Document:

EX-10.29

 Exhibit 10.29 

SECOND OMNIBUS AMENDMENT TO LOAN DOCUMENTS 

(MEZZANINE LOAN) 
 THIS
SECOND OMNIBUS AMENDMENT TO LOAN DOCUMENTS (MEZZANINE LOAN) (this “Amendment”) is made and entered into as of December 15, 2010, by and between GOLDMAN SACHS MORTGAGE COMPANY, a New York limited partnership
(“Lender”), and W2007 EQUITY INNS SENIOR MEZZ, LLC, a Delaware limited liability company (“Borrower”). 

RECITALS 
 A. Lender
(through Bank of America, National Association, successor by merger to LaSalle Bank National Association, a national banking association, in its capacity as custodian (the “Custodian”)) is the current “Lender,” and
Borrower is the current “Borrower,” pursuant to a Loan Agreement dated as of October 25, 2007, between Borrower and Lender (the “Original Loan Agreement”), as amended by an Omnibus Amendment to Loan Documents
(Mezzanine A) dated as of April 2, 2008, between Borrower and Lender (the “First Omnibus Amendment”), The Original Loan Agreement, as modified by the First Omnibus Amendment, is referred to herein as the “Loan
Agreement.” Capitalized terms used and not defined in this Amendment shall have the same meanings that are given to such terms in the Loan Agreement. Pursuant to the terms of the Loan Agreement, Lender has made a loan to Borrower (the
“Loan”), for the purposes described in the Loan Agreement. 
 B. Borrower and Lender desire to modify the Loan
Agreement and the other Loan Documents upon the terms and conditions set forth in this Amendment. 
 C. Contemporaneously herewith, Mortgage
Lender and Mortgage Borrower are entering into the Third Omnibus Amendment to Loan Documents in the form of Exhibit D hereto (the “Mortgage Loan Amendment”). 

D. This Amendment, and all documents executed pursuant hereto, are Loan Documents as such term is defined in the Loan Agreement. 

AGREEMENT 
 NOW,
THEREFORE, with reference to the foregoing Recitals and in consideration of the mutual covenants and agreements contained in this Amendment, and for other valuable consideration, receipt of which is acknowledged, Borrower and Lender hereby agree as
follows: 
 1. Recitals; Waiver; Representations. 

1.1 Recitals. Lender and Borrower acknowledge and agree that the above statements of fact set forth in the Recitals are true and
correct. 

  
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 1.2 Prior Defaults. Borrower and Lender hereby acknowledge and agree that the
following Defaults or Events of Default exist prior to the Modification Closing Date (collectively, the “Prior Defaults”): (i) the existing Maturity Date of the Loan occurred on November 4, 2010 and the Indebtedness
was not repaid; and (ii) Borrower failed to deliver an unqualified auditor’s opinion in connection with the audited financial statements that were delivered to Lender on November 5, 2010 in accordance with the requirements of the Loan
Agreement. Upon the occurrence of the Modification Closing Date, Lender hereby permanently waives each of the Prior Defaults in their entirety. For purposes of clarification, Lender’s waiver of the Prior Defaults identified above are one-time
waivers only and shall not create any implication that (a) no other Defaults or Events of Default exist, or (b) Lender has waived strict compliance with any provisions of the Loan Documents in the future (for example, Borrower shall remain
obligated to deliver unqualified auditor’s opinions in the future under applicable provisions of the Loan Agreement). Lender also waives the default alleged in Mortgage Lender’s letter to Borrower dated as of April 22, 2010, with
respect to Property Owner’s failure to provide documentary evidence of completion of Required Reserve Expenditures under Approved Franchise Agreements, and waives any Default or Event of Default arising from Property Owner’s failure to
provide such documentary evidence (although Lender does not waive Borrower’s obligation to comply with all requirements under Approved Franchise Agreements). To the actual knowledge of Lender, without any independent investigation, Lender is
not currently aware of any Defaults or Events of Default (other than the Prior Defaults identified above to be waived as of the Modification Closing Date, and other than any Defaults or Events of Default that may arise from matters disclosed by
Borrower in Schedule 1.3 and Exhibit E attached to the Mortgage Loan Amendment) existing as of the date of execution hereof (provided that nothing herein shall be construed to estop Lender from enforcing any Defaults or Events of Default of which
Borrower has knowledge, whether or not disclosed herein). 
 1.3 Borrower Representations. Borrower hereby represents and
warrants to Lender that: (a) on the Modification Closing Date (i.e., after giving effect to this Amendment), (i) no Event of Default will exist, and (ii) to Borrower’s knowledge, other than any Defaults that may arise from matters
disclosed in letters received in connection with the Approved Franchise Agreements for the Mortgaged Properties set forth on Schedule 1.3 to the Mortgage Loan Amendment (copies of which have been or shall be delivered to Lender), no Default will
exist; (b) except as set forth on the original Exception Report and on Exhibit E attached to the Mortgage Loan Amendment (which Exception Report shall be deemed to include the information set forth on such Exhibit E), and as otherwise specifically
disclosed in this Amendment, all representations and warranties of Borrower contained in the Loan Agreement or in any of the other Loan Documents (as the Loan Documents and such other Loan Documents are amended hereby) are true and correct as of the
date hereof in all material respects, except (i) to the extent such representations and warranties expressly relate to an earlier date (other than the Closing Date), such representations and warranties shall be reaffirmed as of such earlier
date, and (ii) to the extent that any of such representations or warranties by their terms are limited to Borrower’s knowledge, such reaffirmation shall also be limited to Borrower’s knowledge; (c) there have been no changes to the
organizational or governing documents of Borrower or any other party (other than Lender) to the Loan Documents other than any such changes that have been previously disclosed to Lender; (d) Borrower and each other party executing this Amendment
or any other Loan Documents pursuant to this Amendment have obtained all required authorizations and approvals to enter into and perform their respective obligations under 

  
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this Amendment and such other Loan Documents; and (e) as of the date hereof, Property Owner has terminated all TRS Leases in accordance with Section 2.4 of the Mortgage Loan Agreement,
and no TRS Lessees hold any interest in the Mortgage Loan Collateral. 
 2. Modifications. The Loan Documents are modified in
the following respects only (to be effective as of the Modification Closing Date): 
 2.1 Maturity Date. 

(a) Extension of Existing Maturity Date. The parties acknowledge that the existing Maturity Date of the Loan
occurred on November 4, 2010. Effective as of the Modification Closing Date, the existing Maturity Date of the Loan is hereby extended to the Payment Date in November, 2012, as such date may be extended pursuant to Section 2.1(b) below, or
such earlier date as may result from acceleration of the Loan during the continuance of an Event of Default in accordance with the Loan Agreement. 

(b) Options to Further Extend Maturity Date. Borrower shall have three (3) successive options (each, an
“Extension Option”) to further extend the Maturity Date of the Loan to, respectively, the Payment Date in November, 2013, the Payment Date in November, 2014 and the Payment Date in November, 2015 (each, an
“Extension Term”), provided that (i) if any Extension Option is not exercised, or is exercised but does not become effective, as provided in this Section 2.1, such Extension Option and all subsequent Extension
Options will automatically cease and terminate, and (ii) with respect to Borrower’s exercise of each Extension Option, all of the following conditions precedent must be satisfied in order for such exercise to become effective: 

(1) Borrower shall deliver to Lender written notice of such extension at least thirty (30) days and not more than ninety
(90) days prior to the scheduled commencement of the applicable Extension Term. 
 (2) No Event of Default and no
monetary Default shall be continuing on either the date of such notice or immediately prior to the scheduled commencement of the applicable Extension Term. 

(3) The term of the Mortgage Loan shall be extended through the end of the applicable Extension Term in accordance with
Section 2.1(b) of the Mortgage Loan Amendment. 
 (4) On or before the scheduled commencement of the applicable
Extension Term, Borrower shall have paid all reasonable out-of-pocket expenses incurred by Lender in connection with such extension, to the extent that such expenses have been timely invoiced to Borrower prior to the commencement of the applicable
Extension Term (it being understood that Borrower will pay any remaining reasonable expenses incurred by Lender in connection with such extension upon receipt of invoice therefor after the extension becomes effective, and that Borrower will pay any
reasonable expenses incurred by Lender in connection with any proposed extension, upon receipt of invoice therefor, whether or not such extension actually becomes effective). 

  
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 (5) Borrower shall have achieved the minimum Debt Yield (as defined in
Section 2.6(a) below) and minimum Mortgage Loan Note A Debt Yield (as defined in Section 2.6(a) below) specified below for the applicable Extension Term (and Borrower shall have delivered to Lender, at least thirty (30) days prior to
the commencement of the applicable Extension Term, a Debt Yield Certification, as defined in Section 2.6(a) below, for purposes of the required Debt Yield or Mortgage Loan Note A Debt Yield determination): 

(A) with respect to the first Extension Option, (i) a minimum Debt Yield of 7.9% for the Test Period ending
August 31, 2012, and (ii) a minimum Mortgage Loan Note A Debt Yield of 12.4% for the Test Period ending August 31, 2012; 

(B) with respect to the second Extension Option, (i) a minimum Debt Yield of 9.4% for the Test Period ending
August 31, 2013, and (ii) a minimum Mortgage Loan Note A Debt Yield of 14.9% for the Test Period ending August 31, 2013; and 

(C) with respect to the third Extension Option, (i) a minimum Debt Yield of 10.9% for the Test Period ending
August 31, 2014, and (ii) a minimum Mortgage Loan Note A Debt Yield of 17.9% for the Test Period ending August 31, 2014. 

For purposes of the foregoing Debt Yield and Mortgage Loan Note A Debt Yield tests, the definition of Test Period is modified to mean the 12
month period ending on the applicable date specified above (i.e., August 31, 2012, August 31, 2013 or August 31, 2014, respectively). 

(6) With respect to the first Extension Option only, Borrower shall have provided to Lender no later than August 31,
2012, updated Environmental Reports and Engineering Reports for each of the Mortgaged Properties, in each case prepared by a firm or firms reasonably acceptable to Lender. 

(c) No Other Options to Extend. Borrower shall have no further options to extend the Maturity Date other than as
set forth above in this Section 2.1. Section 1.2(b) of the Loan Agreement is hereby deleted. “Extension Term” as used in the Loan Agreement and the other Loan Documents shall have the definition given above in this
Section 2.1. 
 2.2 Compliance with Mortgage Loan Amendment. Borrower shall cause Property Owner to comply with the
Mortgage Loan Agreement as modified by the Mortgage Loan Amendment. Without limiting the foregoing, Borrower shall cause Property Owner to comply with the provisions of the Mortgage Loan Amendment relating to cash management and reserve accounts;
required repayments of the Mortgage Loan; the provision of an interest rate cap agreement to the Mortgage Lender; and the prohibition against certain payments and distributions. 

  
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 2.3 Intentionally Omitted. 

2.4 Interest Rate Changes. The following changes shall be effective retroactively with respect to interest rate determinations
made for periods from and after (and including) November 4, 2010: 
 (a) Revised Definition of LIBOR. The
definition of “LIBOR” in the Loan Agreement (as such defined term is used in the Loan Agreement and in this Amendment) is modified in the following respects only (and otherwise remains in effect): 

(1) The phrase “one-month period” in clauses (i) and (ii) of said definition is replaced with the phrase
“three-month period”; 
 (2) The following new clause (iv) is added immediately following the end of existing
clause (iii) of said definition: “(iv) Notwithstanding the foregoing, “LIBOR” shall be deemed equal to the greater of (x) one percent (1%) per annum and (y) the LIBOR rate per annum determined in accordance with
clauses (i) through (iii) above”; and 
 (3) In the last paragraph of said definition, the phrase
“rounded upwards to the nearest multiple of 1/100 of 1%” is replaced with the phrase “rounded upwards to the next highest 1/16 of 1%”. 

(b) New Definition of LIBOR Period. The following new defined term “LIBOR Period” (as such defined term
is used in the Loan Agreement and in this Amendment) shall have the meaning specified below: 
 ““LIBOR Period”
means (a) for the first LIBOR Period, the period commencing November 4, 2010 and ending February 5, 2011, and (b) for each LIBOR Period thereafter, the next succeeding consecutive three (3) Interest Accrual Periods, for the
term of the Loan.” 
 (c) Revised Definition of Interest Determination Date. The definition of
“Interest Determination Date” in the Loan Agreement (as such defined term is used in the Loan Agreement and in this Amendment) is amended and restated as follows: 

““Interest Determination Date” means, in connection with the determination of LIBOR for any LIBOR Period, the
second Business Day preceding the 14th day of the month in which such LIBOR Period commenced.” 
 (d) LIBOR
Breakage Amount. In connection with any voluntary or involuntary prepayment of the Loan, Borrower shall pay to Lender (which payment shall be paid to the Noteholders receiving the prepayment, in proportion to their respective prepayments)
the LIBOR Breakage Amount (as defined below). As used herein, the 

  
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“LIBOR Breakage Amount” means the sum on the date of prepayment of each Libor Monthly Interest Shortfall (as defined below) for the remaining term of the then current
LIBOR Period; provided, however, that no LIBOR Breakage Amount shall be due if the prepayment occurs on a Business Day falling within the last (i.e., the 3rd) Interest Accrual Period within any
LIBOR Period. As used herein, the “Libor Monthly Interest Shortfall” will be calculated by Lender for each monthly Payment Date through the end of the then current LIBOR Period and means the product of (1) the prepaid
principal balance of the Loan divided by 12, and (2) the positive result, if any, from (a) LIBOR (as in effect for the then current LIBOR Period), minus (b) the Libor Replacement Rate (as defined below). As used herein, the
“Libor Replacement Rate” means the rate calculated by linear interpolation (rounded to one thousandth of one percent (i.e., .001%)) of the rates, as listed on Reuters Screen LIBOR01 Page as of 11:00 a.m. London Time on the
second (2nd) full Eurodollar Business Day next preceding the prepayment date, of the British Bankers Association Libor Rate (rounded upward to the nearest one sixteenth of one percent) for U.S. Dollar deposits with designated maturities
(one longer and one shorter) most nearly approximating the number of days remaining in the then current LIBOR Period as of the prepayment date. If Reuters (a) publishes more than one (1) such Libor rate, the average of such rates shall
apply, or (b) ceases to publish such Libor rate, or if in Lender’s reasonable judgment the information contained on such page ceases to accurately reflect the rate offered by leading banks in the London interbank market as reported by any
publicly available source of similar market data selected by Lender, such Libor rate shall be determined from such substitute financial reporting service as Lender in its discretion shall determine. As used herein, “Eurodollar Business
Day” shall mean any Business Day on which banks in the City of London are generally open for interbank or foreign exchange transactions. 

(e) Spreads. 

(1) Spread. The term “Spread”, as such term is used in the Loan Agreement and the other Loan
Documents, is hereby amended to mean the following, during the periods specified: 
  

					
	 Loan Period:
	  	Spread:	 
		
	 12 month period from and after (and including) November 4, 2010
	  	 	8.00	% 
		
	 12 month period from and after (and including) the Payment Date occurring in November, 2011
	  	 	8.50	% 
		
	 12 month period from and after (and including) the Payment Date occurring in November, 2012
	  	 	9.50	% 
		
	 24 month period from and after (and including) the Payment Date occurring in November, 2013
	  	 	10.00	% 

 (2) Mortgage Loan Spreads. Lender and Borrower acknowledge and agree that the
“Spread” pursuant to the Mortgage Loan Agreement shall be as set forth in the Mortgage Loan Amendment. 
 (f)
Retroactive Application to November 4, 2010. The interest owing on the Loan during the period from and after (and including) November 4, 2010 to the Modification Closing Date shall be determined retroactively (taking into
account the revisions set forth in this Section 2.4). In consideration of the above retroactive application of such interest rates, any default interest or late penalties that may have accrued on the Loan Amount prior to the Modification
Closing Date are hereby waived by Lender. 

  
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 2.5 Intentionally Omitted. 

2.6 Debt Yield. 

(a) Definitions. As of the Modification Closing Date, the defined term “Debt Yield” and the new defined
terms “Mortgage Loan Note A Debt Yield”, Quarterly Minimum Debt Yield” and “Deferral Period” shall have the respective meanings set forth in the Mortgage Loan Amendment. 

(b) Borrower shall deliver to Lender, within forty-five (45) days following the end of each Fiscal Quarter, a Debt
Yield Certification for such Fiscal Quarter. Lender will have up to thirty (30) days following receipt of a Debt Yield Certification to review and verify the same. 

2.7 Interest Deferral. 

(a) Deferral of Interest Payments on the Loan. The payment of all interest on the Loan that accrues during any
Deferral Period shall be deferred until the Mortgage Loan Indebtedness is paid in full (and Borrower shall not cause or permit any such interest payments to be made on the Loan until the Mortgage Loan Indebtedness is paid in full). During any period
other than a Deferral Period, any disbursements made from the Cash Management Account pursuant to Section 3.2(b)(v) of the Mortgage Loan Agreement (as amended and restated in Section 2.12(e) of the Mortgage Loan Amendment), shall be
utilized to pay the full current interest payments that become due on the Loan (but not any previously deferred interest, which shall continue to be deferred until the Indebtedness is paid in full). Accrued and unpaid interest shall accrue during,
and be deemed to have been added to the Principal Indebtedness on the last day of, each Fiscal Year. 
 (b) Payments on
the Loan. Other than payments to Lender of Net Proceeds and Excess Capital Event Proceeds that are specifically permitted under 

  
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Sections 2.10 and 2.11 of the Mortgage Loan Amendment, the payment of current interest pursuant to Section 2.7(a) above, and the capitalization of deferred interest pursuant to
Section 2.7(a) above, Borrower shall not cause or permit any voluntary or involuntary payments on the Loan to be made until after the Mortgage Loan Indebtedness is paid in full. 

2.8 G&A Expenses. As used herein, “G&A Expenses” shall mean Borrower’s and Property
Owners’ general and administrative overhead expenses, which include an asset management fee payable monthly to Archon Group, L.P. or its permitted successors and assigns (the “Archon Asset Management Fee”). The following
provisions shall apply to G&A Expenses: 
 (a) Borrower shall submit to Lender for its review and approval at least
fifteen (15) days prior to the commencement of each calendar year an annual budget of G&A Expenses including the Archon Asset Management Fee (such budget as approved by Lender, together with any changes thereto approved by Lender, is
referred to herein as the “Approved G&A Budget”). Lender may disapprove any such proposed annual budget or portion thereof (or proposed change thereto) that fails to comply with the specific requirements of this
Section 2.8 or any other applicable provisions of the Loan Documents, but shall not otherwise unreasonably withhold its consent. 

(b) Borrower shall not permit Property Owner to utilize any income or proceeds of the Mortgage Loan Collateral to pay for
G&A Expenses, except that G&A Expenses that are allowed under an Approved G&A Budget shall be paid solely as and to the extent permitted by the Mortgage Loan Amendment. 

(c) No G&A Expenses (other than the Archon Asset Management Fee) shall be paid to Affiliates of Borrower. 

(d) The Archon Asset Management Fee shall be subject to the following restrictions: 

(1) Borrower represents to Lender that (i) the Archon Asset Management Fee is owing pursuant to that certain Asset
Management Agreement dated as of October 25, 2007, between W2007 Grace I, LLC, and Archon Group, L.P. (the “Asset Management Agreement”), (ii) the Asset Management Agreement is the entire agreement governing the
Asset Management Fee, and (iii) the Asset Management Agreement and the Asset Management Fee are and will continue to be based on asset management services provided for the Mortgaged Properties and the Encumbered Properties only. Borrower will
provide Lender with copies of any amendments to or replacements of the Asset Management Agreement so that Lender may verify compliance with the requirements of this Section. 

(2) The total Archon Asset Management Fee (including both paid portions and deferred portions as provided below) for each
calendar year shall be limited as follows: (i) the total Archon Asset Management Fee for 

  
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calendar year 2011 shall not exceed $6,600,000, or such lower amount that may be set forth in the Approved G&A Budget; (ii) the total Archon Asset Management Fee for calendar year 2012
may not increase by more than five percent (5%) over the total Archon Asset Management Fee for calendar year 2011; and (iii) the total Archon Asset Management Fee for any subsequent calendar year after 2012 (until the Indebtedness is paid
in full) shall not increase by more than five percent (5%) over the total Archon Asset Management Fee for the immediately preceding calendar year. The foregoing percentage limitations are not cumulative (i.e., they apply to each calendar year
independently). The foregoing maximum annual amounts shall be equitably adjusted to take into account the effect of sales or other dispositions of the Mortgaged Properties and the Encumbered Properties, at such times as Borrower has sold or
otherwise disposed of 25%, 50% and 75%, respectively, of the aggregate value of the Mortgaged Properties and the Encumbered Properties (for purposes of determining aggregate value under this sentence only, the proportionate values of the Mortgaged
Properties and the Encumbered Properties shall be deemed to be the percentages set forth on Schedule 2.8(d)(2) of the Mortgage Loan Amendment. 

(3) The payment of fifty percent (50%) of the monthly Archon Asset Management Fee that accrues during any Deferral Period
shall be deferred until the Indebtedness is paid in full. During any period other than a Deferral Period, Borrower may permit Property Owner to pay the monthly amount of the approved Archon Asset Management Fee then due (but not any previously
deferred amounts, which shall continue to be deferred until the Indebtedness is paid in full). 
 2.9 Financial Reporting.

 (a) Financial Statements. Sections 5.12, 5.13 and 5.14 of the Loan Agreement are hereby amended and restated
in their entirety as follows: 
 “5.12. Annual Financial Statements. As soon as available, and in any event within 90 days after
the close of each Fiscal Year, Borrower shall furnish to Lender consolidated financial statements of W2007 Grace I, LLC, including a consolidated balance sheet as of the end of such Fiscal Year, together with the related consolidated statements of
operations, changes in equityholders’ capital and cash flows for such Fiscal Year, audited by a “Big Four” accounting firm (or another independent accounting firm of national repute reasonably approved by Lender) whose opinion shall
be to the effect that such financial statements have been prepared in accordance with GAAP and shall not be qualified as to the scope of the audit or as to the status of W2007 Grace I, LLC as a going concern. Together with the annual financial
statements, Borrower shall furnish to Lender: 
 (i) an annual report for the most recently completed Fiscal Year,
describing Capital Expenditures (stated separately with respect to any project costing in excess of $500,000); and 
 (ii)
such other information as Lender shall reasonably request. 

  
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 5.13. Quarterly Financial Statements. As soon as available, and in any event within 45
days after the end of each Fiscal Quarter (including year-end), Borrower shall furnish to Lender unaudited consolidated financial statements of W2007 Grace I, LLC, including consolidated balance sheets as of the end of such Fiscal Quarter and the
related statements of operations and changes in equityholders’ capital for such Fiscal Quarter and for the portion of the Fiscal Year ending with such Fiscal Quarter, which statements shall be accompanied by an Officer’s Certificate
certifying that the same are true and correct and were prepared in accordance with GAAP, subject to changes resulting from audit and normal year-end adjustments. Each such quarterly report shall be accompanied by the following: 

(i) a statement in reasonable detail which calculates Net Operating Income for each of the Fiscal Quarters in the Test Period
ending in such Fiscal Quarter, in the case of each such Fiscal Quarter, ending at the end thereof; 
 (ii) then current
franchise reports, average daily room rates and occupancy reports; and 
 (iii) such other information as Lender shall
reasonably request. 
 5.14. Monthly Financial Statements. Borrower shall furnish within 30 days after the end of each calendar month
(i) unaudited operating statements (including a profit and loss statement) for each Mortgaged Property and Encumbered Property for such month and for the portion of the Fiscal Year ending with such month, (ii) unaudited consolidated
financial statements of W2007 Grace I, LLC, including consolidated balance sheets as of the end of such month and the related statements of operations and changes in equityholders’ capital for such month and for the portion of the Fiscal Year
ending with such month, and (iii) a statement of updated reserve balances for the Encumbered Property Indebtedness, which statements shall be accompanied by an Officer’s Certificate certifying that the same are true and correct and were
prepared in accordance with GAAP, subject to changes resulting from audit and normal year-end adjustments. Each such monthly report shall be accompanied by the following: 

(i) then current franchise reports, STR reports, average daily room rates and occupancy reports; and 

(ii) such other information as Lender shall reasonably request.” 

  
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 (b) Annual Budgets. Section 5.17 of the Loan Agreement is
hereby amended and restated in its entirety as follows: 
 “5.17 Annual Budget. At least 15 days prior to the commencement of
each Fiscal Year during the term of the Loan, Borrower shall deliver to Lender an Annual Budget for the Mortgaged Properties and the Encumbered Properties prepared by Property Owner in good faith for the ensuing Fiscal Year and, promptly after
preparation thereof, any subsequent revisions thereto. Further, at least 30 days after the occurrence of any Event of Default (provided that such Event of Default is then continuing), Borrower shall deliver to Lender an Annual Budget for the
Mortgaged Properties and the Encumbered Properties prepared by Property Owner in good faith for such period of time as Lender may designate, and, promptly after preparation thereof, any subsequent revisions thereto. Each such Annual Budget, and any
revisions thereto, shall be subject to Lender’s approval until the Indebtedness is repaid in full, which approval (so long as no Event of Default then exists and is continuing) shall not be unreasonably withheld, conditioned or delayed. Such
Annual Budget, as so approved by Lender, is referred to herein as an “Approved Annual Budget.”” 
 2.10
Mortgaged Property Releases. 
 (a) Definitions. As of the Modification Closing Date, (i) the
existing defined terms “Aggregate Allocated Loan Amount,” “Loan Amount,” “Mortgage Loan Amount,” “Minimum Release Price,” and “Release Price” (as used in the Loan Agreement and this Amendment) are
amended and restated as follows, and (ii) the new defined terms “Modification Closing Date” and “Second Omnibus Amendment” (as used in the Loan Agreement and this Amendment) shall have the meanings stated below: 

“Aggregate Allocated Loan Amount” means, with respect to each Mortgaged Property, the sum of the portions of the Loan
Amount and the Mortgage Loan Amount that are allocated to such Mortgaged Property, as set forth on the revised Schedule E to the Loan Agreement attached as Exhibit A to the Second Omnibus Amendment. 

“Loan Amount” shall mean $83,251,255.80 (which is the aggregate principal balance of the Loan, as of the Modification
Closing Date). 
 “Minimum Release Price” shall mean, with respect to each Mortgaged Property, the product of
(i) one hundred five percent (105%), and (ii) the Aggregate Allocated Loan Amount for such Mortgaged Property. For purposes of calculating the Minimum Release Price of multiple Mortgaged Properties that are to be released from the Liens of
the Mortgage Loan Documents on the same day, such Mortgaged Properties shall be treated as 

  
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if they were released sequentially. If Loss Proceeds in respect of any Mortgaged Property are applied towards Mortgage Loan Indebtedness as and to the extent permitted under the Mortgage Loan
Agreement, then the Minimum Release Price with respect to such Mortgaged Property shall be reduced by the amount as applied on a dollar-for-dollar basis. 

“Modification Closing Date” shall have the meaning given to such term in Section 4 of the Second Omnibus
Amendment. 
 “Mortgage Loan Amount” shall mean $946,556,929.39 (which is the aggregate principal balance of the
Mortgage Loan on the Modification Closing Date, after the required $10,000,000 principal payment under Section 2.2(a) of the Mortgage Loan Amendment). 

“Mortgage Loan Note A” means “Note A” as defined in the Mortgage Loan Amendment. 

“Release Price” shall mean, with respect to the permitted Transfer of any Mortgaged Property, the greater of
(i) one hundred percent (100%) of the Net Proceeds from the Transfer of such Mortgaged Property, or (ii) the Minimum Release Price. 

“Second Omnibus Amendment” means that certain Second Omnibus Amendment to Loan Documents dated as of
December     , 2010. 
 (b) New Schedule E. Schedule E to the Loan Agreement
(Aggregate Allocated Loan Amounts) is hereby replaced by the new Schedule E attached as Exhibit A to this Amendment. Lender and Borrower acknowledge that the Aggregate Allocated Loan Amounts in the new Schedule E attached to this Amendment are based
upon the revised Loan Amount and the revised Mortgage Loan Amount as stated above in this Section 2.10. 
 (c)
Release Price Payments For Mortgaged Properties. Section 2.2(a)(ii) of the Loan Agreement is deleted in its entirety, and superseded by this Section 2.10(c). 

(1) As used in this Section 2.10(c), the term “Pro Rata Payment Conditions” shall mean both of
the following: (i) the aggregate outstanding principal balance of Mortgage Loan Note A shall be equal to or less than $600,000,000 (taking into account the portion of the Release Price applied to principal prepayment in connection with such
release); and (ii) with respect to the most recent Test Period preceding the proposed release, Property Owner shall have achieved a minimum Debt Yield of 13% (after appropriate adjustments (x) to include only Operating Income and Operating
Expenses attributable to the Mortgaged Properties remaining after the release, and (y) to take into account principal prepayments made through the date of the release, including the Release Price to be applied to principal prepayment in
connection with such release, for purposes of determining the Principal Indebtedness and the Mortgage Loan 

  
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Principal Indebtedness). The foregoing determination shall be made independently with respect to each proposed release of a Mortgaged Property. Borrower shall deliver to Lender, at least thirty
(30) days prior to any proposed release of a Mortgaged Property, a Debt Yield Certification for purposes of the above Debt Yield determination. 

(2) If at any time a release of any Mortgage is proposed with respect to a Transfer of a Mortgaged Property, Borrower shall
(as a condition to such release being permitted hereunder) pay the Release Price to Mortgage Lender and (if applicable) to Lender in the proportions stated in Section 2.10©(2)(A) or Section 2.10(c)(2)(B) below, as applicable: 

(A) If either of the Pro Rata Payment Conditions will not be satisfied as of the occurrence of the proposed release and the
payment of the applicable Release Price, Borrower shall cause all of the Release Price to be paid to Mortgage Lender (and none of the Release Price shall be paid to Lender); or 

(B) If both of the Pro Rata Payment Conditions will be satisfied as of the occurrence of the proposed release and the payment
of the applicable Release Price, Borrower shall pay the Release Price to Lender and Mortgage Lender in proportion to the outstanding principal balances of the Loan and the Mortgage Loan as of the date of payment, in which case (i) the portion
of the Release Price paid to Lender shall be applied to the outstanding principal balance of the Loan, and (ii) the portion of the Release Price paid to Mortgage Lender shall be applied to the outstanding principal balance of the Mortgage Loan.

 (3) Notwithstanding anything contained herein to the contrary, Borrower shall not permit Property Owner to release any
Mortgage unless the full Release Price for the applicable Mortgaged Property encumbered by such Mortgage is paid to Mortgage Lender and, if applicable, Lender (even if the Net Proceeds are less than the Release Price), and if any amount is paid to
Lender in accordance herewith Borrower concurrently pays (i) the LIBOR Breakage Amount under Section 2.4(d) above and (ii) the amount of interest theretofore accrued but unpaid in respect of the principal amount so prepaid and
permitted to be paid at such time pursuant to the terms of the Mortgage Loan. Borrower may provide additional funds from another source (i.e., other than Net Proceeds, Collateral Accounts or revenue or proceeds of the Mortgage Collateral) to make up
any shortfall between the Net Proceeds and the Minimum Release Price. 
 (d) Conforming Revisions.
Notwithstanding anything in the Loan Documents to the contrary, from and after the Modification Closing Date, (i) the terms “Excess Transfer Proceeds,” “Mezzanine A Loan Percentage,” “Release Price Deficit,”
“Spread Maintenance Amount,” “Spread Maintenance Period,” and “DSCR Threshold” shall have no further application, and (ii) neither Borrower not Property Owner shall have any right to receive or retain any portion
of Net Proceeds from any Transfer of the Mortgaged Properties. Section 2.2(c) of the Loan Agreement is hereby deleted in its entirety. 

  
 -13- 

 2.11 Encumbered Property Capital Events. Section 2.5(a) of the Loan Agreement
is deleted in its entirety, and superseded by this Section 2.11. 
 (a) Encumbered Property Pro Rata Payment
Conditions. As used in this Section 2.11, with respect to any Capital Event affecting an Encumbered Property, the term “Encumbered Property Pro Rata Payment Conditions” shall mean both of the following:
(i) the aggregate outstanding principal balance of Mortgage Loan Note A shall be equal to or less than $600,000,000 (taking into account the Excess Capital Event Proceeds to be applied to the outstanding principal balance of Mortgage Loan Note
A in connection with such Capital Event); and (ii) with respect to the most recent Test Period preceding the occurrence of the Capital Event, Borrower shall have achieved a minimum Debt Yield of 13% (with appropriate adjustment take into
account principal prepayments made through the date of the Capital Event, including the amount to be applied to principal prepayment in connection with such Capital Event, for purposes of determining the Principal Indebtedness and the Mortgage Loan
Principal Indebtedness). The foregoing determination shall be made independently with respect to each Capital Event involving an Encumbered Property. Borrower shall deliver to Lender, at least thirty (30) days prior to any proposed Capital
Event with respect to an Encumbered Property, a Debt Yield Certification for purposes of the above Debt Yield determination. 

(b) Payment of Excess Capital Event Proceeds. If at any time a Capital Event shall occur with respect to any of
the Encumbered Properties: 
 (1) If either or both or both of the Encumbered Property Pro Rata Payment Conditions will not
be satisfied as of the occurrence of the Capital Event and the payment of the applicable Excess Capital Event Proceeds, Borrower shall cause all of the Excess Capital Event Proceeds to be paid to Mortgage Lender; or 

(2) If both of the Encumbered Property Pro Rata Payment Conditions will be satisfied as of the occurrence of the Capital Event
and the payment of the applicable Excess Capital Event Proceeds, Borrower shall cause all of the Excess Capital Event Proceeds to be paid to Lender and Mortgage Lender as principal payments on the Loan and the Mortgage Loan in proportion to their
respective outstanding principal balances as of the date of payment, in which case (i) the portion of the Excess Capital Event Proceeds paid to Lender shall be applied to the outstanding principal balance of the Loan, and (ii) the portion
of the Excess Capital Event Proceeds paid to Mortgage Lender shall be applied to the outstanding principal balance of the Mortgage Loan. 

2.12 Revised Schedule of Alcoholic Beverage Permit Holders. Schedule C attached to the Loan Agreement, pursuant to
Section 4.32(b) of the Loan Agreement, is hereby deleted and replaced with the amended and restated Schedule C attached as Schedule 2.18 to the Mortgage Loan Amendment (which Schedule is incorporated herein by this reference). 

  
 -14- 

 2.13 Guaranties. 

(a) Guaranty Amendment. On the Modification Closing Date, the Operating Partnership and Sponsor (collectively,
“Guarantors”) will each execute and deliver to Lender a First Amendment to Guaranty of Recourse Obligations (Mezzanine Loan) in the form(s) attached as Exhibit B to this Amendment (the “Guaranty
Amendment”). 
 2.14 Revised Schedule of Material Agreements. Schedule D attached to the Original Loan Agreement,
pursuant to Section 4.14(c) of the Loan Agreement, is hereby deleted and replaced with the amended and restated Schedule D attached as Schedule 2.19 to the Mortgage Loan Amendment (which Schedule is incorporated herein by this reference). 

2.15 Restrictions on Acquisitions of Further Mortgaged Properties and Encumbered Properties, and Financing of Encumbered
Properties. Notwithstanding anything in the Loan Documents to the contrary, from and after the Modification Closing Date: (i) without the prior written consent of Lender in its sole discretion, Borrower shall have no right to (and shall
not) cause or permit the acquisition of any additional Mortgaged Properties or Encumbered Properties; (ii) except with respect to the acquisition of Encumbered Property Indebtedness by Borrower or any Affiliate of Borrower from funds that are
not subject to the restrictions set forth in the Loan Agreement (as amended by this Amendment) and which such purchaser immediately extinguishes (without any new Lien being placed on the Encumbered Property, so that the Encumbered Property is held
free and clear of any Encumbered Property Indebtedness), without the prior written consent of Lender in its sole discretion, Borrower shall have no right to (and shall not) cause or permit Borrower or any Affiliate of Borrower to hold any interest
in any Encumbered Property Indebtedness (and Borrower represents to Lender that neither Borrower nor any Affiliate of Borrower holds any interest in any Encumbered Property Indebtedness as of the Modification Closing Date); and (iii) without
the prior written consent of Lender to the terms thereof (which shall not be unreasonably withheld or delayed), Borrower shall not cause or permit any modification or refinancing of any Encumbered Property Indebtedness; provided, however, that if
(x) (1) such modification or refinancing is entered into on market terms with a third party lender (not an Affiliate of Borrower), (2) any additional paydown amounts or required reserves (except to the extent already held in reserves
with respect to such Encumbered Property or Lender reasonably approves otherwise) will come from funds that are not subject to the restrictions set forth in the Loan Agreement (as amended by this Amendment), (3) no additional security interests
(other than the security interests that were granted under the current Encumbered Property Indebtedness) will be granted in connection with such modification or refinancing, (4) Borrower provides Lender with notice of all material terms of such
modification or refinancing, and (5) where the principal outstanding indebtedness after such refinancing or modification exceeds 100% of the principal outstanding indebtedness that existed under such Encumbered Property Indebtedness as of the
Modification Closing Date, the principal outstanding indebtedness after such modification or refinancing does not exceed the lesser of (a) a principal outstanding indebtedness amount that would result in a debt yield that is 10% based on the
trailing twelve (12) month operating income generated by the collateral subject to such indebtedness or (b) 115% of the principal outstanding indebtedness that existed under such Encumbered Property Indebtedness as of the Modification
Closing Date, then (y) Lender’s consent will not be required for such modification or refinancing. 

  
 -15- 

 2.16 Defined Terms. All defined terms in the Loan Agreement or other Loan Documents
that have been amended or restated in this Amendment shall from and after the Modification Closing Date have the amended or restated definitions contained in this Amendment. All new defined terms set forth in this Amendment (i.e., which are not
currently defined terms in the Loan Agreement) are hereby added to (and incorporated by reference into) the “Definitions” set forth at the beginning of the Loan Agreement. All references to the Mortgage Loan Agreement and Mortgage Loan
Documents in the Loan Agreement and other Loan Documents shall hereafter be deemed to refer to the Mortgage Loan Agreement and Mortgage Loan Documents as amended by the Mortgage Loan Amendment and the other amendments references therein and entered
into on the Loan Modification Date. 
 3. Waivers and Release. In consideration of the parties’ agreement to amend the
Loan Documents as set forth in this Amendment, Borrower and, by executing the Consents attached hereto, Guarantors and Pillar Hotel and Resorts, L.P. (formerly known as Archon Hospitality, L.P.) (collectively, “Releasors”)
agree as follows: 
 3.1 Releasors, acting on behalf of themselves, their constituent members, and their successors and assigns, and
any entities controlled by any of them, release and forever discharge Lender (and each of them), and their respective direct and indirect owners, parents, affiliates, subsidiaries, successors in interest, transferees, assigns, officers, directors,
employees, managers, attorneys, accountants, agents, and servants, and each of them, in all capacities, including individually (collectively “Lender Parties”) from any and all actions, liabilities, liens, debts, damages,
claims, suits, judgments, executions and demands of every kind, nature and description (collectively, “Claims”) that Releasors, their constituent members, and their successors and assigns, and any entities controlled by any
of them may have or hereafter may acquire against Lender Parties arising out of or in connection with the Loan, the Loan Documents, any actions taken by Lender (or any of them) in connection with the Loan or in the exercise of their rights and
remedies under the Loan Documents, or any other dealings between the Lender Parties (or any of them) and Releasors, their constituent members, or their successors and assigns, or any entities controlled by any of them in connection with the Loan,
including any Claims which may have been assigned to any Releasor by any Person, but only to the extent that the foregoing Claims arise during or relate to, or pertain to conduct occurring during, the period of time existing prior to the
Modification Closing Date. Releasors further waive and release any and all counterclaims, offsets or defenses which Releasors have or believe they may have in connection with the enforcement of the Note (and each of them) and other Loan Documents,
including without limitation Lender’s enforcement of its foreclosure sale rights under the Mortgages, but only to the extent that such counterclaims, offsets or defenses arise during or relate to, or pertain to conduct occurring during, the
period of time existing prior to the Modification Closing Date. 
 3.2 Each Releasor acknowledges that the foregoing release shall
extend to Claims which the Releasor does not know or suspect to exist in Releasor’s favor at the time of executing this Amendment, regardless of whether such Claims, if known by such Releasor, would have materially affected such Releasor’s
decision to enter into this Amendment. Each Releasor waives and relinquishes any right or benefit which it has or may have under any provision of the statutory or nonstatutory law of any jurisdiction which provides to the contrary, to the full
extent that it may lawfully waive all such rights and benefits. In connection with such 

  
 -16- 

 
waiver and relinquishment, each Releasor acknowledges that it is aware that it or its attorneys or agents may hereafter discover facts in addition to or different from those which it now knows or
believes to exist with respect to the subject matter of this Section 3 or the other parties hereto, but that each Releasor intends hereby fully, finally and forever to settle, waive and release all of the Claims, known or unknown, suspected or
unsuspected, which now exist or may exist hereafter between Releasors and the Lender Parties in connection with the Loan, except as otherwise expressly provided in this Section 3. This Release shall be and remain in effect notwithstanding the
discovery or existence of any such additional or different facts. 
 3.3 Releasors agree, jointly and severally, to defend, indemnify
and hold Lender Parties harmless from and against any losses, damages, costs (including reasonable attorneys’ fees, court costs and costs of appeal), expenses, judgments, liens, decrees, fines, penalties, liabilities, claims, actions,
executions, debts, demands, obligations, suits and causes of action (collectively, “Losses”) arising, directly or indirectly, from any Claims released pursuant to Section 3.1 above. If any of the Lender Parties incurs
such Losses, then Releasors shall promptly reimburse the Lender Parties upon request for all Losses arising therefrom. 
 3.4 Each
Releasor warrants and represents that it is the sole and lawful owner of all right, title and interest in and to all of the respective Claims released hereby and that it has not heretofore voluntarily or, to its knowledge, by operation of law or
otherwise, assigned or transferred or purported to assign or transfer to any person any such Claim or any portion thereof. 
 3.5
Each Releasor acknowledges that it has been represented by legal counsel of its own choice in connection with this Amendment and that it has agreed to the provisions of this Section 3 after consulting with such legal counsel regarding the
effect of this Section 3, and without reliance upon any promise or representation of any Person acting for or on behalf of any other party. Each Releasor further acknowledges that it and its counsel have had adequate opportunity to make
whatever investigation or inquiry they may deem necessary or desirable in connection with the subject matter of this release prior to the execution of this Amendment and the delivery and acceptance of the consideration described herein. 

3.6 Nothing contained herein shall be construed as an admission by any party of any liability of any kind to any other party. 

4. Conditions Precedent. Subject to the last sentence of this Section 4, the modifications to the Loan Documents set forth
in this Amendment shall not become effective until all of the following conditions precedent have been satisfied or waived (or deferred as provided below) by Lender in its sole and absolute discretion (herein referred to as the “Modification
Closing Date”); provided, however, that if for any reason whatsoever the Modification Closing Date does not occur by December 15, 2010, Lender may terminate this Amendment by written notice to Borrower at any time after such date and
prior to the occurrence of the Modification Closing Date. 
 4.1 Lender’s receipt of the fully executed originals of this
Amendment, the Guaranty Amendment (pursuant to Section 2.13(a) above), and all other instruments and documents required to be delivered pursuant to this Amendment. 

  
 -17- 

 4.2 (i) a copy of the fully executed Mortgage Loan Amendment; and (ii) the concurrent
closing under the Mortgage Loan Amendment on the Modification Closing Date. 
 4.3 Lender’s receipt, review and approval of
updated third party desktop USPAP certified summary appraisals on all of the remaining Mortgaged Properties, in addition to the equity value, after deduction of in-place mortgages, on all remaining Encumbered Properties, prepared by HVS Int’l.
The “appraised value” will be based on a 10-year discounted cash flow valuation. HVS Int’l will provide a valuation letter that contains the enterprise value for the portfolio assuming it was to sell as a whole. 

4.4 Lender’s receipt, review and reasonable approval of evidence of maintenance of current insurance policies and coverages
required under the Loan Agreement. 
 4.5 Lender’s receipt of a list of (and copies of) all new property management agreements,
subordination agreements, franchise agreements and comfort letters entered into since May 28, 2008. 
 4.6 Lender shall have
reasonably determined that no material adverse change has occurred in the financial condition of Borrower or the Operating Partnership from the date hereof through the Modification Closing Date. 

4.7 Lender receipt of an opinion or opinions of counsel, representing Borrower and Guarantors (collectively, the “Borrower
Parties”), for the benefit of Lender, opining as to (i) the due formation and good standing of each of the Borrower Parties, (ii) the due authorization, execution and delivery of this Amendment and the Guaranty Amendment,
(iii) the enforceability of this Amendment and the Guaranty Amendment, each in accordance with their terms, and such other matters as may be reasonably requested by Lender; which opinion letter or letters shall be in form and content (and with
assumptions and qualifications) reasonably acceptable to Lender. Also, receipt of a non-consolidation opinion acceptable to Lender. 

4.8 Borrower shall have paid to Lender all of its external costs and expenses incurred in evaluating, documenting, negotiating and
closing the transactions contemplated by this Amendment, and in connection with prior Borrower defaults and events leading up to this Amendment, including without limitation, all fees and costs incurred for legal services and closing matters. 

4.9 No Default or Event of Default shall then exist, other than those that will be cured by the occurrence of the Modification Closing
Date or waived hereunder. 
 4.10 (i) An updated organizational chart of Borrower and Guarantors (and Mortgage Borrower);
(ii) Authorizing consents and resolutions of Borrower and Guarantors; and (iii) Any amendments to the organizational/formation documents of Borrower or Guarantors (or Mortgage Borrower) since May 28, 2008. 

Borrower and Lender agree that upon the release of signature pages by all parties hereto, the Modification Closing Date shall be deemed to
have occurred and the conditions to closing set forth above shall be deemed satisfied (although the foregoing shall not be deemed a waiver of any representations, warranties or covenants set forth in other provisions of the Loan Documents that may
relate to the same subject matter as the foregoing conditions). 

  
 -18- 

 5. Modification of Loan Documents. The Loan Documents are hereby supplemented,
amended and modified to incorporate the provisions of this Amendment, which shall supersede and prevail over any conflicting provisions of the Loan Documents. Except as otherwise specifically modified by this Amendment, all terms and provisions of
the Loan Documents shall remain unmodified and in full force and effect. This Amendment shall not be construed as a novation of the Note or the other Loan Documents. This Amendment shall not prejudice or be construed as a waiver of any present or
future rights, remedies, benefits or powers belonging or accruing to Lender under the terms of the Loan Documents as amended by this Amendment. Except as specifically indicated, nothing contained in this Amendment shall in any way impair the Loan
Documents or alter, waive, annul, vary, affect or impair any provision, condition, or covenant contained therein or any right, power, or remedy granted therein. The obligations and covenants of this Amendment are in addition to (and are not in
substitution of) the obligations and covenants under the Loan Documents. 
 6. Default. The breach of any representation,
warranty, or covenant contained in this Amendment or the failure of Borrower or Guarantor to observe or comply with any term or agreement contained in this Amendment shall, subject to any applicable notice and cure period set forth in the Loan
Agreement, constitute an Event of Default under the Loan Agreement and the other Loan Documents, and Lender shall be entitled to exercise all rights and remedies it may have under the Loan Documents and applicable law, including without limitation
the right to declare all indebtedness and obligations owing under the Note, and all other Loan Documents, to be immediately due and payable in full. 

7. Additional Documents. Borrower shall, upon the request of Lender, execute, acknowledge, and deliver, or cause to be executed,
acknowledged, or delivered, such further documents, instruments, or agreements and perform such other acts as may be necessary, desirable, or proper for carrying out the intention or facilitating the performance of the terms of this Amendment or the
Loan Documents. 
 8. Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the parties and
their respective legal representatives, permitted successors and permitted assigns. 
 9. Third-Party Beneficiaries. Nothing
in this Amendment is intended to benefit or create any right, interest or cause of action in or on behalf of any other person other than the parties hereto unless expressly set forth herein. 

10. No Waiver. No failure to exercise, and no delay in exercising, any right, power or remedy under this Amendment or under any
document delivered by Borrower, Guarantor or any other party pursuant hereto or heretofore pursuant to the transactions contemplated hereby shall impair any right, power or remedy Lender may have, nor shall any such delay be construed to be a waiver
of any of such rights, powers or remedies, or an acquiescence in any breach or default under this Amendment or any document delivered pursuant to this Amendment or the transactions contemplated hereby, nor shall any waiver of any breach or default
of Borrower be deemed a waiver of any default or breach subsequently occurring. 

  
 -19- 

 11. Construction. Unless the context otherwise specifies or requires, all of the
terms used in this Amendment shall be applicable equally to the singular and plural forms of such terms and to all genders. Any pronoun used in this Amendment shall be deemed to cover all genders. The terms “include”,
“including” and similar terms shall be construed as if followed by the phrase “without being limited to.” The term “or” has, except where otherwise indicated, the inclusive meaning represented by the
phrase “and/or.” The words “hereof,” “herein,” “hereby,” “hereunder,” and similar terms in this Amendment refer to this Amendment as a whole and not to any particular
provision or section of this Amendment. An Event of Default shall “continue” or be “continuing” until such Event of Default has been waived in writing by Lender. 

12. Miscellaneous. The parties hereto acknowledge that they have been represented by counsel of their own choice throughout the
negotiations that preceded the execution of this Amendment and in connection with the preparation and execution of this Amendment and, as a result, this Amendment shall be construed without regard to any presumption or rule requiring construction
against the party causing the Amendment or any portion thereof to be drafted. The Loan Documents and this Amendment may be amended or modified only by a written agreement signed by the parties hereto. The Loan Documents and this Amendment contain or
expressly incorporate by reference the entire agreement of the parties with respect to the matters contemplated therein or herein and supersede all prior negotiations. In the event of any inconsistencies between the provisions of this Amendment and
the Loan Documents (without giving effect to this Amendment), the provisions of this Amendment shall control. This Amendment and the Consents attached hereto may be executed in any number of counterparts, each of which when executed and delivered to
Agent will be deemed to be an original and all of which, taken together, will be deemed to be one and the same instrument. Further, counterpart original signatures pages may be executed into one or more fully executed documents. The headings used in
this Amendment are for convenience only and shall be disregarded in interpreting the substantive provisions of this Amendment. Time is of the essence of each term of the Loan Documents and this Amendment. This Amendment shall be subject to
Section 9.2 (Governing Law) of the Loan Agreement. If any provision of this Amendment or any of the Loan Documents shall be determined by a court of competent jurisdiction to be invalid, illegal or unenforceable, that portion shall be deemed
severed therefrom and the remaining parts shall remain in full force as though the invalid, illegal, or unenforceable portion had never been a part thereof. 

13. Custodian. Lender hereby irrevocably directs the Custodian to execute and deliver this Amendment and the Guaranty Amendment.
Bank of America, N.A. has entered into and executed (i) this Amendment and (ii) the Guaranty Amendment (collectively, the “Amendments”) solely in its capacity as Custodian; (a) neither the Custodian nor any of
its officers, directors, employees, agents, attorneys-in-fact or Affiliates (the “Exculpated Parties”) shall be liable for any action taken or omitted to be taken by it or such person under or in connection with the
Amendments; (b) the Exculpated Parties shall not be under any obligation to ascertain or to inquire as to the observance or performance by any loan participant of any of the agreements contained in the Amendments; (c) none of the
Exculpated Parties shall have personal 

  
 -20- 

 
liability under the Amendments; (d) none of the parties hereto shall have recourse against the Exculpated Parties as a result of its execution of the Amendments; and (e) the Exculpated
Parties shall not be required to expend their own funds in connection with the performance of any obligation under the Amendments. 

[Signatures on following pages] 

  
 -21- 

 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first stated above.

