Document:

EX-10.14

 Exhibit 10.14 
  

			
	APN:                     	 	
	  
 Prepared by
and
 after recording, return to:
  
	 	
	Bilzin Sumberg Baena Price & Axelrod LLP	 	
	1450 Brickell Avenue, Suite 1450	 	
	Miami, Florida 33131-5340	 	
	 Attn: Post-Closing Department

 
	 	 

 (Space Above For Recorder’s Use Only) 

AMENDMENT TO DEED OF TRUST, SECURITY AGREEMENT, ASSIGNMENT OF RENTS AND FIXTURE FILING 

(WBCMT 2007-        ; LOAN
NO.                    ) 
 THIS
AMENDMENT TO DEED OF TRUST, SECURITY AGREEMENT, ASSIGNMENT OF RENTS AND FIXTURE FILING (this “Amendment”) is executed this     day of
                    , 2013, and is entered into among U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE FOR THE REGISTERED HOLDERS OF WACHOVIA BANK
COMMERCIAL MORTGAGE TRUST, COMMERCIAL MORTGAGE PASS THROUGH CERTIFICATES, SERIES 2007-         (“Lender”), having an address at c/o Corporation Trust Services, 190 South LaSalle Street, 7th Floor, Mail Station: MK-IL-SL7R, Chicago, IL 60603, Re: WBCMT 2007-        ; Loan No.
                    ; and
                    , a Delaware limited partnership (“Borrower”) having an address at c/o Ashford Hospitality Prime, Inc.,
14185 Dallas Parkway, Suite 1100, Dallas, Texas 75254-4308, Attention: David A. Brooks. 
 PRELIMINARY STATEMENT 

A. Borrower is the current owner of title to certain real properties (collectively, the “Land”) and the buildings and
improvements thereon (the “Improvements”) known as                     , located in
                    ,                      as
more particularly described on Exhibit A attached hereto (the Land and the Improvements are hereinafter sometimes referred to as the “Property”). 

B. On April 11, 2007, Wachovia Bank, National Association, a national banking association (“Original Lender”), made a
loan (“Loan”) in the original principal amount of $         to Borrower, which Loan was cross-collateralized with other borrowers, mortgages and properties. 

C. The Loan is evidenced by that certain Promissory Note dated April 11, 2007, made by the Cross Collateralized Borrowers (as defined in
the Security Instrument) in favor of Original Lender in the original principal amount of $         (the “Note”) and secured by, among other things, the lien of that certain Deed of Trust,
Security Agreement, Assignment of Rents and Fixture Filing dated as of April 11, 2007, executed by Borrower in favor of Original 

 
Lender, recorded April 23, 2007 as Document Number                      in the real
property records of                     ,
                     (the “Security Agreement”) encumbering the Property. The Note, Security Instrument and such other documents
evidencing, securing or pertaining to the Loan, as the same may be amended, supplemented, assigned, assumed, substituted and/or consolidated are collectively referred to herein as the “Loan Documents.” 

D. Lender is the current owner and holder of the Loan Documents. 

E. Lender and Borrower are parties to that certain Consent Agreement (the “Consent Agreement”) dated as of the date
hereof, whereby Lender consented, among other things, to certain transfers (each a “Transfer”) under the Loan Documents. As a condition to Lender granting its consent to the Transfers and entering into the Consent Agreement with
Borrower, Lender and Borrower agreed certain modifications be made to the Security Instrument, as more particularly set forth herein. 
 NOW,
THEREFORE, in consideration of $10.00 paid by each of the parties to the other, the mutual covenants herein contained, and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the parties agree as
follows: 
 ARTICLE 1 

DEFINITIONS 
 1.1.
Definitions. All terms not defined herein shall have the meaning set forth in the Security Instrument. All references to the term “Security Instrument” shall mean such document as modified hereby. 

ARTICLE 2 

AMENDMENT 
 The
Security Instrument is hereby amended as follows: 
 2.1 The term “Permitted Transfer” as defined in Section 1.01 of
the Security Instrument, is deleted in its entirety and the following is substituted therefor: 
 “Permitted Transfer”
shall mean (a) Permitted Liens; (b) all transfers of Equipment and other items of personal property as expressly permitted in the Loan Documents; (c) transfers of direct and indirect interests in Borrower (other than interests held by
a General Partner) and/or in General Partner to one or more Affiliates of Borrower; (d) transfers, issuances, conversions, pledges and redemptions of capital stock and partnership interests in any Joint Venture Parent Entity (or their
respective successors), in the ordinary course of business and not in connection with a tender offer, merger or sale of such Persons; (e) the merger or consolidation of any Joint Venture Parent Entity (or their respective successors) whereby
such Joint Venture Parent Entity is the surviving entity in such merger or consolidation; provided that, Lender shall first obtain, at Borrower’s sole cost and expense, from each Rating Agency a written confirmation that any ratings issued by
each such Rating Agency in connection with a Securitization will not, as a result of the proposed merger or consolidation, be downgraded from the then current ratings thereof, qualified or withdrawn; and (f) the foreclosure of any pledge (other
than by a Prohibited 

