to the extent (if any) disclosed on Schedule IV hereto
with reference to a specific subsection of this Section 3.1:

 

3.1.1     Organization;
Special Purpose. Each of Borrower, Leasehold Pledgor, each Individual Owner, each Operating Lessee and each SPC Party
is duly organized, validly existing and in good standing with full power and authority to own its assets and conduct its business,
and is duly qualified and in good standing in all jurisdictions in which the ownership or lease of its property or the conduct
of its business requires such qualification, and each of Borrower and Leasehold Pledgor has taken all necessary action to authorize
the execution, delivery and performance of this Agreement and the other Loan Documents by it, and has the power and authority
to execute, deliver and perform under this Agreement, the other Loan Documents and all the transactions contemplated hereby. Each
of Borrower, Leasehold Pledgor, each Individual Owner, Operating Lessee and each SPC Party is, and at all times since the date
of its formation has been (but only to the extent that the applicable requirements set forth in Schedule V speak of a time
prior to the Closing Date), a Special Purpose Bankruptcy Remote Entity. Borrower has provided Lender with true, correct and complete
copies of Borrower’s, Leasehold Pledgor’s each Individual Owner’s, Operating Lessee’s and each SPC Party’s
current (and since the date of its inception) organizational documents.

 

    	 	-57-	Mezzanine Loan Agreement

     

    

 

3.1.2     Proceedings;
Enforceability. This Agreement and the other Loan Documents have been duly authorized, executed and delivered by Borrower
and Leasehold Pledgor and constitute a legal, valid and binding obligation of Borrower and Leasehold Pledgor, enforceable against
Borrower and Leasehold Pledgor in accordance with their respective terms, except as such enforcement may be limited by bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally, and
by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).
The Loan Documents are not subject to any right of rescission, set-off, counterclaim or defense by Borrower, Leasehold Pledgor,
any Individual Owner, any Operating Lessee, any SPC Party or any Guarantor including the defense of usury, nor would the operation
of any of the terms of the Loan Documents, or the exercise of any right thereunder, render the Loan Documents unenforceable, except
as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement
of creditors’ rights generally, and by general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law), and none of Borrower, Leasehold Pledgor, any Individual Owner, any Operating Lessee, any
SPC Party or any Guarantor have asserted any right of rescission, set-off, counterclaim or defense with respect thereto.

 

3.1.3     No
Conflicts. The execution and delivery of this Agreement and the other Loan Documents by Borrower and Leasehold Pledgor
and the performance of its Obligations hereunder and thereunder will not conflict with any provision of any law or regulation
to which Borrower, Leasehold Pledgor, any Individual Owner or any Operating Lessee is subject, or conflict with, result in a breach
of, or constitute a default under, any of the terms, conditions or provisions of any of Borrower’s, Leasehold Pledgor, any
Individual Owner’s or any Operating Lessee’s organizational documents or any agreement or instrument to which Borrower,
Leasehold Pledgor, any Individual Owner or any Operating Lessee is a party or by which it is bound, or any order or decree applicable
to Borrower, Leasehold Pledgor, any Individual Owner or any Operating Lessee, or result in the creation or imposition of any Lien
on any of Borrower’s, Leasehold Pledgor’s, any Individual Owner’s or any Operating Lessee’s assets or
property (other than pursuant to the Loan Documents) (unless consents from all applicable parties thereto have been obtained by
Borrower and/or Leasehold Pledgor, as applicable).

 

3.1.4     Litigation.
There is no action, suit, proceeding or investigation pending or, to Borrower’s and Leasehold Pledgor’s knowledge,
threatened in writing against Borrower, Leasehold Pledgor, any Individual Owner, any Operating Lessee, any SPC Party, any Guarantor,
Manager (but only as it relates to any Individual Property), the Collateral or any Individual Property in any court or by or before
any other Governmental Authority which, if adversely determined, is reasonably likely to materially and adversely affect the condition
(financial or otherwise) or business of Borrower or Leasehold Pledgor (including the ability of Borrower or Leasehold Pledgor
to carry out the transactions contemplated by this Agreement), such Individual Owner, such Operating Lessee, such SPC Party, any
Guarantor (including the ability of any Guarantor to perform its obligations under the Guaranty), Manager (but only as it relates
to any Individual Property, including such Manager’s ability to perform its obligations under any Management Agreement),
the Collateral or the condition or ownership of such Individual Property.

 

    	 	-58-	Mezzanine Loan Agreement

     

    

 

3.1.5     Agreements.
None of Borrower, Leasehold Pledgor, Owner or Operating Lessee is a party to any agreement or instrument or subject to any restriction
which might materially and adversely affect Borrower, Leasehold Pledgor, any Individual Owner, any Operating Lessee, any Individual
Property or the Collateral, or Borrower’s, Leasehold Pledgor’s, Owner’s or Operating Lessee’s business,
properties or assets, operations or condition, financial or otherwise. None of Borrower, Leasehold Pledgor, any Individual Owner
or any Operating Lessee is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions
contained in any Permitted Encumbrance or any other agreement or instrument to which it is a party or by which it or any Individual
Property or the Collateral is bound, or with respect to any order or decree of any court or any order, regulation or demand of
any Governmental Authority, which default (individually or when aggregated with any and all such defaults) is reasonably likely
to have consequences that would materially and adversely affect the condition (financial or other) or operations of Borrower,
Leasehold Pledgor, any Individual Owner, any Operating Lessee or their respective properties or is reasonably likely to have consequences
that would materially and adversely affect its performance hereunder.

 

3.1.6     Consents.
No consent, approval, authorization or order of any court or Governmental Authority is required for the execution, delivery and
performance by Borrower or Leasehold Pledgor of this Agreement or the other Loan Documents or the consummation of the transactions
contemplated hereby, other than those which have been obtained by Borrower or Leasehold Pledgor.

 

3.1.7     Property;
Title.

 

(a)          Owner
has good, marketable and insurable fee simple or leasehold title to the real property comprising part of each Individual Property
and good title to the balance of such Individual Property owned by it, free and clear of all Liens whatsoever except the Permitted
Encumbrances. Each of Borrower and Leasehold Pledgor owns the Collateral free and clear of all Liens whatsoever. The Pledge Agreement,
together with any Uniform Commercial Code financing statements required to be filed in connection therewith, will create a valid,
first priority, perfected Lien on Borrower’s and Leasehold Pledgor’s interest in the Pledged Collateral, all in accordance
with the terms thereof, in each case subject only to the Permitted Encumbrances. Except for Permitted Encumbrances, there are no
mechanics’, materialman’s or other similar Liens or claims which have been filed for work, labor or materials affecting
any Individual Property which are or may be Liens prior to, or equal or coordinate with, the Lien of the applicable Mortgage. None
of the Permitted Encumbrances, individually or in the aggregate, (a) materially interfere with the benefits of the security
intended to be provided by this Agreement and the other Loan Documents, (b) materially and adversely affect the value of any
Individual Property or the Collateral, (c) materially impair the use or operations of any Individual Property (as currently
used), or (d) impair Borrower’s ability to pay its Obligations in a timely manner.

 

(b)          All
transfer taxes, deed stamps, intangible taxes or other amounts in the nature of transfer taxes required to be paid under applicable
Legal Requirements in connection with the transfer of the Properties to Owner have been paid or are being paid simultaneously herewith.
All recording, intangible or other similar tax required to be paid under applicable Legal Requirements in connection with the execution,
delivery, recordation, filing, registration, perfection or enforcement of any of the Loan Documents have been paid or are being
paid simultaneously herewith. All taxes and governmental assessments due and owing in respect of the Properties have been paid,
or an escrow of funds in an amount sufficient to cover such payments has been established under the Mortgage Loan Documents or
are insured against by the Title Insurance Policy.

 

    	 	-59-	Mezzanine Loan Agreement

     

    

 

(c)          Each
Individual Property is comprised of one (1) or more parcels which constitute separate tax lots and do not constitute a portion
of any other tax lot not a part of such Individual Property.

 

(d)          No
Condemnation or other proceeding has been commenced or, to Borrower’s and Leasehold Pledgor’s knowledge, is contemplated
with respect to all or any portion of such Individual Property or for the relocation of roadways providing access to any Individual
Property.

 

(e)          To
Borrower’s and Leasehold Pledgor’s knowledge, there are no pending or proposed special or other assessments for public
improvements or otherwise affecting any Individual Property, nor are there any contemplated improvements to any Individual Property
that may result in such special or other assessments.

 

3.1.8     ERISA;
No Plan Assets. As of the date hereof and throughout the Term (i) none of Borrower, Leasehold Pledgor or any Guarantor
nor any ERISA Affiliate sponsors, or is obligated to contribute to, an “employee benefit plan,” as defined in Section 3(3)
of ERISA, that is subject to Title IV of ERISA, Section 303 of ERISA or Section 412 of the Code, (ii) none of the assets
of Borrower, Leasehold Pledgor or any Guarantor constitutes or will constitute “plan assets” within the meaning of
29 C.F.R. Section 2510.3-101 as modified in operation by Section 3(42) of ERISA, (iii) none of Borrower, Leasehold Pledgor
nor any Guarantor is or will be a “governmental plan” within the meaning of Section 3(32) of ERISA, and (iv) none
of Borrower, Leasehold Pledgor or any Guarantor is subject to state statutes regulating investment of, and fiduciary obligations
with respect to, governmental plans. As of the date hereof, none of Borrower, Leasehold Pledgor or any ERISA Affiliate maintains,
sponsors or contributes to or has any obligations with respect to a “defined benefit plan” (within the meaning of
Section 3(35) of ERISA) or a “multiemployer pension plan” (within the meaning of Section 3(37)(A) of ERISA).
Neither Borrower nor Leasehold Pledgor has engaged in any transaction in connection with which it could be subject to either a
material civil penalty assessed pursuant to the provisions of Section 502 of ERISA or a material tax imposed under the provisions
of Section 4975 of the Code.

 

3.1.9     Compliance.
Except as expressly set forth on Schedule IV hereto, Borrower, Leasehold Pledgor, each Individual Owner, each Operating
Lessee and each Individual Property (including, but not limited to the Improvements) and the use thereof comply in all material
respects with all applicable Legal Requirements (except as disclosed in the environmental reports or zoning reports provided to
Lender on or prior to the Closing Date), including parking, building and zoning and land use laws, ordinances, regulations and
codes, except for de minimis non-compliance that would not reasonably be likely to have a material adverse effect on the applicable
Individual Property or the use or operation thereof or on Owner or Operating Lessee. None of Borrower, Leasehold Pledgor, any
Individual Owner, or any Operating Lessee nor to Borrower’s and Leasehold Pledgor’s knowledge, any other Person in
occupancy of or involved with the operation or use of the Properties has committed, any act which may give any Governmental Authority
the right to cause Borrower, Leasehold Pledgor, any Individual Owner or any Operating Lessee to forfeit the Collateral or any
Individual Property or any part thereof or any monies paid in performance of Borrower’s Obligations under any of the Loan
Documents. Each Individual Property is used exclusively for the operation of a hotel and other appurtenant and related uses. To
Borrower’s and Leasehold Pledgor’s knowledge, in the event that all or any part of the Improvements are destroyed
or damaged, said Improvements can be legally reconstructed to their condition prior to such damage or destruction, and thereafter
exist for the same use without violating any zoning or other ordinances applicable thereto and without the necessity of obtaining
any variances or special permits, subject to customary rebuildability statutes in the applicable jurisdictions. No legal proceedings
are pending or, to the knowledge of Borrower and Leasehold Pledgor, threatened with respect to the zoning of any Individual Property.
Neither the zoning nor any other right to construct, use or operate each Individual Property is in any way dependent upon or related
to any property other than such Individual Property, other than pursuant to any REA. To the Borrower’s and Leasehold Pledgor’s
knowledge, all material certifications, permits, licenses and approvals, including without limitation, certificates of completion,
occupancy permits and any applicable liquor licenses required of Owner and/or Operating Lessee for the legal use, occupancy and
operation of each Individual Property for its current use (collectively, the “Licenses”), have been
obtained and are in full force and effect. The use being made of each Individual Property is in conformity with the certificate
of occupancy issued for such individual Property and all other restrictions, covenants and conditions affecting such Individual
Property.

 

    	 	-60-	Mezzanine Loan Agreement

     

    

 

3.1.10   Financial
Information. All financial data, including the statements of financial condition and statements of cash flows and income
and operating expense, that have been delivered to Lender in connection with the Loan, (i) are true, complete and correct
in all material respects, (ii) accurately represent the financial condition of each Individual Property as of the date of
such reports (subject to year-end adjustments), and (iii) have been prepared in accordance with the Uniform System of Accounts
and reconciled in accordance with GAAP (or otherwise in accordance with an Acceptable Accounting Method) throughout the periods
covered. Except for Permitted Encumbrances, none of Borrower, Leasehold Pledgor, any Individual Owner or any Operating Lessee
has any material contingent liabilities, liabilities for delinquent taxes, unusual forward or long-term commitments or unrealized
or anticipated losses from any unfavorable commitments that are known to Borrower or Leasehold Pledgor and reasonably likely to
have a materially adverse effect on any Individual Property or the Collateral or the operation thereof, except as referred to
or reflected in said financial statements. Since the date of the financial statements, there has been no material adverse change
in the financial condition, operations or business of Borrower, Leasehold Pledgor, any Individual Owner, any Operating Lessee
or any Individual Property or the Collateral from that set forth in said financial statements.

 

3.1.11   Utilities
and Public Access. Each Individual Property has rights of access to public ways and is served by water, sewer, sanitary
sewer and storm drain facilities adequate to service such Individual Property for its intended uses. All public utilities necessary
or convenient to the full use and enjoyment of each Individual Property are located in the public right-of-way abutting such Individual
Property (which utilities are connected so as to serve such Individual Property without passing over other property) or are in
recorded, irrevocable easements serving such Individual Property and such easements are set forth in and insured by the Title
Insurance Policies. All roads necessary for the use of each Individual Property for its current purpose have been completed and
dedicated to public use and accepted by all Governmental Authorities.

 

3.1.12   Assignment
of Leases. The Assignment of Leases creates a valid assignment of, or a valid security interest in, certain rights under
the Leases, in favor of Mortgage Lender subject only to a license granted to Owner and Operating Lessee to exercise certain rights
and to perform certain obligations of the lessor under the Leases, including the right to operate each Individual Property. No
Person other than Mortgage Lender has any interest in or assignment of the Leases or any portion of the Rent or other Gross Revenue
from the Properties.

 

    	 	-61-	Mezzanine Loan Agreement

     

    

 

3.1.13   Insurance.
Borrower has obtained (or has caused Owner to obtain) and maintains all Policies reflecting and satisfying the insurance coverages,
amounts and other requirements set forth in this Agreement and has delivered to Lender certificates evidencing the insurance provided
pursuant to the Policies. No material claims are currently pending, outstanding or otherwise remain unsatisfied under any Policy
which would reasonably be expected to have a material adverse effect on Borrower, Leasehold Pledgor, Owner or Operating Lessee
and none of Borrower, Leasehold Pledgor, any Individual Owner, any Operating Lessee, or, to Borrower’s and Leasehold Pledgor’s
knowledge, any other Person has done, by act or omission, anything which would impair the coverage of any of the Policies.

 

3.1.14   Flood
Zone. None of the Improvements on any Individual Property is located in an area identified by the Federal Emergency Management
Agency as a special flood hazard area, or, if so located the flood insurance required pursuant to Section 5.1.1(a) hereof
is in full force and effect with respect to such Individual Property.

 

3.1.15   Physical
Condition. To Borrower’s and Leasehold Pledgor’s knowledge, except as may be expressly set forth in the applicable
Physical Conditions Report, each Individual Property, including all buildings, improvements, parking facilities, sidewalks, storm
drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior
sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all
material respects; to Borrower’s and Leasehold Pledgor’s knowledge, and except as expressly disclosed in any Physical
Conditions Report, there exists no structural or other material defects or damages in such Individual Property, whether latent
or otherwise, and none of Borrower, Leasehold Pledgor, any Individual Owner or any Operating Lessee has received notice from any
insurance company or bonding company of any defects or inadequacies in such Individual Property, or any part thereof, which would
adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination
or threatened termination of any policy of insurance or bond.

 

3.1.16   Boundaries.
Except as disclosed on the applicable Surveys, all of the Improvements which were included in determining the appraised value
of each Individual Property lie wholly within the boundaries and building restriction lines of such Individual Property, and no
improvements on adjoining properties encroach upon such Individual Property, and no easements or other encumbrances affecting
such Individual Property encroach upon any of the Improvements, so as (in each of the foregoing cases) to materially and adversely
affect the value or marketability of such Individual Property, except those which are set forth on the applicable Survey and insured
against by the applicable Title Insurance Policy.

 

    	 	-62-	Mezzanine Loan Agreement

     

    

 

3.1.17   Leases.
The rent roll attached hereto as Schedule XI is true, complete and correct in all material respects and no Individual
Property is subject to any Leases other than the Leases described on Schedule XI. Either Owner or Operating Lessee
is the owner and lessor of landlord’s interest in the Leases. No Person (other than Owner) has any possessory interest in
any Individual Property or right to occupy the same except under and pursuant to the provisions of the Leases (other than typical
short-term occupancy rights of hotel guests). The Leases identified on Schedule XI are in full force and effect
and there are no material defaults thereunder by Owner, Operating Lessee or, to Borrower’s and Leasehold Pledgor’s
knowledge, the other party beyond any applicable notice or cure period (except as disclosed on Schedule XI), and,
to Borrower’s and Leasehold Pledgor’s knowledge, there are no conditions that, with the passage of time or the giving
of notice, or both, would constitute defaults thereunder. The copies of the Leases delivered to Lender are true and complete,
and there are no oral agreements with respect thereto. No Rent relating to the Leases (including security deposits) has been paid
more than one (1) month in advance of its due date. All work to be performed by Owner or Operating Lessee under each Lease
has been performed as required and has been accepted by the applicable tenant. Any payments, free rent, partial rent, rebate of
rent or other payments, credits, allowances or abatements required to be given by Owner or Operating Lessee to any tenant has
already been received by such tenant except as otherwise set forth on Schedule XI. The tenants under the Leases
have accepted possession of and are in occupancy of all of their respective demised Individual Property and have commenced the
payment of full, unabated rent under the Leases. Borrower or Leasehold Pledgor has delivered to Lender a true, correct and complete
list of all security deposits made to Owner or Operating Lessee by tenants at the Properties which have not been applied (including
accrued interest thereon), all of which are held by Owner or Operating Lessee in accordance with the terms of the applicable Lease
and applicable Legal Requirements. To Borrower’s and Leasehold Pledgor’s knowledge, each tenant is free from bankruptcy
or reorganization proceedings. No tenant under any Lease (or any sublease) is an Affiliate of any Loan Party. To Borrower’s
and Leasehold Pledgor’s knowledge, the tenants under the Leases are open for business and paying full, unabated rent. There
are no brokerage fees or commissions due and payable in connection with the leasing of space at any Individual Property, except
as set forth on Schedule XI. There has been no prior sale, transfer or assignment, hypothecation or pledge of any
Lease or of the Rents relating thereto or other Gross Revenue received therein which will be outstanding following the funding
of the Loan (other than to Lender). No tenant listed on Schedule XI has assigned its Lease or sublet all or any
portion of the premises demised thereby, no such tenant holds its leased premises under assignment or sublease, nor, to Borrower’s
and Leasehold Pledgor’s knowledge, does anyone except such tenant and its employees, guests and invitees occupy such leased
premises. No tenant under any Lease has a right or option pursuant to such Lease or otherwise to purchase all or any part of the
leased premises or the building of which the leased premises are a part. No tenant under any Lease has any right or option for
additional space in the Improvements, except as disclosed on Schedule XI.

 

3.1.18   Tax
Filings. To the extent required by law, Borrower, Leasehold Pledgor and each Loan Party have filed (or have obtained effective
extensions for filing) all federal, state, commonwealth, district and local tax returns required to be filed and has paid or made
adequate provision for the payment of all federal, state, commonwealth, district and local taxes, charges and assessments payable
by Borrower, Leasehold Pledgor or any Loan Party. Borrower’s, Leasehold Pledgor’s and each Loan Party’s tax
returns (if any) properly reflect the income and taxes of Borrower, Leasehold Pledgor and such Loan Party for the periods covered
thereby, subject only to reasonable adjustments required by the Internal Revenue Service or other applicable tax authority upon
audit.

 

    	 	-63-	Mezzanine Loan Agreement

     

    

 

3.1.19   No
Fraudulent Transfer. Neither Borrower nor Leasehold Pledgor (i) has entered into the transaction or any Loan Document
with the actual intent to hinder, delay, or defraud any creditor, and (ii) received reasonably equivalent value in exchange
for its Obligations under the Loan Documents. Giving effect to the Loan, the fair saleable value of Borrower’s and Leasehold
Pledgor’s respective assets exceeds and will, immediately following the making of the Loan, exceed Borrower’s and
Leasehold Pledgor’s respective total liabilities, including subordinated, unliquidated, disputed and contingent liabilities.
The fair saleable value of Borrower’s and Leasehold Pledgor’s respective assets is, and immediately following the
making of the Loan, will be, greater than Borrower’s and Leasehold Pledgor’s respective probable liabilities, including
the maximum amount of its contingent liabilities on its debts as such debts become absolute and matured. Borrower’s and
Leasehold Pledgor’s respective assets do not and, immediately following the making of the Loan will not, constitute unreasonably
small capital to carry out its business as conducted or as proposed to be conducted. Neither Borrower nor Leasehold Pledgor intends
to, and believes that it will, incur Indebtedness and liabilities (including contingent liabilities and other commitments) beyond
its ability to pay such Indebtedness and liabilities as they mature (taking into account the timing and amounts of cash to be
received by Borrower and Leasehold Pledgor and the amounts to be payable on or in respect of the obligations of Borrower and Leasehold
Pledgor). No petition in bankruptcy has been filed against any Loan Party or any Guarantor, and no Loan Party nor any Guarantor
has ever made an assignment for the benefit of creditors or taken advantage of any insolvency act for the benefit of debtors.
No Loan Party nor any Guarantor is contemplating either the filing of a petition by it under any state or federal bankruptcy or
insolvency laws or the liquidation of all or a major portion of its assets or properties, and neither Borrower nor Leasehold Pledgor
has knowledge of any Person contemplating the filing of any such petition against it or any other Loan Party or any Guarantor.

 

3.1.20   Federal
Reserve Regulations. No part of the proceeds of the Loan will be used for the purpose of purchasing or acquiring any “margin
stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System or for any other
purpose which would be inconsistent with such Regulation U or any other Regulations of such Board of Governors, or for any
purposes prohibited by Legal Requirements or by the terms and conditions of this Agreement or the other Loan Documents.

 

3.1.21   Organizational
Chart. The organizational chart attached as Schedule III, relating to Borrower, Leasehold Pledgor and certain
Affiliates and other parties, is true, complete and correct on and as of the date hereof. No Person other than those Persons shown
on Schedule III have any ownership interest in, or right of control, directly or indirectly, in Borrower or Leasehold
Pledgor. Each of Borrower and Leasehold Pledgor represents and warrants to Lender that no Manager is an Affiliate of Borrower,
Leasehold Pledgor or any other Loan Party.

 

3.1.22   Organizational
Status. Borrower’s and Leasehold Pledgor’s exact legal name, organizational type (e.g., corporation, limited
liability company), the jurisdiction of formation or organization, Tax I.D. and Delaware Organizational I.D. numbers are set forth
on Schedule III hereto.

 

3.1.23   [Reserved].

 

3.1.24   No
Casualty. The Improvements have suffered no material casualty or damage which has not been fully repaired and the cost
thereof fully paid.

 

    	 	-64-	Mezzanine Loan Agreement

     

    

 

3.1.25   Purchase
Options. No Individual Property, the Collateral nor any part thereof is subject to any purchase options, rights of first
refusal, rights of first offer or other similar rights in favor of third parties (although there exist Ground Lease Purchase Options
in favor of Individual Owners).

 

3.1.26   FIRPTA.
Neither Borrower nor Leasehold Pledgor is a “foreign person” within the meaning of Sections 1445 or 7701 of the
Code.

 

3.1.27   Investment
Company Act. None of Borrower, Leasehold Pledgor, Owner or Operating Lessee is (i) an “investment company”
or a company “controlled” by an “investment company” within the meaning of the Investment Company Act
of 1940, as amended, or (ii) subject to any other United States federal or state law or regulation which purports to restrict
or regulate its ability to borrow money.

 

3.1.28   Fiscal
Year. Each fiscal year of Borrower and Leasehold Pledgor commences on January 1.

 

3.1.29   Other
Debt. There is no Indebtedness with respect to any Individual Property or any excess cash flow or any residual interest
therein, whether secured or unsecured, other than Permitted Encumbrances and Permitted Indebtedness.

 

3.1.30   Contracts.

 

(a)          None
of Borrower, Leasehold Pledgor, any Individual Owner or any Operating Lessee has entered into, or is bound by, any Major Contract
which continues in existence, except those previously disclosed in writing to Lender.

 

(b)          Each
of the Major Contracts is in full force and effect, there are no monetary or other material defaults by Borrower, Leasehold Pledgor,
any Individual Owner or any Operating Lessee thereunder and, to the best knowledge of Borrower and Leasehold Pledgor, there are
no monetary or other material defaults thereunder by any other party thereto. None of Borrower, Leasehold Pledgor, any Individual
Owner, any Operating Lessee, Manager, or any other Person authorized to act on Borrower’s, Leasehold Pledgor’s, any
Individual Owner’s or any Operating Lessee’s behalf has given or received any notice of default under any of the Major
Contracts that remains uncured or in dispute.

 

(c)          Borrower
or Leasehold Pledgor has delivered true, correct and complete copies of the Major Contracts (including all amendments and supplements
thereto) to Lender, which Major Contracts are described on Schedule XX attached hereto.

 

(d)          No
Major Contract has as a party an Affiliate of Borrower, Leasehold Pledgor, any Individual Owner or any Operating Lessee. All fees
and other compensation for services previously performed under the Management Agreements have been paid in full in accordance with
the terms thereof.

 

3.1.31   Full
and Accurate Disclosure. To Borrower’s and Leasehold Pledgor’s knowledge, no statement of fact made by Borrower
or Leasehold Pledgor in this Agreement or in any of the other Loan Documents contains any untrue statement of a material fact
or omits to state any material fact necessary to make statements contained herein or therein not misleading. There is no material
fact presently known to Borrower or Leasehold Pledgor which has not been disclosed to Lender which materially adversely affects,
nor as far as Borrower or Leasehold Pledgor can foresee, reasonably could be expected to materially adversely affect, the Collateral,
any Individual Property or the business, operations or condition (financial or otherwise) of Borrower, Leasehold Pledgor, any
Individual Owner or any Operating Lessee.

 

    	 	-65-	Mezzanine Loan Agreement

     

    

 

3.1.32   Other
Obligations and Liabilities. None of Borrower, Leasehold Pledgor, any Individual Owner or any Operating Lessee has any
liabilities or other obligations, contingent or otherwise, that arose or accrued prior to the date hereof that, either individually
or in the aggregate, are reasonably likely to have a material adverse effect on Borrower, Leasehold Pledgor, any Individual Owner,
any operating Lessee, any Individual Property, the Collateral and/or Borrower’s ability to pay the Debt, and/or the business,
operations or condition (financial or otherwise) of Borrower or Leasehold Pledgor.

 

3.1.33   Intellectual
Property/Websites. Other than as set forth on Schedule VI, none of Borrower, Leasehold Pledgor, any Individual
Owner, any Operating Lessee or any Affiliate (i) has or holds any tradenames, trademarks, servicemarks, logos, copyrights,
patents or other intellectual property (collectively, (“Intellectual Property”) with respect to the
Collateral, any Individual Property or the use or operations thereof or is (ii) is the registered holder of any website with
respect to the Collateral or any Individual Property (other than tenant websites).

 

3.1.34   Ground
Lease. Each of Borrower and Leasehold Pledgor hereby represents and warrants to Lender, other than set forth on Schedule
IV, the following with respect to the Ground Leases after giving effect to the related estoppels:

 

(a)          Recording;
Modification. True, correct and complete copies of each Ground Lease including all amendments and modifications thereto, have
been provided to Lender. The Ground Leases or a memorandum regarding each Ground Lease (or any combination thereof) have been duly
recorded. The Ground Leases permit the interest of the applicable Individual Owner in the Ground Lease to be encumbered by a mortgage
and Borrower’s interest in the applicable Individual Owner to be encumbered by a pledge of Individual Owner’s equity
interest without the consent of the Ground Lessor or the binding written approval and consent of the applicable Ground Lessor(s)
thereunder has been obtained. The Ground Leases may not be canceled, surrendered or amended without the prior written consent of
Lender and Mortgage Lender.

 

(b)          No
Liens. Except for the “Permitted Encumbrances” set forth in the Mortgage Loan Agreement, the applicable Individual
Owner’s respective interests in the Ground Leases are not subject to any Liens or encumbrances superior to, or of equal priority
with, the Mortgage other than the Ground Lessor’s related fee interest. Such Ground Leases are prior to any mortgage or Lien
upon (or benefit from a non-disturbance agreement in form and substance reasonably satisfactory to Mortgage Lender from the holder
of any Lien or mortgage upon) each Ground Lessor’s related fee interest.

 

(c)          Ground
Lease Assignable. The applicable Individual Owner’s respective interests in the Ground Leases are assignable to Mortgage
Lender and Borrower’s interest in the applicable Individual Owner are assignable to Lender upon notice to, but without the
consent of, the applicable Ground Lessors (or, if any such consent is required, it has been obtained prior to the Closing Date).
Each Ground Lease is further assignable by Mortgage Lender, its successors and assigns without the consent of the applicable Ground
Lessor.

 

    	 	-66-	Mezzanine Loan Agreement

     

    

 

(d)          Default.
As of the date hereof, each Ground Lease is in full force and effect and no default has occurred and is continuing under any Ground
Lease and to Borrower’s and Leasehold Pledgor’s knowledge there is no existing condition which, but for the passage
of time and/or the giving of notice, could result in a default under the terms of any Ground Lease. All rents, additional rents
and other sums due and payable under each Ground Lease have been paid in full. Neither the applicable Individual Owners nor the
applicable Ground Lessor under any Ground Lease has commenced any action or given or received any written notice for the purpose
of terminating such Ground Lease.

 

(e)          Notice.
Each Ground Lease, or estoppel letters received by Mortgage Lender and Lender from the Ground Lessor thereunder, requires the Ground
Lessor thereunder to give notice of any default by the applicable Individual Owner to Lender and Mortgage Lender. Each Ground Lease,
or estoppel letters received by Mortgage Lender and Lender from the Ground Lessor thereunder, further provides that notice of termination
given under such Ground Lease is not effective against Mortgage Lender and Lender unless a copy of such notice has been delivered
to Mortgage Lender and Lender in the manner described in such Ground Lease.

 

(f)          Cure.
Mortgage Lender and/or Lender is permitted the opportunity to cure any default under any Ground Lease which is curable, after the
receipt of notice of the default, before the Ground Lessor thereunder may terminate such Ground Lease.

 

(g)          Term.
Each Ground Lease has a term (or a term plus one or more optional renewal terms, which under all circumstances may be exercised,
and will be enforceable, by the applicable Individual Owner or Mortgage Lender) which extends not less than thirty (30) years beyond
the Third Extended Maturity Date.

 

(h)          New
Lease. Each Ground Lease requires the Ground Lessor thereunder to enter into a new lease with Mortgage Lender and/or Lender
upon termination of such Ground Lease for any reason, including rejection of such Ground Lease in a bankruptcy proceeding.

 

(i)          Insurance
Proceeds. Under the terms of each Ground Lease and the applicable Mortgage, taken together, any related insurance and condemnation
proceeds will be applied either to the repair or restoration of all or part of the applicable Individual Property, with Mortgage
Lender having the right to hold and disburse the proceeds as the repair or restoration progresses, or to the payment of the Outstanding
Principal Balance together with any accrued interest thereon.

 

3.1.35   Operations
Agreement. Each Operations Agreement is in full force and effect and none of Borrower, Leasehold Pledgor, any Individual
Owner, any Operating Lessee or, to Borrower’s and Leasehold Pledgor’s knowledge, any other party to any Operations
Agreement, is in material default thereunder, and to Borrower’s and Leasehold Pledgor’s knowledge, there are no conditions
which, with the passage of time or the giving of notice, or both, would constitute a material default thereunder. Except as described
herein (including the Exhibits and Schedules attached hereto), no Operations Agreement has been modified, amended or supplemented.

 

    	 	-67-	Mezzanine Loan Agreement

     

    

 

3.1.36   Franchise
Agreements.

 

(a)          Each
Franchise Agreement, pursuant to which Operating Lesese has the right to operate the hotel located on the applicable Individual
Property under a name and/or hotel system controlled by the applicable Franchisor, is in full force and effect and there is no
material default, breach or violation existing thereunder by any party thereto and, to Borrower’s and Leasehold Pledgor’s
knowledge, no event has occurred (other than payments due but not yet delinquent) that, with the passage of time or the giving
of notice, or both, would constitute a material default, breach or violation by any party thereunder (except as disclosed on Schedule
XII-A, none of which disclose a current material default. Neither the execution and delivery of the Mortgage Loan Documents
or Owner’s or Operating Lessee’s performance thereunder will adversely affect Owner’s or Operating Lessee’s
rights under any Franchise Agreement. None of Owner, Operating Lessee or any Franchisor has exercised any termination option under
the applicable Franchise Agreement, neither Owner nor Operating Lessee has given any notice to the applicable Franchisor of Owner’s
or Operating Lessee’s election to terminate such Franchise Agreement  effective as of a date after the date hereof,
and neither Owner nor Operating Lessee has received from any Franchisor such Franchisor’s notice of its election to terminate
such Franchise Agreement effective as of a date after the date hereof. Schedule XII contains a true and correct list,
by Individual Property, of (x) each Franchise Agreement under which Operating Lessee has the right to operate the applicable Individual
Property, and (y) the expiration dates of each Franchise Agreements set forth on Schedule XII.

 

3.1.37   Illegal
Activity. No portion of any Individual Property has been or will be purchased with proceeds of any illegal activity.

 

3.1.38   Property
Improvement Plan.  There is currently no PIP or similar requirement imposed under any
Franchise Agreement, for calendar year 2017, other than as set forth on Schedule XVIII
(the “Scheduled PIP”) and there is currently no PIP or similar
requirement imposed under any Franchise Agreement other than Scheduled PIP, other than as set forth on Schedule XVIII.

 

3.1.39   Pledged
Collateral.

 

(a)          Borrower
and Leasehold Pledgor are the sole beneficial owners of the Pledged Collateral and no Lien exists or will exist (except the Permitted
Encumbrances) upon the Pledged Collateral at any time (and no right or option to acquire the same exists in favor of any other
Person). The Pledged Collateral is not and will not be subject to any contractual restriction upon the transfer thereof (except
for any such restriction contained in the Pledge Agreement or limited liability company agreement or partnership agreement, as
applicable, of the issuer thereof).

 

(b)          The
chief place of business of Borrower and Leasehold Pledgor and the office where Borrower and Leasehold Pledgor keeps its records
concerning the Pledged Collateral will be located at all times at the address specified as Borrower’s and Leasehold Pledgor’s,
as applicable, address in Section 10.6.

 

(c)          The
Pledged Securities have been validly issued and are not subject to any options to purchase or similar rights of any Person.

 

    	 	-68-	Mezzanine Loan Agreement

     

    

 

(d)          The
Security Documents create a valid security interest in the Pledged Collateral, securing the payment of the Debt, and upon the filing
in the appropriate filing offices of the financing statements to be delivered pursuant to this Agreement, such security interests
will be perfected, first priority security interests, and all filings and other actions necessary to perfect such security interests
will have been duly taken. Upon the exercise of its rights and remedies under the Pledge Agreement, Lender will succeed to all
of the rights, titles and interest of Borrower and Leasehold Pledgor in each Individual Owner and each Operating Lessee, as applicable,
and the general partner of the Individual Owners and Operating Lessees that are limited partnerships without the consent of any
other Person and will, without the consent of any other Person, be admitted as a limited partner of such Individual Owner and a
member in the general partner of such Individual Owner.

 

(e)          No
creditor of Borrower or Leasehold Pledgor has in its possession any certificates that constitute or evidence the Pledged Collateral
or the possession of which would be required to perfect a security interest in the Pledged Collateral.

 

3.1.40   Operating
Lease Owner is the owner and lessor of landlord’s interest in the Operating Lease. The current Operating
Lease is in full force and effect and there are no material defaults thereunder by either party and, to Borrower’s and Leasehold
Pledgor’s knowledge, there are no conditions that, with the passage of time or the giving of notice, or both, would constitute
defaults thereunder.

 

3.1.41   Mortgage
Loan. The Mortgage Loan has been fully funded and remains outstanding in its original
principal balance as of the Closing Date. To Borrower’s and Leasehold Pledgor’s knowledge, no default, breach, violation
or event of default has occurred under any Mortgage Loan Document which remains uncured or unwaived and no circumstance, event
or condition has occurred or exists which, with the giving of notice and/or the expiration of the applicable period would constitute
an Event of Default under the Mortgage Loan Documents. Each and every representation and warranty of Owner and/or Operating Lessee
made to Mortgage Lender contained in any one or more of the Mortgage Loan Documents is true, correct, complete and accurate in
all material respects as of the date hereof and are hereby incorporated into this Agreement and deemed made hereunder as and when
made thereunder and shall remain incorporated without regard to any waiver, amendment or other modification thereof by the Mortgage
Lender or to whether the related Mortgage Loan Document has been repaid, defeased or otherwise terminated, unless otherwise consented
to in writing by Lender. A true, correct and complete copy of the Mortgage Loan Agreement is attached hereto as Exhibit
B.

 

Section
3.2           Survival of Representations. The representations
and warranties set forth in Section 3.1 and elsewhere in this Agreement and the other Loan Documents shall (i) while
not re-made, survive until the Obligations have been paid and performed in full and (ii) be deemed to have been relied upon
by Lender notwithstanding any investigation heretofore or hereafter made by Lender or on its behalf. Notwithstanding the foregoing,
any representation or warranty made with respect to an Individual Property shall not survive the release of such Individual Property
from the Lien of the applicable Mortgage in accordance with Section 2.5.2 and Section 2.5.3 of the Mortgage Loan Agreement and
Section 2.5.2 and Section 2.5.3 hereof.

 

    	 	-69-	Mezzanine Loan Agreement

     

    

 

Article
4

 

BORROWER
COVENANTS

 

Until the end of the
Term, Borrower and Leasehold PLedgor hereby covenants and agrees with Lender that:

 

Section
4.1           Payment and Performance of Obligations. Borrower
and Leasehold Pledgor shall pay and otherwise perform the Obligations in accordance with the terms of this Agreement and the other
Loan Documents.

 

Section
4.2           Due on Sale and Encumbrance; Transfers of Interests.

 

(a)          Each
of Borrower and Leasehold Pledgor acknowledges that Lender has examined and relied on the experience of Borrower and Leasehold
Pledgor and their respective stockholders, general partners and members, as applicable, and principals of Borrower and Leasehold
Pledgor in owning the Collateral in agreeing to make the Loan, and will continue to rely on Borrower’s and Leasehold Pledgor’s
ownership of the Collateral as a means of maintaining the value of the Collateral as security for repayment of the Debt and the
performance of the Other Obligations. Borrower and Leasehold Pledgor each acknowledge that Lender has a valid interest in maintaining
the value of the Collateral so as to ensure that, should Borrower default in the repayment of the Debt or Borrower or Leasehold
Pledgor default in the the performance of the Other Obligations, Lender can recover the Debt by a sale of the Collateral. Therefore,
without the prior written consent of Lender, but, in each instance, subject to the express provisions of Article 7, none
of Borrower, Leasehold Pledgor nor any other Loan Party nor any other Person having a direct or indirect ownership or beneficial
interest in Borrower, Leasehold Pledgor or in any other Loan Party shall sell, convey, mortgage, grant, bargain, encumber, pledge,
assign or transfer any Individual Property or the Collateral or any part thereof, or any interest, direct or indirect, common,
preferred or otherwise, in Borrower, Leasehold Pledgor or in any other Loan Party, or in any Person holding any direct or indirect
interest in Borrower, Leasehold Pledgor or in any other Loan Party, whether voluntarily or involuntarily or enter into or subject
any Individual Property to a PACE Loan (a “Transfer”). A Transfer within the meaning of this Section
4.2 shall be deemed to include, but not be limited to, (i) an installment sales agreement wherein Owner agrees to sell
any Individual Property or any part thereof for a price to be paid in installments; (ii) an agreement by Owner or Operating
Lessee for the leasing of all or a substantial part of any Individual Property for any purpose other than the actual occupancy
by a space tenant thereunder or a sale, assignment or other transfer of, or the grant of a security interest in, Owner’s
right, title and interest in and to any Leases, or any Gross Revenue; (iii) if Borrower, Leasehold Pledgor or any other Loan
Party or any general partner, managing member or controlling shareholder of Borrower, Leasehold Pledgor or of any other Loan Party
is a corporation, the voluntary or involuntary sale, conveyance or transfer of such corporation’s stock (or the stock of
any corporation directly or indirectly controlling such corporation by operation of law or otherwise) or the creation or issuance
of new stock; (iv) if Borrower, Leasehold Pledgor or any other Loan Party, or any general partner, managing member or controlling
shareholder of Borrower, Leasehold Pledgor or of any other Loan Party is a limited or general partnership, joint venture or limited
liability company, the change, removal, resignation or addition of a general partner, managing partner, limited partner, joint
venturer or member or the transfer of the partnership interest of any general partner, managing partner or limited partner or the
transfer of the interest of any joint venturer or member, and (v) any pledge, hypothecation, assignment, transfer or other
encumbrance of any direct or indirect ownership interest in Borrower, Leasehold Pledgor or in any other Loan Party.

 

    	 	-70-	Mezzanine Loan Agreement

     

    

 

(b)          Notwithstanding
the foregoing, a Transfer within the meaning of this Section 4.2 shall not include (i) dispositions of equipment and fixtures in
the ordinary course of Owner’s or Operating Lessee’s business (including equipment or fixtures which are being replaced
or which are no longer necessary in connection with the operation of the Property, provided that (1) such disposition in this parenthetical
will not have a material adverse effect on or materially impair the utility of the applicable Individual Property (a “Material
Adverse Effect”) and (2) any new equipment or fixtures acquired by Owner or Operating Lessee (and not so disposed
of) shall be subject to the Lien of the Loan Documents (collectively, the “Disposition Conditions”)),
(ii) Leases in effect on the date hereof or otherwise permitted by this Agreement, (iii) Permitted Transfers, (iv) easements and
rights of way in the ordinary course of business that would not have a material adverse effect on the use, occupancy or access
to the applicable Individual Property, and (v) subject to Section 5.3 hereof, transfers of portions of Individual Properties
to Governmental Authorities for (1) dedication of such portion to a public use or (2) easements, restrictions, covenants, reservations
and rights of way in the ordinary course of business for purposes of public access, the placement of water and sewer lines, telephone
and telegraph lines, electric lines or other utilities serving such Individual Property; provided no such transfers shall have
any adverse effect on the first priority position of the Lien of the applicable Mortgage for the benefit of Mortgage Lender or
any other Material Adverse Effect. In connection with any event specified in clause (i) above, Lender shall, from time to time,
upon receipt of an officer’s certificate requesting the same and confirming satisfaction of the Disposition Conditions, execute
a written instrument in form and substance reasonably satisfactory to Lender to confirm that such equipment or fixtures which are
to be, or have been, sold or disposed of are free from the Lien of the Loan Documents; provided, Borrower shall reimburse Lender
for its or its Servicer’s reasonable fees and expenses incurred in reviewing such instrument and Borrower’s request.

 

Section
4.3           Liens. Neither Borrower nor Leasehold Pledgor
shall create, incur, assume, permit or suffer to exist any Lien on any portion of the Collateral or any Individual Property, except
for the Permitted Encumbrances, nor any Lien on any direct or indirect interest in Borrower, Leasehold Pledgor or any Loan Party,
except for Permitted Transfers, if any. Subject to the following, Borrower and Leasehold Pledgor shall promptly discharge any
Lien or charge against any of the Collateral or Individual Properties which is not a Permitted Encumbrance nor otherwise expressly
permitted hereunder. After prior notice to Lender, Borrower or Leasehold Pledgor, at Owner’s or Operating Lessee’s
expense, may cause Owner or Operating Lessee to contest by appropriate legal proceeding, conducted in good faith and with due
diligence, the amount or validity of any Liens, provided that (i) no Event of Default has occurred and remains uncured; (ii) such
proceeding shall be permitted under and be conducted in accordance with all applicable statutes, laws and ordinances; (iii) no
Individual Property nor the Collateral, nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated,
canceled or lost; (iv) Borrower and Leasehold Pledgor shall cause Owner or Operating Lessee promptly upon final determination
thereof to pay the amount of any such Liens, together with all costs, interest and penalties which may be payable in connection
therewith; (v) to insure the payment of such Liens exceeding $1,000,000 in the aggregate at any one time, Borrower and Leasehold
Pledgor shall cause Owner to deliver to Lender either (A) cash, or other security as may be approved by Lender, in an amount
equal to one hundred twenty-five percent (125%) of the contested amount, or (B) a payment and performance bond in an amount
equal to one hundred percent (100%) of the contested amount from a surety acceptable to Lender in its reasonable discretion,
(vi) failure to pay such Liens will not subject Mortgage Lender or Lender to any civil or criminal liability, (vii) such
contest shall not affect the ownership, use or occupancy of the Collateral or any Individual Property, and (viii) Borrower
and Leasehold Pledgor shall, upon request by Lender, cause Owner or Operating Lessee to give Lender prompt notice of the status
of such proceedings and/or confirmation of the continuing satisfaction of the conditions set forth in clauses (i) through (vii)
of this Section 4.3. Lender may pay over any such cash or other security held by Lender to the claimant entitled thereto
at any time when, in the reasonable judgment of Lender, the entitlement of such claimant is established or the Collateral or any
Individual Property (or any part thereof or interest therein) shall be in danger of being sold, forfeited, terminated, cancelled
or lost or there shall be any danger of the Lien of the applicable Mortgage being primed by any related Lien.

 

    	 	-71-	Mezzanine Loan Agreement

     

    

 

Section
4.4           Special Purpose. Without in any way limiting the
provisions of this Article 4,  Borrower and Leasehold Pledgor hereby represent and warrant to, and covenants with,
Lender that since the date of Borrower’s, Leasehold Pledgor’s, each Operating Lessee’s, each Individual Owner’s,
each SPC Party’s, and each Liquor Subsidiary’s formation and at all times on and after the date hereof and until such
time as the Obligations shall be paid and performed in full, Borrower, Leasehold Pledgor, each Operating Lessee, each Individual
Owner, each SPC Party and each Liquor Subsidiary has at all times been and shall at all times be a Special Purpose Bankruptcy
Remote Entity. None of Borrower, Leasehold Pledgor, any Operating Lessee, any Individual Owner, any SPC Party or any Liquor Subsidiary
shall directly or indirectly make any change, amendment or modification to its or such SPC Party’s organizational documents,
or otherwise take any action which could result in Borrower, Leasehold Pledgor, any Operating Lessee, any Individual Owner, any
SPC Party, or any Liquor Subsidiary not being a Special Purpose Bankruptcy Remote Entity.

 

Section
4.5           Existence; Compliance with Legal Requirements.
Borrower, Leasehold Pledgor, each Individual Owner, each Operating Lessee and each SPC Party shall do or cause to be done all
things necessary to preserve, renew and keep in full force and effect its existence and all rights, licenses, permits, franchises
and all applicable governmental authorizations necessary for the operation of the Properties and comply with all Legal Requirements
applicable to it, the Collateral and the Properties.

 

    	 	-72-	Mezzanine Loan Agreement

     

    

 

Section
4.6           Taxes and Other Charges; Use and Occupancy Taxes.

 

(a)          Borrower
or Leasehold Pledgor shall (or shall cause Owner or Operating Lessee to) pay all Taxes and Other Charges now or hereafter levied,
assessed or imposed at least five (5) Business Days before the same become Due and Payable, and shall (or shall cause Owner or
Operating Lessee to) furnish to Lender receipts for the payment of the Taxes and the Other Charges prior to the date the same shall
become Due and Payable (provided, however, that provided no Event of Default shall have occurred and be continuing neither Borrower
nor Leasehold Pledgor need pay (or cause Owner or Operating Lessee to pay) such Taxes directly nor furnish (nor cause Owner or
Operating Lessee to furnish) such receipts for payment of Taxes have been paid by Mortgage Lender pursuant to the Mortgage Loan
Documents). Borrower or Leasehold Pledgor shall not permit or suffer (and shall not permit Owner or Operating Lessee to permit
or suffer), and shall promptly discharge (or cause Owner or Operating Lessee to discharge), any Lien or charge against the Properties,
and shall promptly pay (or cause Owner or Operating Lessee to pay) for all utility services provided to the Properties. After prior
notice to Lender, Borrower or Leasehold Pledgor may cause Owner or Operating Lessee, at Owner’s or Operating Lessee’s
expense, to contest by appropriate legal proceeding, conducted in good faith and with due diligence, the amount or validity of
any Taxes or Other Charges, provided that (i) no Default or Event of Default has occurred and remains uncured; (ii) such
proceeding shall be permitted under and be conducted in accordance with all applicable statutes, laws and ordinances; (iii) no
Individual Property nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, canceled or
lost; (iv) Borrower shall promptly upon final determination thereof pay (or cause Owner or Operating Lessee to pay) the amount
of any such Taxes or Other Charges, together with all costs, interest and penalties which may be payable in connection therewith;
(v) such proceeding shall suspend the collection of Taxes or Other Charges from the applicable Individual Property; (vi) to
insure the payment of such Taxes and Other Charges exceeding $1,000,000 in the aggregate at any one time, Borrower or Leasehold
Pledgor shall cause Owner or Operating Lessee to deposit with Mortgage Lender cash, or other security as may be approved by Mortgage
Lender, in an amount equal to one hundred twenty-five percent (125%) of the contested amount, to insure the payment of any such
Taxes or Other Charges, together with all interest and penalties thereon (provided, however, that no such security will be required
if Owner or Operating Lessee has provided adequate security for the same to Mortgage Lender in accordance with the Mortgage Loan
Documents), (vii) failure to pay such Taxes or Other Charges will not subject Lender to any civil or criminal liability, (viii) such
contest shall not affect the ownership, use or occupancy of the Properties, or of any Individual Property, and (ix) Borrower
or Leasehold Pledgor shall, upon request by Lender, give Lender prompt notice of the status of such proceedings and/or confirmation
of the continuing satisfaction of the conditions set forth in clauses (i) through (viii) of this Section 4.6. Lender may pay over
any such cash or other security held by Lender to the claimant entitled thereto at any time when, in the judgment of Lender, the
entitlement of such claimant is established or any Individual Property (or any part thereof or interest therein) shall be in danger
of being sold, forfeited, terminated cancelled or lost or there shall be any danger of the Lien of the Pledge Agreement being primed
by any related Lien.

 

(b)          Borrower
or Leasehold Pledgor shall (or shall cause Owner or Operating Lessee to) pay all Hotel Taxes now or hereafter payable to the applicable
Governmental Authority with respect the Individual Properties, as the same become due and payable. Within forty-five (45) days
following the end of each calendar quarter, Borrower or Leasehold Pledgor shall provide an Officer’s Certificate setting
forth the actual amount of Hotel Taxes due and the actual amount paid with respect to the Properties for the calendar quarter immediately
preceding the date of such certificate.

 

Section
4.7           Litigation. Borrower or Leasehold Pledgor shall
give prompt notice to Lender of any litigation or governmental proceedings pending or threatened in writing against any Individual
Property, the Collateral, Borrower, Leasehold Pledgor, any Individual Owner, any Operating Lessee or Manager (but only as it relates
to any Individual Property and only if Borrower or Leasehold Pledgor has received notice of any such litigation or governmental
proceedings) or any SPC Party which might materially adversely affect such Individual Property or the Collateral or Borrower’s,
Leasehold Pledgor’s, such Individual Owner’s, such Operating Lessee’s, Manager’s or such SPC Party’s
condition (financial or otherwise) or business (including Borrower’s or Leasehold Pledgor’s ability to perform its
Obligations hereunder or under the other Loan Documents but, in the case of Manager’s condition or business, only to the
extent Borrower or Leasehold Pledgor has a reasonable belief that such litigation or proceeding might materially adversely affect
Manager’s condition or business).

 

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Section
4.8           Title to the Pledged Collateral; Owner’s Title Policies.

 

(a)          Each
of Borrower and Leasehold Pledgor shall warrant and defend (i) its title to the Collateral (and shall cause Owner and Operating
Lessee to warrant and defend its title to the Properties and Owner’s and Operating Lessee’s title to the collateral
pledged for the Mortgage Loan), and every part thereof, subject only to Permitted Encumbrances and (ii) the validity and priority
of the Liens of the Pledge Agreement, the Security Documents and this Agreement on the Collateral, subject only to Permitted Encumbrances,
in each case against the claims of all Persons whomsoever. Borrower or Leasehold Pledgor shall (or shall cause Owner or Operating
Lessee to) reimburse Lender for any losses, costs, damages or expenses (including reasonable attorneys’ fees and court costs)
incurred by Lender if an interest in any Individual Property or the Collateral, other than as permitted hereunder, is claimed by
another Person.

 

(b)          Borrower
or Leasehold Pledgor shall cause Owner and Operating Lessee to comply with the terms of the Owner’s Title Policies and following
Borrower’s, Leasehold Pledgor, Owner’s or Operating Lessee’s knowledge of a claim or any state of facts which
could reasonably give rise to a claim, to promptly file a claim with the applicable title company in accordance with the requirements
therein. Borrower or Leasehold Pledgor shall, or shall cause Owner or Operating Lessee to, promptly send to Lender copies of all
claims filed under any Owner’s Title Policy, or any notices, correspondences, or documents whether sent or received with
respect to the claim or any related litigation. To the extent Owner or Operating Lessee does not file a claim within five (5) Business
Days following a written request from Lender, Borrower or Leasehold Pledgor shall cause Owner and/or Operating Lessee to appoint
Lender as its/their attorney in fact, to file and enforce claims and all rights of the applicable Owner and Operating Lessee under
the applicable Owner’s Title Policy or Owner’s Title Policies in the name of and upon behalf of such Owner and such
Operating Lessee (subject to the assignment of proceeds contained in the Assignments of Title Insurance Proceeds and the rights
of Mortgage Lender, if any, in such proceeds), which power of attorney, once provided, shall be irrevocable and shall be deemed
to be coupled with an interest (but Lender shall not be obligated to file such claim or take such action, nor shall Lender incur
liability to Borrower, Leasehold Pledgor, Owner or Operating Lessee for its failure to do so) and Borrower and Leasehold Pledgor
hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, to enforce any of the obligations of Owner
or Operating Lessee arising under the Assignments of Title Insurance Proceeds.

 

Section
4.9           Financial Reporting.

 

4.9.1     Generally.
Borrower and Leasehold Pledgor shall keep and maintain or will cause to be kept and maintained proper and accurate books and records,
in accordance with GAAP and the requirements of Regulation AB, reflecting the financial affairs of Borrower, Leasehold Pledgor,
Owner and Operating Lessee and all items of income and expense in connection with the operation of the Collateral and the Properties.
Lender shall have the right from time to time during normal business hours upon reasonable notice Borrower and Leasehold Pledgor
to examine such books and records at the office of Borrower, Leasehold Pledgor, Owner, Operating Lessee or other Person maintaining
such books and records and to make such copies or extracts thereof as Lender shall desire. After an Event of Default, Borrower
or Leasehold Pledgor shall pay (or cause Owner or Operating Lessee to pay) any reasonable and actual costs incurred by Lender
to examine such books, records and accounts, as Lender shall reasonably determine to be necessary or appropriate in the protection
of Lender’s interest.

 

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4.9.2      Quarterly
and Monthly Reports.

 

(a)          Not
later than forty-five (45) days following the end of the first three fiscal quarters, and within ninety (90) days after the
end of the fourth fiscal quarter, Borrower or Leasehold Pledgor shall deliver (or cause Owner or Operating Lessee to deliver) to
Lender unaudited consolidated financial statements of Owner and Operating Lessee, internally prepared on an accrual basis including
a consolidated balance sheet as of the end of such quarter and profit and loss statements for the quarter and year then ended compared
to the corresponding period of the previous Fiscal Year, Individual Property-level profit and loss statements for the previous
twelve (12) months then ended, and a summary report detailing monthly occupancy, including average daily rate, made available to
Borrower or Leasehold Pledgor for the subject quarter. Such statements for each quarter shall be accompanied by an Officer’s
Certificate certifying to the best of the signer’s knowledge, (A) that such statements fairly represent the financial
condition and results of operations of Owner and Operating Lessee and the Properties on a combined basis as well as each Individual
Property (subject to normal year-end adjustments), (B) that as of the date of such Officer’s Certificate, no Event of
Default exists under this Agreement, the Note or any other Loan Document or, if so, specifying the nature and status of each such
Event of Default and the action then being taken by Borrower or proposed to be taken to remedy such Event of Default, (C) that
as of the date of each Officer’s Certificate, no litigation exists involving Borrower, Leasehold Pledgor, Owner, the Collateral
or any Individual Property or the Properties in which the amount involved is $1,000,000 (in the aggregate) or more or in which
all or substantially all of the potential liability is not covered by insurance, or, if so, specifying such litigation and the
actions being taking in relation thereto, (D) the amount by which actual Operating Expenses were greater than or less than
the Operating Expenses anticipated in the applicable Annual Budget, and (E) a calculation reflecting the Debt Yield as of the last
day of such fiscal quarter. Such financial statements shall contain such other information as shall be reasonably requested by
Lender for purposes of calculations to be made by Lender pursuant to the terms hereof. All calculations of the Debt Yield shall
be subject to verification by Lender; and

 

(b)          Prior
to the occurrence of a Securitization of the Loan, Borrower shall deliver to Lender, not later than thirty (30) days following
the end of each calendar month, a consolidated profit and loss statement for Borrower (which, to the extent required by GAAP, shall
separately denote any “non-controlling” or “minority” interest in the earnings of any subsidiary of Borrower)
for the month and year then ended compared to the corresponding period of the previous Fiscal Year and for each Individual Property,
a profit and loss statement for the twelve (12) months then ended and a summary report detailing monthly occupancy, including the
daily average rate during the subject month. Such statements for each month shall be accompanied by an Officer’s Certificate
certifying to the best of the signer’s knowledge that such statements fairly represent the results of operations of Owner
(taking into account any “non-controlling” or “minority” interest in the earnings of any subsidiary of
Owner) and the Properties and a calculation reflecting the Debt Yield as of the last day of such calendar month. All calculations
of the Debt Yield shall be subject to verification by Lender.

 

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4.9.3     Annual
Reports. Borrower or Operating Lessee shall deliver (or cause Owner to deliver) to Lender:

 

(a)          Not
later than ninety (90) days after the end of each Fiscal Year of Owner’s operations, unaudited consolidated financial
statements of Owner and Operating Lessee, internally prepared on an accrual basis and prepared in accordance with the requirements
of Regulation AB, covering the Properties on a combined basis for such Fiscal Year, including a consolidated balance sheet as of
the end of such Fiscal Year and a consolidated statement of operations. Such annual financial statements shall be accompanied by
an Officer’s Certificate in the form required pursuant to Section 4.9.2(a) above; and

 

(b)          Not
later than one hundred twenty (120) days after the end of each Fiscal Year of Owner’s operations, audited consolidated financial
statements of Owner and Operating Lessee, certified by an Independent Accountant in accordance with GAAP and prepared in accordance
with the requirements of Regulation AB, covering the Properties on a combined basis for such Fiscal Year, including a consolidated
balance sheet as of the end of such Fiscal Year and a consolidated statement of operations. Such annual financial statements shall
be accompanied by an Officer’s Certificate in the form required pursuant to Section 4.9.2(a) above; and

 

(c)          Not
later than one hundred twenty (120) days after the end of each Fiscal Year of Owner’s operations, an annual summary of any
and all FF&E Work, PIP Work and Capital Expenditures made at the Properties on a combined basis, as well as for each Individual
Property where the cost of FF&E Work, PIP Work and Capital Expenditures at such Individual Property exceeds $500,000, during
the prior twelve (12) month period.

 

4.9.4     Other
Reports.

 

(a)          Borrower
or Leasehold Pledgor shall deliver (or cause Owner or Operating Lessee to deliver) to Lender, within ten (10) Business Days of
Lender’s reasonable request therefor, copies of reports prepared by Manager in accordance with its obligations under the
Management Agreement, including without limitation, any financial reports, economic and operational trend analyses, or such other
information as Borrower, Leasehold Pledgor, Owner or Operating Lessee is entitled to request from Manager from time to time.

 

(b)          Borrower
and Leasehold Pledgor shall, within ten (10) Business Days after request by Lender or, if all or part of the Loan is being
or has been included in a Securitization (in which case, at Lender’s expense), by the Rating Agencies, furnish or cause to
be furnished to Lender and, if applicable, the Rating Agencies, in such manner and in such detail as may be reasonably requested
by Lender or the Rating Agencies, such reasonable additional information as may be reasonably requested with respect to the Properties
as well as with respect to any Individual Property, including franchise inspection reports and guest satisfaction scores.

 

(c)          Borrower
and Leasehold Pledgor shall submit to Lender the financial data and financial statements required, and within the time periods
required, under clauses (i), and (ii) of Section 9.1(f), if and when available.

 

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4.9.5      Annual
Budget.

 

(a)          Borrower
or Leasehold Pledgor shall submit (or cause Owner or Operating Lessee to submit) to Lender by December 31 of each year the Annual
Budget for the succeeding Fiscal Year; Borrower shall also submit any updates to such Annual Budget; provided that during the continuance
of any Trigger Period, Borrower shall submit an Annual Budget to Lender by December 1 of each year. Each Annual Budget shall include
Operating Expenses and Capital Expenditure which are based upon, and consistent with, what is reasonable and customary for properties
similar in size, location and nature to the Properties. During the continuance of any Trigger Period, the Annual Budget then currently
in place which shall be deemed approved, but Lender shall have the right to approve any amendment thereto and each subsequent Annual
Budget (which approval shall not be unreasonably withheld, conditioned or delayed so long as no Event of Default is continuing)
and shall further have the right to require Borrower to furnish Lender on a biannual basis for its approval an update of such Annual
Budget (which update shall be subject to Lender’s approval, such approval not to be unreasonably withheld, conditioned or
delayed so long as no Event of Default is continuing). Annual Budgets and/or updates thereof submitted to Lender in accordance
herewith and, if Lender approval is then required hereunder, approved or deemed approved by Lender in accordance with Section
4.9.5(b) hereof, shall hereinafter be referred to as an “Approved Annual Budget”. During the continuance
of a Trigger Period, until such time that any Annual Budget has been approved by Lender, the prior Approved Annual Budget shall
apply for all purposes hereunder (with adjustments as reasonably determined by Lender to reflect actual increases in Taxes, Insurance
Premiums and utilities expenses and variable Operating Expenses that directly relate to increases in revenue). None of Borrower,
Leasehold Pledgor nor Manager shall (nor shall they permit Owner or Operating Lessee to) change or modify an Approved Annual Budget,
as it may be updated in accordance herewith, that has been approved or deemed approved by Lender without the prior written consent
of Lender, not to be unreasonably withheld, conditioned or delayed so long as there is no Event of Default then continuing (until
such time as the applicable Trigger Period ends, after which unless and until a new Trigger Period shall begin), no Lender consent
shall be required and Borrower may change or modify (or permit Owner or Operating Lessee to change or modify) an Approved Annual
Budget in accordance with the terms of this Section 4.9.5.

 

(b)          In
the event Borrower is required to obtain Lender’s approval of a proposed Annual Budget (or any proposed modification thereof)
pursuant to this Section 4.9.5, Lender’s approval shall be deemed given by Lender if (I) the first correspondence
from Borrower to Lender requesting such approval (A) is enclosed in an envelope marked “PRIORITY”, (B) contains a legend,
prominently displayed at the top of each page thereof, in bold, all caps and fourteen (14) point or larger font stating that Borrower
is requesting the Lender’s approval of the proposed Annual Budget (or the proposed modification thereof) under Section 4.9.5
of the Loan Agreement and that Lender’s failure to respond to such request within ten (10) Business Days following its receipt
of such request may result in such request being deemed granted, and (C) is accompanied by a copy of the proposed Annual Budget
(or the proposed modification thereof) and all information and documentation (and in such detail) as is reasonably necessary to
allow Lender to adequately and completely evaluate the request (which information may be provided electronically in the form of
a CD Rom or other portable electronic media enclosed with such notice), (II) Lender shall fail to respond to such request within
ten (10) Business Days following its receipt of such request, (III) Borrower shall deliver to Lender a second written request for
approval, which request is delivered in the same form and manner as contemplated in clause (I) above and states that Lender’s
failure to respond to such request within five (5) Business Days following its receipt of such second request, shall result in
such request being deemed granted, and (IV) Lender shall fail to respond to such request in the manner contemplated in clause (III)(B)
above within such five (5) Business Day period. In the event Lender timely objects (stating the basis for its objection in reasonable
detail) to a proposed Annual Budget (or the proposed modification thereof) in accordance with the foregoing, Borrower shall promptly
revise, or cause to be revised, such Annual Budget (or the proposed modification thereof) and resubmit the same to Lender. Lender’s
approval of a revised Annual Budget (or revised modification thereof) shall be deemed given by Lender if such revision is submitted
to Lender in accordance with clauses (I) and (III) above and Lender shall fail to respond in accordance with clauses (II) and (IV)
above.

 

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4.9.6     Excess
Operating Expenses.

 

(a)          In
the event that during a Trigger Period Owner or Operating Lessee incurs any Operating Expenses in excess of Approved Operating
Expenses (excluding Restricted Payments and any Incentive Management Fees, and excluding amounts permitted to be remitted to Borrower
from Cash Collateral Funds pursuant to Section 6.10(b) of the Mortgage Loan Agreement) (“Excess Operating Expenses”),
then Borrower or Leasehold Pledgor shall (or cause Owner or Operating Lessee to) promptly deliver to Lender, for Lender’s
information, upon Lender’s request, a reasonably detailed explanation of such Excess Operating Expenses. During the continuance
of any Trigger Period, all Excess Operating Expenses must be approved by Lender in writing (such expenses, if approved, or deemed
approved in accordance with Section 4.9.6(b) below, the “Approved Excess Operating Expenses”)
prior to the disbursement of any funds therefor, such approval not to be unreasonably withheld, conditioned or delayed provided
no Event of Default shall then exist. During the continuance of any Trigger Period, any funds distributed to Owner for the payment
of Approved Excess Operating Expenses pursuant to Section 6.11.1(a)(xi) of the Mortgage Loan Agreement shall be used by Owner or
Operating Lessee only to pay for such Approved Excess Operating Expenses or to reimburse Owner or Operating Lessee for such Approved
Excess Operating Expenses, as applicable.

 

(b)          In
the event Borrower is required to obtain Lender’s approval of Excess Operating Expenses pursuant to this Section 4.9.6,
Lender’s approval shall be deemed given by Lender if (I) the first correspondence from Borrower to Lender requesting such
approval (A) is enclosed in an envelope marked “PRIORITY”, (B) contains a legend, prominently displayed at the top
of each page thereof, in bold, all caps and fourteen (14) point or larger font stating that Borrower is requesting the Lender’s
approval of Excess Operating Expenses under Section 4.9.6 of the Loan Agreement and that Lender’s failure to respond to such
request within ten (10) Business Days following its receipt of such request may result in such request being deemed granted, and
(C) is accompanied by an explanation of such Excess Operating Expenses in reasonable detail as is necessary to allow Lender to
adequately and completely evaluate the request, (II) Lender shall fail to respond to such request within ten (10) Business Days
following its receipt of such request, (III) Borrower shall deliver to Lender a second written request for approval, which request
is delivered in the same form and manner as contemplated in clause (I) above and states that Lender’s failure to respond
to such request within five (5) Business Days following its receipt of such second request, shall result in such request being
deemed granted, and (IV) Lender shall fail to respond to such request in the manner contemplated in clause (III)(B) above within
such five (5) Business Day period.

 

4.9.7           Hotel
Accounting.  All property level (but not upper-tier or consolidated) monthly and other operating statements to be delivered
by or on behalf of Borrower or Leasehold Pledgor hereunder shall be (and all accompanying Officer’s Certificates shall state
that they have been) prepared based upon the Uniform System of Accounts for Hotels, current edition.

 

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Section 4.10         Access
to Property. Borrower or Leasehold Pledgor shall cause Owner and Operating Lessee to permit agents, representatives, consultants
and employees of Lender to inspect any Individual Property or any part thereof at reasonable hours upon reasonable advance notice.
Lender or its agents, representatives, consultants and employees as part of any inspection may non-invasively (except as expressly
permitted under the Environmental Indemnity) take soil, air, water, building material and other samples from such Individual Property,
subject to the rights of tenants under Leases.

 

Section 4.11         Leases.
Any Leases in excess of three thousand (3,000) square feet (each such Lease a “Material Lease”) written
after the date hereof shall be subject to Lender’s prior written approval, which approval shall not be unreasonably withheld,
conditioned or delayed. Upon request, Borrower or Leasehold Pledgor shall furnish Lender with executed copies of all Leases entered
into after the date hereof. All renewals of Leases and all proposed Leases shall provide for rental rates comparable to existing
local market rates. All proposed Leases shall be on commercially reasonable terms and shall not contain any terms which would
materially adversely affect Lender’s rights under the Loan Documents. Prior to entering into any Lease or any modification
thereof, Borrower or Leasehold Pledgor shall cause Owner or Operating Lessee to obtain or cause the tenant to obtain all licenses,
permits, approvals and consents required as a condition to such Lease and/or to tenant’s operation thereunder, including
without limitation any and all consents and approvals required under any applicable Franchise Agreement, Ground Lease, Operations
Agreement and/or License. All Leases executed after the date hereof shall provide that they are subordinate to the Mortgage encumbering
the applicable Individual Property in favor of Mortgage Lender and that the lessee agrees to attorn to Mortgage Lender or any
purchaser at a sale by foreclosure or power of sale. Borrower and Leasehold Pledgor shall, and shall cause the related Manager
to, (i) observe and perform the obligations imposed upon the lessor under the Leases in a commercially reasonable manner;
(ii) enforce (if and to the extent commercially reasonable to do so under the circumstances) the terms, covenants and conditions
contained in the Leases upon the part of the lessee thereunder to be observed or performed in a commercially reasonable manner
or terminate or amend such lease, in either case in a manner not to impair materially the value of the Individual Property involved
except that no termination by Owner or Operating Lessee or acceptance of surrender by a tenant of any Material Lease shall be
permitted unless by reason of a tenant default and then only in a commercially reasonable manner to preserve and protect the Individual
Property; provided, however,
that no such termination or surrender of any Material Lease will be permitted without the written consent of Lender; (iii) not
collect any of the Rents relating to the Leases more than one (1) month in advance (other than security deposits); (iv) not
execute any other assignment of lessor’s interest in the Leases or the Rents or any other Gross Revenues (except as contemplated
by the Loan Documents and the Mortgage Loan Documents); (v) not alter, modify or change the terms of the Leases in a manner
inconsistent with the provisions of the Loan Documents; and (vi) execute and deliver at the request of Lender all such further
assurances, confirmations and assignments in connection with the Leases as Lender shall from time to time reasonably require.
Notwithstanding anything to the contrary contained herein, neither Borrower nor Leasehold Pledgor shall permit Owner or Operating
Lessee to enter into a lease of all or substantially all of any Individual Property (other than the Operating Lease) without Lender’s
prior written consent, which consent may be withheld in Lender’s sole and absolute discretion. Lender’s approval of
a Material Lease shall be deemed given by Lender if (I) the first correspondence from Borrower to Lender requesting such approval
(A) is enclosed in an envelope marked “PRIORITY”, (B) contains a legend, prominently displayed at the top of each
page thereof, in bold, all caps and fourteen (14) point or larger font stating that Borrower or Leasehold Pledgor is requesting
Lender’s approval of a Material Lease under Section 4.11 of the Loan Agreement and that Lender’s failure to respond
to such request within ten (10) Business Days following its receipt of such request may result in such request being deemed granted,
and (C) is accompanied by an a copy of such proposed Material Lease together with an explanation thereof in such reasonable detail
as is necessary to allow Lender to adequately and completely evaluate the request, (II) Lender shall fail to respond to such request
within ten (10) Business Days following its receipt of such request, (III) Borrower or Leasehold Pledgor shall deliver to Lender
a second written request for approval, which request is delivered in the same manner as contemplated in clause (I) above and states
that Lender’s failure to respond to such request within five (5) Business Days following its receipt of such second request,
shall result in such request being deemed granted, and (IV) Lender shall fail to respond to such request in the manner contemplated
in clause (III)(B) above within such five (5) Business Day period.

 

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Section
4.12         Repairs; Maintenance and Compliance; Alterations.

 

4.12.1   Repairs;
Maintenance and Compliance. Borrower and Leasehold Pledgor shall at all times cause Owner and Operating Lessee to maintain,
preserve and protect all franchises and trade names, and Borrower and Leasehold Pledgor shall cause Owner and Operating Lessee
to cause each Individual Property to be maintained in a good and safe condition and repair and shall not remove, demolish or alter
the Improvements or Equipment (except for alterations performed in accordance with Section 4.12.2 below and normal replacement
of Equipment with Equipment of equivalent value and functionality). Borrower and Leasehold Pledgor shall cause Owner and Operating
Lessee to promptly comply with all Legal Requirements and immediately cure properly any violation of a Legal Requirement. Borrower
and Leasehold Pledgor shall (or cause Owner or Operating Lessee to) promptly notify Lender in writing after Borrower or Leasehold
Pledgor first receives notice of any such non-compliance. Borrower and Leasehold Pledgor shall cause Owner and Operating Lessee
to promptly repair, replace or rebuild any part of any Individual Property that becomes damaged, worn or dilapidated (subject
to Article V) and shall complete and pay for any Improvements at any time in the process of construction or repair. Borrower and
Leasehold Pledgor acknowledge and agree that, with respect to any Individual Properties that have fewer parking spaces than are
required under the applicable zoning regulations, (a) each such Individual Property could be brought into compliance with the
applicable zoning regulations with respect to parking count solely by restriping the parking lot(s) and/or parking garage(s) located
at such Individual Property and (b) Borrower and Leasehold Pledgor shall cause Owner and Operating Lessee to bring each such Individual
Property into compliance with applicable zoning regulations with respect to parking count promptly following the request by any
Governmental Authority to do so.

 

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4.12.2   Alterations.
Borrower and Leasehold Pledgor may, without Lender’s consent, permit Owner and Operating Lessee to perform alterations to
the Improvements and Equipment which (i) do not constitute a Material Alteration (or are otherwise approved by Lender), (ii) do
not materially adversely affect Borrower’s, Leasehold Pledgor’s, Owner’s or Operating Lessee’s financial
condition or the value or net operating income of the Properties or of any Individual Property, and (iii) are in the ordinary
course of Owner’s and Operating Lessee’s business (it being understood that nothing in this clause (iii) shall prohibit
Owner from carrying out FF&E Work to the extent the same constitutes an Approved FF&E Expense or PIP Work to the extent
the same constitutes an Approved Scheduled PIP Expense). Neither Borrower nor Leasehold Pledgor permit Owner or Operating Lessee
to perform any Material Alteration without Lender’s prior written consent not to be unreasonably withheld, conditioned or
delayed. To the extent that the Mortgage Loan is no longer outstanding, Lender may, as a condition to giving its consent to a
Material Alteration with respect to any one or more Individual Properties, require that Borrower or Leasehold Pledgor deliver
(or cause Owner or Operating Lessee to deliver) to Lender security for payment of the cost of such Material Alteration and as
additional security for Borrower’s and Leasehold Pledgor’s Obligations under the Loan Documents, which security may
be any of the following: (i) cash, (ii) a Letter of Credit, (iii) U.S. Obligations, or (iv) other securities
acceptable to Lender, provided that in the case of this clause (iv), Lender shall have received a Rating Agency Confirmation
as to the form and issuer of same. Such security shall be in an amount equal to the total unpaid amounts incurred and to be incurred
with respect to such alterations to the Improvements at such Individual Property(ies) (other than such amounts to be paid or reimbursed
by tenants under the Leases) in excess of the Alteration Threshold. Not more than once per month during the course of the Material
Alteration, upon Borrower’s or Leasehold Pledgor’s written request and provided each of the conditions below shall
have been satisfied, Lender will disburse funds from any Material Alteration security that is cash to fund (or reimburse Borrower,
Leasehold Pledgor, Owner or Operating Lessee, as applicable, for its funding of) the cost of the Material Alterations or, to the
extent applicable, provide its written consent to the reduction of any Letter of Credit in consideration of Borrower’s or
Leasehold Pledgor’s funding of the cost of the Material Alterations (such reduction being in the amount of such funding),
in each case, within twenty (20) days following Lender’s receipt of Borrower’s or Leasehold Pledgor’s written
request. Lender’s obligation to make disbursements hereunder shall be subject to the satisfaction of each of the following
conditions: (x) as of the date of Borrower’s or Leasehold Pledgor’s request, and as of the date of disbursement, no
Event of Default shall have occurred and be continuing, (y) Borrower’s or Leasehold Pledgor’s written request shall
be accompanied by: (1) copies of all bills and invoices evidencing such costs (and the same shall be subject to Lender’s
reasonable review), (2) an Officer’s Certificate from Borrower (A) stating that the items to be funded by the requested
disbursement are costs of an approved Material Alteration, and a description thereof, (B) stating that the portion of such approved
Material Alteration to be funded by the requested disbursement has been completed in a good and workmanlike manner and in accordance
with all applicable Legal Requirements, (C) stating that the portion of such Material Alteration to be funded has not been the
subject of a previous disbursement and that all prior releases, disbursement, or returns of security have been applied by Borrower,
Leasehold Pledgor, Owner or Operating Lessee to the costs of such Material Alteration in accordance with Borrower’s or Leasehold
Pledgor’s past requests, (3) evidence satisfactory to Lender in its reasonable discretion that the balance of the cash portion
of the Material Alteration security or the undrawn portion of any Letter of Credit given as security for such Material Alteration,
after giving effect to the requested disbursement, will be sufficient to cover the remaining cost of such Material Alteration,
(4) evidence that all contracts, subcontractors and materialmen who provided work materials or services in connection with such
portion of the Material Alterations covered by such disbursement have been paid in full (or will be paid in full from such disbursement)
and have delivered appropriate lien waivers and/or releases (or will deliver them in connection with such disbursement); (5) at
Lender’s option, but no more frequently than once per calendar quarter, a title search for the related Individual Property
indicating that such Individual Property is free from all Liens, claims and other encumbrances not previously approved by Lender
and which are not otherwise Permitted Encumbrances, and (6) such other evidence as Lender shall reasonably request to demonstrate
that the portion of such Material Alteration to be funded by the requested disbursement has been completed and paid for or will
be paid upon such disbursement to Borrower or Leasehold Pledgor. Upon substantial completion of any Material Alteration, Borrower
or Leasehold Pledgor shall provide (or cause Owner or Operating Lessee to provide) evidence satisfactory to Lender that (i) the
Material Alteration was constructed in accordance with applicable Legal Requirements, (ii) all contractors, subcontractors,
materialmen and professionals who provided work, materials or services in connection with the Material Alteration have been paid
in full and have delivered unconditional releases of liens, and (iii) all material licenses and permits necessary for the
use, operation and occupancy of the Material Alteration (other than those which depend on the performance of tenant improvement
work) have been issued. If Borrower or Leasehold Pledgor has provided (or caused Owner or Operating Lessee to provide) cash security,
as provided above, except to the extent applied by Lender to fund such Material Alterations, such cash shall be released by Lender
to fund such Material Alterations, and if Borrower or Leasehold Pledgor has provided (or has caused Owner or Operating Lessee
to provide) non-cash security, as provided above, except to the extent applied by Lender to fund such Material Alterations, Lender
shall release and return such security upon Borrower’s satisfaction of the requirements of the preceding sentence.

 

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Section 4.13         Approval
of Major Contracts. Borrower and Leasehold Pledgor shall be required to obtain Lender’s prior written approval of
any and all Major Contracts affecting any Individual Property, which approval may be granted or withheld in Lender’s reasonable
discretion and which approval shall be deemed given by Lender if (I) the first correspondence from Borrower to Lender requesting
such approval (A) is enclosed in an envelope marked “PRIORITY”, (B) contains a legend, prominently displayed at the
top of each page thereof, in bold, all caps and fourteen (14) point or larger font stating that Borrower or Leasehold Pledgor
is requesting the Lender’s approval of a Major Contract under Section 4.14 of the Loan Agreement and that Lender’s
failure to respond to such request within ten (10) Business Days following its receipt of such request may result in such request
being deemed granted, and (C) is accompanied by an a copy of such proposed Major Contract together with an explanation thereof
in such reasonable detail as is necessary to allow Lender to adequately and completely evaluate the request, (II) Lender shall
fail to respond to such request within ten (10) Business Days following its receipt of such request, (III) Borrower or Leasehold
Pledgor shall deliver to Lender a second written request for approval, which request is delivered in the same manner as contemplated
in clause (I) above and states that Lender’s failure to respond to such request within five (5) Business Days following
its receipt of such second request, shall result in such request being deemed granted, and (IV) Lender shall fail to respond to
such request in the manner contemplated in clause (III)(B) above within such five (5) Business Day period.

 

Section 4.14         Property
Management.

 

4.14.1   Management
Agreements.  Borrower and Leasehold Pledgor shall or shall cause Owner and Operating Lessee to (i) use commercially
reasonable efforts to cause Manager to manage the Properties in accordance with the applicable Management Agreement and in accordance
with all applicable Legal Requirements, (ii) diligently perform and observe all of the terms, covenants and conditions of
each of the Management Agreements on the part of Owner and/or Operating Lessee to be performed and observed, (iii) promptly
notify (or cause Owner or Operating Lessee to notify) Lender of any material default (after the expiration of any applicable cure
periods) under any Management Agreement of which it is aware, (iv) in the event of and upon Lender’s reasonable request
from time to time, promptly deliver (or cause Owner or Operating Lessee to deliver) to Lender a copy of any financial statements,
business plans, capital expenditures plans, reports and estimates received by it under the Management Agreements that are so requested
by Lender, and (v) promptly enforce the performance and observance of all of the covenants required to be performed and observed
by Manager under the Management Agreements. Subject at all times to the rights of Mortgage Lender under the Mortgage Loan Documents,
if Owner or Operating Lessee shall default in the performance or observance of any material term, covenant or condition of any
Management Agreement on the part of Owner or Operating Lessee, as applicable, to be performed or observed and such default is
not cured within thirty (30) days of written notice from Lender (or if an Event of Default exists), then, without limiting Lender’s
other rights or remedies under this Agreement or the other Loan Documents, and without waiving or releasing Borrower or Leasehold
Pledgor from any of its Obligations hereunder or under the Management Agreements, Lender shall have the right, but shall be under
no obligation, to pay any sums and to perform any act as may be appropriate to cause all the material terms, covenants and conditions
of the Management Agreements on the part of Owner or Operating Lessee, as applicable, to be performed or observed.

 

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4.14.2   Prohibition
Against Termination or Modification.

 

(a)          Except
as set forth in clause(b) below, neither Borrower nor Leasehold Pledgor shall, and nor permit Owner or Operating Lessee, to (i) surrender,
terminate, cancel, materially modify, renew or extend any Management Agreement (other than a renewal or extension of a Management
Agreement in accordance with its terms), (ii) enter into any other agreement relating to the management or operation of any
Individual Property with any Manager or any other Person, (iii) consent to the assignment by any Manager of its interest under
the related Management Agreement, or (iv) waive or release any of its material rights and remedies under any Management Agreement,
in each case without the express consent of Lender, which consent shall not be unreasonably withheld, conditioned or delayed; provided,
however, with respect to the appointment of a new manager, such consent may be conditioned upon Borrower or Leasehold Pledgor delivering
to Lender a Rating Agency Confirmation from each applicable Rating Agency as to such new manager and evidence that such replacement
will not violate or cause a breach or default under any Franchise Agreement or Ground Lease to the extent such violation, breach
or default (with or without the passage of time) would result in an Event of Default, and that any approvals required under any
Franchise Agreement or Ground Lease to the replacement of Manager have been obtained. If at any time Lender consents to the appointment
of a new manager, such new manager and Owner and Operating Lessee shall, as a condition of Lender’s consent, execute (i) a
management agreement in form and substance reasonably acceptable to Lender, and (ii) a subordination of management agreement
in a form reasonably acceptable to Lender.

 

(b)          Notwithstanding
anything to the contrary herein or in the other Loan Documents (and without limiting Borrower’s and Leasehold Pledgor’s
right to replace (or cause Owner or Operating Lessee to replace) a Manager with Lender’s consent pursuant to clause (a) above),
Borrower and Leasehold Pledgor shall have the right in connection to cause Owner or Operating Lessee to replace one or more Managers
with one or more Qualified Managers without Lender’s consent and without any Rating Agency Confirmation provided that each
of the following conditions shall have been satisfied:

 

(i)          Lender
shall have received written notice of the intended replacement(s) not less than fifteen (15) days prior to the date(s) on which
such proposed replacement(s) are to occur;

 

    	 	-83-	Mezzanine Loan Agreement

     

    

 

(ii)         As
of the date of giving such notice and as of the effective date of such replacement no Event of Default shall have occurred and
be continuing;

 

(iii)        Such
notice shall identify the Individual Property as to which Owner wishes to replace the Manager and the Qualified Manager with whom
Owner or Operating Lessee intends to replace the applicable Manager and as of the date of giving such notice and as of the effective
date of such replacement, (x) no such Qualified Manager shall be subject to any bankruptcy or similar insolvency proceeding, and
(y) there shall have been no material adverse change in the condition of any such Qualified Manager, financial and otherwise, since
the Closing Date; provided, however, that the replacement property management company identified by Owner shall be a “Qualified
Manager” for purposes of this subsection (b) only if such replacement property company does not manage more than seventy-five
percent (75%) of the total number of keys of the Individual Properties;

 

(iv)        Each
Qualified Manager identified by Borrower or Leasehold Pledgor shall enter into one or more new Management Agreements, which agreements
shall (A) not provide for Base Management Fees in excess of three percent (3.0%) of the monthly Operating Income for the Individual
Properties managed by such Qualified Manager unless otherwise reasonably agreed by Lender in writing, and not provide for Incentive
Management Fees or other compensation in excess of the market rates for such fees and other compensation, and (B) otherwise be
on terms and conditions approved by Lender (which approval will not be unreasonably withheld, conditioned or delayed); provided
that any new Management Agreement which satisfies clause (A) above and is in form and substance substantially the same as any existing
Management Agreement by and between a Qualified Manager and the applicable Owner or Operating Lessee that exist as of the Closing
Date shall be deemed to be approved by Lender;

 

(v)         Lender
shall have received evidence reasonably satisfactory to it (which may be in the form of an Officer’s Certificate) that such
replacement(s) of such Manager(s) are not prohibited by and would not permit the applicable Franchisor or the applicable Ground
Lessor to terminate any Franchise Agreement or Ground Lease, and will not result in or cause any breach or default under any Franchise
Agreement or Ground Lease to the extent such violation, breach or default (with or without the passage of time) would result in
an Event of Default, and that any approvals required under any Franchise Agreement or Ground Lease to the replacement of such Manager(s)
have been obtained;

 

(vi)        Concurrently
with such replacement(s), Borrower or Leasehold Pledgor shall have caused Owner or Operating Lessee to pay (or escrow in accordance
with the terms of the Management Agreement(s) being replaced), any termination or transition costs and expenses, termination fees
or their equivalent, to which any Manager being replaced is entitled under its Management Agreement; and

 

(vii)       Each
such Qualified Manager shall enter into an assignment of management agreement and subordination of management fees which either
is (A) in form and substance substantially the same as the assignment of management agreement and subordination of management fees
entered into by any Qualified Manager on the Closing Date or (B) in form and substance approved by Lender (which approval will
not be unreasonably withheld, conditioned or delayed).

 

    	 	-84-	Mezzanine Loan Agreement

     

    

 

4.14.3   Replacement
of Manager.  In each case to the extent permitted under the applicable Assignment of Management Agreement, Lender
shall have the right to require Borrower or Leasehold Pledgor to cause Owner and Operating Lessee to replace any Manager with
a Person chosen by Owner or Operating Lessee and, unless such replacement is a Qualified Manager, approved by Lender (provided,
that such approval of a Manager that is not a Qualified Manager may be conditioned upon Borrower or Leasehold Pledgor delivering
a Rating Agency Confirmation as to such new manager and management agreement) upon the occurrence of any one or more of the following
events: (i)  at any time after the Loan has been accelerated in accordance with Section 8.2.1, the Maturity Date has
occurred, or Lender has commenced a foreclosure action, applied for the appointment of a receiver or exercised other similar remedies
with respect to an Event of Default, (ii) if such Manager shall be in material default under the Management Agreement that causes
a material adverse effect (in Lender’s reasonable determination) on Owner, Operating Lessee or their respective business,
net cash flow, operations or financial condition or on the Properties then under management pursuant to such Management Agreement
or the use, value, operation or net cash flow thereof or Owner’s or Operating Lessee’s interest therein or Lender’s
security therein, and such default is not cured within thirty (30) days after notice thereof from Lender to Borrower; provided
if such default cannot reasonably be cured within such thirty (30) day period Borrower shall have an additional sixty (60) days
in which to cure such default so long as it is diligently pursuing a cure, (iii) if such Manager shall become insolvent or
a debtor in any bankruptcy or insolvency proceeding (provided that if such proceeding is involuntary, the same shall not have
been dismissed within ninety (90) days of filing), or (iv) if at any time such Manager has engaged in gross negligence, fraud,
willful misconduct or misappropriation of funds (unless such gross negligence, fraud, willful misconduct or misappropriation of
funds is the act of any employee of such Manager other than a senior officer or other individual controlling such Manager and
within thirty (30) days of such Manager’s discovery thereof, such employee has been terminated by that Manager and
that Manager has fully compensated Borrower or Leasehold Pledgor, as applicable, for any losses suffered as a result of such gross
negligence, fraud, willful misconduct or misappropriation of funds). Subject to the prior written consent of the Mortgage Lender,
Lender shall have the right to replace the applicable Manager with any Qualified Manager if (A) neither Borrower nor Leasehold
Pledgor is diligently working (or causing Owner or Operating Lessee to diligently work) to replace the Manager and keeping Lender
reasonably apprised of its efforts in connection therewith, and Borrower or Leasehold Pledgor fails to commence and continue thereafter
(or cause Owner or Operating Lessee to commence and continue thereafter) diligently working to replace the applicable Manager
within ten (10) Business Days after written notice from Lender, or (B) Borrower or Leasehold Pledgor fails to actually replace
(or cause Owner or Operating Lessee to actually replace) the Manager with a Manager approved by Lender within one hundred twenty
(120) days after Lender’s initial notice to Borrower or Leasehold Pledgor to replace the Manager; provided that if Borrower
or Leasehold Pledgor is unable to replace the Manager within such one hundred twenty (120) days and Borrower or Leasehold Pledgor
continues to diligently work to do so, then Borrower and Leasehold Pledgor shall have up to an additional sixty (60) days to replace
the Manager.

 

4.14.4    Brand
Manager Rights. Lender acknowledges that pursuant to the Management Agreements, the Brand Managers retain control and
discretion over certain matters customarily subject to Lender approval and have the right to take certain actions that may be
restricted under the Loan Documents (including matters relating to FF&E, leases, casualty and condemnation, alterations, leasing
and budgets). Lender acknowledges that any restrictions herein or in the other Loan Documents on the actions of Borrower and Leasehold
Pledgor and any approvals Borrower or Leasehold Pledgor is required to obtain from Lender shall be subject to the rights and discretion
of the applicable Brand Manager with respect to such Individual Properties pursuant to the terms of the applicable Management
Agreements.

 

    	 	-85-	Mezzanine Loan Agreement

     

    

 

Section
4.15        Performance by Borrower; Compliance with Agreements.

 

(a)          Each
of Borrower and Leasehold Pledgor shall in a timely manner observe, perform and fulfill (and cause Owner and Operating Lessee to
observe, perform and fulfill) each and every covenant, term and provision of each Loan Document and Mortgage Loan Document executed
and delivered by, or applicable to, Borrower, Leasehold Pledgor, Owner and/or Operating Lessee, and shall not enter into or otherwise
suffer or permit any amendment, waiver, supplement, termination or other modification of any Loan Document or Mortgage Loan Documents
executed and delivered by, or applicable to, Borrower, Leasehold Pledgor or Owner without the prior consent of Lender.

 

(b)          Each
of Borrower and Leasehold Pledgor shall at all times comply (and cause Owner to comply) in all material respects with all Operations
Agreements. Each of Borrower and Leasehold Pledgor agrees that without the prior written consent of Lender, neither Borrower nor
Leasehold Pledgor will (nor permit Owner to) amend, modify or terminate any of the Operations Agreements.

 

Section
4.16        Licenses; Intellectual Property; Website.

 

4.16.1   Licenses.
Borrower or Leasehold Pledgor shall cause Owner or Operating Lessee (or, as applicable, shall cause Owner or Operating Lessee
to cause Liquor Subsidiary) to keep and maintain all Licenses necessary for the operation of each Individual Property as a hotel.
Neither Borrower nor Leasehold Pledgor shall permit Owner or Operating Lessee to transfer any Licenses required for the operation
of the Properties (except in connection with a Permitted Direct Assumption).

 

4.16.2   Intellectual
Property. Borrower and Leasehold Pledgor shall keep and maintain (and shall cause Owner or Operating Lessee to keep and
maintain) all Intellectual Property relating to the use or operation of each Individual Property and all Intellectual Property
shall be held by and (if applicable) registered in the name of Borrower, Leasehold Pledgor, Owner or Operating Lessee. Neither
Borrower nor Leasehold Pledgor shall (nor permit Owner or Operating Lessee to) Transfer or let lapse any Intellectual Property
without Lender’s prior consent.

 

4.16.3   Website.
Any website with respect to any Individual Property (other than tenant websites), Owner, Borrower, Leasehold Pledgor or Operating
Lessee shall be maintained by or on behalf of Borrower, Leasehold Pledgor, Owner or Operating Lessee and any such website shall
be registered in the name of Borrower, Leasehold Pledgor, Owner or Operating Lessee. Neither Borrower nor Leasehold Pledgor shall
(nor permit Owner or Operating Lessee to) Transfer any such website without Lender’s prior consent.

 

    	 	-86-	Mezzanine Loan Agreement

     

    

 

Section 4.17         Further
Assurances. Borrower and Leasehold Pledgor shall, at Borrower’s and Leasehold Pledgor’s sole cost and expense:

 

(a)          furnish
(or cause Owner or Operating Lessee to furnish) to Lender, to the extent not already furnished to Lender on or before the Closing
Date, all instruments, documents, boundary surveys, footing or foundation surveys, certificates, plans and specifications, appraisals,
title and other insurance reports and agreements, and each and every other document, certificate, agreement and instrument required
to be furnished by Borrower and Leasehold Pledgor pursuant to the terms of the Loan Documents or which are reasonably requested
by Lender in connection therewith;

 

(b)          cure
any defects in the execution and delivery of the Loan Documents and execute and deliver, or cause to be executed and delivered,
to Lender such documents, instruments, certificates, assignments and other writings, and do such other acts necessary or desirable
to evidence, preserve and/or protect the collateral at any time securing or intended to secure the Obligations, as Lender may reasonably
require including, without limitation, the execution and delivery of all such writings necessary to transfer any licenses identified
by Lender in the name of Lender or its designee after the occurrence and during the continuation of an Event of Default; provided
that no such cure, document, instrument, certificate, assignment or other writing reduces the rights or increases the obligations
of Borrower, Leasehold Pledgor or any Guarantor under the Loan Documents; and

 

(c)          do
and execute (or cause Owner or Operating Lessee to do and execute) all and such further lawful and reasonable acts, conveyances
and assurances for the better and more effective carrying out of the intents and purposes of this Agreement and the other Loan
Documents, as Lender may reasonably require from time to time.

 

Section 4.18         Estoppel
Statement.

 

(a)          After
request by Lender, Borrower shall within ten (10) Business Days furnish Lender with a statement, duly acknowledged and certified,
stating (i) the Outstanding Principal Balance of the Loan, (ii) the Interest Rate, (iii) the date installments of
interest and/or principal were last paid, (iv) any known offsets or defenses to the payment and performance of the Obligations,
if any, and (v) that this Agreement and the other Loan Documents have not been modified or if modified, giving particulars
of such modification.

 

(b)          Borrower
and Leasehold Pledgor shall use commercially reasonable efforts to deliver (or cause Owner or Operating Lessee to deliver) to Lender,
within thirty (30) days of Lender’s request, an estoppel certificate from each tenant under any Lease in form and substance
reasonably satisfactory to Lender; provided, that neither Borrower nor Leasehold Pledgor shall be required to deliver (or cause
Owner or Operating Lessee to deliver) such certificates more frequently than the lesser of (x) two (2) times in any calendar year
or (y) the number of requests permitted to be made under the applicable Lease in any calendar year; provided, however, that there
will be no limit on the number of times Owner and Operating Lessee may be required to use commercially reasonable efforts to obtain
such certificates if an Event of Default has occurred and is continuing (subject to the applicable terms of each Lease).

 

    	 	-87-	Mezzanine Loan Agreement

     

    

 

(c)          Borrower
and Leasehold Pledgor shall use commercially reasonable efforts to deliver (or cause Owner or Operating Lessee to deliver) to Lender,
within thirty (30) days of Lender’s request, estoppel certificates from each party under any Operations Agreement, in form
and substance reasonably satisfactory to Lender; provided, that neither Borrower nor Leasehold Pledgor shall be required to deliver
(or cause Owner or Operating Lessee to deliver) such certificates more than three (3) times during the Term and not more frequently
than once per calendar year (or twice during any calendar year in which a Securitization occurs).

 

(d)          Borrower
and Leasehold Pledgor shall use commercially reasonable efforts to deliver (or cause Owner or Operating Lessee to deliver) to Lender,
within thirty (30) days of Lender’s request, estoppel certificates from the Ground Lessor, in form and substance reasonably
satisfactory to Lender; provided, that neither Borrower nor Leasehold Pledgor shall be required to deliver (or cause Owner or Operating
Lessee to deliver) such certificates more than three (3) times during the Term and not more frequently than once per calendar
year (or twice during any calendar year in which a Securitization occurs).

 

(e)          Borrower
and Leasehold Pledgor shall use commercially reasonable efforts to deliver to Lender (or cause Owner or Operating Lessee to deliver),
within thirty (30) days of Lender’s request, estoppel certificates from each Franchisor, in form and substance reasonably
satisfactory to Lender; provided, that neither Borrower nor Leasehold Pledgor shall be required to deliver (or cause Owner or Operating
Lessee to deliver) such certificates more than three (3) times during the Term and not more frequently than once per calendar
year (or twice during any calendar year in which a Securitization occurs).

 

Section 4.19        Notice
of Default. Borrower shall promptly advise Lender of the occurrence of any Default or Event of Default of which Borrower
or Leasehold Pledgor has knowledge.

 

Section 4.20        Cooperate
in Legal Proceedings. Borrower and Leasehold Pledgor shall cooperate fully with Lender with respect to any proceedings
before any court, board or other Governmental Authority which may in any way affect the rights of Lender hereunder or any rights
obtained by Lender under any of the other Loan Documents and, in connection therewith, permit Lender, at its election, to participate
in any such proceedings.

 

Section 4.21        Indebtedness.
Neither Borrower nor Leasehold Pledgor shall permit Owner or Operating Lessee to, directly or indirectly, create, incur or assume
any indebtedness other than “Permitted Indebtedness” (as such term is defined in the Mortgage Loan Agreement). Neither
Borrower nor Leasehold Pledgor shall directly or indirectly create, incur or assume any indebtedness other than (i) the Debt
and the Other Obligations, (ii) ordinary course equipment or personal property financing that is secured only by the financed
equipment or personal property, (iii) unsecured trade payables incurred in the ordinary course of business relating to the
ownership of the Collateral, which in the case of such unsecured trade payables (A) are not evidenced by a note, (B) do
not exceed, at any time, together with amounts payable under clause (ii), a maximum aggregate amount of $250,000, and (C) are
paid within ninety (90) days of the date incurred, unless such amount is being contested in good faith, (iv) Taxes and Other Charges
not yet Due and Payable, unless contested in good faith, (v) contractual indemnity obligations entered into in the ordinary course
of business, and (vi) indebtedness secured by Permitted Encumbrances (collectively, “Permitted Indebtedness”).

 

    	 	-88-	Mezzanine Loan Agreement

     

    

 

Section 4.22       Business
and Operations. Borrower and Leasehold Pledgor will continue (and cause Owner and Operating Lessee to continue) to engage
in the businesses presently conducted by it as and to the extent the same are necessary for the ownership, maintenance, management
and operation of each Individual Property. Borrower and Leasehold Pledgor will, and will cause Owner and Operating Lessee to,
qualify to do business and remain in good standing under the laws of each jurisdiction as and to the extent the same are required
for the ownership, maintenance, management and operation of each Individual Property and the Collateral.

 

Section 4.23        Dissolution.
Neither Borrower nor Leasehold Pledgor shall and shall not permit Owner or Operating Lessee to (i) engage in any dissolution,
liquidation or consolidation or merger with or into any other business entity, (ii) engage in any business activity not related
to the ownership and operation of the Properties and the Collateral, (iii) transfer, lease or sell, in one transaction or
any combination of transactions, all or substantially all of the property or assets of Borrower or Leasehold Pledgor except to
the extent expressly permitted by the Loan Documents and the Mortgage Loan Documents, or (iv) cause, permit or suffer Owner,
Operating Lessee or any SPC Party to (A) dissolve, wind up or liquidate or take any action, or omit to take any action, as
a result of which Owner, Operating Lessee or such SPC Party would be dissolved, wound up or liquidated in whole or in part, or
(B) amend, modify, waive or terminate the certificate of formation or operating agreement or certificate of limited partnership
and limited partnership agreement of Owner, Operating Lessee or such SPC Party, in each case without obtaining the prior consent
of Lender.

 

Section 4.24       Debt
Cancellation. Neither Borrower nor Leasehold Pledgor shall cancel or otherwise forgive or release (or permit Owner or
Operating Lessee to cancel or otherwise forgive or release) any claim or debt (other than the surrender or termination of Leases
in accordance herewith) owed to Borrower, Leasehold Pledgor, Owner or Operating Lessee by any Person, except for adequate consideration
and in the ordinary course of Borrower’s, Leasehold Pledgor’s, Owner’s or Operating Lessee’s business.

 

Section 4.25       Affiliate
Transactions. Neither Borrower nor Leasehold Pledgor shall enter into, or be a party to (nor permit Owner or Operating
Lessee to enter into or be a party to), any transaction with an Affiliate of Borrower, Leasehold Pledgor, Owner or Operating Lessee
or any of the partners, members or shareholders, as applicable, of Borrower or Leasehold Pledgor except in the ordinary course
of business and on terms which are no less favorable to Borrower, Leasehold Pledgor, Owner, Operating Lessee or such Affiliate
than would be obtained in a comparable arm’s-length transaction with an unrelated third party.

 

Section 4.26       No
Joint Assessment. Neither Borrower nor Leasehold Pledgor shall suffer, permit or initiate (or permit Owner or Operating
Lessee to suffer, permit or initiate) the joint assessment of any Individual Property (i) with any other real property constituting
a tax lot separate from such Individual Property, and (ii) with any portion of such Individual Property which may be deemed
to constitute personal property, or any other procedure whereby the Lien of any taxes which may be levied against such personal
property shall be assessed or levied or charged to such Individual Property.

 

Section 4.27       Principal
Place of Business. Neither Borrower nor Leasehold Pledgor shall change its principal place of business from the address
set forth on the first page of this Agreement without first giving Lender thirty (30) days prior written notice. Neither
Borrower nor Leasehold Pledgor shall permit Owner or Operating Lessee to change its principal place of business from the address
set forth on the first page of the Mortgage Loan Agreement without first giving Lender thirty (30) days prior written notice.

 

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Section 4.28         Change
of Name, Identity or Structure. Neither Borrower nor Leasehold Pledgor shall (nor permit Owner or Operating Lessee to)
change Borrower’s, Leasehold Pledgor’s, Owner’s or Operating Lessee’s name, identity (including its trade
name or names) or convert from its current business structure as a limited liability company or a limited partnership structure,
as applicable, without notifying Lender of such change in writing at least thirty (30) days prior to the effective date of
such change and without first obtaining the prior written consent of Lender. Borrower and Leasehold Pledgor shall (and shall cause
Owner or Operating Lessee to) deliver to Lender, prior to or contemporaneously with the effective date of any such change, any
financing statement or financing statement change required by Lender to establish or maintain the validity, perfection and priority
of the security interest granted herein. At the request of Lender, Borrower or Leasehold Pledgor, as applicable, shall execute
a certificate in form reasonably satisfactory to Lender listing the trade names under which Owner or Operating Lessee, as applicable,
intends to operate each Individual Property, and representing and warranting that Owner or Operating Lessee, as applicable, does
business under no other trade name with respect to such Individual Property.

 

Section 4.29         Costs
and Expenses.

 

(a)          Except
as otherwise expressed herein or in any of the other Loan Documents, Borrower shall pay or, if Borrower fails to pay, reimburse
Lender upon receipt of notice from Lender, for all reasonable costs and expenses (including reasonable attorneys’ fees and
disbursements) incurred by Lender in connection with (i) Borrower’s and Leasehold Pledgor’s ongoing performance
of and compliance with Borrower’s and Leasehold Pledgor’s agreements and covenants contained in this Agreement and
the other Loan Documents on its part to be performed or complied with after the Closing Date, including confirming compliance with
environmental and insurance requirements; (ii) Lender’s ongoing performance of and compliance with all agreements and
covenants contained in this Agreement and the other Loan Documents on its part to be performed or complied with after the Closing
Date; (iii) the negotiation, preparation, execution and delivery of any consents, amendments, waivers or other modifications
to this Agreement and the other Loan Documents and any other documents or matters requested by Borrower or Leasehold Pledgor; (iv) filing
and recording of any Loan Documents; (v) title insurance, surveys, inspections and appraisals (A) required in connection with
the diligence preceding the Closing Date or as a condition to the closing of the Loan, even if provided after the date hereof if
ordered in connection with such diligence or closing, or (B) expressly required at other times in accordance with the terms of
this Agreement or the other Loan Documents; (vi) the creation, perfection or protection of Lender’s Liens in the Pledged
Collateral (including fees and expenses for title and lien searches, intangibles taxes, due diligence expenses, travel expenses,
accounting firm fees, costs of appraisals, environmental reports and Lender’s Consultant, surveys and engineering reports);
(vii) enforcing or preserving any rights in response to third party claims or the prosecuting or defending of any action or
proceeding or other litigation, in each case against, under or affecting Borrower, Leasehold Pledgor, the Loan Documents, the Collateral,
or any other security given for the Loan; and (viii) fees charged by Servicer (except to the extent expressly provided in
Section 10.21 or as otherwise expressly limited hereunder; provided that if another provision of this Agreement requires
the payment of any fee to Lender and/or Servicer with respect to any matter, no additional fee charged by Servicer shall be payable
by Borrower or Leasehold Pledgor with respect to such matter), and if a Securitization has occurred, by the Rating Agencies, in
connection with the Loan or any modification thereof; and (ix) enforcing any Obligations of or collecting any payments due
from Borrower or Leasehold Pledgor under this Agreement, the other Loan Documents or with respect to the Collateral or in connection
with any refinancing or restructuring of the credit arrangements provided under this Agreement in the nature of a “work-out”
or of any insolvency or bankruptcy proceedings; provided, however, that neither Borrower nor Leasehold Pledgor shall be liable
for the payment of any such costs and expenses to the extent the same arise by reason of the gross negligence, illegal acts, fraud
or willful misconduct of Lender.

 

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(b)          In
addition, in connection with any Rating Agency Confirmation, Review Waiver or other Rating Agency consent, approval or review requested
by Borrower or Leasehold Pledgor or required hereunder (other than the initial review of the Loan by the Rating Agencies in connection
with a Securitization), Borrower shall pay all of the reasonable costs and expenses of Lender and the Servicer and the costs and
expenses of each Rating Agency in connection therewith, and, if applicable, shall pay any fees imposed by any Rating Agency in
connection therewith.

 

(c)          Any
costs due and payable to Lender may be paid, at Lender’s election in its sole discretion, from any amounts in the Deposit
Account. Any costs and expenses due and payable by Borrower or Leasehold Pledgor hereunder which are not paid by Borrower within
ten (10) days after written notice thereof may be paid from any amounts in the Deposit Account, with notice thereof to Borrower.
The obligations and liabilities of Borrower and Leasehold Pledgor under this Section 4.29 shall (i) become part of
the Obligations, (ii) be secured by the Loan Documents and (iii) survive the Term and the exercise by Lender of any of
its rights or remedies under the Loan Documents, including the acquisition of the Collateral by foreclosure or a conveyance in
lieu of foreclosure.

 

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Section 4.30         Indemnity.
Borrower shall indemnify, defend and hold harmless Lender from and against any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including the
reasonable fees and disbursements of counsel for Lender in connection with any investigative, administrative or judicial proceeding
commenced or threatened, whether or not Lender shall be designated a party thereto), other than breakage costs, that may be imposed
on, incurred by, or asserted against Lender in any manner relating to or arising out of (i) any breach by Borrower or Leasehold
Pledgor of its Obligations under, or any material misrepresentation by Borrower or Leasehold Pledgor contained in, this Agreement
or the other Loan Documents; (ii) the use or intended use of the proceeds of the Loan; (iii) any information provided
by or on behalf of Borrower or Leasehold Pledgor, or contained in any documentation approved by Borrower or Leasehold Pledgor,
in either case, to the extent delivered to Lender pursuant to or in connection with this Agreement or as a condition to the Loan;
(iv) ownership of the Security Documents, the Collateral or any interest therein, or receipt of any Gross Revenue (including,
subject to Section 2.8, due to any Increased Costs, Special Taxes (other than Excluded Taxes) or Other Taxes, excluding
interest and penalties on any Tax if such interest and penalties arose solely as a result of the negligence of Lender); (v) any
accident, injury to or death of persons or loss of or damage to property occurring in, on or about any Individual Property or
on the adjoining sidewalks, curbs, adjacent property or adjacent parking areas, streets or ways; (vi) any use, nonuse or
condition in, on or about any Individual Property or on adjoining sidewalks, curbs, adjacent property or adjacent parking areas,
streets or ways; (vii) performance of any labor or services or the furnishing of any materials or other property in respect
of any Individual Property; (viii) any failure of any Individual Property to comply with any Legal Requirement; (ix) any
claim by brokers, finders or similar persons claiming to be entitled to a commission in connection with any Lease or other transaction
involving any Individual Property or any part thereof, or any liability asserted against Lender with respect thereto; (x) the
claims of any lessee of any portion of any Individual Property or any Person acting through or under any lessee or otherwise arising
under or as a consequence of any Lease; (xi) the claims of any Manager or any Person acting through or under such Manager
or otherwise arising under or as a consequence of any Management Agreement; and (xii) the claims of any Franchisor or any
Person acting through or under any Franchisor or otherwise arising under or as a consequence of any Franchise Agreement (collectively,
the “Indemnified Liabilities”); provided, however, that Borrower shall not have any obligation
to Lender hereunder to the extent that such Indemnified Liabilities arise from the active gross negligence, illegal acts, fraud
or willful misconduct of Lender. To the extent that the undertaking to indemnify, defend and hold harmless set forth in the preceding
sentence may be unenforceable because it violates any law or public policy, Borrower shall pay the maximum portion that it is
permitted to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by Lender;
provided, further, that Borrower shall not have any obligation to Lender hereunder for an Indemnified Liability if all of the
following apply: (a) the Loan is included in a Securitization Vehicle, (b) the Indemnified Liability is caused by the Securitization
Vehicle failing to have, or maintain its, REMIC or Grantor Trust status, as applicable, and (c) the reason for such failure is
other than a breach by Borrower or Leasehold Pledgor of its Obligations under, or any material misrepresentation by Borrower or
Leasehold Pledgor contained in, this Agreement or the other Loan Documents.

 

Section 4.31         ERISA.

 

(a)          Neither
Borrower nor Leasehold Pledgor shall engage or permit Owner or Operating Lessee to engage in any transaction which would cause
any obligation, or action taken or to be taken, hereunder (or the exercise by Lender or any assignee of any of its rights under
the Note, this Agreement or the other Loan Documents) to be a non-exempt (under a statutory or administrative class exemption)
prohibited transaction under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)
or Section 4975 of the Code.

 

(b)          Neither
Borrower nor Leasehold Pledgor shall, and shall not permit Owner or Operating Lessee to, maintain, sponsor, contribute to or agree
to contribute to, or suffer or permit any ERISA Affiliate of Borrower, Leasehold Pledgor, Owner or Operating Lessee to, maintain,
sponsor, contribute to or agree to contribute to, any “employee benefit plan” (as defined in Section 3(3) of ERISA)
subject to Title IV or Section 302 of ERISA or Section 412 of the Code or permit the assets of Borrower, Leasehold Pledgor, Owner
or Operating Lessee to become “plan assets,” within the meaning of 29 C.F.R. 2510.3-101, as modified in application
by Section 3(42) of ERISA.

 

(c)          Each
of Borrower and Leasehold Pledgor shall deliver to Lender such certifications or other evidence from time to time throughout the
Term, as requested by Lender in its sole discretion, that (A) none of Borrower, Leasehold Pledgor, Owner, Operating Lessee
or any Guarantor is or maintains an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject
to Title I of ERISA, or a “governmental plan” within the meaning of Section 3(32) of ERISA; (B) none
of Borrower, Leasehold Pledgor, Owner, Operating Lessee or any Guarantor is subject to state statutes regulating investments and
fiduciary obligations with respect to governmental plans; and (C) the assets of Borrower, Leasehold Pledgor, Owner, Operating
Lessee and Guarantors do not constitute “plan assets” within the meaning of 29 C.F.R §2510.3-101 as modified in
application by Section 3(42) of ERISA of any “benefit plan investor” as defined in Section 3(42) of ERISA.

 

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Section 4.32         Patriot
Act Compliance.

 

(a)          Each
of Borrower and Leasehold Pledgor will use its good faith and commercially reasonable efforts to comply (and cause Owner and Operating
Lessee to comply) with the Patriot Act and all applicable requirements of Governmental Authorities having jurisdiction over Borrower,
Leasehold Pledgor, Owner, Operating Lessee, the Collateral and/or any Individual Property, including those relating to money laundering
and terrorism. Lender shall have the right to audit Borrower’s and Leasehold Pledgor’s compliance with the Patriot
Act and all applicable requirements of Governmental Authorities having jurisdiction over Borrower, Leasehold Pledgor, Owner, Operating
Lessee, the Collateral and/or any Individual Property, including those relating to money laundering and terrorism. In the event
that Borrower or Leasehold Pledgor fails to comply with the Patriot Act or any such requirements of Governmental Authorities, then
Lender may, at its option, cause Borrower or Leasehold Pledgor, as applicable, to comply therewith and any and all costs and expenses
incurred by Lender in connection therewith shall be secured by the Pledge Agreement and the other Loan Documents and shall be immediately
due and payable.

 

(b)          None
of the funds or other assets of Borrower, Leasehold Pledgor or
any other Loan Party constitute property of, or are beneficially owned, directly or indirectly, by any person, entity or government
subject to trade restrictions under United States law, including but not limited to, the Patriot Act (including anti-terrorism
provisions thereof), the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with
the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated thereunder with the result
that the investment in Borrower or any other Loan Party (whether directly or indirectly), is prohibited by law or the Loan made
by the Lender is in violation of law (“Embargoed Person”).

 

(c)          None
of the funds or other assets of any Borrower, Leasehold Pledgor
or any other Loan Party constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person.

 

(d)          No
Embargoed Person has any interest of any nature whatsoever in Borrower, Leasehold Pledgor
or any other Loan Party with the result that the investment in Borrower, Leasehold Pledgor
or any other Loan Party (whether directly or indirectly), is prohibited by law or the Loan is in violation of law.

 

(e)          None
of the funds of Borrower, Leasehold Pledgor or any other Loan Party
have been derived from or are the proceeds of, any unlawful activity with the result that the investment in Borrower, Leasehold
Pledgor or any other Loan Party (whether directly or indirectly), is prohibited
by law or the Loan is in violation of law.

 

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Nothing contained in
this Section 4.32 shall apply, and no representation or warranty is made with respect, to any public equity holder of any
Person by virtue of such public equity holder being a holder of publicly traded shares or other publicly traded equity interests
in any Person which is listed on the New York Stock Exchange or another nationally or internationally recognized stock exchange
or is quoted on a national quotation system.

 

Section 4.33         Ground
Leases.

 

(a)          Borrower
or Leasehold Pledgor shall cause Owner to:

 

(i)          pay
all rents, additional rents and other sums required to be paid by the applicable Individual Owner, as tenant under and pursuant
to the provisions of the Ground Leases, as and when such rent or other charge is payable, subject to applicable grace periods afforded
Owner under the Ground Lease (but not, for the avoidance of doubt, any additional grace notice, or cure periods afforded Lender
under the Ground Lease or otherwise) and to Owner’s right to contest (if expressly permitted under the Ground Lease and then
in strict accordance with the terms of such Ground Lease) the amount claimed by Lessor to be due;

 

(ii)         diligently
perform and observe all of the terms, covenants and conditions of the Ground Leases on the part of the applicable Individual Owner,
as tenant thereunder, to be performed and observed, at least three (3) days prior to the expiration of any applicable grace
period therein provided; and

 

(iii)        promptly
notify Lender of the giving of any written notice by the lessor under the Ground Leases to Owner of any default by Owner in the
performance or observance of any of the terms, covenants or conditions of the Ground Leases on the part of Owner, as tenant thereunder,
to be performed or observed, and deliver to Lender a true copy of each such notice.

 

(b)          Borrower
shall not, without the prior consent of Lender (which consent may be withheld by Lender in its sole and absolute discretion), cause
Owner to surrender or cause or permit Owner to surrender the leasehold estate created by any of the Ground Leases or terminate
or cancel the Ground Leases or modify, change, supplement, alter or amend the Ground Leases, in any material respect, either orally
or in writing.

 

(c)          If
any Individual Owner shall default in the performance or observance of any material term, covenant or condition of any Ground Lease
on the part of such Individual Owner, as tenant thereunder, to be performed or observed, then, without limiting the generality
of the other provisions of the Pledge Agreement, this Agreement and the other Loan Documents, and without waiving or releasing
Borrower from any of its Obligations hereunder (but subject to the rights of Mortgage Lender), Lender shall have the right, but
shall be under no obligation, to pay any sums and to perform any act or take any action as may be necessary or appropriate to cause
all of the material terms, covenants and conditions of the Ground Lease on the part of such Individual Owner, as tenant thereunder,
to be performed or observed or to be promptly performed or observed on behalf of such Individual Owner, to the end that the rights
of such Individual Owner in, to and under the Ground Lease shall be kept unimpaired as a result thereof and free from default,
even though the existence of such event of default or the nature thereof be questioned or denied by Owner or by any party on behalf
of Owner. If Lender shall make any payment or perform any act or take action in accordance with the preceding sentence, provided
Lender shall not have received any notice of default from the ground lessor and no Event of Default shall have occurred and be
continuing, Lender will if practicable provide reasonable advance notice, not to exceed five (5) days, to Borrower prior to, and
if not practicable then subsequent to, the making of any such payment, the performance of any such act or the taking of any such
action. In any such event, subject to the rights of tenants, subtenants and other occupants under the Leases or of parties to any
Operations Agreement, Lender and any Person designated as Lender’s agent by Lender shall have, and are hereby granted, the
right to enter upon any Individual Property at any reasonable time, on reasonable notice and from time to time for the purpose
of taking any such action. Lender may pay and expend such sums of money as Lender reasonably deems necessary for any such purpose
and upon so doing shall be subrogated to any and all rights of the landlord under the Ground Leases. Borrower hereby agrees to
pay to Lender within five (5) days after demand, all such sums so paid and expended by Lender in accordance with this Section
4.33(c), together with interest thereon from the day of such payment at the Default Rate. All sums so paid and expended by
Lender and the interest thereon shall be secured by the legal operation and effect of the Pledge Agreement.

 

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(d)          If
any lessor under a Ground Lease shall deliver to Lender a copy of any notice of default sent by said lessor to an Individual Owner,
as tenant under such Ground Lease, such notice shall constitute full protection to Lender for any action taken or omitted to be
taken by Lender, in good faith, in reliance thereon and in accordance with Section 4.33(c). Borrower shall cause Owner to exercise
each individual option, if any, to extend or renew the term of the Ground Leases upon demand by Lender or Mortgage Lender made
at any time within one (1) year prior to the last day upon which any such option may be exercised, and if Borrower shall fail
to do so, Borrower hereby expressly authorizes and appoints Lender its attorney-in-fact to exercise any such option in the name
of and upon behalf of the applicable Individual Owner, which power of attorney shall be irrevocable and shall be deemed to be coupled
with an interest. Borrower will not subordinate or consent to the subordination of the Ground Leases to any mortgage, security
deed, lease or other interest on or in the landlord’s interest in all or any part of any Individual Property, unless, in
each such case, the written consent of Lender shall have been first had and obtained.

 

(e)          Notwithstanding
anything to the contrary contained in this Agreement with respect to each Ground Lease:

 

(i)          Borrower
shall not permit any Individual Owner to, without Lender’s written consent, elect to treat any Ground Lease as terminated
under Subsection 365(h)(1) of the U.S. Bankruptcy Code. Any such election made without Lender’s prior written consent shall
be void.

 

(ii)         If,
pursuant to subsection 365(h) of the Bankruptcy Code, any Individual Owner seeks to offset, against the rent reserved in any Ground
Lease, the amount of any damages caused by the nonperformance by the applicable Ground Lessor of any of its obligations thereunder
after the rejection by such Ground Lessor of such Ground Lease under the U.S. Bankruptcy Code, then such Individual Owner shall
not effect any offset of such amounts unless it shall have provided written notice to Mortgage Lender and Lender of its intent
to do so and Mortgage Lender and Lender shall have consented thereto.

 

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(f)          Borrower
may permit Owner to exercise any Ground Lease Purchase Option with respect to any Ground Lease Property without Lender’s
prior written consent; provided each of the following conditions is satisfied:

 

(i)          No
Event of Default shall have occurred and be continuing;

 

(ii)         Lender
shall receive not less than forty-five (45) days advance written notice of the related Individual Owner’s intention to exercise
such Ground Lease Purchase Option unless such Ground Lease sets forth a shorter time period within which such Individual Owner
is required to respond in order to exercise such Ground Lease Purchase Option, in which case the advance notice period hereunder
shall instead be such shorter time period;

 

(iii)        The
related Individual Owner shall comply with all of the terms and conditions of the related Ground Lease with respect to such Ground
Lease Purchase Option;

 

(iv)        Fee
title to the related Ground Lease Property shall be conveyed to the Individual Owner who is the ground lessee under such Ground
Lease pursuant a bona fide arms length transaction and for fair consideration and such acquisition shall not result in a merger
of the fee and leasehold estates in such Ground Lease Property;

 

(v)         Neither
Borrower nor Owner shall incur any Indebtedness in order to finance the exercise of such Ground Lease Purchase Option;

 

(vi)        All
third party consents or approvals required in order to acquire fee title to the Ground Lease Property, including without limitation,
the consent of any Franchisor, shall have been obtained (satisfaction of this condition may be demonstrated by an Officer’s
Certificate certifying to the foregoing);

 

(vii)       Simultaneously
with the Individual Owner’s acquisition of fee title to the Ground Lease Property, such Individual Owner shall comply with
all of the terms and conditions of the Mortgage Loan Documents;

 

(viii)      Borrower
shall cause Owner to obtain a new owner’s title insurance policy together with a mezzanine endorsement thereto (or, if a
mezzanine endorsement is unavailable, an assignment of title proceeds letter) reasonably satisfactory to Lender; and

 

(ix)         Lender
and/or its Servicer shall be reimbursed for all costs and expenses, including legal fees, incurred in connection with the exercise
of such Ground Lease Purchase Option.

 

(g)          Borrower
shall not cause or permit the exercise of any Ground Lease Purchase Option by or on behalf of any Affiliate of Borrower or any
other Person over whom Borrower has control other than the Individual Owner which is the ground lessee under the related Ground
Lease, and then only in compliance with the preceding Subsection (f).

 

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Section 4.34         Hotel
Covenants.

 

(a)          Each
of Borrower and Leasehold Pledgor shall cause each of Owner and Operating Lessee to cause the hotel located on each Individual
Property to be operated pursuant to the applicable Franchise Agreement.

 

(b)          Borrower
or Leasehold Pledgor shall cause each of Owner and Operating Lessee to (i) promptly perform and/or observe all of the covenants
and agreements required to be performed and observed by Owner under each Franchise Agreement and do all things necessary to preserve
and to keep unimpaired its material rights thereunder; (ii) promptly notify Lender of any default under any Franchise Agreement
of which it is aware; and (iii) promptly enforce the performance and observance of all of the covenants and agreements required
to be performed and/or observed by each Franchisor under each Franchise Agreement.

 

(c)          Except
as expressly set forth in Section 4.34(d) below, neither Borrower nor Leasehold Pledgor shall, without Lender’s prior
written consent (which consent shall not be unreasonably withheld, conditioned or delayed) permit Owner or Operating Lessee to
(1) surrender, terminate or cancel any Franchise Agreement; (2) reduce the term of any Franchise Agreement; (3) increase
the amount of any charges under any Franchise Agreement; or (4) otherwise materially modify, change, supplement, alter or
amend, or waive or release any of its rights and remedies under, any Franchise Agreement in a manner adverse to Borrower, Leasehold
Pledgor or Lender.

 

(d)          Notwithstanding
the foregoing and without limiting Borrower’s and Leasehold Pledgor’s rights under clause (c) above, from time to time
after the earlier of (1) the date that is six (6) months following the Closing Date and (2) the final Securitization of the Loan,
without the consent of Lender, Borrower and Leasehold Pledgor may permit Owner and Operating Lessee to elect to “reflag”
one or more Individual Properties by terminating an existing Franchise Agreement as to an Individual Property and entering into
a replacement Franchise Agreement as to such Individual Property; so long as (i) the Franchisor is an Approved Brand, (ii) during
the term of the Loan, not more than forty-three (43) Individual Properties are replaced pursuant to this paragraph (d)),
(iii) Lender shall have approved the replacement Franchise Agreement (which approval shall not be unreasonably withheld, conditioned
or delayed), except that such approval shall not be required if the Individual Property is operated under an Approved Brand and
such replacement Franchise Agreement is (x) substantially in the same form and substance as a Franchise Agreements in effect on
the Closing Date or (y) entered into on an arms’-length basis and otherwise on commercially reasonable terms, with economic
terms and franchise fees comparable to then existing local market rates and otherwise approved by Lender, such approval not to
be unreasonably withheld, conditioned or delayed (provided that the requirement for such approval and any other approval requested
under this subsection (d) shall be deemed to have been waived if (I) the correspondence from Borrower to Lender requesting
such approval (A) is enclosed in an envelope marked “PRIORITY”, (B) contains a legend, prominently displayed at the
top of each page thereof, in bold, all caps and fourteen (14) point or larger font stating that Borrower or Leasehold Pledgor is
requesting the Lender’s approval of the proposed Franchise Agreement under Section 4.34(d) hereof and that Lender’s
failure to respond to such request within five (5) Business Days following its receipt of such request shall result in such request
being deemed granted, (C) is accompanied by a copy of the proposed replacement Franchise Agreement, the PIP and the estimated PIP
Expenses associated with the PIP (which information may be provided electronically in the form of a CD Rom or other portable electronic
media enclosed with such notice) and (D) is also sent via electronic mail to Lender’s e-mail address provided by Lender to
Borrower from time to time, and (II) Lender shall fail to respond to such request within five (5) Business Days following its receipt
of such request), (iv) the termination, if applicable, of an existing Franchise Agreement as to an Individual Property shall not
violate or result in the termination of any other Franchise Agreements with respect to other Individual Properties (unless such
other Franchise Agreements are being terminated in accordance with this Section 4.34) as evidenced by an Officer’s
Certificate, (v) no Event of Default shall have occurred and be continuing, (vi) such reflagging shall not violate or be prohibited
by any applicable Ground Lease (unless the consent or waiver of the Ground Lessor thereunder shall have been obtained in writing)
as evidenced by an Officer’s Certificate, (vii) the Franchisor of the Approved Brand party to such replacement Franchise
Agreement shall have delivered to Lender a comfort letter reasonably satisfactory to Lender (it being agreed that in the case of
a Franchisor that franchises another Individual Property, the form of comfort letter delivered with respect to such other Individual
Property on the Closing Date shall be deemed reasonably satisfactory), (viii) the replacement Franchise Agreement shall be with
a franchisor that is in no more than two categories of hotels lower than the Franchisor being replaced as on the Closing Date,
based on the annual STR Chain Scale classification, (ix) the Approved Brand Requirements shall be satisfied to the extent required
under the definition thereof, unless otherwise reasonably agreed by Lender, (x) if the replacement franchisor is an Affiliate of
Borrower, Borrower shall deliver an Additional Insolvency Opinion in form and substance reasonably satisfactory to Lender and satisfactory
to the applicable Rating Agencies and (xi) if and to the extent required under the provisions of paragraph (e)(ii) below,
Borrower shall deliver to Lender, as additional security for Borrower’s and Leasehold Pledgor’s Obligations under the
Loan Documents, security for payment of any New/Renewal Flagging Costs.

 

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(e)          To
the extent not previously provided to and approved by Lender in the Approved Flagging Budget for an Individual Property, Borrower
or Leasehold Pledgor shall provide or cause Owner or Operating Lessee to provide to Lender a budget for all New/Renewal Flagging
Costs and Change of Control Flagging Costs (collectively, the “Flagging Costs”). The budgeting and delivery
of security for Flagging Costs shall be governed by the following principles:

 

(i)          Budget
Approval. With respect to any Flagging Costs for a particular Individual Property, Borrower and Leasehold Pledgor shall (or
cause Owner or Operating Lessee to) provide a budget therefor for Lender’s approval, which approval shall not be unreasonably
withheld, conditioned or delayed (provided that the requirement for such approval shall be deemed to have been waived if (I) the
correspondence from Borrower or Leasehold Pledgor to Lender requesting such approval (A) is enclosed in an envelope marked “PRIORITY”,
(B) contains a legend, prominently displayed at the top of each page thereof, in bold, all caps and fourteen (14) point or larger
font stating that Borrower is requesting the Lender’s approval of the proposed budget for the Franchise Agreement under Section
4.34(d) or Section 4.34(e) hereof, as applicable, and that Lender’s failure to respond to such request within
five (5) Business Days following its receipt of such request shall result in such request being deemed granted, (C) is accompanied
by a copy of the proposed budget (which information may be provided electronically in the form of a CD Rom or other portable electronic
media enclosed with such notice) and (D) is also sent via electronic mail to Lender’s e-mail address provided by Lender to
Borrower from time to time, (II) Lender shall fail to respond to such request within five (5) Business Days following its receipt
of such request, (III) Borrower shall deliver to Lender a second written request for approval, which request is delivered in the
same form and manner as contemplated in clause (I) above and states that Lender’s failure to respond to such request within
two (2) Business Days following its receipt of such second request, shall result in such request being deemed granted, and (IV)
Lender shall fail to respond to such request within such two (2) Business Day period), and which upon Lender’s approval thereof,
shall constitute the Approved Flagging Budget for such Flagging Costs for such Individual Property.

 

    	 	-98-	Mezzanine Loan Agreement

     

    

 

(ii)         New/Renewal
Flagging Costs. Borrower or Leasehold Pledgor shall cause Owner to post additional security with Mortgage Lender if (and only
if) the New/Renewal Flagging Costs for such Individual Property are greater than an amount equal to (A) the Approved Scheduled
PIP Expenses remaining for such Individual Property plus (B) for the first three Individual Properties subject to New/Renewal Flagging
Costs, the Alteration Threshold applicable to an Individual Property. Any additional security required to be posted by Owner pursuant
to this paragraph (ii) shall be posted pursuant to paragraph (iv) below in an amount equal to the total New/Renewal
Flagging Costs for such Individual Property (to the extent exceeding the Alteration Threshold, in the case of such first three
Individual Properties subject to New/Renewal Flagging Costs).

 

(iii)        Change
of Control Flagging Costs. Concurrently with the closing of an Assumption or any other change of Control of Owner that results
in any Change of Control Flagging Costs, Borrower or Leasehold Pledgor shall cause Owner to post additional security with Mortgage
Lender in an amount equal to the portion of the Change of Control Flagging Costs required to be incurred by Owner or Operating
Lessee in the 24-month period immediately following the Assumption or such other change of Control of Owner (for the avoidance
of doubt, the remaining Change of Control Flagging Costs shall not be required to be reserved with Lender) without duplication
of any amounts previously reserved pursuant to paragraph (ii) above, but only if (and only if): (1) the Change of Control
Flagging Costs with respect to all Individual Properties, plus the costs of all alterations then affecting structural elements
of all Individual Properties (to the extent not covered by security delivered to Lender pursuant to Section 4.12.2) exceed
the aggregate Approved Scheduled PIP Expenses with respect to all Individual Properties by more than $3,000,000. Any additional
security required to be posted by Owner pursuant to this paragraph (iii) shall be posted pursuant to paragraph (iv)
below.

 

(iv)        Posting
of Security. Any security delivered by Owner pursuant to paragraph (ii) or paragraph (iii) above shall be in
cash or the form of security required for Material Alterations under Section 4.12.2 hereof (and if cash, shall be deposited
into the Scheduled PIP Reserve Account and disbursed in accordance with Section 6.6.2 of the Mortgage Loan Agreement). If such
security is in the form of a Letter of Credit or other non-cash security permitted under Section 4.12.2, then, in lieu of
disbursements from the Scheduled PIP Reserve Account, Mortgage Lender shall grant approved reductions in the amount of such Letter
of Credit or other security upon satisfaction of the same conditions that are applicable to disbursements of Scheduled PIP Reserve
Funds from the Scheduled PIP Reserve Account in accordance with Section 6.5.2 of the Mortgage Loan Agreement. In no event shall
there be any duplication of any reserve or security requirements by reason of the obligations under Section 6.5.1(a), paragraph
(ii) above and paragraph (iii) above.

 

    	 	-99-	Mezzanine Loan Agreement

     

    

 

(f)          Subject
to Borrower’s and Leasehold Pledgor rights under paragraph (d) above, Borrower or Leasehold Pledgor shall cause Owner or
Operating Lessee to timely exercise each individual option, if any, to extend or renew the term of any Franchise Agreement.

 

(g)          Borrower
or Leasehold Pledgor shall cause Owner or Operating Lessee to complete and pay for in full any PIP Work in a good, workmanlike
and lien free manner within the time-frame set forth in the applicable PIP, subject in each case to any extensions permitted by
the applicable Franchisor.

 

(h)          Without
in any way limiting the covenants set forth in the Loan Documents, Borrower or Leasehold Pledgor shall cause Owner and Operating
Lessee to: (i) cause the hotels located on the Properties to be operated, repaired and maintained in a manner to provide commercially
reasonable amenities, services and facilities, taken as a whole for each such Individual Property, substantially equivalent or
superior in all material respects to hotels of similar average room rate and targeted market segment from time to time operating
in the same or comparable geographic area of the Property, taking into consideration the age and location of the hotels located
on the Properties and (ii) maintain Inventory in amounts sufficient to meet the hotel industry standards in all material respects
for hotels of similar average room rate and targeted market segment from time to time operating in the same or comparable geographic
area of the Property, taking into consideration the age and location of the hotels located on the Properties.

 

Section 4.35         Bankruptcy
Related Covenants. To the extent permitted by applicable Legal Requirements, neither Borrower nor Leasehold Pledgor shall
seek substantive consolidation into the bankrupt estate of any Guarantor in connection with a proceeding under the Bankruptcy
Code or under federal, state or foreign insolvency law involving any Guarantor.

 

(a)          To
the extent permitted by applicable Legal Requirements, neither Borrower nor Leasehold Pledgor shall, nor shall Borrower or Leasehold
Pledgor cause or permit Guarantor, any other Loan Party, or any Affiliate of the foregoing to, contest, oppose or object to any
motion made by Lender to obtain relief from the automatic stay or seek to reinstate the automatic stay in connection with a proceeding
under the Bankruptcy Code or under any other federal, state or foreign insolvency law involving any Guarantor.

 

(b)          To
the extent permitted by applicable Legal Requirements, neither Borrower nor Leasehold Pledgor shall, nor cause or permit any Guarantor,
or any other Loan Party or any Affiliate of the foregoing to, provide, originate, acquire an interest in or solicit (in writing)
or accept from any Guarantor or any Affiliate of any Guarantor, any debtor-in-possession financing on behalf of any Guarantor in
the event that any Guarantor is the subject of a proceeding under the Bankruptcy Code or under federal, state or foreign insolvency
law involving any Guarantor.

 

Section 4.36         Non-Conforming
Properties. Borrower shall, or shall cause Owner to, cause any Non-Conforming Properties to be classified as “conforming”
or “legal non-conforming” as to parking by the earlier to occur of (a) the Maturity Date and (b) the date required
by any applicable Governmental Authority, which compliance may be evidenced by delivery of a zoning report stating the same.

 

    	 	-100-	Mezzanine Loan Agreement

     

    

 

Article
5

 

INSURANCE,
CASUALTY AND CONDEMNATION

 

Section 5.1           Insurance.

 

5.1.1           Insurance
Policies.

 

(a)          Borrower,
at its sole cost and expense (or at Owner’s sole cost and expense), shall cause Owner to obtain and maintain the insurance
policies required by the Mortgage Loan Documents, which policies provide at least the following coverages:

 

(i)          Property
insurance against loss or damage by hail, wind (including named storms), fire, lightning and such other perils as are included
in a standard “special form” policy or “all-risk” policy, and against loss or damage by all other risks
and hazards covered by a standard extended coverage insurance policy, with no exclusion for damage or destruction caused by acts
of terrorism (or, subject to Section 5.1.1(i) below, standalone coverage with respect thereto) riot and civil commotion,
vandalism, malicious mischief, burglary and theft (A) in an amount equal to one hundred percent (100%) of the “Full
Replacement Cost” of the Properties, which for purposes of this Agreement shall mean actual replacement value (exclusive
of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation; (B) to be written
on a no coinsurance form or containing an agreed amount endorsement with respect to the Improvements and personal property at the
Properties waiving all co-insurance provisions; (C) providing for no deductible in excess of $250,000, except for windstorm
and earthquake, which shall not exceed 5% of the total insurable value of the affected Properties; and (D) containing “Ordinance
or Law Coverage” if any of the Improvements or the use of the Properties or any Individual Property shall at any
time constitute legal non-conforming structures or uses, and compensating for loss to the undamaged portion of the building (with
a limit equal to replacement cost), the cost of demolition and the increased costs of construction, each in amounts as reasonably
required by Lender. In addition, Borrower shall cause Owner to obtain: (y) if any portion of the Improvements or Personal
Property is currently or at any time in the future located in a federally designated special flood hazard area (“SFHA”),
flood hazard insurance covering all such Improvements and/or Personal Property located in the SFHA in an amount equal to (1) the
maximum amount of building and, if applicable, contents insurance available under the National Flood Insurance Act of 1968, the
Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended plus (2) such
additional coverage as Lender shall require; and (z) earthquake insurance in amounts and in form and substance satisfactory to
Lender, provided that the insurance pursuant to clauses (y) and (z) hereof shall otherwise be on terms consistent with the
comprehensive all risk insurance policy required under this subsection (i);

 

    	 	-101-	Mezzanine Loan Agreement

     

    

 

(ii)         commercial
general liability insurance, coverages against claims for personal injury, bodily injury, death or property damage occurring upon,
in or about each Individual Property, including liquor liability, such insurance (A) to be on the so-called “occurrence”
form and containing minimum limits per occurrence of One Million and No/100 Dollars ($1,000,000.00) per location, with a combined
limit per policy year, excluding umbrella coverage, of not less than Two Million and No/100 Dollars ($2,000,000.00) per location;
and (B) to cover at least the following hazards: (1) premises and operations; (2) products and completed operations
on an “if any” basis; (3) independent contractors; and (4) contractual liability for all insured contracts
to the extent the same is available;

 

(iii)        rental
loss and/or business income interruption insurance (A) with loss payable to Lender; (B) covering all risks required to be covered
by the insurance provided for in subsection (i) above, subsection (vi) below and Section 5.1.1(h) below; (C) covering
a period of restoration of twenty-four (24) months and containing an extended period of indemnity endorsement which provides
that after the physical loss to the Improvements and Personal Property has been repaired, the continued loss of income will be
insured until such income either returns to the same level it was at prior to the loss, or the expiration of twelve (12) months
from the date that the Individual Property is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding
that the policy may expire prior to the end of such period; and (D) in an amount equal to one hundred percent (100%) of
the projected Gross Revenue (less non-continuing expenses) from the Individual Property for a period of twenty-four (24) months.
The amount of such business income insurance shall be determined prior to the date hereof and at least once each year thereafter
based on Borrower’s reasonable estimate of the Gross Revenue (less non-continuing expenses) from each Individual Property
for the succeeding twenty-four (24) month period;

 

(iv)        at
all times during which structural construction, repairs or alterations are being made with respect to any Improvements, and only
if the property and liability coverage forms do not otherwise apply, (A) commercial general liability and umbrella liability
insurance covering claims related to the construction, repairs or alterations being made which are not covered by or under the
terms or provisions of the commercial general liability and umbrella liability insurance policy required herein this Section
5.1.1(a); and (B) the insurance provided for in subsection (i) above written in a so-called builder’s risk
completed value form (1) on a non-reporting basis, (2) against all risks insured against pursuant to subsection (i)
above, (3) including permission to occupy the Individual Property, and (4) with an agreed amount endorsement waiving
co-insurance provisions;

 

(v)         workers’
compensation, subject to the statutory limits of the state in which each Individual Property is located, and employer’s liability
insurance with limits which are required from time to time by Lender in respect of any work or operations on or about any Individual
Property, or in connection with the Properties or their operation (if applicable);

 

(vi)        comprehensive
boiler and machinery/equipment breakdown insurance, if applicable, in amounts as shall be reasonably required by Lender on terms
consistent with the commercial property insurance policy required under subsection (i) above;

 

    	 	-102-	Mezzanine Loan Agreement

     

    

 

(vii)       umbrella
liability insurance in addition to primary coverage in an amount not less than One Hundred Million and No/100 Dollars ($100,000,000.00)
per occurrence, per location, on terms consistent with the commercial general liability insurance policy required under subsection
(ii) above and subsection (viii) below;

 

(viii)      motor
vehicle liability coverage for all owned and non-owned vehicles, including rented and leased vehicles and including garage keeper
liability, containing minimum limits per occurrence, including umbrella coverage, with limits which are reasonably required from
time to time by Lender (if applicable);

 

(ix)         [reserved];

 

(x)          insurance
against employee dishonesty with respect to any employees of Borrower in an amount acceptable to Lender with a deductible not greater
than Twenty Five Thousand and No/100 Dollars ($25,000.00); and

 

(xi)         upon
sixty (60) days’ notice, such other reasonable insurance and in such commercially reasonable amounts as Lender from
time to time may reasonably request against such other insurable hazards which at the time are commonly insured against for properties
similar to the Properties located in or around the regions in which the Properties are located.

 

(b)          All
insurance provided for in Section 5.1.1(a) shall be obtained under valid and enforceable policies (collectively, the “Policies”
or in the singular, the “Policy”) and shall be subject to the reasonable approval of Lender as to form
and substance, including insurance companies, amounts, deductibles, loss payees and insureds. Not less than ten (10) days
prior to the expiration dates of the Policies theretofore furnished to Lender, certificates of insurance evidencing the Policies
(and, upon the written request of Lender, copies of such Policies) accompanied by evidence satisfactory to Lender of payment of
the premiums then due thereunder (the “Insurance Premiums”), shall be delivered by Borrower to Lender.

 

(c)          Any
blanket insurance Policy shall be subject to Lender approval and shall otherwise provide the same protection as would a separate
Policy insuring only the Properties in compliance with the provisions of Section 5.1.1(a) (any such blanket policy, an “Acceptable
Blanket Policy”); provided further that, with respect to earthquake insurance required herein, if the properties
are insured under a blanket policy, such earthquake insurance shall be in an amount equal to the aggregate exceedance probability
gross loss estimates for a 475-year return period as indicated by a portfolio seismic risk analysis of all high risk locations
covered by such earthquake insurance, including the Properties. Such analysis shall be approved by Lender and secured by the applicable
Borrower utilizing the most current RMS software (or its equivalent) and to include consideration of loss amplification and business
interruption. Borrower shall notify Lender of any material changes to the blanket policy and associated limits under the policy
as of Closing Date or an aggregation of the insured values covered under the blanket policy, including the addition of locations
subject to the perils of flood, wind/named storm and earthquake or the reduction of flood, wind/named storm and/or earthquake limits,
and such changes shall be subject Lender’s approval.

 

    	 	-103-	Mezzanine Loan Agreement

     

    

 

(d)          All
Policies of insurance provided for or contemplated by Section 5.1.1(a) shall name Borrower as a named insured and, with
respect to the Policies of liability insurance, except for the Policies referenced in Section 5.1.1(a)(v) and (viii),
shall name Lender and its successors and/or assigns as the additional insured, as its interests may appear, and in the case of
Policies of property insurance, including but not limited to special form/all-risk, boiler and machinery, terrorism, windstorm,
flood and earthquake insurance, shall contain a standard non-contributing mortgagee clause in favor of Mortgage Lender providing
that the loss thereunder shall be payable to Mortgage Lender unless below the threshold for Borrower to handle such claim without
Lender intervention as provided in Section 5.2 below. Additionally, if Owner obtains property insurance coverage in addition
to or in excess of that required by Section 5.1.1(a)(i), then such insurance policies shall also contain a standard non-contributing
mortgagee clause in favor of Mortgage Lender providing that the loss thereunder shall be payable to Mortgage Lender.

 

(e)          All
Policies of insurance provided for in Section 5.1.1(a) shall:

 

(i)          with
respect to the Policies of property insurance, contain clauses or endorsements to the effect that, (1) no act or negligence of
Borrower, Owner or anyone acting for Borrower, or of any Tenant or other occupant, or failure to comply with the provisions of
any Policy, which might otherwise result in a forfeiture of the insurance or any part thereof, or foreclosure or similar action,
shall in any way affect the validity or enforceability of the insurance insofar as Lender is concerned, (2) the Policies shall
not be cancelled without at least 30 days’ written notice to Lender, except ten (10) days’ notice for non-payment of
premium and (3) the issuer(s) of the Policies shall give written notice to Lender if the issuers elect not to renew the Policies
prior to its expiration;

 

(ii)         with
respect to all Policies of liability insurance, if obtainable by Borrower using commercially reasonable efforts, contain clauses
or endorsements to the effect that, (1) the Policy shall not be canceled without at least thirty (30) days’ written
notice to Lender and any other party named therein as an additional insured (other than in the case of non-payment in which case
only ten days’ prior notice, or the shortest time allowed by applicable Legal Requirement (whichever is longer), will be
required) and (2) the issuers thereof shall give notice to Lender if the issuers elect not to renew such Policies prior to its
expiration. If the issuers cannot or will not provide notice, the Borrower shall be obligated to provide such notice; and

 

(iii)        not
contain any clause or provision that would make Lender liable for any Insurance Premiums thereon or subject to any assessments
thereunder.

 

(f)          If
at any time Lender is not in receipt of written evidence that all insurance required hereunder is in full force and effect, Lender
shall have the right without notice to Borrower, to take such action or obtain such insurance as Lender reasonably deems necessary
to protect its interest in the Collateral and the Properties, including the obtaining of such insurance coverage as Lender in its
sole discretion deems appropriate, and all premiums incurred by Lender in connection with such action or in obtaining such insurance
and keeping it in effect shall be paid by Borrower or Owner to Lender upon demand and until paid shall be secured by the Pledge
Agreement and shall bear interest at the Default Rate.

 

(g)          In
the event of foreclosure of the Pledge Agreement or other transfer of title to the Collateral in extinguishment in whole or in
part of the Obligations, all right, title and interest of Borrower and Owner in and to the Policies then in force concerning the
Properties and all proceeds payable thereunder with respect to the Properties shall thereupon vest in the purchaser at such foreclosure,
Mortgage Lender or Lender or other transferee in the event of such other transfer of title.

 

    	 	-104-	Mezzanine Loan Agreement

     

    

 

(h)          The
property insurance, commercial general liability, umbrella liability insurance and rental loss and/or business interruption insurance
required under Sections 5.1.1(a)(i), (ii), (iii) and (vii) above shall cover perils of terrorism and
acts of terrorism (or at least not specifically exclude same) and Borrower shall cause Owner to maintain property insurance, commercial
general liability, umbrella liability insurance and rental loss and/or business interruption insurance for loss resulting from
perils and acts of terrorism on terms (including amounts) consistent with those required under Sections 5.1.1(a)(i), (ii),
(iii) and (vii) above (or at least not specifically excluding same) at all times during the term of the Loan.

 

(i)          Notwithstanding
anything in subsection (a)(i) or (h) above to the contrary, Borrower shall be required to obtain and maintain (or cause
Owner to obtain and maintain) coverage in its property insurance Policy (or by a separate Policy) against loss or damage by terrorist
acts in an amount equal to 100% of the “Full Replacement Cost” of the Properties plus the rental loss and/or business
interruption coverage under subsection (a)(iii) above; provided that such coverage is commercially available. In the event
that such coverage with respect to terrorist acts is not included as part of the “all risk” property policy required
by subsection (a)(i) above, Borrower shall, nevertheless be required to obtain (or cause Owner to obtain) coverage for terrorism
(as standalone coverage) in an amount equal to 100% of the “Full Replacement Cost” of the Properties plus the rental
loss and/or business interruption coverage under subsection (a)(iii) above; provided that such coverage is commercially
available. Borrower shall obtain the coverage required under this clause (i) from a carrier which otherwise satisfies the
rating criteria specified in Section 5.1.2 below (a “Qualified Carrier”) or in the event that
such coverage is not available from a Qualified Carrier, Borrower shall obtain (or cause Owner to obtain) such coverage from the
highest rated insurance company providing such coverage. For so long TRIPRA is in effect and continues to cover both foreign and
domestic acts, Lender shall accept terrorism insurance with coverage against acts which are “certified” within the
meaning of TRIPRA.

 

(j)          Each
commercial general liability or umbrella liability Policy with respect to the Properties shall name Lender as an additional insured
and shall contain a cross liability/severability endorsement in form and substance acceptable to Lender.

 

    	 	-105-	Mezzanine Loan Agreement

     

    

 

5.1.2     Insurance
Company. All Policies required pursuant to Section 5.1.1 (i) shall be issued by companies approved to do business
in the states where the Properties are located, with (1) a financial strength and claims paying ability rating of (x) “A”
or better by S&P and (y) “A2” or better by Moody’s, to the extent Moody’s rates the Securities and
rates the applicable insurer (provided, however for multi-layered policies, (A) if four (4) or fewer insurance companies issue
the Policies, then at least seventy-five percent (75%) of the insurance coverage represented by the Policies must be provided
by insurance companies with a rating of “A” or better by S&P and “A2” or better by Moody’s,
to the extent Moody’s rates the Securities and rates the applicable insurer, with no remaining carrier below “BBB”
by S&P and “Baa2” or better by Moody’s, to the extent Moody’s rates the Securities and rates the applicable
insurer, or (B) if five (5) or more insurance companies issue the Policies, then at least sixty percent (60%) of the insurance
coverage represented by the Policies must be provided by insurance companies with a rating of “A” or better by S&P
and “A2” or better by Moody’s, to the extent Moody’s rates the Securities and rates the applicable insurer,
with no remaining carrier below “BBB” and “Baa2” or better by Moody’s, to the extent Moody’s
rates the Securities and rates the applicable insurer, and (2) a rating of A:X or better by A.M. Best; (ii) shall, with respect
to all property insurance policies and rental loss and/or business interruption insurance policies, contain a Standard Mortgagee
Clause/Lender’s Loss Payable Endorsement, or their equivalents, naming Lender as the person to whom all payments made by
such insurance company shall be paid; (iii) shall contain a waiver of subrogation against Lender; (iv) shall contain
such provisions as Lender deems reasonably necessary or desirable to protect its interest including endorsements providing (A) that
neither Borrower, Owner, Lender nor any other party shall be a co-insurer under said Policies, and (B) except as otherwise permitted
herein, for a deductible per loss acceptable to Lender but in no event in an amount greater than that which is customarily
maintained by prudent owners of properties with a standard of operation and maintenance comparable to and in the general vicinity
of the Properties and as is generally allowed by prudent institutional commercial mortgage lenders originating comparable mortgage
loans for securitization; and (v) shall be satisfactory in form and substance to Lender and shall be approved by Lender as
to amounts, form, risk coverage, deductibles, loss payees and insureds. In addition to the insurance coverages described in Section
5.1.1 above, Borrower shall obtain (or cause Owner to obtain) such other insurance as may from time to time be required by
Lender in order to protect its interests. Certified copies of the Policies shall be delivered to Lender at the address below (or
to such other address or Person as Lender shall designate from time to time by notice to Borrower) on the date hereof with respect
to the current Policies and within thirty (30) days after the effective date thereof with respect to all renewal Policies:

 

Deutsche Bank AG, New York Branch

60 Wall Street, 10th Floor

New York, NY 10005

Attn: Karen Bernsohn

 

Borrower shall cause Owner to pay the Insurance
Premiums annually in advance as the same become due and payable and shall furnish to Lender evidence of the renewal of each of
the Policies with receipts for the payment of the Insurance Premiums or other evidence of such payment reasonably satisfactory
to Lender (provided, however, that Borrower shall not be required to pay such Insurance Premiums nor furnish such evidence of payment
to Lender in the event that the amounts required to pay such Insurance Premiums have been deposited into the Insurance Account
pursuant to Section 6.4 of the Mortgage Loan Agreement). Within thirty (30) days after request by Lender, Borrower shall obtain
(or cause Owner to obtain) such increases in the amounts of coverage required hereunder as may be reasonably requested by Lender,
taking into consideration changes in the value of money over time, changes in liability laws, changes in prudent customs and practices.

 

    	 	-106-	Mezzanine Loan Agreement

     

    

 

Section 5.2           Casualty.
If any Individual Property shall be damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”),
Borrower or Leasehold Pledgor shall give prompt notice thereof to Lender. Following the occurrence of a Casualty, subject to Borrower’s
rights under Section 2.4.4(c) and Section 2.5.3 hereof, Borrower or Leasehold Pledgor, regardless of whether insurance
proceeds are available, shall proceed to restore, repair, replace or rebuild such Individual Property (or cause Owner to restore,
repair, replace or rebuild such Individual Property) in accordance with Legal Requirements to be of at least equal value and of
substantially the same character as prior to such damage or destruction as soon as reasonably practicable (but in no event later
than one hundred twenty (120) days after such Casualty. Lender may, but shall not be obligated to make proof of loss if not made
promptly by Borrower or Owner. In addition, Lender may, subject to the rights of Mortgage Lender, participate in any settlement
discussions with any insurance companies (and shall approve any final settlement) (i) if an Event of Default is continuing
or (ii) with respect to any Casualty in which the Net Proceeds or the costs of completing the Restoration are equal to or
greater than the Alteration Threshold with respect to the affected Individual Property, and Borrower shall deliver (or cause Owner
to deliver) to Lender all instruments required by Lender to permit such participation. Provided no Event of Default is continuing,
and subject to the rights of Mortgage Lender, in the event of a Casualty where Net Proceeds or the costs of completing the Restoration
are two percent (2%) of the Allocated Loan Amount of any Individual Property or less, Borrower, notwithstanding Section 5.4,
may directly obtain and apply the Net Proceeds; provided that such Net Proceeds must be used towards the Restoration in accordance
with the terms hereof. Except as set forth in the foregoing sentence, any Insurance Proceeds in connection with any Casualty (whether
or not Lender elects to settle and adjust the claim or Borrower or Leasehold Pledgor causes Owner or Operating Lessee to settle
such claim) shall be due and payable solely to Mortgage Lender and held by Mortgage Lender in accordance with the terms of the
Mortgage Loan Agreement. In the event Borrower, Leasehold Pledgor, Owner, Operating Lessee or any party other than Lender is a
payee on any check representing Insurance Proceeds with respect to any Casualty, Borrower or Leasehold Pledgor shall immediately
endorse (or cause Owner or Operating Lessee, as applicable, to endorse), and cause all such third parties to endorse, such check
payable to the order of Lender, subject to the rights of Mortgage Lender under the Mortgage Loan Documents. Borrower and Leasehold
Pledgor each hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, to endorse any such check payable
to the order of Lender, subject to the rights of Mortgage Lender. Borrower and Leasehold Pledgor each hereby release Lender from
any and all liability with respect to the settlement and adjustment by Lender of any claims in respect of any Casualty.

 

Section 5.3           Condemnation.
Borrower shall promptly give Lender notice of the actual or threatened (in writing) commencement of any proceeding for the Condemnation
of all or any portion of any Individual Property and shall deliver to Lender copies of any and all papers served in connection
with such proceedings. Subject to the rights of Mortgage Lender under the Mortgage Loan Documents, Lender may participate in any
such proceedings, and Borrower shall from time to time deliver to Lender all instruments requested by it to permit such participation.
Borrower shall, at its expense, diligently prosecute (or cause Owner to diligently prosecute) any such proceedings, and shall
consult with Lender, its attorneys and experts, and cooperate with them in the carrying on or defense of any such proceedings.
Notwithstanding any taking by any public or quasi-public authority through Condemnation or otherwise (including, but not limited
to, any transfer made in lieu of or in anticipation of the exercise of such taking), Borrower shall continue to pay the Debt at
the time and in the manner provided for its payment in the Note and in this Agreement and the Debt shall not be reduced until
any Award shall have been actually received and applied by Lender, after the deduction of expenses of collection, to the reduction
or discharge of the Debt. Lender shall not be limited to the interest paid on the Award by the condemning authority but shall
be entitled to receive out of the Award interest at the rate or rates provided herein or in the Note. If any Individual Property
or any portion thereof is taken by a condemning authority, Borrower or Leasehold Pledgor shall promptly commence and diligently
prosecute the Restoration of such Individual Property (or cause Owner or Operating Lessee to promptly commence and diligently
prosecute the Restoration of such Individual Property) and otherwise comply with the provisions of Section 5.4, whether
or not an Award is available to pay the costs of such Restoration. If such Individual Property is sold, through foreclosure or
otherwise, prior to the receipt by Lender of the Award, Lender shall have the right, subject to the rights of Mortgage Lender
and whether or not a deficiency judgment on the Note shall have been sought, recovered or denied, to receive the Award, or a portion
thereof sufficient to pay the Debt.

 

    	 	-107-	Mezzanine Loan Agreement

     

    

 

Section 5.4           Restoration.
 In any case where Net Proceeds are applied towards Restoration under the Mortgage Loan Agreement, Borrower or Leasehold
Pledgor shall provide, or cause Owner or Operating Lessee to provide, to Lender copies of the plans and specifications, architect’s
certificates, waivers of lien, contractor’s sworn statements, plans, bonds, plats of survey and such other documents as
Lender may reasonably request, to the extent delivered to Mortgage Lender. In the event the Mortgage Loan is paid in full, the
provisions of Section 5.4 of the Mortgage Loan Agreement as in effect on the date hereof (subject to any amendments approved in
writing by Lender) shall be deemed to have been incorporated herein, and Borrower, Leasehold Pledgor and Lender shall each have
the same rights and obligations with respect to Net Proceeds, availability of funds, claims adjustments and the Restoration of
the Properties, as previously existed between Owner, Operating Lessee and Mortgage Lender.

 

Article
6

 

CASH MANAGEMENT AND RESERVE FUNDS

 

Section 6.1           Cash
Management Arrangements.  Borrower or Leasehold Pledgor shall cause Owner or Operating Lessee, as applicable, to
cause all Rents to be deposited and applied in accordance with the Mortgage Loan Documents, and to otherwise fully comply with
each of the covenants of Owner set forth in Article 6 of the Mortgage Loan Agreement, as in effect as of the date hereof, notwithstanding
any waiver or future amendment of such covenants (unless Lender shall have given its prior written consent to any such waiver
or amendment). All funds deposited by the Deposit Bank into the Deposit Account shall be deemed to be a distribution from (a)
Owner to Borrower or Leasehold Pledgor, as applicable, or (b) to the extent such Owner is a limited partnership, from such Owner
to the general partner of Owner and from the general partner of such Owner to Borrower or Leasehold Pledgor, as applicable, and
in each case shall be applied and disbursed in accordance with this Agreement. Lender may also establish subaccounts of the Deposit
Account which shall at all times be Eligible Accounts (and may be ledger or book entry accounts and not actual accounts) (such
subaccounts are referred to herein as “Accounts”). The Deposit Account and all other Accounts will be
in the name of Lender. Lender shall pay for all expenses of opening and maintaining the Deposit Account and any subaccount thereto.

 

Section 6.2           Reserves.
If, at any time during the Term, Mortgage Lender is not requiring Owner to make the required deposits required under Article 6
of the Mortgage Loan Agreement (or the Mortgage Loan has been refinanced or otherwise repaid in full in accordance with the terms
of this Agreement), then Lender shall have the right, at its option, to require Borrower to make such required deposits to Lender,
in which case such deposits shall be made by Borrower and disbursed by Lender substantially in accordance with the provisions
of such applicable sections of the Mortgage Loan Agreement as in effect as of the date hereof, notwithstanding any waiver or future
amendment of such covenants (unless Lender shall have given its prior written consent to any such waiver or amendment).

 

    	 	-108-	Mezzanine Loan Agreement

     

    

 

Section 6.3           Income
Taxes; Interest.  Borrower shall report on its federal, state, commonwealth, district and local income tax returns
all interest or income accrued on the Funds. The Funds shall earn interest at a rate commensurate with the rate of interest paid
from time to time on money market accounts at a commercial bank selected by Lender in its sole discretion from time to time, with
interest credited monthly to such Funds. All earnings or interest on each of the Funds shall be added to and disbursed in the
same manner and under the same conditions as the principal sum on which said interest accrued.

 

Section 6.4           Prohibition
Against Further Encumbrance.  Borrower shall not, without the prior consent of Lender, further pledge, assign or
grant any security interest in the Funds or permit any Lien or encumbrance to attach thereto or any levy to be made thereon or
any UCC-1 financing statements to be filed with respect thereto, except those naming Lender as the secured party.

 

Section 6.5           Property
Cash Flow Allocation.

 

6.5.1           Order
of Priority of Funds in Deposit Account. On each Business Day during a Trigger Period, except during the continuance of
an Event of Default, all funds deposited into the Deposit Account shall be applied as set forth in the Mortgage Loan Agreement.

 

6.5.2           Failure
to Make Payments.  The failure of sufficient amounts to be deposited into the Deposit
Account in order to be able to disburse all amounts required under clauses (i) through (iii) of Section 6.5.1 in full on
the following Monthly Payment Date shall, subject to applicable cure periods set forth in Article VIII, constitute an Event
of Default under this Agreement; provided, however, if adequate funds are available in the Deposit Account for such
payments, the failure by the Deposit Bank to allocate such funds into the appropriate Accounts shall not constitute an Event of
Default.

 

6.5.3           Application
After Event of Default.  Notwithstanding anything to the contrary contained in this
Article 6, upon the occurrence and during the continuance of an Event of Default, Lender, at its option, may withdraw the Funds
and any other funds of Borrower then in the possession of Lender, Servicer or Deposit Bank and apply such funds to the items to
the payment of the Debt in such order, proportion and priority as Lender may determine in its sole discretion. Lender’s
right to withdraw and apply any of the foregoing funds shall be in addition to all other rights and remedies provided to Lender
under the Loan Documents.

 

Section 6.6           Security
Interest in Reserve Funds.  As security for payment of the Debt and the performance
by Borrower and Leasehold Pledgor of all other terms, conditions and provisions of the Loan Documents, Borrower hereby pledges
and assigns to Lender, and grants to Lender a security interest in, all Borrower’s right, title and interest in and to the
funds in the Accounts (the “Funds”). The Funds shall be under the
sole dominion and control of Lender. The Funds shall not constitute a trust fund and may be commingled with other monies held
by Lender. Upon repayment in full of the Debt, all remaining funds in the Accounts, if any, shall be paid to the Borrower.

 

    	 	-109-	Mezzanine Loan Agreement

     

    

 

Section 6.7           Cash
Management Agreement Upon Repayment of Mortgage Loan. In the event that the Mortgage
Loan has been fully repaid and the Loan has not been fully repaid, then Borrower and Leasehold Pledgor shall, and shall cause
Owner and Operating Lessee to, enter into a cash management agreement with Lender, in form and substance reasonably satisfactory
to Lender (the “Replacement Cash Management Agreement”),
that shall require, among other things, that Borrower, Leasehold Pledgor, Owner and Operating Lessee establish certain accounts
and reserves, and pledge such accounts and reserves to Lender as additional Collateral for the Loan, such that Lender has the
same legal and economic rights and remedies as Mortgage Lender has under the cash management and reserve provisions of the Mortgage
Loan Documents, including without limitation, the Cash Management Agreement and Article 6 of the Mortgage Loan Agreement. Until
such time as the Replacement Cash Management Agreement has been fully-executed, Borrower and Leasehold Pledgor shall cause Owner
and Operating Lessee to continue to comply with the cash management and reserve provisions of the Mortgage Loan Documents notwithstanding
the repayment of the Mortgage Loan, provided that such performance by Owner and Operating Lessee shall be in favor of Lender rather
than Mortgage Lender.

 

Article
7

 

PERMITTED
TRANSFERS

 

Section 7.1           Loan
Assumption.

 

(a)          Notwithstanding
anything to the contrary contained in this Agreement or any of the other Loan Documents, from and after the earlier to occur of
(i) ten (10) Business Days after the Securitization of the Loan or (ii) four (4) months after the Closing Date, Borrower shall
have the right to convey all of the Pledged Collateral to a new borrower (the “Transferee Borrower”)
and have the Transferee Borrower assume all of Borrower’s obligations under this Agreement and the Loan Documents, and have
one or more Replacement Guarantors assume all of the obligations of Guarantor under the Loan Documents from and after the date
of such assumption (collectively, a “Permitted Direct Assumption”), provided that the following conditions
are satisfied (either prior to, or contemporaneously with, the closing of such Permitted Direct Assumption):

 

(i)          No
Event of Default shall be continuing as of the date of the closing of the Permitted Direct Assumption;

 

(ii)         Borrower
shall have provided Lender with not less than thirty (30) days’ prior written notice of the Permitted Direct Assumption,
and if Lender’s consent and a Rating Agency Confirmation is not required pursuant to clause (iii) below, such notice
shall include information establishing and Borrower and Transferee Borrower certifying that Transferee Borrower is (A) a Qualified
Transferee, (B) a Person who is Controlled by one or more Qualified Equityholders that either (x) satisfy the Control Party Asset
Threshold and the Experience Threshold or (y) are Pre-Approved Control Parties, and (C) a Person in whom no less than thirty-five
percent (35%) of the equity interests in the aggregate are directly or indirectly owned by one or more Qualified Equityholders;

 

    	 	-110-	Mezzanine Loan Agreement

     

    

 

(iii)        Prior
to a Securitization, Lender shall have provided its consent to the Permitted Direct Assumption (not to be unreasonably withheld,
conditioned or delayed if the proposed Transferree Borrower satisfies the Control Party Asset Threshold and the Experience Threshold)
and, from and after a Securitization, Lender shall have received a Rating Agency Confirmation with respect to such Permitted Direct
Assumption, provided that neither Lender’s consent nor a Rating Agency Confirmation shall be required with respect to the
identity of the Transferee Borrower so long as the Transferee Borrower (A) is a Qualified Transferee, (B) a Person who is Controlled
by one or more Qualified Equityholders described in clauses (i), (ii), (iii) or (v) of the definition
of Qualified Equityholder that either (x) satisfy the Control Party Asset Threshold and the Experience Threshold or (y) are Pre-Approved
Control Parties, and (C) a Person in whom no less than thirty-five percent (35%) of the equity interests in the aggregate are directly
or indirectly owned by one or more Qualified Equityholders. In the event that a proposed Transferee Borrower does not meet the
test described in the foregoing clauses (B) and (C), and therefore, Lender’s consent and a Rating Agency Confirmation
are required under this clause (iii), then, for purposes of Lender’s decision whether to grant or withhold its consent,
the failure by the proposed Transferee Borrower to satisfy such test will not be considered presumptive that such proposed Transferee
Borrower is not qualified to own and manage the Pledged Collateral; provided, however, that Lender may consider in deciding whether
to consent to such proposed Transferee Borrower, among other things, the assets, net worth and experience of such proposed Transferee
Borrower, together with its constituent owners and controlling parties, and any other matters that Lender reasonably deems relevant;

 

(iv)        Transferee
Borrower shall have executed and delivered to Lender customary assumption agreements (the “Assumption Agreement”),
whereby it assumes and agrees to pay the Debt as and when due and shall have assumed the other Obligations of Borrower under the
Loan Documents, subject to the provisions of Section 10.1, and, prior to or concurrently with the closing of such Permitted
Direct Assignment, Transferee Borrower and its direct constituent partners, members or shareholders as Lender may reasonably require,
shall have executed and delivered, without any out-of-pocket cost or expense to Lender, such customary documents, agreements and
other customary deliverables as Lender shall reasonably require to evidence and effectuate said assumption (it being understood
and agreed that none of the documents and agreements described in this paragraph may expand the liabilities or obligations, or
reduce the rights and remedies, of Transferee Borrower relative to those of Borrower immediately prior to the closing of the Permitted
Direct Assumption);

 

(v)         Borrower
and Transferee Borrower shall have furnished any information reasonably requested by Lender related to and for the preparation
of, and shall authorize Lender to file, new fixture filings and financing statements, and fixture filing and financing statement
amendments, to the fullest extent permitted by applicable law;

 

(vi)        Transferee
Borrower shall have furnished to Lender customary documents reasonably satisfactory to Lender evidencing the organization, good
standing, qualification and authority of Transferee Borrower, Replacement Guarantor and the other parties executing the Assumption
Agreement, the replacement guaranty, the replacement environmental indemnity and/or the other documents and agreements required
to be delivered pursuant to the terms of this Section 7.1(a), which documents shall include certified copies of all documents
relating to the organization, formation and good standing of Transferee Borrower and Replacement Guarantor and of the entities,
if any, which are constituent and controlling shareholders, partners or members of Transferee Borrower or Replacement Guarantor,
as applicable;

 

    	 	-111-	Mezzanine Loan Agreement

     

    

 

(vii)       where
Transferee Borrower has elected to have Owner exercise the right to replace one or more Managers pursuant to Section 4.14.2(b)
in connection with the Permitted Direct Assumption, Transferee Borrower shall cause Owner to have provided one or more new management
agreements with one or more new Managers with respect to the Individual Properties managed by such replaced Manager(s) in accordance
with the requirements of Section 4.14.2(b) hereof and shall have collaterally assigned to Mortgage Lender as additional
security and subordinated to the Lien of the Mortgages each such new management agreement pursuant to an Assignment of Management
Agreement in form and substance substantially similar to the Assignment of Management Agreement delivered on the Closing Date or
otherwise reasonably satisfactory to Mortgage Lender; and, in any event, the Individual Properties shall be managed by one or more
Qualified Managers;

 

(viii)      [Reserved];

 

(ix)         Transferee
Borrower shall have furnished to Lender, if required by Lender, (x) if the Loan is included in a REMIC Trust, a REMIC Opinion in
form and substance reasonably satisfactory to Lender, (y) an Additional Insolvency Opinion, in form and substance reasonably satisfactory
to Lender, and (z) one or more opinions of counsel reasonably satisfactory to Lender (A) that Transferee Borrower’s formation
documents comply with the single purpose and bankruptcy remote entity requirements set on forth Schedule V, (B) that
the assumption of the Loan has been duly authorized and that the Assumption Agreement and other loan documents required to be delivered
by Transferee Borrower and/or Replacement Guarantor pursuant to this Section 7.1(a) have been duly authorized, executed
and delivered and are valid, binding and enforceable against Transferee Borrower or Replacement Guarantor, as applicable, in accordance
with their terms, (C) that Transferee Borrower and Replacement Guarantor and any entity which is a constituent and controlling
stockholder, member or general partner of Transferee Borrower or Replacement Guarantor, as applicable, have been duly organized,
and are in existence and good standing, (D) as to such other matters as were required in connection with the origination of the
Loan (but instead with respect to the assumption transaction and documentation) and (E) such other opinions as are reasonably required
by Lender or required by any Rating Agency and which are customary in connection with the transfer and assumption of similar loans;

 

(x)          Transferee
Borrower shall have delivered to Lender (A) Patriot Act, OFAC and bankruptcy searches satisfactory to Lender and (B) pending litigation,
judgment, state and federal tax lien and UCC searches reasonably satisfactory to Lender, with respect to (w) Transferee Borrower,
(x) each Replacement Guarantor, (y) any other Person that Controls Transferee Borrower or owns an equity interest in Transferee
Borrower which equals or exceeds ten percent (10%) that did not own an equity interest in Borrower which equals or exceeds ten
percent (10%) on the Closing Date, and (z) any other Person reasonably required by Lender in order for Lender to fulfill its regulatory
compliance guidelines (where such guidelines are of general applicability and are applied without prejudice); provided, however,
that (1) with respect to any bankruptcy search under clauses (x), (y) or (z) above, such search shall be deemed satisfactory if
it evidences that the Replacement Guarantor or other Person, as applicable, is not currently the subject of any bankruptcy proceeding
and has not been subject to any voluntary or involuntary bankruptcy proceeding in the past seven (7) years (other than, in the
case of an involuntary proceeding, as may have been dismissed) and (2) UCC searches shall be deemed to be satisfactory so long
as they do not evidence any security interest in any collateral for the Loan or any security interest in any direct or indirect
equity interest in Transferee Borrower;

 

    	 	-112-	Mezzanine Loan Agreement

     

    

 

(xi)         Transferee
Borrower and the Persons that control Transferee Borrower must be able to satisfy all Special Purpose Bankruptcy Remote Entity
(provided that this requirement will only be applicable to Transferee Borrower and any Person, if any, that is a general partner
or managing member of Transferee), ERISA and embargoed persons representations, warranties and covenants in this Agreement, and
the Permitted Direct Assumption shall not result in Borrower or any ERISA Affiliate incurring any liability under Section 4201
of ERISA due to a complete or partial withdrawal, as such terms are defined in Part I of Subtitle E of Title IV of ERISA, from
any Employee Plan that is a “multiemployer plan,” as such term is defined in Section 4001(a)(3) of ERISA;

 

(xii)        Transferee
Borrower shall have paid Lender the Assumption Fee and all reasonable, out-of-pocket expenses incurred by Lender in connection
with the Permitted Direct Assumption (whether or not the same is consummated), including any Rating Agency fees (if applicable),
but excluding any servicing or special servicing fees (other than the Assumption Fee);

 

(xiii)       Lender
shall have received a replacement guaranty and environmental indemnity (in form and substance substantially the same as the Guaranty
and Environmental Indemnity, provided, however, that in the case of a Direct Assumption, such replacement guaranty shall not include
any recourse liability under Section 10.1(ix) or for breach of the representations and covenants set forth in Schedule
V hereof by the predecessor borrower or any affiliates of such predecessor borrower) by one or more replacement guarantors
and indemnitors (A) who in the aggregate, satisfy the Financial Covenants and (B) each of whom satisfies the applicable search
criteria described in clause (x) above and (C) each of whom owns a direct or indirect interest in Transferee Borrower and
at least one of whom Controls Transferee Borrower (collectively, the “Replacement Guarantor”), where
such Replacement Guarantor has undertaken at least the obligations as set forth in the Guaranty and Environmental Indemnity arising
only from acts, conditions and events occurring from and after the closing date of the Permitted Direct Assumption;

 

(xiv)      the
Permitted Direct Assumption shall not cause Owner or Operating Lessee to violate or result in a breach of or default under any
Franchise Agreement or Ground Lease where such breach or default, if not cured prior to the expiration of any applicable cure period,
would make the agreement or lease, as applicable, terminable at the option of the franchisor or ground lessor thereunder, and all
requisite consents to such conveyance shall have been obtained from the applicable parties to such Franchise Agreements and Ground
Leases and Lender shall have received satisfactory evidence of the same; provided, however, that Borrower may, on the closing date
of the Permitted Direct Assumption, cause Owner or Operating Lessee to (A) replace any Franchise Agreement by a new Franchise Agreement
in accordance with Section 4.34 hereof and/or (B) replace any Franchise Agreement with a new Franchise Agreement with the
same Franchisor under, and in a form and on the terms, in each case, not materially different than the form and terms of, the replaced
Franchise Agreement if such new Franchise Agreement is required by such Franchisor in connection with the Permitted Direct Assumption;

 

(xv)       Transferee
Borrower shall make any deposits into the Scheduled PIP Reserve Account as may be required under Section 4.34(e) of the
Mortgage Loan Agreement;

 

(xvi)      the
assumption documentation, legal opinions and organizational documents of Transferee Borrower and any other Person that is required
to be a Special Purpose Bankruptcy Remote Entity under this Agreement (but not the identity of Transferee Borrower or such other
Persons other than as required under clause (iii) above) will be subject to a Rating Agency Confirmation; and

 

    	 	-113-	Mezzanine Loan Agreement

     

    

 

(xvii)     such
conveyance is permitted under and consummated in compliance with the Mortgage Loan Documents, and Transferee Borrower shall have
delivered evidence reasonably satisfactory to Lender of the same.