  

			
	BORROWER:
	
	 W2007 EQUITY INNS SENIOR MEZZ, LLC,

a Delaware limited liability company

		
	By:		

		 	  

	Name:		 Peter A. Weidman

	Title:		 Authorized Signatory

 [signatures continue on next page] 

  
 SIGNATURE PAGE TO
SECOND OMNIBUS 
 AMENDMENT TO LOAN DOCUMENTS 

(MEZZANINE LOAN) 
 S-1 

 
			
	LENDER:
	
	 GOLDMAN SACHS MORTGAGE COMPANY,
 a
New York limited partnership

		
	By:		

		 	  

	Name:		 Mark J. Buono

	Title:		  

  
 SIGNATURE PAGE TO
SECOND OMNIBUS 
 AMENDMENT TO LOAN DOCUMENTS 

(MEZZANINE LOAN) 
 S-2 

 
			
	CUSTODIAN FOR LENDER:
	
	BANK OF AMERICA, N.A., as successor by merger to LaSalle Bank National Association, not in its individual capacity but solely as Custodian on behalf of the Participant pursuant to that certain Participation Agreement,
dated as of April 2, 2008
		
	By:		

		 	  

	Name:		 Jacqueline Reyes

	Title:		 Trust Officer

  
 SIGNATURE PAGE TO
SECOND OMNIBUS 
 AMENDMENT TO LOAN DOCUMENTS 

(MEZZANINE LOAN) 
 S-3 

 CONSENT AND AGREEMENT OF GUARANTORS 

This Consent and Agreement of Guarantors (this “Consent”) is attached to that certain Second Omnibus Amendment to Loan
Documents (Mezzanine Loan) (the “Amendment”) dated as of December     , 2010, executed by Goldman Sachs Mortgage Company, a New York limited partnership, as Lender, and W2007 Equity Inns Senior Mezz,
LLC, a Delaware limited liability company, as Borrower. Capitalized terms used and not defined in this Consent shall have the same meanings that are given to such terms in the Amendment or in the Loan Agreement referred to therein, as applicable.
Operating Partnership previously executed in favor of Lender that certain Payment Guaranty (Mezzanine A), dated October 25, 2007 (the “Operating Partnership Payment Guaranty”), which is secured by that certain Pledge and
Security Agreement (Encumbered Property Equity Interests – Mezzanine A Loan) dated as of October 25, 2007, executed by Operating Partnership in favor of Lender (the “Operating Partnership Pledge Agreement”).
Operating Partnership and Sponsor previously executed in favor of Lender that certain Guaranty of Recourse Obligations (Mezzanine A) dated as of October 25, 2007, as amended by the Guaranty Amendment (as so amended, the “Guaranty of
Recourse Obligations”). Operating Partnership previously executed in favor of Lender that certain Environmental Indemnity Agreement (Mezzanine A) dated as of October 25, 2007 (the “Environmental Indemnity
Agreement”). As used in this Consent, the term “Guarantors” means, collectively, Operating Partnership and Sponsor. 

Guarantors, having read and understood the provisions of the Amendment, each hereby (i) consents to all of the terms and provisions of
the Amendment, and (ii) joins in and makes in favor of Lender all of those waivers and releases set forth in Section 3 of the Amendment (which are hereby incorporated into this Consent in their entirety). 

Operating Partnership hereby: (a) agrees that the Amendment does not terminate or otherwise impair any of the obligations of Operating
Partnership to Lender under the Operating Partnership Payment Guaranty, the Operating Partnership Pledge Agreement, the Guaranty of Recourse Obligations and/or the Environmental Indemnity Agreement; (b) reaffirms, in light of the Amendment, the
obligations of Operating Partnership to Lender under the Operating Partnership Payment Guaranty, the Operating Partnership Pledge Agreement, the Guaranty of Recourse Obligations and the Environmental Indemnity Agreement; (c) agrees that the
Operating Partnership Payment Guaranty and the Guaranty of Recourse Obligations shall continue to guaranty the obligations of Borrower specified therein, as such obligations may have been modified by or pursuant to the Amendment and including the
Amendment; and (d) agrees that all references in the Operating Partnership Payment Guaranty, the Operating Partnership Pledge Agreement, the Guaranty of Recourse Obligations and/or the Environmental Indemnity Agreement, (i) to the
“Loan Agreement”, the “Note” and any other terms used therein or other Loan Documents described therein shall be deemed to be references to such terms and/or documents as amended by or pursuant to the Amendment, and (ii) to
the “Loan Documents” shall include, in addition to all other Loan Documents existing as of the date hereof, the Amendment and all documents executed pursuant to the Amendment. 

  
 CONSENT AND AGREEMENT

 OF GUARANTOR 
 -1- 

 Sponsor hereby: (a) agrees that the Amendment does not terminate or otherwise impair any of
the obligations of Sponsor to Lender under the Guaranty of Recourse Obligations; (b) reaffirms, in light of the Amendment, the obligations of Sponsor to Lender under the Guaranty of Recourse Obligations; (c) agrees that the Guaranty of Recourse
Obligations shall continue to guaranty the obligations of Borrower specified therein, as such obligations may have been modified by or pursuant to the Amendment and including the Amendment; and (d) agrees that all references in the Guaranty of
Recourse Obligations, (i) to the “Loan Agreement”, the “Note” and any other terms used therein or other Loan Documents described therein shall be deemed to be references to such terms and/or documents as amended by or
pursuant to the Amendment, and (ii) to the “Loan Documents” shall include, in addition to all other Loan Documents existing as of the date hereof, the Amendment and all documents executed pursuant to the Amendment. 

[Remainder of page intentionally left blank] 

  
 CONSENT AND AGREEMENT

 OF GUARANTOR 
 -2- 

 Operating Partnership has reread the Operating Partnership Payment Guaranty, the Operating
Partnership Pledge Agreement, the Guaranty of Recourse Obligations and the Environmental Indemnity Agreement, and Sponsor has reread the Guaranty of Recourse Obligations, and Operating Partnership and Sponsor, with the advice of their own counsel,
each hereby reaffirms and restates all waivers, authorizations, and agreements set forth in such documents, as though set forth in full in this Consent. 
  

					
	GUARANTORS:
	
	“Operating Partnership”
	
	 W2007 EQUITY INNS PARTNERSHIP, L.P.,

a Tennessee limited partnership

		
	By: 		 W2007 EQUITY INNS GEN-PAR, LLC,
 a
Delaware limited liability company,
 its General Partner

			
			By:		

		 		 	  

			Name:		 Peter A Weidman

			Title:		 Authorized signatory

	
	“Sponsor”
	
	 WHITEHALL STREET GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007,

a Delaware limited partnership

		
	By: 		 WH ADVISORS, L.L.C. 2007,
 a
Delaware limited liability company
 its General Partner

			
			By:		

		 		 	  

			Name:		 Peter A. Weidman

			Title:		 Authorized signatory

  
 CONSENT AND AGREEMENT

 OF GUARANTOR 
 -3- 

 CONSENT AND AGREEMENT OF PILLAR HOTEL AND RESORTS, L.P. 

This Consent and Agreement of Pillar Hotel and Resorts, L.P. (this “Consent”) is attached to that certain Second
Omnibus Amendment to Loan Documents (Mezzanine Loan) (the “Amendment”) dated as of December     , 2010, executed by Goldman Sachs Mortgage Company, a New York limited partnership, as Lender, and W2007
Equity Inns Senior Mezz, LLC, a Delaware limited liability company, as Borrower. Capitalized terms used and not defined in this Consent shall have the same meanings that are given to such terms in the Amendment or in the Loan Agreement referred to
therein, as applicable. The undersigned, Pillar Hotel and Resorts, L.P. (f/k/a Archon Hospitality, L.P.), a Delaware limited partnership (“Pillar Hotel”) is a party to the Pillar Hotel Property Management Agreements, and one
or more Consents and Agreements of Manager and Subordination of Management Agreement (Mezzanine A) made in favor of Lender with respect to all of such Pillar Hotel Property Management Agreements (collectively, the “Subordination
Agreements”). 
 Pillar Hotel, having read and understood the provisions of the Amendment, hereby (a) consents to all of
the terms and provisions of the Amendment, (b) agrees that the Amendment does not terminate or otherwise impair any of the obligations of the undersigned to Lender under the Subordination Agreements, (c) reaffirms the undersigned’s
obligations under the Subordination Agreements, in light of the Amendment, (d) agrees that all references in the Subordination Agreements to the Loan Agreement, the Note and any other terms used therein or other Loan Documents described therein
shall be deemed to be references to such terms and/or documents as amended by or pursuant to the Amendment, and that all references in the Subordination Agreements to the “Loan Documents” shall include, in addition to all other Loan
Documents existing as of the date hereof, the Amendment and all documents executed pursuant to the Amendment, and (e) joins in and makes in favor of Lender all of those waivers and releases set forth in Section 3 of the Amendment (which
are hereby incorporated into this Consent in their entirety). 
 [Remainder of page intentionally left blank] 

  
 CONSENT AND AGREEMENT

 OF ARCHON HOSPITALITY 
 -1-

 Pillar Hotel has reread the Subordination Agreements, and with the advice of its own counsel,
hereby reaffirms and restates all waivers, authorizations, and agreements set forth in the Subordination Agreements, as though set forth in full herein. 
  

					
	“Pillar Hotel”
	
	 PILLAR HOTEL AND RESORTS, L.P.,

(f/k/a Archon Hospitality, L.P.),
 a Delaware limited
partnership

		
	By: 		 Pillar Hotels and Resorst Gen-Par, L.L.C.,

a Delaware limited liability company,
 its general
partner

			
			By:		

		 		 	  

			Name:		 Chris Russell

			Title:		 President & Manager

  
 CONSENT AND AGREEMENT

 OF ARCHON HOSPITALITY 
 -2-

 CONSENT AND AGREEMENT OF MORTGAGE LENDER 

This Consent and Agreement of Mortgage Lender (this “Consent” is attached to that certain Second Omnibus Amendment to
Loan Documents (Mezanine Loan) (the “Amendment”) dated as of December     , 2010, executed by Goldman Sachs Mortgage Company, a New York limited partnership, as Lender, and W2007 Equity Inns Senior
Mezz, LLC, a Delaware limited liability company, as Borrower. Capitalized terms used and not defined in this Consent shall have the same meanings that are given to such terms in the Amendment or in the Loan Agreement referred to therein, as
applicable. The undersigned (collectively, “Mortgage Lender”) are the current “Mortgage Lender” (as such term is defined in the Loan Agreement) and currently holds all of the Mortgage Loan (as such term is defined
in the Loan Agreement). Mortgage Lender is also a party with Lender to that certain Intercreditor Agreement dated as of October 25, 2007 (the “Mortgage/Mezz Intercreditor Agreement”). 

Mortgage Lender, having read and understood the provisions of the Amendment, hereby (a) consents to all of the terms and provisions of
the Amendment, (b) agrees that the Amendment does not terminate or otherwise impair any of the obligations of the undersigned to Lender under the Mortgage/Mezz Intercreditor Agreement, (c) reaffirms the undersigned’s obligations under
the Mortgage/Mezz Intercreditor Agreement, in light of the Amendment, and (d) agrees that all references in the Mortgage/Mezz Intercreditor Agreement to the Mezzanine Loan Agreement, the Mezzanine Note and any other terms used therein or other
Mezzanine Loan Documents described therein shall be deemed to be references to such terms and/or documents as amended by or pursuant to the Amendment, and that all references in the Mortgage/Mezz Intercreditor Agreement to the “Mezzanine Loan
Documents” shall include, in addition to all other Mezzanine Loan Documents existing as of the date hereof, the Amendment and all documents executed pursuant to the Amendment. 

[Remainder of page intentionally left blank] 

  
 CONSENT AND AGREEMENT

 OF MORTGAGE LENDER 
 -1- 

 Mortgage Lender has reread the Mortgage/Mezz Intercreditor Agreement, and with the advice of its
own counsel, hereby reaffirms and restates all waivers, authorizations, and agreements set forth in the Mortgage/Mezz Intercreditor Agreement, as though set forth in full herein. 

 

					
	MORTGAGE LENDER:
	
	GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation
			
	By:		

		
		 	  

	Name:		 Renetta Lieske
		
		 	  

	Title:		 Authorized Signatory
		
		 	  

	
	 NEW YORK LIFE INSURANCE COMPANY,
 a
New York mutual insurance company

			
	By:				
		 	  

	Name:				
		 	  

	Title:				
		 	  

	
	 PB CAPITAL CORPORATION,
 a Delaware
corporation

			
	By:				
		 	  

	Name:				
		 	  

	Title:				
		 	  

  
 CONSENT AND AGREEMENT

 OF MORTGAGE LENDER 
 -2- 

 Mortgage Lender has reread the Mortgage/Mezz Intercreditor Agreement, and with the advice of its
own counsel, hereby reaffirms and restates all waivers, authorizations, and agreements set forth in the Mortgage/Mezz Intercreditor Agreement, as though set forth in full herein. 

 

					
	MORTGAGE LENDER:
	
	GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation
			
	By:				
		 	  

	Name:				
		 	  

	Title:				
		 	  

	
	 NEW YORK LIFE INSURANCE COMPANY,
 a
New York mutual insurance company

			
	By:		

		
		 	  
	 	  

	Name:		Richard Walsh		
		 	  

	Title:		Vice President		
		 	  

	
	 PB CAPITAL CORPORATION,
 a Delaware
corporation

			
	By:				
		 	  

	Name:				
		 	  

	Title:				
		 	  

  
 CONSENT AND AGREEMENT

 OF MORTGAGE LENDER 
 -2- 

 Mortgage Lender has reread the Mortgage/Mezz Intercreditor Agreement, and with the advice of its
own counsel, hereby reaffirms and restates all waivers, authorizations, and agreements set forth in the Mortgage/Mezz Intercreditor Agreement, as though set forth in full herein. 

 

					
	MORTGAGE LENDER:
	
	GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation
			
	By:				
		 	  

	Name:				
		 	  

	Title:				
		 	  

	
	 NEW YORK LIFE INSURANCE COMPANY,
 a
New York mutual insurance company

			
	By:				
		 	  

	Name:				
		 	  

	Title:				
		 	  

	
	 PB CAPITAL CORPORATION,
 a Delaware
corporation

			
	By:		

		

		 	  

	Name:		Jonathan Oh		Robert Rengifo
		 	  

	Title:		Senior Director		Senior Director
		 	  

  
 CONSENT AND AGREEMENT

 OF MORTGAGE LENDER 
 -2- 

 
			
	 GOLDMAN SACHS MORTGAGE COMPANY,
 a
New York limited partnership

		
	By:		

		 	  

	Name:		 Mark J. Buono

	Title:		 Authorized Signatory

	
	GUGGENHEIM STRUCTURED REAL ESTATE FUNDING 2005-1 LTD.
		
	By:		  

	Name:		  

	Title:		  

	
	OREGON PUBLIC EMPLOYEES RETIREMENT FUND
		
	By:		  

	Name:		  

	Title:		  

	
	 KEYBANK NATIONAL ASSOCIATION,
 a
national banking association

		
	By:		  

	Name:		  

	Title:		  

  
 CONSENT AND AGREEMENT

 OF MORTGAGE LENDER 
 -3- 

 
			
	 GOLDMAN SACHS MORTGAGE COMPANY,
 a
New York limited partnership

		
	By:		  

	Name:		  

	Title:		  

	
	GUGGENHEIM STRUCTURED REAL ESTATE FUNDING 2005-1 LTD.
	By:		Guggenheim Structured Real Estate Advisors LLC, its Collateral Manager
		
	By:		

		 	  

	Name:		 Grant G. Rogers

	Title:		 Managing Director

	
	OREGON PUBLIC EMPLOYEES RETIREMENT FUND
	By:		GSREA, LLC, a its Agent
		
	By:		

		 	  

	Name:		 Grant G. Rogers

	Title:		 Managing Director

	
	 KEYBANK NATIONAL ASSOCIATION,
 a
national banking association

		
	By:		  

	Name:		  

	Title:		  

  
 CONSENT AND AGREEMENT

 OF MORTGAGE LENDER 
 -3- 

 
			
	 GOLDMAN SACHS MORTGAGE COMPANY,
 a
New York limited partnership

		
	By:		  

	Name:		  

	Title:		  

	
	GUGGENHEIM STRUCTURED REAL ESTATE FUNDING 2005-1 LTD.
		
	By:		  

	Name:		  

	Title:		  

	
	OREGON PUBLIC EMPLOYEES RETIREMENT FUND
		
	By:		  

	Name:		  

	Title:		  

	
	 KEYBANK NATIONAL ASSOCIATION,
 a
national banking association

		
	By:		

		 	  

	Name:		 TAYVEN HIKE, CFA

	Title:		 VICE PRESIDENT

  
 CONSENT AND AGREEMENT

 OF MORTGAGE LENDER 
 -3- 

 
			
	THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND, CONNECTICUT BRANCH
		
	By:		

		 	  

	Name:		 Robert D. Gominiak

	Title:		 Director

		
	By:		

		 	  

	Name:		 Decian Meagher

	Title:		 Managing Director

  
 CONSENT AND AGREEMENT

 OF MORTGAGE LENDER 
 -4- 

 CONSENT AND AGREEMENT OF ASSET MANAGER 

This Consent and Agreement of Asset Manager (this “Consent”) is attached to that certain Second Omnibus Amendment to
Loan Documents (Mezzanine Loan) (the “Amendment”) dated as of December     , 2010, executed by Goldman Sachs Mortgage Company, a New York limited partnership, as Lender, and W2007 Equity Inns Senior
Mezz, LLC, a Delaware limited liability company, as Borrower. Capitalized terms used and not defined in this Consent shall have the same meanings that are given to such terms in the Amendment or in the Loan Agreement referred to therein, as
applicable. The undersigned, Archon Group, L.P., a Delaware limited partnership (“Asset Manager”) and Borrower are currently parties to that certain [Asset Management Agreement] dated
             (as now or hereafter amended, and including substitutions thereto or replacements thereof, the “Asset Management Agreement”), pursuant to which Asset
Manager provides asset management services to Borrower and Property Owner with respect to the Mortgaged Properties. 
 Asset Manager, having
read and understood the provisions of the Amendment, hereby: (a) consents to all of the terms and provisions of the Amendment (including without limitation the restrictions on the amount of the Asset Management Fee, and the deferral of 50% of
the Asset Management Fee, set forth in Section 2.8(d) of the Amendment); (b) agrees that Asset Manager’s right to receive the Archon Asset Management Fee is subject to all restrictions set forth in the Amendment (including without
limitation Section 2.8(d) thereof), and that Asset Manager will hold in trust for Mortgage Lender and immediately pay over to Mortgage Lender any payments made under the Asset Management Agreement in violation of the restrictions set forth in
the Amendment; (c) confirms and agrees that Lender has no obligation to Asset Manager under or with respect to the Asset Management Agreement; (d) confirms and agrees that the Asset Management Agreement (including without limitation any
obligation to pay any deferred portion of any Asset Management Fee) shall not be binding on the Mortgaged Properties, Lender, Mortgage Borrower, any receiver obtained by Lender or Mortgage Lender, or any other party that acquires ownership of any of
the Mortgaged Properties, following any foreclosure (or conveyance in lieu of foreclosure) of any Collateral; and (e) subordinates its right to receive any and all payments under the Asset Management Agreement to Lender’s liens and rights
to receive payments under the Loan Documents (provided that Asset Manager may retain portions of the Asset Management Fee received by Asset Manager prior to the occurrence of an Event of Default to the extent permitted under the provisions of the
Amendment and other Loan Documents). 
 [Remainder of page intentionally left blank] 

  
 CONSENT AND AGREEMENT

 OF ASSET MANAGER 
 -1- 

 Asset Manager, with the advice of its own counsel, has executed this Consent in favor of Lender
and its successors and assigns under or with respect to the Loan Documents. 
  

			
	“Asset Manager”
	
	 ARCHON GROUP, L.P.,
 a Delaware
limited partnership

		
	By:		

		 	  

	Name:		 Ron K Barger

	Title:		 Vice President

  
 CONSENT AND AGREEMENT

 OF ASSET MANAGER 
 -2- 

 EXHIBIT A 

REVISED SCHEDULE E TO LOAN AGREEMENT 

(Aggregate Allocated Loan Amounts) 

Note: This Schedule E replaces the existing Schedule E to the Loan Agreement. 

[see attached] 

  
 EXHIBIT A 

REVISED SCHEDULE E TO LOAN AGREEMENT 

(Aggregate Allocated Loan Amounts) 

 

 

 

 

 

 

 EXHIBIT B 

FORM OF GUARANTY AMENDMENT 
 [see
attached] 

  
 EXHIBIT B 

FORM OF GUARANTY AMENDMENT(S) 

 FIRST AMENDMENT TO GUARANTY OF RECOURSE OBLIGATIONS 

(MEZZANINE A LOAN) 
 THIS
FIRST AMENDMENT TO GUARANTY OF RECOURSE OBLIGATIONS (MEZZANINE A LOAN) (this “Amendment”) is made and entered into as of December     , 2010, by and between WHITEHALL STREET GLOBAL REAL ESTATE LIMITED
PARTNERSHIP 2007, a Delaware limited partnership (together with its successors and assigns, “Sponsor”), W2007 EQUITY INNS PARTNERSHIP, L.P., a Tennessee limited partnership, (together with its successors and assigns,
“Operating Partnership”; and collectively with Sponsor, “Guarantors” and each a “Guarantor”), and GOLDMAN SACHS MORTGAGE COMPANY, a New York limited partnership (together with
its successors and assigns, the “Lender”). 
 RECITALS 

A. Lender (through Bank of America, National Association, successor by merger to LaSalle Bank National Association, a national banking
association, in its capacity as custodian) is the current “Lender,” and W2007 EQUITY INNS SENIOR MEZZ, LLC, a Delaware limited liability company (the “Borrower”) is the current “Borrower,” pursuant to a
Loan Agreement dated as of October 25, 2007, between Borrower and Lender (the “Original Loan Agreement”), as amended by an Omnibus Amendment to Loan Documents (Mezzanine A) dated as of April 2, 2008, and a Second
Omnibus Amendment to Loan Documents (Mezzanine Loan) dated as of the date hereof. The Original Loan Agreement, as so modified, is referred to herein as the “Loan Agreement.” Capitalized terms used and not defined in this
Amendment shall have the same meanings that are given to such terms in the Loan Agreement. Pursuant to the terms of the Loan Agreement, Lender made a loan to Borrower (the “Loan”) for the purposes described in the Loan
Agreement. 
 B. The Loan is guaranteed by, among other things, a Guaranty of Recourse Obligations (Mezzanine A) (the “Recourse
Guaranty”) dated as of October 25, 2007, made by Guarantors in favor of Lender. 
 C. Lender and the Guarantors desire to
modify the Recourse Guaranty upon the terms and conditions set forth in this Amendment. 
 D. This Amendment is a “Loan Document”
as such term is defined in the Loan Agreement. 
 AGREEMENT 

NOW, THEREFORE, with reference to the foregoing Recitals and in consideration of the mutual covenants and agreements contained in this
Amendment, and for other valuable consideration, receipt of which is acknowledged, Borrower and Lender hereby agree as follows: 
 1.
Recitals. Lender and the Guarantors acknowledge and agree that the above statements of fact set forth in the Recitals are true and correct. 

  
 -1- 

 2. Defined Terms. Section 1(b) of the Recourse Guaranty is amended in its
entirety to read as follows: 
 (b) The term “Guaranteed Obligations” shall mean, (x) with respect to
Sponsor, the obligations set out in Section 2(a) and the Joint and Several Guaranteed Obligations as defined in Section 2(b), and (y) with respect to Operating Partnership, the obligations set out in
Section 2(a), the Joint and Several Obligations as defined in Section 2(b) and the Operating Partnership Guaranteed Obligations as defined in Section 2(c). For the avoidance of doubt, no use of the general term
“Guaranteed Obligations” to characterize the obligations of Sponsor and Operating Partnership hereunder shall imply any liability on the part of Sponsor for any of the Operating Partnership Guaranteed Obligations, nor shall it in any way
be deemed a limitation on or vitiation of the cap on Sponsor’s liability set forth in the last paragraph of Section 2(b); provided, that, except as expressly set forth herein with respect to the Operating Partnership
Guaranteed Obligations, all of the obligations of the Guarantors under this Agreement shall be joint and several. 
 3. Guaranty of Loan
Obligations. Section 2 of the Recourse Guaranty is amended in its entirety to read as follows: 
 2.
Guaranty of Loan Obligations. 
 (a) The Guarantors hereby irrevocably and unconditionally guarantee to Lender and its
successors and permitted assigns of interests in the Loan, on a joint and several basis, the payment of all of Borrower’s payment obligations under the terms of the Loan Agreement, the Note and the other Loan Documents as and when the same
shall be due and payable, whether by lapse of time, by acceleration of maturity or otherwise; provided that such amounts shall only be payable in the event of (i) any voluntary Transfer of any of the Mortgaged Properties, the
Mortgage Loan Collateral, the Collateral or any other direct or, except as described in Section 7.1(f) of the Loan Agreement, indirect interest in Borrower, Property Owner or Property Owner GP, or (ii) the occurrence of any filing by
Borrower, Property Owner or Property Owner GP under the Bankruptcy Code or any joining or colluding by Borrower, Property Owner or Property Owner GP or any of their Affiliates (including any Guarantor) in the filing of an involuntary case in respect
of Borrower, Property Owner or Property Owner GP under the Bankruptcy Code. To the extent such payment obligation arises, each Guarantor hereby irrevocably and unconditionally covenants and agrees that it is liable for such payment obligations as a
primary obligor. For the avoidance of doubt, the obligations of the Guarantors under this Section 2(a) is in addition to, and is not limited by, their obligations under Sections 2(b) and 2(c), below. 

(b) Without in any way limiting its obligations under Sections 2(a) and 2(c), the Guarantors hereby agree to
indemnify Lender on a joint and several basis and hold Lender harmless from and against any and all Damages to Lender (including the legal and other expenses of enforcing the obligations of Borrower 

  
 -2- 

 
and/or any Guarantor hereunder and under Section 9.19(b) of the Loan Agreement) to the extent resulting from or arising out of any of the following (collectively, the “Joint
and Several Guaranteed Obligations”): 
 (i) any voluntary Lien on any of the Mortgaged Properties, the Mortgage
Loan Collateral or the Collateral which is prohibited under the Loan Agreement; 
 (ii) (A) The misappropriation or
misapplication in violation of the Loan Documents and/or the Mortgage Loan Documents by Borrower, Property Owner, Property Owner GP, the Guarantors or any of their respective Affiliates of any funds (including misappropriation or misapplication of
Revenues, security deposits, Net Proceeds and/or Loss Proceeds and/or any excess proceeds from Mortgage Lender’s exercise of any of its remedies under the Mortgage Loan Documents remaining after payment in full of the Mortgage Loan Indebtedness
and the violation of the last sentence of Section 5.7(d) of the Loan Agreement and/or the Mortgage Loan Agreement), (B) any failure by the Operating Partnership to remit or cause to be remitted all net Revenues generated by the
Encumbered Properties in the possession or control of the Operating Partnership or its Affiliates, including but not limited to all Excess Capital Event Proceeds with respect to all or any part of the Encumbered Properties, or sales of full or
partial interests in the Encumbered Properties, into the Mortgage Loan Cash Management Account or a Mortgage Loan Blocked Account, in each case pursuant to and solely to the extent required under Section 3.1(b)(ii) of the Loan Agreement,
(C) Borrower, Property Owner, Property Owner GP or any Guarantor or any of their respective Affiliates give any payment directions to any Approved Property Manager after an Event of Default with respect to any Revenues or other proceeds of the
Mortgaged Properties and the Encumbered Properties that conflict with any prior instructions given by Lender or Mortgage Lender to such Approved Property Manager, or (D) any failure of the Operating Partnership to turn over any Trust Preferred
Payments to Mortgage Lender as required under Section 3.2(b)(vi) of the Mortgage Loan Agreement (as amended); 

(iii) Borrower’s failure to notify Lender or cause Lender to be notified of the receipt by the Encumbered Property Owner
of a written notice of default (specifically denominated as such) under any Encumbered Property Indebtedness Document and/or Borrower’s failure to reasonably cooperate with Lender to permit Lender to cure the default, in each case if, and only
if, a Whitehall Knowledge Party is aware of same, in each case pursuant to Section 5.21 of the Loan Agreement; 

(iv) The failure of Borrower to deliver any certificates which evidence the equity interests pledged by Borrower pursuant to
the Pledge Agreement to Lender, together with an executed stock, membership or partnership power, as applicable, in blank; and 

(v) Borrower’s failure to maintain insurance as required by the Loan Agreement or any other Loan Document. 

  
 -3- 

 Notwithstanding the foregoing, but without in any way limiting the obligations and liabilities of
any Guarantor under Section 2(a) above, of Operating Partnership with respect to the Joint and Several Guaranteed Obligations or of Operating Partnership and Sponsor with respect to any other guarantees delivered in connection with the
Loan and/or the Mezzanine Loan, Sponsor’s (but not Operating Partnership’s) aggregate liability with respect to the Joint and Several Guaranteed Obligations shall in no event exceed 10% of the Principal Indebtedness as of the time the acts
or omissions giving rise to such Joint and Several Guaranteed Obligations occurred. 
 (c) Without in any way limiting its
obligations under Sections 2(a) and 2(b), Operating Partnership hereby agrees to indemnify Lender and hold Lender harmless from and against any and all Damages to Lender (including the legal and other expenses of enforcing the
obligations of Borrower hereunder and under Section 9.19(b) of the Loan Agreement or of Operating Partnership hereunder) to the extent resulting from or arising out of any of the following (collectively, the “Operating
Partnership Guaranteed Obligations”): 
 (i) Any fraud or intentional misrepresentation committed by Borrower,
Property Owner, Property Owner GP, the Guarantors or any of their respective Affiliates in connection with the Loan and/or the Mortgage Loan; 

(ii) Any breach by Borrower, Property Owner, Property Owner GP, or the Guarantors of any representation or covenant regarding
environmental matters contained in the Loan Agreement or in the Environmental Indemnity Agreement; 
 (iii) Any intentional
physical waste with respect to any Mortgaged Property committed or permitted by Borrower, Property Owner, Property Owner GP, the Guarantors or any of their respective Affiliates; and 

(iv) The failure of any of Borrower, Property Owner and/or, if applicable, any Single-Purpose Equityholder, at any time, to be
a Single-Purpose Entity. 
 4. Relationship to Recourse Guaranty. Except as expressly modified by or pursuant to this Amendment, all
terms and conditions of the Recourse Guaranty shall be and remain in full force and effect until all amounts owing under the Loan Agreement and each other Loan Document have been paid in full. Any reference to the Recourse Guaranty from and after
the effective date of this Amendment shall mean the Recourse Guaranty as amended by or pursuant to this Amendment. In the event of any inconsistency between the provisions of this Amendment and those of the Recourse Guaranty, the provisions of this
Amendment shall control. 

  
 -4- 

 5. Entire Agreement. This Amendment and the Loan Documents constitute the entire agreement
among the parties with respect to the subject matter hereof. This Amendment supersedes all previous negotiations, discussions and agreements between the parties relating to its subject matter, and no parol evidence of any prior or other agreement
shall be permitted to contradict or vary the terms hereof. 
 6. Governing Law. The validity, construction, enforcement and
interpretation of the Loan Documents (including this Amendment), and any claim, controversy or dispute arising under or related to any of the Loan Documents, the transactions contemplated thereby or the rights, duties and relationship of the parties
thereto, shall be governed by the laws of the State of New York, without regard to the principles thereof regarding conflict of laws, and any applicable laws of the United States of America. 

7. Successors and Assigns. This Amendment shall be binding on, and shall inure to the benefit of, the successors and permitted assigns
of the parties hereto. 
 8. Construction. Unless the context otherwise specifies or requires, all of the terms used in this
Amendment shall be applicable equally to the singular and plural forms of such terms and to all genders. Any pronoun used in this Amendment shall be deemed to cover all genders. The terms “include,” “including” and similar terms
shall be construed as if followed by the phrase “without being limited to.” The term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.” The words “hereof,”
“herein,” “hereby,” “hereunder,” and similar terms in this Amendment refer to this Amendment as a whole and not to any particular provision or section of this Amendment. 

9. Counterparts. This Amendment may be executed in counterparts, which together shall constitute but one and the same original. 

[Signatures begin on next page] 

  
 -5- 

 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first stated above.

  

					
	GUARANTORS:
	
	WHITEHALL STREET GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007,
	a Delaware limited partnership
		
	By:		WH ADVISORS, L.L.C. 2007,
			a Delaware limited liability company
			its General Partner
			
			By:		  

			Name:		  

			Title:		  

	
	W2007 EQUITY INNS PARTNERSHIP, L.P.,
	a Tennessee limited partnership
		
	By:		W2007 EQUITY INNS GEN-PAR, LLC,
			a Delaware limited liability company
			its General Partner
			
			By:		  

			Name:		  

			Title:		  

  
 SIGNATURE PAGES TO
FIRST 
 AMENDMENT TO GUARANTY OF 

RECOURSE OBLIGATIONS 
 S-1- 

 
			
	LENDER:
	
	GOLDMAN SACHS MORTGAGE COMPANY,
	a New York limited partnership
		
	By:		  

	Name:		  

	Title:		  

  
 SIGNATURE PAGES TO
FIRST 
 AMENDMENT TO GUARANTY OF 

RECOURSE OBLIGATIONS 
 S-2- 

 
			
	CUSTODIAN FOR LENDER:
	
	BANK OF AMERICA, N.A., as successor by merger to LaSalle Bank National Association, not in its individual capacity but solely as Custodian on behalf of the Participant pursuant to that certain Participation Agreement,
dated as of April 2, 2008
		
	By:		  

	Name:		  

	Title:		  

  
 SIGNATURE PAGES TO
FIRST 
 AMENDMENT TO GUARANTY OF 

RECOURSE OBLIGATIONS 
 S-3- 

 EXHIBIT C 

FORM OF MORTGAGE AMENDMENT 
 [see
attached] 

  
 EXHIBIT C 

MORTGAGE LOAN AMENDMENT 

 0332-136849/SCN 

THIRD OMNIBUS AMENDMENT TO LOAN DOCUMENTS 

(MORTGAGE LOAN) 
 THIS
THIRD OMNIBUS AMENDMENT TO LOAN DOCUMENTS (MORTGAGE LOAN) (this “Amendment”) is made and entered into as of December 15, 2010, by and between GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation
(“GECC”), NEW YORK LIFE INSURANCE COMPANY, a New York mutual insurance company (“New York Life”), PB CAPITAL CORPORATION, a Delaware corporation (“PB Capital”), THE GOVERNOR AND
COMPANY OF THE BANK OF IRELAND, CONNECTICUT BRANCH (“Bank of Ireland”), GOLDMAN SACHS MORTGAGE COMPANY, a New York limited partnership (“Goldman Sachs”), GUGGENHEIM STRUCTURED REAL ESTATE FUNDING
2005-1 LTD. (“GSRE”), OREGON PUBLIC EMPLOYEES RETIREMENT FUND (“OPERF”), KEYBANK NATIONAL ASSOCIATION, a national banking association (“KeyBank”), W2007 EQUITY INNS REALTY, LLC,
a Delaware limited liability company (“Borrower LLC”) and W2007 EQUITY INNS REALTY, L.P., a Delaware limited partnership (“Borrower LP”). GECC, New York Life, PB Capital and Bank of Ireland (and their
respective successors and assigns) are sometimes referred to herein collectively as the “A Noteholders.” Goldman Sachs (in its capacity as the holder of Note B-1A), KeyBank, GSRE and OPERF (and their respective successors and
assigns) are sometimes referred to herein collectively as the “B-1 Noteholders.” Goldman Sachs (in its capacity as the holder of Note B-2A and Note B-2B), and its successors and assigns, are sometimes referred to herein
collectively as the “B-2 Noteholders”. GECC, New York Life, PB Capital, Bank of Ireland, Goldman Sachs, KeyBank, GSRE and OPERF (and their respective successors and assigns) are sometimes individually and collectively
referred to herein as the “Lender” or the “Noteholders.” Borrower LLC and Borrower LP are individually, collectively, jointly and severally referred to herein as the “Borrower.”

 RECITALS 
 A. Lender
is the current “Lender,” and Borrower is the current “Borrower,” pursuant to a Loan Agreement dated as of October 25, 2007, between Borrower and Goldman Sachs (in such capacity as the sole initial Lender, the
“Original Lender”) (the “Original Loan Agreement”), as amended by a First Omnibus Amendment to Loan Documents (Mortgage) dated as of February 11, 2008, between Borrower and Original Lender (the
“First Omnibus Amendment”) and a Second Omnibus Amendment to Loan Documents (Mortgage) dated as of April 2, 2008, between Borrower and Original Lender (the “Second Omnibus Amendment”). The
Original Loan Agreement, as modified by the First Omnibus Amendment and the Second Omnibus Amendment, is referred to herein as the “Loan Agreement.” Capitalized terms used and not defined in this Amendment shall have the same
meanings that are given to such terms in the Loan Agreement. Pursuant to the terms of the Loan Agreement, Lender has made a loan to Borrower (the “Loan”), for the purposes described in the Loan Agreement. 

  
 -1- 

 B. The Note (as defined in the Original Loan Agreement) has been divided into the following
currently existing Note Components pursuant to Section 1.3(c) of the Original Loan Agreement: 
 (i) Note A-1A, in the
stated principal amount of $555,000,000, currently held by GECC, and having an outstanding principal balance of $462,044,469.80 as of the date hereof (“Note A-1A”). 

(ii) Note A-1B, in the stated principal amount of $ 100,000,000, currently held by New York Life, and having an outstanding
principal balance of $83,251,255.81 as of the date hereof (“Note A-1B”). 
 (iii) Note A-1C, in the
stated principal amount of $60,000,000, currently held by PB Capital, and having an outstanding principal balance of $49,950,753.50 as of the date hereof (“Note A-1C”). 

(iv) Note A-2, in the stated principal amount of $100,000,000, currently held by Bank of Ireland, and having an outstanding
principal balance of $83,251,255.81 as of the date hereof (“Note A-2”). 
 (v) Note B-1A, in the
stated principal amount of $134,000,000, currently held by Goldman Sachs, and having an outstanding principal balance of $111,556,682.81 as of the date hereof (“Note B-1A”). 

(vi) Note B-1B1, in the stated principal amount of $25,841,188.68, currently held by GSRE, and having an outstanding principal
balance of $25,841,188.68 as of the date hereof (“Note B-1B1”). 
 (vii) Note B-1B2, in the stated
principal amount of $15,784,439.23, currently held by OPERF, and having an outstanding principal balance of $15,784,439.23 as of the date hereof (“Note B-1B2”). 

(viii) Note B-1B3, in the stated principal amount of $41,625,627.91, currently held by KeyBank, and having an outstanding
principal balance of $41,625,627.91 as of the date hereof (“Note B-1B3”). 
 (ix) Note B-2A, in the
stated principal amount of $40,000,000, currently held by Goldman Sachs, and having an outstanding principal balance of $33,300,502.34 as of the date hereof (Note B-2A”). 

(x) Note B-2B, in the stated principal amount of $60,000,000, currently held by Goldman Sachs, and having an outstanding
principal balance of $49,950,753.50 as of the date hereof (“Note B-2B”). 
 As used herein:
(a) “Note A” means, collectively, Note A-1A, Note A-1B, Note A-1C and Note A-2; (b) “Note B-1” means, collectively, Note B-1A, Note B-1B1, Note B-1B2, and Note B-1B3;
(c) “Note B-2” means, collectively, Note B-2A and Note B-2B; (d) “Note B” means, collectively, Note B-1 and Note B-2; (e) “Note” means, collectively, Note A and
Note B; 

  
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and (f) all references to any of the foregoing include all amendments, modifications, restatements, supplements or replacements thereto (including any further components thereof created
under Section 1.3(c) of the Original Loan Agreement or otherwise). 
 C. The Mezzanine Loan (as such term is defined in the Original
Loan Agreement) currently consists solely of the Mezzanine A Loan (which has not been amended since the date on which GECC acquired Note A-1A). The Mezzanine B Loan, the Mezzanine C Loan, the Mezzanine D Loan, the Mezzanine E Loan, the Mezzanine F
Loan and the Mezzanine G Loan, have all been forgiven or discharged. 
 D. Borrower and Lender desire to modify the Loan Agreement and the
other Loan Documents upon the terms and conditions set forth in this Amendment. 
 E. This Amendment, and all documents executed pursuant
hereto, are Loan Documents as such term is defined in the Loan Agreement. 
 AGREEMENT 

NOW, THEREFORE, with reference to the foregoing Recitals and in consideration of the mutual covenants and agreements contained in this
Amendment, and for other valuable consideration, receipt of which is acknowledged, Borrower and Lender hereby agree as follows: 
 1.
Recitals; Waiver; Representations. 
 1.1 Recitals. Lender and Borrower acknowledge and agree that the above
statements of fact set forth in the Recitals are true and correct. 
 1.2 Prior Defaults. Borrower and Lender hereby
acknowledge and agree that the following Defaults or Events of Default exist prior to the Modification Closing Date (collectively, the “Prior Defaults”): (i) the existing Maturity Date of the Loan occurred on
November 4, 2010 and the Indebtedness was not repaid; and (ii) Borrower failed to deliver an unqualified auditor’s opinion in connection with the audited financial statements that were delivered to Lender on November 5, 2010 in
accordance with the requirements of the Loan Agreement. Upon the occurrence of the Modification Closing Date, Lender hereby permanently waives each of the Prior Defaults in their entirety. For purposes of clarification, Lender’s waiver of the
Prior Defaults identified above are one-time waivers only and shall not create any implication that (a) no other Defaults or Events of Default exist, or (b) Lender has waived strict compliance with any provisions of the Loan Documents in
the future (for example, Borrower shall remain obligated to deliver unqualified auditor’s opinions in the future under applicable provisions of the Loan Agreement). Lender also rescinds its notice of default set forth in Lender’s letter to
Borrower dated as of April 22, 2010, with respect to Borrower’s failure to provide documentary evidence of completion of Required Reserve Expenditures under Approved Franchise Agreements, and waives any Default or Event of Default arising
from Borrower’s failure to provide such documentary evidence (although Lender does not waive Borrower’s obligation to comply with all requirements under Approved Franchise Agreements). To the actual knowledge of Lender, without any
independent investigation, Lender is not currently aware of any Defaults or Events of Default (other than the Prior Defaults identified above to be waived as of the Modification Closing Date, and other than any Defaults or Events of Default

  
 -3- 

 
that may arise from matters disclosed by Borrower in Schedule 1.3 and Exhibit E attached to this Amendment) existing as of the date of execution hereof (provided that nothing herein shall be
construed to estop Lender from enforcing any Defaults or Events of Default of which Borrower has knowledge, whether or not disclosed herein). 

1.3 Borrower Representations. Borrower hereby represents and warrants to Lender that: (a) on the Modification Closing Date
(i.e., after giving effect to this Amendment), (i) no Event of Default will exist, and (ii) to Borrower’s knowledge, other than any Defaults that may arise from matters disclosed in letters received in connection with the Approved
Franchise Agreements for the Mortgaged Properties set forth in paragraph A of Schedule 1.3 attached hereto (copies of which have been or shall be delivered to Lender), no Default will exist; (b) except as set forth on the original Exception Report
and on Exhibit E attached hereto (which Exception Report shall be deemed to include the information set forth on Exhibit E attached hereto), and as otherwise specifically disclosed in this Amendment, all representations and warranties of Borrower
contained in the Loan Agreement or in any of the other Loan Documents (as the Loan Documents and such other Loan Documents are amended hereby) are true and correct as of the date hereof in all material respects, except (i) to the extent such
representations and warranties expressly relate to an earlier date (other than the Closing Date), such representations and warranties shall be reaffirmed as of such earlier date, and (ii) to the extent that any of such representations or
warranties by their terms are limited to Borrower’s knowledge, such reaffirmation shall also be limited to Borrower’s knowledge; (c) there have been no changes to the organizational or governing documents of Borrower or any other
party (other than Lender) to the Loan Documents other than any such changes that have been previously disclosed to Lender; (d) Borrower and each other party executing this Amendment or any other Loan Documents pursuant to this Amendment have
obtained all required authorizations and approvals to enter into and perform their respective obligations under this Amendment and such other Loan Documents; (e) as of the date hereof, Borrower has terminated all TRS Leases in accordance with
Section 2.4 of the Original Loan Agreement, and no TRS Lessees hold any interest in the Collateral; (f) the agreements set forth in paragraph B of Schedule 1.3 attached hereto are all of the currently effective Mezzanine A Loan Documents;
and (g) all Mezzanine Loan Documents with respect to Mezzanine Loans B through G, inclusive, have been released pursuant to the release agreements set forth in paragraph C of Schedule 1.3 attached hereto. 

2. Modifications. The Loan Documents are modified in the following respects only (to be effective as of the Modification Closing
Date): 
 2.1 Maturity Date. 

(a) Extension of Existing Maturity Date. The parties acknowledge that the existing Maturity Date of the Loan
occurred on November 4, 2010. Effective as of the Modification Closing Date, the existing Maturity Date of the Loan is hereby extended to the Payment Date in November, 2012, as such date may be extended pursuant to Section 2.1(b) below, or
such earlier date as may result from acceleration of the Loan during the continuance of an Event of Default in accordance with the Loan Agreement. 

  
 -4- 

 (b) Options to Further Extend Maturity Date. Borrower shall have
three (3) successive options (each, an “Extension Option”) to further extend the Maturity Date of the Loan to, respectively, the Payment Date in November, 2013, the Payment Date in November, 2014 and the Payment Date in
November, 2015 (each, an “Extension Term”), provided that (i) if any Extension Option is not exercised, or is exercised but does not become effective, as provided in this Section 2.1, such Extension Option and all
subsequent Extension Options will automatically cease and terminate, and (ii) with respect to Borrower’s exercise of each Extension Option, all of the following conditions precedent must be satisfied in order for such exercise to become
effective (it being understood that available funds in the Working Capital Reserve Account may be applied towards costs and payments incurred by Borrower in satisfying the below conditions, in accordance with amended and restated Section 3.9 of
the Original Loan Agreement, as set forth in Section 2.12(g) below): 
 (1) Borrower shall deliver to Lender written
notice of such extension at least thirty (30) days and not more than ninety (90) days prior to the scheduled commencement of the applicable Extension Term. 

(2) No Event of Default and no monetary Default shall be continuing on either the date of such notice or immediately prior to
the scheduled commencement of the applicable Extension Term. 
 (3) On or before the scheduled commencement of the
applicable Extension Term, Borrower shall have obtained an Extension Interest Rate Cap Agreement (covering both the Loan and the Mezzanine Loan) for the applicable Extension Term and collaterally assigned such Extension Interest Rate Cap Agreement
to Lender pursuant to an Assignment of Interest Rate Cap Agreement. 
 (4) On or before the scheduled commencement of the
applicable Extension Term, Borrower shall have paid all reasonable out-of-pocket expenses incurred by Lender in connection with such extension, to the extent that such expenses have been timely invoiced to Borrower prior to the commencement of the
applicable Extension Term (it being understood that Borrower will pay any remaining reasonable expenses incurred by Lender in connection with such extension upon receipt of invoice therefor after the extension becomes effective, and that Borrower
will pay any reasonable expenses incurred by Lender in connection with any proposed extension, upon receipt of invoice therefor, whether or not such extension actually becomes effective). 

(5) Borrower shall have achieved the minimum Debt Yield (as defined in Section 2.6(a) below) and minimum Note A Debt
Yield (as defined in Section 2.6(a) below) specified below for the applicable Extension Term (and Borrower shall have delivered to Lender, at least thirty (30) days prior to the commencement of the applicable Extension Term, a Debt Yield
Certification, as defined in Section 2.6(a) below, for purposes of the required Debt Yield or Note A Debt Yield determination): 

(A) with respect to the first Extension Option, (i) a minimum Debt Yield of 7.9% for the Test Period ending
August 31, 2012, and (ii) a minimum Note A Debt Yield of 12.4% for the Test Period ending August 31, 2012; 

  
 -5- 

 (B) with respect to the second Extension Option, (i) a minimum Debt Yield
of 9.4% for the Test Period ending August 31, 2013, and (ii) a minimum Note A Debt Yield of 14.9% for the Test Period ending August 31, 2013; and 

(C) with respect to the third Extension Option, (i) a minimum Debt Yield of 10.9% for the Test Period ending
August 31, 2014, and (ii) a minimum Note A Debt Yield of 17.9% for the Test Period ending August 31, 2014. 

For purposes of the foregoing Debt Yield and Note A Debt Yield tests, the definition of Test Period is modified to mean the 12
month period ending on the applicable date specified above (i.e., August 31, 2012, August 31, 2013 or August 31, 2014, respectively). Further, Borrower shall have the right to make a voluntary principal prepayment prior to the
commencement of the applicable Extension Term in order to cause the applicable Debt Yield or Note A Debt Yield test to be achieved, provided that the entire amount of such principal prepayment must be applied (i) first, to the outstanding
principal balance of Note A only (which payment shall be applied pro rata to the A Noteholders based on their respective outstanding principal balances as of the Modification Closing Date) until Note A is paid in full, (ii) second, to the
outstanding principal balance of Note B-1 (which payment shall be applied pro rata to the B-1 Noteholders based on their respective outstanding principal balances as of the Modification Closing Date) until Note B-1 is paid in full, and
(iii) third, to the outstanding principal balance of Note B-2 (which payment shall be applied pro rata to the B-2 Noteholders based on their respective outstanding principal balances as of the Modification Closing Date) until Note B-2 is paid
in full. For purposes of clarification with respect to the Note B payment priorities set forth in clauses (ii) and (iii) above, (x) all principal prepayments made when the Debt Yield (determined based upon the most recent trailing
twelve month period then reported (which in any event must be within 60 days)) prior to such prepayment satisfies the debt yield test required to exercise either the upcoming Extension Option or final Extension Option shall be applied in accordance
with Section 2.2(d) hereof and (y) all other principal prepayments made shall be deemed to have been made in order to cause such debt yield test to be achieved and shall be governed by the priorities set forth in clauses (ii) and
(iii) above. For avoidance of doubt, and notwithstanding anything herein to the contrary, all prepayments from Net Proceeds (i.e., from a Transfer of any Mortgaged Property) or Excess Capital Event Proceeds (i.e., from a Capital Event with
respect to any Encumbered Property) shall be applied in the manner specified in Section 2.10 or 2.11, as applicable, and the foregoing shall not apply thereto. 

  
 -6- 

 (6) With respect to the first Extension Option only, Borrower shall have paid,
from Sweep Amounts (as defined in Section 2.2(b) below) or from voluntary prepayments of Note A in accordance with the terms of this Amendment (excluding, however, prepayments derived from Loss Proceeds, Net Proceeds or Excess Capital Event
Proceeds), a minimum cumulative principal payment of $10,000,000 on Note A during the period following the Modification Closing Date until immediately prior to the commencement of the first Extension Term, or, alternatively, Borrower may make a
principal payment on Note A prior to the commencement of the first Extension Term sufficient to achieve such required minimum principal payment (for purposes of clarification, the foregoing $10,000,000 cumulative principal payment does not include,
and is in addition to, the $10,000,000 principal payment required on the Modification Closing Date under Section 2.2(a) below). 

(7) With respect to the first Extension Option only, Borrower shall have provided to Lender no later than August 31,
2012, updated Environmental Reports and Engineering Reports for each of the Mortgaged Properties, in each case prepared by a firm or firms reasonably acceptable to Lender. 

(c) No Other Options to Extend. Borrower shall have no further options to extend the Maturity Date other than as
set forth above in this Section 2.1. Section 1.2(b) of the Original Loan Agreement is hereby deleted. “Extension Term” as used in the Loan Agreement and the other Loan Documents shall have the definition given above in this
Section 2.1. 
 2.2 Principal Payments. 

(a) Required Principal Payment On the Modification Closing Date. Borrower shall make a $10,000,000 principal
prepayment on the Loan on the Modification Closing Date (from sources described in Section 2.12(d) below), all of which shall be applied to the outstanding principal balance of Note A only (which payment shall be applied pro rata to the A
Noteholders based on their respective outstanding principal balances as of the Modification Closing Date). 
 (b)
Required Principal Payments From Annual Sweep of Working Capital Reserve Account. On August 15 of each calendar year during the term of the Loan following the Modification Closing Date (each, a “Sweep Date”),
the applicable Sweep Amount shall be applied to the outstanding principal balance of Note A only (which payment shall be applied pro rata to the A Noteholders based on their respective outstanding principal balances as of the Modification Closing
Date) until Note A is paid in full. “Sweep Amount” shall mean, for each Sweep Date, the amount (if any) by which the balance of the Working Capital Reserve Account exceeds $10,000,000, determined as of the next Business Day
following the Payment Date which immediately follows the June 30th of each calendar year during the term of the Loan preceding the applicable Sweep Date. “Sweep Amounts” shall mean, collectively, each Sweep Amount
applied under this Section. 

  
 -7- 

 (c) Voluntary Principal Prepayments. Section 2.1(a) of the
Original Loan Agreement is amended and restated in its entirety as follows: 
 “2.1(a) Borrower may voluntarily prepay the Loan in whole
or in part on any Business Day, without incurring any fee or penalty; provided, however, that in connection with any such prepayment, Borrower shall pay (i) any LIBOR Breakage Amount that is required under Section 2.4(d) of the Third
Omnibus Amendment, and (ii) the amount of interest theretofore accrued but unpaid in respect of the principal amount so prepaid.” 