  
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Person) of any indirect equity interests in Borrower, the General Partner of Borrower or Operating Tenant held by Ashford Hospitality Trust, Inc., Ashford OP General Partner LLC, Ashford OP
Limited Partner LLC or Ashford Hospitality Limited Partnership granted to secure a senior credit facility made to any such parties (but only to the extent that such pledge consists of a pledge by Ashford Hospitality Trust, Inc., Ashford OP General
Partner LLC, Ashford OP Limited Partner LLC or Ashford Hospitality Limited Partnership, as applicable, of its direct or indirect limited partnership interests in Ashford Hospitality Prime Limited Partnership) so long as such foreclosure does not
result in the foreclosing lender owning more than (x) a 30% direct or indirect interest in Ashford Hospitality Prime Limited Partnership, or (y) following a contribution of the Marriott Crystal Gateway Hotel located in Arlington, Virginia
to Ashford Hospitality Prime Limited Partnership, a 45% direct or indirect interest in Ashford Hospitality Prime Limited Partnership and written notice of such foreclosure containing a description of the interest being foreclosed is provided to
Lender within ten (10) days prior to the filing of such foreclosure, provided further that, and in addition to any conditions set forth above with respect to any Permitted Transfer (i) that following any of the events contemplated
by clauses (a) through (f) above: (1) the majority of the individuals Controlling the board of directors of Ashford Hospitality Prime, Inc. continue to Control the board of directors of Ashford Hospitality Prime, Inc. after any such
Permitted Transfer, (2) Ashford Hospitality Prime, Inc. shall at all times continue to Control Ashford Hospitality Prime Limited Partnership and own at least 51% of the equity interests in and Control Ashford Prime OP General Partner LLC;
(3) Ashford Hospitality Prime Limited Partnership shall at all times continue to own (directly or indirectly) at least 51% of the equity interests in and Control each General Partner of Borrower and Operating Tenant, Borrower and Operating
Tenant; (4) in the event that any Transfer results in any Person which as of the Equity Transfer Date does not own 49% or more of the direct or indirect interests in Borrower, Operating Tenant or the General Partner of Borrower or Operating
Tenant, as applicable, obtaining a 49% or greater direct or indirect interest in Borrower, Operating Tenant or any General Partner of Borrower or Operating Tenant, Borrower shall (x) deliver a substantive non-consolidation opinion to Lender in
form and substance and from counsel reasonably acceptable to Lender and the Rating Agencies, if applicable; (5) no Transfer may be to a Prohibited Person; and (6) Borrower shall pay or cause to be paid all of the costs and expenses
incurred by Lender (including, but not limited to, attorneys’ fees and costs at all trial, appellate and bankruptcy proceedings) in connection with any of the foregoing. 

2.2. The term “Equity Transfer Date” shall be added as a defined term under Section 1.01 of the Security Instrument, as
follows: 
 “Equity Transfer Date” shall mean
                     2013 [the date the equity transfer and Spin Off Date]. 

2.3. The term “Joint Venture Parent Entity” shall be added as a defined term under Section 1.01 of the Security
Instrument, as follows: 
 “Joint Venture Parent Entity” shall mean each of the following entities: Ashford Hospitality
Trust, Inc., Ashford OP General Partner LLC, Ashford OP Limited Partner LLC, Ashford Hospitality Limited Partnership, Ashford Hospitality Prime, Inc., Ashford Prime OP General Partner LLC, Ashford Prime OP Limited Partner LLC, Ashford Hospitality
Prime Limited Partnership and Ashford Prime TRS Corporation. 

  
 3 

 2.4. Financial Reports. Section 2.09(b) of the Security Agreement is modified such
that Borrower shall deliver each annual financial statement required to be furnished to Lender pursuant to Section 2.09(b) of the Security Instrument, accompanied by audited financial statements of Ashford Hospitality Prime, Inc., which are
audited by a nationally recognized Independent certified public accountant that is acceptable to Lender in accordance with GAAP and The Uniform System of Accounts (or such other accounting basis reasonably acceptable to Lender). 

2.5. Notices. Section 11.01 of the Security Instrument is modified such that the contact information for Borrower and Lender for
notices shall be deleted in its entirety and the following substituted therefor: 
  

			
	If to Lender:	    	U.S. Bank National Association, as Trustee
		    	c/o Wells Fargo Bank, N.A.
		    	Wells Fargo Commercial Mortgage Servicing
		    	MAC D 1086-120
		    	550 S. Tryon Street, 14th Floor
		    	Charlotte, North Carolina 28202
		    	Re: WBCMT 2007-            ; Loan No.                    
		