 

(b)          Notwithstanding
anything to the contrary contained in this Agreement or any of the other Loan Documents, from and after the earlier to occur of
(i) ten (10) Business Days after the Securitization of the Loan or (ii) four (4) months after the Closing Date, a Transfer of more
than sixty-five percent (65%) of the direct or indirect equity interests in Borrower to any entity that is not a Pre-Approved Control
Party or a change of Control in Borrower, in each case that is not otherwise permitted hereunder (such entity, the “Indirect
Transferee”), and the assumption by one or more Replacement Guarantors of all of the obligations of Guarantor under
the Loan Documents from and after the date of such Transfer in connection with such Transfer (collectively, a “Permitted
Indirect Assumption”) shall be permitted under this Agreement and the Loan Documents, provided that either such transaction
is a Permitted Transfer or otherwise the following conditions are satisfied (either prior to, or contemporaneously with, the closing
of such Permitted Indirect Assumption):

 

(i)          No
Event of Default shall be continuing as of the date of the closing of the Permitted Indirect Assumption;

 

(ii)         Borrower
shall have provided Lender with not less than thirty (30) days’ prior written notice of the Permitted Indirect Assumption,
and if Lender’s consent and a Rating Agency Confirmation is not required pursuant to clause (iii) below, such notice
shall include information establishing and Borrower and Indirect Transferee certifying that Indirect Transferee is (A) a Qualified
Transferee, (B) a Person who is Controlled by one or more Qualified Equityholders that either (x) satisfy the Control Party Asset
Threshold and the Experience Threshold or (y) are Pre-Approved Control Parties, and (C) a Person in whom no less than thirty-five
percent (35%) of the equity interests in the aggregate are directly or indirectly owned by one or more Qualified Equityholders;

 

(iii)        Prior
to a Securitization, Lender shall have provided its consent to the Permitted Indirect Assumption (not to be unreasonably withheld,
conditioned or delayed if the proposed Indirect Transferee satisfies the Control Party Asset Threshold and the Experience Threshold)
and, from and after a Securitization, Lender shall have received a Rating Agency Confirmation with respect to such Permitted Indirect
Assumption, provided that neither Lender’s consent nor a Rating Agency Confirmation shall be required so long as the Indirect
Transferee is (A) a Qualified Transferee, (B) a Person who is Controlled by one or more Qualified Equityholders described in clauses
(i), (ii), (iii) or (v) of the definition of Qualified Equityholder that either (x) satisfy the Control
Party Asset Threshold and the Experience Threshold or (y) are Pre-Approved Control Parties, and (C) a Person in whom no less than
thirty-five percent (35%) of the equity interests in the aggregate are directly or indirectly owned by one or more Qualified Equityholders.
In the event that a proposed Indirect Transferee does not meet the test described in the foregoing clause (B), and therefore,
Lender’s reasonable consent or a Rating Agency Confirmation are required under this clause (iii), then, for purposes
of Lender’s decision whether to grant or withhold its consent, the failure by the proposed Indirect Transferee to satisfy
such test will not be considered presumptive that such proposed Indirect Transferee is not qualified to own a direct or indirect
equity interest in Borrower; provided, however, that Lender may consider in deciding whether to consent to such proposed Indirect
Transferee, among other things, the assets, net worth and experience of such proposed Indirect Transferee, together with its constituent
owners and controlling parties, and any other matters that Lender reasonably deems relevant;

 

    	 	-114-	Mezzanine Loan Agreement

     

    

 

(iv)        Intentionally
omitted;

 

(v)         Indirect
Transferee shall have furnished to Lender customary documents reasonably satisfactory to Lender evidencing the organization, good
standing, qualification and authority of Indirect Transferee, Replacement Guarantor and the other parties executing the replacement
guaranty, the replacement environmental indemnity and/or the other documents and agreements required to be delivered pursuant to
the terms of this Section 7.1(b), which documents shall include certified copies of all documents relating to the organization,
formation and good standing of Indirect Transferee and Replacement Guarantor and of the entities, if any, which are constituent
and controlling shareholders, partners or members of Indirect Transferee or Replacement Guarantor, as applicable;

 

(vi)        where
Borrower has elected to cause Owner exercise the right to replace one or more Managers pursuant to Section 4.14.2(b) in
connection with the Permitted Indirect Assumption, Borrower shall cause Owner to have provided one or more new management agreements
with one or more new Managers with respect to the Individual Properties managed by such replaced Manager(s) in accordance with
the requirements of Section 4.14.2(b) hereof and shall have collaterally assigned to Lender as additional security and subordinated
to the Lien of the Mortgages each such new management agreement pursuant to an Assignment of Management Agreement in form and substance
substantially similar to the Assignment of Management Agreement delivered on the Closing Date or otherwise reasonably satisfactory
to Lender; and, in any event, the Individual Properties shall be managed by one or more Qualified Managers;

 

(vii)       Borrower
shall have furnished to Lender, (y) an Additional Insolvency Opinion, in form and substance reasonably satisfactory to Lender,
and (z) one or more opinions of counsel reasonably satisfactory to Lender (A) that the loan documents, if any, required to be delivered
by Borrower, Indirect Transferee and/or Replacement Guarantor pursuant to this Section 7.1(b) have been duly authorized,
executed and delivered and are valid, binding and enforceable against Borrower, Indirect Transferee (if applicable) or Replacement
Guarantor, as applicable, in accordance with their terms, (B) that Indirect Transferee and Replacement Guarantor and any entity
which is a constituent and controlling stockholder, member or general partner of Indirect Transferee or Replacement Guarantor,
as applicable, have been duly organized, and are in existence and good standing, (C) as to such other matters as were required
in connection with the origination of the Loan with respect to Guarantor and the direct owner of Borrower and (D) such other opinions
as are reasonably required by Lender or required by any Rating Agency and which are customary in connection with the equity transfers
of borrowers under similar loans;

 

    	 	-115-	Mezzanine Loan Agreement

     

    

 

(viii)      Borrower
shall have delivered to Lender (A) Patriot Act, OFAC and bankruptcy searches satisfactory to Lender and (B) pending litigation,
judgment, state and federal tax lien and UCC searches reasonably satisfactory to Lender, with respect to (w) Indirect Transferee,
(x) each Replacement Guarantor, (y) any other Person that Controls Borrower or owns an equity interest in Borrower which equals
or exceeds ten percent (10%) that did not own an equity interest in Borrower which equals or exceeds ten percent (10%) on the Closing
Date, and (z) any other Person reasonably required by Lender in order for Lender to fulfill its regulatory compliance guidelines
(where such guidelines are of general applicability and are applied without prejudice); provided, however, that (1) with respect
to any bankruptcy search under clauses (x), (y) or (z) above, such search shall be deemed satisfactory if it evidences that the
Replacement Guarantor or other Person, as applicable, is not currently the subject of any bankruptcy proceeding and has not been
subject to any voluntary or involuntary bankruptcy proceeding in the past seven (7) years (other than, in the case of an involuntary
proceeding, as may have been dismissed) and (2) UCC searches shall be deemed to be satisfactory so long as they do not evidence
any security interest in any collateral for the Loan or any security interest in any direct or indirect equity interest in Borrower;

 

(ix)         Borrower
must continue to, and cause Owner to continue to, satisfy all Special Purpose Bankruptcy Remote Entity representations, warranties
and covenants in this Agreement, and Indirect Transferee and the Persons that control Indirect Transferee must be able to satisfy
all ERISA and embargoed persons representations, warranties and covenants in this Agreement, and the Permitted Indirect Assumption
shall not result in Borrower or any ERISA Affiliate incurring any liability under Section 4201 of ERISA due to a complete or partial
withdrawal, as such terms are defined in Part I of Subtitle E of Title IV of ERISA, from any Employee Plan that is a “multiemployer
plan,” as such term is defined in Section 4001(a)(3) of ERISA;

 

(x)          Borrower
shall have paid Lender the Assumption Fee and all reasonable, out-of-pocket expenses incurred by Lender in connection with the
Permitted Indirect Assumption (whether or not the same is consummated), including any Rating Agency fees (if applicable), but excluding
any servicing or special servicing fees (other than the foregoing Assumption Fee);

 

(xi)         Lender
shall have received a replacement guaranty and environmental indemnity (in form and substance substantially the same as the Guaranty
and Environmental Indemnity) by one or more Replacement Guarantor(s) (A) who in the aggregate, satisfy the Financial Covenants,
(B) each of whom satisfies the applicable search criteria described in clause (viii) above and (C) each of whom owns a direct
or indirect interest in Borrower and at least one of whom Controls Borrower, where such Replacement Guarantor has undertaken at
least the obligations as set forth in the Guaranty and Environmental Indemnity arising only from acts, conditions and events occurring
from and after the closing date of the Permitted Indirect Assumption; and

 

(xii)        the
Permitted Indirect Assumption shall not violate or result in a breach of or default under any Franchise Agreement or Ground Lease
where such breach or default, if not cured prior to the expiration of any applicable cure period, would make the agreement or lease,
as applicable, terminable at the option of the franchisor or ground lessor thereunder, and all requisite consents to such conveyance
shall have been obtained from the applicable parties to such Franchise Agreements and Ground Leases and Lender shall have received
satisfactory evidence of the same; provided, however, that Borrower may, on the closing date of the Permitted Indirect Assumption,
cause Owner to (A) replace any Franchise Agreement by a new Franchise Agreement in accordance with Section 4.34 hereof and/or
(B) replace any Franchise Agreement with a new Franchise Agreement with the same Franchisor under, and in a form and on the terms,
in each case, not materially different than the form and terms of, the replaced Franchise Agreement if such new Franchise Agreement
is required by such Franchisor in connection with the Permitted Indirect Assumption;

 

    	 	-116-	Mezzanine Loan Agreement

     

    

 

(xiii)       Borrower
shall cause Owner to make any deposits into the Scheduled PIP Reserve Account as may be required under Section 4.34(e);
and

 

(xiv)      such
Transfer is permitted under and consummated in compliance with the Mortgage Loan Documents, and Borrower shall have delivered evidence
reasonably satisfactory to Lender of the same.

 

(c)          Upon
the closing of any Permitted Direct Assumption and satisfaction of the requirements set forth above in Section 7.1(a), Borrower
shall be forever released from any further liability under this Agreement and the other Loan Documents for acts or circumstances
that first arise from and after the date of the closing of the Permitted Direct Assumption, other than those arising out of the
acts of Borrower or its Affiliates.

 

(d)          Upon
the provision of a replacement Guaranty and Environmental Indemnity by a Replacement Guarantor and closing of any Assumption permitted
by this Section 7.1, Guarantor shall be forever released from any further liability under the Guaranty and Environmental
Indemnity on the terms set forth in the Guaranty and Environmental Indemnity, respectively.

 

(e)          If
following an Assumption permitted by this Section 7.1, all or any portion of the equity interests in Borrower or Transferee
Borrower, as applicable, will be owned, directly or indirectly, by a real estate investment trust (within the meaning of Section
856(a) of the Code), then concurrently with such Assumption, Borrower or Transferee Borrower, as applicable, shall have the right
to cause Owner to enter into one or more subordinate or replacement operating leases of the Properties that will produce “rents
from real property” for purposes of Section 856(d) of the Code and/or “real property rents” for purposes of Section
7704 of the Code with one or more newly-formed Special Purpose Bankruptcy Remote Entity(ies) (with appropriate changes to Schedule
V with respect to such entity to account for each such entity’s form of organization, assets, purpose and business,
provided that each such entity shall be a Delaware limited partnership, a Delaware limited liability company or a Delaware corporation)
that will be under common ownership and Control with Borrower and will elect to be treated as a “taxable REIT subsidiary”
under Section 856(l) of the Code (a “TRS Lessee”). In connection with Borrower or Transferee Borrower,
as applicable, causing Owner to enter into such subordinate or replacement operating lease(s) of the Properties with a TRS Lessee,
Borrower or Transferee Borrower, as applicable, may elect notwithstanding any provisions of the Loan Documents to the contrary,
to cause Owner to transfer any applicable Franchise Agreement(s), Management Agreement(s) and other contracts, agreements, licenses,
permits, instruments or other assets or obligations of the Owner, as appropriate, to the TRS Lessee (without creating a breach
or default thereunder), or, to the extent such agreements are not transferrable, to cause the TRS Lessee to enter into replacement
Franchise Agreements(s) and/or Management Agreement(s) (with the same third-parties under, and in a form and on the terms, in each
case, not materially different than the form and terms of, the replaced agreements, except to the extent expressly permitted hereunder),
or other agreements (subject to the other terms of this Agreement). Borrower’s or Transferee Borrower’s, as applicable,
exercise of the rights set forth in this paragraph (e) shall be subject to and conditioned upon (i) delivery to Lender of
(A) an unconditional subordination of each operating lease executed by Owner or Transferee Borrower Affiliate subsidiary, as applicable,
and TRS Lessee, (B) a joinder executed by TRS Lessee with respect to the Loan Documents (other than the Note and the Guaranty),
(C) documents, instruments and certificates with respect to TRS Lessee of the same type (with appropriate changes to account for
such entity’s form of organization, assets, purpose and business, provided that each such entity shall be a Delaware limited
partnership, a Delaware limited liability company or a Delaware corporation) as are required to be delivered to Lender with respect
to a Transferee Borrower pursuant to Section 7.1(a) above and (D) such additional documents, instruments and certificates
customary for a similar transaction involving a “taxable subsidiary” both as Lender may reasonably request and in form
and substance reasonably satisfactory to Lender and subject to a Rating Agency Confirmation, and (ii) payment to Lender of its
reasonable out-of-pocket costs and expenses incurred in connection with the foregoing. The parties to each operating lease shall
have the right, from time to time, to amend the percentage rent due thereunder.

 

    	 	-117-	Mezzanine Loan Agreement

     

    

 

(f)          In
connection with any Assumption permitted by this Section 7.1, upon Borrower’s written request, Lender shall provide
a statement running to the benefit of the Transferee Borrower or the Indirect Transferee, as applicable, and their successors and
assigns, duly acknowledged and certified, setting forth (i) the Outstanding Principal Balance, (ii) the nondefault interest rate,
(iii) any amounts due or owing and unpaid under the Loan Documents, (iv) each date installments of interest and/or principal or
any other amounts accruing under the Loan Documents were last paid, as well as a list of any installments of interest or other
amounts accruing under the Loan Documents paid with respect to any period in which the date of the Assumption falls, (v) any offsets
or defenses to the payment and performance of the Obligations, if any, actually known to Lender and (vi) that this Agreement
and the other Loan Documents have not been modified or if modified, giving particulars of such modification. Except with respect
to Lender’s statements relating to clauses (i), (ii) and (iv) above, which statements may be relied upon by Transferee Borrower
or the Indirect Transferee, as applicable, and their successors and assigns, compliance by Lender with the requirements of this
paragraph shall be for informational purposes only and shall not be deemed to be an estoppel by Lender or a waiver of any rights
or remedies of Lender hereunder or under any other Loan Document.

 

Section 7.2           Permitted
Transfers.  Notwithstanding anything to the contrary contained in Section 4.2 or elsewhere in this Agreement
or any of the other Loan Documents, the following Transfers (herein, the “Permitted Transfers”) shall
be permitted hereunder without Lender’s consent and without a Rating Agency Confirmation (provided that, for the avoidance
of doubt, and notwithstanding anything to the contrary contained herein, the direct Transfer of an equity interests in any Person
that constitutes collateral for the Loan shall not be a Permitted Transfer):

 

(a)          a
Lease entered into in accordance with the Loan Documents;

 

(b)          an
Assumption in accordance with Section 7.1;

 

(c)          a
Permitted Encumbrance;

 

(d)          any
listing of equity interests in any Guarantor or Qualified Equityholder on the New York Stock Exchange, the Toronto Stock Exchange,
NASDAQ Global Select Market or any other nationally recognized stock exchange or market, and any sale, conveyance, mortgage, grant,
bargain, encumbrance, pledge, assignment or transfer of publicly traded shares or other publicly traded interests in any Guarantor
or any indirect equity owner of any Guarantor;

 

    	 	-118-	Mezzanine Loan Agreement

     

    

 

(e)          a
Transfer (but not a mortgage, pledge, hypothecation, encumbrance or grant of a security interest, except as permitted under clause
(g)) or issuance of a direct or indirect interest in any Qualified Equityholder provided that:

 

(i)          after
giving effect to such Transfer, one or more Pre-Approved Control Parties (and, after a Permitted Direct Assumption or Permitted
Indirect Assumption, one or more Qualified Equityholders that acquired their interest in Borrower through such Permitted Direct
Assumption or Permitted Indirect Assumption) shall continue to own at least thirty-five percent (35%) of all equity interests (direct
or indirect) of Borrower, Leasehold Pledgor and each SPC Party and Control Borrower, Leasehold Pledgor and each SPC Party; and

 

(ii)         if
such Transfer would cause any Person (other than any Pre-Approved Control Party), together with its Affiliates, to increase its
direct or indirect interest in Borrower, Leasehold Pledgor or any SPC Party to an amount which equals or exceeds ten percent (10%)
that did not own, together with its Affiliates, an equity interest in Borrower which equals or exceeds ten percent (10%) prior
to such Transfer, then such transferee is a Qualified Transferee and Lender shall receive not less than fifteen (15) days
advance written notice of such Transfer;

 

(f)          provided
that no Event of Default shall then exist, a Transfer (but not a mortgage, pledge, hypothecation, encumbrance or grant of a security
interest, except as permitted under clause (g)) of Control of Borrower, Leasehold Pledgor, Owner or Operating Lessee or any direct
or indirect interest in Borrower, provided that:

 

(i)          after
giving effect to such Transfer, one or more Qualified Equityholders shall collectively own at least thirty-five percent (35%) of
all equity interests (direct or indirect) of Borrower, Leasehold Pledgor and each SPC Party;

 

(ii)         after
giving effect to such Transfer, one or more Pre-Approved Control Parties shall collectively Control Borrower, Leasehold Pledgor
and each SPC Party and

 

(iii)        each
of Borrower, Leasehold Pledgor and each SPC Party shall continue to be a Special Purpose Bankruptcy Remote Entity;

 

(iv)        if
such Transfer would cause the transferee (other than any Pre-Approved Control Party), together with its Affiliates, to increase
its direct or indirect interest in Borrower, Leasehold Pledgor or any SPC Party to an amount which equals or exceeds ten percent
(10%) that did not own, together with its Affiliates, an equity interest in Borrower which equals or exceeds ten percent (10%)
prior to such Transfer, then such transferee is a Qualified Transferee and Lender shall receive not less than thirty (30) days
advance written notice of such Transfer;

 

    	 	-119-	Mezzanine Loan Agreement

     

    

 

(v)         such
Transfer is not prohibited by and would not permit the Franchisor or Ground Lessor to terminate any Franchise Agreement or Ground
Lease, and will not result in or cause any breach or default under any Franchise Agreement or Ground Lease to the extent such violation,
breach or default (with or without the passage of time) would result in an Event of Default (in each case unless the approval of
such Franchisor or Ground Lessor has been obtained), and any approvals required under any Franchise Agreement or Ground Lease to
the Transfer have been obtained;

 

(vi)        intentionally
omitted;

 

(vii)       if
such Transfer results in any Person acquiring more than 49% of the direct or indirect equity interest in Borrower or Leasehold
Pledgor and such Person did not together with its Affiliates own more than 49% of the direct or indirect equity interest in Borrower
or Leasehold Pledgor prior to such Transfer, Borrower shall have delivered to Lender with respect to such Person an Additional
Insolvency Opinion in form and substance reasonably satisfactory to Lender; and

 

(viii)      Borrower
shall reimburse Lender for any and all reasonable out of pocket legal expenses incurred by it in connection with such Transfer;

 

(g)          (i)
any pledge of an indirect equity interest in Borrower by a Multi-Asset Person to secure an upper tier corporate or similar loan
facility that is secured by all or a substantial portion of such Multi-Asset Person’s assets; and (ii) any pledge of a direct
or indirect equity interest in a Multi-Asset Person;

 

(h)          provided
no Event of Default shall then exist (unless the Substitute Guarantor arises in connection with a Permitted Transfer among Pre-Approved
Control Parties (or their respective wholly-owned subsidiaries) pursuant to Section 7.2(i)), a Guarantor or a Replacement
Guarantor may be replaced by a Person (the “Substitute Guarantor”), whereupon such Substitute Guarantor
shall be a Replacement Guarantor hereunder, provided that:

 

(i)          there
shall be no change of Control of Borrower, Leasehold Pledgor or SPC Party as a result of such replacement (unless such Change in
Control is otherwise a Permitted Transfer);

 

(ii)         such
Substitute Guarantor already has an indirect equity interest in Borrower, or acquires an indirect equity interest in Borrower pursuant
to a Permitted Transfer;

 

(iii)        such
Substitute Guarantor is a Pre-Approved Control Party or a Qualified Transferee;

 

(iv)        such
Substitute Guarantor, together with the remaining Guarantors after such Transfer, satisfy the Financial Covenants as demonstrated
to Lender’s reasonable satisfaction (with such supporting evidence as Lender may reasonable require), and the Guarantors
(and Pre-Approved Control Parties or the related Qualified Equityholder with respect to an Assumption (or Qualified Equityholders,
if there is more than one acquiring Qualified Equityholder at the time of such Assumption)) continue to own at least thirty-five
(35%) percent, and Control Borrower, Leasehold Pledgor and each SPC Party;

 

    	 	-120-	Mezzanine Loan Agreement

     

    

 

(v)         such
Substitute Guarantor executes and delivers to Lender a replacement guaranty and environmental indemnity (in form and substance
substantially the same as the Guaranty and Environmental Indemnity, and additionally including the joinder, agreement and reaffirmation
of the Substitute Guarantor and remaining Guarantors of the joint and several liability of the Substitute Guarantor and the remaining
Guarantors thereunder and under the Guaranty and Environmental Indemnity to which they are party), where such Substitute Guarantor
has undertaken at least the obligations as set forth in the Guaranty and Environmental Indemnity arising only from acts, conditions
and events occurring from and after the date of the replacement;

 

(vi)        Lender
shall have received one or more opinions of counsel to the Substitute Guarantor and remaining Guarantors in form and substance
reasonably satisfactory to Lender (A) that the replacement guaranty and environmental indemnity have been duly authorized, executed
and delivered and are valid, binding and enforceable against each such Substitute Guarantor and remaining Guarantors, in accordance
with their terms, and (B) that such Substitute Guarantor and each remaining Guarantor and any entity which is a constituent and
controlling stockholder, member or general partner of such Substitute Guarantor and each remaining Guarantor, as applicable, have
been duly organized, and are in existence and good standing;

 

(vii)       Lender
shall have received an Additional Insolvency Opinion with respect to such Transfer (if one has occurred), replacement and replacement
guaranty and environmental indemnity, in form and substance reasonably satisfactory to Lender; and

 

(viii)      Borrower
shall reimburse Lender for any and all reasonable out of pocket legal expenses incurred by it in connection with such Transfer
(if one has occurred) and such replacement including any Rating Agency fees;

 

Upon the execution and
delivery of a replacement guaranty and environmental indemnity by a Substitute Guarantor permitted by this Section 7.2(h),
the Guarantor(s) who have been replaced by the Substitute Guarantor shall be forever released from any further liability under
the Guaranty and Environmental Indemnity arising from any circumstance, condition, action or event first occurring after the effective
date of such replacement to the extent the same is not caused by such replaced Guarantor(s); provided, however, that such replaced
Guarantor(s) shall remain liable under the Guaranty and Environmental Indemnity for any obligations thereunder arising from any
action or event occurring prior to the effective date of such replacement.

 

(i)          any
Transfer of direct or indirect equity interests in, and/or Control of, Borrower, Leasehold Pledgor, Owner, Operating Lessee and/or
any SPC Party among the Pre-Approved Control Parties (including any Transfer through one or more of their respective wholly-owned
and Controlled subsidiaries) provided that:

 

(i)          after
giving effect to such Transfer, one or more Pre-Approved Control Parties shall collectively Control Borrower, Leasehold Pledgor
and each SPC Party;

 

(ii)         Borrower,
Leasehold Pledgor and each SPC Party shall continue to be a Special Purpose Bankruptcy Remote Entity;

 

(iii)        intentionally
omitted;

 

    	 	-121-	Mezzanine Loan Agreement

     

    

 

(iv)        such
Transfer is not prohibited by and would not permit the Franchisor or Ground Lessor to terminate any Franchise Agreement or Ground
Lease, and will not result in or cause any breach or default under any Franchise Agreement or Ground Lease to the extent such violation,
breach or default (with or without the passage of time) would result in an Event of Default (in each case unless the approval of
such Franchisor or Ground Lessor has been obtained), and any approvals required under any Franchise Agreement or Ground Lease to
the Transfer have been obtained;

 

(v)         if
such Transfer results in any Person acquiring more than 49% of the direct or indirect equity interest in Borrower or Leasehold
Pledgor and such Person did not own more than 49% of the direct or indirect equity interest in Borrower or Leasehold Pledgor on
the Closing Date, Borrower shall have delivered to Lender with respect to such Person an Additional Insolvency Opinion in form
and substance reasonably satisfactory to Lender;

 

(vi)        Guarantor
(or Substitute Guarantor) shall continue to have an indirect equity interest in Borrower;

 

(vii)       The
Guarantors (and/or one or more Substitute Guarantors) after such Transfer, shall continue to satisfy the Financial Covenants as
demonstrated to Lender’s reasonable satisfaction (with such supporting evidence as Lender may reasonable require), and the
Pre-Approved Control Parties (which for purposes of this clause (vii) shall include Qualified Equityholders that acquired their
interest in Borrower as a result of a Permitted Direct Assumption or a Permitted Indirect Assumption) continue to own at least
thirty-five (35%) percent, and Control Borrower, Leasehold Pledgor and each SPC Party; and

 

(viii)      Borrower
shall reimburse Lender for any and all reasonable out of pocket legal expenses incurred by it in connection with such Transfer;

 

(j)          following
an Assumption resulting in two or more Qualified Equityholders, in the aggregate, indirectly owning thirty-five percent (35%) or
more of and Controlling Borrower and Leasehold Pledgor (each, an “Existing Qualified Equityholder”),
a Transfer (but not a mortgage, pledge, hypothecation, encumbrance or grant of a security interest) of a direct or indirect interest
in Borrower from one Existing Qualified Equityholder to another Existing Qualified Equityholder (the “QEH Transferee”)
that results in the QEH Transferee owning indirectly thirty-five percent (35%) or more of Borrower and Leasehold Pledgor, and/or
results in a change of Control of Borrower, Leasehold Pledgor or any SPC Party, shall be permitted without Lender’s consent
provided that:

 

(i)          Intentionally
omitted;

 

(ii)         such
Transfer is not prohibited by and would not permit the Franchisor or Ground Lessor to terminate any Franchise Agreement or Ground
Lease, and will not result in or cause any breach or default under any Franchise Agreement or Ground Lease to the extent such violation,
breach or default (with or without the passage of time) would result in an Event of Default (in each case unless the approval of
such Franchisor or Ground Lessor has been obtained), and that any approvals required under any Franchise Agreement or Ground Lease
to the Transfer have been obtained;

 

    	 	-122-	Mezzanine Loan Agreement

     

    

 

(iii)        If
such Transfer results in no Guarantor Controlling Borrower and Leasehold Pledgor or Guarantors not owning, directly or indirectly,
in the aggregate at least thirty-five percent (35%) of the equity interests in Borrower and Leasehold Pledgor, then Lender shall
have received not less than fifteen (15) days’ notice of such Transfer and a replacement guaranty and environmental indemnity
(in form and substance substantially the same as the Guaranty and Environmental Indemnity) by one or more replacement guarantors
and indemnitors (A) who in the aggregate, satisfy the Financial Covenants and (B) each of whom satisfies the applicable search
criteria described in clause (iv) below and (C) each of whom owns a direct or indirect interest in Transferee Borrower and
at least one of whom Controls Transferee Borrower (collectively, the “QEH Replacement Guarantor”), where
such QEH Replacement Guarantor has undertaken at least the obligations as set forth in the Guaranty and Environmental Indemnity
arising only from acts, conditions and events occurring from and after the closing date of the Transfer;

 

(iv)        Lender
shall have received (A) Patriot Act, OFAC and bankruptcy searches satisfactory to Lender and (B) pending litigation, judgment,
state and federal tax lien and UCC searches reasonably satisfactory to Lender, with respect to each QEH Replacement Guarantor;
provided, however, that (1) with respect to any bankruptcy search, such search shall be deemed satisfactory if it evidences that
the QEH Replacement Guarantor, if any, is not currently the subject of any bankruptcy proceeding and has not been subject to any
voluntary or involuntary bankruptcy proceeding in the past seven (7) years (other than, in the case of an involuntary proceeding,
as may have been dismissed) and (2) UCC searches shall be deemed to be satisfactory so long as they do not evidence any security
interest in any collateral for the Loan or any security interest in any direct or indirect equity interest in Borrower;

 

(v)         If
a QEH Replacement Guarantor is required under paragraph (iii) above Lender shall have received an opinion of counsel in form and
substance reasonably satisfactory to Lender (A) that the replacement guaranty and environmental indemnity have been duly authorized,
executed and delivered and are valid, binding and enforceable against QEH Replacement Guarantor, in accordance with their terms,
and (B) that QEH Replacement Guarantor and any entity which is a constituent and controlling stockholder, member or general partner
of QEH Replacement Guarantor, as applicable, have been duly organized, and are in existence and good standing;

 

(vi)        Lender
shall have received an Additional Insolvency Opinion with respect to the Transfer, in form and substance reasonably satisfactory
to Lender and shall satisfy all then applicable Rating Agency criteria;

 

(vii)       If
such Transfer results in any Person acquiring more than 49% of the direct or indirect equity interests in Borrower or Leasehold
Pledgor and such Person did not own more than 49% of the direct or indirect equity interests in Borrower or Leasehold Pledgor prior
to such Transfer, Borrower shall reimburse Lender for any and all reasonable out of pocket legal expenses incurred by it in connection
with such Transfer including any Rating Agency fees; and

 

    	 	-123-	Mezzanine Loan Agreement

     

    

 

Upon the execution and
delivery of a replacement guaranty and environmental indemnity by a QEH Replacement Guarantor required by this Section 7.2(j),
the Guarantor(s) who have been replaced by the QEH Replacement Guarantor shall be forever released from any further liability under
the Guaranty and Environmental Indemnity arising from any circumstance, condition, action or event first occurring after the closing
date of the Transfer to the extent the same is not caused by such replaced Guarantor(s); provided, however, that such replaced
Guarantor(s) shall remain liable under the Guaranty and Environmental Indemnity for any obligations thereunder arising from any
action or event occurring prior to the closing date of the Transfer.

 

Section 7.3           Cost
and Expenses; Copies.

 

(a)          Borrower
shall pay all reasonable costs and expenses of Lender in connection with any Transfer, including, without limitation, all reasonable
fees and expenses of Lender’s counsel, whether internal or outside, and the reasonable cost of any required counsel opinions
related to REMIC (if the Loan is included in a REMIC Trust) or other securitization (if the Loan is otherwise included in a Securitization)
or tax issues and any Rating Agency fees (in the case of any Transfer requiring Rating Agency Confirmation).

 

(b)          Borrower
shall provide Lender with copies of all organizational documents relating to any Permitted Transfer to the extent expressly required
hereunder.

 

Article
8

 

DEFAULTS

 

Section 8.1           Events
of Default.  Each of the following events shall constitute an event of default hereunder (an “Event
of Default”):

 

(i)          if
(A) the Obligations are not paid in full on the Maturity Date, (B) any regularly scheduled monthly payment of interest,
and, if applicable, principal due under the Note is not paid in full within three (3) calendar days following the applicable Monthly
Payment Date, (C) any prepayment of principal due under this Agreement or the Note is not paid when due, (D)  the Spread
Maintenance Premium is not paid when due or (E) any deposit to the reserves established pursuant to Section 6.2 is not made within
three (3) calendar days following the required deposit date therefor (provided that it shall not be an Event of Default under clause
(B) or (E) if as of the applicable due date for the payment of such amounts there are sufficient funds remaining in the Deposit
Account (other than funds previously allocated to the various Accounts) to pay such amounts when due and Lender’s access
to such funds has not been inhibited in any manner whatsoever due to circumstances or events which are directly related to Borrower
or Leasehold Pledgor and no other monetary Event of Default is then continuing);

 

(ii)         if
any other amount payable pursuant to this Agreement, the Note or any other Loan Document (other than as set forth in the foregoing
clause (i)) is not paid in full when due and payable in accordance with the provisions of the applicable Loan Document,
with such failure continuing for ten (10) Business Days after Lender delivers written notice thereof to Borrower (provided
that it shall not be an Event of Default under this clause (ii) if as of the applicable due date for the payment of such amounts
there are sufficient funds remaining in the Deposit Account (as defined in the Mortgage Loan Agreement) (other than funds previously
allocated to the various Accounts (as defined in the Mortgage Loan Agreement)), to pay such amounts when due, no other monetary
Event of Default is then continuing, and the servicer under the Mortgage Loan fails to make such payment in violation of the Mortgage
Loan Agreement);

 

    	 	-124-	Mezzanine Loan Agreement

     

    

 

(iii)        subject
to Owner’s right to contest as set forth in Section 4.6 of the Mortgage Loan Agreement, if any of the Taxes or Other Charges
are not paid when Due and Payable (provided that it shall not be an Event of Default if there are sufficient funds in the Tax Account
(as defined in the Mortgage Loan Agreement) to pay such amounts when due, no other monetary Event of Default is then continuing
and the servicer under the Mortgage Loan fails to make such payment in violation of the Mortgage Loan Agreement) and such default
is not remedied within ten (10) Business Days;

 

(iv)        if
Owner fails to maintain in full force and effect Policies reflecting and satisfying the insurance coverages, amounts and other
requirements set forth in this Agreement, or if certificates evidencing the insurance provided pursuant to the Policies are not
delivered to Lender within five (5) days of Lender’s written request (provided that it shall not be an Event of Default
if (x) such failure results from the failure to timely pay any premium and there are then sufficient funds in the Insurance Account
(as defined in the Mortgage Loan Agreement) to pay such premiums when due, no other monetary Event of Default is then continuing
and (y) the servicer under the Mortgage Loan fails to make such payment in violation of the Mortgage Loan Agreement);

 

(v)         a
voluntary Transfer other than a Permitted Transfer occurs, or any other Transfer which is not a Permitted Transfer, and to which
no other clause of this Section 8.1(a) applies, occurs and is not cured within thirty (30) days following Borrower’s
receipt of written notice of such impermissible Transfer from Lender;

 

(vi)        if
any certification, representation or warranty made by Borrower, Leasehold Pledgor or any Guarantor herein or in any other Loan
Document, or in any report, certificate, financial statement or other instrument, agreement or document furnished to Lender shall
have been false or misleading in any material respect as of the date such representation or warranty was made; provided, however,
that as to any such false or misleading representation or warranty which (a) was unintentionally made to Lender and (b) which can
be made true and correct by action of Borrower or Leasehold Pledgor, Borrower and Leasehold Pledgor shall have a period of thirty
(30) days following written notice thereof to Borrower to undertake and complete all action necessary to make such representation
or warranty, true and correct in all material respects; provided, further, that if the same cannot be cured within such thirty
(30) day period, if Borrower or Leasehold Pledgor commences to take action to cure such breach within such thirty (30) day period
and thereafter diligently and expeditiously proceeds to cure the same, Borrower shall have such additional time as is reasonably
necessary to effect such cure, but in no event in excess of an additional ninety (90) days;

 

(vii)       if
Borrower, Leasehold Pledgor, Guarantor, any Individual Owner, any Operating Lessee or any SPC Party shall make an assignment for
the benefit of creditors;

 

    	 	-125-	Mezzanine Loan Agreement

     

    

 

(viii)      if
a receiver, liquidator or trustee shall be appointed for Borrower, Leasehold Pledgor, any Guarantor, any Individual Owner, any
Operating Lessee or any SPC Party, or if Borrower, Leasehold Pledgor, any Guarantor, any Individual Owner, any Operating Lessee
or any SPC Party shall be adjudicated a bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement
pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by or against, consented to, or acquiesced
in by, Borrower, Leasehold Pledgor, any Guarantor, any Individual Owner, any Operating Lessee or any SPC Party or if any proceeding
for the dissolution or liquidation of Borrower, Leasehold Pledgor, any Guarantor, any Individual Owner, any Operating Lessee or
any SPC Party shall be instituted, or if Borrower, Leasehold Pledgor, Owner, Operating Lessee or any SPC Party is substantively
consolidated with any other Person; provided, however, if such appointment, adjudication, petition, proceeding or consolidation
was involuntary and not consented to by Borrower, Leasehold Pledgor, any Guarantor, such Individual Owner, such Operating Lessee
or such SPC Party upon the same not being discharged, stayed or dismissed within ninety (90) days following its filing;

 

(ix)         if
Borrower or Leasehold Pledgor attempts to assign its rights under this Agreement or any of the other Loan Documents or any interest
herein or therein in contravention of the Loan Documents;

 

(x)          if
any of the assumptions contained in the Insolvency Opinion, or in any other non-consolidation opinion delivered to Lender in connection
with the Loan, or in any other non-consolidation opinion delivered subsequent to the closing of the Loan, is or shall become untrue
in any material respect, subject to the cure periods set forth in clause (ix);

 

(xi)         a
breach of the covenants set forth in Sections 4.4; provided, however, such violation or breach shall not constitute an Event
of Default in the event that (1) such violation or breach is not intentional, (2) such violation or breach is immaterial, (3) such
violation or breach shall be remedied in a timely and expedient manner and in any event within not more than 60 days, and (4) within
fifteen (15) Business Days following the request of Lender, but not prior to the date on which such violation or breach shall have
been remedied in accordance with the immediately foregoing clause (3), Borrower delivers to Lender a substantive non-consolidation
opinion, or a modification of the Insolvency Opinion, to the effect that such breach or violation shall not in any way impair,
negate or adversely change the opinions rendered in the Insolvency Opinion, which opinion or modification and any counsel delivering
such opinion or modification shall be acceptable to Lender in its reasonable discretion;

 

(xii)        a
breach of the covenants set forth in Sections 4.31 or 4.23 hereof;

 

(xiii)       if
at any time the equity interests pledged by Borrower pursuant to the Pledge Agreement shall be evidenced by new, replacement or
additional certificates and Borrower shall fail to deliver such certificates to Lender, together with any powers of attorney or
membership powers required to be delivered in connection therewith in accordance with the Pledge Agreement;

 

(xiv)      subject
to Borrower’s and Owner’s right to contest set forth in Section 4.3 of this Agreement, if any Individual Property
becomes subject to any mechanic’s, materialman’s or other Lien except a Permitted Encumbrance that is not bonded over
or otherwise removed or paid within ten (10) Business Days following notice of such breach;

 

    	 	-126-	Mezzanine Loan Agreement

     

    

 

(xv)       the
alteration, improvement, demolition or removal of any material portion of the Improvements without the prior written consent of
Lender, other than in accordance with this Agreement and the Leases at the Individual Properties entered into in accordance with
the Loan Documents;

 

(xvi)      if,
without Lender’s prior written consent, other than in accordance with Section 4.14, (i) any Management Agreement
is terminated, or (ii) there is a material change in any Management Agreement;

 

(xvii)     a
breach of any representation, warranty or covenant contained Section 3.1.18 hereof that is not remedied within the thirty
(30) days following notice of such breach;

 

(xviii)    if
Borrower or Operating Lessee breaches any covenant contained in Section 4.9 hereof and such breach continues for ten (10)
Business Days following Lender’s delivery of notice of such breach;

 

(xix)       if
(A) any Individual Owner shall fail in the payment of any rent, additional rent or other charge mentioned in or made payable
by any Ground Lease as and when such rent or other charge is payable (after the expiration of any grace periods afforded Owner
under such Ground Lease (but not, for the avoidance of doubt, any grace, notice or cure periods afforded to Lender under the Ground
Lease or otherwise)) (unless waived by the Ground Lessor), (B) there shall occur any default (beyond any applicable cure periods
afforded Owner under such Ground Lease (but not, for the avoidance of doubt, any grace, notice or cure periods afforded to Lender
under the Ground Lease or otherwise)) by an Individual Owner, as tenant under any Ground Lease, in the observance or performance
of any term, covenant or condition of a Ground Lease on the part of an Individual Owner, as the tenant thereunder to be observed
or performed (unless (a) waived by the Ground Lessor or (b) of an immaterial nature and for which notice from Ground Lessor is
required and has not been given), (C) if any one or more of the events referred to in a Ground Lease shall occur which would
cause such Ground Lease to terminate without notice or action by the landlord under such Ground Lease or which would entitle the
Ground Lessor to terminate such Ground Lease and the term thereof by giving notice to the applicable Individual Owner, as tenant
thereunder (unless waived by the Ground Lessor), (D) if the leasehold estate created by the Ground Lease shall be surrendered
or the Ground Lease shall be terminated or canceled for any reason or under any circumstances whatsoever, or (E) if any of
the terms, covenants or conditions of the Ground Lease shall in any manner be modified, changed, supplemented, altered or amended
without the consent of Lender except as otherwise permitted by this Agreement;

 

(xx)        if
without Lender’s prior consent, there is any material change in any Franchise Agreement (or any replacement Franchise Agreement),
or a Franchise Agreement shall be terminated or cancelled, unless Borrower or Leasehold Pledgor shall then be entitled to and shall
have replaced (or caused Owner or Operating Lessee to replace) such Franchise Agreement in accordance with the terms of Section
4.34(d) within ninety (90) days;

 

    	 	-127-	Mezzanine Loan Agreement

     

    

 

(xxi)       if
a default has occurred and continues beyond any applicable cure period under any Franchise Agreement if such default permits the
applicable Franchisor to terminate or cancel such Franchise Agreement, unless Borrower or Leasehold Pledgor shall then be entitled
under Section 4.34(d) to replace such Franchise Agreement and within ninety (90) days after such default shall replace (or
cause Owner or Operating Lessee to replace) such Franchise Agreement in accordance with the terms of Section 4.34(d);

 

(xxii)      if
there shall be a default under any of the other Loan Documents beyond any applicable cure periods contained therein, whether as
to Borrower, Leasehold Pledgor, Owner, Operating Lessee, any Guarantor, the Collateral or any Individual Property, or if any other
such event shall occur or condition shall exist, if the effect of such event or condition is to accelerate the maturity of any
portion of the Obligations or to permit Lender to accelerate the maturity of all or any portion of the Obligations;

 

(xxiii)     if
Borrower or Leasehold Pledgor shall fail to comply with any of the terms, covenants or conditions of Section 9.3 hereof
and such failure shall continue for ten (10) Business Day after notice thereof from Lender to Borrower.

 

(xxiv)    if
Borrower fails to obtain or maintain an Interest Rate Cap Agreement or replacement thereof in accordance with Section 2.6
and/or Section 2.7 hereof; provided that with respect to a failure under Section 2.6 only, no Event of Default shall
occur under this clause (xxiv) unless such failures continues for five (5) Business Days after Lender delivers notice to
Borrower thereof (it being agreed that such cure period shall not apply with respect to Borrower’s delivery of a Replacement
Interest Rate Cap Agreement in connection with its exercise of an Extension Option under Section 2.7);

 

(xxv)     an
Event of Default as defined or described in the Mortgage Loan Documents occurs or any other event shall occur or condition shall
exist, if the effect of such event or condition is to accelerate or permit Mortgage Lender to accelerate the maturity or any portion
of the Mortgage Loan;

 

(xxvi)    if
Guarantors breach the Financial Covenants, if any, under the Guaranty and a Substitute Guarantor that satisfies the Financial Covenants,
does not assume the obligations of Guarantors under the Guaranty and the Environmental Indemnity; or

 

(xxvii)   if
Borrower or Leasehold Pledgor shall continue to be in Default under any of the other terms, covenants or conditions of this Agreement
or any other Loan Document not specified in subsections (i) to (xxvi) above, for thirty (30) days after notice to Borrower
from Lender; provided, however, that if such Default is a Default which cannot be cured by the payment of a sum of money and is
otherwise susceptible of cure but cannot reasonably be cured within such 30-day period, and provided further that Borrower shall
have commenced to cure such Default within such 30-day period and shall thereafter diligently and expeditiously proceed to cure
the same, such 30-day period shall be extended for such time as is reasonably necessary for Borrower in the exercise of due diligence
to cure such Default, such additional period not to exceed ninety (90) days; provided, however that such additional
ninety (90) period shall be extended for an additional thirty (30) days provided that Borrower shall have continuously diligently
and expeditiously proceeded to cure the applicable Default and that notwithstanding the foregoing such Default has not been cured
and; provided further that Borrower continues to diligently and expeditiously proceed to cure the same and it is reasonably likely
that such Default shall be cured in such additional 30-day period.

 

    	 	-128-	Mezzanine Loan Agreement

     

    

 

Section 8.2           Remedies.

 

8.2.1     Acceleration.
 Upon the occurrence of an Event of Default (other than an Event of Default described in clauses (vii), (viii) or (ix)
of Section 8.1 above) and at any time thereafter, Lender may, in addition to any other rights or remedies available
to it pursuant to this Agreement and the other Loan Documents or at law or in equity, take such action, without notice or demand
(and Borrower hereby expressly waives any such notice or demand), that Lender deems advisable to protect and enforce its rights
against Borrower and/or Leasehold Pledgor and in and to the Collateral, including declaring the Obligations to be immediately
due and payable, and Lender may enforce or avail itself of any or all rights or remedies provided in the Loan Documents against
Borrower and/or Leasehold Pledgor and the Collateral, including all rights or remedies available at law or in equity; and upon
any Event of Default described in clauses (vii), (viii) or (ix) of Section 8.1 above, the Obligations of Borrower
hereunder and under the other Loan Documents shall immediately and automatically become due and payable in full, without notice
or demand, and each of Borrower and Leasehold Pledgor hereby expressly waives any such notice or demand, anything contained herein
or in any other Loan Document to the contrary notwithstanding. Notwithstanding the foregoing provisions of this Section 8.2.1,
if Borrower has cured a Qualified Release Property Default in accordance with Section 2.5.2, an acceleration of the Loan
arising from such Qualified Release Property Default shall be rescinded (assuming no other Event of Default shall then or thereafter
be continuing).

 

8.2.2     Suspension
of Lender’s Performance.  Upon the occurrence of an Event of Default, in addition
to any other rights or remedies available to Lender pursuant to this Agreement and the other Loan Documents or at law or in equity,
Lender may, at its option, cease or suspend any and all performance required of Lender under the Loan Documents.

 

8.2.3     Remedies
Cumulative.  During the continuance of an Event of Default, all or any one or more of the rights, powers, privileges
and other remedies available to Lender against Borrower or Leasehold Pledgor under this Agreement or any of the other Loan Documents
executed and delivered by, or applicable to, Borrower or Leasehold Pledgor or at law or in equity may be exercised by Lender at
any time and from time to time, whether or not all or any of the Obligations shall be declared due and payable, and whether or
not Lender shall have commenced any foreclosure proceeding or other action for the enforcement of its rights and remedies under
any of the Loan Documents with respect to the Collateral. The rights, powers and remedies of Lender under this Agreement shall
be cumulative and not exclusive of any other right, power or remedy which Lender may have against Borrower or Leasehold Pledgor
pursuant to this Agreement or the other Loan Documents, or existing at law or in equity or otherwise. Lender’s rights, powers
and remedies may be pursued independently, singly, successively, together or otherwise, at such time and in such order as Lender
may determine in its sole discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other
rights and remedies of Lender permitted by law or contract or as set forth herein or in the other Loan Documents or by equity.
Without limiting the generality of the foregoing, if an Event of Default is continuing (i) Lender shall not be subject to
any “one action” or “election of remedies” law or rule, and (ii) all Liens and other rights, remedies
or privileges provided to Lender shall remain in full force and effect until Lender has exhausted all of its remedies against
the Collateral and the Pledge Agreement and other Security Documents have been foreclosed, sold and/or otherwise realized upon
in satisfaction of the Obligations or the Obligations have been paid in full. No delay or omission to exercise any remedy, right
or power accruing upon an Event of Default shall impair any such remedy, right or power or shall be construed as a waiver thereof,
but any such remedy, right or power may be exercised from time to time and as often as may be deemed expedient. A waiver of one
Default or Event of Default with respect to Borrower or Leasehold Pledgor shall not be construed to be a waiver of any subsequent
Default or Event of Default by Borrower or Leasehold Pledgor or to impair any remedy, right or power consequent thereon.

 

    	 	-129-	Mezzanine Loan Agreement

     

    

 

8.2.4     Severance.

 

(a)          During
the continuance of an Event of Default, Lender shall have the right from time to time to partially foreclose the Collateral under
the Pledge Agreement in any manner and for any amounts secured by the Pledge Agreement then due and payable as determined by Lender
in its sole discretion, including the following circumstances: (i) in the event Borrower defaults beyond any applicable grace
period in the payment of one or more scheduled payments of principal and interest, Lender may foreclose the Collateral under the
Pledge Agreement to recover such delinquent payments, or (ii) in the event Lender elects to accelerate less than the entire
Outstanding Principal Balance, Lender may foreclose the Collateral under the Pledge Agreement to recover so much of the principal
balance of the Loan as Lender may accelerate and such other sums secured by the Collateral under the Pledge Agreement as Lender
may elect. Notwithstanding one or more partial foreclosures, the Collateral shall remain subject to the Pledge Agreement to secure
payment of the sums secured by the Collateral under the Pledge Agreement and not previously recovered.

 

(b)          During
the continuance of an Event of Default, Lender shall have the right from time to time to sever the Note and the other Loan Documents
into one or more separate notes, pledge agreements and other security documents in such denominations as Lender shall determine
in its sole discretion for purposes of evidencing and enforcing its rights and remedies provided hereunder. Borrower and Leasehold
Pledgor shall execute and deliver to Lender from time to time, promptly after the request of Lender, a severance agreement and
such other documents as Lender shall request in order to effect the severance described in the preceding sentence, all in form
and substance reasonably satisfactory to Lender. Borrower and Leasehold Pledgor each hereby absolutely and irrevocably appoints
Lender as its true and lawful attorney, coupled with an interest, in its name and stead to make and execute all documents necessary
or desirable to effect the aforesaid severance, Borrower and Leasehold Pledgor each ratifying all that its said attorney shall
do by virtue thereof; provided, however, Lender shall not make or execute any such documents under such power until three (3) days
after notice has been given to Borrower by Lender of Lender’s intent to exercise its rights under such power.

 

(c)          Any
amounts recovered from the Collateral or any other collateral for the Loan after an Event of Default may be applied by Lender toward
the payment of any interest and/or principal of the Loan and/or any other amounts due under the Loan Documents, in such order,
priority and proportions as Lender in its sole discretion shall determine.

 

    	 	-130-	Mezzanine Loan Agreement

     

    

 

8.2.5     Lender’s
Right to Perform.  If Borrower or Leasehold Pledgor fails to perform any covenant or obligation contained herein
and such failure shall continue for a period of five (5) Business Days after Borrower’s receipt of written notice thereof
from Lender, without in any way limiting Lender’s right to exercise any of its rights, powers or remedies as provided hereunder,
or under any of the other Loan Documents, Lender may, but shall have no obligation to, perform, or cause the performance of, such
covenant or obligation, and all costs, expenses, liabilities, penalties and fines of Lender incurred or paid in connection therewith
shall be payable by Borrower to Lender upon demand and if not paid shall be added to the Obligations (and to the extent permitted
under applicable laws, secured by the Pledge Agreement and the other Loan Documents) and shall bear interest thereafter at the
Default Rate. Notwithstanding the foregoing, Lender shall have no obligation to send notice to Borrower of any such failure (provided
that if Lender elects to exercise its right in the preceding sentence it shall notify Borrower of such exercise; provided, that
Lender’s failure to so notify Borrower shall not invalidate such action or give rise to any liability on the part of Lender
or defense, effect or counterclaim on the part of Borrower).

 

Article
9

SALE
AND SECURITIZATION OF LOAN

 

Section 9.1           Sale
of Loan and Securitization.

 

(a)          Lender
shall have the right, at Lender’s cost and without the consent of Borrower, any Guarantor or any Affiliate of Borrower or
any Guarantor, (i) to sell or otherwise transfer the Loan or any portion thereof as a whole loan, (ii) to sell participation
interests in the Loan, or (iii) to securitize the Loan or any portion thereof in a single asset securitization or a pooled
loan securitization. The transactions referred to in clauses (i), (ii) and (iii) are each hereinafter referred to as a “Secondary
Market Transaction” and the transactions referred to in clause (iii) shall hereinafter be referred to as a
“Securitization”. Any certificates, notes or other securities issued in connection with a Secondary Market
Transaction are hereinafter referred to as “Securities”). At Lender’s election, each note and/or
component comprising the Loan may be subject to one or more Secondary Market Transactions.

 

(b)          If
requested by Lender, Borrower and Leasehold Pledgor shall use commercially reasonable efforts to and shall cause Guarantors to
use commercially reasonable efforts to assist Lender, at Lender’s expense, in satisfying the market standards to which Lender
customarily adheres or which may be required by prospective investors, the Rating Agencies, applicable Legal Requirements and/or
otherwise in the marketplace in connection with any Secondary Market Transactions, and shall in any event upon Lender’s request,
at Lender’s expense:

 

(i)          (A)
provide updated financial and other customary information with respect to the Properties, the business operated at the Properties,
Owner, Operating Lessee, Borrower, Leasehold Pledgor and each Manager, including, without limitation, the information set forth
on Exhibit A attached hereto, (B) provide updated budgets and rent rolls (including itemized percentage of floor
area occupied and percentage of aggregate base rent for each tenant) relating to the Properties, and (C) provide updated appraisals,
market studies, property condition reports and other due diligence investigations of the Properties (the “Updated Information”),
together, if customary, with appropriate verification of the Updated Information through letters of auditors or opinions of counsel
acceptable to Lender and the Rating Agencies;

 

    	 	-131-	Mezzanine Loan Agreement

     

    

 

(ii)         cause
counsel to provide legal opinions of counsel, which may be relied upon by Lender, trustee in any Securitization, underwriters,
NRSROs and their respective counsel, agents and representatives, as to non-consolidation, matters of Delaware and federal bankruptcy
law relating to limited partners and/or limited liability companies, any other matters covered in the opinions delivered to Lender
at Closing or as required by the Rating Agencies with respect to the Properties, the Loan Documents, Owner, Operating Lessee, Borrower
and Leasehold Pledgor and their respective Affiliates, which counsel and opinions shall be reasonably satisfactory to Lender and
satisfactory to the Rating Agencies; and

 

(iii)        execute
amendments to the Loan Documents and Borrower’s and Leasehold Pledgor’s organizational documents requested by Lender;
provided, however, that Borrower shall not be required to modify or amend any Loan Document if such modification
or amendment would (A) change the interest rate as set forth herein on in the Note, (B) change the outstanding principal balance
of the Loan, (C) require Borrower to make or remake any representations or warranties, (D) require principal amortization of the
Loan (other than repayment in full on the Maturity Date), (E) change any Stated Maturity Date or (F) otherwise increase the obligations
or reduce the rights of Borrower or any Guarantor under the Loan Documents other than to a de minimis extent.

 

(c)          If,
at the time a Disclosure Document is being prepared for a Securitization, Lender expects that Borrower alone or Borrower and one
or more Affiliates of Borrower (including any guarantor or other Person that is directly or indirectly committed by contract or
otherwise to make payments on all or a part of the Loan) collectively, or the Properties alone or the Properties and Related Properties
collectively, will be a Significant Obligor, Borrower shall, at Lender’s expense, furnish to Lender upon reasonable request
the following financial information:

 

(i)          if
Lender reasonably expects that the principal amount of the Loan together with any Related Loans, as of the cut-off date for such
Securitization, may equal or exceed ten percent (10%) (but less than twenty percent (20%)) of the aggregate principal amount
of all loans included or expected to be included in the Securitization, net operating income for the Properties and the Related
Properties for the most recent Fiscal Year and interim period as required under Item 1112(b)(1) of Regulation AB (or, if the
Loan is not treated as a non-recourse loan under Instruction 3 for Item 1101(k) of Regulation AB, selected financial data
meeting the requirements and covering the time periods specified in Item 301 of Regulation S-K and Item 1112(b)(1) of
Regulation AB), or

 

(ii)         if
Lender reasonably expects that the principal amount of the Loan together with any Related Loans, as of the cut-off date for such
Securitization, may equal or exceed twenty percent (20%) of the aggregate principal amount of all loans included or expected
to be included in the Securitization, the financial statements in respect of each Individual Owner and its respective Properties
required under Item 1112(b)(2) of Regulation AB (which includes, but may not be limited to, a balance sheet with respect to
the entity that Lender reasonably determines to be a Significant Obligor) for the two most recent Fiscal Years and applicable interim
periods, meeting the requirements of Rule 3-01 of Regulation S-X, and statements of income and statements of cash flows with
respect to the Properties for the three most recent Fiscal Years and applicable interim periods, meeting the requirements of Rule 3-02
of Regulation S-X.

 

    	 	-132-	Mezzanine Loan Agreement

     

    

 

(d)          Further,
if reasonably requested by Lender, Borrower shall, promptly at Lender’s expense, furnish to Lender financial data or financial
statements meeting the requirements of Item 1112(b)(1) or (2) of Regulation AB, as specified by Lender, for any tenant
of any Individual Property (if available and not subject to requirements of confidentiality under the terms of the applicable Lease)
if, in connection with a Securitization, Lender expects there to be, as of the cutoff date for such Securitization, a concentration
with respect to such tenant or group of Affiliated tenants within all of the loans included or expected to be included in the Securitization
such that such tenant or group of Affiliated tenants would constitute a Significant Obligor. Borrower shall, at Lender’s
expense, use commercially reasonable efforts to furnish to Lender, in connection with the preparation of the Disclosure Documents
and on an ongoing basis, financial data and/or financial statements with respect to such tenants meeting (if available and not
subject to requirements of confidentiality under the terms of the applicable Lease) the requirements of Item 1112(b)(1) or
(2) of Regulation AB, as specified by Lender, but only for so long as such entity or entities are a Significant Obligor and
either (x) filings pursuant to the Exchange Act in connection with or relating to the Securitization (an “Exchange
Act Filing”) are required to be made under applicable Legal Requirements or (y) comparable information is required
to otherwise be “available” to holders of the Securities under Regulation AB or applicable Legal Requirements.

 

(e)          If
Lender reasonably determines in good faith that Borrower alone or Borrower and one or more Affiliates of Borrower collectively,
or the Properties alone or the Properties and Related Properties collectively, are a Significant Obligor, then Borrower shall,
at Lender’s expense, furnish to Lender, on an ongoing basis, selected financial data or financial statements meeting the
requirements of Item 1112(b)(1) or (2) of Regulation AB, as specified by Lender, but only for so long as such entity
or entities are a Significant Obligor and either (x) Exchange Act Filings are required to be made under applicable Legal Requirements
or (y) comparable information is required to otherwise be “available” to holders of the Securities under Regulation
AB or applicable Legal Requirements.

 

(f)          Any
financial data or financial statements provided pursuant to this Section 9.1 shall be furnished at Lender’s expense
to Lender within the following time periods:

 

(i)          with
respect to information requested in connection with the preparation of Disclosure Documents for a Securitization, within ten (10) Business
Days after notice from Lender; and

 

(ii)         with
respect to ongoing information required under Section 9.1(d) and (e) above, (1) not later than thirty (30) days
after the end of each fiscal quarter of Borrower and (2) not later than seventy-five (75) days after the end of each
Fiscal Year of Borrower.

 

(g)          If
reasonably requested by Lender, Borrower shall, at Lender’s expense, provide Lender, promptly following Lender’s reasonable
request therefor, with any other or additional financial statements, or financial, statistical or operating information, as Lender
shall reasonably determine to be required pursuant to Regulation S-K or Regulation S-X, as applicable, Regulation AB, or any amendment,
modification or replacement thereto or other Legal Requirements identified by Lender and relating to a Securitization or as shall
otherwise be reasonably requested by Lender or, in the case of a private securitization such statements or information as Lender
shall reasonably determine to be necessary to be included.

 

    	 	-133-	Mezzanine Loan Agreement

     

    

 

(h)          If
requested by Lender, whether in connection with a Securitization or at any time thereafter during which the Loan and any Related
Loans are included in a Securitization, Borrower shall provide Lender, promptly upon request, a list of tenants (including all
affiliates of such tenants) that in the aggregate (1) occupy 10% or more (but less than 20%) of the total floor area of the
improvements or represent 10% or more (but less than 20%) of aggregate base rent, and (2) occupy 20% or more of the total
floor area of the improvements or represent 20% or more of aggregate base rent.

 

(i)          All
financial statements provided by Borrower or Leasehold Pledgor pursuant to this Section 9.1(c), (d), (e)
or (f) shall be prepared in accordance with the Uniform System of Accounts and reconciled in accordance with GAAP (or
otherwise in accordance with an Acceptable Accounting Method) and shall meet the applicable requirements of Regulation S-K or Regulation
S-X, as applicable, Regulation AB, and other applicable Legal Requirements. All financial statements provided by Borrower pursuant
to clause (c) or (d) relating to a Fiscal Year shall be audited by Independent Accountants in accordance with GAAP,
Regulation S-X or Regulation S-K, as applicable, Regulation AB, and all other applicable Legal Requirements, shall be accompanied
by the manually executed report of the Independent Accountants thereon, which report shall meet the requirements of Regulation
S-K or Regulation S-X, as applicable, Regulation AB, and all other applicable Legal Requirements, and shall be further accompanied
by a manually executed written consent of the Independent Accountants, in form and substance acceptable to Lender, to the inclusion
of such financial statements in any Disclosure Document and any Exchange Act Filing and to the use of the name of such Independent
Accountants and the reference to such Independent Accountants as “experts” in any Disclosure Document and Exchange
Act Filing (or comparable information is required to otherwise be available to holders of the Securities under Regulation AB or
applicable Legal Requirements), all of which shall be provided at the same time as the related financial statements are required
to be provided. All other financial statements of the Borrower shall be certified by the chief financial officer of Borrower, which
certification shall state that such financial statements meet the requirements set forth in the first sentence of this paragraph.

 

(j)          If
reasonably requested by Lender, Borrower shall review any information regarding the Properties, tenants, Borrower, Leasehold Pledgor,
Owner, Operating Lessee and Guarantors which is contained in any Disclosure Document (including any interim drafts thereof and
any amendments or supplements thereto) in order to confirm that to its knowledge, no such Disclosure Document contains any untrue
statement of a material fact or omits any material fact necessary to make the statements made therein, in the light of the circumstances
under which they were made, not misleading, and to the extent any such Disclosure Document contains any such material misstatements
or omissions to correct any such material misstatements or omissions within five (5) Business Days following Borrower’s receipt
thereof. Borrower shall not be liable hereunder for any material misstatement or omission contained in the Disclosure Document
due to Lender’s failure to incorporate Borrower’s requested changes or modifications.

 

    	 	-134-	Mezzanine Loan Agreement

     

    

 

(k)          For
all purposes under this Agreement, if any Securities are offered pursuant to a “private” Securitization pursuant to
an exemption under Rule 144A or Regulation D under the Securities Act, the provisions of Regulation AB, Regulation S-K, Regulation
S-X and any other disclosure provisions of the Securities Act and/or Exchange Act, as applicable, shall be deemed to apply to such
“private” Securitization as if such offering of Securities were being conducted pursuant to a registered public offering
under the Securities Act.

 

Section 9.2           Securitization
Indemnification.

 

(a)          Borrower
understands that information about the Borrower, Leasehold Pledgor, Owner, Operating Lessee and the Properties, tenants, Managers
and Guarantors provided to Lender by Borrower or Leasehold Pledgor and their agents, counsel and representatives may be included
in preliminary and final disclosure documents in connection with a Securitization, including an offering circular, any free writing
prospectus, a prospectus, prospectus supplement, private placement memorandum or other offering document (each, a “Disclosure
Document”) and may also be included in filings with the Securities and Exchange Commission pursuant to the Securities
Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and may be made available to investors or prospective investors in the Securities, investment
banking firms, NRSROs, accounting firms, law firms and other third-party advisory and service providers relating to a Securitization.
Borrower also understands that the findings and conclusions of any third-party due diligence report obtained by Lender, the Issuer
or the Securitization placement agent or underwriter may be made publicly available if required, and in the manner prescribed,
by Section 15E(s)(4)(A) of the Exchange Act and any rules promulgated thereunder.

 

(b)          Borrower
hereby agrees to indemnify Lender (and for purposes of this Section 9.2, Lender shall include the initial lender, its successors
and assigns, and their respective officers and directors) and each Person who controls the Lender within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act (collectively, the “Lender Group”), the
issuer of the Securities (the “Issuer” and for purposes of this Section 9.2, Issuer shall include
its officers, director and each Person who controls the Issuer within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act), and any placement agent or underwriter with respect to the Securitization, each of their respective officers
and directors and each Person who controls the placement agent or underwriter within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act (collectively, the “Underwriter Group”) for any actual losses
(i.e., non-consequential), claims, damages or liabilities (collectively, the “Liabilities”) to which
Lender, the Lender Group, the Issuer or the Underwriter Group may become subject insofar as the Liabilities arise out of, or are
based upon, (A) any untrue statement or alleged untrue statement of any material fact contained in the information about the
Borrower, Leasehold Pledgor, Owner, Operating Lessee,the Properties, Guarantors, tenants and Managers provided to Lender by Borrower
and its agents, counsel and representatives (it being agreed that no Manager is an agent or representative of Borrower for the
purpose of this sentence), (B) the omission or alleged omission to state therein a material fact required to be stated in
such information or necessary in order to make the statements in such information, in light of the circumstances under which they
were made, not misleading, or (C) a breach of the representations and warranties made by Borrower or Leasehold Pledgor in
Section 3.1.31 of this Agreement (Full and Accurate Disclosure). Borrower also agrees to reimburse Lender, the Lender Group,
the Issuer and/or the Underwriter Group for any legal or other expenses reasonably incurred by Lender, the Lender Group, the Issuer
and/or the Underwriter Group in connection with investigating or defending the Liabilities. Borrower’s liability under this
paragraph will be limited to Liability that arises out of, or is based upon, an untrue statement or omission made in reliance upon,
and in conformity with, information furnished to Lender by or on behalf of Borrower or Leasehold Pledgor in connection with the
preparation of the Disclosure Document or in connection with the underwriting or closing of the Loan, including financial statements
of Borrower and Leasehold Pledgor, operating statements and rent rolls with respect to the Properties, provided Borrower is given
the opportunity to review and ensure the accuracy of any information in the Disclosure Document provided by or on behalf of Borrower
or Leasehold Pledgor or in connection with the preparation of the Disclosure Document and provided, further, that Borrower shall
not have any liability hereunder as a result of any untrue statement or alleged untrue statement or omission or alleged omission
contained in the Disclosure Document due to Lender’s failure to incorporate therein Borrower’s requested changes or
modifications (in each case excluding (x) any underwritten financial information, (y) any information (including financial information
or forecasted information) contained in any third party report commissioned by Lender, such as appraisals, property condition reports
and environmental reports, and (z) any projections or forecasts). This indemnification provision will be in addition to any liability
which Borrower may otherwise have. Borrower acknowledges and agrees that any Person that is included in the Lender Group, the Issuer
and/or the Underwriter Group that is not a direct party to this Agreement shall be deemed to be a third-party beneficiary to this
Agreement with respect to this Section 9.2(b). Within five (5) Business Days after Lender’s written request, Borrower
shall execute and deliver to Lender a separate indemnification and reimbursement agreement in favor of the Lender Group, the Issuer
and the Underwriter Group in form and substance consistent with the indemnification and reimbursement obligations of Borrower under
this Section 9.2(b).

 

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(c)          In
connection with any Exchange Act Filing or other reports containing comparable information that is required to be made “available”
to holders of the Securities under Regulation AB or applicable Legal Requirements, Borrower agrees to (i) indemnify Lender,
the Lender Group, the Issuer and the Underwriter Group for Liabilities to which Lender, the Lender Group, the Issuer and/or the
Underwriter Group may become subject insofar as the Liabilities arise out of, or are based upon, an alleged untrue statement or
alleged omission or an untrue statement or omission made in reliance upon, and in conformity with, information furnished to Lender
by or on behalf of Borrower or Leasehold Pledgor in connection with the preparation of the Disclosure Document or in connection
with the underwriting or closing of the Loan, including financial statements of Borrower and Leasehold Pledgor, operating statements
and rent rolls with respect to the Properties, provided Borrower is given the opportunity to review and ensure the accuracy of
any information in the Disclosure Document provided by or on behalf of Borrower in connection with the preparation of the Disclosure
Document and (ii) reimburse Lender, the Lender Group, the Issuer and/or the Underwriter Group for any out-of-pocket legal
or other expenses reasonably incurred by Lender, the Lender Group, the Issuer and/or the Underwriter Group in connection with defending
or investigating the Liabilities.

 

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(d)          Promptly
after receipt by an indemnified party under this Section 9.2 of notice of the commencement of any action, such indemnified
party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 9.2, notify the
indemnifying party in writing of the commencement thereof, but the failure to so notify the indemnifying party will not relieve
the indemnifying party from any liability which the indemnifying party may have to any indemnified party under Sections 9.2(b)
and 9.2(c) hereof except to the extent that failure to notify causes prejudice to the indemnifying party. If any action
is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying
party will be entitled, jointly with any other indemnifying party, to participate therein and, to the extent that it (or they)
may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified
party, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party. After notice from the indemnifying
party to such indemnified party pursuant to the immediately preceding sentence of this Section 9.2(d), such indemnifying
party shall pay for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense
thereof; provided, however, if the defendants in any such action include both the indemnified party and the indemnifying party
and the indemnified party shall have reasonably concluded that there are any legal defenses available to it and/or other indemnified
parties that are different from or additional to those available to the indemnifying party, or the indemnifying party shall have
failed to designate within a reasonable period of time counsel reasonably satisfactory to the indemnified party, the indemnified
party or parties shall have the right to select separate counsel to assert such legal defenses and to otherwise participate in
the defense of such action on behalf of such indemnified party at the cost of the indemnifying party. The indemnifying party shall
not be liable for the expenses of more than one separate counsel unless an indemnified party shall have reasonably concluded that
there may be legal defenses available to it that are different from or additional to those available to the indemnifying party.
Without the prior written consent of Lender (which consent shall not be unreasonably withheld or delayed), no indemnifying party
shall settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action, suit or proceeding
in respect of which indemnification may be sought hereunder (whether or not any indemnified party is an actual or potential party
to such claim, action, suit or proceeding) unless the indemnifying party shall have given Lender reasonable prior written notice
thereof and shall have obtained an unconditional release of each indemnified party hereunder from all liability arising out of
such claim, action, suit or proceedings, and such settlement requires no statement as to, or an admission of, fault, culpability
or a failure to act, by or on behalf of the indemnified party.

 

(e)          In
order to provide for just and equitable contribution in circumstances in which the indemnity agreement provided for in Section
9.2(b) or (c) is for any reason held to be unenforceable as to an indemnified party or insufficient in respect of any
Liabilities (or action in respect thereof) referred to therein which would otherwise be indemnifiable under Section 9.2(b)
or (c), the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such
Liabilities (or action in respect thereof); provided, however, that no Person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation. In determining the amount of contribution to which the respective parties are entitled, the following
factors shall be considered: (i) the Issuer’s and Borrower’s relative knowledge and access to information concerning
the matter with respect to which the claim was asserted; (ii) the opportunity to correct and prevent any statement or omission;
and (iii) any other equitable considerations appropriate in the circumstances. Lender and Borrower hereby agree that it would
not be equitable if the amount of such contribution were determined by pro rata or per capita allocation.

 

(f)          The
liabilities and obligations of both Borrower and Lender under this Section 9.2 shall survive the termination of this Agreement
and the satisfaction and discharge of the Debt.

 

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(g)          Borrower
shall jointly and severally indemnify Lender and its officers, directors, partners, employees, representatives, agents and Affiliates
against any Losses to which Lender or its officers, directors, partners, employees, representatives, agents and Affiliates, may
become subject in connection with any indemnification to the Rating Agencies in connection with issuing, monitoring or maintaining
the Securities insofar as the Losses arise out of or are based upon any untrue statement of any material fact in any information
provided by or on behalf of Borrower to the Rating Agencies (the “Covered Rating Agency Information”)
or arise out of or are based upon the omission to state a material fact in the Covered Rating Agency Information required to be
stated therein or necessary in order to make the statements in Covered Rating Agency Information, in light of the circumstances
under which they were made, not misleading.

 

Section 9.3           Severance.

 

9.3.1     Severance
Documentation.  Lender, without in any way limiting Lender’s other rights hereunder, in its sole and absolute
discretion, shall have the right, at any time (whether prior to or after any sale, participation or other Secondary Market Transaction
with respect to all or any portion of the Loan), to require Borrower or Leasehold Pledgor (at Lender’s expense) to execute
and deliver (i) “component” notes and/or modify the Loan in order to create one or more senior and subordinate notes
(i.e., an A/B or A/B/C structure) and/or one or more additional components of the Note or Notes (including the implementation
of a New Junior Mezzanine Loan (in accordance with Section 9.3.2 below)), or make any other change to the Loan or the Note
including but not limited to: reducing the number of components of the Note or Notes, revising the interest rate for each component,
reallocating the principal balances of the Notes and/or the components, increasing or decreasing the monthly debt service payments
for each component or eliminating the component structure and/or the multiple note structure of the Loan (including the elimination
of the related allocations of principal and interest payments), and/or (ii) in conjunction with, and with the corresponding agreement
of, the Mortgage Lender and Lender, “resize” the Loan and the Mortgage Loan to revise the interest rates for the Loan
and the Mortgage Loan, reallocate the principal balances of the Loan and the Mortgage Loan and/or increasing or decreasing the
monthly debt service payments for the Loan and the Mortgage Loan (such resizing under this clause (ii), a “Resizing”),
provided that, subject to Section 9.3.2, (A) the Outstanding Principal Balance of the Loan, or of all components of the
Loan if it is componentized (together with, in the case of a Resizing, the outstanding principal balance of the Mortgage Loan
subject to such Resizing) in the aggregate immediately after the effective date of such modification equals the outstanding principal
balance (when aggregated, in the case of a Resizing, with the outstanding principal balance of the Mortgage Loan subject to such
Resizing) immediately prior to such modification, (B) the initial weighted average of the interest rates for all components of
the Loan in the aggregate (when aggregated, in the case of a Resizing, with the interest rates of the Mortgage Loan subject to
such Resizing) immediately after the effective date of such modification equals the interest rate of the original Note (when aggregated,
in the case of a Resizing, on a weighted average basis with the interest rate of the Mortgage Loan subject to such Resizing) immediately
prior to such modification, except that the weighted average interest rate may subsequently change as a result of (I) any voluntary
prepayment that Borrower applies to the Mortgage Loan, (II) any prepayment resulting from an Event of Default, Casualty or Condemnation,
and (III) any voluntary prepayment of any portion of the Loan, (C) no principal amortization of the Loan (or any components thereof)
or the Mortgage Loan shall be required (other than repayment in full on the Maturity Date), (D) there shall be no change to any
Stated Maturity Date and (E) Borrower, Leasehold Pledgor and Guarantors shall not be required to amend any Loan Documents that
would otherwise increase the obligations or reduce the rights of Borrower, Leasehold Pledgor or any Guarantor under the Loan Documents
other than to a de minimis extent, and provided, further, that in all events the aggregate principal balance of the Loan and the
Mortgage Loan following a Resizing may not exceed the aggregate principal balance of the Loan and the Mortgage Loan immediately
prior to the Resizing, and the initial weighted average interest rate of the Loan and the Mortgage Loan, on a combined basis,
following a Resizing may not exceed the weighted average interest rate of the Loan and the Mortgage Loan, on a combined basis,
immediately before the Resizing. At Lender’s election, each note comprising the Loan may be subject to one or more Secondary
Market Transactions. Lender shall have the right to modify the Note and/or Notes and any Components in accordance with this Section
9.3 and, provided that such modification shall comply with the terms of this Section 9.3, it shall become immediately
effective.

 

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9.3.2     New
Junior Mezzanine Loan Option. Lender, without in any way limiting Lender’s other rights hereunder, in its sole and
absolute discretion, shall have the right, at any time (whether prior to or after any Secondary Market Transaction), to create
one junior mezzanine loan (a “New Junior Mezzanine Loan”) (it being agreed that there no more than two
mezzanine loans), to establish different interest rates and to reallocate the Outstanding Principal Balance and Monthly Debt Service
Payment of the Loan to the Loan and such New Junior Mezzanine Loan and to require the payment of the Loan and the New Junior Mezzanine
Loan in such order of priority as may be designated by Lender; provided, that (A) the outstanding principal balance of
the Loan and such New Junior Mezzanine Loan immediately after the effective date of the creation of such New Junior Mezzanine
Loan equals the Outstanding Principal Balance immediately prior to such modification, (B) the initial weighted average of the
interest rates for the Loan and such New Junior Mezzanine Loan in the aggregate immediately after the effective date of the creation
of such New Junior Mezzanine Loan equals the interest rate of the original Note in immediately prior to such modification (C)
no principal amortization of the Loan or the New Junior Mezzanine Loan shall be required (other than repayment in full on the
Maturity Date), (D) there shall be no change to any Stated Maturity Date and (E) Borrower and Guarantors shall not be required
to amend any Loan Documents (or enter into new documents with respect to the New Junior Mezzanine Loan) that would otherwise increase
the obligations or reduce the rights of Borrower or any Guarantor pursuant to the Loan Documents. Borrower shall cause (at Lender’s
expense) the formation of one special purpose, bankruptcy remote entity as required by Lender in order to serve as the borrower
under the New Junior Mezzanine Loan (the “New Junior Mezzanine Borrower”) and the applicable organizational
documents of Borrower shall be amended and modified as necessary or required in the formation of the New Junior Mezzanine Borrower.

 

9.3.3     Cooperation;
Execution; Delivery. Borrower and Leasehold Pledgor shall use reasonable efforts to cooperate (at Lender’s
expense) with all reasonable requests of Lender in connection with this Section 9.3. Subject to Section 9.3.2, if
reasonably requested by Lender, Borrower and Leasehold Pledgor shall promptly execute and deliver such documents as shall be required
by Lender and any Rating Agency in connection with any modification or New Junior Mezzanine Loan pursuant to this Section 9.3,
all in form and substance reasonably satisfactory to Lender and satisfactory to any applicable Rating Agency, including, the severance
of security documents if requested and/or, in connection with the creation of the New Junior Mezzanine Loan: (i) execution
and delivery of a promissory note and loan documents necessary to evidence such New Junior Mezzanine Loan, (ii) execution
and delivery of such amendments to the Loan Documents as are necessary in connection with the creation of such New Junior Mezzanine
Loan, (iii) delivery of opinions of legal counsel with respect to due execution, authority and enforceability of any modification
documents or documents evidencing or securing the New Junior Mezzanine Loan, as applicable and (iv) with respect to the New
Junior Mezzanine Loan, delivery of an additional Insolvency Opinion for the Loan and a substantive non-consolidation opinion;
each as reasonably acceptable to Lender, prospective investors and/or the Rating Agencies. In the event Borrower and/or Leasehold
Pledgor fails to execute and deliver such documents to Lender within five (5) Business Days following such request by Lender,
Borrower and Leasehold Pledgor each hereby absolutely and irrevocably appoints Lender as its true and lawful attorney, coupled
with an interest, in its name and stead to make and execute all documents necessary or desirable to effect such transactions,
Borrower and Leasehold Pledgor each hereby ratifying all that such attorney shall do by virtue thereof.

 

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Section 9.4           Costs
and Expenses. Notwithstanding anything to the contrary contained in this Article 9, no Loan Party shall be required
to incur (and Lender shall be required to pay and/or reimburse) any out-of-pocket costs or expenses in the performance of its
obligations under Sections 9.1 or 9.2 (excluding the indemnity obligations set forth therein) or Section 9.3
above, including, without limitation, any transfer taxes incurred as a result of any required restructuring.

 

Section 9.5           Confidentiality.
Borrower and Leasehold Pledgor each agrees for itself and on behalf of Guarantors that except
as expressly provided below, any reports, statements or other information required to be delivered or provided under this Agreement
or any of the other Loan Documents and furnished at any time and from time to time by Borrower, Leasehold Pledgor or Guarantors
and relating to any Guarantor (“Furnished Information”) may be included
in any Disclosure Document and may be forwarded by Lender to any actual or prospective investor in the Loan or the Mortgage Loan,
any actual or prospective assignee of the Loan or the Mortgage Loan, or beneficial interests in the Loan or the Mortgage Loan,
including investors in Securities, any actual or prospective participant in the Loan or the Mortgage Loan, any Rating Agency rating
any participations in the Loan and/or Securities, any NRSRO, any underwriter, any organization maintaining databases on the underwriting
and performance of commercial mortgage loans, any of Lender’s Affiliates involved from time to time in the transactions contemplated
by this Agreement and/or in any Securitization and/or in any assignment of all or any portion of the Loan or the Mortgage Loan,
any of Lender or such Affiliates’ respective employees, directors, agents, attorneys, accountants, or other professional
advisors, any servicers of the Loan, and/or any Governmental Authorities, in all cases as Lender determines necessary or desirable
in its sole discretion.  Borrower and Leasehold Pledgor each irrevocably waives any and all rights it may have under any applicable
Legal Requirements to prohibit such disclosure, including but not limited to any right of privacy.

 

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Article
10

 

MISCELLANEOUS

 

Section 10.1        Exculpation.
Subject to the qualifications below, Lender shall not enforce the liability and obligation of Borrower or Leasehold Pledgor to
perform and observe the Obligations contained in the Note, this Agreement, the Pledge Agreement or the other Loan Documents by
any action or proceeding wherein a money judgment shall be sought against Borrower, Leasehold Pledgor, or against Owner, Operating
Lessee, any SPC Party, any Guarantor, any Affiliates of the foregoing or any of their respective direct or indirect principals,
directors, officers, employees, beneficiaries, shareholders, partners, members, trustees or agents (each, exclusive of the Borrower
and Leasehold Pledgor, an “Other Exculpated Party”), except that (1) any Other Exculpated Party that
is party to any Loan Document or any other separate written guaranty, indemnity or other agreement given by such Other Exculpated
Party in connection with the Loan (including, without limitation, the Subordination of Management Agreement or any other Loan
Document to which such Other Exculpated Party is a party) shall remain fully liable therefor and the foregoing provisions shall
not operate to limit or impair the liabilities and obligations of such Other Exculpated Party thereunder, and (2) Lender may bring
a foreclosure action, an action for specific performance or any other appropriate action or proceeding to enable Lender to enforce
and realize upon its interest under the Note, this Agreement, the Pledge Agreement and the other Loan Documents, or in all or
any portion of the Collateral or any other collateral given to Lender pursuant to the Loan Documents; provided, however, that,
except as specifically provided herein, any judgment in any such action or proceeding shall be enforceable against Borrower or
Leasehold Pledgor only to the extent of Borrower’s and Leasehold Pledgor’s interest in the Collateral and in any other
collateral given to Lender, and Lender, by accepting the Note, this Agreement, the Pledge Agreement and the other Loan Documents,
shall not sue for, seek or demand any deficiency judgment against any of the Exculpated Parties in any such action or proceeding
under or by reason of or under or in connection with the Note, this Agreement, the Pledge Agreement or the other Loan Documents.
The provisions of this Section 10.1 shall not, however, (a) constitute a waiver, release or impairment of any obligation
evidenced or secured by any of the Loan Documents; (b) impair the right of Lender to name Borrower or Leasehold Pledgor as
a party defendant in any action or suit for foreclosure and sale under the Pledge Agreement; (c) affect the validity or enforceability
of any of the Loan Documents or any guaranty made in connection with the Loan or any of the rights and remedies of Lender thereunder;
(d) impair the right of Lender to obtain the appointment of a receiver; (e) impair the enforcement of the Environmental
Indemnity; (f) constitute a prohibition against Lender to seek a deficiency judgment against Borrower or Leasehold Pledgor
in order to fully realize the security granted by the Pledge Agreement or the other Security Documents or to commence any other
appropriate action or proceeding in order for Lender to exercise its remedies against all or any portion of the Collateral; (g)
waive or impair the liability of any Other Exculpated Party under any Loan Document or any other separate written guaranty, indemnity
or other agreement to which such Other Exculpated Party is a party (including, without limitation, the Subordination of Management
Agreement or any other Loan Document to which such Other Exculpated Party is a party); or (h) constitute a waiver of the
right of Lender to enforce the liability and obligation of Borrower or Leasehold Pledgor, by money judgment or otherwise, to the
extent of any actual loss, damage, out-of-pocket cost or expense, liability, claim or other obligation incurred by Lender (including
reasonable outside attorneys’ fees and costs reasonably incurred) arising out of or in connection with the following (all
such liability and obligation of Borrower or Leasehold Pledgor for any or all of the following being referred to herein as “Borrower’s
Recourse Liabilities”):

 

(i)          fraud
or intentional material misrepresentation committed by Borrower, Leasehold Pledgor, any Guarantor, any Individual Owner, any Operating
Lessee or any Affiliate of Borrower, any Individual Owner, any Operating Lessee or any Guarantor in connection with the Loan;

 

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(ii)         Borrower
or Leasehold Pledgor incurs any Indebtedness in violation of the Loan Documents not otherwise set forth in clause (i) in
the definition of “Springing Recourse Event” below (unless such debt was permitted when incurred but was not repaid
due to the Property’s failure to generate sufficient cash flow or the failure of Lender to release funds from the Accounts);

 

(iii)        Borrower
or Leasehold Pledgor fails to obtain Lender’s prior consent to (a) any Transfer of any Individual Property or (b) any Transfer
of a direct or indirect interest in Borrower, in each case not otherwise set forth in clause (ii) in the definition of “Springing
Recourse Event” below;

 

(iv)        removal
of personal property from the Properties during an Event of Default by Borrower or Leasehold Pledgor or on behalf of Borrower,
Leasehold Pledgor, any Individual Owner or any Operating Lessee by any Guarantor or any Affiliate of Borrower, Leasehold Pledgor,
any Individual Owner, any Operating Lessee or any Guarantor, unless replaced with personal property of substantially the same or
greater utility and of the same or greater value;

 

(v)         any
intentional material physical Waste at any Individual Property committed by Borrower or Leasehold Pledgor or on behalf of Borrower,
Leasehold Pledgor, any Individual Owner or any Operating Lessee by any Guarantor or any Affiliate of Borrower, Leasehold Pledgor,
any Individual Owner, any Operating Lessee or any Guarantor;

 

(vi)        the
material misappropriation by Borrower or Leasehold Pledgor or on behalf of Borrower, Leasehold Pledgor, any Individual Owner or
any Operating Lessee by any Guarantor or any Affiliate of Borrower, Leasehold Pledgor, any Individual Owner, any Operating Lessee
or any Guarantor of (A) any Insurance Proceeds paid by reason of any Casualty to any Individual Property, (B) any Awards in connection
with the Condemnation of any Individual Property and (C) any Gross Revenues after (or that results in) a Trigger Period or an Event
of Default, in each case, in violation of the Loan Documents;

 

(vii)       any
defaults under the Franchise Agreement for failure to complete any PIP, which results in the termination or cancellation of the
applicable Franchise Agreement or any other termination or cancellation of a Franchise Agreement; provided, there shall
not be Borrower’s Recourse Liability if Borrower or Leasehold Pledgor delivers (or causes Owner or Operating Lessee to deliver)
a replacement Franchise Agreement in compliance with the Section 4.34(d) within 90 days of such termination or cancellation
or if the Allocated Loan Amount for the Individual Property subject to such terminated Franchise Agreement together with the Allocated
Loan Amount for all other Individual Properties that have had their Franchise Agreements terminated accounts for less than five
percent (5%) of the aggregate Allocated Loan Amounts of all of the Properties; provided that with respect to the Red Zone Properties
any default under the Franchise Agreement with respect to such Red Zone Property shall result in Borrower’s Recourse Liability
notwithstanding that less than five percent (5%) of the aggregate Allocated Loan Amount have been terminated until such time as
such Red Zone Property ceases to be classified as a “Red” or “Progress” property by the applicable Franchisor;

 

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(viii)      any
breach of any provision of Section 4.4 or Schedule V of this Agreement (other than with respect to clause
(d) of Schedule V (with respect to trade payables only), clause (f) of Schedule V, clause (j) of Schedule
V, clause (w) of Schedule V and clause (x) of Schedule V) that does not result in the substantive
consolidation of the assets and liabilities of Borrower, any Individual Owner or any Operating Lessee with any other Person (other
than another Individual Owner, Operating Lessee or the Liquor Subsidiary) as a result of such breach;

 

(ix)         any
and all Divested Property Liabilities;

 

(x)          the
modification or termination of any Ground Lease if such modification or termination is prohibited under this Agreement or under
any Mortgage; and/or

 

(xi)         any
matters identified in that certain estoppel certificate from the Ground Lessor with respect to the Birmingham Property that was
not disclosed in any drafts heretofore reviewed by Lender; provided that with respect to this clause (xi) Borrower shall
no longer have liability hereunder from and after the date Borrower delivers an estoppel certificate from Ground Lessor reasonably
acceptable to Lender.

 

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Notwithstanding anything
to the contrary in this Agreement or any of the other Loan Documents, (A) Lender shall not be deemed to have waived any right
which Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the Bankruptcy Code to file a claim
for the full amount of the Obligations or to require that all collateral shall continue to secure all of the Obligations owing
to Lender in accordance with the Loan Documents, and (B) the Obligations shall be fully recourse to Borrower (and guaranteed
by any Guarantor pursuant to the Guaranty) in the event that any of the following occur (each,
a “Springing Recourse Event”): (i) Borrower, Leasehold Pledgor, Owner or Operating Lessee fails
to obtain Lender’s prior consent to any financing for borrowed money secured by the Collateral or any Individual Property,
or any voluntary conveyance of a mortgage, deed of trust, security deed, security agreement or similar grant by Borrower, Leasehold
Pledgor, Owner or Operating Lessee of a voluntary Lien upon any Individual Property or the Collateral, or Borrower, Leasehold Pledgor,
Owner or Operating Lessee fails to obtain Lender’s prior consent to any voluntary granting of a security interest in, voluntary
pledge of or other voluntary Lien upon any direct or indirect equity interest in any Individual Owner, any Operating Lessee or
any SPC Party, in each case, as security for any obligations or liabilities that is not permitted under the Loan Documents (excluding,
for the avoidance of doubt, the security interests, pledges or Liens granted under the Mortgage Loan Documents securing the Mortgage
Loan or the Loan Documents securing the Loan), in each case under this clause (i) that is not permitted under the Loan Documents
or otherwise cured; (ii) Borrower, Leasehold Pledgor, Owner or any SPC Party fails to obtain Lender’s prior consent
to (a) any voluntary transfer of fee (or ground leasehold) title to any Individual Property or the Collateral that is not
permitted under the Loan Documents or otherwise cured or (b) any voluntary transfer of a direct or indirect interest in Borrower,
Leasehold Pledgor, Owner or Operating Lessee that results in a change of control of Borrower, Leasehold Pledgor, Owner or Operating
Lessee that is not permitted under the Loan Documents; (iii) Borrower, Leasehold Pledgor, any Individual Owner, any Operating
Lessee and/or any SPC Party, files a voluntary petition under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency
law, subject to a maximum aggregate liability equal to the BK Cap; (iv) the filing of an involuntary petition against Borrower,
Leasehold Pledgor, any Individual Owner, any Operating Lessee and/or any SPC Party under the Bankruptcy Code or any other Federal
or state bankruptcy or insolvency law by any other Person in which Borrower, Leasehold Pledgor, any Individual Owner, any Operating
Lessee and/or SPC Party colludes with or otherwise assists such Person, and/or Borrower, Leasehold Pledgor, any Individual Owner,
any Operating Lessee and/or any SPC Party solicits or causes to be solicited petitioning creditors for any involuntary petition
against Borrower, Leasehold Pledgor, any Individual Owner, any Operating Lessee and/or any SPC Party by any Person, subject to
a maximum aggregate liability equal to the BK Cap; (v) Borrower, Leasehold Pledgor, any Individual Owner, any Operating Lessee
and/or any SPC Party files an answer consenting to, or joining in, any involuntary petition filed against it by any other Person
under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law (except to the extent required by applicable
law), subject to a maximum aggregate liability equal to the BK Cap; (vi) Borrower, Leasehold Pledgor, any Individual Owner
or any Operating Lessee or any Affiliate, officer, director or representative which controls Borrower, Leasehold Pledgor, such
Individual Owner or such Operating Lessee, as the case may be, consents to, or joins in, an application for the appointment of
a custodian, receiver, trustee or examiner for Borrower, Leasehold Pledgor, such Individual Owner, such Operating Lessee and/or
any portion of any Individual Property or the Collateral, as the case may be, subject to a maximum aggregate liability equal to
the BK Cap; (vii) Borrower, Leasehold Pledgor, any Individual Owner, any Operating Lessee and/or any SPC Party makes an assignment
for the benefit of creditors or admits, in any legal proceeding, its insolvency or inability to pay its debts as they become due
(in each case except to the extent required by applicable law), subject to a maximum aggregate liability equal to the BK Cap; (viii) Borrower
or Leasehold Pledgor fails to comply with the provisions of Section 4.4 or Schedule V of this Agreement
(other than those relating to solvency or adequacy of capital or adequacy of cash flow), and such failure results in an order of
substantive consolidation of Borrower or Leasehold Pledgor or one (1) or more of the Individual Owners or Operating Lessee with
any other Person (other than another Individual Owner or the Liquor Subsidiary) in a bankruptcy or similar proceeding under the
Bankruptcy Code or any other federal or state bankruptcy or insolvency law, subject to a maximum liability equal to the BK Cap;
(ix) such third party's claim of ownership of, or a Lien upon, the Pledged Securities is fully and finally disposed of in favor
of such third party, whether such disposition shall occur prior to or after a foreclosure on the Collateral by Lender (for avoidance
of doubt, the BK Cap applies to clauses (iii) through (viii) collectively, such that the aggregate liability of Borrower
under such clauses is the BK Cap), or (ix) in the event that the leasehold estate created by the Ground Lease with respect to the
Dallas Courtyard Property shall be surrendered by or on behalf of Owner of such Ground Lease shall be terminated or cancelled or
otherwise rendered ineffective, in either case, as a result of the applicable Individual Owner’s rejection of such Ground
Lease in a bankruptcy proceeding; provided that liability pursuant to this clause (ix) shall not exceed the Allocated Loan
Amount for the Dallas Courtyard Property.

 

Section 10.2       Survival;
Successors and Assigns.  This Agreement and all covenants, agreements, representations and warranties made herein
and in the certificates delivered pursuant hereto shall survive the making by Lender of the Loan and the execution and delivery
to Lender of the Note, and shall continue in full force and effect so long as all or any of the Obligations are outstanding and
unpaid unless a longer period is expressly set forth herein or in the other Loan Documents. Whenever in this Agreement any of
the parties hereto is referred to, such reference shall be deemed to include the legal representatives, successors and assigns
of such party. All covenants, promises and agreements in this Agreement, by or on behalf of Borrower, shall inure to the benefit
of the legal representatives, successors and assigns of Lender.

 

    	 	-144-	Mezzanine Loan Agreement

     

    

 

Section 10.3        Lender’s
Discretion; Rating Agency Review Waiver.

 

(a)          Whenever
pursuant to this Agreement Lender exercises any right given to it to approve or disapprove any matter, or any arrangement or term
is to be satisfactory to Lender, the decision of Lender to approve or disapprove such matter or to decide whether arrangements
or terms are satisfactory or not satisfactory shall (except as is otherwise specifically herein provided) be in the sole discretion
of Lender and shall be final and conclusive. Prior to a Securitization, whenever pursuant to this Agreement the Rating Agencies
are given any right to approve or disapprove any matter, or any arrangement or term is to be satisfactory to the Rating Agencies,
the reasonable decision of Lender to approve or disapprove such matter or to decide whether arrangements or terms are satisfactory
or not satisfactory, based upon Lender’s determination of Rating Agency criteria, shall be substituted therefor except as
otherwise specifically herein provided.

 

(b)          Whenever,
pursuant to this Agreement or any other Loan Documents, a Rating Agency Confirmation is required from each applicable Rating Agency,
in the event that any applicable Rating Agency “declines review”, “waives review” or otherwise indicates
in writing or otherwise to Lender’s or Servicer’s satisfaction that no Rating Agency Confirmation will or needs to
be issued with respect to the matter in question (each, a “Review Waiver”), then the Rating Agency Confirmation
requirement shall be deemed to be satisfied with respect to such matter. It is expressly agreed and understood, however, that receipt
of a Review Waiver (i) from any one Rating Agency shall not be binding or apply with respect to any other Rating Agency and
(ii) with respect to one matter shall not apply or be deemed to apply to any subsequent matter for which Rating Agency Confirmation
is required.

 

Section 10.4        Governing
Law.

 

(a)          THIS
AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK, AND MADE BY LENDER AND ACCEPTED BY BORROWER AND LEASEHOLD PLEDGOR IN THE STATE
OF NEW YORK, AND THE PROCEEDS OF THE NOTE DELIVERED PURSUANT HERETO WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE
PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS,
INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT
AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS) AND ANY APPLICABLE
LAW OF THE UNITED STATES OF AMERICA. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER AND LENDER EACH HEREBY UNCONDITIONALLY AND
IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT AND THE NOTE, AND THIS AGREEMENT
AND THE NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401
OF THE NEW YORK GENERAL OBLIGATIONS LAW.

 

    	 	-145-	Mezzanine Loan Agreement

     

    

 

ANY LEGAL SUIT, ACTION
OR PROCEEDING AGAINST LENDER OR BORROWER OR LEASEHOLD PLEDGOR ARISING OUT OF OR RELATING TO THIS AGREEMENT MAY AT LENDER’S
OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402
OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND BORROWER AND LEASEHOLD PLEDGOR EACH WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER
HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND BORROWER HEREBY IRREVOCABLY SUBMITS
TO THE EXCLUSIVE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING DOES HEREBY DESIGNATE AND APPOINT:

 

Corporation
Service company

1180 Avenue of the Americas

suite 210

new york, new york 10036-8401

 

AS ITS AUTHORIZED
AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING
IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND BORROWER AND LEASEHOLD PLEDGOR EACH AGREES THAT SERVICE OF PROCESS UPON
SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO BORROWER IN THE MANNER PROVIDED HEREIN SHALL
BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER OR LEASEHOLD PLEDGOR IN ANY SUCH SUIT, ACTION OR PROCEEDING
IN THE STATE OF NEW YORK. BORROWER (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGE IN THE ADDRESS OF ITS AUTHORIZED AGENT
HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK,
NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL
PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT
LEAVING A SUCCESSOR.

 

Section 10.5        Modification,
Waiver in Writing.  No modification, amendment, extension, discharge, termination or waiver of any provision of
this Agreement or of any other Loan Document, nor consent to any departure by Borrower or Leasehold Pledgor therefrom, shall in
any event be effective unless the same shall be in a writing signed by the party or parties against whom enforcement is sought,
and then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given. Except
as otherwise expressly provided herein, no notice to, or demand on Borrower or Leasehold Pledgor, shall entitle Borrower or Leasehold
Pledgor to any other or future notice or demand in the same, similar or other circumstances. Neither any failure nor any delay
on the part of Lender in insisting upon strict performance of any term, condition, covenant or agreement, or exercising any right,
power, remedy or privilege hereunder or under any other Loan Document, shall operate as or constitute a waiver thereof, nor shall
a single or partial exercise thereof preclude any other future exercise, or the exercise of any other right, power, remedy or
privilege. In particular, and not by way of limitation, by accepting payment after the due date of any amount payable under this
Agreement or any other Loan Document, Lender shall not be deemed to have waived any right either to require prompt payment when
due of all other amounts due under this Agreement or the other Loan Documents, or to declare a default for failure to effect prompt
payment of any such other amount. Lender shall have the right to waive or reduce any time periods that Lender is entitled to under
the Loan Documents in its sole and absolute discretion.

 

    	 	-146-	Mezzanine Loan Agreement

     

    

 

Section 10.6        Notices.
 All notices, demands, requests, consents, approvals or other communications (any of the foregoing, a “Notice”)
required, permitted or desired to be given hereunder shall be in writing and shall be sent by facsimile (with answer back acknowledged)
or by registered or certified mail, postage prepaid, return receipt requested, or delivered by hand or by reputable overnight
courier, addressed to the party to be so notified at its address hereinafter set forth, or to such other address as such party
may hereafter, from time to time, specify in accordance with the provisions of this Section 10.6. Any Notice shall be deemed
to have been received: (a) three (3) days after the date such Notice is mailed, (b) on the date of sending by facsimile
if sent during business hours on a Business Day (otherwise on the next Business Day), (c) on the date of delivery by hand
if delivered during business hours on a Business Day (otherwise on the next Business Day), and (d) on the next Business Day
if sent by an overnight commercial courier, in each case addressed to the parties as follows:

 

	If to Lender:	Deutsche Bank AG, New York Branch
	 	60 Wall Street, 10th Floor
	 	New York, NY  10005
	 	Attention:  General Counsel
	 	Facsimile No. (646) 736-5721
	 	 
	and to:	Deutsche Bank AG, New York Branch
	 	60 Wall Street, 10th Floor
	 	New York, NY  10005
	 	Attention:  Robert W. Pettinato, Jr.
	 	Facsimile No. (212) 797-4489
	 	 
	and to:	Citigroup Global Markets Realty Corp.
	 	390 Greenwich Street
	 	7th Floor
	 	New York, New York 10013
	 	Attention:  Ana Rosu Marmann
	 	Facsimile No.:  (646) 328-2938
	 	 
	and to:	JPMorgan Chase Bank, National Association
	 	383 Madison Avenue
	 	New York, New York 10179
	 	Attention:  Thomas N. Cassino
	 	Facsimile No.:  (212) 834-6029
	 	 

 

    	 	-147-	Mezzanine Loan Agreement

     

    

 

	with a copy to:	JPMorgan Chase Bank, National Association
	 	383 Madison Avenue
	 	New York, New York 10179
	 	Attention:  Nancy Alto
	 	Facsimile No.:  (917) 546-2564
	 	 
	with a copy to:	Cadwalader, Wickersham & Taft LLP
	 	One World Financial Center
	 	New York, New York
	 	Attention:  William P. McInerney, Esq.
	 	Facsimile No. (212) 504-6666
	 	 
	with a copy to:	KeyCorp Real Estate Capital Markets, Inc.
	 	11501 Outlook, Suite 300
	 	Overland Park, Kansas 66211
	 	Attention: Brent Kivett
	 	Facsimile: (877) 379-1625
	 	 
	If to Borrower:	c/o Hospitality Investors Trust, Inc.
	 	3950 University Drive
	 	Fairfax, Virginia
	 	Attention:  General Counsel
	 	Facsimile No.: [_______________]
	 	 
	with a copy to:	Cleary Gottlieb Steen & Hamilton LLP
	 	One Liberty Plaza
	 	New York, New York 10006
	 	Attention:  Michael Weinberger, Esq.
	 	Facsimile No. (212) 693-9649

 

Any party may change the address to which
any such Notice is to be delivered by furnishing ten (10) days written notice of such change to the other parties in accordance
with the provisions of this Section 10.6. Notices shall be deemed to have been given on the date as set forth above, even
if there is an inability to actually deliver any such Notice because of a changed address of which no Notice was given, or there
is a rejection or refusal to accept any Notice offered for delivery. Notice for any party may be given by its respective counsel.
Additionally, Notice from Lender may also be given by Servicer and Lender hereby acknowledges and agrees that Borrower shall be
entitled to rely on any Notice given by Servicer as if it had been sent by Lender.

 

Section 10.7        Waiver
of Trial by Jury.  BORROWER, LEASEHOLD PLEDGOR AND LENDER EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY
ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER
EXIST WITH REGARD TO THE LOAN DOCUMENTS OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER
OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER, LEASEHOLD PLEDGOR AND LENDER AND IS INTENDED TO ENCOMPASS
INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EACH PARTY IS HEREBY
AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER.

 

    	 	-148-	Mezzanine Loan Agreement

     

    

 

Section 10.8        Headings,
Schedules and Exhibits.  The Article and/or Section headings and the Table of Contents in this Agreement are included
herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. The Schedules
and Exhibits annexed hereto are hereby incorporated herein as a part of this Agreement with the same effect as if set forth in
the body hereof.

 

Section 10.9       Severability.
 Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision
shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or
the remaining provisions of this Agreement.

 

Section 10.10     Preferences.
 Lender shall have the continuing and exclusive right to apply or reverse and reapply any and all payments by Borrower
or Leasehold Pledgor to any portion of the Obligations of Borrower hereunder. To the extent Borrower or Leasehold Pledgor makes
a payment or payments to Lender, which payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent
or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state
or federal law, common law or equitable cause, then, to the extent of such payment or proceeds received, the Obligations hereunder
or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds
had not been received by Lender.

 

Section 10.11     Waiver
of Notice.  Neither Borrower nor Leasehold Pledgor shall be entitled to any notices of any nature whatsoever from
Lender except with respect to matters for which this Agreement or the other Loan Documents specifically and expressly provide
for the giving of notice by Lender to Borrower or Leasehold Pledgor and except with respect to matters for which Borrower and
Leasehold Pledgor are not, pursuant to applicable Legal Requirements, permitted to waive the giving of notice. Borrower and Leasehold
Pledgor hereby expressly waives the right to receive any notice from Lender with respect to any matter for which this Agreement
or the other Loan Documents do not specifically and expressly provide for the giving of notice by Lender to Borrower.

 

Section 10.12     Deemed
Distributions Borrower represents that any transfer by Mortgage Lender of Owner’s funds (whether pursuant
to Section 2.4.4, Section 6.11 or otherwise under the Mortgage Loan Agreement) to Lender pursuant to the Mortgage Loan Agreement
or any other Mortgage Loan Document is intended by Borrower to constitute, and Borrower represents that such transfers shall constitute,
distributions from Owner to Borrower and shall be treated as such on the books and records of Borrower and Owner. Borrower agrees
that all such distributions shall comply with the requirements of Section 18-607 of the Delaware Limited Liability Company Act.
Borrower agrees that no provision herein or in any other Loan Document is intended by Borrower to, nor shall any such provision
be construed to create, a debtor-creditor relationship between Owner and Borrower.

 

    	 	-149-	Mezzanine Loan Agreement

     

    

 

Section 10.13    Offsets,
Counterclaims and Defenses.  Any assignee of Lender’s interest in and to this Agreement and the other Loan
Documents shall take the same free and clear of all offsets, counterclaims or defenses which are unrelated to such documents which
Borrower or Leasehold Pledgor may otherwise have against any assignor of such documents, and no such unrelated counterclaim (other
than a counterclaim which can only be asserted in the suit, action or proceeding by such assignee on this Agreement, the Note,
the Pledge Agreement and any Loan Document and cannot be maintained in a separate action) or defense shall be interposed or asserted
by Borrower in any action or proceeding brought by any such assignee upon such documents and any such right to interpose or assert
any such unrelated offset, counterclaim or defense in any such action or proceeding is hereby expressly waived by Borrower and
Leasehold Pledgor.

 

Section 10.14      No
Joint Venture or Partnership; No Third Party Beneficiaries.

 

(a)          Borrower,
Leasehold Pledgor and Lender intend that the relationships created hereunder and under the other Loan Documents be solely that
of borrower and lender. Nothing herein or therein is intended to create a joint venture, partnership, tenancy-in-common or joint
tenancy relationship among Borrower, Leasehold Pledgor and Lender nor to grant Lender any interest in the Collateral other than
that of lender.

 

(b)          The
Loan Documents are solely for the benefit of Lender, Leasehold Pledgor and Borrower (and the Lender Group, the Issuer and the Underwriter
Group with respect to Section 9.2(b)) and nothing contained in any Loan Document shall be deemed to confer upon anyone other
than Lender, Leasehold Pledgor and Borrower any right to insist upon or to enforce the performance or observance of any of the
obligations contained therein.

 

Section 10.15    Publicity.
 All news releases, publicity or advertising by Borrower, Leasehold Pledgor or their respective Affiliates through any
media intended to reach the general public which refers to the Loan Documents or the financing evidenced by the Loan Documents,
to Lender, the Affiliate of Lender that acts as the issuer with respect to a Securitization or any of their other Affiliates shall
be subject to the prior written approval of Lender.

 

Section 10.16     Waiver
of Marshalling of Assets.  To the fullest extent permitted by law, Borrower, for itself and its successors and
assigns, waives all rights to a marshalling of the assets of Borrower, Borrower’s members or partners, as applicable, and
others with interests in Borrower, and of the Collateral, and shall not assert any right under any laws pertaining to the marshalling
of assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other
matters whatsoever to defeat, reduce or affect the right of Lender under the Loan Documents to a sale of the Collateral for the
collection of the Obligations without any prior or different resort for collection, or of the right of Lender to the payment of
the Obligations out of the net proceeds of the Collateral in preference to every other claimant whatsoever.

 

Section 10.17     Certain
Waivers.  Borrower and Leasehold Pledgor each 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 or otherwise to offset any obligations to
make the payments required by the Loan Documents. No failure by Lender to perform any of its obligations hereunder shall be a
valid defense to, or result in any offset against, any payments which Borrower is obligated to make under any of the Loan Documents.
Without limiting any of the other provisions contained herein, Borrower hereby unconditionally and irrevocably waives, to the
maximum extent not prohibited by applicable law, any rights it may have to claim or recover against Lender in any legal action
or proceeding any special, exemplary, punitive or consequential damages.

 

    	 	-150-	Mezzanine Loan Agreement

     

    

 

Section 10.18     Conflict;
Construction of Documents; Reliance.  In the event of any conflict between the provisions of this Agreement and
any of the other Loan Documents, the provisions of this Agreement shall control. The parties hereto acknowledge that they were
represented by competent counsel in connection with the negotiation, drafting and execution of the Loan Documents and that such
Loan Documents shall not be subject to the principle of construing their meaning against the party which drafted same. Borrower
acknowledges that, with respect to the Loan, Borrower shall rely solely on its own judgment and advisors in entering into the
Loan, without relying in any manner on any statements, representations or recommendations of Lender or any parent, subsidiary
or affiliate of Lender. Lender shall not be subject to any limitation whatsoever in the exercise of any rights or remedies available
to it under any of the Loan Documents or any other agreements or instruments which govern the Loan by virtue of the ownership
by it or any parent, subsidiary or affiliate of Lender of any equity interest any of them may acquire in Borrower, and Borrower
hereby irrevocably waives the right to raise any defense or take any action on the basis of the foregoing with respect to Lender’s
exercise of any such rights or remedies. Borrower acknowledges that Lender engages in the business of real estate financings and
other real estate transactions and investments which may be viewed as adverse to or competitive with the business of Borrower
or its Affiliates.

 

Section 10.19      Brokers
and Financial Advisors.  Borrower hereby represents that it has dealt with no financial advisors, brokers, underwriters,
placement agents, agents or finders in connection with the transactions contemplated by this Agreement. Borrower shall indemnify,
defend and hold Lender harmless from and against any and all claims, liabilities, losses, costs and expenses of any kind (including
Lender’s reasonable attorneys’ fees and expenses) in any way relating to or arising out of a claim by any Person that
such Person acted on behalf of Borrower or Lender in connection with the transactions contemplated herein. The provisions of this
Section 10.19 shall survive the expiration and termination of this Agreement and the payment of the Obligations.

 

Section 10.20      Prior
Agreements.  This Agreement and the other Loan Documents contain the entire agreement of the parties hereto and
thereto and their respective affiliates in respect of the transactions contemplated hereby and thereby, and all prior agreements
among or between such parties, including any confidentiality agreements or any similar agreements between or among any such parties,
whether oral or written, are superseded by the terms of this Agreement and the other Loan Documents.

 

Section 10.21      Servicer.

 

(a)          At
the option of Lender, the Loan may be serviced by a master servicer, primary servicer, special servicer and/or trustee (any such
master servicer, primary servicer, special servicer and trustee, together with its agents, nominees or designees, are collectively
referred to as the “Servicer”) selected by Lender and Lender may delegate all or any portion of its responsibilities
under this Agreement and the other Loan Documents to the Servicer pursuant to a servicing agreement (the “Servicing
Agreement”) between Lender and Servicer. Borrower shall not be responsible for any set-up fees or any other initial
costs relating to or arising under the Servicing Agreement. Borrower shall not be responsible for payment of the annual master
servicing fee due to the Servicer under the Servicing Agreement.

 

    	 	-151-	Mezzanine Loan Agreement

     

    

 

(b)          Notwithstanding
the foregoing, following a Securitization, Borrower shall reimburse Lender on demand for (a) all actual out-of-pocket reasonable
costs and expenses, liquidation fees, workout fees or special servicing fees as a result of an Event of Default under the Loan
Documents or the Loan becoming specially serviced, or any enforcement, refinancing or restructuring of the credit arrangements
provided for under the Loan Documents in the nature of a “work-out” of the Loan Documents or any insolvency or bankruptcy
of Borrower, in each case without duplication, to the extent default interest paid by Borrower under the Loan Documents is insufficient
to pay the same (after payment of interest payable on advances made by the Servicer) (provided that in any event annual special
servicing fees shall not exceed 0.1875% of the then Outstanding Principal Balance amount per annum, workout fees shall not exceed
0.375% of each collection of interest and principal collections of the Loan, and liquidation fees shall not exceed the amount,
if any, by which 0.375% of liquidation proceeds exceeds amount previously paid in respect of workout fees) and (b) during the continuance
of an Event of Default or at any time the Loan is specially serviced, the reasonable costs of all customary property inspections
and/or appraisals of the Properties (or updates to any existing inspection or appraisal) that Servicer may be required to obtain
pursuant to the applicable trust and servicing or pooling and servicing agreement (other than the cost of regular annual inspections
required to be borne by Servicer under such servicing agreement). Additionally, Borrower shall pay all reasonable out-of-pocket
costs and expenses (but not any additional servicing fee) in connection with any consent requests made by Borrower during the term
of the Loan. For avoidance of doubt, no modification fee or other amount (other than Lender’s reasonable out-of-pocket costs)
shall be payable in connection with (i) any transaction for which a workout fee is paid, or (ii) any assumption of the Loan, except
as expressly provided in Section 7.1. To the extent late charges and default interest under the Loan Documents paid by Borrower
are insufficient to pay the same (and all actual out-of-pocket reasonable costs and expenses, liquidation fees, workout fees or
special servicing fees as a result of an Event of Default under the Loan Documents or the Loan becoming specially serviced, or
any enforcement, refinancing or restructuring of the credit arrangements provided for under the Loan Documents in the nature of
a “work-out” of the Loan Documents or any insolvency or bankruptcy of Borrower, subject to the caps specified herein),
Borrower shall pay the interest payable on advances made by Servicer or the trustee with respect to any delinquent debt service
payments and any protective advances.

 

Section 10.22      Intentionally
Omitted.

 

Section 10.23      [Reserved].

 

Section 10.24      Creation
of Security Interest.  Notwithstanding any other provision set forth in this Agreement, the Note, the Pledge Agreement
or any of the other Loan Documents, Lender may at any time create a security interest in all or any portion of its rights under
this Agreement, the Note, the Pledge Agreement and any other Loan Document (including the advances owing to it) in favor of any
Federal Reserve Bank in accordance with Regulation A of the Board of Governors of the Federal Reserve System.

 

    	 	-152-	Mezzanine Loan Agreement

     

    

 

Section 10.25      Assignments
and Participations.  In addition to any other rights of Lender hereunder, the Loan, the Note, the Loan Documents
and/or Lender’s rights, title, obligations and interests therein may be sold, assigned, participated or otherwise transferred
by Lender and any of its successors and assigns to any Person at any time in its sole and absolute discretion, in whole or in
part, whether by operation of law (pursuant to a merger or other successor in interest) or otherwise without notice to or consent
from Borrower or any other Person. Upon such assignment, all references to Lender in this Agreement and in any Loan Document (or
to an individual assigning co-lender in the event an individual co-lender make such assignment rather than an assignment in whole
by Lender) shall be deemed to refer to such assignee or successor in interest and such assignee or successor in interest shall
thereafter stand in the place of Lender (or in the case of an individual assigning co-lender in the event an individual co-lender
make such assignment rather than an assignment in whole by Lender, such assignee of or successor in interest to such co-lender)
in all respects. Except as expressly permitted herein, neither Borrower nor Leasehold Pledgor may assign its rights, title, interests
or obligations under this Agreement or under any of the Loan Documents. In the event that the Loan is syndicated to five (5) or
more co-lenders, then such co-lenders shall appoint an administrative agent or lead lender to act on behalf of such co-lenders
and to serve as Borrower’s single point of contact with respect to the Loan Documents.

 

Section 10.26     Counterparts.
 This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an
original, but all of which shall together constitute one and the same instrument.

 

Section 10.27      Set-Off.
 In addition to any rights and remedies of Lender provided by this Agreement and by law, Lender shall have the right in
its sole discretion, without prior notice to Borrower, any such notice being expressly waived by Borrower to the extent permitted
by applicable law, upon any amount becoming due and payable by Borrower hereunder (whether at the stated maturity, by acceleration
or otherwise), to set-off and appropriate and apply against such amount any and all deposits (general or special, time or demand,
provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct
or indirect, absolute or contingent, matured or unmatured, at any time held or owing by Lender or any Affiliate thereof to or
for the credit or the account of Borrower; provided however, Lender may only exercise such right during the continuance of an
Event of Default. Lender agrees promptly to notify Borrower after any such set-off and application made by Lender; provided that
the failure to give such notice shall not affect the validity of such set-off and application.

 

Section 10.28      [Reserved].

 

Section 10.29     Intercreditor
Agreement.  Lender and Mortgage Lender are or will be parties to a certain intercreditor
agreement (the “Intercreditor Agreement”) memorializing their relative
rights and obligations with respect to the Loan, the Mortgage Loan, Borrower, Leasehold Pledgor, Owner, the Properties, and the
Collateral. Borrower hereby acknowledges and agrees that (i) such Intercreditor Agreement is intended solely for the benefit of
Lender and Mortgage Lender and (ii) none of Borrower, Leasehold Pledgor or Owner are intended third-party beneficiaries of any
of the provisions therein and shall not be entitled to rely on any of the provisions contained therein. Lender and Mortgage Lender
shall have no obligation to disclose to Borrower the contents of the Intercreditor Agreement. Borrower’s obligations hereunder
are independent of such Intercreditor Agreement and remain unmodified by the terms and provisions thereof.

 

    	 	-153-	Mezzanine Loan Agreement

     

    

 

Section 10.30      Note
Register; Participant Register.

 

(a)          Servicer,
as non-fiduciary agent of Borrower, or if there is no Servicer, the administrative agent or lead lender, as non-fiduciary agent
of Borrower, or if there is no administrative agent or lead lender, Borrower (or in the case of assignments to participants, the
applicable Lender pursuant to paragraph (b) below), shall maintain a record within the meaning of U.S. Treasury Regulation 5f.103-1(c)
that identifies each owner (including successors, assignees and participants) of an interest in the Loan, including the name and
address of the owner, and each owner’s rights to principal and stated interest (the “Register”)
and shall record all transfers of an interest in the Loan, including each assignment and participation, in the Register. 
The entries in the Register shall be conclusive, absent manifest error, and Borrower, Lender and Servicer may treat each Person
whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement.  The
parties intend for the Loan to be in registered form for tax purposes and to the extent of any conflict with this Section 10.30,
this Section 10.30 shall be construed in accordance with that intent. The Register shall be available for inspection by
Borrower and any Lender at any reasonable time and from time to time upon reasonable prior notice. Failure to make any such recordation,
or any error in such recordation, however, shall not affect Borrower’s obligations in respect of the Loan. Borrower acknowledges
that the Notes are in registered form and may not be transferred except by register.

 

(b)          Each
Lender that sells a participation hereunder shall, acting solely for this purpose as an agent of Borrower, maintain a register
on which it enters the name and address of each participant and the principal amounts (and stated interest) of each participant’s
interest  in  the  Loan  or  other  obligations  under  the  Loan  Documents 
(the  “Participant Register”); provided, however, that no Lender shall have any obligation to disclose
all or any portion of the Participant Register (including the identity of any participant or any information relating to a participant’s
interest in any obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish
that such obligation is in registered form under U.S. Treasury Regulation 5f.103-1(c).  The entries in the Participant Register
shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register
as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance
of doubt, Servicer shall have no responsibility for maintaining a Participant Register.

 

Section 10.31     Borrower
Affiliate Lender. Lender agrees that the Lender Documents shall not prohibit or restrict Affiliates of Borrower
from purchasing or otherwise acquiring and owning (a) beneficial interests in the Mortgage Loan as evidenced by any single or
multi class non-voting Securities in respect of any private or public securitization of the Mortgage Loan or (b) any direct or
indirect interests in the Loan or the New Junior Mezzanine Loan (or otherwise impose additional restrictions or requirements on
a transfer to such Affiliate of Borrower), provided, however, that the Lender Documents may include customary restrictions on
the exercise of the rights and remedies by such Affiliates of Borrower under the Loan, the Mortgage Loan and the New Junior Mezzanine
Loan including, without limitation, (i) restrictions on any such Affiliate having the right to, or exercising, directly or indirectly,
any control, decision-making power, voting rights, notice and cure rights, or other rights that would otherwise benefit a holder
by virtue of its ownership or control of any interest with respect to the Loan, the Mortgage Loan or the New Junior Mezzanine
Loan, (ii) restrictions on any such Affiliate’s approval and consent rights under any intercreditor agreement, co-lender
agreement or similar agreement, (iii) restrictions on such Affiliate’s initiation of enforcement actions against equity
collateral, (iv) restrictions on the making of protective advances, (v) restrictions on such Affiliate from making or bringing
any claim, in its capacity as a holder of any direct or indirect interest in the Loan, the Mortgage Loan or the New Junior Mezzanine
Loan, against Lender, any Mortgage Lender or any lender under the New Junior Mezzanine Loan (a “New Junior Mezzanine
Lender”) or any agent of any of the foregoing with respect to the duties and obligations of such Person under the
Loan Documents, any Mortgage Loan Documents, or any loan documents with respect to the New Junior Mezzanine Loan, any intercreditor
agreement or any applicable co-lender agreement or similar agreement and (vi) restrictions on such Affiliate’s access to
any electronic platform for the distribution of materials or information among the Lenders and any New Junior Mezzanine Lender,
“asset status reports” or any correspondence or materials or notices of or participation in any discussions, meetings
or conference calls (among Lenders and any New Junior Mezzanine Lender, any of their respective co-Lender or participants, or
otherwise) regarding or relating to any workout discussions or litigation or foreclosure strategy (or potential litigation strategy)
involving the Loan, the Mortgage Loan or the New Junior Mezzanine Loan, other than in its capacity as Borrower, Mortgage Borrower
or the borrower under the New Junior Mezzanine Loan (the “New Junior Mezzanine Borrower”) to the extent
discussions and negotiations are being conducted with Borrower, Mortgage Borrower or such New Junior Mezzanine Borrower (as distinct
from internal discussions and negotiations among the various creditors).

 

    	 	-154-	Mezzanine Loan Agreement

     

    

 

Section 10.32      Acknowledgement
and Consent to Bail-In of EEA Financial Institutions.

 

(a)          Notwithstanding
anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among the respective parties
thereto, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to
the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and
agrees and consents to, and acknowledges and agrees to be bound by:

 

(i)          the
application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an EEA Financial Institution; and

 

(ii)         the
effects of any Bail-In Action on any such liability, including, if applicable:

 

(A)         a
reduction in full or in part or cancellation of any such liability;

 

(B)         a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or
other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or

 

(C)         the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution
Authority.

 

    	 	-155-	Mezzanine Loan Agreement

     

    

 

(b)          As
used in this Section 10.32 the following terms have the following meanings ascribed thereto: (i) “Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability
of an EEA Financial Institution; (ii)“Bail-In Legislation” means, with respect to any EEA Member Country
implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing
law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule; (iii) “EEA
Financial Institution” means (x) any credit institution or investment firm established in any EEA Member Country
which is subject to the supervision of an EEA Resolution Authority; (y) any entity established in an EEA Member Country which is
a parent of an institution described in clause (x) of this definition, or (x) any financial institution established in an EEA Member
Country which is a subsidiary of an institution described in clauses (x) or (y) of this definition and is subject to consolidated
supervision with its parent; (iv) “EEA Member Country” means any of the member states of the European
Union, Iceland, Liechtenstein, and Norway or any other member state of the European Economic Area; (v) “EEA Resolution
Authority” means any public administrative authority or any person entrusted with public administrative authority
of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution; (vi)
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market
Association (or any successor person), as in effect from time to time; and (vii) “Write-Down and Conversion Powers”
means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from
time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described
in the EU Bail-In Legislation Schedule.

 

Section 10.33      Co-Lenders.

 

(a)          Borrower
and Lender hereby acknowledge and agree that notwithstanding the fact that the Loan may be serviced by Servicer, prior to a Securitization
of the entire Loan, all requests for approval and consents hereunder and in every instance in which Lender’s consent or approval
is required, Borrower shall, except with respect to those item set forth on Schedule 10.33 hereof, only be required to obtain the
consent and approval of Deutsche Bank AG, New York Branch (or its successors or assigns) and all copies of documents, reports,
requests and other delivery obligations of Borrower required hereunder shall be delivered by Borrower to Deutsche Bank AG, New
York Branch (or its successors or assigns).

 

(b)          Following
the Closing Date (i) the liabilities of Lender shall be several and not joint, (ii) neither Co-Lender shall be responsible for
the obligations of the other Co-Lender, and (iii) each Co-Lender shall be liable to Borrower only for their respective Ratable
Share of the Loan. Notwithstanding anything to the contrary herein, all indemnities by Borrower and obligations for costs, expenses,
damages or advances set forth herein shall run to and benefit each Co-Lender in accordance with its Ratable Share.

 

(c)          Each
Co-Lender agrees that it has, independently and without reliance on the other Co-Lender, and based on such documents and information
as it has deemed appropriate, made its own credit analysis of Borrower and its Affiliates and decision to enter into this Agreement
and that it will, independently and without reliance upon the other Co-Lender, and based on such documents and information as it
shall deem appropriate at the time, continue to make its own analysis and decisions in taking or not taking action under this Agreement
or under any other Loan Document.

 

    	 	-156-	Mezzanine Loan Agreement

     

    

 

Article
11

 

Mortgage
Loan

 

Section 11.1         Compliance
With Mortgage Loan Documents. Borrower shall (or shall cause Owner or Operating Lessee,
as applicable, to): (a) pay all principal, interest and reserve deposits required to be paid by Owner under and pursuant to the
provisions of the Mortgage Loan Documents; (b) diligently perform and observe all of the terms, covenants and conditions of the
Mortgage Loan Documents on the part of Owner and Operating Lessee to be performed and observed, unless such performance or observance
shall be waived in writing by Mortgage Lender; (c) promptly notify Lender of the giving of any notice by Mortgage Lender to Owner,
Operating Lessee or Borrower of any default by Owner or Operating Lessee in the performance or observance of any of the terms,
covenants or conditions of the Mortgage Loan Documents on the part of Owner or Operating Lessee to be performed or observed and
deliver to Lender a true copy of each such notice; and (d) not enter into or be bound by any Mortgage Loan Documents that are
not approved by Lender. Without limiting the foregoing, Borrower shall cause Owner to fund all reserves required to be funded
pursuant to the Mortgage Loan Documents. In the event of a refinancing of the Mortgage Loan permitted by the terms of this Agreement,
Borrower will cause all reserves on deposit with Mortgage Lender to be utilized by Owner to reduce the amount due and payable
to the Mortgage Lender or alternatively shall be remitted to Lender as a mandatory prepayment of the Loan.

 

Section 11.2       Mortgage
Loan Defaults. 

 

(a)          Without limiting the generality of the other provisions of this
Agreement, and without waiving or releasing Borrower or Leasehold Pledgor from any of its obligations hereunder, if there shall
occur any default under the Mortgage Loan Documents, Borrower and Leasehold Pledgor each hereby expressly agrees that Lender shall
have the immediate right, without prior notice to Borrower or Leasehold Pledgor, but shall be under no obligation: (i) to pay
all or any part of the Mortgage Loan and any other sums that are then due and payable, and to perform any act or take any action
on behalf of Borrower, Leasehold Pledgor, Owner and/or Operating Lessee as may be appropriate, to cause all of the terms, covenants
and conditions of the Mortgage Loan Documents on the part of Owner or Operating Lessee to be performed or observed thereunder
to be promptly performed or observed; and (ii) to pay any other amounts and take any other action as Lender, in its sole and absolute
discretion, shall deem advisable to protect or preserve the rights and interests of Lender in the Loan and/or the Collateral.
All sums so paid and the costs and expenses incurred by Lender in exercising rights under this Section 11.2 (including
attorneys’ fees) (i) shall constitute additional advances of the Loan to Borrower, (ii) shall increase the then
unpaid Outstanding Principal Balance, (iii) shall bear interest at the Default Rate for the period from the date that such
costs or expenses were incurred to the date of payment to Lender, (iv) shall constitute a portion of the Debt, (v) shall
be secured by the Pledge Agreement and (vi) shall be due and payable to Lender within five Business Days following written demand
therefor.

 

    	 	-157-	Mezzanine Loan Agreement

     

    

 

(b)          Borrower
and Leasehold Pledgor hereby indemnifies Lender from and against all liabilities, obligations, losses, damages, penalties, assessments,
actions, or causes of action, judgments, suits, claims, demands, costs, expenses (including attorneys’ and other professional
fees, whether or not suit is brought, and settlement costs) and disbursements of any kind or nature whatsoever which may be imposed
on, incurred by or asserted against Lender as a result of the foregoing actions. Lender shall have no obligation to Borrower, Leasehold
Pledgor, Owner, Operating Lessee or any other party to make any such payment or performance. Neither Borrower nor Leasehold Pledgor
shall impede, interfere with, hinder or delay, nor permit Owner or Operating Lessee to impede, interfere with, hinder or delay,
any effort or action on the part of Lender to cure any default or asserted default under the Mortgage Loan, or to otherwise protect
or preserve Lender’s interests in the Loan and the Collateral following a default or asserted default under the Mortgage
Loan. Lender shall have no obligation to complete any cure or attempted cure undertaken or commenced by Lender.

 

(c)          If
Lender shall receive a copy of any notice of default under the Mortgage Loan Documents sent by Mortgage Lender to Owner or Operating
Lessee, such notice shall constitute full protection to Lender for any action taken or omitted to be taken by Lender, in good faith,
in reliance thereon. As a material inducement to Lender’s making the Loan, each of Borrower and Leasehold Pledgor hereby
absolutely and unconditionally releases and waives all claims against Lender arising out of Lender’s exercise of its rights
and remedies provided in this Section 11.2, except for Lender’s gross negligence or willful misconduct.

 

(d)          If,
on account of the subordination of the Loan to the Mortgage Loan, Lender is required to remit to Mortgage Lender any amount theretofore
paid to Lender hereunder, and such amount is credited towards Owner’s obligations under the Mortgage Loan, then such amount
shall continue to be owing pursuant to this Agreement and the other Loan Documents as part of the Indebtedness, notwithstanding
the prior receipt of such payment by Lender.

 

Section 11.3        Mortgage
Loan Estoppels. Borrower and Leasehold Pledgor shall (or shall cause Owner or Operating
Lessee to), from time to time, use reasonable efforts to obtain from Mortgage Lender such certificates of estoppel with respect
to compliance by Owner and Operating Lessee with the terms of the Mortgage Loan Documents as may be reasonably requested by Lender.
In the event or to the extent that Mortgage Lender is not legally obligated to deliver such certificates of estoppel and is unwilling
to deliver the same, or is legally obligated to deliver such certificates of estoppel but breaches such obligation, then neither
Borrower nor Leasehold Pledgor shall be in breach of this provision so long as Borrower furnishes to Lender an estoppel executed
by Borrower, Leasehold Pledgor, Owner and Operating Lessee expressly representing to Lender the information requested by Lender
regarding compliance by Owner and Operating Lessee with the terms of the Mortgage Loan Documents. Each of Borrower and Leasehold
Pledgor hereby indemnifies Lender from and against all liabilities, obligations, losses, damages, penalties, assessments, actions,
or causes of action, judgments, suits, claims, demands, costs, expenses (including attorneys’ and other professional fees,
whether or not suit is brought and settlement costs) and disbursements of any kind or nature whatsoever which may be imposed on,
incurred by, or asserted against Lender based in whole or in part upon any fact, event, condition, or circumstances relating to
the Mortgage Loan which was misrepresented in, or which warrants disclosure and was omitted from such estoppel executed by Borrower,
Leasehold Pledgor Owner and Operating Lessee.

 

    	 	-158-	Mezzanine Loan Agreement

     

    

 

Section 11.4        No
Amendment to Mortgage Loan Documents; Consents and Approvals. Without obtaining the prior
written consent of Lender, neither Borrower nor Leasehold Pledgor shall cause or permit Owner or Operating Lessee to enter into
any amendment or modification of any of the Mortgage Loan Documents. Borrower or Leasehold Pledgor shall cause Owner or Operating
Lessee to provide Lender with a copy of any amendment or modification to the Mortgage Loan Documents promptly after the execution
thereof. If any action, proposed action or other decision is consented to or approved by Mortgage Lender, such consent or approval
shall not be binding or controlling on Lender. Borrower and Leasehold Pledgor each hereby acknowledges and agrees that (i) the
risks of Mortgage Lender in making the Mortgage Loan are different from the risks of Lender in making the Loan and (ii) in determining
whether to grant, deny, withhold or condition any requested consent or approval, Mortgage Lender and Lender may reasonably reach
different conclusions. In addition, except as otherwise provided in this Agreement, the denial by Lender of a requested consent
or approval in accordance with the terms of the Loan Documents shall not result in any liability or other obligation of Lender,
if such denial results directly or indirectly in a default under any Senior Loan, and each of Borrower and Leasehold Pledgor hereby
waives any claim of liability against Lender arising from any such denial.

 

Section 11.5        Refinancing
or Prepayment of the Mortgage Loan. Neither Borrower nor Owner shall make any partial or
full prepayments of amounts owing under the Mortgage Loan (other than any partial or full prepayments permitted by and made in
accordance with the terms of the Mortgage Loan Agreement and this Agreement) or refinance the Mortgage Loan without the prior
written consent of Lender, unless such refinancing results in the concurrent payment in full of the Debt.

 

Section 11.6        Intentionally
Omitted.

 

Section 11.7        Purchase
of Mortgage Loan. Except as permitted under Section 10.31, none of Borrower, Owner,
Operating Lessee, Guarantor or any Affiliate of any of the foregoing shall acquire or agree to acquire the Mortgage Loan, or any
portion thereof or any interest therein, via purchase, transfer, exchange, operation of law or otherwise. If Borrower, Leasehold
Pledgor, Owner, Operating Lessee, Guarantor or any Affiliate of any of the foregoing shall have failed to comply with the foregoing,
then Borrower or Leasehold Pledgor shall (i) immediately notify Lender of such failure and (ii) cause any and all such Persons
acquiring any interest in the Mortgage Loan Documents (A) not to enforce the Mortgage Loan Documents, and (B) upon the request
of Lender, to the extent any of such Persons has or have the power or authority to do so, to promptly (1) cancel the promissory
note evidencing the portion of the Mortgage Loan so acquired, (2) if the entire Mortgage Loan was so acquired, reconvey and release
the liens securing the Mortgage Loan, and (3) discontinue and terminate any enforcement proceeding(s) under the Mortgage Loan
Documents being taken by Borrower, Leasehold Pledgor, Owner, Operating Lessee, Guarantor or any Affiliate of any of the foregoing.
Notwithstanding the foregoing, it shall not constitute a breach of the foregoing covenants if Guarantor acquires any subrogation
claim in respect of the Mortgage Loan solely by operation of law as a result of a payment under the guaranty executed in connection
with the Mortgage Loan.

 

Section 11.8        Communication
with Mortgage Lender. Lender shall have the right at any time to discuss the Properties,
the Collateral, the Mortgage Loan, the Loan or any other matter directly with Mortgage Lender or their its consultants, agents
or representatives, without notice to or permission from Borrower or Leasehold Pledgor or any of their respective affiliates.
Lender shall have no obligation to disclose such discussions or the contents thereof with Borrower or Leasehold Pledgor or any
of their respective affiliates.

 

    	 	-159-	Mezzanine Loan Agreement

     

    

 

Section 11.9        Duplicative
Performance Not Required. To the extent that any provisions of this Agreement require the Borrower to post additional
collateral or security for the performance of Borrower’s or Leasehold Pledgor’s (or Owner’s or Operating Lessee’s)
obligations hereunder or Owner’s and/or Operating Lessee’s obligations under the Mortgage Loan Documents, and Owner
or Operating Lessee shall have posted collateral or security in respect of the same obligations pursuant to the Mortgage Loan
Agreement, then Borrower shall have no obligation under this Agreement to post such additional collateral or security in connection
therewith; provided, however, in the event the Mortgage Loan has been paid in full, any and all obligations of Owner and Operating
Lessee under the Mortgage Loan Documents to have posted additional collateral or security in respect of the obligations of Owner
and Operating Lessee pursuant to the Mortgage Loan Agreement shall instead be deemed to require that such additional collateral
or security be posted in favor of Lender in respect of Borrower’s and Leasehold Pledgor’s obligations pursuant to
this Agreement.

 

Section 11.10      Compliance
with Required Loan Restructurings.  Notwithstanding anything to the contrary set forth in the Loan Documents (a) Owner
and Operating Lessee may comply in all respects with any requirements to restructure the Mortgage Loan pursuant to Article 9 of
the Mortgage Loan Agreement (or any other similar provision in the Mortgage Loan Documents), (b) any borrower under any future
mezzanine loan that is made or created in accordance with Article 9 of the Mortgage Loan Agreement may comply in all respects
with any requirements to restructure the applicable loan as required under its respective loan documents, and (d) no actions taken
by the Owner, Operating Lessee or any future mezzanine borrower in furtherance of the foregoing, including, without limitation,
any transfers, pledges or amendments to organizational documents shall constitute a breach of any provisions of the Loan Documents,
or result in a default or Event of Default hereunder.

 

[No
Further Text On This Page]

 

    	 	-160-	Mezzanine Loan Agreement

     

    

 

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed by their duly authorized representatives, all as of the day and
year first above written.

 

	 	BORROWER:
	 	 
	 	HIT PORTFOLIO  I MEZZ,  LP,

a Delaware
limited partnership

	 	 
	 	By: 	HIT Portfolio I Mezz GP, LLC,

a Delaware limited liability company, its general partner
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Paul C. Hughes
	 	 	Name:	Paul C. Hughes

	 	 	Title:	General Counsel and Secretary

 

[SIGNATURES CONTINUE ON
NEXT PAGE]

 

    	 	SIGNATURE PAGE	Mezzanine Loan Agreement

     

    

 

	 	HIT PORTFOLIO I TRS HOLDCO, LLC,

a
Delaware limited liability company

	 	 
	 	 
	 	By: 	/s/ Paul C. Hughes
	 	 	Name:
Title:	Paul C. Hughes
General Counsel and Secretary

 

    	 	SIGNATURE PAGE	Mezzanine Loan Agreement

     

    

 

	 	LENDER:
	 	 
	 	DEUTSCHE BANK AG, NEW YORK BRANCH
	 	 
	 	 
	 	By: 	/s/ David Goodman
	 	 	Name:
Title:	David Goodman
Managing Director
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Lisa Paterson
	 	 	Name:
Title:	Lisa Paterson
Managing Director

 

    	 	SIGNATURE PAGE	Mezzanine Loan Agreement

     

    

 

	 	LENDER:
	 	 
	 	CITIGROUP GLOBAL MARKETS REALTY
CORP.,

a New York corporation

	 	 
	 	 
	 	By: 	/s/ Harry Kramer  
	 	 	Name:
Title:	Harry Kramer
Vice President

 

    	 	SIGNATURE PAGE	Mezzanine Loan Agreement

     

    

 

	 	LENDER:
	 	 
	 	JPMORGAN  CHASE  BANK, NATIONAL
ASSOCIATION,

a banking association chartered under the laws of the United States of America

	 	 
	 	 
	 	By: 	/s/ Anthony Shaskus
	 	 	Name:
Title:	Anthony Shaskus
Vice President

 

    	 	SIGNATURE PAGE	Mezzanine Loan Agreement

     

    

 

SCHEDULE I

INDIVIDUAL PROPERTIES AND ALLOCATED LOAN AMOUNTS

 

	Individual Property Name	 	Allocated Loan Amount	 
	 	 	 	 	 
	Homewood Suites by Hilton Chicago	 	$	5,856,655	 
	Residence Inn by Marriott LA El Segundo	 	$	4,533,276	 
	Residence Inn by Marriott Portland	 	$	4,054,608	 
	Embassy Suites by Hilton Orlando	 	$	3,519,625	 
	Courtyard by Marriott Louisville	 	$	3,181,741	 
	Hampton Inn & Suites by Hilton Boynton Beach	 	$	2,669,247	 
	SpringHill Suites by Marriott San Diego	 	$	2,271,511	 
	Residence Inn by Marriott San Diego	 	$	2,227,318	 
	Hampton Inn & Suites by Hilton Franklin	 	$	2,068,224	 
	Hyatt Place Las Vegas	 	$	1,971,000	 
	Hampton by Hilton Palm Beach Gardens	 	$	1,758,874	 
	Homewood Suites by Hilton Phoenix	 	$	1,714,682	 
	Hampton by Hilton Albany	 	$	1,697,005	 
	Courtyard by Marriott Dallas	 	$	1,643,973	 
	Hyatt Place Albuquerque	 	$	1,643,973	 
	Hyatt Place Indianapolis	 	$	1,626,296	 
	Hyatt Place Tampa	 	$	1,608,619	 
	Hyatt Place Franklin	 	$	1,546,749	 
	Hyatt Place Miami	 	$	1,520,233	 
	Hampton by Hilton West Palm Beach	 	$	1,467,202	 
	Residence Inn by Marriott Sabal Park	 	$	1,467,202	 
	Courtyard by Marriott Asheville	 	$	1,458,363	 
	Courtyard by Marriott Orlando	 	$	1,449,525	 
	Residence Inn by Marriott Boise	 	$	1,423,009	 
	Hampton by Hilton Peabody	 	$	1,387,655	 
	Hampton by Hilton Beckley	 	$	1,316,946	 
	Courtyard by Marriott Tallahassee North I 10 Capital Circle	 	$	1,299,269	 
	Courtyard by Marriott Gainesville	 	$	1,272,753	 
	Fairfield Inn & Suites by Marriott Dallas	 	$	1,246,238	 
	Hyatt Place Minneapolis	 	$	1,246,238	 
	Hampton by Hilton Grand Rapids	 	$	1,219,722	 
	Hampton by Hilton Boca Raton	 	$	1,210,883	 
	Hampton Inn by Hilton State College	 	$	1,202,045	 
	Courtyard by Marriott Sarasota	 	$	1,184,368	 
	Hampton by Hilton Madison Heights	 	$	1,175,529	 
	Courtyard by Marriott Lexington	 	$	1,122,498	 
	Hampton by Hilton Kansas City	 	$	1,122,498	 
	Residence Inn by Marriott Chattanooga	 	$	1,113,659	 
	Residence Inn by Marriott Sarasota	 	$	1,113,659	 

 

    	 	Schedule I-1	Mezzanine Loan Agreement

     

    

 

	Individual Property Name	 	Allocated Loan Amount	 
	SpringHill Suites by Marriott Grand Rapids	 	$	1,113,659	 
	SpringHill Suites by Marriott Lexington	 	$	1,113,659	 
	Hampton by Hilton Memphis	 	$	1,087,144	 
	Hampton by Hilton Gastonia	 	$	1,051,789	 
	Hyatt Place Linthicum Heights	 	$	1,051,789	 
	Residence Inn by Marriott Lexington	 	$	1,042,951	 
	Courtyard by Marriott Athens	 	$	1,025,274	 
	Hyatt Place Memphis	 	$	1,025,274	 
	Hampton by Hilton Maryland Heights	 	$	989,919	 
	Homewood Suites by Hilton Windsor Locks	 	$	981,081	 
	Residence Inn by Marriott Fort Myers	 	$	981,081	 
	Residence Inn by Marriott Tampa North	 	$	954,565	 
	Hyatt Place Glen Allen	 	$	936,888	 
	Hyatt Place Baton Rouge	 	$	919,211	 
	Residence Inn by Marriott Tallahassee	 	$	910,372	 
	Residence Inn by Marriott Savannah	 	$	901,534	 
	Courtyard by Marriott Bowling Green	 	$	883,857	 
	Hampton by Hilton Morgantown	 	$	857,341	 
	Hilton Garden Inn Round Rock	 	$	857,341	 
	Residence Inn by Marriott Knoxville	 	$	848,502	 
	Hampton by Hilton Dublin	 	$	839,664	 
	Hampton by Hilton Gurnee	 	$	839,664	 
	Hampton by Hilton Westlake	 	$	839,664	 
	Hampton by Hilton Addison	 	$	804,309	 
	Hampton Inn by Hilton Scranton	 	$	804,309	 
	Holiday Inn Express Kendall East	 	$	804,309	 
	Hampton by Hilton Deerfield Beach	 	$	777,794	 
	Hampton by Hilton Northville	 	$	768,955	 
	Homewood Suites by Hilton San Antonio	 	$	760,117	 
	Hyatt Place Columbus	 	$	760,117	 
	Courtyard by Marriott Knoxville	 	$	724,762	 
	Hampton by Hilton West Columbia	 	$	715,924	 
	Homewood Suites by Hilton Peabody	 	$	715,924	 
	Courtyard by Marriott Elmhurst	 	$	707,085	 
	Hampton by Hilton Overland Park	 	$	671,731	 
	Courtyard by Marriott Jacksonville	 	$	654,054	 
	Hampton by Hilton Birmingham	 	$	645,215	 
	SpringHill Suites by Marriott Round Rock	 	$	645,215	 
	Hyatt Place Blue Ash	 	$	627,538	 
	Homewood Suites by Hilton Germantown	 	$	601,022	 
	Residence Inn by Marriott Macon	 	$	601,022	 
	Hampton by Hilton Glen Burnie	 	$	512,637	 
	Hyatt Place Birmingham	 	$	450,767	 
	Hyatt Place Overland Park	 	$	441,928	 

 

    	 	Schedule I-2	Mezzanine Loan Agreement

     

    

 

	Individual Property Name	 	Allocated Loan Amount	 
	Residence Inn by Marriott Mobile	 	$	406,574	 
	SpringHill Suites by Marriott Houston	 	$	300,511	 
	Hampton by Hilton Pickwick	 	$	229,803	 
	Hampton by Hilton Norfolk	 	$	203,287	 

 

    	 	Schedule I-3	Mezzanine Loan Agreement

     

    

 

SCHEDULE I-M1

 

MORTGAGE LOAN ALLOCATED
LOAN AMOUNTS

 

	Individual Property Name	 	Allocated Loan Amount	 
	 	 	 	 
	Homewood Suites by Hilton Chicago	 	$	42,860,068	 
	Residence Inn by Marriott LA El Segundo	 	$	33,175,341	 
	Residence Inn by Marriott Portland	 	$	29,672,355	 
	Embassy Suites by Hilton Orlando	 	$	25,757,253	 
	Courtyard by Marriott Louisville	 	$	23,284,556	 
	Hampton Inn & Suites by Hilton Boynton Beach	 	$	19,534,033	 
	SpringHill Suites by Marriott San Diego	 	$	16,623,332	 
	Residence Inn by Marriott San Diego	 	$	16,299,921	 
	Hampton Inn & Suites by Hilton Franklin	 	$	15,135,641	 
	Hyatt Place Las Vegas	 	$	14,424,137	 
	Hampton by Hilton Palm Beach Gardens	 	$	12,871,763	 
	Homewood Suites by Hilton Phoenix	 	$	12,548,352	 
	Hampton by Hilton Albany	 	$	12,418,988	 
	Courtyard by Marriott Dallas	 	$	12,030,894	 
	Hyatt Place Albuquerque	 	$	12,030,894	 
	Hyatt Place Indianapolis	 	$	11,901,530	 
	Hyatt Place Tampa	 	$	11,772,165	 
	Hyatt Place Franklin	 	$	11,319,390	 
	Hyatt Place Miami	 	$	11,125,343	 
	Hampton by Hilton West Palm Beach	 	$	10,737,250	 
	Residence Inn by Marriott Sabal Park	 	$	10,737,250	 
	Courtyard by Marriott Asheville	 	$	10,672,567	 
	Courtyard by Marriott Orlando	 	$	10,607,885	 
	Residence Inn by Marriott Boise	 	$	10,413,839	 
	Hampton by Hilton Peabody	 	$	10,155,110	 
	Hampton by Hilton Beckley	 	$	9,637,652	 
	Courtyard by Marriott Tallahassee North I 10 Capital Circle	 	$	9,508,287	 
	Courtyard by Marriott Gainesville	 	$	9,314,241	 
	Fairfield Inn & Suites by Marriott Dallas	 	$	9,120,194	 
	Hyatt Place Minneapolis	 	$	9,120,194	 
	Hampton by Hilton Grand Rapids	 	$	8,926,147	 
	Hampton by Hilton Boca Raton	 	$	8,861,465	 
	Hampton Inn by Hilton State College	 	$	8,796,783	 
	Courtyard by Marriott Sarasota	 	$	8,667,418	 
	Hampton by Hilton Madison Heights	 	$	8,602,736	 
	Courtyard by Marriott Lexington	 	$	8,214,643	 
	Hampton by Hilton Kansas City	 	$	8,214,643	 
	Residence Inn by Marriott Chattanooga	 	$	8,149,961	 
	Residence Inn by Marriott Sarasota	 	$	8,149,961	 

 

    	 	Schedule I-M1-1	Mezzanine Loan Agreement

     

    

 

	Individual Property Name	 	Allocated Loan Amount	 
	SpringHill Suites by Marriott Grand Rapids	 	$	8,149,961	 
	SpringHill Suites by Marriott Lexington	 	$	8,149,961	 
	Hampton by Hilton Memphis	 	$	7,955,914	 
	Hampton by Hilton Gastonia	 	$	7,697,185	 
	Hyatt Place Linthicum Heights	 	$	7,697,185	 
	Residence Inn by Marriott Lexington	 	$	7,632,503	 
	Courtyard by Marriott Athens	 	$	7,503,138	 
	Hyatt Place Memphis	 	$	7,503,138	 
	Hampton by Hilton Maryland Heights	 	$	7,244,409	 
	Homewood Suites by Hilton Windsor Locks	 	$	7,179,727	 
	Residence Inn by Marriott Fort Myers	 	$	7,179,727	 
	Residence Inn by Marriott Tampa North	 	$	6,985,681	 
	Hyatt Place Glen Allen	 	$	6,856,316	 
	Hyatt Place Baton Rouge	 	$	6,726,952	 
	Residence Inn by Marriott Tallahassee	 	$	6,662,269	 
	Residence Inn by Marriott Savannah	 	$	6,597,587	 
	Courtyard by Marriott Bowling Green	 	$	6,468,223	 
	Hampton by Hilton Morgantown	 	$	6,274,176	 
	Hilton Garden Inn Round Rock	 	$	6,274,176	 
	Residence Inn by Marriott Knoxville	 	$	6,209,494	 
	Hampton by Hilton Dublin	 	$	6,144,812	 
	Hampton by Hilton Gurnee	 	$	6,144,812	 
	Hampton by Hilton Westlake	 	$	6,144,812	 
	Hampton by Hilton Addison	 	$	5,886,083	 
	Hampton Inn by Hilton Scranton	 	$	5,886,083	 
	Holiday Inn Express Kendall East	 	$	5,886,083	 
	Hampton by Hilton Deerfield Beach	 	$	5,692,036	 
	Hampton by Hilton Northville	 	$	5,627,354	 
	Homewood Suites by Hilton San Antonio	 	$	5,562,672	 
	Hyatt Place Columbus	 	$	5,562,672	 
	Courtyard by Marriott Knoxville	 	$	5,303,943	 
	Hampton by Hilton West Columbia	 	$	5,239,260	 
	Homewood Suites by Hilton Peabody	 	$	5,239,260	 
	Courtyard by Marriott Elmhurst	 	$	5,174,578	 
	Hampton by Hilton Overland Park	 	$	4,915,849	 
	Courtyard by Marriott Jacksonville	 	$	4,786,485	 
	Hampton by Hilton Birmingham	 	$	4,721,803	 
	SpringHill Suites by Marriott Round Rock	 	$	4,721,803	 
	Hyatt Place Blue Ash	 	$	4,592,438	 
	Homewood Suites by Hilton Germantown	 	$	4,398,391	 
	Residence Inn by Marriott Macon	 	$	4,398,391	 
	Hampton by Hilton Glen Burnie	 	$	3,751,569	 
	Hyatt Place Birmingham	 	$	3,298,794	 
	Hyatt Place Overland Park	 	$	3,234,111	 

 

    	 	Schedule I-M1-2	Mezzanine Loan Agreement

     

    

 

	Individual Property Name	 	Allocated Loan Amount	 
	Residence Inn by Marriott Mobile	 	$	2,975,382	 
	SpringHill Suites by Marriott Houston	 	$	2,199,196	 
	Hampton by Hilton Pickwick	 	$	1,681,738	 
	Hampton by Hilton Norfolk	 	$	1,487,691	 

 

    	 	Schedule I-M1-3	Mezzanine Loan Agreement

     

    

 

SCHEDULE II-A

OWNERS

 

		1.	HIT Portfolio I Owner, LLC

		2.	HIT Portfolio I GBGL Owner, LLC

		3.	HIT Portfolio I MBGL 950 Owner, LLC

		4.	HIT Portfolio I PXGL Owner, LLC

		5.	HIT Portfolio I NFGL Owner, LLC

		6.	HIT Portfolio I BHGL Owner, LLC

		7.	HIT Portfolio I DLGL Owner, LP

		8.	HIT Portfolio I NTC Owner, LP

 

    	 	Schedule II-A-1	Mezzanine Loan Agreement

     

    

 

SCHEDULE II-B

 

OPERATING LESSEES

 

		1.	HIT Portfolio I TRS, LLC

		2.	HIT Portfolio I HIL TRS, LLC

		3.	HIT Portfolio I MCK TRS, LLC

		4.	HIT Portfolio I MISC TRS, LLC

		5.	HIT Portfolio I DEKS TRS, LLC

		6.	HIT Portfolio I NTC TRS, LP

		7.	HIT Portfolio I NTC HIL TRS, LP

 

    	 	Schedule II-B-1	Mezzanine Loan Agreement

     

    

 

SCHEDULE III

ORGANIZATIONAL CHART AND TAX ID NUMBERS

(Attached)

 

    	 	Schedule III-1	Mezzanine Loan Agreement

     

    

 

SCHEDULE IV

EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES

 

Intellectual Property

 

As noted in Section 3.1.33, applicable exceptions are set forth
on Schedule VI.

 

Ground Leases

 

	No.	 	Description of Applicable Exception(s) to

Representations and Warranties in Section 3.1.34 (and

Section Reference)	 	Ground Leased Property(ies) to Which the 

Applicable Exception Applies
	 	 	 	 	 
	1.	 	3.1.34(a) — last sentence:1 The lessor under the Ground Lease may cancel, amend or surrender the Ground Lease without the consent of Mortgage Lender or Lender.  	 	
        The Hampton Inn Baltimore and Residence Inn Mobile lessors may cancel,
        amend or surrender the Ground Lease without the consent of Mortgage Lender

         

        Additionally, certain other lessors may cancel, amend or surrender
        the Ground Lease without the consent of Lender.

	 	 	 	 	 
	2.	 	3.1.34(c) — last sentence:2 There is no express right of Lender to further assign the Ground Lease without the consent of the Ground Lessor.	 	1. Hampton Inn Baltimore

2. Residence Inn Mobile
	 	 	 	 	 
	3.	 	3.1.34(c) — last sentence: The Ground Lessor’s consent is required for a further assignment by Lender, but Ground Lessor will not unreasonably withhold its consent to an assignment provided: (a) Ground Lessee is not then in default (or Lender has cured any default on behalf of Ground Lessee), (b) if assignee is a corporation other than a publicly held corporation, the beneficial owner shall execute and deliver to Ground Lessor an indemnification agreement as to fraud or milking of the premises satisfactory to Ground Lessor, and (c) Ground Lessee shall reimburse Ground Lessor for all costs and expenses in connection with the assignment.	 	Hampton Inn Norfolk
	 	 	 	 	 
	4.	 	3.1.34(c) — last sentence: The Ground Lessor’s consent is required for further assignments by Lender that do not meet the transfer restrictions set forth in the applicable Ground Lease.	 	Courtyard Dallas
	 	 	 	 	 
	5.	 	3.1.34(e) — first sentence: The Ground Lessor  is not required to give notice of default under the Ground Lease to Lender.	 	The Ground Lessors of certain properties, including Courtyard Dallas, are not required to give notice of default under the Ground Lease to Lender.

 

 

1
The Ground Leases may not be canceled, surrendered or amended without the prior written consent of Mortgage Lender and Lender.

 

2
Each Ground Lease is further assignable by Lender, its successors and assigns without the consent of the applicable Ground Lessor.

 

    	 	Schedule IV-1	Mezzanine Loan Agreement

     

    

 

	No.	 	Description of Applicable Exception(s) to

Representations and Warranties in Section 3.1.34 (and

Section Reference)	 	Ground Leased Property(ies) to Which the

 Applicable Exception Applies
	 	 	 	 	 
	6.	 	3.1.34(e) — last sentence: Notice of termination is effective against Lender regardless of whether Lender has received prior notice from Ground Lessor	 	The Ground Lessors of certain properties, including Courtyard Dallas, may terminate the Ground Lease without providing notice of termination to Lender.
	 	 	 	 	 
	6.	 	3.1.34(g):3 The Ground Lease has a term that expires December 31, 2029.	 	Hampton Inn Baltimore
	 	 	 	 	 
	7.	 	3.1.34(h): The New Lease provision is limited as follows: Ground Lessor is required to enter into a New Lease with Leasehold Mortgagee only if the Ground Lease is terminated on account of a default by Ground Lessee, which is not reasonably susceptible of being cured by Leasehold Mortgagee.	 	Courtyard Dallas
	 	 	 	 	 
	8.	 	3.1.34(i):4 The Ground Lease provides that the Ground Lessee is not entitled to condemnation proceeds; if insurance proceeds from a casualty are $50,000 or greater, they are to be payable to a depository and applied to the cost of restoration.	 	Hampton Inn Baltimore
	 	 	 	 	 
	9.	 	3.1.34(i): The Ground Lease provides that Ground Lessor controls proceeds, shall use them to pay for repairs and then for rent, with the remainder to be released to lessee.	 	Courtyard Dallas
	 	 	 	 	 
	10.	 	3.1.34(i): Lender is not entitled to hold the proceeds, but Ground. Lessee must rebuild or discharge the mortgage.	 	Homewood Suites Phoenix
	 	 	 	 	 
	11.	 	3.1.34(i): The Ground Lease is silent with respect to application of insurance and condemnation proceeds.	 	Hampton Inn Birmingham

	 	 	 	 	 
	12.	 	3.1.34(i): Lender may be added to the “loss payable endorsement” of any insurance policies required under the Ground Lease on the condition that any insurance proceeds shall be applied in accordance with the terms of the Ground Lease. Lender may act as escrow agent to hold the insurance proceeds if it is an institutional lender.	 	Hampton Inn Norfolk

 

 

3
Each Ground Lease has a term (or a term plus one or more optional renewal terms, which under all circumstances may be exercised,
and will be enforceable, by the applicable Individual Borrower or Lender) which extends not less than twenty (20) years beyond
the Third Extended Maturity Date.

 

4
Under the terms of each Ground Lease and the applicable Mortgage, taken together, any related insurance and condemnation proceeds
will be applied either to the repair or restoration of all or part of the applicable Individual Property, with Lender having the
right to hold and disburse the proceeds as the repair or restoration progresses, or to the payment of the Outstanding Principal
Balance together with any accrued interest thereon.

 

    	 	Schedule IV-2	Mezzanine Loan Agreement

     

    

 

Operations Agreements

 

Please see Schedule B of Title Insurance Policies for applicable
exceptions to the Representations and Warranties in Section 3.1.35.

 

Property Improvement Plan

 

As noted in Section 3.1.38, applicable exceptions
are set forth in Schedule XVIII and XXI.

 

    	 	Schedule IV-3	Mezzanine Loan Agreement

     

    

 

SCHEDULE V

DEFINITION OF SPECIAL PURPOSE BANKRUPTCY REMOTE ENTITY

 

Each of Borrower and Leasehold Pledgor hereby
represents and warrants to, and covenants with, Lender that since the date of its formation and at all times on and after the date
hereof and until such time as the Obligations shall be paid and performed in full:

 

(a)          Each
of Borrower and Leasehold Pledgor (i) has been, is, and will be organized solely for the purpose of acquiring, owning, holding,
selling, managing, transferring and exchanging the Pledged Collateral and the equity interests in the applicable Owners that owned
or leased, and Operating Lessees that leased, the Divested Properties, entering into this Agreement with Lender, and transacting
lawful business that is incident, necessary and appropriate to accomplish the foregoing, and (ii) has not owned, does not
own, and will not own any asset or property other than the Pledged Collateral and the equity interests in the applicable Owners
that owned or leased, and Operating Lessees that leased, the Divested Properties.

 

(b)          Neither
Borrower nor Leasehold Pledgor has engaged nor will engage in any business other than the ownership of the Pledged Collateral and
the equity interests in the applicable Owners that owned or leased, and Operating Lessees that leased, the Divested Properties.

 

(c)          Except
for capital contributions and capital distributions permitted under the terms and conditions of its organizational documents and
properly reflected on its books and records, neither Borrower nor Leasehold Pledgor has nor will enter into any contract or agreement
with any Affiliate of Borrower, Leasehold Pledgor, Owner or Operating Lessee, except upon terms and conditions that are intrinsically
fair, commercially reasonable, and no less favorable to it than would be available on an arms-length basis with third parties other
than any such party, other than with respect to the Divested Properties set forth as items (1) through (8) on Schedule XIX
(the “8-Pack Properties”) which 8-Pack Properties were transferred through a distribution and conveyed
to Affiliates of the respective Owner that owned or leased, and Operating Lessees that leased, such 8-Pack Properties without consideration.

 

(d)          Neither
Borrower nor Leasehold Pledgor has incurred (except for the Prior Loans of Borrower, which have been fully repaid) nor will incur
any Indebtedness other than Permitted Indebtedness, provided that it shall not be a breach of this subsection (d) to the extent
that Borrower has (or had) sufficient cash flow (without giving effect to any Trigger Period) to pay such Indebtedness constituting
trade payables but such funds are (or were) not made available to Borrower during a Trigger Period or during the continuance of
an Event of Default (or during similar periods under the documentation for the Prior Loans). No Indebtedness other than the Debt
may be secured (senior, subordinate or pari passu) by any Collateral other than Permitted Encumbrances.

 

(e)          Except
as contemplated in this Agreement and the other Loan Documents or in the documentation for the Prior Loans that have been repaid
in full, neither Borrower nor Leasehold Pledgor has made nor will make any loans or advances to any third party (including any
Affiliate, any Loan Party or Guarantor), and has not and shall not acquire obligations or securities of its Affiliates.

 

    	 	Schedule V-1	Mezzanine Loan Agreement

     

    

 

(f)          Each
of Borrower and Leasehold Pledgor, is, and intends to remain solvent and each of Borrower and Leasehold Pledgor has paid and will
pay its debts and liabilities (including, as applicable, shared personnel and overhead expenses) from its assets; provided that
the foregoing shall not require any direct or indirect member, partner or shareholder of Borrower or Leasehold Pledgor to make
any additional capital contributions to Borrower or Leasehold Pledgor; and provided further that it shall not be a breach of this
subsection (f) to the extent that Borrower has (or had) sufficient cash flow (without giving effect to any Trigger Period) to pay
such debts and liabilities but such funds are (or were) not made available to Borrower during a Trigger Period or during the continuance
of an Event of Default (or during similar periods under the documentation for the Prior Loans) or Borrower or Leasehold Pledgor
does (or did) not pay such debts or liabilities because it does not have (or did not have) sufficient cash flow.

 

(g)          Each
of Borrower and Leasehold Pledgor has done or caused to be done, and will do, all things necessary to observe organizational formalities
and preserve its existence, and neither Borrower nor Leasehold Pledgor has nor will (i) terminate or fail to comply with the
Special Purpose Provisions (as defined in its Operating Agreement), or (ii) from and after the date hereof only, unless Lender
has consented, amend, modify or otherwise change its partnership certificate, partnership agreement, articles of incorporation
and bylaws, operating agreement, trust or other organizational documents in any manner which affects its status as Special Purpose
Bankruptcy Remote Entity or might otherwise cause it not to satisfy the requirements of this Schedule V.

 

(h)          Each
of Borrower and Leasehold Pledgor has maintained and will maintain all of its books, records, financial statements and bank accounts
separate from those of its Affiliates and any other Person (other than Borrower or Leasehold Pledgor and except as required by
or expressly permitted under the Loan Documents or Mortgage Loan Documents); (2) neither Borrower’s nor Leasehold Pledgor’s
assets will be listed as assets on the financial statement of any other Person; provided, however, that Borrower’s and Leasehold
Pledgor’s assets may be included in a consolidated financial statement of its Affiliates provided that (i) appropriate
notation shall be made on such consolidated financial statements to indicate the separateness of Borrower or Leasehold Pledgor
and such Affiliates and to indicate that Borrower’s or Leasehold Pledgor’s assets and credit are not available to satisfy
the debts and other obligations of such Affiliates or any other Person, and (ii) such assets shall be listed on Borrower’s
or Leasehold Pledgor’s own separate balance sheet; and (3) each of Borrower and Leasehold Pledgor will file its own tax returns
(to the extent Borrower or Leasehold Pledgor is required to file any such tax returns) and will not file a consolidated federal
income tax return with any other Person (for the avoidance of doubt, the inclusion of the results of operations, income, profits,
losses or other tax attributes of a Person that is a disregarded entity for federal or state income tax purposes in the federal
or state income tax returns of the beneficial owner of such Person shall not constitute the filing of an income tax return by such
Person), except to the extent that Borrower or Leasehold Pledgor is (i) required to file consolidated tax returns by law or (ii)
is treated as a “disregarded entity” for tax purposes and is not required to file tax returns under applicable law.
Each of Borrower and Leasehold Pledgor has maintained and shall maintain its books, records, resolutions and agreements in accordance
with this Agreement.

 

    	 	Schedule V-2	Mezzanine Loan Agreement

     

    

 

(i)          Each
of Borrower and Leasehold Pledgor has been, will be, and at all times has held and will hold itself out to the public as, a legal
entity separate and distinct from any other entity (including any Affiliate of Borrower or Leasehold Pledgor or any Loan Party
or Guarantor (recognizing that Borrower may be treated as a “disregarded entity” for tax purposes and is not required
to file tax returns for tax purposes under applicable law)), shall correct any known misunderstanding regarding its status as a
separate entity, shall conduct business in its own name, shall not identify itself or any of its Affiliates as a division or department
or part of the other and shall maintain and utilize separate stationery, invoices and checks bearing its own name.

 

(j)          Each
of Borrower and Leasehold Pledgor intends to maintain adequate capital for the normal obligations reasonably foreseeable in a business
of its size and character and in light of its contemplated business operations; provided that nothing in this clause (j) shall
be interpreted to require the partners, members or other principals of Borrower or Leasehold Pledgor to make any capital contributions
or loans to such entity or arrange for any such capital contribution or loan by any third party.

 

(k)          None
of Borrower, Leasehold Pledgor, any Affiliate Controlling Borrower, Leasehold Pledgor, any Loan Party, Guarantor, or any other
Person holding any direct or indirect interest in Borrower or Leasehold Pledgor, has sought or intends to seek or effect the liquidation,
dissolution, winding up, consolidation, or merger, in whole or in part, of Borrower or Leasehold Pledgor, other than in connection
with and following a potential Permitted Direct Assumption, Permitted Indirect Assumption or repayment of the Debt.

 

(l)          Neither
Borrower nor Leasehold Pledgor has nor will commingle the funds and other assets of Borrower or Leasehold Pledgor with those of
any Affiliate or any Loan Party, Guarantor, Preferred Equity Holder or any other Person, and has held and will hold all of its
assets in its own name.

 

(m)          Except
with respect to Borrower and Leasehold Pledgor as contemplated in this Agreement and the other Loan Documents, (or in the documentation
for the Prior Loans that have been paid in full), Borrower and Leasehold Pledgor has and will maintain its assets in such a manner
that it will not be costly or difficult to segregate, ascertain or identify its individual assets from those of any Affiliate,
any Loan Party, Guarantor, or any other Person.

 

(n)          Except
with respect to Borrower and Leasehold Pledgor as contemplated in this Agreement and the other Loan Documents, (or in the documentation
for the Prior Loans that have been repaid in full), neither Borrower nor Leasehold Pledgor has nor will assume or guarantee or
become obligated for the debts of any other Person and does not and will not hold itself out to be responsible for or have its
credit available to satisfy the debts or obligations of any other Person.

 

    	 	Schedule V-3	Mezzanine Loan Agreement

     

    

 

(o)          Each
of Borrower and Leasehold Pledgor has been and shall be a Delaware limited liability company or a Delaware limited partnership,
as applicable, and with respect to Borrower (the “LP Party”), Borrower’s general partner (“SPC
Party”) has been and shall be a Delaware limited liability company or a Delaware corporation, and SPC Party (i) has
caused and will cause Borrower to be a Special Purpose Bankruptcy Remote Entity; (ii) has complied and will at all times comply
with each of the representations, warranties and covenants contained on this Schedule V (other than subsections
(a), (b) and (d)) as if such representation, warranty or covenant was made directly by SPC Party; (iii) has not engaged
and will not engage in any business or activity other than owning an interest in Borrower or the owner(s) or operating lessee(s)
of the Divested Properties; (iv) has not acquired or owned and will not acquire or own any assets other than its partnership
interest in Borrower, or the owner(s) or operating lessee(s) of the Divested Properties; (v) has not incurred and will not
incur any debt, secured or unsecured, direct or contingent (including guaranteeing any obligation) other than unsecured trade payables
incurred in the ordinary course of business related to the ownership of an interest in Borrower that (A) do not exceed at
any one time $50,000.00, and (B) are paid within ninety (90) days after the date incurred; provided that it shall not
be a breach of this subsection (o) to the extent that Borrower has (or had) sufficient cash flow (without giving effect to any
Trigger Period) to make distributions to SPC Party for the payment of unsecured trade payables but such cash flow is (or was) not
made available to Borrower for distribution during a Trigger Period or during the continuance of an Event of Default (or during
similar periods under the documentation for the Prior Loans); and (vi) has no contingent or actual obligations not related to the
ownership and operation of Borrower’s Individual Properties and Divested Properties. Upon the withdrawal or the disassociation
of SPC Party from Borrower, Borrower shall immediately appoint a new SPC Party whose articles or certificate of formation or incorporation
are substantially similar to those of SPC Party and deliver a new non-consolidation opinion to the Rating Agency or Rating Agencies,
as applicable, with respect to the new SPC Party and its equity owners

 

(p)          The
organizational documents of Leasehold Pledgor and SPC Party (each, an “LLC Party”) shall provide that
at all times there shall be (and such LLC Party shall at all times cause there to be) at least two (2) duly appointed Independent
Directors or Independent Managers. In addition, the organizational documents of each LLC Party shall provide that no Independent
Director or Independent Manager (as applicable) of such LLC Party may be removed or replaced without Cause and unless such LLC
Party provides Lender with not less than three (3) Business Days’ prior written notice of (a) any proposed removal
of an Independent Director or Independent Manager (as applicable), together with a statement as to the reasons for such removal,
and (b) the identity of the proposed replacement Independent Director or Independent Manager (as applicable), together with
a certification that such replacement satisfies the requirements set forth in the organizational documents for an Independent Director
or Independent Manager (as applicable).

 

(q)          The
organizational documents of such LLC Party shall also provide an express acknowledgment that Lender is an intended third-party
beneficiary of the “special purpose” provisions of such organizational documents.

 

    	 	Schedule V-4	Mezzanine Loan Agreement

     

    

 

(r)          The
organizational documents of each LLC Party shall provide that such Person shall not take any action which, under the terms of any
certificate of incorporation, by-laws or any voting trust agreement with respect to any common stock, requires a unanimous vote
of (A) the sole member of such LLC Party, as applicable (each, a (“Sole Member”), (B) the board of directors
of Borrower or such LLC Party, as applicable, or (C) the committee of managers of such LLC Party, as applicable, designated to
manage the business affairs of such LLC Party, as applicable, (the “Committee”), unless at the time of
such action there shall be at least two (2) duly appointed Independent Directors or Independent Managers and all such Independent
Directors or Independent Managers (as applicable) have participated in such vote. The organizational documents of each LLC Party
shall provide that actions requiring such unanimous written consent, including the Independent Directors or Independent Managers
(as applicable), shall include each of the following with respect to Borrower and Leasehold Pledgor (each, a "Material
Action"): (i) filing or consenting to the filing of any petition, either voluntary or involuntary, to take advantage
of any applicable insolvency, bankruptcy, liquidation or reorganization statute, (ii) seeking or consenting to the appointment
of a receiver, liquidator or any similar official of Borrower or Leasehold Pledgor or a substantial part of its business, (iii) 
making an assignment for the benefit of creditors, (iv) admitting in writing its inability to pay debts generally as they
become due, or (v) taking any action in furtherance of the foregoing. In addition, the organizational documents of Borrower
and Leasehold Pledgor shall provide that, when voting with respect to any matters set forth in the immediately preceding sentence
of this clause (r), the Independent Directors or Independent Managers (as applicable) shall consider only the interests
of Borrower, or SPC Party including its creditors. None of Borrower, Leasehold Pledgor or SPC Party shall take any of the foregoing
actions without the unanimous written consent of its board of directors, its member(s) or the Committee, as applicable, including
(or together with) all Independent Directors or Independent Managers, as applicable. Without limiting the generality of the foregoing,
such documents shall expressly provide that, to the greatest extent permitted by law, except for duties to applicable to Borrower
or Leasehold Pledgor (including duties to Borrower’s or Leasehold Pledgor’s equity holders solely to the extent of
their respective economic interests in Borrower and to Borrower’s creditors as set forth in the immediately preceding sentence),
such Independent Directors or Independent Managers (as applicable) shall not owe any fiduciary duties to, and shall not consider,
in acting or otherwise voting on any matter for which their approval is required, the interests of (i) SPC Party or such Borrower’s,
Leasehold Pledgor’s equity holders, (ii) other Affiliates of Borrower or Leasehold Pledgor, or (iii) any group of Affiliates
of which Borrower or Leasehold Pledgor is a part; provided, however, the foregoing shall not eliminate the implied contractual
covenant of good faith and fair dealing.

 

(s)          Notwithstanding
anything herein to the contrary, each LLC Party may be a Delaware single-member limited liability company provided that:

 

(i)          the
organizational documents of such LLC Party, as applicable, shall provide that, as long as any portion of the Obligations remains
outstanding, upon the occurrence of any event that causes Sole Member to cease to be a member of such LLC Party, as applicable,
(other than (i) upon an assignment by Sole Member of all of its limited liability company interest in such LLC Party, as applicable,
and the admission of the transferee, if permitted pursuant to the organizational documents of such LLC Party, as applicable, and
the Loan Documents, or (ii) the resignation of Sole Member and the admission of an additional member of such LLC Party, as
applicable, if permitted pursuant to the organizational documents of such LLC Party, as applicable, and the Loan Documents), each
of the persons acting as an Independent Director or Independent Manager (as applicable) of such LLC Party, as applicable, shall,
without any action of any Person and simultaneously with Sole Member ceasing to be a member of such LLC Party, as applicable, automatically
be admitted as members of such LLC Party, as applicable (in each case, individually, a “Special Member”
and collectively, the “Special Members”) and shall preserve and continue the existence of such LLC Party
without dissolution. The organizational documents of such LLC Party, as applicable, shall further provide that for so long as any
portion of the Obligations is outstanding, no Special Member may resign or transfer its rights as Special Member unless (i) a
successor Special Member has been admitted to such LLC Party, as applicable, as a Special Member, and (ii) such successor
Special Member has also accepted its appointment as an Independent Director or Independent Manager (as applicable).