(d) Other Principal Payments. Except as provided in the last sentence of this Section 2.2(d),
notwithstanding anything in the Loan Documents to the contrary, all voluntary and involuntary principal prepayments on the Loan, including without limitation all prepayments of Loss Proceeds (i.e., from a Casualty or Condemnation affecting any of
the Mortgaged Properties, to the extent not used for repair or reconstruction of the Collateral as permitted by the Loan Documents), shall first be applied to the outstanding principal balance of Note A only (which payment shall be applied pro rata
to the A Noteholders based on their respective outstanding principal balances as of the Modification Closing Date) until Note A is paid in full. After Note A is paid in full, all voluntary and involuntary principal prepayments on the Loan, including
without limitation all prepayments of Loss Proceeds (but excluding (i) any principal prepayment which shall be governed by the priorities set forth in clauses (ii) and (iii) of Section 2.1 (b)(5) in accordance with the second (2nd) and third (3rd) sentences of the last paragraph of Section 2.1(b)(5)), and (ii) principal payments of Sweep Amounts made
under Section 2.2(b)), shall be applied to the outstanding principal balance of Note B only (which payment shall be applied pro rata to the B-1 Noteholders and the B-2 Noteholders based on their respective outstanding principal balances at the
time of such payment). The preceding two sentences shall not, however, apply to principal prepayments from Net Proceeds (i.e., from a Transfer of any Mortgaged Property) or Excess Capital Event Proceeds (i.e., from a Capital Event with respect to
any Encumbered Property), which are governed by the provisions of Sections 2.10 and 2.11 below. 
 2.3 No Distributions.
Notwithstanding anything in the Loan Documents to the contrary, from and after the Modification Closing Date, Borrower shall not make any Distributions (as defined below) to any of its members or partners or to any other holders of direct or
indirect ownership interests in Borrower, or to any of its Affiliates, until such time as the Indebtedness has been paid in full; provided that the foregoing restriction shall not apply to (i) permitted payments to Pillar Hotel and Resorts, L.P.
(f/k/a Archon Hospitality, L.P.) (together with its permitted successors and assigns, “Pillar Hotel”) under Approved Management Agreements, (ii) payments made pursuant to an Approved G&A Budget pursuant to
Section 3.2(b)(viii) of the Original Loan Agreement (as amended and restated in Section 2.12(e) below), subject to the restrictions set forth in Section 2.8 below, (iii) Trust Preferred Payments made in accordance with
Section 3.2(b)(vi) of the Original Loan Agreement (as amended and restated in Section 2.12(e) below), and (iv) Distributions for the purpose of making payments on Note B and on the Mezzanine Loan to the extent (and only to the extent)
permitted under the provisions of this Amendment and the other Loan Documents. As used herein, “Distributions” means any 

  
 -8- 

 
payments or distributions of any type or nature, including without limitation (i) any dividend, distribution or return of capital with respect to any direct or indirect ownership interest,
(ii) any purchase, retirement or redemption of any direct or indirect ownership interest, and (iii) any payment on any note, indebtedness, contract or other obligation. 

2.4 Interest Rate Changes. The following changes shall be effective retroactively with respect to interest rate determinations
made for periods from and after (and including) November 4, 2010: 
 (a) Revised Definition of LIBOR. The
definition of “LIBOR” at page 15 in the Original Loan Agreement (as such defined term is used in the Loan Agreement and in this Amendment) is modified in the following respects only (and otherwise remains in effect): 

(1) The phrase “one-month period” in clauses (i) and (ii) of said definition is replaced with the phrase “three-month period”; 
 (2) The following new clause (iv) is added
immediately following the end of existing clause (iii) of said definition: “(iv) Notwithstanding the foregoing, “LIBOR” shall be deemed equal to the greater of (x) one percent (1%) per annum and (y) the LIBOR rate
per annum determined in accordance with clauses (i) through (iii) above”; and 
 (3) In the last paragraph of
said definition, the phrase “rounded upwards to the nearest multiple of 1/100 of 1%” is replaced with the phrase “rounded upwards to the next highest 1/16 of 1%”. 

(b) New Definition of LIBOR Period. The following new defined term “LIBOR Period” (as such defined term
is used in the Loan Agreement and in this Amendment) shall have the meaning specified below: 
 ““LIBOR Period”
means (a) for the first LIBOR Period, the period commencing November 4, 2010 and ending February 5, 2011, and (b) for each LIBOR Period thereafter, the next succeeding consecutive three (3) Interest Accrual Periods, for the
term of the Loan.” 
 (c) Revised Definition of Interest Determination Date. The definition of
“Interest Determination Date” at page 14 in the Original Loan Agreement (as such defined term is used in the Loan Agreement and in this Amendment) is amended and restated as follows: 

““Interest Determination Date” means, in connection with the determination of LIBOR for any LIBOR Period, the
second Business Day preceding the 14th day of the month in which such LIBOR Period commenced.” 
 (d) LIBOR
Breakage Amount. In connection with any voluntary or involuntary prepayment of the Loan, Borrower shall pay to Lender (which payment shall be paid to the Noteholders receiving the prepayment, in proportion to their respective

  
 -9- 

 
prepayments) the LIBOR Breakage Amount (as defined below) (it being understood that available funds in the Working Capital Reserve Account may be applied towards such LIBOR Breakage Amount, in
accordance with amended and restated Section 3.9 of the Original Loan Agreement, as set forth in Section 2.12(g) below). As used herein, the “LIBOR Breakage Amount” means the sum on the date of prepayment of each
Libor Monthly Interest Shortfall (as defined below) for the remaining term of the then current LIBOR Period; provided, however, that no LIBOR Breakage Amount shall be due if the prepayment occurs on a Business Day falling within the last (i.e., the
3rd) Interest Accrual Period within any LIBOR Period. As used herein, the “Libor Monthly Interest Shortfall” will be calculated by Lender for each monthly Payment Date
through the end of the then current LIBOR Period and means the product of (1) the prepaid principal balance of the Loan divided by 12, and (2) the positive result, if any, from (a) LIBOR (as in effect for the then current LIBOR
Period), minus (b) the Libor Replacement Rate (as defined below). As used herein, the “Libor Replacement Rate” means the rate calculated by linear interpolation (rounded to one thousandth of one percent (i.e., .001%)) of
the rates, as listed on Reuters Screen LIBOR01 Page as of 11:00 a.m. London Time on the second (2nd) full Eurodollar Business Day next preceding the prepayment date, of the British Bankers Association Libor Rate (rounded upward to the nearest
one sixteenth of one percent) for U.S. Dollar deposits with designated maturities (one longer and one shorter) most nearly approximating the number of days remaining in the then current LIBOR Period as of the prepayment date. If Reuters
(a) publishes more than one (1) such Libor rate, the average of such rates shall apply, or (b) ceases to publish such Libor rate, or if in Lender’s reasonable judgment the information contained on such page ceases to accurately
reflect the rate offered by leading banks in the London interbank market as reported by any publicly available source of similar market data selected by Lender, such Libor rate shall be determined from such substitute financial reporting service as
Lender in its discretion shall determine. As used herein, “Eurodollar Business Day” shall mean any Business Day on which banks in the City of London are generally open for interbank or foreign exchange transactions. 

(e) Spreads. 

(1) Component Spreads. The Component Spreads of Note A, Note B-1, and Note B-2 are hereby agreed to be the
following, during the periods specified: 
  

													
	 Loan Period:
	  	Note A
Component
Spread:	 	 	Note B-1
Component
Spread:	 	 	Note B-2
Component
Spread:	 
				
	 12 month period from and after (and including) November 4, 2010
	  	 	4.25	% 	 	 	4.75	% 	 	 	5.05	% 
				
	 12 month period from and after (and including) the Payment Date occurring in November, 2011
	  	 	4.75	% 	 	 	5.25	% 	 	 	5.55	% 
				
	 12 month period from and after (and including) the Payment Date occurring in November, 2012
	  	 	5.75	% 	 	 	6.25	% 	 	 	6.55	% 
				
	 24 month period from and after (and including) the Payment Date occurring in November, 2013
	  	 	6.25	% 	 	 	6.75	% 	 	 	7.05	% 

  
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 (2) Spread. The term “Spread”, as such term is used in
the Loan Agreement and the other Loan Documents, is hereby amended to mean the weighted average of the Component Spreads (as specified in the chart above) in effect at the time of determination, weighted on the basis of the corresponding Component
Balances, and taking into account any permitted prepayments of the Loan. 
 (3) Mezzanine Loan Spreads. Lender
and Borrower acknowledge and agree that, in connection with corresponding amendments to the Mezzanine Loan Agreement to become effective on the Modification Closing Date, the “Spread” (and the weighted average of the “Spreads”)
pursuant to the Mezzanine Loan Agreement shall be as follows, during the periods specified: 
  

					
	 Mezzanine Loan Period:
	  	Spread:	 
		
	 12 month period from and after (and including) November 4, 2010
	  	 	8.00	% 
		
	 12 month period from and after (and including) the Payment Date occurring in November, 2011
	  	 	8.50	% 
		
	 12 month period from and after (and including) the Payment Date occurring in November, 2012
	  	 	9.50	% 
		
	 24 month period from and after (and including) the Payment Date occurring in November, 2013
	  	 	10.00	% 

 (f) Retroactive Application to November 4, 2010. The interest owing on the
Loan during the period from and after (and including) November 4, 2010 to the Modification Closing Date shall be determined retroactively (taking into account the revisions set forth in this Section 2.4), and any excess of interest owing
during such period at the revised rates provided for in this Section 2.4 over the amount of interest actually paid by Borrower during the same period shall become due on the Modification 

  
 -11- 

 
Closing Date and shall be paid to Lender in one lump-sum payment on the Modification Closing Date. Such interest may be paid from available funds in the Working Capital Reserve Account. In
consideration of the above retroactive application of such interest rates and the lump-sum payment to be made to Lender, any default interest or late penalties that may have accrued on the Loan Amount prior to the Modification Closing Date are
hereby waived by Lender. 
 2.5 Interest Rate Protection. 

(a) Interest Rate Cap Agreements. Borrower shall provide Lender with an Extension Interest Rate Cap Agreement
(i) on the Modification Closing Date pursuant to Section 4.12 below, and (ii) prior to the commencement of each of the Extension Terms pursuant to Section 2.1(b)(3) above. 

(b) Revised Definitions. With respect to each of the Extension Interest Rate Cap Agreements referred to in
Section 2.5(a) above, the definitions of “Acceptable Counterparty” and “LIBOR Strike Rate” (as such terms are used in the Loan Agreement and in this Amendment) are amended and restated as follows: 

“Acceptable Counterparty” means any counterparty to an Extension Interest Rate Cap Agreement that has and maintains
(a) a long-term unsecured debt rating or counterparty rating of AA or higher from S&P, and (b) a long-term unsecured debt rating of Aa2 or higher from Moody’s. Notwithstanding the preceding sentence, if at the time that an
Interest Rate Cap Agreement is required to be provided by Borrower for an Extension Option (but not with respect to the Interest Rate Cap Agreement to be provided at the Modification Closing Date), there is no rate cap provider then available in the
market which meets the foregoing rating requirements, Lender will reasonably adjust the foregoing rating requirements to match the most highly rated rate cap provider that is then available.” 

“LIBOR Strike Rate” means, with respect to any Extension Interest Rate Cap Agreement, the greater of (x) 4.5% and
(y) the rate which would result in a DSCR equal to 1.05 for the most recently concluded Test Period ending as of August 31, calculated on a pro forma basis as if such LIBOR Strike Rate were applicable to such Test Period and as if the
Principal Indebtedness and the Mezzanine Loan Principal Indebtedness throughout such Test Period were equal to the Principal Indebtedness and the Mezzanine Loan Principal Indebtedness on (i) the Modification Closing Date (after the required
$10,000,000 principal payment due on the Modification Closing Date and any other voluntary payment of principal on the Modification Closing Date, if any), with respect to the Extension Interest Rate Cap Agreement required under Section 4.12 of
the Third Omnibus Amendment, or (ii) upon the commencement of the applicable Extension Term (after taking into consideration any principal payment made in connection with the applicable Extension Term permitted under

  
 -12- 

 
the Third Omnibus Amendment), with respect to each Extension Interest Rate Cap Agreement provided pursuant to Section 2.1(b)(3) of the Third Omnibus Amendment, in each case excluding from
the determination of DSCR for such Test Period any principal prepayment and any reduction in Operating Income and Operating Expenses as a result of any Mortgaged Property previously released from the Collateral.” 

2.6 Debt Yield. 

(a) Definitions. As of the Modification Closing Date, (i) the defined term “Debt Yield” (as used
in the Loan Agreement and this Amendment) is amended and restated as follows, and (ii) the new defined terms “Note A Debt Yield” and “Debt Yield Certification” (as used in the Loan Agreement and this Amendment) shall have
the meanings stated below: 
 “Debt Yield” means, with respect to any Test Period, the quotient of (i) Net Operating
Income for such Test Period, divided by (ii) the sum of (x) the Principal Indebtedness (as of the last day of such Test Period) plus (y) the Mezzanine Loan Principal Indebtedness (as of the last day of such Test Period); subject to
any adjustments to the foregoing provided for in particular provisions of the Loan Documents and determined in accordance with the procedure set forth in the definition of Debt Yield Certification. For the avoidance of doubt, for purposes of
calculating the Debt Yield with respect to any Test Period, Net Operating Income attributable to any Mortgaged Properties released from the Lien of the applicable Mortgage prior to the end of the applicable Test Period shall be excluded from the
determination thereof. 
 “Note A Debt Yield” means, with respect to any Test Period, the quotient of (i) Net
Operating Income for such Test Period, divided by (ii) the then aggregate outstanding principal balance of Note A (as of the last day of such Test Period); subject to any adjustments to the foregoing provided for in particular provisions of the
Loan Documents and determined in accordance with the procedure set forth in the definition of Debt Yield Certification. For the avoidance of doubt, for purposes of calculating the Note A Debt Yield with respect to any Test Period, Net Operating
Income attributable to any Mortgaged Properties released from the Lien of the applicable Mortgage prior to the end of the applicable Test Period shall be excluded from the determination thereof. 

“Debt Yield Certification” means, collectively, the following items, to be provided by Borrower to Lender when
required by the Loan Documents, or otherwise upon request by Lender: (x) an Officer’s Certificate; certifying Borrower’s determination of the applicable Debt Yield (or Note A Debt Yield) and the method of calculation of the same;
together with (y) any supporting financial or other information reasonably requested by Lender to verify such determination. Although Lender may rely on the 

  
 -13- 

 
certifications, calculations and information provided by Borrower in any Debt Yield Certification or otherwise, Lender shall have the right to review and reasonably verify all of the same. If
Borrower fails to provide a required Debt Yield Certification, or if the certifications, calculations and information contained therein cannot (in Lender’s reasonable judgment) be verified, Lender may itself reasonably determine the applicable
Debt Yield (or Note A Debt Yield).” 
 (b) Determinations of Quarterly Minimum Debt Yield; Deferral
Period. For purposes of the deferral of Mezzanine Loan interest pursuant to Section 2.7(a) below and deferral of the Archon Asset Management Fee pursuant to Section 2.8(d) below: (i) the term “Quarterly Minimum Debt
Yield” shall mean, for any Fiscal Quarter until the Indebtedness is paid in full, a Debt Yield of at least thirteen percent (13%) for the Test Period ending upon the expiration of such Fiscal Quarter; and (ii) a
“Deferral Period” shall mean each of the following: (x) the period of time commencing on November 4, 2010, and ending upon the expiration of the first Fiscal Quarter as to which Borrower has achieved the Quarterly
Minimum Debt Yield; and (y) thereafter, any additional period commencing upon the expiration of any Fiscal Quarter as to which Borrower fails to achieve the Quarterly Minimum Debt Yield, and ending upon the expiration of the first succeeding
Fiscal Quarter as to which Borrower has achieved the Quarterly Minimum Debt Yield. Lender and Borrower acknowledge that, as of the Modification Closing Date, Borrower has not achieved the Quarterly Minimum Debt Yield. Borrower shall deliver to
Lender, within forty-five (45) days following the end of each Fiscal Quarter, a Debt Yield Certification for such Fiscal Quarter. Lender will have up to thirty (30) days following receipt of a Debt Yield Certification to review and verify
the same. 
 2.7 Mezzanine Loan Changes. Lender hereby acknowledges and consents to the modification and amendment to the
Mezzanine Loan Agreement, in the form of Exhibit D attached hereto (the “Mezzanine Loan Amendment”) that is being entered into on the date hereof by W2007 Equity Inns Senior Mezz, LLC, a Delaware limited liability company
(the “Mezzanine Borrower”) and Goldman Sachs in its capacity as the lender to Mezzanine Borrower (in such capacity, “Mezzanine Lender”). Borrower hereby agrees to, and the Mezzanine Loan Amendment
incorporates, the following restrictions: 
 (a) Deferral of Interest Payments on the Mezzanine Loan. The
payment of all interest on the Mezzanine Loan that accrues during any Deferral Period shall be deferred until the Indebtedness is paid in full (and Borrower shall not cause or permit any such interest payments to be made on the Mezzanine Loan until
the Indebtedness is paid in full). During any period other than a Deferral Period, any disbursements made from the Cash Management Account pursuant to Section 3.2(b)(v) of the Original Loan Agreement (as amended and restated in
Section 2.12(e) below), shall be utilized to pay the full current interest payments that become due on the Mezzanine Loan (but not any previously deferred interest, which shall continue to be deferred until the Indebtedness is paid in full).
Notwithstanding the above, Mezzanine Lender shall be permitted to capitalize and compound such deferred interest on an annual basis at the end of each Mezzanine Loan year. 

  
 -14- 

 (b) Payments on the Mezzanine Loan. Other than payments to
Mezzanine Lender of Net Proceeds and Excess Capital Event Proceeds that are specifically permitted under Sections 2.10 and 2.11 below, the payment of current interest pursuant to Section 2.7(a) above, and the capitalization of deferred
Mezzanine Loan interest pursuant to Section 2.7(a) above, Borrower shall not cause or permit any voluntary or involuntary payments on the Mezzanine Loan to be made until after the Indebtedness is paid in full. 

(c) Mezzanine Loan Interest Rate. From and after the Modification Closing Date, the interest rate on the
Mezzanine Loan shall be modified to conform to (i) the definitional changes to LIBOR set forth in Section 2.4 above including the spreads set forth in Section 2.4(e)(3) above. 

(d) Event of Default. Any payment on the Mezzanine Loan in violation of the restrictions in this Section 2.7
or any other provisions of the Loan Documents shall constitute an Event of Default. 
 2.8 G&A Expenses. As used herein,
“G&A Expenses” shall mean Borrower’s general and administrative overhead expenses, which include an asset management fee payable monthly to Archon Group, L.P. or its permitted successors and assigns (the
“Archon Asset Management Fee”). The following provisions shall apply to G&A Expenses: 
 (a)
Borrower shall submit to Lender for its review and approval at least fifteen (15) days prior to the commencement of each calendar year an annual budget of G&A Expenses including the Archon Asset Management Fee (such budget as approved by
Lender, together with any changes thereto approved by Lender, is referred to herein as the “Approved G&A Budget”). Lender may disapprove any such proposed annual budget or portion thereof (or proposed change thereto) that
fails to comply with the specific requirements of this Section 2.8 or any other applicable provisions of the Loan Documents, but shall not otherwise unreasonably withhold its consent. 

(b) Borrower shall not utilize any income or proceeds of the Collateral to pay for G&A Expenses, except that G&A
Expenses that are allowed under an Approved G&A Budget shall be paid solely from the Cash Management Account pursuant to Section 3.2(b)(viii) of the Original Loan Agreement (as amended and restated in Section 2.12(e) below), or from
the Working Capital Reserve Account pursuant to Section 3.2(c)(2) of the Original Loan Agreement (as amended and restated in Section 2.12(e) below). 

(c) No G&A Expenses (other than the Archon Asset Management Fee) shall be paid to Affiliates of Borrower. 

(d) The Archon Asset Management Fee shall be subject to the following restrictions: 

(1) Borrower represents to Lender that (i) the Archon Asset Management Fee is owing pursuant to that certain Asset
Management Agreement dated as of October 25, 2007, between W2007 Grace I, LLC, and Archon Group, 

  
 -15- 

 
L.P. (the “Asset Management Agreement”), (ii) the Asset Management Agreement is the entire agreement governing the Asset Management Fee, and (iii) the Asset
Management Agreement and the Asset Management Fee are and will continue to be based on asset management services provided for the Mortgaged Properties and the Encumbered Properties only. Borrower will provide Lender with copies of any amendments to
or replacements of the Asset Management Agreement so that Lender may verify compliance with the requirements of this Section. 

(2) The total Archon Asset Management Fee (including both paid portions and deferred portions as provided below) for each
calendar year shall be limited as follows: (i) the total Archon Asset Management Fee for calendar year 2011 shall not exceed $6,600,000, or such lower amount that may be set forth in the Approved G&A Budget; (ii) the total Archon Asset
Management Fee for calendar year 2012 may not increase by more than five percent (5%) over the total Archon Asset Management Fee for calendar year 2011; and (iii) the total Archon Asset Management Fee for any subsequent calendar year after
2012 (until the Indebtedness is paid in full) shall not increase by more than five percent (5%) over the total Archon Asset Management Fee for the immediately preceding calendar year. The foregoing percentage limitations are not cumulative
(i.e., they apply to each calendar year independently). The foregoing maximum annual amounts shall be equitably adjusted to take into account the effect of sales or other dispositions of the Mortgaged Properties and the Encumbered Properties, at
such times as Borrower has sold or otherwise disposed of 25%, 50% and 75%, respectively, of the aggregate value of the Mortgaged Properties and the Encumbered Properties (for purposes of determining aggregate value under this sentence only, the
proportionate values of the Mortgaged Properties and the Encumbered Properties shall be deemed to be the percentages set forth on Schedule 2.8(d)(2) attached to this Amendment). 

(3) The payment of fifty percent (50%) of the monthly Archon Asset Management Fee that accrues during any Deferral Period
shall be deferred until the Indebtedness is paid in full. During any period other than a Deferral Period, Borrower may pay the monthly amount of the approved Archon Asset Management Fee then due (but not any previously deferred amounts, which shall
continue to be deferred until the Indebtedness is paid in full). 
 2.9 Financial Reporting. 

(a) Financial Statements. Sections 5.12, 5.13 and 5.14 of the Original Loan Agreement are hereby amended and
restated in their entirety as follows: 
 “5.12. Annual Financial Statements. As soon as available, and in any event within 90
days after the close of each Fiscal Year, Borrower shall furnish to Lender consolidated financial statements of W2007 Grace I, LLC, including a consolidated balance sheet as of the end of such Fiscal Year, together with the related consolidated
statements of operations, 

  
 -16- 

 
changes in equityholders’ capital and cash flows for such Fiscal Year, audited by a “Big Four” accounting firm (or another independent accounting firm of national repute reasonably
approved by Lender) whose opinion shall be to the effect that such financial statements have been prepared in accordance with GAAP and shall not be qualified as to the scope of the audit or as to the status of W2007 Grace I, LLC as a going concern.
Together with the annual financial statements, Borrower shall furnish to Lender: 
 (i) an annual report for the most
recently completed Fiscal Year, describing Capital Expenditures (stated separately with respect to any project costing in excess of $500,000); and 

(ii) such other information as Lender shall reasonably request. 

5.13. Quarterly Financial Statements. As soon as available, and in any event within 45 days after the end of each Fiscal Quarter
(including year-end), Borrower shall furnish to Lender unaudited consolidated financial statements of W2007 Grace I, LLC, including consolidated balance sheets as of the end of such Fiscal Quarter and the related statements of operations and changes
in equityholders’ capital for such Fiscal Quarter and for the portion of the Fiscal Year ending with such Fiscal Quarter, which statements shall be accompanied by an Officer’s Certificate certifying that the same are true and correct and
were prepared in accordance with GAAP, subject to changes resulting from audit and normal year-end adjustments. Each such quarterly report shall be accompanied by the following: 

(i) a statement in reasonable detail which calculates Net Operating Income for each of the Fiscal Quarters in the Test Period
ending in such Fiscal Quarter, in the case of each such Fiscal Quarter, ending at the end thereof; 
 (ii) then current
franchise reports, average daily room rates and occupancy reports; and 
 (iii) such other information as Lender shall
reasonably request. 
 5.14. Monthly Financial Statements. Borrower shall furnish within 30 days after the end of each calendar month
(i) unaudited operating statements (including a profit and loss statement) for each Mortgaged Property and Encumbered Property for such month and for the portion of the Fiscal Year ending with such month, (ii) unaudited consolidated
financial statements of W2007 Grace I, LLC, including consolidated balance sheets as of the end of such month and the related statements of operations and changes in equityholders’ capital for such month and for the portion of the Fiscal Year
ending with such month, and (iii) a 

  
 -17- 

 
statement of updated reserve balances for the Encumbered Property Indebtedness, which statements shall be accompanied by an Officer’s Certificate certifying that the same are true and
correct and were prepared in accordance with GAAP, subject to changes resulting from audit and normal year-end adjustments. Each such monthly report shall be accompanied by the following: 

(i) then current franchise reports, STR reports, average daily room rates and occupancy reports; and 

(ii) such other information as Lender shall reasonably request.” 

(b) Annual Budgets. Section 5.17 of the Original Loan Agreement is hereby amended and restated in its
entirety as follows: 
 “5.17 Annual Budget. At least 15 days prior to the commencement of each Fiscal Year during the term of
the Loan, Borrower shall deliver to Lender an Annual Budget for the Mortgaged Properties and the Encumbered Properties prepared by Borrower in good faith for the ensuing Fiscal Year and, promptly after preparation thereof, any subsequent revisions
thereto. Further, at least 30 days after the occurrence of any Event of Default (provided that such Event of Default is then continuing), Borrower shall deliver to Lender an Annual Budget for the Mortgaged Properties and the Encumbered Properties
prepared by Borrower in good faith for such period of time as Lender may designate, and, promptly after preparation thereof, any subsequent revisions thereto. Each such Annual Budget, and any revisions thereto, shall be subject to Lender’s
approval until the Indebtedness is repaid in full, which approval (so long as no Event of Default then exists and is continuing) shall not be unreasonably withheld, conditioned or delayed. Such Annual Budget, as so approved by Lender, is referred to
herein as an “Approved Annual Budget.”” 
 (c) Budgeted Operating Expenses. The
definition of “Budgeted Operating Expenses” at page 4 of the Original Loan Agreement, is hereby amended by deleting therefrom the phrase “during the continuance of a Trigger Period, Initial Cash Flow Reserve Period or Mezzanine Loan
Event of Default.” 
 2.10 Mortgaged Property Releases. 

(a) Definitions. As of the Modification Closing Date, (i) the existing defined terms “Aggregate
Allocated Loan Amount,” “Loan Amount,” “Mezzanine Loan Amount,” “Minimum Release Price,” and “Release Price” (as used in the Loan Agreement and this Amendment) are amended and restated as follows, and
(ii) the new defined terms “Modification Closing Date” and “Third Omnibus Amendment” (as used in the Loan Agreement and this Amendment) shall have the meanings stated below: 

“Aggregate Allocated Loan Amount” means, with respect to each Mortgaged Property, the sum of the portions of the Loan
Amount and the Mezzanine Loan Amount that are allocated to such Mortgaged Property, as set forth on the revised Schedule E to the Loan Agreement attached as Exhibit A to the Third Omnibus Amendment. 

  
 -18- 

 “Loan Amount” shall mean $946,556,929.39 (which is the aggregate
principal balance of the Loan on the Modification Closing Date, after the required $10,000,000 principal payment under Section 2.2(a) of the Third Omnibus Amendment). 

“Mezzanine Loan Amount” shall mean $83,251,255.80 (which is the aggregate principal balance of the Mezzanine Loan, as
of the Modification Closing Date). 
 “Minimum Release Price” shall mean, with respect to each Mortgaged Property,
the product of (i) one hundred five percent (105%), and (ii) the Aggregate Allocated Loan Amount for such Mortgaged Property. For purposes of calculating the Minimum Release Price of multiple Mortgaged Properties that are to be released
from the Liens of the Loan Documents on the same day, such Mortgaged Properties shall be treated as if they were released sequentially. If Loss Proceeds in respect of any Mortgaged Property are applied towards Indebtedness as permitted under
Section 5.16(e) of the Original Loan Agreement (subject, however, to the payment priorities in Section 2.2(d) of the Third Omnibus Amendment), then the Minimum Release Price with respect to such Mortgaged Property shall be reduced by the
amount as applied on a dollar-for-dollar basis. 
 “Modification Closing Date” shall have the meaning given to such
term in Section 4 of the Third Omnibus Amendment. 
 “Release Price” shall mean, with respect to the permitted
Transfer of any Mortgaged Property, the greater of (i) one hundred percent (100%) of the Net Proceeds from the Transfer of such Mortgaged Property, or (ii) the Minimum Release Price. 

“Third Omnibus Amendment” means that certain Third Omnibus Amendment to Loan Documents dated as of December 15,
2010. 
 (b) New Schedule E. Schedule E to the Loan Agreement (Aggregate Allocated Loan Amounts) is hereby
replaced by the new Schedule E attached as Exhibit A to this Amendment. Lender and Borrower acknowledge that the Aggregate Allocated Loan Amounts in the new Schedule E attached to this Amendment are based upon the revised Loan Amount and the revised
Mezzanine Loan Amount as stated above in this Section 2.10. 

  
 -19- 

 (c) Release Price Payments For Mortgaged Properties.
Section 2.2(a)(ii) of the Original Loan Agreement is deleted in its entirety, and superseded by this Section 2.10(c). 

(1) As used in this Section 2.10(c), the term “Pro Rata Payment Conditions” shall mean both of
the following: (i) the aggregate outstanding principal balance of Note A shall be equal to or less than $600,000,000 (taking into account the Release Price to be applied to the outstanding principal balance of Note A in connection with such
release); and (ii) with respect to the most recent Test Period preceding the proposed release, Borrower shall have achieved a minimum Debt Yield of 13% (after appropriate adjustments (x) to include only Operating Income and Operating Expenses
attributable to the Mortgaged Properties remaining after the release, and (y) to take into account principal prepayments made through the date of the release, including the Release Price to be applied to principal prepayment in connection with
such release, for purposes of determining the Principal Indebtedness and the Mezzanine Loan Principal Indebtedness). The foregoing determination shall be made independently with respect to each proposed release of a Mortgaged Property. Borrower
shall deliver to Lender, at least thirty (30) days prior to any proposed release of a Mortgaged Property, a Debt Yield Certification for purposes of the above Debt Yield determination. 

(2) If at any time a release of any Mortgage is proposed with respect to a Transfer of a Mortgaged Property, Borrower shall
(as a condition to Lender’s obligation to release such Mortgaged Property) pay the Release Price to Lender and (if applicable) to Mezzanine Lender in the proportions stated in Section 2.10(c)(2)(A) or Section 2.10(c)(2)(B) below, as
applicable: 
 (A) If either of the Pro Rata Payment Conditions will not be satisfied as of the occurrence of the proposed
release and the payment of the applicable Release Price, Borrower shall cause all of the Release Price to be paid to Lender (and none of the Release Price shall be paid to Mezzanine Lender), and Lender shall apply all of the Release Price (i) first,
to the outstanding principal balance of Note A only (which payment shall be applied pro rata to the A Noteholders based on their respective outstanding principal balances as of the Modification Closing Date) until Note A is paid in full,
(ii) second, to the outstanding principal balance of Note B-1 (which payment shall be applied pro rata to the B-1 Noteholders based on their respective outstanding principal balances as of the Modification Closing Date) until Note B-1 is paid
in full, and (iii) third, to the outstanding principal balance of Note B-2 (which payment shall be applied pro rata to the B-2 Noteholders based on their respective outstanding principal balances as of the Modification Closing Date) until Note B-2
is paid in full; or 
 (B) If both of the Pro Rata Payment Conditions will be satisfied as of the occurrence of the proposed
release and the payment of 

  
 -20- 

 
the applicable Release Price, Borrower shall pay the Release Price to Lender and Mezzanine Lender in proportion to the outstanding principal balances of the Loan and the Mezzanine Loan as of the
date of payment, in which case (i) the portion of the Release Price paid to Lender shall be applied to the outstanding principal balance of the Note Components in proportion to their respective outstanding principal balances as of the date of
payment, and (ii) the portion of the Release Price paid to Mezzanine Lender shall be applied to the outstanding principal balance of the Mezzanine Loan. 

(3) Notwithstanding anything contained herein to the contrary, Lender shall have no obligation to release any Mortgage unless
the full Release Price for the applicable Mortgaged Property encumbered by such Mortgage is paid by Borrower (even if the Net Proceeds are less than the Release Price), and Borrower concurrently pays the LIBOR Breakage Amount under
Section 2.4(d) above. Borrower may provide additional funds from another source (i.e., other than Net Proceeds, Collateral Accounts or revenue or proceeds of the Collateral) to make up any shortfall between the Net Proceeds and the Minimum
Release Price. 
 (d) Conforming Revisions. Notwithstanding anything in the Loan Documents to the contrary,
from and after the Modification Closing Date, (i) the terms “Excess Transfer Proceeds,” “Mortgage Loan Percentage,” “Release Price Deficit,” “Spread Maintenance Amount,” “Spread Maintenance
Period,” and “DSCR Threshold” shall have no further application, and (ii) Borrower shall have no right to receive or retain any portion of Net Proceeds from any Transfer of the Mortgaged Properties. Section 2.2(d) of the
Original Loan Agreement is hereby deleted in its entirety. 
 2.11 Encumbered Property Capital Events. Section 2.5(a) of
the Original Loan Agreement is deleted in its entirety, and superseded by this Section 2.11. 
 (a) Encumbered
Property Pro Rata Payment Conditions. As used in this Section 2.11, with respect to any Capital Event affecting an Encumbered Property, the term “Encumbered Property Pro Rata Payment Conditions” shall mean both
of the following: (i) the aggregate outstanding principal balance of Note A shall be equal to or less than $600,000,000 (taking into account the Excess Capital Event Proceeds to be applied to the outstanding principal balance of Note A in
connection with such Capital Event); and (ii) with respect to the most recent Test Period preceding the occurrence of the Capital Event, Borrower shall have achieved a minimum Debt Yield of 13% (with appropriate adjustment to take into account
principal prepayments made through the date of the Capital Event, including the amount to be applied to principal prepayment in connection with such Capital Event, for purposes of determining the Principal Indebtedness and the Mezzanine Loan
Principal Indebtedness). The foregoing determination shall be made independently with respect to each Capital Event involving an Encumbered Property. Borrower shall deliver to Lender, at least thirty (30) days prior to any proposed Capital
Event with respect to an Encumbered Property, a Debt Yield Certification for purposes of the above Debt Yield determination. 

  
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 (b) Payment of Excess Capital Event Proceeds. If at any time a
Capital Event shall occur with respect to any of the Encumbered Properties: 
 (1) If either of the Encumbered Property Pro
Rata Payment Conditions will not be satisfied as of the occurrence of the Capital Event and the payment of the applicable Excess Capital Event Proceeds, Borrower shall cause all of the Excess Capital Event Proceeds to be paid to Lender and Lender
shall apply all of the Excess Capital Event Proceeds (i) first, to the outstanding principal balance of Note A only (which payment shall be applied pro rata to the A Noteholders based on their respective outstanding principal balances as of the
Modification Closing Date) until Note A is paid in full, (ii) second, to the outstanding principal balance of Note B-1 (which payment shall be applied pro rata to the B-1 Noteholders based on their respective outstanding principal balances as
of the Modification Closing Date) until Note B-1 is paid in full, and (iii) third, to the outstanding principal balance of Note B-2 (which payment shall be applied pro rata to the B-2 Noteholders based on their respective outstanding principal
balances as of the Modification Closing Date) until Note B-2 is paid in full; or 
 (2) If both of the Encumbered Property
Pro Rata Payment Conditions will be satisfied as of the occurrence of the Capital Event and the payment of the applicable Excess Capital Event Proceeds, Borrower shall cause all of the Excess Capital Event Proceeds to be paid to Lender and Mezzanine
Lender as principal payments on the Loan and the Mezzanine Loan in proportion to their respective outstanding principal balances as of the date of payment, in which case (i) the portion of the Excess Capital Event Proceeds paid to Lender shall
be applied to the outstanding principal balance of the Note Components in proportion to their respective outstanding principal balances as of the date of payment, and (ii) the portion of the Excess Capital Event Proceeds paid to Mezzanine
Lender shall be applied to the outstanding principal balance of the Mezzanine Loan. 
 2.12 Cash Management; Reserve Accounts.

 (a) Deposit of Available Net Cash into Cash Management Account. Borrower shall continue to deposit (or cause
each Approved Property Manager and the Operating Partnership to deposit) all available net cash from the Mortgaged Properties and the Encumbered Properties (including payments from any Extension Interest Rate Cap Agreements) into the Cash Management
Account in accordance with Section 3.1 and other applicable provisions of the Original Loan Agreement (as amended by this Amendment). Borrower shall not make any Distributions of such available cash, as restricted in Section 2.3 above.
Section 3.1 of the Original Loan Agreement is hereby amended by deleting clause (iii) from subsection (b) thereof (and all Net Proceeds and Excess Capital Event Proceeds shall be applied in accordance with Sections 2.10 and 2.11
above). 

  
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 (b) Letters of Credit. Within three (3) Business Days
following the Modification Closing Date, Lender shall release the existing Qualified Letter of Credit in the current outstanding amount of $22,261,082.96 (and Lender will not draw on such Qualified Letter of Credit following the Modification Closing
Date). Following the Modification Closing Date, notwithstanding anything in the Loan Agreement to the contrary, Borrower shall have no further right or obligation to provide any Qualified Letter of Credit in lieu of all or any portion of any
Collateral Account deposit that is required under the Loan Agreement, as modified by this Amendment (i.e. all Collateral Accounts must be maintained 100% in cash). 

(c) Remaining Collateral Accounts Following Modification Closing Date. The term “Collateral
Accounts” (as defined in the Loan Agreement) is hereby amended and restated as of the Modification Closing Date as follows: 

““Collateral Accounts” means, collectively, the (i) Cash Management Account, (ii) the Loss Proceeds Account,
(iii) the Tax, Ground Rents and Insurance Reserve Account, (iv) the FF&E and CapEx Reserve Account, (v) the Working Capital Reserve Account, (vi) the Blocked Accounts, and (vii) any other reserve hereafter established in
accordance with the Loan.” 
 For purposes of clarification, with reference to Article III of the Original Loan Agreement, (i) the
FF&E Reserve Account and the Required Capital Expenditure Reserve Account have been combined into the “FF&E and CapEx Reserve Account”, (ii) the Low Debt Yield Reserve Account has been renamed as the “Working Capital Reserve
Account”, and (iii) the Cash Reserve Account, the Deferred Maintenance and Environmental Reserve Account, the Debt Service Reserve Account, the Unfunded Obligations Account and the Nashville Reserve Accounts have no existing balances, are
no longer intended to be utilized following the Modification Closing Date, and all references thereto in the Loan Agreement shall be deemed deleted as of the Modification Closing Date. 

(d) Deposits Into Collateral Accounts on Modification Closing Date. On the Modification Closing Date:
(i) $18,168,510 of the funds currently held in the Low Debt Yield Reserve Account shall be transferred to the FF&E and CapEx Reserve Account; (ii) the balance of the Low Debt Yield Reserve Account shall be retained in such account,
which account, for purposes of the Loan Agreement and other Loan Documents, as amended by this Amendment, shall be renamed as the “Working Capital Reserve Account”; and (iii) Borrower shall deposit into the Working Capital Reserve
Account the amount of $2,026,240, as described below. Borrower represents to Lender that: (a) there have been no Distributions of funds derived from the Collateral Accounts or otherwise derived from the Collateral since May 28, 2008 (other
than (i) permitted payments to Pillar Hotel and Resorts, L.P. (f/k/a Archon Hospitality, L.P.) under Approved Management Agreements, (ii) asset management fees payments payable to Asset Manager pursuant to the Asset Management Agreement,
(iii) Trust Preferred Payments (as defined in amended and restated Section 3.2(b)(vi) of the Original Loan Agreement), and (iv) Distributions for the purpose of making payments on Note B and on the Mezzanine Loan to the extent, and
only to the extent, permitted under the provisions 

  
 -23- 

 
of the Loan Documents); and (b) Borrower currently holds available cash derived from the Collateral Accounts and the Collateral since May 28, 2008 in the amount of $12,026,240, of which
(A) $10,000,000 shall be applied as a principal payment on Note A on the Modification Closing Date, and (B) $2,026,240 shall be deposited into the Working Capital Reserve Account on the Modification Closing Date. 

(e) Distributions From Cash Management Account. Effective as of the Modification Closing Date, Sections 3.2(a),
3.2(b) and 3.2(c) of the Original Loan Agreement are amended and restated in their entirety as follows (for purposes of clarification, Sections 3.2(d) and 3.2(e) of the Original Loan Agreement shall remain in effect): 

“3.2 Disbursements from Cash Management Account. 

(a) Disbursements. Lender and Borrower agree (and the Cash Management Agreement shall provide) that all cash deposited
into the Cash Management Account shall be disbursed for the purposes and in accordance with the priorities set forth in Section 3.2(b) below, and Borrower shall have no right to receive any disbursements from the Cash Management Account (other
than disbursements pursuant to Sections 3.2(b)(vii) and 3.2(b)(viii) below). 
 (b) Payment Priorities. On each
Payment Date (or as otherwise provided herein), provided no Event of Default has occurred and is continuing (and subject to any other conditions to disbursement provided herein), Lender shall disburse amounts from the Cash Management Account, to the
extent funds are available therein, to make the following payments in the following order of priority: 
 (i) To the Tax,
Ground Rents and Insurance Reserve Account, the amount then required to be deposited therein pursuant to Section 3.4; 

(ii) To Lender, the amount of all scheduled or delinquent interest payments then due and payable or past due and payable on
the Loan, and all other amounts then due and payable under the Loan Documents; 
 (iii) To the FF&E and CapEx Reserve
Account, the amount required to be deposited therein pursuant to Section 3.6 (as amended and restated in Section 2.12(f) of the Third Omnibus Amendment); 

(iv) To the FF&E and CapEx Reserve Account, an additional amount (i.e., in addition to the amount described in
Section 3.2(b)(iii) above) equal to $10,000,000, for each semi-annual period (i.e., January 1 through June 30, and July 1 through December 31) during calendar years 2011 and 2012 (Borrower may designate the amount to be
disbursed on each Payment Date under this clause (iv), provided that a cumulative amount of $10,000,000 must be disbursed into the FF&E and CapEx Reserve Account under this Section 3.2(b)(iv) by the end of each semi-annual

  
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period, or Lender may itself disburse any shortfall existing at the end of such semi-annual period into the FF&E and CapEx Reserve Account); 

(v) If and only if interest on the Mezzanine Loan is currently payable to Mezzanine Lender under Section 2.7(a) of the
Third Omnibus Amendment (that is, a Deferral Period as defined in the Third Omnibus Amendment does not then exist), the amount of the then currently scheduled interest payment on the Mezzanine Loan (and no other payments) to the Mezzanine Lender,
pursuant to Mezzanine Lender’s written instruction to Lender; 
 (vi) To pay scheduled quarterly debt service payments
only (and no other payments) that are required to be made pursuant to that certain Junior Subordinated Indenture, dated June 17, 2005 (the “Indenture”), between the Operating Partnership and JPMorgan Chase Bank, National
Association, as trustee, including, without limitation, as relates to the Securities (as defined in the Indenture) and the Trust Securities (as defined in the Indenture) (such payments, collectively, the “Trust Preferred
Payments”), pursuant to Borrower’s written instruction to Lender (the foregoing applies only (x) to the Indenture as currently existing and presented to Lender, and not to any subsequent increases thereto or modifications
thereof, and (y) shall no longer apply to the extent that Borrower or any Affiliate of Borrower holds, except for the OP Interest described below, all or any portion of the indebtedness existing pursuant to the Indenture (the
“Indenture Indebtedness”). Borrower represents to Lender that (except for the interest held by Operating Partnership as described in the next sentence) neither Borrower nor any Affiliate of Borrower currently holds nor will
hereafter hold all or any portion of the Indenture Indebtedness, and Borrower agrees to immediately notify Lender if Borrower or any Affiliate of Borrower hereafter holds any additional portion of the Indenture Indebtedness. Borrower represents that
Operating Partnership presently holds approximately three percent (3%) of the Indenture Indebtedness (the “OP Interest”). As an accommodation to Borrower and Operating Partnership, because it is not possible as a
practical matter to cause partial payments of the Trust Preferred Payments, Operating Partnership shall be permitted to receive a portion of the Trust Preferred Payments based on its OP Interest, but shall hold such amounts in trust for Lender, and
Borrower shall cause Operating Partnership to immediately upon receipt thereof deposit any such amounts back into the Cash Management Account. Nothing in this Section 3.2(b)(vi) herein shall create any rights in favor of (nor shall this
Section 3.2(b)(vi) be enforceable by) any holder of any portion of the Indenture Indebtedness as a third party beneficiary or otherwise (including Borrower if Borrower holds all or any portion of the Indenture Indebtedness, and in such event,
Borrower hereby irrevocably waives any right, in bankruptcy or otherwise, to collect any amounts under this Section 3.2(b)(vi), which shall have no further force or effect); 

  
 -25- 

 (vii) At Borrower’s discretion, to Borrower to fund (x) any shortfalls
in payment of scheduled monthly debt service and funding of any reserves only with respect to the Encumbered Property Indebtedness (i.e., that cannot be funded after application of all revenues derived from the Encumbered Properties and all
available reserves maintained with respect to the Encumbered Property Indebtedness or advances available under the Encumbered Property Indebtedness), and (y) any operating expense shortfalls of Borrower or the Encumbered Property Owners that
are approved by Lender in its reasonable discretion (subject to all specific restrictions in the Loan Documents); provided that, within fifteen (15) days of each funding by Lender under this Section 3.2(b)(vii), Borrower shall provide
Lender with an Officer’s Certificate and such back-up information that is within Borrower’s possession or control and reasonably requested by Lender, which certifications and information shall be subject to reasonable verification by
Lender (and such delivery and verification shall be a condition to the next funding by Lender under this Section 3.2(b)(vii)); 

(viii) To Borrower to fund approved G&A Expenses to the extent permitted under Section 2.8 of the Third Omnibus
Amendment, and further subject to the provisions of Section 3.17 (as added in Section 2.12(h) of the Third Omnibus Amendment); and 

(ix) All remaining funds in the Cash Management Account shall be transferred to the Working Capital Reserve Account. 

(c) Funding of Shortfalls From Working Capital Account. As used herein, a “Shortfall” means the
amount by which a payment described in any of Sections 3.2(b)(i) through (viii) above exceeds the amount available for such payment in the Cash Management Account. A Shortfall with respect to the payment described in Section 3.2(b)(iv)
above shall not exist with respect to any semi-annual period described therein until the end of such semi-annual period (i.e., each June 30 or December 31, as applicable). 

(i) Shortfalls under Sections 3.2(b)(i) through 3.2(b)(iv). If on any Payment Date a Shortfall exists with respect to
any of the payments described in Sections 3.2(b)(i) through 3.2(b)(iv) above, Borrower shall deposit into the Cash Management Account on such Payment Date an amount equal to such Shortfall (which amount shall be used to pay such Shortfall);
provided, however, if no Event of Default then exists and is continuing, Borrower may, in accordance with Section 3.9 (as amended and restated in Section 2.12(g) of the Third Omnibus Amendment), direct Lender in writing to apply available
funds in the Working Capital Reserve Account towards such Shortfall (and any remaining portion of such 

  
 -26- 

 
Shortfall, if any, shall be deposited by Borrower from its own funds). If Borrower shall fail to make any deposit required above, such failure shall constitute an Event of Default and, in
addition to all other rights and remedies provided for under the Loan Documents, Lender may disburse and apply all funds in the Collateral Accounts in accordance with Section 3.13(c), but subject, however, to the overriding payment priorities
in Section 2.2(d) of the Third Omnibus Amendment. All amounts funded from the Working Capital Reserve Account or by Borrower under this Section 3.2(c)(1) must be applied solely to the specific purposes and in the order of priority
described in Section 3.2(b). 
 (ii) Shortfalls under Sections 3.2(b)(v) through 3.2(b)(viii). If on any Payment
Date a Shortfall exists with respect to any of the payments described in Sections 3.2(b)(v) through 3.2(b)(viii) above, inclusive, provided that no Event of Default then exists and is continuing (and further provided that any Shortfalls under
Sections 3.2(b)(i) through 3.2(b)(iv) above, inclusive, have all been fully funded pursuant to Section 3.2(c)(1) above), Borrower may, in accordance with Section 3.9 (as amended and restated in Section 2.12(g) of the Third Omnibus
Amendment), direct Lender in writing to apply available funds in the Working Capital Reserve Account towards any one or more specific Shortfalls (in any order of priority determined by Borrower). To the extent that any of such disbursements are made
to Borrower, Borrower covenants to apply such disbursements for the purposes that were designated in Borrower’s written notice to Lender (as supported by an Officer’s Certificate, if requested by Lender).” 

(f) FF&E and CapEx Reserve Account. Effective as of the Modification Closing Date, Section 3.6 (FF&E
Reserve Account) of the Original Loan Agreement is amended and restated as follows: 
 “Section 3.6 FF&E and
CapEx Reserve Account. 
 (a) Establishment of FF&E and CapEx Reserve Account. Borrower shall establish and
thereafter maintain with the Cash Management Bank an account for the purpose of reserving amounts in respect of FF&E and Capital Expenditures included in Approved Annual Budgets or otherwise approved by Lender in its reasonable discretion (the
“FF&E and CapEx Reserve Account”). 
 (b) Deposits Into FF&E and CapEx Reserve
Account. On the Modification Closing Date (after the deposit required under Section 2.12(d) of the Third Omnibus Amendment has been made), the FF&E and CapEx Reserve Account will have a balance of approximately $18,168,510. Thereafter,
additional deposits shall be made into the FF&E and CapEx Reserve Account from the Cash Management Account pursuant to Sections 3.2(b)(iii) and (iv). 

  
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 (c) Pre-Funded Disbursements. Provided no Event of Default has occurred
and is continuing, during the period from the Modification Closing Date until the end of calendar year 2012, Lender shall make monthly (but not more than once per calendar month) disbursements to Borrower from the FF&E and CapEx Reserve Account,
as follows (for purposes of clarification, disbursements under this Section 3.6(c) are pre-funded disbursements, subject to the limitations and verification procedures set forth below, as opposed to reimbursement or direct payment disbursements
under Section 3.6(d) below): 
 (1) Initial Pre-Funding On the Modification Closing Date. On the Modification
Closing Date, Lender shall disburse to Borrower the amount of $10,167,000, for the initial period from the Modification Closing Date until December 31, 2010. 

(2) Monthly Draw Packages. On or before January 15, 2011, and on or before the fifteenth (15th) day of each
succeeding calendar month through the end of 2012, Borrower shall provide Lender with each of the following (the “Draw Package”): (a) a disbursement request designating a requested disbursement amount for such month;
(b) a reconciliation report (the “Reconciliation Report”), showing (i) the amount disbursed by Lender to Borrower for the prior calendar month, (ii) the amount actually spent by Borrower for the prior calendar
month, (iii) the cumulative amount disbursed by Lender to Borrower since the Modification Closing Date, (iv) the cumulative amount actually spent by Borrower since the Modification Closing Date, and (v) expenditures made on an individual
Property basis; (c) an Officer’s Certificate certifying that the information in such reconciliation report is true and correct and such other certifications as may be reasonably requested by Lender; and (d) the items designated in
Section 3.6(h) below with respect to work completed for the prior month. Each foregoing monthly reconciliation and corresponding Officer’s Certificate is referred to collectively herein as the “Pre-Funding
Reconciliation.” Lender shall have the right to review and reasonably verify the content (and supporting calculations and data) set forth in the Reconciliation Report and other materials and information contained in the Draw Package. As
used herein, the term “Cumulative Unspent Disbursements” shall mean, with respect to any Reconciliation Report, the cumulative amount disbursed by Lender to Borrower under this Section 3.6(c) since the Modification
Closing Date (i.e., as described in clause (b)(iii) above), minus the cumulative amount actually spent by Borrower from disbursements made under this Section 3.6(c) for FF&E and Capital Expenditures since the Modification Closing Date
(i.e., as described in clause (b)(iv) above), if a positive number. For purposes of clarification, the Draw Package and Pre-Funding Reconciliation referred to above (and all other disbursements, expenditures
and reconciliations referred to in this Section 3.6(c)) relate only to pre-funded disbursements under this Section 3.6(c) and expenditures made with funds disbursed under this Section 3.6(c),
and not to disbursements and expenditures made under Section 3.6(d) below (and all disbursements and expenditures made pursuant to this Section 3.6(c) and Section 3.6(d) below shall be separately requested and separately accounted for
in all reconciliations). 