	With a copy to:	    	LNR Partners, LLC
		    	1601 Washington Avenue, Suite 700
		    	Miami Beach, Florida 33139
		    	Attn: Director of Servicing
		    	Facsimile: (305) 695-5601
		    	Re: WBCMT 2007-            ; Loan No.                    
		
	If to Borrower:	    	c/o Ashford Hospitality Prime, Inc.
		    	14185 Dallas Parkway, Suite 1100
		    	Dallas, Texas 75254-4308
		    	Attention: David A. Brooks
		    	Facsimile: 972- 490- 9605
		    	Telephone: 972-490-9600
		    	Email: dbrooks@ahtreit.com
		
	With a copy to:	    	Andrews Kurth LLP
		    	1717 Main Street, Suite 3700
		    	Dallas, Texas 75201
		    	Attn: Brigitte Kimichik, Esq.
		    	Telephone: 214-659-4441
		    	Facsimile: 214-659-4777
		    	Email: bkimichik@andrewskurth.com

  
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	If to Trustee:	    	U.S. Bank National Association
		    	Corporation Trust Services
		    	190 South LaSalle Street, 7th Floor
		    	Mail Station: MK-IL-SL7R
		    	Chicago, Illinois 60603
		    	Re: WBCMT 2007-            ; Loan No.                    

 ARTICLE 3 

MISCELLANEOUS 
 3.1.
Reaffirmation. Except as amended by this Amendment, the Security Instrument has not been otherwise modified and is in full force and effect. 
 3.2.
Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State where the Property is located without regard to conflict of law principles. 

3.3. Counterparts. This Amendment may be executed in multiple counterparts, each of which shall be deemed an original, and all such counterparts
together shall constitute one and the same instrument. 
 (REMAINDER OF PAGE INTENTIONALLY LEFT BLANK) 

  
 5 

 The Parties have executed and delivered this Amendment, as of the day and year first above written. 

 

													
	Witnesses:	 		 	LENDER:
				
		 		 		 	U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE FOR THE REGISTERED HOLDERS OF WACHOVIA BANK COMMERCIAL MORTGAGE TRUST, COMMERCIAL MORTGAGE PASS THROUGH CERTIFICATES, SERIES
2007-            
					
		 		 		 	By:	 	LNR Partners, LLC, a Florida limited liability company, successor by statutory conversion to LNR Partners, Inc., a Florida corporation, as attorney-in-fact
					
	  
	 		 		 	By:	 	  

	Print Name:	 	  
	 		 		 		 	                                     
       ,	 	  

						
	  
	 		 		 		 		 	
	Print Name:	 	  
	 		 		 		 		 	

  

			
	STATE OF FLORIDA	  	)
		  	) SS:
	COUNTY OF MIAMI-DADE	  	)

 The foregoing instrument was acknowledged before me this     day of
            , 2013, by                     , as
                     of LNR Partners, LLC, a Florida limited liability company, successor by statutory conversion to LNR Partners, Inc., a Florida
corporation, as attorney in fact of U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE FOR THE REGISTERED HOLDERS OF WACHOVIA BANK COMMERCIAL MORTGAGE TRUST, COMMERCIAL MORTGAGE PASS THROUGH CERTIFICATES, SERIES
2007-             on behalf of the said trust. He              is personally known to me or
         has produced a driver’s license as identification. 
  

			
	  

	Notary Public, State of Florida

 
			
	Print Name:	 	  

 
			
	My Commission Expires:	 	  

 [AFFIX NOTARY STAMP ABOVE] 

  
 6 

									
	Witnesses:	 		 	BORROWER:
			
		 		 	                    , a Delaware limited partnership
				
		 		 	By:	 	Ashford Sapphire              GP LLC, a Delaware limited liability company, its general partner
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	David A. Brooks
		 		 		 	Title:	 	Vice President

  

			
	STATE OF TEXAS	  	)
		  	) SS.:
	COUNTY OF DALLAS	  	)

 The foregoing instrument was acknowledged before me this      day of
                    , 2013, by David A. Brooks, the Vice President of Ashford Sapphire
             GP LLC, a Delaware limited liability company, the general partner of
                    , a Delaware limited partnership, on behalf of the partnership. He
             is personally known to me or              has produced a driver’s license as identification. 

 

			
	  

	Notary Public, State of Texas
	My Commission Expires:	 	  

  
 7 

 EXHIBIT A 

LEGAL DESCRIPTIONEX-10.15

 Exhibit 10.15 
  

			
	 Recording Requested by

and when recorded return to:
  

DECHERT LLP
 One Maritime Plaza, Suite 2300

San Francisco, California 94111
 Attention: Joseph B. Heil,
Esq.
  