 

    	 	Schedule V-5	Mezzanine Loan Agreement

     

    

 

(ii)         the
organizational documents of such LLC Party, as applicable, shall provide that, as long as any portion of the Obligations remains
outstanding, except as expressly permitted pursuant to the terms of this Agreement, (i) Sole Member may not resign, and (ii) no
additional member shall be admitted to such LLC Party, as applicable; and

 

(iii)        the
organizational documents of each LLC Party, as applicable, shall provide that, as long as any portion of the Obligations remains
outstanding: (i) such LLC Party, as applicable, shall be dissolved, and its affairs shall be wound up, only upon the first
to occur of the following: (A) the termination of the legal existence of the last remaining member of such LLC Party, as applicable,
or the occurrence of any other event which terminates the continued membership of the last remaining member of such LLC Party,
as applicable, in such LLC Party, as applicable, unless the business of such LLC Party, as applicable, is continued in a manner
permitted by its operating agreement or the Delaware Limited Liability Company Act (the “Act”), or (B) the
entry of a decree of judicial dissolution under Section 18-802 of the Act; (ii) upon the occurrence of any event that
causes the last remaining member of such LLC Party, as applicable, to cease to be a member of such LLC Party, as applicable, or
that causes Sole Member to cease to be a member of such LLC Party, as applicable (other than (A) upon an assignment by Sole
Member of all of its limited liability company interest in such LLC Party, as applicable, and the admission of the transferee,
if permitted pursuant to the organizational documents of such LLC Party, as applicable, and the Loan Documents, or (B) the
resignation of Sole Member and the admission of an additional member of such LLC Party, as applicable, if permitted pursuant to
the organizational documents of such LLC Party, as applicable, and the Loan Documents), to the fullest extent permitted by law,
the personal representative of such last remaining member shall be authorized to, and shall, within ninety (90) days after
the occurrence of the event that terminated the continued membership of such member in such LLC Party, as applicable, agree in
writing (I) to continue the existence of such LLC Party, as applicable, and (II) to the admission of the personal representative
or its nominee or designee, as the case may be, as a substitute member of such LLC Party, as applicable, effective as of the occurrence
of the event that terminated the continued membership of such member in such LLC Party, as applicable; (iii) the bankruptcy
of Sole Member or a Special Member shall not cause such Sole Member or Special Member, respectively, to cease to be a member of
such LLC Party, as applicable, and upon the occurrence of such an event, the business of such LLC Party, as applicable, shall continue
without dissolution; (iv) in the event of the dissolution of such LLC Party, as applicable, such LLC Party shall conduct only
such activities as are necessary to wind up its affairs (including the sale of the assets of such LLC Party, as applicable, in
an orderly manner), and the assets of such LLC Party, as applicable, shall be applied in the manner, and in the order of priority,
set forth in Section 18-804 of the Act; and (v) to the fullest extent permitted by law, each of Sole Member and the Special
Members shall irrevocably waive any right or power that they might have to cause such LLC Party, as applicable, or any of its assets
to be partitioned, to cause the appointment of a receiver for all or any portion of the assets of such LLC Party, as applicable,
to compel any sale of all or any portion of the assets of such LLC Party, as applicable, pursuant to any applicable law or to file
a complaint or to institute any proceeding at law or in equity to cause the dissolution, liquidation, winding up or termination
of such LLC Party, as applicable.

 

    	 	Schedule V-6	Mezzanine Loan Agreement

     

    

 

(t)          Each
of Borrower and Leasehold Pledgor has conducted and shall conduct its business so that the assumptions made with respect to Borrower
and Leasehold Pledgor in the Insolvency Opinion shall be true and correct. In connection with the foregoing, each of Borrower and
Leasehold Pledgor hereby covenants and agrees that it will comply with or cause the compliance in all material respects with, (i) all
of the facts and assumptions (whether regarding Borrower and Leasehold Pledgor or any other Person) set forth in the Insolvency
Opinion, (ii) all of the representations, warranties and covenants in this Schedule V, and (iii) all Special
Purpose Provisions of the organizational documents of Borrower.

 

(u)          Neither
Borrower nor Leasehold Pledgor has permitted nor will permit any Affiliate (other than an Affiliate Manager engaged in accordance
with Section 4.14) or any Loan Party, any Guarantor, or any other Person holding any direct or indirect interest in Borrower
or Leasehold Pledgor, independent access to its bank accounts.

 

(v)         Each
of Borrower and Leasehold Pledgor has paid and shall pay its own liabilities and expenses, including the salaries of its own employees
(if any) from its own funds; provided that the foregoing shall not require any direct or indirect member, partner or shareholder
of Borrower or Leasehold Pledgor to make any additional capital contributions to Borrower or Leasehold Pledgor; provided further
that it shall not be a breach of this subsection (w) to the extent that (i) Borrower or Leasehold Pledgor has (or had) sufficient
cash flow (without giving effect to any Trigger Period) to pay its own liabilities and expenses but such cash flow is (or was)
not made available to Borrower for distribution during a Trigger Period or during the continuance of an Event of Default (or during
similar periods under the documentation for the Prior Loans), or (ii) Borrower or Leasehold Pledgor does (or did) not pay such
liabilities or expenses because it does not have (or did not have) sufficient cash flow.

 

(w)          Each
of Borrower and Leasehold Pledgor has compensated and shall compensate each of its consultants and agents from its own funds for
services provided to it and pay from its own assets all obligations of any kind incurred; provided that it shall not be a breach
of this subsection (x) to the extent that (i) Borrower or Leasehold Pledgor has (or had) sufficient cash flow (without giving effect
to any Trigger Period) to pay such amounts but such cash flow is (or was)not made available to Borrower for distribution during
a Trigger Period or during the continuance of an Event of Default (or during similar periods under the documentation for the Prior
Loans) or (ii) Borrower or Leasehold Pledgor does (or did) not compensate such consultants or agents or pay such obligations because
it does not have (or did not have) sufficient cash flow.

 

    	 	Schedule V-7	Mezzanine Loan Agreement

     

    

 

(x)          Neither
Borrower nor Leasehold Pledgor has, nor without the unanimous consent of all of its directors or members (including all Independent
Directors), as applicable, will (i) file a bankruptcy, insolvency or reorganization petition or otherwise institute insolvency
proceedings or otherwise seek any relief under any laws relating to the relief from debts or the protection of debtors generally,
(ii) seek or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian or any similar
official for such entity or for all or any portion of Borrower’s or Leasehold Pledgor’s properties, (iii) make
any assignment for the benefit of Borrower’s or Leasehold Pledgor’s creditors, or (iv) take any action in furtherance
of the foregoing.

 

(y)          Intentionally
omitted.

 

(z)          Each
of Borrower and Leasehold Pledgor has allocated and will allocate fairly and reasonably any overhead expenses that are shared with
any Affiliate, including shared office space.

 

(aa)        Except
in connection with the Loan, neither Borrower nor Leasehold Pledgor has pledged (except in connection with the Prior Loans of Borrower,
which have been fully repaid) nor will pledge its assets for the benefit of any other Person.

 

(bb)       Neither
Borrower nor Leasehold Pledgor has nor will have any obligation to indemnify its officers, directors, members or partners, as the
case may be, or has such an obligation that is fully subordinated to the Debt and will not constitute a claim against it if cash
flow in excess of the amount required to pay the Debt is insufficient to pay such obligation.

 

(cc)       Neither
Borrower nor Leasehold Pledgor will (A) dissolve, merge, liquidate, consolidate; (B) sell, transfer, dispose, or encumber
(in each case, except with respect to the Loan Documents) all or substantially all of its assets or acquire all or substantially
all of the assets of any Person; or (C) engage in any other business activity, or amend its organizational documents with
respect to the matters set forth on this Schedule V (in each case, except in connection with taking any of the actions
described in the foregoing clause (B) to the extent such actions are taken in accordance with the other provisions of the Loan
Documents).

 

(dd)       Borrower
or Leasehold Pledgor, as applicable, and the Independent Directors or Independent Manager (as applicable) will consider the interests
of Borrower’s or Leasehold Pledgor’s creditors in connection with Material Actions. Without limiting the generality
of the foregoing to the greatest extent permitted by law, except for duties to Borrower or Leasehold Pledgor (including duties
to Borrower’s or Leasehold Pledgor’s equity holders solely to the extent of their respective economic interests in
Borrower or Leasehold Pledgor and to Borrower’s or Leasehold Pledgor creditors as set forth in the immediately preceding
sentence), such Independent Directors shall not owe any fiduciary duties to, and shall not consider, in acting or otherwise voting
on any matter for which their approval is required, the interests of (i) the SPC Party or other equity holders of Borrower
or Leasehold Pledgor, (ii) other Affiliates of Borrower or Leasehold Pledgor, or (iii) any group of Affiliates of which
Borrower or Leasehold Pledgor is a part); provided, however, the foregoing shall not eliminate the implied contractual covenant
of good faith and fair dealing.

 

    	 	Schedule V-8	Mezzanine Loan Agreement

     

    

 

(ee)         Except
the Guaranty, Borrower has not, does not, and will not have any of its obligations guaranteed by any Affiliate (other than in connection
with the Prior Loans, which guarantees have been either released or discharged, or will be discharged as result of the closing
of the Loan).

 

(ff)         Each
of Borrower and Leasehold Pledgor shall cause each Owner, each Operating Lessee and each general partner of each applicable Individual
Owner and each applicable Operating Lessee to satisfy and comply in all respects with the Special Purpose Bankruptcy Remote Entity
representations, warranties and covenants set forth in Schedule V of the Mortgage Loan Agreement in effect as of the Closing Date,
which Schedule V is attached hereto as Schedule V-1 and incorporated herein by reference.

 

(gg)         Any
amendment or restatement of any organizational document of Leasehold Pledgor and general partner of Borrower has been accomplished
in accordance with, and was permitted by, the relevant provisions of said document prior to its amendment or restatement from time
to time.

 

As used herein:

 

“Cause”
shall mean, with respect to an Independent Director or Independent Manager, (i) acts or omissions by such Independent Director
or Independent Manager, as applicable that constitute systematic and persistent or willful disregard of such Independent Director’s
or Independent Manager's, as applicable, duties, or (ii) such Independent Director or Independent Manager, as applicable,
has been indicted or convicted for any crime or crimes of moral turpitude or dishonesty or for any violation of any Legal Requirements.
(iii) such Independent Director or Independent Manager is unable to perform his or her duties as Independent Director or Independent
Manager due to death, disability, or incapacity, or (v) such Independent Director or Independent Manager no longer meets the definition
of "Independent Director" or "Independent Manager".

 

“Independent
Director” or “Independent Manager” shall mean a natural person selected by Borrower (a) with
prior experience as an independent director, independent manager or independent member, (b) with at least three (3) years
of employment experience, (c) who is provided by a Nationally Recognized Service Company, (d) who is duly appointed as
an Independent Director or Independent Manager and is not, will not be while serving as Independent Director or Independent Manager
(except pursuant to an express provision in Borrower’s operating agreement providing for the appointment of such Independent
Director or Independent Manager to become a “special member” upon the last remaining member of Borrower ceasing to
be a member of Borrower) and shall not have been at any time during the preceding five (5) years, any of the following:

 

		(i)	a stockholder, director, manager (other than as an
Independent Director or an Borrower or an Affiliate of an Borrower that does not own a direct or indirect interest in Borrower
and that in required by a creditor to be a “special purpose entity”), officer, employee, partner, attorney or counsel
of Borrower, any Affiliate of Borrower or any direct or indirect parent of Borrower;

 

    	 	Schedule V-9	Mezzanine Loan Agreement

     

    

 

		(ii)	a customer, supplier (other than a Nationally Recognized
Service Company that provides professional independent directors, independent managers and special managers and also provides
other corporate services in the ordinary course of business) or other Person who derives any of its purchases or revenues from
its activities with Borrower or any Affiliate of Borrower;

 

		(iii)	a Person or other entity Controlling or under Common
Control with any such stockholder, partner, customer, supplier or other Person described in clause (i) or clause (ii) above; or

 

		(iv)	a member of the immediate family of any such stockholder,
director, officer, employee, partner, customer, supplier or other Person described in clause (i) or clause (ii) above.

 

A natural person who otherwise satisfies the
foregoing definition and satisfies subparagraph (i) by reason of being the Independent Director or Independent Manager of
a “special purpose entity” affiliated with Borrower that does not own a direct or indirect ownership interest in Borrower
shall be qualified to serve as an Independent Director or Independent Manager of Borrower, provided that the fees that such individual
earns from serving as Independent Director or Independent Manager of affiliates of Borrower in any given year constitute in the
aggregate less than five percent (5%) of such individual’s annual income for that year.

 

A natural person who satisfies
the foregoing definition other than clause (ii) shall not be disqualified from serving as an Independent Director or Independent
Manager of Borrower if such individual is an independent director, independent manager or special manager provided by a Nationally
Recognized Service Company that provides professional independent directors, independent managers and special managers and also
provides other corporate services in the ordinary course of its business.

 

“Nationally
Recognized Service Company” shall mean any of CT Corporation, Corporation Service Company, National Registered Agents,
Inc., Wilmington Trust Company, Stewart Management Company, Lord Securitas Corporation or such other nationally recognized company
that provides independent director, independent manager or independent member services and that is reasonably satisfactory to Lender,
in each case that is not an Affiliate of Borrower and that provides professional independent directors and other corporate services
in the ordinary course of its business.

 

    	 	Schedule V-10	Mezzanine Loan Agreement

     

    

 

SCHEDULE V-1

 

MORTGAGE LOAN AGREEMENT

 

DEFINITION OF SPECIAL PURPOSE BANKRUPTCY
REMOTE ENTITY

 

Each Individual Borrower and Individual Operating
Lessee hereby represents and warrants to, and covenants with, Lender that since the date of its formation and at all times on and
after the date hereof and until such time as the Obligations shall be paid and performed in full:

 

(a)          Such
Individual Borrower or Individual Operating Lessee (i) has been, is, and will be organized solely for the purpose of (A) with
respect to each Individual Borrower, acquiring, developing, owning, holding, financing, selling, leasing, transferring, exchanging,
managing and operating such Individual Borrower’s Individual Properties (and the Divested Properties, and any Ground Lease
Property acquired after the Closing Date pursuant to the exercise of a Ground Lease Purchase Option in accordance with Section
4.33(f) of this Agreement (each such Ground Lease Property, an “Acquired Ground Lease”)), (B) with
respect to each Operating Lessee, leasing, managing and operating the related Individual Properties pursuant to the Operating Lease
and managing or owning, directly or indirectly, its wholly owned Liquor Subsidiary, where applicable, whose sole purpose is to
hold liquor licenses used in the operation of the related Individual Properties, (C) with respect to each Individual Borrower and
Individual Operating Lessee, entering into this Agreement with Lender, (D) with respect to each Individual Borrower, refinancing
such Individual Borrower’s Individual Properties in connection with a permitted repayment of the Loan, and (E) with respect
to each Individual Borrower and Individual Operating Lessee, transacting lawful business that is incident, necessary and appropriate
to accomplish the foregoing, and (ii) has not owned, does not own, and will not own any asset or property other than (A) with
respect to each Individual Borrower, such Individual Borrower’s Individual Properties, the Divested Properties, the Acquired
Ground Leases and incidental personal property necessary for the ownership or operation of such Individual Borrower’s Individual,
and (B) with respect to Individual Operating Lessees, such Individual Operating Lessee’s interests in the Operating Lease
and incidental personal property necessary for the ownership or operation of such interests. Borrower previously owned, and Operating
Lessee previously owned interests in the Operating Lease with respect to, the Divested Properties, which ownership shall not be
deemed to be a violation of this paragraph (a). Prior to the Closing Date, all right, title, interest and estate in the Divested
Properties were transferred and conveyed by Borrower and Operating Lessee to third parties and/or Affiliates of Borrower. Such
Individual Borrower or Individual Operating Lessee is duly formed, validly existing and in good standing in the state in which
it was formed and in any other jurisdictions where it is qualified to do business.

 

(b)          Neither
such Individual Borrower nor Individual Operating Lessee has engaged (other than with respect to the applicable Individual Borrower
or Individual Operating Lessee, the Divested Properties) and will not (other than with respect to the Acquired Ground Leases) engage
in any business other than the ownership, management and operation of such Individual Borrower’s Individual Properties or
Individual Operating Lessee’s Operating Lease, such Individual Operating Lessee’s Liquor Subsidiary and business incidental
thereto. Borrower and Operating Lessee previously engaged in the business of owning, managing and operating the Divested Properties,
which ownership, management and operation shall not be deemed to be a violation of this paragraph (b). Prior to the Closing Date,
all right, title, interest and estate in the Divested Properties were transferred and conveyed by Borrower and Operating Lessee
to third parties and/or Affiliates of Borrower.

 

    	 	Schedule V-1-1	 Loan Agreement

     

    

 

(c)          Except
for capital contributions and capital distributions permitted under the terms and conditions of its organizational documents and
properly reflected on its books and records, neither such Individual Borrower nor Individual Operating Lessee has nor will enter
into any contract or agreement with any Affiliate of such Individual Borrower or Individual Operating Lessee, except upon terms
and conditions that are intrinsically fair, commercially reasonable, and no less favorable to it than would be available on an
arms-length basis with third parties other than any such party, other than with respect to the Divested Properties set forth as
items (1) through (8) on Schedule XIX (the “8-Pack Properties”) which 8-Pack Properties
were transferred through a distribution and conveyed to Affiliates of the respective Individual Borrowers that owned such 8-Pack
Properties without consideration.

 

(d)          Neither
such Individual Borrower nor Individual Operating Lessee has incurred (except for the Prior Loans of such Individual Borrower,
which have been fully repaid, from which the Properties, each Individual Borrower, Individual Operating Lessee and SPC Party have
been fully released, and for which neither any Individual Borrower, Individual Operating Lessee nor SPC Party shall have any continuing
liability, actual or contingent (other than contingent liabilities of such Individual Borrower with respect to indemnity obligations
for potential future liabilities under the Prior Loan Documents which pursuant to the terms thereof survive the payment in full
of the Prior Loans, but provided that such Individual Borrower does not believe that such contingent liabilities are reasonably
expected to have a Material Adverse Effect), upon the closing of the Loan, and in connection with which no recourse whatsoever
against any portion of the Properties shall be available under any circumstances) and does not have and will not incur any Indebtedness
other than Permitted Indebtedness, provided that it shall not be a breach of this subsection (d) to the extent that Borrower has
(or had) sufficient cash flow (without giving effect to any Trigger Period) to pay any Indebtedness constituting trade payables
but such funds are (or were) not made available to Borrower during a Trigger Period or during the continuance of an Event of Default
(or during similar periods under the documentation for the Prior Loans). No Indebtedness other than the Debt may be secured (senior,
subordinate or pari passu) by any Individual Property, other than Permitted Encumbrances.

 

(e)          Except
with respect to each Individual Borrower as contemplated in this Agreement and the other Loan Documents with respect to each other
Individual Borrower (or in the documentation for the Prior Loans that have been repaid in full), neither such Individual Borrower
or Individual Operating Lessee has made nor will make any loans or advances to any third party (including any Affiliate, any Loan
Party or any Guarantor), and has not and shall not acquire obligations or securities of its Affiliates.

 

    	 	Schedule V-1-2	 Loan Agreement

     

    

 

(f)          Each
of such Individual Borrower and Individual Operating Lessee is and intends to remain solvent and such Individual Borrower and Individual
Operating Lessee has paid and will pay its debts and liabilities (including, as applicable, shared personnel and overhead expenses)
from its assets; provided that the foregoing shall not require any direct or indirect member, partner or shareholder of such Individual
Borrower or Individual Operating Lessee to make any additional capital contributions to such Individual Borrower or Individual
Operating Lessee; and provided further that it shall not be a breach of this subsection (f) to the extent that (i) Borrower has
(or had) sufficient cash flow (without giving effect to any Trigger Period) to pay such debts and liabilities but such funds are
(or were) not made available to Borrower during a Trigger Period or during the continuance of an Event of Default (or during similar
periods under the documentation for the Prior Loans), (ii) any Individual Borrower compensates from its own funds or assets consultants
and agents for services provided to or obligations incurred by any other Individual Borrower or Liquor Subsidiary or (iii) Borrower
does (or did) not pay such debts or liabilities because it does not have (or did not have) sufficient cash flow.

 

(g)          Each
of such Individual Borrower and Individual Operating Lessee has done or caused to be done, and will do, all things necessary to
observe organizational formalities and preserve its existence, and such Individual Borrower and such Individual Operating Lessee
has not and will not, nor will such Individual Borrower or Individual Operating Lessee permit its SPC Party to, (i) terminate
or fail to comply with the Special Purpose Provisions (as defined in its Operating Agreement), or (ii) from and after the
date hereof only, unless (A) Lender has consented and (B) following a Securitization of the Loan, the applicable Rating
Agencies have issued a Rating Agency Confirmation in connection therewith, amend, modify or otherwise change its partnership certificate,
partnership agreement, articles of incorporation and bylaws, operating agreement, trust or other organizational documents in any
manner which affects its status as Special Purpose Bankruptcy Remote Entity or might otherwise cause it not to satisfy the requirements
of this Schedule V.

 

(h)          Each
of such Individual Borrower and Individual Operating Lessee has maintained and will maintain all of its books, records, financial
statements and bank accounts separate from those of its Affiliates (other than any other Individual Borrower or Liquor Subsidiary
and except as required by or expressly permitted under the Loan Documents) and any other Person. Each of such Individual Borrower’s
and Individual Operating Lessee’s assets will not be listed as assets on the financial statement of any other Person, provided,
however, that such Individual Borrower’s or Individual Operating Lessee’s assets may be included in a consolidated
financial statement of its Affiliates provided that (i) appropriate notation shall be made on such consolidated financial
statements to indicate the separateness of such Individual Borrower or Individual Operating Lessee and such Affiliates and to indicate
that such Individual Borrower’s or Individual Operating Lessee’s assets and credit are not available to satisfy the
debts and other obligations of such Affiliates or any other Person, and (ii) such assets shall be listed on such Individual
Borrower’s or Individual Operating Lessee’s own separate balance sheet. Each of such Individual Borrower and Individual
Operating Lessee will file its own tax returns (to the extent such Individual Borrower or Individual Operating Lessee is required
to file any such tax returns) and will not file a consolidated federal income tax return with any other Person (for the avoidance
of doubt, the inclusion of the results of operations, income, profits, losses or other tax attributes of a Person that is a disregarded
entity for federal or state income tax purposes in the federal or state income tax returns of the beneficial owner of such Person
shall not constitute the filing of an income tax return by such Person), except to the extent that such Individual Borrower or
Individual Operating Lessee is (i) required to file consolidated tax returns by law or (ii) is treated as a “disregarded
entity” for tax purposes and is not required to file tax returns under applicable law. Such Individual Borrower and Individual
Operating Lessee has maintained and shall maintain its books, records, resolutions and agreements in accordance with this Agreement.

 

    	 	Schedule V-1-3	 Loan Agreement

     

    

 

(i)          Each
of such Individual Borrower and Individual Operating Lessee has been, will be, and at all times has held and will hold itself out
to the public as, a legal entity separate and distinct from any other entity (including any Affiliate of such Individual Borrower
or Individual Operating Lessee or any Loan Party or any Guarantor (recognizing that such Individual Borrower may be treated as
a “disregarded entity” for tax purposes and is not required to file tax returns for tax purposes under applicable law)),
shall correct any known misunderstanding regarding its status as a separate entity, shall conduct business in its own name, shall
not identify itself or any of its Affiliates as a division or department or part of the other and shall maintain and utilize separate
stationery, invoices and checks bearing its own name.

 

(j)          Each
of such Individual Borrower and Individual Operating Lessee intends to maintain adequate capital for the normal obligations reasonably
foreseeable in a business of its size and character and in light of its contemplated business operations; provided that nothing
in this clause (j) shall be interpreted to require the partners, members or other principals of such Individual Borrower or Individual
Operating Lessee to make any capital contributions or loans to such entity or arrange for any such capital contribution or loan
by any third party.

 

(k)          None
of such Individual Borrower, Individual Operating Lessee, any Affiliate Controlling such Individual Borrower or Individual Operating
Lessee or any Loan Party, any Guarantor or any other Person holding any direct or Controlling indirect interest in such Individual
Borrower or Individual Operating Lessee, has sought or intends to seek or effect the liquidation, dissolution, winding up, consolidation
or merger, in whole or in part, of such Individual Borrower or Individual Operating Lessee, other than in connection with and following
a potential Permitted Direct Assumption, Permitted Indirect Assumption or repayment of the Debt.

 

(l)          Except
with respect to each Individual Borrower as contemplated in this Agreement and the other Loan Documents with respect to each other
Individual Borrower (or in the documentation for the Prior Loans that have been paid in full), neither such Individual Borrower
nor Individual Operating Lessee has nor will commingle the funds and other assets of such Individual Borrower or Individual Operating
Lessee with those of any Affiliate (other than any Individual Borrower or Liquor Subsidiary (or subsidiaries of a Liquor Subsidiary))
or any Loan Party, any Guarantor or any other Person, and has held and will hold all of its assets in its own name.

 

(m)          Except
with respect to each Individual Borrower as contemplated in this Agreement and the other Loan Documents with respect to each other
Individual Borrower (or in the documentation for the Prior Loans that have been repaid in full), each of such Individual Borrower
and Individual Operating Lessee has and will maintain its assets in such a manner that it will not be costly or difficult to segregate,
ascertain or identify its individual assets from those of any Affiliate, any Loan Party, any Guarantor or any other Person.

 

    	 	Schedule V-1-4	 Loan Agreement

     

    

 

(n)          Except
with respect to each Individual Borrower as contemplated in this Agreement and the other Loan Documents with respect to each other
Individual Borrower (or in the documentation for the Prior Loans that have been repaid in full), neither such Individual Borrower
nor Individual Operating Lessee has nor will assume or guarantee or become obligated for the debts of any other Person and does
not and will not hold itself out to be responsible for or have its credit available to satisfy the debts or obligations of any
other Person.

 

(o)          Each
Individual Borrower and Individual Operating Lessee has been and shall be a Delaware limited liability company or a Delaware limited
partnership, and with respect to those Individual Borrowers and Individual Operating Lessees organized as limited partnerships
(each, an “LP Party”), such Individual Borrower’s general partner (“SPC Party”)
has been and shall be a Delaware limited liability company or a Delaware corporation, and SPC Party (i) has caused and will
cause such Individual Borrower or Individual Operating Lessee to be a Special Purpose Bankruptcy Remote Entity; (ii) has complied
and will at all times comply with each of the representations, warranties and covenants contained on this Schedule V
(other than subsections (a), (b) and (d)) as if such representation, warranty or covenant was made directly by SPC
Party; (iii) has not engaged and will not engage in any business or activity other than owning an interest in such Individual
Borrower, Individual Operating Lessee or the owner(s) or operating lessee(s) of the Divested Properties; (iv) has not acquired
or owned and will not acquire or own any assets other than its partnership interest in such Individual Borrower, Individual Operating
Lessee or the owner(s) or operating lessee(s) of the Divested Properties; (v) has not incurred and will not incur any debt,
secured or unsecured, direct or contingent (including guaranteeing any obligation) other than unsecured trade payables incurred
in the ordinary course of business related to the ownership of an interest in such Individual Borrower that (A) do not exceed
at any one time $50,000.00, and (B) are paid within ninety (90) days after the date incurred; provided that it shall
not be a breach of this subsection (o) to the extent that Borrower has (or had) sufficient cash flow (without giving effect to
any Trigger Period) to make distributions to SPC Party for the payment of unsecured trade payables but such cash flow is (or was)
not made available to Borrower for distribution during a Trigger Period or during the continuance of an Event of Default (or during
similar periods under the documentation for the Prior Loans); and (vi) has no contingent or actual obligations not related to the
ownership and operation of such Individual Borrower’s Individual Properties, such Individual Operating Lessee’s Operating
Lease and Divested Properties. Upon the withdrawal or the disassociation of SPC Party from such Individual Borrower, such Individual
Borrower shall immediately appoint a new SPC Party whose articles or certificate of formation or incorporation are substantially
similar to those of SPC Party and deliver a new non-consolidation opinion to the Rating Agency or Rating Agencies, as applicable,
with respect to the new SPC Party and its equity owners.

 

(p)          The
organizational documents of each Individual Borrower, Individual Operating Lessee and SPC Party organized as a limited liability
company (each, an “LLC Party”) shall provide that at all times there shall be (and such LLC Party shall
at all times cause there to be) at least two (2) duly appointed Independent Directors or Independent Managers. In addition,
the organizational documents of each LLC Party shall provide that no Independent Director or Independent Manager (as applicable)
of each LLC Party may be removed or replaced without Cause and unless LLC Party, as applicable, provides Lender with not less than
three (3) Business Days’ prior written notice of (a) any proposed removal of an Independent Director or Independent
Manager (as applicable), together with a statement as to the reasons for such removal, and (b) the identity of the proposed
replacement Independent Director or Independent Manager (as applicable), together with a certification that such replacement satisfies
the requirements set forth in the organizational documents for an Independent Director or Independent Manager (as applicable).

 

    	 	Schedule V-1-5	 Loan Agreement

     

    

 

(q)          The
organizational documents of such LLC Party shall also provide an express acknowledgment that Lender is an intended third-party
beneficiary of the “special purpose” provisions of such organizational documents.

 

(r)          The
organizational documents of each LLC Party shall provide that such Person shall not take any action which, under the terms of any
certificate of incorporation, by-laws or any voting trust agreement with respect to any common stock, requires a unanimous vote
of (A) the sole member of such LLC Party, as applicable (each, a “Sole Member”), (B) the board of directors
of such LLC Party, as applicable, or (C) the committee of managers of such LLC Party, as applicable, designated to manage the business
affairs of such LLC Party, as applicable (each, a “Committee”), unless at the time of such action there
shall be at least two (2) duly appointed Independent Directors or Independent Managers and all such Independent Directors or Independent
Managers (as applicable) have participated in such vote. The organizational documents of each LLC Party shall provide that actions
requiring such unanimous written consent, including the Independent Directors or Independent Managers (as applicable), shall include
each of the following with respect to SPC Party, each Individual Operating Lessee and each Individual Borrower (each, a “Material
Action”): (i) filing or consenting to the filing of any petition, either voluntary or involuntary, to take advantage
of any applicable insolvency, bankruptcy, liquidation or reorganization statute, (ii) seeking or consenting to the appointment
of a receiver, liquidator or any similar official of such Individual Borrower or Operating Lessee or a substantial part of its
business, (iii)  making an assignment for the benefit of creditors, (iv) admitting in writing its inability to pay debts
generally as they become due, or (v) taking any action in furtherance of the foregoing. In addition, the organizational documents
of each Individual Borrower, Individual Operating Lessee and SPC Party shall provide that, when voting with respect to any matters
set forth in the immediately preceding sentence of this clause (r), the Independent Directors or Independent Managers (as
applicable) shall consider only the interests of the applicable Individual Borrower, Individual Operating Lessee or SPC Party including
its creditors. No Individual Borrower, Individual Operating Lessee or SPC Party shall take any of the foregoing actions without
the unanimous written consent of its board of directors, its member(s) or the Committee, as applicable, including (or together
with) all Independent Directors or Independent Managers, as applicable. Without limiting the generality of the foregoing, such
documents shall expressly provide that, to the greatest extent permitted by law, except for duties to the applicable Individual
Borrower or Individual Operating Lessee (including duties to the applicable Individual Borrower’s or Individual Operating
Lessee’s equity holders solely to the extent of their respective economic interests in such Individual Borrower or Individual
Operating Lessee and to such Individual Borrower’s or Individual Operating Lessee’s creditors as set forth in the immediately
preceding sentence), such Independent Directors or Independent Managers (as applicable) shall not owe any fiduciary duties to,
and shall not consider, in acting or otherwise voting on any matter for which their approval is required, the interests of (i) SPC
Party or such Individual Borrower’s or Individual Operating Lessee’s other equity holders, (ii) other Affiliates
of such Individual Borrower or Individual Operating Lessee, or (iii) any group of Affiliates of which such Individual Borrower
or Individual Operating Lessee is a part); provided, however, the foregoing shall not eliminate the implied contractual covenant
of good faith and fair dealing.

 

    	 	Schedule V-1-6	 Loan Agreement

     

    

 

(s)          Notwithstanding
anything herein to the contrary, each LLC Party may be a Delaware single-member limited liability company provided that:

 

(i)          the
organizational documents of each LLC Party shall provide that, as long as any portion of the Obligations remains outstanding, upon
the occurrence of any event that causes the Sole Member of such LLC Party, as applicable, to cease to be a member of such LLC Party,
as applicable, (other than (i) upon an assignment by Sole Member of all of its limited liability company interest in such
LLC Party, as applicable, and the admission of the transferee, if permitted pursuant to the organizational documents of such LLC
Party, as applicable, and the Loan Documents, or (ii) the resignation of Sole Member and the admission of an additional member
of such LLC Party, as applicable, if permitted pursuant to the organizational documents of such LLC Party, as applicable, and the
Loan Documents), each of the persons acting as an Independent Director or Independent Manager (as applicable) of such LLC Party,
as applicable, shall, without any action of any Person and simultaneously with Sole Member ceasing to be a member of such LLC Party,
as applicable, automatically be admitted as members of such LLC Party, as applicable (in each case, individually, a “Special
Member” and collectively, the “Special Members”) and shall preserve and continue the existence
of such LLC Party, as applicable, without dissolution. The organizational documents of such LLC Party, as applicable, shall further
provide that for so long as any portion of the Obligations is outstanding, no Special Member may resign or transfer its rights
as Special Member unless (i) a successor Special Member has been admitted to such LLC Party, as applicable, as a Special Member,
and (ii) such successor Special Member has also accepted its appointment as an Independent Director or Independent Manager
(as applicable);

 

(ii)         the
organizational documents of such LLC Party, as applicable, shall provide that, as long as any portion of the Obligations remains
outstanding, except as expressly permitted pursuant to the terms of this Agreement, (i) Sole Member may not resign, and (ii) no
additional member shall be admitted to such LLC Party, as applicable; and

 

    	 	Schedule V-1-7	 Loan Agreement

     

    

 

(iii)        the
organizational documents of each LLC Party, as applicable, shall provide that, as long as any portion of the Obligations remains
outstanding: (i) such LLC Party, as applicable, shall be dissolved, and its affairs shall be wound up, only upon the first
to occur of the following: (A) the termination of the legal existence of the last remaining member of such LLC Party, as applicable,
or the occurrence of any other event which terminates the continued membership of the last remaining member of such LLC Party,
as applicable, in such LLC Party, as applicable, unless the business of such LLC Party, as applicable, is continued in a manner
permitted by its operating agreement or the Delaware Limited Liability Company Act (the “Act”), or (B) the
entry of a decree of judicial dissolution under Section 18-802 of the Act; (ii) upon the occurrence of any event that
causes the last remaining member of such LLC Party, as applicable, to cease to be a member of such LLC Party, as applicable, or
that causes Sole Member to cease to be a member of such LLC Party, as applicable (other than (A) upon an assignment by Sole
Member of all of its limited liability company interest in such LLC Party, as applicable, and the admission of the transferee,
if permitted pursuant to the organizational documents of such LLC Party, as applicable, and the Loan Documents, or (B) the
resignation of Sole Member and the admission of an additional member of such LLC Party, as applicable, if permitted pursuant to
the organizational documents of such LLC Party, as applicable, and the Loan Documents), to the fullest extent permitted by law,
the personal representative of such last remaining member shall be authorized to, and shall, within ninety (90) days after
the occurrence of the event that terminated the continued membership of such member in such LLC Party, as applicable, agree in
writing (I) to continue the existence of such LLC Party, as applicable, and (II) to the admission of the personal representative
or its nominee or designee, as the case may be, as a substitute member of such LLC Party, as applicable, effective as of the occurrence
of the event that terminated the continued membership of such member in such LLC Party, as applicable; (iii) the bankruptcy
of Sole Member or a Special Member shall not cause such Sole Member or Special Member, respectively, to cease to be a member of
such LLC Party, as applicable, and upon the occurrence of such an event, the business of such LLC Party, as applicable, shall continue
without dissolution; (iv) in the event of the dissolution of such LLC Party, as applicable, such LLC Party, as applicable,
shall conduct only such activities as are necessary to wind up its affairs (including the sale of the assets of such LLC Party,
as applicable, in an orderly manner), and the assets of such LLC Party, as applicable, shall be applied in the manner, and in the
order of priority, set forth in Section 18-804 of the Act; and (v) to the fullest extent permitted by law, each of Sole
Member and the Special Members shall irrevocably waive any right or power that they might have to cause such LLC Party, as applicable,
or any of its assets to be partitioned, to cause the appointment of a receiver for all or any portion of the assets of such LLC
Party, as applicable, to compel any sale of all or any portion of the assets of such LLC Party, as applicable, pursuant to any
applicable law or to file a complaint or to institute any proceeding at law or in equity to cause the dissolution, liquidation,
winding up or termination of such LLC Party, as applicable.

 

(t)          Each
of such Individual Borrower and Individual Operating Lessee has conducted and shall conduct its business so that the assumptions
made with respect to such Individual Borrower and Individual Operating Lessee in the Insolvency Opinion shall be true and correct.
In connection with the foregoing, each Individual Borrower and Individual Operating Lessee hereby covenants and agrees that it
will comply with or cause the compliance with, (i) all of the facts and assumptions (whether regarding such Individual Borrower
and Individual Operating Lessee or any other Person) set forth in the Insolvency Opinion, (ii) all of the representations,
warranties and covenants in this Schedule V, and (iii) all of the Special Purpose Provisions of the organizational
documents of such Individual Borrower or Individual Operating Lessee.

 

    	 	Schedule V-1-8	Loan Agreement

     

    

 

(u)          Except
with respect to each Individual Borrower as contemplated in this Agreement and the other Loan Documents with respect to each other
Individual Borrower (or in the documentation for the Prior Loans that have been repaid in full), neither such Individual Borrower
nor Individual Operating Lessee has permitted nor will permit any Affiliate (other than an Affiliate Manager engaged in accordance
with Section 4.14) or any Loan Party, any Guarantor or any other Person holding any direct or indirect interest in such
Individual Borrower or Individual Operating Lessee, independent access to its bank accounts.

 

(v)         Except
with respect to each Individual Borrower as contemplated in this Agreement and the other Loan Documents with respect to each other
Individual Borrower (or in the documentation for the Prior Loans that have been repaid in full), each of such Individual Borrower
and Individual Operating Lessee has paid and shall pay its own liabilities and expenses, including the salaries of its own employees
(if any) from its own funds; provided that the foregoing shall not require any direct or indirect member, partner or shareholder
of each Individual Borrower or Individual Operating Lessee to make any additional capital contributions to such Individual Borrower
or Individual Operating Lessee; provided further that it shall not be a breach of this subsection (v) to the extent that (i) Borrower
or Operating Lessee has (or had) sufficient cash flow (without giving effect to any Trigger Period) to pay its own liabilities
and expenses but such cash flow is (or was) not made available to Borrower for distribution during a Trigger Period or during the
continuance of an Event of Default (or during similar periods under the documentation for the Prior Loans), (ii) any Individual
Borrower or Operating Lessee makes a payment from its funds of the liabilities and expenses of any other Individual Borrower, Operating
Lessee or Liquor Subsidiary or (iii) Borrower or Operating Lessee does (or did) not pay such liabilities or expenses because it
does not have (or did not have) sufficient cash flow.

 

(w)          Except
as contemplated in this Agreement and the other Loan Documents (or in the documentation for the Prior Loans), each of such Individual
Borrower and Individual Operating Lessee has compensated and shall compensate each of its consultants and agents from its own funds
for services provided to it and pay from its own assets all obligations of any kind incurred; provided that it shall not be a breach
of this subsection (w) to the extent that (i) Borrower or Operating Lessee has (or had) sufficient cash flow (without giving effect
to any Trigger Period) to pay such amounts but such cash flow is (or was) not made available to Borrower for distribution during
a Trigger Period or during the continuance of an Event of Default (or during similar periods under the documentation for the Prior
Loans), (ii) any Individual Borrower or Individual Operating Lessee compensates from its own funds or assets consultants and agents
for services provided to or obligations incurred by any other Individual Borrower, Individual Operating Lessee or Liquor Subsidiary
or (iii) Borrower or Operating Lessee does (or did) not compensate such consultants or agents or pay such obligations because it
does not have (or did not have) sufficient cash flow.

 

(x)          Neither
such Individual Borrower nor Individual Operating Lessee has, nor without the unanimous consent of all of its directors and members
(including all Independent Directors), as applicable, will (i) file a bankruptcy, insolvency or reorganization petition or
otherwise institute insolvency proceedings or otherwise seek any relief under any laws relating to the relief from debts or the
protection of debtors generally, (ii) seek or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator,
custodian or any similar official for such entity or for all or any portion of such Individual Borrower’s or Operating Lessee’s
properties, (iii) make any assignment for the benefit of such Individual Borrower’s or Individual Operating Lessee’s
creditors, or (iv) take any action in furtherance of the foregoing.

 

    	 	Schedule V-1-9	 Loan Agreement

     

    

 

(y)          Intentionally
omitted.

 

(z)          Each
of such Individual Borrower and Individual Operating Lessee has allocated and will allocate fairly and reasonably any overhead
expenses that are shared with any Affiliate, including shared office space.

 

(aa)         Except
in connection with the Loan, neither such Individual Borrower nor Individual Operating Lessee has pledged (except in connection
with the Prior Loans of such Individual Borrower, which have been fully repaid, from which the Properties, each Individual Borrower,
Individual Operating Lessee and SPC Party have been fully released, and for which neither any Individual Borrower, Individual Operating
Lessee nor SPC Party shall have any continuing liability, actual or contingent (other than contingent liabilities of such Individual
Borrower with respect to indemnity obligations for potential future liabilities under the Prior Loan Documents which pursuant to
the terms thereof survive the payment in full of the Prior Loans, but provided that such Individual Borrower does not believe that
such contingent liabilities are reasonably expected to have a Material Adverse Effect), upon the closing of the Loan, and in connection
with which no recourse whatsoever against any portion of the Properties shall be available under any circumstances) and will not
pledge its assets for the benefit of any other Person.

 

(bb)         Each
of such Individual Borrower and Individual Operating Lessee has and will have no obligation to indemnify its officers, directors,
members or partners, as the case may be, or has such an obligation that is fully subordinated to the Debt and will not constitute
a claim against it if cash flow in excess of the amount required to pay the Debt is insufficient to pay such obligation.

 

(cc)         if
such Individual Borrower or Individual Operating Lessee is (i) a limited liability company, has articles of organization,
a certificate of formation and/or an operating agreement, as applicable, (ii) a limited partnership, has a limited partnership
agreement, or (iii) a corporation, has a certificate of incorporation or articles that, in each case, provide that such entity
will not without the consent of Lender: (A) dissolve, merge, liquidate, consolidate; (B) sell, transfer, dispose, or
encumber (in each case, in accordance with the other provisions of the Loan Documents) all or substantially all of its assets or
acquire all or substantially all of the assets of any Person; or (C) engage in any other business activity, or amend its organizational
documents with respect to the matters set forth on this Schedule V (in each case, except in connection with taking
any of the actions described in the foregoing clause (B) to the extent such actions are taken in accordance with the other provisions
of the Loan Documents).

 

(dd)         The
Independent Directors or Independent Manager (as applicable) will consider only the interests of such Individual Borrower or Individual
Operating Lessee, including its creditors, in connection with any Material Action. Without limiting the generality of the foregoing
to the greatest extent permitted by law, except for duties to such Individual Borrower or Individual Operating Lessee (including
duties to such Individual Borrower’s or Individual Operating Lessee’s equity holders solely to the extent of their
respective economic interests in such Individual Borrower or Individual Operating Lessee and to such Individual Borrower’s
or Individual Operating Lessee’s creditors as set forth in the immediately preceding sentence), such Independent Directors
shall not owe any fiduciary duties to, and shall not consider, in acting or otherwise voting on any matter for which their approval
is required, the interests of (i) the SPC Party, such Individual Operating Lessee’s or such Individual Borrower’s
other equity holders, (ii) other Affiliates of such Individual Borrower or Individual Operating Lessee, or (iii) any
group of Affiliates of which such Individual Borrower or Individual Operating Lessee is a part); provided, however, the foregoing
shall not eliminate the implied contractual covenant of good faith and fair dealing.

 

    	 	Schedule V-1-10	 Loan Agreement

     

    

 

(ee)         Except
the Guaranty, the guarantees of Borrower’s obligations under certain of the Franchise Agreements specified on Schedule
XII, the guarantees of Borrower’s obligations under certain of the Ground Leases specified on Schedule VII
and the Obligations which are joint and several amongst the Individual Borrowers, each Individual Borrower and Individual Operating
Lessee has not, does not, and will not have any of its obligations guaranteed by an any Affiliate (other than in connection with
the Prior Loans, which guarantees have been either released or discharged, or will be discharged as result of the closing of the
Loan).

 

(ff)         Any
amendment or restatement of any organizational document of each Individual Borrower that is a limited liability company, each Individual
Operating Lessee that is a limited liability company and each general partner of each Individual Borrower or Individual Operating
Lessee that is a limited partnership has been accomplished in accordance with, and was permitted by, the relevant provisions of
said document prior to its amendment or restatement from time to time.

 

As used herein:

 

“Cause”
shall mean, with respect to an Independent Director or Independent Manager, (i) acts or omissions by such Independent Director
or Independent Manager, as applicable, that constitute systematic and persistent or willful disregard of such Independent Director’s
or Independent Manager’s, as applicable, duties, (ii) such Independent Director or Independent Manager, as applicable,
has been indicted or convicted for any crime or crimes of moral turpitude or dishonesty or for any violation of any Legal Requirements,
(iii) such Independent Director or Independent Manager is unable to perform his or her duties as Independent Director or Independent
Manager due to death, disability or incapacity, or (iv) such Independent Director or Independent Manager no longer meets the definition
of “Independent Director” or “Independent Manager”.

 

“Independent
Director” or “Independent Manager” shall mean a natural person selected by the applicable
Individual Borrower (a) with prior experience as an independent director, independent manager or independent member, (b) with
at least three (3) years of employment experience, (c) who is provided by a Nationally Recognized Service Company, (d) who
is duly appointed as an Independent Director or Independent Manager and is not, will not be while serving as Independent Director
or Independent Manager (except pursuant to an express provision in Borrower’s operating agreement providing for the appointment
of such Independent Director or Independent Manager to become a “special member” upon the last remaining member of
Borrower ceasing to be a member of Borrower) and shall not have been at any time during the preceding five (5) years, any
of the following:

 

    	 	Schedule V-1-11	 Loan Agreement

     

    

 

		(i)	a stockholder, director, manager (other than as an
Independent Director or an Individual Borrower or an Affiliate of an Individual Borrower that does not own a direct or indirect
interest in an Individual Borrower and that in required by a creditor to be a “special purpose entity”), officer,
employee, partner, attorney or counsel of such Individual Borrower, any Affiliate of such Individual Borrower or any direct or
indirect parent of such Individual Borrower;

 

		(ii)	a customer, supplier (other than a Nationally Recognized
Service Company that provides professional independent directors, independent managers and special managers and also provides
other corporate services in the ordinary course of business) or other Person who derives any of its purchases or revenues from
its activities with such Individual Borrower or any Affiliate of such Individual Borrower;

 

		(iii)	a Person or other entity Controlling or under Common
Control with any such stockholder, partner, customer, supplier or other Person described in clause (i) or clause (ii) above; or

 

		(iv)	a member of the immediate family of any such stockholder,
director, officer, employee, partner, customer, supplier or other Person described in clause (i) or clause (ii) above.

 

A natural person who otherwise satisfies the
foregoing definition and satisfies subparagraph (i) by reason of being the Independent Director or Independent Manager of
a “special purpose entity” affiliated with such Individual Borrower that does not own a direct or indirect ownership
interest in such Individual Borrower shall be qualified to serve as an Independent Director or Independent Manager of such Individual
Borrower, provided that the fees that such individual earns from serving as Independent Director or Independent Manager of affiliates
of such Individual Borrower in any given year constitute in the aggregate less than five percent (5%) of such individual’s
annual income for that year.

 

A natural person who satisfies
the foregoing definition other than clause (ii) shall not be disqualified from serving as an Independent Director or Independent
Manager of Borrower if such individual is an independent director, independent manager or special manager provided by a Nationally
Recognized Service Company that provides professional independent directors, independent managers and special managers and also
provides other corporate services in the ordinary course of its business.

 

“Nationally
Recognized Service Company” shall mean any of CT Corporation, Corporation Service Company, National Registered Agents,
Inc., Wilmington Trust Company, Stewart Management Company, Lord Securities Corporation, or such other nationally recognized company
that provides independent director, independent manager or independent member services and that is reasonably satisfactory to Lender,
in each case that is not an Affiliate of such Individual Borrower and that provides professional independent directors and other
corporate services in the ordinary course of its business.

 

    	 	Schedule V-1-12	 Loan Agreement

     

    

 

SCHEDULE VI

INTELLECTUAL PROPERTY/WEBSITES 

 

	Asset	 	Domain	 	Domain 

expiration
	Embassy Orlando	 	embassy-idrive.com	 	Jul-18
	Embassy Orlando	 	embassyidrive.com	 	Jul-18
	Embassy Orlando	 	embassy-idrive.net	 	Jul-18
	Embassy Orlando	 	embassy-idrive.org	 	Jul-18
	Embassy Orlando	 	embassy-idrive.info	 	Jul-18
	Embassy Orlando	 	orlandoembassy.com	 	Jul-18
	Embassy Orlando	 	orlandoembassy.net	 	Jul-18
	Embassy Orlando	 	orlandoembassy.co	 	Jul-18
	Embassy Orlando	 	orlandoembassy.info	 	Jul-18
	Embassy Orlando	 	embassyidrive.net	 	Jul-18
	Embassy Orlando	 	embassyidrive.co	 	Jul-18
	Embassy Orlando	 	embassyidrive.info	 	Jul-18
	Embassy Orlando	 	orlando-embassy.com	 	Jul-18
	Embassy Orlando	 	orlando-embassy.net	 	Jul-18
	Embassy Orlando	 	orlando-embassy.org	 	Jul-18
	Embassy Orlando	 	orlando-embassy.info	 	Jul-18
	Embassy Orlando	 	hiltonorlandohotels.com	 	Jul-17
	Embassy Orlando	 	hiltonorlandohotels.net	 	Jul-17
	Embassy Orlando	 	hiltonorlandohotels.info	 	Jul-17
	Embassy Orlando	 	hiltonorlandohotels.org	 	Jul-17
	Embassy Orlando	 	hiltonorlandohotels.com	 	Jul-17
	GA Tech	 	GATechHotel.com	 	Aug-17

 

    	 	Schedule VI-1	Mezzanine Loan Agreement

     

    

 

SCHEDULE VII

REAs

 

The reciprocal easement agreements, easement and operating agreements,
and covenants, conditions and restrictions and similar agreements described in the Title Insurance Policies.

 

    	 	Schedule VII-1	Mezzanine Loan Agreement

     

    

 

SCHEDULE VIII

 

GROUND LEASES

 

	Property	 	Description of Ground Lease
	 	 	 
	Hampton Inn, Birmingham, AL	 	
        That Ground Lease Agreement by and between Hampton Inns, Inc. and
        Fitts J. Smitherman, Rosemary Smitherman, Byrd Companies, Inc., Ormond Sommerville and Martha Sommerville dated September 16, 1986.

         

        Recorded by Memorandum of Lease between Hampton Inns., Inc. and
        Fitts J. Smitherman, Rosemary Smitherman, Byrd Companies, Inc., Ormond Sommerville and Martha Sommerville dated as of April 2,
        1987, and recorded in Real Volume 3157, Page 143 in the land records of Jefferson County, Alabama.

         

        Amended on December 17, 1987 by Hampton Inns, Inc. and Fitts J.
        Smitherman, Rosemary Smitherman, Byrd Companies, Inc., Ormond Sommerville and Martha Sommerville.

         

        Assigned on December 21, 1987 from Hampton Inns, Inc. to Hampton/GHI
        Associates No.1, a California general partnership.

         

        Amended on July 30, 1997 by Hampton/GHI Associates No.1, a California
        partnership and Ann S. Sanders, Ormond Sommerville and the Byrd Companies, Inc.

         

        Assigned on August 1, 1997 from Hampton/GHI Associates No.1, a California
        general partnership, to Equity Inns Partnership, L.P. Assigned November 6, 2000 from Equity Inns Partnership, L.P. to EQI Financing
        Partnership III, L.P. (which entity merged with and into W2007 Equity Inns Realty, LLC) and guaranteed by Equity Inns, Inc. (which
        entity merged with and into W2007 Grace Acquisition I, Inc.).

         

        Consent of Landlord by S&S Associates LLC and New Owners, Vestavia
        LLC as Tenants in Common.

         

        Assignment and Assumption of Ground Lease, dated February 27, 2015,
        by W2007 Equity Inns Realty, LLC in favor of ARC Hospitality Portfolio I BHGL Owner, LLC.

         

        Unconditional & Irrevocable Guaranty, by American Realty Capital
        Hospitality Trust, Inc. in favor of S&S Associates LLC and New Owners, Vestavia LLC as Tenants in Common.

 

    	 	Schedule VIII-1	Mezzanine Loan Agreement

     

    

 

	Homewood Suites, Phoenix, AZ	 	
        Lease, dated as of January 20, 1987, a memorandum of which was recorded
        on February 6, 1987 as Document No. 87 076480 in the real estate records of Maricopa County, State of Arizona (the “Official
        Records”);

         

        as assigned by the instrument recorded as Recording No. 95-0093449
        in the Official Records, to Embassy Suites, Inc., a Delaware corporation (Embassy Suites, Inc. changed its name to Harrah’s
        Operating Company, Inc. by Certificate of Amendment of Restated Certificate of Incorporation dated June 30, 1995);

         

        as assigned by the instrument recorded October 24, 1996 as Recording
        No. 96-0754084 in the Official Records, to Promus Hotels, Inc., a Delaware corporation;

         

        as assigned by the instrument recorded November 6, 1996 as Recording
        No. 96-0788013 in the Official Records, to Equity Inns Partnership, L.P., a Tennessee limited partnership;

         

        as assigned by the instrument recorded as Recording No. 99-0618156
        in the Official Records, to EQI Financing Partnership II, L.P., a Tennessee limited partnership;

         

        as amended by the Ground Lease Estoppel and Agreement, dated October 25,
        2007, between Camelback Properties Trust Number One, as landlord, and EQI Financing Partnership II, LP, a Tennessee limited partnership,
        as tenant.

         

        Assignment and Assumption of Ground Lease, dated February 27, 2015,
        by W2007 Equity Inns Realty, LLC in favor of ARC Hospitality Portfolio I PXGL Owner, LLC.

	 	 	 
	Hampton Inn, Norfolk, VA	 	
        Lease Agreement, dated June 27, 1989 (the “Ground Lease”),
        by and among S.L. Nusbaum Realty Co., as Landlord, and V.A. Zodda and John R. Lawson, collectively, as Tenant, a memorandum of
        which, dated November 27, 1989, was recorded December 11, 1989, in the Clerk’s Office, Circuit Court, City of Norfolk, Virginia,
        in Deed Book 2227, page 21, as amended by those certain letter agreements, dated June 26, 1989, August 22, 1989 and July 5,
        1990, and as supplemented by that certain Memorandum of and Supplement to Assignment of Lease and Assumption Agreement, dated March
        4, 1997, recorded in Deed Book 2877, page 121, in the aforesaid records.

         

        Tenant’s interests were assigned pursuant to that certain
        Assignment and Assumption Agreement, dated November 29, 1989, by and between V.A. Zodda and John R. Lawson, as Assignor, and Z&L,
        Ltd., as Assignee.

         

        Tenant’s interests were assigned pursuant to that certain
        Assignment of Lease, dated March 5, 1997, by and among Z&L, Ltd., as Assignor, and Equity Inns Partnership, L.P., as Assignee,
        recorded March 6, 1997 in Deed Book 2877, page 126, in the aforesaid records.

 

    	 	Schedule VIII-2	Mezzanine Loan Agreement

     

    

 

	 	 	
        Tenant’s interest were further assigned pursuant to that certain
        Assignment of Lease, dated November 6, 2000, by and between Equity Inns Partnership, L.P., as Assignor, to EQI Financing Partnership
        IV, L.P. (“EQI”), as Assignee, recorded November 16, 2000 in Instrument No. 000027119, in the aforesaid records.

         

        EQI merged into W2007 Equity Inns Realty, LLC, the current Tenant
        under the Lease as of the date of this Agreement.

         

        Ground Lease Consent to Assignment and Sublease and Estoppel, dated
        as of January 21, 2015, between Glenwood Square Shopping Center Associates, L.L.C. and ARC Hospitality Portfolio I NFGL Owner,
        LLC.

         

        Assignment and Assumption of Ground Lease, dated February 27, 2015,
        by W2007 Equity Inns Realty, LLC in favor of ARC Hospitality Portfolio I NFGL Owner, LLC.

         

        Guaranty of Lease, made as of the [27th day of February
        2015], by American Realty Capital Hospitality Operating Partnership, L.P., in favor of Glenwood Square Shopping Center Associates,
        L.L.C.

	 	 	 
	Courtyard, Dallas, TX	 	
        Ground Lease, dated as of February 21, 1989, by and among Industrial
        Properties Corporation (“IPC”), as Landlord, and Marriott Corporation, Inc. (“Marriott”), as Tenant.

         

        Assignment of Lease and Assumption of Obligations, dated as of February 21, 1989,
        by and between Marriott, as Assignor, and Marriott International, Inc. (“MII”), as Assignee and recorded September
        23, 1994 in Volume 94184, Page 04158, in the Real Property Records of Dallas County, Texas.

         

        First Amendment to Ground Lease, dated as of February 2, 1995 by
        and between IPC, as Landlord and MIL as Tenant recorded on February 6, 1995 in Volume 95024, Page 00984, in the aforesaid records.

         

        Letter Agreement dated May 25, 1995 from IPC to Brent Andrus, Andrus
        Enterprises, Inc. and BA Dallas Market Center I Limited Partnership (“BA Dallas”).

         

        Second Amendment to Ground Lease, dated as of May 26, 1995 by and
        between IPC, as Landlord and BA Dallas, as Tenant, recorded June 2, 1995 in Volume 95107, Page 01584, in the aforesaid records.

         

        Assignment and Assumption of Lease, dated as of May 26, 1995,
        by and between MII, as Assignor, BA Dallas, as Assignee, and IPC, as Landlord, recorded June 02, 1995 in Volume 95107, Page 01571,
        in the aforesaid records.

 

    	 	Schedule VIII-3	Mezzanine Loan Agreement

     

    

 

	 	 	
        Certificate of Commencement dated June 1, 1995 between BA Dallas
        and IPC recorded June 7, 1997 in Volume 95110, Page 00078, in the aforesaid records.

         

        Section 1 of that certain Landlord Estoppel Certificate dated August 28, 2007
        (the “2007 Estoppel Certificate”), subject to satisfaction by Tenant of the conditions specified therein. Only the
        terms and conditions of such Section 1 (and not Section 2) of the 2007 Estoppel Certificate modified the terms of the Lease.

         

        Guaranty dated as of August , 2007 by Equity Inns, Inc., in favor
        of Landlord.

         

        Assignment and Assumption of Lease Agreement and Special Warranty
        Deed, dated as of August 29, 2007, between BA Dallas and EQI Market C Dallas Partnership, L.P. (“EQI”) recorded August
        31, 2007 in the Official Public Records of Dallas County, Texas as Instrument No. 20070316021.

         

        Consent to Assignment, Sublease, Management Agreement, Sub-Management
        Agreement, Concession Agreement and Alcohol Services Agreement and Amendment to Ground Lease, dated as of [February 27, 2015] by
        Istar Dallas GL LLP, W2007 Equity Inns Realty, LP, ARC Hospitality Portfolio I DLGL Owner, LP, American Realty Capital Hospitality
        Grace Portfolio, LLC, Crestline Hotels & Resorts, LLC and ARC Hospitality Portfolio I TX Beverage Company, LLC.

         

        Guaranty of Lease dated February 27, 2015 by American Realty Capital
        Hospitality Trust, Inc. to Istar Dallas GL LLP.

         

        Assignment and Assumption of Ground Lease, dated February 27, 2015,
        by W2007 Equity Inns Realty, LP in favor of ARC Hospitality Portfolio I DLGL Owner, LP.

	 	 	 
	Residence Inn, Mobile, AL	 	
        Lease and Agreement, dated as of August 1, 1963 (the “Original
        Lease”), by and among Charles E. Weisenburgh, Anne Weisenburgh, Phillip A. Weisenburgh, and Louise V. Weisenburgh, collectively,
        as Landlord, and Carr Company, Inc., as Tenant, recorded on September 4, 1963 in Real Property 447, Page 927, in the real estate
        records of Mobile County, State of Alabama.

         

        Tenant’s interests were assigned pursuant to that certain
        Warranty Deed of Exchange, dated as of November 9, 1994, by and between Delaney Investments, Inc. (successor by merger to Carr
        Company, Inc.), as Grantor, and McKibbon Brothers, Inc., as Grantee, recorded on November 16, 1994 in Deed Book 4212, Page 1599,
        in the aforesaid records, as further affected by that certain Estoppel and Non Disturbance Agreement, dated as of October 2, 1997,
        by and between Weisenburgh Co., Inc. (as successor to Charles E. Weisenburgh, Anne Weisenburgh, Phillip A. Weisenburgh, and Louise
        V. Weisenburgh), First Union National Bank and McKibbon Brothers, Inc., recorded on October 6, 1997, in Real Property 4511, Page 213,
        in the aforesaid records.

 

    	 	Schedule VIII-4	Mezzanine Loan Agreement

     

    

 

	 	 	
        Tenant’s interests were further assigned pursuant to that
        certain Assignment and Assumption of Ground Lease and Sublease, dated as of April 24, 2006, by and between McKibbon Brothers, Inc.,
        as Assignor, and Equity Inns Partnership, L.P., as Assignee, recorded on June 19, 2006, in Book 5989, Page 607, in the aforesaid
        records.

         

        Ground Lease Estoppel and Agreement, dated December 14, 2007 (the
        “Amendment” together with the Original Lease, the “Ground Lease”), between Weisenburgh Co., Inc., as Landlord,
        and W2007 Equity Inns Realty, LLC, as Tenant, recorded on December 14, 2007 in Real Property Book 6344, Page 880, in the aforesaid
        records.

         

        Assignment and Assumption of Ground Lease, dated February 27, 2015,
        by W2007 Equity Inns Realty, LLC in favor of ARC Hospitality Portfolio I MGBL 950 Owner, LLC.

	 	 	 
	Hampton Inn, Baltimore, MD	 	
        Lease Agreement dated as of March 9, 1998 between Governor Plaza
        Associates, a Pennsylvania partnership in which Federal Realty Investment Trust is the general partner, and Krisch American Inns,
        Inc. (“Krisch”).

         

        Addendum to Lease Agreement dated July 19, 1988.

         

        Second Addendum to Lease Agreement dated December 21, 1989 between
        Landlord and Krisch.

         

        Lease Assignment dated August 12, 1992 among Krisch and First Hotel
        Investment Corporation (“First Hotel”) (unrecorded).

         

        Lease Assignment dated May 12, 1993 among Krisch, First Hotel and
        Renthotel, Maryland, LLC, a Maryland limited liability company (“Renthotel”), recorded in Land Records of Anne Arundel
        County, MD in Liber 6045, Folio 882.

 

    	 	Schedule VIII-5	Mezzanine Loan Agreement

     

    

 

	 	 	
        Letter Agreement dated December 14, 1993.

         

        Lease Assignment, Assumption and Modification Agreement dated March 11,
        1996 (“1996 Modification”) between Renhotel Maryland, L.L.C., as assignor, Equity Inns Partnership, L.P., as assignee,
        and City Hotels, S.A. and City Hotels USA, Inc. (together, as guarantors), recorded in in Land Records of Anne Arundel County,
        MD in Liber 7355, Folio 410.

         

        Assignment of Lease dated November 6, 2000 between Equity Inns Partnership,
        L.P., as assignor, and EQI Financing Partnership IV, L.P., as assignee, recorded November 22, 2000 in in Land Records of Anne Arundel
        County, MD in Liber 10053, Folio 365.

         

        Letter Agreement dated September 23, 2005.

         

        Ground Lease Estoppel and Agreement dated October 25, 2007, between
        Governor Plaza Associate and EQI Financing Partnership IV, L.P.

         

        Lease Assignment and Assumption Agreement, dated January 29, 2015,
        by Governor Plaza Associates, Federal Realty Investment Trust, W2007 Equity Inns Realty, LLC, ARC Hospitality Portfolio I GBGL
        Owner, LLC, ARC Hospitality Portfolio I HIL TRS, LLC, and American Realty Capital Hospitality Trust, Inc.

         

        Assignment and Assumption of Ground Lease, dated February 24, 2015,
        by W2007 Equity Inns Realty, LLC in favor of ARC Hospitality Portfolio I GBGL Owner, LLC.

         

        Guaranty, dated as of February 27, 2015, by American Realty Capital
        Hospitality Trust, Inc. in favor of Governor Plaza Associates and Federal Realty Investment Trust.

 

    	 	Schedule VIII-6	Mezzanine Loan Agreement

     

    

 

SCHEDULE IX

DESCRIPTION OF PRIOR LOANS

 

1.          That
certain loan in the aggregate original principal amount of $865,000,000 made by German American Capital Corporation, a Maryland
corporation, to W2007 Equity Inns Realty, LLC and W2007 Equity Inns Realty, L.P., dated as of April 11, 2014, as amended by that
certain first amendment to that certain loan, dated as of June 18, 2014 (the “Loan”).

 

2.          That
certain mezzanine loan in the aggregate original principal amount of $111,000,000 made by German American Capital Corporation,
a Maryland corporation, to WNT MEZZ I, LLC, dated as of April 11, 2014, as amended by that certain first amendment to that certain
loan, dated as of June 18, 2014 (the “Mezzanine Loan”).

 

3.          That
certain assumption and assignment of the Loan, from W2007 Equity Inns Realty, LLC and W2007 Equity Inns Realty, L.P. to ARC Hospitality
Portfolio I Owner, LLC, ARC Hospitality Portfolio I BHGL Owner, LLC, ARC Hospitality Portfolio I PXGL Owner, LLC, ARC Hospitality
Portfolio I GBGL Owner, LLC, ARC Hospitality Portfolio I NFGL Owner, LLC, ARC Hospitality Portfolio I MBGL 1000 Owner, LLC, ARC
Hospitality Portfolio I MBGL 950 Owner, LLC, ARC Hospitality Portfolio I NTC Owner, LP, ARC Hospitality Portfolio I DLGL Owner,
LP, and ARC Hospitality Portfolio I SAGL Owner, LP, dated as of February 27, 2015.

 

4.          That
certain assumption and assignment of the Mezzanine Loan from WNT MEZZ I, LLC to ARC Hospitality Portfolio I Mezz, LP, dated as
of February 27, 2015.

 

    	 	Schedule IX-1	Mezzanine Loan Agreement

     

    

 

SCHEDULE X

LIST OF SCHEDULED MANAGERS

 

	1.	Aimbridge
	2.	Concord Hospitality
	3.	Crescent
	4.	First Hospitality
	5.	Hersha
	6.	Highgate
	7.	Hilton
	8.	Intercontinental Hotel Group
	9.	Interstate
	10.	McKibbon Hotels
	11.	Noble
	12.	Pyramid
	13.	Pillar Hotels & Resorts
	14.	Sage
	15.	Westmont
	16.	White Lodging
	17.	Island Hospitality
	18.	InnVentures
	19.	Huntington
	20.	Lingate
	21.	Musselman
	22.	Crestline
	23.	Marriott
	24.	Hyatt
	25.	Northwood Hospitality
	26.	HEI
	27.	LBA
	28.	Dimension Development

 

    	 	Schedule X-1	Mezzanine Loan Agreement

     

    

 

SCHEDULE XI

RENT ROLL

 

HIT Rent Roll

 

	Asset	 	PMC	 	 	Lease	 	In or

                                                                                Noticed

                                                                                of

                                                                                Default
	 	Annual Amount	 
	Residence Inn El Segundo	 	 	Crestline	 	 	ATM	 	NO	 	$	400	 
	Embassy Suites Orlando	 	 	Crestline	 	 	Avis	 	NO	 	$	61,000	 
	Courtyard Louisville	 	 	Crestline	 	 	Riverside Parking	 	NO	 	$	327,000	 
	Fairfield Vinings	 	 	Crestline	 	 	Cell Tower	 	 	 	 	Immaterial	 
	Hampton Inn Baltimore	 	 	Hilton	 	 	Cell Tower	 	 	 	 	Immaterial	 
	Hyatt Place Las Vegas	 	 	Crestline	 	 	Cell Tower	 	 	 	 	Immaterial	 
	Hyatt Place Tampa	 	 	Crestline	 	 	Cell Tower	 	 	 	 	Immaterial	 
	SpringHill Suites San Diego	 	 	Crestline	 	 	Cell Tower	 	 	 	 	Immaterial	 
	Courtyard Dallas	 	 	Crestline	 	 	Liquor Concession Agreement	 	NO	 	 	42% of Monthly Gross Sales for year	 
	Hilton Garden Inn Round Rock	 	 	Crestline	 	 	Liquor Concession Agreement	 	NO	 	 	42% of Monthly Gross Sales for year	 
	Springhill Suites Round Rock	 	 	Crestline	 	 	Liquor Concession Agreement	 	NO	 	 	42% of Monthly Gross Sales for year	 
	Springhill Suites Houston	 	 	Crestline	 	 	Liquor Concession Agreement	 	NO	 	 	42% of Monthly Gross Sales for year	 
	Hyatt Place Overland Park	 	 	Crestline	 	 	Liquor Lease	 	NO	 	$	15,996	 

 

    	 	Schedule XI-1	Mezzanine Loan Agreement

     

    

 

SCHEDULE XII

FRANCHISE AGREEMENTS

 

	No.	 	Brand	 	Asset Name and Address	 	Franchisor	 	Expiration
	 	 	 	 	 	 	 	 	 
	1.	 	Courtyard	 	Courtyard Asheville 

One Buckstone Place 

Asheville, NC 28805	 	Marriott International, Inc.	 	2/27/2030
	2.	 	Courtyard	 	Courtyard Athens Downtown 

166 North Finley Street 

Athens, GA 30601	 	Marriott International, Inc.	 	2/27/2030
	3.	 	Courtyard	 	Courtyard Bowling Green Convention Center

1010 Wilkinson Trace

Bowling Green, KY 42103	 	Marriott International, Inc.	 	2/27/2030
	4.	 	Courtyard	 	Courtyard Chicago Elmhurst/Oakbrook Area

370 North IL Route 83

Elmhurst, IL 60126	 	Marriott International, Inc.	 	2/27/2030
	5.	 	Courtyard	 	Courtyard Dallas Medical/Market Center

2150 Market Center Blvd.

Dallas, TX 75207	 	Marriott International, Inc.	 	2/27/2030
	6.	 	Courtyard	 	Courtyard Gainesville 

3700 SW 42nd Street 

Gainesville, FL 32608	 	Marriott International, Inc.	 	2/27/2030
	7.	 	Courtyard	 	Courtyard Jacksonville Airport Northeast

14668 Duval Road

Jacksonville, FL 32218	 	Marriott International, Inc.	 	2/27/2030
	8.	 	Courtyard	 	Courtyard Knoxville Cedar Bluff

216 Langley Place

Knoxville, TN 37922	 	Marriott International, Inc.	 	2/27/2030
	9.	 	Courtyard	 	Courtyard Lexington South/Hamburg Place

1951 Pleasant Ridge

Lexington, KY 40509	 	Marriott International, Inc.	 	2/27/2030
	10.	 	Courtyard	 	Courtyard Louisville Downtown 

100 South Second Street 

Louisville, KY40202	 	Marriott International, Inc.	 	2/27/2030

 

    	 	Schedule XII-1	Mezzanine Loan Agreement

     

    

 

	No.	 	Brand	 	Asset Name and Address	 	Franchisor	 	Expiration
	 	 	 	 	 	 	 	 	 
	11.	 	Courtyard	 	Courtyard Orlando Altamonte Springs/Maitland

1750 Pembrook Drive

Orlando, FL 32810	 	Marriott International, Inc.	 	2/27/2030
	12.	 	Courtyard	 	Courtyard Sarasota Bradenton Airport

850 University Parkway

Sarasota, FL 34234	 	Marriott International, Inc.	 	2/27/2030
	13.	 	Courtyard	 	Courtyard Tallahassee North/I-10 Capital Circle

1972 Raymond Diehl Road

Tallahassee, FL 32308	 	Marriott International, Inc.	 	2/27/2030
	14.	 	Embassy Suites	 	Embassy Suites Orlando International

Drive/Jamaican Court

8250 Jamaican Court

Orlando, FL 32819	 	Embassy Suites Franchise LLC	 	2/27/2030
	15.	 	Fairfield Inn & Suites	 	Fairfield Inn & Suites Dallas Medical/Market Center

2110 Market Center Boulevard at Stemmons Dallas, TX 75207	 	Marriott International, Inc.	 	2/27/2030
	16.	 	Hampton Inn & Suites	 	Hampton Inn & Suites Boynton Beach l475

West Gateway Boulevard

Boynton Beach, FL 33426	 	Hampton Inns Franchise LLC	 	2/27/2030
	17.	 	Hampton Inn & Suites	 	Hampton Inn & Suites Nashville/Franklin (Cool

Springs)

7141 South Springs Drive

Franklin, TN 37067	 	Hampton Inns Franchise LLC	 	2/27/2030
	18.	 	Hampton Inn	 	Hampton Inn Albany-Wolf Road (Airport)

10 Ulenski Drive

Albany, NY 12005	 	Hampton Inns Franchise LLC	 	2/27/2030
	19.	 	Hampton Inn	 	Hampton Inn Baltimore/Glen Burnie

6617 Ritchie Highway

Glen Burnie, MD 21061	 	Hampton Inns Franchise LLC	 	2/27/2030
	20.	 	Hampton Inn	 	Hampton Inn Beckley 

110 Harper Park Drive 

Beckley, WV 25801	 	Hampton Inns Franchise LLC	 	2/27/2030

 

    	 	Schedule XII-2	Mezzanine Loan Agreement

     

    

 

	No.	 	Brand	 	Asset Name and Address	 	Franchisor	 	Expiration
	 	 	 	 	 	 	 	 	 
	21.	 	Hampton Inn	 	Hampton Inn Birmingham/Mountain Brook

2731 US Highway 280 

Birmingham, AL 35223	 	Hampton Inns Franchise LLC	 	2/27/2030
	22.	 	Hampton Inn	 	Hampton Inn Boca Raton

1455 Yamato Road

Boca Raton, FL 33431	 	Hampton Inns Franchise LLC	 	2/27/2030
	23.	 	Hampton Inn	 	Hampton Inn Boca Raton — Deerfield Beach

660 West Hillsboro Boulevard

Deerfield Beach, FL 33441	 	Hampton Inns Franchise LLC	 	2/27/2030
	24.	 	Hampton Inn	 	Hampton Inn Boston/Peabody

59 Newbury Street Route 1 North

Peabody, MA 01960	 	Hampton Inns Franchise LLC	 	2/27/2030
	25.	 	Hampton Inn	 	Hampton Inn Charlotte/Gastonia

1859 Remount Road

Gastonia, NC 28054	 	Hampton Inns Franchise LLC	 	2/27/2030
	26.	 	Hampton Inn	 	Hampton Inn Chicago/Gurnee

5550 Grand Avenue

Gurnee, IL 60031	 	Hampton Inns Franchise LLC 	 	2/27/2030
	27.	 	Hampton Inn	 	Hampton Inn Cleveland/Westlake

29690 Detroit Road

Westlake, OH 44145	 	Hampton Inns Franchise LLC	 	2/27/2030
	28.	 	Hampton Inn	 	Hampton Inn Columbia - 1-26 Airport

1094 Chris Drive

West Columbia, SC 29169	 	Hampton Inns Franchise LLC	 	2/27/2030
	29.	 	Hampton Inn	 	Hampton Inn Columbus/Dublin

3920 Tuller Road

Dublin, OH 43017	 	Hampton Inns Franchise LLC	 	2/27/2030
	30.	 	Hampton Inn	 	Hampton Inn Dallas -Addison

4505 Beltway Drive

Addison, TX 75001	 	Hampton Inns Franchise LLC	 	2/27/2030
	31.	 	Hampton Inn	 	Hampton Inn Detroit/Madison Heights/South

Troy

32420 Stephenson Highway

Madison Heights, MI 48071	 	Hampton Inns Franchise LLC	 	2/27/2030
	32.	 	Hampton Inn	 	Hampton Inn Detroit/Northville 

20600 Haggerty Road 

Northville, MI 48167	 	Hampton Inns Franchise LLC	 	2/27/2030

 

    	 	Schedule XII-3	Mezzanine Loan Agreement

     

    

 

	No.	 	Brand	 	Asset Name and Address	 	Franchisor	 	Expiration
	 	 	 	 	 	 	 	 	 
	33.	 	Hampton Inn	 	Hampton Inn Grand Rapids-North

500 Center Drive

Grand Rapids, MI 49544	 	Hampton Inns Franchise LLC

 	 	2/27/2030
	34.	 	Hampton Inn	 	Hampton Inn Kansas City/Overland Park

10591 Metcalf Frontage Road

Overland Park, KS 66212	 	Hampton Inns Franchise LLC	 	2/27/2030
	35.	 	Hampton Inn	 	Hampton Inn Kansas City-Airport 

11212 North Newark Circle 

Kansas City, MO 64153	 	Hampton Inns Franchise LLC	 	2/27/2030
	36.	 	Hampton Inn	 	Hampton Inn Memphis-Poplar 

5320 Poplar Avenue 

Memphis, TN 38119	 	Hampton Inns Franchise LLC	 	2/27/2030
	37.	 	Hampton Inn	 	Hampton Inn Morgantown 

1053 Van Voorhis Road 

Morgantown, WV 26505	 	Hampton Inns Franchise LLC	 	2/27/2030
	38.	 	Hampton Inn	 	Hampton Inn Norfolk-Naval Base 

8501 Hampton Boulevard 

Norfolk, VA 23505	 	Hampton Inns Franchise LLC	 	2/27/2030
	39.	 	Hampton Inn	 	Hampton Inn Palm Beach Gardens

4001 RCA Boulevard

Palm Beach Gardens, FL 33410	 	Hampton Inns Franchise LLC	 	2/27/2030
	40.	 	Hampton Inn	 	Hampton Inn Pickwick Dam - at Shiloh Falls

90 Old South Road

Counce, TN 38326	 	Hampton Inns Franchise LLC	 	2/27/2030
	41.	 	Hampton Inn	 	Hampton Inn Scranton at Montage Mountain

22 Montage Mountain Road

Scranton, PA 18507	 	Hampton Inns Franchise LLC	 	2/27/2030
	42.	 	Hampton Inn	 	Hampton Inn St. Louis/Westport 

2454 Old Dorsett Road

Maryland Heights, MO 63043	 	Hampton Inns Franchise LLC	 	2/27/2030
	43.	 	Hampton Inn	 	Hampton Inn State College 

101 East College Avenue 

State College, PA 16801	 	Hampton Inns Franchise LLC	 	2/27/2030

 

    	 	Schedule XII-4	Mezzanine Loan Agreement

     

    

 

	No.	 	Brand	 	Asset Name and Address	 	Franchisor	 	Expiration
	 	 	 	 	 	 	 	 	 
	44.	 	Hampton Inn	 	Hampton Inn West Palm Beach Florida Turnpike

2025 Vista Parkway

West Palm Beach, FL 33411	 	Hampton Inns Franchise LLC	 	2/27/2030
	45.	 	Hilton Garden Inn	 	Hilton Garden Inn Austin/Round Rock

2310 North IH35

Round Rock, TX 78681	 	Hilton Garden Inns Franchise LLC	 	2/27/2030
	46.	 	Holiday Inn Express and Suites	 	Holiday Inn Express and Suites: Kendall East-Miami

11520 SW 88th Street

Miami, FL 33176	 	Holiday Hospitality 

Franchising, LLC	 	2/27/2030
	47.	 	Homewood Suites by Hilton	 	Homewood Suites by Hilton Boston-Peabody

57 Newbury Street

Boston, MA 01960	 	Homewood Suites Franchise LLC	 	2/27/2030
	48.	 	Homewood Suites by Hilton	 	Homewood Suites by Hilton Chicago-Downtown

40 East Grand Avenue

Chicago, IL 60611	 	Homewood Suites Franchise LLC	 	2/27/2030
	49.	 	Homewood Suites by Hilton	 	Homewood Suites by Hilton Hartford/Windsor

Locks

65 Ella Grasso Turnpike

Windsor Locks, CT 06096	 	Homewood Suites Franchise LLC	 	2/27/2030
	50.	 	Homewood Suites by Hilton	 	Homewood Suites by Hilton Memphis- Germantown

7855 Wolf River Boulevard 

Germantown, TN 38138	 	Homewood Suites Franchise LLC	 	2/27/2030
	51.	 	Homewood Suites by Hilton	 	Homewood Suites by Hilton Phoenix-Biltmore

2001 East Highland Avenue

Phoenix, AZ 85016	 	Homewood Suites Franchise LLC	 	2/27/2030
	52.	 	Homewood Suites by Hilton	 	Homewood Suites by Hilton San Antonio-Northwest

4323 Spectrum One

San Antonio, TX 78230	 	Homewood Suites Franchise LLC	 	2/27/2030
	53.	 	Hyatt Place	 	Hyatt Place Albuquerque/Uptown 

6901 Arvada North East 

Albuquerque, NM 87110	 	Hyatt Place Franchising, L.L.C.	 	2/27/2035

 

    	 	Schedule XII-5	Mezzanine Loan Agreement

     

    

 

	No.	 	Brand	 	Asset Name and Address	 	Franchisor	 	Expiration
	 	 	 	 	 	 	 	 	 
	54.	 	Hyatt Place	 	Hyatt Place Baltimore/BWI Airport

940 International Drive

Linthicum Heights, MD 21090	 	Hyatt Place Franchising, L.L.C.	 	2/27/2035
	55.	 	Hyatt Place	 	Hyatt Place Baton Rouge/I-10 

6080 Bluebonnet Boulevard 

Baton Rouge, LA 70809	 	Hyatt Place Franchising, L.L.C.	 	2/27/2035
	56.	 	Hyatt Place	 	Hyatt Place Birmingham/Hoover 

2980 John Hawkins Parkway 

Birmingham, AL 35244	 	Hyatt Place Franchising, L.L.C.	 	2/27/2035
	57.	 	Hyatt Place	 	Hyatt Place Cincinnati Blue Ash 

11435 Reed Hartman Highway 

Blue Ash, OH 45241	 	Hyatt Place Franchising, L.L.C.	 	2/27/2035
	58.	 	Hyatt Place	 	Hyatt Place Columbus/Worthington

7490 Vantage Drive

Columbus, OH 43235	 	Hyatt Place Franchising, L.L.C.	 	2/27/2035
	59.	 	Hyatt Place	 	Hyatt Place Indianapolis/Keystone 

9104 Keystone Crossing 

Indianapolis, IN 46240	 	Hyatt Place Franchising, L.L.C.	 	2/27/2035
	60.	 	Hyatt Place	 	Hyatt Place Kansas City/Overland Park/Metcalf

6801 West 112th Street

Overland Park, KS 66211	 	Hyatt Place Franchising, L.L.C.	 	2/27/2035
	61.	 	Hyatt Place	 	Hyatt Place Las Vegas 

4520 Paradise Road 

Las Vegas, NV 89109	 	Hyatt Place Franchising, L.L.C.	 	2/27/2035
	62.	 	Hyatt Place	 	Hyatt Place Memphis/Wolfchase Galleria

7905 Giacosa Place

Memphis, TN 38133	 	Hyatt Place Franchising, L.L.C.	 	2/27/2035
	63.	 	Hyatt Place	 	Hyatt Place Miami Airport - West/Doral

3655 NW 82nd Avenue

Miami, FL 33166	 	Hyatt Place Franchising, L.L.C.	 	2/27/2035
	64.	 	Hyatt Place	 	Hyatt Place Minneapolis Airport-South 

7800 International Drive 

Bloomington, MN 55425	 	Hyatt Place Franchising, L.L.C.	 	2/27/2035

 

    	 	Schedule XII-6	Mezzanine Loan Agreement

     

    

 

	No.	 	Brand	 	Asset Name and Address	 	Franchisor	 	Expiration
	 	 	 	 	 	 	 	 	 
	65.	 	Hyatt Place	 	Hyatt Place Nashville/Franklin/Cool Springs

650 Bakers Bridge Avenue

Franklin, TN 37067	 	Hyatt Place Franchising, L.L.C.	 	2/27/2035
	66.	 	Hyatt Place	 	Hyatt Place Richmond/Innsbrook

4100 Cox Road

Glen Allen, VA 23060	 	Hyatt Place Franchising, L.L.C.	 	2/27/2035
	67.	 	Hyatt Place	 	Hyatt Place Tampa Airport/Westshore

4811 West Main Street

Tampa Airport/Westshore, FL 33607	 	Hyatt Place Franchising, L.L.C.	 	2/27/2035
	68.	 	Residence Inn	 	Residence Inn Boise Downtown

1401 Lusk Avenue

Boise, ID 83706	 	Marriott International, Inc.	 	12/22/2022
	69.	 	Residence Inn	 	Residence Inn Chattanooga Downtown

215 Chestnut Street

Chattanooga, TN 37402	 	Marriott International, Inc.	 	2/27/2030
	70.	 	Residence Inn	 	Residence Inn Fort Myers 

2960 Colonial Boulevard 

Fort Myers, FL 33912	 	Marriott International, Inc.	 	2/27/2030
	71.	 	Residence Inn	 	Residence Inn Knoxville Cedar Bluff 

215 Langley Place at North Peters Road 

Knoxville, TN 37922	 	Marriott International, Inc.	 	2/27/2030
	72.	 	Residence Inn	 	Residence Inn Lexington South/Hamburg Place

2688 Pink Pigeon Parkway

Lexington, KY 40509	 	Marriott International, Inc.	 	2/27/2030
	73.	 	Residence Inn	 	Residence Inn Los Angeles LAX/E1 Segundo

2135 East El Segundo Boulevard

El Segundo, CA 90245	 	MIF, L.L.C.	 	2/27/2030
	74.	 	Residence Inn	 	Residence Inn Macon 

3900 Sheraton Drive 

Macon, GA 31210	 	Marriott International, Inc.	 	2/27/2030
	75.	 	Residence Inn	 	Residence Inn Mobile

950 West 1-65 Service Road S.

Mobile , AL 36609	 	Marriott International, Inc.	 	2/27/2030

 

    	 	Schedule XII-7	Mezzanine Loan Agreement

     

    

 

	No.	 	Brand	 	Asset Name and Address	 	Franchisor	 	Expiration
	 	 	 	 	 	 	 	 	 
	76.	 	Residence Inn	 	Residence Inn Portland Downtown/Lloyd Center

1710 NE Multnomah Street

Portland, OR 97232	 	Marriott International, Inc.	 	12/22/2022
	77.	 	Residence Inn	 	Residence Inn San Diego Rancho Bernardo/Scripps Poway

12011 Scripps Highlands Drive 

San Diego, CA 92131	 	MIF, L.L.C.	 	2/27/2030
	78.	 	Residence Inn	 	Residence Inn Sarasota Bradenton 

1040 University Parkway 

Sarasota, FL 34234	 	Marriott International, Inc.	 	2/27/2030
	79.	 	Residence Inn	 	Residence Inn Savannah Midtown 

5710 White Bluff Road

Savannah, GA 31405	 	Marriott International, Inc.	 	2/27/2030
	80.	 	Residence Inn	 	Residence Inn Tallahassee North/I-10 Capital

Circle

1880 Raymond Diehl Road

Tallahassee, FL 32308	 	Marriott International, Inc.	 	2/27/2030
	81.	 	Residence Inn	 	Residence Inn Tampa North/I-75 Fletcher

13420 North Telecom Parkway

Tampa, FL 33637	 	Marriott International, Inc.	 	2/27/2030
	82.	 	Residence Inn	 	Residence Inn Tampa Sabal Park/Brandon

9719 Princess Palm Avenue

Tampa, FL 33619	 	Marriott International, Inc.	 	2/27/2030
	83.	 	SpringHill Suites	 	SpringHill Suites Austin Round Rock

2960 Hoppe Trail

Round Rock, TX 78681	 	Marriott International, Inc.	 	2/27/2030
	84.	 	SpringHill Suites	 	SpringHill Suites Grand Rapids North

450 Center Drive

Grand Rapids, MI 49544	 	Marriott International, Inc.	 	2/27/2030
	85.	 	SpringHill Suites	 	SpringHill Suites Houston Hobby Airport

7922 Mosley Road

Houston, TX 77061	 	Marriott International, Inc.	 	2/27/2030

 

    	 	Schedule XII-8	Mezzanine Loan Agreement

     

    

 

	No.	 	Brand	 	Asset Name and Address	 	Franchisor	 	Expiration
	 	 	 	 	 	 	 	 	 
	86.	 	SpringHill Suites	 	SpringHill Suites Lexington Near the University of Kentucky

863 S. Broadway

Lexington, KY 40504	 	Marriott International, Inc.	 	2/27/2030
	87.	 	SpringHill Suites	 	SpringHill Suites San Diego Rancho

Bernardo/Scripps Poway

12032 Scripps Highlands Drive

San Diego, CA 92131	 	MIF, L.L.C.	 	2/27/2030

 

    	 	Schedule XII-9	Mezzanine Loan Agreement

     

    

 

SCHEDULE XIII

PLEDGED COLLATERAL

 

HIT Portfolio I Owner, LLC

HIT Portfolio I BHGL Owner, LLC

HIT Portfolio I PXGL Owner, LLC

HIT Portfolio I GBGL Owner, LLC

HIT Portfolio I NFGL Owner, LLC

HIT Portfolio I MBGL 950 Owner, LLC

HIT Portfolio I NTC Owner, LP

HIT Portfolio I DLGL Owner, LP

HIT Portfolio I NTC Owner GP, LLC

HIT Portfolio I TRS, LLC

HIT Portfolio I HIL TRS, LLC

HIT Portfolio I MCK TRS, LLC

HIT Portfolio I MISC TRS, LLC

HIT Portfolio I DEKS TRS, LLC

HIT Portfolio I NTC HIL TRS, LP

HIT Portfolio I NTC TRS, LP

HIT Portfolio I NTC TRS GP, LLC

 

    	 	Schedule XIII-1	Mezzanine Loan Agreement

     

    

 

SCHEDULE XIV

HOTEL COMPANIES/APPROVED BRANDS

 

Brands within the following hotel companies, subject to the definition
of Approved Brand as set forth in the Loan Agreement:

 

		1.	Hilton

		2.	Marriott

		3.	IHG

		4.	Hyatt

		5.	Choice

		6.	Carlson

		7.	Wyndham

		8.	La Quinta

		9.	Red Lion

		10.	Red Roof Inn

 

    	 	Schedule XIV-1	Mezzanine Loan Agreement

     

    

 

SCHEDULE XV

[RESERVED]

 

    	 	Schedule XV-1	Mezzanine Loan Agreement

     

    

 

SCHEDULE XVI

[RESERVED]

 

    	 	Schedule XVI-1	Mezzanine Loan Agreement

     

    

 

SCHEDULE XVII

RESERVED

 

    	 	Schedule XVII-1	Mezzanine Loan Agreement

     

    

 

SCHEDULE XVIII

SCHEDULED PIP

 

	ID	 	Hotel	 	Remaining PIP Spend	 	 	Anticipated PIP 
 Completion Year
	CY Asheville	 	Courtyard Asheville	 	$	1,129,455	 	 	2017
	CY Athens	 	Courtyard Athens	 	 	1,220,600	 	 	2018
	CY Bowling Green	 	Courtyard Bowling Green	 	 	2,929,500	 	 	2018
	CY Elmhurst	 	Courtyard Elmhurst	 	 	1,344,100	 	 	2020
	CY Lexington	 	Courtyard Lexington	 	 	838,588	 	 	2020
	CY Louisville	 	Courtyard Louisville	 	 	477,400	 	 	2019
	CY Orlando	 	Courtyard Orlando	 	 	404,800	 	 	2019
	CY Sarasota	 	Courtyard Sarasota	 	 	880,035	 	 	2017
	CY Tallahassee	 	Courtyard Tallahassee North I 10 Capital Circle	 	 	164,600	 	 	2019
	FFIS Dallas	 	Fairfield Inn & Suites Dallas	 	 	273,600	 	 	2019
	HI Addison	 	Hampton Inn Addison	 	 	5,000,000	 	 	2019
	HI Albany	 	Hampton Inn Albany	 	 	4,683,341	 	 	2018
	HI Beckley	 	Hampton Inn Beckley	 	 	1,808,382	 	 	2018
	HI Birmingham	 	Hampton Inn Birmingham	 	 	2,118,607	 	 	2019
	HI Columbia	 	Hampton Inn West Columbia	 	 	2,368,667	 	 	2018
	HI Deerfield	 	Hampton Inn Deerfield Beach	 	 	4,319,036	 	 	2019
	HI Dublin	 	Hampton Inn Dublin	 	 	1,994,497	 	 	2020
	HI Grand Rapids	 	Hampton Inn Grand Rapids	 	 	2,640,484	 	 	2018
	HI Gurnee	 	Hampton Inn Gurnee	 	 	2,047,572	 	 	2018
	HI Kansas City	 	Hampton Inn Kansas City	 	 	1,845,017	 	 	2018
	HI Madison Heights	 	Hampton Inn Madison Heights	 	 	2,116,860	 	 	2019
	HI Maryland Heights	 	Hampton Inn Maryland Heights	 	 	1,742,904	 	 	2018
	HI Memphis	 	Hampton Inn Memphis	 	 	2,917,172	 	 	2018
	HI Morgantown	 	Hampton Inn Morgantown	 	 	1,933,320	 	 	2018
	HI Northville	 	Hampton Inn Northville	 	 	2,115,761	 	 	2018
	HI Overland Park	 	Hampton Inn Overland Park	 	 	2,259,000	 	 	2018

 

    	 	Schedule XVIII-1	Mezzanine Loan Agreement

     

    

 

	HI Palm Beach	 	Hampton Inn Palm Beach Gardens	 	 	1,778,630	 	 	2018
	HI Peabody	 	Hampton Inn Peabody	 	 	1,395,000	 	 	2018
	HI Pickwick	 	Hampton Inn Pickwick	 	 	1,385,168	 	 	2020
	HI Scranton	 	Hampton Inn Scranton	 	 	2,500,000	 	 	2019
	HI State College	 	Hampton Inn State College	 	 	3,840,401	 	 	2018
	HI Westlake	 	Hampton Inn Westlake	 	 	1,916,942	 	 	2019
	HI WPB	 	Hampton Inn West Palm Beach	 	 	3,386,389	 	 	2019
	HIE Miami	 	Holiday Inn Express Kendall East	 	 	3,073,427	 	 	2018
	HIS Boynton Beach	 	Hampton Inn & Suites Boynton Beach	 	 	3,543,522	 	 	2018
	HIS Franklin	 	Hampton Inn & Suites Franklin	 	 	2,100,000	 	 	2019
	HP Birmingham	 	Hyatt Place Birmingham	 	 	1,959,760	 	 	2018
	HP Columbus	 	Hyatt Place Columbus	 	 	1,744,314	 	 	2018
	HP Memphis	 	Hyatt Place Memphis	 	 	1,843,002	 	 	2018
	HP Miami	 	Hyatt Place Miami	 	 	1,103,911	 	 	2017
	HWS Windsor Locks	 	Homewood Suites Windsor Locks	 	 	3,725,700	 	 	2018
	RI Boise	 	Residence Inn Boise	 	 	781,291	 	 	2017
	RI Ft Myers	 	Residence Inn Fort Myers	 	 	1,017,284	 	 	2017
	RI Knoxville	 	Residence Inn Knoxville	 	 	1,357,435	 	 	2017
	RI Mobile	 	Residence Inn Mobile	 	 	446,800	 	 	2019
	RI Portland	 	Residence Inn Portland	 	 	5,702,091	 	 	2019
	RI Sabal Park	 	Residence Inn Sabal Park	 	 	3,600,000	 	 	2018
	RI San Diego	 	Residence Inn San Diego	 	 	1,000,000	 	 	2018
	RI Sarasota	 	Residence Inn Sarasota	 	 	2,700,000	 	 	2018
	RI Savannah	 	Residence Inn Savannah	 	 	59,400	 	 	2017
	RI Tampa North	 	Residence Inn Tampa North	 	 	2,700,000	 	 	2018
	SHS Grand Rapids	 	Springhill Suites Grand Rapids	 	 	1,760,759	 	 	2017
	SHS Houston	 	Springhill Suites Houston	 	 	3,843,000	 	 	2018
	SHS Lexington	 	Springhill Suites Lexington	 	 	1,980,000	 	 	2018
	SHS Round Rock	 	Springhill Suites Round Rock	 	 	2,563,920	 	 	2018
	SHS San Diego	 	Springhill Suites San Diego	 	 	3,082,500	 	 	2018
	Total	 	 	 	$	119,463,942	 	 	 

 

    	 	Schedule XVIII-2	Mezzanine Loan Agreement

     

    

 

SCHEDULE XIX

DIVESTED PROPERTIES

 

	Asset
	Courtyard Mobile, Mobile, AL
	Fairfield Inn & Suites Atlanta Vinings, Atlanta, GA
	Hampton Inn Chattanooga-Airport/I-75, Chattanooga, TN
	Hampton Inn and Suites Colorado Springs Air Force Academy, I-25 North, Colorado Springs, CO
	Hampton Inn Columbus-Airport, Columbus, GA
	Hampton Inn Charleston-Airport/Coliseum, Charleston, SC
	Red Lion Fayetteville I-95, Fayetteville, NC
	SpringHill Suites San Antonio Medical Center/Northwest, San Antonio, TX
	Holiday Inn Charleston Mt. Pleasant, Mount Pleasant, SC

 

    	 	Schedule XIX-1	Mezzanine Loan Agreement

     

    

 

SCHEDULE XX

MAJOR CONTRACTS

None.

 

    	 	Sch. XX-1	Mezzanine Loan Agreement

     

    

 

SCHEDULE XXI

RED ZONE PROPERTIES

 

	No.	 	Description of Applicable Exception(s) to Representations

and Warranties in Section [3.1.16] (and Section Reference)	 	Real Propertv(ies) to Which the

                                                                                Applicable
 Exception Applies

	 	 	 	 	 
	1.	 	General manager of hotel must create an action plan to improve the hotel’s performance in certain aspects of Marriott’s QA Program. Marriott has agreed to forbear from taking action until June, 2017.  	 	
        Portland Downtown/Lloyd Center Residence Inn

         

        1710 NE Multnomah Street,

         

        Portland, OR 97232

	 	 	 	 	 
	2.	 	Hotel has entered the Red Zone under Marriott’s QA Program.  If the hotel enters the Red Zone during any of the next four tracking periods, Marriott may terminate the Franchise Agreement.	 	
        Orlando Altamonte Springs/Maitland Courtyard

         

        1750 Pembrook Drive

         

        Orland, FL 32810

	 	 	 	 	 
	3.	 	Hotel has entered the Red Zone under Marriott’s QA Program.  If the hotel enters the Red Zone during any of the next four tracking periods, Marriott may terminate the Franchise Agreement.	 	
        Grand Rapid North SpringHill Suites

         

        450 Center Drive

         

        Grand Rapids, MI 49544 

	 	 	 	 	 
	4.	 	Hotel has entered the Red Zone under Marriott’s QA Program.  If the hotel enters the Red Zone during any of the next four tracking periods, Marriott may terminate the Franchise Agreement.	 	
        Athens Downtown Courtyard

         

        166 North Finley Street

         

        Athens, GA 30601

	 	 	 	 	 
	5.	 	Failed most recent quality assurance inspection	 	
        Hampton Inn Beckley

         

        110 Harper Park Drive

         

        Beckley, WV 25801

	 	 	 	 	 
	6.	 	Failed most recent quality assurance inspection	 	
        Hampton Inn Gastonia

         

        1859 Remount Road

         

        Gastonia, NC 28054

	 	 	 	 	 
	7.	 	Failed most recent quality assurance inspection	 	
        Homewood Suites Germantown

         

        7855 Wolf River Boulevard

         

        Germantown, TN 38138

 

    	 	Sch. XXI-1	Mezzanine Loan Agreement

     

    

 

EXHIBIT A

Secondary Market Transaction Information

 

		(A)	Any proposed program for the renovation, improvement or
development of any Individual Property, or any part thereof, including the estimated cost thereof and the method of financing
to be used.

 

		(B)	Management of the Properties.

 

		(C)	Occupancy rate expressed as a percentage, revenues per
available room and average daily rates for each of the last five years prior to the Closing Date.

 

		(D)	Schedule of the lease expirations for (i) if in connection
with a public offering of Securities, each of the ten years starting with the year in which the registration statement is filed
(or the year in which the prospectus supplement is dated, as applicable), and (ii) if in connection with a private offering of
Securities, each of the five years starting with the year in which the Closing Date occurs, in each case stating:

 

		(1)	The number of tenants whose leases will expire.

 

		(2)	The total area in square feet covered by such leases.

 

		(3)	The annual rental represented by such leases.

 

		(4)	The percentage of gross annual rental represented
by such leases.

 

    	 	A-1	Mezzanine Loan Agreement

     

    

 

EXHIBIT B

 

FORM OF MORTGAGE LOAN
AGREEMENT

 

(Attached)

 

    	 	B-1	Mezzanine Loan AgreementExhibit 10.3

 

EXECUTION COPY

 

SECOND AMENDED AND
RESTATED TERM LOAN AGREEMENT

 

Dated as of April 27,
2017

 

Among

 

THE BORROWERS PARTY HERETO,

 

as Borrowers,

 

HOSPITALITY INVESTORS
TRUST, INC.,

 

and

 

HOSPITALITY INVESTORS
TRUST OPERATING PARTNERSHIP, L.P.,

 

as Guarantors,

 

THE INITIAL LENDERS NAMED
HEREIN,

 

as Initial
Lenders,

 

and

 

CITIBANK, N.A.,

 

as Administrative
Agent and as Collateral Agent,

 

with

 

CITIGROUP GLOBAL MARKETS
INC. and DEUTSCHE BANK SECURITIES INC.,

 

as Joint
Lead Arrangers and Joint Book Running Managers

 

     

     

    

 

TABLE OF CONTENTS

 

	Section	Page
	 	 
	Article I	 
	DEFINITIONS AND ACCOUNTING TERMS	 
	 	 
	SECTION 1.01. Certain Defined Terms	1
	SECTION 1.02. Computation of Time Periods; Other Definitional Provisions	37
	SECTION 1.03. Accounting Terms	37
	 	 
	Article II	 
	LOAN	 
	 	 
	SECTION 2.01. Agreement to Lend and Borrow	38
	SECTION 2.02. Making the Advances	38
	SECTION 2.03. [Intentionally Omitted]	39
	SECTION 2.04. Repayment of Advances	39
	SECTION 2.05. Mandatory Reduction of Commitments	39
	SECTION 2.06. Prepayments	39
	SECTION 2.07. Interest	40
	SECTION 2.08. Fees	41
	SECTION 2.09. Conversion of Advances	41
	SECTION 2.10. Increased Costs, Etc.	42
	SECTION 2.11. Payments and Computations	43
	SECTION 2.12. Taxes	45
	SECTION 2.13. Sharing of Payments, Etc	49
	SECTION 2.14. Use of Proceeds	50
	SECTION 2.15. Evidence of Debt	50
	SECTION 2.16. Extension of Maturity Date	51
	SECTION 2.17. Defaulting Lenders	53
	SECTION 2.18. Interest Rate Cap Agreements	55
	SECTION 2.19. Replacement of Lenders	61
	SECTION 2.20. Protective Advances.	61
	SECTION 2.21. [Intentionally Omitted].	62
	SECTION 2.22. Reallocation of Lender Pro
    Rata Shares; No Novation.	62
	 	 
	Article III	 
	CONDITIONS PRECEDENT TO CLOSING AND FUNDING	 
	 	 
	SECTION 3.01. Conditions Precedent to Closing	63
	SECTION 3.02. Conditions Precedent to Funding Advances	67
	SECTION 3.03. Determinations Under Sections 3.01 and 3.02	72
	 	 
	Article IV	 
	REPRESENTATIONS AND WARRANTIES	 
	 	 
	SECTION 4.01. Representations and Warranties of the Borrowers	72

 

     

     

    

 

	Article V	 
	COVENANTS	 
	 	 
	SECTION 5.01. Affirmative Covenants	83
	SECTION 5.02. Negative Covenants	94
	SECTION 5.04. Financial Covenant – Guarantor Minimum Net Worth	107
	 	 
	Article VI	 
	EVENTS OF DEFAULT	 
	 	 
	SECTION 6.01. Events of Default	107
	 	 
	Article VII	 
	GUARANTY	 
	 	 
	SECTION 7.01. Guaranty; Limitation of Liability	111
	SECTION 7.02. Guaranty Absolute	111
	SECTION 7.03. Waivers and Acknowledgments	112
	SECTION 7.04. Subrogation	114
	SECTION 7.05. [Intentionally Omitted]	114
	SECTION 7.06. Indemnification by Guarantors	114
	SECTION 7.07. Subordination	115
	SECTION 7.08. Continuing Guaranty	115
	 	 
	Article VIII	 
	THE AGENTS	 
	 	 
	SECTION 8.01. Authorization and Action; Appointment of Supplemental Agents;
    Servicer	116
	SECTION 8.02. Agents’ Reliance, Etc.	117
	SECTION 8.03. Citibank and Affiliates	118
	SECTION 8.04. Lender Credit Decision	118
	SECTION 8.05. Indemnification by Lenders	118
	SECTION 8.06. Successor Agents	119
	SECTION 8.07. Relationship of Agents and Lenders	119
	 	 
	Article IX	 
	MISCELLANEOUS	 
	 	 
	SECTION 9.01. Amendments, Etc	120
	SECTION 9.02. Notices, Etc	121
	SECTION 9.03. No Waiver; Remedies	122
	SECTION 9.04. Costs and Expenses	123
	SECTION 9.05. Right of Set-off	124
	SECTION 9.06. Binding Effect	125
	SECTION 9.07. Assignments and Participations; Replacement Notes	125
	SECTION 9.08. Execution in Counterparts	128
	SECTION 9.09. Severability	128
	SECTION 9.10. Survival of Representations	129
	SECTION 9.11. Usury Not Intended	129
	SECTION 9.12. Confidentiality	130
	SECTION 9.13. Release of Collateral	131
	SECTION 9.14. Patriot Act Notification	133
	SECTION 9.15. Jurisdiction, Etc	134
	SECTION 9.16. Governing Law	134

 

     ii

     

    

 

	SECTION 9.17. WAIVER OF JURY TRIAL	135
	SECTION 9.18. No Fiduciary Duties	135
	SECTION 9.19. Liability of Borrowers	135
	SECTION 9.20. Acknowledgement and Consent to Bail-In of EEA Financial Institutions	135
	SECTION 9.21. Bifurcation of Loan	136
	 	 
	Article X	 
	RECOURSE	 
	 	 
	SECTION 10.01. Exculpation	136
	SECTION 10.02. Personal Liability of Borrowers	137

 

SCHEDULES

 

	Schedule I	-	Commitments and Applicable Lending Offices
	Schedule II	-	Collateral Assets
	Schedule III	-	Borrower SPE Requirements
	Schedule IV	-	Non-Eligible Assignees
	Schedule V	-	Approved Franchisors
	Schedule VI	-	Approved Managers
	Schedule VII	-	Allocated Loan Amounts
	Schedule VIII	-	Pledgor SPE Requirements
	Schedule IX	-	TRS Lessee SPE Requirements
	Schedule X	-	PIP Budget Schedule
	Schedule XI	-	[Intentionally Omitted]
	Schedule XII	-	[Intentionally Omitted]  
	Schedule XIII	-	Appraised Values
	Schedule XIV	-	Additional Summit Collateral Assets
	Schedule XV	-	[Intentionally Omitted]
	Schedule XVI	-	Retiring Debt
	Schedule 4.01(b)	-	Subsidiaries
	Schedule 4.01(f)	-	Material Litigation
	Schedule 4.01(o)	-	Existing Liens
	Schedule 4.01(p)	-	Real Property
	                Part I	-	Owned Assets
	                Part II	-	Leased Assets and Operating Leases
	                Part III	-	Exceptions to Representations Regarding Rights of Way and Utilities
	                Part IV	-	Exceptions to Representations Regarding Tax Lot
	                Part V	-	Exceptions to Representations Regarding Assessments
	                Part VI	-	Exceptions to Representations Regarding Use
	                Part VII	-	Exceptions to Representations Regarding Survey
	Schedule 4.01(n)	-	Existing Debt
	Schedule 4.01(q)	-	Environmental Concerns
	Schedule 4.01(w)	-	Plans and Welfare Plans
	Schedule 4.01(ii)	-	Collective Bargaining Agreements and Union Contracts

 

     iii

     

    

 

	EXHIBITS	 	 
	 	 	 
	Exhibit A	-	Form of Note
	Exhibit B	-	Form of Notice of
    Borrowing
	Exhibit C-1	-	Form of Pledgor Security
    Agreement (Georgia Tech Owner)
	Exhibit C-2	-	Form of Pledgor Security
    Agreement (Georgia Tech TRS Lessee)
	Exhibit D	-	Form of Assignment
    and Acceptance
	Exhibit E-1	-	Form of Opinion of
    NY counsel
	Exhibit E-2	-	Form of Opinion of
    MD counsel
	Exhibit E-3	-	Form of Opinion of
    DE counsel
	Exhibit F	-	Form of Amended and
    Restated Security Agreement
	Exhibit G	-	Form of Mortgage
	Exhibit H	-	Form of Assignment
    of Leases
	Exhibit I	-	Form of Assignment
    of Interest Rate Cap Agreement
	Exhibit J	-	Form of Cash Management
    Agreement
	Exhibit K	-	[Intentionally Omitted]
	Exhibit L-1	-	Form of Section 2.12(g)
    U.S. Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit L-2	-	Form of Section 2.12(g)
    U.S. Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit L-3	-	Form of Section 2.12(g)
    U.S. Tax Compliance Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit L-4	-	Form of Section 2.12(g)
    U.S. Tax Compliance Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit M	-	Form of Amended and
    Restated Consent and Subordination of Management Agreement
	Exhibit N	-	Form of Guarantor
    Consent
	Exhibit O	-	Form of Guaranty Supplement
	Exhibit P	-	Form of Borrower Accession
    Agreement

 

     iv

     

    

 

SECOND AMENDED AND RESTATED TERM LOAN
AGREEMENT

 

SECOND AMENDED AND RESTATED TERM LOAN AGREEMENT
dated as of April 27, 2017 (this “Agreement”) among the borrowers party hereto (together with any Additional
Borrowers (as hereinafter defined) acceding hereto pursuant to Section 3.02, collectively, the “Borrowers”),
HOSPITALITY INVESTORS TRUST, INC., a Maryland corporation (the “Parent Guarantor”), HOSPITALITY INVESTORS
TRUST OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (the “Operating Partnership”, and,
together with the Parent Guarantor, the “Guarantors”), the banks, financial institutions and other institutional
lenders listed on the signature pages hereof as the initial lenders (the “Initial Lenders”), and CITIBANK,
N.A. (“Citibank”), as administrative agent (together with any successor administrative agent appointed
pursuant to Article VIII, the “Administrative Agent”) for Lenders (as hereinafter defined), Citibank,
as collateral agent (together with any successor collateral agent appointed pursuant to Article IX, the “Collateral
Agent”, and together with the Administrative Agent, the “Agents”) for the Secured Parties,
with CITIGROUP GLOBAL MARKETS INC. (“CGMI”) and DEUTSCHE BANK SECURITIES INC., as joint lead arrangers
and joint book running managers (collectively, the “Arrangers”).

 

WITNESSETH THAT:

 

(1)          Pursuant
to the Amended and Restated Term Loan Agreement, dated as of October 15, 2015, as amended by Amendment No. 1 thereto dated as
of February 11, 2016 (as so amended, the “Existing Loan Agreement”), among certain of the parties hereto
and DBNY, as the administrative agent, the lenders party thereto agreed to extend certain commitments to make term loans available
to certain of the Borrowers, and

 

(2)          The
Borrowers, the Guarantors, the Agents and the Initial Lenders desire (a) that Citibank be appointed as the Collateral Agent and
successor Administrative Agent, and (b) to amend and restate the Existing Loan Agreement in its entirety to make certain amendments
thereto.

 

NOW, THEREFORE, in consideration
of the recitals set forth above, which by this reference are incorporated into this Agreement set forth below, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and subject to the terms and conditions
hereof and on the basis of the representations and warranties herein set forth, the parties hereto hereby agree to amend and restate
the Existing Loan Agreement to read in its entirety as follows:

 

Article
I

DEFINITIONS AND ACCOUNTING TERMS

 

SECTION 1.01. Certain Defined Terms.
As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both
the singular and plural forms of the terms defined):

 

“Acknowledgment”
means the Acknowledgment, dated on or about the date of the Interest Rate Cap Agreement or the Replacement Interest Rate Cap Agreement,
as applicable, made by the Counterparty, or as applicable, the Approved Counterparty.

 

“Additional Borrower”
means any Person that becomes a Borrower pursuant to Section 3.02.

 

“Additional PIP”
means (a) any property improvement plans required in connection with a replacement Approved Franchisor Agreement, as amended,
modified, supplemented or replaced in accordance with the terms of this Agreement, and (b) any new property improvement plans
imposed by an Approved Franchisor, including any repairs, maintenance, alterations or improvements demanded by an Approved Franchisor
pursuant to an Approved Franchise Agreement.

 

     

     

    

 

“Additional Security
Deliverables” means (a) a Borrower Accession Agreement in substantially the form of Exhibit P hereto, (b) replacement
Notes, duly executed by each applicable Borrower and payable to the order of each Lender that has requested the same, (c) a supplement
to the Security Agreement in the form attached to the Security Agreement and otherwise in form and substance reasonably satisfactory
to the Administrative Agent, (d) a cash management agreement supplement in the form attached to the Cash Management Agreement
and otherwise in form and substance reasonably satisfactory to the Administrative Agent, and (e) a Control Agreement amendment
(or supplement thereto) in form and substance reasonably satisfactory to the Administrative Agent.

 

“Additional Summit Collateral
Assets” means the Collateral Assets described on Part I of Schedule XIV.

 

“Adjusted Net Operating
Income” means, with respect to any Collateral Asset, (a) the Net Operating Income attributable to such Asset
less (without duplication of the deductions taken when calculating Net Operating Income) (b) the Deemed FF&E Reserve
for such Collateral Asset, less (without duplication of the deductions taken when calculating Net Operating Income) (c) the
Deemed Management Fee for such Collateral Asset, in each case for the consecutive four fiscal quarters most recently ended for
which financial statements are required to be delivered to Lenders pursuant to Section 5.03(b) or (c), as the case may be.

 

“Administrative Agent”
has the meaning specified in the recital of parties to this Agreement.

 

“Administrative Agent’s
Account” means the account of the Administrative Agent maintained by the Administrative Agent with Citibank, N.A.,
at its office at 1615 Brett Road, OPS III, New Castle, Delaware 19720, ABA No. 021000089, Account No. 36852248, Account Name:
Agency/Medium Term Finance, Reference: Hospitality Investors Trust Operating Partnership, L.P., Attention: Global Loans/Agency,
or such other account as the Administrative Agent shall specify in writing to Lenders.

 

“Advance”
means any advance of the Loan, including any Delayed Draw Advance and any Protective Advance.

 

“Affiliate”
means, as to any Person, any other Person that (i) owns directly or indirectly ten percent (10%) or more of all Equity Interests
in such Person, and/or (ii) is in Control of, is Controlled by or is under common ownership or Control with such Person.

 

“Agents”
has the meaning specified in the recital of parties to this Agreement.

 

“Agreement”
has the meaning specified in the recital of parties to this Agreement.

 

“Allocated Loan Amount”
means, with respect to each Collateral Asset, the applicable amount set forth on Schedule VII.

 

“Anti-Corruption Laws”
means all laws, rules, and regulations of any jurisdiction applicable to the Operating Partnership, the Parent Guarantor or their
Subsidiaries from time to time concerning or relating to bribery, corruption or money laundering including, without limitation,
the United Kingdom Bribery Act of 2010 and the United States Foreign Corrupt Practices Act of 1977, as amended.

 

    	 	2	 

     

    

 

“Applicable Lending Office”
means, with respect to each Lender, such Lender’s Domestic Lending Office in the case of a Base Rate Advance and such Lender’s
Eurodollar Lending Office in the case of a Eurodollar Rate Advance.

 

“Applicable Margin”
means (a) in the case of Eurodollar Rate Advances, 3.00% per annum, and (b) in the case of Base Rate Advances, 2.00% per annum.

 

“Appraisal”
means, for any Collateral Asset, an appraisal complying with all applicable legal and regulatory requirements (including, without
limitation, conforming in all respects to the criteria for appraisals set forth in (a) the Uniform Standards of Professional Appraisal
Practice and (b) the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended, and the regulations promulgated
thereunder, in each case determined as if the Administrative Agent were an institution under the jurisdiction thereof), commissioned
by and prepared for the account of the Administrative Agent (for the benefit of Lenders) by a MAI appraiser acceptable to the
Administrative Agent and in scope, form and substance satisfactory to the Administrative Agent.

 

“Appraised Value”
means in the case of any Collateral Asset, the “as-is” appraised value of such Collateral Asset in accordance with
the Appraisal of such Collateral Asset.

 

“Approved Alterations”
means (a) the Required Repairs, (b) any work to be performed in connection with any Emergency Expenses, (c) any alterations in
respect of a Collateral Asset performed as part of a Restoration, (d) any PIP Work, (e) any tenant improvement work or other alterations
in respect of a Collateral Asset performed with respect to any Tenancy Lease in effect on the Closing Date or any Tenancy Lease
entered into subsequent to the Closing Date in compliance with the terms of this Agreement, or (f) any decorative work in respect
of a Collateral Asset performed in the ordinary course of business of any Borrower or TRS Lessee.

 

“Approved Counterparty”
means (a) the Administrative Agent, (b) any Lender approved by the Administrative Agent, and (c) any other bank or other financial
institution which has a long-term unsecured debt rating of “A-” or higher by S&P or “A-3” or higher
by Moody’s.

 

“Approved Electronic
Communications” means each Communication that any Loan Party is obligated to, or otherwise chooses to, provide to
the Administrative Agent pursuant to any Loan Document or the transactions contemplated therein, including any financial statement,
financial and other report, notice, request, certificate and other information materials required to be delivered pursuant to
Sections 5.03(b), (c), (e), (g), and (k); provided, however, that solely with respect to delivery of any such Communication
by any Loan Party to the Administrative Agent and without limiting or otherwise affecting either the Administrative Agent’s
right to effect delivery of such Communication by posting such Communication to the Approved Electronic Platform or the protections
afforded hereby to the Administrative Agent in connection with any such posting, “Approved Electronic Communication”
shall exclude (i) any notice of borrowing, notice of conversion or continuation, and any other notice, demand, communication,
information, document and other material relating to a request for a new, or a conversion of an existing, Borrowing, (ii) any
notice pursuant to Section 2.06(a) and any other notice relating to the payment of any principal or other amount due under any
Loan Document prior to the scheduled date therefor, (iii) all notices of any Default or Event of Default and (iv) any notice,
demand, communication, information, document and other material required to be delivered to satisfy any of the conditions set
forth in Article III.

 

    	 	3	 

     

    

 

“Approved Electronic
Platform” has the meaning specified in Section 9.02(c).

 

“Approved Franchise Agreement”
means with respect to any Collateral Asset (a) any franchise or similar agreement with an Approved Franchisor that is in effect
as of the Closing Date (as the same may be amended, modified, supplemented and renewed from time to time in accordance with the
provisions hereof), or (b) a replacement franchise or similar agreement with an Approved Franchisor (as the same may be amended,
modified, supplemented and renewed from time to time in accordance with the provisions hereof), provided that (i) such
agreement is (A) substantially in the same form and substance as one of the franchise or similar agreements described in clause
(a) or previously approved by the Administrative Agent hereunder or (B) on an arms’-length basis and otherwise on commercially
reasonable terms, with economic terms and franchise fees comparable to the then existing local market rates and otherwise reasonably
acceptable to the Administrative Agent, and (ii) the applicable Borrower has delivered to the Administrative Agent a Franchise
Comfort Letter duly executed by the Applicable Franchisor.

 

“Approved Franchisor”
means (a) any franchisor party to any franchise or similar agreement with respect to any Collateral Asset that is in effect as
of the Closing Date, (b) any hotel franchisor that is in the family of brands of any of the companies listed on Schedule V hereto,
provided that either (i) with respect to any Collateral Asset, such franchisor is in the same or better category of hotels
as the applicable franchisor as on the Closing Date, based on the annual chain scale published by Smith Travel Reports, or (ii)
with respect to any Collateral Asset, such franchisor is a Downgrade Franchisor but only so long as (A) such Downgrade Franchisor
is within the family of brands of any of the entities listed on Schedule V hereto and (B) the Collateral Assets that are subject
to a franchise agreement with a Downgrade Franchisor, in the aggregate, would not, at such time of the execution of the franchise
agreement with the applicable Downgrade Franchisor, constitute more than twenty percent (20%) of the Collateral Assets (in the
aggregate) based on the Allocated Loan Amounts, or (c)  any hotel franchisor that is reasonably acceptable to the Administrative
Agent, that, in the case of clauses (a), (b) and (c), has entered into an Approved Franchise Agreement.

 

“Approved Management
Agreement” means with respect to any Collateral Asset (a) any property management, operating agreement or similar
agreement with an Approved Manager that is in effect as of the Closing Date (as the same may be amended, modified, supplemented
and renewed from time to time in accordance with the provisions hereof), or (b) a replacement property management, operating agreement
or similar agreement with an Approved Manager (as the same may be amended, modified, supplemented and renewed from time to time
in accordance with the provisions hereof), provided that (i) such agreement is (A) substantially in the same form and substance
as one of the property management, operating agreement or similar agreement agreements described in clause (a) or previously approved
by the Administrative Agent hereunder or (B) on an arms’-length basis and otherwise on commercially reasonable terms, with
economic terms and management fees comparable to the then existing local market rates and otherwise reasonably acceptable to the
Administrative Agent, and (ii) the applicable Borrower has delivered to the Administrative Agent a Subordination of Management
Agreement duly executed by the Applicable Manager.

 

    	 	4	 

     

    

 

“Approved Manager”
means (a) any manager party to any property management, operating agreement or similar agreement with respect to any Collateral
Asset that is in effect as of the Closing Date, (b) any manager listed on Schedule VI hereto (or that is controlled by or under
common control with any management company on Schedule VI), or (c) any manager that is reasonably acceptable to the Administrative
Agent, that, in the case of clauses (a), (b) and (c), has entered into an Approved Management Agreement. For purposes of this
definition, the term “control” (including the term “controlled by”) of a Person means the possession,
direct or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether through
the ownership of Voting Interests, by contract or otherwise.

 

“Arrangers”
has the meaning specified in the recital of parties to this Agreement.

 

“Assignment and Acceptance”
means an assignment and acceptance entered into by a Lender and an Eligible Assignee, and accepted by the Administrative Agent,
in accordance with Section 9.07 and in substantially the form of Exhibit D hereto.

 

“Assignment of Interest
Rate Cap Agreement” means the collateral assignment of an Interest Rate Cap Agreement in the form set forth in Exhibit
I and executed by the Borrowers and an Approved Counterparty on the Closing Date, as the same may be amended, supplemented, or
otherwise modified from time to time.

 

“Assignment of Leases”
means, with respect to any Collateral Asset, an amended and restated assignment of leases and rents or an assignment of leases
and rents in substantially the form of Exhibit H hereto (in each case with such changes as may be required to account for local
law matters and otherwise in form and substance reasonably satisfactory to the Collateral Agent), as the same may be amended,
supplemented or otherwise modified from time to time.

 

“Awards”
has the meaning specified in the Mortgages.

 

“Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability
of an EEA Financial Institution.

 

“Bail-In Legislation”
means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of
the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the
EU Bail-In Legislation Schedule.

 

“Bankruptcy Law”
means any applicable law governing a proceeding of the type referred to in Section 6.01(f) or Title 11, U.S. Code, or any
similar foreign, federal or state law for the relief of debtors.

 

“Base Rate”
means a fluctuating interest rate per annum in effect from time to time, which rate per annum shall at all times be equal to the
highest of (a) the rate of interest announced publicly by Citibank in New York, New York, from time to time, as
Citibank’s base rate, (b) 1⁄2 of 1% per annum above the Federal Funds Rate and (c) the one-month Eurodollar
Rate plus 1% per annum; provided, however, that in no circumstance shall the Base Rate be less than 0% per annum.
Citibank’s base rate is a rate set by Citibank based upon various factors, including Citibank’s costs and desired
return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced
at, above, or below such announced rate. Any change in such base rate announced by Citibank shall take effect at the opening of
business on the day specified in the public announcement of such change.

 

    	 	5	 

     

    

 

“Base Rate Advance”
means an Advance that bears interest as provided in Section 2.07(a)(i).

 

“Base Release
Price” means, with respect to each Collateral Asset, an amount equal to the Allocated Loan Amount for such Collateral
Asset multiplied by (a) until such time as $77,500,000 of the Outstanding Principal Balance has been repaid in accordance with
Section 2.06, 105%, and (b) thereafter, 110%.

 

“Borrower Accession Agreement”
means the Borrower Accession Agreement, between the Administrative Agent and an Additional Borrower relating to such Additional
Borrower which is to become a Borrower hereunder at any time after the Closing Date, the form of which is attached hereto as Exhibit
P.

 

“Borrowers”
has the meaning specified in the recital of parties to this Agreement.

 

“Borrowers’ Account”
means such account as the Borrowers shall specify in writing to the Administrative Agent.

 

“Borrower SPE Requirements”
means the obligation of each Borrower to (a) at all times that it is a Borrower include in its constitutive documents the provisions
set forth in Schedule III hereto (as such provisions are modified solely for the purposes of conforming to the defined terms in
the applicable constitutive documents) and (b) deliver all applicable executed engagement or staffing agreements with independent
managers or independent directors, as applicable, in form and substance approved by the Administrative Agent.

 

“Borrowing”
means a borrowing consisting of simultaneous Advances of the same Type made by Lenders.

 

“Borrower Cure Rights”
has the meaning assigned to it in Section 6.01.

 

“Brookfield Investor”
means Brookfield Strategic Real Estate Partners II Hospitality REIT II LLC.

 

“Brookfield Transaction”
means the purchase by the Brookfield Investor of (i) one share of a new series of preferred stock of the Parent Guarantor designated
as the Redeemable Preferred Share, par value $0.01 per share, for a nominal purchase price, and (ii) 9,152,542.37 units of a new
class of limited partner interests in the Operating Partnership entitled “Class C Units”, for a purchase price of
$14.75 per Class C Unit, as more particularly described in the Form 8-K of the Parent Guarantor filed on January 12, 2017.

 

“Building”
means a building or structure with at least two walls and a roof or any such building or structure in the course of construction.

 

“Business Day”
means a day of the year on which banks are not required or authorized by law to close in New York City and, if the applicable
Business Day relates to any Eurodollar Rate Advances, on which dealings are carried on in the London interbank market.

 

    	 	6	 

     

    

 

“Capitalized Leases”
means all leases that have been or should be, in accordance with GAAP, recorded as capitalized leases.

 

“Cash Equivalents”
means any of the following, to the extent owned by the applicable Loan Party or any of its Subsidiaries free and clear of all
Liens (other than Liens created under the Loan Documents) and having a maturity of not greater than ninety (90) days from the
date of issuance thereof: (a) readily marketable direct obligations of the Government of the United States or any agency
or instrumentality thereof or obligations unconditionally guaranteed by the full faith and credit of the Government of the United
States, (b) certificates of deposit of or time deposits with any commercial bank that is a Lender or a member of the Federal
Reserve System, issues (or the parent of which issues) commercial paper rated as described in clause (c) below, is organized
under the laws of the United States or any State thereof and has combined capital and surplus of at least $1,000,000,000 or (c) commercial
paper in an aggregate amount of not more than $50,000,000 per issuer outstanding at any time, issued by any corporation organized
under the laws of any State of the United States and rated at least “Prime-1” (or the then equivalent grade) by Moody’s
or “A-1” (or the then equivalent grade) by S&P.

 

“Cash Management Agreement”
means, with respect to the Collateral Assets, a Cash Management Agreement among the Borrowers and the Administrative Agent, for
the ratable benefit of the Secured Parties, in substantially the form of Exhibit J hereto, or such alternative similar agreement
in form and substance reasonably satisfactory to the Administrative Agent, as the same may be amended, supplemented or otherwise
modified from time to time.

 

“Casualty”
has the meaning specified in the Mortgages.

 

“CERCLA”
means the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time.

 

“CERCLIS”
means the Comprehensive Environmental Response, Compensation and Liability Information System maintained by the U.S. Environmental
Protection Agency.

 

“CGMI”
has the meaning specified in the recital of parties to this Agreement.

 

“Change in Law”
means the occurrence, after the Closing Date, of any of the following: (a) the adoption or taking effect of any Legal Requirement,
(b) any change in any Legal Requirement or in the administration, interpretation, implementation or application thereof by any
Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force
of law) by any Governmental Authority, provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank
Wall Street Reform and Consumer Protection Act, as amended, and all requests, rules, guidelines or directives thereunder or issued
in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements,
the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory
authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless
of the date enacted, adopted or issued.

 

“Citibank”
has the meaning specified in the recital of parties to this Agreement.

 

    	 	7	 

     

    

 

“Closing Asset Deliverables”
means, with respect to each Collateral Asset, the following items, each in form and substance satisfactory to the Administrative
Agent (unless otherwise specified):

 

(a)          Copies
of all PIPs, if any, and quality assurance reports with respect to each Collateral Asset;

 

(b)          Copies
of all Material Contracts and management, franchise, lease and material operating and service agreements relating to each Collateral
Asset and all modifications and assignments thereof;

 

(c)          Historical
operating statements (including most recent audited financial statements) for each Collateral Asset;

 

(d)          Financial
projections for each Collateral Asset;

 

(e)          A
zoning report for each Collateral Asset addressed to the Collateral Agent and issued by Massey Consulting Group or another professional
firm reasonably acceptable to the Administrative Agent;

 

(f)          Engineering,
environmental and, if reasonably required by the Administrative Agent, soils and seismic and other similar reports as to the Collateral
Assets addressed to the Collateral Agent (or reliance letters addressed to the Collateral Agent relating to any such reports if
reasonably acceptable to the Administrative Agent), in each case in form and substance and from professional firms reasonably
acceptable to the Administrative Agent (all commissioned by the Administrative Agent);

 

(g)          Evidence
as to whether each Collateral Asset is or is not a Flood Hazard Property pursuant to a Flood Hazard Determination; and

 

(h)          Such
other due diligence information related to the Collateral Assets or any Borrower as any Lender through the Administrative Agent
may reasonably request.

 

“Closing Date”
means April 27, 2017.

 

“Collateral”
means all “Collateral” and all “Mortgaged Property” referred to in the Collateral Documents and all other
property that is or, by the express terms and provisions of the Loan Documents is intended to be, subject to any Lien in favor
of the Collateral Agent for the benefit of the Secured Parties and includes, without limitation, all Collateral Assets.

 

“Collateral Agent”
has the meaning specified in the recital of parties to this Agreement.

 

“Collateral Assets”
means the Real Property described in Schedule II.

 

“Collateral Asset Operating
Lease” means, with respect to a Collateral Asset, the Operating Lease (if any) with respect to such Collateral Asset.

 

    	 	8	 

     

    

 

“Collateral Documents”
means the Security Agreement, each Pledgor Security Agreement, the Mortgages, the Assignments of Leases, the Cash Management Agreement,
the Control Agreement, the Assignment of Interest Rate Cap Agreement and any other agreement (exclusive of this Agreement) entered
into by a Loan Party that creates or purports to create a Lien in favor of the Collateral Agent for the benefit of the Secured
Parties.

 

“Commitment”
means, with respect to any Lender at any time, (a) the amount set forth opposite such Lender’s name on Schedule I hereto
as the amount of such Lender’s Commitment to make the Loan to the Borrowers or (b) if such Lender has entered into one or
more Assignment and Acceptances, set forth for such Lender in the Register maintained by the Administrative Agent pursuant to
Section 9.07(d) as such Lender’s “Commitment”.

 

“Communications”
means each notice, demand, communication, information, document and other material provided for hereunder or under any other Loan
Document or otherwise transmitted between the parties hereto relating to this Agreement, the other Loan Documents, any Loan Party
or its Affiliates, or the transactions contemplated by this Agreement or the other Loan Documents including, without limitation,
all Approved Electronic Communications.

 

“Condemnation”
has the meaning specified in the Mortgages.

 

“Consent Request Date”
has the meaning specified in Section 9.01(b).

 

“Consolidated”
refers to the consolidation of accounts in accordance with GAAP.

 

“Consolidated Tangible
Net Worth” means the sum of the following (without duplication) (a) Consolidated stockholders’ equity (without
duplication) of the Sponsor Parties (at such times they are Guarantors hereunder) and their respective Subsidiaries or the Replacement
Guarantor and its Subsidiaries, as applicable, determined in accordance with GAAP (excluding accumulated depreciation and
amortization), plus (b) equity invested in Class C units of the Operating Partnership (regardless of whether such investment
qualifies as stockholders’ equity in accordance with GAAP), plus (c) the Obligatory Funding Commitments of the Brookfield
Investor to the Sponsor Parties in respect of the Brookfield Transaction (including, for the avoidance of doubt and without duplication,
any additional Class C units of the Operating Partnership that the Brookfield Investor is obligated to purchase (regardless of
whether such investment qualifies as stockholders’ equity in accordance with GAAP)), plus (d) in the case of the
Replacement Guarantor, the Obligatory Funding Commitments relating to such Replacement Guarantor, minus (e)
goodwill and intangible assets, minus (f) the Consolidated stockholders’ equity attributable to the Collateral Assets
(excluding accumulated depreciation and amortization).

 

“Contingent Obligation”
means, with respect to any Person, any Obligation or arrangement of such Person to guarantee or intended to guarantee any Indebtedness,
leases, dividends or other payment Obligations (“primary obligations”) of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, including, without limitation, (a) the direct or indirect
guarantee, endorsement (other than for collection or deposit in the ordinary course of business), co-making, discounting with
recourse or sale with recourse by such Person of the Obligation of a primary obligor, (b) the Obligation to make take-or-pay or
similar payments, if required, regardless of nonperformance by any other party or parties to an agreement or (c) any Obligation
of such Person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct
or indirect security therefor, (ii) to advance or supply funds (A) for the purchase or payment of any such primary obligation
or (B) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency
of the primary obligor, (iii) to purchase property, assets, securities or services primarily for the purpose of assuring
the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise
to assure or hold harmless the holder of such primary obligation against loss in respect thereof. The amount of any Contingent
Obligation shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of
which such Contingent Obligation is made (or, if less, the maximum amount of such primary obligation for which such Person may
be liable pursuant to the terms of the instrument evidencing such Contingent Obligation) or, if not stated or determinable, the
maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder), as determined
by such Person in good faith.

 

    	 	9	 

     

    

 

“Control”
means, with respect to any Person, the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of such Person, through the ownership of voting securities, by contract or otherwise, and the terms Controlled,
Controlling and Common Control shall have correlative meanings.

 

“Control Affiliate”
means, as to any Person, any other Person that (i) owns directly or indirectly fifty percent (50%) or more of all Equity Interests
in such Person, and/or (ii) is in Control of, is Controlled by or is under common ownership or Control with such Person.

 

“Control Agreement”
means an Account Control Agreement or a Property Account Control Agreement (as such terms are defined in the Cash Management Agreement).

 

“Conversion”,
“Convert” and “Converted” each refer to a conversion of Advances of one Type
into Advances of the other Type pursuant to Section 2.07(d), 2.09 or 2.10.

 

“Counterparty”
means, with respect to the Interest Rate Cap Agreement and any Replacement Interest Rate Cap Agreement, any Approved Counterparty
thereunder.

 

“Counterparty Opinion”
has the meaning specified in Section 2.18(c)(vii).

 

“DBNY”
means Deutsche Bank AG New York Branch.

 

“Debt for Borrowed Money”
of any Person means all items that, in accordance with GAAP, would be classified as indebtedness on a Consolidated balance sheet
of such Person.

 

“Debtor Relief Laws”
means any Bankruptcy Law, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,
rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable
jurisdictions from time to time in effect.

 

“Debt Service”
means, at any date of determination, the scheduled principal and interest payments due in respect of the Outstanding Principal
Balance of the Loan as of the date of determination for the consecutive four fiscal quarters most recently ended for which financial
statements are required to be delivered to Lenders pursuant to Section 5.03(b) or (c), as the case may be.

 

“Debt Service Coverage
Ratio” means, a ratio, calculated by the Administrative Agent, in which:

 

(a)          the
numerator is the Adjusted Net Operating Income for all Collateral Assets; and

 

    	 	10	 

     

    

 

(b)          the
denominator is the Debt Service.

 

“Debtor Subsidiary”
has the meaning specified in Section 6.01(f).

 

“Debt Yield”
means, at any date of determination, as calculated by the Borrowers in good faith, the aggregate Adjusted Net Operating Income
for all Collateral Assets divided by the Outstanding Principal Balance.

 

“Deemed FF&E Reserve”
means, with respect to any Collateral Asset for the consecutive four fiscal quarters most recently ended, the greater of (i) an
amount equal to 4% of the Gross Hotel Revenues of such Collateral Asset for such fiscal period and (ii) all actual FF&E reserve
payments made in respect of such Collateral Asset during such fiscal period.

 

“Deemed Management Fee”
means, with respect to any Collateral Asset for the consecutive four fiscal quarters most recently ended, an amount equal to the
greater of (i) 3% of the Gross Hotel Revenues of such Collateral Asset for such fiscal period and (ii) all actual management fees
payable in respect of such Collateral Asset during such fiscal period.

 

“Default”
means any Event of Default or any event that would constitute an Event of Default but for the requirement that notice be given
or time elapse or both.

 

“Default Rate”
means a rate per annum equal at all times to the sum of (a) the Base Rate in effect from time to time plus (b) the
Applicable Margin plus (c) 2% per annum.

 

“Defaulting Lender”
means, subject to Section 2.17(b), any Lender that, as determined by the Administrative Agent, (a) has failed to perform any of
its funding obligations hereunder, including in respect of its Advances or share of Protective Advances, within three Business
Days of the date required to be funded by it hereunder, (b) has notified any Borrower or the Administrative Agent that it does
not intend to comply with its funding obligations or has made a public statement to that effect with respect to its funding obligations
hereunder or under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after request
by the Administrative Agent, to confirm in a manner satisfactory to the Administrative Agent that it will comply with its funding
obligations, or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any
Bankruptcy Law, (ii) had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person
charged with reorganization or liquidation of its business or a custodian appointed for it, or (iii) taken any action in furtherance
of, or indicated its consent to, approval of or acquiescence in any such proceeding or appointment, provided that a Lender
shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any
direct or indirect parent company thereof by a Governmental Authority.

 

“Delayed Draw Advances”
means a portion of the Loan in the aggregate maximum principal amount of $0.

 

“Delayed Draw Borrowing”
means the Borrowing relating to the Delayed Draw Advances.

 

“Delayed Draw Election
Notice” means a notice, given no later than 12:00 Noon (New York City time) at least two (2) Business Days prior
to the Closing Date, by the Borrowers to the Administrative Agent making an election to utilize the Delayed Draw Period.

 

    	 	11	 

     

    

 

“Delayed Draw Period”
means the period commencing on the Closing Date and ending on May 11, 2017.

 

“Departing Lender”
has the meaning specified in Section 2.19.

 

“Domestic Lending Office”
means, with respect to any Lender, the office of such Lender specified as its “Domestic Lending Office” opposite its
name on Schedule I hereto or in the Assignment and Acceptance pursuant to which it became a Lender, as the case may be, or
such other office of such Lender as such Lender may from time to time specify to the Borrowers and the Administrative Agent.

 

“Downgrade Franchisor”
means a franchisor in one (1) category lower than the applicable franchisor as of the Closing Date, based on the annual chain
scale published by Smith Travel Reports.

 

“Earnout Amount”
has the meaning set forth in the Georgia Tech Purchase Agreement.

 

“EEA Financial Institution”
means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision
of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described
in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary
of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

 

“EEA Member Country”
means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA Resolution Authority”
means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country
(including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Eligible Assignee”
means with respect to the Loan, (a) a Lender; (b) a Lender Affiliate or Fund Affiliate of a Lender; (c) a commercial bank organized
under the laws of the United States, or any State thereof, respectively, and having total assets in excess of $500,000,000; (d)
a savings and loan association or savings bank organized under the laws of the United States or any State thereof, and having
total assets in excess of $500,000,000; (e) a commercial bank organized under the laws of any other country that is a member of
the OECD or has concluded special lending arrangements with the International Monetary Fund associated with its General Arrangements
to Borrow, or a political subdivision of any such country, and having total assets in excess of $500,000,000, so long as such
bank is acting through a branch or agency located in the United States; (f) the central bank of any country that is a member of
the OECD; (g) a finance company, insurance company or other financial institution or fund (whether a corporation, partnership,
trust or other entity) that is engaged in making, purchasing or otherwise investing in commercial loans in the ordinary course
of its business and having total assets in excess of $500,000,000; and (h) any other Person approved by the Administrative Agent,
such approval not to be unreasonably withheld or delayed; provided, however, that neither any Loan Party nor any
Affiliate of a Loan Party shall qualify as an Eligible Assignee under this definition; provided further that during any
period in which there exists no Event of Default, none of the Persons listed on Schedule IV, nor any Affiliates thereof, shall
qualify as an Eligible Assignee under this definition.

 

    	 	12	 

     

    

 

“Emergency Expenses”
means any capital, operating or other expenses which the Borrowers determine in good faith are necessary in the case of an emergency
at a Collateral Asset in order to avoid immediate harm to individuals at such Collateral Asset or to the Collateral Asset and
of which the Borrowers have given the Administrative Agent one (1) day’s prior notice (or such shorter or no notice, but
subsequent notice to the Administrative Agent as soon thereafter as reasonably possible, to the extent that one (1) day’s
prior notice would jeopardize the Collateral Asset or the health, safety or welfare of individuals located thereon or therein),
together with a reasonably detailed description of the Emergency Expenses and the nature of the emergency giving rise thereto.

 

“Environmental Action”
means any enforcement action, litigation, demand, demand letter, claim of liability, notice of non-compliance or violation, notice
of liability or potential liability, investigation, enforcement proceeding, consent order or consent agreement relating in any
way to any Environmental Law, any Environmental Permit or Hazardous Material or arising from alleged injury or threat to health,
safety or the environment, including, without limitation, (a) by any governmental or regulatory authority for enforcement,
cleanup, removal, response, remedial or other actions or damages and (b) by any governmental or regulatory authority or third
party for damages, contribution, indemnification, cost recovery, compensation or injunctive relief.

 

“Environmental Law”
means any Federal, state, local or foreign statute, law, ordinance, rule, regulation, code, order, writ, judgment, injunction,
decree or judicial or agency interpretation, policy or guidance relating to pollution or protection of the environment, health,
safety or natural resources, including, without limitation, those relating to the use, handling, transportation, treatment, storage,
disposal, release or discharge of Hazardous Materials.

 

“Environmental Permit”
means any permit, approval, identification number, license or other authorization required under any Environmental Law.

 

“Equipment”
has the meaning specified in the Mortgages.

 

“Equity Interests”
means, with respect to any Person, shares of capital stock of (or other ownership or profit interests in) such Person, warrants,
options or other rights for the purchase or other acquisition from such Person of shares of capital stock of (or other ownership
or profit interests in) such Person, securities convertible into or exchangeable for shares of capital stock of (or other ownership
or profit interests in) such Person or warrants, rights or options for the purchase or other acquisition from such Person of such
shares (or such other interests), and other ownership or profit interests in such Person (including, without limitation, partnership,
member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or
other interests are authorized or otherwise existing on any date of determination.

 

“Equity Transfer”
has the meaning specified in Section 5.02(k).

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and rulings
issued thereunder.

 

“ERISA Affiliate”
means any Person that for purposes of Title IV of ERISA is a member of the controlled group of any Loan Party, or under common
control with any Loan Party, within the meaning of Section 414 of the Internal Revenue Code.

 

    	 	13	 

     

    

 

“ERISA Event”
means (a)(i) the occurrence of a reportable event, within the meaning of Section 4043 of ERISA, with respect to any
Plan (other than a Multiemployer Plan) unless the 30-day notice requirement with respect to such event has been waived by the
PBGC or (ii) the requirements of Section 4043(b) of ERISA apply with respect to a contributing sponsor, as defined in Section
4001(a)(13) of ERISA, of a Plan (other than a Multiemployer Plan), and an event described in paragraph (9), (10), (11), (12)
or (13) of Section 4043(c) of ERISA is reasonably expected to occur with respect to such Plan within the following thirty (30)
days; (b) the application for a minimum funding waiver with respect to a Plan; (c) the provision by the administrator of
any Plan of a notice of intent to terminate such Plan (other than a Multiemployer Plan) pursuant to Section 4041(a)(2) of
ERISA (including any such notice with respect to a plan amendment referred to in Section 4041(e) of ERISA); (d) the cessation
of operations at a facility of any Loan Party or any ERISA Affiliate in the circumstances described in Section 4062(e) of
ERISA; (e) the withdrawal by any Loan Party or any ERISA Affiliate from a Multiple Employer Plan during a plan year for which
it was a substantial employer, as defined in Section 4001(a)(2) of ERISA; (f) the conditions for imposition of a lien
under Section 302(f) of ERISA shall have been met with respect to any Plan; (g) the adoption of an amendment to a Plan
requiring the provision of security to such Plan pursuant to Section 307 of ERISA; or (h) the institution by the PBGC
of proceedings to terminate a Plan pursuant to Section 4042 of ERISA, or the occurrence of any event or condition described
in Section 4042 of ERISA that constitutes grounds for the termination of, or the appointment of a trustee to administer,
such Plan.

 

“EU Bail-In Legislation
Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person),
as in effect from time to time.

 

“Eurocurrency Liabilities”
has the meaning specified in Regulation D of the Board of Governors of the Federal Reserve System, as in effect from time
to time.

 

“Eurodollar Lending Office”
means, with respect to any Lender, the office of such Lender specified as its “Eurodollar Lending Office” opposite
its name on Schedule I hereto or in the Assignment and Acceptance pursuant to which it became a Lender (or, if no such office
is specified, its Domestic Lending Office), or such other office of such Lender as such Lender may from time to time specify to
the Borrowers and the Administrative Agent.

 

“Eurodollar Rate”
means, for any Interest Period for all Eurodollar Rate Advances comprising part of the same Borrowing, an interest rate per annum
equal to the rate per annum obtained by dividing (a) the Screen Rate determined as of approximately 11:00 A.M. (London
time) two Business Days prior to the first day of such Interest Period by (b) a percentage equal to 100% minus the Eurodollar
Rate Reserve Percentage for such Interest Period, or, if for any reason the Screen Rate is not available at such time, then the
“Eurodollar Rate” for such Interest Period shall be the rate per annum determined by the Administrative Agent to be
the rate at which deposits in Dollars for delivery on the first day of such Interest Period in same day funds in the approximate
amount of the Eurodollar Rate Advance being made, continued or converted by Citibank and with a term equivalent to such Interest
Period would be offered by Citibank’s London Branch (or other Citibank branch or Affiliate) to major banks in the London
or other offshore interbank market for Dollars at their request at approximately 11:00 A.M. (London time) two Business Days
prior to the commencement of such Interest Period; provided, however, that in no circumstance shall the Eurodollar
Rate be less than 0% per annum. For purposes of determining the Base Rate, the one-month Eurodollar Rate shall be calculated as
set forth in this paragraph utilizing the Screen Rate for a one-month period determined as of approximately 11:00 A.M.
(London time) on the applicable date of determination (or on the previous Business Day if such date of determination is not a
Business Day).

 

    	 	14	 

     

    

 

“Eurodollar Rate Advance”
means an Advance that bears interest as provided in Section 2.07(a)(ii).

 

“Eurodollar Rate Reserve
Percentage” means, for any Interest Period for all Eurodollar Rate Advances comprising part of the same Borrowing,
the reserve percentage applicable two (2) Business Days before the first day of such Interest Period under regulations issued
from time to time by the Board of Governors of the Federal Reserve System (or any successor) for determining the maximum reserve
requirement (including, without limitation, any emergency, supplemental or other marginal reserve requirement) for a member bank
of the Federal Reserve System in New York City with respect to liabilities or assets consisting of or including Eurocurrency
Liabilities (or with respect to any other category of liabilities that includes deposits by reference to which the interest rate
on Eurodollar Rate Advances is determined) having a term equal to such Interest Period.

 

“Events of Default”
has the meaning specified in Section 6.01.

 

“Excluded Taxes”
means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment
to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes,
in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or,
in the case of any Lender, its Applicable Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision
thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts
payable to or for the account of such Lender with respect to an applicable interest in an Advance or Commitment pursuant to a
law in effect on the date on which (i) such Lender acquires such interest in the Advance or Commitment (other than pursuant to
an assignment request by the Borrowers under Section 2.19 or Section 9.01(b)) or (ii) such Lender changes its lending office except
in each case to the extent that, pursuant to Section 2.12, amounts with respect to such Taxes were payable either to such Lender’s
assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office,
(c) Taxes attributable to such Recipient’s failure to comply with Section 2.12(f) and Section 2.12(g) (other than if such
failure is due to a Change in Law, or in the interpretation or application thereof, occurring after the date on which a form or
other document originally was required to be provided) and (d) any U.S. federal withholding Taxes imposed under FATCA.

 

“Existing Loan Agreement”
has the meaning specified in the recitals.

 

“Facility Assigned Rights
and Obligations” has the meaning specified in Section 2.22(a).

 

“Facility Purchasing
Lender” has the meaning specified in Section 2.22(a).

 

“Facility Selling Lender”
has the meaning specified in Section 2.22(a).

 

“FATCA”
means Sections 1471 through 1474 of the Internal Revenue Code, as of the Closing Date (or any amended or successor version that
is substantively comparable and not materially more onerous to comply with), any applicable intergovernmental agreements entered
into in connection with such sections of the Internal Revenue Code, any current or future regulations or official interpretation
or application thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code.

 

    	 	15	 

     

    

 

“Federal Funds Rate”
means, for any period, a fluctuating interest rate per annum equal for each day during such period to the weighted average of
the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published for such day (or, if
such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such
rate is not so published for any day that is a Business Day, an analogous rate determined the Administrative Agent with reference
to another commercially available source or sources designated by the Administrative Agent; provided, however, that
in no circumstance shall the Federal Funds Rate be less than 0% per annum.

 

“Fee Letter”
means any separate letter agreement executed and delivered by any Borrower or an Affiliate of any Borrower and to which the Administrative
Agent or an Arranger is a party, as the same may be amended, restated or replaced from time to time.

 

“FF&E”
means all “furniture, furnishings and equipment” (as such phrase is commonly understood in the hotel industry) and
all appurtenances and additions thereto and substitutions or replacements thereof owned by the applicable Loan Party and now or
hereafter attached to, contained in or used in connection with the use, occupancy, operation or maintenance of the applicable
Collateral Asset, including, without limitation, any and all fixtures, furnishings, equipment, furniture, and other items of tangible
personal property, appliances, machinery, equipment, signs, artwork (including paintings, prints, sculpture and other fine art),
office furnishings and equipment, guest room furnishings, and specialized equipment for kitchens, laundries, drying, bars, restaurants,
spas, public rooms, health and recreational facilities, linens, dishware, two-way radios, all partitions, screens, awnings, shades,
blinds, rugs, carpets, hall and lobby equipment, heating, lighting, plumbing, ventilating, refrigerating, incinerating, elevators,
escalators, air conditioning and communication plants or systems with appurtenant fixtures, vacuum cleaning systems, call or beeper
systems, security systems, sprinkler systems and other fire prevention and extinguishing apparatus and materials; generators,
boilers, compressors and engines; gas and electric machinery and equipment; facilities used to provide utility services; garbage
disposal machinery or equipment; communication apparatus, including television, radio, music, and cable antennae and systems;
attached floor coverings, window coverings, curtains, drapes and rods; storm doors and windows; stoves, refrigerators, dishwashers
and other installed appliances; attached cabinets; trees, plants and other items of landscaping; visual and electronic surveillance
systems; and swimming pool heaters and equipment, fuel, water and other pumps and tanks; irrigation equipment; reservation system
computer and related equipment; all equipment, manual, mechanical or motorized, for the construction, maintenance, repair and
cleaning of, parking areas, walks, underground ways, truck ways, driveways, common areas, roadways, highways and streets and all
equipment, fixtures, furnishings, and articles of personal property now or hereafter attached to or used in or about any such
Collateral Asset which is or may be used in or related to the planning, development, financing or operation thereof and all renewals
of or replacements or substitutions for any of the foregoing.

 

“FF&E PIP Funds”
means that portion of the FF&E Reserve Funds (as defined in the Cash Management Agreement) that may be used by the Borrowers,
at the Borrowers’ election, for the payment of the costs of PIP Work, such amount shall not exceed $5,000,000 in the aggregate
in any twelve (12) month period.

 

    	 	16	 

     

    

 

“First Extended Maturity
Date” means May 1, 2020.

 

“First Monthly Payment
Date” means June 1, 2017.

 

“Fiscal Year”
means a fiscal year of the Parent Guarantor and its Consolidated Subsidiaries ending on December 31 in any calendar year.

 

“Flood Compliance Event”
means the occurrence of any of the following: (a) a Flood Redesignation with respect to any Collateral Asset, or (b) any extension
of the Maturity Date pursuant to Section 2.16.

 

“Flood Hazard Determination”
means a “Life-of-Loan” FEMA Standard Flood Hazard Determination obtained by the Administrative Agent.

 

“Flood Hazard Property”
means any Collateral Asset that on the relevant date of determination includes a Building and, as shown on a Flood Hazard Determination,
such Building is located in a Special Flood Hazard Area.

 

“Flood Insurance”
means (a) federally-backed flood insurance available under the National Flood Insurance Program to owners of real property improvements
located in Special Flood Hazard Areas in a community participating in the National Flood Insurance Program or (b) to the extent
permitted by the Flood Laws, a private flood insurance policy from a financially sound and reputable insurance company that is
not an Affiliate of any Borrower.

 

“Flood Insurance Documents”
means (a) evidence as to whether each Collateral Asset is a Flood Hazard Property pursuant to a Flood Hazard Determination, and
(b) if such Collateral Asset is a Flood Hazard Property, (i) evidence as to whether the community in which such Collateral
Asset is located is participating in the National Flood Insurance Program, (ii) the applicable Borrower’s written acknowledgment
of receipt of written notification from the Administrative Agent as to the fact that such Collateral Asset is a Flood Hazard Property
and as to whether the community in which each such Flood Hazard Property is located is participating in the National Flood Insurance
Program and (iii) copies of the applicable Borrower’s application for a Flood Insurance policy plus proof of premium
payment, a declaration page confirming that Flood Insurance has been issued, or such other evidence of Flood Insurance, in an
amount equal to at least the amount required by the Flood Laws and naming the Collateral Agent as sole loss payee and mortgagee
on behalf of the Secured Parties, and otherwise including terms satisfactory to the Collateral Agent.

 

“Flood Laws”
means the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973, as revised by the National Flood
Insurance Reform Act of 1994, and as the same may be further amended, modified or supplemented, and including the regulations
issued thereunder.

 

“Flood
Redesignation” means the designation of any Collateral Asset as a Flood Hazard Property where such property was
not a Flood Hazard Property previous to such designation.

 

“Foreign Lender”
has the meaning specified in Section 2.12(g)(ii).

 

    	 	17	 

     

    

 

“Franchisor Comfort Letter”
means, with respect to any Approved Franchise Agreement related to a Collateral Asset, a franchisor comfort letter reasonably
acceptable to the Administrative Agent on the applicable Approved Franchisor’s standard form or otherwise reasonably acceptable
to the Administrative Agent, provided that in the case of a replacement Approved Franchisor that franchises another Collateral
Asset, the form of comfort letter delivered on the Closing Date with respect to such other Collateral Asset, with necessary property
specific information changed, shall be deemed acceptable to the Administrative Agent.

 

“Fund Affiliate”
means, with respect to any Lender that is a fund that invests in bank loans, any other fund that is regularly engaged in investing
in bank loans in the ordinary course of business and is advised or managed by the same investment advisor as such Lender or by
a Lender Affiliate of such investment advisor.

 

“GAAP”
has the meaning specified in Section 1.03.

 

“Georgia Tech Borrower”
means HIT GA Tech Holding, LLC, a Delaware limited liability company.

 

“Georgia Tech Entity”
means each of the Georgia Tech Owner and the Georgia Tech TRS Lessee.

 

“Georgia Tech Excess
Cash Flow” means, with respect to the Georgia Tech Hotel for any calendar month, (a) the Net Operating Income attributable
to the Georgia Tech Hotel for such month, less (b) the sum of (i) the Georgia Tech Ground Lease Rent for such month, (ii) the
Master Reserve (as defined in the Georgia Tech Ground Lease) payment payable by Georgia Tech Owner to the fee owner of the Georgia
Tech Hotel for such month under the Georgia Tech Ground Lease, and (iii) the Parking Payment (as defined in the Georgia Tech Ground
Lease) payable by Georgia Tech Owner to the fee owner of the Georgia Tech Hotel for such month under the Georgia Tech Ground Lease.

 

“Georgia Tech Owner”
means HIT GA Tech, LLC, a Delaware limited liability company.

 

“Georgia Tech Ground
Lease” means that certain Hotel Lease Agreement, dated as of October 29, 2001, between Fifth Street Hotel, LLC,
as lessor, and CC Technology Square LLC, as lessee, as amended by that certain First Amendment to Hotel Lease Agreement, dated
as of January 17, 2002, as amended by that certain Second Amendment to Hotel Lease Agreement, dated as of February 26, 2003, as
assigned by CC Technology Square LLC to Georgia Tech Owner pursuant to that certain Assignment and Assumption of Ground Lease,
dated as of March 21, 2014, as the same may be amended, restated, supplemented or otherwise modified in accordance with this Agreement.

 

“Georgia Tech Ground
Lease Rent” means, for any calendar month, the Rent (as defined in the Georgia Tech Ground Lease) payable by the
Georgia Tech Owner to the fee owner of the Georgia Tech Hotel under the Georgia Tech Ground Lease for such month.

 

“Georgia Tech Hotel”
means the Collateral Asset commonly known as The Georgia Tech Hotel & Conference Center, 800 Spring Street NW, Atlanta, Georgia
30354.

 

“Georgia Tech Operating
Lease” means that certain Lease Agreement of the Georgia Tech Hotel dated as of March 14, 2014 between the Georgia
Tech Owner, as lessor, and the Georgia Tech TRS Lessee, as lessee, as the same may be amended, restated, supplemented or otherwise
modified in accordance with this Agreement.

 

    	 	18	 

     

    

 

“Georgia Tech Operating
Lease Rent” means, for any calendar month, the Rent (as defined in the Georgia Tech Operating Lease) payable by
the Georgia Tech TRS Lessee to the Georgia Tech Owner under the Georgia Tech Operating Lease for such month.

 

“Georgia Tech Purchase
Agreement” means the Agreement of Purchase and Sale dated as of January 30, 2014 among Georgia Tech Owner, the Parent
Guarantor and certain other Affiliates of the Parent Guarantor, collectively, as the purchaser, and HFP Hotel Owner II, LLC, CSB
Stratford LLC and CC Technology Square LLC, collectively, as seller, as amended by a first amendment thereto dated as of March
11, 2014, a second amendment thereto dated of March 21, 2014 and a third amendment thereto dated as of August 10, 2016.

 

“Georgia Tech Pledgor”
means HIT TRS GA Tech Holding, LLC, a Delaware limited liability company.

 

“Georgia Tech TRS Lessee”
means HIT TRS GA Tech, LLC, a Delaware limited liability company.

 

“Good Faith Contest”
means the contest of an item as to which: (a) such item is contested in good faith, by appropriate proceedings, (b) reserves that
are adequate are established with respect to such contested item in accordance with GAAP and (c) the failure to pay or comply
with such contested item during the period of such contest would not reasonably be expected to result in a Material Adverse Effect.

 

“Government Lists”
means (a) the Specially Designated Nationals and Blocked Persons Lists maintained by OFAC, (b) any other list of terrorists, terrorist
organizations or narcotics traffickers maintained pursuant to any of the Rules and Regulations of OFAC that the Administrative
Agent notified the Borrowers in writing is now included in “Government Lists”, or (c) any similar lists maintained
by the United States Department of State, the United States Department of Commerce or any other Governmental Authority or pursuant
to any Executive Order of the President of the United States of America that the Administrative Agent notified the Borrowers in
writing is now included in “Government Lists”.

 

“Governmental Authority”
means the government of the United States of America or any other nation, or of any political subdivision thereof, whether state
or local, and any Federal, state, municipal, national, local or other governmental department, agency, authority, commission,
instrumentality, board, bureau, regulatory body, court, central bank or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such
as the European Union or the European Central Bank).

 

“Gross Hotel Revenues”
means all revenues and receipts of every kind derived from operating a Collateral Asset or Collateral Assets, as the case may
be, and parts thereof, including, without limitation, income (from both cash and credit transactions), before commissions and
discounts for prompt or cash payments, from rentals or sales of rooms, stores, offices, meeting space, exhibit space, or sales
space of every kind (including rentals from timeshare marketing and sales desks); license, lease, and concession fees and rentals
(not including gross receipts of licensees, lessees, and concessionaires); net income from vending machines; health club membership
fees; food and beverage sales; parking; sales of merchandise (other than proceeds from the sale of FF&E no longer necessary
to the operation of such Collateral Asset or Collateral Assets); service charges, to the extent not distributed to the employees
at such Collateral Asset or Collateral Assets as, or in lieu of, gratuities; and proceeds, if any, from business interruption
or other loss of income insurance; provided, however, that Gross Hotel Revenues shall not include gratuities to employees
of such Collateral Asset or Collateral Assets; federal, state, or municipal excise, sales, use, or similar taxes collected directly
from tenants, patrons, or guests or included as part of the sales price of any goods or services; Insurance Proceeds (other than
proceeds from business interruption or other loss of income insurance); Awards; or any proceeds from any sale of such Collateral
Asset or Collateral Assets.

 

    	 	19	 

     

    

 

“Guaranteed Obligations”
has the meaning specified in Section 7.01(a).

 

“Guarantors”
has the meaning specified in the recital of parties to this Agreement, but shall, from and after the delivery of the Guaranty
Documents by any Replacement Guarantor hereunder, also mean the applicable Replacement Guarantor; provided, however,
that such Replacement Guarantor shall become a Guarantor effective as of the date of the delivery of such Guaranty Documents with
respect to liabilities arising from and after such date, and effective as of such date the existing Guarantor to be deemed to
be released from its Guaranty Obligations in its capacity as a Guarantor under the Loan Documents for the period following such
release date, it being understood and agreed, however, that such Guarantor shall remain liable for any Guaranty Obligations under
the Loan Documents arising prior to the delivery of such Guarantor Documents by such Replacement Guarantor.

 

“Guaranty”
means the Guaranty by the Guarantors pursuant to Article VII.

 

“Guaranty Documents”
means, with respect to any Replacement Guarantor, (a) a Guaranty Supplement duly executed by such Replacement Guarantor, (b) the
documents set forth in Sections 3.01(a)(ii),(iii), (iv), (vi), (vii), (viii), (x) and 3.01(e), as they relate to such Replacement
Guarantor and such Guaranty Supplement, mutatis mutandis, and (c) a customary corporate formalities opinion of counsel
for such Replacement Guarantor in the state in which such Replacement Guarantor is formed or organized, in form and substance
reasonably acceptable to the Administrative Agent.

 

“Guaranty Supplement”
means a Guaranty Supplement substantially in the form attached hereto as Exhibit O.

 

“Hazardous Materials”
means (a) petroleum or petroleum products, by-products or breakdown products, radioactive materials, asbestos-containing
materials, polychlorinated biphenyls, radon gas and mold and (b) any other chemicals, materials or substances designated,
classified or regulated as hazardous or toxic or as a pollutant or contaminant under any Environmental Law.

 

“ICE LIBOR”
has the meaning specified in the definition of “Screen Rate”.

 

“Improvements”
has the meaning specified in the Mortgages.

 

“Indebtedness”
of any Person means the sum of (without duplication) (i) all Debt for Borrowed Money and for the deferred purchase price of property
or services, (ii) the aggregate amount of all Capitalized Leases Obligations, (iii) all indebtedness of the types described in
clause (i) or (ii) of this definition of Persons secured by any Lien on any property owned by such Person, whether or not such
indebtedness has been assumed by such Person (provided that, if the Person has not assumed or otherwise become liable in
respect of such indebtedness, such indebtedness shall be deemed to be the outstanding principal amount (or maximum principal amount,
if larger) of such indebtedness or, if not stated or if indeterminable, in an amount equal to the fair market value of the property
to which such Lien relates, as determined in good faith by such Person), and (iv) all Contingent Obligations.

 

    	 	20	 

     

    

 

“Indemnified Costs”
has the meaning specified in Section 8.05(a).

 

“Indemnified Party”
has the meaning specified in Section 7.06(a).

 

“Indemnified Taxes”
means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any Obligation
of any Loan Party under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes.

 

“Information”
has the meaning specified in Section 9.12(a).

 

“Initial Lenders”
has the meaning specified in the recital of parties to this Agreement.

 

“Initial Maturity
Date” means May 1, 2019.

 

“Initial PIP”
means those certain property improvement plans required in connection with the Approved Franchise Agreements as of the Closing
Date, as amended, modified, supplemented or replaced in accordance with the terms of this Agreement.

 

“Insurance Proceeds”
has the meaning specified in the Mortgages.

 

“Intellectual Property”
has the meaning specified in Section 4.01(ff).

 

“Interest Period”
means, for each Eurodollar Rate Advance comprising part of the same Borrowing, the period commencing on (and including) the eighth
(8th) day of each calendar month during the term of the Loan and ending on (and including) the seventh (7th)
day of the next succeeding calendar month; provided, however, that no Interest Period shall be shortened by reason
of any payment of the Loan prior to the expiration of such Interest Period.

 

“Interest Rate Cap Agreement”
means the Confirmation and Agreement (together with the confirmation and schedules relating thereto), between the Counterparty
and the Borrowers, obtained by the Borrowers on the Closing Date and collaterally assigned to the Administrative Agent for the
benefit of Lenders pursuant to this Agreement. After delivery of a Replacement Interest Rate Cap Agreement to the Administrative
Agent, the term Interest Rate Cap Agreement shall be deemed to mean such Replacement Interest Rate Cap Agreement. The Interest
Rate Cap Agreement shall be governed by the laws of the State of New York and shall contain each of the following:

 

(a)          the
notional amount of the Interest Rate Cap Agreement shall be equal to the Outstanding Principal Balance;

 

(b)          the
remaining term of the Interest Rate Cap Agreement shall be in accordance with the term specified in Section 2.18;

 

(c)          the
Interest Rate Cap Agreement shall be issued by the Counterparty to the Borrowers and shall be pledged to the Administrative Agent
on behalf of Lenders by the Borrowers in accordance with this Agreement;

 

    	 	21	 

     

    

 

(d)          the
Counterparty under the Interest Rate Cap Agreement shall be obligated to make a stream of payments from time to time equal to
the product of (i) the notional amount of such Interest Rate Cap Agreement multiplied by (ii) the excess, if any, of the Screen
Rate (including any upward rounding under the definition of Screen Rate) over the Strike Price or the Strike Price (Extension
Options), as applicable, and shall provide that such payment shall be made on a monthly basis in each case not later than (after
giving effect to and assuming the passage of any cure period afforded to such Counterparty under the Interest Rate Cap Agreement,
which cure period shall not in any event be more than three Business Days) each date that a payment of Interest is due hereunder
pursuant to Section 2.07;

 

(e)          the
Counterparty under the Interest Rate Cap Agreement shall execute and deliver the Acknowledgment; and

 

(f)          the
Interest Rate Cap Agreement shall be in all material respects reasonably satisfactory in form and substance to the Administrative
Agent.

 

“Internal Revenue Code”
means the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated and rulings issued thereunder.

 

“Interpolated Rate”
means, for the relevant Interest Period, the rate per annum (rounded upward, if necessary, to the nearest 1/100 of 1%) which results
from interpolating on a linear basis between: (a) the applicable Published Screen Rate for the longest period (for which that
Published Screen Rate is available) which is less than the relevant Interest Period; and (b) the applicable Published Screen Rate
for the shortest period (for which that Published Screen Rate is available) which exceeds the relevant Interest Period.

 

“Intervening Entities”
means each Subsidiary of the Parent Guarantor which directly or indirectly holds any ownership interest in a Borrower and is not
a Loan Party.

 

“Investment”
means, with respect to any Person, any acquisition or investment (whether or not of a controlling interest) by such Person, by
means of any of the following: (a) the purchase or other acquisition of any Equity Interest in another Person, (b) a loan, advance
or extension of credit to, capital contribution to, guaranty of Indebtedness of, or purchase or other acquisition of any Indebtedness
of, another Person, including any partnership or joint venture interest in such other Person, (c) the purchase or other acquisition
(in one transaction or a series of transactions) of assets of another Person that constitute the business or a division or operating
unit of another Person, or (d) the purchase or other acquisition of any real property. Any binding commitment to make an Investment,
as well as any option of another Person to require an Investment in such Person, shall constitute an Investment. Except as expressly
provided otherwise, for purposes of determining compliance with any covenant contained in a Loan Document, the amount of any Investment
shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment.

 

“JPMCB”
means JPMorgan Chase Bank, National Association.

 

    	 	22	 

     

    

 

“Legal Requirements”
means all present and future laws, statutes, codes, ordinances, orders, treaties, judgments, decrees, injunctions, rules, regulations
and requirements, and irrespective of the nature of the work to be done, of every Governmental Authority including, without limitation,
the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives promulgated thereunder
or issued in connection therewith, all requests, rules, guidelines or directives promulgated by the Bank for International Settlements,
the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States of America or foreign
regulatory authorities, in each case pursuant to Basel III, Environmental Laws and all covenants, restrictions and conditions
now or hereafter of record which may be applicable to any Borrower or to any Collateral Asset and the Improvements and the Equipment
thereon, or to the use, manner of use, occupancy, possession, operation, maintenance, alteration, repair or reconstruction of
the Collateral Assets and the Improvements and the Equipment thereon including, without limitation, building and zoning codes
and ordinances and laws relating to handicapped accessibility.

 

“Lender Affiliate”
means, as to any Lender, any other Person that, directly or indirectly, controls, is controlled by or is under common control
with such Lender or is a director or officer of such Lender. For purposes of this definition, the term “control” (including
the terms “controlling”, “controlled by” and “under common control with”) of a Person means
the possession, direct or indirect, of the power to vote 35% or more of the Voting Interests of such Person or to direct or cause
the direction of the management and policies of such Person, whether through the ownership of Voting Interests, by contract or
otherwise.

 

“Lender Insolvency Event”
means, with respect to any Lender, that, other than in connection with an Undisclosed Administration, (a) such Lender or its Parent
Company is insolvent, or is generally unable to pay its debts as they become due, or admits in writing its inability to pay its
debts as they become due, or makes a general assignment for the benefit of its creditors, (b) such Lender or its Parent Company
is the subject of a bankruptcy, insolvency, reorganization, liquidation or similar proceeding, or a receiver, trustee, conservator,
intervenor or sequestrator or the like has been appointed for such Lender or its Parent Company, or such Lender or its Parent
Company has taken any action in furtherance of or indicating its consent to or acquiescence in any such proceeding or appointment
or (c) such Lender or its Parent Company has become the subject of a Bail-in Action. Notwithstanding the above, a Lender Insolvency
Event shall not occur solely by virtue of the ownership or acquisition of any Equity Interest in the applicable Lender or any
direct or indirect Parent Company thereof by a Governmental Authority so long as such ownership interest does not result in or
provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments
or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm
any contracts or agreements made with such Lender.

 

“Lenders”
means the Initial Lenders and each Person that shall become a Lender hereunder pursuant to Section 9.07 for so long as such
Initial Lender or Person, as the case may be, shall be a party to this Agreement.

 

“Lien”
means any lien, security interest or other charge or encumbrance of any kind, or any other type of preferential arrangement, including,
without limitation, the lien or retained security title of a conditional vendor, the lien or assessment relating to any property
assessed clean energy loan and any easement, right of way or other encumbrance on title to real property.

 

“Loan”
means the term loan made to the Borrowers by Lenders pursuant to the terms of this Agreement in an aggregate maximum original
principal amount not to exceed $310,000,000.

 

    	 	23	 

     

    

 

“Loan Documents”
means (a) this Agreement, (b) the Notes, (c) the Fee Letter, (d) the Collateral Documents, (e) the Post-Closing
Letter, and (f) each other document or instrument now or hereafter executed and delivered by a Loan Party in connection with,
pursuant to or relating to this Agreement, in each case, as the same may be amended, supplemented or otherwise modified from time
to time.

 

“Loan Parties”
means the Borrowers, the Pledgors, the TRS Lessees and the Guarantors.

 

“Lockbox Account”
has the meaning specified in the Cash Management Agreement.

 

“Lockbox Period”
has the meaning specified in the Cash Management Agreement.

 

“Losses”
means any and all claims, suits, liabilities (including strict liabilities), actions, proceedings, obligations, debts, damages,
losses, costs, expenses, fines, penalties, charges, fees, expenses, judgments, awards, amounts paid in settlement of whatever
kind or nature (including out-of-pocket, reasonable attorneys’ fees and other costs of defense).

 

“Margin Stock”
has the meaning specified in Regulation U.

 

“Material Adverse Change”
means a material adverse change in the business, assets, properties, liabilities (actual or contingent), operations, condition
(financial or otherwise) or prospects (which material adverse change, in the case of prospects only, shall be based on the specific
business activities and geographic locations of the Loan Parties and their respective Subsidiaries and their Collateral Assets
and not on the general condition of the U.S. or relevant foreign economies or the capital markets generally) of (a) the Operating
Partnership or (b) the Parent Guarantor and its Subsidiaries, taken as a whole.

 

“Material Adverse Effect”
means a material adverse effect on (a) the business, assets, properties, liabilities (actual or contingent), operations,
condition (financial or otherwise) or prospects (which material adverse effect, in the case of prospects only, shall be based
on the specific business activities and geographic locations of the Loan Parties and their respective Subsidiaries and not on
the general condition of the U.S. or relevant foreign economies or the capital markets generally) of the Guarantors and their
respective Subsidiaries, taken as a whole, (b) the business, assets, properties, liabilities (actual or contingent), operations,
condition (financial or otherwise) or prospects (which material adverse effect, in the case of prospects only, shall be based
on the specific business activities and geographic locations of the Borrowers and their respective Subsidiaries and not on the
general condition of the U.S. or relevant foreign economies or the capital markets generally) of the Borrowers and their respective
Subsidiaries, taken as a whole, (c) the rights and remedies of the Administrative Agent or any Lender under any Loan Document,
(d) the ability of any Loan Party to perform its Obligations under any Loan Document to which it is or is to be a party,
(e) the value of the Collateral or (f) the value, use, operation or ability to sell or refinance any Collateral Asset.

 

“Material Contract”
means each contract to which any Borrower is a party involving aggregate consideration payable to or by such Borrower in an amount
of $1,000,000 or more per annum or otherwise material to the business, condition (financial or otherwise), operations, performance,
properties or prospects of the Borrowers and their Subsidiaries, taken as a whole. Without limitation of the foregoing, the Georgia
Tech Ground Lease, the Collateral Asset Operating Leases, the Approved Management Agreements and the Approved Franchise Agreements
shall be deemed to be Material Contracts hereunder, and all existing Approved Management Agreements and existing Approved Franchise
Agreements are hereby approved by the Administrative Agent as of the Closing Date.

 

    	 	24	 

     

    

 

“Material Lease”
means any Tenancy Lease (a) demising a premises within a Collateral Asset that is more than 5,000 net rentable square feet or
(b) that is for a term equal to or greater than sixty (60) months.

 

“Material Litigation”
has the meaning specified in Section 3.01(f).

 

“Maturity Date”
means the Initial Maturity Date, subject to any extension thereof pursuant to Section 2.16, or such other date on which the final
payment of principal on the Loan becomes due and payable as provided herein or in the Notes, whether at such stated maturity date,
by declaration of acceleration, or otherwise.

 

“Mezzanine Debt”
means any Indebtedness that is secured by any security interest in any direct or indirect Equity Interest or other interest (actual,
economic or otherwise) in any Collateral Asset or any Borrower at any level of ownership.

 

“Monthly Payment Date”
shall mean the First Monthly Payment Date and the first (1st) day of every calendar month occurring thereafter during
the term of the Loan.

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor thereto.

 

“Mortgage Policy”
means, which respect to any Mortgage, (a) a fully paid American Land Title Association Lender’s Extended Coverage title
insurance policy insuring such Mortgage or (b) in the case of a Collateral Asset (as defined in the Existing Loan Agreement),
a Mortgage Policy (as defined in the Existing Loan Agreement) that has, by way of date-down endorsement or otherwise been modified
in a manner reasonably acceptable to the Administrative Agent to provide for (i) an effective date no earlier than the later of
the Closing Date and the date of recording of the applicable Mortgage and (ii) an amount of coverage that is no less than the
Allocated Loan Amount relating to such Collateral Asset.

 

“Mortgages”
means, with respect to any Collateral Assets, deeds of trust, trust deeds and mortgages (or amendments and restatements thereof),
as applicable, executed and delivered by the applicable Borrower and the applicable TRS Lessee, in substantially the form of Exhibit
G hereto (in each case with such changes as may be required to account for local law matters and otherwise satisfactory in form
and substance to the Collateral Agent in its reasonable discretion), as the same may be amended, supplemented or otherwise modified
from time to time.

 

“Multiemployer Plan”
means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA that is subject to Title IV of ERISA, to which any
Loan Party or any ERISA Affiliate is making or accruing an obligation to make contributions, or has within any of the preceding
five plan years made or accrued an obligation to make contributions.

 

“Multiple Employer Plan”
means a single employer plan, as defined in Section 4001(a)(15) of ERISA that is subject to Title IV of ERISA, that (a) is
maintained for employees of any Loan Party or any ERISA Affiliate and at least one Person other than the Loan Parties and the
ERISA Affiliates or (b) was so maintained and in respect of which any Loan Party or any ERISA Affiliate would have liability
under Section 4064 or 4069 of ERISA in the event such plan has been or were to be terminated.