  
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 (3) Pre-Funding for January, 2011 through December, 2012. For each
calendar month commencing January, 2011, and continuing through December 31, 2012, within five (5) Business Days following Lender’s receipt of the Draw Package (unless Lender has reasonably disapproved the same), Lender will disburse
to Borrower the disbursement amount requested by Borrower, subject, however, to the maximum disbursement amounts described in Section 3.6(c)(4) below. Notwithstanding anything herein to the contrary, however, Lender’s making of any monthly
disbursement shall not be deemed an approval of the Pre-Funding Reconciliation or any other information in the Draw Package, and Lender shall have the right at any time to request additional information from Borrower with respect to prior months and
to make adjustments for prior months. 
 (4) Maximum Monthly Pre-Funded Disbursements for January, 2011 through December,
2012. Each monthly disbursement under Section 3.6(c)(3) above shall be limited to the following maximum disbursement amount, as applicable (determined on a calendar month basis): 

(A) Each monthly disbursement during the period from January 1, 2011 through March 31, 2011, shall be limited so
that the sum of (i) the requested monthly disbursement, plus (ii) the Cumulative Unspent Disbursements existing as of the end of the prior month, shall not exceed $10,167,000; 

(B) So long as Borrower’s cumulative expenditures following the Modification Closing Date are less than $40,668,000, each
monthly disbursement during the period from April 1, 2011 through December 31, 2011, shall be limited so that the sum of (i) the requested monthly disbursement plus (ii) the Cumulative Unspent Disbursements existing as of the end
of the prior month, shall not exceed the lesser of (x) $10,167,000 or (y) the sum of (A) $3,167,000 plus (B) $40,668,000 less Borrower’s cumulative expenditures following the Modification Closing Date; 

(C) After Borrower’s cumulative expenditures following the Modification Closing Date are more than $40,668,000, but less
than $60,004,000, each monthly disbursement during the period from April 1, 2011 through December 31, 2011, shall be limited so that the sum of (i) the requested monthly disbursement plus (ii) the Cumulative Unspent Disbursements
existing as of the end of the prior month, shall not exceed $5,000,000; 
 (D) During calendar year 2011, at such time as
cumulative expenditures from the Modification Closing Date to the date of measurement are more than $60,004,000, Borrower shall be prohibited from requesting any further monthly disbursements under this Section 3.6(c); 

  
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 (E) So long as Borrower’s cumulative expenditures from January 1, 2012
to December 31, 2012 are less than $38,004,000, each monthly disbursement during the period from January 1, 2012 through December 31, 2012, shall be limited so that the sum of (i) the requested monthly disbursement, plus
(ii) the Cumulative Unspent Disbursements existing as of the end of the prior month, shall not exceed $5,000,000; and 

(F) During calendar year 2012, at such time as cumulative expenditures from January 1, 2012 to the date of measurement
are more than $38,004,000, Borrower shall be prohibited from requesting any further monthly disbursements under this Section 3.6(c). 

(d) Reimbursement or Direct Payment Disbursements. In addition to the pre-funded disbursements provided for in
Section 3.6(c) above (and to be separately accounted for), provided no Event of Default has occurred and is continuing, Lender shall make monthly disbursements to Borrower (but not more than once per calendar month) from the FF&E and CapEx
Reserve Account to reimburse Borrower for the cost of FF&E or Capital Expenditures actually incurred and paid for by Borrower (or to be paid for directly from the requested disbursement) pursuant to Approved Annual Budgets or otherwise approved
by Lender in its reasonable discretion, within thirty (30) days after receipt of the following items: 
 (i) Borrower
shall deliver to Lender invoices evidencing that the costs for which such disbursements are requested have been paid, or are due and payable; 

(ii) Borrower shall deliver to Lender an Officer’s Certificate confirming that all such costs have been previously paid
by Borrower or will be paid from the proceeds of the requested disbursement; and 
 (iii) Lender may condition the making of
a requested disbursement on (1) reasonable evidence establishing that Borrower has applied any amounts previously received by it in accordance with this Section 3.6(d) (or has otherwise paid) for the expenses to which specific draws made
under this Section 3.6(d) relate, (2) reasonably satisfactory site inspections, if the cost of the contemplated work exceeds $500,000, and (x) the current month’s requested disbursement exceeds $50,000 or (y) the cumulative
requested disbursements on the contemplated work exceeds $100,000, and (3) receipt of appropriate lien releases and waivers from any contractors, subcontractors and others with respect to such amounts if such amounts exceed $100,000 (provided
that, with respect to any amounts to be paid from the requested disbursement, Borrower shall 

  
 -30- 

 
deliver to Lender, on or prior to the following Payment Date, appropriate lien releases and waivers in respect of such amounts if the costs thereof exceed $100,000). 

(e) Restrictions on Use of Disbursements. Borrower shall use all disbursements from the FF&E and CapEx Reserve
Account solely for FF&E and Capital Expenditures for Mortgaged Properties and Encumbered Properties that are included in Approved Annual Budgets or otherwise approved by Lender in its reasonable discretion. Borrower shall timely perform all
FF&E work and Capital Expenditure work required under Approved Franchise Agreements (including, without limitation, work required pursuant to any Property Improvement Plans) existing from time to time with respect to the Mortgaged Properties and
Encumbered Properties. 
 (f) Disbursements for FF&E and Capital Expenditures for Encumbered Properties. Borrower
may draw on the FF&E and CapEx Reserve Account to fund the cost of FF&E and/or Capital Expenditures for any Encumbered Property, subject to the following provisions. Before drawing on the FF&E and CapEX Reserve Account for such
expenditures, Borrower shall first (i) obtain any required approvals to such work to the extent required under the terms of the Encumbered Property Indebtedness, (ii) exhaust any available cash held by the Encumbered Property Owner, and
(iii) if the Encumbered Property Indebtedness permits direct funding of the requested disbursements, exhaust all available reserves and/or advances. To the extent that cash, reserves or advances are not available at the Encumbered Property
level as described above, Borrower may draw on the FF&E and CapEx Reserve to fund such expenditures. If the Encumbered Property Indebtedness permits Borrower to receive reimbursement for FF&E and/or Capital Expenditures previously spent,
Borrower shall promptly seek reimbursement from such available reserves and/or advances, and deposit such reimbursements back into the FF&E and CapEx Reserve Account. Lender may require Borrower to certify to any of the foregoing covenants with
an appropriate Officer’s Certificate. 
 (g) Quarterly Inspections and Reports. Lender may require Borrower to
provide Lender on a quarterly basis with updated property inspections and other information generated by Borrower (on a property-by-property basis), and in such detail as Lender may reasonably request) to assure Lender that all FF&E work and
Capital Expenditure work has been completed in the manner represented by Borrower and in accordance with the requirements of the Loan Documents, any applicable Approved Franchise Agreements or other applicable Legal Requirements. 

(h) Verification of Completed Work. As required by Section 3.6(c)(2) above, and otherwise within fifteen
(15) days after request by Lender, Borrower shall provide the following items with respect to any completed work: 

(i) an Officer’s Certificate confirming that such work has been completed and paid for, and such other information as may
be reasonably requested by Lender; 

  
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 (ii) copies of invoices or other evidence reasonably requested by Lender
evidencing the costs covered by any disbursement, and evidence of actual payment of such costs; and 
 (iii) copies of
applicable lien releases and waivers (as reasonably determined by Lender) from any contractors, subcontractors and suppliers where the contract amount exceeds $100,000, and title updates and/or title policy endorsements that Lender may reasonably
request from time to time.” 
 (g) Working Capital Reserve Account. Effective as of the
Modification Closing Date, Section 3.9 (Working Capital Reserve Account) of the Original Loan Agreement is amended and restated as follows: 

“3.9. Working Capital Reserve Account. 

(a) Establishment of Working Capital Reserve Account. On the Modification Closing Date under the Third Omnibus
Amendment, the former Low Debt Yield Reserve Account shall be renamed the “Working Capital Reserve Account” and will have (after the transfer described in Section 2.12(d) of the Third Omnibus Amendment and the payment of closing costs
under this Amendment as described therein), a balance of approximately $10,000,000. Thereafter, additional deposits shall be made into the Working Capital Reserve Account from the Cash Management Account pursuant to Section 3.2(b)(ix). 

(b) Borrower Disbursements. 

(i) Note A Payments. Borrower may at any time (and without regard to the restrictions set forth in Section 3.9(c)
below) direct Lender in writing to apply all or any portion of available funds in the Working Capital Reserve Account to the outstanding principal balance of Note A only (which payment shall be applied pro rata to the A Noteholders based on their
respective outstanding principal balances as of the Modification Closing Date). 
 (ii) Other Disbursements. Subject
to the restrictions set forth in Section 3.9(c) below, and provided no Event of Default has occurred and is continuing, Borrower may direct Lender in writing from time to time to make payments from the Working Capital Reserve Account to fund
Shortfalls in accordance with Section 3.2(c) (as amended and restated in Section 2.12(e) of the Third Omnibus Amendment), and to fund certain other costs and expenses in accordance with Sections 2.1(b), 2.4(d), 2.4(f) and Section 4
(other than the required $10,000,000 principal prepayment required on Note A) of the Third Omnibus Amendment. Borrower shall have no other right to request or receive disbursements from the Working Capital Reserve Account. 

  
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 (c) Restrictions on Disbursements. Notwithstanding anything herein to the
contrary, but subject to Section 3.9(b)(i) above: (i) except with respect to disbursements to fund Shortfalls under Sections 3.2(b)(i) through 3.2(b)(iv) above (as to which the following minimum balances do not apply), Borrower shall at
all times maintain a minimum balance in the Working Capital Reserve Account equal to (x) $2,000,000 from the Modification Closing Date until June 30, 2011, (y) $3,500,000 from July 1, 2011 until June 30, 2012, and
(z) $5,000,000 from July 1, 2012 until the Indebtedness is paid in full, and Borrower shall have no right to request or receive disbursements (other than to fund Shortfalls under Section 3.2(b)(i) through 3.2(b)(iv) above) that would
cause the balance in the Working Capital Reserve Account to drop below the foregoing applicable minimum balance (unless Lender consents to such disbursements in its sole discretion); and (ii) once a Sweep Amount is determined, such Sweep Amount
may not be withdrawn from the Working Capital Reserve Account until it is applied to principal on the Sweep Date pursuant to Section 2.2(b) of the Third Omnibus Amendment (although, for purposes of clarification, other funds in the Working
Capital Reserve Account in excess of the Sweep Amount may continue to be withdrawn as provided herein). 
 (d) Sweep
Amount Disbursements. On each Sweep Date (as defined in Section 2.2(b) of the Third Omnibus Amendment), Lender is hereby irrevocably directed by Borrower to automatically (i.e., without the necessity of any further direction from Borrower)
cause the Sweep Amount (as defined in Section 2.2(b) of the Third Omnibus Amendment) to be applied to the outstanding principal balance of Note A only (which payment shall be applied pro rata to the A Noteholders based on their respective
outstanding principal balances as of the Modification Closing Date) until Note A is paid in full, in accordance with Section 2.2(b) of the Third Omnibus Amendment.” 

(h) Funding of G&A Expenses. The following new Section 3.17 is added to the Original Loan Agreement,
effective as of the Modification Closing Date: 
 “Section 3.17 Funding of G&A Expenses. This Section shall govern the
payment of G&A Expenses from disbursements made from the Cash Management Account pursuant to Section 3.2(b)(viii). 

(a) Disbursements. Provided no Event of Default has occurred and is continuing, Lender shall make the following
disbursements from the Cash Management Account on each Payment Date (Lender acknowledges that such disbursements are pre-funded disbursements, rather than reimbursements). For calendar year 2011, the amount to be disbursed to Borrower under
Section 3.2(b)(viii) is agreed to be $718,000 per month, and thereafter shall be based on the Approved G&A Budget (in each case, subject to the availability of funds under the priorities set forth in Section 3.2(b)). Borrower shall use
each monthly 

  
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disbursement made to it under Section 3.2(b)(viii) solely to pay for actual G&A Expenses for such month pursuant to an Approved G&A Budget. With respect to any particular monthly
disbursement made to Borrower, if Borrower does not actually use all of such monthly disbursement for permitted G&A Expenses during such month, then within fifteen (15) days after the expiration of such month Borrower shall return the
unused portion of such disbursement to Lender to be deposited back into the Cash Management Account (such cumulative returned amount existing from time to time, less any amounts re-advanced from time to time under the next sentence, being referred
to as the “G&A Returned Amount”). In addition to the maximum monthly disbursements described in this Section 3.17 and to the extent that such permitted monthly disbursements have been expended for permitted G&A
Expenses during such month, Borrower may also request a monthly disbursement up to the then remaining G&A Returned Amount, but not to exceed $718,000 per month, and subject to availability of funds in the Cash Management Account under the
priorities set forth in Section 3.2(b)). 
 (b) Verification. Within fifteen (15) days following the end of
each calendar month for which a disbursement was made for G&A Expenses as provided herein, Borrower shall provide the following items with respect to the G&A Expenses covered by such disbursement: 

(i) an Officer’s Certificate confirming that all G&A Expenses covered by such disbursement (to the extent such
disbursement has not been returned to Lender) have actually been incurred by Borrower, and such other information as may be reasonably requested by Lender; and 

(ii) reasonable back-up documentation evidencing that the G&A Expenses covered by such disbursement (to the extent such
disbursement has not been returned to Lender) has actually been incurred by Borrower.” 
 (i) Limitations on
Disbursements From Collateral Accounts. The following new Section 3.18 is added to the Original Loan Agreement, effective as of the Modification Closing Date: 

“3.18 Limitations on Collateral Account Disbursements. Notwithstanding anything in the Loan Documents to the contrary:
(i) Borrower’s right to request and receive any disbursement from any Collateral Account shall be limited to the funds then existing in the applicable Collateral Account (and Lender shall have no express or implied obligation to advance
any funds under the Loan or otherwise to make up any shortfall); and (ii) all disbursements made from Collateral Accounts shall be used by Borrower only for the permitted purposes for which such disbursements were made under the applicable
provisions of the Loan Agreement (as amended by the Third Omnibus Amendment).” 

  
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 (j) Conforming Changes. The following Sections of the Original Loan
Agreement shall each be deleted as of the Modification Closing Date: Section 3.5 (Cash Reserve Account), Section 3.7 (Deferred Maintenance and Environmental Reserve Account), Section 3.8 (Required Capital Expenditure Reserve Account),
Section 3.10 (Debt Service Reserve Account), Section 3.11 (Unfunded Obligations Account) and Section 3.16 (Nashville Reserve Account). Further, the concept of a “Trigger Period,” as used in the Original Loan Agreement, shall
have no further application. 
 (k) Property Manager Payment Direction Letter. On the Modification Closing
Date, Borrower shall deliver to Lender an executed letter, in the form of Exhibit C to this Amendment, with respect to each currently existing property manager for the Mortgaged Properties, directing such property manager to deliver all cash flow
from the applicable Mortgaged Properties, after payment of property expenses and permitted management fees, and retention of any required minimum operating reserve provided for in the management agreement, directly to the Cash Management Account or
other Blocked Account designated by Lender (each, a “Property Manager Payment Direction Letter”). Upon the occurrence and during the continuance of an Event of Default, Lender is authorized to deliver any or all of the
Property Manager Payment Direction Letters and to enforce the same. 
 (l) Amendment to Cash Management
Agreement. On the Modification Closing Date, Borrower and Lender shall enter into an amendment of the existing Cash Management Agreement, in the form of Exhibit D attached hereto (the “CMA Amendment”). Each of the
Noteholders hereby authorizes and directs GECC to enter into the CMA Amendment as agent for all of the Noteholders, in GECC’s capacity as the Lead Lender (as described in Section 2.17 below). 

2.13 Guaranty Amendment. On the Modification Closing Date, the Operating Partnership and Sponsor (collectively,
“Guarantors”) will each execute and deliver to Lender a First Amendment to Guaranty of Recourse Obligations (Mortgage Loan) in the form(s) attached as Exhibit B to this Amendment (the “Guaranty
Amendment”). 
 2.14 Governing Law. Section 9.2(A) of the Original Loan Agreement is amended and restated as
follows (for purposes of clarification, Section 9.2(B) of the Original Loan Agreement remains in effect): 
 “(A) Except only to
the extent that any Mortgage or other Loan Document expressly states that the law of another jurisdiction shall govern such Loan Document or any particular matter specified therein, the validity, construction, enforcement and interpretation of the
Loan Documents, and any claim, controversy or dispute arising under or related to any of the Loan Documents, the transactions contemplated thereby or the rights, duties and relationship of the parties thereto, shall be governed by the laws of the
State of New York, without regard to the principles thereof regarding conflict of laws, and any applicable laws of the United States of America.” 

  
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 2.15 Restrictions on Acquisitions of Further Mortgaged Properties and Encumbered
Properties, and Financing of Encumbered Properties. Notwithstanding anything in the Loan Documents to the contrary, from and after the Modification Closing Date: (i) without the prior written consent of Lender in its sole discretion,
Borrower shall have no right to (and shall not) cause or permit the acquisition of any additional Mortgaged Properties or Encumbered Properties; (ii) except with respect to the acquisition of Encumbered Property Indebtedness by Borrower or any
Affiliate of Borrower from funds that are not subject to the restrictions set forth in the Loan Agreement (as amended by this Amendment) and which such purchaser immediately extinguishes (without any new Lien being placed on the Encumbered Property,
so that the Encumbered Property is held free and clear of any Encumbered Property Indebtedness), without the prior written consent of Lender in its sole discretion, Borrower shall have no right to (and shall not) cause or permit Borrower or any
Affiliate of Borrower to hold any interest in any Encumbered Property Indebtedness (and Borrower represents to Lender that neither Borrower nor any Affiliate of Borrower holds any interest in any Encumbered Property Indebtedness as of the
Modification Closing Date); and (iii) without the prior written consent of Lender to the terms thereof (which shall not be unreasonably withheld or delayed), Borrower shall not cause any modification or refinancing of any Encumbered Property
Indebtedness; provided, however, that if (x) (1) such modification or refinancing is entered into on market terms with a third party lender (not an Affiliate of Borrower), (2) any additional paydown amounts or required reserves
(except to the extent already held in reserves with respect to such Encumbered Property or Lender reasonably approves otherwise) will come from funds that are not subject to the restrictions set forth in the Loan Agreement (as amended by this
Amendment), (3) no additional security interests (other than the security interests that were granted under the current Encumbered Property Indebtedness) will be granted in connection with such modification or refinancing, (4) Borrower
provides Lender with notice of all material terms of such modification or refinancing, and (5) where the principal outstanding indebtedness after such refinancing or modification exceeds 100% of the principal outstanding indebtedness that
existed under such Encumbered Property Indebtedness as of the Modification Closing Date, the principal outstanding indebtedness after such modification or refinancing does not exceed the lesser of (a) a principal outstanding indebtedness amount
that would result in a debt yield that is 10% based on the trailing twelve (12) month operating income generated by the collateral subject to such indebtedness or (b) 115% of the principal outstanding indebtedness that existed under such
Encumbered Property Indebtedness as of the Modification Closing Date, then (y) Lender’s consent will not be required for such modification or refinancing. 

2.16 Defined Terms. All defined terms in the Loan Agreement or other Loan Documents that have been amended or restated in this
Amendment shall from and after the Modification Closing Date have the amended or restated definitions contained in this Amendment. All new defined terms set forth in this Amendment (i.e., which are not currently defined terms in the Loan Agreement)
are hereby added to (and incorporated by reference into) the “Definitions” set forth at the beginning of the Original Loan Agreement. 

2.17 Lead Lender Execution of Ancillary Loan Documents. The Noteholders acknowledge and agree that GECC has acted and will
continue to act under its authority as the “Lead Lender” under the Intercreditor Agreement dated February 11, 2008 (as amended) among the A Noteholders, and (as such Lead Lender) on behalf of the “Note A Holder” under the
Agreement Among Noteholders dated as of February 11, 2008 (as amended) 

  
 -36- 

 
among the A Noteholders and the B Noteholders, in accordance with the terms of such agreements, to execute and administer (in conjunction with the servicer) various security documents and other
ancillary documents as agent or representative of the Lenders (such as, but not limited to, franchise comfort letters, consents and subordination agreements with Approved Property Managers, the Mortgages, the Mortgage Modifications, the Cash
Management Agreement, the CMA Amendment, the Guaranty Amendment, any collateral assignments of Extension Interest Rate Cap Agreements and any set-aside letter that may be executed in favor of Lender’s title company in connection with the title
policy endorsements to be issued on the Modification Closing Date). The Noteholders hereby approve and ratify GECC’s execution of such agreements and documents as agent or representative of and on behalf of the Lenders (for purposes of
clarification, without waiving any provisions of the Loan Documents and intercreditor and servicing agreements with respect to approval rights of any Lender). The Noteholders acknowledge and agree that GECC is performing the Lead Lender role for the
convenience of the Noteholders, and GECC’s acting as Lead Lender is subject to any limitation of liability provisions set forth in the Loan Documents and the applicable intercreditor and servicing agreements, and shall not create any fiduciary
duty of GECC to, or fiduciary relationship of GECC with, the other Noteholders. 
 2.18 Revised Schedule of Alcoholic Beverage Permit
Holders. Schedule C attached to the Original Loan Agreement, pursuant to Section 4.32(b) of the Original Loan Agreement, is hereby deleted and replaced with the amended and restated Schedule C attached as Schedule 2.18 to this
Amendment. 
 2.19 Revised Schedule of Material Agreements. Schedule D attached to the Original Loan Agreement, pursuant to
Section 4.14(c) of the Original Loan Agreement, is hereby deleted and replaced with the amended and restated Schedule D attached as Schedule 2.19 to this Amendment. 

3. Waivers and Release. In consideration of the parties’ agreement to amend the Loan Documents as set forth in this
Amendment, Borrower and, by executing the Consents attached hereto, Guarantors and Pillar Hotel and Resorts, L.P. (formerly known as Archon Hospitality, L.P.) (collectively, “Releasors”) agree as follows: 

3.1 Releasors, acting on behalf of themselves, their constituent members, and their successors and assigns, and any entities controlled
by any of them, release and forever discharge Lender (and each of them), and their respective direct and indirect owners, parents, affiliates, subsidiaries, successors in interest, transferees, assigns, officers, directors, employees, managers,
attorneys, accountants, agents, and servants, and each of them, in all capacities, including individually (collectively “Lender Parties”) from any and all actions, liabilities, liens, debts, damages, claims, suits, judgments,
executions and demands of every kind, nature and description (collectively, “Claims”) that Releasors, their constituent members, and their successors and assigns, and any entities controlled by any of them may have or
hereafter may acquire against Lender Parties arising out of or in connection with the Loan, the Loan Documents, any actions taken by Lender (or any of them) in connection with the Loan or in the exercise of their rights and remedies under the Loan
Documents, or any other dealings between the Lender Parties (or any of them) and Releasors, their constituent members, or their successors and assigns, or any entities controlled by any of them in connection with the Loan, including any

  
 -37- 

 
Claims which may have been assigned to any Releasor by any Person, but only to the extent that the foregoing Claims arise during or relate to, or pertain to conduct occurring during, the period
of time existing prior to the Modification Closing Date. Releasors further waive and release any and all counterclaims, offsets or defenses which Releasors have or believe they may have in connection with the enforcement of the Note (and each of
them) and other Loan Documents, including without limitation Lender’s enforcement of its foreclosure sale rights under the Mortgages, but only to the extent that such counterclaims, offsets or defenses arise during or relate to, or pertain to
conduct occurring during, the period of time existing prior to the Modification Closing Date. 
 3.2 Each Releasor acknowledges that
the foregoing release shall extend to Claims which the Releasor does not know or suspect to exist in Releasor’s favor at the time of executing this Amendment, regardless of whether such Claims, if known by such Releasor, would have materially
affected such Releasor’s decision to enter into this Amendment. Each Releasor waives and relinquishes any right or benefit which it has or may have under any provision of the statutory or nonstatutory law of any jurisdiction which provides to
the contrary, to the full extent that it may lawfully waive all such rights and benefits. In connection with such waiver and relinquishment, each Releasor acknowledges that it is aware that it or its attorneys or agents may hereafter discover facts
in addition to or different from those which it now knows or believes to exist with respect to the subject matter of this Section 3 or the other parties hereto, but that each Releasor intends hereby fully, finally and forever to settle, waive
and release all of the Claims, known or unknown, suspected or unsuspected, which now exist or may exist hereafter between Releasors and the Lender Parties in connection with the Loan, except as otherwise expressly provided in this Section 3.
This Release shall be and remain in effect notwithstanding the discovery or existence of any such additional or different facts. 

3.3 Releasors agree, jointly and severally, to defend, indemnify and hold Lender Parties harmless from and against any losses, damages,
costs (including reasonable attorneys’ fees, court costs and costs of appeal), expenses, judgments, liens, decrees, fines, penalties, liabilities, claims, actions, executions, debts, demands, obligations, suits and causes of action
(collectively, “Losses”) arising, directly or indirectly, from any Claims released pursuant to Section 3.1 above. If any of the Lender Parties incurs such Losses, then Releasors shall promptly reimburse the Lender
Parties upon request for all Losses arising therefrom. 
 3.4 Each Releasor warrants and represents that it is the sole and lawful
owner of all right, title and interest in and to all of the respective Claims released hereby and that it has not heretofore voluntarily or, to its knowledge, by operation of law or otherwise, assigned or transferred or purported to assign or
transfer to any person any such Claim or any portion thereof. 
 3.5 Each Releasor acknowledges that it has been represented by legal
counsel of its own choice in connection with this Amendment and that it has agreed to the provisions of this Section 3 after consulting with such legal counsel regarding the effect of this Section 3, and without reliance upon any promise
or representation of any Person acting for or on behalf of any other party. Each Releasor further acknowledges that it and its counsel have had adequate opportunity to make whatever investigation or inquiry they may deem necessary or desirable in
connection with the subject matter of this release prior to the execution of this Amendment and the delivery and acceptance of the consideration described herein. 

3.6 Nothing contained herein shall be construed as an admission by any party of any liability of any kind to any other party. 

  
 -38- 

 4. Conditions Precedent. Subject to the last sentence of this Section 4, the
modifications to the Loan Documents set forth in this Amendment shall not become effective until all of the following conditions precedent have been satisfied or waived (or deferred as provided below) by Lender in its sole and absolute discretion
(herein referred to as the “Modification Closing Date”); provided, however, that if for any reason whatsoever the Modification Closing Date does not occur by December 17, 2010, Lender may terminate this Amendment by
written notice to Borrower at any time after such date and prior to the occurrence of the Modification Closing Date. Lender’s notices and communications under this Section 4 shall be given by GECC as Lead Lender (as described in
Section 2.17 above): 
 4.1 Lender’s receipt of the fully executed originals of this Amendment, the CMA Amendment (pursuant
to Section 2.12(1) above), the Guaranty Amendment (pursuant to Section 2.13 above), the Property Manager Payment Direction Letters (pursuant to Section 2.12(k) above), and all other instruments and documents required to be delivered
pursuant to this Amendment. 
 4.2 (i) Lender’s review and approval of copies of all currently effective Mezzanine Loan
Documents (including all releases and/or terminations of Mezzanine Loan Documents that have occurred since May 28, 2008) and a copy of the fully executed Mezzanine Loan Amendment (conforming to the requirements of Section 2.7 above); and
(ii) the concurrent closing under the Mezzanine Loan Amendment on the Modification Closing Date. 
 4.3 Lender’s receipt,
review and approval of a current ALTA survey for each remaining Mortgaged Property, to the extent (i) required by the title company that issued the Lender’s title policy for the Mortgage encumbering such Mortgaged Property, or
(ii) necessary to locate additional easements or other encumbrances that have been recorded against such Mortgaged Property since the original recordation of such Mortgage. Borrower represents to Lender that the only survey updates required
under the immediately preceding sentence are for the Mortgaged Properties identified as “OK 99” and “MI — 73.” 

4.4 Lender’s receipt, review and reasonable approval of evidence of maintenance of current insurance policies and coverages
required under the Loan Agreement. 
 4.5 Lender’s receipt of a list of (and copies of) all new property management agreements,
subordination agreements, franchise agreements and comfort letters entered into since GECC’s acquisition of Note A-1A. 
 4.6
Lender shall have reasonably determined that no material adverse change has occurred in the financial condition of Borrower or the Operating Partnership from the date hereof through the Modification Closing Date. 

  
 -39- 

 4.7 Lender’s receipt of mortgage/deed of trust modifications for each of the
Mortgages (in form and content approved by Lender) which provides constructive notice of this Amendment to third parties under applicable law (collectively, the “Mortgage Modifications”), fully executed and acknowledged by
the appropriate Borrower that owns fee title to the Mortgaged Properties and by the applicable TRS Lessee (for the purpose of evidencing of record that the TRS Leases have been terminated and that the TRS Lessee has released any and all interest it
may have in or to the Mortgaged Property to the Borrower entity which owns fee title to such Mortgaged Property), and Lender’s receipt of evidence that each of the Mortgage Modifications has been recorded in the appropriate real estate records
in accordance with Lender’s written instructions (or, alternatively, Lender’s receipt of appropriate commitments for “gap” insurance coverage with respect to the title policy endorsements to be obtained for such Mortgage
Modifications as described in Section 4.8 below). Each of the Noteholders hereby authorizes and directs GECC to enter into the Mortgage Modifications as agent for all of the Noteholders, in GECC’s capacity as the Lead Lender (as described
in Section 2.17 above). 
 4.8 Lender’s title insurance company(s) shall have issued and delivered to Lender, or shall have
irrevocably and unconditionally committed to issue for the benefit of Lender, such reasonable endorsements to the title policies issued for the Mortgages encumbering the Mortgaged Properties as Lender shall request to insure the continuing validity
and priority of such Mortgages, as amended by the Mortgage Modifications, including without limitation modification endorsements. 

4.9 Lender receipt of an opinion or opinions of counsel, representing Borrower and Guarantors (collectively, the “Borrower
Parties”), for the benefit of Lender, opining as to (i) the due formation and good standing of each of the Borrower Parties, (ii) the due authorization, execution and delivery of this Amendment, the Guaranty Amendment, the CMA
Amendment, the Note A Guaranty (if applicable) and each of the Mortgage Modifications, (iii) the enforceability of this Amendment, the Guaranty Amendment, the CMA Amendment, the Note A Guaranty (if applicable) and each of the Mortgage Modifications,
each in accordance with their terms, and (iv) such other matters as may be reasonably requested by Lender; which opinion letter or letters shall be in form and content (and with assumptions and qualifications) reasonably acceptable to Lender.
Also, receipt of a non-consolidation opinion acceptable to Lender. 
 4.10 Borrower shall make the principal payment on Note A that
is required under Section 2.2(a) above. 
 4.11 Borrower shall make the retroactive interest payment required under
Section 2.4(f) above. 
 4.12 Borrower shall have obtained an Extension Interest Rate Cap Agreement (covering the Loan only) for
the period from the Payment Date in February, 2011 until the Payment Date in November, 2012 (or such portion thereof as exists following the Modification Closing Date), and collaterally assigned such Extension Interest Rate Cap Agreement to Lender
pursuant to an Assignment of Interest Rate Cap Agreement. 

  
 -40- 

 4.13 Borrower shall have paid to Lender all of its external costs and expenses incurred in
evaluating, documenting, negotiating and closing the transactions contemplated by this Amendment, and in connection with prior Borrower defaults and events leading up to this Amendment, including without limitation, all fees and costs incurred for
legal services, environmental, structural and engineering reports, appraisals, title endorsements and policies, escrow services and closing matters. 

4.14 No Default or Event of Default shall then exist (other than the Prior Defaults identified in Section 1.2 to be waived as of
the Modification Closing Date, and any Defaults that may arise from matters disclosed by Borrower in Schedule 1.3 and Exhibit E attached to this Amendment). 

4.15 (i) An updated organizational chart of Borrower and Guarantors (and Mezzanine Borrower); (ii) Authorizing consents and
resolutions of Borrower and Guarantors; and (iii) Any amendments to the organizational/formation documents of Borrower or Guarantors (or Mezzanine Borrower) since May 28, 2008. 

Borrower and Lender agree that upon the release of signature pages by all parties hereto, the Modification Closing Date shall be deemed to
have occurred and the conditions to closing set forth above shall be deemed satisfied (although the foregoing shall not be deemed a waiver of any representations, warranties or covenants set forth in other provisions of the Loan Documents that may
relate to the same subject matter as the foregoing conditions); except that certain deliveries or payments described in Schedule 4 (to be attached to this Amendment on the Modification Closing Date) shall be post-closing covenants of Borrower. 

5. Modification of Loan Documents. The Loan Documents are hereby supplemented, amended and modified to incorporate the
provisions of this Amendment, which shall supersede and prevail over any conflicting provisions of the Loan Documents. Except as otherwise specifically modified by this Amendment, all terms and provisions of the Loan Documents shall remain
unmodified and in full force and effect. This Amendment shall not be construed as a novation of the Note or the other Loan Documents. This Amendment shall not prejudice or be construed as a waiver of any present or future rights, remedies, benefits
or powers belonging or accruing to Lender under the terms of the Loan Documents as amended by this Amendment. Except as specifically indicated, nothing contained in this Amendment shall in any way impair the Loan Documents or alter, waive, annul,
vary, affect or impair any provision, condition, or covenant contained therein or any right, power, or remedy granted therein. The obligations and covenants of this Amendment are in addition to (and are not in substitution of) the obligations and
covenants under the Loan Documents. 
 6. Default. The breach of any representation, warranty, or covenant contained in this
Amendment or the failure of Borrower or Guarantor to observe or comply with any term or agreement contained in this Amendment shall, subject to any applicable notice and cure period set forth in the Loan Agreement, constitute an Event of Default
under the Loan Agreement and the other Loan Documents, and Lender shall be entitled to exercise all rights and remedies it may have under the Loan Documents and applicable law, including without limitation the right to declare all indebtedness and
obligations owing under the Note, and all other Loan Documents, to be immediately due and payable in full. 

  
 -41- 

 7. Additional Documents. Borrower shall, upon the request of Lender, execute,
acknowledge, and deliver, or cause to be executed, acknowledged, or delivered, such further documents, instruments, or agreements and perform such other acts as may be necessary, desirable, or proper for carrying out the intention or facilitating
the performance of the terms of this Amendment or the Loan Documents. 
 8. Successors and Assigns. This Amendment shall be
binding upon and inure to the benefit of the parties and their respective legal representatives, permitted successors and permitted assigns. 

9. Third-Party Beneficiaries. Nothing in this Amendment is intended to benefit or create any right, interest or cause of action
in or on behalf of any other person other than the parties hereto unless expressly set forth herein. 
 10. No Waiver. No
failure to exercise, and no delay in exercising, any right, power or remedy under this Amendment or under any document delivered by Borrower, Guarantor or any other party pursuant hereto or heretofore pursuant to the transactions contemplated hereby
shall impair any right, power or remedy Lender may have, nor shall any such delay be construed to be a waiver of any of such rights, powers or remedies, or an acquiescence in any breach or default under this Amendment or any document delivered
pursuant to this Amendment or the transactions contemplated hereby, nor shall any waiver of any breach or default of Borrower be deemed a waiver of any default or breach subsequently occurring. 

11. Construction. Unless the context otherwise specifies or requires, all of the terms used in this Amendment shall be
applicable equally to the singular and plural forms of such terms and to all genders. Any pronoun used in this Amendment shall be deemed to cover all genders. The terms “include”, “including” and similar terms shall
be construed as if followed by the phrase “without being limited to.” The term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.” The words
“hereof,” “herein,” “hereby,” “hereunder,” and similar terms in this Amendment refer to this Amendment as a whole and not to any particular provision or section of this Amendment.
An Event of Default shall “continue” or be “continuing” until such Event of Default has been waived in writing by Lender. 

12. Miscellaneous. The parties hereto acknowledge that they have been represented by counsel of their own choice throughout the
negotiations that preceded the execution of this Amendment and in connection with the preparation and execution of this Amendment and, as a result, this Amendment shall be construed without regard to any presumption or rule requiring construction
against the party causing the Amendment or any portion thereof to be drafted. The Loan Documents and this Amendment may be amended or modified only by a written agreement signed by the parties hereto. The Loan Documents and this Amendment contain or
expressly incorporate by reference the entire agreement of the parties with respect to the matters contemplated therein or herein and supersede all prior negotiations. In the event of any inconsistencies between the provisions of this Amendment and
the Loan Documents (without giving effect to this Amendment), the provisions of this Amendment shall control. This Amendment and the Consents attached hereto may be executed in any number of counterparts, each of which when executed and delivered to
Agent will be deemed to be an original and all of 

  
 -42- 

 
which, taken together, will be deemed to be one and the same instrument. Further, counterpart original signatures pages may be executed into one or more fully executed documents. The headings
used in this Amendment are for convenience only and shall be disregarded in interpreting the substantive provisions of this Amendment. Time is of the essence of each term of the Loan Documents and this Amendment. This Amendment shall be subject to
Section 9.2 (Governing Law) of the Original Loan Agreement (as amended in Section 2.14 of this Amendment). If any provision of this Amendment or any of the Loan Documents shall be determined by a court of competent jurisdiction to be
invalid, illegal or unenforceable, that portion shall be deemed severed therefrom and the remaining parts shall remain in full force as though the invalid, illegal, or unenforceable portion had never been a part thereof. 

[Signatures on following pages] 

  
 -43- 

 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first stated above.

  

					
	BORROWER:
	
	 W2007 EQUITY INNS REALTY, LLC,
 a
Delaware limited liability

		
	By: 		W2007 Equity Inns Senior Mezz, LLC,
			a Delaware limited liability company,
			its Manager
			
			By:		

		 		 	  

			Name: 		 Peter A. Weidman

			Title:		 Authorized Signatory

	
	 W2007 EQUITY INNS REALTY, L.P.,
 a
Delaware limited partnership

		
	By: 		W2007 Equity Inns Realty Gen-Par, LLC,
			a Delaware limited liability company,
			its General Partner
			
			By:		

		 		 	  

			Name: 		 Peter A. Weidman

			Title:		 Authorized Signatory

  
 SIGNATURE PAGES TO
THIRD OMNIBUS 
 AMENDMENT TO LOAN DOCUMENTS 

(MORTGAGE LOAN) 
 S-1 

			
	LENDER:
	
	 GENERAL ELECTRIC CAPITAL CORPORATION,

a Delaware corporation

		
	By:		

		 	  

	Name:		 Renetta Lieske

	Title:		 Authorized Signatory

	
	 NEW YORK LIFE INSURANCE COMPANY,
 a
New York mutual insurance company

		
	By:		  

	Name:		  

	Title:		  

	
	 PB CAPITAL CORPORATION,
 a Delaware
corporation

		
	By:		  

	Name:		  

	Title:		  

	
	 THE GOVERNOR AND COMPANY OF THE

BANK OF IRELAND, CONNECTICUT BRANCH

		
	By:		  

	Name:		  

	Title:		  

		
	By:		  

	Name:		  

	Title:		  

  
 SIGNATURE PAGES TO
THIRD OMNIBUS 
 AMENDMENT TO LOAN DOCUMENTS 

(MORTGAGE LOAN) 
 S-2 

 
			
	LENDER:
	
	 GENERAL ELECTRIC CAPITAL CORPORATION,

a Delaware corporation

		
	By:		  

	Name:		  

	Title:		  

	
	 NEW YORK LIFE INSURANCE COMPANY,
 a
New York mutual insurance company

		
	By:		

		 	  

	Name:		 Richard M. Walsh

	Title:		 Vice President

	
	 PB CAPITAL CORPORATION,
 a Delaware
corporation

		
	By:		  

	Name:		  

	Title:		  

	
	 THE GOVERNOR AND COMPANY OF THE

BANK OF IRELAND, CONNECTICUT BRANCH

		
	By:		  

	Name:		  

	Title:		  

		
	By:		  

	Name:		  

	Title:		  

  
 SIGNATURE PAGES TO
THIRD OMNIBUS 
 AMENDMENT TO LOAN DOCUMENTS 

(MORTGAGE LOAN) 
 S-2 

 
					
	LENDER:
	
	 GENERAL ELECTRIC CAPITAL CORPORATION,

a Delaware corporation

		
	By:		  

	Name:		  

	Title:		  

	
	 NEW YORK LIFE INSURANCE COMPANY,
 a
New York mutual insurance company

		
	By:		  

	Name:		  

	Title:		  

	
	 PB CAPITAL CORPORATION,
 a Delaware
corporation

			
	By:		

		

		 	  
	 	  

	Name: 		 Jonathan Oh
		 Daniel T. Cerulli

	Title:		 Senior Director
		 Senior Director

	
	 THE GOVERNOR AND COMPANY OF THE

BANK OF IRELAND, CONNECTICUT BRANCH

		
	By:		  

	Name:		  

	Title:		  

		
	By:		  

	Name:		  

	Title:		  

  
 SIGNATURE PAGES TO
THIRD OMNIBUS 
 AMENDMENT TO LOAN DOCUMENTS 

(MORTGAGE LOAN) 
 S-2 

 
			
	LENDER:
	
	 GENERAL ELECTRIC CAPITAL CORPORATION,

a Delaware corporation

		
	By:		  

	Name:		  

	Title:		  

	
	 NEW YORK LIFE INSURANCE COMPANY,
 a
New York mutual insurance company

		
	By:		  

	Name:		  

	Title:		  

	
	 PB CAPITAL CORPORATION,
 a Delaware
corporation

		
	By:		  

	Name:		  

	Title:		  

	
	 THE GOVERNOR AND COMPANY OF THE

BANK OF IRELAND, CONNECTICUT BRANCH

		
	By:		

		 	  

	Name:		 Robert D. Gominiak

	Title:		 Director

		
	By:		

		 	  

	Name:		 Decian Meagher

	Title:		 Managing Director

  
 SIGNATURE PAGES TO
THIRD OMNIBUS 
 AMENDMENT TO LOAN DOCUMENTS 

(MORTGAGE LOAN) 
 S-2 

 
			
	 GOLDMAN SACHS MORTGAGE COMPANY,
 a
New York limited partnership

		
	By:		

		 	  

	Name:		 Mark J. Buono

	Title:		  

	
	GUGGENHEIM STRUCTURED REAL ESTATE FUNDING 2005-1 LTD.
		
	By:		  

	Name:		  

	Title:		  

	
	OREGON PUBLIC EMPLOYEES RETIREMENT FUND
		
	By:		  

	Name:		  

	Title:		  

	
	 KEYBANK NATIONAL ASSOCIATION,
 a
national banking association

		
	By:		  

	Name:		  

	Title:		  

  
 SIGNATURE PAGES TO
THIRD OMNIBUS 
 AMENDMENT TO LOAN DOCUMENTS 

(MORTGAGE LOAN) 
 S-3 

 
			
	
	 GOLDMAN SACHS MORTGAGE COMPANY,
 a
New York limited partnership

		
	By:		  

	Name:		  

	Title:		  

	
	GUGGENHEIM STRUCTURED REAL ESTATE FUNDING 2005-1 LTD.
	By: Guggenheim Structured Real Estate Advisors, LLC, its Collateral Manager
		
	By:		

		 	  

	Name:		 Grant G. Rogers

	Title:		 Managing Director

	
	OREGON PUBLIC EMPLOYEES RETIREMENT FUND
	By: GSREA, LLC as its Agent
		
	By:		

		 	  

	Name:		 Grant G. Rogers

	Title:		 Managing Director

	
	 KEYBANK NATIONAL ASSOCIATION,
 a
national banking association

		
	By:		  

	Name:		  

	Title:		  

  
 SIGNATURE PAGES TO
THIRD OMNIBUS 
 AMENDMENT TO LOAN DOCUMENTS 

(MORTGAGE LOAN) 
 S-3 

 
			
	 GOLDMAN SACHS MORTGAGE COMPANY,
 a
New York limited partnership

		
	By:		  

	Name:		  

	Title:		  

	
	GUGGENHEIM STRUCTURED REAL ESTATE FUNDING 2005-1 LTD.
		
	By:		  

	Name:		  

	Title:		  

	
	OREGON PUBLIC EMPLOYEES RETIREMENT FUND
		
	By:		  

	Name:		  

	Title:		  

	
	 KEYBANK NATIONAL ASSOCIATION,
 a
national banking association

		
	By:		

		 	  

	Name:		 TAYVEN HIKE,CFA

	Title:		 VICE PRESIDENT

  
 SIGNATURE PAGES TO
THIRD OMNIBUS 
 AMENDMENT TO LOAN DOCUMENTS 

(MORTGAGE LOAN) 
 S-3 

 CONSENT AND AGREEMENT OF GUARANTORS 

This Consent and Agreement of Guarantors (this “Consent”) is attached to that certain Third Omnibus Amendment to Loan
Documents (Mortgage Loan) (the “Amendment”) dated as of December 15, 2010, executed by General Electric Capital Corporation, a Delaware corporation, New York Life Insurance Company, a New York mutual insurance company,
PB Capital Corporation, a Delaware corporation, The Governor and Company of the Bank of Ireland, Connecticut Branch, Goldman Sachs Mortgage Company, a New York limited partnership, Guggenheim Structured Real Estate Funding 2005-1 Ltd., Oregon Public
Employees Retirement Fund, and Key Bank National Association, a national banking association, collectively as Lender, and W2007 Equity Inns Realty, LLC, a Delaware limited liability and W2007 Equity Inns Realty, L.P., a Delaware limited partnership,
collectively as Borrower. Capitalized terms used and not defined in this Consent shall have the same meanings that are given to such terms in the Amendment or in the Loan Agreement referred to therein, as applicable. Operating Partnership previously
executed in favor of Lender that certain Payment Guaranty dated October 25, 2007 (the “Operating Partnership Payment Guaranty”), which is secured by that certain Pledge and Security Agreement (Encumbered Property Equity
Interests — Mortgage Loan) dated as of October 25, 2007, executed by Operating Partnership in favor of Lender (the “Operating Partnership Pledge Agreement”). Operating Partnership and Sponsor previously executed in
favor of Lender that certain Guaranty of Recourse Obligations (Mortgage) dated as of October 25, 2007, as amended by the Guaranty Amendment (as so amended, the “Guaranty of Recourse Obligations”). Operating Partnership
previously executed in favor of Lender that certain Environmental Indemnity Agreement dated as of October 25, 2007 (the “Environmental Indemnity Agreement”). As used in this Consent, the term
“Guarantors” means, collectively, Operating Partnership and Sponsor. 
 Guarantors, having read and understood the
provisions of the Amendment, each hereby (i) consents to all of the terms and provisions of the Amendment, and (ii) joins in and makes in favor of Lender all of those waivers and releases set forth in Section 3 of the Amendment (which
are hereby incorporated into this Consent in their entirety). 
 Operating Partnership hereby: (a) agrees that the Amendment does not
terminate or otherwise impair any of the obligations of Operating Partnership to Lender under the Operating Partnership Payment Guaranty, the Operating Partnership Pledge Agreement, the Guaranty of Recourse Obligations and/or the Environmental
Indemnity Agreement; (b) reaffirms, in light of the Amendment, the obligations of Operating Partnership to Lender under the Operating Partnership Payment Guaranty, the Operating Partnership Pledge Agreement, the Guaranty of Recourse Obligations
and the Environmental Indemnity Agreement; (c) agrees that the Operating Partnership Payment Guaranty and the Guaranty of Recourse Obligations shall continue to guaranty the obligations of Borrower specified therein, as such obligations may
have been 

  
 CONSENT AND AGREEMENT

 OF GUARANTORS 
 -1- 

 
modified by or pursuant to the Amendment and including the Amendment; and (d) agrees that all references in the Operating Partnership Payment Guaranty, the Operating Partnership Pledge
Agreement, the Guaranty of Recourse Obligations and/or the Environmental Indemnity Agreement, (i) to the “Loan Agreement”, the “Note” and any other terms used therein or other Loan Documents described therein shall be deemed
to be references to such terms and/or documents as amended by or pursuant to the Amendment, and (ii) to the “Loan Documents” shall include, in addition to all other Loan Documents existing as of the date hereof, the Amendment and all
documents executed pursuant to the Amendment. 
 Sponsor hereby: (a) agrees that the Amendment does not terminate or otherwise impair
any of the obligations of Sponsor to Lender under the Guaranty of Recourse Obligations; (b) reaffirms, in light of the Amendment, the obligations of Sponsor to Lender under the Guaranty of Recourse Obligations; (c) agrees that the Guaranty of
Recourse Obligations shall continue to guaranty the obligations of Borrower specified therein, as such obligations may have been modified by or pursuant to the Amendment and including the Amendment; and (d) agrees that all references in the
Guaranty of Recourse Obligations, (i) to the “Loan Agreement”, the “Note” and any other terms used therein or other Loan Documents described therein shall be deemed to be references to such terms and/or documents as amended
by or pursuant to the Amendment, and (ii) to the “Loan Documents” shall include, in addition to all other Loan Documents existing as of the date hereof, the Amendment and all documents executed pursuant to the Amendment. 

[Remainder of page intentionally left blank] 

  
 CONSENT AND AGREEMENT

 OF GUARANTORS 
 -2- 

 Operating Partnership has reread the Operating Partnership Payment Guaranty, the Operating
Partnership Pledge Agreement, the Guaranty of Recourse Obligations and the Environmental Indemnity Agreement, and Sponsor has reread the Guaranty of Recourse Obligations, and Operating Partnership and Sponsor, with the advice of their own counsel,
each hereby reaffirms and restates all waivers, authorizations, and agreements set forth in such documents, as though set forth in full in this Consent. 
  

					
	GUARANTORS:
	
	“Operating Partnership”
	
	 W2007 EQUITY INNS PARTNERSHIP, L.P.,

a Tennessee limited partnership

		
	By: 		W2007 EQUITY INNS GEN-PAR, LLC,
			a Delaware limited liability company,
			its General Partner
			
			By:		

		 		 	  

			Name: 		 Peter A. Weidman

			Title:		 Authorized Signatory

	
	“Sponsor”
	
	 WHITEHALL STREET GLOBAL REAL ESTATE

LIMITED PARTNERSHIP 2007,
 a Delaware limited
partnership

		
	By: 		WH ADVISORS, L.L.C. 2007,
			a Delaware limited liability company
			its General Partner
			
			By:		

		 		 	  

			Name: 		 Peter A. Weidman

			Title:		 Authorized Signatory

  
 CONSENT AND AGREEMENT

 OF GUARANTORS 
 -3- 

 CONSENT AND AGREEMENT OF PILLAR HOTEL AND RESORTS, L.P. 

This Consent and Agreement of Pillar Hotel and Resorts, L.P. (this “Consent”) is attached to that certain Third
Omnibus Amendment to Loan Documents (Mortgage Loan) (the “Amendment”) dated as of December 15, 2010, executed by General Electric Capital Corporation, a Delaware corporation, New York Life Insurance Company, a New York
mutual insurance company, PB Capital Corporation, a Delaware corporation, The Governor and Company of the Bank of Ireland, Connecticut Branch, Goldman Sachs Mortgage Company, a New York limited partnership, Guggenheim Structured Real Estate Funding
2005-1 Ltd., Oregon Public Employees Retirement Fund, and KeyBank National Association, a national banking association, collectively as Lender, and W2007 Equity Inns Realty, LLC, a Delaware limited liability and W2007 Equity Inns Realty, L.P., a
Delaware limited partnership, collectively as Borrower. Capitalized terms used and not defined in this Consent shall have the same meanings that are given to such terms in the Amendment or in the Loan Agreement referred to therein, as applicable.
The undersigned, Pillar Hotel and Resorts, L.P. (f/k/a Archon Hospitality, L.P.), a Delaware limited partnership (“Pillar Hotel”) is a party to the Pillar Hotel Property Management Agreements, and one or more Consents and
Agreements of Manager and Subordination of Management Agreement (Mortgage) made in favor of Lender with respect to all of such Pillar Hotel Property Management Agreements (collectively, the “Subordination Agreements”). 

Pillar Hotel, having read and understood the provisions of the Amendment, hereby (a) consents to all of the terms and provisions of the
Amendment, (b) agrees that the Amendment does not terminate or otherwise impair any of the obligations of the undersigned to Lender under the Subordination Agreements, (c) reaffirms the undersigned’s obligations under the
Subordination Agreements, in light of the Amendment, (d) agrees that all references in the Subordination Agreements to the Loan Agreement, the Note and any other terms used therein or other Loan Documents described therein shall be deemed to be
references to such terms and/or documents as amended by or pursuant to the Amendment, and that all references in the Subordination Agreements to the “Loan Documents” shall include, in addition to all other Loan Documents existing as of the
date hereof, the Amendment and all documents executed pursuant to the Amendment, and (e) joins in and makes in favor of Lender all of those waivers and releases set forth in Section 3 of the Amendment (which are hereby incorporated into
this Consent in their entirety). 
 [Remainder of page intentionally left blank] 

  
 CONSENT AND AGREEMENT

 OF ARCHON HOSPITALITY 
 -1-

 Pillar Hotel has reread the Subordination Agreements, and with the advice of its own counsel,
hereby reaffirms and restates all waivers, authorizations, and agreements set forth in the Subordination Agreements, as though set forth in full herein. 
  

					
	“Pillar Hotel”
	
	PILLAR HOTEL AND RESORTS, L.P.,
	 (f/k/a Archon Hospitality, L.P.),
 a
Delaware limited partnership

		
	By: 		Pillar Hotels and Resorts Gen-Par, L.L.C.,
			a Delaware limited liability company,
			its general partner
			
			By:		

		 		 	  

			Name: 		 Chris Russell

			Title:		 President & Manager

  
 CONSENT AND AGREEMENT

 OF ARCHON HOSPITALITY 
 -2-

 CONSENT AND AGREEMENT OF MEZZANINE LENDER 

This Consent and Agreement of Mezzanine Lender (this “Consent”) is attached to that certain Third Omnibus Amendment to
Loan Documents (Mortgage Loan) (the “Amendment”) dated as of December 15, 2010, executed by General Electric Capital Corporation, a Delaware corporation, New York Life Insurance Company, a New York mutual insurance
company, PB Capital Corporation, a Delaware corporation, The Governor and Company of the Bank of Ireland, Connecticut Branch, Goldman Sachs Mortgage Company, a New York limited partnership, Guggenheim Structured Real Estate Funding 2005-1 Ltd.,
Oregon Public Employees Retirement Fund, and KeyBank National Association, a national banking association, collectively as Lender, and W2007 Equity Inns Realty, LLC, a Delaware limited liability and W2007 Equity Inns Realty, L.P., a Delaware limited
partnership, collectively as Borrower. Capitalized terms used and not defined in this Consent shall have the same meanings that are given to such terms in the Amendment or in the Loan Agreement referred to therein, as applicable. The undersigned,
Goldman Sachs Mortgage Company, a New York limited partnership (“Mezzanine Lender”) is the sole current “Mezzanine Lender” (as such term is defined in the Loan Agreement) and currently holds all of the Mezzanine
Loan (as such term is defined in the Loan Agreement). Mezzanine Lender is also a party with Lender to that certain Intercreditor Agreement dated as of October 25, 2007 (the “Mortgage/Mezz Intercreditor Agreement”). 