 Loan No.: 50-2860793

 
 Parcel No. 88-3-7047-00

 
	 	 

 FIRST AMENDMENT TO OPEN-END MORTGAGE, SECURITY AGREEMENT, 

FINANCING STATEMENT AND ASSIGNMENT OF RENTS 

AND TO ASSIGNMENT OF LEASES AND RENTS AND SECURITY DEPOSITS 

THIS FIRST AMENDMENT TO OPEN-END MORTGAGE, SECURITY AGREEMENT, FINANCING STATEMENT AND ASSIGNMENT OF RENTS AND TO ASSIGNMENT OF LEASES AND
RENTS AND SECURITY DEPOSITS (this “Amendment”) dated as of the 28th day of August, 2013, and effective as of      day of
                    , 2013, is entered into by and between ASHFORD PHILADELPHIA ANNEX LP, a Delaware limited partnership (formerly known as Ashford
Philadelphia Annex, LLC, a Delaware limited liability company, “Borrower”), with a mailing address at c/o Ashford Hospitality Prime, Inc., 14185 Dallas Parkway, Suite 1100, Dallas, Texas 75254-4308, and U.S. BANK NATIONAL
ASSOCIATION, AS TRUSTEE, SUCCESSOR-IN-INTEREST TO BANK OF AMERICA, N.A., AS TRUSTEE, SUCCESSOR-IN-INTEREST TO WELLS FARGO BANK, N.A., AS TRUSTEE FOR THE REGISTERED HOLDERS OF WACHOVIA BANK COMMERCIAL MORTGAGE TRUST, COMMERCIAL MORTGAGE PASS-THROUGH
CERTIFICATES, SERIES 2007-C32 (together with its successors and assigns, “Lender”) with a mailing address c/o Wells Fargo Commercial Mortgage Servicing, Duke Energy Center, 550 South Tryon Street, 14th Floor, Charlotte, NC 28202,
Loan No.: 50-2860793, Attn: Asset Manager. 
 RECITALS 

A. Wachovia Bank, National Association (“Original Lender”), made a loan to Borrower, in the original principal amount of
Thirty Five Million and 00/100 Dollars ($35,000,000.00) (the “Loan”), as evidenced by that certain Promissory Note, dated as of April 11, 2007 (the “Closing Date”), by Borrower in favor of Original Lender in
the original principal amount of the Loan (as may be amended, restated, replaced, supplemented or otherwise modified from time to time, the “Note”). 

B. The Loan is secured by, among other things, that certain (i) Open-End Mortgage, Security Agreement, Financing Statement and Assignment
of Rents (as assigned as set forth below, the “Security Instrument”), by Borrower for the benefit of Original Lender dated as of April 9, 2007, effective as of the Closing Date and recorded on May 10, 2007 in the real

  
 1 

 
property records of the County of Philadelphia in the Commonwealth of Pennsylvania (the “Official Records”) as Document No. 51691064, as assigned by that certain Assignment
of Open-End Mortgage, Security Agreement, Financing Statement and Assignment of Rents recorded on November 25, 2008 in the Official Records as Document No. 51996047, as further assigned by that certain Assignment of Open-End Mortgage,
Security Agreement, Financing Statement and Assignment of Rents recorded on April 29, 2010 in the Official Records as Document No. 52204365, as further assigned by that certain Assignment of Open-End Mortgage, Security Agreement, Financing
Statement and Assignment of Rents recorded on or about the date hereof in the Official Records and (ii) that certain Assignment of Leases and Rents and Security Deposits (as assigned as set forth below and as the same may from time to time be
further amended, modified or assigned, the “ALR”), by Borrower for the benefit of Original Lender dated as of April 9, 2007, effective as of the Closing Date and recorded on May 10, 2007 in the Official Records as Document
No. 51691065, as assigned by that certain Assignment of Assignment of Leases and Rents and Security Deposits recorded on November 25, 2008 in the Official Records as Document No. 51996048, as further assigned by that certain
Assignment of Assignment of Leases and Rents and Security Deposits recorded on April 29, 2010 in the Official Records as Document No. 52204366, as further assigned by that certain Assignment of Assignment of Leases and Rents and Security
Deposits recorded on or about the date hereof in the Official Records, such Security Instrument and ALR securing or otherwise encumbering that certain real property, buildings, structures and other improvements, leases and rents, and other property
described therein (the “Property”), including the land more particularly described in Exhibit A attached hereto. 