 

    	 	25	 

     

    

 

“National Flood Insurance
Program” means the program created pursuant to the Flood Laws.

 

“Negative Pledge”
means, with respect to any asset, any provision of a document, instrument or agreement (other than a Loan Document) which prohibits
or purports to prohibit the creation or assumption of any Lien on such asset as security for Indebtedness of the Person owning
such asset or any other Person.

 

“Net Operating Income”
means, with respect to any Collateral Asset, the amount obtained by subtracting Operating Expenses for such Collateral Asset from
Operating Income for such Collateral Asset, in each case for consecutive four fiscal quarters most recently ended.

 

“Net Proceeds”
has the meaning specified in the Mortgages.

 

“Non-Consenting Lender”
has the meaning specified in Section 9.01(b).

 

“Non-Defaulting Lender”
means, at any time, a Lender that is not a Defaulting Lender.

 

“Note”
means a promissory note or amended and restated promissory note of any Borrower payable to the order of any Lender, in substantially
the form of Exhibit A hereto, evidencing the aggregate indebtedness of such Borrower to such Lender resulting from the Advances
made by such Lender, as the same may be amended, supplemented, extended, replaced or otherwise modified from time to time.

 

“Notice of Borrowing”
has the meaning specified in Section 2.02(a).

 

“NPL” means
the National Priorities List under CERCLA.

 

“Obligation”
means, with respect to any Person, any payment, performance or other obligation of such Person of any kind, including, without
limitation, any liability of such Person on any claim, whether or not the right of any creditor to payment in respect of such
claim is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, disputed, undisputed, legal, equitable, secured
or unsecured, and whether or not such claim is discharged, stayed or otherwise affected by any proceeding referred to in Section 6.01(f).
Without limiting the generality of the foregoing, the Obligations of any Loan Party under the Loan Documents include (a) the
obligation to pay principal, interest, charges, expenses, fees, attorneys’ fees and disbursements, indemnities and other
amounts payable by such Loan Party under any Loan Document and (b) the obligation of such Loan Party to reimburse any amount
in respect of any of the foregoing that any Lender, in its sole discretion, may elect to pay or advance on behalf of such Loan
Party pursuant to such Loan Document.

 

“Obligatory Funding Commitment”
means (a) a capital commitment or a funding obligation (including an obligation to purchase preferred Equity Interests but excluding
an obligation to make a debt investment that is not convertible into equity) of a Person’s investors to fund cash to such
Person that satisfies each of the following requirements: (i) such capital commitment or funding obligation is unconditional,
irrevocable, unpledged and otherwise unencumbered, and (ii) such capital commitment or funding obligation is from an entity that
is not subject to a bankruptcy, insolvency or similar proceeding and is not in default under the applicable constituent documents‎
governing such capital commitment or funding obligation, and/or (b) undrawn commitments from available subscription credit facilities
that are secured by the capital commitments of a Person’s investors.

 

    	 	26	 

     

    

 

“OECD”
means the Organization for Economic Cooperation and Development.

 

“OFAC”
has the meaning specified in Section 4.01(x).

 

“Operating Expenses”
means, with respect to any Collateral Asset for any applicable measurement period, the actual costs and expenses of owning, operating,
managing, insuring and maintaining such Asset during such period, including, without limitation, repairs, real estate and chattel
taxes and bad debt expenses, but excluding (i) depreciation or amortization or other noncash items, (ii) the principal of and
interest on Debt for Borrowed Money, (iii) income taxes or other taxes in the nature of income taxes, (iv) distributions to the
shareholders, members or partners of the Collateral Asset owner, (v) transaction costs and related expenses incurred in connection
with the acquisition of such Collateral Asset, and (vi) capital expenditures, payments (without duplication) for FF&E or into
FF&E reserves or management fees actually paid or payable during such period, all as determined in accordance with GAAP.

 

“Operating Income”
means, with respect to any Collateral Asset for any applicable measurement period, all income received from any Person during
such period in connection with the ownership or operation of such Collateral Asset, including, without limitation, (i) the Gross
Hotel Revenues, (ii) all amounts payable pursuant to any reciprocal easement and/or operating agreements, covenants, conditions
and restrictions, condominium documents and similar agreements affecting such Asset (but excluding any amounts payable in respect
of any Approved Management Agreements), and (iii) Awards to the extent that such Awards are compensation for lost rent allocable
to such period, all as determined in accordance with GAAP.

 

“Operating Lease”
means any operating lease of any Collateral Asset between the applicable Person (i.e., a Borrower or the applicable Subsidiary
of such Borrower) that owns such Collateral Asset (whether in fee simple or subject to a ground lease), as lessor, and the applicable
TRS Lessee, as lessee, as the same may be amended, restated, supplemented or otherwise modified from time to time.

 

“Operating Partnership”
has the meaning specified in the recital of parties to this Agreement.

 

“Other Charges”
means all maintenance charges, impositions other than Taxes, and any other charges, including vault charges and license fees for
the use of vaults, chutes and similar areas adjoining any Collateral Asset, now or hereafter levied or assessed or imposed against
any Collateral Asset or any part thereof.

 

“Other Connection Taxes”
means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the
jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party
to, performed any Obligation under, received payments under, received or perfected a security interest under, engaged in any other
transaction pursuant to or enforced any Loan Document, or sold or pledged or assigned or granted an interest in any Advance or
Loan Document).

 

    	 	27	 

     

    

 

“Other Taxes”
means all present or future stamp, court or documentary, excise, property, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement, recordation, filing or registration
of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such
Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section
2.19 or Section 9.01(b)).

 

“Outstanding Principal
Balance” means, as of any date of determination, the then outstanding principal balance of the Loan.

 

“Parent Company”
means, with respect to a Lender, the bank holding company (as defined in Federal Reserve Board Regulation Y), if any, of such
Lender, and/or any Person owning, beneficially or of record, directly or indirectly, a majority of the shares of such Lender.

 

“Parent Guarantor”
has the meaning specified in the recital of parties to this Agreement.

 

“Participant Register”
has the meaning specified in Section 9.07(g).

 

“Patriot Act”
has the meaning specified in Section 9.14.

 

“Patriot Act Offense”
means any violation of the criminal laws of the United States of America or of any of the several states, or that would be a criminal
violation if committed within the jurisdiction of the United States of America or any of the several states, relating to terrorism
or the laundering of monetary instruments, including any offense under (a) the criminal laws against terrorism; (b) the criminal
laws against money laundering, (c) the Bank Secrecy Act, as amended, (d) the Money Laundering Control Act of 1986, as amended,
or (e) the Patriot Act. “Patriot Act Offense” also includes the crimes of conspiracy to commit, or aiding
and abetting another to commit, a Patriot Act Offense.

 

“PBGC”
means the Pension Benefit Guaranty Corporation (or any successor).

 

“Permitted Liens”
means such of the following (except for Liens described in clause (b) that are the subject of a Good Faith Contest, to which the
following lead-in language will not apply) as to which no enforcement, collection, execution, levy or foreclosure proceeding shall
have been commenced: (a) Liens for taxes, assessments and governmental charges or levies not yet due and payable (excluding
any lien or assessment in respect of any Collateral Asset relating to any property assessed clean energy loan); (b) Liens
imposed by law, such as materialmen’s, mechanics’, carriers’, workmen’s and repairmen’s Liens and
other similar Liens arising in the ordinary course of business securing obligations that are not overdue for a period of more
than thirty (30) days or are otherwise subject to a Good Faith Contest; (c) pledges or deposits to secure obligations under
workers’ compensation or unemployment laws or similar legislation or to secure public or statutory obligations; (d) easements,
zoning restrictions, rights of way and other encumbrances on title to real property that either (i) do not render title to the
property encumbered thereby uninsurable (assuming payment of only customary title insurance premiums) or materially adversely
affect the use or value of such property for its present purposes, (ii) are disclosed in the Mortgage Policies or (iii) otherwise
approved by the Administrative Agent in its reasonable discretion; (e) Tenancy Leases and Operating Leases; and (f) with respect
to each Collateral Asset, Permitted Encumbrances (as defined in each of the Mortgages).

 

    	 	28	 

     

    

 

“Permitted Transfer”
means each of the following Equity Transfers: (a) the transfer of publicly traded shares in any indirect equity owner of any Borrower;
(b) any sale, transfer or issuance of shares of stock in any Sponsor/Brookfield Qualified Equityholder, provided that either (i)
such shares of stock are listed on the New York Stock Exchange, NASDAQ Global Select Market, the Toronto Stock Exchange or another
nationally recognized stock exchange in the United States of America or Canada or (ii) such shares of stock are sold, transferred
or issued in the ordinary course of business through licensed broker dealers in accordance with all applicable Legal Requirements
to third party investors in a manner consistent with previous offerings conducted by any Sponsor/Brookfield Qualified Equityholder
or any of its Affiliates to date; and (c) provided that no Event of Default shall have then occurred and be continuing, an Equity
Transfer of an indirect Equity Interest in any Borrower shall be permitted without the Administrative Agent’s consent, provided
that in the case of this clause (c), (i) each Borrower shall continue to be in compliance with the Borrower SPE Requirements,
each TRS Lessee shall continue to be in compliance with the TRS Lessee SPE Requirements, and each Pledgor shall continue to be
in compliance with the Pledgor SPE Requirements, (ii) to the extent that the transfer would result in the transferee (either itself
or collectively with its Affiliates) owning a 10% or greater (direct or indirect) Equity Interest in any Borrower (unless such
transferee together with such Affiliates owned a 10% or more (direct or indirect) Equity Interest in such Borrower immediately
prior to such transfer), (A) such transferee is a Qualified Transferee and (B) the Borrowers shall provide to the Administrative
Agent (x) ten (10) Business Days’ prior written notice thereof in the case of any transfer to a domestic transferee or (y)
thirty (30) days’ prior written notice thereof in the case of any transfer to a foreign transferee, (iii) after giving effect
to such Transfer, one or more Sponsor/Brookfield Qualified Equityholders shall continue to control the day to day operations of
each Borrower and shall continue to own at least thirty-five percent (35%) of all Equity Interests (direct or indirect) in each
Borrower and each TRS Lessee, and (iv) each Collateral Asset shall continue to be managed by an Approved Manager; provided,
however, that if, immediately upon the consummation of any Permitted Transfer, neither of the Sponsor Parties will own a direct
or indirect Equity Interest in the Borrowers or Control the Borrowers, (A) one or more Affiliates of the Brookfield Investor formed
in the United States (except that Control Affiliates of the Brookfield Investor shall not be required to be formed in the United
States) that collectively satisfy the minimum Consolidated Tangible Net Worth test set forth in Section 5.04, or (B) such other
Person that is acceptable to the Administrative Agent, shall become a replacement guarantor hereunder (a “Replacement
Guarantor”), and shall as a condition precedent to the effectiveness of such Permitted Transfer, deliver the Guaranty
Documents to the Administrative Agent. For the avoidance of doubt, any listing of the shares of stock in any Sponsor/Brookfield
Qualified Equityholder on the New York Stock Exchange, NASDAQ Global Select Market, the Toronto Stock Exchange or another nationally
recognized stock exchange in the United States of America or Canada shall not be a prohibited Equity Transfer hereunder.

 

“Person”
means an individual, partnership, corporation (including a business trust), limited liability company, joint stock company, trust,
unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof.

 

“PIP” means,
collectively, the Initial PIP and the Additional PIP.

 

“PIP Budget”
means, with respect to each Collateral Asset, the projected budget associated with the PIP Work for such Asset, as approved by
the Administrative Agent in its reasonable discretion, together with such modifications or amendments to such budget approved
in accordance with Section 5.02(v).

 

    	 	29	 

     

    

 

“PIP Completion Date”
means the date for completion of PIP Work as required under the related PIP, as such date may be modified in accordance with Section
5.02(v).

 

“PIP Reserve Account”
has the meaning specified in Section 5.01(bb)(v).

 

“PIP Reserve Funds”
has the meaning specified in Section 5.01(bb)(v).

 

“PIP Work”
means, with respect to each Collateral Asset, any repair, maintenance or alterations of, or improvements to, such Asset required
to be made in accordance with the PIP relating to such Collateral Asset in effect at such time.

 

“Plan”
means a Single Employer Plan or a Multiple Employer Plan.

 

“Pledged Interests”
means (a) 100% of the direct Equity Interests in the Georgia Tech Owner and (b) 100% of the direct Equity Interests in the Georgia
Tech TRS Lessee.

 

“Pledgor”
means (a) the Georgia Tech Borrower, the owner of 100% of the direct Equity Interests in the Georgia Tech Owner, and (b) the Georgia
Tech Pledgor, the owner of 100% of the direct Equity Interests in the Georgia Tech TRS Lessee.

 

“Pledgor Security Agreement”
means each of the Pledgor Security Agreement (Georgia Tech Owner) and the Pledgor Security Agreement (Georgia Tech TRS Lessee).

 

“Pledgor Security Agreement
(Georgia Tech Owner)” means a security agreement in substantially the form of Exhibit C-1 hereto, as the same may
be amended, supplemented or otherwise modified from time to time.

 

“Pledgor Security Agreement
(Georgia Tech TRS Lessee)” means a security agreement in substantially the form of Exhibit C-2 hereto, as the same
may be amended, supplemented or otherwise modified from time to time.

 

“Pledgor SPE Requirements”
means the obligation of the Borrowers to cause each Pledgor to (a) at all times that it is a Pledgor include in its constitutive
documents the provisions set forth in Schedule VIII hereto (as such provisions are modified solely for the purposes of conforming
to the defined terms in the applicable constitutive documents) and (b) deliver all applicable executed engagement or staffing
agreements with independent managers or independent directors, as applicable, in form and substance approved by the Administrative
Agent.

 

“Post-Closing Letter”
means the post-closing letter agreement, dated as of the Closing Date, between the Administrative Agent and the Borrowers.

 

“Post Petition Interest”
has the meaning specified in Section 7.07(c).

 

“Pro Rata Share”
of any amount means, with respect to any Lender at any time, the product of such amount times a fraction the numerator
of which is the amount of such Lender’s Advances at such time and the denominator of which is the Outstanding Principal
Balance.

 

“Pro Forma Debt
Yield” means, at any date of determination, as calculated by the Borrowers in good faith, the aggregate Adjusted
Net Operating Income for all Collateral Assets (excluding the Collateral Assets that the Borrowers propose be released from the
Collateral) divided by the Outstanding Principal Balance (excluding the principal balance of the Loan to be prepaid in connection
with such proposed release in accordance with this Agreement).

 

    	 	30	 

     

    

 

“Project Gateway Loan
Agreements” means, collectively, (a) the Loan Agreement, dated as of the Closing Date, between DBNY, Citigroup Global
Markets Realty Corp. and JPMCB, as the initial lenders, and certain Subsidiaries of the Parent Guarantor, as the borrowers, as
the same may be amended, restated and/or modified from time to time, and (b) the Mezzanine Loan Agreement, dated as of the Closing
Date, between DBNY, Citigroup Global Markets Realty Corp. and JPMCB, as the initial lenders, and certain Subsidiaries of the Parent
Guarantor, as the borrowers, as the same may be amended, restated and/or modified from time to time.

 

“Project Gateway Loan”
means the loans in the aggregate principal amount of $915,000,000 made on the Closing Date by DBNY, Citigroup Global Markets Realty
Corp. and JPMCB, as the initial lenders, pursuant to the terms of the Project Gateway Loan Agreements.

 

“Property Material Adverse
Effect” means a material adverse effect on a Collateral Asset or the value, use, operation or ability to sell or
refinance such Collateral Asset.

 

“Property Release DY
Test” means a financial test that is satisfied if, as of the date of determination, the Pro Forma Debt Yield shall
be equal to or greater than the greater of (a) the Debt Yield immediately prior to the proposed release of the applicable Collateral
Asset (but in no event in excess of 13%) and (b) 11%.

 

“Protective Advance”
means all sums expended by the Administrative Agent or Lenders in accordance with Section 5.01(bb).

 

“Published Screen Rate”
has the meaning specified in the definition of “Screen Rate”.

 

“Purchase Agreement”
means each purchase agreement, contract of sale or equivalent agreement pursuant to which any Borrower will acquire one or more
Collateral Assets on the Closing Date (or after the Closing Date but no later than the last day of the Delayed Draw Period), including
all assignments and amendments related thereto.

 

“Qualified Ground
Lease Default” has the meaning specified in Section 9.13(c).

 

“Qualified Sponsor
Equityholder” has the meaning specified in the definition of Sponsor/Brookfield Qualified Equityholder.

 

“Qualified Transferee”
shall mean a transferee for whom, prior to the Equity Transfer, the Administrative Agent shall have received: (a) evidence that
the proposed transferee (i) has never been indicted or convicted of, or pled guilty or no contest to, a felony, (ii) has never
been indicted or convicted of, or pled guilty or no contest to, a Patriot Act Offense and is not on any Government List, (iii)
has not been the subject of a voluntary or involuntary (to the extent the same has not been discharged) bankruptcy proceeding
in the past fifteen (15) years and (iv) has no material outstanding judgments against such proposed transferee, and for the purpose
of this clause (iv), “material” shall mean an outstanding judgment or outstanding judgments of $5,000,000 or more
in the aggregate which are not covered by insurance and (b) if the proposed transferee will obtain Control of any Borrower or
to the extent that the transfer would result in the transferee (either itself or collectively with its Affiliates) owning a 10%
or greater (direct or indirect) Equity Interest in any Borrower (unless such transferee together with such Affiliates owned a
10% or more (direct or indirect) Equity Interest in such Borrower immediately prior to such transfer), acceptable documentation
complying with each Lender’s then current “know your customer” requirements.

 

    	 	31	 

     

    

 

“Rate Cap Collateral”
has the meaning specified in Section 2.18(b).

 

“Real Property”
means all right, title and interest of the Borrowers in and to any land and any improvements and fixtures located thereon, together
with all equipment, furniture, materials, supplies, personal property and all other rights and property within the scope of the
definition of Mortgaged Property (as defined in the Form of Mortgage attached hereto as Exhibit G) in which such Person has an
interest now or hereafter located on or used in connection with such land and improvements, and all appurtenances, additions,
improvements, renewals, substitutions and replacements thereof now or hereafter acquired by such Person.

 

“Recipient”
means (a) the Administrative Agent, or (b) any Lender.

 

“Register”
has the meaning specified in Section 9.07(d).

 

“Registration Statement”
means the Parent Guarantor’s Form S-11 Registration Statement filed with the Securities and Exchange Commission on August
16, 2013, as amended from time to time.

 

“Regulation U”
means Regulation U of the Board of Governors of the Federal Reserve System, as in effect from time to time.

 

“REIT” means
a Person that is qualified to be treated for U.S. federal income tax purposes as a real estate investment trust under Sections
856-860 of the Internal Revenue Code.

 

“Related Parties”
means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees,
administrators, managers, advisors and representatives of such Persons and of such Person’s Affiliates.

 

“Replacement Interest
Rate Cap Agreement” means an interest rate cap agreement from an Approved Counterparty with terms that are the same
in all material respects as the terms of the Interest Rate Cap Agreement except that the same shall be effective as of (i) in
connection with a replacement pursuant to Section 2.18(c)(iii) following a downgrade, withdrawal or qualification of the long-term
unsecured debt rating of the Counterparty, the date required in Section 2.18 or (ii) in connection with a replacement (or extension
of the then-existing Interest Rate Cap Agreement) in connection to an extension of the Maturity Date pursuant to Section 2.16,
the date required in Section 2.16, provided that to the extent any such interest rate cap agreement does not meet the foregoing
requirements, a Replacement Interest Rate Cap Agreement shall be such interest rate cap agreement approved in writing by the Administrative
Agent.

 

“Replacement Guarantor”
has the meaning specified in the definition of Permitted Transfer.

 

    	 	32	 

     

    

 

“Replacement Lender”
has the meaning specified in Section 9.01(b).

 

“Required Lenders”
means, at any time, Lenders holding Commitments (including, without limitation, funded Commitments) in an aggregate amount greater
than 662/3% of the Outstanding Principal Balance; provided, however, that
the Advances held or deemed held by any Defaulting Lender shall be excluded for purposes of making a determination of Required
Lenders.

 

“Required Repairs”
has the meaning set forth in the Post-Closing Letter.

 

“Responsible Officer”
means, with respect to any Loan Party, any officer of, or any officer of any general partner or managing member of, such Loan
Party, which Officer has (a) responsibility for performing the underlying function that is the subject of the action required
of such officer hereunder, or (b) supervisory responsibility for such an officer.

 

“Restoration”
has the meaning specified in the Mortgages.

 

“Restricting Information”
has the meaning specified in Section 9.12(b).

 

“Retiring Debt”
means the Indebtedness of the Loan Parties and their respective Subsidiaries set forth on Schedule XVI.

 

“S&P”
means Standard & Poor’s Financial Services LLC, a division of McGraw-Hill Financial, Inc., and any successor thereto.

 

“Sale and Leaseback Transaction”
means any arrangement with any Person providing for the leasing by the Parent Guarantor or any of its Subsidiaries of any Real
Property that has been sold or transferred or is to be sold or transferred by the Parent Guarantor or such Subsidiary, as the
case may be, to such Person.

 

“Sanctions”
has the meaning specified in Section 4.01(x).

 

“Sarbanes-Oxley”
means the Sarbanes-Oxley Act of 2002, as amended.

 

“Screen Rate”
means, for any Interest Period, the rate per annum (rounded upward, if necessary, to the nearest 1/100 of 1%) determined by the
Administrative Agent to be the ICE Benchmark Administration Limited LIBOR Rate (“ICE LIBOR”) for deposits
in Dollars (for delivery on the first day of such Interest Period) for a term equivalent to such Interest Period as published
by Reuters or another commercially available source providing quotations of ICE LIBOR as designated by the Administrative Agent
from time to time in place of Reuters (the “Published Screen Rate”); provided, however,
that if the Published Screen Rate is not available for a period corresponding to the relevant Interest Period but is available
for other periods, then “Screen Rate” shall mean the Interpolated Rate; provided further that in no circumstances
shall the Screen Rate be less than 0% per annum.

 

“Second Extended Maturity
Date” means May 1, 2021.

 

“Secured Obligations”
means, collectively, the “Secured Obligations” as defined in the Security Agreement and the “Obligations”
as defined in the Mortgages.

 

“Secured Parties”
means the Agents and Lenders.

 

    	 	33	 

     

    

 

“Securities Act”
means the Securities Act of 1933, as amended to the date hereof and from time to time hereafter, and any successor statute.

 

“Securities Exchange
Act” means the Securities Exchange Act of 1934, as amended to the date hereof and from time to time hereafter, and
any successor statute.

 

“Security Agreement”
means, with respect to the Collateral Assets and the Borrowers, a security agreement in substantially the form of Exhibit F hereto,
as the same may be amended, supplemented or otherwise modified from time to time.

 

“Servicer”
has the meaning specified in Section 8.01(c).

 

“Single Employer Plan”
means a single employer plan, as defined in Section 4001(a)(15) of ERISA that is subject to Title IV of ERISA, that (a) is
maintained for employees of any Loan Party or any ERISA Affiliate and no Person other than the Loan Parties and the ERISA Affiliates
or (b) was so maintained and in respect of which any Loan Party or any ERISA Affiliate could have liability under Section 4069
of ERISA in the event such plan has been or were to be terminated.

 

“Smith Travel Research”
means Smith Travel Research or a substitute lodging industry research company proposed by the Operating Partnership and approved
by the Administrative Agent in its reasonable discretion.

 

“Solvent”
means, with respect to any Person on a particular date, that on such date (a) the fair value of the property of such Person,
on a going-concern basis, is greater than the total amount of liabilities, including, without limitation, contingent liabilities,
of such Person, (b) the present fair salable value of the assets of such Person, on a going-concern basis, is not less than
the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured,
(c) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s
ability to pay such debts and liabilities as they mature and (d) such Person is not engaged in business or a transaction, and
is not about to engage in business or a transaction, for which such Person’s property would constitute an unreasonably small
capital. The amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts
and circumstances existing at such time (including, without limitation, after taking into account appropriate discount factors
for the present value of future contingent liabilities), represents the amount that can reasonably be expected to become an actual
or matured liability.

 

“Special Flood Hazard
Area” means an area that FEMA has designated as an area subject to special flood or mud slide hazards.

 

“Sponsor/Brookfield Qualified
Equityholder” means (i) the Sponsor Parties or any successor thereto by initial public offering (any Person described
in this clause (i), a “Qualified Sponsor Equityholder”), and (ii) the Brookfield Investor or any of
its Control Affiliates.

 

“Sponsor Parties”
means the Parent Guarantor and the Operating Partnership.

 

“Spread Maintenance End
Date” means the Monthly Payment Date occurring in May 2018.

 

    	 	34	 

     

    

 

“Spread Maintenance”
means, with respect to any repayment or prepayment of all or any portion of the Outstanding Principal Balance (or acceleration
of the Loan) prior to the Spread Maintenance End Date, a payment in an amount equal to the product of (x) the Applicable Margin,
(y) the portion of the Loan which is being repaid that is subject to a spread maintenance fee as specified in Section 2.06; and
(z) a fraction, the numerator of which is the number of days following the date through which interest on the prepaid amount has
been paid to the end of the full interest accrual period associated with the Spread Maintenance End Date and the denominator of
which is 360.

 

“Springing Recourse Event”
has the meaning specified in Section 10.02(b).

 

“Strike Price”
means 4.00% per annum.

 

“Strike Price (Extension
Options)” means the rate per annum that when added to the Applicable Margin would result in a Debt Service Coverage
Ratio equal to 1.10:1.00.

 

“Subordinated Obligations”
has the meaning specified in Section 7.07(a).

 

“Subordination of Management
Agreement” means, with respect to any Approved Management Agreement related to a Collateral Asset, a consent and
subordination agreement or amended and restated consent and subordination agreement in form and substance substantially similar
to Exhibit M attached hereto, as applicable, or in form and substance as otherwise reasonably satisfactory to and agreed upon
by Collateral Agent, the Borrowers and an Approved Manager, provided that in the case of a replacement Approved Manager
that manages another Collateral Asset, the form of consent and subordination agreement delivered on the Closing Date with respect
to such other Collateral Asset, with necessary property specific information changed, shall be deemed acceptable to the Administrative
Agent.

 

“Subsidiary”
of any Person means any corporation, partnership, joint venture, limited liability company, trust or estate of which (or in which)
50% or more of (a) the issued and outstanding capital stock having ordinary voting power to elect a majority of the Board
of Directors of such corporation (irrespective of whether at the time capital stock of any other class or classes of such corporation
shall or might have voting power upon the occurrence of any contingency), (b) the interest in the capital or profits of such
partnership, joint venture or limited liability company or (c) the beneficial interest in such trust or estate, in each case,
is at the time directly or indirectly owned or controlled by such Person, by such Person and one or more of its other Subsidiaries
or by one or more of such Person’s other Subsidiaries.

 

“Supplemental Agent”
has the meaning specified in Section 8.01(b).

 

“Surveys”
has the meaning specified in Section 3.01(b)(iii).

 

“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including all backup withholding), assessments,
fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable
thereto.

 

“Tenancy Leases”
means operating leases (excluding the Operating Leases), subleases, licenses, occupancy agreements and rights-of-use entered
into by any of the Borrowers in such Borrower’s capacity as a lessor or a similar capacity (excluding any ground lease and
any other lease entered into in connection with a Sale and Leaseback Transaction).

 

    	 	35	 

     

    

 

“Test Date”
means the last day of each fiscal quarter of the Parent Guarantor for which financial statements are required to be delivered
pursuant to Sections 5.03(b) or (c), as the case may be.

 

“Third Extended Maturity
Date” means May 1, 2022.

 

“Transaction Parties”
means, jointly and severally, each Borrower, each TRS Lessee, each Pledgor, the Georgia Tech Owner, each Guarantor and any other
Affiliate of any of the foregoing.

 

“Transfer”
has the meaning specified in Section 5.02(e).

 

“TRS Lessee”
means a lessee of an Asset constituting Real Property pursuant to an Operating Lease that is wholly-owned directly or indirectly
by the Operating Partnership.

 

“TRS Lessee SPE Requirements”
means the obligation of the Borrowers to cause the TRS Lessee to (a) at all times that it is a TRS Lessee include in its constitutive
documents the provisions set forth in Schedule IX hereto (as such provisions are modified solely for the purposes of conforming
to the defined terms in the applicable constitutive documents) and (b) deliver all applicable executed engagement or staffing
agreements with independent managers or independent directors, as applicable, in form and substance approved by the Administrative
Agent.

 

“Type”
refers to the distinction between Advances bearing interest at the Base Rate and Advances bearing interest at the Eurodollar Rate.

 

“UCC” means,
with respect to a Collateral Asset or a Borrower, the Uniform Commercial Code as in effect in the state where such Collateral
Asset is located or such Borrower is formed or incorporated, as the case may be, or otherwise, the Uniform Commercial Code as
in effect the State of New York.

 

“UCC Title Insurance
Policy” shall mean, with respect to the Pledged Interests, a UCC title insurance policy in the form acceptable to
Administrative Agent issued with respect to the Pledged Interests and insuring the lien of the security interest in favor of the
Collateral Agent that encumbers the Pledged Interests.

 

“Undisclosed Administration”
means in relation to a Lender or its direct or indirect parent company, the appointment of an administrator, provisional liquidator,
conservator, receiver, trust, custodian or other similar official by a supervisory authority or regulator under or based on the
law in the country where such Lender is subject to home jurisdiction supervision if applicable law requires that such appointment
is not to be publicly disclosed.

 

“Unexpended FF&E
PIP Funds” means, as of any date of determination, that portion of the FF&E PIP Funds (a) that has not been
expended to fund PIP Work, (b) that remains on deposit in the FF&E Reserve Account (as defined in the Cash Management Agreement),
and (c) the unexpended amount of which has been certified in writing to the Administrative Agent by a Responsible Officer of the
Borrowers on or about such date.

 

“U.S. Person”
means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Internal Revenue Code.

 

    	 	36	 

     

    

 

“U.S. Tax Compliance
Certificate” has the meaning specified in Section 2.12(g)(ii)(C).

 

“Voting Interests”
means shares of capital stock issued by a corporation, or equivalent Equity Interests in any other Person, the holders of which
are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or the election or appointment
of persons performing similar functions) of such Person, even if the right so to vote has been suspended by the happening of such
a contingency.

 

“Waste”
has the meaning specified in Section 10.02(a).

 

“Welfare Plan”
means a welfare plan, as defined in Section 3(1) of ERISA, that is maintained for employees of any Loan Party or in respect
of which any Loan Party could have liability under applicable law.

 

“Withdrawal Liability”
has the meaning specified in Part I of Subtitle E of Title IV of ERISA.

 

“Withholding Agent”
means (a) any Loan Party or (b) the Administrative Agent.

 

“Write-Down and Conversion
Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution
Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion
powers are described in the EU Bail-In Legislation Schedule.

 

SECTION 1.02. Computation of Time Periods;
Other Definitional Provisions. In this Agreement and the other Loan Documents in the computation
of periods of time from a specified date to a later specified date, the word “from” means “from
and including” and the words “to” and “until” each mean “to but
excluding”. References in the Loan Documents to any agreement or contract “as amended” shall mean
and be a reference to such agreement or contract as amended, amended and restated, supplemented or otherwise modified from time
to time in accordance with its terms.

 

SECTION 1.03. Accounting Terms. All accounting
terms not specifically defined herein shall be construed in accordance with generally accepted accounting principles consistent
with those applied in the preparation of the financial statements referred to in Section 4.01(g) (“GAAP”).
If at any time after the Closing Date there are any changes in accounting principles required by GAAP or the Financial Accounting
Standards Board of the American Institute of Certified Public Accountants or similar agencies that would result in a change in
the method of calculation of, or affects the results of such calculation of, any of the financial covenants, standards or terms
found in this Agreement, and either the Borrowers or the Required Lenders shall so request, then the Administrative Agent, the
Required Lenders and the Borrowers shall negotiate in good faith to amend such financial covenants, standards or terms so as to
equitably reflect such change, with the desired result that the criteria for evaluating the financial condition of the applicable
Loan Parties and their Subsidiaries shall be the same after such change as if such change had not been made. Such provisions shall
be amended in a manner satisfactory to the Borrowers, the Administrative Agent and the Required Lenders. Until covenants, standards,
or terms of this Agreement are amended in accordance with this Section 1.03, such covenants, standards and terms shall be computed
and determined in accordance with accounting principles in effect prior to such change in accounting principles.

 

    	 	37	 

     

    

 

Article
II

LOAN

 

SECTION 2.01. Agreement to Lend and Borrow.
Subject to the terms and conditions set forth herein, including Sections 2.02, 3.01 and 3.02, (a) on the Closing Date, each Lender
shall fund to the Borrowers its Pro Rata Share of a portion of the Loan in the principal amount of $310,000,000, and (b) if the
Borrowers shall have timely delivered the Delayed Draw Election Notice to the Administrative Agent (by the deadline specified
in the definition thereof), then each Lender shall fund to the Borrowers its Pro Rata Share of the amount of any Delayed Draw
Borrowing on the date specified in a Notice of Borrowing given in accordance with Section 2.02(a). If the Borrowers do not timely
submit the Delayed Draw Election Notice, then no Delayed Draw Borrowing shall be permitted hereunder and, for avoidance of doubt,
any Commitment in respect of any Delayed Draw Advance shall be deemed terminated. There shall be no more than two Borrowings hereunder
and if the Borrowers fail to make a Delayed Draw Borrowing in accordance with Section 2.02(a) on or prior to the last day of the
Delayed Draw Period, the Borrowers shall have no further right to consummate any Delayed Draw Borrowing and the provisions of
Section 2.05 shall apply. The Borrowers shall borrow and accept the Loan from Lenders. The obligation of each Lender to fund its
Pro Rata Share of such portion of the Loan shall be several, not joint and several.

 

SECTION 2.02. Making the Advances.
(a) Any Delayed Draw Borrowing shall be made on notice, given not later than 12:00 Noon (New York City time) at least two
(2) Business Days prior to the date of such Delayed Draw Borrowing, by the Borrowers to the Administrative Agent, which shall
give to each Lender prompt notice thereof by telex or telecopier. Such notice (the “Notice of Borrowing”)
shall be by telephone, confirmed immediately in writing via telecopier or e-mail, in each case in substantially the form of Exhibit B
hereto, specifying therein (i) the requested date of such Delayed Draw Borrowing, and (ii) the requested aggregate amount
of such Delayed Draw Borrowing. Any Delayed Draw Borrowing requested pursuant to this Section 2.02 shall be for a Borrowing of
Eurodollar Rate Advances. Each Lender shall, before 12:00 Noon (New York City time) on the date of any Delayed Draw Borrowing,
make available for the account of its Applicable Lending Office to the Administrative Agent at the Administrative Agent’s
Account, in same day funds, such Lender’s ratable portion of any Delayed Draw Borrowing in accordance with the respective
Commitments of such Lender and the other Lenders. In connection with each Borrowing, after the Administrative Agent’s receipt
of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Administrative Agent will make
such funds available to the Borrowers by crediting the Borrowers’ Account, and for the purposes of this sentence, Borrowers’
Account shall be deemed to include any bank account of Fidelity National Title Insurance Company, as escrow agent designated for
receipt of such funds in the escrow instructions for the Loan executed by such escrow agent.

 

(b)          The
Notice of Borrowing shall be irrevocable and binding on the Borrowers. The Borrowers shall indemnify each Lender against any loss,
cost or expense actually incurred by such Lender as a result of any failure to fulfill on or before the date specified in the
Notice of Borrowing for any Delayed Draw Borrowing the applicable conditions set forth in Article III, including, without
limitation, any loss, cost or expense actually incurred by reason of the liquidation or reemployment of deposits or other funds
acquired by such Lender to fund its Delayed Draw Advance as part of such Delayed Draw Borrowing when such Advance, as a result
of such failure, is not made on such date.

 

    	 	38	 

     

    

 

(c)          Unless
the Administrative Agent shall have received notice from a Lender prior to the date of any Borrowing consisting of Eurodollar
Rate Advances that such Lender will not make available to the Administrative Agent such Lender’s ratable portion of such
Borrowing, the Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on
the date of such Borrowing in accordance with Section 2.02(a) and the Administrative Agent may, in reliance upon such assumption,
make available to the Borrowers on such date a corresponding amount. If and to the extent that such Lender shall not have so made
such ratable portion available to the Administrative Agent, such Lender and the Borrowers severally agree to repay or pay to the
Administrative Agent forthwith on demand such corresponding amount and to pay interest thereon, for each day from the date such
amount is made available to the Borrowers until the date such amount is repaid or paid to the Administrative Agent, at (i) in
the case of the Borrowers, the interest rate applicable at such time under Section 2.07 to Advances comprising such Borrowing
and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall pay to the Administrative Agent such corresponding
amount, such amount so paid shall constitute such Lender’s Advance as part of such Borrowing for all purposes.

 

(d)          The
failure of any Lender to make the Advance to be made by it as part of any Borrowing shall not relieve any other Lender of its
obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure
of any other Lender to make the Advance to be made by such other Lender on the date of any Borrowing.

 

(e)          Without
limitation of the requirements of Section 2.12, each Lender may, at its option, make any Advance available to the Borrowers by
causing any foreign or domestic branch or Affiliate of such Lender to make such Advance; provided, however, that
(i) any exercise of such option shall not affect the obligation of the Borrowers in accordance with the terms of this Agreement
and (ii) nothing in this Section 2.02(e) shall be deemed to obligate any Lender to obtain the funds for any Advance in any particular
place or manner or to constitute a representation or warranty by any Lender that it has obtained or will obtain the funds for
any Advance in any particular place or manner.

 

SECTION 2.03. [Intentionally Omitted].

 

SECTION 2.04. Repayment of Advances.
On the Maturity Date, the Borrowers shall repay to the Administrative Agent for the ratable account of Lenders the entire Outstanding
Principal Balance, together with all accrued and unpaid interest thereon and all other outstanding Obligations.

 

SECTION 2.05. Mandatory Reduction of Commitments.
If the Borrowers have not timely submitted a Notice of Borrowing pursuant to Section 2.02(a) and satisfied the conditions precedent
to any Delayed Draw Borrowing on or prior to the last day of the Delayed Draw Period, then any unfunded Commitments existing as
of the last day of the Delayed Draw Period shall automatically be deemed terminated and reduced to zero as of the end of the last
day of the Delayed Draw Period.

 

SECTION 2.06. Prepayments.
(a) Optional. The Borrowers may, upon same day notice in the case of Base Rate Advances and two (2) Business Days’
notice in the case of Eurodollar Rate Advances, in each case to the Administrative Agent stating the proposed date and aggregate
principal amount of the prepayment, and if such notice is given the Borrowers shall, prepay the outstanding aggregate principal
amount of the Advances in whole or ratably in part, together with accrued interest to the date of such prepayment on the aggregate
principal amount prepaid; provided, however, that (i) each partial prepayment shall be in an aggregate principal
amount of at least $250,000 or, if less, the amount of the Advances outstanding, (ii) if any such prepayment is made prior
to the Spread Maintenance End Date, the Borrowers shall pay the applicable Spread Maintenance in accordance with and to the extent
set forth in Section 2.06(c), and (iii) if any prepayment of a Eurodollar Rate Advance is made on a date other than the first
day of an Interest Period, the Borrowers shall also pay any interest through the end of the then current Interest Period.

 

    	 	39	 

     

    

 

(b)          Mandatory.
The Borrowers shall prepay the Loan if and to the extent required by Sections 9.13(b), (c) and (d). If any such prepayment is
made prior to the Spread Maintenance End Date, the Borrowers shall pay the applicable Spread Maintenance in accordance with Section
2.06(c). This Section 2.06(b) does not grant any Loan Party any independent right to sell or transfer any Collateral Asset. Except
during an Event of Default, each amount received by the Administrative Agent pursuant Sections 9.13(b), (c) or (d) shall be applied
by the Administrative Agent to the Outstanding Principal Balance. Any amounts owing pursuant to Section 9.04(c) shall be due in
connection with any prepayment made pursuant to this Section 2.06(b) at the time such prepayment is made.

 

(c)          Spread
Maintenance. In connection with each prepayment of the Loan made pursuant to Section 2.06(a) or 2.06(b) prior to the Spread
Maintenance End Date, as a condition to the effectiveness of such prepayment, the Borrowers shall pay to the Administrative Agent
for the benefit of Lenders, the Spread Maintenance related to such prepayment. Notwithstanding the foregoing, no Spread Maintenance
will be due or payable on (i) the first $99,073,180 of the Loan prepaid by the Borrowers, (ii) any prepayment resulting for a
Condemnation or Casualty at one or more of the Collateral Asset, (iii) any prepayment made in accordance with the definition of
Lockbox Trigger Event Cure in the Cash Management Agreement, or (iv) any prepayment related to the release of the Georgia Tech
Hotel pursuant to Section 9.13(c) as a result of a Qualified Ground Lease Default related to the Georgia Tech Ground Lease.

 

SECTION 2.07. Interest.
(a) Scheduled Interest. The Borrowers shall pay interest on the unpaid principal amount of each Advance owing to each Lender
from the date of such Advance until such principal amount shall be paid in full, at the following rates per annum:

 

(i)          Base
Rate Advances. During such periods as such Advance is a Base Rate Advance, a rate per annum equal at all times to the sum
of (A) the Base Rate in effect from time to time plus (B) the Applicable Margin in respect of Base Rate Advances,
payable in arrears quarterly on the last day of each March, June, September and December during such periods and on the date such
Base Rate Advance shall be Converted or paid in full. Notwithstanding any provision of this Agreement to the contrary, in no event
shall the Borrowers have the right to convert a Eurodollar Rate Advance to a Base Rate Advance.

 

(ii)         Eurodollar
Rate Advances. During such periods as such Advance is a Eurodollar Rate Advance, a rate per annum equal at all times during
each Interest Period for such Advance to the sum of (A) the Eurodollar Rate for such Interest Period for such Advance plus
(B) the Applicable Margin in respect of Eurodollar Rate Advances, payable on each Monthly Payment Date in an amount equal
to the amount of interest which has accrued and will accrue during the Interest Period in which such Monthly Payment Date occurs
(notwithstanding the fact that the Interest Period extends beyond such Monthly Payment Date).

 

Notwithstanding the foregoing, the Borrowers shall make a payment
to the Administrative Agent of interest on the Closing Date for the period from (and including) the Closing Date through (and
including) the seventh (7th) day of either (i) the month in which the Closing Date occurs (if the Closing Date occurs on or before
the seventh (7th) day of such month), or (ii) the month following the month in which the Closing Date occurs (if the Closing Date
occurs on or after the eighth (8th) day of the then current calendar month); provided, however, if the Closing Date
is the seventh (7th) day of a calendar month, no such separate payment of interest shall be due.

 

    	 	40	 

     

    

 

(b)          Default
Interest. Upon the occurrence and during the continuance of any Event of Default, the Borrowers shall pay interest on (i) the
unpaid principal amount of each Advance owing to each Lender, payable in arrears on the dates referred to in clause (a)(i)
or (a)(ii) above and on demand, at a rate per annum equal at all times to the lesser of the maximum rate permitted by applicable
law and the Default Rate and (ii) to the fullest extent permitted by law, the amount of any interest, fee or other amount
payable under the Loan Documents that is not paid when due, from the date such amount shall be due until such amount shall be
paid in full, payable in arrears on the date such amount shall be paid in full and on demand, at a rate per annum equal at all
times to the Default Rate. Notwithstanding anything to the contrary in this Agreement, the Borrowers shall pay interest on any
outstanding Protective Advances at a rate per annum equal at all times to the lesser of the maximum rate permitted by applicable
law and the Default Rate.

 

(c)          Notice
of Interest Rate. The Eurodollar Rate for the initial Interest Period shall be 1.00% per annum.

 

(d)          Interest
Rate Determination. If the Screen Rate is unavailable and the Administrative Agent is unable to determine the Eurodollar Rate
for any Eurodollar Rate Advances, as provided in the definition of Eurodollar Rate herein,

 

(i)          the
Administrative Agent shall forthwith notify the Borrowers and Lenders that the interest rate cannot be determined for such Eurodollar
Rate Advances,

 

(ii)         each
such Advance will automatically, on the last day of the existing Interest Period therefor, Convert into a Base Rate Advance (or
if such Advance is then a Base Rate Advance, will continue as a Base Rate Advance), and

 

(iii)        the
obligation of Lenders to make, or to Convert Advances into, Eurodollar Rate Advances shall be suspended until the Administrative
Agent shall notify the Borrowers and Lenders that the circumstances causing such suspension no longer exist.

 

SECTION 2.08. Fees.
The Borrowers shall pay to each Agent and each Arranger for their own account the fees, in the amounts and on the dates, set forth
in the Fee Letter and such other fees as may from time to time be agreed in writing between the Borrowers and any Agent or Arranger.

 

SECTION 2.09. Conversion of Advances.
Upon the occurrence and during the continuance of any Event of Default, (a) each Eurodollar Rate Advance will automatically,
on the last day of the existing Interest Period therefor, Convert into a Base Rate Advance and (b) the obligation of Lenders
to make Eurodollar Rate Advances shall be suspended until the applicable Event of Default is waived in accordance with, and subject
to Section 9.01, and thereafter, upon the Borrowers’ written request, the Administrative Agent shall Convert the Base Rate
Advances into Eurodollar Advances within three (3) Business Days after receipt of such request.

 

    	 	41	 

     

    

 

SECTION 2.10. Increased Costs, Etc. (a)
If, due to either (i) the introduction of or any change in or in the interpretation or application of any law or regulation
or (ii) the compliance with any guideline or request from any central bank or other Governmental Authority (whether or not
having the force of law), there shall be any increase in the cost to any Lender of agreeing to make or of making, funding or maintaining
Eurodollar Rate Advances (excluding, for purposes of this Section 2.10, any such increased costs resulting from (y) Taxes
described in clauses (b) through (d) of the definition of Excluded Taxes, Indemnified Taxes or Other Taxes (as to which Section 2.12
shall govern) and (z) changes in the basis of taxation of overall net income or overall gross income by the United States
or by the foreign jurisdiction or state under the laws of which such Lender is organized, has its Applicable Lending Office or
otherwise has current or former connections (other than such connections arising from such Lender having executed, delivered,
became a party to, performed its obligations under, received or perfected a security interest under, engaged in any other transactions
pursuant to, or enforced any Loan Documents, or sold or assigned any interest in any Obligations or Loan Document) or any political
subdivision thereof), then the Borrowers shall, from time to time, upon demand by such Lender (with a copy of such demand to the
Administrative Agent), pay to the Administrative Agent for the account of such Lender additional amounts sufficient to compensate
such Lender for such increased cost; provided, however, that a Lender claiming additional amounts under this
Section 2.10(a) agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions)
to designate a different Applicable Lending Office if the making of such a designation would avoid the need for, or reduce the
amount of, such increased cost that may thereafter accrue and would not, in the reasonable judgment of such Lender, be otherwise
disadvantageous to such Lender. A certificate as to the amount of such increased cost, submitted to the Borrowers by such Lender,
shall be conclusive and binding for all purposes, absent manifest error.

 

(b)          If
any Lender determines that compliance with any law or regulation or any guideline or request from any central bank or other Governmental
Authority (whether or not having the force of law) affects or would affect the amount of capital or liquidity required or expected
to be maintained by such Lender or any corporation controlling such Lender and that the amount of such capital or liquidity requirement
is increased by or based upon the existence of such Lender’s commitment to lend then, upon demand by such Lender or such
corporation (with a copy of such demand to the Administrative Agent), the Borrowers shall pay to the Administrative Agent for
the account of such Lender, from time to time as specified by such Lender, additional amounts sufficient to compensate such Lender
in the light of such circumstances, to the extent that such Lender reasonably determines such increase in capital or increase
in liquidity to be allocable to the existence of such Lender’s commitment to lend. A certificate as to such amounts submitted
to the Borrowers by such Lender shall be conclusive and binding for all purposes, absent manifest error.

 

Notwithstanding anything to the contrary contained in this Agreement,
the Dodd-Frank Wall Street Reform and Consumer Protection Act, as amended, and all requests, rules, guidelines or directives thereunder
or issued in connection therewith, regardless of the date enacted, adopted, implemented or issued, and all requests, rules, guidelines
or directives promulgated by the Bank for International Settlements or the Basel Committee on Banking Supervision (or any successor
or similar authority) or United States or foreign regulatory authorities, in each case pursuant to Basel Supervision known as
Basel III and regardless of the date enacted, adopted, implemented or issued, shall be deemed an introduction or change of the
type referred to in Section 2.10(a) and this Section 2.10(b).

 

(c)          If,
with respect to any Eurodollar Rate Advances, the Required Lenders notify the Administrative Agent that the Eurodollar Rate for
any Interest Period for such Advances will not adequately reflect the cost to such Lenders of making, funding or maintaining their
Eurodollar Rate Advances for such Interest Period, the Administrative Agent shall forthwith so notify the Borrowers and Lenders,
whereupon (i) each such Eurodollar Rate Advance will automatically, on the last day of the then existing Interest Period
therefor, Convert into a Base Rate Advance and (ii) the obligation of Lenders to make Eurodollar Rate Advances shall be suspended
until the Administrative Agent shall notify the Borrowers that such Lenders have determined that the circumstances causing such
suspension no longer exist.

 

(d)          Notwithstanding
any other provision of this Agreement, if the introduction of or any change in or in the interpretation or application of any
law or regulation shall make it unlawful, or any central bank or other Governmental Authority shall assert that it is unlawful,
for any Lender or its Eurodollar Lending Office to perform its obligations hereunder to make Eurodollar Rate Advances or to continue
to fund or maintain Eurodollar Rate Advances hereunder, then, on notice thereof and demand therefor by such Lender to the Borrowers
through the Administrative Agent, (i) each Eurodollar Rate Advance will automatically, upon such demand, Convert into a Base
Rate Advance and (ii) the obligation of Lenders to make Eurodollar Rate Advances shall be suspended until the Administrative
Agent shall notify the Borrowers that such Lender has determined that the circumstances causing such suspension no longer exist;
provided, however, that, before making any such demand, such Lender agrees to use reasonable efforts (consistent
with its internal policy and legal and regulatory restrictions) to designate a different Eurodollar Lending Office if the making
of such a designation would allow such Lender or its Eurodollar Lending Office to continue to perform its obligations to make
Eurodollar Rate Advances or to continue to fund or maintain Eurodollar Rate Advances and would not, in the judgment of such Lender,
be otherwise disadvantageous to such Lender.

 

    	 	42	 

     

    

 

(e)          Failure
or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s
right to demand such compensation, provided that the Borrowers shall not be required to compensate a Lender pursuant to
this Section for any increased costs incurred or reductions suffered more than nine (9) months prior to the date that such Lender,
as the case may be, notifies the Borrowers of the Change in Law giving rise to such increased costs or reductions, and of such
Lender’s intention to claim compensation therefor (except that, if the change in, or in the interpretation or application
of, any law or regulation or the compliance with any guideline or request from any central bank or other Governmental Authority
giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended
to include the period of retroactive effect thereof).

 

SECTION 2.11. Payments and Computations.
(a) The Borrowers shall make each payment hereunder and under the Notes, irrespective of any right of counterclaim or set-off
(except as otherwise provided in Section 2.13), not later than 12:00 Noon (New York City time) on the day when due in
U.S. dollars to the Administrative Agent at the Administrative Agent’s Account in same day funds, with payments being received
by the Administrative Agent after such time being deemed to have been received on the next succeeding Business Day. The Administrative
Agent shall promptly thereafter cause like funds to be distributed (i) if such payment by the Borrowers is in respect of
principal, interest, commitment fees or any other Obligation then payable hereunder and under the Notes to more than one Lender,
to such Lenders for the account of their respective Applicable Lending Offices ratably in accordance with the amounts of such
respective Obligations then payable to such Lenders and (ii) if such payment by the Borrowers is in respect of any Obligation
then payable hereunder to one Lender, to such Lender for the account of its Applicable Lending Office, in each case to be applied
in accordance with the terms of this Agreement. Upon its acceptance of an Assignment and Acceptance and recording of the information
contained therein in the Register pursuant to Section 9.07(d), from and after the effective date of such Assignment and Acceptance,
the Administrative Agent shall make all payments hereunder and under the Notes in respect of the interest assigned thereby to
the Lender assignee thereunder, and the parties to such Assignment and Acceptance shall make all appropriate adjustments in such
payments for periods prior to such effective date directly between themselves.

 

(b)          Each
Borrower hereby authorizes each Lender and each of its Affiliates, if and to the extent payment owed to such Lender is not made
when due hereunder or under the Note held by such Lender, to charge from time to time, to the fullest extent permitted
by law, against any or all of any of the Borrower’s accounts with such Lender any amount so due.

 

(c)          All
computations of interest based on the Base Rate shall be made by the Administrative Agent on the basis of a year of 365 or 366
days, as the case may be, and all computations of interest based on the Eurodollar Rate or the Federal Funds Rate and of fees
shall be made by the Administrative Agent on the basis of a year of 360 days, in each case for the actual number of days (including
the first day but excluding the last day) occurring in the period for which such interest, fees or commissions are payable. The
accrual period for calculating interest due on each Monthly Payment Date shall be the Interest Period in which the related Monthly
Payment Date occurs. Each determination by the Administrative Agent of an interest rate, fee or commission hereunder shall be
conclusive and binding for all purposes, absent manifest error.

 

    	 	43	 

     

    

 

(d)          Whenever
any payment hereunder or under the Notes shall be stated to be due on a day other than a Business Day, such payment shall be made
on the immediately preceding Business Day.

 

(e)          Unless
the Administrative Agent shall have received notice from the Borrowers prior to the date on which any payment is due to any Lender
hereunder that the Borrowers will not make such payment in full, the Administrative Agent may assume that the Borrowers have made
such payment in full to the Administrative Agent on such date and the Administrative Agent may, in reliance upon such assumption,
cause to be distributed to each such Lender on such due date an amount equal to the amount then due such Lender. If and to the
extent the Borrowers shall not have so made such payment in full to the Administrative Agent, each such Lender shall repay to
the Administrative Agent forthwith on demand such amount distributed to such Lender together with interest thereon, for each day
from the date such amount is distributed to such Lender until the date such Lender repays such amount to the Administrative Agent,
at the Federal Funds Rate.

 

(f)          Whenever
any payment received by the Administrative Agent under this Agreement or any of the other Loan Documents is insufficient to pay
in full all amounts due and payable to the Administrative Agent and Lenders under or in respect of this Agreement and the other
Loan Documents on any date, such payment shall be distributed by the Administrative Agent and applied by the Administrative Agent
and Lenders in the following order of priority:

 

(i)          first,
to the payment of all of the fees, indemnification payments, costs and expenses that are due and payable to the Agents (solely
in their respective capacities as Agents) under or in respect of this Agreement and the other Loan Documents on such date, ratably
based upon the respective aggregate amounts of all such fees, indemnification payments, costs and expenses owing to the Agents
on such date;

 

(ii)         second,
to the payment of all of the indemnification payments, costs and expenses that are due and payable to Lenders under Section 9.04,
and any similar section of any of the other Loan Documents on such date, ratably based upon the respective aggregate amounts of
all such indemnification payments, costs and expenses owing to Lenders on such date;

 

(iii)        third,
to the payment of all of the amounts that are due and payable to the Administrative Agent and Lenders under Sections 2.10 and
2.12 on such date, ratably based upon the respective aggregate amounts thereof owing to the Administrative Agent and Lenders on
such date;

 

(iv)        fourth,
to the payment of all of the fees that are due and payable to Lenders under Section 2.08 on such date, ratably based upon the
respective aggregate Commitments of Lenders on such date;

 

(v)         fifth,
to the payment of all of the accrued and unpaid interest on the Obligations of the Loan Parties owing under or in respect of the
Loan Documents that is due and payable to the Administrative Agent and Lenders under Section 2.07(b) on such date, ratably based
upon the respective aggregate amounts of all such interest owing to the Administrative Agent and Lenders on such date;

 

    	 	44	 

     

    

 

(vi)        sixth,
to the payment of all of the accrued and unpaid interest on the Advances that is due and payable to the Administrative Agent and
Lenders under Section 2.07(a) on such date, ratably based upon the respective aggregate amounts of all such interest owing to
the Administrative Agent and Lenders on such date;

 

(vii)       seventh,
to the payment of any other accrued and unpaid interest comprising Obligations of the Loan Parties owing under or in respect of
the Loan Documents that is due and payable on such date, ratably based upon the respective aggregate amounts of all such interest
owing to the respective obligees thereof on such date;

 

(viii)      eighth,
to the payment of the principal amount of the Loan that is due and payable to the Administrative Agent and Lenders on such date,
ratably based upon the respective aggregate amounts of all such principal and reimbursement obligations owing to the Administrative
Agent and Lenders on such date; and

 

(ix)         ninth,
to the payment of all other Obligations of the Loan Parties owing under or in respect of the Loan Documents that are due and payable
on such date, ratably based upon the respective aggregate amounts of all such Obligations owing to the Agents and Lenders on such
date.

 

SECTION 2.12. Taxes.

 

(a)          Any
and all payments by or on account of any Obligation of any Loan Party or the Administrative Agent under any Loan Document shall
be made, in accordance with Section 2.11 or the applicable provisions of such Loan Document, if any, without deduction or withholding
for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable
Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable
Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld
to the relevant Governmental Authority in accordance with applicable law, and if such Tax is an Indemnified Tax, then the sum
payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made
(including such deductions and withholdings applicable to additional sums payable under this Section 2.12) the applicable Recipient
receives an amount equal to the sum it would have received had no such deduction or withholding been made.

 

(b)          Each
Loan Party shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the
Administrative Agent timely reimburse it for the payment of, any Other Taxes.

 

(c)          Without
duplication of Sections 2.12(a) or 2.12(b), each Loan Party shall indemnify each Recipient for the full amount of Indemnified
Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 2.12) payable
or paid by such Recipient, or required to be deducted or withheld from a payment to such Recipient and any reasonable expenses
arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted
by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Loan Parties
by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender,
shall be conclusive absent manifest error. This indemnification shall be made within ten (10) days from the date such Lender or
the Administrative Agent (as the case may be) makes written demand therefor.

 

    	 	45	 

     

    

 

(d)          Each
Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor, for (i) any Indemnified
Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent
for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable to such
Lender’s failure to comply with the provisions of Section 9.07 relating to the maintenance of a Participant Register and
(iii) any Excluded Taxes attributable to such Lender, in each case that are payable or paid by the Administrative Agent in connection
with any Loan Document and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly
or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability
delivered to any Lender by an Agent shall be conclusive absent manifest error. Each Lender hereby authorizes each Agent to set
off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by such Agent
to such Lender from any other source against any amount due to such Agent under this Section 2.12(d).

 

(e)          As
soon as reasonably practicable after, but in any case within thirty (30) days after, the date of any payment of Taxes by any Loan
Party to a Governmental Authority pursuant to this Section 2.12, such Loan Party shall deliver to the Administrative Agent, at
its address referred to in Section 9.02, the original or a certified copy of any receipt issued by such Governmental Authority
evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory
to the Administrative Agent. In the case of any payment hereunder or under the other Loan Documents by or on behalf of a Loan
Party through an account or branch outside the United States or by or on behalf of a Loan Party by a payor that is not a U.S.
Person, if such Loan Party determines that no Taxes are payable in respect thereof, such Loan Party shall furnish, or shall cause
such payor to furnish, to the Administrative Agent, at such address, an opinion of counsel acceptable to the Administrative Agent
stating that such payment is exempt from Taxes. For purposes of subsections (e) and (g) of this Section 2.12, the term
“United States” shall have the meaning specified in Section 7701(a)(9) of the Internal Revenue
Code.

 

(f)          Any
Lender that is entitled to an exemption from, or reduction of, withholding Taxes with respect to payments made under any Loan
Document shall deliver to the Operating Partnership (on behalf of the Borrowers) and the Administrative Agent, at the time or
times reasonably requested by the Operating Partnership (on behalf of the Borrowers) or the Administrative Agent, such properly
completed and executed documentation reasonably requested by the Operating Partnership (on behalf of the Borrowers) or the Administrative
Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender,
if reasonably requested by the Operating Partnership (on behalf of the Borrowers) or the Administrative Agent, shall deliver such
other documentation prescribed by any applicable law or reasonably requested by the Operating Partnership (on behalf of the Borrowers)
or the Administrative Agent as will enable the Operating Partnership (on behalf of the Borrowers) or the Administrative Agent
to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding
anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other
than such documentation set forth in Section 2.12(g)(i), (ii) and (iv) below) shall not be required if in the applicable Lender’s
reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense
or would materially prejudice the legal or commercial position of such Lender.

 

    	 	46	 

     

    

 

(g)          Without
limiting the generality of Section 2.12(f),

 

(i)          each
Lender that is a U.S. Person shall, to the extent it is legally entitled to do so, on or prior to the date of its execution and
delivery of this Agreement in the case of each Initial Lender, and on the date of the Assignment and Acceptance pursuant to which
it becomes a Lender in the case of each other Lender, and from time to time thereafter as reasonably requested in writing by the
Operating Partnership (on behalf of the Borrowers) (but only so long thereafter as such Lender remains lawfully able to do so),
provide the Administrative Agent and the Borrower with executed originals of Internal Revenue Service Form W-9 certifying that
such Lender is exempt from U.S. federal backup withholding tax;

 

(ii)         each
Lender that is not a U.S. Person (a “Foreign Lender”) shall, to the extent it is legally entitled to
do so, on or prior to the date of its execution and delivery of this Agreement in the case of each Initial Lender, and on the
date of the Assignment and Acceptance pursuant to which it becomes a Lender in the case of each other Lender, and from time to
time thereafter as reasonably requested in writing by the Operating Partnership (on behalf of the Borrowers) (but only so long
thereafter as such Lender remains lawfully able to do so), provide the Administrative Agent and the Operating Partnership (on
behalf of the Borrowers) with whichever of the following is applicable:

 

(i)          in
the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party, (x) with respect
to payments of interest under any Loan Document, executed originals of Internal Revenue Service Form W-8BEN or Form W-8BEN-E,
as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest"
article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, Internal Revenue Service
Form W-8BEN or Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant
to the "business profits" or "other income" article of such tax treaty;

 

(ii)         executed
originals of Internal Revenue Service Form W-8ECI;

 

(iii)        in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Internal
Revenue Code (x) a certificate substantially in the form of Exhibit L-1 hereto to the effect that such Foreign Lender is not (A)
a "bank" within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, (B) a "10 percent shareholder"
of any Loan Party within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code, or (C) a "controlled foreign corporation"
described in Section 881(c)(3)(C) of the Internal Revenue Code (a “U.S. Tax Compliance Certificate”)
and (y) executed originals of Internal Revenue Service Form W-8BEN or Form W-8BEN-E, as applicable; or

 

(iv)        to
the extent that the Foreign Lender is not the beneficial owner, executed originals of Internal Revenue Service Form W-8IMY, accompanied
by Internal Revenue Service Form W-8BEN or Form W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate substantially in the
form of Exhibit L-2 or Exhibit L-3, Internal Revenue Service Form W-9 and/or other certification documents from each beneficial
owner, as applicable; provided, however, that if the Foreign Lender is a partnership and one or more direct or indirect
partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance
Certificate substantially in the form of Exhibit L-4 on behalf of each such direct and indirect partner;

 

    	 	47	 

     

    

 

(iii)        any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Operating Partnership (on behalf of the Borrowers)
and the Administrative Agent (in such number of copies as shall be requested by the Recipient) on or prior to the date on which
such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the
Operating Partnership (on behalf of the Borrowers) or the Administrative Agent), executed originals of any other form prescribed
by any applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together
with such supplementary documentation as may be prescribed by any applicable law to permit the Operating Partnership (on behalf
of the Borrowers) or the Administrative Agent to determine the withholding or deduction required to be made; and

 

(iv)        if
a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b)
or 1472(b) of the Internal Revenue Code, as applicable), such Lender shall deliver to the Operating Partnership (on behalf of
the Borrowers) and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested
by the Operating Partnership (on behalf of the Borrowers) or the Administrative Agent such documentation prescribed by applicable
law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation
reasonably requested by the Operating Partnership (on behalf of the Borrowers) or the Administrative Agent as may be necessary
for the Operating Partnership (on behalf of the Borrowers) and the Administrative Agent to comply with their obligations under
FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount
to deduct and withhold from such payment. Solely for the purposes of this subsection (g), “FATCA” shall include
any amendments made to FATCA after the Closing Date;

 

Each Lender agrees that if any form or certification
it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or
promptly notify the Borrowers and the Administrative Agent in writing of its legal inability to do so.

 

(h)          If
any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it
has received an indemnification payment pursuant to this Section 2.12 (including by the payment of additional amounts pursuant
to this Section 2.12), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity
payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including
Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with
respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified
party the amount paid over pursuant to this subsection (h) (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.
Notwithstanding anything to the contrary in this subsection (h), in no event will the indemnified party be required to pay any
amount to an indemnifying party pursuant to this subsection (h) if such payment would place the indemnified party in a less favorable
net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to
such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect
to such Tax had never been paid. This subsection shall not be construed to require any indemnified party to make available its
Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other
Person. No party shall have any obligation to pursue, or any right to assert, any refund of Indemnified Taxes that may be paid
by another party.

 

    	 	48	 

     

    

 

(i)          For
any period with respect to which a Lender has failed to provide the Operating Partnership (on behalf of the Borrowers) with the
appropriate form or other document described in subsection (f) or subsection (g) above (other than if such failure is due
to a Change in Law, or in the interpretation or application thereof, occurring after the date on which a form or other document
originally was required to be provided and the Lender has not been advised that such change requires it to provide such form or
if such form or other document otherwise is not required under subsection (f) or subsection (g) above), such Lender shall
not be entitled to indemnification under subsection (a) or (c) of this Section 2.12 with respect to Taxes imposed by
the United States by reason of such failure; provided, however, that should a Lender become subject to Taxes because
of its failure to deliver a form or other document required hereunder, the Borrowers shall take such steps as such Lender shall
reasonably request to assist such Lender to recover such Taxes.

 

(j)          Any
Lender claiming any additional amounts payable pursuant to this Section 2.12 agrees to use reasonable efforts (consistent
with its internal policy and legal and regulatory restrictions) to change the jurisdiction of its Eurodollar Lending Office if
the making of such a change would avoid the need for, or reduce the amount of, any such additional amounts that may thereafter
accrue and would not, in the reasonable judgment of such Lender, be otherwise disadvantageous to such Lender.

 

(k)          Without
prejudice to the survival of any other agreement of any party hereunder or under any other Loan Document, the agreements and obligations
under this Section 2.12 shall survive the resignation or replacement of any Agent, the assignment of rights by, or the replacement
of, a Lender, the termination of the Commitments and the payment in full of principal, interest and all other amounts payable
hereunder and under any of the other Loan Documents.

 

SECTION 2.13. Sharing of Payments, Etc.
Subject to the provisions of Section 2.11(f), if any Lender shall obtain at any time any payment (whether voluntary, involuntary,
through the exercise of any right of set-off, or otherwise, other than as a result of an assignment pursuant to Section 9.07)
(a) on account of Obligations due and payable to such Lender under the Loan Documents at such time in excess of its ratable
share (according to the proportion of (i) the amount of such Obligations due and payable to such Lender at such time to (ii) the
aggregate amount of the Obligations due and payable to all Lenders under the Loan Documents at such time) of payments on account
of the Obligations due and payable to all Lenders under the Loan Documents at such time obtained by all Lenders at such time or
(b) on account of Obligations owing (but not due and payable) to such Lender under the Loan Documents at such time in excess
of its ratable share (according to the proportion of (i) the amount of such Obligations owing to such Lender at such time
to (ii) the aggregate amount of the Obligations owing (but not due and payable) to all Lenders under the Loan Documents at
such time) of payments on account of the Obligations owing (but not due and payable) to all Lenders under the Loan Documents at
such time obtained by all Lenders at such time, such Lender shall forthwith purchase from the other Lenders such interests or
participating interests in the Obligations due and payable or owing to them, as the case may be, as shall be necessary to cause
such purchasing Lender to share the excess payment ratably with each of them; provided, however, that if all or
any portion of such excess payment is thereafter recovered from such purchasing Lender, such purchase from each other Lender shall
be rescinded and such other Lender shall repay to the purchasing Lender the purchase price to the extent of such Lender’s
ratable share (according to the proportion of (i) the purchase price paid to such Lender to (ii) the aggregate purchase
price paid to all Lenders) of such recovery together with an amount equal to such Lender’s ratable share (according to the
proportion of (i) the amount of such other Lender’s required repayment to (ii) the total amount so recovered from
the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount
so recovered. Each Borrower agrees that any Lender so purchasing an interest or participating interest from another Lender pursuant
to this Section 2.13 may, to the fullest extent permitted by law, exercise all its rights of payment (including the right
of set-off) with respect to such interest or participating interest, as the case may be, as fully as if such Lender were the direct
creditor of such Borrower in the amount of such interest or participating interest, as the case may be.

 

    	 	49	 

     

    

 

SECTION 2.14. Use of Proceeds.
The proceeds of the Advances shall be available (and the Borrowers agree that they shall use such proceeds) for (a) subject to
Section 2.22, the refinancing pursuant to this Agreement of the Indebtedness governed by the Existing Loan Agreement, (b) the
acquisition of the Additional Summit Collateral Assets either (i) on the Closing Date, if no Delayed Draw Election Notice is timely
given by the Borrowers to the Administrative Agent, or (ii) on the date of the Delayed Draw Borrowing, if the Delayed Draw Election
Notice is timely given by the Borrowers to the Administrative Agent, (c) the payment of fees and expenses related to the Loan
and the other transactions contemplated by the Loan Documents, and (d) the funding of a reserve pursuant to Section 6.5.1 of the
Project Gateway Loan Agreement. The proceeds described in clause (d) shall be available (and the Borrowers agree to cause such
proceeds to be funded to the applicable borrowers under the Project Gateway Loan Agreement as additional capital contributions)
for the purposes specified in Section 6.5.1 of the Project Gateway Loan Agreement. None of the Borrowers will directly or indirectly
use the proceeds of the Advances or lend, contribute or otherwise make available to any Person such extensions of credit or proceeds,
(A) to fund any activities or business of or with any Person, or in any country or territory, that, at the time of such funding,
is, or whose government is, the subject of Sanctions, or (B) in any other manner that would result in a violation of Sanctions
or any Anti-Corruption Laws applicable to any party hereto or to any participant in the Loan.

 

SECTION 2.15. Evidence of Debt.
(a) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the
Borrowers to such Lender resulting from each Advance owing to such Lender from time to time, including the amounts of principal
and interest payable and paid to such Lender from time to time hereunder. Each Borrower agrees that upon notice by any Lender
to the Borrowers (with a copy of such notice to the Administrative Agent) to the effect that a promissory note or other evidence
of indebtedness is required or appropriate in order for such Lender to evidence (whether for purposes of pledge, enforcement or
otherwise) the Advances owing to, or to be made by, such Lender, each Borrower shall promptly execute and deliver to such Lender,
with a copy to the Administrative Agent, a Note, in substantially the form of Exhibit A hereto, payable to the order of such
Lender in a principal amount equal to the aggregate Advances of such Lender. All references to Notes in the Loan Documents shall
mean Notes, if any, to the extent issued hereunder. To the extent no Note has been issued to a Lender, this Agreement shall be
deemed to comprise conclusive evidence for all purposes of the indebtedness resulting from the Advances and extensions of credit
hereunder.

 

(b)          The
Register maintained by the Administrative Agent pursuant to Section 9.07(d) shall include a control account, and a subsidiary
account for each Lender, in which accounts (taken together) shall be recorded (i) the date and amount of each Borrowing made
hereunder and the Type of Advances comprising such Borrowing, (ii) the terms of each Assignment and Acceptance delivered
to and accepted by it, (iii) the amount of any principal or interest due and payable or to become due and payable from the
Borrowers to each Lender hereunder, and (iv) the amount of any sum received by the Administrative Agent from the Borrowers
hereunder and each Lender’s share thereof.

 

(c)          Entries
made in good faith by the Administrative Agent in the Register pursuant to subsection (b) above, and by each Lender in its
account or accounts pursuant to subsection (a) above, shall be prima facie evidence of the amount of principal and
interest due and payable or to become due and payable from the Borrowers to, in the case of the Register, each Lender and, in
the case of such account or accounts, such Lender, under this Agreement, absent manifest error; provided, however,
that the failure of the Administrative Agent or such Lender to make an entry, or any finding that an entry is incorrect, in the
Register or such account or accounts shall not limit or otherwise affect the obligations of the Borrowers under this Agreement.

 

    	 	50	 

     

    

 

SECTION 2.16. Extension of Maturity Date.
(a) First Extension. At least ten (10) Business Days but not more than one hundred eighty (180) days prior to the Initial
Maturity Date, the Borrowers, by written notice to the Administrative Agent, may request, with respect to the Advances then outstanding,
an extension of the Initial Maturity Date. The Administrative Agent shall promptly notify each Lender of such request and the
Initial Maturity Date shall, subject to the following conditions having been satisfied on or prior to the Initial Maturity Date,
be extended to the First Extended Maturity Date:

 

(i)          the
Guarantors shall have executed a written consent to such extension in substantially the form attached hereto as Exhibit N,

 

(ii)         as
of the date of such written notice from the Borrowers, the following statements shall be true and the Administrative Agent shall
have received for the account of each Lender a certificate signed by a Responsible Officer of the Borrowers, dated as of such
date, stating that: (1) the representations and warranties contained in Section 4.01 are true and correct in all material
respects on and as of such date (except to the extent that such representations and warranties relate solely to an earlier date
(in which case such representations and warranties shall have been true and correct in all material respects on and as of such
earlier date), except to the extent modified by the actions of any Borrower or changes in facts and circumstances that in each
case would not constitute a Default or Event of Default (and the parties agree that, in connection with the remaking of any such
representations and warranties pursuant to this Section 2.16(a)(ii), any such representations and warranties that are qualified
to knowledge shall continue to be qualified to knowledge in the same manner when so remade), and (2) no Event of Default has occurred
and is continuing or would result from such extension, and

 

(iii)        the
Borrowers shall have (A) obtained and delivered to the Administrative Agent not later than the Initial Maturity Date, one or more
Replacement Interest Rate Cap Agreements from an Approved Counterparty, in a notional amount equal to the then Outstanding Principal
Balance, which Replacement Interest Rate Cap Agreement(s) shall be (1) effective for the period commencing on the first day of
the applicable extension period and ending on the last day of the Interest Period in which the First Extended Maturity Date occurs,
and (2) otherwise on the terms set forth in Section 2.18, and (B) caused the Counterparty to execute and deliver to the Administrative
Agent an Acknowledgment with respect to each such Replacement Interest Rate Cap Agreement.

 

In the event that an extension is effected pursuant
to this Section 2.16(a) (but subject to the provisions of Sections 2.06 and 6.01), the aggregate principal amount of all Advances
shall be repaid in full ratably to Lenders on the First Extended Maturity Date. As of the first day after the delivery by the
Borrowers of the extension notice described above that the conditions set forth in the immediately preceding clauses are satisfied,
any and all references in this Agreement, the Notes, if any, or any of the other Loan Documents to the “Maturity Date”
shall refer to the First Extended Maturity Date.

 

(b)          Second
Extension. Provided that the Borrowers shall have extended the Initial Maturity Date in accordance with Section 2.16(a), at
least ten (10) Business Days but not more than one hundred eighty (180) days prior to the First Extended Maturity Date, the Borrowers,
by written notice to the Administrative Agent, may request, with respect to the Advances then outstanding, a second extension
of the Maturity Date. The Administrative Agent shall promptly notify each Lender of such request and the First Extended Maturity
Date shall, subject to the following conditions having been satisfied on or prior to the First Extended Maturity Date, be extended
to the Second Extended Maturity Date:

 

    	 	51	 

     

    

 

(i)          the
Guarantors shall have executed a written consent to such extension in substantially the form attached hereto as Exhibit N,

 

(ii)         as
of the date of such written notice from the Borrowers, the following statements shall be true and the Administrative Agent shall
have received for the account of each Lender a certificate signed by a Responsible Officer of the Borrowers, dated as of such
date, stating that: (1) the representations and warranties contained in Section 4.01 are true and correct in all material
respects on and as of such date (except to the extent that such representations and warranties relate solely to an earlier date
(in which case such representations and warranties shall have been true and correct in all material respects on and as of such
earlier date), except to the extent modified by the actions of any Borrower or changes in facts and circumstances that in each
case would not constitute a Default or Event of Default (and the parties agree that, in connection with the remaking of any such
representations and warranties pursuant to this Section 2.16(b)(ii), any such representations and warranties that are qualified
to knowledge shall continue to be qualified to knowledge in the same manner when so remade), and (2) no Event of Default has occurred
and is continuing or would result from such extension,

 

(iii)        the
Borrowers shall have (A) obtained and delivered to the Administrative Agent not later than the First Extended Maturity Date, one
or more Replacement Interest Rate Cap Agreements from an Approved Counterparty, in a notional amount equal to the then Outstanding
Principal Balance, which Replacement Interest Rate Cap Agreement(s) shall be (1) effective for the period commencing on the first
day of the applicable extension period and ending on the last day of the Interest Period in which the Second Extended Maturity
Date occurs, and (2) otherwise on the terms set forth in Section 2.18, and (B) caused the Counterparty to execute and deliver
to the Administrative Agent an Acknowledgment with respect to each such Replacement Interest Rate Cap Agreement,

 

(iv)        the
Borrowers shall have delivered to the Administrative Agent evidence reasonably satisfactory to the Administrative Agent that all
PIP Work in connection with the Initial PIPs has been completed in accordance with the Initial PIPs, and

 

(v)         in
the case of the Additional PIPs, the Borrowers shall have either (A) delivered to the Administrative Agent evidence reasonably
satisfactory to the Administrative Agent that all PIP Work in connection with such Additional PIPs has been completed in accordance
with such Additional PIPs, or (B) deposited into the PIP Reserve Account the amount then required to be deposited in the PIP Reserve
Account pursuant to Section 5.01(bb)(v) related to the PIP Work in connection with such Additional PIPs.

 

In the event that an extension is effected pursuant
to this Section 2.16(b) (but subject to the provisions of Sections 2.06 and 6.01), the aggregate principal amount of all Advances
shall be repaid in full ratably to Lenders on the Second Extended Maturity as so extended. As of the first day after the delivery
by the Borrowers of the extension notice described above that the conditions set forth in the immediately preceding clauses are
satisfied, any and all references in this Agreement, the Notes, if any, or any of the other Loan Documents to the “Maturity
Date” shall refer to the Second Extended Maturity Date.

 

    	 	52	 

     

    

 

(c)          Third
Extension. Provided that the Borrowers shall have extended the First Extended Maturity Date in accordance with Section 2.16(b),
at least ten (10) Business Days but not more than one hundred eighty (180) days prior to the Second Extended Maturity Date, the
Borrowers, by written notice to the Administrative Agent, may request, with respect to the Advances then outstanding, a third
extension of the Maturity Date. The Administrative Agent shall promptly notify each Lender of such request and the Second Extended
Maturity Date shall, subject to the following conditions having been satisfied on or prior to the Second Extended Maturity Date,
be extended to the Third Extended Maturity Date:

 

(i)          the
Guarantors shall have executed a written consent to such extension in substantially the form attached hereto as Exhibit N,

 

(ii)         as
of the date of such written notice from the Borrowers, the following statements shall be true and the Administrative Agent shall
have received for the account of each Lender a certificate signed by a Responsible Officer of the Borrowers, dated as of such
date, stating that: (1) the representations and warranties contained in Section 4.01 are true and correct in all material
respects on and as of such date (except to the extent that such representations and warranties relate solely to an earlier date
(in which case such representations and warranties shall have been true and correct in all material respects on and as of such
earlier date), except to the extent modified by the actions of any Borrower or changes in facts and circumstances that in each
case would not constitute a Default or Event of Default (and the parties agree that, in connection with the remaking of any such
representations and warranties pursuant to this Section 2.16(c)(ii), any such representations and warranties that are qualified
to knowledge shall continue to be qualified to knowledge in the same manner when so remade), and (2) no Event of Default has occurred
and is continuing or would result from such extension, and

 

(iii)        the
Borrowers shall have (A) obtained and delivered to the Administrative Agent not later than the Second Extended Maturity Date,
one or more Replacement Interest Rate Cap Agreements from an Approved Counterparty, in a notional amount equal to the then Outstanding
Principal Balance, which Replacement Interest Rate Cap Agreement(s) shall be (1) effective for the period commencing on the first
day of the applicable extension period and ending on the last day of the Interest Period in which the Third Extended Maturity
Date occurs, and (2) otherwise on the terms set forth in Section 2.18, and (B) caused the Counterparty to execute and deliver
to the Administrative Agent an Acknowledgment with respect to each such Replacement Interest Rate Cap Agreement.

 

In the event that an extension is effected pursuant
to this Section 2.16(c) (but subject to the provisions of Sections 2.06 and 6.01), the aggregate principal amount of all Advances
shall be repaid in full ratably to Lenders on the Third Extended Maturity as so extended. As of the first day after the delivery
by the Borrowers of the extension notice described above that the conditions set forth in the immediately preceding clauses are
satisfied, any and all references in this Agreement, the Notes, if any, or any of the other Loan Documents to the “Maturity
Date” shall refer to the Third Extended Maturity Date.

 

SECTION 2.17. Defaulting Lenders.
(a) Consequences. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting
Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law:

 

(i)          Waivers
and Amendments. That Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement shall be restricted as set forth in the definition of “Required Lenders” and Section 9.01.

 

    	 	53	 

     

    

 

(ii)         Reallocation
of Payments. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account
of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VII or otherwise, and including any
amounts made available to the Administrative Agent by that Defaulting Lender pursuant to Section 9.05), will not be paid or distributed
to such Defaulting Lender, but will instead be retained by the Administrative Agent in a segregated non-interest bearing account
until (subject to Section 2.19(b)) the termination of the Commitments and payment in full of all obligations of the Borrowers
hereunder and will be applied at such time or times as may be determined by the Administrative Agent as follows: first,
to the payment of any amounts owing by that Defaulting Lender to the Administrative Agent hereunder in such capacity; second,
to the payment of post-default interest and then current interest due and payable to Lenders hereunder other than Defaulting Lenders,
ratably among them in accordance with the amounts of such interest then due and payable to them, third to the payment of
fees then due and payable to the Non-Defaulting Lenders hereunder, ratably among them in accordance with the amounts of such fees
then due and payable to them, fourth to the ratable payment of other amounts then due and payable to the Non-Defaulting
Lenders, and fifth after the termination of the Commitments and payment in full of all obligations of the Borrowers hereunder,
to pay amounts owing under this Agreement to such Defaulting Lender or as a court of competent jurisdiction may otherwise direct.
Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed
by a Defaulting Lender shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents
hereto.

 

(b)          Defaulting
Lender Cure. If the Borrowers and the Administrative Agent agree in writing in their sole discretion that a Defaulting Lender
should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as
of the effective date specified in such notice and subject to any conditions set forth therein, that Lender will, to the extent
applicable, purchase that portion of outstanding Advances of the other Lenders or take such other actions as the Administrative
Agent may determine to be necessary to cause the Loan to be held on a pro rata basis by Lenders in accordance with their Pro Rata
Shares, whereupon that Lender will cease to be a Defaulting Lender, provided that no adjustments will be made retroactively
with respect to fees accrued or payments made by or on behalf of the Borrowers while that Lender was a Defaulting Lender; and
provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder
from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s
having been a Defaulting Lender.

 

(c)          Removal
of Agent. Anything herein to the contrary notwithstanding, if at any time the Required Lenders determine that the Person serving
as an Agent is (without taking into account any provision in the definition of “Defaulting Lender” requiring notice
from the Administrative Agent or any other party) a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required
Lenders (determined after giving effect to Section 9.01) may by notice to the Borrowers and such Person remove such Person as
an Agent and, in consultation with the Borrowers, appoint a replacement Agent hereunder. Such removal will, to the fullest extent
permitted by applicable law, be effective on the earlier of (i) the date a replacement Agent is appointed and (ii) the date 30
days after the giving of such notice by the Required Lenders (regardless of whether a replacement Agent has been appointed).

 

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SECTION 2.18. Interest Rate Cap Agreements.
(a) On the Closing Date, the Borrowers shall have obtained, and thereafter shall maintain in effect, an Interest Rate Cap Agreement,
which shall be have a term expiring no earlier than the last day of the Interest Period in which the Initial Maturity Date occurs
and which shall have a notional amount which shall not at any time be less than the Outstanding Principal Balance. As a condition
precedent to each extension of the Maturity Date pursuant to Section 2.16, the Borrowers shall obtain, and thereafter shall maintain
in effect, the Replacement Interest Rate Cap Agreements described in Section 2.16(a)(iii), 2.16(b)(iii) or 2.16(c)(iii), as applicable.
Any failure to comply with the preceding two sentences shall be an Event of Default in accordance with Section 6.01(n). Each Interest
Rate Cap Agreement shall have a strike rate not higher than the (i) Strike Price until the initial Maturity Date and (ii) thereafter,
the Strike Price (Extension Options). If more than one Interest Rate Cap Agreement and/or Replacement Interest Rate Cap Agreement
exists, such agreements shall collectively have a notional amount which shall not at any time be less than the Outstanding Principal
Balance.

 

(b)          Pledge
and Collateral Assignment. As security for the full and punctual payment and performance of the Obligations of the Loan Parties
under the Loan Documents when due (whether upon stated maturity, by acceleration, early termination or otherwise), the Borrowers,
as pledgor, hereby pledges, assigns, hypothecates, transfers and delivers to the Collateral Agent, on behalf of the Secured Parties,
as collateral and hereby grants to the Collateral Agent, on behalf of the Secured Parties, a continuing first priority Lien on
and security interest in, to and under all of the following whether now owned or hereafter acquired and whether now existing or
hereafter arising (the “Rate Cap Collateral”): all of the right, title and interest of the applicable
Borrowers in and to (A) the Interest Rate Cap Agreements; (B) all payments, distributions, disbursements or proceeds due, owing,
payable or required to be delivered to the applicable Borrowers in respect of the Interest Rate Cap Agreements or arising out
of the Interest Rate Cap Agreements, whether as contractual obligations, damages or otherwise; and (C) all of the Borrowers’
claims, rights, powers, privileges, authority, options, security interests, Liens and remedies, if any, under or arising out of
the Interest Rate Cap Agreements, in each case including all accessions and additions to, substitutions for and replacements,
products and proceeds of any or all of the foregoing, such assignment to be evidenced by the Assignment of Interest Rate Cap Agreement,
which shall be delivered by the Borrowers to the Collateral Agent on the Closing Date.

 

(c)          Covenants.

 

(i)          Each
applicable Borrower shall comply with all of its obligations under the terms and provisions of each Interest Rate Cap Agreement.
Subject to terms hereof, provided no Event of Default has occurred and is continuing, the Borrowers shall be entitled to exercise
all rights, powers and privileges of the Borrowers under, and to control the prosecution of all claims with respect to, each Interest
Rate Cap Agreement and the other Rate Cap Collateral. The applicable Borrowers shall take all actions reasonably requested by
the Collateral Agent to enforce the Borrowers’ rights under each Interest Rate Cap Agreement in the event of a default by
the Counterparty thereunder and shall not waive, amend or otherwise modify any of its rights thereunder.

 

(ii)         The
Borrowers shall defend the Collateral Agent’s right, title and interest in and to the Rate Cap Collateral pledged by the
Borrowers pursuant hereto or in which it has granted a security interest pursuant hereto against the claims and demands of all
other Persons.

 

(iii)        In
the event of any downgrade, withdrawal or qualification of the rating of the Counterparty such that it ceases to qualify as an
“Approved Counterparty”, the Borrowers shall replace the Interest Rate Cap Agreement with a Replacement Interest Rate
Cap Agreement not later than ten (10) Business Days following receipt of notice from the Administrative Agent or any other Person
of such downgrade, withdrawal or qualification. In the event that the Counterparty is downgraded below “A-” by S&P
or below “A3” by Moody’s, a Replacement Interest Rate Cap Agreement shall be required regardless of the posting
of collateral.

 

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(iv)        In
the event that the Borrowers fail to purchase and deliver to the Administrative Agent the Interest Rate Cap Agreement as and when
required hereunder, the Administrative Agent may purchase the Interest Rate Cap Agreement and the cost incurred by the Administrative
Agent in purchasing the Interest Rate Cap Agreement shall be paid by the Borrowers to the Administrative Agent with interest thereon
at the Default Rate from the date such cost was incurred by the Administrative Agent until such cost is paid by the Borrowers
to Administrative Agent.

 

(v)         The
Borrowers shall not sell, assign, or otherwise dispose of, or mortgage, pledge or grant a security interest in, any of the Rate
Cap Collateral or any interest therein, and any sale, assignment, mortgage, pledge or security interest whatsoever made in violation
of this covenant shall be a nullity and of no force and effect, and upon demand of the Collateral Agent, shall forthwith be cancelled
or satisfied by an appropriate instrument in writing.

 

(vi)        The
Borrowers shall not (A) without the prior written consent of the Administrative Agent, modify, amend or supplement, in any material
respect, the terms of any Interest Rate Cap Agreement, (B) without the prior written consent of the Administrative Agent, except
in accordance with the terms of any Interest Rate Cap Agreement, cause the termination of any Interest Rate Cap Agreement prior
to its stated maturity date, (C) without the prior written consent of the Administrative Agent, except as aforesaid, waive or
release any obligation of the Counterparty (or any successor or substitute party to any Interest Rate Cap Agreement) under any
Interest Rate Cap Agreement, (D) without the prior written consent of the Administrative Agent, consent or agree to any act or
omission to act on the part of the Counterparty (or any successor or substitute party to any Interest Rate Cap Agreement) which,
without such consent or agreement, would constitute a default under any Interest Rate Cap Agreement, (E) fail to exercise promptly
and diligently each and every material right which it may have under any Interest Rate Cap Agreement, (F) take or intentionally
omit to take any action or intentionally suffer or permit any action to be omitted or taken, the taking or omission of which would
result in any right of offset against sums payable under any Interest Rate Cap Agreement or any defense by the Counterparty (or
any successor or substitute party to any Interest Rate Cap Agreement) to payment or (G) fail to give prompt notice to the Administrative
Agent of any notice of default given by or to the Borrowers under or with respect to the Interest Rate Cap Agreement, together
with a complete copy of such notice.

 

(vii)       In
connection with an Interest Rate Cap Agreement, the Borrowers shall obtain and deliver to the Administrative Agent within fifteen
(15) Business Days after the date of each Advance an opinion of counsel from counsel (which counsel may be in-house counsel for
the Counterparty) for the Counterparty upon which the Agents and their successors and assigns may rely (the “Counterparty
Opinion”), under New York law and, if the Counterparty is a non-U.S. entity, the applicable foreign law, which shall
provide in relevant part, that: (A) the issuer is duly organized, validly existing, and in good standing under the laws of its
jurisdiction of incorporation and has the organizational power and authority to execute and deliver, and to perform its obligations
under, the applicable Interest Rate Cap Agreement; (B) the execution and delivery of the applicable Interest Rate Cap Agreement
by the issuer, and any other agreement which the issuer has executed and delivered pursuant thereto, and the performance of its
obligations thereunder have been and remain duly authorized by all necessary action and do not contravene any provision of its
certificate of incorporation or by-laws (or equivalent organizational documents) or any law, regulation or contractual restriction
binding on or affecting it or its property; (C) all consents, authorizations and approvals required for the execution and delivery
by the issuer of the applicable Interest Rate Cap Agreement, and any other agreement which the issuer has executed and delivered
pursuant thereto, and the performance of its obligations thereunder have been obtained and remain in full force and effect, all
conditions thereof have been duly complied with, and no other action by, and no notice to or filing with any governmental authority
or regulatory body is required for such execution, delivery or performance; and (D) the applicable Interest Rate Cap Agreement,
and any other agreement which the issuer has executed and delivered pursuant thereto, has been duly executed and delivered by
the issuer and constitutes the legal, valid and binding obligation of the issuer, enforceable against the issuer in accordance
with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and
subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in
equity or at law).

 

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(d)          Powers
of the Borrowers Prior to an Event of Default. Subject to Section 2.18(c)(i), provided no Event of Default has occurred and
is continuing, the Borrowers shall be entitled to exercise all rights, powers and privileges of the Borrowers under, and to control
the prosecution of all claims with respect to, each Interest Rate Cap Agreement and the other Rate Cap Collateral.

 

(e)          Representations
and Warranties. The Borrowers hereby covenant with, and represent and warrant to, the Agents and Lenders as follows:

 

(i)          Each
Interest Rate Cap Agreement constitutes the legal, valid and binding obligation of the applicable Borrowers, enforceable against
the applicable Borrowers in accordance with its terms, subject only to applicable bankruptcy, insolvency and similar laws affecting
rights of creditors generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement
is sought in a proceeding in equity or at law).

 

(ii)         The
Rate Cap Collateral is free and clear of all claims or security interests of every nature whatsoever, except such as are created
pursuant to this Agreement and the other Loan Documents, and the Borrowers have the right to pledge and grant a security interest
in the same as herein provided without the consent of any other Person other than any such consent that has been obtained and
is in full force and effect.

 

(iii)        The
Rate Cap Collateral has been duly and validly pledged hereunder. All consents and approvals required to be obtained by the Loan
Parties for the consummation of the transactions contemplated by this Agreement have been obtained.

 

(iv)        Giving
effect to the aforesaid grant and assignment to the Collateral Agent, the Collateral Agent has, as of the Closing Date, and as
to Rate Cap Collateral acquired from time to time after such date, shall have, a valid, and upon proper filing, perfected and
continuing first priority lien upon and security interest in the Rate Cap Collateral, provided that no representation or
warranty is made with respect to the perfected status of the security interest of the Collateral Agent in the proceeds of Rate
Cap Collateral consisting of “cash proceeds” or “non-cash proceeds” as defined in the UCC except if, and
to the extent, the provisions of Section 9-306 of the UCC shall be complied with.

 

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(v)         Except
for financing statements filed or to be filed in favor of the Collateral Agent, as secured party, there are no financing statements
under the UCC covering any or all of the Rate Cap Collateral and the Borrowers shall not permit, without the prior written consent
of the Collateral Agent, until payment in full of all of the Obligations of the Loan Parties under the Loan Documents, the execution
or filing in any public office of any enforceable financing statement or statements covering any or all of the Rate Cap Collateral,
except financing statements filed or to be filed in favor of Collateral Agent as secured party.

 

(f)          Payments.
If the Borrowers at any time shall be entitled to receive any payments with respect to any Interest Rate Cap Agreement during
the continuance of any Lockbox Period, pursuant to the Assignment of Interest Rate Cap Agreement, the Counterparty has agreed
to pay such amounts directly to the Collateral Agent.

 

(g)          Remedies.
Subject to the provisions of each Interest Rate Cap Agreement, if an Event of Default shall occur and then be continuing:

 

(i)          The
Collateral Agent, without obligation to resort to any other security, right or remedy granted under any other agreement or instrument,
shall have the right to, in addition to all rights, powers and remedies of a secured party pursuant to the UCC, at any time and
from time to time, sell, resell, assign and deliver, in its sole discretion, any or all of the Rate Cap Collateral (in one or
more parcels and at the same or different times) and all right, title and interest, claim and demand therein and right of redemption
thereof, at public or private sale, for cash, upon credit or for future delivery, and in connection therewith the Collateral Agent
may grant options and may impose reasonable conditions such as requiring any purchaser to represent that any “securities”
constituting any part of the Rate Cap Collateral are being purchased for investment only, the Borrowers hereby waiving and releasing
any and all equity or right of redemption to the fullest extent permitted by the UCC or applicable law. If all or any of the Rate
Cap Collateral is sold by the Collateral Agent upon credit or for future delivery, the Collateral Agent shall not be liable for
the failure of the purchaser to purchase or pay for the same and, in the event of any such failure, the Collateral Agent may resell
such Rate Cap Collateral. It is expressly agreed that the Collateral Agent may exercise its rights with respect to less than all
of the Rate Cap Collateral, leaving unexercised its rights with respect to the remainder of the Rate Cap Collateral; provided,
however, that such partial exercise shall in no way restrict or jeopardize the Collateral Agent’s right to exercise
its rights with respect to all or any other portion of the Rate Cap Collateral at a later time or times.

 

(ii)         The
Collateral Agent may exercise, either by itself or by its nominee or designee, in the name of any Borrower, all of the Collateral
Agent’s rights, powers and remedies in respect of the Rate Cap Collateral, hereunder and under law.

 

(iii)        The
Borrowers hereby irrevocably, in the name of the Borrowers or otherwise, authorize and empower the Collateral Agent and assign
and transfer unto the Collateral Agent, and constitute and appoint the Collateral Agent their true and lawful attorney-in-fact,
and as its agent, irrevocably, with full power of substitution for the Borrowers and in the name of the Borrowers, (i) to exercise
and enforce every right, power, remedy, authority, option and privilege of the Borrowers under each Interest Rate Cap Agreement,
including any power to subordinate or modify each Interest Rate Cap Agreement (but not, unless an Event of Default exists and
is continuing, the right to terminate or cancel any Interest Rate Cap Agreement), or to give any notices, or to take any action
resulting in such subordination, termination, cancellation or modification and (ii) in order to more fully vest in the Collateral
Agent the rights and remedies provided for herein, to exercise all of the rights, remedies and powers granted to the Collateral
Agent in this Agreement, and the Borrowers further authorize and empower the Collateral Agent, as the Borrowers’ attorney-in-fact,
and as its agent, irrevocably, with full power of substitution for the Borrowers and in the name of the Borrowers, to give any
authorization, to furnish any information, to make any demands, to execute any instruments and to take any and all other action
on behalf of and in the name of the Borrowers which in the opinion of the Collateral Agent may be necessary or appropriate to
be given, furnished, made, exercised or taken under any Interest Rate Cap Agreement, in order to comply therewith, to perform
the conditions thereof or to prevent or remedy any default by the Borrowers thereunder or to enforce any of the rights of the
Borrowers thereunder. These powers-of-attorney are irrevocable and coupled with an interest, and any similar or dissimilar powers
heretofore given by the Borrowers in respect of the Rate Cap Collateral to any other Person are hereby revoked.

 

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(iv)        The
Collateral Agent may, without notice to, or assent by, the Borrowers or any other Person (to the extent permitted by law), but
without affecting any of the Obligations of the Loan Parties under the Loan Documents, in the name of the Borrowers or in the
name of the Collateral Agent, notify the Counterparty, or if applicable, any other counterparty to any Interest Rate Cap Agreement,
to make payment and performance directly to the Collateral Agent; extend the time of payment and performance of, compromise or
settle for cash, credit or otherwise, and upon any terms and conditions, any obligations owing to the Borrowers, or claims of
the Borrowers, under any Interest Rate Cap Agreement; file any claims, commence, maintain or discontinue any actions, suits or
other proceedings deemed by the Collateral Agent necessary or advisable for the purpose of collecting upon or enforcing any Interest
Rate Cap Agreement; and execute any instrument and do all other things deemed necessary and proper by the Collateral Agent to
protect and preserve and realize upon the Rate Cap Collateral and the other rights contemplated hereby.

 

(v)         Pursuant
to the powers-of-attorney provided for above, the Collateral Agent may take any action and exercise and execute any instrument
which it may deem necessary or advisable to accomplish the purposes hereof; provided, however, that the Collateral
Agent shall not be permitted to take any action pursuant to such power-of-attorney that would conflict with any limitation on
the Collateral Agent’s rights with respect to the Rate Cap Collateral. Without limiting the generality of the foregoing,
the Collateral Agent, after the occurrence and during the continuance of an Event of Default, shall have the right and power to
receive, endorse and collect all checks and other orders for the payment of money made payable to the Borrowers representing:
(A) any payment of obligations owed pursuant to any Interest Rate Cap Agreement, (B) interest accruing on any of the Rate Cap
Collateral or (C) any other payment or distribution payable in respect of the Rate Cap Collateral or any part thereof, and for
and in the name, place and stead of the Borrowers, to execute endorsements, assignments or other instruments of conveyance or
transfer in respect of any property which is or may become a part of the Rate Cap Collateral hereunder.

 

(vi)        The
Collateral Agent may exercise all of the rights and remedies of a secured party under the UCC.

 

(vii)       Without
limiting any other provision of this Agreement or any of the Loan Parties’ rights hereunder, and without waiving or releasing
any Loan Party from any obligation or default hereunder, the Collateral Agent shall have the right, but not the obligation, to
perform any act or take any appropriate action, as it, in its reasonable judgment, may deem necessary to protect the security
of this Agreement, to cure such Event of Default or to cause any term, covenant, condition or obligation required under this Agreement
or any Interest Rate Cap Agreement to be performed or observed by the Borrowers to be promptly performed or observed on behalf
of the Borrowers. All amounts advanced by, or on behalf of, the Collateral Agent in exercising its rights under this Section 2.18(g)(vii)
(including reasonable legal expenses and disbursements incurred in connection therewith), together with interest thereon at the
Default Rate from the date of each such advance, shall be payable by the Borrowers to the Collateral Agent upon demand and shall
be secured by this Agreement.

 

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(h)          Sales
of Rate Cap Collateral. No demand, advertisement or notice, all of which are, to the fullest extent permitted by law, hereby
expressly waived by the Borrowers, shall be required in connection with any sale or other disposition of all or any part of the
Rate Cap Collateral, except that the Collateral Agent shall give the Borrowers at least thirty (30) days’ prior written
notice of the time and place of any public sale or of the time when and the place where any private sale or other disposition
is to be made, which notice the Loan Parties hereby agree is reasonable, all other demands, advertisements and notices being hereby
waived. To the extent permitted by law, the Collateral Agent shall not be obligated to make any sale of the Rate Cap Collateral
if it shall determine not to do so, regardless of the fact that notice of sale may have been given, and the Collateral Agent may
without notice or publication adjourn any public or private sale, and such sale may, without further notice, be made at the time
and place to which the same was so adjourned. Upon each private sale of the Rate Cap Collateral of a type customarily sold in
a recognized market and upon each public sale, unless prohibited by any applicable statute which cannot be waived, the Collateral
Agent (or its nominee or designee) may purchase any or all of the Rate Cap Collateral being sold, free and discharged from any
trusts, claims, equity or right of redemption of the Loan Parties, all of which are hereby waived and released to the extent
permitted by law, and may make payment therefor by credit against any of the Obligations of the Loan Parties under the Loan Documents
in lieu of cash or any other obligations. In the case of all sales of the Rate Cap Collateral, public or private, the Borrowers
shall pay all reasonable out-of-pocket costs and expenses of every kind for sale or delivery, including brokers’ and attorneys’
fees and disbursements and any tax imposed thereon. However, the proceeds of sale of Rate Cap Collateral shall be available to
cover such costs and expenses, and, after deducting such costs and expenses from the proceeds of sale, the Collateral Agent shall
apply any residue to the payment of the Obligations of the Loan Parties under the Loan Documents in the order of priority as set
forth in this Agreement.

 

(i)          Public
Sales Not Possible. The Borrowers acknowledge that the terms of the Interest Rate Cap Agreement may prohibit public sales,
that the Rate Cap Collateral may not be of the type appropriately sold at public sales, and that such sales may be prohibited
by law. In light of these considerations, the Borrowers agree that private sales of the Rate Cap Collateral shall not be deemed
to have been made in a commercially unreasonably manner by mere virtue of having been made privately.

 

(j)          Receipt
of Sale Proceeds. Upon any sale of the Rate Cap Collateral by the Collateral Agent hereunder (whether by virtue of the power
of sale herein granted, pursuant to judicial process or otherwise), the receipt by the Collateral Agent or the officer making
the sale or the proceeds of such sale shall be a sufficient discharge to the purchaser or purchasers of the Rate Cap Collateral
so sold, and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid
over to the Collateral Agent or such officer or be answerable in any way for the misapplication or nonapplication thereof.

 

(k)          Replacement
Interest Rate Cap Agreement. If, in connection with the Borrowers’ exercise of the extension options pursuant to Section
2.16 hereof, the Borrowers deliver a Replacement Interest Rate Cap Agreement, all the provisions of this Section 2.18 applicable
to the Interest Rate Cap Agreement delivered on the Closing Date shall be applicable to the Replacement Interest Rate Cap Agreement.

 

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SECTION 2.19. Replacement of Lenders.
If any Lender requests compensation under Section 2.10, or if any Loan Party is required to pay any additional amounts to any
Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.12 and, in each case, such Lender has
declined or is unable to designate a different Applicable Lending Office, or if any Lender is a Defaulting Lender or a Non-Consenting
Lender, then the Operating Partnership (on behalf of the Borrowers) may, at Borrowers’ sole expense (provided that
the Administrative Agent shall cooperate in all reasonable respects with the Operating Partnership in furtherance thereof, at
the Borrowers’ sole expense), upon notice to such Lender and the Administrative Agent, require such Lender (a “Departing
Lender”) to assign and delegate, without recourse (in accordance with and subject to the restrictions contained
in, and consents required by, Sections 9.01(b) and 9.07, as applicable, in each case except to the extent provided in this Section
2.19), all of its interests, rights (other than its existing rights to payments pursuant to Section 2.10 or Section 2.12) and
obligations under this Agreement and the other Loan Documents to a Replacement Lender that shall assume such obligations (which
may be another Lender, if a Lender accepts such assignment), provided that:

 

(a)          the
Borrowers shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 9.07;

 

(b)          such
Departing Lender shall have received payment of an amount equal to the outstanding principal of its Advances, accrued interest
thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents from the applicable Replacement
Lender (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the case of all other
amounts);

 

(c)          in
the case of any such assignment resulting from a claim for compensation under Section 2.10 or payments required to be made pursuant
to Section 2.12, such assignment will result in a reduction in such compensation or payments thereafter;

 

(d)          such
assignment does not conflict with applicable law; and

 

(e)          in
the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable Replacement Lender shall have
consented to the applicable amendment, waiver or consent.

 

A Lender shall not be required to make any such assignment or delegation
if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Operating Partnership
(on behalf of the Borrowers) to require such assignment and delegation cease to apply. Each Departing Lender required to make
an assignment pursuant to this Section 2.19 shall promptly execute and deliver an Assignment and Acceptance with the applicable
Replacement Lender. If such Departing Lender does not execute and deliver to the Administrative Agent a duly completed Assignment
and Acceptance and/or any other documentation necessary to reflect such replacement within a period of time deemed reasonable
by the Administrative Agent after the later of (i) the date on which the Replacement Lender executes and delivers such Assignment
and Acceptance and/or such other documentation and (ii) the date on which the Departing Lender receives all payments described
in clause (b) of this Section 2.19, then such Departing Lender shall be deemed to have executed and delivered such Assignment
and Acceptance and/or such other documentation as of such date and the Operating Partnership (on behalf of the Borrowers) shall
be entitled (but not obligated) to execute and deliver such Assignment and Acceptance and/or such other documentation on behalf
of such Departing Lender.

 

SECTION 2.20. Protective Advances.
The Administrative Agent may make, and shall be reimbursed by Lenders (ratably based upon the Pro Rata Shares on such date) to
the extent not reimbursed by the Borrowers for, Protective Advances pursuant to Section 5.01(bb), and each Lender shall, upon
such reimbursement, be deemed to have purchased a participation in each Protective Advance based upon the Pro Rata Share of such
Lender on such date. The Borrowers agree to pay on demand all Protective Advances.

 

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SECTION 2.21. [Intentionally Omitted]. 

 

SECTION 2.22. Reallocation
of Lender Pro Rata Shares; No Novation. On the Closing Date, the advances made under the Existing Loan Agreement shall
be deemed to have been made under this Agreement, without the execution by the Borrowers or Lenders of any other documentation,
and all such advances currently outstanding shall be deemed to have been simultaneously reallocated among Lenders as follows:

 

(a)          On
the Closing Date, each Lender that will have a greater Pro Rata Share of the Loan upon the Closing Date than its Pro Rata Share
(under and as defined in the Existing Loan Agreement) of the Loan (under and as defined in the Existing Loan Agreement) immediately
prior to the Closing Date (each, a “Facility Purchasing Lender”), without executing an Assignment and
Acceptance, shall be deemed to have purchased assignments pro rata from each Lender that will have a smaller Pro Rata Share of
the Loan upon the Closing Date than its Pro Rata Share (under and as defined in the Existing Loan Agreement) of the Loan (under
and as defined in the Existing Loan Agreement) immediately prior to the Closing Date (each, a “Facility Selling Lender”)
in all such Facility Selling Lender’s rights and obligations under this Agreement and the other Loan Documents as a Lender
(collectively, the “Facility Assigned Rights and Obligations”) so that, after giving effect to such
assignments, each Lender shall have its respective Commitment as set forth in Schedule I hereto and a corresponding Pro Rata Share
of all Advances then outstanding under the Loan. Each such purchase hereunder shall be at par for a purchase price equal to the
principal amount of the loans and without recourse, representation or warranty, except that each Facility Selling Lender shall
be deemed to represent and warrant to each Facility Purchasing Lender that the Facility Assigned Rights and Obligations of such
Facility Selling Lender are not subject to any Liens created by that Facility Selling Lender. For the avoidance of doubt, in no
event shall the aggregate amount of each Lender’s Revolving Credit Advances outstanding at any time exceed its Commitment
as set forth in Schedule I hereto.

 

(b)          [Intentionally
Omitted].

 

(c)          The
Administrative Agent shall calculate the net amount to be paid or received by each Lender in connection with the assignments effected
hereunder on the Closing Date. Each Lender required to make a payment pursuant to this Section shall make the net amount of its
required payment available to the Administrative Agent, in same day funds, at the office of the Administrative Agent not later
than 12:00 P.M. (New York time) on the Closing Date. The Administrative Agent shall distribute on the Closing Date the proceeds
of such amounts to Lenders entitled to receive payments pursuant to this Section, pro rata in proportion to the amount each such
Lender is entitled to receive at the primary address set forth in Schedule I hereto or at such other address as such Lender may
request in writing to the Administrative Agent.

 

(d)          Nothing
in this Agreement shall be construed as a discharge, extinguishment or novation of the Obligations of the Loan Parties outstanding
under the Existing Loan Agreement or any instruments securing the same, which Obligations shall remain outstanding under this
Agreement after the date hereof as “Advances” except as expressly modified hereby or by instruments executed concurrently
with this Agreement.

 

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Article
III

CONDITIONS PRECEDENT TO CLOSING AND FUNDING

 

SECTION 3.01. Conditions Precedent to Closing
. The obligation of the Administrative Agent and each Lender to execute and deliver this Agreement
and the effectiveness of this Agreement is subject to the satisfaction of the following conditions precedent on or before the
Closing Date:

 

(a)          The
Administrative Agent shall have received on or before the Closing Date the following, each dated such day (unless otherwise specified),
in form and substance satisfactory to the Administrative Agent (unless otherwise specified) and in sufficient copies for each
Lender:

 

(i)          This
Agreement duly executed by the Loan Parties and the other parties thereto.

 

(ii)         UCC,
judgment, tax, litigation and bankruptcy searches of a recent date with respect to each Loan Party, and, in the case of UCC searches,
listing all effective financing statements filed in the jurisdictions of formation of each such Loan Party and in such other jurisdictions
as may be specified by the Administrative Agent in its reasonable discretion, together with copies of such financing statements.

 

(iii)        Certified
copies of the resolutions of the Board of Directors of the Parent Guarantor on its behalf and on behalf of each Loan Party for
which it is the ultimate signatory approving the transactions contemplated by the Loan Documents and each Loan Document to which
it or such Loan Party is or is to be a party, and of all documents evidencing other necessary corporate action and governmental
and other third party approvals and consents, if any, with respect to the transactions under the Loan Documents and each Loan
Document to which it or such Loan Party is or is to be a party.

 

(iv)        A
copy of a certificate of the Secretary of State (or equivalent authority) of the jurisdiction of incorporation, organization or
formation of each Loan Party and of each general partner or managing member (if any) of each Loan Party, dated reasonably near
the Closing Date, certifying, if and to the extent such certification is generally available for entities of the type of such
Loan Party, (A) as to a true and correct copy of the charter, certificate of limited partnership, limited liability company
agreement or other organizational document of such Loan Party, general partner or managing member, as the case may be, and each
amendment thereto on file in such Secretary’s office, (B) that (1) such amendments are the only amendments to the charter,
certificate of limited partnership, limited liability company agreement or other organizational document, as applicable, of such
Loan Party, general partner or managing member, as the case may be, on file in such Secretary’s office, (2) such Loan
Party, general partner or managing member, as the case may be, has paid all franchise taxes to the date of such certificate and
(C) such Loan Party, general partner or managing member, as the case may be, is duly incorporated, organized or formed and
in good standing or presently subsisting under the laws of the jurisdiction of its incorporation, organization or formation.

 

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(v)         A
copy of a certificate of the Secretary of State (or equivalent authority) of each jurisdiction in which any Loan Party or any
general partner or managing member of a Loan Party owns or leases property or in which the conduct of its business requires it
to qualify or be licensed as a foreign corporation except where the failure to so qualify or be licensed would not reasonably
be expected to result in a Material Adverse Effect, dated reasonably near (but prior to) the Closing Date, stating, with respect
to each such Loan Party, general partner or managing member, that such Loan Party, general partner or managing member, as the
case may be, is duly qualified and in good standing as a foreign corporation, limited partnership or limited liability company
in such State and has filed all annual reports required to be filed to the date of such certificate.

 

(vi)        A
certificate of each Loan Party and of each general partner or managing member (if any) of each Loan Party, signed on behalf of
such Loan Party, general partner or managing member, as applicable, by its President or Vice President and its Secretary or any
Assistant Secretary (or those of its general partner or managing member, if applicable), dated the Closing Date (the statements
made in which certificate shall be true on and as of the Closing Date), certifying as to (A) the absence of any amendments
to the constitutive documents of such Loan Party, general partner or managing member, as applicable, since the date of the certificate
referred to in Section 3.01(a)(iv), (B) a true and correct copy of the bylaws, operating agreement, partnership agreement
or other governing document of such Loan Party, general partner or managing member, as applicable, as in effect on the date on
which the resolutions referred to in Section 3.01(a)(iii) were adopted and on the Closing Date, (C) the due incorporation,
organization or formation and good standing or valid existence of such Loan Party, general partner or managing member, as applicable,
as a corporation, limited liability company or partnership organized under the laws of the jurisdiction of its incorporation,
organization or formation and the absence of any proceeding for the dissolution or liquidation of such Loan Party, general partner
or managing member, as applicable, (D) the truth of the representations and warranties contained in the Loan Documents as
though made on and as of the Closing Date (provided that the Loan Parties may update such representations and warranties
in such certificate so long as such updates are not the result of any violation of any covenant in any Loan Document) and (E) the
absence of any event occurring and continuing, or resulting from the closing of the Loan on the Closing Date, that constitutes
a Default.

 

(vii)       A
certificate of the Secretary or an Assistant Secretary of each Loan Party (or Responsible Officer of the general partner or managing
member of any Loan Party) and of each general partner or managing member (if any) of each Loan Party certifying the names and
true signatures of the officers of such Loan Party, or of the general partner or managing member of such Loan Party, authorized
to sign each Loan Document to which it is or is to be a party and the other documents to be delivered hereunder and thereunder.

 

(viii)      Such
financial, business and other information regarding each Loan Party and its Subsidiaries and the Collateral Assets as Lenders
shall have reasonably requested, including, without limitation, information as to possible contingent liabilities, tax matters,
environmental matters, obligations under Plans, Multiemployer Plans and Welfare Plans, collective bargaining agreements and other
arrangements with employees, historical operating statements, audited annual financial statements for the year ending December
31, 2016 of the Parent Guarantor, interim financial statements dated the end of the most recent fiscal quarter for which financial
statements are available, and financial information relating the Collateral Assets, including without limitation monthly operating
statements, rent rolls, budgets, letters of intent and tax bills.

 

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(ix)         The
Closing Asset Deliverables for all Collateral Assets (other than the Additional Summit Collateral Assets to the extent that the
acquisition of the Additional Summit Collateral Assets is being funded in part with Delayed Draw Advances).

 

(x)          An
opinion of Cleary Gottlieb Steen & Hamilton LLP, New York counsel for the Loan Parties, with respect to the matters (and in
substantially the form) set forth in Exhibit E-1 hereto and as to such other matters as any Lender through the Administrative
Agent may reasonably request.

 

(xi)         An
opinion of Duane Morris LLP, Maryland counsel for the Loan Parties, with respect to the matters (and in substantially the form)
set forth in Exhibit E-2 hereto and as to such other matters as any Lender through the Administrative Agent may reasonably
request.

 

(xii)        An
opinion of Berger Harris LLP, Delaware counsel for the Loan Parties, with respect to the matters (and in substantially the form)
set forth in Exhibit E-3 hereto and as to such other matters as any Lender through the Administrative Agent may reasonably
request.

 

(xiii)       A
certificate signed by a Responsible Officer of the Borrowers, dated the Closing Date, attaching a true and complete copy of the
Georgia Tech Ground Lease, together with all amendments and assignments related thereto.

 

(xiv)      A
ground landlord estoppel certificate addressed to the Administrative Agent and executed by the landlord under the ground lease
relating to the leasehold interest in the Georgia Tech Hotel.

 

(xv)       A
certificate signed by a Responsible Officer of the Borrowers, dated the Closing Date, stating that as of the Closing Date the
Loan Parties shall be in compliance with the covenant contained in Section 5.04, together with supporting information in
form satisfactory to the Administrative Agent showing the computations used in determining compliance with such covenant.

 

(b)          Each
Pledgor shall have (i) complied with the Pledgor SPE Requirements and the Borrowers shall have provided evidence of such compliance
reasonably satisfactory to the Administrative Agent, (ii) satisfied the “know your customer” requirements of the Administrative
Agent and each Lender, and (iii) provided evidence to the Administrative Agent reasonably satisfactory to the Administrative Agent
that such Pledgor has (A) delivered to the applicable issuer of the Pledged Interests an Authorization Statement substantially
in the form of Exhibit A to the applicable Pledgor Security Agreement and (B) caused such issuer to deliver to the Collateral
Agent (I) an Acknowledgement and Consent substantially in the form of Exhibit B to the applicable Pledgor Security Agreement and
(II) a Transaction Statement substantially in the form of Exhibit C to the applicable Pledgor Security Agreement, confirming that
such issuer will comply with instructions with respect to the applicable Pledged Interests originated by the Collateral Agent
without further consent or approval of the applicable Pledgor.

 

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(c)          The
Lenders shall be satisfied with the corporate and legal structure and capitalization of each Loan Party and its Subsidiaries,
including their review of the financial condition, cash flow projection assumptions, terms and conditions of the charter and bylaws,
operating agreement, partnership agreement or other governing document and business history (including, without limitation, references,
credit and other background reports and searches) of each Loan Party and Intervening Entity.

 

(d)          The
Borrowers shall, upon the reasonable request of any Lender made at least ten Business Days prior to the Closing Date, provide
to such Lender the documentation and other information so requested in connection with applicable “know your customer”
and anti-money-laundering rules and regulations, including the Patriot Act, in each case at least five Business Days prior to
the Closing Date.

 

(e)          Before
and after giving effect to the transactions contemplated by the Loan Documents, there shall have occurred no material adverse
change in the business, assets, properties, liabilities (actual or contingent), operations, condition (financial or otherwise)
or prospects of the Loan Parties since December 31, 2016.

 

(f)          There
shall exist no action, suit, investigation, litigation or proceeding affecting any Loan Party or any of its Subsidiaries pending
or threatened before any court, governmental agency or arbitrator that (i) would reasonably be expected to result in a Material
Adverse Effect other than the matters described on Schedule 4.01(f) hereto (the “Material Litigation”)
or (ii) purports to affect the legality, validity or enforceability of any Loan Document or the consummation of the transactions
contemplated thereby, and there shall have been no material adverse change in the status, or financial effect on any Loan Party
or any of its Subsidiaries, of the Material Litigation from that described on Schedule 4.01(f) hereto.

 

(g)          All
governmental and third party consents and approvals necessary in connection with the transactions contemplated by the Loan Documents
shall have been obtained (without the imposition of any conditions that are not acceptable to Lenders) and shall remain in effect,
and no law or regulation shall be applicable in the reasonable judgment of Lenders that restrains, prevents or imposes materially
adverse conditions upon the transactions contemplated by the Loan Documents.

 

(h)          The
Administrative Agent shall have received evidence satisfactory to it that (i) the closing of the acquisition of the Additional
Summit Collateral Assets will occur on the same day as the closing and funding of the Loan (if no Delayed Draw Election Notice
was timely delivered by the Borrowers to the Administrative Agent hereunder), (ii) the Project Gateway Loan has been or shall
simultaneously with the closing of the Loan be closed and been funded in full, and (iii) the Earnout Amount has been paid in full.

 

(i)          The
Administrative Agent shall have received a Delayed Draw Election Notice from the Borrowers pursuant to Section 2.01(b), if the
closing of the acquisition of the Additional Summit Collateral Assets will not occur on the same day as the closing and funding
of the Loan.

 

(j)          The
Administrative Agent shall have received evidence satisfactory to it that the costs of all PIP Work in connection with the Initial
PIP will be capable of being paid in full on a timely basis from (i) Net Operating Income less Routine Capital Expenditures
(as defined in the Cash Management Agreement), (ii) the PIP Reserve Funds, and/or (iii) the FF&E PIP Funds.

 

    	 	66	 

     

    

 

(k)          The
Administrative Agent shall have received evidence satisfactory to it of the payment in full of the Retiring Debt and the termination
of any security instruments securing such Retiring Debt.

 

(l)          The
Administrative Agent shall have received such other approvals, opinions or documents as any Lender through the Administrative
Agent may reasonably request.

 

SECTION 3.02. Conditions Precedent to Funding
Advances. The obligation of each Lender to make an Advance on the occasion of each Borrowing
(including the initial Borrowing) shall in each case be subject to the satisfaction of the conditions set forth in Section 3.01
(to the extent not previously satisfied pursuant to that Section) and the following further conditions precedent as of the date
of such Borrowing:

 

(a)          The
Administrative Agent shall have received on or before the Closing Date the following, each dated such day (unless otherwise specified),
in form and substance satisfactory to the Administrative Agent (unless otherwise specified) and (except for the Notes, as to which
one original of each shall be sufficient) in sufficient copies for each Lender:

 

(i)          Notes,
duly executed by each applicable Borrower and payable to the order of each Lender that has requested the same.

 

(ii)         In
connection with (A) the initial Borrowing, (1) a Cash Management Agreement duly executed by the initial Borrowers, the initial
TRS Lessees and the other parties thereto, (2) a Control Agreement duly executed by each TRS Lessee (excluding the Georgia Tech
TRS Lessee) and the other parties thereto, (3) a Security Agreement duly executed by each initial Borrower and each TRS Lessee,
and (4) each Pledgor Security Agreement duly executed by the applicable Pledgor, and (B) any Delayed Draw Borrowing, the applicable
Additional Security Deliverables duly executed by the Loan Parties party thereto, in each case together with:

 

(A)         proper
financing statements or amendments to the existing financing statements under the UCC in form suitable for filing in the jurisdiction(s)
of formation of each Borrower, each TRS Lessee and each Pledgor in order to perfect and protect the first priority liens and security
interests in favor of the Collateral Agent for the benefit of the Secured Parties created under the Collateral Documents, covering
the Collateral described therein,

 

(B)         UCC,
judgment, tax, litigation and bankruptcy searches of a recent date with respect to each applicable Loan Party, and, in the case
of UCC searches, listing all effective financing statements filed in the jurisdictions referred to in clause (ii)(A) above and
in such other jurisdictions as may be specified by the Administrative Agent in its reasonable discretion, together with copies
of such financing statements,

 

(C)         evidence
of the completion of all other recordings and filings of or with respect to the Security Agreement, the Pledgor Security Agreements
and the Cash Management Agreement that the Collateral Agent may deem reasonably necessary or desirable in order to perfect and
protect the Liens created thereby relating to the Collateral,

 

    	 	67	 

     

    

 

(D)         copies
of the Assigned Agreements referred to in the Security Agreement (which shall include, without limitation, the Approved Management
Agreement and (other than with respect to the Georgia Tech Hotel) the Approved Franchise Agreement) and all amendments thereto
entered into on or before the Closing Date with respect to each applicable Collateral Asset, together with copies of any related
management company acknowledgement agreements or owner agreements executed by the applicable Borrower, the applicable TRS Lessee,
Approved Manager and Approved Franchisor, as applicable, issued in connection with such Approved Franchise Agreement,

 

(E)         in
connection with the initial Borrowing, a fully paid UCC Title Insurance Policy in amount reasonably acceptable to the Administrative
Agent, issued, coinsured and reinsured by title insurers reasonably acceptable to the Administrative Agent. The Administrative
Agent hereby approves Fidelity National Title Insurance Company as an acceptable title insurer, and

 

(F)         evidence
that all other action that the Collateral Agent may deem reasonably necessary or desirable in order to perfect and protect the
first priority Liens created under the Security Agreement, the Pledgor Security Agreements and the Cash Management Agreement has
been taken (including, without limitation, receipt of any applicable duly executed payoff letters or UCC termination statements).

 

(iii)        Each
of the items set forth in clauses (iii) through (viii) of Section 3.01(a), mutatis mutandis, in each case in respect of
each Collateral Asset that is the subject of the applicable Advance and each Loan Party that owns an interest in such Collateral
Asset, as applicable.

 

(iv)        Mortgages
and Assignments of Leases covering the applicable Collateral Assets (which, in the case of the initial Borrowing, shall exclude
the Additional Summit Collateral Assets if a Delayed Draw Election Notice was timely given), in each case duly executed by the
appropriate Borrowers, together with in respect of such Collateral Assets:

 

(A)         evidence
that counterparts of the Mortgages and Assignments of Leases have been duly executed, acknowledged and delivered on or before
the day of the applicable Borrowing by the applicable Borrowers and the applicable TRS Lessees and, in the case of the Assignments
of Leases, the applicable TRS Lessees, and are in form suitable for filing or recording in all filing or recording offices that
the Administrative Agent may deem necessary or desirable in order to create a valid first and subsisting Lien on the collateral
described therein in favor of the Collateral Agent for the benefit of the Secured Parties and that all required affidavits, tax
forms and filings pertaining to any applicable documentary stamp, intangible and mortgage recordation taxes have been executed
and delivered by all appropriate parties and are in form suitable for filing with all applicable governmental authorities,

 

    	 	68	 

     

    

 

(B)         fully
paid Mortgage Policies in form and substance, with endorsements (including zoning endorsements where available) and in amount
reasonably acceptable to the Administrative Agent, issued, coinsured and reinsured by title insurers reasonably acceptable to
the Administrative Agent, insuring the Mortgages to be valid first and subsisting Liens on the property described therein, free
and clear of all defects (including, but not limited to, mechanics’ and materialmen’s Liens) and encumbrances, excepting
only Permitted Encumbrances (as defined in the Mortgages), and providing for such other affirmative insurance (including endorsements
for future advances under the Loan Documents and for mechanics’ and materialmen’s Liens) and such coinsurance and
direct access reinsurance as the Administrative Agent may deem necessary or desirable. The Administrative Agent hereby approves
each of Chicago Title Insurance Company and Fidelity National Title Insurance Company as an acceptable title insurer,

 

(C)         American
Land Title Association/American Congress on Surveying and Mapping form surveys or, if a survey in such form is not available
in the applicable jurisdiction, such other survey in form and substance acceptable to the Collateral Agent in its discretion (the
“Surveys”), in either case for which all necessary fees have been paid, dated no more than 60 days before
the date of their delivery to the Administrative Agent, certified to each Agent and the issuer of the Mortgage Policies in a manner
reasonably satisfactory to the Collateral Agent by a land surveyor duly registered and licensed in the States in which the property
described in such surveys is located and reasonably acceptable to the Collateral Agent, showing all buildings and other improvements,
any off-site improvements, the location of any easements, parking spaces, rights of way, building set-back lines and other dimensional
regulations and the absence of encroachments, either by such improvements or on to such property, and other defects, other than
encroachments and other defects reasonably acceptable to the Collateral Agent, or existing surveys in lieu thereof so long as
each such survey is certified to each Agent and accompanied by an affidavit of no-change, reasonably satisfactory to the Collateral
Agent and sufficient for the applicable title insurer to eliminate all standard survey-related exceptions to the applicable Mortgage
Policy,

 

(D)         [Intentionally
Omitted.];

 

(E)         copies
of all licenses, permits and approvals, including, without limitation, any liquor license, innkeeper’s license and certificate
of occupancy for each applicable Collateral Asset; provided, however, that the absence of any such licenses, permits,
and approvals shall not constitute a failure of a condition precedent so long as the applicable Borrower (i) has made reasonable
arrangements (including, without limitation, obtaining an interim beverage agreement or other similar arrangement permitting the
use of another party’s liquor license) to ensure that the applicable Collateral Asset shall be on the date of the applicable
Borrowing, and shall thereafter remain, in compliance with all applicable material Legal Requirements relating to such licenses,
permits, and approvals, and (ii) is actively making commercially reasonable efforts to promptly obtain such licenses, permits,
and approvals,

 

    	 	69	 

     

    

 

(F)         copies
of each Approved Management Agreement and (other than with respect to the Georgia Tech Hotel) Approved Franchise Agreement and
all amendments thereto entered into with respect to each applicable Collateral Asset,

 

(G)         copies
of all Material Leases, Operating Leases and Material Contracts relating to each applicable Collateral Asset,

 

(H)         copies
of all Liens on each applicable Collateral Asset, including, without limitation, any reciprocal easement agreements, easements
and other items of record,

 

(I)         a
Subordination of Management Agreement executed and delivered by the Approved Manager of each applicable Collateral Asset,

 

(J)         a
Franchise Comfort Letter executed and delivered by the Approved Franchisor of each such Collateral Asset (other than the Georgia
Tech Hotel),

 

(K)         if
requested by the Administrative Agent, estoppel certificates from the counterparties to any material reciprocal easement agreements
affecting each such Collateral Asset, in form and substance reasonably acceptable to the Collateral Agent (provided that
an estoppel certificate in the form specified or provided in the applicable reciprocal easement agreement shall be deemed to be
acceptable to the Collateral Agent), provided that such reciprocal easement agreements by their terms or the Mortgage Policy
are not subordinate to the Mortgage and provided further that the Administrative Agent may waive the requirement for the delivery
of such estoppel certificates with respect to any particular Collateral Asset in its reasonable discretion, and

 

(L)         such
other consents, agreements, and confirmations of third parties as the Administrative Agent may deem reasonably necessary or desirable
and evidence that all other action that the Administrative Agent may deem reasonably necessary or desirable in order to create
valid first and subsisting Liens on the property described in the Mortgages has been taken.

 

(v)         Evidence
of insurance (which may consist of binders or certificates of insurance) in respect of such Collateral Asset and the applicable
Borrower owner thereof naming the Administrative Agent as loss payee and additional insured with such responsible and reputable
insurance companies or associations, and in such amounts and covering such risks, as is reasonably satisfactory to Lenders, including,
without limitation, the insurance required by the terms of Section 5.01(d), the Security Agreement and the Mortgages.

 

(vi)        A
customary enforceability opinion of local counsel for the applicable Borrower and applicable TRS Lessee in the state in which
each Collateral Asset is located, in form and substance reasonably acceptable to the Administrative Agent.

 

(vii)       A
customary opinion of New York counsel for the applicable Borrowers and applicable TRS Lessees covering enforceability of the Loan
Documents to be executed by such Borrowers and TRS Lessees and creation and perfection of Liens (in each case, to the extent such
opinions are not already provided pursuant to clause (vi) of Section 3.01(a)), in form and substance reasonably acceptable to
the Administrative Agent.

 

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(viii)      A
customary corporate formalities opinion of local counsel for the applicable Borrowers and applicable TRS Lessees in the states
in which such Borrowers and TRS Lessees that own or lease a Collateral Asset are formed or organized, in form and substance reasonably
acceptable to the Administrative Agent.

 

(ix)         The
Flood Insurance Documents.

 

(x)          An
Appraisal of each applicable Collateral Asset.

 

(b)          The
Administrative Agent shall have received for the account of such Lender, a certificate signed by a Responsible Officer of the
Borrowers, dated the date of such Borrowing, stating the following (which statements shall be true and correct) that: (A) the
representations and warranties contained in each Loan Document are true and correct in all material respects (unless qualified
as to materiality or Material Adverse Effect, in which case such representations and warranties shall be true and correct in all
respects) (except to the extent modified by the actions of any Borrower or changes in facts and circumstances that in each case
would not constitute a Default or Event of Default) on and as of such date, before and after giving effect to (1) such Borrowing,
and (2) the application of the proceeds therefrom, as though made on and as of such date; and (B) no Default or Event of Default
has occurred and is continuing, or would result from (1) such Borrowing or (2) from the application of the proceeds therefrom.
In connection with the remaking of any such representations and warranties pursuant to this Section 3.02(b), the parties agree
that any such representations and warranties that are qualified to knowledge shall continue to be qualified to knowledge in the
same manner when so remade.

 

(c)          Each
Borrower shall have (i) complied with the Borrower SPE Requirements and provided evidence of such compliance reasonably satisfactory
to the Administrative Agent, and (ii) satisfied the “know your customer” requirements of the Administrative Agent
and each Lender.

 

(d)          Each
TRS Lessee shall have complied with the TRS Lessee SPE Requirements and the Borrower shall have provided evidence of such compliance
reasonably satisfactory to the Administrative Agent.

 

(e)          The
Borrowers shall, upon the reasonable request of any Lender made at least ten Business Days prior to the date of the applicable
Borrowing, provide to such Lender the documentation and other information so requested in connection with applicable “know
your customer” and anti-money-laundering rules and regulations, including the Patriot Act, in each case at least five Business
Days prior to the date of such Borrowing.

 

(f)          The
Borrowers shall have executed and delivered to the Administrative Agent a duly executed closing statement in form and substance
acceptable to the Administrative Agent.

 

(g)          The
Borrowers shall have paid all accrued fees of the Arrangers, the Agents and Lenders and all reasonable, out-of-pocket expenses
of the Arrangers and the Agents (including the reasonable fees and expenses of counsel to the Arrangers and the Agents).

 

    	 	71	 

     

    

 

(h)          The
Administrative Agent shall have received such other approvals, opinions or documents as any Lender through the Administrative
Agent may reasonably request.

 

(i)          In
respect of any Delayed Draw Borrowing, the Administrative Agent shall have received for the account of each Lender a duly executed
Notice of Borrowing dated not later than three (3) Business Days prior to the date of such Delayed Draw Borrowing.

 

(j)          In
respect of any Delayed Draw Borrowing, the Administrative Agent shall have received the Closing Asset Deliverables for all of
the Additional Summit Collateral Assets, from all Additional Borrowers and all additional TRS Lessees.

 

(k)          In
respect of any Delayed Draw Borrowing, the Administrative Agent shall have received evidence satisfactory to it that (i) the closing
of the acquisition of the Additional Summit Collateral Assets will occur on the same day as with the funding of the Delayed Draw
Advances and (ii) each Additional Summit Collateral Asset is branded as described on Part 2 of Schedule XIV.

 

SECTION 3.03. Determinations Under Sections 3.01
and 3.02. For purposes of determining compliance with the conditions specified in Sections 3.01
and 3.02, each Lender shall be deemed to have consented to, approved or accepted or to be satisfied with each document or other
matter required thereunder to be consented to or approved by or acceptable or satisfactory to Lenders unless an officer of the
Administrative Agent responsible for the transactions contemplated by the Loan Documents shall have received notice from such
Lender prior to the Closing Date specifying its objection thereto and such Lender shall not have made available to the Administrative
Agent such Lender’s ratable portion of the Borrowing on the Closing Date.

 

Article
IV

REPRESENTATIONS AND WARRANTIES

 

SECTION 4.01. Representations and Warranties
of the Borrowers. Each Borrower represents and warrants as follows:

 

(a)          Organization
and Powers; Qualifications and Good Standing. Each Loan Party and each Intervening Entity and each general partner or managing
member, if any, of each Loan Party (i) is a corporation, limited liability company or partnership duly incorporated, organized
or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation, organization or formation,
(ii) is duly qualified and in good standing as a foreign corporation, limited liability company or partnership in each other
jurisdiction in which it owns or leases property or in which the conduct of its business requires it to so qualify or be licensed
except where the failure to so qualify or be licensed would not reasonably be expected to result in a Material Adverse Effect
and (iii) has all requisite corporate, limited liability company or partnership power and authority (including, without limitation,
all governmental licenses, permits and other approvals) to own or lease and operate its properties and to carry on its business
as now conducted and as proposed to be conducted. All of the outstanding Equity Interests in each Borrower have been validly issued,
are fully paid and non-assessable. The Parent Guarantor directly or indirectly owns all of the general partnership interests in
the Operating Partnership and the Parent Guarantor owns all of the limited partnership interests in the Operating Partnership,
except for the Class C units in the Operating Partnership owned by Brookfield Investor and the special general partnership interest
in the Operating Partnership owned by BSREP II Hospitality II Special GP OP LLC, a Delaware limited liability company. All Equity
Interests in the Operating Partnership owned by the Parent Guarantor and all Equity Interests in each Borrower are owned
free and clear of all Liens. The Parent Guarantor is organized in conformity with the requirements for qualification as
a REIT under the Internal Revenue Code, and its method of operation enables it to meet the requirements for qualification and
taxation as a REIT under the Internal Revenue Code.

 

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(b)          Subsidiaries.
Set forth on Schedule 4.01(b) hereto is an organizational chart showing the Loan Parties and all Subsidiaries of each Borrower
as of the Closing Date indicating, as to each Loan Party or Subsidiary, its respective jurisdiction of incorporation, organization
or formation, and the percentage of Equity Interests owned (directly or indirectly) in such Loan Party or Subsidiary as of the
Closing Date. All of the outstanding Equity Interests in each Loan Party and each Intervening Entity have been validly issued,
are fully paid and non-assessable and to the extent owned by such Loan Party or one or more Intervening Entities, are owned by
such Loan Party or Intervening Entity free and clear of all Liens, except for Liens created under the Loan Documents.

 

(c)          Due
Authorization; No Conflict. The execution and delivery by each Loan Party and of each general partner or managing member (if
any) of each Loan Party of each Loan Document to which it is or is to be a party, and the performance of its obligations thereunder
and the other transactions contemplated by the Loan Documents, are within the corporate, limited liability company or partnership
powers of such Loan Party, general partner or managing member, have been duly authorized by all necessary corporate, limited liability
company or partnership action, and do not (i) contravene the charter or bylaws, operating agreement, partnership agreement
or other governing document of such Loan Party, general partner or managing member, (ii) violate any law, rule, regulation
(including, without limitation, Regulation X of the Board of Governors of the Federal Reserve System), order, writ, judgment,
injunction, decree, determination or award, (iii) conflict with or result in the breach of, or constitute a default or require
any payment to be made under, any Material Contract, loan agreement, indenture, mortgage, deed of trust, lease or other instrument
binding on or affecting any Loan Party, any Intervening Entity or any of their properties, or any general partner or managing
member of any Loan Party or (iv) except for the Liens created under the Loan Documents, result in or require the creation
or imposition of any Lien upon or with respect to any of the properties of any Loan Party. Neither any Loan Party nor any Intervening
Entity is in violation of any such law, rule, regulation, order, writ, judgment, injunction, decree, determination or award or
in breach of any such contract, loan agreement, indenture, mortgage, deed of trust, lease or other instrument, the violation or
breach of which would reasonably be expected to result in a Material Adverse Effect.

 

(d)          Authorizations
and Consents. No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority
or regulatory body or any other third party is required for (i) the due execution, delivery, recordation, filing or performance
by any Loan Party or any general partner or managing member of any Loan Party of any Loan Document to which it is or is to be
a party or for the consummation the transactions contemplated by the Loan Documents, (ii) the grant by any Loan Party (or the
general partner or managing member of such Loan Party) of the Liens granted by it pursuant to the Collateral Documents, (iii)
the perfection or maintenance of the Liens created under the Collateral Documents (including the first priority nature thereof)
or (iv) the exercise by any Agent or any Lender of its rights under the Loan Documents or the remedies in respect of the
Collateral pursuant to the Collateral Documents, except for authorizations, approvals, actions, notices and filings which have
been duly obtained, taken, given or made and are in full force and effect.

 

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(e)          Binding
Obligation. This Agreement has been, and each other Loan Document when delivered hereunder will have been, duly executed and
delivered by each Loan Party and general partner or managing member (if any) of each Loan Party that is a party thereto. This
Agreement is, and each other Loan Document when delivered hereunder will be, the legal, valid and binding obligation of each Loan
Party and general partner or managing member (if any) of each Loan Party thereto, enforceable against such Loan Party, general
partner or managing member, as the case may be, in accordance with its terms, except as such enforceability may be limited by
any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally
and by general principles of equity.

 

(f)          Litigation.
There is no action, suit, investigation, litigation or proceeding affecting any Loan Party or any Intervening Entity or any general
partner or managing member (if any) of any Loan Party, including any Environmental Action, pending or, to the knowledge of each
Borrower, threatened before any court, governmental agency or arbitrator that (i) would reasonably be expected to result
in a Material Adverse Effect (other than the Material Litigation) or (ii) purports to affect the legality, validity or enforceability
of any Loan Document or the transactions contemplated by the Loan Documents, and there has been no material adverse change in
the status, or financial effect on any Loan Party or any Intervening Entity or any general partner or managing member (if any)
of any Loan Party, of the Material Litigation from that described on Schedule 4.01(f) hereto.

 

(g)          Financial
Condition. The Consolidated balance sheets of the Parent Guarantor as at December 31, 2016 and the related Consolidated statements
of income and Consolidated statements of cash flows of the Parent Guarantor for the fiscal year then ended, accompanied by opinions
of KPMG LLP, independent public accountants, copies of which have been furnished to each Lender, fairly present in all material
respects the Consolidated financial condition of the Parent Guarantor as at such dates and the Consolidated results of operations
of the Parent Guarantor for the periods ended on such dates, all in accordance with generally accepted accounting principles applied
on a consistent basis and, as applicable, properly apply the pro forma adjustments, if any, to the historical amounts in the compilation
of those statements. Since December 31, 2016 there has been no Material Adverse Change.

 

(h)          Forecasts.
The Consolidated forecasted balance sheets, statements of income and statements of cash flows of the Parent Guarantor and its
Consolidated Subsidiaries delivered to Lenders pursuant to Section 5.03 were prepared in good faith on the basis of the assumptions
stated therein, which assumptions were believed by the Parent Guarantor to be reasonable at the time (it being understood and
agreed that any forward looking information is subject to uncertainties and contingencies, some of which are or may be beyond
the Parent Guarantor’s control, that no assurance is given by any Loan Party that any particular projections will be realized,
that actual results may differ and that such differences may be material, and that such assumptions may, in retrospect, be deemed
to have been unreasonable when made).

 

(i)          Full
Disclosure. No written information, exhibit or report furnished by or on behalf of any Loan Party to the Administrative Agent
or any Lender in connection with the negotiation and syndication of the Loan Documents or pursuant to the terms of the Loan Documents
(including the documents and agreements delivered pursuant to Section 3.01) contained any untrue statement of a material fact
or omitted to state a material fact necessary to make the statements made therein not materially misleading in light of all of
the information disclosed. The Borrowers have disclosed to the Administrative Agent, in writing, any and all existing facts that
have or may have (to the extent any of the Borrowers can now reasonably foresee) a Material Adverse Effect; provided, however,
that the Borrowers are not obligated to report on the potential Material Adverse Effect of any general economic condition.

 

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(j)          Margin
Regulations; Not a Foreign Person. No Loan Party is engaged in the business of extending credit for the purpose of purchasing
or carrying Margin Stock, and no proceeds of any Advance will be used to purchase or carry any Margin Stock or to extend credit
to others for the purpose of purchasing or carrying any Margin Stock. No Borrower is a foreign person within the meaning of §
1445(f)(3) of the Code.

 

(k)          Certain
Governmental Regulations. Neither any Loan Party nor any general partner or managing member of any Loan Party, as applicable,
is an “investment company”, or an “affiliated person” of, or “promoter” or “principal
underwriter” for, an “investment company”, as such terms are defined in the Investment Company Act of 1940,
as amended. Without limiting the generality of the foregoing, each Loan Party and each general partner or managing member of any
Loan Party, as applicable: (i) is primarily engaged, directly or through a wholly-owned subsidiary or subsidiaries, in a business
or businesses other than that of (A) investing, reinvesting, owning, holding or trading in securities or (B) issuing face-amount
certificates of the installment type; (ii) is not engaged in, does not propose to engage in and does not hold itself out as being
engaged in the business of (A) investing, reinvesting, owning, holding or trading in securities or (B) issuing face-amount certificates
of the installment type; (iii) does not own or propose to acquire investment securities (as defined in the Investment Company
Act of 1940, as amended) having a value exceeding forty percent (40%) of the value of such company’s total assets (exclusive
of government securities and cash items) on an unconsolidated basis; (iv) has not in the past been engaged in the business of
issuing face-amount certificates of the installment type; and (v) does not have any outstanding face-amount certificates of the
installment type. None of the making of any Advances or the application of the proceeds or repayment thereof by any Borrower,
or the consummation of the other transactions contemplated by the Loan Documents, will violate any provision of any such Act or
any rule, regulation or order of the Securities and Exchange Commission thereunder.

 

(l)          Materially
Adverse Agreements. No Guarantor is a party to any indenture, loan or credit agreement or any lease or other agreement or
instrument or subject to any charter, corporate, partnership, membership or other governing restriction that would reasonably
be expected to result in a Material Adverse Effect (absent a material default under a Material Contract). None of any Borrower
or any TRS Lessee has any material financial obligation (contingent or otherwise) under any indenture, mortgage, deed of trust,
loan agreement or other agreement or instrument to which any Borrower or any TRS Lessee is a party or by which any Borrower, any
TRS Lessee, or any Collateral Asset is otherwise bound, other than (i) obligations incurred in the ordinary course of the operation
of the Collateral Assets, (ii) obligations under the Loan Documents, and (iii) obligations disclosed in the financial statements
delivered to Lender prior to the Closing Date.

 

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(m)          Perfection
and Priority of Security Interests. All filings and other actions necessary to perfect and protect the security interest in
the Collateral created under the Collateral Documents have been duly made or taken and are in full force and effect, and the Collateral
Documents create in favor of the Collateral Agent for the benefit of the Secured Parties a valid and, together with such filings
and other actions, perfected first priority security interest in the Collateral, securing the payment of the Secured Obligations,
and all filings and other actions necessary or desirable to perfect and protect such security interest have been duly taken. The
Mortgages, when properly recorded in the appropriate records, and Collateral Documents, together with any Uniform Commercial Code
financing statements required to be filed in connection therewith, will create (a) a valid, perfected first mortgage lien on the
Collateral Assets, subject only to Permitted Liens and (b) perfected security interests in and to, and perfected collateral assignments
of, all personalty (including the Tenancy Leases and the Operating Leases), all in accordance with the terms thereof, in each
case subject only to any applicable Permitted Liens. The Borrowers, the TRS Lessees and the Pledgors, as applicable, are the legal
and beneficial owners of the Collateral free and clear of any Lien, except for Permitted Liens and the Liens created under the
Loan Documents. All transfer taxes, deed stamps, intangible taxes or other amounts in the nature of transfer taxes required to
be paid by any Person under applicable Legal Requirements currently in effect in connection with the transfer of any Collateral
Asset to the applicable Borrower have been paid and the granting and recording of the Mortgage required to be filed in connection
with the Loan. All mortgage, mortgage recording, stamp, intangible or other similar tax required to be paid by any Person under
applicable Legal Requirements currently in effect in connection with the execution, delivery, recordation, filing, registration,
perfection or enforcement of any of the Loan Documents, including, without limitation, the Mortgages, have been paid, and, under
current Legal Requirements, each Mortgage is enforceable against the applicable Borrower in accordance with its terms by the Collateral
Agent (or any subsequent holder thereof) subject only to applicable bankruptcy, insolvency and similar laws affecting rights of
creditors generally, and subject as to enforceability, to general principles of equity (regardless of whether enforcement is sought
in a proceeding in equity or at law.

 

(n)          Existing
Debt. As of the Closing Date, no Borrower has any outstanding Indebtedness, except as set forth on Schedule 4.01(n).

 

(o)          Liens.
Set forth on Schedule 4.01(o) hereto is a complete and accurate list of (i) all Liens on the property or assets of any
Borrower that directly or indirectly owns any Collateral Asset securing Debt for Borrowed Money, and (ii) all Liens with a principal
balance in excess of $250,000 on the property or assets of any Borrower securing Debt for Borrowed Money; in each case showing
as of the Closing Date the lienholder thereof, the principal amount of the obligations secured thereby and the property or assets
of such Borrower subject thereto; provided, however, that easements and other real property restrictions, covenants and
conditions of record (exclusive of Liens securing Debt) and the Liens created under the Loan Documents shall not be listed on
Schedule 4.01(o).

 

(p)          Real
Property; Leases. (i) Set forth on Part I of Schedule 4.01(p) hereto is a complete and accurate list of all Real Property
owned in fee or leasehold by any Borrower, showing as of the Closing Date, and as of each other date such Schedule 4.01(p)
is required to be supplemented hereunder, the street address, state and record owner thereof and whether the interest in such
Real Property is a fee or leasehold interest. Each such Borrower has fee simple title to such Real Property owned by it, free
and clear of all Liens, other than existing Liens and Liens permitted under Section 5.02(a), which title is insurable without
the payment of additional, non-customary title insurance premiums.

 

(ii)          Set
forth on Part II of Schedule 4.01(p) hereto is a complete and accurate list of any Operating Leases in which any Borrower
is a lessor, as of the Closing Date, and as of each other date such Schedule 4.01(p) is required to be supplemented hereunder,
the street address, state, lessor, lessee, and record owner thereof. Each such lease is the legal, valid and binding obligation
of the lessor thereof, enforceable in accordance with its terms. There are no leases of Real Property under which any Borrower
is the lessee.

 

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(iii)         Except
as set forth on Part III of Schedule 4.01(p), each Collateral Asset has rights of access to public ways and is served by water,
sewer, sanitary sewer and storm drain facilities adequate to service the Collateral Asset for its intended uses. To the Borrowers’
knowledge, except as set forth on Part III of Schedule 4.01(p), all utilities necessary to the existing uses of the Collateral
Assets are located either in the public right-of-way abutting the Collateral Assets (which are connected so as to serve the Collateral
Assets without passing over other property) or in recorded easements serving the applicable Collateral Assets. Except as set forth
on Part III of Schedule 4.01(p), all roads necessary for the use of the Collateral Assets for their current purposes have been
completed and, if necessary, dedicated to public use.

 

(iv)         Except
as set forth on Part IV of Schedule 4.01(p), each Collateral Asset is comprised of one (1) or more contiguous parcels which constitute
a separate tax lot or lots and does not constitute or include a portion of any other tax lot not a part of such Collateral Asset.

 

(v)          Except
as set forth on Part V of Schedule 4.01(p), to the Borrowers’ knowledge, there are no pending or proposed special or other
assessments for public improvements or otherwise affecting any Collateral Asset, nor are there any contemplated improvements to
any Collateral Assets that may result in such special or other assessments.

 

(vi)         The
Borrowers have heretofore delivered to the Administrative Agent true and complete copies of all Tenancy Leases and Operating Leases
and any and all amendments or modifications thereof. No tenant under any Tenancy Lease has a right or option pursuant to such
Tenancy Lease or otherwise to purchase all or any part of the property of which the leased premises are a part.

 

(vii)        Except
as set forth on Part VI of Schedule 4.01(p), each Collateral Asset is used exclusively for hotel purposes and other appurtenant
and related uses.

 

(viii)       To
the Borrowers’ knowledge, except as disclosed on the Surveys and except as set forth on Part VII of Schedule 4.01(p), all
of the Improvements lie wholly within the boundaries and building restriction lines of the applicable Real Property, and no improvements
on adjoining properties encroach upon the Real Property, and no easements or other encumbrances upon the Real Property encroach
upon any of the Improvements, so as to have a material adverse effect on the value or marketability of the Real Property except
those which are insured against by the applicable Mortgage Policy.

 

(ix)          Each
Collateral Asset is operated and managed by an Approved Manager pursuant to an Approved Management Agreement.

 

(x)          Each
Collateral Asset (other than the Georgia Tech Hotel) is licensed or franchised pursuant to an Approved Franchise Agreement with
an Approved Franchisor, subject to Section 5.01(q).

 

(xi)          Each
Initial PIP is appended to an Approved Franchise Agreement and the copy of such Approved Franchise Agreement heretofore delivered
to the Administrative Agent by the Borrowers is true, correct and complete in all material respects. The timelines for completion
of each Initial PIP and the PIP Completion Dates are accurate indications of the expected timelines for completing the applicable
Initial PIP as currently required by the applicable Approved Franchisor. Each Initial PIP has been approved by the applicable
Borrower and the applicable Approved Franchisor. No Borrower has received any written notice or demand from any Approved Franchisor
demanding any repair, maintenance, alterations or improvement to any Collateral Asset other than as specifically identified in
an Initial PIP.

 

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(xii)          No
Collateral Asset (other than the Georgia Tech Hotel) is subject to any ground lease.

 

(q)          Environmental
Matters. (i) Except as otherwise set forth on Part I of Schedule 4.01(q) hereto or in any environmental assessment report
delivered by the any Loan Party to the Administrative Agent, the operations and properties of each Borrower comply in all material
respects with all applicable Environmental Laws and Environmental Permits, all past material non-compliance with such Environmental
Laws and Environmental Permits has been resolved without ongoing material obligations or costs, and, to the knowledge of each
Borrower, no circumstances exist that would be reasonably likely to (A) form the basis of an Environmental Action against any
Borrower or any of its properties that would have a Material Adverse Effect or (B) cause any such property to be subject to any
restrictions on ownership, occupancy, use or transferability under any Environmental Law.

 

(ii)          Except
as otherwise set forth on Part II of Schedule 4.01(q) hereto or in any environmental assessment report delivered by any Loan Party
to the Administrative Agent, none of the properties currently or formerly owned or operated by any Borrower is listed or, to the
knowledge of each Borrower and its Subsidiaries, proposed for listing on the NPL or on the CERCLIS or any analogous foreign, state
or local list or is adjacent to any such listed property; to the knowledge of each Borrower, there are no underground or above
ground storage tanks or any surface impoundments, septic tanks, pits, sumps or lagoons in which Hazardous Materials are being
or have been treated, stored or disposed on any property currently owned or operated by any Borrower; to the knowledge of each
Borrower, there is no asbestos or asbestos-containing material on any property currently owned or operated by any Borrower except
for any non-friable asbestos-containing material that is being managed pursuant to, and in compliance with, an operations and
maintenance plan and that does not currently require removal, remediation, abatement or encapsulation under Environmental Law;
and, to the knowledge of each Borrower, Hazardous Materials have not been released, discharged or disposed of in any material
amount or in violation of any Environmental Law or Environmental Permit on any property currently owned or operated by any Borrower
or, to the knowledge of each Borrower, during the period of their ownership or operation thereof, on any property formerly owned
or operated by any Borrower.

 

(iii)          Except
as otherwise set forth on Part III of Schedule 4.01(q) hereto or in any environmental assessment report delivered by any Loan
Party to the Administrative Agent, no Borrower is undertaking, and has not completed, either individually or together with other
potentially responsible parties, any investigation or assessment or remedial or response action relating to any actual or threatened
release, discharge or disposal of Hazardous Materials at any site, location or operation, either voluntarily or pursuant to the
order of any governmental or regulatory authority or the requirements of any Environmental Law; to the knowledge of each Borrower,
all Hazardous Materials generated, used, treated, handled or stored at, or transported to or from, any property currently or formerly
owned or operated by any Borrower have been disposed of in a manner not reasonably expected to result in a Material Adverse Effect;
and, with respect to any property formerly owned or operated by any Borrower, all Hazardous Materials generated, used, treated,
handled, stored or transported by or, to the knowledge of each Borrower, on behalf of any Borrower have been disposed of in a
manner that would not reasonably be expected to result in a Material Adverse Effect.

 

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(r)          Compliance
with Laws. Each Loan Party and each Intervening Entity is in compliance with all Legal Requirements (including, without limitation,
the Securities Act and the Securities Exchange Act, and the applicable rules and regulations thereunder, state securities law
and “Blue Sky” laws) applicable to it and its business, where the failure to so comply would reasonably be expected
to result in a Material Adverse Effect.

 

(s)          Force
Majeure. Neither the business nor the Collateral Assets of any Loan Party or any Intervening Entity are affected by any fire,
explosion, accident, strike, lockout or other labor dispute, drought, storm, hail, earthquake, embargo, act of God or of the public
enemy or other casualty (whether or not covered by insurance) that would reasonably be expected to result in a Material Adverse
Effect.

 

(t)          Loan
Parties’ Credit Decisions. Each Loan Party has, independently and without reliance upon any Agent or any Lender and
based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into
this Agreement (and in the case of the Guarantors, to give the guaranty under this Agreement) and each other Loan Document to
which it is or is to be a party, and each Loan Party has established adequate means of obtaining from each other Loan Party on
a continuing basis information pertaining to, and is now and on a continuing basis will be completely familiar with, the business,
condition (financial or otherwise), operations, performance, properties and prospects of such other Loan Party.

 

(u)          Solvency.
Each Loan Party is, individually and together with its Subsidiaries, Solvent. To the Borrowers’ knowledge, no petition for
bankruptcy has been filed against any Loan Party. No Loan Party, is contemplating either the filing of a petition by it under
any state or federal bankruptcy or insolvency laws or the liquidation of all or a major portion of such entity’s assets
or property, and Borrower has no knowledge of any Person contemplating the filing of any such petition against any Loan Party.

 

(v)          Sarbanes-Oxley.
No Loan Party has made any extension of credit to any of its directors or executive officers in contravention of any applicable
restrictions set forth in Section 402(a) of Sarbanes-Oxley.

 

(w)          ERISA
Matters. (i) Set forth on Schedule 4.01(w) hereto is a complete and accurate list of all Plans and Welfare Plans which list
may be updated by the Loan Parties from time to time upon notice to the Administrative Agent.

 

(ii)          Except
as would not reasonably be expected to result in a liability to a Loan Party of an amount equal to or greater than $5,000,000.00,
no ERISA Event has occurred within the preceding five plan years or is reasonably expected to occur with respect to any Plan that
has resulted in or is reasonably expected to result in a material liability of any Loan Party or any ERISA Affiliate.

 

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(iii)          Except
as would not reasonably be expected to result in a liability to a Loan Party of an amount equal to or greater than $5,000,000.00,
Schedule B (Actuarial Information) to the most recent annual report (Form 5500 Series) for each Plan, copies of which have been
filed with the Internal Revenue Service and furnished to Lenders, is complete and accurate and fairly presents the funding status
of such Plan as of the date of such Schedule B, and since the date of such Schedule B there has been no material adverse change
in such funding status.

 

(iv)          Neither
any Loan Party nor any ERISA Affiliate has incurred or is reasonably expected to incur any Withdrawal Liability to any Multiemployer
Plan in an amount equal to or greater than $5,000,000.00.

 

(v)          Except
as would not reasonably be expected to result in a liability to a Loan Party of an amount equal to or greater than $5,000,000.00,
neither any Loan Party nor any ERISA Affiliate has been notified by the sponsor of a Multiemployer Plan that such Multiemployer
Plan is in reorganization or has been terminated, within the meaning of Title IV of ERISA, and no such Multiemployer Plan is reasonably
expected to be in reorganization or to be terminated, within the meaning of Title IV of ERISA.

 

(x)           OFAC;
Patriot Act. None of the Borrowers, any Guarantor, or any of their respective Subsidiaries or, to their knowledge, any director,
officer, employee, agent or Affiliate thereof, is a Person that is, or is owned or controlled by Persons that are: (i) the subject
of any sanctions administered or enforced by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”),
the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other
relevant sanctions authority (collectively, “Sanctions”), or (ii) located, organized or resident in
a country or territory that is, or whose government is, the subject of Sanctions. None of any Borrower or any of its Subsidiaries
have within the preceding five years knowingly engaged in, or is now knowingly engaged in, any dealings or transactions with any
Person, or in any country or territory, that at the time of the dealing or transaction is or was, or whose government is or was,
the subject of Sanctions. No portion of any Collateral Asset has been or will be purchased with proceeds of any illegal activity.
To the extent applicable, each of the Loan Parties and their Subsidiaries is in compliance in all material respects with (i) the
Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department
(31 CFR, Subtitle B, Chapter V, as amended), and any other enabling legislation or executive order relating thereto, and (ii)
the Patriot Act.

 

(y)          Anti-Corruption
Laws. Each Loan Party and its Subsidiaries and, to the knowledge of each such Loan Party, their respective directors, officers
and employees and the agents of such Loan Party and its Subsidiaries, are in compliance with the Anti-Corruption Laws in all material
respects. Each Loan Party and its Subsidiaries have instituted and maintain policies and procedures designed to promote and achieve
continued compliance therewith.

 

(z)          Purchase
Agreements. The Borrowers have heretofore delivered to the Administrative Agent correct and complete copies of all Purchase
Agreements and all modifications and assignments thereof.

 

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(aa)         Improvements.
To the Borrowers’ knowledge, except as expressly disclosed in the physical conditions reports or the property improvement
plans in each case delivered to the Administrative Agent on or prior the Closing Date, each Collateral Asset, including, without
limitation, all buildings, Improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC
systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation
systems and all structural components, are in good condition, order and repair in all material respects; to the knowledge of the
Borrowers and except as disclosed in such reports, there exists no structural or other material defects or damages in or to any
Collateral Asset, whether latent or otherwise, and no Borrower has received any written notice from any insurance company or bonding
company of any defects or inadequacies in any Collateral Asset, or any part thereof, which would adversely affect the insurability
of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination
of any policy of insurance or bond.

 

(bb)        Material
Contracts. Except to the extent set forth in certain quality assurance letters delivered in connection with the Approved Franchise
Agreements and provided to the Administrative Agent prior to the Closing Date, no event of default by any Borrower, any TRS Lessee
or any Subsidiary of any of the foregoing exists under any Material Contract to which any Borrower, any TRS Lessee or any such
Subsidiary is a party.

 

(cc)         Reciprocal
Easement Agreements. To the Borrowers’ knowledge, no default or any event that would constitute an event of default
but for the requirement that notice be given or time elapse or both currently exists under any reciprocal easement agreement or
other similar agreement relating to any of the Collateral Assets which default or event would reasonably be expected to have a
Material Adverse Effect.

 

(dd)        Casualty
and Condemnation. To the Borrowers’ knowledge, except as expressly disclosed in the zoning reports delivered on or prior
the Closing Date, none of the Collateral Assets is affected by any material Casualty, Condemnation or pending or threatened Condemnation.

 

(ee)        Taxes.
The Borrowers and their Subsidiaries have filed all Tax returns which are required to be filed and have paid all Taxes due pursuant
to such returns or pursuant to any assessment received by the Borrowers or any of its Subsidiaries except (i) such Taxes, if any,
that are subject to a Good Faith Contest and (ii) with respect to the Subsidiaries, to the extent the failure to so file any such
returns or to pay any such Taxes could not reasonably be expected to have a Material Adverse Effect. As of the Closing Date, no
Tax liens have been field and no claims are being asserted with respect to such Taxes. The charges, accruals and reserves on the
books of the Borrowers and their Subsidiaries, taken as a whole, in respect of any Taxes, are adequate.

 

(ff)          Intellectual
Property. Except as could not reasonably be expect to have a Material Adverse Effect, and subject to the terms and conditions
of each applicable Approved Franchise Agreement:

 

(i)         The
Borrowers own or have the right to use, under valid license agreements or otherwise, all material patents, licenses, franchises,
trademarks, trademark rights, trade names, trade name rights, trade secrets and copyrights (collectively, “Intellectual
Property”) necessary to the conduct of their respective businesses as now conducted and as contemplated by the Loan
Documents, without known conflict with any patent, license, franchise, trademark, trade secret, trade name, copyright, or other
proprietary right of any other Person;

 

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(ii)        The
Borrowers have taken all such steps as they deem reasonably necessary to protect their respective rights under and with respect
to such Intellectual Property;

 

(iii)       No
claim has been asserted by any Person with respect to the use of any Intellectual Property by any Borrower, or challenging or
questioning the validity or effectiveness of any Intellectual Property; and

 

(iv)      The
use of such Intellectual Property by each Borrower does not infringe on the rights of any Person, subject to such claims and infringements
as do not, in the aggregate, give rise to any material liabilities on the part of any Borrower.

 

(gg)        Insurance.
The Borrowers have obtained and have delivered to the Administrative Agent certified copies or certificates of all insurance policies
required under this Agreement, reflecting the insurance coverages, amounts and other requirements set forth in this Agreement.
Borrower has not, and to the Borrowers’ knowledge no Person has, done by act or omission anything which would impair the
coverage of any such policy.

 

(hh)        Certificate
of Occupancy; Licenses. To the Borrowers’ knowledge, except as expressly disclosed in the zoning reports delivered on
or prior the Closing Date all certifications, permits, licenses (including, without limitation, a license to serve alcohol at
the Collateral Assets) and approvals, including without limitation, certificates of completion and occupancy permits required
of any Borrower for the legal use, occupancy and operation of any Collateral Asset for hotel purposes (collectively, the “Licenses”),
have been obtained and are in full force and effect, except for those Licenses the absence of which could not reasonably be expected
to have a Property Material Adverse Effect on any Collateral Asset, and provided, however, that the absence of any such Licenses
shall not constitute a breach of the foregoing representation and warranty in this Section 4.01(hh) so long as the applicable
Borrower (I) has made reasonable arrangements (including, without limitation, obtaining an interim beverage agreement or other
similar arrangement permitting the use of another party’s liquor license) to ensure that the applicable Collateral Asset
is in compliance with all applicable material Legal Requirements relating to such Licenses; and (II) is actively making commercially
reasonable efforts to promptly obtain such Licenses. The use being made of each Collateral Asset is in conformity with the certificate
of occupancy issued for such Collateral Asset, except to the extent that lack of such conformity could not reasonably be expected
to have a Property Material Adverse Effect on the applicable Collateral Asset. With respect to Improvements for which no certificate
of occupancy exists, the absence of a certificate of occupancy is not in violation of any Legal Requirements.

 

(ii)          Labor.
To the Borrowers’ knowledge, no work stoppage, labor strike, slowdown or lockout is pending or threatened by employees and
other laborers at any Collateral Asset. None of any Borrower, any TRS Lessee or any Manager (i) is involved in or, to the Borrowers’
knowledge, threatened with any labor dispute, grievance or litigation relating to labor matters involving any employees and other
laborers at any Collateral Asset, including, without limitation, violation of any federal, state or local labor, safety or employment
Legal Requirements (domestic or foreign) and/or charges of unfair labor practices or discrimination complaints that, in any case,
could reasonably be expected to have a Property Material Adverse Effect on any Collateral Asset, (ii) to the Borrowers’
knowledge, has engaged with respect to any Collateral Asset, in any unfair labor practices within the meaning of the National
Labor Relations Act or the Railway Labor Act that could reasonably be expected to have a Property Material Adverse Effect on any
Collateral Asset, or (iii) is a party to, or bound by, any existing collective bargaining agreement or union contract with respect
to employees and other laborers at any Collateral Asset, except for those collective bargaining agreements and union contracts
set forth on Schedule 4.01(ii) hereto.

 

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(jj)          Special
Flood Hazard Properties. Either (i) no Collateral Asset is a Flood Hazard Property or (ii) if a Collateral Asset is a Flood
Hazard Property, the Borrower or the applicable Loan Party has delivered to the Administrative Agent the Flood Insurance Documents
with respect to such Collateral Asset.

 

(kk)        EEA
Financial Institution. Neither any Loan Party nor any of its Subsidiaries nor any general partner or managing member of any
Loan Party, as applicable, is an EEA Financial Institution.

 

(ll)          Georgia
Tech Purchase Agreement. Following the payment of the Earnout Amount on or prior to the Closing Date, no further amounts shall
be due or payable to the seller pursuant to the Georgia Tech Purchase Agreement.

 

Article
V

COVENANTS

 

SECTION 5.01. Affirmative Covenants.
So long as any Advance or any other Obligation of any Loan Party under any Loan Document shall remain unpaid or any Lender shall
have any Commitment hereunder, each Borrower will (or, in the case of the covenants in Sections 5.01(r) and 5.01(t) below, the
Parent Guarantor will):

 

(a)          Compliance
with Laws, Etc. Comply, and cause each Intervening Entity to comply, in all material respects, with all applicable Legal Requirements,
such compliance to include, without limitation, compliance with ERISA and the Racketeer Influenced and Corrupt Organizations Chapter
of the Organized Crime Control Act of 1970. Each Borrower shall keep and maintain all Licenses necessary for the operation of
each Collateral Asset for hotel purposes; provided, however, that the absence of any such Licenses, shall not constitute
a breach of the foregoing covenant of this Section 5.01(a) so long as the applicable Borrower (I) has made reasonable arrangements
(including, without limitation, obtaining an interim beverage agreement or other similar arrangement permitting the use of another
party’s liquor license) to ensure that the applicable Collateral Asset shall be, and shall thereafter remain, in compliance
with all applicable material Legal Requirements relating to such Licenses; and (II) is actively making commercially reasonable
efforts to promptly obtain such Licenses.

 

(b)          Payment
of Taxes, Etc. Pay and discharge, and cause each Intervening Entity to pay and discharge, before the same shall become delinquent,
(i) all Taxes imposed upon it or upon its property and (ii) all lawful claims that, if unpaid, might by law become a
Lien upon its property; provided, however, that neither the Loan Parties nor any Intervening Entity shall be required
to pay or discharge any such Tax or claim that is the subject of a Good Faith Contest, unless and until any Lien resulting therefrom
attaches to its property and becomes enforceable against its other creditors.

 

(c)          Compliance
with Environmental Laws. Comply, and cause each Intervening Entity and use commercially reasonable efforts to cause all lessees
and other Persons operating or occupying its properties to comply, in all material respects, with all applicable Environmental
Laws and Environmental Permits; obtain and renew and cause each Intervening Entity to obtain and renew all Environmental Permits
necessary for its operations and properties; and conduct, and cause each Intervening Entity to conduct, any investigation, study,
sampling and testing, and, if required by any Governmental Authority or under any Environmental Laws, undertake any cleanup, removal,
remedial or other action necessary to remove and clean up all Hazardous Materials from any of its properties in material compliance
with the requirements of all Environmental Laws; provided, however, that neither the Loan Parties nor any Intervening
Entity shall be required to undertake any such cleanup, removal, remedial or other action to the extent that its obligation to
do so is the subject of a Good Faith Contest.

 

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(d)          Maintenance
of Insurance. (i) Maintain, and cause each Intervening Entity to maintain, insurance (including, with respect to the Collateral
Assets, the insurance required by the terms of the Mortgages) with responsible and reputable insurance companies or associations
in such amounts and covering such risks as is usually carried by companies engaged in similar businesses and owning similar properties
in the same general areas in which the applicable Borrower or Intervening Entity operates, but in no event shall such amounts
be lower or coverages be less comprehensive than the respective insurance amounts and coverages maintained by the Borrowers and
the Intervening Entities on the Closing Date approved by the Administrative Agent. The Borrowers shall from time to time deliver
to the Administrative Agent upon written request a list in reasonable detail, together with copies of all policies (or other available
evidence) of the insurance then in effect, stating the names of the insurance companies, the coverages and amounts of such insurance,
the dates of the expiration thereof and the properties and risks covered thereby.

 

(ii)           If
any Collateral Asset is at any time a Flood Hazard Property, then the Borrowers shall provide to the Administrative Agent the
Flood Insurance Documents with respect to such Collateral Asset. The Administrative Agent shall provide to Lenders copies of the
Flood Insurance Documents (including any Flood Insurance Documents delivered in connection with a Flood Compliance Event), to
the extent received from the Borrowers. The Administrative Agent agrees to request such Flood Insurance Documents at the request
of any Lender. Unless the Borrowers provide the Administrative Agent with the Flood Insurance Documents, the Administrative Agent
may purchase Flood Insurance meeting the requirements of clause (iii) of the definition of “Flood Insurance Documents”
at the Borrowers’ expense to protect the interests of the Administrative Agent and Lenders. The Borrowers shall cooperate
with the Administrative Agent in connection with compliance with the Flood Laws, including by providing any information reasonably
required by the Administrative Agent (or by any Lender through the Administrative Agent) in order to confirm compliance with the
Flood Laws.

 

(iii)          If
a Flood Redesignation shall occur with respect to any Collateral Asset, the Administrative Agent shall obtain a completed Flood
Hazard Determination with respect to the applicable Collateral Asset, and the Borrowers shall provide to the Administrative Agent
the Flood Insurance Documents with respect to such Collateral Asset by not later 45 days after the date of the Flood Redesignation
or any earlier date required by the Flood Laws.

 

(iv)          The
Borrowers shall give to the Administrative Agent written notice of any Flood Compliance Event (other than a Flood Redesignation)
not less than 45 days prior to such Flood Compliance Event. The Administrative Agent shall provide a copy of such notice to Lenders
and shall obtain a completed Flood Hazard Determination. For avoidance of doubt, the Borrowers shall provide, or re-provide, as
the case may be, to the Administrative Agent the Flood Insurance Documents by not later than the date of the Flood Compliance
Event and as a condition precedent to the occurrence of such Flood Compliance Event.

 

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(e)          Preservation
of Partnership or Corporate Existence, Etc. Preserve and maintain, and cause each Intervening Entity to preserve and maintain,
its existence (corporate or otherwise), legal structure, legal name, rights (charter and statutory), approvals, privileges and
franchises, except, in the case of the Intervening Entities only, if in the reasonable business judgment of such Intervening Entity
it is in its best economic interest not to preserve and maintain such existence, legal structure, legal name, rights, approvals,
privileges and franchises and such failure is not reasonably likely to result in a Material Adverse Effect (it being understood
that the foregoing shall not prohibit, or be violated as a result of any transaction by or involving any Loan Party or Intervening
Entity otherwise permitted under Section 5.02(d) or (e) below); and cause the direct or indirect Equity Interests (including,
without limitation, the indirect Equity Interests held by the Operating Partnership and the Parent Guarantor) in any Borrower
or any TRS Lessee to at all times not be subject to any Lien (other than Permitted Liens and Liens created under the Collateral
Documents) or any Negative Pledge.

 

(f)          Visitation
Rights. At any reasonable time and from time to time, permit any of the Agents or Lenders, or any agent or representatives
thereof, to examine and make copies of and abstracts from the records and books of account of, and visit the properties of, any
Loan Party and any Intervening Entity (but, in each case not more frequently than one time per year unless an Event of Default
shall have occurred and be continuing), and to discuss the affairs, finances and accounts of any Loan Party and any Intervening
Entity with any of their general partners, managing members, officers or directors and with their independent certified public
accountants.

 

(g)          Keeping
of Books. Keep, and cause each Intervening Entity to keep, proper books of record and account, in which full and correct entries
shall be made of all financial transactions and the assets and business of each Loan Party and each Intervening Entity in accordance
with GAAP.

 

(h)          Maintenance
of Properties, Etc. Maintain and preserve all of its properties that are used or useful in the conduct of its business in
good working order and condition, in all material respects, ordinary wear and tear excepted and will from time to time make or
cause to be made all appropriate repairs, renewals and replacement thereof, and Borrowers shall not remove, demolish or alter
any Improvements or Equipment (except for alterations performed in accordance with Section 5.02(q) below).

 

(i)          Transactions
with Affiliates. Conduct all transactions otherwise not prohibited under the Loan Documents with any of its Affiliates (other
than transactions exclusively among or between the Borrowers and/or one or more of the Guarantors) on terms that are fair and
reasonable and no less favorable to the applicable Borrower than it would obtain in a comparable arm’s-length transaction
with a Person not an Affiliate; provided, however, that all transactions pursuant to any operating leases that are in the
standard form of operating lease used by the Borrowers, shall be deemed fair and reasonable.