Mezzanine Lender, having read and understood the provisions of the Amendment, hereby (a) consents to all of the terms and provisions of
the Amendment, (b) agrees that the Amendment does not terminate or otherwise impair any of the obligations of the undersigned to Lender under the Mortgage/Mezz Intercreditor Agreement, (c) reaffirms the undersigned’s obligations under
the Mortgage/Mezz Intercreditor Agreement, in light of the Amendment, (d) agrees that all references in the Mortgage/Mezz Intercreditor Agreement to the Loan Agreement, the Note and any other terms used therein or other Loan Documents described
therein shall be deemed to be references to such terms and/or documents as amended by or pursuant to the Amendment, and that all references in the Mortgage/Mezz Intercreditor Agreement to the “Loan Documents” shall include, in addition to
all other Loan Documents existing as of the date hereof, the Amendment and all documents executed pursuant to the Amendment, (e) agrees that the Mezzanine Loan Documents are subject to the provisions of the Amendment, and that the Amendment
shall govern in the event of any inconsistency with the Mezzanine Loan Documents, (f) represents to Lender that (i) the agreements set forth in paragraph B of Schedule 1.3 attached to the Amendment are all of the currently effective
Mezzanine A Loan Documents and (ii) all Mezzanine Loan Documents with respect to Mezzanine Loans B through G, inclusive, have been released pursuant to the release agreements set forth in paragraph C of Schedule 1.3 attached to the Amendment.

 [Remainder of page intentionally left blank] 

  
 CONSENT AND AGREEMENT

 OF MEZZANINE LENDER 
 -1- 

 Mezzanine Lender has reread the Mortgage/Mezz Intercreditor Agreement, and with the advice of its
own counsel, hereby reaffirms and restates all waivers, authorizations, and agreements set forth in the Mortgage/Mezz Intercreditor Agreement, as though set forth in full herein. 

 

			
	GOLDMAN SACHS MORTGAGE COMPANY,
	a New York limited partnership
		
	By:		

		 	  

	Name:		 Mark J. Buono

	Title:		  

  
 CONSENT AND AGREEMENT

 OF MEZZANINE LENDER 
 -2- 

 CONSENT AND AGREEMENT OF ASSET MANAGER 

This Consent and Agreement of Asset Manager (this “Consent”) is attached to that certain Third Omnibus Amendment to
Loan Documents (Mortgage Loan) (the “Amendment”) dated as of December 15, 2010, executed by General Electric Capital Corporation, a Delaware corporation, New York Life Insurance Company, a New York mutual insurance
company, PB Capital Corporation, a Delaware corporation, The Governor and Company of the Bank of Ireland, Connecticut Branch, Goldman Sachs Mortgage Company, a New York limited partnership, Guggenheim Structured Real Estate Funding 2005-1 Ltd.,
Oregon Public Employees Retirement Fund, and KeyBank National Association, a national banking association, collectively as Lender, and W2007 Equity Inns Realty, LLC, a Delaware limited liability and W2007 Equity Inns Realty, L.P., a Delaware limited
partnership, collectively as Borrower. Capitalized terms used and not defined in this Consent shall have the same meanings that are given to such terms in the Amendment or in the Loan Agreement referred to therein, as applicable. 

The undersigned, Archon Group, L.P., a Delaware limited partnership (“Asset Manager”) and W2007 Grace I, LLC, a
Tennessee limited liability company are currently parties to that certain Asset Management Agreement dated as of October 25, 2007 (as now or hereafter amended, and including substitutions thereto or replacements thereof, the “Asset
Management Agreement”), pursuant to which Asset Manager provides asset management services to the Mortgaged Properties and the Encumbered Properties. 

Asset Manager, having read and understood the provisions of the Amendment, hereby: (a) consents to all of the terms and provisions of the
Amendment (including without limitation the restrictions on the amount of the Asset Management Fee, and the deferral of 50% of the Asset Management Fee, set forth in Section 2.8(d) of the Amendment); (b) agrees that Asset Manager’s
right to receive the Archon Asset Management Fee is subject to all restrictions set forth in the Amendment (including without limitation Section 2.8(d) thereof), and that Asset Manager will hold in trust for Lender and immediately pay over to
Lender any payments made under the Asset Management Agreement in violation of the restrictions set forth in the Amendment; (c) agrees that Asset Manger’s rights to enforce the Asset Management Agreement in accordance with its terms against
Borrower or any Affiliate of Borrower are hereby amended to incorporate the restrictions set forth in Section 2.8(d) and any other applicable provisions of the Amendment; (d) confirms and agrees that Lender has no obligation to Asset
Manager under or with respect to the Asset Management Agreement; (e) confirms and agrees that the Asset Management Agreement (including without limitation any obligation to pay any deferred portion of any Asset Management Fee) shall not be
binding on the Mortgaged Properties, Lender, any receiver obtained by Lender, or any other party that acquires ownership of any of the Mortgaged Properties, following any foreclosure (or deed in lieu of foreclosure) of any Mortgages

  
 CONSENT AND AGREEMENT

 OF ASSET MANAGER 
 -1- 

 
encumbering such Mortgaged Properties; and (f) subordinates its right to receive any and all payments under the Asset Management Agreement to Lender’s liens and rights to receive
payments under the Loan Documents (provided that Asset Manager may retain portions of the Asset Management Fee received by Asset Manager prior to the occurrence of an Event of Default to the extent permitted under the provisions of the Amendment and
other Loan Documents). 
 [Remainder of page intentionally left blank] 

  
 CONSENT AND AGREEMENT

 OF ASSET MANAGER 
 -2- 

 Asset Manager, with the advice of its own counsel, has executed this Consent in favor of Lender
and its successors and assigns under or with respect to the Loan Documents. 
  

			
	“Asset Manager”
	
	 ARCHON GROUP, L.P.,
 a Delaware
limited partnership

		
	By:		

		 	  

	Name:		 Richard R. Frapart

	Title:		 Vice President

  
 CONSENT AND AGREEMENT

 OF ASSET MANAGER 
 -3- 

 EXHIBIT A 

REVISED SCHEDULE E TO LOAN AGREEMENT 

(Aggregate Allocated Loan Amounts) 
 Note: This
Schedule E replaces the existing Schedule E to the Loan Agreement. 
 [Attached] 

  
 EXHIBIT A 

REVISED SCHEDULE E TO LOAN AGREEMENT 

(Aggregate Allocated Loan Amounts) 

-1- 

 

 

 

 

 

 

 EXHIBIT B 

FORM OF GUARANTY AMENDMENT 

FIRST AMENDMENT TO GUARANTY OF RECOURSE OBLIGATIONS 

(MORTGAGE LOAN) 
 THIS
FIRST AMENDMENT TO GUARANTY OF RECOURSE OBLIGATIONS (MORTGAGE LOAN) (this “Amendment”) is made and entered into as of December 15, 2010, by and between WHITEHALL STREET GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007, a
Delaware limited partnership (together with its successors and assigns, “Sponsor”), W2007 EQUITY INNS PARTNERSHIP, L.P., a Tennessee limited partnership, (together with its successors and assigns, “Operating
Partnership”; and collectively with Sponsor, “Guarantors” and each a “Guarantor”), GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation (“GECC”), NEW YORK
LIFE INSURANCE COMPANY, a New York mutual insurance company (“New York Life”), PB CAPITAL CORPORATION, a Delaware corporation (“PB Capital”), THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND,
CONNECTICUT BRANCH (“Bank of Ireland”), GOLDMAN SACHS MORTGAGE COMPANY, a New York limited partnership (“Goldman Sachs”). GUGGENHEIM STRUCTURED REAL ESTATE FUNDING 2005-1 LTD.
(“GSRE”), OREGON PUBLIC EMPLOYEES RETIREMENT FUND (“OPERF”), and KEYBANK NATIONAL ASSOCIATION, a national banking association (“KeyBank”). GECC, New York Life, PB Capital, Bank
of Ireland, Goldman Sachs, KeyBank, GSRE and OPERF (and their respective successors and assigns) are sometimes individually and collectively referred to herein as the “Lender” or the “Noteholders.”

 RECITALS 
 A. Lender
is the current “Lender,” and W2007 EQUITY INNS REALTY, LLC, a Delaware limited liability (“Borrower LLC”), and W2007 EQUITY INNS REALTY, L.P., a Delaware limited partnership (“Borrower LP”
and collectively, together with Borrower LLC, the “Borrower”), jointly and severally, are the current “Borrower,” pursuant to a Loan Agreement dated as of October 25, 2007, between Borrower and Goldman Sachs
(in such capacity as the sole initial Lender, the “Original Lender”) (the “Original Loan Agreement”), as amended by a First Omnibus Amendment to Loan Documents (Mortgage) dated as of February 11,
2008, between Borrower and Original Lender (the “First Omnibus Amendment”) and a Second Omnibus Amendment to Loan Documents (Mortgage) dated as of April 2, 2008, between Borrower and Original Lender (the
“Second Omnibus Amendment”). The Original Loan Agreement, as modified by the First Omnibus Amendment and the Second Omnibus Amendment, is referred to herein as the “Loan Agreement.” Capitalized terms
used and not defined in this Amendment shall have the same meanings that are given to such terms in the Loan Agreement. Pursuant to the terms of the Loan Agreement, Lender made a loan to Borrower (the “Loan”) for the purposes
described in the Loan Agreement. 

  
 EXHIBIT B 

FORM OF GUARANTY AMENDMENT 
 -1-

 B. The Note (as defined in the Original Loan Agreement) that evidenced the Loan has been divided
into the following currently existing Note Components pursuant to Section 1.3(c) of the Original Loan Agreement: 
 (i)
Note A-1A, in the stated principal amount of $555,000,000, currently held by GECC, and having an outstanding principal balance of $462,044,469.80 as of the date hereof (“Note A-1A”); 

(ii) Note A-1B, in the stated principal amount of $100,000,000, currently held by New York Life, and having an outstanding
principal balance of $83,251,255.81 as of the date hereof (“Note A-1B”); 
 (iii) Note A-1C, in the
stated principal amount of $60,000,000, currently held by PB Capital, and having an outstanding principal balance of $49,950,753.50 as of the date hereof (“Note A-1C”); 

(iv) Note A-2, in the stated principal amount of $100,000,000, currently held by Bank of Ireland, and having an outstanding
principal balance of $83,251,255.81 as of the date hereof (“Note A-2”); 
 (v) Note B-1A, in the
stated principal amount of $134,000,000, currently held by Goldman Sachs, and having an outstanding principal balance of $111,556,682.81 as of the date hereof (“Note B-1A”); 

(vi) Note B-1B1, in the stated principal amount of $25,841,188.68, currently held by GSRE, and having an outstanding principal
balance of $25,841,188.68 as of the date hereof (“Note B-1B1”); 
 (vii) Note B-1B2, in the stated
principal amount of $15,784,439.23, currently held by OPERF, and having an outstanding principal balance of $15,784,439.23 as of the date hereof (“Note B-1B2”); 

(viii) Note B-1B3, in the stated principal amount of $41,625,627.91, currently held by KeyBank, and having an outstanding
principal balance of $41,625,627.91 as of the date hereof (“Note B-1B3”); 
 (ix) Note B-2A, in the
stated principal amount of $40,000,000, currently held by Goldman Sachs, and having an outstanding principal balance of $33,300,502.34 as of the date hereof (Note B-2A”); and 

(x) Note B-2B, in the stated principal amount of $60,000,000, currently held by Goldman Sachs, and having an outstanding
principal balance of $49,950,753.50 as of the date hereof (“Note B-2B”). 

  
 EXHIBIT B 

FORM OF GUARANTY AMENDMENT 
 -2-

 As used herein, “Note” means, collectively, Note A-1A, Note A-1B, Note A-1C, Note A-2,
Note B-1 A, Note B-1B1, Note B-1B2, Note B-1B3, Note B-2A and Note B-2B, and all references to any of the foregoing include all amendments, modifications, restatements, supplements or replacements thereto (including any further components thereof,
created under Section 1.3(c) of the Original Loan Agreement or otherwise). 
 C. The Loan, and the other obligations of Borrower to
Lender under the Loan Agreement, the Note and the other Loan Documents, is secured by, among other things, those certain mortgages, deeds of trust and deeds to secure debt, each dated as of October 25, 2007, and each further amended
substantially as of the date hereof (collectively, the “Security Instruments”), which grant to Lender, among other things, a first priority lien on the fee simple title and/or leasehold estate of Borrower in the Mortgaged Properties. 

D. The Loan is guaranteed by, among other things, a Guaranty of Recourse Obligations (the “Recourse Guaranty”) dated
as of October 25, 2007, made by Guarantors in favor of Lender. 
 E. Lender and the Guarantors desire to modify the Recourse Guaranty
upon the terms and conditions set forth in this Amendment. 
 F. This Amendment is a “Loan Document” as such term is defined in
the Loan Agreement. 
 AGREEMENT 

NOW, THEREFORE, with reference to the foregoing Recitals and in consideration of the mutual covenants and agreements contained in this
Amendment, and for other valuable consideration, receipt of which is acknowledged, Borrower and Lender hereby agree as follows: 
 1.
Recitals. Lender and the Guarantors acknowledge and agree that the above statements of fact set forth in the Recitals are true and correct. 

2. Defined Terms. Section 1(b) of the Recourse Guaranty is amended in its entirety to read as follows: 

(b) The term “Guaranteed Obligations” shall mean, (x) with respect to Sponsor, the obligations set out in
Section 2(a) and the Joint and Several Guaranteed Obligations as defined in Section 2(b), and (y) with respect to Operating Partnership, the obligations set out in Section 2(a), the Joint and Several
Obligations as defined in Section 2(b) and the Operating Partnership Guaranteed Obligations as defined in Section 2(c). For the avoidance of doubt, no use of the general term “Guaranteed Obligations” to characterize
the obligations of Sponsor and Operating Partnership hereunder shall imply any liability on the part of Sponsor for any of the Operating Partnership Guaranteed Obligations, nor shall it in any way be deemed a limitation on or vitiation of the

  
 EXHIBIT B 

FORM OF GUARANTY AMENDMENT 
 -3-

 
cap on Sponsor’s liability set forth in the last paragraph of Section 2(b); provided, that, except as expressly set forth herein with respect to the Operating Partnership
Guaranteed Obligations, all of the obligations of the Guarantors under this Agreement shall be joint and several. 
 3. Guaranty
of Loan Obligations. Section 2 of the Recourse Guaranty is amended in its entirety to read as follows: 
 2.
Guaranty of Loan Obligations. 
 (a) The Guarantors hereby irrevocably and unconditionally guarantee to Lender and its
successors and permitted assigns of interests in the Loan, on a joint and several basis, the payment of all of Borrower’s payment obligations under the terms of the Loan Agreement, the Note and the other Loan Documents as and when the same
shall be due and payable, whether by lapse of time, by acceleration of maturity or otherwise; provided that such amounts shall only be payable in the event of (i) any voluntary Transfer of Collateral which is prohibited under the
Loan Agreement, or (ii) the occurrence of any filing by Borrower or Mezzanine Borrower under the Bankruptcy Code or any joining or colluding by Borrower, Mezzanine Borrower or any of their Affiliates (including any Guarantor) in the filing of
an involuntary case in respect of Borrower or Mezzanine Borrower under the Bankruptcy Code. To the extent such payment obligation arises, each Guarantor hereby irrevocably and unconditionally covenants and agrees that it is liable for such payment
obligations as a primary obligor. For the avoidance of doubt, the obligations of the Guarantors under this Section 2(a) is in addition to, and is not limited by, their obligations under Sections 2(b) and 2(c), below. 

(b) Without in any way limiting its obligations under Sections 2(a) and 2(c), the Guarantors hereby agree to
indemnify Lender on a joint and several basis and hold Lender harmless from and against any and all Damages to Lender (including the legal and other expenses of enforcing the obligations of Borrower and/or any Guarantor hereunder and under
Section 9.19(b) of the Loan Agreement) to the extent resulting from or arising out of any of the following (collectively, the “Joint and Several Guaranteed Obligations”): 

(i) any voluntary Lien which is prohibited under the Loan Agreement; 

(ii) (A) The misappropriation or misapplication in violation of the Loan Documents by Borrower, the Guarantors or any of their
respective Affiliates of any funds (including misappropriation or misapplication of Revenues, security deposits, Net Proceeds and/or Loss Proceeds and the violation of the last sentence of Section 5.7(d) of the Loan Agreement,
(B) any failure by the Operating Partnership to remit or cause to be remitted all net Revenues 

  
 EXHIBIT B 

FORM OF GUARANTY AMENDMENT 
 -4-

 
generated by the Encumbered Properties in the possession or control of the Operating Partnership or its Affiliates, including but not limited to all Excess Capital Event Proceeds with respect to
all or any part of the Encumbered Properties, or sales of full or partial interests in the Encumbered Properties, into the Cash Management Account or a Blocked Account, in each case pursuant to and solely to the extent required under
Section 3.1(b)(ii) of the Loan Agreement), (C) Borrower or any Guarantor or any of their respective Affiliates give any payment directions to any Approved Property Manager after an Event of Default with respect to any Revenues or
other proceeds of the Mortgaged Properties and the Encumbered Properties that conflict with any prior instructions given by Lender to such Approved Property Manager, or (D) any failure of the Operating Partnership to turn over any Trust
Preferred Payments to Lender as required under Section 3.2(b)(vi) of the Loan Agreement (as amended and restated in Section 2.12(e) of the Third Omnibus Amendment to the Loan Agreement); 

(iii) Borrower’s failure to notify Lender or cause Lender to be notified of the receipt by the Encumbered Property Owner
of a written notice of default (specifically denominated as such) under any Encumbered Property Indebtedness Document and/or Borrower’s failure to reasonably cooperate with Lender to permit Lender to cure the default, in each case if, and only
if, a Whitehall Knowledge Party is aware of same, in each case pursuant to Section 5.21 of the Loan Agreement; and 

(iv) Borrower’s failure to maintain insurance as required by the Loan Agreement or any other Loan Document. 

Notwithstanding the foregoing, but without in any way limiting the obligations and liabilities of any Guarantor under Section 2(a)
above, of Operating Partnership with respect to the Joint and Several Guaranteed Obligations or of Operating Partnership and Sponsor with respect to any other guarantees delivered in connection with the Loan and/or the Mezzanine Loan, Sponsor’s
(but not Operating Partnership’s) aggregate liability with respect to the Joint and Several Guaranteed Obligations shall in no event exceed 10% of the Principal Indebtedness as of the time the acts or omissions giving rise to such Joint and
Several Guaranteed Obligations occurred. 
 (c) Without in any way limiting its obligations under Sections 2(a) and
2(b), Operating Partnership hereby agrees to indemnify Lender and hold Lender harmless from and against any and all Damages to Lender (including the legal and other expenses of enforcing the obligations of Borrower hereunder and under
Section 9.19(b) of the Loan Agreement or of Operating Partnership hereunder) to the extent resulting from or arising out of any of the following (collectively, the “Operating Partnership Guaranteed Obligations”): 

(i) Any fraud or intentional misrepresentation committed by Borrower, the Guarantors or any of their respective Affiliates in
connection with the Loan; 

  
 EXHIBIT B 

FORM OF GUARANTY AMENDMENT 
 -5-

 (ii) Any breach by Borrower or the Guarantors of any representation or covenant
regarding environmental matters contained in the Loan Agreement or in the Environmental Indemnity Agreement; 
 (iii) Any
intentional physical waste with respect to any Mortgaged Property committed or permitted by Borrower, the Guarantors or any of their respective Affiliates; and 

(iv) The failure of Borrower and/or any Single-Purpose Equityholder, at any time, to be a Single-Purpose Entity. 

4. Relationship to Recourse Guaranty. Except as expressly modified by or pursuant to this Amendment, all terms and conditions of
the Recourse Guaranty shall be and remain in full force and effect until all amounts owing under the Loan Agreement and each other Loan Document have been paid in full. Any reference to the Recourse Guaranty from and after the effective date of this
Amendment shall mean the Recourse Guaranty as amended by or pursuant to this Amendment. In the event of any inconsistency between the provisions of this Amendment and those of the Recourse Guaranty, the provisions of this Amendment shall control.

 5. Entire Agreement. This Amendment and the Loan Documents constitute the entire agreement among the parties with respect
to the subject matter hereof. This Amendment supersedes all previous negotiations, discussions and agreements between the parties relating to its subject matter, and no parol evidence of any prior or other agreement shall be permitted to contradict
or vary the terms hereof. 
 6. Governing Law. Except only to the extent that any Mortgage or other Loan Document expressly
states that the law of another jurisdiction shall govern such Loan Document or any particular matter specified therein, the validity, construction, enforcement and interpretation of the Loan Documents (including this Amendment), and any claim,
controversy or dispute arising under or related to any of the Loan Documents, the transactions contemplated thereby or the rights, duties and relationship of the parties thereto, shall be governed by the laws of the State of New York, without regard
to the principles thereof regarding conflict of laws, and any applicable laws of the United States of America. 
 7. Successors
and Assigns. This Amendment shall be binding on, and shall inure to the benefit of, the successors and permitted assigns of the parties hereto. 

8. Construction. Unless the context otherwise specifies or requires, all of the terms used in this Amendment shall be applicable
equally to the singular and plural forms of such terms and to all genders. Any pronoun used in this Amendment shall be deemed to cover all 

  
 EXHIBIT B 

FORM OF GUARANTY AMENDMENT 
 -6-

 
genders. The terms “include,” “including” and similar terms shall be construed as if followed by the phrase “without being limited to.” The term “or” has,
except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.” The words “hereof,” “herein,” “hereby,” “hereunder,” and similar terms in this Amendment refer to this
Amendment as a whole and not to any particular provision or section of this Amendment. 
 9. Counterparts. This Amendment may
be executed in counterparts, which together shall constitute but one and the same original. 
 [Signatures begin on next page]

 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first stated above. 

 

					
	GUARANTORS:
	
	 WHITEHALL STREET GLOBAL REAL ESTATE LIMITED PARTNERSHIP 2007,

a Delaware limited partnership

		
	By:		 WH ADVISORS, L.L.C. 2007,
 a
Delaware limited liability company
 its General Partner

			
			By:		  

			Name:		  

			Title:		  

	
	 W2007 EQUITY INNS PARTNERSHIP, L.P.,

a Tennessee limited partnership

		
	By:		 W2007 EQUITY INNS GEN-PAR, LLC,
 a
Delaware limited liability company
 its General Partner

			
			By:		  

			Name:		  

			Title:		  

  
 EXHIBIT B 

FORM OF GUARANTY AMENDMENT 
 -7-

 
			
	LENDERS:
	
	 GENERAL ELECTRIC CAPITAL CORPORATION,

a Delaware corporation, as Lead Lender on behalf of all Noteholders

		
	By:		  

	Name:		  

	Title:		  

  
 EXHIBIT B 

FORM OF GUARANTY AMENDMENT 
 -8-

 EXHIBIT C 

FORM OF PROPERTY MANAGER PAYMENT LETTER 

[Letterhead of Borrower] 
 [Leave
undated] 
  

	
	[Name and Address of Property Manager]
	
	  

	  

	  

  

	 	Re:	[Name and address of Hotel] 

 Gentlemen: 

The undersigned is the owner of that certain hotel designated above (the “Hotel”), and you are the property manager of
the Hotel under a property management agreement between you and the undersigned dated                      (the “Management
Agreement”). 
 You are hereby directed to comply with all directions received from General Electric Capital Corporation
(“GECC”), as lead lender and the holder, on behalf of itself and various other mortgage lenders, of a mortgage, deed of trust or deed to secure debt encumbering the Hotel (“Lender”). Such compliance
includes the delivery of all cash flow from the Hotel, after the payment of property expenses and permitted management fees and the retention of any required minimum operating reserve in accordance with the provisions of the Management Agreement,
directly to any bank account designed by GECC. 
 [Insert applicable Borrower signature block] 

 

	cc:	General Electric Capital Corporation 

  
 EXHIBIT C 

FORM OF PROPERTY MANAGER PAYMENT LETTER 

 EXHIBIT D 

FORM OF AMENDMENT TO CASH MANAGEMENT AGREEMENT 

FIRST AMENDMENT TO CASH MANAGEMENT AGREEMENT 

THIS FIRST AMENDMENT TO CASH MANAGEMENT AGREEMENT (this “Amendment”) is made and entered into as of December 15,
2010, by and between BANK OF AMERICA, N.A., successor to LaSalle Bank National Association (together with its successors and permitted assigns, the “Cash Management Bank”). W2007 EQUITY INNS REALTY, LLC, a Delaware limited
liability company (“Realty LLC”). W2007 EQUITY INNS REALTY, L.P., a Delaware limited partnership (“Realty LP”; and together with Realty LLC, individually or collectively, as the context requires,
“Borrower”), GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation (“GECC”), NEW YORK LIFE INSURANCE COMPANY, a New York mutual insurance company (“New York Life”). PB
CAPITAL CORPORATION, a Delaware corporation (“PB Capital”), THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND, CONNECTICUT BRANCH (“Bank of Ireland”). GOLDMAN SACHS MORTGAGE COMPANY, a New York limited
partnership (“Goldman Sachs”). GUGGENHEIM STRUCTURED REAL ESTATE FUNDING 2005-1 LTD. (“GSRE”). OREGON PUBLIC EMPLOYEES RETIREMENT FUND (“OPERF”). and KEYBANK NATIONAL
ASSOCIATION, a national banking association (“KeyBank”). GECC, New York Life, PB Capital, Bank of Ireland, Goldman Sachs, KeyBank, GSRE and OPERF (and their respective successors and assigns) are sometimes individually and
collectively referred to herein as the “Lender” or the “Noteholders”). GECC is authorized under the Third Omnibus Amendment (as defined below) to execute this Amendment as the Lead Lender on behalf of
all Noteholders. 
 RECITALS 

A. Borrower is the current “Borrower”, Noteholders are the current “Lender” and Cash Management Bank is the current
“Cash Management Bank,” under that certain Cash Management Agreement dated as of October 25, 2007, originally between LaSalle Bank National Association (as the original Cash Management Bank), Borrower, and Goldman Sachs Mortgage Sachs
Mortgage Company, a New York limited partnership (as the original Lender) (the “Cash Management Agreement”). Capitalized terms used and not defined in this Amendment shall have the same meanings that are given to such terms
in the Cash Management Agreement. 

  
 EXHIBIT D 

FORM OF AMENDMENT TO 
 CASH
MANAGEMENT AGREEMENT 
 -1- 

 B. Borrower and Lender have entered into that certain Third Omnibus Amendment to Loan Documents
(Mortgage Loan) dated as of December 15, 2010 (the “Third Omnibus Amendment”), which amends the Loan Agreement in certain respects. 

C. Lender, Borrower and Cash Management Bank desire to modify the Cash Management Agreement in certain respects, in order to conform it to the
provisions of the Third Omnibus Amendment. 
 AGREEMENT 

NOW, THEREFORE, with reference to the foregoing Recitals and in consideration of the mutual covenants and agreements contained in this
Amendment, and for other valuable consideration, receipt of which is acknowledged, Borrower, Lender and Cash Management Bank hereby agree as follows: 

10. Recitals. Lender and Borrower acknowledge and agree that the above statements of fact set forth in the Recitals are true and
correct. 
 11. Identification of Existing Accounts. The Accounts designated in subparagraphs (i) through (x) of
Section 1(a) of the Cash Management Agreement are hereby replaced with the Accounts listed on Exhibit “A” attached hereto, which are the Accounts under the Cash Management Agreement existing as of the date hereof (subject to any
future changes, deletions or additions thereto which shall also be deemed included within the definition of “Accounts” under the Cash Management Agreement). 

12. New Exhibit 1. The form of disbursement instructions letter attached as Exhibit 1 to the Cash Management Agreement is hereby
deleted and replaced with the revised Exhibit 1 attached to this Amendment. 
 13. Definitions. All references in the Cash
Management Account to the “Loan Agreement” shall be deemed to mean the Loan Agreement, as amended by a First Omnibus Amendment to Loan Documents (Mortgage) dated as of February 11, 2008, a Second Omnibus Amendment to Loan Documents
(Mortgage) dated as of April 2, 2008, and the Third Omnibus Amendment. 
 14. Entire Agreement. This Amendment
constitutes an amendment of the Cash Management Agreement as contemplated by Section 17 of the Cash Management Agreement. The Cash Management Agreement and this Amendment constitute the entire agreement among the parties with respect to the
subject matter hereof in accordance with Section 17 of the Cash Management Agreement. 
 15. Counterparts. This Amendment
may be executed in counterparts, which together shall constitute but one and the same original. 

  
 EXHIBIT D 

FORM OF AMENDMENT TO 
 CASH
MANAGEMENT AGREEMENT 
 -2- 

 [Signatures begin on next page] 

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first stated above. 

 

			
	CASH MANAGEMENT BANK:
	
	 BANK OF AMERICA, N. A.,

successor-by-merger to LaSalle Bank National Association

		
	By:		  

	Name:		  

	Title:		  

  
 EXHIBIT D 

FORM OF AMENDMENT TO 
 CASH
MANAGEMENT AGREEMENT 
 -3- 

 
					
	BORROWER:
	
	 W2007 EQUITY INNS REALTY, LLC,
 a
Delaware limited liability

		
	By:		 W2007 Equity Inns Senior Mezz, LLC,

a Delaware limited liability company,
 its Manager

			
			By:		  

			Name:		  

			Title:		  

	
	 W2007 EQUITY INNS REALTY, L.P.,
 a
Delaware limited partnership

		
	By:		 W2007 Equity Inns Realty Gen-Par, LLC,

a Delaware limited liability company,
 its General
Partner

			
			By:		  

			Name:		  

			Title:		  

  
 EXHIBIT D 

FORM OF AMENDMENT TO 
 CASH
MANAGEMENT AGREEMENT 
 -4- 

 
			
	LENDER:
	
	 GENERAL ELECTRIC CAPITAL CORPORATION,

a Delaware corporation, as Lead Lender on behalf of all Noteholders

		
	By:		  

	Name:		  

	Title:		  

  
 EXHIBIT D 

FORM OF AMENDMENT TO 
 CASH
MANAGEMENT AGREEMENT 
 -5- 

 EXHIBIT A 

LIST OF CURRENTLY EXISTING ACCOUNTS 
  

					
	 CMA Account Name
	  	 Cash Management Bank Account Number
	  	 Cash Management Bank Account Name

			
	Cash Management Account	  	Account 2047628893919 (for further credit to Trust account 725086.1)	  	W2007 Equity Inns
			
	Tax, Ground Rents and Insurance Reserve Account	  	sub-account of Cash Management Account	  	Same
			
	FF&E and CapEx Reserve Account	  	sub-account of Cash Management Account	  	Same
			
	Working Capital Reserve Account	  	sub-account of Cash Management Account	  	Same
			
	Loss Proceeds Account	  	sub-account of Cash Management Account	  	Same

  
 EXHIBIT D 

FORM OF AMENDMENT TO 
 CASH
MANAGEMENT AGREEMENT 
 -6- 

 REVISED EXHIBIT 1 

DISBURSEMENT INSTRUCTIONS 
 [This
Exhibit replaces Exhibit 1 in the Cash Management Agreement] 
             ,
         
  

			
	  

	[Address]
	Attention:		  

 Ladies and Gentlemen: 

Reference is made to that certain Cash Management Agreement dated as of October 25, 2007, as amended by that certain First Amendment to
Cash Management Agreement dated as of December 15, 2010 (the “Cash Management Agreement”), currently among BANK OF AMERICA, N.A., successor to LaSalle Bank National Association, as Cash Management Bank, W2007 EQUITY INNS
REALTY, LLC, a Delaware limited liability company and W2007 EQUITY INNS REALTY, L.P., a Delaware limited partnership, collectively as Borrower, and GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation, as Lead Lender (on behalf of the
Noteholders designated therein). Capitalized terms used and not defined herein shall have the meanings given to such terms in the Cash Management Agreement and the Loan Agreement. 

We hereby authorize and direct the Cash Management Bank to transfer from and disburse on
            , 20    , in accordance with wiring instructions (or other account information) for each such disbursement as set forth on Annex I hereto, funds then on
deposit in the Cash Management Account (excluding its subaccounts) as follows, subject in each case to the right of Cash Management Bank to retain up to $5,000 in the Cash Management Account at all times, pursuant to Section 2(b) of the Cash
Management Agreement: 
 (a) To the Tax, Ground Rents and Insurance Reserve Account, the amount of
$        . 
 (b) To Lender, the amount of $        . 

  
 EXHIBIT D 

FORM OF AMENDMENT TO 
 CASH
MANAGEMENT AGREEMENT 
 -7- 

 (c) To the FF&E and CapEx Reserve Account, the amount of
$        . 
 (d) To Mezzanine Lender, the amount of
$        . 
 (e) To Trust Preferred Payments, the amount of
$        . 
 (f) To Borrower (to fund any shortfalls in payment of scheduled monthly debt service
or funding of reserves with respect to the Encumbered Property Indebtedness or shortfalls in payment of approved operating expenses with respect to the Borrower or the Encumbered Property Owners), the amount of
$        . 
 (g) To Borrower (to fund approved G&A Expenses), the amount of
$        . 
 (ix) To the Working Capital Reserve Account, the amount of
$        . 
 With respect to any Permitted Investments, we hereby authorize and direct the Cash
Management Bank to [                    ]. 
  

	
	Very truly yours,
	
	  

 Enclosure: Annex 1 (wiring and account information) 

  
 EXHIBIT D 

FORM OF AMENDMENT TO 
 CASH
MANAGEMENT AGREEMENT 
 -8- 

 EXHIBIT E 

ADDITIONAL DISCLOSED EXCEPTION REPORT ITEMS 

Litigation List – 
 UNINSURED:

  

					
	 Borrower Party
	  	 Adverse Party
	  	 Description

			
	W2007 Equity Inns Realty, LLC	  	Richter Developments, Ltd.	  	Neighboring landowner asserts that their consent was required (and not obtained) when Hyatt replaced old sign with Hyatt Place sign; Richter seeks signage on structure advertising Richter parcels.
			
	W2007 Equity Inns Realty, LLC	  	United Construction Group of Miami, Inc.	  	various unpaid subcontractors, potential mechanics liens.
			
	W2007 Equity Inns Realty, LLC	  	ServPro	  	ServPro seeking payment of $1,506
			
	W2007 Equity Inns Realty, LLC	  	B&R Electric, Inc.	  	Mechanics lien in Vermont; seeking $6,763
			
	W2007 Equity Inns Realty, LLC	  	Northwest Commercial Exterior Co.	  	Northwest Commercial obtained judgment against United Construction Group of Miami; attempting to enforce writ of garnishment against hotel owner.
			
	W2007 EQI Jacksonville Beach Partnership, L.P.	  	Bill Norkunas	  	Alleged violations of Americans with Disabilities Act.
			
	W2007 Equity Inns Realty, LLC	  	Modesto Hernandez	  	Alleged violations of Americans with Disabilities Act.

  
 EXHIBIT E 

ADDITIONAL DISCLOSED 
 EXCEPTION
REPORT ITEMS 
 -1- 

 Litigation List – 

INSURED: 
  

					
	ENN Leasing Company		Kandy Lee Carter		Personal injury—Holiday Inn Bluefield
			
	ENN Leasing Company, Inc.		Trhyiah Hampton		Personal injury—Homewood Suites Orlando (no case filed yet).
			
	W2007 EQI Jacksonville Beach Partnership, L.P.		Wanda Lambert		Personal injury—Jacksonville Beach Comfort Inn.
			
	W2007 Equity Inns Realty, LLC		Nakia Vasser		Personal Injury—Omaha Residence Inn
			
	W2007 Equity Inns Realty, LLC		Dallas H. Wilson, Jr. and Janie D. Wilson		Personal Injury—Embassy Suites, Orlando
			
	W2007 Equity Inns Realty, LLC		Robert Brent Payne		Personal Injury—Courtyard, Moblie, AL
			
	W2007 Equity Inns Realty, LLC		Vertis Seals		Personal injury—Hamton Inn, Gurnee, IL (no case filed yet).
			
	W2007 Equity Inns Realty, LLC		Marion Y. Phillips		Personal injury—Residence Inn, Savannah, GA
			
	W2007 Equity Inns Realty, LLC		Marie Landon		Personal injury—Residence Inn, Minneapolis
			
	W2007 EQI Meriden Partnership LP		Berkley N. Lewis		PI/trip and fall, mental anguish — Hampton Inn Meriden
			
	W2007 Equity Inns Realty		Troy and Paula Anderson		PI Troy Anderson was shot in parking lot of hotel - vehicle carjacked — Embassy Suites Orlando
			
	W2007 Equity Inns Realty, LLC		Amanda Meyers		PI/S&F in shower — Residence Inn Colorado Springs
			
	W2007 Equity Inns Realty, LLC		Janet Libson and Ted Libson		PI/plaintiff struck retrieving soda and hit by door pushed by employee — Courtyard Gainsville

  
 EXHIBIT E 

ADDITIONAL DISCLOSED 
 EXCEPTION
REPORT ITEMS 
 -2- 

					
			
	W2007 Equity Inns Realty, LLC		 Western National

Insurance Group
		PI/spider bite — Amerisuites Minneapolis
			
	W2007 Equity Inns Realty, LLC		Dennis R. LeBlanc and Meridith LeBlanc		PI, s/f in bathtub — Residence Inn Tinton Falls
			
	W2007 Equity Inns Realty, LLC		Deborah Cheatwood		PI slip in construction area — Hyatt Place Hoover
			
	W2007 Equity Inns Realty, LLC		James Schwab		PI, trip and fall on sidewalk — Residence Inn Somers Point

  
 EXHIBIT E 

ADDITIONAL DISCLOSED 
 EXCEPTION
REPORT ITEMS 
 -3- 

 SCHEDULE 1.3 

(Disclosures) 
  

	A.	Letters Received From Approved Franchisors. 

 Courtyard Dallas Market Center, TX 

Hampton Inn Albany, NY 
 Residence
Inn Lexington, K Y 
 Residence Inn Jacksonville Airport 

Residence Inn Chattanooga. TN 

Residence Inn Oklahoma City West, OK 

Residence Inn Tallahassee, FL 

Residence Inn Savannah, GA 

Residence Inn Knoxville, TN 

Residence Inn Portland, OR 

Residence Inn Princeton, NJ 

Residence Inn Sarasota, FL 

Residence Inn Mobile, AL 

Residence Inn Omaha, NE 
 San
Antonio SHS 

  
 SCHEDULE 1.3 

(Disclosures) 
 -1- 

	B.	Schedule of Mezzanine Loan A Documents. 

 1. Mezzanine A Loan Agreement, dated as of
October 25, 2007, by and between W2007 Equity Inns Senior Mezz, LLC, as borrower, and Goldman Sachs Mortgage Company, as lender 
 2.
Omnibus Amendment to Loan Documents (Mezzanine A), entered into as of April 2, 2008, by and between Goldman Sachs Mortgage Company and W2007 Equity Inns Senior Mezz, L.L.C. 

3. Amended and Restated Promissory Note, dated as of October 25, 2007, made by W2007 Equity Inns Senior Mezz, L.L.C. to the order of
Goldman Sachs Mortgage Company 
 4. Pledge and Security Agreement (Mezzanine A Loan), dated as of October 25, 2007, by and between
W2007 Equity Inns Senior Mezz, LLC, as borrower, and Goldman Sachs Mortgage Company, as lender 
 a. Consent of Property
Owner and General Partner of Property Owner, dated as of October 25, 2007, by W2007 Equity Inns Realty, LLC, W2007 Equity Inns Realty, L.P. and W2007 Equity Inns Realty Gen-Par, LLC 

5. Consent and Agreement of TRS Lessees and Subordination of TRS Lease Agreements, dated as of October 25, 2007, made by and among the
operating lessees on Schedule A thereto, Goldman Sachs Mortgage Company, and W2007 Equity Inns Senior Mezz, LLC, W2007 Equity Inns Realty, LLC and W2007 Equity Inns Realty, L.P. 

6. Environmental Indemnity Agreement (Mezzanine A), dated as of October 25, 2007, made by W2007 Equity Inns Partnership, L.P. and W2007
Equity Inns Senior Mezz, LLC, in favor of Goldman Sachs Mortgage Company 
 7. Mezzanine Loan Cooperation Agreement (Mezzanine A), dated as
of October 25, 2007, made by W2007 Equity Inns Partnership, L.P. and W2007 Equity Inns Senior Mezz, LLC, in favor of Goldman Sachs Mortgage Company 

8. Guaranty of Recourse Obligations (Mezzanine A), dated as of October 25, 2007, made by Whitehall Street Global Real Estate Limited
Partnership 2007 and W2007 Equity Inns Partnership, L.P. in favor of Goldman Sachs Mortgage Company 
 9. Payment Guaranty (Mezzanine A),
dated as of October 25, 2007, made by W2007 Equity Inns Partnership, L.P. in favor of Goldman Sachs Mortgage Company 
 10. Pledge and
Security Agreement (Encumbered Property Equity Interests – Mezzanine A), made as of October 25, 2007 by W2007 Equity Inns Partnership, L.P. in favor of Goldman Sachs Mortgage Company 

  
 SCHEDULE 1.3 

(Disclosures) 
 -2- 

 11. Subordination of Conversion Documents (Mezzanine A), dated as of October 25, 2007 

12. Delaware Secretary of State UCC-1 Financing Statement, filed as Document #2007 4074943, listing W2007 Equity Inns Senior Mezz, LLC as
debtor and Goldman Sachs Mortgage Company as secured party 
 13. Second Omnibus Amendment to Loan Documents (Mezzanine Loan) dated as of
December 15, 2010 (to be entered into on the Modification Closing Date) 
  

	C.	Schedule of Mezzanine Loans (B – G) Release Agreements. 

 1. Release Agreement,
dated as of June 29, 2009, by and between Goldman Sachs Mortgage Company and W2007 Intermediate Mezz I, LLC, with respect to Goldman Sachs Mortgage Company’s release of the indebtedness under the Mezzanine B Loan Agreement, dated as of
October 25, 2007 
 2. Release Agreement, dated as of June 29, 2009, by and between Goldman Sachs Mortgage Company and W2007
Intermediate Mezz II, LLC, with respect to Goldman Sachs Mortgage Company’s release of the indebtedness under the Mezzanine C Loan Agreement, dated as of October 25, 2007 

3. Release Agreement, dated as of June 29, 2009, by and between Goldman Sachs Mortgage Company and W2007 Intermediate Mezz III, LLC, with
respect to Goldman Sachs Mortgage Company’s release of the indebtedness under the Mezzanine D Loan Agreement, dated as of October 25, 2007 

4. Release Agreement, dated as of June 29, 2009, by and between Goldman Sachs Mortgage Company and W2007 Intermediate Mezz IV, LLC, with
respect to Goldman Sachs Mortgage Company’s release of the indebtedness under the Mezzanine E Loan Agreement, dated as of October 25, 2007 

5. Release Agreement, dated as of June 29, 2009, by and between Goldman Sachs Mortgage Company and W2007 Intermediate Mezz V, LLC, with
respect to Goldman Sachs Mortgage Company’s release of the indebtedness under the Mezzanine F Loan Agreement, dated as of October 25, 2007 

6. Release Agreement, dated as of June 29, 2009, by and between Goldman Sachs Mortgage Company and W2007 Junior Mezz, LLC, with respect
to Goldman Sachs Mortgage Company’s release of the indebtedness under the Mezzanine G Loan Agreement, dated as of October 25, 2007 

  
 SCHEDULE 1.3 

(Disclosures) 
 -3- 

 SCHEDULE 2.8(d)(2) 

(Assumed Proportionate Values of Mortgaged Properties and Encumbered Properties) 

[Attached] 

  
 SCHEDULE 2.8(d)(2)

 (Assumed Proportionate Values of 

Mortgaged Properties and Encumbered Properties) 

-1- 

 

 

 

 

 

 

 

 

 SCHEDULE 2.18 

(Amended and Restated Schedule C to Original Loan Agreement) 

Whitehall / Equity Inns Properties with Liquor Licenses 
  

									
	 STATE
	  	 HOTEL NO
	  	 BRAND
	  	 LOCATION
	  	 LICENSE HELD BY

					
		  	168	  	Haytt Place	  	Birmingham	  	W2007 Equity Inns Realty, LLC (Property Owner)
					
	AL	  	197	  	Courtyard	  	Mobile	  	W2007 Equity Inns Realty, LLC (Property Owner)
					
		  	218	  	Residence Inn	  	Mobile	  	W2007 Equity Inns Realty, LLC (Property Owner)
					
	AZ	  	111	  	Residence Inn	  	Tucson	  	W2007 Equity Inns Realty, LLC (Property Owner)
					
	CA	  	213	  	Courtyard	  	San Diego	  	Carlsbad HHG Hotel Development Limited Partnership (Manager Entity)
	  	  
 235
	  	  
 Residence Inn
	  	  
 El Segundo
	  	  
 Huntington Pacific Hotels, LLC (Manager Entity)

					
	CO	  	109	  	Residence Inn	  	Colorado Springs	  	W2007 Equity Inns Realty, LLC (Property Owner)
					
	FL	  	95	  	Comfort Inn	  	Jacksonville Beach	  	W2007 EQI Jacksonville Beach Partnership, L.P. (Property Owner/Ground Leasee)

  
 SCHEDULE 2.18 

(Revised Schedule C to Original Loan Agreement) 

-1- 

 Whitehall / Equity Inns Properties with Liquor Licenses

  

									
	 STATE
	  	 HOTEL NO
	  	 BRAND
	  	 LOCATION
	  	 LICENSE HELD BY

					
		  	176	  	Homewood Suites	  	Orlando	  	W2007 EQI Orlando Partnership, L.P. (Property Owner/Ground Leasee)
					
		  	181	  	Residence Inn	  	Tallahassee	  	McKibbon Hotel Management, Inc. (Manager Entity)
					
		  	216	  	Courtyard	  	Orlando	  	McKibbon Hotel Management, Inc. (Manager Entity)
					
		  	178	  	Courtyard	  	Tallahassee	  	McKibbon Hotel Management, Inc. (Manager Entity)
					
		  	180	  	Courtyard	  	Gainesville	  	McKibbon Hotel Management, Inc. (Manager Entity)
					
		  	199	  	Residence Inn	  	Jacksonville	  	Archon Hospitality, L.P. (Manager Entity)
					
		  	201	  	Courtyard	  	Jacksonville	  	Archon Hospitality, L.P. (Manager Entity)
					
		  	203	  	Residence Inn	  	Sarasota	  	McKibbon Hotel Management, Inc. (Manager Entity)
					
		  	204	  	Courtyard	  	Sarasota	  	McKibbon Hotel Management, Inc. (Manager Entity)
					
		  	214	  	SpringHill Suites	  	Sarasota	  	W2007 McKibbon Hotel Group of Sarasota Florida #3, L.P. (Property Owner/Ground Leasee)

  
 SCHEDULE 2.18 

(Revised Schedule C to Original Loan Agreement) 

-2- 

 Whitehall / Equity Inns Properties with Liquor Licenses

  

									
	 STATE
	  	 HOTEL NO
	  	 BRAND
	  	 LOCATION
	  	 LICENSE HELD BY

					
		  	219	  	Embassy Suites	  	Orlando	  	W2007 Equity Inns Realty, LLC (Property Owner)
					
		  	158	  	Hyatt Place	  	Tampa	  	W2007 Equity Inns Realty, LLC (Property Owner)
					
		  	155	  	Hyatt Place	  	Miami	  	W2007 Equity Inns Realty, LLC (Property Owner)
					
		  	147	  	Homewood Suites	  	Augusta	  	Crossroads Hospitality Company, L.L.C. (Manager Entity)
					
		  	192	  	Courtyard	  	Dalton	  	Dalton Courtyard Bar, Inc. (Manager Entity)
					
	GA	  	185	  	Courtyard	  	Athens	  	McKibbon Hotel Management, Inc. (Manager Entity)
					
		  	186	  	Residence Inn	  	Savannah	  	McKibbon Hotel Management, Inc. (Manager Entity)
					
		  	194	  	Residence Inn	  	Macon	  	McKibbon Hotel Management, Inc. (Manager Entity)
					
	ID	  	161	  	Residence Inn	  	Boise	  	W2007 Equity Inns Realty, LLC (Property Owner)
					
	IL	  	175	  	Homewood Suites	  	Chicago	  	W2007 Equity Inns Realty, LLC (Property Owner)

  
 SCHEDULE 2.18 

(Revised Schedule C to Original Loan Agreement) 

-3- 

 Whitehall / Equity Inns Properties with Liquor Licenses

  

									
	 STATE
	  	 HOTEL NO
	  	 BRAND
	  	 LOCATION
	  	 LICENSE HELD BY

					
		  	230	  	Courtyard	  	Chicago (Elmhurst)	  	ENN Elmhurst, L.L.C. (Lessor) (will be moving into W2007 Equity Inns Realty, L.L.C. (Manager Entity)) pending jurisdictional approvals
					
	IN	  	153	  	Hyatt Place	  	Indianapolis	  	W2007 Equity Inns Realty, LLC (Property Owner)
					
	KS	  	156	  	Hyatt Place	  	Kansas City	  	W2007 EQN Kansas SPE, L.L.C. (Owner Entity)
					
		  	193	  	Hilton Garden Inn	  	Louisville	  	Big Blue Bar, Inc. (Manager Entity)
					
		  	200	  	Courtyard	  	Bowling Green	  	Big Blue Bar, Inc. (Manager Entity)
					
	KY	  	223	  	Courtyard	  	Lexington	  	W2007 Equity Inns Realty, LLC (Property Owner)
	  	  
 224
	  	  
 Courtyard
	  	  
 Louisville
	  	  
 W2007 Equity Inns Realty, LLC (Property Owner)

					
		  	225	  	SpringHill Suites	  	Lexington	  	W2007 Equity Inns Realty, LLC (Property Owner)
					
		  	229	  	Residence inn	  	Lexington	  	W2007 Equity Inns Realty, LLC (Property Owner)
					
	LA	  	167	  	Hyatt Place	  	Baton Rouge	  	W2007 Equity Inns Realty, LLC (Property Owner)

  
 SCHEDULE 2.18 

(Revised Schedule C to Original Loan Agreement) 

-4- 

 Whitehall / Equity Inns Properties with Liquor Licenses

  

									
	 STATE
	  	 HOTEL NO
	  	 BRAND
	  	 LOCATION
	  	 LICENSE HELD BY

					
	MD	  	166	  	Hyatt Place	  	Baltimore	  	W2007 Equity Inns Realty, LLC (Property Owner)
					
	MN	  	172	  	Hyatt Place	  	Minneapolis	  	W2007 Equity Inns Realty, LLC (Property Owner)
					
	NC	  	183	  	Courtyard	  	Ashville	  	W2007 Equity Inns Realty, LLC (Property Owner)
					
	NE	  	90	  	Residence Inn	  	Omaha	  	W2007 Equity Inns Realty, LLC (Property Owner)
					
	NM	  	165	  	Hyatt Place	  	Albuquerque	  	Archon Hospitality, L.P. (Manager Entity)
	  	  
 226
	  	  
 Hilton Garden Inn
	  	  
 Albuquerque
	  	  
 Gateway Lodging, Inc. (Manager Entity)

					
	NV	  	169	  	Hyatt Place	  	Las Vegas	  	W2007 Equity Inns Realty, LLC (Property Owner)
					
		  	160	  	Homewood Suites	  	Cincinnati	  	W2007 Equity Inns Realty, LLC (Property Owner)
					
	OH	  	150	  	Hyatt Place	  	Cincinnati	  	Archon Hospitality, L.P. (Manager Entity)
					
		  	151	  	Hyatt Place	  	Columbus	  	Archon Hospitality, L.P. (Manager Entity)

  
 SCHEDULE 2.18 

(Revised Schedule C to Original Loan Agreement) 

-5- 

 Whitehall / Equity Inns Properties with Liquor Licenses

  

									
	 STATE
	  	 HOTEL NO
	  	 BRAND
	  	 LOCATION
	  	 LICENSE HELD BY

					
	SC	  	94	  	Holiday Inn	  	Charleston	  	W2007 Equity Inns Realty, LLC (Property Owner)
					
		  	170	  	Hyatt Place	  	Memphis	  	W2007 Equity Inns Realty, LLC (Property Owner)
					
		  	173	  	Hyatt Place	  	Nashville/Franklin	  	W2007 Equity Inns Realty, LLC (Property Owner)
					
	TN	  	184	  	Residence Inn	  	Chattanooga	  	McKibbon Hotel Group of Chattanooga (Manager Entity)
	  	  
 182
	  	  
 Residence Inn
	  	  
 Knoxville
	  	  
 McKibbon Hotel Group of Tennessee #2 L.P. (Manager
Entity)

					
		  	196	  	Courtyard	  	Knoxville	  	McKibbon Hotel Group of Tennessee (Manager Entity)
					
		  	206	  	Hampton	  	Franklin	  	W2007 Equity Inns Realty, LLC (Property Owner)
					
	TX	  	227	  	Hilton Garden Inn	  	Austin	  	Lone Rock Bar, Inc. (Manager Entity)
	  	  
 177
	  	  
 Courtyard
	  	  
 Houston
	  	  
 W2007 EQI Houston SPE, L.L.C. (Owner Entity)

					
	WA	  	174	  	Homewood Suites	  	Seattle	  	W2007 EQI Seattle Partnership, L.P. (Property Owner/Ground Leasee)

  
 SCHEDULE 2.18 

(Revised Schedule C to Original Loan Agreement) 

-6- 

 Whitehall / Equity Inns Properties with Liquor Licenses

  

									
	 STATE
	  	 HOTEL NO
	  	 BRAND
	  	 LOCATION
	  	 LICENSE HELD BY

					
	VA	  	157	  	Hyatt Place	  	Richmond	  	W2007 Equity Inns Realty, LLC (Property Owner) and Archon Hospitality, L.P. (Manager Entity)

  
 SCHEDULE 2.18 

(Revised Schedule C to Original Loan Agreement) 

-7- 

 SCHEDULE 2.19 

(Amended and Restated Schedule D to Original Loan Agreement – Material Agreements) 

 

			
	 Asset Name:
	  	 Contractor:

		
	Courtyard Athens	  	Timberridge
		
	Courtyard Athens	  	Timberridge
		
	Courtyard Dallas	  	Steve Hoegger
		
	Courtyard Jacksonville	  	Allied Const
		
	Embassy Suites Orlando	  	Insight
		
	Hampton Inn Chicago (Gurnee)	  	Hatchett Hospitality
		
	Hampton Inn Chicago (Gurnee)	  	Hatchett Hospitality
		
	Hampton Inn Kansas City	  	Hatchett Hospitality
		
	Hampton Inn Scranton	  	Innvision
		
	Hampton Inn Scranton	  	Allied
		
	Residence Inn (North-175) Tampa	  	Timberridge

  
 SCHEDULE 2.19 

(Revised Schedule D to Original Loan Agreement) 

-1- 

			
		
	Residence Inn (North-175) Tampa		Timberridge
		
	Residence Inn Boise		Guest Supply
		
	Residence Inn Boise		Taylor Construction
		
	Residence Inn Boise		Taylor Construction
		
	Residence Knoxville		Timberridge
		
	Residence Inn Mobile		Timberridge
		
	Residence Inn Mobile		Timberridge
		
	Residence Inn Omaha		Allied Const
		
	Residence Inn Princeton		Absolute Security
		
	Residence Inn Savannah		Timberridge
		
	SpringHill Suites Grand Rapids		Timberridge
		
	SpringHill Suites Grand Rapids		Timberridge
		
	SpringHill Suites Houston		ProCon
		
	SpringHill Suites San Antonio		Imperial Construction

  
 SCHEDULE 2.19 

(Revised Schedule D to Original Loan Agreement) 

-2- 

 SCHEDULE 4 

(Post-Closing Deliveries) 
 1. Section 4.2 -
Mezzanine Lender and Borrower to provide satisfactory evidence, including filed UCC-3 termination statements, that all liens filed against Operating Partnership with respect to Mezzanine Loans B through G have been released, within five
(5) Business Days following the Modification Closing Date. 
 2. Section 4.5 - Lender to review summaries and documents provided by Borrower under
Section 4.5, and Lender and Borrower to cooperate in finalizing the delivery of all required documents under Section 4.5 within thirty (30) days following the Modification Closing Date. 