C. Lender is the current holder of the Loan, and Wells Fargo Bank, National Association (“Servicer”), as master servicer,
services the Loan for and on behalf of Lender. 
 D. Pursuant to that certain Consent and Acknowledgment Agreement, dated as of the date
hereof, by and among Lender, Borrower, Ashford Hospitality Limited Partnership, a Delaware limited partnership (“Ashford LP”), Ashford Hospitality Trust, Inc., a Maryland corporation (together with Ashford LP, and their respective
successors and assigns, “Existing Guarantor”), Ashford Hospitality Prime Limited Partnership, a Delaware limited partnership (“Ashford Prime LP”), and Ashford Hospitality Prime, Inc., a Maryland corporation
(together with Ashford Prime LP, and their respective successors and assigns, “New Guarantor”) (the “Consent Agreement”), Lender consented to the transfer of equity interests in and reorganization of the ownership
of Borrower (the “Reorganization”), as more fully described in the Consent Agreement. 
 E. In connection with the
Reorganization, Borrower and Lender desire to amend the Security Instrument as set forth in this Amendment. 

  
 2 

 NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties to this Amendment hereby agree as follows: 

AGREEMENT 
 1.
Incorporation. The foregoing recitals are incorporated herein by this reference. 
 2. Amendments to Security Instrument. The
parties hereto agree that the Security Instrument is amended, as of the date hereof, as follows: 
 (a) Section 1.01 of the
Security Instrument is amended as follows: 
 (i) The term “Transfer” is deleted in its entirety and replaced with the
following: 
 “Transfer” shall mean the conveyance, assignment, sale, mortgaging, encumbrance, pledging, hypothecation,
granting of a security interest in, granting of options with respect to, or other disposition of (directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, and whether or not for consideration or of record) all or any
portion of any legal or beneficial interest (a) in all or any portion of the Property; (b) if Borrower or Operating Tenant is a corporation or, if Borrower or Operating Tenant is a partnership and any General Partner is a corporation, in
the stock of Borrower, Operating Tenant or any General Partner; (c) in Borrower or Operating Tenant (or any trust of which Borrower or Operating Tenant is a trustee, as applicable); or (d) if Borrower or Operating Tenant is a limited or
general partnership, joint venture, limited liability company, trust, nominee trust, tenancy in common or other unincorporated form of business association or form of ownership interest, in any Person having a legal or beneficial ownership in
Borrower or Operating Tenant, excluding any legal or beneficial interest in any constituent limited partner, if Borrower or Operating Tenant is a limited partnership, or in any non-managing member, if Borrower or Operating Tenant is a limited
liability company, unless such interest would, or together with all other direct or indirect interests in Borrower or Operating Tenant, as applicable, which were previously transferred, aggregate 49% or more of the partnership or membership, as
applicable, interest in Borrower or Operating Tenant, as applicable, or would result in any Person who, as of the Equity Transfer Date, did not own, directly or indirectly, 49% or more of the partnership or membership, as applicable, interest in
Borrower or Operating Tenant, as applicable, owning, directly or indirectly, 49% or more of the partnership or membership, as applicable, interest in Borrower or Operating Tenant, as applicable, and excluding any legal or beneficial interest in any
General Partner unless such interest would, or together with all other direct or indirect interest in the General Partner which were previously transferred, aggregate 49% or more of the partnership or membership, as

  
 3 

 
applicable, interest in the General Partner (or result in a change in control of the management of the General Partner from the individuals exercising such control immediately prior to the
conveyance or other disposition of such legal or beneficial interest) and shall also include, without limitation to the foregoing, the following: an installment sales agreement wherein Borrower or Operating Tenant agrees to sell the Property or any
part thereof or any interest therein for a price to be paid in installments; an agreement by Borrower or Operating Tenant leasing all or substantially all of the Property to one or more Persons pursuant to a single or related transactions, or a
sale, assignment or other transfer of, or the grant of a security interest in, Borrower’s or Operating Tenant’s right, title and interest in and to any Leases or any Rent; any instrument subjecting the Property to a condominium regime or
transferring ownership to a cooperative corporation; and the dissolution or termination of Borrower or Operating Tenant or the merger or consolidation of Borrower or Operating Tenant with any other Person. 

(ii) The term “Permitted Transfer” is deleted in its entirety and replaced with the following: 

“Permitted Transfer” shall mean, (a) Permitted Liens; (b) all transfers of Equipment and other items of personal
property as expressly permitted in the Loan Documents; (c) transfers of direct and indirect interests in Borrower (other than interests held by a General Partner) and/or in a General Partner to one or more Affiliates of Borrower;
(d) transfers, issuances, conversions, pledges and redemptions of capital stock and partnership interests in any Joint Venture Parent Entity (or their respective successors), in the ordinary course of business and not in connection with a
tender offer, merger or sale of such Persons; (e) the merger or consolidation of any Joint Venture Parent Entity (or their respective successors) whereby such Joint Venture Parent Entity is the surviving entity in such merger or consolidation,
provided that, subsequent to a Securitization, each Rating Agency shall have delivered written confirmation that any ratings issued by the Rating Agency in connection with a Securitization will not, as a result of the proposed merger or
consolidation, be downgraded from the then current ratings thereof, qualified or withdrawn; provided in each of the foregoing events, (i) ultimate Control of Borrower and Operating Tenant remains with the same Persons which ultimately
Controlled Borrower and Operating Tenant as of the Equity Transfer Date, (ii) in the event that any Person which as of the Equity Transfer Date does not own 49% or more of the direct or indirect interests in Borrower, Borrower’s General
Partner or Operating Tenant, as applicable, obtains a 49% or greater direct 