 

(j)          Georgia
Tech Ground Lease. With respect to the Georgia Tech Ground Lease, cause the Georgia Tech Owner to:

 

(i)          timely
perform and observe all of the material terms, covenants and conditions required to be performed and observed by it as tenant
thereunder (subject to applicable cure or grace periods);

 

    	 	85	 

     

    

 

(ii)          do
all things necessary to preserve and keep unimpaired the Georgia Tech Ground Lease and the Georgia Tech Owner’s rights thereunder;

 

(iii)          diligently
and continuously enforce the material obligations of the lessor or other obligor thereunder;

 

(iv)          within
five (5) Business Days after any Borrower’s receipt thereof, deliver to the Administrative Agent a true copy of any notice
received by any Borrower or any Affiliate thereof of any bankruptcy, reorganization or insolvency of the lessor under the Georgia
Tech Ground Lease;

 

(v)          deliver
to the Administrative Agent all default and other material notices received by it or sent by it under the Georgia Tech Ground
Lease;

 

(vi)          prior
to the recordation of any fee mortgage which may encumber the Georgia Tech Hotel, Borrower shall cause Georgia Tech Owner to enforce
the terms of the Georgia Tech Ground Lease to obtain or cause the lessor under the Georgia Tech Ground Lease to obtain a nondisturbance
agreement, if and to the extent that such lessor is required to deliver such a nondisturbance agreement in accordance with the
Georgia Tech Ground Lease;

 

(vii)         upon
the Administrative Agent’s reasonable written request and at reasonable intervals, unless an Event of Default shall have
occurred and be continuing, in which case, upon written request at any time, provide to the Administrative Agent any information
or materials relating to Georgia Tech Ground Lease and evidencing the Georgia Tech Owner’s due observance and performance
of its material obligations thereunder, in each case to the extent in the Georgia Tech Owner’s possession;;

 

(viii)       execute
and deliver (if and to the extent permitted to do so under the Georgia Tech Ground Lease), upon the request of the Administrative
Agent, any documents, instruments or agreements as may be required to permit the Administrative Agent to cure any default of the
Loan Party under the Georgia Tech Ground Lease;

 

(ix)          provide
to the Collateral Agent written notice of its intention to exercise any option or renewal or extension rights with respect to
the Georgia Tech Ground Lease at least 30 days prior to the expiration of the time to exercise such right or option and,
upon the direction of the Administrative Agent, duly exercise any renewal or extension option with respect to the Georgia Tech
Ground Lease (provided, that each Loan Party hereby appoints the Collateral Agent its attorney-in-fact, coupled with an
interest, to execute and deliver, for and in the name of such Person, all instruments, documents or agreements necessary to extend
or renew the Georgia Tech Ground Lease);

 

(x)          in
connection with the bankruptcy or other insolvency proceedings of any ground lessor or other obligor, ratify the legality, binding
effect and enforceability of the Georgia Tech Ground Lease within the applicable time period therefore in such proceedings, notwithstanding
any rejection by such ground lessor or obligor or trustee, custodian or receiver related thereto;

 

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(xi)          provide
to the Administrative Agent not less than 30 days’ prior written notice of the date on which the Georgia
Tech Owner shall apply to any court or other Governmental Authority for authority or permission to reject the Georgia Tech Ground
Lease in the event that there shall be filed by or against the Georgia Tech Owner any petition, action or proceeding under Bankruptcy
Law or any similar federal or state law; provided, however, that the Administrative Agent shall have the right,
but not the obligation, to serve upon the Georgia Tech Owner within such 30 day period a notice stating that (1) the
Administrative Agent demands that the Georgia Tech Owner assume and then assign the Georgia Tech Ground Lease to the Administrative
Agent subject to and in accordance with Bankruptcy Law and (2) the Administrative Agent covenants to cure or provide reasonably
adequate assurance thereof with respect to all defaults susceptible of being cured by the Administrative Agent and of future performance
under the Georgia Tech Ground Lease; provided further that if the Administrative Agent serves such notice upon the
Georgia Tech Owner, the Loan Parties shall cause the Georgia Tech Owner to not seek to reject the Georgia Tech Ground Lease and
to promptly comply with such demand;

 

(xii)         permit
the Collateral Agent (at its option), but only to the extent permitted under the Georgia Tech Ground Lease, during the continuance
of any Event of Default, to (1) perform and comply with all obligations under the Georgia Tech Ground Lease; (2) do
and take such action as the Collateral Agent reasonably deems necessary or desirable to prevent or cure any default by the Georgia
Tech Owner under the Georgia Tech Ground Lease and (3) enter in and upon the applicable premises related to the Georgia Tech
Ground Lease to the extent and as often as the Administrative Agent reasonably deems necessary or desirable in order to prevent
or cure any default under the Georgia Tech Ground Lease;

 

(xiii)        if
such event could reasonably be expected to result in a Material Adverse Effect, in the event of any arbitration, court or other
adjudicative proceedings under or with respect to the Georgia Tech Ground Lease, permit the Administrative Agent (at its option),
but only to the extent permitted under the Georgia Tech Ground Lease, to exercise all right, title and interest of the Georgia
Tech Owner in connection with such proceedings, provided that (i) the Borrowers shall cause the Georgia Tech Owner
to irrevocably appoint the Administrative Agent as its attorney-in-fact (which appointment shall be deemed coupled with an interest)
to exercise such right, interest and title and (ii) the Loan Parties shall bear all costs, fees and expenses related to such
proceedings; provided further that each Loan Party hereby further agrees that the Administrative Agent shall have the right,
but not the obligation, to proceed in respect of any claim, litigation, action or proceeding relating to the rejection of the
Georgia Tech Ground Lease referenced above by the relevant ground lessor as a result of bankruptcy or similar proceedings (including,
without limitation, the right to file and prosecute all proofs of claims, complaints, notices and other documents in any such
bankruptcy case or similar proceeding); and

 

(xiv)        at
reasonable times and at reasonable intervals, deliver to the Collateral Agent (but not more than one per calendar year during
the term of the Loan, absent an Event of Default), an estoppel certificate from the Georgia Tech Pledgor in relation to the Georgia
Tech Ground Lease in form and substance acceptable to the Collateral Agent in its reasonable discretion, and, in the case of the
estoppel certificate, setting forth (i) the name of lessee and lessor under the Georgia Tech Ground Lease (if applicable);
(ii) that the Georgia Tech Ground Lease is in full force and effect and has not been modified except to the extent the Collateral
Agent has received notice of such modification; (iii) that no rental and other payments due thereunder are delinquent as
of the date of such estoppel; and (iv) whether such Person knows of any actual or alleged defaults or events of default under
the Georgia Tech Ground Lease.

 

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(k)          Control
Agreements. In the event of a resignation by a depository bank from its obligations under any Control Agreement, cause each
applicable TRS Lessee to appoint a successor bank which assumes the obligations of such depository bank under such Control Agreement
(substantially in accordance with the Administrative Agent’s then customary form of agreement) on or before the effective
date of such depository bank’s resignation from its obligations thereunder. Provided an Event of Default is not then continuing,
the Administrative Agent shall reasonably cooperate with each TRS Lessee in connection with the appointment of a successor bank
necessitated on account of the termination of any Control Agreement.

 

(l)          Further
Assurances. (i) Promptly upon request by any Agent, or any Lender through the Administrative Agent, correct, and cause each
Loan Party to promptly correct, any material defect or error that may be discovered in any Loan Document or in the execution,
acknowledgment, filing or recordation thereof.

 

(ii)          Promptly
upon request by any Agent, or any Lender through the Administrative Agent, do, execute, acknowledge, deliver, record, re-record,
file, re-file, register and re-register any and all such further acts, deeds, conveyances, pledge agreements, account control
agreements, mortgages, deeds of trust, trust deeds, assignments of leases and rents, assignments, financing statements and continuations
thereof, termination statements, notices of assignment, transfers, certificates, assurances and other instruments as any Agent,
or any Lender through the Administrative Agent, may reasonably require from time to time in order (A) to carry out more effectively
the purposes of the Loan Documents, (B) to the fullest extent permitted by applicable law, to subject any Loan Party’s
or any of its Subsidiaries’ properties, assets, rights or interests to the Liens now or hereafter intended to be covered
by any of the Collateral Documents, (C) to perfect and maintain the validity, effectiveness and priority of any of the Collateral
Documents and any of the Liens intended to be created thereunder and (D) to assure, convey, grant, assign, transfer, preserve,
protect and confirm more effectively unto the Secured Parties the rights granted or now or hereafter intended to be granted to
the Secured Parties under any Loan Document or under any other instrument executed in connection with any Loan Document to which
any Loan Party or any of its Subsidiaries is or is to be a party, and cause each of its Subsidiaries to do so.

 

(m)          Performance
of Material Contracts. Perform and observe all the material terms and provisions of each Material Contract to be performed
or observed by it, maintain each such Material Contract in full force and effect, enforce each such Material Contract in accordance
with its terms, take all such action to such end as may be from time to time reasonably requested by the Administrative Agent,
and, upon the reasonable request of the Administrative Agent, make to each other party to each such Material Contract such demands
and requests for information and reports or for action as any Borrower is entitled to make under such Material Contract. Notwithstanding
the above, nothing in this subsection (m) shall prohibit or reduce the rights of any Borrower to enter into, terminate, modify,
amend, renew or otherwise deal with any Material Contract to the extent the same does not constitute a violation of the terms
and provisions of Section 5.02(l) hereof.

 

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(n)          Compliance
with Leases. Make all payments and otherwise perform all material obligations in respect of all leases of real property to
which any Borrower is a party, keep such leases in full force and effect and not allow such leases to lapse or be terminated or
any rights to renew such leases to be forfeited or cancelled (except if in the reasonable business judgment of such Person it
is in its best economic interest not to maintain such lease or prevent such lapse, termination, forfeiture or cancellation and
such failure to maintain such lease or prevent such lapse, termination, forfeiture or cancellation is not in respect of a Collateral
Asset Operating Lease and could not otherwise reasonably be expected to result in a Material Adverse Effect), notify the Administrative
Agent of any material default by any party with respect to such leases and cooperate in all reasonable respects with the Administrative
Agent in all respects to cure any such default.

 

(o)          Interest
Rate Hedging. Maintain at all times Interest Rate Cap Agreements required by Section 2.18.

 

(p)          Management
Agreements. Cause an Approved Manager to cause the applicable Collateral Asset to be managed and operated, in all material
respects, in accordance with (i) an Approved Management Agreement that is subject to a Subordination of Management Agreement and
(ii) all applicable Legal Requirements. In the event that an Approved Management Agreement expires or is terminated, the Borrowers
shall promptly cause a replacement Approved Management Agreement to be entered into with an Approved Manager, subject to Section
5.01(r)(ii). For the avoidance of doubt, the Borrowers shall be permitted at any time to replace any Approved Manager with respect
to any Collateral Asset with another Approved Manager without the Administrative Agent’s consent to any such replacement
so long as (i) the replacement Approved Manager has executed and delivered an Approved Management Agreement that is subject to
a Subordination of Management Agreement and (ii) the requirements in Section 5.01(r)(ii) have been complied with.

 

(q)          Franchise
Agreements. Subject to Section 5.01(r)(ii), cause an Approved Franchisor to cause the applicable Collateral Asset (other than
the Georgia Tech Hotel) to be licensed or franchised pursuant to, and operated in compliance with, in all material respects, in
accordance with (i) an Approved Franchise Agreement that is subject to a Franchise Comfort Letter and (ii) all applicable Legal
Requirements. In the event that an Approved Franchise Agreement expires or is terminated, the Borrowers shall promptly cause a
replacement Approved Franchise Agreement to be entered into with an Approved Franchisor. For the avoidance of doubt, the Borrowers
shall be permitted at any time to replace any Approved Franchisor with respect to any Collateral Asset with another Approved Franchisor
without the Administrative Agent’s consent to any such replacement so long as (i) the replacement Approved Franchisor has
executed and delivered an Approved Franchise Agreement that is subject to a Franchise Comfort Letter and (ii) the requirements
in Section 5.01(r)(ii) have been complied with.

 

(r)          Operation
of Collateral Assets. (i)(A) Promptly perform and/or cause the performance of, in all material respects, all of the covenants
and agreements required to be performed and observed by the Borrowers and TRS Lessees under each Approved Management Agreement
and each Approved Franchise Agreement and do all things necessary to preserve and to keep unimpaired the material rights thereunder
of the Borrowers and the TRS Lessees thereunder; (B) promptly after any Borrower or TRS Lessee becoming aware, notify the Administrative
Agent of any material default under any Approved Management Agreement or any Approved Franchise Agreement; (C) promptly deliver
to Administrative Agent or cause the delivery to the Administrative Agent of a copy of each financial statement, business plan,
capital expenditures plan, and material written notice received by any Borrower or TRS Lessee under an Approved Management Agreement
or an Approved Franchise Agreement; and (D) enforce or cause the enforcement of the performance and observance of all of the covenants
and agreements required to be performed and/or observed by an Approved Manager under an Approved Management Agreement or an Approved
Franchisor under an Approved Franchise Agreement, in each case in a commercially reasonable manner.

 

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(ii)          Cause
any replacement Approved Management Agreement to be with an Approved Manager and cause each replacement Approved Management Agreement
to either (A) include franchise and intellectual property rights substantially similar to those set forth in the Approved Management
Agreement in respect of the applicable Collateral Asset in effect as of the Closing Date or (B) if an Approved Franchise Agreement
shall not be in place for such Collateral Asset (other than the Georgia Tech Hotel), the applicable Borrower or applicable TRS
Lessee, as the case may be, shall enter into an Approved Franchise Agreement reasonably acceptable to the Administrative Agent
on third-party market rate terms with an Approved Franchisor. Except as set forth in the definition of Approved Franchisor, neither
any Borrower nor any TRS Lessee shall permit an Approved Manager to rebrand any Collateral Asset to a lower category based on
the annual chain scale published by Smith Travel Reports without the consent of the Administrative Agent, which consent shall
not be unreasonably withheld, conditioned or delayed. Other than with respect to the Georgia Tech Hotel, at no time shall any
Collateral Asset be operated as an unbranded hotel for more than thirty (30) days.

 

(s)          Maintenance
of REIT Status. In the case of the Parent Guarantor, be organized in conformity with the requirements for qualification as
a REIT under the Internal Revenue Code, and at all times continue to qualify as a REIT and elect to be treated as a REIT under
all applicable laws, rules and regulations.

 

(t)          Reciprocal
Easement Agreements. Perform and observe, or cause the applicable TRS Lessee to perform and observe, in all material respects,
the terms and provisions of all reciprocal easement agreements or other similar agreements relating to any of the Collateral Assets
to be performed or observed by it, enforce, or cause the applicable TRS Lessee to enforce, in all material respects, its rights
under each such reciprocal easement agreement or other similar agreement in accordance with its terms, take, or cause the applicable
TRS Lessee to take, all such action to such end as may be from time to time reasonably requested by the Administrative Agent,
and, upon reasonable request of the Administrative Agent, make, or cause the applicable TRS Lessee or Subsidiary of any Borrower
to make, to each other party to each such reciprocal easement agreement or other similar agreement such demands and requests for
information and reports or for action as any Borrower or any of its Subsidiaries or any applicable TRS Lessee is entitled to make
under such reciprocal easement agreement or other similar agreement.

 

(u)          Sarbanes-Oxley.
In the case of Parent Guarantor, comply at all times with all applicable provisions of Section 402(a) of Sarbanes-Oxley.

 

(v)          Cash
Management. Comply at all times with the terms and provisions of the Cash Management Agreement for so long as the same is
in effect pursuant to the terms thereof.

 

(w)          SPE
Requirements. In the case of (i) each Borrower (A) maintain in its constitutive documents the provisions referred to in the
definitions of Borrower SPE Requirements and (B) comply with such provisions at all times, (ii) each Pledgor, cause such Pledgor
to (A) maintain in its constitutive documents the provisions referred to in the definition of Pledgor SPE Requirements and (B)
comply with such provisions at all times, and (iii) each TRS Lessee, cause such TRS Lessee to (A) maintain in its constitutive
documents the provisions referred to in the definition of TRS Lessee SPE Requirements and (B) comply with such provisions at all
times.

 

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(x)          Collateral
Asset Operating Leases. Promptly (i) perform and observe, in all material respects, all of the covenants and agreements
required to be performed and observed by the applicable Borrower under the Collateral Asset Operating Leases and do all things
necessary to preserve and to keep unimpaired the Borrowers’ rights thereunder; (ii) notify the Administrative Agent
of any material default under the Collateral Asset Operating Leases of which any Borrower is aware; (iii) deliver to the
Administrative Agent a copy of any notice of default, notice of termination, extension notice or other material notice received
by any Borrower under the Collateral Asset Operating Leases; and (iv) enforce in all material respects the performance and
observance of all of the covenants and agreements required to be performed or observed by the applicable lessor under each Collateral
Asset Operating Lease.

 

(y)          Insurance
Proceeds and Condemnation Awards. With respect to each Collateral Asset, comply with the requirements of Schedule I to the
Mortgage encumbering such Collateral Asset.

 

(z)          OFAC.
Provide to the Agents and Lenders any information that such Agent or such Lender deems reasonably necessary from time to time
in order to ensure compliance with all applicable Sanctions and Anti-Corruption Laws.

 

(aa)          Permitted
Transfers. Pay all out-of-pocket, reasonable costs and expenses of the Administrative Agent in connection with any Equity
Transfer, whether or not such Equity Transfer is deemed to be a Permitted Transfer, including, without limitation, all reasonable
fees and expenses of the Administrative Agent’s counsel, provided that to the extent that any processing fee is charged
in connection with any such Equity Transfer, such processing fee shall not exceed $5,000. The Borrowers shall, within five (5)
Business Days after a request by the Administrative Agent, provide the Administrative Agent with an updated version of the organizational
chart delivered to the Administrative Agent in connection with the closing of the Loan reflecting the applicable Equity Transfer.
In connection with any Permitted Transfer, to the extent that the transfer would result in the transferee (either itself or collectively
with its Affiliates) owning a 10% or greater (direct or indirect) Equity Interest in any Borrower (unless such transferee together
with such Affiliates owned a 10% or more (direct or indirect) Equity Interest in such Borrower immediately prior to such transfer),
the Borrowers shall deliver (and the Borrowers shall be responsible for any reasonable out-of-pocket costs and expenses in connection
therewith), customary searches reasonably requested by the Administrative Agent in writing (including judgment, lien, litigation,
bankruptcy, criminal and watch list) reasonably acceptable to the Administrative Agent with respect to such transferee.

 

(bb)          PIP.
(i) Each Borrower shall take all necessary action to diligently complete in a manner acceptable to the applicable Approved Franchisor
the PIP Work applicable to such Borrower’s Collateral Asset as contemplated under the applicable PIP and in accordance with
the applicable PIP Budget on or before the PIP Completion Date, as any of the same may have been modified or amended in accordance
with Section 5.02(v); provided, however, that in the case of any PIP having a budget in excess of $15,000 per room,
the Agents, Lenders and their respective agents and representatives (including the Administrative Agent’s engineer, architect
or inspector) shall be entitled to enter onto any Borrower’s Collateral Asset during normal business hours upon reasonable
notice (subject to the rights of guests or invitees of such Collateral Asset) to inspect the progress of any PIP Work and all
materials being used in connection therewith and to examine all plans and shop drawings relating to such PIP Work. Such Borrower
shall deliver to the Administrative Agent as soon as practicable following the completion of the applicable PIP Work evidence
reasonably satisfactory to the Administrative Agent that the applicable Approved Franchisor has accepted the applicable PIP Work
as complete.

 

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(ii)          Not
less than thirty (30) days prior to any Borrower’s commencement of any PIP Work related to a PIP, the applicable Borrower
shall deliver to the Administrative Agent a detailed PIP Budget showing line-item detail reasonably acceptable to Administrative
Agent in respect of such PIP.

 

(iii)          If
the Administrative Agent receives notice from an Approved Franchisor or a Borrower that a Borrower has failed to complete the
required PIP Work applicable to such Borrower’s Collateral Asset by the applicable PIP Completion Date (subject to any force
majeure event and/or cure period provided for under the applicable PIP or Approved Franchise Agreement), the Administrative Agent
(with the approval of the Required Lenders) may (after notice and a reasonable cure period not to exceed sixty (60) days unless
the Administrative Agent reasonably determines that a shorter period is necessary to avoid any default or termination of the Approved
Franchise Agreement) elect to complete such PIP Work, and the Borrowers shall reimburse the Administrative Agent and Lenders upon
demand for all sums expended by the Administrative Agent in connection with such completion of the PIP Work. Any amount expended
by the Administrative Agent or Lenders to complete any PIP Work shall be a Protective Advance and shall be secured by the Collateral
Documents.

 

(iv)          The
Borrowers shall give the Administrative Agent prompt written notice of any demand from an Approved Franchisor for an amendment
to a PIP, and any demand from an Approved Franchisor for any repairs, maintenance, alterations, or improvements required to comply
with an Approved Franchise Agreement.

 

(v)          During
the continuance of any PIP Work on any Collateral Asset, the Borrowers shall deposit or cause to be deposited with or on behalf
of the Administrative Agent (x) such amounts as the Administrative Agent from time to time reasonably determines are necessary
to cover the costs of such PIP Work required by an Approved Franchisor under a PIP or any modification to a PIP or to cover PIP
Work contemplated by any new property improvement plan imposed by an Approved Franchisor, and the cost of any repairs, maintenance,
alterations, or improvements demanded by a Franchisor pursuant to an Approved Franchise Agreement less (y) the Unexpended
FF&E PIP Funds. All such amounts shall be deposited directly by or at the direction of the Administrative Agent, into an account
established with the Administrative Agent or the Servicer in the name of the Administrative Agent to hold such funds (the “PIP
Reserve Account”). Amounts deposited from time to time in the PIP Reserve Account pursuant to this Section 5.01(bb)(v)
are referred to herein as the “PIP Reserve Funds” and shall be disbursed to fund PIP Work at the Collateral
Assets from time to time in accordance with and subject to the applicable PIPs and the terms and provisions of Section 5.01(bb)(vi).
Without limitation of the foregoing, the applicable Borrower shall deposit into the PIP Reserve Account, (y) at least fifty percent
(50%) of the aggregate projected cost of the PIP Work for each Asset less the Unexpended FF&E PIP Funds, no later than
ninety (90) days prior to the commencement date for the applicable PIP Work set forth in Schedule X and (y) the balance of the
aggregate projected cost of the PIP Work in respect of such Collateral Asset, less the Unexpended FF&E PIP Funds, on
or prior to the commencement date for the applicable PIP Work set forth in Schedule X, as such commencement date may be extended
from time to time following the approval of the applicable Approved Franchisor and notice of such approval to the Administrative
Agent.

 

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(vi)          Provided
no Event of Default shall have occurred and be continuing, the Administrative Agent shall disburse (or cause the Servicer to disburse)
PIP Reserve Funds and FF&E PIP Funds to the Borrowers out of the PIP Reserve Account or the FF&E Reserve Account (as defined
in the Cash Management Agreement) for payment of PIP Work expenditures contemplated by the applicable PIP within ten (10) days
after the delivery by the applicable Borrower to the Administrative Agent of a request therefor (but not more often than once
each calendar month), provided that:  (i) such disbursement is for PIP Work contemplated by the applicable PIP; (ii) the
Administrative Agent has received invoices evidencing that the costs for which such disbursement is requested are due and payable
(other than for costs and expenses less than or equal to $10,000) and are in respect of such PIP Work; (iii) the applicable Borrower
has applied any amounts previously received by it in accordance with this Section for the PIP Work to which specific draws made
hereunder relate and received any lien waivers or other releases (with respect to any expenses greater than $10,000) which would
customarily be obtained with respect to the PIP Work in question; and (iv) the request for the disbursement is accompanied by
a certificate of a Responsible Officer of the Borrowers that (A) the conditions in the foregoing clauses (ii) and (iii) have been
satisfied, (B) that the PIP Work to be funded by such disbursement has been completed in a good and workmanlike manner and in
accordance with all applicable Legal Requirements, (C) that the copies of invoices and evidence of lien waivers (to the extent
required above) attached to such Responsible Officer’s certificate are true, complete and correct in all material respects,
to such Responsible Officer’s knowledge, and (D) upon such disbursement to the applicable Borrower, the PIP Work expenditures
to be funded by the requested disbursement will be paid promptly in accordance with the invoices and lien waivers (where applicable)
presented.  The Administrative Agent shall not be required to disburse (or cause the Servicer to disburse) any PIP Reserve
Funds or FF&E PIP Funds more frequently than once each calendar month.

 

(vii)         Nothing
in this Section 5.01(bb) shall (A) make any Agent or any Lender responsible for performing or completing any PIP Work; (B) require
any Agent or any Lender to expend funds in addition to the PIP Reserve Funds and the FF&E PIP Funds to complete any PIP Work;
(C) obligate any Agent or any Lender to proceed with any PIP Work; or (D) obligate any Agent or any Lender to demand from the
Borrowers additional sums to complete any PIP Work. Each Borrower shall cause all applicable contractors and subcontractors to
cooperate with the Agents, each Lender or any Agent’s or any Lender’s agents or representatives described above in
connection with inspections described in this Section 5.01(bb)(i).

 

(viii)        Provided
that no Event of Default has occurred and is continuing, the Administrative Agent shall direct the Servicer to disburse any remaining
PIP Reserve Funds to the Borrowers within ten (10) days after the earliest to occur of (A) the Borrowers delivering to the Administrative
Agent a certificate of a Responsible Officer of the Borrowers stating that all PIP Work for all of the Collateral Assets has been
fully paid for and completed in a good, workmanlike and Lien-free manner in accordance with all Legal Requirements, and (B) the
repayment of the Loan in full, including all accrued interest thereon and all other outstanding Obligations in respect thereof.

 

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(ix)          In
addition to any insurance required under the Loan Documents, each Borrower shall provide or cause to be provided workmen’s
compensation insurance, builder’s risk insurance, public liability insurance and other insurance to the extent required
under applicable law in connection with the PIP Work to such Borrower’s Asset. All such policies shall be in form and amount
satisfactory to the Administrative Agent.

 

(cc)        Georgia
Tech Excess Cash Flow.

 

(i)          At
all times cause the Georgia Tech Owner to pay the Georgia Tech Ground Lease Rent and other amounts due and payable by the lessee
under the Georgia Tech Ground Lease as and when due (subject to any applicable grace or cure periods);

 

(ii)          at
all times cause the Georgia Tech TRS Lessee to pay the Georgia Tech Operating Lease Rent under the Georgia Tech Operating Lease
to the Georgia Tech Owner as and when due;

 

(iii)          Upon
the occurrence and during the continuation of a Lockbox Period, cause the Georgia Tech Owner to distribute all Georgia Tech Excess
Cash Flow for each calendar month to the Georgia Tech Borrower not later than the last day of such month; and

 

(iv)          Upon
the occurrence and during the continuation of a Lockbox Period, cause the Georgia Tech Borrower to deposit the Georgia Tech Excess
Cash Flow for each calendar month into the Lockbox Account not later than the last day of such month.

 

SECTION 5.02. Negative Covenants.
So long as any Advance shall be outstanding, or any other Obligation of any Loan Party under any Loan Document shall remain unpaid
or any Lender shall have any Commitment hereunder, at any time:

 

(a)          Liens,
Etc. No Borrower will create, incur, assume or suffer to exist any Lien on or with respect to any of its assets of any character
(including, without limitation, accounts) whether now owned or hereafter acquired, or sign or authorize or file or suffer to exist
under the Uniform Commercial Code of any jurisdiction, a financing statement that names such Borrower as debtor, or sign or authorize
or suffer to exist any security agreement authorizing any secured party thereunder to file such financing statement, or assign
any accounts or other right to receive income, except, in each case:

 

(i)          Liens
created under the Loan Documents;

 

(ii)          Permitted
Liens; and

 

(iii)          Liens
described on Schedule 4.01(o) hereto;

 

(b)          Indebtedness.
(i) No Borrower will create, incur, assume or suffer to exist any Indebtedness, without in each case the prior consent of the
Administrative Agent, not to be unreasonably withheld, except: (A) Indebtedness under the Loan Documents; (B) unsecured trade
payables, equipment leases for equipment used at the Collateral Assets or similar arrangements in each case incurred in the ordinary
course of any Borrower’s business, not secured by Liens on the Collateral Assets (other than in the case of an equipment
lease, the applicable equipment being leased), payable by or on behalf of such Borrower for or in respect of the operation of
the Collateral Asset, provided that (1) each such amount shall, in the case of such trade payables, be paid within ninety
(90) days following the date on which each such amount is invoiced or otherwise becomes due and payable (except to the extent
subject to a Good Faith Contest) and (2) the aggregate outstanding amount of which shall not at any time exceed four percent (4%)
of the Outstanding Principal Balance as of the date of determination; (C) insurance premiums, capital expenditures, obligations
to tenants under Tenancy Leases and customers and operating expenses, in each case related to the Collateral Assets and incurred
in the ordinary course of business; and (D) contractual indemnity obligations entered into or assumed in the ordinary course of
business.

 

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(ii)          No
Mezzanine Debt shall be permitted without the prior written consent of the Administrative Agent in each case, which may be granted
or withheld in the Administrative Agent’s sole and absolute discretion; provided, however, that any pledge
of an indirect Equity Interest in any Borrower by a Sponsor/Brookfield Qualified Equityholder (provided that in the case
of any such pledge by a Qualified Sponsor Equityholder, at the time the applicable pledge is made, such Qualified Sponsor Equityholder’s
pro rata share of net operating income attributable to the Collateral Assets is less than 25% of such Qualified Sponsor Equityholder’s
aggregate net operating income) or any other Person approved by the Administrative Agent in its sole discretion to secure Mezzanine
Debt consisting of an upper tier corporate or similar loan facility that is secured by all or a substantial portion of such Person’s
assets shall be permitted.

 

(iii)          No
Borrower shall suffer any Georgia Tech Entity to create, incur, assume or otherwise be an obligor of, grant a Lien on or otherwise
or make its assets available in support of, any Indebtedness, without in each case the prior consent of the Administrative Agent,
except: (A) unsecured trade payables, equipment leases for equipment used at the Georgia Tech Hotel or similar arrangements in
each case incurred in the ordinary course of the business of the Georgia Tech Entities, not secured by Liens on the Georgia Tech
Hotel (other than in the case of an equipment lease, the applicable equipment being leased), payable by or on behalf of any Georgia
Tech Entity for or in respect of the operation of the Georgia Tech Hotel, provided that (1) each such amount shall, in
the case of such trade payables, be paid within ninety (90) days following the date on which each such amount is invoiced or otherwise
becomes due and payable (except to the extent subject to a Good Faith Contest) and (2) the aggregate outstanding amount of which
shall not at any time exceed four percent (4%) of the Allocated Loan Amount for the Georgia Tech Hotel as of the date of determination;
(B) insurance premiums, capital expenditures, obligations to tenants under Tenancy Leases and customers and operating expenses,
in each case related to the Georgia Tech Hotel and incurred in the ordinary course of business; and (C) contractual indemnity
obligations entered into or assumed in the ordinary course of business.

 

(c)          [Intentionally
Omitted.]

 

(d)          Mergers,
Etc. No Borrower will (i) dissolve, terminate or wind-up (except following the sale of all of the Collateral Assets owned
by such Borrower and the release of such Borrower from the Loan Documents in accordance with Section 5.02(e)), (ii) merge or consolidate
with or into any Person, (iii) convey, transfer (except as permitted by Section 5.02(e)), lease (but not including entry into
Operating Leases between any Borrower and TRS Lessees) or otherwise dispose of (whether in one transaction or in a series of transactions)
all or substantially all of its assets (whether now owned or hereafter acquired) to, any Person.

 

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(e)          Sales
of Assets. No Borrower will sell, lease (other than by entering into Tenancy Leases permitted hereunder), transfer or otherwise
dispose of, or grant any option or other right to purchase, lease (other than any option or other right to enter into Tenancy
Leases) or otherwise acquire (each action described herein, including, without limitation, any Sale and Leaseback Transaction,
being a “Transfer”), any Collateral Asset or Collateral Assets (or any direct or indirect Equity Interests
in the owner thereof except as otherwise permitted pursuant to Section 5.02(k), in each case other than the following Transfers,
which shall be permitted hereunder only so long as no Default or Event of Default shall exist or would result therefrom:

 

(i)          the
Transfer of a Collateral Asset in accordance with Section 9.13,

 

(ii)         the
Transfer of (1) obsolete or worn out FF&E in the ordinary course of business or (2) inventory in the ordinary course of business,
which FF&E or inventory, as the case may be, is used or held in connection with a Collateral Asset,

 

(iii)        the
Transfer of any Collateral located at or used solely in connection with any Asset or Collateral Asset (1) in connection with any
Transfer of such Asset or Collateral Asset permitted under this Section 5.02(e) or (2) as is otherwise expressly permitted under
the Collateral Documents, or

 

(iv)       the
Transfer of Cash Equivalents.

 

A Transfer within the meaning of
this Section 5.02(e) shall be deemed to include (i) an installment sales agreement wherein any Borrower agrees to sell any Asset
or any part thereof for a price to be paid in installments; and (ii) an agreement by any Borrower for the leasing of all or a
substantial part of any Asset for any purpose other than the actual occupancy by a space tenant thereunder or a sale, assignment
or other transfer of, or the grant of a security interest in, any Borrower’s right, title and interest in and to any Tenancy
Leases or any rents or other amounts payable under any Tenancy Lease.

 

Following a Transfer of one or
more Collateral Asset owned by a Borrower in accordance with Section 5.02(e)(i), the Administrative Agent shall, upon the request
of a Borrower and at the Borrowers’ expense, promptly release the Borrower that owned such Collateral Asset or Collateral
Assets from each of the applicable Loan Documents.

 

(f)           Investments.
No Borrower will make or hold any Investment other than:

 

(i)           Investments
in Cash Equivalents;

 

(ii)          Investments
in Collateral Assets; and

 

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(iii)          Investments
received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary
in order to prevent or limit loss.

 

(g)          Restricted
Payments. During the occurrence and continuation of a Lockbox Period, the Borrowers, without the prior consent of the Required
Lenders, will not declare or pay any dividends, purchase, redeem, retire, defease or otherwise acquire for value any of its Equity
Interests now or hereafter outstanding, return any capital to its stockholders, partners or members (or the equivalent Persons
thereof) as such, make any distribution of assets, Equity Interests, obligations or securities to its stockholders, partners or
members (or the equivalent Persons thereof) as such.

 

(h)          Amendments
of Constitutive Documents. No Borrower or Pledgor will amend, in each case in any material respect, its limited liability
company agreement, partnership agreement, certificate of incorporation or bylaws or other constitutive documents, provided
that (1) any amendment to any such constitutive document that would be adverse to any of the Secured Parties shall be deemed
“material” for purposes of this Section; and (2) any amendment to any such constitutive document that would designate
a Borrower or Pledgor as a “special purpose entity” or otherwise confirm such Borrower’s or Pledgor’s
status as a “special purpose entity” shall be deemed “not material” for purposes of this Section.

 

(i)          Accounting
Changes. No Loan Party will make or permit any change in (i) accounting policies or reporting practices, except as required
or permitted by generally accepted accounting principles, or (ii) Fiscal Year.

 

(j)          Speculative
Transactions. No Loan Party will engage in any transaction involving commodity options or futures contracts or any similar
speculative transactions other than the Interest Rate Cap Agreements that the Borrowers are required to obtain and maintain pursuant
to Section 5.01(o).

 

(k)          Transfers.
No Borrower nor any other Person having a direct or indirect ownership or beneficial interest in any Borrower shall sell, convey,
mortgage, grant, bargain, encumber, pledge, assign or transfer any Equity Interest, direct or indirect, in any Borrower, whether
voluntarily or involuntarily (an “Equity Transfer”) other than pursuant to (x) a Permitted Transfer
or (y) in the case of pledges, pledges permitted pursuant to Section 5.02(b)(ii). An Equity Transfer within the meaning of this
Section 5.02(k) shall be deemed to include (i) if any Borrower, any Guarantor or any general partner, managing member or controlling
shareholder of any Borrower or any Guarantor is a corporation, the voluntary or involuntary sale, conveyance or transfer of such
corporation’s Equity Interests (or the Equity Interests of any corporation directly or indirectly controlling such corporation
by operation of law or otherwise) or the creation or issuance of new stock; (ii) if any Borrower, any Guarantor or any general
partner, managing member or controlling shareholder of Borrower or any Guarantor is a limited or general partnership, joint venture
or limited liability company, the change, removal, resignation or addition of a general partner, managing partner, limited partner,
joint venturer or member or the transfer of the partnership interest of any general partner, managing partner or limited partner
or the transfer of the interest of any joint venturer or member; and (iii) subject to Section 5.02(b)(ii), any pledge, hypothecation,
assignment, transfer or other encumbrance of any direct or indirect Equity Interest in any Borrower. Notwithstanding anything
to the contrary herein, (A) no Borrower shall permit the transfer of a direct Equity Interest in Borrower, except in connection
with an exercise of remedies by the Collateral Agent in accordance with the terms of the Pledgor Security Agreements, (B) the
creation of any mortgage, pledge or other Lien on of any Operating Lease or the leasehold interest related thereto shall not be
permitted and shall constitute an unpermitted transfer hereunder, (C) the creation of any mortgage, pledge or other Lien on the
Georgia Tech Ground Lease or the leasehold interest related thereto shall not be permitted and shall constitute an unpermitted
transfer hereunder, and (D) except as expressly permitted pursuant to the terms of the Pledgor Security Agreements, the creation
of certificates in respect of any of the Pledged Interests or the delivery of any certificate evidencing a Pledged Interest to
any Person (other than the Collateral Agent) shall in each case not be permitted and shall in each case constitute an unpermitted
transfer hereunder.

 

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(l)          Amendment,
Etc. of Material Contracts. No Borrower will enter into, cancel or terminate any Material Contract or consent to or accept
any cancellation or termination thereof (except for the termination of any Approved Management Agreement or Approved Franchise
Agreement in accordance with Section 5.01(p) or Section 5.01(q), as applicable), amend or otherwise modify any Material Contract
or give any consent, waiver or approval thereunder, waive any default under or breach of any Material Contract, agree in any manner
to any other amendment, modification or change of any term or condition of any Material Contract in each case without the prior
approval of the Administrative Agent.

 

(m)          Negative
Pledge. No Borrower will enter into or suffer to exist any agreement prohibiting or conditioning the creation or assumption
of any Lien upon any of its property or assets (including, without limitation, any Collateral Assets), except pursuant to the
Loan Documents.

 

(n)          Zoning;
Partition. Without the prior written consent of the Administrative Agent, which shall not be unreasonably withheld, delayed
or conditioned, no Borrower shall (a) initiate or consent to any zoning reclassification of any portion of any Collateral Asset,
(b) seek any variance under any existing zoning ordinance that would result in the use of any Collateral Asset becoming a non-conforming
use under any zoning ordinance or any other applicable land use Legal Requirement, or (c) allow any portion of any Collateral
Asset to be used in any manner that could result in the use of any Collateral Asset becoming a non-conforming use under any zoning
ordinance or any other applicable land use Legal Requirement. No Borrower shall permit the partition of any Collateral Asset.

 

(o)          Accounts.
No Borrower will, without the approval of the Administrative Agent, open or permit the opening of any account for the deposit
of revenues of any Borrower, other than (i) the PIP Reserve Account, (ii) the Lockbox Account (as defined in the Cash Management
Agreement), (iii) the Property Accounts (as defined in the Cash Management Agreement), and (iv) any account for amounts required
by law to be segregated by any Borrower. For the avoidance of doubt, the foregoing shall not restrict or be deemed to restrict
the Borrowers or any Approved Manager from depositing, holding and/or disbursing amounts released to the Borrowers, such Approved
Manager or their respective affiliates in accordance with the terms and provisions of the Cash Management Agreement in one or
more accounts.

 

(p)          SPE
Requirements. (i) No Loan Party will amend or otherwise modify any provisions in the constitutive documents of any Borrower
that incorporate the terms of the Borrower SPE Requirements or give any consent, waiver or approval to such amendments or modifications,
waive any default under or breach of the Borrower SPE Requirements incorporated into such constitutive documents, agree in any
manner to any other amendment, modification or change of any term or condition of the Borrower SPE Requirements incorporated into
such constitutive documents or take any other action in connection with the Borrower SPE Requirements that would impair in any
material respect the value of the interest or rights of any Loan Party thereunder or that would impair or otherwise adversely
affect in any material respect the interest or rights, if any, of any Agent or any Lender.

 

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(ii)          No
Loan Party will amend or otherwise modify any provisions in the constitutive documents of any Pledgor that incorporate the terms
of the Pledgor SPE Requirements or give any consent, waiver or approval to such amendments or modifications, waive any default
under or breach of the Pledgor SPE Requirements incorporated into such constitutive documents, agree in any manner to any other
amendment, modification or change of any term or condition of the Pledgor SPE Requirements incorporated into such constitutive
documents or take any other action in connection with the Pledgor SPE Requirements that would impair in any material respect the
value of the interest or rights of any Loan Party thereunder or that would impair or otherwise adversely affect in any material
respect the interest or rights, if any, of any Agent or any Lender.

 

(iii)          No
Loan Party will amend or otherwise modify any provisions in the constitutive documents of any TRS Lessee that incorporate the
terms of the TRS Lessee SPE Requirements or give any consent, waiver or approval to such amendments or modifications, waive any
default under or breach of the TRS Lessee Requirements incorporated into such constitutive documents, agree in any manner to any
other amendment, modification or change of any term or condition of the TRS Lessee SPE Requirements incorporated into such constitutive
documents or take any other action in connection with the TRS Lessee SPE Requirements that would impair in any material respect
the value of the interest or rights of any Loan Party thereunder or that would impair or otherwise adversely affect in any material
respect the interest or rights, if any, of any Agent or any Lender.

 

(iv)          No
Loan Party will amend or otherwise modify any provisions in the constitutive documents of the Georgia Tech Owner relating to the
single purpose entity or bankruptcy remote provisions therein (including any amendment to “opt into” Article 8 of
the Uniform Commercial Code) or give any consent, waiver or approval to such amendments or modifications, waive any default under
or breach of such provisions, agree in any manner to any other amendment, modification or change of any term or condition of any
such provisions or take any other action in connection with such provisions that would impair in any material respect the value
of the interest or rights of any Loan Party thereunder or that would impair or otherwise adversely affect in any material respect
the interest or rights, if any, of any Agent or any Lender in respect thereof.

 

(q)          Multiemployer
Plans. Except as would not reasonably be expected to result in a liability to a Loan Party of an amount equal to or greater
than $5,000,000.00, neither any Loan Party nor any ERISA Affiliate will contribute to or be required to contribute to any Multiemployer
Plan.

 

(r)          OFAC.
No Loan Party shall knowingly engage in any dealings or transactions with any Person, or in any country or territory, that at
the time of the dealing or transaction is, or whose government is, the subject of Sanctions.

 

(s)          Operating
Leases; Control Agreements. (i) Without the prior written consent of the Administrative Agent, no Borrower shall surrender,
terminate or modify any Operating Lease, provided, however, notwithstanding the foregoing, so long as the applicable Operating
Lease remains fully subordinate to the Lien of the applicable Mortgage, the Borrower and TRS Lessee party thereto shall be permitted
to amend such Operating Lease to (i) extend the term of such Operating Lease, (ii) increase the rent payable thereunder or (iii)
reduce the rent payable thereunder, provided that any such amendment could not reasonably be expected to have a Material Adverse
Effect. So long as the Loan is outstanding, the Borrowers and TRS Lessees shall extend the Operating Leases on or before the then
applicable expiration date.

 

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(ii)          Borrower
shall not suffer or permit any TRS Lessee to terminate any Control Agreement without the Administrative Agent’s prior consent.

 

(t)          Tenancy
Leases. (i) No Borrower shall (and shall not suffer or permit any TRS Lessee) to enter into any Tenancy Lease (x) other than
in good faith or (y) for a use that detracts in any material respect from the principal use of the Collateral Asset as a hotel.
Except as otherwise provided in this Section 5.02(t), no Borrower shall and shall not permit any TRS Lessee to (A) enter into
any Tenancy Lease on other than “market” rental rates (in the Borrowers’ good faith judgment), (B) enter into
any Material Lease (a “New Lease”), (C) consent to the assignment of any Material Lease (unless required
to do so by the terms of such Material Lease) that releases the original tenant from its obligations under the Material Lease,
or (D) modify or terminate any Material Lease (including, without limitation, accept a surrender of any portion of the Collateral
Asset subject to a Material Lease (unless otherwise permitted or required by law), allow a reduction in the term of any Material
Lease or a reduction in the rent payable under any Material Lease, change any renewal provisions of any Material Lease, materially
increase the obligations of the landlord or materially decrease the obligations of any Tenant) or terminate any Material Lease)
(any such action referred to in clauses (C) and (D) being referred to herein as a “Lease Modification”)
without the prior written consent of the Administrative Agent in each case which consent, so long as no Event of Default is then
continuing, shall not be unreasonably withheld, delayed or conditioned. Any New Lease or Lease Modification that requires the
Administrative Agent’s consent shall be delivered to the Administrative Agent for approval not less than ten (10) Business
Days prior to the effective date of such New Lease or Lease Modification. If the Administrative Agent shall have not have responded
within ten (10) Business Days after notice from the applicable Borrower requesting consent, which request shall include a copy
of the proposed Lease Modification, such Borrower may send a second notice to the Administrative Agent requesting consent and
if the Administrative Agent shall not respond within five (5) Business Days after its receipt of such second notice, its approval
shall be deemed given. Any such second notice shall be in an envelope marked “PRIORITY” containing a bold-faced, conspicuous
in a font size that is not less than fourteen (14)) legend at the top of the first page thereof stating that “SECOND AND
FINAL NOTICE: THIS IS A REQUEST FOR CONSENT UNDER THE LOAN BY CITIBANK, N.A. AND CERTAIN OTHER LENDERS TO AFFILIATES OF HOSPITALITY
INVESTORS TRUST, INC. IF YOU FAIL TO PROVIDE A SUBSTANTIVE RESPONSE (E.G., APPROVAL, DENIAL OR REQUEST FOR CLARIFICATION OR MORE
INFORMATION) TO THIS REQUEST FOR APPROVAL IN WRITING WITHIN FIVE (5) BUSINESS DAYS, YOUR APPROVAL SHALL BE DEEMED GIVEN.”

 

(i)          Subject
to terms of this Section 5.02(t), provided no Event of Default shall have occurred and be continuing, the Borrowers may or may
cause the TRS Lessees to enter into a New Lease or Lease Modification, without the Administrative Agent’s prior written
consent, that satisfies each of the following conditions: (A) with respect to a New Lease or Lease Modification, the premises
demised thereunder is not more than 5,000 net rentable square feet of the applicable Collateral Asset; (B) the term of such New
Lease or Lease Modification, as applicable, does not exceed 60 months, plus up to two (2) 60-month option terms (or equivalent
combination of renewals); (C) the New Lease or Lease Modification provides for “market” rental rates and does not
contain any terms which would adversely affect any Agent’s or any Lender’s rights under the Loan Documents or that
would have a Material Adverse Effect; (D) the New Lease or Lease Modification, as applicable, provides that the premises demised
thereby cannot be used for any of the following uses: any pornographic or obscene purposes, any commercial sex establishment,
any pornographic, obscene, nude or semi-nude performances, modeling, materials, activities or sexual conduct or any other use
that has or could reasonably be expected to have a Material Adverse Effect; (E) the tenant under such New Lease or Lease Modification,
as applicable, is not an Affiliate of any Borrower; (F) the New Lease or Lease Modification, as applicable, does not prevent Insurance
Proceeds or Awards from being held and disbursed by the Administrative Agent in accordance with the terms hereof and does not
entitle any tenant to receive and retain Insurance Proceeds or Awards, except those that may be specifically awarded to it in
Condemnation proceedings because of the Condemnation of its trade fixtures and its leasehold improvements which have not become
part of the Collateral Asset and such business loss as tenant may specifically and separately establish; and (G) the New Lease
or Lease Modification, as applicable satisfies the requirements of Section 5.02(t)(vii) and (viii).

 

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(ii)          Upon
the execution of any New Lease or Lease Modification, as applicable, the Borrowers shall deliver to the Administrative Agent an
executed copy of the Lease.

 

(iii)          The
Borrowers agree that no Borrower or TRS Lessee shall have the right or power, as against the Administrative Agent without its
consent, to cancel, abridge, or otherwise modify any Tenancy Lease unless such modification complies with this Section 5.02(t).

 

(iv)          All
security or other deposits of tenants of the Collateral Assets shall be treated as trust funds and shall, if required by law or
the applicable Tenancy Lease not be commingled with any other funds of Borrowers, and such deposits shall be deposited, upon receipt
of the same by the Borrowers in a separate trust account maintained by the Borrowers expressly for such purpose. Within ten (10)
Business Days after written request by the Administrative Agent, the Borrowers shall furnish to Administrative Agent reasonably
satisfactory evidence of compliance with this Section 5.02(t)(v), together with a statement of all lease securities deposited
with the Borrowers by the tenants and the location and account number of the account in which such security deposits are held.

 

(v)          The
Borrowers shall and shall cause each TRS Lessee to (i) promptly perform and observe all of the material terms, covenants and conditions
required to be performed and observed by the Borrowers under the Tenancy Leases, if the failure to perform or observe the same
would have a Material Adverse Effect; (ii) exercise, within ten (10) Business Days after a written request by the Administrative
Agent, any right to request from the tenants under any Tenancy Lease a certificate with respect to the status thereof and (iii)
not collect any of the rents, more than one (1) month in advance (except that the Borrowers may collect such security deposits
and last month’s rents as are permitted by Legal Requirements and are commercially reasonable in the prevailing market and
collect other charges in accordance with the terms of each Tenancy Lease).

 

(vi)          All
Lease Modifications and New Leases entered into by the Borrowers or a TRS Lessee after the Closing Date shall by their express
terms be subject and subordinate to the Loan Documents (through a subordination provision contained in such Lease or otherwise).

 

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(vii)          Each
Lease Modification and New Lease entered into from and after the Closing Date shall provide (through an attornment provision contained
in such Lease or otherwise) that in the event of the enforcement by the Administrative Agent of any remedy under the Loan Documents,
the tenant under such Tenancy Lease shall, at the option of the Administrative Agent or of any other Person succeeding to the
interest of the Administrative Agent as a result of such enforcement, attorn to the Administrative Agent or to such Person and
shall recognize the Administrative Agent or such successor in the interest as lessor under such Lease without change in the provisions
thereof; provided, however, the Administrative Agent or such successor in interest shall not be liable for or bound
by (i) any payment of an installment of rent or additional rent made more than thirty (30) days before the due date of such installment,
(ii) any act or omission of or default by the applicable Borrower under any such Tenancy Lease (but the Administrative Agent,
or such successor, shall be subject to the continuing obligations of the landlord to the extent arising from and after such succession
to the extent of the Administrative Agent’s, or such successor’s, interest in the applicable Collateral Asset), (iii)
any credits, claims, setoffs or defenses which any tenant may have against such Borrower, (iv) any obligation on such Borrower’s
part, pursuant to such Tenancy Lease, to perform any tenant improvement work or (v) any obligation on such Borrower’s part,
pursuant to such Lease, to pay any sum of money to any tenant. Each such Lease Modification or New Lease shall also provide that,
upon the reasonable request by the Administrative Agent or such successor in interest, the tenant shall execute and deliver an
instrument or instruments confirming such attornment.

 

(u)          Alterations.
No Borrower shall perform any alteration or improvement with respect to any Collateral Asset without the prior written consent
of the Administrative Agent, provided that a Borrower may, without the prior written consent of the Administrative Agent,
perform (i) Approved Alterations, and (ii) any alterations and improvements at a Collateral Asset so long as the aggregate amount
required to complete such alterations or improvements at such time does not exceed $15,500,000 or $1,000,000 per alteration or
improvement with respect to any individual Collateral Asset, excepting from such caps alterations made pursuant to a capital budget
approved by the Administrative Agent, Approved Alterations or as otherwise reasonably approved by the Administrative Agent.

 

(v)          PIP.
The Administrative Agent hereby approves each Initial PIP and each PIP Budget set forth on Schedule X. No Borrower shall, without
the prior written approval of the Administrative Agent, adopt, modify or amend in any material respect any PIP or any PIP Budget;
provided, however, that (i) any PIP Budget that is part of a replacement Approved Franchise Agreement or adopted
in connection with a replacement Approved Franchise Agreement shall be approved or disapproved by the Administrative Agent within
five (5) Business Days after a written request for approval by the Borrowers and if the Administrative Agent does not respond
within such five (5) Business Day period its approval shall be deemed given, or (ii) any modification or amendment to any PIP
or any PIP Budget accepted by the applicable Approved Franchisor shall be deemed approved by the Administrative Agent so long
as (A) no Event of Default shall have occurred and be continuing, (B) such modification or amendment shall not serve to increase
any PIP Budget by more than ten percent (10%) in the aggregate or accelerate any PIP Completion Date by more than ninety (90)
days without the Administrative Agent’s approval; provided further that (x) if, following any such acceleration
to any PIP Completion Date, such PIP Completion Date is not at least ninety (90) days after the proposed commencement date for
the applicable PIP Work set forth in Schedule X, the applicable Borrower shall accelerate such commencement date by the same number
of days by which the applicable PIP Completion Date was accelerated and (y) after taking into account any changes to any such
completion date, the applicable Borrower shall be in compliance with the funding requirements for the PIP Reserve Funds set forth
in Section 5.01(bb)(v), and (C) in all cases, the Borrowers shall provide prompt written notice of all such modifications or amendments.

 

    	 	102	 

     

    

 

(w)          Georgia
Tech Ground Lease. With respect to the Georgia Tech Ground Lease, the Borrowers shall not cause, permit or suffer the Georgia
Tech Owner to:

 

(i)          waive,
excuse or discharge any of the material obligations of the lessor or other obligor thereunder;

 

(ii)          do,
permit or suffer (1) any act, event or omission which would be likely to result in a default or permit the applicable lessor
or other obligor to terminate or exercise any other remedy with respect to the Georgia Tech Ground Lease or (2) any act,
event or omission which, with the giving of notice or the passage of time, or both, would constitute a default or permit the lessor
or such other obligor to exercise any other remedy under the Georgia Tech Ground Lease;

 

(iii)          cancel,
terminate, surrender, modify or amend any of the provisions of the Georgia Tech Ground Lease or agree to any termination, amendment,
modification or surrender thereof without the prior written consent of the Administrative Agent;

 

(iv)          permit
or consent to the subordination of the Georgia Tech Ground Lease to any mortgage or other leasehold interest of the premises related
thereto, provided that the Georgia Tech Ground Lease may be subordinated to the Lien of a fee mortgage so long as the Georgia
Tech Owner has obtained or caused to be obtained a nondisturbance agreement from the fee mortgagee to the extent required pursuant
to Section 5.01(j)(vi);

 

(v)          without
the prior written consent of the Administrative Agent, acquire the fee interest in the Georgia Tech Hotel;

 

(vi)          notwithstanding
anything contained in the Georgia Tech Ground Lease to the contrary, without prior written consent of the Administrative Agent,
sublet any portion of the leasehold estate created by the Georgia Tech Ground Lease except in accordance with the express terms
and conditions of this Agreement (including, without limitation, pursuant to a Tenancy Lease entered into in accordance with this
Agreement); or

 

(vii)          treat,
in connection with the bankruptcy or other insolvency proceedings of any ground lessor or other obligor, the Georgia Tech Ground
Lease as terminated, cancelled or surrendered pursuant to Bankruptcy Law without the Administrative Agent’s prior written
consent.

 

SECTION 5.03. Reporting Requirements.
So long as any Advance or any other Obligation of any Loan Party under any Loan Document shall remain unpaid or any Lender shall
have any Commitment hereunder, the Borrowers will furnish to the Administrative Agent and Lenders in accordance with Section 9.02(b):

 

(a)          Default
Notice. As soon as possible and in any event within five (5) Business Days after the occurrence of each Default or any event,
development or occurrence reasonably expected to result in a Material Adverse Effect continuing on the date of such statement,
a statement of the Chief Financial Officer (or other Responsible Officer) of the Borrowers setting forth details of such Default
or such event, development or occurrence and the action that the Borrowers have taken and propose to take with respect thereto.

 

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(b)          Annual
Financials. As soon as available and in any event within ninety (90) days after the end of each Fiscal Year, a copy of the
annual audit report for such year for the Parent Guarantor and its Consolidated Subsidiaries, including therein Consolidated and
consolidating balance sheets of the Parent Guarantor and its Subsidiaries as of the end of such Fiscal Year and Consolidated and
consolidating statements of income and a Consolidated and consolidating statement of cash flows of the Parent Guarantor and its
Subsidiaries for such Fiscal Year (it being acknowledged that a copy of the annual audit report filed by the Parent Guarantor
with the Securities and Exchange Commission shall satisfy the foregoing requirements), in each case accompanied by (x) an opinion
of KPMG, LLP (or any other so-called “Big Four” accounting firm), Grant Thornton LLP or other independent public accountants
of recognized standing reasonably acceptable to the Required Lenders, which opinion shall be prepared in accordance with generally
accepted auditing standards, and (y) if applicable, a report of such independent public accountants as to the Parent Guarantor’s
internal controls required under Section 404 of the Sarbanes-Oxley Act of 2002, together with (i) a schedule in form satisfactory
to the Administrative Agent of the computations used by the Borrowers in determining, as of the end of such Fiscal Year, compliance
with the covenant contained in Section 5.04, provided that in the event of any change in GAAP used in the preparation
of such financial statements, the Borrowers shall also provide, if necessary for the determination of compliance with Section 5.04,
a statement of reconciliation conforming such financial statements to GAAP and (ii) a certificate of the Chief Financial
Officer (or other Responsible Officer) of the Borrowers stating that (A) no Default has occurred and is continuing or, if a Default
has occurred and is continuing, a statement as to the nature thereof and the action that the Borrowers have taken and propose
to take with respect thereto and (B) the Debt Yield as of the last day of Fiscal Year (together with supporting evidence reasonably
acceptable to the Administrative Agent).

 

(c)          Quarterly
Financials. As soon as available and in any event within forty-five (45) days after the end of each of the first three quarters
of each Fiscal Year, Consolidated and consolidating balance sheets of the Parent Guarantor and its Subsidiaries as of the end
of such quarter and Consolidated and consolidating statements of income and a Consolidated and consolidating statement of cash
flows of the Parent Guarantor and its Subsidiaries for the period commencing at the end of the previous fiscal quarter and ending
with the end of such fiscal quarter and Consolidated and consolidating statements of income and a Consolidated and consolidating
statement of cash flows of the Parent Guarantor and its Subsidiaries for the period commencing at the end of the previous Fiscal
Year and ending with the end of such quarter, setting forth in each case in comparative form the corresponding figures for the
corresponding date or period of the preceding Fiscal Year, all in reasonable detail and duly certified (subject to normal year-end
audit adjustments) by the Chief Executive Officer, Chief Financial Officer or Treasurer (or other Responsible Officer performing
similar functions) of the Borrowers as having been prepared in accordance with GAAP (it being acknowledged that a copy of the
quarterly financials filed by the Parent Guarantor with the Securities and Exchange Commission shall satisfy the foregoing requirements),
together with (i) a certificate of such officer stating (A) that no Default has occurred and is continuing or, if a Default
has occurred and is continuing, a statement as to the nature thereof and the action that the Borrowers have taken and propose
to take with respect thereto and (B) the Debt Yield as of the last day of such quarter (together with supporting evidence reasonably
acceptable to the Administrative Agent), and (ii) a schedule in form satisfactory to the Administrative Agent of the computations
used by the Borrowers in determining compliance with the covenant contained in Section 5.04, provided that in the
event of any change in GAAP used in the preparation of such financial statements, the Borrowers shall also provide, if necessary
for the determination of compliance with Section 5.04, a statement of reconciliation conforming such financial statements
to GAAP.

 

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(d)          OFAC.
Promptly upon the written request of the Administrative Agent, any information that any Agent or Lender deems reasonably necessary
from time to time in order to ensure compliance with all applicable Sanctions and Anti-Corruption Laws.

 

(e)          Collateral
Asset Financials. As soon as available and in any event within forty five (45) days after the end of each calendar quarter,
a statement of profits and losses in respect of each individual hotel comprising the Collateral Assets, which lists in Microsoft
Excel format the following information for each Collateral Asset: (1) the city and state where each such Collateral Asset is located,
(2) the number of rooms, (3) the Appraised Value, and (4) for the twelve (12) consecutive months most recently occurring, (A)
the rate of occupancy, (B) the “ADR” or average daily rate, (C) the “RevPAR” or average revenue per available
room, and (D) a detailed income statement showing all revenues and expenses on a line item basis.

 

(f)          Annual
Budgets. As soon as available and in any event within than forty-five (45) days after the end of each Fiscal Year, forecasts
prepared by management of the Parent Guarantor, in form reasonably satisfactory to the Administrative Agent, of income statements
on a quarterly basis for the then current Fiscal Year and on an annual basis for each Fiscal Year thereafter.

 

(g)          Material
Litigation. Promptly after the commencement thereof, notice of all actions, suits, investigations, litigation and proceedings
before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, affecting
any Loan Party or any Intervening Entity of the type described in Section 4.01(f), and promptly after the occurrence thereof,
notice of any material adverse change in the status or the financial effect on any Loan Party or any Intervening Entity of the
Material Litigation from that described on Schedule 4.01(f) hereto.

 

(h)          Securities
Reports. Promptly after the sending or filing thereof, to the extent not publicly available electronically at www.sec.gov,
copies of all proxy statements, Forms 10-K, 10-Q and 8-K (or their equivalents), and all registration statements (but only in
the event they are not redundant of a prior filing already delivered to the Administrative Agent pursuant to this subsection),
that any Loan Party or any Intervening Entity files with the Securities and Exchange Commission or any Governmental Authority
that may be substituted therefor, or with any national securities exchange.

 

(i)          Environmental
Conditions. Notice to the Administrative Agent (i) promptly upon obtaining knowledge of any material violation of any Environmental
Law affecting any Collateral Asset or the operations thereof or the operations of any Borrower, (ii) promptly upon obtaining knowledge
of any known release, discharge or disposal of any Hazardous Materials at, from, or into any Collateral Asset which it reports
in writing or is legally required to report in writing to any Governmental Authority and which is material in amount or nature
or which would reasonably be expected to materially adversely affect the value of such Collateral Asset, (iii) promptly upon
its receipt of any written notice of material violation of any Environmental Laws or of any material release, discharge or disposal
of Hazardous Materials in violation of any Environmental Laws or any matter that would reasonably be expected to result in an
Environmental Action, including a notice or claim of liability or potential responsibility from any third party (including without
limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand,
investigation or other action with regard to (A) such Borrower’s or any other Person’s operation of any Collateral
Asset in compliance with Environmental Laws, (B) Hazardous Materials contamination on, from or into any Collateral Asset, or (C)
investigation or remediation of off-site locations at which such Borrower or any of its predecessors are alleged to have directly
or indirectly disposed of Hazardous Materials, or (iv) promptly upon such Borrower obtaining knowledge that any expense or loss
has been incurred by such Governmental Authority in connection with the assessment, containment, removal or remediation of any
Hazardous Materials with respect to which such Borrower would reasonably be expected to incur material liability or for which
a Lien may be imposed on any Collateral Asset, provided that notice is required only for any of the events described in
clauses (i) through (iv) above that would reasonably be expected to result in a Material Adverse Effect, would reasonably be expected
to result in a material Environmental Action with respect to any Collateral Asset or would reasonably be expected to result in
a Lien against any Collateral Asset.

 

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(j)          Collateral
Asset Value. Promptly after discovery of any setoff, claim, withholding or defense asserted or effected against any Borrower,
or to which any Collateral Asset is subject, which would reasonably be expected to (i) have a material adverse effect on the value
of a Collateral Asset, (ii) have a Material Adverse Effect or (iii) result in the imposition or assertion of a Lien against any
Collateral Asset which is not a Permitted Lien, notice to the Administrative Agent thereof.

 

(k)          Appraisals.
At the expense of the Borrowers, (i) during the continuance of an Event of Default, new Appraisals of all Collateral Assets if
requested by the Administrative Agent, provided that the Administrative Agent shall not make any such request more frequently
than once in a twelve (12) month period, and (ii) to the extent necessary for any Agent or Lender to comply with any applicable
legal or regulatory requirements, new Appraisals of one or more Collateral Assets if requested by any Agent or any Lender. The
Administrative Agent shall order any Appraisal required to be commissioned pursuant to this Section 5.03(k).

 

(l)          Reconciliation
Statements. If, as a result of any change in accounting principles and policies from those used in the preparation of the
audited financial statements referred to in Section 4.01(g), the Consolidated and consolidating financial statements of the
Parent Guarantor and its Subsidiaries delivered pursuant to Section 5.03(b) or (c) will differ in any material respect from
the Consolidated and consolidating financial statements that would have been delivered pursuant to such Section had no such change
in accounting principles and policies been made, then (i) together with the first delivery of financial statements pursuant
to Section 5.03(b) or (c) following such change, Consolidated and consolidating financial statements of the Parent Guarantor
and its Subsidiaries for the fiscal quarter immediately preceding the fiscal quarter in which such change is made, prepared on
a pro forma basis as if such change had been in effect during such fiscal quarter, and (ii) if requested by Administrative
Agent, a written statement of the Chief Executive Officer, Chief Financial Officer or Treasurer (or other Responsible Officer
performing similar functions) of the Parent Guarantor setting forth the differences (including any differences that would affect
any calculations relating to the financial covenant set forth in Section 5.04) which would have resulted if such financial
statements had been prepared without giving effect to such change.

 

(m)          Material
Contract; Approved Franchise Agreements. As soon as available, (i) a copy of any Material Contract entered into with respect
to any Collateral Asset after the Closing Date, and (ii) a copy of any quality assurance letter or other notice under an Approved
Franchise Agreement that indicates that any Collateral Asset is in a “red zone 1” or “red zone 2” (or
the equivalent thereof in each case).

 

    	 	106	 

     

    

 

(n)          Other
Information. Promptly, such other information respecting the business, condition (financial or otherwise), operations, performance,
properties or prospects (which information, in the case of prospects only, shall be related to the specific business activities
and geographic locations of the Loan Parties and their respective Subsidiaries and their Assets and not on the general condition
of the U.S. or relevant foreign economies or the capital markets generally) of any Loan Party or any of its Subsidiaries as the
any Agent, or any Lender through the Administrative Agent, may from time to time reasonably request.

 

From and after the execution and delivery of the Guaranty Supplement
by the Replacement Guarantor hereunder, all of the reporting requirements specified in Section 5.03 that pertain to any Guarantor
shall apply to the Replacement Guarantor, mutatis mutandis.

 

SECTION 5.04. Financial Covenant –
Guarantor Minimum Net Worth. So long as any Advance or any other Obligation of any Loan Party under any Loan Document shall
remain unpaid or any Lender shall have any Commitment hereunder, the Guarantors collectively (or from and after the delivery of
the Guaranty Supplement by the Replacement Guarantor hereunder, the Replacement Guarantor) will maintain at all times a Consolidated
Tangible Net Worth of not less than $250,000,000. Each calculation of Consolidated Tangible Net Worth of the Guarantors collectively
shall be made without duplication. To the extent any calculation described in this Section 5.04 is required to be made on any
date of determination other than the last day of a fiscal quarter of the Guarantors or the Replacement Guarantor, as applicable,
such calculation shall be made on a pro forma basis to account for any acquisitions or dispositions of Assets (including
in respect of revenues generated by such acquired or disposed of Assets), and the incurrence or repayment of any Debt for Borrowed
Money relating to such Assets, that have occurred since the last day of the fiscal quarter of the Parent Guarantor or the Replacement
Guarantor, as applicable, most recently ended. To the extent any calculations described in this Section 5.04 are required to be
made on a Test Date relating to an Advance, a merger permitted under Section 5.02(d), or a Transfer permitted under Section 5.02(e)(i),
such calculations shall be made on a pro forma basis after giving effect to such Advance, merger, Transfer or such other
event, as applicable. All such calculations shall be reasonably acceptable to the Administrative Agent.

 

Article
VI

EVENTS OF DEFAULT

 

SECTION 6.01. Events of Default. If
any of the following events shall occur and be continuing, the Borrowers may take one of the following actions, as determined
by the Borrowers in their sole and absolute discretion: (i) cure such Default within the number of days set forth below with respect
to such Default (if any), (ii) other than with respect to a Default pursuant to Section 6.01(f), if the Default pertains solely
to or is caused solely by one or more Collateral Assets and the release of such Collateral Asset or Collateral Assets in accordance
with Sections 2.06(b) and 5.02(e)(i) would cure such Default and immediately after the Transfer of such Collateral Asset no Default
or Event of Default would then exist, Transfer such Collateral Asset(s) in accordance and in compliance with such Sections, provided
that the Transfer of such Asset and any required adjustments to the Advances outstanding shall be completed not later than
five (5) Business Days after the date of the Default or (iii) other than with respect to a Default pursuant to Section 6.01(f),
repay all Obligations under the Loan Documents by the later of (A) the last day of any applicable cure period set forth below
with respect to such Default (if any) and (B) five (5) Business Days after the date of Default (items (i), (ii) and (iii) above,
collectively the “Borrower Cure Rights”). If none of the Borrower Cure Rights are completed by the Loan
Parties within the applicable time periods described above, or any event described in Section 6.01(f) below shall occur, an event
of default (“Events of Default”) shall occur and be continuing:

 

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(a)          Failure
to Make Payments When Due. (i) Any Borrower shall fail to pay any principal of any Advance when the same shall become
due and payable, (ii) any Borrower shall fail to pay any interest on any Advance when the same shall become due and payable,
or (iii) any Loan Party shall fail to make any other payment under any Loan Document under this clause (iii) within three (3)
Business Days after the earlier of the date on which (A) a Responsible Officer of any Loan Party obtains actual knowledge of such
failure or (B) written notice thereof shall have been given to the Borrower by any Agent or any Lender; or

 

(b)          Breach
of Representations and Warranties. Any representation or warranty made by any Loan Party (or any of its officers or the officers
of its general partner or managing member, as applicable) under or in connection with any Loan Document shall prove to have been
incorrect in any material respect when made; or

 

(c)          Breach
of Certain Covenants. Any Loan Party shall fail to perform or observe any term, covenant or agreement contained in Section 2.14,
5.01(d), (e) (only with respect to a Loan Party), (i), (k), (n) (solely to the extent such failure would permit the lessor under
the applicable Collateral Asset Operating Lease to terminate such lease), (s), (u), (w), (z) or (cc), 5.02(a) – (o), (q),
(r), (w), 5.03(a), (g), (i), (j) or (k), 5.04 or 9.14; or

 

(d)          Other
Defaults under Loan Documents. Any Loan Party shall fail to perform or observe any other term, covenant or agreement contained
in any Loan Document on its part to be performed or observed if such failure shall remain unremedied for 30 days after the earlier
of the date on which (i) a Responsible Officer of a Loan Party becomes aware of such failure or (ii) written notice
thereof shall have been given to the Borrowers by the Administrative Agent or any Lender, provided that in the case of
any such default which is susceptible to cure but cannot be cured within thirty (30) days through the exercise of reasonable diligence,
if such Loan Party commences such cure within the initial thirty (30) day period and diligently prosecutes same to completion,
such period of thirty (30) days shall be extended for such additional period of time as may be reasonably necessary to cure same,
provided such additional period shall in no event exceed thirty (30) days; or

 

(e)          Termination
of Control Agreements. Following the termination of a Control Agreement, the failure of any Borrower to (i) appoint a successor
Lockbox Bank or a successor Property Account Bank (as such terms are defined in the Cash Management Agreement) and (ii) execute
and deliver to the Administrative Agent a replacement Control Agreement in respect of the accounts that were the subject of the
terminated Control Agreement, such replacement Control Agreement to be executed by the applicable Loan Parties and the successor
Lockbox Bank or the successor Property Account Bank, as applicable, in each case within fifteen (15) Business Days after the date
of such termination; or

 

(f)          Insolvency
Events. Any Loan Party shall generally not pay its debts as such debts become due, or shall admit in writing its inability
to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted
by or against any Loan Party seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization,
arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency
or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee,
or other similar official for it or for any substantial part of its property and, in the case of any such proceeding instituted
against it (but not instituted by it) that is being diligently contested by it in good faith, either such proceeding shall remain
undismissed or unstayed for a period of sixty (60) days or any of the actions sought in such proceeding (including, without limitation,
the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for,
it or any substantial part of its property) shall occur; or any Loan Party shall take any corporate action to authorize any of
the actions set forth above in this subsection (f); or

 

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(g)          Monetary
Judgments. Any judgments or orders, either individually or in the aggregate, for the payment of money in excess of $500,000,
shall be rendered against any Borrower or any Subsidiary thereof and either (i) enforcement proceedings shall have been commenced
by any creditor upon such judgment or order or (ii) there shall be any period of thirty (30) consecutive days during which
a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; provided,
however, that any such judgment or order shall not give rise to an Event of Default under this Section 6.01(g) if
and so long as (A) the amount of such judgment or order which remains unsatisfied is covered by a valid and binding policy of
insurance between the respective Borrower or Subsidiary and the insurer covering full payment (subject to any customary deductible)
of such unsatisfied amount and (B) such insurer, which shall be rated at least “A” by A.M. Best Company, has been
notified, and has not disputed the claim made for payment, of the amount of such judgment or order; or

 

(h)          Non-Monetary
Judgments. (i) Any non-monetary judgment, order or writ shall be rendered against any Borrower or Subsidiary thereof or (ii)
any seizure or attachment shall be issued or enforced against any Borrower or any of its Collateral Assets, in any such case that
would reasonably be expected to result in a Material Adverse Effect, and there shall be any period of thirty (30) consecutive
days during which a stay of enforcement of such judgment, order, writ, seize or attachment, by reason of a pending appeal or otherwise,
shall not be in effect; or

 

(i)          Unenforceability
of Loan Documents. (i) Any material provision of any Loan Document after delivery thereof pursuant to Section 3.01 shall
for any reason (other than pursuant to the terms thereof) cease to be valid and binding on or enforceable against any Loan Party
which is party to it, or (ii) any such Loan Party shall so state in writing; provided, however, that solely with
respect to clause (i), any such failure shall not give rise to an Event of Default hereunder if such failure is unintentional
on the part of the Loan Parties and reasonably susceptible of cure by the Loan Parties with the reasonable cooperation of the
Administrative Agent and Lenders and is cured within ten (10) days after the earlier of the date on which (A) a Responsible Officer
of a Loan Party obtains actual knowledge of such failure or (B) written notice thereof shall have been given to the Borrowers
by the Administrative Agent or any Lender; provided further that the Administrative Agent and Lenders shall reasonably
cooperate with the Loan Parties in effecting such cure; or

 

(j)          Security
Failure. Any Collateral Document or financing statement after delivery thereof pursuant to Section 3.01 shall for any reason
(other than pursuant to the terms thereof) cease to create a valid and perfected first priority lien on and security interest
in the Collateral purported to be covered thereby; provided, however, that any such failure shall not give rise
to an Event of Default hereunder if (i) such failure is unintentional on the part of the Loan Parties, (ii) no other Default or
Event of Default has occurred and is then continuing, (iii) such failure is reasonably susceptible of cure by the Loan Parties
(with the reasonable cooperation of the Agents and Lenders, if necessary) and is cured within ten (10) days after the earlier
of the date on which (A) a Responsible Officer of a Loan Party obtains actual knowledge of such failure or (B) written notice
thereof has been given to the Borrowers by any Agent or any Lender; provided further that the Agents and Lenders shall
cooperate in all commercially reasonable respects with the Loan Parties in effecting such cure; or

 

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(k)          [Intentionally
Omitted].

 

(l)           ERISA
Events. Any ERISA Event shall have occurred with respect to a Plan and the liability of the Loan Parties related to such ERISA
Event is reasonably expected to exceed $5,000,000; or

 

(m)          Defaults
under the SPE Requirements. Any Borrower, any Pledgor, any TRS Lessee or the Georgia Tech Owner shall breach in any material
respect the Borrower SPE Requirements (which, for the purposes of this Section 6.1(m), shall be deemed to apply to the Georgia
Tech Owner as is they had been incorporated in full into the constituent documents of the Georgia Tech Owner), the Pledgor SPE
Requirements or the TRS Lessee SPE Requirements, respectively; provided, however, that any such breach shall not
give rise to an Event of Default hereunder if (i) such breach was unintentional, non-recurring and immaterial and (ii) such breach
is susceptible of cure and is cured within ten (10) days after the earlier of the date on which (A) the Georiga Tech Owner, any
Borrower, any Pledgor, any TRS Lessee or the Operating Partnership discovers such unintentional, non-recurring and immaterial
breach or (B) written notice thereof shall have been given to the Borrowers by the Administrative Agent or any Lender; or

 

(n)          Interest
Rate Cap Agreements. The Borrowers shall fail to obtain or maintain an Interest Rate Cap Agreement or a replacement thereof
in accordance with Sections 2.16 and Section 2.18; provided, however, that any such failure shall not give rise
to an Event of Default hereunder if such failure is unintentional on the part of the Loan Parties and reasonably susceptible of
cure by the Loan Parties and is cured within ten (10) days after the earlier of the date on which (A) a Responsible Officer of
a Loan Party obtains actual knowledge of such failure or (B) written notice thereof shall have been given to the Borrowers by
the Administrative Agent or any Lender;

 

then, and in any such event, the Administrative Agent (i) shall
at the request, or may with the consent, of the Required Lenders, by notice to the Borrowers, declare the Commitments of each
Lender and the obligation of each Lender to make Advances to be terminated, whereupon the same shall forthwith terminate, (ii) shall
at the request, or may with the consent, of the Required Lenders, by notice to the Borrowers, declare the Loan, all interest thereon
and all other amounts payable under this Agreement and the other Loan Documents to be forthwith due and payable, whereupon the
Loan, all such interest and all such amounts shall become and be forthwith due and payable, without presentment, demand, protest
or further notice of any kind, all of which are hereby expressly waived by the Borrowers; provided, however, that
in the event of an actual or deemed entry of an order for relief with respect to any Loan Party under any Bankruptcy Law, (y) the
Commitments of each Lender and the obligation of each Lender to make Advances shall automatically be terminated and (z) the
Loan, all such interest and all such amounts shall automatically become and be due and payable, without presentment, demand, protest
or any notice of any kind, all of which are hereby expressly waived by the Loan Parties, and (iii) shall at the request, or may
with the consent of the Required Lenders, proceed to enforce its rights and remedies under the Loan Documents for the benefit
of Lenders by appropriate proceedings.

 

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Article
VII

GUARANTY

 

SECTION 7.01. Guaranty; Limitation of
Liability. (a) Each Guarantor (which for avoidance of doubt includes each Borrower for the purposes of this Article 7) hereby
absolutely, unconditionally and irrevocably guarantees the punctual payment when due, whether at scheduled maturity or on any
date of a required prepayment or by acceleration, demand or otherwise, of all Obligations of the Borrowers (x) pursuant to clause
(ii) of Section 9.04(b) and (y) for which the Borrowers are personally liable or which are fully recourse to the Borrowers pursuant
to Section 10.02 (including, without limitation, any extensions, modifications, substitutions, amendments or renewals of any or
all of the foregoing Obligations), whether direct or indirect, absolute or contingent, and whether for principal, interest, premiums,
fees, indemnities, contract causes of action, costs, expenses or otherwise (such Obligations being the “Guaranteed
Obligations”), and agrees to pay any and all expenses (including, without limitation, fees and expenses of counsel)
incurred by the Administrative Agent or any other Secured Party in enforcing the Guaranteed Obligations. Without limiting the
generality of the foregoing, each Guarantor’s liability shall extend to all amounts that constitute part of the Guaranteed
Obligations and would be owed by any other Loan Party to any Secured Party under or in respect of the Loan Documents but for the
fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving
such other Loan Party. This Guaranty is and constitutes a guaranty of payment and not merely of collection.

 

(b)          Each
Guarantor, each Agent and each other Lender and, by its acceptance of the benefits of this Guaranty, each other Secured Party,
hereby confirms that it is the intention of all such Persons that this Guaranty and the Obligations of each Guarantor hereunder
not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the
Uniform Fraudulent Transfer Act or any similar foreign, federal or state law to the extent applicable to this Guaranty and the
Obligations of each Guarantor hereunder. To effectuate the foregoing intention, the Guarantors, the Agents, the other Lenders
and, by their acceptance of the benefits of this Guaranty, the other Secured Parties hereby irrevocably agree that the Obligations
of each Guarantor under this Guaranty at any time shall be limited to the maximum amount as will result in the Obligations of
such Guarantor under this Guaranty not constituting a fraudulent transfer or conveyance.

 

(c)          Each
Guarantor hereby unconditionally and irrevocably agrees that in the event any payment shall be required to be made to any Secured
Party under this Guaranty or any other guaranty, such Guarantor will contribute, to the maximum extent permitted by law, such
amounts to each other Guarantor and each other guarantor so as to maximize the aggregate amount paid to the Secured Parties under
or in respect of the Loan Documents.

 

SECTION 7.02. Guaranty Absolute. Each
Guarantor guarantees that the Guaranteed Obligations will be paid strictly in accordance with the terms of this Agreement and
the other Loan Documents, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting
any of such terms or the rights of the Administrative Agent or any other Secured Party with respect thereto. The Obligations of
each Guarantor under or in respect of this Guaranty are independent of the Guaranteed Obligations or any other Obligations of
any other Loan Party under or in respect of this Agreement or the other Loan Documents, and a separate action or actions may be
brought and prosecuted against each Guarantor to enforce this Guaranty, irrespective of whether any action is brought against
any Borrower or any other Loan Party or whether any Borrower or any other Loan Party is joined in any such action or actions.
The liability of each Guarantor under this Guaranty shall be irrevocable, absolute and unconditional irrespective of, and each
Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to, any or all of the
following:

 

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(a)        any
lack of validity or enforceability of any Loan Document or any agreement or instrument relating thereto;

 

(b)        any
change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed Obligations or any other
Obligations of any other Loan Party under or in respect of the Loan Documents, or any other amendment or waiver of or any consent
to departure from any Loan Document, including, without limitation, any increase in the Guaranteed Obligations resulting from
the extension of additional credit to the Borrowers, any other Loan Party or any of their Subsidiaries or otherwise;

 

(c)        any
taking, exchange, release or non-perfection of any collateral, or any taking, release or amendment or waiver of, or consent to
departure from, any other guaranty, for all or any of the Guaranteed Obligations;

 

(d)        any
manner of application of collateral, or proceeds thereof, to all or any of the Guaranteed Obligations, or any manner of sale or
other disposition of any collateral for all or any of the Guaranteed Obligations or any other Obligations of any Loan Party under
the Loan Documents or any other assets of any Loan Party or any of its Subsidiaries;

 

(e)        any
change, restructuring or termination of the corporate structure or existence of any Loan Party or any of its Subsidiaries;

 

(f)        any
failure of the Administrative Agent or any other Secured Party to disclose to any Loan Party any information relating to the business,
condition (financial or otherwise), operations, performance, properties or prospects of any other Loan Party now or hereafter
known to the Administrative Agent or such other Secured Party (each Guarantor waiving any duty on the part of the Administrative
Agent and each other Secured Party to disclose such information);

 

(g)       the
failure of any other Person to execute or deliver this Agreement, any other Loan Document, any Borrower Accession Agreement or
any other guaranty or agreement or the release or reduction of liability of any Guarantor or other guarantor or surety with respect
to the Guaranteed Obligations; or

 

(h)       any
other circumstance (including, without limitation, any statute of limitations) or any existence of or reliance on any representation
by the Administrative Agent or any other Secured Party that might otherwise constitute a defense available to, or a discharge
of, any Loan Party or any other guarantor or surety.

 

This Guaranty shall continue to be effective or be reinstated,
as the case may be, if at any time any payment of any of the Guaranteed Obligations is rescinded or must otherwise be returned
by any Secured Party or any other Person upon the insolvency, bankruptcy or reorganization of any Borrower or any other Loan Party
or otherwise, all as though such payment had not been made.

 

SECTION 7.03. Waivers and Acknowledgments.
(a) Each Guarantor hereby unconditionally and irrevocably waives promptness, diligence, notice of acceptance, presentment, demand
for performance, notice of nonperformance, default, acceleration, protest or dishonor and any other notice with respect to any
of the Guaranteed Obligations and this Guaranty and any requirement that the Administrative Agent or any other Secured Party protect,
secure, perfect or insure any Lien or any property subject thereto or exhaust any right or take any action against any Loan Party
or any other Person or any collateral.

 

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(b)          Each
Guarantor hereby unconditionally and irrevocably waives any right (including without limitation any such right arising under California
Civil Code Section 2815) to revoke this Guaranty and acknowledges that this Guaranty is continuing in nature and applies
to all Guaranteed Obligations, whether existing now or in the future.

 

(c)          Each
Guarantor hereby unconditionally and irrevocably waives (i) any and all rights and defenses available to it by reason of
Sections 2787 to 2855, inclusive, 2899 and 3433 of the California Civil Code, including without limitation any and all rights
or defenses such Guarantor may have by reason of protection afforded to the principal with respect to any of the Guaranteed Obligations,
or to any other guarantor of any of the Guaranteed Obligations with respect to any of such guarantor’s obligations under
its guaranty, in either case pursuant to the antideficiency or other laws of the State of California limiting or discharging the
principal’s indebtedness or such guarantor’s obligations, including without limitation Section 580a, 580b, 580d
or 726 of the California Code of Civil Procedure, (ii) any defense arising by reason of any claim or defense based upon an election
of remedies by the Administrative Agent or any other Secured Party that in any manner impairs, reduces, releases or otherwise
adversely affects the subrogation, reimbursement, exoneration, contribution or indemnification rights of such Guarantor or other
rights of such Guarantor to proceed against any of the other Loan Parties, any other guarantor or any other Person or any collateral
and (iii) any defense based on any right of set-off or counterclaim against or in respect of the Obligations of such Guarantor
hereunder. No other provision of this Guaranty shall be construed as limiting the generality of any of the covenants and waivers
set forth in this Section 7.03(c). As provided below, this Guaranty shall be governed by, and shall be construed and enforced
in accordance with, the laws of the State of New York. This Section 7.03(c) is included solely out of an abundance of caution,
and shall not be construed to mean that any of the above-referenced provisions of California law are in any way applicable to
this Guaranty or to any of the Guaranteed Obligations.

 

(d)          Each
Guarantor waives any claim, right or remedy, direct or indirect, that such Guarantor now has or may hereafter have against any
Loan Party or any of its assets in connection with this Guaranty or the performance by such Guarantor of its obligations hereunder,
in each case whether such claim, right or remedy arises in equity, under contract, by statute (including without limitation under
California Civil Code Section 2847, 2848 or 2849), under common law or otherwise and including without limitation (a) any
right of subrogation, reimbursement or indemnification that such Guarantor now has or may hereafter have against any such Loan
Party, (b) any right to enforce, or to participate in, any claim, right or remedy that any Secured Party now has or may hereafter
have against any Loan Party, and (c) any benefit of, and any right to participate in, any collateral or security now or hereafter
held by any Secured Party.

 

(e)          Each
Guarantor acknowledges that the Administrative Agent may, without notice to or demand upon such Guarantor and without affecting
the liability of such Guarantor under this Guaranty, foreclose under any mortgage by nonjudicial sale, and each Guarantor hereby
waives any defense to the recovery by the Administrative Agent and the other Secured Parties against such Guarantor of any deficiency
after such nonjudicial sale and any defense or benefits that may be afforded by applicable law (including, without limitation,
Sections 580a and 580d of the California Code of Civil Procedure or any other law of any other jurisdiction having similar effect).

 

(f)          Each
Guarantor hereby unconditionally and irrevocably waives any duty on the part of the Administrative Agent or any other Secured
Party to disclose to such Guarantor any matter, fact or thing relating to the business, condition (financial or otherwise), operations,
performance, properties or prospects of the Borrowers, any other Loan Party or any of their Subsidiaries now or hereafter known
by the Administrative Agent or such other Secured Party.

 

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(g)          Each
Guarantor acknowledges that it will receive substantial direct and indirect benefits from the financing arrangements contemplated
by this Agreement and the other Loan Documents and that the waivers set forth in Section 7.02 and this Section 7.03 are knowingly
made in contemplation of such benefits.

 

SECTION 7.04. Subrogation. Each Guarantor
hereby unconditionally and irrevocably agrees not to exercise any rights that it may now have or hereafter acquire against any
Borrower, any other Loan Party or any other insider guarantor that arise from the existence, payment, performance or enforcement
of such Guarantor’s Obligations under or in respect of this Guaranty, this Agreement or any other Loan Document, including,
without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate
in any claim or remedy of any Secured Party against any Borrower, any other Loan Party or any other insider guarantor or any collateral,
whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation,
the right to take or receive from any Borrower, any other Loan Party or any other insider guarantor, directly or indirectly, in
cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right, unless
and until all of the Guaranteed Obligations and all other amounts payable under this Guaranty shall have been indefeasibly paid
in full in cash and the Commitments shall have expired or been terminated. If any amount shall be paid to any Guarantor in violation
of the immediately preceding sentence at any time prior to the latest of (a) the indefeasible payment in full in cash of the Guaranteed
Obligations and all other amounts payable under this Guaranty and (b) the termination in whole of the Commitments, such amount
shall be received and held in trust for the benefit of the Secured Parties, shall be segregated from other property and funds
of such Guarantor and shall forthwith be paid or delivered to the Administrative Agent in the same form as so received (with any
necessary endorsement or assignment) to be credited and applied to the Guaranteed Obligations and all other amounts payable under
this Guaranty, whether matured or unmatured, in accordance with the terms of the Loan Documents. If (i) any Guarantor shall make
payment to any Secured Party of all or any part of the Guaranteed Obligations, (ii) all of the Guaranteed Obligations and all
other amounts payable under this Guaranty shall have been indefeasibly paid in full in cash, and (iii) the termination in whole
of the Commitments shall have occurred, the Administrative Agent and the other Secured Parties will, at such Guarantor’s
request and expense, execute and deliver to such Guarantor appropriate documents, without recourse and without representation
or warranty, necessary to evidence the transfer by subrogation to such Guarantor of an interest in the Guaranteed Obligations
resulting from such payment made by such Guarantor pursuant to this Guaranty.

 

SECTION 7.05. [Intentionally Omitted].

 

SECTION 7.06. Indemnification by Guarantors.
(a) Without limitation on any other Obligations of any Guarantor or remedies of the Administrative Agent or the Secured Parties
under this Agreement, this Guaranty or the other Loan Documents, each Guarantor shall, to the fullest extent permitted by law,
indemnify, defend and save and hold harmless each Agent, each Arranger, each other Secured Party, each Servicer and each of their
Affiliates and their respective officers, directors, employees, agents and advisors (each, an “Indemnified Party”)
from and against, and shall pay on demand, any and all claims, damages, losses, liabilities and expenses (including, without limitation,
reasonable fees and expenses of external counsel) that may be incurred by or asserted or awarded against any Indemnified Party
in connection with or as a result of any failure of any Guaranteed Obligations to be the legal, valid and binding obligations
of any Loan Party enforceable against such Loan Party in accordance with their terms.

 

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(b)          Each
Guarantor hereby also agrees that no Indemnified Party shall have any liability (whether direct or indirect, in contract, tort
or otherwise) to any of the Guarantors or any of their respective Affiliates or any of their respective officers, directors, employees,
agents and advisors, and each Guarantor hereby agrees not to assert any claim against any Indemnified Party on any theory of liability,
for special, indirect, consequential or punitive damages arising out of or otherwise relating to the Loan, the actual or proposed
use of the proceeds of the Loan, the Loan Documents or any of the transactions contemplated by the Loan Documents.

 

SECTION 7.07. Subordination. (a) Each
Guarantor hereby subordinates any and all debts, liabilities and other Obligations owed to such Guarantor by each other Loan Party
(the “Subordinated Obligations”) to the Guaranteed Obligations to the extent and in the manner hereinafter
set forth in this Section 7.07.

 

(b)          Prohibited
Payments, Etc. Except during the continuance of an Event of Default (including the commencement and continuation of any proceeding
under any Bankruptcy Law relating to any other Loan Party), each Guarantor may receive regularly scheduled payments or payments
made in the ordinary course of business from any other Loan Party on account of the Subordinated Obligations. After the occurrence
and during the continuance of any Event of Default (including the commencement and continuation of any proceeding under any Bankruptcy
Law relating to any other Loan Party), however, unless required pursuant to Section 7.07(d), no Guarantor shall demand, accept
or take any action to collect any payment on account of the Subordinated Obligations.

 

(c)          Prior
Payment of Guaranteed Obligations. In any proceeding under any Bankruptcy Law relating to any other Loan Party, each Guarantor
agrees that the Secured Parties shall be entitled to receive payment in full in cash of all Guaranteed Obligations (including
all interest and expenses accruing after the commencement of a proceeding under any Bankruptcy Law, whether or not constituting
an allowed claim in such proceeding (“Post Petition Interest”)) before such Guarantor receives payment
of any Subordinated Obligations.

 

(d)          Turn-Over.
After the occurrence and during the continuance of any Event of Default (including the commencement and continuation of any proceeding
under any Bankruptcy Law relating to any other Loan Party), each Guarantor shall, if the Administrative Agent so requests, collect,
enforce and receive payments on account of the Subordinated Obligations as trustee for the Secured Parties and deliver such payments
to the Administrative Agent on account of the Guaranteed Obligations (including all Post Petition Interest), together with any
necessary endorsements or other instruments of transfer, but without reducing or affecting in any manner the liability of such
Guarantor under the other provisions of this Guaranty.

 

(e)          Administrative
Agent Authorization. After the occurrence and during the continuance of any Event of Default (including the commencement and
continuation of any proceeding under any Bankruptcy Law relating to any other Loan Party), the Administrative Agent is authorized
and empowered (but without any obligation to so do), in its discretion, (i) in the name of each Guarantor, to collect and
enforce, and to submit claims in respect of, Subordinated Obligations and to apply any amounts received thereon to the Guaranteed
Obligations (including any and all Post Petition Interest), and (ii) to require each Guarantor (A) to collect and enforce,
and to submit claims in respect of, Subordinated Obligations and (B) to pay any amounts received on such obligations to the
Administrative Agent for application to the Guaranteed Obligations (including any and all Post Petition Interest).

 

SECTION 7.08. Continuing Guaranty.
This Guaranty is a continuing guaranty and shall (a) remain in full force and effect until the later of (i) the indefeasible
payment in full in cash of the Guaranteed Obligations and all other amounts payable under this Guaranty, and (ii) the termination
in whole of the Commitments and the payment of all Obligations, (b) be binding upon the Guarantors, their successors and
assigns and (c) inure to the benefit of and be enforceable by the Administrative Agent and the other Secured Parties and
their successors, transferees and assigns.

 

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Article
VIII

THE AGENTS

 

SECTION 8.01. Authorization and Action;
Appointment of Supplemental Agents; Servicer. (a) Each Lender hereby appoints and authorizes each Agent to take such action
as agent on its behalf and to exercise such powers and discretion under this Agreement and the other Loan Documents as are delegated
to such Agent by the terms hereof and thereof, together with such powers and discretion as are reasonably incidental thereto.
In that connection, Lenders hereby delegate to (i) the Administrative Agent the power to manager and administer the Advances and
the Loan Documents, and the Administrative Agent may, without the consent of any Lender, take any and all actions necessary or
required to be taken by the Administrative Agent under the Loan Documents, except to the extent that the consent of all Lenders
or the Required Lenders is expressly required pursuant to any Loan Document, and (ii) the Collateral Agent the power to manager
and administer the Collateral Documents, and the Collateral Agent may, without the consent of any Lender, take any and all actions
necessary or required to be taken by the Collateral Agent under the Loan Documents, except to the extent that the consent of all
Lenders or the Required Lenders is expressly required pursuant to any Loan Document. As to any matters not expressly provided
for by the Loan Documents (including, without limitation, enforcement or collection of the Notes), no Agent shall be required
to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected
in so acting or refraining from acting) upon the instructions of the Required Lenders or such greater number of Lenders as may
be required pursuant to this Agreement, and such instructions shall be binding upon all Lenders and all holders of Notes; provided,
however, that no Agent shall be required to take any action that exposes such Agent to personal liability or that is contrary
to this Agreement or applicable law, including without limitation, for the avoidance of doubt, any action that may be in violation
of the automatic stay under any Debtor Relief Law. Each Agent agrees to give to each Lender prompt notice of each notice given
to it by the Operating Partnership (on behalf of any Borrower) or any Borrower pursuant to the terms of this Agreement. Notwithstanding
anything to the contrary in any Loan Document, no Person identified as a syndication agent, documentation agent, senior manager,
lead arranger or book-running manager, in such Person’s capacity as such, shall have any obligations or duties to any Loan
Party, any Agent or any other Secured Party under any of such Loan Documents. In its capacity as Lenders’ contractual representative,
each Agent is a “representative” of Lenders as used within the meaning of “Secured Party” under Section 9-102
of the Uniform Commercial Code.

 

(b)          Anything
contained herein or in the Collateral Documents to the contrary notwithstanding, the Collateral Agent may from time to time, when
the Collateral Agent deems it to be necessary, appoint one or more trustees, co-trustees, collateral co-agents or collateral subagents
(each, a “Supplemental Agents”) with respect to all or any part of the Collateral. In the event that
the Collateral Agent so appoints any Supplemental Agent with respect to any Collateral, (i) such Supplemental Agent shall automatically
be vested, in addition to the Collateral Agent, with all rights, powers, privileges, interests and remedies of the Collateral
Agent under the Collateral Documents with respect to such Collateral; (ii) such Supplemental Agent shall be deemed to be an “Agent”
for purposes of this Agreement and the other Loan Documents, and the provisions of Section 22 of the Security Agreement, this
Article and Section 9.04 hereof that refer to the Collateral Agent shall inure to the benefit of such Supplemental Agent, and
all references therein and in the other Loan Documents to the Collateral Agent shall be deemed to be references to the Collateral
Agent and/or such Supplemental Agent, as the context may require; and (iii) the term “Collateral Agent”, when used
herein or in any applicable Collateral Document in relation to the Liens on or security interests in such Collateral granted in
favor of the Collateral Agent, and any rights, powers, privileges, interests and remedies of the Collateral Agent with respect
to such Collateral, shall be deemed to include such Supplemental Agent; provided, however, that no such Supplemental
Agent shall be authorized to take any action with respect to any such Collateral unless and except to the extent expressly authorized
in writing by the Collateral Agent. Should any instrument in writing from the Borrowers or any other Loan Party be required by
any Supplemental Agent so appointed by the Collateral Agent to more fully or certainly vest in and confirming to such Supplemental
Agent such rights, powers, privileges and duties, the Borrowers shall, or shall cause such Loan Party to, execute, acknowledge
and deliver any and all such instruments promptly upon request by the Collateral Agent. If any Supplemental Agent, or successor
thereto, shall die, become incapable of acting, resign or be removed, all the rights, powers, privileges and duties of such Supplemental
Agent, to the extent permitted by law, shall automatically vest in and be exercised by the Collateral Agent until the appointment
of a new Supplemental Agent.

 

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(c)          At
the option of the Administrative Agent, the Loan may be serviced by a servicer/special servicer/trustee selected by the Administrative
Agent (collectively, the “Servicer”) and the Administrative Agent may delegate all or any portion of
its responsibilities under this Agreement and the other Loan Documents to such Servicer pursuant to a servicing agreement between
the Administrative Agent and such Servicer. The Servicer shall be deemed to be an “Agent” for purposes of this Agreement
and the other Loan Documents, and the provisions of Section 22 of the Security Agreement, this Article and Section 9.04 hereof
that refer to the Administrative Agent shall inure to the benefit of the Servicer, and all references therein and in the other
Loan Documents to the Administrative Agent shall be deemed to be references to the Administrative Agent and/or the Servicer, as
the context may require. Without limitation of any other provision contained herein, the Borrowers shall be liable for the third
party out-of-pocket costs and expenses of the Administrative Agent incurred with respect to any Servicer, including, without limitation,
any initial set up costs and fees and ongoing monthly costs and fees, in each case, charged by such Servicer, provided
that such servicing fee shall be in an amount customary in the marketplace for commercial mortgage loans similar to the Loan;
provided, however, that at no time shall such servicing fee exceed an annual rate equal to 0.01% of the then Outstanding
Principal Balance.

 

SECTION 8.02. Agents’ Reliance,
Etc. Neither any Agent nor any of its directors, officers, agents or employees shall
be liable for any action taken or omitted to be taken by it or them under or in connection with the Loan Documents, except for
its or their own gross negligence or willful misconduct. Without limitation of the generality of the foregoing, each Agent: (a) in
the case of the Administrative Agent, may treat the payee of any Note as the holder thereof until the Administrative Agent receives
and accepts an Assignment and Acceptance entered into by Lender that is the payee of such Note, as assignor, and an Eligible Assignee,
as assignee, as provided in Section 9.07; (b) may consult with legal counsel (including counsel for any Loan Party),
independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be
taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (c) makes no warranty or
representation to any Lender and shall not be responsible to any Lender for any statements, warranties or representations (whether
written or oral) made in or in connection with the Loan Documents; (d) shall not have any duty to ascertain or to inquire
as to the performance, observance or satisfaction of any of the terms, covenants or conditions of any Loan Document on the part
of any Loan Party or the existence at any time of any Default under the Loan Documents or to inspect the property (including the
books and records) of any Loan Party; (e) shall not be responsible to any Lender for the due execution, legality, validity,
enforceability, genuineness, sufficiency or value of, or the perfection or priority of any lien or security interest created or
purported to be created under or in connection with, any Loan Document or any other instrument or document furnished pursuant
thereto; (f) shall incur no liability under or in respect of any Loan Document by acting upon any notice, consent, certificate
or other instrument or writing (which may be by telegram, telecopy or telex or other electronic communication) believed by it
to be genuine and signed or sent by the proper party or parties; and (g) shall not be required to take any action that, in its
opinion or the opinion of its counsel, may expose such Agent to liability or that is contrary to any Loan Document or applicable
law, including for the avoidance of doubt, any action that may be in violation of the automatic stay under any Bankruptcy Law.

 

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SECTION 8.03. Citibank and Affiliates.
With respect to its Commitments, the Advances made by it and the Notes issued to it, Citibank shall have the same rights and powers
under the Loan Documents as any other Lender and may exercise the same as though it were not an Agent; and the term “Lender”
or “Lenders” shall, unless otherwise expressly indicated, include Citibank in its individual capacity. Citibank and
its Affiliates may accept deposits from, lend money to, act as trustee under indentures of, accept investment banking engagements
from and generally engage in any kind of business with, any Loan Party, any Subsidiary of any Loan Party and any Person that may
do business with or own securities of any Loan Party or any such Subsidiary, all as if Citibank were not the Administrative Agent
or the Collateral Agent and without any duty to account therefor to Lenders.

 

SECTION 8.04. Lender Credit Decision.
Each Lender acknowledges that it has, independently and without reliance upon any Agent or any other Lender and based on the financial
statements referred to in Section 4.01 and such other documents and information as it has deemed appropriate, made its own
credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without
reliance upon any Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time,
continue to make its own credit decisions in taking or not taking action under this Agreement. Nothing in this Agreement or any
other Loan Document shall require any Agent or any of its respective directors, officers, agents or employees to carry out any
“know your customer” or other checks in relation to any Person on behalf of any Lender and each Lender confirms to
each Agent that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement
in relation to such checks made by the Agents or any of their respective directors, officers, agents or employees. Subject to
the terms of the immediately preceding sentence, each Agent agrees to deliver to Lenders any “know your customer”
related information received by such Agent from the Borrowers.

 

SECTION 8.05. Indemnification by Lenders.
(a) Each Lender severally agrees to indemnify each Agent (to the extent not promptly reimbursed by the Borrowers) from and against
such Lender’s ratable share (determined as provided below) of any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever that may be imposed on, incurred
by, or asserted against such Agent in any way relating to or arising out of the Loan Documents or any action taken or omitted
by such Agent under the Loan Documents (collectively, the “Indemnified Costs”); provided,
however, that no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements resulting from any Agent’s gross negligence or willful misconduct as
found in a final, non-appealable judgment by a court of competent jurisdiction. Without limitation of the foregoing, each Lender
agrees to reimburse each Agent promptly upon demand for its ratable share of any costs and expenses (including, without limitation,
fees and expenses of counsel) payable by the Borrowers under Section 9.04, to the extent that such Agent is not promptly
reimbursed for such costs and expenses by the Borrowers. In the case of any investigation, litigation or proceeding giving rise
to any Indemnified Costs, this Section 8.05 applies whether any such investigation, litigation or proceeding is brought by any
Lender or any other Person.

 

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(b)          For
purposes of this Section 8.05, Lenders’ respective ratable shares of any amount shall be determined, at any time, according
to their respective Commitments at such time. The failure of any Lender to reimburse any Agent promptly upon demand for its ratable
share of any amount required to be paid by Lender to such Agent as provided herein shall not relieve any other Lender of its obligation
hereunder to reimburse any Agent for its ratable share of such amount, but no Lender shall be responsible for the failure of any
other Lender to reimburse any Agent for such other Lender’s ratable share of such amount. The term “Agent” shall
be deemed to include the employees, directors, officers and affiliates of each Agent for purposes of this Section 8.05. Without
prejudice to the survival of any other agreement of any Lender hereunder, the agreement and obligations of each Lender contained
in this Section 8.05 shall survive the payment in full of principal, interest and all other amounts payable hereunder and
under the other Loan Documents.

 

SECTION 8.06. Successor Agents. Any
Agent may resign at any time by giving thirty (30) days’ prior written notice thereof to Lenders and the Operating Partnership
(on behalf of the Borrowers) and may be removed at any time with or without cause by the Required Lenders. Upon any such resignation
or removal, the Required Lenders shall have the right to appoint a successor Agent. If no successor Agent shall have been so appointed
by the Required Lenders, and shall have accepted such appointment, within thirty (30) days after the retiring Agent’s giving
of notice of resignation or the Required Lenders’ removal of the retiring Agent, then the retiring Agent may, on behalf
of Lenders, appoint a successor Agent, which shall be a commercial bank organized under the laws of the United States or of any
State thereof and having a combined capital and surplus of at least $250,000,000. Upon the acceptance of any appointment as the
Agent hereunder by a successor Agent, and upon the execution and filing or recording of such financing statements, or amendments
thereto, and such amendments or supplements to the Mortgages and Assignments of Leases, and such other instruments or notices,
as may be necessary or desirable, or as the Required Lenders may request, in order to continue the perfection of the Liens granted
or purported to be granted by the Collateral Documents, such successor Agent shall succeed to and become vested with all the rights,
powers, discretion, privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and
obligations under the Loan Documents. If within forty-five (45) days after written notice is given of the retiring Agent’s
resignation or removal under this Section 8.06 no successor Agent shall have been appointed and shall have accepted such
appointment, then on such forty-fifth (45th) day (i) the retiring Agent’s resignation or removal shall become
effective, (ii) the retiring Agent shall thereupon be discharged from its duties and obligations under the Loan Documents
and (iii) the Required Lenders shall thereafter perform all duties of the retiring Agent under the Loan Documents until such
time, if any, as the Required Lenders appoint a successor Agent as provided above. After any retiring Agent’s resignation
or removal hereunder as the Agent shall have become effective, the provisions of this Article VIII shall inure to its benefit
as to any actions taken or omitted to be taken by it while it was the Agent under this Agreement.

 

SECTION 8.07. Relationship of Agents and
Lenders. The relationship between Agents (or either of them) and Lenders, and the relationship among Lenders, is not intended
by the parties to create, and shall not create, any trust, joint venture or partnership relation between them.

 

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Article
IX

MISCELLANEOUS

 

SECTION 9.01. Amendments, Etc. (a)
No amendment or waiver of any provision of this Agreement or the Notes or any other Loan Document, nor consent to any departure
by any Loan Party therefrom, shall in any event be effective unless the same shall be in writing and signed (or, in the case of
the Collateral Documents, consented to) by the Required Lenders, and then such waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given; provided, however, that no amendment, waiver or
consent shall, unless in writing and signed by all Lenders, do any of the following at any time: (i) modify the definition
of Required Lenders or otherwise change the percentage vote of Lenders required to take any action under this Agreement or any
other Loan Document, (ii) except to the extent expressly permitted under this Agreement (including, without limitation, as
contemplated by Section 9.13(c)), release the Borrowers with respect to the Obligations of the Borrowers hereunder or, reduce
or limit the obligations of any Guarantor under Article VII or release such Guarantor or otherwise limit such Guarantor’s
liability with respect to the Guaranteed Obligations, (iii) release any of the Collateral (other than pursuant to Section
5.02(e) or 9.13) or permit the Loan Parties to encumber the Collateral Assets or any other Collateral, except as expressly permitted
in the Loan Documents, (iv) amend Section 5.02(e)(i), 9.13 or this Section 9.01, (v) increase the Commitments of Lenders
or subject Lenders to any additional obligations, (vi) forgive or reduce the principal of, or interest on, the Obligations
of the Loan Parties under the Loan Documents or any fees or other amounts payable thereunder, (vii) postpone or extend any
date fixed for any payment of principal of, or interest on, the Notes or any fees or other amounts payable hereunder, (viii) modify
the Allocated Loan Amounts, or (xiv) extend the Maturity Date, other than as provided by Section 2.16; provided further
that (A) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent or the Collateral Agent,
as applicable, in addition to Lenders required above to take such action, affect the respective rights or duties of the Administrative
Agent or the Collateral Agent under this Agreement or the other Loan Documents; (B) no amendment, waiver or consent shall, unless
in writing and signed by the Required Lenders affect the definitions of “Closing Asset Deliverables”, “Collateral
Assets”, Section 5.04, the definitions of the terms used or incorporated in Section 5.04, or waive any default under the
financial covenant set forth in Section 5.04; and (C) no Defaulting Lender shall have any right to approve or disapprove any amendment,
waiver or consent hereunder, except that (x) the Commitment of any Defaulting Lender may not be increased or extended without
the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected
Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of
such Defaulting Lender.

 

(b)          In
the event that any Lender (a “Non-Consenting Lender”) shall fail to consent to a waiver or amendment
to, or a departure from, the provisions of this Agreement which requires the consent of all Lenders and that has been consented
to by the Administrative Agent and the Required Lenders, then the Borrowers shall have the right, upon written demand to such
Non-Consenting Lender and the Administrative Agent given within thirty (30) days after the first date on which such consent was
solicited in writing from Lenders by the Administrative Agent (a “Consent Request Date”), to cause such
Non-Consenting Lender to assign its rights and obligations under this Agreement (including, without limitation, its Commitment
or Commitments, the Advances owing to it and the Note or Notes, if any, held by it) to an Eligible Assignee designated by the
Operating Partnership and approved by the Administrative Agent (such approval not to be unreasonably withheld) (a “Replacement
Lender”), provided that (i) as of such Consent Request Date, no Default or Event of Default shall have occurred
and be continuing, (ii) as of the date of the Operating Partnership’s written demand to replace such Non-Consenting Lender,
no Default or Event of Default shall have occurred and be continuing other than a Default or Event of Default that resulted solely
from the subject matter of the waiver or amendment for which such consent was being solicited from Lenders by the Administrative
Agent, and (iii) the replacement of any Non-Consenting Lender shall be consummated in accordance with and subject to the provisions
of Section 2.19. The Replacement Lender shall purchase such interests of the Non-Consenting Lender and shall assume the rights
and obligations of the Non-Consenting Lender under this Agreement upon execution by the Replacement Lender of an Assignment and
Acceptance delivered pursuant to Section 9.07.

 

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SECTION 9.02. Notices, Etc. (a) All
notices and other communications provided for hereunder shall be either (x) in writing (including telecopier communication) and
mailed, telecopied or delivered by hand or by overnight courier service, (y) as and to the extent set forth in Section 9.02(b)
and in the proviso to this Section 9.02(a), in an electronic medium and delivered as set forth in Section 9.02(b) or (z) as and
to the extent not prohibited by this Agreement, transmitted by e-mail, provided that such e-mail shall in all cases include
an attachment (in PDF format or similar format) containing a legible signature of the person providing such notice, if to any
Loan Party, in the case of the Operating Partnership at its address at 405 Park Avenue, New York, New York 10022, Attention: Chief
Executive Officer and 405 Park Avenue, New York, New York 10022, Attention: General Counsel (and in the case of transmission by
e-mail not prohibited to be made by e-mail, to JMehlman@hitreit.com and PHughes@hitreit.com, with a copy by U.S. mail to the Operating
Partnership at its address set forth above, provided that no notices of Default shall be sent to any Loan Party solely
by e-mail transmission); if to any Initial Lender, at its Domestic Lending Office or, if applicable, at the telecopy number or
e-mail address specified opposite its name on Schedule I hereto (and in the case of a transmission by e-mail, with a copy
by U.S. mail to its Domestic Lending Office); if to any other Lender, at its Domestic Lending Office or, if applicable, at the
telecopy number or e-mail address specified in the Assignment and Acceptance pursuant to which it became a Lender (and in the
case of a transmission by e-mail, with a copy by U.S. mail to its Domestic Lending Office); and if to the Administrative Agent
or the Collateral Agent, at its address at Citibank, N.A., 390 Greenwich Street, 7th Floor, New York, New York 10013, Attention:
Ana Rosu Marmann, or, if applicable, at ana.rosu@citi.com (and in the case of a transmission by e-mail, with a copy by U.S. mail
to Citibank, N.A., 390 Greenwich Street, 7th Floor, New York, New York 10013, Attention: Ana Rosu Marmann) or, as to any Loan
Party or Agent, at such other address as shall be designated by such party in a written notice to the other parties and, as to
each other party, at such other address as shall be designated by such party in a written notice to the Borrowers and the Administrative
Agent. All notices, demands, requests, consents and other communications described in this clause (a) shall be effective (i) if
delivered by hand, including any overnight courier service, upon personal delivery (or refusal to accept delivery), (ii) if delivered
by mail, upon delivery thereof (or refusal to accept delivery), (iii) if delivered by posting to an Approved Electronic Platform,
an Internet website or a similar telecommunication device requiring that a user have prior access to such Approved Electronic
Platform, website or other device (to the extent permitted by Section 9.02(b) to be delivered thereunder), when such notice, demand,
request, consent and other communication shall have been made generally available on such Approved Electronic Platform, Internet
website or similar device to the class of Person being notified (regardless of whether any such Person must accomplish, and whether
or not any such Person shall have accomplished, any action prior to obtaining access to such items, including registration, disclosure
of contact information, compliance with a standard user agreement or undertaking a duty of confidentiality) and such Person has
been notified in respect of such posting that a communication has been posted to the Approved Electronic Platform, provided
that if requested by any Lender, the Administrative Agent shall deliver a copy of the Communications to such Lender by e-mail
or telecopier and (iv) if delivered by electronic mail or any other telecommunications device, when receipt is confirmed by electronic
mail as provided in this clause (a); provided, however, that notices and communications to the Administrative Agent
pursuant to Article II, III or VIII or to the Collateral Agent under the Collateral Documents shall not be effective until
received by the Administrative Agent or the Collateral Agent, as the case may be. Delivery by telecopier of an executed counterpart
of a signature page to any amendment or waiver of any provision of this Agreement or the Notes or of any Exhibit hereto to be
executed and delivered hereunder shall be effective as delivery of an original executed counterpart thereof. Each Lender agrees
(i) to notify the Administrative Agent in writing of such Lender’s e-mail address to which a notice may be sent by electronic
transmission (including by electronic communication) on or before the date such Lender becomes a party to this Agreement (and
from time to time thereafter to ensure that the Administrative Agent has on record an effective e-mail address for such Lender)
and (ii) that any notice may be sent to such e-mail address.

 

(b)          Notwithstanding
clause (a) (unless the Administrative Agent requests that the provisions of clause (a) be followed) and any other provision in
this Agreement or any other Loan Document providing for the delivery of any Approved Electronic Communication by any other means,
the Loan Parties shall deliver all Approved Electronic Communications to the Administrative Agent by properly transmitting such
Approved Electronic Communications in an electronic/soft medium in a format acceptable to the Administrative Agent to oploanswebadmin@citigroup.com
or such other electronic mail address (or similar means of electronic delivery) as the Administrative Agent may notify to the
Borrowers. Nothing in this clause (b) shall prejudice the right of the Administrative Agent or any Lender to deliver any Approved
Electronic Communication to any Loan Party in any manner authorized in this Agreement or to request that the Borrowers effect
delivery in such manner.

 

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(c)          Each
Lender and each Loan Party agrees that the Administrative Agent may, but shall not be obligated to, make the Approved Electronic
Communications available to Lenders by posting such Approved Electronic Communications on IntraLinksTM or a substantially
similar electronic platform chosen by the Administrative Agent to be its electronic transmission system (the “Approved
Electronic Platform”). Although the Approved Electronic Platform and its primary web portal are secured with generally-applicable
security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Closing
Date, a dual firewall and a User ID/Password Authorization System) and the Approved Electronic Platform is secured through a single-user-per-deal
authorization method whereby each user may access the Approved Electronic Platform only on a deal-by-deal basis, each Lender and
each Loan Party acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure
and that there are confidentiality and other risks associated with such distribution. In consideration for the convenience and
other benefits afforded by such distribution and for the other consideration provided hereunder, the receipt and sufficiency of
which is hereby acknowledged, each Lender and each Loan Party hereby approves distribution of the Approved Electronic Communications
through the Approved Electronic Platform and understands and assumes the risks of such distribution.

 

(d)          THE
APPROVED ELECTRONIC PLATFORM AND THE APPROVED ELECTRONIC COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE”.
NONE OF THE ADMINISTRATIVE AGENT NOR ANY OF ITS DIRECTORS, OFFICERS, AGENTS OR EMPLOYEES WARRANT THE ACCURACY, ADEQUACY OR COMPLETENESS
OF THE APPROVED ELECTRONIC COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM AND EACH EXPRESSLY DISCLAIMS ANY LIABILITY FOR ERRORS
OR OMISSIONS IN THE APPROVED ELECTRONIC COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. NO WARRANTY OF ANY KIND, EXPRESS,
IMPLIED OR STATUTORY, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT
OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE ADMINISTRATIVE AGENT OR ANY OF ITS DIRECTORS,
OFFICERS, AGENTS OR EMPLOYEES IN CONNECTION WITH THE APPROVED ELECTRONIC COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM.

 

(e)          Each
Lender and each Loan Party agrees that the Administrative Agent may, but (except as may be required by applicable law) shall not
be obligated to, store the Approved Electronic Communications on the Approved Electronic Platform in accordance with the Administrative
Agent’s generally-applicable document retention procedures and policies.

 

SECTION 9.03. No Waiver; Remedies.
No failure on the part of any Lender or any Agent to exercise, and no delay in exercising, any right hereunder or under any other
Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other
or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive
of any remedies provided by law.

 

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SECTION 9.04. Costs and Expenses.
(a) Each Borrower agrees jointly and severally to pay on demand (i) all reasonable and documented out-of-pocket costs and
expenses of the Agents, the Arrangers and the Secured Parties in connection with the preparation, execution, delivery, administration,
modification and amendment of the Loan Documents (including, without limitation, (A) all due diligence, collateral review,
syndication, transportation, computer, duplication, appraisal, audit, insurance, consultant, search, filing and recording fees
and expenses, (B) the reasonable and documented fees and expenses of counsel for the Agents with respect thereto (including,
without limitation, with respect to reviewing and advising on any matters required to be completed by the Loan Parties on a post-closing
basis), with respect to advising the Agents, Arrangers or any Secured Party as to their rights and responsibilities, or the perfection,
protection or preservation of rights or interests, under the Loan Documents, with respect to negotiations with any Loan Party
or with other creditors of any Loan Party or any of its Subsidiaries arising out of any Default or any events or circumstances
that may give rise to a Default and with respect to presenting claims in or otherwise participating in or monitoring any bankruptcy,
insolvency or other similar proceeding involving creditors’ rights generally and any proceeding ancillary thereto and (C)
the reasonable and documented fees and expenses of counsel for the Agents with respect to the preparation, execution, delivery
and review of any documents and instruments at any time delivered pursuant to Section 3.01 and (ii) all reasonable out-of-pocket
costs and expenses of the Agents, the Arrangers and each Lender in connection with any work-out or the enforcement (whether through
negotiations, legal proceedings or otherwise) of the Loan Documents, whether in any action, suit or litigation, or any bankruptcy,
insolvency or other similar proceeding affecting creditors’ rights generally (including, without limitation, the reasonable
fees and expenses of counsel for the Agents and each Lender with respect thereto).

 

(b)          Each
Borrower agrees to indemnify, defend and save and hold harmless each Indemnified Party from and against, and shall pay on demand,
any and all claims, damages, losses, liabilities and expenses (including, without limitation, reasonable fees and expenses of
external counsel) that may be actually incurred by or asserted or awarded against any Indemnified Party, in each case arising
out of or in connection with or by reason of (including, without limitation, in connection with any investigation, litigation
or proceeding or preparation of a defense in connection therewith) (i) the Loan, the actual or proposed use of the proceeds
of the Loan, the Loan Documents or any of the transactions contemplated thereby or (ii) the actual or alleged presence of
Hazardous Materials on any property of any Loan Party or any of its Subsidiaries or any Environmental Action relating in any way
to any Loan Party or any of its Subsidiaries, except to the extent such claim, damage, loss, liability or expense is found in
a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s gross
negligence or willful misconduct. In the case of an investigation, litigation or other proceeding to which the indemnity in this
Section 9.04(b) applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is
brought by any Loan Party, its directors, shareholders or creditors or an Indemnified Party, whether or not any Indemnified Party
is otherwise a party thereto and whether or not the transactions contemplated by the Loan Documents are consummated. Each Loan
Party also agrees not to assert any claim against any Agent, any Arranger, any Lender or any of their Affiliates, or any of their
respective officers, directors, employees, agents and advisors, on any theory of liability, for special, indirect, incidental,
consequential or punitive damages arising out of or otherwise relating to the Loan, the actual or proposed use of the proceeds
of the Loan, the Loan Documents or any of the transactions contemplated by the Loan Documents. This Section 9.04(b) shall not
apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

(c)          If
any payment of principal of, or Conversion of, any Eurodollar Rate Advance is made by the Borrowers to or for the account of a
Lender (other than on a Monthly Payment Date where interest has been paid by the Borrowers through the end of the then current
Interest Period for such Advance), as a result of a payment or Conversion pursuant to Section 2.06, 2.09, or 2.10(d), replacement
of a Lender pursuant to Section 2.19 or a termination of Commitments or acceleration of the maturity of the Notes pursuant to
Section 6.01 or for any other reason, or if the Borrowers fail to make any payment or prepayment of an Advance for which
a notice of prepayment has been given or that is otherwise required to be made, whether pursuant to Section 2.04, 2.06, 6.01
or otherwise, the Borrowers shall, upon demand by such Lender (with a copy of such demand to the Administrative Agent), pay to
the Administrative Agent for the account of such Lender any amounts required to compensate such Lender for any additional losses,
costs or expenses that it may reasonably and actually incur as a result of such payment or Conversion or such failure to pay or
prepay, as the case may be, including, without limitation, any loss, cost or expense incurred by reason of the liquidation or
reemployment of deposits or other funds acquired by any Lender to fund or maintain such Advance.

 

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(d)          If
any Loan Party fails to pay when due any costs, expenses or other amounts payable by it under any Loan Document, including, without
limitation, fees and expenses of counsel and indemnities, such amount may be paid on behalf of such Loan Party by any Agent or
any Lender, in its sole discretion.

 

(e)          Without
prejudice to the survival of any other agreement of any Loan Party hereunder or under any other Loan Document, the agreements
and obligations of the Borrowers and the other Loan Parties contained in Sections 2.10 and 2.12, Section 7.06 and this
Section 9.04 shall survive the payment in full of principal, interest and all other amounts payable hereunder and under any
of the other Loan Documents. The obligations and liabilities of each Loan Party under this Section 9.04 shall fully survive indefinitely
notwithstanding the exercise of any of Indemnified Party’s rights pursuant to Section 726.5 of the California Code of Civil
Procedure. This Section 9.04 is intended by the parties to constitute an “environmental provision” as defined in Section
736 of the California Code of Civil Procedure, and the Indemnified Parties shall have all rights and remedies in such section.

 

(f)          No
Indemnified Party referred to in Section 9.04(b) shall be liable for any damages arising from the use by unintended recipients
of any information or other materials distributed by it through telecommunications, electronic or other information transmission
systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby.

 

SECTION 9.05. Right of Set-off. Upon
(a) the occurrence and during the continuance of any Event of Default and (b) the making of the request or the granting
of the consent specified by Section 6.01 to authorize the Administrative Agent to declare the Notes due and payable pursuant
to the provisions of Section 6.01, each Agent and each Lender and each of their respective Affiliates is hereby authorized
at any time and from time to time, to the fullest extent permitted by law, to set off and otherwise apply any and all deposits
(general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Agent,
such Lender or such Affiliate to or for the credit or the account of any Borrower or any other party to a Loan Document against
any and all of the Obligations of any such Borrower or such other party now or hereafter existing under the Loan Documents, irrespective
of whether such Agent or such Lender shall have made any demand under this Agreement or any Note or Notes and although such obligations
may be unmatured. If such deposits are not pledged pursuant to a valid security agreement, the prior written consent of the Administrative
Agent shall be obtained before any right of set-off shall be exercised. Each Agent and each Lender agrees promptly to notify the
Borrowers or such other party after any such set-off and application; provided, however, that the failure to give
such notice shall not affect the validity of such set-off and application. The rights of each Agent and each Lender and their
respective Affiliates under this Section 9.05 are in addition to other rights and remedies (including, without limitation, other
rights of set-off) that such Agent, such Lender and their respective Affiliates may have. Notwithstanding the foregoing, no Agent
or Lender shall have any set off rights against deposits which are subject to a security interest or rights in favor of another
lender, or which are held for the benefit of any other Person, in each case to the extent that such lender or other Person is
not an Affiliate of the Operating Partnership.

 

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SECTION 9.06. Binding Effect. This
Agreement shall become effective when it shall have been executed by each Borrower and each Guarantor named on the signature pages
hereto and the Administrative Agent shall have been notified by each Initial Lender that such Initial Lender has executed it and
thereafter shall be binding upon and inure to the benefit of the Borrowers and the Guarantors named on the signature pages hereto
and each Agent and each Lender and their respective successors and assigns, except that none of the Borrowers nor any other Loan
Party shall have the right to assign its rights hereunder or any interest herein without the prior written consent of Lenders.

 

SECTION 9.07. Assignments and Participations;
Replacement Notes. (a) Each Lender may (and, if demanded by the Borrowers in accordance with Section 2.19 or Section 9.01(b)
will) assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including,
without limitation, the Loan owing to it and the Note or Notes held by it); provided, however, that (i) except
in the case of an assignment to a Person that, immediately prior to such assignment, was a Lender, an Affiliate of any Lender
or a Fund Affiliate of any Lender or an assignment of all of a Lender’s rights and obligations under this Agreement, the
aggregate amount of the Loan being assigned to such Eligible Assignee pursuant to such assignment (determined as of the date of
the Assignment and Acceptance with respect to such assignment) shall in no event be less than $5,000,000 or an integral multiple
of $1,000,000 in excess thereof (or such lesser amount as shall be approved by the Administrative Agent and, so long as no Event
of Default shall have occurred and be continuing at the time of effectiveness of such assignment, the Operating Partnership on
behalf of the Borrowers), (ii) each such assignment shall be to an Eligible Assignee, (iii) each such assignment
made as a result of a demand by the Borrowers pursuant to Section 2.19 or Section 9.01(b) shall be an assignment of all rights
and obligations of the assigning Lender under this Agreement, (iv) except in the case of an assignment to a Person that, immediately
prior to such assignment, was a Lender, a Lender Affiliate or a Fund Affiliate of any Lender in which case notice of such assignment
shall be provided to the Administrative Agent and the Borrowers, no such assignments shall be permitted (A) until the Administrative
Agent shall have notified Lenders that syndication of the Loan hereunder has been completed, without the consent of the Administrative
Agent, and (B) at any other time without the consent of the (1) Administrative Agent and (2) the Operating Partnership on behalf
of the Borrowers (which consent, in each case, shall not be unreasonably withheld (and such consent shall be deemed given if not
denied in writing within ten (10) Business Days following a written request therefor given in accordance with Section 9.02(a)),
except that no consent shall be required pursuant to this clause (2) (x) if an Event of Default has occurred and is continuing
at the time any assignment is effected or (y) with respect to any assignment by (I) JPMCB or an Affiliate thereof, if such assignment
results in (a) JPMCB and its Affiliates continuing to own at least $25,000,000 of the Outstanding Principal Balance and (b) JPMCB,
Citibank, DBNY and/or their respective Affiliates continuing to collectively own at least 50.1% of the Outstanding Principal Balance
or (II) Citibank. or an Affiliate thereof or DBNY or an Affiliate thereof, as applicable, if such assignment results in (b) either
such Lender and its Affiliates continuing to own at least $50,000,000 of the Outstanding Principal Balance and (b) JPMCB, Citibank,
DBNY and/or their respective Affiliates continuing to collectively own at least 50.1% of the Outstanding Principal Balance, and
(v) the parties to each such assignment shall execute and deliver to the Administrative Agent, for its acceptance and recording
in the Register, an Assignment and Acceptance, together with any Note or Notes subject to such assignment and, except if such
assignment is being made by a Lender to an Affiliate or Fund Affiliate of such Lender, a processing and recordation fee of $3,500;
provided, however, that (x) the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation
fee in the case of any assignment, and (y) for each such assignment made as a result of a demand by the Borrowers pursuant to
Section 2.19 or Section 9.01(b), the Borrowers shall pay to the Administrative Agent the applicable processing and recordation
fee. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment will be
effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment make such
additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which
may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including
funding, with the consent of the Borrowers and the Administrative Agent, the applicable pro rata share of Advances previously
requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent),
to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent and
each other Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full pro rata
share of all Advances in accordance with its Pro Rata Share. Notwithstanding the foregoing, in the event that any assignment
of rights and obligations of any Defaulting Lender hereunder becomes effective under applicable law without compliance with the
provisions of this Section 9.07(a), then the assignee of such interest will be deemed to be a Defaulting Lender for all purposes
of this Agreement until such compliance occurs.

 

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(b)          Upon
such execution, delivery, acceptance and recording, from and after the effective date specified in such Assignment and Acceptance,
(i) the assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned
to it pursuant to such Assignment and Acceptance, have the rights and obligations of a Lender hereunder and (ii) the Lender
assignor thereunder shall, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment
and Acceptance, relinquish its rights (other than its rights under Sections 2.10, 2.12, 7.06, 8.05 and 9.04 to the extent
any claim thereunder relates to an event arising prior to such assignment) and be released from its obligations under this Agreement
(and, in the case of an Assignment and Acceptance covering all of the remaining portion of an assigning Lender’s rights
and obligations under this Agreement, such Lender shall cease to be a party hereto).

 

(c)          By
executing and delivering an Assignment and Acceptance, each Lender assignor thereunder and each assignee thereunder confirm to
and agree with each other and the other parties thereto and hereto as follows: (i) other than as provided in such Assignment
and Acceptance, such assigning Lender makes no representation or warranty and assumes no responsibility with respect to any statements,
warranties or representations made in or in connection with any Loan Document or the execution, legality, validity, enforceability,
genuineness, sufficiency or value of, or the perfection or priority of any lien or security interest created or purported to be
created under or in connection with, any Loan Document or any other instrument or document furnished pursuant thereto; (ii) such
assigning Lender makes no representation or warranty and assumes no responsibility with respect to the financial condition of
any Loan Party or the performance or observance by any Loan Party of any of its obligations under any Loan Document or any other
instrument or document furnished pursuant thereto; (iii) such assignee confirms that it has received a copy of this Agreement,
together with copies of the financial statements referred to in Section 4.01 and such other documents and information as
it has deemed appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance; (iv) such
assignee will, independently and without reliance upon the Administrative Agent, such assigning Lender or any other Lender and
based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in
taking or not taking action under this Agreement; (v) such assignee confirms that it is an Eligible Assignee; (vi) such
assignee appoints and authorizes each Agent to take such action as agent on its behalf and to exercise such powers and discretion
under the Loan Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers and discretion
as are reasonably incidental thereto; and (vii) such assignee agrees that it will perform in accordance with their terms
all of the obligations that by the terms of this Agreement are required to be performed by it as a Lender.

 

(d)          The
Administrative Agent shall maintain at its address referred to in Section 9.02 a copy of each Assignment and Acceptance delivered
to and accepted by it and a register for the recordation of the names and addresses of Lenders and the Commitments, and principal
amount (and stated interest) of the Advances owing with respect to the Loan to, each Lender from time to time (the “Register”).
The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrowers, the Agents
and Lenders shall treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement.
The Register shall be available for inspection by the Operating Partnership (on behalf of the Borrowers), the Borrowers, any Agent
or any Lender at any reasonable time and from time to time upon reasonable prior notice.

 

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(e)          Upon
its receipt of an Assignment and Acceptance executed by an assigning Lender and an assignee, together with any Note or Notes subject
to such assignment, the Administrative Agent shall, if such Assignment and Acceptance has been completed and is in substantially
the form of Exhibit D hereto, (i) accept such Assignment and Acceptance, (ii) record the information contained
therein in the Register and (iii) give prompt notice thereof to the Borrowers and each other Agent. In the case of any assignment
by a Lender, within five (5) Business Days after its receipt of such notice, each Borrower, at its own expense, shall, if requested
by the applicable Lender, execute and deliver to the Administrative Agent in exchange for the surrendered Note or Notes a substitute
Note to the order of such Eligible Assignee in an amount equal to the portion of the Loan purchased by it pursuant to such Assignment
and Acceptance and, if any assigning Lender has retained any portion of the Loan, a substitute Note to the order of such assigning
Lender in an amount equal to the portion of the Loan retained by it hereunder. Such substitute Note or Notes, if any, shall be
in an aggregate principal amount equal to the aggregate principal amount of such surrendered Note or Notes, shall be dated the
effective date of such Assignment and Acceptance and shall otherwise be in substantially the form of Exhibit A hereto.

 

(f)          [Intentionally
Omitted].

 

(g)          Each
Lender may sell participations to one or more Persons (other than any Loan Party or any of its Affiliates, any natural person
or any Defaulting Lender) in or to all or a portion of its rights and obligations under this Agreement (including, without limitation,
all or a portion of the Loan owing to it and the Note or Notes (if any) held by it) in a minimum gross amount of $5,000,000; provided,
however, that (i) such Lender’s obligations under this Agreement (including, without limitation, its Commitments)
shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance
of such obligations, (iii) such Lender shall remain the holder of any such Note for all purposes of this Agreement, (iv) the
Borrowers, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection
with such Lender’s rights and obligations under this Agreement, (v) no participant under any such participation shall
have any right to approve any amendment or waiver of any provision of any Loan Document, or any consent to any departure by any
Loan Party therefrom, except to the extent that such amendment, waiver or consent would reduce the principal of, or interest on,
the Notes or any fees or other amounts payable hereunder, in each case to the extent subject to such participation, or postpone
any date fixed for any payment of principal of, or interest on, the Notes or any fees or other amounts payable hereunder, in each
case to the extent subject to such participation, or release all or substantially all of the Collateral and (vi) a participant
shall be entitled to the benefits of Sections 2.10, 2.12, and 9.04(c) (subject to the requirements and limitations therein,
including the requirements under Sections 2.12(f) and 2.12(g) (it being understood that the documentation required under
Sections 2.12(f) and 2.12(g) shall be delivered to the participating Lender)) to the same extent as if it were a Lender
and had acquired its interest by assignment pursuant to Section 9.07(a); provided, however, that such participant
shall not be entitled to receive any greater payment under Section 2.10, 2.12, or 9.04(c) with respect to any participation than
its participating Lender would have been entitled to receive, except, in the case of Sections 2.10 and 2.12 only, to the extent
such entitlement to receive a greater payment results from a change in law or increased cost, as applicable, that occurs after
the participant acquired the applicable participation. Each Lender that sells a participation shall, acting solely for this purpose
as an agent of the Borrowers, maintain a register on which it enters the name and address of each participant and the principal
amounts (and stated interest) of each participant’s interest in the Loans or other obligations under the Loan Documents
(the “Participant Register”), provided that no Lender shall have any obligation to disclose all
or any portion of the Participant Register (including the identity of any participant or any information relating to a participant's
interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to
the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is
in registered form under section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register
shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register
as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance
of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant
Register.

 

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(h)          Any
Lender may, in connection with any assignment or participation or proposed assignment or participation pursuant to this Section 9.07,
disclose to the assignee or participant or proposed assignee or participant any information relating to the Loan Parties (or any
of them) furnished to such Lender by or on behalf of any Loan Party; provided, however, that prior to any such disclosure,
the assignee or participant or proposed assignee or participant shall agree to preserve the confidentiality of any Information
received by it from such Lender on the same terms as provided in Section 9.12.

 

(i)          Notwithstanding
any other provision set forth in this Agreement, any Lender may at any time pledge or assign, or grant a security interest in
all or any portion of its rights under this Agreement (including, without limitation, any pledge or assignment of, or grant of
a security interest in, the Advances owing to such Lender and any Note or Notes held by it), including in favor of any Federal
Reserve Bank in accordance with Regulation A of the Board of Governors of the Federal Reserve System or any other central
bank in accordance with applicable local laws or regulations.

 

(j)          Upon
notice to the Borrowers from the Administrative Agent or any Lender of the loss, theft, destruction or mutilation of any Lender’s
Note, each Borrower will execute and deliver, in lieu of such original Note, a replacement promissory note, identical in form
and substance to, and dated as of the same date as, the Note so lost, stolen or mutilated, subject to delivery by such Lender
to the Borrowers of an affidavit of lost note and indemnity in customary form. Upon the execution and delivery of the replacement
Note, all references herein or in any of the other Loan Documents to the lost, stolen or mutilated Note shall be deemed references
to the replacement Note.

 

SECTION 9.08. Execution in Counterparts.
This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.
Delivery of an executed counterpart of a signature page to this Agreement by telecopier or by email with a pdf or similar attachment
shall be effective as delivery of an original executed counterpart of this Agreement.

 

SECTION 9.09.
Severability. In case one or more provisions of this Agreement or the other Loan Documents shall be invalid, illegal
or unenforceable in any respect under any applicable law, the validity, legality and enforceability of the remaining provisions
contained herein or therein shall not be affected or impaired thereby.

 

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SECTION 9.10. Survival of Representations.
All representations and warranties contained in this Agreement and in any other Loan Document or made in writing by or on behalf
of any Loan Party in connection herewith or therewith shall survive the execution and delivery of this Agreement and the Loan
Documents, the making of the Advances and any investigation made by or on behalf of the any Lender, none of which investigations
shall diminish any Lender’s right to rely on such representations and warranties.

 

SECTION 9.11. Usury Not Intended.
It is the intent of the Borrowers and each Lender in the execution and performance of this Agreement and the other Loan Documents
to contract in strict compliance with applicable usury laws, including conflicts of law concepts, governing the Advances of each
Lender including such applicable laws of the State of New York and the United States of America from time to time in effect. In
furtherance thereof, Lenders and the Borrowers stipulate and agree that none of the terms and provisions contained in this Agreement
or the other Loan Documents shall ever be construed to create a contract to pay, as consideration for the use forbearance or detention
of money, interest at a rate in excess of the maximum rate permitted by applicable law and that for purposes hereof “interest”
shall include the aggregate of all charges which constitute interest under such laws that are contracted for, taken, charged,
received, reserved or paid under this Agreement; and in the event that, notwithstanding the foregoing, under any circumstances
the aggregate amounts contracted for, taken, charged, received, reserved or paid on the Advances, include amounts which, by applicable
law, are deemed interest which would exceed the maximum rate permitted by applicable law, then such excess shall be deemed to
be a mistake and, each Lender receiving the same shall credit the same on the principal of the Obligations of the Borrowers under
the Loan Documents (or if such Obligations shall have been paid in full, refund said excess to the Borrowers). In the event that
the Obligations of the Borrowers under the Loan Documents are accelerated by reason of any Event of Default under this Agreement
or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest may never
include more than the maximum rate permitted by applicable law and excess interest, if any, provided for in this Agreement or
otherwise shall be canceled automatically as of the date of such acceleration or prepayment and, if theretofore paid, shall be
credited on the principal of the Obligations of the Borrowers under the Loan Documents (or, if such Obligations shall have been
paid in full, refunded to the Borrowers). In determining whether or not the interest paid or payable under any specific contingencies
exceeds the maximum rate permitted by applicable law, the Borrowers and Lenders shall to the maximum extent permitted under applicable
law amortize, prorate, allocate and spread in equal parts during the period of the full stated term of the Loan all amounts considered
to be interest under applicable law at any time contracted for, taken, charged, received, reserved or paid in connection with
the Obligations of the Loan Parties under the Loan Documents. The provisions of this Section shall control over all other provisions
of this Agreement or the other Loan Documents which may be in apparent conflict herewith.

 

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SECTION 9.12. Confidentiality. (a)
Each of the Agents and Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information
may be disclosed (i) to its Affiliates and to its and its Affiliates’ Related Parties (it being understood that the
Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep
such Information confidential), (ii) to the extent requested by any regulatory authority purporting to have jurisdiction
over such Person or any such Related Party (including any self-regulatory authority, such as the National Association of Insurance
Commissioners), (iii) to the extent required by applicable laws or regulations or by any subpoena or similar legal process,
(iv) to any other party hereto, (v) in connection with the exercise of any remedies hereunder or under any other Loan
Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder
or thereunder, (vi) subject to an agreement containing provisions at least as restrictive as those of this Section, to (A)
any assignee of or participant in, or any prospective assignee of or participant in, any of its rights or obligations under this
Agreement, or (B) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under
which payments are to be made by reference to the Borrowers and its obligations, this Agreement or payments hereunder, (vii) to
(A) any rating agency in connection with rating the Operating Partnership or its Subsidiaries or the Loan, (B) the CUSIP
Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the Loan
or (C) external auditors as may be required by a Lender’s policies or policies of any governmental or quasi-governmental
entity affecting a Lender, (viii) with the consent of the Operating Partnership or (ix) to the extent such Information
(A) becomes publicly available other than as a result of a breach of this Section 9.12 or (B) becomes available
to such Agent, such Lender or any of their respective Affiliates on a non-confidential basis from a source other than the Parent
or any of its Subsidiaries without such Agent, such Lender or any of their respective Affiliates having knowledge that a duty
of confidentiality to the Parent Guarantor or any of its Subsidiaries has been breached. In addition, the Agents and Lenders may
disclose the existence of this Agreement and information about this Agreement to market data collectors, similar service providers
to the lending industry and service providers to the Agents and Lenders in connection with the administration of this Agreement,
the other Loan Documents, and the Commitments. For purposes of this Section, “Information” means all
information received from or on behalf of any Loan Party relating to the Loan Parties, their Subsidiaries or Affiliates or their
respective businesses, but does not include any such information that is or becomes generally available to the public other than
by way of a breach of the confidentiality provisions of this Section 9.12 or that is or becomes available to such Agent or
such Lender from a source other than the Loan Parties prior to disclosure by the Loan Parties, provided that, in the case
of information received from or on behalf of the Loan Parties after the Closing Date, such information is clearly identified at
the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall
be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord to its own confidential information.

 

(b)          Certain
of the Lenders may enter into this Agreement and take or not take action hereunder or under the other Loan Documents on the basis
of information that does not contain material non-public information with respect to the Parent Guarantor, any or its Subsidiaries
or their respective securities (“Restricting Information”). Other Lenders may enter into this Agreement
and take or not take action hereunder or under the other Loan Documents on the basis of information that may contain Restricting
Information. Each Lender acknowledges that United States federal and state securities laws prohibit any person from purchasing
or selling securities on the basis of material, non-public information concerning the issuer of such securities or, subject to
certain limited exceptions, from communicating such information to any other Person. None of any Agent or any of its respective
directors, officers, agents or employees shall, by making any Communications (including Restricting Information) available to
a Lender, by participating in any conversations or other interactions with a Lender or otherwise, make or be deemed to make any
statement with regard to or otherwise warrant that any such information or Communication does or does not contain Restricting
Information nor shall any Agent or any of its respective directors, officers, agents or employees be responsible or liable in
any way for any decision a Lender may make to limit or to not limit its access to Restricting Information. In particular, none
of any Agent or any of its respective directors, officers, agents or employees (i) shall have, and each Agent, on behalf of itself
and each of its directors, officers, agents and employees, hereby disclaims, any duty to ascertain or inquire as to whether or
not a Lender has or has not limited its access to Restricting Information, such Lender’s policies or procedures regarding
the safeguarding of material, nonpublic information or such Lender’s compliance with applicable laws related thereto or
(ii) shall have, or incur, any liability to any Loan Party, any Lender or any of their respective Affiliates, directors, officers,
agents or employees arising out of or relating to any Agent or any of its respective directors, officers, agents or employees
providing or not providing Restricting Information to any Lender, other than as found by a court of competent jurisdiction to
have resulted from the gross negligence or willful misconduct of any Agent or any of its respective directors, officers, agents
or employees.

 

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(c)          [Intentionally
Omitted].

 

(d)          Each
Lender acknowledges that circumstances may arise that require it to refer to Communications that might contain Restricting Information.
Accordingly, each Lender agrees that it will nominate at least one designee to receive Communications (including Restricting Information)
on its behalf and identify such designee (including such designee’s contact information) in writing to the Administrative
Agent. Each Lender agrees to notify the Administrative Agent from time to time of such Lender’s designee’s e-mail
address to which notice of the availability of Restricting Information may be sent by electronic transmission.

 

(e)          Each
Lender acknowledges that Communications delivered hereunder and under the other Loan Documents may contain Restricting Information
and that such Communications are available to all Lenders generally. Each Lender that elects not to take access to Restricting
Information does so voluntarily and, by such election, acknowledges and agrees that the Agents and other Lenders may have access
to Restricting Information that is not available to such electing Lender. Each such electing Lender acknowledges the possibility
that, due to its election not to take access to Restricting Information, it may not have access to any Communications (including,
without being limited to, the items required to be made available to the Administrative Agent in Section 5.03 unless or until
such Communications (if any) have been filed or incorporated into documents which have been filed with the Securities and Exchange
Commission by the Parent). None of the Loan Parties, the Agents or any Lender with access to Restricting Information shall have
any duty to disclose such Restricting Information to such electing Lender or to use such Restricting Information on behalf of
such electing Lender, and shall not be liable for the failure to so disclose or use, such Restricting Information.

 

(f)          Sections
9.12(b), (d) and (e) are designed to assist the Agents, Lenders and the Loan Parties, in complying with their respective contractual
obligations and applicable law in circumstances where certain Lenders express a desire not to receive Restricting Information
notwithstanding that certain Communications hereunder or under the other Loan Documents or other information provided to Lenders
hereunder or thereunder may contain Restricting Information. None of any Agent or any of its respective directors, officers, agents
or employees warrants or makes any other statement with respect to the adequacy of such provisions to achieve such purpose nor
does any Agent or any of its respective directors, officers, agents or employees warrant or make any other statement to the effect
that a Loan Party’s or Lender’s adherence to such provisions will be sufficient to ensure compliance by such Loan
Party or Lender with its contractual obligations or its duties under applicable law in respect of Restricting Information and
each Lender and each Loan Party assumes the risks associated therewith.

 

SECTION 9.13. Release of Collateral.
(a) Upon the sale, lease, transfer or other disposition of any item of Collateral of any Loan Party (including, without limitation,
(x) as a result of a sale of the Equity Interests in the Loan Party that owns such Collateral, and (y) any Transfer pursuant to
Section 5.02(e)(i)) that in each case is permitted by the terms of the Loan Documents, then the Collateral Agent will, at the
Borrowers’ expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request
to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral Documents
in accordance with the terms of the Loan Documents.

 

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(b)          The
Borrowers shall have the right from time to time to request the release of the Collateral Agent’s security interests in
a Collateral Asset (in whole and not in part) in connection with a sale or a refinancing of such Collateral Asset and, if the
following conditions are satisfied, the Collateral Agent shall, at the Borrowers’ expense, execute and deliver to the applicable
Loan Party such documents as such Loan Party may reasonably request to evidence the release of such Collateral Asset from the
Liens of the Collateral Documents in accordance with the terms of the Loan Documents. Each such release pursuant to this Section
9.13(b) shall be subject to the following conditions: (i) the Borrowers shall have provided at least fifteen (15) days’
prior notice to the Collateral Agent requesting such release, (ii) no Default or Event of Default shall exist immediately before
or immediately after such release, (iii) subject to the proviso below, the Property Release DY Test shall be satisfied immediately
before and after such release, (iv) the notice requesting such release shall include a certificate of a Responsible Officer of
the Operating Partnership certifying as to the matters in clauses (ii) and (iii) (together, in the case of clause (iii), with
supporting evidence reasonably satisfactory to the Administrative Agent) and (v) on the date of such sale or refinancing, the
Borrowers shall repay the Loan in accordance with Section 2.06 in an amount equal to the greater of (A) the Base Release Price
for such Collateral Asset and (B) the amount of the Outstanding Principal Balance required to be prepaid in order to cause the
Property Release DY Test to be satisfied, provided that in connection with a sale of the Collateral Asset to a Person that
is not an Affiliate of any Loan Party, if a prepayment of the Loan in an amount equal to the Base Release Price would not cause
the Property Release DY Test to be satisfied, the Borrowers shall not be required to satisfy clause (iii) so long as on the date
of such sale the Borrowers shall repay the Loan in an amount equal to the greater of (1) the Base Release Price for such Collateral
Asset, and (2) the lesser of (I) all net proceeds payable to any Borrower in connection with such sale (net of all reasonable
and customary closing costs), and (II) the amount of the Outstanding Principal Balance required to be prepaid in order to cause
the Property Release DY Test to be satisfied.

 

(c)          Notwithstanding
anything to the contrary in Section 9.13(b), in the event (i) the Georgia Tech Hotel is subject to a default under the Georgia
Tech Ground Lease that was not caused by any Borrower or Affiliate thereof in bad faith to circumvent the requirements of Section
9.13(b) (a “Qualified Ground Lease Default”), so long as the Borrowers have demonstrated
to the Administrative Agent that they have diligently in good faith pursued a cure of such default under the Georgia Tech Ground
Lease, (ii) there exists a non-monetary Event of Default arising from an event or occurrence that is specific to an individual
Collateral Asset (including without limitation, any breach of a representation or warranty with respect to such Collateral Asset)
that was not caused by the intentional acts of any Loan Party or an Affiliate thereof, the Administrative Agent has delivered
a default notice with respect thereto, and the applicable Borrower has (x) demonstrated in good faith to the Administrative Agent
that it has pursued a cure of Event of Default and (y) within five (5) Business Days of the occurrence of such Event of Default
(after the expiration of any applicable cure period with respect thereto other than a cure obtained by a release under this Section
9.13(c)), provided notice to the Administrative Agent of such Borrower’s intent to cure such Event of Default by obtaining
the release of such Collateral Asset pursuant to this Section 9.13(b), or (iii) a Collateral Asset is subject to a material default
under an Approved Franchise Agreement (other than a default that was caused by any Borrower or Affiliate thereof in bad faith
to circumvent the requirements of Section 9.13(b)) that permits the Approved Franchisor thereunder to terminate such Approved
Franchise Agreement (regardless of whether the Approved Franchise Agreement has been terminated), the Administrative Agent and
the Approved Franchisor have delivered a default notice with respect to such default, and the applicable Borrower has demonstrated
in good faith to the Administrative Agent that it has pursued a cure of the default under such Approved Franchise Agreement, then,
in each case, the applicable Borrower will have the right, but not the obligation, to request the release of the applicable Collateral
Asset (in whole and not in part) and, if the following conditions are satisfied, the Collateral Agent shall, at the Borrowers’
expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence
the release of the related Collateral Asset from the Liens of the Collateral Documents in accordance with the terms of the Loan
Documents. Each such release pursuant to this Section 9.13(c) shall be subject to the following conditions: (A) the Borrowers
shall have provided at least fifteen (15) days’ prior notice to the Collateral Agent requesting such release, (B) no Default
or Event of Default shall exist immediately before or after such release (other than as described in clause (ii) above or arising
from the matters described in clauses (i) or (iii) above), (C) in respect of any release pursuant to clause (ii) above, such release
shall occur within forty-five (45) days following the occurrence of the applicable Event of Default, (D) the notice requesting
such release shall include a certificate of a Responsible Officer of the Operating Partnership certifying as to the matters in
clause (B), and (E) on the date of such release, the Borrowers shall repay the Loan in accordance with Section 2.06 in an amount
equal to the Base Release Price for such Collateral Asset. Any release described in clause (ii) above that occurs within forty-five
(45) days following the occurrence of the applicable Event of Default shall be deemed to concurrently cure each Event of Default
described in clause (ii) above.

 

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(d)          Notwithstanding
anything to the contrary in Section 9.13(b), the Borrowers shall have the right from time to time to request the release of the
Collateral Agent’s security interests in a Collateral Asset (in whole and not in part) in connection with a sale or a refinancing
of such Collateral Asset (including a sale to an Affiliate of a Loan Party) if such Collateral Asset is either the subject of
a Casualty or Condemnation (1) of more than sixty percent (60%) of the value of such Collateral Asset (determined by the Administrative
Agent on the basis of Allocated Loan Amounts) or (2) for which the Administrative Agent has not made the Net Proceeds available
to the applicable Borrower for Restoration. If the following conditions are satisfied, the Collateral Agent shall, at the Borrowers’
expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence
the release of such Collateral Asset from the Liens of the Collateral Documents in accordance with the terms of the Loan Documents.
Each such release pursuant to this Section 9.13(d) shall be subject to the following conditions: (i) the Borrowers shall have
provided at least fifteen (15) days’ prior notice to the Collateral Agent requesting such release, (ii) no Default or Event
of Default shall exist immediately before such release or would exist immediately upon the effectiveness of such release (except
to the extent arising from such Casualty or Condemnation), (iii) the notice requesting such release shall include a certificate
of a Responsible Officer of the Operating Partnership certifying as to the matters in clause (ii), and (iv) on the date of such
sale, the Borrowers shall repay the Loan in accordance with Section 2.06 in an amount equal to the Base Release Price for such
Collateral Asset (minus any Net Proceeds retained by any Agent).

 

(e)          Upon
the later to occur of (i) the payment in full in cash of the Secured Obligations, and (ii) the termination in whole
of the Commitments, the Liens granted by the Collateral Documents shall terminate and all rights to the Collateral shall revert
to the applicable Loan Party. Upon any such termination, the Collateral Agent will, at the Borrowers’ expense, execute and
deliver to the applicable Loan Parties such documents as such Loan Parties shall reasonably request to evidence such termination.

 

SECTION 9.14. Patriot Act Notification.
Each Lender and each Agent (for itself and not on behalf of any Lender) hereby notifies the Loan Parties that pursuant to the
requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot
Act”), it is required to obtain, verify and record information that identifies each Loan Party, which information
includes the name and address of such Loan Party and other information that will allow such Lender or Agent, as applicable, to
identify such Loan Party in accordance with the Patriot Act. The Parent Guarantor and the Operating Partnership shall, and shall
cause each of their Subsidiaries to, provide, to the extent commercially reasonable, such information and take such actions as
are reasonably requested by the Agents or any Lender in order to assist the Agents and Lenders in maintaining compliance with
the Patriot Act.

 

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SECTION 9.15. Jurisdiction, Etc. (a)
Each of the parties hereto hereby irrevocably and unconditionally agrees that it will not commence any action, litigation or other
proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, arising out of or
relating to this Agreement or any of the other Loan Documents to which it is a party, against any of the other parties hereto
in any forum other than the courts of the State of New York sitting in New York County, and of the United States District Court
of the Southern District of New York, and any appellate court from any thereof and each of the parties hereto irrevocably and
unconditionally submits to the jurisdiction of such courts, and each of the Loan Parties hereby irrevocably and unconditionally
agrees that all claims in respect of any such action, litigation or proceeding may be heard and determined in any such New York
State court or, to the extent permitted or required by law, in such Federal court. Each of the parties hereto agrees that a final
judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by law. Nothing in this agreement shall affect any right that any Agent, any Lender or any other
Indemnified Party may otherwise have to bring any action or proceeding relating to this Agreement or any of the other Loan Documents
to which it is a party in the courts of any jurisdiction in connection with the exercise of any rights under any Loan Document
or against any Collateral or the enforcement of any judgment, and each Loan Party hereby submits to the jurisdiction of, and consents
to venue in, any such court.

 

(b)          Each
of the parties hereto irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any
objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating
to this Agreement or any of the other Loan Documents to which it is a party in any New York State or Federal court sitting in
City, County and State of New York. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law,
the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

SECTION 9.16. Governing Law. THIS
AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK, THE LOAN WAS MADE BY THE LENDER PARTIES AND ACCEPTED BY THE BORROWERS IN THE
STATE OF NEW YORK, AND THE PROCEEDS OF THE LOAN DELIVERED PURSUANT HERETO WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE
THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL
RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS
AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS AND THE OBLIGATIONS ARISING HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT
REGARD TO PRINCIPLES OF CONFLICTS OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA, EXCEPT THAT AT ALL TIMES THE
PROVISIONS FOR THE CREATION, PERFECTION, AND ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS IN REAL PROPERTY (INCLUDING ALL IMPROVEMENTS
AND FIXTURES THEREON) CREATED PURSUANT TO THE COLLATERAL DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW OF
THE STATE, IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK
SHALL GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF ALL LOAN DOCUMENTS AND ALL OF THE OBLIGATIONS ARISING HEREUNDER
OR THEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO
ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS, AND THIS AGREEMENT,
THE NOTE AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

 

    	 	134	 

     

    

 

SECTION 9.17. WAIVER OF JURY TRIAL.
EACH OF THE BORROWERS, THE OTHER LOAN PARTIES, THE AGENTS AND THE LENDER PARTIES IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY
IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO ANY OF
THE LOAN DOCUMENTS, THE ADVANCES, OR THE ACTIONS OF THE AGENTS OR ANY LENDER PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE
OR ENFORCEMENT THEREOF.

 

SECTION 9.18. No
Fiduciary Duties. Each Loan Party agrees that nothing in the Loan Documents or otherwise will be deemed to create an advisory,
fiduciary or agency relationship or fiduciary or other implied duty between any Agent, any Lender or any Affiliate thereof, on
the one hand, and such Loan Party, its stockholders or its Affiliates, on the other. The Loan Parties agree that the transactions
contemplated by the Loan Documents (including the exercise of rights and remedies hereunder and thereunder) are arm’s-length
commercial transactions. Each Loan Party agrees that it has consulted its own legal and financial advisors to the extent it deemed
appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process
leading thereto. Each of the Loan Parties acknowledges that the Agents, Lenders and their respective Affiliates may have interests
in, or may be providing or may in the future provide financial or other services to other parties with interests which a Loan
Party may regard as conflicting with its interests and may possess information (whether or not material to the Loan Parties) other
than as a result of (w) the Collateral Agent acting as collateral agent under the Collateral Documents, (x) the Administrative
Agent acting as administrative agent hereunder, or (y) Lenders acting in their respective capacities as such hereunder, that
any Agent or any such Lender may not be entitled to share with any Loan Party. Without prejudice to the foregoing, each of the
Loan Parties agrees that the Agents, Lenders and their respective Affiliates may (a) deal (whether for its own or its customers’
account) in, or advise on, securities of any Person, and (b) accept deposits from, lend money to, act as trustee under indentures
of, accept investment banking engagements from and generally engage in any kind of business with other Persons in each case, as
if the Agents were not the Agents and as if Lenders were not Lenders, and without any duty to account therefor to the Loan Parties.
Each of the Loan Parties hereby irrevocably waives, in favor of the Agents, Lenders and the Arrangers, any conflict of interest
which may arise by virtue of the Agents, the Arrangers and/or Lenders acting in various capacities under the Loan Documents or
for other customers of the Agents, the Arrangers or any Lender as described in this Section 9.18.

 

SECTION 9.19. Liability of Borrowers.
The liability of each Person constituting a Borrower under the Loan Documents shall be joint and several with all other Persons
that constitute a Borrower under the Loan Documents.

 

SECTION 9.20. Acknowledgement and Consent
to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement,
arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution
arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers
of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)          the
application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an EEA Financial Institution; and

 

    	 	135	 

     

    

 

(b)          the
effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)          a
reduction in full or in part or cancellation of any such liability;

 

(ii)         a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or
other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or

 

(iii)        the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution
Authority.

 

SECTION 9.21. Bifurcation of Loan.
If the Arrangers elect, in their sole discretion, prior to or upon any syndication of the Loan, to split the Loan into two or
more parts, or the Notes into multiple component Notes or tranches which may have different interest rates, principal amounts,
payment priorities and maturities, each Borrower agrees to cooperate with the Arrangers in connection with the foregoing and to
(i) execute any modifications, amendments and supplements to this Agreement and the other Loan Documents reasonably requested
by the Administrative Agent, so long as the aggregate economic terms of the Loan Documents, as so modified, amended or supplemented,
will be no less favorable to the Borrowers (except for the effect of any “rate creep” arising from different Notes
or components being paid on a non-pro rata basis following (x) an Event of Default or (y) a Condemnation or Casualty affecting
one or more of the Collateral Assets) and (ii) provide legal opinions in relation to the same in form and substance as reasonably
acceptable to the Administrative Agent. Such Notes or components may be assigned different interest rates, so long as the initial
weighted average of such interest rates does not exceed the applicable interest rate hereunder. The Administrative Agent and the
Arrangers shall bear their own costs in relation to any bifurcation of the Loan pursuant to this Section 9.21. The Loan Parties
shall bear their own costs in relation to any bifurcation of the Loan pursuant to this Section 9.21.

 

Article
X

RECOURSE

 

SECTION 10.01. Exculpation. Notwithstanding
any provision of this Agreement or any Loan Document to the contrary, but subject to the further provisions of this Article X,
the Secured Parties shall not enforce the liability and obligation of the Borrowers to perform and observe the obligations contained
in the Loan Documents by any action or proceeding wherein a money judgment shall be sought against any Transaction Party or any
of their respective officers, directors, managers, shareholders or employees (collectively, the “Exculpated Parties”),
except that an Agent may bring a foreclosure action, action for specific performance or other appropriate action or proceeding
to enable the Agents to enforce and realize upon this Agreement, the other Loan Documents, and the interest in the Collateral;
provided, however, that any judgment in any such action or proceeding shall be enforceable only to the extent of
the Borrowers’ interests in the Collateral. The Secured Parties agree that they shall not, except as otherwise provided
herein or in the Mortgages, sue for, seek or demand any deficiency judgment against any of the Exculpated Parties in any such
action or proceeding, under or by reason of or under or in connection with the Loan Documents. The provisions of this Section
10.01 shall not, however, (i) constitute a waiver, release or impairment of any obligation evidenced or secured by the Loan Documents;
(ii) impair the right of any Agent to name any Transaction Party as a party defendant in any action or suit for judicial foreclosure
and sale under any Mortgage; (iii) affect the validity or enforceability of any indemnity, guaranty (including the Guaranty),
master lease or similar instrument made in connection with the Loan Documents; (iv) impair the right of the any Agent to obtain
the appointment of a receiver; (v) impair the enforcement of any Assignment of Leases; (vi) impair the right of the Secured Parties
to enforce the provisions of the Mortgages; (vii) exercise of any other remedy set forth in this Agreement or in any other Loan
Document which is not inconsistent with the terms of this Section 10.01; or (viii) impair the right of the Secured Parties to
obtain a deficiency judgment or other judgment on the Notes against Borrowers if necessary to (A) preserve or enforce its rights
and remedies against the Collateral or (B) obtain any Insurance Proceeds or Awards to which the Secured Parties would otherwise
be entitled under the terms of the Loan Documents; provided, however, the Secured Parties shall only enforce such
judgment to the extent of the Insurance Proceeds and/or Awards.

 

    	 	136	 

     

    

 

SECTION 10.02. Personal Liability of Borrowers.
(a) Each Borrower shall be personally liable to the Secured Parties for the actual Losses they incur due to:

 

(i)            fraud
or intentional material misrepresentation committed by any Transaction Party in connection with the Loan;

 

(ii)          any
Borrower or any TRS Lessee incurring any Indebtedness in violation of the Loan Documents not otherwise set forth in clause (i)
in the definition of “Springing Recourse Event” below (unless such Indebtedness was permitted when incurred but was
not repaid due to the failure of the Collateral Assets to generate sufficient cash flow or the failure of the Administrative Agent
to release funds from the Accounts (as defined in the Cash Management Agreement));

 

(iii)          any
Borrower or any TRS Lessee failing to obtain the Administrative Agent’s prior consent to (a) any Transfer of any Collateral
Asset or (b) any Transfer of a direct or indirect interest in the Georgia Tech Owner, any Pledgor, any Borrower or any TRS Lessee,
in each case not otherwise set forth in clause (ii) in the definition of “Springing Recourse Event” below;

 

(iv)          removal
of personal property from the Collateral Assets during an Event of Default by any Transaction Party, unless replaced with personal
property of substantially the same or greater utility and of the same or greater value;

 

(v)          any
intentional material physical Waste (as defined below) at any Collateral Asset committed by any Transaction Party. “Waste”
means any material abuse or, other than demolition in connection with a Restoration or alteration or improvement conducted in
accordance with the Loan Documents, destructive use of any Collateral Asset;

 

(vi)          the
material misappropriation by any Transaction Party of (A) any Insurance Proceeds paid by reason of any Casualty to any Collateral
Asset, (B) any Awards in connection with the Condemnation of any Collateral Asset and (C) any Gross Hotel Revenues after (or that
results in) a Lockbox Period or an Event of Default, in each case, in violation of the Loan Documents;

 

(vii)          any
defaults under any Approved Franchise Agreement for failure to complete any PIP Work which results in the termination or cancellation
of the applicable Approved Franchise Agreement or any other termination or cancellation of an Approved Franchise Agreement, provided
that there shall not be personal recourse liability pursuant to this clause (vii) if any Borrower or any TRS Lessee delivers
a replacement Approved Franchise Agreement in compliance with Section 5.01(q) within ninety (90) days of such termination or cancellation
or if the Allocated Loan Amount for the Collateral Asset subject to such terminated Approved Franchise Agreement together with
the Allocated Loan Amount for all other Collateral Assets that have had their Approved Franchise Agreements terminated accounts
for less than five percent (5%) of the aggregate Allocated Loan Amounts of all of the Collateral Assets, provided that
with respect to any Collateral Asset that is in a “red zone 1” or “red zone 2” (or the equivalent thereof
in either case) as of the Closing Date, any default under the Approved Franchise Agreement with respect to such Collateral Asset
shall result in personal recourse liability of the Borrowers notwithstanding that the Allocated Loan Amount for all other Collateral
Assets that have had their Approved Franchise Agreements terminated accounts for less than five percent (5%) of the aggregate
Allocated Loan Amounts of all of the Collateral Assets;

 

    	 	137	 

     

    

 

(viii)          any
breach of any provision of Section 5.01(w) or Section 5.02(p) or any breach by the Georgia Tech Owner of the Borrower SPE Requirements
(which, for the purposes of this clause (viii), shall be deemed to apply to the Georgia Tech Owner as is they had been incorporated
in full into the constituent documents of the Georgia Tech Owner) that in each case does not result in the substantive consolidation
of the assets and liabilities of the Georgia Tech Owner, any Pledgor, any Borrower or any TRS Lessee with any other Person as
a result of such breach;

 

(ix)          the
modification, surrender, termination or rejection in a bankruptcy proceeding by the Georgia Tech Owner of the Georgia Tech Ground
Lease if such modification, surrender, termination or rejection is prohibited under this Agreement or under any other Loan Document;
and/or

 

(x)          any
breach by any Loan Party of any provision of Section 5.01(cc), Section 5.02(b)(ii) or clause (C) or (D) of Section 5.02(k).

 

(b)          Notwithstanding
anything to the contrary in this Agreement or any of the other Loan Documents, (A) no Secured Party shall be deemed to have waived
any right which such Secured Party may have under Section 506(a), 506(b), 1111(b) or any other provisions of the Bankruptcy Law
to file a claim for the full amount of the Obligations or to require that all Collateral shall continue to secure all of the Obligations
owing to the Secured Parties in accordance with the Loan Documents, and (B) the Obligations shall be fully recourse to each Borrower
(and guaranteed by any Guarantor pursuant to the Guaranty) in the event that any of the following occur (each, a “Springing
Recourse Event”): (i) any Pledgor, any Borrower or any TRS Lessee fails to obtain the Administrative Agent’s
prior consent to any financing for borrowed money secured by any Collateral Asset or any Pledged Interests, or any voluntary conveyance
of a mortgage, deed of trust, security deed, security agreement or similar grant by any Pledgor, any Borrower or any TRS Lessee
of a voluntary Lien upon any Collateral Asset or any Pledged Interests, or any Pledgor, any Borrower or any TRS Lessee fails to
obtain the Administrative Agent’s prior consent to any voluntary granting of a security interest in, voluntary pledge of
or other voluntary Lien upon any direct or indirect Equity Interest in any Pledgor, any Borrower or any TRS Lessee, in each case,
as security for any obligations or liabilities that is not permitted under the Loan Documents (excluding, for the avoidance of
doubt, the security interests, pledges or Liens granted under the Loan Documents securing the Loan), in each case under this clause
(i) that is not permitted under the Loan Documents or otherwise cured; (ii) any Borrower fails to obtain the Administrative Agent’s
prior consent to (A) any voluntary transfer of fee (or ground leasehold) title to any Collateral Asset or any Pledged Interests
that is not permitted under the Loan Documents or otherwise cured, or (B) any voluntary transfer of a direct or indirect interest
in any Pledgor, the Georgia Tech Owner, any Borrower or any TRS Lessee that results in a change of Control of any Pledgor, the
Georgia Tech Owner, any Borrower or any TRS Lessee that is not permitted under the Loan Documents or otherwise cured; (iii) any
Pledgor, the Georgia Tech Owner, any Borrower or any TRS Lessee files a voluntary petition under the Bankruptcy Law or any other
Federal or state bankruptcy or insolvency law; (iv) the filing of an involuntary petition against any Pledgor, the Georgia Tech
Owner, any Borrower or any TRS Lessee under the Bankruptcy Law or any other Federal or state bankruptcy or insolvency law by any
other Person in which any Pledgor, the Georgia Tech Owner, any Borrower and/or any TRS Lessee colludes with or otherwise assists
such Person, and/or any Pledgor, the Georgia Tech Owner, any Borrower and/or any TRS Lessee solicits or causes to be solicited
petitioning creditors for any involuntary petition against any Pledgor, the Georgia Tech Owner, any Borrower and/or any TRS Lessee
by any Person; (v) any Pledgor, the Georgia Tech Owner, any Borrower or any TRS Lessee files an answer consenting to, or joining
in, any involuntary petition filed against it by any other Person under the Bankruptcy Law or any other Federal or state bankruptcy
or insolvency law (except to the extent required by applicable law); (vi) any Pledgor, the Georgia Tech Owner, any Borrower, any
TRS Lessee or any Affiliate, officer, director or representative which controls such Pledgor, the Georgia Tech Owner, such Borrower
or such TRS Lessee, as the case may be, consents to, or joins in, an application for the appointment of a custodian, receiver,
trustee or examiner for such Pledgor, the Georgia Tech Owner, such Borrower, such TRS Lessee, and/or any portion of any Collateral
Asset or the Pledged Interests, as the case may be; (vii) any Pledgor, the Georgia Tech Owner, any Borrower or any TRS Lessee
makes an assignment for the benefit of creditors or admits, in any legal proceeding, its insolvency or inability to pay its debts
as they become due (in each case except to the extent required by applicable law); (viii) any Pledgor, any Borrower or any TRS
Lessee fails to comply with any provision of Section 5.01(w) or Section 5.02(p) (other than those relating to solvency or adequacy
of capital or adequacy of cash flow), and such failure results in an order of substantive consolidation of one (1) or more of
the Pledgors, the Borrowers or the TRS Lessees with any other Person in a bankruptcy or similar proceeding under the Bankruptcy
Law or any other federal or state bankruptcy or insolvency law; or (ix) any breach by the Georgia Tech Owner of the Borrower SPE
Requirements (which, for the purposes of this clause (ix), shall be deemed to apply to the Georgia Tech Owner as is they had been
incorporated in full into the constituent documents of the Georgia Tech Owner) (other than those relating to solvency or adequacy
of capital or adequacy of cash flow), and such failure results in an order of substantive consolidation of one (1) or more of
the Georgia Tech Owner, the Borrowers or the TRS Lessees with any other Person in a bankruptcy or similar proceeding under the
Bankruptcy Law or any other federal or state bankruptcy or insolvency law.

 

    	 	138	 

     

    

 

(c)          For
purposes of the foregoing clauses (a) and (b), (i) a foreclosure (or conveyance in lieu) of the Collateral (or exercise of remedial
rights or actions taken by any Agent or any agent thereof) shall not be deemed a transfer in violation of the Loan Documents and
(ii) the Guarantor will not have any further liability with respect to actions taken by a Borrower first occurring after the time
that the Guarantor no longer Controls such Borrower as a result of foreclosure, assignment in lieu of foreclosure or other remedial
action including the appointment of a receiver or custodian by any Agent.

 

[Balance of page
intentionally left blank]

 

    	 	139	 

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first
above written.

 

	 	BORROWERS:
	 	 
	 	HIT NBL HYP SCHIL OWNER, LLC

                                 HIT NBL CY CBSOH OWNER, LLC

                                 HIT NBL HH ATLGA OWNER, LLC

                                 HIT SMT CY FLGAZ OWNER, LLC

                                 HIT SMT BTRLAOOl OWNER, LLC

                                 HIT SMT FIS BTRLA OWNER, LLC

                                 HIT SMT FTWINOOl OWNER, LLC

                                 HIT SMT MDFOROOl OWNER, LLC

                                 HIT SMT RI FTWIN OWNER, LLC HIT

                                 SMT SHS FLGAZ OWNER, LLC HIT

                                 SMT SHS BTRLA OWNER, LLC HIT

                                 SMT TPS BTRLA OWNER, LLC HIT

                                 SMT FIS DENCO OWNER, LLC HIT

                                 SMT FIS BELWA OWNER, LLC HIT

                                 SMT FIS SPKWA OWNER, LLC HIT

                                 SMT FTCCOOOl OWNER, LLC HIT

                                 SMT FTCC0002 OWNER,  LLC HIT

                                 SMT SHS DENCO OWNER, LLC HIT

                                 SMT CY GRMTN OWNER, LLC HIT

                                 SMT CY JKSMS OWNER, LLC HIT

                                 SMT FIS GRMTN OWNER, LLC HIT

                                 SMT RDGMSOOl OWNER, LLC HIT

                                 SMT RI JKSMS OWNER, LLC HIT

                                 SMT RI GRMTN OWNER, LLC HIT

                                 SMT RDGMS002 OWNER, LLC HIT

                                 GA TECH  HOLDING  LLC,

	 	 
	 	each a Delaware limited liability company

 

	 	By:	/s/ Paul C. Hughes
	 	 	Name:	Paul C. Hughes
	 	 	Title:	General Counsel and Secretary

 

Second Amended and Restated Term
Loan Agreement

 

     

     

    

 

	 	HIT NBL MNTCA001  OWNER,  LP, a  Delaware
	 	limited partnership
	 	 	 
	 	By:	HIT NBL NTC Owner GP, LLC, a Delaware limited liability company, its general
    partner
	 	 	 	 
	 	 	By:	/s/ Paul C. Hughes
	 	 	 	Name:	Paul C. Hughes
	 	 	 	Title:	General Counsel and Secretary

 

	 	HIT SMT ELPTX00l  OWNER, LP, a Delaware
	 	limited partnership
	 	 
	 	By:	HIT SMT NTC Owner GP, LLC,
    a Delaware limited liability company, its general partner
	 	 	 
	 	By:	/s/ Paul C. Hughes
	 	 	Name:	Paul C. Hughes
	 	 	Title:	General Counsel and Secretary

 

Second Amended and Restated
Term Loan Agreement

 

     

     

    

 

	 	GUARANTORS:
	 	 
	 	HOSPITALITY INVESTORS TRUST, INC., a
	 	 
	 	Maryland  corporation
	 	 	 
	 	By:	/s/ Paul C. Hughes
	 	 	Name:	Paul C. Hughes
	 	 	Title:	General Counsel and Secretary

 

	 	HOSPITALITY INVESTORS TRUST OPERATING
	 	 
	 	PARTNERSHIP,  L.P., a Delaware limited partnership
	 	 
	 	By:	HOSPITALITY INVESTORS TRUST, INC., a
	 	 	Maryland corporation,  its general  partner
	 	 	 
	 	By:	/s/ Paul C. Hughes
	 	 	Name:	Paul C. Hughes
	 	 	Title:	General Counsel and Secretary

 

Second
Amended and Restated Term Loan Agreement

 

     

     

    

 

	 	ADMINISTRATIVE AGENT AND COLLATERAL AGENT:
	 	 
	 	CITIBANK, N.A.
	 	 