3. Section 4.7 – The parties acknowledge that they are closing on “gap” coverage, and that Mortgage Modifications will be recorded
post-closing. Borrower will cooperate in fixing any technical corrections that need to be made, and providing additional release or termination documents needed with respect to TRS Leases, in order to enable all Mortgage Modifications to be recorded
and final title endorsements issued in accordance with the “gap” commitment. 
 4. Section 4.9 – Any remaining local counsel opinions
not delivered at closing (including original opinions with respect to copies delivered at closing) will be delivered within thirty (30) days following the Modification Closing Date. 

  
 SCHEDULE 4 

(Post-Closing Deliveries)Exhibit 10.1

MT. HAMILTON LLC

MEMBERSHIP INTEREST PURCHASE AGREEMENT

 

SOLITARIO EXPLORATION & ROYALTY
CORP.

- and -

DHI MINERALS (U.S.) LTD.

- and -

Ely
Gold & Minerals Inc.

- and -

Waterton
Nevada Splitter, LLC

 

 

	June 10, 2015

 

 

 

    	 

    	 

    

TABLE OF CONTENTS

Article 1

INTERPRETATION

	 	1.1	 	 	Defined Terms	 	 	2	 
	 	1.2	 	 	Rules of Construction	 	 	11	 
	 	1.3	 	 	Entire Agreement	 	 	12	 
	 	1.4	 	 	Time of Essence	 	 	12	 
	 	1.5	 	 	Governing Law; Submission to Jurisdiction
    and Waiver of Jury Trial	 	 	13	 
	 	1.6	 	 	Severability	 	 	13	 
	 	1.7	 	 	Knowledge	 	 	13	 
	 	1.8	 	 	Schedules	 	 	14	 
	 	1.9	 	 	Effect of Schedules	 	 	14	 
	 	1.10	 	 	Schedule Update	 	 	15	 

Article 2

PURCHASE AND SALE

	 	2.1	 	 	Purchase and Sale of the
    Membership Interests	 	 	15	 
	 	2.2	 	 	Purchase Price	 	 	15	 

Article 3

CLOSING

	 	3.1	 	 	Closing	 	 	16	 
	 	3.2	 	 	Closing Deliveries by Sellers	 	 	16	 
	 	3.3	 	 	Closing Deliveries by Purchaser	 	 	18	 
	 	3.4	 	 	Conditions of Closing in Favour of Purchaser	 	 	18	 
	 	3.5	 	 	Conditions of Closing in Favour of Sellers	 	 	19	 
	 	3.6	 	 	Purchase Price Adjustment	 	 	20	 

Article 4

REPRESENTATIONS AND WARRANTIES OF SELLERS

	 	4.1	 	 	Organization of Sellers	 	 	22	 
	 	4.2	 	 	Authorization	 	 	22	 
	 	4.3	 	 	Ownership of the Membership Interests	 	 	22	 
	 	4.4	 	 	Capitalization	 	 	23	 
	 	4.5	 	 	No Other Agreements to Purchase	 	 	23	 
	 	4.6	 	 	No Violation by Sellers	 	 	23	 
	 	4.7	 	 	Consents and Approvals	 	 	24	 
	 	4.8	 	 	Organization of the Company	 	 	24	 
	 	4.9	 	 	No Violation by the Company	 	 	24	 
	 	4.10	 	 	No Options	 	 	25	 
	 	4.11	 	 	No Subsidiaries	 	 	25	 
	 	4.12	 	 	Business of the Company	 	 	25	 
	 	4.13	 	 	Title to Personal and Other Property	 	 	25	 
	 	4.14	 	 	Description of Owned Real Property and
    Leased Real Property	 	 	25	 
	 	4.15	 	 	Owned Property	 	 	26	 
	 	4.16	 	 	Leased Real Property	 	 	26	 
	 	4.17	 	 	Accounts Receivable and Accounts Payable	 	 	27	 
	 	4.18	 	 	Intellectual Property	 	 	27	 
	 	4.19	 	 	Insurance	 	 	27	 
	 	4.20	 	 	No Expropriation	 	 	27	 
	 	4.21	 	 	Agreements and Commitments	 	 	28	 

-i-

    	 

    	 

    

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	4.22	 	 	Seller Contracts	 	 	29	 
	 	4.23	 	 	Compliance with Laws	 	 	30	 
	 	4.24	 	 	Financial Statements	 	 	30	 
	 	4.25	 	 	Absence of Liabilities	 	 	31	 
	 	4.26	 	 	Books and Records	 	 	31	 
	 	4.27	 	 	Absence of Changes	 	 	31	 
	 	4.28	 	 	Non-Arm's Length Transactions	 	 	32	 
	 	4.29	 	 	Tax Matters	 	 	32	 
	 	4.30	 	 	Litigation	 	 	33	 
	 	4.31	 	 	Bank Accounts and Attorneys	 	 	34	 
	 	4.32	 	 	Officers and Member Representatives	 	 	34	 
	 	4.33	 	 	Environmental	 	 	34	 
	 	4.34	 	 	Employee Plans	 	 	36	 
	 	4.35	 	 	Employment Agreements, Collective Agreements	 	 	36	 
	 	4.36	 	 	Employees and Employment Legislation	 	 	36	 
	 	4.37	 	 	Indebtedness and Security	 	 	37	 
	 	4.38	 	 	Technical Disclosure	 	 	37	 
	 	4.39	 	 	Mining Claims	 	 	37	 
	 	4.40	 	 	Water Rights; Easements	 	 	38	 
	 	4.41	 	 	Permits	 	 	39	 
	 	4.42	 	 	Royalties and Other Rights	 	 	39	 
	 	4.43	 	 	Potential for Mining Activities	 	 	39	 
	 	4.44	 	 	Reclamation and Closure Obligations	 	 	40	 
	 	4.45	 	 	Fines	 	 	40	 
	 	4.46	 	 	Condition of Business Property	 	 	40	 
	 	4.47	 	 	No Liquidation, Insolvency, Winding-Up	 	 	40	 
	 	4.48	 	 	Money Laundering	 	 	41	 
	 	4.49	 	 	Corrupt Practices	 	 	41	 
	 	4.50	 	 	Finder's Fees; Brokers	 	 	41	 
	 	4.51	 	 	Full Disclosure; Absence of Change	 	 	41	 

Article 5

REPRESENTATIONS AND WARRANTIES OF PURCHASER

	 	5.1	 	 	Organization	 	 	42	 
	 	5.2	 	 	Authorization	 	 	42	 
	 	5.3	 	 	No Violation	 	 	42	 
	 	5.4	 	 	Equity Commitment Letter	 	 	42	 
	 	5.5	 	 	Consents and Approvals	 	 	43	 
	 	5.6	 	 	Litigation	 	 	43	 
	 	5.7	 	 	Brokers	 	 	43	 
	 	5.8	 	 	Securities Matters	 	 	43	 

Article 6

COVENANTS

	 	6.1	 	 	Access to the Company	 	 	44	 
	 	6.2	 	 	Delivery of Payout Statement	 	 	44	 
	 	6.3	 	 	Confidentiality	 	 	44	 
	 	6.4	 	 	Conduct of Business Prior to Closing	 	 	45	 
	 	6.5	 	 	Books and Records	 	 	46	 
	 	6.6	 	 	Related Party Agreements	 	 	47	 
	 	6.7	 	 	Intercompany Payables and Intercompany
    Receivables	 	 	47	 
	 	6.8	 	 	Taxes	 	 	47	 
	 	6.9	 	 	Parent Guarantee	 	 	49	 
	 	6.10	 	 	Solicitation	 	 	49	 
	 	6.11	 	 	Required Approvals	 	 	49	 

-ii-

    	 

    	 

    

 

Article 7

SURVIVAL AND INDEMNIFICATION

	 	7.1	 	 	Survival of Representations,
    Warranties and Covenants	 	 	49	 
	 	7.2	 	 	Indemnification by Sellers	 	 	50	 
	 	7.3	 	 	Indemnification by Purchaser	 	 	50	 
	 	7.4	 	 	Tax Indemnity	 	 	50	 
	 	7.5	 	 	Change of Control Payment Indemnity	 	 	51	 
	 	7.6	 	 	Environmental Indemnity	 	 	51	 
	 	7.7	 	 	Assignability of Environmental Indemnification	 	 	51	 
	 	7.8	 	 	Monetary Limitation of Liability; Effect
    of Materiality Qualifiers	 	 	52	 
	 	7.9	 	 	Notice of Claim	 	 	52	 
	 	7.10	 	 	Time Limits for Notice of Claim	 	 	53	 
	 	7.11	 	 	Limitation Periods for Claims for Breach
    of Representations and Warranties and Taxes Owing	 	 	54	 
	 	7.12	 	 	Direct Claims	 	 	54	 
	 	7.13	 	 	Third-Party Claims	 	 	54	 
	 	7.14	 	 	Exclusivity	 	 	55	 

Article 8

Termination

	 	8.1	 	 	Termination by Mutual Consent	 	 	55	 
	 	8.2	 	 	Termination by Sellers or by Purchaser	 	 	56	 
	 	8.3	 	 	Termination by Purchaser	 	 	56	 
	 	8.4	 	 	Termination by Sellers	 	 	57	 
	 	8.5	 	 	Effect of Termination	 	 	57	 
	 	8.6	 	 	Termination Payment	 	 	57	 
	 	8.7	 	 	Expense Reimbursement	 	 	58	 

Article 9

Non-Solicitation

	 	9.1	 	 	Non-Solicitation	 	 	58	 
	 	9.2	 	 	Responding to an Acquisition Proposal	 	 	59	 
	 	9.3	 	 	Superior Proposal	 	 	59	 

Article 10

MISCELLANEOUS

	 	10.1	 	 	Notices	 	 	60	 
	 	10.2	 	 	Amendments and Waivers	 	 	62	 
	 	10.3	 	 	Assignment	 	 	62	 
	 	10.4	 	 	Successors and Assigns	 	 	62	 
	 	10.5	 	 	Expenses; Commissions	 	 	62	 
	 	10.6	 	 	Consultation	 	 	63	 
	 	10.7	 	 	Further Assurances	 	 	63	 
	 	10.8	 	 	Counterparts	 	 	63	 
	 	10.9	 	 	Third-Party Beneficiaries	 	 	63	 
	 	 	 	 	 	 	 	 	 

 -iii-

    	 

    	 

    

 

THIS AGREEMENT
made the 10th day of June, 2015 (the "Effective Date"),

B E T W E E N:

SOLITARIO EXPLORATION &
ROYALTY CORP.,

a corporation existing under the
laws of the State of Colorado,

(hereinafter referred to as "Solitario"),

- and -

DHI MINERALS (U.S.) LTD.,

a corporation existing under the
laws of the State of Nevada,

(hereinafter referred to as "DHI
US", and together with Solitario, "Sellers"),

Ely Gold & Minerals Inc.,

a corporation existing under the
laws of the Province of British Columbia,

(hereinafter referred to as "Ely
Gold"),

- and -

Waterton Nevada Splitter,
LLC,

a limited liability company existing
under the laws of the State of Nevada,

(hereinafter referred to as "Purchaser").

WHEREAS Sellers wish
to sell to Purchaser and Purchaser wishes to purchase from Sellers all of the Membership Interests (defined below), on the terms
and conditions hereinafter set forth;

AND WHEREAS DHI Minerals
LTD. is a wholly-owned subsidiary of Ely Gold, and DHI US is wholly-owned by DHI Minerals LTD.;

AND WHEREAS contemporaneously
with the execution and delivery of this Agreement, and as a condition to the willingness of the Sellers to enter into this Agreement,
Waterton Precious Metals Fund II Cayman, LP ("Purchaser Parent") has entered into an equity commitment letter
in favor of Sellers (the "Equity Commitment Letter") pursuant to which Purchaser Parent has agreed to fund Purchaser's
consummation of the transactions contemplated by this Agreement;

    	1

    	 

    

 

NOW THEREFORE THIS
AGREEMENT WITNESSES THAT in consideration of the respective covenants and agreements of the parties herein contained and for other
good and valuable consideration (the receipt and sufficiency of which are acknowledged by each party), the parties agree as follows:

Article 1

INTERPRETATION

		1.1	Defined Terms

For the purposes of
this Agreement, unless the context otherwise requires, the following terms shall have the respective meanings set out below and
grammatical variations of such terms shall have corresponding meanings:

"Acquisition Proposal"
has the meaning set out in Section 9.2;

"Acquisition Transaction"
has the meaning set out in Section 9.1(a);

"Adjustment Amount"
has the meaning set out in Section 3.6(a);

"Affiliate" has
the following meaning: an entity (the "first entity") is the Affiliate of another entity (the "second
entity") where the second entity controls the first entity, or the first entity controls the second entity or both entities
are controlled by the same Person. For purposes of this definition, "control" is the power whether by contract or ownership
of equity interests to select a majority of the board of directors or other supervisory management authority of an entity, whether
directly or indirectly through a chain of entities that are "controlled" within the foregoing meaning;

"Assignment of Membership
Interest" has the meaning set out in Section 3.2(b);

"Augusta" has
the meaning set out in Section 3.2(l);

"Authorization"
means any authorization, approval, consent, certificate, waiver, notice or filing issued, granted, conferred or required by any
Governmental Body having jurisdiction with respect to any specified Person, property, transaction or event, or from any Person
in connection with any easements or contractual rights, but excluding for certainty any Permits;

"Books and Records"
means all books and records (including all (a) Tax Returns and other information and documents relating to Tax matters, (b) copies
of all financial information and all other accounting books and records, (c) land and right of way records, (d) compliance records,
(e) minute books, (f) member transfer ledgers, (g) operating records, and (h) expenditure records (including budgets and forecast
data) whether in hard copy or electronic format, as applicable, and in each case, of or relating to the Company or relating to
the Business or the Project;

    	2

    	 

    

 

"Business" means
the business of the Company, being the exploration, development, construction, operation, closing, reclamation and rehabilitation
of the Project as contemplated by the Technical Report;

"Business Day"
means any day, other than a Saturday, Sunday or statutory holiday in the Province of Ontario, on which commercial banks in Toronto,
Ontario are open for business;

"Calculation Time"
means 11:59 p.m. (Toronto time) on the day immediately preceding the Closing Date;

"Cap Amount"
has the meaning set out in Section 7.8(b);

"Cash Collateral"
has the meaning set out in Section 4.44;

"Centennial"
has the meaning set out in Section 3.2(k);

"Change of Control Payments"
has the meaning set out in Section 4.36(c);

"Claim" has the
meaning set out in Section 7.9;

"Closing" means
the closing of the transactions contemplated hereby;

"Closing Balance Sheet"
has the meaning set out in Section 3.6(a);

"Closing Date"
means (a) August 5, 2015, (b) if all conditions
in Section 3.4 or Section 3.5 to be satisfied prior to Closing have not yet been satisfied or waived, five Business Days after
such conditions have been satisfied or waived, subject to each party's termination rights under Article 8, or (c) such other
date as Sellers and Purchaser may mutually determine;

"Commercially Reasonable
Efforts" means the efforts that a prudent Person desirous of achieving a result would use in similar circumstances to
achieve that result as expeditiously as possible, provided, however, that such Person will not be required to (i) take actions
that would result in a material adverse change in the anticipated benefits to such Person of this Agreement, (ii) dispose of or
make any change to its business, or (iii) incur any other material burden;

"Company" means
Mt. Hamilton LLC, a Colorado limited liability company;

"Confidential Information"
has the meaning set out in Section 6.3(c);

"Confidentiality Agreements"
means, collectively, the confidentiality agreement dated December 19, 2014 between Ely Gold and Waterton Global Resource Management,
Inc. and the confidentiality agreement dated December 19, 2014 between Solitario and Waterton Global Resource Management, Inc.;

"Contract" means
any agreement, indenture, contract, lease, deed of trust, licence, option, undertaking, instrument or other commitment, whether
written or oral;

    	3

    	 

    

"Current Assets"
means, at any particular time, the current assets of the Company at such time classified in accordance with GAAP applied on a basis
consistent with the Financial Statements, including: cash; inventory; accounts receivable, less an allowance for doubtful accounts,
and prepaid expenses and deposits; but excluding future Tax assets;

"Current Liabilities"
means, at any particular time, the current liabilities of the Company at such time, classified in accordance with GAAP applied
on a basis consistent with the Financial Statements, including: trade payables and outstanding cheques; accrued expenses; and Taxes
payable; but excluding any indebtedness of the Company and income Taxes payable for periods after the Calculation Time;

"Deductible Amount"
has the meaning set out in Section 7.8(a);

"Direct Claim"
has the meaning set out in Section 7.9(a);

"Easements" has
the meaning set out in Section 4.40(a);

"Effective Date"
has the meaning first set forth above;

"Ely Approvals"
means those Authorizations set out in Schedule 4.7(a);

"Employee Plan"
means any pension, retirement, savings, disability, medical, dental, health, life, death benefit, executive compensation, change
of control benefit, savings, group insurance, profit sharing, deferred compensation, equity compensation, bonus, incentive, vacation
pay, tuition reimbursement, severance pay, fringe benefit or other employee benefit plan, trust, contract, policy or commitment
(including any employee benefit plan, as defined in Section 3(3) of ERISA, and any welfare plan as defined in Section 3(1) of ERISA,
whether or not covered by ERISA), whether any of the foregoing is funded, insured or self-funded, excluding Statutory Plans and
Multi-Employer Plans;

"Encumbrance"
means any lien (statutory or otherwise), charge, trust or power, hypothecation, pledge, royalty or other form of production or
proceeds entitlement, lease, sublease, or other possessory interest, assignment, mortgage, trust deed, title retention agreement,
security interest of any nature, licence, restrictive covenant, adverse claim, exception, reservation, easement, encroachment,
servitude, restriction on use, right of occupation, option, area of interest provision, right of first offer, right of first refusal
or other kind of preferential purchase or sale right, restriction on voting (in the case of any voting or equity interest), right
of pre-emption or privilege, right, title, interest or claim of others, contractual obligation, or other encumbrance of any nature
or any Contract to give or create any of the foregoing, whether recorded or unrecorded or registered or unregistered;

"Environmental Laws"
means any applicable Law (a) relating to pollution (or the cleanup thereof) or the protection of natural resources, endangered
or threatened species, ecology, human health and safety or the environment (including ambient air, soil, surface water or groundwater,
or subsurface strata); or (b) concerning the presence of, exposure to, or the management, manufacture, use, containment, storage,
recycling, reclamation,

    	4

    	 

    

reuse, treatment, generation,
discharge, transportation, processing, production, disposal, emission, remediation, Release or threatened Release of any Hazardous
Substances or other pollutants, contaminants, chemicals, or industrial, toxic or hazardous substances or wastes into the environment.
The term "Environmental Law" includes the following (including their implementing regulations and any state Law analogs):
the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization
Act of 1986, 42 U.S.C. §§ 9601 et seq.; the Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery
Act of 1976, as amended by the Hazardous and Solid Waste Amendments of 1984, 42 U.S.C. §§ 6901 et seq.; the Federal Water
Pollution Control Act of 1972, as amended by the Clean Water Act of 1977, 33 U.S.C. §§ 1251 et seq.; the Toxic Substances
Control Act of 1976, as amended, 15 U.S.C. §§ 2601 et seq.; the Emergency Planning and Community Right-to-Know Act of
1986, 42 U.S.C. §§ 11001 et seq.; the Clean Air Act of 1966, as amended by the Clean Air Act Amendments of 1990, 42 U.S.C.
§§ 7401 et seq.; the Occupational Safety and Health Act of 1970, as amended, 29 U.S.C. §§ 651 et seq.; and
the Safe Drinking Water Act, 42 USC 300f et. seq.;

"Equity Commitment Letter"
has the meaning set out in the third recital hereto;

"ERISA" means
the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder;

"ERISA Affiliate"
means any trade or business (whether or not incorporated) that is treated as a single employer with the Company under Sections
414(b), (c), (m) or (o) of the Internal Revenue Code of 1986, as amended;

"Estimated Purchase Price"
has the meaning set out in Section 2.2;

"Existing Permits"
has the meaning set out in Section 4.41(a);

"Financial Statements"
has the meaning set out in Section 4.24(a);

"Financing Documents"
means, collectively, (a) the facility agreement dated August 10, 2012 between Solitario, as borrower, RMB Australia Holdings Limited,
as financier, and RMB Resources Inc., as agent, (b) the promissory note dated August 10, 2012 between Solitario, as borrower, and
RMB Australia Holdings Limited, as payee; (c) the MHLLC OA Side Agreement dated August 10, 2012 between Solitario, DHI US, RMB
Australia Holdings Limited, RMB Resources Inc. and Ely Gold, (d) the pledge agreement dated August 10, 2012 between Solitario,
as pledgor, RMB Australia Holdings Limited, as a secured party, and RMB Resources Inc., as a secured party, and (e) the security
agreement dated August 10, 2012 between Solitario, as debtor, RMB Australia Holdings Limited, as a secured party, and RMB Resources
Inc., as a secured party;

"Financing Security"
means any and all Encumbrances granted under or in connection with the Financing Documents that affect the Membership Interests
or any property or assets of the Company;

"Fines" has the
meaning set out in Section 4.45;

    	5

    	 

    

"Former Property"
means real property that the Company previously, but not at the date hereof, owned, leased, occupied (whether as lessee or licensee),
managed or otherwise controlled;

"GAAP" means
generally accepted accounting principles in the United States as of the date of this Agreement, without reference to changes therein
as may otherwise be applicable to subsequent periods, consistently applied;

"Governmental Body"
means any domestic or foreign (a) federal, provincial, state, municipal, local or other government, (b) any governmental or quasi-governmental
authority of any nature, including any governmental ministry, agency, branch, department, court, commission, board, tribunal, bureau
or instrumentality, or (c) any body exercising or entitled to exercise any administrative, executive, judicial, legislative,
regulatory or taxing authority or power of any nature;

"Hazardous Substances"
means any substance or mixture of substances, or any pollutant or contaminant, toxic or dangerous waste or hazardous material,
other than and to the extent that they are naturally occurring, which is or becomes regulated, or otherwise classified pursuant
to, or that may give rise to liability under, any Environmental Law, including any "hazardous substance", "hazardous
material", "hazardous waste", "toxic substance", "contaminant", "pollutant"
or any other similar formulation intended to define, list or classify substances by reason of deleterious properties such as ignitability,
corrosiveness, reactivity, carcinogenicity, toxicity or dangerousness. Hazardous Substance includes any petroleum or petroleum-derived
products, radon, chlorinated solvents, tailings, waste rock, radioactive materials or wastes, asbestos in any form, lead or lead-containing
materials, urea formaldehyde foam insulation and polychlorinated biphenyls ("PCBs"), other than and to the extent
that they are naturally occurring;

"Indemnified
Party" has the meaning set out in Section 7.9(a);

"Indemnifying
Party" has the meaning set out in Section 7.9(a);

"Independent Accounting
Firm" has the meaning set out in Section 3.6(c);

"Intellectual
Property" means all trade or brand names, business names, trade-marks (including logos), trade-mark registrations and
applications, service marks, service mark registrations and applications, copyrights, copyright registrations and applications,
issued patents and pending applications and other patent rights, industrial design registrations, pending applications and other
industrial design rights, trade secrets, proprietary information and know-how, equipment and parts lists and descriptions, instruction
manuals, inventions, inventors' notes, research data, blue prints, drawings and designs, formulae, processes, technology and other
intellectual property in whatever form or format owned or used by the Company, and all goodwill in connection therewith, together
with all rights under licences, registered user agreements, technology transfer agreements and other agreements or instruments
relating to any of the foregoing and all like rights used by or granted to the Company;

    	6

    	 

    

"Laws"
means, in respect of any Person, property, transaction or event, any and all applicable (a) laws, constitutions, treaties, statutes,
codes, ordinances, orders, decrees, rules, regulations, by-laws, and (b) judgments, orders, writs, injunctions, decisions, awards
and directives of any Governmental Body;

"Leased Mining Claims"
has the meaning set out in Section 4.39(a);

"Leased
Real Property" has the meaning set out in Section 4.14;

"Leases"
has the meaning set out in Section 4.16;

"Losses"
means, in respect of any matter, all claims, actions, demands, proceedings, losses (including, for certainty, any diminution in
value), damages, liabilities, obligations, deficiencies, fines, costs and expenses (including all reasonable legal and other professional
fees and disbursements, interest, penalties and amounts paid in settlement) and judgments arising directly or indirectly as a consequence
of such matter;

"Material
Adverse Effect" means any event, change or effect that, when taken individually or together with all other adverse effects,
will or is reasonably likely to have a materially adverse effect on the business, affairs, capitalization, assets, liabilities,
results of operations or condition (financial or otherwise) of the Company; provided, however, that effects relating to:

		(a)	general changes in the political, economic or financial currency, exchange, securities or commodities
market conditions in Canada and the United States, including changes in currency exchange rates, interest rates and commodity prices;

		(b)	the fact of the pendency of the transactions contemplated by this Agreement and the identity of
Purchaser;

		(c)	changes in Laws or in regulatory policies or in GAAP;

		(d)	conditions generally affecting the industry in which the Company operates;

		(e)	changes or conditions resulting from civil unrest or terrorism or acts of God or natural disasters;

		(f)	changes or conditions resulting from the failure of a Governmental Body to act or omit to act under
Law; and

		(g)	changes or conditions that are cured or eliminated at or before Closing to the satisfaction of
Purchaser, acting reasonably;

in the case of paragraphs (a),
(c), (d), (e) and (f), that do not affect the Company in a disproportionate manner relative to other participants in the same industry,
are not

    	7

    	 

    

Material Adverse Effects and are
not to be taken into account in determining whether a Material Adverse Effect has occurred;

"Membership Interests"
means the limited liability company membership interests in the Company owned legally and beneficially by Sellers, with each Seller's
membership interest reflected as a percentage, representing the percentage interest of such Seller in certain allocations of items
of profit, loss and credit and certain distributions of cash or property, as more particularly described in the Operating Agreement
and as set out in Schedule 4.4;

"Multi-Employer Plans"
means plans, arrangements, agreements, programs, policies, practices or undertakings whether funded or unfunded, insured or uninsured,
registered or unregistered, to which the Company is a party or bound or in which the Employees participate or under which the Company
has, or will have, any liability or contingent liability, or pursuant to which payments are made, or benefits are provided to,
or an entitlement to payments or benefits may arise with respect to any of its Employees or former employees (or any spouses, dependants,
survivors or beneficiaries of any such persons) and to which the Company is required to contribute and which are not maintained
or administered by the Company or any of its Affiliates;

"NI 43-101" means
National Instrument 43-101 – Standards of Disclosure for Mineral Projects;

"Notice of Claim"
has the meaning set out in Section 7.9(a);

"Objection Notice"
has the meaning set out in Section 3.6(b);

"Objection Period"
has the meaning set out in Section 3.6(b);

"Operating
Agreement" means the limited liability company operating agreement of Mt. Hamilton LLC dated as of December 22, 2010 between
DHI US and Solitario, as initial members, and Solitario, as manager, as amended;

"Outside Date"
has the meaning set out in Section 8.2;

"Owned Mining Claims"
has the meaning set out in Section 4.39(a);

"Owned
Property" means the Owned Real Property and the Owned Mining Claims;

"Owned
Real Property" has the meaning set out in Section 4.14;

"Payout
Statement" means a payout statement in respect of the Financing Documents, in form and substance reasonably satisfactory
to Purchaser, executed by RMB Australia Holdings Limited and RMB Resources Inc. confirming the amount required to obtain a discharge
of all security granted under or in connection with the Financing Documents;

    	8

    	 

    

"Permit"
means any permit, lease, licence, claim, certificate, order, grant, approval, consent, waiver, registration, no-action letter,
closure or reclamation plan or other authorization of or from any Governmental Body;

"Permitted
Encumbrances" means:

		(a)	liens for Taxes, assessments and governmental charges that are due but are being contested in good
faith and diligently by appropriate proceedings and in respect of which adequate provision for the related monetary obligation
has been made in the Financial Statements;

		(b)	in respect of real property, zoning restrictions, servitudes, easements, restrictions, survey exceptions,
rights-of-way and other similar rights or any interest therein, provided the same are not of such nature as to, individually or
in the aggregate, materially adversely affect the use or mineral value of the property subject thereto or the development and operation
of the Project;

		(c)	inchoate liens claimed or held by any Governmental Body or a public utility in respect of the payment
of Taxes or utilities not yet due and payable;

		(d)	the Cash Collateral;

		(e)	any reservations, limitations, provisos and conditions expressed in original grants from any Governmental
Body; and

		(f)	the Encumbrances described in Schedule 1.1;

"Person"
means any individual, corporation, legal person, partnership, firm, joint venture, syndicate, association, trust, trustee, limited
liability company, unincorporated organization, trust company, Governmental Body or any other form of entity or organization;

"Proceedings"
has the meaning set out in Section 4.30;

"Project"
means the Mt. Hamilton mining project located in Nevada, as further described in the Technical Report;

"Purchase
Price" has the meaning set out in Section 2.2;

"Purchaser Parent"
has the meaning set out in the third recital hereto;

"Purchase Price Adjustment
Documents" means the Closing Balance Sheet and the Working Capital Statement;

"Reclamation Obligations"
has the meaning set out in Section 4.44;

"Release"
has the meaning prescribed in Environmental Laws and includes any release, spill, emission, leaking, pumping, pouring, injection,
escaping, deposit, disposal,

    	9

    	 

    

discharge, leeching, seepage or
migration of any element or compound, other than and to the extent of those that are naturally occurring, in or into the indoor
or outdoor environment (including the abandonment or disposal of any barrels, tanks, containers or receptacles containing any contaminant),
or in, into or out of any vessel or facility, including the movement of any substance through the air, soil, subsoil, surface,
water, groundwater, rock formation or otherwise, whether accidental or intentional;

"Representatives"
has the meaning set out in Section 9.1(a);

"Sandstorm
Agreements" has the meaning set out in Section 3.5(e);

"Securities
Act" means the Securities Act of 1933 (15 U.S.C. §77a, et seq.), as amended;

"Seller
Contracts" has the meaning set out in Section 4.22;

"Solitario
Approvals" means those Authorizations set out in Schedule 4.7(b);

"Statutory
Plans" means statutory benefit plans that the Company is required to participate in or comply with, including plans administered
pursuant to applicable health tax, workplace safety insurance and employment insurance legislation;

"Straddle Period"
means any taxable period which begins before the Closing Date and ends after the Closing Date;

"Straddle
Period Return" means a Tax Return for a Straddle Period;

"Superior
Proposal" means any unsolicited bona fide written Acquisition Proposal, from a Person who is an arm's length third
party to Sellers and the Company, to acquire, directly or indirectly, not less than all of the (x) outstanding Membership Interests,
(y) the assets of the Company, or (z) shares of either Seller, that: (a) complies with applicable Laws and did not result from
or involve a breach of Article 9; (b) is reasonably capable of being completed without undue delay, taking into account all
financial, legal, regulatory and other aspects of such proposal and the Person making such proposal; (c) is not subject to any
financing contingency and in respect of which adequate arrangements have been made to ensure that the required funds will be available
to effect payment in full for all of the targeted assets; (d) is not subject to any due diligence or access condition beyond the
seventh Business Day after which the Person making the Acquisition Proposal is first afforded access to the books, records, and
personnel of the Company, Solitario, and Ely Gold; and (e) the board of directors of either Solitario or Ely Gold determines, in
its good faith judgment, after receiving the advice of its outside legal and financial advisors and after taking into account all
the terms and conditions of the Acquisition Proposal, including all legal, financial, regulatory and other aspects of such Acquisition
Proposal and the party making such Acquisition Proposal, would, if consummated in accordance with its terms, but without assuming
away the risk of non-completion, result in a transaction which is more favourable, from a financial point of view, to the shareholders
of Solitario or Ely Gold, as applicable, than the transactions contemplated by this Agreement;

    	10

    	 

    

"Superior
Proposal Notice" has the meaning set out in Section 9.3(b);

"Tax Return"
means all reports, returns, declarations, elections, notices, filings, forms, statements and other documents (whether intangible,
electronic or other form) and including any amendments, schedules, attachments, supplements, appendices and exhibits thereto, filed
or required to be filed by Law with respect to Taxes;

"Tax" or "Taxes"
means all taxes of any Governmental Body, including income, capital, capital gains, gross receipts, windfall profits, value added,
severance, property, production, sales, transfer, value added, goods and services, use, duty, licence, excise, franchise, employment,
withholding or similar taxes, fees, duties, levies, customs, tariffs or imposts, assessments, obligations or charges, together
with any interest, additions or penalties with respect thereto and any interest in respect of such additions or penalties;

"Technical Report"
means the technical report titled "NI 43-101 Technical Report - Feasibility Study - Mt. Hamilton Gold and Silver Project Centennial
Deposit and Seligman Deposit White Pine County, Nevada" prepared by SRK Consulting (U.S.), Inc., dated October 16, 2014, with
an effective date of August 14, 2014;

"Termination Payment"
has the meaning set out in Section 8.6;

"Third Party"
has the meaning set out in Section 7.13(c);

"Third-Party Claim"
has the meaning set out in Section 7.9(a);

"Time of Closing"
means 10:00 a.m. (Toronto time) on the Closing Date, or such other time on the Closing Date as Sellers and Purchaser may agree;

"Title Reports"
means those title reports and title opinions prepared by the Reno, Nevada law firm of Harris & Thompson covering all or a portion
of the Owned Property, the Leased Mining Claims and the Leased Real Property, dated August 13, 2012;

"Treatment Plan"
has the meaning set out in Section 4.33(o);

"Water Rights"
has the meaning set out in Section 4.40(a);

"Working Capital"
means, at any particular time, Current Assets less Current Liabilities at such time; and

"Working Capital Statement"
has the meaning set out in Section 3.6(a).

		1.2	Rules of Construction

Except as may be otherwise
specifically provided in this Agreement and unless the context otherwise requires, in this Agreement:

    	11

    	 

    

		(a)	the terms "Agreement", "this Agreement", "the Agreement", "hereto",
"hereof", "herein", "hereby", "hereunder" and similar expressions refer to this Agreement
in its entirety and not to any particular provision hereof;

		(b)	references to an "Article", "Section" or "Schedule" followed by a
number or letter refer to the specified Article or Section of or Schedule to this Agreement;

		(c)	the division of this Agreement into articles and sections and the insertion of headings are for
convenience of reference only and shall not affect the construction or interpretation of this Agreement;

		(d)	words importing the singular number only shall include the plural and vice versa and words importing
the use of any gender shall include all genders;

		(e)	the word "including" is deemed to mean including without limitation;

		(f)	the terms "party" and "the parties" refer to a party or the parties to this
Agreement;

		(g)	any reference to this Agreement means this Agreement as amended, modified, replaced or supplemented
from time to time;

		(h)	all dollar amounts refer to United States dollars;

		(i)	any time period within which a payment is to be made or other action is to be taken hereunder shall
be calculated excluding the day on which the period commences and including the day on which the period ends; and

		(j)	whenever any payment is required to be made, action is required to be taken or period of time is
to expire on a day other than a Business Day, such payment shall be made, action shall be taken or period shall expire on the next
following Business Day.

		1.3	Entire Agreement

This Agreement and
the Confidentiality Agreements constitute the entire agreement between the parties with respect to the subject matter hereof and
thereof and supersede all prior agreements, understandings, negotiations and discussions, whether written or oral, including the
letter agreement dated May 6, 2015 made between Purchaser Parent, Solitario and Ely Gold. There are no conditions, covenants, agreements,
representations, warranties or other provisions, express or implied, collateral, statutory or otherwise, relating to the subject
matter hereof except as provided herein or therein.

		1.4	Time of Essence

Time shall be of the
essence of this Agreement.

    	12

    	 

    

		1.5	Governing Law; Submission to Jurisdiction and Waiver of Jury Trial

(a)               
This Agreement shall be construed, interpreted and enforced in accordance with, and the respective rights and obligations
of the parties shall be governed by, the Laws of the Province of Ontario and the federal Laws of Canada applicable therein.

(b)              
Each of the parties irrevocably and unconditionally (i) submits to the non-exclusive jurisdiction of the courts of the Province
of Ontario over any action or proceeding arising out of or relating to this Agreement, (ii) waives any objection that it might
otherwise be entitled to assert to the jurisdiction of such courts, and (iii) agrees not to assert that such courts are not a convenient
forum for the determination of any such action or proceeding.

(c)               
To the extent not prohibited by applicable Law and that cannot be waived, each party waives, and covenants that such party
will not assert (whether as plaintiff, defendant or otherwise), any right to trial by jury in any forum in respect of any issue,
claim or proceeding arising out of this Agreement or the subject matter hereof or in any way connected with the dealings of any
party or the Company in connection with any of the above, in each case whether now existing or hereafter arising and whether in
contract, tort or otherwise. The Company or any party may file an original counterpart or a copy of this Section 1.5(c) with any
court as written evidence of the agreement of the parties to the waiver of their rights to trial by jury.

		1.6	Severability

If any provision of
this Agreement is determined by a court of competent jurisdiction to be invalid, illegal or unenforceable in any respect, all other
provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the
transactions contemplated hereby is not affected in a manner materially adverse to a party hereto. Upon such determination that
any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith
to modify this Agreement so as to effect the original intent of the parties hereto as closely as possible in an acceptable manner
to the end that transactions contemplated hereby are fulfilled to the extent possible.

		1.7	Knowledge

References in this
Agreement to the knowledge of a Seller means the actual knowledge of Christopher E. Herald, Jim Maronick, or Walt Hunt, for Solitario;
and the actual knowledge of Trey Wasser, for DHI US and Ely Gold, in each case after making diligent inquiry of other responsible
officers and employees of the applicable Seller or the Company, as the case may be, as reasonably necessary to inform themselves
as to the relevant matters, and shall include, in each case, the knowledge that each such person would reasonably be expected to
obtain in connection with the performance of his duties in relation to the Company.

 

    	13

    	 

    

		1.8	Schedules

The following Schedules
are attached to and form part of this Agreement:

	Schedule 1.1	-	Permitted Encumbrances
	Schedule 4.4	-	Capitalization
	Schedule 4.6	-	Violations (Sellers)
	Schedule 4.7(a)	-	Ely Consents and Approvals
	Schedule 4.7(b)	-	Solitario Consents and Approvals
	Schedule 4.9	-	Violations (Company)
	Schedule 4.14	-	Owned and Leased Real Property
	Schedule 4.15	-	Status of Property
	Schedule 4.17(b)	-	Accounts Payable
	Schedule 4.19	-	Insurance Policies
	Schedule 4.21	-	Material Contracts
	Schedule 4.22	-	Seller Contracts
	Schedule 4.23	-	Non-Compliance with Laws
	Schedule 4.27	-	Changes
	Schedule 4.28	-	Non-Arm's Length Transactions
	Schedule 4.29	-	Tax Matters
	Schedule 4.30	-	Litigation
	Schedule 4.31	-	Bank Accounts and Attorneys
	Schedule 4.32	-	Officers and Member Representatives
	Schedule 4.33(a)	-	Compliance with Environmental Laws
	Schedule 4.33(c)	-	Former Property
	Schedule 4.33(e)	-	Notices of Environmental Claims
	Schedule 4.33(f)	-	Releases
	Schedule 4.33(g)	-	Disposal
	Schedule 4.33(i)	-	Changes to Environmental Laws
	Schedule 4.33(l)	-	Archaeological Surveys
	Schedule 4.35	-	Employment Agreements
	Schedule 4.36(a)	-	Independent Contractors
	Schedule 4.36(b)	-	Non-Continuing Officers
	Schedule 4.36(c)	-	Change of Control Payments
	Schedule 4.39(a)	-	Owned and Leased Mining Claims
	Schedule 4.39(b)	-	Title to Mining Claims
	Schedule 4.40	-	Water Rights; Easements
	Schedule 4.41	-	Existing Permits
	Schedule 4.42	-	Royalties and Other Rights
	Schedule 4.44	-	Reclamation and Closure Obligations
	Schedule 4.45	-	Fines
	Schedule 5.5	-	Required Consents for Purchaser

		1.9	Effect of Schedules

All Section headings
in the Schedules correspond to the Sections of this Agreement, but information provided in any Section of the Schedules shall constitute
disclosure

    	14

    	 

    

for purposes of each Section of this
Agreement where such information is relevant to the extent that the relevance of such disclosure to such other Section is reasonably
apparent on its face.

		1.10	Schedule Update

From time to time
up to three Business Days prior to the Closing Date, the Sellers will promptly supplement, amend or modify the Schedules which
were delivered pursuant to this Agreement with respect to any matter first existing or occurring after the Effective Date which,
if existing or occurring prior to the Effective Date, would have been required to be set forth or described in such Schedules or
which is necessary to correct any information in such Schedules which has been rendered inaccurate thereby. For purposes of determining
the satisfaction of the conditions of closing in favour of the Purchaser set out in Section 3.4, the Schedules shall be deemed
to include only that information originally contained therein on the Effective Date and shall be deemed to exclude all information
contained in any supplement, amendment or modification thereto; provided, however that for purposes of determining a breach of
a representation or warranty after the Closing for the purposes of the indemnification provided in Article 7, the representations
and warranties shall give effect to any such supplement, amendment or modification. Notwithstanding anything herein to the contrary,
in the event either Seller updates any Schedule and such supplement, amendment or modification to the Schedules results in any
representation or warranty of such Seller set forth in Article 4 that is (a) qualified by the term "material" or
"Material Adverse Effect", to be untrue or not correct, or (b) not so qualified, to be untrue or not correct in all material
respects, in each case without regard to any such information in the supplement, amendment or modification, then Purchaser shall
be entitled to terminate this Agreement under Section 8.3(e) by providing written notice to Sellers within 10 days of such supplement,
amendment or modification to a Schedule from either Seller.

Article 2

PURCHASE AND SALE 

		2.1	Purchase and Sale of the Membership Interests

Subject to the terms
and conditions of this Agreement, at the Time of Closing each Seller shall sell, assign and transfer the Membership Interest owned
by it to Purchaser and Purchaser shall purchase the Membership Interest from such Seller, free and clear of all Encumbrances.

		2.2	Purchase Price

The aggregate purchase
price payable by Purchaser to Sellers for the Membership Interests shall be $30,000,000 (the "Estimated
Purchase Price"), which shall be adjusted if and as required by the terms of Section
3.6 (as adjusted, the "Purchase Price"). At the Time of Closing, Purchaser
shall satisfy the Estimated Purchase Price:

		(a)	by paying the amount owing pursuant to the Payout Statements as directed therein (including any
per diem amount referenced therein); and

    	15

    	 

    

		(b)	as to the balance of the Estimated Purchase Price, by paying such balance, less any outstanding
indebtedness owed by Solitario to Purchaser or an Affiliate of Purchaser, to Sellers by wire transfer of immediately available
funds to such account or accounts as Sellers shall have indicated by direction in writing to Purchaser at least two Business Days
prior to the Closing Date. The direction shall also indicate the proportion of the balance of the Estimated Purchase Price to be
paid to each Seller.

Article 3

CLOSING

		3.1	Closing

Subject to compliance
with the terms and conditions hereof, the transfer of the Membership Interests shall be deemed to take effect as at the Time of
Closing. The Closing shall take place at the Time of Closing at the offices of Davies Ward Phillips & Vineberg LLP, 155 Wellington
Street West, Toronto ON M5V 3J7, or such other place as the parties may agree. Unless otherwise agreed, all closing transactions
shall be deemed to have occurred simultaneously.

		3.2	Closing Deliveries by Sellers

At the Closing, each
Seller shall deliver or cause to be delivered to Purchaser the following, and each such delivery is deemed to have occurred simultaneously
with the others:

		(a)	a certificate of the President or any senior officer of such Seller, dated as of the Closing Date,
representing and certifying that the conditions set forth in Sections 3.4(a) through (e) have been fulfilled;

		(b)	an assignment of its Membership Interest (the "Assignment of Membership Interest"),
in form and substance reasonably satisfactory to Purchaser, executed by such Seller and such other documentation as is reasonably
required to transfer the Membership Interest to Purchaser;

		(c)	discharges, in form and substance reasonably acceptable to Purchaser, in registerable or recordable
form of all Financing Security;

		(d)	except in respect of the Financing Security, evidence of the release of any Encumbrance on the
Membership Interests and any assets of the Company, other than, with respect to the assets of the Company, Permitted Encumbrances,
in form and substance reasonably satisfactory to Purchaser;

		(e)	a receipt for the Estimated Purchase Price;

		(f)	a written resignation and an executed release, in form and substance reasonably satisfactory to
Purchaser, from each of those officers of the Company listed on Schedule 4.36(b) and each member representative of the Company;

 

    	16

    	 

    

		(g)	a written resignation and an executed release, in form and substance reasonably satisfactory to
Purchaser, of Solitario as the manager under the Operating Agreement;

		(h)	evidence of the termination of the Operating Agreement and any and all other related agreements
to which the Company, a Seller or an Affiliate of a Seller is a party, each in form and substance satisfactory to Purchaser; provided,
however, that Exhibit C of the Operating Agreement shall survive as an agreement between the Sellers with respect to periods on
or before the Closing Date (with references to the Management Committee treated as references to the Management Committee as constituted
pursuant to the Operating Agreement prior to the termination);

		(i)	copies of the Ely Approvals and the Solitario Approvals;

		(j)	(i) evidence of the transfer to Purchaser of all right, title and interest in and to the Cash Collateral
not owned by the Company that is held on deposit with any financial institution and (ii) written confirmation from such financial
institution acknowledging the transfer of such right, title and interest;

		(k)	written evidence of the extension of the term of the Mining Lease Agreement (as amended, supplemented,
modified and assigned) dated November 19, 2004 by and between Centennial Minerals Company LLC ("Centennial") and
Diamond Hill Investment Corp. (the predecessor-in-interest to the Company) for an additional 10 year increment commencing on November
19, 2014 and ending on November 19, 2024, and Purchaser acknowledges that as of the Effective Date it has received satisfactory
evidence of such extension;

		(l)	written evidence of the extension of the term of the Mining Lease Agreement (as amended, supplemented,
modified and assigned) dated February 27, 2006 by and between Centennial and Augusta Resource Corporation ("Augusta")
(the predecessor-in-interest to the Company) for an additional 10 year increment commencing on June 1, 2015 and ending on June
1, 2025, and Purchaser acknowledges that as of the Effective Date it has received satisfactory evidence of such extension;

		(m)	written evidence of the extension of the term of the Mining Lease Agreement (as amended, supplemented,
modified and assigned) dated March 20, 2006 by and between John E. Carrington and Augusta (the predecessor-in-interest to the Company)
for an additional 10 year increment commencing on June 1, 2015 and ending on June 1, 2025, and Purchaser acknowledges that as of
the Effective Date it has received satisfactory evidence of such extension;

		(n)	a certificate of good standing or the equivalent of recent date for the Company from the Secretary
of State of the State of Colorado and the State of Nevada;

		(o)	an opinion of the respective counsel to each of the Sellers, addressed to Purchaser, subject to
customary assumptions and qualifications and in form and substance

    	17

    	 

    

satisfactory to Purchaser and its
counsel acting reasonably, covering the corporate existence of each Seller, the Company and Ely Gold, the power and authority of
each Seller and Ely Gold to enter into this Agreement, the binding nature of this Agreement as an enforceable obligation of each
Seller and Ely Gold, the Company's authorized and outstanding equity, and an updated title report from the Reno, Nevada law firm
of Harris, Thompson & Faillers as to title to the Owned Property and the validly and enforceability of the leasehold or subleasehold
interest in the Leased Real Property and Leased Mining Claims; and

		(p)	all other documents required to be delivered by such Seller to Purchaser pursuant to this Agreement
or reasonably necessary to give effect to the transactions contemplated hereby.

		3.3	Closing Deliveries by Purchaser

At the Closing, Purchaser
shall deliver or cause to be delivered to Sellers (or to such other Person as set forth below) the following, and each such delivery
is deemed to have occurred simultaneously with the others:

		(a)	a certificate of an officer or equivalent of Purchaser, dated the Closing Date, representing and
certifying that the conditions set forth in Sections 3.5(a) through (b) have been fulfilled;

		(b)	evidence of the Authorizations required for Purchaser to enter into this Agreement and perform
its obligations hereunder;

		(c)	the Estimated Purchase Price in accordance with Section 2.2;

		(d)	a receipt for the Assignments of Membership Interest; and

		(e)	all other documents required to be delivered by Purchaser to Sellers pursuant to this Agreement
or reasonably necessary to give effect to the transactions contemplated hereby.