  
 4 

 
or indirect interest in Borrower, Borrower’s General Partner or Operating Tenant, Borrower shall deliver a substantive non-consolidation opinion to Lender in form and substance and from
counsel reasonably acceptable to Lender; provided that the terms of this clause (ii) shall not apply if such Person is a Joint Venture Parent Entity and such Joint Venture Parent Entity owns all of its indirect interests in Borrower,
Borrower’s General Partner or Operating Tenant, as applicable, pursuant to its owning direct or indirect interests in Ashford Prime LP, and (iii) no Transfer may be to a Prohibited Person; and (f) the foreclosure of any pledge (other
than by a Prohibited Person) of any indirect equity interests in Borrower, Borrower’s General Partner or Operating Tenant held by Ashford Hospitality Trust, Inc., Ashford OP General Partner LLC, Ashford OP Limited Partner LLC or Ashford
Hospitality Limited Partnership granted to secure a senior credit facility made to any such parties (but only to the extent that such pledge consists of a pledge by Ashford Hospitality Trust, Inc., Ashford OP General Partner LLC, Ashford OP Limited
Partner LLC or Ashford Hospitality Limited Partnership, as applicable, of its direct or indirect limited partnership interests in Ashford Prime LP); provided that following each of the events contemplated by clauses (a) through (f),
(i) Ashford Prime REIT shall at all times continue to Control Ashford Prime LP and (ii) Ashford Prime LP shall at all times continue to Control, and own (directly or indirectly) at least 51% of the equity interests of, Borrower,
Borrower’s General Partner and Operating Tenant. 
 (iii) The term “Single Purpose Entity” is deleted in its entirety
and replaced with the following: 
 “Single Purpose Entity” shall mean a corporation, partnership, joint venture, limited
liability company, trust or unincorporated association, which is formed or organized solely, with respect to Borrower, for the purpose of holding, directly, an ownership interest in the Property, with respect to Operating Tenant, holding an interest
in the Property, or, with respect to any General Partner, holding an ownership interest in and managing a Person which holds an ownership or other interest in the Property; does not engage in any business unrelated to, with respect to Borrower and
Operating Tenant, the Property, and with respect to any General Partner, its interest in Borrower or Operating Tenant, as applicable; does not have any assets other than those related to either, with respect to Borrower and Operating Tenant, its
interest in the Property and, with respect to any General Partner, its interest in Borrower or Operating Tenant, as applicable, or any indebtedness other than as permitted by this Security Instrument or the other Loan Documents; has its own separate
books, records and accounts, 

  
 5 

 
in each case which are separate and apart from the books, records and accounts of any other Person; holds itself out as being a Person separate and apart from any other Person; and otherwise
satisfies the criteria of the Rating Agencies, as in effect on the Closing Date and as provided in Section 2.02(g) of this Security Instrument, for a special-purpose bankruptcy-remote entity. 

(b) Section 1.01 of the Security Instrument is amended by adding the following definitions in the appropriate location in such
section according to alphabetical order: 
 “Ashford Prime LP” shall mean Ashford Hospitality Prime Limited Partnership, a
Delaware limited partnership. 
 “Ashford Prime REIT” shall mean Ashford Hospitality Prime Inc., a Maryland corporation.

 “Equity Transfer Date” shall mean
                     2013. 

“Guaranty” shall mean that certain Guaranty dated as of April 11, 2007 by Ashford Hospitality Limited Partnership, a
Delaware limited partnership, and Ashford Hospitality Trust Inc., a Maryland corporation, for the benefit of Lender, as the same may be amended, supplemented, replaced, joined or otherwise modified from time to time. 

“Joint Venture Parent Entity” shall mean each of the following entities: Ashford Hospitality Trust, Inc., a Maryland
corporation, Ashford OP General Partner LLC, a Delaware limited liability company, Ashford OP Limited Partner LLC, a Delaware limited liability company, Ashford Hospitality Limited Partnership, a Delaware limited partnership, Ashford Prime REIT,
Ashford Prime OP Prime General Partner LLC, a Delaware limited liability company, Ashford Prime OP Limited Partner LLC, a Delaware limited liability company, Ashford Prime LP, and Ashford Prime TRS Corporation, a Delaware corporation. 