	 	By:	/s/ Harry Kramer
	 	 	Name:	Harry Kramer
	 	 	Title:	Vice President

  

Second Amended and Restated Term
Loan Agreement

 

     

     

    

 

	 	LENDERS:
	 	 
	 	CITIBANK, N.A., as Initial Lender
	 	 	 
	 	By:	/s/ Harry Kramer
	 	 	Name:	Harry Kramer
    
	 	 	Title:	Vice President

 

Second Amended and Restated Term Loan Agreement

 

     

     

    

  

	 	DEUTSCHE BANK AG NEW YORK BRANCH, as
	 	Initial Lender 
	 	 	 
	 	By:	/s/ George R. Reynolds
	 	 	Name:	George R. Reynolds
    
	 	 	Title:	Director
	 	 	 
	 	By:	/s/ Murray Mackinon
	 	 	Name:	Murray Mackinon 
	 	 	Title:	Director

 

Second
Amended and Restated Term Loan Agreement

 

     

     

    

 

	 	JPMORGAN CHASE BANK, NATIONAL
	 	 
	 	ASSOCIATION, as Initial Lender
	 	 	 
	 	By:	/s/ Anthony Shaskus
	 	 	 
	 	 	Name:	Anthony Shaskus
	 	 	Title:	Vice President

 

Second
Amended and Restated Term Loan Agreement

 

     

     

    

 

SCHEDULE I

 

COMMITMENTS AND APPLICABLE LENDING OFFICES

 

	Name of Initial

Lender	Commitments	Domestic Lending Office	Eurodollar Lending Office
	Citibank, N.A.	$124,000,000.00	1615 Brett Road, OPS III, New	1615 Brett Road, OPS III New
	 	 	Castle, DE 19720	Castle, DE 19720
	 	 	Attn:  Agency Operations	Attn:  Agency Operations
	 	 	Tel:  (302) 894-6010	Tel:  (302) 894-6010
	 	 	Fax:  (646) 274-5080	Fax:  (646) 274-5080
	 	 	 	 
	 	 	390 Greenwich Street, 7th Fl.	390 Greenwich Street, 7th Fl.
	 	 	New York, NY 10013	New York, NY 10013
	 	 	Attn: David Cappellini	Attn: David Cappellini
	 	 	Tel: (212) 723-2178	Tel: (212) 723-2178
	 	 	Fax (866) 597-0918	Fax (866) 597-0918
	Deutsche Bank	$124,000,000.00	90 Hudson Street, 1st Floor	90 Hudson Street, 1st Floor
	AG New York	 	(JCY05-0199), Jersey City, New	(JCY05-0199), Jersey City, New
	Branch	 	Jersey 07302	Jersey 07302
	 	 	Attn: Deirdre Wall	Attn: Deirdre Wall
	 	 	Tel: (201) 593-2178	Tel: (201) 593-2178
	 	 	Fax: (201) 593- 2309/2310	Fax: (201) 593-2309/2310
	JPMorgan	$62,000,000.00	383 Madison Avenue	383 Madison Avenue
	Chase Bank,	 	New York, New York 10179	New York, New York 10179
	National	 	Attention:  Nancy Alto	Attention:  Nancy Alto
	Association	 	Tel: (212) 834-3038	Tel: (212) 834-3038
	 	 	Fax:  (917) 546-2564	Fax:  (917) 546-2564
	Totals	$310,000,000.00	 

 

    	 	Sch. I - 1	 

     

    

 

SCHEDULE II

 

COLLATERAL ASSETS

 

		1.	Hilton Garden Inn, 1000 Aguajito Road, Monterey, CA 93940
(Monterey County)

 

		2.	Hyatt Place, 1851 McConnor Parkway, Schaumburg, IL 60173
(Cook County)

 

		3.	Courtyard Flagstaff, 2650 S. Beulah Blvd., Flagstaff, AZ
86001 (Coconino County)

 

		4.	Springhill Suites, 2455 S. Beulah Blvd., Flagstaff, AZ
86001 (Coconino County)

 

		5.	Hampton Inn, 8219 West Jefferson Blvd., Fort Wayne, IN
46804 (Allen County)

 

		6.	Residence Inn, 7811 West Jefferson Blvd., Fort Wayne, IN
46804 (Allen County)

 

		7.	DoubleTree by Hilton Hotel, 4964 Constitution Avenue, Baton
Rouge, LA 70808 (East Baton Rouge Parish)

 

		8.	Fairfield Inn & Suites, 7959 Essen Park Avenue, Baton
Rouge, LA 70809 (East Baton Rouge Parish)

 

		9.	Springhill Suites, 7979 Essen Park Avenue, Baton Rouge,
LA 70809 (East Baton Rouge Parish)

 

		10.	TownePlace Suites, 8735 Summa Avenue, Baton Rouge, LA 70809
(East Baton Rouge Parish)

 

		11.	Hampton Inn, 1122 Morrow Road, Medford, OR 97504 (Jackson
County)

 

		12.	Hampton Inn & Suites, 6635 Gateway Blvd. West, El Paso,
TX 79925 (El Paso County)

 

		13.	Hyatt House Atlanta Cobb Galleria, 3595 Cumberland Blvd.,
Atlanta, GA 30308 (Cobb County)

 

		14.	Georgia Tech Hotel & Conference Center, 800 Spring
Street NW, Atlanta, GA 30354 (Fulton County)

 

		15.	Courtyard Columbus Downtown, 35 West Spring Street, Columbus,
OH 43215 (Franklin County)

 

		16.	Fairfield Inn & Suites, 6851 Tower Road, Denver, CO
80249 (Denver County)

 

		17.	Hampton Inn, 1620 Oakridge Drive, Fort Collins, CO 80525
(Larimer County)

 

		18.	Hilton Garden Inn, 2821 East Harmony Road, Fort Collins,
CO 80528 (Larimer County)

 

		19.	SpringHill Suites, 18350 East 68th Avenue, Denver, CO 80249
(Denver County)

 

		20.	Fairfield Inn & Suites, 311 North Riverpoint Blvd.,
Spokane, WA 99202 (Spokane County)

 

		21.	Fairfield Inn & Suites, 14595 NE 29th Place, Bellevue,
WA 98007 (King County)

 

		22.	Courtyard Jackson Ridgeland, 6280 Ridgewood Court Drive,
Jackson, MS 39211 (Hinds County)

 

		23.	Homewood Suites Jackson Ridgeland, 853 Centre Street, Ridgeland,
MS 39157 (Madison County)

 

		24.	Residence Inn Jackson Ridgeland, 855 Centre Street, Ridgeland,
MS 39157 (Madison County)

 

    	 	Sch. II - 1	 

     

    

 

		25.	Staybridge Suites Jackson, 801 Ridgewood Road, Ridgeland,
MS 39157 (Madison County)

 

		26.	Courtyard Memphis Germantown, 7750 Wolf River Blvd., Germantown,
TN 38138 (Shelby County)

 

		27.	Fairfield Inn & Suites Memphis Germantown, 9320 Poplar
Pike, Germantown, TN 38138 (Shelby County)

 

		28.	Residence Inn Memphis Germantown, 9314 Poplar Pike, Germantown,
TN 38138 (Shelby County)

 

    	 	Sch. II - 2	 

     

    

 

SCHEDULE III

 

BORROWER SPE REQUIREMENTS

 

[See Attached.]

 

    	 	Sch. III - 1	 

     

    

 

SCHEDULE III

 

BORROWER SPE REQUIREMENTS

 

Title to Company
Property. Legal title to the Company’s interest in all Company property shall be taken and at all times held in the name
of the Company.

 

Company’s
Purposes. Notwithstanding anything to the contrary contained in this Agreement, the Loan Agreement or in any other document
governing the formation, management or operation of the Company, the sole purpose to be conducted or promoted by the Company is
to engage in the following activities: (i) to acquire, own, hold, lease, operate, manage, maintain, develop and improve the Collateral
Asset[s] located at [INSERT THE NAMES OF EACH PROPERTY OWNED BY THE COMPANY], commonly known as the “[______________]”
(the [“Properties” and individually, each a] “Property”), in each case, as
defined in the Loan Agreement (defined below); (ii) to enter into and perform its obligations under the Loan Documents; (iii) to
sell, transfer, service, convey, dispose of, pledge, assign, borrow money against, finance, refinance or otherwise deal with the
Propert[ies][y] to the extent permitted under the Loan Agreement (as hereinafter defined), the Company’s organizational documents
and the Loan Documents; and (iv) to engage in any lawful act or activity and to exercise any powers permitted to limited liability
companies organized under the laws of the State of Delaware that are related or incidental to and necessary, convenient or advisable
for the accomplishment of the above mentioned purposes.

 

Special Provisions
Regarding Loan. This Section is being adopted in order to comply with certain provisions required in order to qualify the Company
as a “Special Purpose” entity. Notwithstanding anything in this Agreement to the contrary or in any other document
governing the formation, management or operation of the Company, and for so long as the Obligations of the Loan Parties under the
Loan Documents are outstanding and [any][the] Property is a Collateral Asset, the Company shall comply with the following provisions
(all initial capitalized terms used in this Section but not otherwise defined in this Agreement shall have the meanings ascribed
to them in the Second Amended and Restated Term Loan Agreement, dated as of April 27, 2017, among the Company and the other borrowers
party thereto, collectively as Borrower, Hospitality Investors Trust Operating Partnership, L.P. and Hospitality Investors Trust,
Inc., collectively as guarantors, and Citibank, N.A., as administrative agent (together with its successors and assigns, “Agent”),
and the other parties party thereto, as amended from time to time (the “Loan Agreement”):

 

(a)          The
Company has not owned, does not own, and will not own any asset or property other than (A) the Propert[ies][y], (B) incidental
personal property necessary for the ownership or operation of the Propert[ies][y], and (C) any other assets permitted to be owned
pursuant to the terms and provisions of the Loan Agreement.

 

(b)          The
Company has not engaged and will not engage in any business unrelated to the applicable purposes set forth in Section [    ] above.

 

(c)          The
Company has not and will not enter into any contract or agreement with any Affiliate of the Company (other than the Approved Management
Agreement and Operating Lease), except upon terms and conditions that are intrinsically fair, commercially reasonable, and no less
favorable to it than would be available on an arms-length basis with third parties other than any such party.

 

(d)          The
Company has not incurred and will not incur any Indebtedness other than as expressly permitted under the Loan Agreement.

 

(e)          Other
than intercompany Indebtedness permitted by the Loan Agreement, the Company has not made and will not make any loans or advances
to any third party (including any Affiliate or constituent party), and has not and shall not acquire obligations or securities
of its Affiliates.

 

    	 	Sch. III - 1	 

     

    

 

(f)          The
Company has been, is, and intends to remain solvent and the Company has paid and intends to pay its debts and liabilities (including,
as applicable, shared personnel and overhead expenses) from its assets (to the extent sufficient cash flow exists from the Collateral
Assets owned by it); provided, however that the foregoing shall not require any direct or indirect member, partner or shareholder
of the Company to make any additional capital contributions to the Company.

 

(g)          The
Company has done or caused to be done, and will do, all things necessary to observe organizational formalities and preserve their
existence, and the Company has not, and will not (i) terminate or fail to comply with the provisions of its organizational documents,
or (ii) unless Agent has consented, amend, modify or otherwise change its [operating][limited partnership] agreement or other organizational
documents, in either case except as otherwise expressly permitted by the Loan Agreement.

 

(h)          Except
as otherwise provided in the Loan Documents and except to the extent that the Company is (i) required to file consolidated tax
returns by law; or (ii) treated as a “disregarded entity” for tax purposes and is not required to file tax returns
under applicable law, (1) the Company has maintained and will maintain all of its books, records, financial statements and bank
accounts separate from those of its Affiliates and any other Person; (2) the Company’s assets will not be listed as assets
on the financial statement of any other Person; it being understood that the Company’s assets may be included in a consolidated
financial statement of its Affiliates provided that (i) appropriate notation shall be made on such consolidated financial statements
to indicate the separateness of the Company and such Affiliates and to indicate that the Company’s assets and credit are
not available to satisfy the debts and other obligations of such Affiliates (other than the other Borrowers with respect to the
Loan) or any other Person, and (ii) such assets shall be listed on the Company’s own separate balance sheet; and (3) the
Company will file its own tax returns (to the extent the Company is required to file any tax returns) and will not file a consolidated
federal income tax return with any other Person, unless required by applicable law. The Company has maintained and shall maintain
its books and records in the ordinary course of its business and so long as the Obligations of the Loan Parties under the Loan
Documents are outstanding, shall maintain its books and records in the ordinary course of its business and as otherwise required
pursuant to the terms of the Loan Agreement.

 

(i)           The
Company has been, will be, and at all times has held and will hold itself out to the public as, a legal entity separate and distinct
from any other entity (recognizing that the Company may be treated as a “disregarded entity” for tax purposes and is
not required to file tax returns for tax purposes under applicable law), shall correct any known misunderstanding regarding its
status as a separate entity, shall conduct business in its own name, shall not identify itself or any of its Affiliates as a division
or department or part of the other and shall, to the extent reasonably necessary for the operation of its business, maintain and
utilize separate stationery, invoices and checks bearing its own name.

 

(j)           The
Company has maintained and intends to maintain adequate capital for the normal obligations reasonably foreseeable in a business
of its size and character and in light of its contemplated business operations; provided, however that the foregoing shall
not require any direct or indirect member, partner or shareholder of the Company to make any additional capital contributions to
the Company.

 

(k)          Neither
the Company nor any constituent party of the Company has sought or will seek or effect the liquidation, dissolution, winding up,
consolidation or merger, in whole or in part, of the Company.

 

(l)           Other
than to the extent permitted in the Cash Management Agreement, the Company has not and will not commingle the funds and other assets
of the Company with those of any Affiliate or constituent party or any other Person, and has held and will hold all of its assets
in its own name.

 

(m)         The
Company has and will maintain its assets in such a manner that it will not be costly or difficult to segregate, ascertain or identify
its individual assets from those of any Affiliate or constituent party or any other Person

 

    	 	Sch. III - 2	 

     

    

 

(n)          Except
in connection with the Loan, the Company has not and will not assume or guarantee or become obligated for the debts of any other
Person and does not and will not hold itself out to be responsible for or have its credit available to satisfy the debts or obligations
of any other Person.

 

(o)          [The
organizational documents of the Company shall provide that the business and affairs of the Company shall be managed by or under
the direction (A) of a board of one or more directors designated by the Company’s sole member (the “Sole Member”),
(B) a committee of managers designated by Sole Member (a “Committee”) or (C) by Sole Member, and at
all times there shall be at least one (1) duly appointed Independent Director or Independent Manager. In addition, the organizational
documents of the Company shall provide that no Independent Director or Independent Manager (as applicable) of the Company may
be removed or replaced without Cause and unless the Company provides Agent with not less than three (3) Business Days’
prior written notice of (a) any proposed removal of an Independent Director or Independent Manager (as applicable), together with
a statement as to the reasons for such removal, and (b) the identity of the proposed replacement Independent Director or Independent
Manager, as applicable, together with a certification that such replacement satisfies the requirements set forth in the organizational
documents for an Independent Director or Independent Manager (as applicable).]1

 

(p)          The
organizational documents of the Company [and the Company’s general partner (the “General Partner”)]
shall also provide an express acknowledgment that each of Agent and the Secured Parties is an intended third-party beneficiary
of the “special purpose” provisions of such organizational documents.

 

(q)          [The
organizational documents of the Company shall provide that the Company will not and the Company agrees that it will not, without
the unanimous written consent of its board of directors, its Committee or its Sole Member (as applicable), including, or together
with, the Independent Director or Independent Manager (as applicable) (i) file or consent to the filing of any petition, either
voluntary or involuntary, to take advantage of any applicable insolvency, bankruptcy, liquidation or reorganization statute, (ii)
seek or consent to the appointment of a receiver, liquidator or any similar official of the Company, (iii) take any action that
is reasonably likely to cause such entity to become insolvent, (iv) make an assignment for the benefit of creditors, (v) admit
in writing (other than so-called customary “going concern” language contained in any auditor’s report or in
the footnotes to any financial statements) its inability to pay debts generally as they become due, (vi) intentionally omitted,
or (vii) take any action in furtherance of the foregoing. The Company shall not take any of the foregoing actions without the
unanimous written consent of its board of directors, its Committee or its Sole Member, as applicable, including (or together with)
any Independent Director or Independent Manager, as applicable. In addition, the organizational documents of the Company shall
provide that, when voting with respect to any matters set forth in the immediately preceding sentence of this clause (q), the
Independent Director or Independent Manager (as applicable) shall consider only the interests of the Company, including its creditors.
Without limiting the generality of the foregoing, such documents shall expressly provide that, to the greatest extent permitted
by law, except for duties to the Company (including duties to the members of the Company solely to the extent of their respective
economic interest in the Company and to the Company’s creditors as set forth in the immediately preceding sentence), such
Independent Director or Independent Manager (as applicable) shall not owe any fiduciary duties to, and shall not consider, in
acting or otherwise voting on any matter for which their approval is required, the interests of (i) the members of the Company,
(ii) other Affiliates of the Company, or (iii) any group of Affiliates of which the Company are a part); provided, however,
the foregoing shall not eliminate the implied contractual covenant of good faith and fair dealing.]2

 

 

1 If a Borrower is a
limited partnership, the language in this clause will need to appear in the organizational documents of the General Partner of
such Borrower and not in the organizational documents of such Borrower.

 

2 If a Borrower is a
limited partnership, the language in this clause will need to appear in the organizational documents of the General Partner of
such Borrower and not in the organizational documents of such Borrower.

 

    	 	Sch. III - 3	 

     

    

 

(r)          [The
organizational documents of the Company shall provide that, as long as any portion of the Obligations of the Loan Parties under
the Loan Documents remains outstanding, upon the occurrence of any event that causes Sole Member to cease to be a member of the
Company (other than (i) upon an assignment by Sole Member of all of its limited liability company interest in the Company and
the admission of the transferee, if permitted pursuant to the organizational documents of the Company and the Loan Documents,
or (ii) the resignation of Sole Member and the admission of an additional member of the Company, if permitted pursuant to the
organizational documents of the Company and the Loan Documents), the person acting as an Independent Director or Independent Manager
(as applicable) of the Company shall, without any action of any Person and simultaneously with Sole Member ceasing to be a member
of the Company, automatically be admitted as a member of the Company (in each case, a “Special Member”)
and shall preserve and continue the existence of the Company without dissolution. The organizational documents of the Company
shall further provide that for so long as any portion of the Obligations of the Loan Parties under the Loan Document is outstanding,
no Special Member may resign or transfer its rights as Special Member unless (i) a successor Special Member has been admitted
to the Company as a Special Member, and (ii) such successor Special Member has also accepted its appointment as an Independent
Director or Independent Manager (as applicable).]3

 

(s)          The
organizational documents of the Company shall provide that, as long as any portion of the Obligations of the Loan Parties under
the Loan Documents remains outstanding, except as expressly permitted pursuant to the terms of the Loan Agreement, (i) [Sole Member][General
Partner] may not resign, and (ii) no additional [member][partner] shall be admitted to the Company without the Administrative Agent’s
consent.

 

(t)          [The
organizational documents of the Company shall provide that, as long as any portion of the Obligations of the Loan Parties under
the Loan Documents remains outstanding: (i) the Company shall be dissolved, and its affairs shall be wound up, only upon the first
to occur of the following: (A) the termination of the legal existence of the [last remaining member][general partner] of
the Company or the occurrence of any other event which terminates the continued membership of the [last remaining member][general
partner] of the Company in the Company unless the business of the Company is continued in a manner permitted by its [operating][limited
partnership] agreement or the Delaware [Limited Liability Company][Revised Uniform Limited Partnership] Act (the “Act”),
or (B) the entry of a decree of judicial dissolution under Section [18-802][17-802] of the Act; (ii) upon the occurrence of any
event that causes the [last remaining member][general partner] of the Company to cease to be [a member][the general partner] of
the Company or that causes [Sole Member][General Partner] to cease to be [a member][the general partner] of the Company (other
than upon continuation of the Company without dissolution upon (A) an assignment by [Sole Member][General Partner] of all of its
[limited liability company][partnership] interest in the Company and the admission of the transferee, if permitted pursuant to
the organizational documents of the Company and the Loan Documents, or (B) the resignation of [Sole Member][General Partner] and
the admission of [an additional member][a new general partner] of the Company, if permitted pursuant to the organizational documents
of the Company and the Loan Documents), to the fullest extent permitted by law, the personal representative of such [last remaining
member][general partner] shall be authorized to, and shall, within ninety (90) days after the occurrence of the event that terminated
the continued membership of such member in the Company, agree in writing (I) to continue the existence of the Company, and (II)
to the admission of the personal representative or its nominee or designee, as the case may be, as a substitute [member][general
partner] of the Company, effective as of the occurrence of the event that terminated the continued [membership of such member in][role
of such entity as general partner of] the Company; (iii) the bankruptcy of [Sole Member][General Partner] or a Special Member shall
not cause such [Sole Member][General Partner] or Special Member, respectively, to cease to be a [member][partner] of the Company
and upon the occurrence of such an event, the business of the Company shall continue without dissolution; (iv) in the event of
the

 

 

3 If a Borrower is a
limited partnership, the language in this clause will need to appear in the organizational documents of the General Partner of
such Borrower and not in the organizational documents of such Borrower.

 

    	 	Sch. III - 4	 

     

    

 

dissolution of the Company,
the Company shall conduct only such activities as are necessary to wind up its affairs (including the sale of the assets of the
Company in an orderly manner), and the assets of the Company shall be applied in the manner, and in the order of priority, set
forth in Section [18-804][17-804] of the Act; and (v) to the fullest extent permitted by law, each of [Sole Member][General Partner]
and the Special Members shall irrevocably waive any right or power that they might have to cause the Company or any of its assets
to be partitioned, to cause the appointment of a receiver for all or any portion of the assets of the Company, to compel any sale
of all or any portion of the assets of the Company pursuant to any applicable law or to file a complaint or to institute any proceeding
at law or in equity to cause the dissolution, liquidation, winding up or termination of the Company.]4

 

(u)          The
Company has paid and intends to pay its own liabilities and expenses, including the salaries of its own employees (if any), consultants
and agents from its own funds (to the extent sufficient cash flow exists from the Collateral Assets owned by it), and has maintained
and shall maintain a sufficient number of employees (if any) in light of its contemplated business operations; provided that the
foregoing shall not require any direct or indirect member, partner or shareholder of the Company to make any additional capital
contributions to the Company.

 

(v)         The
Company has allocated and will allocate fairly and reasonably any overhead expenses that are shared with any Affiliate, including
shared office space.

 

(w)          Except
in connection with the Loan, the Company has not pledged and will not pledge its assets for the benefit of any other Person.

 

(x)          [The
organizational documents of the Company will provide that the Company will have no obligation to indemnify its officers, director,
member or Special Member, as the case may be, in each case, unless such an obligation is fully subordinated to the Indebtedness
of the Company under the Loan Documents and will not constitute a claim against it if cash flow in excess of the amount required
to pay the Indebtedness of the Company under the Loan Documents is insufficient to pay such obligation.]5

 

(y)          Except
in connection with the Loan, the Company has not, does not, and will not have any of its obligations guaranteed by any Affiliate.

 

As used herein:

 

“Cause”
shall mean, with respect to an Independent Director or Independent Manager, (i) acts or omissions by such Independent Director
or Independent Manager, as applicable, that constitute willful disregard of, or gross negligence with respect to, such Independent
Director’s or Independent Manager’s, as applicable, duties, (ii) such Independent Director or Independent Manager,
as applicable, has engaged in or has been charged with or has been indicted or convicted for any crime or crimes of fraud or other
acts constituting a crime under any law applicable to such Independent Director or Independent Manager, as applicable, (iii) such
Independent Director or Independent Manager, as applicable, has breached its fiduciary duties of loyalty and care as and to the
extent of such duties in accordance with the terms of the Company’s organizational documents, (iv) there is a material increase
in the fees charged by such Independent Director or Independent Manager, as applicable, or a material change to such Independent
Director’s or Independent Manager’s, as applicable, terms of service, (v) such Independent Director or Independent
Manager, as applicable, is unable to perform his or her duties as Independent Director or Independent Manager, as applicable, due
to death, 

 

 

4 If a Borrower is a
limited partnership, this provision should appear in both the organizational documents of such Borrower and of its General Partner.

 

5 If a Borrower is a
limited partnership, this provision should appear in both the organizational documents of such Borrower and of its General Partner.

 

    	 	Sch. III - 5	 

     

    

 

disability or incapacity, or (vi) such Independent Director or Independent Manager, as applicable, no longer meets the
definition of Independent Director or Independent Manager, as applicable.

 

“Independent
Director” or “Independent Manager” shall mean a natural person selected by the Company
(a) with at least three (3) years of employment experience as an independent director, independent manager or independent member,
(b) who is provided by a Nationally Recognized Service Company, and (c) who is duly appointed as an Independent Director or Independent
Manager and is not, will not be while serving as Independent Director or Independent Manager (except pursuant to an express provision
in the Company’s operating agreement providing for the appointment of such Independent Director or Independent Manager to
become a “special member” upon the last remaining member of the Company ceasing to be a member of the Company) and
shall not have been at any time during the preceding five (5) years, any of the following:

 

		(i)	a stockholder, director (other than as an Independent Director),
officer, employee, partner, attorney or counsel of the Company, any Affiliate of the Company or any direct or indirect parent
of the Company;

 

		(ii)	a customer, supplier or other Person who derives any of
its purchases or revenues from its activities with the Company or any Affiliate of the Company;

 

		(iii)	a Person or other entity Controlling or under Common Control
with any such stockholder, partner, customer, supplier or other Person described in clause (i) or clause (ii) above; or

 

		(iv)	a member of the immediate family of any such stockholder,
director, officer, employee, partner, customer, supplier or other Person described in clause (i) or clause (ii) above.

 

A natural person who otherwise satisfies
the foregoing definition and satisfies subparagraph (i) by reason of being the Independent Director or Independent Manager of a
“special purpose entity” affiliated with the Company shall be qualified to serve as an Independent Director or Independent
Manager of the Company, provided that the fees that such individual earns from serving as Independent Director or Independent Manager
of affiliates of the Company in any given year constitute in the aggregate less than five percent (5%) of such individual's annual
income for that year.

 

A natural person who satisfies the foregoing
definition other than clause (ii) shall not be disqualified from serving as an Independent Director or Independent Manager
of the Company if such individual is an independent director, independent manager or special manager provided by a Nationally Recognized
Service Company that provides professional independent directors, independent managers and special managers and also provides other
corporate services in the ordinary course of its business.

 

“Nationally
Recognized Service Company” shall mean any of CT Corporation, Corporation Service Company, National Registered Agents,
Inc., Wilmington Trust Company, National Corporate Research, Ltd., United Corporate Services, Inc., Independent Member Services
LLC, Lord Securities Corporation or such other nationally recognized company that provides independent director, independent manager
or independent member services and that is reasonably satisfactory to Agent, in each case that is not an Affiliate of the Company
and that provides professional independent directors and other corporate services in the ordinary course of its business.

 

    	 	Sch. III - 6	 

     

    

 

SCHEDULE IV

 

NON-ELIGIBLE ASSIGNEES

 

		1.	Apple Hospitality REIT, Inc.

 

		2.	Ashford Hospitality Prime, Inc.

 

		3.	Ashford Hospitality Trust

 

		4.	Chatham Lodging Trust

 

		5.	Chesapeake Lodging Trust

 

		6.	Diamondrock Hospitality Co

 

		7.	FelCor Lodging Trust

 

		8.	Hersha Hospitality Trust

 

		9.	Hospitality Properties Trust

 

		10.	Host Hotels & Resorts, Inc.

 

		11.	LaSalle Hotel Properties

 

		12.	Pebblebrook Hotel Trust

 

		13.	RLJ Lodging Trust

 

		14.	Ryman Hospitality Properties

 

		15.	Sotherly Hotels Inc.

 

		16.	Starwood Hotels & Resorts Worldwide, Inc.

 

		17.	Strategic Hotels & Resorts Inc.

 

		18.	Summit Hotel Properties

 

		19.	Sunstone Hotel Investors Inc.

 

		20.	Xenia Hotels & Resorts, Inc.

 

		21.	Blackstone Group, LP*

 

		22.	Northstar Realty Finance Corp.*

 

		23.	Starwood Capital Group*

 

 

* Any debt platforms or mortgage REITs affiliated with Blackstone
Group, LP, Northstar Realty Finance Corp. and Starwood Capital Group shall be excluded as non-eligible assignees.

 

    	 	Sch. IV - 1	 

     

    

 

SCHEDULE V

 

APPROVED FRANCHISORS

 

		1.	Hilton

 

		2.	Marriott

 

		3.	IHG

 

		4.	Hyatt

 

		5.	Choice

 

		6.	Carlson

 

		7.	Wyndham

 

		8.	La Quinta

 

		9.	Red Lion

 

		10.	Red Roof Inn

 

    	 	Sch. V - 1	 

     

    

 

SCHEDULE VI

 

APPROVED MANAGERS

 

		1.	Aimbridge Hospitality

 

		2.	Crestline Hotels & Resorts, LLC

 

		3.	Concord Hospitality

 

		4.	Crescent Hotels & Resorts

 

		5.	First Hospitality

 

		6.	Hersha Hospitality Management

 

		7.	Highgate Hotels, L.P.

 

		8.	Hilton Hotels & Resorts

 

		9.	InterContinental Hotel Group PLC

 

		10.	Interstate Hotels & Resorts

 

		11.	McKibbon Hotel Management, Inc.

 

		12.	Noble House Hotels & Resorts

 

		13.	Pyramid Hotel Group

 

		14.	Pillar Hotels & Resorts

 

		15.	Sage Hospitality

 

		16.	Westmont Hospitality Group

 

		17.	White Lodging Services, Corporation

 

		18.	Island Hospitality Management

 

		19.	InnVentures, Inc.

 

		20.	Huntington Hospitality Management

 

		21.	Lin Gate Hospitality

 

		22.	Musselman Hotels LLC

 

		23.	Marriot International, Inc.

 

		24.	Hyatt Hotels and Resorts

 

		25.	Northwood Hospitality

 

    	 	Sch. VI - 1	 

     

    

 

		26.	HEI Hotels & Resorts

 

		27.	LBA

 

		28.	Dimension Development

 

    	 	Sch. VI - 2	 

     

    

 

SCHEDULE VII

 

ALLOCATED LOAN AMOUNTS

 

	Portfolio	Property	Property Address	Property Owner	Allocated Loan

Amount
	Summit 1	Courtyard Flagstaff	2650 S. Beulah Blvd., Flagstaff,

Arizona 86001 (Coconino County)	
        HIT SMT CY FLGAZ

        Owner, LLC
	$25,550,000
	Summit 1	Springhill Suites	2455 S. Beulah Blvd., Flagstaff,

Arizona 86001 (Coconino County)	
        HIT SMT SHS FLGAZ

        Owner, LLC
	$15,375,000
	Summit 1	Hampton Inn	8219 West Jefferson Blvd., Fort

Wayne, Indiana 46804 (Allen

County)	
        HIT SMT FTWIN001

        Owner, LLC
	$10,780,000
	Summit 1	Residence Inn	7811 West Jefferson Blvd., Fort

Wayne, Indiana 46804 (Allen

County)	
        HIT SMT RI FTWIN

        Owner, LLC
	$10,920,000
	Summit 1	DoubleTree by Hilton Hotel	4964 Constitution Avenue, Baton

Rouge, Louisiana 70808 (East

Baton Rouge Parish)	
        HIT SMT BTRLA001

        Owner, LLC
	$14,420,000
	Summit 1	Fairfield Inn & Suites	7959 Essen Park Avenue, Baton

Rouge, Louisiana 70809 (East

Baton Rouge Parish)	
        HIT SMT FIS BTRLA

        Owner, LLC
	$3,965,000
	Summit 1	Springhill Suites	7979 Essen Park Avenue, Baton

Rouge, Louisiana 70809 (East

Baton Rouge Parish)	
        HIT SMT SHS BTRLA

        Owner, LLC
	$4,830,000
	Summit 1	TownePlace Suites	8735 Summa Avenue, Baton

Rouge, Louisiana 70809 (East

Baton Rouge Parish)	
        HIT SMT TPS BTRLA

        Owner, LLC
	$6,440,000
	Summit 1	Hampton Inn	1122 Morrow Road, Medford,

Oregon 97504 (Jackson County)	
        HIT SMT MDFOR001

        Owner, LLC
	$9,450,000
	Summit 1	Hampton Inn & Suites	6635 Gateway Blvd. West, El

Paso, Texas 79925 (El Paso

County)	
        HIT SMT ELPTX001

        Owner, LP
	$13,440,000
	Noble 1	Hilton Garden Inn	1000 Aguajito Road, Monterey,

California 93940 (Monterey

County)	
        HIT NBL MNTCA001

        Owner, LP
	$30,600,000
	Noble 1	Hyatt Place	1851 McConnor Parkway,

Schaumburg, Illinois 60173 (Cook

County)	
        HIT NBL HYP SCHIL

        Owner, LLC
	$4,510,000
	Noble 2	Courtyard Columbus Downtown	35 West Spring Street

Columbus, Ohio 43215

(Franklin County)	
        HIT NBL CY CBSOH

        Owner, LLC
	$18,830,000
	Noble 2	Hyatt House Atlanta Cobb Galleria	
        3595 Cumberland Blvd.

        Atlanta, Georgia 30339

        (Cobb County)
	
        HIT NBL HH ATLGA

        Owner, LLC
	$16,520,000

 

    	 	Sch. VII - 1	 

     

    

 

	Summit 3	Fairfield Inn & Suites Denver	
        6851 Tower Road

        Denver, Colorado 80249

        (Denver County)
	
        HIT SMT FIS DENCO

        Owner, LLC
	$15,260,000
	Summit 3	Hampton Inn Ft. Collins	
        1620 Oakridge Drive

        Fort Collins, Colorado 80525

        (Larimer County)
	
        HIT SMT FTCCO001

        Owner, LLC
	$5,600,000
	Summit 3	Hilton Garden Inn Ft. Collins	2821 East Harmony Road

Fort Collins, Colorado 80528

(Larimer County)	
        HIT SMT FTCCO002

        Owner, LLC
	$13,090,000
	Summit 3	SpringHill Suites Denver	18350 East 68th Avenue

Denver, Colorado 80249

(Denver County)	
        HIT SMT SHS DENCO

        Owner, LLC
	$12,075,000
	Summit 3	Fairfield Inn & Suites Spokane	311 North Riverpoint Blvd.

Spokane, Washington 99202

(Spokane County)	
        HIT SMT FIS SPKWA

        Owner, LLC
	$7,420,000
	Summit 3	Fairfield Inn & Suites Bellevue	14595 NE 29th Place

Bellevue, Washington 98007

(King County)	
        HIT SMT FIS BELWA

        Owner, LLC
	$20,798,000
	Summit 2	Courtyard Germantown	7750 Wolf River Blvd.,

Germantown, Tennessee 38138

(Shelby County)	
        HIT SMT CY GRMTN

        Owner, LLC
	$8,680,000
	Summit 2	Courtyard Jackson	6280 Ridgewood Court Drive,

Jackson, Mississippi 39211 (Hinds

County)	
        HIT SMT CY JKSMS

        Owner, LLC
	$3,520,000
	Summit 2	Fairfield Inn & Suites Germantown	9320 Poplar Pike, Germantown,

Tennessee 38138 (Shelby County)	
        HIT SMT FIS GRMTN

        Owner, LLC
	$3,640,000
	Summit 2	Homewood Suites Ridgeland	853 Centre Street, Ridgeland,

Mississippi 39157 (Madison

County)	
        HIT SMT RDGMS001

        Owner, LLC
	$6,150,000
	Summit 2	Residence Inn Jackson Ridgeland	855 Centre Street, Ridgeland,

Mississippi 39157 (Madison

County)	
        HIT SMT RI JKSMS

        Owner, LLC
	$8,260,000
	Summit 2	Residence Inn Germantown	9314 Poplar Pike, Germantown,

Tennessee 38138 (Shelby County)	
        HIT SMT RI GRMTN

        Owner, LLC
	$5,810,000
	Summit 2	Staybridge Suites Ridgeland	801 Ridgewood Road, Ridgeland,

Mississippi 39157 (Madison

County)	
        HIT SMT RDGMS002

        Owner, LLC
	$3,640,000
	Barcelo	Georgia Tech Hotel & Conference Center	800 Spring Street NW, Atlanta,

Georgia 30308	HIT GA Tech, LLC	$10,427,000
	TOTAL	$310,000,000

 

    	 	Sch. VII - 2	 

     

    

 

SCHEDULE VIII

 

PLEDGOR SPE REQUIREMENTS

 

[See attached.]

 

    	 	Sch. VIII - 1	 

     

    

 

SCHEDULE VIII

 

PLEDGOR SPE REQUIREMENTS

 

Title to Company
Property. Legal title to the Company’s interest in all Company property shall be taken and at all times held in the name
of the Company.

 

Company’s
Purposes. Notwithstanding anything to the contrary contained in this Agreement, the Loan Agreement or in any other document
governing the formation, management or operation of the Company, the sole purpose to be conducted or promoted by the Company is
to engage in the following activities: (i) to own 100% of the ownership interests in an entity that will lease, sublease, operate,
manage, maintain, develop and improve the Collateral Asset[s] located at [INSERT THE NAMES OF EACH PROPERTY OWNED BY THE COMPANY],
commonly known as the “[_____________]” (the [“Properties” and individually, each
a] “Property”), in each case, as defined in the Loan Agreement (defined below); (ii) to enter into and
perform its obligations under the Loan Documents; (iii) to borrow money against, finance, refinance or otherwise deal with the
Propert[ies][y] to the extent permitted under the [Ground Lease], the Operating Lease, the Loan Agreement (as hereinafter defined),
the Company’s organizational documents and the Loan Documents; and (iv) to engage in any lawful act or activity and to exercise
any powers permitted to limited liability companies organized under the laws of the State of Delaware that are related or incidental
to and necessary, convenient or advisable for the accomplishment of the above mentioned purposes.

 

Special Provisions
Regarding Loan. This Section is being adopted in order to comply with certain provisions required in order to qualify the Company
as a “Special Purpose” entity. Notwithstanding anything in this Agreement to the contrary or in any other document
governing the formation, management or operation of the Company, and for so long as the Obligations of the Loan Parties under the
Loan Documents are outstanding and [any][the] Property is a Collateral Asset, the Company shall comply with the following provisions
(all initial capitalized terms used in this Section but not otherwise defined in this Agreement shall have the meanings ascribed
to them in the Second Amended and Restated Term Loan Agreement, dated as of April 27, 2017, among the Company and the other borrowers
party thereto, collectively as Borrower, Hospitality Investors Trust Operating Partnership, L.P. and Hospitality Investors Trust,
Inc., collectively as guarantors, and Citibank, N.A., as administrative agent (together with its successors and assigns, “Agent”),
and the other parties party thereto, as amended from time to time (the “Loan Agreement”):

 

(a)          The
Company has not owned, does not own, and will not own any asset or property other than its ownership interests in the owner of
the Propert[ies][y].

 

(b)          The
Company has not engaged and will not engage in any business unrelated to the applicable purposes set forth in Section [    ]
above.

 

(c)          The
Company has not and will not enter into any contract or agreement with any Affiliate of the Company (other than the Approved Management
Agreement and Operating Lease), except upon terms and conditions that are intrinsically fair, commercially reasonable, and no less
favorable to it than would be available on an arms-length basis with third parties other than any such party.

 

(d)          The
Company has not incurred and will not incur any Indebtedness other than as expressly permitted under the Loan Agreement.

 

(e)          Other
than intercompany Indebtedness permitted by the Loan Agreement, the Company has not made and will not make any loans or advances
to any third party (including any Affiliate or constituent party), and has not and shall not acquire obligations or securities
of its Affiliates.

 

(f)          The
Company has been, is, and intends to remain solvent and the Company has paid and intends to pay its debts and liabilities (including,
as applicable, shared personnel and overhead expenses)

 

    	 	Sch. VIII - 1	 

     

    

 

from its assets (to the extent sufficient cash flow exists from the
Collateral Assets owned by it); provided, however that the foregoing shall not require any direct or indirect member, partner
or shareholder of the Company to make any additional capital contributions to the Company.

 

(g)          The
Company has done or caused to be done, and will do, all things necessary to observe organizational formalities and preserve their
existence, and the Company has not, and will not (i) terminate or fail to comply with the provisions of its organizational documents,
or (ii) unless Agent has consented, amend, modify or otherwise change its [operating][limited partnership] agreement or other organizational
documents, in either case except as otherwise expressly permitted by the Loan Agreement.

 

(h)          Except
as otherwise provided in the Loan Documents and except to the extent that the Company is (i) required to file consolidated tax
returns by law; or (ii) treated as a “disregarded entity” for tax purposes and is not required to file tax returns
under applicable law, (1) the Company has maintained and will maintain all of its books, records, financial statements and bank
accounts separate from those of its Affiliates and any other Person; (2) the Company’s assets will not be listed as assets
on the financial statement of any other Person; it being understood that the Company’s assets may be included in a consolidated
financial statement of its Affiliates provided that (i) appropriate notation shall be made on such consolidated financial statements
to indicate the separateness of the Company and such Affiliates and to indicate that the Company’s assets and credit are
not available to satisfy the debts and other obligations of such Affiliates (other than the other Borrowers with respect to the
Loan) or any other Person, and (ii) such assets shall be listed on the Company’s own separate balance sheet; and (3) the
Company will file its own tax returns (to the extent the Company is required to file any tax returns) and will not file a consolidated
federal income tax return with any other Person, unless required by applicable law. The Company has maintained and shall maintain
its books and records in the ordinary course of its business and so long as the Obligations of the Loan Parties under the Loan
Documents are outstanding, shall maintain its books and records in the ordinary course of its business and as otherwise required
pursuant to the terms of the Loan Agreement.

 

(i)           The
Company has been, will be, and at all times has held and will hold itself out to the public as, a legal entity separate and distinct
from any other entity (recognizing that the Company may be treated as a “disregarded entity” for tax purposes and is
not required to file tax returns for tax purposes under applicable law), shall correct any known misunderstanding regarding its
status as a separate entity, shall conduct business in its own name, shall not identify itself or any of its Affiliates as a division
or department or part of the other and shall, to the extent reasonably necessary for the operation of its business, maintain and
utilize separate stationery, invoices and checks bearing its own name.

 

(j)           The
Company has maintained and intends to maintain adequate capital for the normal obligations reasonably foreseeable in a business
of its size and character and in light of its contemplated business operations; provided, however that the foregoing shall
not require any direct or indirect member, partner or shareholder of the Company to make any additional capital contributions to
the Company.

 

(k)          Neither
the Company nor any constituent party of the Company has sought or will seek or effect the liquidation, dissolution, winding up,
consolidation or merger, in whole or in part, of the Company.

 

(l)           Other
than to the extent permitted in the Cash Management Agreement, the Company has not and will not commingle the funds and other assets
of the Company with those of any Affiliate or constituent party or any other Person, and has held and will hold all of its assets
in its own name.

 

(m)         The
Company has and will maintain its assets in such a manner that it will not be costly or difficult to segregate, ascertain or identify
its individual assets from those of any Affiliate or constituent party or any other Person

 

    	 	Sch. VIII - 2	 

     

    

 

(n)          Except
in connection with the Loan, the Company has not and will not assume or guarantee or become obligated for the debts of any other
Person and does not and will not hold itself out to be responsible for or have its credit available to satisfy the debts or obligations
of any other Person.

 

(o)          [The
organizational documents of the Company shall provide that the business and affairs of the Company shall be managed by or under
the direction (A) of a board of one or more directors designated by the Company’s sole member (the “Sole Member”),
(B) a committee of managers designated by Sole Member (a “Committee”) or (C) by Sole Member, and at
all times there shall be at least one (1) duly appointed Independent Director or Independent Manager. In addition, the organizational
documents of the Company shall provide that no Independent Director or Independent Manager (as applicable) of the Company may
be removed or replaced without Cause and unless the Company provides Agent with not less than three (3) Business Days’
prior written notice of (a) any proposed removal of an Independent Director or Independent Manager (as applicable), together with
a statement as to the reasons for such removal, and (b) the identity of the proposed replacement Independent Director or Independent
Manager, as applicable, together with a certification that such replacement satisfies the requirements set forth in the organizational
documents for an Independent Director or Independent Manager (as applicable).]1

 

(p)          The
organizational documents of the Company [and the Company’s general partner (the “General Partner”)]
shall also provide an express acknowledgment that each of Agent and the Secured Parties is an intended third-party beneficiary
of the “special purpose” provisions of such organizational documents.

 

(q)          [The
organizational documents of the Company shall provide that the Company will not and the Company agrees that it will not, without
the unanimous written consent of its board of directors, its Committee or its Sole Member (as applicable), including, or together
with, the Independent Director or Independent Manager (as applicable) (i) file or consent to the filing of any petition, either
voluntary or involuntary, to take advantage of any applicable insolvency, bankruptcy, liquidation or reorganization statute, (ii)
seek or consent to the appointment of a receiver, liquidator or any similar official of the Company, (iii) take any action that
is reasonably likely to cause such entity to become insolvent, (iv) make an assignment for the benefit of creditors, (v) admit
in writing (other than so-called customary “going concern” language contained in any auditor’s report or in
the footnotes to any financial statements) its inability to pay debts generally as they become due, (vi) intentionally omitted,
or (vii) take any action in furtherance of the foregoing. The Company shall not take any of the foregoing actions without the
unanimous written consent of its board of directors, its Committee or its Sole Member, as applicable, including (or together with)
any Independent Director or Independent Manager, as applicable. In addition, the organizational documents of the Company shall
provide that, when voting with respect to any matters set forth in the immediately preceding sentence of this clause (q), the
Independent Director or Independent Manager (as applicable) shall consider only the interests of the Company, including its creditors.
Without limiting the generality of the foregoing, such documents shall expressly provide that, to the greatest extent permitted
by law, except for duties to the Company (including duties to the members of the Company solely to the extent of their respective
economic interest in the Company and to the Company’s creditors as set forth in the immediately preceding sentence), such
Independent Director or Independent Manager (as applicable) shall not owe any fiduciary duties to, and shall not consider, in
acting or otherwise voting on any matter for which their approval is required, the interests of (i) the members of the Company,
(ii) other Affiliates of the Company, or (iii) any group of Affiliates of which the Company are a part); provided, however,
the foregoing shall not eliminate the implied contractual covenant of good faith and fair dealing.]2

 

 

1 If a Pledgor is a limited partnership, the language
in this clause will need to appear in the organizational documents of the General Partner of such Pledgor and not in the organizational
documents of such Pledgor.

 

2 If a Pledgor is a limited
partnership, the language in this clause will need to appear in the organizational documents of the General Partner of such Pledgor
and not in the organizational documents of such Pledgor.

 

    	 	Sch. VIII - 3	 

     

    

 

(r)          [The
organizational documents of the Company shall provide that, as long as any portion of the Obligations of the Loan Parties under
the Loan Documents remains outstanding, upon the occurrence of any event that causes Sole Member to cease to be a member of the
Company (other than (i) upon an assignment by Sole Member of all of its limited liability company interest in the Company and
the admission of the transferee, if permitted pursuant to the organizational documents of the Company and the Loan Documents,
or (ii) the resignation of Sole Member and the admission of an additional member of the Company, if permitted pursuant to the
organizational documents of the Company and the Loan Documents), the person acting as an Independent Director or Independent Manager
(as applicable) of the Company shall, without any action of any Person and simultaneously with Sole Member ceasing to be a member
of the Company, automatically be admitted as a member of the Company (in each case, a “Special Member”)
and shall preserve and continue the existence of the Company without dissolution. The organizational documents of the Company
shall further provide that for so long as any portion of the Obligations of the Loan Parties under the Loan Document is outstanding,
no Special Member may resign or transfer its rights as Special Member unless (i) a successor Special Member has been admitted
to the Company as a Special Member, and (ii) such successor Special Member has also accepted its appointment as an Independent
Director or Independent Manager (as applicable).]3

 

(s)          The
organizational documents of the Company shall provide that, as long as any portion of the Obligations of the Loan Parties under
the Loan Documents remains outstanding, except as expressly permitted pursuant to the terms of the Loan Agreement, (i) [Sole Member][General
Partner] may not resign, and (ii) no additional [member][partner] shall be admitted to the Company without the Administrative Agent’s
consent.

 

(t)          [The
organizational documents of the Company shall provide that, as long as any portion of the Obligations of the Loan Parties under
the Loan Documents remains outstanding: (i) the Company shall be dissolved, and its affairs shall be wound up, only upon the first
to occur of the following: (A) the termination of the legal existence of the [last remaining member][general partner] of
the Company or the occurrence of any other event which terminates the continued membership of the [last remaining member][general
partner] of the Company in the Company unless the business of the Company is continued in a manner permitted by its [operating][limited
partnership] agreement or the Delaware [Limited Liability Company][Revised Uniform Limited Partnership] Act (the “Act”),
or (B) the entry of a decree of judicial dissolution under Section [18-802][17-802] of the Act; (ii) upon the occurrence of any
event that causes the [last remaining member][general partner] of the Company to cease to be [a member][the general partner] of
the Company or that causes [Sole Member][General Partner] to cease to be [a member][the general partner] of the Company (other
than upon continuation of the Company without dissolution upon (A) an assignment by [Sole Member][General Partner] of all of its
[limited liability company][partnership] interest in the Company and the admission of the transferee, if permitted pursuant to
the organizational documents of the Company and the Loan Documents, or (B) the resignation of [Sole Member][General Partner] and
the admission of [an additional member][a new general partner] of the Company, if permitted pursuant to the organizational documents
of the Company and the Loan Documents), to the fullest extent permitted by law, the personal representative of such [last remaining
member][general partner] shall be authorized to, and shall, within ninety (90) days after the occurrence of the event that terminated
the continued membership of such member in the Company, agree in writing (I) to continue the existence of the Company, and (II)
to the admission of the personal representative or its nominee or designee, as the case may be, as a substitute [member][general
partner] of the Company, effective as of the occurrence of the event that terminated the continued [membership of such member
in][role of such entity as general partner of] the Company; (iii) the bankruptcy of [Sole Member][General Partner] or a Special
Member shall not cause such [Sole Member][General Partner] or Special Member, respectively, to cease to be a [member][partner]
of the Company and upon the occurrence of such an event, the business of the Company shall continue without dissolution; (iv)
in the event of the

 

 

3 If a Pledgor is a limited
partnership, the language in this clause will need to appear in the organizational documents of the General Partner of such Pledgor
and not in the organizational documents of such Pledgor.

 

    	 	Sch. VIII - 4	 

     

    

 

dissolution of the Company, the Company shall conduct only such activities as are necessary to wind up its
affairs (including the sale of the assets of the Company in an orderly manner), and the assets of the Company shall be applied
in the manner, and in the order of priority, set forth in Section [18-804][17-804] of the Act; and (v) to the fullest extent permitted
by law, each of [Sole Member][General Partner] and the Special Members shall irrevocably waive any right or power that they might
have to cause the Company or any of its assets to be partitioned, to cause the appointment of a receiver for all or any portion
of the assets of the Company, to compel any sale of all or any portion of the assets of the Company pursuant to any applicable
law or to file a complaint or to institute any proceeding at law or in equity to cause the dissolution, liquidation, winding up
or termination of the Company.]4

 

(u)          The
Company has paid and intends to pay its own liabilities and expenses, including the salaries of its own employees (if any), consultants
and agents from its own funds (to the extent sufficient cash flow exists from the Collateral Assets owned by it), and has maintained
and shall maintain a sufficient number of employees (if any) in light of its contemplated business operations; provided that the
foregoing shall not require any direct or indirect member, partner or shareholder of the Company to make any additional capital
contributions to the Company.

 

(v)         The
Company has allocated and will allocate fairly and reasonably any overhead expenses that are shared with any Affiliate, including
shared office space.

 

(w)         Except
in connection with the Loan, the Company has not pledged and will not pledge its assets for the benefit of any other Person.

 

(x)          [The
organizational documents of the Company will provide that the Company will have no obligation to indemnify its officers, director,
member or Special Member, as the case may be, in each case, unless such an obligation is fully subordinated to the Indebtedness
of the Company under the Loan Documents and will not constitute a claim against it if cash flow in excess of the amount required
to pay the

Indebtedness of the Company under the Loan
Documents is insufficient to pay such obligation.]5

 

(y)          Except
in connection with the Loan, the Company has not, does not, and will not have any of its obligations guaranteed by any Affiliate.

 

As used herein:

 

“Cause”
shall mean, with respect to an Independent Director or Independent Manager, (i) acts or omissions by such Independent Director
or Independent Manager, as applicable, that constitute willful disregard of, or gross negligence with respect to, such Independent
Director’s or Independent Manager’s, as applicable, duties, (ii) such Independent Director or Independent Manager,
as applicable, has engaged in or has been charged with or has been indicted or convicted for any crime or crimes of fraud or other
acts constituting a crime under any law applicable to such Independent Director or Independent Manager, as applicable, (iii) such
Independent Director or Independent Manager, as applicable, has breached its fiduciary duties of loyalty and care as and to the
extent of such duties in accordance with the terms of the Company’s organizational documents, (iv) there is a material increase
in the fees charged by such Independent Director or Independent Manager, as applicable, or a material change to such Independent
Director’s or Independent Manager’s, as applicable, terms of service, (v) such Independent Director or Independent
Manager, as applicable, is unable to perform his or her duties as Independent Director or Independent Manager, as applicable, due
to death,

 

 

4 If a Pledgor is a limited
partnership, this provision should appear in both the organizational documents of such Pledgor and of its General Partner.

 

5 If a Pledgor is a limited partnership, this provision should
appear in both the organizational documents of such Pledgor and of its General Partner.

 

    	 	Sch. VIII - 5	 

     

    

 

disability or incapacity, or (vi) such Independent Director or Independent Manager, as applicable, no longer meets the
definition of Independent Director or Independent Manager, as applicable.

 

“Independent
Director” or “Independent Manager” shall mean a natural person selected by the Company
(a) with at least three (3) years of employment experience as an independent director, independent manager or independent member,
(b) who is provided by a Nationally Recognized Service Company, and (c) who is duly appointed as an Independent Director or Independent
Manager and is not, will not be while serving as Independent Director or Independent Manager (except pursuant to an express provision
in the Company’s operating agreement providing for the appointment of such Independent Director or Independent Manager to
become a “special member” upon the last remaining member of the Company ceasing to be a member of the Company) and
shall not have been at any time during the preceding five (5) years, any of the following:

 

		(i)	a stockholder, director (other than as an Independent Director),
officer, employee, partner, attorney or counsel of the Company, any Affiliate of the Company or any direct or indirect parent
of the Company;

 

		(ii)	a customer, supplier or other Person who derives any of
its purchases or revenues from its activities with the Company or any Affiliate of the Company;

 

		(iii)	a Person or other entity Controlling or under Common Control
with any such stockholder, partner, customer, supplier or other Person described in clause (i) or clause (ii) above; or

 

		(iv)	a member of the immediate family of any such stockholder,
director, officer, employee, partner, customer, supplier or other Person described in clause (i) or clause (ii) above.

 

A natural person who otherwise satisfies
the foregoing definition and satisfies subparagraph (i) by reason of being the Independent Director or Independent Manager of a
“special purpose entity” affiliated with the Company shall be qualified to serve as an Independent Director or Independent
Manager of the Company, provided that the fees that such individual earns from serving as Independent Director or Independent Manager
of affiliates of the Company in any given year constitute in the aggregate less than five percent (5%) of such individual's annual
income for that year.

 

A natural person who satisfies the foregoing
definition other than clause (ii) shall not be disqualified from serving as an Independent Director or Independent Manager
of the Company if such individual is an independent director, independent manager or special manager provided by a Nationally Recognized
Service Company that provides professional independent directors, independent managers and special managers and also provides other
corporate services in the ordinary course of its business.

 

“Nationally
Recognized Service Company” shall mean any of CT Corporation, Corporation Service Company, National Registered Agents,
Inc., Wilmington Trust Company, National Corporate Research, Ltd., United Corporate Services, Inc., Independent Member Services
LLC, Lord Securities Corporation or such other nationally recognized company that provides independent director, independent manager
or independent member services and that is reasonably satisfactory to Agent, in each case that is not an Affiliate of the Company
and that provides professional independent directors and other corporate services in the ordinary course of its business.

 

    	 	Sch. VIII - 6	 

     

    

 

SCHEDULE IX

 

TRS LESSEE SPE REQUIREMENTS

 

[See attached.]

 

    	 	Sch. IX - 1	 

     

    

 

SCHEDULE IX

 

TRS LESSEE SPE REQUIREMENTS

 

Title to Company
Property. Legal title to the Company’s interest in all Company property shall be taken and at all times held in the name
of the Company.

 

Company’s
Purposes. Notwithstanding anything to the contrary contained in this Agreement, the Loan Agreement or in any other document
governing the formation, management or operation of the Company, the sole purpose to be conducted or promoted by the Company is
to engage in the following activities: (i) to lease, sublease, operate, manage, maintain, develop and improve the Collateral Asset[s]
located at [INSERT THE NAMES OF EACH PROPERTY OWNED BY THE COMPANY], commonly known as the “[____________]”
(the [“Properties” and individually, each a] “Property”), in each case, as
defined in the Loan Agreement (defined below); (ii) to enter into and perform its obligations under the Loan Documents; (iii) to
borrow money against, finance, refinance or otherwise deal with the Propert[ies][y] to the extent permitted under the the Operating
Lease, the Loan Agreement (as hereinafter defined), the Company’s organizational documents and the Loan Documents; and (iv)
to engage in any lawful act or activity and to exercise any powers permitted to limited liability companies organized under the
laws of the State of Delaware that are related or incidental to and necessary, convenient or advisable for the accomplishment of
the above mentioned purposes.

 

Special Provisions
Regarding Loan. This Section is being adopted in order to comply with certain provisions required in order to qualify the Company
as a “Special Purpose” entity. Notwithstanding anything in this Agreement to the contrary or in any other document
governing the formation, management or operation of the Company, and for so long as the Obligations of the Loan Parties under the
Loan Documents are outstanding and [any][the] Property is a Collateral Asset, the Company shall comply with the following provisions
(all initial capitalized terms used in this Section but not otherwise defined in this Agreement shall have the meanings ascribed
to them in the Second Amended and Restated Term Loan Agreement, dated as of April 27, 2017, among the Company and the other borrowers
party thereto, collectively as Borrower, Hospitality Investors Trust Operating Partnership, L.P. and Hospitality Investors Trust,
Inc., collectively as guarantors, and Citibank, N.A., as administrative agent (together with its successors and assigns, “Agent”),
and the other parties party thereto, as amended from time to time (the “Loan Agreement”):

 

(a)          The
Company has not owned, does not own, and will not own any asset or property other than (A) its leasehold interest in the Propert[ies][y],
(B) incidental personal property necessary for the ownership or operation of its leasehold interest in the Propert[ies][y], and
(C) any other assets permitted to be owned pursuant to the terms and provisions of the Loan Agreement.

 

(b)          The
Company has not engaged and will not engage in any business unrelated to the applicable purposes set forth in Section [    ]
above.

 

(c)          The
Company has not and will not enter into any contract or agreement with any Affiliate of the Company (other than the Approved Management
Agreement and Operating Lease), except upon terms and conditions that are intrinsically fair, commercially reasonable, and no less
favorable to it than would be available on an arms-length basis with third parties other than any such party.

 

(d)          The
Company has not incurred and will not incur any Indebtedness other than as expressly permitted under the Loan Agreement.

 

(e)          Other
than intercompany Indebtedness permitted by the Loan Agreement, the Company has not made and will not make any loans or advances
to any third party (including any Affiliate or constituent party), and has not and shall not acquire obligations or securities
of its Affiliates.

 

    	 	Sch. IX - 1	 

     

    

 

(f)          The
Company has been, is, and intends to remain solvent and the Company has paid and intends to pay its debts and liabilities (including,
as applicable, shared personnel and overhead expenses) from its assets (to the extent sufficient cash flow exists from the Collateral
Assets owned by it); provided, however that the foregoing shall not require any direct or indirect member, partner or shareholder
of the Company to make any additional capital contributions to the Company.

 

(g)          The
Company has done or caused to be done, and will do, all things necessary to observe organizational formalities and preserve their
existence, and the Company has not, and will not (i) terminate or fail to comply with the provisions of its organizational documents,
or (ii) unless Agent has consented, amend, modify or otherwise change its [operating][limited partnership] agreement or other organizational
documents, in either case except as otherwise expressly permitted by the Loan Agreement.

 

(h)          Except
as otherwise provided in the Loan Documents and except to the extent that the Company is (i) required to file consolidated tax
returns by law; or (ii) treated as a “disregarded entity” for tax purposes and is not required to file tax returns
under applicable law, (1) the Company has maintained and will maintain all of its books, records, financial statements and bank
accounts separate from those of its Affiliates and any other Person; (2) the Company’s assets will not be listed as assets
on the financial statement of any other Person; it being understood that the Company’s assets may be included in a consolidated
financial statement of its Affiliates provided that (i) appropriate notation shall be made on such consolidated financial statements
to indicate the separateness of the Company and such Affiliates and to indicate that the Company’s assets and credit are
not available to satisfy the debts and other obligations of such Affiliates (other than the other Borrowers with respect to the
Loan) or any other Person, and (ii) such assets shall be listed on the Company’s own separate balance sheet; and (3) the
Company will file its own tax returns (to the extent the Company is required to file any tax returns) and will not file a consolidated
federal income tax return with any other Person, unless required by applicable law. The Company has maintained and shall maintain
its books and records in the ordinary course of its business and so long as the Obligations of the Loan Parties under the Loan
Documents are outstanding, shall maintain its books and records in the ordinary course of its business and as otherwise required
pursuant to the terms of the Loan Agreement.

 

(i)           The
Company has been, will be, and at all times has held and will hold itself out to the public as, a legal entity separate and distinct
from any other entity (recognizing that the Company may be treated as a “disregarded entity” for tax purposes and is
not required to file tax returns for tax purposes under applicable law), shall correct any known misunderstanding regarding its
status as a separate entity, shall conduct business in its own name, shall not identify itself or any of its Affiliates as a division
or department or part of the other and shall, to the extent reasonably necessary for the operation of its business, maintain and
utilize separate stationery, invoices and checks bearing its own name.

 

(j)           The
Company has maintained and intends to maintain adequate capital for the normal obligations reasonably foreseeable in a business
of its size and character and in light of its contemplated business operations; provided, however that the foregoing shall
not require any direct or indirect member, partner or shareholder of the Company to make any additional capital contributions to
the Company.

 

(k)          Neither
the Company nor any constituent party of the Company has sought or will seek or effect the liquidation, dissolution, winding up,
consolidation or merger, in whole or in part, of the Company.

 

(l)           Other
than to the extent permitted in the Cash Management Agreement, the Company has not and will not commingle the funds and other assets
of the Company with those of any Affiliate or constituent party or any other Person, and has held and will hold all of its assets
in its own name.

 

(m)         The
Company has and will maintain its assets in such a manner that it will not be costly or difficult to segregate, ascertain or identify
its individual assets from those of any Affiliate or constituent party or any other Person

 

    	 	Sch. IX - 2	 

     

    

 

(n)          Except
in connection with the Loan, the Company has not and will not assume or guarantee or become obligated for the debts of any other
Person and does not and will not hold itself out to be responsible for or have its credit available to satisfy the debts or obligations
of any other Person.

 

(o)          [The
organizational documents of the Company shall provide that the business and affairs of the Company shall be managed by or under
the direction (A) of a board of one or more directors designated by the Company’s sole member (the “Sole Member”),
(B) a committee of managers designated by Sole Member (a “Committee”) or (C) by Sole Member, and at
all times there shall be at least one (1) duly appointed Independent Director or Independent Manager. In addition, the organizational
documents of the Company shall provide that no Independent Director or Independent Manager (as applicable) of the Company may
be removed or replaced without Cause and unless the Company provides Agent with not less than three (3) Business Days’
prior written notice of (a) any proposed removal of an Independent Director or Independent Manager (as applicable), together with
a statement as to the reasons for such removal, and (b) the identity of the proposed replacement Independent Director or Independent
Manager, as applicable, together with a certification that such replacement satisfies the requirements set forth in the organizational
documents for an Independent Director or Independent Manager (as applicable).]1

 

(p)          The
organizational documents of the Company [and the Company’s general partner (the “General Partner”)]
shall also provide an express acknowledgment that each of Agent and the Secured Parties is an intended third-party beneficiary
of the “special purpose” provisions of such organizational documents.

 

(q)          [The
organizational documents of the Company shall provide that the Company will not and the Company agrees that it will not, without
the unanimous written consent of its board of directors, its Committee or its Sole Member (as applicable), including, or together
with, the Independent Director or Independent Manager (as applicable) (i) file or consent to the filing of any petition, either
voluntary or involuntary, to take advantage of any applicable insolvency, bankruptcy, liquidation or reorganization statute, (ii)
seek or consent to the appointment of a receiver, liquidator or any similar official of the Company, (iii) take any action that
is reasonably likely to cause such entity to become insolvent, (iv) make an assignment for the benefit of creditors, (v) admit
in writing (other than so-called customary “going concern” language contained in any auditor’s report or in
the footnotes to any financial statements) its inability to pay debts generally as they become due, (vi) intentionally omitted,
or (vii) take any action in furtherance of the foregoing. The Company shall not take any of the foregoing actions without the
unanimous written consent of its board of directors, its Committee or its Sole Member, as applicable, including (or together with)
any Independent Director or Independent Manager, as applicable. In addition, the organizational documents of the Company shall
provide that, when voting with respect to any matters set forth in the immediately preceding sentence of this clause (q), the
Independent Director or Independent Manager (as applicable) shall consider only the interests of the Company, including its creditors.
Without limiting the generality of the foregoing, such documents shall expressly provide that, to the greatest extent permitted
by law, except for duties to the Company (including duties to the members of the Company solely to the extent of their respective
economic interest in the Company and to the Company’s creditors as set forth in the immediately preceding sentence), such
Independent Director or Independent Manager (as applicable) shall not owe any fiduciary duties to, and shall not consider, in
acting or otherwise voting on any matter for which their approval is required, the interests of (i) the members of the Company,
(ii) other Affiliates of the Company, or (iii) any group of Affiliates of

 

 

1
If a TRS Lessee is a limited partnership, the language in this clause will need to appear in the organizational documents of the
General Partner of such TRS Lessee and not in the organizational documents of such TRS Lessee.

 

    	 	Sch. IX - 3	 

     

    

 

which the Company are a part); provided, however,
the foregoing shall not eliminate the implied contractual covenant of good faith and fair dealing.]2

 

(r)          [The
organizational documents of the Company shall provide that, as long as any portion of the Obligations of the Loan Parties under
the Loan Documents remains outstanding, upon the occurrence of any event that causes Sole Member to cease to be a member of the
Company (other than (i) upon an assignment by Sole Member of all of its limited liability company interest in the Company and
the admission of the transferee, if permitted pursuant to the organizational documents of the Company and the Loan Documents,
or (ii) the resignation of Sole Member and the admission of an additional member of the Company, if permitted pursuant to the
organizational documents of the Company and the Loan Documents), the person acting as an Independent Director or Independent Manager
(as applicable) of the Company shall, without any action of any Person and simultaneously with Sole Member ceasing to be a member
of the Company, automatically be admitted as a member of the Company (in each case, a “Special Member”)
and shall preserve and continue the existence of the Company without dissolution. The organizational documents of the Company
shall further provide that for so long as any portion of the Obligations of the Loan Parties under the Loan Document is outstanding,
no Special Member may resign or transfer its rights as Special Member unless (i) a successor Special Member has been admitted
to the Company as a Special Member, and (ii) such successor Special Member has also accepted its appointment as an Independent
Director or Independent Manager (as applicable).]3

 

(s)          The
organizational documents of the Company shall provide that, as long as any portion of the Obligations of the Loan Parties under
the Loan Documents remains outstanding, except as expressly permitted pursuant to the terms of the Loan Agreement, (i) [Sole Member][General
Partner] may not resign, and (ii) no additional [member][partner] shall be admitted to the Company without the Administrative Agent’s
consent.

 

(t)          [The
organizational documents of the Company shall provide that, as long as any portion of the Obligations of the Loan Parties under
the Loan Documents remains outstanding: (i) the Company shall be dissolved, and its affairs shall be wound up, only upon the first
to occur of the following: (A) the termination of the legal existence of the [last remaining member][general partner] of the Company
or the occurrence of any other event which terminates the continued membership of the [last remaining member][general partner]
of the Company in the Company unless the business of the Company is continued in a manner permitted by its [operating][limited
partnership] agreement or the Delaware [Limited Liability Company][Revised Uniform Limited Partnership] Act (the “Act”),
or (B) the entry of a decree of judicial dissolution under Section [18-802][17-802] of the Act; (ii) upon the occurrence of any
event that causes the [last remaining member][general partner] of the Company to cease to be [a member][the general partner] of
the Company or that causes [Sole Member][General Partner] to cease to be [a member][the general partner] of the Company (other
than upon continuation of the Company without dissolution upon (A) an assignment by [Sole Member][General Partner] of all of its
[limited liability company][partnership] interest in the Company and the admission of the transferee, if permitted pursuant to
the organizational documents of the Company and the Loan Documents, or (B) the resignation of [Sole Member][General Partner] and
the admission of [an additional member][a new general partner] of the Company, if permitted pursuant to the organizational documents
of the Company and the Loan Documents), to the fullest extent permitted by law, the personal representative of such [last remaining
member][general partner] shall be authorized to, and shall, within ninety (90) days after the occurrence of the event that
terminated the continued membership of such member in the

 

 

2
If a TRS Lessee is a limited partnership, the language in this clause will need to appear in the organizational documents of the
General Partner of such TRS Lessee and not in the organizational documents of such TRS Lessee.

 

3
If a TRS Lessee is a limited partnership, the language in this clause will need to appear in the organizational documents of the
General Partner of such TRS Lessee and not in the organizational documents of such TRS Lessee.

 

    	 	Sch. IX - 4	 

     

    

 

Company, agree in writing
(I) to continue the existence of the Company, and (II) to the admission of the personal representative or its nominee or designee,
as the case may be, as a substitute [member][general partner] of the Company, effective as of the occurrence of the event that
terminated the continued [membership of such member in][role of such entity as general partner of] the Company; (iii) the bankruptcy
of [Sole Member][General Partner] or a Special Member shall not cause such [Sole Member][General Partner] or Special Member, respectively,
to cease to be a [member][partner] of the Company and upon the occurrence of such an event, the business of the Company shall
continue without dissolution; (iv) in the event of the dissolution of the Company, the Company shall conduct only such activities
as are necessary to wind up its affairs (including the sale of the assets of the Company in an orderly manner), and the assets
of the Company shall be applied in the manner, and in the order of priority, set forth in Section [18-804][17-804] of the Act;
and (v) to the fullest extent permitted by law, each of [Sole Member][General Partner] and the Special Members shall irrevocably
waive any right or power that they might have to cause the Company or any of its assets to be partitioned, to cause the appointment
of a receiver for all or any portion of the assets of the Company, to compel any sale of all or any portion of the assets of the
Company pursuant to any applicable law or to file a complaint or to institute any proceeding at law or in equity to cause the
dissolution, liquidation, winding up or termination of the Company.]4

 

(u)          The
Company has paid and intends to pay its own liabilities and expenses, including the salaries of its own employees (if any), consultants
and agents from its own funds (to the extent sufficient cash flow exists from the Collateral Assets owned by it), and has maintained
and shall maintain a sufficient number of employees (if any) in light of its contemplated business operations; provided that the
foregoing shall not require any direct or indirect member, partner or shareholder of the Company to make any additional capital
contributions to the Company.

 

(v)         The
Company has allocated and will allocate fairly and reasonably any overhead expenses that are shared with any Affiliate, including
shared office space.

 

(w)          Except
in connection with the Loan, the Company has not pledged and will not pledge its assets for the benefit of any other Person.

 

(x)          [The
organizational documents of the Company will provide that the Company will have no obligation to indemnify its officers, director,
member or Special Member, as the case may be, in each case, unless such an obligation is fully subordinated to the Indebtedness
of the Company under the Loan Documents and will not constitute a claim against it if cash flow in excess of the amount
required to pay the Indebtedness of the Company under the Loan Documents is insufficient to pay such obligation.]5

 

(y)          Except
in connection with the Loan, the Company has not, does not, and will not have any of its obligations guaranteed by any Affiliate.

 

As used herein:

 

“Cause”
shall mean, with respect to an Independent Director or Independent Manager, (i) acts or omissions by such Independent Director
or Independent Manager, as applicable, that constitute willful disregard of, or gross negligence with respect to, such Independent
Director’s or Independent Manager’s, as applicable, duties, (ii) such Independent Director or Independent Manager,
as applicable, has engaged in or has been charged with or has been indicted or convicted for any crime or crimes of fraud or other
acts constituting a crime under any law applicable to such Independent Director or Independent Manager, as applicable, (iii)

 

 

4 If a TRS Lessee is
a limited partnership, this provision should appear in both the organizational documents of such TRS Lessee and of its General
Partner.

 

5 If a TRS Lessee is
a limited partnership, this provision should appear in both the organizational documents of such TRS Lessee and of its General
Partner.

 

    	 	Sch. IX - 5	 

     

    

 

such
Independent Director or Independent Manager, as applicable, has breached its fiduciary duties of loyalty and care as and to the
extent of such duties in accordance with the terms of the Company’s organizational documents, (iv) there is a material increase
in the fees charged by such Independent Director or Independent Manager, as applicable, or a material change to such Independent
Director’s or Independent Manager’s, as applicable, terms of service, (v) such Independent Director or Independent
Manager, as applicable, is unable to perform his or her duties as Independent Director or Independent Manager, as applicable, due
to death, disability or incapacity, or (vi) such Independent Director or Independent Manager, as applicable, no longer meets the
definition of Independent Director or Independent Manager, as applicable.

 

“Independent
Director” or “Independent Manager” shall mean a natural person selected by the Company
(a) with at least three (3) years of employment experience as an independent director, independent manager or independent member,
(b) who is provided by a Nationally Recognized Service Company, and (c) who is duly appointed as an Independent Director or Independent
Manager and is not, will not be while serving as Independent Director or Independent Manager (except pursuant to an express provision
in the Company’s operating agreement providing for the appointment of such Independent Director or Independent Manager to
become a “special member” upon the last remaining member of the Company ceasing to be a member of the Company) and
shall not have been at any time during the preceding five (5) years, any of the following:

 

		(i)	a stockholder, director (other than as an Independent Director),
officer, employee, partner, attorney or counsel of the Company, any Affiliate of the Company or any direct or indirect parent
of the Company;

 

		(ii)	a customer, supplier or other Person who derives any of
its purchases or revenues from its activities with the Company or any Affiliate of the Company;

 

		(iii)	a Person or other entity Controlling or under Common Control
with any such stockholder, partner, customer, supplier or other Person described in clause (i) or clause (ii) above; or

 

		(iv)	a member of the immediate family of any such stockholder,
director, officer, employee, partner, customer, supplier or other Person described in clause (i) or clause (ii) above.

 

A natural person who otherwise satisfies
the foregoing definition and satisfies subparagraph (i) by reason of being the Independent Director or Independent Manager of a
“special purpose entity” affiliated with the Company shall be qualified to serve as an Independent Director or Independent
Manager of the Company, provided that the fees that such individual earns from serving as Independent Director or Independent Manager
of affiliates of the Company in any given year constitute in the aggregate less than five percent (5%) of such individual's annual
income for that year.

 

A natural person who satisfies the foregoing
definition other than clause (ii) shall not be disqualified from serving as an Independent Director or Independent Manager
of the Company if such individual is an independent director, independent manager or special manager provided by a Nationally Recognized
Service Company that provides professional independent directors, independent managers and special managers and also provides other
corporate services in the ordinary course of its business.

 

“Nationally
Recognized Service Company” shall mean any of CT Corporation, Corporation Service Company, National Registered Agents,
Inc., Wilmington Trust Company, National Corporate Research, Ltd., United Corporate Services, Inc., Independent Member Services
LLC, Lord Securities Corporation or such other nationally recognized company that provides independent director, independent manager
or independent member services and that is reasonably satisfactory to Agent, in each case that is not an Affiliate of the

 

    	 	Sch. IX - 6	 

     

    

 

Company
and that provides professional independent directors and other corporate services in the ordinary course of its business.

 

    	 	Sch. IX - 7	 

     

    

 

SCHEDULE X

 

PIP BUDGET SCHEDULE

 

[See attached.]

 

    	 	Sch. X - 1	 

     

    

 

	ARC Hospitality PIP Schedule for Summit and Noble Portfolios	4/14/2017

 

	Hotel	State	Keys	Portfolio	Comm

Date	Original PIP

Pricing

Estimates	Revised

    Comm

    Date(1)	Revised PIP

Pricing

Estimates	Per Key

$000s
	Hyatt
    House Atlanta Cobb(2)	GA	149	Noble	10/01/16	$61,766	04/01/16	$0	$0.0
	SpringHill Suites Baton Rouge South	LA	78	Summit	10/01/16	530,673	07/01/16	600,000	7.7
	TownePlace Suites Baton Rouge South	LA	90	Summit	10/01/18	0	07/01/16	600,000	6.7
	Hyatt Place Chicago Schaumburg	IL	127	Noble	10/01/16	$2,652,543	12/01/17	2,100,000	$16.5
	Hampton Inn Ft. Wayne Southwest	IN	118	Summit	10/01/17	851,366	12/01/17	851,366	7.2
	DoubleTree Baton Rouge	LA	127	Summit	10/01/17	2,540,000	12/01/17	2,540,000	20.0
	Hampton Inn Medford	OR	75	Summit	10/01/17	280,331	12/01/17	280,331	3.7
	Courtyard Flagstaff	AZ	164	Summit	10/01/16	2,296,000	12/01/17	2,600,000	15.9
	SpringHill Suites Flagstaff	AZ	112	Summit	10/01/16	1,299,284	12/01/17	1,500,000	13.4
	SpringHill Suites Denver Airport	CO	124	Summit	01/01/17	1,636,104	01/01/18	2,600,000	21.0
	Fairfield Inn & Suites Spokane Downtown	WA	84	Summit	10/01/17	543,881	04/01/18	543,881	6.5
	Fairfield Inn & Suites Bellevue	WA	144	Summit	10/01/17	866,953	04/01/18	866,953	6.0
	Fairfield Inn & Suites Denver Airport	CO	160	Summit	10/01/17	761,312	04/01/18	761,312	4.8
	Hilton Garden Inn Fort Collins	CO	120	Summit	10/01/17	0	04/01/18	0	0.0
	Fairfield Inn & Suites Baton Rouge South	LA	78	Summit	10/01/17	78,000	05/01/18	78,000	1.0
	Hampton Inn & Suites El Paso Airport	TX	139	Summit	10/01/17	1,008,267	12/01/18	1,008,267	7.3
	Hampton Inn Fort Collins	CO	75	Summit	01/01/18	896,403	12/01/18	896,403	12.0
	Courtyard Columbus Downtown	OH	150	Noble	10/01/19	1,575,452	11/01/19	1,575,452	10.5
	Hilton Garden Inn Monterey	CA	204	Noble	10/01/19	3,432,393	11/01/19	3,432,393	16.8
	Residence Inn Ft. Wayne Southwest	IN	109	Summit	10/01/19	0	11/01/19	0	0.0
	Courtyard Jackson Ridgeland	MS	117	Summit	05/01/18	420,600	05/01/18	420,600	3.6
	Courtyard Memphis Germantown	TN	93	Summit	05/01/18	594,000	05/01/18	594,000	6.4
	Fairfield Inn & Suites Memphis Germantown	TN	80	Summit	05/01/18	272,250	05/01/18	272,250	3.4
	Homewood Suites Jackson Ridgeland	MS	91	Summit	05/01/18	2,475,000	05/01/18	2,475,000	27.2
	Residence Inn Jackson Ridgeland	MS	100	Summit	05/01/18	158,400	05/01/18	158,400	1.6
	Residence Inn Memphis Germantown	TN	78	Summit	05/01/18	297,000	05/01/18	297,000	3.8
	Staybridge Suites Jackson	MS	92	Summit	05/01/18	891,000	05/01/18	891,000	9.7
	 	 	 	 	 	 	 	 	 
	Totals	 	3,078	 	 	$26,418,978	 	$27,942,608	$9.1

 

Notes

(1) Indicates
current anticipated PIP commencement dates. Commencement and completion dates are subject to ongoing negotiations with the Brands.

 

     

     

    

 

SCHEDULE XI

 

[INTENTIONALLY OMITTED]

 

    	 	Sch. XI - 1	 

     

    

 

SCHEDULE XII

 

[INTENTIONALLY OMITTED]

 

    	 	Sch. XII - 1	 

     

    

 

SCHEDULE XIII

 

APPRAISED VALUES

 

	Portfolio	Property	Property Address	Property Owner	As-Is Market Value
	Summit 1	Courtyard Flagstaff	2650 S. Beulah Blvd., Flagstaff,

Arizona 86001 (Coconino County)	
        HIT SMT CY FLGAZ

        Owner, LLC
	$36,500,000.00
	Summit 1	Springhill Suites	2455 S. Beulah Blvd., Flagstaff,

Arizona 86001 (Coconino County)	
        HIT SMT SHS FLGAZ

        Owner, LLC
	$20,500,000.00
	Summit 1	Hampton Inn	8219 West Jefferson Blvd., Fort

Wayne, Indiana 46804 (Allen

County)	
        HIT SMT FTWIN001

        Owner, LLC
	$15,400,000.00
	Summit 1	Residence Inn	7811 West Jefferson Blvd., Fort

Wayne, Indiana 46804 (Allen

County)	
        HIT SMT RI FTWIN

        Owner, LLC
	$15,600,000.00
	Summit 1	DoubleTree by Hilton Hotel	4964 Constitution Avenue, Baton

Rouge, Louisiana 70808 (East

Baton Rouge Parish)	
        HIT SMT BTRLA001

        Owner, LLC
	$20,600,000.00
	Summit 1	Fairfield Inn & Suites	7959 Essen Park Avenue, Baton

Rouge, Louisiana 70809 (East

Baton Rouge Parish)	
        HIT SMT FIS BTRLA

        Owner, LLC
	$6,100,000.00
	Summit 1	Springhill Suites	7979 Essen Park Avenue, Baton

Rouge, Louisiana 70809 (East

Baton Rouge Parish)	
        HIT SMT SHS BTRLA

        Owner, LLC
	$6,900,000.00
	Summit 1	TownePlace Suites	8735 Summa Avenue, Baton

Rouge, Louisiana 70809 (East

Baton Rouge Parish)	
        HIT SMT TPS BTRLA

        Owner, LLC
	$9,200,000.00
	Summit 1	Hampton Inn	1122 Morrow Road, Medford,

Oregon 97504 (Jackson County)	
        HIT SMT MDFOR001

        Owner, LLC
	$13,500,000.00
	Summit 1	Hampton Inn & Suites	6635 Gateway Blvd. West, El

Paso, Texas 79925 (El Paso

County)	
        HIT SMT ELPTX001

        Owner, LP
	$19,200,000.00
	Noble 1	Hilton Garden Inn	1000 Aguajito Road, Monterey,

California 93940 (Monterey

County)	
        HIT NBL MNTCA001

        Owner, LP
	$40,800,000.00
	Noble 1	Hyatt Place	1851 McConnor Parkway,

Schaumburg, Illinois 60173 (Cook

County)	
        HIT NBL HYP SCHIL

        Owner, LLC
	$8,200,000.00
	Noble 2	Courtyard Columbus Downtown	35 West Spring Street

Columbus, Ohio 43215

(Franklin County)	
        HIT NBL CY CBSOH

        Owner, LLC
	$26,900,000.00
	Noble 2	Hyatt House Atlanta Cobb Galleria	3595 Cumberland Blvd.

Atlanta, Georgia 30339

(Cobb County)	
        HIT NBL HH ATLGA

        Owner, LLC
	$23,600,000.00

 

    	 	Sch. XIII - 1	 

     

    

 

	Summit 3	Fairfield Inn & Suites Denver	
        6851 Tower Road

        Denver, Colorado 80249

        (Denver County)
	
        HIT SMT FIS DENCO

        Owner, LLC
	$21,800,000.00
	Summit 3	Hampton Inn Ft. Collins	
        1620 Oakridge Drive

        Fort Collins, Colorado 80525

        (Larimer County)
	
        HIT SMT FTCCO001

        Owner, LLC
	$8,000,000.00
	Summit 3	Hilton Garden Inn Ft. Collins	2821 East Harmony Road

Fort Collins, Colorado 80528

(Larimer County)	
        HIT SMT FTCCO002

        Owner, LLC
	$18,700,000.00
	Summit 3	SpringHill Suites Denver	18350 East 68th Avenue

Denver, Colorado 80249

(Denver County)	
        HIT SMT SHS DENCO

        Owner, LLC
	$16,100,000.00
	Summit 3	Fairfield Inn & Suites Spokane	311 North Riverpoint Blvd.

Spokane, Washington 99202

(Spokane County)	
        HIT SMT FIS SPKWA

        Owner, LLC
	$10,600,000.00
	Summit 3	Fairfield Inn & Suites Bellevue	14595 NE 29th Place

Bellevue, Washington 98007

(King County)	
        HIT SMT FIS BELWA

        Owner, LLC
	$28,800,000.00
	Summit 2	Courtyard Germantown	7750 Wolf River Blvd.,

Germantown, Tennessee 38138

(Shelby County)	
        HIT SMT CY GRMTN

        Owner, LLC
	$12,400,000.00
	Summit 2	Courtyard Jackson	6280 Ridgewood Court Drive,

Jackson, Mississippi 39211 (Hinds

County)	
        HIT SMT CY JKSMS

        Owner, LLC
	$6,400,000.00
	Summit 2	Fairfield Inn & Suites Germantown	9320 Poplar Pike, Germantown,

Tennessee 38138 (Shelby County)	
        HIT SMT FIS GRMTN

        Owner, LLC
	$5,600,000.00
	Summit 2	Homewood Suites Ridgeland	853 Centre Street, Ridgeland,

Mississippi 39157 (Madison

County)	
        HIT SMT RDGMS001

        Owner, LLC
	$8,200,000.00
	Summit 2	Residence Inn Jackson Ridgeland	855 Centre Street, Ridgeland,

Mississippi 39157 (Madison

County)	
        HIT SMT RI JKSMS

        Owner, LLC
	$11,800,000.00
	Summit 2	Residence Inn Germantown	9314 Poplar Pike, Germantown,

Tennessee 38138 (Shelby County)	
        HIT SMT RI GRMTN

        Owner, LLC
	$8,300,000.00
	Summit 2	Staybridge Suites Ridgeland	801 Ridgewood Road, Ridgeland,

Mississippi 39157 (Madison

County)	
        HIT SMT RDGMS002

        Owner, LLC
	$5,200,000.00
	Barcelo	Georgia Tech Hotel & Conference Center	800 Spring Street NW, Atlanta,

Georgia 30308	HIT GA Tech, LLC	$19,300,000.00
	TOTAL	$444,200,000.00

 

    	 	Sch. XIII - 2	 

     

    

 

SCHEDULE XIV

 

ADDITIONAL SUMMIT COLLATERAL ASSETS

 

		1.	Courtyard Jackson Ridgeland, 6280 Ridgewood Court Drive,
Jackson, MS 39211 (Hinds County)

 

		2.	Homewood Suites Jackson Ridgeland, 853 Centre Street, Ridgeland,
MS 39157 (Madison County)

 

		3.	Residence Inn Jackson Ridgeland, 855 Centre Street, Ridgeland,
MS 39157 (Madison County)

 

		4.	Staybridge Suites Jackson, 801 Ridgewood Road, Ridgeland,
MS 39157 (Madison County)

 

		5.	Courtyard Memphis Germantown, 7750 Wolf River Boulevard,
Germantown, TN 38138 (Shelby County)

 

		6.	Fairfield Inn & Suites Memphis Germantown, 9320 Poplar
Pike, Germantown, TN 38138 (Shelby County)

 

		7.	Residence Inn Memphis Germantown, 9314 Poplar Pike, Germantown,
TN 38138 (Shelby County)

 

    	 	Sch. XIV - 1	 

     

    

 

SCHEDULE XV

 

[INTENTIONALLY OMITTED]

 

    	 	Sch. XV - 1	 

     

    

 

SCHEDULE XVI

 

RETIRING DEBT

 

		1.	A loan in the original principal amount of 293,400,000,
as set forth in that certain Amended and Restated Term Loan Agreement dated as of October 15, 2015, as amended by Amendment No.
1 thereto dated as of February 11, 2016, among the borrower parties thereto, Hospitality Investors Trust, Inc. (f/k/a American
Realty Capital Hospitality Trust, Inc.) and Hospitality Investors Trust Operating Partnership, L.P. (f/k/a American Realty Capital
Hospitality Trust Operating Partnership, L.P.), and Deutsche Bank AG New York Branch, as the administrative agent.

 

		2.	An earnout obligation in the amount of the “Earnout
Amount”, as such term is defined and as set forth in that certain Third Amendment to Agreement for Purchase and Sale, dated
as of August 10, 2016, by and among (i) HIT Baltimore, LLC (f/k/a ARC Hospitality Baltimore, LLC), HIT Providence, LLC (f/k/a
ARC Hospitality Providence, LLC), HIT Stratford, LLC (f/k/a ARC Hospitality Stratford, LLC), and HIT GA Tech, LLC (f/k/a ARC Hospitality
GA Tech, LLC), each a Delaware limited liability company, and HIT Investors Trust, Inc. (f/k/a American Realty Capital Hospitality
Trust, Inc.), a Maryland corporation, and (ii) HFP Hotel Owner II, LLC, CSB Stratford LLC, and CC Technology Square LLC, each
a Delaware limited liability company

 

		3.	A loan in the original principal amount of $3,000,000,
as set forth in that certain Loan Agreement, dated January 12, 2017, between Hospitality Investors Trust, Inc. (f/k/a American
Realty Capital Hospitality Trust, Inc.), a Maryland corporation and Summit Hotel OP, LP.

 

    	 	Sch. XVI - 1	 

     

    

 

SCHEDULE 4.01(b)

 

SUBSIDIARIES

 

[See attached.]

 

    	 	Sch. 4.01(b) - 1	 

     

    

 

 

     

     

    

 

SCHEDULE 4.01(f)

 

MATERIAL LITIGATION

 

None.

 

    	 	Sch. 4.01(f) - 1	 

     

    

 

SCHEDULE 4.01(o)

 

EXISTING LIENS

 

None.

 

    	 	Sch. 4.01(o) - 1	 

     

    

 

SCHEDULE 4.01(p)

 

REAL PROPERTY

 

Part I – Owned Assets

 

	Portfolio	Borrower	Hotel	Address	Record Owner
	Summit 1	
        HIT SMT CY FLGAZ

        Owner, LLC
	
        Courtyard

        Flagstaff
	
        2650 S. Beulah Blvd.

        Flagstaff, Arizona 86001
	
        HIT SMT CY FLGAZ

        Owner, LLC

	Summit 1	
        HIT SMT SHS FLGAZ

        Owner, LLC
	Springhill Suites	2455 S. Beulah Blvd.

Flagstaff, Arizona 86001	HIT SMT SHS FLGAZ Owner, LLC
	Summit 1	
        HIT SMT FTWIN001

        Owner, LLC
	Hampton Inn	8219 West Jefferson Blvd.

Fort Wayne, Indiana 46804	
        HIT SMT FTWIN001

        Owner, LLC

	Summit 1	
        HIT SMT RI FTWIN

        Owner, LLC
	Residence Inn	7811 West Jefferson Blvd.

Fort Wayne, Indiana 46804	
        HIT SMT RI FTWIN

        Owner, LLC

	Summit 1	
        HIT SMT BTRLA001

        Owner, LLC
	DoubleTree by Hilton Hotel	
        4964 Constitution Avenue

        Baton Rouge, Louisiana

        70808
	
        HIT SMT BTRLA001

        Owner, LLC

	Summit 1	
        HIT SMT FIS BTRLA

        Owner, LLC
	Fairfield Inn & Suites	7959 Essen Park Avenue

Baton Rouge, Louisiana

70809	
        HIT SMT FIS BTRLA

        Owner, LLC

	Summit 1	
        HIT SMT SHS BTRLA

        Owner, LLC
	Springhill Suites	7979 Essen Park Avenue

Baton Rouge, Louisiana

70809	HIT SMT SHS BTRLA Owner, LLC
	Summit 1	
        HIT SMT TPS BTRLA

        Owner, LLC
	TownePlace Suites	8735 Summa Avenue

Baton Rouge, Louisiana

70809	HIT SMT TPS BTRLA Owner, LLC
	Summit 1	
        HIT SMT MDFOR001

        Owner, LLC
	Hampton Inn	1122 Morrow Road

Medford, Oregon 97504	
        HIT SMT MDFOR001

        Owner, LLC

	Summit 1	
        HIT SMT ELPTX001

        Owner, LP
	Hampton Inn & Suites	6635 Gateway Blvd. West

El Paso, Texas 79925	
        HIT SMT ELPTX001

        Owner, LP

	Noble 1	
        HIT NBL MNTCA001

        Owner, LP
	Hilton Garden Inn Monterey	1000 Aguajito Road,

Monterey, California 93940

(Monterey County)	
        HIT NBL MNTCA001

        Owner, LP

	Noble 1	
        HIT NBL HYP SCHIL

        Owner, LLC
	Hyatt Place	1851 McConnor Parkway,

Schaumburg, IL 60173 (Cook

County)	
        HIT NBL HYP SCHIL

        Owner, LLC

	Noble 2	
        HIT NBL CY CBSOH

        Owner, LLC
	Courtyard Columbus Downtown	35 West Spring Street

Columbus, Ohio 43215

(Franklin County)	
        HIT NBL CY CBSOH

        Owner, LLC

	Noble 2	
        HIT NBL HH ATLGA

        Owner, LLC
	Hyatt House Atlanta Cobb Galleria	3595 Cumberland Blvd.

Atlanta, Georgia 30339

(Cobb County)	
        HIT NBL HH ATLGA

        Owner, LLC

	Summit 3	
        HIT SMT FIS DENCO

        Owner, LLC
	Fairfield Inn & Suites Denver	6851 Tower Road

Denver, Colorado 80249

(Denver County)	HIT SMT FIS DENCO Owner, LLC
	Summit 3	
        HIT SMT FTCCO001

        Owner, LLC
	Hampton Inn Ft. Collins	1620 Oakridge Drive

Fort Collins, Colorado 80525

(Larimer County)	
        HIT SMT FTCCO001

        Owner, LLC

	Summit 3	
        HIT SMT FTCCO002

        Owner, LLC
	Hilton Garden Inn Ft. Collins	2821 East Harmony Road

Fort Collins, Colorado 80528

(Larimer County)	
        HIT SMT FTCCO002

        Owner, LLC

	Summit 3	HIT SMT SHS	SpringHill	18350 East 68th Avenue	HIT SMT SHS

 

    	 	Sch. 4.01(p) - 1	 

     

    

 

	 	DENCO Owner, LLC	Suites Denver	Denver, Colorado 80249

(Denver County)	DENCO Owner, LLC
	Summit 3	
        HIT SMT FIS SPKWA

        Owner, LLC
	Fairfield Inn & Suites Spokane	311 North Riverpoint Blvd.

Spokane, Washington 99202

(Spokane County)	HIT SMT FIS SPKWA Owner, LLC
	Summit 3	
        HIT SMT FIS BELWA

        Owner, LLC
	Fairfield Inn & Suites Bellevue	14595 NE 29th Place

Bellevue, Washington 98007

(King County)	HIT SMT FIS BELWA Owner, LLC
	Summit 2	
        HIT SMT CY GRMTN

        Owner, LLC
	Courtyard Germantown	7750 Wolf River Blvd.,

Germantown, Tennessee

38138 (Shelby County)	HIT SMT CY GRMTN Owner, LLC
	Summit 2	
        HIT SMT CY JKSMS

        Owner, LLC
	Courtyard Jackson	6280 Ridgewood Court Drive,

Jackson, Mississippi 39211

(Hinds County)	
        HIT SMT CY JKSMS

        Owner, LLC

	Summit 2	
        HIT SMT FIS GRMTN

        Owner, LLC
	Fairfield Inn & Suites Germantown	9320 Poplar Pike,

Germantown, Tennessee

38138 (Shelby County)	HIT SMT FIS GRMTN Owner, LLC
	Summit 2	
        HIT SMT RDGMS001

        Owner, LLC
	Homewood Suites Ridgeland	853 Centre Street, Ridgeland,

Mississippi 39157 (Madison

County)	
        HIT SMT RDGMS001

        Owner, LLC

	Summit 2	
        HIT SMT RI JKSMS

        Owner, LLC
	Residence Inn Jackson Ridgeland	855 Centre Street, Ridgeland,

Mississippi 39157 (Madison

County)	
        HIT SMT RI JKSMS

        Owner, LLC

	Summit 2	
        HIT SMT RI GRMTN

        Owner, LLC
	Residence Inn Germantown	9314 Poplar Pike,

Germantown, Tennessee

38138 (Shelby County)	
        HIT SMT RI GRMTN

        Owner, LLC

	Summit 2	
        HIT SMT RDGMS002

        Owner, LLC
	Staybridge Suites Ridgeland	801 Ridgewood Road,

Ridgeland, Mississippi 39157

(Madison County)	
        HIT SMT RDGMS002

        Owner, LLC

	Barcelo	HIT GA Tech Holding, LLC	Georgia Tech Hotel & Conference Center	800 Spring Street NW,

Atlanta, Georgia 30308	HIT GA Tech, LLC

 

Part II – Leased Assets and Operating Leases

 

	Portfolio	Lessor and Record

Owner	Hotel	Address	Lessee
	Summit 1	
        HIT SMT CY FLGAZ

        Owner, LLC
	Courtyard Flagstaff	2650 S. Beulah Blvd.

Flagstaff, Arizona 86001	HIT SWN TRS, LLC
	Summit 1	
        HIT SMT SHS FLGAZ

        Owner, LLC
	Springhill Suites	2455 S. Beulah Blvd.

Flagstaff, Arizona 86001	HIT SWN TRS, LLC
	Summit 1	
        HIT SMT FTWIN001

        Owner, LLC
	Hampton Inn	8219 West Jefferson

Blvd.

Fort Wayne, Indiana

46804	HIT SWN TRS, LLC
	Summit 1	
        HIT SMT RI FTWIN

        Owner, LLC
	Residence Inn	7811 West Jefferson

Blvd.

Fort Wayne, Indiana

46804	HIT SWN TRS, LLC
	Summit 1	
        HIT SMT BTRLA001

        Owner, LLC
	DoubleTree by Hilton Hotel	4964 Constitution Avenue

Baton Rouge, Louisiana

70808	HIT SWN TRS, LLC
	Summit 1	HIT SMT FIS BTRLA	Fairfield Inn &	7959 Essen Park Avenue	HIT SWN TRS,

 

    	 	Sch. 4.01(p) - 2	 

     

    

 

	 	Owner, LLC	Suites	Baton Rouge, Louisiana

70809	LLC
	Summit 1	
        HIT SMT SHS BTRLA

        Owner, LLC
	Springhill Suites	7979 Essen Park Avenue

Baton Rouge, Louisiana

70809	HIT SWN TRS, LLC
	Summit 1	
        HIT SMT TPS BTRLA

        Owner, LLC
	TownePlace Suites	8735 Summa Avenue

Baton Rouge, Louisiana

70809	HIT SWN TRS, LLC
	Summit 1	
        HIT SMT MDFOR001

        Owner, LLC
	Hampton Inn	1122 Morrow Road

Medford, Oregon 97504	HIT SWN TRS, LLC
	Summit 1	
        HIT SMT ELPTX001

        Owner, LP
	Hampton Inn & Suites	6635 Gateway Blvd. West

El Paso, Texas 79925	HIT SWN INT NTC TRS, LP
	Noble 1	
        HIT NBL MNTCA001

        Owner, LP
	Hilton Garden Inn Monterey	1000 Aguajito Road,

Monterey, California

93940 (Monterey County)	HIT SWN CRS NTC TRS, LP
	Noble 1	
        HIT NBL HYP SCHIL

        Owner, LLC
	Hyatt Place	1851 McConnor Parkway,

Schaumburg, Illinois

60173 (Cook County)	HIT SWN TRS, LLC
	Noble 2	
        HIT NBL CY CBSOH

        Owner, LLC
	Courtyard Columbus Downtown	35 West Spring Street

Columbus, Ohio 43215

(Franklin County)	HIT SWN TRS, LLC
	Noble 2	
        HIT NBL HH ATLGA

        Owner, LLC
	Hyatt House Atlanta Cobb Galleria	3595 Cumberland Blvd.

Atlanta, Georgia 30339

(Cobb County)	HIT SWN TRS, LLC
	Summit 3	
        HIT SMT FIS DENCO

        Owner, LLC
	Fairfield Inn & Suites Denver	6851 Tower Road

Denver, Colorado 80249

(Denver County)	HIT SWN TRS, LLC
	Summit 3	
        HIT SMT FTCCO001

        Owner, LLC
	Hampton Inn Ft. Collins	1620 Oakridge Drive

Fort Collins, Colorado

80525

(Larimer County)	HIT SWN TRS, LLC
	Summit 3	
        HIT SMT FTCCO002

        Owner, LLC
	Hilton Garden Inn Ft. Collins	2821 East Harmony Road

Fort Collins, Colorado

80528

(Larimer County)	HIT SWN TRS, LLC
	Summit 3	
        HIT SMT SHS DENCO

        Owner, LLC
	SpringHill Suites Denver	18350 East 68th Avenue

Denver, Colorado 80249

(Denver County)	HIT SWN TRS, LLC
	Summit 3	
        HIT SMT FIS SPKWA

        Owner, LLC
	Fairfield Inn & Suites Spokane	
        311 North Riverpoint

        Blvd.

        Spokane, Washington

        99202

        (Spokane County)
	HIT SWN TRS, LLC
	Summit 3	
        HIT SMT FIS BELWA

        Owner, LLC
	Fairfield Inn & Suites Bellevue	
        14595 NE 29th Place

        Bellevue, Washington

        98007

        (King County)
	HIT SWN TRS, LLC
	Summit 2	
        HIT SMT CY GRMTN

        Owner, LLC
	Courtyard Germantown	7750 Wolf River Blvd.,

Germantown, Tennessee

38138 (Shelby County)	HIT SWN TRS, LLC
	Summit 2	
        HIT SMT CY JKSMS

        Owner, LLC
	Courtyard Jackson	6280 Ridgewood Court

Drive, Jackson,

Mississippi 39211 (Hinds

County)	HIT SWN TRS, LLC

 

    	 	Sch. 4.01(p) - 3	 

     

    

 

	Summit 2	
        HIT SMT FIS GRMTN

        Owner, LLC
	Fairfield Inn & Suites Germantown	9320 Poplar Pike,

Germantown, Tennessee

38138 (Shelby County)	HIT SWN TRS, LLC
	Summit 2	
        HIT SMT RDGMS001

        Owner, LLC
	Homewood Suites Ridgeland	853 Centre Street,

Ridgeland, Mississippi

39157 (Madison County)	HIT SWN TRS, LLC
	Summit 2	
        HIT SMT RI JKSMS

        Owner, LLC
	Residence Inn Jackson Ridgeland	855 Centre Street,

Ridgeland, Mississippi

39157 (Madison County)	HIT SWN TRS, LLC
	Summit 2	
        HIT SMT RI GRMTN

        Owner, LLC
	Residence Inn Germantown	9314 Poplar Pike,

Germantown, Tennessee

38138 (Shelby County)	HIT SWN TRS, LLC
	Summit 2	
        HIT SMT RDGMS002

        Owner, LLC
	Staybridge Suites Ridgeland	801 Ridgewood Road,

Ridgeland, Mississippi

39157 (Madison County)	HIT SWN TRS, LLC
	Barcelo	HIT GA Tech, LLC	Georgia Tech Hotel & Conference Center	800 Spring Street NW,

Atlanta, Georgia 30308	
        HIT TRS GA

        Tech, LLC

 

Part III – Exceptions to Representations Regarding
Rights of Way and Utilities

 

None.

 

Part IV – Exceptions to Representations
Regarding Tax Lot

 

None.

 

Part V – Exceptions to Representations
Regarding Assessments

 

None.

 

Part VI – Exceptions to Representations
Regarding Use

 

None.

 

Part VII – Exceptions to Representations
Regarding Survey

 

None.

 

    	 	Sch. 4.01(p) - 4	 

     

    

 

SCHEDULE 4.01(n)

 

EXISTING DEBT

 

None.

 

    	 	Sch. 4.01(n) - 1	 

     

    

 

SCHEDULE 4.01(q)

 

ENVIRONMENTAL CONCERNS

 

None.

 

    	 	Sch. 4.01(q) - 1	 

     

    

 

SCHEDULE 4.01(w)

 

PLANS AND WELFARE PLANS

 

None.

 

    	 	Sch. 4.01(w) - 1	 

     

    

 

SCHEDULE 4.01(ii)

 

COLLECTIVE BARGAINING AGREEMENTS AND
UNION CONTRACTS

 

		1.	A Collective Bargaining Agreement between Hilton Garden
Inn Monterey and Unite Here Local 483, effective as of April 1, 2015.

 

    	 	Sch. 4.01(ii) - 1	 

     

    

 

EXHIBIT A TO THE SECOND AMENDED
AND RESTATED TERM LOAN AGREEMENT

 

FORM OF NOTE

 

PROMISSORY NOTE

 

	$[______________]	Dated: [____________,_______]

 

FOR VALUE RECEIVED, the undersigned,
[INSERT NAME OF BORROWER], a Delaware [_________] (the “Borrower”), HEREBY PROMISES TO
PAY [________________________] (the “Lender”) for the account of its Applicable Lending Office (as defined
in the Loan Agreement referred to below) the aggregate principal amount of the Term Advance (as defined below) in the amount of
[___________] and No/100 Dollars ($[_________]), owing to the Lender by the Borrower pursuant to the Second Amended and Restated
Term Loan Agreement dated as of April 27, 2017 (as amended, amended and restated, supplemented or otherwise modified from time
to time, the “Loan Agreement”; capitalized terms not otherwise defined herein shall have their respective
meanings set forth in the Loan Agreement) among the Borrower, the other borrowers party thereto, the Lender, certain other lenders
party thereto, Hospitality Investors Trust Operating Partnership, L.P., a Delaware limited partnership, Hospitality Investors
Trust, Inc., a Maryland corporation, certain other parties party thereto, Citibank, N.A., as Administrative Agent for the Lender
and the other lenders, and the Arrangers party thereto, on the Maturity Date.

 

The Borrower promises to pay to the Lender
interest on the unpaid principal amount of the Term Advance from the date of such Term Advance, as the case may be, until such
principal amount is paid in full, at such interest rates, and payable at such times, as are specified in the Loan Agreement.

 

Both principal and interest are payable
in lawful money of the United States of America to Citibank, N.A., as Administrative Agent, at 1615 Brett Road, OPS III, New Castle,
Delaware 19720, in same day funds. The Term Advance owing to the Lender by the Borrower and the maturity thereof, and all payments
made on account of principal thereof, shall be recorded by the Lender and, prior to any transfer hereof, endorsed on the grid attached
hereto, which is part of this Promissory Note; provided, however, that the failure of the Lender to make any such recordation
or endorsement shall not affect the Obligations of the Borrower under this Promissory Note.

 

This Promissory Note is one of the Notes
referred to in, and is entitled to the benefits of, the Loan Agreement. The Loan Agreement, among other things, (a) provides for
the making of advances (each a “Term Advance”) by the Lender to or for the benefit of each of the “Borrowers”
(as such term is defined in the Loan Agreement) from time to time in an aggregate amount not to exceed at any time outstanding
the U.S. Dollar amount first above mentioned, the indebtedness of each of the Borrowers resulting from the Term Advance being evidenced
by the applicable Note, and (b) contains provisions for acceleration of the maturity hereof upon the occurrence and during the
continuance of an Event of Default and also for prepayments on account of principal hereof prior to the Maturity Date upon the
terms and conditions therein specified.

 

    Exh. A-1

     

    

 

The obligations of the Borrower under
this Promissory Note and the other Loan Documents, and the obligations of the other Loan Parties under the Loan Documents, are
secured by the Collateral as provided in the Loan Documents.

 

This Promissory Note shall be governed
by, and construed in accordance with, the laws of the State of New York. BORROWER AND LENDER EACH HEREBY IRREVOCABLY WAIVES ALL
RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF
OR RELATING TO THIS PROMISSORY NOTE OR THE ACTIONS OF THE ADMINISTRATIVE AGENT OR ANY LENDER IN THE NEGOTIATION, ADMINISTRATION,
PERFORMANCE OR ENFORCEMENT HEREOF.

 

	 	[INSERT NAME OF BORROWER],
	 	a Delaware [limited liability company][limited partnership]
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    Exh. A-2

     

    

 

TERM ADVANCE AND

PAYMENTS OF PRINCIPAL

 

	Date	Amount of Term

Advance	Amount of

Principal Paid

or Prepaid	Unpaid

Principal

Balance	Notation

Made By
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    Exh. A-3

     

    

 

EXHIBIT B TO THE SECOND AMENDED AND RESTATED
TERM LOAN AGREEMENT

 

FORM OF NOTICE OF BORROWING1

 

NOTICE OF BORROWING

 

_____________, ____

 

Citibank, N.A.,

as Administrative Agent

under the Loan Agreement

referred to below

390 Greenwich Street, 7th Floor

New York, New York 10013

Attn: Ana Rosu Marmann

 

Ladies and Gentlemen:

 

The undersigned, [___________], a Delaware
[limited liability company], and [___________], a Delaware [limited liability company], refer to the Second Amended and Restated
Term Loan Agreement dated as of April 27, 2017 (as amended, amended and restated, supplemented or otherwise modified from time
to time, the “Loan Agreement”; capitalized terms not otherwise defined herein shall have their respective
meanings set forth in the Loan Agreement), among the undersigned, Hospitality Investors Trust Operating Partnership, L.P., Hospitality
Investors Trust, Inc., certain other parties party thereto, the Lenders party thereto, and Citibank, N.A., as Administrative Agent
for the Lenders, and the Arrangers party thereto, and hereby give you notice, irrevocably, pursuant to Section 2.02 of the Loan
Agreement that the undersigned hereby request a Borrowing under the Loan Agreement, and in that connection set forth below the
information relating to such Borrowing (the “Proposed Borrowing”) as required by Section 2.02(a) of the
Loan Agreement:

 

		(i)	The Business Day of the Proposed Borrowing is _______________,_______.

 

		(ii)	The aggregate amount of the Proposed Borrowing is [$
____________].

 

The undersigned hereby certify that the
following statements are true on the date hereof, and will be true on the date of the Proposed Borrowing:

 

		(A)	The representations and warranties contained in each
Loan Document are true and correct in all material respects (unless qualified as to materiality or Material Adverse Effect, in
which case such representations and warranties shall be true and correct in all respects) on and as of the date of the Proposed
Borrowing, before and after giving effect to (1) such Proposed Borrowing and (2) the application of the proceeds therefrom, as
though made on and as of the date of the Proposed Borrowing;

 

		(B)	No Default or Event of Default has occurred and is continuing,
or would result from (1) such Proposed Borrowing or (2) from the application of the proceeds therefrom;

 

 

1 Note to Draft: This Exhibit will only be applicable
in the event there will be a delayed draw period.

 

    Exh. B-1

     

    

 

Attached hereto is supporting information
showing the computations used in determining such compliance both before and after giving effect to the Proposed Borrowing.

 

Delivery of an executed counterpart
of this Notice of Borrowing by telecopier or e-mail (which e-mail shall include an attachment in PDF format or similar format containing
the legible signature of the undersigned) shall be effective as delivery of an original executed counterpart of this Notice of
Borrowing.

 

[Signature page follows]

 

    Exh. B-2

     

    

 

	[______________________________],
	a Delaware [limited liability company]
	 	 
	By:	 
	Name:	 
	Title:	 
	 	 
	[______________________________],
	a Delaware [limited liability company]
	 	 
	By:	 
	Name:	 
	Title:	 

 

    Exh. B-3

     

    

 

EXHIBIT C-1 TO THE SECOND AMENDED AND RESTATED
TERM LOAN AGREEMENT

 

FORM OF PLEDGOR SECURITY AGREEMENT (GEORGIA
TECH OWNER)

 

[Attached.]

 

    Exh. C-1

     

    

  

EXHIBIT C-1 TO THE SECOND AMENDED AND RESTATED
TERM LOAN AGREEMENT

 

FORM OF PLEDGOR SECURITY AGREEMENT (GEORGIA
TECH OWNER)

 

PLEDGE AND SECURITY AGREEMENT (GEORGIA
TECH OWNER)

 

PLEDGE AND SECURITY AGREEMENT (GEORGIA TECH
OWNER) (this “Agreement”), dated as of [_____________], 2017, made by HIT GA TECH HOLDING,
LLC, a Delaware limited liability company (“Pledgor”), in favor of CITIBANK, N.A., in
its capacity as collateral agent for the Lenders under the Loan Agreement (as defined below) (together with its successors
and assigns, “Agent”).

 

RECITALS

 

A.           Pursuant
to that certain Second Amended and Restated Term Loan Agreement dated as of the date hereof (as amended, amended and restated,
supplemented or otherwise modified from time to time, the “Loan Agreement”) among Pledgor and the other
borrowers party thereto (collectively, “Borrower”), Hospitality Investors Trust Operating Partnership,
L.P., Hospitality Investors Trust, Inc., certain other parties party thereto, the Lenders party thereto, Citibank, N.A., as the
issuing bank and the administrative agent (in its capacity as administrative agent for the Lenders, “Administrative
Agent”), and Agent, the Lenders agreed to extend credit to Borrower in the maximum aggregate principal amount of
$[312,900,000] (the “Loan”) which Loan is evidenced by certain promissory notes dated the date hereof
(collectively, the “Note”) made by Borrower to the Lenders and secured by, among other things, the Mortgages
(as defined in the Loan Agreement).

 

B.           Pledgor
is the legal and beneficial owner of all of the Equity Interests in HIT GA Tech, LLC, a Delaware limited liability company (“GA
Tech Owner”), consisting of 100% of the limited liability company interests therein;

 

C.           It
is a condition precedent to the obligation of the Lenders to make the Loan to Borrower under the Loan Agreement that Pledgor shall
have executed and delivered this Agreement to Agent and the Lenders.

 

NOW, THEREFORE,
in consideration of the premises and to induce the Lenders to make the Loan, Pledgor hereby agrees with Agent as follows:

 

1.      
    Defined Terms. As used in this Agreement, the following terms have the meanings set
forth in or incorporated by reference below:

 

“Administrative Agent”
has the meaning ascribed to such term in the Recitals. “Agent” has the meaning ascribed to such term
in the introductory paragraph.

 

“Agreement”
means this Pledge and Security Agreement, as the same may be amended, restated, replaced, supplemented or otherwise modified from
time to time.

 

“Code” means the Uniform Commercial
Code from time to time in effect in the State of New

York.

 

“Collateral” has the meaning
ascribed to such term in Section 2 hereof.

 

“Debt” means all Obligations
of Pledgor and Borrower under the Loan Documents.

 

     

     

    

 

“Loan” has the meaning ascribed
to such term in the Recitals.

 

“Loan Agreement” has the meaning
ascribed to such term in the Recitals.

 

“Loan Documents” has the meaning
ascribed to such term in the Loan Agreement. “Borrower” has the meaning ascribed to such term in the
Recitals.

 

“GA Tech Owner ” has the meaning
ascribed to such term in the Recitals.

 

“GA Tech
Owner Company Agreement” means the Limited Liability Company Agreement of GA Tech Owner.

 

“Note” has the meaning ascribed
to such term in the Recitals.

 

“Pledged
Company Interests” means the limited liability company interests of Pledgor in GA Tech Owner listed on Schedule
1 hereto, together with all limited liability company interest options or rights of any nature whatsoever which may be issued
or granted by GA Tech Owner to Pledgor while this Agreement is in effect.

 

“Pledgor” has the meaning
ascribed to such term in the introductory paragraph.

 

“Proceeds”
means (i) Pledgor’s share, right, title and interest in and to all distributions, monies, fees, payments, compensations and
proceeds now or hereafter becoming due and payable to Pledgor by GA Tech Owner with respect to the Pledged Company Interests whether
payable as profits, distributions, asset distributions, repayment of loans or capital or otherwise and including all “proceeds”
as such term is defined in Section 9-102(a)(64) of the Code; (ii) all contract rights, general intangibles, claims, powers, privileges,
benefits and remedies of Pledgor relating to the foregoing; and (iii) all cash or non-cash proceeds of any of the foregoing.

 

“Special Damages” has the
meaning ascribed to such term in Section 18(l) hereof.

 

Terms used herein
but not otherwise defined herein shall have the respective meanings ascribed to them in the Loan Agreement. All references to sections
and schedules are to sections and schedules in or to this Agreement unless otherwise specified. All uses of the word “including”
shall mean “including, without limitation” unless the context shall indicate otherwise. Unless otherwise specified,
the words “hereof,” “herein” and “hereunder” and words of similar import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless otherwise specified,
all meanings attributed to defined terms herein shall be equally applicable to both the singular and plural forms of the terms
so defined.

 

2.      
    Pledge; Grant of Security Interest. Pledgor hereby pledges and grants to Agent, as
collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by
acceleration or otherwise) of the Debt, a first priority security interest in all of Pledgor’s right, title and
interest to the following (collectively, the “Collateral”):

 

(i)          all
Pledged Company Interests;

 

(ii)         all
securities, moneys or property representing dividends or interest on any of the Pledged Company Interests, or representing a distribution
in respect of the Pledged Company Interests, or resulting from a split-up, revision, reclassification or other like change of the
Pledged Company Interests or otherwise received in exchange therefor, and any

 

     - 2 -

     

    

 

subscription warrants, rights or options issued to the
holders of, or otherwise in respect of, the Pledged Company Interests;

 

(iii)        all
right, title and interest of Pledgor in, to and under any policy of insurance payable by reason of loss or damage to the Pledged
Company Interests and any other Collateral;

 

(iv)        all
“accounts”, “general intangibles”, “instruments” and “investment property” (in
each case as defined in the Code) constituting or relating to the foregoing; and

 

(v)         all
Proceeds of any of the foregoing property of Pledgor (including, without limitation, any proceeds of insurance thereon, all “accounts”,
“general intangibles”, “instruments” and “investment property”, in each case as defined in
the Code, constituting or relating to the foregoing).

 

3.    
      Closing Date Actions. Concurrently with the execution and delivery of this
Agreement, Pledgor shall (a) send to the issuer of the Pledged Company Interests an Authorization Statement substantially in
the form of Exhibit A hereto and (b) cause such issuer to deliver to Agent (i) an Acknowledgement and Consent substantially
in the form of Exhibit B hereto and (ii) a Transaction Statement substantially in the form of Exhibit C hereto, confirming
that such issuer will comply with instructions with respect to such Pledged Company Interests originated by Agent without
further consent or approval of Pledgor.

 

4.    
      Representations and Warranties. Pledgor represents and warrants as of the
date hereof that:

 

(a)          no
authorization, consent of or notice to any other Person (including, without limitation, any member, partner or creditor of Pledgor
or GA Tech Owner) that has not been obtained, is required in connection with the execution, delivery, performance, validity or
enforceability of this Agreement including, without limitation, the assignment and transfer by the Pledgor of any of the Collateral
to Agent or the subsequent transfer thereof by Agent pursuant to the terms hereof;

 

(b)          all
of the Pledged Company Interests have been duly and validly issued and are fully paid and nonassessable;

 

(c)          the
Pledged Company Interests constitute all the issued and outstanding limited liability company interests in GA Tech Owner;

 

(d)          Pledgor
is the record and beneficial owner of, and has good title to, the Pledged Company Interests, free of any and all Liens or options
in favor of, or claims of, any other Person, except the Lien created by this Agreement and the Pledged Company Interests have not
previously been assigned, sold, transferred, pledged or encumbered (except pursuant to this Agreement);

 

(e)          upon
the execution of this Agreement and the filing of the UCC-1 financing statements referred to in Section 12 with the Delaware
Secretary of State, the Lien granted pursuant to this Agreement will constitute a valid, perfected first priority Lien on the Collateral
and related Proceeds in such jurisdictions, enforceable as such against all creditors of Pledgor and any Persons purporting to
purchase any Pledged Company Interests and related Proceeds from Pledgor;

 

(f)          the
principal place of business and chief executive office of Pledgor is, and for the immediately preceding four (4) months (or any
shorter period of its existence), has been, located at c/o Hospitality Investors Trust Operating Partnership, L.P., 3950 University
Drive, Suite 301, Fairfax, Virginia 22030;

 

     - 3 -

     

    

 

(g)          the
exact name of Pledgor is HIT GA Tech Holding, LLC;

 

(h)          Pledgor
is organized under the laws of the State of Delaware;

 

(i)      
    there currently exist no certificates, instruments or writings representing the Pledged Company
Interests. However, to the extent that in the future there exist any such certificates, instruments or writings, Pledgor
shall deliver all such certificates, instruments or writings to Agent together with the undated limited liability company
interest powers, duly executed in blank with, if Agent so requests, signature guaranteed;

 

5.     
     Covenants. Pledgor covenants and agrees with Agent that, from and after the date
of this Agreement until the latest of the date that (i) the Debt (exclusive of any indemnification or other obligations which
are expressly stated in any of the Loan Documents to survive satisfaction of the Note) is paid in full and (ii) the
Commitments are terminated (such latest date, the “Termination Date”):

 

(a)          Acknowledgements
of Parties. If Pledgor shall, as a result of its ownership of the Pledged Company Interests, become entitled to receive
or shall receive any limited liability company certificate (including, without limitation, any certificate representing a dividend
or a distribution in connection with any reclassification, increase or reduction of capital or any certificate issued in connection
with any reorganization), option or rights, whether in addition to, in substitution of, as a conversion of, or in exchange for
any shares of the Pledged Company Interests, or otherwise in respect thereof, Pledgor shall accept the same as Agent’s agent,
hold the same in trust for Agent and deliver the same forthwith to Agent in the exact form received, duly endorsed by Pledgor to
Agent, if required, together with an undated limited liability company interest power covering such certificate duly executed in
blank and with, if Agent so requests, signature guaranteed, to be held by Agent hereunder as additional security for the Debt.
Any sums paid upon or in respect of the Pledged Company Interests upon the liquidation or dissolution of GA Tech Owner shall be
paid over to Agent to be held by it hereunder as additional security for the Debt, and in case any distribution of capital shall
be made on or in respect of the Pledged Company Interests or any property shall be distributed upon or with respect to the Pledged
Company Interests pursuant to the recapitalization or reclassification of the capital of GA Tech Owner or pursuant to the reorganization
thereof, the property so distributed shall be delivered to Agent to be held by it, subject to the terms hereof, as additional security
for the Debt. If any sums of money or property so paid or distributed in respect of the Pledged Company Interests shall be received
by Pledgor, Pledgor shall deliver the same to Agent and, until such money or property is paid or delivered to Agent, hold such
money or property in trust for Agent, segregated from other funds of Pledgor, as additional security for the Debt.

 

(b)          Without
the prior written consent of Agent, Pledgor shall not, directly or indirectly (i) vote to enable, or take any other action to permit,
GA Tech Owner to issue or certificate any limited liability company interests or to issue any other securities convertible into
or granting the right to purchase or exchange for any membership interests in GA Tech Owner, or (ii) except as permitted by the
Loan Agreement, sell, assign, transfer, exchange or otherwise dispose of, or grant any option with respect to, the Collateral,
or (iii) create, incur, authorize or permit to exist any Lien or option in favor of, or any claim of any Person with respect to,
any of the Collateral, or any interest therein, except for the Lien provided for by this Agreement. Pledgor shall defend the right,
title and interest of Agent in, to and under the Collateral against the claims and demands of all Persons whomsoever.

 

(c)          At
any time and from time to time, upon the written request of Agent, and at the sole expense of Pledgor, Pledgor shall promptly and
duly give, execute, deliver file and/or record such further instruments and documents and take such further actions as Agent may
reasonably request for the purposes of obtaining, creating, perfecting, validating or preserving the full benefits of this Agreement
and of the rights and powers herein granted including without limitation filing UCC financing or continuation statements, provided
that the amount of the Debt shall not be increased thereby. Pledgor hereby authorizes Agent to file any such financing statement
or continuation statement without the signature of Pledgor to the

 

     - 4 -

     

    

  

extent permitted by law. If any amount
payable under or in connection with any of the Collateral shall be or become evidenced by any promissory note, other instrument
or chattel paper, such note, instrument or chattel paper shall be promptly delivered to Agent, duly endorsed in a manner satisfactory
to Agent, to be held as Collateral pursuant to this Agreement.

 

(d)          Limitation
on Liens. At its sole cost and expense, Pledgor will not create, incur or permit to exist, will warrant and defend title
to and ownership of the Collateral against, and will take all such other action as is necessary to remove, any Lien or claim on
or to the Pledged Company Interests, other than the Liens created hereby, and will defend the right, title and interest of Agent
in, to and under the Pledged Company Interests against the claims and demands of all Persons whomsoever.

 

(e)          Further
Identification of Pledged Company Interests. Pledgor will furnish to Agent from time to time statements and schedules further
identifying and describing the Pledged Company Interests and other Collateral and such other reports in connection with the Pledged
Company Interests and other Collateral as Agent may reasonably request, all in reasonable detail.

 

(f)          Changes
in Location, Name, etc. Pledgor will not, unless (i) it shall have given thirty (30) days’ prior written notice to
such effect to Agent and (ii) all action necessary or advisable, in Agent’s reasonable opinion, to protect and perfect the
Liens and security interests intended to be created hereunder with respect to the Pledged Company Interests shall have been taken,
(A) change the location of its chief executive office or principal place of business from that specified in Section 4(g),
or (B) change its name, identity or structure, or (c) reorganize or reincorporate under the laws of another jurisdiction.

 

(g)          Taxes.
Pledgor shall pay, and save Agent harmless from, any and all liabilities with respect to, or resulting from any delay in paying,
any and all stamp, excise, sales or other taxes which may be payable or determined to be payable with respect to any of the Collateral
or in connection with any of the transactions contemplated by this Agreement.

 

6.    
      Intentionally Omitted.

 

7.     
     Cash Dividends; Voting Rights. Subject to Section 14 (relating to the
application of distributions to pay the Loan) and the cash management provisions of the Loan Agreement and unless an Event of
Default shall have occurred and be continuing, Pledgor shall be permitted to receive all limited liability company interest
distributions or cash dividends paid in the normal course of business of GA Tech Owner and to exercise all voting and limited
liability company interests or other rights with respect to the Pledged Company Interests, provided that no vote shall be
cast or right exercised or other action taken which, in Agent’s judgment, would adversely impair the Collateral or
which would be inconsistent with or result in any violation of any provision of the Loan Agreement, the Note, this Agreement
or any other Loan Documents.

 

8.      
    Rights of Agent.

 

(a)          If
an Event of Default shall occur and be continuing, Agent shall have the right to receive any and all income, cash dividends, distributions,
proceeds or other property received or paid in respect of the Pledged Company Interests and make application thereof to the Debt,
in such order as Agent, in its sole discretion, may elect, in accordance with the Loan Documents. If an Event of Default shall
occur and be continuing, then all such Pledged Company Interests at Agent’s option, shall be registered in the name of Agent
or its nominee (if not already so registered), and Agent or its nominee may thereafter exercise (i) all voting, limited liability
company and other rights pertaining to the Pledged Company Interests and (ii) any and all rights of conversion, exchange, and subscription
and any other rights, privileges or options pertaining to such Pledged Company Interests as if it were the absolute owner thereof
(including, without limitation, the right to exchange at its discretion any and all of the Pledged Company Interests upon the merger,
consolidation, reorganization, recapitalization or other fundamental change in the organizational structure of

 

     - 5 -

     

    

  

GA Tech Owner or upon the exercise
by Pledgor or Agent of any right, privilege or option pertaining to such Pledged Company Interests, and in connection therewith,
the right to deposit and deliver any and all of the Pledged Company Interests with any committee, depositary, transfer agent, registrar
or other designated agency upon such terms and conditions as it may determine), all without liability except to account for property
actually received by it, but Agent shall have no duty to exercise any such right, privilege or option and shall not be responsible
for any failure to do so or delay in so doing.

 

(b)          The
rights of Agent under this Agreement shall not be conditioned or contingent upon the pursuit by any Secured Party of any right
or remedy against Pledgor or against any other Person which may be or become liable in respect of all or any part of the Debt or
against any other security therefor, guarantee thereof or right of offset with respect thereto. No Secured Party shall be liable
for any failure to demand, collect or realize upon all or any part of the Collateral or for any delay in doing so, nor shall it
be under any obligation to sell or otherwise dispose of any Collateral upon the request of Pledgor or any other Person or to take
any other action whatsoever with regard to the Collateral or any part thereof.

 

(c)          Upon
the Termination Date, Agent’s rights under this Agreement shall terminate and Agent shall, at Pledgor’s sole cost and
expense, execute and deliver to Pledgor UCC-3 termination statements or similar documents and agreements to terminate all of Agent’s
rights under this Agreement and all other Loan Documents.

 

(d)          Pledgor
also authorizes Agent, at any time and from time to time, to execute, in connection with the sale provided for in Sections 9
or 10 hereof, any endorsements, assignments or other instruments of conveyance or transfer with respect to the Collateral.

 

(e)          The
powers conferred on Agent hereunder are solely to protect Agent’s and each Secured Party’s interest in the Collateral
and shall not impose any duty upon any Secured Party to exercise any such powers. Agent shall be accountable only for amounts that
it actually receives as a result of the exercise of such powers, and neither any Secured Party nor any of its officers, directors,
employees or agents shall be responsible to Pledgor for any act or failure to act hereunder, except for its or their gross negligence
or willful misconduct.

 

(f)          If
Pledgor fails to perform or comply with any of its agreements contained herein and Agent, as provided for by the terms of this
Agreement, shall itself perform or comply, or otherwise cause performance or compliance, with such agreement, the expenses of Agent
incurred in connection with such performance or compliance, together with interest at the Default Rate if such expenses are not
paid on demand, shall be payable by Pledgor to Agent on demand and shall constitute obligations secured hereby.

 

9.   
       Remedies. (a) If an Event of Default shall occur and be continuing,
Agent may, in addition to all other rights and remedies granted in this Agreement and in any other instrument or agreement
securing, evidencing or relating to the Debt:

 

(i)          exercise
all rights and remedies of a secured party under the Code (whether or not said Code is in effect in the jurisdiction where the
rights and remedies are asserted) and such additional rights and remedies to which a secured party is entitled under the laws in
effect in any jurisdiction where any rights and remedies hereunder may be asserted, including, without limitation, the right, to
the maximum extent permitted by law, to exercise all voting, consensual and other powers of ownership pertaining to the Collateral
as if Agent were the sole and absolute owner thereof (and Pledgor agrees to take all such action as may be appropriate to give
effect to such right);

 

(ii)         make
any reasonable compromise or settlement deemed desirable with respect to any of the Collateral and may extend the time of payment,
arrange for payment in installments, or otherwise modify the terms of, any of the Collateral; and

 

     - 6 -

     

    

 

(iii)        in
its name or in the name of Pledgor or otherwise, demand, sue for, collect, direct payment of or receive any money or property at
any time payable or receivable on account of or in exchange for any of the Collateral, but shall be under no obligation to do so.

 

(b)          Without
limiting the generality of the foregoing, if an Event of Default shall occur and be continuing, Agent, without demand of performance
or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below
or otherwise required hereby) to or upon Pledgor, GA Tech Owner or any other Person (all and each of which demands, presentments,
protests, advertisements and notices, or other defenses, are hereby waived to the extent permitted under applicable law), may in
such circumstances forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith
sell, assign, give option or options to purchase or otherwise dispose of and deliver the Collateral or any part thereof (or contract
to do any of the foregoing), in one or more parcels at public or private sale or sales, in the over-the-counter market, at any
exchange, broker’s board or office of Agent or elsewhere upon such terms and conditions as it may deem advisable and at such
prices as it may deem best in its sole discretion, for cash or on credit or for future delivery without assumption of any credit
risk. Agent shall have the right, without notice or publication, to adjourn any public or private sale or cause the same to be
adjourned from time to time by announcement at the time and place fixed for such sale, and any such sale may be made at any time
or place to which the same may be adjourned without further notice. Agent shall have the right upon any such public sale or sales,
and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so
sold, free of any right or equity of redemption of Pledgor, which right or equity of redemption is hereby waived or released. Agent
shall apply any Proceeds from time to time held by it and the net proceeds of any such collection, recovery, receipt, appropriation,
realization or sale, after deducting all reasonable costs and expenses of every kind incurred therein or incidental to the care
or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of Agent hereunder, including, without
limitation, reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the Debt, in such order as
Agent may elect, and only after such application and after the payment by Agent of any other amount required by any provision of
law, including, without limitation, Sections 9-610 and 9-615 of the Code, need Agent account for the surplus, if any, to Pledgor.
To the extent permitted by applicable law, Pledgor waives all claims, damages and demands it may acquire against the Secured Parties
arising out of the exercise by Agent of any of its rights hereunder, except for any claims, damages and demands it may have against
Agent arising from the willful misconduct or gross negligence of Agent or its affiliates, or any agents or employees of the foregoing.
If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable
and proper if given at least ten (10) days before such sale or other disposition.

 

(c)          The
rights, powers, privileges and remedies of Agent under this Agreement are cumulative and shall be in addition to all rights, powers,
privileges and remedies available to Agent at law or in equity. All such rights, powers and remedies shall be cumulative and may
be exercised successively or concurrently without impairing the rights of Agent hereunder.

 

10.         Private
Sales. Pledgor recognizes that Agent may be unable to effect a public sale of any or all of the Pledged Company Interests,
by reason of certain prohibitions contained in the Securities Act of 1933, as amended, and applicable state securities laws or
otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be
obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the
distribution or resale thereof. Pledgor acknowledges and agrees that any such private sale may result in prices and other terms
less favorable to Agent than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private
sale shall not be deemed to have been made in a commercially unreasonable manner solely by virtue of being a private sale. Agent
shall be under no obligation to delay a sale of any of the Pledged Company Interests for the period of time necessary to permit
GA Tech Owner or Pledgor to register such securities for public sale under the Securities Act of 1933, as amended, or under applicable
state securities laws, even if GA Tech Owner or Pledgor would agree to do so.

 

     - 7 -

     

    

 

(a)          Pledgor
further shall use its best efforts to do or cause to be done all such other acts as may be reasonably necessary to make any sale
or sales of all or any portion of the Pledged Company Interests pursuant to this Section 10 valid and binding and in compliance
with any and all other requirements of applicable law. Pledgor further agrees that a breach of any of the covenants contained in
this Section 10 will cause irreparable injury to Agent, that Agent has no adequate remedy at law in respect of such breach
and, as a consequence, that each and every covenant contained in this Section 10 shall be specifically enforceable against
Pledgor, and Pledgor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants
except for a defense that no Event of Default has occurred under the Loan Agreement.

 

(b)          Agent
shall not incur any liability as a result of the sale of any Collateral, or any part thereof, at any private sale conducted in
a commercially reasonable manner, it being agreed that some or all of the Collateral is or may be of one or more types that threaten
to decline speedily in value and that are not customarily sold in a recognized market. Pledgor hereby waives any claims against
the Secured Parties arising by reason of the fact that the price at which any of the Collateral may have been sold at such a private
sale was less than the price which might have been obtained at a public sale or was less than the aggregate amount of the Debt,
even if Agent accepts the first offer received and does not offer any Collateral to more than one offeree, provided that Agent
has acted in a commercially reasonable manner in conducting such private sale.

 

(c)          The
Code states that each Secured Party is able to purchase the Pledged Company Interests only if they are sold at a public sale. Agent
has advised Pledgor that SEC staff personnel have issued various No-Action Letters describing procedures which, in the view of
the SEC staff, permit a foreclosure sale of securities to occur in a manner that is public for purposes of Article 9 of the Code,
yet not public for purposes of Section 4(2) of the Securities Act of 1933. The Code permits Pledgor to agree on the standards for
determining whether a Secured Party has complied with its obligations under Article 9. Pursuant to the Code, Pledgor specifically
agrees (x) that it shall not raise any objection to any Secured Party’s purchase of the Pledged Company Interests (through
bidding on the obligations or otherwise) and (y) that a foreclosure sale conducted in conformity with the principles set forth
in the No-Action Letters (i) shall be considered to be a “public” sale for purposes of the Code; (ii) will be considered
commercially reasonable notwithstanding that Agent, has not registered or sought to register the Pledged Company Interests under
the Securities Laws, even if Pledgor or GA Tech Owner agrees to pay all costs of the registration process; and (iii) shall be considered
to be commercially reasonable notwithstanding that a Secured Party purchases the Pledged Company Interests at such a sale.

 

(d)          Pledgor
agrees that no Secured Party has any general duty or obligation to make any effort to obtain or pay any particular price for any
Pledged Company Interests sold by Agent pursuant to this Agreement. Agent, may, in its sole discretion, among other things, accept
the first offer received, or decide to approach or not to approach any potential purchasers. Without in any way limiting Agent’s
right to conduct a foreclosure sale in any manner which is considered commercially reasonable, Pledgor hereby agrees that any foreclosure
sale conducted in accordance with the following provisions shall be considered a commercially reasonable sale and hereby irrevocably
waives any right to contest any such sale:

 

(i)          Agent
conducts the foreclosure sale in the State of New York,

 

(ii)         The
foreclosure sale is conducted in accordance with the laws of the State of New York,

 

(iii)        Not
more than ten (10) days before, and not less than five (5) days in advance of the foreclosure sale, Agent notifies Pledgor at the
address set forth herein of the time and place of such foreclosure sale,

 

     - 8 -

     

    

 

(iv)        The
foreclosure sale is conducted by an auctioneer licensed in the State of New York and is conducted in front of the New York Supreme
Court located in New York City or such other New York State Court having jurisdiction over the Collateral on any Business Day between
the hours of 9 a.m. and 5 p.m.,

 

(v)         The
notice of the date, time and location of the foreclosure sale is published in the New York Times or Wall Street Journal (or such
other newspaper widely circulated in New York, New York) for seven (7) consecutive days prior to the date of the foreclosure sale,
and

 

(vi)        Agent
sends notification of the foreclosure sale to all secured parties identified as a result of a search of the UCC financings statements
in the filing offices located in the State of Delaware conducted not later than twenty (20) days and not earlier than thirty

(30) days before such notification date.

 

(e)          No
Secured Party shall incur any liability as a result of the sale of any Collateral, or any part thereof, at any private sale conducted
in a commercially reasonable manner, it being agreed that some or all of the Collateral is or may be of one or more types that
threaten to decline speedily in value and that are not customarily sold in a recognized market. Pledgor hereby waives any claims
against any Secured Party arising by reason of the fact that the price at which any of the Collateral may have been sold at such
a private sale was less than the price which might have been obtained at a public sale or was less than the aggregate amount of
the Debt, even if Agent accepts the first offer received and does not offer any Collateral to more than one offeree, provided that
Agent has acted in a commercially reasonable manner in conducting such private sale.

 

11.         Limitation
on Duties Regarding Collateral. Agent’s sole duty with respect to the custody, safekeeping and physical preservation
of the Collateral in its possession, under Section 9-207 of the Code or otherwise, shall be to deal with it in the same
manner as Agent deals with similar securities and property for its own account. Neither any Secured Party nor any of its directors,
officers, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay
in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of Pledgor or otherwise.

 

12.         Financing
Statements; Other Documents. Pledgor hereby authorizes Agent to file UCC-1 financing statements with respect to the Collateral.
Pledgor authorizes Agent to use the collateral description “all personal property” or “all assets” in any
such financing statements. Pledgor agrees to deliver any other document or instrument which Agent may reasonably request with respect
to the Collateral for the purposes of obtaining or preserving the full benefits of this Agreement and of the rights and powers
herein granted. Without limiting the generality of the foregoing, Pledgor hereby authorizes the filing of UCC-1 financing statements
(and amendments of such financing statements and continuation statements) that name Pledgor as debtor and Agent as secured party
and that cover all personal property or all assets of Pledgor.

 

13.         Attorney-in-Fact.
Without limiting any rights or powers granted by this Agreement to Agent, Agent is hereby appointed, which appointment as attorney-in-fact
is irrevocable and coupled with an interest, the attorney-in-fact of Pledgor for the purpose of carrying out the provisions of
this Agreement and taking any action and executing any instruments which Agent may deem necessary or advisable to accomplish the
purposes hereof including, without limitation:

 

(a)          to
ask, demand, collect, sue for, recover, compromise, receive and give acquittance and receipts for moneys due and to become due
under or in respect of any of the Collateral;

 

(b)          to
receive, endorse and collect any drafts or other instruments, documents and chattel paper in connection with clause (a) above;

 

     - 9 -

     

    

 

(c)          to
file any claims or take any action or institute any proceedings that Agent may deem necessary or desirable for the collection of
any of the Collateral or otherwise to enforce the rights of Agent, with respect to any of the Collateral; and

 

(d)          to
execute, in connection with the sale provided for in Section 9 or 10, any endorsement, assignments, or other instruments
of conveyance or transfer with respect to the Collateral, including without limitation, to transfer or cause the transfer of the
Collateral, or any part thereof, on the books of GA Tech Owner or other entity issuing such Collateral, to Agent or any nominee.

 

If so requested by
Agent, Pledgor shall ratify and confirm any such sale or transfer by executing and delivering to Agent at Pledgor’s expense
all proper deeds, bills of sale, instruments of assignment, conveyance of transfer and releases as may be designated in any such
request.

 

14.         Additional
Covenants of Pledgor Relating to Covenants of GA Tech Owner. Pledgor covenants and agrees with Agent that, from and after
the date of this Agreement until the Termination Date, (i) Pledgor shall take any and all actions either necessary or reasonably
requested by Agent to ensure complete compliance with Sections 5.01 and 5.02 of the Loan Agreement, (ii) Pledgor shall cause GA
Tech Owner to take such actions as are required by or to comply with the terms of the Loan Documents and to not take any actions
that violate any such documents and (iii) Pledgor shall cause GA Tech Owner to not apply amounts disbursed to GA Tech Owner pursuant
to the requirements of the Loan in a manner contrary to the requirements of the Loan Documents.

 

15.         Non-Recourse.
The provisions of Sections 10.01 and 10.02 of the Loan Agreement are hereby incorporated by reference into this Agreement as
to the liability of Pledgor hereunder to the same extent and with the same force as if fully set forth herein.

 

16.         Indemnity.
Pledgor agrees that the terms and provisions of Section 9.04(b) of the Loan Agreement are hereby incorporated by reference
into this Agreement to the same extent and with the same force as if fully set forth herein.

 

17.         Third
Party Waivers. (a) Pledgor authorizes Agents to perform any or all of the following acts at any time in its sole discretion,
all without notice to Pledgor (except as otherwise provided in the Loan Documents), without affecting Pledgor’s obligations
under this Agreement or any other Loan Documents and without affecting the liens and encumbrances against the Collateral in favor
of Agent (provided that the following are undertaken in accordance with the terms and provisions of the Loan Documents and applicable
law and provided, further that none of the following shall or shall be deemed to afford to Agent or any of the Secured Parties
any rights (or any expanded rights) beyond those rights expressly provided in the other Loan Documents or applicable law):

 

(i)          Subject
to Section 9.01 of the Loan Agreement, the Administrative Agent may alter any terms of the Debt or any part thereof, including
renewing, compromising, extending or accelerating, or otherwise changing the time for payment of, or increasing or decreasing the
rate of interest on, the Debt or any part thereof;

 

(ii)         Agent
may take and hold security for the Debt, accept additional or substituted security, and subordinate, exchange, enforce, waive,
release, compromise, fail to perfect and sell or otherwise dispose of any such security;

 

(iii)        Agent
may direct the order and manner of any sale of all or any part of any security now or later to be held for the Debt, and Agent
(or its nominees or designees) may also bid at any such sale;

 

     - 10 -

     

    

  

(iv)        The
Administrative Agent may apply any payments or recoveries from GA Tech Owner, Pledgor or any other source, and any proceeds of
any security, to the obligations under the Loan Documents in such manner, order and priority as the Administrative Agent may elect;

 

(v)         The
Administrative Agent may release GA Tech Owner or any other person or entity of its liability for the Debt or any part thereof;

 

(vi)        The
Administrative Agent may substitute, add or release any one or more guarantors or endorsers; and

 

(vii)       In
addition to the Debt, the Secured Parties may extend other credit to GA Tech Owner, and may take and hold security agreed to by
GA Tech Owner for the credit so extended.

 

(b)          Pledgor
waives:

 

(i)          Any
right it may have to require any Agent to proceed against GA Tech Owner, Pledgor or any other person or entity, proceed against
or exhaust any security held from GA Tech Owner, Pledgor or any person or entity, or pursue any other remedy in such Agent's power
to pursue;

 

(ii)         Any
defense based on any claim that Pledgor’s obligations exceed or are more burdensome than those of GA Tech Owner, Pledgor
or any other Person;

 

(iii)        Any
defense: (A) based on any legal disability of any other Person, (B) based on any release, discharge, modification, impairment
or limitation of the liability of any other person or entity to any Agent from any cause, whether consented to by such Agent
or arising by operation of law, (C) arising out of or able to be asserted as a result of any case, action or proceeding
before any court or other governmental authority relating to bankruptcy, reorganization, insolvency, liquidation,
receivership, dissolution, winding-up or relief of any other person or entity or any of their respective affiliates, or any
general assignment for the benefit of creditors, composition, marshaling of assets for creditors or other, similar
arrangement in respect of its creditors generally or any substantial portion of its creditors; in each case as undertaken
under any U.S. Federal or State law (each of the foregoing described in this clause (C) being referred to herein as an
“Insolvency Proceeding”); or (D) arising from any rejection or disaffirmance of the Debt, or any
part thereof, or any security held therefor, in any such Insolvency Proceeding;

 

(iv)        Any
defense based on any action taken or omitted by any Agent in any Insolvency Proceeding involving any other Person, including any
election to have such Agent's claim allowed as being secured, partially secured or unsecured, any extension of credit by any Secured
Party to any other Person in any Insolvency Proceeding, and the taking and holding by such Agent of any security for any such extension
of credit;

 

(v)         All
presentments, demands for performance, notices of nonperformance, protests, notices of protest, notices of dishonor, notices of
intention to accelerate, notices of acceleration, notices of acceptance of this Agreement or any other Loan Document and of the
existence, creation, or incurring of new or additional indebtedness, and demands and notices of every kind (in each instance, except
as expressly required by the Loan Agreement or applicable law);

 

     - 11 -

     

    

 

(vi)        Any
duty on the part of Agent or any other Secured Party to disclose to Pledgor any matter, fact or thing relating to the business,
condition (financial or otherwise), operations, performance, properties or prospects of GA Tech Owner, any other Loan Party or
any of their Subsidiaries now or hereafter known by Agent or such other Secured Party; and

 

(vii)       Except
for such notices as required by the Loan Documents, any defense based on or arising out of any defense that GA Tech Owner or any
of its affiliates may have to the payment or performance of the Debt (other than the defense that the particular Debt in question
have been paid or performed (to the extent paid or performed));

 

(c)          Subject
to Section 9.13 of the Loan Agreement, after the occurrence and during the continuance of any Event of Default, in its sole discretion,
without prior notice (except as expressly required by the Loan Agreement, the Mortgage or applicable law) to or consent of Pledgor
or GA Tech Owner, Agent may elect to: (A) foreclose against any collateral for the Debt, (B) accept any offer to transfer any such
collateral for the Debt in lieu of foreclosure, (C) compromise or adjust the Debt or any part thereof or make any other accommodation
with GA Tech Owner or any Person, or (D) exercise any other remedy against GA Tech Owner or any person or entity or any collateral
for the Debt. No such action by Agent shall release or limit any Secured Party’s rights hereunder or under the other Loan
Documents, even if the effect of the action is to deprive Pledgor of any subrogation rights, rights of indemnity, or other rights
to collect reimbursement from GA Tech Owner or any other Person for any sums paid to the Secured Parties, whether contractual or
arising by operation of law or otherwise. Pledgor expressly agrees that under no circumstances shall Pledgor be deemed to have
any right, title, interest or claim in or to any real or personal property of Pledgor to be held by Agent or any third party after
any foreclosure or transfer in lieu of foreclosure of any security for the Debt.

 

18.         Miscellaneous.

 

(a)          Severability.
Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.

 

(b)          Headings.
The headings used in this Agreement are for convenience of reference only and are not to affect the construction hereof or
be taken into consideration in the interpretation hereof. The Recitals to this Agreement are hereby incorporated by reference as
if originally set forth in full herein.

 

(c)          No
Waiver; Cumulative Remedies. Agent shall not by any act (except by a written instrument pursuant to Section 18(d)),
delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any default
or in any breach of any of the terms and conditions hereof. No failure to exercise, nor any delay in exercising, on the part of
Agent, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power
or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege.
A waiver by Agent of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which
Agent would otherwise have on any future occasion. The rights, remedies, powers and privileges herein provided are cumulative,
may be exercised singly or concurrently and are not exclusive of any rights, remedies, powers or privileges provided by law.

 

(d)          Waivers
and Amendments; Successors and Assigns. None of the terms or provisions of this Agreement may be waived, amended, or otherwise
modified except in accordance with Section 9.01 of the Loan Agreement. This Agreement shall be binding upon and shall inure to
the benefit of Pledgor and the respective successors and assigns of Pledgor and shall inure to the benefit of Agent and its

 

     - 12 -

     

    

 

successors and assigns; provided
Pledgor shall not have any right to assign its rights hereunder and any purported assignment by Pledgor shall be void. The rights
of Agent under this Agreement shall automatically be transferred to any permitted assignee under the Loan Agreement.

 

(e)          Notices.
Notices by Agent to Pledgor or GA Tech Owner to be effective shall be in writing (including by facsimile or electronic mail
transmission), addressed or transmitted to Pledgor or GA Tech Owner at the address, facsimile number or electronic mail address
of Borrower set forth in the Loan Agreement, and shall be deemed to have been duly given or made in accordance with the terms and
provisions of Section 9.02 of the Loan Agreement.

 

(f)          Jurisdiction,
Etc.. Section 9.15 of the Loan Agreement is hereby incorporated herein by reference, mutatis mutandis.

 

(g)          Governing
Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

 

(h)          Agents.
Agent may employ agents and attorneys-in-fact in connection herewith and shall not be responsible for their actions except
for the gross negligence or willful misconduct of any such agents or attorneys-in-fact selected by it in good faith.

 

(i)          Irrevocable
Authorization and Instruction to GA Tech Owner. Pledgor hereby authorizes and instructs GA Tech Owner to comply with any
instruction received by it from Agent in writing that (i) states that an Event of Default has occurred and is continuing and (ii)
is otherwise in accordance with the terms of this Agreement, without any other or further instructions from Pledgor, and Pledgor
agrees that GA Tech Owner shall be fully protected in so complying.

 

(j)          Counterparts.
This Agreement may be executed in any number of counterparts and all the counterparts taken together shall be deemed to constitute
one and the same instrument.

 

(k)          WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
(WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO ANY OF THE LOAN DOCUMENTS, THE ADVANCES, OR THE ACTIONS
OF AGENT OR ANY LENDER PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF.

 

(l)          No
Special Damages. No claim may be made by Pledgor against any Secured Party, its affiliates and its respective directors,
officers, employees, or attorneys for any special, indirect or consequential damages (“Special Damages”)
in respect of any breach or wrongful conduct (whether the claim therefor is based on contract, tort or duty imposed by law) in
connection with, arising out of, or in any way related to the transactions contemplated or relationship established by this Agreement,
or any act, omission or event occurring in connection herewith or therewith; and to the fullest extent permitted by law Pledgor
hereby waives, releases and agrees not to sue upon any such claim for Special Damages, whether or not accrued and whether or not
known or suspected to exist in its favor.

 

[SIGNATURES COMMENCE ON THE FOLLOWING PAGE]

 

     - 13 -

     

    

  

IN WITNESS WHEREOF, the parties
have caused this Agreement to be executed by their duly authorized officers as of the date set forth above.

 

	PLEDGOR:
	 
	HIT GA TECH HOLDING, LLC,
	a Delaware limited liability company
	 	 
	By:	 
	 	Name:
	 	Title:

 

[Signatures continue on next page]

 

[Pledge Agreement (Georgia Tech
Owner)]

 

     

     

    

 

	AGENT:
	 
	CITIBANK, N.A., as collateral agent
	 	 
	By:	 
	 	Name:
	 	Title:

 

[Pledge Agreement (Georgia Tech
Owner)]

 

     

     

    

  

SCHEDULE 1

To Pledge Agreement

 

DESCRIPTION OF PLEDGED MEMBERSHIP

INTERESTS

 

	Issuer	 	Owner	 	Class of Membership

Interest	 	Percentage of

Membership

Interests
	HIT GA Tech, LLC	 	HIT GA Tech	 	Limited Liability	 	100%
	 	 	Holding, LLC	 	Company Interests	 	 

 

    SCH. 1-1 

     

    

 

EXHIBIT A

 

FORM OF AUTHORIZATION STATEMENT

 

April____, 2017

 

To:        HIT GA Tech, LLC

c/o Hospitality Investors Trust Operating Partnership,
L.P.

3950 University Drive

Fairfax, Virginia 22030

 

Reference is made to the Pledge and Security
Agreement, dated as of April , 2017 (the “Pledge Agreement”; capitalized terms used herein
without definition shall have the respective meanings ascribed to them in the Pledge Agreement), made by the undersigned to Citibank,
N.A., as Collateral Agent (“Agent”), a copy of which is attached hereto. Pursuant to the Pledge Agreement,
the undersigned hereby notifies HIT GA Tech, LLC, a Delaware limited liability company (“Issuer”), that
the undersigned has granted to Agent, for the ratable benefit of the Secured Parties, a security interest (the “Security
Interest”) in all of the undersigned’s right, title and interest in and to all of the Collateral (including
all of the interests of the undersigned in Issuer), and hereby instructs Issuer to register the security interest in favor of:

 

CITIBANK, N.A., as Collateral Agent

390 Greenwich Street,
7th Floor

New York, New York 10013

Attn: Ana Rosu Marmann

 

	Very truly yours,
	 
	HIT GA TECH HOLDING, LLC, a
	Delaware limited liability company
	 	 
	By:	 
	Name:
	Title:

 

    EXH. A-1 

     

    

 

EXHIBIT B

 

FORM OF ACKNOWLEDGEMENT AND CONSENT

 

The undersigned hereby acknowledges receipt
of a copy of the Authorization Statement, dated as of April___, 2017 and the Pledge Agreement referred to therein.

 

	HIT GA TECH, LLC, a Delaware limited liabiltiy company
	 	 
	By:	 
	Name:
	Title:

 

    EXH. B-1 

     

    

 

EXHIBIT C

 

FORM OF TRANSACTION STATEMENT

 

April ___, 2017

 

		To:	HIT GA TECH HOLDING, LLC

c/o Hospitality Investors Trust Operating Partnership,
L.P.

3950 University Drive

Fairfax, Virginia 22030

 

and

 

CITIBANK, N.A., as Collateral Agent

390 Greenwich Street,
7th Floor

New York, New York 10013

Attn: Ana Rosu Marmann

 

This Transaction
Statement is to advise you that the pledge of 100% of the limited liability company interests in HIT GA Tech, LLC (the “Pledged
Equity”) has been registered in favor of Citibank, N.A., as Collateral Agent (the “Lienholder”),
as follows:

 

CITIBANK, N.A., as Collateral Agent

390 Greenwich Street, 7th Floor

New York, New York 10013

Attn: Ana Rosu Marmann

 

Taxpayer identification number: 13-5266470.

 

The pledge was registered on April____, 20171.

 

To the extent the Pledged Equity shall
at any time be deemed “uncertificated securities” under Article 8 of the Uniform Commercial Code as in effect from
time to time in the jurisdiction of the undersigned, the undersigned agrees that it will comply with instructions originated by
the Lienholder with respect to the Pledged Equity without further consent by HIT GA Tech Holding, LLC.

 

This Transaction Statement is merely
a record of the rights of the addressees as of the time of its issuance. Delivery of this Transaction Statement, of itself, confers
no rights on the recipients. This Transaction Statement is neither a negotiable instrument nor a security.

 

	 	Very truly yours,

 

 

1 Note to Draft: This will be the Closing Date.

 

    EXH. C-1 

     

    

 

	HIT GA TECH, LLC, a Delaware limited liability company
	 	 
	By:	 
	Name:	 
	Title:	 

 

    EXH. C-2 

     

    

 

EXHIBIT C-2 TO THE SECOND AMENDED AND RESTATED
TERM LOAN AGREEMENT

 

FORM OF PLEDGOR SECURITY AGREEMENT (GEORGIA
TECH TRS LESSEE)

 

[Attached.]

 

    Exh. C-2 

     

    

 

EXHIBIT C-2 TO THE SECOND AMENDED AND RESTATED
TERM LOAN AGREEMENT

 

FORM OF PLEDGOR SECURITY AGREEMENT (GEORGIA
TECH TRS LESSEE)

 

PLEDGE AND SECURITY AGREEMENT (GEORGIA
TECH TRS LESSEE)

 

PLEDGE AND SECURITY AGREEMENT
(GEORGIA TECH TRS LESSEE) (this “Agreement”), dated as of [___________], 2017, made by HIT TRS
GA TECH HOLDING, LLC, a Delaware limited liability company (“Pledgor”), in favor of CITIBANK,
N.A., in its capacity as collateral agent for the Lenders under the Loan Agreement (as defined below) (together with its successors
and assigns, “Agent”).

 

RECITALS

 

A.           Pursuant
to that certain Second Amended and Restated Term Loan Agreement dated as of the date hereof (as amended, amended and restated,
supplemented or otherwise modified from time to time, the “Loan Agreement”) among the borrowers party
thereto (collectively, “Borrower”), Hospitality Investors Trust Operating Partnership, L.P., Hospitality
Investors Trust, Inc., certain other parties party thereto, the Lenders party thereto, Citibank, N.A., as the issuing bank and
the administrative agent (in its capacity as administrative agent for the Lenders, “Administrative Agent”),
and Agent, the Lenders agreed to extend credit to Borrower in the maximum aggregate principal amount of $[312,900,000] (the “Loan”)
which Loan is evidenced by certain promissory notes dated the date hereof (collectively, the “Note”)
made by Borrower to the Lenders and secured by, among other things, the Mortgages (as defined in the Loan Agreement).

 

B.           Pledgor
is the legal and beneficial owner of all of the Equity Interests in HIT TRS GA Tech, LLC, a Delaware limited liability company
(“GA Tech Lessee”), consisting of 100% of the limited liability company interests therein;

 

C.           It
is a condition precedent to the obligation of the Lenders to make the Loan to Borrower under the Loan Agreement that Pledgor shall
have executed and delivered this Agreement to Agent and the Lenders.

 

NOW, THEREFORE,
in consideration of the premises and to induce the Lenders to make the Loan, Pledgor hereby agrees with Agent as follows:

 

1.   
       Defined Terms. As used in this Agreement, the following terms have
the meanings set forth in or incorporated by reference below:

 

“Administrative Agent”
has the meaning ascribed to such term in the Recitals. “Agent” has the meaning ascribed to such term
in the introductory paragraph.

 

“Agreement”
means this Pledge and Security Agreement, as the same may be amended, restated, replaced, supplemented or otherwise modified from
time to time.

 

“Code” means
the Uniform Commercial Code from time to time in effect in the State of New York.

 

“Collateral” has the meaning
ascribed to such term in Section 2 hereof.

 

“Debt” means all Obligations
of Pledgor and Borrower under the Loan Documents.

 

     

     

    

 

“Loan” has the meaning ascribed
to such term in the Recitals.

 

“Loan Agreement” has the meaning
ascribed to such term in the Recitals.

 

“Loan Documents” has the meaning
ascribed to such term in the Loan Agreement. “Borrower” has the meaning ascribed to such term in the
Recitals.

 

“GA Tech Lessee ” has the meaning
ascribed to such term in the Recitals.

 

“GA
Tech Lessee Company Agreement” means the Limited Liability Company Agreement of GA Tech Lessee.

 

“Note” has the meaning ascribed
to such term in the Recitals.

 

“Pledged
Company Interests” means the limited liability company interests of Pledgor in GA Tech Lessee listed on Schedule
1 hereto, together with all limited liability company interest options or rights of any nature whatsoever which may be issued
or granted by GA Tech Lessee to Pledgor while this Agreement is in effect.

 

“Pledgor” has the meaning
ascribed to such term in the introductory paragraph.

 

“Proceeds”
means (i) Pledgor’s share, right, title and interest in and to all distributions, monies, fees, payments, compensations and
proceeds now or hereafter becoming due and payable to Pledgor by GA Tech Lessee with respect to the Pledged Company Interests whether
payable as profits, distributions, asset distributions, repayment of loans or capital or otherwise and including all “proceeds”
as such term is defined in Section 9-102(a)(64) of the Code; (ii) all contract rights, general intangibles, claims, powers, privileges,
benefits and remedies of Pledgor relating to the foregoing; and (iii) all cash or non-cash proceeds of any of the foregoing.

 

“Special Damages” has the
meaning ascribed to such term in Section 18(l) hereof.

 

Terms used herein
but not otherwise defined herein shall have the respective meanings ascribed to them in the Loan Agreement. All references to sections
and schedules are to sections and schedules in or to this Agreement unless otherwise specified. All uses of the word “including”
shall mean “including, without limitation” unless the context shall indicate otherwise. Unless otherwise specified,
the words “hereof,” “herein” and “hereunder” and words of similar import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless otherwise specified,
all meanings attributed to defined terms herein shall be equally applicable to both the singular and plural forms of the terms
so defined.

 

2.    
      Pledge; Grant of Security Interest. Pledgor hereby pledges and grants to
Agent, as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity,
by acceleration or otherwise) of the Debt, a first priority security interest in all of Pledgor’s right, title and
interest to the following (collectively, the “Collateral”):

 

(i)          all
Pledged Company Interests;

 

(ii)         all
securities, moneys or property representing dividends or interest on any of the Pledged Company Interests, or representing a distribution
in respect of the Pledged Company Interests, or resulting from a split-up, revision, reclassification or other like change of the
Pledged Company Interests or otherwise received in exchange therefor, and any

 

    - 2 -

     

    

 

subscription warrants, rights or options issued to the
holders of, or otherwise in respect of, the Pledged Company Interests;

 

(iii)        all
right, title and interest of Pledgor in, to and under any policy of insurance payable by reason of loss or damage to the Pledged
Company Interests and any other Collateral;

 

(iv)        all
“accounts”, “general intangibles”, “instruments” and “investment property” (in
each case as defined in the Code) constituting or relating to the foregoing; and

 

(v)         all
Proceeds of any of the foregoing property of Pledgor (including, without limitation, any proceeds of insurance thereon, all “accounts”,
“general intangibles”, “instruments” and “investment property”, in each case as defined in
the Code, constituting or relating to the foregoing).

 

3.     
     Closing Date Actions. Concurrently with the execution and delivery of this
Agreement, Pledgor shall (a) send to the issuer of the Pledged Company Interests an Authorization Statement substantially in
the form of Exhibit A hereto and (b) cause such issuer to deliver to Agent (i) an Acknowledgement and Consent substantially
in the form of Exhibit B hereto and (ii) a Transaction Statement substantially in the form of Exhibit C hereto, confirming
that such issuer will comply with instructions with respect to such Pledged Company Interests originated by Agent without
further consent or approval of Pledgor.

 

4.     
     Representations and Warranties. Pledgor represents and warrants as of the date
hereof that:

 

(a)          no
authorization, consent of or notice to any other Person (including, without limitation, any member, partner or creditor of Pledgor
or GA Tech Lessee) that has not been obtained, is required in connection with the execution, delivery, performance, validity or
enforceability of this Agreement including, without limitation, the assignment and transfer by the Pledgor of any of the Collateral
to Agent or the subsequent transfer thereof by Agent pursuant to the terms hereof;

 

(b)          all
of the Pledged Company Interests have been duly and validly issued and are fully paid and nonassessable;

 

(c)          the
Pledged Company Interests constitute all the issued and outstanding limited liability company interests in GA Tech Lessee;

 

(d)          Pledgor
is the record and beneficial owner of, and has good title to, the Pledged Company Interests, free of any and all Liens or options
in favor of, or claims of, any other Person, except the Lien created by this Agreement and the Pledged Company Interests have not
previously been assigned, sold, transferred, pledged or encumbered (except pursuant to this Agreement);

 

(e)          upon
the execution of this Agreement and the filing of the UCC-1 financing statements referred to in Section 12 with the Delaware
Secretary of State, the Lien granted pursuant to this Agreement will constitute a valid, perfected first priority Lien on the Collateral
and related Proceeds in such jurisdictions, enforceable as such against all creditors of Pledgor and any Persons purporting to
purchase any Pledged Company Interests and related Proceeds from Pledgor;

 

(f)          the
principal place of business and chief executive office of Pledgor is, and for the immediately preceding four (4) months (or any
shorter period of its existence), has been, located at c/o Hospitality Investors Trust Operating Partnership, L.P., 3950 University
Drive, Suite 301, Fairfax, Virginia 22030;

 

    - 3 -

     

    

  

(g)          the
exact name of Pledgor is HIT TRS GA Tech Holding, LLC;

 

(h)          Pledgor
is organized under the laws of the State of Delaware;

 

(i)    
      there currently exist no certificates, instruments or writings representing the Pledged
Company Interests. However, to the extent that in the future there exist any such certificates, instruments or writings,
Pledgor shall deliver all such certificates, instruments or writings to Agent together with the undated limited liability
company interest powers, duly executed in blank with, if Agent so requests, signature guaranteed;

 

5.   
       Covenants. Pledgor covenants and agrees with Agent that, from and
after the date of this Agreement until the latest of the date that (i) the Debt (exclusive of any indemnification or other
obligations which are expressly stated in any of the Loan Documents to survive satisfaction of the Note) is paid in full and
(ii) the Commitments are terminated (such latest date, the “Termination Date”):

 

(a)          Acknowledgements
of Parties. If Pledgor shall, as a result of its ownership of the Pledged Company Interests, become entitled to receive
or shall receive any limited liability company certificate (including, without limitation, any certificate representing a dividend
or a distribution in connection with any reclassification, increase or reduction of capital or any certificate issued in connection
with any reorganization), option or rights, whether in addition to, in substitution of, as a conversion of, or in exchange for
any shares of the Pledged Company Interests, or otherwise in respect thereof, Pledgor shall accept the same as Agent’s agent,
hold the same in trust for Agent and deliver the same forthwith to Agent in the exact form received, duly endorsed by Pledgor to
Agent, if required, together with an undated limited liability company interest power covering such certificate duly executed in
blank and with, if Agent so requests, signature guaranteed, to be held by Agent hereunder as additional security for the Debt.
Any sums paid upon or in respect of the Pledged Company Interests upon the liquidation or dissolution of GA Tech Lessee shall be
paid over to Agent to be held by it hereunder as additional security for the Debt, and in case any distribution of capital shall
be made on or in respect of the Pledged Company Interests or any property shall be distributed upon or with respect to the Pledged
Company Interests pursuant to the recapitalization or reclassification of the capital of GA Tech Lessee or pursuant to the reorganization
thereof, the property so distributed shall be delivered to Agent to be held by it, subject to the terms hereof, as additional security
for the Debt. If any sums of money or property so paid or distributed in respect of the Pledged Company Interests shall be received
by Pledgor, Pledgor shall deliver the same to Agent and, until such money or property is paid or delivered to Agent, hold such
money or property in trust for Agent, segregated from other funds of Pledgor, as additional security for the Debt.

 

(b)          Without
the prior written consent of Agent, Pledgor shall not, directly or indirectly (i) vote to enable, or take any other action to permit,
GA Tech Lessee to issue or certificate any limited liability company interests or to issue any other securities convertible into
or granting the right to purchase or exchange for any membership interests in GA Tech Lessee, or (ii) except as permitted by the
Loan Agreement, sell, assign, transfer, exchange or otherwise dispose of, or grant any option with respect to, the Collateral,
or (iii) create, incur, authorize or permit to exist any Lien or option in favor of, or any claim of any Person with respect to,
any of the Collateral, or any interest therein, except for the Lien provided for by this Agreement. Pledgor shall defend the right,
title and interest of Agent in, to and under the Collateral against the claims and demands of all Persons whomsoever.

 

(c)          At
any time and from time to time, upon the written request of Agent, and at the sole expense of Pledgor, Pledgor shall promptly and
duly give, execute, deliver file and/or record such further instruments and documents and take such further actions as Agent may
reasonably request for the purposes of obtaining, creating, perfecting, validating or preserving the full benefits of this Agreement
and of the rights and powers herein granted including without limitation filing UCC financing or continuation statements, provided
that the amount of the Debt shall not be increased thereby. Pledgor hereby authorizes Agent to file any such financing statement
or continuation statement without the signature of Pledgor to the

 

    - 4 -

     

    

  

extent permitted by law. If any amount
payable under or in connection with any of the Collateral shall be or become evidenced by any promissory note, other instrument
or chattel paper, such note, instrument or chattel paper shall be promptly delivered to Agent, duly endorsed in a manner satisfactory
to Agent, to be held as Collateral pursuant to this Agreement.

 

(d)          Limitation
on Liens. At its sole cost and expense, Pledgor will not create, incur or permit to exist, will warrant and defend title
to and ownership of the Collateral against, and will take all such other action as is necessary to remove, any Lien or claim on
or to the Pledged Company Interests, other than the Liens created hereby, and will defend the right, title and interest of Agent
in, to and under the Pledged Company Interests against the claims and demands of all Persons whomsoever.

 

(e)          Further
Identification of Pledged Company Interests. Pledgor will furnish to Agent from time to time statements and schedules further
identifying and describing the Pledged Company Interests and other Collateral and such other reports in connection with the Pledged
Company Interests and other Collateral as Agent may reasonably request, all in reasonable detail.

 

(f)          Changes
in Location, Name, etc. Pledgor will not, unless (i) it shall have given thirty (30) days’ prior written notice to
such effect to Agent and (ii) all action necessary or advisable, in Agent’s reasonable opinion, to protect and perfect the
Liens and security interests intended to be created hereunder with respect to the Pledged Company Interests shall have been taken,
(A) change the location of its chief executive office or principal place of business from that specified in Section 4(g),
or (B) change its name, identity or structure, or (c) reorganize or reincorporate under the laws of another jurisdiction.

 

(g)          Taxes.
Pledgor shall pay, and save Agent harmless from, any and all liabilities with respect to, or resulting from any delay in paying,
any and all stamp, excise, sales or other taxes which may be payable or determined to be payable with respect to any of the Collateral
or in connection with any of the transactions contemplated by this Agreement.

 

6.     
     Intentionally Omitted.

 

7.    
      Cash Dividends; Voting Rights. Subject to Section 14 (relating to
the application of distributions to pay the Loan) and the cash management provisions of the Loan Agreement and unless an
Event of Default shall have occurred and be continuing, Pledgor shall be permitted to receive all limited liability company
interest distributions or cash dividends paid in the normal course of business of GA Tech Lessee and to exercise all voting
and limited liability company interests or other rights with respect to the Pledged Company Interests, provided that no vote
shall be cast or right exercised or other action taken which, in Agent’s judgment, would adversely impair the
Collateral or which would be inconsistent with or result in any violation of any provision of the Loan Agreement, the Note,
this Agreement or any other Loan Documents.

 

8.     
     Rights of Agent.

 

(a)          If
an Event of Default shall occur and be continuing, Agent shall have the right to receive any and all income, cash dividends, distributions,
proceeds or other property received or paid in respect of the Pledged Company Interests and make application thereof to the Debt,
in such order as Agent, in its sole discretion, may elect, in accordance with the Loan Documents. If an Event of Default shall
occur and be continuing, then all such Pledged Company Interests at Agent’s option, shall be registered in the name of Agent
or its nominee (if not already so registered), and Agent or its nominee may thereafter exercise (i) all voting, limited liability
company and other rights pertaining to the Pledged Company Interests and (ii) any and all rights of conversion, exchange, and subscription
and any other rights, privileges or options pertaining to such Pledged Company Interests as if it were the absolute owner thereof
(including, without limitation, the right to exchange at its discretion any and all of the Pledged Company Interests upon the merger,
consolidation, reorganization, recapitalization or other fundamental change in the organizational structure of

 

    - 5 -

     

    

 

GA Tech Lessee or upon the exercise
by Pledgor or Agent of any right, privilege or option pertaining to such Pledged Company Interests, and in connection therewith,
the right to deposit and deliver any and all of the Pledged Company Interests with any committee, depositary, transfer agent, registrar
or other designated agency upon such terms and conditions as it may determine), all without liability except to account for property
actually received by it, but Agent shall have no duty to exercise any such right, privilege or option and shall not be responsible
for any failure to do so or delay in so doing.

 

(b)          The
rights of Agent under this Agreement shall not be conditioned or contingent upon the pursuit by any Secured Party of any right
or remedy against Pledgor or against any other Person which may be or become liable in respect of all or any part of the Debt or
against any other security therefor, guarantee thereof or right of offset with respect thereto. No Secured Party shall be liable
for any failure to demand, collect or realize upon all or any part of the Collateral or for any delay in doing so, nor shall it
be under any obligation to sell or otherwise dispose of any Collateral upon the request of Pledgor or any other Person or to take
any other action whatsoever with regard to the Collateral or any part thereof.

 

(c)          Upon
the Termination Date, Agent’s rights under this Agreement shall terminate and Agent shall, at Pledgor’s sole cost and
expense, execute and deliver to Pledgor UCC-3 termination statements or similar documents and agreements to terminate all of Agent’s
rights under this Agreement and all other Loan Documents.

 

(d)          Pledgor
also authorizes Agent, at any time and from time to time, to execute, in connection with the sale provided for in Sections 9
or 10 hereof, any endorsements, assignments or other instruments of conveyance or transfer with respect to the Collateral.

 

(e)          The
powers conferred on Agent hereunder are solely to protect Agent’s and each Secured Party’s interest in the Collateral
and shall not impose any duty upon any Secured Party to exercise any such powers. Agent shall be accountable only for amounts that
it actually receives as a result of the exercise of such powers, and neither any Secured Party nor any of its officers, directors,
employees or agents shall be responsible to Pledgor for any act or failure to act hereunder, except for its or their gross negligence
or willful misconduct.

 

(f)          If
Pledgor fails to perform or comply with any of its agreements contained herein and Agent, as provided for by the terms of this
Agreement, shall itself perform or comply, or otherwise cause performance or compliance, with such agreement, the expenses of Agent
incurred in connection with such performance or compliance, together with interest at the Default Rate if such expenses are not
paid on demand, shall be payable by Pledgor to Agent on demand and shall constitute obligations secured hereby.

 

9.       
   Remedies. (a) If an Event of Default shall occur and be continuing, Agent may, in addition to
all other rights and remedies granted in this Agreement and in any other instrument or agreement securing, evidencing or
relating to the Debt:

 

(i)          exercise
all rights and remedies of a secured party under the Code (whether or not said Code is in effect in the jurisdiction where the
rights and remedies are asserted) and such additional rights and remedies to which a secured party is entitled under the laws in
effect in any jurisdiction where any rights and remedies hereunder may be asserted, including, without limitation, the right, to
the maximum extent permitted by law, to exercise all voting, consensual and other powers of ownership pertaining to the Collateral
as if Agent were the sole and absolute owner thereof (and Pledgor agrees to take all such action as may be appropriate to give
effect to such right);

 

(ii)         make
any reasonable compromise or settlement deemed desirable with respect to any of the Collateral and may extend the time of payment,
arrange for payment in installments, or otherwise modify the terms of, any of the Collateral; and

 

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(iii)        in
its name or in the name of Pledgor or otherwise, demand, sue for, collect, direct payment of or receive any money or property at
any time payable or receivable on account of or in exchange for any of the Collateral, but shall be under no obligation to do so.

 

(b)          Without
limiting the generality of the foregoing, if an Event of Default shall occur and be continuing, Agent, without demand of performance
or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below
or otherwise required hereby) to or upon Pledgor, GA Tech Lessee or any other Person (all and each of which demands, presentments,
protests, advertisements and notices, or other defenses, are hereby waived to the extent permitted under applicable law), may in
such circumstances forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith
sell, assign, give option or options to purchase or otherwise dispose of and deliver the Collateral or any part thereof (or contract
to do any of the foregoing), in one or more parcels at public or private sale or sales, in the over-the-counter market, at any
exchange, broker’s board or office of Agent or elsewhere upon such terms and conditions as it may deem advisable and at such
prices as it may deem best in its sole discretion, for cash or on credit or for future delivery without assumption of any credit
risk. Agent shall have the right, without notice or publication, to adjourn any public or private sale or cause the same to be
adjourned from time to time by announcement at the time and place fixed for such sale, and any such sale may be made at any time
or place to which the same may be adjourned without further notice. Agent shall have the right upon any such public sale or sales,
and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so
sold, free of any right or equity of redemption of Pledgor, which right or equity of redemption is hereby waived or released. Agent
shall apply any Proceeds from time to time held by it and the net proceeds of any such collection, recovery, receipt, appropriation,
realization or sale, after deducting all reasonable costs and expenses of every kind incurred therein or incidental to the care
or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of Agent hereunder, including, without
limitation, reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the Debt, in such order as
Agent may elect, and only after such application and after the payment by Agent of any other amount required by any provision of
law, including, without limitation, Sections 9-610 and 9-615 of the Code, need Agent account for the surplus, if any, to Pledgor.
To the extent permitted by applicable law, Pledgor waives all claims, damages and demands it may acquire against the Secured Parties
arising out of the exercise by Agent of any of its rights hereunder, except for any claims, damages and demands it may have against
Agent arising from the willful misconduct or gross negligence of Agent or its affiliates, or any agents or employees of the foregoing.
If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable
and proper if given at least ten (10) days before such sale or other disposition.

 

(c)          The
rights, powers, privileges and remedies of Agent under this Agreement are cumulative and shall be in addition to all rights, powers,
privileges and remedies available to Agent at law or in equity. All such rights, powers and remedies shall be cumulative and may
be exercised successively or concurrently without impairing the rights of Agent hereunder.

 

10.         Private
Sales. Pledgor recognizes that Agent may be unable to effect a public sale of any or all of the Pledged Company Interests,
by reason of certain prohibitions contained in the Securities Act of 1933, as amended, and applicable state securities laws or
otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be
obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the
distribution or resale thereof. Pledgor acknowledges and agrees that any such private sale may result in prices and other terms
less favorable to Agent than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private
sale shall not be deemed to have been made in a commercially unreasonable manner solely by virtue of being a private sale. Agent
shall be under no obligation to delay a sale of any of the Pledged Company Interests for the period of time necessary to permit
GA Tech Lessee or Pledgor to register such securities for public sale under the Securities Act of 1933, as amended, or under applicable
state securities laws, even if GA Tech Lessee or Pledgor would agree to do so.

 

    - 7 -

     

    

 

(a)          Pledgor
further shall use its best efforts to do or cause to be done all such other acts as may be reasonably necessary to make any sale
or sales of all or any portion of the Pledged Company Interests pursuant to this Section 10 valid and binding and in compliance
with any and all other requirements of applicable law. Pledgor further agrees that a breach of any of the covenants contained in
this Section 10 will cause irreparable injury to Agent, that Agent has no adequate remedy at law in respect of such breach
and, as a consequence, that each and every covenant contained in this Section 10 shall be specifically enforceable against
Pledgor, and Pledgor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants
except for a defense that no Event of Default has occurred under the Loan Agreement.

 

(b)          Agent
shall not incur any liability as a result of the sale of any Collateral, or any part thereof, at any private sale conducted in
a commercially reasonable manner, it being agreed that some or all of the Collateral is or may be of one or more types that threaten
to decline speedily in value and that are not customarily sold in a recognized market. Pledgor hereby waives any claims against
the Secured Parties arising by reason of the fact that the price at which any of the Collateral may have been sold at such a private
sale was less than the price which might have been obtained at a public sale or was less than the aggregate amount of the Debt,
even if Agent accepts the first offer received and does not offer any Collateral to more than one offeree, provided that Agent
has acted in a commercially reasonable manner in conducting such private sale.