		3.4	Conditions of Closing in Favour of Purchaser

The obligations of
Purchaser to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment as of the Closing Date
of each of the following conditions, which are for the exclusive benefit of, and may be waived on or prior to the Closing Date
in writing by, Purchaser (it being understood that any matter as to which such a waiver has been made by Purchaser shall not form
the basis of any Losses and Sellers shall have no liability to Purchaser in respect thereof):

		(a)	the representations and warranties of each of the Sellers contained in this Agreement shall be
deemed to have been made again at and as of the Closing Date, and shall then be true and correct (except to the extent such representations
and warranties expressly relate to an earlier date, and in such case, shall be true and correct on and as of such earlier date)
except for such failure of

    	18

    	 

    

representations and warranties to
be true and correct (without regard to any qualifications with respect to materiality or Material Adverse Effect contained therein)
that has not and would not be reasonably likely individually or in the aggregate to result in a Material Adverse Effect;

		(b)	each Seller shall have performed and complied in all material respects with all covenants and agreements
required by this Agreement to be performed or complied with by it on or prior to the Closing Date, and all deliveries contemplated
by Section 3.2 shall have been tabled;

		(c)	the Membership Interests shall be free and clear of all Encumbrances;

		(d)	any and all Fines shall have been paid in full on or before the Closing Date;

		(e)	DHI US shall have received the Ely Approvals and Solitario shall have received the Solitario Approvals,
and such approvals shall remain in full force and effect on the Closing Date;

(f)               
Purchaser shall have received such Authorizations as are necessary to allow Purchaser to own and operate the Company from
and after the Closing, including the Authorizations listed on Schedule 5.5, and such Authorizations shall be in full force and
effect; and

		(g)	no preliminary or permanent injunction or other order, decree or ruling issued by a Governmental
Body, and no statute, rule, regulation or executive order promulgated or enacted by a Governmental Body, which restrains, enjoins,
prohibits, or otherwise makes illegal the consummation by Purchaser of the transactions contemplated hereby, shall be in effect.

		3.5	Conditions of Closing in Favour of Sellers

The obligations of
Sellers to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment as of the Closing Date
of each of the following conditions, which are for the exclusive benefit of, and may be waived on or prior to the Closing Date
in writing by, Sellers (it being understood that any matter as to which such a waiver has been made by Sellers shall not form the
basis of any Losses and Purchaser shall have no liability to Sellers in respect thereof):

		(a)	all representations and warranties of Purchaser contained in this Agreement shall be deemed to
have been made again at and as of the Closing Date, and shall then be true and correct (except to the extent such representations
and warranties expressly relate to an earlier date, and in such case, shall be true and correct on and as of such earlier date)
except for such failure of representations and warranties to be true and correct (without regard to any qualifications with respect
to materiality contained therein) that would not be reasonably likely individually or in the aggregate to be materially adverse
to Seller's interests hereunder;

    	19

    	 

    

		(b)	Purchaser shall have performed and complied in all material respects with all material covenants
and agreements required by this Agreement to be performed or complied with by it on or prior to the Closing Date, and all deliveries
contemplated by Section 3.3 shall have been tabled;

(c)               
Purchaser shall have entered into a new employment agreement with the existing project manager and Solitario shall have
been released from all payment obligations thereunder;

(d)              
all of the Ely Approvals and the Solitario Approvals shall have been obtained;

		(e)	Purchaser shall have agreed in writing to assume all of Solitario's obligations as a guarantor
under the Contracts described in Schedule 3.5(e) (the "Sandstorm Agreements"), and otherwise be bound by all of
the terms of the Sandstorm Agreements (including Section 7.1(b) of the Sandstorm Agreements), and Solitario shall have received
a written novation executed by Solitario, Purchaser and the counterparty to the Sandstorm Agreements; and

		(f)	no preliminary or permanent injunction or other order, decree, or ruling issued by a Governmental
Body, and no statute, rule, regulation, or executive order promulgated or enacted by a Governmental Body, which restrains, enjoins,
prohibits, or otherwise makes illegal the consummation by a Seller of the transactions contemplated hereby shall be in effect.

		3.6	Purchase Price Adjustment

(a)               
Purchaser shall cause Company to prepare and deliver to Sellers, as soon as practicable, and in any event within 30 days
following the Closing Date: (i) an unaudited consolidated balance sheet of the Company as of the Calculation Time (the "Closing
Balance Sheet") prepared in accordance with GAAP applied consistently with the past practices of the Company; (ii) a statement
setting forth the calculation of the Working Capital of Company as of the Calculation Time determined by reference to the Closing
Balance Sheet (the "Working Capital Statement"), which statement shall be calculated in accordance with GAAP and
shall include the amount of the Company's Working Capital (the "Adjustment Amount") as of the Calculation Time,
it being understood that a positive Working Capital amount will result in an equivalent positive Adjustment Amount and a negative
Working Capital amount will result in an equivalent negative Adjustment Amount. No change in accounting principles and practices
shall be made from those described above, including with respect to the nature or classification of accounts. No reserves or other
accruals shall be increased or created. Purchaser shall provide, or cause to be provided to Sellers, copies of all working papers
resulting from, or used in connection with, the preparation of the Purchase Price Adjustment Documents.

(b)              
On or prior to the 10th Business Day after Sellers' receipt of the Purchase Price Adjustment Documents (such
10 Business Day period, the "Objection Period"), either Seller may give Purchaser a written notice (the "Objection
Notice") stating in reasonable detail that Seller's objections to the Purchase Price Adjustment Documents. Any Objection
Notice shall specify in reasonable detail the dollar amount and nature of any objection and the basis therefor.

    	20

    	 

    

Except to the extent that either Seller
makes a specific objection to a specific determination set forth on a Purchase Price Adjustment Document pursuant to the Objection
Notice delivered to Purchaser within the Objection Period, the Purchase Price Adjustment Documents will be conclusive and binding
upon the parties hereto for purposes of determining the adjustment in Section 3.6(d).

(c)               
If either Seller delivers a timely Objection Notice as described in Section 3.6(b), then Purchaser and Sellers will negotiate
in good faith to resolve their disputes regarding the Purchase Price Adjustment Documents. If Purchaser and Sellers are unable
to resolve all disputes regarding the Purchase Price Adjustment Documents on or prior to the 10th day after Purchaser's
receipt of the Objection Notice, then Sellers and Purchaser will retain an independent accounting firm (selected either by mutual
agreement or, in the absence of mutual agreement, by random choice after eliminating any such firm which is conflicted or otherwise
unable to participate) (an "Independent Accounting Firm"), to resolve the dispute as soon as practicable, and
in any event within 20 days of its appointment. Each of Sellers, on the one hand, and Purchaser, on the other hand, shall provide
to the Independent Accounting Firm its view of the correct amount of the Adjustment Amount and the constituent items forming part
of the Working Capital Statement. The Independent Accounting Firm shall act as an expert and not as an arbitrator to determine,
based solely on the written submissions of the parties and not by independent investigation, only the specific items under dispute
by Sellers and Purchaser. The Independent Accounting Firm shall render a written report as to the resolution of the dispute and
the resulting computation of the Adjustment Amount. The Adjustment Amount as determined by the Independent Accounting Firm will,
absent manifest error, be conclusive and binding upon the parties hereto and will constitute the Adjustment Amount for all purposes
of this Section 3.6. In resolving any disputed item, the Independent Accounting Firm: (x) shall be bound by the provisions of this
Section 3.6(c); and (y) may not assign a value to any item greater than the greatest value for such item claimed by either
Sellers or Purchaser or less than the smallest value for such item claimed by either Sellers or Purchaser. Where the Independent
Accounting Firm determines that the Adjustment Amount should be increased by more than 15% from the amount contemplated in the
Working Capital Statement delivered by Purchaser to Sellers, Purchaser shall pay all fees, costs and expenses of the Independent
Accounting Firm in resolving the dispute, otherwise such fees, costs and expenses shall be the responsibility of Sellers.

(d)              
If there is a negative Adjustment Amount, Sellers shall pay such amount to Purchaser by wire transfer of immediately available
funds. If there is a positive Adjustment Amount, Purchaser shall pay such amount to Sellers by wire transfer of immediately available
funds. Any payment made pursuant to this Section 3.6(d) shall be made within two (2) Business Days (i) if no Objection Notice is
delivered, after the Objection Period has expired, or (ii) if an Objection Notice is delivered, after all disputes are finally
resolved pursuant to Section 3.6(c).

(e)               
Any payment made pursuant to Section 3.6(d) will be treated as an adjustment to the Estimated Purchase Price for all purposes,
unless a contrary treatment is required by applicable Laws.

    	21

    	 

    

 

Article 4

REPRESENTATIONS
AND WARRANTIES OF SELLERS

Each Seller severally
represents and warrants to Purchaser, on its own behalf but not on behalf of the other Seller or that other Seller's Affiliates,
as follows (and, for greater certainty, each Seller acknowledges that it is severally providing each of the representations contained
in Section 4.8 through Section 4.51), and acknowledges that Purchaser is relying on such representations and warranties in connection
with its purchase of the Membership Interests:

		4.1	Organization of Sellers

(a)               
DHI US represents and warrants that it has been duly organized, is validly existing and is in good standing under the Laws
of the jurisdiction of its organization, and has all requisite corporate power and authority to own the Membership Interest owned
by it, to enter into this Agreement and to perform its obligations hereunder.

(b)              
Solitario represents and warrants that it has been duly organized, is validly existing and is in good standing under the
Laws of the jurisdiction of its organization, and has all requisite corporate power and authority to own the Membership Interest
owned by it, to enter into this Agreement and to perform its obligations hereunder.

		4.2	Authorization

(a)               
DHI US represents and warrants that this Agreement has been duly authorized, executed and delivered by it and is a legal,
valid and binding obligation of DHI US, enforceable against it by Purchaser in accordance with its terms, except as enforcement
may be limited by bankruptcy, insolvency and other Laws affecting the rights of creditors generally and except that equitable remedies
may be granted only in the discretion of a court of competent jurisdiction.

(b)              
Solitario represents and warrants that this Agreement has been duly authorized, executed and delivered by it and is a legal,
valid and binding obligation of Solitario, enforceable against it by Purchaser in accordance with its terms, except as enforcement
may be limited by bankruptcy, insolvency and other Laws affecting the rights of creditors generally and except that equitable remedies
may be granted only in the discretion of a court of competent jurisdiction.

		4.3	Ownership of the Membership Interests

(a)               
DHI US represents and warrants that it is the registered and beneficial owner of, and has good and valid title to, the Membership
Interest purported to be owned by it, free and clear of all Encumbrances other than the Financing Security. Upon consummation of
the transactions contemplated by this Agreement, Purchaser will acquire all of DHI US's valid right, title and interest in such
Membership Interest, free and clear of any Encumbrances. The Membership Interest constitutes DHI US's entire interest (legal, beneficial
or otherwise) in the Company.

(b)              
Solitario represents and warrants that it is the registered and beneficial owner of, and has good and valid title to, the
Membership Interest purported to be owned by it, free and clear of all Encumbrances other than the Financing Security. Upon consummation
of the

    	22

    	 

    

transactions contemplated by this Agreement,
Purchaser will acquire all of Solitario's valid right, title and interest in such Membership Interest, free and clear of any Encumbrances.
The Membership Interest constitutes Solitario's entire interest (legal, beneficial or otherwise) in the Company.

		4.4	Capitalization

Schedule 4.4 sets
forth all of the outstanding membership interests, profits interests or other equity interests in the Company. Except as set forth
on Schedule 4.4, there are no issued and outstanding membership interests, profits interest or other equity interests of the Company.
All of the outstanding membership interests, profits interests and other equity interests of the Company have been duly authorized
and validly issued. Other than pursuant to the Operating Agreement and the Financing Documents, there are no pre-emptive or other
outstanding rights, options, warrants, conversion rights, unit appreciation rights, redemption rights, repurchase rights, agreements,
arrangements or commitments under which the Company is or may become obligated to issue or sell, or giving any Person a right to
subscribe for or acquire, or dispose of, any equity interests, or any securities or obligations exercisable or exchangeable for
or convertible into any equity interests, of the Company, and no securities or obligations evidencing such rights are authorized,
issued or outstanding. The Membership Interests are not subject to any voting trust agreement or similar arrangement relating to
the voting of such Membership Interests or other equity interests.

		4.5	No Other Agreements to Purchase

No Person other than
Purchaser and the lender under the Financing Documents has any written or oral agreement or option or any right or privilege (whether
by Law, pre-emptive or contractual) capable of becoming an agreement or option for the purchase or acquisition from such Seller
of any of the Membership Interests.

		4.6	No Violation by Sellers

(a)               
DHI US represents and warrants that, except as set out in Schedule 4.6, none of the sale of the Membership Interests, the
execution and delivery by DHI US of this Agreement and the consummation of the transactions herein provided for will result in:
(a) the breach or violation of any of the provisions of, or constitute a default under, or conflict with or cause the acceleration
of, any obligation of DHI US under: (i) the constating documents or by-laws or resolutions of the board of directors (or any committee
thereof) or shareholders of DHI US; (ii) any judgment, decree, order or award of any Governmental Body or arbitrator having
jurisdiction over DHI US; (iii) any Contract or Permit held by DHI US or by which DHI US is bound; or (iv) any applicable Laws;
or (b) the creation or imposition of any Encumbrance on any of the assets of DHI US. Without limiting the generality of the foregoing,
except as set out in Schedule 4.6, no Contract to which DHI US is a party or by which DHI US is bound may be modified or terminated,
or by their terms require the approval of, making a filing with, or giving notice to, any third party, in connection with the entering
into of this Agreement or the consummation of the transactions contemplated hereby.

    	23

    	 

    

(b)              
Solitario represents and warrants that, except as set out in Schedule 4.6, none of the sale of the Membership Interests,
the execution and delivery by Solitario of this Agreement and the consummation of the transactions herein provided for will result
in: (a) the breach or violation of any of the provisions of, or constitute a default under, or conflict with or cause the acceleration
of, any obligation of Solitario under: (i) the constating documents or by-laws or resolutions of the board of directors (or any
committee thereof) or shareholders of Solitario; (ii) any judgment, decree, order or award of any Governmental Body or arbitrator
having jurisdiction over Solitario; (iii) any Contract or Permit held by Solitario or by which Solitario is bound; or (iv) any
applicable Laws; or (b) the creation or imposition of any Encumbrance on any of the assets of Solitario. Without limiting the generality
of the foregoing, except as set out in Schedule 4.6, no Contract to which Solitario is a party or by which Solitario is bound may
be modified or terminated, or by their terms require the approval of, making a filing with, or giving notice to, any third party,
in connection with the entering into of this Agreement or the consummation of the transactions contemplated hereby.

		4.7	Consents and Approvals

(a)               
DHI US represents and warrants that, except for the Ely Approvals, no other Authorization is required to be obtained by
DHI US, Ely Gold or the Company from, or to be given by DHI US, Ely Gold or the Company to, or to be made by DHI US, Ely Gold or
the Company with, any Governmental Body or any other Person in connection with the execution, delivery and performance by DHI US
or Ely Gold of this Agreement.

(b)              
Solitario represents and warrants that, except for the Solitario Approvals, no other Authorization is required to be obtained
by Solitario or the Company from, or to be given by Solitario or the Company to, or to be made by Solitario or the Company with,
any Governmental Body or any other Person in connection with the execution, delivery and performance by Solitario of this Agreement.

		4.8	Organization of the Company

The Company has been
duly organized, is validly existing and is in good standing under the Laws of its jurisdiction of organization and has all requisite
power and authority to own, operate and lease its properties and assets and to carry on its Business as presently conducted. The
Company is duly authorized to conduct business and is in good standing in each jurisdiction where such authorization is required
to conduct the Business as presently conducted.

		4.9	No Violation by the Company

Except as set out
in Schedule 4.9, none of the sale of the Membership Interests, the execution and delivery by the Company of this Agreement and
the consummation of the transactions herein provided for will result in: (a) the breach or violation of any of the provisions of,
or constitute a default under, or conflict with or cause the acceleration of, any obligation of the Company under: (i) the constating
documents or organizational documents of the Company, including the Operating Agreement, or by-laws or resolutions of the membership
representatives (or any committee thereof) or members of the Company or comparable documents of the Company; (ii) any judgment,
decree, order or award of any Governmental Body or arbitrator

    	24

    	 

    

having jurisdiction over the Company;
(iii) any Contract or Permit held by the Company or by which it is bound; or (iv) any applicable Laws; or (b) the creation or imposition
of any Encumbrance on the Membership Interests or any of the assets of the Company. Without limiting the generality of the foregoing,
other than as disclosed in Schedule 4.9, no Contracts to which the Company is a party or by which it is bound may be modified or
terminated, or by their terms require the approval of, making a filing with, or giving notice to, any third party in connection
with the entering into of this Agreement or the consummation of the transactions contemplated hereby.

		4.10	No Options

No Person (other than
Purchaser hereunder and the lenders under the Financing Documents) has any agreement or option or any right or privilege (whether
by Law, pre-emptive or contractual) capable of becoming an agreement, including convertible securities, warrants or convertible
obligations of any nature, for the purchase, subscription, allotment or issuance of any membership interests or other equity interests
or securities of the Company.

		4.11	No Subsidiaries

The Company does not
own and does not have any agreements of any nature to acquire, directly or indirectly, any shares in the capital of or other equity
or proprietary interests in any Person and the Company does not have any agreements to acquire or lease any other business operations.

		4.12	Business of the Company

The only business
operation carried on by the Company is the Business and businesses associated therewith or ancillary thereto.

		4.13	Title to Personal and Other Property

The property and assets
of the Company (other than the Owned Property, the Leased Real Property and the Leased Mining Claims, which are addressed in separate
provisions of this Agreement) are owned solely by the Company with good and valid title thereto, free and clear of all Encumbrances
other than Permitted Encumbrances. The property and assets of the Company include all of the buildings, machinery, equipment and
other tangible assets necessary to conduct the Business as presently conducted. The Company does not have legal title to or hold
as custodian any shares or other securities for the benefit of a third party.

		4.14	Description of Owned Real Property and Leased Real Property

Schedule 4.14 describes
all the real property, other than Water Rights and unpatented mining claims and mill sites, owned (the "Owned Real Property")
and all the real property, other than Water Rights, leased (the "Leased Real Property") by the Company and, in
the case of Owned Real Property, all indebtedness secured against it, and, in the case of Leased Real Property, all indebtedness
secured against the Company's leasehold interest in it.

    	25

    	 

    

		4.15	Owned Property

The Company does not
own and has not agreed to acquire any real property or interest in real property other than the Owned Property. Except as may be
set out in Schedule 4.14, the Company has the exclusive right to possess, use and occupy, and has good and marketable title in
fee simple to, all the Owned Real Property, free and clear of all Encumbrances other than Permitted Encumbrances. Except as set
forth on Schedule 4.15, all buildings, structures, improvements and appurtenances situated on or relating to the Owned Property
and currently used by the Company, and the equipment of the Company, are in operating condition and in a state of good maintenance
and repair, ordinary wear and tear excepted, and are adequate and suitable for the current operation of the Business. To such Seller's
knowledge, the Company has adequate rights of ingress and egress to the Owned Property for the operation of the Business. None
of such property (or any equipment therein), nor the operation or maintenance thereof, violates any restrictive covenant or any
provision of any Law, or encroaches on any property owned by others. Except as set forth in
the Title Reports, no party other than the Company is in possession of any of the Owned Real Property or any portion thereof, and
except for the Financing Documents and as set forth in Schedule 4.15, the Company is not a party to any agreements, written or
oral, granting to any party or parties the right of use or occupancy of the Owned Real Property or any portion thereof.

		4.16	Leased Real Property

The Company is not
a party to any lease or agreement in the nature of a lease in respect of any real property, whether as lessor or lessee, other
than the leases (as amended from time to time, the "Leases") described in Schedule 4.14
relating to the Leased Real Property. Such Seller has provided Purchaser with true and complete copies of each of the Leases. Except
as may be set out in Schedule 4.14, the Company occupies the Leased Real Property and has the exclusive right to occupy and use
all of the Leased Real Property. Each of the Leases is in good standing and in full force and effect, and neither the Company nor,
to such Seller's knowledge, any other party thereto is in breach of any covenants, conditions or obligations contained therein.
Except as set forth on Schedule 4.15, all buildings, structures, improvements and appurtenances forming part of the Leased Real
Property and currently used by the Company are in good operating condition and in a state of good maintenance and repair, ordinary
wear and tear excepted, and are adequate and suitable for the purposes for which they are currently being used. To such Seller's
knowledge, the Company has adequate rights of ingress and egress to the Leased Real Property for the operation of the Business.
None of the Leased Real Property (or any equipment therein), nor the operation or maintenance thereof, violates any restrictive
covenant or any provision of any Law, or encroaches on any property owned by others. There are no parties other than the Company
in possession of any of the Leased Real Property or any portion thereof, and except as set forth on Schedule 4.15, there are no
agreements (other than the Financing Documents and the Leases themselves), written or oral, granting to any party or parties (other
than the Company) the right of use or occupancy of the Leased Real Property or any portion thereof.

    	26

    	 

    

		4.17	Accounts Receivable and Accounts Payable

(a)               
All accounts receivable, book debts and other debts due or accruing to the Company are bona fide and good and, subject to
an allowance for doubtful accounts that have been reflected on the books of the Company in accordance with GAAP on a basis consistent
with prior periods, collectible without set-off or counterclaim.

(b)              
The Company has satisfied, paid and discharged all of its accounts payable and other current liabilities in a timely manner
in accordance with their respective terms of payment, except (i) for current accounts payable that are not yet delinquent and are
properly accounted for in the Financial Statements, and (ii) accounts payable that are the subject of any bona fide dispute. Any
and all such bona fide disputes that are currently unresolved are described on Schedule 4.17(b).

		4.18	Intellectual Property

The Company owns or
has the right to use pursuant to license, sublicense, agreement or otherwise all material items of Intellectual Property required
in the operation of the Business, (b) no third party has asserted in writing against such Seller, the Company or any of their respective
Affiliates a claim that the Company is infringing on the Intellectual Property of such third party and (c) to the knowledge of
such Seller, no third party is infringing on the Intellectual Property owned by the Company.

		4.19	Insurance

The Company's insurance
policies described in Schedule 4.19 will be continued in full force and effect to and including the Time of Closing. Schedule 4.19
sets out all insurance policies maintained by or on behalf of the Company or such Seller on, or covering, the property and assets
or personnel of the Company as of the date hereof (specifying insurer, amount of coverage, type of insurance, policy numbers and
any pending claims thereunder) and complete and accurate copies of the most recent inspection reports, if any, received from insurance
underwriters or others as to the condition of the property and assets of the Company. The Company is not in default with respect
to any of the provisions contained in any such insurance policy and has not failed to give any notice or present any claim under
any such insurance policy in a due and timely fashion. All such insurance policies: (i) are valid and enforceable in accordance
with their terms; (ii) to the knowledge of such Seller, are provided by carriers who are financially solvent; and (iii) have not
been subject to any lapse in coverage. There are no claims related to the Business pending under any such insurance policies, and
to the knowledge of such Seller, there is no condition, situation or circumstance that could give rise to a claim under any of
such insurance policies. Such Seller has provided to Purchaser an insurance certificate describing each insurance policy referred
to in Schedule 4.19.

		4.20	No Expropriation

No property or asset
of the Company has been taken or expropriated by any Governmental Body, nor has any notice or proceeding in respect thereof been
given or commenced, nor is such Seller aware of any intent or proposal to give any such notice or commence any such proceeding.

    	27

    	 

    

		4.21	Agreements and Commitments

(a)               
Except for the Contracts described on Schedules 4.14, 4.16, 4.19, 4.21, 4.22, 4.23, 4.31 and 4.35, the Company is not a
party to or bound by any material Contract and, without limiting the foregoing, any Contracts of the following types are deemed
"material" for purposes of this Section 4.21:

                                                    
(i)           
any collective bargaining agreement or other Contract with any labour union;

                                                  
(ii)           
any purchase order or Contract for the supply of materials, supplies, equipment or services involving more than $25,000
in respect of any one such Contract or the aggregate of all such Contracts with any particular supplier;

                                                
(iii)           
any continuing Contract that involves the sale or delivery of materials, supplies, equipment or services by the Company
at a price that could reasonably be regarded as below the prevailing market rate or at a price that could reasonably be expected
to result in a loss to the Company;

                                                
(iv)           
any employment or consulting Contract or any other Contract with any officer, employee or consultant other than Contracts
of indeterminate term terminable by the Company without cause or reasonable notice;

                                                  
(v)           
any profit sharing, bonus, stock option, pension, retirement, disability, stock purchase, medical, dental, hospitalization,
insurance or similar plan or agreement providing benefits to any current or former manager, officer, employee or consultant;

                                                
(vi)           
any trust indenture, hypothecation, mortgage, promissory note or other instrument representing a principal amount of indebtedness
in excess of $25,000, loan agreement, guarantee or other Contract for the borrowing of money or
a leasing transaction of the type required to be capitalized in accordance with GAAP;

                                              
(vii)           
any commitment to make charitable contributions;

                                            
(viii)           
any Contract for capital expenditures in excess of $25,000 in the aggregate;

                                                
(ix)           
any Contract for the sale of any assets;

                                                  
(x)           
any Contract pursuant to which the Company is a lessor of any machinery, equipment, motor vehicles, office furniture,
fixtures or other personal property;

    	28

    	 

    

                                                
(xi)           
any confidentiality, secrecy, non-disclosure or non-competition Contract or similar Contract (whether the Company is a beneficiary
or obligor thereunder);

                                              
(xii)           
any licence, franchise or other agreement that relates in whole or in part to Intellectual Property;

                                            
(xiii)           
any Contract that expires or may expire more than one year after the date of this Agreement;

                                            
(xiv)           
any power of attorney relating to the Business in favour of any Person;

                                              
(xv)           
any agreement of guarantee, support, indemnification, assumption or endorsement of, or any other similar commitment
with respect to, the obligations, liabilities (whether accrued, absolute, contingent or otherwise) or indebtedness of any other
Person, except for cheques endorsed for collection in the ordinary course of the Business; or

                                            
(xvi)           
any Contract entered into by the Company other than in the ordinary course of the Business.

(b)              
The Company has performed all of the material obligations required to be performed by it and is entitled to all benefits
under, and is not in material default or alleged to be in default in respect of, any Contract to which it is a party or by which
it is bound; all such Contracts are in good standing and in full force and effect, and, to such Seller's knowledge, no event, condition
or occurrence exists which, after notice or lapse of time or both, would constitute a default under any of the foregoing. Such
Seller has provided to Purchaser a true and complete copy of each Contract listed or described in the Schedules listed in the introductory
clause to this section, including all amendments thereto. Without limiting the foregoing, with respect to the Contract listed on
Schedule 4.21, (i) the Company has no outstanding obligations to the counterparty thereto, and (ii) the Company has not committed,
in writing or otherwise, to proceed with Phase II of the work described therein.

		4.22	Seller Contracts

Except as set forth
in Schedule 4.22, neither such Seller nor its Affiliates are party to or bound by any Contract with the Company (such contracts,
the "Seller Contracts"). Such Seller has delivered to Purchaser true and complete copies of each of the Seller
Contracts to which it or its Affiliates are party, including any amendments thereto (or, in the case of oral Seller Contracts,
true and complete written summaries thereof). Except as set forth in Schedule 4.22, as of the date hereof: (a) each of the
Seller Contracts is valid, in full force and effect, and enforceable in accordance with its terms against such Seller and, to the
knowledge of such Seller, against the parties thereto other than such Seller, except as such enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar Laws affecting creditors' rights generally and by general principles of equity
(regardless of whether enforcement is sought in a proceeding at law or in equity), (b) such Seller has fulfilled when due, or has
taken all action necessary to enable it to fulfill when due, all of its obligations under each Seller Contract; (c) there
has not occurred any breach or default (without regard to lapse of time, the giving of

    	29

    	 

    

notice, the election of any Person other
than a Seller, or any combination thereof) by a Seller nor, to the knowledge of such Seller, has there occurred any breach or default
(without regard to lapse of time, the giving of notice, the election of such Seller, or any combination thereof) by any Person
other than a Seller of or under any of the Seller Contracts; and (d) to the knowledge of such Seller, neither the Company
nor any other Person is in arrears in the performance or satisfaction of its obligations under any of the Seller Contracts, and
no waiver or indulgence has been granted by any of the parties thereto.

		4.23	Compliance with Laws

The Company has complied
in all material respects with all Laws applicable to the Business or the Company (excluding Tax Laws, which are the subject of
Section 4.29, and Environmental Laws, which are the subject of Section 4.33). No event has occurred and no circumstance exists
that may constitute or result in (with or without notice or lapse of time) a material violation of or a failure to comply with
any Laws applicable to the Business or the Company (excluding Tax Laws, which are the subject of Section 4.29, and Environmental
Laws, which are the subject of Section 4.33), and except as set forth in Schedule 4.23, neither such Seller nor the Company has
received any notice or other communication (whether oral or written) from any Governmental Body regarding any actual, alleged,
possible or potential violation of, or failure to comply with any such Laws (excluding Tax Laws, which are the subject of Section
4.29, and Environmental Laws, which are the subject of Section 4.33).

		4.24	Financial Statements

(a)               
True and complete copies of (i) the unaudited consolidated balance sheet of the Company as of December 31, 2014 and December
31, 2013, (ii) the unaudited consolidated statements of income, members' equity and cash flows of the Company for the fiscal years
ended December 31, 2014 and December 31, 2013, (iii) the unaudited consolidated balance sheet of the Company for the interim period
ended April 30, 2015, and (iv) the unaudited consolidated statements of income, members' equity and cash flows of the Company for
the interim period ended April 30, 2015 (together, the "Financial Statements") have been provided to Purchaser
prior to the date of this Agreement. The Financial Statements have been prepared in accordance with GAAP, applied on a basis consistent
with prior periods, are complete and accurate in all material respects and present fairly the assets, liabilities (whether accrued,
absolute, contingent or otherwise) and financial condition of the Company as at their respective dates and results of operations
of the Company for the respective periods covered by them.

(b)              
The Company's systems of internal controls over financial reporting are designed to provide reasonable assurance (i) that
transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP, (ii) that receipts
and expenditures are executed in accordance with the authorization of management, and (iii) that any unauthorized use, acquisition
or disposition of the Company's assets that would materially affect the Company's financial statements would be detected or prevented
in a timely manner. There were no significant deficiencies or material weaknesses in the Company's internal controls as of and
for the fiscal year ended December 31, 2014 (nor has any such deficiency or weakness nor any fact, circumstance or change reasonably
likely to result in any such deficiency or weakness been identified since such date).

    	30

    	 

    

		4.25	Absence of Liabilities

The Company has no
liabilities, liquidated or contingent, that are not reflected on the Financial Statements, other than liabilities incurred after
December 31, 2014 in the ordinary course of business consistent with past practice of the same type as liabilities reflected in
the Financial Statements.

		4.26	Books and Records

The Books and Records
of the Company, in all material respects, fairly and correctly set out and disclose in accordance with GAAP the financial position
of the Company as at the date hereof and all financial transactions of the Company have been accurately recorded in such Books
and Records. The limited liability company records and minute books of the Company are accurate and complete in all material respects.

		4.27	Absence of Changes

Since December 31,
2014, the Company has carried on the Business and conducted its operations and affairs only in the ordinary course consistent with
past practice and except as disclosed in Schedule 4.27 there has not been any:

		(a)	material adverse change in the condition (financial or otherwise), assets, liabilities, operations,
earnings or Business of the Company;

		(b)	damage, destruction or loss (whether or not covered by insurance) affecting the property or assets
of the Company;

		(c)	obligation or liability (whether absolute, accrued, contingent or otherwise, and whether due or
to become due) incurred by the Company, other than those incurred in the ordinary course of the Business and consistent with past
practice;

		(d)	payment, discharge or satisfaction of any Encumbrance, liability or obligation of the Company (whether
absolute, accrued, contingent or otherwise, and whether due or to become due) other than payment of accounts payable and Tax liabilities
incurred in the ordinary course of the Business consistent with past practice;

		(e)	labour trouble, strikes, work slow-downs or stoppages adversely affecting the Company;

		(f)	licence, sale, assignment, transfer, disposition, pledge, mortgage or granting of a security interest
or other Encumbrance on or over any property or assets of the Company;

		(g)	entry into, termination of, or receipt of notice of termination of any licence, joint venture,
credit or similar agreement;

    	31

    	 

    

		(h)	cancellation of debts or claims owing to, or amendment, termination or waiver of rights of value
to, the Company in amounts exceeding $10,000 in each instance or $50,000 in the aggregate;

		(i)	increase in compensation or bonus payable to any officer, manager, consultant or agent of the Company,
or the execution of any employment, severance or similar Contract with any officer or the making
of any loan to, or engagement in any transaction with, any officer or member representative of the Company;

		(j)	capital expenditures or commitments of the Company in excess
of $50,000 in the aggregate;

		(k)	forward sales commitments other than in the ordinary course
of the Business;

		(l)	change in the accounting or Tax practices followed by the Company;

		(m)	change in the Company's depreciation or amortization policies
or rates;

		(n)	change in the credit terms offered to suppliers to the Company;
or

		(o)	issuance or sale by the Company, or any Contract entered into by the Company, for the issuance
or sale by the Company, of any membership interests of or securities convertible into or exercisable for membership interests of
the Company.

		4.28	Non-Arm's Length Transactions

Since December 31,
2014, the Company has not made any payment or loan to or borrowed any monies from, and the Company
has not been otherwise indebted to, any officer, director, manager, employee, member or any other Person not dealing at arm's length
with the Company, except for usual employee reimbursements and compensation paid in the ordinary course of the Business. Except
as disclosed in Schedule 4.28, the Company is not on the date hereof a party to, and has not, since December 31, 2014,
entered into, any Contract with any officer, director, manager, member, shareholder or any other Person not dealing at arm's length
with the Company. No officer, member representative or member of the Company (including such Seller) and no entity which is an
Affiliate of one or more of the foregoing:

		(a)	owns, directly or indirectly, in whole or in part, any property that the Company uses in the Business;
or

		(b)	has any cause of action or other claim whatsoever against, or owes any amount to, the Company,
except for claims in the ordinary course of business, such as for reimbursements of ordinary business expenses.

		4.29	Tax Matters

Except as described
in Schedule 4.29:

    	32

    	 

    

		(a)	The Company has filed all Tax Returns that are required to be filed by it, and all such Tax Returns
are true, correct and complete;

		(b)	No jurisdiction or authority in or with which the Company does not file a Tax Return has alleged
in writing or, to the knowledge of such Seller, other than in writing, that it is required to file a Tax Return in that jurisdiction
or with that authority.

		(c)	The Company has paid all Taxes due from it, has collected all amounts required to be collected
by it on account of Taxes, and has deducted or withheld all Taxes required to have been deducted or withheld by it from payments
to employees, members and third parties (and the Company paid the amounts collected, deducted or withheld to the applicable Tax
Authorities as required by Law);

		(d)	There are no examinations, audits, claims, assessments, levies, or administrative or judicial proceedings
currently ongoing (or, to the knowledge of such Seller, pending or proposed in writing) with respect to Taxes due from the Company;

		(e)	No waivers or extensions of statutes of limitations have been given or requested in writing with
respect to any material Taxes due from the Company;

		(f)	There are no Encumbrances on any of the assets of the Company that arose in connection with any
failure (or alleged failure) to pay any Tax;

		(g)	The Company is not a party to, bound by and has no obligation under any Tax allocation, Tax sharing,
Tax indemnity or similar agreement, arrangement or understanding; and

		(h)	The Company is, and has been since its formation, treated either as a partnership or disregarded
as an entity separate from its owners for U.S. federal income tax purposes.

		4.30	Litigation

Except as described
in Schedule 4.30, there are no actions, suits (whether or not purportedly on behalf of the Company), appeals, claims, applications,
orders, investigations, proceedings, grievances, arbitration or alternative dispute resolution processes (collectively, "Proceedings")
in progress or pending or, to the knowledge of such Seller, threatened by, against or affecting the Company, its property, the
Membership Interests or assets or the Business, before any Governmental Body, arbitrator, arbitration board or mediator. Such Seller
has delivered to Purchaser complete and accurate copies of all pleadings, correspondence and other documents relating to the Proceedings
described in Schedule 4.30. Neither such Seller nor the Company is subject to any judgment, order or decree affecting the Company,
any of the Company's property, membership interests or assets or the Business.

    	33

    	 

    

		4.31	Bank Accounts and Attorneys

Schedule 4.31 sets
forth a complete and accurate list showing the name of each bank, trust company or similar institution in which the Company has
accounts or safe deposit boxes, the number or designation of each such account and safety deposit box and the names of all Persons
authorized to draw thereon or to have access thereto and showing the name of each Person holding a general or special power of
attorney from the Company and a summary of the terms thereof.

		4.32	Officers and Member Representatives

Schedule 4.32 sets
forth the names and titles of all the managers, officers and member representatives of the Company.

		4.33	Environmental

(a)               
Except as described in Schedule 4.33(a), the Company, the Owned Property, the Leased Real Property, the Leased Mining Claims,
all of the Company's operations thereon and, to the knowledge of such Seller, all other operations thereon, have been and are in
material compliance with all Environmental Laws, and neither such Seller nor the Company has re-disturbed the existing heap leach
pad described in Schedule 4.33(a); provided, however, that this Section 4.33(a) does not apply to any matter specifically
covered by the remainder of Sections 4.33(b) through 4.33(p);

(b)              
The Company has not used or permitted to be used, except in compliance with all Environmental Laws, any of the Owned Property,
the Leased Mining Claims, the Leased Real Property or the Former Property to Release, generate, manufacture, process, distribute,
use, treat, store, transport or handle any Hazardous Substance;

(c)               
Schedule 4.33(c) lists all Former Property;

(d)              
To the knowledge of such Seller, no underground storage tanks are located on the Owned Property, the Leased Real Property
or the Leased Mining Claims, and prior to the period when the Company owned, leased or occupied any Former Property, no underground
storage tanks were located on the Former Property;

(e)               
Except as described in Schedule 4.33(e), neither the Company nor, in respect of the Business, the Owned Property, the Leased
Mining Claims, the Leased Real Property or the Former Property, such Seller has ever received any notice of or been prosecuted
for any actual or alleged non-compliance with any Environmental Laws. Neither the Company nor, in respect of the Business, the
Owned Property, the Leased Mining Claims, the Leased Real Property and the Former Property, such Seller has settled any allegation
of non-compliance prior to prosecution. Except as set forth in the Project's Plan of Operations and Reclamation Permits 0343, 0361
and 0362, the Water Pollution Control Permit and the Air Permits, there are no pending Proceedings, notices or directions relating
to environmental matters or the protection of human health or safety requiring, or notifying such Seller or the Company that it
is or may be responsible for, any investigation, containment, clean-up, rehabilitation, reclamation, remediation or other corrective
action or any work, repairs, construction or capital expenditures to be made under Environmental

    	34

    	 

    

Laws with respect to the Business or
the Owned Property, the Leased Mining Claims, the Leased Real Property or any Former Property. Neither the Company nor, in respect
of the Business, the Owned Property, the Leased Mining Claims, the Leased Real Property and the Former Property, such Seller has
received any written third-party complaint or claim with respect to Hazardous Substances, environmental contamination, protection
of the environment or protection of human health or safety;

(f)               
Except as described in Schedule 4.33(f), neither such Seller nor the Company has caused or permitted, and to such Seller's
knowledge there has not occurred, any Release of any Hazardous Substance on, in, around, from or in connection with any of the
Owned Property, the Leased Mining Claims, the Leased Real Property or the Former Property or any such Release on or from a facility
owned or operated by any third party but with respect to which the Company is or may reasonably be alleged to have liability, except
in compliance with Environmental Laws;

(g)              
Except as described in Schedule 4.33(g), all Hazardous Substances and other wastes, materials and substances used in whole
or in part or in connection with or resulting from the Business have been disposed of, treated and stored: (i) where such disposal,
treatment or storage was conducted by the Company, in compliance with all Environmental Laws; and (ii) where such disposal,
treatment or storage was conducted by any other Person, to the knowledge of such Seller, in compliance with all Environmental Laws;

(h)              
Such Seller has delivered to Purchaser true and complete copies of all environmental reports, audits, evaluations, assessments,
studies or tests relating to the Company, the Business, the Owned Property, the Leased Mining Claims, the Leased Real Property,
the Former Property and their use that are, or with reasonable efforts could be brought under, the possession or control of such
Seller;

(i)                
Except as described in Schedule 4.33(i), to the knowledge of Sellers, there are no pending or proposed changes to Environmental
Laws that would render illegal or materially restrict the current or planned operations of the Company as contemplated by the Technical
Report or the use of the Owned Property, the Leased Mining Claims or the Leased Real Property;

(j)                
Neither such Seller nor the Company has received any notice from any Governmental Body with respect to any environmental
liabilities under Environmental Laws or other obligations, including cleanup orders, consent decrees or otherwise relating to the
historic mining activities at the Project, nor are any Proceedings pending or, to the knowledge of such Seller, threatened with
respect to such environmental liabilities or other obligations;

(k)              
The Native American Monitoring Services Agreement dated July 28, 2014 and the Memorandum of Agreement with the U.S. Forest
Service dated March 31, 2014 are the only agreements between the Company, and a Governmental Body, or Native American tribe that
set forth any obligations of the Company to any tribe or to a Governmental Body relating to tribal communities or relating to historic
properties and contributing elements within the Project area;

    	35

    	 

    

(l)                
Other than the archeological sites identified in the archaeological surveys described in Schedule 4.33(l), to the knowledge
of such Seller, there are no other cultural, archeological or historical sites within the Project area. 

(m)            
To the knowledge of such Seller, all groundwater exceedances identified in any monitoring well relating to the Project are
naturally occurring (i.e., exceedances of arsenic, manganese, total nitrogen, and, on one occasion, cadmium);

(n)              
Neither such Seller nor the Company has any information or knowledge of any additional information that would contradict,
challenge or undermine the accuracy of SRK Consulting's analysis and conclusions in its Waste Rock and Ore Characterization Report
for the Project dated January 2014 particularly with respect to the presence of acid generating rock within the Project area;

(o)              
All required treatment fieldwork has been completed pursuant to the Treatment Plan dated December 2013 (the "Treatment
Plan") approved by U.S. Forest Service and the State Historic Preservation Office to the satisfaction of U.S. Forest Service
and the State Historic Preservation Office, as applicable, for the Project and no other field work is necessary under the Treatment
Plan for either historic properties or cultural resources; and

(p)              
To the knowledge of such Seller, there are no perennial waters within the Project area, except as provided for in the Existing
Permits.

		4.34	Employee Plans

The Company sponsors
no Employee Plans and has no liability by virtue of being an ERISA Affiliate of any Person..

		4.35	Employment Agreements, Collective Agreements

Other than as set
out in Schedule 4.35, the Company has not entered into any employment or consulting Contract or other Contract with any officer,
employee or consultant. The Company has not made any Contract with any labour union or employee association nor made commitments
to or conducted negotiations with any labour union or employee association with respect to any future agreements and such Seller
is not aware of any current attempts to organize or establish any labour union or employee association with respect to any Employees
nor is there any certification of any such union with regard to a bargaining unit. The Company has not experienced any work slowdowns,
stoppages or strikes (legal or otherwise) in the past five years.

		4.36	Employees and Employment Legislation

(a)               
The Company has no employees. Schedule 4.36(a) contains a complete and accurate list of the names of all individuals who
are individuals engaged on contract to provide employment services or as independent contractors or other agents or representatives
of the Company as of the date of this Agreement.

    	36

    	 

    

(b)              
Schedule 4.36(b) is a list of those officers of the Company who, by agreement between Sellers and Purchaser, will not be
continuing in any office with the Company following the Closing Date.

(c)               
Schedule 4.36(c) sets out all amounts that may be required to be paid by the Company to any officer or agent of the Company
as a result of or in connection with the purchase and sale of the Membership Interests pursuant to this Agreement (the "Change
of Control Payments").

(d)              
All Persons who have performed services for the Company and have been classified as independent contractors have satisfied
the requirements of applicable Law to be so classified and the Company has accurately reported their compensation on IRS Form 1099
or other applicable tax forms for independent contractors when required to do so.

		4.37	Indebtedness and Security

(a)               
The Company does not have outstanding any bonds, debentures, trust indentures, mortgages, notes, loan agreements or other
indebtedness for borrowed money, other than the overdraft position in the current accounts of the Company resulting from conduct
of the Business in the ordinary course, and any Contract for a leasing transaction of a type required to be capitalized in accordance
with GAAP. Except for Permitted Encumbrances and pursuant to the Financing Documents, no Person has been granted a security interest
or other Encumbrance on any of the assets of the Company.

(b)              
Immediately following the Closing, there will not be outstanding any loan, guarantee, pledge or other forms of financial
assistance given by the Company for the benefit of any other Person.

		4.38	Technical Disclosure

To the knowledge of
such Seller, the Company's technical disclosure with respect to the Project disclosed in the Technical Report and in the public
disclosure documents of Solitario and Ely Gold was prepared and disclosed in all material respects in accordance with accepted
mining, engineering, geoscience and other approved industry practices and NI 43-101 as it was in effect on the date of the filing
of the applicable document. The information provided by the Company to the Qualified Persons (as defined in NI 43-101 as it was
in effect on the date of the filing of the applicable document) in connection with the preparation of such disclosure was complete
and accurate in all material respects at the time such information was furnished.

		4.39	Mining Claims

(a)               
Schedule 4.39(a) sets forth a true and complete list of all unpatented mining claims and mill sites owned by the Company
(the "Owned Mining Claims") and unpatented mining claims and mill sites leased or subleased by Company (the "Leased
Mining Claims"). The Company holds good record title to and a possessory interest in each of the Owned Mining Claims and
a valid and enforceable leasehold or subleasehold interest in each Leased Mining Claim, in each case free and clear of all Encumbrances
except for Permitted Encumbrances. The Company took, and has taken, all necessary acts under Law to properly maintain the Owned

    	37

    	 

    

Mining Claims and the Leased Mining
Claims during all times when the Company or any of its Affiliates owned or controlled said claims, and will continue to take such
acts through the Closing Date.

(b)              
With respect to each Owned Mining Claim and each Leased Mining Claim, except as may be specified in the Title Reports or
in Schedule 4.39(b): (i) the Company is in exclusive possession thereof; (ii) to the knowledge of such Seller, all such claims
were located, staked, filed and recorded on available public domain land in compliance with all applicable Laws; (iii) assessment
work (if applicable) sufficient to satisfy the requirements of applicable Laws was timely and properly performed on or for the
benefit of all such claims and affidavits evidencing such work were timely recorded, or claim maintenance fees required to be paid
under federal Law in lieu of the performance of assessment work in order to maintain the claims have been timely and properly paid
and affidavits or other notices evidencing such payments as required under applicable Laws have been timely and properly filed
and recorded; (iv) there are no material conflicts with mining claims owned by other parties other than as disclosed in the Title
Reports; (v) there are no Proceedings pending or, to such Seller's knowledge, threatened against or affecting any of such claims;
and (vi) the Company is the sole and exclusive owner or lessee of such claims, subject only to paramount ownership by the United
States of America, and the rights of third parties to use and occupy the lands within such claims pursuant to the Multiple Mineral
Development Act of 1954, the Surface Resources and Multiple Use Act of 1955, and the Federal Land Policy and Management
Act of 1976. Nothing herein shall be deemed a representation or warranty that any unpatented mining claim contains a discovery
of valuable minerals, or that the Company has established or is maintaining pedis possessio rights with respect to any such
claim, or with respect to the validity of the mill sites.

		4.40	Water Rights; Easements

(a)               
Schedule 4.40 sets forth (i) a true and complete list of all water rights owned by the Company (the "Water Rights")
and (ii) all easements, rights of way and similar rights owned by the Company, or in respect of which the Company derives
any benefit, that are material to the operation of the Project (the "Easements");

(b)              
Except as would not be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect: (i) the
Company holds good and valid title to all Water Rights, free and clear of all Encumbrances except for Permitted Encumbrances; (ii)
each of the Water Rights is valid and in good standing in the records of the State Engineer's Office; (iii) the Water Rights are
adequate, assuming that the existing and future sources can produce the full permitted annual volume and peak flows, for the development
and operation of the Project as contemplated by the Technical Report; and (iv) the Easements are valid and in full force and effect;

(c)               
The Company has acted with reasonable diligence to work toward placing the Water Rights to beneficial use, and none of the
Water Rights is presently subject to forfeiture or partial forfeiture from any nonuse;

    	38

    	 

    

(d)              
Neither such Seller nor the Company has received any written notices from the Nevada State Engineer or any Governmental
Body with respect to any violations, deficiencies or expired deadlines concerning the Water Rights;

(e)               
Except as described in Schedule 4.40, the Company owns, free and clear of all Encumbrances except for Permitted Encumbrances,
two wells and other related infrastructure associated therewith;

(f)               
Except with respect to permit number 77236, the wells and other diversion structures associated with the Water Rights have
been constructed to the satisfaction of the Nevada State Engineer; and

(g)              
With respect to permit number 77236, such Seller has taken and will take all actions reasonably necessary to timely submit
proof of completion and otherwise protect permit number 77236 from being cancelled.

		4.41	Permits

(a)               
Schedule 4.41 sets out each Permit held by the Company (each an "Existing Permit"), the applicable permit
number and the dates of grant and of expiry (if any). Section 2.5.2 of the Technical Report sets out additional Permits required
for the Project.

(b)              
Except as disclosed in Schedule 4.41, each Existing Permit held by the Company is validly subsisting and in good standing
in all material respects and the Company is not in default or breach of any such Permit and no Proceeding is pending or, to the
knowledge of such Seller, threatened to revoke or limit any such Permit, or any Permit application currently outstanding or undergoing
review for the Project, and, to the knowledge of such Seller, there are no facts or circumstances that may reasonably result in
such a revocation or limitation. To the knowledge of such Seller, there are no grounds, facts or circumstances that could reasonably
be expected to prevent the renewal of any Existing Permit held by or granted to the Company. Such Seller has provided a true and
complete copy of each Existing Permit held by the Company and all amendments thereto to Purchaser.

		4.42	Royalties and Other Rights

(a)               
Except as disclosed in Schedule 4.42, no person other than the Company has any interest in the production or profits to
be obtained in the future from the Project or any royalty or other form of production entitlement in respect thereof or any right
to acquire any such interest.

(b)              
Except as disclosed in Schedule 4.42, there are no farm-in or earn-in rights, back-in rights, rights of first refusal, rights
of first offer, option rights, area of interest rights or similar rights or provisions which could affect the Project.

		4.43	Potential for Mining Activities

(a)               
All exploration activities in respect of the Project conducted by or on behalf of the Company and, to the knowledge of such
Seller, all other exploration activities in respect of the Project, have been conducted in all material respects in accordance
with good mining and

    	39

    	 

    

engineering practices and in accordance
with all applicable Laws, and all workers' compensation and health and safety regulations have been complied with in all material
respects by the Company and, to the knowledge of such Seller, contractors hired by the Company.

(b)              
To the knowledge of such Seller, based on current Laws there are no facts or conditions (including, but not limited to,
archeological or cultural conditions) that could reasonably be expected to preclude or materially hinder the acquisition of permits
to engineer and construct a significant expansion of the currently permitted heap leach pad (located on private land) to the south
of the Project (on to U.S. Forest Service land).

(c)               
Neither such Seller nor the Company has any knowledge of any information that would contradict, challenge or undermine the
accuracy of the Technical Report's conclusion that no dewatering will be necessary at the Project and that no pre or post-closure
pit lakes will be formed at the Project.

		4.44	Reclamation and Closure Obligations

Schedule 4.44 sets
out all currently existing and outstanding reclamation and closure obligations relating to the Project for which reclamation bonds
have been required (the "Reclamation Obligations") and the details of all cash collateral currently securing such
obligations (the "Cash Collateral"). The Cash Collateral is not less than $69,331. Except for the Cash Collateral,
neither Company nor Sellers nor Ely Gold has posted any security or bond or provided any indemnity of surety with respect the outstanding
reclamation obligations relating to the Project.

		4.45	Fines

Schedule 4.45 sets
out all outstanding fines imposed on the Company by any Governmental Body, including any fines imposed by the United States Mine
Safety and Health Administration (collectively, the "Fines"). To the knowledge of such Seller, no other violations
or fines on the Company by any Governmental Body are pending or threatened.

		4.46	Condition of Business Property

Each asset or piece
of tangible property owned or leased by the Company in connection with the Business (a) is in good repair and good operating condition,
ordinary wear and tear excepted, (b) is suitable for immediate use in the ordinary course of business, (c) is free from apparent
defects, and (d) is not in need of repair or replacement other than as part of routine maintenance in the ordinary course of business.

		4.47	No Liquidation, Insolvency, Winding-Up

(a)               
No order or decree has been made or petition presented, or resolution passed for the winding-up or liquidation of the Company
and there is not outstanding:

                                                    
(i)           
any appointment of a receiver over the whole or part of the undertaking of assets of the Company;

    	40

    	 

    

                                                  
(ii)           
any petition or order for administration of the Company;

                                                
(iii)           
any voluntary arrangement between the Company and any of its creditors;

                                                
(iv)           
any distress or execution or other process levied in respect of the Company that has not been discharged; and

                                                  
(v)           
any unfulfilled or unsatisfied judgment or court order against the Company.

(b)              
There are no circumstances that would entitle any Person to present a petition for the winding-up or administration of the
Company or to appoint a receiver over the whole or any part of the undertaking or assets of the Company.

(c)               
The Company is able to pay its debts within the meaning of applicable Law.

(d)              
The Company has not had its operations suspended or terminated.

		4.48	Money Laundering

The operations of
the Company have been conducted in compliance in all material respects with financial record-keeping and reporting requirements
of applicable Laws relating to money laundering, and the Company has instituted and maintains policies and procedures designed
to ensure continued compliance with such Laws.