(c) Section 2.02(g)(xi) of the Security Instrument is amended by deleting the phrase, “Operating Tenant has preserved and
maintained and will preserve and maintain its existence as a Delaware limited partnership” and substituting the phrase, “Operating Tenant has preserved and maintained and will preserve and maintain its existence as a Delaware limited
liability company”. 
 (d) Section 2.02(g)(xix) of the Security Instrument is amended by deleting the phrase, “that
certain opinion letter relating to substantive non-consolidation dated as of the date hereof (the “Insolvency Opinion”)” and substituting the phrase, “that certain opinion letter relating to substantive non-consolidation
dated as of the Equity Transfer Date (as may from time to time be amended, restated, supplemented, replaced or otherwise modified, the “Insolvency Opinion”)”. 

  
 6 

 (e) Section 2.02(v) of the Security Instrument is amended by deleting the first
sentence in its entirety and replacing it with the following: 
 Borrower’s exact legal name is Ashford Philadelphia Annex LP, a
Delaware limited partnership. Borrower’s tax identification number is 52-2064094. Borrower’s place of business and chief executive office is located at 14185 Dallas Parkway, Suite 1100, Dallas, TX 75254. 

(f) Section 2.09(b) of the Security Instrument is amended by inserting the phrase “and Ashford Hospitality Prime, Inc.”
following the phrase, “Ashford Hospitality Trust Inc.” 
 (g) Section 9.01 of the Security Instrument is amended by
deleting the last sentence and substituting the following: 
 In addition, except for a Permitted Encumbrance, Borrower shall not further
encumber and shall not permit the further encumbrance in any manner (whether by grant of a pledge, security interest or otherwise) of Borrower or Operating Tenant of any direct or indirect interest in Borrower or Operating Tenant except as expressly
permitted pursuant to this Security Instrument. 
 (h) Section 9.03 of the Security Instrument is amended by deleting the last
sentence and substituting the following: 
 This provision shall apply to every Transfer or further encumbrance of the Property or any part
thereof or interest in the Property or direct or indirect interest in Borrower or Operating Tenant regardless of whether voluntary or not, or whether or not Lender has consented to any previous Transfer or further encumbrance of the Property or
direct or indirect interest in Borrower or Operating Tenant. 
 [Remainder of page intentionally left blank] 

  
 7 

 (i) Section 11.01 of the Security Instrument is amended by deleting all addresses for
Lender and Borrower and replacing them with the following: 
  

			
	If to Lender:	  	 U.S. Bank National Association, as Trustee,

successor-in-interest to Bank of America, N.A., as
 Trustee,
successor-in-interest to Wells Fargo Bank,
 N.A., as Trustee for the Registered Holders of

Wachovia Bank Commercial Mortgage Trust,
 Commercial Mortgage
Pass-Through Certificates,
 Series 2007-C32
 c/o Wells Fargo
Commercial Mortgage Servicing
 Duke Energy Center
 550 S. Tryon
Street, 14th Floor
 Charlotte, North Carolina 28202
 Loan No.:
50-2860793
 Attention: Asset Manager

		
	With a copy to:	  	 Dechert LLP
 One Maritime Plaza, Suite 2300

San Francisco, CA 94111
 Attention: Joseph B. Heil,
Esq.

		
	If to Borrower:	  	 Ashford Philadelphia Annex LP
 c/o Ashford
Hospitality Prime, Inc.
 14185 Dallas Parkway, Suite 1100

Dallas, TX 75254
 Attn: General Counsel

Telecopy No.: (972) 490-9207
 Confirmation No.: (972)
778-9207

		
	with a copy to:	  	 Andrews Kurth, LLP
 1717 Main Street, Suite
3700
 Dallas, TX 75201
 Attn: Brigitte Kimichik, Esq.

Telecopy No.: (214) 659-9605
 Confirmation No.: (214)
659-4441

 3. Omnibus Amendments to Security Instrument and to ALR. 

(a) All references to the terms “Lender,” “Mortgagee” or “Assignee,” as used in the Security Instrument and the
ALR, shall be deemed to refer to Lender, as defined in this Amendment. 
 (b) All references to the terms “Borrower,”
“Mortgagor” or “Assignor,” as used in the Security Instrument and the ALR, shall be deemed to refer to Borrower, as defined in this Amendment. 

  
 8 

 (c) All references to the term “Guarantor,” as used in the Security Instrument and the
ALR, shall be deemed to refer to Existing Guarantor and New Guarantor, collectively, and jointly and severally, as each are defined in this Amendment. 