 

(c)          The
Code states that each Secured Party is able to purchase the Pledged Company Interests only if they are sold at a public sale. Agent
has advised Pledgor that SEC staff personnel have issued various No-Action Letters describing procedures which, in the view of
the SEC staff, permit a foreclosure sale of securities to occur in a manner that is public for purposes of Article 9 of the Code,
yet not public for purposes of Section 4(2) of the Securities Act of 1933. The Code permits Pledgor to agree on the standards for
determining whether a Secured Party has complied with its obligations under Article 9. Pursuant to the Code, Pledgor specifically
agrees (x) that it shall not raise any objection to any Secured Party’s purchase of the Pledged Company Interests (through
bidding on the obligations or otherwise) and (y) that a foreclosure sale conducted in conformity with the principles set forth
in the No-Action Letters (i) shall be considered to be a “public” sale for purposes of the Code; (ii) will be considered
commercially reasonable notwithstanding that Agent, has not registered or sought to register the Pledged Company Interests under
the Securities Laws, even if Pledgor or GA Tech Lessee agrees to pay all costs of the registration process; and (iii) shall be
considered to be commercially reasonable notwithstanding that a Secured Party purchases the Pledged Company Interests at such a
sale.

 

(d)          Pledgor
agrees that no Secured Party has any general duty or obligation to make any effort to obtain or pay any particular price for any
Pledged Company Interests sold by Agent pursuant to this Agreement. Agent, may, in its sole discretion, among other things, accept
the first offer received, or decide to approach or not to approach any potential purchasers. Without in any way limiting Agent’s
right to conduct a foreclosure sale in any manner which is considered commercially reasonable, Pledgor hereby agrees that any foreclosure
sale conducted in accordance with the following provisions shall be considered a commercially reasonable sale and hereby irrevocably
waives any right to contest any such sale:

 

(i)          Agent
conducts the foreclosure sale in the State of New York,

 

(ii)         The
foreclosure sale is conducted in accordance with the laws of the State of New York,

 

(iii)        Not
more than ten (10) days before, and not less than five (5) days in advance of the foreclosure sale, Agent notifies Pledgor at the
address set forth herein of the time and place of such foreclosure sale,

 

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(iv)        The
foreclosure sale is conducted by an auctioneer licensed in the State of New York and is conducted in front of the New York Supreme
Court located in New York City or such other New York State Court having jurisdiction over the Collateral on any Business Day between
the hours of 9 a.m. and 5 p.m.,

 

(v)         The
notice of the date, time and location of the foreclosure sale is published in the New York Times or Wall Street Journal (or such
other newspaper widely circulated in New York, New York) for seven (7) consecutive days prior to the date of the foreclosure sale,
and

 

(vi)        Agent
sends notification of the foreclosure sale to all secured parties identified as a result of a search of the UCC financings
statements in the filing offices located in the State of Delaware conducted not later than twenty (20) days and not earlier
than thirty (30) days before such notification date.

 

(e)          No
Secured Party shall incur any liability as a result of the sale of any Collateral, or any part thereof, at any private sale conducted
in a commercially reasonable manner, it being agreed that some or all of the Collateral is or may be of one or more types that
threaten to decline speedily in value and that are not customarily sold in a recognized market. Pledgor hereby waives any claims
against any Secured Party arising by reason of the fact that the price at which any of the Collateral may have been sold at such
a private sale was less than the price which might have been obtained at a public sale or was less than the aggregate amount of
the Debt, even if Agent accepts the first offer received and does not offer any Collateral to more than one offeree, provided that
Agent has acted in a commercially reasonable manner in conducting such private sale.

 

11.         Limitation
on Duties Regarding Collateral. Agent’s sole duty with respect to the custody, safekeeping and physical preservation
of the Collateral in its possession, under Section 9-207 of the Code or otherwise, shall be to deal with it in the same
manner as Agent deals with similar securities and property for its own account. Neither any Secured Party nor any of its directors,
officers, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay
in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of Pledgor or otherwise.

 

12.         Financing
Statements; Other Documents. Pledgor hereby authorizes Agent to file UCC-1 financing statements with respect to the Collateral.
Pledgor authorizes Agent to use the collateral description “all personal property” or “all assets” in any
such financing statements. Pledgor agrees to deliver any other document or instrument which Agent may reasonably request with respect
to the Collateral for the purposes of obtaining or preserving the full benefits of this Agreement and of the rights and powers
herein granted. Without limiting the generality of the foregoing, Pledgor hereby authorizes the filing of UCC-1 financing statements
(and amendments of such financing statements and continuation statements) that name Pledgor as debtor and Agent as secured party
and that cover all personal property or all assets of Pledgor.

 

13.         Attorney-in-Fact.
Without limiting any rights or powers granted by this Agreement to Agent, Agent is hereby appointed, which appointment as attorney-in-fact
is irrevocable and coupled with an interest, the attorney-in-fact of Pledgor for the purpose of carrying out the provisions of
this Agreement and taking any action and executing any instruments which Agent may deem necessary or advisable to accomplish the
purposes hereof including, without limitation:

 

(a)          to
ask, demand, collect, sue for, recover, compromise, receive and give acquittance and receipts for moneys due and to become due
under or in respect of any of the Collateral;

 

(b)          to
receive, endorse and collect any drafts or other instruments, documents and chattel paper in connection with clause (a) above;

 

    - 9 -

     

    

  

(c)          to
file any claims or take any action or institute any proceedings that Agent may deem necessary or desirable for the collection of
any of the Collateral or otherwise to enforce the rights of Agent, with respect to any of the Collateral; and

 

(d)          to
execute, in connection with the sale provided for in Section 9 or 10, any endorsement, assignments, or other instruments
of conveyance or transfer with respect to the Collateral, including without limitation, to transfer or cause the transfer of the
Collateral, or any part thereof, on the books of GA Tech Lessee or other entity issuing such Collateral, to Agent or any nominee.

 

If so requested by
Agent, Pledgor shall ratify and confirm any such sale or transfer by executing and delivering to Agent at Pledgor’s expense
all proper deeds, bills of sale, instruments of assignment, conveyance of transfer and releases as may be designated in any such
request.

 

14.         Additional
Covenants of Pledgor Relating to Covenants of GA Tech Lessee. Pledgor covenants and agrees with Agent that, from and after
the date of this Agreement until the Termination Date, (i) Pledgor shall take any and all actions either necessary or reasonably
requested by Agent to ensure complete compliance with Sections 5.01 and 5.02 of the Loan Agreement, (ii) Pledgor shall cause GA
Tech Lessee to take such actions as are required by or to comply with the terms of the Loan Documents and to not take any actions
that violate any such documents and (iii) Pledgor shall cause GA Tech Lessee to not apply amounts disbursed to GA Tech Lessee pursuant
to the requirements of the Loan in a manner contrary to the requirements of the Loan Documents.

 

15.         Non-Recourse.
The provisions of Sections 10.01 and 10.02 of the Loan Agreement are hereby incorporated by reference into this Agreement as
to the liability of Pledgor hereunder to the same extent and with the same force as if fully set forth herein.

 

16.         Indemnity.
Pledgor agrees that the terms and provisions of Section 9.04(b) of the Loan Agreement are hereby incorporated by reference
into this Agreement to the same extent and with the same force as if fully set forth herein.

 

17.         Third
Party Waivers. (a) Pledgor authorizes Agents to perform any or all of the following acts at any time in its sole discretion,
all without notice to Pledgor (except as otherwise provided in the Loan Documents), without affecting Pledgor’s obligations
under this Agreement or any other Loan Documents and without affecting the liens and encumbrances against the Collateral in favor
of Agent (provided that the following are undertaken in accordance with the terms and provisions of the Loan Documents and applicable
law and provided, further that none of the following shall or shall be deemed to afford to Agent or any of the Secured Parties
any rights (or any expanded rights) beyond those rights expressly provided in the other Loan Documents or applicable law):

 

(i)          Subject
to Section 9.01 of the Loan Agreement, the Administrative Agent may alter any terms of the Debt or any part thereof, including
renewing, compromising, extending or accelerating, or otherwise changing the time for payment of, or increasing or decreasing the
rate of interest on, the Debt or any part thereof;

 

(ii)         Agent
may take and hold security for the Debt, accept additional or substituted security, and subordinate, exchange, enforce, waive,
release, compromise, fail to perfect and sell or otherwise dispose of any such security;

 

(iii)        Agent
may direct the order and manner of any sale of all or any part of any security now or later to be held for the Debt, and Agent
(or its nominees or designees) may also bid at any such sale;

 

    - 10 -

     

    

 

(iv)        The
Administrative Agent may apply any payments or recoveries from GA Tech Lessee, Pledgor or any other source, and any proceeds of
any security, to the obligations under the Loan Documents in such manner, order and priority as the Administrative Agent may elect;

 

(v)         The
Administrative Agent may release GA Tech Lessee or any other person or entity of its liability for the Debt or any part thereof;

 

(vi)        The
Administrative Agent may substitute, add or release any one or more guarantors or endorsers; and

 

(vii)       In
addition to the Debt, the Secured Parties may extend other credit to GA Tech Lessee, and may take and hold security agreed to by
GA Tech Lessee for the credit so extended.

 

(b)          Pledgor
waives:

 

(i)          Any
right it may have to require any Agent to proceed against GA Tech Lessee, Pledgor or any other person or entity, proceed against
or exhaust any security held from GA Tech Lessee, Pledgor or any person or entity, or pursue any other remedy in such Agent's power
to pursue;

 

(ii)         Any
defense based on any claim that Pledgor’s obligations exceed or are more burdensome than those of GA Tech Lessee, Pledgor
or any other Person;

 

(iii)        Any
defense: (A) based on any legal disability of any other Person, (B) based on any release, discharge, modification, impairment
or limitation of the liability of any other person or entity to any Agent from any cause, whether consented to by such Agent
or arising by operation of law, (C) arising out of or able to be asserted as a result of any case, action or proceeding
before any court or other governmental authority relating to bankruptcy, reorganization, insolvency, liquidation,
receivership, dissolution, winding-up or relief of any other person or entity or any of their respective affiliates, or any
general assignment for the benefit of creditors, composition, marshaling of assets for creditors or other, similar
arrangement in respect of its creditors generally or any substantial portion of its creditors; in each case as undertaken
under any U.S. Federal or State law (each of the foregoing described in this clause (C) being referred to herein as an
“Insolvency Proceeding”); or (D) arising from any rejection or disaffirmance of the Debt, or any
part thereof, or any security held therefor, in any such Insolvency Proceeding;

 

(iv)        Any
defense based on any action taken or omitted by any Agent in any Insolvency Proceeding involving any other Person, including any
election to have such Agent's claim allowed as being secured, partially secured or unsecured, any extension of credit by any Secured
Party to any other Person in any Insolvency Proceeding, and the taking and holding by such Agent of any security for any such extension
of credit;

 

(v)         All
presentments, demands for performance, notices of nonperformance, protests, notices of protest, notices of dishonor, notices of
intention to accelerate, notices of acceleration, notices of acceptance of this Agreement or any other Loan Document and of the
existence, creation, or incurring of new or additional indebtedness, and demands and notices of every kind (in each instance, except
as expressly required by the Loan Agreement or applicable law);

 

    - 11 -

     

    

 

(vi)        Any
duty on the part of Agent or any other Secured Party to disclose to Pledgor any matter, fact or thing relating to the business,
condition (financial or otherwise), operations, performance, properties or prospects of GA Tech Lessee, any other Loan Party or
any of their Subsidiaries now or hereafter known by Agent or such other Secured Party; and

 

(vii)       Except
for such notices as required by the Loan Documents, any defense based on or arising out of any defense that GA Tech Lessee or any
of its affiliates may have to the payment or performance of the Debt (other than the defense that the particular Debt in question
have been paid or performed (to the extent paid or performed));

 

(c)          Subject
to Section 9.13 of the Loan Agreement, after the occurrence and during the continuance of any Event of Default, in its sole discretion,
without prior notice (except as expressly required by the Loan Agreement, the Mortgage or applicable law) to or consent of Pledgor
or GA Tech Lessee, Agent may elect to: (A) foreclose against any collateral for the Debt, (B) accept any offer to transfer any
such collateral for the Debt in lieu of foreclosure, (C) compromise or adjust the Debt or any part thereof or make any other accommodation
with GA Tech Lessee or any Person, or (D) exercise any other remedy against GA Tech Lessee or any person or entity or any collateral
for the Debt. No such action by Agent shall release or limit any Secured Party’s rights hereunder or under the other Loan
Documents, even if the effect of the action is to deprive Pledgor of any subrogation rights, rights of indemnity, or other rights
to collect reimbursement from GA Tech Lessee or any other Person for any sums paid to the Secured Parties, whether contractual
or arising by operation of law or otherwise. Pledgor expressly agrees that under no circumstances shall Pledgor be deemed to have
any right, title, interest or claim in or to any real or personal property of Pledgor to be held by Agent or any third party after
any foreclosure or transfer in lieu of foreclosure of any security for the Debt.

 

18.         Miscellaneous.

 

(a)          Severability.
Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.

 

(b)          Headings.
The headings used in this Agreement are for convenience of reference only and are not to affect the construction hereof or
be taken into consideration in the interpretation hereof. The Recitals to this Agreement are hereby incorporated by reference as
if originally set forth in full herein.

 

(c)          No
Waiver; Cumulative Remedies. Agent shall not by any act (except by a written instrument pursuant to Section 18(d)),
delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any default
or in any breach of any of the terms and conditions hereof. No failure to exercise, nor any delay in exercising, on the part of
Agent, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power
or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege.
A waiver by Agent of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which
Agent would otherwise have on any future occasion. The rights, remedies, powers and privileges herein provided are cumulative,
may be exercised singly or concurrently and are not exclusive of any rights, remedies, powers or privileges provided by law.

 

(d)          Waivers
and Amendments; Successors and Assigns. None of the terms or provisions of this Agreement may be waived, amended, or otherwise
modified except in accordance with Section 9.01 of the Loan Agreement. This Agreement shall be binding upon and shall inure to
the benefit of Pledgor and the respective successors and assigns of Pledgor and shall inure to the benefit of Agent and its

 

    - 12 -

     

    

 

successors and assigns; provided
Pledgor shall not have any right to assign its rights hereunder and any purported assignment by Pledgor shall be void. The rights
of Agent under this Agreement shall automatically be transferred to any permitted assignee under the Loan Agreement.

 

(e)          Notices.
Notices by Agent to Pledgor or GA Tech Lessee to be effective shall be in writing (including by facsimile or electronic mail
transmission), addressed or transmitted to Pledgor or GA Tech Lessee at the address, facsimile number or electronic mail address
of Borrower set forth in the Loan Agreement, and shall be deemed to have been duly given or made in accordance with the terms and
provisions of Section 9.02 of the Loan Agreement.

 

(f)           Jurisdiction,
Etc.. Section 9.15 of the Loan Agreement is hereby incorporated herein by reference, mutatis mutandis.

 

(g)          Governing
Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

 

(h)          Agents.
Agent may employ agents and attorneys-in-fact in connection herewith and shall not be responsible for their actions except
for the gross negligence or willful misconduct of any such agents or attorneys-in-fact selected by it in good faith.

 

(i)           Irrevocable
Authorization and Instruction to GA Tech Lessee. Pledgor hereby authorizes and instructs GA Tech Lessee to comply with
any instruction received by it from Agent in writing that (i) states that an Event of Default has occurred and is continuing and
(ii) is otherwise in accordance with the terms of this Agreement, without any other or further instructions from Pledgor, and Pledgor
agrees that GA Tech Lessee shall be fully protected in so complying.

 

(j)           Counterparts.
This Agreement may be executed in any number of counterparts and all the counterparts taken together shall be deemed to constitute
one and the same instrument.

 

(k)          WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
(WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO ANY OF THE LOAN DOCUMENTS, THE ADVANCES, OR THE ACTIONS
OF AGENT OR ANY LENDER PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF.

 

(l)           No
Special Damages. No claim may be made by Pledgor against any Secured Party, its affiliates and its respective directors,
officers, employees, or attorneys for any special, indirect or consequential damages (“Special Damages”)
in respect of any breach or wrongful conduct (whether the claim therefor is based on contract, tort or duty imposed by law) in
connection with, arising out of, or in any way related to the transactions contemplated or relationship established by this Agreement,
or any act, omission or event occurring in connection herewith or therewith; and to the fullest extent permitted by law Pledgor
hereby waives, releases and agrees not to sue upon any such claim for Special Damages, whether or not accrued and whether or not
known or suspected to exist in its favor.

 

[SIGNATURES COMMENCE ON THE FOLLOWING PAGE]

 

    	 	- 13 -	 

     

    

 

IN WITNESS WHEREOF, the parties
have caused this Agreement to be executed by their duly authorized officers as of the date set forth above.

 

	 	PLEDGOR:
	 	 
	 	HIT TRS GA TECH HOLDING, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signatures continue on next page]

 

[Pledge Agreement (Georgia Tech TRS
Lessee)]

 

     

     

    

 

	 	AGENT:
	 	 
	 	CITIBANK, N.A., as collateral agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Pledge Agreement (Georgia Tech TRS
Lessee)]

 

     

     

    

 

SCHEDULE 1

To Pledge Agreement

 

DESCRIPTION OF PLEDGED MEMBERSHIP

INTERESTS

 

	Issuer	 	Owner	 	Class of Membership

Interest	 	Percentage of

Membership

Interests
	HIT TRS GA Tech, LLC	 	HIT TRS GA Tech Holding, LLC	 	Limited Liability Company Interests	 	100%

 

    	 	SCH. 1-1 	 

     

    

 

EXHIBIT A

 

FORM OF AUTHORIZATION STATEMENT

 

April        ,
2017

 

		To:	HIT TRS GA Tech, LLC

c/o Hospitality Investors Trust Operating Partnership,
L.P.

3950 University Drive

Fairfax, Virginia 22030

 

Reference is made
to the Pledge and Security Agreement, dated as of April        , 2017 (the “Pledge
Agreement”; capitalized terms used herein without definition shall have the respective meanings ascribed to them
in the Pledge Agreement), made by the undersigned to Citibank, N.A., as Collateral Agent (“Agent”),
a copy of which is attached hereto. Pursuant to the Pledge Agreement, the undersigned hereby notifies HIT TRS GA Tech, LLC, a
Delaware limited liability company (“Issuer”), that the undersigned has granted to Agent, for the ratable
benefit of the Secured Parties, a security interest (the “Security Interest”) in all of the undersigned’s
right, title and interest in and to all of the Collateral (including all of the interests of the undersigned in Issuer), and hereby
instructs Issuer to register the security interest in favor of:

 

CITIBANK, N.A., as Collateral Agent

390 Greenwich Street,
7th Floor

New York, New York 10013

Attn: Ana Rosu Marmann

 

	 	Very truly yours,
	 	 
	 	HIT TRS GA Tech Holding, LLC, a Delaware limited liability company
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	EXH. A-1 	 

     

    

 

EXHIBIT B

 

FORM OF ACKNOWLEDGEMENT AND CONSENT

 

The undersigned hereby acknowledges receipt
of a copy of the Authorization Statement, dated as of April        , 2017 and the
Pledge Agreement referred to therein.

 

	 	HIT TRS GA TECH, LLC, a Delaware limited liabiltiy company
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	EXH. B-1 	 

     

    

 

EXHIBIT C

 

FORM OF TRANSACTION STATEMENT

 

April___, 2017

 

		To:	HIT TRS GA TECH HOLDING, LLC

c/o Hospitality Investors Trust Operating Partnership,
L.P.

3950 University Drive

Fairfax, Virginia 22030

 

and

 

CITIBANK, N.A., as Collateral Agent

390 Greenwich Street,
7th Floor

New York, New York 10013

Attn: Ana Rosu Marmann

 

This Transaction Statement is to advise
you that the pledge of 100% of the limited liability company interests in HIT TRS GA Tech, LLC (the “Pledged Equity”)
has been registered in favor of Citibank, N.A., as Collateral Agent (the “Lienholder”), as follows:

 

CITIBANK, N.A., as Collateral Agent

390 Greenwich Street, 7th Floor

New York, New York 10013

Attn: Ana Rosu Marmann

 

Taxpayer identification number: 13-5266470.

 

The pledge was registered
on April        , 2017.

 

To the extent the Pledged Equity shall
at any time be deemed “uncertificated securities” under Article 8 of the Uniform Commercial Code as in effect from
time to time in the jurisdiction of the undersigned, the undersigned agrees that it will comply with instructions originated by
the Lienholder with respect to the Pledged Equity without further consent by HIT TRS GA Tech Holding, LLC.

 

This Transaction Statement is merely
a record of the rights of the addressees as of the time of its issuance. Delivery of this Transaction Statement, of itself, confers
no rights on the recipients. This Transaction Statement is neither a negotiable instrument nor a security.

 

	 	Very truly yours,
	 	 
	 	HIT TRS GA TECH, LLC, a Delaware limited liabiltiy company
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	EXH. C-1 	 

     

    

 

EXHIBIT D TO THE SECOND AMENDED AND RESTATED TERM
LOAN AGREEMENT

 

FORM OF ASSIGNMENT AND ACCEPTANCE

 

ASSIGNMENT AND ACCEPTANCE

 

Reference is made to the Second Amended
and Restated Term Loan Agreement dated as of April 27, 2017 (as amended, amended and restated, supplemented or otherwise modified
from time to time, the “Loan Agreement”; capitalized terms not otherwise defined herein shall have their
respective meanings set forth in the Loan Agreement) among the borrowers party thereto, collectively as Borrower, Hospitality Investors
Trust Operating Partnership, L.P., a Delaware limited partnership (“Operating Partnership”), Hospitality
Investors Trust, Inc., certain other parties party thereto, the Lenders party thereto, and Citibank, N.A., as Administrative Agent
for the Lenders and the Arrangers party thereto.

 

Each “Assignor”
referred to on Schedule 1 hereto (each, an “Assignor”) and each “Assignee” referred to on
Schedule 1 hereto (each, an “Assignee”) agrees severally with respect to all information relating to
it and its assignment hereunder and on Schedule 1 hereto as follows:

 

1.          Such
Assignor hereby sells and assigns, without recourse except as to the representations and warranties made by it herein, to such
Assignee, and such Assignee hereby purchases and assumes from such Assignor, an interest in and to such Assignor’s rights
and obligations under the Loan Agreement as of the date hereof equal to the percentage interest specified on Schedule 1 hereto
of all outstanding rights and obligations under the Loan specified on Schedule 1 hereto. After giving effect to such sale and assignment,
such Assignee’s Commitments and the amount of the Advances owing to such Assignee will be as set forth on Schedule 1 hereto.

 

2.          Such
Assignor (a) represents and warrants that its name set forth on Schedule 1 hereto is its legal name, that it is the legal and beneficial
owner of the interest or interests being assigned by it hereunder and that such interest or interests are free and clear of any
adverse claim; (b) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties
or representations made in or in connection with any Loan Document or the execution, legality, validity, enforceability, genuineness,
sufficiency or value of, or the perfection or priority of any lien or security interest created or purported to be created under
or in connection with, any Loan Document or any other instrument or document furnished pursuant thereto; (c) makes no representation
or warranty and assumes no responsibility with respect to the financial condition of any Loan Party or the performance or observance
by any Loan Party of any of its obligations under any Loan Document or any other instrument or document furnished pursuant thereto;
and (d) attaches the Note or Notes (if any) held by such Assignor and requests that the Administrative Agent exchange such Note
or Notes for a new Note or Notes payable to the order of such Assignee in an amount equal to the Commitments assumed by such Assignee
pursuant hereto or new Notes payable to the order of such Assignee in an amount equal to the Commitments assumed by such Assignee
pursuant hereto and such Assignor in an amount equal to the Commitments retained by such Assignor under the Loan Agreement, respectively,
as specified on Schedule 1 hereto.

 

3.          Such
Assignee (a) represents and warrants that it is legally authorized to enter into this Assignment and Acceptance; (b) confirms that
it has received a copy of the Loan Agreement, together with copies of the financial statements referred to in Section 4.01 thereof
and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into
this Assignment and Acceptance; (c) agrees that it will, independently and without reliance upon any Agent, any Assignor or any
other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit
decisions in taking or not taking action under the Loan Agreement; (d) represents and warrants that its name set forth on Schedule
1 hereto is its legal name; (e) confirms that it is an Eligible Assignee; (f) appoints and authorizes each Agent to take such action
as agent on its behalf and to

 

    	 	Exh. D-1 	 

     

    

 

exercise such powers and discretion under the Loan Documents
as are delegated to such Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto;
(g) agrees that it will perform in accordance with their terms all of the obligations that by the terms of the Loan Agreement are
required to be performed by it as a Lender; and (h) attaches any U.S. Internal Revenue Service forms required under Section 2.12
of the Loan Agreement.

 

4.          Following
the execution of this Assignment and Acceptance, it will be delivered to the Administrative Agent for acceptance and recording
by the Administrative Agent. The effective date for this Assignment and Acceptance (the “Effective Date”)
shall be the date of acceptance hereof by the Administrative Agent, unless otherwise specified on Schedule 1 hereto.

 

5.          Upon
such acceptance by the Administrative Agent and, if applicable, Operating Partnership, and recording by the Administrative Agent,
as of the Effective Date, (a) such Assignee shall be a party to the Loan Agreement and, to the extent provided in this Assignment
and Acceptance, have the rights and obligations of a Lender thereunder and (b) such Assignor shall, to the extent provided in this
Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Agreement (other than its
rights and obligations under the Loan Documents that are specified under the terms of such Loan Documents to survive the payment
in full of the Obligations of the Loan Parties under the Loan Documents to the extent any claim thereunder relates to an event
arising prior to the Effective Date of this Assignment and Acceptance) and, if this Assignment and Acceptance covers all of the
remaining portion of the rights and obligations of such Assignor under the Loan Agreement, such Assignor shall cease to be a party
thereto.

 

6.          Upon
such acceptance by the Administrative Agent and, if applicable, Operating Partnership and recording by the Administrative Agent,
from and after the Effective Date, the Administrative Agent shall make all payments under the Loan Agreement and the Notes in respect
of the interest assigned hereby (including, without limitation, all payments of principal, interest and commitment fees with respect
thereto) to such Assignee. Such Assignor and such Assignee shall make all appropriate adjustments in payments under the Loan Agreement
and the Notes for periods prior to the Effective Date directly between themselves.

 

7.          This
Assignment and Acceptance shall be governed by, and construed in accordance with, the laws of the State of New York.

 

8.          This
Assignment and Acceptance may be executed in any number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same
agreement. Delivery of an executed counterpart of Schedule 1 to this Assignment and Acceptance by telecopier or e-mail (which e-mail
shall include an attachment in PDF format or similar format containing the legible signature of the person executing this Assignment
and Acceptance) shall be effective as delivery of an original executed counterpart of this Assignment and Acceptance.

 

    	 	Exh. D-2 	 

     

    

 

IN WITNESS WHEREOF,
each Assignor and each Assignee have caused Schedule 1 to this Assignment and Acceptance to be executed by their officers thereunto
duly authorized as of the date specified thereon.

 

    	 	Exh. D-3 	 

     

    

 

SCHEDULE 1

to

ASSIGNMENT AND ACCEPTANCE

 

	ASSIGNORS:	 	 	 	 	 
	Term Loan	 	 	 	 	 
	Percentage interest assigned	%	%	%	%	%
	Aggregate outstanding principal amount of Advances assigned	$	$	$	$	$
	Principal amount of Note payable to Assignor	$	$	$	$	$

 

 

	ASSIGNEES:	 	 	 	 	 
	Term Loan	 	 	 	 	 
	Percentage interest assumed	%	%	%	%	%
	Aggregate outstanding principal amount of Advances assumed	$	$	$	$	$
	Principal amount of Note payable to Assignee	$	$	$	$	$

 

    	 	Exh. D-4 	 

     

    

 

Effective Date (if other than date of acceptance by Administrative
Agent):

2________________, ___

 

	 	Assignors
	 	 
	 	______________________________, as Assignor
	 	[Type or print legal name of Assignor]
	 	 	 
	 	By	 
	 	 	Title:
	 	 	 
	 	
        Dated:____________, ___

	 	 	 
	 	______________________________, as Assignor
	 	[Type or print legal name of Assignor]
	 	 	 
	 	By	 
	 	 	Title:
	 	 	 
	 	
        Dated:____________, ___

	 	 	 
	 	______________________________, as Assignor
	 	[Type or print legal name of Assignor]
	 	 	 
	 	By	 
	 	 	Title:
	 	 	 
	 	
        Dated:____________, ___

	 	 
	 	______________________________, as Assignor
	 	[Type or print legal name of Assignor]
	 	 	 
	 	By	 
	 		Title:
	 	 	 
	 	Dated:____________, ___

 

 

		2	This date should be no earlier than five Business Days
after the delivery of this Assignment and Acceptance to the Administrative Agent and, if applicable, the Borrowers.

 

    	 	Exh. D-5 	 

     

    

 

	 	Assignees
	 	 
	 	______________________________, as Assignee
	 	[Type or print legal name of Assignee]
	 	 	 
	 	By	 
	 	 	Title:
	 	 	E-mail address for notices:
	 	 	 
	 	Dated:____________, ___

	 	 	 
	 	Domestic Lending Office:
	 	 	 
	 	Eurodollar Lending Office:
	 	 	 
	 	______________________________, as Assignee
	 	[Type or print legal name of Assignee]
	 	 	 
	 	By	 
	 	 	Title:
	 	 	E-mail address for notices:
	 	 	 
	 	Dated:____________, ___

	 	 	 
	 	Domestic Lending Office:
	 	 	 
	 	Eurodollar Lending Office:
	 	 	 
	 	______________________________, as Assignee
	 	[Type or print legal name of Assignee]
	 	 	 
	 	By	 
	 	 	Title:
	 	 	E-mail address for notices:
	 	 	 
	 	Dated:____________, ___

	 	 	 
	 	Domestic Lending Office:
	 	 	 
	 	Eurodollar Lending Office:

 

    	 	Exh. D-6 	 

     

    

 

	 	______________________________, as Assignee
	 	[Type or print legal name of Assignee]
	 	 	 
	 	By	 
	 	 	Title:
	 	 	E-mail address for notices:
	 	 	 
	 	Dated:____________, ___

	 	 	 
	 	Domestic Lending Office:
	 	 	 
	 	Eurodollar Lending Office:

 

    	 	Exh. D-7 	 

     

    

 

Accepted [and Approved] this ___

day of_____________, ___

 

	CITIBANK, N.A.,	 
	as Administrative Agent	 
	 	 	 
	By	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	By	 	 
	 	Name:	 
	 	Title:	 

 

[Approved this___day

 of_____________, ___

 

	HOSPITALITY INVESTORS TRUST OPERATING PARTNERSHIP, L.P.,	 
	a Delaware limited partnership	 
	 	 	 
	By:	 	 
	Name:	 	 
	
        Title:
	 	 

 

    	 	Exh. D-8 	 

     

    

 

EXHIBIT E-1 TO THE SECOND AMENDED AND RESTATED TERM
LOAN AGREEMENT

 

FORM OF OPINION OF NY COUNSEL

 

[Attached.]

 

    	 	Exh. E-1 	 

     

    

 

EXHIBIT E-2 TO THE SECOND AMENDED AND RESTATED TERM
LOAN AGREEMENT

 

FORM OF OPINION OF MD COUNSEL

 

[Attached.]

 

    	 	Exh. E-2 	 

     

    

 

EXHIBIT E-3 TO THE SECOND AMENDED AND RESTATED TERM
LOAN AGREEMENT

 

FORM OF OPINION OF DE COUNSEL

 

[Attached.]

 

    	 	Exh. E-3 	 

     

    

 

EXHIBIT F TO THE SECOND
AMENDED AND RESTATED TERM LOAN AGREEMENT

 

FORM
OF AMENDED AND RESTATED SECURITY AGREEMENT

 

[Attached.]

 

    	 	Exh. F 	 

     

    

 

EXHIBIT
F TO THE SECOND AMENDED AND RESTATED TERM LOAN AGREEMENT

 

FORM
OF AMENDED AND RESTATED SECURITY AGREEMENT

 

AMENDED AND RESTATED SECURITY AGREEMENT

 

Dated April 27, 2017

 

from

 

THE GRANTORS REFERRED TO HEREIN

 

to

 

CITIBANK, N.A.,

 

as Collateral Agent

 

     

     

    

 

TABLE OF CONTENTS

 

	Section	 	Page
	 	 	 
	Section 1.	Grant of Security	1
	 	 	 
	Section 2.	Security for Obligations	4
	 	 	 
	Section 3.	Grantors Remain Liable	4
	 	 	 
	Section 4.	Maintaining the Account Collateral	4
	 	 	 
	Section 5.	Reserved	5
	 	 	 
	Section 6.	Reserved	5
	 	 	 
	Section 7.	Reserved	5
	 	 	 
	Section 8.	Representations and Warranties	5
	 	 	 
	Section 9.	Further Assurances	6
	 	 	 
	Section 10.	As to FF&E and Inventory	7
	 	 	 
	Section 11.	Reserved	7
	 	 	 
	Section 12.	Post-Closing Changes; Bailees; Collections on Assigned Agreements, Receivables and Related Contracts	7
	 	 	 
	Section 13.	Reserved	8
	 	 	 
	Section 14.	Reserved	8
	 	 	 
	Section 15.	Transfers and Other Liens; Additional Equity Interests	8
	 	 	 
	Section 16.	Collateral Agent Appointed Attorney-in-Fact	8
	 	 	 
	Section 17.	Collateral Agent May Perform	8
	 	 	 
	Section 18.	The Collateral Agent’s Duties	9
	 	 	 
	Section 19.	Remedies	9
	 	 	 
	Section 20.	Indemnity and Expenses	10
	 	 	 
	Section 21.	Amendments; Waivers; Additional Grantors, Etc.	11
	 	 	 
	Section 22.	Notices, Etc.	11
	 	 	 
	Section 23.	Continuing Security Interest; Assignments under the Loan Agreement	11
	 	 	 
	Section 24.	Release; Termination	11
	 	 	 
	Section 25.	Security Interest Absolute	11
	 	 	 
	Section 26.	Third Party Waivers	12

 

     

     

    

 

	Section 27.	Execution in Counterparts	14
	 	 	 
	Section 28.	The Loan Agreement and the Mortgages	14
	 	 	 
	Section 29.	Jurisdiction, Etc.	15
	 	 	 
	Section 30.	Governing Law	15
	 	 	 
	Section 31.	WAIVER OF JURY TRIAL	15
	 	 	 
	Section 32.	Change of Agent	15

 

Schedules

 

	Schedule I	-	Location, Chief Executive Office, Type of Organization, Jurisdiction of Organization and Organizational Identification Number
	Schedule II	-	Assigned Agreements
	Schedule III	-	Hotels and Locations of FF&E and Inventory
	Schedule IV	-	Changes in Name, Location, Etc.

 

Exhibits

 

	Exhibit A	-	Form of Security Agreement Supplement

 

     

     

    

 

AMENDED AND RESTATED SECURITY
AGREEMENT

 

AMENDED AND RESTATED SECURITY AGREEMENT dated
April 27, 2017 (this “Agreement”) among the entities listed on the signature pages hereof as the
grantors and the ADDITIONAL GRANTORS (as defined in Section 21) (collectively, the
“Grantors”) and CITIBANK, N.A., as collateral agent (in such capacity, together with any successor
collateral agent appointed pursuant to Article VIII of the Loan Agreement (as hereinafter defined), the
“Collateral Agent”) for the Secured Parties (as defined in the Loan Agreement).

 

PRELIMINARY STATEMENTS

 

(1)         In
connection with that certain Amended and Restated Term Loan Agreement dated as of October 15, 2015 (the “Existing Loan
Agreement”), certain Grantors entered into a Security Agreement dated as of October 15, 2015 (the “Existing
Security Agreement”) among such Grantors and Deutsche Bank AG New York Branch, as the administrative agent (“DB
Agent”), for the benefit of the Secured Parties under the Existing Credit Agreement.

 

(2)         The
Grantors and certain other Loan Parties have entered into a Second Amended and Restated Credit Agreement dated as of the date hereof
(such Agreement, as it may hereafter be amended, amended and restated, supplemented or otherwise modified from time to time, the
“Loan Agreement”) with the Lenders, the Agents, and the Arrangers (each as defined therein).

 

(3)         Pursuant
to the Loan Agreement, Citibank, N.A. is replacing DB Agent as administrative agent thereunder and is being appointed as collateral
agent thereunder.

 

(4)         Pursuant
to the Loan Agreement the Grantors are entering into this Agreement in order to grant to the Collateral Agent for the ratable benefit
of the Secured Parties a security interest in the Collateral (as hereinafter defined).

 

(5)         It
is a condition precedent to the making of the Loan by the Lenders under the Loan Agreement that the Grantors shall have executed
and delivered this Agreement to the Collateral Agent.

 

(6)         Each
Grantor will derive substantial direct and indirect benefit from the transactions contemplated by the Loan Documents.

 

(7)         Terms
defined in the Loan Agreement and not otherwise defined in this Agreement are used in this Agreement as defined in the Loan Agreement.
Further, unless otherwise defined in this Agreement or in the Loan Agreement, terms defined in Article 8 or 9 of the UCC (as defined
below) are used in this Agreement as such terms are defined in such Article 8 or 9. “UCC” means the Uniform
Commercial Code as in effect, from time to time, in the State of New York; provided, however, that, if perfection
or the effect of perfection or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform
Commercial Code as in effect in a jurisdiction other than the State of New York, “UCC” means the Uniform
Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such
perfection, effect of perfection or non-perfection or priority.

 

NOW, THEREFORE, in
consideration of the premises, in order to induce the Lenders to make the Loan under the Loan Agreement, and for good and valuable
other consideration, the receipt and sufficiency of which is hereby conclusively acknowledged, each Grantor hereby agrees with
the Collateral Agent for the ratable benefit of the Secured Parties as follows:

 

Section 1.          Grant
of Security. Subject to Section 24 hereof, each Grantor hereby grants to the Collateral Agent, for the ratable benefit of the
Secured Parties, a security interest in, such Grantor’s right,

 

     

     

    

 

title and interest in and to the following (if any),
in each case, as to each type of property described below, whether now owned or hereafter acquired by such Grantor, wherever located,
and whether now or hereafter existing or arising and in all events to the extent the same is assignable and relates solely and
exclusively to one or more Collateral Assets (collectively, the “Collateral”):

 

(a)          all
“furniture, furnishings and equipment” (as such phrase is commonly understood in the hotel industry) and all appurtenances
and additions thereto and substitutions or replacements thereof owned by such Grantor and now or hereafter attached to, contained
in or used in connection with the use, occupancy, operation or maintenance of each hotel set forth opposite such Grantor’s
name in Schedule III hereto (each, a “Hotel”), including, without limitation, any and all fixtures,
furnishings, equipment, furniture, and other items of tangible personal property, appliances, machinery, equipment, signs, artwork
(including paintings, prints, sculpture and other fine art), office furnishings and equipment, guest room furnishings, and specialized
equipment for kitchens, laundries, drying, bars, restaurants, spas, public rooms, health and recreational facilities, linens, dishware,
two-way radios, all partitions, screens, awnings, shades, blinds, rugs, carpets, hall and lobby equipment, heating, lighting, plumbing,
ventilating, refrigerating, incinerating, elevators, escalators, air conditioning and communication plants or systems with appurtenant
fixtures, vacuum cleaning systems, call or beeper systems, security systems, sprinkler systems and other fire prevention and extinguishing
apparatus and materials; generators, boilers, compressors and engines; gas and electric machinery and equipment; facilities used
to provide utility services; garbage disposal machinery or equipment; communication apparatus, including television, radio, music,
and cable antennae and systems; attached floor coverings, window coverings, curtains, drapes and rods; storm doors and windows;
stoves, refrigerators, dishwashers and other installed appliances; attached cabinets; trees, plants and other items of landscaping;
visual and electronic surveillance systems; and swimming pool heaters and equipment fuel, water and other pumps and tanks; irrigation
equipment; reservation system computer and related equipment; all equipment, manual, mechanical or motorized, for the construction,
maintenance, repair and cleaning of, parking areas, walks, underground ways, truck ways, driveways, common areas, roadways, highways
and streets and all equipment, fixtures, furnishings, and articles of personal property now or hereafter attached to or used in
or about any such Hotel which is or may be used in or related to the planning, development, financing or operation thereof and
all renewals of or replacements or substitutions for any of the foregoing (the “FF&E”);

 

(b)          all
inventory in all of its forms, including, without limitation, (i) all provisions in storerooms, refrigerators, pantries and kitchens,
beverages in wine cellars and bars, other merchandise intended for sale, fuel, mechanical supplies, stationary and other expenses,
supplies and similar items and raw materials and work in process therefor, finished goods thereof and materials used or consumed
in the manufacture, production, preparation or shipping thereof, (ii) goods in which such Grantor has an interest in mass or a
joint or other interest or right of any kind (including, without limitation, goods in which such Grantor has an interest or right
as consignee) and (iii) goods that are returned to or repossessed or stopped in transit by such Grantor, and all accessions thereto
and products thereof and documents therefor, and all software related thereto, including, without limitation, software that is
embedded in and is part of the inventory (any and all such property being the “Inventory”);

 

(c)          all
fees, charges, accounts (including, without limitation, insurance receivables), chattel paper, instruments (including, without
limitation, promissory notes), deposit accounts, letter-of-credit rights, general intangibles (including, without limitation, payment
intangibles) and other obligations and/or other payments, including, without limitation, payments for the use or occupancy of rooms,
suites, or other lodging facilities of any kind and/or public facilities in or at any such Hotel or for the provision of any food
and beverages or other services at any such Hotel, including fees, charges, accounts and/or other payments arising from the following:
(i) sale of food and beverages, whether in a restaurant, through “room service” dining, or through banquets, catering
facilities and services; (ii) sales of food and beverages from mini-bar facilities in guest rooms; (iii) laundry, vending machine

 

    	 	2	 

     

    

 

and telecommunications receipts, whether billed
to guests of any such Hotel or collected in cash; (iv) rental of conference rooms, meeting rooms and ball rooms; (v)
operation of health club, spa, personal care, and other facilities located in, on or at any such Hotel; (vi) incidental
charges to guests of any such Hotel or other users or customers; (vii) any other charges of any kind that appear on any bill
or statement rendered to any guest of any such Hotel or other user or customer of any such Hotel; and (viii) any payments
(and the right to receive payments) from any consumer credit/charge card organization or entity (such as, or similar to, the
organizations or entities that sponsor and administer the American Express Card, the Visa Card, the MasterCard, the Carte
Blanche Card or the Discover Card), whether now existing or hereafter created, substitutions therefor, proceeds (whether cash
or non-cash, movable or immovable, tangible or intangible) received upon the sale, exchange, transfer, collection or other
disposition or substitution thereof and any and all of the foregoing and proceeds therefrom, proceeds or fees received from
travel agents or arising from reservation systems or services, all rights now or hereafter existing in and to all supporting
obligations and in and to all security agreements, mortgages, Liens, leases, letters of credit and other contracts securing
or otherwise relating to the foregoing property, in each case excluding the revenues or other income earned by third party
licensees and lessees (other than Affiliates of Grantor) of any portion of any Hotel (but including such revenues or other
income payable by such third party licensee or lessee to any Grantor) (any and all of such fees, charges, accounts and/or
other payments, instruments, deposit accounts, letter-of-credit rights, general intangibles and other obligations, to the
extent not referred to in clause (f) or (g) below, being the “Receivables”, and any and all such
supporting obligations, security agreements, mortgages, Liens, leases, letters of credit and other contracts being the
“Related Contracts”);

 

(d)          each
of the Material Contracts listed on Schedule II hereto, and each Approved Management Agreement to which such Grantor is
now or may hereafter become a party, in each case as such agreements may be amended, amended and restated, supplemented or otherwise
modified from time to time (collectively, the “Assigned Agreements”), including, without limitation,
(i) all rights of such Grantor to receive moneys due and to become due under or pursuant to the Assigned Agreements, (ii) all rights
of such Grantor to receive proceeds of any insurance, indemnity, warranty or guaranty with respect to the Assigned Agreements,
(iii) claims of such Grantor for damages arising out of or for breach of or default under the Assigned Agreements and (iv) the
right of such Grantor to terminate the Assigned Agreements, to perform thereunder and to compel performance and otherwise exercise
all remedies thereunder (all such Collateral being the “Agreement Collateral”);

 

(e)          all
agreements, permits, consents, orders and franchises relating to the construction, use or operation of any of the Hotels to which
such Grantor, now or hereafter, is a party or a beneficiary;

 

(f)           the
following (collectively, the “Account Collateral”):

 

(i)          all
promissory notes, certificates of deposit, deposit accounts, checks and other instruments from time to time delivered to or otherwise
possessed by the Collateral Agent for or on behalf of such Grantor, including, without limitation, those delivered or possessed
in substitution for or in addition to any or all of the then existing Account Collateral; and

 

(ii)         all
interest, dividends, distributions, cash, instruments and other property from time to time received, receivable or otherwise distributed
in respect of or in exchange for any or all of the then existing collateral described in subsection 1(f)(i);

 

(g)          all
books and records (including, without limitation, customer lists, credit files, printouts and other computer output materials and
records) of such Grantor pertaining to any of the Collateral; and

 

    	 	3	 

     

    

 

(h)          all
proceeds of, collateral for, income, royalties and other payments now or hereafter due and payable with respect to, and supporting
obligations relating to, any and all of the Collateral (including, without limitation, proceeds, collateral and supporting obligations
that constitute property of the types described in clauses (a) through (g) of this Section 1 and this clause (h)) and, to
the extent not otherwise included, all (A) subject to the terms and provisions of the Loan Agreement and the Mortgages, payments
under insurance (whether or not any Agent is the loss payee thereof), or any indemnity, warranty or guaranty, payable by reason
of loss or damage to or otherwise with respect to any of the foregoing Collateral, (B) tort claims, including, without limitation,
all commercial tort claims and (C) subject to the terms and provisions of the Cash Management Agreement, cash on hand of such Grantor.

 

Notwithstanding anything herein to
the contrary, in no event shall the Collateral include or the security interest granted under this Section 1 attach to any
agreement, permit, consent, order or franchise covering real or personal property of any Grantor, and any of its rights or interest
thereunder, if and to the extent that the grant of a security interest or lien is prohibited by or in violation of (y) any law,
rule, regulation or order, or (z) a term, provision or condition of any such agreement, permit, consent, order or franchise (unless
such law, rule, regulation, term, provision or condition would be rendered ineffective with respect to the creation of the security
interest hereunder pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of any
relevant jurisdiction or any other applicable law (including any Bankruptcy Law) or principles of equity) and such provision or
condition has not been waived or the consent of the other party to such agreement, permit, consent, order or franchise has not
been obtained; provided however that the Collateral shall include (and such security interest shall attach) immediately at such
time as the contractual or legal prohibition shall no longer be applicable and to the extent severable, shall attach immediately
to any portion of such agreement, permit, consent, order or franchise not subject to the prohibitions specified in (y) or (z) above;
provided further that the exclusions referred to in this paragraph shall not include any proceeds of any such agreement,
permit, consent, order or franchise.

 

Section 2.          Security
for Obligations. Subject to Section 24, this Agreement secures the payment of all Obligations of such Grantor now or hereafter
existing under the Loan Documents, whether direct or indirect, absolute or contingent, and whether for principal, reimbursement
obligations, interest, fees, premiums, penalties, indemnifications, contract causes of action, costs, expenses or otherwise (all
such Obligations being the “Secured Obligations”). Without limiting the generality of the foregoing,
this Agreement secures, as to each Grantor, the payment of all amounts that constitute part of the Secured Obligations and would
be owed by such Grantor to any Secured Party under the Loan Documents but for the fact that they are unenforceable or not allowable
due to the existence of a bankruptcy, reorganization or similar proceeding involving a Loan Party.

 

Section
3.          Grantors Remain Liable. Anything herein to the contrary
notwithstanding, (a) each Grantor shall remain liable under the
contracts and agreements included in such Grantor’s Collateral to the extent set forth therein to perform all of its
duties and obligations thereunder to the same extent as if this Agreement had not been executed, and (b) no Secured Party
shall have any obligation or liability under the contracts and agreements included in the Collateral solely by reason of this
Agreement or any other Loan Document, nor shall any Secured Party be obligated to perform any of the obligations or duties of
any Grantor thereunder or to take any action to collect or enforce any claim for payment assigned hereunder except to the
extent required by law.

 

Section 4.          Maintaining
the Account CollateralSo long as any Advance or any other Obligation of any Loan Party under any Loan Document shall remain
unpaid, or any Lenders shall have, at any time after the Closing Date, any Commitment, the Collateral Agent may, at any time and
without notice to, or consent from, the Borrower or any Grantor, transfer, or direct the transfer of, funds from the Account Collateral
to satisfy the Borrower’s or such Grantor’s obligations under the Loan Documents if an Event of Default shall have
occurred and be continuing.

 

    	 	4	 

     

    

 

Section 5.          Reserved

 

Section 6.          Reserved

 

Section 7.          Reserved

 

Section 8.          Representations
and Warranties. Each Grantor represents and warrants as of the date hereof as follows:

 

(a)          Such
Grantor’s exact legal name is correctly set forth in Schedule I hereto. Such Grantor is located (within the meaning
of Section 9-307 of the UCC) and has its chief executive office, all original copies of each Assigned Agreement and Related Contract
to which such Grantor is a party, and all originals of all chattel paper that evidence Receivables of such Grantor, in the state
or jurisdiction set forth in Schedule I hereto. The information set forth in Schedule I hereto with respect to such
Grantor is true and accurate in all respects. Such Grantor has not previously changed its name, location, chief executive office,
type of organization, jurisdiction of organization or organizational identification number from those set forth in Schedule
I hereto except as disclosed in Schedule IV hereto.

 

(b)          All
of the FF&E and Inventory of such Grantor are located at the places specified therefor in Schedule III hereto, as such
Schedule III may be amended from time to time pursuant to Section 10(a). Within the five years preceding the execution
of this Agreement (or such shorter period as the related Qualified Asset has been owned by such Grantor), such Grantor has not
previously changed the location of its FF&E and Inventory except as set forth in Schedule IV hereto. All Account Collateral
consisting of certificated securities and instruments have been delivered to the Collateral Agent. None of the Receivables or Agreement
Collateral is evidenced by a promissory note or other instrument (other than credit card receipts) that has not been delivered
to the Collateral Agent.

 

(c)          Such
Grantor is the legal and beneficial owner of the Collateral of such Grantor free and clear of any Lien, claim, option or right
of others, except for Permitted Liens and as otherwise expressly permitted under the Loan Agreement. No effective financing statement
or other instrument similar in effect covering all or any part of such Collateral or listing Grantor or any trade name of Grantor
as debtor is on file in any recording office, except (i) such as may have been filed in favor of the Collateral Agent relating
to the Loan Documents, (ii) as set forth on Schedule 4.01(p) of the Loan Agreement and (iii) to the extent that such financing
statement or other instrument similar in effect does not relate to such Grantor’s interest in the Collateral.

 

(d)          Subject
to the terms and provisions of applicable management, franchise and operating leases, such Grantor has exclusive possession and
control of its FF&E and Inventory.

 

(e)          The
Assigned Agreements to which such Grantor is a party, true and complete copies of which have been furnished to the Collateral Agent,
have been duly authorized, executed and delivered by such Grantor, have not been amended, amended and restated, supplemented or
otherwise modified, are in full force and effect and are binding upon and enforceable against all parties thereto in accordance
with their terms (subject to Bankruptcy Law and principles of equity). There exists no material default by such Grantor (or, to
Grantor’s knowledge, any other party thereto) under any Assigned Agreement to which such Grantor is a party.

 

(f)           Such
Grantor is not a beneficiary or assignee under any letter of credit other than those provided as security by parties under leases.

 

(g)          All
filings and other actions (including, without limitation, (A) actions necessary to obtain control of Collateral as provided in
Sections 9-104, 9-105, 9-106 and 9-107 of the UCC and (B)

 

    	 	5	 

     

    

 

actions necessary to perfect the security interest in
the Collateral of such Grantor created under this Agreement have been duly made or taken and are in full force and effect, and
this Agreement creates in favor of the Collateral Agent for the benefit of the Secured Parties a valid and, together with such
filings and other actions, perfected first priority security interest in the Collateral of such Grantor, securing the payment of
the Secured Obligations, to the extent a security interest in the Collateral may be perfected under the UCC by filing a financing
statement.

 

(h)          No
authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body or
any other party that is not an affiliate of Grantor is required for (i) the grant by such Grantor of the security interest granted
hereunder or for the execution, delivery or performance of this Agreement by such Grantor, (ii) the perfection or maintenance of
the security interest created hereunder (including the first priority nature of such security interest), except for the filing
of financing and continuation statements under the UCC, which financing statements have been duly filed and are, or upon filing
by Collateral Agent shall be, in full force and effect or (iii) the exercise by the Collateral Agent of its rights provided for
in this Agreement or the remedies in respect of the Collateral pursuant to this Agreement, except as may be required in connection
with the disposition of any portion of the Collateral consisting of securities, security entitlements or pledged financial assets
by laws affecting the offering and sale of securities generally.

 

(i)           Such
Grantor has no commercial tort claims (as defined in Section 9-102(13) of the UCC)

 

Section
9.          Further Assurances. (a) Each Grantor agrees that from
time to time, at its own expense, such Grantor will promptly execute and deliver, or otherwise authenticate, all further
instruments and documents, and take all further action that may be reasonably necessary, or that the Collateral Agent may
reasonably request, in order to perfect and protect any pledge or security interest granted or purported to be granted by
such Grantor hereunder covering the Collateral or any part thereof or to enable the Collateral Agent to exercise and enforce
its rights and remedies hereunder with respect to any Collateral of such Grantor. Without limiting the generality of the
foregoing (but without increasing the rights of the Collateral Agent and the Secured Parties granted herein), each Grantor
will, upon the reasonable request of the Collateral Agent, promptly with respect to Collateral of such Grantor: (i) if any
such Collateral shall be evidenced by a promissory note or other instrument, deliver and pledge to the Collateral
Agent hereunder such note or instrument duly indorsed in blank and accompanied by duly executed instruments of transfer or
assignment, all in form and substance reasonably satisfactory to the Collateral Agent; (ii) authenticate and file such
financing or continuation statements, or amendments thereto, and such other instruments or notices, as may be reasonably
necessary, or as the Collateral Agent may reasonably request, in order to perfect and preserve the security interest granted
or purported to be granted by Grantor hereunder; (iii) deliver and pledge to the Collateral Agent for benefit of the Secured
Parties certificates representing any Account Collateral consisting of certificated securities, accompanied by undated stock
or bond powers executed in blank; (iv) take all action necessary to ensure that the Collateral Agent has control of the
Account Collateral, investment property related to the Account Collateral (upon the occurrence and during the continuance of
any Event of Default), transferable records as provided in Sections 9-104, 9-105 and 9-106 of the UCC; and (v) deliver to the
Collateral Agent evidence that all other action that the Collateral Agent may reasonably deem necessary in order to perfect
and protect the security interest created by Grantor under this Agreement has been taken.

 

(b)          Each
Grantor hereby authorizes the Collateral Agent to file one or more financing or continuation statements, and amendments thereto
in each jurisdiction necessary to perfect a security interest in the Collateral granted hereby. A photocopy or other reproduction
of this Agreement or any financing statement covering the Collateral or any part thereof shall be sufficient as a financing statement
where permitted by law. Each Grantor ratifies its authorization for the Collateral Agent to have filed such financing statements,
continuation statements or amendments filed prior to the date hereof.

 

    	 	6	 

     

    

 

(c)          Each
Grantor will furnish to the Collateral Agent from time to time statements and schedules further identifying and describing the
Collateral of such Grantor and such other reports in connection with such Collateral as the Collateral Agent may reasonably request,
all in reasonable detail.

 

Section 10. As to FF&E and Inventory.
(a) Each Grantor will keep the FF&E and Inventory of such Grantor (other than any FF&E or Inventory transferred in accordance
with Section 5.02(e)(ii) of the Loan Agreement) at the places therefor specified in Section 8(b).

 

(b)          Each
Grantor will cause the FF&E of such Grantor to be maintained and preserved in all material respects in the same condition,
repair and working order as of the date hereof, ordinary wear and tear excepted, and, subject to the terms and provisions of the
Loan Agreement and the Mortgages with respect to FF&E constituting fixtures, will forthwith, or in the case of any material
loss or damage to any of such FF&E as soon as practicable after the occurrence thereof, make or cause to be made all repairs,
replacements and other improvements in connection therewith that are reasonably necessary to such end. Subject to the terms and
provisions of the Loan Agreement and the Mortgages with respect to FF&E constituting fixtures, each Grantor will promptly furnish
to the Collateral Agent a statement respecting any loss or damage exceeding

$250,000 to any of the FF&E or Inventory of such Grantor.

 

(c)          Each
Grantor will pay promptly prior to the date the same would be delinquent, all property and other taxes, assessments and governmental
charges or levies imposed upon, and all claims (including, without limitation, claims for labor, materials and supplies) against,
the FF&E and Inventory of such Grantor, except to the extent payment thereof is not required by Section 5.01(b) of the Loan
Agreement.

 

Section 11. ReservedPost-Closing
Changes; Bailees; Collections on Assigned Agreements, Receivables and Related Contracts. (a) No Grantor will change its name,
type of organization, jurisdiction of organization, organizational identification number or location from those set forth in Section
8(a) of this Agreement without first giving at least 30 days’ prior written notice to the Collateral Agent and taking
all action reasonably required by the Collateral Agent for the purpose of perfecting or protecting the security interest granted
by this Agreement; provided, however, that nothing contained in this Section 12 shall be deemed to require notice to or
consent by the Collateral Agent with respect to any Equity Transfer that would be permitted without notice to or consent by the
Collateral Agent under the terms of the Loan Agreement. No Grantor will change the location of its FF&E and Inventory (other
than any FF&E or Inventory (i) transferred in accordance with Section 5.02(e)(ii) of the Loan Agreement, or (ii) sold in the
ordinary course of business) or the place where it keeps the originals of the Assigned Agreements and Related Contracts to which
such Grantor is a party and the originals of all chattel paper that evidence Receivables of such Grantor from the locations therefor
specified in Sections 8(a) and 8(b) without first giving the Collateral Agent 30 days’ prior written notice
of such change. Except as not otherwise prohibited by the Loan Agreement, no Grantor will become bound by a security agreement
authenticated by another Person (determined as provided in Section 9- 203(d) of the UCC) without giving the Collateral Agent 30
days’ prior written notice thereof and taking all action reasonably required by the Collateral Agent to ensure that the perfection
and first priority nature of the Collateral Agent’s security interest in the Collateral will be maintained. Each Grantor
will hold and preserve its records relating to the Collateral, including, without limitation, the Assigned Agreements and Related
Contracts, and will, upon reasonable prior notice (but in no event less than 48 hours’ notice unless an Event of Default
has occurred and is continuing), permit representatives of the Collateral Agent at any time during normal business hours to inspect
and make abstracts from such records and other documents. If the Grantor does not have an organizational identification number
and later obtains one, it will forthwith notify the Collateral Agent of such organizational identification number.

 

(b)          Reserved.

 

(c)          Except
as otherwise provided in this subsection (c), each Grantor will use commercially reasonable efforts to continue to collect, at
its own expense, all amounts due or to become due such Grantor under the Assigned Agreements, Receivables and Related Contracts.
In connection with such collections, the

 

    	 	7	 

     

    

 

Collateral Agent shall have the right at any time
upon the occurrence and during the continuance of an Event of Default under the Loan Agreement, and upon written notice to
such Grantor of its intention to do so, to notify the Obligors under any Assigned Agreements, Receivables and Related
Contracts of the assignment of such Assigned Agreements, Receivables and Related Contracts to the Collateral Agent and to
direct such Obligors to make payment of all amounts due or to become due to such Grantor thereunder directly to the
Collateral Agent and, upon such notification and at the expense of such Grantor, to enforce in accordance with the terms
thereof and applicable law collection of any such Assigned Agreements, Receivables and Related Contracts, to adjust, settle
or compromise the amount or payment thereof, in the same manner and to the same extent as such Grantor might have done, and
to otherwise exercise all rights with respect to such Assigned Agreements, Receivables and Related Contracts, including,
without limitation, those set forth set forth in Section 9-607 of the UCC. After receipt by any Grantor of the notice from
the Collateral Agent referred to in the preceding sentence, (i) all amounts and proceeds (including, without limitation,
instruments) received by such Grantor in respect of the Assigned Agreements, Receivables and Related Contracts of such
Grantor shall be received in trust for the benefit of the Collateral Agent hereunder, during the continuance of an Event of
Default, shall be segregated from other funds of such Grantor and shall be forthwith paid over to the Collateral Agent in the
same form as so received (with any necessary indorsement) and applied as provided in Section 19(b) and (ii) such
Grantor will not adjust, settle or compromise the amount or payment of any Receivable or amount due on any Assigned
Agreement or Related Contract, release wholly or partly any Obligor thereof, or allow any credit or discount thereon. No
Grantor will permit or consent to the subordination of its right to payment under any of the Assigned Agreements, Receivables
and Related Contracts to any other indebtedness or obligations of the Obligor thereof.

 

Section 13. ReservedReservedTransfers
and Other Liens; Additional Equity Interests. Each Grantor agrees that it will not (a) sell, assign or otherwise dispose of,
or grant any option with respect to, any of the Collateral, other than sales, assignments and other dispositions of Collateral,
and options relating to Collateral, permitted under the terms of the Loan Agreement or the other Loan Documents, or (b) create
or suffer to exist any Lien upon or with respect to any of the Collateral except for the pledge, assignment and security interest
created under this Agreement and Permitted Liens, except as otherwise expressly permitted under the Loan Documents.

 

Section 16. Collateral Agent Appointed
Attorney-in-Fact. To the extent permitted by applicable law, each Grantor hereby irrevocably appoints the Collateral Agent
such Grantor’s attorney-in-fact, with full authority in the place and stead of such Grantor and in the name of such Grantor
or otherwise, from time to time upon the occurrence and during the continuance of an Event of Default in the Collateral Agent’s
discretion, to take any action and to execute any instrument that the Collateral Agent may deem necessary or advisable to accomplish
the purposes of this Agreement, including, without limitation:

 

(a)          subject
to the terms and provisions of the Loan Agreement and the Mortgages, to obtain and adjust any insurance required to be paid to
the Collateral Agent pursuant to the Loan Documents,

 

(b)          to
ask for, demand, collect, sue for, recover, compromise, receive and give acquittance and receipts for moneys due and to become
due under or in respect of any of the Collateral,

 

(c)          to
receive, indorse and collect any drafts or other instruments, documents and chattel paper, in connection with clause (a) or (b)
above, and

 

(d)          to
file any claims or take any action or institute any proceedings that the Collateral Agent may deem necessary or desirable for the
collection of any of the Collateral or otherwise to enforce compliance with the terms and conditions of any Assigned Agreement
or the rights of the Collateral Agent with respect to any of the Collateral.

 

Section 17. Collateral Agent May Perform.
If any Grantor fails to perform any agreement contained herein, the Collateral Agent may, upon the occurrence and during the continuance
of an Event of

 

    	 	8	 

     

    

 

Default, but without any obligation
to do so and without notice, itself perform, or cause performance of, such agreement, and the actual and documented expenses of
the Collateral Agent incurred in connection therewith shall be payable by such Grantor under Section 20.

 

Section 18. The Collateral Agent’s
Duties. (a) The powers conferred on the Collateral Agent hereunder are solely to protect the Secured Parties’ interest
in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for (i) the exercise of reasonable
care with respect to, and the safe custody of, any Collateral in its possession and the accounting for moneys actually received
by it hereunder, and (ii) the gross negligence or willful misconduct of any of the Collateral Agent’s officers, directors,
agents or employees, the Collateral Agent shall have no duty as to any Collateral, as to ascertaining or taking action with respect
to calls, conversions, exchanges, maturities, tenders or other matters relative to any Collateral, whether or not any Secured Party
has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against any parties
or any other rights pertaining to any Collateral. The Collateral Agent shall be deemed to have exercised reasonable care in the
custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to that
which it accords its own property.

 

(b)          Anything contained herein to the
contrary notwithstanding, the Collateral Agent may from time to time and at the Collateral Agent’s sole cost and expense,
when the Collateral Agent deems it to be necessary, appoint one or more subagents as are reasonably acceptable to the Borrower
(each, a “Subagent”) for the Collateral Agent hereunder with respect to all or any part of the Collateral.
In the event that the Collateral Agent so appoints any Subagent with respect to any Collateral, (i) the assignment and pledge of
such Collateral and the security interest granted in such Collateral by each Grantor hereunder shall be deemed for purposes of
this Security Agreement to have been made to such Subagent, in addition to the Collateral Agent, for the ratable benefit of the
Secured Parties, as security for the Secured Obligations of such Grantor, (ii) such Subagent shall automatically be vested, in
addition to the Collateral Agent, with all rights, powers, privileges, interests and remedies of the Collateral Agent hereunder
with respect to such Collateral, provided that such Subagent shall be bound by the obligations of the Collateral Agent hereunder
and the Collateral Agent shall continue to remain primarily liable for its obligations hereunder, and (iii) the term “Collateral
Agent,” when used herein in relation to any rights, powers, privileges, interests and remedies of the Collateral Agent with
respect to such Collateral, shall include such Subagent; provided, however, that no such Subagent shall be authorized to
take any action with respect to any such Collateral unless and except to the extent expressly authorized in writing by the Collateral
Agent and then only provided that such action is in accordance with this Agreement and the other Loan Documents and applicable
law.

 

Section 19. Remedies. Subject to
the terms of the Loan Agreement, if any Event of Default shall have occurred and be continuing:

 

(a)          The
Collateral Agent may exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise
available to it, all the rights and remedies of a secured party upon default under the UCC (whether or not the UCC applies to the
affected Collateral but in any event in accordance with applicable law) and also may: (i) require each Grantor to, and each Grantor
hereby agrees that it will at its expense and upon request of the Collateral Agent forthwith, assemble all or part of the Collateral
as directed in writing by the Collateral Agent and make it available to the Collateral Agent at a place and time to be designated
by the Collateral Agent that is reasonably convenient to both parties; (ii) without notice except as specified below, sell the
Collateral or any part thereof in one or more parcels at public or private sale, at any of the Collateral Agent’s offices
or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Collateral Agent may deem commercially
reasonable; (iii) occupy any premises owned or leased by any of the Grantors where the Collateral or any part thereof is assembled
or located for a reasonable period in order to effectuate its rights and remedies hereunder or under law, without obligation to
such Grantor in respect of such occupation; and (iv) exercise any and all rights and remedies of any of the Grantors under or in
connection with the Collateral, or otherwise in respect of the Collateral,

 

    	 	9	 

     

    

 

including, without limitation, (A) subject to the terms
and provisions of this Agreement, any and all rights of such Grantor to demand or otherwise require payment of any amount under,
or performance of any provision of, the Assigned Agreements, the Receivables, the Related Contracts and the other Collateral, (B)
withdraw, or cause or direct the withdrawal, of all funds with respect to the Account Collateral, (C) without notice to the Borrower
or any other Loan Party, except as required by law and at any time or from time to time, charge, set-off and otherwise apply all
or any part of the Secured Obligations against any funds held with respect to the Collateral in any deposit account and (D) exercise
all other rights and remedies with respect to the Assigned Agreements, the Receivables, the Related Contracts and the other Collateral,
including, without limitation, those set forth in Section 9- 607 of the UCC. Each Grantor agrees that, to the extent notice of
sale shall be required by law, at least ten days’ notice to such Grantor of the time and place of any public sale or the
time after which any private sale is to be made shall constitute reasonable notification. The Collateral Agent shall not be obligated
to make any sale of Collateral regardless of notice of sale having been given. The Collateral Agent may adjourn any public or private
sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made
at the time and place to which it was so adjourned.

 

(b)          Any
cash held by or on behalf of the Collateral Agent and all cash proceeds received by or on behalf of the Collateral Agent in respect
of any sale of, collection from, or other realization upon all or any part of the Collateral will be applied (after payment of
any amounts payable to the Collateral Agent pursuant to Section 20) by the Collateral Agent for the ratable benefit of the
Secured Parties against the Secured Obligations, in the following manner:

 

(i)          first,
paid to the Collateral Agent for any amounts then owing to the Collateral Agent pursuant to Section 9.04 of the Loan Agreement
or otherwise under the Loan Documents, ratably in accordance with such respective amounts then owing to the Collateral Agent; and

 

(ii)         second,
ratably paid to the Lenders for any amounts then owing to them under the Loan Documents ratably in accordance with such respective
amounts then owing to such Lenders.

 

Any surplus of such cash or cash proceeds held by or on
the behalf of the Collateral Agent and remaining after payment in full of all the Secured Obligations shall be paid over to the
applicable Grantor or to whomsoever may be lawfully entitled to receive such surplus.

 

(c)          Reserved.

 

(d)          The
Collateral Agent may, without notice to any Grantor except as required by law and at any time or from time to time, charge, set-off
and otherwise apply all or any part of the Secured Obligations against any funds held with respect to the Account Collateral or
in any other deposit account of such Grantor.

 

Section 20. Indemnity and Expenses.
(a) Each Grantor agrees to indemnify, defend and save and hold harmless each Secured Party and each of their Affiliates and their
respective officers, directors, employees, agents and advisors (each, an “Indemnified Party”) from and
against, and shall pay on demand, any and all claims, damages, losses, liabilities and out-of-pocket expenses (including, without
limitation, reasonable fees and expenses of counsel) that may be incurred by or asserted or awarded against any Indemnified Party,
in each case arising out of or in connection with or resulting from this Agreement (including, without limitation, enforcement
of this Agreement), except to the extent such claim, damage, loss, liability or expense is found in a final, non-appealable judgment
by a court of competent jurisdiction to have resulted from such Indemnified Party’s gross negligence or willful misconduct.

 

    	 	10	 

     

    

 

(b)          Each Grantor will upon demand
pay to the Collateral Agent the amount of any and all reasonable and documented out-of-pocket expenses, including, without
limitation, the reasonable fees and expenses of its counsel and of any experts and agents, that the Collateral Agent may
incur in connection with (i) the administration of this Agreement,
(ii) the custody, preservation, use or operation of, or the sale of, collection from or other realization upon, any of the
Collateral of such Grantor, (iii) the exercise or enforcement of any of the rights of the Collateral Agent or the other
Secured Parties hereunder or (iv) the failure by such Grantor to perform or observe any of the provisions hereof.

 

Section 21. Amendments; Waivers; Additional
Grantors, Etc. (a) This Agreement may be amended from time to time in accordance with Section 9.01 of the Loan Agreement.

 

(b)          Upon the execution and delivery,
or authentication, by any Person of a security agreement supplement in substantially the form of Exhibit A hereto (each,
a “Security Agreement Supplement”), (i) such Person shall be referred to as an “Additional
Grantor” and shall be and become a Grantor hereunder, and each reference in this Agreement and the other Loan Documents
to “Grantor” shall also mean and be a reference to such Additional Grantor, and each reference in this Agreement and
the other Loan Documents to “Collateral” shall also mean and be a reference to the Collateral of such Additional Grantor,
and (ii) the supplemental schedules I-V attached to each Security Agreement Supplement shall be incorporated into and become a
part of and supplement Schedules I-V, respectively, hereto, and the Collateral Agent may attach such supplemental schedules
to such Schedules; and each reference to such Schedules shall mean and be a reference to such Schedules as supplemented pursuant
to each Security Agreement Supplement.

 

Section 22. Notices, Etc.. All
notices and other communications provided for hereunder shall be given in accordance with Section 9.02 of the Loan Agreement.

 

Section 23. Continuing Security
Interest; Assignments under the Loan Agreement. Subject to Section 24 hereof, this Agreement shall create a
continuing security interest in the Collateral and shall
(a) remain in full force and effect until the latest of (i) the
payment in full in cash of the Secured Obligations and (ii) the Maturity Date, (b) be binding upon each Grantor, its
successors and assigns and (c) inure, together with the rights and remedies of the Collateral Agent hereunder, to the benefit
of the Secured Parties and their respective successors, transferees and assigns. Without limiting the generality of the
foregoing clause (c), any Lender may assign or otherwise transfer all or any portion of its rights and obligations under the
Loan Agreement in accordance with the terms thereof (including, without limitation, all or any portion of its
Commitments, the Advances owing to it and the Note or Notes, if any, held by it) to any other Person, and such other Person
shall thereupon become vested with all the benefits in respect thereof granted to such Lender herein or otherwise, in each
case as provided in, and subject to all of the terms and provisions of, Section 9.07 of the Loan Agreement.

 

Section 24. Release; Termination.
Section 9.13 of the Loan Agreement is hereby incorporated herein by reference, mutatis mutandis.

 

Section 25. Security Interest Absolute.
The obligations of each Grantor under this Agreement are independent of the Secured Obligations or any other Obligations of any
other Loan Party under or in respect of the Loan Documents, and a separate action or actions may be brought and prosecuted against
each Grantor to enforce this Agreement, irrespective of whether any action is brought against such Grantor or any other Loan Party
or whether such Grantor or any other Loan Party is joined in any such action or actions. Subject to Section 24 and except as may
otherwise be provided in the Loan Agreement, all rights of the Collateral Agent and the other Secured Parties and the pledge, assignment
and security interest hereunder, and all obligations of each Grantor hereunder, shall be irrevocable, absolute and unconditional
irrespective of, and each Grantor hereby irrevocably waives (to the maximum extent permitted by applicable law) any defenses it
may now have or may hereafter acquire in any way relating to, any or all of the following:

 

    	 	11	 

     

    

 

(a)          any
lack of validity or enforceability of any Loan Document or any other agreement or instrument relating thereto;

 

(b)          any
change in the time, manner or place of payment of, or in any other term of, all or any of the Secured Obligations or any other
Obligations of any other Loan Party under or in respect of the Loan Documents or any other amendment or waiver of or any consent
to any departure from any Loan Document, including, without limitation, any increase in the Secured Obligations resulting from
the extension of additional credit to any Loan Party or any of its Subsidiaries or otherwise;

 

(c)          any
taking, exchange, release or non-perfection of any Collateral or any other collateral, or any taking, release or amendment or waiver
of or consent to departure from any guaranty, for all or any of the Secured Obligations;

 

(d)          any
manner of application of any Collateral or any other collateral, or proceeds thereof, to all or any of the Secured Obligations,
or any manner of sale or other disposition of any Collateral or any other collateral for all or any of the Secured Obligations
or any other Obligations of any other Loan Party under or in respect of the Loan Documents or any other assets of any Loan Party
or any of its Subsidiaries;

 

(e)          any
change, restructuring or termination of the corporate structure or existence of any Loan Party or any of its Subsidiaries;

 

(f)           any
failure of any Secured Party to disclose to any Loan Party any information relating to the business, condition (financial or otherwise),
operations, performance, assets, nature of assets, liabilities or prospects of any other Loan Party now or hereafter known to such
Secured Party (each Grantor waiving any duty on the part of the Secured Parties to disclose such information);

 

(g)          the
failure of any other Person to execute this Agreement or any other Collateral Document, guaranty or agreement or the release or
reduction of liability of any Grantor or other grantor or surety with respect to the Secured Obligations; or

 

(h)          any
other circumstance (including, without limitation, any statute of limitations) or any existence of or reliance on any representation
by any Secured Party that might otherwise constitute a defense available to, or a discharge of, such Grantor or any other Grantor
or a third party grantor of a security interest.

 

Subject to Section 24, this Agreement shall continue to
be effective or be reinstated, as the case may be, if at any time any payment of any of the Secured Obligations is rescinded or
must otherwise be returned by any Secured Party or by any other Person upon the insolvency, bankruptcy or reorganization of any
Loan Party or otherwise, all as though such payment had not been made.

 

Section 26. Third Party Waivers.
(a) Each Grantor authorizes the Agents to perform any or all of the following acts at any time in its sole discretion, all without
notice to any Grantor (except as otherwise provided in the Loan Documents), without affecting such Grantor’s obligations
under this Agreement or any other Loan Documents and without affecting the liens and encumbrances against the Collateral in favor
of the Collateral Agent (provided that the following are undertaken in accordance with the terms and provisions of the Loan Documents
and applicable law and provided, further that none of the following shall or shall be deemed to afford to the Collateral Agent
or any of the Secured Parties any rights (or any expanded rights) beyond those rights expressly provided in the other Loan Documents
or applicable law):

 

(i)          Subject
to Section 9.01 of the Loan Agreement, the Administrative Agent may alter any terms of the Obligations or any part thereof, including
renewing, compromising, extending or

 

    	 	12	 

     

    

 

accelerating, or otherwise changing
the time for payment of, or increasing or decreasing the rate of interest on, the Obligations or any part thereof.

 

(ii)         The
Collateral Agent may take and hold security for the Obligations, accept additional or substituted security, and subordinate, exchange,
enforce, waive, release, compromise, fail to perfect and sell or otherwise dispose of any such security.

 

(iii)        The
Collateral Agent may direct the order and manner of any sale of all or any part of any security now or later to be held for the
Obligations, and the Collateral Agent (or its nominees or designees) may also bid at any such sale.

 

(iv)        The
Administrative Agent may apply any payments or recoveries from the any Borrower, any Grantor or any other source, and any proceeds
of any security, to the obligations under the Loan Documents in such manner, order and priority as the Administrative Agent may
elect.

 

(v)         The
Administrative Agent may release any Borrower or any other person or entity of its liability for the Obligations or any part thereof.

 

(vi)        The
Administrative Agent may substitute, add or release any one or more guarantors or endorsers.

 

(vii)       In
addition to the Obligations, the Secured Parties may extend other credit to any Borrower, and may take and hold security agreed
to by the Borrower for the credit so extended.

 

(b)         Each
Grantor waives:

 

(i)          Any
right it may have to require any Agent to proceed against any Borrower, any Grantor or any other person or entity, proceed against
or exhaust any security held from any Borrower, any Grantor or any person or entity, or pursue any other remedy in such Agent's
power to pursue;

 

(ii)         Any
defense based on any claim that any Grantor’s obligations exceed or are more burdensome than those of any Borrower, any Grantor
or any other Person;

 

(iii)        Any
defense: (A) based on any legal disability of any other Person, (B) based on any release, discharge, modification, impairment or
limitation of the liability of any other person or entity to any Agent from any cause, whether consented to by such Agent or arising
by operation of law, (C) arising out of or able to be asserted as a result of any case, action or proceeding before any court or
other governmental authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up
or relief of any other person or entity or any of their respective affiliates, or any general assignment for the benefit of creditors,
composition, marshaling of assets for creditors or other, similar arrangement in respect of its creditors generally or any substantial
portion of its creditors; in each case as undertaken under any U.S. Federal or State law (each of the foregoing described in this
clause (C) being referred to herein as an “Insolvency Proceeding”); or (D) arising from any rejection
or disaffirmance of the Obligations, or any part thereof, or any security held therefor, in any such Insolvency Proceeding;

 

(iv)        Any
defense based on any action taken or omitted by any Agent in any Insolvency Proceeding involving any other Person, including any
election to have such Agent's claim allowed as being secured, partially secured or unsecured, any extension of credit by any Secured
Party to any other Person in any Insolvency Proceeding, and the taking and holding by such Agent of any security for any such extension
of credit;

 

    	 	13	 

     

    

 

(v)         All
presentments, demands for performance, notices of nonperformance, protests, notices of protest, notices of dishonor, notices of
intention to accelerate, notices of acceleration, notices of acceptance of this Agreement or any other Loan Document and of the
existence, creation, or incurring of new or additional indebtedness, and demands and notices of every kind (in each instance, except
as expressly required by the Loan Agreement or applicable law);

 

(vi)        Any
duty on the part of the Collateral Agent or any other Secured Party to disclose to such Grantor any matter, fact or thing relating
to the business, condition (financial or otherwise), operations, performance, properties or prospects of the Borrower, any other
Loan Party or any of their Subsidiaries now or hereafter known by the Collateral Agent or such other Secured Party; and

 

(vii)       Except
for such notices as required by the Loan Documents, any defense based on or arising out of any defense that the Borrower or any
of its affiliates may have to the payment or performance of the Obligations (other than the defense that the particular Obligations
in question have been paid or performed (to the extent paid or performed)).

 

(c)          (i)
Subject to Section 24, after the occurrence and during the continuance of any Event of Default, in its sole discretion,
without prior notice (except as expressly required by the Loan Agreement, the Mortgage or applicable law) to or consent of
any Grantor or any Borrower, the Collateral Agent may elect to: (A) foreclose against any collateral for the Secured
Obligations, (B) accept any offer to transfer any such collateral for the Secured Obligations in lieu of foreclosure, (C)
compromise or adjust the Secured Obligations or any part thereof or make any other accommodation with any Borrower or any
Person, or (D) exercise any other remedy against any Borrower or any person or entity or any collateral for the Secured
Obligations. No such action by the Collateral Agent shall release or limit any Secured Party’s rights hereunder or
under the other Loan Documents, even if the effect of the action is to deprive Grantor of any subrogation rights, rights of
indemnity, or other rights to collect reimbursement from any Borrower or any other Person for any sums paid to the Secured
Parties, whether contractual or arising by operation of law or otherwise. Each Grantor expressly agrees that under no
circumstances shall such Grantor be deemed to have any right, title, interest or claim in or to any real or personal property
of any Grantor to be held by the Collateral Agent or any third party after any foreclosure or transfer in lieu of foreclosure
of any security for the Secured Obligations.

 

(ii)         Subject
to the full, final and indefeasible payment of all Secured Obligations to the Secured Parties, each Grantor shall retain its rights
to seek contribution and reimbursement from, and rights of subrogation with respect to, any other Grantor to the extent the Secured
Obligations hereunder render such Grantor insolvent. Such rights of subrogation, contribution and reimbursement shall be subordinate
to the Secured Obligations, and no Grantor shall enforce any such rights until the Secured Obligations shall have been finally
paid in full.

 

Section 27. Execution
in Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by
telecopier or email with a pdf or similar attachment shall be effective as delivery of an original executed counterpart of
this Agreement.

 

Section 28. The Loan Agreement and
the Mortgages. If any conflict or inconsistency exists between this Agreement and the Loan Agreement, the Loan Agreement shall
control and govern to the extent of such inconsistency. In the event that any of the Collateral hereunder is also subject to a
valid and enforceable Lien under the terms of any Mortgage and the terms of such Mortgage are inconsistent with the terms of this
Agreement, then with respect to such Collateral, the terms of such Mortgage shall be controlling in the case of fixtures and real
estate leases, letting and licenses of, and contracts and agreements relating to the lease of, real property, and the terms of
this Agreement shall be controlling in the case of all other Collateral.

 

    	 	14	 

     

    

 

Section 29. Jurisdiction, Etc..
Section 9.15 of the Loan Agreement is hereby incorporated herein by reference, mutatis mutandis.

 

Section 30. Governing Law. This
Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

 

Section 31. WAIVER OF JURY TRIAL..
EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED
ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO ANY OF THE LOAN DOCUMENTS, THE ADVANCES, OR THE ACTIONS OF THE COLLATERAL
AGENT OR ANY LENDER PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF.

 

Section 32. Change of Agent. DB
Agent hereby consents to Collateral Agent replacing DB Agent as the agent under this Agreement and assigns to Collateral Agent
all of its interest under the Existing Security Agreement in such capacity.

 

[Signatures
on following pages]

 

    	 	15	 

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be duly executed and delivered by its officer thereunto duly authorized as of the date first above
written.

 

	 	CITIBANK, N.A.,
	 	as Collateral Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signatures
continue on following pages]

 

[Signature page to Security Agreement]

 

     

     

    

 

	 	Accepted and Agreed:
	 	 
	 	DEUTSCHE BANK AG NEW YORK BRANCH,
	 	as Administrative Agent under the Existing Loan Agreement
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature page to Security Agreement]

 

     

     

    

 

	 	GRANTORS:
	 	 
	 	[________________],
	 	a Delaware [limited liability company]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature page to Security Agreement]

 

     

     

    

 

Schedule
I to the Security Agreement

 

LOCATION, CHIEF EXECUTIVE
OFFICE, TYPE OF ORGANIZATION, JURISDICTION OF

ORGANIZATION AND ORGANIZATIONAL IDENTIFICATION NUMBER

 

	 	 	 	 	Chief	 	 	 	 	 	 
	 	 	 	 	Executive 	 	Type of 	 	Jurisdiction of 	 	Organizational 
	Grantor	 	Location	 	Office	 	Organization	 	Organization	 	I.D. No.
	 	 	 	 	 	 	 	 	 	 	 

 

    Schedule I

     

    

 

Schedule
II to the

Security Agreement

 

ASSIGNED AGREEMENTS

 

	Grantor	 	Assigned Agreement
	 	 	 

 

    Schedule II

     

    

 

Schedule
III to the

Security Agreement

 

HOTELS AND LOCATION OF FF&E AND INVENTORY

 

	Grantor	 	Hotel	 	Locations of FF&E	 	Locations of Inventory
	 	 	 	 	 	 	 

 

    Schedule III 

     

    

 

 

Schedule
IV to the

Security Agreement

 

CHANGES IN NAME, LOCATION, ETC.

 

    Schedule IV

     

    

 

Exhibit
A to the

Security Agreement

 

FORM OF AMENDED AND RESTATED SECURITY AGREEMENT
SUPPLEMENT

 

[Date of Security Agreement Supplement]

 

		To:	CITIBANK, N.A.,

as Collateral Agent

390 Greenwich Street, 7th Floor

New York, New York 10013

Attn: Ana Rosu Marmann

 

[Name of Subsidiary Guarantor]

 

Ladies and Gentlemen:

 

Reference is made to (i) the Second
Amended and Restated Term Loan Agreement dated as of April 27, 2017 (as amended, amended and restated, supplemented or otherwise
modified from time to time, the “Loan Agreement”), among the borrowers party thereto, collectively as
the Borrower, the Lenders party thereto, Citibank, N.A., as Collateral Agent (together with any successor Collateral Agent appointed
pursuant to Article VIII of the Loan Agreement, the “Collateral Agent”), and (ii) the Amended and Restated
Security Agreement dated April 27, 2017 (as amended, amended and restated, supplemented or otherwise modified from time to time,
the “Security Agreement”) made by the Grantors from time to time party thereto in favor of the Collateral
Agent for the Secured Parties. Terms defined in the Loan Agreement or the Security Agreement and not otherwise defined herein are
used herein as defined in the Loan Agreement or the Security Agreement.

 

SECTION 1. Grant of Security.
The undersigned hereby grants to the Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in,
all of its right, title and interest in and to all of the Collateral of the undersigned, whether now owned or hereafter acquired
by the undersigned, wherever located and whether now or hereafter existing or arising, including, without limitation, the property
and assets of the undersigned set forth on the attached supplemental schedules to the Schedules to the Security Agreement (but
in all events subject to the terms and provisions of the Security Agreement (including, without limitation, Section 24 thereof).

 

SECTION 2. Security for Obligations.
The grant of a security interest in, the Collateral by the undersigned under this Security Agreement Supplement and the Security
Agreement secures the payment of all Obligations of the undersigned now or hereafter existing under or in respect of the Loan Documents,
whether direct or indirect, absolute or contingent, and whether for principal, reimbursement obligations, interest, premiums, penalties,
fees, indemnifications, contract causes of action, costs, expenses or otherwise. Without limiting the generality of the foregoing,
this Security Agreement Supplement and the Security Agreement secure the payment of all amounts that constitute part of the Secured
Obligations and that would be owed by the undersigned to any Secured Party under the Loan Documents but for the fact that such
Secured Obligations are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding
involving a Loan Party.

 

SECTION 3. Supplements
to Security Agreement Schedules. The undersigned has attached hereto supplemental Schedules I through V to Schedules I
through V respectively, to the Security Agreement, and the undersigned hereby certifies, as of the date first above written,
that such supplemental schedules have 

 

    	 	Exhibit A-1	 

     

    

 

been prepared by the undersigned in
substantially the form of the equivalent Schedules to the Security Agreement and are complete and correct in all material respects.

 

SECTION 4. Representations and
Warranties. As of the date hereof, the undersigned hereby makes as to itself and its Collateral Assets each representation
and warranty set forth in Section 8 of the Security Agreement (as supplemented by the attached supplemental schedules) to the same
extent as each other Grantor.

 

SECTION 5. Obligations Under the
Security Agreement. The undersigned hereby agrees, as of the date first above written, to be bound as a Grantor by all of the
terms and provisions of the Security Agreement to the same extent as each of the other Grantors. The undersigned further agrees,
as of the date first above written, that each reference in the Security Agreement to an “Additional Grantor” or a “Grantor”
shall also mean and be a reference to the undersigned.

 

SECTION 6. Jurisdiction, Etc.
Section 9.15 of the Loan Agreement is hereby incorporated herein by reference, mutatis mutandis.

 

SECTION 7. Governing
Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

 

SECTION 8. WAIVER OF JURY TRIAL.
EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED
ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO ANY OF THE LOAN DOCUMENTS, THE ADVANCES, OR THE ACTIONS OF THE COLLATERAL
AGENT OR ANY LENDER IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF.

 

	 	Very truly yours,
	 	 
	 	[NAME OF ADDITIONAL GRANTOR]
	 	 
	 	By	 	
	 	 
	 	Name
	 	Title:

 

	 	Address for notices:	 
	 	 	 
	 	 	 
	 	 	 

 

    	 	Exhibit A-2	 

     

    

 

EXHIBIT G TO THE SECOND AMENDED AND
RESTATED TERM LOAN AGREEMENT

 

FORM OF MORTGAGE

 

[Attached.]

 

    Exh. G

     

    

 

EXHIBIT G TO THE SECOND AMENDED AND RESTATED
TERM LOAN AGREEMENT

 

FORM OF MORTGAGE

 

[INDIVIDUAL BORROWER],

a Delaware limited [liability
company/partnership], as a mortgagor

 

(Individual Borrower)

 

and

 

[OPERATING LESSEE],

a Delaware limited liability
company/partnership], as a mortgagor

 

(Operating Lessee)

 

to

 

CITIBANK, N.A.,

in its capacity as Agent,
as mortgagee

 

(Mortgagee)

 

[AMENDED AND RESTATED] MORTGAGE,
SECURITY AGREEMENT, ASSIGNMENT OF

RENTS AND LEASES
AND FIXTURE FILING ([____])

 

		Dated:	As of April 27, 2017

 

		Location:	[___________]
	 	 	[___________]

 

		County:	[___________]

 

[insert only for States with
mortgage recording tax or similar taxes on indebtedness: THE MAXIMUM

PRINCIPAL INDEBTEDNESS WHICH IS SECURED BY OR WHICH BY ANY
CONTINGENCY MAY

BE SECURED BY THIS MORTGAGE IS $310,000,000.]

 

PREPARED BY AND UPON

RECORDATION RETURN TO:

 

Shearman & Sterling LLP

599 Lexington Avenue

New York, New York 10022

Attention: Malcolm K. Montgomery, Esq.

 

     

     

    

 

[AMENDED AND RESTATED]
MORTGAGE, SECURITY AGREEMENT, ASSIGNMENT OF

RENTS AND LEASES AND FIXTURE FILING

 

THIS [AMENDED AND RESTATED] MORTGAGE,
SECURITY AGREEMENT, ASSIGNMENT OF RENTS AND LEASES AND FIXTURE FILING (this “Mortgage”) is made
as of this 27th day of April, 2017, by [INDIVIDUAL BORROWER], a Delaware limited [liability company/partnership],
having its principal place of business at c/o Hospitality Investors Trust Operating Partnership, L.P., 3950 University Drive,
Suite 301, Fairfax, Virginia 22030, as a mortgagor (“Individual Borrower”), and [OPERATING
LESSEE], a Delaware limited [liability company/partnership], having its principal place of business at c/o Hospitality
Investors Trust Operating Partnership, L.P., 3950 University Drive, Suite 301, Fairfax, Virginia 22030, as a mortgagor
(“Operating Lessee”, and together with Individual Borrower, individually or collectively, as the
context may require, “Mortgagor”), for the benefit of CITIBANK, N.A., as collateral agent
(in such capacity, “Agent”) for the Secured Parties as defined in the Loan Agreement (defined
below), having an address at 390 Greenwich Street, 7th Floor, New York, New York 10013, as mortgagee (Agent, together with
its successors and assigns, “Mortgagee”).

 

[insert
only for States with mortgage recording tax or similar tax on indebtedness: ANY PROVISION HEREIN TO THE CONTRARY NOTWITHSTANDING,
THE MAXIMUM PRINCIPAL INDEBTEDNESS WHICH IS SECURED BY OR WHICH BY ANY CONTINGENCY MAY BE SECURED BY THIS MORTGAGE IS $310,000,000
(THE “SECURED AMOUNT”).]

 

[insert only for amended and restated mortgage:

 

WITNESSETH:

 

WHEREAS,
as of [ ], Individual Borrower executed and delivered that certain Mortgage, Security Agreement, Assignment of Rents and Leases
and Fixture Filing in favor of Deutsche Bank AG New York Branch (in its capacity as administrative agent, “DB Agent”),
as evidenced by an instrument recorded [ ] as document number [ ] in the Official Records of [ ] County, [ ] (the “Original
Mortgage”);

 

WHEREAS, DB Agent is the present owner and holder
of the Original Mortgage;

 

WHEREAS,
pursuant to the Loan Agreement, Agent is replacing DB Agent as administrative agent thereunder and is being appointed as collateral
agent thereunder;

 

WHEREAS,
pursuant to that certain Lease Agreement by and between Individual Borrower and Operating Lessee (as the same may be amended, restated,
supplemented, renewed, extended or otherwise modified from time to time, the “Operating Lease”), Operating
Lessee has agreed to lease and operate the Property (as defined herein);

 

WHEREAS,
Operating Lessee will directly and indirectly benefit from the Lenders making the Loan to Borrower (as defined herein), and has
given this Mortgage and executed various other Loan Documents in order to induce the Lenders to make the Loan to Borrower; and

 

WHEREAS,
the parties hereto wish to amend and restate the Original Mortgage in its entirety on the terms and provisions of this Mortgage.

 

NOW THEREFORE,
in consideration of the acceptance by the Lenders of the Loan Agreement, the terms and provisions set forth therein and other good
and valuable consideration, each to the other in hand paid, the receipt and sufficiency of which is hereby acknowledged and in
consideration of the covenants, agreements, representations and warranties set forth in this Mortgage, the parties hereto hereby
amend and restate the Original Mortgage in its entirety on the terms and provisions of this Mortgage and hereby agree as follows:]

 

     

     

    

 

ARTICLE I.

 

DEFINITIONS

 

Section 1.01        Definitions.
All capitalized terms used herein without definition shall have the respective meanings ascribed to them in that certain Second
Amended and Restated Term Loan Agreement dated as of April 27, 2017, as the same may be amended, amended and restated, supplemented
or otherwise modified from time to time (the “Loan Agreement”), among the borrowers party thereto, collectively
as borrower (“Borrower”), Hospitality Investors Trust Operating Partnership, L.P., Hospitality Investors
Trust, Inc., certain other parties party thereto, Agent and the other Secured Parties identified therein. As used herein, the
following terms shall have the following meanings:

 

(a)          “Indebtedness”:
(1) All indebtedness of Mortgagor to Mortgagee or any of the other Secured Parties under the Loan Agreement or any other
Loan Document to which Mortgagor is a party, including, without limitation (except as otherwise set forth in Section 5.02(b)
of the Loan Agreement), the sum of all (a) principal, interest and other amounts owing under or evidenced or secured by the
Loan Documents, (b) principal, interest and other amounts which may hereafter be lent by Mortgagee or any of the other
Secured Parties under the Loan Agreement or any of the other Loan Documents, whether evidenced by a promissory note or other
instrument which, by its terms, is secured hereby, and (c) obligations and liabilities of any nature now or hereafter
existing under or arising in connection with Letters of Credit and other extensions of credit under the Loan Agreement or any
of the other Loan Documents and reimbursement obligations in respect thereof, together with interest and other amounts
payable with respect thereto, and (2) all other indebtedness, obligations and liabilities now or hereafter existing of any
kind of Mortgagor to Mortgagee or any of the other Secured Parties under documents which recite that they are intended to be
secured by this Mortgage. The Indebtedness secured hereby includes, without limitation, all interest and expenses accruing
after the commencement by or against Mortgagor or any of its affiliates of a proceeding under the Bankruptcy Code or any
similar law for the relief of debtors.

 

(b)          “Obligations”:
All of the agreements, covenants, conditions, warranties, representations and other obligations of Mortgagor under the Loan Agreement
and the other Loan Documents to which it is a party.

 

ARTICLE II.

 

GRANTS OF SECURITY

 

Section
2.01        Property Mortgaged. Mortgagor does hereby irrevocably mortgage, grant, bargain, sell, pledge, assign, warrant,
transfer and convey to Mortgagee and its successors and assigns, WITH THE STATUTORY POWER OF SALE, all right, title, interest
and estate of Mortgagor now owned, or hereafter acquired, in and to the following (collectively, the “Property”):

 

(a)          Land.
[The real property described in Exhibit A attached hereto and made a part hereof (the “Land”)];

 

(b)          Operating
Lease. All of Operating Lessee’s estate, right, title and interest in, and under the Operating Lease and the leasehold
estate in the Leased Property (as defined in the Operating Lease) created thereby including, but not limited to (i) extension,
renewal, modification and option rights, and all of the estate and right of Operating Lessee of, in, and to the Land under and
by virtue of the Operating Lease, (ii) all credits to and deposits of Operating Lessee under the Operating Lease and all other
options, privileges and rights granted and demised to Operating Lessee under the Operating Lease and (iii) all the right or privilege
of Operating Lessee to terminate, cancel, surrender or merge the Operating Lease;

 

    	 	2	 

     

    

 

(c)          Additional
Land. All additional lands, estates and development rights hereafter acquired by Mortgagor for use in connection with the Land
and the development of the Land and all additional lands and estates therein which may, from time to time, by supplemental mortgage
or otherwise be expressly made subject to the lien of this Mortgage;

 

(d)         Improvements.
The buildings, structures, fixtures, additions, enlargements, extensions, modifications, repairs, replacements and improvements
now or hereafter erected or located on the Land (collectively, the “Improvements”);

 

(e)         Easements.
All easements, rights-of-way or use, rights, strips and gores of land, streets, ways, alleys, passages, sewer rights, water, water
courses, water rights and powers, air rights and development rights, and all estates, rights, titles, interests, privileges, liberties,
servitudes, tenements, hereditaments and appurtenances of any nature whatsoever, in any way now or hereafter belonging, relating
or pertaining to the Land and the Improvements and the reversion and reversions, remainder and remainders, and all land lying in
the bed of any street, road or avenue, opened or proposed, in front of or adjoining the Land, to the center line thereof and all
the estates, rights, titles, interests, dower and rights of dower, curtesy and rights of curtesy, property, possession, claim and
demand whatsoever, both at law and in equity, of Mortgagor of, in and to the Land and the Improvements and every part and parcel
thereof, with the appurtenances thereto;

 

(f)          Equipment.
All “equipment,” as such term is defined in Article 9 of the Uniform Commercial Code (as hereinafter defined),
now owned or hereafter acquired by Mortgagor, which is used at or in connection with the Improvements or the Land or is located
thereon or therein (including, but not limited to, all machinery, equipment, furnishings, and electronic data-processing and other
office or customary hotel equipment now owned or hereafter acquired by Mortgagor and any and all additions, substitutions and replacements
of any of the foregoing), together with all attachments, components, parts, equipment and accessories installed thereon or affixed
thereto (collectively, the “Equipment”). Notwithstanding the foregoing, Equipment shall not include any
property belonging to Tenants under Leases except to the extent that Mortgagor shall have any right or interest therein;

 

(g)         Fixtures.
All Equipment now owned, or the ownership of which is hereafter acquired, by Mortgagor which is so related to the Land and Improvements
forming part of the Property that it is deemed fixtures or real property under the law of the particular state in which the Equipment
is located, including, without limitation, all building or construction materials intended for construction, reconstruction, alteration
or repair of or installation on the Property, construction equipment, appliances, machinery, plant equipment, fittings, apparatuses,
fixtures and other items now or hereafter attached to, installed in or used in connection with (temporarily or permanently) any
of the Improvements or the Land, including, but not limited to, engines, devices for the operation of pumps, pipes, plumbing, cleaning,
call and sprinkler systems, fire extinguishing apparatuses and equipment, heating, ventilating, plumbing, laundry, incinerating,
electrical, air conditioning and air cooling equipment and systems, gas and electric machinery, appurtenances and equipment, pollution
control equipment, security systems, disposals, dishwashers, refrigerators and ranges, recreational equipment and facilities of
all kinds, and water, gas, electrical, storm and sanitary sewer facilities, utility lines and equipment (whether owned individually
or jointly with others, and, if owned jointly, to the extent of Mortgagor’s interest therein) and all other utilities whether
or not situated in easements, all water tanks, water supply, water power sites, fuel stations, fuel tanks, fuel supply, and all
other structures, together with all accessions, appurtenances, additions, replacements, betterments and substitutions for any of
the foregoing and the proceeds thereof (collectively, the “Fixtures”). Notwithstanding the foregoing,
“Fixtures” shall not include any property which Tenants are entitled to remove pursuant to Leases except to the extent
that Mortgagor shall have any right or interest therein;

 

(h)         Personal
Property. All furniture, furnishings, objects of art, machinery, goods, tools, supplies, appliances, general intangibles, contract
rights, accounts, accounts receivable, franchises, licenses, certificates and permits, and all other personal property of any kind
or character whatsoever (as defined in and subject to the provisions of the Uniform Commercial Code), other than Fixtures, which
are now or hereafter

 

    	 	3	 

     

    

 

owned by Mortgagor and which are
located within or about the Land and the Improvements, together with all accessories, replacements and substitutions thereto or
therefor and the proceeds thereof (collectively, the “Personal Property”), and the right, title and interest
of Mortgagor in and to any of the Personal Property which may be subject to any security interests, as defined in the Uniform Commercial
Code, as adopted and enacted by the state or states where any of the Property is located (as amended from time to time, the “Uniform
Commercial Code”), superior in lien to the lien of this Mortgage, and all proceeds and products of any of the above
(provided that the foregoing shall not include any operating accounts of Mortgagor or any Intellectual Property owned by an Approved
Franchisor or Approved Manager);

 

(i)          Leases
and Rents. All leases, subleases or subsubleases, lettings, licenses, concessions or other agreements (whether written
or oral and whether now or hereafter in effect) pursuant to which any Person is granted a possessory interest in, or right to
use or occupy all or any portion of the Land and the Improvements, and every modification, amendment or other agreement
relating to such leases, subleases, subsubleases, or other agreements entered into in connection with such leases, subleases,
subsubleases, or other agreements and every guarantee of the performance and observance of the covenants, conditions and
agreements to be performed and observed by the other party thereto, heretofore or hereafter entered into, whether before or
after the filing by or against Mortgagor of any petition for relief under 11 U.S.C. §101 et seq., as the same may be
amended from time to time (the “Bankruptcy Code”) (collectively, the “Leases”),
and all right, title and interest of Mortgagor, its successors and assigns, therein and thereunder, including, without
limitation, cash or securities deposited thereunder to secure the performance by the lessees of their obligations thereunder
and all rents, additional rents, revenues, issues and profits (including all oil and gas or other mineral royalties and
bonuses) from the Land and the Improvements, whether paid or accruing before or after the filing by or against Mortgagor of
any petition for relief under the Bankruptcy Code (collectively, the “Rents”), and all proceeds
from the sale or other disposition of the Leases and the right to receive and apply the Rents to the payment and performance
of the Obligations, including the payment of the Indebtedness;

 

(j)          Condemnation
Awards. All awards or payments, including interest thereon, which may heretofore and hereafter be made with respect to the
Property, whether from the exercise of the right of eminent domain (including, but not limited to, any transfer made in lieu of
or in anticipation of the exercise of such right), or for a change of grade, or for any other injury to or decrease in the value
of the Property (collectively, the “Awards”), in accordance with the Loan Agreement and this Mortgage;

 

(k)          Insurance
Proceeds. All insurance proceeds in respect of the Property under any Policies covering the Property, including, without limitation,
the right to receive and apply the proceeds of any Policies, judgments or settlements made in lieu thereof, in connection with
a casualty charged against the Property (the “Insurance Proceeds”);

 

(l)          Tax
Certiorari. All refunds, rebates or credits in connection with any reduction in Taxes or Other Charges charged against the
Property as a result of tax certiorari proceedings or any other applications or proceedings for reduction;

 

(m)         Rights.
The right, in the name and on behalf of Mortgagor, to appear in and defend any action or proceeding brought with respect to the
Property and to commence any action or proceeding to protect the interest of Mortgagee in the Property;

 

(n)         Agreements.
All agreements, contracts, certificates, instruments, franchises, permits, licenses, plans, specifications and other documents,
now or hereafter entered into, and all rights therein and thereto, respecting or pertaining to the use, occupation, construction,
management or operation of the Land and any part thereof and any Improvements or respecting any business or activity conducted
on the Land and any part thereof and all right, title and interest of Mortgagor therein and thereunder, to the extent any such
instruments or rights may be so mortgaged or collaterally assigned pursuant to the terms thereof, including,

 

    	 	4	 

     

    

 

without limitation, the right,
upon the happening of any default hereunder, to receive and collect any sums payable to Mortgagor thereunder;

 

(o)          Intellectual
Property. All trade names, trademarks, servicemarks, logos, copyrights, goodwill, URLs or other online media, books and records
and all other general intangibles relating to or used in connection with the operation of the Property. Notwithstanding the foregoing,
the foregoing shall not include any property belonging to any Approved Franchisor or Approved Manager (collectively, the “Intellectual
Property”);

 

(p)          Accounts.
All (i) accounts receivable (including, without limitation, any account, fees, charges or other payments arising from the use and
occupancy of hotel rooms and/or other hotel or public facilities at the Property), (ii) credit card receivables, and (iii) reserves,
escrows and deposit accounts maintained by Mortgagor with respect to the Property, including, without limitation, all accounts
established or maintained pursuant to the Loan Agreement, the Cash Management Agreement, the Control Agreement or any other Loan
Document, together with all deposits or wire transfers made to such accounts, and all cash, checks, drafts, certificates, securities,
investment property, financial assets, instruments and other property held therein from time to time, and all proceeds, products,
distributions, dividends and/or substitutions thereon and thereof (provided that the foregoing shall not include any operating
accounts of Mortgagor or any Intellectual Property owned by an Approved Franchisor or Approved Manager), in accordance with the
terms of the Loan Documents;

 

(q)         Uniform
Commercial Code Property. All accounts, documents, instruments, chattel paper, general intangibles and investment property
(subject to the Cash Management Agreement) as the foregoing terms are defined in the Uniform Commercial Code, not otherwise described
above;

 

(r)          Minerals.
All minerals, crops, timber, trees, shrubs, flowers and landscaping features now or hereafter located on, under or above Land;

 

(s)          Proceeds.
All proceeds of any of the foregoing, including, without limitation, proceeds of insurance and condemnation awards (subject to
the terms of the Loan Agreement), whether in cash or in liquidation or other claims, or otherwise; and

 

(t)          Other
Rights. Any and all other rights of Mortgagor in and to the items set forth in Subsections (a) through (r) above.

 

AND, without limiting any of
the other provisions of this Mortgage, to the extent permitted by applicable law, Mortgagor expressly grants to Mortgagee, as secured
party, a security interest in the portion of the Property which is or may be subject to the provisions of the Uniform Commercial
Code which are applicable to secured transactions; it being understood and agreed that the Improvements and Fixtures are part and
parcel of the Land (the Land, the Improvements and the Fixtures are collectively referred to as the “Real Property”)
appropriated to the use thereof and, whether affixed or annexed to the Land or not, shall for the purposes of this Mortgage be
deemed conclusively to be real estate and mortgaged hereby.

 

Notwithstanding
anything herein to the contrary, in no event shall the Collateral (as defined below) include or the security interest granted under
Sections 1(g), (m), (n), (o) and (p) attach to any agreement, permit, consent, order or franchise covering real or personal property
of Mortgagor, and any of its rights or interest thereunder, if and to the extent that the grant of a security interest or lien
is prohibited by or in violation of (y) any law, rule, regulation or order, or (z) a term, provision or condition of any such agreement,
permit, consent, order or franchise (unless such law, rule, regulation, term, provision or condition would be rendered ineffective
with respect to the creation of the security interest hereunder pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the Uniform
Commercial Code (or any successor provision or provisions) of any relevant jurisdiction or any other applicable law (including
any Bankruptcy Law) or principles of equity) and such provision or condition has not been waived or the consent of the other party
to such agreement, permit,

 

    	 	5	 

     

    

 

consent, order or franchise
has not been obtained; provided however that the Collateral shall include (and such security interest shall attach) immediately
at such time as the contractual or legal prohibition shall no longer be applicable and to the extent severable, shall attach immediately
to any portion of such agreement, permit, consent, order or franchise not subject to the prohibitions specified in (y) or (z) above;
provided further that the exclusions referred to in this paragraph shall not include any proceeds of any such agreement,
permit, consent, order or franchise.

 

Section 2.02         Assignment
of Rents. Mortgagor hereby absolutely and unconditionally assigns to Mortgagee all of Mortgagor’s right, title and
interest in and to all current and future Leases and Rents; it being intended by Mortgagor that this assignment constitutes a
present, absolute assignment and not an assignment for additional security only. Notwithstanding the foregoing, but subject to
the terms of the Assignment of Leases, the Cash Management Agreement, and Section 9.01(i) of this Mortgage, Mortgagee grants to
Mortgagor a revocable license to collect, receive, use, distribute and enjoy the Rents. Mortgagor shall hold the Rents in trust
for use in the payment and performance of the Obligations and to otherwise use the same.

 

Section
2.03        Security Agreement. This Mortgage is both a real property mortgage and a “security agreement” within
the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests,
whether tangible or intangible in nature, of Mortgagor in the Property. By executing and delivering this Mortgage, Mortgagor hereby
grants to Mortgagee, as security for the Obligations, a security interest in the Fixtures, the Equipment, the Personal Property
and the other property constituting the Property to the full extent that the Fixtures, the Equipment, the Personal Property and
such other property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial
Code being called the “Collateral”). If an Event of Default shall occur and be continuing, Mortgagee,
in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any
and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting
the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures
as Mortgagee may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Mortgagee
after the occurrence and during the continuance of an Event of Default, Mortgagor shall, at its expense, assemble the Collateral
and make it available to Mortgagee at a convenient place (at the Land if tangible property) reasonably acceptable to Mortgagee.
Mortgagor shall pay to Mortgagee on demand any and all out-of-pocket expenses, including reasonable attorneys’ fees and costs,
incurred or paid by Mortgagee in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to
the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other
intended action by Mortgagee with respect to the Collateral sent to Mortgagor in accordance with the provisions hereof at least
ten (10) Business Days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice
to Mortgagor. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable
law, be applied by Mortgagee to the payment of the Indebtedness in such priority and proportions as Mortgagee in its discretion
shall deem proper. In the event of any conflict or inconsistency between the terms of this Mortgage and the terms of the Security
Agreement with respect to the collateral covered both therein and herein, the Security Agreement shall control and govern to the
extent of any such conflict or inconsistency.

 

Section
2.04        Fixture Filing. Certain of the Property is or will become “fixtures” (as that term is defined in the
Uniform Commercial Code) on the Land, described or referred to in this Mortgage, and this Mortgage, upon being filed for record
in the real estate records of the city or county wherein such fixtures are situated, shall operate also as a financing statement
naming Mortgagor as the Debtor and Mortgagee as the Secured Party filed as a fixture filing in accordance with the applicable provisions
of said Uniform Commercial Code upon such of the Property that is or may become fixtures. The principal place of business of Mortgagor
(Debtor) is as set forth on page one hereof and the address of Mortgagee (Secured Party) is as set forth on page one hereof. A
statement describing the portion of the Property comprising the fixtures hereby secured is set forth in Section 2.01(g) of this
Mortgage. Individual Borrower represents and warrants to Mortgagee that Individual Borrower is the record owner of the Property.

 

    	 	6	 

     

    

 

Section 2.05        Reduction
of Secured Amount. [insert only for States with mortgage recording tax: The Secured Amount shall be reduced only
by the last and final sums that Individual Borrower repays with respect to the Indebtedness and shall not be reduced by any intervening
repayments of the Indebtedness. So long as the balance of the Indebtedness exceeds the Secured Amount, any payments and repayments
of the Indebtedness shall not be deemed to be applied against, or to reduce, the portion of the Indebtedness secured by this Mortgage.
Such payments shall instead be deemed to reduce only such portions of the Indebtedness as are secured by other collateral located
outside of the State of [____________].]]1

 

CONDITIONS TO GRANT

 

TO HAVE AND TO HOLD the above
granted and described Property unto and to the use and benefit of Mortgagee and its successors and assigns, forever;

 

PROVIDED,
HOWEVER, these presents are upon the express condition that, in the event of any of the following: (i) payment in full of the Indebtedness,
performance in full of the Obligations, termination or expiration of the Commitments in accordance with the terms of the Loan Agreement,
(ii) a sale or other disposition of the Property permitted by the Loan Agreement or (iii) release of the Real Property as collateral
securing the Loan as provided in Sections 5.02(e) or 9.13 of the Loan Agreement or as otherwise provided in the Loan Documents,
these presents and the estate hereby granted shall cease, terminate and be void; provided, however, subject to Section 10.01 of
the Loan Agreement, Mortgagor’s obligation to indemnify and hold harmless Mortgagee pursuant to the provisions hereof shall
survive any such payment or release.

 

ARTICLE III.

 

DEBT AND OBLIGATIONS SECURED

 

Section 3.01        Obligations.
This Mortgage and the grants, assignments and transfers made in Article 2 are given for the purpose of securing the Obligations,
including, but not limited to, the Indebtedness.

 

Section 3.02         Other
Mortgages; No Election of Remedies.

 

(a)          The
Indebtedness is now or may hereafter be secured by one or more other mortgages, deeds of trust and other security agreements (collectively,
as the same may be amended and in effect from time to time, are herein collectively called the “Other Mortgages”),
which cover or will hereafter cover other properties that are or may be located in various states (the “Other Collateral”).
The Other Mortgages will secure the Indebtedness and the performance of the other covenants and agreements of Borrower set forth
in the Loan Documents. Upon the occurrence and during the continuance of an Event of Default, Mortgagee may proceed under this
Mortgage and/or any or all the Other Mortgages against either the Property and/or any or all the Other Collateral in one or more
parcels and in such manner and order as Mortgagee shall elect. Mortgagor hereby irrevocably waives and releases, to the extent
permitted by law, and whether now or hereafter in force, any right to have the Property and/or the Other Collateral marshaled upon
any foreclosure of this Mortgage or any Other Mortgage.

 

(b)          Without
limiting the generality of the foregoing, and without limitation as to any other right or remedy provided to Mortgagee in this
Mortgage or the other Loan Documents, in the case of an Event of Default (i) Mortgagee shall have the right to pursue all of its
rights and remedies under this Mortgage and the Loan Documents, at law and/or in equity, in one proceeding, or separately and independently
in separate proceedings from time to time, as Mortgagee, in its sole and absolute discretion, shall determine from time to time,
(ii) Mortgagee shall not be required to either marshal assets, sell the Property and/or any Other

 

 

		1	Section 2.05 is to be revised to incorporate appropriate
state specific provisions and Mortgagee to reasonably cooperate with Mortgagor to minimize recordation tax.

 

    	 	7	 

     

    

 

Collateral in any particular order
of alienation (and may sell the same simultaneously and together or separately), or be subject to any “one action”
or “election of remedies” law or rule with respect to the Property and/or any Other Collateral, (iii) the exercise
by Mortgagee of any remedies against any one item of Property and/or any Other Collateral will not impede Mortgagee from subsequently
or simultaneously exercising remedies against any other item of Property and/or Other Collateral, (iv) all liens and other rights,
remedies or privileges provided to Mortgagee herein shall remain in full force and effect until Mortgagee has exhausted all of
its remedies against the Property and all Property has been foreclosed, sold and/or otherwise realized upon in satisfaction of
the Indebtedness, and (v) Mortgagee may resort for the payment of the Indebtedness to any security held by Mortgagee in such order
and manner as Mortgagee, in its discretion, may elect and Mortgagee may take action to recover the Indebtedness, or any portion
thereof, or to enforce any covenant hereof without prejudice to the right of Mortgagee thereafter to foreclose this Mortgage.

 

(c)          Without
notice to or consent of Mortgagor and without impairment of the lien and rights created by this Mortgage, Mortgagee may, at any
time (in its sole and absolute discretion, but Mortgagee shall have no obligation to), execute and deliver to Mortgagor a written
instrument releasing all or a portion of the lien of this Mortgage as security for any or all of the obligations of Mortgagor now
existing or hereafter arising under or in respect of the Note, the Loan Agreement and each of the other Loan Documents, whereupon
following the execution and delivery by Mortgagee to Mortgagor of any such written instrument of release, this Mortgage shall no
longer secure such obligations of Mortgagor so released.

 

ARTICLE IV.

 

MORTGAGOR COVENANTS

 

Mortgagor covenants and agrees that throughout the
term of the Loan:

 

Section 4.01       Payment
and Performance. Mortgagor shall pay the Indebtedness when due under the Loan Agreement and the other Loan Documents and
shall perform the Obligations in full when they are required to be performed pursuant to the Loan Agreement.

 

Section
4.02        Other Covenants. All of the covenants in the Loan Agreement are incorporated herein by reference and, together
with covenants in this Article 4, shall be covenants running with the Land.

 

Section 4.03        Replacement
of Fixtures and Personal Property. Mortgagor shall not, without the prior written consent of Mortgagee, permit any of
the Fixtures or Personal Property owned or leased by Mortgagor (other than food, liquor and other consumables which shall be replaced
in the ordinary course) to be removed at any time from the Land or Improvements, unless the removed item is removed temporarily
for maintenance and repair, is replaced with Fixtures of similar quality with respect to Fixtures only, or is otherwise permitted
to be removed by the Loan Agreement.

 

Section 4.04        Inspection.
Mortgagor shall permit Mortgagee and its agents, representatives and employees, upon reasonable prior notice to Mortgagor, to
inspect the Property and all books and records of Mortgagor located thereon, and, following an Event of Default, to the extent
that Mortgagee has a reasonable basis to believe that there has been a material adverse change to the environmental or physical
condition of the Property, to conduct such environmental and engineering studies as Mortgagee may reasonably require, provided
that such inspections and studies shall not materially interfere with the use and operation of the Property.

 

Section
4.05        Performance of Other Agreements. Mortgagor shall observe and perform each and every term, covenant and provision
to be observed or performed by Mortgagor pursuant to the Loan Agreement, any other Loan Document and each and every material term,
covenant and provisions to be observed or performed by Mortgagor pursuant to any other agreement or recorded instrument affecting
or pertaining to the Property, and any amendments, modifications or changes thereto.

 

    	 	8	 

     

    

 

Section
4.06        Insurance; Condemnation Awards and Insurance Proceeds.

 

(a)          Insurance.
Mortgagor shall maintain or cause to be maintained, with financially sound and reputable insurers, insurance with respect to the
Property in compliance with the requirements set forth on Schedule I attached hereto.

 

(b)          Condemnation
Awards. Subject to (i) the terms of the Loan Agreement and (ii) the applicable provisions of Schedule I attached hereto, Mortgagor
assigns all Awards to Mortgagee and authorizes Mortgagee to collect and receive such Awards and to give proper receipts and acquittances
therefor.

 

(c)          Insurance
Proceeds. Subject to the terms of the Loan Agreement and the applicable provisions of Schedule I attached hereto, Mortgagor
assigns to Mortgagee all proceeds of any insurance policies (“Policies”) insuring against loss or damage
to the Property. Subject to the terms of the Loan Agreement and the applicable provisions of Schedule I attached hereto,
Mortgagor authorizes Mortgagee to collect and receive such proceeds and authorizes and directs the issuer of each of such insurance
policies to make payment for all such losses directly to Mortgagee, instead of to Mortgagor and Mortgagee jointly.

 

ARTICLE V.

 

RESERVED

 

ARTICLE VI. 

 

OBLIGATIONS AND RELIANCES

 

Section 6.01        Relationship
of Mortgagor and Mortgagee. The relationship between Mortgagor and Mortgagee is solely that of debtor and creditor, and
Mortgagee has no fiduciary or other special relationship with Mortgagor, and no term or condition of any of the Loan Agreement,
the Note, this Mortgage or the other Loan Documents shall be construed so as to deem the relationship between Mortgagor and Mortgagee
to be other than that of debtor and creditor.

 

Section
6.02        No Reliance on Mortgagee. The general partners, members, principals and (if Mortgagor is a trust) beneficial owners
of Mortgagor, as applicable, are experienced in the ownership and operation of properties similar to the Property, and Mortgagor
and Mortgagee are relying solely upon such expertise and business plan in connection with the ownership and operation of the Property.
Mortgagor is not relying on Mortgagee’s expertise, business acumen or advice in connection with the Property.

 

Section 6.03        No
Mortgagee Obligations.

 

(a)          Notwithstanding
the provisions of Section 2.01 or Section 2.02, Mortgagee is not undertaking the performance of (i) any obligations under the Leases
or the Operating Lease, or (ii) any obligations with respect to any other agreements, contracts, certificates, instruments, franchises,
permits, trademarks, licenses or other documents.

 

(b)          By
accepting or approving anything required to be observed, performed or fulfilled or to be given to Mortgagee pursuant to this Mortgage,
the Loan Agreement, the Note or the other Loan Documents, including, without limitation, any officer’s certificate, balance
sheet, statement of profit and loss or other financial statement, survey, appraisal or insurance policy, Mortgagee shall not be
deemed to have

 

    	 	9	 

     

    

 

warranted, consented to, or affirmed the sufficiency,
legality or effectiveness of same, and such acceptance or approval thereof shall not constitute any warranty or affirmation with
respect thereto by Mortgagee.

 

Section 6.04        Reliance.
Mortgagor recognizes and acknowledges that in accepting the Loan Agreement, the Note, this Mortgage and the other Loan Documents,
Mortgagee is expressly and primarily relying on the truth and accuracy of the warranties and representations set forth in the
Loan Documents without any obligation to investigate the Property and notwithstanding any investigation of the Property by Mortgagee;
that such reliance existed on the part of Mortgagee prior to the date hereof; that the warranties and representations are a material
inducement to Mortgagee and the Secured Parties in making the Loan; and that Mortgagee and the Secured Parties would not be willing
to make the Loan and accept this Mortgage in the absence of the warranties and representations as set forth in the Loan Documents.

 

ARTICLE VII.

 

FURTHER ASSURANCES

 

Section 7.01        Recording
of Mortgage, Etc. Mortgagor forthwith upon the execution and delivery of this Mortgage and thereafter, from time to time,
will cause this Mortgage and any of the other Loan Documents creating a Lien or security interest or evidencing the Lien hereof
upon the Property and each instrument of further assurance to be filed, registered or recorded in such manner and in such places
as may be required by any present or future law in order to publish notice of and fully to protect and perfect the Lien or security
interest hereof upon, and the interest of Mortgagee in, the Property. Mortgagor will pay all taxes, filing, registration or recording
fees, and all expenses incident to the preparation, execution, acknowledgment and/or recording of the Note, this Mortgage, the
other Loan Documents, any note, deed of trust or mortgage supplemental hereto, any security instrument with respect to the Property
and any instrument of further assurance, and any modification or amendment of any of the foregoing documents, and all federal,
state, county and municipal taxes, duties, imposts, assessments and charges arising out of or in connection with the execution
and delivery of this Mortgage, any deed of trust or mortgage supplemental hereto, any security instrument with respect to the
Property or any instrument of further assurance, and any modification or amendment of any of the foregoing documents, except where
prohibited by law so to do.

 

Section 7.02        Further
Acts, Etc. Mortgagor will, at the cost of Mortgagor, and without out-of- pocket expense to Mortgagee, do, execute, acknowledge
and deliver all and every such further acts, deeds, conveyances, deeds of trust, mortgages, assignments, notices of assignments,
transfers and assurances as Mortgagee shall, from time to time, reasonably require, for the better assuring, conveying, assigning,
transferring, and confirming unto Mortgagee the property and rights hereby mortgaged, deeded, granted, bargained, sold, conveyed,
confirmed, pledged, assigned, warranted and transferred or intended now or hereafter so to be, or which Mortgagor may be or may
hereafter become bound to convey or assign to Mortgagee, or for carrying out the intention or facilitating the performance of
the terms of this Mortgage or for filing, registering or recording this Mortgage, or for complying with all applicable laws. Mortgagor,
on demand, will execute and deliver, and in the event it shall fail to so execute and deliver, hereby authorizes Mortgagee to
execute in the name of Mortgagor or without the signature of Mortgagor to the extent Mortgagee may lawfully do so, one or more
financing statements to evidence more effectively the security interest of Mortgagee in the Property. Mortgagor grants to Mortgagee
an irrevocable power of attorney coupled with an interest for the purpose of exercising and perfecting any and all rights and
remedies available to Mortgagee at law and in equity, including, without limitation, such rights and remedies available to Mortgagee
pursuant to this Section 7.02.

 

Section 7.03         Changes
in Tax, Debt, Credit and Documentary Stamp Laws.

 

(a)          If
any law is enacted or adopted or amended after the date of this Mortgage which deducts the Indebtedness from the value of the Property
for the purpose of taxation or which imposes a tax, either directly or indirectly, on the Indebtedness or Mortgagee’s interest
in the Property, Mortgagor will pay

 

    	 	10	 

     

    

 

the tax, with interest and penalties
thereon, if any. If Mortgagee is advised by counsel chosen by it that the payment of tax by Mortgagor would be unlawful or taxable
to Mortgagee or unenforceable or provide the basis for a defense of usury, then Mortgagee shall have the option by written notice
of not less than one hundred eighty (180) days to declare the Indebtedness immediately due and payable, in which case no Spread
Maintenance or other prepayment premium or penalty shall be due in connection with such prepayment.

 

(b)          Mortgagor
will not claim or demand or be entitled to any credit or credits on account of the Indebtedness for any part of the Taxes
assessed against the Property, or any part thereof, and no deduction shall otherwise be made or claimed from the assessed
value of the Property, or any part thereof, for real estate tax purposes by reason of this Mortgage or the Indebtedness. If
such claim, credit or deduction shall be required by law, Mortgagee shall have the option, by written notice of not less than
one hundred eighty (180) days, to declare the Indebtedness immediately due and payable, in which case no Spread Maintenance
or other prepayment premium or penalty shall be due in connection with such prepayment.

 

(c)          If
at any time the United States of America, any State thereof or any subdivision of any such State shall require revenue or other
stamps to be affixed to the Note, this Mortgage, or any of the other Loan Documents or shall impose any other tax or charge on
the same, Mortgagor will pay for the same, with interest and penalties thereon, if any.

 

ARTICLE VIII.

 

DUE ON SALE/ENCUMBRANCE

 

Section 8.01        Mortgagee
Reliance. Mortgagor acknowledges that Mortgagee has examined and relied on the experience of Mortgagor and its general
partners, members, principals and (if Mortgagor is a trust) beneficial owners in owning and operating properties such as the Property
in agreeing to make the Loan, and will continue to rely on Mortgagor’s ownership of the Property as a means of maintaining
the value of the Property as security for the payment and performance of the Obligations, including the repayment of the Indebtedness.
Mortgagor acknowledges that Mortgagee has a valid interest in maintaining the value of the Property so as to ensure that, should
Mortgagor default in the payment and/or performance of the Obligations, including the repayment of the Indebtedness, Mortgagee
can recover the Indebtedness by a sale of the Property.

 

Section
8.02         No Transfer. Mortgagor shall not permit or suffer any Transfer to occur except in accordance with the terms of
the Loan Agreement.

 

ARTICLE IX.

 

RIGHTS AND REMEDIES UPON DEFAULT

 

Section 9.01        Remedies.
Upon the occurrence and during the continuance of any Event of Default, Mortgagor agrees that Mortgagee may take such action,
without notice or demand, as it deems advisable to protect and enforce its rights against Mortgagor and in and to the Property,
including, but not limited to, the following actions, each of which may be pursued concurrently or otherwise, at such time and
in such order as Mortgagee may determine, in its sole discretion, without impairing or otherwise affecting the other rights and
remedies of Mortgagee:

 

(a)          declare
the entire unpaid Indebtedness to be immediately due and payable;

 

(b)          institute
proceedings, judicial or otherwise, for the complete foreclosure of this Mortgage under any applicable provision of law, in which
case the Property or any interest therein may be sold for cash or upon credit in one or more parcels or in several interests or
portions and in any order or manner;

 

    	 	11	 

     

    

 

(c)          with
or without entry, to the extent permitted and pursuant to the procedures provided by applicable law, institute proceedings for
the partial foreclosure of this Mortgage for the portion of the Indebtedness then due and payable, subject to the continuing lien
and security interest of this Mortgage for the balance of the Obligations not then due, unimpaired and without loss of priority;

 

(d)          sell
for cash or upon credit the Property or any part thereof and all estate, claim, demand, right, title and interest of Mortgagor
therein and rights of redemption thereof, pursuant to power of sale or otherwise, at one or more sales, as an entirety or in parcels,
at such time and place, upon such terms and after such notice thereof, all as may be required or permitted by law; and, without
limiting the foregoing:

 

(e)            (i)
In connection with any sale or sales hereunder, Mortgagee shall be entitled to elect to treat any of the Property which consists
of (x) a right in action, or (y) property that can be severed from the Real Property covered hereby, or (z) any improvements (without
causing structural damage thereto), as if the same were personal property, and dispose of the same in accordance with applicable
law, separate and apart from the sale of the Real Property. Where the Property consists of Real Property, Personal Property, Equipment
or Fixtures, whether or not such Personal Property or Equipment is located on or within the Real Property, Mortgagee shall be entitled
to elect to exercise its rights and remedies against any or all of the Real Property, Personal Property, Equipment and Fixtures
in such order and manner as is now or hereafter permitted by applicable law;

 

(ii)         Mortgagee
shall be entitled to elect to proceed against any or all of the Real Property, Personal Property, Equipment and Fixtures in any
manner permitted under applicable law; and if Mortgagee so elects pursuant to applicable law, the power of sale herein granted
shall be exercisable with respect to all or any of the Real Property, Personal Property, Equipment and Fixtures covered hereby,
as designated by Mortgagee and Mortgagee is hereby authorized and empowered to conduct any such sale of any Real Property, Personal
Property, Equipment and Fixtures in accordance with the procedures applicable to Real Property;

 

(iii)        Should
Mortgagee elect to sell any portion of the Property which is Real Property or which is Personal Property, Equipment or Fixtures
that the Mortgagee has elected under applicable law to sell together with Real Property in accordance with the laws governing a
sale of the Real Property, Mortgagee shall give such notice of the occurrence of an Event of Default, if any, and its election
to sell such Property, each as may then be required by law. Thereafter, upon the expiration of such time and the giving of such
notice of sale as may then be required by law, subject to the terms hereof and of the other Loan Documents, and without the necessity
of any demand on Mortgagor, Mortgagee at the time and place specified in the notice of sale, shall sell such Real Property or part
thereof at public auction to the highest bidder for cash in lawful money of the United States. Mortgagee may from time to time
postpone any sale hereunder by public announcement thereof at the time and place noticed for any such sale; and

 

(iv)        If
the Property consists of several lots, parcels or items of property, Mortgagee shall, subject to applicable law, (A) designate
the order in which such lots, parcels or items shall be offered for sale or sold, or (B) elect to sell such lots, parcels or items
through a single sale, or through two or more successive sales, or in any other manner Mortgagee designates. Any Person, including
Mortgagor or Mortgagee, may purchase at any sale hereunder. Should Mortgagee desire that more than one sale or other disposition
of the Property be conducted, Mortgagee shall, subject to applicable law, cause such sales or dispositions to be conducted simultaneously,
or successively, on the same day, or at such different days or times and in such order as Mortgagee may designate, and no such
sale shall terminate or otherwise affect the Lien of this Mortgage on any part of the Property not sold until all the Obligations
have been satisfied in full. In the event Mortgagee elects to dispose of the Property through more than one sale, except as otherwise
provided by applicable law, Mortgagor agrees to pay the costs and expenses of each such sale and of any judicial proceedings wherein
such sale may be made;

 

    	 	12	 

     

    

 

(f)          institute
an action, suit or proceeding in equity for the specific performance of any covenant, condition or agreement contained herein,
in the Note, in the Loan Agreement or in the other Loan Documents;

 

(g)          recover
judgment on the Note either before, during or after any proceedings for the enforcement of this Mortgage or the other Loan Documents;

 

(h)          apply
for the appointment of a receiver, trustee, liquidator or conservator of the Property, without notice and without regard for the
adequacy of the security for the Indebtedness and without regard for the solvency of Mortgagor, any guarantor or indemnitor with
respect to the Facility or any Person otherwise liable for the payment of the Indebtedness or any part thereof;

 

(i)          the
license granted to Mortgagor under Section 2.02 hereof shall automatically be revoked and Mortgagee may enter into or upon the
Property, either personally or by its agents, nominees or attorneys and dispossess Mortgagor and its agents and servants therefrom,
without liability for trespass, damages or otherwise and exclude Mortgagor and its agents or servants wholly therefrom, and take
possession of all books, records and accounts relating thereto and Mortgagor agrees to surrender possession of the Property and
of such books, records and accounts to Mortgagee upon demand, and thereupon Mortgagee may, (i) use,
operate, manage, control, insure, maintain, repair, restore and otherwise deal with all and every part of the Property and conduct
the business thereat; (ii) complete any construction on the Property in such manner and form as Mortgagee deems advisable; (iii)
make alterations, additions, renewals, replacements and improvements to or on the Property; (iv) exercise all rights and powers
of Mortgagor with respect to the Property, whether in the name of Mortgagor or otherwise, including, without limitation, the right
to make, cancel, enforce or modify Leases, obtain and evict tenants and demand, sue for, collect and receive all Rents of the
Property and every part thereof; (v) require Mortgagor to pay monthly in advance to Mortgagee, or any receiver appointed to collect
the Rents, the fair and reasonable rental value for the use and occupation of such part of the Property as may be occupied by
Mortgagor; (vi) require Mortgagor to vacate and surrender possession of the Property to Mortgagee or to such receiver and, in
default thereof, Mortgagor may be evicted by summary proceedings or otherwise; and (vii) apply the receipts from the Property
to the payment and performance of the Obligations (including, without limitation, the payment of the Indebtedness), in such order,
priority and proportions as Mortgagee shall deem appropriate in its sole discretion after deducting therefrom all expenses (including
reasonable out-of-pocket attorneys’ fees and costs) incurred in connection with the aforesaid operations and all amounts
necessary to pay the Taxes, Other Charges, Insurance Premiums and other expenses in connection with the Property;

 

(j)          exercise
any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting
the generality of the foregoing: (i) the right to take possession of the Fixtures, the Equipment and/or the Personal Property,
or any part thereof, and to take such other measures as Mortgagee may deem necessary for the care, protection and preservation
of the Fixtures, the Equipment and the Personal Property, and (ii) request Mortgagor, at its sole cost and expense, to assemble
the Fixtures, the Equipment and/or the Personal Property and make it available to Mortgagee at a convenient place acceptable to
Mortgagee. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Fixtures, the Equipment and/or
the Personal Property sent to Mortgagor in accordance with the provisions hereof at least ten (10) days prior to such action, shall
constitute commercially reasonable notice to Mortgagor;

 

(k)          apply
any sums then deposited or held in escrow or otherwise by or on behalf of Mortgagee in accordance with the terms of the Loan Agreement,
this Mortgage or any other Loan Document to the payment of any sums payable pursuant to the Note, the Loan Agreement, this Mortgage
and the other Loan Documents in its sole discretion; and/or

 

(l)          exercise
all other rights, remedies and recourses granted under the Loan Documents or otherwise available at law or in equity.

 

    	 	13	 

     

    

 

In the event
of a sale, by foreclosure, power of sale or otherwise, of less than all of the Property, this Mortgage shall continue as a Lien
and security interest on the remaining portion of the Property unimpaired and without loss of priority.

 

Section 9.02       Application
of Proceeds. The purchase money proceeds and avails of any disposition of the Property or any part thereof, or any other
sums collected by Mortgagee pursuant to the Note, this Mortgage or the other Loan Documents, may be applied by Mortgagee to the
payment of the Obligations in such priority and proportions as Mortgagee in its discretion shall deem proper, to the extent consistent
with law.

 

Section
9.03       Right to Cure Defaults. During the continuance of any Event of Default, Mortgagee may, but without any obligation
to do so and without notice to or demand on Mortgagor and without releasing Mortgagor from any obligation hereunder, perform the
obligations in Default in such manner and to such extent as Mortgagee may deem necessary to protect the security hereof. Mortgagee
is authorized to enter upon the Property for such purposes or appear in, defend or bring any action or proceeding to protect its
interest in the Property or to foreclose this Mortgage or collect the Indebtedness, and the cost and expense thereof (including
reasonable out-of-pocket attorneys’ fees and disbursements to the extent permitted by law), with interest thereon at the
default rate applicable to Base Rate Advances pursuant to Section 2.07(b) of the Loan Agreement, for the period after notice from
Mortgagee that such cost or expense was incurred to the date of payment to Mortgagee, shall constitute a portion of the Indebtedness,
shall be secured by this Mortgage and the other Loan Documents and shall be due and payable to Mortgagee upon demand.

 

Section 9.04         Other
Rights, Etc.

 

(a)          The
failure of Mortgagee to insist upon strict performance of any term hereof shall not be deemed to be a waiver of any term of this
Mortgage. Mortgagor shall not be relieved of Mortgagor’s obligations hereunder by reason of (i) the failure of Mortgagee
to comply with any request of Mortgagor or any guarantor or indemnitor with respect to the Facility to take any action to foreclose
this Mortgage or otherwise enforce any of the provisions hereof or of the Note or the other Loan Documents, (ii) the release, regardless
of consideration, of the whole or any part of the Property, or of any Person liable for the Obligations or any portion thereof,
or (iii) any agreement or stipulation by Mortgagee extending the time of payment or otherwise modifying or supplementing the terms
of the Note, this Mortgage or the other Loan Documents.

 

(b)          It
is agreed that the risk of loss or damage to the Property is on Mortgagor, and Mortgagee shall have no liability whatsoever for
any decline in value of the Property, for failure to maintain the Policies, or for failure to determine whether insurance in force
is adequate as to the amount of risks insured. Possession by Mortgagee shall not be deemed an election of judicial relief, if any
such possession is requested or obtained, with respect to any Property or collateral not in Mortgagee’s possession.

 

(c)          Mortgagee
may resort for the payment and performance of the Obligations (including, but not limited to, the payment of the Indebtedness)
to any other security held by Mortgagee in such order and manner as Mortgagee, in its discretion, may elect. Mortgagee may take
action to recover the Indebtedness, or any portion thereof, or to enforce the Obligations or any covenant hereof, without prejudice
to the right of Mortgagee thereafter to foreclose this Mortgage. The rights of Mortgagee under this Mortgage shall be separate,
distinct and cumulative and none shall be given effect to the exclusion of the others. No act of Mortgagee shall be construed as
an election to proceed under any one provision herein to the exclusion of any other provision. Mortgagee shall not be limited exclusively
to the rights and remedies herein stated but shall be entitled to every right and remedy now or hereafter afforded at law or in
equity.

 

Section
9.05        Right to Release Any Portion of the Property. Mortgagee may release any portion of the Property for such consideration
as Mortgagee may reasonably require without, as to the remainder of the Property, in any way impairing or affecting the Lien or
priority of this Mortgage, or improving the position of any subordinate lienholder with respect thereto, except to the extent that
the Indebtedness shall have been

 

    	 	14	 

     

    

 

reduced by the actual monetary
consideration, if any, received by Mortgagee for such release, and Mortgagee may accept by assignment, pledge or otherwise any
other property in place thereof as Mortgagee may require without being accountable for so doing to any other lienholder. This Mortgage
shall continue as a Lien and security interest in the remaining portion of the Property.

 

Section 9.06        Right
of Entry. Upon reasonable advance notice to Mortgagor, Mortgagee and its agents shall have the right to enter and inspect
the Property at all reasonable times.

 

ARTICLE
X.

 

INDEMNIFICATION

 

Section
10.01      Mortgage and/or Intangible Tax. Mortgagor shall, at its sole cost and expense, protect, defend, indemnify, release
and hold harmless Mortgagee and any Person claiming by or through Mortgagee (collectively with Mortgagee, the “Indemnified
Parties”) from and against any and all losses imposed upon or incurred by or asserted against any Indemnified Party
arising out of or in connection with Mortgagor’s failure to pay any mortgage recording or intangible tax on the making and/or
recording of this Mortgage, the Note or any of the other Loan Documents, but excluding any income, franchise or similar taxes.

 

Section 10.02      Duty
to Defend; Attorneys’ Fees and Other Fees and Expenses. Upon written request by any Indemnified Party, Mortgagor
shall defend such Indemnified Party (if requested by any Indemnified Party, in the name of the Indemnified Party) by attorneys
and other professionals reasonably approved by the Mortgagee. Notwithstanding the foregoing, if the defendants in any such claim
or proceeding include both Mortgagor and any Indemnified Party and Mortgagor and such Indemnified Party shall have reasonably
concluded that there is an actual conflict of interest among such parties, such Indemnified Party shall have the right to select
one other separate counsel to participate or defend such action on behalf of such Indemnified Party. In connection with the foregoing,
upon demand, Mortgagor shall pay or, in the sole and absolute discretion of the Indemnified Parties, reimburse, the Indemnified
Parties for the payment of the out- of-pocket reasonable fees and disbursements of attorneys.

 

ARTICLE XI.

 

WAIVERS

 

Section
11.01     Waiver of Counterclaim. To the extent permitted by applicable law, Mortgagor hereby waives the right to assert
a counterclaim, other than a mandatory or compulsory counterclaim, in any action or proceeding brought against it by Mortgagee
arising out of or in any way connected with this Mortgage, the Loan Agreement, the Note, any of the other Loan Documents or the
Obligations.

 

Section 11.02      Marshalling
and Other Matters. To the extent permitted by applicable law, Mortgagor hereby waives the benefit of all appraisement,
valuation, stay, extension, reinstatement and redemption laws now or hereafter in force and all rights of marshalling in the event
of any sale hereunder of the Property or any part thereof or any interest therein. Further, to the extent permitted by applicable
law, Mortgagor hereby expressly waives any and all rights of redemption from sale under any order or decree of foreclosure of
this Mortgage on behalf of Mortgagor, and on behalf of each and every Person acquiring any interest in or title to the Property
subsequent to the date of this Mortgage.

 

Section
11.03      Waiver of Notice. To the extent permitted by applicable law, Mortgagor shall not be entitled to any notices of
any nature whatsoever from Mortgagee, except with respect to matters for which this Mortgage or the Loan Documents specifically
and expressly provide for the giving of notice by Mortgagee to Mortgagor, and except with respect to matters for which Mortgagee
is required by applicable law to give notice, and Mortgagor hereby expressly waives the right to receive any notice from Mortgagee
with respect to

 

    	 	15	 

     

    

 

any matter for which this Mortgage or the Loan Documents
does not specifically and expressly provide for the giving of notice by Mortgagee to Mortgagor.

 

Section 11.04     Waiver
of Statute of Limitations. To the extent permitted by applicable law, Mortgagor hereby expressly waives and releases its
right to plead any statute of limitations as a defense to the payment and performance of the Obligations (including, without limitation,
the payment of the Indebtedness).

 

Section
11.05     Waiver of Jury Trial. MORTGAGOR AND MORTGAGEE EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE
OF RIGHT BY JURY, AND FOREVER WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER
EXIST, WITH REGARD TO THE NOTE, THIS MORTGAGE OR THE OTHER LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN
CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY MORTGAGOR AND MORTGAGEE AND IS
INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE.
EACH OF MORTGAGOR AND MORTGAGEE IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE
OF THIS WAIVER.

 

Section 11.06      Survival.
The indemnifications made pursuant to Article 10 herein shall continue indefinitely in full force and effect and shall
survive and shall in no way be impaired by (a) any satisfaction, release or other termination of this Mortgage or any other Loan
Document, (b) any assignment or other transfer of all or any portion of this Mortgage or any other Loan Document or Mortgagee’s
interest in the Property (but, in such case, such indemnifications shall benefit both the Indemnified Parties and any such assignee
or transferee), (c) any exercise of Mortgagee’s rights and remedies pursuant hereto, including, but not limited to, foreclosure
or acceptance of a deed in lieu of foreclosure, any exercise of any rights and remedies pursuant to the Loan Agreement, the Note
or any of the other Loan Documents, any transfer of all or any portion of the Property (whether by Mortgagor or by Mortgagee following
foreclosure or acceptance of a deed in lieu of foreclosure or at any other time), (d) any amendment to this Mortgage, the Loan
Agreement, the Note or any other Loan Document, and/or (e) any act or omission that might otherwise be construed as a release
or discharge of Mortgagor from the Obligations or any portion thereof.

 

ARTICLE XII.

 

NOTICES

 

Any notice
required or permitted to be given under this Mortgage shall be given in accordance with Section 9.02 of the Loan Agreement.

 

ARTICLE
XIII.

 

APPLICABLE LAW

 

Section 13.01      Governing
Law; Jurisdiction; Service of Process. WITH RESPECT TO MATTERS RELATING TO THE CREATION, PERFECTION AND PROCEDURES
RELATING TO THE ENFORCEMENT OF THIS MORTGAGE, THIS MORTGAGE SHALL BE GOVERNED BY, AND BE CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE IN WHICH THE PROPERTY IS LOCATED, IT BEING UNDERSTOOD THAT, EXCEPT AS EXPRESSLY SET FORTH ABOVE IN THIS PARAGRAPH
AND TO THE FULLEST EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF
LAWS PRINCIPLES SHALL GOVERN ALL MATTERS RELATING TO THIS MORTGAGE AND THE OTHER LOAN DOCUMENTS AND ALL OF THE INDEBTEDNESS OR

 

    	 	16	 

     

    

 

OBLIGATIONS ARISING HEREUNDER
OR THEREUNDER. ALL PROVISIONS OF THE LOAN AGREEMENT INCORPORATED HEREIN BY REFERENCE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES, AS SET FORTH IN THE GOVERNING LAW PROVISION
OF THE LOAN AGREEMENT.

 

Section 13.02      Usury
Laws. Notwithstanding anything to the contrary in this Mortgage or the Loan Agreement, (a) all agreements and communications
between Mortgagor and Mortgagee are hereby and shall automatically be limited so that, after taking into account all amounts deemed
to constitute interest, the interest contracted for, charged or received by Mortgagee shall never exceed the Maximum Rate, (b)
in calculating whether any interest exceeds the Maximum Rate, all such interest shall be amortized, prorated, allocated and spread
over the full amount and term of all principal indebtedness of Mortgagor to Mortgagee, and (c) if through any contingency or event,
Mortgagee receives or is deemed to receive interest in excess of the Maximum Rate, any such excess shall be deemed to have been
applied toward payment of the principal of any and all then outstanding indebtedness of Mortgagor to Mortgagee, or if there is
no such indebtedness, shall immediately be returned to Mortgagor.

 

Section 13.03      Provisions
Subject to Applicable Law. All rights, powers and remedies provided in this Mortgage may be exercised only to the extent
that the exercise thereof does not violate any applicable provisions of law and are intended to be limited to the extent necessary
so that they will not render this Mortgage invalid, unenforceable or not entitled to be recorded, registered or filed under the
provisions of any applicable law. If any term of this Mortgage or any application thereof shall be invalid or unenforceable, the
remainder of this Mortgage and any other application of the term shall not be affected thereby.

 

ARTICLE XIV.

 

DEFINITIONS

 

Unless the
context clearly indicates a contrary intent or unless otherwise specifically provided herein, words used in this Mortgage may be
used interchangeably in the singular or plural form and the word “Mortgagor” shall mean “each Mortgagor and any
subsequent owner or owners of the Property or any part thereof or any interest therein,” the word “Note” shall
mean “the Note and any other evidence of indebtedness secured by this Mortgage,” the word “Property” shall
include any portion of the Property and any interest therein, and the phrases “attorneys’ fees”, “legal
fees” and “counsel fees” shall include any and all attorneys’, paralegal and law clerk fees and disbursements,
including, but not limited to, fees and disbursements at the pre-trial, trial and appellate levels, incurred or paid by Mortgagee
in protecting its interest in the Property, the Leases and/or the Rents and/or in enforcing its rights hereunder. Whenever the
context may require, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms.

 

ARTICLE
XV.

 

MISCELLANEOUS PROVISIONS

 

Section 15.01     No
Oral Change. This Mortgage, and any provisions hereof, may not be modified, amended, waived, extended, changed, discharged
or terminated orally or by any act or failure to act on the part of Mortgagor or Mortgagee, but only in accordance with Section
9.01 of the Loan Agreement.

 

Section 15.02     Successors
and Assigns. This Mortgage shall be binding upon, and shall inure to the benefit of, Mortgagor, Mortgagee and the other
Secured Parties and their respective successors and permitted assigns. Mortgagor shall not, without the prior written consent
of Mortgagee, assign any rights, duties or obligations hereunder. Upon the request of Mortgagor, Mortgagee shall cooperate in
all reasonable respects with Mortgagor (at Mortgagor’s sole cost and expense) in connection with Mortgagor’s efforts
to minimize recordation taxes in connection with a refinancing of the Property upon removal of the Property as a

 

    	 	17	 

     

    

 

Collateral Asset. For the avoidance
of doubt, Mortgagee shall not be responsible for any losses, costs or expenses incurred by Mortgagor in connection with the loss
of any recording tax credits or savings pertaining to this Mortgage and Mortgagor will expressly indemnify Mortgagee from any and
all losses, costs and expenses (including reasonable attorneys’ fees) Mortgagee may incur as a result of failure by Mortgagor
to pay any recording or other documentary taxes associated with this Mortgage.

 

Section 15.03      No
Merger of Estates. So long as any portion of the Indebtedness and the Obligations secured hereby remain unpaid
and undischarged and the Commitments have not expired or been terminated, the fee and leasehold estates to the Property shall
not merge, but shall remain separate and distinct, notwithstanding the union of such estates either in Mortgagor, Mortgagee, any
tenant or any third party by purchase or otherwise.

 

Section 15.04     Inapplicable
Provisions. If any provision of this Mortgage is held to be illegal, invalid or unenforceable under present or future
laws effective during the term of this Mortgage, such provision shall be fully severable and this Mortgage shall be construed
and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Mortgage, and the remaining
provisions of this Mortgage shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable
provision or by its severance from this Mortgage, unless such continued effectiveness of this Mortgage, as modified, would be
contrary to the basic understandings and intentions of the parties as expressed herein.

 

Section 15.05     Headings,
Etc. The headings and captions of the various Sections of this Mortgage 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.

 

Section
15.06      Subrogation. If any or all of the proceeds of the Indebtedness have been used to extinguish, extend or renew any
indebtedness heretofore existing against the Property, then, to the extent of the funds so used, Mortgagee and the other Secured
Parties shall be subrogated to all of the rights, claims, liens, titles and interests existing against the Property heretofore
held by, or in favor of, the holder of such indebtedness and such former rights, claims, liens, titles and interests, if any, are
not waived, but rather are continued in full force and effect in favor of Mortgagee and the other Secured Parties and are merged
with the Lien and security interest created herein as cumulative security for the payment, performance and discharge of the Obligations
(including, but not limited to, the payment of the Indebtedness).

 

Section 15.07     Exculpation.
Section 10.01 of the Loan Agreement is hereby incorporated herein by reference, mutatis mutandis.

 

Section 15.08      Entire
Agreement. The Note, the Loan Agreement, this Mortgage and the other Loan Documents constitute the entire understanding
and agreement between Mortgagor and Mortgagee with respect to the transactions arising in connection with the Obligations and
supersede all prior written or oral understandings and agreements between Mortgagor and Mortgagee with respect thereto. Mortgagor
hereby acknowledges that, except as incorporated in writing in the Note, the Loan Agreement, this Mortgage and the other Loan
Documents, there are not, and were not, and no Persons are or were authorized by Mortgagee to make, any representations, understandings,
stipulations, agreements or promises, oral or written, with respect to the transaction which is the subject of the Note, the Loan
Agreement, this Mortgage and the other Loan Documents.

 

Section
15.09      Limitation on Mortgagee’s Responsibility. No provision of this Mortgage shall operate to place any obligation
or liability for the control, care, management or repair of the Property upon Mortgagee, nor shall it operate to make Mortgagee
responsible or liable for any waste committed on the Property by the tenants under any leases (“Tenant”)
or any other Person, or for any dangerous or defective condition of the Property, or for any negligence in the management, upkeep,
repair or control of the Property resulting in loss or injury or death to any Tenant, licensee, employee or stranger (unless Mortgagee
has

 

    	 	18	 

     

    

 

acquired title to the Property). Nothing herein contained
shall be construed as constituting Mortgagee a “mortgagee in possession.”

 

Section 15.10              Mortgagee
as Agent; Successor Agents.

 

(a)          Agent
has been appointed to act as Agent hereunder by the other Secured Parties. Agent shall have the right hereunder to make demands,
to give notices, to exercise or refrain from exercising any rights, and to take or refrain from taking any action (including, without
limitation, the release or substitution of the Property) in accordance with and pursuant to the terms of the Loan Agreement and
this Mortgage. Mortgagor and all other Persons shall be entitled to rely on releases, waivers, consents, approvals, notifications
and other acts of Agent, without inquiry into the existence of required consents or approvals of the Secured Parties therefor.

 

(b)          Mortgagee
shall at all times be the same Person that is Agent under the Loan Agreement. Resignation, removal and appointment of a successor
Agent shall be in accordance with the terms of the Loan Agreement.

 

Section 15.11     Recitals.
The recitals hereof are a part hereof, form a basis for this Mortgage and shall be considered prima facie evidence of the facts
and documents referred to therein.

 

Section
15.12      [No Release or Novation. The Obligations secured by this Mortgage are continuing obligations and nothing contained
herein shall be deemed to release, terminate or subordinate any lien, security interest or assignment created or evidenced by this
Mortgage and all such liens, security interests and assignments and the priority thereof shall relate back to the date that the
Original Mortgage was filed as referenced in the recitals above. Mortgagor and Mortgagee intend that this Mortgage shall in no
way affect the priority of the Mortgage or constitute a novation of the indebtedness secured thereby.

 

Section
15.13   Change of Agent. DB Agent hereby consents to Agent replacing DB Agent as the mortgagee under
this Mortgage and assigns to Agent all of its interest under the Original Mortgage in such capacity.]2

 

ARTICLE XVI.

 

STATE-SPECIFIC PROVISIONS

 

[To Come]

 

[NO FURTHER TEXT ON THIS
PAGE]

 

 

		2	Insert only for amended and restated mortgage.

 

    	 	19	 

     

    

 

IN WITNESS WHEREOF, THIS MORTGAGE
has been executed by the parties hereto as of the day and year first above written.

 

	 	INDIVIDUAL BORROWER:
	 	 
	 	[_______________]
	 	 
	 	By:________________________
	 	Name:
	 	Title:
	 	 
	 	OPERATING LESSEE:
	 	 
	 	[_______________]
	 	 
	 	By:________________________
	 	Name:
	 	Title:

 

[Signature page to Mortgage]

 

     

     

    

 

	 	MORTGAGEE:
	 	 
	 	CITIBANK, N.A., as Collateral Agent
	 	 
	 	By:________________________
	 	Name:
	 	Title:

 

[Signature page to Mortgage]

 

     

     

    

 

For purposes of Section 15.13 only:

 

DB AGENT:

 

DEUTSCHE BANK AG NEW YORK BRANCH,

as administrative agent

 

	By:________________________
	Name:
	Title:
	 
	By:________________________
	Name:
	Title:

 

[Signature page to Mortgage]

 

     

     

    

 

INDIVIDUAL BORROWER ACKNOWLEDGMENT

 

[Insert state specific form of notary acknowledgement]

 

OPERATING LESSEE ACKNOWLEDGMENT

 

[Insert state specific form of notary acknowledgement]

 

[Acknowledgement page to Mortgage]

 

     

     

    

 

MORTGAGEE ACKNOWLEDGMENT

 

[Insert state specific form of notary acknowledgement]

 

[Acknowledgement page to Mortgage]

 

    	 	 	 

     

    

 

DB AGENT ACKNOWLEDGMENT

 

[Insert state specific form of notary acknowledgement]

 

[Acknowledgement page to Mortgage]

 

    	 	 	 

     

    

 

EXHIBIT A

 

LEGAL DESCRIPTION

 

[see attached]

 

    Exh. A-1 

     

    

 

SCHEDULE I

 

INSURANCE, CASUALTY AND CONDEMNATION REQUIREMENTS

 

1.1           Insurance.

 

1.1.1           Insurance
Policies.         (a)          Mortgagor
shall obtain and maintain, or cause to be maintained, insurance for Mortgagor and the Property providing at least the following
coverages:

 

(i)          Property
insurance against loss or damage by fire, any type of wind (including named storms), lightning and such other perils as are included
in a standard “special form” or “all-risk” policy), and against loss or damage by all other risks and hazards
covered by a standard extended coverage insurance policy, with no exclusion for damage or destruction caused by acts of terrorism
(or, subject to Section 1.1.1(i) below, standalone coverage with respect thereto) riot and civil commotion, vandalism, malicious
mischief, burglary and theft (A) in an amount equal to one hundred percent (100%) of the “Full Replacement Cost”
of the Properties, which for purposes of the Mortgage shall mean actual replacement value (exclusive of costs of excavations, foundations,
underground utilities and footings) with a waiver of depreciation; (B) to be written on a no coinsurance form or containing an
agreed amount endorsement, or its equivalent, with respect to the Improvements and personal property at the Property waiving all
co-insurance provisions; (C) providing for no deductible in excess of $250,000, except for windstorm, flood and earthquake, which
shall not exceed 5% of the total insurable value of the affected Properties; and (D) containing “Ordinance or Law Coverage”
if any of the Improvements or the use of the Property shall at any time constitute legal non-conforming structures or uses, and
compensating for loss to the undamaged portion of the building (with a limit equal to replacement cost), the costs of demolition
and the increased cost of construction, each in amounts as reasonably required by Mortgagee. In addition, Mortgagor shall obtain:
(y) if any portion of the Improvements or Personal Property is currently or at any time in the future located in a federally designated
special flood hazard area (“SFHA”), flood hazard insurance covering all such Improvements and/or Personal Property
located in the SFHA in an amount equal to (1) the maximum amount of such insurance available under the National Flood Insurance
Act of 1968, the Flood Disaster Protection Act of 1973 or the National Flood Insurance Reform Act of 1994, as each may be amended
plus, (2) such additional coverage as Lender shall require; and (z) earthquake insurance in amounts and in form and substance reasonably
satisfactory to Mortgagee, provided that the insurance pursuant to clauses (y) and (z) hereof shall otherwise be on terms consistent
with the comprehensive all risk insurance policy required under this subsection (i);

 

(ii)         commercial
general liability insurance, including coverages against claims for personal injury, bodily injury, death or property damage occurring
upon, in or about the Property, such insurance (A) to be on the so-called “occurrence” form and containing minimum
limits per occurrence of One Million and No/100 Dollars ($1,000,000.00), with an annual aggregate of not less than Two Million
and No/100 Dollars ($2,000,000.00); (B) to continue at not less than the aforesaid limit until required to be changed by Mortgagee
by reason of changed economic conditions making such protection inadequate; and (C) to cover at least the following hazards: (1)
premises and operations; (2) products and completed operations on an “if any” basis; (3) Independent contractors; and
(4) contractual liability for all insured contracts to the extent the same is available;

 

(iii)        rental
loss and/or business income interruption insurance (A) with loss payable to Lender; (B) covering all risks required to be covered
by the insurance provided for in subsection (i) above, subsection (vi) below and Section 1.1.1(h) below; (C) covering a period
of restoration of eighteen (18) months and containing an extended period of indemnity endorsement, or its equivalent, which provides
that after the physical loss to the Improvements and personal property has been repaired, the continued loss of income will be
insured until such income either returns to the same level it was at prior to the loss, or the expiration of six (6) months from
the date that the Property

 

    	 	Sch. I-1	 

     

    

 

is repaired or replaced and operations
are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period; and (D) in
an amount equal to one hundred percent (100%) of the projected gross revenue (less non-continuing expenses) from the Property for
a period of eighteen (18) months from the date of physical loss to the Property. The amount of such business income insurance shall
be determined prior to the date hereof and at least once each year thereafter based on Mortgagor’s reasonable estimate of
the Net Operating Income, plus continuing expenses inclusive of debt service, real estate taxes, cost of insurance and other continuing
expenses, from the Property for the succeeding eighteen (18) month period. All proceeds payable to Mortgagee pursuant to this subsection
shall be held by Mortgagee and shall be applied to the Obligations secured by the Loan Documents from time to time due and payable
hereunder and under the Loan Documents; provided, however, that nothing herein contained shall be deemed to relieve Borrower of
its Obligations to pay the Indebtedness on the respective dates of payment provided for in the Loan Documents except to the extent
such amounts are actually paid out of the proceeds of such business income insurance;

 

(iv)        at
all times during which structural construction, repairs or alterations are being made with respect to the Improvements, and
only if the Property coverage form does not otherwise apply, (A) owner’s contingent or protective liability insurance
covering claims not covered by or under the terms or provisions of the above-mentioned commercial general liability insurance
policy; and (B) the insurance provided for in subsection (i) above written in a so-called builder’s risk completed
value form (1) on a non-reporting basis, (2) against all risks insured against pursuant to subsection (i) above, (3)
including permission to occupy the Property, and (4) with an agreed amount endorsement, or its equivalent, waiving
co-insurance provisions;

 

(v)         workers’
compensation, subject to the statutory limits of the state in which the Property is located, and employer’s liability insurance
with limits which are reasonably required from time to time by Mortgagee in respect of any work or operations on or about the Property,
or in connection with the Property or its operation (if applicable);

 

(vi)        comprehensive
boiler and machinery insurance, if applicable, in amounts as shall be reasonably required by Mortgagee on terms consistent with
the commercial property insurance policy required under subsection (i) above;

 

(vii)       umbrella
liability insurance in addition to primary coverage in an amount not less than $100,000,000 per occurrence on terms consistent
with the commercial general liability insurance policy required under subsection (ii) above and subsection (viii) below;

 

(viii)      motor
vehicle liability coverage for all owned and non-owned vehicles, including rented and leased vehicles containing minimum limits
per occurrence, including umbrella coverage, with limits which are required from time to time by Mortgagee (if applicable);

 

(ix)         [reserved]

 

(x)          insurance
against employee dishonesty with respect to any employees of Borrower in an amount acceptable to Mortgagee with a deductible not
greater than Fifty Thousand and No/100 Dollars ($50,000.00); and

 

(xi)         upon
sixty (60) days’ notice, such other reasonable insurance and in such reasonable amounts as Mortgagee from time to time may
reasonably request against such other insurable hazards which at the time are commonly insured against for properties similar to
the Property located in or around the region in which the Property is located.

 

    	 	Sch. I-2	 

     

    

 

(b)          All
insurance provided for in Section 1.1.1(a) shall be obtained under valid and enforceable policies (collectively, the “Policies”
or in the singular, the “Policy”) and shall be subject to the approval of Mortgagee as to form and substance,
including insurance companies, amounts, deductibles, loss payees and insureds. Mortgagor will provide evidence of renewal coverage
prior to the expiration dates of the Policies theretofore furnished to Mortgagee, certificates of insurance evidencing the Policies
(and, upon the written request of Mortgagee, copies of such Policies) accompanied by evidence reasonably satisfactory to Mortgagee
of payment of the premiums then due thereunder (the “Insurance Premiums”), shall be delivered by Mortgagor
to Mortgagee at the address below (or to such other Person as Mortgagee shall designate from time to time by notice to Mortgagor).

 

(c)          Any
blanket insurance Policy shall otherwise provide the same protection as would a separate Policy insuring only the Property in compliance
with the provisions of Section 1.1.1(a) (any such blanket policy, an “Acceptable Blanket Policy”); provided
further that, with respect to earthquake insurance required herein, if the properties are insured under a blanket policy, such
earthquake insurance shall be in an amount equal to the aggregate exceedance probability gross loss estimates for a 475-year return
period as indicated by a portfolio seismic risk analysis of all high risk locations covered by such earthquake insurance, including
the Properties. Such analysis shall be approved by Lender and secured by the applicable Borrower utilizing the most current RMS
software (or its equivalent) and to include consideration of loss amplification and business interruption.

 

(d)          All
Policies of insurance provided for or contemplated by Section 1.1.1(a) shall name Mortgagor as additional named insured and, with
respect to the Policies of liability insurance, except for the Policies referenced in Section 1.1.1(a)(v) and (viii), shall
name Mortgagee and its successors and/or assigns as additional insured, as its interests may appear, and in the case of property
insurance, including but not limited to special form/all-risk, boiler and machinery, terrorism, windstorm, flood and earthquake
insurance, shall contain a standard non-contributing mortgagee clause in favor of Mortgagee providing that the loss thereunder
shall be payable to Mortgagee unless below the threshold for Mortgagor to handle such claim without Mortgagee intervention as provided
in Section 1.2 below. Additionally, if Mortgagor obtains property insurance coverage in addition to or in excess of that required
by Section 1.1.1(a)(i), then such insurance policies shall also contain a so-called New York standard non-contributing mortgagee
clause in favor of Mortgagee providing that the loss thereunder shall be payable to Mortgagee.

 

(e)          All
Policies of insurance provided for in Section 1.1.1(a) shall:

 

(i)          with
respect to the Policies of property insurance, contain clauses or endorsements to the effect that, (1) no act or negligence of
Mortgagor, or anyone acting for Mortgagor, or of any Tenant under any lease or other occupant, or failure to comply with the provisions
of any Policy, which might otherwise result in a forfeiture of the insurance or any part thereof, or foreclosure or similar action,
shall in any way affect the validity or enforceability of the insurance insofar as Mortgagee is concerned, (2) the Policies shall
not be cancelled without at least 30 days’ written notice to Lender, except ten (10) days’ notice for non-payment of
premium and (3) the issuer(s) of the Policies shall give written notice to Lender if the issuers elect not to renew the Policies
prior to its expiration;

 

(ii)         with
respect to all Policies of liability insurance, if obtainable by Borrower using commercially reasonable efforts, contain clauses
or endorsements to the effect that, (1) the Policy shall not be canceled without at least thirty (30) days’ written notice
to Mortgagee (other than in the case of non-payment in which case only ten (10) days prior notice, or the shortest time allowed
by applicable law (whichever is longer), will be required) and (2) the issuers thereof shall give notice to Lender if the issuers
elect not to renew such Policies prior to its expiration. In the event that the issuers are unable or choose not to provide notice,
Mortgagor shall be obligated to provide such notice; and

 

    	 	Sch. I-3	 

     

    

 

(iii)        not
contain any clause or provision that would make Mortgagee liable for any Insurance Premiums thereon or subject to any
assessments thereunder.

 

(f)          If
at any time Mortgagee is not in receipt of written evidence that all insurance required hereunder is in full force and effect,
Mortgagee shall have the right, without notice to Mortgagor, to take such action as Mortgagee deems necessary to protect its interest
in the Property, including the obtaining of such insurance coverage as Mortgagee in its sole discretion deems appropriate and all
premiums incurred by Mortgagee in connection with such action or in obtaining such insurance and keeping it in effect shall be
paid by Mortgagor to Mortgagee upon demand and until paid shall be secured by the Mortgages and shall bear interest at the default
rate applicable to Base Rate Advances pursuant to section 2.07(b) of the Loan Agreement.

 

(g)          In
the event of foreclosure of the Mortgage or other transfer of title to the Property in extinguishment in whole or in part of the
Obligations, all right, title and interest of Mortgagor in and to the Policies then in force concerning the Property and all proceeds
payable thereunder with respect to the Property shall thereupon vest in the purchaser at such foreclosure or Mortgagee or other
transferee in the event of such other transfer of title.

 

(h)          The
property insurance, commercial general liability, umbrella liability insurance and rental loss and/or business interruption insurance
required under Sections 1.1.1(a)(i), (ii), (iii) and (vii) above shall cover perils of terrorism and acts of terrorism (or at least
not specifically exclude same) and Mortgagor shall maintain property insurance, commercial general liability, umbrella liability
insurance and rental loss and/or business interruption insurance for loss resulting from perils and acts of terrorism on terms
(including amounts) consistent with those required under Sections 1.1.1(a)(i), (ii), (iii) and (vii) above (or at least not specifically
excluding same) at all times during the term of the Facility.

 

(i)          Notwithstanding
anything in subsection 1.1.1(a)(i) or Section 1.1.1(h) above to the contrary, in the event that such coverage with respect to terrorist
acts is not included as part of the “special form” or “all risk” property policy required by subsection
(a)(i) above, Mortgagor shall, nevertheless be required to obtain coverage for terrorism (as standalone coverage) in an amount
equal to 100% of the “Full Replacement Cost” of the Property plus the rental loss and/or business interruption coverage
under clause (a)(iii) above; provided that such coverage is available. Mortgagor shall obtain the coverage required under this
clause (i) from a carrier which otherwise satisfies the rating criteria specified in Section 1.1.2 below (a “Qualified
Carrier”) or in the event that such coverage is not available from a Qualified Carrier, Mortgagor shall obtain such
coverage from the highest rated insurance company providing such coverage. Notwithstanding the foregoing, with respect to any such
stand-alone policy covering terrorist acts, in the event TRIPRA is no longer in effect, Mortgagor shall be required to carry terrorism
insurance throughout the term of the Loan as required herein this clause (i), but in such event Mortgagor shall not be required
to pay any Insurance Premiums solely with respect to such terrorism coverage in excess of the Terrorism Premium Cap (hereinafter
defined); provided that if the Insurance Premiums payable with respect to such terrorism coverage exceeds the Terrorism Premium
Cap, Mortgagee may, at its option (1) purchase such stand-alone terrorism Policy, with Mortgagor paying such portion of the Insurance
Premiums with respect thereto equal to the Terrorism Premium Cap and the Mortgagee paying such portion of the Insurance Premiums
in excess of the Terrorism Premium Cap or (2) modify the deductible amounts, policy limits and other required policy terms to reduce
the Insurance Premiums payable with respect to such stand-alone terrorism Policy to the Terrorism Premium Cap. As used herein,
(i) “Terrorism Premium Cap” means an amount equal to two times the amount of the insurance premium that
is payable in respect of the Property and business interruption/rental loss insurance required under the Loan Documents at the
time that such terrorism coverage is excluded from the applicable Policy.

 

1.1.2           Insurance
Company. (a) All Policies required pursuant to Section 1.1.1 (i) shall be issued by companies authorized to do business in
the state where the Property is located, with (1) a financial strength and claims paying ability rating of (x) “A-”
or better by S&P, (y) if rated by Moody’s, “A3” or better

 

    	 	Sch. I-4	 

     

    

 

by Moody’s or (z) if rated
by any rating agencies other than S&P or Moody’s, equivalent ratings (to the ratings specified in the immediately preceding
subclauses (x) and (y)) by all such other rating agencies; provided however, that if Borrower elects to have its insurance coverage
provided by a syndicate of insurers, then if such syndicate consists of five (5) or more members, (A) at least sixty percent (60%)
of the insurance coverage (or seventy-five percent (75%) if such syndicate consists of four (4) or fewer members) shall be provided
by insurance companies having a claims paying ability rating of “A-“ or better by S&P and (B) the remaining forty
percent (40%) of the insurance coverage (or the remaining twenty-five percent (25%) if such syndicate consists of four or fewer
members) shall be provided by insurance companies having a claims paying ability of “BBB” or better by S&P or (2)
a rating of A:X or better in the current Best’s Insurance Reports; provided, however, that notwithstanding the above, the
earthquake insurers will satisfy Section 1.1.2 provided they maintain an A.M. Best rating of A-:VIII or better; (ii) shall, with
respect to all property insurance policies and rental loss and/or business interruption insurance policies, contain a Standard
Mortgagee Clause/Lender’s Loss Payable Endorsement, or their equivalents, naming Mortgagee as the person to whom all payments
made by such insurance company shall be paid; (iii) shall contain a waiver of subrogation against Mortgagee; (iv) shall contain
such provisions as Mortgagee deems reasonably necessary or desirable to protect its interest including endorsements, or their equivalents,
providing (A) that no Mortgagor, Mortgagee or any other party shall be a co-insurer under said Policies, (B) except as otherwise
permitted herein, for a deductible per loss acceptable to Lender but in no event an amount greater than that which is customarily
maintained by prudent owners of properties with a standard of operation and maintenance comparable to and in the general vicinity
of the Property and as is generally allowed by prudent institutional commercial mortgage lenders originating comparable mortgage
loans; and (v) shall be reasonably satisfactory in form and substance to Mortgagee and shall be approved by Mortgagee as to amounts,
form, risk coverage, deductibles, loss payees and insureds. For so long TRIPRA is in effect, Mortgagee shall accept terrorism insurance
with coverage against acts which are “certified” within the meaning of TRIPRA. In addition to the insurance coverages
described in Section 1.1.1 above, Mortgagor shall obtain such other insurance as may from time to time be reasonably required by
Mortgagee in order to protect its interests. Copies of the Policies shall be delivered to Mortgagee at the address below (or to
such other address or Person as Mortgagee shall designate from time to time by notice to Mortgagor) within ten (10) Business Days
after Mortgagee’s written request to Mortgagor for such copies (or a carrier issued binder of insurance if the applicable
Policy has not yet been received from the insurer):

 

Citibank, N.A. ISAOA, ATIMA

c/o KeyCorp Real Estate Markets, Inc.

11501 Outlook,
Ste. 300

Overland Park, KS 66211

Attention: Megan Hatfield

Telephone: 913-317-4300

Email: megan_e_hatfield@keybank.com

 

Mortgagor shall pay the Insurance
Premiums in advance as the same become due and payable and shall furnish to Mortgagee evidence of the renewal of each of the Policies
with receipts for the payment of the Insurance Premiums or other evidence of such payment reasonably satisfactory to Mortgagee.
Within thirty (30) days after request by Mortgagee, Mortgagor shall obtain such increases in the amounts of coverage required hereunder
as may be reasonably requested by Mortgagee, taking into consideration changes in the value of money over time, changes in liability
laws, changes in prudent customs and practices.

 

Section 1.2.          Casualty
and Condemnation. The provisions of this Section 1.2 shall be in addition to those covenants contained in Section 5.01(x)
of the Loan Agreement.

 

1.2.1     Definitions.
For purposes of this Section 1.2, the following terms shall have the following meanings:

 

    	 	Sch. I-5	 

     

    

 

(a)          “Casualty”
means the occurrence of damage or destruction to the Property, or any part thereof, by fire, flood, vandalism, windstorm, hurricane,
earthquake, acts of terrorism or any other casualty.

 

(b)          “Condemnation”
means any actual taking or any taking threatened in writing by any Governmental Authority of the Property or any part thereof through
eminent domain or otherwise (including, without limitation, any transfer made in lieu of or in anticipation of the exercise of
such taking).

 

(c)          “Governmental
Authority” means any nation or government, any state or other political subdivision thereof, and any Person exercising
executive, legislative, judicial, regulatory or administrative functions of or pertaining to such government

 

(d)          “Net
Proceeds” means insurance proceeds less (i) the cost, if any, to Agent of recovering the insurance proceeds including,
without limitation, reasonable attorney’s fees and expenses, and adjuster’s fees, and (ii) any business income insurance
proceeds received by Agent, and condemnation proceeds.

 

(e)          “Restoration”
means the repair and restoration of the Property as nearly as possible to the condition the Property was in immediately prior to
a Casualty or Condemnation.

 

(f)          “Restoration
Threshold” means 5% of the then most recent Appraised Value of the Property.

 

1.2.2       Casualty
Proceeds - Business Interruption and Rental Loss Insurance. Provided no Event of Default has occurred and is continuing, Mortgagor
has the right to make, settle and collect upon claims with respect to business interruption and rental loss insurance, and Mortgagor
may utilize any proceeds received with respect thereto as it determines is appropriate in the operation of its business. In the
event that the insurance company does not disburse such proceeds directly into the applicable Property Account (as defined in the
Cash Management Agreement), Mortgagor agrees to cause the same to be deposited into the applicable Property Account promptly upon
receipt thereof. Provided no Event of Default has occurred and is continuing, if Agent shall receive any such proceeds, Agent shall
deposit such proceeds directly into the applicable Property Account within five (5) Business Days of Agent’s receipt thereof.

 

1.2.3       Insurance
Proceeds and Condemnation Awards.

 

(a)          In
the event of any loss or damage to any portion of the Property due to a Casualty, or Condemnation, if the loss or damage is
greater than the Restoration Threshold, the Mortgagor may settle and adjust insurance claims and condemnation claims and
awards only with the consent of Mortgagee (which consent shall not be unreasonably withheld) and Mortgagee shall have the
opportunity to participate, at Mortgagor’s cost, in any such adjustments. If (A) the loss or damage is less than the
Restoration Threshold or (B) if the Mortgagee has the right pursuant to
this Section 1.2.3 but elects not to settle such claim or award, then the Mortgagor shall have the right to settle such claim
or award without the consent of the Mortgagee, provided that (1) the Mortgagor shall use the proceeds of any claim or award
to the Restoration to the extent permitted by applicable law and (2) Mortgagor shall provide the Mortgagee with notice of the
Casualty or Condemnation. So long as the Property remains a Collateral Asset, Borrower or Mortgagor shall use the insurance
proceeds received directly from the insurance company to the Restoration to the extent permitted by applicable law. The
Mortgagee shall have the right to settle any claim or award that the Mortgagor has not settled on or before one year after
the date of the applicable Casualty or Condemnation. The Mortgagee shall have the right (but not the obligation) to
collect, retain and apply to the Obligations all Net Proceeds in the event that an Event of Default has occurred and is
continuing. Otherwise, all proceeds shall be delivered to Mortgagor. Any Net Proceeds remaining after application to the
Obligations shall be paid by Mortgagee to Borrower or the party then entitled thereto.