		4.49	Corrupt Practices

None of such Seller
or any of its Affiliates, officers, directors, employees, advisors or agents or, to the knowledge of such Seller, the Company or
any of its managers, officers, member representatives, advisors or agents, has made any payment, directly or indirectly, on behalf
of or to the benefit of such Seller or the Company, in violation of any applicable Laws prohibiting the payment of undisclosed
commissions or bonuses or the making of bribe or incentive payments or other arrangements of a similar nature, including the Corruption
of Foreign Public Officials Act (Canada) and the Foreign Corrupt Practices Act (U.S.), and the Company, through its
managing member Solitario, has instituted and maintains policies and procedures designed to ensure continued compliance with such
Laws.

		4.50	Finder's Fees; Brokers

Except for fees and
expenses payable to Maxit Capital LP (all of which shall be paid by Sellers), there are no claims (or any basis for any claims)
for finder's fees or financial advisory fees in connection with this Agreement or the transactions contemplated by this Agreement
resulting from any action taken by such Seller or the Company or on its behalf.

		4.51	Full Disclosure; Absence of Change

Neither this Agreement
nor any document to be delivered pursuant hereto by such Seller or the Company nor any certificate, report, statement or other
document furnished by or on

    	41

    	 

    

behalf of such Seller or the Company
in connection with the negotiation of this Agreement contains or will contain any untrue statement of a material fact or omits
or will omit to state a material fact necessary to make the statements contained herein or therein not misleading. There has been
no event, transaction, information or continuation of a trend that has come to the attention of such Seller or the Company since
December 31, 2014 that has not been disclosed to Purchaser in writing (in this Agreement or otherwise)
which could reasonably be expected to have a Material Adverse Effect. Purchaser acknowledges that except as set forth in this Article 4,
Sellers, each of their Affiliates, and its and their officers, members, managers, shareholders, agents, and representatives have
made no other express or implied representations or warranties of any kind, whether written or oral, regarding the Company, the
Project, or the Business.

Article 5

REPRESENTATIONS AND WARRANTIES OF PURCHASER

Purchaser represents
and warrants to Sellers as follows and acknowledges and confirms that Sellers are relying on such representations and warranties
in connection with the sale by Sellers of the Membership Interests:

		5.1	Organization

Purchaser is a limited
liability company duly organized and validly existing under the laws of the State of Nevada and has the power to enter into this
Agreement and to perform its obligations hereunder.

		5.2	Authorization

This Agreement has
been duly authorized, executed and delivered by Purchaser and is a legal, valid and binding obligation of Purchaser, enforceable
against Purchaser by Sellers in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency and other
Laws affecting the enforcement of rights of creditors generally and except that equitable remedies may be granted only in the discretion
of a court of competent jurisdiction.

		5.3	No Violation

Neither the execution
and delivery by Purchaser of this Agreement nor the consummation of the transactions herein provided for will result in the breach
or violation of any of the provisions of, or constitute a default under, or conflict with or cause the acceleration of, any obligation
of Purchaser under: (a) any Contract to which Purchaser is a party or by which it is bound; (b) any provision of the constating
documents of Purchaser; (c) any judgment, decree, order or award of any Governmental Body or arbitrator having jurisdiction over
Purchaser; or (d) any applicable Law.

		5.4	Equity Commitment Letter

The Equity Commitment
Letter has been duly authorized, executed and delivered by Purchaser Parent and constitutes the valid and legally binding obligation
of Purchaser Parent,

    	42

    	 

    

enforceable against Purchaser Parent
by Sellers in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency and other Laws affecting
the enforcement of rights of creditors generally and except that equitable remedies may be granted only in the discretion of a
court of competent jurisdiction.

		5.5	Consents and Approvals

Except as set out
in Schedule 5.5, there is no requirement for Purchaser to make any filing with, give any notice to or obtain any
Authorization of, any Governmental Body as a condition to the lawful consummation of the transactions contemplated by this Agreement.

		5.6	Litigation

There are no Proceedings
in progress or pending, or to Purchaser's knowledge, threatened, against Purchaser that could prohibit, restrict or seek to enjoin
the transactions contemplated by this Agreement.

		5.7	Brokers

No broker, agent or
other intermediary is entitled to any fee, commission or other remuneration in connection with the transactions contemplated by
this Agreement based upon arrangements made by or on behalf of Purchaser.

		5.8	Securities Matters

(a)               
Purchaser is acquiring the Membership Interests for its own account for investment purposes and not with a view to or for
resale in connection with any distribution or public offering.

(b)              
Purchaser is an "accredited investor" within the meaning of Regulation D promulgated under the Securities Act.

(c)               
Purchaser acknowledges and understands that the Membership Interests have not and will not be registered under the Securities
Act or any state securities Laws inasmuch as they are being acquired from Sellers in a transaction not involving a public offering
and that under the Securities Act or any state securities Laws and applicable rules and regulations thereunder such security may
be resold without registration under the Securities Act only in certain limited circumstances. Purchaser acknowledges and understands
that no public market now exists for the Membership Interests and that it is unlikely that a public market will ever exist for
the Membership Interests.

(d)              
Purchaser is able to bear the economic risk of holding the Membership Interests for an indefinite period (including total
loss of its investment), and Purchaser has sufficient knowledge and experience in financial and business matters so as to be capable
of evaluating the merits and risk of its investment. For greater certainty, the Purchaser's knowledge and experience does not derogate
from its reliance on the representations and warranties of each Seller in Article 4.

    	43

    	 

    

Article 6

COVENANTS

		6.1	Access to the Company

Sellers shall forthwith
make available to Purchaser and its authorized representatives and, if requested by Purchaser, provide a copy to Purchaser of,
all title documents, Contracts, financial statements, constating documents, minute books, membership interest registers, policies,
plans, reports, licences, orders, permits, books of account, accounting records, constating documents and all other documents,
information and data relating to the Company and the Business. Sellers shall cause the Company to afford Purchaser and its authorized
representatives every reasonable opportunity to have free and unrestricted access to the Business, the Project and the other property,
assets, undertaking, records and documents of the Company. At Purchaser's request, Sellers shall cause the Company to use Commercially
Reasonable Efforts to execute such consents, authorizations and directions as may be necessary to permit any inspection of the
Business or any of the Company's property and assets or to enable Purchaser or its authorized representatives to obtain full access
to all files and records relating to the Business or any of the Company's property or assets maintained by a Governmental Body.
At Purchaser's request, Sellers shall co-operate with Purchaser in arranging any such meetings as Purchaser may reasonably request
with suppliers, distributors or others who have or have had a business relationship with the Company and auditors, accountants,
solicitors or any other Persons engaged or previously engaged to provide services to the Company. In particular, without limitation,
Sellers shall permit Purchaser's representatives or consultants to conduct all such interviews, testing, investigations, inspections,
audits and assessments in respect of environmental and occupational health and safety matters with respect to such locations of
the Business as Purchaser may require, in its sole discretion, to satisfy itself in respect of such matters, and Sellers shall
co-operate in all respects therewith, including obtaining any reasonably required or desirable consent or approval of any landlord.
The exercise of any rights of inspection by or on behalf of Purchaser under this Section 6.1 shall be carried out in such manner
as not to interfere unduly with the normal operations of the Company, and in accordance with applicable Laws and applicable health
and safety rules, regulations and procedures.

		6.2	Delivery of Payout Statement

At least two Business
Days prior to the Closing Date, Sellers shall deliver the Payout Statement to Purchaser.

		6.3	Confidentiality

(a)               
From the date hereof until the second anniversary of the Closing Date, Sellers shall not disclose to anyone other than (i)
Purchaser, (ii) the lenders under the Financing Documents, (iii) counterparties to any Material Contracts who have a contractual
right to review Confidential Information, (iv) Persons from whom Ely Approvals or Solitario Approvals must be obtained, (v) its
accountants and solicitors, and (vi) individuals owing a duty of confidentiality to Sellers, any Confidential Information relating
to the Company or the Business unless required to do so by applicable Law or regulatory authority or stock exchange having jurisdiction
over Sellers. The parties acknowledge that both Solitario and Ely Gold will be required to file a copy

    	44

    	 

    

of this Agreement with the applicable
securities regulators, and that, as a result, the terms and conditions of this Agreement will be available to the public.

(b)              
If for any reason the transactions contemplated herein are not completed, then for a period of two years from the date hereof,
none of the parties shall disclose to any third party any Confidential Information relating to the Company or Sellers (in the case
of disclosures by Purchaser) or Purchaser (in the case of disclosures by Sellers), except to their respective boards of directors
or equivalent, senior management, or legal, accounting, financial or other professional advisors, any financial institution contacted
by it with respect to any financing required in connection with such transaction and counsel to such institution, or as may be
required by any applicable Law or any regulatory authority or stock exchange having jurisdiction, including with respect to any
shareholder approval required to be obtained by Ely Gold or Solitario, and then only after the party whose information is to be
disclosed shall have been given an opportunity, if so advised, to seek a protective order.

(c)               
As used herein, "Confidential Information" means all information pertaining to the Company, the Business,
the Project or to a party except for information that:

                                                    
(i)           
is or becomes generally available to the public, other than as a result of disclosure in violation of this Agreement;

                                                  
(ii)           
was developed by the party owing a duty of confidentiality hereunder (a "recipient") independent of any
disclosure by a party to whom such duty is owed (a "beneficiary") or was available to the recipient on a non-confidential
basis prior to its disclosure to the recipient by or on behalf of the beneficiary; or

                                                
(iii)           
becomes available to the recipient on a non-confidential basis from a source other than a beneficiary, provided that the
recipient shall have made reasonable inquiry to satisfy itself that the source was not, when it disclosed the information to the
recipient, prohibited from so doing by a confidentiality obligation owed to a beneficiary, whether contractual, fiduciary or otherwise.

		6.4	Conduct of Business Prior to Closing

Without in any way
limiting any other obligations of Sellers hereunder, during the period from the date hereof to the Time of Closing, Sellers shall:

		(a)	ensure that the Company shall:

                                                    
(i)           
conduct the Business and the operations and affairs of the Company only in the ordinary course consistent with past practice.
The Company shall not, without the prior written consent of Purchaser, enter into any transaction or refrain from doing any action
which, if effected before the date of this Agreement, would constitute a breach of any representation, warranty, covenant or other
obligation hereunder of Sellers or the Company. Sellers shall not enter into any material supply arrangements

    	45

    	 

    

relating to the Company or make
any material decisions or enter into any material Contracts with respect to the Company without the consent of Purchaser, which
consent shall not be unreasonably withheld or delayed;

                                                  
(ii)           
continue to maintain in full force and effect all policies of insurance or renewals thereof now in effect and shall give
all notices and present all claims under all policies of insurance in a due and timely fashion;

                                                
(iii)           
use all Commercially Reasonable Efforts to preserve intact the Business and the property and assets of the Company and to
carry on the Business and the affairs of the Company as currently conducted, and to promote and preserve for Purchaser the goodwill
of consultants and others having business relations with the Company;

                                                
(iv)           
pay and discharge the liabilities of the Company in the ordinary course in accordance and consistent with the previous practice
of the Company, except those contested in good faith by the Company;

                                                  
(v)           
not enter into capital spending commitments in excess of $25,000 in the aggregate absent Purchaser's prior written consent;

                                                
(vi)           
not hire any employees or increase the compensation level of any officer or manager except in consultation with Purchaser;

                                              
(vii)           
not declare or make any distribution or return of capital to its members;

                                            
(viii)           
not enter into any contract or agreement with any Person not dealing at arm's length with the Company; and

                                                
(ix)           
not establish any new Employee Plan;

		(b)	take or cause to be taken all necessary action, steps and proceedings to approve or authorize,
validly and effectively, the execution and delivery of this Agreement and documents contemplated hereby and to complete the transfer
of the Membership Interests to Purchaser and to cause all necessary meetings of directors, managers, members and shareholders of
Sellers and the Company, as applicable, to be held for such purpose;

		(c)	use all Commercially Reasonable Efforts to prevent permit number 77236 from lapsing, being revoked
or becoming void; and

		(d)	use all Commercially Reasonable Efforts to satisfy the conditions contained in Article 3.

		6.5	Books and Records

On or before the Closing
Date, each of Solitario, with respect to Solitario, and DHI US, with respect to DHI US and Ely Gold, shall (a) extract all data
and information relating

    	46

    	 

    

to the Company, the Business or the
Project, including any Books and Records, from their respective servers, (b) deliver to Purchaser a hard drive containing all such
extracted data and information, and (c) instruct the Company's and their respective external consultants to deliver copies of all
data and information relating to the Project in possession of such consultants, whether in hard copy or electronic format, to Purchaser.
For a period of 12 months following the Closing Date, each Seller shall, in a timely manner without undue delay, deliver to Purchaser,
upon written request from Purchaser and at Purchaser's expense, all such data and information in its possession or in the possession
of its external consultants in respect of the Company, the Business and the Project as Purchaser may reasonably request, and such
documentation and information which may come into its possession or in the possession of its external consultants. Notwithstanding
the foregoing, each Seller may retain copies of any or all of the foregoing information, including the Books and Records.

		6.6	Related Party Agreements

Prior to or concurrently
with the Closing, each Seller shall, and shall cause its Affiliates to, terminate all Contracts between it or any of its Affiliates,
on the one hand, and the Company, on the other hand, existing prior to the Closing, except for any such Contracts that by their
terms will cease to include any Seller or its Affiliates as parties upon consummation of the Transactions, which shall remain in
effect after the Closing Date. In connection with the foregoing, each Seller shall, and shall cause its Affiliates to, as applicable,
release Company from any and all obligations under such terminated Contracts and such Contracts shall be terminated without the
Company being subject to any penalty or liability of any kind.

		6.7	Intercompany Payables and Intercompany Receivables

Prior to the Closing,
each Seller shall (and shall cause its Affiliates, if applicable, to) cancel and extinguish any and all payables owed by the Company
to any Seller or any Affiliate of a Seller (other than the Company) and all receivables owed to the Company by Sellers or any Affiliate
of Sellers (other than the Company), in each case as determined in accordance with GAAP and other than any payables or receivables,
as applicable, accrued in the ordinary course of business.

		6.8	Taxes

(a)               
Purchaser and each Seller agrees to treat the sale of the Membership Interests by Sellers for U.S. federal income tax purposes
(and applicable state and local income Tax purposes) as a sale of the Membership Interests by Sellers and a purchase of all of
the assets of the Company by Purchaser (as described in Situation 2 of Revenue Ruling 99-6, 1999-1 C.B. 432). Consistent with the
treatment provided by Revenue Ruling 99-6, Sellers shall not file IRS Form 8594 with respect to such sale.

(b)              
The parties acknowledge and agree that the transactions contemplated under this Agreement will cause a termination of the
Company as a partnership for federal income tax purposes and for purposes of any state or local income Tax laws that follow the
federal treatment. At the request of Sellers, Purchaser shall cause Tax Returns prepared for filing in accordance with this Section
6.8(b) to be executed on behalf of the Company.

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(c)               
Sellers shall prepare or cause to be prepared all Tax Returns required by Law in respect of the Company for all taxable
periods ending on or before the Closing Date and not filed prior to the Closing Date in a manner consistent with past practice
and the Operating Agreement as in effect immediately prior to the date hereof, unless otherwise required by Law and, prior to filing
such returns with the relevant authorities, shall provide a copy to Purchaser for review and comment at least 30 days prior to
the date on which the Tax Return is to be timely filed. All such Tax Returns so prepared by or for Sellers shall be complete and
accurate. At the request of Sellers, Purchaser shall cause Tax Returns prepared for filing in accordance with this Section 6.8(c)
to be executed on behalf of the Company.

(d)              
Purchaser shall prepare or cause to be prepared all Straddle Period Returns for each Straddle Period of the Company in a
manner consistent with past practice, unless otherwise required by Law. In the case of a Straddle Period Return that is required
to be filed within 30 days of the Closing Date, Purchaser shall, at least seven days prior to the date such Straddle Period Return
is required to be filed provide a substantially final draft of such Straddle Period return to Seller for review and comment, provided
that, in the case of a Straddle Period Return that is required to be filed within 10 days of the Closing Date, Purchaser shall
use its commercially reasonable efforts to afford Sellers a reasonable opportunity to review and comment on such Straddle Period
Return prior to filing such Straddle Period Return. In any other case, Purchaser shall provide a substantially final draft of the
Straddle Period Return to Sellers for review and comment at least 15 days prior to the date on which the Straddle Period Return
is required to be filed, and shall not unreasonably refuse to make any changes to the Straddle Period Return requested by Sellers.

(e)               
Purchaser shall and shall cause the Company to co-operate fully with Sellers including to allow Sellers to have such access
to the books, records or other documentation within the control of any of Purchaser and the Company, as is deemed reasonably necessary
in order to allow Sellers to prepare the Tax Returns described in Section 6.8(b), or to control or participate in Tax audits or
other controversies in accordance with Section 6.8(h).

(f)               
Sellers agree to furnish or cause to be furnished to Purchaser, upon request, as promptly as practicable, such information
and assistance relating to the Company as is reasonably necessary for the preparation and filing of all Tax Returns (including
Straddle Period Returns), the making of any election related to Taxes, the preparation for any audit by any Governmental Body,
and the prosecution or defense of any claim, suit or proceeding relating to any Tax or Tax Return of the Company.

(g)              
All excise, sales, use, gross receipts, transfer (including real property transfer or gains), stamp, documentary, filing,
recordation and other similar taxes, together with any interest, additions or penalties with respect thereto, resulting directly
from the transactions contemplated by this Agreement, shall be borne by Sellers. Purchaser shall cooperate with Sellers in preparing
and timely filing with the required Governmental Body all Tax Returns for or with respect to such Taxes.

(h)              
Sellers shall control at their own expense any income Tax audits of the Company or other income Tax controversy involving
the Company for Tax periods ended on or prior to the Closing Date. Purchaser shall not endeavor to remove Solitario as the tax
matters partner of the

    	48

    	 

    

Company for any such period. Sellers
shall be entitled to participate at their own expense in any other Tax audit of the Company or controversy to which the Company
is a party if such audit or controversy could reasonably be expected to increase Sellers' liability for Taxes under applicable
Law or under this Agreement, and the Company shall not settle any such Tax audit or controversy without the consent of Sellers,
which consent shall not be unreasonably withheld, conditioned or delayed. To the extent that this Section 6.8(h) is inconsistent
with the provisions of Article 7, the provisions of this Section 6.8(h) shall control.

		6.9	Parent Guarantee

Ely Gold hereby unconditionally
and irrevocably guarantees the due and punctual performance by DHI US of each and every covenant and obligation of DHI US arising
under this Agreement for the benefit of Purchaser. Ely Gold hereby agrees that Purchaser shall not have to proceed first against
DHI US before exercising its rights under or in respect of this guarantee against Ely Gold.

		6.10	Solicitation

In consideration of
the benefits of this Agreement to Sellers and in order to induce Purchaser to enter into this Agreement, each Seller hereby covenants
and agrees with Purchaser that it shall not directly or indirectly, and shall not suffer or permit its Affiliates directly or indirectly,
to, for a period of two years from the Closing Date, offer employment to, or solicit or have contact with, for the purposes of
soliciting the employment of, any Person who is an employee of the Company immediately following the Closing and at the time any
contact is made with such Person for the purposes of such solicitation.

		6.11	Required Approvals

Each party shall cooperate
with the other (a) with respect to all filings required by any applicable Laws, or which a party determines to be reasonably necessary
under applicable Laws in order to consummate the transactions contemplated hereby, and (b) in obtaining all Authorizations which
are required or which a party determines to be reasonably necessary in order to consummate the transactions contemplated hereby;
provided, however, that Purchaser shall not be required to dispose of or make any change to its business, expend any material funds
or incur any other burden in order to comply with this Section 6.11.

Article 7

SURVIVAL AND INDEMNIFICATION

		7.1	Survival of Representations, Warranties and Covenants

All representations,
warranties and covenants contained in this Agreement and in all other agreements, documents and certificates delivered pursuant
to or contemplated by this Agreement (other than the conditions of closing set out in Article 3) shall survive the Closing
as set forth in Section 7.10 and shall not merge.

    	49

    	 

    

		7.2	Indemnification by Sellers

Subject to the limitations
set out elsewhere in this Article 7, each Seller, individually and not jointly and severally, shall defend, indemnify and
save harmless Purchaser from and against all Losses suffered or incurred by Purchaser as a result of or arising directly or indirectly
out of or in connection with:

		(a)	any inaccuracy or breach by such Seller of any representation or warranty of such Seller contained
in this Agreement or in any agreement, certificate or other document delivered pursuant hereto; and

		(b)	any breach or non-performance by such Seller of any covenant contained in this Agreement or in
any agreement, certificate or other document delivered pursuant hereto.

For greater clarity,
the parties acknowledge that any representation, warranty or covenant hereunder concerning Solitario is made solely by Solitario,
and any representation, warranty or covenant hereunder concerning DHI US or Ely Gold is made solely by DHI US. Solitario shall
have no liability under this Article 7 or otherwise under this Agreement for Claims arising from or related to breaches of representations,
warranties or covenants hereby by DHI US or Ely Gold, and neither DHI US nor Ely Gold shall have any liability under this Article
7 or otherwise under this Agreement for Claims arising from or related to breaches of representations, warranties or covenants
hereunder by Solitario.

		7.3	Indemnification by Purchaser

Subject to the limitations
set out elsewhere in this Article 7, Purchaser shall defend, indemnify and save harmless Sellers from and against all Losses
suffered or incurred by Sellers, or either of them, as a result of or arising directly or indirectly out of or in connection with:

		(a)	any inaccuracy or breach by Purchaser of any representation or warranty of Purchaser contained
in this Agreement or in any agreement, certificate or other document delivered pursuant hereto; and

		(b)	any breach or non-performance by Purchaser of any covenant contained in this Agreement or in any
agreement, certificate or other document delivered pursuant hereto.

		7.4	Tax Indemnity

Notwithstanding any
investigations made, or knowledge acquired, by Purchaser prior to Closing, each Seller, individually and not jointly and severally,
shall defend and indemnify Purchaser and hold it harmless from and against any liability of the Company for Taxes for all taxable
periods (or in the case of Straddle Periods, the portion thereof) ending on or before the Closing Date. For the purposes of this
Section 7.4, in the case of any Taxes that are imposed on a periodic basis and are payable for a Straddle Period, the portion of
such Tax related to the portion of such Straddle Period ending on and including the Closing Date shall (A) in the

    	50

    	 

    

case of any Taxes other than Taxes based
upon or related to gross receipts, sales or use taxes or income, be deemed to be the amount of such Tax for the entire relevant
Straddle Period multiplied by a fraction, the numerator of which is the number of days in the relevant Straddle Period ending on
and including the Closing Date and the denominator of which is the number of days in the relevant Straddle Period, and (B) in the
case of any Tax based upon or related to gross receipts, sales or use or income, be deemed equal to the amount which would be payable
if the relevant Straddle Period ended on and included the Closing Date.

		7.5	Change of Control Payment Indemnity

Notwithstanding any
investigations made, or knowledge acquired, by Purchaser prior to Closing, each Seller, individually and not jointly and severally,
shall defend and indemnify Purchaser and hold it harmless from and against any liability of the Company in respect of Change of
Control Payments.

		7.6	Environmental Indemnity

(a)               
Each Seller, individually and not jointly and severally, shall defend and indemnify and save harmless each of Purchaser,
its managers, officers, employees and agents and any successor to Purchaser and its managers, officers, employees and agents from
and against all Losses suffered or incurred by any such Person as a result of or arising directly or indirectly out of or in connection
with any: (i) event occurring or conditions existing at or prior to the Closing Date relating to the Business, the Company,
the Owned Property, the Leased Mining Claims and Leased Real Property which as at the Closing Date constitutes a violation of,
or gives rise to liability under, Environmental Laws; or (ii) any generation, manufacture, processing, distribution, use, presence,
treatment, storage, disposal, Release, transport or handling of any Hazardous Substance in, on, under or from any Owned Property,
the Leased Mining Claims, Leased Real Property or Former Property, whether by the Company, a Seller or any other Person prior to
the Time of Closing and whether or not known at the Time of Closing (except as a result of or arising directly or indirectly out
of or in connection with any re-disturbance after the Time of Closing of the heap leach pad and associated facilities described
on Schedule 4.33(a)).

(b)              
Purchaser shall defend, indemnify and save harmless each of Sellers and their respective Affiliates, and their managers,
officers, employees and agents and any successors and their respective managers, officers, employees and agents from and against
all Losses suffered or incurred by any such Person as a result of or arising directly or indirectly out of or in connection with
any: (i) Release of any Hazardous Substance in, on, under or from any Owned Property, the Leased Mining Claims, Leased Real
Property or Former Property, whether by the Company or Purchaser after the Time of Closing, or (ii) re-disturbance after the
Time of Closing of the heap leach pad and associated facilities described on Schedule 4.33(a).

		7.7	Assignability of Environmental Indemnification

Purchaser may, at
any time and from time to time, assign all or any part of the benefit of the indemnity set out in Section 7.6(a) in respect of
all or any part of the Business, the Owned Property, the Leased Mining Claims, the Leased Real Property or the Former Property
to any purchaser of, or lender to Purchaser in respect of the Company, the Business, the Owned

    	51

    	 

    

Property, the Leased Mining Claims or
Leased Real Property, by delivering a notice in writing to Sellers setting out Purchaser's intention to assign all or part of the
benefit of the indemnity and the identity of the Person or Persons to whom the assignment is to be made. Upon any such assignment,
each Seller shall be bound to indemnify the Person or Persons named in such notice to the extent of the assignment of the indemnity
as if such Person or Persons were a party to this Agreement as Purchaser. No such assignment shall relieve such Seller of the continuing
obligation to indemnify under the indemnity and such obligation shall continue unaffected by the assignment. Any such assignee
may make a further assignment in accordance with the foregoing provisions, as if all references therein to Purchaser were to such
assignee.

		7.8	Monetary Limitation of Liability; Effect of Materiality Qualifiers

(a)               
An Indemnified Party shall not be entitled to require payment of any amount by the Indemnifying Party on the indemnities
contained in Sections 7.2, 7.3 or 7.6, as applicable, until the aggregate of all such amounts for which the Indemnified Party would
otherwise be entitled to require payment under such Sections exceeds $500,000 (the "Deductible Amount"). Once
the Deductible Amount has been exceeded, the Indemnified Party shall be entitled to require payment on such indemnities only on
that portion of Losses that exceeds the Deductible Amount.

(b)              
An Indemnified Party shall not be entitled to require payment of amounts by the Indemnifying Party on the indemnities
contained in Sections 7.2 and 7.6 in the aggregate, or the indemnities contained in Section 7.3, as the case may be, in excess
of $18,750,000 (the "Cap Amount"). With respect to the Cap Amount, neither Seller shall be obligated to make payments
in excess of its proportionate share of the Cap Amount, such proportion to be based on such Seller's Membership Interest immediately
prior to the Closing.

(c)               
Where a Claim pursuant to Section 7.2 or Section 7.3 is predicated on an underlying representation and warranty or
covenant that is qualified by a reference to "materiality" or "Material Adverse Effect", the underlying representation
and warranty or covenant shall be read as if it did not contain such qualifier.

		7.9	Notice of Claim

(a)               
A party that may be entitled to make a claim for indemnification (a "Claim") under this Agreement (the
"Indemnified Party") shall give written notification to the other party (the "Indemnifying Party")
of such Claim (a "Notice of Claim") promptly upon becoming aware of the Claim, but in no event later than the
relevant date, if any, specified in Section 7.10. The Notice of Claim shall specify whether the Claim arises as a result of a claim
by a Person (other than a party to this Agreement) against the Indemnified Party (a "Third-Party Claim") or whether
the Claim does not so arise (a "Direct Claim"), and shall also specify with reasonable particularity, to the extent
that the information is available, the factual basis for the Claim and the amount of the Claim.

(b)              
If an Indemnified Party fails to provide the Indemnifying Party with a Notice of Claim promptly as required by Section 7.9(a),
the Indemnifying Party shall be relieved of the obligation to pay damages to the extent it can show that it was prejudiced in its
defence of the

    	52

    	 

    

Claim or in proceeding against a third
party who would have been liable to it by the fact of the delay, but the failure to provide such Notice of Claim promptly shall
not otherwise release the Indemnifying Party from its obligations under this Article 7.

(c)               
If the date by which a Notice of Claim must be given as set out in Section 7.10 in respect of a breach of representation
and warranty has passed without any Notice of Claim having been given to the Indemnifying Party, then the related Claim shall be
forever extinguished, notwithstanding that by the date specified in Section 7.10 the Indemnified Party did not know, and in the
exercise of reasonable care could not have known, of the existence of the Claim.

		7.10	Time Limits for Notice of Claim 

(a)               
Sellers shall not be required to indemnify or save harmless Purchaser pursuant to Section 7.2(a) unless Purchaser shall
have provided to such Seller a Notice of Claim within the following time limits:

                                                    
(i)           
with respect to the representations and warranties set out in Sections 4.1 through 4.5 and 4.10, at any time after Closing;

                                                  
(ii)           
with respect to the representations and warranties set out in Section 4.29, not later than the day that is 60 days after
the expiration of the period, if any, during which an assessment, reassessment or other form of recognized written demand assessing
liability for Tax, interest or penalties under applicable legislation in respect of any taxation year to which such representations
and warranties relate could be issued to the Company under such legislation;

                                                
(iii)           
with respect to the representations and warranties set out in Section 4.33, not later than the third anniversary of the
Closing Date;

                                                
(iv)           
with respect to a claim for any breach of any of the representations and warranties contained in this Agreement or in any
agreement, instrument, certificate or other document executed or delivered pursuant hereto involving fraud, at any time after Closing;
and

                                                  
(v)           
with respect to all other representations and warranties, not later than the second anniversary of the Closing Date.

(b)              
Such Seller shall not be required to indemnify or save harmless Purchaser pursuant to Section 7.4 unless Purchaser shall
have provided to such Seller a Notice of Claim not later than the day that is 60 days after the expiration of the limitation period
within which the relevant Governmental Body may make a claim against the Company for Taxes in respect of which the indemnity in
Section 7.4 is given.

(c)               
Purchaser shall not be required to indemnify or save harmless Sellers pursuant to Section 7.3(a) unless Sellers shall have
provided to Purchaser a Notice of Claim not later than the second anniversary of the Closing Date.

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(d)              
Such Seller shall not be required to indemnify or save harmless Purchaser pursuant to Section 7.6 unless Purchaser
shall have provided to Sellers a Notice of Claim not later than the third anniversary of the Closing Date.

		7.11	Limitation Periods for Claims for Breach of Representations and Warranties and Taxes Owing

Notwithstanding the
provisions of any statute, the period within which an Indemnified Party may commence a proceeding in respect of a Claim for which
a Notice of Claim is required to be, and has been, given in accordance with Section 7.10, shall be 18 months from the last date
upon which such Notice of Claim is permitted to be delivered thereunder, and any applicable limitation period is hereby so extended
to the fullest extent permitted by Law.

		7.12	Direct Claims

With respect to any
Direct Claim, following receipt of notice from the Indemnified Party of the Claim, the Indemnifying Party shall have 45 days to
make such investigation of the Claim as is considered necessary or desirable. For the purpose of such investigation, the Indemnified
Party shall make available to the Indemnifying Party the information relied upon by the Indemnified Party to substantiate the Claim,
together with all such other information as the Indemnifying Party may reasonably request. If both parties agree at or prior to
the expiration of such 45-day period (or any mutually agreed upon extension thereof) to the validity and amount of such Claim,
the Indemnifying Party shall immediately pay to the Indemnified Party the full agreed-upon amount of the Claim, failing which the
matter shall be referred to binding arbitration in such manner as the parties may agree or shall be determined by a court of competent
jurisdiction.

		7.13	Third-Party Claims

(a)               
The Indemnifying Party shall have the right, at its expense, to participate in or assume control of the negotiation, settlement
or defence of any Third-Party Claim for damages and if the Indemnifying Party assumes control, it shall reimburse the Indemnified
Party for all of the Indemnified Party's reasonable out-of-pocket expenses prior to the time the Indemnifying Party assumed control.
If the Indemnifying Party elects to assume such control, the Indemnified Party shall have the right to participate in the negotiation,
settlement or defence of such Third-Party Claim and to retain counsel to act on its behalf, provided that the fees and disbursements
of such counsel shall be paid by the Indemnified Party unless the named parties to any action or proceeding include both the Indemnifying
Party and the Indemnified Party and representation of both the Indemnifying Party and the Indemnified Party by the same counsel
would be inappropriate due to actual or potential differing interests between them (such as the availability of different defences).

(b)              
If the Indemnifying Party, having elected to assume such control, thereafter fails to defend the Third-Party Claim within
a reasonable time, the Indemnified Party shall be entitled to assume such control and the Indemnifying Party shall be bound by
the results obtained by the Indemnified Party with respect to such Third-Party Claim.

    	54

    	 

    

(c)               
If any Third-Party Claim is of a nature such that the Indemnified Party is required by applicable Law to incur losses or
make a payment to any Person not a party to this Agreement (a "Third Party") with respect to the Third-Party Claim
before the completion of settlement negotiations or related legal proceedings, the Indemnified Party may incur such Losses or make
such payment and the Indemnifying Party shall, forthwith after demand by the Indemnified Party, reimburse the Indemnified Party
for such payment. If the amount of any liability of the Indemnified Party under such Third-Party Claim, as finally determined,
is less than the amount that was paid by the Indemnifying Party to the Indemnified Party, the Indemnified Party shall, forthwith
after the receipt of the difference from the Third Party, pay the amount of such difference, together with any interest thereon
paid by the Third Party to the Indemnified Party, to the Indemnifying Party. In addition, the Indemnifying Party shall post all
security required by any court, regulatory body or other authority having jurisdiction, including for purposes of enabling the
Indemnifying Party to contest any Third-Party Claim.

(d)              
If the Indemnifying Party fails to assume control of the defence of any Third-Party Claim or defaults in respect of any
of its obligations under this Section 7.13 with respect thereto, the Indemnified Party shall have the exclusive right to contest
the amount claimed and may settle and pay the same on 14 days' prior written notice to the Indemnifying Party and the Indemnifying
Party shall, thereupon, be deemed to have agreed that such settlement is reasonable and may be agreed to by the Indemnified Party
and all other Persons liable in respect of the Third-Party Claim unless within such 14-day period the Indemnifying Party notifies
the Indemnified Party that it is assuming or reassuming control of such defence and thereafter assumes or reassumes such control
and does not default.

(e)               
The Indemnified Party and the Indemnifying Party shall co-operate fully with each other with respect to Third-Party Claims,
and shall keep each other fully advised with respect thereto (including supplying copies of all relevant documentation promptly
as it becomes available).

		7.14	Exclusivity

Neither Sellers, on
the one hand, nor Purchaser, on the other hand, may make any claim for damages in respect of this Agreement or any agreement, certificate
or other document delivered pursuant hereto, or in respect of any breach or termination thereof, against the other party hereto
except by making a Claim pursuant to and in accordance with this Article 7. The provisions of this Section 7.14 shall survive
any termination of this Agreement.

Article 8

Termination

		8.1	Termination by Mutual Consent

This Agreement may
be terminated at any time prior to the Closing by the mutual written consent of Sellers and Purchaser.

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		8.2	Termination by Sellers or by Purchaser

This Agreement may
be terminated at any time prior to the Closing by Sellers or by Purchaser by giving written notice of such termination to Purchaser,
in the case of a termination by Sellers, or to Sellers, in the case of a termination by Purchaser, if the Closing shall not have
occurred on or prior to October 1, 2015 (such date, as it may be extended pursuant to the provisions hereof, the "Outside
Date"); provided, however, that the right to terminate this Agreement under this Section 8.2 shall not be available to
Sellers or to Purchaser, as the case may be, where the failure of Sellers or the failure of Purchaser, as applicable, to fulfill
their or its obligations under this Agreement has caused or resulted in the failure of the Closing to occur prior to such date;
provided further, however, that the Outside Date will be automatically extended for a maximum of two successive 30-day periods
if (a) on the originally scheduled Outside Date, in respect of the first 30-day extension period following such date, and (b) on
the first extended Outside Date, in respect of the second 30-day extension period following such date, as applicable, the parties
have diligently attempted, but have not yet obtained and reasonably believe they will timely obtain, any Authorization from any
applicable securities regulatory body or stock exchange necessary to allow such party to meet a closing condition or for the consummation
of the transactions contemplated by this Agreement. The Outside Date may be extended for more than two successive 30-day periods
with the prior written consent of Sellers and Purchaser.

		8.3	Termination by Purchaser

This Agreement may
be terminated at any time prior to the Closing by Purchaser, upon written notice to Sellers, if:

		(a)	to the extent that the shareholders of either Solitario or Ely Gold are required to approve this
Agreement or the transactions provided for herein, the shareholders of either Solitario or Ely Gold, as applicable, do not provide
such approval at any meeting of such shareholders held for such purpose;

		(b)	the board of directors, or any applicable special committee, of either Solitario or Ely Gold does
not approve or, if applicable, recommend this Agreement or the transactions provided for herein, or withdraws, modifies, changes
or qualifies any such approval or recommendation in any manner adverse to Purchaser;

		(c)	the board of directors of either Solitario or Ely Gold approves or recommends a Superior Proposal;

		(d)	there occurs a Material Adverse Effect such that any condition set forth in Section 3.4(a) through
Section 3.4(e) would not be satisfied; or

		(e)	there has been a breach of any representation, warranty, covenant or agreement made by either Seller
in this Agreement, or any such representation and warranty shall have become untrue after the date of this Agreement, such that
any condition set forth in Section 3.4(a) through Section 3.4(e) would not be satisfied, and such breach or condition is not curable
or, if curable, is not cured to the reasonable satisfaction of Purchaser prior to the earlier of (i) 15 calendar days after Sellers

    	56

    	 

    

became aware of such breach or circumstance,
(ii) one Business Day prior to the Outside Date and (iii) in the case of a breach of a representation and warranty as contemplated
by Section 1.10, the earlier of (A) 15 calendar days after Sellers deliver to the Purchaser a supplement, amendment or modification
to a Schedule and (B) three calendar days prior to the Closing Date;

in each case,
provided that Purchaser is not then in material breach of this Agreement so as to cause any of the conditions set forth in Section
3.5(a) or Section 3.5(b) not to be satisfied.

		8.4	Termination by Sellers

(a)               
This Agreement may be terminated by Sellers at any time prior to the earlier of (i) the Closing Date and (ii) the date
on which any necessary approvals of the shareholders of Solitario or Ely Gold have been obtained, if the board of directors of
either Solitario or Ely Gold approves or recommends a Superior Proposal, provided that Sellers are then in compliance with Article 9
and that prior to or concurrent with such termination, Sellers pay the Termination Payment to Purchaser in accordance with Section
8.6; or

(b)              
there has been a breach of any representation, warranty, covenant or agreement made by Purchaser in this Agreement, or any
such representation and warranty shall have become untrue after the date of this Agreement, such that any condition set forth in
Section 3.5 would not be satisfied.

		8.5	Effect of Termination

In the event of the
termination of this Agreement in accordance with this Article 8, this Agreement shall thereafter become void and have no effect,
and none of Sellers and Purchaser shall have any liability to Sellers, Purchaser or their respective Affiliates, or their respective
partners, managers, directors, officers or employees, as applicable, pursuant to this Agreement except for the obligations of Sellers
and Purchaser contained in this Section 8.5, Section 8.6, Article 10 (and any related definitional provisions set forth in
Article 1) or Section 6.3. Notwithstanding the foregoing, nothing in this Section 8.5 shall relieve Sellers or Purchaser from
liability for any willful breach of this Agreement that arose prior to such termination.

		8.6	Termination Payment

In the event that
Purchaser terminates this Agreement in accordance with Section 8.2 or Section 8.3(b), (c) or (e), or Sellers terminate this Agreement
in accordance with Section 8.4(a), Purchaser shall be entitled to a payment of $900,000 (the "Termination Payment").
Sellers shall pay the Termination Payment to Purchaser by wire transfer in immediately available funds to an account specified
by Purchaser (a) in the case of the termination by Purchaser in accordance with Section 8.2 or Section 8.3(b), (c) or (e), within
three Business Days following such termination and (b) in the case of the termination by Sellers in accordance with Section 8.4,
prior to or concurrent with such termination. The Parties acknowledge and agree that the provisions of this Section 8.6 are the
sole and exclusive remedy available to the Purchaser in the event of a termination in accordance with Section 8.2, Section 8.3(b),
(c) or (e), or Section 8.4(a), and that the Sellers shall have no other liability to Purchaser or any of its Affiliates of any

    	57

    	 

    

kind in respect of this Agreement and
the transactions contemplated hereby. In no event shall Sellers be obligated to pay the Termination Payment on more than one occasion.

		8.7	Expense Reimbursement

In the event that
Purchaser terminates this Agreement in accordance with Section 8.3(a) Purchaser shall be entitled to a payment equal to $450,000
as reimbursement for its expenses incurred related to the negotiations of, due diligence activities in connection with or entering
into the transaction contemplated by this Agreement.

Article 9

Non-Solicitation

		9.1	Non-Solicitation

(a)               
Sellers shall not and shall not permit the Company or any of the Affiliates, directors, officers, employees, representatives
or agents of Sellers or the Company (collectively, the "Representatives") to, directly or indirectly, (i) discuss,
encourage, negotiate, undertake, initiate, authorize, recommend, propose or enter into, whether as the proposed surviving, merged,
acquiring or acquired corporation or otherwise, any transaction involving a merger, consolidation, business combination, purchase
or disposition of any material amount of the assets of the Company or any equity interests of the Company (an "Acquisition
Transaction") other than the transactions contemplated by this Agreement, (ii) facilitate, encourage, solicit or initiate
discussions, negotiations or submissions of proposals or offers in respect of an Acquisition Transaction, (iii) furnish or cause
to be furnished, to any Person, any information concerning the business, operations, properties or assets of the Company in connection
with an Acquisition Transaction, or (iv) otherwise cooperate in any way with, or assist or participate in, facilitate or encourage,
any effort or attempt by any other Person to do or seek any of the foregoing.

(b)              
Sellers shall notify Purchaser orally and in writing promptly (but in no event later than 24 hours) after receipt by any
of Sellers, the Company or any of the Representatives thereof of any proposal or offer from any Person other than Purchaser to
effect an Acquisition Transaction or any request for non-public information relating to the Company or for access to the properties,
books or records of the Company by any Person other than Purchaser. Such notice shall indicate the identity of the Person making
the proposal or offer, or intending to make a proposal or offer or requesting non-public information or access to the books and
records of the Company, the material terms of any such proposal or offer, or modification or amendment to such proposal or offer
and copies of any written proposals or offers or amendments or supplements thereto. Sellers shall keep Purchaser informed, on a
current basis, of any material changes in the status and any material changes or modifications in the material terms of any such
proposal, offer, indication or request.

(c)               
Sellers shall (and shall cause the Company and the Representatives to) immediately cease and cause to be terminated any
existing discussions or negotiations with any Persons (other than Purchaser) conducted heretofore with respect to any Acquisition
Transaction. Sellers shall not, and shall cause Company not to, release any third party from the confidentiality and standstill
provisions of any agreement to which the Company is a party.

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		9.2	Responding to an Acquisition Proposal

Notwithstanding Section
9.1, if at any time prior to the Closing, Sellers or the Company receive from a Person a written proposal for an Acquisition Transaction
(an "Acquisition Proposal"), Sellers may engage in or participate in discussions or negotiations with such Person
regarding such Acquisition Proposal, and may provide copies of, access to or disclosure of confidential information, properties,
facilities, books or records of the Company for a maximum of seven Business Days from the date that such access or disclosure is
first given, if and only if:

		(a)	the board of directors of either Solitario or Ely Gold first determines in good faith, after consultation
with its financial advisors and its outside legal counsel, that such Acquisition Proposal: (i) is or could reasonably be expected
to result in a transaction that is more favourable, from a financial point of view, to the shareholders of either Solitario or
Ely Gold than the transaction provided for in this Agreement; (ii) constitutes or could reasonably be expected to constitute or
lead to a Superior Proposal; and (iii) after consultation with its outside legal counsel, that the failure to engage in such discussions
or negotiations would be inconsistent with its fiduciary duties;

		(b)	such Person was not restricted from making such Acquisition Proposal pursuant to an existing standstill
or similar restriction with the Sellers;

		(c)	Sellers have been, and continue to be, in compliance with their obligations under this Article 9;

		(d)	prior to providing any such copies, access, or disclosure, Sellers enter into a confidentiality
and standstill agreement with such Person having terms that are not less onerous than those set out in the Confidentiality Agreements
and any such copies, access or disclosure provided to such Person shall have already been (or simultaneously be) provided to Purchaser;
and

		(e)	Sellers promptly provide Purchaser with, prior to providing any such copies, access or disclosure,
a true, complete and final executed copy of the confidentiality agreement referred to in Section 9.2(d).

		9.3	Superior Proposal

If Sellers receive
an Acquisition Proposal that constitutes a Superior Proposal prior to the earlier of the date on which any necessary approvals
of the shareholders of Solitario and Ely Gold have been obtained and the Closing Date, Sellers may enter into a definitive agreement
with respect to such Acquisition Proposal, if and only if:

		(a)	Sellers have been, and continue to be, in compliance with their obligations under this Article 9;

		(b)	Sellers have delivered to Purchaser a written notice of the determination of the board of directors
of either Solitario or Ely Gold that such Acquisition Proposal

    	59

    	 

    

constitutes a Superior Proposal
and of the intention of Sellers to enter into such definitive agreement, together with a written notice from such board regarding
the value and financial terms that such board, in consultation with its financial advisors, has determined should be ascribed to
any non-cash consideration offered under such Acquisition Proposal (the "Superior Proposal Notice");

		(c)	Sellers have provided Purchaser with a copy of the proposed definitive agreement for the Superior
Proposal;

		(d)	at least three Business Days have elapsed from the date that is the later of the date on which
Purchaser received the Superior Proposal Notice and a copy of the proposed definitive agreement for the Superior Proposal from
Sellers;

		(e)	the board of directors of either Solitario or Ely Gold has determined in good faith, after consultation
with outside legal counsel that the failure to take such action would be reasonably likely to be inconsistent with its fiduciary
duties under applicable Law; and

		(f)	prior to entering into such definitive agreement, Sellers terminate this Agreement pursuant to
Section 8.4 and pay the Termination Payment pursuant to Section 8.6.

Article 10

MISCELLANEOUS

		10.1	Notices

(a)               
Any notice or other communication required or permitted to be given hereunder shall be in writing and shall be delivered
in person, transmitted by fax or by e-mail or similar means of recorded electronic communication or sent by registered mail,
charges prepaid, or by reputable overnight courier, addressed as follows:

                                                    
(i)           
if to Sellers:

DHI Minerals (U.S.) LTD.

c/o Ely Gold & Minerals Inc.

459 - 409 Granville Street

Vancouver, BC V6C 1T2

Attention:Trey Wasser

Fax No.:972-803-3904

E-mail:trey@elygoldandminerals.com

with a copy (which shall not constitute
notice) to:

Parsons Behle & Latimer, PLC

201 South Main Street, Suite 1800

Salt Lake City, Utah 84111

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Attention:William D. Holyoak

Fax No.:801-536-6111

E-mail:WHolyoak@parsonsbehle.com

and

Solitario Exploration & Royalty
Corp.

4251 Kipling Street, Suite 390

Wheat Ridge, Colorado 80033

Attention:Christopher E. Herald

Fax No.:303-534-1809

E-mail:cherald@aol.com

with a copy (which shall not constitute
notice) to:

Davis Graham & Stubbs LLP

1550 17th Street, Suite 500

Denver, CO 80222

Attention:Randall E. Hubbard

Fax No.:303-893-1379

E-mail:Randy.Hubbard@dgslaw.com

                                                  
(ii)           
if to Purchaser:

Waterton Nevada Splitter, LLC

c/o Waterton Global Resource Management, Inc.

199 Bay Street, Suite 5050

Toronto, ON M5L 1E2

Attention:Kamal Toor

Fax No.:416.504.3200

E-mail:ktoor@watertonglobal.com

with a copy (which shall not constitute
notice) to:

Davies Ward Phillips & Vineberg LLP

155 Wellington Street West

Toronto, ON M5V 3J7

Attention:Sarbjit Basra

Fax No.:(416) 863-0871

E-mail:sbasra@dwpv.com

(b)              
Any such notice or other communication shall be deemed to have been given and received on the day on which it was delivered
or transmitted (or, if such day is not a Business Day or if delivery or transmission is made on a Business Day after 5:00 p.m.
at the place of receipt, then on the next following Business Day) or, if mailed or sent by overnight courier, on

    	61

    	 

    

the third Business Day following the
date of mailing or sending; provided, however, that if at the time of mailing or sending or within three Business Days thereafter
there is or occurs a labour dispute or other event which might reasonably be expected to disrupt the delivery of documents by mail
or courier, any notice or other communication hereunder shall be delivered or transmitted by means of recorded electronic communication
as aforesaid.

(c)               
Any party may at any time change its address for service from time to time by giving notice to the other parties in accordance
with this Section 10.1.

		10.2	Amendments and Waivers

No amendment or waiver
of any provision of this Agreement shall be binding on a party unless consented to in writing by such party. No waiver of any provision
of this Agreement shall constitute a waiver of any other provision, nor shall any waiver of any provision of this Agreement constitute
a continuing waiver unless otherwise expressly provided.

		10.3	Assignment

(a)               
No party may assign any of its rights or benefits under this Agreement, or delegate any of its duties or obligations, except
with the prior written consent of the other parties.

(b)              
Notwithstanding the foregoing, Purchaser may assign all of its rights, benefits, duties and obligations under this Agreement
in their entirety, without the consent of Sellers, to any Affiliate of Purchaser, whereupon the assignee shall be liable for all
of the obligations of Purchaser under this Agreement; provided, however, that any such an assignment by Purchaser shall not relieve
Purchaser Parent from any of its obligations under the Equity Commitment Letter.

		10.4	Successors and Assigns

This Agreement shall
enure to the benefit of and shall be binding on and enforceable by and against the parties and, where the context so permits, their
respective successors and permitted assigns.

		10.5	Expenses; Commissions

(a)               
Except as otherwise set forth herein, each party shall pay for its own costs and expenses incurred in connection with the
negotiation, preparation, execution and performance of this Agreement and the transactions contemplated herein, including the fees
and expenses of legal counsel, financial advisors, brokers, accountants and other professional advisors and fees payable to any
Governmental Bodies.

(b)              
Each Seller shall severally, but not jointly, indemnify and save harmless Purchaser from and against all Losses suffered
or incurred by Purchaser in respect of any commission or other remuneration payable or alleged
to be payable to any broker, agent or other intermediary who purports to act or have acted for or on behalf of such Seller.

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		10.6	Consultation

Through the Closing,
the parties shall consult with each other before issuing any press release or making any other public announcement with respect
to this Agreement or the transactions contemplated hereby and, except as required by applicable Law or applicable stock exchange
rule, prior to the Closing no party shall issue any such press release or make any such public announcement without the prior written
consent of the others, which consent shall not be unreasonably withheld or delayed.

		10.7	Further Assurances

Each of the parties
hereto shall, at all times after the Closing Date and upon any reasonable request of the other, promptly do, execute, deliver or
cause to be done, executed and delivered, at the expense of the requesting party, all further acts, documents and things as may
be reasonably required or necessary for the purposes of giving effect to this Agreement, including such other instruments of sale,
transfer, conveyance, assignment, confirmation, certificates and other instruments as may be reasonably requested in order to more
effectively transfer, convey and assign the Membership Interests and to effectuate the transactions contemplated herein.

		10.8	Counterparts

This Agreement and
all documents contemplated by or delivered under or in connection with this Agreement may be executed and delivered in any number
of counterparts, with the same effect as if all parties had signed and delivered the same document, and all counterparts shall
together constitute one and the same original document. This Agreement may be executed and delivered by facsimile or other form
of electronic transmission (such as email or .pdf) and such signature shall have the same legal effect as a manual signature.

		10.9	Third-Party Beneficiaries

Except as specifically
set forth in Sections 5.4, 10.3 and Article 7, the parties intend that this Agreement will not benefit or create any right
or cause of action in favor of any Person, other than the parties, and that there are no third-party beneficiaries of or under
this Agreement.

[Remainder of this page intentionally
left blank; signature page follows.]

    	63

    	 

    

 

IN WITNESS WHEREOF
this Agreement has been executed by the parties.

	 	 	SOLITARIO EXPLORATION & ROYALTY CORP.	 
	by	/s/
    Christopher E. Herald	 
	 	Name:Christopher E. Herald	 
	 	Title:Chief Executive Officer	 
	 	 	 	 	 	 

 

	 	 	DHI MINERALS (U.S.) LTD.	 
	by	/s/
    Trey Wasser	 
	 	Name:Trey Wasser	 
	 	Title:Secretary/Treasurer	 
	 	 	 	 	 	 

 

	 	 	Ely Gold & Minerals Inc.	 
	by	/s/
    Trey Wasser	 
	 	Name:Trey Wasser	 
	 	Title:President & Chief Executive Officer 	 
	 	 	 	 	 	 

 

	 	 	Waterton
    Nevada Splitter, LLC, by its Manager, ISSER ELISHIS	 
	by	/s/
    Isser Elishis	 
	 	Name:Isser Elishis	 
	 	Title: Manager

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