(d) All references to the term “Loan Documents,” as used in the Security Instrument and the ALR, shall be deemed to refer to the
term “Loan Documents” as such term is defined in the Consent Agreement and including all other agreements, instruments, certificates or documents executed and delivered by Borrower or any Affiliate of Borrower in connection with the Loan,
as the same may be amended, supplemented, replaced, extended or otherwise modified from time to time. 
 4. Representations and
Warranties of Borrower. Without limiting in any way any representation or warranty in any Loan Document, Borrower represents and warrants that, as of the date hereof: 

(a) Borrower has the requisite limited partnership power to execute and deliver, and perform its obligations under, this Amendment; 

(b) this Amendment has been duly authorized, executed and delivered by Borrower; and 

(c) this Amendment is a legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms, subject to
bankruptcy, insolvency and other limitations on creditors’ rights generally and to equitable principles. 
 5. Severability. In
case any provision of this Amendment shall be invalid, illegal, or unenforceable, such provision shall be deemed to have been modified to the extent necessary to make it valid, legal, and enforceable. The validity, legality, and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby. 
 6. Modifications. None of the terms of this
Amendment may be modified, waived, altered, amended, supplemented, extended, consolidated, replaced, exchanged or otherwise changed except by an instrument in writing duly executed by all of the parties hereto. 

7. Successors and Assigns. This Amendment shall bind and inure to the benefit of and be enforceable by the parties hereto, their heirs,
legatees, devisees, administrators, executors, and permitted successors and assigns; provided that Borrower may only assigns its rights and obligations hereunder to the extent expressly permitted by the Loan Documents. 

8. Counterparts. This Amendment may be executed in separate counterparts each of which shall be an original and all of which taken
together shall constitute one and the same agreement. 
 9. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE TERMS AND CONDITIONS OF SECTION 18.13 OF THE SECURITY INSTRUMENT. 

  
 9 

 10. Descriptive Headings. The descriptive headings of this Amendment are inserted for
convenience only and do not constitute a part of this Amendment. 
 11. References. Any references to the term “Security
Instrument”, “Deed of Trust” or “Mortgage” in any of the Loan Documents shall hereafter mean the Security Instrument as defined herein and as amended by this Amendment, as the same may be subsequently assigned, amended,
modified, altered, supplemented, extended, consolidated, or replaced from time to time. This Amendment shall constitute a “Loan Document” under, and for purposes of, the Security Instrument and each other Loan Document. Any capitalized
term used herein, but not defined herein, shall have the meanings ascribed to such term in the Security Instrument. 
 [Signature pages
follow] 

  
 10 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the
date first above written. 
  

							
	BORROWER:
	
	 ASHFORD PHILADELPHIA ANNEX LP,

a Delaware limited partnership

		
	By:	 	 Ashford Philadelphia Annex GP LLC,

a Delaware limited liability company,
 its general
partner

			
		 	By:	 	  

		 		 	Name:	 	David Brooks
		 		 	Title:	 	Vice President

 Borrower’s Organizational Number: 

2809653 
 [Signatures continued on next
page] 

					
	STATE OF TEXAS	  	            )	  	
			
	COUNTY OF DALLAS	  	            )	  	

 On
                    , 2013 before me,
                    , notary public, personally appeared
                                        , who
proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by
his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. 
 WITNESS my
hand and official seal. 
  

							
	Signature of Notary:	 	  
	 		 	
				
		 		 	(seal)	 	

 
					
	LENDER:
	
	U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE, SUCCESSOR-IN-INTEREST TO BANK OF AMERICA, N.A., AS TRUSTEE, SUCCESSOR-IN-INTEREST TO WELLS FARGO BANK, N.A., AS TRUSTEE FOR THE REGISTERED HOLDERS OF WACHOVIA BANK
COMMERCIAL MORTGAGE TRUST, COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2007-C32
		
	By:	 	Wells Fargo Bank, N.A., as successor by merger to Wachovia Bank, N.A., solely in its capacity as Master Servicer, as authorized under that certain Pooling and Servicing Agreement dated as of June 1, 2007
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:

					
	STATE OF                     	  	)	  	
			
	COUNTY OF                     	  	)	  	

 On
                    , 2013 before me,
                    , notary public, personally appeared
                                        , who
proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by
his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is
true and correct. 
 WITNESS my hand and official seal. 
  

							
	Signature of Notary:	 	  
	 		 	
				
		 		 	(seal)	 	

 The undersigned certifies that the residence of Lender is: 

c/o Wells Fargo Commercial Mortgage Servicing 

Duke Energy Center 
 550 South
Tryon Street, 14th Floor 
 Charlotte, NC 28202 
  

					
	LENDER:
	
	U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE, SUCCESSOR-IN-INTEREST TO BANK OF AMERICA, N.A., AS TRUSTEE, SUCCESSOR-IN-INTEREST TO WELLS FARGO BANK, N.A., AS TRUSTEE FOR THE REGISTERED HOLDERS OF WACHOVIA BANK
COMMERCIAL MORTGAGE TRUST, COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2007-C32
		
	By:	 	Wells Fargo Bank, N.A., as successor by merger to Wachovia Bank, N.A., solely in its capacity as Master Servicer, as authorized under that certain Pooling and Servicing Agreement dated as of June 1, 2007
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:

 Exhibit A 

(Legal Description)

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