 

    	 	Sch. I-6	 

     

    

 

(b)          If
the Mortgagee does not elect to (to the extent it has the right to so elect) or is not entitled to apply Net Proceeds to the Obligations
and if the Mortgagor is not entitled to settle such claims without the consent of Mortgagee, all as provided under the foregoing
subsection (a), the Mortgagee shall have the right (but not the obligation) to collect and receive such proceeds, and after deduction
of all reasonable out- of-pocket expenses of collection and settlement, including reasonable attorney and adjusters’ fees
and expenses, to release the same to the Mortgagor periodically as provided herein, provided that Mortgagor shall:

 

(1)         expeditiously
conduct the Restoration of the portion of the Property resulting from such Casualty or Condemnation; and

 

(2)         if
the Net Proceeds are, in the Mortgagee’s reasonable judgment, insufficient to complete the Restoration of the buildings,
structures and other improvements constituting the Property as aforesaid, then the Mortgagor shall promptly deposit with the Mortgagee
the amount of such deficiency. The amounts deposited with Mortgagee pursuant to this subsection shall be disbursed for costs actually
incurred in connection with the Restoration of the Property on the same conditions applicable to the disbursement of the Net Proceeds
set forth below, and until so disbursed pursuant to such provisions shall constitute additional security for the Obligations.

 

(c)          Any
request by Mortgagor for a disbursement by Mortgagee of Net Proceeds pursuant to this Section 1.2.3 and the disbursement thereof
shall be conditioned upon Mortgagor’s compliance with and satisfaction of the following conditions precedent as determined
by Mortgagee in its sole but good faith discretion:

 

(i)          no
Event of Default shall have occurred and be continuing;

 

(ii)         in
the event the Net Proceeds are casualty proceeds, less than thirty percent (30%) of the total floor area of the buildings, structures
or other improvements on the affected Collateral Asset has been damaged, destroyed or rendered unusable as a result of such Casualty
or (2) in the event the Net Proceeds are condemnation proceeds, less than ten percent (10%) of the land constituting the Property
is taken, and such land is located along the perimeter or periphery of the Property, and no portion of the buildings, structures
or other improvements is located on such land;

 

(iii)        Mortgagor
shall commence the Restoration as soon as reasonably practicable (but in no event later than one hundred twenty (120) days after
such Casualty or Condemnation, whichever the case may be, occurs) and shall diligently pursue the same to satisfactory completion
in Mortgagee’s reasonable discretion;

 

(iv)       Mortgagee
shall be reasonably satisfied that any operating deficits, including all scheduled payments of principal and interest under the
Notes, which will be incurred with respect to the Property as a result of the occurrence of any such Casualty or Condemnation,
whichever the case may be, will be covered out of (1) the Net Proceeds, (2) the rental loss and/or business income interruption
insurance, if applicable, or (3) by other funds of the Loan Parties;

 

(v)        Mortgagee
shall be reasonably satisfied that the Restoration will be completed on or before the earliest to occur of (i) the date six
(6) months prior to the Maturity Date, (ii) the earliest date required for such completion under the terms of any Operating
Lease affecting the Property, as the case may be, (iii) such time as may be required under applicable law or
(iv)        four (4) months prior to the expiration of any rental loss and/or
business income interruption insurance, if applicable;

 

    	 	Sch. I-7	 

     

    

 

(vi)       Mortgagee
shall be satisfied that the Restoration will be completed in accordance with any requirements under any applicable Approved Franchise
Agreement;

 

(vii)      the
Property and the use thereof after the Restoration will be in compliance with and permitted under applicable law;

 

(viii)     the
Restoration shall be done and completed by Mortgagor in an expeditious and diligent fashion and in compliance with applicable law;

 

(ix)        such
Casualty or Condemnation, as applicable, does not result in the permanent loss of access to the Property or the related buildings,
structures or other improvements located thereon;

 

(xi)        Mortgagor
shall deliver, or cause to be delivered, to Mortgagee a signed detailed budget approved in writing by Mortgagor’s architect
or engineer stating the entire cost of completing the Restoration, which budget shall be reasonably acceptable to Mortgagee; and

 

(xii)       the
Net Proceeds together with any cash or cash equivalent deposited by Mortgagor with Mortgagee are sufficient in Mortgagee’s
reasonable discretion to cover the cost of the Restoration.

 

(d)          Except
as otherwise provided herein, the Net Proceeds shall be paid directly to Mortgagee and held by Mortgagee in an interest-bearing
account and, until disbursed in accordance with the provisions of this Section 1.2.3, shall constitute additional security for
the Obligations. The Net Proceeds shall be disbursed by Mortgagee to, or as directed by, Mortgagor from time to time during the
course of the Restoration, upon receipt of evidence reasonably satisfactory to Mortgagee that (A) all requirements set forth in
Section 1.2.3 have been satisfied, (B) all materials installed and work and labor performed (except to the extent that they are
to be paid for out of the requested disbursement) in connection with that portion of the Restoration for which such disbursement
was requested have been paid for in full or will be paid for in full upon receipt of such funds, and (C) there exist no notices
of pendency, stop orders, mechanic’s or material man’s liens or notices of intention to file same, or any other liens
or encumbrances of any nature whatsoever on the Property arising out of the Restoration which have not either been fully bonded
to the reasonable satisfaction of Mortgagee and discharged of record or in the alternative fully insured to the reasonable satisfaction
of Mortgagee by the title company issuing the Mortgage Policy. Notwithstanding the foregoing or anything to the contrary herein
or in any Loan Document, provided no Event of Default has occurred and is continuing, if any reciprocal easement agreement or Material
Lease requires Mortgagor to restore any portion of the Property or to make available to the counterparty insurance Proceeds or
Condemnation Awards, then Mortgagee shall release to Mortgagor any such insurance Proceeds or Condemnation Awards received by it
for Mortgagor’s application to such use to the extent expressly required by the terms of such document.

 

(e)          All
plans and specifications required in connection with any Restoration where the cost of which is reasonably expected to exceed the
Restoration Threshold shall be subject to prior approval of Mortgagee and an independent consulting engineer/architect selected
by Mortgagee (the “Casualty Consultant”), such approval not to be unreasonably withheld or delayed. Mortgagor shall
assign to Mortgagee the plans and specifications and all permits, licenses and approvals required or obtained in connection with
the Restoration. The identity of the contractors, subcontractors and material men engaged in any Restoration the cost of which
is reasonably expected to exceed the Restoration Threshold, as well as the contracts under which they have been engaged, shall
be subject to approval of Mortgagee and the Casualty Consultant, such approval not to be unreasonably withheld or delayed. All
reasonable out-of-pocket costs and expenses incurred by Mortgagee in connection with recovering, holding and advancing the Net
Proceeds for the Restoration including, without limitation, reasonable attorneys’ fees and disbursements and the Casualty
Consultant’s fees and disbursements, shall be paid by Mortgagor.

 

    	 	Sch. I-8	 

     

    

 

(f)          In
no event shall Mortgagee be obligated to make disbursements of the Net Proceeds in excess of an amount equal to the costs actually
incurred from time to time for work in place as part of the Restoration, as certified by the Casualty Consultant, less the Casualty
Retainage. The term “Casualty Retainage” shall mean, as to each contractor, subcontractor or material man engaged in
the Restoration, an amount equal to ten percent (10%) of the costs actually incurred for work in place as part of the Restoration,
as certified by the Casualty Consultant, until the Restoration has been completed. The Casualty Retainage shall in no event, and
notwithstanding anything to the contrary set forth above in this Section 1.2.3(f), be less than the amount actually held back by
Mortgagor from contractors, subcontractors and material men engaged in the Restoration. The Casualty Retainage shall not be released
until the Casualty Consultant certifies to Mortgagee that the Restoration has been completed in accordance with the provisions
of this Section 1.2.3 and that all approvals necessary for the re-occupancy and use of the Property have been obtained from all
appropriate Governmental Authorities, and Mortgagee receives evidence reasonably satisfactory to Mortgagee that the costs of the
Restoration have been paid in full or will be paid in full out of the Casualty Retainage; provided, however, that Mortgagee will
release the portion of the Casualty Retainage being held with respect to any contractor, subcontractor or material man engaged
in the Restoration as of the date upon which the Casualty Consultant certifies to Mortgagee that the contractor, subcontractor
or materialman has completed all work and has supplied all materials in accordance with the provisions of the contractor’s,
subcontractor’s or material man’s contract, the contractor, subcontractor or materialman delivers the lien waivers
and evidence of payment in full of all sums due to the contractor, subcontractor or materialman as may be reasonably requested
by Mortgagee or by the title company issuing the Mortgage Policy, and Mortgagee receives an endorsement to the Mortgage Policy
insuring the continued priority of the lien of the Mortgage and evidence of payment of any premium payable for such endorsement.
If required by Mortgagee, the release of any such portion of the Casualty Retainage shall be approved by the surety company, if
any, which has issued a payment or performance bond with respect to the contractor, subcontractor or material man.

 

(g)          Mortgagee
shall not be obligated to make disbursements of the Net Proceeds more frequently than once every calendar month.

 

(h)          If
at any time the Net Proceeds or the undisbursed balance thereof shall not, in the reasonable opinion of Mortgagee in consultation
with the Casualty Consultant, be sufficient to pay in full the balance of the costs which are estimated by the Casualty Consultant
to be incurred in connection with the completion of the Restoration, Mortgagor shall deposit the deficiency (the “Net Proceeds
Deficiency”) with Mortgagee before any further disbursement of the Net Proceeds shall be made. The Net Proceeds Deficiency
deposited with Mortgagee shall be held by Mortgagee and shall be disbursed for costs actually incurred in connection with the Restoration
on the same conditions applicable to the disbursement of the Net Proceeds, and until so disbursed pursuant to this Section 1.2.3(g)
shall constitute additional security for the Obligations.

 

(i)          The
excess, if any, of the Net Proceeds and the remaining balance, if any, of the Net Proceeds Deficiency deposited with Mortgagee
after the Casualty Consultant certifies to Mortgagee that the Restoration has been completed in accordance with the provisions
of this Section 1.2.3(h), and the receipt by Mortgagee of evidence reasonably satisfactory to Mortgagee that all costs incurred
in connection with the Restoration have been paid in full, shall be remitted by Mortgagee to Mortgagor, provided no Event of Default
shall have occurred and shall be continuing under any of the Loan Documents.

 

(j)          All
Net Proceeds not required (i) to be made available for the Restoration or (ii) to be returned to Mortgagor as excess Net Proceeds
pursuant to Section 1.2.3(h) or otherwise pursuant to Section 1.2.3, other than those which Mortgagor is entitled to receive and/or
collect directly in accordance herewith, may be retained and applied by Mortgagee toward the payment of the aggregate outstanding
principal amount of the Loan, whether or not then due and payable, in such order, priority and proportions as Mortgagee in its
sole discretion shall deem proper, or, at the discretion of Mortgagee, the same may be paid, either in whole or in part, to Mortgagor
for such purposes as Mortgagee shall designate; provided, however, for the avoidance of doubt, that if such Net Proceeds are used
to prepay the Loan and no Event of Default is occurring and then continuing, then no Spread Maintenance or other prepayment premium
or penalty shall be payable.

 

    	 	Sch. I-9	 

     

    

 

EXHIBIT H TO THE SECOND AMENDED AND RESTATED
TERM LOAN AGREEMENT

 

FORM OF ASSIGNMENT OF LEASES AND RENTS

 

[Attached.]

 

    	 	Exh. H	 

     

    

 

EXHIBIT H TO THE SECOND AMENDED AND RESTATED
TERM LOAN AGREEMENT

 

FORM OF ASSIGNMENT OF LEASES AND RENTS

 

[LESSOR] and [TRS LESSEE],
as assignor

 

(collectively, Assignor)

 

to

 

CITIBANK, N.A., in its capacity as Agent,
as assignee

 

(Assignee)

 

[AMENDED AND RESTATED] ASSIGNMENT

OF LEASES AND RENTS

 

	Dated:	As of April 27, 2017 
	Location:	[________]
	 	[________]
	 	 
	County:	[________]

 

PREPARED BY AND UPON

RECORDATION RETURN TO:

 

Shearman & Sterling LLP

599 Lexington Avenue

New York, New York 10022

Attn:  Malcolm K. Montgomery, Esq.

 

     

     

    

 

[AMENDED AND RESTATED] ASSIGNMENT
OF LEASES AND RENTS

 

THIS [AMENDED AND RESTATED] ASSIGNMENT OF
LEASES AND RENTS (this “Assignment”) is made as of the 27th day
of April, 2017 by [LESSOR], a Delaware [limited liability company], as assignor, having its principal place of
business at c/o Hospitality Investors Trust Operating Partnership, L.P., 3950 University Drive, Suite 301, Fairfax, Virginia
22030 (“Landlord”) and [TRS LESSEE], a Delaware limited liability company, having its
principal place of business at c/o Hospitality Investors Trust Operating Partnership, L.P., 3950 University Drive, Suite 301,
Fairfax, Virginia 22030 (“Operating Lessee”, and together with Landlord, collectively,
“Assignor”) to CITIBANK, N.A., as collateral agent (in such capacity,
“Agent”) for the Secured Parties as defined in the Loan Agreement (defined below), having an
address at 390 Greenwich Street, 7th Floor, New York, New York 10013 (Agent, together with its successors and/or
assigns, “Assignee”).

 

WITNESSETH:

 

A.          Assignee
is the present holder of (a) that certain [Amended and Restated][Deed of Trust/Mortgage], Security Agreement, Assignment of Rents
and Lease and Fixture Filing dated as of even date herewith (as the same may be amended, modified, restated, supplemented or extended
from time to time, the “Mortgage”) given by Landlord to Agent which encumbers the fee estate of Landlord
in certain premises described in Exhibit A and the buildings, structures, fixtures, additions, enlargements, extensions,
modifications, repairs, replacements and improvements now or hereafter located thereon (collectively, the “Property”).

 

B.          The
Mortgage secures the payment of certain Indebtedness (as defined in the Mortgage) owed by Landlord to the Secured Parties identified
in that certain Second Amended and Restated Term Loan Agreement dated as of April 27, 2017, as the same may be amended, amended
and restated, supplemented or otherwise modified from time to time (the “Loan Agreement”), among Landlord,
and the other borrowers party thereto (collectively, “Borrower”), as borrower, the guarantors listed
therein, Agent and the other Secured Parties identified therein. Capitalized terms used but not otherwise defined herein shall
have the meanings ascribed to such terms in the Loan Agreement.

 

C.          Operating
Lessee is the holder of a leasehold estate in the Property under and pursuant to the provisions of a certain lease agreement dated
as of April 27, 2017 (as the same may be amended, modified, restated, supplemented or extended from time to time, the “Operating
Lease”), between Landlord and Operating Lessee.

 

D.          [As
of [ ], Assignor executed and delivered that certain Assignment of Rents and Leases, as evidenced by an instrument recorded [ ]
as instrument number [ ] in the Official Records of [ ] County, [ ] (the “Original Assignment”).

 

E.           Deutsche
Bank AG New York Branch (in its capacity as administrative agent, “DB Agent”) is the assignee under the
Original Assignment;

 

F.           Pursuant
to the Loan Agreement, Agent is replacing DB Agent as administrative agent thereunder and is being appointed as collateral agent
thereunder;

 

G.          The
parties hereto wish to amend and restate the Original Assignment in its entirety on the terms and provisions of this Assignment.]1

 

 

1 Insert only for amended and restated ALR.

 

     

     

    

 

H.          Assignor
has agreed to execute and deliver this Assignment to further secure the payment and performance of all of the agreements, covenants,
conditions, warranties, representations and other obligations of Assignor under the Loan Agreement and the other Loan Documents
to which it is a party (collectively, the “Obligations”).

 

I.            This
Assignment is given pursuant to the Loan Agreement, and payment, fulfillment, and performance by Assignor of its obligations thereunder
and under the other Loan Documents is secured hereby, and each and every term and provision of the Loan Agreement, including the
rights, remedies, obligations, covenants, conditions, agreements, indemnities, representations and warranties therein, are hereby
incorporated by reference herein as though set forth in full and shall be considered a part of this Assignment.

 

NOW THEREFORE,
in consideration of the making of the Advances by the Secured Parties and the covenants, agreements, representations and warranties
set forth in this Assignment[,the parties hereto hereby amend and restate the Original Assignment in its entirety on the terms
and provisions of this Assignment and agree as follows:]:

 

ARTICLE
1

ASSIGNMENT

 

Section
1.1         Property Assigned. Assignor hereby absolutely and unconditionally assigns and   grants to
Assignee the following property, rights, interests and estates, now owned or hereafter acquired by Assignor:

 

(a)          Leases.
All leases, subleases or subsubleases, lettings, licenses, concessions or other agreements (whether written or oral and whether
now or hereafter in effect) pursuant to which any Person is granted a possessory interest in, or right to use or occupy all or
any portion of the Property, and every modification, amendment or other agreement relating to such leases, subleases, subsubleases,
or other agreements entered into in connection with such leases, subleases, subsubleases, or other agreements and every guarantee
of the performance and observance of the covenants, conditions and agreements to be performed and observed by the other party thereto,
heretofore or hereafter entered into, whether before or after the filing by or against Assignor of any petition for relief under
11 U.S.C. §101 et seq., as the same may be amended from time to time (the “Bankruptcy Code”) (collectively,
the “Leases”), together with any extension, renewal or replacement of same. This Assignment of existing
and future Leases and other agreements being effective without any further or supplemental assignment documents.

 

(b)          Rents.
All Rents (as defined in the Mortgage), which term shall include Rents paid or accruing before or after the filing by or against
Assignor of any petition for relief under the Bankruptcy Code.

 

(c)          Bankruptcy
Claims. All of Assignor’s claims and rights (the “Bankruptcy Claims”) to the payment of damages
arising from any rejection by a lessee of any Lease under the Bankruptcy Code.

 

(d)          Lease
Guaranties. All of Assignor’s right, title and interest in, and claims under, any and all lease guaranties, letters of
credit and any other credit support (individually, a “Lease Guaranty”, and collectively, the “Lease
Guaranties”) given by any guarantor in connection with any of the Leases or leasing commissions (individually, a
“Lease Guarantor”, and collectively, the “Lease Guarantors”) to Assignor.

 

(e)          Proceeds.
All proceeds from the sale or other disposition of the Leases, the Rents, the Lease Guaranties and/or the Bankruptcy Claims.

 

(f)           Other.
All rights, powers, privileges, options and other benefits of Assignor as the lessor under any of the Leases and the beneficiary
under any of the Lease Guaranties, including, without limitation, the immediate and continuing right to make claims for, and to
receive, collect and acknowledge

 

    	 	2	 

     

    

 

receipt for all Rents payable or
receivable under the Leases and all sums payable under the Lease Guaranties or pursuant thereto (and to apply the same to the payment
of the Obligations), and to do all other things which Assignor or any lessor is or may become entitled to do under any of the Leases
or Lease Guaranties.

 

(g)          Entry.
The right, subject to the provisions of the Loan Agreement, at Assignee’s option, upon revocation of the license granted
herein, to enter upon the Property in person, by agent or by court-appointed receiver, to collect the Rents.

 

(h)          Power
Of Attorney. Assignor’s irrevocable power of attorney, coupled with an interest, to take any and all of the actions set
forth in Section 3.1 of this Assignment, and, following the occurrence and during the continuance of an Event of Default, any or
all other actions designated by Assignee for the proper management and preservation of the Property.

 

(i)           Other
Rights And Agreements. Any and all other rights of Assignor in and to the items set forth in subsections (a) through (h) above,
and all amendments, modifications, replacements, renewals and substitutions thereof.

 

ARTICLE 2

TERMS OF
ASSIGNMENT

 

Section
2.1          Present Assignment and License Back. It is intended by Assignor that
this Assignment constitute a present, absolute assignment of the Leases, Rents, Lease Guaranties and Bankruptcy Claims, and
not an assignment for additional security only. Nevertheless, subject to the terms of this Section 2.1 and the terms of the
Loan Agreement and the Cash Management Agreement, Assignee grants to Assignor a revocable license to collect, receive, use,
distribute and enjoy the Rents, as well as any sums due under the Lease Guaranties. Subject to the terms of the Cash
Management Agreement, Assignor shall hold the Rents, as well as all sums received pursuant to any Lease Guaranty, or a
portion thereof sufficient to discharge all current sums due on the Obligations, in trust for the benefit of Assignee for use
in the payment of such sums.

 

Section
2.2          Notice to Lessees. Assignor hereby authorizes and directs the lessees named in the Leases, any other future lessees
or occupants of the Property and all Lease Guarantors to pay over to Assignee or to such other party as Assignee directs all Rents
and all sums due under any Lease Guaranties, upon receipt from Assignee of written notice to the effect that Assignee is then the
holder of this Assignment; provided, however, Assignee may only send such notices, and take such actions relative to such Rents
and sums due under any Lease Guaranties, as are expressly permitted relative thereto pursuant to the terms of the Loan Agreement
and the Cash Management Agreement. Such Rents shall be disbursed and/or applied in accordance with the terms of the Loan Agreement
and the Cash Management Agreement.

 

Section
2.3          Incorporation by Reference. All representations, warranties, covenants, conditions and agreements
contained in the Loan Agreement and the other Loan Documents, as the same may be modified, renewed, substituted or extended from
time to time, are hereby made a part of this Assignment to the same extent and with the same force as if fully set forth herein.

 

ARTICLE
3

REMEDIES

 

Section
3.1          Remedies of Assignee. Upon or at any time after the occurrence and during the continuance of an Event of Default,
the license granted to Assignor in Section 2.1 of this Assignment shall automatically be revoked and Assignee shall immediately
be entitled to possession of all Rents and all sums due under any Lease Guaranties, whether or not Assignee enters upon or takes
control of the Property. In addition, following the occurrence and during the continuance of an Event of Default, Assignee may,
at its option, without waiving any Event of Default, without regard to the adequacy of the security for the Obligations, either
in person or by agent, nominee or attorney, with or without bringing any action or

 

    	 	3	 

     

    

 

proceeding, or by a receiver
appointed by a court, dispossess Assignor and its agents and servants from the Property, without liability for trespass,
damages or otherwise and exclude Assignor and its agents or servants wholly therefrom, and take possession of the Property
and all books, records and accounts relating thereto, and have, hold, manage, lease and operate the Property on such terms
and for such period of time as Assignee may reasonably deem proper and, either with or without taking possession of the
Property, in its own name, demand, sue for or otherwise collect and receive all Rents and all sums due under all Lease
Guaranties, including, without limitation, those past due and unpaid (with all such Rents and all sums due under any Lease
Guaranties to be deposited into the Property Account (as defined in the Cash Management Agreement) to the extent and as
required by the terms of the Loan Agreement and the Cash Management Agreement), with full power to make from time to time all
alterations, renovations, repairs or replacements thereto or thereof as Assignee may reasonably deem proper. In addition,
upon the occurrence and during the continuance of an Event of Default, Assignee, at its option, may (1) complete any
construction on the Property in such manner and form as Assignee deems advisable, (2) exercise all rights and powers of
Assignor, including, without limitation, the right to negotiate, execute, cancel, enforce or modify Leases, obtain and evict
tenants, and demand, sue for, collect and receive all Rents from the Property and all sums due under any Lease Guaranties
(with all such Rents and all sums due under any Lease Guaranties to be deposited into the Property Account to the extent and
as required by the terms of the Loan Agreement and the Cash Management Agreement), and/or (3) either (i) require Assignor
to pay monthly in advance to Assignee or to any receiver appointed to collect the Rents the fair and reasonable rental value
for the use and occupancy of such part of the Property as may be in the possession of Assignor, or (ii) require Assignor to
vacate and surrender possession of the Property to Assignee or to such receiver and, in default thereof, Assignor may be
evicted by summary proceedings or otherwise.

 

Section
3.2          Other Remedies. Nothing contained in this Assignment and no act done or omitted
by Assignee pursuant to the power and rights granted to Assignee hereunder shall be deemed to be a waiver by Assignee of its rights
and remedies under the Loan Agreement, the Note, the Mortgage or the other Loan Documents, and this Assignment is made and accepted
without prejudice to any of the rights and remedies possessed by Assignee under the terms thereof. The right of Assignee to collect
the Obligations and to enforce any other security therefor held by it may be exercised by Assignee either prior to, simultaneously
with, or subsequent to any action taken by it hereunder. Assignor hereby absolutely, unconditionally and irrevocably waives any
and all rights to assert any setoff, counterclaim or crossclaim (other than any compulsory counterclaim) of any nature whatsoever
with respect to the Obligations of Assignor under this Assignment, the Loan Agreement, the Note, the other Loan Documents or otherwise
with respect to the Advances in any action or proceeding brought by Assignee to collect same, or any portion thereof, or to enforce
and realize upon the lien and security interest created by this Assignment, the Loan Agreement, the Note, the Mortgage or any of
the other Loan Documents.

 

Section
3.3          Other Security. Assignee may (i) take or release other security for the payment and performance of the Obligations,
(ii) release any party primarily or secondarily liable therefor, and/or (iii) apply any other security held by it to the payment
and performance of the Obligations, in each instance, without prejudice to any of its rights under this Assignment.

 

Section
3.4          Non-Waiver. The exercise by Assignee of the option granted it in Section 3.1 of this Assignment and the collection
of the Rents and the sums due under the Lease Guaranties and the application thereof as provided in the Loan Documents shall not
be considered a waiver of any Default or Event of Default by Assignor under the Note, the Loan Agreement, the Mortgage, this Assignment
or the other Loan Documents. The failure of Assignee to insist upon strict performance of any term hereof shall not be deemed to
be a waiver of any term of this Assignment. Assignor shall not be relieved of Assignor’s obligations hereunder by reason
of (a) the failure of Assignee to comply with any request of Assignor or any other party to take any action to enforce any of the
provisions hereof or of the Loan Agreement, the Note or the other Loan Documents, (b) the release, regardless of consideration,
of the whole or any part of the Property, or (c) any agreement or stipulation by Assignee extending the time of payment or otherwise
modifying or supplementing the terms of this Assignment, the Loan Agreement, the Note or the other Loan Documents. Assignee may

 

    	 	4	 

     

    

 

resort for the payment and performance
of the Obligations to any other security held by Assignee in such order and manner as Assignee, in its sole discretion, may elect.
Assignee may take any action to recover the Obligations, or any portion thereof, or to enforce any covenant hereof without prejudice
to the right of Assignee thereafter to enforce its rights under this Assignment. The rights of Assignee under this Assignment shall
be separate, distinct and cumulative and none shall be given effect to the exclusion of the others. No act of Assignee shall be
construed as an election to proceed under any one provision herein to the exclusion of any other provision.

 

Section 3.5          Bankruptcy.

 

(a)          Upon
or at any time after the occurrence and during the continuance of an Event of Default, Assignee shall have the right to proceed
in its own name or in the name of Assignor in respect of any claim, suit, action or proceeding relating to the rejection of any
Lease, including, without limitation, the right to file and prosecute, to the exclusion of Assignor, any proofs of claim, complaints,
motions, applications, notices and other documents, in any case in respect of the lessee under such Lease under the Bankruptcy
Code.

 

(b)          If
there shall be filed by or against Assignor a petition under the Bankruptcy Code, and Assignor, as lessor under any Lease, shall
determine to reject such Lease pursuant to Section 365(a) of the Bankruptcy Code, then Assignor shall give Assignee not less than
ten (10) days’ prior notice of the date on which Assignor shall apply to the bankruptcy court for authority to reject such
Lease. Assignee shall have the right, but not the obligation, to serve upon Assignor within such ten (10) day period a notice stating
that (i) Assignee demands that Assignor assume and assign the Lease to Assignee pursuant to Section 365 of the Bankruptcy Code,
and (ii) Assignee covenants to cure or provide adequate assurance of future performance under the Lease. If Assignee serves upon
Assignor the notice described in the preceding sentence, Assignor shall not seek to reject the Lease and shall to the extent not
prohibited by law comply with the demand provided for in clause (i) of the preceding sentence within thirty (30) days after Assignee’s
notice shall have been given, subject to the performance by Assignee of the covenant provided for in clause (ii) of the preceding
sentence.

 

ARTICLE 4

NO LIABILITY, FURTHER ASSURANCES

 

Section
4.1         No Liability of Assignee. This Assignment shall not be construed to bind Assignee
to the performance of any of the covenants, conditions or provisions contained in any Lease or Lease Guaranty or otherwise impose
any obligation upon Assignee. Assignee shall not be liable for any loss sustained by Assignor resulting from Assignee’s failure
to let the Property after an Event of Default or from any other act or omission of Assignee in managing the Property after an Event
of Default unless such loss is caused by the gross negligence, willful misconduct or bad faith of Assignee or breach by Assignee
of the terms of the Loan Documents. Assignee shall not be obligated to perform or discharge any obligation, duty or liability under
the Leases or any Lease Guaranties or under or by reason of this Assignment and Assignor shall indemnify Assignee for, and hold
Assignee harmless from, (a) any and all liability, loss or damage which may or might be incurred under the Leases, any Lease Guaranties
or under or by reason of this Assignment, and (b) any and all claims and demands whatsoever, including the defense of any such
claims or demands which may be asserted against Assignee by reason of any alleged obligations and undertakings on its part to perform
or discharge any of the terms, covenants or agreements contained in the Leases or any Lease Guaranties, unless caused by the gross
negligence, willful misconduct or bad faith of Assignee or breach by Assignee of the terms of the Loan Documents. Should Assignee
incur any such liability, the amount thereof, including costs, out-of- pocket expenses and reasonable attorneys’ fees and
costs, shall be secured by this Assignment and by the Mortgage and the other Loan Documents and Assignor shall reimburse Assignee
therefor immediately upon demand and upon the failure of Assignor to do so Assignee may, at its option, declare the Obligations
to be immediately due and payable. In the absence of the taking of active possession of the Property by Assignee and subject to
the foregoing, this Assignment shall not operate to place any obligation or liability for the control, care, management or repair
of the Property upon Assignee, nor for the carrying out of any of the terms

 

    	 	5	 

     

    

 

and conditions of the Leases
or any Lease Guaranties, nor shall it operate to make Assignee responsible or liable for any waste committed on the Property by
the tenants or any other parties, or for any dangerous or defective condition of the Property, including, without limitation, the
presence of any Hazardous Substances (as defined below), or for any negligence in the management, upkeep, repair or control of
the Property resulting in loss or injury or death to any tenant, licensee, employee or stranger. As used herein, “Hazardous
Substances” shall mean any and all substances (whether solid, liquid or gas) defined, listed or otherwise classified
as pollutants, hazardous wastes, hazardous substances, hazardous materials, extremely hazardous wastes or words of similar meaning
or regulatory effect under any present or future environmental laws or that may have a negative impact on human health or the environment,
including, but not limited to, petroleum and petroleum products, asbestos and asbestos-containing materials, polychlorinated biphenyls,
lead, radon, radioactive materials, flammables and explosives, lead based paint and toxic mold. Notwithstanding anything to the
contrary contained herein, the term “Hazardous Substances” will not include substances which otherwise would be included
in such definition but which are of kinds and in amounts ordinarily and customarily used or stored in similar properties, including,
without limitation substances used for the purposes of cleaning, maintenance, or operations, substances typically used in construction,
and typical products used in properties like the Property, and which are otherwise in compliance with all environmental laws. Furthermore,
the term “Hazardous Substances” will not include substances which otherwise would be included in such definition but
which are of kinds and in amounts ordinarily and customarily stocked and sold by tenants operating retail businesses of the types
operated by the lessees under the Leases and which are otherwise in compliance with all environmental laws.

 

Section
4.2         No Mortgagee In Possession. Nothing herein contained shall be construed as constituting Assignee a “mortgagee
in possession” in the absence of the taking of actual possession of the Property by Assignee. Subject to Section 4.1, in
the exercise of the powers herein granted Assignee, no liability shall be asserted or enforced against Assignee, all such liability
being expressly waived and released by Assignor.

 

Section
4.3          Liquor and Alcohol Licenses and Permits. Following any foreclosure of the lien  
of the Mortgage or the delivery of a deed-in-lieu thereof, and subject to applicable law, Assignor shall use commercially reasonable
efforts to do, execute, acknowledge and deliver all and every such further acts, assignments, notices of assignments, transfers
and assurances as Assignee shall, from time to time, reasonably require in respect of any liquor or alcohol licenses, permits or
leases relating to the Property (the “Liquor Permits”) that are in the name of Assignor so as to allow
for the uninterrupted continuation of liquor operations at the Property during a period reasonably required by Assignee or its
designee after consummation of such foreclosure or deed-in-lieu thereof to obtain replacement Liquor Permits for the Property or
to effect the transfer of the existing Liquor Permits to Assignee or its designee, as Assignee may elect. With respect to any non-transferable
Liquor Permit, Assignor shall use commercially reasonable efforts to (a) cooperate with Assignee or its designee in obtaining the
applicable replacement Liquor Permit and (b) until all required new Liquor Permits have been issued and become effective, make
the benefits of all existing Liquor Permits available to Assignee or its designee pursuant to arrangements reasonably acceptable
to Assignee so that liquor operations may continue at the Property uninterrupted and consistent with past practices, in each case
subject to applicable law. This Section 4.3 shall survive any foreclosure of the lien of the Mortgage or the delivery of a deed-in-lieu
thereof.

 

Section
4.4           Further Assurances. Assignor will, at the cost of Assignor, and without out-of- pocket expense to Assignee, do,
execute, acknowledge and deliver all and every such further acts, conveyances, assignments, notices of assignments, transfers and
assurances as Assignee shall, from time to time, reasonably require for the better assuring, conveying, assigning, transferring
and confirming unto Assignee the property and rights hereby assigned or intended now or hereafter so to be, or which Assignor may
be or may hereafter become bound to convey or assign to Assignee, or for carrying out the intention or facilitating the performance
of the terms of this Assignment or for filing, registering or recording this Assignment and, on demand, will execute and deliver,
and hereby authorizes Assignee following the

 

    	 	6	 

     

    

 

occurrence and during the continuance
of an Event of Default to execute in the name of Assignor to the extent Assignee may lawfully do so, one or more financing statements,
chattel mortgages or comparable security instruments, to evidence more effectively the lien and security interest hereof in and
upon the Leases.

 

ARTICLE 5

MISCELLANEOUS
PROVISIONS

 

Section
5.1          Conflict of Terms. In case of any conflict between the terms of this Assignment and the terms of the Loan Agreement,
the terms of the Loan Agreement shall prevail.

 

Section
5.2          No Oral Change. This Assignment and any provisions hereof may not be modified, amended, waived, extended, changed,
discharged or terminated orally, or by any act or failure to act on the part of Assignor or Assignee, but only by an agreement
in writing signed by the party(ies) against whom the enforcement of any modification, amendment, waiver, extension, change, discharge
or termination is sought.

 

Section
5.3          General Definitions. Unless the context clearly indicates a contrary intent or unless otherwise specifically provided
herein, words used in this Assignment may be used interchangeably in the singular or plural form and the word “Assignor”
shall mean “each Assignor and any subsequent owner or owners of the Property or any part thereof or interest therein,”
the word “Note” shall mean “the Note and any other evidence of indebtedness secured by the Loan
Agreement,” the word “Property” shall include any portion of the Property and any interest therein,
and the phrases “attorneys’ fees”, “legal fees” and “counsel fees” shall include any
and all attorneys’, paralegal and law clerk fees and disbursements, including, but not limited to, fees and disbursements
at the pre-trial, trial and appellate levels, incurred or paid by Assignee in protecting its interest in the Property, the Leases
and/or the Rents and/or in enforcing its rights hereunder. Whenever the context may require, any pronouns used herein shall include
the corresponding masculine, feminine or neuter forms.

 

Section
5.4          Inapplicable Provisions. If any provision of this Assignment is held to be illegal, invalid or unenforceable under
present or future laws effective during the term of this Assignment, such provision shall be fully severable and this Assignment
shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Assignment,
and the remaining provisions of this Assignment shall remain in full force and effect and shall not be affected by the illegal,
invalid or unenforceable provision or by its severance from this Assignment, unless such continued effectiveness of this Assignment,
as modified, would be contrary to the basic understandings and intentions of the parties as expressed herein.

 

Section
5.5          Governing Law; Jurisdiction; Service of Process. WITH RESPECT TO MATTERS RELATING TO THE CREATION, PERFECTION AND
PROCEDURES RELATING TO THE ENFORCEMENT OF THIS ASSIGNMENT, THIS ASSIGNMENT SHALL BE GOVERNED BY, AND BE CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE IN WHICH THE PROPERTY IS LOCATED, IT BEING UNDERSTOOD THAT, EXCEPT AS EXPRESSLY SET FORTH ABOVE IN
THIS PARAGRAPH AND TO THE FULLEST EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO
CONFLICTS OF LAWS PRINCIPLES SHALL GOVERN ALL MATTERS RELATING TO THIS ASSIGNMENT AND THE OTHER LOAN DOCUMENTS AND ALL OF THE
INDEBTEDNESS OR OBLIGATIONS ARISING HEREUNDER OR THEREUNDER. ALL PROVISIONS OF THE LOAN AGREEMENT INCORPORATED HEREIN BY REFERENCE
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS
PRINCIPLES, AS AND TO THE EXTENT SET FORTH IN THE GOVERNING LAW PROVISION OF THE LOAN AGREEMENT.

 

Section
5.6         Termination of Assignment. Upon the termination or reconveyance of the Mortgage, this Assignment shall become and
be void and of no effect.

 

    	 	7	 

     

    

 

Section
5.7          Notices. Any notice required or permitted to be given under this Assignment shall be given in accordance with Section
9.02 of the Loan Agreement.

 

Section
5.8 WAIVER OF TRIAL BY JURY. EACH OF ASSIGNOR AND ASSIGNEE HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE
OF RIGHT BY JURY, AND FOREVER WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER
EXIST, WITH REGARD TO THIS ASSIGNMENT, THE NOTE, THE MORTGAGE OR THE OTHER LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER
ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY ASSIGNOR AND
ASSIGNEE AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD
OTHERWISE ACCRUE. EACH OF ASSIGNOR AND ASSIGNEE IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE
EVIDENCE OF THIS WAIVER.

 

Section
5.9          Successors and Assigns. This Assignment shall be binding upon and shall inure to the benefit of Assignor, Assignee
and the other Secured Parties and their respective successors and permitted assigns forever. Subject to the terms of the Loan Agreement
and the Mortgage, Assignor shall not have the right to assign or transfer its rights or obligations under this Assignment without
the prior written consent of Assignee and any attempted assignment without such consent shall be null and void.

 

Section
5.10        Headings, Etc. The headings and captions of the various paragraphs of this Assignment 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.

 

Section
5.11       Recitals. The recitals hereof are a part hereof, form a basis for this Assignment and shall be considered prima
facie evidence of the facts and documents referred to therein.

 

Section 5.12        Assignee
as Agent; Successor Agents.

 

(a)          Agent
has been appointed to act as Agent hereunder by the other Secured Parties. Agent shall have the right hereunder to make demands,
to give notices, to exercise or refrain from exercising any rights, and to take or refrain from taking any action in accordance
with and pursuant to the terms of the Loan Agreement and this Assignment. Assignor and all other Persons shall be entitled to rely
on releases, waivers, consents, approvals, notifications and other acts of Agent, without inquiry into the existence of required
consents or approvals of the Secured Parties therefor.

 

(b)          Assignee
shall at all times be the same Person that is the Collateral Agent under the Loan Agreement. Resignation or removal of Agent or
the appointment of a successor Agent, shall be in accordance with the terms of the Loan Agreement.

 

Section
5.13        [No Release or Novation. The Obligations secured by this Assignment are continuing obligations and nothing contained
herein shall be deemed to release, terminate or subordinate any lien, security interest or assignment created or evidenced by this
Assignment and all such liens, security interests and assignments and the priority thereof shall relate back to the date that the
Original Assignment was filed as referenced in the recitals above. Assignor and Assignee intend that this Assignment shall in no
way affect the priority of the Assignment or constitute a novation of the indebtedness secured thereby.

 

    	 	8	 

     

    

 

Section
5.14        Change of Agent. DB Agent hereby consents to Agent replacing DB
Agent as the assignee under this Assignment and assigns to Agent all of its interest under the Original Assignment in such capacity.]2

 

ARTICLE 6

LOCAL LAW PROVISIONS

 

[To be provided by local counsel
(if any)]

 

[The remainder of this page has been
intentionally left blank]

 

 

2 Insert only for amended and restated ALR.

 

    	 	9	 

     

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Assignment the day and year first above written.

 

	 	ASSIGNOR
	 	 
	 	LANDLORD:
	 	 
	 	[Landlord]
	 	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	OPERATING LESSEE:
	 	 
	 	[TRS Lessee]
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

[Signature Page to ALR]

 

     

     

    

 

	 	ASSIGNEE:
	 	 
	 	CITIBANK, N.A., as Collateral Agent
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

[Signature Page to ALR]

 

     

     

    

 

For purposes of Section 15.14 only:

 

	DB AGENT:	 
	 	 
	DEUTSCHE BANK AG NEW YORK BRANCH,	 
	as administrative agent	 
	 	 	 
	By:	 	 
	Name:	 
	Title:	 
	 	 	 
	By:	 	 
	Name:	 
	Title:	 

 

[Signature Page to ALR]

 

     

     

    

 

ASSIGNOR ACKNOWLEDGMENT

 

[Insert state specific form of notary acknowledgement]

 

[Acknowledgement Page to ALR]

 

     

     

    

 

ASSIGNEE ACKNOWLEDGMENT

 

[Insert state specific form of notary acknowledgement]

 

[Acknowledgement Page to ALR]

 

     

     

    

 

DB AGENT ACKNOWLEDGMENT

 

[Insert state specific form of notary acknowledgement]

 

[Acknowledgement Page to ALR]

 

     

     

    

 

EXHIBIT A

 

LEGAL DESCRIPTION OF PROPERTY

 

[see attached]

 

    	 	Exh. A-1	 

     

    

 

EXHIBIT I TO THE SECOND
AMENDED AND RESTATED TERM LOAN AGREEMENT

 

FORM OF ASSIGNMENT OF INTEREST RATE CAP AGREEMENT

 

[Attached.]

 

    	 	Exh. I	 

     

    

 

EXHIBIT I TO THE SECOND
AMENDED AND RESTATED TERM LOAN AGREEMENT

 

FORM OF ASSIGNMENT OF INTEREST RATE CAP AGREEMENT

 

COLLATERAL ASSIGNMENT
OF

 INTEREST RATE PROTECTION AGREEMENT

 

THIS COLLATERAL ASSIGNMENT OF
INTEREST RATE PROTECTION AGREEMENT (this

“Assignment”),
is made this 27th day of April, 2017 by [HOSPITALITY INVESTORS TRUST OPERATING PARTNERSHIP, L.P., a Delaware limited partnership],
(“Assignor”), and CITIBANK, N.A., as collateral agent for the Lenders as defined in the Loan Agreement
(together with its successors and assigns, “Assignee”).

 

WITNESSETH:

 

WHEREAS,
Assignee and certain indirect subsidiaries of Assignor (collectively, “Borrower”) are parties to
that certain Second Amended and Restated Term Loan Agreement dated as of April 27, 2017 (as amended, modified, restated,
consolidated or supplemented from time to time, the “Loan Agreement”) pursuant to which Assignee
has made a term loan to Borrower in the principal amount of up to $310,000,000 (the “Loan”) on the
terms and conditions set forth in the Loan Agreement. Capitalized terms used but not otherwise defined herein shall have the
meanings ascribed thereto in the Loan Agreement.

 

WHEREAS,
the Loan is evidenced by certain Promissory Notes dated as of [               ],
2017 by Borrower to the Lenders in the aggregate principal amount of $[               ]
(as the same may be amended, modified, consolidated, split, supplemented, replaced or otherwise modified from time to time, the
“Note”) and secured by, inter alia, certain of the Loan Documents, as set forth in the Loan Agreement.

 

WHEREAS,
Assignor has entered into that certain Cap Agreement with [               ]
(“Counterparty”), a confirmation of which, dated as of the date hereof, is attached hereto as Exhibit
A (as amended, modified and in effect from time to time, and together with the Guaranty dated as of the date hereof and
made by [               ] in favor of Assignor,
the “Cap Agreement”).

 

WHEREAS,
as a condition to making the Loan, Assignee has required that Assignor execute and deliver this Assignment to Assignee as additional
security for the Loan.

 

WHEREAS,
Assignor, as an affiliate of Borrower, is receiving a good and valuable benefit the sufficiency and receipt of which is hereby
acknowledged from Assignee and the Lenders have entered into the Loan Agreement.

 

NOW, THEREFORE,
in consideration of Assignee’s agreement to make the Loan to Borrower and for other good and valuable consideration, the
receipt, sufficiency and adequacy of which are hereby acknowledged, Assignor hereby covenants and agrees as follows:

 

1.           Assignor
hereby grants, transfers and assigns to Assignee all of Assignor’s right, title, interest, claim and demand in, to and under
the Cap Agreement, together with all right, power and authority of Assignor to amend, modify or change the terms of the Cap Agreement
or to surrender, cancel, or terminate the same without the prior consent of Assignee except as permitted pursuant to this Assignment,
for the purpose of

 

    	 	1	 

     

    

 

securing the full payment and performance
of the Indebtedness under the Loan Agreement and the other Loan Documents.

 

2.         To
protect the security of this Assignment:

 

(a)          Assignor
hereby irrevocably authorizes and empowers Assignee, in its own name or in the name of its nominee or as attorney-in-fact for Assignor,
to exercise any and all rights, powers, and privileges of Assignor under the Cap Agreement, and, generally, to do any and all acts
in the name of Assignor or in the name of Assignee with the same force and effect as Assignor could do if this Assignment had not
been made; provided, however, that Assignee will not exercise any of such rights except upon the occurrence of an Event
of Default.

 

(b)          Assignor
hereby represents and warrants to Assignee that as of the date hereof (i) the Cap Agreement is in full force and effect;
(ii) Assignor has the full right to assign its interest in the Cap Agreement; (iii) the Cap Agreement and the Loan Agreement
contain all of the agreements between the respective parties thereto relating to the matters covered by the Cap Agreement;
(iv) there are no defaults under the Cap Agreement on the part of Assignor; and (v) Assignor, but for this Assignment, has
not transferred, assigned or encumbered in whole or in part the Cap Agreement or any of Assignor’s rights or interests
thereunder.

 

(c)          Assignor
shall (i) faithfully perform every material obligation under the Cap Agreement by Assignor to be performed; (ii) at the sole cost
and expense of Assignor, enforce or secure the performance of every material obligation of the Cap Agreement by Counterparty to
be performed; (iii) promptly notify Assignee in writing of all defaults or non-performance by all parties under the Cap Agreement
of which it is aware; and (iv) not modify or in any way amend in any material respect the terms of the Cap Agreement without the
prior consent of Assignee and any attempt on the part of Assignor to exercise any such right without the prior consent of Assignee
shall be null and void and of no force or effect.

 

(d)          Assignor
agrees, at Assignor’s sole cost and expense, to appear in and defend any action or proceeding related to the Cap Agreement
and to pay all reasonable out-of-pocket costs and expenses of Assignee, including attorney’s fees and disbursements in a
reasonable sum, in any such action or proceeding in which Assignee may appear.

 

(e)          Assignor
agrees to pay immediately upon written demand, together with supporting invoices, all reasonable out-of-pocket sums expended by
Assignee under the authority hereof together with interest thereon at the applicable interest rate provided for in the Note.

 

(f)          Assignor
shall not, without the prior consent of Assignee, or as may be otherwise permitted under the Loan Documents, assign or transfer
directly or indirectly, the Cap Agreement or the rights of Assignor thereunder.

 

3.        Assignor
further acknowledges and agrees that:

 

(a)          Upon
the occurrence of an Event of Default with respect to the payment or performance of any of the Indebtedness, Assignee may exercise
the rights set forth in the Loan Documents, and without regard to the adequacy or the security for the indebtedness hereby secured
or secured by the Loan Documents, Assignee shall have the right, but not the obligation, to further exercise any of the rights
of Assignor under the Cap Agreement.

 

(b)          Assignee
shall not be obligated to perform or discharge, nor does it hereby undertake to perform or discharge, any obligation, covenant,
agreement, duty or liability under the Cap Agreement, or under or by reason of this Assignment, and Assignor shall and does hereby
agree to indemnify and to hold Assignee harmless of and from any and all liability, loss or damage which Assignee may or might
incur under the Cap Agreement or under or by reason of this Assignment and of and from any and all claims and demands

 

    	 	2	 

     

    

 

whatsoever which may be asserted
against Assignee by reason of any alleged obligations or undertakings on its part to perform or discharge any of the obligations,
covenants, agreements, duties or liability under the Cap Agreement, or under or by reason of this Assignment other than such claims
or demands arising from Assignee’s gross negligence or willful misconduct; should Assignee incur any such liability, loss
or damage under the Cap Agreement or under or by reason of this Assignment, or in the defense of any such claims or demands, the
amount thereof, including reasonable out-of-pocket costs and expenses including attorneys’ fees and disbursements, shall
be secured hereby, and Assignor shall reimburse Assignee therefor immediately upon written demand together with supporting invoices.

 

4.           Assignor
and Assignee agree that (i) Counterparty shall be entitled to conclusively rely (without any independent investigation) on any
notice or instructions from Assignee in respect of this Assignment, (ii) without limitation on the immediately preceding clause,
in the event of any inconsistency between any notice or instructions from Assignee and any notice or instructions from Assignor,
Counterparty shall be entitled to conclusively rely (without any independent investigation) on those from Assignee and (iii) Counterparty
shall be held harmless and shall be fully indemnified by Assignor from and against any and all claims, other than those ultimately
determined to be caused by the gross negligence or willful misconduct of Counterparty, and from and against any damages, penalties,
judgments, liabilities, losses or expenses (including reasonable attorneys’ fees and disbursements) reasonably incurred by
Counterparty as a result of the assertion of any claim, by any person or entity, arising out of, or otherwise related to, any actions
taken or omitted to be taken by Counterparty in reliance upon any such instructions or notice provided by Assignee.

 

5.           This
Assignment is made pursuant to, and shall be governed by, and construed in accordance with, the laws of the State of New York.

 

6.           No
failure or delay on the part of Assignee in exercising any power or right hereunder shall operate as a waiver thereof or a waiver
of any other term, provision or condition hereof, nor shall any single or partial exercise of any such right or power preclude
any other or further exercise thereof or the exercise of any other right or power hereunder. All rights and remedies of Assignee
hereunder are cumulative and shall not be deemed exclusive of any other rights or remedies provided by law.

 

7.           This
Assignment embodies the entire agreement and understanding between the parties relating to the subject matter hereof and may not
be amended, waived or discharged except by an instrument in writing executed by the parties hereto, except as set forth in Section
15 hereof.

 

8.           This
Assignment applies to, inures to the benefit of, and binds the parties hereto, their successors and assigns.

 

9.           No
right or remedy herein conferred upon or reserved to Assignee is intended to be exclusive of any other remedy provided for herein,
or in any other Loan Document or by law or by equity provided or permitted, and all such rights and remedies shall be cumulative
and shall be in addition to every other right and remedy given hereunder, or now or hereafter existing at law or in equity. If
any clause or provision in this Assignment shall be invalid under any circumstances, that fact shall in no way invalidate this
Assignment or any other provision herein.

 

10.         All
notices, demands, or documents which are required or permitted to be given or served hereunder shall be in writing and shall be
deemed sufficiently given when delivered or mailed in the manner set forth in the Loan Agreement.

 

11.         Assignor
agrees the Obligations of the Loan Parties under the Loan Documents will be performed strictly in accordance with the terms of
the Loan Documents. The obligations of Assignor under or in respect of this Assignment are independent of any other obligations
of any other Person under or in respect of the Loan Documents, and a separate action or actions may be brought and prosecuted against
Assignor to enforce this Assignment, irrespective of whether any action is brought against Borrower or any other Person or

 

    	 	3	 

     

    

 

whether Borrower or any other Person
is joined in any such action or actions. The liability of Assignor under this Assignment shall be irrevocable, absolute and unconditional
irrespective of, and Assignor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to,
any or all of the following:

 

(a)          any
lack of validity or enforceability of any Loan Document or any agreement or instrument relating thereto;

 

(b)          any
change in the time, manner or place of payment of, or in any other term of, all or any of the Obligations of the Loan Parties under
or in respect of the Loan Documents or any other amendment or waiver of or any consent to departure from any Loan Document, including,
without limitation, any increase in the Indebtedness resulting from the extension of additional credit to Borrower or any of Borrower’s
Affiliates or otherwise;

 

(c)          any
taking, exchange, release or non-perfection of any collateral secured under the Loan Documents, or any taking, release or amendment
or waiver of, or consent to departure from, any other Loan Document securing any of the Obligations of the Loan Parties under the
Loan Documents;

 

(d)          any
manner of application of collateral securing any of the Obligations of the Loan Parties under the Loan Documents, or any proceeds
of such collateral, to all or any of the Obligations of the Loan Parties under the Loan Documents, or any manner of sale or other
disposition of any other collateral for all or any obligations of Borrower or its Affiliates under the Loan Documents or any other
assets of Borrower or any of its Affiliates;

 

(e)          any
change, restructuring or termination of the corporate structure or existence of Borrower or any of its Affiliates;

 

(f)           any
failure of Assignee or any of the Lenders to disclose to Borrower or its Affiliates any information relating to the business, condition
(financial or otherwise), operations, performance, properties or prospects of Borrower or its Affiliates now or hereafter known
to Assignee or any of the Lenders (Assignor waiving any duty on the part of Assignee or any of the Lenders to disclose such information);

 

(g)          the
failure of any other Person to execute or deliver any guaranty, security instrument, or agreement or the release or reduction of
liability of any Person or other surety with respect to the Obligations of the Loan Parties under the Loan Documents; or

 

(h)          any
statute of limitations or any existence of or reliance on any representation by Assignee or any of the Lenders that might otherwise
constitute a defense available to, or a discharge of, Borrower or any of its Affiliates.

 

This Assignment shall continue to be effective or
be reinstated, as the case may be, if at any time any payment or performance of any of the Obligations of the Loan Parties under
the Loan Documents is rescinded or must otherwise be returned by Assignee or any of the Lenders or any other Person upon the insolvency,
bankruptcy or reorganization of Borrower or any of its Affiliates or otherwise, all as though such payment had not been made.

 

12.         Assignor
hereby unconditionally and irrevocably waives promptness, diligence, notice of acceptance, presentment, demand for performance,
notice of nonperformance, default, acceleration, protest or dishonor and any other notice with respect to any of the Obligations
of the Loan Parties under the Loan Documents and this Assignment and any requirement that Assignee or any of the Lenders protect,
secure, perfect or insure any Lien or any property subject thereto or exhaust any right or take any action against Borrower or
any other Person or any other collateral securing the Obligations of the Loan Parties under the Loan Documents or any part thereof.

 

    	 	4	 

     

    

 

(b)          Assignor
hereby unconditionally and irrevocably waives any right to revoke this Assignment and acknowledges that this Assignment is continuing
in nature and applies to all of the Obligations of the Loan Parties under the Loan Documents, whether existing now or in the future.

 

(c)          Assignor
hereby unconditionally and irrevocably waives (i) any defense arising by reason of any claim or defense based upon an election
of remedies by the Assignee that in any manner impairs, reduces, releases or otherwise adversely affects the subrogation, reimbursement,
exoneration, contribution or indemnification rights of Assignor or other rights of Assignor to proceed against Borrower or any
other Person or any collateral securing any of the Obligations of the Loan Parties under the Loan Documents and (ii) any defense
based on any right of set-off or counterclaim against or in respect of the Obligations of the Loan Parties under the Loan Documents.

 

(d)          Assignor
hereby unconditionally and irrevocably waives any duty on the part of Assignee or any of the Lenders to disclose to Assignor any
matter, fact or thing relating to the business, condition (financial or otherwise), operations, performance, properties or prospects
of Borrower or any of its Affiliates now or hereafter known by Assignee or any of the Lenders.

 

(e)          Assignor
acknowledges that it will receive substantial direct and indirect benefits from the financing arrangements contemplated by the
Loan Documents and that the waivers set forth in this Section 12 are knowingly made in contemplation of such benefits.

 

13.         Assignor
hereby unconditionally and irrevocably agrees not to exercise any rights that it may now have or hereafter acquire against Borrower
that arise from the existence, payment, performance or enforcement of the Obligations of the Loan Parties under or in respect of
this Assignment or any other Loan Document, including, without limitation, any right of subrogation, reimbursement, exoneration,
contribution or indemnification and any right to participate in any claim or remedy of Assignee or any of the Lenders against Borrower
or any collateral securing any of the Obligations of the Loan Parties under the Loan Documents, whether or not such claim, remedy
or right arises in equity or under contract, statute or common law, including, without limitation, the right to take or receive
from Borrower, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account
of such claim, remedy or right, except at such times as all of the Obligations of the Loan Parties under the Loan Documents and
all other amounts then due and payable under this Assignment shall have been paid or performed.

 

14.         Assignor,
and by its acceptance of this Assignment, Assignee, on behalf of the Lenders, hereby confirm that it is the intention of all such
Persons that this Assignment and the Obligations of Assignor hereunder shall not constitute a fraudulent transfer or conveyance
for purposes of the Bankruptcy Code, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar
foreign, federal or state law, or any case or proceeding under any such laws, to the extent applicable to this Assignment and the
Obligations of Assignor hereunder. To effectuate the foregoing intention, Assignor, and Assignee, on behalf of the Lenders, hereby
irrevocably agree that, notwithstanding any provision herein or in the other Loan Documents to the contrary, the Obligations of
Assignor under this Assignment at any time shall be limited to the maximum amount as will result in the Obligations of Assignor
under this Assignment not constituting a fraudulent transfer or conveyance.

 

15.         This
Assignment shall automatically terminate upon the earlier to occur of (a) the termination or expiration of the Cap Agreement and
(b) the payment in full of the Indebtedness. In such event, Assignee, upon Assignor’s notice to Assignee and at Assignor’s
expense, shall promptly execute appropriate documentation evidencing the termination of this Assignment.

 

[NO FURTHER TEXT ON THIS PAGE]

 

    	 	5	 

     

    

 

IN WITNESS WHEREOF, Assignor
and Assignee have executed and delivered this instrument the day, month and year first above written.

 

	 	ASSIGNOR:
	 	 
	 	[HOSPITALITY INVESTORS TRUST OPERATING PARTNERSHIP, L.P.]
	 	 
	 	By:
	 	 	Name:
	 	 	Title:
	 	 
	 	ASSIGNEE:
	 	 
	 	CITIBANK, N.A.
	 	 
	 	By:
	 	 	Name:
	 	 	Title:

 

[Signature Page to Assignment and Acknowledgment of
Interest Rate Cap]

 

     

     

    

 

CONSENT OF COUNTERPARTY

 

[
                                         ]
(the “Counterparty”) hereby acknowledges and consents to the foregoing collateral assignment of the
Cap Agreement by Assignor in favor of Assignee, and covenants and agrees that (i) upon receipt by the undersigned of written
notification from Assignee of the occurrence of a Lockbox Trigger Event (as defined in the Cash Management Agreement),
Assignee, in its own name or in the name of its nominee or as attorney-in-fact for Assignor, shall be entitled to exercise
any and all rights, powers, and privileges of Assignor under the Cap Agreement, subject to the terms and provisions of the
foregoing Assignment and (ii) the undersigned will pay directly to Assignee all amounts payable by the undersigned under the
Cap Agreement to the following address (or at such other address as Assignee shall hereafter notify Counterparty):

 

		Name:	Citibank, N.A. as agent for the Lenders under that certain Second Amended and Restated Term Loan Agreement dated [April 27],
2017

		Bank Name:	Citibank, N.A.

		Bank Address:	1615 Brett Road, OPS III, New Castle, Delaware 19720

		Account Name:	Agency/Medium Term Finance

		Reference:	Hospitality Investors Trust Operating Partnership, L.P.

		Account No.:	36852248

		ABA No.:	021000089

 

All notices shall be delivered
to Assignee at the following address (or at such other address as Assignee shall hereafter notify Counterparty):

 

Citibank, N.A.

390 Greenwich Street, 7th Floor New York,

New York 10013

Attn: Ana Rosu Marmann

 

with a copy to:

 

Shearman & Sterling LLP

599 Lexington Avenue

New York, New York 10022

Attention: Malcolm K. Montgomery, Esq.

 

[NO FURTHER TEXT ON THIS PAGE]

 

     

     

    

 

IN WITNESS WHEREOF, Counterparty
has executed and delivered this instrument as of [                             ],
2017.

 

	 	[                                   ]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Consent of Counterparty]

 

     

     

    

 

EXHIBIT A

 

CONFIRMATION OF CAP AGREEMENT

 

(See Attached)

 

    	 	Exh. A-1	 

     

    

 

EXHIBIT J TO THE SECOND AMENDED AND
RESTATED TERM LOAN AGREEMENT

 

FORM OF AMENDED AND RESTATED CASH MANAGEMENT
AGREEMENT

 

[Attached.]

 

    	 	Exh. J	 

     

    

 

EXHIBIT J TO THE SECOND AMENDED AND RESTATED
TERM LOAN AGREEMENT

 

FORM OF CASH MANAGEMENT
AGREEMENT 

 

CASH MANAGEMENT AGREEMENT

 

CASH MANAGEMENT AGREEMENT dated
as of April 27, 2017 (this “Agreement”) by and among the entities listed on the signature pages hereof
under the heading “Borrower Parties” (individually and collectively and jointly and severally, the “Borrowers”),
CITIBANK, N.A. (“Citi”), as collateral agent (together with any successor collateral agent appointed
pursuant to Article VIII of the Loan Agreement, the “Agent”) for the Secured Parties, and HIT SWN
TRS, LLC, a Delaware limited liability company, HIT SWN CRS NTC TRS, LP, a Delaware limited partnership, and HIT
SWN INT NTC TRS, LP, a Delaware limited partnership (individually and collectively, as the “TRS Lessees”).

 

WHEREAS, pursuant to that
certain Second Amended and Restated Term Loan Agreement dated as of the date hereof (as the same may be amended, restated, replaced,
supplemented or otherwise modified from time to time, the “Loan Agreement”; capitalized terms used herein
without being defined having the meanings ascribed thereto in the Loan Agreement), by and among the Borrowers, the Agent, the Lenders,
and certain other parties thereto, the Lenders have agreed to provide financing to the Borrowers in the maximum aggregate principal
amount of up to $310,000,000 (the “Loan”) secured by, inter alia, the Collateral Assets; and

 

WHEREAS, in order to fulfill
certain of the Loan Parties’ obligations under the Loan Agreement, the Borrowers and the TRS Lessees (hereinafter, the “Company
Parties”) have agreed to enter into this Agreement relating to the cash management of the Collateral Assets.

 

NOW THEREFORE, in consideration
of the mutual premises contained herein and for other good and valuable consideration the sufficiency of which is hereby acknowledged,
the parties hereto agree as follows:

 

Section 1.            Defined
Terms. As used herein the following capitalized terms shall have the respective meanings set forth below:

 

“Account
Collateral” means: (a) the Accounts and all cash, checks, drafts, certificates and instruments, if any, from
time to time deposited or held in the Accounts from time to time; (b) any and all amounts deposited or held in the Accounts
invested in Cash Equivalents in accordance with Section 8 hereof; (c) all interest, dividends, cash, instruments and other
property from time to time received, receivable or otherwise payable in respect of, or in exchange for, any or all of the
foregoing; and (d) to the extent not covered by clauses (a) through (c) above, all “proceeds” (as defined under
the UCC) of any or all of the foregoing.

 

“Account Control Agreement”
means an account control agreement with the Lockbox Bank in form and substance reasonably satisfactory to the Agent pursuant to
which the Lockbox Bank agrees to (i) comply with instructions originated by the Agent directing the disposition of funds in the
Lockbox Account, the Cash Collateral Account, the PIP Reserve Account and the FF&E Reserve Account in a manner consistent with
the terms and provisions of such account control agreement and this Agreement without the further consent of any Company Party,
and (ii) waives or subordinates in favor of the Agent all claims of the Lockbox Bank (but excluding any customary banker’s
liens or, with respect to uncleared funds or dishonored checks, rights of setoff or rights of recoupment in favor of the Lockbox
Bank) to funds in such Accounts.

 

“Accounts”
means the Property Accounts, the PIP Reserve Account, the FF&E Reserve Account, and, if any, the Cash Collateral Account and
the Lockbox Account and the Subaccounts thereof.

 

     

     

    

 

“Annual Budget”
means, with respect to any Collateral Asset for any Fiscal Year, the operating budget (or operating budgets) delivered to the Agent
pursuant to Section 5.03(f) of the Loan Agreement setting forth the applicable Borrower’s estimate of Gross Income from Operations,
Operating Expenses and FF&E and Capital Costs for such Fiscal Year for such Collateral Asset.

 

“Annual
REIT Distribution Cap” means, in respect of a Distributing Party, distributions in an aggregate amount, for
any period of twelve (12) consecutive calendar months, not exceeding the lesser of (a) $30,000, or (b) the minimum
distributions necessary in order for such Distributing Party to maintain its status as a REIT.

 

“Approved Annual Budget”
has the meaning specified in Section 5.

 

“Approved
Capital Expenditures” shall mean capital expenditures incurred by any Borrower and either (a) Approved Alterations,
(b) included in the Approved Annual Budget or (c) approved by the Agent, which approval shall not be unreasonably withheld, conditioned
or delayed, provided that any capital expenditures included in FF&E Expenses or that constitute PIP Work shall not constitute
Approved Capital Expenditures.

 

“Approved Excess Operating Expenses”
has the meaning specified in Section 6.

 

“Approved
FF&E Expenses” means FF&E Expenses incurred by any Borrower and either
(a) included in the Annual Budget or (b) approved by the Agent,
which approval shall not be unreasonably withheld, conditioned or delayed, provided that any FF&E Expenses that
constitute PIP Work shall not constitute Approved FF&E Expenses.

 

“Approved
Operating Expenses” means Operating Expenses incurred by the Borrowers or by any Approved Manager on any Borrower’s
behalf (excluding any Restricted Payments) which (a) are included in the Approved Annual Budget for the current calendar month,
(b) are for real estate taxes, insurance premiums, electric, gas, oil, water, sewer or other utility service to the Collateral
Assets, (c) are for Management Fees, or (d) have been approved in writing by the Agent as Approved Operating Expenses; provided,
however, that Approved Operating Expenses shall also include, for any calendar month in which Operating Expenses exceed
the Monthly Operating Expense Budgeted Amount, the amount of such excess Operating Expenses up to and not to exceed ten percent
(10%) of the Monthly Operating Expense Budgeted Amount for such calendar month as to which the Borrower provide to the Agent a
reasonably detailed explanation of the reasons for and expenditures resulting in Operating Expenses exceeding the Monthly Operating
Expense Budgeted Amount.

 

“Brand Manager”
means an Approved Manager of a Collateral Asset that is any of Hyatt, Hilton, Marriott or Starwood.

 

“Business Day”
has the meaning set forth in the Loan Agreement, except that with respect to any Property Account Bank or Lockbox Bank, any day
shall not be considered a Business Day with respect to such Property Account Bank or Lockbox Bank if commercial banks in the City
in which such Property Account Bank or Lockbox Bank is located are required or permitted by law to be closed.

 

“Cash Collateral Account”
has the meaning specified in Section 2(b).

 

“Cash
Collateral Funds” means any funds on deposit in the Cash Collateral Account from time to time.

 

“Debt Service” has the
meaning specified in Section 2(b).

 

“Debt Service Subaccount”
has the meaning specified in Section 2(b).

 

    	 	2	 

     

    

 

“Distributing Party”
means a direct or indirect member of the Borrowers that is required by Legal Requirements to make distributions in order to maintain
its status as a REIT.

 

“Eligible Account”
means a separate and identifiable account from all other funds held by the holding institution that is either (a) an account or
accounts maintained with a federal or state chartered depository institution or trust company which complies with the definition
of Eligible Institution or (b) a segregated trust account or accounts maintained with a federal or state chartered depository institution
or trust company acting in its fiduciary capacity which, in the case of a state chartered depository institution or trust company,
is subject to regulations substantially similar to 12 C.F.R.§9.10(b), having in either case a combined capital and surplus
of at least $50,000,000 and subject to supervision or examination by federal and state authority. An Eligible Account will not
be evidenced by a certificate of deposit, passbook or other instrument.

 

“Eligible Institution”
means a depository institution or trust company insured by the Federal Deposit Insurance Corporation, the short term unsecured
debt obligations or commercial paper of which are rated at least “A-2” by S&P, “P-2” by Moody’s,
and “F-2+” by Fitch in the case of accounts in which funds are held for thirty (30) days or less, or, in the case of
Letters of Credit or accounts in which funds are held for more than thirty (30) days, the long term unsecured debt obligations
of which are rated at least “A” by Fitch and S&P and “A2” by Moody’s.

 

“Enforcement”
means, following the occurrence of (and prior to Lenders’ acceptance of a cure of) an Event of Default, the earliest to occur
of (a) the acceleration of the Loan, (b) the initiation of judicial or non-judicial foreclosure proceeding, proceedings for the
appointment of a receiver or any similar remedy and/or (c) the imposition of a stay, an injunction or a similar judicially imposed
device that has the effect of preventing the Secured Parties from exercising remedies.

 

“Excess Operating Expenses”
has the meaning specified in Section 6. “FF&E Exception” has the meaning specified in Section 3(d).

 

“FF&E
Expense” for any period shall mean the amount expended for FF&E Work in, at or to the Collateral Assets or any
individual Collateral Asset (including any installation, delivery or other related cost).

 

“FF&E Reserve”
means for each Monthly Payment Date, four percent (4.0%) of Gross Hotel Revenues for the immediately preceding calendar month.

 

“FF&E
Reserve Account” means a single account with the Servicer in the name of the Agent.

 

“FF&E Reserve Funds”
has the meaning specified in Section 3(d).

 

“FF&E
Work” means the repair and replacement of FF&E and Routine Capital Expenditures.

 

“Fitch” means Fitch, Inc.
or its successor.

 

“Gross Income from
Operations” means, with respect to any Collateral Asset for any period, all Gross Hotel Revenues with respect to
such Collateral Asset for such period. Gross Income from Operations shall not be diminished as a result of any intervening estate
or interest in such Collateral Asset or any part thereof created after the date such Asset became a Collateral Asset (unless such
intervening estate or interest was approved by the Agent).

 

    	 	3	 

     

    

 

“Hotel
Taxes” means federal, state and municipal excise, occupancy, sales and use taxes collected by or on behalf of any
Borrower or any other Loan Party directly from patrons or guests of the Collateral Assets as part of or based on the sales price
of any goods, services or other items, such as gross receipts, room, admission, cabaret or equivalent taxes and required to be
paid to a Governmental Authority.

 

“Incentive
Management Fees” means the property management fees paid to an Approved Manager for property management (as opposed
to asset management) services provided to the Collateral Assets that are based on an override, profit participation or other form
of incentive for increased revenues or profits generated by such Collateral Assets. Incentive Management Fees shall not include
base management fees, reimbursable expenses paid to an Approved Manager, system service charges, accounting fees, development fees,
revenue management fees, sales and marketing fees, information technology fees, human resources fees, risk management fees, administration
fees or other similar fees, expenses or reimbursements, in each case, so long as the same are not calculated based on increases
in revenues or profits generated by such Collateral Assets.

 

“Insurance Payments” has
the meaning specified in Section 2(b).

 

“Insurance Premiums”
means, with respect to any Collateral Asset, all premiums payable in respect of the insurance required to be maintained pursuant
to the Mortgage and the Loan Agreement with respect to such Collateral Asset.

 

“Insurance Subaccount” has
the meaning specified in Section 2(b). “Lockbox Account” has the meaning specified in Section 2(b).

“Lockbox Bank”
means, at the election of the Agent, (a) the Agent or an Affiliate thereof, (b) the Servicer or (c) an Eligible Institution selected
by the Agent.

 

“Lockbox Period”
means each period commencing upon the occurrence of a Lockbox Trigger Event and ending upon the occurrence of a Lockbox Trigger
Event Cure with respect to such Lockbox Trigger Event (and provided that no other Lockbox Trigger Event shall have occurred and
be continuing (i.e., has not been cured as provided herein)).

 

“Lockbox Trigger Event”
means the occurrence of one or both of the following: (a) an Event of Default or (ii) the commencement of a Low Debt Yield Period.

 

“Lockbox Trigger Event
Cure” means (a) with respect to a Lockbox Trigger Event in respect of an Event of Default, the Company Parties shall
have tendered a cure of such Event of Default and such cure has been accepted by the Agent (and no other Event of Default is then
continuing), and (b) with respect to a Lockbox Trigger Event caused by a Low Debt Yield Period, (i) the Low Debt Yield Period has
ended pursuant to the terms hereof, or (ii) the Borrowers have made prepayments of the Loan in accordance with Section 2.06(a)
of the Loan Agreement in amounts sufficient to satisfy the cause the end of the Low Debt Yield Period (provided that in
the event of such a prepayment, the Lockbox Period related to such Low Debt Yield Period shall cease immediately upon prepayment
of such amount), in the case of each of clauses (a), (b)(i) and (b)(ii), without any further notice required to be provided by
the Agent to the Borrowers to the effect that the Lockbox Period has ended.

 

“Low Debt Yield Period”
shall commence if, as of any Test Date, the Debt Yield is less than eight and one-half percent (8.5%) and shall end if the Collateral
Assets have achieved a Debt Yield of at least eight and one-half percent (8.5%) for two consecutive Test Dates, as calculated by
the Borrowers in good faith.

 

    	 	4	 

     

    

 

“Management
Fees” shall mean the base management fees, Incentive Management Fees, reimbursable expenses, system service charges
and all other charges, fees and expenses to be paid to the Approved Managers, from time to time under the Approved Management Agreements.

 

“Manager”
means, for each Collateral Asset, the Approved Manager that is managing such Collateral Asset in accordance with the terms and
provisions of the Loan Documents.

 

“Monthly
Operating Expense Budgeted Amount” for any calendar month means the monthly amount set forth in the Approved Annual
Budget for Operating Expenses for such calendar month.

 

“Moody’s” means
Moody’s Investors Service, Inc. or its successor. “Operator” has the meaning specified in Section
2(a).

 

“Operating
Expenses” means, for any period, without duplication, all expenses actually paid or payable by or on behalf of any
Company Party during such period in connection with the administration, operation, management, maintenance, repair and use of the
Collateral Assets, determined on an accrual basis, and, except to the extent otherwise provided in this definition, in accordance
with GAAP. Operating Expenses specifically shall include (i) all operating expenses incurred in such period based on quarterly
financial statements delivered to the Lenders in accordance with Section 5.03 of the Loan Agreement and prepared in accordance
with the Uniform System of Accounts, (ii) all payments required to be made pursuant to any Operations Agreements, (iii) Management
Fees, (iv) administrative, payroll, security and general expenses for the Collateral Assets, (v) the cost of utilities, supplies,
consumables, inventories and fixed asset supplies consumed in the operation of the Collateral Assets, (vi) costs and fees of independent
professionals (including, without limitation, legal, accounting, consultants and other professional expenses), technical consultants,
operational experts (including quality assurance inspectors) or other third parties retained to perform services required or permitted
under the Loan Documents, (vii) cost of attendance by employees at training and manpower development programs, (viii) association
dues, (ix) computer processing charges, (x) operational equipment and other lease payments to the extent constituting operating
expenses under GAAP, (xi) Taxes and Other Charges (other than income taxes or Other Charges in the nature of income taxes), Hotel
Taxes and Insurance Premiums, (xii) all reserves required by the Agent hereunder (without duplication) and (xiii) all franchise
fees and expenses incurred in connection with any Approved Franchise Agreement (other than one- time expenses such as individual
consent fees and similar one-time costs). Notwithstanding the foregoing, Operating Expenses shall not include (1) depreciation
or amortization or other noncash items, (2) income taxes or Other Charges in the nature of income taxes, (3) any expenses (including
legal, accounting and other professional fees, expenses and disbursements) incurred in connection with the making of the Loan or
the sale, exchange, transfer, financing or refinancing of all or any portion of any Collateral Asset or in connection with the
recovery of Insurance Proceeds or Awards which are applied to prepay the Loan, (4) capital expenditures including (without duplication)
any reserves required by the Agent hereunder with respect to capital expenditures, (5) Debt Service, (6) any item of expense which
would otherwise be considered within Operating Expenses pursuant to the provisions above but is paid directly by any tenant under
a Tenancy Lease, (7) any non-recurring, capitalized or extraordinary expenses, (8) any expenses that relate to a Collateral Asset
from and after the release of such Collateral Asset from the Lien of the applicable Mortgage in accordance with Section 9.13 of
the Loan Agreement, (9) rent payable under any Operating Lease and (10) any Restricted Payments that are not expenses described
by any of clauses (i) through (xiii) above (including any Restricted Payments that are equity distributions or dividends or similar
payments that constitute a return of or a return on capital contributions to any Borrower’s constituent owners).

 

“Operations
Agreements” shall mean the reciprocal easement agreements and any other covenants, restrictions, easements, declarations
or agreements of record relating to the construction, operation or use of the Collateral Assets.

 

“PIP Reserve Account”
has the meaning specified in the Loan Agreement.

 

    	 	5	 

     

    

 

“Property Account” has the
meaning specified in Section 2(a).

 

“Property Account Bank”
means that certain bank or other financial institution maintaining the Property Account set forth on Schedule I (as such
schedule may hereafter be supplemented, amended or modified from time to time), provided that such bank or financial institution
remains an Eligible Institution, and any successor Eligible Institution thereto (or such other Eligible Institution in replacement
thereof selected by the applicable Company Party from time to time which replacement is reasonably acceptable to the Agent).

 

“Property Account Control Agreement”
has the meaning specified in Section 2(a).

 

“REIT” means
a Person that is qualified to be treated for tax purposes as a real estate investment trust under Sections 856-860 of the Internal
Revenue Code.

 

“Rents”
with respect to any Collateral Asset, has the meaning specified in the Mortgage with respect to such Collateral Asset.

 

“Reserve Exceptions” has
the meaning specified in Section 2(c).

 

“Restricted
Payments” means any payments to any Guarantor or any of its respective Affiliates, or any payments of any “override”
or “profit participations”, asset management or incentive-based fees or expenses, or any transition or termination
fees, costs or expenses, or their equivalent; provided, however, that “Restricted Payments” shall not
include (i) any management fees that are payable to any Approved Manager (that is not an Affiliate of any Company Party) pursuant
to any Approved Management Agreement that has been approved by the Administrative Agent (including approval of any amendments thereto),
(ii) any base management fees that are payable to any Approved Manager that is an Affiliate of any Company Party pursuant to any
Approved Management Agreement that has been entered into in accordance with the Loan Agreement (including any amendments thereto)
(provided that no Event of Default exists) or

(iii) any payments required to be made by the terms
of the Loan Documents.

 

“Routine
Capital Expenditures” means routine and ordinary course maintenance, repairs, alterations and replacements of or
to the Collateral Assets, such as exterior and interior painting, resurfacing of walls and floors, replacement of wall, ceiling
or floor coverings, replacement of bathroom fixtures (including tubs and surrounds), replacement of lighting fixtures, minor wall
demolition and replacement to accommodate guest room or bathroom renovation and/or brand required changes to lobbies, public spaces,
guest rooms or bathrooms, replacements of doors and frames, replacement of windows and frames, pool and deck repairs, roof repairs
and replacements, landscaping, resurfacing parking areas and replacing folding walls, in each case that are capitalized under GAAP.
For the avoidance of doubt, “Routine Capital Expenditures” shall not include expansion or “growth” projects
or any alteration or improvement that requires the Administrative Agent’s consent pursuant to Section 5.02(u) of the Loan
Agreement.

 

“Subaccounts” has the
meaning specified in Section 2(b).

 

“Taxes”
means, with respect to any Collateral Asset, all real estate taxes and other ad valorem taxes relating to such Collateral Asset,
including any interest, additions to tax or penalties applicable thereto.

 

“Tax Payments” has the
meaning specified in Section 2(b). “Tax Subaccount” has the meaning specified in Section 2(b).

 

Section 2.           Establishment
of the Accounts. (a) Each Company Party that is the direct lessee of a Collateral Asset (other than the Georgia Tech Hotel)
or, if the Collateral Asset is not subject to an Operating Lease, the direct owner (or ground lessee, as applicable) of such Collateral
Asset (each, an “Operator”), shall on or prior to the date hereof, (i) establish, or cause to be established,
an account or a

 

    	 	6	 

     

    

 

subaccount with respect to each Collateral Asset
(individually and collectively, the “Property Account”) with a Property Account Bank into which
such Operator shall deposit, or cause to be deposited, all Gross Income from Operations with respect to such Collateral Asset
to the extent the same are not already deposited directly into such Property Account (including all monthly remittances to
any Company Party from a Manager), and (ii) execute an agreement with the Agent and the Property Account Bank providing for
the control of such Property Account in favor of the Agent, in form and substance reasonably satisfactory to the Agent and
the Company Parties (as amended from time to time, the “Property Account Control Agreement”). The
Borrowers shall, on or prior to the date hereof, establish or cause to be established with the Servicer in the name of the
Agent (1) the PIP Reserve Account and (2) the FF&E Reserve Account.

 

(b)          After
the occurrence of the first Lockbox Trigger Event, the Agent, or at the Agent’s election, the Servicer shall establish (i)
a single account with the Lockbox Bank in the name of the Agent (the “Lockbox Account”) and (ii) a single
account with the Lockbox Bank in the name of the Agent (the “Cash Collateral Account”) which shall, in
each case, be subject to an Account Control Agreement. During any Lockbox Period, the Agent may in accordance with the Property
Account Control Agreement instruct the Property Account Bank to transfer on each Business Day all sums on deposit in the Property
Account into the Lockbox Account. The Agent shall maintain on a ledger entry basis the following subaccounts of the Lockbox Account
(collectively, the “Subaccounts”):

 

(i)           An
account into which the sums required to be deposited hereunder pursuant to Section 4 for the payment of Taxes with respect to the
Collateral Assets (“Tax Payments”) shall be deposited (the “Tax Subaccount”);

 

(ii)          An
account into which the sums required to be deposited hereunder pursuant to Section 4 for the payment of Insurance Premiums with
respect to the Collateral Assets (“Insurance Payments”) shall be deposited (the “Insurance
Subaccount”); and

 

(iii)         An
account into which the sums required to be deposited hereunder pursuant to Section 4 for the payment of interest accruing on the
Advances and late payment charges and fees, if any, relating to the Loan (“Debt Service”) shall be deposited
(the “Debt Service Subaccount”).

 

(c)          During
each Lockbox Period, the applicable Borrower shall deposit into the Tax Subaccount and the Insurance Subaccount an amount, if any,
which when combined with (x) the amounts to be deposited into such subaccount pursuant to Section 4 below and (y) any amounts applied
by the Operator (or the Manager on behalf of the Operator) in respect thereof from amounts on deposit in the applicable Property
Accounts in accordance with Section 3(b) below, is sufficient to pay the Taxes before the same become delinquent (but without prejudice
to any proceeding contesting such Taxes undertaken in accordance with the terms and provisions of the Loan Agreement) and the Insurance
Premiums before the same become due; provided, however, that Borrowers shall not be required to make deposits into
(i) the Tax Subaccount to the extent that Taxes are reserved with a Brand Manager or paid directly from Gross Income from Operations
by a Brand Manager, or (ii) the Insurance Subaccount to the extent that (A) a Collateral Asset is insured pursuant to a blanket
policy that complies with the terms of the Loan Documents or (B) Insurance Premiums are reserved with a Brand Manager or paid directly
from Gross Income from Operations by a Brand Manager (clauses (i) and (ii) being the “Reserve Exceptions”).

 

(d)          The
Borrowers shall, or shall cause the Property Account Bank to, provide monthly bank statements to the Agent within ten (10) days
after the end of each calendar month with respect to each Property Account for which the applicable Property Account Bank does
not provide (electronically or otherwise) monthly bank statements directly to the Agent.

 

Section 3.            Deposits
into Accounts. (a) Each Operator warrants and covenants that (i) on or prior to the date hereof such Operator shall send
(or shall cause to be sent) (A) a notice, substantially in

 

    	 	7	 

     

    

 

the form of Exhibit A, to all tenants (expressly excluding
hotel guests) under Tenancy Leases now or hereafter in effect at its Collateral Asset directing such tenants to pay all Rents and
other sums due under such Tenancy Leases into the Property Account with respect to such Collateral Asset, but only to the extent
such tenants are not already making such payments to such Property Account and (B) a notice, substantially in the form of Exhibit
B, to all material third party merchants who are consistently obligated to make payments to such Operator or the applicable
Manager for such Collateral Asset, including, but limited to, credit, charge, debit and comparable card companies and processors
(and expressly excluding tenants and hotel guests), directing them to pay all sums due under any arrangements to which they are
a party with such Operator or Manager into the Property Account with respect to such Collateral Asset, but only to the extent such
third party payors are not already making such payments to such Property Account, (ii) such Operator shall, or shall cause the
applicable Manager to, deposit (or cause to be deposited) all accounts receivable for such Collateral Asset and any Gross Income
from Operations collected by such Operator or such Manager into the Property Account with respect to such Collateral Asset, and
(iii) neither such Operator nor any other Person shall direct any existing or future third party payors to make payments in respect
of its Collateral Asset in any manner other than as set forth in this Section 3(a), without the prior written consent of the Agent.
During the continuance of any Lockbox Period, until deposited into the Lockbox Account, any Gross Income from Operations from the
Collateral Assets held by the Company Parties shall be deemed to be Account Collateral and shall be held in trust by it for the
benefit, and as the property, of the Agent for the benefit of the Secured Parties subject to the terms and provisions of this Agreement
and the other Loan Documents. The Gross Income from Operations from each of the Collateral Assets held by the Manager or Company
Parties shall not be commingled by the Manager or the Company Parties with any funds or property of the Manager or Company Parties
which are unrelated to such Collateral Asset.

 

(b)          Upon
the occurrence of a Lockbox Trigger Event Cure (provided that the Loan has not been accelerated, and the Agent or the Required
Lenders have not moved for a receiver or commenced foreclosure proceedings), the Lockbox Trigger Event shall be deemed cured. In
such event and without limitation of Section 4(c) below, such Lockbox Period shall no longer be outstanding and any funds contained
in the Property Account from time to time shall be distributed to or at the direction of the applicable Operator (or the Manager
on behalf of the applicable Operator), so long as no Event of Default would result therefrom.

 

(c)          At
all times other than during any Lockbox Period, the Property Account Banks will be permitted to transfer, on each Business Day,
all funds on deposit in the Property Accounts as specified in writing by the Company Parties.

 

(d)          The
Borrowers shall deposit or cause to be deposited into the FF&E Reserve Account on each Monthly Payment Date, an amount equal
to the FF&E Reserve to cover the cost of the FF&E Work that may be incurred following the date hereof. Amounts deposited
from time to time into the FF&E Reserve Account pursuant to this Section 3(d) are referred to herein as the “FF&E
Reserve Funds”. Notwithstanding the foregoing, no FF&E Reserve Funds shall be required to be funded in respect
of a Collateral Asset so long as an FF&E reserve in respect of such Collateral Asset with funding requirements at least equal
to funding requirements hereunder in respect of such Collateral Asset is maintained with a Brand Manager that has granted a security
interest in all such FF&E reserve funds to the Agent pursuant to documentation in form and substance acceptable to the Agent
(the “FF&E Exception”).

 

(e)          Each
Company Party warrants and covenants that it shall not rescind, withdraw or change any notices or instructions required to be sent
by it pursuant to this Section 3 without the Agent’s prior written consent.

 

Section 4.          Disbursements
from the Accounts. (a) So long as no Lockbox Period then exists, all funds in the Property Accounts shall be released to
the Borrowers on each Business Day. During the continuance of a Lockbox Period, on each Monthly Payment Date, subject to Section
4(c) below, the Lockbox Bank shall, at the direction of the Agent or the Servicer, disburse the funds in the Lockbox Account in
the following order of priority and in accordance with the amounts set forth in the Annual Budget

 

    	 	8	 

     

    

 

(or Approved Annual Budget, as applicable) for such calendar month
(or in the case such funds were insufficient to pay all sums for the preceding calendar months to make such payments for such prior
month(s)):

 

(i)          First,
subject to the Reserve Exceptions, one-twelfth of the annual budgeted amount for the payment of Taxes shall be deposited in the
Tax Subaccount;

 

(ii)         Second,
subject to the Reserve Exceptions, one-twelfth of the annual budgeted amount for the payment of Insurance Premiums shall be deposited
in the Insurance Subaccount;

 

(iii)        Third,
to the Debt Service Subaccount, all funds necessary to pay the interest that will be due and payable on the next Monthly Payment
Date, taking into account any payments received pursuant to the Interest Rate Cap Agreement (provided, however, that
amounts allocated to the Debt Service Subaccount pursuant to this subparagraph (iii) shall be held in the Debt Service Subaccount
until such Monthly Payment Date, at which time, such amounts shall be applied in accordance with the terms of Section 4(h));

 

(iv)        Fourth,
to the Debt Service Subaccount, all funds necessary to pay any other amounts that will be due and payable under the Loan Documents
on or prior to the next Monthly Payment Date (to the extent ascertainable on such Business Day) (provided, however,
that amounts allocated to the Debt Service Subaccount pursuant to this subparagraph (iv) shall be held in the Debt Service Subaccount
until such time such amounts are due and payable under the Loan Documents, at which time, such amounts shall be applied in accordance
with the Loan Documents);

 

(v)         Fifth,
to the Borrowers, funds necessary to pay (without duplication) (A) any Approved Operating Expenses (excluding any Incentive Management
Fees), (B) any Emergency Expenses, (C) any Approved Capital Expenditures, and (D) any Approved FF&E Expenses, to the extent
the then available FF&E Reserve Funds are insufficient to cover such Approved FF&E Expenses;

 

(vi)        Sixth,
subject to the FF&E Reserve Exception, to the FF&E Reserve Account, all funds necessary to make the required payments of
FF&E Reserve Funds on the next Monthly Payment Date as required pursuant to Section 3(d);

 

(vii)       Seventh,
to the Borrowers, funds necessary to pay Approved Excess Operating Expenses in accordance with Section 6; and

 

(viii)      Eighth,
all amounts remaining after payment of the amounts set forth in clauses (i) through (vii) above, to the Cash Collateral Account
to be held or disbursed in accordance with Section 4(b).

 

Notwithstanding clauses (i) through (viii) above, the Property
Account Bank and Lockbox Bank are authorized by the Company Parties to deduct their fees and charges relating to the Accounts from
the applicable Accounts. The failure of sufficient amounts to be deposited into the Lockbox Account in order to be able to disburse
all amounts required under clauses (i) through (iv) and (vi) in full on the following Monthly Payment Date shall constitute an
Event of Default; provided, however, that if adequate funds are available in the Lockbox Account and/or the Property
Accounts for such payments, the failure by the Lockbox Bank or the Property Account Bank to allocate such funds into the appropriate
Accounts shall not constitute an Event of Default.

 

(b)          During
the continuance of a Lockbox Period, subject to Section 4(c) below, upon written request of the Borrowers, the Agent shall direct
the Servicer to disburse Cash Collateral Funds for (i) payment of documented Collateral Asset-level expenses or agreed upon portfolio-level
expenses, including, without limitation, Approved Operating Expenses and Approved Capital Expenditures pursuant to the

 

    	 	9	 

     

    

 

Approved Annual Budget, to the extent not already paid
by an Approved Manager, (ii) emergency repairs and/or life safety issues at a Collateral Asset to the extent not already paid by
an Approved Manager or required to be reimbursed to an Approved Manager, (iii) Hotel Taxes to the extent not already paid by an
Approved Manager or required to be reimbursed to an Approved Manager, (iv) costs incurred in connection with the purchase of any
FF&E or any PIP Work to the extent not already (1) funded from the proceeds in the FF&E Reserve Account or the PIP Reserve
Account or (2) paid by an Approved Manager or required to be reimbursed to an Approved Manager, (v) costs incurred in connection
with the purchase of any Interest Rate Cap Agreement or Replacement Interest Rate Cap Agreement required under the Loan Documents,
(vi) voluntary prepayment of the Loan in accordance with Section 2.06 of the Loan Agreement, (vii) legal fees arising in connection
with a Collateral Asset or any Borrower’s ownership and operation of any Collateral Asset, provided that Cash Collateral
Funds shall not be used for legal fees in connection with (A) the enforcement of any Transaction Party’s rights under the
Loan Documents or (B) any defense of any enforcement by any Secured Party of its rights under the Loan Documents, (viii) (A) audit,
accounting and tax expenses arising in connection with any Collateral Asset or any Borrower’s ownership and operation of
any Collateral Asset to the extent not already paid by an Approved Manager or required to be reimbursed to an Approved Manager,
including allocated corporate overhead of the Guarantors, and (B) the Agent approved portfolio-level expenses referenced in section
4(b)(i) above, which when aggregated with allocated corporate overhead of the Guarantors shall not exceed $20,000 annually, (ix)
costs of Restoration in excess of available Net Proceeds, (x) Debt Service, (xi) any fees and costs payable by any Borrower, including
to any Secured Party, subject to and in compliance with the Loan Documents, (xii) costs associated with existing Tenancy Leases
or any new Tenancy Leases entered into pursuant to the terms of the Loan Agreement, including costs related to tenant improvement
allowances, leasing commissions and tenant-related capital expenditures, (xiii) payment of shortfalls in the required deposits
into the PIP Reserve Account, the FF&E Reserve Account or any Subaccount (in each case, to the extent required in the Loan
Agreement or this Agreement), (xiv) payments under the Georgia Tech Ground Lease to the extent not already paid by an Approved
Manager or required to be reimbursed to an Approved Manager, (xv) management and franchise fees, (xvi) distributions to Distributing
Parties to the minimum extent required for such Distributing Parties to maintain REIT status in an amount not to exceed the Annual
REIT Distribution Cap in respect of each Distributing Party and without duplication to the extent that a Distributing Party has
a direct or indirect interest in another Distributing Party, and (xvii) such other items as reasonably approved by the Agent. Any
Cash Collateral Funds on deposit in the Cash Collateral Account not previously disbursed or applied shall be disbursed to the Borrowers
upon the termination of such Lockbox Period (so long as no other Lockbox Period then exists) free and clear of any Lien or continuing
security interest under the Loan Documents.

 

(c)          Notwithstanding
anything to the contrary in Section 3 or 4, upon the occurrence and during the continuance of an Event of Default, the Agent shall
promptly notify the Lockbox Bank in writing of such Event of Default and, without notice from the Lockbox Bank or the Agent, (i)
the Company Parties shall have no further right in respect of (including, without limitation, the right to instruct the Property
Account Bank or the Lockbox Bank to transfer from) the Accounts during the continuance of an Event of Default, (ii) the Agent may
direct the Lockbox Bank to liquidate and transfer any amounts then invested in Cash Equivalents to the Lockbox Account or reinvest
such amounts in other Cash Equivalents as the Agent may determine is necessary to perfect or protect any security interest granted
or purported to be granted hereby or pursuant to the other Loan Documents or to enable the Lockbox Bank, as agent for the Agent,
or the Agent to exercise and enforce their rights and remedies hereunder or under any other Loan Document with respect to any Account
or any Account Collateral (provided that in no event shall the Company Parties be liable for any losses realized on any
such investments directed by the Agent), and (iii) the Agent shall have all rights and remedies with respect to the Accounts and
the amounts on deposit therein and the Account Collateral as described in this Agreement and in the Security Agreement, in addition
to all of the rights and remedies available to a secured party under the UCC, and, notwithstanding anything to the contrary contained
in this Agreement or in the Security Agreement, the Agent may apply the amounts of such Accounts as the Agent determines in its
sole discretion including, but not limited to, payment of the Obligations.

 

    	 	10	 

     

    

 

(d)          Provided
no Event of Default is continuing and no Enforcement has occurred, and subject to the last two sentences of this Section 4(d),
the Agent shall direct the Servicer to disburse FF&E Reserve Funds to the Borrowers out of the FF&E Reserve Account, within
ten (10) days after the delivery by the Borrowers to the Agent of a request therefor (but not more often than once each calendar
month), in increments of at least $10,000, provided that: (i) such disbursement is for an Approved FF&E Expense; (ii) the Agent
has received invoices evidencing that the costs for which such disbursements are requested are due and payable (other than for
costs and expenses less than or equal to $10,000) and are in respect of Approved FF&E Expenses; (iii) the Borrower have applied
any amounts previously received by it in accordance with this Section 4(d) for the Approved FF&E Expenses to which specific
draws made hereunder relate and received any lien waivers or other releases (with respect to any Approved FF&E Expense greater
than $10,000) which would customarily be obtained with respect to the work in question; and (iv) the request for the disbursement
is accompanied by an officer’s certificate stating that (A) the conditions in the foregoing clauses (i), (ii) and (iii)
have been satisfied, (B) that the Approved FF&E Expenses to be funded by such disbursement have been completed in a good and
workmanlike manner and in accordance with all applicable Legal Requirements, (C) that the copies of invoices and evidence of lien
waivers (to the extent required above) attached to such officer’s certificate are true, complete and correct to the Borrowers’
knowledge, and (D) upon such disbursement to the Borrowers, the Approved FF&E Expenses to be funded by the requested disbursement
will be paid promptly in accordance with the invoices and lien waivers (where applicable) presented. The Agent shall not be required
to disburse FF&E Reserve Funds more frequently than once each calendar month, and the Agent shall not be required to make disbursements
from the FF&E Reserve Account unless such requested disbursement is in an amount greater than $10,000 (or a lesser amount if
the total amount in the FF&E Reserve Account is less than $10,000, in which case only one disbursement of the amount remaining
in the account shall be made). Notwithstanding the foregoing, FF&E PIP Funds shall be disbursed in accordance with Section
5.01(bb) of the Loan Agreement.

 

(e)          [Intentionally
Omitted.]

 

(f)           Notwithstanding
anything to the contrary, herein during a Lockbox Period and prior to the occurrence and continuance of an Event of Default, the
Agent shall cause the Tax Payments to be made as and when due. In making any payment relating to Taxes, the Agent may do so according
to any bill, statement or estimate procured from the appropriate public office (with respect to Taxes) without inquiry into the
accuracy of such bill, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or
claim thereof. If the amount of funds available for Tax Payments shall exceed the amounts due for Taxes, the Agent shall credit
such excess against future payments to be made to the Tax Subaccount. Notwithstanding anything to the contrary herein, the Borrowers
shall be entitled to pay Taxes directly and the Agent shall, at the request of the Borrowers, direct the Lockbox Bank to disburse
to the Borrowers amounts from the Tax Subaccount (if any) in order for the Borrowers to pay such Taxes not more than fifteen (15)
days before the date such Taxes are due and payable, provided that (i) no Event of Default has occurred and is continuing, (ii)
the Borrowers have provided to Agent receipts (the “Prior Tax Receipts”) for all Taxes required to be
paid by the Borrowers from prior disbursements under this Section 4(f) and (iii) the Borrowers have provided the Agent with a receipt
(the “Current Tax Receipts”) for such Taxes so paid by the Borrowers not later than thirty (30) days
after the date such Taxes were due and payable. Notwithstanding any failure by the Borrowers to satisfy the condition set forth
in clause (ii) above with respect to any requested disbursement for Taxes under this Section 4(f), the Agent shall disburse such
amount to the Borrowers provided that the Borrowers deliver to Agent an officer’s certificate certifying that the Taxes for
which the Agent has not received Prior Tax Receipts have been paid in full (such receipts, the “Outstanding Tax Receipts”).
The Borrowers shall deliver to Agent the Outstanding Tax Receipts within the time period set forth in clause (iii) above for delivery
of the Current Tax Receipts with respect to such disbursement. The foregoing shall be performed by the Lockbox Bank based solely
on the instructions received from the Agent.

 

(g)          Notwithstanding
anything to the contrary herein, during a Lockbox Period and prior to the occurrence and continuance of an Event of Default, the
Agent shall cause the Insurance Payments to be made as and when due. In making any payment relating to Insurance Premiums, the
Agent may do so

 

    	 	11	 

     

    

 

according to any bill, statement
or estimate procured from the insurer or its agent (with respect to Insurance Premiums) without inquiry into the accuracy of
such bill, statement or estimate or into the validity of any premium, fee, cost or expense thereof. If the amount of the
funds available for the Insurance Premiums shall exceed the amounts due for the Insurance Premiums, the Agent shall credit
such excess against future payments to be made to the Insurance Subaccount. Notwithstanding anything to the contrary herein,
the Borrowers shall be entitled to pay the Insurance Premiums directly and the Agent shall, at the request of the Borrowers,
direct the Lockbox Bank to disburse to the Borrowers amounts from the Insurance Subaccount (if any) in order for the
Borrowers to pay such Insurance Premiums not more than fifteen (15) days before the date such Insurance Premiums are due and
payable, provided that (i) no Event of Default has occurred and is continuing, (ii) the Borrowers have provided to the Agent
evidence of renewal of any insurance policies (and, if so requested by the Agent, evidence of payment of Insurance Premiums)
(such receipts and evidence of renewal, the “Prior Insurance Receipts”) with respect to which the
Borrowers were required to pay Insurance Premiums from prior disbursements under this Section 4(g) and (iii) the Borrowers
have provided the Agent with evidence of payment of such Insurance Premiums promptly upon request and provides evidence of
renewal of the insurance policies (such receipts and evidence of renewal, the “Current Insurance
Receipts”) not later than five (5) Business Days prior to the date of expiration of such insurance policies.
Notwithstanding any failure by the Borrowers to satisfy the condition set forth in clause (ii) above with respect to any
requested disbursement for Insurance Premiums under this Section 4(g), the Agent shall disburse such amount to the Borrowers
provided that the Borrowers deliver to the Agent an officer’s certificate certifying that the Insurance Premiums for
which the Agent has not received evidence of payment have been paid in full and that the insurance policies with respect to
which the Agent has not received evidence of renewal were renewed and are in full force and effect (such receipts and
evidence of renewal, the “Outstanding Insurance Receipts”). The Borrowers shall deliver to the
Agent the Outstanding Insurance Receipts within the time period set forth in clause (iii) above for delivery of the Current
Insurance Receipts with respect to such disbursement. The foregoing shall be performed by the Lockbox Bank based solely on
the instructions received from Agent.

 

(h)          Notwithstanding
anything to the contrary herein, during a Lockbox Period, the Agent shall have the right to direct the withdrawal of amounts from
the Debt Service Subaccount to pay any Debt Service as and when due and to direct the payment of default interest and late charges,
if any.

 

(i)          Notwithstanding
anything to the contrary herein, the Company Parties agree that they are responsible for monitoring the sufficiency of funds deposited
in the Accounts and that the Company Parties are liable for any deficiency in available funds, irrespective of whether any Company
Party has received any account statement, notice or demand from the Agent.

 

Section 5.          Annual
Budgets. During the continuance of a Lockbox Period, the Agent shall have the right to approve each Annual Budget submitted
by the Borrowers pursuant to Section 5.03(f) of the Loan Agreement (including each Annual Budget in effect at such time, if any,
as a Lockbox Trigger Event occurs) (each Annual Budget so approved by the Agent pursuant to this Section 5 being referred to as
an “Approved Annual Budget”). To the extent that the Agent has the right to approve an Annual Budget
hereunder, until such time as the Agent shall approve such Annual Budget, the most recent Annual Budget (or Approved Annual Budget,
as applicable) shall remain in effect (with such adjustments as reasonably determined by the Agent to reflect actual increases
in Taxes, Insurance Premiums and utilities expenses and other variable Operating Expenses).

 

Section 6.          Approved
Excess Operating Expenses. In the event that during a Lockbox Period any Company Party incurs any Operating Expenses in
excess of Approved Operating Expenses (excluding any Restricted Payments and any Incentive Management Fees, and excluding amounts
permitted to be remitted to the Borrowers from Cash Collateral Funds pursuant to Section 4(b)) (“Excess Operating Expenses”),
then such Company Party shall promptly deliver to the Agent after a request from the Agent, for the Agent’s information,
a reasonably detailed explanation of such Excess Operating Expenses. During the continuance of any Lockbox Period, all Excess Operating
Expenses must be approved by the Agent in writing

 

    	 	12	 

     

    

 

(such expenses, if approved, or deemed approved in
accordance with this Section 6, the “Approved Excess Operating Expenses”) prior to the disbursement
of any funds therefor, such approval not to be unreasonably withheld, conditioned or delayed provided no Event of Default
shall then exist. During the continuance of any Lockbox Period, any funds distributed to any Company Party for the payment of
Approved Excess Operating Expenses pursuant to Section 4(a)(viii) shall be used by such Company Party only to pay for such
Approved Excess Operating Expenses or to reimburse such Company Party for such Approved Excess Operating Expenses, as
applicable. In the event any Company Party is required to obtain the Agent’s approval of Excess Operating Expenses
pursuant to this Section 6, the Agent’s approval shall be deemed given by the Agent if (I) the first correspondence
from such Company Party to the Agent requesting such approval (A) is enclosed in an envelope marked “PRIORITY”,
(B) contains a legend, prominently displayed at the top of each page thereof, in bold, all caps and fourteen (14) point or
larger font stating that such Company Party is requesting the Agent’s approval of Excess Operating Expenses under
Section 6 of the Cash Management Agreement and that the Agent’s failure to respond to such request within ten (10)
Business Days following its receipt of such request may result in such request being deemed granted, and (C) is accompanied
by an explanation of such Excess Operating Expenses in reasonable detail as is necessary to allow the Agent to adequately and
completely evaluate the request, (II) the Agent shall fail to respond to such request within ten (10) Business Days following
its receipt of such request, (III) such Company Party shall deliver to the Agent a second written request for approval, which
request is delivered in the same form and manner as contemplated in clause (I) above and states that the Agent’s
failure to respond to such request within five (5) Business Days following its receipt of such second request, shall result
in such request being deemed granted, and (IV) the Agent shall fail to respond to such request in the manner contemplated in
clause (III)(B) above within such five (5) Business Day period.

 

Section 7.          Eligible
Accounts. Each Company Party shall, and each Company Party shall cause the applicable Eligible Institution holding an Account
to, maintain each Account as an Eligible Account. If any Eligible Institution holding any Account shall cease to be an Eligible
Institution, the parties shall enter into a new Property Account Control Agreement or Account Control Agreement, as applicable,
with the successor Eligible Institution (in accordance with the defined term thereof).

 

Section 8.          Permitted
Investments. Sums on deposit in the Cash Collateral Account, the Lockbox Account, the FF&E Reserve Account and the
PIP Reserve Account may be invested in Cash Equivalents if directed by the Company Parties, provided that (a) such investments
are then regularly offered by the Lockbox Bank for accounts of this size, category and type, (b) such investments are permitted
by applicable laws, rules, regulations and orders, (c) the maturity date of the Cash Equivalent is not later than the date on which
sums in the applicable Account are anticipated by the Agent to be required for payment of an obligation for which such Account
was created, and (d) no Event of Default shall have occurred and be continuing. All income earned from Cash Equivalents shall be
the property of the Company Parties subject to the security interest of the Agent created hereunder. The Company Parties hereby
irrevocably authorize and direct the Lockbox Bank to hold any income earned from Cash Equivalents relating to all such other Accounts
as part of such Account. The Company Parties shall be responsible for payment of any federal, state or local income or other tax
applicable to income earned from Cash Equivalents. No other investments of the sums on deposit in the Accounts shall be permitted
except as set forth in this Section 8. None of the Agent or the Secured Parties shall be liable for any loss sustained on the investment
of any funds deposited in the any Account, other than losses due to the gross negligence or willful misconduct of the Agent or
such Secured Party, as the case may be.

 

Section 9.          Account
Collateral. (a) As security for full and timely payment and performance of the Obligations, each Company Party hereby pledges,
transfers and assigns to the Agent, for the benefit of the Secured Parties, and grants to the Agent a continuing security interest
in and to the Account Collateral, which security interest is prior to all other Liens (other than such customary Liens in favor
of any Lockbox Bank and Property Account Banks under the terms of the Account Control Agreements and the Property Account Control
Agreements, respectively). Each Company Party agrees to execute, acknowledge, deliver, file or do, at its sole cost and expense,
all other acts, assignments, notices, agreements (including

 

    	 	13	 

     

    

 

account control agreements on such terms which do not conflict
with the terms hereof) or other instruments as the Agent may reasonably require in order to perfect the foregoing security interest,
pledge and assignment or otherwise to fully effectuate the rights granted to the Agent by this Section 9. Other than in connection
with the Loan and the Loan Documents, no Company Party has transferred or encumbered the Accounts. Each of the Property Accounts
constitutes a “deposit account” within the meaning of the UCC. Any other Account will constitute a “deposit account”
to the extent that funds are credited to such Account and will constitute a “securities account” to the extent that
financial assets are credited to such Account, in each case within the meaning of the UCC.

 

(b)          The
Company Parties hereby authorize the Agent to file a financing statement or statements under the UCC in connection with any of
the Accounts and the Account Collateral with respect thereto in the form required to properly perfect the security interest of
the Secured Parties therein. The Borrowers and each Operator agrees that at any time and from time to time, at the expense of the
Borrowers, they will promptly execute and deliver (i) all further instruments and documents, and (ii) take all further reasonable
action, that may be necessary or desirable, or that the Agent may reasonably request, in order to (A) perfect and protect any security
interest granted or purported to be granted hereby or under an Account Control Agreement or Property Account Control Agreement
(including, without limitation, any security interest in and to any permitted investments) or (B) enable the Agent to exercise
and enforce its rights and remedies hereunder with respect to any Account Collateral.

 

(c)          Each
Company Party represents, covenants and agrees that:

 

(i)          This
Agreement and, when entered into, the Property Account Control Agreements and the Account Control Agreements, taken together, will
create a valid and continuing security interest in the Accounts, in favor of the Secured Parties, which security interest shall
be prior to all other Liens and are enforceable as such against creditors of and purchasers from the Company Parties;

 

(ii)         The
applicable Company Party owns and has good and marketable title to its Accounts, free and clear of any Lien or claim of any Person
(other than the Agent);

 

(iii)        The
Property Accounts are not in the name of any Person other than a Company Party (or an Approved Manager or an Approved Franchisor
on behalf of a Company Party) or a Company Party for the benefit of the Agent; and

 

(vi)        Except
as expressly provided in the first sentence of Section 4(a) hereof, no Company Party has authorized (or will authorize) any Property
Account Bank or Lockbox to comply with instructions of any Person with respect to the Accounts other than the Agent during the
continuance of any Lockbox Period.

 

Section 10.         Fees
and Expenses. The Company Parties acknowledge and agree that they solely shall be, and shall at all times remain, liable
for all third party fees, charges, costs and expenses actually incurred in connection with the Accounts, this Agreement and the
enforcement hereof. To the extent that the Agent or any Secured Party pays any third party fees, charges, costs and expenses actually
incurred in connection with the Accounts, this Agreement and the enforcement hereof, at the election of the Agent, the Borrowers
shall reimburse the Agent and the Secured Parties for such amounts within ten (10) days after a written demand from the Agent.

 

Section 11.         Termination.
This Agreement shall terminate upon the latest to occur of the repayment in full of the Obligations of the Loan Parties under the
Loan Documents and the termination of the Commitments. Upon any such termination, the funds remaining in the Accounts shall be
disbursed to the Borrowers after first deducting all amounts then currently due and owing to the Agent or the Secured Parties under
the Loan Documents. With respect to a Collateral Asset that no longer constitutes a Collateral Asset in accordance with the Loan
Agreement, provided no Event of Default then exists, the security interest granted

 

    	 	14	 

     

    

 

herein in the applicable Property Account for such Collateral
Asset shall automatically terminate and the funds therein shall be disbursed to the applicable Borrower after first deducting all
amounts then currently due and owing to the Agent or Secured Parties under the Loan Documents.

 

Section 12.         Notices.
All notices and other communications under this Agreement will be made in writing and given in accordance with Section 9.02 of
the Loan Agreement.

 

Section 13.         Amendment.
This Agreement may be amended from time to time in accordance with Section 9.01 of the Loan Agreement.

 

Section 14.         Obligations
Not Affected. The insufficiency of funds on deposit in the Accounts shall not absolve any Loan Party of its obligation
to make any payments, as and when due pursuant to this Agreement and the other Loan Documents, and such obligations shall be separate
and independent, and not conditioned on any event or circumstance whatsoever.

 

Section 15.         Limitation
on Liability. None of the Agent or the Secured Parties shall be liable for any acts, omissions, errors in judgment or mistakes
of fact or law, including, without limitation, acts, omissions, errors or mistakes with respect to the Account Collateral, except
for those arising as a result of the gross negligence or willful misconduct of the Agent or the Secured Parties. Without limiting
the generality of the foregoing, except as otherwise expressly provided for herein or as required by applicable laws, rules, regulations
and orders, none of the Agent or the Secured Parties shall have any duty as to any Account Collateral, as to ascertaining or taking
action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Account Collateral,
whether or not the Agent or any Secured Party has or is deemed to have knowledge of such matters, or as to the taking of any necessary
steps to preserve rights against any parties or any other right pertaining to any Account Collateral. The Agent is hereby authorized
by the Company Parties to act on any written instruction believed by the Agent in good faith to have been given or sent by a Company
Party.

 

Section 16.         Mortgagee-in-Possession.
Each Company Party hereby confirms and agrees that notwithstanding the provisions of this Agreement, prior to any foreclosure by
the Agent on behalf of the Secured Parties of the related Mortgage (or other action in lieu thereof), each Operator shall retain
sole control of the operation and maintenance of each Collateral Asset, as applicable, subject to the obligations of the Company
Parties under the Loan Agreement, the Mortgages and the other Loan Documents, and neither the Agent nor the Secured Parties are
not and shall not be deemed to be a mortgagee-in-possession.

 

Section 17.         Cash
Management Agreement Supplement. Each Additional Borrower and any lessee of the Collateral Asset or Collateral Assets owned
by such Additional Borrower pursuant to one or more Operating Leases shall execute and deliver a Cash Management Agreement Supplement
substantially in the form attached hereto as Exhibit C.

 

Section
18.         Governing Law.
THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

Section 19.         Execution
in Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute
one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by telecopier or email (in
PDF format) shall be effective as delivery of an original executed counterpart of this Agreement.

 

Section 20.         Joint
and Several Liability. The liability of the Company Parties hereunder shall be joint and several.

 

[No Further Text on This Page; Signature
Pages Follow]

 

    	 	15	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed this
Agreement in several counterparts (each of which shall be deemed an original) as of the date first above written.

 

	 	BORROWER PARTIES:
	 	 
	 	HIT NBL HYP SCHIL OWNER, LLC
	 	HIT NBL CY CBSOH OWNER, LLC
	 	HIT NBL HH ATLGA OWNER, LLC
	 	HIT SMT CY FLGAZ OWNER, LLC
	 	HIT SMT BTRLA001 OWNER, LLC
	 	HIT SMT FIS BTRLA OWNER, LLC
	 	HIT SMT FTWIN001 OWNER, LLC
	 	HIT SMT MDFOR001 OWNER, LLC
	 	HIT SMT RI FTWIN OWNER, LLC
	 	HIT SMT SHS FLGAZ OWNER, LLC
	 	HIT SMT SHS BTRLA OWNER, LLC
	 	HIT SMT TPS BTRLA OWNER, LLC
	 	HIT SMT FIS DENCO OWNER, LLC
	 	HIT SMT FIS BELWA OWNER, LLC
	 	HIT SMT FIS SPKWA OWNER, LLC
	 	HIT SMT FTCCO001 OWNER, LLC
	 	HIT SMT FTCCO002 OWNER, LLC
	 	HIT SMT SHS DENCO OWNER, LLC
	 	HIT SMT CY GRMTN OWNER, LLC
	 	HIT SMT CY JKSMS OWNER, LLC
	 	HIT SMT FIS GRMTN OWNER, LLC
	 	HIT SMT RDGMS001 OWNER, LLC
	 	HIT SMT RI JKSMS OWNER, LLC
	 	HIT SMT RI GRMTN OWNER, LLC
	 	HIT SMT RDGMS002 OWNER, LLC
	 	HIT GA TECH HOLDING, LLC
	 	HIT TRS GA TECH HOLDING, LLC,
	 	each a Delaware limited liability company

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	HIT NBL MNTCA001 OWNER, LP, a Delaware limited partnership

 

	 	By:	HIT NBL NTC Owner GP, LLC, a Delaware limited liability company, its general partner

 

	 	By:	 
	 	 	Name:
	 	 	Title: 

 

[signatures continue on the next page]

 

    [Signature Page to HIT Cash Management Agreement]

     

    

 

	 	HIT SMT ELPTX001 OWNER, LP, a Delaware limited partnership

 

	 	By:	HIT SMT NTC Owner GP, LLC, a Delaware limited liability company, its general partner

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	TRS LESSEES:
	 	 
	 	HIT SWN TRS, LLC, a Delaware limited liability company
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

	 	HIT SWN INT NTC TRS, LP, a Delaware limited partnership
	 	 
	 	By: HIT SWN NTC TRS GP, LLC, a Delaware limited liability company, as its general partner

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

		HIT SWN CRS NTC TRS, LP,
	 	a Delaware limited partnership
	 	 
	 	By: HIT SWN NTC TRS GP, LLC, a Delaware limited liability company, its general partner

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

[signatures continue on the next page]

 

    [Signature Page to HIT Cash Management Agreement]

     

    

 

	 	AGENT:
	 	 
	 	CITIBANK, N.A., as collateral agent
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    [Signature Page to HIT Cash Management Agreement]

     

    

 

SCHEDULE I

 

PROPERTY ACCOUNT BANKS AS OF THE DATE HEREOF

 

	EIN #	Full Name on

Bank Account	Bank

Name	Bank

Account

Type

(Operating,

Depository,

FF&E,

Travel

Agent, GM,

etc.)	Bank Account

Number	WIRE ABA

/ Routing

Number	ACH ABA

/ Routing

Number
	47-4448105	ARC Hospitality	Wells	Depository	4264639709	121000248	121000248
	 	SWN TRS,	Fargo	 	 	 	 
	 	LLCCourtyard	Bank	 	 	 	 
	 	Memphis	 	 	 	 	 
	 	Germantown	 	 	 	 	 
	47-4448105	ARC Hospitality	Wells	Depository	4264639717	121000248	121000248
	 	SWN TRS,	Fargo	 	 	 	 
	 	LLCFairfield Inn	Bank	 	 	 	 
	 	& Suites	 	 	 	 	 
	 	Germatown	 	 	 	 	 
	47-4448105	ARC Hospitality	Wells	Depository	4264639774	121000248	121000248
	 	SWN TRS,	Fargo	 	 	 	 
	 	LLCResidence	Bank	 	 	 	 
	 	Inn Memphis	 	 	 	 	 
	 	Germantown	 	 	 	 	 
	47-4448105	ARC Hospitality	Wells	Depository	4264639782	121000248	121000248
	 	SWN TRS,	Fargo	 	 	 	 
	 	LLCCourtyard	Bank	 	 	 	 
	 	Jackson	 	 	 	 	 
	 	Ridgeland	 	 	 	 	 
	47-4448105	ARC Hospitality	Wells	Depository	4264639790	121000248	121000248
	 	SWN TRS,	Fargo	 	 	 	 
	 	LLCHomewood	Bank	 	 	 	 
	 	Suites Jackson	 	 	 	 	 
	 	Ridgeland	 	 	 	 	 
	47-4448105	ARC Hospitality	Wells	Depository	4264639840	121000248	121000248
	 	SWN TRS,	Fargo	 	 	 	 
	 	LLCResidence	Bank	 	 	 	 
	 	Inn Jackson	 	 	 	 	 
	 	Ridgeland	 	 	 	 	 
	47-4448105	ARC Hospitality	Wells	Depository	4264639857	121000248	121000248
	 	SWN TRS,	Fargo	 	 	 	 
	 	LLCStaybridge	Bank	 	 	 	 
	 	Suites Jackson	 	 	 	 	 
	47-4448105	HIT SWN TRS,	Wells	Depository	4392328159	121000248	121000248
	 	LLC Courtyard	Fargo	 	 	 	 
	 	Flagstaff	Bank	 	 	 	 
	 	Depository	 	 	 	 	 
	 	Account	 	 	 	 	 

 

    	 	Sch. I - 1	 

     

    

 

	47-4448105	HIT SWN TRS,	Wells	Depository	4392328167	121000248	121000248
	 	LLC DoubleTree	Fargo	 	 	 	 
	 	by Hilton Hotel	Bank	 	 	 	 
	 	Baton Rouge	 	 	 	 	 
	 	Depository	 	 	 	 	 
	 	Account	 	 	 	 	 
	47-4448105	HIT SWN TRS,	Wells	Depository	4392328175	121000248	121000248
	 	LLC Fairfield	Fargo	 	 	 	 
	 	Inn & Suites	Bank	 	 	 	 
	 	Baton Rouge	 	 	 	 	 
	 	South Depository	 	 	 	 	 
	 	Account	 	 	 	 	 
	47-4448105	HIT SWN TRS,	Wells	Depository	4392328183	121000248	121000248
	 	LLC Hampton	Fargo	 	 	 	 
	 	Inn Ft. Wayne	Bank	 	 	 	 
	 	Southwest	 	 	 	 	 
	 	Depository	 	 	 	 	 
	 	Account	 	 	 	 	 
	47-4448105	HIT SWN TRS,	Wells	Depository	4392328191	121000248	121000248
	 	LLC Hampton	Fargo	 	 	 	 
	 	Inn Medford	Bank	 	 	 	 
	 	Depository	 	 	 	 	 
	 	Account	 	 	 	 	 
	47-4448105	HIT SWN TRS,	Wells	Depository	4392328209	121000248	121000248
	 	LLC Residence	Fargo	 	 	 	 
	 	Inn Ft. Wayne	Bank	 	 	 	 
	 	Southwest	 	 	 	 	 
	 	Depository	 	 	 	 	 
	 	Account	 	 	 	 	 
	47-4448105	HIT SWN TRS,	Wells	Depository	4392328217	121000248	121000248
	 	LLC Springhill	Fargo	 	 	 	 
	 	Suites Baton	Bank	 	 	 	 
	 	Rouge South	 	 	 	 	 
	 	Depository	 	 	 	 	 
	 	Account	 	 	 	 	 
	47-4448105	HIT SWN TRS,	Wells	Depository	4392328225	121000248	121000248
	 	LLC Springhill	Fargo	 	 	 	 
	 	Suites Flagstaff	Bank	 	 	 	 
	 	Depository	 	 	 	 	 
	 	Account	 	 	 	 	 
	47-4448105	HIT SWN TRS,	Wells	Depository	4392328233	121000248	121000248
	 	LLC TownPlace	Fargo	 	 	 	 
	 	Suites Baton	Bank	 	 	 	 
	 	Rouge South	 	 	 	 	 
	 	Depository	 	 	 	 	 
	 	Account	 	 	 	 	 
	47-4448105	HIT SWN TRS,	Wells	Depository	4392328241	121000248	121000248
	 	LLC Courtyard	Fargo	 	 	 	 
	 	Columbus	Bank	 	 	 	 
	 	Downtown	 	 	 	 	 
	 	Depository	 	 	 	 	 
	 	Account	 	 	 	 	 

 

    	 	Sch. I - 2	 

     

    

 

	47-4448105	HIT SWN TRS,	Wells	Depository	4393318092	121000248	121000248
	 	LLC Hyatt	Fargo	 	 	 	 
	 	House Atlanta	Bank	 	 	 	 
	 	Cobb Galleria	 	 	 	 	 
	 	Depository	 	 	 	 	 
	 	Account	 	 	 	 	 
	47-4448105	HIT SWN TRS,	Wells	Depository	 	121000248	121000248
	 	LLC Hyatt Place	Fargo	 	4393318100	 	 
	 	Chicago	Bank	 	 	 	 
	 	Schaumburg	 	 	 	 	 
	 	Depository	 	 	 	 	 
	 	Account	 	 	 	 	 
	47-4448105	HIT SWN	Wells	Depository	4393318118	121000248	121000248
	 	TRS,LLCFairfiel	Fargo	 	 	 	 
	 	d Inn & Suites	Bank	 	 	 	 
	 	Spokane	 	 	 	 	 
	 	Depository	 	 	 	 	 
	 	Account	 	 	 	 	 
	47-4448105	HIT SWN	Wells	Depository	4393318126	121000248	121000248
	 	TRS,LLCFairfiel	Fargo	 	 	 	 
	 	d Inn & Suites	Bank	 	 	 	 
	 	Denver	 	 	 	 	 
	 	Depository	 	 	 	 	 
	 	Account	 	 	 	 	 
	47-4448105	HIT SWN	Wells	Depository	4393318134	121000248	121000248
	 	TRS,LLCFairfiel	Fargo	 	 	 	 
	 	d Inn & Suites	Bank	 	 	 	 
	 	Bellevue	 	 	 	 	 
	 	Depository	 	 	 	 	 
	 	Account	 	 	 	 	 
	47-4448105	 	Wells	Depository	4393318142	121000248	121000248
	 	HIT SWN	Fargo	 	 	 	 
	 	TRS,LLCHampt	Bank	 	 	 	 
	 	on Inn Ft.	 	 	 	 	 
	 	Collins	 	 	 	 	 
	 	Depository	 	 	 	 	 
	 	Account	 	 	 	 	 
	47-4448105	 	Wells	Depository	4393318159	121000248	121000248
	 	 	Fargo	 	 	 	 
	 	HIT SWN	Bank	 	 	 	 
	 	TRS,LLCHilton	 	 	 	 	 
	 	Garden Inn Ft.	 	 	 	 	 
	 	Collins	 	 	 	 	 
	 	Depository	 	 	 	 	 
	 	Account	 	 	 	 	 
	47-4448105	HIT SWN	Wells	Depository	4393318167	121000248	121000248
	 	TRS,LLCSpring	Fargo	 	 	 	 
	 	Hill Suites	Bank	 	 	 	 
	 	Denver	 	 	 	 	 
	 	Depository	 	 	 	 	 
	 	Account	 	 	 	 	 

 

    	 	Sch. I - 3	 

     

    

 

	47-4469281	HIT SWN CRS

NTC TRS, LP

Hilton Garden

Inn Monterey

Depository

Account	Wells Fargo Bank	Depository	4393318175	121000248	121000248
	47-4461286	ARC Hospitality	Wells	Depository	4393318183	121000248	121000248
	 	SWN INT NTC	Fargo	 	 	 	 
	 	TRS, LP	Bank	 	 	 	 
	 	Hampton Inn &	 	 	 	 	 
	 	Suites El Paso	 	 	 	 	 
	 	Depository	 	 	 	 	 
	 	Account	 	 	 	 	 

 

    	 	Sch. I - 4	 

     

    

 

EXHIBIT A

 

FORM OF TENANT DIRECTION LETTER

 

[COMPANY PARTY LETTERHEAD]

 

______________, 20__ 

 

[Addressee]

 

[Lease dated________between_________________,

as Landlord, and_______________, as Tenant,]

concerning premises known as_____________________

 

Gentlemen:

 

This letter shall constitute notice to you that
the undersigned has granted a security interest in the captioned lease and all rents, additional rent and all other monetary obligations
to landlord thereunder (collectively, the “Rent”) in favor of CITIBANK, N.A., as collateral agent (the
“Agent”) for certain lenders (collectively, the “Lenders”), to secure certain
of the undersigned’s obligations to the Lenders. The undersigned hereby irrevocably instructs and authorizes you to disregard
any and all previous notices sent to you in connection with the Rent and hereafter to deliver all Rent to the following address:

 

[Company Party Name]

c/o [Account Address]

Attention: ________________

 

The instructions set forth herein are irrevocable
and are not subject to modification in any manner, except that the Agent, or any successor agent so identified by the Agent, may
by written notice to you rescind or modify the instructions contained herein.

 

	 	Sincerely,
	 	 
	 	[COMPANY PARTY]

 

    	 	Exh. A - 1	 

     

    

 

ACKNOWLEDGMENT AND AGREEMENT

 

The undersigned acknowledges notice of the security interest of
the Lenders and hereby confirms that the undersigned has received no notice of any other pledge or assignment of the Rent and will
honor the above instructions.

 

[Tenant]

 

	By:	 	 
	 	Name:	 
	 	Its:	 

 

Dated as of:_________________, 20__ 

 

    	 	Exh. A - 2	 

     

    

 

EXHIBIT B

 

FORM OF MATERIAL THIRD PARTY MERCHANT DIRECTION
LETTER

 

[COMPANY PARTY LETTERHEAD]

 

________________, 20__ 

 

[Addressee]

 

[Insert brief description of contract],

concerning premises known as______________________

 

Gentlemen:

 

This letter shall constitute notice to you that
the undersigned has granted a security interest in all proceeds and revenues payable to the undersigned (collectively, the “Revenue”)
in favor of CITIBANK, N.A., as collateral agent (the “Agent”) for certain lenders (collectively, the
“Lenders”), to secure certain of the undersigned’s obligations to the Lenders. The undersigned
hereby irrevocably instructs and authorizes you to disregard any and all previous notices sent to you in connection with the Revenue
and hereafter to deliver all Revenue to the following address:

 

[Company Party Name]

c/o [Account Address]

Attention:________________

 

The instructions set forth herein are irrevocable
and are not subject to modification in any manner, except that the Agent, or any successor agent so identified by the Agent, may
by written notice to you rescind or modify the instructions contained herein.

 

	 	Sincerely,
	 	 
	 	[COMPANY PARTY]

 

    	 	Exh. B - 1	 

     

    

 

ACKNOWLEDGMENT AND AGREEMENT

 

The undersigned acknowledges notice of the security interest of
the Lenders and hereby confirms that the undersigned has received no notice of any other pledge or assignment of the Revenue and
will honor the above instructions.

 

[Merchant]

 

	By:	 	 
	 	Name:	 
	 	Its:	 

 

Dated as of:________________, 20__ 

 

    	 	Exh. B - 2	 

     

    

 

EXHIBIT C

 

FORM OF CASH MANAGEMENT AGREEMENT SUPPLEMENT

 

[Date of Supplement]

 

	To:	CITIBANK, N.A.,
	 	as Collateral Agent

 

HOSPITALITY INVESTORS TRUST, INC.

Term Loan Facility

 

Ladies and Gentlemen:

 

Reference is made to (i) the Second Amended and Restated Term Loan
Agreement dated as of April 27, 2017 (as amended, amended and restated, supplemented or otherwise modified from time to time, the
“Loan Agreement”), among the borrowers party thereto (individually and collectively and jointly and severally,
the “Borrowers”), Hospitality Investors Trust Operating Partnership, L.P., and Hospitality Investors
Trust, Inc., collectively as Guarantors, the Lender Parties party thereto, Citibank, N.A., as Agent for the Secured Parties (together
with any successor Agent appointed pursuant to Article VIII of the Loan Agreement, the “Agent”), and
(ii) the Cash Management Agreement dated as of April 27, 2017 (as amended, amended and restated, supplemented or otherwise modified
from time to time, the “Cash Management Agreement”) among the Borrowers and the other Company Parties
and the Agent. Terms defined in the Loan Agreement or the Cash Management Agreement and not otherwise defined herein are used herein
as defined in the Loan Agreement or the Cash Management Agreement, as applicable.

 

SECTION 1. Grant of Security.
The undersigned hereby grants to the Agent, for the ratable benefit of the Secured Parties, a security interest in, all of its
right, title and interest in and to all of the Account Collateral of the undersigned, whether now owned or hereafter acquired by
the undersigned, wherever located and whether now or hereafter existing or arising but in all events subject to the terms and provisions
of the Cash Management Agreement (including, without limitation, Section 10 thereof).

 

SECTION 2. Security for Obligations.
The grant of a security interest in the Account Collateral by the undersigned under this Cash Management Agreement Supplement and
the Cash Management Agreement secures the payment of all Obligations of the undersigned now or hereafter existing under or in respect
of the Loan Documents, whether direct or indirect, absolute or contingent, and whether for principal, reimbursement obligations,
interest, premiums, penalties, fees, indemnifications, contract causes of action, costs, expenses or otherwise.

 

SECTION 3. Supplements to Cash Management
Agreement Schedules. The undersigned has attached hereto a supplemental Schedule I to the Cash Management Agreement updated
to the date first above written, and the undersigned hereby certifies, as of the date first above written, that such supplemental
schedule has been prepared by the undersigned in substantially the form of the equivalent schedule to the Cash Management Agreement
and is complete and correct.

 

SECTION 4. Representations and Warranties.
The undersigned hereby makes as to itself and with respect to its Property Account each representation and warranty set forth in
Section 8(c) of the Cash Management Agreement as of the date hereof.

 

    	 	Exh. C - 1	 

     

    

 

SECTION 5. Obligations Under the
Cash Management Agreement. The undersigned hereby agrees, as of the date first above written, to be bound as a Company Party
by all of the terms and provisions of the Cash Management Agreement to the same extent as each of the other Company Parties. The
undersigned further agrees, as of the date first above written, that each reference in the Cash Management Agreement to a “Borrower”,
an “Additional Borrower” or a “TRS Lessee” shall also mean and be a reference to the undersigned, as applicable.

 

SECTION 6. Governing Law. This
Security Agreement Supplement shall be governed by, and construed in accordance with, the laws of the State of New York.

 

SECTION 7. Jurisdiction, Etc.
(a) The undersigned hereby irrevocably and unconditionally agrees that it will not commence any action, litigation or other proceeding
of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, arising out of or relating to
this Security Agreement Supplement in any forum other than the courts of the State of New York sitting in New York County, and
of the United States District Court of the Southern District of New York, and any appellate court from any thereof and the undersigned
irrevocably and unconditionally submits to the jurisdiction of such courts, and the undersigned hereby irrevocably and unconditionally
agrees that all claims in respect of any such action, litigation or proceeding may be heard and determined in any such New York
State court or, to the extent permitted or required by law, in such Federal court. The undersigned agrees that a final judgment
in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law. Nothing in this agreement shall affect any right that the undersigned may otherwise have to bring
any action or proceeding relating to this Security Agreement Supplement in the courts of any jurisdiction.

 

(b)          The
undersigned irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that
it may now or hereafter have to the laying of venue of any litigation, action or proceeding arising out of or relating to this
Security Agreement Supplement in any New York State or Federal court. The undersigned irrevocably waives, to the fullest extent
permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

SECTION 8. WAIVER OF JURY TRIAL.
THE UNDERSIGNED IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT,
TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT SUPPLEMENT.

 

[No Further Text on This Page; Signature
Pages Follow]

 

	 	Very truly yours,
	 	 
	 	[NAME OF ADDITIONAL BORROWER]
	 	 
	 	By	 
	 	Title:

 

	 	Address for notices:	 
	 	 	 
	 	 	 
	 	 	 

 

    	 	Exh. C - 2	 

     

    

 

	 	[NAME OF TRS LESSEE]
	 	 	 
	 	By	 
	 	Title:

 

	 	Address for notices:	 
	 	 	 
	 	 	 
	 	 	 

 

    	 	Exh. C - 3	 

     

    

 

EXHIBIT K TO THE SECOND AMENDED AND RESTATED
TERM LOAN AGREEMENT

 

INTENTIONALLY OMITTED

 

    		Exh. K	 

     

    

 

EXHIBIT L-1 TO THE SECOND AMENDED AND RESTATED
TERM LOAN AGREEMENT

 

FORM OF SECTION 2.12(g) U.S. TAX COMPLIANCE
CERTIFICATE

 

(For Foreign Lenders That Are Not Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to the Second Amended
and Restated Term Loan Agreement dated as of April 27, 2017 (as amended, supplemented or otherwise modified from time to time,
the “Loan Agreement”), among the borrowers party thereto, collectively as borrower, Citibank, N.A., as
administrative agent and the other parties party thereto.

 

Pursuant to the provisions of Section 2.12 of
the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Advance(s) (as
well as any Note(s) evidencing such Advance(s)) in respect of which it is providing this certificate, (ii) it is not a bank within
the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, (iii) it is not a ten percent shareholder of the Borrower within
the meaning of Section 871(h)(3)(B) of the Internal Revenue Code, and (iv) it is not a controlled foreign corporation related to
the Borrower as described in Section 881(c)(3)(C) of the Internal Revenue Code.

 

The undersigned has furnished the Administrative
Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or Form W-8BEN-E. By executing this
certificate, the undersigned agrees that if the information provided on this certificate changes, the undersigned shall promptly
so inform the Borrower and the Administrative Agent.

 

Unless otherwise defined herein, terms defined
in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.

 

[NAME OF LENDER]

 

	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	Date:	______________, 20[ ]	 

 

    		Exh. L-1-1	 

     

    

 

EXHIBIT L-2 TO THE SECOND AMENDED AND RESTATED
TERM LOAN AGREEMENT

 

FORM OF SECTION 2.12(g) U.S. TAX COMPLIANCE
CERTIFICATE

 

(For Foreign Participants That Are Not Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to the Second Amended
and Restated Term Loan Agreement dated as of April 27, 2017 (as amended, supplemented or otherwise modified from time to time,
the “Loan Agreement”), among the borrowers party thereto, collectively as borrower, Citibank, N.A., as
administrative agent and the other parties party thereto.

 

Pursuant to the
provisions of Section 2.12 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record and
beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the
meaning of Section 881(c)(3)(A) of the Internal Revenue Code, (iii) it is not a ten percent shareholder of the Borrower
within the meaning of Section 871(h)(3)(B) of the Internal Revenue Code, and (iv) it is not a controlled foreign corporation
related to the Borrower as described in Section 881(c)(3)(C) of the Internal Revenue Code.

 

The undersigned has furnished its participating
Lender with a certificate of its non-U.S. Person status on Internal Revenue Service Form W-8BEN or Form W-8BEN-E. By executing
this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall
promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly
completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned,
or in either of the two calendar years preceding such payments.

 

Unless otherwise defined herein, terms defined
in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.

 

[NAME OF PARTICIPANT]

 

	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	Date:	__________________, 20[ ]	 

 

    		Exh. L-2-1	 

     

    

 

EXHIBIT L-3 TO THE SECOND AMENDED AND RESTATED
TERM LOAN AGREEMENT

 

FORM OF SECTION 2.12(g) U.S. TAX COMPLIANCE
CERTIFICATE

 

(For Foreign Participants That Are Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby
made to the Second Amended and Restated Term Loan Agreement dated as of April 27, 2017 (as amended, supplemented or otherwise
modified from time to time, the “Loan Agreement”), among the borrowers party thereto, collectively as
borrower, Citibank, N.A., as administrative agent and the other parties party thereto.

 

Pursuant to the provisions of
Section 2.12 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the
participation in respect of which it is providing this certificate,
(ii) its direct or indirect partners/members are the sole beneficial
owners of such participation, (iii) with respect to such participation, neither the undersigned nor any of its direct or
indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its
trade or business within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, (iv) none of its direct or
indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the
Internal Revenue Code, and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to
the Borrower as described in Section 881(c)(3)(C) of the Internal Revenue Code.

 

The undersigned has furnished its participating
Lender with Internal Revenue Service Form W-8IMY accompanied by one of the following forms from each its partners/members that
is claiming the portfolio interest exemption: (i) an Internal Revenue Service Form W-8BEN or Form W-8BEN-E or (ii) an Internal
Revenue Service Form W-8IMY accompanied by an Internal Revenue Service Form W-8BEN or Form W-8BEN-E from each of such partner’s/member’s
beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that
(1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender, and (2) the
undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either
the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such
payments.

 

Unless otherwise defined herein, terms
defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.

 

[NAME OF PARTICIPANT]

 

	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	Date:	________________, 20[ ]	 

 

    		Exh. L-3-1	 

     

    

 

EXHIBIT L-4 TO THE SECOND AMENDED AND RESTATED
TERM LOAN AGREEMENT

 

FORM OF SECTION 2.12(g) U.S. TAX COMPLIANCE
CERTIFICATE

 

(For Foreign Lenders That Are Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to the Second
Amended and Restated Term Loan Agreement dated as of April 27, 2017 (as amended, supplemented or otherwise modified from time to
time, the “Loan Agreement”), among the borrowers party thereto, collectively as borrower, Citibank, N.A.,
as administrative agent and the other parties party thereto.

 

Pursuant to the provisions of
Section 2.12 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of
the Advance(s) (as well as any Note(s) evidencing such Advance(s)) in respect of which it is providing this certificate, (ii)
its direct or indirect partners/members are the sole beneficial owners of such Advance(s) (as well as any Note(s) evidencing
such Advance(s)); (iii) with respect to the extension of credit pursuant to this Loan Agreement or any other Loan Document,
neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan
agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the
Internal Revenue Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower
within the meaning of Section 871(h)(3)(B) of the Internal Revenue Code, and (v) none of its direct or indirect
partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the
Internal Revenue Code.

 

The undersigned has furnished the Administrative
Agent and the Borrower with Internal Revenue Service Form W-8IMY accompanied by one of the following forms from each its partners/members
that is claiming the portfolio interest exemption: (i) an Internal Revenue Service Form W-8BEN or Form W- 8BEN-E or (ii) an Internal
Revenue Service Form W-8IMY accompanied by an Internal Revenue Service Form W-8BEN or Form W-8BEN-E from each of such partner’s/member’s
beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that
(1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative
Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed
and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either
of the two calendar years preceding such payments.

 

Unless otherwise defined herein, terms
defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.

 

[NAME OF LENDER]

 

	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	Date:	_________________, 20[ ]	 

 

    		Exh. L-4-1	 

     

    

 

EXHIBIT M TO THE SECOND AMENDED AND RESTATED
TERM LOAN AGREEMENT

 

FORM OF AMENDED AND RESTATED ASSIGNMENT OF
MANAGEMENT

AGREEMENT AND SUBORDINATION OF MANAGEMENT
FEES

 

[Attached.]

 

    		Exh. M	 

     

    

 

EXHIBIT M TO THE SECOND AMENDED AND RESTATED
TERM LOAN AGREEMENT

 

FORM OF ASSIGNMENT OF MANAGEMENT AGREEMENT

AND SUBORDINATION OF MANAGEMENT FEES

 

ASSIGNMENT OF MANAGEMENT AGREEMENT

AND SUBORDINATION OF MANAGEMENT FEES

 

THIS ASSIGNMENT OF MANAGEMENT
AGREEMENT AND SUBORDINATION OF MANAGEMENT FEES (this “Assignment”) is made as of the 27th
day of April, 2017, by and among the owners listed in Schedule 1 attached hereto, each a Delaware limited liability
company, having its principal place of business at c/o Hospitality Investors Trust Operating Partnership, L.P., 3950 University
Drive, Suite 301, Fairfax, Virginia 22030 (individually and collectively as the context may require, “Owner”)
and the operating lessees listed in Schedule 1 attached hereto, each a Delaware limited liability company, having its principal
place of business at c/o Hospitality Investors Trust Operating Partnership, L.P., 3950 University Drive, Suite 301, Fairfax, Virginia
22030 (individually and collectively as the context may require, “Operating Lessee”) to CITIBANK,
N.A., a national association, as collateral agent (in such capacity, “Agent”) for the Secured Parties
as defined in the Loan Agreement (defined below), having an address at 390 Greenwich Street, 7th Floor, New York, New York 10013
(Agent, together with its successors and assigns, “Lender”), and is consented and agreed to by [__________],
a [_________], having its principal place of business at [______________] (“Manager”).

 

RECITALS:

 

A.           Owner
holds title to a fee simple interest in and to the Real Property, as defined in that certain Second Amended and Restated Term Loan
Agreement dated as of [April 27], 2017 (as the same may be amended, amended and restated, supplemented or otherwise modified from
time to time, the “Loan Agreement”; capitalized terms used but not otherwise defined herein shall have
the meanings set forth in the Loan Agreement), among Owner, the Guarantors party thereto, Citibank, N.A., as the issuing bank and
the administrative agent, Agent and the other Secured Parties identified therein, constituting the hotel facilities listed on Schedule
1 attached hereto (together with all easements, rights of way and other property rights appurtenant thereto, all equipment,
fixtures, furniture and other personal property attached to, located at or otherwise used in connection with the foregoing and
owned by Owner, individually and collectively as the context may require, the “Property”).

 

B.           Pursuant
to the terms of the Loan Agreement, the Secured Parties have agreed to make loans and extend credit (collectively, the “Loan”)
to Owner and the other Loan Parties have agreed to guaranty payment of the Loan.

 

C.           Pursuant
to the terms of each lease agreement (all such lease agreements as amended, modified or supplemented and in effect from time to
time, collectively, the “Lease”) between the applicable Owner, as landlord, and the applicable Operating
Lessee, as tenant, Owner has leased the applicable Property to the applicable Operating Lessee;

 

D.           Manager
has agreed to manage the Property on behalf of Operating Lessee pursuant to that certain Management Agreement, dated as of October
15, 2015, by and among ARC Hospitality SWN TRS, LLC, ARC Hospitality SWN CRS NTC TRS, LP, and American Realty Capital Hospitality
Properties, LLC (“Asset Manager”), as modified by that certain Assignment and Amendment of Crestline
SWN Management Agreement, dated as of March 30, 2017, by and among Manager, Asset Manager and Operating Lessee (as further amended,
modified or supplemented and in effect from time to time, the “Management Agreement”) and the Manager
is entitled to certain management fees (the “Management Fees”) and

 

     

     

    

 

reimbursable expenses thereunder. A true, correct and complete
copy of the Management Agreement (and any amendments, modifications or supplements thereto) is attached hereto as Exhibit A.

 

E.           Lender
requires that Operating Lessee assign the Management Agreement and that Manager subordinate its interest under the Management Agreement
in lien and payment to the Loan Agreement and the other Loan Documents as set forth below.

 

AGREEMENT

 

For good and valuable consideration the parties hereto
agree as follows:

 

1.          Assignment
and Subordination of Management Agreement.

 

(a)          As
additional collateral security for the Loan, and subject to the terms and conditions of this Assignment, Operating Lessee hereby
conditionally transfers, sets over and assigns to Lender all of Operating Lessee’s right, title and interest in and to the
Management Agreement, said transfer and assignment to automatically become a present, unconditional assignment, at Lender’s
option, upon the occurrence and during the continuance of an Event of Default under the Loan Agreement or any of the other Loan
Documents.

 

(b)          The
Management Agreement and any and all liens, rights and interests (whether choate or inchoate and including, without limitation,
all mechanic’s and materialmen’s liens under applicable law) owed, claimed or held, by Manager in and to the Property,
are and shall be in all respects subordinate and inferior to the liens and security interests created, or to be created, for the
benefit of the Secured Parties, and securing the repayment of the Obligations of the Loan Parties under the Loan Documents, and
all renewals, extensions, increases, supplements, amendments, modifications or replacements thereof.

 

2.          Subordination
of Management Fees. Subject to the terms hereof and the Loan Agreement and the Cash Management Agreement, the Management
Fees and all rights and privileges of Manager to the Management Fees are hereby, and shall at all times continue to be, subject
and unconditionally subordinate in all respects in lien and payment to the lien and payment of the Mortgage, the Note, the Loan
Agreement and the other Loan Documents and to any renewals, extensions, modifications, assignments, replacements or consolidations
thereof and the rights, privileges and powers of the Secured Parties thereunder.

 

3.          Termination.
At such time as the Loan is paid in full and/or the Mortgage affecting the Property is released or assigned of record, this
Assignment and all of the Secured Parties’ right, title and interest hereunder shall terminate and shall be of no further
force and effect.

 

4.          Estoppel. Manager
represents and warrants that (a) the Management Agreement is in full force and effect and has not been modified, amended or
assigned other than pursuant to this Assignment, (b) neither Manager nor Operating Lessee is in default under any of the
terms, covenants or provisions of the Management Agreement and Manager knows of no event which, but for the passage of time
or the giving of notice or both, would constitute an event of default under the Management Agreement,
(c) neither Manager nor Operating Lessee has commenced any action
or given or received any notice for the purpose of terminating the Management Agreement and (d) the Management Fees and all
other sums due and payable to the Manager under the Management Agreement as of the date hereof have been paid in full.

 

5.          Lender’s
Right to Terminate Management Agreement. Upon (1) the acceleration of the Debt evidenced by the Notes or the commencement
of any action by Lender to enforce any of its rights or remedies to realize upon any of the Collateral, following the occurrence
and during the continuance of an Event of Default, in accordance with the terms of the Loan Documents (including, without being
limited to, the commencement of any foreclosure action (by judicial action or power of sale), the making of any application for
the appointment of a receiver or Lender exercising any right to take possession or control of the Property in

 

    	 	-2-	 

     

    

 

accordance with the
terms of the Loan Documents or (2) the occurrence and continuation of the commission by Manager of any material act which would
permit termination of the Management Agreement in accordance with the express terms thereof (subject to any applicable notice,
grace and cure periods provided in the Management Agreement), Lender shall have the right to terminate the Management Agreement
by giving Operating Lessee and Manager at least thirty (30) days’ prior written notice; provided, however,
that if Lender succeeds to ownership of the Property, Lender’s right to terminate the Management Agreement shall expire
120 days after the date on which Lender takes ownership of the Property. Manager agrees not to look to Lender for payment of any
accrued but unpaid fees or other amounts due to Manager under the Management Agreement, or any fees or other amounts due to Manager
under the Management Agreement in connection with, or for the period from and after the effective date of, any termination.

 

6.           Agreement
by Owner, Operating Lessee and Manager. Owner, Operating Lessee and Manager hereby agree that upon the occurrence of an
Event of Default under the Loan Documents during the term of this Assignment or upon the occurrence of any event which would entitle
Lender to terminate, or cause the termination of, the Management Agreement in accordance with the terms of the Loan Documents (a)
Manager shall, at the request of Lender, upon Lender’s assumption of the Management Agreement, or other confirmation of its
agreement to comply with the terms thereof, continue to perform all of Manager’s obligations under the terms of the Management
Agreement with respect to the Property or (b) at the option of Lender by delivery of written notice to Owner, Operating Lessee
and Manager, Operating Lessee and Manager shall terminate the Management Agreement and Manager shall transfer its responsibility
for the management of the Property to a manager selected by Lender and take such measures as set forth in the Management Agreement
to achieve an orderly transition of hotel operations to the new manager of the Property, including delivery of all books, records,
and documents relating to the Property and its management in a manner consistent with the terms of the Management Agreement. Nothing
contained in this Assignment shall in any way limit the rights or remedies of Manager against Operating Lessee or Owner as a result
of such termination.

 

7.           Receipt
of Management Fees. Owner, Operating Lessee and Manager hereby agree that Manager shall not be entitled to receive any
Management Fees or other fee, commission, expense reimbursement or other amount otherwise payable to Manager under the Management
Agreement (collectively, “Manager Payment Obligations”) for and during any period of time that any Event
of Default has occurred and is continuing; provided, however, that notwithstanding anything to the contrary contained in this Assignment,
(a) Manager shall not be obligated to return or refund to Lender any Manager Payment Obligations already received by Manager prior
to the occurrence of the Event of Default, and to which Manager was entitled under this Assignment and (b) in the event Owner or
Operating Lessee loses possession of the Property in connection with exercise by Lender of its rights or remedies pursuant to the
Mortgage or the other Loan Documents, Manager shall be entitled to collect any Manager Payment Obligations accrued but unpaid prior
to the occurrence of the Event of Default, and to which Manager was entitled under this Assignment. Nothing set forth in this Assignment
shall limit the right of Manager to terminate the Management Agreement in the event that Manager shall fail to receive the fees
and reimbursements provided for therein, as and when the same are due and payable. Notwithstanding anything to the contrary contained
in this Assignment, Manager shall have no obligation to continue to perform any services under the Management Agreement if any
Manager Payment Obligation (including without limitation any expense reimbursement) remains unpaid for a period of more than ten
(10) days after the same became due and owing to Manager pursuant to the Management Agreement. Furthermore, and notwithstanding
anything to the contrary contained in this Assignment but subject to the last sentence of this Section 7, in the event that Owner
or Manager is entitled to retain cash for the payment of Operating Expenses (as defined in the Cash Management Agreement) or Lender
distributes cash for the payment of Operating Expenses to Owner or Manager after the occurrence of a Lockbox Period (as defined
in the Cash Management Agreement) or an Event of Default, Manager or Owner, as applicable, may use such cash to pay Operating Expenses
that are then due and payable and that are included within the Approved Budget (as defined in the Cash Management Agreement) in
any order or priority as Manager or Owner may determine.

 

    	 	-3-	 

     

    

 

8.           Consent
and Agreement by Manager. Manager hereby acknowledges and consents to this Assignment. Manager agrees that it will act
in conformity with the provisions of this Assignment and Lender’s rights hereunder or otherwise related to the Management
Agreement. In the event that the responsibility for the management of the Property is transferred from Manager in accordance with
the provisions hereof, Manager shall, and hereby agrees to, fully cooperate in transferring its responsibility to a new management
company and effectuate such transfer no later than thirty (30) days from the date the Management Agreement is terminated. Further,
Manager hereby agrees (a) not to contest or impede the exercise by Lender of any right it has under or in connection with this
Assignment; (b) that it shall, in the manner provided for in this Assignment, give at least thirty (30) days prior written notice
to Lender of its intention to terminate the Management Agreement or otherwise discontinue its management of the Property and (c)
not amend any of the terms or provisions of the Management Agreement without the prior consent of Lender, provided, that, Manager
shall be required to give only ten (10) days prior written notice of its intention to terminate the Management Agreement or discontinue
its management of the Property in the event of non- payment of any fees or reimbursements provided for in the Management Agreement.

 

9.           Lender’s
Agreement. So long as an Event of Default has not occurred and is continuing, Lender agrees to permit any sums due to Manager
under the Management Agreement to be paid directly to Manager.

 

10.         Further
Assurances. Manager further agrees to (a) execute such affidavits and certificates as Lender shall reasonably require to
further evidence the agreements herein contained, (b) on request from Lender, furnish Lender with copies of such information as
Manager is entitled to receive under the Management Agreement and (c) cooperate with Lender’s representative in any inspection
of all or any portion of the Property (such inspection only to occur upon prior notice and during normal business hours). Manager
hereby acknowledges that some, or all, permits, licenses and authorizations necessary for the use, operation and maintenance of
the Property (collectively, the “Permits”) may be held by, or on behalf of, the Manager. By executing
this Assignment, Manager (i) agrees that it is holding or providing all such Permits for the benefit of Manager and/or Operating
Lessee and (ii) agrees that as security for the repayment of the Obligations of the Loan Parties under the Loan Documents, to the
extent permitted by applicable law, Manager hereby grants to Lender a security interest in and to the Permits. Moreover, Manager
hereby agrees that, upon an Event of Default, it will assign the Permits to Lender if such Permits are assignable or otherwise
continue to hold such Permits for the benefit of Lender until such time as Lender can obtain such Permits in its own name or the
name of a nominee.

 

11.         Assignment
of Proceeds. Manager acknowledges that, as further security for the Loan, (a) Owner and Operating Lessee have executed
and delivered to Lender an Assignment of Leases and Rents, dated as of the date hereof (as the same may be amended, restated, replaced,
supplemented, or otherwise modified from time to time, the “Assignment of Leases”), assigning to Lender,
among other things, all of Owner’s and Operating Lessee’s right, title and interest in and to all of the revenues of
the Property and (b) Owner, Operating Lessee and Lender, among others, have entered into that certain Cash Management Agreement
of even date herewith (as the same may be amended, restated, replaced, supplemented, or otherwise modified from time to time, the
“Cash Management Agreement”), pursuant to which Owner and Operating Lessee have agreed that any Rents,
and other income and proceeds from the Property are to be deposited, upon the occurrence of a Lockbox Trigger Event (as defined
in the Cash Management Agreement) directly into an account of the Lender established pursuant to the Cash Management Agreement
and this Assignment.

 

12.         Manager
Not Entitled to Rents. Manager acknowledges and agrees that it is collecting and processing the Rents solely as the agent
for the Owner and Operating Lessee and Manager has no right to, or title in, the Rents. Notwithstanding anything to the contrary
in the Management Agreement, the Manager acknowledges and agrees that the Rents are the sole
property of the Owner and Operating Lessee, encumbered by the lien of the Mortgage and other Loan Documents in favor of the Secured
Parties. In any bankruptcy, insolvency or similar proceeding the Manager, or any trustee acting on behalf of the Manager, 

 

    	 	-4-	 

     

    

  

waives
any claim to the Rents other than as such Rents may be used to pay the Manager Payment Obligations pursuant to the terms and conditions
of the Management Agreement and this Assignment.

 

13.         Governing
Law. This Assignment shall be governed by, construed, applied and enforced in accordance with the laws of the State of
New York.

 

14.         Notices.
All notices, consents, approvals and requests required or permitted hereunder shall be delivered in accordance with Section
9.02 of the Loan Agreement and the following:

 

If to Manager:                      [                              ]

 

With a copy to:                    [                              ]

 

15.         SPE.
Manager agrees that it shall not perform its duties under the Management Agreement or otherwise act in a manner that would result
in Owner’s or Operating Lessee’s failure to comply with the Borrower SPE Requirements.

 

16.         Cash
Management. Manager hereby agrees that, notwithstanding any provision to the contrary set forth herein or in the Management
Agreement, (i) Manager shall comply, to the extent applicable, with Sections 5.01(v), 5.02(a), 5.02(f), 5.02(o) and 5.02(p) of
the Loan Agreement and the Cash Management Agreement, copies of which Manager acknowledges receiving, and (ii) in the event of
a conflict between the terms hereof and/or of the Management Agreement, on the one hand, and the applicable terms of the Loan Agreement
and/or the Cash Management Agreement, on the other hand, the applicable terms of the Loan Agreement and/or the Cash Management
Agreement shall govern.

 

17.         No
Oral Change. This Assignment may not be modified, amended, waived, extended, changed, discharged or terminated orally or
by any act or failure to act on the part of Owner, Operating Lessee, Lender or Manager, but only by an agreement in writing signed
by the parties hereto.

 

18.         Liability.
This Assignment shall be binding upon and inure to the benefit of Owner, Operating Lessee, Manager and the Secured Parties
and their respective successors and assigns forever. Any assignee or transferee of Lender shall be entitled to all the benefits
afforded to Lender under this Assignment. None of Owner, Operating Lessee or Manager shall have the right to assign or transfer
its rights or obligations under this Assignment without the prior written consent of Lender and any attempted assignment without
such consent shall be null and void.

 

19.         Inapplicable
Provisions. If any term, covenant or condition of this Assignment is held to be invalid, illegal or unenforceable in any
respect, this Assignment shall be construed without such provision.

 

20.         Headings,
etc. The headings and captions of various paragraphs of this Assignment 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.

 

21.         Duplicate
Originals, Counterparts. This Assignment may be executed in any number of duplicate originals and each duplicate original
shall be deemed to be an original. This Assignment may be executed in several counterparts, each of which counterparts shall be
deemed an original instrument and all of which together shall constitute a single Assignment. The failure of any party hereto to
execute this Assignment, or any counterpart hereof, shall not relieve the other signatories from their obligations hereunder. Delivery
of an executed counterpart of a signature page to this Assignment by telecopier or email shall be effective as delivery of an original
executed counterpart of this Assignment.

 

    	 	-5-	 

     

    

  

22.         Number
and Gender. Whenever the context may require, any pronouns used herein shall include the corresponding masculine, feminine
or neuter forms, and the singular form of nouns and pronouns shall include the plural and vice versa.

 

23.         Indemnity.
Subject to the provisions of the Loan Agreement, Owner shall indemnify, defend and hold Lender harmless against and from all
liability, loss damage and expense (including, without limitation, reasonable attorney’s fees and disbursements), which Lender
may or shall incur or be subject to by reason of this Assignment, or by reason of any action taken in good faith by Lender hereunder,
and against and from any and all claims and demands whatsoever which may be asserted against Lender by reason of any alleged obligation
or undertaking on its part to perform or discharge any of the terms, covenants and conditions contained in the Management Agreement
except to the extent arising from the bad faith, fraud, gross negligence or willful misconduct by Lender. In the event Lender incurs
any such liability, loss, damage or expense, the amount thereof, together with interest thereon at the rate of interest applicable
from time to time under the Note, shall be payable by Owner to Lender within five (5) days after written demand.

 

24.         Expenses.
If any suit or other proceeding is instituted by Lender to enforce this Assignment (or any portion hereof), Owner shall pay,
within five (5) days after written demand all of the reasonable out-of-pocket costs and expenses (including, without limitation,
reasonable attorneys’ fees and disbursements) incurred by Lender in connection therewith, together with interest at the interest
rate applicable to Base Rate Advances under Section 2.07(a) of the Loan Agreement. The obligations of Owner under this Section
24 shall survive the expiration or termination of this Assignment.

 

25.         Miscellaneous.

 

(a)          Wherever
pursuant to this Assignment (i) Lender exercises any right given to it to approve or disapprove, (ii) any arrangement or term is
to be satisfactory to Lender or (iii) any other decision or determination is to be made by Lender, the decision of Lender to approve
or disapprove, all decisions that arrangements or terms are satisfactory or not satisfactory and all other decisions and determinations
made by Lender, shall be in the sole and absolute discretion of Lender and shall be final and conclusive, except as may be otherwise
expressly and specifically provided herein.

 

(b)          Wherever
pursuant to this Assignment it is provided that Owner, Operating Lessee or Manager shall pay any costs and expenses, such costs
and expenses shall include, but not be limited to, reasonable out-of-pocket legal fees and disbursements of Lender.

 

(c)          Without
limiting the generality of any other provisions contained herein or in the other Loan Documents, no failure on the part of the
Lender to exercise, and no delay in exercising, any right hereunder or under any of the other Loan Documents shall operate as a
waiver thereof, nor shall any single or partial exercise of any right preclude any other or further exercise thereof or the exercise
of any other right. The rights and remedies of the Lender provided herein and in the other Loan Documents are cumulative and are
in addition to, and are not exclusive of, any rights or remedies provided by law or in equity.

 

[NO
FURTHER TEXT ON THIS PAGE]

 

    	 	-6-	 

     

    

  

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

 

	 	OWNER:
	 	 	 
	 	[                                                  ]
	 	a Delaware limited liability company
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signatures continued on next page]

 

[Signature page to Subordination of Management
Agreement]

 

     

     

    

  

	 	OPERATING LESSEE:
	 	 
	 	[TRS LESSEE]
	 	a Delaware limited [liability company][partnership]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signatures continued on next page]

 

[Signature page to Subordination of Management
Agreement]

 

     

     

    

  

	 	LENDER:
	 	 
	 	CITIBANK, N.A.,
	 	as collateral agent,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signatures continued on next page]

 

[Signature page
to Subordination of Management Agreement] 

 

     

     

    

  

	 	MANAGER:
	 	 
	 	[                                             ]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature page to Subordination
of Management Agreement]

 

     

     

    

  

SCHEDULE 1

 

Property

 

	HOTEL NAME	 	ADDRESS	 	CITY/STATE/ZIP	 	OWNER	 	OPERATING LESSEE
	 	 	 	 	 	 	 	 	 

 

    	 	Schedule 1	 

     

    

  

EXHIBIT A

 

Management Agreement

 

(Attached)

 

    	 	Exh. A	 

     

    

  

EXHIBIT N TO THE SECOND AMENDED AND
RESTATED TERM LOAN AGREEMENT

 

FORM OF GUARANTOR CONSENT

 

[Attached.]

 

    	 	Exh. N	 

     

    

  

EXHIBIT N TO THE SECOND AMENDED AND
RESTATED TERM LOAN AGREEMENT

 

FORM OF GUARANTOR CONSENT

 

GUARANTOR CONSENT

 

April 27, 2017

 

Citibank, N.A.,

  as Administrative Agent

  under the Loan Agreement

  referred to below

390 Greenwich Street, 7th Floor

New York, New York 10013

Attn: Ana Rosu Marmann

 

Ladies and Gentlemen:

 

The undersigned, [                              ],
a Delaware [limited liability company], and [                      ],
a Delaware [limited liability company], refer to the Second Amended and Restated Term Loan Agreement dated as of April 27, 2017
(as amended, amended and restated, supplemented or otherwise modified from time to time, the “Loan Agreement”;
capitalized terms not otherwise defined herein shall have their respective meanings set forth in the Loan Agreement), among the
borrowers party thereto, Hospitality Investors Trust Operating Partnership, L.P., Hospitality Investors Trust, Inc., certain other
parties party thereto, the Lenders party thereto, and Citibank, N.A., as Administrative Agent and Collateral Agent for the Lenders,
and the Arrangers party thereto, and hereby consent to the extension of the Maturity Date and agree that the Loan Agreement and
each of the other Loan Documents are and shall continue to be in full force and effect and are hereby in all respects ratified
and confirmed.

 

Delivery of an executed
counterpart of this Guarantor Consent by telecopier or e-mail (which e-mail shall include an attachment in PDF format or similar
format containing the legible signature of the undersigned) shall be effective as delivery of an original executed counterpart
of this Guarantor Consent.

 

[Signature page follows]

 

    	 	Exh. N-1	 

     

    

  

	 	[                                                       ],
	 	a Delaware [limited liability company]
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	[                                                       ],
	 	a Delaware [limited liability company]
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature Page to Citi-HIT Guarantor Consent]

 

     

     

    

  

EXHIBIT O TO THE SECOND AMENDED AND
RESTATED TERM LOAN AGREEMENT

 

FORM OF GUARANTOR SUPPLEMENT

 

[Attached.]

 

    	 	Exh. O	 

     

    

  

EXHIBIT O TO THE SECOND AMENDED AND
RESTATED TERM LOAN AGREEMENT

 

FORM OF GUARANTY SUPPLEMENT

 

GUARANTY SUPPLEMENT

April 27, 201

 

Citibank, N.A.,

  as Administrative Agent

  under the Loan Agreement

  referred to below

390 Greenwich Street, 7th Floor

New York, New York 10013

Attn: Ana Rosu Marmann

 

Second Amended and Restated Term Loan
Agreement dated as of [April 27], 2017 (as in effect on the date hereof and as it may hereafter be amended, amended and restated,
supplemented or otherwise modified from time to time, the “Loan Agreement”), among the borrowers party thereto,
collectively, as Borrower, the Guarantors party thereto, Citibank, N.A., as Administrative Agent and Collateral Agent, and the
other Secured Parties identified therein.

 

Ladies and Gentlemen:

 

Reference is made to
the above-captioned Loan Agreement and to the Guaranty set forth in Article VII thereof (such Guaranty, as in effect on the date
hereof and as it may hereafter be amended, supplemented or otherwise modified from time to time, together with this Guaranty Supplement,
being the “Guaranty”). The capitalized terms defined in the Loan Agreement and not otherwise defined
herein are used herein as therein defined.

 

Section 1.           Guaranty;
Limitation of Liability. (a) The undersigned hereby absolutely, unconditionally and irrevocably guarantees the punctual payment
when due, whether at scheduled maturity or on any date of a required prepayment or by acceleration, demand or otherwise, of all
Obligations of the Borrowers (x) pursuant to clause (ii) of Section 9.04(b) of the Loan Agreement and (y) for which the Borrowers
are personally liable pursuant to Section 10.02 of the Loan Agreement (including, without limitation, any extensions, modifications,
substitutions, amendments or renewals of any or all of the foregoing Obligations), whether direct or indirect, absolute or contingent,
and whether for principal, interest, premiums, fees, indemnities, contract causes of action, costs, expenses or otherwise (such
Obligations being the “Guaranteed Obligations”), and agrees to pay any and all expenses (including, without
limitation, fees and expenses of counsel) incurred by the Administrative Agent or any Lender in enforcing any rights under this
Guaranty Supplement, the Guaranty, the Loan Agreement or any other Loan Document. Without limiting the generality of the foregoing,
the undersigned’s liability shall extend to all amounts that constitute part of the Guaranteed Obligations and would be owed
by any other Loan Party to the Administrative Agent or any Lender under or in respect of the Loan Documents but for the fact that
they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving such
other Loan Party. This Guaranty is and constitutes a guaranty of payment and not merely of collection.

 

(b)          The
undersigned, and by its acceptance of the benefits of this Guaranty Supplement, each of the Administrative Agent and each Lender,
hereby confirms that it is the intention of all such Persons that this Guaranty Supplement, the Guaranty and the Obligations of
the undersigned hereunder and thereunder not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the
Uniform Fraudulent

 

    	 	Exh. O-1	 

     

    

  

Conveyance Act, the
Uniform Fraudulent Transfer Act or any similar foreign, federal or state law to the extent applicable to this Guaranty Supplement,
the Guaranty and the Obligations of the undersigned hereunder and thereunder. To effectuate the foregoing intention, the Administrative
Agent, the Lenders and the undersigned hereby irrevocably agree that the Obligations of the undersigned under this Guaranty Supplement
and the Guaranty at any time shall be limited to the maximum amount as will result in the Obligations of the undersigned under
this Guaranty Supplement and the Guaranty not constituting a fraudulent transfer or conveyance.

 

(c)          The
undersigned hereby unconditionally and irrevocably agrees that in the event any payment shall be required to be made to the Administrative
Agent or any Lender under this Guaranty Supplement, the Guaranty or any other guaranty, the undersigned will contribute, to the
maximum extent permitted by law, such amounts to each other Guarantor and each other guarantor so as to maximize the aggregate
amount paid to the Administrative Agent and the Lenders under or in respect of the Loan Documents.

 

Section 2.           Obligations
Under the Guaranty. The undersigned hereby agrees, as of the date first above written, to be bound as a Guarantor by all of
the terms and conditions of the Loan Agreement and the Guaranty to the same extent as each of the other Guarantors thereunder (including,
without limitation, Section 7.02 through and including Section 7.08 thereof). The undersigned further agrees, as of the date first
above written, that each reference in the Loan Agreement and any other Loan Document to a “Guarantor” or a “Loan
Party” shall also mean and be a reference to the undersigned.

 

Section 3.           Representations
and Warranties. The undersigned hereby makes each representation and warranty set forth in Section 4.01 of the Loan Agreement
to the same extent as each other Guarantor.

 

Section 4.           Delivery
by Telecopier. Delivery of an executed counterpart of a signature page to this Guaranty Supplement by telecopier or e-mail
(which e-mail shall include an attachment in PDF format or similar format containing the legible signature of the undersigned)
shall be effective as delivery of an original executed counterpart of this Guaranty Supplement.

 

Section 5.           Governing
Law; Jurisdiction; Waiver of Jury Trial, Etc. (a) This Guaranty Supplement shall be governed by, and construed in accordance
with, the law of the State of New York.

 

(b)          The
undersigned hereby irrevocably and unconditionally agrees that it will not commence any action, litigation or other proceeding
of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, arising out of or relating to
this Guaranty Supplement, against any of the other parties to the Loan Documents in any forum other than the courts of the State
of New York sitting in New York County, and of the United States District Court of the Southern District of New York, and any appellate
court from any thereof and the undersigned hereby irrevocably and unconditionally submits to the jurisdiction of such courts, and
the undersigned hereby irrevocably and unconditionally agrees that all claims in respect of any such action, litigation or proceeding
may be heard and determined in any such New York State court or, to the extent permitted or required by law, in such Federal court.
The undersigned hereby agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in
other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this agreement shall affect any
right that any Agent, any Lender Party or any other Indemnified Party may otherwise have to bring any action or proceeding relating
to this Agreement or any of the other Loan Documents to which it is a party in the courts of any jurisdiction in connection with
the exercise of any rights under any Loan Document or against any Collateral or the enforcement of any judgment, and each Loan
Party hereby submits to the jurisdiction of, and consents to venue in, any such court.

 

(c)          The
undersigned hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection
that it may now or hereafter have to the laying of venue of

 

    	 	Exh. O-2	 

     

    

  

any suit, action or
proceeding arising out of or relating to this Agreement or any of the other Loan Documents to which it is a party in any New York
State or Federal court sitting in City, County and State of New York. The undersigned hereby irrevocably waives, to the fullest
extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

(d)          THE
UNDERSIGNED HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT,
TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO ANY OF THE LOAN DOCUMENTS, THE ADVANCES, OR THE ACTIONS OF THE AGENTS OR ANY LENDER
PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF.

 

	 	Very truly yours,
	 	 
	 	[NAME OF ADDITIONAL GUARANTOR]
	 	 	 
	 	By	 
	 		Name:
	 		Title:

 

    	 	Exh. O-3	 

     

    

  

EXHIBIT P TO THE SECOND AMENDED AND
RESTATED TERM LOAN AGREEMENT

 

FORM OF BORROWER ACCESSION AGREEMENT

 

[Attached.]

 

    	 	Exh. P	 

     

    

  

EXHIBIT P TO THE SECOND AMENDED AND
RESTATED TERM LOAN AGREEMENT

 

FORM OF BORROWER ACCESSION AGREEMENT

 

BORROWER ACCESSION AGREEMENT

 

Citibank, N.A.,

  as Administrative Agent

  under the Loan Agreement

  referred to below

390 Greenwich Street, 7th Floor

New York, New York 10013

Attn: Ana Rosu Marmann

 

Second Amended and Restated Term Loan
Agreement dated as of April 27, 2017 (as in effect on the date hereof and as it may hereafter be amended, amended and restated,
supplemented or otherwise modified from time to time, the “Loan Agreement”), among the borrowers party thereto,
collectively, as Borrower, the Guarantors party thereto, Citibank, N.A., as Administrative Agent and Collateral Agent, and the
other Secured Parties identified therein.

 

Ladies and Gentlemen:

 

Reference is made to
the above-captioned Loan Agreement. The capitalized terms defined in the Loan Agreement and not otherwise defined herein are used
herein as therein defined.

 

Section 1.           Accession.
By its execution of this Borrower Accession Agreement (the “Accession Agreement”), the undersigned (“Additional
Borrower”) absolutely, unconditionally and irrevocably undertakes to and agrees to observe and be bound by the terms
and provisions of the Loan Agreement and other Loan Documents and all of the Obligations and Guaranteed Obligations set forth therein
(including, without limitation, any extensions, modifications, substitutions, amendments or renewals of any or all of the foregoing
Obligations and Guaranteed Obligations) as if it were an original party thereto as an initial Borrower and Guarantor.

 

Section 2.           Obligations
under the Loan Documents. The undersigned Additional Borrower hereby agrees, as of the date first above written, to be bound
as a Borrower and Guarantor by all of the terms and conditions of the Loan Agreement and the other Loan Documents to the same extent
as each of the other Borrowers and Guarantors thereunder. The undersigned Additional Borrower further agrees, as of the date first
above written, that each reference in the Loan Agreement and the other Loan Documents to an “Additional Borrower”,
a “Borrower” or a “Loan Party” shall also mean and be a reference to the undersigned Additional
Borrower.

 

Section 3.           Consent
of Loan Parties. The existing Loan Parties hereby consent to the accession of the undersigned Additional Borrower to the Loan
Documents on the terms of Sections 1 and 2 of this Accession Agreement and agree that the Loan Documents shall hereinafter be read
and construed as if the undersigned Additional Borrower had been an original party in the capacity of an initial Borrower and Guarantor.

 

    	 	Exh. C-1	 

     

    

  

Section 4.           Representations
and Warranties. As of the date hereof, the undersigned Additional Borrower hereby makes each representation and warranty set
forth in Section 4.01 of the Loan Agreement to the same extent as each other Borrower.

 

Section 5.           Delivery
by Facsimile. Delivery of an executed counterpart of a signature page to this Accession Agreement by facsimile or e-mail (which
e-mail shall include an attachment in PDF format or similar format containing the legible signature of the undersigned) shall be
effective as delivery of an original executed counterpart of this Accession Agreement.

 

Section 6.           Governing
Law; Jurisdiction; Waiver of Jury Trial, Etc. (a) This Accession Agreement shall be governed by, and construed in accordance
with, the laws of the State of New York.

 

(b)          The
undersigned Additional Borrower hereby irrevocably and unconditionally agrees that it will not commence any action, litigation
or other proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, arising
out of or relating to this Accession Agreement or any of the other Loan Documents to which it is a party, against any of the other
parties to the Loan Documents in any forum other than the courts of the State of New York sitting in New York County, and of the
United States District Court of the Southern District of New York, and any appellate court thereof and the undersigned Additional
Borrower irrevocably and unconditionally submits to the jurisdiction of such courts, and hereby irrevocably and unconditionally
agrees that all claims in respect of any such action, litigation or proceeding may be heard and determined in any such New York
State court or, to the extent permitted or required by law, in such Federal court. The undersigned Additional Borrower agrees that
a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law. Nothing in this Accession Agreement, the Loan Agreement or any other Loan Document
shall affect any right that any party may otherwise have to bring any action or proceeding relating to this Accession Agreement,
the Loan Agreement or any of the other Loan Documents to which it is or is to be a party in the courts of any other jurisdiction.

 

(c)          The
undersigned Additional Borrower irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do
so, any objection that it may now or hereafter have to the laying of venue of any litigation, action or proceeding arising out
of or relating to this Accession Agreement or any of the other Loan Documents to which it is a party in any New York State or Federal
court. The undersigned Additional Borrower hereby irrevocably waives, to the fullest extent permitted by law, the defense of an
inconvenient forum to the maintenance of such action or proceeding in any such court.

 

(d)          THE
UNDERSIGNED ADDITIONAL BORROWER HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
(WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO ANY OF THE LOAN DOCUMENTS, THE ADVANCES, OR THE ACTIONS
OF THE ADMINISTRATIVE AGENT OR ANY LENDER IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF.

 

(Signature Pages Follow)

 

    	 	Exh. C-2	 

     

    

  

	 	Very truly yours,
	 	 
	 	ADDITIONAL BORROWER:
	 	 	 
	 	[                                                ],
	 	a [                                             ]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	Exh. C-3	 

     

    

  

Approved this          day

of                           ,
           

 

BORROWERS:

 

[                                                             ],

a [                                                          ]

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

GUARANTORS:

 

HOSPITALITY INVESTORS TRUST OPERATING PARTNERSHIP, L.P.,

a Delaware limited partnership

 

By: HOSPITALITY INVESTORS TRUST, INC., a Maryland corporation,
its general partner

 

	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

HOSPITALITY INVESTORS TRUST, INC.,

a Maryland corporation

 

	By:	 	 
	Name:	 
	Title:	 

 

    	 	Exh. C-4

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